# EDGAR Filing Document

**Accession Number:** 0001217286
**File Stem:** 0001193125-25-146863
**Filing Date:** 2025-6
**Character Count:** 1526563
**Document Hash:** d76092cb6c6edbdce0ca16c129e8100c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-146863.hdr.sgml**: 20250625

**ACCESSION NUMBER**: 0001193125-25-146863

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 82

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250625

**DATE AS OF CHANGE**: 20250625

**EFFECTIVENESS DATE**: 20250625

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21295
- **FILM NUMBER:** 251073641

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

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

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

## Series and Classes Contracts Data

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

#### FORM N-CSR

------

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

#### Investment Company Act file number

#### 811-21295

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

------

277 Park Avenue

New York, NY 10172

(Address of principal executive offices) (Zip code)

Gregory S. Samuels

277 Park Avenue

New York, NY 10172

(Name and Address of Agent for Service)

With copies to: <br> Elizabeth A. Davin, Esq.JPMorgan Chase & Co.1111 Polaris ParkwayColumbus, OH 43240 Alison M. Fumai, Esq.Dechert LLP1905 Avenue of the AmericasNew 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:

#### April 30, 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.

SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025 (Unaudited)

JPMorgan Developed International Value Fund

![FrontCoverImage](g933849images_2524.jpg)

Class A Shares/Ticker: JFEAX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Developed International Value Fund (the "Fund") for the period November 1, 2024 to April 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| JPMorgan Developed International Value Fund<br>(Class A Shares) | $53 | 0.99% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $1050545 |
| **Total number of portfolio holdings** | 275 |
| **Portfolio turnover rate** | 14% |

---

PORTFOLIO COMPOSITION - COUNTRY

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g933849chartimages_4709940.jpg)

**Availability of Additional Information**

![QRCode](g933849images_2526.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 

JPMorgan Developed International Value Fund - Class A

SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025 (Unaudited)

JPMorgan Developed International Value Fund

![FrontCoverImage](g933849images_2524.jpg)

Class C Shares/Ticker: JIUCX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Developed International Value Fund (the "Fund") for the period November 1, 2024 to April 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| JPMorgan Developed International Value Fund<br>(Class C Shares) | $80 | 1.49% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $1050545 |
| **Total number of portfolio holdings** | 275 |
| **Portfolio turnover rate** | 14% |

---

PORTFOLIO COMPOSITION - COUNTRY

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g933849chartimages_4709938.jpg)

**Availability of Additional Information**

![QRCode](g933849images_2526.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 

JPMorgan Developed International Value Fund - Class C

SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025 (Unaudited)

JPMorgan Developed International Value Fund

![FrontCoverImage](g933849images_2524.jpg)

Class I Shares/Ticker: JIESX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Developed International Value Fund (the "Fund") for the period November 1, 2024 to April 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| JPMorgan Developed International Value Fund<br>(Class I Shares) | $40 | 0.74% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $1050545 |
| **Total number of portfolio holdings** | 275 |
| **Portfolio turnover rate** | 14% |

---

PORTFOLIO COMPOSITION - COUNTRY

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g933849chartimages_4709939.jpg)

**Availability of Additional Information**

![QRCode](g933849images_2526.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 

JPMorgan Developed International Value Fund - Class I

SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025 (Unaudited)

JPMorgan Developed International Value Fund

![FrontCoverImage](g933849images_2524.jpg)

Class L Shares/Ticker: JNUSX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Developed International Value Fund (the "Fund") for the period November 1, 2024 to April 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| JPMorgan Developed International Value Fund<br>(Class L Shares) | $34 | 0.64% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $1050545 |
| **Total number of portfolio holdings** | 275 |
| **Portfolio turnover rate** | 14% |

---

PORTFOLIO COMPOSITION - COUNTRY

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g933849chartimages_4709937.jpg)

**Availability of Additional Information**

![QRCode](g933849images_2526.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 

JPMorgan Developed International Value Fund - Class L

SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025 (Unaudited)

JPMorgan Developed International Value Fund

![FrontCoverImage](g933849images_2524.jpg)

Class R2 Shares/Ticker: JPVZX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Developed International Value Fund (the "Fund") for the period November 1, 2024 to April 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| JPMorgan Developed International Value Fund<br>(Class R2 Shares) | $69 | 1.29% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $1050545 |
| **Total number of portfolio holdings** | 275 |
| **Portfolio turnover rate** | 14% |

---

PORTFOLIO COMPOSITION - COUNTRY

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g933849chartimages_4709948.jpg)

**Availability of Additional Information**

![QRCode](g933849images_2526.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 

JPMorgan Developed International Value Fund - Class R2

SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025 (Unaudited)

JPMorgan Developed International Value Fund

![FrontCoverImage](g933849images_2524.jpg)

Class R5 Shares/Ticker: JPVRX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Developed International Value Fund (the "Fund") for the period November 1, 2024 to April 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| JPMorgan Developed International Value Fund<br>(Class R5 Shares) | $34 | 0.64% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $1050545 |
| **Total number of portfolio holdings** | 275 |
| **Portfolio turnover rate** | 14% |

---

PORTFOLIO COMPOSITION - COUNTRY

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g933849chartimages_4709947.jpg)

**Availability of Additional Information**

![QRCode](g933849images_2526.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 

JPMorgan Developed International Value Fund - Class R5

SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025 (Unaudited)

JPMorgan Developed International Value Fund

![FrontCoverImage](g933849images_2524.jpg)

Class R6 Shares/Ticker: JNVMX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Developed International Value Fund (the "Fund") for the period November 1, 2024 to April 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| JPMorgan Developed International Value Fund<br>(Class R6 Shares) | $29 | 0.54% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $1050545 |
| **Total number of portfolio holdings** | 275 |
| **Portfolio turnover rate** | 14% |

---

PORTFOLIO COMPOSITION - COUNTRY

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g933849chartimages_4709946.jpg)

**Availability of Additional Information**

![QRCode](g933849images_2526.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 

JPMorgan Developed International Value Fund - Class R6

SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025 (Unaudited)

JPMorgan Emerging Markets Equity Fund

![FrontCoverImage](g933849images_2524.jpg)

Class A Shares/Ticker: JFAMX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Emerging Markets Equity Fund (the "Fund") for the period November 1, 2024 to April 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| JPMorgan Emerging Markets Equity Fund<br>(Class A Shares) | $62 | 1.24% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $6248068 |
| **Total number of portfolio holdings** | 82 |
| **Portfolio turnover rate** | 19% |

---

PORTFOLIO COMPOSITION - COUNTRY

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g933849chartimages_4709932.jpg)

**Availability of Additional Information**

![QRCode](g933849images_2526.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 

JPMorgan Emerging Markets Equity Fund - Class A

SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025 (Unaudited)

JPMorgan Emerging Markets Equity Fund

![FrontCoverImage](g933849images_2524.jpg)

Class C Shares/Ticker: JEMCX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Emerging Markets Equity Fund (the "Fund") for the period November 1, 2024 to April 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| JPMorgan Emerging Markets Equity Fund<br>(Class C Shares) | $87 | 1.74% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $6248068 |
| **Total number of portfolio holdings** | 82 |
| **Portfolio turnover rate** | 19% |

---

PORTFOLIO COMPOSITION - COUNTRY

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g933849chartimages_4709942.jpg)

**Availability of Additional Information**

![QRCode](g933849images_2526.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 

JPMorgan Emerging Markets Equity Fund - Class C

SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025 (Unaudited)

JPMorgan Emerging Markets Equity Fund

![FrontCoverImage](g933849images_2524.jpg)

Class I Shares/Ticker: JEMSX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Emerging Markets Equity Fund (the "Fund") for the period November 1, 2024 to April 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| JPMorgan Emerging Markets Equity Fund<br>(Class I Shares) | $49 | 0.99% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $6248068 |
| **Total number of portfolio holdings** | 82 |
| **Portfolio turnover rate** | 19% |

---

PORTFOLIO COMPOSITION - COUNTRY

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g933849chartimages_4709931.jpg)

**Availability of Additional Information**

![QRCode](g933849images_2526.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 

JPMorgan Emerging Markets Equity Fund - Class I

SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025 (Unaudited)

JPMorgan Emerging Markets Equity Fund

![FrontCoverImage](g933849images_2524.jpg)

Class L Shares/Ticker: JMIEX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Emerging Markets Equity Fund (the "Fund") for the period November 1, 2024 to April 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| JPMorgan Emerging Markets Equity Fund<br>(Class L Shares) | $44 | 0.89% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $6248068 |
| **Total number of portfolio holdings** | 82 |
| **Portfolio turnover rate** | 19% |

---

PORTFOLIO COMPOSITION - COUNTRY

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g933849chartimages_4709941.jpg)

**Availability of Additional Information**

![QRCode](g933849images_2526.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 

JPMorgan Emerging Markets Equity Fund - Class L

SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025 (Unaudited)

JPMorgan Emerging Markets Equity Fund

![FrontCoverImage](g933849images_2524.jpg)

Class R2 Shares/Ticker: JHUJX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Emerging Markets Equity Fund (the "Fund") for the period November 1, 2024 to April 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| JPMorgan Emerging Markets Equity Fund<br>(Class R2 Shares) | $77 | 1.54% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $6248068 |
| **Total number of portfolio holdings** | 82 |
| **Portfolio turnover rate** | 19% |

---

PORTFOLIO COMPOSITION - COUNTRY

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g933849chartimages_4709925.jpg)

**Availability of Additional Information**

![QRCode](g933849images_2526.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 

JPMorgan Emerging Markets Equity Fund - Class R2

SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025 (Unaudited)

JPMorgan Emerging Markets Equity Fund

![FrontCoverImage](g933849images_2524.jpg)

Class R3 Shares/Ticker: JHURX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Emerging Markets Equity Fund (the "Fund") for the period November 1, 2024 to April 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| JPMorgan Emerging Markets Equity Fund<br>(Class R3 Shares) | $64 | 1.29% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $6248068 |
| **Total number of portfolio holdings** | 82 |
| **Portfolio turnover rate** | 19% |

---

PORTFOLIO COMPOSITION - COUNTRY

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g933849chartimages_4709936.jpg)

**Availability of Additional Information**

![QRCode](g933849images_2526.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 

JPMorgan Emerging Markets Equity Fund - Class R3

SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025 (Unaudited)

JPMorgan Emerging Markets Equity Fund

![FrontCoverImage](g933849images_2524.jpg)

Class R4 Shares/Ticker: JHUKX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Emerging Markets Equity Fund (the "Fund") for the period November 1, 2024 to April 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| JPMorgan Emerging Markets Equity Fund<br>(Class R4 Shares) | $52 | 1.04% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $6248068 |
| **Total number of portfolio holdings** | 82 |
| **Portfolio turnover rate** | 19% |

---

PORTFOLIO COMPOSITION - COUNTRY

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g933849chartimages_4709934.jpg)

**Availability of Additional Information**

![QRCode](g933849images_2526.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 

JPMorgan Emerging Markets Equity Fund - Class R4

SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025 (Unaudited)

JPMorgan Emerging Markets Equity Fund

![FrontCoverImage](g933849images_2524.jpg)

Class R5 Shares/Ticker: JEMOX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Emerging Markets Equity Fund (the "Fund") for the period November 1, 2024 to April 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| JPMorgan Emerging Markets Equity Fund<br>(Class R5 Shares) | $44 | 0.89% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $6248068 |
| **Total number of portfolio holdings** | 82 |
| **Portfolio turnover rate** | 19% |

---

PORTFOLIO COMPOSITION - COUNTRY

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g933849chartimages_4709935.jpg)

**Availability of Additional Information**

![QRCode](g933849images_2526.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 

JPMorgan Emerging Markets Equity Fund - Class R5

SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025 (Unaudited)

JPMorgan Emerging Markets Equity Fund

![FrontCoverImage](g933849images_2524.jpg)

Class R6 Shares/Ticker: JEMWX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Emerging Markets Equity Fund (the "Fund") for the period November 1, 2024 to April 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| JPMorgan Emerging Markets Equity Fund<br>(Class R6 Shares) | $39 | 0.79% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $6248068 |
| **Total number of portfolio holdings** | 82 |
| **Portfolio turnover rate** | 19% |

---

PORTFOLIO COMPOSITION - COUNTRY

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g933849chartimages_4709933.jpg)

**Availability of Additional Information**

![QRCode](g933849images_2526.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 

JPMorgan Emerging Markets Equity Fund - Class R6

SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025 (Unaudited)

JPMorgan Europe Dynamic Fund

![FrontCoverImage](g933849images_2524.jpg)

Class A Shares/Ticker: VEUAX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Europe Dynamic Fund (the "Fund") for the period November 1, 2024 to April 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| JPMorgan Europe Dynamic Fund<br>(Class A Shares) | $65 | 1.24% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $562397 |
| **Total number of portfolio holdings** | 70 |
| **Portfolio turnover rate** | 57% |

---

PORTFOLIO COMPOSITION - COUNTRY

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g933849chartimages_4709930.jpg)

**Availability of Additional Information**

![QRCode](g933849images_2526.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 

JPMorgan Europe Dynamic Fund - Class A

SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025 (Unaudited)

JPMorgan Europe Dynamic Fund

![FrontCoverImage](g933849images_2524.jpg)

Class C Shares/Ticker: VEUCX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Europe Dynamic Fund (the "Fund") for the period November 1, 2024 to April 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| JPMorgan Europe Dynamic Fund<br>(Class C Shares) | $91 | 1.74% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $562397 |
| **Total number of portfolio holdings** | 70 |
| **Portfolio turnover rate** | 57% |

---

PORTFOLIO COMPOSITION - COUNTRY

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g933849chartimages_4709929.jpg)

**Availability of Additional Information**

![QRCode](g933849images_2526.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 

JPMorgan Europe Dynamic Fund - Class C

SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025 (Unaudited)

JPMorgan Europe Dynamic Fund

![FrontCoverImage](g933849images_2524.jpg)

Class I Shares/Ticker: JFESX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Europe Dynamic Fund (the "Fund") for the period November 1, 2024 to April 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| JPMorgan Europe Dynamic Fund<br>(Class I Shares) | $52 | 0.98% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $562397 |
| **Total number of portfolio holdings** | 70 |
| **Portfolio turnover rate** | 57% |

---

PORTFOLIO COMPOSITION - COUNTRY

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g933849chartimages_4709928.jpg)

**Availability of Additional Information**

![QRCode](g933849images_2526.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 

JPMorgan Europe Dynamic Fund - Class I

SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025 (Unaudited)

JPMorgan Europe Dynamic Fund

![FrontCoverImage](g933849images_2524.jpg)

Class L Shares/Ticker: JFEIX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Europe Dynamic Fund (the "Fund") for the period November 1, 2024 to April 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| JPMorgan Europe Dynamic Fund<br>(Class L Shares) | $45 | 0.86% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $562397 |
| **Total number of portfolio holdings** | 70 |
| **Portfolio turnover rate** | 57% |

---

PORTFOLIO COMPOSITION - COUNTRY

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g933849chartimages_4709927.jpg)

**Availability of Additional Information**

![QRCode](g933849images_2526.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 

JPMorgan Europe Dynamic Fund - Class L

SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025 (Unaudited)

JPMorgan Europe Dynamic Fund

![FrontCoverImage](g933849images_2524.jpg)

Class R6 Shares/Ticker: VEUVX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Europe Dynamic Fund (the "Fund") for the period November 1, 2024 to April 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| JPMorgan Europe Dynamic Fund<br>(Class R6 Shares) | $40 | 0.75% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $562397 |
| **Total number of portfolio holdings** | 70 |
| **Portfolio turnover rate** | 57% |

---

PORTFOLIO COMPOSITION - COUNTRY

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g933849chartimages_4709926.jpg)

**Availability of Additional Information**

![QRCode](g933849images_2526.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 

JPMorgan Europe Dynamic Fund - Class R6

SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025 (Unaudited)

JPMorgan Global Allocation Fund

![FrontCoverImage](g933849images_2524.jpg)

Class A Shares/Ticker: GAOAX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Global Allocation Fund (the "Fund") for the period November 1, 2024 to April 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| JPMorgan Global Allocation Fund<br>(Class A Shares) | $50 | 1.01% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $2720650 |
| **Total number of portfolio holdings** | 1865 |
| **Portfolio turnover rate** | 54% |

---

PORTFOLIO COMPOSITION - ASSET TYPE

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g933849chartimages_4709951.jpg)

**Availability of Additional Information**

![QRCode](g933849images_2526.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 

JPMorgan Global Allocation Fund - Class A

SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025 (Unaudited)

JPMorgan Global Allocation Fund

![FrontCoverImage](g933849images_2524.jpg)

Class C Shares/Ticker: GAOCX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Global Allocation Fund (the "Fund") for the period November 1, 2024 to April 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| JPMorgan Global Allocation Fund<br>(Class C Shares) | $75 | 1.51% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $2720650 |
| **Total number of portfolio holdings** | 1865 |
| **Portfolio turnover rate** | 54% |

---

PORTFOLIO COMPOSITION - ASSET TYPE

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g933849chartimages_4709950.jpg)

**Availability of Additional Information**

![QRCode](g933849images_2526.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 

JPMorgan Global Allocation Fund - Class C

SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025 (Unaudited)

JPMorgan Global Allocation Fund

![FrontCoverImage](g933849images_2524.jpg)

Class I Shares/Ticker: GAOSX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Global Allocation Fund (the "Fund") for the period November 1, 2024 to April 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| JPMorgan Global Allocation Fund<br>(Class I Shares) | $38 | 0.76% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $2720650 |
| **Total number of portfolio holdings** | 1865 |
| **Portfolio turnover rate** | 54% |

---

PORTFOLIO COMPOSITION - ASSET TYPE

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g933849chartimages_4709949.jpg)

**Availability of Additional Information**

![QRCode](g933849images_2526.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 

JPMorgan Global Allocation Fund - Class I

SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025 (Unaudited)

JPMorgan Global Allocation Fund

![FrontCoverImage](g933849images_2524.jpg)

Class R2 Shares/Ticker: GAONX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Global Allocation Fund (the "Fund") for the period November 1, 2024 to April 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| JPMorgan Global Allocation Fund<br>(Class R2 Shares) | $68 | 1.38% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $2720650 |
| **Total number of portfolio holdings** | 1865 |
| **Portfolio turnover rate** | 54% |

---

PORTFOLIO COMPOSITION - ASSET TYPE

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g933849chartimages_4709960.jpg)

**Availability of Additional Information**

![QRCode](g933849images_2526.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 

JPMorgan Global Allocation Fund - Class R2

SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025 (Unaudited)

JPMorgan Global Allocation Fund

![FrontCoverImage](g933849images_2524.jpg)

Class R3 Shares/Ticker: GAOTX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Global Allocation Fund (the "Fund") for the period November 1, 2024 to April 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| JPMorgan Global Allocation Fund<br>(Class R3 Shares) | $56 | 1.13% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $2720650 |
| **Total number of portfolio holdings** | 1865 |
| **Portfolio turnover rate** | 54% |

---

PORTFOLIO COMPOSITION - ASSET TYPE

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g933849chartimages_4709959.jpg)

**Availability of Additional Information**

![QRCode](g933849images_2526.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 

JPMorgan Global Allocation Fund - Class R3

SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025 (Unaudited)

JPMorgan Global Allocation Fund

![FrontCoverImage](g933849images_2524.jpg)

Class R4 Shares/Ticker: GAOFX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Global Allocation Fund (the "Fund") for the period November 1, 2024 to April 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| JPMorgan Global Allocation Fund<br>(Class R4 Shares) | $44 | 0.88% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $2720650 |
| **Total number of portfolio holdings** | 1865 |
| **Portfolio turnover rate** | 54% |

---

PORTFOLIO COMPOSITION - ASSET TYPE

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g933849chartimages_4709958.jpg)

**Availability of Additional Information**

![QRCode](g933849images_2526.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 

JPMorgan Global Allocation Fund - Class R4

SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025 (Unaudited)

JPMorgan Global Allocation Fund

![FrontCoverImage](g933849images_2524.jpg)

Class R5 Shares/Ticker: GAORX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Global Allocation Fund (the "Fund") for the period November 1, 2024 to April 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| JPMorgan Global Allocation Fund<br>(Class R5 Shares) | $36 | 0.73% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $2720650 |
| **Total number of portfolio holdings** | 1865 |
| **Portfolio turnover rate** | 54% |

---

PORTFOLIO COMPOSITION - ASSET TYPE

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g933849chartimages_4709957.jpg)

**Availability of Additional Information**

![QRCode](g933849images_2526.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 

JPMorgan Global Allocation Fund - Class R5

SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025 (Unaudited)

JPMorgan Global Allocation Fund

![FrontCoverImage](g933849images_2524.jpg)

Class R6 Shares/Ticker: GAOZX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Global Allocation Fund (the "Fund") for the period November 1, 2024 to April 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| JPMorgan Global Allocation Fund<br>(Class R6 Shares) | $31 | 0.63% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $2720650 |
| **Total number of portfolio holdings** | 1865 |
| **Portfolio turnover rate** | 54% |

---

PORTFOLIO COMPOSITION - ASSET TYPE

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g933849chartimages_4709956.jpg)

**Availability of Additional Information**

![QRCode](g933849images_2526.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 

JPMorgan Global Allocation Fund - Class R6

SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025 (Unaudited)

JPMorgan Income Builder Fund

![FrontCoverImage](g933849images_2524.jpg)

Class A Shares/Ticker: JNBAX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Income Builder Fund (the "Fund") for the period November 1, 2024 to April 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| JPMorgan Income Builder Fund<br>(Class A Shares) | $35 | 0.71% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $8016436 |
| **Total number of portfolio holdings** | 2762 |
| **Portfolio turnover rate** | 52% |

---

PORTFOLIO COMPOSITION - ASSET TYPE

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g933849chartimages_4709955.jpg)

**Availability of Additional Information**

![QRCode](g933849images_2526.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 

JPMorgan Income Builder Fund - Class A

SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025 (Unaudited)

JPMorgan Income Builder Fund

![FrontCoverImage](g933849images_2524.jpg)

Class C Shares/Ticker: JNBCX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Income Builder Fund (the "Fund") for the period November 1, 2024 to April 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| JPMorgan Income Builder Fund<br>(Class C Shares) | $60 | 1.21% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $8016436 |
| **Total number of portfolio holdings** | 2762 |
| **Portfolio turnover rate** | 52% |

---

PORTFOLIO COMPOSITION - ASSET TYPE

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g933849chartimages_4709966.jpg)

**Availability of Additional Information**

![QRCode](g933849images_2526.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 

JPMorgan Income Builder Fund - Class C

SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025 (Unaudited)

JPMorgan Income Builder Fund

![FrontCoverImage](g933849images_2524.jpg)

Class I Shares/Ticker: JNBSX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Income Builder Fund (the "Fund") for the period November 1, 2024 to April 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| JPMorgan Income Builder Fund<br>(Class I Shares) | $28 | 0.56% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $8016436 |
| **Total number of portfolio holdings** | 2762 |
| **Portfolio turnover rate** | 52% |

---

PORTFOLIO COMPOSITION - ASSET TYPE

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g933849chartimages_4709965.jpg)

**Availability of Additional Information**

![QRCode](g933849images_2526.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 

JPMorgan Income Builder Fund - Class I

SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025 (Unaudited)

JPMorgan Income Builder Fund

![FrontCoverImage](g933849images_2524.jpg)

Class R6 Shares/Ticker: JNBZX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Income Builder Fund (the "Fund") for the period November 1, 2024 to April 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| JPMorgan Income Builder Fund<br>(Class R6 Shares) | $24 | 0.48% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $8016436 |
| **Total number of portfolio holdings** | 2762 |
| **Portfolio turnover rate** | 52% |

---

PORTFOLIO COMPOSITION - ASSET TYPE

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g933849chartimages_4709964.jpg)

**Availability of Additional Information**

![QRCode](g933849images_2526.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 

JPMorgan Income Builder Fund - Class R6

SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025 (Unaudited)

JPMorgan International Equity Fund

![FrontCoverImage](g933849images_2524.jpg)

Class A Shares/Ticker: JSEAX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan International Equity Fund (the "Fund") for the period November 1, 2024 to April 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| JPMorgan International Equity Fund<br>(Class A Shares) | $49 | 0.95% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $4731174 |
| **Total number of portfolio holdings** | 77 |
| **Portfolio turnover rate** | 26% |

---

PORTFOLIO COMPOSITION - COUNTRY

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g933849chartimages_4709973.jpg)

**Availability of Additional Information**

![QRCode](g933849images_2526.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 

JPMorgan International Equity Fund - Class A

SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025 (Unaudited)

JPMorgan International Equity Fund

![FrontCoverImage](g933849images_2524.jpg)

Class C Shares/Ticker: JIECX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan International Equity Fund (the "Fund") for the period November 1, 2024 to April 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| JPMorgan International Equity Fund<br>(Class C Shares) | $75 | 1.45% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $4731174 |
| **Total number of portfolio holdings** | 77 |
| **Portfolio turnover rate** | 26% |

---

PORTFOLIO COMPOSITION - COUNTRY

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g933849chartimages_4709923.jpg)

**Availability of Additional Information**

![QRCode](g933849images_2526.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 

JPMorgan International Equity Fund - Class C

SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025 (Unaudited)

JPMorgan International Equity Fund

![FrontCoverImage](g933849images_2524.jpg)

Class I Shares/Ticker: VSIEX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan International Equity Fund (the "Fund") for the period November 1, 2024 to April 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| JPMorgan International Equity Fund<br>(Class I Shares) | $36 | 0.70% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $4731174 |
| **Total number of portfolio holdings** | 77 |
| **Portfolio turnover rate** | 26% |

---

PORTFOLIO COMPOSITION - COUNTRY

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g933849chartimages_4709922.jpg)

**Availability of Additional Information**

![QRCode](g933849images_2526.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 

JPMorgan International Equity Fund - Class I

SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025 (Unaudited)

JPMorgan International Equity Fund

![FrontCoverImage](g933849images_2524.jpg)

Class R2 Shares/Ticker: JIEZX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan International Equity Fund (the "Fund") for the period November 1, 2024 to April 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| JPMorgan International Equity Fund<br>(Class R2 Shares) | $65 | 1.25% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $4731174 |
| **Total number of portfolio holdings** | 77 |
| **Portfolio turnover rate** | 26% |

---

PORTFOLIO COMPOSITION - COUNTRY

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g933849chartimages_4709921.jpg)

**Availability of Additional Information**

![QRCode](g933849images_2526.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 

JPMorgan International Equity Fund - Class R2

SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025 (Unaudited)

JPMorgan International Equity Fund

![FrontCoverImage](g933849images_2524.jpg)

Class R5 Shares/Ticker: JIERX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan International Equity Fund (the "Fund") for the period November 1, 2024 to April 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| JPMorgan International Equity Fund<br>(Class R5 Shares) | $31 | 0.60% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $4731174 |
| **Total number of portfolio holdings** | 77 |
| **Portfolio turnover rate** | 26% |

---

PORTFOLIO COMPOSITION - COUNTRY

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g933849chartimages_4709920.jpg)

**Availability of Additional Information**

![QRCode](g933849images_2526.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 

JPMorgan International Equity Fund - Class R5

SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025 (Unaudited)

JPMorgan International Equity Fund

![FrontCoverImage](g933849images_2524.jpg)

Class R6 Shares/Ticker: JNEMX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan International Equity Fund (the "Fund") for the period November 1, 2024 to April 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| JPMorgan International Equity Fund<br>(Class R6 Shares) | $26 | 0.50% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $4731174 |
| **Total number of portfolio holdings** | 77 |
| **Portfolio turnover rate** | 26% |

---

PORTFOLIO COMPOSITION - COUNTRY

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g933849chartimages_4709919.jpg)

**Availability of Additional Information**

![QRCode](g933849images_2526.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 

JPMorgan International Equity Fund - Class R6

SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025 (Unaudited)

JPMorgan International Focus Fund

![FrontCoverImage](g933849images_2524.jpg)

Class A Shares/Ticker: IUAEX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan International Focus Fund (the "Fund") for the period November 1, 2024 to April 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| JPMorgan International Focus Fund<br>(Class A Shares) | $51 | 1.00% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $1505081 |
| **Total number of portfolio holdings** | 52 |
| **Portfolio turnover rate** | 30% |

---

PORTFOLIO COMPOSITION - COUNTRY

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g933849chartimages_4709953.jpg)

**Availability of Additional Information**

![QRCode](g933849images_2526.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 

JPMorgan International Focus Fund - Class A

SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025 (Unaudited)

JPMorgan International Focus Fund

![FrontCoverImage](g933849images_2524.jpg)

Class C Shares/Ticker: IUCEX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan International Focus Fund (the "Fund") for the period November 1, 2024 to April 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| JPMorgan International Focus Fund<br>(Class C Shares) | $77 | 1.50% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $1505081 |
| **Total number of portfolio holdings** | 52 |
| **Portfolio turnover rate** | 30% |

---

PORTFOLIO COMPOSITION - COUNTRY

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g933849chartimages_4709952.jpg)

**Availability of Additional Information**

![QRCode](g933849images_2526.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 

JPMorgan International Focus Fund - Class C

SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025 (Unaudited)

JPMorgan International Focus Fund

![FrontCoverImage](g933849images_2524.jpg)

Class I Shares/Ticker: IUESX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan International Focus Fund (the "Fund") for the period November 1, 2024 to April 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| JPMorgan International Focus Fund<br>(Class I Shares) | $38 | 0.75% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $1505081 |
| **Total number of portfolio holdings** | 52 |
| **Portfolio turnover rate** | 30% |

---

PORTFOLIO COMPOSITION - COUNTRY

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g933849chartimages_4709945.jpg)

**Availability of Additional Information**

![QRCode](g933849images_2526.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 

JPMorgan International Focus Fund - Class I

SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025 (Unaudited)

JPMorgan International Focus Fund

![FrontCoverImage](g933849images_2524.jpg)

Class R2 Shares/Ticker: IUERX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan International Focus Fund (the "Fund") for the period November 1, 2024 to April 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| JPMorgan International Focus Fund<br>(Class R2 Shares) | $67 | 1.30% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $1505081 |
| **Total number of portfolio holdings** | 52 |
| **Portfolio turnover rate** | 30% |

---

PORTFOLIO COMPOSITION - COUNTRY

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g933849chartimages_4709943.jpg)

**Availability of Additional Information**

![QRCode](g933849images_2526.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 

JPMorgan International Focus Fund - Class R2

SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025 (Unaudited)

JPMorgan International Focus Fund

![FrontCoverImage](g933849images_2524.jpg)

Class R5 Shares/Ticker: IUEFX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan International Focus Fund (the "Fund") for the period November 1, 2024 to April 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| JPMorgan International Focus Fund<br>(Class R5 Shares) | $33 | 0.65% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $1505081 |
| **Total number of portfolio holdings** | 52 |
| **Portfolio turnover rate** | 30% |

---

PORTFOLIO COMPOSITION - COUNTRY

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g933849chartimages_4709944.jpg)

**Availability of Additional Information**

![QRCode](g933849images_2526.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 

JPMorgan International Focus Fund - Class R5

SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025 (Unaudited)

JPMorgan International Focus Fund

![FrontCoverImage](g933849images_2524.jpg)

Class R6 Shares/Ticker: IUENX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan International Focus Fund (the "Fund") for the period November 1, 2024 to April 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| JPMorgan International Focus Fund<br>(Class R6 Shares) | $28 | 0.55% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $1505081 |
| **Total number of portfolio holdings** | 52 |
| **Portfolio turnover rate** | 30% |

---

PORTFOLIO COMPOSITION - COUNTRY

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g933849chartimages_4709954.jpg)

**Availability of Additional Information**

![QRCode](g933849images_2526.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 

JPMorgan International Focus Fund - Class R6

SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025 (Unaudited)

JPMorgan Research Market Neutral Fund

![FrontCoverImage](g933849images_2524.jpg)

Class A Shares/Ticker: JMNAX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Research Market Neutral Fund (the "Fund") for the period November 1, 2024 to April 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*,\*\*** |
| JPMorgan Research Market Neutral Fund<br>(Class A Shares) | $128 | 2.57% |

---

\* This charge is annualized. <br> \*\* Includes dividend and interest expenses on short sales.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $340620 |
| **Total number of portfolio holdings** | 310 |
| **Portfolio turnover rate** | 164% |

---

PORTFOLIO COMPOSITION - LONG

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g933849chartimages_4709983.jpg)

PORTFOLIO COMPOSITION - SHORT

(% of Total Investments)

![Graphical Representation - Allocation 2 Chart](g933849chartimages_4708901.jpg)

**Availability of Additional Information**

![QRCode](g933849images_2526.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 

JPMorgan Research Market Neutral Fund - Class A

SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025 (Unaudited)

JPMorgan Research Market Neutral Fund

![FrontCoverImage](g933849images_2524.jpg)

Class C Shares/Ticker: JMNCX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Research Market Neutral Fund (the "Fund") for the period November 1, 2024 to April 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*,\*\*** |
| JPMorgan Research Market Neutral Fund<br>(Class C Shares) | $153 | 3.06% |

---

\* This charge is annualized. <br> \*\* Includes dividend and interest expenses on short sales.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $340620 |
| **Total number of portfolio holdings** | 310 |
| **Portfolio turnover rate** | 164% |

---

PORTFOLIO COMPOSITION - LONG

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g933849chartimages_4709967.jpg)

PORTFOLIO COMPOSITION - SHORT

(% of Total Investments)

![Graphical Representation - Allocation 2 Chart](g933849chartimages_4708902.jpg)

**Availability of Additional Information**

![QRCode](g933849images_2526.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 

JPMorgan Research Market Neutral Fund - Class C

SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025 (Unaudited)

JPMorgan Research Market Neutral Fund

![FrontCoverImage](g933849images_2524.jpg)

Class I Shares/Ticker: JMNSX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Research Market Neutral Fund (the "Fund") for the period November 1, 2024 to April 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*,\*\*** |
| JPMorgan Research Market Neutral Fund<br>(Class I Shares) | $116 | 2.32% |

---

\* This charge is annualized. <br> \*\* Includes dividend and interest expenses on short sales.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $340620 |
| **Total number of portfolio holdings** | 310 |
| **Portfolio turnover rate** | 164% |

---

PORTFOLIO COMPOSITION - LONG

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g933849chartimages_4709978.jpg)

PORTFOLIO COMPOSITION - SHORT

(% of Total Investments)

![Graphical Representation - Allocation 2 Chart](g933849chartimages_4708903.jpg)

**Availability of Additional Information**

![QRCode](g933849images_2526.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 

JPMorgan Research Market Neutral Fund - Class I

SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025 (Unaudited)

JPMorgan Tax Aware Real Return Fund

![FrontCoverImage](g933849images_2524.jpg)

Class A Shares/Ticker: TXRAX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Tax Aware Real Return Fund (the "Fund") for the period November 1, 2024 to April 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| JPMorgan Tax Aware Real Return Fund<br>Class A Shares | $34 | 0.69% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $585793 |
| **Total number of portfolio holdings** | 363 |
| **Portfolio turnover rate** | 32% |

---

CREDIT QUALITY ALLOCATIONS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g933849chartimages_4709977.jpg)

The Portfolio manager uses credit quality ratings on underlying securities of the portfolio from three major ratings agencies - S&P, Moody's and Fitch. When calculating the credit quality breakdown, the Portfolio manager selects the middle rating of the agencies when all three agencies rate a security. The Portfolio manager will use the lower of the two ratings if only two agencies rate a security and will use one rating if that is all that is provided. Securities that are not rated by any of the three agencies are reflected as not rated.

**Availability of Additional Information**

![QRCode](g933849images_2526.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 

JPMorgan Tax Aware Real Return Fund - Class A

SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025 (Unaudited)

JPMorgan Tax Aware Real Return Fund

![FrontCoverImage](g933849images_2524.jpg)

Class C Shares/Ticker: TXRCX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Tax Aware Real Return Fund (the "Fund") for the period November 1, 2024 to April 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| JPMorgan Tax Aware Real Return Fund<br>Class C Shares | $59 | 1.19% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $585793 |
| **Total number of portfolio holdings** | 363 |
| **Portfolio turnover rate** | 32% |

---

CREDIT QUALITY ALLOCATIONS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g933849chartimages_4709976.jpg)

The Portfolio manager uses credit quality ratings on underlying securities of the portfolio from three major ratings agencies - S&P, Moody's and Fitch. When calculating the credit quality breakdown, the Portfolio manager selects the middle rating of the agencies when all three agencies rate a security. The Portfolio manager will use the lower of the two ratings if only two agencies rate a security and will use one rating if that is all that is provided. Securities that are not rated by any of the three agencies are reflected as not rated.

**Availability of Additional Information**

![QRCode](g933849images_2526.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 

JPMorgan Tax Aware Real Return Fund - Class C

SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025 (Unaudited)

JPMorgan Tax Aware Real Return Fund

![FrontCoverImage](g933849images_2524.jpg)

Class I Shares/Ticker: TXRIX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Tax Aware Real Return Fund (the "Fund") for the period November 1, 2024 to April 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| JPMorgan Tax Aware Real Return Fund<br>Class I Shares | $22 | 0.44% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $585793 |
| **Total number of portfolio holdings** | 363 |
| **Portfolio turnover rate** | 32% |

---

CREDIT QUALITY ALLOCATIONS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g933849chartimages_4709975.jpg)

The Portfolio manager uses credit quality ratings on underlying securities of the portfolio from three major ratings agencies - S&P, Moody's and Fitch. When calculating the credit quality breakdown, the Portfolio manager selects the middle rating of the agencies when all three agencies rate a security. The Portfolio manager will use the lower of the two ratings if only two agencies rate a security and will use one rating if that is all that is provided. Securities that are not rated by any of the three agencies are reflected as not rated.

**Availability of Additional Information**

![QRCode](g933849images_2526.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 

JPMorgan Tax Aware Real Return Fund - Class I

SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025 (Unaudited)

JPMorgan Tax Aware Real Return Fund

![FrontCoverImage](g933849images_2524.jpg)

Class R6 Shares/Ticker: TXRRX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Tax Aware Real Return Fund (the "Fund") for the period November 1, 2024 to April 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment\*** |
| JPMorgan Tax Aware Real Return Fund<br>Class R6 Shares | $17 | 0.34% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $585793 |
| **Total number of portfolio holdings** | 363 |
| **Portfolio turnover rate** | 32% |

---

CREDIT QUALITY ALLOCATIONS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g933849chartimages_4709974.jpg)

The Portfolio manager uses credit quality ratings on underlying securities of the portfolio from three major ratings agencies - S&P, Moody's and Fitch. When calculating the credit quality breakdown, the Portfolio manager selects the middle rating of the agencies when all three agencies rate a security. The Portfolio manager will use the lower of the two ratings if only two agencies rate a security and will use one rating if that is all that is provided. Securities that are not rated by any of the three agencies are reflected as not rated.

**Availability of Additional Information**

![QRCode](g933849images_2526.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 

JPMorgan Tax Aware Real Return Fund - Class R6

------

ITEM 2. CODE OF ETHICS.

#### Not applicable to a semi-annual report.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

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.

------

Semi-Annual Financial Statements

J.P. Morgan International Equity Funds

April 30, 2025 (Unaudited)

---

| |
|:---|
| 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 |
| JPMorgan International Hedged Equity Fund |

---

![](g934915imgd3da28811.jpg)

------

**CONTENTS** 

---

| | |
|:---|:---|
| [Schedules of Portfolio Investments](#xx_4f8b3bb5-82a9-419c-8404-308ac9c18e54_SOI-TOC-ScheduleofInvestments-871_1) | &nbsp;&nbsp; **1** |
| [Financial Statements](#xx_4f8b3bb5-82a9-419c-8404-308ac9c18e54_FS-TOC-FinancialStatement-871_1) | &nbsp;&nbsp; **29** |
| [Financial Highlights](#xx_4f8b3bb5-82a9-419c-8404-308ac9c18e54_FIHI-TOC-FinancialHighlights-871_1) | &nbsp;&nbsp; **50** |
| [Notes to Financial Statements](#xx_4f8b3bb5-82a9-419c-8404-308ac9c18e54_NTF-NTFRunningFooter-871_1) | &nbsp;&nbsp; **68** |

---

**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 April 30, 2025 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| **VALUE** <br>**($000)**<br>|
| **Common Stocks — 91.3%** | **Common Stocks — 91.3%** | **Common Stocks — 91.3%** |
| **Australia — 4.4%** | **Australia — 4.4%** | **Australia — 4.4%** |
| AGL Energy Ltd. | 284 | 1937 |
| BHP Group Ltd. | 595 | 14180 |
| Fortescue Ltd. | 314 | 3242 |
| Glencore plc | 1118 | 3665 |
| Insignia Financial Ltd. \* | 1022 | 2464 |
| New Hope Corp. Ltd. | 698 | 1638 |
| Perseus Mining Ltd. | 628 | 1345 |
| QBE Insurance Group Ltd. | 207 | 2859 |
| Rio Tinto plc | 196 | 11688 |
| Ventia Services Group Pty. Ltd. | 421 | 1140 |
| Yancoal Australia Ltd. | 563 | 1795 |
|  |  | 45953 |
| **Austria — 1.1%** | **Austria — 1.1%** | **Austria — 1.1%** |
| BAWAG Group AG (a) | 14 | 1543 |
| Erste Group Bank AG | 45 | 3064 |
| OMV AG | 65 | 3345 |
| Telekom Austria AG | 187 | 1973 |
| Vienna Insurance Group AG Wiener Versicherung <br> Gruppe<br>| 44 | 2096 |
|  |  | 12021 |
| **Belgium — 0.5%** | **Belgium — 0.5%** | **Belgium — 0.5%** |
| Ageas SA | 40 | 2529 |
| KBC Group NV | 35 | 3178 |
|  |  | 5707 |
| **China — 0.5%** | **China — 0.5%** | **China — 0.5%** |
| BOC Hong Kong Holdings Ltd. | 724 | 3003 |
| Yangzijiang Shipbuilding Holdings Ltd. \* | 1222 | 2093 |
|  |  | 5096 |
| **Denmark — 0.8%** | **Denmark — 0.8%** | **Denmark — 0.8%** |
| Carlsberg A/S, Class B (b) | 10 | 1415 |
| Danske Bank A/S | 97 | 3391 |
| H Lundbeck A/S | 221 | 1057 |
| ISS A/S | 47 | 1174 |
| Sydbank A/S | 17 | 1087 |
|  |  | 8124 |
| **Finland — 1.3%** | **Finland — 1.3%** | **Finland — 1.3%** |
| Kalmar OYJ, Class B | 71 | 2236 |
| Konecranes OYJ | 32 | 2147 |
| Nokia OYJ | 755 | 3776 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Finland — continued** | **Finland — continued** | **Finland — continued** |
| Nordea Bank Abp | 118 | 1642 |
| Nordea Bank Abp | 248 | 3401 |
|  |  | 13202 |
| **France — 7.1%** | **France — 7.1%** | **France — 7.1%** |
| AXA SA \* | 221 | 10456 |
| BNP Paribas SA | 127 | 10755 |
| Cie Generale des Etablissements Michelin SCA | 111 | 4053 |
| Coface SA | 92 | 1889 |
| Credit Agricole SA | 187 | 3510 |
| Eiffage SA | 17 | 2340 |
| Engie SA | 270 | 5586 |
| Eurazeo SE | 15 | 1109 |
| IPSOS SA | 25 | 1167 |
| Orange SA | 313 | 4541 |
| Renault SA | 69 | 3690 |
| Rubis SCA | 39 | 1271 |
| Societe Generale SA | 101 | 5260 |
| Television Francaise 1 SA | 139 | 1326 |
| TotalEnergies SE | 252 | 14354 |
| Vallourec SACA \* | 109 | 2008 |
| Vicat SACA | 28 | 1571 |
|  |  | 74886 |
| **Georgia — 0.2%** | **Georgia — 0.2%** | **Georgia — 0.2%** |
| Lion Finance Group plc | 21 | 1648 |
| **Germany — 10.7%** | **Germany — 10.7%** | **Germany — 10.7%** |
| Allianz SE (Registered) | 45 | 18513 |
| Aroundtown SA \* | 477 | 1426 |
| Bilfinger SE | 26 | 2235 |
| Commerzbank AG | 126 | 3347 |
| Continental AG | 25 | 1928 |
| Deutsche Bank AG (Registered) | 247 | 6476 |
| Deutsche Post AG | 131 | 5592 |
| Deutsche Telekom AG (Registered) | 413 | 14829 |
| E.ON SE | 339 | 5938 |
| Freenet AG | 61 | 2543 |
| Fresenius SE & Co. KGaA \* | 77 | 3668 |
| Heidelberg Materials AG | 25 | 4952 |
| Henkel AG & Co. KGaA (Preference) | 33 | 2532 |
| HOCHTIEF AG | 18 | 3440 |
| Hornbach Holding AG & Co. KGaA | 14 | 1566 |
| LEG Immobilien SE | 28 | 2350 |
| Mercedes-Benz Group AG | 98 | 5842 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan International Equity Funds 1

------

JPMorgan Developed International Value Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (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** |
| Muenchener Rueckversicherungs-Gesellschaft AG <br> (Registered) \*<br>| 16 | 11269 |
| ProSiebenSat.1 Media SE | 253 | 1765 |
| SAF-Holland SE | 76 | 1384 |
| Talanx AG | 18 | 2024 |
| TUI AG \* | 137 | 1054 |
| Volkswagen AG (Preference) | 34 | 3674 |
| Vonovia SE | 131 | 4347 |
|  |  | 112694 |
| **Guatemala — 0.1%** | **Guatemala — 0.1%** | **Guatemala — 0.1%** |
| Millicom International Cellular SA | 35 | 1224 |
| **Hong Kong — 1.5%** | **Hong Kong — 1.5%** | **Hong Kong — 1.5%** |
| CK Asset Holdings Ltd. | 644 | 2629 |
| Kerry Properties Ltd. | 769 | 1807 |
| Prudential plc | 364 | 3871 |
| Swire Properties Ltd. | 922 | 2037 |
| United Laboratories International Holdings Ltd. (The) | 1022 | 1832 |
| WH Group Ltd. (a) | 2456 | 2196 |
| Yue Yuen Industrial Holdings Ltd. | 657 | 944 |
|  |  | 15316 |
| **Ireland — 1.2%** | **Ireland — 1.2%** | **Ireland — 1.2%** |
| AerCap Holdings NV | 35 | 3659 |
| AIB Group plc | 390 | 2621 |
| Bank of Ireland Group plc | 205 | 2412 |
| Cairn Homes plc | 523 | 1152 |
| Glanbia plc | 7 | 92 |
| Glenveagh Properties plc \* (a) | 591 | 1107 |
| Greencore Group plc | 509 | 1255 |
|  |  | 12298 |
| **Israel — 0.2%** | **Israel — 0.2%** | **Israel — 0.2%** |
| Plus500 Ltd. | 48 | 1987 |
| **Italy — 5.0%** | **Italy — 5.0%** | **Italy — 5.0%** |
| Azimut Holding SpA | 37 | 1038 |
| Banca Monte dei Paschi di Siena SpA | 167 | 1413 |
| Banco BPM SpA | 256 | 2854 |
| BFF Bank SpA \* (a) | 150 | 1419 |
| BPER Banca SpA | 242 | 1962 |
| Buzzi SpA | 29 | 1503 |
| Danieli & C Officine Meccaniche SpA | 43 | 1170 |
| Enel SpA | 1047 | 9077 |
| Intesa Sanpaolo SpA | 1782 | 9510 |
| Iveco Group NV | 76 | 1213 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Italy — continued** | **Italy — continued** | **Italy — continued** |
| MFE-MediaForEurope NV, Class B | 255 | 1242 |
| Pirelli & C SpA (a) | 196 | 1211 |
| Poste Italiane SpA (a) | 143 | 2904 |
| Saipem SpA \* | 836 | 1932 |
| UniCredit SpA | 153 | 8914 |
| Unipol Assicurazioni SpA | 220 | 3952 |
| Webuild SpA | 433 | 1571 |
|  |  | 52885 |
| **Japan — 18.8%** | **Japan — 18.8%** | **Japan — 18.8%** |
| Amada Co. Ltd. | 133 | 1336 |
| Asahi Group Holdings Ltd. | 201 | 2778 |
| Asahi Kasei Corp. | 366 | 2550 |
| Cosmo Energy Holdings Co. Ltd. | 46 | 1900 |
| Credit Saison Co. Ltd. | 100 | 2342 |
| Dai-ichi Life Holdings, Inc. | 558 | 4028 |
| Daiwa Securities Group, Inc. | 279 | 1835 |
| ENEOS Holdings, Inc. | 632 | 3043 |
| Fuji Media Holdings, Inc. | 110 | 2280 |
| Furukawa Electric Co. Ltd. | 30 | 948 |
| Gunma Bank Ltd. (The) | 164 | 1367 |
| Hokkaido Electric Power Co., Inc. (b) | 167 | 795 |
| Idemitsu Kosan Co. Ltd. | 367 | 2274 |
| Inpex Corp. | 238 | 2984 |
| Isuzu Motors Ltd. | 185 | 2485 |
| Japan Petroleum Exploration Co. Ltd. | 223 | 1604 |
| Kamigumi Co. Ltd. | 55 | 1334 |
| Kandenko Co. Ltd. | 92 | 1822 |
| Kansai Electric Power Co., Inc. (The) | 170 | 2099 |
| Kansai Paint Co. Ltd. | 65 | 980 |
| KDDI Corp. | 354 | 6272 |
| Kobe Steel Ltd. | 146 | 1718 |
| Komatsu Ltd. | 132 | 3809 |
| Marubeni Corp. | 183 | 3246 |
| Mitsubishi UFJ Financial Group, Inc. | 1272 | 16030 |
| Mitsui & Co. Ltd. | 386 | 7811 |
| Mitsui Mining & Smelting Co. Ltd. | 61 | 1645 |
| Mizuho Financial Group, Inc. | 289 | 7224 |
| Modec, Inc. | 99 | 2995 |
| MS&AD Insurance Group Holdings, Inc. | 176 | 4000 |
| Nippon Steel Corp. | 186 | 3909 |
| Niterra Co. Ltd. | 42 | 1295 |
| Nomura Real Estate Holdings, Inc. | 270 | 1609 |
| Open House Group Co. Ltd. | 49 | 2173 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

2 J.P. Morgan International Equity Funds April 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Japan — continued** | **Japan — continued** | **Japan — continued** |
| ORIX Corp. | 213 | 4269 |
| Osaka Gas Co. Ltd. | 106 | 2685 |
| Panasonic Holdings Corp. | 361 | 4140 |
| Resona Holdings, Inc. | 378 | 3030 |
| Sankyo Co. Ltd. | 140 | 2129 |
| SKY Perfect JSAT Holdings, Inc. | 249 | 2012 |
| Sojitz Corp. | 74 | 1742 |
| Sompo Holdings, Inc. | 94 | 3067 |
| Sony Group Corp. | 76 | 2013 |
| Sumitomo Corp. | 160 | 3914 |
| Sumitomo Electric Industries Ltd. | 194 | 3126 |
| Sumitomo Mitsui Financial Group, Inc. | 427 | 10194 |
| Sumitomo Realty & Development Co. Ltd. | 66 | 2462 |
| Sumitomo Rubber Industries Ltd. | 171 | 2150 |
| Suzuki Motor Corp. | 307 | 3683 |
| T&D Holdings, Inc. | 160 | 3398 |
| Takeda Pharmaceutical Co. Ltd. | 157 | 4740 |
| TBS Holdings, Inc. | 51 | 1724 |
| Tokai Rika Co. Ltd. | 109 | 1616 |
| Tokyo Steel Manufacturing Co. Ltd. | 167 | 1889 |
| Tokyo Tatemono Co. Ltd. (b) | 111 | 1992 |
| Tokyu Fudosan Holdings Corp. | 276 | 1937 |
| Toyo Tire Corp. | 92 | 1722 |
| Toyoda Gosei Co. Ltd. | 128 | 2456 |
| Toyota Industries Corp. | 39 | 4539 |
| Toyota Motor Corp. | 496 | 9477 |
| Toyota Tsusho Corp. | 134 | 2653 |
| Tsubakimoto Chain Co. | 131 | 1587 |
| UACJ Corp. | 52 | 1741 |
| Yamato Kogyo Co. Ltd. | 23 | 1382 |
|  |  | 197989 |
| **Netherlands — 2.9%** | **Netherlands — 2.9%** | **Netherlands — 2.9%** |
| ABN AMRO Bank NV, CVA (a) | 106 | 2200 |
| Aegon Ltd. | 290 | 1862 |
| ASR Nederland NV | 42 | 2639 |
| Eurocommercial Properties NV, REIT | 47 | 1359 |
| Havas NV \* | 845 | 1406 |
| ING Groep NV | 381 | 7389 |
| Koninklijke BAM Groep NV \* | 428 | 2898 |
| Koninklijke Heijmans N.V., CVA | 84 | 4322 |
| NN Group NV | 67 | 4121 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Netherlands — continued** | **Netherlands — continued** | **Netherlands — continued** |
| OCI NV | 79 | 655 |
| SBM Offshore NV | 70 | 1477 |
|  |  | 30328 |
| **Norway — 1.4%** | **Norway — 1.4%** | **Norway — 1.4%** |
| Aker BP ASA | 81 | 1743 |
| Aker Solutions ASA | 449 | 1219 |
| DNB Bank ASA | 127 | 3173 |
| DOF Group ASA \* | 223 | 1748 |
| Equinor ASA | 147 | 3335 |
| Telenor ASA | 200 | 3002 |
|  |  | 14220 |
| **Peru — 0.2%** | **Peru — 0.2%** | **Peru — 0.2%** |
| Hochschild Mining plc \* | 563 | 2119 |
| **Portugal — 0.3%** | **Portugal — 0.3%** | **Portugal — 0.3%** |
| Banco Comercial Portugues SA, Class R | 2690 | 1720 |
| NOS SGPS SA | 283 | 1180 |
|  |  | 2900 |
| **Singapore — 1.1%** | **Singapore — 1.1%** | **Singapore — 1.1%** |
| DBS Group Holdings Ltd. | 103 | 3328 |
| Oversea-Chinese Banking Corp. Ltd. | 381 | 4714 |
| United Overseas Bank Ltd. | 153 | 4072 |
|  |  | 12114 |
| **South Africa — 0.4%** | **South Africa — 0.4%** | **South Africa — 0.4%** |
| Anglo American plc | 171 | 4677 |
| **Spain — 3.4%** | **Spain — 3.4%** | **Spain — 3.4%** |
| Banco Bilbao Vizcaya Argentaria SA | 672 | 9220 |
| Banco de Sabadell SA | 943 | 2750 |
| Banco Santander SA | 1717 | 12091 |
| CaixaBank SA | 537 | 4116 |
| Grupo Catalana Occidente SA | 43 | 2402 |
| Mapfre SA | 344 | 1223 |
| Tecnicas Reunidas SA \* | 110 | 1847 |
| Unicaja Banco SA (a) | 841 | 1603 |
|  |  | 35252 |
| **Sweden — 2.2%** | **Sweden — 2.2%** | **Sweden — 2.2%** |
| Ambea AB (a) | 209 | 2525 |
| Betsson AB, Class B \* | 84 | 1462 |
| Granges AB | 95 | 1182 |
| Loomis AB | 31 | 1298 |
| Modern Times Group MTG AB, Class B \* | 112 | 1340 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan International Equity Funds 3

------

JPMorgan Developed International Value Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Sweden — continued** | **Sweden — continued** | **Sweden — continued** |
| NCC AB, Class B | 96 | 1798 |
| Skandinaviska Enskilda Banken AB, Class A | 205 | 3253 |
| Storskogen Group AB, Class B | 1103 | 1453 |
| Svenska Handelsbanken AB, Class A | 231 | 3021 |
| Swedbank AB, Class A | 121 | 3023 |
| Tele2 AB, Class B | 180 | 2660 |
|  |  | 23015 |
| **Switzerland — 1.5%** | **Switzerland — 1.5%** | **Switzerland — 1.5%** |
| Aryzta AG \* | 519 | 1303 |
| Avolta AG | 25 | 1147 |
| OC Oerlikon Corp. AG Pfaffikon (Registered) | 275 | 1167 |
| Zurich Insurance Group AG | 18 | 12473 |
|  |  | 16090 |
| **United Kingdom — 13.4%** | **United Kingdom — 13.4%** | **United Kingdom — 13.4%** |
| 3i Group plc | 124 | 7058 |
| Aviva plc | 483 | 3621 |
| B&M European Value Retail SA | 453 | 2037 |
| Balfour Beatty plc | 249 | 1521 |
| Barclays plc | 1709 | 6808 |
| Beazley plc | 152 | 1800 |
| British American Tobacco plc | 246 | 10701 |
| British Land Co. plc (The), REIT | 214 | 1125 |
| BT Group plc | 1138 | 2642 |
| Burberry Group plc | 117 | 1139 |
| Centrica plc | 1809 | 3873 |
| Currys plc \* | 1302 | 1929 |
| Drax Group plc | 156 | 1285 |
| Dunelm Group plc | 153 | 2250 |
| easyJet plc | 159 | 1054 |
| Future plc | 99 | 938 |
| Great Portland Estates plc, REIT | 343 | 1418 |
| Hammerson plc, REIT | 324 | 1094 |
| Hiscox Ltd. | 69 | 1021 |
| HSBC Holdings plc | 1958 | 21831 |
| IG Group Holdings plc | 104 | 1484 |
| Imperial Brands plc | 112 | 4590 |
| Inchcape plc | 120 | 1077 |
| International Consolidated Airlines Group SA | 530 | 1842 |
| Investec plc | 277 | 1740 |
| ITV plc | 1379 | 1486 |
| JET2 plc | 103 | 2181 |
| Just Group plc | 1101 | 2076 |
| Keller Group plc | 57 | 1088 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **United Kingdom — continued** | **United Kingdom — continued** | **United Kingdom — continued** |
| Kier Group plc | 1096 | 2130 |
| Lancashire Holdings Ltd. | 255 | 1916 |
| Land Securities Group plc, REIT | 188 | 1494 |
| Lloyds Banking Group plc | 7474 | 7343 |
| Marks & Spencer Group plc | 558 | 2898 |
| Mitie Group plc | 948 | 1828 |
| Morgan Sindall Group plc | 23 | 1101 |
| NatWest Group plc | 970 | 6239 |
| Paragon Banking Group plc | 195 | 2202 |
| Pennon Group plc | 334 | 2235 |
| Phoenix Group Holdings plc | 353 | 2828 |
| Premier Foods plc | 451 | 1198 |
| Serco Group plc | 620 | 1423 |
| SSE plc | 128 | 2885 |
| Standard Chartered plc | 293 | 4217 |
| Taylor Wimpey plc | 756 | 1187 |
| Tesco plc | 753 | 3725 |
| TP ICAP Group plc | 422 | 1448 |
|  |  | 141006 |
| **United States — 11.1%** | **United States — 11.1%** | **United States — 11.1%** |
| BP plc | 1960 | 9050 |
| GSK plc | 123 | 2440 |
| Nestle SA (Registered) | 180 | 19186 |
| Novartis AG (Registered) | 117 | 13356 |
| Roche Holding AG | 80 | 26248 |
| Sanofi SA | 133 | 14513 |
| Shell plc | 689 | 22248 |
| Swiss Re AG | 41 | 7286 |
| Tenaris SA | 111 | 1848 |
|  |  | 116175 |
| Total Common Stocks <br>(Cost $771,536)<br>|  | 958926 |
| **Short-Term Investments — 7.8%** | **Short-Term Investments — 7.8%** | **Short-Term Investments — 7.8%** |
| **Investment Companies — 7.6%** | **Investment Companies — 7.6%** | **Investment Companies — 7.6%** |
| JPMorgan Prime Money Market Fund Class Institutional <br> Shares, 4.31% (c) (d) <br>(Cost $79,920)<br>| 79898 | 79922 |
| **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, 4.39% (c) (d)(Cost <br> $2,248)<br>| 2248 | 2248 |
| Total Short-Term Investments <br>(Cost $82,168)<br>|  | 82170 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

4 J.P. Morgan International Equity Funds April 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Total Investments — 99.1%** <br>**(Cost $853,704)**<br>|  | **1041096** |
| **Other Assets in Excess of Liabilities — 0.9%** |  | **9449** |
| **NET ASSETS — 100.0%** |  | **1050545** |

---

&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) Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. 

(b) The security or a portion of this security is on loan at April 30, 2025. The total value of securities on loan at April 30, 2025 is $2,157. 

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

(d) The rate shown is the current yield as of April 30, 2025.

**Summary of Investments by Industry, April 30, 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 | 21.6<br> %<br>|
| Insurance | 11.7 |
| Oil, Gas & Consumable Fuels | 6.7 |
| Pharmaceuticals | 6.2 |
| Metals & Mining | 5.2 |
| Automobiles | 2.8 |
| Diversified Telecommunication Services | 2.7 |
| Capital Markets | 2.5 |
| Food Products | 2.4 |
| Construction & Engineering | 2.4 |
| Trading Companies & Distributors | 2.2 |
| Real Estate Management & Development | 2.2 |
| Machinery | 2.0 |
| Automobile Components | 2.0 |
| Multi-Utilities | 1.7 |
| Media | 1.5 |
| Tobacco | 1.5 |
| Energy Equipment & Services | 1.5 |
| Electric Utilities | 1.4 |
| Wireless Telecommunication Services | 1.2 |
| Household Durables | 1.1 |
| Others (each less than 1.0%) | 9.6 |
| Short-Term Investments | 7.9 |

---

**Futures contracts outstanding as of April 30, 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; 376 | &nbsp;&nbsp;&nbsp;&nbsp; 06/20/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 46898 | &nbsp;&nbsp;&nbsp;&nbsp; 1315 |

---

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

---

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

April 30, 2025 J.P. Morgan International Equity Funds 5

------

JPMorgan Emerging Markets Equity Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| **VALUE** <br>**($000)**<br>|
| **Common Stocks — 100.3%** | **Common Stocks — 100.3%** | **Common Stocks — 100.3%** |
| **Argentina — 0.9%** | **Argentina — 0.9%** | **Argentina — 0.9%** |
| Vista Energy SAB de CV, ADR \* | 1246 | 56309 |
| **Brazil — 11.3%** | **Brazil — 11.3%** | **Brazil — 11.3%** |
| Banco BTG Pactual SA | 6716 | 45290 |
| Embraer SA, ADR \* | 1211 | 55635 |
| Itau Unibanco Holding SA, ADR | 12921 | 81535 |
| MercadoLibre, Inc. \* | 91 | 211154 |
| NU Holdings Ltd., Class A \* | 10872 | 135141 |
| Petroleo Brasileiro SA, ADR | 7162 | 75634 |
| Raia Drogasil SA | 11854 | 41314 |
| WEG SA | 7879 | 62514 |
|  |  | 708217 |
| **China — 25.4%** | **China — 25.4%** | **China — 25.4%** |
| Alibaba Group Holding Ltd., ADR | 1202 | 143558 |
| BYD Co. Ltd., Class A | 1330 | 64659 |
| Contemporary Amperex Technology Co. Ltd., Class A | 2571 | 82130 |
| Full Truck Alliance Co. Ltd., ADR | 8982 | 102040 |
| Fuyao Glass Industry Group Co. Ltd., Class A | 9105 | 72780 |
| H World Group Ltd., ADR | 1886 | 64582 |
| KE Holdings, Inc., ADR | 2211 | 44881 |
| Meituan \* (a) | 4899 | 81112 |
| Midea Group Co. Ltd., Class A | 11595 | 117457 |
| Montage Technology Co. Ltd., Class A | 6570 | 69491 |
| PDD Holdings, Inc., ADR \* | 393 | 41490 |
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd., <br> Class A<br>| 1266 | 38262 |
| Tencent Holdings Ltd. | 6683 | 409340 |
| Tencent Music Entertainment Group, ADR | 5360 | 71938 |
| Trip.com Group Ltd., ADR | 1535 | 90560 |
| Yum China Holdings, Inc. | 2212 | 95798 |
|  |  | 1590078 |
| **Greece — 0.6%** | **Greece — 0.6%** | **Greece — 0.6%** |
| National Bank of Greece SA | 3590 | 38102 |
| **Hong Kong — 2.2%** | **Hong Kong — 2.2%** | **Hong Kong — 2.2%** |
| AIA Group Ltd. | 9543 | 71499 |
| Techtronic Industries Co. Ltd. | 6269 | 63096 |
|  |  | 134595 |
| **India — 17.0%** | **India — 17.0%** | **India — 17.0%** |
| Apollo Hospitals Enterprise Ltd. | 386 | 31876 |
| Bajaj Finance Ltd. | 1530 | 156112 |
| Bharat Electronics Ltd. | 11894 | 44240 |
| Bharti Airtel Ltd. | 2646 | 58373 |
| Dr Reddy's Laboratories Ltd. | 3652 | 51262 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **India — continued** | **India — continued** | **India — continued** |
| HDFC Bank Ltd. | 4847 | 110099 |
| Hindustan Aeronautics Ltd. (a) | 684 | 36293 |
| ICICI Bank Ltd. | 4685 | 78742 |
| Infosys Ltd. | 1562 | 27609 |
| ITC Hotels Ltd. \* | 1402 | 3226 |
| ITC Ltd. | 12781 | 64354 |
| Kotak Mahindra Bank Ltd. | 2012 | 52596 |
| MakeMyTrip Ltd. \* | 596 | 62439 |
| Max Healthcare Institute Ltd. | 2847 | 36941 |
| NTPC Ltd. | 15509 | 64976 |
| Shriram Finance Ltd. | 12542 | 90889 |
| Tata Motors Ltd. | 5851 | 44590 |
| UltraTech Cement Ltd. | 348 | 47890 |
|  |  | 1062507 |
| **Indonesia — 2.5%** | **Indonesia — 2.5%** | **Indonesia — 2.5%** |
| Bank Central Asia Tbk. PT | 146676 | 77986 |
| Bank Rakyat Indonesia Persero Tbk. PT | 325200 | 75320 |
|  |  | 153306 |
| **Mexico — 3.3%** | **Mexico — 3.3%** | **Mexico — 3.3%** |
| Fomento Economico Mexicano SAB de CV, ADR | 474 | 49894 |
| Grupo Financiero Banorte SAB de CV, Class O | 15145 | 129863 |
| Grupo Mexico SAB de CV | 5424 | 28147 |
|  |  | 207904 |
| **Panama — 0.7%** | **Panama — 0.7%** | **Panama — 0.7%** |
| Copa Holdings SA, Class A | 474 | 43474 |
| **Portugal — 1.5%** | **Portugal — 1.5%** | **Portugal — 1.5%** |
| Jeronimo Martins SGPS SA | 3935 | 95233 |
| **Singapore — 2.2%** | **Singapore — 2.2%** | **Singapore — 2.2%** |
| Grab Holdings Ltd., Class A \* | 14485 | 70685 |
| Sea Ltd., ADR \* | 480 | 64402 |
|  |  | 135087 |
| **South Africa — 2.0%** | **South Africa — 2.0%** | **South Africa — 2.0%** |
| Bid Corp. Ltd. | 2269 | 57012 |
| Capitec Bank Holdings Ltd. | 373 | 69268 |
|  |  | 126280 |
| **South Korea — 8.2%** | **South Korea — 8.2%** | **South Korea — 8.2%** |
| Hanwha Aerospace Co. Ltd. | 274 | 154101 |
| Hanwha Vision Co. Ltd. \* | 353 | 14975 |
| Kia Corp. | 876 | 55665 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

6 J.P. Morgan International Equity Funds April 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **South Korea — continued** | **South Korea — continued** | **South Korea — continued** |
| Samsung Electronics Co. Ltd. | 2345 | 91488 |
| SK Hynix, Inc. | 1551 | 193513 |
|  |  | 509742 |
| **Spain — 2.3%** | **Spain — 2.3%** | **Spain — 2.3%** |
| Banco Bilbao Vizcaya Argentaria SA | 10495 | 144035 |
| **Taiwan — 14.4%** | **Taiwan — 14.4%** | **Taiwan — 14.4%** |
| ASE Technology Holding Co. Ltd. | 7927 | 33779 |
| Delta Electronics, Inc. | 5400 | 56582 |
| MediaTek, Inc. | 1956 | 83117 |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 2729 | 454980 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 6236 | 176694 |
| Wiwynn Corp. | 1546 | 93040 |
|  |  | 898192 |
| **Turkey — 3.6%** | **Turkey — 3.6%** | **Turkey — 3.6%** |
| Aselsan Elektronik Sanayi ve Ticaret A/S | 32015 | 112784 |
| BIM Birlesik Magazalar A/S | 5637 | 66225 |
| Turkiye Garanti Bankasi A/S | 10558 | 28379 |
| Yapi ve Kredi Bankasi A/S \* | 34325 | 20414 |
|  |  | 227802 |
| **United States — 2.2%** | **United States — 2.2%** | **United States — 2.2%** |
| ExlService Holdings, Inc. \* | 1151 | 55781 |
| Globant SA \* (b) | 326 | 38324 |
| Monolithic Power Systems, Inc. | 73 | 43402 |
|  |  | 137507 |
| Total Common Stocks <br>(Cost $4,455,556)<br>|  | 6268370 |
| **Short-Term Investments — 0.2%** | **Short-Term Investments — 0.2%** | **Short-Term Investments — 0.2%** |
| **Investment Companies — 0.1%** | **Investment Companies — 0.1%** | **Investment Companies — 0.1%** |
| JPMorgan Prime Money Market Fund <br> Class Institutional Shares, 4.31% (c) (d) <br>(Cost $5,283)<br>| 5281 | 5283 |
| **Investment of Cash Collateral from Securities Loaned — 0.1%** | **Investment of Cash Collateral from Securities Loaned — 0.1%** | **Investment of Cash Collateral from Securities Loaned — 0.1%** |
| JPMorgan Securities Lending Money Market Fund <br> Agency SL Class Shares, 4.39% (c) (d)(Cost <br> $4,253)<br>| 4253 | 4253 |
| Total Short-Term Investments <br>(Cost $9,536)<br>|  | 9536 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Total Investments — 100.5%** <br>**(Cost $4,465,092)**<br>|  | **6277906** |
| **Liabilities in Excess of Other Assets — (0.5)%** |  | **(29838)**<br>|
| **NET ASSETS — 100.0%** |  | **6248068** |

---

&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 April 30, 2025. The total value of securities on loan at April 30, 2025 is $4,115. 

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

(d) The rate shown is the current yield as of April 30, 2025.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan International Equity Funds 7

------

JPMorgan Emerging Markets Equity Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

**Summary of Investments by Industry, April 30, 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 | 16.8<br> %<br>|
| Banks | 16.6 |
| Interactive Media & Services | 6.5 |
| Aerospace & Defense | 6.4 |
| Hotels, Restaurants & Leisure | 6.3 |
| Broadline Retail | 6.3 |
| Consumer Staples Distribution & Retail | 4.1 |
| Consumer Finance | 3.9 |
| Technology Hardware, Storage & Peripherals | 2.9 |
| Ground Transportation | 2.8 |
| Automobiles | 2.6 |
| Electrical Equipment | 2.6 |
| Entertainment | 2.2 |
| Oil, Gas & Consumable Fuels | 2.1 |
| Household Durables | 1.9 |
| Automobile Components | 1.2 |
| Insurance | 1.1 |
| Health Care Providers & Services | 1.1 |
| IT Services | 1.1 |
| Independent Power and Renewable Electricity Producers | 1.0 |
| Tobacco | 1.0 |
| Machinery | 1.0 |
| Others (each less than 1.0%) | 8.3 |
| Short-Term Investments | 0.2 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

8 J.P. Morgan International Equity Funds April 30, 2025

------

JPMorgan Emerging Markets Research Enhanced Equity Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited)

&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%** |
| **Austria — 0.1%** | **Austria — 0.1%** | **Austria — 0.1%** |
| Raiffeisen Bank International AG | 47 | 1251 |
| **Brazil — 5.4%** | **Brazil — 5.4%** | **Brazil — 5.4%** |
| B3 SA - Brasil Bolsa Balcao | 3713 | 8721 |
| Banco BTG Pactual SA | 881 | 5939 |
| Banco do Brasil SA | 445 | 2260 |
| BB Seguridade Participacoes SA | 134 | 1002 |
| CCR SA | 982 | 2332 |
| Centrais Eletricas Brasileiras SA | 264 | 2046 |
| Cia de Saneamento Basico do Estado de Sao Paulo <br> SABESP<br>| 110 | 2209 |
| Cia Energetica de Minas Gerais (Preference) | 1712 | 3338 |
| Embraer SA \* | 176 | 2025 |
| Gerdau SA (Preference) | 1456 | 3847 |
| Itau Unibanco Holding SA (Preference) | 1415 | 8873 |
| Itausa SA (Preference) | 2838 | 5341 |
| Localiza Rent a Car SA | 468 | 3547 |
| MercadoLibre, Inc. \* | 1 | 1860 |
| NU Holdings Ltd., Class A \* | 789 | 9801 |
| Petroleo Brasileiro SA (Preference) | 3125 | 16543 |
| Porto Seguro SA | 315 | 2455 |
| Raia Drogasil SA | 663 | 2312 |
| Suzano SA | 340 | 2999 |
| Telefonica Brasil SA | 515 | 2511 |
| TIM SA, ADR (a) | 135 | 2255 |
| TOTVS SA | 182 | 1203 |
| Ultrapar Participacoes SA | 1010 | 3167 |
| Vale SA, ADR | 1249 | 11631 |
| WEG SA | 489 | 3879 |
|  |  | 112096 |
| **Chile — 0.3%** | **Chile — 0.3%** | **Chile — 0.3%** |
| Banco Santander Chile, ADR | 229 | 5522 |
| Empresas Copec SA | 161 | 1103 |
|  |  | 6625 |
| **China — 30.1%** | **China — 30.1%** | **China — 30.1%** |
| Agricultural Bank of China Ltd., Class H | 2198 | 1341 |
| Airtac International Group | 122 | 3351 |
| Alibaba Group Holding Ltd. | 4680 | 69867 |
| Angel Yeast Co. Ltd., Class A | 368 | 1782 |
| Anker Innovations Technology Co. Ltd., Class A | 239 | 2927 |
| ANTA Sports Products Ltd. | 296 | 3495 |
| Baidu, Inc., Class A \* | 85 | 934 |
| Bank of China Ltd., Class H | 10862 | 6065 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **China — continued** | **China — continued** | **China — continued** |
| BeiGene Ltd. \* | 73 | 1477 |
| BYD Co. Ltd., Class H | 410 | 19450 |
| China CITIC Bank Corp. Ltd., Class H | 6541 | 5173 |
| China Construction Bank Corp., Class H | 32074 | 26347 |
| China Feihe Ltd. (b) | 1199 | 906 |
| China Galaxy Securities Co. Ltd., Class H | 2213 | 2010 |
| China Hongqiao Group Ltd. | 681 | 1222 |
| China Life Insurance Co. Ltd., Class H | 2578 | 4712 |
| China Mengniu Dairy Co. Ltd. | 1789 | 4456 |
| China Merchants Bank Co. Ltd., Class A | 113 | 632 |
| China Merchants Bank Co. Ltd., Class H | 2085 | 11373 |
| China Oilfield Services Ltd., Class H | 1788 | 1398 |
| China Overseas Land & Investment Ltd. | 990 | 1757 |
| China Pacific Insurance Group Co. Ltd., Class H | 1729 | 4704 |
| China Petroleum & Chemical Corp., Class H | 4382 | 2237 |
| China Resources Gas Group Ltd. | 825 | 2303 |
| China Resources Land Ltd. | 957 | 3220 |
| China Resources Mixc Lifestyle Services Ltd. (b) | 971 | 4653 |
| China Resources Power Holdings Co. Ltd. | 1875 | 4524 |
| China Resources Sanjiu Medical & Pharmaceutical Co. <br> Ltd., Class A<br>| 859 | 4863 |
| China Yangtze Power Co. Ltd., Class A | 1370 | 5561 |
| CITIC Securities Co. Ltd., Class H | 626 | 1546 |
| CMOC Group Ltd., Class H | 2574 | 2021 |
| Contemporary Amperex Technology Co. Ltd., Class A | 211 | 6726 |
| COSCO SHIPPING Holdings Co. Ltd., Class A | 1147 | 2266 |
| ENN Energy Holdings Ltd. | 812 | 6409 |
| Foxconn Industrial Internet Co. Ltd., Class A | 332 | 835 |
| Full Truck Alliance Co. Ltd., ADR | 177 | 2011 |
| Fuyao Glass Industry Group Co. Ltd., Class H (b) | 926 | 6546 |
| Ganfeng Lithium Group Co. Ltd. (b) | 189 | 460 |
| Geely Automobile Holdings Ltd. | 474 | 995 |
| GF Securities Co. Ltd., Class H | 1383 | 1801 |
| Guangdong Haid Group Co. Ltd., Class A | 141 | 1076 |
| H World Group Ltd., ADR | 19 | 667 |
| H World Group Ltd. | 1060 | 3720 |
| Haidilao International Holding Ltd. (b) | 951 | 2141 |
| Haier Smart Home Co. Ltd., Class H | 1926 | 5591 |
| Haitian International Holdings Ltd. | 354 | 820 |
| Hongfa Technology Co. Ltd., Class A | 631 | 2856 |
| Industrial & Commercial Bank of China Ltd., Class H | 14684 | 10059 |
| Inner Mongolia Yili Industrial Group Co. Ltd., Class A | 1398 | 5725 |
| Innovent Biologics, Inc. \* (b) | 253 | 1749 |
| JD.com, Inc., Class A | 477 | 7772 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan International Equity Funds 9

------

JPMorgan Emerging Markets Research Enhanced Equity Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **China — continued** | **China — continued** | **China — continued** |
| Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A | 823 | 5778 |
| Kanzhun Ltd., ADR \* | 139 | 2123 |
| KE Holdings, Inc., ADR | 265 | 5375 |
| Kingdee International Software Group Co. Ltd. \* | 977 | 1662 |
| Kingsoft Corp. Ltd. | 231 | 1152 |
| Kuaishou Technology \* (b) | 733 | 4836 |
| Kweichow Moutai Co. Ltd., Class A | 34 | 7303 |
| Lenovo Group Ltd. | 1534 | 1774 |
| Luzhou Laojiao Co. Ltd., Class A | 44 | 756 |
| Meituan \* (b) | 1374 | 22755 |
| Midea Group Co. Ltd., Class A | 520 | 5270 |
| Minth Group Ltd. \* | 588 | 1405 |
| Montage Technology Co. Ltd., Class A | 281 | 2975 |
| NARI Technology Co. Ltd., Class A | 1048 | 3195 |
| NetEase, Inc. | 783 | 16832 |
| Nongfu Spring Co. Ltd., Class H (b) | 981 | 4510 |
| PDD Holdings, Inc., ADR \* | 193 | 20335 |
| PetroChina Co. Ltd., Class H | 9050 | 6915 |
| PICC Property & Casualty Co. Ltd., Class H | 3234 | 5955 |
| Ping An Insurance Group Co. of China Ltd., Class H | 2296 | 13742 |
| Postal Savings Bank of China Co. Ltd., Class H (b) | 1676 | 1030 |
| Qifu Technology, Inc., ADR | 31 | 1279 |
| Sany Heavy Industry Co. Ltd., Class A | 1010 | 2628 |
| Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A | 130 | 3639 |
| Shenzhou International Group Holdings Ltd. | 216 | 1499 |
| Silergy Corp. | 363 | 4579 |
| Sinopharm Group Co. Ltd., Class H | 1792 | 4224 |
| Sunny Optical Technology Group Co. Ltd. | 619 | 5209 |
| Tencent Holdings Ltd. | 1793 | 109800 |
| Tencent Music Entertainment Group, ADR | 199 | 2674 |
| Tianshan Aluminum Group Co. Ltd., Class A | 2725 | 2793 |
| Tingyi Cayman Islands Holding Corp. | 2376 | 4292 |
| Trip.com Group Ltd., ADR | 14 | 835 |
| Trip.com Group Ltd. | 132 | 7964 |
| Vipshop Holdings Ltd., ADR | 140 | 1901 |
| Wanhua Chemical Group Co. Ltd., Class A | 148 | 1106 |
| Weichai Power Co. Ltd., Class H | 1719 | 3354 |
| Xiamen Faratronic Co. Ltd., Class A | 56 | 799 |
| Xiaomi Corp., Class B \* (b) | 3916 | 25074 |
| Xinyi Solar Holdings Ltd. | 2110 | 702 |
| XPeng, Inc., Class A \* | 353 | 3288 |
| Yum China Holdings, Inc. | 169 | 7874 |
| Yum China Holdings, Inc. | 31 | 1363 |
| Yunnan Yuntianhua Co. Ltd., Class A | 330 | 1014 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **China — continued** | **China — continued** | **China — continued** |
| Zhuzhou CRRC Times Electric Co. Ltd., Class H | 730 | 2932 |
| Zijin Mining Group Co. Ltd., Class H | 4190 | 9154 |
| ZTO Express Cayman, Inc. | 107 | 1988 |
|  |  | 624174 |
| **Colombia — 0.1%** | **Colombia — 0.1%** | **Colombia — 0.1%** |
| Bancolombia SA, ADR | 64 | 2599 |
| **Czech Republic — 0.1%** | **Czech Republic — 0.1%** | **Czech Republic — 0.1%** |
| Komercni Banka A/S | 48 | 2330 |
| **Greece — 1.0%** | **Greece — 1.0%** | **Greece — 1.0%** |
| Alpha Services and Holdings SA | 524 | 1278 |
| Eurobank Ergasias Services and Holdings SA | 471 | 1337 |
| Hellenic Telecommunications Organization SA | 268 | 5091 |
| Metlen Energy & Metals SA | 24 | 1127 |
| National Bank of Greece SA | 374 | 3964 |
| OPAP SA | 96 | 2143 |
| Piraeus Financial Holdings SA | 747 | 4196 |
| Public Power Corp. SA | 77 | 1151 |
|  |  | 20287 |
| **Hong Kong — 0.1%** | **Hong Kong — 0.1%** | **Hong Kong — 0.1%** |
| Techtronic Industries Co. Ltd. | 164 | 1650 |
| **Hungary — 0.6%** | **Hungary — 0.6%** | **Hungary — 0.6%** |
| OTP Bank Nyrt. | 124 | 9131 |
| Richter Gedeon Nyrt. | 113 | 3428 |
|  |  | 12559 |
| **India — 18.7%** | **India — 18.7%** | **India — 18.7%** |
| Apollo Hospitals Enterprise Ltd. | 34 | 2769 |
| Asian Paints Ltd. | 24 | 675 |
| Axis Bank Ltd. | 717 | 10052 |
| Bajaj Auto Ltd. | 60 | 5736 |
| Bajaj Finance Ltd. | 120 | 12271 |
| Bharat Electronics Ltd. | 2499 | 9296 |
| Bharat Petroleum Corp. Ltd. | 344 | 1262 |
| Bharti Airtel Ltd. | 686 | 15133 |
| Biocon Ltd. | 235 | 897 |
| Blue Star Ltd. | 92 | 1849 |
| Britannia Industries Ltd. | 89 | 5719 |
| CG Power & Industrial Solutions Ltd. | 563 | 4173 |
| Cholamandalam Investment and Finance Co. Ltd. | 234 | 4147 |
| Cipla Ltd. | 116 | 2120 |
| Coforge Ltd. | 12 | 1000 |
| Colgate-Palmolive India Ltd. | 83 | 2545 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

10 J.P. Morgan International Equity Funds April 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **India — continued** | **India — continued** | **India — continued** |
| Computer Age Management Services Ltd. | 44 | 2035 |
| Crompton Greaves Consumer Electricals Ltd. | 546 | 2180 |
| Cummins India Ltd. | 36 | 1249 |
| Dixon Technologies India Ltd. (b) | 5 | 1054 |
| DLF Ltd. | 97 | 776 |
| Dr Reddy's Laboratories Ltd. | 549 | 7712 |
| Embassy Office Parks, REIT | 222 | 1002 |
| Eternal Ltd. \* | 754 | 2064 |
| GAIL India Ltd. | 1373 | 3069 |
| Godrej Properties Ltd. \* | 22 | 572 |
| Havells India Ltd. | 205 | 3891 |
| HCL Technologies Ltd. | 250 | 4634 |
| HDFC Asset Management Co. Ltd. (b) | 17 | 857 |
| HDFC Bank Ltd. | 1661 | 37737 |
| HDFC Life Insurance Co. Ltd. (b) | 159 | 1400 |
| Hindalco Industries Ltd. | 824 | 6091 |
| Hindustan Aeronautics Ltd. (b) | 123 | 6527 |
| Hindustan Petroleum Corp. Ltd. | 321 | 1435 |
| Hindustan Unilever Ltd. | 122 | 3391 |
| ICICI Bank Ltd. | 1591 | 26751 |
| ICICI Lombard General Insurance Co. Ltd. (b) | 75 | 1657 |
| Indian Hotels Co. Ltd. (The) | 114 | 1063 |
| Indus Towers Ltd. \* | 483 | 2326 |
| Info Edge India Ltd. | 13 | 1108 |
| Infosys Ltd., ADR (a) | 1051 | 18499 |
| InterGlobe Aviation Ltd. \* (b) | 51 | 3192 |
| ITC Ltd. | 1612 | 8114 |
| Kotak Mahindra Bank Ltd. | 513 | 13413 |
| Larsen & Toubro Ltd. | 97 | 3846 |
| Lupin Ltd. | 133 | 3307 |
| Mahindra & Mahindra Ltd. | 340 | 11788 |
| MakeMyTrip Ltd. \* | 9 | 946 |
| Maruti Suzuki India Ltd. | 62 | 9016 |
| Max Financial Services Ltd. \* | 85 | 1305 |
| Max Healthcare Institute Ltd. | 253 | 3285 |
| Metropolis Healthcare Ltd. \* (b) | 41 | 823 |
| NMDC Ltd. | 3044 | 2335 |
| NTPC Ltd. | 1676 | 7020 |
| Oil & Natural Gas Corp. Ltd. | 1200 | 3473 |
| PB Fintech Ltd. \* | 230 | 4415 |
| Petronet LNG Ltd. | 774 | 2872 |
| Power Finance Corp. Ltd. | 552 | 2671 |
| Power Grid Corp. of India Ltd. | 781 | 2838 |
| Praj Industries Ltd. | 156 | 847 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **India — continued** | **India — continued** | **India — continued** |
| REC Ltd. | 616 | 3075 |
| Reliance Industries Ltd. | 1827 | 30340 |
| Shriram Finance Ltd. | 670 | 4853 |
| State Bank of India | 113 | 1059 |
| Sun Pharmaceutical Industries Ltd. | 48 | 1050 |
| Supreme Industries Ltd. | 39 | 1648 |
| Syngene International Ltd. (b) | 237 | 1775 |
| Tata Consultancy Services Ltd. | 339 | 13838 |
| Tata Motors Ltd. | 871 | 6634 |
| Tata Power Co. Ltd. (The) | 646 | 2934 |
| Tata Steel Ltd. | 2108 | 3509 |
| Tech Mahindra Ltd. | 53 | 940 |
| Tube Investments of India Ltd. | 26 | 892 |
| UltraTech Cement Ltd. | 69 | 9445 |
| Varun Beverages Ltd. | 139 | 858 |
| Vedanta Ltd. | 384 | 1905 |
|  |  | 388985 |
| **Indonesia — 1.6%** | **Indonesia — 1.6%** | **Indonesia — 1.6%** |
| Bank Central Asia Tbk. PT | 25427 | 13519 |
| Bank Mandiri Persero Tbk. PT | 17015 | 5024 |
| Bank Rakyat Indonesia Persero Tbk. PT | 27069 | 6270 |
| Telkom Indonesia Persero Tbk. PT | 37498 | 5910 |
| United Tractors Tbk. PT | 2239 | 3060 |
|  |  | 33783 |
| **Kazakhstan — 0.1%** | **Kazakhstan — 0.1%** | **Kazakhstan — 0.1%** |
| Kaspi.KZ JSC, ADR | 21 | 1824 |
| **Kuwait — 0.3%** | **Kuwait — 0.3%** | **Kuwait — 0.3%** |
| Kuwait Finance House KSCP | 576 | 1360 |
| National Bank of Kuwait SAKP | 1485 | 4618 |
|  |  | 5978 |
| **Malaysia — 0.8%** | **Malaysia — 0.8%** | **Malaysia — 0.8%** |
| CIMB Group Holdings Bhd. | 4420 | 7301 |
| Petronas Chemicals Group Bhd. | 2010 | 1715 |
| Public Bank Bhd. | 2678 | 2776 |
| Telekom Malaysia Bhd. | 2293 | 3614 |
| Tenaga Nasional Bhd. | 293 | 944 |
|  |  | 16350 |
| **Mexico — 2.7%** | **Mexico — 2.7%** | **Mexico — 2.7%** |
| America Movil SAB de CV | 3908 | 3381 |
| Arca Continental SAB de CV | 539 | 5681 |
| Cemex SAB de CV, ADR | 104 | 641 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan International Equity Funds 11

------

JPMorgan Emerging Markets Research Enhanced Equity Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Mexico — continued** | **Mexico — continued** | **Mexico — continued** |
| Cemex SAB de CV | 8731 | 5401 |
| Coca-Cola Femsa SAB de CV | 196 | 1844 |
| Fomento Economico Mexicano SAB de CV | 213 | 2245 |
| Grupo Aeroportuario del Sureste SAB de CV, Class B | 171 | 5387 |
| Grupo Financiero Banorte SAB de CV, Class O | 1272 | 10903 |
| Grupo Mexico SAB de CV | 1582 | 8210 |
| Kimberly-Clark de Mexico SAB de CV, Class A | 1248 | 2195 |
| Regional SAB de CV | 333 | 2339 |
| Southern Copper Corp. | 5 | 488 |
| Wal-Mart de Mexico SAB de CV | 2005 | 6353 |
|  |  | 55068 |
| **Panama — 0.1%** | **Panama — 0.1%** | **Panama — 0.1%** |
| Copa Holdings SA, Class A | 18 | 1673 |
| **Peru — 0.5%** | **Peru — 0.5%** | **Peru — 0.5%** |
| Credicorp Ltd. | 49 | 9868 |
| **Philippines — 0.3%** | **Philippines — 0.3%** | **Philippines — 0.3%** |
| Ayala Land, Inc. | 1635 | 733 |
| Bank of the Philippine Islands | 938 | 2352 |
| BDO Unibank, Inc. | 1445 | 4147 |
|  |  | 7232 |
| **Poland — 0.7%** | **Poland — 0.7%** | **Poland — 0.7%** |
| Bank Polska Kasa Opieki SA \* | 21 | 1055 |
| Dino Polska SA \* (b) | 43 | 6013 |
| Powszechna Kasa Oszczednosci Bank Polski SA | 197 | 3788 |
| Powszechny Zaklad Ubezpieczen SA | 291 | 4543 |
|  |  | 15399 |
| **Qatar — 0.4%** | **Qatar — 0.4%** | **Qatar — 0.4%** |
| Qatar National Bank QPSC | 2004 | 9193 |
| **Russia — 0.0% ^** | **Russia — 0.0% ^** | **Russia — 0.0% ^** |
| Gazprom PJSC ‡ \* | 4581 |  |
| GMK Norilskiy Nickel PAO, ADR ‡ \* |  |  |
| GMK Norilskiy Nickel PAO ‡ \* | 4097 | —<br> (c)<br>|
| Magnitogorsk Iron & Steel Works PJSC ‡ | 3146 |  |
| Novatek PJSC ‡ | 165 |  |
| Rosneft Oil Co. PJSC ‡ | 833 |  |
| Sberbank of Russia PJSC ‡ | 3172 |  |
| Severstal PAO, GDR ‡ \* (b) | 329 |  |
| **Saudi Arabia — 3.5%** | **Saudi Arabia — 3.5%** | **Saudi Arabia — 3.5%** |
| Al Rajhi Bank | 711 | 18458 |
| Alinma Bank | 803 | 6221 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Saudi Arabia — continued** | **Saudi Arabia — continued** | **Saudi Arabia — continued** |
| Etihad Etisalat Co. | 356 | 5965 |
| Mouwasat Medical Services Co. | 29 | 561 |
| SABIC Agri-Nutrients Co. | 58 | 1536 |
| Saudi Arabian Oil Co. (b) | 1803 | 12193 |
| Saudi Aramco Base Oil Co. | 33 | 880 |
| Saudi Awwal Bank | 112 | 1044 |
| Saudi Basic Industries Corp. | 223 | 3620 |
| Saudi National Bank (The) | 1235 | 11772 |
| Saudi Telecom Co. | 779 | 9884 |
|  |  | 72134 |
| **South Africa — 3.0%** | **South Africa — 3.0%** | **South Africa — 3.0%** |
| Absa Group Ltd. | 600 | 5543 |
| Aspen Pharmacare Holdings Ltd. | 80 | 524 |
| Bid Corp. Ltd. | 167 | 4196 |
| Bidvest Group Ltd. | 361 | 4579 |
| Capitec Bank Holdings Ltd. | 23 | 4199 |
| Clicks Group Ltd. | 243 | 5174 |
| Discovery Ltd. | 79 | 873 |
| FirstRand Ltd. | 1745 | 6832 |
| Gold Fields Ltd. | 321 | 7195 |
| Harmony Gold Mining Co. Ltd. | 208 | 3274 |
| Impala Platinum Holdings Ltd. \* | 327 | 1945 |
| Naspers Ltd., Class N | 33 | 8645 |
| Sanlam Ltd. | 669 | 3044 |
| Shoprite Holdings Ltd. | 364 | 5609 |
| Standard Bank Group Ltd. | 88 | 1098 |
|  |  | 62730 |
| **South Korea — 9.7%** | **South Korea — 9.7%** | **South Korea — 9.7%** |
| Celltrion, Inc. | 11 | 1246 |
| Coway Co. Ltd. | 56 | 3461 |
| Hana Financial Group, Inc. | 192 | 8713 |
| Hankook Tire & Technology Co. Ltd. | 60 | 1755 |
| Hanwha Aerospace Co. Ltd. | 7 | 3656 |
| HD Hyundai Electric Co. Ltd. | 15 | 3289 |
| HD Korea Shipbuilding & Offshore Engineering Co. Ltd. | 26 | 4955 |
| HL Mando Co. Ltd. | 45 | 1178 |
| Hugel, Inc. \* | 9 | 2301 |
| Hyundai Glovis Co. Ltd. | 68 | 5479 |
| Hyundai Mobis Co. Ltd. | 34 | 6473 |
| Hyundai Motor Co. | 53 | 7116 |
| JB Financial Group Co. Ltd. | 183 | 2205 |
| KakaoBank Corp. | 232 | 3629 |
| KB Financial Group, Inc. | 9 | 539 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

12 J.P. Morgan International Equity Funds April 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **South Korea — continued** | **South Korea — continued** | **South Korea — continued** |
| Kia Corp. | 125 | 7953 |
| Korea Aerospace Industries Ltd. | 72 | 4192 |
| Korea Investment Holdings Co. Ltd. | 18 | 1047 |
| Korean Air Lines Co. Ltd. | 227 | 3349 |
| KT Corp. | 16 | 576 |
| LG Chem Ltd. | 20 | 3043 |
| LG Energy Solution Ltd. \* | 2 | 545 |
| NAVER Corp. | 74 | 10406 |
| POSCO Holdings, Inc. | 8 | 1516 |
| Samsung Biologics Co. Ltd. \* (b) | 6 | 4071 |
| Samsung C&T Corp. | 41 | 3553 |
| Samsung Electro-Mechanics Co. Ltd. | 7 | 557 |
| Samsung Electronics Co. Ltd. | 1546 | 60312 |
| Samsung Fire & Marine Insurance Co. Ltd. | 17 | 4486 |
| Samsung Heavy Industries Co. Ltd. \* | 186 | 1910 |
| Samsung Life Insurance Co. Ltd. | 30 | 1806 |
| Samsung Securities Co. Ltd. | 30 | 1091 |
| Shinhan Financial Group Co. Ltd. | 114 | 4105 |
| SK Hynix, Inc. | 164 | 20465 |
| SK Telecom Co. Ltd. | 115 | 4379 |
| SM Entertainment Co. Ltd. | 32 | 2826 |
| S-Oil Corp. | 73 | 2669 |
|  |  | 200852 |
| **Taiwan — 16.6%** | **Taiwan — 16.6%** | **Taiwan — 16.6%** |
| Accton Technology Corp. | 181 | 3367 |
| Advantech Co. Ltd. | 403 | 4220 |
| ASE Technology Holding Co. Ltd. | 1616 | 6886 |
| Asia Cement Corp. | 713 | 1004 |
| Asia Vital Components Co. Ltd. | 55 | 804 |
| Asustek Computer, Inc. | 225 | 4110 |
| Cathay Financial Holding Co. Ltd. | 354 | 652 |
| Chailease Holding Co. Ltd. | 794 | 2856 |
| China Steel Corp. | 1687 | 1091 |
| CTBC Financial Holding Co. Ltd. | 7811 | 9625 |
| Delta Electronics, Inc. | 628 | 6586 |
| E.Sun Financial Holding Co. Ltd. | 7342 | 6512 |
| Eclat Textile Co. Ltd. \* | 188 | 2451 |
| Elite Material Co. Ltd. | 109 | 1906 |
| eMemory Technology, Inc. | 29 | 2376 |
| Eva Airways Corp. | 1918 | 2304 |
| Evergreen Marine Corp. Taiwan Ltd. | 614 | 3979 |
| Fubon Financial Holding Co. Ltd. | 2171 | 5754 |
| Hon Hai Precision Industry Co. Ltd. | 2317 | 10323 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Taiwan — continued** | **Taiwan — continued** | **Taiwan — continued** |
| KGI Financial Holding Co. Ltd. | 5753 | 2984 |
| Largan Precision Co. Ltd. | 87 | 6175 |
| MediaTek, Inc. | 299 | 12691 |
| Mega Financial Holding Co. Ltd. | 1783 | 2112 |
| Nan Ya Plastics Corp. | 637 | 610 |
| Nien Made Enterprise Co. Ltd. | 290 | 3551 |
| Pegatron Corp. | 331 | 841 |
| Pou Chen Corp. | 1877 | 1933 |
| Quanta Computer, Inc. \* | 1109 | 8330 |
| Realtek Semiconductor Corp. | 433 | 7121 |
| Taiwan Mobile Co. Ltd. | 1414 | 5020 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 6741 | 191000 |
| Tong Yang Industry Co. Ltd. | 232 | 955 |
| Uni-President Enterprises Corp. | 2635 | 6332 |
| Wistron Corp. | 1290 | 4138 |
| Wiwynn Corp. | 114 | 6863 |
| Yuanta Financial Holding Co. Ltd. | 7330 | 7182 |
|  |  | 344644 |
| **Thailand — 1.1%** | **Thailand — 1.1%** | **Thailand — 1.1%** |
| Bangkok Dusit Medical Services PCL, Class F | 7574 | 5377 |
| CP ALL PCL | 2198 | 3355 |
| Krung Thai Bank PCL | 4591 | 2996 |
| PTT Exploration & Production PCL | 1277 | 3782 |
| PTT PCL | 2123 | 1955 |
| SCB X PCL | 1465 | 5160 |
|  |  | 22625 |
| **Turkey — 0.6%** | **Turkey — 0.6%** | **Turkey — 0.6%** |
| BIM Birlesik Magazalar A/S | 493 | 5798 |
| Ford Otomotiv Sanayi A/S | 52 | 1191 |
| Turk Hava Yollari AO \* | 489 | 3627 |
| Turkcell Iletisim Hizmetleri A/S | 357 | 836 |
| Turkiye Petrol Rafinerileri A/S | 342 | 1112 |
|  |  | 12564 |
| **United Arab Emirates — 1.4%** | **United Arab Emirates — 1.4%** | **United Arab Emirates — 1.4%** |
| Abu Dhabi Commercial Bank PJSC | 1255 | 3976 |
| Aldar Properties PJSC | 1293 | 2912 |
| Dubai Islamic Bank PJSC | 2608 | 5374 |
| Emaar Properties PJSC | 3052 | 10905 |
| Emirates NBD Bank PJSC | 437 | 2444 |
| Emirates Telecommunications Group Co. PJSC | 833 | 3949 |
|  |  | 29560 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan International Equity Funds 13

------

JPMorgan Emerging Markets Research Enhanced Equity Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **United Kingdom — 0.3%** | **United Kingdom — 0.3%** | **United Kingdom — 0.3%** |
| Anglogold Ashanti plc | 136 | 5679 |
| **United States — 0.2%** | **United States — 0.2%** | **United States — 0.2%** |
| ExlService Holdings, Inc. \* | 25 | 1219 |
| Genpact Ltd. | 39 | 1934 |
| Globant SA \* | 6 | 744 |
|  |  | 3897 |
| Total Common Stocks <br>(Cost $1,747,102)<br>|  | 2083609 |
| **Short-Term Investments — 0.8%** | **Short-Term Investments — 0.8%** | **Short-Term Investments — 0.8%** |
| **Investment Companies — 0.1%** | **Investment Companies — 0.1%** | **Investment Companies — 0.1%** |
| JPMorgan Prime Money Market Fund Class Institutional <br> Shares, 4.31% (d) (e) <br>(Cost $2,323)<br>| 2323 | 2324 |
| **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, 4.39% (d) (e)(Cost <br> $15,320)<br>| 15320 | 15320 |
| Total Short-Term Investments <br>(Cost $17,643)<br>|  | 17644 |
| **Total Investments — 101.2%** <br>**(Cost $1,764,745)**<br>|  | **2101253** |
| **Liabilities in Excess of Other Assets — (1.2)%** |  | **(25287)**<br>|
| **NET ASSETS — 100.0%** |  | **2075966** |

---

&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.  |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The security or a portion of this security is on loan at April 30, 2025. The total value of securities on loan at April 30, 2025 is $14,986.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;(c) Value is zero.

&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 April 30, 2025.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

14 J.P. Morgan International Equity Funds April 30, 2025

------

**Summary of Investments by Industry, April 30, 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 | 19.0<br> %<br>|
| Semiconductors & Semiconductor Equipment | 11.8 |
| Interactive Media & Services | 6.1 |
| Technology Hardware, Storage & Peripherals | 5.7 |
| Broadline Retail | 5.3 |
| Oil, Gas & Consumable Fuels | 4.4 |
| Metals & Mining | 3.5 |
| Automobiles | 3.5 |
| Insurance | 3.1 |
| Hotels, Restaurants & Leisure | 2.5 |
| IT Services | 1.9 |
| Consumer Staples Distribution & Retail | 1.8 |
| Wireless Telecommunication Services | 1.8 |
| Diversified Telecommunication Services | 1.6 |
| Electronic Equipment, Instruments & Components | 1.5 |
| Real Estate Management & Development | 1.5 |
| Food Products | 1.4 |
| Pharmaceuticals | 1.4 |
| Electrical Equipment | 1.4 |
| Beverages | 1.3 |
| Aerospace & Defense | 1.2 |
| Consumer Finance | 1.2 |
| Entertainment | 1.1 |
| Capital Markets | 1.1 |
| Machinery | 1.1 |
| Financial Services | 1.1 |
| Household Durables | 1.0 |
| Others (each less than 1.0%) | 10.9 |
| Short-Term Investments | 0.8 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan International Equity Funds 15

------

JPMorgan Europe Dynamic Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| **VALUE** <br>**($000)**<br>|
| **Common Stocks — 96.5%** | **Common Stocks — 96.5%** | **Common Stocks — 96.5%** |
| **Australia — 1.6%** | **Australia — 1.6%** | **Australia — 1.6%** |
| Rio Tinto plc | 148 | 8806 |
| **China — 1.6%** | **China — 1.6%** | **China — 1.6%** |
| Prosus NV | 187 | 8746 |
| **Denmark — 2.7%** | **Denmark — 2.7%** | **Denmark — 2.7%** |
| Carlsberg A/S, Class B (a) | 46 | 6331 |
| Chemometec A/S | 48 | 3469 |
| Novo Nordisk A/S, Class B | 80 | 5339 |
|  |  | 15139 |
| **Finland — 1.7%** | **Finland — 1.7%** | **Finland — 1.7%** |
| Konecranes OYJ | 61 | 4057 |
| Orion OYJ, Class A | 22 | 1395 |
| Orion OYJ, Class B | 67 | 4195 |
|  |  | 9647 |
| **France — 14.2%** | **France — 14.2%** | **France — 14.2%** |
| Air Liquide SA | 61 | 12601 |
| Cie Generale des Etablissements Michelin SCA | 209 | 7630 |
| Engie SA | 672 | 13887 |
| Gaztransport Et Technigaz SA | 33 | 5315 |
| Safran SA | 33 | 8763 |
| Societe Generale SA | 174 | 9099 |
| SPIE SA | 159 | 7773 |
| Thales SA | 20 | 5569 |
| Vinci SA | 64 | 9065 |
|  |  | 79702 |
| **Germany — 25.9%** | **Germany — 25.9%** | **Germany — 25.9%** |
| Allianz SE (Registered) | 40 | 16551 |
| Bilfinger SE | 62 | 5239 |
| CTS Eventim AG & Co. KGaA | 50 | 5852 |
| Deutsche Telekom AG (Registered) | 381 | 13689 |
| DWS Group GmbH & Co. KGaA (b) | 136 | 7173 |
| E.ON SE | 511 | 8942 |
| GEA Group AG | 99 | 6469 |
| Infineon Technologies AG | 209 | 6929 |
| MTU Aero Engines AG | 16 | 5602 |
| Muenchener Rueckversicherungs-Gesellschaft AG <br> (Registered) \*<br>| 24 | 16435 |
| SAP SE | 79 | 23227 |
| Siemens AG (Registered) | 56 | 12851 |
| Siemens Energy AG \* | 103 | 7915 |
| Zalando SE \* (b) | 243 | 8858 |
|  |  | 145732 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Hong Kong — 1.3%** | **Hong Kong — 1.3%** | **Hong Kong — 1.3%** |
| Prudential plc | 659 | 7012 |
| **Ireland — 1.1%** | **Ireland — 1.1%** | **Ireland — 1.1%** |
| AIB Group plc | 936 | 6292 |
| **Italy — 5.5%** | **Italy — 5.5%** | **Italy — 5.5%** |
| Banca Monte dei Paschi di Siena SpA (a) | 634 | 5358 |
| Coca-Cola HBC AG | 278 | 14464 |
| UniCredit SpA | 192 | 11197 |
|  |  | 31019 |
| **Netherlands — 8.8%** | **Netherlands — 8.8%** | **Netherlands — 8.8%** |
| Adyen NV \* (b) | 4 | 7067 |
| Argenx SE \* | 8 | 4793 |
| ASML Holding NV | 3 | 1883 |
| ASR Nederland NV | 133 | 8385 |
| Euronext NV (b) | 66 | 11093 |
| Heineken NV | 139 | 12423 |
| SBM Offshore NV | 195 | 4105 |
|  |  | 49749 |
| **Norway — 0.6%** | **Norway — 0.6%** | **Norway — 0.6%** |
| Aker Solutions ASA | 1238 | 3361 |
| **Spain — 3.9%** | **Spain — 3.9%** | **Spain — 3.9%** |
| Banco Santander SA (a) | 1827 | 12866 |
| Fluidra SA | 179 | 4146 |
| Indra Sistemas SA | 150 | 4779 |
|  |  | 21791 |
| **Sweden — 1.1%** | **Sweden — 1.1%** | **Sweden — 1.1%** |
| AAK AB | 122 | 3187 |
| Truecaller AB, Class B | 428 | 3218 |
|  |  | 6405 |
| **Switzerland — 1.9%** | **Switzerland — 1.9%** | **Switzerland — 1.9%** |
| Cie Financiere Richemont SA (Registered) | 59 | 10449 |
| **United Kingdom — 12.8%** | **United Kingdom — 12.8%** | **United Kingdom — 12.8%** |
| 3i Group plc | 162 | 9211 |
| Barclays plc | 3406 | 13570 |
| Barratt Redrow plc | 1179 | 7352 |
| Burberry Group plc | 247 | 2400 |
| Cranswick plc | 77 | 5311 |
| Games Workshop Group plc | 20 | 4163 |
| Intermediate Capital Group plc | 128 | 3209 |
| Marks & Spencer Group plc | 1401 | 7279 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

16 J.P. Morgan International Equity Funds April 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **United Kingdom — continued** | **United Kingdom — continued** | **United Kingdom — continued** |
| NatWest Group plc | 1762 | 11334 |
| Next plc | 50 | 8218 |
|  |  | 72047 |
| **United States — 11.8%** | **United States — 11.8%** | **United States — 11.8%** |
| Carnival plc \* | 102 | 1715 |
| GSK plc | 515 | 10180 |
| Nestle SA (Registered) | 41 | 4419 |
| Novartis AG (Registered) | 154 | 17594 |
| Roche Holding AG | 43 | 13915 |
| Shell plc | 581 | 18745 |
|  |  | 66568 |
| Total Common Stocks <br>(Cost $429,516)<br>|  | 542465 |
| **Short-Term Investments — 8.8%** | **Short-Term Investments — 8.8%** | **Short-Term Investments — 8.8%** |
| **Investment Companies — 4.9%** | **Investment Companies — 4.9%** | **Investment Companies — 4.9%** |
| JPMorgan Prime Money Market Fund Class Institutional <br> Shares, 4.31% (c) (d) <br>(Cost $27,361)<br>| 27353 | 27362 |
| **Investment of Cash Collateral from Securities Loaned — 3.9%** | **Investment of Cash Collateral from Securities Loaned — 3.9%** | **Investment of Cash Collateral from Securities Loaned — 3.9%** |
| JPMorgan Securities Lending Money Market Fund Agency <br> SL Class Shares, 4.39% (c) (d)(Cost $22,137)<br>| 22137 | 22137 |
| Total Short-Term Investments <br>(Cost $49,498)<br>|  | 49499 |
| **Total Investments — 105.3%** <br>**(Cost $479,014)**<br>|  | **591964** |
| **Liabilities in Excess of Other Assets — (5.3)%** |  | **(29567)**<br>|
| **NET ASSETS — 100.0%** |  | **562397** |

---

&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 |
| 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 April 30, 2025. The total value of securities on loan at April 30, 2025 is $19,830. 

(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) 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;(d) The rate shown is the current yield as of April 30, 2025.

**Summary of Investments by Industry, April 30, 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 | 11.8<br> %<br>|
| Pharmaceuticals | 8.9 |
| Insurance | 8.2 |
| Beverages | 5.6 |
| Capital Markets | 5.2 |
| Software | 4.5 |
| Oil, Gas & Consumable Fuels | 4.0 |
| Multi-Utilities | 3.8 |
| Aerospace & Defense | 3.4 |
| Broadline Retail | 2.9 |
| Machinery | 2.5 |
| Diversified Telecommunication Services | 2.3 |
| Commercial Services & Supplies | 2.2 |
| Food Products | 2.2 |
| Industrial Conglomerates | 2.2 |
| Textiles, Apparel & Luxury Goods | 2.2 |
| Chemicals | 2.1 |
| Construction & Engineering | 1.5 |
| Specialty Retail | 1.5 |
| Semiconductors & Semiconductor Equipment | 1.5 |
| Metals & Mining | 1.5 |
| Electrical Equipment | 1.3 |
| Automobile Components | 1.3 |
| Energy Equipment & Services | 1.2 |
| Household Durables | 1.2 |
| Consumer Staples Distribution & Retail | 1.2 |
| Financial Services | 1.2 |
| Entertainment | 1.0 |
| Others (each less than 1.0%) | 3.2 |
| Short-Term Investments | 8.4 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan International Equity Funds 17

------

JPMorgan Europe Dynamic Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

**Futures contracts outstanding as of April 30, 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; 168 | &nbsp;&nbsp;&nbsp;&nbsp; 06/20/2025 | &nbsp;&nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp; 9763 | &nbsp;&nbsp;&nbsp;&nbsp; (24)<br>|
| FTSE 100 Index | &nbsp;&nbsp;&nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp;&nbsp; 06/20/2025 | &nbsp;&nbsp;&nbsp;&nbsp; GBP | &nbsp;&nbsp;&nbsp;&nbsp; 5415 | &nbsp;&nbsp;&nbsp;&nbsp; (37)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (61)<br>|

---

&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;

18 J.P. Morgan International Equity Funds April 30, 2025

------

JPMorgan International Equity Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| **VALUE** <br>**($000)**<br>|
| **Common Stocks — 98.5%** | **Common Stocks — 98.5%** | **Common Stocks — 98.5%** |
| **Australia — 5.2%** | **Australia — 5.2%** | **Australia — 5.2%** |
| BHP Group Ltd. | 2174 | 51804 |
| Medibank Pvt Ltd. | 11657 | 34676 |
| QBE Insurance Group Ltd. | 3808 | 52620 |
| Rio Tinto Ltd. | 291 | 21787 |
| Rio Tinto plc | 645 | 38449 |
| Telstra Group Ltd. | 16439 | 47445 |
|  |  | 246781 |
| **Austria — 1.0%** | **Austria — 1.0%** | **Austria — 1.0%** |
| Erste Group Bank AG | 734 | 49684 |
| **Belgium — 1.2%** | **Belgium — 1.2%** | **Belgium — 1.2%** |
| KBC Group NV | 594 | 54728 |
| **Denmark — 2.0%** | **Denmark — 2.0%** | **Denmark — 2.0%** |
| Carlsberg A/S, Class B (a) | 353 | 48110 |
| Novo Nordisk A/S, Class B | 679 | 45413 |
|  |  | 93523 |
| **Finland — 1.5%** | **Finland — 1.5%** | **Finland — 1.5%** |
| Nordea Bank Abp | 5035 | 69723 |
| **France — 11.7%** | **France — 11.7%** | **France — 11.7%** |
| Air Liquide SA | 487 | 100029 |
| Arkema SA | 280 | 21264 |
| BNP Paribas SA | 393 | 33301 |
| Capgemini SE | 170 | 27155 |
| Cie Generale des Etablissements Michelin SCA | 1337 | 48899 |
| Legrand SA | 637 | 70029 |
| LVMH Moet Hennessy Louis Vuitton SE | 37 | 20667 |
| Safran SA | 402 | 106906 |
| TotalEnergies SE | 943 | 53697 |
| Vinci SA | 502 | 70569 |
|  |  | 552516 |
| **Germany — 11.1%** | **Germany — 11.1%** | **Germany — 11.1%** |
| Allianz SE (Registered) | 170 | 70225 |
| Deutsche Boerse AG | 214 | 68768 |
| Deutsche Telekom AG (Registered) | 2512 | 90213 |
| Infineon Technologies AG | 954 | 31615 |
| Muenchener Rueckversicherungs-Gesellschaft AG <br> (Registered) \*<br>| 131 | 89960 |
| SAP SE | 329 | 96360 |
| Siemens AG (Registered) | 335 | 77031 |
|  |  | 524172 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Hong Kong — 1.6%** | **Hong Kong — 1.6%** | **Hong Kong — 1.6%** |
| AIA Group Ltd. | 6086 | 45600 |
| Hong Kong Exchanges & Clearing Ltd. | 648 | 28320 |
|  |  | 73920 |
| **Ireland — 0.5%** | **Ireland — 0.5%** | **Ireland — 0.5%** |
| Kingspan Group plc | 298 | 25136 |
| **Italy — 1.5%** | **Italy — 1.5%** | **Italy — 1.5%** |
| UniCredit SpA | 1238 | 72053 |
| **Japan — 18.8%** | **Japan — 18.8%** | **Japan — 18.8%** |
| Hitachi Ltd. | 1981 | 48951 |
| Hoya Corp. | 552 | 64905 |
| IHI Corp. | 398 | 31145 |
| ITOCHU Corp. | 1963 | 100414 |
| Kao Corp. | 1210 | 51793 |
| Keyence Corp. | 146 | 60916 |
| Mitsubishi UFJ Financial Group, Inc. | 5441 | 68551 |
| Mitsui Fudosan Co. Ltd. | 6067 | 60131 |
| Recruit Holdings Co. Ltd. | 724 | 40110 |
| Seven & i Holdings Co. Ltd. | 2865 | 42177 |
| Sony Group Corp. | 5500 | 145113 |
| Suzuki Motor Corp. | 5250 | 62911 |
| Terumo Corp. | 3087 | 59095 |
| Tokio Marine Holdings, Inc. | 1389 | 55694 |
|  |  | 891906 |
| **Netherlands — 5.4%** | **Netherlands — 5.4%** | **Netherlands — 5.4%** |
| ASML Holding NV | 121 | 80888 |
| Heineken NV | 440 | 39409 |
| Koninklijke Ahold Delhaize NV | 1628 | 66839 |
| Koninklijke KPN NV | 14946 | 69525 |
|  |  | 256661 |
| **Singapore — 2.1%** | **Singapore — 2.1%** | **Singapore — 2.1%** |
| DBS Group Holdings Ltd. | 3039 | 98750 |
| **Spain — 4.6%** | **Spain — 4.6%** | **Spain — 4.6%** |
| Banco Santander SA (a) | 8707 | 61307 |
| Iberdrola SA | 5325 | 95995 |
| Industria de Diseno Textil SA (a) | 1118 | 60095 |
|  |  | 217397 |
| **Sweden — 2.8%** | **Sweden — 2.8%** | **Sweden — 2.8%** |
| Atlas Copco AB, Class A | 2875 | 44495 |
| Volvo AB, Class B | 3242 | 88145 |
|  |  | 132640 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan International Equity Funds 19

------

JPMorgan International Equity Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Switzerland — 2.8%** | **Switzerland — 2.8%** | **Switzerland — 2.8%** |
| Cie Financiere Richemont SA (Registered) | 322 | 56991 |
| Lonza Group AG (Registered) | 104 | 74503 |
|  |  | 131494 |
| **Taiwan — 1.0%** | **Taiwan — 1.0%** | **Taiwan — 1.0%** |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 280 | 46648 |
| **United Kingdom — 16.1%** | **United Kingdom — 16.1%** | **United Kingdom — 16.1%** |
| 3i Group plc | 2330 | 132093 |
| AstraZeneca plc | 754 | 107986 |
| Compass Group plc | 1765 | 59518 |
| Diageo plc | 1092 | 30667 |
| InterContinental Hotels Group plc | 304 | 32400 |
| London Stock Exchange Group plc | 480 | 74703 |
| NatWest Group plc | 11445 | 73620 |
| Next plc | 444 | 73343 |
| RELX plc | 1803 | 98138 |
| Sage Group plc (The) | 1774 | 29409 |
| SSE plc | 2211 | 49856 |
|  |  | 761733 |
| **United States — 7.6%** | **United States — 7.6%** | **United States — 7.6%** |
| Nestle SA (Registered) | 1061 | 112949 |
| Novartis AG (Registered) | 632 | 72114 |
| Sanofi SA | 663 | 72524 |
| Shell plc | 3181 | 102643 |
|  |  | 360230 |
| Total Common Stocks <br>(Cost $3,355,651)<br>|  | 4659695 |
| **Short-Term Investments — 4.3%** | **Short-Term Investments — 4.3%** | **Short-Term Investments — 4.3%** |
| **Investment Companies — 2.2%** | **Investment Companies — 2.2%** | **Investment Companies — 2.2%** |
| JPMorgan Prime Money Market Fund <br> Class Institutional Shares, 4.31% (b) (c) <br>(Cost $105,113)<br>| 105084 | 105116 |
| **Investment of Cash Collateral from Securities Loaned — 2.1%** | **Investment of Cash Collateral from Securities Loaned — 2.1%** | **Investment of Cash Collateral from Securities Loaned — 2.1%** |
| JPMorgan Securities Lending Money Market Fund <br> Agency SL Class Shares, 4.39% (b) (c)(Cost <br> $99,417)<br>| 99417 | 99417 |
| Total Short-Term Investments <br>(Cost $204,530)<br>|  | 204533 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Total Investments — 102.8%** <br>**(Cost $3,560,181)**<br>|  | **4864228** |
| **Liabilities in Excess of Other Assets — (2.8)%** |  | **(133054)**<br>|
| **NET ASSETS — 100.0%** |  | **4731174** |

---

&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 April 30, 2025. The total value of securities on loan at April 30, 2025 is $93,201. 

(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 April 30, 2025.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

20 J.P. Morgan International Equity Funds April 30, 2025

------

**Summary of Investments by Industry, April 30, 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 | 12.0<br> %<br>|
| Insurance | 7.2 |
| Capital Markets | 6.2 |
| Pharmaceuticals | 6.1 |
| Diversified Telecommunication Services | 4.3 |
| Machinery | 3.4 |
| Semiconductors & Semiconductor Equipment | 3.3 |
| Oil, Gas & Consumable Fuels | 3.2 |
| Electric Utilities | 3.0 |
| Household Durables | 3.0 |
| Professional Services | 2.8 |
| Industrial Conglomerates | 2.6 |
| Software | 2.6 |
| Health Care Equipment & Supplies | 2.5 |
| Chemicals | 2.5 |
| Beverages | 2.4 |
| Food Products | 2.3 |
| Metals & Mining | 2.3 |
| Consumer Staples Distribution & Retail | 2.2 |
| Aerospace & Defense | 2.2 |
| Trading Companies & Distributors | 2.1 |
| Hotels, Restaurants & Leisure | 1.9 |
| Textiles, Apparel & Luxury Goods | 1.6 |
| Life Sciences Tools & Services | 1.5 |
| Broadline Retail | 1.5 |
| Construction & Engineering | 1.5 |
| Electrical Equipment | 1.4 |
| Automobiles | 1.3 |
| Electronic Equipment, Instruments & Components | 1.3 |
| Real Estate Management & Development | 1.2 |
| Specialty Retail | 1.2 |
| Personal Care Products | 1.1 |
| Automobile Components | 1.0 |
| Others (each less than 1.0%) | 1.1 |
| Short-Term Investments | 4.2 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan International Equity Funds 21

------

JPMorgan International Focus Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| **VALUE** <br>**($000)**<br>|
| **Common Stocks — 99.1%** | **Common Stocks — 99.1%** | **Common Stocks — 99.1%** |
| **Australia — 1.5%** | **Australia — 1.5%** | **Australia — 1.5%** |
| Telstra Group Ltd. | 7730 | 22308 |
| **Belgium — 2.1%** | **Belgium — 2.1%** | **Belgium — 2.1%** |
| KBC Group NV | 340 | 31319 |
| **Canada — 5.0%** | **Canada — 5.0%** | **Canada — 5.0%** |
| Alimentation Couche-Tard, Inc. | 471 | 24555 |
| Canadian Pacific Kansas City Ltd. | 233 | 16948 |
| Intact Financial Corp. | 154 | 34169 |
|  |  | 75672 |
| **China — 7.4%** | **China — 7.4%** | **China — 7.4%** |
| Alibaba Group Holding Ltd. | 2048 | 30581 |
| Tencent Holdings Ltd. | 851 | 52100 |
| Yum China Holdings, Inc. | 647 | 28018 |
|  |  | 110699 |
| **France — 10.2%** | **France — 10.2%** | **France — 10.2%** |
| Air Liquide SA | 251 | 51460 |
| Cie Generale des Etablissements Michelin SCA | 520 | 19030 |
| Legrand SA | 236 | 25977 |
| Safran SA | 137 | 36477 |
| Vinci SA | 148 | 20788 |
|  |  | 153732 |
| **Germany — 8.0%** | **Germany — 8.0%** | **Germany — 8.0%** |
| Deutsche Telekom AG (Registered) | 1114 | 40011 |
| Infineon Technologies AG | 475 | 15721 |
| Muenchener Rueckversicherungs-Gesellschaft AG <br> (Registered) \*<br>| 54 | 36761 |
| Siemens AG (Registered) | 120 | 27741 |
|  |  | 120234 |
| **Hong Kong — 1.8%** | **Hong Kong — 1.8%** | **Hong Kong — 1.8%** |
| Hong Kong Exchanges & Clearing Ltd. | 610 | 26651 |
| **India — 4.4%** | **India — 4.4%** | **India — 4.4%** |
| HDFC Bank Ltd., ADR | 599 | 43527 |
| Infosys Ltd., ADR (a) | 1283 | 22582 |
|  |  | 66109 |
| **Indonesia — 1.4%** | **Indonesia — 1.4%** | **Indonesia — 1.4%** |
| Bank Central Asia Tbk. PT | 38268 | 20347 |
| **Ireland — 1.0%** | **Ireland — 1.0%** | **Ireland — 1.0%** |
| Kingspan Group plc | 179 | 15139 |
| **Italy — 1.8%** | **Italy — 1.8%** | **Italy — 1.8%** |
| UniCredit SpA | 460 | 26772 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Japan — 13.3%** | **Japan — 13.3%** | **Japan — 13.3%** |
| Hoya Corp. | 219 | 25710 |
| ITOCHU Corp. | 615 | 31463 |
| Mitsubishi UFJ Financial Group, Inc. | 1617 | 20378 |
| Mitsui Fudosan Co. Ltd. | 2603 | 25795 |
| Sony Group Corp. | 2078 | 54826 |
| Terumo Corp. | 479 | 9165 |
| Tokio Marine Holdings, Inc. | 821 | 32924 |
|  |  | 200261 |
| **Netherlands — 2.0%** | **Netherlands — 2.0%** | **Netherlands — 2.0%** |
| Heineken NV | 342 | 30651 |
| **Saudi Arabia — 1.3%** | **Saudi Arabia — 1.3%** | **Saudi Arabia — 1.3%** |
| Al Rajhi Bank | 776 | 20173 |
| **Singapore — 3.0%** | **Singapore — 3.0%** | **Singapore — 3.0%** |
| DBS Group Holdings Ltd. | 1373 | 44612 |
| **South Korea — 1.1%** | **South Korea — 1.1%** | **South Korea — 1.1%** |
| Kia Corp. | 260 | 16527 |
| **Spain — 3.1%** | **Spain — 3.1%** | **Spain — 3.1%** |
| Iberdrola SA | 1371 | 24721 |
| Industria de Diseno Textil SA (a) | 410 | 22055 |
|  |  | 46776 |
| **Sweden — 3.2%** | **Sweden — 3.2%** | **Sweden — 3.2%** |
| Atlas Copco AB, Class A | 1363 | 21101 |
| Volvo AB, Class B | 1000 | 27181 |
|  |  | 48282 |
| **Switzerland — 2.1%** | **Switzerland — 2.1%** | **Switzerland — 2.1%** |
| Lonza Group AG (Registered) | 45 | 32186 |
| **Taiwan — 4.1%** | **Taiwan — 4.1%** | **Taiwan — 4.1%** |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 220 | 36754 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 905 | 25643 |
|  |  | 62397 |
| **United Kingdom — 12.6%** | **United Kingdom — 12.6%** | **United Kingdom — 12.6%** |
| 3i Group plc | 879 | 49834 |
| Compass Group plc | 670 | 22602 |
| InterContinental Hotels Group plc | 155 | 16573 |
| London Stock Exchange Group plc | 183 | 28435 |
| NatWest Group plc | 5074 | 32635 |
| RELX plc | 730 | 39725 |
|  |  | 189804 |
| **United States — 8.7%** | **United States — 8.7%** | **United States — 8.7%** |
| Nestle SA (Registered) | 394 | 41940 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

22 J.P. Morgan International Equity Funds April 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| Novartis AG (Registered) | 263 | 30020 |
| Shell plc | 1813 | 58487 |
|  |  | 130447 |
| Total Common Stocks <br>(Cost $1,182,560)<br>|  | 1491098 |
| **Short-Term Investments — 2.5%** | **Short-Term Investments — 2.5%** | **Short-Term Investments — 2.5%** |
| **Investment Companies — 0.8%** | **Investment Companies — 0.8%** | **Investment Companies — 0.8%** |
| JPMorgan Prime Money Market Fund Class Institutional <br> Shares, 4.31% (b) (c) <br>(Cost $11,294)<br>| 11292 | 11295 |
| **Investment of Cash Collateral from Securities Loaned — 1.7%** | **Investment of Cash Collateral from Securities Loaned — 1.7%** | **Investment of Cash Collateral from Securities Loaned — 1.7%** |
| JPMorgan Securities Lending Money Market Fund <br> Agency SL Class Shares, 4.39% (b) (c)(Cost <br> $26,332)<br>| 26332 | 26332 |
| Total Short-Term Investments <br>(Cost $37,626)<br>|  | 37627 |
| **Total Investments — 101.6%** <br>**(Cost $1,220,186)**<br>|  | **1528725** |
| **Liabilities in Excess of Other Assets — (1.6)%** |  | **(23644)**<br>|
| **NET ASSETS — 100.0%** |  | **1505081** |

---

&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 April 30, 2025. The total value of securities on loan at April 30, 2025 is $25,054. 

(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 April 30, 2025.

**Summary of Investments by Industry, April 30, 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 | 15.7<br> %<br>|
| Capital Markets | 6.9 |
| Insurance | 6.8 |
| Semiconductors & Semiconductor Equipment | 5.1 |
| Hotels, Restaurants & Leisure | 4.4 |
| Diversified Telecommunication Services | 4.1 |
| Oil, Gas & Consumable Fuels | 3.8 |
| Household Durables | 3.6 |
| Interactive Media & Services | 3.4 |
| Chemicals | 3.4 |
| Machinery | 3.1 |
| Food Products | 2.7 |
| Professional Services | 2.6 |
| Aerospace & Defense | 2.4 |
| Health Care Equipment & Supplies | 2.3 |
| Life Sciences Tools & Services | 2.1 |
| Trading Companies & Distributors | 2.0 |
| Beverages | 2.0 |
| Broadline Retail | 2.0 |
| Pharmaceuticals | 2.0 |
| Industrial Conglomerates | 1.8 |
| Electrical Equipment | 1.7 |
| Real Estate Management & Development | 1.7 |
| Electric Utilities | 1.6 |
| Consumer Staples Distribution & Retail | 1.6 |
| IT Services | 1.5 |
| Specialty Retail | 1.4 |
| Construction & Engineering | 1.4 |
| Automobile Components | 1.2 |
| Ground Transportation | 1.1 |
| Automobiles | 1.1 |
| Building Products | 1.0 |
| Short-Term Investments | 2.5 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan International Equity Funds 23

------

JPMorgan International Hedged Equity Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| **VALUE** <br>**($000)**<br>|
| **Common Stocks — 97.5%** | **Common Stocks — 97.5%** | **Common Stocks — 97.5%** |
| **Australia — 6.5%** | **Australia — 6.5%** | **Australia — 6.5%** |
| ANZ Group Holdings Ltd. | 38 | 725 |
| Aristocrat Leisure Ltd. | 7 | 284 |
| BHP Group Ltd. | 66 | 1578 |
| Brambles Ltd. | 27 | 359 |
| Commonwealth Bank of Australia | 14 | 1441 |
| Glencore plc | 27 | 88 |
| Goodman Group, REIT | 22 | 423 |
| GPT Group (The), REIT | 44 | 130 |
| Insurance Australia Group Ltd. | 86 | 453 |
| Macquarie Group Ltd. | 5 | 635 |
| Medibank Pvt Ltd. | 169 | 504 |
| National Australia Bank Ltd. | 33 | 774 |
| Northern Star Resources Ltd. | 13 | 159 |
| QBE Insurance Group Ltd. | 60 | 827 |
| Rio Tinto Ltd. | 21 | 1540 |
| Rio Tinto plc | 10 | 594 |
| Santos Ltd. | 133 | 510 |
| Telstra Group Ltd. | 112 | 323 |
| Transurban Group | 57 | 510 |
| Wesfarmers Ltd. | 8 | 420 |
| Westpac Banking Corp. | 22 | 465 |
| Woodside Energy Group Ltd. | 16 | 204 |
| Woolworths Group Ltd. | 27 | 545 |
|  |  | 13491 |
| **Belgium — 0.7%** | **Belgium — 0.7%** | **Belgium — 0.7%** |
| Anheuser-Busch InBev SA | 9 | 593 |
| KBC Group NV | 8 | 766 |
|  |  | 1359 |
| **China — 0.4%** | **China — 0.4%** | **China — 0.4%** |
| Prosus NV | 15 | 723 |
| **Denmark — 2.5%** | **Denmark — 2.5%** | **Denmark — 2.5%** |
| Carlsberg A/S, Class B | 7 | 922 |
| Danske Bank A/S | 16 | 579 |
| Novo Nordisk A/S, Class B | 44 | 2928 |
| Novonesis Novozymes B | 12 | 762 |
|  |  | 5191 |
| **Finland — 0.7%** | **Finland — 0.7%** | **Finland — 0.7%** |
| Nokia OYJ | 37 | 189 |
| Nordea Bank Abp | 94 | 1287 |
|  |  | 1476 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **France — 11.9%** | **France — 11.9%** | **France — 11.9%** |
| Air Liquide SA | 14 | 2816 |
| Airbus SE | 8 | 1394 |
| AXA SA \* | 6 | 286 |
| BNP Paribas SA | 21 | 1742 |
| Capgemini SE | 8 | 1347 |
| Cie Generale des Etablissements Michelin SCA | 21 | 757 |
| Dassault Systemes SE | 12 | 459 |
| Engie SA | 85 | 1766 |
| EssilorLuxottica SA | 2 | 444 |
| Hermes International SCA |  | 349 |
| Legrand SA | 15 | 1689 |
| L'Oreal SA \* | 1 | 463 |
| LVMH Moet Hennessy Louis Vuitton SE | 5 | 2487 |
| Orange SA | 67 | 977 |
| Pernod Ricard SA | 7 | 770 |
| Safran SA | 9 | 2390 |
| Societe Generale SA | 36 | 1849 |
| TotalEnergies SE | 13 | 752 |
| Vinci SA | 14 | 1989 |
|  |  | 24726 |
| **Germany — 10.5%** | **Germany — 10.5%** | **Germany — 10.5%** |
| adidas AG | 2 | 563 |
| Allianz SE (Registered) | 8 | 3477 |
| BASF SE \* | 2 | 98 |
| Bayer AG (Registered) | 19 | 490 |
| Daimler Truck Holding AG | 5 | 203 |
| Deutsche Boerse AG | 1 | 341 |
| Deutsche Post AG | 27 | 1140 |
| Deutsche Telekom AG (Registered) | 66 | 2384 |
| E.ON SE | 104 | 1816 |
| Heidelberg Materials AG | 2 | 304 |
| Infineon Technologies AG | 40 | 1321 |
| Mercedes-Benz Group AG | 5 | 290 |
| Muenchener Rueckversicherungs-Gesellschaft AG <br> (Registered) \*<br>| 3 | 2311 |
| Rheinmetall AG |  | 225 |
| RWE AG | 7 | 253 |
| SAP SE | 11 | 3284 |
| Siemens AG (Registered) | 11 | 2620 |
| Siemens Healthineers AG (a) | 3 | 171 |
| Zalando SE \* (a) | 14 | 504 |
|  |  | 21795 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

24 J.P. Morgan International Equity Funds April 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Hong Kong — 1.5%** | **Hong Kong — 1.5%** | **Hong Kong — 1.5%** |
| AIA Group Ltd. | 154 | 1153 |
| CK Asset Holdings Ltd. | 73 | 300 |
| Hong Kong Exchanges & Clearing Ltd. | 16 | 686 |
| Link, REIT | 36 | 168 |
| Prudential plc | 25 | 269 |
| Sun Hung Kai Properties Ltd. | 31 | 294 |
| Techtronic Industries Co. Ltd. | 19 | 191 |
|  |  | 3061 |
| **Ireland — 0.3%** | **Ireland — 0.3%** | **Ireland — 0.3%** |
| AIB Group plc | 35 | 236 |
| Kingspan Group plc | 3 | 271 |
| Kingspan Group plc | 1 | 48 |
|  |  | 555 |
| **Italy — 2.0%** | **Italy — 2.0%** | **Italy — 2.0%** |
| Enel SpA | 37 | 322 |
| Ferrari NV | 1 | 390 |
| FinecoBank Banca Fineco SpA | 32 | 642 |
| Prysmian SpA | 8 | 469 |
| UniCredit SpA | 40 | 2316 |
|  |  | 4139 |
| **Japan — 22.4%** | **Japan — 22.4%** | **Japan — 22.4%** |
| Advantest Corp. | 9 | 364 |
| Ajinomoto Co., Inc. | 46 | 939 |
| Asahi Group Holdings Ltd. | 23 | 312 |
| Asahi Kasei Corp. | 58 | 403 |
| Bridgestone Corp. | 23 | 953 |
| Chugai Pharmaceutical Co. Ltd. | 4 | 242 |
| Daiichi Sankyo Co. Ltd. | 45 | 1149 |
| Daikin Industries Ltd. | 7 | 809 |
| Denso Corp. | 54 | 693 |
| Disco Corp. | 1 | 252 |
| East Japan Railway Co. | 31 | 670 |
| Fast Retailing Co. Ltd. | 1 | 197 |
| Fuji Electric Co. Ltd. | 12 | 538 |
| Hitachi Ltd. | 83 | 2042 |
| Hoya Corp. | 10 | 1153 |
| ITOCHU Corp. | 31 | 1606 |
| Japan Post Bank Co. Ltd. | 29 | 301 |
| Kajima Corp. | 28 | 661 |
| Kao Corp. | 13 | 578 |
| Keyence Corp. | 3 | 1380 |
| Kobe Bussan Co. Ltd. | 11 | 327 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Japan — continued** | **Japan — continued** | **Japan — continued** |
| Konami Group Corp. | 5 | 743 |
| Kyowa Kirin Co. Ltd. | 24 | 383 |
| Mitsubishi Corp. | 25 | 469 |
| Mitsubishi Electric Corp. | 31 | 602 |
| Mitsubishi UFJ Financial Group, Inc. | 67 | 845 |
| Mitsui & Co. Ltd. | 42 | 841 |
| Mitsui Fudosan Co. Ltd. | 116 | 1153 |
| Murata Manufacturing Co. Ltd. | 48 | 678 |
| Nintendo Co. Ltd. | 4 | 315 |
| Nippon Paint Holdings Co. Ltd. | 15 | 117 |
| Nippon Telegraph & Telephone Corp. | 930 | 973 |
| Nomura Research Institute Ltd. | 18 | 678 |
| Obic Co. Ltd. | 14 | 476 |
| ORIX Corp. | 38 | 756 |
| Otsuka Corp. | 21 | 459 |
| Pan Pacific International Holdings Corp. | 26 | 794 |
| Recruit Holdings Co. Ltd. | 16 | 864 |
| Renesas Electronics Corp. | 46 | 546 |
| Resona Holdings, Inc. | 85 | 683 |
| SCSK Corp. | 15 | 395 |
| Sekisui House Ltd. | 22 | 508 |
| Seven & i Holdings Co. Ltd. | 25 | 364 |
| Shin-Etsu Chemical Co. Ltd. | 41 | 1245 |
| Shionogi & Co. Ltd. | 29 | 484 |
| SoftBank Group Corp. | 5 | 263 |
| Sony Group Corp. | 97 | 2575 |
| Sumitomo Electric Industries Ltd. | 20 | 328 |
| Sumitomo Metal Mining Co. Ltd. | 20 | 448 |
| Sumitomo Mitsui Financial Group, Inc. | 84 | 1997 |
| Suzuki Motor Corp. | 80 | 961 |
| T&D Holdings, Inc. | 40 | 845 |
| Takeda Pharmaceutical Co. Ltd. | 31 | 944 |
| Terumo Corp. | 56 | 1070 |
| Tokio Marine Holdings, Inc. | 47 | 1892 |
| Tokyo Electron Ltd. | 9 | 1310 |
| Toyota Industries Corp. | 2 | 270 |
| Toyota Motor Corp. | 138 | 2632 |
|  |  | 46475 |
| **Macau — 0.1%** | **Macau — 0.1%** | **Macau — 0.1%** |
| Sands China Ltd. \* | 74 | 133 |
| **Netherlands — 4.1%** | **Netherlands — 4.1%** | **Netherlands — 4.1%** |
| Adyen NV \* (a) |  | 550 |
| ASML Holding NV | 6 | 3944 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan International Equity Funds 25

------

JPMorgan International Hedged Equity Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Netherlands — continued** | **Netherlands — continued** | **Netherlands — continued** |
| Heineken NV | 11 | 1007 |
| Koninklijke Ahold Delhaize NV | 12 | 490 |
| Koninklijke KPN NV | 280 | 1301 |
| NN Group NV | 14 | 856 |
| Wolters Kluwer NV | 2 | 355 |
|  |  | 8503 |
| **New Zealand — 0.1%** | **New Zealand — 0.1%** | **New Zealand — 0.1%** |
| Xero Ltd. \* | 2 | 172 |
| **Singapore — 1.3%** | **Singapore — 1.3%** | **Singapore — 1.3%** |
| DBS Group Holdings Ltd. | 40 | 1303 |
| Oversea-Chinese Banking Corp. Ltd. | 31 | 382 |
| Sea Ltd., ADR \* | 5 | 664 |
| United Overseas Bank Ltd. | 16 | 412 |
|  |  | 2761 |
| **Spain — 3.2%** | **Spain — 3.2%** | **Spain — 3.2%** |
| Banco Bilbao Vizcaya Argentaria SA | 55 | 749 |
| Banco Santander SA | 357 | 2515 |
| CaixaBank SA | 41 | 318 |
| Iberdrola SA | 119 | 2153 |
| Industria de Diseno Textil SA | 15 | 782 |
|  |  | 6517 |
| **Sweden — 2.1%** | **Sweden — 2.1%** | **Sweden — 2.1%** |
| Atlas Copco AB, Class A | 137 | 2116 |
| Sandvik AB | 18 | 380 |
| Volvo AB, Class B | 68 | 1839 |
|  |  | 4335 |
| **Switzerland — 3.6%** | **Switzerland — 3.6%** | **Switzerland — 3.6%** |
| ABB Ltd. (Registered) | 4 | 204 |
| Cie Financiere Richemont SA (Registered) | 10 | 1810 |
| Givaudan SA (Registered) |  | 299 |
| Lonza Group AG (Registered) | 3 | 1855 |
| Sandoz Group AG | 22 | 968 |
| SGS SA (Registered) | 3 | 318 |
| UBS Group AG (Registered) | 24 | 722 |
| Zurich Insurance Group AG | 2 | 1307 |
|  |  | 7483 |
| **United Kingdom — 12.9%** | **United Kingdom — 12.9%** | **United Kingdom — 12.9%** |
| 3i Group plc | 40 | 2268 |
| AstraZeneca plc | 27 | 3877 |
| BAE Systems plc | 4 | 97 |
| Barclays plc | 503 | 2005 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **United Kingdom — continued** | **United Kingdom — continued** | **United Kingdom — continued** |
| British American Tobacco plc | 20 | 879 |
| Compass Group plc | 18 | 604 |
| DCC plc | 2 | 131 |
| Diageo plc | 18 | 515 |
| HSBC Holdings plc | 190 | 2120 |
| InterContinental Hotels Group plc | 9 | 919 |
| Lloyds Banking Group plc | 424 | 416 |
| London Stock Exchange Group plc | 8 | 1283 |
| National Grid plc | 85 | 1221 |
| NatWest Group plc | 164 | 1057 |
| Next plc | 3 | 475 |
| Reckitt Benckiser Group plc | 9 | 576 |
| RELX plc | 52 | 2824 |
| Rolls-Royce Holdings plc | 50 | 507 |
| Sage Group plc (The) | 36 | 594 |
| SSE plc | 64 | 1451 |
| Standard Chartered plc | 17 | 239 |
| Tesco plc | 264 | 1306 |
| Unilever plc | 21 | 1318 |
|  |  | 26682 |
| **United States — 10.7%** | **United States — 10.7%** | **United States — 10.7%** |
| BP plc | 329 | 1521 |
| CSL Ltd. | 5 | 753 |
| Ferrovial SE | 18 | 886 |
| GSK plc | 37 | 724 |
| Nestle SA (Registered) | 45 | 4783 |
| Novartis AG (Registered) | 21 | 2423 |
| Roche Holding AG | 8 | 2494 |
| Sanofi SA | 20 | 2234 |
| Schneider Electric SE | 9 | 2029 |
| Shell plc | 113 | 3654 |
| Spotify Technology SA \* | 1 | 535 |
| Stellantis NV | 22 | 207 |
|  |  | 22243 |
| Total Common Stocks <br>(Cost $149,147)<br>|  | 201820 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

26 J.P. Morgan International Equity Funds April 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **NO. OF** <br> **CONTRACTS**<br>| **VALUE** <br>**($000)**<br>|
| **Options Purchased — 0.4%** | **Options Purchased — 0.4%** | **Options Purchased — 0.4%** |
| **Put Options Purchased — 0.4%** | **Put Options Purchased — 0.4%** | **Put Options Purchased — 0.4%** |
| **United States — 0.4%** | **United States — 0.4%** | **United States — 0.4%** |
| MSCI EAFE Index |  |  |
| 6/30/2025 at USD 2,250.00, European Style |  |  |
| Notional Amount: USD 207,835 |  |  |
| Counterparty: Exchange-Traded \* (Cost $2,932) | 831 | 885 |
|  | **SHARES** <br>**(000)**<br>|  |
| **Short-Term Investments — 2.4%** | **Short-Term Investments — 2.4%** | **Short-Term Investments — 2.4%** |
| **Investment Companies — 2.4%** | **Investment Companies — 2.4%** | **Investment Companies — 2.4%** |
| JPMorgan Prime Money Market Fund Class IM Shares, <br> 4.40% (b) (c) <br>(Cost $5,042)<br>| 5042 | 5042 |
| **Total Investments — 100.3%** <br>**(Cost $157,121)**<br>|  | **207747** |
| **Liabilities in Excess of Other Assets — (0.3)%** |  | **(632)**<br>|
| **NET ASSETS — 100.0%** |  | **207115** |

---

&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 |
| EAFE | Europe, Australasia and Far East |
| MSCI | Morgan Stanley Capital International |
| OYJ | Public Limited Company |
| REIT | Real Estate Investment Trust |
| SCA | Limited partnership with share capital |
| USD | United States Dollar |

---

&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) 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 April 30, 2025.

**Summary of Investments by Industry, April 30, 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 | 13.6<br> %<br>|
| Pharmaceuticals | 9.3 |
| Insurance | 6.8 |
| Semiconductors & Semiconductor Equipment | 3.7 |
| Oil, Gas & Consumable Fuels | 3.2 |
| Diversified Telecommunication Services | 2.9 |
| Capital Markets | 2.9 |
| Chemicals | 2.8 |
| Food Products | 2.8 |
| Electrical Equipment | 2.7 |
| Textiles, Apparel & Luxury Goods | 2.5 |
| Machinery | 2.4 |
| Multi-Utilities | 2.3 |
| Industrial Conglomerates | 2.3 |
| Aerospace & Defense | 2.2 |
| Software | 2.2 |
| Automobiles | 2.2 |
| Metals & Mining | 2.1 |
| Professional Services | 2.1 |
| Beverages | 2.0 |
| Electric Utilities | 1.9 |
| Construction & Engineering | 1.7 |
| IT Services | 1.6 |
| Household Durables | 1.5 |
| Consumer Staples Distribution & Retail | 1.5 |
| Trading Companies & Distributors | 1.4 |
| Health Care Equipment & Supplies | 1.4 |
| Automobile Components | 1.3 |
| Broadline Retail | 1.2 |
| Personal Care Products | 1.1 |
| Entertainment | 1.1 |
| Electronic Equipment, Instruments & Components | 1.0 |
| Others (each less than 1.0%) | 7.9 |
| Short-Term Investments | 2.4 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan International Equity Funds 27

------

JPMorgan International Hedged Equity Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

**Futures contracts outstanding as of April 30, 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; 49 | &nbsp;&nbsp;&nbsp;&nbsp; 06/20/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 6112 | &nbsp;&nbsp;&nbsp;&nbsp; 206 |

---

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

---

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

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Written Call Options Contracts as of April 30, 2025 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of April 30, 2025 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of April 30, 2025 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of April 30, 2025 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of April 30, 2025 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of April 30, 2025 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of April 30, 2025 (amounts in thousands, except number of contracts):** |
| **DESCRIPTION** | **COUNTERPARTY** | &nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT**<br>| &nbsp;&nbsp;&nbsp; **EXERCISE** <br>**PRICE**<br>| &nbsp;&nbsp; **EXPIRATION** <br>**DATE**<br>| **VALUE ($)** |
| MSCI EAFE Index | Exchange-Traded | 831 | &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 207,835<br>| &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 2,525.00<br>| 6/30/2025 | &nbsp;&nbsp; (3640)<br>|
| **Written Put Options Contracts as of April 30, 2025 (amounts in thousands, except number of contracts):** | **Written Put Options Contracts as of April 30, 2025 (amounts in thousands, except number of contracts):** | **Written Put Options Contracts as of April 30, 2025 (amounts in thousands, except number of contracts):** | **Written Put Options Contracts as of April 30, 2025 (amounts in thousands, except number of contracts):** | **Written Put Options Contracts as of April 30, 2025 (amounts in thousands, except number of contracts):** | **Written Put Options Contracts as of April 30, 2025 (amounts in thousands, except number of contracts):** | **Written Put Options Contracts as of April 30, 2025 (amounts in thousands, except number of contracts):** |
| **DESCRIPTION** | **COUNTERPARTY** | &nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT**<br>| &nbsp;&nbsp;&nbsp; **EXERCISE** <br>**PRICE**<br>| &nbsp;&nbsp; **EXPIRATION** <br>**DATE**<br>| **VALUE ($)** |
| MSCI EAFE Index | Exchange-Traded | 831 | &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 207,835<br>| &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 1,900.00<br>| 6/30/2025 | &nbsp;&nbsp; (183)<br>|
| Total Written Options Contracts (Premiums Received $2,682) | Total Written Options Contracts (Premiums Received $2,682) | Total Written Options Contracts (Premiums Received $2,682) | Total Written Options Contracts (Premiums Received $2,682) | Total Written Options Contracts (Premiums Received $2,682) | Total Written Options Contracts (Premiums Received $2,682) | &nbsp;&nbsp; (3823)<br>|

---

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

---

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

28 J.P. Morgan International Equity Funds April 30, 2025

------

**STATEMENTS OF ASSETS AND LIABILITIES**

AS OF April 30, 2025 (Unaudited)

(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; $958926 | &nbsp;&nbsp;&nbsp; $6268370 | &nbsp;&nbsp;&nbsp; $2083609 |
| Investments in affiliates, at value | &nbsp;&nbsp;&nbsp; 79922 | &nbsp;&nbsp;&nbsp; 5283 | &nbsp;&nbsp;&nbsp; 2324 |
| Investments of cash collateral received from securities loaned, at value (See Note 2.C.)  | &nbsp;&nbsp;&nbsp; 2248 | &nbsp;&nbsp;&nbsp; 4253 | &nbsp;&nbsp;&nbsp; 15320 |
| Cash | &nbsp;&nbsp;&nbsp; 94 | &nbsp;&nbsp;&nbsp; 1898 | &nbsp;&nbsp;&nbsp; 10505 |
| Foreign currency, at value | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp; 260 |
| Deposits at broker for futures contracts | &nbsp;&nbsp;&nbsp; 2233 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Receivables: |  |  |  |
| Investment securities sold | &nbsp;&nbsp;&nbsp; 771 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1961 |
| Fund shares sold | &nbsp;&nbsp;&nbsp; 5955 | &nbsp;&nbsp;&nbsp; 3001 | &nbsp;&nbsp;&nbsp; 3175 |
| Dividends from non-affiliates | &nbsp;&nbsp;&nbsp; 5970 | &nbsp;&nbsp;&nbsp; 3563 | &nbsp;&nbsp;&nbsp; 4173 |
| Dividends from affiliates | &nbsp;&nbsp;&nbsp; 186 | &nbsp;&nbsp;&nbsp; 68 | &nbsp;&nbsp;&nbsp; 33 |
| Tax reclaims | &nbsp;&nbsp;&nbsp; 2365 | &nbsp;&nbsp;&nbsp; 148 | &nbsp;&nbsp;&nbsp; 95 |
| Securities lending income (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 51 | &nbsp;&nbsp;&nbsp; 4 |
| Total Assets | &nbsp;&nbsp;&nbsp; 1058677 | &nbsp;&nbsp;&nbsp; 6286656 | &nbsp;&nbsp;&nbsp; 2121459 |
| **LIABILITIES:** |  |  |  |
| Payables: |  |  |  |
| Investment securities purchased | &nbsp;&nbsp;&nbsp; 545 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3763 |
| Collateral received on securities loaned (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 2248 | &nbsp;&nbsp;&nbsp; 4253 | &nbsp;&nbsp;&nbsp; 15320 |
| Fund shares redeemed | &nbsp;&nbsp;&nbsp; 774 | &nbsp;&nbsp;&nbsp; 16077 | &nbsp;&nbsp;&nbsp; 17396 |
| Variation margin on futures contracts | &nbsp;&nbsp;&nbsp; 92 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Accrued liabilities: |  |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 344 | &nbsp;&nbsp;&nbsp; 3270 | &nbsp;&nbsp;&nbsp; 336 |
| Administration fees | &nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp; 313 | &nbsp;&nbsp;&nbsp; 73 |
| Distribution fees | &nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp; — |
| Service fees | &nbsp;&nbsp;&nbsp; 93 | &nbsp;&nbsp;&nbsp; 325 | &nbsp;&nbsp;&nbsp; 20 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp; 438 | &nbsp;&nbsp;&nbsp; 207 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; — |
| Deferred foreign capital gains tax | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 13372 | &nbsp;&nbsp;&nbsp; 8297 |
| Other | &nbsp;&nbsp;&nbsp; 3934 | &nbsp;&nbsp;&nbsp; 470 | &nbsp;&nbsp;&nbsp; 81 |
| Total Liabilities | &nbsp;&nbsp;&nbsp; 8132 | &nbsp;&nbsp;&nbsp; 38588 | &nbsp;&nbsp;&nbsp; 45493 |
| Net Assets | &nbsp;&nbsp;&nbsp; $1050545 | &nbsp;&nbsp;&nbsp; $6248068 | &nbsp;&nbsp;&nbsp; $2075966 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan International Equity Funds 29

------

**STATEMENTS OF ASSETS AND LIABILITIES**

AS OF April 30, 2025 (Unaudited) (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; $920511 | &nbsp;&nbsp;&nbsp; $5087332 | &nbsp;&nbsp;&nbsp; $2200459 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp; 130034 | &nbsp;&nbsp;&nbsp; 1160736 | &nbsp;&nbsp;&nbsp; (124493)<br>|
| Total Net Assets | &nbsp;&nbsp;&nbsp; $1050545 | &nbsp;&nbsp;&nbsp; $6248068 | &nbsp;&nbsp;&nbsp; $2075966 |
| Net Assets: |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; $307056 | &nbsp;&nbsp;&nbsp; $294895 | &nbsp;&nbsp;&nbsp; $— |
| Class C | &nbsp;&nbsp;&nbsp; 1337 | &nbsp;&nbsp;&nbsp; 17215 | &nbsp;&nbsp;&nbsp; — |
| Class I | &nbsp;&nbsp;&nbsp; 337123 | &nbsp;&nbsp;&nbsp; 1284373 | &nbsp;&nbsp;&nbsp; 254667 |
| Class L | &nbsp;&nbsp;&nbsp; 9926 | &nbsp;&nbsp;&nbsp; 942314 | &nbsp;&nbsp;&nbsp; — |
| Class R2 | &nbsp;&nbsp;&nbsp; 840 | &nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp; — |
| Class R3 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3273 | &nbsp;&nbsp;&nbsp; — |
| Class R4 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2729 | &nbsp;&nbsp;&nbsp; — |
| Class R5 | &nbsp;&nbsp;&nbsp; 551 | &nbsp;&nbsp;&nbsp; 11021 | &nbsp;&nbsp;&nbsp; — |
| Class R6 | &nbsp;&nbsp;&nbsp; 393712 | &nbsp;&nbsp;&nbsp; 3691848 | &nbsp;&nbsp;&nbsp; 1821299 |
| Total | &nbsp;&nbsp;&nbsp; $1050545 | &nbsp;&nbsp;&nbsp; $6248068 | &nbsp;&nbsp;&nbsp; $2075966 |
| Outstanding units of beneficial interest (shares) <br>($0.0001 par value; unlimited number of shares authorized):<br>|  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 19100 | &nbsp;&nbsp;&nbsp; 9621 | &nbsp;&nbsp;&nbsp; — |
| Class C | &nbsp;&nbsp;&nbsp; 86 | &nbsp;&nbsp;&nbsp; 586 | &nbsp;&nbsp;&nbsp; — |
| Class I | &nbsp;&nbsp;&nbsp; 20310 | &nbsp;&nbsp;&nbsp; 40844 | &nbsp;&nbsp;&nbsp; 14974 |
| Class L | &nbsp;&nbsp;&nbsp; 601 | &nbsp;&nbsp;&nbsp; 29744 | &nbsp;&nbsp;&nbsp; — |
| Class R2 | &nbsp;&nbsp;&nbsp; 53 | &nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp; — |
| Class R3 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 108 | &nbsp;&nbsp;&nbsp; — |
| Class R4 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 87 | &nbsp;&nbsp;&nbsp; — |
| Class R5 | &nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp; 348 | &nbsp;&nbsp;&nbsp; — |
| Class R6 | &nbsp;&nbsp;&nbsp; 24021 | &nbsp;&nbsp;&nbsp; 116718 | &nbsp;&nbsp;&nbsp; 107724 |
| Net Asset Value (a): |  |  |  |
| Class A — Redemption price per share | &nbsp;&nbsp;&nbsp; $16.08 | &nbsp;&nbsp;&nbsp; $30.65 | &nbsp;&nbsp;&nbsp; $— |
| Class C — Offering price per share (b) | &nbsp;&nbsp;&nbsp;&nbsp;15.64 | &nbsp;&nbsp;&nbsp;&nbsp;29.34 | &nbsp;&nbsp;&nbsp; — |
| Class I — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;16.60 | &nbsp;&nbsp;&nbsp;&nbsp;31.45 | &nbsp;&nbsp;&nbsp;&nbsp;17.01 |
| Class L — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;16.50 | &nbsp;&nbsp;&nbsp;&nbsp;31.68 | &nbsp;&nbsp;&nbsp; — |
| Class R2 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;15.76 | &nbsp;&nbsp;&nbsp;&nbsp;30.20 | &nbsp;&nbsp;&nbsp; — |
| Class R3 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;30.35 | &nbsp;&nbsp;&nbsp; — |
| Class R4 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;31.30 | &nbsp;&nbsp;&nbsp; — |
| Class R5 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;16.39 | &nbsp;&nbsp;&nbsp;&nbsp;31.66 | &nbsp;&nbsp;&nbsp; — |
| Class R6 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;16.39 | &nbsp;&nbsp;&nbsp;&nbsp;31.63 | &nbsp;&nbsp;&nbsp;&nbsp;16.91 |
| 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; $16.97 | &nbsp;&nbsp;&nbsp; $32.35 | &nbsp;&nbsp;&nbsp; $— |
| Cost of investments in non-affiliates | &nbsp;&nbsp;&nbsp; $771536 | &nbsp;&nbsp;&nbsp; $4455556 | &nbsp;&nbsp;&nbsp; $1747102 |
| Cost of investments in affiliates | &nbsp;&nbsp;&nbsp; 79920 | &nbsp;&nbsp;&nbsp; 5283 | &nbsp;&nbsp;&nbsp; 2323 |
| Cost of foreign currency | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp; 260 |
| Investment securities on loan, at value (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 2157 | &nbsp;&nbsp;&nbsp; 4115 | &nbsp;&nbsp;&nbsp; 14986 |
| Cost of investment of cash collateral (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 2248 | &nbsp;&nbsp;&nbsp; 4253 | &nbsp;&nbsp;&nbsp; 15320 |

---

------

(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 April 30, 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** <br>| &nbsp;&nbsp; **JPMorgan** <br>**International** <br>**Hedged** <br>**Equity Fund**  |
| **ASSETS:** |  |  |  |  |
| Investments in non-affiliates, at value | &nbsp;&nbsp;&nbsp; $542465 | &nbsp;&nbsp;&nbsp; $4659695 | &nbsp;&nbsp;&nbsp; $1491098 | &nbsp;&nbsp;&nbsp; $201820 |
| Investments in affiliates, at value | &nbsp;&nbsp;&nbsp; 27362 | &nbsp;&nbsp;&nbsp; 105116 | &nbsp;&nbsp;&nbsp; 11295 | &nbsp;&nbsp;&nbsp; 5042 |
| Investments of cash collateral received from securities loaned, at <br> value (See Note 2.C.) <br>| &nbsp;&nbsp;&nbsp; 22137 | &nbsp;&nbsp;&nbsp; 99417 | &nbsp;&nbsp;&nbsp; 26332 | &nbsp;&nbsp;&nbsp; — |
| Options purchased, at value | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 885 |
| Cash | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp;&nbsp; 133 | &nbsp;&nbsp;&nbsp; 1093 |
| Foreign currency, at value | &nbsp;&nbsp;&nbsp; 239 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2 |
| Deposits at broker for futures contracts | &nbsp;&nbsp;&nbsp; 1329 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 446 |
| Receivables: |  |  |  |  |
| Investment securities sold | &nbsp;&nbsp;&nbsp; 1516 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 9 |
| Fund shares sold | &nbsp;&nbsp;&nbsp; 277 | &nbsp;&nbsp;&nbsp; 3628 | &nbsp;&nbsp;&nbsp; 948 | &nbsp;&nbsp;&nbsp; 528 |
| Dividends from non-affiliates | &nbsp;&nbsp;&nbsp; 1588 | &nbsp;&nbsp;&nbsp; 15875 | &nbsp;&nbsp;&nbsp; 4857 | &nbsp;&nbsp;&nbsp; 646 |
| Dividends from affiliates | &nbsp;&nbsp;&nbsp; 86 | &nbsp;&nbsp;&nbsp; 357 | &nbsp;&nbsp;&nbsp; 53 | &nbsp;&nbsp;&nbsp; 1 |
| Tax reclaims | &nbsp;&nbsp;&nbsp; 2674 | &nbsp;&nbsp;&nbsp; 7249 | &nbsp;&nbsp;&nbsp; 2074 | &nbsp;&nbsp;&nbsp; 687 |
| Securities lending income (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 197 | &nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp; — |
| Variation margin on futures contracts | &nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total Assets | &nbsp;&nbsp;&nbsp; 599686 | &nbsp;&nbsp;&nbsp; 4891674 | &nbsp;&nbsp;&nbsp; 1536870 | &nbsp;&nbsp;&nbsp; 211159 |
| **LIABILITIES:** |  |  |  |  |
| Payables: |  |  |  |  |
| Due to custodian | &nbsp;&nbsp;&nbsp; 284 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Foreign currency due to custodian, at value | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4537 | &nbsp;&nbsp;&nbsp; 1454 | &nbsp;&nbsp;&nbsp; — |
| Investment securities purchased | &nbsp;&nbsp;&nbsp; 10572 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4 |
| Collateral received on securities loaned (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 22137 | &nbsp;&nbsp;&nbsp; 99417 | &nbsp;&nbsp;&nbsp; 26332 | &nbsp;&nbsp;&nbsp; — |
| Fund shares redeemed | &nbsp;&nbsp;&nbsp; 3781 | &nbsp;&nbsp;&nbsp; 54291 | &nbsp;&nbsp;&nbsp; 3083 | &nbsp;&nbsp;&nbsp; 80 |
| Variation margin on futures contracts | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 6 |
| Outstanding options written, at value | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3823 |
| Accrued liabilities: |  |  |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 272 | &nbsp;&nbsp;&nbsp; 1628 | &nbsp;&nbsp;&nbsp; 586 | &nbsp;&nbsp;&nbsp; 40 |
| Administration fees | &nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp; 129 | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; 12 |
| Distribution fees | &nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp; 92 | &nbsp;&nbsp;&nbsp; 82 | &nbsp;&nbsp;&nbsp; 2 |
| Service fees | &nbsp;&nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp; 196 | &nbsp;&nbsp;&nbsp; 145 | &nbsp;&nbsp;&nbsp; 18 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp; 87 | &nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp; 29 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Other | &nbsp;&nbsp;&nbsp; 116 | &nbsp;&nbsp;&nbsp; 123 | &nbsp;&nbsp;&nbsp; 59 | &nbsp;&nbsp;&nbsp; 30 |
| Total Liabilities | &nbsp;&nbsp;&nbsp; 37289 | &nbsp;&nbsp;&nbsp; 160500 | &nbsp;&nbsp;&nbsp; 31789 | &nbsp;&nbsp;&nbsp; 4044 |
| Net Assets | &nbsp;&nbsp;&nbsp; $562397 | &nbsp;&nbsp;&nbsp; $4731174 | &nbsp;&nbsp;&nbsp; $1505081 | &nbsp;&nbsp;&nbsp; $207115 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan International Equity Funds 31

------

**STATEMENTS OF ASSETS AND LIABILITIES**

AS OF April 30, 2025 (Unaudited) (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** <br>| &nbsp;&nbsp; **JPMorgan**<br> **International**<br> **Hedged**<br>**Equity Fund**  |
| **NET ASSETS:** |  |  |  |  |
| Paid-in-Capital | &nbsp;&nbsp;&nbsp; $492663 | &nbsp;&nbsp;&nbsp; $3353079 | &nbsp;&nbsp;&nbsp; $1247547 | &nbsp;&nbsp;&nbsp; $186170 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp; 69734 | &nbsp;&nbsp;&nbsp; 1378095 | &nbsp;&nbsp;&nbsp; 257534 | &nbsp;&nbsp;&nbsp; 20945 |
| Total Net Assets | &nbsp;&nbsp;&nbsp; $562397 | &nbsp;&nbsp;&nbsp; $4731174 | &nbsp;&nbsp;&nbsp; $1505081 | &nbsp;&nbsp;&nbsp; $207115 |
| Net Assets: |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; $91645 | &nbsp;&nbsp;&nbsp; $449008 | &nbsp;&nbsp;&nbsp; $379095 | &nbsp;&nbsp;&nbsp; $9240 |
| Class C | &nbsp;&nbsp;&nbsp; 1967 | &nbsp;&nbsp;&nbsp; 4932 | &nbsp;&nbsp;&nbsp; 8903 | &nbsp;&nbsp;&nbsp; 399 |
| Class I | &nbsp;&nbsp;&nbsp; 154385 | &nbsp;&nbsp;&nbsp; 802913 | &nbsp;&nbsp;&nbsp; 524806 | &nbsp;&nbsp;&nbsp; 183024 |
| Class L | &nbsp;&nbsp;&nbsp; 9550 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R2 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3628 | &nbsp;&nbsp;&nbsp; 5862 | &nbsp;&nbsp;&nbsp; — |
| Class R5 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 6964 | &nbsp;&nbsp;&nbsp; 1658 | &nbsp;&nbsp;&nbsp; — |
| Class R6 | &nbsp;&nbsp;&nbsp; 304850 | &nbsp;&nbsp;&nbsp; 3463729 | &nbsp;&nbsp;&nbsp; 584757 | &nbsp;&nbsp;&nbsp; 14452 |
| Total | &nbsp;&nbsp;&nbsp; $562397 | &nbsp;&nbsp;&nbsp; $4731174 | &nbsp;&nbsp;&nbsp; $1505081 | &nbsp;&nbsp;&nbsp; $207115 |
| Outstanding units of beneficial interest (shares) <br>($0.0001 par value; unlimited number of shares authorized):<br>|  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 2587 | &nbsp;&nbsp;&nbsp; 21710 | &nbsp;&nbsp;&nbsp; 14370 | &nbsp;&nbsp;&nbsp; 526 |
| Class C | &nbsp;&nbsp;&nbsp; 62 | &nbsp;&nbsp;&nbsp; 253 | &nbsp;&nbsp;&nbsp; 341 | &nbsp;&nbsp;&nbsp; 23 |
| Class I | &nbsp;&nbsp;&nbsp; 4263 | &nbsp;&nbsp;&nbsp; 38089 | &nbsp;&nbsp;&nbsp; 19586 | &nbsp;&nbsp;&nbsp; 10332 |
| Class L | &nbsp;&nbsp;&nbsp; 259 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R2 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp;&nbsp; 225 | &nbsp;&nbsp;&nbsp; — |
| Class R5 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 328 | &nbsp;&nbsp;&nbsp; 62 | &nbsp;&nbsp;&nbsp; — |
| Class R6 | &nbsp;&nbsp;&nbsp; 8349 | &nbsp;&nbsp;&nbsp; 163784 | &nbsp;&nbsp;&nbsp; 21825 | &nbsp;&nbsp;&nbsp; 814 |
| Net Asset Value (a): |  |  |  |  |
| Class A — Redemption price per share | &nbsp;&nbsp;&nbsp; $35.42 | &nbsp;&nbsp;&nbsp; $20.68 | &nbsp;&nbsp;&nbsp; $26.38 | &nbsp;&nbsp;&nbsp; $17.58 |
| Class C — Offering price per share (b) | &nbsp;&nbsp;&nbsp;&nbsp;31.41 | &nbsp;&nbsp;&nbsp;&nbsp;19.49 | &nbsp;&nbsp;&nbsp;&nbsp;26.09 | &nbsp;&nbsp;&nbsp;&nbsp;17.60 |
| Class I — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;36.22 | &nbsp;&nbsp;&nbsp;&nbsp;21.08 | &nbsp;&nbsp;&nbsp;&nbsp;26.80 | &nbsp;&nbsp;&nbsp;&nbsp;17.71 |
| Class L — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;36.83 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R2 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;20.74 | &nbsp;&nbsp;&nbsp;&nbsp;26.10 | &nbsp;&nbsp;&nbsp; — |
| Class R5 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;21.21 | &nbsp;&nbsp;&nbsp;&nbsp;26.79 | &nbsp;&nbsp;&nbsp; — |
| Class R6 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;36.51 | &nbsp;&nbsp;&nbsp;&nbsp;21.15 | &nbsp;&nbsp;&nbsp;&nbsp;26.79 | &nbsp;&nbsp;&nbsp;&nbsp;17.75 |
| 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>| &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; $37.38 | &nbsp;&nbsp;&nbsp; $21.83 | &nbsp;&nbsp;&nbsp; $27.84 | &nbsp;&nbsp;&nbsp; $18.55 |
| Cost of investments in non-affiliates | &nbsp;&nbsp;&nbsp; $429516 | &nbsp;&nbsp;&nbsp; $3355651 | &nbsp;&nbsp;&nbsp; $1182560 | &nbsp;&nbsp;&nbsp; $149147 |
| Cost of investments in affiliates | &nbsp;&nbsp;&nbsp; 27361 | &nbsp;&nbsp;&nbsp; 105113 | &nbsp;&nbsp;&nbsp; 11294 | &nbsp;&nbsp;&nbsp; 5042 |
| Cost of options purchased | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2932 |
| Cost of foreign currency | &nbsp;&nbsp;&nbsp; 241 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2 |
| Investment securities on loan, at value (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 19830 | &nbsp;&nbsp;&nbsp; 93201 | &nbsp;&nbsp;&nbsp; 25054 | &nbsp;&nbsp;&nbsp; — |
| Cost of investment of cash collateral (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 22137 | &nbsp;&nbsp;&nbsp; 99417 | &nbsp;&nbsp;&nbsp; 26332 | &nbsp;&nbsp;&nbsp; — |
| Premiums received from options written | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2682 |

---

------

(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;

32 J.P. Morgan International Equity Funds April 30, 2025

------

**STATEMENTS OF OPERATIONS**

FOR THE SIX MONTHS ENDED April 30, 2025 (Unaudited)

(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; $22 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $9 |
| Interest income from affiliates | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp; 43 |
| Dividend income from non-affiliates | &nbsp;&nbsp;&nbsp; 18919 | &nbsp;&nbsp;&nbsp; 71441 | &nbsp;&nbsp;&nbsp; 28018 |
| Dividend income from affiliates | &nbsp;&nbsp;&nbsp; 795 | &nbsp;&nbsp;&nbsp; 746 | &nbsp;&nbsp;&nbsp; 215 |
| Income from securities lending (net) (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; 53 | &nbsp;&nbsp;&nbsp; 53 |
| Foreign taxes withheld (net) | &nbsp;&nbsp;&nbsp; (1938)<br>| &nbsp;&nbsp;&nbsp; (7605)<br>| &nbsp;&nbsp;&nbsp; (2999)<br>|
| Total investment income | &nbsp;&nbsp;&nbsp; 17808 | &nbsp;&nbsp;&nbsp; 64660 | &nbsp;&nbsp;&nbsp; 25339 |
| **EXPENSES:** |  |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 2032 | &nbsp;&nbsp;&nbsp; 22338 | &nbsp;&nbsp;&nbsp; 2628 |
| Administration fees | &nbsp;&nbsp;&nbsp; 277 | &nbsp;&nbsp;&nbsp; 2466 | &nbsp;&nbsp;&nbsp; 789 |
| Distribution fees: |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 329 | &nbsp;&nbsp;&nbsp; 380 | &nbsp;&nbsp;&nbsp; — |
| Class C | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 73 | &nbsp;&nbsp;&nbsp; — |
| Class R2 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; — |
| Class R3 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; — |
| Service fees: |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 329 | &nbsp;&nbsp;&nbsp; 380 | &nbsp;&nbsp;&nbsp; — |
| Class C | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp; — |
| Class I | &nbsp;&nbsp;&nbsp; 186 | &nbsp;&nbsp;&nbsp; 1637 | &nbsp;&nbsp;&nbsp; 311 |
| Class L | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 490 | &nbsp;&nbsp;&nbsp; — |
| Class R2 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; — |
| Class R3 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; — |
| Class R4 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; — |
| Class R5 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; — |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp; 1287 | &nbsp;&nbsp;&nbsp; 793 |
| Interest expense to affiliates | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 72 | &nbsp;&nbsp;&nbsp; 63 |
| Professional fees | &nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp; 87 | &nbsp;&nbsp;&nbsp; 69 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp; 15 |
| Printing and mailing costs | &nbsp;&nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp; 273 | &nbsp;&nbsp;&nbsp; 41 |
| Registration and filing fees | &nbsp;&nbsp;&nbsp; 79 | &nbsp;&nbsp;&nbsp; 82 | &nbsp;&nbsp;&nbsp; 16 |
| Transfer agency fees (See Note 2.I.) | &nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; 104 | &nbsp;&nbsp;&nbsp; 20 |
| Other | &nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp; 13 |
| Total expenses | &nbsp;&nbsp;&nbsp; 3481 | &nbsp;&nbsp;&nbsp; 29789 | &nbsp;&nbsp;&nbsp; 4758 |
| Less fees waived | &nbsp;&nbsp;&nbsp; (720)<br>| &nbsp;&nbsp;&nbsp; (1124)<br>| &nbsp;&nbsp;&nbsp; (905)<br>|
| Less expense reimbursements | &nbsp;&nbsp;&nbsp; (4)<br>| &nbsp;&nbsp;&nbsp; (55)<br>| &nbsp;&nbsp;&nbsp; — |
| Net expenses | &nbsp;&nbsp;&nbsp; 2757 | &nbsp;&nbsp;&nbsp; 28610 | &nbsp;&nbsp;&nbsp; 3853 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; 15051 | &nbsp;&nbsp;&nbsp; 36050 | &nbsp;&nbsp;&nbsp; 21486 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan International Equity Funds 33

------

**STATEMENTS OF OPERATIONS**

FOR THE SIX MONTHS ENDED April 30, 2025 (Unaudited) (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; $11471 | &nbsp;&nbsp;&nbsp; $104,410<br> (a)<br>| &nbsp;&nbsp;&nbsp; $(17,400)(b)<br>|
| Investments in affiliates | &nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; (9)<br>|
| Futures contracts | &nbsp;&nbsp;&nbsp; 1649 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (742)<br>|
| Foreign currency transactions | &nbsp;&nbsp;&nbsp; 61 | &nbsp;&nbsp;&nbsp; (1130)<br>| &nbsp;&nbsp;&nbsp; (455)<br>|
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; 13180 | &nbsp;&nbsp;&nbsp; 103282 | &nbsp;&nbsp;&nbsp; (18606)<br>|
| Change in net unrealized appreciation/depreciation on: |  |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; 85367 | &nbsp;&nbsp;&nbsp; (69,697)(c)<br>| &nbsp;&nbsp;&nbsp; 28,188<br> (d)<br>|
| Investments in affiliates | &nbsp;&nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 5 |
| Futures contracts | &nbsp;&nbsp;&nbsp; 1595 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 794 |
| Foreign currency translations | &nbsp;&nbsp;&nbsp; 301 | &nbsp;&nbsp;&nbsp; 143 | &nbsp;&nbsp;&nbsp; 123 |
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp; 87263 | &nbsp;&nbsp;&nbsp; (69550)<br>| &nbsp;&nbsp;&nbsp; 29110 |
| Net realized/unrealized gains (losses) | &nbsp;&nbsp;&nbsp; 100443 | &nbsp;&nbsp;&nbsp; 33732 | &nbsp;&nbsp;&nbsp; 10504 |
| Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp; $115494 | &nbsp;&nbsp;&nbsp; $69782 | &nbsp;&nbsp;&nbsp; $31990 |

---

------

(a) Net of foreign capital gains tax of $(3,918).

(b) Net of foreign capital gains tax of $(1,928).

(c) Net of change in foreign capital gains tax of $1,317.

(d) Net of change in foreign capital gains tax of $2,581.

(e) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

34 J.P. Morgan International Equity Funds April 30, 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** <br>| &nbsp;&nbsp; **JPMorgan** <br>**International** <br>**Hedged** <br>**Equity Fund**  |
| **INVESTMENT INCOME:** |  |  |  |  |
| Interest income from non-affiliates | &nbsp;&nbsp;&nbsp; $10 | &nbsp;&nbsp;&nbsp; $5 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $5 |
| Interest income from affiliates | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 5 |
| Dividend income from non-affiliates | &nbsp;&nbsp;&nbsp; 10913 | &nbsp;&nbsp;&nbsp; 64248 | &nbsp;&nbsp;&nbsp; 20588 | &nbsp;&nbsp;&nbsp; 2999 |
| Dividend income from affiliates | &nbsp;&nbsp;&nbsp; 254 | &nbsp;&nbsp;&nbsp; 2005 | &nbsp;&nbsp;&nbsp; 381 | &nbsp;&nbsp;&nbsp; 105 |
| Income from securities lending (net) (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; 283 | &nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp;&nbsp; — |
| Foreign taxes withheld (net) | &nbsp;&nbsp;&nbsp; (1477)<br>| &nbsp;&nbsp;&nbsp; (5734)<br>| &nbsp;&nbsp;&nbsp; (1927)<br>| &nbsp;&nbsp;&nbsp; (277)<br>|
| Total investment income | &nbsp;&nbsp;&nbsp; 9712 | &nbsp;&nbsp;&nbsp; 60810 | &nbsp;&nbsp;&nbsp; 19152 | &nbsp;&nbsp;&nbsp; 2837 |
| **EXPENSES:** |  |  |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 1562 | &nbsp;&nbsp;&nbsp; 11152 | &nbsp;&nbsp;&nbsp; 4399 | &nbsp;&nbsp;&nbsp; 228 |
| Administration fees | &nbsp;&nbsp;&nbsp; 195 | &nbsp;&nbsp;&nbsp; 1674 | &nbsp;&nbsp;&nbsp; 550 | &nbsp;&nbsp;&nbsp; 68 |
| Distribution fees: |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 98 | &nbsp;&nbsp;&nbsp; 518 | &nbsp;&nbsp;&nbsp; 449 | &nbsp;&nbsp;&nbsp; 11 |
| Class C | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp; 1 |
| Class R2 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp; — |
| Service fees: |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 98 | &nbsp;&nbsp;&nbsp; 518 | &nbsp;&nbsp;&nbsp; 449 | &nbsp;&nbsp;&nbsp; 11 |
| Class C | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp; 1 |
| Class I | &nbsp;&nbsp;&nbsp; 152 | &nbsp;&nbsp;&nbsp; 971 | &nbsp;&nbsp;&nbsp; 669 | &nbsp;&nbsp;&nbsp; 199 |
| Class L | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R2 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; — |
| Class R5 (a) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; —<br> (b)<br>|
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 58 | &nbsp;&nbsp;&nbsp; 284 | &nbsp;&nbsp;&nbsp; 126 | &nbsp;&nbsp;&nbsp; 36 |
| Interest expense to affiliates | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; —<br> (b)<br>|
| Professional fees | &nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp; 58 | &nbsp;&nbsp;&nbsp; 44 | &nbsp;&nbsp;&nbsp; 48 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; 13 |
| Printing and mailing costs | &nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp; 151 | &nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp; 17 |
| Registration and filing fees | &nbsp;&nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp; 79 | &nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp; 33 |
| Transfer agency fees (See Note 2.I.) | &nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp; 2 |
| Other | &nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp; 6 |
| Total expenses | &nbsp;&nbsp;&nbsp; 2326 | &nbsp;&nbsp;&nbsp; 15542 | &nbsp;&nbsp;&nbsp; 6917 | &nbsp;&nbsp;&nbsp; 674 |
| Less fees waived | &nbsp;&nbsp;&nbsp; (31)<br>| &nbsp;&nbsp;&nbsp; (2702)<br>| &nbsp;&nbsp;&nbsp; (1495)<br>| &nbsp;&nbsp;&nbsp; (135)<br>|
| Less expense reimbursements | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (12)<br>| &nbsp;&nbsp;&nbsp; —<br> (b)<br>| &nbsp;&nbsp;&nbsp; —<br> (b)<br>|
| Net expenses | &nbsp;&nbsp;&nbsp; 2295 | &nbsp;&nbsp;&nbsp; 12828 | &nbsp;&nbsp;&nbsp; 5422 | &nbsp;&nbsp;&nbsp; 539 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; 7417 | &nbsp;&nbsp;&nbsp; 47982 | &nbsp;&nbsp;&nbsp; 13730 | &nbsp;&nbsp;&nbsp; 2298 |

---

------

(a) Liquidated on December 11, 2024 for JPMorgan International Hedged Equity Fund.

(b) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan International Equity Funds 35

------

**STATEMENTS OF OPERATIONS**

FOR THE SIX MONTHS ENDED April 30, 2025 (Unaudited) (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** <br>| &nbsp;&nbsp; **JPMorgan**<br> **International**<br> **Hedged**<br>**Equity Fund**  |
| **REALIZED/UNREALIZED GAINS (LOSSES):** |  |  |  |  |
| Net realized gain (loss) on transactions from: |  |  |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; $44530 | &nbsp;&nbsp;&nbsp; $207230 | &nbsp;&nbsp;&nbsp; $77542 | &nbsp;&nbsp;&nbsp; $568 |
| Investments in affiliates | &nbsp;&nbsp;&nbsp; (7)<br>| &nbsp;&nbsp;&nbsp; (20)<br>| &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; (1)<br>|
| Options purchased | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1682 |
| Futures contracts | &nbsp;&nbsp;&nbsp; (619)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 187 |
| Foreign currency transactions | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 733 | &nbsp;&nbsp;&nbsp; (79)<br>| &nbsp;&nbsp;&nbsp; (45)<br>|
| Options written | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2899 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; 43908 | &nbsp;&nbsp;&nbsp; 207943 | &nbsp;&nbsp;&nbsp; 77464 | &nbsp;&nbsp;&nbsp; 5290 |
| Change in net unrealized appreciation/depreciation on: |  |  |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; 14983 | &nbsp;&nbsp;&nbsp; 186273 | &nbsp;&nbsp;&nbsp; 10364 | &nbsp;&nbsp;&nbsp; 13971 |
| Investments in affiliates | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; (1)<br>|
| Options purchased | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (3676)<br>|
| Futures contracts | &nbsp;&nbsp;&nbsp; 56 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 279 |
| Foreign currency translations | &nbsp;&nbsp;&nbsp; 159 | &nbsp;&nbsp;&nbsp; 922 | &nbsp;&nbsp;&nbsp; 202 | &nbsp;&nbsp;&nbsp; 72 |
| Options written | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (2880)<br>|
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp; 15199 | &nbsp;&nbsp;&nbsp; 187205 | &nbsp;&nbsp;&nbsp; 10566 | &nbsp;&nbsp;&nbsp; 7765 |
| Net realized/unrealized gains (losses) | &nbsp;&nbsp;&nbsp; 59107 | &nbsp;&nbsp;&nbsp; 395148 | &nbsp;&nbsp;&nbsp; 88030 | &nbsp;&nbsp;&nbsp; 13055 |
| Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp; $66524 | &nbsp;&nbsp;&nbsp; $443130 | &nbsp;&nbsp;&nbsp; $101760 | &nbsp;&nbsp;&nbsp; $15353 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

36 J.P. Morgan International Equity Funds April 30, 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; **Six Months Ended** <br>**April 30, 2025** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended** <br>**October 31, 2024** <br>| &nbsp;&nbsp; **Six Months Ended** <br>**April 30, 2025** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended** <br>**October 31, 2024** <br>|
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $15051 | &nbsp;&nbsp;&nbsp; $20589 | &nbsp;&nbsp;&nbsp; $36050 | &nbsp;&nbsp;&nbsp; $95924 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 13180 | &nbsp;&nbsp;&nbsp; 23763 | &nbsp;&nbsp;&nbsp; 103282 | &nbsp;&nbsp;&nbsp; (92175)<br>|
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; 87263 | &nbsp;&nbsp;&nbsp; 64133 | &nbsp;&nbsp;&nbsp; (69550)<br>| &nbsp;&nbsp;&nbsp; 1271863 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 115494 | &nbsp;&nbsp;&nbsp; 108485 | &nbsp;&nbsp;&nbsp; 69782 | &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; 324622 | &nbsp;&nbsp;&nbsp; 95033 | &nbsp;&nbsp;&nbsp; (678334)<br>| &nbsp;&nbsp;&nbsp; (1277475)<br>|
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; 412663 | &nbsp;&nbsp;&nbsp; 178623 | &nbsp;&nbsp;&nbsp; (711131)<br>| &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; $1050545 | &nbsp;&nbsp;&nbsp; $637882 | &nbsp;&nbsp;&nbsp; $6248068 | &nbsp;&nbsp;&nbsp; $6959199 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 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 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; **Six Months Ended** <br>**April 30, 2025** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended** <br>**October 31, 2024** <br>| &nbsp;&nbsp; **Six Months Ended** <br>**April 30, 2025** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended** <br>**October 31, 2024** <br>|
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $21486 | &nbsp;&nbsp;&nbsp; $50057 | &nbsp;&nbsp;&nbsp; $7417 | &nbsp;&nbsp;&nbsp; $11749 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; (18606)<br>| &nbsp;&nbsp;&nbsp; (43080)<br>| &nbsp;&nbsp;&nbsp; 43908 | &nbsp;&nbsp;&nbsp; 61122 |
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; 29110 | &nbsp;&nbsp;&nbsp; 369889 | &nbsp;&nbsp;&nbsp; 15199 | &nbsp;&nbsp;&nbsp; 53116 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 31990 | &nbsp;&nbsp;&nbsp; 376866 | &nbsp;&nbsp;&nbsp; 66524 | &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; (44243)<br>| &nbsp;&nbsp;&nbsp; (53977)<br>| &nbsp;&nbsp;&nbsp; (11901)<br>| &nbsp;&nbsp;&nbsp; (11541)<br>|
| Total distributions to shareholders | &nbsp;&nbsp;&nbsp; (49744)<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; (92802)<br>| &nbsp;&nbsp;&nbsp; 169550 | &nbsp;&nbsp;&nbsp; (4173)<br>| &nbsp;&nbsp;&nbsp; (87886)<br>|
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; (110556)<br>| &nbsp;&nbsp;&nbsp; 486191 | &nbsp;&nbsp;&nbsp; 43134 | &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; $2075966 | &nbsp;&nbsp;&nbsp; $2186522 | &nbsp;&nbsp;&nbsp; $562397 | &nbsp;&nbsp;&nbsp; $519263 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

38 J.P. Morgan International Equity Funds April 30, 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; **Six Months Ended** <br>**April 30, 2025** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended** <br>**October 31, 2024** <br>| &nbsp;&nbsp; **Six Months Ended** <br>**April 30, 2025** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended** <br>**October 31, 2024** <br>|
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $47982 | &nbsp;&nbsp;&nbsp; $92953 | &nbsp;&nbsp;&nbsp; $13730 | &nbsp;&nbsp;&nbsp; $26611 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 207943 | &nbsp;&nbsp;&nbsp; 124365 | &nbsp;&nbsp;&nbsp; 77464 | &nbsp;&nbsp;&nbsp; 67514 |
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; 187205 | &nbsp;&nbsp;&nbsp; 571588 | &nbsp;&nbsp;&nbsp; 10566 | &nbsp;&nbsp;&nbsp; 163628 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 443130 | &nbsp;&nbsp;&nbsp; 788906 | &nbsp;&nbsp;&nbsp; 101760 | &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; 134753 | &nbsp;&nbsp;&nbsp; (346288)<br>| &nbsp;&nbsp;&nbsp; (66446)<br>| &nbsp;&nbsp;&nbsp; (59282)<br>|
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; 444365 | &nbsp;&nbsp;&nbsp; 340562 | &nbsp;&nbsp;&nbsp; (8874)<br>| &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; $4731174 | &nbsp;&nbsp;&nbsp; $4286809 | &nbsp;&nbsp;&nbsp; $1505081 | &nbsp;&nbsp;&nbsp; $1513955 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan International Equity Funds 39

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

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

---

| | | |
|:---|:---|:---|
|  | **JPMorgan International Hedged Equity Fund**  | **JPMorgan International Hedged Equity Fund**  |
|  | &nbsp;&nbsp; **Six Months Ended** <br>**April 30, 2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**October 31, 2024**  |
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $2298 | &nbsp;&nbsp;&nbsp; $3882 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 5290 | &nbsp;&nbsp;&nbsp; (4973)<br>|
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; 7765 | &nbsp;&nbsp;&nbsp; 22182 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 15353 | &nbsp;&nbsp;&nbsp; 21091 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (234)<br>| &nbsp;&nbsp;&nbsp; (226)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (6)<br>| &nbsp;&nbsp;&nbsp; (6)<br>|
| Class I | &nbsp;&nbsp;&nbsp; (4351)<br>| &nbsp;&nbsp;&nbsp; (3962)<br>|
| Class R5 (a) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> (b)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (398)<br>| &nbsp;&nbsp;&nbsp; (49)<br>|
| Total distributions to shareholders | &nbsp;&nbsp;&nbsp; (4989)<br>| &nbsp;&nbsp;&nbsp; (4243)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; 13720 | &nbsp;&nbsp;&nbsp; 21355 |
| **NET ASSETS:** |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; 24084 | &nbsp;&nbsp;&nbsp; 38203 |
| Beginning of period | &nbsp;&nbsp;&nbsp; 183031 | &nbsp;&nbsp;&nbsp; 144828 |
| End of period | &nbsp;&nbsp;&nbsp; $207115 | &nbsp;&nbsp;&nbsp; $183031 |

---

------

(a) Liquidated on December 11, 2024.

(b) 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 April 30, 2025

------

&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; **Six Months Ended**<br> **April 30, 2025** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **October 31, 2024**<br>| &nbsp;&nbsp; **Six Months Ended**<br> **April 30, 2025** <br>**(Unaudited)**<br>| **Year Ended**<br> **October 31, 2024** |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $42891 | &nbsp;&nbsp;&nbsp; $41986 | &nbsp;&nbsp;&nbsp; $18246 | &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; (27821)<br>| &nbsp;&nbsp;&nbsp; (37674)<br>| &nbsp;&nbsp;&nbsp; (50812)<br>| &nbsp;&nbsp;&nbsp; (108478)<br>|
| Change in net assets resulting from Class A capital transactions | &nbsp;&nbsp;&nbsp; 25215 | &nbsp;&nbsp;&nbsp; 14820 | &nbsp;&nbsp;&nbsp; (29088)<br>| &nbsp;&nbsp;&nbsp; (61390)<br>|
| **Class C** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 226 | &nbsp;&nbsp;&nbsp; 282 | &nbsp;&nbsp;&nbsp; 80 | &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; (477)<br>| &nbsp;&nbsp;&nbsp; (806)<br>| &nbsp;&nbsp;&nbsp; (5982)<br>| &nbsp;&nbsp;&nbsp; (10662)<br>|
| Change in net assets resulting from Class C capital transactions | &nbsp;&nbsp;&nbsp; (215)<br>| &nbsp;&nbsp;&nbsp; (465)<br>| &nbsp;&nbsp;&nbsp; (5797)<br>| &nbsp;&nbsp;&nbsp; (10020)<br>|
| **Class I** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 242546 | &nbsp;&nbsp;&nbsp; 59054 | &nbsp;&nbsp;&nbsp; 141086 | &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; (15348)<br>| &nbsp;&nbsp;&nbsp; (26457)<br>| &nbsp;&nbsp;&nbsp; (272846)<br>| &nbsp;&nbsp;&nbsp; (711852)<br>|
| Change in net assets resulting from Class I capital transactions | &nbsp;&nbsp;&nbsp; 230991 | &nbsp;&nbsp;&nbsp; 34815 | &nbsp;&nbsp;&nbsp; (114819)<br>| &nbsp;&nbsp;&nbsp; (463131)<br>|
| **Class L** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 1124 | &nbsp;&nbsp;&nbsp; 1517 | &nbsp;&nbsp;&nbsp; 84059 | &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; (653)<br>| &nbsp;&nbsp;&nbsp; (1029)<br>| &nbsp;&nbsp;&nbsp; (227571)<br>| &nbsp;&nbsp;&nbsp; (513503)<br>|
| Change in net assets resulting from Class L capital transactions | &nbsp;&nbsp;&nbsp; 805 | &nbsp;&nbsp;&nbsp; 820 | &nbsp;&nbsp;&nbsp; (129082)<br>| &nbsp;&nbsp;&nbsp; (312788)<br>|
| **Class R2** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp;&nbsp; 29 | &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; (24)<br>| &nbsp;&nbsp;&nbsp; (134)<br>| &nbsp;&nbsp;&nbsp; (111)<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; (79)<br>| &nbsp;&nbsp;&nbsp; (70)<br>|
| **Class R3** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2149 | &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; (10933)<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; (8759)<br>| &nbsp;&nbsp;&nbsp; (222)<br>|
| **Class R4** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 530 | &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; (482)<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; 81 | &nbsp;&nbsp;&nbsp; (324)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan International Equity Funds 41

------

**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; **Six Months Ended**<br> **April 30, 2025**<br> **(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **October 31, 2024**<br>| &nbsp;&nbsp; **Six Months Ended**<br> **April 30, 2025**<br> **(Unaudited)**<br>| **Year Ended**<br> **October 31, 2024** |
| **CAPITAL TRANSACTIONS: (continued)** |  |  |  |  |
| **Class R5** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $218 | &nbsp;&nbsp;&nbsp; $291 | &nbsp;&nbsp;&nbsp; $1227 | &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; (41)<br>| &nbsp;&nbsp;&nbsp; (33)<br>| &nbsp;&nbsp;&nbsp; (5819)<br>| &nbsp;&nbsp;&nbsp; (3394)<br>|
| Change in net assets resulting from Class R5 capital transactions | &nbsp;&nbsp;&nbsp; 191 | &nbsp;&nbsp;&nbsp; 261 | &nbsp;&nbsp;&nbsp; (4399)<br>| &nbsp;&nbsp;&nbsp; (404)<br>|
| **Class R6** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 93093 | &nbsp;&nbsp;&nbsp; 91811 | &nbsp;&nbsp;&nbsp; 536074 | &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; (38554)<br>| &nbsp;&nbsp;&nbsp; (58621)<br>| &nbsp;&nbsp;&nbsp; (981685)<br>| &nbsp;&nbsp;&nbsp; (1251956)<br>|
| Change in net assets resulting from Class R6 capital transactions | &nbsp;&nbsp;&nbsp; 67514 | &nbsp;&nbsp;&nbsp; 44755 | &nbsp;&nbsp;&nbsp; (386392)<br>| &nbsp;&nbsp;&nbsp; (429126)<br>|
| **Total change in net assets resulting from capital transactions** | &nbsp;&nbsp;&nbsp; $324622 | &nbsp;&nbsp;&nbsp; $95033 | &nbsp;&nbsp;&nbsp; $(678334)<br>| &nbsp;&nbsp;&nbsp; $(1277475)<br>|
| **SHARE TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 2843 | &nbsp;&nbsp;&nbsp; 2982 | &nbsp;&nbsp;&nbsp; 604 | &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; (1892)<br>| &nbsp;&nbsp;&nbsp; (2714)<br>| &nbsp;&nbsp;&nbsp; (1674)<br>| &nbsp;&nbsp;&nbsp; (3691)<br>|
| Change in Class A Shares | &nbsp;&nbsp;&nbsp; 1697 | &nbsp;&nbsp;&nbsp; 1090 | &nbsp;&nbsp;&nbsp; (952)<br>| &nbsp;&nbsp;&nbsp; (2075)<br>|
| **Class C** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp; 2 | &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; (33)<br>| &nbsp;&nbsp;&nbsp; (60)<br>| &nbsp;&nbsp;&nbsp; (207)<br>| &nbsp;&nbsp;&nbsp; (380)<br>|
| Change in Class C Shares | &nbsp;&nbsp;&nbsp; (15)<br>| &nbsp;&nbsp;&nbsp; (35)<br>| &nbsp;&nbsp;&nbsp; (201)<br>| &nbsp;&nbsp;&nbsp; (356)<br>|
| **Class I** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 15379 | &nbsp;&nbsp;&nbsp; 3943 | &nbsp;&nbsp;&nbsp; 4580 | &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; (1000)<br>| &nbsp;&nbsp;&nbsp; (1799)<br>| &nbsp;&nbsp;&nbsp; (8782)<br>| &nbsp;&nbsp;&nbsp; (23723)<br>|
| Change in Class I Shares | &nbsp;&nbsp;&nbsp; 14650 | &nbsp;&nbsp;&nbsp; 2312 | &nbsp;&nbsp;&nbsp; (3642)<br>| &nbsp;&nbsp;&nbsp; (15383)<br>|
| **Class L** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 72 | &nbsp;&nbsp;&nbsp; 106 | &nbsp;&nbsp;&nbsp; 2747 | &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; (43)<br>| &nbsp;&nbsp;&nbsp; (72)<br>| &nbsp;&nbsp;&nbsp; (7263)<br>| &nbsp;&nbsp;&nbsp; (16978)<br>|
| Change in Class L Shares | &nbsp;&nbsp;&nbsp; 53 | &nbsp;&nbsp;&nbsp; 59 | &nbsp;&nbsp;&nbsp; (4043)<br>| &nbsp;&nbsp;&nbsp; (10294)<br>|
| **Class R2** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; 1 | &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; (2)<br>| &nbsp;&nbsp;&nbsp; (9)<br>| &nbsp;&nbsp;&nbsp; (4)<br>| &nbsp;&nbsp;&nbsp; (10)<br>|
| Change in Class R2 Shares | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; (3)<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;

42 J.P. Morgan International Equity Funds April 30, 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; **Six Months Ended**<br> **April 30, 2025**<br> **(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **October 31, 2024**<br>| &nbsp;&nbsp; **Six Months Ended**<br> **April 30, 2025**<br> **(Unaudited)**<br>| **Year Ended**<br> **October 31, 2024** |
| **SHARE TRANSACTIONS: (continued)** |  |  |  |  |
| **Class R3** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 72 | &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; (403)<br>| &nbsp;&nbsp;&nbsp; (118)<br>|
| Change in Class R3 Shares | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (330)<br>| &nbsp;&nbsp;&nbsp; (7)<br>|
| **Class R4** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 19 | &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; (16)<br>| &nbsp;&nbsp;&nbsp; (33)<br>|
| Change in Class R4 Shares | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; (11)<br>|
| **Class R5** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp; 39 | &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; (3)<br>| &nbsp;&nbsp;&nbsp; (2)<br>| &nbsp;&nbsp;&nbsp; (186)<br>| &nbsp;&nbsp;&nbsp; (110)<br>|
| Change in Class R5 Shares | &nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp; (141)<br>| &nbsp;&nbsp;&nbsp; (12)<br>|
| **Class R6** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 6137 | &nbsp;&nbsp;&nbsp; 6390 | &nbsp;&nbsp;&nbsp; 17009 | &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; (2557)<br>| &nbsp;&nbsp;&nbsp; (4124)<br>| &nbsp;&nbsp;&nbsp; (31461)<br>| &nbsp;&nbsp;&nbsp; (41258)<br>|
| Change in Class R6 Shares | &nbsp;&nbsp;&nbsp; 4518 | &nbsp;&nbsp;&nbsp; 3156 | &nbsp;&nbsp;&nbsp; (12507)<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;

April 30, 2025 J.P. Morgan International Equity Funds 43

------

**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; **Six Months Ended**<br> **April 30, 2025** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **October 31, 2024**<br>| &nbsp;&nbsp; **Six Months Ended**<br> **April 30, 2025** <br>**(Unaudited)**<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; $12296 | &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; (9779)<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; 5127 | &nbsp;&nbsp;&nbsp; (4234)<br>|
| **Class C** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 798 | &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; (222)<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; 610 | &nbsp;&nbsp;&nbsp; (1400)<br>|
| **Class I** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 39918 | &nbsp;&nbsp;&nbsp; 112941 | &nbsp;&nbsp;&nbsp; 30795 | &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; (37971)<br>| &nbsp;&nbsp;&nbsp; (60063)<br>| &nbsp;&nbsp;&nbsp; (10747)<br>| &nbsp;&nbsp;&nbsp; (20938)<br>|
| Change in net assets resulting from Class I capital transactions | &nbsp;&nbsp;&nbsp; 7448 | &nbsp;&nbsp;&nbsp; 59125 | &nbsp;&nbsp;&nbsp; 24068 | &nbsp;&nbsp;&nbsp; (1164)<br>|
| **Class L** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 950 | &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; (532)<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; 710 | &nbsp;&nbsp;&nbsp; (658)<br>|
| **Class R6** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 146135 | &nbsp;&nbsp;&nbsp; 467274 | &nbsp;&nbsp;&nbsp; 477 | &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; (290210)<br>| &nbsp;&nbsp;&nbsp; (410306)<br>| &nbsp;&nbsp;&nbsp; (47066)<br>| &nbsp;&nbsp;&nbsp; (95666)<br>|
| Change in net assets resulting from Class R6 capital transactions | &nbsp;&nbsp;&nbsp; (100250)<br>| &nbsp;&nbsp;&nbsp; 110425 | &nbsp;&nbsp;&nbsp; (34688)<br>| &nbsp;&nbsp;&nbsp; (80430)<br>|
| **Total change in net assets resulting from capital transactions** | &nbsp;&nbsp;&nbsp; $(92802)<br>| &nbsp;&nbsp;&nbsp; $169550 | &nbsp;&nbsp;&nbsp; $(4173)<br>| &nbsp;&nbsp;&nbsp; $(87886)<br>|
| **SHARE TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 363 | &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; (302)<br>| &nbsp;&nbsp;&nbsp; (332)<br>|
| Change in Class A Shares | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 149 | &nbsp;&nbsp;&nbsp; (132)<br>|
| **Class C** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 27 | &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; (8)<br>| &nbsp;&nbsp;&nbsp; (56)<br>|
| Change in Class C Shares | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp; (53)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

44 J.P. Morgan International Equity Funds April 30, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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; **Six Months Ended**<br> **April 30, 2025**<br> **(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **October 31, 2024**<br>| &nbsp;&nbsp; **Six Months Ended**<br> **April 30, 2025**<br> **(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **October 31, 2024**<br>|
| **SHARE TRANSACTIONS: (continued)** |  |  |  |  |
| **Class I** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 2389 | &nbsp;&nbsp;&nbsp; 7064 | &nbsp;&nbsp;&nbsp; 898 | &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; (2257)<br>| &nbsp;&nbsp;&nbsp; (3715)<br>| &nbsp;&nbsp;&nbsp; (339)<br>| &nbsp;&nbsp;&nbsp; (663)<br>|
| Change in Class I Shares | &nbsp;&nbsp;&nbsp; 469 | &nbsp;&nbsp;&nbsp; 3764 | &nbsp;&nbsp;&nbsp; 692 | &nbsp;&nbsp;&nbsp; (44)<br>|
| **Class L** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 27 | &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; (16)<br>| &nbsp;&nbsp;&nbsp; (44)<br>|
| Change in Class L Shares | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp; (20)<br>|
| **Class R6** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 8806 | &nbsp;&nbsp;&nbsp; 28681 | &nbsp;&nbsp;&nbsp; 14 | &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; (17374)<br>| &nbsp;&nbsp;&nbsp; (25890)<br>| &nbsp;&nbsp;&nbsp; (1325)<br>| &nbsp;&nbsp;&nbsp; (2944)<br>|
| Change in Class R6 Shares | &nbsp;&nbsp;&nbsp; (5864)<br>| &nbsp;&nbsp;&nbsp; 6364 | &nbsp;&nbsp;&nbsp; (919)<br>| &nbsp;&nbsp;&nbsp; (2435)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan International Equity Funds 45

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

&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; **Six Months Ended**<br> **April 30, 2025** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **October 31, 2024**<br>| &nbsp;&nbsp; **Six Months Ended**<br> **April 30, 2025** <br>**(Unaudited)**<br>| **Year Ended**<br> **October 31, 2024** |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $32567 | &nbsp;&nbsp;&nbsp; $68919 | &nbsp;&nbsp;&nbsp; $32672 | &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; (39676)<br>| &nbsp;&nbsp;&nbsp; (72374)<br>| &nbsp;&nbsp;&nbsp; (42897)<br>| &nbsp;&nbsp;&nbsp; (62276)<br>|
| Change in net assets resulting from Class A capital transactions | &nbsp;&nbsp;&nbsp; 3991 | &nbsp;&nbsp;&nbsp; 4420 | &nbsp;&nbsp;&nbsp; (363)<br>| &nbsp;&nbsp;&nbsp; 13635 |
| **Class C** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 1389 | &nbsp;&nbsp;&nbsp; 777 | &nbsp;&nbsp;&nbsp; 240 | &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; (902)<br>| &nbsp;&nbsp;&nbsp; (2392)<br>| &nbsp;&nbsp;&nbsp; (1764)<br>| &nbsp;&nbsp;&nbsp; (5516)<br>|
| Change in net assets resulting from Class C capital transactions | &nbsp;&nbsp;&nbsp; 574 | &nbsp;&nbsp;&nbsp; (1539)<br>| &nbsp;&nbsp;&nbsp; (1318)<br>| &nbsp;&nbsp;&nbsp; (4207)<br>|
| **Class I** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 128705 | &nbsp;&nbsp;&nbsp; 228483 | &nbsp;&nbsp;&nbsp; 60695 | &nbsp;&nbsp;&nbsp; 124040 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 22561 | &nbsp;&nbsp;&nbsp; 18106 | &nbsp;&nbsp;&nbsp; 14993 | &nbsp;&nbsp;&nbsp; 11004 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (161111)<br>| &nbsp;&nbsp;&nbsp; (351725)<br>| &nbsp;&nbsp;&nbsp; (156073)<br>| &nbsp;&nbsp;&nbsp; (180513)<br>|
| Change in net assets resulting from Class I capital transactions | &nbsp;&nbsp;&nbsp; (9845)<br>| &nbsp;&nbsp;&nbsp; (105136)<br>| &nbsp;&nbsp;&nbsp; (80385)<br>| &nbsp;&nbsp;&nbsp; (45469)<br>|
| **Class R2** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 777 | &nbsp;&nbsp;&nbsp; 989 | &nbsp;&nbsp;&nbsp; 2954 | &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; (883)<br>| &nbsp;&nbsp;&nbsp; (1064)<br>| &nbsp;&nbsp;&nbsp; (480)<br>| &nbsp;&nbsp;&nbsp; (256)<br>|
| Change in net assets resulting from Class R2 capital transactions | &nbsp;&nbsp;&nbsp; (28)<br>| &nbsp;&nbsp;&nbsp; (71)<br>| &nbsp;&nbsp;&nbsp; 2561 | &nbsp;&nbsp;&nbsp; 1420 |
| **Class R5** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 539 | &nbsp;&nbsp;&nbsp; 884 | &nbsp;&nbsp;&nbsp; 133 | &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; (300)<br>| &nbsp;&nbsp;&nbsp; (2579)<br>| &nbsp;&nbsp;&nbsp; (332)<br>| &nbsp;&nbsp;&nbsp; (682)<br>|
| Change in net assets resulting from Class R5 capital transactions | &nbsp;&nbsp;&nbsp; 420 | &nbsp;&nbsp;&nbsp; (1542)<br>| &nbsp;&nbsp;&nbsp; (145)<br>| &nbsp;&nbsp;&nbsp; (390)<br>|
| **Class R6** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 487161 | &nbsp;&nbsp;&nbsp; 424215 | &nbsp;&nbsp;&nbsp; 36952 | &nbsp;&nbsp;&nbsp; 85161 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 97496 | &nbsp;&nbsp;&nbsp; 74307 | &nbsp;&nbsp;&nbsp; 17427 | &nbsp;&nbsp;&nbsp; 11840 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (445016)<br>| &nbsp;&nbsp;&nbsp; (740942)<br>| &nbsp;&nbsp;&nbsp; (41175)<br>| &nbsp;&nbsp;&nbsp; (121272)<br>|
| Change in net assets resulting from Class R6 capital transactions | &nbsp;&nbsp;&nbsp; 139641 | &nbsp;&nbsp;&nbsp; (242420)<br>| &nbsp;&nbsp;&nbsp; 13204 | &nbsp;&nbsp;&nbsp; (24271)<br>|
| **Total change in net assets resulting from capital transactions** | &nbsp;&nbsp;&nbsp; $134753 | &nbsp;&nbsp;&nbsp; $(346288)<br>| &nbsp;&nbsp;&nbsp; $(66446)<br>| &nbsp;&nbsp;&nbsp; $(59282)<br>|
| **SHARE TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 1675 | &nbsp;&nbsp;&nbsp; 3579 | &nbsp;&nbsp;&nbsp; 1289 | &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; (2059)<br>| &nbsp;&nbsp;&nbsp; (3768)<br>| &nbsp;&nbsp;&nbsp; (1707)<br>| &nbsp;&nbsp;&nbsp; (2481)<br>|
| Change in Class A Shares | &nbsp;&nbsp;&nbsp; 223 | &nbsp;&nbsp;&nbsp; 248 | &nbsp;&nbsp;&nbsp; (10)<br>| &nbsp;&nbsp;&nbsp; 574 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

46 J.P. Morgan International Equity Funds April 30, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan International Equity Fund** | **JPMorgan International Equity Fund** | **JPMorgan International Focus Fund** | **JPMorgan International Focus Fund** |
|  | &nbsp;&nbsp; **Six Months Ended**<br> **April 30, 2025**<br> **(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **October 31, 2024**<br>| &nbsp;&nbsp; **Six Months Ended**<br> **April 30, 2025**<br> **(Unaudited)**<br>| **Year Ended**<br> **October 31, 2024** |
| **SHARE TRANSACTIONS: (continued)** |  |  |  |  |
| **Class C** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 74 | &nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp; 9 | &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; (50)<br>| &nbsp;&nbsp;&nbsp; (131)<br>| &nbsp;&nbsp;&nbsp; (71)<br>| &nbsp;&nbsp;&nbsp; (228)<br>|
| Change in Class C Shares | &nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp; (84)<br>| &nbsp;&nbsp;&nbsp; (53)<br>| &nbsp;&nbsp;&nbsp; (175)<br>|
| **Class I** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 6527 | &nbsp;&nbsp;&nbsp; 11696 | &nbsp;&nbsp;&nbsp; 2368 | &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; (8095)<br>| &nbsp;&nbsp;&nbsp; (17846)<br>| &nbsp;&nbsp;&nbsp; (6137)<br>| &nbsp;&nbsp;&nbsp; (7101)<br>|
| Change in Class I Shares | &nbsp;&nbsp;&nbsp; (355)<br>| &nbsp;&nbsp;&nbsp; (5164)<br>| &nbsp;&nbsp;&nbsp; (3158)<br>| &nbsp;&nbsp;&nbsp; (1738)<br>|
| **Class R2** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 41 | &nbsp;&nbsp;&nbsp; 53 | &nbsp;&nbsp;&nbsp; 121 | &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; (44)<br>| &nbsp;&nbsp;&nbsp; (56)<br>| &nbsp;&nbsp;&nbsp; (19)<br>| &nbsp;&nbsp;&nbsp; (10)<br>|
| Change in Class R2 Shares | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; (3)<br>| &nbsp;&nbsp;&nbsp; 106 | &nbsp;&nbsp;&nbsp; 58 |
| **Class R5** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp; 46 | &nbsp;&nbsp;&nbsp; 5 | &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; (15)<br>| &nbsp;&nbsp;&nbsp; (132)<br>| &nbsp;&nbsp;&nbsp; (13)<br>| &nbsp;&nbsp;&nbsp; (27)<br>|
| Change in Class R5 Shares | &nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp; (78)<br>| &nbsp;&nbsp;&nbsp; (6)<br>| &nbsp;&nbsp;&nbsp; (15)<br>|
| **Class R6** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 24654 | &nbsp;&nbsp;&nbsp; 21569 | &nbsp;&nbsp;&nbsp; 1446 | &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; (22136)<br>| &nbsp;&nbsp;&nbsp; (37681)<br>| &nbsp;&nbsp;&nbsp; (1605)<br>| &nbsp;&nbsp;&nbsp; (4723)<br>|
| Change in Class R6 Shares | &nbsp;&nbsp;&nbsp; 7746 | &nbsp;&nbsp;&nbsp; (12074)<br>| &nbsp;&nbsp;&nbsp; 552 | &nbsp;&nbsp;&nbsp; (883)<br>|

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan International Equity Funds 47

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

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

---

| | | |
|:---|:---|:---|
|  | **JPMorgan International Hedged Equity Fund** | **JPMorgan International Hedged Equity Fund** |
|  | &nbsp;&nbsp; **Six Months Ended**<br> **April 30, 2025** <br>**(Unaudited)**<br>| **Year Ended**<br> **October 31, 2024** |
| **CAPITAL TRANSACTIONS:** |  |  |
| **Class A** |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $1177 | &nbsp;&nbsp;&nbsp; $769 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 234 | &nbsp;&nbsp;&nbsp; 226 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (1648)<br>| &nbsp;&nbsp;&nbsp; (2130)<br>|
| Change in net assets resulting from Class A capital transactions | &nbsp;&nbsp;&nbsp; (237)<br>| &nbsp;&nbsp;&nbsp; (1135)<br>|
| **Class C** |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp;&nbsp; 203 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; 6 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (102)<br>| &nbsp;&nbsp;&nbsp; (135)<br>|
| Change in net assets resulting from Class C capital transactions | &nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; 74 |
| **Class I** |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 41831 | &nbsp;&nbsp;&nbsp; 64054 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 3672 | &nbsp;&nbsp;&nbsp; 3288 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (31759)<br>| &nbsp;&nbsp;&nbsp; (56268)<br>|
| Change in net assets resulting from Class I capital transactions | &nbsp;&nbsp;&nbsp; 13744 | &nbsp;&nbsp;&nbsp; 11074 |
| **Class R5** (a) |  |  |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> (b)<br>|
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (25)<br>| &nbsp;&nbsp;&nbsp; — |
| Change in net assets resulting from Class R5 capital transactions | &nbsp;&nbsp;&nbsp; (25)<br>| &nbsp;&nbsp;&nbsp; —<br> (b)<br>|
| **Class R6** |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 1233 | &nbsp;&nbsp;&nbsp; 13083 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 398 | &nbsp;&nbsp;&nbsp; 49 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (1402)<br>| &nbsp;&nbsp;&nbsp; (1790)<br>|
| Change in net assets resulting from Class R6 capital transactions | &nbsp;&nbsp;&nbsp; 229 | &nbsp;&nbsp;&nbsp; 11342 |
| **Total change in net assets resulting from capital transactions** | &nbsp;&nbsp;&nbsp; $13720 | &nbsp;&nbsp;&nbsp; $21355 |
| **SHARE TRANSACTIONS:** |  |  |
| **Class A** |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp; 47 |
| Reinvested | &nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; 15 |
| Redeemed | &nbsp;&nbsp;&nbsp; (100)<br>| &nbsp;&nbsp;&nbsp; (133)<br>|
| Change in Class A Shares | &nbsp;&nbsp;&nbsp; (15)<br>| &nbsp;&nbsp;&nbsp; (71)<br>|
| **Class C** |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; 12 |
| Reinvested | &nbsp;&nbsp;&nbsp; —<br> (b)<br>| &nbsp;&nbsp;&nbsp; —<br> (b)<br>|
| Redeemed | &nbsp;&nbsp;&nbsp; (6)<br>| &nbsp;&nbsp;&nbsp; (8)<br>|
| Change in Class C Shares | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 4 |

---

------

(a) Liquidated on December 11, 2024.

(b) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

48 J.P. Morgan International Equity Funds April 30, 2025

------

---

| | | |
|:---|:---|:---|
|  | **JPMorgan International Hedged Equity** <br> **Fund** | **JPMorgan International Hedged Equity** <br> **Fund** |
|  | &nbsp;&nbsp; **Six Months Ended**<br> **April 30, 2025**<br> **(Unaudited)**<br>| **Year Ended**<br> **October 31, 2024** |
| **SHARE TRANSACTIONS: (continued)** |  |  |
| **Class I** |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 2489 | &nbsp;&nbsp;&nbsp; 3846 |
| Reinvested | &nbsp;&nbsp;&nbsp; 228 | &nbsp;&nbsp;&nbsp; 210 |
| Redeemed | &nbsp;&nbsp;&nbsp; (1899)<br>| &nbsp;&nbsp;&nbsp; (3447)<br>|
| Change in Class I Shares | &nbsp;&nbsp;&nbsp; 818 | &nbsp;&nbsp;&nbsp; 609 |
| **Class R5** (a) |  |  |
| Reinvested | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> (b)<br>|
| Redeemed | &nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp; — |
| Change in Class R5 Shares | &nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp; —<br> (b)<br>|
| **Class R6** |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 73 | &nbsp;&nbsp;&nbsp; 794 |
| Reinvested | &nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp; 3 |
| Redeemed | &nbsp;&nbsp;&nbsp; (83)<br>| &nbsp;&nbsp;&nbsp; (106)<br>|
| Change in Class R6 Shares | &nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; 691 |

---

------

(a) Liquidated on December 11, 2024.

(b) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan International Equity Funds 49

------

**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)(b)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>|
| **JPMorgan Developed International Value Fund** |  |  |  |  |  |
| **Class A** |  |  |  |  |  |
| Six Months Ended April 30, 2025 (Unaudited) | $14.53 | &nbsp;&nbsp; $0.25 | &nbsp;&nbsp; $1.89 | &nbsp;&nbsp; $2.14 | &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> (f)<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> (g)<br>| 3.89 | 4.32 | &nbsp;&nbsp; (0.32)<br>|
| Year Ended October 31, 2020 | 12.22 | 0.28 | &nbsp;&nbsp; (2.55)<br>| &nbsp;&nbsp; (2.27)<br>| &nbsp;&nbsp; (0.49)<br>|
| **Class C** |  |  |  |  |  |
| Six Months Ended April 30, 2025 (Unaudited) | 14.09 | 0.20 | 1.84 | 2.04 | &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> (f)<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> (g)<br>| 3.79 | 4.12 | &nbsp;&nbsp; (0.24)<br>|
| Year Ended October 31, 2020 | 11.81 | 0.21 | &nbsp;&nbsp; (2.47)<br>| &nbsp;&nbsp; (2.26)<br>| &nbsp;&nbsp; (0.41)<br>|
| **Class I** |  |  |  |  |  |
| Six Months Ended April 30, 2025 (Unaudited) | 15.01 | 0.41 | 1.81 | 2.22 | &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> (f)<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> (g)<br>| 3.99 | 4.46 | &nbsp;&nbsp; (0.34)<br>|
| Year Ended October 31, 2020 | 12.54 | 0.31 | &nbsp;&nbsp; (2.61)<br>| &nbsp;&nbsp; (2.30)<br>| &nbsp;&nbsp; (0.52)<br>|
| **Class L** |  |  |  |  |  |
| Six Months Ended April 30, 2025 (Unaudited) | 14.93 | 0.28 | 1.93 | 2.21 | &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> (f)<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> (g)<br>| 3.99 | 4.46 | &nbsp;&nbsp; (0.34)<br>|
| Year Ended October 31, 2020 | 12.47 | 0.30 | &nbsp;&nbsp; (2.58)<br>| &nbsp;&nbsp; (2.28)<br>| &nbsp;&nbsp; (0.53)<br>|
| **Class R2** |  |  |  |  |  |
| Six Months Ended April 30, 2025 (Unaudited) | 14.24 | 0.23 | 1.83 | 2.06 | &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> (f)<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> (g)<br>| 3.82 | 4.21 | &nbsp;&nbsp; (0.28)<br>|
| Year Ended October 31, 2020 | 11.96 | 0.24 | &nbsp;&nbsp; (2.51)<br>| &nbsp;&nbsp; (2.27)<br>| &nbsp;&nbsp; (0.40)<br>|
| **Class R5** |  |  |  |  |  |
| Six Months Ended April 30, 2025 (Unaudited) | 14.84 | 0.31 | 1.88 | 2.19 | &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> (f)<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> (g)<br>| 4.02 | 4.43 | &nbsp;&nbsp; (0.36)<br>|
| Year Ended October 31, 2020 | 12.40 | 0.33 | &nbsp;&nbsp; (2.59)<br>| &nbsp;&nbsp; (2.26)<br>| &nbsp;&nbsp; (0.54)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

50 J.P. Morgan International Equity Funds April 30, 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**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |
| &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)(c)(d)<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(e)<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(c)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $16.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $307056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.21<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14<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> (f)<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> (g)<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;9.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (19.51)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| &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> (f)<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> (g)<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;9.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (19.94)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 337123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| &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> (f)<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> (g)<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;9.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (19.31)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| &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> (f)<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> (g)<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;9.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (19.25)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| &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> (f)<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> (g)<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;9.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (19.74)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 412 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| &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> (f)<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> (g)<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;9.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (19.26)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan International Equity Funds 51

------

**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** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(b)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>|
| **JPMorgan Developed International Value Fund (continued)** |  |  |  |  |  |
| **Class R6** |  |  |  |  |  |
| Six Months Ended April 30, 2025 (Unaudited) | $14.84 | &nbsp;&nbsp; $0.30 | &nbsp;&nbsp; $1.90 | &nbsp;&nbsp; $2.20 | &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> (f)<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> (g)<br>| 3.97 | 4.46 | &nbsp;&nbsp; (0.37)<br>|
| Year Ended October 31, 2020 | 12.43 | 0.34 | &nbsp;&nbsp; (2.60)<br>| &nbsp;&nbsp; (2.26)<br>| &nbsp;&nbsp; (0.55)<br>|

---

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

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Calculated based upon average shares outstanding.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(e) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(f) 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. 

(g) 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;

52 J.P. Morgan International Equity Funds April 30, 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**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |
| &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)(c)(d)<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(e)<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(c)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $16.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15.63<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $393712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.71<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14<br> %<br>|
| &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> (f)<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> (g)<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;&nbsp;&nbsp;&nbsp;&nbsp;9.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (19.22)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59 |

---

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

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan International Equity Funds 53

------

**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)(b)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan Emerging Markets Equity Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Six Months Ended April 30, 2025 (Unaudited) | $30.70 | &nbsp;&nbsp; $0.11 | &nbsp;&nbsp; $0.19 | &nbsp;&nbsp; $0.30 | &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; — |
| Year Ended October 31, 2020 | 30.07 | &nbsp;&nbsp; (0.02)<br>| 6.56 | 6.54 | &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.17)<br>|
| **Class C** |  |  |  |  |  |  |  |
| Six Months Ended April 30, 2025 (Unaudited) | 29.28 | 0.03 | 0.18 | 0.21 | &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; — |
| Year Ended October 31, 2020 | 29.07 | &nbsp;&nbsp; (0.18)<br>| 6.35 | 6.17 | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.04)<br>|
| **Class I** |  |  |  |  |  |  |  |
| Six Months Ended April 30, 2025 (Unaudited) | 31.53 | 0.15 | 0.19 | 0.34 | &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>|
| Year Ended October 31, 2020 | 30.79 | 0.05 | 6.75 | 6.80 | &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.25)<br>|
| **Class L** |  |  |  |  |  |  |  |
| Six Months Ended April 30, 2025 (Unaudited) | 31.78 | 0.17 | 0.19 | 0.36 | &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>|
| Year Ended October 31, 2020 | 31.03 | 0.08 | 6.80 | 6.88 | &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.27)<br>|
| **Class R2** |  |  |  |  |  |  |  |
| Six Months Ended April 30, 2025 (Unaudited) | 30.16 | 0.06 | 0.19 | 0.25 | &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; — |
| Year Ended October 31, 2020 | 29.78 | &nbsp;&nbsp; (0.13)<br>| 6.52 | 6.39 | &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.11)<br>|
| **Class R3** |  |  |  |  |  |  |  |
| Six Months Ended April 30, 2025 (Unaudited) | 30.41 | 0.09 | 0.20 | 0.29 | &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; — |
| Year Ended October 31, 2020 | 29.96 | &nbsp;&nbsp; (0.05)<br>| 6.55 | 6.50 | &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.21)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

54 J.P. Morgan International Equity Funds April 30, 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**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(c)(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses <br>(including interest <br>expense for <br>securities sold <br>short)(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements <br>(including interest <br>expense for <br>securities sold <br>short)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(c)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $30.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $294895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.73<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19<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; 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; 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; 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; 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (39.06)<br>| &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; 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; 702288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 | &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; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 578112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |
| &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; 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; 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; 28563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74 | &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; 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (39.36)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75 | &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; 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; 82409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74 | &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; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1284373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |
| &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; 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; 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; 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; 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (38.92)<br>| &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; 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; 4753438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &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; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4016180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 942314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |
| &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; 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; 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; 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; 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (38.84)<br>| &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; 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; 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; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1877489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |
| &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; 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; 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; 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; 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (39.24)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.55 | &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; 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; 585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.54 | &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; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |
| &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; 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; 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; 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; 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (39.08)<br>| &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; 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; 14918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.29 | &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; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan International Equity Funds 55

------

**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)(b)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan Emerging Markets Equity Fund (continued)** |  |  |  |  |  |  |  |
| **Class R4** |  |  |  |  |  |  |  |
| Six Months Ended April 30, 2025 (Unaudited) | $31.37 | &nbsp;&nbsp; $0.14 | &nbsp;&nbsp; $0.19 | &nbsp;&nbsp; $0.33 | &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>|
| Year Ended October 31, 2020 | 30.68 | 0.04 | 6.70 | 6.74 | &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.22)<br>|
| **Class R5** |  |  |  |  |  |  |  |
| Six Months Ended April 30, 2025 (Unaudited) | 31.76 | 0.16 | 0.20 | 0.36 | &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>|
| Year Ended October 31, 2020 | 30.96 | 0.08 | 6.78 | 6.86 | &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.26)<br>|
| **Class R6** |  |  |  |  |  |  |  |
| Six Months Ended April 30, 2025 (Unaudited) | 31.75 | 0.18 | 0.19 | 0.37 | &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>|
| Year Ended October 31, 2020 | 31.00 | 0.12 | 6.78 | 6.90 | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.29)<br>|

---

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

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Calculated based upon average shares outstanding.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(e) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

56 J.P. Morgan International Equity Funds April 30, 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**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(c)(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses <br>(including interest <br>expense for <br>securities sold <br>short)(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements <br>(including interest <br>expense for <br>securities sold <br>short)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(c)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $31.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.92<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19<br> %<br>|
| &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; 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; 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; 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; 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (38.93)<br>| &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; 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; 3810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 | &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; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |
| &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; 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; 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; 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; 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (38.86)<br>| &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; 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; 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; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3691848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |
| &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; 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; 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; 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; 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (38.78)<br>| &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; 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; 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; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4608998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |

---

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

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan International Equity Funds 57

------

**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)(b)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan Emerging Markets Research Enhanced Equity Fund** |  |  |  |  |  |  |  |
| **Class I** |  |  |  |  |  |  |  |
| Six Months Ended April 30, 2025 (Unaudited) | $17.15 | &nbsp;&nbsp; $0.16 | &nbsp;&nbsp; $0.07 | &nbsp;&nbsp; $0.23 | &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>|
| Year Ended October 31, 2020 | 16.78 | 0.33 | 1.04 | 1.37 | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.04)<br>|
| **Class R6** |  |  |  |  |  |  |  |
| Six Months Ended April 30, 2025 (Unaudited) | 17.06 | 0.17 | 0.07 | 0.24 | &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>|
| Year Ended October 31, 2020 | 16.80 | 0.31 | 1.07 | 1.38 | &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.17)<br>|

---

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

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Calculated based upon average shares outstanding.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(e) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(f) Interest expense is 0.02%.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

58 J.P. Morgan International Equity Funds April 30, 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**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| Total return(c)(d) | &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(e)<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(c)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $17.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $254667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.98<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.68<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25<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> (f)<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;18.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1821299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &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> (f)<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;18.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2840309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47 |

---

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

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan International Equity Funds 59

------

**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)(b)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>|
| **JPMorgan Europe Dynamic Fund** |  |  |  |  |  |
| **Class A** |  |  |  |  |  |
| Six Months Ended April 30, 2025 (Unaudited) | $32.56 | &nbsp;&nbsp; $0.40 | &nbsp;&nbsp; $3.59 | &nbsp;&nbsp; $3.99 | &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> (f)<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> (g)<br>| 9.14 | 9.54 | &nbsp;&nbsp; (0.27)<br>|
| Year Ended October 31, 2020 | 24.25 | 0.25 | &nbsp;&nbsp; (2.16)<br>| &nbsp;&nbsp; (1.91)<br>| &nbsp;&nbsp; (0.70)<br>|
| **Class C** |  |  |  |  |  |
| Six Months Ended April 30, 2025 (Unaudited) | 28.86 | 0.32 | 3.15 | 3.47 | &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> (f)<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> (g)<br>| 8.08 | 8.30 | &nbsp;&nbsp; (0.15)<br>|
| Year Ended October 31, 2020 | 21.47 | 0.12 | &nbsp;&nbsp; (1.91)<br>| &nbsp;&nbsp; (1.79)<br>| &nbsp;&nbsp; (0.58)<br>|
| **Class I** |  |  |  |  |  |
| Six Months Ended April 30, 2025 (Unaudited) | 33.32 | 0.47 | 3.64 | 4.11 | &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> (f)<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> (g)<br>| 9.33 | 9.80 | &nbsp;&nbsp; (0.33)<br>|
| Year Ended October 31, 2020 | 24.75 | 0.31 | &nbsp;&nbsp; (2.19)<br>| &nbsp;&nbsp; (1.88)<br>| &nbsp;&nbsp; (0.77)<br>|
| **Class L** |  |  |  |  |  |
| Six Months Ended April 30, 2025 (Unaudited) | 33.88 | 0.48 | 3.72 | 4.20 | &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> (f)<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> (g)<br>| 9.44 | 9.98 | &nbsp;&nbsp; (0.37)<br>|
| Year Ended October 31, 2020 | 25.05 | 0.35 | &nbsp;&nbsp; (2.23)<br>| &nbsp;&nbsp; (1.88)<br>| &nbsp;&nbsp; (0.79)<br>|
| **Class R6** |  |  |  |  |  |
| Six Months Ended April 30, 2025 (Unaudited) | 33.62 | 0.48 | 3.69 | 4.17 | &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> (f)<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> (g)<br>| 9.41 | 9.96 | &nbsp;&nbsp; (0.39)<br>|
| Year Ended October 31, 2020 | 24.96 | 0.37 | &nbsp;&nbsp; (2.22)<br>| &nbsp;&nbsp; (1.85)<br>| &nbsp;&nbsp; (0.82)<br>|

---

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

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Calculated based upon average shares outstanding.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(e) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(f) 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. 

(g) 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;

60 J.P. Morgan International Equity Funds April 30, 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**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |
| &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)(c)(d)<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(e)<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(c)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $35.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $91645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.51<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.27<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57<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> (f)<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> (g)<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;21.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8.21)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57 |
| &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> (f)<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> (g)<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;19.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8.68)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 154385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57 |
| &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> (f)<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> (g)<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;22.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7.98)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52841 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57 |
| &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> (f)<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> (g)<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;22.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7.86)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55597 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 304850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57 |
| &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> (f)<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> (g)<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;22.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7.79)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 159 |

---

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

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan International Equity Funds 61

------

**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)(b)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan International Equity Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Six Months Ended April 30, 2025 (Unaudited) | $19.38 | &nbsp;&nbsp; $0.17 | &nbsp;&nbsp; $1.65 | &nbsp;&nbsp; $1.82 | &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> (f)<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> (g)<br>| 5.04 | 5.34 | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.18)<br>|
| Year Ended October 31, 2020 | 17.27 | 0.19 | &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.50)<br>|
| **Class C** |  |  |  |  |  |  |  |
| Six Months Ended April 30, 2025 (Unaudited) | 18.22 | 0.12 | 1.55 | 1.67 | &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> (f)<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> (g)<br>| 4.77 | 4.95 | &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.07)<br>|
| Year Ended October 31, 2020 | 16.29 | 0.09 | &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.40)<br>|
| **Class I** |  |  |  |  |  |  |  |
| Six Months Ended April 30, 2025 (Unaudited) | 19.76 | 0.20 | 1.69 | 1.89 | &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> (f)<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> (g)<br>| 5.13 | 5.49 | &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.23)<br>|
| Year Ended October 31, 2020 | 17.56 | 0.21 | &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.54)<br>|
| **Class R2** |  |  |  |  |  |  |  |
| Six Months Ended April 30, 2025 (Unaudited) | 19.40 | 0.15 | 1.65 | 1.80 | &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> (f)<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> (g)<br>| 4.99 | 5.22 | &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.22)<br>|
| Year Ended October 31, 2020 | 17.14 | 0.13 | &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.48)<br>|
| **Class R5** |  |  |  |  |  |  |  |
| Six Months Ended April 30, 2025 (Unaudited) | 19.89 | 0.21 | 1.70 | 1.91 | &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> (f)<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> (g)<br>| 5.15 | 5.54 | &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.25)<br>|
| Year Ended October 31, 2020 | 17.60 | 0.24 | &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.51)<br>|
| **Class R6** |  |  |  |  |  |  |  |
| Six Months Ended April 30, 2025 (Unaudited) | 19.85 | 0.22 | 1.69 | 1.91 | &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> (f)<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> (g)<br>| 5.13 | 5.55 | &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.26)<br>|
| Year Ended October 31, 2020 | 17.61 | 0.26 | &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.57)<br>|

---

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

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Calculated based upon average shares outstanding.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(e) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(f) 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. 

(g) 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;

62 J.P. Morgan International Equity Funds April 30, 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**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |
| &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)(c)(d)<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(e)<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(c)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $20.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $449008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.78<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26<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> (f)<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> (g)<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;16.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.88)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 263791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &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> (f)<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> (g)<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;15.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.38)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 802913 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &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> (f)<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> (g)<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;16.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.64)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 339416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &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> (f)<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> (g)<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;16.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.21)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &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> (f)<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> (g)<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;16.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.52)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3463729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &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> (f)<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> (g)<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;16.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.46)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2290008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 |

---

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

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan International Equity Funds 63

------

**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)(b)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>|
| **JPMorgan International Focus Fund** |  |  |  |  |  |
| **Class A** |  |  |  |  |  |
| Six Months Ended April 30, 2025 (Unaudited) | $25.35 | &nbsp;&nbsp; $0.20 | &nbsp;&nbsp; $1.53 | &nbsp;&nbsp; $1.73 | &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> (f)<br>| 5.32 | 5.67 | &nbsp;&nbsp; (0.19)<br>|
| Year Ended October 31, 2020 | 21.15 | 0.18 | 0.75 | 0.93 | &nbsp;&nbsp; (0.01)<br>|
| **Class C** |  |  |  |  |  |
| Six Months Ended April 30, 2025 (Unaudited) | 24.98 | 0.13 | 1.52 | 1.65 | &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> (f)<br>| 5.24 | 5.44 | &nbsp;&nbsp; (0.06)<br>|
| Year Ended October 31, 2020 | 20.86 | 0.07 | 0.75 | 0.82 | &nbsp;&nbsp; — |
| **Class I** |  |  |  |  |  |
| Six Months Ended April 30, 2025 (Unaudited) | 25.77 | 0.23 | 1.56 | 1.79 | &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> (f)<br>| 5.39 | 5.81 | &nbsp;&nbsp; (0.25)<br>|
| Year Ended October 31, 2020 | 21.43 | 0.23 | 0.78 | 1.01 | &nbsp;&nbsp; (0.05)<br>|
| **Class R2** |  |  |  |  |  |
| Six Months Ended April 30, 2025 (Unaudited) | 25.10 | 0.18 | 1.49 | 1.67 | &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> (f)<br>| 5.26 | 5.53 | &nbsp;&nbsp; (0.13)<br>|
| Year Ended October 31, 2020 | 20.99 | 0.13 | 0.73 | 0.86 | &nbsp;&nbsp; — |
| **Class R5** |  |  |  |  |  |
| Six Months Ended April 30, 2025 (Unaudited) | 25.78 | 0.25 | 1.55 | 1.80 | &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> (f)<br>| 5.40 | 5.84 | &nbsp;&nbsp; (0.26)<br>|
| Year Ended October 31, 2020 | 21.42 | 0.25 | 0.78 | 1.03 | &nbsp;&nbsp; (0.07)<br>|
| **Class R6** |  |  |  |  |  |
| Six Months Ended April 30, 2025 (Unaudited) | 25.80 | 0.26 | 1.54 | 1.80 | &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> (f)<br>| 5.40 | 5.86 | &nbsp;&nbsp; (0.28)<br>|
| Year Ended October 31, 2020 | 21.44 | 0.28 | 0.77 | 1.05 | &nbsp;&nbsp; (0.09)<br>|

---

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

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Calculated based upon average shares outstanding.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(e) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(f) 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;

64 J.P. Morgan International Equity Funds April 30, 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**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |
| &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)(c)(d)<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(e)<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(c)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $26.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $379095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.63<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30<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> (f)<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;22.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 135527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 |
| &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> (f)<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;21.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 524806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 |
| &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> (f)<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;22.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 372068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 |
| &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> (f)<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;21.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 |
| &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> (f)<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;22.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 584757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.08 | &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;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> (f)<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;&nbsp;&nbsp;&nbsp;&nbsp;22.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2274399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 |

---

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

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan International Equity Funds 65

------

**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)(b)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>|
| **JPMorgan International Hedged Equity Fund** |  |  |  |  |  |
| **Class A** |  |  |  |  |  |
| Six Months Ended April 30, 2025 (Unaudited) | $16.68 | &nbsp;&nbsp; $0.18 | &nbsp;&nbsp; $1.13 | &nbsp;&nbsp; $1.31 | &nbsp;&nbsp; $(0.41)<br>|
| Year Ended October 31, 2024 | 14.88 | 0.34 | 1.84 | 2.18 | &nbsp;&nbsp; (0.38)<br>|
| Year Ended October 31, 2023 | 14.07 | 0.35 | 0.80 | 1.15 | &nbsp;&nbsp; (0.34)<br>|
| Year Ended October 31, 2022 | 16.73 | 0.32 | &nbsp;&nbsp; (2.60)<br>| &nbsp;&nbsp; (2.28)<br>| &nbsp;&nbsp; (0.38)<br>|
| Year Ended October 31, 2021 | 14.12 | 0.30 | 2.58 | 2.88 | &nbsp;&nbsp; (0.27)<br>|
| Year Ended October 31, 2020 | 15.58 | 0.27 | &nbsp;&nbsp; (1.49)<br>| &nbsp;&nbsp; (1.22)<br>| &nbsp;&nbsp; (0.24)<br>|
| **Class C** |  |  |  |  |  |
| Six Months Ended April 30, 2025 (Unaudited) | 16.63 | 0.18 | 1.11 | 1.29 | &nbsp;&nbsp; (0.32)<br>|
| Year Ended October 31, 2024 | 14.87 | 0.26 | 1.84 | 2.10 | &nbsp;&nbsp; (0.34)<br>|
| Year Ended October 31, 2023 | 14.00 | 0.23 | 0.85 | 1.08 | &nbsp;&nbsp; (0.21)<br>|
| Year Ended October 31, 2022 | 16.68 | 0.20 | &nbsp;&nbsp; (2.56)<br>| &nbsp;&nbsp; (2.36)<br>| &nbsp;&nbsp; (0.32)<br>|
| Year Ended October 31, 2021 | 14.06 | 0.22 | 2.57 | 2.79 | &nbsp;&nbsp; (0.17)<br>|
| Year Ended October 31, 2020 | 15.53 | 0.20 | &nbsp;&nbsp; (1.50)<br>| &nbsp;&nbsp; (1.30)<br>| &nbsp;&nbsp; (0.17)<br>|
| **Class I** |  |  |  |  |  |
| Six Months Ended April 30, 2025 (Unaudited) | 16.83 | 0.21 | 1.13 | 1.34 | &nbsp;&nbsp; (0.46)<br>|
| Year Ended October 31, 2024 | 15.03 | 0.38 | 1.85 | 2.23 | &nbsp;&nbsp; (0.43)<br>|
| Year Ended October 31, 2023 | 14.16 | 0.36 | 0.84 | 1.20 | &nbsp;&nbsp; (0.33)<br>|
| Year Ended October 31, 2022 | 16.83 | 0.33 | &nbsp;&nbsp; (2.59)<br>| &nbsp;&nbsp; (2.26)<br>| &nbsp;&nbsp; (0.41)<br>|
| Year Ended October 31, 2021 | 14.18 | 0.32 | 2.61 | 2.93 | &nbsp;&nbsp; (0.28)<br>|
| Year Ended October 31, 2020 | 15.61 | 0.31 | &nbsp;&nbsp; (1.50)<br>| &nbsp;&nbsp; (1.19)<br>| &nbsp;&nbsp; (0.24)<br>|
| **Class R6** |  |  |  |  |  |
| Six Months Ended April 30, 2025 (Unaudited) | 16.88 | 0.22 | 1.15 | 1.37 | &nbsp;&nbsp; (0.50)<br>|
| Year Ended October 31, 2024 | 15.07 | 0.54 | 1.74 | 2.28 | &nbsp;&nbsp; (0.47)<br>|
| Year Ended October 31, 2023 | 14.20 | 0.38 | 0.86 | 1.24 | &nbsp;&nbsp; (0.37)<br>|
| Year Ended October 31, 2022 | 16.88 | 0.37 | &nbsp;&nbsp; (2.60)<br>| &nbsp;&nbsp; (2.23)<br>| &nbsp;&nbsp; (0.45)<br>|
| Year Ended October 31, 2021 | 14.22 | 0.39 | 2.59 | 2.98 | &nbsp;&nbsp; (0.32)<br>|
| Year Ended October 31, 2020 | 15.63 | 0.34 | &nbsp;&nbsp; (1.49)<br>| &nbsp;&nbsp; (1.15)<br>| &nbsp;&nbsp; (0.26)<br>|

---

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

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Calculated based upon average shares outstanding.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(e) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(f) Interest expense is 0.01%.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

66 J.P. Morgan International Equity Funds April 30, 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**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |
| &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)(c)(d)<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(e)<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(c)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $17.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $9240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.76<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13.89)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.35<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14.36)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8.47)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 183024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 160131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 133818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13.68)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 156582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 148703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7.78)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 135542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13.52)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 338 | &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;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7.53)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85 |

---

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

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan International Equity Funds 67

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**NOTES TO FINANCIAL STATEMENTS**

AS OF April 30, 2025 (Unaudited)

(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 7 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 |
| JPMorgan International Hedged Equity Fund | &nbsp;&nbsp; Class A, Class C, Class I, Class R5<sup>(1)</sup> and <br> Class R6<br>| JPM IV | Diversified |

---

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

 <br> <sup>(1)</sup> Liquidated on December 11, 2024.

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.

The investment objective of JPMorgan International Hedged Equity Fund ("International Hedged Equity Fund") is to seek to provide capital appreciation.

All share classes of Emerging Markets Equity Fund, Class L Shares of Developed International Value Fund and Europe Dynamic Fund and effective March 1, 2025, Class A and Class C Shares of International Hedged Equity Fund are publicly offered on a limited basis. Investors are not eligible to purchase shares of Emerging Markets Equity Fund, Class L Shares of Developed International Value Fund and Europe Dynamic Fund and Class A and Class C Shares of International Hedged Equity Fund unless they meet certain requirements as described in the Funds' prospectuses.

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. Effective March 1, 2025, no front-end sales charge is imposed on purchases of Class A Shares of International Hedged Equity Fund and no CDSC is imposed on redemptions of Class A and Class C Shares of International Hedged Equity Fund.

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

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

68 J.P. Morgan International Equity Funds April 30, 2025

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("GAAP"). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities, (ii) disclosure of contingent assets and liabilities at the date of the financial statements, and (iii) the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

**A. Valuation of Investments**— Investments are valued in accordance with GAAP and the Funds' valuation policies set forth by, and under the supervision and responsibility of, the Boards of Trustees of the Trusts (the "Boards"), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at their market value and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Boards.

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 and options are generally valued on the basis of available market quotations.

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

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

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

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

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

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

The following tables represent each valuation input as presented on the Schedules of Portfolio Investments ("SOIs"):

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

April 30, 2025 J.P. Morgan International Equity Funds 69

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

(Dollar values in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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; $45953 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $45953 |
| Austria | &nbsp;&nbsp;&nbsp;&nbsp; 1973 | &nbsp;&nbsp;&nbsp;&nbsp; 10048 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12021 |
| Belgium | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5707 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5707 |
| China | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5096 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5096 |
| Denmark | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8124 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8124 |
| Finland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13202 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13202 |
| France | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 74886 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 74886 |
| Georgia | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1648 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1648 |
| Germany | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 112694 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 112694 |
| Guatemala | &nbsp;&nbsp;&nbsp;&nbsp; 1224 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1224 |
| Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15316 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15316 |
| Ireland | &nbsp;&nbsp;&nbsp;&nbsp; 4914 | &nbsp;&nbsp;&nbsp;&nbsp; 7384 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12298 |
| Israel | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1987 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1987 |
| Italy | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 52885 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 52885 |
| Japan | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 197989 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 197989 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 30328 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 30328 |
| Norway | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14220 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14220 |
| Peru | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2119 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2119 |
| Portugal | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2900 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2900 |
| Singapore | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12114 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12114 |
| South Africa | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4677 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4677 |
| Spain | &nbsp;&nbsp;&nbsp;&nbsp; 2402 | &nbsp;&nbsp;&nbsp;&nbsp; 32850 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 35252 |
| Sweden | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 23015 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 23015 |
| Switzerland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 16090 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 16090 |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp; 2616 | &nbsp;&nbsp;&nbsp;&nbsp; 138390 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 141006 |
| United States | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 116175 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 116175 |
| Total Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 13129 | &nbsp;&nbsp;&nbsp;&nbsp; 945797 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 958926 |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 79922 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 79922 |
| Investment of Cash Collateral from Securities Loaned | &nbsp;&nbsp;&nbsp;&nbsp; 2248 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2248 |
| Total Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp; 82170 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 82170 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $95299 | &nbsp;&nbsp;&nbsp;&nbsp; $945797 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1041096 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $1315 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1315 |

---

&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; $56309 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $56309 |
| Brazil | &nbsp;&nbsp;&nbsp;&nbsp; 708217 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 708217 |
| China | &nbsp;&nbsp;&nbsp;&nbsp; 654847 | &nbsp;&nbsp;&nbsp;&nbsp; 935231 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1590078 |
| Greece | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 38102 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 38102 |

---

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

70 J.P. Morgan International Equity Funds April 30, 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** |
| Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $134595 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $134595 |
| India | &nbsp;&nbsp;&nbsp;&nbsp; 65665 | &nbsp;&nbsp;&nbsp;&nbsp; 996842 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1062507 |
| Indonesia | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 153306 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 153306 |
| Mexico | &nbsp;&nbsp;&nbsp;&nbsp; 207904 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 207904 |
| Panama | &nbsp;&nbsp;&nbsp;&nbsp; 43474 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 43474 |
| Portugal | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 95233 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 95233 |
| Singapore | &nbsp;&nbsp;&nbsp;&nbsp; 135087 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 135087 |
| South Africa | &nbsp;&nbsp;&nbsp;&nbsp; 57012 | &nbsp;&nbsp;&nbsp;&nbsp; 69268 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 126280 |
| South Korea | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 509742 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 509742 |
| Spain | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 144035 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 144035 |
| Taiwan | &nbsp;&nbsp;&nbsp;&nbsp; 454980 | &nbsp;&nbsp;&nbsp;&nbsp; 443212 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 898192 |
| Turkey | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 227802 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 227802 |
| United States | &nbsp;&nbsp;&nbsp;&nbsp; 137507 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 137507 |
| Total Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 2521002 | &nbsp;&nbsp;&nbsp;&nbsp; 3747368 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6268370 |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 5283 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5283 |
| Investment of Cash Collateral from Securities Loaned | &nbsp;&nbsp;&nbsp;&nbsp; 4253 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4253 |
| Total Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp; 9536 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9536 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $2530538 | &nbsp;&nbsp;&nbsp;&nbsp; $3747368 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $6277906 |

---

&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 |  |  |  |  |
| Austria | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1251 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1251 |
| Brazil | &nbsp;&nbsp;&nbsp;&nbsp; 112096 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 112096 |
| Chile | &nbsp;&nbsp;&nbsp;&nbsp; 6625 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6625 |
| China | &nbsp;&nbsp;&nbsp;&nbsp; 38563 | &nbsp;&nbsp;&nbsp;&nbsp; 585611 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 624174 |
| Colombia | &nbsp;&nbsp;&nbsp;&nbsp; 2599 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2599 |
| Czech Republic | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2330 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2330 |
| Greece | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20287 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20287 |
| Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1650 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1650 |
| Hungary | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12559 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12559 |
| India | &nbsp;&nbsp;&nbsp;&nbsp; 19445 | &nbsp;&nbsp;&nbsp;&nbsp; 369540 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 388985 |
| Indonesia | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 33783 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 33783 |
| Kazakhstan | &nbsp;&nbsp;&nbsp;&nbsp; 1824 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1824 |
| Kuwait | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5978 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5978 |
| Malaysia | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 16350 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 16350 |
| Mexico | &nbsp;&nbsp;&nbsp;&nbsp; 55068 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 55068 |
| Panama | &nbsp;&nbsp;&nbsp;&nbsp; 1673 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1673 |
| Peru | &nbsp;&nbsp;&nbsp;&nbsp; 9868 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9868 |
| Philippines | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7232 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7232 |
| Poland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15399 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15399 |
| Qatar | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9193 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9193 |
| 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; 9585 | &nbsp;&nbsp;&nbsp;&nbsp; 62549 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 72134 |

---

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

April 30, 2025 J.P. Morgan International Equity Funds 71

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF April 30, 2025 (Unaudited) (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** |
| South Africa | &nbsp;&nbsp;&nbsp;&nbsp; $10243 | &nbsp;&nbsp;&nbsp;&nbsp; $52487 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $62730 |
| South Korea | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 200852 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 200852 |
| Taiwan | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 344644 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 344644 |
| Thailand | &nbsp;&nbsp;&nbsp;&nbsp; 5310 | &nbsp;&nbsp;&nbsp;&nbsp; 17315 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 22625 |
| Turkey | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12564 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12564 |
| United Arab Emirates | &nbsp;&nbsp;&nbsp;&nbsp; 3949 | &nbsp;&nbsp;&nbsp;&nbsp; 25611 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 29560 |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5679 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5679 |
| United States | &nbsp;&nbsp;&nbsp;&nbsp; 3897 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3897 |
| Total Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 280745 | &nbsp;&nbsp;&nbsp;&nbsp; 1802864 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2083609 |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 2324 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2324 |
| Investment of Cash Collateral from Securities Loaned | &nbsp;&nbsp;&nbsp;&nbsp; 15320 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15320 |
| Total Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp; 17644 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17644 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $298389 | &nbsp;&nbsp;&nbsp;&nbsp; $1802864 | &nbsp;&nbsp;&nbsp;&nbsp; $—<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $2101253 |

---

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

(a) Amount rounds to less than one thousand.

&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 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $542465 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $542465 |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 27362 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 27362 |
| Investment of Cash Collateral from Securities Loaned | &nbsp;&nbsp;&nbsp;&nbsp; 22137 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 22137 |
| Total Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp; 49499 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 49499 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $49499 | &nbsp;&nbsp;&nbsp;&nbsp; $542465 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $591964 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $(61)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(61)<br>|

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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; $246781 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $246781 |
| Austria | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 49684 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 49684 |
| Belgium | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 54728 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 54728 |
| Denmark | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 93523 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 93523 |
| Finland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 69723 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 69723 |
| France | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 552516 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 552516 |
| Germany | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 524172 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 524172 |
| Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 73920 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 73920 |
| Ireland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 25136 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 25136 |
| Italy | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 72053 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 72053 |

---

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

72 J.P. Morgan International Equity Funds April 30, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **International Equity Fund** (continued) | **International Equity Fund** (continued) | **International 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** |
| Japan | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $891906 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $891906 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 256661 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 256661 |
| Singapore | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 98750 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 98750 |
| Spain | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 217397 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 217397 |
| Sweden | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 132640 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 132640 |
| Switzerland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 131494 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 131494 |
| Taiwan | &nbsp;&nbsp;&nbsp;&nbsp; 46648 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 46648 |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 761733 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 761733 |
| United States | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 360230 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 360230 |
| Total Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 46648 | &nbsp;&nbsp;&nbsp;&nbsp; 4613047 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4659695 |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 105116 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 105116 |
| Investment of Cash Collateral from Securities Loaned | &nbsp;&nbsp;&nbsp;&nbsp; 99417 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 99417 |
| Total Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp; 204533 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 204533 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $251181 | &nbsp;&nbsp;&nbsp;&nbsp; $4613047 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $4864228 |

---

&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; $22308 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $22308 |
| Belgium | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 31319 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 31319 |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp; 75672 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 75672 |
| China | &nbsp;&nbsp;&nbsp;&nbsp; 28018 | &nbsp;&nbsp;&nbsp;&nbsp; 82681 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 110699 |
| France | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 153732 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 153732 |
| Germany | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 120234 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 120234 |
| Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26651 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26651 |
| India | &nbsp;&nbsp;&nbsp;&nbsp; 66109 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 66109 |
| Indonesia | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20347 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20347 |
| Ireland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15139 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15139 |
| Italy | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26772 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26772 |
| Japan | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 200261 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 200261 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 30651 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 30651 |
| Saudi Arabia | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20173 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20173 |
| Singapore | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 44612 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 44612 |
| South Korea | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 16527 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 16527 |
| Spain | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 46776 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 46776 |
| Sweden | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 48282 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 48282 |
| Switzerland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 32186 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 32186 |
| Taiwan | &nbsp;&nbsp;&nbsp;&nbsp; 36754 | &nbsp;&nbsp;&nbsp;&nbsp; 25643 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 62397 |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 189804 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 189804 |
| United States | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 130447 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 130447 |
| Total Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 206553 | &nbsp;&nbsp;&nbsp;&nbsp; 1284545 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1491098 |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 11295 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11295 |

---

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

April 30, 2025 J.P. Morgan International Equity Funds 73

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF April 30, 2025 (Unaudited) (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** |
| Investment of Cash Collateral from Securities Loaned | &nbsp;&nbsp;&nbsp;&nbsp; $26332 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $26332 |
| Total Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp; 37627 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 37627 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $244180 | &nbsp;&nbsp;&nbsp;&nbsp; $1284545 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1528725 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **International Hedged Equity Fund**  | **International Hedged Equity Fund**  | **International Hedged 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; $13491 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $13491 |
| Belgium | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1359 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1359 |
| China | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 723 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 723 |
| Denmark | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5191 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5191 |
| Finland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1476 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1476 |
| France | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 24726 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 24726 |
| Germany | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 21795 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 21795 |
| Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3061 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3061 |
| Ireland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 555 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 555 |
| Italy | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4139 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4139 |
| Japan | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 46475 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 46475 |
| Macau | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 133 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 133 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8503 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8503 |
| New Zealand | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 172 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 172 |
| Singapore | &nbsp;&nbsp;&nbsp;&nbsp; 664 | &nbsp;&nbsp;&nbsp;&nbsp; 2097 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2761 |
| Spain | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6517 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6517 |
| Sweden | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4335 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4335 |
| Switzerland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7483 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7483 |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26682 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26682 |
| United States | &nbsp;&nbsp;&nbsp;&nbsp; 535 | &nbsp;&nbsp;&nbsp;&nbsp; 21708 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 22243 |
| Total Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 1199 | &nbsp;&nbsp;&nbsp;&nbsp; 200621 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 201820 |
| Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp; 885 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 885 |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 5042 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5042 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $7126 | &nbsp;&nbsp;&nbsp;&nbsp; $200621 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $207747 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $206 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $206 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Options Written |  |  |  |  |
| Call Options Written | &nbsp;&nbsp;&nbsp;&nbsp; $(3640)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(3640)<br>|
| Put Options Written | &nbsp;&nbsp;&nbsp;&nbsp; (183)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (183)<br>|
| **Total Net Appreciation/ Depreciation in Other** <br>**Financial Instruments**<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(3617)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(3617)<br>|

---

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

74 J.P. Morgan International Equity Funds April 30, 2025

------

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

**B. Restricted Securities**— Certain securities held by the Funds may be subject to legal or contractual restrictions on resale. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"). Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the NAVs of the Funds.

As of April 30, 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.

The following table presents for each lending Fund, the value of the securities on loan with Citibank, net of amounts available for offset under the master netting arrangements and any related collateral received or posted by the Funds as of April 30, 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; $2157 | &nbsp;&nbsp; $(2157)<br>| &nbsp;&nbsp; $— |
| Emerging Markets Equity Fund | &nbsp;&nbsp; 4115 | &nbsp;&nbsp; (4115)<br>| &nbsp;&nbsp; — |
| Emerging Markets Research Enhanced Equity Fund | &nbsp;&nbsp; 14986 | &nbsp;&nbsp; (14986)<br>| &nbsp;&nbsp; — |
| Europe Dynamic Fund | &nbsp;&nbsp; 19830 | &nbsp;&nbsp; (19830)<br>| &nbsp;&nbsp; — |
| International Equity Fund | &nbsp;&nbsp; 93201 | &nbsp;&nbsp; (93201)<br>| &nbsp;&nbsp; — |
| International Focus Fund | &nbsp;&nbsp; 25054 | &nbsp;&nbsp; (25054)<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.

International Hedged Equity Fund did not lend out any securities during the six months ended April 30, 2025.

**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.

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

April 30, 2025 J.P. Morgan International Equity Funds 75

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

(Dollar values in thousands)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 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>**April 30,** <br>**2025**<br>| **Shares at** <br>**April 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Prime Money Market Fund <br> Class Institutional Shares, 4.31% (a) (b)<br>| $31322 | $234274 | $185673 | $(1)<br>| $—<br> (c)<br>| $79922 | 79898 | $795 | $— |
| JPMorgan Securities Lending Money Market Fund <br> Agency SL Class Shares, 4.39% (a) (b)<br>| 1743 | 27221 | 26716 |  |  | 2248 | 2248 | 106<br> \*<br>|  |
| **Total** | $33065 | $261495 | $212389 | $(1)<br>| $—<br> (c)<br>| $82170 |  | $901 | $— |

---

&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 April 30, 2025.

(c) Amount rounds to less than one thousand.

\* Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank's fee).

&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 six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 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>**April 30,** <br>**2025**<br>| **Shares at** <br>**April 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Prime Money Market Fund <br> Class Institutional Shares, 4.31% (a) (b)<br>| $89919 | $1013740 | $1098382 | $2 | $4 | $5283 | 5281 | $746 | $— |
| JPMorgan Securities Lending Money Market Fund <br> Agency SL Class Shares, 4.39% (a) (b)<br>|  | 137485 | 133232 |  |  | 4253 | 4253 | 207<br> \*<br>|  |
| **Total** | $89919 | $1151225 | $1231614 | $2 | $4 | $9536 |  | $953 | $— |

---

&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 April 30, 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 six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 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>**April 30,** <br>**2025**<br>| **Shares at** <br>**April 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Prime Money Market Fund <br> Class Institutional Shares, 4.31% (a) (b)<br>| $47163 | $225920 | $270755 | $(9)<br>| $5 | $2324 | 2323 | $215 | $— |
| JPMorgan Securities Lending Money Market Fund <br> Agency SL Class Shares, 4.39% (a) (b)<br>| 25964 | 75506 | 86150 |  |  | 15320 | 15320 | 346<br> \*<br>|  |
| **Total** | $73127 | $301426 | $356905 | $(9)<br>| $5 | $17644 |  | $561 | $— |

---

&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 April 30, 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;

76 J.P. Morgan International Equity Funds April 30, 2025

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 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>**April 30,** <br>**2025**<br>| **Shares at** <br>**April 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Prime Money Market Fund <br> Class Institutional Shares, 4.31% (a) (b)<br>| $3146 | $174257 | $150035 | $(7)<br>| $1 | $27362 | 27353 | $254 | $— |
| JPMorgan Securities Lending Money Market Fund <br> Agency SL Class Shares, 4.39% (a) (b)<br>|  | 42351 | 20214 |  |  | 22137 | 22137 | 98<br> \*<br>|  |
| **Total** | $3146 | $216608 | $170249 | $(7)<br>| $1 | $49499 |  | $352 | $— |

---

&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 April 30, 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 six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 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>**April 30,** <br>**2025**<br>| **Shares at** <br>**April 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Prime Money Market Fund <br> Class Institutional Shares, 4.31% (a) (b)<br>| $90815 | $765726 | $751415 | $(20)<br>| $10 | $105116 | 105084 | $2005 | $— |
| JPMorgan Securities Lending Money Market Fund <br> Agency SL Class Shares, 4.39% (a) (b)<br>| 73806 | 350506 | 324895 |  |  | 99417 | 99417 | 513<br> \*<br>|  |
| **Total** | $164621 | $1116232 | $1076310 | $(20)<br>| $10 | $204533 |  | $2518 | $— |

---

&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 April 30, 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 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 six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 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>**April 30,** <br>**2025**<br>| **Shares at** <br>**April 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Prime Money Market Fund <br> Class Institutional Shares, 4.31% (a) (b)<br>| $26162 | $247119 | $261987 | $1 | $—<br> (c)<br>| $11295 | 11292 | $381 | $— |
| JPMorgan Securities Lending Money Market Fund <br> Agency SL Class Shares, 4.39% (a) (b)<br>| 49416 | 145940 | 169024 |  |  | 26332 | 26332 | 527<br> \*<br>|  |
| **Total** | $75578 | $393059 | $431011 | $1 | $—<br> (c)<br>| $37627 |  | $908 | $— |

---

&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 April 30, 2025.

(c) Amount rounds to less than one thousand.

\* Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank's fee).

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

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

April 30, 2025 J.P. Morgan International Equity Funds 77

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

(Dollar values in thousands)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **International Hedged Equity Fund**  | **International Hedged Equity Fund**  | **International Hedged Equity Fund**  | **International Hedged Equity Fund**  | **International Hedged Equity Fund**  | **International Hedged Equity Fund**  | **International Hedged Equity Fund**  | **International Hedged Equity Fund**  | **International Hedged Equity Fund**  | **International Hedged Equity Fund**  |
| **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 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>**April 30,** <br>**2025**<br>| **Shares at** <br>**April 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Prime Money Market Fund Class IM Shares, <br> 4.40% (a) (b)<br>| $1423 | $34096 | $30475 | $(1)<br>| $(1)<br>| $5042 | 5042 | $105 | $— |

---

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

 <br> (a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. <br> (b) The rate shown is the current yield as of April 30, 2025.

**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 period end and are included in Change in net unrealized appreciation/depreciation on foreign currency translations on the Statements of Operations.

**F. Options**— International Hedged Equity Fund purchased put and call options on securities to gain long or short exposure to the underlying instrument. A purchaser of a put option has the right, but not the obligation, to sell the underlying instrument at an agreed upon price ("strike price") to the option seller. A purchaser of a call option has the right, but not the obligation, to purchase the underlying instrument at the strike price from the option seller.

*Options Purchased*— Premiums paid by the Fund for options purchased are included on the Statements of Assets and Liabilities as Options purchased. The option is adjusted daily to reflect the current market value of the option and the change is recorded as Change in net unrealized appreciation/depreciation on options purchased on the Statements of Operations. If the option is allowed to expire, the Fund will lose the entire premium it paid and record a realized loss for the premium amount. Premiums paid for options purchased which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) or cost basis of the underlying investment.

*Options Written*— Premiums received by the Fund for options written are included on the Statements of Assets and Liabilities as a liability. The amount of the liability is adjusted daily to reflect the current market value of the option written and the change in market value is recorded as Change in net unrealized appreciation/depreciation of options written on the Statements of Operations. Premiums received from options written that expire are treated as realized gains. If a written option is closed, the Fund records a realized gain or loss on options written based on whether the cost of the closing transaction exceeds the premium received. If a call option is exercised by the option buyer, the premium received by the Fund is added to the proceeds from the sale of the underlying security to the option buyer and compared to the cost of the closing transaction to determine whether there has been a realized gain or loss. If a put option is exercised by an option buyer, the premium received by the option seller reduces the cost basis of the purchased security.

Written uncovered call options subject the Fund to unlimited risk of loss. Written covered call options limit the upside potential of a security above the strike price. Written put options subject the Fund to risk of loss if the value of the security declines below the exercise price minus the put premium.

The Fund is not subject to credit risk on options written as the counterparty has already performed its obligation by paying the premium at the inception of the contract.

The Fund's exchange-traded option contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).

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

78 J.P. Morgan International Equity Funds April 30, 2025

------

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

**G. Futures Contracts**— Developed International Value Fund, Emerging Markets Research Enhanced Equity Fund, Europe Dynamic Fund and International Hedged Equity 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.

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' options and futures contracts activity during the six months ended April 30, 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>| **International** <br>**Hedged** <br>**Equity Fund**<br>|
| **Futures Contracts:** |  |  |  |  |
| Average Notional Balance Long | &nbsp;&nbsp; $16800 | &nbsp;&nbsp; $8657 | &nbsp;&nbsp; $8455 | &nbsp;&nbsp; $4229 |
| Average Notional Balance Short | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (945)<br>| &nbsp;&nbsp; — |
| Ending Notional Balance Long | &nbsp;&nbsp; 46898 | &nbsp;&nbsp; — | &nbsp;&nbsp; 15178 | &nbsp;&nbsp; 6112 |
| **Exchange-Traded Options:** |  |  |  |  |
| Average Number of Contracts Purchased | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 776 |
| Average Number of Contracts Written | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1551)<br>|
| Ending Number of Contracts Purchased | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 831 |
| Ending Number of Contracts Written | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1662)<br>|

---

The Funds' derivatives contracts held at April 30, 2025 are not accounted for as hedging instruments under GAAP.

**H. 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.

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

April 30, 2025 J.P. Morgan International Equity Funds 79

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

(Dollar values in thousands)

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

**I. 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 six months ended April 30, 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  | $7 | $—<br> (a)<br>| $3 | $n/a | $—<br> (a)<br>| $n/a | $n/a | $n/a | $4 | $14 |
| **Emerging Markets Equity Fund** |  |  |  |  |  |  |  |  |  |  |
| Transfer agency fees  | 14 | 2 | 27 | 5 | —<br> (a)<br>| —<br> (a)<br>| —<br> (a)<br>| 1 | 55 | 104 |
| **Emerging Markets Research Enhanced Equity Fund** |  |  |  |  |  |  |  |  |  |  |
| Transfer agency fees  | n/a | n/a | 13 | n/a | n/a | n/a | n/a | n/a | 7 | 20 |
| **Europe Dynamic Fund** |  |  |  |  |  |  |  |  |  |  |
| Transfer agency fees  | 8 | 1 | 2 | —<br> (a)<br>| n/a | n/a | n/a | n/a | 1 | 12 |
| **International Equity Fund** |  |  |  |  |  |  |  |  |  |  |
| Transfer agency fees  | 13 | 1 | 13 | n/a | —<br> (a)<br>| n/a | n/a | —<br> (a)<br>| 18 | 45 |
| **International Focus Fund** |  |  |  |  |  |  |  |  |  |  |
| Transfer agency fees  | 7 | 2 | 13 | n/a | 1 | n/a | n/a | —<br> (a)<br>| 6 | 29 |
| **International Hedged Equity Fund** |  |  |  |  |  |  |  |  |  |  |
| Transfer agency fees  | 1 | —<br> (a)<br>| 1 | n/a | n/a | n/a | n/a | —<br> (a)<br>| —(a)<br>| 2 |

---

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

(a) Amount rounds to less than one thousand.

**J. Federal Income Taxes**— Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund's policy is to comply with the provisions of the Internal Revenue Code (the "Code") applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds' tax positions for all open tax years and has determined that as of April 30, 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.

**K. 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.

**L. 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.

**M. 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;

80 J.P. Morgan International Equity Funds April 30, 2025

------

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

**N. 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 |
| International Hedged Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 |

---

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 six months ended April 30, 2025, the effective annualized rate was 0.08% of each Fund's average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

The Administrator waived administration fees as outlined in Note 3.F.

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 |
| International Hedged Equity 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 |

---

Effective March 1, 2025, distribution fees on International Hedged Equity Fund's Class A and Class C Shares are voluntarily waived by the Distributor.

In addition, JPMDS is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the six months ended April 30, 2025, JPMDS retained the following:

---

| | | |
|:---|:---|:---|
|  | **Front-End Sales Charge** | **CDSC** |
| Developed International Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; $19 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Emerging Markets Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Europe Dynamic Fund | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| International Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

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

April 30, 2025 J.P. Morgan International Equity Funds 81

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

(Dollar values in thousands)

---

| | | |
|:---|:---|:---|
|  | **Front-End Sales Charge** | **CDSC** |
| International Focus Fund | &nbsp;&nbsp;&nbsp;&nbsp; $19 | &nbsp;&nbsp;&nbsp;&nbsp; $—<br> (a)<br>|
| International Hedged Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |

---

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

(a) Amount rounds to less than one thousand.

**D. Service Fees**— The Trusts, on behalf of the Funds, has entered into a Shareholder Servicing Agreement with JPMDS under which JPMDS provides certain support services to fund shareholders. For performing these services, JPMDS receives a fee with respect to all share classes, except Class R6 Shares which do not charge a service fee, that is accrued daily and paid monthly equal to a percentage of the average daily net assets as shown in the table below:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class I** | **Class 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 |
| International Hedged Equity <br> Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &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:

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

82 J.P. Morgan International Equity Funds April 30, 2025

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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<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 | &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 |
| International Hedged Equity <br> Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp; n/a<br> <sup>(1)</sup><br>|

---

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

<sup>(1)</sup> Prior to March 1, 2025, the expense limitation agreement was 0.35%. 

The expense limitation agreements were in effect for the six months ended April 30, 2025 and the contractual expense limitation percentages in the table above are in place until at least February 28, 2026.

For the six months ended April 30, 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** |  | **Voluntary Waivers** |
|  | **Investment** <br>**Advisory Fees**<br>| **Administration** <br>**Fees**<br>| **Service** <br>**Fees**<br>| **Total** | **Contractual** <br>**Reimbursements**<br>| **12b-1** |
| Developed International Value Fund | &nbsp;&nbsp; $344 | &nbsp;&nbsp; $229 | &nbsp;&nbsp; $114 | &nbsp;&nbsp; $687 | &nbsp;&nbsp; $4 | &nbsp;&nbsp; $— |
| Emerging Markets Equity Fund | &nbsp;&nbsp; 380 | &nbsp;&nbsp; 254 | &nbsp;&nbsp; 453 | &nbsp;&nbsp; 1087 | &nbsp;&nbsp; 55 | &nbsp;&nbsp; — |
| Emerging Markets Research Enhanced Equity Fund | &nbsp;&nbsp; 416 | &nbsp;&nbsp; 277 | &nbsp;&nbsp; 199 | &nbsp;&nbsp; 892 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Europe Dynamic Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| International Equity Fund | &nbsp;&nbsp; 1377 | &nbsp;&nbsp; 918 | &nbsp;&nbsp; 324 | &nbsp;&nbsp; 2619 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; — |
| International Focus Fund | &nbsp;&nbsp; 743 | &nbsp;&nbsp; 495 | &nbsp;&nbsp; 239 | &nbsp;&nbsp; 1477 | &nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp; — |
| International Hedged Equity Fund | &nbsp;&nbsp; 54 | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 38 | &nbsp;&nbsp; 128 | &nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp; 4 |

---

&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 six months ended April 30, 2025 were as follows:

---

| | |
|:---|:---|
| Developed International Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; $33 |
| Emerging Markets Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 37 |
| Emerging Markets Research Enhanced Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 13 |
| Europe Dynamic Fund | &nbsp;&nbsp;&nbsp;&nbsp; 9 |
| International Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 83 |
| International Focus Fund | &nbsp;&nbsp;&nbsp;&nbsp; 18 |
| International Hedged Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 3 |

---

**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.

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

April 30, 2025 J.P. Morgan International Equity Funds 83

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

(Dollar values in thousands)

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 six months ended April 30, 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 | $358325 | $100069 |
| Emerging Markets Equity Fund | 1218476 | 1881834 |
| Emerging Markets Research Enhanced Equity Fund | 518334 | 553646 |
| Europe Dynamic Fund | 291194 | 318196 |
| International Equity Fund | 1309235 | 1164947 |
| International Focus Fund | 445215 | 524293 |
| International Hedged Equity Fund | 33510 | 20450 |

---

During the six months ended April 30, 2025, there were no purchases or sales of U.S. Government securities.

**5. Federal Income Tax Matters** 

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at April 30, 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; $853704 | &nbsp;&nbsp;&nbsp;&nbsp; $206012 | &nbsp;&nbsp;&nbsp;&nbsp; $17305 | &nbsp;&nbsp;&nbsp;&nbsp; $188707 |
| Emerging Markets Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 4465092 | &nbsp;&nbsp;&nbsp;&nbsp; 2024310 | &nbsp;&nbsp;&nbsp;&nbsp; 211496 | &nbsp;&nbsp;&nbsp;&nbsp; 1812814 |
| Emerging Markets Research Enhanced Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 1764745 | &nbsp;&nbsp;&nbsp;&nbsp; 449881 | &nbsp;&nbsp;&nbsp;&nbsp; 113373 | &nbsp;&nbsp;&nbsp;&nbsp; 336508 |
| Europe Dynamic Fund | &nbsp;&nbsp;&nbsp;&nbsp; 479014 | &nbsp;&nbsp;&nbsp;&nbsp; 120459 | &nbsp;&nbsp;&nbsp;&nbsp; 7570 | &nbsp;&nbsp;&nbsp;&nbsp; 112889 |
| International Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 3560181 | &nbsp;&nbsp;&nbsp;&nbsp; 1324482 | &nbsp;&nbsp;&nbsp;&nbsp; 20435 | &nbsp;&nbsp;&nbsp;&nbsp; 1304047 |
| International Focus Fund | &nbsp;&nbsp;&nbsp;&nbsp; 1220186 | &nbsp;&nbsp;&nbsp;&nbsp; 336419 | &nbsp;&nbsp;&nbsp;&nbsp; 27880 | &nbsp;&nbsp;&nbsp;&nbsp; 308539 |
| International Hedged Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 154439 | &nbsp;&nbsp;&nbsp;&nbsp; 56374 | &nbsp;&nbsp;&nbsp;&nbsp; 6683 | &nbsp;&nbsp;&nbsp;&nbsp; 49691 |

---

At October 31, 2024, 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; $60587 | &nbsp;&nbsp;&nbsp;&nbsp; $13663 |
| Emerging Markets Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 357835 | &nbsp;&nbsp;&nbsp;&nbsp; 373096 |
| Emerging Markets Research Enhanced Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 144156 | &nbsp;&nbsp;&nbsp;&nbsp; 218730 |
| Europe Dynamic Fund | &nbsp;&nbsp;&nbsp;&nbsp; 85760 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| International Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 25800 | &nbsp;&nbsp;&nbsp;&nbsp; 83357 |
| International Focus Fund | &nbsp;&nbsp;&nbsp;&nbsp; 110706 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| International Hedged Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 8066 | &nbsp;&nbsp;&nbsp;&nbsp; 18984 |

---

During the year ended October 31, 2024, the following Funds utilized capital loss carryforwards as follows:

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

84 J.P. Morgan International Equity Funds April 30, 2025

------

---

| | | |
|:---|:---|:---|
|  | **Capital Loss Utilized**  | **Capital Loss Utilized**  |
|  | **Short-Term** | **Long-Term** |
| Developed International Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $21020 |
| Emerging Markets Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 30655 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Emerging Markets Research Enhanced Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 1302 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Europe Dynamic Fund | &nbsp;&nbsp;&nbsp;&nbsp; 53279 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| International Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 39433 | &nbsp;&nbsp;&nbsp;&nbsp; 57508 |
| International Focus Fund | &nbsp;&nbsp;&nbsp;&nbsp; 66818 | &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 had no borrowings outstanding from another fund, or loans outstanding to another fund, during the six months ended April 30, 2025. Average borrowings from the Facility during the six months ended April 30, 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>|
| Emerging Markets Equity Fund | &nbsp;&nbsp; $13571 | &nbsp;&nbsp;&nbsp;&nbsp; 5.10<br> %<br>| &nbsp;&nbsp; 24 | &nbsp;&nbsp; $44 |
| Emerging Markets Research Enhanced Equity Fund | &nbsp;&nbsp; 14550 | &nbsp;&nbsp;&nbsp;&nbsp;5.10 | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 54 |
| Europe Dynamic Fund | &nbsp;&nbsp; 8977 | &nbsp;&nbsp;&nbsp;&nbsp;5.05 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1 |
| International Equity Fund | &nbsp;&nbsp; 7885 | &nbsp;&nbsp;&nbsp;&nbsp;5.09 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 2 |

---

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 28, 2025.

The Funds had no borrowings outstanding from the unsecured, uncommitted credit facility during the six months ended April 30, 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 6, 2024, 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 six months ended April 30, 2025.

**7. Risks, Concentrations and Indemnifications**

In the normal course of business, the Funds enter into contracts that contain a variety of representations which provide general indemnifications. Each Fund's maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be brought against each Fund. However, based on experience, the Funds expect the risk of loss to be remote.

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

April 30, 2025 J.P. Morgan International Equity Funds 85

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

(Dollar values in thousands)

As of April 30, 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; 1 | &nbsp;&nbsp;&nbsp;&nbsp; 59.3<br> %<br>|
| Emerging Markets Equity Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;54.2 |
| Emerging Markets Research Enhanced Equity Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;18.8 |
| Europe Dynamic Fund | &nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp;58.5 | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;14.5 |
| International Equity Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;29.7 |
| International Focus Fund | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;10.5 | &nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;47.1 |
| International Hedged Equity Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;65.9 |

---

As of April 30, 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; 14.2<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 23.6<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 29.0<br> %<br>|
| Europe Dynamic Fund | &nbsp;&nbsp;&nbsp;&nbsp;52.1 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| International Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;28.8 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| International Focus Fund | &nbsp;&nbsp;&nbsp;&nbsp;14.8 | &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 April 30, 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>| **International** <br>**Hedged** <br>**Equity Fund**<br>|
| Brazil | —<br> %<br>| 11.3<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>|
| China |  | 25.3 | 29.9 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| France |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 14.0 | 11.6 | 10.2 | 11.9 |
| Germany | 10.8 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 25.6 | 11.0 | &nbsp;&nbsp; — | 10.5 |
| India |  | 16.9 | 18.6 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Japan | 19.1 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 18.7 | 13.3 | 22.4 |
| Taiwan |  | 14.3 | 16.5 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| United Kingdom | 13.6 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 12.6 | 16.0 | 12.6 | 12.8 |

---

As of April 30, 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

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

86 J.P. Morgan International Equity Funds April 30, 2025

------

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 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 underlying index or 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.

**8. Reorganization**

At a meeting held on February 11-13, 2025, the JPM IV Board agreed to consider the reorganization (the "Reorganization") of the International Hedged Equity Fund (the "Fund") into a newly created exchange-traded fund, JPMorgan International Hedged Equity Laddered Overlay ETF ("JPM International Hedged Equity Laddered ETF"), a series of J.P. Morgan Exchange-Traded Fund Trust. The Reorganization is expected to occur as of the close of business on or about July 11, 2025.

Following the Reorganization, the Fund's performance and financial history would be adopted by JPM International Hedged Equity Laddered ETF. JPM International Hedged Equity Laddered ETF's underlying equity portfolio will be managed in a substantially similar way, but the exchange-traded put and call options overlay strategy will be modified. Instead of buying the options at the beginning of the quarter and holding them for three months, the options will be "laddered" across the quarter so that normally there will be three three-months periods designed to mitigate potential risk.

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

April 30, 2025 J.P. Morgan International Equity Funds 87

------

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.

![](g934915img69f69e2b2.jpg)

------

![](g934915imgc38a33453.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. April 2025.

SAN-INTEQ-425

------

**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**

Not applicable.

------

Semi-Annual Financial Statements

J.P. Morgan Funds

April 30, 2025 (Unaudited)

JPMorgan Global Allocation Fund <br> JPMorgan Income Builder Fund

![](g935058img17e94a8a1.jpg)

------

**CONTENTS** 

---

| | |
|:---|:---|
| [Schedules of Portfolio Investments](#xx_0f70561b-00a4-4d23-8dfa-0525a55423b9_SOI-TOC-ScheduleofInvestments-884_1) | &nbsp;&nbsp; **1** |
| [Financial Statements](#xx_0f70561b-00a4-4d23-8dfa-0525a55423b9_FS-TOC-FinancialStatement-884_1) | &nbsp;&nbsp; **95** |
| [Financial Highlights](#xx_0f70561b-00a4-4d23-8dfa-0525a55423b9_FIHI-TOC-FinancialHighlights-884_2) | &nbsp;&nbsp; **104** |
| [Notes to Financial Statements](#xx_0f70561b-00a4-4d23-8dfa-0525a55423b9_NTF-NTFRunningFooter-884_1) | &nbsp;&nbsp; **110** |

---

**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 Global Allocation Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| **VALUE** <br>**($000)**<br>|
| **Common Stocks — 46.2%** | **Common Stocks — 46.2%** | **Common Stocks — 46.2%** |
| **Australia — 0.5%** | **Australia — 0.5%** | **Australia — 0.5%** |
| ANZ Group Holdings Ltd. | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 501 |
| APA Group | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 60 |
| Aristocrat Leisure Ltd. | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 212 |
| ASX Ltd. (a) | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 77 |
| BHP Group Ltd. | &nbsp;&nbsp; 45 | &nbsp;&nbsp; 1063 |
| BlueScope Steel Ltd. | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 59 |
| Brambles Ltd. | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 160 |
| CAR Group Ltd. | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 71 |
| Cochlear Ltd. | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 101 |
| Coles Group Ltd. | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 160 |
| Commonwealth Bank of Australia | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 1568 |
| Computershare Ltd. | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 121 |
| Fortescue Ltd. | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 154 |
| Glencore plc | &nbsp;&nbsp; 91 | &nbsp;&nbsp; 299 |
| Goodman Group, REIT | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 342 |
| GPT Group (The), REIT | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 50 |
| Insurance Australia Group Ltd. | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 109 |
| Lottery Corp. Ltd. (The) | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 65 |
| Macquarie Group Ltd. | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 393 |
| Medibank Pvt Ltd. | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 72 |
| National Australia Bank Ltd. | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 624 |
| Northern Star Resources Ltd. | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 147 |
| Origin Energy Ltd. | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 103 |
| Pro Medicus Ltd. | &nbsp;&nbsp; — | &nbsp;&nbsp; 74 |
| Qantas Airways Ltd. | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 37 |
| QBE Insurance Group Ltd. | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 183 |
| REA Group Ltd. | &nbsp;&nbsp; — | &nbsp;&nbsp; 74 |
| Reece Ltd. | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 20 |
| Rio Tinto Ltd. | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 244 |
| Rio Tinto plc | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 591 |
| Santos Ltd. | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 110 |
| Scentre Group, REIT | &nbsp;&nbsp; 46 | &nbsp;&nbsp; 106 |
| SGH Ltd. | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 58 |
| Sonic Healthcare Ltd. | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 67 |
| South32 Ltd. | &nbsp;&nbsp; 40 | &nbsp;&nbsp; 68 |
| Stockland, REIT | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 74 |
| Suncorp Group Ltd. | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 124 |
| Telstra Group Ltd. | &nbsp;&nbsp; 587 | &nbsp;&nbsp; 1694 |
| Transurban Group | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 246 |
| Treasury Wine Estates Ltd. | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 41 |
| Vicinity Ltd., REIT | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 51 |
| Washington H Soul Pattinson & Co. Ltd. | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 50 |
| Wesfarmers Ltd. | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 500 |
| Westpac Banking Corp. | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 633 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Australia — continued** | **Australia — continued** | **Australia — continued** |
| WiseTech Global Ltd. | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 92 |
| Woodside Energy Group Ltd. | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 218 |
| Woolworths Group Ltd. | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 217 |
|  |  | &nbsp;&nbsp; 12083 |
| **Austria — 0.0% ^** | **Austria — 0.0% ^** | **Austria — 0.0% ^** |
| Erste Group Bank AG | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 183 |
| Mondi plc | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 59 |
| OMV AG | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 67 |
| Verbund AG | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 46 |
|  |  | &nbsp;&nbsp; 355 |
| **Belgium — 0.1%** | **Belgium — 0.1%** | **Belgium — 0.1%** |
| Ageas SA | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 83 |
| Anheuser-Busch InBev SA | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 521 |
| D'ieteren Group | &nbsp;&nbsp; — | &nbsp;&nbsp; 38 |
| Groupe Bruxelles Lambert NV | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 60 |
| KBC Group NV | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 2393 |
| Lotus Bakeries NV (a) | &nbsp;&nbsp; — | &nbsp;&nbsp; 38 |
| Sofina SA | &nbsp;&nbsp; — | &nbsp;&nbsp; 38 |
| Syensqo SA | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 46 |
| UCB SA | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 204 |
|  |  | &nbsp;&nbsp; 3421 |
| **Brazil — 0.3%** | **Brazil — 0.3%** | **Brazil — 0.3%** |
| B3 SA - Brasil Bolsa Balcao | &nbsp;&nbsp; 356 | &nbsp;&nbsp; 836 |
| Banco BTG Pactual SA | &nbsp;&nbsp; 65 | &nbsp;&nbsp; 441 |
| Banco Santander Brasil SA | &nbsp;&nbsp; 138 | &nbsp;&nbsp; 719 |
| CCR SA | &nbsp;&nbsp; 156 | &nbsp;&nbsp; 369 |
| Localiza Rent a Car SA | &nbsp;&nbsp; 55 | &nbsp;&nbsp; 416 |
| MercadoLibre, Inc. \* | &nbsp;&nbsp; — | &nbsp;&nbsp; 998 |
| NU Holdings Ltd., Class A \* | &nbsp;&nbsp; 52 | &nbsp;&nbsp; 649 |
| Petroleo Brasileiro SA (Preference) | &nbsp;&nbsp; 222 | &nbsp;&nbsp; 1175 |
| Porto Seguro SA | &nbsp;&nbsp; 58 | &nbsp;&nbsp; 454 |
| Raia Drogasil SA | &nbsp;&nbsp; 115 | &nbsp;&nbsp; 401 |
| Telefonica Brasil SA | &nbsp;&nbsp; 126 | &nbsp;&nbsp; 614 |
| Yara International ASA | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 47 |
|  |  | &nbsp;&nbsp; 7119 |
| **Canada — 0.2%** | **Canada — 0.2%** | **Canada — 0.2%** |
| Alimentation Couche-Tard, Inc. | &nbsp;&nbsp; 32 | &nbsp;&nbsp; 1658 |
| Canadian Pacific Kansas City Ltd. | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 1245 |
| Intact Financial Corp. | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 2457 |
| Shopify, Inc., Class A \* | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 701 |
|  |  | &nbsp;&nbsp; 6061 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Funds 1

------

JPMorgan Global Allocation Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Chile — 0.0% ^** | **Chile — 0.0% ^** | **Chile — 0.0% ^** |
| Antofagasta plc | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 76 |
| **China — 1.9%** | **China — 1.9%** | **China — 1.9%** |
| Airtac International Group | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 515 |
| Alibaba Group Holding Ltd. | &nbsp;&nbsp; 425 | &nbsp;&nbsp; 6352 |
| Baoshan Iron & Steel Co. Ltd., Class A | &nbsp;&nbsp; 386 | &nbsp;&nbsp; 363 |
| BOC Hong Kong Holdings Ltd. | &nbsp;&nbsp; 33 | &nbsp;&nbsp; 135 |
| BYD Co. Ltd., Class H | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 268 |
| China CITIC Bank Corp. Ltd., Class H | &nbsp;&nbsp; 717 | &nbsp;&nbsp; 567 |
| China Construction Bank Corp., Class H | &nbsp;&nbsp; 2280 | &nbsp;&nbsp; 1873 |
| China Merchants Bank Co. Ltd., Class A | &nbsp;&nbsp; 195 | &nbsp;&nbsp; 1091 |
| China Resources Power Holdings Co. <br> Ltd.<br>| &nbsp;&nbsp; 150 | &nbsp;&nbsp; 362 |
| China Yangtze Power Co. Ltd., Class A | &nbsp;&nbsp; 142 | &nbsp;&nbsp; 578 |
| Contemporary Amperex Technology <br> Co. Ltd., Class A<br>| &nbsp;&nbsp; 12 | &nbsp;&nbsp; 396 |
| ENN Energy Holdings Ltd. | &nbsp;&nbsp; 66 | &nbsp;&nbsp; 517 |
| Full Truck Alliance Co. Ltd., ADR | &nbsp;&nbsp; 31 | &nbsp;&nbsp; 353 |
| Fuyao Glass Industry Group Co. Ltd., <br> Class H (b)<br>| &nbsp;&nbsp; 91 | &nbsp;&nbsp; 642 |
| H World Group Ltd. | &nbsp;&nbsp; 150 | &nbsp;&nbsp; 528 |
| Huatai Securities Co. Ltd., Class A | &nbsp;&nbsp; 183 | &nbsp;&nbsp; 405 |
| Inner Mongolia Yili Industrial Group <br> Co. Ltd., Class A<br>| &nbsp;&nbsp; 89 | &nbsp;&nbsp; 363 |
| Jiangsu Hengrui Pharmaceuticals Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 54 | &nbsp;&nbsp; 379 |
| KE Holdings, Inc., ADR | &nbsp;&nbsp; 33 | &nbsp;&nbsp; 678 |
| Kweichow Moutai Co. Ltd., Class A | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 554 |
| Lenovo Group Ltd. | &nbsp;&nbsp; 404 | &nbsp;&nbsp; 467 |
| Meituan \* (b) | &nbsp;&nbsp; 75 | &nbsp;&nbsp; 1248 |
| Midea Group Co. Ltd., Class A | &nbsp;&nbsp; 81 | &nbsp;&nbsp; 821 |
| NARI Technology Co. Ltd., Class A | &nbsp;&nbsp; 106 | &nbsp;&nbsp; 322 |
| NetEase, Inc. | &nbsp;&nbsp; 68 | &nbsp;&nbsp; 1472 |
| Nongfu Spring Co. Ltd., Class H (b) | &nbsp;&nbsp; 139 | &nbsp;&nbsp; 639 |
| PDD Holdings, Inc., ADR \* | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 1150 |
| PetroChina Co. Ltd., Class H | &nbsp;&nbsp; 750 | &nbsp;&nbsp; 573 |
| Ping An Insurance Group Co. of China <br> Ltd., Class H<br>| &nbsp;&nbsp; 177 | &nbsp;&nbsp; 1059 |
| Prosus NV | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 564 |
| Silergy Corp. | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 457 |
| Sinopharm Group Co. Ltd., Class H | &nbsp;&nbsp; 163 | &nbsp;&nbsp; 385 |
| SITC International Holdings Co. Ltd. | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 33 |
| Tencent Holdings Ltd. | &nbsp;&nbsp; 233 | &nbsp;&nbsp; 14278 |
| Wharf Holdings Ltd. (The) | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 23 |
| Wilmar International Ltd. | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 40 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **China — continued** | **China — continued** | **China — continued** |
| Xiaomi Corp., Class B \* (b) | &nbsp;&nbsp; 231 | &nbsp;&nbsp; 1476 |
| Xinyi Solar Holdings Ltd. | &nbsp;&nbsp; 764 | &nbsp;&nbsp; 254 |
| XPeng, Inc., Class A \* | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 332 |
| Yangzijiang Shipbuilding Holdings <br> Ltd. \*<br>| &nbsp;&nbsp; 23 | &nbsp;&nbsp; 39 |
| Yum China Holdings, Inc. | &nbsp;&nbsp; 136 | &nbsp;&nbsp; 5902 |
| Yum China Holdings, Inc. | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 810 |
| Zijin Mining Group Co. Ltd., Class H | &nbsp;&nbsp; 302 | &nbsp;&nbsp; 660 |
| ZTO Express Cayman, Inc. | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 368 |
|  |  | &nbsp;&nbsp; 50291 |
| **Denmark — 0.3%** | **Denmark — 0.3%** | **Denmark — 0.3%** |
| AP Moller - Maersk A/S, Class A | &nbsp;&nbsp; — | &nbsp;&nbsp; 44 |
| AP Moller - Maersk A/S, Class B | &nbsp;&nbsp; — | &nbsp;&nbsp; 69 |
| Carlsberg A/S, Class B (a) | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 115 |
| Coloplast A/S, Class B | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 126 |
| Danske Bank A/S | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 213 |
| Demant A/S \* | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 28 |
| DSV A/S | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 381 |
| Genmab A/S \* | &nbsp;&nbsp; — | &nbsp;&nbsp; 117 |
| Novo Nordisk A/S, Class B | &nbsp;&nbsp; 91 | &nbsp;&nbsp; 6102 |
| Novonesis Novozymes B | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 201 |
| Orsted A/S \* (a) (b) | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 59 |
| Pandora A/S | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 107 |
| ROCKWOOL A/S, Class B | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 38 |
| Tryg A/S | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 71 |
| Vestas Wind Systems A/S | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 118 |
| Zealand Pharma A/S \* (a) | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 40 |
|  |  | &nbsp;&nbsp; 7829 |
| **Finland — 0.1%** | **Finland — 0.1%** | **Finland — 0.1%** |
| Elisa OYJ | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 67 |
| Fortum OYJ | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 66 |
| Kesko OYJ, Class B | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 55 |
| Kone OYJ, Class B | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 185 |
| Metso OYJ (a) | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 59 |
| Neste OYJ (a) | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 39 |
| Nokia OYJ | &nbsp;&nbsp; 47 | &nbsp;&nbsp; 234 |
| Nordea Bank Abp | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 384 |
| Orion OYJ, Class B | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 60 |
| Sampo OYJ, Class A | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 213 |
| Stora Enso OYJ, Class R | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 47 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

2 J.P. Morgan Funds April 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Finland — continued** | **Finland — continued** | **Finland — continued** |
| UPM-Kymmene OYJ | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 124 |
| Wartsila OYJ Abp | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 82 |
|  |  | &nbsp;&nbsp; 1615 |
| **France — 2.0%** | **France — 2.0%** | **France — 2.0%** |
| Accor SA | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 84 |
| Aeroports de Paris SA | &nbsp;&nbsp; — | &nbsp;&nbsp; 38 |
| Air Liquide SA | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 4738 |
| Airbus SE | &nbsp;&nbsp; 37 | &nbsp;&nbsp; 6224 |
| Alstom SA \* | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 73 |
| Amundi SA (b) | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 43 |
| Arkema SA | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 38 |
| AXA SA \* | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 737 |
| BioMerieux | &nbsp;&nbsp; — | &nbsp;&nbsp; 49 |
| BNP Paribas SA | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 758 |
| Bollore SE | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 39 |
| Bouygues SA \* | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 73 |
| Bureau Veritas SA | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 89 |
| Capgemini SE | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 217 |
| Carrefour SA (a) | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 74 |
| Cie de Saint-Gobain SA | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 429 |
| Cie Generale des Etablissements <br> Michelin SCA<br>| &nbsp;&nbsp; 137 | &nbsp;&nbsp; 5026 |
| Covivio SA, REIT | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 27 |
| Credit Agricole SA | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 176 |
| Danone SA | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 488 |
| Dassault Aviation SA | &nbsp;&nbsp; — | &nbsp;&nbsp; 62 |
| Dassault Systemes SE | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 221 |
| Edenred SE | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 66 |
| Eiffage SA | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 82 |
| Engie SA | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 332 |
| EssilorLuxottica SA | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 753 |
| Eurazeo SE | &nbsp;&nbsp; — | &nbsp;&nbsp; 27 |
| FDJ UNITED (b) | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 32 |
| Gecina SA, REIT | &nbsp;&nbsp; — | &nbsp;&nbsp; 42 |
| Getlink SE | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 51 |
| Hermes International SCA | &nbsp;&nbsp; — | &nbsp;&nbsp; 765 |
| Ipsen SA | &nbsp;&nbsp; — | &nbsp;&nbsp; 39 |
| Kering SA (a) | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 133 |
| Klepierre SA, REIT | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 69 |
| Legrand SA | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 2095 |
| L'Oreal SA \* | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 934 |
| LVMH Moet Hennessy Louis Vuitton SE | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 12265 |
| Orange SA | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 238 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **France — continued** | **France — continued** | **France — continued** |
| Pernod Ricard SA | &nbsp;&nbsp; 43 | &nbsp;&nbsp; 4620 |
| Publicis Groupe SA | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 205 |
| Renault SA | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 90 |
| Rexel SA | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 55 |
| Safran SA | &nbsp;&nbsp; 31 | &nbsp;&nbsp; 8361 |
| Sartorius Stedim Biotech | &nbsp;&nbsp; — | &nbsp;&nbsp; 61 |
| Societe Generale SA | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 330 |
| Sodexo SA | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 49 |
| Teleperformance SE | &nbsp;&nbsp; — | &nbsp;&nbsp; 52 |
| Thales SA | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 228 |
| TotalEnergies SE | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 1081 |
| Unibail-Rodamco-Westfield, REIT | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 90 |
| Veolia Environnement SA (a) | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 226 |
| Vinci SA | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 2078 |
|  |  | &nbsp;&nbsp; 55152 |
| **Germany — 1.8%** | **Germany — 1.8%** | **Germany — 1.8%** |
| adidas AG | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 346 |
| Allianz SE (Registered) | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 1404 |
| BASF SE \* | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 401 |
| Bayer AG (Registered) | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 226 |
| Bayerische Motoren Werke AG | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 216 |
| Bayerische Motoren Werke AG <br> (Preference)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 40 |
| Beiersdorf AG | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 123 |
| Brenntag SE | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 72 |
| Commerzbank AG | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 220 |
| Continental AG | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 76 |
| Covestro AG \* (b) | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 107 |
| CTS Eventim AG & Co. KGaA | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 65 |
| Daimler Truck Holding AG | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 168 |
| Deutsche Bank AG (Registered) | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 427 |
| Deutsche Boerse AG | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 5412 |
| Deutsche Lufthansa AG (Registered) | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 38 |
| Deutsche Post AG | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 361 |
| Deutsche Telekom AG (Registered) | &nbsp;&nbsp; 115 | &nbsp;&nbsp; 4131 |
| Dr Ing hc F Porsche AG <br> (Preference) (b)<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; 50 |
| E.ON SE | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 345 |
| Evonik Industries AG | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 51 |
| Fresenius Medical Care AG | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 92 |
| Fresenius SE & Co. KGaA \* | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 176 |
| GEA Group AG | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 89 |
| Hannover Rueck SE | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 170 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Funds 3

------

JPMorgan Global Allocation Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (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** |
| Heidelberg Materials AG | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 240 |
| Henkel AG & Co. KGaA | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 64 |
| Henkel AG & Co. KGaA (Preference) | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 116 |
| Infineon Technologies AG | &nbsp;&nbsp; 45 | &nbsp;&nbsp; 1503 |
| Knorr-Bremse AG | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 63 |
| LEG Immobilien SE | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 55 |
| Mercedes-Benz Group AG | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 380 |
| Merck KGaA | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 158 |
| MTU Aero Engines AG | &nbsp;&nbsp; — | &nbsp;&nbsp; 164 |
| Muenchener Rueckversicherungs-<br> Gesellschaft AG (Registered) \*<br>| &nbsp;&nbsp; 22 | &nbsp;&nbsp; 14913 |
| Nemetschek SE | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 67 |
| Porsche Automobil Holding SE <br> (Preference)<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; 55 |
| Puma SE | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 24 |
| Rational AG | &nbsp;&nbsp; — | &nbsp;&nbsp; 39 |
| Rheinmetall AG | &nbsp;&nbsp; — | &nbsp;&nbsp; 652 |
| RWE AG | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 216 |
| SAP SE | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 2686 |
| Sartorius AG (Preference) | &nbsp;&nbsp; — | &nbsp;&nbsp; 60 |
| Scout24 SE (b) | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 79 |
| Siemens AG (Registered) | &nbsp;&nbsp; 44 | &nbsp;&nbsp; 10059 |
| Siemens Energy AG \* | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 434 |
| Siemens Healthineers AG (b) | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 134 |
| Symrise AG | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 135 |
| Talanx AG | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 65 |
| Volkswagen AG (Preference) | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 197 |
| Vonovia SE | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 216 |
| Zalando SE \* (b) | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 72 |
|  |  | &nbsp;&nbsp; 47652 |
| **Greece — 0.1%** | **Greece — 0.1%** | **Greece — 0.1%** |
| National Bank of Greece SA | &nbsp;&nbsp; 65 | &nbsp;&nbsp; 685 |
| Piraeus Financial Holdings SA | &nbsp;&nbsp; 113 | &nbsp;&nbsp; 637 |
|  |  | &nbsp;&nbsp; 1322 |
| **Hong Kong — 0.5%** | **Hong Kong — 0.5%** | **Hong Kong — 0.5%** |
| AIA Group Ltd. | &nbsp;&nbsp; 451 | &nbsp;&nbsp; 3381 |
| CK Asset Holdings Ltd. | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 69 |
| CK Infrastructure Holdings Ltd. | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 37 |
| CLP Holdings Ltd. | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 124 |
| Futu Holdings Ltd., ADR | &nbsp;&nbsp; — | &nbsp;&nbsp; 45 |
| Hang Seng Bank Ltd. | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 92 |
| Henderson Land Development Co. Ltd. | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 37 |
| HKT Trust & HKT Ltd. | &nbsp;&nbsp; 33 | &nbsp;&nbsp; 47 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Hong Kong — continued** | **Hong Kong — continued** | **Hong Kong — continued** |
| Hong Kong & China Gas Co. Ltd. | &nbsp;&nbsp; 98 | &nbsp;&nbsp; 89 |
| Hong Kong Exchanges & Clearing Ltd. | &nbsp;&nbsp; 178 | &nbsp;&nbsp; 7781 |
| Hongkong Land Holdings Ltd. | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 47 |
| Jardine Matheson Holdings Ltd. | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 62 |
| Link, REIT | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 107 |
| MTR Corp. Ltd. | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 47 |
| Power Assets Holdings Ltd. | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 79 |
| Prudential plc | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 248 |
| Sino Land Co. Ltd. | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 37 |
| Sun Hung Kai Properties Ltd. | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 119 |
| Swire Pacific Ltd., Class A | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 30 |
| Techtronic Industries Co. Ltd. | &nbsp;&nbsp; 45 | &nbsp;&nbsp; 458 |
| WH Group Ltd. (b) | &nbsp;&nbsp; 74 | &nbsp;&nbsp; 66 |
| Wharf Real Estate Investment Co. Ltd. | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 36 |
|  |  | &nbsp;&nbsp; 13038 |
| **Hungary — 0.0% ^** | **Hungary — 0.0% ^** | **Hungary — 0.0% ^** |
| OTP Bank Nyrt. | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 916 |
| **India — 0.9%** | **India — 0.9%** | **India — 0.9%** |
| Axis Bank Ltd. | &nbsp;&nbsp; 65 | &nbsp;&nbsp; 917 |
| Bajaj Auto Ltd. | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 386 |
| Bajaj Finance Ltd. | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 1218 |
| Bharat Electronics Ltd. | &nbsp;&nbsp; 159 | &nbsp;&nbsp; 590 |
| Bharti Airtel Ltd. | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 514 |
| Biocon Ltd. | &nbsp;&nbsp; 124 | &nbsp;&nbsp; 474 |
| Blue Star Ltd. | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 348 |
| Coforge Ltd. | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 354 |
| Dr Reddy's Laboratories Ltd., ADR | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 341 |
| Godrej Consumer Products Ltd. | &nbsp;&nbsp; 42 | &nbsp;&nbsp; 622 |
| Havells India Ltd. | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 563 |
| HDFC Bank Ltd., ADR | &nbsp;&nbsp; 76 | &nbsp;&nbsp; 5538 |
| Hindalco Industries Ltd. | &nbsp;&nbsp; 55 | &nbsp;&nbsp; 405 |
| ICICI Bank Ltd., ADR | &nbsp;&nbsp; 53 | &nbsp;&nbsp; 1766 |
| Infosys Ltd., ADR (a) | &nbsp;&nbsp; 156 | &nbsp;&nbsp; 2752 |
| ITC Ltd. | &nbsp;&nbsp; 96 | &nbsp;&nbsp; 483 |
| Mahindra & Mahindra Ltd. | &nbsp;&nbsp; 38 | &nbsp;&nbsp; 1304 |
| Maruti Suzuki India Ltd. | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 462 |
| Max Financial Services Ltd. \* | &nbsp;&nbsp; 48 | &nbsp;&nbsp; 746 |
| NTPC Ltd. | &nbsp;&nbsp; 110 | &nbsp;&nbsp; 459 |
| PB Fintech Ltd. \* | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 325 |
| REC Ltd. | &nbsp;&nbsp; 52 | &nbsp;&nbsp; 257 |
| Reliance Industries Ltd., GDR (c) | &nbsp;&nbsp; 32 | &nbsp;&nbsp; 2091 |
| Shriram Finance Ltd. | &nbsp;&nbsp; 97 | &nbsp;&nbsp; 702 |
| Tata Motors Ltd. | &nbsp;&nbsp; 44 | &nbsp;&nbsp; 333 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

4 J.P. Morgan Funds April 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **India — continued** | **India — continued** | **India — continued** |
| Tata Steel Ltd., GDR (b) | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 367 |
| UltraTech Cement Ltd. | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 724 |
|  |  | &nbsp;&nbsp; 25041 |
| **Indonesia — 0.2%** | **Indonesia — 0.2%** | **Indonesia — 0.2%** |
| Bank Central Asia Tbk. PT | &nbsp;&nbsp; 4326 | &nbsp;&nbsp; 2300 |
| Bank Mandiri Persero Tbk. PT | &nbsp;&nbsp; 1418 | &nbsp;&nbsp; 419 |
| Bank Rakyat Indonesia Persero Tbk. <br> PT<br>| &nbsp;&nbsp; 2605 | &nbsp;&nbsp; 603 |
| Telkom Indonesia Persero Tbk. PT | &nbsp;&nbsp; 3655 | &nbsp;&nbsp; 576 |
|  |  | &nbsp;&nbsp; 3898 |
| **Ireland — 0.2%** | **Ireland — 0.2%** | **Ireland — 0.2%** |
| Accenture plc, Class A | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 2684 |
| AerCap Holdings NV | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 2175 |
| AIB Group plc | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 124 |
| Bank of Ireland Group plc | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 103 |
| Kerry Group plc, Class A | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 124 |
| Kerry Group plc, Class A | &nbsp;&nbsp; — | &nbsp;&nbsp; 16 |
| Kingspan Group plc | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 1171 |
| Kingspan Group plc | &nbsp;&nbsp; — | &nbsp;&nbsp; 12 |
|  |  | &nbsp;&nbsp; 6409 |
| **Israel — 0.1%** | **Israel — 0.1%** | **Israel — 0.1%** |
| Azrieli Group Ltd. | &nbsp;&nbsp; — | &nbsp;&nbsp; 27 |
| Bank Hapoalim BM | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 163 |
| Bank Leumi Le-Israel BM | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 188 |
| Check Point Software Technologies <br> Ltd. \*<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; 170 |
| Elbit Systems Ltd. | &nbsp;&nbsp; — | &nbsp;&nbsp; 90 |
| Global-e Online Ltd. \* | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 32 |
| ICL Group Ltd. | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 45 |
| Israel Discount Bank Ltd., Class A | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 81 |
| Mizrahi Tefahot Bank Ltd. | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 69 |
| Nice Ltd. \* | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 86 |
| Nova Ltd. \* | &nbsp;&nbsp; — | &nbsp;&nbsp; 50 |
| Teva Pharmaceutical Industries Ltd., <br> ADR \*<br>| &nbsp;&nbsp; 10 | &nbsp;&nbsp; 153 |
| Wix.com Ltd. \* | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 79 |
|  |  | &nbsp;&nbsp; 1233 |
| **Italy — 0.4%** | **Italy — 0.4%** | **Italy — 0.4%** |
| Amplifon SpA | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 21 |
| Banco BPM SpA | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 126 |
| BPER Banca SpA (a) | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 71 |
| Coca-Cola HBC AG | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 99 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Italy — continued** | **Italy — continued** | **Italy — continued** |
| Davide Campari-Milano NV (a) | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 36 |
| DiaSorin SpA | &nbsp;&nbsp; — | &nbsp;&nbsp; 22 |
| Enel SpA | &nbsp;&nbsp; 72 | &nbsp;&nbsp; 620 |
| Eni SpA | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 269 |
| Ferrari NV | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 507 |
| FinecoBank Banca Fineco SpA | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 107 |
| Generali | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 303 |
| Infrastrutture Wireless Italiane SpA (b) | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 34 |
| Intesa Sanpaolo SpA | &nbsp;&nbsp; 133 | &nbsp;&nbsp; 710 |
| Leonardo SpA | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 185 |
| Mediobanca Banca di Credito <br> Finanziario SpA<br>| &nbsp;&nbsp; 4 | &nbsp;&nbsp; 90 |
| Moncler SpA | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 127 |
| Nexi SpA \* (a) (b) | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 25 |
| Poste Italiane SpA (b) | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 82 |
| Prysmian SpA | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 136 |
| Recordati Industria Chimica e <br> Farmaceutica SpA<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; 60 |
| Snam SpA | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 102 |
| Telecom Italia SpA \* | &nbsp;&nbsp; 86 | &nbsp;&nbsp; 34 |
| Terna - Rete Elettrica Nazionale | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 123 |
| UniCredit SpA | &nbsp;&nbsp; 105 | &nbsp;&nbsp; 6097 |
| Unipol Assicurazioni SpA | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 57 |
|  |  | &nbsp;&nbsp; 10043 |
| **Japan — 2.6%** | **Japan — 2.6%** | **Japan — 2.6%** |
| Advantest Corp. | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 280 |
| Aeon Co. Ltd. | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 169 |
| AGC, Inc. | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 53 |
| Aisin Corp. | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 58 |
| Ajinomoto Co., Inc. | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 164 |
| ANA Holdings, Inc. | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 27 |
| Asahi Group Holdings Ltd. | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 176 |
| Asahi Kasei Corp. | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 77 |
| Asics Corp. | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 123 |
| Astellas Pharma, Inc. | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 159 |
| Bandai Namco Holdings, Inc. | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 181 |
| Bridgestone Corp. | &nbsp;&nbsp; 94 | &nbsp;&nbsp; 3952 |
| Canon, Inc. | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 253 |
| Capcom Co. Ltd. | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 87 |
| Central Japan Railway Co. | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 143 |
| Chiba Bank Ltd. (The) | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 44 |
| Chubu Electric Power Co., Inc. | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 74 |
| Chugai Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 340 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Funds 5

------

JPMorgan Global Allocation Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Japan — continued** | **Japan — continued** | **Japan — continued** |
| Concordia Financial Group Ltd. | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 59 |
| Dai Nippon Printing Co. Ltd. | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 47 |
| Daifuku Co. Ltd. | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 74 |
| Dai-ichi Life Holdings, Inc. | &nbsp;&nbsp; 32 | &nbsp;&nbsp; 231 |
| Daiichi Sankyo Co. Ltd. | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 394 |
| Daikin Industries Ltd. | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 262 |
| Daito Trust Construction Co. Ltd. | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 56 |
| Daiwa House Industry Co. Ltd. | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 177 |
| Daiwa Securities Group, Inc. | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 77 |
| Denso Corp. | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 214 |
| Dentsu Group, Inc. | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 38 |
| Disco Corp. | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 3231 |
| East Japan Railway Co. | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 173 |
| Eisai Co. Ltd. | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 66 |
| ENEOS Holdings, Inc. | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 116 |
| FANUC Corp. | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 211 |
| Fast Retailing Co. Ltd. | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 559 |
| Fuji Electric Co. Ltd. | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 53 |
| FUJIFILM Holdings Corp. | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 201 |
| Fujikura Ltd. | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 82 |
| Fujitsu Ltd. | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 344 |
| Hankyu Hanshin Holdings, Inc. | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 57 |
| Hikari Tsushin, Inc. | &nbsp;&nbsp; — | &nbsp;&nbsp; 55 |
| Hitachi Ltd. | &nbsp;&nbsp; 41 | &nbsp;&nbsp; 1008 |
| Honda Motor Co. Ltd. | &nbsp;&nbsp; 39 | &nbsp;&nbsp; 402 |
| Hoshizaki Corp. | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 43 |
| Hoya Corp. | &nbsp;&nbsp; 59 | &nbsp;&nbsp; 6895 |
| Hulic Co. Ltd. | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 43 |
| Idemitsu Kosan Co. Ltd. | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 50 |
| Inpex Corp. | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 96 |
| Isuzu Motors Ltd. | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 67 |
| ITOCHU Corp. | &nbsp;&nbsp; 54 | &nbsp;&nbsp; 2751 |
| Japan Airlines Co. Ltd. | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 24 |
| Japan Exchange Group, Inc. | &nbsp;&nbsp; 395 | &nbsp;&nbsp; 4396 |
| Japan Post Bank Co. Ltd. | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 163 |
| Japan Post Holdings Co. Ltd. | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 164 |
| Japan Post Insurance Co. Ltd. | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 34 |
| Japan Tobacco, Inc. | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 327 |
| JFE Holdings, Inc. | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 59 |
| Kajima Corp. | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 84 |
| Kansai Electric Power Co., Inc. (The) | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 102 |
| Kao Corp. | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 176 |
| Kawasaki Kisen Kaisha Ltd. | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 45 |
| KDDI Corp. | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 479 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Japan — continued** | **Japan — continued** | **Japan — continued** |
| Keyence Corp. | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 8236 |
| Kikkoman Corp. | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 59 |
| Kirin Holdings Co. Ltd. | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 103 |
| Kobe Bussan Co. Ltd. | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 40 |
| Komatsu Ltd. | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 228 |
| Konami Group Corp. | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 129 |
| Kubota Corp. | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 100 |
| Kyocera Corp. | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 134 |
| Kyowa Kirin Co. Ltd. | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 33 |
| Lasertec Corp. | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 65 |
| LY Corp. | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 95 |
| M3, Inc. | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 49 |
| Makita Corp. | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 61 |
| Marubeni Corp. | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 220 |
| MatsukiyoCocokara & Co. | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 53 |
| MEIJI Holdings Co. Ltd. | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 52 |
| MINEBEA MITSUMI, Inc. | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 47 |
| Mitsubishi Chemical Group Corp. | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 58 |
| Mitsubishi Corp. | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 571 |
| Mitsubishi Electric Corp. | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 323 |
| Mitsubishi Estate Co. Ltd. | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 163 |
| Mitsubishi HC Capital, Inc. | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 54 |
| Mitsubishi Heavy Industries Ltd. | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 556 |
| Mitsubishi UFJ Financial Group, Inc. | &nbsp;&nbsp; 216 | &nbsp;&nbsp; 2724 |
| Mitsui & Co. Ltd. | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 449 |
| Mitsui Fudosan Co. Ltd. | &nbsp;&nbsp; 217 | &nbsp;&nbsp; 2150 |
| Mitsui OSK Lines Ltd. | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 100 |
| Mizuho Financial Group, Inc. | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 530 |
| MonotaRO Co. Ltd. | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 42 |
| MS&AD Insurance Group Holdings, Inc. | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 257 |
| Murata Manufacturing Co. Ltd. | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 209 |
| NEC Corp. | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 268 |
| Nexon Co. Ltd. | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 47 |
| NIDEC Corp. | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 130 |
| Nintendo Co. Ltd. | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 805 |
| Nippon Building Fund, Inc., REIT | &nbsp;&nbsp; — | &nbsp;&nbsp; 62 |
| Nippon Paint Holdings Co. Ltd. | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 63 |
| Nippon Sanso Holdings Corp. | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 48 |
| Nippon Steel Corp. | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 179 |
| Nippon Telegraph & Telephone Corp. | &nbsp;&nbsp; 263 | &nbsp;&nbsp; 275 |
| Nippon Yusen KK | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 127 |
| Nissan Motor Co. Ltd. \* | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 47 |
| Nissin Foods Holdings Co. Ltd. | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 37 |
| Nitori Holdings Co. Ltd. | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 83 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

6 J.P. Morgan Funds April 30, 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** |
| Nitto Denko Corp. | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 109 |
| Nomura Holdings, Inc. | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 147 |
| Nomura Research Institute Ltd. | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 125 |
| NTT Data Group Corp. | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 109 |
| Obayashi Corp. | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 88 |
| Obic Co. Ltd. | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 98 |
| Olympus Corp. | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 128 |
| Omron Corp. | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 45 |
| Ono Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 38 |
| Oracle Corp. | &nbsp;&nbsp; — | &nbsp;&nbsp; 36 |
| Oriental Land Co. Ltd. | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 201 |
| ORIX Corp. | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 203 |
| Osaka Gas Co. Ltd. | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 81 |
| Otsuka Corp. | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 44 |
| Otsuka Holdings Co. Ltd. | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 190 |
| Pan Pacific International Holdings <br> Corp.<br>| &nbsp;&nbsp; 3 | &nbsp;&nbsp; 105 |
| Panasonic Holdings Corp. | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 235 |
| Rakuten Group, Inc. \* | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 78 |
| Recruit Holdings Co. Ltd. | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 682 |
| Renesas Electronics Corp. | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 174 |
| Resona Holdings, Inc. | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 148 |
| Ricoh Co. Ltd. | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 48 |
| SBI Holdings, Inc. | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 63 |
| SCREEN Holdings Co. Ltd. | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 47 |
| SCSK Corp. | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 37 |
| Secom Co. Ltd. | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 136 |
| Seiko Epson Corp. | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 35 |
| Sekisui Chemical Co. Ltd. | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 58 |
| Sekisui House Ltd. | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 120 |
| Seven & i Holdings Co. Ltd. | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 287 |
| SG Holdings Co. Ltd. | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 29 |
| Shimadzu Corp. | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 54 |
| Shimano, Inc. | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 99 |
| Shin-Etsu Chemical Co. Ltd. | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 478 |
| Shionogi & Co. Ltd. | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 111 |
| Shiseido Co. Ltd. | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 58 |
| SMC Corp. | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 162 |
| SoftBank Corp. | &nbsp;&nbsp; 252 | &nbsp;&nbsp; 381 |
| SoftBank Group Corp. | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 425 |
| Sompo Holdings, Inc. | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 256 |
| Sony Group Corp. | &nbsp;&nbsp; 198 | &nbsp;&nbsp; 5232 |
| Subaru Corp. | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 94 |
| Sumitomo Corp. | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 234 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Japan — continued** | **Japan — continued** | **Japan — continued** |
| Sumitomo Electric Industries Ltd. | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 101 |
| Sumitomo Metal Mining Co. Ltd. | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 49 |
| Sumitomo Mitsui Financial Group, Inc. | &nbsp;&nbsp; 33 | &nbsp;&nbsp; 783 |
| Sumitomo Mitsui Trust Group, Inc. | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 141 |
| Sumitomo Realty & Development Co. <br> Ltd.<br>| &nbsp;&nbsp; 3 | &nbsp;&nbsp; 101 |
| Suntory Beverage & Food Ltd. | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 42 |
| Suzuki Motor Corp. | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 165 |
| Sysmex Corp. | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 82 |
| T&D Holdings, Inc. | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 91 |
| Taisei Corp. | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 76 |
| Takeda Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 423 |
| TDK Corp. | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 182 |
| Terumo Corp. | &nbsp;&nbsp; 52 | &nbsp;&nbsp; 988 |
| TIS, Inc. | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 55 |
| Toho Co. Ltd. | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 57 |
| Tokio Marine Holdings, Inc. | &nbsp;&nbsp; 72 | &nbsp;&nbsp; 2882 |
| Tokyo Electron Ltd. | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 581 |
| Tokyo Gas Co. Ltd. | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 103 |
| Tokyo Metro Co. Ltd. | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 33 |
| Tokyu Corp. | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 57 |
| TOPPAN Holdings, Inc. | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 59 |
| Toray Industries, Inc. | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 78 |
| Toyota Industries Corp. | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 164 |
| Toyota Motor Corp. | &nbsp;&nbsp; 83 | &nbsp;&nbsp; 1591 |
| Toyota Tsusho Corp. | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 111 |
| Trend Micro, Inc. | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 79 |
| Unicharm Corp. | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 91 |
| West Japan Railway Co. | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 82 |
| Yakult Honsha Co. Ltd. | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 47 |
| Yamaha Motor Co. Ltd. | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 64 |
| Yaskawa Electric Corp. | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 42 |
| Yokogawa Electric Corp. | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 43 |
| Zensho Holdings Co. Ltd. | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 49 |
| ZOZO, Inc. | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 37 |
|  |  | &nbsp;&nbsp; 71643 |
| **Jordan — 0.0% ^** | **Jordan — 0.0% ^** | **Jordan — 0.0% ^** |
| Hikma Pharmaceuticals plc | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 39 |
| **Kazakhstan — 0.0% ^** | **Kazakhstan — 0.0% ^** | **Kazakhstan — 0.0% ^** |
| Kaspi.KZ JSC, ADR | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 425 |
| **Luxembourg — 0.0% ^** | **Luxembourg — 0.0% ^** | **Luxembourg — 0.0% ^** |
| ArcelorMittal SA | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 122 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Funds 7

------

JPMorgan Global Allocation Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Luxembourg — continued** | **Luxembourg — continued** | **Luxembourg — continued** |
| CVC Capital Partners plc \* (b) | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 33 |
| Eurofins Scientific SE | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 75 |
|  |  | &nbsp;&nbsp; 230 |
| **Macau — 0.0% ^** | **Macau — 0.0% ^** | **Macau — 0.0% ^** |
| Galaxy Entertainment Group Ltd. | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 69 |
| Sands China Ltd. \* | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 38 |
|  |  | &nbsp;&nbsp; 107 |
| **Mexico — 0.1%** | **Mexico — 0.1%** | **Mexico — 0.1%** |
| Arca Continental SAB de CV | &nbsp;&nbsp; 52 | &nbsp;&nbsp; 547 |
| Grupo Aeroportuario del Sureste SAB <br> de CV, ADR<br>| &nbsp;&nbsp; 3 | &nbsp;&nbsp; 765 |
| Grupo Financiero Banorte SAB de CV, <br> Class O<br>| &nbsp;&nbsp; 56 | &nbsp;&nbsp; 484 |
| Regional SAB de CV | &nbsp;&nbsp; 92 | &nbsp;&nbsp; 644 |
| Wal-Mart de Mexico SAB de CV | &nbsp;&nbsp; 265 | &nbsp;&nbsp; 840 |
|  |  | &nbsp;&nbsp; 3280 |
| **Netherlands — 0.9%** | **Netherlands — 0.9%** | **Netherlands — 0.9%** |
| ABN AMRO Bank NV, CVA (b) | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 84 |
| Adyen NV \* (b) | &nbsp;&nbsp; — | &nbsp;&nbsp; 314 |
| Aegon Ltd. | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 75 |
| Akzo Nobel NV | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 95 |
| Argenx SE \* | &nbsp;&nbsp; — | &nbsp;&nbsp; 344 |
| ASM International NV | &nbsp;&nbsp; — | &nbsp;&nbsp; 202 |
| ASML Holding NV | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 12098 |
| ASR Nederland NV | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 88 |
| BE Semiconductor Industries NV | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 77 |
| Euronext NV (b) | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 115 |
| EXOR NV | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 73 |
| Heineken Holding NV | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 89 |
| Heineken NV | &nbsp;&nbsp; 84 | &nbsp;&nbsp; 7550 |
| IMCD NV | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 69 |
| ING Groep NV | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 537 |
| JDE Peet's NV | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 36 |
| Koninklijke Ahold Delhaize NV | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 332 |
| Koninklijke KPN NV | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 159 |
| Koninklijke Philips NV \* | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 178 |
| NN Group NV | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 145 |
| NXP Semiconductors NV | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 622 |
| Randstad NV | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 38 |
| Universal Music Group NV | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 213 |
| Wolters Kluwer NV | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 370 |
|  |  | &nbsp;&nbsp; 23903 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **New Zealand — 0.0% ^** | **New Zealand — 0.0% ^** | **New Zealand — 0.0% ^** |
| Auckland International Airport Ltd. | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 66 |
| Contact Energy Ltd. | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 37 |
| Fisher & Paykel Healthcare Corp. Ltd. | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 104 |
| Infratil Ltd. | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 51 |
| Meridian Energy Ltd. | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 37 |
| Xero Ltd. \* | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 135 |
|  |  | &nbsp;&nbsp; 430 |
| **Norway — 0.0% ^** | **Norway — 0.0% ^** | **Norway — 0.0% ^** |
| Aker BP ASA | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 60 |
| DNB Bank ASA | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 197 |
| Equinor ASA | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 167 |
| Gjensidige Forsikring ASA | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 41 |
| Kongsberg Gruppen ASA | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 124 |
| Mowi ASA | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 75 |
| Norsk Hydro ASA | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 65 |
| Orkla ASA | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 69 |
| Salmar ASA | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 29 |
| Telenor ASA | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 81 |
|  |  | &nbsp;&nbsp; 908 |
| **Panama — 0.0% ^** | **Panama — 0.0% ^** | **Panama — 0.0% ^** |
| Copa Holdings SA, Class A | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 211 |
| **Peru — 0.0% ^** | **Peru — 0.0% ^** | **Peru — 0.0% ^** |
| Credicorp Ltd. | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 683 |
| **Philippines — 0.0% ^** | **Philippines — 0.0% ^** | **Philippines — 0.0% ^** |
| Bank of the Philippine Islands | &nbsp;&nbsp; 149 | &nbsp;&nbsp; 373 |
| **Poland — 0.0% ^** | **Poland — 0.0% ^** | **Poland — 0.0% ^** |
| Dino Polska SA \* (b) | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 458 |
| InPost SA \* | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 33 |
| Powszechny Zaklad Ubezpieczen SA | &nbsp;&nbsp; 41 | &nbsp;&nbsp; 644 |
|  |  | &nbsp;&nbsp; 1135 |
| **Portugal — 0.0% ^** | **Portugal — 0.0% ^** | **Portugal — 0.0% ^** |
| EDP SA | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 109 |
| Galp Energia SGPS SA | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 57 |
| Jeronimo Martins SGPS SA | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 438 |
|  |  | &nbsp;&nbsp; 604 |
| **Qatar — 0.0% ^** | **Qatar — 0.0% ^** | **Qatar — 0.0% ^** |
| Qatar National Bank QPSC | &nbsp;&nbsp; 137 | &nbsp;&nbsp; 627 |
| **Russia — 0.0% ^** | **Russia — 0.0% ^** | **Russia — 0.0% ^** |
| Severstal PAO, GDR ‡ \* (b) | &nbsp;&nbsp; 58 | &nbsp;&nbsp; — |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

8 J.P. Morgan Funds April 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Saudi Arabia — 0.2%** | **Saudi Arabia — 0.2%** | **Saudi Arabia — 0.2%** |
| Al Rajhi Bank | &nbsp;&nbsp; 110 | &nbsp;&nbsp; 2853 |
| Saudi Arabian Oil Co. (b) | &nbsp;&nbsp; 121 | &nbsp;&nbsp; 820 |
| Saudi National Bank (The) | &nbsp;&nbsp; 45 | &nbsp;&nbsp; 426 |
|  |  | &nbsp;&nbsp; 4099 |
| **Singapore — 0.4%** | **Singapore — 0.4%** | **Singapore — 0.4%** |
| CapitaLand Ascendas, REIT | &nbsp;&nbsp; 33 | &nbsp;&nbsp; 67 |
| CapitaLand Integrated Commercial <br> Trust, REIT<br>| &nbsp;&nbsp; 51 | &nbsp;&nbsp; 85 |
| CapitaLand Investment Ltd. | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 43 |
| DBS Group Holdings Ltd. | &nbsp;&nbsp; 256 | &nbsp;&nbsp; 8329 |
| Genting Singapore Ltd. | &nbsp;&nbsp; 53 | &nbsp;&nbsp; 30 |
| Grab Holdings Ltd., Class A \* | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 99 |
| Keppel Ltd. | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 64 |
| Oversea-Chinese Banking Corp. Ltd. | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 369 |
| Sea Ltd., ADR \* | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 1002 |
| Sembcorp Industries Ltd. | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 40 |
| Singapore Airlines Ltd. | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 67 |
| Singapore Exchange Ltd. | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 83 |
| Singapore Technologies Engineering <br> Ltd.<br>| &nbsp;&nbsp; 14 | &nbsp;&nbsp; 78 |
| Singapore Telecommunications Ltd. | &nbsp;&nbsp; 65 | &nbsp;&nbsp; 189 |
| STMicroelectronics NV | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 135 |
| United Overseas Bank Ltd. | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 295 |
|  |  | &nbsp;&nbsp; 10975 |
| **South Africa — 0.1%** | **South Africa — 0.1%** | **South Africa — 0.1%** |
| Absa Group Ltd. | &nbsp;&nbsp; 70 | &nbsp;&nbsp; 643 |
| Anglo American plc | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 305 |
| Capitec Bank Holdings Ltd. | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 525 |
| Clicks Group Ltd. | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 425 |
| Gold Fields Ltd. | &nbsp;&nbsp; 41 | &nbsp;&nbsp; 914 |
| Shoprite Holdings Ltd. | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 453 |
|  |  | &nbsp;&nbsp; 3265 |
| **South Korea — 0.6%** | **South Korea — 0.6%** | **South Korea — 0.6%** |
| Delivery Hero SE \* (b) | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 47 |
| Hana Financial Group, Inc. | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 1008 |
| HD Hyundai Electric Co. Ltd. | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 376 |
| HL Mando Co. Ltd. | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 402 |
| Hugel, Inc. \* | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 451 |
| JB Financial Group Co. Ltd. | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 308 |
| KakaoBank Corp. | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 348 |
| Kia Corp. | &nbsp;&nbsp; 31 | &nbsp;&nbsp; 1980 |
| Korea Aerospace Industries Ltd. | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 515 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **South Korea — continued** | **South Korea — continued** | **South Korea — continued** |
| KT Corp. | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 852 |
| NAVER Corp. | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 276 |
| Samsung Biologics Co. Ltd. \* (b) | &nbsp;&nbsp; — | &nbsp;&nbsp; 230 |
| Samsung Electronics Co. Ltd. | &nbsp;&nbsp; 98 | &nbsp;&nbsp; 3807 |
| Samsung Fire & Marine Insurance Co. <br> Ltd.<br>| &nbsp;&nbsp; 2 | &nbsp;&nbsp; 613 |
| SK Hynix, Inc. | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 3303 |
| SM Entertainment Co. Ltd. | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 583 |
| S-Oil Corp. | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 256 |
|  |  | &nbsp;&nbsp; 15355 |
| **Spain — 0.3%** | **Spain — 0.3%** | **Spain — 0.3%** |
| Acciona SA | &nbsp;&nbsp; — | &nbsp;&nbsp; 31 |
| ACS Actividades de Construccion y <br> Servicios SA<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; 98 |
| Aena SME SA (b) | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 166 |
| Amadeus IT Group SA | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 312 |
| Banco Bilbao Vizcaya Argentaria SA | &nbsp;&nbsp; 51 | &nbsp;&nbsp; 695 |
| Banco de Sabadell SA | &nbsp;&nbsp; 48 | &nbsp;&nbsp; 140 |
| Banco Santander SA | &nbsp;&nbsp; 133 | &nbsp;&nbsp; 938 |
| CaixaBank SA (a) | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 266 |
| Cellnex Telecom SA (b) | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 189 |
| EDP Renovaveis SA (a) | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 25 |
| Endesa SA | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 84 |
| Grifols SA \* | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 24 |
| Iberdrola SA | &nbsp;&nbsp; 154 | &nbsp;&nbsp; 2779 |
| Industria de Diseno Textil SA (a) | &nbsp;&nbsp; 38 | &nbsp;&nbsp; 2046 |
| Redeia Corp. SA | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 75 |
| Repsol SA | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 124 |
| Telefonica SA | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 179 |
|  |  | &nbsp;&nbsp; 8171 |
| **Sweden — 0.7%** | **Sweden — 0.7%** | **Sweden — 0.7%** |
| AddTech AB, Class B | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 77 |
| Alfa Laval AB | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 105 |
| Assa Abloy AB, Class B | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 267 |
| Atlas Copco AB, Class A | &nbsp;&nbsp; 338 | &nbsp;&nbsp; 5232 |
| Atlas Copco AB, Class B | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 191 |
| Beijer Ref AB | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 52 |
| Boliden AB \* | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 74 |
| Epiroc AB, Class A | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 125 |
| Epiroc AB, Class B | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 67 |
| EQT AB (a) | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 95 |
| Essity AB, Class B | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 155 |
| Evolution AB \* (b) | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 97 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Funds 9

------

JPMorgan Global Allocation Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Sweden — continued** | **Sweden — continued** | **Sweden — continued** |
| Fastighets AB Balder, Class B \* | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 45 |
| H & M Hennes & Mauritz AB, <br> Class B (a)<br>| &nbsp;&nbsp; 5 | &nbsp;&nbsp; 72 |
| Hexagon AB, Class B \* | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 178 |
| Holmen AB, Class B | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 26 |
| Industrivarden AB, Class A | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 37 |
| Industrivarden AB, Class C (a) | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 48 |
| Indutrade AB | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 65 |
| Investment AB Latour, Class B | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 35 |
| Investor AB, Class B | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 451 |
| L E Lundbergforetagen AB, Class B | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 35 |
| Lifco AB, Class B (a) | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 79 |
| Nibe Industrier AB, Class B (a) | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 57 |
| Saab AB, Class B | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 131 |
| Sagax AB, Class B | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 44 |
| Sandvik AB (a) | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 193 |
| Securitas AB, Class B | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 69 |
| Skandinaviska Enskilda Banken AB, <br> Class A<br>| &nbsp;&nbsp; 14 | &nbsp;&nbsp; 221 |
| Skanska AB, Class B | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 70 |
| SKF AB, Class B | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 59 |
| Svenska Cellulosa AB SCA, Class B | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 69 |
| Svenska Handelsbanken AB, Class A | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 168 |
| Swedbank AB, Class A | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 186 |
| Swedish Orphan Biovitrum AB \* | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 52 |
| Tele2 AB, Class B | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 71 |
| Telefonaktiebolaget LM Ericsson, <br> Class B<br>| &nbsp;&nbsp; 25 | &nbsp;&nbsp; 206 |
| Telia Co. AB | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 78 |
| Trelleborg AB, Class B | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 65 |
| Volvo AB, Class B | &nbsp;&nbsp; 348 | &nbsp;&nbsp; 9453 |
|  |  | &nbsp;&nbsp; 18800 |
| **Switzerland — 0.5%** | **Switzerland — 0.5%** | **Switzerland — 0.5%** |
| ABB Ltd. (Registered) | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 734 |
| Avolta AG | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 35 |
| Baloise Holding AG (Registered) | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 80 |
| Banque Cantonale Vaudoise <br> (Registered) \* (a)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 33 |
| Barry Callebaut AG (Registered) | &nbsp;&nbsp; — | &nbsp;&nbsp; 28 |
| BKW AG \* | &nbsp;&nbsp; — | &nbsp;&nbsp; 37 |
| Chocoladefabriken Lindt & Spruengli <br> AG<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 117 |
| Chocoladefabriken Lindt & Spruengli <br> AG (Registered)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 142 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Switzerland — continued** | **Switzerland — continued** | **Switzerland — continued** |
| Cie Financiere Richemont SA <br> (Registered)<br>| &nbsp;&nbsp; 5 | &nbsp;&nbsp; 835 |
| DSM-Firmenich AG | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 178 |
| EMS-Chemie Holding AG (Registered) | &nbsp;&nbsp; — | &nbsp;&nbsp; 46 |
| Galderma Group AG | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 97 |
| Geberit AG (Registered) | &nbsp;&nbsp; — | &nbsp;&nbsp; 204 |
| Givaudan SA (Registered) | &nbsp;&nbsp; — | &nbsp;&nbsp; 391 |
| Helvetia Holding AG (Registered) | &nbsp;&nbsp; — | &nbsp;&nbsp; 72 |
| Julius Baer Group Ltd. | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 117 |
| Kuehne + Nagel International AG <br> (Registered)<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; 98 |
| Logitech International SA (Registered) | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 102 |
| Lonza Group AG (Registered) | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 2762 |
| Partners Group Holding AG | &nbsp;&nbsp; — | &nbsp;&nbsp; 262 |
| Sandoz Group AG | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 159 |
| Schindler Holding AG | &nbsp;&nbsp; — | &nbsp;&nbsp; 131 |
| Schindler Holding AG (Registered) | &nbsp;&nbsp; — | &nbsp;&nbsp; 73 |
| SGS SA (Registered) | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 130 |
| SIG Group AG (a) | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 52 |
| Sika AG (Registered) | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 335 |
| Sonova Holding AG (Registered) | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 137 |
| Straumann Holding AG (Registered) | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 120 |
| Swatch Group AG (The) (a) | &nbsp;&nbsp; — | &nbsp;&nbsp; 44 |
| Swiss Life Holding AG (Registered) | &nbsp;&nbsp; — | &nbsp;&nbsp; 253 |
| Swiss Prime Site AG (Registered) (a) | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 96 |
| Swisscom AG (Registered) | &nbsp;&nbsp; — | &nbsp;&nbsp; 152 |
| Temenos AG (Registered) | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 35 |
| UBS Group AG (Registered) | &nbsp;&nbsp; 131 | &nbsp;&nbsp; 3976 |
| VAT Group AG (b) | &nbsp;&nbsp; — | &nbsp;&nbsp; 85 |
| Zurich Insurance Group AG | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 913 |
|  |  | &nbsp;&nbsp; 13061 |
| **Taiwan — 1.3%** | **Taiwan — 1.3%** | **Taiwan — 1.3%** |
| ASE Technology Holding Co. Ltd. | &nbsp;&nbsp; 173 | &nbsp;&nbsp; 737 |
| ASPEED Technology, Inc. | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 325 |
| Delta Electronics, Inc. | &nbsp;&nbsp; 39 | &nbsp;&nbsp; 409 |
| E.Sun Financial Holding Co. Ltd. | &nbsp;&nbsp; 678 | &nbsp;&nbsp; 601 |
| MediaTek, Inc. | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 312 |
| Nuvoton Technology Corp. | &nbsp;&nbsp; 130 | &nbsp;&nbsp; 279 |
| Quanta Computer, Inc. \* | &nbsp;&nbsp; 106 | &nbsp;&nbsp; 796 |
| Realtek Semiconductor Corp. | &nbsp;&nbsp; 51 | &nbsp;&nbsp; 839 |
| Taiwan Semiconductor Manufacturing <br> Co. Ltd.<br>| &nbsp;&nbsp; 652 | &nbsp;&nbsp; 18467 |
| Taiwan Semiconductor Manufacturing <br> Co. Ltd., ADR<br>| &nbsp;&nbsp; 75 | &nbsp;&nbsp; 12486 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

10 J.P. Morgan Funds April 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Taiwan — continued** | **Taiwan — continued** | **Taiwan — continued** |
| Wiwynn Corp. | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 566 |
| Yuanta Financial Holding Co. Ltd. | &nbsp;&nbsp; 456 | &nbsp;&nbsp; 447 |
|  |  | &nbsp;&nbsp; 36264 |
| **Turkey — 0.0% ^** | **Turkey — 0.0% ^** | **Turkey — 0.0% ^** |
| Akbank TAS | &nbsp;&nbsp; 221 | &nbsp;&nbsp; 280 |
| BIM Birlesik Magazalar A/S | &nbsp;&nbsp; 69 | &nbsp;&nbsp; 813 |
|  |  | &nbsp;&nbsp; 1093 |
| **United Arab Emirates — 0.0% ^** | **United Arab Emirates — 0.0% ^** | **United Arab Emirates — 0.0% ^** |
| Emaar Properties PJSC | &nbsp;&nbsp; 186 | &nbsp;&nbsp; 663 |
| NMC Health plc ‡ \* | &nbsp;&nbsp; 3 | &nbsp;&nbsp; —<br> (d)<br>|
|  |  | &nbsp;&nbsp; 663 |
| **United Kingdom — 1.3%** | **United Kingdom — 1.3%** | **United Kingdom — 1.3%** |
| 3i Group plc | &nbsp;&nbsp; 69 | &nbsp;&nbsp; 3939 |
| Admiral Group plc | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 100 |
| Ashtead Group plc | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 205 |
| Associated British Foods plc | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 80 |
| AstraZeneca plc | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 1953 |
| Auto Trader Group plc (b) | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 88 |
| Aviva plc | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 176 |
| BAE Systems plc | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 613 |
| Barclays plc | &nbsp;&nbsp; 127 | &nbsp;&nbsp; 505 |
| Barratt Redrow plc | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 76 |
| British American Tobacco plc | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 761 |
| BT Group plc | &nbsp;&nbsp; 57 | &nbsp;&nbsp; 132 |
| Bunzl plc | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 92 |
| Centrica plc | &nbsp;&nbsp; 45 | &nbsp;&nbsp; 96 |
| CK Hutchison Holdings Ltd. | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 132 |
| Coca-Cola Europacific Partners plc | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 165 |
| Compass Group plc | &nbsp;&nbsp; 63 | &nbsp;&nbsp; 2107 |
| Croda International plc | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 46 |
| DCC plc | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 57 |
| Diageo plc | &nbsp;&nbsp; 80 | &nbsp;&nbsp; 2235 |
| Entain plc | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 46 |
| Flutter Entertainment plc \* | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 921 |
| Halma plc | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 123 |
| HSBC Holdings plc | &nbsp;&nbsp; 157 | &nbsp;&nbsp; 1752 |
| Imperial Brands plc | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 286 |
| Informa plc | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 114 |
| InterContinental Hotels Group plc | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 1299 |
| Intertek Group plc | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 87 |
| J Sainsbury plc | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 54 |
| JD Sports Fashion plc | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 24 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **United Kingdom — continued** | **United Kingdom — continued** | **United Kingdom — continued** |
| Kingfisher plc | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 61 |
| Land Securities Group plc, REIT | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 49 |
| Legal & General Group plc | &nbsp;&nbsp; 52 | &nbsp;&nbsp; 163 |
| Lloyds Banking Group plc | &nbsp;&nbsp; 533 | &nbsp;&nbsp; 524 |
| London Stock Exchange Group plc | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 2787 |
| M&G plc | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 56 |
| Marks & Spencer Group plc | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 94 |
| Melrose Industries plc | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 66 |
| National Grid plc | &nbsp;&nbsp; 43 | &nbsp;&nbsp; 621 |
| NatWest Group plc | &nbsp;&nbsp; 425 | &nbsp;&nbsp; 2736 |
| Next plc | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 170 |
| Pearson plc | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 84 |
| Phoenix Group Holdings plc | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 49 |
| Reckitt Benckiser Group plc | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 389 |
| RELX plc | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 892 |
| RELX plc | &nbsp;&nbsp; 52 | &nbsp;&nbsp; 2804 |
| Rentokil Initial plc | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 102 |
| Rolls-Royce Holdings plc | &nbsp;&nbsp; 75 | &nbsp;&nbsp; 757 |
| Sage Group plc (The) | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 146 |
| Schroders plc | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 31 |
| Segro plc, REIT | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 103 |
| Severn Trent plc | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 88 |
| Smith & Nephew plc | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 103 |
| Smiths Group plc | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 75 |
| Spirax Group plc | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 51 |
| SSE plc | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 219 |
| Standard Chartered plc | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 260 |
| TechnipFMC plc | &nbsp;&nbsp; 55 | &nbsp;&nbsp; 1537 |
| Tesco plc | &nbsp;&nbsp; 59 | &nbsp;&nbsp; 293 |
| Unilever plc | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 1387 |
| United Utilities Group plc | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 90 |
| Vodafone Group plc | &nbsp;&nbsp; 179 | &nbsp;&nbsp; 176 |
| Whitbread plc | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 54 |
| Wise plc, Class A \* | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 77 |
| WPP plc | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 73 |
|  |  | &nbsp;&nbsp; 35431 |
| **United States — 27.6%** | **United States — 27.6%** | **United States — 27.6%** |
| 3M Co. | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 2258 |
| Abbott Laboratories | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 3176 |
| AbbVie, Inc. | &nbsp;&nbsp; 58 | &nbsp;&nbsp; 11345 |
| AGCO Corp. | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 783 |
| Air Lease Corp. | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 584 |
| Alcoa Corp. | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 475 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Funds 11

------

JPMorgan Global Allocation Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (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** |
| Alcon AG | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 427 |
| Align Technology, Inc. \* | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 417 |
| Alnylam Pharmaceuticals, Inc. \* | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 1254 |
| Alphabet, Inc., Class C | &nbsp;&nbsp; 43 | &nbsp;&nbsp; 6945 |
| Amazon.com, Inc. \* | &nbsp;&nbsp; 219 | &nbsp;&nbsp; 40460 |
| American Express Co. | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 1688 |
| American Homes 4 Rent, Class A, REIT | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 1870 |
| American Tower Corp., REIT | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 3534 |
| Americold Realty Trust, Inc., REIT | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 967 |
| Ameriprise Financial, Inc. | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 1718 |
| AMETEK, Inc. | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 1394 |
| Analog Devices, Inc. | &nbsp;&nbsp; 31 | &nbsp;&nbsp; 5943 |
| Angi, Inc. \* | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 46 |
| Aon plc, Class A | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 2617 |
| Apple Hospitality REIT, Inc., REIT | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 98 |
| Apple, Inc. | &nbsp;&nbsp; 146 | &nbsp;&nbsp; 31075 |
| AppLovin Corp., Class A \* | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 298 |
| Arch Capital Group Ltd. | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 1214 |
| Arthur J Gallagher & Co. | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 2112 |
| AT&T, Inc. | &nbsp;&nbsp; 41 | &nbsp;&nbsp; 1143 |
| Atlassian Corp., Class A \* | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 1681 |
| AutoZone, Inc. \* | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 2344 |
| Axalta Coating Systems Ltd. \* | &nbsp;&nbsp; 43 | &nbsp;&nbsp; 1413 |
| Baker Hughes Co. | &nbsp;&nbsp; 210 | &nbsp;&nbsp; 7421 |
| Ball Corp. | &nbsp;&nbsp; 37 | &nbsp;&nbsp; 1920 |
| Bank of America Corp. | &nbsp;&nbsp; 302 | &nbsp;&nbsp; 12060 |
| Bath & Body Works, Inc. | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 310 |
| Berkshire Hathaway, Inc., Class B \* | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 5190 |
| Best Buy Co., Inc. | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 1055 |
| BJ's Wholesale Club Holdings, Inc. \* | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 816 |
| Blackstone, Inc. | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 2081 |
| Blueprint Medicines Corp. \* | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 665 |
| Booking Holdings, Inc. | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 3060 |
| Booz Allen Hamilton Holding Corp. | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 762 |
| BP plc | &nbsp;&nbsp; 142 | &nbsp;&nbsp; 654 |
| Bright Horizons Family Solutions, <br> Inc. \*<br>| &nbsp;&nbsp; 6 | &nbsp;&nbsp; 785 |
| Bristol-Myers Squibb Co. | &nbsp;&nbsp; 199 | &nbsp;&nbsp; 9990 |
| Broadcom, Inc. | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 6789 |
| Bruker Corp. | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 225 |
| Capital One Financial Corp. | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 1008 |
| Cardinal Health, Inc. | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 2124 |
| Carlisle Cos., Inc. | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 592 |
| Carnival Corp. \* | &nbsp;&nbsp; 38 | &nbsp;&nbsp; 691 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **United States — continued** | **United States — continued** | **United States — continued** |
| Carrier Global Corp. | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 1337 |
| Casey's General Stores, Inc. | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 924 |
| CBRE Group, Inc., Class A \* | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 169 |
| CDW Corp. | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 323 |
| Cencora, Inc. | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 896 |
| Charles Schwab Corp. (The) | &nbsp;&nbsp; 108 | &nbsp;&nbsp; 8798 |
| Chemours Co. (The) | &nbsp;&nbsp; 67 | &nbsp;&nbsp; 825 |
| Cheniere Energy, Inc. | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 1085 |
| Chevron Corp. | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 1017 |
| Chipotle Mexican Grill, Inc. \* | &nbsp;&nbsp; 51 | &nbsp;&nbsp; 2587 |
| Chubb Ltd. | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 976 |
| Cigna Group (The) | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 3665 |
| Cisco Systems, Inc. | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 188 |
| Claire's Stores, Inc. ‡ \* (e) | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| CME Group, Inc. | &nbsp;&nbsp; 37 | &nbsp;&nbsp; 10261 |
| Cognizant Technology Solutions Corp., <br> Class A<br>| &nbsp;&nbsp; 15 | &nbsp;&nbsp; 1073 |
| Columbia Banking System, Inc. | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 258 |
| Columbia Sportswear Co. | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 81 |
| Comcast Corp., Class A | &nbsp;&nbsp; 61 | &nbsp;&nbsp; 2099 |
| Comerica, Inc. | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 573 |
| ConocoPhillips | &nbsp;&nbsp; 48 | &nbsp;&nbsp; 4306 |
| Constellation Brands, Inc., Class A | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 350 |
| Cooper Cos., Inc. (The) \* | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 1057 |
| Copart, Inc. \* | &nbsp;&nbsp; 31 | &nbsp;&nbsp; 1910 |
| Corpay, Inc. \* | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 2977 |
| Coterra Energy, Inc. | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 237 |
| Crowdstrike Holdings, Inc., Class A \* | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 1812 |
| CSL Ltd. | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 683 |
| CVS Health Corp. | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 475 |
| CyberArk Software Ltd. \* | &nbsp;&nbsp; — | &nbsp;&nbsp; 145 |
| Dick's Sporting Goods, Inc. | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 399 |
| Digital Realty Trust, Inc., REIT | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 2640 |
| Discover Financial Services | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 143 |
| Dominion Energy, Inc. | &nbsp;&nbsp; 87 | &nbsp;&nbsp; 4711 |
| DoorDash, Inc., Class A \* | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 2056 |
| Dover Corp. | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 636 |
| Dow, Inc. | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 711 |
| DR Horton, Inc. | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 928 |
| Eagle Materials, Inc. | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 883 |
| EastGroup Properties, Inc., REIT | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 204 |
| Eaton Corp. plc | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 5907 |
| Edison International | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 1216 |
| Elevance Health, Inc. | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 1245 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

12 J.P. Morgan Funds April 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| elf Beauty, Inc. \* | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 223 |
| Eli Lilly & Co. | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 5216 |
| Emerson Electric Co. | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 1397 |
| Entegris, Inc. | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 946 |
| Entergy Corp. | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 244 |
| EOG Resources, Inc. | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 1948 |
| Equinix, Inc., REIT | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1273 |
| Equity LifeStyle Properties, Inc., REIT | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 1181 |
| ExlService Holdings, Inc. \* | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 616 |
| Expedia Group, Inc. | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 336 |
| Experian plc | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 402 |
| Exxon Mobil Corp. | &nbsp;&nbsp; 104 | &nbsp;&nbsp; 10960 |
| Federal Realty Investment Trust, REIT | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 282 |
| FedEx Corp. | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 577 |
| Ferrovial SE | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 203 |
| Fidelity National Information Services, <br> Inc.<br>| &nbsp;&nbsp; 104 | &nbsp;&nbsp; 8176 |
| Fifth Third Bancorp | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 812 |
| First Citizens BancShares, Inc., Class A | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 3501 |
| First Horizon Corp. | &nbsp;&nbsp; 65 | &nbsp;&nbsp; 1166 |
| Fiserv, Inc. \* | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 289 |
| FMC Corp. | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 693 |
| Fortune Brands Innovations, Inc. | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 413 |
| Freeport-McMoRan, Inc. | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 255 |
| Garmin Ltd. | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 1087 |
| Gates Industrial Corp. plc \* | &nbsp;&nbsp; 67 | &nbsp;&nbsp; 1272 |
| General Dynamics Corp. | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 524 |
| Genpact Ltd. | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 1154 |
| Gentex Corp. | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 290 |
| Globant SA \* | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 329 |
| Goldman Sachs Group, Inc. (The) | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 1883 |
| Graphic Packaging Holding Co. | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 513 |
| GSK plc | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 721 |
| Haleon plc | &nbsp;&nbsp; 80 | &nbsp;&nbsp; 401 |
| Hayward Holdings, Inc. \* | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 54 |
| HCA Healthcare, Inc. | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 717 |
| Henry Schein, Inc. \* | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 811 |
| Hess Corp. | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 641 |
| Hewlett Packard Enterprise Co. | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 557 |
| Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 641 |
| Holcim AG | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 512 |
| Home Depot, Inc. (The) | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 1506 |
| Host Hotels & Resorts, Inc., REIT | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 364 |
| Howmet Aerospace, Inc. | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 1074 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **United States — continued** | **United States — continued** | **United States — continued** |
| HubSpot, Inc. \* | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 1693 |
| Humana, Inc. | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 1692 |
| IAC, Inc. \* | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 270 |
| Incora Intermediate LLC ‡ \* | &nbsp;&nbsp; — | &nbsp;&nbsp; 9 |
| Ingersoll Rand, Inc. | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 1093 |
| Insmed, Inc. \* | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 1016 |
| Interactive Brokers Group, Inc., Class A | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 1242 |
| Intercontinental Exchange, Inc. | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 726 |
| International Paper Co. | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 272 |
| Intuit, Inc. | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 3045 |
| Intuitive Surgical, Inc. \* | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 2982 |
| IQVIA Holdings, Inc. \* | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 474 |
| ITT, Inc. | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 1645 |
| Jabil, Inc. | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 1156 |
| James Hardie Industries plc, CHDI \* | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 89 |
| JB Hunt Transport Services, Inc. | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 1336 |
| Jefferies Financial Group, Inc. | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 377 |
| Johnson & Johnson | &nbsp;&nbsp; 89 | &nbsp;&nbsp; 13887 |
| Keurig Dr Pepper, Inc. | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 713 |
| Kinder Morgan, Inc. | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 454 |
| Kinsale Capital Group, Inc. | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 253 |
| KKR & Co., Inc. | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 495 |
| Kontoor Brands, Inc. | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 1041 |
| Labcorp Holdings, Inc. | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 1568 |
| Lamar Advertising Co., Class A, REIT | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 391 |
| Linde plc | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 6569 |
| Lineage, Inc., REIT | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 122 |
| Loews Corp. | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 520 |
| Lowe's Cos., Inc. | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 975 |
| M&T Bank Corp. | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 1145 |
| Marriott International, Inc., Class A | &nbsp;&nbsp; 33 | &nbsp;&nbsp; 7783 |
| Martin Marietta Materials, Inc. | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 527 |
| Mastercard, Inc., Class A | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 12594 |
| McDonald's Corp. | &nbsp;&nbsp; 37 | &nbsp;&nbsp; 11874 |
| McKesson Corp. | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 1704 |
| Medtronic plc | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 2176 |
| Merck & Co., Inc. | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 455 |
| Meta Platforms, Inc., Class A | &nbsp;&nbsp; 60 | &nbsp;&nbsp; 33195 |
| Mettler-Toledo International, Inc. \* | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 575 |
| MGIC Investment Corp. | &nbsp;&nbsp; 54 | &nbsp;&nbsp; 1342 |
| Microchip Technology, Inc. | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 331 |
| Micron Technology, Inc. | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 1335 |
| Microsoft Corp. | &nbsp;&nbsp; 127 | &nbsp;&nbsp; 50325 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Funds 13

------

JPMorgan Global Allocation Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (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** |
| Mid-America Apartment Communities, <br> Inc., REIT<br>| &nbsp;&nbsp; 4 | &nbsp;&nbsp; 639 |
| Middleby Corp. (The) \* | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 524 |
| Mohawk Industries, Inc. \* | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 1586 |
| Monday.com Ltd. \* | &nbsp;&nbsp; — | &nbsp;&nbsp; 92 |
| MongoDB, Inc. \* | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 438 |
| Moody's Corp. | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 1963 |
| Moran Foods Backstop Equity ‡ \* | &nbsp;&nbsp; 2995 | &nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 454 |
| Murphy USA, Inc. | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 1071 |
| MYT Holding LLC ‡ \* | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 6 |
| Natera, Inc. \* | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 1918 |
| Nestle SA (Registered) | &nbsp;&nbsp; 52 | &nbsp;&nbsp; 5505 |
| Netflix, Inc. \* | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 4356 |
| NextEra Energy, Inc. | &nbsp;&nbsp; 94 | &nbsp;&nbsp; 6261 |
| NMG Parent LLC ‡ \* (a) | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 27 |
| Northern Trust Corp. | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 723 |
| Novartis AG (Registered) | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 4118 |
| nVent Electric plc | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 1002 |
| NVIDIA Corp. | &nbsp;&nbsp; 310 | &nbsp;&nbsp; 33792 |
| ON Semiconductor Corp. \* | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 693 |
| Oracle Corp. | &nbsp;&nbsp; 52 | &nbsp;&nbsp; 7318 |
| Oscar Health, Inc., Class A \* | &nbsp;&nbsp; 77 | &nbsp;&nbsp; 1008 |
| Otis Worldwide Corp. | &nbsp;&nbsp; 107 | &nbsp;&nbsp; 10331 |
| Packaging Corp. of America | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 339 |
| Palo Alto Networks, Inc. \* | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 2636 |
| PepsiCo, Inc. | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 392 |
| Performance Food Group Co. \* | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 1821 |
| PG&E Corp. | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 235 |
| Philip Morris International, Inc. | &nbsp;&nbsp; 32 | &nbsp;&nbsp; 5434 |
| PNC Financial Services Group, Inc. <br> (The)<br>| &nbsp;&nbsp; 3 | &nbsp;&nbsp; 492 |
| Pool Corp. | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 663 |
| Post Holdings, Inc. \* | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 483 |
| Procter & Gamble Co. (The) | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 578 |
| Progressive Corp. (The) | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 2418 |
| Prologis, Inc., REIT | &nbsp;&nbsp; 37 | &nbsp;&nbsp; 3734 |
| Public Service Enterprise Group, Inc. | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 226 |
| Public Storage, REIT | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 500 |
| QIAGEN NV \* | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 81 |
| Quanta Services, Inc. | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 2081 |
| Raymond James Financial, Inc. | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 178 |
| Rayonier, Inc., REIT | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 653 |
| Regal Rexnord Corp. | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 744 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **United States — continued** | **United States — continued** | **United States — continued** |
| Regency Centers Corp., REIT | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 617 |
| Regeneron Pharmaceuticals, Inc. | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 5256 |
| Regions Financial Corp. | &nbsp;&nbsp; 31 | &nbsp;&nbsp; 634 |
| Robinhood Markets, Inc., Class A \* | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 530 |
| Roche Holding AG | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 2020 |
| Roche Holding AG | &nbsp;&nbsp; — | &nbsp;&nbsp; 98 |
| Ross Stores, Inc. | &nbsp;&nbsp; 65 | &nbsp;&nbsp; 9082 |
| RTX Corp. | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 2612 |
| Saia, Inc. \* | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 517 |
| Salesforce, Inc. | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 1039 |
| Sandisk Corp. \* | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 329 |
| Sanofi SA | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 3759 |
| SBA Communications Corp., REIT | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 1838 |
| Schneider Electric SE | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 1123 |
| Seagate Technology Holdings plc | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 1899 |
| ServiceNow, Inc. \* | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 907 |
| Shell plc | &nbsp;&nbsp; 186 | &nbsp;&nbsp; 5991 |
| Silgan Holdings, Inc. | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 1312 |
| Smurfit WestRock plc | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 439 |
| Snowflake, Inc., Class A \* | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 1315 |
| Southern Co. (The) | &nbsp;&nbsp; 137 | &nbsp;&nbsp; 12618 |
| Southwest Airlines Co. | &nbsp;&nbsp; 73 | &nbsp;&nbsp; 2049 |
| Spotify Technology SA \* | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 2498 |
| Starbucks Corp. | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 928 |
| State Street Corp. | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 764 |
| Steel Dynamics, Inc. | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 474 |
| Stellantis NV | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 166 |
| Swiss Re AG | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 476 |
| Synopsys, Inc. \* | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 1254 |
| Take-Two Interactive Software, Inc. \* | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 2039 |
| TD SYNNEX Corp. | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 1574 |
| Tenaris SA | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 61 |
| Teradyne, Inc. | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 624 |
| Tesla, Inc. \* | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 7246 |
| Texas Instruments, Inc. | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 684 |
| Textron, Inc. | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 717 |
| Thermo Fisher Scientific, Inc. | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 7470 |
| TJX Cos., Inc. (The) | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 2453 |
| Tradeweb Markets, Inc., Class A | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 956 |
| Trane Technologies plc | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 8576 |
| TransUnion | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 239 |
| Travelers Cos., Inc. (The) | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 980 |
| Truist Financial Corp. | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 797 |
| Uber Technologies, Inc. \* | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 1858 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

14 J.P. Morgan Funds April 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| Ulta Beauty, Inc. \* | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 487 |
| Union Pacific Corp. | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 465 |
| UnitedHealth Group, Inc. | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 9028 |
| US Bancorp | &nbsp;&nbsp; 59 | &nbsp;&nbsp; 2394 |
| Verizon Communications, Inc. | &nbsp;&nbsp; 74 | &nbsp;&nbsp; 3240 |
| Vertex Pharmaceuticals, Inc. \* | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 4955 |
| Walmart, Inc. | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 580 |
| Walt Disney Co. (The) | &nbsp;&nbsp; 80 | &nbsp;&nbsp; 7306 |
| Wells Fargo & Co. | &nbsp;&nbsp; 163 | &nbsp;&nbsp; 11538 |
| WESCO International, Inc. | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 400 |
| Western Digital Corp. \* | &nbsp;&nbsp; 53 | &nbsp;&nbsp; 2312 |
| Weyerhaeuser Co., REIT | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 321 |
| Williams Cos., Inc. (The) | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 1629 |
| WillScot Holdings Corp. | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 505 |
| WR Berkley Corp. | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 410 |
| Xcel Energy, Inc. | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 1187 |
| Yum! Brands, Inc. | &nbsp;&nbsp; 48 | &nbsp;&nbsp; 7277 |
| Zillow Group, Inc., Class C \* | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 607 |
| Zimmer Biomet Holdings, Inc. | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 1676 |
|  |  | &nbsp;&nbsp; 750517 |
| Total Common Stocks <br>(Cost $975,865)<br>|  | &nbsp;&nbsp; 1255846 |
|  | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>|  |
| **Corporate Bonds — 31.4%** | **Corporate Bonds — 31.4%** | **Corporate Bonds — 31.4%** |
| **Australia — 0.1%** | **Australia — 0.1%** | **Australia — 0.1%** |
| Mineral Resources Ltd. 8.13%, <br> 5/1/2027 (c)<br>| &nbsp;&nbsp; 805 | &nbsp;&nbsp; 783 |
| Woolworths Group Ltd. 0.38%, <br> 11/15/2028 (b)<br>| &nbsp;&nbsp; EUR2,450 | &nbsp;&nbsp; 2531 |
|  |  | &nbsp;&nbsp; 3314 |
| **Canada — 0.9%** | **Canada — 0.9%** | **Canada — 0.9%** |
| Bank of Montreal 0.05%, <br> 6/8/2029 (b)<br>| &nbsp;&nbsp; EUR5,059 | &nbsp;&nbsp; 5193 |
| Enbridge, Inc. |  |  |
| (3-MONTH CME TERM SOFR + <br> 3.68%), 5.50%, 7/15/2077 (f)<br>| &nbsp;&nbsp; 450 | &nbsp;&nbsp; 430 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 3.71%), 7.38%, 1/15/2083 (f)<br>| &nbsp;&nbsp; 1100 | &nbsp;&nbsp; 1103 |
| National Bank of Canada (SOFRINDX + <br> 0.90%), 5.25%, 3/25/2027 (f)<br>| &nbsp;&nbsp; 250 | &nbsp;&nbsp; 250 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Canada — continued** | **Canada — continued** | **Canada — continued** |
| Ontario Teachers' Finance Trust |  |  |
| 1.13%, 5/15/2026 (b) | &nbsp;&nbsp; GBP4,950 | &nbsp;&nbsp; 6407 |
| 1.10%, 10/19/2027 (c) | &nbsp;&nbsp; CAD773 | &nbsp;&nbsp; 540 |
| 4.25%, 4/25/2028 (c) | &nbsp;&nbsp; 3483 | &nbsp;&nbsp; 3521 |
| 0.10%, 5/19/2028 (b) | &nbsp;&nbsp; EUR2,955 | &nbsp;&nbsp; 3134 |
| 0.05%, 11/25/2030 (b) | &nbsp;&nbsp; EUR2,896 | &nbsp;&nbsp; 2843 |
| Toronto-Dominion Bank (The) |  |  |
| 1.20%, 6/3/2026 | &nbsp;&nbsp; 150 | &nbsp;&nbsp; 145 |
| 3.19%, 2/16/2029 (b) | &nbsp;&nbsp; EUR1,300 | &nbsp;&nbsp; 1514 |
|  |  | &nbsp;&nbsp; 25080 |
| **Denmark — 0.1%** | **Denmark — 0.1%** | **Denmark — 0.1%** |
| Danske Bank A/S (EUR Swap Annual 1 <br> Year + 1.35%), 4.50%, <br> 11/9/2028 (b) (f)<br>| &nbsp;&nbsp; EUR2,000 | &nbsp;&nbsp; 2370 |
| **France — 0.2%** | **France — 0.2%** | **France — 0.2%** |
| Alstom SA 0.13%, 7/27/2027 (b) | &nbsp;&nbsp; EUR500 | &nbsp;&nbsp; 538 |
| BPCE SFH SA 3.38%, 3/13/2029 (b) | &nbsp;&nbsp; EUR1,900 | &nbsp;&nbsp; 2225 |
| Electricite de France SA (EUR Swap <br> Annual 5 Year + 2.86%), 2.63%, <br> 12/1/2027 (b) (f) (g) (h)<br>| &nbsp;&nbsp; EUR400 | &nbsp;&nbsp; 440 |
| Engie SA 3.63%, 3/6/2031 (b) | &nbsp;&nbsp; EUR2,200 | &nbsp;&nbsp; 2550 |
| Societe Generale SA (EURIBOR 3 <br> Month + 1.80%), 4.25%, <br> 12/6/2030 (b) (f)<br>| &nbsp;&nbsp; EUR1,000 | &nbsp;&nbsp; 1169 |
|  |  | &nbsp;&nbsp; 6922 |
| **Germany — 0.8%** | **Germany — 0.8%** | **Germany — 0.8%** |
| Deutsche Bank AG (SOFR + 1.22%), <br> 2.31%, 11/16/2027 (f)<br>| &nbsp;&nbsp; 2450 | &nbsp;&nbsp; 2359 |
| Kreditanstalt fuer Wiederaufbau |  |  |
| 0.00%, 3/31/2027 (b) | &nbsp;&nbsp; EUR7,500 | &nbsp;&nbsp; 8201 |
| 3.13%, 10/10/2028 (b) | &nbsp;&nbsp; EUR2,690 | &nbsp;&nbsp; 3149 |
| Mercedes-Benz Finance North <br> America LLC 4.90%, <br> 11/15/2027 (c)<br>| &nbsp;&nbsp; 250 | &nbsp;&nbsp; 252 |
| Traton Finance Luxembourg SA <br> 3.75%, 3/27/2030 (b)<br>| &nbsp;&nbsp; EUR2,100 | &nbsp;&nbsp; 2411 |
| Volkswagen Leasing GmbH |  |  |
| 0.63%, 7/19/2029 (b) | &nbsp;&nbsp; EUR150 | &nbsp;&nbsp; 152 |
| 4.00%, 4/11/2031 (b) | &nbsp;&nbsp; EUR1,950 | &nbsp;&nbsp; 2253 |
| Vonovia SE 1.00%, 7/9/2030 (b) | &nbsp;&nbsp; EUR2,500 | &nbsp;&nbsp; 2532 |
|  |  | &nbsp;&nbsp; 21309 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Funds 15

------

JPMorgan Global Allocation Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Ireland — 0.3%** | **Ireland — 0.3%** | **Ireland — 0.3%** |
| AIB Group plc (EUR Swap Annual 1 <br> Year + 1.95%), 4.63%, <br> 7/23/2029 (b) (f)<br>| &nbsp;&nbsp; EUR2,000 | &nbsp;&nbsp; 2371 |
| Avolon Holdings Funding Ltd. 3.25%, <br> 2/15/2027 (c)<br>| &nbsp;&nbsp; 2350 | &nbsp;&nbsp; 2276 |
| Bank of Ireland Group plc (EURIBOR <br> ICE Swap Rate 1 Year + 2.05%), <br> 5.00%, 7/4/2031 (b) (f)<br>| &nbsp;&nbsp; EUR1,900 | &nbsp;&nbsp; 2316 |
|  |  | &nbsp;&nbsp; 6963 |
| **Italy — 0.5%** | **Italy — 0.5%** | **Italy — 0.5%** |
| Autostrade per l'Italia SpA 5.13%, <br> 6/14/2033 (b)<br>| &nbsp;&nbsp; EUR1,900 | &nbsp;&nbsp; 2298 |
| Banca Monte dei Paschi di Siena SpA <br> 3.50%, 4/23/2029 (b)<br>| &nbsp;&nbsp; EUR2,150 | &nbsp;&nbsp; 2525 |
| Banco BPM SpA 4.63%, <br> 11/29/2027 (b)<br>| &nbsp;&nbsp; EUR2,000 | &nbsp;&nbsp; 2375 |
| Credito Emiliano SpA 3.25%, <br> 4/18/2029 (b)<br>| &nbsp;&nbsp; EUR2,000 | &nbsp;&nbsp; 2321 |
| Enel SpA (EURIBOR ICE Swap Rate 5 <br> Year + 3.49%), 6.38%, <br> 4/16/2028 (b) (f) (g) (h)<br>| &nbsp;&nbsp; EUR300 | &nbsp;&nbsp; 364 |
| Intesa Sanpaolo SpA 5.13%, <br> 8/29/2031 (b)<br>| &nbsp;&nbsp; EUR1,900 | &nbsp;&nbsp; 2367 |
| UniCredit SpA (EURIBOR 3 Month + <br> 1.60%), 4.45%, 2/16/2029 (b) <br> (f)<br>| &nbsp;&nbsp; EUR2,050 | &nbsp;&nbsp; 2415 |
|  |  | &nbsp;&nbsp; 14665 |
| **Mexico — 0.1%** | **Mexico — 0.1%** | **Mexico — 0.1%** |
| Petroleos Mexicanos 6.70%, <br> 2/16/2032<br>| &nbsp;&nbsp; 2500 | &nbsp;&nbsp; 2141 |
| **Netherlands — 0.2%** | **Netherlands — 0.2%** | **Netherlands — 0.2%** |
| ING Groep NV (SOFR + 1.00%), <br> 1.73%, 4/1/2027 (f)<br>| &nbsp;&nbsp; 200 | &nbsp;&nbsp; 195 |
| Nederlandse Waterschapsbank NV <br> 3.50%, 7/20/2027<br>| &nbsp;&nbsp; AUD3,120 | &nbsp;&nbsp; 1990 |
| Viterra Finance BV 1.00%, <br> 9/24/2028 (b)<br>| &nbsp;&nbsp; EUR2,350 | &nbsp;&nbsp; 2489 |
|  |  | &nbsp;&nbsp; 4674 |
| **Portugal — 0.2%** | **Portugal — 0.2%** | **Portugal — 0.2%** |
| Banco Santander Totta SA 3.25%, <br> 2/15/2031 (b)<br>| &nbsp;&nbsp; EUR3,600 | &nbsp;&nbsp; 4212 |
| **Puerto Rico — 0.1%** | **Puerto Rico — 0.1%** | **Puerto Rico — 0.1%** |
| LCPR Senior Secured Financing DAC <br> 5.13%, 7/15/2029 (a) (c)<br>| &nbsp;&nbsp; 2344 | &nbsp;&nbsp; 1739 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Singapore — 0.3%** | **Singapore — 0.3%** | **Singapore — 0.3%** |
| Temasek Financial I Ltd. |  |  |
| 3.63%, 8/1/2028 (c) | &nbsp;&nbsp; 6158 | &nbsp;&nbsp; 6105 |
| 1.63%, 8/2/2031 (c) | &nbsp;&nbsp; 2593 | &nbsp;&nbsp; 2246 |
|  |  | &nbsp;&nbsp; 8351 |
| **South Korea — 0.1%** | **South Korea — 0.1%** | **South Korea — 0.1%** |
| Korea Southern Power Co. Ltd. <br> 0.75%, 1/27/2026 (a) (c)<br>| &nbsp;&nbsp; 2155 | &nbsp;&nbsp; 2098 |
| **Spain — 0.2%** | **Spain — 0.2%** | **Spain — 0.2%** |
| Banco de Sabadell SA (EURIBOR ICE <br> Swap Rate 1 Year + 1.60%), <br> 4.25%, 9/13/2030 (b) (f)<br>| &nbsp;&nbsp; EUR1,000 | &nbsp;&nbsp; 1182 |
| Bankinter SA 0.88%, 7/8/2026 (b) | &nbsp;&nbsp; EUR2,300 | &nbsp;&nbsp; 2559 |
| CaixaBank SA (EURIBOR 3 Month + <br> 1.65%), 5.00%, 7/19/2029 (b) <br> (f)<br>| &nbsp;&nbsp; EUR1,900 | &nbsp;&nbsp; 2293 |
|  |  | &nbsp;&nbsp; 6034 |
| **Switzerland — 0.3%** | **Switzerland — 0.3%** | **Switzerland — 0.3%** |
| Holcim Finance Luxembourg SA <br> 0.50%, 4/23/2031 (b)<br>| &nbsp;&nbsp; EUR2,108 | &nbsp;&nbsp; 2040 |
| UBS Group AG |  |  |
| (SOFRINDX + 0.98%), 1.31%, <br> 2/2/2027 (c) (f)<br>| &nbsp;&nbsp; 250 | &nbsp;&nbsp; 244 |
| (EURIBOR ICE Swap Rate 1 Year + <br> 4.95%), 7.75%, 3/1/2029 (b) <br> (f)<br>| &nbsp;&nbsp; EUR1,850 | &nbsp;&nbsp; 2364 |
| UBS Switzerland AG 3.30%, <br> 3/5/2029 (b)<br>| &nbsp;&nbsp; EUR2,815 | &nbsp;&nbsp; 3281 |
|  |  | &nbsp;&nbsp; 7929 |
| **United Kingdom — 0.4%** | **United Kingdom — 0.4%** | **United Kingdom — 0.4%** |
| Barclays plc (EURIBOR ICE Swap Rate <br> 1 Year + 2.05%), 4.51%, <br> 1/31/2033 (b) (f)<br>| &nbsp;&nbsp; EUR457 | &nbsp;&nbsp; 539 |
| Cadent Finance plc 0.63%, <br> 3/19/2030 (b)<br>| &nbsp;&nbsp; EUR1,100 | &nbsp;&nbsp; 1108 |
| HSBC Holdings plc (SOFR + 1.29%), <br> 5.29%, 11/19/2030 (f)<br>| &nbsp;&nbsp; 310 | &nbsp;&nbsp; 315 |
| Lloyds Banking Group plc 4.45%, <br> 5/8/2025<br>| &nbsp;&nbsp; 300 | &nbsp;&nbsp; 300 |
| Motability Operations Group plc <br> 3.88%, 1/24/2034 (b)<br>| &nbsp;&nbsp; EUR2,245 | &nbsp;&nbsp; 2571 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

16 J.P. Morgan Funds April 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **United Kingdom — continued** | **United Kingdom — continued** | **United Kingdom — continued** |
| Santander UK Group Holdings plc (US <br> Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + <br> 1.25%), 1.53%, 8/21/2026 (f)<br>| &nbsp;&nbsp; 200 | &nbsp;&nbsp; 198 |
| TSB Bank plc 3.32%, 3/5/2029 (b) | &nbsp;&nbsp; EUR4,450 | &nbsp;&nbsp; 5202 |
|  |  | &nbsp;&nbsp; 10233 |
| **United States — 26.6%** | **United States — 26.6%** | **United States — 26.6%** |
| Acrisure LLC 4.25%, 2/15/2029 (c) | &nbsp;&nbsp; 2812 | &nbsp;&nbsp; 2628 |
| Adient Global Holdings Ltd. 7.00%, <br> 4/15/2028 (c)<br>| &nbsp;&nbsp; 2101 | &nbsp;&nbsp; 2119 |
| ADT Security Corp. (The) 4.13%, <br> 8/1/2029 (c)<br>| &nbsp;&nbsp; 3125 | &nbsp;&nbsp; 2949 |
| Advantage Sales & Marketing, Inc. <br> 6.50%, 11/15/2028 (c)<br>| &nbsp;&nbsp; 2268 | &nbsp;&nbsp; 1826 |
| Affinity Interactive 6.88%, <br> 12/15/2027 (c)<br>| &nbsp;&nbsp; 1991 | &nbsp;&nbsp; 1428 |
| AG TTMT Escrow Issuer LLC 8.63%, <br> 9/30/2027 (c)<br>| &nbsp;&nbsp; 999 | &nbsp;&nbsp; 1029 |
| Albertsons Cos., Inc. 4.63%, <br> 1/15/2027 (c)<br>| &nbsp;&nbsp; 2081 | &nbsp;&nbsp; 2057 |
| Allegiant Travel Co. 7.25%, <br> 8/15/2027 (c)<br>| &nbsp;&nbsp; 2172 | &nbsp;&nbsp; 2006 |
| Alliant Holdings Intermediate LLC |  |  |
| 4.25%, 10/15/2027 (c) | &nbsp;&nbsp; 716 | &nbsp;&nbsp; 691 |
| 6.75%, 4/15/2028 (c) | &nbsp;&nbsp; 3682 | &nbsp;&nbsp; 3709 |
| Allied Universal Holdco LLC 4.63%, <br> 6/1/2028 (c)<br>| &nbsp;&nbsp; 4471 | &nbsp;&nbsp; 4288 |
| Alta Equipment Group, Inc. 9.00%, <br> 6/1/2029 (a) (c)<br>| &nbsp;&nbsp; 1942 | &nbsp;&nbsp; 1634 |
| AMC Networks, Inc. 10.25%, <br> 1/15/2029 (c)<br>| &nbsp;&nbsp; 3076 | &nbsp;&nbsp; 3160 |
| American Airlines, Inc. |  |  |
| 5.50%, 4/20/2026 (c) | &nbsp;&nbsp; 1046 | &nbsp;&nbsp; 1039 |
| 7.25%, 2/15/2028 (c) | &nbsp;&nbsp; 1142 | &nbsp;&nbsp; 1128 |
| 5.75%, 4/20/2029 (c) | &nbsp;&nbsp; 2312 | &nbsp;&nbsp; 2242 |
| 8.50%, 5/15/2029 (a) (c) | &nbsp;&nbsp; 3396 | &nbsp;&nbsp; 3461 |
| American Axle & Manufacturing, Inc. <br> 5.00%, 10/1/2029 (a)<br>| &nbsp;&nbsp; 2817 | &nbsp;&nbsp; 2471 |
| AmeriTex HoldCo Intermediate LLC <br> 10.25%, 10/15/2028 (c)<br>| &nbsp;&nbsp; 2428 | &nbsp;&nbsp; 2501 |
| AmWINS Group, Inc. 6.38%, <br> 2/15/2029 (c)<br>| &nbsp;&nbsp; 237 | &nbsp;&nbsp; 240 |
| ANGI Group LLC 3.88%, <br> 8/15/2028 (c)<br>| &nbsp;&nbsp; 1833 | &nbsp;&nbsp; 1671 |
| Antero Midstream Partners LP 5.75%, <br> 3/1/2027 (c)<br>| &nbsp;&nbsp; 152 | &nbsp;&nbsp; 151 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **United States — continued** | **United States — continued** | **United States — continued** |
| Antero Resources Corp. 5.38%, <br> 3/1/2030 (c)<br>| &nbsp;&nbsp; 1900 | &nbsp;&nbsp; 1839 |
| APH Somerset Investor 2 LLC 7.88%, <br> 11/1/2029 (c)<br>| &nbsp;&nbsp; 2743 | &nbsp;&nbsp; 2677 |
| Arches Buyer, Inc. 4.25%, <br> 6/1/2028 (c)<br>| &nbsp;&nbsp; 3127 | &nbsp;&nbsp; 2941 |
| Ardagh Metal Packaging Finance <br> USA LLC 3.25%, 9/1/2028 (c)<br>| &nbsp;&nbsp; 4170 | &nbsp;&nbsp; 3812 |
| Ascent Resources Utica Holdings LLC <br> 8.25%, 12/31/2028 (c)<br>| &nbsp;&nbsp; 2395 | &nbsp;&nbsp; 2420 |
| Athene Global Funding 5.62%, <br> 5/8/2026 (c)<br>| &nbsp;&nbsp; 78 | &nbsp;&nbsp; 79 |
| Avantor Funding, Inc. |  |  |
| 4.63%, 7/15/2028 (c) | &nbsp;&nbsp; 3103 | &nbsp;&nbsp; 2984 |
| 3.88%, 11/1/2029 (c) | &nbsp;&nbsp; 1863 | &nbsp;&nbsp; 1720 |
| Avianca Midco 2 plc 9.63%, <br> 2/14/2030 (c)<br>| &nbsp;&nbsp; 1092 | &nbsp;&nbsp; 953 |
| Avis Budget Car Rental LLC |  |  |
| 5.38%, 3/1/2029 (a) (c) | &nbsp;&nbsp; 3609 | &nbsp;&nbsp; 3322 |
| 8.25%, 1/15/2030 (c) | &nbsp;&nbsp; 551 | &nbsp;&nbsp; 550 |
| Axalta Coating Systems LLC 4.75%, <br> 6/15/2027 (c)<br>| &nbsp;&nbsp; 3087 | &nbsp;&nbsp; 3048 |
| B&G Foods, Inc. 8.00%, <br> 9/15/2028 (c)<br>| &nbsp;&nbsp; 2834 | &nbsp;&nbsp; 2812 |
| Ball Corp. 6.88%, 3/15/2028 | &nbsp;&nbsp; 2455 | &nbsp;&nbsp; 2515 |
| Bank of America Corp. (EURIBOR 3 <br> Month + 0.95%), 1.10%, <br> 5/24/2032 (b) (f)<br>| &nbsp;&nbsp; EUR2,550 | &nbsp;&nbsp; 2523 |
| Bausch + Lomb Corp. 8.38%, <br> 10/1/2028 (c)<br>| &nbsp;&nbsp; 3550 | &nbsp;&nbsp; 3688 |
| Bausch Health Cos., Inc. |  |  |
| 4.88%, 6/1/2028 (c) | &nbsp;&nbsp; 2063 | &nbsp;&nbsp; 1675 |
| 11.00%, 9/30/2028 (c) | &nbsp;&nbsp; 1725 | &nbsp;&nbsp; 1622 |
| Block, Inc. 2.75%, 6/1/2026 | &nbsp;&nbsp; 3135 | &nbsp;&nbsp; 3060 |
| Boyd Gaming Corp. 4.75%, <br> 12/1/2027<br>| &nbsp;&nbsp; 2886 | &nbsp;&nbsp; 2827 |
| Brookfield Property REIT, Inc. REIT, <br> 4.50%, 4/1/2027 (c)<br>| &nbsp;&nbsp; 136 | &nbsp;&nbsp; 132 |
| Buckeye Partners LP 6.88%, <br> 7/1/2029 (c)<br>| &nbsp;&nbsp; 1255 | &nbsp;&nbsp; 1279 |
| Caesars Entertainment, Inc. |  |  |
| 8.13%, 7/1/2027 (c) | &nbsp;&nbsp; 3807 | &nbsp;&nbsp; 3818 |
| 7.00%, 2/15/2030 (c) | &nbsp;&nbsp; 1909 | &nbsp;&nbsp; 1954 |
| California Resources Corp. 8.25%, <br> 6/15/2029 (c)<br>| &nbsp;&nbsp; 2297 | &nbsp;&nbsp; 2190 |
| Calpine Corp. 4.50%, 2/15/2028 (c) | &nbsp;&nbsp; 2661 | &nbsp;&nbsp; 2603 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Funds 17

------

JPMorgan Global Allocation Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| Camelot Return Merger Sub, Inc. <br> 8.75%, 8/1/2028 (c)<br>| &nbsp;&nbsp; 2191 | &nbsp;&nbsp; 1900 |
| Carnival Corp. |  |  |
| 7.63%, 3/1/2026 (c) | &nbsp;&nbsp; 2013 | &nbsp;&nbsp; 2016 |
| 5.75%, 3/1/2027 (c) | &nbsp;&nbsp; 2875 | &nbsp;&nbsp; 2865 |
| 6.00%, 5/1/2029 (c) | &nbsp;&nbsp; 3706 | &nbsp;&nbsp; 3684 |
| CCO Holdings LLC 6.38%, <br> 9/1/2029 (c)<br>| &nbsp;&nbsp; 3737 | &nbsp;&nbsp; 3771 |
| CEC Entertainment LLC 6.75%, <br> 5/1/2026 (c)<br>| &nbsp;&nbsp; 2616 | &nbsp;&nbsp; 2569 |
| Celanese US Holdings LLC |  |  |
| 6.41%, 7/15/2027 (i) | &nbsp;&nbsp; 574 | &nbsp;&nbsp; 579 |
| 6.60%, 11/15/2028 (i) | &nbsp;&nbsp; 3497 | &nbsp;&nbsp; 3535 |
| 6.58%, 7/15/2029 (i) | &nbsp;&nbsp; 2031 | &nbsp;&nbsp; 2048 |
| Central Parent LLC 8.00%, <br> 6/15/2029 (c)<br>| &nbsp;&nbsp; 2197 | &nbsp;&nbsp; 1945 |
| Central Parent, Inc. 7.25%, <br> 6/15/2029 (c)<br>| &nbsp;&nbsp; 1416 | &nbsp;&nbsp; 1214 |
| Century Communities, Inc. 3.88%, <br> 8/15/2029 (c)<br>| &nbsp;&nbsp; 2637 | &nbsp;&nbsp; 2352 |
| Champions Financing, Inc. 8.75%, <br> 2/15/2029 (a) (c)<br>| &nbsp;&nbsp; 2279 | &nbsp;&nbsp; 2006 |
| Chart Industries, Inc. 7.50%, <br> 1/1/2030 (c)<br>| &nbsp;&nbsp; 2052 | &nbsp;&nbsp; 2129 |
| Charter Communications <br> Operating LLC<br>|  |  |
| 6.65%, 2/1/2034 | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 52 |
| 6.38%, 10/23/2035 | &nbsp;&nbsp; 2250 | &nbsp;&nbsp; 2278 |
| Chemours Co. (The) 5.75%, <br> 11/15/2028 (c)<br>| &nbsp;&nbsp; 3694 | &nbsp;&nbsp; 3346 |
| Chevron Phillips Chemical Co. LLC <br> 3.40%, 12/1/2026 (c)<br>| &nbsp;&nbsp; 78 | &nbsp;&nbsp; 77 |
| Cinemark USA, Inc. 5.25%, <br> 7/15/2028 (c)<br>| &nbsp;&nbsp; 2804 | &nbsp;&nbsp; 2753 |
| Citigroup, Inc. |  |  |
| (SOFR + 0.76%), 1.12%, <br> 1/28/2027 (f)<br>| &nbsp;&nbsp; 250 | &nbsp;&nbsp; 244 |
| (SOFR + 1.34%), 4.54%, <br> 9/19/2030 (f)<br>| &nbsp;&nbsp; 1260 | &nbsp;&nbsp; 1247 |
| Civitas Resources, Inc. 8.38%, <br> 7/1/2028 (a) (c)<br>| &nbsp;&nbsp; 3535 | &nbsp;&nbsp; 3473 |
| Clarios Global LP |  |  |
| 6.75%, 5/15/2028 (c) | &nbsp;&nbsp; 2473 | &nbsp;&nbsp; 2512 |
| 6.75%, 2/15/2030 (c) | &nbsp;&nbsp; 180 | &nbsp;&nbsp; 183 |
| Clarivate Science Holdings Corp. <br> 3.88%, 7/1/2028 (c)<br>| &nbsp;&nbsp; 4143 | &nbsp;&nbsp; 3909 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **United States — continued** | **United States — continued** | **United States — continued** |
| Clear Channel Outdoor Holdings, Inc. |  |  |
| 9.00%, 9/15/2028 (c) | &nbsp;&nbsp; 2868 | &nbsp;&nbsp; 2969 |
| 7.88%, 4/1/2030 (c) | &nbsp;&nbsp; 971 | &nbsp;&nbsp; 971 |
| Cleveland-Cliffs, Inc. |  |  |
| 5.88%, 6/1/2027 | &nbsp;&nbsp; 559 | &nbsp;&nbsp; 552 |
| 6.88%, 11/1/2029 (c) | &nbsp;&nbsp; 1007 | &nbsp;&nbsp; 975 |
| Cloud Software Group, Inc. 6.50%, <br> 3/31/2029 (c)<br>| &nbsp;&nbsp; 3945 | &nbsp;&nbsp; 3946 |
| Clydesdale Acquisition Holdings, Inc. <br> 8.75%, 4/15/2030 (c)<br>| &nbsp;&nbsp; 2777 | &nbsp;&nbsp; 2861 |
| Cogent Communications Group LLC <br> 3.50%, 5/1/2026 (c)<br>| &nbsp;&nbsp; 2453 | &nbsp;&nbsp; 2406 |
| Coinbase Global, Inc. 3.38%, <br> 10/1/2028 (c)<br>| &nbsp;&nbsp; 3247 | &nbsp;&nbsp; 2989 |
| CommScope LLC 4.75%, <br> 9/1/2029 (c)<br>| &nbsp;&nbsp; 2324 | &nbsp;&nbsp; 2051 |
| Community Health Systems, Inc. |  |  |
| 5.63%, 3/15/2027 (c) | &nbsp;&nbsp; 1435 | &nbsp;&nbsp; 1399 |
| 6.00%, 1/15/2029 (c) | &nbsp;&nbsp; 3657 | &nbsp;&nbsp; 3407 |
| Comstock Resources, Inc. 6.75%, <br> 3/1/2029 (c)<br>| &nbsp;&nbsp; 3545 | &nbsp;&nbsp; 3379 |
| Consolidated Communications, Inc. <br> 6.50%, 10/1/2028 (c)<br>| &nbsp;&nbsp; 2794 | &nbsp;&nbsp; 2743 |
| Corebridge Financial, Inc. (US <br> Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 3.85%), 6.88%, 12/15/2052 (f)<br>| &nbsp;&nbsp; 2 | &nbsp;&nbsp; 2 |
| CoreLogic, Inc. 4.50%, 5/1/2028 (c) | &nbsp;&nbsp; 2835 | &nbsp;&nbsp; 2683 |
| Credit Acceptance Corp. |  |  |
| 9.25%, 12/15/2028 (c) | &nbsp;&nbsp; 1860 | &nbsp;&nbsp; 1966 |
| 6.63%, 3/15/2030 (c) | &nbsp;&nbsp; 1133 | &nbsp;&nbsp; 1112 |
| Crescent Energy Finance LLC 9.25%, <br> 2/15/2028 (c)<br>| &nbsp;&nbsp; 3045 | &nbsp;&nbsp; 3077 |
| CSC Holdings LLC |  |  |
| 11.25%, 5/15/2028 (c) | &nbsp;&nbsp; 2528 | &nbsp;&nbsp; 2471 |
| 11.75%, 1/31/2029 (c) | &nbsp;&nbsp; 2496 | &nbsp;&nbsp; 2360 |
| Cushman & Wakefield US <br> Borrower LLC 6.75%, <br> 5/15/2028 (c)<br>| &nbsp;&nbsp; 2584 | &nbsp;&nbsp; 2596 |
| CVR Energy, Inc. 8.50%, <br> 1/15/2029 (c)<br>| &nbsp;&nbsp; 2567 | &nbsp;&nbsp; 2359 |
| CVR Partners LP 6.13%, <br> 6/15/2028 (c)<br>| &nbsp;&nbsp; 736 | &nbsp;&nbsp; 711 |
| Dcli Bidco LLC 7.75%, <br> 11/15/2029 (c)<br>| &nbsp;&nbsp; 591 | &nbsp;&nbsp; 551 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

18 J.P. Morgan Funds April 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| Delek Logistics Partners LP 8.63%, <br> 3/15/2029 (c)<br>| &nbsp;&nbsp; 3093 | &nbsp;&nbsp; 3175 |
| Directv Financing LLC |  |  |
| 5.88%, 8/15/2027 (c) | &nbsp;&nbsp; 4104 | &nbsp;&nbsp; 3966 |
| 8.88%, 2/1/2030 (c) | &nbsp;&nbsp; 2994 | &nbsp;&nbsp; 2857 |
| Discovery Communications LLC <br> 4.95%, 5/15/2042<br>| &nbsp;&nbsp; 50 | &nbsp;&nbsp; 36 |
| Dominion Energy, Inc. 3.90%, <br> 10/1/2025<br>| &nbsp;&nbsp; 100 | &nbsp;&nbsp; 100 |
| Domtar Corp. 6.75%, 10/1/2028 (c) | &nbsp;&nbsp; 1140 | &nbsp;&nbsp; 955 |
| Duquesne Light Holdings, Inc. 3.62%, <br> 8/1/2027 (c)<br>| &nbsp;&nbsp; 2400 | &nbsp;&nbsp; 2321 |
| Edgewell Personal Care Co. 5.50%, <br> 6/1/2028 (c)<br>| &nbsp;&nbsp; 3385 | &nbsp;&nbsp; 3325 |
| Edison International (US Treasury <br> Yield Curve Rate T Note Constant <br> Maturity 5 Year + 3.86%), 8.13%, <br> 6/15/2053 (a) (f)<br>| &nbsp;&nbsp; 1548 | &nbsp;&nbsp; 1474 |
| Elastic NV 4.13%, 7/15/2029 (c) | &nbsp;&nbsp; 2619 | &nbsp;&nbsp; 2472 |
| Embecta Corp. 5.00%, <br> 2/15/2030 (c)<br>| &nbsp;&nbsp; 2515 | &nbsp;&nbsp; 2264 |
| Encino Acquisition Partners <br> Holdings LLC 8.50%, 5/1/2028 (c)<br>| &nbsp;&nbsp; 2634 | &nbsp;&nbsp; 2636 |
| Encore Capital Group, Inc. 9.25%, <br> 4/1/2029 (a) (c)<br>| &nbsp;&nbsp; 270 | &nbsp;&nbsp; 285 |
| Energizer Holdings, Inc. |  |  |
| 4.75%, 6/15/2028 (c) | &nbsp;&nbsp; 2221 | &nbsp;&nbsp; 2140 |
| 4.38%, 3/31/2029 (c) | &nbsp;&nbsp; 1436 | &nbsp;&nbsp; 1340 |
| Energy Transfer LP |  |  |
| 4.75%, 1/15/2026 | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 100 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 2.83%), 7.13%, 10/1/2054 (f)<br>| &nbsp;&nbsp; 450 | &nbsp;&nbsp; 447 |
| Entergy Corp. 0.90%, 9/15/2025 | &nbsp;&nbsp; 97 | &nbsp;&nbsp; 96 |
| EquipmentShare.com, Inc. 9.00%, <br> 5/15/2028 (c)<br>| &nbsp;&nbsp; 3061 | &nbsp;&nbsp; 3116 |
| Esab Corp. 6.25%, 4/15/2029 (c) | &nbsp;&nbsp; 1030 | &nbsp;&nbsp; 1045 |
| Ferrellgas LP |  |  |
| 5.38%, 4/1/2026 (c) | &nbsp;&nbsp; 2057 | &nbsp;&nbsp; 2000 |
| 5.88%, 4/1/2029 (c) | &nbsp;&nbsp; 1841 | &nbsp;&nbsp; 1599 |
| FirstCash, Inc. 4.63%, 9/1/2028 (c) | &nbsp;&nbsp; 1429 | &nbsp;&nbsp; 1386 |
| Five Point Operating Co. LP 10.50%, <br> 1/15/2028 (c) (i)<br>| &nbsp;&nbsp; 2374 | &nbsp;&nbsp; 2413 |
| Fortress Transportation and <br> Infrastructure Investors LLC 5.50%, <br> 5/1/2028 (c)<br>| &nbsp;&nbsp; 935 | &nbsp;&nbsp; 918 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **United States — continued** | **United States — continued** | **United States — continued** |
| Freedom Mortgage Corp. |  |  |
| 7.63%, 5/1/2026 (c) | &nbsp;&nbsp; 3455 | &nbsp;&nbsp; 3446 |
| 6.63%, 1/15/2027 (c) | &nbsp;&nbsp; 851 | &nbsp;&nbsp; 845 |
| 12.00%, 10/1/2028 (c) | &nbsp;&nbsp; 508 | &nbsp;&nbsp; 545 |
| Freedom Mortgage Holdings LLC <br> 9.25%, 2/1/2029 (c)<br>| &nbsp;&nbsp; 860 | &nbsp;&nbsp; 876 |
| Frontier Communications Holdings LLC |  |  |
| 5.88%, 10/15/2027 (c) | &nbsp;&nbsp; 3247 | &nbsp;&nbsp; 3243 |
| 5.00%, 5/1/2028 (c) | &nbsp;&nbsp; 2107 | &nbsp;&nbsp; 2085 |
| FTAI Infra Escrow Holdings LLC <br> 10.50%, 6/1/2027 (c)<br>| &nbsp;&nbsp; 1451 | &nbsp;&nbsp; 1500 |
| Gap, Inc. (The) 3.63%, <br> 10/1/2029 (c)<br>| &nbsp;&nbsp; 2923 | &nbsp;&nbsp; 2643 |
| GCI LLC 4.75%, 10/15/2028 (c) | &nbsp;&nbsp; 2681 | &nbsp;&nbsp; 2536 |
| Gen Digital, Inc. 6.75%, <br> 9/30/2027 (c)<br>| &nbsp;&nbsp; 2943 | &nbsp;&nbsp; 2991 |
| General Motors Financial Co., Inc. <br> 5.25%, 3/1/2026<br>| &nbsp;&nbsp; 150 | &nbsp;&nbsp; 150 |
| GEO Group, Inc. (The) 8.63%, <br> 4/15/2029<br>| &nbsp;&nbsp; 962 | &nbsp;&nbsp; 1011 |
| GFL Environmental, Inc. 4.38%, <br> 8/15/2029 (c)<br>| &nbsp;&nbsp; 2836 | &nbsp;&nbsp; 2707 |
| Global Net Lease, Inc. REIT, 3.75%, <br> 12/15/2027 (c)<br>| &nbsp;&nbsp; 2510 | &nbsp;&nbsp; 2358 |
| Go Daddy Operating Co. LLC 5.25%, <br> 12/1/2027 (c)<br>| &nbsp;&nbsp; 1336 | &nbsp;&nbsp; 1324 |
| Goldman Sachs Bank USA (SOFR + <br> 0.77%), 5.12%, 3/18/2027 (f)<br>| &nbsp;&nbsp; 320 | &nbsp;&nbsp; 319 |
| Goldman Sachs Group, Inc. (The) <br> 0.88%, 1/21/2030 (b)<br>| &nbsp;&nbsp; EUR600 | &nbsp;&nbsp; 619 |
| Goodyear Tire & Rubber Co. (The) <br> 5.00%, 7/15/2029 (a)<br>| &nbsp;&nbsp; 2960 | &nbsp;&nbsp; 2815 |
| Gray Media, Inc. 10.50%, <br> 7/15/2029 (a) (c)<br>| &nbsp;&nbsp; 3338 | &nbsp;&nbsp; 3426 |
| Group 1 Automotive, Inc. 4.00%, <br> 8/15/2028 (c)<br>| &nbsp;&nbsp; 3114 | &nbsp;&nbsp; 2960 |
| H&E Equipment Services, Inc. 3.88%, <br> 12/15/2028 (c)<br>| &nbsp;&nbsp; 278 | &nbsp;&nbsp; 277 |
| Harvest Midstream I LP 7.50%, <br> 9/1/2028 (c)<br>| &nbsp;&nbsp; 2799 | &nbsp;&nbsp; 2833 |
| Heartland Dental LLC 10.50%, <br> 4/30/2028 (c)<br>| &nbsp;&nbsp; 2547 | &nbsp;&nbsp; 2684 |
| Herc Holdings, Inc. 5.50%, <br> 7/15/2027 (c)<br>| &nbsp;&nbsp; 2848 | &nbsp;&nbsp; 2816 |
| Hertz Corp. (The) 12.63%, <br> 7/15/2029 (a) (c)<br>| &nbsp;&nbsp; 3626 | &nbsp;&nbsp; 3527 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Funds 19

------

JPMorgan Global Allocation Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| Hess Midstream Operations LP |  |  |
| 5.88%, 3/1/2028 (c) | &nbsp;&nbsp; 633 | &nbsp;&nbsp; 634 |
| 6.50%, 6/1/2029 (c) | &nbsp;&nbsp; 477 | &nbsp;&nbsp; 484 |
| 4.25%, 2/15/2030 (c) | &nbsp;&nbsp; 1484 | &nbsp;&nbsp; 1393 |
| Hilcorp Energy I LP 5.75%, <br> 2/1/2029 (c)<br>| &nbsp;&nbsp; 2669 | &nbsp;&nbsp; 2499 |
| Hilton Domestic Operating Co., Inc. |  |  |
| 5.75%, 5/1/2028 (c) | &nbsp;&nbsp; 951 | &nbsp;&nbsp; 952 |
| 5.88%, 4/1/2029 (c) | &nbsp;&nbsp; 312 | &nbsp;&nbsp; 315 |
| HLF Financing Sarl LLC 12.25%, <br> 4/15/2029 (c)<br>| &nbsp;&nbsp; 3329 | &nbsp;&nbsp; 3532 |
| Howard Hughes Corp. (The) 4.13%, <br> 2/1/2029 (c)<br>| &nbsp;&nbsp; 485 | &nbsp;&nbsp; 444 |
| Howard Midstream Energy <br> Partners LLC 8.88%, <br> 7/15/2028 (c)<br>| &nbsp;&nbsp; 2397 | &nbsp;&nbsp; 2491 |
| Hunt Cos., Inc. 5.25%, 4/15/2029 (c) | &nbsp;&nbsp; 1544 | &nbsp;&nbsp; 1467 |
| Hyundai Capital America 4.30%, <br> 9/24/2027 (c)<br>| &nbsp;&nbsp; 71 | &nbsp;&nbsp; 70 |
| Icahn Enterprises LP |  |  |
| 9.75%, 1/15/2029 | &nbsp;&nbsp; 1534 | &nbsp;&nbsp; 1514 |
| 4.38%, 2/1/2029 | &nbsp;&nbsp; 1519 | &nbsp;&nbsp; 1267 |
| 10.00%, 11/15/2029 (c) | &nbsp;&nbsp; 770 | &nbsp;&nbsp; 753 |
| ICITII 6.00%, 1/31/2033 ‡ (c) | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 7 |
| Imola Merger Corp. 4.75%, <br> 5/15/2029 (c)<br>| &nbsp;&nbsp; 2318 | &nbsp;&nbsp; 2213 |
| Ingevity Corp. 3.88%, 11/1/2028 (c) | &nbsp;&nbsp; 2623 | &nbsp;&nbsp; 2424 |
| International Game Technology plc <br> 4.13%, 4/15/2026 (c)<br>| &nbsp;&nbsp; 2810 | &nbsp;&nbsp; 2774 |
| Iron Mountain, Inc. |  |  |
| REIT, 5.00%, 7/15/2028 (c) | &nbsp;&nbsp; 1496 | &nbsp;&nbsp; 1463 |
| REIT, 7.00%, 2/15/2029 (c) | &nbsp;&nbsp; 2245 | &nbsp;&nbsp; 2306 |
| ITT Holdings LLC 6.50%, <br> 8/1/2029 (c)<br>| &nbsp;&nbsp; 1887 | &nbsp;&nbsp; 1723 |
| Jazz Securities DAC 4.38%, <br> 1/15/2029 (a) (c)<br>| &nbsp;&nbsp; 3762 | &nbsp;&nbsp; 3570 |
| Jefferies Finance LLC 5.00%, <br> 8/15/2028 (c)<br>| &nbsp;&nbsp; 2283 | &nbsp;&nbsp; 2124 |
| KeHE Distributors LLC 9.00%, <br> 2/15/2029 (c)<br>| &nbsp;&nbsp; 3031 | &nbsp;&nbsp; 3101 |
| Kennedy-Wilson, Inc. 4.75%, <br> 3/1/2029<br>| &nbsp;&nbsp; 1914 | &nbsp;&nbsp; 1724 |
| KeyCorp (SOFRINDX + 2.42%), <br> 6.40%, 3/6/2035 (f)<br>| &nbsp;&nbsp; 1450 | &nbsp;&nbsp; 1519 |
| Kinetik Holdings LP 6.63%, <br> 12/15/2028 (c)<br>| &nbsp;&nbsp; 171 | &nbsp;&nbsp; 172 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **United States — continued** | **United States — continued** | **United States — continued** |
| LABL, Inc. 5.88%, 11/1/2028 (c) | &nbsp;&nbsp; 1831 | &nbsp;&nbsp; 1514 |
| Lamar Media Corp. |  |  |
| 3.75%, 2/15/2028 | &nbsp;&nbsp; 2914 | &nbsp;&nbsp; 2780 |
| 4.00%, 2/15/2030 | &nbsp;&nbsp; 441 | &nbsp;&nbsp; 412 |
| Lamb Weston Holdings, Inc. 4.88%, <br> 5/15/2028 (c)<br>| &nbsp;&nbsp; 94 | &nbsp;&nbsp; 93 |
| Level 3 Financing, Inc. |  |  |
| 10.50%, 4/15/2029 (c) | &nbsp;&nbsp; 3370 | &nbsp;&nbsp; 3731 |
| 4.88%, 6/15/2029 (c) | &nbsp;&nbsp; 2158 | &nbsp;&nbsp; 1883 |
| 11.00%, 11/15/2029 (c) | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 279 |
| 4.50%, 4/1/2030 (c) | &nbsp;&nbsp; 847 | &nbsp;&nbsp; 705 |
| Liberty Mutual Group, Inc. (US <br> Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 3.31%), 4.13%, 12/15/2051 (c) <br> (f)<br>| &nbsp;&nbsp; 724 | &nbsp;&nbsp; 684 |
| Lithia Motors, Inc. 3.88%, <br> 6/1/2029 (c)<br>| &nbsp;&nbsp; 2960 | &nbsp;&nbsp; 2748 |
| Live Nation Entertainment, Inc. |  |  |
| 4.75%, 10/15/2027 (c) | &nbsp;&nbsp; 893 | &nbsp;&nbsp; 874 |
| 3.75%, 1/15/2028 (c) | &nbsp;&nbsp; 3304 | &nbsp;&nbsp; 3158 |
| Madison IAQ LLC 4.13%, <br> 6/30/2028 (c)<br>| &nbsp;&nbsp; 2777 | &nbsp;&nbsp; 2651 |
| Magnera Corp. 4.75%, <br> 11/15/2029 (c)<br>| &nbsp;&nbsp; 2663 | &nbsp;&nbsp; 2321 |
| Marathon Petroleum Corp. 4.70%, <br> 5/1/2025<br>| &nbsp;&nbsp; 349 | &nbsp;&nbsp; 349 |
| Matador Resources Co. 6.88%, <br> 4/15/2028 (c)<br>| &nbsp;&nbsp; 420 | &nbsp;&nbsp; 418 |
| Match Group Holdings II LLC 4.63%, <br> 6/1/2028 (c)<br>| &nbsp;&nbsp; 2479 | &nbsp;&nbsp; 2386 |
| Mauser Packaging Solutions Holding <br> Co. 7.88%, 4/15/2027 (c)<br>| &nbsp;&nbsp; 3508 | &nbsp;&nbsp; 3517 |
| McGraw-Hill Education, Inc. 5.75%, <br> 8/1/2028 (c)<br>| &nbsp;&nbsp; 2885 | &nbsp;&nbsp; 2826 |
| Medline Borrower LP |  |  |
| 3.88%, 4/1/2029 (c) | &nbsp;&nbsp; 1507 | &nbsp;&nbsp; 1406 |
| 6.25%, 4/1/2029 (c) | &nbsp;&nbsp; 3723 | &nbsp;&nbsp; 3752 |
| 5.25%, 10/1/2029 (c) | &nbsp;&nbsp; 3997 | &nbsp;&nbsp; 3796 |
| MGM Resorts International 4.75%, <br> 10/15/2028<br>| &nbsp;&nbsp; 376 | &nbsp;&nbsp; 363 |
| Michaels Cos., Inc. (The) 5.25%, <br> 5/1/2028 (c)<br>| &nbsp;&nbsp; 2710 | &nbsp;&nbsp; 1412 |
| Midcap Financial Issuer Trust 6.50%, <br> 5/1/2028 (c)<br>| &nbsp;&nbsp; 1661 | &nbsp;&nbsp; 1586 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

20 J.P. Morgan Funds April 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| Molina Healthcare, Inc. 4.38%, <br> 6/15/2028 (c)<br>| &nbsp;&nbsp; 2890 | &nbsp;&nbsp; 2778 |
| Nationstar Mortgage Holdings, Inc. |  |  |
| 6.00%, 1/15/2027 (c) | &nbsp;&nbsp; 753 | &nbsp;&nbsp; 753 |
| 5.50%, 8/15/2028 (c) | &nbsp;&nbsp; 1018 | &nbsp;&nbsp; 1012 |
| Navient Corp. |  |  |
| 5.00%, 3/15/2027 | &nbsp;&nbsp; 944 | &nbsp;&nbsp; 935 |
| 4.88%, 3/15/2028 | &nbsp;&nbsp; 329 | &nbsp;&nbsp; 316 |
| 5.50%, 3/15/2029 | &nbsp;&nbsp; 2214 | &nbsp;&nbsp; 2096 |
| NCL Corp. Ltd. |  |  |
| 5.88%, 2/15/2027 (c) | &nbsp;&nbsp; 3629 | &nbsp;&nbsp; 3612 |
| 8.13%, 1/15/2029 (c) | &nbsp;&nbsp; 1974 | &nbsp;&nbsp; 2067 |
| NCR Atleos Corp. 9.50%, <br> 4/1/2029 (c)<br>| &nbsp;&nbsp; 3428 | &nbsp;&nbsp; 3688 |
| NCR Voyix Corp. 5.00%, <br> 10/1/2028 (c)<br>| &nbsp;&nbsp; 2706 | &nbsp;&nbsp; 2623 |
| Necessity Retail REIT, Inc. REIT, <br> 4.50%, 9/30/2028 (c)<br>| &nbsp;&nbsp; 1830 | &nbsp;&nbsp; 1726 |
| Neptune Bidco US, Inc. 9.29%, <br> 4/15/2029 (c)<br>| &nbsp;&nbsp; 4098 | &nbsp;&nbsp; 3647 |
| NESCO Holdings II, Inc. 5.50%, <br> 4/15/2029 (c)<br>| &nbsp;&nbsp; 3154 | &nbsp;&nbsp; 2859 |
| New Enterprise Stone & Lime Co., Inc. <br> 5.25%, 7/15/2028 (c)<br>| &nbsp;&nbsp; 2587 | &nbsp;&nbsp; 2511 |
| New Fortress Energy, Inc. 6.50%, <br> 9/30/2026 (c)<br>| &nbsp;&nbsp; 2969 | &nbsp;&nbsp; 2432 |
| Newell Brands, Inc. |  |  |
| 6.38%, 9/15/2027 | &nbsp;&nbsp; 1829 | &nbsp;&nbsp; 1783 |
| 6.63%, 9/15/2029 | &nbsp;&nbsp; 544 | &nbsp;&nbsp; 510 |
| Newfold Digital Holdings Group, Inc. <br> 11.75%, 10/15/2028 (c)<br>| &nbsp;&nbsp; 1778 | &nbsp;&nbsp; 942 |
| Nexstar Media, Inc. |  |  |
| 5.63%, 7/15/2027 (c) | &nbsp;&nbsp; 1479 | &nbsp;&nbsp; 1465 |
| 4.75%, 11/1/2028 (a) (c) | &nbsp;&nbsp; 1656 | &nbsp;&nbsp; 1559 |
| NextEra Energy Capital Holdings, Inc. <br> 5.75%, 9/1/2025<br>| &nbsp;&nbsp; 250 | &nbsp;&nbsp; 251 |
| NFE Financing LLC 12.00%, <br> 11/15/2029 (c)<br>| &nbsp;&nbsp; 1838 | &nbsp;&nbsp; 1265 |
| NGL Energy Operating LLC 8.13%, <br> 2/15/2029 (c)<br>| &nbsp;&nbsp; 3026 | &nbsp;&nbsp; 2844 |
| Nissan Motor Acceptance Co. LLC <br> 2.00%, 3/9/2026 (c)<br>| &nbsp;&nbsp; 2704 | &nbsp;&nbsp; 2599 |
| Noble Finance II LLC 8.00%, <br> 4/15/2030 (c)<br>| &nbsp;&nbsp; 3193 | &nbsp;&nbsp; 3042 |
| Northern Oil & Gas, Inc. 8.13%, <br> 3/1/2028 (c)<br>| &nbsp;&nbsp; 2707 | &nbsp;&nbsp; 2673 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **United States — continued** | **United States — continued** | **United States — continued** |
| Novelis Corp. |  |  |
| 3.25%, 11/15/2026 (c) | &nbsp;&nbsp; 1643 | &nbsp;&nbsp; 1593 |
| 6.88%, 1/30/2030 (c) | &nbsp;&nbsp; 2099 | &nbsp;&nbsp; 2129 |
| NRG Energy, Inc. 3.38%, <br> 2/15/2029 (c)<br>| &nbsp;&nbsp; 981 | &nbsp;&nbsp; 909 |
| Olympus Water US Holding Corp. |  |  |
| 4.25%, 10/1/2028 (c) | &nbsp;&nbsp; 2699 | &nbsp;&nbsp; 2493 |
| 9.75%, 11/15/2028 (c) | &nbsp;&nbsp; 2372 | &nbsp;&nbsp; 2472 |
| ON Semiconductor Corp. 3.88%, <br> 9/1/2028 (c)<br>| &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 945 |
| OneMain Finance Corp. |  |  |
| 3.50%, 1/15/2027 | &nbsp;&nbsp; 3757 | &nbsp;&nbsp; 3597 |
| 3.88%, 9/15/2028 | &nbsp;&nbsp; 943 | &nbsp;&nbsp; 873 |
| 9.00%, 1/15/2029 | &nbsp;&nbsp; 351 | &nbsp;&nbsp; 365 |
| 6.63%, 5/15/2029 | &nbsp;&nbsp; 1996 | &nbsp;&nbsp; 2002 |
| OneSky Flight LLC 8.88%, <br> 12/15/2029 (c)<br>| &nbsp;&nbsp; 2441 | &nbsp;&nbsp; 2464 |
| Organon & Co. 4.13%, 4/30/2028 (c) | &nbsp;&nbsp; 4092 | &nbsp;&nbsp; 3859 |
| Outfront Media Capital LLC |  |  |
| 5.00%, 8/15/2027 (c) | &nbsp;&nbsp; 811 | &nbsp;&nbsp; 795 |
| 4.25%, 1/15/2029 (c) | &nbsp;&nbsp; 1699 | &nbsp;&nbsp; 1578 |
| Owens & Minor, Inc. 10.00%, <br> 4/15/2030 (c)<br>| &nbsp;&nbsp; 469 | &nbsp;&nbsp; 484 |
| Owens-Brockway Glass Container, Inc. <br> 6.63%, 5/13/2027 (c)<br>| &nbsp;&nbsp; 2546 | &nbsp;&nbsp; 2540 |
| Paramount Global (US Treasury Yield <br> Curve Rate T Note Constant <br> Maturity 5 Year + 4.00%), 6.38%, <br> 3/30/2062 (f)<br>| &nbsp;&nbsp; 1114 | &nbsp;&nbsp; 1072 |
| Park Intermediate Holdings LLC REIT, <br> 5.88%, 10/1/2028 (c)<br>| &nbsp;&nbsp; 960 | &nbsp;&nbsp; 937 |
| Pattern Energy Operations LP 4.50%, <br> 8/15/2028 (c)<br>| &nbsp;&nbsp; 264 | &nbsp;&nbsp; 251 |
| PBF Holding Co. LLC 6.00%, <br> 2/15/2028<br>| &nbsp;&nbsp; 3172 | &nbsp;&nbsp; 2799 |
| PennyMac Financial Services, Inc. |  |  |
| 5.38%, 10/15/2025 (c) | &nbsp;&nbsp; 1888 | &nbsp;&nbsp; 1877 |
| 4.25%, 2/15/2029 (c) | &nbsp;&nbsp; 183 | &nbsp;&nbsp; 171 |
| Penske Automotive Group, Inc. <br> 3.75%, 6/15/2029<br>| &nbsp;&nbsp; 2553 | &nbsp;&nbsp; 2367 |
| Penske Truck Leasing Co. LP 1.20%, <br> 11/15/2025 (c)<br>| &nbsp;&nbsp; 200 | &nbsp;&nbsp; 196 |
| Performance Food Group, Inc. 5.50%, <br> 10/15/2027 (c)<br>| &nbsp;&nbsp; 1422 | &nbsp;&nbsp; 1410 |
| Permian Resources Operating LLC <br> 8.00%, 4/15/2027 (c)<br>| &nbsp;&nbsp; 3385 | &nbsp;&nbsp; 3444 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Funds 21

------

JPMorgan Global Allocation Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| PetSmart, Inc. |  |  |
| 4.75%, 2/15/2028 (c) | &nbsp;&nbsp; 2917 | &nbsp;&nbsp; 2788 |
| 7.75%, 2/15/2029 (c) | &nbsp;&nbsp; 2022 | &nbsp;&nbsp; 1883 |
| PG&E Corp. 5.00%, 7/1/2028 | &nbsp;&nbsp; 2012 | &nbsp;&nbsp; 1963 |
| Phinia, Inc. 6.75%, 4/15/2029 (c) | &nbsp;&nbsp; 2459 | &nbsp;&nbsp; 2485 |
| Pike Corp. 5.50%, 9/1/2028 (c) | &nbsp;&nbsp; 2554 | &nbsp;&nbsp; 2508 |
| Playtika Holding Corp. 4.25%, <br> 3/15/2029 (c)<br>| &nbsp;&nbsp; 2805 | &nbsp;&nbsp; 2462 |
| Prime Healthcare Services, Inc. <br> 9.38%, 9/1/2029 (c)<br>| &nbsp;&nbsp; 3375 | &nbsp;&nbsp; 3218 |
| Prime Security Services Borrower LLC |  |  |
| 3.38%, 8/31/2027 (c) | &nbsp;&nbsp; 1622 | &nbsp;&nbsp; 1547 |
| 6.25%, 1/15/2028 (c) | &nbsp;&nbsp; 1474 | &nbsp;&nbsp; 1473 |
| Primo Water Holdings, Inc. 4.38%, <br> 4/30/2029 (c)<br>| &nbsp;&nbsp; 155 | &nbsp;&nbsp; 147 |
| QVC, Inc. 6.88%, 4/15/2029 (a) (c) | &nbsp;&nbsp; 1387 | &nbsp;&nbsp; 920 |
| Raising Cane's Restaurants LLC <br> 9.38%, 5/1/2029 (c)<br>| &nbsp;&nbsp; 1347 | &nbsp;&nbsp; 1428 |
| Rand Parent LLC 8.50%, <br> 2/15/2030 (a) (c)<br>| &nbsp;&nbsp; 2778 | &nbsp;&nbsp; 2583 |
| Range Resources Corp. 8.25%, <br> 1/15/2029<br>| &nbsp;&nbsp; 2552 | &nbsp;&nbsp; 2614 |
| Realty Income Corp. REIT, 4.88%, <br> 7/6/2030<br>| &nbsp;&nbsp; EUR1,600 | &nbsp;&nbsp; 1947 |
| Reworld Holding Corp. 4.88%, <br> 12/1/2029 (c)<br>| &nbsp;&nbsp; 2556 | &nbsp;&nbsp; 2388 |
| Rithm Capital Corp. REIT, 8.00%, <br> 4/1/2029 (c)<br>| &nbsp;&nbsp; 2802 | &nbsp;&nbsp; 2797 |
| RLJ Lodging Trust LP REIT, 3.75%, <br> 7/1/2026 (c)<br>| &nbsp;&nbsp; 3062 | &nbsp;&nbsp; 3002 |
| Rocket Mortgage LLC |  |  |
| 2.88%, 10/15/2026 (c) | &nbsp;&nbsp; 3860 | &nbsp;&nbsp; 3725 |
| 3.63%, 3/1/2029 (c) | &nbsp;&nbsp; 486 | &nbsp;&nbsp; 452 |
| Rocket Software, Inc. 9.00%, <br> 11/28/2028 (c)<br>| &nbsp;&nbsp; 2721 | &nbsp;&nbsp; 2804 |
| Royal Caribbean Cruises Ltd. |  |  |
| 4.25%, 7/1/2026 (c) | &nbsp;&nbsp; 1158 | &nbsp;&nbsp; 1142 |
| 5.50%, 8/31/2026 (c) | &nbsp;&nbsp; 2568 | &nbsp;&nbsp; 2569 |
| 5.38%, 7/15/2027 (c) | &nbsp;&nbsp; 2738 | &nbsp;&nbsp; 2735 |
| 5.50%, 4/1/2028 (c) | &nbsp;&nbsp; 784 | &nbsp;&nbsp; 783 |
| RR Donnelley & Sons Co. 9.50%, <br> 8/1/2029 (c)<br>| &nbsp;&nbsp; 3083 | &nbsp;&nbsp; 2936 |
| Sabre GLBL, Inc. |  |  |
| 8.63%, 6/1/2027 (a) (c) | &nbsp;&nbsp; 2179 | &nbsp;&nbsp; 2086 |
| 11.25%, 12/15/2027 (c) | &nbsp;&nbsp; 1622 | &nbsp;&nbsp; 1630 |
| 10.75%, 11/15/2029 (c) | &nbsp;&nbsp; 176 | &nbsp;&nbsp; 168 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **United States — continued** | **United States — continued** | **United States — continued** |
| Saks Global Enterprises LLC 11.00%, <br> 12/15/2029 (c)<br>| &nbsp;&nbsp; 3330 | &nbsp;&nbsp; 2020 |
| SBA Communications Corp. |  |  |
| REIT, 3.88%, 2/15/2027 | &nbsp;&nbsp; 2803 | &nbsp;&nbsp; 2742 |
| REIT, 3.13%, 2/1/2029 | &nbsp;&nbsp; 3028 | &nbsp;&nbsp; 2805 |
| SCIH Salt Holdings, Inc. 4.88%, <br> 5/1/2028 (c)<br>| &nbsp;&nbsp; 3275 | &nbsp;&nbsp; 3137 |
| SCIL IV LLC 5.38%, 11/1/2026 (c) | &nbsp;&nbsp; 2602 | &nbsp;&nbsp; 2568 |
| Scripps Escrow II, Inc. 3.88%, <br> 1/15/2029 (c)<br>| &nbsp;&nbsp; 2085 | &nbsp;&nbsp; 1589 |
| Sealed Air Corp. 6.13%, <br> 2/1/2028 (c)<br>| &nbsp;&nbsp; 1995 | &nbsp;&nbsp; 2010 |
| Sensata Technologies BV 4.00%, <br> 4/15/2029 (c)<br>| &nbsp;&nbsp; 3157 | &nbsp;&nbsp; 2904 |
| Service Properties Trust REIT, 8.38%, <br> 6/15/2029<br>| &nbsp;&nbsp; 404 | &nbsp;&nbsp; 395 |
| Simmons Foods, Inc. 4.63%, <br> 3/1/2029 (c)<br>| &nbsp;&nbsp; 3028 | &nbsp;&nbsp; 2813 |
| Sirius XM Radio LLC |  |  |
| 3.13%, 9/1/2026 (c) | &nbsp;&nbsp; 1729 | &nbsp;&nbsp; 1683 |
| 4.00%, 7/15/2028 (c) | &nbsp;&nbsp; 4184 | &nbsp;&nbsp; 3936 |
| Sitio Royalties Operating <br> Partnership LP 7.88%, <br> 11/1/2028 (c)<br>| &nbsp;&nbsp; 719 | &nbsp;&nbsp; 739 |
| SLM Corp. |  |  |
| 3.13%, 11/2/2026 | &nbsp;&nbsp; 2052 | &nbsp;&nbsp; 1988 |
| 6.50%, 1/31/2030 | &nbsp;&nbsp; 1065 | &nbsp;&nbsp; 1099 |
| SM Energy Co. 6.75%, 8/1/2029 (c) | &nbsp;&nbsp; 991 | &nbsp;&nbsp; 925 |
| Smyrna Ready Mix Concrete LLC <br> 6.00%, 11/1/2028 (c)<br>| &nbsp;&nbsp; 1014 | &nbsp;&nbsp; 991 |
| Somnigroup International, Inc. <br> 4.00%, 4/15/2029 (c)<br>| &nbsp;&nbsp; 2979 | &nbsp;&nbsp; 2766 |
| Sonic Automotive, Inc. 4.63%, <br> 11/15/2029 (c)<br>| &nbsp;&nbsp; 939 | &nbsp;&nbsp; 881 |
| Southern Power Co. 1.85%, <br> 6/20/2026<br>| &nbsp;&nbsp; EUR150 | &nbsp;&nbsp; 169 |
| Spirit AeroSystems, Inc. 9.38%, <br> 11/30/2029 (c)<br>| &nbsp;&nbsp; 2358 | &nbsp;&nbsp; 2509 |
| Stagwell Global LLC 5.63%, <br> 8/15/2029 (c)<br>| &nbsp;&nbsp; 3317 | &nbsp;&nbsp; 3130 |
| Staples, Inc. 10.75%, 9/1/2029 (c) | &nbsp;&nbsp; 3871 | &nbsp;&nbsp; 3354 |
| Star Leasing Co. LLC 7.63%, <br> 2/15/2030 (c)<br>| &nbsp;&nbsp; 2578 | &nbsp;&nbsp; 2312 |
| Starwood Property Trust, Inc. REIT, <br> 7.25%, 4/1/2029 (c)<br>| &nbsp;&nbsp; 3140 | &nbsp;&nbsp; 3256 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

22 J.P. Morgan Funds April 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| Sunoco LP |  |  |
| 6.00%, 4/15/2027 | &nbsp;&nbsp; 694 | &nbsp;&nbsp; 692 |
| 7.00%, 9/15/2028 (c) | &nbsp;&nbsp; 3222 | &nbsp;&nbsp; 3300 |
| 7.00%, 5/1/2029 (c) | &nbsp;&nbsp; 256 | &nbsp;&nbsp; 263 |
| Teleflex, Inc. 4.25%, 6/1/2028 (c) | &nbsp;&nbsp; 1421 | &nbsp;&nbsp; 1361 |
| Tenet Healthcare Corp. |  |  |
| 4.63%, 6/15/2028 | &nbsp;&nbsp; 2363 | &nbsp;&nbsp; 2301 |
| 6.13%, 10/1/2028 | &nbsp;&nbsp; 3580 | &nbsp;&nbsp; 3571 |
| 4.38%, 1/15/2030 | &nbsp;&nbsp; 3746 | &nbsp;&nbsp; 3550 |
| Tenneco, Inc. 8.00%, <br> 11/17/2028 (c)<br>| &nbsp;&nbsp; 4115 | &nbsp;&nbsp; 3931 |
| Time Warner Cable LLC 5.50%, <br> 9/1/2041<br>| &nbsp;&nbsp; 2650 | &nbsp;&nbsp; 2270 |
| TransDigm, Inc. |  |  |
| 5.50%, 11/15/2027 | &nbsp;&nbsp; 3178 | &nbsp;&nbsp; 3163 |
| 6.75%, 8/15/2028 (c) | &nbsp;&nbsp; 3280 | &nbsp;&nbsp; 3346 |
| 4.63%, 1/15/2029 | &nbsp;&nbsp; 3677 | &nbsp;&nbsp; 3537 |
| 6.38%, 3/1/2029 (c) | &nbsp;&nbsp; 3708 | &nbsp;&nbsp; 3777 |
| Transocean Titan Financing Ltd. <br> 8.38%, 2/1/2028 (c)<br>| &nbsp;&nbsp; 1718 | &nbsp;&nbsp; 1702 |
| Travel + Leisure Co. 6.63%, <br> 7/31/2026 (c)<br>| &nbsp;&nbsp; 3407 | &nbsp;&nbsp; 3431 |
| TriNet Group, Inc. 3.50%, <br> 3/1/2029 (c)<br>| &nbsp;&nbsp; 2601 | &nbsp;&nbsp; 2372 |
| Trinity Industries, Inc. 7.75%, <br> 7/15/2028 (c)<br>| &nbsp;&nbsp; 2487 | &nbsp;&nbsp; 2564 |
| Triumph Group, Inc. 9.00%, <br> 3/15/2028 (c)<br>| &nbsp;&nbsp; 2953 | &nbsp;&nbsp; 3098 |
| Tronox, Inc. 4.63%, 3/15/2029 (c) | &nbsp;&nbsp; 3321 | &nbsp;&nbsp; 2688 |
| TTM Technologies, Inc. 4.00%, <br> 3/1/2029 (c)<br>| &nbsp;&nbsp; 2402 | &nbsp;&nbsp; 2233 |
| Twilio, Inc. 3.63%, 3/15/2029 | &nbsp;&nbsp; 1305 | &nbsp;&nbsp; 1224 |
| United Wholesale Mortgage LLC |  |  |
| 5.50%, 11/15/2025 (c) | &nbsp;&nbsp; 1349 | &nbsp;&nbsp; 1343 |
| 5.75%, 6/15/2027 (c) | &nbsp;&nbsp; 1239 | &nbsp;&nbsp; 1222 |
| Uniti Group LP |  |  |
| REIT, 10.50%, 2/15/2028 (c) | &nbsp;&nbsp; 3340 | &nbsp;&nbsp; 3546 |
| REIT, 4.75%, 4/15/2028 (c) | &nbsp;&nbsp; 2976 | &nbsp;&nbsp; 2848 |
| Univision Communications, Inc. |  |  |
| 6.63%, 6/1/2027 (c) | &nbsp;&nbsp; 2804 | &nbsp;&nbsp; 2713 |
| 8.00%, 8/15/2028 (c) | &nbsp;&nbsp; 3328 | &nbsp;&nbsp; 3233 |
| 4.50%, 5/1/2029 (c) | &nbsp;&nbsp; 981 | &nbsp;&nbsp; 841 |
| Urban One, Inc. 7.38%, 2/1/2028 (c) | &nbsp;&nbsp; 1765 | &nbsp;&nbsp; 847 |
| US Acute Care Solutions LLC 9.75%, <br> 5/15/2029 (c)<br>| &nbsp;&nbsp; 2919 | &nbsp;&nbsp; 2963 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **United States — continued** | **United States — continued** | **United States — continued** |
| US Foods, Inc. 4.75%, 2/15/2029 (a) <br> (c)<br>| &nbsp;&nbsp; 93 | &nbsp;&nbsp; 90 |
| UWM Holdings LLC 6.63%, <br> 2/1/2030 (c)<br>| &nbsp;&nbsp; 2811 | &nbsp;&nbsp; 2780 |
| Venture Global Calcasieu Pass LLC |  |  |
| 3.88%, 8/15/2029 (c) | &nbsp;&nbsp; 3000 | &nbsp;&nbsp; 2748 |
| 6.25%, 1/15/2030 (c) | &nbsp;&nbsp; 300 | &nbsp;&nbsp; 300 |
| Venture Global LNG, Inc. |  |  |
| 8.13%, 6/1/2028 (c) | &nbsp;&nbsp; 3557 | &nbsp;&nbsp; 3532 |
| 9.50%, 2/1/2029 (c) | &nbsp;&nbsp; 3392 | &nbsp;&nbsp; 3515 |
| 7.00%, 1/15/2030 (c) | &nbsp;&nbsp; 3835 | &nbsp;&nbsp; 3613 |
| Victoria's Secret & Co. 4.63%, <br> 7/15/2029 (a) (c)<br>| &nbsp;&nbsp; 2807 | &nbsp;&nbsp; 2447 |
| Viking Cruises Ltd. 7.00%, <br> 2/15/2029 (c)<br>| &nbsp;&nbsp; 2411 | &nbsp;&nbsp; 2420 |
| Vistra Operations Co. LLC 5.00%, <br> 7/31/2027 (c)<br>| &nbsp;&nbsp; 2538 | &nbsp;&nbsp; 2516 |
| Walgreens Boots Alliance, Inc. 8.13%, <br> 8/15/2029 (a)<br>| &nbsp;&nbsp; 2682 | &nbsp;&nbsp; 2791 |
| Warnermedia Holdings, Inc. 4.30%, <br> 1/17/2030<br>| &nbsp;&nbsp; EUR2,050 | &nbsp;&nbsp; 2315 |
| WASH Multifamily Acquisition, Inc. <br> 5.75%, 4/15/2026 (c)<br>| &nbsp;&nbsp; 2979 | &nbsp;&nbsp; 2949 |
| Wayfair LLC 7.25%, 10/31/2029 (c) | &nbsp;&nbsp; 2976 | &nbsp;&nbsp; 2718 |
| Wesco Aircraft Holdings, Inc. 9.00%, <br> 11/15/2026 ‡ (a) (c) (j)<br>| &nbsp;&nbsp; 197 | &nbsp;&nbsp; 83 |
| WESCO Distribution, Inc. |  |  |
| 7.25%, 6/15/2028 (c) | &nbsp;&nbsp; 2795 | &nbsp;&nbsp; 2832 |
| 6.38%, 3/15/2029 (c) | &nbsp;&nbsp; 1878 | &nbsp;&nbsp; 1903 |
| Westlake Corp. 1.63%, 7/17/2029 | &nbsp;&nbsp; EUR2,350 | &nbsp;&nbsp; 2498 |
| Williams Scotsman, Inc. 4.63%, <br> 8/15/2028 (c)<br>| &nbsp;&nbsp; 2476 | &nbsp;&nbsp; 2381 |
| Windstream Escrow LLC 7.75%, <br> 8/15/2028 ‡<br>| &nbsp;&nbsp; 4 | &nbsp;&nbsp; — |
| WPC Eurobond BV REIT, 1.35%, <br> 4/15/2028<br>| &nbsp;&nbsp; EUR2,350 | &nbsp;&nbsp; 2543 |
| WR Grace Holdings LLC 4.88%, <br> 6/15/2027 (c)<br>| &nbsp;&nbsp; 1075 | &nbsp;&nbsp; 1041 |
| Xerox Holdings Corp. |  |  |
| 5.00%, 8/15/2025 (c) | &nbsp;&nbsp; 213 | &nbsp;&nbsp; 211 |
| 5.50%, 8/15/2028 (a) (c) | &nbsp;&nbsp; 2247 | &nbsp;&nbsp; 1439 |
| XPLR Infrastructure Operating <br> Partners LP<br>|  |  |
| 3.88%, 10/15/2026 (c) | &nbsp;&nbsp; 2612 | &nbsp;&nbsp; 2520 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Funds 23

------

JPMorgan Global Allocation Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| 7.25%, 1/15/2029 (a) (c) | &nbsp;&nbsp; 264 | &nbsp;&nbsp; 261 |
| ZoomInfo Technologies LLC 3.88%, <br> 2/1/2029 (c)<br>| &nbsp;&nbsp; 2768 | &nbsp;&nbsp; 2544 |
|  |  | &nbsp;&nbsp; 724709 |
| Total Corporate Bonds <br>(Cost $853,340)<br>|  | &nbsp;&nbsp; 852743 |
| **Foreign Government Securities — 10.5%** | **Foreign Government Securities — 10.5%** | **Foreign Government Securities — 10.5%** |
| **Australia — 0.7%** | **Australia — 0.7%** | **Australia — 0.7%** |
| Commonwealth of Australia |  |  |
| 3.75%, 5/21/2034 (b) | &nbsp;&nbsp; AUD27,643 | &nbsp;&nbsp; 17276 |
| 1.75%, 6/21/2051 (b) | &nbsp;&nbsp; AUD890 | &nbsp;&nbsp; 311 |
|  |  | &nbsp;&nbsp; 17587 |
| **Belgium — 0.4%** | **Belgium — 0.4%** | **Belgium — 0.4%** |
| Dexia SA 0.25%, 12/10/2026 (b) | &nbsp;&nbsp; GBP4,200 | &nbsp;&nbsp; 5266 |
| Kingdom of Belgium |  |  |
| 0.90%, 6/22/2029 (b) | &nbsp;&nbsp; EUR10 | &nbsp;&nbsp; 11 |
| 1.00%, 6/22/2031 (b) | &nbsp;&nbsp; EUR30 | &nbsp;&nbsp; 31 |
| 3.00%, 6/22/2034 (b) | &nbsp;&nbsp; EUR15 | &nbsp;&nbsp; 17 |
| 2.85%, 10/22/2034 (b) | &nbsp;&nbsp; EUR610 | &nbsp;&nbsp; 685 |
| 1.45%, 6/22/2037 (b) | &nbsp;&nbsp; EUR473 | &nbsp;&nbsp; 441 |
| 1.90%, 6/22/2038 (b) | &nbsp;&nbsp; EUR995 | &nbsp;&nbsp; 959 |
| 3.75%, 6/22/2045 (b) | &nbsp;&nbsp; EUR575 | &nbsp;&nbsp; 665 |
| 1.60%, 6/22/2047 (b) | &nbsp;&nbsp; EUR267 | &nbsp;&nbsp; 208 |
| 1.70%, 6/22/2050 (b) | &nbsp;&nbsp; EUR1,276 | &nbsp;&nbsp; 970 |
| 2.15%, 6/22/2066 (b) | &nbsp;&nbsp; EUR692 | &nbsp;&nbsp; 515 |
| 0.65%, 6/22/2071 (b) | &nbsp;&nbsp; EUR155 | &nbsp;&nbsp; 61 |
|  |  | &nbsp;&nbsp; 9829 |
| **Canada — 1.4%** | **Canada — 1.4%** | **Canada — 1.4%** |
| Canada Government Bond |  |  |
| 1.00%, 6/1/2027 | &nbsp;&nbsp; CAD575 | &nbsp;&nbsp; 405 |
| 0.50%, 12/1/2030 | &nbsp;&nbsp; CAD62 | &nbsp;&nbsp; 40 |
| 1.50%, 6/1/2031 | &nbsp;&nbsp; CAD3,765 | &nbsp;&nbsp; 2532 |
| 1.50%, 12/1/2031 | &nbsp;&nbsp; CAD460 | &nbsp;&nbsp; 307 |
| 2.75%, 6/1/2033 | &nbsp;&nbsp; CAD20 | &nbsp;&nbsp; 14 |
| 3.00%, 6/1/2034 | &nbsp;&nbsp; CAD13,666 | &nbsp;&nbsp; 9882 |
| 3.25%, 12/1/2034 | &nbsp;&nbsp; CAD22,510 | &nbsp;&nbsp; 16564 |
| 4.00%, 6/1/2041 | &nbsp;&nbsp; CAD40 | &nbsp;&nbsp; 31 |
| 3.50%, 12/1/2045 | &nbsp;&nbsp; CAD460 | &nbsp;&nbsp; 341 |
| 2.75%, 12/1/2048 | &nbsp;&nbsp; CAD403 | &nbsp;&nbsp; 261 |
| 2.00%, 12/1/2051 | &nbsp;&nbsp; CAD1,964 | &nbsp;&nbsp; 1070 |
| 2.75%, 12/1/2064 | &nbsp;&nbsp; CAD1,027 | &nbsp;&nbsp; 650 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Canada — continued** | **Canada — continued** | **Canada — continued** |
| Province of Alberta 2.90%, <br> 12/1/2028<br>| &nbsp;&nbsp; CAD410 | &nbsp;&nbsp; 299 |
| Province of British Columbia |  |  |
| 4.70%, 6/18/2037 | &nbsp;&nbsp; CAD880 | &nbsp;&nbsp; 680 |
| 2.95%, 6/18/2050 | &nbsp;&nbsp; CAD505 | &nbsp;&nbsp; 284 |
| Province of Ontario 0.01%, <br> 11/25/2030 (b)<br>| &nbsp;&nbsp; EUR5,800 | &nbsp;&nbsp; 5693 |
|  |  | &nbsp;&nbsp; 39053 |
| **Chile — 0.0% ^** | **Chile — 0.0% ^** | **Chile — 0.0% ^** |
| Republic of Chile 3.75%, 1/14/2032 | &nbsp;&nbsp; EUR483 | &nbsp;&nbsp; 557 |
| **Czech Republic — 0.0% ^** | **Czech Republic — 0.0% ^** | **Czech Republic — 0.0% ^** |
| Czech Republic 4.50%, 11/11/2032 | &nbsp;&nbsp; CZK23,440 | &nbsp;&nbsp; 1109 |
| **Denmark — 0.1%** | **Denmark — 0.1%** | **Denmark — 0.1%** |
| Kingdom of Denmark |  |  |
| 1.75%, 11/15/2025 | &nbsp;&nbsp; DKK2,373 | &nbsp;&nbsp; 360 |
| 0.50%, 11/15/2027 | &nbsp;&nbsp; DKK3,009 | &nbsp;&nbsp; 445 |
| 0.50%, 11/15/2029 | &nbsp;&nbsp; DKK4,850 | &nbsp;&nbsp; 695 |
| 2.25%, 11/15/2033 | &nbsp;&nbsp; DKK1,145 | &nbsp;&nbsp; 174 |
| 4.50%, 11/15/2039 | &nbsp;&nbsp; DKK3,192 | &nbsp;&nbsp; 597 |
| 0.25%, 11/15/2052 | &nbsp;&nbsp; DKK2,400 | &nbsp;&nbsp; 195 |
|  |  | &nbsp;&nbsp; 2466 |
| **Egypt — 0.0% ^** | **Egypt — 0.0% ^** | **Egypt — 0.0% ^** |
| Arab Republic of Egypt 5.88%, <br> 2/16/2031 (c)<br>| &nbsp;&nbsp; 500 | &nbsp;&nbsp; 403 |
| **France — 1.0%** | **France — 1.0%** | **France — 1.0%** |
| French Republic |  |  |
| 2.75%, 2/25/2029 (b) | &nbsp;&nbsp; EUR10 | &nbsp;&nbsp; 12 |
| 2.75%, 2/25/2030 (b) | &nbsp;&nbsp; EUR8,210 | &nbsp;&nbsp; 9444 |
| 4.75%, 4/25/2035 (b) | &nbsp;&nbsp; EUR8,249 | &nbsp;&nbsp; 10620 |
| 1.25%, 5/25/2036 (b) | &nbsp;&nbsp; EUR4,102 | &nbsp;&nbsp; 3786 |
| 1.75%, 6/25/2039 (b) | &nbsp;&nbsp; EUR2,273 | &nbsp;&nbsp; 2087 |
| 0.75%, 5/25/2053 (b) | &nbsp;&nbsp; EUR1,939 | &nbsp;&nbsp; 1048 |
| 1.75%, 5/25/2066 (b) | &nbsp;&nbsp; EUR851 | &nbsp;&nbsp; 550 |
|  |  | &nbsp;&nbsp; 27547 |
| **Hungary — 0.5%** | **Hungary — 0.5%** | **Hungary — 0.5%** |
| Hungary Government Bond |  |  |
| 0.13%, 9/21/2028 (c) | &nbsp;&nbsp; EUR3,974 | &nbsp;&nbsp; 4071 |
| 2.13%, 9/22/2031 (c) | &nbsp;&nbsp; 1158 | &nbsp;&nbsp; 939 |
| 5.38%, 9/12/2033 (b) | &nbsp;&nbsp; EUR300 | &nbsp;&nbsp; 355 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

24 J.P. Morgan Funds April 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | **Foreign Government Securities — continued** |
| **Hungary — continued** | **Hungary — continued** | **Hungary — continued** |
| 1.75%, 6/5/2035 (b) | &nbsp;&nbsp; EUR300 | &nbsp;&nbsp; 258 |
| 7.00%, 10/24/2035 | &nbsp;&nbsp; HUF2,781,150 | &nbsp;&nbsp; 7874 |
|  |  | &nbsp;&nbsp; 13497 |
| **Indonesia — 0.2%** | **Indonesia — 0.2%** | **Indonesia — 0.2%** |
| Republic of Indonesia |  |  |
| 3.88%, 1/15/2033 | &nbsp;&nbsp; EUR622 | &nbsp;&nbsp; 704 |
| 6.63%, 2/15/2034 | &nbsp;&nbsp; IDR62,329,000 | &nbsp;&nbsp; 3712 |
|  |  | &nbsp;&nbsp; 4416 |
| **Italy — 1.1%** | **Italy — 1.1%** | **Italy — 1.1%** |
| Buoni Poliennali del Tesoro |  |  |
| 1.85%, 7/1/2025 (b) | &nbsp;&nbsp; EUR1 | &nbsp;&nbsp; 1 |
| 3.85%, 9/15/2026 (b) | &nbsp;&nbsp; EUR40 | &nbsp;&nbsp; 46 |
| 1.10%, 4/1/2027 (b) | &nbsp;&nbsp; EUR40 | &nbsp;&nbsp; 45 |
| 2.80%, 6/15/2029 (b) | &nbsp;&nbsp; EUR670 | &nbsp;&nbsp; 771 |
| 3.85%, 12/15/2029 (b) | &nbsp;&nbsp; EUR210 | &nbsp;&nbsp; 252 |
| 3.50%, 3/1/2030 (b) | &nbsp;&nbsp; EUR4,210 | &nbsp;&nbsp; 4984 |
| 1.65%, 3/1/2032 (b) | &nbsp;&nbsp; EUR643 | &nbsp;&nbsp; 669 |
| 3.85%, 2/1/2035 (b) | &nbsp;&nbsp; EUR10,905 | &nbsp;&nbsp; 12730 |
| 3.35%, 3/1/2035 (b) | &nbsp;&nbsp; EUR6,180 | &nbsp;&nbsp; 6944 |
| 1.45%, 3/1/2036 (b) | &nbsp;&nbsp; EUR330 | &nbsp;&nbsp; 303 |
| 2.25%, 9/1/2036 (b) | &nbsp;&nbsp; EUR272 | &nbsp;&nbsp; 269 |
| 0.95%, 3/1/2037 (b) | &nbsp;&nbsp; EUR960 | &nbsp;&nbsp; 805 |
| 3.25%, 3/1/2038 (b) | &nbsp;&nbsp; EUR1,832 | &nbsp;&nbsp; 1962 |
| 4.45%, 9/1/2043 (b) | &nbsp;&nbsp; EUR130 | &nbsp;&nbsp; 154 |
| 2.15%, 9/1/2052 (b) | &nbsp;&nbsp; EUR450 | &nbsp;&nbsp; 340 |
| 4.50%, 10/1/2053 (b) | &nbsp;&nbsp; EUR20 | &nbsp;&nbsp; 23 |
| 2.15%, 3/1/2072 (b) | &nbsp;&nbsp; EUR391 | &nbsp;&nbsp; 267 |
|  |  | &nbsp;&nbsp; 30565 |
| **Japan — 1.6%** | **Japan — 1.6%** | **Japan — 1.6%** |
| Japan Bank for International <br> Cooperation<br>|  |  |
| 4.25%, 1/26/2026 | &nbsp;&nbsp; 2264 | &nbsp;&nbsp; 2265 |
| 1.63%, 1/20/2027 | &nbsp;&nbsp; 674 | &nbsp;&nbsp; 649 |
| Japan Government Bond |  |  |
| 0.10%, 3/20/2031 | &nbsp;&nbsp; JPY528,700 | &nbsp;&nbsp; 3526 |
| 0.40%, 3/20/2036 | &nbsp;&nbsp; JPY271,100 | &nbsp;&nbsp; 1697 |
| 0.60%, 9/20/2037 | &nbsp;&nbsp; JPY513,900 | &nbsp;&nbsp; 3186 |
| 0.50%, 12/20/2038 | &nbsp;&nbsp; JPY289,150 | &nbsp;&nbsp; 1714 |
| 0.30%, 6/20/2039 | &nbsp;&nbsp; JPY457,750 | &nbsp;&nbsp; 2599 |
| 0.30%, 12/20/2039 | &nbsp;&nbsp; JPY455,000 | &nbsp;&nbsp; 2549 |
| 0.40%, 6/20/2040 | &nbsp;&nbsp; JPY311,250 | &nbsp;&nbsp; 1748 |
| 0.50%, 3/20/2041 | &nbsp;&nbsp; JPY243,700 | &nbsp;&nbsp; 1363 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Japan — continued** | **Japan — continued** | **Japan — continued** |
| 0.90%, 6/20/2042 | &nbsp;&nbsp; JPY223,250 | &nbsp;&nbsp; 1299 |
| 1.50%, 9/20/2043 | &nbsp;&nbsp; JPY480,300 | &nbsp;&nbsp; 3028 |
| 0.60%, 12/20/2046 | &nbsp;&nbsp; JPY100,600 | &nbsp;&nbsp; 499 |
| 0.80%, 6/20/2047 | &nbsp;&nbsp; JPY2,750 | &nbsp;&nbsp; 14 |
| 0.80%, 12/20/2047 | &nbsp;&nbsp; JPY301,650 | &nbsp;&nbsp; 1535 |
| 0.70%, 6/20/2048 | &nbsp;&nbsp; JPY189,550 | &nbsp;&nbsp; 931 |
| 0.40%, 9/20/2049 | &nbsp;&nbsp; JPY116,200 | &nbsp;&nbsp; 509 |
| 0.40%, 12/20/2049 | &nbsp;&nbsp; JPY159,250 | &nbsp;&nbsp; 693 |
| 0.40%, 3/20/2050 | &nbsp;&nbsp; JPY303,150 | &nbsp;&nbsp; 1311 |
| 0.70%, 12/20/2050 | &nbsp;&nbsp; JPY54,950 | &nbsp;&nbsp; 253 |
| 1.00%, 3/20/2052 | &nbsp;&nbsp; JPY1,081,550 | &nbsp;&nbsp; 5267 |
| 2.10%, 9/20/2054 | &nbsp;&nbsp; JPY543,350 | &nbsp;&nbsp; 3379 |
| 2.40%, 3/20/2055 | &nbsp;&nbsp; JPY700,300 | &nbsp;&nbsp; 4651 |
|  |  | &nbsp;&nbsp; 44665 |
| **Mexico — 0.5%** | **Mexico — 0.5%** | **Mexico — 0.5%** |
| Mex Bonos Desarr Fix Rt 7.75%, <br> 5/29/2031<br>| &nbsp;&nbsp; MXN251,000 | &nbsp;&nbsp; 12060 |
| United Mexican States |  |  |
| 5.40%, 2/9/2028 | &nbsp;&nbsp; 964 | &nbsp;&nbsp; 982 |
| 2.66%, 5/24/2031 | &nbsp;&nbsp; 1110 | &nbsp;&nbsp; 942 |
|  |  | &nbsp;&nbsp; 13984 |
| **Netherlands — 0.1%** | **Netherlands — 0.1%** | **Netherlands — 0.1%** |
| Kingdom of Netherlands |  |  |
| 0.00%, 7/15/2030 (b) | &nbsp;&nbsp; EUR25 | &nbsp;&nbsp; 25 |
| 2.50%, 1/15/2033 (b) | &nbsp;&nbsp; EUR30 | &nbsp;&nbsp; 34 |
| 2.50%, 7/15/2034 (b) | &nbsp;&nbsp; EUR30 | &nbsp;&nbsp; 34 |
| 4.00%, 1/15/2037 (b) | &nbsp;&nbsp; EUR10 | &nbsp;&nbsp; 13 |
| 0.50%, 1/15/2040 (b) | &nbsp;&nbsp; EUR340 | &nbsp;&nbsp; 274 |
| 3.75%, 1/15/2042 (b) | &nbsp;&nbsp; EUR27 | &nbsp;&nbsp; 34 |
| 2.75%, 1/15/2047 (b) | &nbsp;&nbsp; EUR1,030 | &nbsp;&nbsp; 1123 |
| 0.00%, 1/15/2052 (b) | &nbsp;&nbsp; EUR665 | &nbsp;&nbsp; 347 |
| 2.00%, 1/15/2054 (b) | &nbsp;&nbsp; EUR235 | &nbsp;&nbsp; 215 |
|  |  | &nbsp;&nbsp; 2099 |
| **Peru — 0.0% ^** | **Peru — 0.0% ^** | **Peru — 0.0% ^** |
| Republic of Peru 1.86%, 12/1/2032 | &nbsp;&nbsp; 487 | &nbsp;&nbsp; 384 |
| **Romania — 0.0% ^** | **Romania — 0.0% ^** | **Romania — 0.0% ^** |
| Romania Government Bond 2.00%, <br> 4/14/2033 (c)<br>| &nbsp;&nbsp; EUR1,470 | &nbsp;&nbsp; 1230 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Funds 25

------

JPMorgan Global Allocation Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | **Foreign Government Securities — continued** |
| **Saudi Arabia — 0.1%** | **Saudi Arabia — 0.1%** | **Saudi Arabia — 0.1%** |
| Kingdom of Saudi Arabia |  |  |
| 4.75%, 1/18/2028 (c) | &nbsp;&nbsp; 2350 | &nbsp;&nbsp; 2367 |
| 2.25%, 2/2/2033 (c) | &nbsp;&nbsp; 914 | &nbsp;&nbsp; 755 |
|  |  | &nbsp;&nbsp; 3122 |
| **South Africa — 0.0% ^** | **South Africa — 0.0% ^** | **South Africa — 0.0% ^** |
| Republic of South Africa 4.85%, <br> 9/30/2029<br>| &nbsp;&nbsp; 900 | &nbsp;&nbsp; 847 |
| **South Korea — 0.3%** | **South Korea — 0.3%** | **South Korea — 0.3%** |
| Export-Import Bank of Korea |  |  |
| 0.75%, 9/21/2025 | &nbsp;&nbsp; 4217 | &nbsp;&nbsp; 4152 |
| 4.88%, 1/11/2026 | &nbsp;&nbsp; 1394 | &nbsp;&nbsp; 1395 |
| Republic of Korea 0.00%, 9/16/2025 | &nbsp;&nbsp; EUR1,276 | &nbsp;&nbsp; 1432 |
|  |  | &nbsp;&nbsp; 6979 |
| **Spain — 0.9%** | **Spain — 0.9%** | **Spain — 0.9%** |
| Bonos and Obligaciones del Estado |  |  |
| 2.80%, 5/31/2026 | &nbsp;&nbsp; EUR35 | &nbsp;&nbsp; 40 |
| 1.30%, 10/31/2026 (b) | &nbsp;&nbsp; EUR10 | &nbsp;&nbsp; 11 |
| 0.00%, 1/31/2027 | &nbsp;&nbsp; EUR10 | &nbsp;&nbsp; 11 |
| 1.50%, 4/30/2027 (b) | &nbsp;&nbsp; EUR46 | &nbsp;&nbsp; 52 |
| 1.40%, 7/30/2028 (b) | &nbsp;&nbsp; EUR13 | &nbsp;&nbsp; 14 |
| 0.80%, 7/30/2029 | &nbsp;&nbsp; EUR40 | &nbsp;&nbsp; 43 |
| 2.55%, 10/31/2032 (b) | &nbsp;&nbsp; EUR2,354 | &nbsp;&nbsp; 2624 |
| 3.15%, 4/30/2033 (b) | &nbsp;&nbsp; EUR2,447 | &nbsp;&nbsp; 2828 |
| 2.35%, 7/30/2033 (b) | &nbsp;&nbsp; EUR695 | &nbsp;&nbsp; 756 |
| 3.55%, 10/31/2033 (b) | &nbsp;&nbsp; EUR1,567 | &nbsp;&nbsp; 1855 |
| 3.90%, 7/30/2039 (b) | &nbsp;&nbsp; EUR480 | &nbsp;&nbsp; 566 |
| 1.00%, 7/30/2042 (b) | &nbsp;&nbsp; EUR637 | &nbsp;&nbsp; 479 |
| 5.15%, 10/31/2044 (b) | &nbsp;&nbsp; EUR465 | &nbsp;&nbsp; 630 |
| 2.90%, 10/31/2046 (b) | &nbsp;&nbsp; EUR552 | &nbsp;&nbsp; 547 |
| 1.90%, 10/31/2052 (b) | &nbsp;&nbsp; EUR4,310 | &nbsp;&nbsp; 3262 |
| 4.00%, 10/31/2054 (b) | &nbsp;&nbsp; EUR9,058 | &nbsp;&nbsp; 10334 |
| 3.45%, 7/30/2066 (b) | &nbsp;&nbsp; EUR446 | &nbsp;&nbsp; 450 |
| 1.45%, 10/31/2071 (b) | &nbsp;&nbsp; EUR170 | &nbsp;&nbsp; 92 |
|  |  | &nbsp;&nbsp; 24594 |
| **Sweden — 0.1%** | **Sweden — 0.1%** | **Sweden — 0.1%** |
| Kingdom of Sweden |  |  |
| 1.00%, 11/12/2026 (b) | &nbsp;&nbsp; SEK5,010 | &nbsp;&nbsp; 512 |
| 0.75%, 5/12/2028 (b) | &nbsp;&nbsp; SEK1,985 | &nbsp;&nbsp; 199 |
| 0.75%, 11/12/2029 (b) | &nbsp;&nbsp; SEK5,915 | &nbsp;&nbsp; 579 |
| 3.50%, 3/30/2039 (b) | &nbsp;&nbsp; SEK2,505 | &nbsp;&nbsp; 290 |
| 0.50%, 11/24/2045 (b) | &nbsp;&nbsp; SEK470 | &nbsp;&nbsp; 33 |
|  |  | &nbsp;&nbsp; 1613 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Thailand — 0.2%** | **Thailand — 0.2%** | **Thailand — 0.2%** |
| Kingdom of Thailand 2.80%, <br> 6/17/2034<br>| &nbsp;&nbsp; THB165,350 | &nbsp;&nbsp; 5317 |
| **United Kingdom — 1.3%** | **United Kingdom — 1.3%** | **United Kingdom — 1.3%** |
| United Kingdom of Great Britain and <br> Northern Ireland<br>|  |  |
| 0.50%, 1/31/2029 (b) | &nbsp;&nbsp; GBP3,057 | &nbsp;&nbsp; 3622 |
| 0.38%, 10/22/2030 (b) | &nbsp;&nbsp; GBP5,025 | &nbsp;&nbsp; 5571 |
| 1.00%, 1/31/2032 (b) | &nbsp;&nbsp; GBP2,110 | &nbsp;&nbsp; 2308 |
| 4.25%, 6/7/2032 (b) | &nbsp;&nbsp; GBP240 | &nbsp;&nbsp; 323 |
| 0.63%, 7/31/2035 (b) | &nbsp;&nbsp; GBP1,282 | &nbsp;&nbsp; 1176 |
| 1.75%, 9/7/2037 (b) | &nbsp;&nbsp; GBP1,714 | &nbsp;&nbsp; 1671 |
| 1.13%, 1/31/2039 (b) | &nbsp;&nbsp; GBP716 | &nbsp;&nbsp; 609 |
| 4.25%, 12/7/2040 (b) | &nbsp;&nbsp; GBP1,059 | &nbsp;&nbsp; 1315 |
| 1.25%, 10/22/2041 (b) | &nbsp;&nbsp; GBP780 | &nbsp;&nbsp; 614 |
| 4.50%, 12/7/2042 (b) | &nbsp;&nbsp; GBP5,410 | &nbsp;&nbsp; 6787 |
| 0.88%, 1/31/2046 (b) | &nbsp;&nbsp; GBP2,000 | &nbsp;&nbsp; 1242 |
| 4.25%, 12/7/2046 (b) | &nbsp;&nbsp; GBP965 | &nbsp;&nbsp; 1136 |
| 4.25%, 12/7/2049 (b) | &nbsp;&nbsp; GBP382 | &nbsp;&nbsp; 443 |
| 1.25%, 7/31/2051 (b) | &nbsp;&nbsp; GBP938 | &nbsp;&nbsp; 554 |
| 3.75%, 7/22/2052 (b) | &nbsp;&nbsp; GBP488 | &nbsp;&nbsp; 514 |
| 3.75%, 10/22/2053 (b) | &nbsp;&nbsp; GBP1,505 | &nbsp;&nbsp; 1571 |
| 4.38%, 7/31/2054 (b) | &nbsp;&nbsp; GBP2,430 | &nbsp;&nbsp; 2831 |
| 4.25%, 12/7/2055 (b) | &nbsp;&nbsp; GBP386 | &nbsp;&nbsp; 440 |
| 1.75%, 7/22/2057 (b) | &nbsp;&nbsp; GBP649 | &nbsp;&nbsp; 412 |
| 4.00%, 1/22/2060 (b) | &nbsp;&nbsp; GBP575 | &nbsp;&nbsp; 624 |
| 0.50%, 10/22/2061 (b) | &nbsp;&nbsp; GBP1,100 | &nbsp;&nbsp; 403 |
| 3.50%, 7/22/2068 (b) | &nbsp;&nbsp; GBP224 | &nbsp;&nbsp; 218 |
| 1.63%, 10/22/2071 (b) | &nbsp;&nbsp; GBP744 | &nbsp;&nbsp; 417 |
| 1.13%, 10/22/2073 (b) | &nbsp;&nbsp; GBP105 | &nbsp;&nbsp; 48 |
|  |  | &nbsp;&nbsp; 34849 |
| Total Foreign Government Securities <br>(Cost $294,823)<br>|  | &nbsp;&nbsp; 286712 |
|  | **SHARES** <br>**(000)**<br>|  |
| **Investment Companies — 4.2%** | **Investment Companies — 4.2%** | **Investment Companies — 4.2%** |
| **United States — 4.2%** |  |  |
| JPMorgan Income Fund, Class R6 <br> Shares (k)(Cost $115,690)<br>| &nbsp;&nbsp; 13472 | &nbsp;&nbsp; 115049 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

26 J.P. Morgan Funds April 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>| **VALUE** <br>**($000)**<br>|
| **U.S. Treasury Obligations — 2.5%** | **U.S. Treasury Obligations — 2.5%** | **U.S. Treasury Obligations — 2.5%** |
| U.S. Treasury Bonds 4.75%, <br> 2/15/2045<br>| &nbsp;&nbsp; 935 | &nbsp;&nbsp; 941 |
| U.S. Treasury Inflation Linked Notes <br> 1.63%, 10/15/2029<br>| &nbsp;&nbsp; 12544 | &nbsp;&nbsp; 12749 |
| U.S. Treasury Notes |  |  |
| 4.25%, 1/31/2026 (l) | &nbsp;&nbsp; 31845 | &nbsp;&nbsp; 31894 |
| 3.88%, 3/31/2027 | &nbsp;&nbsp; 3196 | &nbsp;&nbsp; 3211 |
| 4.50%, 5/15/2027 | &nbsp;&nbsp; 9331 | &nbsp;&nbsp; 9491 |
| 3.38%, 9/15/2027 | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 199 |
| 3.88%, 3/15/2028 | &nbsp;&nbsp; 3100 | &nbsp;&nbsp; 3125 |
| 4.00%, 3/31/2030 | &nbsp;&nbsp; 1890 | &nbsp;&nbsp; 1914 |
| 4.13%, 3/31/2032 | &nbsp;&nbsp; 890 | &nbsp;&nbsp; 901 |
| 4.25%, 11/15/2034 | &nbsp;&nbsp; 2475 | &nbsp;&nbsp; 2494 |
| 4.63%, 2/15/2035 | &nbsp;&nbsp; 2045 | &nbsp;&nbsp; 2122 |
| Total U.S. Treasury Obligations <br>(Cost $68,939)<br>|  | &nbsp;&nbsp; 69041 |
| **Supranational — 0.1%** | **Supranational — 0.1%** | **Supranational — 0.1%** |
| Asian Development Bank, 3.40%, <br> 9/10/2027 (b)<br>| &nbsp;&nbsp; AUD3,030 | &nbsp;&nbsp; 1933 |
| Inter-American Development Bank, <br> 4.40%, 1/26/2026<br>| &nbsp;&nbsp; CAD614 | &nbsp;&nbsp; 451 |
| Total Supranational <br>(Cost $2,732)<br>|  | &nbsp;&nbsp; 2384 |
| **Loan Assignments — 0.0%** ‡ (m) ^ | **Loan Assignments — 0.0%** ‡ (m) ^ | **Loan Assignments — 0.0%** ‡ (m) ^ |
| **United States — 0.0% ^** | **United States — 0.0% ^** | **United States — 0.0% ^** |
| Moran Foods LLC, 2nd Lien PIK Term <br> Loan (3-MONTH CME TERM SOFR + <br> 2.00%), 2.00%, 6/30/2026 (f)<br>| &nbsp;&nbsp; 327 | &nbsp;&nbsp; 158 |
| Moran Foods LLC, 1st Lien PIK Term <br> Loan (3-MONTH CME TERM SOFR + <br> 2.00%), 2.00%, 6/30/2026 (f)<br>| &nbsp;&nbsp; 903 | &nbsp;&nbsp; 714 |
| FGI Operating Co. LLC, 1st Lien Term <br> Loan 0.00%, 12/31/2024 (j) (n)<br>| &nbsp;&nbsp; 15 | &nbsp;&nbsp; 1 |
| Moran Foods LLC, 1st Lien Super <br> Senior Delayed Draw Term Loan <br> (3-MONTH CME TERM SOFR + <br> 11.50%), 15.92%, 6/30/2026 (f)<br>| &nbsp;&nbsp; 26 | &nbsp;&nbsp; 25 |
| Total Loan Assignments <br>(Cost $1,189)<br>|  | &nbsp;&nbsp; 898 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Commercial Mortgage-Backed Securities — 0.0% ^** | **Commercial Mortgage-Backed Securities — 0.0% ^** | **Commercial Mortgage-Backed Securities — 0.0% ^** |
| **United States — 0.0% ^** | **United States — 0.0% ^** | **United States — 0.0% ^** |
| Velocity Commercial Capital Loan Trust |  |  |
| Series 2018-2, Class M2, 4.51%, <br> 10/26/2048 (c) (n)<br>| &nbsp;&nbsp; 107 | &nbsp;&nbsp; 101 |
| Series 2018-2, Class M3, 4.72%, <br> 10/26/2048 (c) (n)<br>| &nbsp;&nbsp; 156 | &nbsp;&nbsp; 144 |
| Total Commercial Mortgage-Backed <br> Securities <br>(Cost $263)<br>|  | &nbsp;&nbsp; 245 |
|  | **SHARES** <br>**(000)**<br>|  |
| **Convertible Preferred Stocks — 0.0% ^** | **Convertible Preferred Stocks — 0.0% ^** | **Convertible Preferred Stocks — 0.0% ^** |
| **United States — 0.0% ^** | **United States — 0.0% ^** | **United States — 0.0% ^** |
| Claire's Stores, Inc. ‡ \* (e)(Cost <br> $436)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 202 |
|  | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>|  |
| **Collateralized Mortgage Obligations — 0.0% ^** | **Collateralized Mortgage Obligations — 0.0% ^** | **Collateralized Mortgage Obligations — 0.0% ^** |
| **United States — 0.0% ^** | **United States — 0.0% ^** | **United States — 0.0% ^** |
| CHL Mortgage Pass-Through Trust <br> Series 2007-10, Class A4, 5.50%, <br> 7/25/2037<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Deutsche Alt-A Securities Mortgage <br> Loan Trust Series 2006-AF1, <br> Class A4, 5.04%, 4/25/2036 (n)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| HarborView Mortgage Loan Trust <br> Series 2006-14, Class 1A1A, <br> 4.79%, 1/25/2047 (n)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| JPMorgan Mortgage Trust Series <br> 2005-A8, Class 2A3, 5.73%, <br> 11/25/2035 (n)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total Collateralized Mortgage <br> Obligations <br>(Cost $—)<br>|  | &nbsp;&nbsp; — |
| **Short-Term Investments — 5.3%** | **Short-Term Investments — 5.3%** | **Short-Term Investments — 5.3%** |
| **Commercial Paper — 0.0% ^** | **Commercial Paper — 0.0% ^** | **Commercial Paper — 0.0% ^** |
| BPCE SA, 4.62%, 11/6/2025 (c) | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 244 |
| RWE AG, 4.70%, 7/2/2025 (c) | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 248 |
| Total Commercial Paper <br>(Cost $492)<br>|  | &nbsp;&nbsp; 492 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Funds 27

------

JPMorgan Global Allocation Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **SHARES** <br>**(000)**<br>| **VALUE** <br>**($000)**<br>|
| **Investment Companies — 3.9%** | **Investment Companies — 3.9%** | **Investment Companies — 3.9%** |
| JPMorgan Prime Money Market Fund <br> Class Institutional Shares, <br> 4.31% (k) (o) (Cost $105,198)<br>| &nbsp;&nbsp; 105176 | &nbsp;&nbsp; 105208 |
| **Investment of Cash Collateral from Securities Loaned — 1.4%** | **Investment of Cash Collateral from Securities Loaned — 1.4%** | **Investment of Cash Collateral from Securities Loaned — 1.4%** |
| JPMorgan Securities Lending Money <br> Market Fund Agency SL <br> Class Shares, 4.39% (k) (o) (Cost <br> $37,855)<br>| &nbsp;&nbsp; 37855 | &nbsp;&nbsp; 37855 |
| Total Short-Term Investments <br>(Cost $143,545)<br>|  | &nbsp;&nbsp; 143555 |
| **Total Investments — 100.2%** <br>**(Cost $2,456,822)**<br>|  | &nbsp;&nbsp; **2726675** |
| **Liabilities in Excess of Other Assets** <br> **— (0.2)%**<br>|  | &nbsp;&nbsp; **(6025)**<br>|
| **NET ASSETS — 100.0%** |  | &nbsp;&nbsp; **2720650** |

---

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

---

| |
|:---|
| <br>Percentages indicated are based on net assets. |
| <br>Amounts presented as a dash ("-") represent amounts that round to less than a <br> thousand. |

---

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| ADR | American Depositary Receipt |
| AUD | Australian Dollar |
| CAD | Canadian Dollar |
| CHDI | Clearing House Electronic Subregister System (CHESS) Depository <br> Interest<br>|
| CME | Chicago Mercantile Exchange |
| CVA | Certificaten Van Aandelen (Dutch Certificate) |
| CZK | Czech Republic Koruna |
| DKK | Danish Krone |
| EUR | Euro |
| EURIBOR | Euro Interbank Offered Rate |
| GBP | British Pound |
| GDR | Global Depositary Receipt |
| HUF | Hungarian Forint |
| ICE | Intercontinental Exchange |
| IDR | Indonesian Rupiah |
| JPY | Japanese Yen |
| JSC | Joint Stock Company |
| MXN | Mexican Peso |
| OYJ | Public Limited Company |
| PIK | Payment In Kind |
| 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 |

---

---

| | |
|:---|:---|
| SCA | Limited partnership with share capital |
| SEK | Swedish Krona |
| SGPS | Holding company |
| SOFR | Secured Overnight Financing Rate |
| SOFRINDX | Compounding index of the Secured Overnight Financing Rate |
| THB | Thai Baht |

---

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

---

| | |
|:---|:---|
| ^ | Amount rounds to less than 0.1% of net assets. |
| ‡ | Value determined using significant unobservable <br> inputs.<br>|
| \* | Non-income producing security.  |
| (a) | The security or a portion of this security is on loan at <br> April 30, 2025. The total value of securities on loan at <br> April 30, 2025 is $35,803.<br>|
| (b) | Security exempt from registration pursuant to <br> Regulation S under the Securities Act of 1933, as <br> amended. Regulation S applies to securities offerings <br> that are made outside of the United States and do not <br> involve direct selling efforts in the United States and <br> as such may have restrictions on resale.<br>|
| (c) | Securities exempt from registration under Rule 144A <br> or section 4(a)(2), of the Securities Act of 1933, as <br> amended.<br>|
| (d) | Value is zero. |
| (e) | Fund is subject to legal or contractual restrictions on <br> the resale of the security.<br>|
| (f) | Variable or floating rate security, linked to the <br> referenced benchmark. The interest rate shown is the <br> current rate as of April 30, 2025.<br>|
| (g) | Security is an interest bearing note with preferred <br> security characteristics.<br>|
| (h) | Security is perpetual and thus, does not have a <br> predetermined maturity date. The coupon rate for this <br> security is fixed for a period of time and may be <br> structured to adjust thereafter. The date shown, if <br> applicable, reflects the next call date. The coupon rate <br> shown is the rate in effect as of April 30, 2025.<br>|
| (i) | Step bond. Interest rate is a fixed rate for an initial <br> period that either resets at a specific date or may <br> reset in the future contingent upon a predetermined <br> trigger. The interest rate shown is the current rate as <br> of April 30, 2025. <br>|
| (j) | Defaulted security. |
| (k) | 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>|
| (l) | All or a portion of this security is deposited with the <br> broker as initial margin for futures contracts.<br>|
| (m) | Loan assignments are presented by obligor. Each <br> series or loan tranche underlying each obligor may <br> have varying terms.<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

28 J.P. Morgan Funds April 30, 2025

------

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of April 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) The rate shown is the current yield as of April 30, 2025.

**Summary of Investments by Industry, April 30, 2025**

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

---

| | |
|:---|:---|
| **INDUSTRY** | **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| Foreign Government Securities | 10.5<br> %<br>|
| Banks | 6.3 |
| Oil, Gas & Consumable Fuels | 4.4 |
| Fixed Income | 4.2 |
| Semiconductors & Semiconductor Equipment | 4.0 |
| Hotels, Restaurants & Leisure | 3.7 |
| Software | 3.7 |
| Capital Markets | 3.7 |
| Media | 2.6 |
| U.S. Treasury Notes | 2.5 |
| Pharmaceuticals | 2.4 |
| Financial Services | 2.3 |
| Broadline Retail | 2.3 |
| Insurance | 2.1 |
| Interactive Media & Services | 2.0 |
| Health Care Providers & Services | 1.9 |
| Chemicals | 1.9 |
| Specialty Retail | 1.7 |
| Technology Hardware, Storage & Peripherals | 1.7 |
| Machinery | 1.6 |
| Aerospace & Defense | 1.6 |
| Health Care Equipment & Supplies | 1.6 |
| Electric Utilities | 1.5 |
| Diversified Telecommunication Services | 1.2 |
| Entertainment | 1.2 |
| Automobile Components | 1.1 |
| Commercial Services & Supplies | 1.1 |
| Biotechnology | 1.0 |
| Consumer Finance | 1.0 |
| Others (each less than 1.0%) | 17.9 |
| Short-Term Investments | 5.3 |

---

Detailed information about investment portfolios of the Underlying Funds, as defined in the Notes to Financial Statements, can be found in the financial statements filed with the Securities and Exchange Commission (SEC) by each such underlying fund semi-annually on Form N-CSR and in portfolio holdings filed quarterly on Form N-PORT, and are available for download from both the SEC's as well as each respective underlying fund's website. Detailed information about Underlying J.P. Morgan Funds can also be found at www.jpmorganfunds.com or by calling 1-800-480-4111.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Funds 29

------

JPMorgan Global Allocation Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

**Futures contracts outstanding as of April 30, 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-Bobl | &nbsp;&nbsp;&nbsp;&nbsp; 148 | &nbsp;&nbsp;&nbsp;&nbsp; 06/06/2025 | &nbsp;&nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp; 20073 | &nbsp;&nbsp;&nbsp;&nbsp; 257 |
| Euro-BTP | &nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp; 06/06/2025 | &nbsp;&nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp; 1090 | &nbsp;&nbsp;&nbsp;&nbsp; 5 |
| Euro-Bund | &nbsp;&nbsp;&nbsp;&nbsp; 281 | &nbsp;&nbsp;&nbsp;&nbsp; 06/06/2025 | &nbsp;&nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp; 41997 | &nbsp;&nbsp;&nbsp;&nbsp; 365 |
| Euro-Schatz | &nbsp;&nbsp;&nbsp;&nbsp; 1138 | &nbsp;&nbsp;&nbsp;&nbsp; 06/06/2025 | &nbsp;&nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp; 138710 | &nbsp;&nbsp;&nbsp;&nbsp; 662 |
| Japan 10 Year Mini Bond | &nbsp;&nbsp;&nbsp;&nbsp; 138 | &nbsp;&nbsp;&nbsp;&nbsp; 06/12/2025 | &nbsp;&nbsp;&nbsp;&nbsp; JPY | &nbsp;&nbsp;&nbsp;&nbsp; 13599 | &nbsp;&nbsp;&nbsp;&nbsp; 253 |
| Japan 10 Year Bond | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 06/13/2025 | &nbsp;&nbsp;&nbsp;&nbsp; JPY | &nbsp;&nbsp;&nbsp;&nbsp; 19706 | &nbsp;&nbsp;&nbsp;&nbsp; 363 |
| Foreign Exchange EUR/USD | &nbsp;&nbsp;&nbsp;&nbsp; 66 | &nbsp;&nbsp;&nbsp;&nbsp; 06/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 9372 | &nbsp;&nbsp;&nbsp;&nbsp; 321 |
| Foreign Exchange JPY/USD | &nbsp;&nbsp;&nbsp;&nbsp; 373 | &nbsp;&nbsp;&nbsp;&nbsp; 06/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 32798 | &nbsp;&nbsp;&nbsp;&nbsp; 865 |
| Korea 10 Year Bond | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp; 06/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; KRW | &nbsp;&nbsp;&nbsp;&nbsp; 12803 | &nbsp;&nbsp;&nbsp;&nbsp; 275 |
| U.S. Treasury 10 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; 398 | &nbsp;&nbsp;&nbsp;&nbsp; 06/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 44763 | &nbsp;&nbsp;&nbsp;&nbsp; 1022 |
| U.S. Treasury Ultra Bond | &nbsp;&nbsp;&nbsp;&nbsp; 138 | &nbsp;&nbsp;&nbsp;&nbsp; 06/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 16720 | &nbsp;&nbsp;&nbsp;&nbsp; 151 |
| Canada 5 Year Bond | &nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; 06/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; CAD | &nbsp;&nbsp;&nbsp;&nbsp; 1511 | &nbsp;&nbsp;&nbsp;&nbsp; 9 |
| MSCI EAFE Index | &nbsp;&nbsp;&nbsp;&nbsp; 706 | &nbsp;&nbsp;&nbsp;&nbsp; 06/20/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 88059 | &nbsp;&nbsp;&nbsp;&nbsp; 1552 |
| MSCI Emerging Markets Index | &nbsp;&nbsp;&nbsp;&nbsp; 961 | &nbsp;&nbsp;&nbsp;&nbsp; 06/20/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 53311 | &nbsp;&nbsp;&nbsp;&nbsp; (1205)<br>|
| S&P 500 E-Mini Index | &nbsp;&nbsp;&nbsp;&nbsp; 788 | &nbsp;&nbsp;&nbsp;&nbsp; 06/20/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 220138 | &nbsp;&nbsp;&nbsp;&nbsp; (3950)<br>|
| Long Gilt | &nbsp;&nbsp;&nbsp;&nbsp; 41 | &nbsp;&nbsp;&nbsp;&nbsp; 06/26/2025 | &nbsp;&nbsp;&nbsp;&nbsp; GBP | &nbsp;&nbsp;&nbsp;&nbsp; 5110 | &nbsp;&nbsp;&nbsp;&nbsp; 13 |
| U.S. Treasury 2 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; 580 | &nbsp;&nbsp;&nbsp;&nbsp; 06/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 120799 | &nbsp;&nbsp;&nbsp;&nbsp; 199 |
| U.S. Treasury 5 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; 5041 | &nbsp;&nbsp;&nbsp;&nbsp; 06/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 551438 | &nbsp;&nbsp;&nbsp;&nbsp; 8022 |
| 3 Month Euro Euribor | &nbsp;&nbsp;&nbsp;&nbsp; 366 | &nbsp;&nbsp;&nbsp;&nbsp; 12/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp; 101951 | &nbsp;&nbsp;&nbsp;&nbsp; 417 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 9596 |
| **Short Contracts** |  |  |  |  |  |
| Euro-Buxl 30 Year Bond | &nbsp;&nbsp;&nbsp;&nbsp; (120)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 06/06/2025 | &nbsp;&nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp; (16892)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (493)<br>|
| Euro-OAT | &nbsp;&nbsp;&nbsp;&nbsp; (76)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 06/06/2025 | &nbsp;&nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp; (10831)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (202)<br>|
| Short-Term Euro-BTP | &nbsp;&nbsp;&nbsp;&nbsp; (186)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 06/06/2025 | &nbsp;&nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp; (22797)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (67)<br>|
| Australia 10 Year Bond | &nbsp;&nbsp;&nbsp;&nbsp; (146)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 06/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp; AUD | &nbsp;&nbsp;&nbsp;&nbsp; (10752)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (247)<br>|
| U.S. Treasury 10 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; (190)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 06/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (21369)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (378)<br>|
| U.S. Treasury 10 Year Ultra Note | &nbsp;&nbsp;&nbsp;&nbsp; (311)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 06/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (35779)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 496 |
| Canada 10 Year Bond | &nbsp;&nbsp;&nbsp;&nbsp; (10)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 06/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; CAD | &nbsp;&nbsp;&nbsp;&nbsp; (897)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1)<br>|
| U.S. Treasury 5 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; (374)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 06/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (40912)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (473)<br>|
| 3 Month Euro Euribor | &nbsp;&nbsp;&nbsp;&nbsp; (103)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 06/14/2027 | &nbsp;&nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp; (28604)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (91)<br>|
| 3 Month Euro Euribor | &nbsp;&nbsp;&nbsp;&nbsp; (263)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12/13/2027 | &nbsp;&nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp; (72921)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (288)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (1744)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 7852 |

---

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| AUD | Australian Dollar |
| CAD | Canadian Dollar |
| EAFE | Europe, Australasia and Far East |
| EUR | Euro |
| GBP | British Pound |
| JPY | Japanese Yen |
| KRW | Korean Republic Won |
| MSCI | Morgan Stanley Capital International |
| USD | United States Dollar |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

30 J.P. Morgan Funds April 30, 2025

------

**Forward foreign currency exchange contracts outstanding as of April 30, 2025 (amounts in thousands):**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **CURRENCY** <br>**PURCHASED** | **CURRENCY** <br>**PURCHASED** | &nbsp;&nbsp;&nbsp; **CURRENCY** <br>**SOLD** | &nbsp;&nbsp;&nbsp; **CURRENCY** <br>**SOLD** | **COUNTERPARTY** | &nbsp;&nbsp;&nbsp; **SETTLEMENT** <br>**DATE**<br>| &nbsp;&nbsp; **UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| AUD | &nbsp;&nbsp;&nbsp; 882 | CAD | &nbsp;&nbsp;&nbsp; 757 | Citibank, NA | 5/22/2025 | &nbsp;&nbsp;&nbsp; 16 |
| AUD | &nbsp;&nbsp;&nbsp; 851 | EUR | &nbsp;&nbsp;&nbsp; 473 | Citibank, NA | 5/22/2025 | &nbsp;&nbsp;&nbsp; 8 |
| AUD | &nbsp;&nbsp;&nbsp; 1024 | GBP | &nbsp;&nbsp;&nbsp; 490 | Citibank, NA | 5/22/2025 | &nbsp;&nbsp;&nbsp; 3 |
| AUD | &nbsp;&nbsp;&nbsp; 840 | NZD | &nbsp;&nbsp;&nbsp; 901 | Goldman Sachs International | 5/22/2025 | &nbsp;&nbsp;&nbsp; 2 |
| AUD | &nbsp;&nbsp;&nbsp; 653 | USD | &nbsp;&nbsp;&nbsp; 406 | HSBC Bank, NA | 5/22/2025 | &nbsp;&nbsp;&nbsp; 12 |
| AUD | &nbsp;&nbsp;&nbsp; 4646 | USD | &nbsp;&nbsp;&nbsp; 2957 | Morgan Stanley | 5/22/2025 | &nbsp;&nbsp;&nbsp; 20 |
| CAD | &nbsp;&nbsp;&nbsp; 437 | USD | &nbsp;&nbsp;&nbsp; 314 | Merrill Lynch International | 5/22/2025 | &nbsp;&nbsp;&nbsp; 3 |
| CAD | &nbsp;&nbsp;&nbsp; 31719 | USD | &nbsp;&nbsp;&nbsp; 22878 | Morgan Stanley | 5/22/2025 | &nbsp;&nbsp;&nbsp; 154 |
| CHF | &nbsp;&nbsp;&nbsp; 542 | EUR | &nbsp;&nbsp;&nbsp; 576 | Goldman Sachs International | 5/22/2025 | &nbsp;&nbsp;&nbsp; 5 |
| CHF | &nbsp;&nbsp;&nbsp; 542 | JPY | &nbsp;&nbsp;&nbsp; 93767 | BNP Paribas | 5/22/2025 | &nbsp;&nbsp;&nbsp; 1 |
| CHF | &nbsp;&nbsp;&nbsp; 439 | SEK | &nbsp;&nbsp;&nbsp; 5132 | BNP Paribas | 5/22/2025 | &nbsp;&nbsp;&nbsp; 2 |
| CHF | &nbsp;&nbsp;&nbsp; 1001 | USD | &nbsp;&nbsp;&nbsp; 1214 | Morgan Stanley | 5/22/2025 | &nbsp;&nbsp;&nbsp; 2 |
| CLP | &nbsp;&nbsp;&nbsp; 423465 | USD | &nbsp;&nbsp;&nbsp; 439 | Goldman Sachs International<sup>\*\*</sup> <br>| 5/22/2025 | &nbsp;&nbsp;&nbsp; 8 |
| COP | &nbsp;&nbsp;&nbsp; 4530571 | USD | &nbsp;&nbsp;&nbsp; 1057 | BNP Paribas<sup>\*\*</sup> <br>| 5/22/2025 | &nbsp;&nbsp;&nbsp; 12 |
| EUR | &nbsp;&nbsp;&nbsp; 470 | CHF | &nbsp;&nbsp;&nbsp; 439 | BNP Paribas | 5/22/2025 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| EUR | &nbsp;&nbsp;&nbsp; 5630 | USD | &nbsp;&nbsp;&nbsp; 6231 | Barclays Bank plc | 5/22/2025 | &nbsp;&nbsp;&nbsp; 155 |
| EUR | &nbsp;&nbsp;&nbsp; 8001 | USD | &nbsp;&nbsp;&nbsp; 8748 | HSBC Bank, NA | 5/22/2025 | &nbsp;&nbsp;&nbsp; 328 |
| GBP | &nbsp;&nbsp;&nbsp; 406 | CHF | &nbsp;&nbsp;&nbsp; 435 | BNP Paribas | 5/22/2025 | &nbsp;&nbsp;&nbsp; 13 |
| GBP | &nbsp;&nbsp;&nbsp; 417 | EUR | &nbsp;&nbsp;&nbsp; 486 | BNP Paribas | 5/22/2025 | &nbsp;&nbsp;&nbsp; 5 |
| GBP | &nbsp;&nbsp;&nbsp; 2166 | USD | &nbsp;&nbsp;&nbsp; 2754 | Barclays Bank plc | 5/22/2025 | &nbsp;&nbsp;&nbsp; 133 |
| GBP | &nbsp;&nbsp;&nbsp; 354 | USD | &nbsp;&nbsp;&nbsp; 456 | BNP Paribas | 5/22/2025 | &nbsp;&nbsp;&nbsp; 16 |
| GBP | &nbsp;&nbsp;&nbsp; 6168 | USD | &nbsp;&nbsp;&nbsp; 8180 | Goldman Sachs International | 5/22/2025 | &nbsp;&nbsp;&nbsp; 40 |
| IDR | &nbsp;&nbsp;&nbsp; 20456538 | USD | &nbsp;&nbsp;&nbsp; 1212 | Barclays Bank plc<sup>\*\*</sup> <br>| 5/22/2025 | &nbsp;&nbsp;&nbsp; 23 |
| IDR | &nbsp;&nbsp;&nbsp; 38153592 | USD | &nbsp;&nbsp;&nbsp; 2269 | Merrill Lynch International<sup>\*\*</sup> <br>| 5/22/2025 | &nbsp;&nbsp;&nbsp; 35 |
| ILS | &nbsp;&nbsp;&nbsp; 4381 | USD | &nbsp;&nbsp;&nbsp; 1191 | HSBC Bank, NA | 5/22/2025 | &nbsp;&nbsp;&nbsp; 14 |
| ILS | &nbsp;&nbsp;&nbsp; 1034 | USD | &nbsp;&nbsp;&nbsp; 284 | Morgan Stanley | 5/22/2025 | &nbsp;&nbsp;&nbsp; 1 |
| JPY | &nbsp;&nbsp;&nbsp; 94057 | EUR | &nbsp;&nbsp;&nbsp; 578 | Citibank, NA | 5/22/2025 | &nbsp;&nbsp;&nbsp; 4 |
| JPY | &nbsp;&nbsp;&nbsp; 115334 | EUR | &nbsp;&nbsp;&nbsp; 712 | HSBC Bank, NA | 5/22/2025 | &nbsp;&nbsp;&nbsp; 1 |
| JPY | &nbsp;&nbsp;&nbsp; 219166 | USD | &nbsp;&nbsp;&nbsp; 1488 | Barclays Bank plc | 5/22/2025 | &nbsp;&nbsp;&nbsp; 48 |
| JPY | &nbsp;&nbsp;&nbsp; 76234 | USD | &nbsp;&nbsp;&nbsp; 528 | Citibank, NA | 5/22/2025 | &nbsp;&nbsp;&nbsp; 6 |
| JPY | &nbsp;&nbsp;&nbsp; 78342 | USD | &nbsp;&nbsp;&nbsp; 536 | Goldman Sachs International | 5/22/2025 | &nbsp;&nbsp;&nbsp; 13 |
| JPY | &nbsp;&nbsp;&nbsp; 43003 | USD | &nbsp;&nbsp;&nbsp; 300 | Morgan Stanley | 5/22/2025 | &nbsp;&nbsp;&nbsp; 2 |
| KRW | &nbsp;&nbsp;&nbsp; 17659837 | USD | &nbsp;&nbsp;&nbsp; 12393 | Standard Chartered Bank<sup>\*\*</sup> <br>| 5/22/2025 | &nbsp;&nbsp;&nbsp; 22 |
| MXN | &nbsp;&nbsp;&nbsp; 8045 | USD | &nbsp;&nbsp;&nbsp; 408 | Citibank, NA | 5/22/2025 | &nbsp;&nbsp;&nbsp; 1 |
| MXN | &nbsp;&nbsp;&nbsp; 72312 | USD | &nbsp;&nbsp;&nbsp; 3496 | Morgan Stanley | 5/22/2025 | &nbsp;&nbsp;&nbsp; 180 |
| NOK | &nbsp;&nbsp;&nbsp; 8707 | USD | &nbsp;&nbsp;&nbsp; 825 | HSBC Bank, NA | 5/22/2025 | &nbsp;&nbsp;&nbsp; 12 |
| NZD | &nbsp;&nbsp;&nbsp; 6741 | USD | &nbsp;&nbsp;&nbsp; 3965 | Morgan Stanley | 5/22/2025 | &nbsp;&nbsp;&nbsp; 42 |
| PEN | &nbsp;&nbsp;&nbsp; 2284 | USD | &nbsp;&nbsp;&nbsp; 613 | BNP Paribas<sup>\*\*</sup> <br>| 5/22/2025 | &nbsp;&nbsp;&nbsp; 9 |
| SEK | &nbsp;&nbsp;&nbsp; 24251 | USD | &nbsp;&nbsp;&nbsp; 2511 | Barclays Bank plc | 5/22/2025 | &nbsp;&nbsp;&nbsp; 1 |
| SGD | &nbsp;&nbsp;&nbsp; 2628 | USD | &nbsp;&nbsp;&nbsp; 2002 | Goldman Sachs International | 5/22/2025 | &nbsp;&nbsp;&nbsp; 12 |
| THB | &nbsp;&nbsp;&nbsp; 19236 | USD | &nbsp;&nbsp;&nbsp; 575 | Goldman Sachs International | 5/22/2025 | &nbsp;&nbsp;&nbsp; 2 |
| USD | &nbsp;&nbsp;&nbsp; 562 | DKK | &nbsp;&nbsp;&nbsp; 3677 | Citibank, NA | 5/22/2025 | &nbsp;&nbsp;&nbsp; 3 |
| USD | &nbsp;&nbsp;&nbsp; 26837 | EUR | &nbsp;&nbsp;&nbsp; 23558 | BNP Paribas | 5/22/2025 | &nbsp;&nbsp;&nbsp; 116 |
| USD | &nbsp;&nbsp;&nbsp; 2831 | GBP | &nbsp;&nbsp;&nbsp; 2113 | Barclays Bank plc | 5/22/2025 | &nbsp;&nbsp;&nbsp; 16 |
| USD | &nbsp;&nbsp;&nbsp; 12934 | JPY | &nbsp;&nbsp;&nbsp; 1832994 | HSBC Bank, NA | 5/22/2025 | &nbsp;&nbsp;&nbsp; 84 |
| USD | &nbsp;&nbsp;&nbsp; 2121 | JPY | &nbsp;&nbsp;&nbsp; 301582 | Morgan Stanley | 5/22/2025 | &nbsp;&nbsp;&nbsp; 6 |
| USD | &nbsp;&nbsp;&nbsp; 8376 | MXN | &nbsp;&nbsp;&nbsp; 164491 | HSBC Bank, NA | 5/22/2025 | &nbsp;&nbsp;&nbsp; 11 |
| USD | &nbsp;&nbsp;&nbsp; 655 | NZD | &nbsp;&nbsp;&nbsp; 1098 | Goldman Sachs International | 5/22/2025 | &nbsp;&nbsp;&nbsp; 2 |
| USD | &nbsp;&nbsp;&nbsp; 1748 | THB | &nbsp;&nbsp;&nbsp; 58196 | Citibank, NA | 5/22/2025 | &nbsp;&nbsp;&nbsp; 3 |
| Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | &nbsp;&nbsp;&nbsp; 1607 |
| CAD | &nbsp;&nbsp;&nbsp; 750 | AUD | &nbsp;&nbsp;&nbsp; 882 | Citibank, NA | 5/22/2025 | &nbsp;&nbsp;&nbsp; (20)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Funds 31

------

JPMorgan Global Allocation Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **CURRENCY**<br> **PURCHASED** | **CURRENCY**<br> **PURCHASED** | &nbsp;&nbsp;&nbsp; **CURRENCY**<br> **SOLD** | &nbsp;&nbsp;&nbsp; **CURRENCY**<br> **SOLD** | **COUNTERPARTY** | &nbsp;&nbsp;&nbsp; **SETTLEMENT**<br> **DATE**<br>| &nbsp;&nbsp; **UNREALIZED**<br> **APPRECIATION**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| CAD | &nbsp;&nbsp;&nbsp; 6095 | JPY | &nbsp;&nbsp;&nbsp; 632703 | Goldman Sachs International | 5/22/2025 | &nbsp;&nbsp;&nbsp; (10)<br>|
| CHF | &nbsp;&nbsp;&nbsp; 432 | EUR | &nbsp;&nbsp;&nbsp; 469 | Goldman Sachs International | 5/22/2025 | &nbsp;&nbsp;&nbsp; (7)<br>|
| CHF | &nbsp;&nbsp;&nbsp; 434 | GBP | &nbsp;&nbsp;&nbsp; 402 | Citibank, NA | 5/22/2025 | &nbsp;&nbsp;&nbsp; (9)<br>|
| CHF | &nbsp;&nbsp;&nbsp; 4647 | USD | &nbsp;&nbsp;&nbsp; 5703 | Goldman Sachs International | 5/22/2025 | &nbsp;&nbsp;&nbsp; (59)<br>|
| CZK | &nbsp;&nbsp;&nbsp; 7809 | USD | &nbsp;&nbsp;&nbsp; 355 | BNP Paribas | 5/22/2025 | &nbsp;&nbsp;&nbsp; (1)<br>|
| CZK | &nbsp;&nbsp;&nbsp; 5381 | USD | &nbsp;&nbsp;&nbsp; 245 | Citibank, NA | 5/22/2025 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| DKK | &nbsp;&nbsp;&nbsp; 3146 | USD | &nbsp;&nbsp;&nbsp; 480 | Morgan Stanley | 5/22/2025 | &nbsp;&nbsp;&nbsp; (1)<br>|
| EUR | &nbsp;&nbsp;&nbsp; 473 | AUD | &nbsp;&nbsp;&nbsp; 844 | Citibank, NA | 5/22/2025 | &nbsp;&nbsp;&nbsp; (4)<br>|
| EUR | &nbsp;&nbsp;&nbsp; 577 | CHF | &nbsp;&nbsp;&nbsp; 540 | Morgan Stanley | 5/22/2025 | &nbsp;&nbsp;&nbsp; (1)<br>|
| EUR | &nbsp;&nbsp;&nbsp; 380 | SGD | &nbsp;&nbsp;&nbsp; 567 | Standard Chartered Bank | 5/22/2025 | &nbsp;&nbsp;&nbsp; (4)<br>|
| EUR | &nbsp;&nbsp;&nbsp; 41007 | USD | &nbsp;&nbsp;&nbsp; 46659 | BNP Paribas | 5/22/2025 | &nbsp;&nbsp;&nbsp; (147)<br>|
| EUR | &nbsp;&nbsp;&nbsp; 11515 | USD | &nbsp;&nbsp;&nbsp; 13145 | Citibank, NA | 5/22/2025 | &nbsp;&nbsp;&nbsp; (85)<br>|
| EUR | &nbsp;&nbsp;&nbsp; 471 | USD | &nbsp;&nbsp;&nbsp; 536 | Goldman Sachs International | 5/22/2025 | &nbsp;&nbsp;&nbsp; (2)<br>|
| EUR | &nbsp;&nbsp;&nbsp; 263 | USD | &nbsp;&nbsp;&nbsp; 299 | HSBC Bank, NA | 5/22/2025 | &nbsp;&nbsp;&nbsp; (1)<br>|
| EUR | &nbsp;&nbsp;&nbsp; 6940 | USD | &nbsp;&nbsp;&nbsp; 7899 | Morgan Stanley | 5/22/2025 | &nbsp;&nbsp;&nbsp; (28)<br>|
| GBP | &nbsp;&nbsp;&nbsp; 491 | AUD | &nbsp;&nbsp;&nbsp; 1027 | Goldman Sachs International | 5/22/2025 | &nbsp;&nbsp;&nbsp; (4)<br>|
| GBP | &nbsp;&nbsp;&nbsp; 210 | AUD | &nbsp;&nbsp;&nbsp; 439 | HSBC Bank, NA | 5/22/2025 | &nbsp;&nbsp;&nbsp; (1)<br>|
| GBP | &nbsp;&nbsp;&nbsp; 372 | USD | &nbsp;&nbsp;&nbsp; 496 | HSBC Bank, NA | 5/22/2025 | &nbsp;&nbsp;&nbsp; (1)<br>|
| JPY | &nbsp;&nbsp;&nbsp; 76651 | NZD | &nbsp;&nbsp;&nbsp; 915 | Morgan Stanley | 5/22/2025 | &nbsp;&nbsp;&nbsp; (7)<br>|
| JPY | &nbsp;&nbsp;&nbsp; 626898 | SGD | &nbsp;&nbsp;&nbsp; 5753 | Goldman Sachs International | 5/22/2025 | &nbsp;&nbsp;&nbsp; (15)<br>|
| JPY | &nbsp;&nbsp;&nbsp; 2952192 | USD | &nbsp;&nbsp;&nbsp; 20752 | Barclays Bank plc | 5/22/2025 | &nbsp;&nbsp;&nbsp; (57)<br>|
| JPY | &nbsp;&nbsp;&nbsp; 10257505 | USD | &nbsp;&nbsp;&nbsp; 72035 | BNP Paribas | 5/22/2025 | &nbsp;&nbsp;&nbsp; (128)<br>|
| JPY | &nbsp;&nbsp;&nbsp; 42479 | USD | &nbsp;&nbsp;&nbsp; 301 | Citibank, NA | 5/22/2025 | &nbsp;&nbsp;&nbsp; (3)<br>|
| NZD | &nbsp;&nbsp;&nbsp; 980 | USD | &nbsp;&nbsp;&nbsp; 584 | Morgan Stanley | 5/22/2025 | &nbsp;&nbsp;&nbsp; (2)<br>|
| PLN | &nbsp;&nbsp;&nbsp; 10056 | USD | &nbsp;&nbsp;&nbsp; 2680 | Goldman Sachs International | 5/22/2025 | &nbsp;&nbsp;&nbsp; (21)<br>|
| PLN | &nbsp;&nbsp;&nbsp; 1668 | USD | &nbsp;&nbsp;&nbsp; 442 | Morgan Stanley | 5/22/2025 | &nbsp;&nbsp;&nbsp; (1)<br>|
| RON | &nbsp;&nbsp;&nbsp; 4611 | USD | &nbsp;&nbsp;&nbsp; 1054 | Goldman Sachs International | 5/22/2025 | &nbsp;&nbsp;&nbsp; (6)<br>|
| SEK | &nbsp;&nbsp;&nbsp; 5346 | CHF | &nbsp;&nbsp;&nbsp; 457 | Goldman Sachs International | 5/22/2025 | &nbsp;&nbsp;&nbsp; (1)<br>|
| SEK | &nbsp;&nbsp;&nbsp; 7644 | USD | &nbsp;&nbsp;&nbsp; 793 | BNP Paribas | 5/22/2025 | &nbsp;&nbsp;&nbsp; (2)<br>|
| USD | &nbsp;&nbsp;&nbsp; 540 | AUD | &nbsp;&nbsp;&nbsp; 877 | Citibank, NA | 5/22/2025 | &nbsp;&nbsp;&nbsp; (22)<br>|
| USD | &nbsp;&nbsp;&nbsp; 541 | AUD | &nbsp;&nbsp;&nbsp; 865 | Goldman Sachs International | 5/22/2025 | &nbsp;&nbsp;&nbsp; (13)<br>|
| USD | &nbsp;&nbsp;&nbsp; 7773 | AUD | &nbsp;&nbsp;&nbsp; 12288 | Morgan Stanley | 5/22/2025 | &nbsp;&nbsp;&nbsp; (99)<br>|
| USD | &nbsp;&nbsp;&nbsp; 959 | CAD | &nbsp;&nbsp;&nbsp; 1335 | BNP Paribas | 5/22/2025 | &nbsp;&nbsp;&nbsp; (10)<br>|
| USD | &nbsp;&nbsp;&nbsp; 654 | CAD | &nbsp;&nbsp;&nbsp; 906 | Goldman Sachs International | 5/22/2025 | &nbsp;&nbsp;&nbsp; (4)<br>|
| USD | &nbsp;&nbsp;&nbsp; 31070 | CAD | &nbsp;&nbsp;&nbsp; 42989 | Morgan Stanley | 5/22/2025 | &nbsp;&nbsp;&nbsp; (146)<br>|
| USD | &nbsp;&nbsp;&nbsp; 303 | CHF | &nbsp;&nbsp;&nbsp; 258 | Morgan Stanley | 5/22/2025 | &nbsp;&nbsp;&nbsp; (11)<br>|
| USD | &nbsp;&nbsp;&nbsp; 5438 | EUR | &nbsp;&nbsp;&nbsp; 4941 | BNP Paribas | 5/22/2025 | &nbsp;&nbsp;&nbsp; (166)<br>|
| USD | &nbsp;&nbsp;&nbsp; 5702 | GBP | &nbsp;&nbsp;&nbsp; 4287 | BNP Paribas | 5/22/2025 | &nbsp;&nbsp;&nbsp; (11)<br>|
| USD | &nbsp;&nbsp;&nbsp; 3879 | GBP | &nbsp;&nbsp;&nbsp; 2964 | Goldman Sachs International | 5/22/2025 | &nbsp;&nbsp;&nbsp; (70)<br>|
| USD | &nbsp;&nbsp;&nbsp; 5517 | HUF | &nbsp;&nbsp;&nbsp; 1988165 | Goldman Sachs International | 5/22/2025 | &nbsp;&nbsp;&nbsp; (46)<br>|
| USD | &nbsp;&nbsp;&nbsp; 1759 | HUF | &nbsp;&nbsp;&nbsp; 630025 | HSBC Bank, NA | 5/22/2025 | &nbsp;&nbsp;&nbsp; (4)<br>|
| USD | &nbsp;&nbsp;&nbsp; 4526 | JPY | &nbsp;&nbsp;&nbsp; 647494 | BNP Paribas | 5/22/2025 | &nbsp;&nbsp;&nbsp; (13)<br>|
| USD | &nbsp;&nbsp;&nbsp; 2833 | JPY | &nbsp;&nbsp;&nbsp; 414536 | Goldman Sachs International | 5/22/2025 | &nbsp;&nbsp;&nbsp; (73)<br>|
| USD | &nbsp;&nbsp;&nbsp; 5257 | JPY | &nbsp;&nbsp;&nbsp; 754995 | Morgan Stanley | 5/22/2025 | &nbsp;&nbsp;&nbsp; (36)<br>|
| USD | &nbsp;&nbsp;&nbsp; 273 | KRW | &nbsp;&nbsp;&nbsp; 397738 | Barclays Bank plc\*\* | 5/22/2025 | &nbsp;&nbsp;&nbsp; (6)<br>|
| USD | &nbsp;&nbsp;&nbsp; 4503 | MXN | &nbsp;&nbsp;&nbsp; 91069 | Goldman Sachs International | 5/22/2025 | &nbsp;&nbsp;&nbsp; (128)<br>|
| USD | &nbsp;&nbsp;&nbsp; 216 | NZD | &nbsp;&nbsp;&nbsp; 368 | Morgan Stanley | 5/22/2025 | &nbsp;&nbsp;&nbsp; (2)<br>|
| Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | &nbsp;&nbsp;&nbsp; (1488)<br>|
| Net unrealized appreciation | Net unrealized appreciation | Net unrealized appreciation | Net unrealized appreciation | Net unrealized appreciation | Net unrealized appreciation | &nbsp;&nbsp;&nbsp; 119 |

---

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| AUD | Australian Dollar |
| CAD | Canadian Dollar |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

32 J.P. Morgan Funds April 30, 2025

------

---

| | |
|:---|:---|
| CHF | Swiss Franc |
| CLP | Chile Peso |
| COP | Columbian Peso |
| CZK | Czech Republic Koruna |
| DKK | Danish Krone |
| EUR | Euro |
| GBP | British Pound |
| HUF | Hungarian Forint |
| IDR | Indonesian Rupiah |
| ILS | Israeli Shekel |
| JPY | Japanese Yen |
| KRW | Korean Republic Won |
| MXN | Mexican Peso |
| NOK | Norwegian Krone |
| NZD | New Zealand Dollar |
| PEN | Peruvian Nuevo Sol |
| PLN | Polish Zloty |
| RON | Romanian Leu |
| SEK | Swedish Krona |
| SGD | Singapore Dollar |
| THB | Thai Baht |
| USD | United States Dollar |

---

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

(a) Amount rounds to less than one thousand.

\*\* Non-deliverable forward.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Funds 33

------

JPMorgan Income Builder Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>| **VALUE** <br>**($000)**<br>|
| **Corporate Bonds — 34.0%** | **Corporate Bonds — 34.0%** | **Corporate Bonds — 34.0%** |
| **Angola — 0.0% ^** | **Angola — 0.0% ^** | **Angola — 0.0% ^** |
| Azule Energy Finance plc 8.13%, <br> 1/23/2030 (a)<br>| &nbsp;&nbsp; 700 | &nbsp;&nbsp; 670 |
| **Argentina — 0.0% ^** | **Argentina — 0.0% ^** | **Argentina — 0.0% ^** |
| Pampa Energia SA 7.95%, <br> 9/10/2031 (b)<br>| &nbsp;&nbsp; 383 | &nbsp;&nbsp; 388 |
| Transportadora de Gas del Sur SA 8.50%, <br> 7/24/2031 (b)<br>| &nbsp;&nbsp; 365 | &nbsp;&nbsp; 376 |
| YPF Energia Electrica SA 7.88%, <br> 10/16/2032 (a) (c)<br>| &nbsp;&nbsp; 400 | &nbsp;&nbsp; 391 |
| YPF SA |  |  |
| 8.50%, 6/27/2029 (b) | &nbsp;&nbsp; 373 | &nbsp;&nbsp; 373 |
| 8.25%, 1/17/2034 (a) | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 974 |
|  |  | &nbsp;&nbsp; 2502 |
| **Australia — 0.1%** | **Australia — 0.1%** | **Australia — 0.1%** |
| Alumina Pty. Ltd. |  |  |
| 6.13%, 3/15/2030 (a) | &nbsp;&nbsp; 1222 | &nbsp;&nbsp; 1212 |
| 6.38%, 9/15/2032 (a) | &nbsp;&nbsp; 1414 | &nbsp;&nbsp; 1377 |
| Australia & New Zealand Banking Group <br> Ltd. (SOFR + 0.56%), 4.91%, <br> 3/18/2026 (a) (d)<br>| &nbsp;&nbsp; 262 | &nbsp;&nbsp; 262 |
| Glencore Funding LLC |  |  |
| 2.50%, 9/1/2030 (a) | &nbsp;&nbsp; 40 | &nbsp;&nbsp; 35 |
| 2.63%, 9/23/2031 (a) | &nbsp;&nbsp; 844 | &nbsp;&nbsp; 733 |
| Scentre Group Trust 1, REIT 3.25%, <br> 10/28/2025 (a)<br>| &nbsp;&nbsp; 51 | &nbsp;&nbsp; 51 |
|  |  | &nbsp;&nbsp; 3670 |
| **Austria — 0.0% ^** | **Austria — 0.0% ^** | **Austria — 0.0% ^** |
| ams-OSRAM AG 12.25%, 3/30/2029 (a) | &nbsp;&nbsp; 2265 | &nbsp;&nbsp; 2295 |
| **Bahrain — 0.0% ^** | **Bahrain — 0.0% ^** | **Bahrain — 0.0% ^** |
| Bapco Energies BSC Closed 7.50%, <br> 10/25/2027 (b)<br>| &nbsp;&nbsp; 1150 | &nbsp;&nbsp; 1177 |
| **Brazil — 0.1%** | **Brazil — 0.1%** | **Brazil — 0.1%** |
| Braskem Netherlands Finance BV |  |  |
| 7.25%, 2/13/2033 (a) | &nbsp;&nbsp; 1287 | &nbsp;&nbsp; 1122 |
| 8.00%, 10/15/2034 (a) | &nbsp;&nbsp; 975 | &nbsp;&nbsp; 865 |
| Centrais Eletricas Brasileiras SA 6.50%, <br> 1/11/2035 (a) (c)<br>| &nbsp;&nbsp; 900 | &nbsp;&nbsp; 871 |
| CSN Resources SA 4.63%, 6/10/2031 (a) | &nbsp;&nbsp; 900 | &nbsp;&nbsp; 682 |
| FS Luxembourg Sarl |  |  |
| 8.88%, 2/12/2031 (a) | &nbsp;&nbsp; 415 | &nbsp;&nbsp; 415 |
| 8.88%, 2/12/2031 (b) | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 701 |
| LD Celulose International GmbH 7.95%, <br> 1/26/2032 (a)<br>| &nbsp;&nbsp; 600 | &nbsp;&nbsp; 615 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Brazil — continued** | **Brazil — continued** | **Brazil — continued** |
| Minerva Luxembourg SA 8.88%, <br> 9/13/2033 (a)<br>| &nbsp;&nbsp; 1478 | &nbsp;&nbsp; 1572 |
| MV24 Capital BV 6.75%, 6/1/2034 (a) | &nbsp;&nbsp; 511 | &nbsp;&nbsp; 488 |
| Petrobras Global Finance BV 6.85%, <br> 6/5/2115<br>| &nbsp;&nbsp; 300 | &nbsp;&nbsp; 261 |
| Vale Overseas Ltd. 3.75%, 7/8/2030 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 11 |
| Yinson Boronia Production BV 8.95%, <br> 7/31/2042 (a) (c)<br>| &nbsp;&nbsp; 930 | &nbsp;&nbsp; 951 |
|  |  | &nbsp;&nbsp; 8554 |
| **Canada — 1.7%** | **Canada — 1.7%** | **Canada — 1.7%** |
| 1011778 BC ULC |  |  |
| 3.88%, 1/15/2028 (a) | &nbsp;&nbsp; 2020 | &nbsp;&nbsp; 1940 |
| 3.50%, 2/15/2029 (a) | &nbsp;&nbsp; 936 | &nbsp;&nbsp; 875 |
| 4.00%, 10/15/2030 (a) | &nbsp;&nbsp; 2890 | &nbsp;&nbsp; 2630 |
| ATS Corp. 4.13%, 12/15/2028 (a) | &nbsp;&nbsp; 1150 | &nbsp;&nbsp; 1067 |
| Bank of Montreal |  |  |
| 3.70%, 6/7/2025 | &nbsp;&nbsp; 318 | &nbsp;&nbsp; 318 |
| 5.72%, 9/25/2028 | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 24 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 3.01%), 7.30%, 11/26/2084 (d) <br> (e)<br>| &nbsp;&nbsp; 4575 | &nbsp;&nbsp; 4498 |
| Bank of Nova Scotia (The) |  |  |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 4.55%), 4.90%, 6/4/2025 (d) (e) <br> (f) (g)<br>| &nbsp;&nbsp; 647 | &nbsp;&nbsp; 644 |
| 5.45%, 6/12/2025 | &nbsp;&nbsp; 310 | &nbsp;&nbsp; 310 |
| 5.65%, 2/1/2034 | &nbsp;&nbsp; 886 | &nbsp;&nbsp; 916 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 4.39%), 8.63%, 10/27/2082 (d) <br> (e)<br>| &nbsp;&nbsp; 4250 | &nbsp;&nbsp; 4394 |
| Baytex Energy Corp. |  |  |
| 8.50%, 4/30/2030 (a) | &nbsp;&nbsp; 5005 | &nbsp;&nbsp; 4651 |
| 7.38%, 3/15/2032 (a) (c) | &nbsp;&nbsp; 2378 | &nbsp;&nbsp; 2050 |
| Bombardier, Inc. |  |  |
| 7.88%, 4/15/2027 (a) | &nbsp;&nbsp; 2582 | &nbsp;&nbsp; 2588 |
| 7.50%, 2/1/2029 (a) | &nbsp;&nbsp; 275 | &nbsp;&nbsp; 283 |
| 8.75%, 11/15/2030 (a) | &nbsp;&nbsp; 1478 | &nbsp;&nbsp; 1584 |
| 7.25%, 7/1/2031 (a) | &nbsp;&nbsp; 3545 | &nbsp;&nbsp; 3630 |
| 7.00%, 6/1/2032 (a) (c) | &nbsp;&nbsp; 1659 | &nbsp;&nbsp; 1678 |
| Canadian Imperial Bank of Commerce |  |  |
| 3.95%, 8/4/2025 | &nbsp;&nbsp; 319 | &nbsp;&nbsp; 318 |
| 5.26%, 4/8/2029 | &nbsp;&nbsp; 1257 | &nbsp;&nbsp; 1290 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

34 J.P. Morgan Funds April 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Canada — continued** | **Canada — continued** | **Canada — continued** |
| Emera US Finance LP 2.64%, 6/15/2031 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 14 |
| Emera, Inc. Series 16-A, (3-MONTH SOFR <br> + 5.44%), 6.75%, 6/15/2076 (d)<br>| &nbsp;&nbsp; 7892 | &nbsp;&nbsp; 7903 |
| Enbridge, Inc. |  |  |
| Series 16-A, (3-MONTH CME TERM <br> SOFR + 4.15%), 6.00%, <br> 1/15/2077 (d)<br>| &nbsp;&nbsp; 1924 | &nbsp;&nbsp; 1885 |
| Series 20-A, (US Treasury Yield Curve <br> Rate T Note Constant Maturity 5 Year <br> + 5.31%), 5.75%, 7/15/2080 (d)<br>| &nbsp;&nbsp; 10157 | &nbsp;&nbsp; 9735 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 4.42%), 7.63%, 1/15/2083 (d)<br>| &nbsp;&nbsp; 4061 | &nbsp;&nbsp; 4142 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 4.43%), 8.50%, 1/15/2084 (d)<br>| &nbsp;&nbsp; 575 | &nbsp;&nbsp; 620 |
| Federation des Caisses Desjardins du <br> Quebec<br>|  |  |
| 4.40%, 8/23/2025 (a) | &nbsp;&nbsp; 317 | &nbsp;&nbsp; 317 |
| 5.70%, 3/14/2028 (a) | &nbsp;&nbsp; 266 | &nbsp;&nbsp; 275 |
| 5.25%, 4/26/2029 (a) (c) | &nbsp;&nbsp; 1252 | &nbsp;&nbsp; 1283 |
| Garda World Security Corp. |  |  |
| 4.63%, 2/15/2027 (a) | &nbsp;&nbsp; 3271 | &nbsp;&nbsp; 3215 |
| 7.75%, 2/15/2028 (a) | &nbsp;&nbsp; 1627 | &nbsp;&nbsp; 1679 |
| 8.38%, 11/15/2032 (a) | &nbsp;&nbsp; 1402 | &nbsp;&nbsp; 1383 |
| MEG Energy Corp. 5.88%, 2/1/2029 (a) | &nbsp;&nbsp; 1213 | &nbsp;&nbsp; 1170 |
| Northriver Midstream Finance LP 6.75%, <br> 7/15/2032 (a)<br>| &nbsp;&nbsp; 1512 | &nbsp;&nbsp; 1502 |
| NOVA Chemicals Corp. |  |  |
| 5.00%, 5/1/2025 (a) | &nbsp;&nbsp; 4110 | &nbsp;&nbsp; 4110 |
| 5.25%, 6/1/2027 (a) | &nbsp;&nbsp; 5626 | &nbsp;&nbsp; 5561 |
| 8.50%, 11/15/2028 (a) | &nbsp;&nbsp; 2969 | &nbsp;&nbsp; 3129 |
| 9.00%, 2/15/2030 (a) | &nbsp;&nbsp; 6114 | &nbsp;&nbsp; 6533 |
| Precision Drilling Corp. |  |  |
| 7.13%, 1/15/2026 (a) | &nbsp;&nbsp; 2003 | &nbsp;&nbsp; 1996 |
| 6.88%, 1/15/2029 (a) | &nbsp;&nbsp; 168 | &nbsp;&nbsp; 158 |
| RB Global Holdings, Inc. |  |  |
| 6.75%, 3/15/2028 (a) | &nbsp;&nbsp; 800 | &nbsp;&nbsp; 816 |
| 7.75%, 3/15/2031 (a) | &nbsp;&nbsp; 1024 | &nbsp;&nbsp; 1074 |
| Rogers Communications, Inc. |  |  |
| 3.80%, 3/15/2032 | &nbsp;&nbsp; 790 | &nbsp;&nbsp; 722 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 3.59%), 5.25%, 3/15/2082 (a) (d)<br>| &nbsp;&nbsp; 4421 | &nbsp;&nbsp; 4305 |
| Royal Bank of Canada |  |  |
| 5.20%, 7/20/2026 | &nbsp;&nbsp; 177 | &nbsp;&nbsp; 179 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Canada — continued** | **Canada — continued** | **Canada — continued** |
| (SOFRINDX + 0.46%), 4.84%, <br> 8/3/2026 (d)<br>| &nbsp;&nbsp; 457 | &nbsp;&nbsp; 456 |
| (SOFRINDX + 1.08%), 4.65%, <br> 10/18/2030 (d)<br>| &nbsp;&nbsp; 970 | &nbsp;&nbsp; 968 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 2.89%), 7.50%, 5/2/2084 (d) (e)<br>| &nbsp;&nbsp; 9026 | &nbsp;&nbsp; 9272 |
| Superior Plus LP 4.50%, 3/15/2029 (a) | &nbsp;&nbsp; 1621 | &nbsp;&nbsp; 1513 |
| Toronto-Dominion Bank (The) |  |  |
| 1.20%, 6/3/2026 | &nbsp;&nbsp; 261 | &nbsp;&nbsp; 253 |
| 4.99%, 4/5/2029 | &nbsp;&nbsp; 854 | &nbsp;&nbsp; 871 |
| 4.46%, 6/8/2032 | &nbsp;&nbsp; 1093 | &nbsp;&nbsp; 1063 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 4.08%), 8.13%, 10/31/2082 (d) <br> (e)<br>| &nbsp;&nbsp; 11793 | &nbsp;&nbsp; 12189 |
| Transcanada Trust |  |  |
| Series 16-A, (3-MONTH SOFR + <br> 4.64%), 5.88%, 8/15/2076 (d)<br>| &nbsp;&nbsp; 2598 | &nbsp;&nbsp; 2560 |
| (SOFR + 4.42%), 5.50%, <br> 9/15/2079 (d)<br>| &nbsp;&nbsp; 7546 | &nbsp;&nbsp; 7159 |
| Wrangler Holdco Corp. 6.63%, <br> 4/1/2032 (a)<br>| &nbsp;&nbsp; 1138 | &nbsp;&nbsp; 1168 |
|  |  | &nbsp;&nbsp; 136866 |
| **Colombia — 0.1%** | **Colombia — 0.1%** | **Colombia — 0.1%** |
| Ecopetrol SA |  |  |
| 8.63%, 1/19/2029 | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 625 |
| 7.75%, 2/1/2032 | &nbsp;&nbsp; 1330 | &nbsp;&nbsp; 1268 |
| 8.38%, 1/19/2036 | &nbsp;&nbsp; 439 | &nbsp;&nbsp; 412 |
| 7.38%, 9/18/2043 | &nbsp;&nbsp; 412 | &nbsp;&nbsp; 334 |
| 5.88%, 5/28/2045 | &nbsp;&nbsp; 350 | &nbsp;&nbsp; 233 |
| EnfraGen Energia Sur SA 5.38%, <br> 12/30/2030 (b)<br>| &nbsp;&nbsp; 950 | &nbsp;&nbsp; 814 |
|  |  | &nbsp;&nbsp; 3686 |
| **Denmark — 0.0% ^** | **Denmark — 0.0% ^** | **Denmark — 0.0% ^** |
| Danske Bank A/S (US Treasury Yield Curve <br> Rate T Note Constant Maturity 1 Year + <br> 1.40%), 5.71%, 3/1/2030 (a) (d)<br>| &nbsp;&nbsp; 274 | &nbsp;&nbsp; 283 |
| **Finland — 0.1%** | **Finland — 0.1%** | **Finland — 0.1%** |
| Amer Sports Co. 6.75%, 2/16/2031 (a) | &nbsp;&nbsp; 4350 | &nbsp;&nbsp; 4398 |
| Nordea Bank Abp |  |  |
| 4.75%, 9/22/2025 (a) | &nbsp;&nbsp; 317 | &nbsp;&nbsp; 317 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Funds 35

------

JPMorgan Income Builder Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Finland — continued** | **Finland — continued** | **Finland — continued** |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 4.11%), 6.63%, 3/26/2026 (a) (d) <br> (e) (f) (g)<br>| &nbsp;&nbsp; 4887 | &nbsp;&nbsp; 4888 |
| 1.50%, 9/30/2026 (a) | &nbsp;&nbsp; 578 | &nbsp;&nbsp; 556 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 2.66%), 6.30%, 9/25/2031 (a) (d) <br> (e) (f) (g)<br>| &nbsp;&nbsp; 1280 | &nbsp;&nbsp; 1220 |
|  |  | &nbsp;&nbsp; 11379 |
| **France — 0.7%** | **France — 0.7%** | **France — 0.7%** |
| Altice France SA |  |  |
| 8.13%, 2/1/2027 (a) | &nbsp;&nbsp; 3019 | &nbsp;&nbsp; 2763 |
| 5.50%, 1/15/2028 (a) | &nbsp;&nbsp; 370 | &nbsp;&nbsp; 306 |
| 5.13%, 7/15/2029 (a) | &nbsp;&nbsp; 3800 | &nbsp;&nbsp; 3100 |
| 5.50%, 10/15/2029 (a) | &nbsp;&nbsp; 2932 | &nbsp;&nbsp; 2400 |
| BNP Paribas SA |  |  |
| (SOFR + 2.07%), 2.22%, <br> 6/9/2026 (a) (d)<br>| &nbsp;&nbsp; 500 | &nbsp;&nbsp; 499 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 4.97%), 9.25%, 11/17/2027 (a) <br> (d) (e) (f) (g)<br>| &nbsp;&nbsp; 4121 | &nbsp;&nbsp; 4336 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 4.90%), 7.75%, 8/16/2029 (a) (d) <br> (e) (f) (g)<br>| &nbsp;&nbsp; 11268 | &nbsp;&nbsp; 11582 |
| (SOFR + 1.59%), 5.50%, <br> 5/20/2030 (a) (d)<br>| &nbsp;&nbsp; 880 | &nbsp;&nbsp; 897 |
| BPCE SA |  |  |
| (SOFR + 1.52%), 1.65%, <br> 10/6/2026 (a) (d)<br>| &nbsp;&nbsp; 1791 | &nbsp;&nbsp; 1766 |
| (SOFR + 1.98%), 6.61%, <br> 10/19/2027 (a) (d)<br>| &nbsp;&nbsp; 518 | &nbsp;&nbsp; 532 |
| Credit Agricole SA |  |  |
| 4.13%, 1/10/2027 (a) | &nbsp;&nbsp; 482 | &nbsp;&nbsp; 479 |
| 5.13%, 3/11/2027 (a) | &nbsp;&nbsp; 476 | &nbsp;&nbsp; 484 |
| 5.30%, 7/12/2028 (a) (c) | &nbsp;&nbsp; 357 | &nbsp;&nbsp; 366 |
| (USD SOFR Spread-Adjusted ICE Swap <br> Rate 5 Year + 3.60%), 6.70%, <br> 9/23/2034 (a) (d) (e) (f) (g)<br>| &nbsp;&nbsp; 9970 | &nbsp;&nbsp; 9441 |
| (SOFR + 1.74%), 5.86%, <br> 1/9/2036 (a) (d)<br>| &nbsp;&nbsp; 620 | &nbsp;&nbsp; 631 |
| Societe Generale SA |  |  |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + <br> 2.30%), 6.45%, 1/12/2027 (a) (d)<br>| &nbsp;&nbsp; 604 | &nbsp;&nbsp; 610 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **France — continued** | **France — continued** | **France — continued** |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 5.39%), 9.38%, 11/22/2027 (a) <br> (d) (e) (f) (g)<br>| &nbsp;&nbsp; 5786 | &nbsp;&nbsp; 6052 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + <br> 1.30%), 2.80%, 1/19/2028 (a) (d)<br>| &nbsp;&nbsp; 1091 | &nbsp;&nbsp; 1053 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + <br> 1.50%), 5.52%, 1/19/2028 (a) (d)<br>| &nbsp;&nbsp; 897 | &nbsp;&nbsp; 905 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 3.79%), 8.13%, 11/21/2029 (a) <br> (d) (e) (f) (g)<br>| &nbsp;&nbsp; 3500 | &nbsp;&nbsp; 3455 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 4.51%), 5.38%, 11/18/2030 (a) <br> (d) (e) (f) (g)<br>| &nbsp;&nbsp; 5432 | &nbsp;&nbsp; 4743 |
|  |  | &nbsp;&nbsp; 56400 |
| **Georgia — 0.0% ^** | **Georgia — 0.0% ^** | **Georgia — 0.0% ^** |
| Georgian Railway JSC 4.00%, <br> 6/17/2028 (b)<br>| &nbsp;&nbsp; 700 | &nbsp;&nbsp; 620 |
| **Germany — 0.1%** | **Germany — 0.1%** | **Germany — 0.1%** |
| Allianz SE (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 2.77%), 5.60%, 9/3/2054 (a) (d)<br>| &nbsp;&nbsp; 2200 | &nbsp;&nbsp; 2134 |
| BMW US Capital LLC |  |  |
| (SOFRINDX + 0.55%), 4.92%, <br> 4/2/2026 (a) (d)<br>| &nbsp;&nbsp; 240 | &nbsp;&nbsp; 240 |
| 4.60%, 8/13/2027 (a) | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 251 |
| Commerzbank AG (USD SOFR <br> Spread-Adjusted ICE Swap Rate 5 Year <br> + 4.32%), 7.50%, 10/9/2030 (b) (d) <br> (e) (f) (g)<br>| &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 1385 |
| Deutsche Bank AG, (SOFR + 1.87%), <br> 2.13%, 11/24/2026 (d)<br>| &nbsp;&nbsp; 1250 | &nbsp;&nbsp; 1230 |
| Deutsche Telekom International Finance <br> BV 8.75%, 6/15/2030 (h)<br>| &nbsp;&nbsp; 878 | &nbsp;&nbsp; 1033 |
| IHO Verwaltungs GmbH |  |  |
| 7.75% (Cash), 11/15/2030 (a) (i) | &nbsp;&nbsp; 1816 | &nbsp;&nbsp; 1773 |
| 8.00% (Cash), 11/15/2032 (a) (i) | &nbsp;&nbsp; 722 | &nbsp;&nbsp; 691 |
| Mercedes-Benz Finance North <br> America LLC 4.90%, 11/15/2027 (a)<br>| &nbsp;&nbsp; 250 | &nbsp;&nbsp; 252 |
| Volkswagen Group of America Finance LLC <br> (SOFR + 0.83%), 5.21%, <br> 3/20/2026 (a) (d)<br>| &nbsp;&nbsp; 200 | &nbsp;&nbsp; 200 |
|  |  | &nbsp;&nbsp; 9189 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

36 J.P. Morgan Funds April 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Guatemala — 0.0% ^** | **Guatemala — 0.0% ^** | **Guatemala — 0.0% ^** |
| Energuate Trust 5.88%, 5/3/2027 (b) | &nbsp;&nbsp; 1147 | &nbsp;&nbsp; 1129 |
| **Ireland — 0.0% ^** | **Ireland — 0.0% ^** | **Ireland — 0.0% ^** |
| AerCap Ireland Capital DAC |  |  |
| 6.45%, 4/15/2027 | &nbsp;&nbsp; 499 | &nbsp;&nbsp; 515 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 2.72%), 6.95%, 3/10/2055 (d)<br>| &nbsp;&nbsp; 1247 | &nbsp;&nbsp; 1252 |
| AIB Group plc (SOFR + 3.46%), 7.58%, <br> 10/14/2026 (a) (d)<br>| &nbsp;&nbsp; 621 | &nbsp;&nbsp; 628 |
| Bank of Ireland Group plc (US Treasury <br> Yield Curve Rate T Note Constant <br> Maturity 1 Year + 2.65%), 6.25%, <br> 9/16/2026 (a) (d)<br>| &nbsp;&nbsp; 464 | &nbsp;&nbsp; 466 |
| EndoDesign 0.00%, 10/15/2024 ‡ (j) | &nbsp;&nbsp; 925 | &nbsp;&nbsp; — |
|  |  | &nbsp;&nbsp; 2861 |
| **Israel — 0.0% ^** | **Israel — 0.0% ^** | **Israel — 0.0% ^** |
| Energean Israel Finance Ltd. 8.50%, <br> 9/30/2033 (b)<br>| &nbsp;&nbsp; 480 | &nbsp;&nbsp; 482 |
| **Italy — 0.1%** | **Italy — 0.1%** | **Italy — 0.1%** |
| Fibercop SpA |  |  |
| Series 2033, 6.38%, 11/15/2033 (a) | &nbsp;&nbsp; 856 | &nbsp;&nbsp; 817 |
| Series 2034, 6.00%, 9/30/2034 (a) | &nbsp;&nbsp; 4233 | &nbsp;&nbsp; 3909 |
| Series 2038, 7.72%, 6/4/2038 (a) | &nbsp;&nbsp; 488 | &nbsp;&nbsp; 484 |
| Intesa Sanpaolo SpA 7.00%, <br> 11/21/2025 (a)<br>| &nbsp;&nbsp; 323 | &nbsp;&nbsp; 327 |
| Telecom Italia Capital SA |  |  |
| 6.38%, 11/15/2033 | &nbsp;&nbsp; 144 | &nbsp;&nbsp; 144 |
| 6.00%, 9/30/2034 (c) | &nbsp;&nbsp; 273 | &nbsp;&nbsp; 263 |
|  |  | &nbsp;&nbsp; 5944 |
| **Jamaica — 0.0% ^** | **Jamaica — 0.0% ^** | **Jamaica — 0.0% ^** |
| Kingston Airport Revenue Finance Ltd. <br> 6.75%, 12/15/2036 (a)<br>| &nbsp;&nbsp; 1299 | &nbsp;&nbsp; 1279 |
| **Japan — 0.1%** | **Japan — 0.1%** | **Japan — 0.1%** |
| Mitsubishi UFJ Financial Group, Inc. |  |  |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + <br> 0.75%), 1.54%, 7/20/2027 (d)<br>| &nbsp;&nbsp; 264 | &nbsp;&nbsp; 255 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + <br> 0.67%), 1.64%, 10/13/2027 (d)<br>| &nbsp;&nbsp; 663 | &nbsp;&nbsp; 637 |
| Mizuho Financial Group, Inc. |  |  |
| (3-MONTH CME TERM SOFR + 1.09%), <br> 2.23%, 5/25/2026 (d)<br>| &nbsp;&nbsp; 252 | &nbsp;&nbsp; 252 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Japan — continued** | **Japan — continued** | **Japan — continued** |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + <br> 0.67%), 1.23%, 5/22/2027 (d)<br>| &nbsp;&nbsp; 268 | &nbsp;&nbsp; 259 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + <br> 1.08%), 5.38%, 7/10/2030 (d)<br>| &nbsp;&nbsp; 267 | &nbsp;&nbsp; 273 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + <br> 1.30%), 5.59%, 7/10/2035 (d)<br>| &nbsp;&nbsp; 420 | &nbsp;&nbsp; 427 |
| Sumitomo Mitsui Financial Group, Inc. |  |  |
| 5.32%, 7/9/2029 | &nbsp;&nbsp; 377 | &nbsp;&nbsp; 387 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 2.28%), 6.60%, 6/5/2034 (d) (e) <br> (f) (g)<br>| &nbsp;&nbsp; 2696 | &nbsp;&nbsp; 2629 |
|  |  | &nbsp;&nbsp; 5119 |
| **Luxembourg — 0.4%** | **Luxembourg — 0.4%** | **Luxembourg — 0.4%** |
| Altice Financing SA 5.75%, <br> 8/15/2029 (a)<br>| &nbsp;&nbsp; 4343 | &nbsp;&nbsp; 3203 |
| Altice France Holding SA 10.50%, <br> 5/15/2027 (a)<br>| &nbsp;&nbsp; 4564 | &nbsp;&nbsp; 1415 |
| GCB144A Endo 0.00%, 4/1/2029 ‡ | &nbsp;&nbsp; 2045 | &nbsp;&nbsp; — |
| INEOS Finance plc |  |  |
| 6.75%, 5/15/2028 (a) | &nbsp;&nbsp; 1877 | &nbsp;&nbsp; 1832 |
| 7.50%, 4/15/2029 (a) | &nbsp;&nbsp; 6278 | &nbsp;&nbsp; 5897 |
| Intelsat Jackson Holdings SA 6.50%, <br> 3/15/2030 (a)<br>| &nbsp;&nbsp; 20281 | &nbsp;&nbsp; 19949 |
|  |  | &nbsp;&nbsp; 32296 |
| **Mexico — 0.3%** | **Mexico — 0.3%** | **Mexico — 0.3%** |
| Braskem Idesa SAPI 7.45%, <br> 11/15/2029 (b)<br>| &nbsp;&nbsp; 1450 | &nbsp;&nbsp; 1121 |
| FIEMEX Energia - Banco Actinver SA <br> Institucion de Banca Multiple 7.25%, <br> 1/31/2041 (a)<br>| &nbsp;&nbsp; 686 | &nbsp;&nbsp; 679 |
| Petroleos Mexicanos |  |  |
| 6.49%, 1/23/2027 | &nbsp;&nbsp; 470 | &nbsp;&nbsp; 460 |
| 5.35%, 2/12/2028 | &nbsp;&nbsp; 1900 | &nbsp;&nbsp; 1753 |
| 6.50%, 1/23/2029 | &nbsp;&nbsp; 1220 | &nbsp;&nbsp; 1129 |
| 5.95%, 1/28/2031 | &nbsp;&nbsp; 1460 | &nbsp;&nbsp; 1207 |
| 6.70%, 2/16/2032 | &nbsp;&nbsp; 1767 | &nbsp;&nbsp; 1513 |
| 10.00%, 2/7/2033 (c) | &nbsp;&nbsp; 3275 | &nbsp;&nbsp; 3267 |
| 10.00%, 2/7/2033 | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 599 |
| 6.38%, 1/23/2045 | &nbsp;&nbsp; 900 | &nbsp;&nbsp; 589 |
| 5.63%, 1/23/2046 | &nbsp;&nbsp; 1999 | &nbsp;&nbsp; 1244 |
| 6.75%, 9/21/2047 | &nbsp;&nbsp; 850 | &nbsp;&nbsp; 568 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Funds 37

------

JPMorgan Income Builder Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Mexico — continued** | **Mexico — continued** | **Mexico — continued** |
| 6.35%, 2/12/2048 | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 317 |
| 7.69%, 1/23/2050 | &nbsp;&nbsp; 7872 | &nbsp;&nbsp; 5747 |
| 6.95%, 1/28/2060 | &nbsp;&nbsp; 2900 | &nbsp;&nbsp; 1928 |
| Saavi Energia Sarl 8.88%, 2/10/2035 (a) | &nbsp;&nbsp; 1729 | &nbsp;&nbsp; 1731 |
|  |  | &nbsp;&nbsp; 23852 |
| **Morocco — 0.1%** | **Morocco — 0.1%** | **Morocco — 0.1%** |
| OCP SA |  |  |
| 3.75%, 6/23/2031 (b) | &nbsp;&nbsp; 950 | &nbsp;&nbsp; 836 |
| 6.88%, 4/25/2044 (b) | &nbsp;&nbsp; 1030 | &nbsp;&nbsp; 963 |
| 5.13%, 6/23/2051 (b) | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 730 |
| 7.50%, 5/2/2054 (a) | &nbsp;&nbsp; 1430 | &nbsp;&nbsp; 1400 |
|  |  | &nbsp;&nbsp; 3929 |
| **Netherlands — 0.3%** | **Netherlands — 0.3%** | **Netherlands — 0.3%** |
| Cooperatieve Rabobank UA |  |  |
| 4.38%, 8/4/2025 | &nbsp;&nbsp; 354 | &nbsp;&nbsp; 353 |
| 3.75%, 7/21/2026 | &nbsp;&nbsp; 374 | &nbsp;&nbsp; 370 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + <br> 0.73%), 1.98%, 12/15/2027 (a) <br> (d)<br>| &nbsp;&nbsp; 530 | &nbsp;&nbsp; 509 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + <br> 1.40%), 5.56%, 2/28/2029 (a) (d)<br>| &nbsp;&nbsp; 552 | &nbsp;&nbsp; 567 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + <br> 1.12%), 5.45%, 3/5/2030 (a) (c) <br> (d)<br>| &nbsp;&nbsp; 552 | &nbsp;&nbsp; 568 |
| ING Groep NV |  |  |
| 4.63%, 1/6/2026 (a) | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 250 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 4.34%), 5.75%, 11/16/2026 (d) <br> (e) (f) (g)<br>| &nbsp;&nbsp; 8357 | &nbsp;&nbsp; 8220 |
| 3.95%, 3/29/2027 | &nbsp;&nbsp; 729 | &nbsp;&nbsp; 723 |
| (SOFR + 1.01%), 1.73%, <br> 4/1/2027 (d)<br>| &nbsp;&nbsp; 350 | &nbsp;&nbsp; 341 |
| (USD SOFR Spread-Adjusted ICE Swap <br> Rate 5 Year + 4.36%), 8.00%, <br> 5/16/2030 (b) (d) (e) (f) (g)<br>| &nbsp;&nbsp; 5125 | &nbsp;&nbsp; 5311 |
| Trivium Packaging Finance BV |  |  |
| 5.50%, 8/15/2026 (a) (h) | &nbsp;&nbsp; 2341 | &nbsp;&nbsp; 2318 |
| 8.50%, 8/15/2027 (a) (h) | &nbsp;&nbsp; 2586 | &nbsp;&nbsp; 2556 |
|  |  | &nbsp;&nbsp; 22086 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **New Zealand — 0.0% ^** | **New Zealand — 0.0% ^** | **New Zealand — 0.0% ^** |
| ASB Bank Ltd. 1.63%, 10/22/2026 (a) | &nbsp;&nbsp; 262 | &nbsp;&nbsp; 252 |
| **Norway — 0.0% ^** | **Norway — 0.0% ^** | **Norway — 0.0% ^** |
| DNB Bank ASA |  |  |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + <br> 0.85%), 1.13%, 9/16/2026 (a) (d)<br>| &nbsp;&nbsp; 669 | &nbsp;&nbsp; 660 |
| (SOFRINDX + 1.95%), 5.90%, <br> 10/9/2026 (a) (d)<br>| &nbsp;&nbsp; 338 | &nbsp;&nbsp; 340 |
|  |  | &nbsp;&nbsp; 1000 |
| **Paraguay — 0.0% ^** | **Paraguay — 0.0% ^** | **Paraguay — 0.0% ^** |
| Bioceanico Sovereign Certificate Ltd., Zero <br> Coupon, 6/5/2034 (a)<br>| &nbsp;&nbsp; 333 | &nbsp;&nbsp; 259 |
| **Peru — 0.0% ^** | **Peru — 0.0% ^** | **Peru — 0.0% ^** |
| Petroleos del Peru SA |  |  |
| 4.75%, 6/19/2032 (a) | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 1032 |
| 5.63%, 6/19/2047 (b) | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 365 |
|  |  | &nbsp;&nbsp; 1397 |
| **South Africa — 0.0% ^** | **South Africa — 0.0% ^** | **South Africa — 0.0% ^** |
| Eskom Holdings SOC Ltd., 8.45%, <br> 8/10/2028 (b)<br>| &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 1213 |
| Transnet SOC Ltd. 8.25%, 2/6/2028 (a) | &nbsp;&nbsp; 1600 | &nbsp;&nbsp; 1609 |
|  |  | &nbsp;&nbsp; 2822 |
| **Spain — 0.4%** | **Spain — 0.4%** | **Spain — 0.4%** |
| Banco Bilbao Vizcaya Argentaria SA |  |  |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + <br> 2.30%), 5.86%, 9/14/2026 (d)<br>| &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 1405 |
| 5.38%, 3/13/2029 | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 411 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 5.10%), 9.38%, 3/19/2029 (d) (e) <br> (f) (g)<br>| &nbsp;&nbsp; 10409 | &nbsp;&nbsp; 11210 |
| Banco Santander SA |  |  |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + <br> 1.25%), 5.55%, 3/14/2028 (d)<br>| &nbsp;&nbsp; 400 | &nbsp;&nbsp; 406 |
| 5.44%, 7/15/2031 | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 1239 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 5.30%), 9.63%, 5/21/2033 (d) (e) <br> (f) (g)<br>| &nbsp;&nbsp; 9800 | &nbsp;&nbsp; 11071 |
| 6.94%, 11/7/2033 | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 1573 |
| Grifols SA 4.75%, 10/15/2028 (a) | &nbsp;&nbsp; 3309 | &nbsp;&nbsp; 3080 |
|  |  | &nbsp;&nbsp; 30395 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

38 J.P. Morgan Funds April 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Sweden — 0.1%** | **Sweden — 0.1%** | **Sweden — 0.1%** |
| Skandinaviska Enskilda Banken AB |  |  |
| 1.40%, 11/19/2025 (a) (c) | &nbsp;&nbsp; 336 | &nbsp;&nbsp; 331 |
| 5.38%, 3/5/2029 (a) | &nbsp;&nbsp; 1218 | &nbsp;&nbsp; 1256 |
| Svenska Handelsbanken AB |  |  |
| 5.50%, 6/15/2028 (a) | &nbsp;&nbsp; 856 | &nbsp;&nbsp; 882 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 4.05%), 4.75%, 3/1/2031 (b) (d) <br> (e) (f) (g)<br>| &nbsp;&nbsp; 2800 | &nbsp;&nbsp; 2478 |
|  |  | &nbsp;&nbsp; 4947 |
| **Switzerland — 0.3%** | **Switzerland — 0.3%** | **Switzerland — 0.3%** |
| UBS Group AG |  |  |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 4.86%), 5.13%, 7/29/2026 (b) (d) <br> (e) (f) (g)<br>| &nbsp;&nbsp; 1356 | &nbsp;&nbsp; 1327 |
| (SOFRINDX + 0.98%), 1.31%, <br> 2/2/2027 (a) (d)<br>| &nbsp;&nbsp; 500 | &nbsp;&nbsp; 487 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 3.40%), 4.88%, 2/12/2027 (a) (d) <br> (e) (f) (g)<br>| &nbsp;&nbsp; 1661 | &nbsp;&nbsp; 1588 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 4.75%), 9.25%, 11/13/2028 (a) <br> (d) (e) (f) (g)<br>| &nbsp;&nbsp; 2264 | &nbsp;&nbsp; 2446 |
| (USD SOFR Spread-Adjusted ICE Swap <br> Rate 1 Year + 1.34%), 5.62%, <br> 9/13/2030 (a) (d)<br>| &nbsp;&nbsp; 288 | &nbsp;&nbsp; 297 |
| (SOFR + 3.92%), 6.54%, <br> 8/12/2033 (a) (d)<br>| &nbsp;&nbsp; 2387 | &nbsp;&nbsp; 2556 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 4.76%), 9.25%, 11/13/2033 (a) <br> (d) (e) (f) (g)<br>| &nbsp;&nbsp; 8905 | &nbsp;&nbsp; 9954 |
| VistaJet Malta Finance plc 9.50%, <br> 6/1/2028 (a) (c)<br>| &nbsp;&nbsp; 2210 | &nbsp;&nbsp; 2159 |
|  |  | &nbsp;&nbsp; 20814 |
| **Turkey — 0.0% ^** | **Turkey — 0.0% ^** | **Turkey — 0.0% ^** |
| TC Ziraat Bankasi A/S |  |  |
| 8.00%, 1/16/2029 (b) | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 1425 |
| 7.25%, 2/4/2030 (a) | &nbsp;&nbsp; 1095 | &nbsp;&nbsp; 1079 |
| Turkiye Varlik Fonu Yonetimi A/S 8.25%, <br> 2/14/2029 (b)<br>| &nbsp;&nbsp; 600 | &nbsp;&nbsp; 612 |
|  |  | &nbsp;&nbsp; 3116 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **United Kingdom — 0.9%** | **United Kingdom — 0.9%** | **United Kingdom — 0.9%** |
| 180 Medical, Inc. 3.88%, <br> 10/15/2029 (a)<br>| &nbsp;&nbsp; 2570 | &nbsp;&nbsp; 2407 |
| Barclays plc |  |  |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 5.43%), 8.00%, 3/15/2029 (d) (e) <br> (f) (g)<br>| &nbsp;&nbsp; 2749 | &nbsp;&nbsp; 2808 |
| (USD SOFR Spread-Adjusted ICE Swap <br> Rate 5 Year + 5.78%), 9.63%, <br> 12/15/2029 (d) (e) (f) (g)<br>| &nbsp;&nbsp; 1500 | &nbsp;&nbsp; 1638 |
| (SOFR + 1.74%), 5.69%, <br> 3/12/2030 (d)<br>| &nbsp;&nbsp; 221 | &nbsp;&nbsp; 227 |
| BAT Capital Corp. |  |  |
| 5.83%, 2/20/2031 | &nbsp;&nbsp; 835 | &nbsp;&nbsp; 869 |
| 5.35%, 8/15/2032 | &nbsp;&nbsp; 525 | &nbsp;&nbsp; 528 |
| Connect Finco SARL 9.00%, <br> 9/15/2029 (a)<br>| &nbsp;&nbsp; 895 | &nbsp;&nbsp; 837 |
| HSBC Holdings plc |  |  |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 3.86%), 8.00%, 3/7/2028 (d) (e) <br> (f) (g)<br>| &nbsp;&nbsp; 8840 | &nbsp;&nbsp; 9181 |
| (SOFR + 1.73%), 2.01%, <br> 9/22/2028 (d)<br>| &nbsp;&nbsp; 663 | &nbsp;&nbsp; 624 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 3.65%), 4.60%, 12/17/2030 (d) <br> (e) (f) (g)<br>| &nbsp;&nbsp; 6541 | &nbsp;&nbsp; 5719 |
| (SOFR + 1.52%), 5.73%, <br> 5/17/2032 (d)<br>| &nbsp;&nbsp; 1232 | &nbsp;&nbsp; 1275 |
| (SOFR + 1.19%), 2.80%, <br> 5/24/2032 (d)<br>| &nbsp;&nbsp; 1201 | &nbsp;&nbsp; 1057 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 3.19%), 6.95%, 3/11/2034 (d) (e) <br> (f) (g)<br>| &nbsp;&nbsp; 3700 | &nbsp;&nbsp; 3607 |
| INEOS Quattro Finance 2 plc 9.63%, <br> 3/15/2029 (a) (c)<br>| &nbsp;&nbsp; 1867 | &nbsp;&nbsp; 1797 |
| Lloyds Banking Group plc |  |  |
| 4.45%, 5/8/2025 | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 400 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 4.82%), 6.75%, 6/27/2026 (d) (e) <br> (f) (g)<br>| &nbsp;&nbsp; 5231 | &nbsp;&nbsp; 5220 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + <br> 1.75%), 4.72%, 8/11/2026 (d)<br>| &nbsp;&nbsp; 645 | &nbsp;&nbsp; 645 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Funds 39

------

JPMorgan Income Builder Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **United Kingdom — continued** | **United Kingdom — continued** | **United Kingdom — continued** |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + <br> 1.38%), 5.46%, 1/5/2028 (d)<br>| &nbsp;&nbsp; 318 | &nbsp;&nbsp; 322 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 3.15%), 6.75%, 9/27/2031 (d) (e) <br> (f) (g)<br>| &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 1874 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + <br> 1.75%), 5.68%, 1/5/2035 (d)<br>| &nbsp;&nbsp; 2100 | &nbsp;&nbsp; 2127 |
| Mead Johnson Nutrition Co., 4.13%, <br> 11/15/2025<br>| &nbsp;&nbsp; 111 | &nbsp;&nbsp; 111 |
| Nationwide Building Society |  |  |
| 1.00%, 8/28/2025 (a) | &nbsp;&nbsp; 333 | &nbsp;&nbsp; 329 |
| 5.13%, 7/29/2029 (a) | &nbsp;&nbsp; 663 | &nbsp;&nbsp; 675 |
| NatWest Group plc |  |  |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 5.63%), 6.00%, 12/29/2025 (d) <br> (e) (f) (g)<br>| &nbsp;&nbsp; 6017 | &nbsp;&nbsp; 5980 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 3.75%), 8.13%, 11/10/2033 (d) <br> (e) (f) (g)<br>| &nbsp;&nbsp; 3952 | &nbsp;&nbsp; 4081 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + <br> 1.50%), 5.78%, 3/1/2035 (d)<br>| &nbsp;&nbsp; 3080 | &nbsp;&nbsp; 3133 |
| Santander UK Group Holdings plc |  |  |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + <br> 1.25%), 1.53%, 8/21/2026 (d)<br>| &nbsp;&nbsp; 300 | &nbsp;&nbsp; 297 |
| (SOFR + 2.75%), 6.83%, <br> 11/21/2026 (d)<br>| &nbsp;&nbsp; 1127 | &nbsp;&nbsp; 1138 |
| Standard Chartered plc |  |  |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + <br> 2.05%), 6.17%, 1/9/2027 (a) (d)<br>| &nbsp;&nbsp; 492 | &nbsp;&nbsp; 496 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 4.98%), 7.75%, 8/15/2027 (a) (d) <br> (e) (f) (g)<br>| &nbsp;&nbsp; 3866 | &nbsp;&nbsp; 3914 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 3.57%), 7.88%, 3/8/2030 (a) (d) <br> (e) (f) (g)<br>| &nbsp;&nbsp; 2500 | &nbsp;&nbsp; 2502 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **United Kingdom — continued** | **United Kingdom — continued** | **United Kingdom — continued** |
| Virgin Media Secured Finance plc 5.50%, <br> 5/15/2029 (a)<br>| &nbsp;&nbsp; 4520 | &nbsp;&nbsp; 4352 |
| Vodafone Group plc (US Treasury Yield <br> Curve Rate T Note Constant Maturity 5 <br> Year + 2.77%), 4.13%, 6/4/2081 (d)<br>| &nbsp;&nbsp; 6106 | &nbsp;&nbsp; 5425 |
|  |  | &nbsp;&nbsp; 75595 |
| **United States — 28.1%** | **United States — 28.1%** | **United States — 28.1%** |
| 1261229 BC Ltd. 10.00%, <br> 4/15/2032 (a)<br>| &nbsp;&nbsp; 6675 | &nbsp;&nbsp; 6536 |
| AbbVie, Inc. |  |  |
| 4.88%, 3/15/2030 | &nbsp;&nbsp; 985 | &nbsp;&nbsp; 1007 |
| 4.05%, 11/21/2039 | &nbsp;&nbsp; 37 | &nbsp;&nbsp; 32 |
| Acadia Healthcare Co., Inc. |  |  |
| 5.50%, 7/1/2028 (a) | &nbsp;&nbsp; 3249 | &nbsp;&nbsp; 3181 |
| 5.00%, 4/15/2029 (a) | &nbsp;&nbsp; 2430 | &nbsp;&nbsp; 2297 |
| 7.38%, 3/15/2033 (a) | &nbsp;&nbsp; 688 | &nbsp;&nbsp; 687 |
| ACCO Brands Corp. 4.25%, <br> 3/15/2029 (a)<br>| &nbsp;&nbsp; 5180 | &nbsp;&nbsp; 4500 |
| ACI Worldwide, Inc. 5.75%, <br> 8/15/2026 (a)<br>| &nbsp;&nbsp; 4030 | &nbsp;&nbsp; 4013 |
| Acushnet Co. 7.38%, 10/15/2028 (a) | &nbsp;&nbsp; 1028 | &nbsp;&nbsp; 1064 |
| Adient Global Holdings Ltd. |  |  |
| 7.00%, 4/15/2028 (a) | &nbsp;&nbsp; 3226 | &nbsp;&nbsp; 3254 |
| 8.25%, 4/15/2031 (a) | &nbsp;&nbsp; 6149 | &nbsp;&nbsp; 6087 |
| 7.50%, 2/15/2033 (a) (c) | &nbsp;&nbsp; 2262 | &nbsp;&nbsp; 2143 |
| ADT Security Corp. (The) |  |  |
| 4.13%, 8/1/2029 (a) | &nbsp;&nbsp; 4280 | &nbsp;&nbsp; 4039 |
| 4.88%, 7/15/2032 (a) | &nbsp;&nbsp; 6428 | &nbsp;&nbsp; 6062 |
| Aethon United BR LP 7.50%, <br> 10/1/2029 (a)<br>| &nbsp;&nbsp; 1847 | &nbsp;&nbsp; 1854 |
| Air Lease Corp. |  |  |
| 3.75%, 6/1/2026 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 15 |
| 5.85%, 12/15/2027 | &nbsp;&nbsp; 232 | &nbsp;&nbsp; 239 |
| Albertsons Cos., Inc. |  |  |
| 3.25%, 3/15/2026 (a) | &nbsp;&nbsp; 4172 | &nbsp;&nbsp; 4094 |
| 4.63%, 1/15/2027 (a) | &nbsp;&nbsp; 7330 | &nbsp;&nbsp; 7247 |
| 5.88%, 2/15/2028 (a) | &nbsp;&nbsp; 3301 | &nbsp;&nbsp; 3298 |
| 3.50%, 3/15/2029 (a) | &nbsp;&nbsp; 6048 | &nbsp;&nbsp; 5641 |
| 4.88%, 2/15/2030 (a) | &nbsp;&nbsp; 884 | &nbsp;&nbsp; 854 |
| Alcoa Nederland Holding BV 7.13%, <br> 3/15/2031 (a)<br>| &nbsp;&nbsp; 4466 | &nbsp;&nbsp; 4601 |
| Alexandria Real Estate Equities, Inc., REIT |  |  |
| 2.75%, 12/15/2029 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 16 |
| 2.95%, 3/15/2034 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 6 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

40 J.P. Morgan Funds April 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| Allied Universal Holdco LLC 4.63%, <br> 6/1/2028 (a)<br>| &nbsp;&nbsp; 4340 | &nbsp;&nbsp; 4161 |
| Allison Transmission, Inc. |  |  |
| 4.75%, 10/1/2027 (a) | &nbsp;&nbsp; 3507 | &nbsp;&nbsp; 3442 |
| 5.88%, 6/1/2029 (a) | &nbsp;&nbsp; 8589 | &nbsp;&nbsp; 8583 |
| 3.75%, 1/30/2031 (a) | &nbsp;&nbsp; 1315 | &nbsp;&nbsp; 1181 |
| Allstate Corp. (The) (3-MONTH SOFR + <br> 2.12%), 6.50%, 5/15/2057 (d)<br>| &nbsp;&nbsp; 2669 | &nbsp;&nbsp; 2651 |
| Ally Financial, Inc. |  |  |
| 5.75%, 11/20/2025 | &nbsp;&nbsp; 2990 | &nbsp;&nbsp; 2994 |
| Series C, (US Treasury Yield Curve Rate <br> T Note Constant Maturity 7 Year + <br> 3.48%), 4.70%, 5/15/2028 (d) (f) <br> (g)<br>| &nbsp;&nbsp; 5049 | &nbsp;&nbsp; 4272 |
| Altria Group, Inc. |  |  |
| 4.80%, 2/14/2029 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 18 |
| 5.63%, 2/6/2035 | &nbsp;&nbsp; 185 | &nbsp;&nbsp; 187 |
| American Airlines, Inc. |  |  |
| 5.50%, 4/20/2026 (a) | &nbsp;&nbsp; 5397 | &nbsp;&nbsp; 5361 |
| 5.75%, 4/20/2029 (a) | &nbsp;&nbsp; 10303 | &nbsp;&nbsp; 9993 |
| American Axle & Manufacturing, Inc. |  |  |
| 6.50%, 4/1/2027 (c) | &nbsp;&nbsp; 4510 | &nbsp;&nbsp; 4398 |
| 6.88%, 7/1/2028 (c) | &nbsp;&nbsp; 4578 | &nbsp;&nbsp; 4406 |
| American Builders & Contractors Supply <br> Co., Inc. 4.00%, 1/15/2028 (a)<br>| &nbsp;&nbsp; 3615 | &nbsp;&nbsp; 3489 |
| American Electric Power Co., Inc. (US <br> Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 2.68%), 3.88%, 2/15/2062 (d)<br>| &nbsp;&nbsp; 2949 | &nbsp;&nbsp; 2770 |
| American Express Co. |  |  |
| 3.95%, 8/1/2025 | &nbsp;&nbsp; 102 | &nbsp;&nbsp; 102 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 2.85%), 3.55%, 9/15/2026 (d) (f) <br> (g)<br>| &nbsp;&nbsp; 6137 | &nbsp;&nbsp; 5872 |
| (SOFR + 0.93%), 5.04%, <br> 7/26/2028 (d)<br>| &nbsp;&nbsp; 209 | &nbsp;&nbsp; 212 |
| American Honda Finance Corp. (SOFR + <br> 0.50%), 4.87%, 10/10/2025 (d)<br>| &nbsp;&nbsp; 169 | &nbsp;&nbsp; 169 |
| American Tower Corp., REIT |  |  |
| 1.45%, 9/15/2026 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 21 |
| 1.50%, 1/31/2028 | &nbsp;&nbsp; 74 | &nbsp;&nbsp; 68 |
| 5.00%, 1/31/2030 | &nbsp;&nbsp; 955 | &nbsp;&nbsp; 970 |
| 2.10%, 6/15/2030 | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 24 |
| AmeriGas Partners LP |  |  |
| 5.88%, 8/20/2026 | &nbsp;&nbsp; 2830 | &nbsp;&nbsp; 2796 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **United States — continued** | **United States — continued** | **United States — continued** |
| 5.75%, 5/20/2027 | &nbsp;&nbsp; 1214 | &nbsp;&nbsp; 1160 |
| 9.38%, 6/1/2028 (a) | &nbsp;&nbsp; 2065 | &nbsp;&nbsp; 2052 |
| Amkor Technology, Inc. 6.63%, <br> 9/15/2027 (a)<br>| &nbsp;&nbsp; 3941 | &nbsp;&nbsp; 3937 |
| ANGI Group LLC 3.88%, 8/15/2028 (a) | &nbsp;&nbsp; 1433 | &nbsp;&nbsp; 1306 |
| Antero Midstream Partners LP |  |  |
| 5.75%, 3/1/2027 (a) | &nbsp;&nbsp; 776 | &nbsp;&nbsp; 773 |
| 5.75%, 1/15/2028 (a) | &nbsp;&nbsp; 4175 | &nbsp;&nbsp; 4150 |
| 5.38%, 6/15/2029 (a) | &nbsp;&nbsp; 4452 | &nbsp;&nbsp; 4345 |
| Antero Resources Corp. |  |  |
| 7.63%, 2/1/2029 (a) | &nbsp;&nbsp; 1744 | &nbsp;&nbsp; 1782 |
| 5.38%, 3/1/2030 (a) | &nbsp;&nbsp; 1432 | &nbsp;&nbsp; 1386 |
| Anywhere Real Estate Group LLC 5.25%, <br> 4/15/2030 (a)<br>| &nbsp;&nbsp; 5203 | &nbsp;&nbsp; 3822 |
| APi Group DE, Inc. |  |  |
| 4.13%, 7/15/2029 (a) | &nbsp;&nbsp; 2586 | &nbsp;&nbsp; 2414 |
| 4.75%, 10/15/2029 (a) | &nbsp;&nbsp; 2037 | &nbsp;&nbsp; 1916 |
| Aramark Services, Inc. 5.00%, <br> 2/1/2028 (a)<br>| &nbsp;&nbsp; 4810 | &nbsp;&nbsp; 4732 |
| Arches Buyer, Inc. |  |  |
| 4.25%, 6/1/2028 (a) | &nbsp;&nbsp; 1775 | &nbsp;&nbsp; 1669 |
| 6.13%, 12/1/2028 (a) | &nbsp;&nbsp; 649 | &nbsp;&nbsp; 580 |
| Archrock Partners LP |  |  |
| 6.88%, 4/1/2027 (a) | &nbsp;&nbsp; 635 | &nbsp;&nbsp; 634 |
| 6.25%, 4/1/2028 (a) | &nbsp;&nbsp; 2766 | &nbsp;&nbsp; 2761 |
| 6.63%, 9/1/2032 (a) | &nbsp;&nbsp; 1689 | &nbsp;&nbsp; 1679 |
| Ardagh Metal Packaging Finance USA LLC <br> 6.00%, 6/15/2027 (a)<br>| &nbsp;&nbsp; 687 | &nbsp;&nbsp; 684 |
| Ardagh Packaging Finance plc |  |  |
| 4.13%, 8/15/2026 (a) | &nbsp;&nbsp; 3785 | &nbsp;&nbsp; 3339 |
| 5.25%, 8/15/2027 (a) | &nbsp;&nbsp; 8915 | &nbsp;&nbsp; 4101 |
| Asbury Automotive Group, Inc. |  |  |
| 4.50%, 3/1/2028 | &nbsp;&nbsp; 422 | &nbsp;&nbsp; 409 |
| 4.63%, 11/15/2029 (a) | &nbsp;&nbsp; 4479 | &nbsp;&nbsp; 4212 |
| 4.75%, 3/1/2030 | &nbsp;&nbsp; 430 | &nbsp;&nbsp; 402 |
| Ascent Resources Utica Holdings LLC |  |  |
| 8.25%, 12/31/2028 (a) | &nbsp;&nbsp; 2712 | &nbsp;&nbsp; 2740 |
| 5.88%, 6/30/2029 (a) | &nbsp;&nbsp; 1122 | &nbsp;&nbsp; 1089 |
| 6.63%, 10/15/2032 (a) | &nbsp;&nbsp; 1487 | &nbsp;&nbsp; 1471 |
| ASGN, Inc. 4.63%, 5/15/2028 (a) | &nbsp;&nbsp; 638 | &nbsp;&nbsp; 607 |
| AthenaHealth Group, Inc. 6.50%, <br> 2/15/2030 (a)<br>| &nbsp;&nbsp; 280 | &nbsp;&nbsp; 268 |
| Athene Global Funding 4.86%, <br> 8/27/2026 (a)<br>| &nbsp;&nbsp; 212 | &nbsp;&nbsp; 213 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Funds 41

------

JPMorgan Income Builder Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| ATI, Inc. |  |  |
| 5.88%, 12/1/2027 | &nbsp;&nbsp; 1861 | &nbsp;&nbsp; 1857 |
| 4.88%, 10/1/2029 | &nbsp;&nbsp; 1655 | &nbsp;&nbsp; 1581 |
| 7.25%, 8/15/2030 | &nbsp;&nbsp; 1915 | &nbsp;&nbsp; 1992 |
| 5.13%, 10/1/2031 | &nbsp;&nbsp; 1240 | &nbsp;&nbsp; 1174 |
| Avantor Funding, Inc. 4.63%, <br> 7/15/2028 (a)<br>| &nbsp;&nbsp; 7346 | &nbsp;&nbsp; 7065 |
| Avient Corp. 7.13%, 8/1/2030 (a) | &nbsp;&nbsp; 1175 | &nbsp;&nbsp; 1198 |
| Avis Budget Car Rental LLC |  |  |
| 5.75%, 7/15/2027 (a) | &nbsp;&nbsp; 4568 | &nbsp;&nbsp; 4431 |
| 4.75%, 4/1/2028 (a) (c) | &nbsp;&nbsp; 8130 | &nbsp;&nbsp; 7564 |
| 5.38%, 3/1/2029 (a) (c) | &nbsp;&nbsp; 530 | &nbsp;&nbsp; 488 |
| 8.25%, 1/15/2030 (a) (c) | &nbsp;&nbsp; 3976 | &nbsp;&nbsp; 3967 |
| Axalta Coating Systems Dutch Holding B <br> BV 7.25%, 2/15/2031 (a)<br>| &nbsp;&nbsp; 832 | &nbsp;&nbsp; 862 |
| Axalta Coating Systems LLC |  |  |
| 4.75%, 6/15/2027 (a) | &nbsp;&nbsp; 4833 | &nbsp;&nbsp; 4772 |
| 3.38%, 2/15/2029 (a) | &nbsp;&nbsp; 4680 | &nbsp;&nbsp; 4335 |
| Axon Enterprise, Inc. 6.13%, <br> 3/15/2030 (a)<br>| &nbsp;&nbsp; 504 | &nbsp;&nbsp; 513 |
| Bank of America Corp. |  |  |
| Series DD, (3-MONTH CME TERM SOFR <br> + 4.81%), 6.30%, 3/10/2026 (d) <br> (f) (g)<br>| &nbsp;&nbsp; 4459 | &nbsp;&nbsp; 4463 |
| Series RR, (US Treasury Yield Curve <br> Rate T Note Constant Maturity 5 Year <br> + 2.76%), 4.38%, 1/27/2027 (d) <br> (f) (g)<br>| &nbsp;&nbsp; 2627 | &nbsp;&nbsp; 2517 |
| Series TT, (US Treasury Yield Curve Rate <br> T Note Constant Maturity 5 Year + <br> 3.23%), 6.13%, 4/27/2027 (d) (f) <br> (g)<br>| &nbsp;&nbsp; 2778 | &nbsp;&nbsp; 2771 |
| Series FF, (3-MONTH CME TERM SOFR + <br> 3.19%), 5.88%, 3/15/2028 (d) (f) <br> (g)<br>| &nbsp;&nbsp; 4378 | &nbsp;&nbsp; 4332 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 2.68%), 6.63%, 5/1/2030 (d) (f) <br> (g)<br>| &nbsp;&nbsp; 4600 | &nbsp;&nbsp; 4602 |
| (3-MONTH CME TERM SOFR + 1.44%), <br> 3.19%, 7/23/2030 (d)<br>| &nbsp;&nbsp; 464 | &nbsp;&nbsp; 438 |
| (SOFR + 1.21%), 2.57%, <br> 10/20/2032 (d)<br>| &nbsp;&nbsp; 694 | &nbsp;&nbsp; 603 |
| (SOFR + 1.83%), 4.57%, <br> 4/27/2033 (d)<br>| &nbsp;&nbsp; 950 | &nbsp;&nbsp; 920 |
| (SOFR + 1.65%), 5.47%, <br> 1/23/2035 (d)<br>| &nbsp;&nbsp; 673 | &nbsp;&nbsp; 683 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **United States — continued** | **United States — continued** | **United States — continued** |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 1.20%), 2.48%, 9/21/2036 (d)<br>| &nbsp;&nbsp; 3252 | &nbsp;&nbsp; 2713 |
| Bank of New York Mellon Corp. (The) |  |  |
| Series F, (3-MONTH CME TERM SOFR + <br> 3.39%), 4.63%, 9/20/2026 (d) (f) <br> (g)<br>| &nbsp;&nbsp; 6537 | &nbsp;&nbsp; 6391 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 2.30%), 6.30%, 3/20/2030 (d) (f) <br> (g)<br>| &nbsp;&nbsp; 1362 | &nbsp;&nbsp; 1368 |
| (SOFRINDX + 2.07%), 5.83%, <br> 10/25/2033 (d)<br>| &nbsp;&nbsp; 22 | &nbsp;&nbsp; 23 |
| Bath & Body Works, Inc. |  |  |
| 5.25%, 2/1/2028 | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 50 |
| 6.88%, 11/1/2035 | &nbsp;&nbsp; 997 | &nbsp;&nbsp; 997 |
| 6.75%, 7/1/2036 | &nbsp;&nbsp; 2162 | &nbsp;&nbsp; 2127 |
| Bausch + Lomb Corp. 8.38%, <br> 10/1/2028 (a)<br>| &nbsp;&nbsp; 745 | &nbsp;&nbsp; 774 |
| Bausch Health Americas, Inc. |  |  |
| 9.25%, 4/1/2026 (a) | &nbsp;&nbsp; 5600 | &nbsp;&nbsp; 5461 |
| 8.50%, 1/31/2027 (a) | &nbsp;&nbsp; 3952 | &nbsp;&nbsp; 3754 |
| Bausch Health Cos., Inc. |  |  |
| 5.00%, 1/30/2028 (a) | &nbsp;&nbsp; 2194 | &nbsp;&nbsp; 1680 |
| 4.88%, 6/1/2028 (a) | &nbsp;&nbsp; 4771 | &nbsp;&nbsp; 3875 |
| 5.00%, 2/15/2029 (a) | &nbsp;&nbsp; 4668 | &nbsp;&nbsp; 2955 |
| 6.25%, 2/15/2029 (a) | &nbsp;&nbsp; 2065 | &nbsp;&nbsp; 1353 |
| 5.25%, 1/30/2030 (a) | &nbsp;&nbsp; 8398 | &nbsp;&nbsp; 4916 |
| 5.25%, 2/15/2031 (a) | &nbsp;&nbsp; 3262 | &nbsp;&nbsp; 1761 |
| Baxter International, Inc. 2.54%, <br> 2/1/2032<br>| &nbsp;&nbsp; 490 | &nbsp;&nbsp; 419 |
| Beacon Roofing Supply, Inc. 6.75%, <br> 4/30/2032 (a)<br>| &nbsp;&nbsp; 3650 | &nbsp;&nbsp; 3659 |
| Big River Steel LLC 6.63%, <br> 1/31/2029 (a)<br>| &nbsp;&nbsp; 3183 | &nbsp;&nbsp; 3203 |
| Biogen, Inc. 4.05%, 9/15/2025 | &nbsp;&nbsp; 150 | &nbsp;&nbsp; 149 |
| Block, Inc. |  |  |
| 2.75%, 6/1/2026 | &nbsp;&nbsp; 1985 | &nbsp;&nbsp; 1937 |
| 3.50%, 6/1/2031 | &nbsp;&nbsp; 766 | &nbsp;&nbsp; 684 |
| 6.50%, 5/15/2032 (a) | &nbsp;&nbsp; 4941 | &nbsp;&nbsp; 5041 |
| Blue Racer Midstream LLC |  |  |
| 6.63%, 7/15/2026 (a) | &nbsp;&nbsp; 1675 | &nbsp;&nbsp; 1667 |
| 7.00%, 7/15/2029 (a) | &nbsp;&nbsp; 1417 | &nbsp;&nbsp; 1441 |
| 7.25%, 7/15/2032 (a) | &nbsp;&nbsp; 1040 | &nbsp;&nbsp; 1066 |
| Boise Cascade Co. 4.88%, 7/1/2030 (a) | &nbsp;&nbsp; 852 | &nbsp;&nbsp; 804 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

42 J.P. Morgan Funds April 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| Boyd Gaming Corp. 4.75%, <br> 6/15/2031 (a)<br>| &nbsp;&nbsp; 983 | &nbsp;&nbsp; 916 |
| Boyne USA, Inc. 4.75%, 5/15/2029 (a) | &nbsp;&nbsp; 3600 | &nbsp;&nbsp; 3426 |
| BP Capital Markets America, Inc., 3.02%, <br> 1/16/2027<br>| &nbsp;&nbsp; 258 | &nbsp;&nbsp; 253 |
| BP Capital Markets plc |  |  |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 4.40%), 4.88%, 3/22/2030 (d) (f) <br> (g)<br>| &nbsp;&nbsp; 2196 | &nbsp;&nbsp; 2084 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 2.15%), 6.45%, 12/1/2033 (d) (f) <br> (g)<br>| &nbsp;&nbsp; 1918 | &nbsp;&nbsp; 1910 |
| Brink's Co. (The) |  |  |
| 4.63%, 10/15/2027 (a) | &nbsp;&nbsp; 3980 | &nbsp;&nbsp; 3918 |
| 6.50%, 6/15/2029 (a) | &nbsp;&nbsp; 1087 | &nbsp;&nbsp; 1107 |
| Broadcom, Inc. |  |  |
| 4.30%, 11/15/2032 | &nbsp;&nbsp; 32 | &nbsp;&nbsp; 31 |
| 2.60%, 2/15/2033 (a) | &nbsp;&nbsp; 445 | &nbsp;&nbsp; 375 |
| Buckeye Partners LP |  |  |
| 3.95%, 12/1/2026 | &nbsp;&nbsp; 240 | &nbsp;&nbsp; 234 |
| 4.50%, 3/1/2028 (a) | &nbsp;&nbsp; 5175 | &nbsp;&nbsp; 4989 |
| 6.75%, 2/1/2030 (a) | &nbsp;&nbsp; 994 | &nbsp;&nbsp; 1011 |
| Builders FirstSource, Inc. |  |  |
| 5.00%, 3/1/2030 (a) | &nbsp;&nbsp; 1160 | &nbsp;&nbsp; 1113 |
| 4.25%, 2/1/2032 (a) | &nbsp;&nbsp; 3138 | &nbsp;&nbsp; 2826 |
| 6.38%, 6/15/2032 (a) | &nbsp;&nbsp; 3510 | &nbsp;&nbsp; 3530 |
| 6.38%, 3/1/2034 (a) | &nbsp;&nbsp; 2310 | &nbsp;&nbsp; 2293 |
| Bunge Ltd. Finance Corp., 1.63%, <br> 8/17/2025<br>| &nbsp;&nbsp; 170 | &nbsp;&nbsp; 168 |
| BWX Technologies, Inc. |  |  |
| 4.13%, 6/30/2028 (a) | &nbsp;&nbsp; 2624 | &nbsp;&nbsp; 2521 |
| 4.13%, 4/15/2029 (a) | &nbsp;&nbsp; 4624 | &nbsp;&nbsp; 4397 |
| Caesars Entertainment, Inc. |  |  |
| 8.13%, 7/1/2027 (a) | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 27 |
| 4.63%, 10/15/2029 (a) | &nbsp;&nbsp; 2525 | &nbsp;&nbsp; 2331 |
| 7.00%, 2/15/2030 (a) | &nbsp;&nbsp; 2690 | &nbsp;&nbsp; 2754 |
| 6.50%, 2/15/2032 (a) | &nbsp;&nbsp; 5678 | &nbsp;&nbsp; 5708 |
| California Resources Corp. 7.13%, <br> 2/1/2026 (a)<br>| &nbsp;&nbsp; 1062 | &nbsp;&nbsp; 1055 |
| Calpine Corp. |  |  |
| 4.63%, 2/1/2029 (a) | &nbsp;&nbsp; 1117 | &nbsp;&nbsp; 1080 |
| 5.00%, 2/1/2031 (a) | &nbsp;&nbsp; 2357 | &nbsp;&nbsp; 2267 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **United States — continued** | **United States — continued** | **United States — continued** |
| Capital One Financial Corp. Series M, (US <br> Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 3.16%), 3.95%, 9/1/2026 (d) (f) (g)<br>| &nbsp;&nbsp; 5396 | &nbsp;&nbsp; 5125 |
| Cardinal Health, Inc. 4.70%, 11/15/2026 | &nbsp;&nbsp; 62 | &nbsp;&nbsp; 62 |
| Carnival Corp. |  |  |
| 5.75%, 3/1/2027 (a) | &nbsp;&nbsp; 4414 | &nbsp;&nbsp; 4398 |
| 4.00%, 8/1/2028 (a) | &nbsp;&nbsp; 3156 | &nbsp;&nbsp; 3010 |
| 6.00%, 5/1/2029 (a) | &nbsp;&nbsp; 2183 | &nbsp;&nbsp; 2170 |
| 7.00%, 8/15/2029 (a) | &nbsp;&nbsp; 1239 | &nbsp;&nbsp; 1292 |
| 6.13%, 2/15/2033 (a) | &nbsp;&nbsp; 4243 | &nbsp;&nbsp; 4207 |
| Carpenter Technology Corp. |  |  |
| 6.38%, 7/15/2028 | &nbsp;&nbsp; 1466 | &nbsp;&nbsp; 1467 |
| 7.63%, 3/15/2030 | &nbsp;&nbsp; 870 | &nbsp;&nbsp; 895 |
| CCO Holdings LLC |  |  |
| 5.13%, 5/1/2027 (a) | &nbsp;&nbsp; 4309 | &nbsp;&nbsp; 4250 |
| 5.00%, 2/1/2028 (a) | &nbsp;&nbsp; 17291 | &nbsp;&nbsp; 16870 |
| 5.38%, 6/1/2029 (a) | &nbsp;&nbsp; 8620 | &nbsp;&nbsp; 8432 |
| 4.75%, 3/1/2030 (a) | &nbsp;&nbsp; 34981 | &nbsp;&nbsp; 33023 |
| 4.50%, 8/15/2030 (a) | &nbsp;&nbsp; 17732 | &nbsp;&nbsp; 16466 |
| 4.25%, 2/1/2031 (a) | &nbsp;&nbsp; 16121 | &nbsp;&nbsp; 14566 |
| 4.75%, 2/1/2032 (a) | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 45 |
| 4.50%, 5/1/2032 | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 1244 |
| CD&R Smokey Buyer, Inc. 9.50%, <br> 10/15/2029 (a)<br>| &nbsp;&nbsp; 3398 | &nbsp;&nbsp; 2916 |
| Cencora, Inc. 2.70%, 3/15/2031 | &nbsp;&nbsp; 535 | &nbsp;&nbsp; 479 |
| Central Garden & Pet Co. |  |  |
| 5.13%, 2/1/2028 | &nbsp;&nbsp; 6555 | &nbsp;&nbsp; 6480 |
| 4.13%, 10/15/2030 (c) | &nbsp;&nbsp; 3579 | &nbsp;&nbsp; 3278 |
| Charles Schwab Corp. (The) |  |  |
| Series G, (US Treasury Yield Curve Rate <br> T Note Constant Maturity 5 Year + <br> 4.97%), 5.38%, 6/1/2025 (d) (f) <br> (g)<br>| &nbsp;&nbsp; 1012 | &nbsp;&nbsp; 1009 |
| Series I, (US Treasury Yield Curve Rate <br> T Note Constant Maturity 5 Year + <br> 3.17%), 4.00%, 6/1/2026 (d) (f) <br> (g)<br>| &nbsp;&nbsp; 1182 | &nbsp;&nbsp; 1145 |
| Series H, (US Treasury Yield Curve Rate <br> T Note Constant Maturity 10 Year + <br> 3.08%), 4.00%, 12/1/2030 (d) (f) <br> (g)<br>| &nbsp;&nbsp; 10584 | &nbsp;&nbsp; 9235 |
| Chart Industries, Inc. |  |  |
| 7.50%, 1/1/2030 (a) | &nbsp;&nbsp; 5783 | &nbsp;&nbsp; 6000 |
| 9.50%, 1/1/2031 (a) | &nbsp;&nbsp; 611 | &nbsp;&nbsp; 651 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Funds 43

------

JPMorgan Income Builder Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| Charter Communications Operating LLC |  |  |
| 2.30%, 2/1/2032 | &nbsp;&nbsp; 185 | &nbsp;&nbsp; 150 |
| 6.65%, 2/1/2034 | &nbsp;&nbsp; 610 | &nbsp;&nbsp; 631 |
| Chemours Co. (The) |  |  |
| 5.75%, 11/15/2028 (a) | &nbsp;&nbsp; 9029 | &nbsp;&nbsp; 8179 |
| 8.00%, 1/15/2033 (a) | &nbsp;&nbsp; 1590 | &nbsp;&nbsp; 1433 |
| Cheniere Energy Partners LP |  |  |
| 4.50%, 10/1/2029 | &nbsp;&nbsp; 4325 | &nbsp;&nbsp; 4225 |
| 4.00%, 3/1/2031 | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 935 |
| 3.25%, 1/31/2032 | &nbsp;&nbsp; 37 | &nbsp;&nbsp; 32 |
| Chevron Phillips Chemical Co. LLC 3.40%, <br> 12/1/2026 (a)<br>| &nbsp;&nbsp; 155 | &nbsp;&nbsp; 153 |
| Chord Energy Corp. 6.75%, <br> 3/15/2033 (a)<br>| &nbsp;&nbsp; 1974 | &nbsp;&nbsp; 1921 |
| Ciena Corp. 4.00%, 1/31/2030 (a) | &nbsp;&nbsp; 2329 | &nbsp;&nbsp; 2157 |
| Cinemark USA, Inc. |  |  |
| 5.25%, 7/15/2028 (a) | &nbsp;&nbsp; 2165 | &nbsp;&nbsp; 2126 |
| 7.00%, 8/1/2032 (a) | &nbsp;&nbsp; 995 | &nbsp;&nbsp; 1017 |
| Citibank NA 4.93%, 8/6/2026 | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 252 |
| Citigroup, Inc. |  |  |
| Series P, (3-MONTH CME TERM SOFR + <br> 4.17%), 5.95%, 5/15/2025 (d) (f) <br> (g)<br>| &nbsp;&nbsp; 1480 | &nbsp;&nbsp; 1478 |
| Series X, (US Treasury Yield Curve Rate <br> T Note Constant Maturity 5 Year + <br> 3.42%), 3.88%, 2/18/2026 (d) (f) <br> (g)<br>| &nbsp;&nbsp; 5615 | &nbsp;&nbsp; 5461 |
| Series T, (3-MONTH CME TERM SOFR + <br> 4.78%), 6.25%, 8/15/2026 (d) (f) <br> (g)<br>| &nbsp;&nbsp; 4682 | &nbsp;&nbsp; 4696 |
| (SOFR + 0.77%), 1.12%, <br> 1/28/2027 (d)<br>| &nbsp;&nbsp; 250 | &nbsp;&nbsp; 244 |
| Series CC, (US Treasury Yield Curve <br> Rate T Note Constant Maturity 5 Year <br> + 2.69%), 7.13%, 8/15/2029 (d) <br> (f) (g)<br>| &nbsp;&nbsp; 4928 | &nbsp;&nbsp; 4860 |
| Series EE, (US Treasury Yield Curve <br> Rate T Note Constant Maturity 5 Year <br> + 2.57%), 6.75%, 2/15/2030 (d) <br> (f) (g)<br>| &nbsp;&nbsp; 1880 | &nbsp;&nbsp; 1805 |
| Series FF, (US Treasury Yield Curve Rate <br> T Note Constant Maturity 5 Year + <br> 2.73%), 6.95%, 2/15/2030 (d) (f) <br> (g)<br>| &nbsp;&nbsp; 3789 | &nbsp;&nbsp; 3712 |
| (SOFR + 2.11%), 2.57%, <br> 6/3/2031 (d)<br>| &nbsp;&nbsp; 972 | &nbsp;&nbsp; 870 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **United States — continued** | **United States — continued** | **United States — continued** |
| (SOFR + 1.18%), 2.52%, <br> 11/3/2032 (d)<br>| &nbsp;&nbsp; 464 | &nbsp;&nbsp; 400 |
| (SOFR + 1.35%), 3.06%, <br> 1/25/2033 (d)<br>| &nbsp;&nbsp; 850 | &nbsp;&nbsp; 747 |
| (SOFR + 1.94%), 3.79%, <br> 3/17/2033 (d)<br>| &nbsp;&nbsp; 913 | &nbsp;&nbsp; 839 |
| Series DD, (US Treasury Yield Curve <br> Rate T Note Constant Maturity 10 <br> Year + 2.76%), 7.00%, <br> 8/15/2034 (d) (f) (g)<br>| &nbsp;&nbsp; 6264 | &nbsp;&nbsp; 6215 |
| Civitas Resources, Inc. |  |  |
| 8.38%, 7/1/2028 (a) | &nbsp;&nbsp; 4442 | &nbsp;&nbsp; 4364 |
| 8.63%, 11/1/2030 (a) | &nbsp;&nbsp; 2721 | &nbsp;&nbsp; 2622 |
| 8.75%, 7/1/2031 (a) | &nbsp;&nbsp; 2840 | &nbsp;&nbsp; 2699 |
| Clarios Global LP |  |  |
| 6.25%, 5/15/2026 (a) | &nbsp;&nbsp; 3644 | &nbsp;&nbsp; 3644 |
| 8.50%, 5/15/2027 (a) | &nbsp;&nbsp; 3430 | &nbsp;&nbsp; 3443 |
| 6.75%, 5/15/2028 (a) | &nbsp;&nbsp; 2747 | &nbsp;&nbsp; 2790 |
| 6.75%, 2/15/2030 (a) (c) | &nbsp;&nbsp; 1449 | &nbsp;&nbsp; 1474 |
| Clarivate Science Holdings Corp. |  |  |
| 3.88%, 7/1/2028 (a) | &nbsp;&nbsp; 2541 | &nbsp;&nbsp; 2398 |
| 4.88%, 7/1/2029 (a) | &nbsp;&nbsp; 2948 | &nbsp;&nbsp; 2679 |
| Clear Channel Outdoor Holdings, Inc. |  |  |
| 5.13%, 8/15/2027 (a) | &nbsp;&nbsp; 9104 | &nbsp;&nbsp; 8852 |
| 7.75%, 4/15/2028 (a) | &nbsp;&nbsp; 4871 | &nbsp;&nbsp; 4043 |
| 9.00%, 9/15/2028 (a) | &nbsp;&nbsp; 4165 | &nbsp;&nbsp; 4311 |
| 7.50%, 6/1/2029 (a) (c) | &nbsp;&nbsp; 7957 | &nbsp;&nbsp; 6522 |
| Cleveland-Cliffs, Inc. |  |  |
| 4.63%, 3/1/2029 (a) | &nbsp;&nbsp; 3278 | &nbsp;&nbsp; 2988 |
| 6.88%, 11/1/2029 (a) | &nbsp;&nbsp; 2609 | &nbsp;&nbsp; 2527 |
| 6.75%, 4/15/2030 (a) | &nbsp;&nbsp; 2747 | &nbsp;&nbsp; 2645 |
| 4.88%, 3/1/2031 (a) | &nbsp;&nbsp; 1772 | &nbsp;&nbsp; 1520 |
| 7.50%, 9/15/2031 (a) | &nbsp;&nbsp; 1367 | &nbsp;&nbsp; 1323 |
| Clydesdale Acquisition Holdings, Inc. |  |  |
| 6.63%, 4/15/2029 (a) | &nbsp;&nbsp; 147 | &nbsp;&nbsp; 148 |
| 6.75%, 4/15/2032 (a) | &nbsp;&nbsp; 5545 | &nbsp;&nbsp; 5670 |
| CMS Energy Corp. |  |  |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 4.12%), 4.75%, 6/1/2050 (d)<br>| &nbsp;&nbsp; 3823 | &nbsp;&nbsp; 3580 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 1.96%), 6.50%, 6/1/2055 (d)<br>| &nbsp;&nbsp; 1100 | &nbsp;&nbsp; 1072 |
| CNX Midstream Partners LP 4.75%, <br> 4/15/2030 (a)<br>| &nbsp;&nbsp; 828 | &nbsp;&nbsp; 762 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

44 J.P. Morgan Funds April 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| CNX Resources Corp. 7.38%, <br> 1/15/2031 (a)<br>| &nbsp;&nbsp; 2491 | &nbsp;&nbsp; 2494 |
| Coherent Corp. 5.00%, 12/15/2029 (a) | &nbsp;&nbsp; 9100 | &nbsp;&nbsp; 8712 |
| Coinbase Global, Inc. |  |  |
| 3.38%, 10/1/2028 (a) | &nbsp;&nbsp; 1628 | &nbsp;&nbsp; 1498 |
| 3.63%, 10/1/2031 (a) | &nbsp;&nbsp; 1795 | &nbsp;&nbsp; 1558 |
| Columbia Pipelines Operating Co. LLC <br> 5.93%, 8/15/2030 (a)<br>| &nbsp;&nbsp; 540 | &nbsp;&nbsp; 565 |
| CommScope LLC |  |  |
| 8.25%, 3/1/2027 (a) | &nbsp;&nbsp; 7245 | &nbsp;&nbsp; 6599 |
| 4.75%, 9/1/2029 (a) | &nbsp;&nbsp; 4091 | &nbsp;&nbsp; 3611 |
| 9.50%, 12/15/2031 (a) | &nbsp;&nbsp; 1080 | &nbsp;&nbsp; 1105 |
| Community Health Systems, Inc. |  |  |
| 5.63%, 3/15/2027 (a) | &nbsp;&nbsp; 1098 | &nbsp;&nbsp; 1071 |
| 6.00%, 1/15/2029 (a) | &nbsp;&nbsp; 3295 | &nbsp;&nbsp; 3070 |
| 6.13%, 4/1/2030 (a) | &nbsp;&nbsp; 540 | &nbsp;&nbsp; 368 |
| 5.25%, 5/15/2030 (a) | &nbsp;&nbsp; 8907 | &nbsp;&nbsp; 7599 |
| 4.75%, 2/15/2031 (a) | &nbsp;&nbsp; 2958 | &nbsp;&nbsp; 2442 |
| 10.88%, 1/15/2032 (a) | &nbsp;&nbsp; 2999 | &nbsp;&nbsp; 3096 |
| Comstock Resources, Inc. |  |  |
| 6.75%, 3/1/2029 (a) | &nbsp;&nbsp; 8561 | &nbsp;&nbsp; 8160 |
| 5.88%, 1/15/2030 (a) | &nbsp;&nbsp; 2507 | &nbsp;&nbsp; 2269 |
| Concentra Health Services, Inc. 6.88%, <br> 7/15/2032 (a)<br>| &nbsp;&nbsp; 1101 | &nbsp;&nbsp; 1127 |
| Conduent Business Services LLC 6.00%, <br> 11/1/2029 (a)<br>| &nbsp;&nbsp; 4085 | &nbsp;&nbsp; 3755 |
| Cooper-Standard Automotive, Inc. |  |  |
| 13.50% (Cash), 3/31/2027 (a) (i) | &nbsp;&nbsp; 13330 | &nbsp;&nbsp; 13912 |
| 5.63% (Cash), 5/15/2027 (a) (c) (i) | &nbsp;&nbsp; 8013 | &nbsp;&nbsp; 6535 |
| Corebridge Financial, Inc. (US Treasury <br> Yield Curve Rate T Note Constant <br> Maturity 5 Year + 3.85%), 6.88%, <br> 12/15/2052 (d)<br>| &nbsp;&nbsp; 3996 | &nbsp;&nbsp; 4040 |
| CoreCivic, Inc. 8.25%, 4/15/2029 | &nbsp;&nbsp; 4255 | &nbsp;&nbsp; 4485 |
| Coty, Inc. |  |  |
| 5.00%, 4/15/2026 (a) | &nbsp;&nbsp; 775 | &nbsp;&nbsp; 770 |
| 4.75%, 1/15/2029 (a) | &nbsp;&nbsp; 880 | &nbsp;&nbsp; 847 |
| Crescent Energy Finance LLC |  |  |
| 9.25%, 2/15/2028 (a) | &nbsp;&nbsp; 7190 | &nbsp;&nbsp; 7267 |
| 7.63%, 4/1/2032 (a) | &nbsp;&nbsp; 3986 | &nbsp;&nbsp; 3622 |
| 7.38%, 1/15/2033 (a) | &nbsp;&nbsp; 2320 | &nbsp;&nbsp; 2053 |
| Crown Castle, Inc., REIT |  |  |
| 3.65%, 9/1/2027 | &nbsp;&nbsp; 55 | &nbsp;&nbsp; 54 |
| 4.90%, 9/1/2029 | &nbsp;&nbsp; 1035 | &nbsp;&nbsp; 1037 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **United States — continued** | **United States — continued** | **United States — continued** |
| CSC Holdings LLC |  |  |
| 5.38%, 2/1/2028 (a) | &nbsp;&nbsp; 3222 | &nbsp;&nbsp; 2816 |
| 11.25%, 5/15/2028 (a) | &nbsp;&nbsp; 1567 | &nbsp;&nbsp; 1532 |
| 6.50%, 2/1/2029 (a) | &nbsp;&nbsp; 10417 | &nbsp;&nbsp; 8519 |
| 3.38%, 2/15/2031 (a) | &nbsp;&nbsp; 1735 | &nbsp;&nbsp; 1158 |
| 4.50%, 11/15/2031 (a) | &nbsp;&nbsp; 2518 | &nbsp;&nbsp; 1712 |
| Dana, Inc. 5.63%, 6/15/2028 | &nbsp;&nbsp; 1809 | &nbsp;&nbsp; 1794 |
| DaVita, Inc. |  |  |
| 4.63%, 6/1/2030 (a) | &nbsp;&nbsp; 9025 | &nbsp;&nbsp; 8394 |
| 3.75%, 2/15/2031 (a) | &nbsp;&nbsp; 6536 | &nbsp;&nbsp; 5746 |
| 6.88%, 9/1/2032 (a) | &nbsp;&nbsp; 1691 | &nbsp;&nbsp; 1707 |
| Diamond Foreign Asset Co. 8.50%, <br> 10/1/2030 (a)<br>| &nbsp;&nbsp; 2452 | &nbsp;&nbsp; 2344 |
| Diebold Nixdorf, Inc. 7.75%, <br> 3/31/2030 (a)<br>| &nbsp;&nbsp; 1469 | &nbsp;&nbsp; 1529 |
| Directv Financing LLC 5.88%, <br> 8/15/2027 (a)<br>| &nbsp;&nbsp; 4425 | &nbsp;&nbsp; 4277 |
| DISH DBS Corp. |  |  |
| 7.75%, 7/1/2026 | &nbsp;&nbsp; 10126 | &nbsp;&nbsp; 8802 |
| 5.25%, 12/1/2026 (a) | &nbsp;&nbsp; 10065 | &nbsp;&nbsp; 9159 |
| 5.75%, 12/1/2028 (a) | &nbsp;&nbsp; 2450 | &nbsp;&nbsp; 2058 |
| DISH Network Corp. 11.75%, <br> 11/15/2027 (a)<br>| &nbsp;&nbsp; 12080 | &nbsp;&nbsp; 12695 |
| DOC DR LLC, REIT |  |  |
| 3.95%, 1/15/2028 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 13 |
| 2.63%, 11/1/2031 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 3 |
| Dominion Energy, Inc. |  |  |
| 3.90%, 10/1/2025 | &nbsp;&nbsp; 150 | &nbsp;&nbsp; 150 |
| Series C, (US Treasury Yield Curve Rate <br> T Note Constant Maturity 5 Year + <br> 3.20%), 4.35%, 1/15/2027 (d) (f) <br> (g)<br>| &nbsp;&nbsp; 3390 | &nbsp;&nbsp; 3287 |
| Series B, (US Treasury Yield Curve Rate <br> T Note Constant Maturity 5 Year + <br> 2.51%), 7.00%, 6/1/2054 (d)<br>| &nbsp;&nbsp; 1144 | &nbsp;&nbsp; 1188 |
| Series A, (US Treasury Yield Curve Rate <br> T Note Constant Maturity 5 Year + <br> 2.39%), 6.88%, 2/1/2055 (d)<br>| &nbsp;&nbsp; 1754 | &nbsp;&nbsp; 1804 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 2.21%), 6.63%, 5/15/2055 (d)<br>| &nbsp;&nbsp; 2345 | &nbsp;&nbsp; 2306 |
| Dornoch Debt Merger Sub, Inc. 6.63%, <br> 10/15/2029 (a) (c)<br>| &nbsp;&nbsp; 2736 | &nbsp;&nbsp; 1891 |
| DT Midstream, Inc. |  |  |
| 4.13%, 6/15/2029 (a) | &nbsp;&nbsp; 4705 | &nbsp;&nbsp; 4416 |
| 4.38%, 6/15/2031 (a) | &nbsp;&nbsp; 1677 | &nbsp;&nbsp; 1545 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Funds 45

------

JPMorgan Income Builder Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| Duke Energy Corp. (US Treasury Yield <br> Curve Rate T Note Constant Maturity 5 <br> Year + 2.59%), 6.45%, 9/1/2054 (d)<br>| &nbsp;&nbsp; 4343 | &nbsp;&nbsp; 4352 |
| Dycom Industries, Inc. 4.50%, <br> 4/15/2029 (a)<br>| &nbsp;&nbsp; 5847 | &nbsp;&nbsp; 5507 |
| EchoStar Corp. |  |  |
| 10.75%, 11/30/2029 | &nbsp;&nbsp; 5220 | &nbsp;&nbsp; 5520 |
| 6.75% (PIK), 11/30/2030 (i) | &nbsp;&nbsp; 2742 | &nbsp;&nbsp; 2478 |
| Edgewell Personal Care Co. |  |  |
| 5.50%, 6/1/2028 (a) | &nbsp;&nbsp; 3152 | &nbsp;&nbsp; 3097 |
| 4.13%, 4/1/2029 (a) | &nbsp;&nbsp; 2842 | &nbsp;&nbsp; 2656 |
| Elanco Animal Health, Inc. 6.65%, <br> 8/28/2028 (h)<br>| &nbsp;&nbsp; 2365 | &nbsp;&nbsp; 2394 |
| Embarq LLC 8.00%, 6/1/2036 | &nbsp;&nbsp; 4000 | &nbsp;&nbsp; 1800 |
| Emergent BioSolutions, Inc. 3.88%, <br> 8/15/2028 (a)<br>| &nbsp;&nbsp; 1421 | &nbsp;&nbsp; 915 |
| EMRLD Borrower LP |  |  |
| 6.63%, 12/15/2030 (a) | &nbsp;&nbsp; 9227 | &nbsp;&nbsp; 9357 |
| 6.75%, 7/15/2031 (a) | &nbsp;&nbsp; 1287 | &nbsp;&nbsp; 1312 |
| Encino Acquisition Partners Holdings LLC |  |  |
| 8.50%, 5/1/2028 (a) | &nbsp;&nbsp; 6339 | &nbsp;&nbsp; 6344 |
| 8.75%, 5/1/2031 (a) | &nbsp;&nbsp; 2280 | &nbsp;&nbsp; 2321 |
| Encompass Health Corp. |  |  |
| 5.75%, 9/15/2025 | &nbsp;&nbsp; 1338 | &nbsp;&nbsp; 1335 |
| 4.75%, 2/1/2030 (c) | &nbsp;&nbsp; 2556 | &nbsp;&nbsp; 2484 |
| 4.63%, 4/1/2031 (c) | &nbsp;&nbsp; 4745 | &nbsp;&nbsp; 4517 |
| Endo Finance Holdings, Inc. 8.50%, <br> 4/15/2031 (a) (c)<br>| &nbsp;&nbsp; 945 | &nbsp;&nbsp; 983 |
| Energizer Holdings, Inc. |  |  |
| 6.50%, 12/31/2027 (a) | &nbsp;&nbsp; 1513 | &nbsp;&nbsp; 1518 |
| 4.75%, 6/15/2028 (a) | &nbsp;&nbsp; 6415 | &nbsp;&nbsp; 6181 |
| 4.38%, 3/31/2029 (a) | &nbsp;&nbsp; 7756 | &nbsp;&nbsp; 7236 |
| Energy Transfer LP |  |  |
| 4.75%, 1/15/2026 | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 200 |
| 7.38%, 2/1/2031 (a) | &nbsp;&nbsp; 995 | &nbsp;&nbsp; 1041 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 4.02%), 8.00%, 5/15/2054 (d)<br>| &nbsp;&nbsp; 636 | &nbsp;&nbsp; 660 |
| Enpro, Inc. 5.75%, 10/15/2026 | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 50 |
| Entegris, Inc. |  |  |
| 4.38%, 4/15/2028 (a) | &nbsp;&nbsp; 2146 | &nbsp;&nbsp; 2074 |
| 4.75%, 4/15/2029 (a) | &nbsp;&nbsp; 5001 | &nbsp;&nbsp; 4867 |
| 3.63%, 5/1/2029 (a) (c) | &nbsp;&nbsp; 3009 | &nbsp;&nbsp; 2770 |
| 5.95%, 6/15/2030 (a) | &nbsp;&nbsp; 7392 | &nbsp;&nbsp; 7377 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **United States — continued** | **United States — continued** | **United States — continued** |
| Entergy Corp. |  |  |
| 0.90%, 9/15/2025 | &nbsp;&nbsp; 97 | &nbsp;&nbsp; 96 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 2.67%), 7.13%, 12/1/2054 (d)<br>| &nbsp;&nbsp; 1531 | &nbsp;&nbsp; 1539 |
| Enterprise Products Operating LLC Series <br> E, (3-MONTH CME TERM SOFR + <br> 3.29%), 5.25%, 8/16/2077 (d)<br>| &nbsp;&nbsp; 3227 | &nbsp;&nbsp; 3122 |
| EQT Corp. |  |  |
| 7.50%, 6/1/2027 (a) | &nbsp;&nbsp; 2955 | &nbsp;&nbsp; 3000 |
| 4.50%, 1/15/2029 (a) | &nbsp;&nbsp; 1646 | &nbsp;&nbsp; 1597 |
| 7.50%, 6/1/2030 (a) | &nbsp;&nbsp; 2365 | &nbsp;&nbsp; 2543 |
| 4.75%, 1/15/2031 (a) | &nbsp;&nbsp; 5576 | &nbsp;&nbsp; 5385 |
| EquipmentShare.com, Inc. |  |  |
| 9.00%, 5/15/2028 (a) | &nbsp;&nbsp; 6588 | &nbsp;&nbsp; 6705 |
| 8.63%, 5/15/2032 (a) | &nbsp;&nbsp; 820 | &nbsp;&nbsp; 837 |
| 8.00%, 3/15/2033 (a) | &nbsp;&nbsp; 1336 | &nbsp;&nbsp; 1319 |
| Equitable Financial Life Global Funding |  |  |
| 5.50%, 12/2/2025 (a) | &nbsp;&nbsp; 272 | &nbsp;&nbsp; 273 |
| 4.88%, 11/19/2027 (a) | &nbsp;&nbsp; 132 | &nbsp;&nbsp; 134 |
| Esab Corp. 6.25%, 4/15/2029 (a) | &nbsp;&nbsp; 1862 | &nbsp;&nbsp; 1889 |
| Escrow Rite Aid 0.00%, 12/31/2049 ‡ | &nbsp;&nbsp; 967 | &nbsp;&nbsp; — |
| Exelon Corp. (US Treasury Yield Curve <br> Rate T Note Constant Maturity 5 Year + <br> 1.98%), 6.50%, 3/15/2055 (d)<br>| &nbsp;&nbsp; 2690 | &nbsp;&nbsp; 2674 |
| Expand Energy Corp. |  |  |
| 5.88%, 2/1/2029 (a) | &nbsp;&nbsp; 575 | &nbsp;&nbsp; 573 |
| 6.75%, 4/15/2029 (a) | &nbsp;&nbsp; 11991 | &nbsp;&nbsp; 12078 |
| 5.38%, 3/15/2030 | &nbsp;&nbsp; 5142 | &nbsp;&nbsp; 5105 |
| 4.75%, 2/1/2032 | &nbsp;&nbsp; 918 | &nbsp;&nbsp; 861 |
| Fair Isaac Corp. 4.00%, 6/15/2028 (a) | &nbsp;&nbsp; 1295 | &nbsp;&nbsp; 1242 |
| Fertitta Entertainment LLC 4.63%, <br> 1/15/2029 (a)<br>| &nbsp;&nbsp; 208 | &nbsp;&nbsp; 193 |
| Fifth Third Bancorp |  |  |
| Series L, (US Treasury Yield Curve Rate <br> T Note Constant Maturity 5 Year + <br> 4.22%), 4.50%, 9/30/2025 (d) (f) <br> (g)<br>| &nbsp;&nbsp; 2903 | &nbsp;&nbsp; 2867 |
| (SOFRINDX + 2.19%), 6.36%, <br> 10/27/2028 (d)<br>| &nbsp;&nbsp; 301 | &nbsp;&nbsp; 313 |
| (SOFR + 1.84%), 5.63%, <br> 1/29/2032 (d)<br>| &nbsp;&nbsp; 398 | &nbsp;&nbsp; 408 |
| Ford Motor Credit Co. LLC |  |  |
| 4.69%, 6/9/2025 | &nbsp;&nbsp; 9424 | &nbsp;&nbsp; 9411 |
| 5.13%, 6/16/2025 | &nbsp;&nbsp; 7621 | &nbsp;&nbsp; 7615 |
| 4.13%, 8/4/2025 | &nbsp;&nbsp; 3842 | &nbsp;&nbsp; 3825 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

46 J.P. Morgan Funds April 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| 4.39%, 1/8/2026 | &nbsp;&nbsp; 5270 | &nbsp;&nbsp; 5215 |
| 6.95%, 3/6/2026 | &nbsp;&nbsp; 1712 | &nbsp;&nbsp; 1729 |
| 6.95%, 6/10/2026 | &nbsp;&nbsp; 1864 | &nbsp;&nbsp; 1884 |
| 4.54%, 8/1/2026 | &nbsp;&nbsp; 2052 | &nbsp;&nbsp; 2019 |
| 2.70%, 8/10/2026 | &nbsp;&nbsp; 2049 | &nbsp;&nbsp; 1969 |
| 4.27%, 1/9/2027 | &nbsp;&nbsp; 8068 | &nbsp;&nbsp; 7842 |
| 2.90%, 2/16/2028 | &nbsp;&nbsp; 1455 | &nbsp;&nbsp; 1332 |
| 6.80%, 5/12/2028 | &nbsp;&nbsp; 1944 | &nbsp;&nbsp; 1973 |
| 2.90%, 2/10/2029 | &nbsp;&nbsp; 880 | &nbsp;&nbsp; 783 |
| 7.20%, 6/10/2030 | &nbsp;&nbsp; 896 | &nbsp;&nbsp; 922 |
| 4.00%, 11/13/2030 | &nbsp;&nbsp; 3339 | &nbsp;&nbsp; 2972 |
| Foundry JV Holdco LLC 5.50%, <br> 1/25/2031 (a)<br>| &nbsp;&nbsp; 200 | &nbsp;&nbsp; 203 |
| Frontier Communications Holdings LLC |  |  |
| 5.88%, 10/15/2027 (a) | &nbsp;&nbsp; 2125 | &nbsp;&nbsp; 2123 |
| 5.00%, 5/1/2028 (a) | &nbsp;&nbsp; 10138 | &nbsp;&nbsp; 10033 |
| 6.75%, 5/1/2029 (a) | &nbsp;&nbsp; 1345 | &nbsp;&nbsp; 1351 |
| 5.88%, 11/1/2029 | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 50 |
| 6.00%, 1/15/2030 (a) | &nbsp;&nbsp; 114 | &nbsp;&nbsp; 114 |
| 8.75%, 5/15/2030 (a) | &nbsp;&nbsp; 2138 | &nbsp;&nbsp; 2238 |
| Gap, Inc. (The) 3.63%, 10/1/2029 (a) | &nbsp;&nbsp; 2750 | &nbsp;&nbsp; 2486 |
| Gartner, Inc. |  |  |
| 4.50%, 7/1/2028 (a) | &nbsp;&nbsp; 1975 | &nbsp;&nbsp; 1947 |
| 3.63%, 6/15/2029 (a) | &nbsp;&nbsp; 1138 | &nbsp;&nbsp; 1067 |
| 3.75%, 10/1/2030 (a) | &nbsp;&nbsp; 469 | &nbsp;&nbsp; 432 |
| Gates Corp. 6.88%, 7/1/2029 (a) | &nbsp;&nbsp; 873 | &nbsp;&nbsp; 886 |
| GCI LLC 4.75%, 10/15/2028 (a) | &nbsp;&nbsp; 8852 | &nbsp;&nbsp; 8374 |
| General Motors Financial Co., Inc. |  |  |
| 5.25%, 3/1/2026 | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 250 |
| 4.30%, 4/6/2029 | &nbsp;&nbsp; 490 | &nbsp;&nbsp; 473 |
| Genesis Energy LP |  |  |
| 7.75%, 2/1/2028 | &nbsp;&nbsp; 3701 | &nbsp;&nbsp; 3687 |
| 8.25%, 1/15/2029 | &nbsp;&nbsp; 871 | &nbsp;&nbsp; 885 |
| 8.88%, 4/15/2030 | &nbsp;&nbsp; 2535 | &nbsp;&nbsp; 2587 |
| 7.88%, 5/15/2032 | &nbsp;&nbsp; 799 | &nbsp;&nbsp; 777 |
| GEO Group, Inc. (The) 8.63%, 4/15/2029 | &nbsp;&nbsp; 2603 | &nbsp;&nbsp; 2736 |
| GFL Environmental, Inc. |  |  |
| 4.00%, 8/1/2028 (a) | &nbsp;&nbsp; 4027 | &nbsp;&nbsp; 3836 |
| 4.75%, 6/15/2029 (a) | &nbsp;&nbsp; 2885 | &nbsp;&nbsp; 2799 |
| 6.75%, 1/15/2031 (a) | &nbsp;&nbsp; 4377 | &nbsp;&nbsp; 4550 |
| Global Infrastructure Solutions, Inc. |  |  |
| 5.63%, 6/1/2029 (a) | &nbsp;&nbsp; 3005 | &nbsp;&nbsp; 2858 |
| 7.50%, 4/15/2032 (a) | &nbsp;&nbsp; 2995 | &nbsp;&nbsp; 2938 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **United States — continued** | **United States — continued** | **United States — continued** |
| Global Medical Response, Inc. 10.00% <br> (Blend (Cash 9.25% + PIK 0.75%)), <br> 10/31/2028 (a) (i)<br>| &nbsp;&nbsp; 2330 | &nbsp;&nbsp; 2330 |
| Global Payments, Inc. |  |  |
| 3.20%, 8/15/2029 | &nbsp;&nbsp; 43 | &nbsp;&nbsp; 40 |
| 2.90%, 11/15/2031 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 10 |
| Goat Holdco LLC 6.75%, 2/1/2032 (a) | &nbsp;&nbsp; 1182 | &nbsp;&nbsp; 1155 |
| Goldman Sachs Bank USA (SOFR + <br> 0.77%), 5.12%, 3/18/2027 (d)<br>| &nbsp;&nbsp; 320 | &nbsp;&nbsp; 319 |
| Goldman Sachs Group, Inc. (The) |  |  |
| Series S, (US Treasury Yield Curve Rate <br> T Note Constant Maturity 5 Year + <br> 2.85%), 7.19%, 8/10/2025 (d) (f) <br> (g)<br>| &nbsp;&nbsp; 1490 | &nbsp;&nbsp; 1479 |
| Series R, (US Treasury Yield Curve Rate <br> T Note Constant Maturity 5 Year + <br> 3.22%), 7.56%, 8/10/2025 (d) (f) <br> (g)<br>| &nbsp;&nbsp; 1809 | &nbsp;&nbsp; 1806 |
| Series T, (US Treasury Yield Curve Rate <br> T Note Constant Maturity 5 Year + <br> 2.97%), 3.80%, 5/10/2026 (d) (f) <br> (g)<br>| &nbsp;&nbsp; 5607 | &nbsp;&nbsp; 5412 |
| Series U, (US Treasury Yield Curve Rate <br> T Note Constant Maturity 5 Year + <br> 2.92%), 3.65%, 8/10/2026 (d) (f) <br> (g)<br>| &nbsp;&nbsp; 1830 | &nbsp;&nbsp; 1749 |
| (SOFR + 0.91%), 1.95%, <br> 10/21/2027 (d)<br>| &nbsp;&nbsp; 19 | &nbsp;&nbsp; 18 |
| (SOFR + 1.11%), 2.64%, <br> 2/24/2028 (d)<br>| &nbsp;&nbsp; 15 | &nbsp;&nbsp; 15 |
| (SOFR + 1.85%), 3.62%, <br> 3/15/2028 (d)<br>| &nbsp;&nbsp; 983 | &nbsp;&nbsp; 967 |
| Series W, (US Treasury Yield Curve Rate <br> T Note Constant Maturity 5 Year + <br> 3.16%), 7.50%, 2/10/2029 (d) (f) <br> (g)<br>| &nbsp;&nbsp; 4001 | &nbsp;&nbsp; 4143 |
| Series X, (US Treasury Yield Curve Rate <br> T Note Constant Maturity 5 Year + <br> 2.81%), 7.50%, 5/10/2029 (d) (f) <br> (g)<br>| &nbsp;&nbsp; 6484 | &nbsp;&nbsp; 6612 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 2.46%), 6.85%, 2/10/2030 (d) (f) <br> (g)<br>| &nbsp;&nbsp; 4610 | &nbsp;&nbsp; 4547 |
| (SOFR + 1.28%), 2.62%, <br> 4/22/2032 (d)<br>| &nbsp;&nbsp; 486 | &nbsp;&nbsp; 427 |
| (SOFR + 1.25%), 2.38%, <br> 7/21/2032 (d)<br>| &nbsp;&nbsp; 464 | &nbsp;&nbsp; 400 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Funds 47

------

JPMorgan Income Builder Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| (SOFR + 1.26%), 2.65%, <br> 10/21/2032 (d)<br>| &nbsp;&nbsp; 16 | &nbsp;&nbsp; 14 |
| Series Y, (US Treasury Yield Curve Rate <br> T Note Constant Maturity 10 Year + <br> 2.40%), 6.13%, 11/10/2034 (d) <br> (f) (g)<br>| &nbsp;&nbsp; 5630 | &nbsp;&nbsp; 5308 |
| (SOFR + 1.55%), 5.33%, <br> 7/23/2035 (d)<br>| &nbsp;&nbsp; 149 | &nbsp;&nbsp; 148 |
| (SOFR + 1.42%), 5.02%, <br> 10/23/2035 (d)<br>| &nbsp;&nbsp; 1805 | &nbsp;&nbsp; 1749 |
| Goodyear Tire & Rubber Co. (The) |  |  |
| 5.00%, 5/31/2026 | &nbsp;&nbsp; 3268 | &nbsp;&nbsp; 3252 |
| 5.00%, 7/15/2029 | &nbsp;&nbsp; 5732 | &nbsp;&nbsp; 5452 |
| 5.25%, 7/15/2031 (c) | &nbsp;&nbsp; 1189 | &nbsp;&nbsp; 1108 |
| Graham Packaging Co., Inc. 7.13%, <br> 8/15/2028 (a)<br>| &nbsp;&nbsp; 1006 | &nbsp;&nbsp; 984 |
| Gray Media, Inc. |  |  |
| 7.00%, 5/15/2027 (a) (c) | &nbsp;&nbsp; 5897 | &nbsp;&nbsp; 5737 |
| 10.50%, 7/15/2029 (a) | &nbsp;&nbsp; 7900 | &nbsp;&nbsp; 8109 |
| 4.75%, 10/15/2030 (a) (c) | &nbsp;&nbsp; 3000 | &nbsp;&nbsp; 1777 |
| 5.38%, 11/15/2031 (a) | &nbsp;&nbsp; 1274 | &nbsp;&nbsp; 760 |
| Griffon Corp. 5.75%, 3/1/2028 | &nbsp;&nbsp; 4655 | &nbsp;&nbsp; 4593 |
| Group 1 Automotive, Inc. |  |  |
| 4.00%, 8/15/2028 (a) | &nbsp;&nbsp; 1271 | &nbsp;&nbsp; 1208 |
| 6.38%, 1/15/2030 (a) | &nbsp;&nbsp; 1187 | &nbsp;&nbsp; 1199 |
| Gulfport Energy Operating Corp. 6.75%, <br> 9/1/2029 (a)<br>| &nbsp;&nbsp; 2718 | &nbsp;&nbsp; 2679 |
| Hanesbrands, Inc. 9.00%, 2/15/2031 (a) | &nbsp;&nbsp; 1660 | &nbsp;&nbsp; 1720 |
| Harvest Midstream I LP 7.50%, <br> 5/15/2032 (a)<br>| &nbsp;&nbsp; 1661 | &nbsp;&nbsp; 1690 |
| HCA, Inc. |  |  |
| 2.38%, 7/15/2031 | &nbsp;&nbsp; 73 | &nbsp;&nbsp; 62 |
| 5.60%, 4/1/2034 | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 603 |
| HealthEquity, Inc. 4.50%, 10/1/2029 (a) | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 47 |
| Herc Holdings, Inc. |  |  |
| 5.50%, 7/15/2027 (a) | &nbsp;&nbsp; 3841 | &nbsp;&nbsp; 3798 |
| 6.63%, 6/15/2029 (a) | &nbsp;&nbsp; 2268 | &nbsp;&nbsp; 2241 |
| Hertz Corp. (The) |  |  |
| 4.63%, 12/1/2026 (a) | &nbsp;&nbsp; 3713 | &nbsp;&nbsp; 3101 |
| 12.63%, 7/15/2029 (a) (c) | &nbsp;&nbsp; 5580 | &nbsp;&nbsp; 5427 |
| 5.00%, 12/1/2029 (a) (c) | &nbsp;&nbsp; 8062 | &nbsp;&nbsp; 4967 |
| Hertz Corp. (The), Escrow |  |  |
| 6.25%, 10/15/2022 ‡ (j) | &nbsp;&nbsp; 1106 | &nbsp;&nbsp; 88 |
| 5.50%, 10/15/2024 ‡ (j) | &nbsp;&nbsp; 11828 | &nbsp;&nbsp; 769 |
| 7.13%, 8/1/2026 ‡ (j) | &nbsp;&nbsp; 5505 | &nbsp;&nbsp; 1129 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **United States — continued** | **United States — continued** | **United States — continued** |
| 6.00%, 1/15/2028 ‡ (j) | &nbsp;&nbsp; 5450 | &nbsp;&nbsp; 1022 |
| Hess Midstream Operations LP |  |  |
| 5.88%, 3/1/2028 (a) | &nbsp;&nbsp; 812 | &nbsp;&nbsp; 814 |
| 6.50%, 6/1/2029 (a) | &nbsp;&nbsp; 1763 | &nbsp;&nbsp; 1790 |
| 4.25%, 2/15/2030 (a) | &nbsp;&nbsp; 2708 | &nbsp;&nbsp; 2542 |
| Hilcorp Energy I LP |  |  |
| 6.25%, 11/1/2028 (a) | &nbsp;&nbsp; 351 | &nbsp;&nbsp; 340 |
| 6.00%, 4/15/2030 (a) | &nbsp;&nbsp; 1791 | &nbsp;&nbsp; 1635 |
| 6.25%, 4/15/2032 (a) | &nbsp;&nbsp; 1490 | &nbsp;&nbsp; 1296 |
| 6.88%, 5/15/2034 (a) | &nbsp;&nbsp; 552 | &nbsp;&nbsp; 469 |
| Hillenbrand, Inc. |  |  |
| 5.00%, 9/15/2026 (h) | &nbsp;&nbsp; 815 | &nbsp;&nbsp; 803 |
| 6.25%, 2/15/2029 | &nbsp;&nbsp; 769 | &nbsp;&nbsp; 765 |
| Hilton Domestic Operating Co., Inc. |  |  |
| 5.75%, 5/1/2028 (a) | &nbsp;&nbsp; 2807 | &nbsp;&nbsp; 2809 |
| 5.88%, 4/1/2029 (a) | &nbsp;&nbsp; 1254 | &nbsp;&nbsp; 1267 |
| 3.75%, 5/1/2029 (a) | &nbsp;&nbsp; 1645 | &nbsp;&nbsp; 1547 |
| 4.88%, 1/15/2030 | &nbsp;&nbsp; 1463 | &nbsp;&nbsp; 1434 |
| 6.13%, 4/1/2032 (a) | &nbsp;&nbsp; 1184 | &nbsp;&nbsp; 1200 |
| 5.88%, 3/15/2033 (a) | &nbsp;&nbsp; 2680 | &nbsp;&nbsp; 2679 |
| Hologic, Inc. 3.25%, 2/15/2029 (a) | &nbsp;&nbsp; 4592 | &nbsp;&nbsp; 4288 |
| Howard Midstream Energy Partners LLC |  |  |
| 8.88%, 7/15/2028 (a) | &nbsp;&nbsp; 2815 | &nbsp;&nbsp; 2926 |
| 7.38%, 7/15/2032 (a) | &nbsp;&nbsp; 1430 | &nbsp;&nbsp; 1464 |
| Hughes Satellite Systems Corp. 6.63%, <br> 8/1/2026 (c)<br>| &nbsp;&nbsp; 3046 | &nbsp;&nbsp; 2474 |
| Huntington Bancshares, Inc. Series G, (US <br> Treasury Yield Curve Rate T <br> Note Constant Maturity 7 Year + <br> 4.05%), 4.45%, 10/15/2027 (d) (f) <br> (g)<br>| &nbsp;&nbsp; 357 | &nbsp;&nbsp; 340 |
| Hyundai Capital America |  |  |
| 1.65%, 9/17/2026 (a) | &nbsp;&nbsp; 37 | &nbsp;&nbsp; 35 |
| 4.30%, 9/24/2027 (a) | &nbsp;&nbsp; 141 | &nbsp;&nbsp; 139 |
| 2.10%, 9/15/2028 (a) | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 16 |
| ICITII 6.00%, 1/31/2033 ‡ (a) | &nbsp;&nbsp; 840 | &nbsp;&nbsp; 672 |
| iHeartCommunications, Inc. |  |  |
| 9.13%, 5/1/2029 (a) (c) | &nbsp;&nbsp; 9635 | &nbsp;&nbsp; 7440 |
| 10.88%, 5/1/2030 (a) (c) | &nbsp;&nbsp; 4810 | &nbsp;&nbsp; 2020 |
| 7.75%, 8/15/2030 (a) | &nbsp;&nbsp; 2842 | &nbsp;&nbsp; 2026 |
| ILFC E-Capital Trust I (3-MONTH CME <br> TERM SOFR + 1.81%), 6.12%, <br> 12/21/2065 (a) (d)<br>| &nbsp;&nbsp; 2263 | &nbsp;&nbsp; 1825 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

48 J.P. Morgan Funds April 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| ILFC E-Capital Trust II (3-MONTH CME <br> TERM SOFR + 2.06%), 6.37%, <br> 12/21/2065 (a) (d)<br>| &nbsp;&nbsp; 2205 | &nbsp;&nbsp; 1823 |
| Imola Merger Corp. 4.75%, <br> 5/15/2029 (a)<br>| &nbsp;&nbsp; 10829 | &nbsp;&nbsp; 10340 |
| Insight Enterprises, Inc. 6.63%, <br> 5/15/2032 (a)<br>| &nbsp;&nbsp; 897 | &nbsp;&nbsp; 910 |
| IQVIA, Inc. |  |  |
| 5.00%, 10/15/2026 (a) | &nbsp;&nbsp; 7250 | &nbsp;&nbsp; 7203 |
| 5.00%, 5/15/2027 (a) | &nbsp;&nbsp; 2786 | &nbsp;&nbsp; 2764 |
| 6.50%, 5/15/2030 (a) | &nbsp;&nbsp; 750 | &nbsp;&nbsp; 762 |
| Iron Mountain, Inc., REIT |  |  |
| 4.88%, 9/15/2027 (a) | &nbsp;&nbsp; 3155 | &nbsp;&nbsp; 3111 |
| 5.25%, 3/15/2028 (a) | &nbsp;&nbsp; 2317 | &nbsp;&nbsp; 2281 |
| 5.00%, 7/15/2028 (a) | &nbsp;&nbsp; 409 | &nbsp;&nbsp; 400 |
| 5.25%, 7/15/2030 (a) | &nbsp;&nbsp; 2822 | &nbsp;&nbsp; 2735 |
| 4.50%, 2/15/2031 (a) | &nbsp;&nbsp; 2811 | &nbsp;&nbsp; 2604 |
| 6.25%, 1/15/2033 (a) | &nbsp;&nbsp; 364 | &nbsp;&nbsp; 363 |
| ITC Holdings Corp., 2.95%, <br> 5/14/2030 (a)<br>| &nbsp;&nbsp; 34 | &nbsp;&nbsp; 31 |
| JELD-WEN, Inc. |  |  |
| 4.88%, 12/15/2027 (a) | &nbsp;&nbsp; 3250 | &nbsp;&nbsp; 3002 |
| 7.00%, 9/1/2032 (a) (c) | &nbsp;&nbsp; 1695 | &nbsp;&nbsp; 1489 |
| JetBlue Airways Corp. 9.88%, <br> 9/20/2031 (a)<br>| &nbsp;&nbsp; 3962 | &nbsp;&nbsp; 3650 |
| Kimco Realty OP LLC, REIT 2.25%, <br> 12/1/2031<br>| &nbsp;&nbsp; 10 | &nbsp;&nbsp; 9 |
| Kinetik Holdings LP |  |  |
| 6.63%, 12/15/2028 (a) | &nbsp;&nbsp; 1210 | &nbsp;&nbsp; 1219 |
| 5.88%, 6/15/2030 (a) | &nbsp;&nbsp; 2451 | &nbsp;&nbsp; 2395 |
| Knife River Corp. 7.75%, 5/1/2031 (a) | &nbsp;&nbsp; 3094 | &nbsp;&nbsp; 3236 |
| Kodiak Gas Services LLC 7.25%, <br> 2/15/2029 (a)<br>| &nbsp;&nbsp; 1796 | &nbsp;&nbsp; 1824 |
| LABL, Inc. 8.63%, 10/1/2031 (a) | &nbsp;&nbsp; 543 | &nbsp;&nbsp; 444 |
| Lamar Media Corp. 4.00%, 2/15/2030 | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 467 |
| Lamb Weston Holdings, Inc. 4.13%, <br> 1/31/2030 (a)<br>| &nbsp;&nbsp; 6785 | &nbsp;&nbsp; 6365 |
| LD Holdings Group LLC 8.75%, <br> 11/1/2027 (a)<br>| &nbsp;&nbsp; 535 | &nbsp;&nbsp; 488 |
| Lear Corp. 2.60%, 1/15/2032 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 4 |
| Leidos, Inc. 5.40%, 3/15/2032 | &nbsp;&nbsp; 207 | &nbsp;&nbsp; 209 |
| Level 3 Financing, Inc. |  |  |
| 4.88%, 6/15/2029 (a) (c) | &nbsp;&nbsp; 3892 | &nbsp;&nbsp; 3396 |
| 11.00%, 11/15/2029 (a) | &nbsp;&nbsp; 2319 | &nbsp;&nbsp; 2592 |
| 3.88%, 10/15/2030 (a) (c) | &nbsp;&nbsp; 1239 | &nbsp;&nbsp; 977 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **United States — continued** | **United States — continued** | **United States — continued** |
| 10.75%, 12/15/2030 (a) | &nbsp;&nbsp; 1600 | &nbsp;&nbsp; 1771 |
| Liberty Interactive LLC 8.25%, 2/1/2030 | &nbsp;&nbsp; 1702 | &nbsp;&nbsp; 635 |
| Lithia Motors, Inc. 4.38%, 1/15/2031 (a) | &nbsp;&nbsp; 1604 | &nbsp;&nbsp; 1473 |
| Live Nation Entertainment, Inc. |  |  |
| 5.63%, 3/15/2026 (a) | &nbsp;&nbsp; 4097 | &nbsp;&nbsp; 4072 |
| 6.50%, 5/15/2027 (a) | &nbsp;&nbsp; 10261 | &nbsp;&nbsp; 10371 |
| 4.75%, 10/15/2027 (a) | &nbsp;&nbsp; 8509 | &nbsp;&nbsp; 8329 |
| 3.75%, 1/15/2028 (a) | &nbsp;&nbsp; 2273 | &nbsp;&nbsp; 2173 |
| Lumen Technologies, Inc. |  |  |
| 4.13%, 4/15/2029 (a) | &nbsp;&nbsp; 2184 | &nbsp;&nbsp; 2053 |
| 5.38%, 6/15/2029 (a) | &nbsp;&nbsp; 4316 | &nbsp;&nbsp; 3442 |
| 4.13%, 4/15/2030 (a) | &nbsp;&nbsp; 8787 | &nbsp;&nbsp; 8216 |
| 10.00%, 10/15/2032 (a) | &nbsp;&nbsp; 715 | &nbsp;&nbsp; 713 |
| M/I Homes, Inc. 4.95%, 2/1/2028 | &nbsp;&nbsp; 262 | &nbsp;&nbsp; 256 |
| Madison IAQ LLC |  |  |
| 4.13%, 6/30/2028 (a) | &nbsp;&nbsp; 1815 | &nbsp;&nbsp; 1733 |
| 5.88%, 6/30/2029 (a) (c) | &nbsp;&nbsp; 6049 | &nbsp;&nbsp; 5720 |
| Mallinckrodt International Finance SA <br> 14.75%, 11/14/2028 (a)<br>| &nbsp;&nbsp; 2929 | &nbsp;&nbsp; 3064 |
| Marathon Petroleum Corp., 4.70%, <br> 5/1/2025<br>| &nbsp;&nbsp; 215 | &nbsp;&nbsp; 215 |
| Markel Group, Inc. (US Treasury Yield <br> Curve Rate T Note Constant Maturity 5 <br> Year + 5.66%), 6.00%, 6/1/2025 (d) <br> (f) (g)<br>| &nbsp;&nbsp; 1127 | &nbsp;&nbsp; 1123 |
| Marriott Ownership Resorts, Inc. |  |  |
| 4.75%, 1/15/2028 | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 34 |
| 4.50%, 6/15/2029 (a) | &nbsp;&nbsp; 971 | &nbsp;&nbsp; 886 |
| Mars, Inc. |  |  |
| 4.60%, 3/1/2028 (a) | &nbsp;&nbsp; 430 | &nbsp;&nbsp; 435 |
| 4.80%, 3/1/2030 (a) | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 253 |
| Masterbrand, Inc. 7.00%, 7/15/2032 (a) | &nbsp;&nbsp; 2004 | &nbsp;&nbsp; 2009 |
| Matador Resources Co. |  |  |
| 6.50%, 4/15/2032 (a) | &nbsp;&nbsp; 1944 | &nbsp;&nbsp; 1872 |
| 6.25%, 4/15/2033 (a) | &nbsp;&nbsp; 2751 | &nbsp;&nbsp; 2597 |
| Mauser Packaging Solutions Holding Co. <br> 7.88%, 4/15/2027 (a)<br>| &nbsp;&nbsp; 15319 | &nbsp;&nbsp; 15359 |
| McGraw-Hill Education, Inc. 5.75%, <br> 8/1/2028 (a)<br>| &nbsp;&nbsp; 4100 | &nbsp;&nbsp; 4016 |
| Medline Borrower LP |  |  |
| 3.88%, 4/1/2029 (a) | &nbsp;&nbsp; 10847 | &nbsp;&nbsp; 10118 |
| 6.25%, 4/1/2029 (a) | &nbsp;&nbsp; 4007 | &nbsp;&nbsp; 4038 |
| 5.25%, 10/1/2029 (a) | &nbsp;&nbsp; 5150 | &nbsp;&nbsp; 4891 |
| MetLife Capital Trust IV 7.88%, <br> 12/15/2037 (a)<br>| &nbsp;&nbsp; 7992 | &nbsp;&nbsp; 8617 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Funds 49

------

JPMorgan Income Builder Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| MetLife, Inc. Series D, (3-MONTH CME <br> TERM SOFR + 3.22%), 5.88%, <br> 3/15/2028 (d) (f) (g)<br>| &nbsp;&nbsp; 106 | &nbsp;&nbsp; 107 |
| MGM Resorts International |  |  |
| 6.13%, 9/15/2029 | &nbsp;&nbsp; 2478 | &nbsp;&nbsp; 2467 |
| 6.50%, 4/15/2032 (c) | &nbsp;&nbsp; 3131 | &nbsp;&nbsp; 3085 |
| Microchip Technology, Inc. 4.25%, <br> 9/1/2025<br>| &nbsp;&nbsp; 250 | &nbsp;&nbsp; 250 |
| Midcontinent Communications 8.00%, <br> 8/15/2032 (a)<br>| &nbsp;&nbsp; 2213 | &nbsp;&nbsp; 2256 |
| Mileage Plus Holdings LLC 6.50%, <br> 6/20/2027 (a)<br>| &nbsp;&nbsp; 1874 | &nbsp;&nbsp; 1880 |
| Miter Brands Acquisition Holdco, Inc. <br> 6.75%, 4/1/2032 (a)<br>| &nbsp;&nbsp; 1762 | &nbsp;&nbsp; 1763 |
| MIWD Holdco II LLC 5.50%, 2/1/2030 (a) | &nbsp;&nbsp; 1256 | &nbsp;&nbsp; 1132 |
| Molina Healthcare, Inc. 4.38%, <br> 6/15/2028 (a)<br>| &nbsp;&nbsp; 1150 | &nbsp;&nbsp; 1105 |
| Moog, Inc. 4.25%, 12/15/2027 (a) | &nbsp;&nbsp; 356 | &nbsp;&nbsp; 343 |
| Morgan Stanley |  |  |
| (SOFR + 0.86%), 1.51%, <br> 7/20/2027 (d)<br>| &nbsp;&nbsp; 40 | &nbsp;&nbsp; 39 |
| (SOFR + 1.61%), 4.21%, <br> 4/20/2028 (d)<br>| &nbsp;&nbsp; 20 | &nbsp;&nbsp; 20 |
| (SOFR + 1.45%), 5.17%, <br> 1/16/2030 (d)<br>| &nbsp;&nbsp; 619 | &nbsp;&nbsp; 630 |
| (SOFR + 1.02%), 1.93%, <br> 4/28/2032 (d)<br>| &nbsp;&nbsp; 18 | &nbsp;&nbsp; 15 |
| (SOFR + 1.20%), 2.51%, <br> 10/20/2032 (d)<br>| &nbsp;&nbsp; 948 | &nbsp;&nbsp; 818 |
| (SOFR + 1.73%), 5.47%, <br> 1/18/2035 (d)<br>| &nbsp;&nbsp; 673 | &nbsp;&nbsp; 680 |
| (SOFR + 1.56%), 5.32%, <br> 7/19/2035 (d)<br>| &nbsp;&nbsp; 130 | &nbsp;&nbsp; 129 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 2.43%), 5.95%, 1/19/2038 (d)<br>| &nbsp;&nbsp; 817 | &nbsp;&nbsp; 824 |
| (SOFR + 1.49%), 3.22%, <br> 4/22/2042 (d)<br>| &nbsp;&nbsp; 5 | &nbsp;&nbsp; 4 |
| Morgan Stanley Bank NA (SOFR + <br> 1.08%), 4.95%, 1/14/2028 (d)<br>| &nbsp;&nbsp; 455 | &nbsp;&nbsp; 459 |
| MPT Operating Partnership LP, REIT <br> 8.50%, 2/15/2032 (a)<br>| &nbsp;&nbsp; 1686 | &nbsp;&nbsp; 1713 |
| Nationstar Mortgage Holdings, Inc. |  |  |
| 6.00%, 1/15/2027 (a) | &nbsp;&nbsp; 430 | &nbsp;&nbsp; 430 |
| 5.50%, 8/15/2028 (a) | &nbsp;&nbsp; 1311 | &nbsp;&nbsp; 1303 |
| 6.50%, 8/1/2029 (a) | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 203 |
| 5.13%, 12/15/2030 (a) | &nbsp;&nbsp; 2225 | &nbsp;&nbsp; 2222 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **United States — continued** | **United States — continued** | **United States — continued** |
| 5.75%, 11/15/2031 (a) | &nbsp;&nbsp; 4470 | &nbsp;&nbsp; 4487 |
| 7.13%, 2/1/2032 (a) | &nbsp;&nbsp; 1602 | &nbsp;&nbsp; 1662 |
| NCR Atleos Corp. 9.50%, 4/1/2029 (a) | &nbsp;&nbsp; 4744 | &nbsp;&nbsp; 5104 |
| NCR Voyix Corp. |  |  |
| 5.00%, 10/1/2028 (a) | &nbsp;&nbsp; 510 | &nbsp;&nbsp; 494 |
| 5.13%, 4/15/2029 (a) | &nbsp;&nbsp; 5726 | &nbsp;&nbsp; 5506 |
| NESCO Holdings II, Inc. 5.50%, <br> 4/15/2029 (a)<br>| &nbsp;&nbsp; 1187 | &nbsp;&nbsp; 1076 |
| New Albertsons LP |  |  |
| 7.75%, 6/15/2026 | &nbsp;&nbsp; 1535 | &nbsp;&nbsp; 1575 |
| 6.63%, 6/1/2028 | &nbsp;&nbsp; 613 | &nbsp;&nbsp; 631 |
| 7.45%, 8/1/2029 | &nbsp;&nbsp; 392 | &nbsp;&nbsp; 411 |
| 8.00%, 5/1/2031 | &nbsp;&nbsp; 2108 | &nbsp;&nbsp; 2235 |
| Newell Brands, Inc. |  |  |
| 5.70%, 4/1/2026 (h) | &nbsp;&nbsp; 5381 | &nbsp;&nbsp; 5310 |
| 6.38%, 9/15/2027 | &nbsp;&nbsp; 1335 | &nbsp;&nbsp; 1301 |
| 6.63%, 9/15/2029 | &nbsp;&nbsp; 1966 | &nbsp;&nbsp; 1844 |
| 6.38%, 5/15/2030 | &nbsp;&nbsp; 1470 | &nbsp;&nbsp; 1338 |
| 6.63%, 5/15/2032 | &nbsp;&nbsp; 629 | &nbsp;&nbsp; 564 |
| 6.87%, 4/1/2036 (h) | &nbsp;&nbsp; 1192 | &nbsp;&nbsp; 1038 |
| News Corp. |  |  |
| 3.88%, 5/15/2029 (a) | &nbsp;&nbsp; 4395 | &nbsp;&nbsp; 4135 |
| 5.13%, 2/15/2032 (a) | &nbsp;&nbsp; 2490 | &nbsp;&nbsp; 2375 |
| Nexstar Media, Inc. |  |  |
| 5.63%, 7/15/2027 (a) | &nbsp;&nbsp; 12024 | &nbsp;&nbsp; 11912 |
| 4.75%, 11/1/2028 (a) (c) | &nbsp;&nbsp; 6590 | &nbsp;&nbsp; 6206 |
| NextEra Energy Capital Holdings, Inc. |  |  |
| 5.75%, 9/1/2025 | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 502 |
| 5.05%, 3/15/2030 | &nbsp;&nbsp; 990 | &nbsp;&nbsp; 1006 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 2.46%), 6.75%, 6/15/2054 (d)<br>| &nbsp;&nbsp; 1617 | &nbsp;&nbsp; 1633 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 2.36%), 6.70%, 9/1/2054 (d)<br>| &nbsp;&nbsp; 1100 | &nbsp;&nbsp; 1109 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 2.05%), 6.38%, 8/15/2055 (d)<br>| &nbsp;&nbsp; 1180 | &nbsp;&nbsp; 1182 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 1.98%), 6.50%, 8/15/2055 (d)<br>| &nbsp;&nbsp; 945 | &nbsp;&nbsp; 950 |
| (3-MONTH SOFR + 3.16%), 5.65%, <br> 5/1/2079 (d)<br>| &nbsp;&nbsp; 3683 | &nbsp;&nbsp; 3558 |
| NGL Energy Operating LLC |  |  |
| 8.13%, 2/15/2029 (a) | &nbsp;&nbsp; 2582 | &nbsp;&nbsp; 2427 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

50 J.P. Morgan Funds April 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| 8.38%, 2/15/2032 (a) | &nbsp;&nbsp; 2255 | &nbsp;&nbsp; 2056 |
| NiSource, Inc. |  |  |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 2.45%), 6.95%, 11/30/2054 (d)<br>| &nbsp;&nbsp; 3014 | &nbsp;&nbsp; 3054 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 2.53%), 6.38%, 3/31/2055 (d)<br>| &nbsp;&nbsp; 2550 | &nbsp;&nbsp; 2488 |
| Noble Finance II LLC 8.00%, <br> 4/15/2030 (a)<br>| &nbsp;&nbsp; 1809 | &nbsp;&nbsp; 1724 |
| Novelis Corp. |  |  |
| 3.25%, 11/15/2026 (a) | &nbsp;&nbsp; 2558 | &nbsp;&nbsp; 2481 |
| 4.75%, 1/30/2030 (a) | &nbsp;&nbsp; 4690 | &nbsp;&nbsp; 4361 |
| 6.88%, 1/30/2030 (a) | &nbsp;&nbsp; 648 | &nbsp;&nbsp; 657 |
| NRG Energy, Inc. |  |  |
| 5.75%, 1/15/2028 | &nbsp;&nbsp; 1086 | &nbsp;&nbsp; 1090 |
| 3.38%, 2/15/2029 (a) | &nbsp;&nbsp; 2175 | &nbsp;&nbsp; 2016 |
| 5.25%, 6/15/2029 (a) | &nbsp;&nbsp; 3177 | &nbsp;&nbsp; 3139 |
| 5.75%, 7/15/2029 (a) | &nbsp;&nbsp; 185 | &nbsp;&nbsp; 184 |
| 3.88%, 2/15/2032 (a) | &nbsp;&nbsp; 762 | &nbsp;&nbsp; 682 |
| 6.00%, 2/1/2033 (a) | &nbsp;&nbsp; 2220 | &nbsp;&nbsp; 2197 |
| 7.00%, 3/15/2033 (a) | &nbsp;&nbsp; 1272 | &nbsp;&nbsp; 1370 |
| NuStar Logistics LP |  |  |
| 6.00%, 6/1/2026 | &nbsp;&nbsp; 3036 | &nbsp;&nbsp; 3037 |
| 6.38%, 10/1/2030 | &nbsp;&nbsp; 2015 | &nbsp;&nbsp; 2046 |
| ON Semiconductor Corp. 3.88%, <br> 9/1/2028 (a)<br>| &nbsp;&nbsp; 4166 | &nbsp;&nbsp; 3938 |
| OneMain Finance Corp. |  |  |
| 7.13%, 3/15/2026 | &nbsp;&nbsp; 4252 | &nbsp;&nbsp; 4289 |
| 3.50%, 1/15/2027 | &nbsp;&nbsp; 1875 | &nbsp;&nbsp; 1795 |
| 6.63%, 1/15/2028 | &nbsp;&nbsp; 3483 | &nbsp;&nbsp; 3507 |
| 3.88%, 9/15/2028 | &nbsp;&nbsp; 370 | &nbsp;&nbsp; 342 |
| 9.00%, 1/15/2029 | &nbsp;&nbsp; 287 | &nbsp;&nbsp; 299 |
| ONEOK, Inc. |  |  |
| 4.85%, 7/15/2026 | &nbsp;&nbsp; 649 | &nbsp;&nbsp; 649 |
| 5.60%, 4/1/2044 | &nbsp;&nbsp; 522 | &nbsp;&nbsp; 465 |
| Organon & Co. |  |  |
| 4.13%, 4/30/2028 (a) | &nbsp;&nbsp; 6828 | &nbsp;&nbsp; 6440 |
| 5.13%, 4/30/2031 (a) | &nbsp;&nbsp; 6281 | &nbsp;&nbsp; 5272 |
| Outfront Media Capital LLC |  |  |
| 5.00%, 8/15/2027 (a) | &nbsp;&nbsp; 235 | &nbsp;&nbsp; 230 |
| 4.25%, 1/15/2029 (a) | &nbsp;&nbsp; 986 | &nbsp;&nbsp; 916 |
| 7.38%, 2/15/2031 (a) | &nbsp;&nbsp; 3643 | &nbsp;&nbsp; 3815 |
| Owens & Minor, Inc. |  |  |
| 4.50%, 3/31/2029 (a) (c) | &nbsp;&nbsp; 4242 | &nbsp;&nbsp; 3438 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **United States — continued** | **United States — continued** | **United States — continued** |
| 6.63%, 4/1/2030 (a) (c) | &nbsp;&nbsp; 2204 | &nbsp;&nbsp; 1876 |
| 10.00%, 4/15/2030 (a) | &nbsp;&nbsp; 1878 | &nbsp;&nbsp; 1938 |
| Owens-Brockway Glass Container, Inc. <br> 6.63%, 5/13/2027 (a)<br>| &nbsp;&nbsp; 2223 | &nbsp;&nbsp; 2217 |
| Par Pharmaceutical, Inc. 0.00%, <br> 4/1/2027 ‡ (j)<br>| &nbsp;&nbsp; 6648 | &nbsp;&nbsp; — |
| Paramount Global (3-MONTH SOFR + <br> 3.90%), 6.25%, 2/28/2057 (d)<br>| &nbsp;&nbsp; 2363 | &nbsp;&nbsp; 2181 |
| Penske Truck Leasing Co. LP 1.20%, <br> 11/15/2025 (a)<br>| &nbsp;&nbsp; 200 | &nbsp;&nbsp; 196 |
| Performance Food Group, Inc. |  |  |
| 5.50%, 10/15/2027 (a) | &nbsp;&nbsp; 2555 | &nbsp;&nbsp; 2534 |
| 4.25%, 8/1/2029 (a) | &nbsp;&nbsp; 7702 | &nbsp;&nbsp; 7290 |
| 6.13%, 9/15/2032 (a) | &nbsp;&nbsp; 1119 | &nbsp;&nbsp; 1119 |
| Permian Resources Operating LLC |  |  |
| 8.00%, 4/15/2027 (a) | &nbsp;&nbsp; 2380 | &nbsp;&nbsp; 2422 |
| 9.88%, 7/15/2031 (a) | &nbsp;&nbsp; 4657 | &nbsp;&nbsp; 5043 |
| 7.00%, 1/15/2032 (a) | &nbsp;&nbsp; 2596 | &nbsp;&nbsp; 2613 |
| 6.25%, 2/1/2033 (a) | &nbsp;&nbsp; 2008 | &nbsp;&nbsp; 1964 |
| Perrigo Finance Unlimited Co. Series USD, <br> 6.13%, 9/30/2032<br>| &nbsp;&nbsp; 1413 | &nbsp;&nbsp; 1403 |
| PetSmart, Inc. |  |  |
| 4.75%, 2/15/2028 (a) | &nbsp;&nbsp; 5361 | &nbsp;&nbsp; 5124 |
| 7.75%, 2/15/2029 (a) | &nbsp;&nbsp; 4906 | &nbsp;&nbsp; 4569 |
| PG&E Corp. |  |  |
| 5.00%, 7/1/2028 | &nbsp;&nbsp; 3418 | &nbsp;&nbsp; 3334 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 3.88%), 7.38%, 3/15/2055 (d)<br>| &nbsp;&nbsp; 2693 | &nbsp;&nbsp; 2614 |
| Philip Morris International, Inc. |  |  |
| 5.13%, 2/15/2030 | &nbsp;&nbsp; 590 | &nbsp;&nbsp; 605 |
| 4.38%, 4/30/2030 | &nbsp;&nbsp; 205 | &nbsp;&nbsp; 204 |
| Pike Corp. |  |  |
| 5.50%, 9/1/2028 (a) | &nbsp;&nbsp; 2908 | &nbsp;&nbsp; 2856 |
| 8.63%, 1/31/2031 (a) | &nbsp;&nbsp; 797 | &nbsp;&nbsp; 836 |
| PM General Purchaser LLC 9.50%, <br> 10/1/2028 (a)<br>| &nbsp;&nbsp; 2542 | &nbsp;&nbsp; 2454 |
| PNC Bank NA (SOFR + 0.50%), 4.78%, <br> 1/15/2027 (d)<br>| &nbsp;&nbsp; 250 | &nbsp;&nbsp; 250 |
| PNC Financial Services Group, Inc. (The) |  |  |
| Series T, (US Treasury Yield Curve Rate <br> T Note Constant Maturity 5 Year + <br> 2.60%), 3.40%, 9/15/2026 (d) (f) <br> (g)<br>| &nbsp;&nbsp; 10908 | &nbsp;&nbsp; 10259 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Funds 51

------

JPMorgan Income Builder Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| Series V, (US Treasury Yield Curve Rate <br> T Note Constant Maturity 5 Year + <br> 3.24%), 6.20%, 9/15/2027 (d) (f) <br> (g)<br>| &nbsp;&nbsp; 5543 | &nbsp;&nbsp; 5539 |
| (SOFR + 1.34%), 5.30%, <br> 1/21/2028 (d)<br>| &nbsp;&nbsp; 214 | &nbsp;&nbsp; 217 |
| (SOFR + 1.62%), 5.35%, <br> 12/2/2028 (d)<br>| &nbsp;&nbsp; 123 | &nbsp;&nbsp; 126 |
| (SOFR + 1.90%), 5.68%, <br> 1/22/2035 (d)<br>| &nbsp;&nbsp; 673 | &nbsp;&nbsp; 686 |
| Post Holdings, Inc. |  |  |
| 5.50%, 12/15/2029 (a) | &nbsp;&nbsp; 7148 | &nbsp;&nbsp; 7016 |
| 6.25%, 2/15/2032 (a) | &nbsp;&nbsp; 2167 | &nbsp;&nbsp; 2184 |
| PPL Capital Funding, Inc. Series A, <br> (3-MONTH CME TERM SOFR + 2.93%), <br> 7.23%, 3/30/2067 (d)<br>| &nbsp;&nbsp; 7617 | &nbsp;&nbsp; 7446 |
| Prairie Acquiror LP 9.00%, 8/1/2029 (a) | &nbsp;&nbsp; 1057 | &nbsp;&nbsp; 1065 |
| Prestige Brands, Inc. |  |  |
| 5.13%, 1/15/2028 (a) | &nbsp;&nbsp; 282 | &nbsp;&nbsp; 280 |
| 3.75%, 4/1/2031 (a) | &nbsp;&nbsp; 1071 | &nbsp;&nbsp; 967 |
| Prime Security Services Borrower LLC |  |  |
| 5.75%, 4/15/2026 (a) | &nbsp;&nbsp; 6073 | &nbsp;&nbsp; 6067 |
| 3.38%, 8/31/2027 (a) | &nbsp;&nbsp; 1981 | &nbsp;&nbsp; 1889 |
| Primo Water Holdings, Inc. |  |  |
| 6.25%, 4/1/2029 (a) | &nbsp;&nbsp; 2758 | &nbsp;&nbsp; 2743 |
| 4.38%, 4/30/2029 (a) | &nbsp;&nbsp; 315 | &nbsp;&nbsp; 299 |
| Prudential Financial, Inc. |  |  |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 3.16%), 5.13%, 3/1/2052 (d)<br>| &nbsp;&nbsp; 3169 | &nbsp;&nbsp; 2978 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 3.23%), 6.00%, 9/1/2052 (d)<br>| &nbsp;&nbsp; 286 | &nbsp;&nbsp; 284 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 2.85%), 6.75%, 3/1/2053 (d)<br>| &nbsp;&nbsp; 3054 | &nbsp;&nbsp; 3135 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 2.40%), 6.50%, 3/15/2054 (d)<br>| &nbsp;&nbsp; 2743 | &nbsp;&nbsp; 2752 |
| Quikrete Holdings, Inc. 6.38%, <br> 3/1/2032 (a)<br>| &nbsp;&nbsp; 6184 | &nbsp;&nbsp; 6219 |
| QVC, Inc. 6.88%, 4/15/2029 (a) | &nbsp;&nbsp; 43 | &nbsp;&nbsp; 29 |
| Qwest Corp. 7.25%, 9/15/2025 | &nbsp;&nbsp; 325 | &nbsp;&nbsp; 324 |
| Radiology Partners, Inc. 7.78% (Blend <br> (Cash 4.28% + PIK 3.50%)), <br> 1/31/2029 (a) (c) (i)<br>| &nbsp;&nbsp; 2360 | &nbsp;&nbsp; 2277 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **United States — continued** | **United States — continued** | **United States — continued** |
| Range Resources Corp. |  |  |
| 4.88%, 5/15/2025 | &nbsp;&nbsp; 3190 | &nbsp;&nbsp; 3187 |
| 8.25%, 1/15/2029 | &nbsp;&nbsp; 3867 | &nbsp;&nbsp; 3960 |
| 4.75%, 2/15/2030 (a) | &nbsp;&nbsp; 252 | &nbsp;&nbsp; 238 |
| Raven Acquisition Holdings LLC 6.88%, <br> 11/15/2031 (a)<br>| &nbsp;&nbsp; 2240 | &nbsp;&nbsp; 2185 |
| Regal Rexnord Corp. |  |  |
| 6.05%, 4/15/2028 | &nbsp;&nbsp; 2162 | &nbsp;&nbsp; 2218 |
| 6.30%, 2/15/2030 | &nbsp;&nbsp; 1822 | &nbsp;&nbsp; 1882 |
| 6.40%, 4/15/2033 | &nbsp;&nbsp; 2552 | &nbsp;&nbsp; 2600 |
| Resideo Funding, Inc. 6.50%, <br> 7/15/2032 (a)<br>| &nbsp;&nbsp; 2896 | &nbsp;&nbsp; 2873 |
| RHP Hotel Properties LP, REIT |  |  |
| 4.75%, 10/15/2027 | &nbsp;&nbsp; 7265 | &nbsp;&nbsp; 7129 |
| 7.25%, 7/15/2028 (a) | &nbsp;&nbsp; 929 | &nbsp;&nbsp; 955 |
| 4.50%, 2/15/2029 (a) | &nbsp;&nbsp; 7243 | &nbsp;&nbsp; 6931 |
| 6.50%, 4/1/2032 (a) | &nbsp;&nbsp; 3195 | &nbsp;&nbsp; 3184 |
| RingCentral, Inc. 8.50%, 8/15/2030 (a) | &nbsp;&nbsp; 3717 | &nbsp;&nbsp; 3908 |
| Rite Aid Corp. |  |  |
| 8.00%, 10/18/2024 ‡ | &nbsp;&nbsp; 2765 | &nbsp;&nbsp; — |
| 7.50%, 7/1/2025 ‡ (j) | &nbsp;&nbsp; 3803 | &nbsp;&nbsp; — |
| 8.00%, 11/15/2026 ‡ (j) | &nbsp;&nbsp; 6024 | &nbsp;&nbsp; — |
| (3-MONTH CME TERM SOFR + 7.00%), <br> 11.32% (PIK), 8/30/2031 ‡ (a) (d) <br> (i)<br>| &nbsp;&nbsp; 1027 | &nbsp;&nbsp; — |
| 15.00% (PIK), 8/30/2031 ‡ (i) | &nbsp;&nbsp; 4375 | &nbsp;&nbsp; — |
| Rocket Mortgage LLC |  |  |
| 2.88%, 10/15/2026 (a) | &nbsp;&nbsp; 2759 | &nbsp;&nbsp; 2663 |
| 3.63%, 3/1/2029 (a) | &nbsp;&nbsp; 3048 | &nbsp;&nbsp; 2835 |
| 4.00%, 10/15/2033 (a) | &nbsp;&nbsp; 466 | &nbsp;&nbsp; 403 |
| Rockies Express Pipeline LLC |  |  |
| 4.80%, 5/15/2030 (a) | &nbsp;&nbsp; 1170 | &nbsp;&nbsp; 1096 |
| 6.75%, 3/15/2033 (a) | &nbsp;&nbsp; 1396 | &nbsp;&nbsp; 1418 |
| Royal Caribbean Cruises Ltd. |  |  |
| 5.63%, 9/30/2031 (a) | &nbsp;&nbsp; 2372 | &nbsp;&nbsp; 2354 |
| 6.25%, 3/15/2032 (a) | &nbsp;&nbsp; 5835 | &nbsp;&nbsp; 5922 |
| 6.00%, 2/1/2033 (a) | &nbsp;&nbsp; 4021 | &nbsp;&nbsp; 4032 |
| RXO, Inc. 7.50%, 11/15/2027 (a) | &nbsp;&nbsp; 2956 | &nbsp;&nbsp; 3005 |
| Sabine Pass Liquefaction LLC 5.88%, <br> 6/30/2026<br>| &nbsp;&nbsp; 212 | &nbsp;&nbsp; 214 |
| Saks Global Enterprises LLC 11.00%, <br> 12/15/2029 (a)<br>| &nbsp;&nbsp; 2069 | &nbsp;&nbsp; 1255 |
| SBA Communications Corp., REIT |  |  |
| 3.88%, 2/15/2027 | &nbsp;&nbsp; 1140 | &nbsp;&nbsp; 1115 |
| 3.13%, 2/1/2029 | &nbsp;&nbsp; 1040 | &nbsp;&nbsp; 964 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

52 J.P. Morgan Funds April 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| Scotts Miracle-Gro Co. (The) |  |  |
| 5.25%, 12/15/2026 | &nbsp;&nbsp; 2180 | &nbsp;&nbsp; 2157 |
| 4.50%, 10/15/2029 | &nbsp;&nbsp; 3957 | &nbsp;&nbsp; 3690 |
| 4.00%, 4/1/2031 | &nbsp;&nbsp; 2829 | &nbsp;&nbsp; 2478 |
| 4.38%, 2/1/2032 | &nbsp;&nbsp; 4777 | &nbsp;&nbsp; 4162 |
| Scripps Escrow, Inc. 5.88%, <br> 7/15/2027 (a)<br>| &nbsp;&nbsp; 2582 | &nbsp;&nbsp; 2045 |
| Seagate HDD Cayman |  |  |
| 8.25%, 12/15/2029 | &nbsp;&nbsp; 2385 | &nbsp;&nbsp; 2557 |
| 8.50%, 7/15/2031 | &nbsp;&nbsp; 565 | &nbsp;&nbsp; 604 |
| Sempra |  |  |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 4.55%), 4.88%, 10/15/2025 (d) <br> (f) (g)<br>| &nbsp;&nbsp; 5542 | &nbsp;&nbsp; 5468 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 2.87%), 4.13%, 4/1/2052 (d)<br>| &nbsp;&nbsp; 1453 | &nbsp;&nbsp; 1331 |
| Sensata Technologies BV |  |  |
| 4.00%, 4/15/2029 (a) | &nbsp;&nbsp; 5555 | &nbsp;&nbsp; 5110 |
| 5.88%, 9/1/2030 (a) | &nbsp;&nbsp; 2070 | &nbsp;&nbsp; 2015 |
| Sensata Technologies, Inc. |  |  |
| 3.75%, 2/15/2031 (a) (c) | &nbsp;&nbsp; 878 | &nbsp;&nbsp; 767 |
| 6.63%, 7/15/2032 (a) | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 396 |
| Service Corp. International |  |  |
| 7.50%, 4/1/2027 | &nbsp;&nbsp; 2735 | &nbsp;&nbsp; 2800 |
| 4.63%, 12/15/2027 | &nbsp;&nbsp; 197 | &nbsp;&nbsp; 194 |
| 5.13%, 6/1/2029 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 10 |
| 3.38%, 8/15/2030 | &nbsp;&nbsp; 2353 | &nbsp;&nbsp; 2107 |
| 4.00%, 5/15/2031 | &nbsp;&nbsp; 915 | &nbsp;&nbsp; 835 |
| Shift4 Payments LLC 6.75%, <br> 8/15/2032 (a)<br>| &nbsp;&nbsp; 2401 | &nbsp;&nbsp; 2435 |
| Shutterfly Finance LLC |  |  |
| 8.50% (Blend (Cash 4.25% + PIK <br> 4.25%)), 10/1/2027 (a) (i)<br>| &nbsp;&nbsp; 10358 | &nbsp;&nbsp; 8763 |
| 9.75%, 10/1/2027 (a) | &nbsp;&nbsp; 1580 | &nbsp;&nbsp; 1572 |
| Sinclair Television Group, Inc. |  |  |
| 5.13%, 2/15/2027 (a) | &nbsp;&nbsp; 2890 | &nbsp;&nbsp; 2695 |
| 5.50%, 3/1/2030 (a) (c) | &nbsp;&nbsp; 684 | &nbsp;&nbsp; 492 |
| 8.13%, 2/15/2033 (a) | &nbsp;&nbsp; 1765 | &nbsp;&nbsp; 1747 |
| Sirius XM Radio LLC |  |  |
| 4.00%, 7/15/2028 (a) | &nbsp;&nbsp; 22830 | &nbsp;&nbsp; 21477 |
| 5.50%, 7/1/2029 (a) | &nbsp;&nbsp; 11185 | &nbsp;&nbsp; 10890 |
| 3.88%, 9/1/2031 (a) (c) | &nbsp;&nbsp; 81 | &nbsp;&nbsp; 70 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **United States — continued** | **United States — continued** | **United States — continued** |
| Six Flags Entertainment Corp. |  |  |
| 7.00%, 7/1/2025 (a) | &nbsp;&nbsp; 384 | &nbsp;&nbsp; 384 |
| 5.38%, 4/15/2027 | &nbsp;&nbsp; 2150 | &nbsp;&nbsp; 2140 |
| 5.25%, 7/15/2029 | &nbsp;&nbsp; 2230 | &nbsp;&nbsp; 2120 |
| 7.25%, 5/15/2031 (a) | &nbsp;&nbsp; 2398 | &nbsp;&nbsp; 2431 |
| 6.63%, 5/1/2032 (a) | &nbsp;&nbsp; 4614 | &nbsp;&nbsp; 4655 |
| SM Energy Co. |  |  |
| 6.75%, 9/15/2026 | &nbsp;&nbsp; 2398 | &nbsp;&nbsp; 2376 |
| 6.63%, 1/15/2027 | &nbsp;&nbsp; 3335 | &nbsp;&nbsp; 3277 |
| 6.50%, 7/15/2028 | &nbsp;&nbsp; 1787 | &nbsp;&nbsp; 1713 |
| 6.75%, 8/1/2029 (a) | &nbsp;&nbsp; 2043 | &nbsp;&nbsp; 1907 |
| 7.00%, 8/1/2032 (a) (c) | &nbsp;&nbsp; 1749 | &nbsp;&nbsp; 1612 |
| Smyrna Ready Mix Concrete LLC 8.88%, <br> 11/15/2031 (a)<br>| &nbsp;&nbsp; 2140 | &nbsp;&nbsp; 2196 |
| Snap, Inc. 6.88%, 3/1/2033 (a) | &nbsp;&nbsp; 1019 | &nbsp;&nbsp; 1018 |
| Somnigroup International, Inc. |  |  |
| 4.00%, 4/15/2029 (a) | &nbsp;&nbsp; 7570 | &nbsp;&nbsp; 7028 |
| 3.88%, 10/15/2031 (a) | &nbsp;&nbsp; 2990 | &nbsp;&nbsp; 2625 |
| Sonic Automotive, Inc. |  |  |
| 4.63%, 11/15/2029 (a) (c) | &nbsp;&nbsp; 4036 | &nbsp;&nbsp; 3786 |
| 4.88%, 11/15/2031 (a) (c) | &nbsp;&nbsp; 3449 | &nbsp;&nbsp; 3149 |
| Sotera Health Holdings LLC 7.38%, <br> 6/1/2031 (a)<br>| &nbsp;&nbsp; 2502 | &nbsp;&nbsp; 2566 |
| Southern Co. (The) |  |  |
| Series 21-A, (US Treasury Yield Curve <br> Rate T Note Constant Maturity 5 Year <br> + 2.92%), 3.75%, 9/15/2051 (d)<br>| &nbsp;&nbsp; 2900 | &nbsp;&nbsp; 2808 |
| Series 2025, (US Treasury Yield Curve <br> Rate T Note Constant Maturity 5 Year <br> + 2.07%), 6.38%, 3/15/2055 (d)<br>| &nbsp;&nbsp; 1174 | &nbsp;&nbsp; 1196 |
| Spectrum Brands, Inc. 3.88%, <br> 3/15/2031 (a)<br>| &nbsp;&nbsp; 729 | &nbsp;&nbsp; 602 |
| Spirit AeroSystems, Inc. 9.38%, <br> 11/30/2029 (a)<br>| &nbsp;&nbsp; 2541 | &nbsp;&nbsp; 2704 |
| SS&C Technologies, Inc. |  |  |
| 5.50%, 9/30/2027 (a) | &nbsp;&nbsp; 10578 | &nbsp;&nbsp; 10526 |
| 6.50%, 6/1/2032 (a) | &nbsp;&nbsp; 705 | &nbsp;&nbsp; 715 |
| Stagwell Global LLC 5.63%, <br> 8/15/2029 (a)<br>| &nbsp;&nbsp; 5221 | &nbsp;&nbsp; 4927 |
| Standard Building Solutions, Inc. 6.50%, <br> 8/15/2032 (a)<br>| &nbsp;&nbsp; 4629 | &nbsp;&nbsp; 4687 |
| Standard Industries, Inc. |  |  |
| 5.00%, 2/15/2027 (a) | &nbsp;&nbsp; 1647 | &nbsp;&nbsp; 1635 |
| 4.75%, 1/15/2028 (a) | &nbsp;&nbsp; 6985 | &nbsp;&nbsp; 6836 |
| 4.38%, 7/15/2030 (a) | &nbsp;&nbsp; 215 | &nbsp;&nbsp; 201 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Funds 53

------

JPMorgan Income Builder Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| Staples, Inc. |  |  |
| 10.75%, 9/1/2029 (a) | &nbsp;&nbsp; 9155 | &nbsp;&nbsp; 7932 |
| 12.75%, 1/15/2030 (a) | &nbsp;&nbsp; 5152 | &nbsp;&nbsp; 2997 |
| Starwood Property Trust, Inc., REIT <br> 7.25%, 4/1/2029 (a)<br>| &nbsp;&nbsp; 1222 | &nbsp;&nbsp; 1267 |
| State Street Corp. |  |  |
| Series I, (US Treasury Yield Curve Rate <br> T Note Constant Maturity 5 Year + <br> 2.61%), 6.70%, 3/15/2029 (d) (f) <br> (g)<br>| &nbsp;&nbsp; 8012 | &nbsp;&nbsp; 8040 |
| Series J, (US Treasury Yield Curve Rate <br> T Note Constant Maturity 5 Year + <br> 2.63%), 6.70%, 9/15/2029 (d) (f) <br> (g)<br>| &nbsp;&nbsp; 3100 | &nbsp;&nbsp; 3113 |
| (SOFR + 1.57%), 4.82%, <br> 1/26/2034 (d)<br>| &nbsp;&nbsp; 464 | &nbsp;&nbsp; 456 |
| Stryker Corp. 4.85%, 2/10/2030 | &nbsp;&nbsp; 1005 | &nbsp;&nbsp; 1019 |
| Sunoco LP |  |  |
| 5.88%, 3/15/2028 | &nbsp;&nbsp; 433 | &nbsp;&nbsp; 431 |
| 7.00%, 5/1/2029 (a) | &nbsp;&nbsp; 1157 | &nbsp;&nbsp; 1190 |
| 4.50%, 5/15/2029 | &nbsp;&nbsp; 2780 | &nbsp;&nbsp; 2634 |
| 4.50%, 4/30/2030 | &nbsp;&nbsp; 4232 | &nbsp;&nbsp; 3983 |
| Surgery Center Holdings, Inc. 7.25%, <br> 4/15/2032 (a) (c)<br>| &nbsp;&nbsp; 2300 | &nbsp;&nbsp; 2295 |
| Synaptics, Inc. 4.00%, 6/15/2029 (a) | &nbsp;&nbsp; 2089 | &nbsp;&nbsp; 1931 |
| Synopsys, Inc. 4.85%, 4/1/2030 | &nbsp;&nbsp; 875 | &nbsp;&nbsp; 885 |
| Take-Two Interactive Software, Inc. <br> 4.00%, 4/14/2032<br>| &nbsp;&nbsp; 7 | &nbsp;&nbsp; 7 |
| Tallgrass Energy Partners LP |  |  |
| 5.50%, 1/15/2028 (a) | &nbsp;&nbsp; 2575 | &nbsp;&nbsp; 2504 |
| 7.38%, 2/15/2029 (a) | &nbsp;&nbsp; 1583 | &nbsp;&nbsp; 1577 |
| 6.00%, 12/31/2030 (a) | &nbsp;&nbsp; 1933 | &nbsp;&nbsp; 1800 |
| 6.00%, 9/1/2031 (a) | &nbsp;&nbsp; 5087 | &nbsp;&nbsp; 4690 |
| Targa Resources Partners LP |  |  |
| 6.50%, 7/15/2027 | &nbsp;&nbsp; 4000 | &nbsp;&nbsp; 4016 |
| 6.88%, 1/15/2029 | &nbsp;&nbsp; 1906 | &nbsp;&nbsp; 1946 |
| TEGNA, Inc. |  |  |
| 4.75%, 3/15/2026 (a) | &nbsp;&nbsp; 477 | &nbsp;&nbsp; 471 |
| 4.63%, 3/15/2028 | &nbsp;&nbsp; 1083 | &nbsp;&nbsp; 1035 |
| 5.00%, 9/15/2029 | &nbsp;&nbsp; 2149 | &nbsp;&nbsp; 2002 |
| Tenet Healthcare Corp. |  |  |
| 6.25%, 2/1/2027 | &nbsp;&nbsp; 5110 | &nbsp;&nbsp; 5107 |
| 5.13%, 11/1/2027 | &nbsp;&nbsp; 7215 | &nbsp;&nbsp; 7156 |
| 4.25%, 6/1/2029 | &nbsp;&nbsp; 1019 | &nbsp;&nbsp; 970 |
| 6.13%, 6/15/2030 | &nbsp;&nbsp; 6231 | &nbsp;&nbsp; 6252 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **United States — continued** | **United States — continued** | **United States — continued** |
| 6.75%, 5/15/2031 | &nbsp;&nbsp; 5404 | &nbsp;&nbsp; 5540 |
| Terex Corp. |  |  |
| 5.00%, 5/15/2029 (a) | &nbsp;&nbsp; 6259 | &nbsp;&nbsp; 5987 |
| 6.25%, 10/15/2032 (a) | &nbsp;&nbsp; 1903 | &nbsp;&nbsp; 1821 |
| T-Mobile USA, Inc. 2.25%, 11/15/2031 | &nbsp;&nbsp; 965 | &nbsp;&nbsp; 829 |
| TopBuild Corp. 4.13%, 2/15/2032 (a) | &nbsp;&nbsp; 429 | &nbsp;&nbsp; 386 |
| TransDigm, Inc. |  |  |
| 6.38%, 3/1/2029 (a) | &nbsp;&nbsp; 5016 | &nbsp;&nbsp; 5110 |
| 6.63%, 3/1/2032 (a) | &nbsp;&nbsp; 3132 | &nbsp;&nbsp; 3208 |
| Transocean Poseidon Ltd. 6.88%, <br> 2/1/2027 (a)<br>| &nbsp;&nbsp; 1263 | &nbsp;&nbsp; 1254 |
| Transocean Titan Financing Ltd. 8.38%, <br> 2/1/2028 (a)<br>| &nbsp;&nbsp; 865 | &nbsp;&nbsp; 857 |
| Transocean, Inc. 8.75%, 2/15/2030 (a) | &nbsp;&nbsp; 1085 | &nbsp;&nbsp; 1060 |
| TriMas Corp. 4.13%, 4/15/2029 (a) | &nbsp;&nbsp; 4505 | &nbsp;&nbsp; 4215 |
| TriNet Group, Inc. 7.13%, 8/15/2031 (a) | &nbsp;&nbsp; 2095 | &nbsp;&nbsp; 2132 |
| Trinity Industries, Inc. 7.75%, <br> 7/15/2028 (a)<br>| &nbsp;&nbsp; 2548 | &nbsp;&nbsp; 2627 |
| Trinseo Luxco Finance SPV Sarl 7.63% <br> (Blend (Cash 5.13% + PIK 2.50%)), <br> 5/3/2029 (a) (i)<br>| &nbsp;&nbsp; 2808 | &nbsp;&nbsp; 1657 |
| Triumph Group, Inc. 9.00%, <br> 3/15/2028 (a)<br>| &nbsp;&nbsp; 1215 | &nbsp;&nbsp; 1275 |
| Truist Financial Corp. |  |  |
| Series N, (US Treasury Yield Curve Rate <br> T Note Constant Maturity 5 Year + <br> 3.00%), 6.67%, 9/1/2025 (d) (f) <br> (g)<br>| &nbsp;&nbsp; 2651 | &nbsp;&nbsp; 2604 |
| Series M, (3-MONTH CME TERM SOFR + <br> 3.05%), 5.13%, 12/15/2027 (d) <br> (f) (g)<br>| &nbsp;&nbsp; 2018 | &nbsp;&nbsp; 1928 |
| (SOFR + 1.62%), 5.44%, <br> 1/24/2030 (d)<br>| &nbsp;&nbsp; 393 | &nbsp;&nbsp; 402 |
| Series Q, (US Treasury Yield Curve Rate <br> T Note Constant Maturity 10 Year + <br> 4.35%), 5.10%, 3/1/2030 (d) (f) <br> (g)<br>| &nbsp;&nbsp; 6957 | &nbsp;&nbsp; 6661 |
| (SOFR + 1.92%), 5.71%, <br> 1/24/2035 (d)<br>| &nbsp;&nbsp; 979 | &nbsp;&nbsp; 996 |
| UDR, Inc., REIT |  |  |
| 3.20%, 1/15/2030 | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 34 |
| 3.00%, 8/15/2031 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 8 |
| United Rentals North America, Inc. |  |  |
| 5.50%, 5/15/2027 | &nbsp;&nbsp; 6701 | &nbsp;&nbsp; 6688 |
| 3.88%, 2/15/2031 | &nbsp;&nbsp; 2265 | &nbsp;&nbsp; 2068 |
| 6.13%, 3/15/2034 (a) | &nbsp;&nbsp; 3642 | &nbsp;&nbsp; 3681 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

54 J.P. Morgan Funds April 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| United States Cellular Corp. 6.70%, <br> 12/15/2033<br>| &nbsp;&nbsp; 2500 | &nbsp;&nbsp; 2706 |
| United States Steel Corp. 6.88%, <br> 3/1/2029<br>| &nbsp;&nbsp; 211 | &nbsp;&nbsp; 212 |
| Univision Communications, Inc. |  |  |
| 8.00%, 8/15/2028 (a) | &nbsp;&nbsp; 5892 | &nbsp;&nbsp; 5723 |
| 7.38%, 6/30/2030 (a) | &nbsp;&nbsp; 4022 | &nbsp;&nbsp; 3663 |
| US Bancorp |  |  |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 2.54%), 3.70%, 1/15/2027 (d) (f) <br> (g)<br>| &nbsp;&nbsp; 8601 | &nbsp;&nbsp; 8035 |
| Series J, (3-MONTH CME TERM SOFR + <br> 3.18%), 5.30%, 4/15/2027 (d) (f) <br> (g)<br>| &nbsp;&nbsp; 1216 | &nbsp;&nbsp; 1182 |
| (SOFR + 1.56%), 5.38%, <br> 1/23/2030 (d)<br>| &nbsp;&nbsp; 82 | &nbsp;&nbsp; 84 |
| (SOFR + 1.02%), 2.68%, <br> 1/27/2033 (d)<br>| &nbsp;&nbsp; 915 | &nbsp;&nbsp; 788 |
| (SOFR + 1.86%), 5.68%, <br> 1/23/2035 (d)<br>| &nbsp;&nbsp; 810 | &nbsp;&nbsp; 825 |
| US Foods, Inc. 6.88%, 9/15/2028 (a) | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 1230 |
| Vail Resorts, Inc. 6.50%, 5/15/2032 (a) | &nbsp;&nbsp; 1735 | &nbsp;&nbsp; 1757 |
| Valaris Ltd. 8.38%, 4/30/2030 (a) | &nbsp;&nbsp; 1769 | &nbsp;&nbsp; 1658 |
| Ventas Realty LP, REIT 4.00%, 3/1/2028 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 22 |
| Venture Global LNG, Inc. |  |  |
| 8.13%, 6/1/2028 (a) | &nbsp;&nbsp; 4292 | &nbsp;&nbsp; 4262 |
| 9.50%, 2/1/2029 (a) | &nbsp;&nbsp; 1315 | &nbsp;&nbsp; 1363 |
| 7.00%, 1/15/2030 (a) | &nbsp;&nbsp; 2798 | &nbsp;&nbsp; 2636 |
| 8.38%, 6/1/2031 (a) | &nbsp;&nbsp; 1985 | &nbsp;&nbsp; 1914 |
| 9.88%, 2/1/2032 (a) | &nbsp;&nbsp; 3640 | &nbsp;&nbsp; 3696 |
| Venture Global Plaquemines LNG LLC |  |  |
| 7.50%, 5/1/2033 (a) | &nbsp;&nbsp; 690 | &nbsp;&nbsp; 708 |
| 7.75%, 5/1/2035 (a) | &nbsp;&nbsp; 690 | &nbsp;&nbsp; 709 |
| VICI Properties LP, REIT |  |  |
| 5.75%, 2/1/2027 (a) | &nbsp;&nbsp; 4882 | &nbsp;&nbsp; 4935 |
| 4.63%, 12/1/2029 (a) | &nbsp;&nbsp; 4688 | &nbsp;&nbsp; 4553 |
| Vistra Corp. (US Treasury Yield Curve Rate <br> T Note Constant Maturity 5 Year + <br> 5.74%), 7.00%, 12/15/2026 (a) (d) <br> (f) (g)<br>| &nbsp;&nbsp; 1472 | &nbsp;&nbsp; 1487 |
| Vistra Operations Co. LLC |  |  |
| 5.50%, 9/1/2026 (a) | &nbsp;&nbsp; 166 | &nbsp;&nbsp; 166 |
| 5.63%, 2/15/2027 (a) | &nbsp;&nbsp; 7310 | &nbsp;&nbsp; 7305 |
| 5.00%, 7/31/2027 (a) | &nbsp;&nbsp; 86 | &nbsp;&nbsp; 85 |
| 4.38%, 5/1/2029 (a) | &nbsp;&nbsp; 1606 | &nbsp;&nbsp; 1544 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **United States — continued** | **United States — continued** | **United States — continued** |
| 7.75%, 10/15/2031 (a) | &nbsp;&nbsp; 5689 | &nbsp;&nbsp; 6015 |
| 6.88%, 4/15/2032 (a) | &nbsp;&nbsp; 2128 | &nbsp;&nbsp; 2204 |
| Vital Energy, Inc. 7.88%, 4/15/2032 (a) <br> (c)<br>| &nbsp;&nbsp; 2245 | &nbsp;&nbsp; 1744 |
| VMware LLC 2.20%, 8/15/2031 | &nbsp;&nbsp; 63 | &nbsp;&nbsp; 54 |
| Wabash National Corp. 4.50%, <br> 10/15/2028 (a)<br>| &nbsp;&nbsp; 3500 | &nbsp;&nbsp; 2947 |
| Wand NewCo 3, Inc. 7.63%, <br> 1/30/2032 (a)<br>| &nbsp;&nbsp; 2335 | &nbsp;&nbsp; 2405 |
| Warnermedia Holdings, Inc. 4.28%, <br> 3/15/2032<br>| &nbsp;&nbsp; 109 | &nbsp;&nbsp; 93 |
| Wayfair LLC |  |  |
| 7.25%, 10/31/2029 (a) | &nbsp;&nbsp; 1166 | &nbsp;&nbsp; 1065 |
| 7.75%, 9/15/2030 (a) | &nbsp;&nbsp; 2876 | &nbsp;&nbsp; 2624 |
| Weekley Homes LLC 4.88%, <br> 9/15/2028 (a)<br>| &nbsp;&nbsp; 599 | &nbsp;&nbsp; 560 |
| Wells Fargo & Co. |  |  |
| Series BB, (US Treasury Yield Curve <br> Rate T Note Constant Maturity 5 Year <br> + 3.45%), 3.90%, 3/15/2026 (d) <br> (f) (g)<br>| &nbsp;&nbsp; 10146 | &nbsp;&nbsp; 9965 |
| (SOFR + 1.51%), 3.53%, <br> 3/24/2028 (d)<br>| &nbsp;&nbsp; 983 | &nbsp;&nbsp; 967 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 3.61%), 7.63%, 9/15/2028 (d) (f) <br> (g)<br>| &nbsp;&nbsp; 2541 | &nbsp;&nbsp; 2675 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 2.77%), 6.85%, 9/15/2029 (d) (f) <br> (g)<br>| &nbsp;&nbsp; 3896 | &nbsp;&nbsp; 3938 |
| (SOFR + 1.50%), 5.20%, <br> 1/23/2030 (d)<br>| &nbsp;&nbsp; 556 | &nbsp;&nbsp; 567 |
| (SOFR + 2.10%), 4.90%, <br> 7/25/2033 (d)<br>| &nbsp;&nbsp; 464 | &nbsp;&nbsp; 456 |
| (SOFR + 2.02%), 5.39%, <br> 4/24/2034 (d)<br>| &nbsp;&nbsp; 269 | &nbsp;&nbsp; 270 |
| (SOFR + 1.78%), 5.50%, <br> 1/23/2035 (d)<br>| &nbsp;&nbsp; 464 | &nbsp;&nbsp; 468 |
| Wesco Aircraft Holdings, Inc. 9.00%, <br> 11/15/2026 ‡ (a) (c) (j)<br>| &nbsp;&nbsp; 8013 | &nbsp;&nbsp; 3366 |
| WESCO Distribution, Inc. |  |  |
| 7.25%, 6/15/2028 (a) | &nbsp;&nbsp; 3215 | &nbsp;&nbsp; 3258 |
| 6.38%, 3/15/2029 (a) | &nbsp;&nbsp; 6178 | &nbsp;&nbsp; 6260 |
| 6.63%, 3/15/2032 (a) | &nbsp;&nbsp; 3267 | &nbsp;&nbsp; 3323 |
| 6.38%, 3/15/2033 (a) | &nbsp;&nbsp; 1215 | &nbsp;&nbsp; 1229 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Funds 55

------

JPMorgan Income Builder Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| Williams Cos., Inc. (The) 2.60%, <br> 3/15/2031<br>| &nbsp;&nbsp; 19 | &nbsp;&nbsp; 17 |
| Williams Scotsman, Inc. |  |  |
| 6.63%, 6/15/2029 (a) | &nbsp;&nbsp; 1116 | &nbsp;&nbsp; 1131 |
| 6.63%, 4/15/2030 (a) | &nbsp;&nbsp; 648 | &nbsp;&nbsp; 660 |
| 7.38%, 10/1/2031 (a) | &nbsp;&nbsp; 2911 | &nbsp;&nbsp; 3019 |
| WMG Acquisition Corp. 3.75%, <br> 12/1/2029 (a)<br>| &nbsp;&nbsp; 4231 | &nbsp;&nbsp; 3912 |
| WP Carey, Inc., REIT |  |  |
| 2.40%, 2/1/2031 | &nbsp;&nbsp; 33 | &nbsp;&nbsp; 29 |
| 2.45%, 2/1/2032 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 6 |
| WR Grace Holdings LLC |  |  |
| 4.88%, 6/15/2027 (a) | &nbsp;&nbsp; 4453 | &nbsp;&nbsp; 4311 |
| 5.63%, 8/15/2029 (a) | &nbsp;&nbsp; 2806 | &nbsp;&nbsp; 2486 |
| Wynn Resorts Finance LLC |  |  |
| 5.13%, 10/1/2029 (a) | &nbsp;&nbsp; 6520 | &nbsp;&nbsp; 6286 |
| 7.13%, 2/15/2031 (a) | &nbsp;&nbsp; 925 | &nbsp;&nbsp; 954 |
| 6.25%, 3/15/2033 (a) (c) | &nbsp;&nbsp; 1858 | &nbsp;&nbsp; 1796 |
| Xerox Corp. 10.25%, 10/15/2030 (a) | &nbsp;&nbsp; 1355 | &nbsp;&nbsp; 1381 |
| Xerox Holdings Corp. |  |  |
| 5.50%, 8/15/2028 (a) | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 64 |
| 8.88%, 11/30/2029 (a) | &nbsp;&nbsp; 2419 | &nbsp;&nbsp; 1448 |
| XHR LP, REIT 4.88%, 6/1/2029 (a) | &nbsp;&nbsp; 1316 | &nbsp;&nbsp; 1237 |
| XPO, Inc. |  |  |
| 6.25%, 6/1/2028 (a) | &nbsp;&nbsp; 1845 | &nbsp;&nbsp; 1863 |
| 7.13%, 2/1/2032 (a) | &nbsp;&nbsp; 1640 | &nbsp;&nbsp; 1680 |
| Yum! Brands, Inc. |  |  |
| 4.63%, 1/31/2032 | &nbsp;&nbsp; 3147 | &nbsp;&nbsp; 2962 |
| 5.38%, 4/1/2032 | &nbsp;&nbsp; 64 | &nbsp;&nbsp; 63 |
| Ziff Davis, Inc. 4.63%, 10/15/2030 (a) | &nbsp;&nbsp; 309 | &nbsp;&nbsp; 273 |
|  |  | &nbsp;&nbsp; 2248301 |
| **Uzbekistan — 0.0% ^** | **Uzbekistan — 0.0% ^** | **Uzbekistan — 0.0% ^** |
| Jscb Agrobank 9.25%, 10/2/2029 (a) | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 718 |
| Navoi Mining & Metallurgical Combinat <br> 6.95%, 10/17/2031 (a)<br>| &nbsp;&nbsp; 940 | &nbsp;&nbsp; 945 |
| Uzbekneftegaz JSC 4.75%, <br> 11/16/2028 (a)<br>| &nbsp;&nbsp; 1350 | &nbsp;&nbsp; 1213 |
|  |  | &nbsp;&nbsp; 2876 |
| **Venezuela, Bolivarian Republic of — 0.0% ^** | **Venezuela, Bolivarian Republic of — 0.0% ^** | **Venezuela, Bolivarian Republic of — 0.0% ^** |
| Petroleos de Venezuela SA, 8.50%, <br> 10/27/2020 (b) (j)<br>| &nbsp;&nbsp; 619 | &nbsp;&nbsp; 576 |
| Total Corporate Bonds <br>(Cost $2,795,166)<br>|  | &nbsp;&nbsp; 2728618 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **SHARES** <br>**(000)**<br>| **VALUE** <br>**($000)**<br>|
| **Common Stocks — 31.7%** | **Common Stocks — 31.7%** | **Common Stocks — 31.7%** |
| **Australia — 0.5%** | **Australia — 0.5%** | **Australia — 0.5%** |
| AGL Energy Ltd. | &nbsp;&nbsp; 332 | &nbsp;&nbsp; 2265 |
| APA Group | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 82 |
| Atlas Arteria Ltd. | &nbsp;&nbsp; 217 | &nbsp;&nbsp; 718 |
| Bendigo & Adelaide Bank Ltd. | &nbsp;&nbsp; 96 | &nbsp;&nbsp; 686 |
| BHP Group Ltd. | &nbsp;&nbsp; 45 | &nbsp;&nbsp; 1071 |
| Dexus, REIT | &nbsp;&nbsp; 120 | &nbsp;&nbsp; 579 |
| Fortescue Ltd. | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 121 |
| Glencore plc | &nbsp;&nbsp; 325 | &nbsp;&nbsp; 1066 |
| IGO Ltd. | &nbsp;&nbsp; 52 | &nbsp;&nbsp; 132 |
| Insignia Financial Ltd. \* | &nbsp;&nbsp; 259 | &nbsp;&nbsp; 624 |
| JB Hi-Fi Ltd. | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 192 |
| Magellan Financial Group Ltd. | &nbsp;&nbsp; 37 | &nbsp;&nbsp; 182 |
| Metcash Ltd. | &nbsp;&nbsp; 341 | &nbsp;&nbsp; 703 |
| New Hope Corp. Ltd. | &nbsp;&nbsp; 114 | &nbsp;&nbsp; 267 |
| QBE Insurance Group Ltd. | &nbsp;&nbsp; 689 | &nbsp;&nbsp; 9522 |
| Region RE Ltd., REIT | &nbsp;&nbsp; 94 | &nbsp;&nbsp; 140 |
| Rio Tinto Ltd. | &nbsp;&nbsp; 87 | &nbsp;&nbsp; 6495 |
| Rio Tinto plc | &nbsp;&nbsp; 113 | &nbsp;&nbsp; 6736 |
| Sonic Healthcare Ltd. | &nbsp;&nbsp; 78 | &nbsp;&nbsp; 1304 |
| Telstra Group Ltd. | &nbsp;&nbsp; 323 | &nbsp;&nbsp; 931 |
| Woodside Energy Group Ltd. | &nbsp;&nbsp; 113 | &nbsp;&nbsp; 1468 |
| Woolworths Group Ltd. | &nbsp;&nbsp; 77 | &nbsp;&nbsp; 1564 |
| Yancoal Australia Ltd. | &nbsp;&nbsp; 79 | &nbsp;&nbsp; 251 |
|  |  | &nbsp;&nbsp; 37099 |
| **Austria — 0.2%** | **Austria — 0.2%** | **Austria — 0.2%** |
| ANDRITZ AG | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 666 |
| BAWAG Group AG (b) | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 1119 |
| Erste Group Bank AG | &nbsp;&nbsp; 110 | &nbsp;&nbsp; 7450 |
| OMV AG | &nbsp;&nbsp; 52 | &nbsp;&nbsp; 2653 |
| Strabag SE | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 96 |
|  |  | &nbsp;&nbsp; 11984 |
| **Belgium — 0.1%** | **Belgium — 0.1%** | **Belgium — 0.1%** |
| Ageas SA | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 1527 |
| KBC Group NV | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 1182 |
| Solvay SA | &nbsp;&nbsp; 46 | &nbsp;&nbsp; 1724 |
|  |  | &nbsp;&nbsp; 4433 |
| **Brazil — 0.2%** | **Brazil — 0.2%** | **Brazil — 0.2%** |
| B3 SA - Brasil Bolsa Balcao | &nbsp;&nbsp; 2504 | &nbsp;&nbsp; 5881 |
| Banco do Brasil SA | &nbsp;&nbsp; 775 | &nbsp;&nbsp; 3938 |
| Itau Unibanco Holding SA (Preference) | &nbsp;&nbsp; 431 | &nbsp;&nbsp; 2702 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

56 J.P. Morgan Funds April 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Brazil — continued** | **Brazil — continued** | **Brazil — continued** |
| Petroleo Brasileiro SA (Preference) | &nbsp;&nbsp; 557 | &nbsp;&nbsp; 2947 |
| TIM SA | &nbsp;&nbsp; 1018 | &nbsp;&nbsp; 3389 |
|  |  | &nbsp;&nbsp; 18857 |
| **Canada — 0.9%** | **Canada — 0.9%** | **Canada — 0.9%** |
| Agnico Eagle Mines Ltd. | &nbsp;&nbsp; 41 | &nbsp;&nbsp; 4836 |
| Bank of Nova Scotia (The) | &nbsp;&nbsp; 76 | &nbsp;&nbsp; 3798 |
| Barrick Gold Corp. | &nbsp;&nbsp; 182 | &nbsp;&nbsp; 3465 |
| BCE, Inc. | &nbsp;&nbsp; 107 | &nbsp;&nbsp; 2379 |
| Canadian Imperial Bank of Commerce | &nbsp;&nbsp; 68 | &nbsp;&nbsp; 4270 |
| Canadian Natural Resources Ltd. | &nbsp;&nbsp; 119 | &nbsp;&nbsp; 3414 |
| Enbridge, Inc. | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 4683 |
| Fortis, Inc. | &nbsp;&nbsp; 89 | &nbsp;&nbsp; 4435 |
| Great-West Lifeco, Inc. | &nbsp;&nbsp; 114 | &nbsp;&nbsp; 4424 |
| Hydro One Ltd. (b) | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 415 |
| Magna International, Inc. | &nbsp;&nbsp; 112 | &nbsp;&nbsp; 3906 |
| Manulife Financial Corp. | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 828 |
| Nutrien Ltd. | &nbsp;&nbsp; 82 | &nbsp;&nbsp; 4686 |
| Pembina Pipeline Corp. | &nbsp;&nbsp; 108 | &nbsp;&nbsp; 4138 |
| Power Corp. of Canada | &nbsp;&nbsp; 126 | &nbsp;&nbsp; 4772 |
| Restaurant Brands International, Inc. | &nbsp;&nbsp; 57 | &nbsp;&nbsp; 3693 |
| Suncor Energy, Inc. | &nbsp;&nbsp; 107 | &nbsp;&nbsp; 3772 |
| TC Energy Corp. | &nbsp;&nbsp; 92 | &nbsp;&nbsp; 4646 |
| Teck Resources Ltd., Class B | &nbsp;&nbsp; 45 | &nbsp;&nbsp; 1525 |
| TELUS Corp. | &nbsp;&nbsp; 211 | &nbsp;&nbsp; 3244 |
| Tourmaline Oil Corp. | &nbsp;&nbsp; 85 | &nbsp;&nbsp; 3749 |
|  |  | &nbsp;&nbsp; 75078 |
| **Chile — 0.0% ^** | **Chile — 0.0% ^** | **Chile — 0.0% ^** |
| Banco Santander Chile, ADR | &nbsp;&nbsp; 56 | &nbsp;&nbsp; 1350 |
| **China — 1.1%** | **China — 1.1%** | **China — 1.1%** |
| Alibaba Group Holding Ltd. | &nbsp;&nbsp; 711 | &nbsp;&nbsp; 10616 |
| China Mengniu Dairy Co. Ltd. | &nbsp;&nbsp; 1445 | &nbsp;&nbsp; 3599 |
| China Merchants Bank Co. Ltd., Class H | &nbsp;&nbsp; 903 | &nbsp;&nbsp; 4926 |
| China Petroleum & Chemical Corp., Class H | &nbsp;&nbsp; 4418 | &nbsp;&nbsp; 2255 |
| China Resources Gas Group Ltd. | &nbsp;&nbsp; 841 | &nbsp;&nbsp; 2349 |
| China Yangtze Power Co. Ltd., Class A | &nbsp;&nbsp; 760 | &nbsp;&nbsp; 3083 |
| ENN Energy Holdings Ltd. | &nbsp;&nbsp; 530 | &nbsp;&nbsp; 4185 |
| Fuyao Glass Industry Group Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 161 | &nbsp;&nbsp; 1284 |
| Fuyao Glass Industry Group Co. Ltd., <br> Class H (b)<br>| &nbsp;&nbsp; 659 | &nbsp;&nbsp; 4659 |
| Haidilao International Holding Ltd. (b) | &nbsp;&nbsp; 875 | &nbsp;&nbsp; 1970 |
| Haier Smart Home Co. Ltd., Class H | &nbsp;&nbsp; 1675 | &nbsp;&nbsp; 4862 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **China — continued** | **China — continued** | **China — continued** |
| Inner Mongolia Yili Industrial Group Co. <br> Ltd., Class A<br>| &nbsp;&nbsp; 1113 | &nbsp;&nbsp; 4558 |
| Lenovo Group Ltd. | &nbsp;&nbsp; 784 | &nbsp;&nbsp; 907 |
| Midea Group Co. Ltd., Class A | &nbsp;&nbsp; 528 | &nbsp;&nbsp; 5350 |
| NetEase, Inc. | &nbsp;&nbsp; 375 | &nbsp;&nbsp; 8059 |
| Ping An Insurance Group Co. of China Ltd., <br> Class H<br>| &nbsp;&nbsp; 713 | &nbsp;&nbsp; 4264 |
| Shenzhou International Group Holdings <br> Ltd.<br>| &nbsp;&nbsp; 418 | &nbsp;&nbsp; 2898 |
| Sinopharm Group Co. Ltd., Class H | &nbsp;&nbsp; 1310 | &nbsp;&nbsp; 3086 |
| Tencent Holdings Ltd. | &nbsp;&nbsp; 160 | &nbsp;&nbsp; 9825 |
| Tingyi Cayman Islands Holding Corp. | &nbsp;&nbsp; 1218 | &nbsp;&nbsp; 2200 |
| Wilmar International Ltd. | &nbsp;&nbsp; 160 | &nbsp;&nbsp; 374 |
| Wuliangye Yibin Co. Ltd., Class A | &nbsp;&nbsp; 73 | &nbsp;&nbsp; 1293 |
| Zhejiang Supor Co. Ltd., Class A | &nbsp;&nbsp; 211 | &nbsp;&nbsp; 1636 |
|  |  | &nbsp;&nbsp; 88238 |
| **Denmark — 0.1%** | **Denmark — 0.1%** | **Denmark — 0.1%** |
| Danske Bank A/S | &nbsp;&nbsp; 240 | &nbsp;&nbsp; 8432 |
| Pandora A/S | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 1349 |
| Sydbank A/S | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 1123 |
|  |  | &nbsp;&nbsp; 10904 |
| **Finland — 0.4%** | **Finland — 0.4%** | **Finland — 0.4%** |
| Fortum OYJ | &nbsp;&nbsp; 59 | &nbsp;&nbsp; 992 |
| Kemira OYJ | &nbsp;&nbsp; 68 | &nbsp;&nbsp; 1404 |
| Kone OYJ, Class B | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 1115 |
| Konecranes OYJ | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 781 |
| Mandatum OYJ | &nbsp;&nbsp; 135 | &nbsp;&nbsp; 955 |
| Nokia OYJ | &nbsp;&nbsp; 496 | &nbsp;&nbsp; 2481 |
| Nordea Bank Abp | &nbsp;&nbsp; 688 | &nbsp;&nbsp; 9534 |
| Nordea Bank Abp | &nbsp;&nbsp; 314 | &nbsp;&nbsp; 4307 |
| Orion OYJ, Class B | &nbsp;&nbsp; 56 | &nbsp;&nbsp; 3485 |
| UPM-Kymmene OYJ | &nbsp;&nbsp; 238 | &nbsp;&nbsp; 6295 |
| Wartsila OYJ Abp | &nbsp;&nbsp; 73 | &nbsp;&nbsp; 1355 |
|  |  | &nbsp;&nbsp; 32704 |
| **France — 1.5%** | **France — 1.5%** | **France — 1.5%** |
| Accor SA | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 1265 |
| Air Liquide SA | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 1719 |
| Amundi SA (b) | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 1176 |
| AXA SA \* | &nbsp;&nbsp; 79 | &nbsp;&nbsp; 3726 |
| Ayvens SA (b) | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 215 |
| Bouygues SA \* | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 630 |
| Capgemini SE | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 1151 |
| Carrefour SA | &nbsp;&nbsp; 132 | &nbsp;&nbsp; 2030 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Funds 57

------

JPMorgan Income Builder Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **France — continued** | **France — continued** | **France — continued** |
| Cie de Saint-Gobain SA | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 2919 |
| Cie Generale des Etablissements Michelin <br> SCA<br>| &nbsp;&nbsp; 385 | &nbsp;&nbsp; 14077 |
| Coface SA | &nbsp;&nbsp; 58 | &nbsp;&nbsp; 1181 |
| Covivio SA, REIT | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 1528 |
| Danone SA | &nbsp;&nbsp; 58 | &nbsp;&nbsp; 4983 |
| Eiffage SA | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 1669 |
| Engie SA | &nbsp;&nbsp; 744 | &nbsp;&nbsp; 15385 |
| FDJ UNITED (b) | &nbsp;&nbsp; 40 | &nbsp;&nbsp; 1441 |
| Gaztransport Et Technigaz SA | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 1473 |
| Klepierre SA, REIT | &nbsp;&nbsp; 161 | &nbsp;&nbsp; 5909 |
| LVMH Moet Hennessy Louis Vuitton SE | &nbsp;&nbsp; 37 | &nbsp;&nbsp; 20431 |
| Orange SA | &nbsp;&nbsp; 256 | &nbsp;&nbsp; 3710 |
| Pernod Ricard SA | &nbsp;&nbsp; 62 | &nbsp;&nbsp; 6735 |
| Publicis Groupe SA | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 2203 |
| Rubis SCA | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 903 |
| Safran SA | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 2992 |
| TotalEnergies SE | &nbsp;&nbsp; 122 | &nbsp;&nbsp; 6921 |
| Unibail-Rodamco-Westfield, REIT | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 1304 |
| Vallourec SACA \* | &nbsp;&nbsp; 62 | &nbsp;&nbsp; 1138 |
| Vinci SA | &nbsp;&nbsp; 106 | &nbsp;&nbsp; 14895 |
| Vivendi SE | &nbsp;&nbsp; 115 | &nbsp;&nbsp; 357 |
|  |  | &nbsp;&nbsp; 124066 |
| **Germany — 1.5%** | **Germany — 1.5%** | **Germany — 1.5%** |
| Allianz SE (Registered) | &nbsp;&nbsp; 46 | &nbsp;&nbsp; 19129 |
| BASF SE \* | &nbsp;&nbsp; 81 | &nbsp;&nbsp; 4115 |
| Bilfinger SE | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 1727 |
| Commerzbank AG | &nbsp;&nbsp; 73 | &nbsp;&nbsp; 1922 |
| Daimler Truck Holding AG | &nbsp;&nbsp; 37 | &nbsp;&nbsp; 1488 |
| Deutsche Boerse AG | &nbsp;&nbsp; 38 | &nbsp;&nbsp; 12178 |
| Deutsche Post AG | &nbsp;&nbsp; 46 | &nbsp;&nbsp; 1963 |
| Deutsche Telekom AG (Registered) | &nbsp;&nbsp; 401 | &nbsp;&nbsp; 14415 |
| E.ON SE | &nbsp;&nbsp; 143 | &nbsp;&nbsp; 2508 |
| Evonik Industries AG | &nbsp;&nbsp; 77 | &nbsp;&nbsp; 1725 |
| Freenet AG | &nbsp;&nbsp; 54 | &nbsp;&nbsp; 2244 |
| Heidelberg Materials AG | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 2993 |
| HOCHTIEF AG | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 2151 |
| LEG Immobilien SE | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 528 |
| Mercedes-Benz Group AG | &nbsp;&nbsp; 66 | &nbsp;&nbsp; 3913 |
| Muenchener Rueckversicherungs-<br> Gesellschaft AG (Registered) \*<br>| &nbsp;&nbsp; 33 | &nbsp;&nbsp; 22390 |
| SAP SE | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 10587 |
| Siemens AG (Registered) | &nbsp;&nbsp; 49 | &nbsp;&nbsp; 11361 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Germany — continued** | **Germany — continued** | **Germany — continued** |
| Volkswagen AG (Preference) | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 1740 |
| Vonovia SE | &nbsp;&nbsp; 60 | &nbsp;&nbsp; 1984 |
|  |  | &nbsp;&nbsp; 121061 |
| **Greece — 0.1%** | **Greece — 0.1%** | **Greece — 0.1%** |
| National Bank of Greece SA | &nbsp;&nbsp; 487 | &nbsp;&nbsp; 5169 |
| **Guatemala — 0.0% ^** | **Guatemala — 0.0% ^** | **Guatemala — 0.0% ^** |
| Millicom International Cellular SA | &nbsp;&nbsp; 42 | &nbsp;&nbsp; 1455 |
| **Hong Kong — 0.1%** | **Hong Kong — 0.1%** | **Hong Kong — 0.1%** |
| Cathay Pacific Airways Ltd. | &nbsp;&nbsp; 211 | &nbsp;&nbsp; 242 |
| Hang Lung Properties Ltd. | &nbsp;&nbsp; 946 | &nbsp;&nbsp; 776 |
| Henderson Land Development Co. Ltd. | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 284 |
| Hong Kong Exchanges & Clearing Ltd. | &nbsp;&nbsp; 47 | &nbsp;&nbsp; 2045 |
| Hysan Development Co. Ltd. | &nbsp;&nbsp; 136 | &nbsp;&nbsp; 222 |
| New World Development Co. Ltd. \* | &nbsp;&nbsp; 146 | &nbsp;&nbsp; 89 |
| Orient Overseas International Ltd. | &nbsp;&nbsp; 72 | &nbsp;&nbsp; 1006 |
| PCCW Ltd. | &nbsp;&nbsp; 372 | &nbsp;&nbsp; 248 |
| Power Assets Holdings Ltd. | &nbsp;&nbsp; 118 | &nbsp;&nbsp; 780 |
| Prudential plc | &nbsp;&nbsp; 182 | &nbsp;&nbsp; 1940 |
| United Energy Group Ltd. | &nbsp;&nbsp; 3740 | &nbsp;&nbsp; 195 |
| VTech Holdings Ltd. | &nbsp;&nbsp; 47 | &nbsp;&nbsp; 315 |
| Yue Yuen Industrial Holdings Ltd. | &nbsp;&nbsp; 419 | &nbsp;&nbsp; 601 |
|  |  | &nbsp;&nbsp; 8743 |
| **India — 0.4%** | **India — 0.4%** | **India — 0.4%** |
| Bajaj Auto Ltd. | &nbsp;&nbsp; 37 | &nbsp;&nbsp; 3507 |
| HCL Technologies Ltd. | &nbsp;&nbsp; 234 | &nbsp;&nbsp; 4331 |
| HDFC Bank Ltd., ADR | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 563 |
| HDFC Bank Ltd. | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 9092 |
| Infosys Ltd., ADR | &nbsp;&nbsp; 169 | &nbsp;&nbsp; 2980 |
| Power Grid Corp. of India Ltd. | &nbsp;&nbsp; 1416 | &nbsp;&nbsp; 5143 |
| Shriram Finance Ltd. | &nbsp;&nbsp; 431 | &nbsp;&nbsp; 3121 |
| Tata Consultancy Services Ltd. | &nbsp;&nbsp; 64 | &nbsp;&nbsp; 2630 |
|  |  | &nbsp;&nbsp; 31367 |
| **Indonesia — 0.2%** | **Indonesia — 0.2%** | **Indonesia — 0.2%** |
| Bank Mandiri Persero Tbk. PT | &nbsp;&nbsp; 12427 | &nbsp;&nbsp; 3670 |
| Bank Rakyat Indonesia Persero Tbk. PT | &nbsp;&nbsp; 21979 | &nbsp;&nbsp; 5091 |
| Telkom Indonesia Persero Tbk. PT | &nbsp;&nbsp; 27894 | &nbsp;&nbsp; 4396 |
|  |  | &nbsp;&nbsp; 13157 |
| **Ireland — 0.2%** | **Ireland — 0.2%** | **Ireland — 0.2%** |
| Accenture plc, Class A | &nbsp;&nbsp; 49 | &nbsp;&nbsp; 14762 |
| AIB Group plc | &nbsp;&nbsp; 214 | &nbsp;&nbsp; 1437 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

58 J.P. Morgan Funds April 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Ireland — continued** | **Ireland — continued** | **Ireland — continued** |
| Bank of Ireland Group plc | &nbsp;&nbsp; 96 | &nbsp;&nbsp; 1125 |
| Cairn Homes plc | &nbsp;&nbsp; 637 | &nbsp;&nbsp; 1403 |
|  |  | &nbsp;&nbsp; 18727 |
| **Israel — 0.0% ^** | **Israel — 0.0% ^** | **Israel — 0.0% ^** |
| Delek Group Ltd. | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 555 |
| Plus500 Ltd. | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 1036 |
|  |  | &nbsp;&nbsp; 1591 |
| **Italy — 0.7%** | **Italy — 0.7%** | **Italy — 0.7%** |
| A2A SpA | &nbsp;&nbsp; 474 | &nbsp;&nbsp; 1207 |
| Azimut Holding SpA | &nbsp;&nbsp; 38 | &nbsp;&nbsp; 1069 |
| Banca Generali SpA | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 1144 |
| Banca Mediolanum SpA | &nbsp;&nbsp; 158 | &nbsp;&nbsp; 2366 |
| Banca Monte dei Paschi di Siena SpA | &nbsp;&nbsp; 95 | &nbsp;&nbsp; 799 |
| Banco BPM SpA | &nbsp;&nbsp; 139 | &nbsp;&nbsp; 1554 |
| BPER Banca SpA | &nbsp;&nbsp; 173 | &nbsp;&nbsp; 1404 |
| Coca-Cola HBC AG | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 1848 |
| Enel SpA | &nbsp;&nbsp; 744 | &nbsp;&nbsp; 6449 |
| Eni SpA | &nbsp;&nbsp; 185 | &nbsp;&nbsp; 2652 |
| FinecoBank Banca Fineco SpA | &nbsp;&nbsp; 57 | &nbsp;&nbsp; 1138 |
| Generali | &nbsp;&nbsp; 60 | &nbsp;&nbsp; 2204 |
| Intesa Sanpaolo SpA | &nbsp;&nbsp; 1277 | &nbsp;&nbsp; 6815 |
| Maire SpA | &nbsp;&nbsp; 131 | &nbsp;&nbsp; 1412 |
| Mediobanca Banca di Credito Finanziario <br> SpA<br>| &nbsp;&nbsp; 72 | &nbsp;&nbsp; 1467 |
| Poste Italiane SpA (b) | &nbsp;&nbsp; 76 | &nbsp;&nbsp; 1545 |
| Snam SpA | &nbsp;&nbsp; 262 | &nbsp;&nbsp; 1502 |
| UniCredit SpA | &nbsp;&nbsp; 243 | &nbsp;&nbsp; 14134 |
| Unipol Assicurazioni SpA | &nbsp;&nbsp; 77 | &nbsp;&nbsp; 1388 |
|  |  | &nbsp;&nbsp; 52097 |
| **Japan — 1.3%** | **Japan — 1.3%** | **Japan — 1.3%** |
| Activia Properties, Inc., REIT | &nbsp;&nbsp; — | &nbsp;&nbsp; 328 |
| AEON REIT Investment Corp., REIT | &nbsp;&nbsp; — | &nbsp;&nbsp; 412 |
| Aozora Bank Ltd. | &nbsp;&nbsp; 132 | &nbsp;&nbsp; 1829 |
| Bridgestone Corp. | &nbsp;&nbsp; 278 | &nbsp;&nbsp; 11650 |
| Canon, Inc. | &nbsp;&nbsp; 63 | &nbsp;&nbsp; 1957 |
| Chubu Electric Power Co., Inc. | &nbsp;&nbsp; 47 | &nbsp;&nbsp; 608 |
| Chugoku Electric Power Co., Inc. (The) | &nbsp;&nbsp; 142 | &nbsp;&nbsp; 753 |
| Dai Nippon Printing Co. Ltd. | &nbsp;&nbsp; 81 | &nbsp;&nbsp; 1132 |
| Dai-ichi Life Holdings, Inc. | &nbsp;&nbsp; 117 | &nbsp;&nbsp; 846 |
| Disco Corp. | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 2922 |
| Electric Power Development Co. Ltd. | &nbsp;&nbsp; 101 | &nbsp;&nbsp; 1778 |
| ENEOS Holdings, Inc. | &nbsp;&nbsp; 226 | &nbsp;&nbsp; 1087 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Japan — continued** | **Japan — continued** | **Japan — continued** |
| FANUC Corp. | &nbsp;&nbsp; 49 | &nbsp;&nbsp; 1241 |
| Frontier Real Estate Investment Corp., <br> REIT<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 266 |
| Idemitsu Kosan Co. Ltd. | &nbsp;&nbsp; 294 | &nbsp;&nbsp; 1821 |
| Industrial & Infrastructure Fund <br> Investment Corp., REIT<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; 501 |
| Inpex Corp. | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 455 |
| Isuzu Motors Ltd. | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 128 |
| Japan Exchange Group, Inc. | &nbsp;&nbsp; 490 | &nbsp;&nbsp; 5448 |
| Japan Metropolitan Fund Invest, REIT | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 2000 |
| Japan Post Holdings Co. Ltd. | &nbsp;&nbsp; 105 | &nbsp;&nbsp; 1018 |
| Japan Prime Realty Investment Corp., REIT | &nbsp;&nbsp; — | &nbsp;&nbsp; 188 |
| Japan Tobacco, Inc. | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 1072 |
| Kansai Electric Power Co., Inc. (The) | &nbsp;&nbsp; 43 | &nbsp;&nbsp; 527 |
| KDX Realty Investment Corp., REIT | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 758 |
| Kirin Holdings Co. Ltd. | &nbsp;&nbsp; 110 | &nbsp;&nbsp; 1664 |
| Kobe Steel Ltd. | &nbsp;&nbsp; 83 | &nbsp;&nbsp; 969 |
| Kyushu Electric Power Co., Inc. | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 199 |
| Kyushu Railway Co. | &nbsp;&nbsp; 82 | &nbsp;&nbsp; 2127 |
| Lixil Corp. | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 424 |
| Matsui Securities Co. Ltd. | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 143 |
| Mitsubishi Chemical Group Corp. | &nbsp;&nbsp; 232 | &nbsp;&nbsp; 1126 |
| Mori Hills REIT Investment Corp., REIT | &nbsp;&nbsp; — | &nbsp;&nbsp; 119 |
| Nippon Building Fund, Inc., REIT | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 730 |
| Nippon Shokubai Co. Ltd. | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 192 |
| Nippon Steel Corp. | &nbsp;&nbsp; 107 | &nbsp;&nbsp; 2252 |
| Niterra Co. Ltd. | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 177 |
| Nomura Holdings, Inc. | &nbsp;&nbsp; 90 | &nbsp;&nbsp; 499 |
| Ono Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 195 |
| Oracle Corp. | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 325 |
| Pola Orbis Holdings, Inc. | &nbsp;&nbsp; 37 | &nbsp;&nbsp; 337 |
| Sekisui House REIT, Inc., REIT | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 371 |
| Shin-Etsu Chemical Co. Ltd. | &nbsp;&nbsp; 449 | &nbsp;&nbsp; 13661 |
| SoftBank Corp. | &nbsp;&nbsp; 2516 | &nbsp;&nbsp; 3807 |
| Sumitomo Rubber Industries Ltd. | &nbsp;&nbsp; 32 | &nbsp;&nbsp; 405 |
| Suzuki Motor Corp. | &nbsp;&nbsp; 416 | &nbsp;&nbsp; 4982 |
| Takeda Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 98 | &nbsp;&nbsp; 2967 |
| Tokio Marine Holdings, Inc. | &nbsp;&nbsp; 304 | &nbsp;&nbsp; 12189 |
| Tokyo Electron Ltd. | &nbsp;&nbsp; 60 | &nbsp;&nbsp; 8949 |
| Toyo Tire Corp. | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 553 |
| United Urban Investment Corp., REIT | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1185 |
|  |  | &nbsp;&nbsp; 101272 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Funds 59

------

JPMorgan Income Builder Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Luxembourg — 0.2%** | **Luxembourg — 0.2%** | **Luxembourg — 0.2%** |
| Intelsat SA ‡ \* | &nbsp;&nbsp; 270 | &nbsp;&nbsp; 10680 |
| Mallinckrodt plc ‡ \* | &nbsp;&nbsp; 66 | &nbsp;&nbsp; 5748 |
|  |  | &nbsp;&nbsp; 16428 |
| **Mexico — 0.2%** | **Mexico — 0.2%** | **Mexico — 0.2%** |
| Grupo Financiero Banorte SAB de CV, <br> Class O<br>| &nbsp;&nbsp; 644 | &nbsp;&nbsp; 5520 |
| Kimberly-Clark de Mexico SAB de CV, <br> Class A<br>| &nbsp;&nbsp; 627 | &nbsp;&nbsp; 1103 |
| Southern Copper Corp. | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 1290 |
| Wal-Mart de Mexico SAB de CV | &nbsp;&nbsp; 2425 | &nbsp;&nbsp; 7681 |
|  |  | &nbsp;&nbsp; 15594 |
| **Netherlands — 0.7%** | **Netherlands — 0.7%** | **Netherlands — 0.7%** |
| ABN AMRO Bank NV, CVA (b) | &nbsp;&nbsp; 115 | &nbsp;&nbsp; 2378 |
| ASML Holding NV | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 3110 |
| ASR Nederland NV | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 1551 |
| BE Semiconductor Industries NV | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 1538 |
| Heineken NV | &nbsp;&nbsp; 102 | &nbsp;&nbsp; 9178 |
| ING Groep NV | &nbsp;&nbsp; 127 | &nbsp;&nbsp; 2472 |
| Koninklijke Ahold Delhaize NV | &nbsp;&nbsp; 67 | &nbsp;&nbsp; 2742 |
| Koninklijke BAM Groep NV \* | &nbsp;&nbsp; 304 | &nbsp;&nbsp; 2057 |
| Koninklijke Heijmans N.V., CVA | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 1290 |
| Koninklijke KPN NV | &nbsp;&nbsp; 3406 | &nbsp;&nbsp; 15844 |
| NN Group NV | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 1828 |
| NXP Semiconductors NV | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 4963 |
| OCI NV | &nbsp;&nbsp; 131 | &nbsp;&nbsp; 1091 |
| Randstad NV (c) | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 589 |
| SBM Offshore NV | &nbsp;&nbsp; 53 | &nbsp;&nbsp; 1110 |
| Wolters Kluwer NV | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 2881 |
|  |  | &nbsp;&nbsp; 54622 |
| **New Zealand — 0.0% ^** | **New Zealand — 0.0% ^** | **New Zealand — 0.0% ^** |
| Spark New Zealand Ltd. | &nbsp;&nbsp; 441 | &nbsp;&nbsp; 545 |
| **Norway — 0.2%** | **Norway — 0.2%** | **Norway — 0.2%** |
| Aker BP ASA | &nbsp;&nbsp; 104 | &nbsp;&nbsp; 2240 |
| Aker Solutions ASA | &nbsp;&nbsp; 447 | &nbsp;&nbsp; 1213 |
| DNB Bank ASA | &nbsp;&nbsp; 68 | &nbsp;&nbsp; 1705 |
| DOF Group ASA \* | &nbsp;&nbsp; 168 | &nbsp;&nbsp; 1316 |
| Equinor ASA | &nbsp;&nbsp; 195 | &nbsp;&nbsp; 4426 |
| Norsk Hydro ASA | &nbsp;&nbsp; 132 | &nbsp;&nbsp; 699 |
| Orkla ASA | &nbsp;&nbsp; 33 | &nbsp;&nbsp; 365 |
| Salmar ASA | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 617 |
| Schibsted ASA, Class A | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 566 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Norway — continued** | **Norway — continued** | **Norway — continued** |
| Telenor ASA | &nbsp;&nbsp; 363 | &nbsp;&nbsp; 5447 |
| Var Energi ASA | &nbsp;&nbsp; 147 | &nbsp;&nbsp; 404 |
|  |  | &nbsp;&nbsp; 18998 |
| **Peru — 0.0% ^** | **Peru — 0.0% ^** | **Peru — 0.0% ^** |
| Credicorp Ltd. | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 868 |
| **Poland — 0.0% ^** | **Poland — 0.0% ^** | **Poland — 0.0% ^** |
| Powszechny Zaklad Ubezpieczen SA | &nbsp;&nbsp; 88 | &nbsp;&nbsp; 1368 |
| Santander Bank Polska SA | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 389 |
|  |  | &nbsp;&nbsp; 1757 |
| **Portugal — 0.0% ^** | **Portugal — 0.0% ^** | **Portugal — 0.0% ^** |
| Banco Comercial Portugues SA, Class R | &nbsp;&nbsp; 1439 | &nbsp;&nbsp; 921 |
| NOS SGPS SA | &nbsp;&nbsp; 239 | &nbsp;&nbsp; 996 |
|  |  | &nbsp;&nbsp; 1917 |
| **Russia — 0.0% ^** | **Russia — 0.0% ^** | **Russia — 0.0% ^** |
| Moscow Exchange MICEX-RTS PJSC ‡ | &nbsp;&nbsp; 2553 | &nbsp;&nbsp; — |
| Severstal PAO, GDR ‡ \* (b) | &nbsp;&nbsp; 142 | &nbsp;&nbsp; — |
| **Saudi Arabia — 0.2%** | **Saudi Arabia — 0.2%** | **Saudi Arabia — 0.2%** |
| Al Rajhi Bank | &nbsp;&nbsp; 114 | &nbsp;&nbsp; 2960 |
| Saudi Arabian Oil Co. (b) | &nbsp;&nbsp; 669 | &nbsp;&nbsp; 4522 |
| Saudi National Bank (The) | &nbsp;&nbsp; 545 | &nbsp;&nbsp; 5196 |
|  |  | &nbsp;&nbsp; 12678 |
| **Singapore — 0.3%** | **Singapore — 0.3%** | **Singapore — 0.3%** |
| CapitaLand Ascendas, REIT | &nbsp;&nbsp; 323 | &nbsp;&nbsp; 659 |
| DBS Group Holdings Ltd. | &nbsp;&nbsp; 640 | &nbsp;&nbsp; 20797 |
| Singapore Telecommunications Ltd. | &nbsp;&nbsp; 867 | &nbsp;&nbsp; 2508 |
| Venture Corp. Ltd. | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 203 |
|  |  | &nbsp;&nbsp; 24167 |
| **South Africa — 0.1%** | **South Africa — 0.1%** | **South Africa — 0.1%** |
| Anglo American plc | &nbsp;&nbsp; 49 | &nbsp;&nbsp; 1330 |
| Bidvest Group Ltd. | &nbsp;&nbsp; 74 | &nbsp;&nbsp; 936 |
| FirstRand Ltd. | &nbsp;&nbsp; 490 | &nbsp;&nbsp; 1920 |
| Shoprite Holdings Ltd. | &nbsp;&nbsp; 43 | &nbsp;&nbsp; 662 |
| Standard Bank Group Ltd. | &nbsp;&nbsp; 224 | &nbsp;&nbsp; 2794 |
| Vodacom Group Ltd. | &nbsp;&nbsp; 270 | &nbsp;&nbsp; 2003 |
|  |  | &nbsp;&nbsp; 9645 |
| **South Korea — 0.5%** | **South Korea — 0.5%** | **South Korea — 0.5%** |
| Cheil Worldwide, Inc. | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 118 |
| Hana Financial Group, Inc. | &nbsp;&nbsp; 94 | &nbsp;&nbsp; 4261 |
| Hyundai Motor Co. | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 1524 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

60 J.P. Morgan Funds April 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **South Korea — continued** | **South Korea — continued** | **South Korea — continued** |
| KB Financial Group, Inc. | &nbsp;&nbsp; 62 | &nbsp;&nbsp; 3933 |
| Kia Corp. | &nbsp;&nbsp; 65 | &nbsp;&nbsp; 4119 |
| KT&G Corp. | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 533 |
| Samsung Electronics Co. Ltd. | &nbsp;&nbsp; 199 | &nbsp;&nbsp; 7753 |
| Samsung Electronics Co. Ltd. (Preference) | &nbsp;&nbsp; 137 | &nbsp;&nbsp; 4527 |
| Samsung Fire & Marine Insurance Co. Ltd. | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 4168 |
| Shinhan Financial Group Co. Ltd. | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 3598 |
| SK Telecom Co. Ltd. | &nbsp;&nbsp; 55 | &nbsp;&nbsp; 2103 |
| Woori Financial Group, Inc. | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 267 |
|  |  | &nbsp;&nbsp; 36904 |
| **Spain — 0.7%** | **Spain — 0.7%** | **Spain — 0.7%** |
| ACS Actividades de Construccion y <br> Servicios SA<br>| &nbsp;&nbsp; 29 | &nbsp;&nbsp; 1837 |
| Aena SME SA (b) | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 12453 |
| Banco Bilbao Vizcaya Argentaria SA | &nbsp;&nbsp; 254 | &nbsp;&nbsp; 3483 |
| Banco de Sabadell SA | &nbsp;&nbsp; 333 | &nbsp;&nbsp; 973 |
| Banco Santander SA | &nbsp;&nbsp; 595 | &nbsp;&nbsp; 4189 |
| Bankinter SA | &nbsp;&nbsp; 59 | &nbsp;&nbsp; 691 |
| CaixaBank SA | &nbsp;&nbsp; 257 | &nbsp;&nbsp; 1971 |
| Enagas SA | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 430 |
| Endesa SA | &nbsp;&nbsp; 239 | &nbsp;&nbsp; 7178 |
| Iberdrola SA | &nbsp;&nbsp; 992 | &nbsp;&nbsp; 17891 |
| Logista Integral SA | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 1712 |
| Mapfre SA | &nbsp;&nbsp; 355 | &nbsp;&nbsp; 1265 |
| Naturgy Energy Group SA (c) | &nbsp;&nbsp; 104 | &nbsp;&nbsp; 3084 |
| Unicaja Banco SA (b) | &nbsp;&nbsp; 359 | &nbsp;&nbsp; 684 |
|  |  | &nbsp;&nbsp; 57841 |
| **Sweden — 0.5%** | **Sweden — 0.5%** | **Sweden — 0.5%** |
| Loomis AB | &nbsp;&nbsp; 40 | &nbsp;&nbsp; 1649 |
| NCC AB, Class B | &nbsp;&nbsp; 55 | &nbsp;&nbsp; 1023 |
| SSAB AB, Class B | &nbsp;&nbsp; 81 | &nbsp;&nbsp; 505 |
| Svenska Handelsbanken AB, Class A | &nbsp;&nbsp; 135 | &nbsp;&nbsp; 1767 |
| Swedbank AB, Class A | &nbsp;&nbsp; 55 | &nbsp;&nbsp; 1367 |
| Tele2 AB, Class B | &nbsp;&nbsp; 463 | &nbsp;&nbsp; 6835 |
| Telia Co. AB | &nbsp;&nbsp; 549 | &nbsp;&nbsp; 2061 |
| Volvo AB, Class B | &nbsp;&nbsp; 865 | &nbsp;&nbsp; 23529 |
|  |  | &nbsp;&nbsp; 38736 |
| **Switzerland — 0.1%** | **Switzerland — 0.1%** | **Switzerland — 0.1%** |
| Adecco Group AG (Registered) | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 636 |
| Cie Financiere Richemont SA (Registered) | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 4089 |
| Swisscom AG (Registered) | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 790 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Switzerland — continued** | **Switzerland — continued** | **Switzerland — continued** |
| Temenos AG (Registered) | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 652 |
| Zurich Insurance Group AG | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 3474 |
|  |  | &nbsp;&nbsp; 9641 |
| **Taiwan — 1.2%** | **Taiwan — 1.2%** | **Taiwan — 1.2%** |
| ASE Technology Holding Co. Ltd. | &nbsp;&nbsp; 1099 | &nbsp;&nbsp; 4685 |
| MediaTek, Inc. | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 1445 |
| Novatek Microelectronics Corp. | &nbsp;&nbsp; 49 | &nbsp;&nbsp; 802 |
| Quanta Computer, Inc. \* | &nbsp;&nbsp; 780 | &nbsp;&nbsp; 5864 |
| Realtek Semiconductor Corp. | &nbsp;&nbsp; 382 | &nbsp;&nbsp; 6279 |
| Taiwan Semiconductor Manufacturing Co. <br> Ltd.<br>| &nbsp;&nbsp; 2421 | &nbsp;&nbsp; 68586 |
| Vanguard International Semiconductor <br> Corp.<br>| &nbsp;&nbsp; 601 | &nbsp;&nbsp; 1696 |
| Wistron Corp. | &nbsp;&nbsp; 663 | &nbsp;&nbsp; 2127 |
| Wiwynn Corp. | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 1236 |
|  |  | &nbsp;&nbsp; 92720 |
| **Thailand — 0.0% ^** | **Thailand — 0.0% ^** | **Thailand — 0.0% ^** |
| SCB X PCL | &nbsp;&nbsp; 1115 | &nbsp;&nbsp; 3927 |
| **United Kingdom — 1.7%** | **United Kingdom — 1.7%** | **United Kingdom — 1.7%** |
| 3i Group plc | &nbsp;&nbsp; 41 | &nbsp;&nbsp; 2351 |
| Admiral Group plc | &nbsp;&nbsp; 37 | &nbsp;&nbsp; 1603 |
| Associated British Foods plc | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 727 |
| AstraZeneca plc | &nbsp;&nbsp; 113 | &nbsp;&nbsp; 16141 |
| Aviva plc | &nbsp;&nbsp; 238 | &nbsp;&nbsp; 1781 |
| B&M European Value Retail SA | &nbsp;&nbsp; 438 | &nbsp;&nbsp; 1971 |
| Balfour Beatty plc | &nbsp;&nbsp; 309 | &nbsp;&nbsp; 1890 |
| Barclays plc | &nbsp;&nbsp; 586 | &nbsp;&nbsp; 2336 |
| Barratt Redrow plc | &nbsp;&nbsp; 467 | &nbsp;&nbsp; 2914 |
| Beazley plc | &nbsp;&nbsp; 97 | &nbsp;&nbsp; 1146 |
| Berkeley Group Holdings plc | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 1530 |
| British American Tobacco plc | &nbsp;&nbsp; 102 | &nbsp;&nbsp; 4433 |
| British Land Co. plc (The), REIT | &nbsp;&nbsp; 460 | &nbsp;&nbsp; 2421 |
| BT Group plc | &nbsp;&nbsp; 648 | &nbsp;&nbsp; 1505 |
| Centrica plc | &nbsp;&nbsp; 1062 | &nbsp;&nbsp; 2273 |
| Drax Group plc | &nbsp;&nbsp; 90 | &nbsp;&nbsp; 742 |
| Dunelm Group plc | &nbsp;&nbsp; 98 | &nbsp;&nbsp; 1432 |
| Games Workshop Group plc | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 1332 |
| Hammerson plc, REIT | &nbsp;&nbsp; 261 | &nbsp;&nbsp; 879 |
| HSBC Holdings plc | &nbsp;&nbsp; 583 | &nbsp;&nbsp; 6500 |
| IG Group Holdings plc | &nbsp;&nbsp; 42 | &nbsp;&nbsp; 594 |
| Investec plc | &nbsp;&nbsp; 166 | &nbsp;&nbsp; 1041 |
| ITV plc | &nbsp;&nbsp; 736 | &nbsp;&nbsp; 793 |
| J Sainsbury plc | &nbsp;&nbsp; 214 | &nbsp;&nbsp; 762 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Funds 61

------

JPMorgan Income Builder Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **United Kingdom — continued** | **United Kingdom — continued** | **United Kingdom — continued** |
| JET2 plc | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 425 |
| Lancashire Holdings Ltd. | &nbsp;&nbsp; 144 | &nbsp;&nbsp; 1087 |
| Land Securities Group plc, REIT | &nbsp;&nbsp; 268 | &nbsp;&nbsp; 2124 |
| Lloyds Banking Group plc | &nbsp;&nbsp; 2979 | &nbsp;&nbsp; 2927 |
| M&G plc | &nbsp;&nbsp; 88 | &nbsp;&nbsp; 243 |
| Mitie Group plc | &nbsp;&nbsp; 1015 | &nbsp;&nbsp; 1958 |
| Morgan Sindall Group plc | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 1297 |
| National Grid plc | &nbsp;&nbsp; 233 | &nbsp;&nbsp; 3364 |
| NatWest Group plc | &nbsp;&nbsp; 320 | &nbsp;&nbsp; 2059 |
| Next plc | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 1945 |
| Pennon Group plc | &nbsp;&nbsp; 293 | &nbsp;&nbsp; 1961 |
| Persimmon plc | &nbsp;&nbsp; 64 | &nbsp;&nbsp; 1101 |
| Phoenix Group Holdings plc | &nbsp;&nbsp; 265 | &nbsp;&nbsp; 2121 |
| RELX plc | &nbsp;&nbsp; 357 | &nbsp;&nbsp; 19490 |
| Sage Group plc (The) | &nbsp;&nbsp; 128 | &nbsp;&nbsp; 2122 |
| SSE plc | &nbsp;&nbsp; 416 | &nbsp;&nbsp; 9378 |
| Taylor Wimpey plc | &nbsp;&nbsp; 864 | &nbsp;&nbsp; 1357 |
| Telecom Plus plc | &nbsp;&nbsp; 43 | &nbsp;&nbsp; 1077 |
| Tesco plc | &nbsp;&nbsp; 1028 | &nbsp;&nbsp; 5090 |
| TP ICAP Group plc | &nbsp;&nbsp; 336 | &nbsp;&nbsp; 1152 |
| Unilever plc | &nbsp;&nbsp; 109 | &nbsp;&nbsp; 6909 |
| Vodafone Group plc | &nbsp;&nbsp; 4292 | &nbsp;&nbsp; 4217 |
| WPP plc | &nbsp;&nbsp; 159 | &nbsp;&nbsp; 1234 |
|  |  | &nbsp;&nbsp; 133735 |
| **United States — 15.6%** | **United States — 15.6%** | **United States — 15.6%** |
| 3M Co. | &nbsp;&nbsp; 62 | &nbsp;&nbsp; 8593 |
| Abbott Laboratories | &nbsp;&nbsp; 134 | &nbsp;&nbsp; 17501 |
| AbbVie, Inc. | &nbsp;&nbsp; 115 | &nbsp;&nbsp; 22413 |
| Alexandria Real Estate Equities, Inc., REIT | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 281 |
| Altria Group, Inc. | &nbsp;&nbsp; 74 | &nbsp;&nbsp; 4392 |
| Amcor plc | &nbsp;&nbsp; 106 | &nbsp;&nbsp; 978 |
| American Electric Power Co., Inc. | &nbsp;&nbsp; 41 | &nbsp;&nbsp; 4419 |
| Amgen, Inc. | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 3869 |
| Analog Devices, Inc. | &nbsp;&nbsp; 122 | &nbsp;&nbsp; 23732 |
| Annaly Capital Management, Inc., REIT | &nbsp;&nbsp; 197 | &nbsp;&nbsp; 3854 |
| Archer-Daniels-Midland Co. | &nbsp;&nbsp; 80 | &nbsp;&nbsp; 3800 |
| AT&T, Inc. | &nbsp;&nbsp; 673 | &nbsp;&nbsp; 18642 |
| Avery Dennison Corp. | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 3646 |
| Baker Hughes Co. | &nbsp;&nbsp; 489 | &nbsp;&nbsp; 17317 |
| Bank of America Corp. | &nbsp;&nbsp; 440 | &nbsp;&nbsp; 17545 |
| Best Buy Co., Inc. | &nbsp;&nbsp; 116 | &nbsp;&nbsp; 7770 |
| Blackrock, Inc. | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 10820 |
| BP plc | &nbsp;&nbsp; 1100 | &nbsp;&nbsp; 5080 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **United States — continued** | **United States — continued** | **United States — continued** |
| Bristol-Myers Squibb Co. | &nbsp;&nbsp; 237 | &nbsp;&nbsp; 11918 |
| Broadcom, Inc. | &nbsp;&nbsp; 189 | &nbsp;&nbsp; 36398 |
| BXP, Inc., REIT | &nbsp;&nbsp; 57 | &nbsp;&nbsp; 3647 |
| Cardinal Health, Inc. | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 2955 |
| CF Industries Holdings, Inc. | &nbsp;&nbsp; 49 | &nbsp;&nbsp; 3831 |
| CH Robinson Worldwide, Inc. | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 2214 |
| Chevron Corp. | &nbsp;&nbsp; 87 | &nbsp;&nbsp; 11806 |
| Cisco Systems, Inc. | &nbsp;&nbsp; 71 | &nbsp;&nbsp; 4098 |
| Citizens Financial Group, Inc. | &nbsp;&nbsp; 61 | &nbsp;&nbsp; 2248 |
| Claire's Stores, Inc. ‡ \* (k) | &nbsp;&nbsp; 4 | &nbsp;&nbsp; — |
| Clear Channel Outdoor Holdings, Inc. \* | &nbsp;&nbsp; 287 | &nbsp;&nbsp; 283 |
| Clorox Co. (The) | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 3483 |
| CME Group, Inc. | &nbsp;&nbsp; 87 | &nbsp;&nbsp; 24069 |
| CMS Energy Corp. | &nbsp;&nbsp; 92 | &nbsp;&nbsp; 6777 |
| Coca-Cola Co. (The) | &nbsp;&nbsp; 219 | &nbsp;&nbsp; 15859 |
| Comcast Corp., Class A | &nbsp;&nbsp; 88 | &nbsp;&nbsp; 2996 |
| Conagra Brands, Inc. | &nbsp;&nbsp; 143 | &nbsp;&nbsp; 3540 |
| ConocoPhillips | &nbsp;&nbsp; 124 | &nbsp;&nbsp; 11022 |
| Consolidated Edison, Inc. | &nbsp;&nbsp; 39 | &nbsp;&nbsp; 4382 |
| Crown Castle, Inc., REIT | &nbsp;&nbsp; 40 | &nbsp;&nbsp; 4278 |
| Cummins, Inc. | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 3610 |
| Darden Restaurants, Inc. | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 4304 |
| Devon Energy Corp. | &nbsp;&nbsp; 101 | &nbsp;&nbsp; 3068 |
| Diamondback Energy, Inc. | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 3022 |
| Digital Realty Trust, Inc., REIT | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 3877 |
| Dominion Energy, Inc. | &nbsp;&nbsp; 73 | &nbsp;&nbsp; 3972 |
| Dow, Inc. | &nbsp;&nbsp; 109 | &nbsp;&nbsp; 3347 |
| Duke Energy Corp. | &nbsp;&nbsp; 37 | &nbsp;&nbsp; 4459 |
| Eastman Chemical Co. | &nbsp;&nbsp; 43 | &nbsp;&nbsp; 3339 |
| Eaton Corp. plc | &nbsp;&nbsp; 67 | &nbsp;&nbsp; 19482 |
| Edison International | &nbsp;&nbsp; 53 | &nbsp;&nbsp; 2829 |
| Emerson Electric Co. | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 3633 |
| Endo GUC Trust ‡ \* | &nbsp;&nbsp; 377 | &nbsp;&nbsp; 236 |
| Endo, Inc. \* | &nbsp;&nbsp; 153 | &nbsp;&nbsp; 3265 |
| Entergy Corp. | &nbsp;&nbsp; 52 | &nbsp;&nbsp; 4336 |
| Envision Healthcare Corp. ‡ \* | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 80 |
| EOG Resources, Inc. | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 301 |
| Estee Lauder Cos., Inc. (The), Class A | &nbsp;&nbsp; 48 | &nbsp;&nbsp; 2903 |
| Evergy, Inc. | &nbsp;&nbsp; 65 | &nbsp;&nbsp; 4467 |
| Eversource Energy | &nbsp;&nbsp; 64 | &nbsp;&nbsp; 3802 |
| Exelon Corp. | &nbsp;&nbsp; 97 | &nbsp;&nbsp; 4536 |
| Expand Energy Corp. | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 1731 |
| Exxon Mobil Corp. | &nbsp;&nbsp; 175 | &nbsp;&nbsp; 18516 |
| Fastenal Co. | &nbsp;&nbsp; 57 | &nbsp;&nbsp; 4589 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

62 J.P. Morgan Funds April 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| Fidelity National Information Services, Inc. | &nbsp;&nbsp; 468 | &nbsp;&nbsp; 36885 |
| Ford Motor Co. | &nbsp;&nbsp; 381 | &nbsp;&nbsp; 3813 |
| Franklin Resources, Inc. | &nbsp;&nbsp; 87 | &nbsp;&nbsp; 1632 |
| Frontier Communications Parent, Inc. \* | &nbsp;&nbsp; 71 | &nbsp;&nbsp; 2582 |
| General Dynamics Corp. | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 814 |
| General Mills, Inc. | &nbsp;&nbsp; 64 | &nbsp;&nbsp; 3625 |
| Genuine Parts Co. | &nbsp;&nbsp; 32 | &nbsp;&nbsp; 3769 |
| Gilead Sciences, Inc. | &nbsp;&nbsp; 40 | &nbsp;&nbsp; 4238 |
| GSK plc | &nbsp;&nbsp; 364 | &nbsp;&nbsp; 7204 |
| Gulfport Energy Corp. \* | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 3153 |
| Healthpeak Properties, Inc., REIT | &nbsp;&nbsp; 201 | &nbsp;&nbsp; 3591 |
| Hewlett Packard Enterprise Co. | &nbsp;&nbsp; 196 | &nbsp;&nbsp; 3184 |
| Hormel Foods Corp. | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 572 |
| Host Hotels & Resorts, Inc., REIT | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 1410 |
| HP, Inc. | &nbsp;&nbsp; 138 | &nbsp;&nbsp; 3528 |
| iHeartMedia, Inc., Class A \* | &nbsp;&nbsp; 122 | &nbsp;&nbsp; 126 |
| Incora Intermediate LLC ‡ \* | &nbsp;&nbsp; 40 | &nbsp;&nbsp; 799 |
| Incora Top Holdco LLC ‡ \* (c) | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 42 |
| Intel Corp. | &nbsp;&nbsp; 86 | &nbsp;&nbsp; 1723 |
| International Business Machines Corp. | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 4334 |
| International Flavors & Fragrances, Inc. | &nbsp;&nbsp; 49 | &nbsp;&nbsp; 3862 |
| International Paper Co. | &nbsp;&nbsp; 80 | &nbsp;&nbsp; 3635 |
| Interpublic Group of Cos., Inc. (The) | &nbsp;&nbsp; 141 | &nbsp;&nbsp; 3533 |
| Iron Mountain, Inc., REIT | &nbsp;&nbsp; 39 | &nbsp;&nbsp; 3474 |
| J M Smucker Co. (The) | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 2144 |
| Johnson & Johnson | &nbsp;&nbsp; 135 | &nbsp;&nbsp; 21161 |
| Juniper Networks, Inc. | &nbsp;&nbsp; 113 | &nbsp;&nbsp; 4089 |
| Kellanova | &nbsp;&nbsp; 53 | &nbsp;&nbsp; 4378 |
| Keurig Dr Pepper, Inc. | &nbsp;&nbsp; 187 | &nbsp;&nbsp; 6454 |
| KeyCorp | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 3708 |
| Kimberly-Clark Corp. | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 3758 |
| Kimco Realty Corp., REIT | &nbsp;&nbsp; 183 | &nbsp;&nbsp; 3652 |
| Kinder Morgan, Inc. | &nbsp;&nbsp; 156 | &nbsp;&nbsp; 4109 |
| Kraft Heinz Co. (The) | &nbsp;&nbsp; 126 | &nbsp;&nbsp; 3653 |
| Lam Research Corp. | &nbsp;&nbsp; 158 | &nbsp;&nbsp; 11343 |
| Lockheed Martin Corp. | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 3763 |
| Lowe's Cos., Inc. | &nbsp;&nbsp; 88 | &nbsp;&nbsp; 19639 |
| LyondellBasell Industries NV, Class A | &nbsp;&nbsp; 54 | &nbsp;&nbsp; 3159 |
| Marsh & McLennan Cos., Inc. | &nbsp;&nbsp; 48 | &nbsp;&nbsp; 10770 |
| McDonald's Corp. | &nbsp;&nbsp; 106 | &nbsp;&nbsp; 33990 |
| Merck & Co., Inc. | &nbsp;&nbsp; 143 | &nbsp;&nbsp; 12157 |
| Meta Platforms, Inc., Class A | &nbsp;&nbsp; 92 | &nbsp;&nbsp; 50428 |
| Microchip Technology, Inc. | &nbsp;&nbsp; 110 | &nbsp;&nbsp; 5087 |
| Microsoft Corp. | &nbsp;&nbsp; 169 | &nbsp;&nbsp; 66893 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **United States — continued** | **United States — continued** | **United States — continued** |
| Mid-America Apartment Communities, <br> Inc., REIT<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; 145 |
| Mondelez International, Inc., Class A | &nbsp;&nbsp; 115 | &nbsp;&nbsp; 7838 |
| Moran Foods Backstop Equity ‡ \* | &nbsp;&nbsp; 23005766 | &nbsp;&nbsp; 23 |
| Morgan Stanley | &nbsp;&nbsp; 175 | &nbsp;&nbsp; 20170 |
| Motorola Solutions, Inc. | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 3868 |
| MYT Holding LLC ‡ \* | &nbsp;&nbsp; 1342 | &nbsp;&nbsp; 336 |
| National CineMedia, Inc. | &nbsp;&nbsp; 107 | &nbsp;&nbsp; 614 |
| Nestle SA (Registered) | &nbsp;&nbsp; 80 | &nbsp;&nbsp; 8502 |
| NetApp, Inc. | &nbsp;&nbsp; 32 | &nbsp;&nbsp; 2896 |
| Newmont Corp. | &nbsp;&nbsp; 92 | &nbsp;&nbsp; 4863 |
| NextEra Energy, Inc. | &nbsp;&nbsp; 311 | &nbsp;&nbsp; 20771 |
| NMG Parent LLC ‡ \* (c) | &nbsp;&nbsp; 41 | &nbsp;&nbsp; 1062 |
| NMG, Inc. ‡ \* | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 604 |
| Novartis AG (Registered) | &nbsp;&nbsp; 78 | &nbsp;&nbsp; 8933 |
| Omnicom Group, Inc. | &nbsp;&nbsp; 181 | &nbsp;&nbsp; 13805 |
| ONEOK, Inc. | &nbsp;&nbsp; 43 | &nbsp;&nbsp; 3505 |
| Otis Worldwide Corp. | &nbsp;&nbsp; 218 | &nbsp;&nbsp; 20992 |
| PACCAR, Inc. | &nbsp;&nbsp; 117 | &nbsp;&nbsp; 10539 |
| PepsiCo, Inc. | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 2344 |
| Pfizer, Inc. | &nbsp;&nbsp; 54 | &nbsp;&nbsp; 1310 |
| Philip Morris International, Inc. | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 4811 |
| Phillips 66 | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 2744 |
| PPL Corp. | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 1259 |
| Procter & Gamble Co. (The) | &nbsp;&nbsp; 82 | &nbsp;&nbsp; 13373 |
| Prudential Financial, Inc. | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 3642 |
| Public Storage, REIT | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 3542 |
| Realty Income Corp., REIT | &nbsp;&nbsp; 69 | &nbsp;&nbsp; 3977 |
| Regency Centers Corp., REIT | &nbsp;&nbsp; 55 | &nbsp;&nbsp; 3942 |
| Regions Financial Corp. | &nbsp;&nbsp; 98 | &nbsp;&nbsp; 2004 |
| Rite Aid ‡ \* | &nbsp;&nbsp; 10 | &nbsp;&nbsp; — |
| Roche Holding AG | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 8691 |
| Ross Stores, Inc. | &nbsp;&nbsp; 54 | &nbsp;&nbsp; 7476 |
| RTX Corp. | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 4244 |
| Salesforce, Inc. | &nbsp;&nbsp; 62 | &nbsp;&nbsp; 16618 |
| Sanofi SA | &nbsp;&nbsp; 44 | &nbsp;&nbsp; 4805 |
| Schneider Electric SE | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 2194 |
| Seagate Technology Holdings plc | &nbsp;&nbsp; 204 | &nbsp;&nbsp; 18556 |
| Shell plc | &nbsp;&nbsp; 216 | &nbsp;&nbsp; 6969 |
| Simon Property Group, Inc., REIT | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 3914 |
| Skyworks Solutions, Inc. | &nbsp;&nbsp; 59 | &nbsp;&nbsp; 3800 |
| Southern Co. (The) | &nbsp;&nbsp; 295 | &nbsp;&nbsp; 27140 |
| Starbucks Corp. | &nbsp;&nbsp; 41 | &nbsp;&nbsp; 3245 |
| Steel Dynamics, Inc. | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 1971 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Funds 63

------

JPMorgan Income Builder Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (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** |
| Stellantis NV | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 269 |
| Swiss Re AG | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 2468 |
| T. Rowe Price Group, Inc. | &nbsp;&nbsp; 31 | &nbsp;&nbsp; 2743 |
| Target Corp. | &nbsp;&nbsp; 37 | &nbsp;&nbsp; 3540 |
| The Campbell's Co. | &nbsp;&nbsp; 78 | &nbsp;&nbsp; 2862 |
| T-Mobile US, Inc. | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 4127 |
| Trane Technologies plc | &nbsp;&nbsp; 70 | &nbsp;&nbsp; 26815 |
| TransDigm Group, Inc. | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1642 |
| Truist Financial Corp. | &nbsp;&nbsp; 336 | &nbsp;&nbsp; 12883 |
| United Parcel Service, Inc., Class B | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 3310 |
| UnitedHealth Group, Inc. | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 11709 |
| US Bancorp | &nbsp;&nbsp; 115 | &nbsp;&nbsp; 4658 |
| Valero Energy Corp. | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 2886 |
| Venator Materials plc ‡ \* | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 1683 |
| Ventas, Inc., REIT | &nbsp;&nbsp; 65 | &nbsp;&nbsp; 4542 |
| Verizon Communications, Inc. | &nbsp;&nbsp; 98 | &nbsp;&nbsp; 4329 |
| VICI Properties, Inc., REIT | &nbsp;&nbsp; 442 | &nbsp;&nbsp; 14167 |
| Walt Disney Co. (The) | &nbsp;&nbsp; 189 | &nbsp;&nbsp; 17202 |
| Warner Music Group Corp., Class A | &nbsp;&nbsp; 209 | &nbsp;&nbsp; 6371 |
| WEC Energy Group, Inc. | &nbsp;&nbsp; 31 | &nbsp;&nbsp; 3406 |
| Wells Fargo & Co. | &nbsp;&nbsp; 128 | &nbsp;&nbsp; 9089 |
| Welltower, Inc., REIT | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 267 |
| Westlake Corp. | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 2308 |
| Weyerhaeuser Co., REIT | &nbsp;&nbsp; 112 | &nbsp;&nbsp; 2890 |
| Williams Cos., Inc. (The) | &nbsp;&nbsp; 75 | &nbsp;&nbsp; 4368 |
| WP Carey, Inc., REIT | &nbsp;&nbsp; 67 | &nbsp;&nbsp; 4207 |
|  |  | &nbsp;&nbsp; 1250801 |
| Total Common Stocks <br>(Cost $2,127,579)<br>|  | &nbsp;&nbsp; 2540876 |
| **Exchange-Traded Funds — 10.4%** | **Exchange-Traded Funds — 10.4%** | **Exchange-Traded Funds — 10.4%** |
| **United States — 10.4%** | **United States — 10.4%** | **United States — 10.4%** |
| JPMorgan Equity Premium Income ETF (l) | &nbsp;&nbsp; 7239 | &nbsp;&nbsp; 402416 |
| JPMorgan Income ETF (l) | &nbsp;&nbsp; 514 | &nbsp;&nbsp; 23672 |
| JPMorgan Nasdaq Equity Premium Income <br> ETF (l)<br>| &nbsp;&nbsp; 7924 | &nbsp;&nbsp; 406796 |
| Total Exchange-Traded Funds <br>(Cost $818,785)<br>|  | &nbsp;&nbsp; 832884 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>| **VALUE** <br>**($000)**<br>|
| **Equity Linked Notes — 5.4%** | **Equity Linked Notes — 5.4%** | **Equity Linked Notes — 5.4%** |
| **Canada — 1.1%** | **Canada — 1.1%** | **Canada — 1.1%** |
| Royal Bank of Canada, ELN, 10.00%, <br> 5/23/2025 (b)<br>| &nbsp;&nbsp; 22 | &nbsp;&nbsp; 4714 |
| Royal Bank of Canada, ELN, 11.40%, <br> 5/16/2025 (b)<br>| &nbsp;&nbsp; 84 | &nbsp;&nbsp; 6078 |
| Royal Bank of Canada, ELN, 11.40%, <br> 5/23/2025 (b)<br>| &nbsp;&nbsp; 53 | &nbsp;&nbsp; 4690 |
| Royal Bank of Canada, ELN, 11.90%, <br> 5/16/2025 (b)<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; 7511 |
| Royal Bank of Canada, ELN, 13.30%, <br> 5/16/2025 (b)<br>| &nbsp;&nbsp; 67 | &nbsp;&nbsp; 5372 |
| Royal Bank of Canada, ELN, 15.10%, <br> 5/30/2025 (b)<br>| &nbsp;&nbsp; 97 | &nbsp;&nbsp; 4524 |
| Royal Bank of Canada, ELN, 20.60%, <br> 5/23/2025 (b)<br>| &nbsp;&nbsp; 176 | &nbsp;&nbsp; 4399 |
| Royal Bank of Canada, ELN, 20.70%, <br> 5/16/2025 (b)<br>| &nbsp;&nbsp; 23 | &nbsp;&nbsp; 5012 |
| Royal Bank of Canada, ELN, 24.70%, <br> 5/23/2025 (b)<br>| &nbsp;&nbsp; 199 | &nbsp;&nbsp; 4525 |
| Royal Bank of Canada, ELN, 5.60%, <br> 5/30/2025 (b)<br>| &nbsp;&nbsp; 16 | &nbsp;&nbsp; 2717 |
| Royal Bank of Canada, ELN, 5.60%, <br> 5/30/2025 (b)<br>| &nbsp;&nbsp; 21 | &nbsp;&nbsp; 5319 |
| Royal Bank of Canada, ELN, 7.80%, <br> 5/23/2025 (b)<br>| &nbsp;&nbsp; 7 | &nbsp;&nbsp; 2977 |
| Royal Bank of Canada, ELN, 7.90%, <br> 5/9/2025 (b)<br>| &nbsp;&nbsp; 24 | &nbsp;&nbsp; 6005 |
| Toronto-Dominion Bank (The), ELN, <br> 10.10%, 5/30/2025 (b)<br>| &nbsp;&nbsp; 10 | &nbsp;&nbsp; 4624 |
| Toronto-Dominion Bank (The), ELN, <br> 8.90%, 5/16/2025 (b)<br>| &nbsp;&nbsp; 45 | &nbsp;&nbsp; 15538 |
| Toronto-Dominion Bank (The), ELN, <br> 9.10%, 5/30/2025 (b)<br>| &nbsp;&nbsp; 15 | &nbsp;&nbsp; 7686 |
|  |  | &nbsp;&nbsp; 91691 |
| **France — 0.9%** | **France — 0.9%** | **France — 0.9%** |
| BNP Paribas Issuance BV, ELN, 10.70%, <br> 5/9/2025 (b)<br>| &nbsp;&nbsp; 70 | &nbsp;&nbsp; 4480 |
| BNP Paribas Issuance BV, ELN, 10.80%, <br> 5/9/2025 (b)<br>| &nbsp;&nbsp; 12 | &nbsp;&nbsp; 12756 |
| BNP Paribas Issuance BV, ELN, 12.40%, <br> 5/23/2025 (b)<br>| &nbsp;&nbsp; 15 | &nbsp;&nbsp; 6024 |
| BNP Paribas Issuance BV, ELN, 18.70%, <br> 5/30/2025 (b)<br>| &nbsp;&nbsp; 66 | &nbsp;&nbsp; 5589 |
| BNP Paribas Issuance BV, ELN, 22.60%, <br> 5/23/2025 (b)<br>| &nbsp;&nbsp; 47 | &nbsp;&nbsp; 6089 |
| BNP Paribas Issuance BV, ELN, 26.00%, <br> 5/16/2025 (b)<br>| &nbsp;&nbsp; 62 | &nbsp;&nbsp; 5105 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

64 J.P. Morgan Funds April 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Equity Linked Notes — continued** | **Equity Linked Notes — continued** | **Equity Linked Notes — continued** |
| **France — continued** | **France — continued** | **France — continued** |
| Societe Generale SA, ELN, 12.40%, <br> 5/30/2025 (b)<br>| &nbsp;&nbsp; 3 | &nbsp;&nbsp; 5213 |
| Societe Generale SA, ELN, 14.60%, <br> 5/9/2025 (b)<br>| &nbsp;&nbsp; 14 | &nbsp;&nbsp; 3940 |
| Societe Generale SA, ELN, 16.00%, <br> 5/30/2025 (b)<br>| &nbsp;&nbsp; 15 | &nbsp;&nbsp; 4780 |
| Societe Generale SA, ELN, 18.60%, <br> 5/30/2025 (b)<br>| &nbsp;&nbsp; 29 | &nbsp;&nbsp; 4977 |
| Societe Generale SA, ELN, 19.60%, <br> 5/9/2025 (b)<br>| &nbsp;&nbsp; 45 | &nbsp;&nbsp; 5260 |
| Societe Generale SA, ELN, 8.60%, <br> 5/30/2025 (b)<br>| &nbsp;&nbsp; 36 | &nbsp;&nbsp; 6686 |
|  |  | &nbsp;&nbsp; 70899 |
| **Japan — 0.9%** | **Japan — 0.9%** | **Japan — 0.9%** |
| Mizuho Markets Cayman LP, ELN, <br> 12.00%, 5/9/2025 (b)<br>| &nbsp;&nbsp; 17 | &nbsp;&nbsp; 4239 |
| Mizuho Markets Cayman LP, ELN, <br> 13.10%, 5/9/2025 (b)<br>| &nbsp;&nbsp; 69 | &nbsp;&nbsp; 2645 |
| Mizuho Markets Cayman LP, ELN, <br> 18.10%, 5/9/2025 (b)<br>| &nbsp;&nbsp; 50 | &nbsp;&nbsp; 4935 |
| Mizuho Markets Cayman LP, ELN, <br> 19.40%, 5/16/2025 (b)<br>| &nbsp;&nbsp; 126 | &nbsp;&nbsp; 4442 |
| Mizuho Markets Cayman LP, ELN, <br> 19.60%, 5/16/2025 (b)<br>| &nbsp;&nbsp; 46 | &nbsp;&nbsp; 4908 |
| Mizuho Markets Cayman LP, ELN, <br> 20.00%, 5/16/2025 (b)<br>| &nbsp;&nbsp; 45 | &nbsp;&nbsp; 4750 |
| Mizuho Markets Cayman LP, ELN, 9.00%, <br> 5/30/2025 (b)<br>| &nbsp;&nbsp; 14 | &nbsp;&nbsp; 7468 |
| Mizuho Markets Cayman LP, ELN, 9.40%, <br> 5/9/2025 (b)<br>| &nbsp;&nbsp; 60 | &nbsp;&nbsp; 4456 |
| Mizuho Markets Cayman LP, ELN, 9.90%, <br> 5/30/2025 (b)<br>| &nbsp;&nbsp; 54 | &nbsp;&nbsp; 2750 |
| Nomura America Finance LLC, ELN, <br> 10.50%, 5/16/2025 (b)<br>| &nbsp;&nbsp; 26 | &nbsp;&nbsp; 7050 |
| Nomura America Finance LLC, ELN, <br> 10.50%, 5/16/2025 (b)<br>| &nbsp;&nbsp; 35 | &nbsp;&nbsp; 6475 |
| Nomura America Finance LLC, ELN, <br> 14.40%, 5/9/2025 (b)<br>| &nbsp;&nbsp; 35 | &nbsp;&nbsp; 5003 |
| Nomura America Finance LLC, ELN, <br> 18.20%, 5/16/2025 (b)<br>| &nbsp;&nbsp; 29 | &nbsp;&nbsp; 4398 |
| Nomura America Finance LLC, ELN, <br> 20.50%, 5/9/2025 (b)<br>| &nbsp;&nbsp; 77 | &nbsp;&nbsp; 4805 |
| Nomura America Finance LLC, ELN, <br> 9.10%, 5/30/2025 (b)<br>| &nbsp;&nbsp; 87 | &nbsp;&nbsp; 5170 |
|  |  | &nbsp;&nbsp; 73494 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **United Kingdom — 0.3%** | **United Kingdom — 0.3%** | **United Kingdom — 0.3%** |
| Barclays Bank plc, ELN, 11.30%, <br> 5/9/2025 (b)<br>| &nbsp;&nbsp; 55 | &nbsp;&nbsp; 5380 |
| Barclays Bank plc, ELN, 15.00%, <br> 5/30/2025 (b)<br>| &nbsp;&nbsp; 144 | &nbsp;&nbsp; 5218 |
| Barclays Bank plc, ELN, 17.00%, <br> 5/9/2025 (b)<br>| &nbsp;&nbsp; 50 | &nbsp;&nbsp; 4719 |
| Barclays Bank plc, ELN, 29.70%, <br> 5/30/2025 (b)<br>| &nbsp;&nbsp; 243 | &nbsp;&nbsp; 4488 |
|  |  | &nbsp;&nbsp; 19805 |
| **United States — 2.2%** | **United States — 2.2%** | **United States — 2.2%** |
| Goldman Sachs International, ELN, <br> 12.10%, 5/9/2025 (b)<br>| &nbsp;&nbsp; 55 | &nbsp;&nbsp; 6031 |
| Goldman Sachs International, ELN, <br> 12.30%, 5/9/2025 (b)<br>| &nbsp;&nbsp; 9 | &nbsp;&nbsp; 5051 |
| Goldman Sachs International, ELN, <br> 18.90%, 5/23/2025 (b)<br>| &nbsp;&nbsp; 66 | &nbsp;&nbsp; 18162 |
| Goldman Sachs International, ELN, <br> 9.90%, 5/9/2025 (b)<br>| &nbsp;&nbsp; 24 | &nbsp;&nbsp; 12549 |
| Morgan Stanley Finance LLC, ELN, <br> 11.00%, 5/16/2025 (b)<br>| &nbsp;&nbsp; 26 | &nbsp;&nbsp; 4843 |
| Morgan Stanley Finance LLC, ELN, <br> 13.30%, 5/23/2025 (b)<br>| &nbsp;&nbsp; 43 | &nbsp;&nbsp; 5712 |
| Morgan Stanley Finance LLC, ELN, <br> 13.30%, 5/9/2025 (b)<br>| &nbsp;&nbsp; 4 | &nbsp;&nbsp; 4909 |
| Morgan Stanley Finance LLC, ELN, <br> 14.60%, 5/23/2025 (b)<br>| &nbsp;&nbsp; 9 | &nbsp;&nbsp; 7865 |
| Morgan Stanley Finance LLC, ELN, <br> 15.00%, 5/16/2025 (b)<br>| &nbsp;&nbsp; 34 | &nbsp;&nbsp; 5261 |
| Morgan Stanley Finance LLC, ELN, <br> 16.40%, 5/16/2025 (b)<br>| &nbsp;&nbsp; 94 | &nbsp;&nbsp; 4399 |
| Morgan Stanley Finance LLC, ELN, <br> 18.60%, 5/23/2025 (b)<br>| &nbsp;&nbsp; 73 | &nbsp;&nbsp; 4830 |
| Morgan Stanley Finance LLC, ELN, <br> 19.80%, 5/16/2025 (b)<br>| &nbsp;&nbsp; 10 | &nbsp;&nbsp; 5993 |
| Morgan Stanley Finance LLC, ELN, <br> 20.20%, 5/9/2025 (b)<br>| &nbsp;&nbsp; 37 | &nbsp;&nbsp; 4586 |
| Morgan Stanley Finance LLC, ELN, <br> 20.50%, 5/9/2025 (b)<br>| &nbsp;&nbsp; 14 | &nbsp;&nbsp; 4964 |
| Societe Generale SA, ELN, 13.20%, <br> 5/23/2025 (b)<br>| &nbsp;&nbsp; 173 | &nbsp;&nbsp; 18496 |
| Wells Fargo Bank NA, ELN, 11.20%, <br> 5/30/2025 (b)<br>| &nbsp;&nbsp; 90 | &nbsp;&nbsp; 19046 |
| Wells Fargo Bank NA, ELN, 12.40%, <br> 5/23/2025 (b)<br>| &nbsp;&nbsp; 19 | &nbsp;&nbsp; 16716 |
| Wells Fargo Bank NA, ELN, 14.20%, <br> 5/16/2025 (b)<br>| &nbsp;&nbsp; 213 | &nbsp;&nbsp; 4868 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Funds 65

------

JPMorgan Income Builder Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Equity Linked Notes — continued** | **Equity Linked Notes — continued** | **Equity Linked Notes — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| Wells Fargo Bank NA, ELN, 15.10%, <br> 5/30/2025 (b)<br>| &nbsp;&nbsp; 36 | &nbsp;&nbsp; 4774 |
| Wells Fargo Bank NA, ELN, 15.50%, <br> 5/23/2025 (b)<br>| &nbsp;&nbsp; 10 | &nbsp;&nbsp; 3786 |
| Wells Fargo Bank NA, ELN, 16.70%, <br> 5/30/2025 (b)<br>| &nbsp;&nbsp; 122 | &nbsp;&nbsp; 3912 |
| Wells Fargo Bank NA, ELN, 23.70%, <br> 5/16/2025 (b)<br>| &nbsp;&nbsp; 63 | &nbsp;&nbsp; 5289 |
| Wells Fargo Bank NA, ELN, 27.60%, <br> 5/30/2025 (b)<br>| &nbsp;&nbsp; 50 | &nbsp;&nbsp; 3619 |
|  |  | &nbsp;&nbsp; 175661 |
| Total Equity Linked Notes <br>(Cost $404,735)<br>|  | &nbsp;&nbsp; 431550 |
| **Commercial Mortgage-Backed Securities — 4.5%** | **Commercial Mortgage-Backed Securities — 4.5%** | **Commercial Mortgage-Backed Securities — 4.5%** |
| **United States — 4.5%** | **United States — 4.5%** | **United States — 4.5%** |
| BANK |  |  |
| Series 2019-BN16, Class D, 3.00%, <br> 2/15/2052 (a)<br>| &nbsp;&nbsp; 2500 | &nbsp;&nbsp; 1927 |
| Series 2019-BN16, Class F, 3.84%, <br> 2/15/2052 (a) (m)<br>| &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 878 |
| Series 2019-BN21, Class F, 2.68%, <br> 10/17/2052 (a)<br>| &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 1039 |
| Series 2019-BN23, Class D, 2.50%, <br> 12/15/2052 (a)<br>| &nbsp;&nbsp; 4000 | &nbsp;&nbsp; 3053 |
| Series 2021-BN31, Class E, 2.50%, <br> 2/15/2054 (a) (m)<br>| &nbsp;&nbsp; 2500 | &nbsp;&nbsp; 1680 |
| Series 2017-BNK5, Class D, 3.08%, <br> 6/15/2060 (a) (m)<br>| &nbsp;&nbsp; 8500 | &nbsp;&nbsp; 7290 |
| Series 2018-BN14, Class F, 3.94%, <br> 9/15/2060 (a)<br>| &nbsp;&nbsp; 1534 | &nbsp;&nbsp; 789 |
| Series 2019-BN19, Class C, 4.16%, <br> 8/15/2061 (m)<br>| &nbsp;&nbsp; 7500 | &nbsp;&nbsp; 5560 |
| Series 2018-BN15, Class E, 3.00%, <br> 11/15/2061 (a)<br>| &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 736 |
| Series 2019-BN24, Class D, 2.50%, <br> 11/15/2062 (a)<br>| &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 763 |
| Series 2019-BN24, Class C, 3.63%, <br> 11/15/2062 (m)<br>| &nbsp;&nbsp; 6000 | &nbsp;&nbsp; 5182 |
| Series 2020-BN26, Class D, 2.50%, <br> 3/15/2063 (a)<br>| &nbsp;&nbsp; 1350 | &nbsp;&nbsp; 996 |
| Series 2020-BN28, Class E, 2.50%, <br> 3/15/2063 (a)<br>| &nbsp;&nbsp; 3000 | &nbsp;&nbsp; 2078 |
| BBCMS Mortgage Trust Series 2017-C1, <br> Class D, 3.71%, 2/15/2050 (a) (m)<br>| &nbsp;&nbsp; 2887 | &nbsp;&nbsp; 1903 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **United States — continued** | **United States — continued** | **United States — continued** |
| Benchmark Mortgage Trust |  |  |
| Series 2018-B1, Class D, 2.75%, <br> 1/15/2051 (a)<br>| &nbsp;&nbsp; 975 | &nbsp;&nbsp; 566 |
| Series 2019-B9, Class F, 3.91%, <br> 3/15/2052 (a) (m)<br>| &nbsp;&nbsp; 6590 | &nbsp;&nbsp; 2512 |
| Series 2019-B11, Class D, 3.00%, <br> 5/15/2052 (a)<br>| &nbsp;&nbsp; 4000 | &nbsp;&nbsp; 1934 |
| Series 2019-B11, Class C, 3.75%, <br> 5/15/2052 (m)<br>| &nbsp;&nbsp; 13959 | &nbsp;&nbsp; 10615 |
| Series 2020-B21, Class E, 2.00%, <br> 12/17/2053 (a)<br>| &nbsp;&nbsp; 2500 | &nbsp;&nbsp; 1325 |
| Series 2019-B14, Class E, 2.50%, <br> 12/15/2062 (a)<br>| &nbsp;&nbsp; 1415 | &nbsp;&nbsp; 792 |
| Series 2019-B15, Class E, 2.75%, <br> 12/15/2072 (a)<br>| &nbsp;&nbsp; 4391 | &nbsp;&nbsp; 2260 |
| BX Series 2021-MFM1, Class G, 8.34%, <br> 1/15/2034 (a) (m)<br>| &nbsp;&nbsp; 525 | &nbsp;&nbsp; 518 |
| BX Mortgage Trust Series 2025-BIO3, <br> Class D, 7.19%, 2/10/2042 (a) (m)<br>| &nbsp;&nbsp; 475 | &nbsp;&nbsp; 465 |
| CD Mortgage Trust |  |  |
| Series 2016-CD2, Class C, 4.11%, <br> 11/10/2049 (m)<br>| &nbsp;&nbsp; 750 | &nbsp;&nbsp; 458 |
| Series 2017-CD4, Class D, 3.30%, <br> 5/10/2050 (a)<br>| &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 831 |
| Series 2017-CD5, Class D, 3.35%, <br> 8/15/2050 (a)<br>| &nbsp;&nbsp; 1831 | &nbsp;&nbsp; 1611 |
| Series 2017-CD6, Class C, 4.41%, <br> 11/13/2050 (m)<br>| &nbsp;&nbsp; 1371 | &nbsp;&nbsp; 1279 |
| Series 2018-CD7, Class D, 3.25%, <br> 8/15/2051 (a) (m)<br>| &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 1566 |
| Series 2019-CD8, Class E, 3.00%, <br> 8/15/2057 (a)<br>| &nbsp;&nbsp; 1790 | &nbsp;&nbsp; 950 |
| CFCRE Commercial Mortgage Trust Series <br> 2016-C6, Class D, 4.30%, <br> 11/10/2049 (a) (m)<br>| &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 774 |
| CGMS Commercial Mortgage Trust Series <br> 2017-B1, Class E, 3.30%, <br> 8/15/2050 (a) (m)<br>| &nbsp;&nbsp; 1500 | &nbsp;&nbsp; 913 |
| Citigroup Commercial Mortgage Trust |  |  |
| Series 2015-GC27, Class D, 4.54%, <br> 2/10/2048 (a) (m)<br>| &nbsp;&nbsp; 2233 | &nbsp;&nbsp; 2151 |
| Series 2015-GC29, Class C, 4.23%, <br> 4/10/2048 (m)<br>| &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 1830 |
| Series 2015-P1, Class D, 3.23%, <br> 9/15/2048 (a)<br>| &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 1804 |
| Series 2016-C1, Class D, 5.11%, <br> 5/10/2049 (a) (m)<br>| &nbsp;&nbsp; 4975 | &nbsp;&nbsp; 4779 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

66 J.P. Morgan Funds April 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| Series 2016-C2, Class D, 3.25%, <br> 8/10/2049 (a) (m)<br>| &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 910 |
| Series 2016-P6, Class D, 3.25%, <br> 12/10/2049 (a)<br>| &nbsp;&nbsp; 1325 | &nbsp;&nbsp; 949 |
| Series 2017-P7, Class B, 4.14%, <br> 4/14/2050 (m)<br>| &nbsp;&nbsp; 910 | &nbsp;&nbsp; 844 |
| Series 2017-P7, Class C, 4.53%, <br> 4/14/2050 (m)<br>| &nbsp;&nbsp; 3295 | &nbsp;&nbsp; 2833 |
| Series 2020-GC46, Class E, 2.60%, <br> 2/15/2053 (a)<br>| &nbsp;&nbsp; 4500 | &nbsp;&nbsp; 2225 |
| COLEM Mortgage Trust Series 2022-HLNE, <br> Class A, 2.54%, 4/12/2042 (a) (m)<br>| &nbsp;&nbsp; 2500 | &nbsp;&nbsp; 2277 |
| Commercial Mortgage Trust |  |  |
| Series 2014-CR15, Class C, 4.07%, <br> 2/10/2047 (m)<br>| &nbsp;&nbsp; 989 | &nbsp;&nbsp; 918 |
| Series 2014-LC15, Class D, 4.93%, <br> 4/10/2047 (a) (m)<br>| &nbsp;&nbsp; 671 | &nbsp;&nbsp; 650 |
| Series 2014-CR19, Class D, 4.66%, <br> 8/10/2047 (a) (m)<br>| &nbsp;&nbsp; 151 | &nbsp;&nbsp; 145 |
| Series 2014-UBS5, Class D, 3.50%, <br> 9/10/2047 (a)<br>| &nbsp;&nbsp; 4100 | &nbsp;&nbsp; 2819 |
| Series 2014-LC17, Class D, 3.69%, <br> 10/10/2047 (a)<br>| &nbsp;&nbsp; 2003 | &nbsp;&nbsp; 1911 |
| Series 2015-CR22, Class E, 3.00%, <br> 3/10/2048 (a)<br>| &nbsp;&nbsp; 2500 | &nbsp;&nbsp; 1695 |
| Series 2015-CR22, Class D, 4.04%, <br> 3/10/2048 (a) (m)<br>| &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 751 |
| Series 2015-LC21, Class D, 4.45%, <br> 7/10/2048 (m)<br>| &nbsp;&nbsp; 450 | &nbsp;&nbsp; 403 |
| Series 2015-CR24, Class D, 3.46%, <br> 8/10/2048 (m)<br>| &nbsp;&nbsp; 2134 | &nbsp;&nbsp; 1760 |
| Series 2015-CR25, Class D, 3.91%, <br> 8/10/2048 (m)<br>| &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 1868 |
| Series 2015-CR27, Class D, 3.60%, <br> 10/10/2048 (a) (m)<br>| &nbsp;&nbsp; 500 | &nbsp;&nbsp; 422 |
| Series 2015-CR26, Class D, 3.64%, <br> 10/10/2048 (m)<br>| &nbsp;&nbsp; 2500 | &nbsp;&nbsp; 2011 |
| Series 2015-LC23, Class D, 3.69%, <br> 10/10/2048 (a) (m)<br>| &nbsp;&nbsp; 2750 | &nbsp;&nbsp; 2359 |
| Series 2015-LC23, Class E, 3.69%, <br> 10/10/2048 (a) (m)<br>| &nbsp;&nbsp; 1500 | &nbsp;&nbsp; 1220 |
| Series 2016-CR28, Class D, 3.99%, <br> 2/10/2049 (m)<br>| &nbsp;&nbsp; 1350 | &nbsp;&nbsp; 1151 |
| Series 2016-CR28, Class C, 4.74%, <br> 2/10/2049 (m)<br>| &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 1852 |
| Series 2018-COR3, Class D, 2.97%, <br> 5/10/2051 (a) (m)<br>| &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 735 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **United States — continued** | **United States — continued** | **United States — continued** |
| CSAIL Commercial Mortgage Trust |  |  |
| Series 2015-C4, Class C, 4.72%, <br> 11/15/2048 (m)<br>| &nbsp;&nbsp; 2500 | &nbsp;&nbsp; 2459 |
| Series 2015-C2, Class B, 4.21%, <br> 6/15/2057 (m)<br>| &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 972 |
| DBJPM Mortgage Trust |  |  |
| Series 2016-C3, Class D, 3.62%, <br> 8/10/2049 (a) (m)<br>| &nbsp;&nbsp; 1170 | &nbsp;&nbsp; 816 |
| Series 2016-C3, Class E, 4.37%, <br> 8/10/2049 (a) (m)<br>| &nbsp;&nbsp; 1250 | &nbsp;&nbsp; 647 |
| FHLMC, Multi-Class Certificates Series <br> 2020-RR05, Class X, IO, 2.01%, <br> 1/27/2029<br>| &nbsp;&nbsp; 17110 | &nbsp;&nbsp; 1088 |
| FHLMC, Multi-Family Structured Credit <br> Risk<br>|  |  |
| Series 2021-MN2, Class B1, 9.85%, <br> 7/25/2041 (a) (m)<br>| &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 2005 |
| Series 2022-MN5, Class B1, 13.85%, <br> 11/25/2042 (a) (m)<br>| &nbsp;&nbsp; 8302 | &nbsp;&nbsp; 9177 |
| Series 2021-MN1, Class M1, 6.35%, <br> 1/25/2051 (a) (m)<br>| &nbsp;&nbsp; 267 | &nbsp;&nbsp; 266 |
| Series 2021-MN1, Class M2, 8.10%, <br> 1/25/2051 (a) (m)<br>| &nbsp;&nbsp; 10750 | &nbsp;&nbsp; 11162 |
| Series 2021-MN1, Class B1, 12.10%, <br> 1/25/2051 (a) (m)<br>| &nbsp;&nbsp; 2650 | &nbsp;&nbsp; 2887 |
| Series 2021-MN3, Class M1, 6.65%, <br> 11/25/2051 (a) (m)<br>| &nbsp;&nbsp; 1603 | &nbsp;&nbsp; 1605 |
| FHLMC, Multi-Family Structured <br> Pass-Through Certificates<br>|  |  |
| Series K734, Class X3, IO, 2.24%, <br> 7/25/2026 (m)<br>| &nbsp;&nbsp; 11615 | &nbsp;&nbsp; 215 |
| Series KC04, Class X1, IO, 1.40%, <br> 12/25/2026 (m)<br>| &nbsp;&nbsp; 13256 | &nbsp;&nbsp; 178 |
| Series K084, Class X3, IO, 2.31%, <br> 11/25/2028 (m)<br>| &nbsp;&nbsp; 6000 | &nbsp;&nbsp; 421 |
| Series K090, Class X3, IO, 2.39%, <br> 10/25/2029 (m)<br>| &nbsp;&nbsp; 1750 | &nbsp;&nbsp; 143 |
| Series Q012, Class X, IO, 4.04%, <br> 9/25/2035 (m)<br>| &nbsp;&nbsp; 19844 | &nbsp;&nbsp; 3047 |
| Series K060, Class X3, IO, 1.96%, <br> 12/25/2044 (m)<br>| &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 26 |
| Series K061, Class X3, IO, 2.05%, <br> 12/25/2044 (m)<br>| &nbsp;&nbsp; 1544 | &nbsp;&nbsp; 46 |
| Series K087, Class X3, IO, 2.35%, <br> 1/25/2046 (m)<br>| &nbsp;&nbsp; 17957 | &nbsp;&nbsp; 1297 |
| Series K089, Class X3, IO, 2.38%, <br> 1/25/2046 (m)<br>| &nbsp;&nbsp; 22283 | &nbsp;&nbsp; 1707 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Funds 67

------

JPMorgan Income Builder Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| Series K102, Class X3, IO, 1.96%, <br> 12/25/2046 (m)<br>| &nbsp;&nbsp; 1180 | &nbsp;&nbsp; 86 |
| Series K088, Class X3, IO, 2.43%, <br> 2/25/2047 (m)<br>| &nbsp;&nbsp; 10130 | &nbsp;&nbsp; 786 |
| Series K093, Class X3, IO, 2.28%, <br> 5/25/2047 (m)<br>| &nbsp;&nbsp; 15000 | &nbsp;&nbsp; 1165 |
| Series K116, Class X3, IO, 3.12%, <br> 9/25/2047 (m)<br>| &nbsp;&nbsp; 10500 | &nbsp;&nbsp; 1367 |
| Series K108, Class X3, IO, 3.61%, <br> 4/25/2048 (m)<br>| &nbsp;&nbsp; 16575 | &nbsp;&nbsp; 2314 |
| FNMA ACES Series 2020-M37, Class X, IO, <br> 1.08%, 4/25/2032 (m)<br>| &nbsp;&nbsp; 23931 | &nbsp;&nbsp; 926 |
| FREMF Mortgage Trust |  |  |
| Series 2019-KC03, Class B, 4.48%, <br> 1/25/2026 (a) (m)<br>| &nbsp;&nbsp; 2304 | &nbsp;&nbsp; 2264 |
| Series 2019-KF58, Class B, 6.60%, <br> 1/25/2026 (a) (m)<br>| &nbsp;&nbsp; 906 | &nbsp;&nbsp; 897 |
| Series 2019-KF62, Class B, 6.50%, <br> 4/25/2026 (a) (m)<br>| &nbsp;&nbsp; 489 | &nbsp;&nbsp; 475 |
| Series 2017-KL1E, Class BE, 4.04%, <br> 2/25/2027 (a) (m)<br>| &nbsp;&nbsp; 186 | &nbsp;&nbsp; 171 |
| Series 2017-KF33, Class B, 7.00%, <br> 6/25/2027 (a) (m)<br>| &nbsp;&nbsp; 566 | &nbsp;&nbsp; 539 |
| Series 2017-KF40, Class B, 7.15%, <br> 11/25/2027 (a) (m)<br>| &nbsp;&nbsp; 978 | &nbsp;&nbsp; 928 |
| Series 2018-KF43, Class B, 6.60%, <br> 1/25/2028 (a) (m)<br>| &nbsp;&nbsp; 1288 | &nbsp;&nbsp; 1239 |
| Series 21K-F116, Class CS, 10.73%, <br> 6/25/2028 (a) (m)<br>| &nbsp;&nbsp; 4817 | &nbsp;&nbsp; 4785 |
| Series 2018-KF50, Class B, 6.35%, <br> 7/25/2028 (a) (m)<br>| &nbsp;&nbsp; 293 | &nbsp;&nbsp; 280 |
| Series 2019-KG01, Class B, 4.31%, <br> 4/25/2029 (a) (m)<br>| &nbsp;&nbsp; 4765 | &nbsp;&nbsp; 4296 |
| Series 2019-KW09, Class X2A, IO, <br> 0.10%, 5/25/2029 (a)<br>| &nbsp;&nbsp; 265488 | &nbsp;&nbsp; 712 |
| Series 2019-KW09, Class C, PO, <br> 6/25/2029 (a)<br>| &nbsp;&nbsp; 24011 | &nbsp;&nbsp; 17124 |
| Series 2019-KW09, Class X2B, IO, <br> 0.10%, 6/25/2029 (a)<br>| &nbsp;&nbsp; 32681 | &nbsp;&nbsp; 106 |
| Series 2022-KF132, Class CS, 10.73%, <br> 2/25/2032 (a) (m)<br>| &nbsp;&nbsp; 7869 | &nbsp;&nbsp; 7258 |
| Series 2023-KF149, Class CS, 10.48%, <br> 12/25/2032 (a) (m)<br>| &nbsp;&nbsp; 8577 | &nbsp;&nbsp; 8740 |
| Series 2017-K724, Class D, PO, <br> 12/25/2049 (a)<br>| &nbsp;&nbsp; 723 | &nbsp;&nbsp; 708 |
| Series 2017-K724, Class X2B, IO, <br> 0.10%, 12/25/2049 (a)<br>| &nbsp;&nbsp; 723 | &nbsp;&nbsp; — |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **United States — continued** | **United States — continued** | **United States — continued** |
| GNMA |  |  |
| Series 2012-89, IO, 0.19%, <br> 12/16/2053 (m)<br>| &nbsp;&nbsp; 4394 | &nbsp;&nbsp; — |
| Series 2019-53, Class IA, IO, 0.77%, <br> 6/16/2061 (m)<br>| &nbsp;&nbsp; 5802 | &nbsp;&nbsp; 299 |
| Series 2021-169, IO, 1.11%, <br> 6/16/2061 (m)<br>| &nbsp;&nbsp; 10719 | &nbsp;&nbsp; 883 |
| Series 2021-153, Class SA, IF, IO, <br> 3.60%, 8/16/2061 (m)<br>| &nbsp;&nbsp; 15863 | &nbsp;&nbsp; 786 |
| Series 2020-2, IO, 0.59%, <br> 3/16/2062 (m)<br>| &nbsp;&nbsp; 6198 | &nbsp;&nbsp; 273 |
| Series 2020-94, IO, 0.97%, <br> 3/16/2062 (m)<br>| &nbsp;&nbsp; 3720 | &nbsp;&nbsp; 256 |
| Series 2020-89, Class IA, IO, 1.17%, <br> 4/16/2062 (m)<br>| &nbsp;&nbsp; 3228 | &nbsp;&nbsp; 256 |
| Series 2020-169, IO, 0.85%, <br> 7/16/2062 (m)<br>| &nbsp;&nbsp; 16461 | &nbsp;&nbsp; 1052 |
| Series 2021-33, IO, 0.84%, <br> 10/16/2062 (m)<br>| &nbsp;&nbsp; 8006 | &nbsp;&nbsp; 521 |
| Series 2020-195, Class IX, IO, 1.13%, <br> 12/16/2062 (m)<br>| &nbsp;&nbsp; 1717 | &nbsp;&nbsp; 139 |
| Series 2020-145, IO, 0.73%, <br> 3/16/2063 (m)<br>| &nbsp;&nbsp; 53310 | &nbsp;&nbsp; 2861 |
| Series 2021-10, IO, 0.99%, <br> 5/16/2063 (m)<br>| &nbsp;&nbsp; 4970 | &nbsp;&nbsp; 371 |
| Series 2024-32, IO, 0.71%, <br> 6/16/2063 (m)<br>| &nbsp;&nbsp; 50683 | &nbsp;&nbsp; 2629 |
| Series 2021-195, Class IX, IO, 1.20%, <br> 8/16/2063 (m)<br>| &nbsp;&nbsp; 5223 | &nbsp;&nbsp; 471 |
| Series 2025-78, IO, 1.00%, <br> 11/16/2063 ‡ (m) (n)<br>| &nbsp;&nbsp; 67000 | &nbsp;&nbsp; 4690 |
| Series 2023-28, IO, 0.86%, <br> 2/16/2065 (m)<br>| &nbsp;&nbsp; 18278 | &nbsp;&nbsp; 1252 |
| Series 2025-21, IO, 0.94%, <br> 4/16/2065 (m)<br>| &nbsp;&nbsp; 25508 | &nbsp;&nbsp; 1806 |
| Series 2025-42, IO, 0.54%, <br> 11/16/2065 (m)<br>| &nbsp;&nbsp; 22779 | &nbsp;&nbsp; 1082 |
| GS Mortgage Securities Trust |  |  |
| Series 2012-GCJ9, Class D, 4.74%, <br> 11/10/2045 (a) (m)<br>| &nbsp;&nbsp; 386 | &nbsp;&nbsp; 351 |
| Series 2015-GC28, Class D, 4.63%, <br> 2/10/2048 (a) (m)<br>| &nbsp;&nbsp; 1420 | &nbsp;&nbsp; 1351 |
| Series 2016-GS2, Class D, 2.75%, <br> 5/10/2049 (a)<br>| &nbsp;&nbsp; 2750 | &nbsp;&nbsp; 2526 |
| Series 2017-GS5, Class D, 3.51%, <br> 3/10/2050 (a) (m)<br>| &nbsp;&nbsp; 2900 | &nbsp;&nbsp; 650 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

68 J.P. Morgan Funds April 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| Series 2017-GS6, Class D, 3.24%, <br> 5/10/2050 (a)<br>| &nbsp;&nbsp; 1750 | &nbsp;&nbsp; 1221 |
| Series 2015-GC30, Class D, 3.38%, <br> 5/10/2050<br>| &nbsp;&nbsp; 1250 | &nbsp;&nbsp; 978 |
| Series 2019-GC40, Class D, 3.00%, <br> 7/10/2052 (a)<br>| &nbsp;&nbsp; 3800 | &nbsp;&nbsp; 2639 |
| Series 2019-GC40, Class E, 3.00%, <br> 7/10/2052 (a)<br>| &nbsp;&nbsp; 2250 | &nbsp;&nbsp; 1404 |
| Series 2020-GC45, Class D, 2.85%, <br> 2/13/2053 (a) (m)<br>| &nbsp;&nbsp; 2824 | &nbsp;&nbsp; 2117 |
| IRV Trust |  |  |
| Series 2025-200P, Class A, 5.47%, <br> 3/14/2047 (a) (m)<br>| &nbsp;&nbsp; 3400 | &nbsp;&nbsp; 3405 |
| Series 2025-200P, Class B, 5.62%, <br> 3/14/2047 (a) (m)<br>| &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 1382 |
| Series 2025-200P, Class C, 5.92%, <br> 3/14/2047 (a) (m)<br>| &nbsp;&nbsp; 1700 | &nbsp;&nbsp; 1678 |
| JPMBB Commercial Mortgage Securities <br> Trust<br>|  |  |
| Series 2013-C15, Class E, 3.50%, <br> 11/15/2045 (a)<br>| &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 1064 |
| Series 2014-C26, Class D, 3.81%, <br> 1/15/2048 (a) (m)<br>| &nbsp;&nbsp; 1500 | &nbsp;&nbsp; 1245 |
| Series 2014-C26, Class C, 4.31%, <br> 1/15/2048 (m)<br>| &nbsp;&nbsp; 1926 | &nbsp;&nbsp; 1719 |
| Series 2015-C33, Class C, 4.79%, <br> 12/15/2048 (m)<br>| &nbsp;&nbsp; 8000 | &nbsp;&nbsp; 7601 |
| Series 2016-C1, Class D2, 4.36%, <br> 3/17/2049 (a) (m)<br>| &nbsp;&nbsp; 1465 | &nbsp;&nbsp; 1217 |
| Series 2016-C1, Class C, 4.86%, <br> 3/17/2049 (m)<br>| &nbsp;&nbsp; 5000 | &nbsp;&nbsp; 4706 |
| JPMCC Commercial Mortgage Securities <br> Trust Series 2017-JP5, Class D, 4.64%, <br> 3/15/2050 (a) (m)<br>| &nbsp;&nbsp; 7577 | &nbsp;&nbsp; 5511 |
| JPMDB Commercial Mortgage Securities <br> Trust Series 2016-C4, Class D, 3.16%, <br> 12/15/2049 (a) (m)<br>| &nbsp;&nbsp; 2514 | &nbsp;&nbsp; 1898 |
| JPMorgan Chase Commercial Mortgage <br> Securities Trust Series 2016-JP3, <br> Class D, 3.56%, 8/15/2049 (a) (m)<br>| &nbsp;&nbsp; 4500 | &nbsp;&nbsp; 3645 |
| Morgan Stanley Bank of America Merrill <br> Lynch Trust<br>|  |  |
| Series 2012-C5, Class G, 4.50%, <br> 8/15/2045 (a)<br>| &nbsp;&nbsp; 1500 | &nbsp;&nbsp; 1225 |
| Series 2014-C16, Class C, 4.87%, <br> 6/15/2047 (m)<br>| &nbsp;&nbsp; 456 | &nbsp;&nbsp; 438 |
| Series 2014-C19, Class D, 3.25%, <br> 12/15/2047 (a)<br>| &nbsp;&nbsp; 2585 | &nbsp;&nbsp; 2291 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **United States — continued** | **United States — continued** | **United States — continued** |
| Series 2015-C24, Class D, 3.26%, <br> 5/15/2048 (a)<br>| &nbsp;&nbsp; 6000 | &nbsp;&nbsp; 5394 |
| Series 2015-C25, Class C, 4.67%, <br> 10/15/2048 (m)<br>| &nbsp;&nbsp; 4500 | &nbsp;&nbsp; 4312 |
| Series 2016-C31, Class C, 4.40%, <br> 11/15/2049 (m)<br>| &nbsp;&nbsp; 1440 | &nbsp;&nbsp; 1251 |
| Morgan Stanley Capital I Trust |  |  |
| Series 2018-MP, Class D, 4.42%, <br> 7/11/2040 (a) (m)<br>| &nbsp;&nbsp; 730 | &nbsp;&nbsp; 546 |
| Series 2018-L1, Class E, 3.00%, <br> 10/15/2051 (a)<br>| &nbsp;&nbsp; 5486 | &nbsp;&nbsp; 4053 |
| Series 2019-L2, Class D, 3.00%, <br> 3/15/2052 (a)<br>| &nbsp;&nbsp; 7075 | &nbsp;&nbsp; 5216 |
| Series 2019-L2, Class E, 3.00%, <br> 3/15/2052 (a)<br>| &nbsp;&nbsp; 2575 | &nbsp;&nbsp; 1765 |
| MRCD MARK Mortgage Trust |  |  |
| Series 2019-PARK, Class F, 2.72%, <br> 12/15/2036 (a)<br>| &nbsp;&nbsp; 10000 | &nbsp;&nbsp; 6085 |
| Series 2019-PARK, Class G, 2.72%, <br> 12/15/2036 (a)<br>| &nbsp;&nbsp; 4000 | &nbsp;&nbsp; 2134 |
| Series 2019-PARK, Class J, 4.25%, <br> 12/15/2036 (a)<br>| &nbsp;&nbsp; 17000 | &nbsp;&nbsp; 6064 |
| Multi-Family Connecticut Avenue <br> Securities Trust<br>|  |  |
| Series 2019-01, Class M10, 7.72%, <br> 10/25/2049 (a) (m)<br>| &nbsp;&nbsp; 4249 | &nbsp;&nbsp; 4249 |
| Series 2020-01, Class M10, 8.22%, <br> 3/25/2050 (a) (m)<br>| &nbsp;&nbsp; 8877 | &nbsp;&nbsp; 9008 |
| NYC Commercial Mortgage Trust Series <br> 2021-909, Class E, 3.31%, <br> 4/10/2043 (a) (m)<br>| &nbsp;&nbsp; 5000 | &nbsp;&nbsp; 3405 |
| ROCK Trust Series 2024-CNTR, Class E, <br> 8.82%, 11/13/2041 (a)<br>| &nbsp;&nbsp; 8925 | &nbsp;&nbsp; 9330 |
| VASA Trust Series 2021-VASA, Class G, <br> 9.44%, 7/15/2039 (a) (m)<br>| &nbsp;&nbsp; 1360 | &nbsp;&nbsp; 737 |
| Velocity Commercial Capital Loan Trust |  |  |
| Series 2018-2, Class A, 4.05%, <br> 10/26/2048 (a) (m)<br>| &nbsp;&nbsp; 1351 | &nbsp;&nbsp; 1318 |
| Series 2018-2, Class M2, 4.51%, <br> 10/26/2048 (a) (m)<br>| &nbsp;&nbsp; 101 | &nbsp;&nbsp; 95 |
| Series 2018-2, Class M3, 4.72%, <br> 10/26/2048 (a) (m)<br>| &nbsp;&nbsp; 147 | &nbsp;&nbsp; 135 |
| Wells Fargo Commercial Mortgage Trust |  |  |
| Series 2021-SAVE, Class E, 8.19%, <br> 2/15/2040 (a) (m)<br>| &nbsp;&nbsp; 1600 | &nbsp;&nbsp; 1588 |
| Series 2015-NXS1, Class E, 2.88%, <br> 5/15/2048 (a) (m)<br>| &nbsp;&nbsp; 1500 | &nbsp;&nbsp; 1390 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Funds 69

------

JPMorgan Income Builder Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| Series 2015-C28, Class D, 4.21%, <br> 5/15/2048 (m)<br>| &nbsp;&nbsp; 7740 | &nbsp;&nbsp; 6759 |
| Series 2016-C35, Class D, 3.14%, <br> 7/15/2048 (a)<br>| &nbsp;&nbsp; 5000 | &nbsp;&nbsp; 4567 |
| Series 2017-C38, Class D, 3.00%, <br> 7/15/2050 (a)<br>| &nbsp;&nbsp; 1700 | &nbsp;&nbsp; 1158 |
| Series 2018-C43, Class D, 3.00%, <br> 3/15/2051 (a)<br>| &nbsp;&nbsp; 1250 | &nbsp;&nbsp; 1028 |
| Series 2018-C44, Class D, 3.00%, <br> 5/15/2051 (a)<br>| &nbsp;&nbsp; 1517 | &nbsp;&nbsp; 1175 |
| Series 2019-C52, Class XA, IO, 1.70%, <br> 8/15/2052 (m)<br>| &nbsp;&nbsp; 3340 | &nbsp;&nbsp; 173 |
| Series 2015-NXS3, Class D, 3.15%, <br> 9/15/2057 (a)<br>| &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 943 |
| WFRBS Commercial Mortgage Trust Series <br> 2014-C22, Class D, 3.90%, <br> 9/15/2057 (a) (m)<br>| &nbsp;&nbsp; 5505 | &nbsp;&nbsp; 2097 |
| Total Commercial Mortgage-Backed <br> Securities <br>(Cost $407,847)<br>|  | &nbsp;&nbsp; 361709 |
| **Collateralized Mortgage Obligations — 3.4%** | **Collateralized Mortgage Obligations — 3.4%** | **Collateralized Mortgage Obligations — 3.4%** |
| **United States — 3.4%** | **United States — 3.4%** | **United States — 3.4%** |
| Adjustable Rate Mortgage Trust |  |  |
| Series 2004-2, Class 6A1, 5.79%, <br> 2/25/2035 (m)<br>| &nbsp;&nbsp; 101 | &nbsp;&nbsp; 100 |
| Series 2005-2, Class 3A1, 6.32%, <br> 6/25/2035 (m)<br>| &nbsp;&nbsp; 342 | &nbsp;&nbsp; 328 |
| Alternative Loan Trust |  |  |
| Series 2004-28CB, Class 4A1, 5.00%, <br> 1/25/2020<br>| &nbsp;&nbsp; 6 | &nbsp;&nbsp; 4 |
| Series 2005-50CB, Class 4A1, 5.00%, <br> 11/25/2020<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1 |
| Series 2005-85CB, Class 3A2, 5.25%, <br> 2/25/2021<br>| &nbsp;&nbsp; 11 | &nbsp;&nbsp; 10 |
| Series 2007-9T1, Class 3A1, 5.50%, <br> 5/25/2022 ‡<br>| &nbsp;&nbsp; 5 | &nbsp;&nbsp; 5 |
| Series 2005-J6, Class 2A1, 5.50%, <br> 7/25/2025<br>| &nbsp;&nbsp; 4 | &nbsp;&nbsp; 4 |
| Series 2006-J3, Class 4A1, 5.75%, <br> 5/25/2026<br>| &nbsp;&nbsp; 60 | &nbsp;&nbsp; 58 |
| Series 2005-J1, Class 3A1, 6.50%, <br> 8/25/2032<br>| &nbsp;&nbsp; 9 | &nbsp;&nbsp; 9 |
| Series 2004-12CB, Class 2A1, 6.00%, <br> 6/25/2034<br>| &nbsp;&nbsp; 14 | &nbsp;&nbsp; 14 |
| Series 2005-J3, Class 3A1, 6.50%, <br> 9/25/2034 ‡<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; —<br> (o)<br>|

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **United States — continued** | **United States — continued** | **United States — continued** |
| Series 2004-28CB, Class 2A4, 5.75%, <br> 1/25/2035<br>| &nbsp;&nbsp; 257 | &nbsp;&nbsp; 236 |
| Series 2004-28CB, Class 6A1, 6.00%, <br> 1/25/2035<br>| &nbsp;&nbsp; 302 | &nbsp;&nbsp; 281 |
| Series 2004-32CB, Class 2A5, 5.50%, <br> 2/25/2035<br>| &nbsp;&nbsp; 1024 | &nbsp;&nbsp; 1002 |
| Series 2005-J2, Class 1A5, 4.94%, <br> 4/25/2035 (m)<br>| &nbsp;&nbsp; 2925 | &nbsp;&nbsp; 2237 |
| Series 2005-6CB, Class 1A4, 5.50%, <br> 4/25/2035<br>| &nbsp;&nbsp; 1742 | &nbsp;&nbsp; 1480 |
| Series 2005-6CB, Class 1A6, 5.50%, <br> 4/25/2035<br>| &nbsp;&nbsp; 209 | &nbsp;&nbsp; 178 |
| Series 2005-13CB, Class A4, 5.50%, <br> 5/25/2035<br>| &nbsp;&nbsp; 720 | &nbsp;&nbsp; 619 |
| Series 2005-21CB, Class A4, 5.25%, <br> 6/25/2035<br>| &nbsp;&nbsp; 391 | &nbsp;&nbsp; 291 |
| Series 2005-21CB, Class A17, 6.00%, <br> 6/25/2035<br>| &nbsp;&nbsp; 1741 | &nbsp;&nbsp; 1342 |
| Series 2005-20CB, Class 1A1, 5.50%, <br> 7/25/2035<br>| &nbsp;&nbsp; 78 | &nbsp;&nbsp; 62 |
| Series 2005-23CB, Class A15, 5.50%, <br> 7/25/2035<br>| &nbsp;&nbsp; 873 | &nbsp;&nbsp; 710 |
| Series 2005-64CB, Class 1A1, 5.50%, <br> 12/25/2035<br>| &nbsp;&nbsp; 294 | &nbsp;&nbsp; 261 |
| Series 2005-64CB, Class 1A15, <br> 5.50%, 12/25/2035<br>| &nbsp;&nbsp; 745 | &nbsp;&nbsp; 659 |
| Series 2005-J14, Class A3, 5.50%, <br> 12/25/2035<br>| &nbsp;&nbsp; 199 | &nbsp;&nbsp; 120 |
| Series 2005-J14, Class A7, 5.50%, <br> 12/25/2035<br>| &nbsp;&nbsp; 1048 | &nbsp;&nbsp; 632 |
| Series 2005-J14, Class A8, 5.50%, <br> 12/25/2035<br>| &nbsp;&nbsp; 876 | &nbsp;&nbsp; 528 |
| Series 2005-86CB, Class A4, 5.50%, <br> 2/25/2036<br>| &nbsp;&nbsp; 262 | &nbsp;&nbsp; 149 |
| Series 2006-J1, Class 1A13, 5.50%, <br> 2/25/2036<br>| &nbsp;&nbsp; 83 | &nbsp;&nbsp; 56 |
| Series 2006-4CB, Class 2A5, 5.50%, <br> 4/25/2036<br>| &nbsp;&nbsp; 446 | &nbsp;&nbsp; 334 |
| Series 2006-14CB, Class A1, 6.00%, <br> 6/25/2036<br>| &nbsp;&nbsp; 1085 | &nbsp;&nbsp; 585 |
| Series 2006-19CB, Class A15, 6.00%, <br> 8/25/2036<br>| &nbsp;&nbsp; 387 | &nbsp;&nbsp; 220 |
| Series 2006-25CB, Class A2, 6.00%, <br> 10/25/2036<br>| &nbsp;&nbsp; 191 | &nbsp;&nbsp; 99 |
| Series 2006-41CB, Class 2A13, <br> 5.75%, 1/25/2037<br>| &nbsp;&nbsp; 2099 | &nbsp;&nbsp; 993 |
| Series 2007-8CB, Class A9, 6.00%, <br> 5/25/2037<br>| &nbsp;&nbsp; 134 | &nbsp;&nbsp; 71 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

70 J.P. Morgan Funds April 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| Series 2007-19, Class 1A8, 6.00%, <br> 8/25/2037<br>| &nbsp;&nbsp; 133 | &nbsp;&nbsp; 62 |
| American Home Mortgage Investment <br> Trust Series 2007-2, Class 12A1, <br> 4.98%, 3/25/2037 (m)<br>| &nbsp;&nbsp; 4052 | &nbsp;&nbsp; 1507 |
| Angel Oak Mortgage Trust |  |  |
| Series 2019-5, Class B1, 3.96%, <br> 10/25/2049 (a) (m)<br>| &nbsp;&nbsp; 6250 | &nbsp;&nbsp; 5768 |
| Series 2019-6, Class B3, 5.98%, <br> 11/25/2059 (a) (m)<br>| &nbsp;&nbsp; 1285 | &nbsp;&nbsp; 1112 |
| Angel Oak Mortgage Trust I LLC Series <br> 2019-2, Class B2, 6.29%, <br> 3/25/2049 (a) (m)<br>| &nbsp;&nbsp; 2250 | &nbsp;&nbsp; 2295 |
| Banc of America Alternative Loan Trust |  |  |
| Series 2006-4, Class 2A1, 6.00%, <br> 3/25/2029<br>| &nbsp;&nbsp; 2 | &nbsp;&nbsp; 2 |
| Series 2005-11, Class 4A5, 5.75%, <br> 12/25/2035<br>| &nbsp;&nbsp; 275 | &nbsp;&nbsp; 243 |
| Series 2006-4, Class 3CB4, 6.00%, <br> 5/25/2046<br>| &nbsp;&nbsp; 318 | &nbsp;&nbsp; 285 |
| Series 2006-4, Class 4CB1, 6.50%, <br> 5/25/2046<br>| &nbsp;&nbsp; 637 | &nbsp;&nbsp; 592 |
| Series 2006-5, Class CB7, 6.00%, <br> 6/25/2046<br>| &nbsp;&nbsp; 196 | &nbsp;&nbsp; 169 |
| Banc of America Funding Trust |  |  |
| Series 2007-4, Class 8A1, 5.50%, <br> 11/25/2034<br>| &nbsp;&nbsp; 50 | &nbsp;&nbsp; 37 |
| Series 2005-6, Class 1A2, 5.50%, <br> 10/25/2035<br>| &nbsp;&nbsp; 985 | &nbsp;&nbsp; 791 |
| Series 2005-7, Class 4A7, 6.00%, <br> 11/25/2035<br>| &nbsp;&nbsp; 21 | &nbsp;&nbsp; 21 |
| Series 2006-A, Class 1A1, 6.42%, <br> 2/20/2036 (m)<br>| &nbsp;&nbsp; 226 | &nbsp;&nbsp; 211 |
| Series 2006-2, Class 2A20, 5.75%, <br> 3/25/2036<br>| &nbsp;&nbsp; 136 | &nbsp;&nbsp; 117 |
| Series 2007-5, Class 4A1, 4.81%, <br> 7/25/2037 (m)<br>| &nbsp;&nbsp; 1824 | &nbsp;&nbsp; 1232 |
| Banc of America Mortgage Trust |  |  |
| Series 2004-A, Class 2A2, 5.91%, <br> 2/25/2034 (m)<br>| &nbsp;&nbsp; 175 | &nbsp;&nbsp; 171 |
| Series 2007-3, Class 1A1, 6.00%, <br> 9/25/2037<br>| &nbsp;&nbsp; 92 | &nbsp;&nbsp; 75 |
| Bear Stearns ALT-A Trust Series 2006-8, <br> Class 3A1, 4.76%, 2/25/2034 (m)<br>| &nbsp;&nbsp; 105 | &nbsp;&nbsp; 97 |
| Bear Stearns Asset-Backed Securities I <br> Trust Series 2004-AC5, Class M1, <br> 5.45%, 10/25/2034 (m)<br>| &nbsp;&nbsp; 214 | &nbsp;&nbsp; 188 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **United States — continued** | **United States — continued** | **United States — continued** |
| BRAVO Residential Funding Trust Series <br> 2023-NQM5, Class B1, 7.37%, <br> 6/25/2063 (a) (m)<br>| &nbsp;&nbsp; 1263 | &nbsp;&nbsp; 1259 |
| Chase Mortgage Finance Trust |  |  |
| Series 2006-S3, Class 1A2, 6.00%, <br> 11/25/2036<br>| &nbsp;&nbsp; 1045 | &nbsp;&nbsp; 408 |
| Series 2006-S4, Class A5, 6.00%, <br> 12/25/2036<br>| &nbsp;&nbsp; 812 | &nbsp;&nbsp; 335 |
| Series 2007-S2, Class 1A8, 6.00%, <br> 3/25/2037<br>| &nbsp;&nbsp; 185 | &nbsp;&nbsp; 99 |
| CHL Mortgage Pass-Through Trust |  |  |
| Series 2005-20, Class A7, 5.25%, <br> 12/25/2027<br>| &nbsp;&nbsp; 66 | &nbsp;&nbsp; 39 |
| Series 2004-25, Class 2A1, 5.12%, <br> 2/25/2035 (m)<br>| &nbsp;&nbsp; 1509 | &nbsp;&nbsp; 1348 |
| Series 2005-26, Class 1A11, 5.50%, <br> 11/25/2035<br>| &nbsp;&nbsp; 989 | &nbsp;&nbsp; 593 |
| Series 2005-31, Class 2A1, 4.45%, <br> 1/25/2036 (m)<br>| &nbsp;&nbsp; 441 | &nbsp;&nbsp; 380 |
| Series 2005-30, Class A5, 5.50%, <br> 1/25/2036<br>| &nbsp;&nbsp; 105 | &nbsp;&nbsp; 64 |
| Series 2006-HYB1, Class 2A2C, <br> 4.58%, 3/20/2036 (m)<br>| &nbsp;&nbsp; 1224 | &nbsp;&nbsp; 1131 |
| Series 2006-HYB2, Class 2A1B, <br> 4.63%, 4/20/2036 (m)<br>| &nbsp;&nbsp; 365 | &nbsp;&nbsp; 325 |
| Series 2006-J2, Class 1A1, 6.00%, <br> 4/25/2036<br>| &nbsp;&nbsp; 69 | &nbsp;&nbsp; 35 |
| Series 2006-10, Class 1A16, 6.00%, <br> 5/25/2036<br>| &nbsp;&nbsp; 957 | &nbsp;&nbsp; 385 |
| Series 2006-17, Class A2, 6.00%, <br> 12/25/2036<br>| &nbsp;&nbsp; 279 | &nbsp;&nbsp; 123 |
| Series 2006-18, Class 2A4, 6.00%, <br> 12/25/2036<br>| &nbsp;&nbsp; 1615 | &nbsp;&nbsp; 863 |
| Series 2007-2, Class A2, 6.00%, <br> 3/25/2037<br>| &nbsp;&nbsp; 95 | &nbsp;&nbsp; 40 |
| Series 2007-3, Class A18, 6.00%, <br> 4/25/2037<br>| &nbsp;&nbsp; 770 | &nbsp;&nbsp; 360 |
| Series 2007-10, Class A4, 5.50%, <br> 7/25/2037<br>| &nbsp;&nbsp; 99 | &nbsp;&nbsp; 40 |
| Series 2007-13, Class A4, 6.00%, <br> 8/25/2037<br>| &nbsp;&nbsp; 206 | &nbsp;&nbsp; 92 |
| Series 2007-16, Class A1, 6.50%, <br> 10/25/2037<br>| &nbsp;&nbsp; 1788 | &nbsp;&nbsp; 730 |
| Series 2007-18, Class 2A1, 6.50%, <br> 11/25/2037<br>| &nbsp;&nbsp; 414 | &nbsp;&nbsp; 138 |
| Series 2006-OA5, Class 2A1, 4.84%, <br> 4/25/2046 (m)<br>| &nbsp;&nbsp; 1382 | &nbsp;&nbsp; 1159 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Funds 71

------

JPMorgan Income Builder Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| CITI Asset Receivables Trust I Series <br> 2025-2, Class CERT, HB, 24.76%, <br> 5/20/2031 ‡ (a)<br>| &nbsp;&nbsp; 1351 | &nbsp;&nbsp; 1398 |
| Citicorp Mortgage Securities Trust Series <br> 2007-4, Class 1A9, 6.00%, <br> 5/25/2037<br>| &nbsp;&nbsp; 293 | &nbsp;&nbsp; 265 |
| Citigroup Mortgage Loan Trust |  |  |
| Series 2005-9, Class 2A2, 5.50%, <br> 11/25/2035<br>| &nbsp;&nbsp; 61 | &nbsp;&nbsp; 43 |
| Series 2006-AR3, Class 1A1A, 5.74%, <br> 6/25/2036 (m)<br>| &nbsp;&nbsp; 783 | &nbsp;&nbsp; 727 |
| Series 2006-AR5, Class 1A5A, 5.09%, <br> 7/25/2036 (m)<br>| &nbsp;&nbsp; 292 | &nbsp;&nbsp; 277 |
| Citigroup Mortgage Loan Trust, Inc. |  |  |
| Series 2005-6, Class A1, 6.08%, <br> 9/25/2035 (m)<br>| &nbsp;&nbsp; 135 | &nbsp;&nbsp; 133 |
| Series 2006-8, Class A3, 4.79%, <br> 10/25/2035 (a) (m)<br>| &nbsp;&nbsp; 439 | &nbsp;&nbsp; 194 |
| COLT Mortgage Loan Trust |  |  |
| Series 2021-3, Class B1, 3.06%, <br> 9/27/2066 (a) (m)<br>| &nbsp;&nbsp; 2500 | &nbsp;&nbsp; 1681 |
| Series 2021-5, Class B2, 4.21%, <br> 11/26/2066 (a) (m)<br>| &nbsp;&nbsp; 2247 | &nbsp;&nbsp; 1763 |
| Series 2022-1, Class B2, 4.18%, <br> 12/27/2066 (a) (m)<br>| &nbsp;&nbsp; 2581 | &nbsp;&nbsp; 2082 |
| Series 2023-2, Class A1, 6.60%, <br> 7/25/2068 (a) (h)<br>| &nbsp;&nbsp; 1954 | &nbsp;&nbsp; 1968 |
| Series 2023-4, Class A1, 7.16%, <br> 10/25/2068 (a) (h)<br>| &nbsp;&nbsp; 3581 | &nbsp;&nbsp; 3633 |
| Connecticut Avenue Securities Trust |  |  |
| Series 2019-R04, Class 2B1, 9.72%, <br> 6/25/2039 (a) (m)<br>| &nbsp;&nbsp; 2177 | &nbsp;&nbsp; 2251 |
| Series 2019-R05, Class 1B1, 8.57%, <br> 7/25/2039 (a) (m)<br>| &nbsp;&nbsp; 277 | &nbsp;&nbsp; 284 |
| Series 2019-R06, Class 2B1, 8.22%, <br> 9/25/2039 (a) (m)<br>| &nbsp;&nbsp; 3860 | &nbsp;&nbsp; 3938 |
| Series 2019-R07, Class 1B1, 7.87%, <br> 10/25/2039 (a) (m)<br>| &nbsp;&nbsp; 7300 | &nbsp;&nbsp; 7433 |
| Series 2020-R02, Class 2B1, 7.47%, <br> 1/25/2040 (a) (m)<br>| &nbsp;&nbsp; 7158 | &nbsp;&nbsp; 7239 |
| Series 2020-R01, Class 1B1, 7.72%, <br> 1/25/2040 (a) (m)<br>| &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1019 |
| Series 2021-R01, Class 1B1, 7.45%, <br> 10/25/2041 (a) (m)<br>| &nbsp;&nbsp; 5200 | &nbsp;&nbsp; 5283 |
| Series 2021-R03, Class 1B2, 9.85%, <br> 12/25/2041 (a) (m)<br>| &nbsp;&nbsp; 6100 | &nbsp;&nbsp; 6306 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **United States — continued** | **United States — continued** | **United States — continued** |
| Series 2022-R01, Class 1B2, 10.35%, <br> 12/25/2041 (a) (m)<br>| &nbsp;&nbsp; 4437 | &nbsp;&nbsp; 4628 |
| Series 2024-R02, Class 1M2, 6.15%, <br> 2/25/2044 (a) (m)<br>| &nbsp;&nbsp; 7000 | &nbsp;&nbsp; 6990 |
| CSFB Mortgage-Backed Pass-Through <br> Certificates<br>|  |  |
| Series 2005-10, Class 11A1, 5.50%, <br> 11/25/2020<br>| &nbsp;&nbsp; 572 | &nbsp;&nbsp; 69 |
| Series 2004-AR4, Class 2A1, 5.28%, <br> 5/25/2034 (m)<br>| &nbsp;&nbsp; 80 | &nbsp;&nbsp; 79 |
| Series 2004-AR4, Class 4A1, 6.28%, <br> 5/25/2034 (m)<br>| &nbsp;&nbsp; 658 | &nbsp;&nbsp; 661 |
| Series 2004-AR5, Class 6A1, 6.29%, <br> 6/25/2034 (m)<br>| &nbsp;&nbsp; 136 | &nbsp;&nbsp; 133 |
| Series 2004-4, Class 4A1, 5.50%, <br> 8/25/2034<br>| &nbsp;&nbsp; 645 | &nbsp;&nbsp; 659 |
| Series 2005-4, Class 2A5, 4.99%, <br> 6/25/2035 (m)<br>| &nbsp;&nbsp; 1896 | &nbsp;&nbsp; 1255 |
| Series 2005-10, Class 5A3, 5.50%, <br> 11/25/2035<br>| &nbsp;&nbsp; 221 | &nbsp;&nbsp; 158 |
| CSFB Mortgage-Backed Trust Series <br> 2004-AR6, Class 7A1, 6.36%, <br> 10/25/2034 (m)<br>| &nbsp;&nbsp; 23 | &nbsp;&nbsp; 23 |
| CSMC Mortgage-Backed Trust |  |  |
| Series 2006-8, Class 5A1, 5.47%, <br> 10/25/2026 (m)<br>| &nbsp;&nbsp; 24 | &nbsp;&nbsp; 23 |
| Series 2007-2, Class 3A13, 5.50%, <br> 3/25/2037<br>| &nbsp;&nbsp; 310 | &nbsp;&nbsp; 138 |
| Deephaven Residential Mortgage Trust |  |  |
| Series 2021-3, Class B2, 4.13%, <br> 8/25/2066 (a) (m)<br>| &nbsp;&nbsp; 4502 | &nbsp;&nbsp; 3342 |
| Series 2021-4, Class B1, 4.16%, <br> 11/25/2066 (a) (m)<br>| &nbsp;&nbsp; 6000 | &nbsp;&nbsp; 4687 |
| Series 2021-4, Class B2, 4.44%, <br> 11/25/2066 (a) (m)<br>| &nbsp;&nbsp; 6508 | &nbsp;&nbsp; 5112 |
| Series 2022-1, Class B1, 4.27%, <br> 1/25/2067 (a) (m)<br>| &nbsp;&nbsp; 3000 | &nbsp;&nbsp; 2361 |
| Series 2022-1, Class B2, 4.27%, <br> 1/25/2067 (a) (m)<br>| &nbsp;&nbsp; 5640 | &nbsp;&nbsp; 4190 |
| Deutsche Alt-A Securities, Inc. Mortgage <br> Loan Trust Series 2005-1, Class 2A1, <br> 3.40%, 2/25/2020 (m)<br>| &nbsp;&nbsp; 12 | &nbsp;&nbsp; 12 |
| DSLA Mortgage Loan Trust Series <br> 2005-AR4, Class 2A1A, 4.95%, <br> 8/19/2045 (m)<br>| &nbsp;&nbsp; 1070 | &nbsp;&nbsp; 933 |
| FHLMC Seasoned Credit Risk Transfer <br> Trust Series 2017-3, Class A, IO, <br> 0.00%, 7/25/2056 (m)<br>| &nbsp;&nbsp; 170395 | &nbsp;&nbsp; 106 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

72 J.P. Morgan Funds April 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| FHLMC STACR REMIC Trust |  |  |
| Series 2021-DNA2, Class B2, 10.35%, <br> 8/25/2033 (a) (m)<br>| &nbsp;&nbsp; 1500 | &nbsp;&nbsp; 1751 |
| Series 2021-HQA2, Class B2, 9.80%, <br> 12/25/2033 (a) (m)<br>| &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 1358 |
| Series 2021-DNA6, Class B1, 7.75%, <br> 10/25/2041 (a) (m)<br>| &nbsp;&nbsp; 2500 | &nbsp;&nbsp; 2562 |
| Series 2021-DNA6, Class B2, 11.85%, <br> 10/25/2041 (a) (m)<br>| &nbsp;&nbsp; 400 | &nbsp;&nbsp; 423 |
| Series 2024-DNA2, Class M1, 5.55%, <br> 5/25/2044 (a) (m)<br>| &nbsp;&nbsp; 3986 | &nbsp;&nbsp; 3983 |
| Series 2020-HQA1, Class B2, 9.57%, <br> 1/25/2050 (a) (m)<br>| &nbsp;&nbsp; 4000 | &nbsp;&nbsp; 4292 |
| Series 2021-DNA1, Class B2, 9.10%, <br> 1/25/2051 (a) (m)<br>| &nbsp;&nbsp; 6800 | &nbsp;&nbsp; 7315 |
| First Horizon Alternative Mortgage <br> Securities Trust Series 2006-FA6, Class <br> 3A1, 5.75%, 11/25/2021<br>| &nbsp;&nbsp; 5 | &nbsp;&nbsp; — |
| GCAT Trust Series 2020-NQM1, Class B1, <br> 3.64%, 1/25/2060 (a) (m)<br>| &nbsp;&nbsp; 3000 | &nbsp;&nbsp; 2509 |
| GMACM Mortgage Loan Trust |  |  |
| Series 2004-AR2, Class 3A, 4.99%, <br> 8/19/2034 (m)<br>| &nbsp;&nbsp; 153 | &nbsp;&nbsp; 136 |
| Series 2005-AR1, Class 3A, 4.07%, <br> 3/18/2035 (m)<br>| &nbsp;&nbsp; 33 | &nbsp;&nbsp; 29 |
| GSMSC Pass-Through Trust Series <br> 2008-2R, Class 2A1, 7.50%, <br> 10/25/2036 (a) (m)<br>| &nbsp;&nbsp; 1196 | &nbsp;&nbsp; 136 |
| GSR Mortgage Loan Trust |  |  |
| Series 2004-15F, Class 1A2, 5.50%, <br> 12/25/2034<br>| &nbsp;&nbsp; 139 | &nbsp;&nbsp; 91 |
| Series 2005-1F, Class 2A3, 6.00%, <br> 2/25/2035<br>| &nbsp;&nbsp; 121 | &nbsp;&nbsp; 83 |
| Series 2005-AR3, Class 6A1, 4.31%, <br> 5/25/2035 (m)<br>| &nbsp;&nbsp; 49 | &nbsp;&nbsp; 36 |
| Series 2005-AR4, Class 3A5, 5.43%, <br> 7/25/2035 (m)<br>| &nbsp;&nbsp; 816 | &nbsp;&nbsp; 489 |
| Series 2005-6F, Class 3A18, 5.50%, <br> 7/25/2035<br>| &nbsp;&nbsp; 455 | &nbsp;&nbsp; 434 |
| Series 2005-AR7, Class 6A1, 4.63%, <br> 11/25/2035 (m)<br>| &nbsp;&nbsp; 318 | &nbsp;&nbsp; 271 |
| Series 2006-1F, Class 2A16, 6.00%, <br> 2/25/2036<br>| &nbsp;&nbsp; 477 | &nbsp;&nbsp; 202 |
| Series 2006-1F, Class 2A9, 6.00%, <br> 2/25/2036<br>| &nbsp;&nbsp; 773 | &nbsp;&nbsp; 326 |
| Series 2006-9F, Class 3A1, 6.25%, <br> 10/25/2036<br>| &nbsp;&nbsp; 333 | &nbsp;&nbsp; 305 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **United States — continued** | **United States — continued** | **United States — continued** |
| Series 2007-1F, Class 3A13, 6.00%, <br> 1/25/2037<br>| &nbsp;&nbsp; 198 | &nbsp;&nbsp; 120 |
| HarborView Mortgage Loan Trust Series <br> 2005-11, Class 2A1A, 5.05%, <br> 8/19/2045 (m)<br>| &nbsp;&nbsp; 85 | &nbsp;&nbsp; 79 |
| Impac CMB Trust |  |  |
| Series 2004-5, Class 1A1, 5.16%, <br> 10/25/2034 (m)<br>| &nbsp;&nbsp; 100 | &nbsp;&nbsp; 99 |
| Series 2004-5, Class 1M2, 5.31%, <br> 10/25/2034 (m)<br>| &nbsp;&nbsp; 36 | &nbsp;&nbsp; 36 |
| Series 2004-7, Class 1A2, 5.36%, <br> 11/25/2034 (m)<br>| &nbsp;&nbsp; 123 | &nbsp;&nbsp; 121 |
| Series 2004-10, Class 2A, 5.08%, <br> 3/25/2035 (m)<br>| &nbsp;&nbsp; 295 | &nbsp;&nbsp; 269 |
| Series 2005-1, Class 1A1, 4.96%, <br> 4/25/2035 (m)<br>| &nbsp;&nbsp; 133 | &nbsp;&nbsp; 126 |
| Series 2005-1, Class 1A2, 5.06%, <br> 4/25/2035 (m)<br>| &nbsp;&nbsp; 163 | &nbsp;&nbsp; 154 |
| Series 2005-2, Class 1A2, 5.06%, <br> 4/25/2035 (m)<br>| &nbsp;&nbsp; 175 | &nbsp;&nbsp; 168 |
| Impac Secured Assets CMN Owner Trust <br> Series 2003-2, Class A4, 3.75%, <br> 8/25/2033<br>| &nbsp;&nbsp; 137 | &nbsp;&nbsp; 93 |
| Impac Secured Assets Trust |  |  |
| Series 2007-3, Class A1B, 4.92%, <br> 9/25/2037 (m)<br>| &nbsp;&nbsp; 1283 | &nbsp;&nbsp; 1076 |
| Series 2007-3, Class A1C, 5.16%, <br> 9/25/2037 (m)<br>| &nbsp;&nbsp; 2149 | &nbsp;&nbsp; 1813 |
| IndyMac INDX Mortgage Loan Trust |  |  |
| Series 2005-AR3, Class 3A1, 4.13%, <br> 4/25/2035 (m)<br>| &nbsp;&nbsp; 131 | &nbsp;&nbsp; 120 |
| Series 2005-AR14, Class 2A1A, <br> 5.04%, 7/25/2035 (m)<br>| &nbsp;&nbsp; 612 | &nbsp;&nbsp; 479 |
| Series 2007-AR21, Class 6A1, 3.87%, <br> 9/25/2037 (m)<br>| &nbsp;&nbsp; 3770 | &nbsp;&nbsp; 2288 |
| JPMorgan Mortgage Trust |  |  |
| Series 2006-S3, Class 2A4, 5.50%, <br> 8/25/2021<br>| &nbsp;&nbsp; 7 | &nbsp;&nbsp; 6 |
| Series 2004-A6, Class 1A1, 4.40%, <br> 12/25/2034 (m)<br>| &nbsp;&nbsp; 24 | &nbsp;&nbsp; 22 |
| Series 2005-A3, Class 6A6, 5.77%, <br> 6/25/2035 (m)<br>| &nbsp;&nbsp; 88 | &nbsp;&nbsp; 87 |
| Series 2005-A6, Class 1A2, 6.35%, <br> 9/25/2035 (m)<br>| &nbsp;&nbsp; 91 | &nbsp;&nbsp; 85 |
| Series 2005-A8, Class 1A1, 5.13%, <br> 11/25/2035 (m)<br>| &nbsp;&nbsp; 59 | &nbsp;&nbsp; 45 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Funds 73

------

JPMorgan Income Builder Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| Series 2005-A8, Class 4A1, 5.30%, <br> 11/25/2035 (m)<br>| &nbsp;&nbsp; 964 | &nbsp;&nbsp; 783 |
| Series 2006-A7, Class 2A4, 4.55%, <br> 1/25/2037 (m)<br>| &nbsp;&nbsp; 275 | &nbsp;&nbsp; 210 |
| Series 2007-S1, Class 2A17, 4.77%, <br> 3/25/2037 (m)<br>| &nbsp;&nbsp; 3566 | &nbsp;&nbsp; 959 |
| Legacy Mortgage Asset Trust |  |  |
| Series 2021-GS3, Class A2, 6.25%, <br> 7/25/2061 (a) (h)<br>| &nbsp;&nbsp; 2963 | &nbsp;&nbsp; 2960 |
| Series 2021-GS1, Class A2, 7.84%, <br> 10/25/2066 (a) (h)<br>| &nbsp;&nbsp; 2183 | &nbsp;&nbsp; 2184 |
| Lehman Mortgage Trust |  |  |
| Series 2005-2, Class 2A5, 5.50%, <br> 12/25/2035<br>| &nbsp;&nbsp; 580 | &nbsp;&nbsp; 325 |
| Series 2007-7, Class 5A7, 6.50%, <br> 8/25/2037<br>| &nbsp;&nbsp; 6604 | &nbsp;&nbsp; 3010 |
| LHOME Mortgage Trust |  |  |
| Series 2023-RTL3, Class A1, 8.00%, <br> 8/25/2028 (a) (h)<br>| &nbsp;&nbsp; 2550 | &nbsp;&nbsp; 2573 |
| Series 2024-RTL1, Class A1, 7.02%, <br> 1/25/2029 (a) (h)<br>| &nbsp;&nbsp; 4025 | &nbsp;&nbsp; 4065 |
| Series 2024-RTL2, Class A1, 7.13%, <br> 3/25/2029 (a) (h)<br>| &nbsp;&nbsp; 3325 | &nbsp;&nbsp; 3367 |
| Series 2024-RTL3, Class A1, 6.90%, <br> 5/25/2029 (a) (h)<br>| &nbsp;&nbsp; 5000 | &nbsp;&nbsp; 5065 |
| Series 2024-RTL5, Class A1, 5.32%, <br> 9/25/2039 (a) (h)<br>| &nbsp;&nbsp; 480 | &nbsp;&nbsp; 478 |
| MASTR Alternative Loan Trust |  |  |
| Series 2004-12, Class 3A1, 6.00%, <br> 12/25/2034<br>| &nbsp;&nbsp; 326 | &nbsp;&nbsp; 325 |
| Series 2005-3, Class 1A1, 5.50%, <br> 4/25/2035<br>| &nbsp;&nbsp; 70 | &nbsp;&nbsp; 63 |
| Series 2005-5, Class 3A1, 5.75%, <br> 8/25/2035<br>| &nbsp;&nbsp; 195 | &nbsp;&nbsp; 88 |
| Series 2005-6, Class 1A2, 5.50%, <br> 12/25/2035<br>| &nbsp;&nbsp; 341 | &nbsp;&nbsp; 219 |
| Merrill Lynch Mortgage Investors Trust |  |  |
| Series 2005-1, Class 2A2, 5.16%, <br> 4/25/2035 (m)<br>| &nbsp;&nbsp; 91 | &nbsp;&nbsp; 80 |
| Series 2006-1, Class 2A1, 5.79%, <br> 2/25/2036 (m)<br>| &nbsp;&nbsp; 465 | &nbsp;&nbsp; 448 |
| Series 2006-AF2, Class AF2, 6.25%, <br> 10/25/2036<br>| &nbsp;&nbsp; 150 | &nbsp;&nbsp; 54 |
| Metlife Securitization Trust Series <br> 2017-1A, Class A, 3.00%, <br> 4/25/2055 (a) (m)<br>| &nbsp;&nbsp; 1563 | &nbsp;&nbsp; 1493 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **United States — continued** | **United States — continued** | **United States — continued** |
| Morgan Stanley Mortgage Loan Trust |  |  |
| Series 2006-2, Class 1A, 5.25%, <br> 2/25/2021<br>| &nbsp;&nbsp; 193 | &nbsp;&nbsp; 173 |
| Series 2004-9, Class 1A, 5.30%, <br> 11/25/2034 (m)<br>| &nbsp;&nbsp; 278 | &nbsp;&nbsp; 275 |
| Series 2005-4, Class 1A, 5.00%, <br> 8/25/2035<br>| &nbsp;&nbsp; 19 | &nbsp;&nbsp; 19 |
| New Residential Mortgage Loan Trust |  |  |
| Series 2024-RTL1, Class A1, 6.66%, <br> 3/25/2039 (a) (h)<br>| &nbsp;&nbsp; 3750 | &nbsp;&nbsp; 3779 |
| Series 2019-NQM4, Class B1, 3.74%, <br> 9/25/2059 (a) (m)<br>| &nbsp;&nbsp; 2500 | &nbsp;&nbsp; 2137 |
| Series 2019-NQM4, Class B2, 5.15%, <br> 9/25/2059 (a) (m)<br>| &nbsp;&nbsp; 4000 | &nbsp;&nbsp; 3522 |
| Nomura Asset Acceptance Corp. <br> Alternative Loan Trust Series <br> 2005-WF1, Class 2A5, 5.66%, <br> 3/25/2035 (h)<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1 |
| NRM FHT1 Excess Owner LLC Series <br> 2025-FHT1, Class A, 6.55%, <br> 3/25/2032 (a) (h)<br>| &nbsp;&nbsp; 873 | &nbsp;&nbsp; 867 |
| OBX Trust |  |  |
| Series 2023-NQM3, Class A1, 5.95%, <br> 2/25/2063 (a) (h)<br>| &nbsp;&nbsp; 290 | &nbsp;&nbsp; 290 |
| Series 2024-NQM4, Class A3, 6.32%, <br> 1/25/2064 (a) (h)<br>| &nbsp;&nbsp; 4037 | &nbsp;&nbsp; 4056 |
| PRPM Series 2024-3, Class A1, 6.99%, <br> 5/25/2029 (a) (h)<br>| &nbsp;&nbsp; 7998 | &nbsp;&nbsp; 8014 |
| PRPM LLC |  |  |
| Series 2024-1, Class A1, 6.96%, <br> 2/25/2029 (a) (h)<br>| &nbsp;&nbsp; 8756 | &nbsp;&nbsp; 8771 |
| Series 2024-2, Class A1, 7.03%, <br> 3/25/2029 (a) (h)<br>| &nbsp;&nbsp; 5327 | &nbsp;&nbsp; 5338 |
| Series 2024-4, Class A1, 6.41%, <br> 8/25/2029 (a) (h)<br>| &nbsp;&nbsp; 3584 | &nbsp;&nbsp; 3593 |
| Series 2024-8, Class A2, 8.84%, <br> 12/25/2029 (a) (h)<br>| &nbsp;&nbsp; 1501 | &nbsp;&nbsp; 1498 |
| RALI Trust |  |  |
| Series 2003-QS20, Class CB, 5.00%, <br> 11/25/2018 ‡<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Series 2005-QA5, Class A2, 5.11%, <br> 4/25/2035 (m)<br>| &nbsp;&nbsp; 590 | &nbsp;&nbsp; 530 |
| Series 2005-QS17, Class A3, 6.00%, <br> 12/25/2035<br>| &nbsp;&nbsp; 400 | &nbsp;&nbsp; 344 |
| Series 2006-QS3, Class 1A10, 6.00%, <br> 3/25/2036<br>| &nbsp;&nbsp; 695 | &nbsp;&nbsp; 622 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

74 J.P. Morgan Funds April 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| Series 2006-QS4, Class A2, 6.00%, <br> 4/25/2036<br>| &nbsp;&nbsp; 849 | &nbsp;&nbsp; 687 |
| Series 2006-QS17, Class A5, 6.00%, <br> 12/25/2036<br>| &nbsp;&nbsp; 1272 | &nbsp;&nbsp; 1048 |
| Residential Asset Securitization Trust |  |  |
| Series 2005-A8CB, Class A11, 6.00%, <br> 7/25/2035<br>| &nbsp;&nbsp; 1260 | &nbsp;&nbsp; 745 |
| Series 2005-A14, Class A1, 5.50%, <br> 12/25/2035<br>| &nbsp;&nbsp; 124 | &nbsp;&nbsp; 55 |
| Series 2006-A8, Class 3A1, 6.00%, <br> 8/25/2036<br>| &nbsp;&nbsp; 2563 | &nbsp;&nbsp; 1116 |
| RFMSI Trust |  |  |
| Series 2005-S7, Class A6, 5.50%, <br> 11/25/2035<br>| &nbsp;&nbsp; 45 | &nbsp;&nbsp; 35 |
| Series 2006-S10, Class 1A1, 6.00%, <br> 10/25/2036<br>| &nbsp;&nbsp; 938 | &nbsp;&nbsp; 754 |
| Series 2006-SA4, Class 2A1, 5.66%, <br> 11/25/2036 (m)<br>| &nbsp;&nbsp; 645 | &nbsp;&nbsp; 519 |
| Sequoia Mortgage Trust Series 2007-3, <br> Class 1A1, 4.83%, 7/20/2036 (m)<br>| &nbsp;&nbsp; 201 | &nbsp;&nbsp; 172 |
| Starwood Mortgage Residential Trust |  |  |
| Series 2020-1, Class B1, 3.73%, <br> 2/25/2050 (a) (m)<br>| &nbsp;&nbsp; 5410 | &nbsp;&nbsp; 4560 |
| Series 2020-INV1, Class B2, 4.26%, <br> 11/25/2055 (a)<br>| &nbsp;&nbsp; 1600 | &nbsp;&nbsp; 1295 |
| Structured Adjustable Rate Mortgage Loan <br> Trust Series 2005-1, Class 1A1, <br> 4.42%, 2/25/2035 (m)<br>| &nbsp;&nbsp; 160 | &nbsp;&nbsp; 149 |
| Structured Asset Mortgage Investments II <br> Trust<br>|  |  |
| Series 2005-AR3, Class 1A1, 4.98%, <br> 8/25/2035 (m)<br>| &nbsp;&nbsp; 1552 | &nbsp;&nbsp; 1440 |
| Series 2007-AR7, Class 1A1, 5.29%, <br> 5/25/2047 (m)<br>| &nbsp;&nbsp; 2530 | &nbsp;&nbsp; 1969 |
| Verus Securitization Trust |  |  |
| Series 2021-R1, Class B1, 3.20%, <br> 10/25/2063 (a) (m)<br>| &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 1789 |
| Series 2021-R1, Class B2, 4.20%, <br> 10/25/2063 (a) (m)<br>| &nbsp;&nbsp; 1322 | &nbsp;&nbsp; 1146 |
| Series 2021-R3, Class B1, 3.07%, <br> 4/25/2064 (a) (m)<br>| &nbsp;&nbsp; 2500 | &nbsp;&nbsp; 2069 |
| Series 2021-R3, Class B2, 4.07%, <br> 4/25/2064 (a) (m)<br>| &nbsp;&nbsp; 1776 | &nbsp;&nbsp; 1365 |
| Series 2020-5, Class B2, 4.71%, <br> 5/25/2065 (a) (m)<br>| &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 1325 |
| Series 2021-5, Class B1, 3.04%, <br> 9/25/2066 (a) (m)<br>| &nbsp;&nbsp; 3826 | &nbsp;&nbsp; 2639 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **United States — continued** | **United States — continued** | **United States — continued** |
| Series 2021-5, Class B2, 3.94%, <br> 9/25/2066 (a) (m)<br>| &nbsp;&nbsp; 3750 | &nbsp;&nbsp; 2666 |
| Series 2023-INV1, Class A3, 6.76%, <br> 2/25/2068 (a) (h)<br>| &nbsp;&nbsp; 2036 | &nbsp;&nbsp; 2040 |
| Series 2023-4, Class A1, 5.81%, <br> 5/25/2068 (a) (h)<br>| &nbsp;&nbsp; 303 | &nbsp;&nbsp; 303 |
| Series 2023-6, Class B1, 7.80%, <br> 9/25/2068 (a) (m)<br>| &nbsp;&nbsp; 3500 | &nbsp;&nbsp; 3497 |
| WaMu Mortgage Pass-Through Certificates <br> Trust<br>|  |  |
| Series 2004-AR11, Class A, 6.93%, <br> 10/25/2034 (m)<br>| &nbsp;&nbsp; 327 | &nbsp;&nbsp; 314 |
| Series 2005-AR5, Class A6, 5.71%, <br> 5/25/2035 (m)<br>| &nbsp;&nbsp; 829 | &nbsp;&nbsp; 808 |
| Series 2005-AR16, Class 1A1, 4.72%, <br> 12/25/2035 (m)<br>| &nbsp;&nbsp; 281 | &nbsp;&nbsp; 251 |
| Series 2005-AR14, Class 1A3, 5.18%, <br> 12/25/2035 (m)<br>| &nbsp;&nbsp; 661 | &nbsp;&nbsp; 605 |
| Series 2005-AR14, Class 1A4, 5.18%, <br> 12/25/2035 (m)<br>| &nbsp;&nbsp; 441 | &nbsp;&nbsp; 403 |
| Series 2005-AR18, Class 1A3A, <br> 5.01%, 1/25/2036 (m)<br>| &nbsp;&nbsp; 28 | &nbsp;&nbsp; 26 |
| Series 2006-AR2, Class 1A1, 4.60%, <br> 3/25/2036 (m)<br>| &nbsp;&nbsp; 128 | &nbsp;&nbsp; 110 |
| Series 2004-AR10, Class A1B, 5.28%, <br> 7/25/2044 (m)<br>| &nbsp;&nbsp; 330 | &nbsp;&nbsp; 311 |
| Series 2005-AR15, Class A1A1, <br> 4.96%, 11/25/2045 (m)<br>| &nbsp;&nbsp; 20 | &nbsp;&nbsp; 19 |
| Washington Mutual Mortgage <br> Pass-Through Certificates WMALT Trust<br>|  |  |
| Series 2005-1, Class 1A3, 5.50%, <br> 3/25/2035<br>| &nbsp;&nbsp; 347 | &nbsp;&nbsp; 332 |
| Series 2005-4, Class CB7, 5.50%, <br> 6/25/2035<br>| &nbsp;&nbsp; 245 | &nbsp;&nbsp; 222 |
| Series 2005-10, Class 2A5, 5.75%, <br> 11/25/2035<br>| &nbsp;&nbsp; 1348 | &nbsp;&nbsp; 1281 |
| Series 2005-10, Class 4CB1, 5.75%, <br> 12/25/2035<br>| &nbsp;&nbsp; 394 | &nbsp;&nbsp; 361 |
| Series 2006-5, Class 2CB5, 6.50%, <br> 7/25/2036<br>| &nbsp;&nbsp; 131 | &nbsp;&nbsp; 97 |
| Series 2007-1, Class 1A7, 5.04%, <br> 2/25/2037 (m)<br>| &nbsp;&nbsp; 2223 | &nbsp;&nbsp; 1649 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Funds 75

------

JPMorgan Income Builder Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| Wells Fargo Mortgage-Backed Securities <br> Trust<br>|  |  |
| Series 2006-AR19, Class A3, 6.93%, <br> 12/25/2036 (m)<br>| &nbsp;&nbsp; 69 | &nbsp;&nbsp; 65 |
| Series 2007-15, Class A1, 6.00%, <br> 11/25/2037<br>| &nbsp;&nbsp; 58 | &nbsp;&nbsp; 56 |
| Total Collateralized Mortgage Obligations <br>(Cost $301,527)<br>|  | &nbsp;&nbsp; 268963 |
| **Foreign Government Securities — 2.5%** | **Foreign Government Securities — 2.5%** | **Foreign Government Securities — 2.5%** |
| **Angola — 0.1%** | **Angola — 0.1%** | **Angola — 0.1%** |
| Republic of Angola |  |  |
| 8.25%, 5/9/2028 (b) | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 1180 |
| 8.00%, 11/26/2029 (a) | &nbsp;&nbsp; 1550 | &nbsp;&nbsp; 1236 |
| 8.00%, 11/26/2029 (b) | &nbsp;&nbsp; 1480 | &nbsp;&nbsp; 1180 |
| 8.75%, 4/14/2032 (b) | &nbsp;&nbsp; 1670 | &nbsp;&nbsp; 1286 |
| 9.13%, 11/26/2049 (b) | &nbsp;&nbsp; 2090 | &nbsp;&nbsp; 1420 |
|  |  | &nbsp;&nbsp; 6302 |
| **Argentina — 0.2%** | **Argentina — 0.2%** | **Argentina — 0.2%** |
| Argentine Republic |  |  |
| 1.00%, 7/9/2029 | &nbsp;&nbsp; 2875 | &nbsp;&nbsp; 2321 |
| 0.75%, 7/9/2030 (h) | &nbsp;&nbsp; 1364 | &nbsp;&nbsp; 1046 |
| 4.12%, 7/9/2035 (c) (h) | &nbsp;&nbsp; 6656 | &nbsp;&nbsp; 4414 |
| 4.12%, 7/9/2035 (h) | &nbsp;&nbsp; 800 | &nbsp;&nbsp; 530 |
| 5.00%, 1/9/2038 (h) | &nbsp;&nbsp; 2896 | &nbsp;&nbsp; 2036 |
| 3.50%, 7/9/2041 (h) | &nbsp;&nbsp; 5045 | &nbsp;&nbsp; 3113 |
| 4.12%, 7/9/2046 (h) | &nbsp;&nbsp; 5688 | &nbsp;&nbsp; 3703 |
|  |  | &nbsp;&nbsp; 17163 |
| **Bahamas — 0.0% ^** | **Bahamas — 0.0% ^** | **Bahamas — 0.0% ^** |
| Commonwealth of the Bahamas 6.00%, <br> 11/21/2028 (b)<br>| &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 1327 |
| **Bahrain — 0.1%** | **Bahrain — 0.1%** | **Bahrain — 0.1%** |
| Kingdom of Bahrain |  |  |
| 7.00%, 10/12/2028 (b) | &nbsp;&nbsp; 800 | &nbsp;&nbsp; 816 |
| 6.75%, 9/20/2029 (b) | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 202 |
| 5.45%, 9/16/2032 (a) | &nbsp;&nbsp; 481 | &nbsp;&nbsp; 444 |
| 6.00%, 9/19/2044 (b) | &nbsp;&nbsp; 1500 | &nbsp;&nbsp; 1224 |
| 7.50%, 9/20/2047 (b) | &nbsp;&nbsp; 1590 | &nbsp;&nbsp; 1533 |
|  |  | &nbsp;&nbsp; 4219 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Benin — 0.0% ^** | **Benin — 0.0% ^** | **Benin — 0.0% ^** |
| Benin Government Bond |  |  |
| 7.96%, 2/13/2038 (a) | &nbsp;&nbsp; 1010 | &nbsp;&nbsp; 907 |
| 8.38%, 1/23/2041 (a) | &nbsp;&nbsp; 747 | &nbsp;&nbsp; 677 |
|  |  | &nbsp;&nbsp; 1584 |
| **Brazil — 0.1%** | **Brazil — 0.1%** | **Brazil — 0.1%** |
| Federative Republic of Brazil |  |  |
| 6.13%, 1/22/2032 | &nbsp;&nbsp; 880 | &nbsp;&nbsp; 896 |
| 8.25%, 1/20/2034 | &nbsp;&nbsp; 785 | &nbsp;&nbsp; 879 |
| 5.63%, 1/7/2041 | &nbsp;&nbsp; 950 | &nbsp;&nbsp; 842 |
| 5.00%, 1/27/2045 | &nbsp;&nbsp; 1230 | &nbsp;&nbsp; 935 |
| 4.75%, 1/14/2050 | &nbsp;&nbsp; 620 | &nbsp;&nbsp; 438 |
| 7.13%, 5/13/2054 | &nbsp;&nbsp; 1155 | &nbsp;&nbsp; 1096 |
|  |  | &nbsp;&nbsp; 5086 |
| **Colombia — 0.1%** | **Colombia — 0.1%** | **Colombia — 0.1%** |
| Republic of Colombia |  |  |
| 3.13%, 4/15/2031 | &nbsp;&nbsp; 800 | &nbsp;&nbsp; 644 |
| 8.00%, 4/20/2033 | &nbsp;&nbsp; 950 | &nbsp;&nbsp; 965 |
| 7.38%, 9/18/2037 | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 926 |
| 6.13%, 1/18/2041 | &nbsp;&nbsp; 950 | &nbsp;&nbsp; 747 |
| 5.00%, 6/15/2045 | &nbsp;&nbsp; 1990 | &nbsp;&nbsp; 1298 |
| 5.20%, 5/15/2049 | &nbsp;&nbsp; 420 | &nbsp;&nbsp; 272 |
| 4.13%, 5/15/2051 | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 552 |
| 8.75%, 11/14/2053 | &nbsp;&nbsp; 1002 | &nbsp;&nbsp; 960 |
| 8.38%, 11/7/2054 | &nbsp;&nbsp; 2250 | &nbsp;&nbsp; 2060 |
|  |  | &nbsp;&nbsp; 8424 |
| **Costa Rica — 0.0% ^** | **Costa Rica — 0.0% ^** | **Costa Rica — 0.0% ^** |
| Republic of Costa Rica |  |  |
| 6.55%, 4/3/2034 (a) | &nbsp;&nbsp; 1090 | &nbsp;&nbsp; 1112 |
| 7.30%, 11/13/2054 (a) | &nbsp;&nbsp; 819 | &nbsp;&nbsp; 831 |
|  |  | &nbsp;&nbsp; 1943 |
| **Dominican Republic — 0.1%** | **Dominican Republic — 0.1%** | **Dominican Republic — 0.1%** |
| Dominican Republic Government Bond |  |  |
| 4.50%, 1/30/2030 (a) | &nbsp;&nbsp; 790 | &nbsp;&nbsp; 736 |
| 7.05%, 2/3/2031 (a) (c) | &nbsp;&nbsp; 1330 | &nbsp;&nbsp; 1372 |
| 4.88%, 9/23/2032 (a) | &nbsp;&nbsp; 1090 | &nbsp;&nbsp; 980 |
| 7.45%, 4/30/2044 (b) | &nbsp;&nbsp; 1580 | &nbsp;&nbsp; 1622 |
| 6.85%, 1/27/2045 (b) | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 480 |
| 6.50%, 2/15/2048 (b) | &nbsp;&nbsp; 1950 | &nbsp;&nbsp; 1794 |
| 6.40%, 6/5/2049 (b) | &nbsp;&nbsp; 1050 | &nbsp;&nbsp; 960 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

76 J.P. Morgan Funds April 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | **Foreign Government Securities — continued** |
| **Dominican Republic—continued** | **Dominican Republic—continued** | **Dominican Republic—continued** |
| 5.88%, 1/30/2060 (a) | &nbsp;&nbsp; 880 | &nbsp;&nbsp; 727 |
| 5.88%, 1/30/2060 (b) | &nbsp;&nbsp; 620 | &nbsp;&nbsp; 512 |
|  |  | &nbsp;&nbsp; 9183 |
| **Ecuador — 0.2%** | **Ecuador — 0.2%** | **Ecuador — 0.2%** |
| Republic of Ecuador |  |  |
| 6.90%, 7/31/2030 (b) (h) | &nbsp;&nbsp; 6545 | &nbsp;&nbsp; 4896 |
| 5.50%, 7/31/2035 (b) (h) | &nbsp;&nbsp; 2240 | &nbsp;&nbsp; 1339 |
| 5.00%, 7/31/2040 (b) (h) | &nbsp;&nbsp; 10870 | &nbsp;&nbsp; 5662 |
|  |  | &nbsp;&nbsp; 11897 |
| **Egypt — 0.2%** | **Egypt — 0.2%** | **Egypt — 0.2%** |
| Arab Republic of Egypt |  |  |
| 3.88%, 2/16/2026 (a) | &nbsp;&nbsp; 665 | &nbsp;&nbsp; 650 |
| 3.88%, 2/16/2026 (b) | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 586 |
| 7.50%, 1/31/2027 (b) | &nbsp;&nbsp; 2670 | &nbsp;&nbsp; 2645 |
| 7.60%, 3/1/2029 (b) | &nbsp;&nbsp; 1800 | &nbsp;&nbsp; 1680 |
| 8.63%, 2/4/2030 (a) | &nbsp;&nbsp; 657 | &nbsp;&nbsp; 624 |
| 5.88%, 2/16/2031 (a) | &nbsp;&nbsp; 482 | &nbsp;&nbsp; 389 |
| 5.88%, 2/16/2031 (b) | &nbsp;&nbsp; 1100 | &nbsp;&nbsp; 887 |
| 7.05%, 1/15/2032 (a) | &nbsp;&nbsp; 880 | &nbsp;&nbsp; 730 |
| 7.05%, 1/15/2032 (b) | &nbsp;&nbsp; 1300 | &nbsp;&nbsp; 1079 |
| 7.63%, 5/29/2032 (b) | &nbsp;&nbsp; 1300 | &nbsp;&nbsp; 1095 |
| 9.45%, 2/4/2033 (a) | &nbsp;&nbsp; 1175 | &nbsp;&nbsp; 1077 |
| 7.30%, 9/30/2033 (b) | &nbsp;&nbsp; 900 | &nbsp;&nbsp; 726 |
| 8.70%, 3/1/2049 (b) | &nbsp;&nbsp; 4370 | &nbsp;&nbsp; 3210 |
| 8.70%, 3/1/2049 (a) | &nbsp;&nbsp; 1520 | &nbsp;&nbsp; 1116 |
| 8.88%, 5/29/2050 (b) | &nbsp;&nbsp; 1750 | &nbsp;&nbsp; 1302 |
|  |  | &nbsp;&nbsp; 17796 |
| **El Salvador — 0.1%** | **El Salvador — 0.1%** | **El Salvador — 0.1%** |
| Republic of El Salvador |  |  |
| 8.63%, 2/28/2029 (b) | &nbsp;&nbsp; 1119 | &nbsp;&nbsp; 1136 |
| 9.25%, 4/17/2030 (a) | &nbsp;&nbsp; 2095 | &nbsp;&nbsp; 2162 |
| 9.25%, 4/17/2030 (b) | &nbsp;&nbsp; 620 | &nbsp;&nbsp; 640 |
| 7.12%, 1/20/2050 (b) | &nbsp;&nbsp; 637 | &nbsp;&nbsp; 508 |
| 9.50%, 7/15/2052 (b) | &nbsp;&nbsp; 1250 | &nbsp;&nbsp; 1248 |
| 9.65%, 11/21/2054 (a) | &nbsp;&nbsp; 1628 | &nbsp;&nbsp; 1615 |
|  |  | &nbsp;&nbsp; 7309 |
| **Ethiopia — 0.0% ^** | **Ethiopia — 0.0% ^** | **Ethiopia — 0.0% ^** |
| Federal Democratic Republic of Ethiopia <br> 6.63%, 12/11/2024 (b)<br>| &nbsp;&nbsp; 1350 | &nbsp;&nbsp; 1099 |
| **Gabon — 0.0% ^** | **Gabon — 0.0% ^** | **Gabon — 0.0% ^** |
| Gabonese Republic 7.00%, <br> 11/24/2031 (b)<br>| &nbsp;&nbsp; 910 | &nbsp;&nbsp; 640 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Ghana — 0.1%** | **Ghana — 0.1%** | **Ghana — 0.1%** |
| Republic of Ghana |  |  |
| Zero Coupon, 7/3/2026 (a) | &nbsp;&nbsp; 135 | &nbsp;&nbsp; 127 |
| 5.00%, 7/3/2029 (a) (h) | &nbsp;&nbsp; 1833 | &nbsp;&nbsp; 1552 |
| Zero Coupon, 1/3/2030 (a) | &nbsp;&nbsp; 1079 | &nbsp;&nbsp; 812 |
| 5.00%, 7/3/2035 (a) (h) | &nbsp;&nbsp; 3410 | &nbsp;&nbsp; 2267 |
|  |  | &nbsp;&nbsp; 4758 |
| **Guatemala — 0.0% ^** | **Guatemala — 0.0% ^** | **Guatemala — 0.0% ^** |
| Republic of Guatemala 6.13%, <br> 6/1/2050 (a) (c)<br>| &nbsp;&nbsp; 720 | &nbsp;&nbsp; 640 |
| **Honduras — 0.0% ^** | **Honduras — 0.0% ^** | **Honduras — 0.0% ^** |
| Republic of Honduras |  |  |
| 6.25%, 1/19/2027 (b) | &nbsp;&nbsp; 2200 | &nbsp;&nbsp; 2177 |
| 8.63%, 11/27/2034 (a) | &nbsp;&nbsp; 1190 | &nbsp;&nbsp; 1177 |
|  |  | &nbsp;&nbsp; 3354 |
| **Iraq — 0.0% ^** | **Iraq — 0.0% ^** | **Iraq — 0.0% ^** |
| Republic of Iraq 5.80%, 1/15/2028 (b) | &nbsp;&nbsp; 1866 | &nbsp;&nbsp; 1804 |
| **Ivory Coast — 0.1%** | **Ivory Coast — 0.1%** | **Ivory Coast — 0.1%** |
| Republic of Cote d'Ivoire |  |  |
| 7.63%, 1/30/2033 (b) | &nbsp;&nbsp; 820 | &nbsp;&nbsp; 766 |
| 6.13%, 6/15/2033 (b) | &nbsp;&nbsp; 4730 | &nbsp;&nbsp; 4068 |
| 8.08%, 4/1/2036 (a) | &nbsp;&nbsp; 1383 | &nbsp;&nbsp; 1267 |
| 8.25%, 1/30/2037 (a) | &nbsp;&nbsp; 532 | &nbsp;&nbsp; 488 |
|  |  | &nbsp;&nbsp; 6589 |
| **Jordan — 0.1%** | **Jordan — 0.1%** | **Jordan — 0.1%** |
| Hashemite Kingdom of Jordan |  |  |
| 6.13%, 1/29/2026 (b) | &nbsp;&nbsp; 1900 | &nbsp;&nbsp; 1895 |
| 7.75%, 1/15/2028 (b) | &nbsp;&nbsp; 900 | &nbsp;&nbsp; 910 |
| 5.85%, 7/7/2030 (b) | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 368 |
| 5.85%, 7/7/2030 (a) (c) | &nbsp;&nbsp; 1810 | &nbsp;&nbsp; 1665 |
| 7.38%, 10/10/2047 (b) | &nbsp;&nbsp; 1320 | &nbsp;&nbsp; 1106 |
|  |  | &nbsp;&nbsp; 5944 |
| **Kenya — 0.1%** | **Kenya — 0.1%** | **Kenya — 0.1%** |
| Republic of Kenya |  |  |
| 7.25%, 2/28/2028 (b) | &nbsp;&nbsp; 1362 | &nbsp;&nbsp; 1272 |
| 9.75%, 2/16/2031 (a) | &nbsp;&nbsp; 1646 | &nbsp;&nbsp; 1563 |
| 9.75%, 2/16/2031 (b) | &nbsp;&nbsp; 1220 | &nbsp;&nbsp; 1159 |
| 9.50%, 3/5/2036 (a) | &nbsp;&nbsp; 2316 | &nbsp;&nbsp; 2014 |
|  |  | &nbsp;&nbsp; 6008 |
| **Lebanon — 0.1%** | **Lebanon — 0.1%** | **Lebanon — 0.1%** |
| Lebanese Republic |  |  |
| 6.65%, 4/22/2024 (b) (j) | &nbsp;&nbsp; 4485 | &nbsp;&nbsp; 756 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Funds 77

------

JPMorgan Income Builder Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | **Foreign Government Securities — continued** |
| **Lebanon—continued** | **Lebanon—continued** | **Lebanon—continued** |
| 6.60%, 11/27/2026 (b) (j) | &nbsp;&nbsp; 9774 | &nbsp;&nbsp; 1647 |
| 6.85%, 3/23/2027 (b) (j) | &nbsp;&nbsp; 5304 | &nbsp;&nbsp; 894 |
| 6.65%, 11/3/2028 (b) (j) | &nbsp;&nbsp; 3415 | &nbsp;&nbsp; 575 |
| 6.65%, 2/26/2030 (b) (j) | &nbsp;&nbsp; 340 | &nbsp;&nbsp; 57 |
|  |  | &nbsp;&nbsp; 3929 |
| **Mongolia — 0.0% ^** | **Mongolia — 0.0% ^** | **Mongolia — 0.0% ^** |
| State of Mongolia |  |  |
| 8.65%, 1/19/2028 (a) | &nbsp;&nbsp; 340 | &nbsp;&nbsp; 351 |
| 4.45%, 7/7/2031 (b) | &nbsp;&nbsp; 800 | &nbsp;&nbsp; 674 |
|  |  | &nbsp;&nbsp; 1025 |
| **Montenegro — 0.0% ^** | **Montenegro — 0.0% ^** | **Montenegro — 0.0% ^** |
| Republic of Montenegro 7.25%, <br> 3/12/2031 (b)<br>| &nbsp;&nbsp; 700 | &nbsp;&nbsp; 705 |
| **Namibia — 0.0% ^** | **Namibia — 0.0% ^** | **Namibia — 0.0% ^** |
| Republic of Namibia 5.25%, <br> 10/29/2025 (b)<br>| &nbsp;&nbsp; 800 | &nbsp;&nbsp; 787 |
| **Nigeria — 0.1%** | **Nigeria — 0.1%** | **Nigeria — 0.1%** |
| Federal Republic of Nigeria |  |  |
| 6.50%, 11/28/2027 (a) | &nbsp;&nbsp; 1220 | &nbsp;&nbsp; 1145 |
| 6.50%, 11/28/2027 (b) | &nbsp;&nbsp; 2720 | &nbsp;&nbsp; 2551 |
| 8.38%, 3/24/2029 (b) | &nbsp;&nbsp; 800 | &nbsp;&nbsp; 747 |
| 8.75%, 1/21/2031 (b) | &nbsp;&nbsp; 780 | &nbsp;&nbsp; 709 |
| 7.88%, 2/16/2032 (b) | &nbsp;&nbsp; 1510 | &nbsp;&nbsp; 1287 |
| 7.38%, 9/28/2033 (b) | &nbsp;&nbsp; 1620 | &nbsp;&nbsp; 1305 |
| 7.63%, 11/28/2047 (b) | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 425 |
| 7.63%, 11/28/2047 (a) | &nbsp;&nbsp; 1290 | &nbsp;&nbsp; 913 |
|  |  | &nbsp;&nbsp; 9082 |
| **Oman — 0.0% ^** | **Oman — 0.0% ^** | **Oman — 0.0% ^** |
| Sultanate of Oman Government Bond |  |  |
| 6.50%, 3/8/2047 (b) | &nbsp;&nbsp; 340 | &nbsp;&nbsp; 336 |
| 6.75%, 1/17/2048 (b) | &nbsp;&nbsp; 1170 | &nbsp;&nbsp; 1179 |
| 7.00%, 1/25/2051 (b) | &nbsp;&nbsp; 1600 | &nbsp;&nbsp; 1665 |
| 7.00%, 1/25/2051 (a) | &nbsp;&nbsp; 301 | &nbsp;&nbsp; 313 |
|  |  | &nbsp;&nbsp; 3493 |
| **Pakistan — 0.1%** | **Pakistan — 0.1%** | **Pakistan — 0.1%** |
| Islamic Republic of Pakistan |  |  |
| 8.25%, 9/30/2025 (b) | &nbsp;&nbsp; 550 | &nbsp;&nbsp; 540 |
| 6.00%, 4/8/2026 (b) | &nbsp;&nbsp; 3200 | &nbsp;&nbsp; 3000 |
| 6.88%, 12/5/2027 (b) | &nbsp;&nbsp; 1500 | &nbsp;&nbsp; 1317 |
| 7.38%, 4/8/2031 (a) | &nbsp;&nbsp; 554 | &nbsp;&nbsp; 435 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Pakistan—continued** | **Pakistan—continued** | **Pakistan—continued** |
| 7.38%, 4/8/2031 (b) | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 471 |
| 8.88%, 4/8/2051 (b) | &nbsp;&nbsp; 767 | &nbsp;&nbsp; 546 |
|  |  | &nbsp;&nbsp; 6309 |
| **Paraguay — 0.1%** | **Paraguay — 0.1%** | **Paraguay — 0.1%** |
| Republic of Paraguay |  |  |
| 6.00%, 2/9/2036 (a) | &nbsp;&nbsp; 410 | &nbsp;&nbsp; 412 |
| 6.10%, 8/11/2044 (b) | &nbsp;&nbsp; 1730 | &nbsp;&nbsp; 1626 |
| 5.60%, 3/13/2048 (b) | &nbsp;&nbsp; 350 | &nbsp;&nbsp; 307 |
| 5.40%, 3/30/2050 (a) | &nbsp;&nbsp; 950 | &nbsp;&nbsp; 807 |
| 5.40%, 3/30/2050 (b) | &nbsp;&nbsp; 2100 | &nbsp;&nbsp; 1783 |
| 6.65%, 3/4/2055 (a) | &nbsp;&nbsp; 516 | &nbsp;&nbsp; 510 |
|  |  | &nbsp;&nbsp; 5445 |
| **Romania — 0.0% ^** | **Romania — 0.0% ^** | **Romania — 0.0% ^** |
| Romania Government Bond 7.50%, <br> 2/10/2037 (a)<br>| &nbsp;&nbsp; 408 | &nbsp;&nbsp; 406 |
| **Rwanda — 0.0% ^** | **Rwanda — 0.0% ^** | **Rwanda — 0.0% ^** |
| Republic of Rwanda 5.50%, <br> 8/9/2031 (b)<br>| &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 785 |
| **Senegal — 0.0% ^** | **Senegal — 0.0% ^** | **Senegal — 0.0% ^** |
| Republic of Senegal |  |  |
| 7.75%, 6/10/2031 (b) | &nbsp;&nbsp; 2100 | &nbsp;&nbsp; 1638 |
| 6.25%, 5/23/2033 (b) | &nbsp;&nbsp; 1700 | &nbsp;&nbsp; 1179 |
| 6.75%, 3/13/2048 (b) | &nbsp;&nbsp; 650 | &nbsp;&nbsp; 388 |
| 6.75%, 3/13/2048 (a) | &nbsp;&nbsp; 460 | &nbsp;&nbsp; 275 |
|  |  | &nbsp;&nbsp; 3480 |
| **South Africa — 0.1%** | **South Africa — 0.1%** | **South Africa — 0.1%** |
| Republic of South Africa |  |  |
| 7.10%, 11/19/2036 (a) | &nbsp;&nbsp; 625 | &nbsp;&nbsp; 594 |
| 6.25%, 3/8/2041 | &nbsp;&nbsp; 2500 | &nbsp;&nbsp; 2064 |
| 5.00%, 10/12/2046 | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 462 |
| 5.75%, 9/30/2049 | &nbsp;&nbsp; 2170 | &nbsp;&nbsp; 1540 |
| 7.30%, 4/20/2052 | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 510 |
| 7.95%, 11/19/2054 (a) | &nbsp;&nbsp; 1514 | &nbsp;&nbsp; 1367 |
|  |  | &nbsp;&nbsp; 6537 |
| **Sri Lanka — 0.1%** | **Sri Lanka — 0.1%** | **Sri Lanka — 0.1%** |
| Democratic Socialist Republic of Sri Lanka |  |  |
| 4.00%, 4/15/2028 (a) | &nbsp;&nbsp; 1237 | &nbsp;&nbsp; 1143 |
| 3.10%, 1/15/2030 (a) (h) | &nbsp;&nbsp; 1359 | &nbsp;&nbsp; 1107 |
| 3.35%, 3/15/2033 (a) (h) | &nbsp;&nbsp; 1366 | &nbsp;&nbsp; 963 |
| 3.60%, 6/15/2035 (a) (h) | &nbsp;&nbsp; 1800 | &nbsp;&nbsp; 1156 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

78 J.P. Morgan Funds April 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | **Foreign Government Securities — continued** |
| **Sri Lanka—continued** | **Sri Lanka—continued** | **Sri Lanka—continued** |
| 3.60%, 5/15/2036 (a) (h) | &nbsp;&nbsp; 889 | &nbsp;&nbsp; 611 |
| 3.60%, 2/15/2038 (a) (h) | &nbsp;&nbsp; 1800 | &nbsp;&nbsp; 1246 |
|  |  | &nbsp;&nbsp; 6226 |
| **Suriname — 0.0% ^** | **Suriname — 0.0% ^** | **Suriname — 0.0% ^** |
| Suriname Government International Bond <br> 7.95%, 7/15/2033 (b) (i)<br>| &nbsp;&nbsp; 1030 | &nbsp;&nbsp; 937 |
| **Turkey — 0.2%** | **Turkey — 0.2%** | **Turkey — 0.2%** |
| Istanbul Metropolitan Municipality <br> 10.50%, 12/6/2028 (a)<br>| &nbsp;&nbsp; 2146 | &nbsp;&nbsp; 2280 |
| Republic of Turkiye (The) |  |  |
| 9.88%, 1/15/2028 | &nbsp;&nbsp; 3376 | &nbsp;&nbsp; 3644 |
| 5.13%, 2/17/2028 | &nbsp;&nbsp; 940 | &nbsp;&nbsp; 904 |
| 9.38%, 3/14/2029 | &nbsp;&nbsp; 1500 | &nbsp;&nbsp; 1616 |
| 9.13%, 7/13/2030 | &nbsp;&nbsp; 900 | &nbsp;&nbsp; 976 |
| 7.13%, 2/12/2032 | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 195 |
| 9.38%, 1/19/2033 | &nbsp;&nbsp; 1618 | &nbsp;&nbsp; 1773 |
| 7.63%, 5/15/2034 | &nbsp;&nbsp; 1300 | &nbsp;&nbsp; 1292 |
| 6.00%, 1/14/2041 | &nbsp;&nbsp; 1040 | &nbsp;&nbsp; 827 |
| 4.88%, 4/16/2043 | &nbsp;&nbsp; 1120 | &nbsp;&nbsp; 753 |
| 5.75%, 5/11/2047 | &nbsp;&nbsp; 620 | &nbsp;&nbsp; 446 |
| Turkiye Ihracat Kredi Bankasi A/S 9.00%, <br> 1/28/2027 (a)<br>| &nbsp;&nbsp; 312 | &nbsp;&nbsp; 324 |
|  |  | &nbsp;&nbsp; 15030 |
| **Ukraine — 0.1%** | **Ukraine — 0.1%** | **Ukraine — 0.1%** |
| Ukraine Government Bond |  |  |
| 1.75%, 2/1/2029 (b) (h) | &nbsp;&nbsp; 1945 | &nbsp;&nbsp; 1180 |
| 0.00%, 2/1/2034 (a) (h) | &nbsp;&nbsp; 2700 | &nbsp;&nbsp; 1012 |
| 1.75%, 2/1/2034 (b) (h) | &nbsp;&nbsp; 1930 | &nbsp;&nbsp; 952 |
| 0.00%, 2/1/2035 (b) (h) | &nbsp;&nbsp; 3520 | &nbsp;&nbsp; 1751 |
| 1.75%, 2/1/2035 (a) (h) | &nbsp;&nbsp; 2450 | &nbsp;&nbsp; 1193 |
| 0.00%, 2/1/2036 (b) (h) | &nbsp;&nbsp; 5030 | &nbsp;&nbsp; 2490 |
| 1.75%, 2/1/2036 (b) (h) | &nbsp;&nbsp; 2710 | &nbsp;&nbsp; 1304 |
|  |  | &nbsp;&nbsp; 9882 |
| **Zambia — 0.0% ^** | **Zambia — 0.0% ^** | **Zambia — 0.0% ^** |
| Republic of Zambia |  |  |
| 5.75%, 6/30/2033 (a) (h) | &nbsp;&nbsp; 1291 | &nbsp;&nbsp; 1115 |
| 0.50%, 12/31/2053 (b) | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 283 |
| 0.50%, 12/31/2053 (a) | &nbsp;&nbsp; 1084 | &nbsp;&nbsp; 615 |
|  |  | &nbsp;&nbsp; 2013 |
| Total Foreign Government Securities <br>(Cost $211,262)<br>|  | &nbsp;&nbsp; 199140 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Loan Assignments — 2.4%** (p) | **Loan Assignments — 2.4%** (p) | **Loan Assignments — 2.4%** (p) |
| **Canada — 0.0% ^** | **Canada — 0.0% ^** | **Canada — 0.0% ^** |
| 1011778 BC ULC, 1st Lien Term Loan B-5 <br> (1-MONTH CME TERM SOFR + 1.75%), <br> 6.07%, 9/20/2030 (d)<br>| &nbsp;&nbsp; 396 | &nbsp;&nbsp; 392 |
| Four Seasons Hotels Ltd., 1st Lien Term <br> Loan B (1-MONTH CME TERM SOFR + <br> 1.75%), 6.07%, 11/30/2029 (d)<br>| &nbsp;&nbsp; 445 | &nbsp;&nbsp; 446 |
| Garda World Security Corp., 1st Lien Term <br> Loan (1-MONTH CME TERM SOFR + <br> 3.00%), 7.29%, 2/1/2029 (d)<br>| &nbsp;&nbsp; 638 | &nbsp;&nbsp; 631 |
| KDC/ONE Development Corp., Inc., 1st <br> Lien Term Loan (1-MONTH CME TERM <br> SOFR + 4.00%), 8.32%, <br> 8/15/2028 (d) (q)<br>| &nbsp;&nbsp; 559 | &nbsp;&nbsp; 557 |
| NorthRiver Midstream Finance LP, 1st Lien <br> Term Loan B (3-MONTH CME TERM <br> SOFR + 2.25%), 6.55%, <br> 8/16/2030 (d)<br>| &nbsp;&nbsp; 614 | &nbsp;&nbsp; 611 |
| St. George's University Scholastic <br> Services LLC, 1st Lien Term Loan <br> (3-MONTH CME TERM SOFR + 2.75%), <br> 7.06%, 2/12/2029 (d)<br>| &nbsp;&nbsp; 503 | &nbsp;&nbsp; 496 |
|  |  | &nbsp;&nbsp; 3133 |
| **France — 0.0% ^** | **France — 0.0% ^** | **France — 0.0% ^** |
| Altice France SA, 1st Lien Term Loan B-14 <br> (3-MONTH CME TERM SOFR + 5.50%), <br> 9.76%, 8/15/2028 (d)<br>| &nbsp;&nbsp; 201 | &nbsp;&nbsp; 181 |
| Banijay Entertainment SAS, 1st Lien Term <br> Loan B-3 (1-MONTH CME TERM SOFR + <br> 2.75%), 7.07%, 3/1/2028 (d) (q)<br>| &nbsp;&nbsp; 30 | &nbsp;&nbsp; 29 |
|  |  | &nbsp;&nbsp; 210 |
| **Germany — 0.0% ^** | **Germany — 0.0% ^** | **Germany — 0.0% ^** |
| TK Elevator Midco GmbH, 1st Lien Term <br> Loan C (6-MONTH CME TERM SOFR + <br> 3.50%), 7.74%, 4/30/2030 (d) (q)<br>| &nbsp;&nbsp; 526 | &nbsp;&nbsp; 523 |
| **Luxembourg — 0.0% ^** | **Luxembourg — 0.0% ^** | **Luxembourg — 0.0% ^** |
| Altice Financing SA, 1st Lien Term Loan <br> (3-MONTH CME TERM SOFR + 5.00%), <br> 9.26%, 10/29/2027 (d)<br>| &nbsp;&nbsp; 373 | &nbsp;&nbsp; 302 |
| INEOS US Finance LLC, 1st Lien Term Loan <br> (1-MONTH CME TERM SOFR + 3.25%), <br> 7.57%, 2/18/2030 (d) (q)<br>| &nbsp;&nbsp; 668 | &nbsp;&nbsp; 624 |
|  |  | &nbsp;&nbsp; 926 |
| **United Kingdom — 0.0% ^** | **United Kingdom — 0.0% ^** | **United Kingdom — 0.0% ^** |
| Crown Finance US, Inc., 1st Lien Term <br> Loan (1-MONTH CME TERM SOFR + <br> 5.25%), 9.57%, 12/2/2031 (d) (q)<br>| &nbsp;&nbsp; 2833 | &nbsp;&nbsp; 2804 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Funds 79

------

JPMorgan Income Builder Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Loan Assignments — continued** | **Loan Assignments — continued** | **Loan Assignments — continued** |
| **United States — 2.4%** | **United States — 2.4%** | **United States — 2.4%** |
| 1261229 BC Ltd., 1st Lien Term Loan <br> (1-MONTH CME TERM SOFR + 6.25%), <br> 10.57%, 10/8/2030 (d) (q)<br>| &nbsp;&nbsp; 2737 | &nbsp;&nbsp; 2578 |
| AAdvantage Loyalty IP Ltd., 1st Lien Term <br> Loan (3-MONTH CME TERM SOFR + <br> 2.25%), 6.52%, 4/20/2028 (d)<br>| &nbsp;&nbsp; 2535 | &nbsp;&nbsp; 2478 |
| ACProducts Holdings, Inc., 1st Lien Term <br> Loan (3-MONTH CME TERM SOFR + <br> 4.25%), 8.81%, 5/17/2028 (d)<br>| &nbsp;&nbsp; 3032 | &nbsp;&nbsp; 2028 |
| Acuren Holdings, Inc., 1st Lien Term Loan <br> (1-MONTH CME TERM SOFR + 2.75%), <br> 7.08%, 7/30/2031 (d) (q)<br>| &nbsp;&nbsp; 476 | &nbsp;&nbsp; 474 |
| Adient US LLC, 1st Lien Term Loan B-2 <br> (1-MONTH CME TERM SOFR + 2.25%), <br> 6.57%, 1/31/2031 (d)<br>| &nbsp;&nbsp; 2608 | &nbsp;&nbsp; 2544 |
| Advanced Drainage Systems, Inc., 1st Lien <br> Term Loan (1-MONTH CME TERM SOFR <br> + 2.25%), 6.67%, 7/31/2026 (d)<br>| &nbsp;&nbsp; 295 | &nbsp;&nbsp; 295 |
| Ahead DB Holdings LLC, 1st Lien Term <br> Loan B-3 (3-MONTH CME TERM SOFR + <br> 3.00%), 7.30%, 2/3/2031 (d)<br>| &nbsp;&nbsp; 490 | &nbsp;&nbsp; 486 |
| AHP Health Partners, Inc., 1st Lien Term <br> Loan B (1-MONTH CME TERM SOFR + <br> 2.75%), 7.07%, 8/24/2028 (d)<br>| &nbsp;&nbsp; 371 | &nbsp;&nbsp; 370 |
| Alliant Holdings Intermediate LLC, 1st Lien <br> Term Loan (1-MONTH CME TERM SOFR <br> + 2.75%), 7.07%, 9/19/2031 (d)<br>| &nbsp;&nbsp; 545 | &nbsp;&nbsp; 540 |
| Allied Universal Holdco LLC, 1st Lien Term <br> Loan (1-MONTH CME TERM SOFR + <br> 3.75%), 8.17%, 5/12/2028 (d)<br>| &nbsp;&nbsp; 501 | &nbsp;&nbsp; 500 |
| Altafiber Virginia LLC, 1st Lien Term Loan <br> B-4 (1-MONTH CME TERM SOFR + <br> 2.75%), 7.07%, 11/22/2028 (d)<br>| &nbsp;&nbsp; 339 | &nbsp;&nbsp; 337 |
| Altar Bidco, Inc., 1st Lien Term Loan B <br> (12-MONTH CME TERM SOFR + <br> 3.10%), 7.25%, 2/1/2029 (d)<br>| &nbsp;&nbsp; 623 | &nbsp;&nbsp; 606 |
| Altar Bidco, Inc., 2nd Lien Term Loan <br> (12-MONTH CME TERM SOFR + <br> 5.60%), 9.75%, 2/1/2030 (d)<br>| &nbsp;&nbsp; 219 | &nbsp;&nbsp; 207 |
| American Axle & Manufacturing, Inc., 1st <br> Lien Term Loan B (1-MONTH CME TERM <br> SOFR + 3%; 3-MONTH CME TERM SOFR <br> + 3%; 6-MONTH CME TERM SOFR + <br> 3%), 7.20%, 12/13/2029 (d)<br>| &nbsp;&nbsp; 731 | &nbsp;&nbsp; 713 |
| APi Group DE, Inc., 1st Lien Term Loan <br> (1-MONTH CME TERM SOFR + 1.75%), <br> 6.07%, 1/3/2029 (d)<br>| &nbsp;&nbsp; 466 | &nbsp;&nbsp; 465 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **United States — continued** | **United States — continued** | **United States — continued** |
| Arches Buyer, Inc., 1st Lien Term Loan <br> (1-MONTH CME TERM SOFR + 3.25%), <br> 7.67%, 12/6/2027 (d)<br>| &nbsp;&nbsp; 228 | &nbsp;&nbsp; 223 |
| Asplundh Tree Expert LLC, 1st Lien Term <br> Loan (1-MONTH CME TERM SOFR + <br> 1.75%), 6.17%, 9/6/2027 (d)<br>| &nbsp;&nbsp; 235 | &nbsp;&nbsp; 235 |
| Astoria Energy LLC, 1st Lien Term Loan B <br> (1-MONTH CME TERM SOFR + 3.25%), <br> 7.57%, 12/10/2027 (d)<br>| &nbsp;&nbsp; 166 | &nbsp;&nbsp; 167 |
| Asurion LLC, 1st Lien Term Loan B-10 <br> (1-MONTH CME TERM SOFR + 4.00%), <br> 8.42%, 8/21/2028 (d)<br>| &nbsp;&nbsp; 331 | &nbsp;&nbsp; 319 |
| Asurion LLC, 1st Lien Term Loan B-11 <br> (1-MONTH CME TERM SOFR + 4.25%), <br> 8.67%, 8/21/2028 (d)<br>| &nbsp;&nbsp; 553 | &nbsp;&nbsp; 535 |
| Asurion LLC, 1st Lien Term Loan B-9 <br> (1-MONTH CME TERM SOFR + 3.25%), <br> 7.69%, 7/30/2027 (d)<br>| &nbsp;&nbsp; 338 | &nbsp;&nbsp; 330 |
| Asurion LLC, 2nd Lien Term Loan B-3 <br> (1-MONTH CME TERM SOFR + 5.25%), <br> 9.69%, 1/31/2028 (d)<br>| &nbsp;&nbsp; 325 | &nbsp;&nbsp; 303 |
| AthenaHealth Group, Inc., 1st Lien Term <br> Loan (1-MONTH CME TERM SOFR + <br> 3.00%), 7.32%, 2/15/2029 (d)<br>| &nbsp;&nbsp; 792 | &nbsp;&nbsp; 785 |
| Avantor Funding, Inc., 1st Lien Term Loan <br> B-6 (1-MONTH CME TERM SOFR + <br> 2.00%), 6.42%, 11/8/2027 (d)<br>| &nbsp;&nbsp; 30 | &nbsp;&nbsp; 30 |
| Axalta Coating Systems US Holdings, Inc., <br> 1st Lien Term Loan B-7 (3-MONTH CME <br> TERM SOFR + 1.75%), 6.05%, <br> 12/20/2029 (d)<br>| &nbsp;&nbsp; 446 | &nbsp;&nbsp; 445 |
| AZZ, Inc., 1st Lien Term Loan (1-MONTH <br> CME TERM SOFR + 2.50%), 6.82%, <br> 5/14/2029 (d)<br>| &nbsp;&nbsp; 408 | &nbsp;&nbsp; 408 |
| B&G Foods, Inc., 1st Lien Term Loan B-5 <br> (1-MONTH CME TERM SOFR + 3.50%), <br> 7.82%, 10/10/2029 (d)<br>| &nbsp;&nbsp; 358 | &nbsp;&nbsp; 341 |
| Bausch + Lomb Corp., 1st Lien Term Loan <br> (1-MONTH CME TERM SOFR + 3.25%), <br> 7.67%, 5/10/2027 (d)<br>| &nbsp;&nbsp; 371 | &nbsp;&nbsp; 366 |
| BCP VI Summit Holdings LP, 1st Lien Term <br> Loan (1-MONTH CME TERM SOFR + <br> 3.50%), 7.82%, 1/30/2032 (d)<br>| &nbsp;&nbsp; 465 | &nbsp;&nbsp; 463 |
| BCPE Pequod Buyer, Inc., 1st Lien Term <br> Loan (1-MONTH CME TERM SOFR + <br> 3.50%), 7.82%, 11/25/2031 (d)<br>| &nbsp;&nbsp; 3846 | &nbsp;&nbsp; 3832 |
| Belron Finance 2019 LLC, 1st Lien Term <br> Loan (3-MONTH CME TERM SOFR + <br> 2.75%), 7.05%, 10/16/2031 (d)<br>| &nbsp;&nbsp; 2094 | &nbsp;&nbsp; 2086 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

80 J.P. Morgan Funds April 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Loan Assignments — continued** | **Loan Assignments — continued** | **Loan Assignments — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| BIFM CA Buyer, Inc., 1st Lien Term Loan <br> (1-MONTH CME TERM SOFR + 3.75%), <br> 8.07%, 5/31/2028 (d)<br>| &nbsp;&nbsp; 253 | &nbsp;&nbsp; 252 |
| Bleriot US Bidco, Inc., 1st Lien Term Loan <br> (3-MONTH CME TERM SOFR + 2.75%), <br> 7.05%, 10/31/2030 (d)<br>| &nbsp;&nbsp; 317 | &nbsp;&nbsp; 314 |
| Boost Newco Borrower LLC, 1st Lien Term <br> Loan B-2 (3-MONTH CME TERM SOFR + <br> 4.18%), 8.47%, 1/31/2031 (d)<br>| &nbsp;&nbsp; 389 | &nbsp;&nbsp; 388 |
| Boxer Parent Co., Inc., 1st Lien Term Loan <br> (1-MONTH CME TERM SOFR + 3.00%), <br> 7.32%, 7/30/2031 (d)<br>| &nbsp;&nbsp; 725 | &nbsp;&nbsp; 710 |
| Buckeye Partners LP, 1st Lien Term Loan <br> B-5 (1-MONTH CME TERM SOFR + <br> 1.75%), 6.07%, 11/2/2026 (d)<br>| &nbsp;&nbsp; 90 | &nbsp;&nbsp; 90 |
| Buckeye Partners LP, 1st Lien Term Loan <br> B-6 (1-MONTH CME TERM SOFR + <br> 1.75%), 6.07%, 11/22/2030 (d)<br>| &nbsp;&nbsp; 398 | &nbsp;&nbsp; 396 |
| Caesars Entertainment, Inc., 1st Lien Term <br> Loan B (3-MONTH CME TERM SOFR + <br> 2.25%), 6.56%, 2/6/2030 (d)<br>| &nbsp;&nbsp; 568 | &nbsp;&nbsp; 559 |
| Caesars Entertainment, Inc., 1st Lien Term <br> Loan B-1 (3-MONTH CME TERM SOFR + <br> 2.25%), 6.56%, 2/6/2031 (d) (q)<br>| &nbsp;&nbsp; 248 | &nbsp;&nbsp; 244 |
| Calpine Construction Finance Co. LP, 1st <br> Lien Term Loan (1-MONTH CME TERM <br> SOFR + 2.00%), 6.32%, <br> 7/19/2030 (d)<br>| &nbsp;&nbsp; 562 | &nbsp;&nbsp; 560 |
| Camelot US Acquisition LLC, 1st Lien Term <br> Loan B (1-MONTH CME TERM SOFR + <br> 2.75%), 7.07%, 1/31/2031 (d)<br>| &nbsp;&nbsp; 273 | &nbsp;&nbsp; 269 |
| Carnival Corp., 1st Lien Term Loan <br> (1-MONTH CME TERM SOFR + 2.00%), <br> 6.33%, 8/9/2027 (d)<br>| &nbsp;&nbsp; 443 | &nbsp;&nbsp; 442 |
| Central Parent LLC, 1st Lien Term Loan <br> (3-MONTH CME TERM SOFR + 3.25%), <br> 7.55%, 7/6/2029 (d)<br>| &nbsp;&nbsp; 732 | &nbsp;&nbsp; 608 |
| Chariot Buyer LLC, 1st Lien Term Loan <br> (1-MONTH CME TERM SOFR + 3.25%), <br> 7.67%, 11/3/2028 (d)<br>| &nbsp;&nbsp; 538 | &nbsp;&nbsp; 530 |
| Charter Communications Operating LLC, <br> 1st Lien Term Loan B-4 (3-MONTH CME <br> TERM SOFR + 2.00%), 6.30%, <br> 12/9/2030 (d)<br>| &nbsp;&nbsp; 1333 | &nbsp;&nbsp; 1325 |
| Charter Communications Operating LLC, <br> 1st Lien Term Loan B-5 (3-MONTH CME <br> TERM SOFR + 2.25%), 6.55%, <br> 12/15/2031 (d)<br>| &nbsp;&nbsp; 499 | &nbsp;&nbsp; 497 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **United States — continued** | **United States — continued** | **United States — continued** |
| Claire's Stores, Inc., 1st Lien Term Loan B <br> (6-MONTH CME TERM SOFR + 6.50%), <br> 10.73%, 12/18/2026 (d)<br>| &nbsp;&nbsp; 1759 | &nbsp;&nbsp; 1328 |
| Clarios Global LP, 1st Lien Term Loan |  |  |
| (1-MONTH CME TERM SOFR + 2.50%), <br> 6.82%, 5/6/2030 (d)<br>| &nbsp;&nbsp; 428 | &nbsp;&nbsp; 419 |
| (1-MONTH CME TERM SOFR + 2.75%), <br> 7.07%, 1/28/2032 (d) (q)<br>| &nbsp;&nbsp; 225 | &nbsp;&nbsp; 220 |
| Clear Channel Outdoor Holdings, Inc., 1st <br> Lien Term Loan (1-MONTH CME TERM <br> SOFR + 4.00%), 8.44%, <br> 8/23/2028 (d)<br>| &nbsp;&nbsp; 1383 | &nbsp;&nbsp; 1338 |
| Cloud Software Group, Inc., 1st Lien Term <br> Loan B (3-MONTH CME TERM SOFR + <br> 3.75%), 8.05%, 3/21/2031 (d)<br>| &nbsp;&nbsp; 259 | &nbsp;&nbsp; 256 |
| Clydesdale Acquisition Holdings, Inc., 1st <br> Lien Term Loan B (3-MONTH CME TERM <br> SOFR + 3.25%), 7.55%, 4/1/2032 (d) <br> (q)<br>| &nbsp;&nbsp; 320 | &nbsp;&nbsp; 317 |
| Coherent Corp., 1st Lien Term Loan B-2 <br> (1-MONTH CME TERM SOFR + 2.00%), <br> 6.32%, 7/2/2029 (d)<br>| &nbsp;&nbsp; 492 | &nbsp;&nbsp; 486 |
| Conair Holdings LLC, 1st Lien Term Loan B <br> (1-MONTH CME TERM SOFR + 3.75%), <br> 8.19%, 5/17/2028 (d)<br>| &nbsp;&nbsp; 1957 | &nbsp;&nbsp; 988 |
| Conservice Midco LLC, 1st Lien Term Loan <br> (1-MONTH CME TERM SOFR + 3.00%), <br> 7.32%, 5/13/2030 (d)<br>| &nbsp;&nbsp; 927 | &nbsp;&nbsp; 921 |
| Constellation Renewables LLC, 1st Lien <br> Term Loan (3-MONTH CME TERM SOFR <br> + 2.25%), 6.56%, 12/15/2027 (d)<br>| &nbsp;&nbsp; 408 | &nbsp;&nbsp; 407 |
| CPI Holdco B LLC, 1st Lien Term Loan |  |  |
| (1-MONTH CME TERM SOFR + 2.00%), <br> 6.32%, 5/19/2031 (d)<br>| &nbsp;&nbsp; 418 | &nbsp;&nbsp; 415 |
| (1-MONTH CME TERM SOFR + 2.25%), <br> 6.57%, 5/19/2031 (d)<br>| &nbsp;&nbsp; 135 | &nbsp;&nbsp; 134 |
| CPPIB OVM Member US LLC, 1st Lien Term <br> Loan (3-MONTH CME TERM SOFR + <br> 2.75%), 7.05%, 8/20/2031 (d)<br>| &nbsp;&nbsp; 725 | &nbsp;&nbsp; 719 |
| Creative Artists Agency LLC, 1st Lien Term <br> Loan B (1-MONTH CME TERM SOFR + <br> 2.75%), 7.07%, 10/1/2031 (d)<br>| &nbsp;&nbsp; 443 | &nbsp;&nbsp; 441 |
| Crosby US Acquisition Corp., 1st Lien Term <br> Loan (1-MONTH CME TERM SOFR + <br> 3.50%), 7.83%, 8/16/2029 (d)<br>| &nbsp;&nbsp; 252 | &nbsp;&nbsp; 251 |
| CSC Holdings LLC, 1st Lien Term Loan <br> (1-MONTH CME TERM SOFR + 4.50%), <br> 8.82%, 1/18/2028 (d)<br>| &nbsp;&nbsp; 950 | &nbsp;&nbsp; 923 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Funds 81

------

JPMorgan Income Builder Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Loan Assignments — continued** | **Loan Assignments — continued** | **Loan Assignments — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| DaVita, Inc., 1st Lien Term Loan B-1 <br> (1-MONTH CME TERM SOFR + 2.00%), <br> 6.32%, 4/25/2031 (d)<br>| &nbsp;&nbsp; 613 | &nbsp;&nbsp; 608 |
| DCert Buyer, Inc., 1st Lien Term Loan <br> (1-MONTH CME TERM SOFR + 4.00%), <br> 8.32%, 10/16/2026 (d)<br>| &nbsp;&nbsp; 219 | &nbsp;&nbsp; 211 |
| DCert Buyer, Inc., 2nd Lien Term Loan <br> (1-MONTH CME TERM SOFR + 7.00%), <br> 11.32%, 2/16/2029 (d)<br>| &nbsp;&nbsp; 145 | &nbsp;&nbsp; 119 |
| DexKo Global, Inc., 1st Lien Term Loan <br> (1-MONTH CME TERM SOFR + 3.75%), <br> 8.19%, 10/4/2028 (d)<br>| &nbsp;&nbsp; 3954 | &nbsp;&nbsp; 3633 |
| DIRECTV Financing LLC, 1st Lien Term <br> Loan (3-MONTH CME TERM SOFR + <br> 5.00%), 9.54%, 8/2/2027 (d)<br>| &nbsp;&nbsp; 565 | &nbsp;&nbsp; 564 |
| Dun & Bradstreet Corp. (The), 1st Lien <br> Term Loan B-2 (1-MONTH CME TERM <br> SOFR + 2.25%), 6.57%, <br> 1/18/2029 (d)<br>| &nbsp;&nbsp; 500 | &nbsp;&nbsp; 498 |
| Ecovyst Catalyst Technologies LLC, 1st <br> Lien Term Loan (3-MONTH CME TERM <br> SOFR + 2.00%), 6.29%, <br> 6/12/2031 (d)<br>| &nbsp;&nbsp; 473 | &nbsp;&nbsp; 464 |
| Elanco Animal Health, Inc., 1st Lien Term <br> Loan (1-MONTH CME TERM SOFR + <br> 1.75%), 6.17%, 8/2/2027 (d)<br>| &nbsp;&nbsp; 347 | &nbsp;&nbsp; 345 |
| EMRLD Borrower LP, 1st Lien Term Loan <br> (3-MONTH CME TERM SOFR + 2.50%), <br> 6.80%, 8/4/2031 (d)<br>| &nbsp;&nbsp; 3047 | &nbsp;&nbsp; 3007 |
| EMRLD Borrower LP, 1st Lien Term Loan B <br> (6-MONTH CME TERM SOFR + 2.50%), <br> 6.93%, 5/31/2030 (d) (q)<br>| &nbsp;&nbsp; 716 | &nbsp;&nbsp; 707 |
| Endo Finance Holdings, Inc., 1st Lien Term <br> Loan (1-MONTH CME TERM SOFR + <br> 4.00%), 8.32%, 4/23/2031 (d)<br>| &nbsp;&nbsp; 348 | &nbsp;&nbsp; 337 |
| Ensemble RCM LLC, 1st Lien Term Loan B <br> (3-MONTH CME TERM SOFR + 3.00%), <br> 7.28%, 8/1/2029 (d)<br>| &nbsp;&nbsp; 240 | &nbsp;&nbsp; 240 |
| Entegris, Inc., 1st Lien Term Loan B <br> (3-MONTH CME TERM SOFR + 1.75%), <br> 6.05%, 7/6/2029 (d)<br>| &nbsp;&nbsp; 346 | &nbsp;&nbsp; 344 |
| Enviri Corp., 1st Lien Term Loan B-3 <br> (1-MONTH CME TERM SOFR + 2.25%), <br> 6.69%, 6/9/2028 (d)<br>| &nbsp;&nbsp; 595 | &nbsp;&nbsp; 574 |
| EPIC Crude Services LP, 1st Lien Term <br> Loan (3-MONTH CME TERM SOFR + <br> 3.00%), 7.26%, 10/15/2031 (d)<br>| &nbsp;&nbsp; 2578 | &nbsp;&nbsp; 2573 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **United States — continued** | **United States — continued** | **United States — continued** |
| EW Scripps Co. (The), 1st Lien Term Loan <br> B-3 (1-MONTH CME TERM SOFR + <br> 3.00%), 7.44%, 1/7/2028 (d)<br>| &nbsp;&nbsp; 246 | &nbsp;&nbsp; 204 |
| FGI Operating Co. LLC, 1st Lien Term Loan <br> 0.00%, 12/31/2024 ‡ (j) (m)<br>| &nbsp;&nbsp; 142 | &nbsp;&nbsp; 12 |
| First Advantage Holdings LLC, 1st Lien <br> Term Loan B-2 (1-MONTH CME TERM <br> SOFR + 3.25%), 7.57%, <br> 10/31/2031 (d)<br>| &nbsp;&nbsp; 3409 | &nbsp;&nbsp; 3380 |
| First Student Bidco, Inc., 1st Lien Term <br> Loan B (3-MONTH CME TERM SOFR + <br> 2.50%), 6.80%, 7/21/2028 (d)<br>| &nbsp;&nbsp; 1987 | &nbsp;&nbsp; 1976 |
| First Student Bidco, Inc., 1st Lien Term <br> Loan B-2 (3-MONTH CME TERM SOFR + <br> 2.50%), 6.80%, 7/21/2028 (d)<br>| &nbsp;&nbsp; 4223 | &nbsp;&nbsp; 4199 |
| First Student Bidco, Inc., 1st Lien Term <br> Loan C (3-MONTH CME TERM SOFR + <br> 2.50%), 6.80%, 7/21/2028 (d)<br>| &nbsp;&nbsp; 607 | &nbsp;&nbsp; 604 |
| Gates Global LLC, 1st Lien Term Loan B-4 <br> (1-MONTH CME TERM SOFR + 1.75%), <br> 6.07%, 11/16/2029 (d)<br>| &nbsp;&nbsp; 171 | &nbsp;&nbsp; 169 |
| Genesee & Wyoming, Inc., 1st Lien Term <br> Loan (3-MONTH CME TERM SOFR + <br> 1.75%), 6.05%, 4/10/2031 (d)<br>| &nbsp;&nbsp; 600 | &nbsp;&nbsp; 592 |
| Genesys Cloud Services, Inc., 1st Lien <br> Term Loan (1-MONTH CME TERM SOFR <br> + 2.50%), 6.82%, 1/30/2032 (d)<br>| &nbsp;&nbsp; 3328 | &nbsp;&nbsp; 3278 |
| Go Daddy Operating Co. LLC, 1st Lien <br> Term Loan B-8 (1-MONTH CME TERM <br> SOFR + 1.75%), 6.07%, <br> 11/9/2029 (d)<br>| &nbsp;&nbsp; 494 | &nbsp;&nbsp; 491 |
| GOAT Holdco LLC, 1st Lien Term Loan B <br> (1-MONTH CME TERM SOFR + 3.00%), <br> 7.32%, 1/27/2032 (d)<br>| &nbsp;&nbsp; 290 | &nbsp;&nbsp; 285 |
| Graham Packaging Co., Inc., 1st Lien Term <br> Loan (1-MONTH CME TERM SOFR + <br> 2.50%), 6.82%, 8/4/2027 (d)<br>| &nbsp;&nbsp; 327 | &nbsp;&nbsp; 327 |
| Grant Thornton Advisors LLC, 1st Lien <br> Term Loan (1-MONTH CME TERM SOFR <br> + 2.75%), 7.08%, 6/2/2031 (d) (q)<br>| &nbsp;&nbsp; 613 | &nbsp;&nbsp; 607 |
| Gray Media, Inc., 1st Lien Term Loan D <br> (1-MONTH CME TERM SOFR + 3.00%), <br> 7.44%, 12/1/2028 (d)<br>| &nbsp;&nbsp; 208 | &nbsp;&nbsp; 191 |
| Griffon Corp., 1st Lien Term Loan B <br> (1-MONTH CME TERM SOFR + 2.00%), <br> 6.32%, 1/24/2029 (d)<br>| &nbsp;&nbsp; 434 | &nbsp;&nbsp; 432 |
| Guardian US Holdco LLC, 1st Lien Term <br> Loan 7.80%, 1/31/2030 (m)<br>| &nbsp;&nbsp; 344 | &nbsp;&nbsp; 332 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

82 J.P. Morgan Funds April 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Loan Assignments — continued** | **Loan Assignments — continued** | **Loan Assignments — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| Hertz Corp. (The), 1st Lien Term Loan B <br> (1-MONTH CME TERM SOFR + 3.50%), <br> 7.94%, 6/30/2028 (d) (q)<br>| &nbsp;&nbsp; 1388 | &nbsp;&nbsp; 1072 |
| Hertz Corp. (The), 1st Lien Term Loan C <br> (1-MONTH CME TERM SOFR + 3.50%), <br> 7.94%, 6/30/2028 (d) (q)<br>| &nbsp;&nbsp; 272 | &nbsp;&nbsp; 210 |
| HUB International Ltd., 1st Lien Term Loan <br> (3-MONTH CME TERM SOFR + 2.50%), <br> 6.77%, 6/20/2030 (d)<br>| &nbsp;&nbsp; 800 | &nbsp;&nbsp; 794 |
| ICON Luxembourg SARL, 1st Lien Term <br> Loan (3-MONTH CME TERM SOFR + <br> 2.00%), 6.30%, 7/3/2028 (d)<br>| &nbsp;&nbsp; 95 | &nbsp;&nbsp; 95 |
| Icon Parent, Inc., 1st Lien Term Loan <br> (3-MONTH CME TERM SOFR + 3.00%), <br> 7.32%, 11/13/2031 (d)<br>| &nbsp;&nbsp; 3285 | &nbsp;&nbsp; 3263 |
| Icon Parent, Inc., 2nd Lien Term Loan <br> (3-MONTH CME TERM SOFR + 5.00%), <br> 9.32%, 11/12/2032 (d)<br>| &nbsp;&nbsp; 90 | &nbsp;&nbsp; 89 |
| iHeartCommunications, Inc., 1st Lien Term <br> Loan B (1-MONTH CME TERM SOFR + <br> 5.78%), 10.21%, 5/1/2029 (d)<br>| &nbsp;&nbsp; 2972 | &nbsp;&nbsp; 2284 |
| Ingram Micro, Inc., 1st Lien Term Loan B <br> (3-MONTH CME TERM SOFR + 2.75%), <br> 7.05%, 9/19/2031 (d)<br>| &nbsp;&nbsp; 149 | &nbsp;&nbsp; 149 |
| Insulet Corp., 1st Lien Term Loan A <br> (1-MONTH CME TERM SOFR + 2.50%), <br> 6.82%, 8/1/2031 (d)<br>| &nbsp;&nbsp; 686 | &nbsp;&nbsp; 685 |
| Iridium Satellite LLC, 1st Lien Term Loan B <br> (1-MONTH CME TERM SOFR + 2.25%), <br> 6.57%, 9/20/2030 (d)<br>| &nbsp;&nbsp; 578 | &nbsp;&nbsp; 572 |
| Jazz Financing Lux SARL, 1st Lien Term <br> Loan B-2 (1-MONTH CME TERM SOFR + <br> 2.25%), 6.57%, 5/5/2028 (d)<br>| &nbsp;&nbsp; 361 | &nbsp;&nbsp; 359 |
| Jetblue Airways Corp., 1st Lien Term Loan <br> (3-MONTH CME TERM SOFR + 4.75%), <br> 9.05%, 8/13/2029 (d)<br>| &nbsp;&nbsp; 532 | &nbsp;&nbsp; 479 |
| KBR, Inc., 1st Lien Term Loan B (1-MONTH <br> CME TERM SOFR + 2.00%), 6.32%, <br> 1/17/2031 (d)<br>| &nbsp;&nbsp; 468 | &nbsp;&nbsp; 467 |
| LABL, Inc., 1st Lien Term Loan B <br> (1-MONTH CME TERM SOFR + 5.00%), <br> 9.43%, 10/30/2028 (d)<br>| &nbsp;&nbsp; 3783 | &nbsp;&nbsp; 3252 |
| Leslie's Poolmart, Inc., 1st Lien Term Loan <br> B (3-MONTH CME TERM SOFR + <br> 2.75%), 7.03%, 3/9/2028 (d)<br>| &nbsp;&nbsp; 554 | &nbsp;&nbsp; 379 |
| Live Nation Entertainment, Inc., 1st Lien <br> Term Loan B-4 (1-MONTH CME TERM <br> SOFR + 1.75%), 6.17%, <br> 10/19/2026 (d)<br>| &nbsp;&nbsp; 402 | &nbsp;&nbsp; 401 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **United States — continued** | **United States — continued** | **United States — continued** |
| LSF12 Crown US Commercial Bidco LLC, <br> 1st Lien Term Loan (1-MONTH CME <br> TERM SOFR + 4.25%), 8.57%, <br> 12/2/2031 (d)<br>| &nbsp;&nbsp; 5221 | &nbsp;&nbsp; 5003 |
| Lumen Technologies, Inc., 1st Lien Term <br> Loan B-1 (1-MONTH CME TERM SOFR + <br> 2.35%), 6.79%, 4/16/2029 (d)<br>| &nbsp;&nbsp; 114 | &nbsp;&nbsp; 109 |
| Lumen Technologies, Inc., 1st Lien Term <br> Loan B-2 (1-MONTH CME TERM SOFR + <br> 2.35%), 6.79%, 4/15/2030 (d)<br>| &nbsp;&nbsp; 116 | &nbsp;&nbsp; 111 |
| Madison IAQ LLC, 1st Lien Term Loan <br> (6-MONTH CME TERM SOFR + 2.50%), <br> 6.76%, 6/21/2028 (d)<br>| &nbsp;&nbsp; 3578 | &nbsp;&nbsp; 3541 |
| Madison Safety & Flow LLC, 1st Lien Term <br> Loan (1-MONTH CME TERM SOFR + <br> 2.75%), 7.07%, 9/26/2031 (d)<br>| &nbsp;&nbsp; 463 | &nbsp;&nbsp; 459 |
| Mauser Packaging Solutions Holding Co., <br> 1st Lien Term Loan (1-MONTH CME <br> TERM SOFR + 3.00%), 7.32%, <br> 4/15/2027 (d)<br>| &nbsp;&nbsp; 587 | &nbsp;&nbsp; 578 |
| MED ParentCo LP, 1st Lien Term Loan <br> (1-MONTH CME TERM SOFR + 3.50%), <br> 7.82%, 4/15/2031 (d)<br>| &nbsp;&nbsp; 399 | &nbsp;&nbsp; 398 |
| Medline Borrower LP, 1st Lien Term Loan <br> (1-MONTH CME TERM SOFR + 2.25%), <br> 6.57%, 10/23/2028 (d)<br>| &nbsp;&nbsp; 2724 | &nbsp;&nbsp; 2704 |
| MH Sub I LLC, 1st Lien Term Loan |  |  |
| (1-MONTH CME TERM SOFR + 4.25%), <br> 8.58%, 5/3/2028 (d) (q)<br>| &nbsp;&nbsp; 318 | &nbsp;&nbsp; 301 |
| (1-MONTH CME TERM SOFR + 4.25%), <br> 8.58%, 12/31/2031 (d) (q)<br>| &nbsp;&nbsp; 199 | &nbsp;&nbsp; 174 |
| Mirion Technologies, Inc., 1st Lien Term <br> Loan B (3-MONTH CME TERM SOFR + <br> 2.25%), 6.55%, 10/20/2028 (d)<br>| &nbsp;&nbsp; 409 | &nbsp;&nbsp; 408 |
| Mister Car Wash Holdings, Inc., 1st Lien <br> Term Loan (1-MONTH CME TERM SOFR <br> + 2.50%), 6.82%, 3/27/2031 (d)<br>| &nbsp;&nbsp; 334 | &nbsp;&nbsp; 331 |
| MIWD Holdco II LLC, 1st Lien Term Loan <br> (1-MONTH CME TERM SOFR + 3.00%), <br> 7.32%, 3/28/2031 (d)<br>| &nbsp;&nbsp; 2774 | &nbsp;&nbsp; 2725 |
| Modena Buyer LLC, 1st Lien Term Loan <br> (3-MONTH CME TERM SOFR + 4.50%), <br> 8.79%, 7/1/2031 (d)<br>| &nbsp;&nbsp; 313 | &nbsp;&nbsp; 296 |
| Moran Foods LLC, 1st Lien PIK Term Loan <br> (3-MONTH CME TERM SOFR + 2.00%), <br> 2.00%, 6/30/2026 ‡ (d)<br>| &nbsp;&nbsp; 5193 | &nbsp;&nbsp; 4105 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Funds 83

------

JPMorgan Income Builder Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Loan Assignments — continued** | **Loan Assignments — continued** | **Loan Assignments — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| Moran Foods LLC, 1st Lien Super Senior <br> Delayed Draw Term Loan (3-MONTH <br> CME TERM SOFR + 11.50%), 15.92%, <br> 6/30/2026 ‡ (d)<br>| &nbsp;&nbsp; 2782 | &nbsp;&nbsp; 2782 |
| Moran Foods LLC, 1st Lien Term Loan <br> (3-MONTH CME TERM SOFR + 8.50%), <br> 12.82%, 1/2/2029 ‡ (d)<br>| &nbsp;&nbsp; 719 | &nbsp;&nbsp; 719 |
| Moran Foods LLC, 1st Lien Term Loan A <br> (3-MONTH CME TERM SOFR + 2.50%), <br> 6.82%, 1/2/2029 ‡ (d)<br>| &nbsp;&nbsp; 824 | &nbsp;&nbsp; 824 |
| Moran Foods LLC, 2nd Lien PIK Term Loan <br> (3-MONTH CME TERM SOFR + 2.00%), <br> 2.00%, 6/30/2026 ‡ (d)<br>| &nbsp;&nbsp; 2094 | &nbsp;&nbsp; 1010 |
| Naked Juice LLC, 1st Lien Term Loan <br> (3-MONTH CME TERM SOFR + 3.00%), <br> 7.40%, 1/24/2029 (d)<br>| &nbsp;&nbsp; 451 | &nbsp;&nbsp; 152 |
| NCR Atleos Corp., 1st Lien Term Loan B <br> (3-MONTH CME TERM SOFR + 3.75%), <br> 8.05%, 3/27/2029 (d)<br>| &nbsp;&nbsp; 158 | &nbsp;&nbsp; 158 |
| Neon Maple US Debt Mergersub, Inc., 1st <br> Lien Term Loan B-1 (1-MONTH CME <br> TERM SOFR + 3.00%), 7.32%, <br> 11/17/2031 (d)<br>| &nbsp;&nbsp; 4896 | &nbsp;&nbsp; 4861 |
| NGL Energy Operating LLC, 1st Lien Term <br> Loan (1-MONTH CME TERM SOFR + <br> 3.75%), 8.07%, 2/3/2031 (d)<br>| &nbsp;&nbsp; 431 | &nbsp;&nbsp; 407 |
| Nielsen Consumer LLC, 1st Lien Term Loan <br> (1-MONTH CME TERM SOFR + 3.50%), <br> 7.82%, 3/6/2028 (d)<br>| &nbsp;&nbsp; 374 | &nbsp;&nbsp; 373 |
| Novelis, Inc., 1st Lien Term Loan <br> (3-MONTH CME TERM SOFR + 2.00%), <br> 6.29%, 2/25/2032 (d)<br>| &nbsp;&nbsp; 265 | &nbsp;&nbsp; 264 |
| Option Care Health, Inc., 1st Lien Term <br> Loan B (1-MONTH CME TERM SOFR + <br> 2.25%), 6.57%, 10/27/2028 (d)<br>| &nbsp;&nbsp; 590 | &nbsp;&nbsp; 589 |
| Orion Advisor Solutions, Inc., 1st Lien <br> Term Loan (3-MONTH CME TERM SOFR <br> + 3.75%), 8.03%, 9/24/2030 (d)<br>| &nbsp;&nbsp; 533 | &nbsp;&nbsp; 532 |
| Osmose Utilities Services, Inc., 1st Lien <br> Term Loan (1-MONTH CME TERM SOFR <br> + 3.25%), 7.69%, 6/23/2028 (d)<br>| &nbsp;&nbsp; 720 | &nbsp;&nbsp; 710 |
| Owens & Minor, Inc., 1st Lien Term Loan B <br> (12-MONTH CME TERM SOFR + <br> 5.25%), 9.38%, 4/2/2030 (d) (q)<br>| &nbsp;&nbsp; 155 | &nbsp;&nbsp; 152 |
| Park River Holdings, Inc., 1st Lien Term <br> Loan (3-MONTH CME TERM SOFR + <br> 3.25%), 7.80%, 12/28/2027 (d)<br>| &nbsp;&nbsp; 1486 | &nbsp;&nbsp; 1395 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **United States — continued** | **United States — continued** | **United States — continued** |
| Petco Health & Wellness Co., Inc., 1st Lien <br> Term Loan (3-MONTH CME TERM SOFR <br> + 3.25%), 7.81%, 3/3/2028 (d)<br>| &nbsp;&nbsp; 6778 | &nbsp;&nbsp; 5895 |
| PetSmart LLC, 1st Lien Term Loan <br> (1-MONTH CME TERM SOFR + 3.75%), <br> 8.17%, 2/11/2028 (d)<br>| &nbsp;&nbsp; 2234 | &nbsp;&nbsp; 2198 |
| Phoenix Newco, Inc., 1st Lien Term Loan <br> (1-MONTH CME TERM SOFR + 2.50%), <br> 6.82%, 11/15/2028 (d)<br>| &nbsp;&nbsp; 1861 | &nbsp;&nbsp; 1848 |
| Pike Corp., 1st Lien Term Loan (1-MONTH <br> CME TERM SOFR + 3.00%), 7.44%, <br> 1/21/2028 (d)<br>| &nbsp;&nbsp; 756 | &nbsp;&nbsp; 757 |
| PRA Health Sciences, Inc., 1st Lien Term <br> Loan B (3-MONTH CME TERM SOFR + <br> 2.00%), 6.30%, 7/3/2028 (d)<br>| &nbsp;&nbsp; 24 | &nbsp;&nbsp; 24 |
| Prairie Acquiror LP, 1st Lien Term Loan <br> B-3 (1-MONTH CME TERM SOFR + <br> 4.25%), 8.57%, 8/1/2029 (d)<br>| &nbsp;&nbsp; 421 | &nbsp;&nbsp; 414 |
| Pre-Paid Legal Services, Inc., 1st Lien <br> Term Loan (1-MONTH CME TERM SOFR <br> + 3.25%), 7.57%, 12/7/2028 (d) (q)<br>| &nbsp;&nbsp; 544 | &nbsp;&nbsp; 538 |
| Prime Security Services Borrower LLC, 1st <br> Lien Term Loan B-1 (1-MONTH CME <br> TERM SOFR + 2.00%), 6.32%, <br> 10/15/2030 (d)<br>| &nbsp;&nbsp; 909 | &nbsp;&nbsp; 904 |
| Primo Brands Corp., 1st Lien Term Loan <br> (3-MONTH CME TERM SOFR + 2.25%), <br> 6.55%, 3/31/2028 (d)<br>| &nbsp;&nbsp; 2504 | &nbsp;&nbsp; 2481 |
| Project Boost Purchaser LLC, 1st Lien <br> Term Loan (3-MONTH CME TERM SOFR <br> + 3.00%), 7.30%, 7/16/2031 (d)<br>| &nbsp;&nbsp; 460 | &nbsp;&nbsp; 455 |
| Proofpoint, Inc., 1st Lien Term Loan <br> (1-MONTH CME TERM SOFR + 3.00%), <br> 7.32%, 8/31/2028 (d)<br>| &nbsp;&nbsp; 501 | &nbsp;&nbsp; 497 |
| Queen MergerCo, Inc., 1st Lien Term Loan <br> B (12-MONTH CME TERM SOFR + <br> 3.00%), 7.05%, 4/26/2032 (d) (q)<br>| &nbsp;&nbsp; 1633 | &nbsp;&nbsp; 1630 |
| Quikrete Holdings, Inc., 1st Lien Term <br> Loan B-2 (1-MONTH CME TERM SOFR + <br> 2.25%), 6.57%, 3/19/2029 (d)<br>| &nbsp;&nbsp; 484 | &nbsp;&nbsp; 476 |
| Quikrete Holdings, Inc., 1st Lien Term <br> Loan B-3 (1-MONTH CME TERM SOFR + <br> 2.25%), 6.57%, 2/10/2032 (d)<br>| &nbsp;&nbsp; 4722 | &nbsp;&nbsp; 4624 |
| Radiology Partners, Inc., 1st Lien Term <br> Loan B (1-MONTH CME TERM SOFR + <br> 3.50%), 7.94%, 1/31/2029 (d)<br>| &nbsp;&nbsp; 492 | &nbsp;&nbsp; 474 |
| Raven Acquisition Holdings LLC, 1st Lien <br> Term Loan (1-MONTH CME TERM SOFR <br> + 3.25%), 7.57%, 11/19/2031 (d)<br>| &nbsp;&nbsp; 2852 | &nbsp;&nbsp; 2819 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

84 J.P. Morgan Funds April 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Loan Assignments — continued** | **Loan Assignments — continued** | **Loan Assignments — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| RealPage, Inc., 1st Lien Term Loan <br> (3-MONTH CME TERM SOFR + 3.00%), <br> 7.56%, 4/24/2028 (d)<br>| &nbsp;&nbsp; 275 | &nbsp;&nbsp; 272 |
| Recess Holdings, Inc., 1st Lien Term Loan <br> (3-MONTH CME TERM SOFR + 3.75%), <br> 8.03%, 2/21/2030 (d)<br>| &nbsp;&nbsp; 257 | &nbsp;&nbsp; 255 |
| Resonetics LLC, 1st Lien Term Loan <br> (3-MONTH CME TERM SOFR + 3.25%), <br> 7.55%, 6/18/2031 (d)<br>| &nbsp;&nbsp; 264 | &nbsp;&nbsp; 261 |
| Ring Container Technologies Group LLC, <br> 1st Lien Term Loan (1-MONTH CME <br> TERM SOFR + 2.75%), 7.07%, <br> 8/14/2028 (d)<br>| &nbsp;&nbsp; 416 | &nbsp;&nbsp; 414 |
| Rocket Software, Inc., 1st Lien Term Loan <br> (1-MONTH CME TERM SOFR + 4.25%), <br> 8.57%, 11/28/2028 (d)<br>| &nbsp;&nbsp; 2849 | &nbsp;&nbsp; 2827 |
| Sedgwick Claims Management Services, <br> Inc., 1st Lien Term Loan (3-MONTH CME <br> TERM SOFR + 3.00%), 7.31%, <br> 7/31/2031 (d) (q)<br>| &nbsp;&nbsp; 605 | &nbsp;&nbsp; 602 |
| Shutterfly Finance LLC, 1st Lien Term <br> Loan B (3-MONTH CME TERM SOFR + <br> 6.00%), 10.28%, 10/1/2027 ‡ (d)<br>| &nbsp;&nbsp; 51 | &nbsp;&nbsp; 51 |
| Shutterfly Finance LLC, 2nd Lien Term <br> Loan (1-MONTH CME TERM SOFR + <br> 1.00%), 5.32%, 10/1/2027 (d) (q)<br>| &nbsp;&nbsp; 3195 | &nbsp;&nbsp; 2744 |
| Six Flags Entertainment Corp., 1st Lien <br> Term Loan B (1-MONTH CME TERM <br> SOFR + 2.00%), 6.32%, 5/1/2031 (d)<br>| &nbsp;&nbsp; 471 | &nbsp;&nbsp; 467 |
| Skopima Consilio Parent LLC, 1st Lien <br> Term Loan (1-MONTH CME TERM SOFR <br> + 3.75%), 8.07%, 5/12/2028 (d)<br>| &nbsp;&nbsp; 712 | &nbsp;&nbsp; 700 |
| Spirit AeroSystems, Inc., 1st Lien Term <br> Loan (3-MONTH CME TERM SOFR + <br> 4.50%), 8.79%, 1/15/2027 (d)<br>| &nbsp;&nbsp; 210 | &nbsp;&nbsp; 209 |
| SPX FLOW, Inc., 1st Lien Term Loan B <br> (1-MONTH CME TERM SOFR + 3.00%), <br> 7.32%, 4/5/2029 (d)<br>| &nbsp;&nbsp; 1965 | &nbsp;&nbsp; 1954 |
| Staples, Inc., 1st Lien Term Loan <br> (3-MONTH CME TERM SOFR + 5.75%), <br> 10.04%, 8/23/2029 (d)<br>| &nbsp;&nbsp; 960 | &nbsp;&nbsp; 827 |
| Star Parent, Inc., 1st Lien Term Loan <br> (3-MONTH CME TERM SOFR + 4.00%), <br> 8.30%, 9/27/2030 (d)<br>| &nbsp;&nbsp; 1930 | &nbsp;&nbsp; 1864 |
| Star US Bidco LLC, 1st Lien Term Loan <br> (1-MONTH CME TERM SOFR + 3.75%), <br> 8.07%, 3/17/2027 (d)<br>| &nbsp;&nbsp; 741 | &nbsp;&nbsp; 740 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **United States — continued** | **United States — continued** | **United States — continued** |
| Station Casinos LLC, 1st Lien Term Loan B <br> (1-MONTH CME TERM SOFR + 2.00%), <br> 6.32%, 3/14/2031 (d)<br>| &nbsp;&nbsp; 348 | &nbsp;&nbsp; 345 |
| Surgery Center Holdings, Inc., 1st Lien <br> Term Loan (1-MONTH CME TERM SOFR <br> + 2.75%), 7.07%, 12/19/2030 (d)<br>| &nbsp;&nbsp; 317 | &nbsp;&nbsp; 316 |
| Terex Corp., 1st Lien Term Loan <br> (3-MONTH CME TERM SOFR + 2.00%), <br> 6.30%, 10/8/2031 (d)<br>| &nbsp;&nbsp; 625 | &nbsp;&nbsp; 623 |
| Thoughtworks, Inc., 1st Lien Term Loan B <br> (1-MONTH CME TERM SOFR + 2.50%), <br> 6.94%, 3/24/2028 (d)<br>| &nbsp;&nbsp; 146 | &nbsp;&nbsp; 142 |
| Topgolf Callaway Brands Corp., 1st Lien <br> Term Loan (1-MONTH CME TERM SOFR <br> + 3.00%), 7.33%, 3/18/2030 (d)<br>| &nbsp;&nbsp; 322 | &nbsp;&nbsp; 302 |
| Trans Union LLC, 1st Lien Term Loan B-9 <br> (1-MONTH CME TERM SOFR + 1.75%), <br> 6.07%, 6/24/2031 (d)<br>| &nbsp;&nbsp; 507 | &nbsp;&nbsp; 504 |
| TransDigm, Inc., 1st Lien Term Loan J <br> (3-MONTH CME TERM SOFR + 2.50%), <br> 6.80%, 2/28/2031 (d)<br>| &nbsp;&nbsp; 443 | &nbsp;&nbsp; 439 |
| TransDigm, Inc., 1st Lien Term Loan K <br> (3-MONTH CME TERM SOFR + 2.75%), <br> 7.05%, 3/22/2030 (d)<br>| &nbsp;&nbsp; 483 | &nbsp;&nbsp; 481 |
| Trident TPI Holdings, Inc., 1st Lien Term <br> Loan B-7 (3-MONTH CME TERM SOFR + <br> 3.75%), 8.05%, 9/15/2028 (d)<br>| &nbsp;&nbsp; 463 | &nbsp;&nbsp; 447 |
| UFC Holdings LLC, 1st Lien Term Loan B-4 <br> (3-MONTH CME TERM SOFR + 2.25%), <br> 6.58%, 11/21/2031 (d)<br>| &nbsp;&nbsp; 273 | &nbsp;&nbsp; 272 |
| UKG, Inc., 1st Lien Term Loan (1-MONTH <br> CME TERM SOFR + 3.00%), 7.32%, <br> 2/10/2031 (d)<br>| &nbsp;&nbsp; 639 | &nbsp;&nbsp; 636 |
| US Renal Care, Inc., 1st Lien Term Loan C <br> (1-MONTH CME TERM SOFR + 5.00%), <br> 9.44%, 6/28/2028 (d)<br>| &nbsp;&nbsp; 3285 | &nbsp;&nbsp; 3024 |
| USI, Inc., 1st Lien Term Loan D (3-MONTH <br> CME TERM SOFR + 2.25%), 6.55%, <br> 11/21/2029 (d)<br>| &nbsp;&nbsp; 521 | &nbsp;&nbsp; 518 |
| Utz Quality Foods LLC, 1st Lien Term Loan <br> B (1-MONTH CME TERM SOFR + <br> 2.50%), 6.82%, 1/29/2032 (d)<br>| &nbsp;&nbsp; 324 | &nbsp;&nbsp; 322 |
| Varsity Brands, Inc., 1st Lien Term Loan B <br> (3-MONTH CME TERM SOFR + 3.50%), <br> 7.82%, 8/26/2031 (d)<br>| &nbsp;&nbsp; 5297 | &nbsp;&nbsp; 5197 |
| Venator Materials LLC, 1st Lien Term Loan |  |  |
| (3-MONTH CME TERM SOFR + <br> 10.00%), 14.26%, 1/16/2026 (d)<br>| &nbsp;&nbsp; 180 | &nbsp;&nbsp; 171 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Funds 85

------

JPMorgan Income Builder Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Loan Assignments — continued** | **Loan Assignments — continued** | **Loan Assignments — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| (3-MONTH CME TERM SOFR + 2.00%), <br> 14.32%, 10/12/2028 (d)<br>| &nbsp;&nbsp; 295 | &nbsp;&nbsp; 251 |
| Venator Materials LLC, 1st Lien Term Loan <br> B 12.33%, 7/16/2026 (m)<br>| &nbsp;&nbsp; 177 | &nbsp;&nbsp; 168 |
| Vertex Aerospace Services LLC, 1st Lien <br> Term Loan (1-MONTH CME TERM SOFR <br> + 2.25%), 6.58%, 12/6/2030 (d)<br>| &nbsp;&nbsp; 460 | &nbsp;&nbsp; 453 |
| Vertiv Group Corp., 1st Lien Term Loan <br> B-3 (1-MONTH CME TERM SOFR + <br> 1.75%), 6.07%, 3/2/2027 (d)<br>| &nbsp;&nbsp; 496 | &nbsp;&nbsp; 494 |
| Virtusa Corp., 1st Lien Term Loan B-2 <br> (1-MONTH CME TERM SOFR + 3.25%), <br> 7.58%, 2/15/2029 (d)<br>| &nbsp;&nbsp; 512 | &nbsp;&nbsp; 510 |
| Vista Management Holding, Inc., 1st Lien <br> Term Loan (3-MONTH CME TERM SOFR <br> + 3.75%), 8.05%, 3/26/2031 (d) (q)<br>| &nbsp;&nbsp; 154 | &nbsp;&nbsp; 153 |
| VT Topco, Inc., 1st Lien Term Loan <br> (3-MONTH CME TERM SOFR + 3.00%), <br> 7.30%, 8/9/2030 (d)<br>| &nbsp;&nbsp; 612 | &nbsp;&nbsp; 610 |
| Wand NewCo 3, Inc., 1st Lien Term Loan <br> (1-MONTH CME TERM SOFR + 2.50%), <br> 6.82%, 1/30/2031 (d)<br>| &nbsp;&nbsp; 604 | &nbsp;&nbsp; 595 |
| WEC US Holdings, Inc., 1st Lien Term Loan <br> (1-MONTH CME TERM SOFR + 2.25%), <br> 6.57%, 1/27/2031 (d)<br>| &nbsp;&nbsp; 966 | &nbsp;&nbsp; 956 |
| Whatabrands LLC, 1st Lien Term Loan B <br> (1-MONTH CME TERM SOFR + 2.50%), <br> 6.82%, 8/3/2028 (d)<br>| &nbsp;&nbsp; 533 | &nbsp;&nbsp; 529 |
| White Cap Supply Holdings LLC, 1st Lien <br> Term Loan C (1-MONTH CME TERM <br> SOFR + 3.25%), 7.57%, <br> 10/19/2029 (d)<br>| &nbsp;&nbsp; 3763 | &nbsp;&nbsp; 3662 |
| WhiteWater Whistler Holdings LLC, 1st <br> Lien Term Loan B-3 (3-MONTH CME <br> TERM SOFR + 1.75%), 6.06%, <br> 2/15/2030 (d)<br>| &nbsp;&nbsp; 554 | &nbsp;&nbsp; 551 |
| WMG Acquisition Corp., 1st Lien Term <br> Loan B (1-MONTH CME TERM SOFR + <br> 1.75%), 6.07%, 1/24/2031 (d)<br>| &nbsp;&nbsp; 534 | &nbsp;&nbsp; 533 |
| WR Grace Holdings LLC, 1st Lien Term <br> Loan (3-MONTH CME TERM SOFR + <br> 3.25%), 7.55%, 9/22/2028 (d)<br>| &nbsp;&nbsp; 1024 | &nbsp;&nbsp; 1003 |
| Zekelman Industries, Inc., 1st Lien Term <br> Loan (1-MONTH CME TERM SOFR + <br> 2.25%), 6.57%, 1/24/2031 (d)<br>| &nbsp;&nbsp; 227 | &nbsp;&nbsp; 226 |
|  |  | &nbsp;&nbsp; 188914 |
| Total Loan Assignments <br>(Cost $205,801)<br>|  | &nbsp;&nbsp; 196510 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Asset-Backed Securities — 1.5%** | **Asset-Backed Securities — 1.5%** | **Asset-Backed Securities — 1.5%** |
| **Cayman Islands — 0.3%** | **Cayman Islands — 0.3%** | **Cayman Islands — 0.3%** |
| Ballyrock CLO Ltd. Series 2020-2A, <br> Class A2R, 6.08%, 10/20/2031 (a) <br> (m)<br>| &nbsp;&nbsp; 2900 | &nbsp;&nbsp; 2896 |
| Barings CLO Ltd. Series 2022-1A, Class B, <br> 6.22%, 4/15/2035 (a) (m)<br>| &nbsp;&nbsp; 300 | &nbsp;&nbsp; 299 |
| Buttermilk Park CLO Ltd. Series 2018-1A, <br> Class CR, 6.21%, 10/15/2031 (a) (m)<br>| &nbsp;&nbsp; 931 | &nbsp;&nbsp; 926 |
| Carlyle Global Market Strategies CLO Ltd. |  |  |
| Series 2015-4A, Class A2RR, 6.12%, <br> 7/20/2032 (a) (m)<br>| &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 1397 |
| Series 2015-4A, Class BRR, 6.72%, <br> 7/20/2032 (a) (m)<br>| &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 1397 |
| Series 2016-1A, Class CR3, 7.47%, <br> 4/20/2034 (a) (m)<br>| &nbsp;&nbsp; 899 | &nbsp;&nbsp; 897 |
| Dryden CLO Ltd. |  |  |
| Series 2018-64A, Class A, 5.50%, <br> 4/18/2031 (a) (m)<br>| &nbsp;&nbsp; 712 | &nbsp;&nbsp; 712 |
| Series 2019-68A, Class BRR, 5.81%, <br> 7/15/2035 (a) (m)<br>| &nbsp;&nbsp; 650 | &nbsp;&nbsp; 647 |
| Dryden Senior Loan Fund Series <br> 2015-37A, Class AR, 5.62%, <br> 1/15/2031 (a) (m)<br>| &nbsp;&nbsp; 525 | &nbsp;&nbsp; 525 |
| GoldenTree Loan Management US CLO Ltd. <br> Series 2020-8A, Class DRR, 7.17%, <br> 10/20/2034 (a) (m)<br>| &nbsp;&nbsp; 1300 | &nbsp;&nbsp; 1296 |
| Madison Park Funding Ltd. Series <br> 2021-49A, Class B1R, 5.72%, <br> 10/19/2034 (a) (m)<br>| &nbsp;&nbsp; 900 | &nbsp;&nbsp; 894 |
| Magnetite Ltd. |  |  |
| Series 2019-22A, Class BRR, 5.86%, <br> 7/15/2036 (a) (m)<br>| &nbsp;&nbsp; 1018 | &nbsp;&nbsp; 1014 |
| Series 2019-22A, Class CRR, 6.11%, <br> 7/15/2036 (a) (m)<br>| &nbsp;&nbsp; 977 | &nbsp;&nbsp; 978 |
| Neuberger Berman Loan Advisers CLO Ltd. <br> Series 2019-34A, Class BR, 6.02%, <br> 1/20/2035 (a) (m)<br>| &nbsp;&nbsp; 900 | &nbsp;&nbsp; 899 |
| Octagon Investment Partners Ltd. Series <br> 2013-1A, Class A1RR, 5.50%, <br> 7/19/2030 (a) (m)<br>| &nbsp;&nbsp; 276 | &nbsp;&nbsp; 276 |
| Palmer Square Loan Funding Ltd. |  |  |
| Series 2024-3A, Class A2, 5.95%, <br> 8/8/2032 (a) (m)<br>| &nbsp;&nbsp; 2199 | &nbsp;&nbsp; 2198 |
| Series 2024-3A, Class B, 6.20%, <br> 8/8/2032 (a) (m)<br>| &nbsp;&nbsp; 2300 | &nbsp;&nbsp; 2288 |
| Series 2024-1A, Class A2, 5.71%, <br> 10/15/2032 (a) (m)<br>| &nbsp;&nbsp; 250 | &nbsp;&nbsp; 250 |
| RR Ltd. Series 2020-12A, Class A2R3, <br> 5.86%, 1/15/2036 (a) (m)<br>| &nbsp;&nbsp; 2163 | &nbsp;&nbsp; 2158 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

86 J.P. Morgan Funds April 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| **Cayman Islands — continued** | **Cayman Islands — continued** | **Cayman Islands — continued** |
| Symphony CLO Ltd. Series 2018-19A, <br> Class B, 5.87%, 4/16/2031 (a) (m)<br>| &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 1397 |
| Voya CLO Ltd. |  |  |
| Series 2016-3A, Class CR, 7.78%, <br> 10/18/2031 (a) (m)<br>| &nbsp;&nbsp; 550 | &nbsp;&nbsp; 536 |
| Series 2022-1A, Class BR, 6.02%, <br> 4/20/2035 (a) (m)<br>| &nbsp;&nbsp; 1180 | &nbsp;&nbsp; 1175 |
|  |  | &nbsp;&nbsp; 25055 |
| **Jersey — 0.0% ^** | **Jersey — 0.0% ^** | **Jersey — 0.0% ^** |
| Neuberger Berman Loan Advisers CLO Ltd. |  |  |
| Series 2022-50A, Class BR, 5.93%, <br> 7/23/2036 (a) (m)<br>| &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 1195 |
| Series 2022-50A, Class CR, 6.18%, <br> 7/23/2036 (a) (m)<br>| &nbsp;&nbsp; 779 | &nbsp;&nbsp; 773 |
|  |  | &nbsp;&nbsp; 1968 |
| **United States — 1.2%** | **United States — 1.2%** | **United States — 1.2%** |
| ABFC Trust |  |  |
| Series 2003-OPT1, Class A1A, 5.26%, <br> 4/25/2033 (m)<br>| &nbsp;&nbsp; 75 | &nbsp;&nbsp; 75 |
| Series 2004-OPT3, Class M1, 5.19%, <br> 9/25/2033 (m)<br>| &nbsp;&nbsp; 87 | &nbsp;&nbsp; 87 |
| Series 2004-HE1, Class M1, 5.34%, <br> 3/25/2034 (m)<br>| &nbsp;&nbsp; 342 | &nbsp;&nbsp; 340 |
| Accredited Mortgage Loan Trust Series <br> 2004-4, Class M1, 4.81%, <br> 1/25/2035 (m)<br>| &nbsp;&nbsp; 330 | &nbsp;&nbsp; 324 |
| ACE Securities Corp. Home Equity Loan <br> Trust<br>|  |  |
| Series 2003-FM1, Class M1, 5.73%, <br> 11/25/2032 (m)<br>| &nbsp;&nbsp; 230 | &nbsp;&nbsp; 252 |
| Series 2004-OP1, Class M2, 6.02%, <br> 4/25/2034 (m)<br>| &nbsp;&nbsp; 738 | &nbsp;&nbsp; 658 |
| American Credit Acceptance Receivables <br> Trust<br>|  |  |
| Series 2024-1, Class D, 5.86%, <br> 5/13/2030 (a)<br>| &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 1418 |
| Series 2023-4, Class D, 7.65%, <br> 9/12/2030 (a)<br>| &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 1452 |
| Series 2024-4, Class D, 5.34%, <br> 8/12/2031 (a)<br>| &nbsp;&nbsp; 446 | &nbsp;&nbsp; 446 |
| Ameriquest Mortgage Securities, Inc. <br> Asset-Backed Pass-Through Certificates <br> Series 2002-AR1, Class M1, 3.30%, <br> 9/25/2032 (m)<br>| &nbsp;&nbsp; 46 | &nbsp;&nbsp; 48 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **United States — continued** | **United States — continued** | **United States — continued** |
| Asset-Backed Securities Corp. Home <br> Equity Loan Trust<br>|  |  |
| Series 2004-HE2, Class M2, 6.32%, <br> 4/25/2034 (m)<br>| &nbsp;&nbsp; 98 | &nbsp;&nbsp; 122 |
| Series 2004-HE7, Class M2, 6.02%, <br> 10/25/2034 (m)<br>| &nbsp;&nbsp; 137 | &nbsp;&nbsp; 135 |
| Bayview Opportunity Master Fund LLC <br> Series 2024-CAR1, Class C, 5.85%, <br> 12/26/2031 (a) (m)<br>| &nbsp;&nbsp; 149 | &nbsp;&nbsp; 149 |
| Bear Stearns Asset-Backed Securities Trust |  |  |
| Series 2003-SD1, Class M1, 5.72%, <br> 12/25/2033 (m)<br>| &nbsp;&nbsp; 388 | &nbsp;&nbsp; 410 |
| Series 2004-SD4, Class A1, 5.34%, <br> 8/25/2044 (m)<br>| &nbsp;&nbsp; 494 | &nbsp;&nbsp; 476 |
| Bridgecrest Lending Auto Securitization <br> Trust Series 2024-3, Class D, 5.83%, <br> 5/15/2030<br>| &nbsp;&nbsp; 1480 | &nbsp;&nbsp; 1501 |
| Carlyle Global Market Strategies CLO Ltd. <br> Series 2012-3A, Class A1A2, 5.68%, <br> 1/14/2032 (a) (m)<br>| &nbsp;&nbsp; 572 | &nbsp;&nbsp; 572 |
| Centex Home Equity Loan Trust |  |  |
| Series 2004-C, Class M2, 4.47%, <br> 6/25/2034 (m)<br>| &nbsp;&nbsp; 280 | &nbsp;&nbsp; 271 |
| Series 2004-D, Class MV2, 5.48%, <br> 9/25/2034 (m)<br>| &nbsp;&nbsp; 14 | &nbsp;&nbsp; 13 |
| Series 2004-D, Class MF2, 6.06%, <br> 9/25/2034 (h)<br>| &nbsp;&nbsp; 384 | &nbsp;&nbsp; 383 |
| Chase Funding Trust |  |  |
| Series 2003-5, Class 1M2, 5.64%, <br> 9/25/2032 (m)<br>| &nbsp;&nbsp; 98 | &nbsp;&nbsp; 88 |
| Series 2004-1, Class 1M1, 4.73%, <br> 5/25/2033<br>| &nbsp;&nbsp; 841 | &nbsp;&nbsp; 798 |
| Series 2003-4, Class 1A5, 4.87%, <br> 5/25/2033 (h)<br>| &nbsp;&nbsp; 414 | &nbsp;&nbsp; 404 |
| CHEC Loan Trust Series 2004-1, Class M1, <br> 5.34%, 7/25/2034 (a) (m)<br>| &nbsp;&nbsp; 412 | &nbsp;&nbsp; 405 |
| CITI Asset Receivables Trust I 0.00%, <br> 3/15/2031 ‡ (j) (m)<br>| &nbsp;&nbsp; 3461 | &nbsp;&nbsp; 3568 |
| Citigroup Mortgage Loan Trust, Inc. |  |  |
| Series 2005-OPT1, Class M4, 5.49%, <br> 2/25/2035 (m)<br>| &nbsp;&nbsp; 17 | &nbsp;&nbsp; 14 |
| Series 2005-WF2, Class AF7, 5.75%, <br> 8/25/2035 (h)<br>| &nbsp;&nbsp; 19 | &nbsp;&nbsp; 17 |
| Consumer Loan Underlying Bond <br> Certificate Issuer Trust I Series 2020-9, <br> Class PT, 0.60%, 4/15/2045 ‡ (a) (m)<br>| &nbsp;&nbsp; 7 | &nbsp;&nbsp; 7 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Funds 87

------

JPMorgan Income Builder Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| Countrywide Asset-Backed Certificates <br> Series 2004-3, Class M1, 5.19%, <br> 6/25/2034 (m)<br>| &nbsp;&nbsp; 251 | &nbsp;&nbsp; 248 |
| Credit Acceptance Auto Loan Trust |  |  |
| Series 2022-3A, Class D, 9.00%, <br> 4/18/2033 (a)<br>| &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1029 |
| Series 2023-3A, Class B, 7.09%, <br> 10/17/2033 (a)<br>| &nbsp;&nbsp; 311 | &nbsp;&nbsp; 321 |
| Series 2024-1A, Class A, 5.68%, <br> 3/15/2034 (a)<br>| &nbsp;&nbsp; 364 | &nbsp;&nbsp; 369 |
| Series 2024-1A, Class B, 6.03%, <br> 5/15/2034 (a)<br>| &nbsp;&nbsp; 320 | &nbsp;&nbsp; 327 |
| Series 2024-1A, Class C, 6.71%, <br> 7/17/2034 (a)<br>| &nbsp;&nbsp; 420 | &nbsp;&nbsp; 432 |
| CWABS Asset-Backed Certificates Trust <br> Series 2005-11, Class AF6, 5.05%, <br> 2/25/2036 (m)<br>| &nbsp;&nbsp; 24 | &nbsp;&nbsp; 23 |
| CWABS Asset-Backed Certificates Trust, <br> Series 2004-BC4, Class M1, 5.49%, <br> 11/25/2034 (m)<br>| &nbsp;&nbsp; 2 | &nbsp;&nbsp; 2 |
| CWABS, Inc. Asset-Backed Certificates <br> Series 2004-1, Class M2, 5.27%, <br> 3/25/2034 (m)<br>| &nbsp;&nbsp; 72 | &nbsp;&nbsp; 80 |
| DT Auto Owner Trust Series 2022-3A, <br> Class E, 10.99%, 7/16/2029 (a)<br>| &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1060 |
| FFMLT Trust Series 2004-FF3, Class M1, <br> 5.27%, 5/25/2034 (m)<br>| &nbsp;&nbsp; 232 | &nbsp;&nbsp; 227 |
| Finance America Mortgage Loan Trust <br> Series 2004-3, Class M2, 5.39%, <br> 11/25/2034 (m)<br>| &nbsp;&nbsp; 139 | &nbsp;&nbsp; 126 |
| Fremont Home Loan Trust |  |  |
| Series 2002-1, Class M1, 5.69%, <br> 8/25/2033 (m)<br>| &nbsp;&nbsp; 504 | &nbsp;&nbsp; 540 |
| Series 2004-B, Class M2, 5.39%, <br> 5/25/2034 (m)<br>| &nbsp;&nbsp; 236 | &nbsp;&nbsp; 230 |
| Series 2004-C, Class M1, 5.42%, <br> 8/25/2034 (m)<br>| &nbsp;&nbsp; 399 | &nbsp;&nbsp; 369 |
| Series 2004-D, Class M2, 5.34%, <br> 11/25/2034 (m)<br>| &nbsp;&nbsp; 162 | &nbsp;&nbsp; 148 |
| GLS Auto Receivables Issuer Trust Series <br> 2022-2A, Class E, 5.50%, <br> 6/15/2029 (a)<br>| &nbsp;&nbsp; 1250 | &nbsp;&nbsp; 1240 |
| GSAMP Trust |  |  |
| Series 2003-SEA, Class A1, 5.24%, <br> 2/25/2033 (m)<br>| &nbsp;&nbsp; 217 | &nbsp;&nbsp; 215 |
| Series 2003-HE1, Class M1, 5.68%, <br> 6/20/2033 (m)<br>| &nbsp;&nbsp; 468 | &nbsp;&nbsp; 485 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **United States — continued** | **United States — continued** | **United States — continued** |
| Hertz Vehicle Financing LLC |  |  |
| Series 2023-3A, Class A, 5.94%, <br> 2/25/2028 (a)<br>| &nbsp;&nbsp; 420 | &nbsp;&nbsp; 427 |
| Series 2023-2A, Class D, 9.40%, <br> 9/25/2029 (a)<br>| &nbsp;&nbsp; 700 | &nbsp;&nbsp; 713 |
| Home Equity Mortgage Loan Asset-Backed <br> Trust<br>|  |  |
| Series 2004-B, Class M2, 4.73%, <br> 11/25/2034 (m)<br>| &nbsp;&nbsp; 182 | &nbsp;&nbsp; 177 |
| Series 2004-C, Class M2, 4.30%, <br> 3/25/2035 (m)<br>| &nbsp;&nbsp; 636 | &nbsp;&nbsp; 539 |
| LendingClub Loan Certificate Issuer Trust |  |  |
| Series 2022-NP3, Class CERT, 0.00%, <br> 5/15/2037 ‡ (a)<br>| &nbsp;&nbsp; 125 | &nbsp;&nbsp; 871 |
| Series 2022-P3, Class CERT, 0.00%, <br> 5/15/2037 ‡ (a)<br>| &nbsp;&nbsp; 125 | &nbsp;&nbsp; 548 |
| Series 2022-NP5, Class CERT, 0.00%, <br> 6/15/2037 ‡ (a)<br>| &nbsp;&nbsp; 200 | &nbsp;&nbsp; 1774 |
| Series 2022-P4, Class CERT, 0.00%, <br> 6/15/2037 ‡ (a)<br>| &nbsp;&nbsp; 200 | &nbsp;&nbsp; 940 |
| Series 2022-NP6, Class CERT, 0.00%, <br> 7/15/2037 ‡ (a)<br>| &nbsp;&nbsp; 50 | &nbsp;&nbsp; 443 |
| Lendmark Funding Trust Series 2021-2A, <br> Class B, 2.37%, 4/20/2032 (a)<br>| &nbsp;&nbsp; 500 | &nbsp;&nbsp; 462 |
| Magnetite Ltd. Series 2023-39A, <br> Class BR, 5.83%, 1/25/2037 (a) (m)<br>| &nbsp;&nbsp; 250 | &nbsp;&nbsp; 248 |
| MASTR Asset-Backed Securities Trust |  |  |
| Series 2004-OPT2, Class M2, 5.42%, <br> 9/25/2034 (m)<br>| &nbsp;&nbsp; 288 | &nbsp;&nbsp; 295 |
| Series 2005-NC1, Class M4, 5.58%, <br> 12/25/2034 (m)<br>| &nbsp;&nbsp; 423 | &nbsp;&nbsp; 426 |
| Merrill Lynch Mortgage Investors Trust |  |  |
| Series 2003-OPT1, Class M1, 3.16%, <br> 7/25/2034 (m)<br>| &nbsp;&nbsp; 38 | &nbsp;&nbsp; 31 |
| Series 2004-HE2, Class M1, 5.64%, <br> 8/25/2035 (m)<br>| &nbsp;&nbsp; 39 | &nbsp;&nbsp; 38 |
| Morgan Stanley ABS Capital I, Inc. Trust |  |  |
| Series 2003-NC10, Class M1, 5.46%, <br> 10/25/2033 (m)<br>| &nbsp;&nbsp; 111 | &nbsp;&nbsp; 110 |
| Series 2004-WMC2, Class M1, 5.36%, <br> 7/25/2034 (m)<br>| &nbsp;&nbsp; 548 | &nbsp;&nbsp; 551 |
| Series 2004-WMC2, Class M2, 6.24%, <br> 7/25/2034 (m)<br>| &nbsp;&nbsp; 131 | &nbsp;&nbsp; 123 |
| Series 2004-HE6, Class M2, 5.34%, <br> 8/25/2034 (m)<br>| &nbsp;&nbsp; 454 | &nbsp;&nbsp; 443 |
| Series 2004-HE7, Class M2, 5.39%, <br> 8/25/2034 (m)<br>| &nbsp;&nbsp; 8 | &nbsp;&nbsp; 9 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

88 J.P. Morgan Funds April 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| Series 2004-HE6, Class M3, 5.42%, <br> 8/25/2034 (m)<br>| &nbsp;&nbsp; 167 | &nbsp;&nbsp; 161 |
| Series 2004-HE8, Class M2, 5.46%, <br> 9/25/2034 (m)<br>| &nbsp;&nbsp; 175 | &nbsp;&nbsp; 179 |
| Series 2004-NC8, Class M3, 5.55%, <br> 9/25/2034 (m)<br>| &nbsp;&nbsp; 59 | &nbsp;&nbsp; 65 |
| Series 2004-HE8, Class M3, 5.57%, <br> 9/25/2034 (m)<br>| &nbsp;&nbsp; 56 | &nbsp;&nbsp; 69 |
| Series 2005-HE1, Class M2, 5.15%, <br> 12/25/2034 (m)<br>| &nbsp;&nbsp; 195 | &nbsp;&nbsp; 189 |
| Series 2005-NC1, Class M3, 5.21%, <br> 1/25/2035 (m)<br>| &nbsp;&nbsp; 263 | &nbsp;&nbsp; 259 |
| Morgan Stanley Mortgage Loan Trust <br> Series 2007-5AX, Class 2A2, 4.74%, <br> 2/25/2037 (m)<br>| &nbsp;&nbsp; 2670 | &nbsp;&nbsp; 525 |
| New Century Home Equity Loan Trust |  |  |
| Series 2004-2, Class M2, 5.37%, <br> 8/25/2034 (m)<br>| &nbsp;&nbsp; 49 | &nbsp;&nbsp; 54 |
| Series 2004-3, Class M2, 5.42%, <br> 11/25/2034 (m)<br>| &nbsp;&nbsp; 8 | &nbsp;&nbsp; 15 |
| Series 2004-4, Class M2, 5.24%, <br> 2/25/2035 (m)<br>| &nbsp;&nbsp; 27 | &nbsp;&nbsp; 31 |
| NovaStar Mortgage Funding Trust Series <br> 2003-2, Class M2, 7.22%, <br> 9/25/2033 (m)<br>| &nbsp;&nbsp; 607 | &nbsp;&nbsp; 613 |
| NRM FNT1 Excess LLC Series 2024-FNT1, <br> Class A, 7.40%, 11/25/2031 (a) (h)<br>| &nbsp;&nbsp; 2447 | &nbsp;&nbsp; 2466 |
| Oak Street Investment Grade Net Lease <br> Fund<br>|  |  |
| Series 2021-1A, Class A3, 2.80%, <br> 1/20/2051 (a)<br>| &nbsp;&nbsp; 2484 | &nbsp;&nbsp; 2400 |
| Series 2021-1A, Class B1, 4.23%, <br> 1/20/2051 (a)<br>| &nbsp;&nbsp; 1250 | &nbsp;&nbsp; 1200 |
| Option One Mortgage Accept Corp. <br> Asset-Backed Certificates Series <br> 2003-5, Class A2, 5.08%, <br> 8/25/2033 (m)<br>| &nbsp;&nbsp; 204 | &nbsp;&nbsp; 208 |
| Option One Mortgage Loan Trust Series <br> 2004-3, Class M2, 5.30%, <br> 11/25/2034 (m)<br>| &nbsp;&nbsp; 266 | &nbsp;&nbsp; 273 |
| Pagaya AI Debt Selection Trust Series <br> 2021-3, Class C, 3.27%, <br> 5/15/2029 (a)<br>| &nbsp;&nbsp; 424 | &nbsp;&nbsp; 408 |
| PRET LLC |  |  |
| Series 2021-RN4, Class A2, 9.19%, <br> 10/25/2051 (a) (m)<br>| &nbsp;&nbsp; 5217 | &nbsp;&nbsp; 5210 |
| Series 2024-RN1, Class A1, 7.14%, <br> 3/25/2054 (a) (h)<br>| &nbsp;&nbsp; 3863 | &nbsp;&nbsp; 3894 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **United States — continued** | **United States — continued** | **United States — continued** |
| Series 2024-NPL3, Class A1, 7.52%, <br> 4/27/2054 (a) (h)<br>| &nbsp;&nbsp; 9116 | &nbsp;&nbsp; 9147 |
| Series 2024-NPL9, Class A1, 5.85%, <br> 12/25/2054 (a) (h)<br>| &nbsp;&nbsp; 8258 | &nbsp;&nbsp; 8261 |
| Series 2025-NPL4, Class A1, 6.37%, <br> 4/25/2055 ‡ (a) (h) (n)<br>| &nbsp;&nbsp; 900 | &nbsp;&nbsp; 900 |
| Series 2025-NPL3, Class A1, 6.71%, <br> 4/25/2055 ‡ (a) (h)<br>| &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1003 |
| Progress Residential Trust |  |  |
| Series 2021-SFR8, Class G, 4.01%, <br> 10/17/2038 (a)<br>| &nbsp;&nbsp; 6080 | &nbsp;&nbsp; 5935 |
| Series 2022-SFR3, Class D, 4.45%, <br> 4/17/2039 (a)<br>| &nbsp;&nbsp; 1250 | &nbsp;&nbsp; 1230 |
| PRPM LLC Series 2021-11, Class A1, <br> 5.49%, 11/25/2026 (a) (h)<br>| &nbsp;&nbsp; 2637 | &nbsp;&nbsp; 2640 |
| RAMP Trust Series 2002-RS2, Class AI5, <br> 4.63%, 3/25/2032 (m)<br>| &nbsp;&nbsp; 117 | &nbsp;&nbsp; 116 |
| RCO Mortgage LLC Series 2024-1, <br> Class A1, 7.02%, 1/25/2029 (a) (h)<br>| &nbsp;&nbsp; 2207 | &nbsp;&nbsp; 2218 |
| Renaissance Home Equity Loan Trust |  |  |
| Series 2002-3, Class M1, 5.94%, <br> 12/25/2032 (m)<br>| &nbsp;&nbsp; 267 | &nbsp;&nbsp; 248 |
| Series 2003-1, Class M1, 5.94%, <br> 6/25/2033 (m)<br>| &nbsp;&nbsp; 113 | &nbsp;&nbsp; 101 |
| Series 2003-4, Class M1, 5.72%, <br> 3/25/2034 (m)<br>| &nbsp;&nbsp; 1058 | &nbsp;&nbsp; 940 |
| Series 2003-4, Class M2F, 6.24%, <br> 3/25/2034 (h)<br>| &nbsp;&nbsp; 581 | &nbsp;&nbsp; 388 |
| Republic Finance Issuance Trust Series <br> 2024-A, Class A, 5.91%, <br> 8/20/2032 (a)<br>| &nbsp;&nbsp; 1546 | &nbsp;&nbsp; 1571 |
| Santander Bank Auto Credit-Linked Notes |  |  |
| Series 2022-C, Class B, 6.45%, <br> 12/15/2032 (a)<br>| &nbsp;&nbsp; 47 | &nbsp;&nbsp; 47 |
| Series 2022-C, Class C, 6.99%, <br> 12/15/2032 (a)<br>| &nbsp;&nbsp; 41 | &nbsp;&nbsp; 41 |
| Series 2022-C, Class D, 8.20%, <br> 12/15/2032 (a)<br>| &nbsp;&nbsp; 37 | &nbsp;&nbsp; 38 |
| Series 2022-C, Class E, 11.37%, <br> 12/15/2032 (a)<br>| &nbsp;&nbsp; 20 | &nbsp;&nbsp; 20 |
| Santander Drive Auto Receivables Trust <br> Series 2024-4, Class D, 5.32%, <br> 12/15/2031<br>| &nbsp;&nbsp; 574 | &nbsp;&nbsp; 573 |
| SASCO Mortgage Loan Trust Series <br> 2004-GEL3, Class M1, 4.77%, <br> 8/25/2034 (m)<br>| &nbsp;&nbsp; 299 | &nbsp;&nbsp; 299 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Funds 89

------

JPMorgan Income Builder Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| Saxon Asset Securities Trust Series <br> 2004-2, Class MV2, 2.27%, <br> 8/25/2035 (m)<br>| &nbsp;&nbsp; 84 | &nbsp;&nbsp; 92 |
| SBA Small Business Investment Cos. |  |  |
| Series 2023-10A, Class 1, 5.17%, <br> 3/10/2033<br>| &nbsp;&nbsp; 1194 | &nbsp;&nbsp; 1221 |
| Series 2023-10B, Class 1, 5.69%, <br> 9/10/2033<br>| &nbsp;&nbsp; 493 | &nbsp;&nbsp; 515 |
| Securitized Asset-Backed Receivables LLC <br> Trust Series 2005-OP1, Class M2, <br> 5.12%, 1/25/2035 (m)<br>| &nbsp;&nbsp; 303 | &nbsp;&nbsp; 270 |
| Stanwich Mortgage Loan Co. LLC Series <br> 2021-NPB1, Class A2, 4.38%, <br> 10/16/2026 (a) (h)<br>| &nbsp;&nbsp; 500 | &nbsp;&nbsp; 493 |
| Structured Asset Securities Corp. <br> Pass-Through Certificates Series <br> 2002-AL1, Class A3, 3.45%, <br> 2/25/2032<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Theorem Funding Trust Series 2022-3A, <br> Class A, 7.60%, 4/15/2029 (a)<br>| &nbsp;&nbsp; 72 | &nbsp;&nbsp; 72 |
| Toyota Auto Loan Extended Note Trust <br> Series 2021-1A, Class A, 1.07%, <br> 2/27/2034 (a)<br>| &nbsp;&nbsp; 307 | &nbsp;&nbsp; 299 |
| Upstart Pass-Through Trust |  |  |
| Series 2022-PT3, Class A, 17.90%, <br> 4/20/2030 ‡ (a) (m)<br>| &nbsp;&nbsp; 462 | &nbsp;&nbsp; 459 |
| Series 2022-PT4, Class A, 18.36%, <br> 5/20/2030 ‡ (a) (m)<br>| &nbsp;&nbsp; 947 | &nbsp;&nbsp; 947 |
| Upstart Securitization Trust |  |  |
| Series 2022-1, Class C, 5.71%, <br> 3/20/2032 (a)<br>| &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 676 |
| Series 2022-4, Class A, 5.98%, <br> 8/20/2032 (a)<br>| &nbsp;&nbsp; 40 | &nbsp;&nbsp; 40 |
| Wells Fargo Home Equity Asset-Backed <br> Securities Trust<br>|  |  |
| Series 2004-2, Class M8B, 5.00%, <br> 10/25/2034 (a) (m)<br>| &nbsp;&nbsp; 290 | &nbsp;&nbsp; 271 |
| Series 2004-2, Class M8A, 8.94%, <br> 10/25/2034 (a) (m)<br>| &nbsp;&nbsp; 290 | &nbsp;&nbsp; 290 |
|  |  | &nbsp;&nbsp; 90652 |
| Total Asset-Backed Securities <br>(Cost $118,937)<br>|  | &nbsp;&nbsp; 117675 |
| **U.S. Treasury Obligations — 0.9%** | **U.S. Treasury Obligations — 0.9%** | **U.S. Treasury Obligations — 0.9%** |
| **United States — 0.9%** | **United States — 0.9%** | **United States — 0.9%** |
| U.S. Treasury Notes |  |  |
| 4.25%, 1/31/2026 (r) | &nbsp;&nbsp; 68516 | &nbsp;&nbsp; 68622 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **United States — continued** | **United States — continued** | **United States — continued** |
| 4.63%, 11/15/2026 | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 405 |
| 3.38%, 9/15/2027 | &nbsp;&nbsp; 515 | &nbsp;&nbsp; 513 |
| Total U.S. Treasury Obligations <br>(Cost $69,416)<br>|  | &nbsp;&nbsp; 69540 |
|  | **SHARES** <br>**(000)**<br>|  |
| **Preferred Stocks — 0.4%** | **Preferred Stocks — 0.4%** | **Preferred Stocks — 0.4%** |
| **United States — 0.4%** | **United States — 0.4%** | **United States — 0.4%** |
| Allstate Corp. (The) Series J, 7.38%, <br> 7/15/2028 ($25 par value) (s)<br>| &nbsp;&nbsp; 66 | &nbsp;&nbsp; 1750 |
| Morgan Stanley, |  |  |
| Series I, 6.38%, 7/15/2025<br> ($25 par value) (s)<br>| &nbsp;&nbsp; 62 | &nbsp;&nbsp; 1499 |
| Series K, 5.85%, 4/15/2027<br> ($25 par value) (s)<br>| &nbsp;&nbsp; 254 | &nbsp;&nbsp; 5769 |
| Series P, 6.50%, 10/15/2027<br> ($25 par value) (s)<br>| &nbsp;&nbsp; 144 | &nbsp;&nbsp; 3615 |
| Series Q, 6.63%, 10/15/2029<br> ($25 par value) (s)<br>| &nbsp;&nbsp; 258 | &nbsp;&nbsp; 6486 |
| MYT Holding LLC Series A, 10.00%, <br> 6/6/2029 ‡<br>| &nbsp;&nbsp; 2316 | &nbsp;&nbsp; 2953 |
| SCE Trust VI 5.00%, 6/4/2025 ($25 par <br> value) (s)<br>| &nbsp;&nbsp; 333 | &nbsp;&nbsp; 5448 |
| Wells Fargo & Co. Series Z, 4.75%, <br> 6/15/2025 ($25 par value) (s)<br>| &nbsp;&nbsp; 332 | &nbsp;&nbsp; 6294 |
| Total Preferred Stocks <br>(Cost $37,246)<br>|  | &nbsp;&nbsp; 33814 |
| **Convertible Preferred Stocks — 0.0% ^** | **Convertible Preferred Stocks — 0.0% ^** | **Convertible Preferred Stocks — 0.0% ^** |
| **United States — 0.0% ^** | **United States — 0.0% ^** | **United States — 0.0% ^** |
| Claire's Stores, Inc. ‡ \* (k) <br>(Cost $5,619)<br>| &nbsp;&nbsp; 4 | &nbsp;&nbsp; 2570 |
|  | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>|  |
| **Mortgage-Backed Securities — 0.0% ^** | **Mortgage-Backed Securities — 0.0% ^** | **Mortgage-Backed Securities — 0.0% ^** |
| **United States — 0.0% ^** | **United States — 0.0% ^** | **United States — 0.0% ^** |
| FHLMC UMBS, 30 Year Pool # SD8238, <br> 4.50%, 8/1/2052<br>| &nbsp;&nbsp; 87 | &nbsp;&nbsp; 83 |
| FNMA UMBS, 20 Year Pool # CA1231, <br> 3.50%, 2/1/2038<br>| &nbsp;&nbsp; 178 | &nbsp;&nbsp; 173 |
| FNMA UMBS, 30 Year |  |  |
| Pool # MA4398, 2.00%, 8/1/2051 | &nbsp;&nbsp; 499 | &nbsp;&nbsp; 398 |
| Pool # MA4465, 2.00%, 11/1/2051 | &nbsp;&nbsp; 45 | &nbsp;&nbsp; 36 |
| Pool # MA4548, 2.50%, 2/1/2052 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 13 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

90 J.P. Morgan Funds April 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| Pool # MA4563, 2.50%, 3/1/2052 | &nbsp;&nbsp; 49 | &nbsp;&nbsp; 41 |
| Pool # MA4564, 3.00%, 3/1/2052 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 12 |
| Pool # MA4624, 3.00%, 6/1/2052 | &nbsp;&nbsp; 65 | &nbsp;&nbsp; 56 |
| Pool # MA4733, 4.50%, 9/1/2052 | &nbsp;&nbsp; 83 | &nbsp;&nbsp; 80 |
| FNMA, Other Pool # BZ3537, 4.97%, <br> 4/1/2035<br>| &nbsp;&nbsp; 1179 | &nbsp;&nbsp; 1208 |
| Total Mortgage-Backed Securities <br>(Cost $2,222)<br>|  | &nbsp;&nbsp; 2100 |
| **Convertible Bonds — 0.0% ^** | **Convertible Bonds — 0.0% ^** | **Convertible Bonds — 0.0% ^** |
| **United States — 0.0% ^** | **United States — 0.0% ^** | **United States — 0.0% ^** |
| EchoStar Corp. 3.88% (PIK), <br> 11/30/2030 (i)(Cost $1,900)<br>| &nbsp;&nbsp; 1816 | &nbsp;&nbsp; 1929 |
|  | **NO. OF** <br> **WARRANTS** <br>**(000)**<br>|  |
| **Warrants — 0.0% ^** | **Warrants — 0.0% ^** | **Warrants — 0.0% ^** |
| **United Kingdom — 0.0% ^** | **United Kingdom — 0.0% ^** | **United Kingdom — 0.0% ^** |
| Cineworld Group plc expiring <br> 11/23/2025, price 4,149.00 GBP \*<br>| &nbsp;&nbsp; 17 | &nbsp;&nbsp; — |
| **United States — 0.0% ^** | **United States — 0.0% ^** | **United States — 0.0% ^** |
| Audacy, Inc. |  |  |
| expiring 12/31/2049, price 1.00 <br> USD ‡ \*<br>| &nbsp;&nbsp; 10 | &nbsp;&nbsp; 153 |
| expiring 12/31/2049, price 1.00 <br> USD ‡ \*<br>| &nbsp;&nbsp; 13 | &nbsp;&nbsp; 4 |
| expiring 9/30/2028, price 1.00 USD ‡ <br> \*<br>| &nbsp;&nbsp; 2 | &nbsp;&nbsp; 1 |
|  |  | &nbsp;&nbsp; 158 |
| Total Warrants <br>(Cost $4,630)<br>|  | &nbsp;&nbsp; 158 |
|  | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>|  |
| **Short-Term Investments — 3.1%** | **Short-Term Investments — 3.1%** | **Short-Term Investments — 3.1%** |
| **Certificates of Deposits — 0.0% ^** | **Certificates of Deposits — 0.0% ^** | **Certificates of Deposits — 0.0% ^** |
| Kookmin Bank, 5.47%, 5/14/2025(Cost <br> $143)<br>| &nbsp;&nbsp; 143 | &nbsp;&nbsp; 143 |
| **Commercial Paper — 0.0% ^** | **Commercial Paper — 0.0% ^** | **Commercial Paper — 0.0% ^** |
| BPCE SA, 4.62%, 11/6/2025 (a) | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 244 |
| DNB Bank ASA |  |  |
| 5.49%, 5/29/2025 (a) | &nbsp;&nbsp; 246 | &nbsp;&nbsp; 245 |
| 4.55%, 11/12/2025 (a) | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 244 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Commercial Paper — continued** | **Commercial Paper — continued** | **Commercial Paper — continued** |
| First Abu Dhabi Bank PJSC, 4.60%, <br> 11/13/2025 (a)<br>| &nbsp;&nbsp; 250 | &nbsp;&nbsp; 244 |
| Glencore Funding LLC, 4.66%, <br> 10/31/2025 (a)<br>| &nbsp;&nbsp; 498 | &nbsp;&nbsp; 487 |
| LMA SADIR, 4.50%, 7/18/2025 (a) | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 247 |
| National Grid North America, Inc., 4.80%, <br> 7/29/2025 (a)<br>| &nbsp;&nbsp; 250 | &nbsp;&nbsp; 247 |
| RWE AG, 4.71%, 7/2/2025 (a) | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 496 |
| Total Commercial Paper <br>(Cost $2,454)<br>|  | &nbsp;&nbsp; 2454 |
|  | **SHARES** <br>**(000)**<br>|  |
| **Investment Companies — 1.9%** | **Investment Companies — 1.9%** | **Investment Companies — 1.9%** |
| JPMorgan Prime Money Market Fund <br> Class IM Shares, 4.40% (l) (t)<br>| &nbsp;&nbsp; 86719 | &nbsp;&nbsp; 86737 |
| JPMorgan Prime Money Market Fund <br> Class Institutional Shares, 4.31% (l) (t)<br>| &nbsp;&nbsp; 60142 | &nbsp;&nbsp; 60160 |
| Total Investment Companies <br>(Cost $146,897)<br>|  | &nbsp;&nbsp; 146897 |
| **Investment of Cash Collateral from Securities Loaned — 1.2%** | **Investment of Cash Collateral from Securities Loaned — 1.2%** | **Investment of Cash Collateral from Securities Loaned — 1.2%** |
| JPMorgan Securities Lending Money <br> Market Fund Agency SL Class Shares, <br> 4.39% (l) (t)(Cost $98,475)<br>| &nbsp;&nbsp; 98475 | &nbsp;&nbsp; 98475 |
| Total Short-Term Investments <br>(Cost $247,969)<br>|  | &nbsp;&nbsp; 247969 |
| **Total Investments — 100.2%** <br>**(Cost $7,760,641)**<br>|  | &nbsp;&nbsp; **8036005** |
| **Liabilities in Excess of Other Assets —** <br> **(0.2)%**<br>|  | &nbsp;&nbsp; **(19569)**<br>|
| **NET ASSETS — 100.0%** |  | &nbsp;&nbsp; **8016436** |

---

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

---

| |
|:---|
| <br>Percentages indicated are based on net assets. |
| <br>Amounts presented as a dash ("-") represent amounts that round to less than a <br> thousand. |

---

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| ABS | Asset-Backed Securities |
| ACES | Alternative Credit Enhancement Securities |
| ADR | American Depositary Receipt |
| CLO | Collateralized Loan Obligations |
| CME | Chicago Mercantile Exchange |
| CSMC | Credit Suisse Mortgage Trust |
| CVA | Certificaten Van Aandelen (Dutch Certificate) |
| ELN | Equity-Linked Note |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Funds 91

------

JPMorgan Income Builder Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

---

| | |
|:---|:---|
| ETF | Exchange Traded Fund |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Association |
| GBP | British Pound |
| GDR | Global Depositary Receipt |
| GNMA | Government National Mortgage Association |
| HB | High Coupon Bonds (a.k.a. "IOettes") represent the right to receive <br> interest payments on an underlying pool of mortgages with similar <br> features as those associated with IO securities. Unlike IO's the <br> owner also has a right to receive a very small portion of principal. <br> The high interest rates result from taking interest payments from <br> other classes in the Real Estate Mortgage Investment Conduit trust <br> and allocating them to the small principal of the HB class.<br>|
| ICE | Intercontinental Exchange |
| IF | Inverse Floaters represent securities that pay interest at a rate that <br> increases (decreases) with a decline (incline) in a specified index <br> or have an interest rate that adjusts periodically based on changes <br> in current interest rates and prepayments on the underlying pool <br> of assets. The interest rate shown is the rate in effect as of April <br> 30, 2025. The rate may be subject to a cap and floor.<br>|
| IO | Interest Only represents the right to receive the monthly interest <br> payments on an underlying pool of mortgage loans. The principal <br> amount shown represents the par value on the underlying pool. <br> The yields on these securities are subject to accelerated principal <br> paydowns as a result of prepayment or refinancing of the <br> underlying pool of mortgage instruments. As a result, interest <br> income may be reduced considerably.<br>|
| JSC | Joint Stock Company |
| OYJ | Public Limited Company |
| PIK | Payment In Kind |
| PJSC | Public Joint Stock Company |
| PO | Principal Only represents the right to receive the principal portion <br> only on an underlying pool of mortgage loans. The market value of <br> these securities is extremely volatile in response to changes in <br> market interest rates. As prepayments on the underlying <br> mortgages of these securities increase, the yield on these <br> securities increases.<br>|
| Preference | A special type of equity investment that shares in the earnings of <br> the company, has limited voting rights, and may have a dividend <br> preference. Preference shares may also have liquidation <br> preference.<br>|
| PT | Limited liability company |
| REIT | Real Estate Investment Trust |
| REMIC | Real Estate Mortgage Investment Conduit |
| RTS | Russian Trading System |
| SCA | Limited partnership with share capital |
| SGPS | Holding company |
| SOFR | Secured Overnight Financing Rate |
| SOFRINDX | Compounding index of the Secured Overnight Financing Rate |
| UMBS | Uniform Mortgage-Backed Securities |
| USD | United States Dollar |

---

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

---

| | |
|:---|:---|
| ^ | Amount rounds to less than 0.1% of net assets. |
| ‡ | Value determined using significant unobservable <br> inputs.<br>|
| \* | Non-income producing security.  |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) 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;(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;(c) The security or a portion of this security is on loan at April 30, 2025. The total value of securities on loan at April 30, 2025 is $90,084.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of April 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Contingent Capital security ("CoCo"). CoCos are hybrid debt securities that may be convertible into equity or may be written down if a pre-specified trigger event occurs. The total value of aggregate CoCo holdings at April 30, 2025 is $180,857 or 2.26% of the Fund's net assets as of April 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Security is an interest bearing note with preferred security characteristics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Security is perpetual and thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of April 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of April 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Security has the ability to pay in kind ("PIK") or pay income in cash. When applicable, separate rates of such payments are disclosed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Defaulted security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Fund is subject to legal or contractual restrictions on the resale of the security.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of April 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) Value is zero.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) Loan assignments are presented by obligor. Each series or loan tranche underlying each obligor may have varying terms.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

92 J.P. Morgan Funds April 30, 2025

------

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) All or a portion of this security is unsettled as of April 30, 2025. Unless otherwise indicated, the coupon rate is undetermined. The coupon rate shown may not be accrued for the entire position.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) All or a portion of this security is deposited with the broker as initial margin for futures contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) The date shown reflects the next call date on which the issuer may redeem the security at par value. The coupon rate for this security is based on par value and is in effect as of April 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) The rate shown is the current yield as of April 30, 2025.

**Summary of Investments by Industry, April 30, 2025**

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

---

| | |
|:---|:---|
| **INDUSTRY** | **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| U.S. Equity | 10.1<br> %<br>|
| Banks | 7.4 |
| Oil, Gas & Consumable Fuels | 5.8 |
| Convertible Bonds | 5.4 |
| Commercial Mortgage-Backed Securities | 4.5 |
| Collateralized Mortgage Obligations | 3.3 |
| Diversified Telecommunication Services | 3.3 |
| Media | 3.1 |
| Semiconductors & Semiconductor Equipment | 2.7 |
| Electric Utilities | 2.7 |
| Capital Markets | 2.6 |
| Foreign Government Securities | 2.5 |
| Pharmaceuticals | 2.0 |
| Insurance | 2.0 |
| Software | 1.8 |
| Hotels, Restaurants & Leisure | 1.8 |
| Chemicals | 1.7 |
| Automobile Components | 1.6 |
| Health Care Providers & Services | 1.5 |
| Asset-Backed Securities | 1.5 |
| Building Products | 1.3 |
| Commercial Services & Supplies | 1.3 |
| Specialty Retail | 1.2 |
| Machinery | 1.2 |
| Consumer Finance | 1.1 |
| Financial Services | 1.1 |
| Metals & Mining | 1.0 |
| Food Products | 1.0 |
| Others (each less than 1.0%) | 20.4 |
| Short-Term Investments | 3.1 |

---

Detailed information about investment portfolios of the Underlying Funds, as defined in the Notes to Financial Statements, and ETFs can be found in the financial statements filed with the Securities and Exchange Commission (SEC) by each such underlying fund semi-annually on Form N-CSR and in portfolio holdings filed quarterly on Form N-PORT, and are available for download from both the SEC's as well as each respective underlying fund's website. Detailed information about Underlying J.P. Morgan Funds can also be found at www.jpmorganfunds.com or by calling 1-800-480-4111.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Funds 93

------

JPMorgan Income Builder Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

**Futures contracts outstanding as of April 30, 2025 (amounts in thousands, except number of contracts):**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| U.S. Treasury 10 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; 18653 | &nbsp;&nbsp;&nbsp;&nbsp; 06/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 2097880 | &nbsp;&nbsp;&nbsp;&nbsp; 35612 |
| EURO STOXX 50 Index | &nbsp;&nbsp;&nbsp;&nbsp; 52 | &nbsp;&nbsp;&nbsp;&nbsp; 06/20/2025 | &nbsp;&nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp; 3022 | &nbsp;&nbsp;&nbsp;&nbsp; (120)<br>|
| FTSE 100 Index | &nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp; 06/20/2025 | &nbsp;&nbsp;&nbsp;&nbsp; GBP | &nbsp;&nbsp;&nbsp;&nbsp; 1466 | &nbsp;&nbsp;&nbsp;&nbsp; (35)<br>|
| U.S. Treasury 5 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; 4484 | &nbsp;&nbsp;&nbsp;&nbsp; 06/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 490507 | &nbsp;&nbsp;&nbsp;&nbsp; 535 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 35992 |
| **Short Contracts** |  |  |  |  |  |
| EURO STOXX 50 Index | &nbsp;&nbsp;&nbsp;&nbsp; (4625)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 06/20/2025 | &nbsp;&nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp; (268783)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13955 |
| S&P 500 E-Mini Index | &nbsp;&nbsp;&nbsp;&nbsp; (186)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 06/20/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (51961)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1611)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 12344 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 48336 |

---

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| EUR | Euro |
| FTSE | Financial Times and the London Stock Exchange |
| GBP | British Pound |
| USD | United States Dollar |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

94 J.P. Morgan Funds April 30, 2025

------

**STATEMENTS OF ASSETS AND LIABILITIES**

AS OF April 30, 2025 (Unaudited)

(Amounts in thousands, except per share amounts)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**Global** <br>**Allocation Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Income** <br>**Builder Fund**  |
| **ASSETS:** |  |  |
| Investments in non-affiliates, at value | &nbsp;&nbsp;&nbsp; $2468563 | &nbsp;&nbsp;&nbsp; $6957749 |
| Investments in affiliates, at value | &nbsp;&nbsp;&nbsp; 220257 | &nbsp;&nbsp;&nbsp; 979781 |
| Investments of cash collateral received from securities loaned, at value (See Note 2.F.)  | &nbsp;&nbsp;&nbsp; 37855 | &nbsp;&nbsp;&nbsp; 98475 |
| Cash | &nbsp;&nbsp;&nbsp; 3045 | &nbsp;&nbsp;&nbsp; 1269 |
| Foreign currency, at value | &nbsp;&nbsp;&nbsp; 4704 | &nbsp;&nbsp;&nbsp; 8052 |
| Deposits at broker for futures contracts | &nbsp;&nbsp;&nbsp; 4909 | &nbsp;&nbsp;&nbsp; 446 |
| Receivables: |  |  |
| Investment securities sold | &nbsp;&nbsp;&nbsp; 21374 | &nbsp;&nbsp;&nbsp; 128693 |
| Fund shares sold | &nbsp;&nbsp;&nbsp; 1318 | &nbsp;&nbsp;&nbsp; 3174 |
| Interest from non-affiliates | &nbsp;&nbsp;&nbsp; 16854 | &nbsp;&nbsp;&nbsp; 54126 |
| Dividends from non-affiliates | &nbsp;&nbsp;&nbsp; 1709 | &nbsp;&nbsp;&nbsp; 5640 |
| Dividends from affiliates | &nbsp;&nbsp;&nbsp; 879 | &nbsp;&nbsp;&nbsp; 262 |
| Tax reclaims | &nbsp;&nbsp;&nbsp; 1932 | &nbsp;&nbsp;&nbsp; 5072 |
| Securities lending income (See Note 2.F.) | &nbsp;&nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp; 113 |
| Variation margin on futures contracts | &nbsp;&nbsp;&nbsp; 1050 | &nbsp;&nbsp;&nbsp; 8314 |
| Unrealized appreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp; 1607 | &nbsp;&nbsp;&nbsp; — |
| Total Assets | &nbsp;&nbsp;&nbsp; 2786094 | &nbsp;&nbsp;&nbsp; 8251166 |
| **LIABILITIES:** |  |  |
| Payables: |  |  |
| Investment securities purchased | &nbsp;&nbsp;&nbsp; 22413 | &nbsp;&nbsp;&nbsp; 119241 |
| Investment securities purchased — delayed delivery securities | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 5590 |
| Collateral received on securities loaned (See Note 2.F.) | &nbsp;&nbsp;&nbsp; 37855 | &nbsp;&nbsp;&nbsp; 98475 |
| Fund shares redeemed | &nbsp;&nbsp;&nbsp; 1683 | &nbsp;&nbsp;&nbsp; 6146 |
| Unrealized depreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp; 1488 | &nbsp;&nbsp;&nbsp; — |
| Unrealized depreciation on unfunded commitments | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1 |
| Accrued liabilities: |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 1146 | &nbsp;&nbsp;&nbsp; 2473 |
| Administration fees | &nbsp;&nbsp;&nbsp; 136 | &nbsp;&nbsp;&nbsp; 384 |
| Distribution fees | &nbsp;&nbsp;&nbsp; 217 | &nbsp;&nbsp;&nbsp; 1139 |
| Service fees | &nbsp;&nbsp;&nbsp; 210 | &nbsp;&nbsp;&nbsp; 208 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 84 | &nbsp;&nbsp;&nbsp; 169 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1 |
| Deferred foreign capital gains tax | &nbsp;&nbsp;&nbsp; 46 | &nbsp;&nbsp;&nbsp; 457 |
| Other | &nbsp;&nbsp;&nbsp; 166 | &nbsp;&nbsp;&nbsp; 446 |
| Total Liabilities | &nbsp;&nbsp;&nbsp; 65444 | &nbsp;&nbsp;&nbsp; 234730 |
| Net Assets | &nbsp;&nbsp;&nbsp; $2720650 | &nbsp;&nbsp;&nbsp; $8016436 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Funds 95

------

**STATEMENTS OF ASSETS AND LIABILITIES**

AS OF April 30, 2025 (Unaudited) (continued)

(Amounts in thousands, except per share amounts)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan**<br> **Global**<br> **Allocation Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **Income**<br>**Builder Fund**  |
| **NET ASSETS:** |  |  |
| Paid-in-Capital | &nbsp;&nbsp;&nbsp; $2477879 | &nbsp;&nbsp;&nbsp; $8531277 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp; 242771 | &nbsp;&nbsp;&nbsp; (514841)<br>|
| Total Net Assets | &nbsp;&nbsp;&nbsp; $2720650 | &nbsp;&nbsp;&nbsp; $8016436 |
| Net Assets: |  |  |
| Class A | &nbsp;&nbsp;&nbsp; $658970 | &nbsp;&nbsp;&nbsp; $4081361 |
| Class C | &nbsp;&nbsp;&nbsp; 136806 | &nbsp;&nbsp;&nbsp; 519030 |
| Class I | &nbsp;&nbsp;&nbsp; 1236660 | &nbsp;&nbsp;&nbsp; 3081337 |
| Class R2 | &nbsp;&nbsp;&nbsp; 3022 | &nbsp;&nbsp;&nbsp; — |
| Class R3 | &nbsp;&nbsp;&nbsp; 728 | &nbsp;&nbsp;&nbsp; — |
| Class R4 | &nbsp;&nbsp;&nbsp; 724 | &nbsp;&nbsp;&nbsp; — |
| Class R5 | &nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp; — |
| Class R6 | &nbsp;&nbsp;&nbsp; 683720 | &nbsp;&nbsp;&nbsp; 334708 |
| Total | &nbsp;&nbsp;&nbsp; $2720650 | &nbsp;&nbsp;&nbsp; $8016436 |
| Outstanding units of beneficial interest (shares) <br>($0.0001 par value; unlimited number of shares authorized):<br>|  |  |
| Class A | &nbsp;&nbsp;&nbsp; 32791 | &nbsp;&nbsp;&nbsp; 417749 |
| Class C | &nbsp;&nbsp;&nbsp; 6992 | &nbsp;&nbsp;&nbsp; 53288 |
| Class I | &nbsp;&nbsp;&nbsp; 60905 | &nbsp;&nbsp;&nbsp; 314746 |
| Class R2 | &nbsp;&nbsp;&nbsp; 152 | &nbsp;&nbsp;&nbsp; — |
| Class R3 | &nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp; — |
| Class R4 | &nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp; — |
| Class R5 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; — |
| Class R6 | &nbsp;&nbsp;&nbsp; 33638 | &nbsp;&nbsp;&nbsp; 34186 |
| Net Asset Value (a): |  |  |
| Class A — Redemption price per share | &nbsp;&nbsp;&nbsp; $20.10 | &nbsp;&nbsp;&nbsp; $9.77 |
| Class C — Offering price per share (b) | &nbsp;&nbsp;&nbsp;&nbsp;19.57 | &nbsp;&nbsp;&nbsp;&nbsp;9.74 |
| Class I — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;20.30 | &nbsp;&nbsp;&nbsp;&nbsp;9.79 |
| Class R2 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;19.85 | &nbsp;&nbsp;&nbsp; — |
| Class R3 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;20.15 | &nbsp;&nbsp;&nbsp; — |
| Class R4 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;20.13 | &nbsp;&nbsp;&nbsp; — |
| Class R5 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;20.32 | &nbsp;&nbsp;&nbsp; — |
| Class R6 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;20.33 | &nbsp;&nbsp;&nbsp;&nbsp;9.79 |
| Class A maximum sales charge | &nbsp;&nbsp;&nbsp;&nbsp; 4.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.50<br> %<br>|
| Class A maximum public offering price per share <br>[net asset value per share/(100% – maximum sales charge)]<br>| &nbsp;&nbsp;&nbsp; $21.05 | &nbsp;&nbsp;&nbsp; $10.23 |
| Cost of investments in non-affiliates | &nbsp;&nbsp;&nbsp; $2198079 | &nbsp;&nbsp;&nbsp; $6696484 |
| Cost of investments in affiliates | &nbsp;&nbsp;&nbsp; 220888 | &nbsp;&nbsp;&nbsp; 965682 |
| Cost of foreign currency | &nbsp;&nbsp;&nbsp; 4699 | &nbsp;&nbsp;&nbsp; 8052 |
| Investment securities on loan, at value (See Note 2.F.) | &nbsp;&nbsp;&nbsp; 35803 | &nbsp;&nbsp;&nbsp; 90084 |
| Cost of investment of cash collateral (See Note 2.F.) | &nbsp;&nbsp;&nbsp; 37855 | &nbsp;&nbsp;&nbsp; 98475 |

---

------

(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;

96 J.P. Morgan Funds April 30, 2025

------

**STATEMENTS OF OPERATIONS**

FOR THE SIX MONTHS ENDED April 30, 2025 (Unaudited)

(Amounts in thousands)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**Global** <br>**Allocation Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Income** <br>**Builder Fund**  |
| **INVESTMENT INCOME:** |  |  |
| Interest income from non-affiliates | &nbsp;&nbsp;&nbsp; $36587 | &nbsp;&nbsp;&nbsp; $172985 |
| Interest income from affiliates | &nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp; 89 |
| Dividend income from non-affiliates | &nbsp;&nbsp;&nbsp; 13453 | &nbsp;&nbsp;&nbsp; 48566 |
| Dividend income from affiliates | &nbsp;&nbsp;&nbsp; 5757 | &nbsp;&nbsp;&nbsp; 43321 |
| Income from securities lending (net) (See Note 2.F.) | &nbsp;&nbsp;&nbsp; 190 | &nbsp;&nbsp;&nbsp; 658 |
| Foreign taxes withheld (net) | &nbsp;&nbsp;&nbsp; (783)<br>| &nbsp;&nbsp;&nbsp; (3421)<br>|
| Total investment income | &nbsp;&nbsp;&nbsp; 55223 | &nbsp;&nbsp;&nbsp; 262198 |
| **EXPENSES:** |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 7671 | &nbsp;&nbsp;&nbsp; 17211 |
| Administration fees | &nbsp;&nbsp;&nbsp; 1047 | &nbsp;&nbsp;&nbsp; 3077 |
| Distribution fees: |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 836 | &nbsp;&nbsp;&nbsp; 5181 |
| Class C | &nbsp;&nbsp;&nbsp; 586 | &nbsp;&nbsp;&nbsp; 2146 |
| Class R2 | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; — |
| Class R3 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; — |
| Service fees: |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 836 | &nbsp;&nbsp;&nbsp; 5181 |
| Class C | &nbsp;&nbsp;&nbsp; 195 | &nbsp;&nbsp;&nbsp; 715 |
| Class I | &nbsp;&nbsp;&nbsp; 1597 | &nbsp;&nbsp;&nbsp; 3917 |
| Class R2 | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; — |
| Class R3 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; — |
| Class R4 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; — |
| Class R5 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; — |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 288 | &nbsp;&nbsp;&nbsp; 591 |
| Interest expense to affiliates | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 6 |
| Professional fees | &nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp; 118 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp; 25 |
| Printing and mailing costs | &nbsp;&nbsp;&nbsp; 62 | &nbsp;&nbsp;&nbsp; 189 |
| Registration and filing fees | &nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp; 55 |
| Transfer agency fees (See Note 2.L.) | &nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp; 105 |
| Other | &nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp; 112 |
| Total expenses | &nbsp;&nbsp;&nbsp; 13382 | &nbsp;&nbsp;&nbsp; 38629 |
| Less fees waived | &nbsp;&nbsp;&nbsp; (1780)<br>| &nbsp;&nbsp;&nbsp; (10329)<br>|
| Less expense reimbursements | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; (485)<br>|
| Net expenses | &nbsp;&nbsp;&nbsp; 11602 | &nbsp;&nbsp;&nbsp; 27815 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; 43621 | &nbsp;&nbsp;&nbsp; 234383 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Funds 97

------

**STATEMENTS OF OPERATIONS**

FOR THE SIX MONTHS ENDED April 30, 2025 (Unaudited) (continued)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan**<br> **Global**<br> **Allocation Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **Income**<br>**Builder Fund**  |
| **REALIZED/UNREALIZED GAINS (LOSSES):** |  |  |
| Net realized gain (loss) on transactions from: |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; $102805 | &nbsp;&nbsp;&nbsp; $(3,588)(a)<br>|
| Investments in affiliates | &nbsp;&nbsp;&nbsp; (183)<br>| &nbsp;&nbsp;&nbsp; 723 |
| Options purchased | &nbsp;&nbsp;&nbsp; (4109)<br>| &nbsp;&nbsp;&nbsp; — |
| Futures contracts | &nbsp;&nbsp;&nbsp; (23944)<br>| &nbsp;&nbsp;&nbsp; (134500)<br>|
| Foreign currency transactions | &nbsp;&nbsp;&nbsp; (681)<br>| &nbsp;&nbsp;&nbsp; (1572)<br>|
| Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp; 2622 | &nbsp;&nbsp;&nbsp; — |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; 76510 | &nbsp;&nbsp;&nbsp; (138937)<br>|
| Change in net unrealized appreciation/depreciation on: |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; (133,224)(b)<br>| &nbsp;&nbsp;&nbsp; (63,783)(c)<br>|
| Investments in affiliates | &nbsp;&nbsp;&nbsp; 724 | &nbsp;&nbsp;&nbsp; (48866)<br>|
| Futures contracts | &nbsp;&nbsp;&nbsp; 16971 | &nbsp;&nbsp;&nbsp; 124017 |
| Foreign currency translations | &nbsp;&nbsp;&nbsp; 420 | &nbsp;&nbsp;&nbsp; 1129 |
| Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp; 1081 | &nbsp;&nbsp;&nbsp; — |
| Unfunded commitments | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1)<br>|
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp; (114028)<br>| &nbsp;&nbsp;&nbsp; 12496 |
| Net realized/unrealized gains (losses) | &nbsp;&nbsp;&nbsp; (37518)<br>| &nbsp;&nbsp;&nbsp; (126441)<br>|
| Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp; $6103 | &nbsp;&nbsp;&nbsp; $107942 |

---

------

(a) Net of foreign capital gains tax of $(391).

(b) Net of change in foreign capital gains tax of $(36).

(c) Net of change in foreign capital gains tax of $920.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

98 J.P. Morgan Funds April 30, 2025

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED

(Amounts in thousands)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Global Allocation Fund**  | **JPMorgan Global Allocation Fund**  | **JPMorgan Income Builder Fund**  | **JPMorgan Income Builder Fund**  |
|  | &nbsp;&nbsp; **Six Months Ended** <br>**April 30, 2025** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended** <br>**October 31, 2024** <br>| &nbsp;&nbsp; **Six Months Ended** <br>**April 30, 2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**October 31, 2024**  |
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $43621 | &nbsp;&nbsp;&nbsp; $85311 | &nbsp;&nbsp;&nbsp; $234383 | &nbsp;&nbsp;&nbsp; $480885 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 76510 | &nbsp;&nbsp;&nbsp; 293638 | &nbsp;&nbsp;&nbsp; (138937)<br>| &nbsp;&nbsp;&nbsp; 273499 |
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; (114028)<br>| &nbsp;&nbsp;&nbsp; 247886 | &nbsp;&nbsp;&nbsp; 12496 | &nbsp;&nbsp;&nbsp; 821092 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 6103 | &nbsp;&nbsp;&nbsp; 626835 | &nbsp;&nbsp;&nbsp; 107942 | &nbsp;&nbsp;&nbsp; 1575476 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (5382)<br>| &nbsp;&nbsp;&nbsp; (13953)<br>| &nbsp;&nbsp;&nbsp; (121688)<br>| &nbsp;&nbsp;&nbsp; (237546)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (969)<br>| &nbsp;&nbsp;&nbsp; (3206)<br>| &nbsp;&nbsp;&nbsp; (15172)<br>| &nbsp;&nbsp;&nbsp; (36942)<br>|
| Class I | &nbsp;&nbsp;&nbsp; (11168)<br>| &nbsp;&nbsp;&nbsp; (29991)<br>| &nbsp;&nbsp;&nbsp; (94088)<br>| &nbsp;&nbsp;&nbsp; (187663)<br>|
| Class R2 | &nbsp;&nbsp;&nbsp; (21)<br>| &nbsp;&nbsp;&nbsp; (62)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R3 | &nbsp;&nbsp;&nbsp; (6)<br>| &nbsp;&nbsp;&nbsp; (20)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R4 | &nbsp;&nbsp;&nbsp; (10)<br>| &nbsp;&nbsp;&nbsp; (28)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R5 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R6 | &nbsp;&nbsp;&nbsp; (6330)<br>| &nbsp;&nbsp;&nbsp; (16699)<br>| &nbsp;&nbsp;&nbsp; (10473)<br>| &nbsp;&nbsp;&nbsp; (22152)<br>|
| Total distributions to shareholders | &nbsp;&nbsp;&nbsp; (23886)<br>| &nbsp;&nbsp;&nbsp; (63959)<br>| &nbsp;&nbsp;&nbsp; (241421)<br>| &nbsp;&nbsp;&nbsp; (484303)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; (118771)<br>| &nbsp;&nbsp;&nbsp; (570833)<br>| &nbsp;&nbsp;&nbsp; (356151)<br>| &nbsp;&nbsp;&nbsp; (1116568)<br>|
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; (136554)<br>| &nbsp;&nbsp;&nbsp; (7957)<br>| &nbsp;&nbsp;&nbsp; (489630)<br>| &nbsp;&nbsp;&nbsp; (25395)<br>|
| Beginning of period | &nbsp;&nbsp;&nbsp; 2857204 | &nbsp;&nbsp;&nbsp; 2865161 | &nbsp;&nbsp;&nbsp; 8506066 | &nbsp;&nbsp;&nbsp; 8531461 |
| End of period | &nbsp;&nbsp;&nbsp; $2720650 | &nbsp;&nbsp;&nbsp; $2857204 | &nbsp;&nbsp;&nbsp; $8016436 | &nbsp;&nbsp;&nbsp; $8506066 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Funds 99

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Global Allocation Fund** | **JPMorgan Global Allocation Fund** | **JPMorgan Income Builder Fund** | **JPMorgan Income Builder Fund** |
|  | &nbsp;&nbsp; **Six Months Ended**<br> **April 30, 2025** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **October 31, 2024**<br>| &nbsp;&nbsp; **Six Months Ended**<br> **April 30, 2025** <br>**(Unaudited)**<br>| **Year Ended**<br> **October 31, 2024** |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $62915 | &nbsp;&nbsp;&nbsp; $128551 | &nbsp;&nbsp;&nbsp; $303963 | &nbsp;&nbsp;&nbsp; $603258 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 4890 | &nbsp;&nbsp;&nbsp; 12697 | &nbsp;&nbsp;&nbsp; 113920 | &nbsp;&nbsp;&nbsp; 221607 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (85742)<br>| &nbsp;&nbsp;&nbsp; (175525)<br>| &nbsp;&nbsp;&nbsp; (534440)<br>| &nbsp;&nbsp;&nbsp; (1171192)<br>|
| Change in net assets resulting from Class A capital transactions | &nbsp;&nbsp;&nbsp; (17937)<br>| &nbsp;&nbsp;&nbsp; (34277)<br>| &nbsp;&nbsp;&nbsp; (116557)<br>| &nbsp;&nbsp;&nbsp; (346327)<br>|
| **Class C** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 4245 | &nbsp;&nbsp;&nbsp; 8638 | &nbsp;&nbsp;&nbsp; 21888 | &nbsp;&nbsp;&nbsp; 43600 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 926 | &nbsp;&nbsp;&nbsp; 3046 | &nbsp;&nbsp;&nbsp; 14557 | &nbsp;&nbsp;&nbsp; 35307 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (41557)<br>| &nbsp;&nbsp;&nbsp; (100176)<br>| &nbsp;&nbsp;&nbsp; (144330)<br>| &nbsp;&nbsp;&nbsp; (346043)<br>|
| Change in net assets resulting from Class C capital transactions | &nbsp;&nbsp;&nbsp; (36386)<br>| &nbsp;&nbsp;&nbsp; (88492)<br>| &nbsp;&nbsp;&nbsp; (107885)<br>| &nbsp;&nbsp;&nbsp; (267136)<br>|
| **Class I** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 65092 | &nbsp;&nbsp;&nbsp; 146154 | &nbsp;&nbsp;&nbsp; 217992 | &nbsp;&nbsp;&nbsp; 490640 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 9518 | &nbsp;&nbsp;&nbsp; 25566 | &nbsp;&nbsp;&nbsp; 85451 | &nbsp;&nbsp;&nbsp; 169491 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (142521)<br>| &nbsp;&nbsp;&nbsp; (462271)<br>| &nbsp;&nbsp;&nbsp; (416278)<br>| &nbsp;&nbsp;&nbsp; (1092189)<br>|
| Change in net assets resulting from Class I capital transactions | &nbsp;&nbsp;&nbsp; (67911)<br>| &nbsp;&nbsp;&nbsp; (290551)<br>| &nbsp;&nbsp;&nbsp; (112835)<br>| &nbsp;&nbsp;&nbsp; (432058)<br>|
| **Class R2** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 170 | &nbsp;&nbsp;&nbsp; 433 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp; 62 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (235)<br>| &nbsp;&nbsp;&nbsp; (1882)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in net assets resulting from Class R2 capital transactions | &nbsp;&nbsp;&nbsp; (44)<br>| &nbsp;&nbsp;&nbsp; (1387)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Class R3** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (2)<br>| &nbsp;&nbsp;&nbsp; (848)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in net assets resulting from Class R3 capital transactions | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; (752)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Class R4** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 76 | &nbsp;&nbsp;&nbsp; 129 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (582)<br>| &nbsp;&nbsp;&nbsp; (704)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in net assets resulting from Class R4 capital transactions | &nbsp;&nbsp;&nbsp; (496)<br>| &nbsp;&nbsp;&nbsp; (547)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Class R5** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; (35)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in net assets resulting from Class R5 capital transactions | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; (35)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

100 J.P. Morgan Funds April 30, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Global Allocation Fund** | **JPMorgan Global Allocation Fund** | **JPMorgan Income Builder Fund** | **JPMorgan Income Builder Fund** |
|  | &nbsp;&nbsp; **Six Months Ended**<br> **April 30, 2025**<br> **(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **October 31, 2024**<br>| &nbsp;&nbsp; **Six Months Ended**<br> **April 30, 2025**<br> **(Unaudited)**<br>| **Year Ended**<br> **October 31, 2024** |
| **CAPITAL TRANSACTIONS: (continued)** |  |  |  |  |
| **Class R6** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $22631 | &nbsp;&nbsp;&nbsp; $34237 | &nbsp;&nbsp;&nbsp; $26333 | &nbsp;&nbsp;&nbsp; $61993 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 4739 | &nbsp;&nbsp;&nbsp; 14888 | &nbsp;&nbsp;&nbsp; 10307 | &nbsp;&nbsp;&nbsp; 21972 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (23377)<br>| &nbsp;&nbsp;&nbsp; (203917)<br>| &nbsp;&nbsp;&nbsp; (55514)<br>| &nbsp;&nbsp;&nbsp; (155012)<br>|
| Change in net assets resulting from Class R6 capital transactions | &nbsp;&nbsp;&nbsp; 3993 | &nbsp;&nbsp;&nbsp; (154792)<br>| &nbsp;&nbsp;&nbsp; (18874)<br>| &nbsp;&nbsp;&nbsp; (71047)<br>|
| **Total change in net assets resulting from capital transactions** | &nbsp;&nbsp;&nbsp; $(118771)<br>| &nbsp;&nbsp;&nbsp; $(570833)<br>| &nbsp;&nbsp;&nbsp; $(356151)<br>| &nbsp;&nbsp;&nbsp; $(1116568)<br>|
| **SHARE TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 3091 | &nbsp;&nbsp;&nbsp; 6603 | &nbsp;&nbsp;&nbsp; 30745 | &nbsp;&nbsp;&nbsp; 62083 |
| Reinvested | &nbsp;&nbsp;&nbsp; 244 | &nbsp;&nbsp;&nbsp; 621 | &nbsp;&nbsp;&nbsp; 11534 | &nbsp;&nbsp;&nbsp; 22803 |
| Redeemed | &nbsp;&nbsp;&nbsp; (4216)<br>| &nbsp;&nbsp;&nbsp; (9010)<br>| &nbsp;&nbsp;&nbsp; (54095)<br>| &nbsp;&nbsp;&nbsp; (121031)<br>|
| Change in Class A Shares | &nbsp;&nbsp;&nbsp; (881)<br>| &nbsp;&nbsp;&nbsp; (1786)<br>| &nbsp;&nbsp;&nbsp; (11816)<br>| &nbsp;&nbsp;&nbsp; (36145)<br>|
| **Class C** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 215 | &nbsp;&nbsp;&nbsp; 458 | &nbsp;&nbsp;&nbsp; 2222 | &nbsp;&nbsp;&nbsp; 4505 |
| Reinvested | &nbsp;&nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp; 153 | &nbsp;&nbsp;&nbsp; 1478 | &nbsp;&nbsp;&nbsp; 3650 |
| Redeemed | &nbsp;&nbsp;&nbsp; (2099)<br>| &nbsp;&nbsp;&nbsp; (5291)<br>| &nbsp;&nbsp;&nbsp; (14654)<br>| &nbsp;&nbsp;&nbsp; (35837)<br>|
| Change in Class C Shares | &nbsp;&nbsp;&nbsp; (1837)<br>| &nbsp;&nbsp;&nbsp; (4680)<br>| &nbsp;&nbsp;&nbsp; (10954)<br>| &nbsp;&nbsp;&nbsp; (27682)<br>|
| **Class I** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 3172 | &nbsp;&nbsp;&nbsp; 7448 | &nbsp;&nbsp;&nbsp; 21994 | &nbsp;&nbsp;&nbsp; 50668 |
| Reinvested | &nbsp;&nbsp;&nbsp; 471 | &nbsp;&nbsp;&nbsp; 1241 | &nbsp;&nbsp;&nbsp; 8635 | &nbsp;&nbsp;&nbsp; 17414 |
| Redeemed | &nbsp;&nbsp;&nbsp; (6933)<br>| &nbsp;&nbsp;&nbsp; (23651)<br>| &nbsp;&nbsp;&nbsp; (42071)<br>| &nbsp;&nbsp;&nbsp; (113139)<br>|
| Change in Class I Shares | &nbsp;&nbsp;&nbsp; (3290)<br>| &nbsp;&nbsp;&nbsp; (14962)<br>| &nbsp;&nbsp;&nbsp; (11442)<br>| &nbsp;&nbsp;&nbsp; (45057)<br>|
| **Class R2** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Reinvested | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Redeemed | &nbsp;&nbsp;&nbsp; (12)<br>| &nbsp;&nbsp;&nbsp; (96)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in Class R2 Shares | &nbsp;&nbsp;&nbsp; (2)<br>| &nbsp;&nbsp;&nbsp; (71)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Class R3** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Reinvested | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Redeemed | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; (42)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in Class R3 Shares | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; (37)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Class R4** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Reinvested | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Redeemed | &nbsp;&nbsp;&nbsp; (30)<br>| &nbsp;&nbsp;&nbsp; (37)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in Class R4 Shares | &nbsp;&nbsp;&nbsp; (26)<br>| &nbsp;&nbsp;&nbsp; (29)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Funds 101

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Global Allocation Fund** | **JPMorgan Global Allocation Fund** | **JPMorgan Income Builder Fund** | **JPMorgan Income Builder Fund** |
|  | &nbsp;&nbsp; **Six Months Ended**<br> **April 30, 2025**<br> **(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **October 31, 2024**<br>| &nbsp;&nbsp; **Six Months Ended**<br> **April 30, 2025**<br> **(Unaudited)**<br>| **Year Ended**<br> **October 31, 2024** |
| **SHARE TRANSACTIONS: (continued)** |  |  |  |  |
| **Class R5** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Reinvested | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Redeemed | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; (2)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in Class R5 Shares | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; (2)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Class R6** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 1096 | &nbsp;&nbsp;&nbsp; 1744 | &nbsp;&nbsp;&nbsp; 2660 | &nbsp;&nbsp;&nbsp; 6417 |
| Reinvested | &nbsp;&nbsp;&nbsp; 234 | &nbsp;&nbsp;&nbsp; 722 | &nbsp;&nbsp;&nbsp; 1041 | &nbsp;&nbsp;&nbsp; 2258 |
| Redeemed | &nbsp;&nbsp;&nbsp; (1140)<br>| &nbsp;&nbsp;&nbsp; (10046)<br>| &nbsp;&nbsp;&nbsp; (5603)<br>| &nbsp;&nbsp;&nbsp; (15981)<br>|
| Change in Class R6 Shares | &nbsp;&nbsp;&nbsp; 190 | &nbsp;&nbsp;&nbsp; (7580)<br>| &nbsp;&nbsp;&nbsp; (1902)<br>| &nbsp;&nbsp;&nbsp; (7306)<br>|

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

102 J.P. Morgan Funds April 30, 2025

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THIS PAGE IS INTENTIONALLY LEFT BLANK

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

103 <br>

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(b)(c)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan Global Allocation Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Six Months Ended April 30, 2025 (Unaudited) | $20.24 | &nbsp;&nbsp; $0.30 | &nbsp;&nbsp; $(0.28)<br>| &nbsp;&nbsp; $0.02 | &nbsp;&nbsp; $(0.16)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(0.16)<br>|
| Year Ended October 31, 2024 | 16.82 | 0.52 | 3.31 | 3.83 | &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.41)<br>|
| Year Ended October 31, 2023 | 16.91 | 0.37 | 0.21 | 0.58 | &nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.67)<br>|
| Year Ended October 31, 2022 | 23.57 | 0.19 | &nbsp;&nbsp; (4.69)<br>| &nbsp;&nbsp; (4.50)<br>| &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (1.80)<br>| &nbsp;&nbsp; (2.16)<br>|
| Year Ended October 31, 2021 | 19.27 | 0.22 | 4.50 | 4.72 | &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.42)<br>|
| Year Ended October 31, 2020 | 18.82 | 0.27 | 0.46 | 0.73 | &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.28)<br>|
| **Class C** |  |  |  |  |  |  |  |
| Six Months Ended April 30, 2025 (Unaudited) | 19.72 | 0.24 | &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.13)<br>|
| Year Ended October 31, 2024 | 16.42 | 0.41 | 3.22 | 3.63 | &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.33)<br>|
| Year Ended October 31, 2023 | 16.58 | 0.27 | 0.21 | 0.48 | &nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.64)<br>|
| Year Ended October 31, 2022 | 23.15 | 0.09 | &nbsp;&nbsp; (4.58)<br>| &nbsp;&nbsp; (4.49)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (1.80)<br>| &nbsp;&nbsp; (2.08)<br>|
| Year Ended October 31, 2021 | 18.94 | 0.11 | 4.41 | 4.52 | &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.31)<br>|
| Year Ended October 31, 2020 | 18.54 | 0.18 | 0.46 | 0.64 | &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.24)<br>|
| **Class I** |  |  |  |  |  |  |  |
| Six Months Ended April 30, 2025 (Unaudited) | 20.44 | 0.33 | &nbsp;&nbsp; (0.29)<br>| 0.04 | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.18)<br>|
| Year Ended October 31, 2024 | 16.97 | 0.57 | 3.35 | 3.92 | &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.45)<br>|
| Year Ended October 31, 2023 | 17.02 | 0.42 | 0.21 | 0.63 | &nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.68)<br>|
| Year Ended October 31, 2022 | 23.72 | 0.24 | &nbsp;&nbsp; (4.73)<br>| &nbsp;&nbsp; (4.49)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (1.80)<br>| &nbsp;&nbsp; (2.21)<br>|
| Year Ended October 31, 2021 | 19.39 | 0.28 | 4.52 | 4.80 | &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.47)<br>|
| Year Ended October 31, 2020 | 18.91 | 0.32 | 0.47 | 0.79 | &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.31)<br>|
| **Class R2** |  |  |  |  |  |  |  |
| Six Months Ended April 30, 2025 (Unaudited) | 20.00 | 0.26 | &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.14)<br>|
| Year Ended October 31, 2024 | 16.64 | 0.44 | 3.27 | 3.71 | &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.35)<br>|
| Year Ended October 31, 2023 | 16.78 | 0.30 | 0.21 | 0.51 | &nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.65)<br>|
| Year Ended October 31, 2022 | 23.40 | 0.12 | &nbsp;&nbsp; (4.65)<br>| &nbsp;&nbsp; (4.53)<br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (1.80)<br>| &nbsp;&nbsp; (2.09)<br>|
| Year Ended October 31, 2021 | 19.14 | 0.14 | 4.45 | 4.59 | &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.33)<br>|
| Year Ended October 31, 2020 | 18.73 | 0.20 | 0.46 | 0.66 | &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.25)<br>|
| **Class R3** |  |  |  |  |  |  |  |
| Six Months Ended April 30, 2025 (Unaudited) | 20.30 | 0.29 | &nbsp;&nbsp; (0.28)<br>| 0.01 | &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.16)<br>|
| Year Ended October 31, 2024 | 16.87 | 0.49 | 3.33 | 3.82 | &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.39)<br>|
| Year Ended October 31, 2023 | 16.97 | 0.35 | 0.21 | 0.56 | &nbsp;&nbsp; (0.66)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.66)<br>|
| Year Ended October 31, 2022 | 23.65 | 0.16 | &nbsp;&nbsp; (4.70)<br>| &nbsp;&nbsp; (4.54)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (1.80)<br>| &nbsp;&nbsp; (2.14)<br>|
| Year Ended October 31, 2021 | 19.34 | 0.20 | 4.50 | 4.70 | &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.39)<br>|
| Year Ended October 31, 2020 | 18.90 | 0.24 | 0.48 | 0.72 | &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.28)<br>|
| **Class R4** |  |  |  |  |  |  |  |
| Six Months Ended April 30, 2025 (Unaudited) | 20.27 | 0.31 | &nbsp;&nbsp; (0.28)<br>| 0.03 | &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.17)<br>|
| Year Ended October 31, 2024 | 16.84 | 0.54 | 3.32 | 3.86 | &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.43)<br>|
| Year Ended October 31, 2023 | 16.91 | 0.39 | 0.21 | 0.60 | &nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.67)<br>|
| Year Ended October 31, 2022 | 23.57 | 0.21 | &nbsp;&nbsp; (4.68)<br>| &nbsp;&nbsp; (4.47)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (1.80)<br>| &nbsp;&nbsp; (2.19)<br>|
| Year Ended October 31, 2021 | 19.28 | 0.26 | 4.48 | 4.74 | &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.45)<br>|
| Year Ended October 31, 2020 | 18.81 | 0.30 | 0.47 | 0.77 | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.30)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

104 J.P. Morgan Funds April 30, 2025

------

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(d)(e)<br>| &nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp; Net <br>expenses <br>(including dividend <br>and interest expense <br>for securities sold <br>short)(f)(g)<br>| &nbsp;&nbsp; Net <br>investment <br>income <br>(loss)(b)<br>| &nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements <br>(including dividend <br>and interest expense <br>for securities sold <br>short)(f)<br>| &nbsp;&nbsp; Portfolio <br>turnover rate <br>(excluding securities <br>sold short)(d)(h)<br>| &nbsp;&nbsp; Portfolio <br>turnover rate <br>(including securities <br>sold short)(d)(h)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $20.10 | &nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> %<br>| &nbsp;&nbsp; $658970 | &nbsp;&nbsp;&nbsp;&nbsp; 1.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.17<br> %<br>| &nbsp;&nbsp; 54<br> %<br>| &nbsp;&nbsp; —<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.24 | &nbsp;&nbsp;&nbsp;&nbsp;22.77 | &nbsp;&nbsp; 681509 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;2.63 | &nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp; 94 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.82 | &nbsp;&nbsp;&nbsp;&nbsp;3.39 | &nbsp;&nbsp; 596497 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;2.11 | &nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp; 136 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.91 | &nbsp;&nbsp; (20.90)<br>| &nbsp;&nbsp; 600741 | &nbsp;&nbsp;&nbsp;&nbsp; 1.03<br> (i)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp; 1.18<br> (i)<br>| &nbsp;&nbsp; 92 | &nbsp;&nbsp; 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.57 | &nbsp;&nbsp;&nbsp;&nbsp;24.67 | &nbsp;&nbsp; 773563 | &nbsp;&nbsp;&nbsp;&nbsp; 1.04<br> (i)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp; 1.18<br> (i)<br>| &nbsp;&nbsp; 101 | &nbsp;&nbsp; 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.27 | &nbsp;&nbsp;&nbsp;&nbsp;3.94 | &nbsp;&nbsp; 472779 | &nbsp;&nbsp;&nbsp;&nbsp; 1.03<br> (i)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp; 1.19<br> (i)<br>| &nbsp;&nbsp; 105 | &nbsp;&nbsp; 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.57 | &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; 136806 | &nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;2.43 | &nbsp;&nbsp;&nbsp;&nbsp;1.67 | &nbsp;&nbsp; 54 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.72 | &nbsp;&nbsp;&nbsp;&nbsp;22.12 | &nbsp;&nbsp; 174130 | &nbsp;&nbsp;&nbsp;&nbsp;1.53 | &nbsp;&nbsp;&nbsp;&nbsp;2.14 | &nbsp;&nbsp;&nbsp;&nbsp;1.67 | &nbsp;&nbsp; 94 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.42 | &nbsp;&nbsp;&nbsp;&nbsp;2.89 | &nbsp;&nbsp; 221791 | &nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;1.58 | &nbsp;&nbsp;&nbsp;&nbsp;1.67 | &nbsp;&nbsp; 136 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.58 | &nbsp;&nbsp; (21.26)<br>| &nbsp;&nbsp; 324254 | &nbsp;&nbsp;&nbsp;&nbsp; 1.53<br> (i)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp; 1.68<br> (i)<br>| &nbsp;&nbsp; 92 | &nbsp;&nbsp; 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.15 | &nbsp;&nbsp;&nbsp;&nbsp;24.02 | &nbsp;&nbsp; 519020 | &nbsp;&nbsp;&nbsp;&nbsp; 1.54<br> (i)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp; 1.68<br> (i)<br>| &nbsp;&nbsp; 101 | &nbsp;&nbsp; 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.94 | &nbsp;&nbsp;&nbsp;&nbsp;3.44 | &nbsp;&nbsp; 463256 | &nbsp;&nbsp;&nbsp;&nbsp; 1.54<br> (i)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp; 1.69<br> (i)<br>| &nbsp;&nbsp; 105 | &nbsp;&nbsp; 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp; 1236660 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;3.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp; 54 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.44 | &nbsp;&nbsp;&nbsp;&nbsp;23.08 | &nbsp;&nbsp; 1312202 | &nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;2.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp; 94 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.97 | &nbsp;&nbsp;&nbsp;&nbsp;3.68 | &nbsp;&nbsp; 1343601 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;2.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp; 136 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.02 | &nbsp;&nbsp; (20.74)<br>| &nbsp;&nbsp; 1657768 | &nbsp;&nbsp;&nbsp;&nbsp; 0.78<br> (i)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp; 0.93<br> (i)<br>| &nbsp;&nbsp; 92 | &nbsp;&nbsp; 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.72 | &nbsp;&nbsp;&nbsp;&nbsp;24.96 | &nbsp;&nbsp; 2760026 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79<br> (i)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp; 0.93<br> (i)<br>| &nbsp;&nbsp; 101 | &nbsp;&nbsp; 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.39 | &nbsp;&nbsp;&nbsp;&nbsp;4.25 | &nbsp;&nbsp; 2091223 | &nbsp;&nbsp;&nbsp;&nbsp; 0.78<br> (i)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.71 | &nbsp;&nbsp;&nbsp;&nbsp; 0.93<br> (i)<br>| &nbsp;&nbsp; 105 | &nbsp;&nbsp; 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.85 | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; 3022 | &nbsp;&nbsp;&nbsp;&nbsp;1.38 | &nbsp;&nbsp;&nbsp;&nbsp;2.58 | &nbsp;&nbsp;&nbsp;&nbsp;1.46 | &nbsp;&nbsp; 54 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.00 | &nbsp;&nbsp;&nbsp;&nbsp;22.29 | &nbsp;&nbsp; 3090 | &nbsp;&nbsp;&nbsp;&nbsp;1.40 | &nbsp;&nbsp;&nbsp;&nbsp;2.27 | &nbsp;&nbsp;&nbsp;&nbsp;1.46 | &nbsp;&nbsp; 94 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.64 | &nbsp;&nbsp;&nbsp;&nbsp;3.02 | &nbsp;&nbsp; 3737 | &nbsp;&nbsp;&nbsp;&nbsp;1.38 | &nbsp;&nbsp;&nbsp;&nbsp;1.72 | &nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp; 136 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.78 | &nbsp;&nbsp; (21.17)<br>| &nbsp;&nbsp; 4859 | &nbsp;&nbsp;&nbsp;&nbsp; 1.40<br> (i)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp; 1.45<br> (i)<br>| &nbsp;&nbsp; 92 | &nbsp;&nbsp; 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.40 | &nbsp;&nbsp;&nbsp;&nbsp;24.16 | &nbsp;&nbsp; 6946 | &nbsp;&nbsp;&nbsp;&nbsp; 1.41<br> (i)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp; 1.45<br> (i)<br>| &nbsp;&nbsp; 101 | &nbsp;&nbsp; 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.14 | &nbsp;&nbsp;&nbsp;&nbsp;3.55 | &nbsp;&nbsp; 5724 | &nbsp;&nbsp;&nbsp;&nbsp; 1.40<br> (i)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp; 1.46<br> (i)<br>| &nbsp;&nbsp; 105 | &nbsp;&nbsp; 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp; 728 | &nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;2.83 | &nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp; 54 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.30 | &nbsp;&nbsp;&nbsp;&nbsp;22.61 | &nbsp;&nbsp; 723 | &nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;2.52 | &nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp; 94 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.87 | &nbsp;&nbsp;&nbsp;&nbsp;3.29 | &nbsp;&nbsp; 1237 | &nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;1.97 | &nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp; 136 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.97 | &nbsp;&nbsp; (21.01)<br>| &nbsp;&nbsp; 1410 | &nbsp;&nbsp;&nbsp;&nbsp; 1.15<br> (i)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp; 1.18<br> (i)<br>| &nbsp;&nbsp; 92 | &nbsp;&nbsp; 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.65 | &nbsp;&nbsp;&nbsp;&nbsp;24.47 | &nbsp;&nbsp; 932 | &nbsp;&nbsp;&nbsp;&nbsp; 1.16<br> (i)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp; 1.18<br> (i)<br>| &nbsp;&nbsp; 101 | &nbsp;&nbsp; 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.34 | &nbsp;&nbsp;&nbsp;&nbsp;3.85 | &nbsp;&nbsp; 720 | &nbsp;&nbsp;&nbsp;&nbsp; 1.15<br> (i)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp; 1.26<br> (i)<br>| &nbsp;&nbsp; 105 | &nbsp;&nbsp; 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp; 724 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;3.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp; 54 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.27 | &nbsp;&nbsp;&nbsp;&nbsp;22.92 | &nbsp;&nbsp; 1256 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;2.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp; 94 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.84 | &nbsp;&nbsp;&nbsp;&nbsp;3.54 | &nbsp;&nbsp; 1529 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;2.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp; 136 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.91 | &nbsp;&nbsp; (20.78)<br>| &nbsp;&nbsp; 1656 | &nbsp;&nbsp;&nbsp;&nbsp; 0.89<br> (i)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp; 0.93<br> (i)<br>| &nbsp;&nbsp; 92 | &nbsp;&nbsp; 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.57 | &nbsp;&nbsp;&nbsp;&nbsp;24.77 | &nbsp;&nbsp; 1377 | &nbsp;&nbsp;&nbsp;&nbsp; 0.91<br> (i)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp; 0.93<br> (i)<br>| &nbsp;&nbsp; 101 | &nbsp;&nbsp; 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.28 | &nbsp;&nbsp;&nbsp;&nbsp;4.13 | &nbsp;&nbsp; 688 | &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> (i)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp; 0.95<br> (i)<br>| &nbsp;&nbsp; 105 | &nbsp;&nbsp; 116 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Funds 105

------

**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)(b)(c)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan Global Allocation Fund (continued)** |  |  |  |  |  |  |  |
| **Class R5** |  |  |  |  |  |  |  |
| Six Months Ended April 30, 2025 (Unaudited) | $20.46 | &nbsp;&nbsp; $0.33 | &nbsp;&nbsp; $(0.29)<br>| &nbsp;&nbsp; $0.04 | &nbsp;&nbsp; $(0.18)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(0.18)<br>|
| Year Ended October 31, 2024 | 16.99 | 0.57 | 3.35 | 3.92 | &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.45)<br>|
| Year Ended October 31, 2023 | 17.04 | 0.41 | 0.22 | 0.63 | &nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.68)<br>|
| Year Ended October 31, 2022 | 23.73 | 0.25 | &nbsp;&nbsp; (4.72)<br>| &nbsp;&nbsp; (4.47)<br>| &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (1.80)<br>| &nbsp;&nbsp; (2.22)<br>|
| Year Ended October 31, 2021 | 19.39 | 0.33 | 4.48 | 4.81 | &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.47)<br>|
| Year Ended October 31, 2020 | 18.92 | 0.33 | 0.46 | 0.79 | &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.32)<br>|
| **Class R6** |  |  |  |  |  |  |  |
| Six Months Ended April 30, 2025 (Unaudited) | 20.46 | 0.34 | &nbsp;&nbsp; (0.28)<br>| 0.06 | &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.19)<br>|
| Year Ended October 31, 2024 | 16.98 | 0.60 | 3.35 | 3.95 | &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.47)<br>|
| Year Ended October 31, 2023 | 17.02 | 0.44 | 0.20 | 0.64 | &nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.68)<br>|
| Year Ended October 31, 2022 | 23.71 | 0.27 | &nbsp;&nbsp; (4.72)<br>| &nbsp;&nbsp; (4.45)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (1.80)<br>| &nbsp;&nbsp; (2.24)<br>|
| Year Ended October 31, 2021 | 19.38 | 0.31 | 4.52 | 4.83 | &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.50)<br>|
| Year Ended October 31, 2020 | 18.91 | 0.35 | 0.46 | 0.81 | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.34)<br>|

---

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

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Net investment income (loss) is affected by the timing of distributions from Underlying Funds.

(c) Calculated based upon average shares outstanding.

(d) Not annualized for periods less than one year.

(e) 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. 

(f) Does not include expenses of Underlying Funds.

(g) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(h) The Fund presents portfolio turnover in two ways, one including securities sold short and the other excluding securities sold short. For the year ended October 31, 2023, for the year ended October 31, 2024 and six months ended April 30, 2025 the Fund did not transact in securities sold short. 

(i) nan

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **April 30, 2025** <br>| **October 31, 2024** <br>| **October 31, 2023** <br>| **October 31, 2022** <br>| **October 31, 2021** <br>| **October 31, 2020** <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses (excluding <br> dividend and interest <br> expense for securities sold <br> short)<br>|  |  |  |  |  |  |
| Class A | &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 1.02<br> %<br>| 1.03<br> %<br>| 1.02<br> %<br>|
| Class C | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 1.52 | 1.53 | 1.53 |
| Class I | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.77 | 0.78 | 0.77 |
| Class R2 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 1.39 | 1.40 | 1.39 |
| Class R3 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 1.14 | 1.15 | 1.14 |
| Class R4 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.88 | 0.90 | 0.89 |
| Class R5 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.74 | 0.75 | 0.74 |
| Class R6 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.64 | 0.65 | 0.64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without waivers <br> and reimbursements <br> (excluding dividend and <br> interest expense for <br> securities sold short)<br>|  |  |  |  |  |  |
| Class A | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 1.17 | 1.17 | 1.18 |
| Class C | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 1.67 | 1.67 | 1.68 |
| Class I | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.92 | 0.92 | 0.92 |
| Class R2 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 1.44 | 1.44 | 1.45 |
| Class R3 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 1.17 | 1.17 | 1.25 |
| Class R4 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.92 | 0.92 | 0.94 |
| Class R5 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.78 | 0.80 | 0.96 |
| Class R6 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.67 | 0.67 | 0.67 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

106 J.P. Morgan Funds April 30, 2025

------

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(d)(e)<br>| &nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp; Net <br>expenses <br>(including dividend <br>and interest expense <br>for securities sold <br>short)(f)(g)<br>| &nbsp;&nbsp; Net <br>investment <br>income <br>(loss)(b)<br>| &nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements <br>(including dividend <br>and interest expense <br>for securities sold <br>short)(f)<br>| &nbsp;&nbsp; Portfolio <br>turnover rate <br>(excluding securities <br>sold short)(d)(h)<br>| &nbsp;&nbsp; Portfolio <br>turnover rate <br>(including securities <br>sold short)(d)(h)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $20.32 | &nbsp;&nbsp;&nbsp;&nbsp; 0.21<br> %<br>| &nbsp;&nbsp; $20 | &nbsp;&nbsp;&nbsp;&nbsp; 0.73<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.23<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.07<br> %<br>| &nbsp;&nbsp; 54<br> %<br>| &nbsp;&nbsp; —<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.46 | &nbsp;&nbsp;&nbsp;&nbsp;23.09 | &nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;2.95 | &nbsp;&nbsp;&nbsp;&nbsp;1.93 | &nbsp;&nbsp; 94 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.99 | &nbsp;&nbsp;&nbsp;&nbsp;3.69 | &nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;2.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp; 136 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.04 | &nbsp;&nbsp; (20.66)<br>| &nbsp;&nbsp; 61 | &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> (i)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79<br> (i)<br>| &nbsp;&nbsp; 92 | &nbsp;&nbsp; 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.73 | &nbsp;&nbsp;&nbsp;&nbsp;25.00 | &nbsp;&nbsp; 89 | &nbsp;&nbsp;&nbsp;&nbsp; 0.76<br> (i)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp;&nbsp; 0.81<br> (i)<br>| &nbsp;&nbsp; 101 | &nbsp;&nbsp; 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.39 | &nbsp;&nbsp;&nbsp;&nbsp;4.23 | &nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> (i)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.73 | &nbsp;&nbsp;&nbsp;&nbsp; 0.97<br> (i)<br>| &nbsp;&nbsp; 105 | &nbsp;&nbsp; 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp; 683720 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;3.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp; 54 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.46 | &nbsp;&nbsp;&nbsp;&nbsp;23.25 | &nbsp;&nbsp; 684274 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;3.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp; 94 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.98 | &nbsp;&nbsp;&nbsp;&nbsp;3.78 | &nbsp;&nbsp; 696721 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;2.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp; 136 | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.02 | &nbsp;&nbsp; (20.59)<br>| &nbsp;&nbsp; 690542 | &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> (i)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.36 | &nbsp;&nbsp;&nbsp;&nbsp; 0.68<br> (i)<br>| &nbsp;&nbsp; 92 | &nbsp;&nbsp; 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.71 | &nbsp;&nbsp;&nbsp;&nbsp;25.13 | &nbsp;&nbsp; 1060644 | &nbsp;&nbsp;&nbsp;&nbsp; 0.66<br> (i)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.36 | &nbsp;&nbsp;&nbsp;&nbsp; 0.68<br> (i)<br>| &nbsp;&nbsp; 101 | &nbsp;&nbsp; 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.38 | &nbsp;&nbsp;&nbsp;&nbsp;4.34 | &nbsp;&nbsp; 594754 | &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> (i)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.83 | &nbsp;&nbsp;&nbsp;&nbsp; 0.68<br> (i)<br>| &nbsp;&nbsp; 105 | &nbsp;&nbsp; 116 |

---

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

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Funds 107

------

**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)(b)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan Income Builder Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Six Months Ended April 30, 2025 (Unaudited) | $9.93 | &nbsp;&nbsp; $0.28 | &nbsp;&nbsp; $(0.15)<br>| &nbsp;&nbsp; $0.13 | &nbsp;&nbsp; $(0.29)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(0.29)<br>|
| Year Ended October 31, 2024 | 8.77 | 0.53 | 1.17 | 1.70 | &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.54)<br>|
| Year Ended October 31, 2023 | 9.01 | 0.46 | &nbsp;&nbsp; (0.23)<br>| 0.23 | &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.47)<br>|
| Year Ended October 31, 2022 | 11.62 | 0.41 | &nbsp;&nbsp; (2.08)<br>| &nbsp;&nbsp; (1.67)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; (0.94)<br>|
| Year Ended October 31, 2021 | 10.21 | 0.40 | 1.42 | 1.82 | &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.41)<br>|
| Year Ended October 31, 2020 | 10.73 | 0.38 | &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.41)<br>|
| **Class C** |  |  |  |  |  |  |  |
| Six Months Ended April 30, 2025 (Unaudited) | 9.90 | 0.25 | &nbsp;&nbsp; (0.15)<br>| 0.10 | &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.26)<br>|
| Year Ended October 31, 2024 | 8.74 | 0.48 | 1.17 | 1.65 | &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.49)<br>|
| Year Ended October 31, 2023 | 8.98 | 0.42 | &nbsp;&nbsp; (0.24)<br>| 0.18 | &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.42)<br>|
| Year Ended October 31, 2022 | 11.58 | 0.36 | &nbsp;&nbsp; (2.07)<br>| &nbsp;&nbsp; (1.71)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; (0.89)<br>|
| Year Ended October 31, 2021 | 10.19 | 0.34 | 1.40 | 1.74 | &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.35)<br>|
| Year Ended October 31, 2020 | 10.70 | 0.32 | &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.36)<br>|
| **Class I** |  |  |  |  |  |  |  |
| Six Months Ended April 30, 2025 (Unaudited) | 9.95 | 0.29 | &nbsp;&nbsp; (0.15)<br>| 0.14 | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.30)<br>|
| Year Ended October 31, 2024 | 8.79 | 0.55 | 1.16 | 1.71 | &nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.55)<br>|
| Year Ended October 31, 2023 | 9.03 | 0.48 | &nbsp;&nbsp; (0.24)<br>| 0.24 | &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.48)<br>|
| Year Ended October 31, 2022 | 11.64 | 0.43 | &nbsp;&nbsp; (2.09)<br>| &nbsp;&nbsp; (1.66)<br>| &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; (0.95)<br>|
| Year Ended October 31, 2021 | 10.23 | 0.41 | 1.42 | 1.83 | &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.42)<br>|
| Year Ended October 31, 2020 | 10.74 | 0.39 | &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.42)<br>|
| **Class R6** |  |  |  |  |  |  |  |
| Six Months Ended April 30, 2025 (Unaudited) | 9.95 | 0.29 | &nbsp;&nbsp; (0.15)<br>| 0.14 | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.30)<br>|
| Year Ended October 31, 2024 | 8.79 | 0.55 | 1.17 | 1.72 | &nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.56)<br>|
| Year Ended October 31, 2023 | 9.03 | 0.49 | &nbsp;&nbsp; (0.24)<br>| 0.25 | &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.49)<br>|
| Year Ended October 31, 2022 | 11.64 | 0.44 | &nbsp;&nbsp; (2.09)<br>| &nbsp;&nbsp; (1.65)<br>| &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; (0.96)<br>|
| Year Ended October 31, 2021 | 10.23 | 0.42 | 1.42 | 1.84 | &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.43)<br>|
| Year Ended October 31, 2020 | 10.74 | 0.40 | &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.43)<br>|

---

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

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Calculated based upon average shares outstanding.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(e) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

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

108 <br>

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |
| &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)(c)(d)<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(e)<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(c)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $9.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4081361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.71<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.68<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.02<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4265538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4084316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15.40)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4354310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5328533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4132310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 519030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 636013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 803856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15.80)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1284317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2146228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.42)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2497469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3081337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3245429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3261981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15.24)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4142959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5728166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.76)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4930991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 334708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 359086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 381308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15.16)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 392531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 476037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 508648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64 |

---

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

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

109 <br>

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF April 30, 2025 (Unaudited)

(Dollar values in thousands)

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

**1. Organization**

JPMorgan Trust I (the "Trust") was formed on November 12, 2004, as a Delaware statutory trust, pursuant to a Declaration of Trust dated November 5, 2004 and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company.

The following are 2 separate funds of the Trust (each, a "Fund" and collectively, the "Funds") covered by this report:

---

| | | |
|:---|:---|:---|
|  | **Classes Offered** | **Diversification Classification** |
| JPMorgan Global Allocation Fund | Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6 | Diversified |
| JPMorgan Income Builder Fund | Class A, Class C, Class I and Class R6 | Diversified |

---

The investment objective of JPMorgan Global Allocation Fund ("Global Allocation Fund") is to seek to maximize long-term total return.

The investment objective of JPMorgan Income Builder Fund ("Income Builder Fund") is to seek to maximize income while maintaining prospects for capital appreciation.

Class A Shares generally provide for a front-end sales charge while Class C Shares provide for a contingent deferred sales charge ("CDSC"). No sales charges are assessed with respect to Class I, Class R2, Class R3, Class R4, Class R5 and Class R6 Shares. Certain Class A Shares, for which front-end sales charges have been waived, may be subject to a CDSC as described in the Funds' prospectus. Class C Shares automatically convert to Class A Shares after eight years. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different transfer agency, distribution and service fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements.

J.P. Morgan Investment Management Inc. ("JPMIM"), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. ("JPMorgan"), acts as adviser (the "Adviser") and administrator (the "Administrator") to the Funds.

**2. Significant Accounting Policies**

The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The Funds are investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 — *Investment Companies*, which is part of U.S. generally accepted accounting principles ("GAAP"). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities, (ii) disclosure of contingent assets and liabilities at the date of the financial statements, and (iii) the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

**A. Valuation of Investments**— Investments are valued in accordance with GAAP and the Funds' valuation policies set forth by, and under the supervision and responsibility of, the Board of Trustees of the Trust (the "Board"), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at their market value and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.

Under Section 2(a)(41) of the 1940 Act, the Board is required to determine fair value for securities that do not have readily available market quotations. Under Securities and Exchange Commission ("SEC") Rule 2a-5 (Good Faith Determinations of Fair Value), the Board may designate the performance of these fair valuation determinations to a valuation designee. The Board has designated the Adviser as the "Valuation Designee" to perform fair valuation determinations for the Funds on behalf of the Board subject to appropriate oversight by the Board. The Adviser, as Valuation Designee, leverages the J.P. Morgan Asset Management Americas Valuation Committee ("AVC") to help oversee and carry out the policies for the valuation of Investments held in the Funds. The Adviser, as Valuation Designee, remains responsible for the valuation determinations.

This oversight by the AVC includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events, and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and, at least on a quarterly basis, with the AVC and the Board.

A market-based approach is primarily used to value the Funds' investments. Investments for which market quotations are not readily available are fair valued using prices supplied by approved affiliated and/or unaffiliated pricing vendors or third party broker-dealers (collectively referred to as "Pricing Services") or may be internally fair valued using methods set forth by the valuation policies approved by the Boards. This may include the use of related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and such differences could be material.

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

110 J.P. Morgan Funds April 30, 2025

------

Fixed income instruments are valued based on prices received from Pricing Services. The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.

Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values ("NAV") of the Funds are calculated on a valuation date. Certain foreign equity instruments are valued by applying international fair value factors provided by approved Pricing Services. The factors seek to adjust the local closing price for movements of local markets post-closing, but prior to the time the NAV is calculated.

Investments in open-end investment companies, excluding exchange-traded funds ("ETFs") ("Underlying Funds"), are valued at each Underlying Fund's NAV per share as of the report date.

Futures contracts and options are generally valued on the basis of available market quotations. Forward foreign currency exchange contracts are valued utilizing market quotations from approved Pricing Services.

See the table on "Quantitative Information about Level 3 Fair Value Measurements" for information on the valuation techniques and inputs used to value level 3 securities held by Income Builder Fund at April 30, 2025.

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

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

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

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

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

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

The following tables represent each valuation input as presented on the Schedules of Portfolio Investments ("SOIs"):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Global Allocation Fund**  | **Global Allocation Fund**  | **Global Allocation Fund**  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $—<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $—<br> (a)<br>|
| Commercial Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 245 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 245 |
| Common Stocks |  |  |  |  |
| Australia | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12083 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12083 |
| Austria | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 355 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 355 |
| Belgium | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3421 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3421 |
| Brazil | &nbsp;&nbsp;&nbsp;&nbsp; 7072 | &nbsp;&nbsp;&nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7119 |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp; 6061 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6061 |
| Chile | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 76 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 76 |
| China | &nbsp;&nbsp;&nbsp;&nbsp; 8116 | &nbsp;&nbsp;&nbsp;&nbsp; 42175 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 50291 |
| Denmark | &nbsp;&nbsp;&nbsp;&nbsp; 71 | &nbsp;&nbsp;&nbsp;&nbsp; 7758 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7829 |
| Finland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1615 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1615 |
| France | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 55152 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 55152 |
| Germany | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 47652 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 47652 |
| Greece | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1322 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1322 |
| Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp; 12993 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13038 |
| Hungary | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 916 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 916 |

---

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

April 30, 2025 J.P. Morgan Funds 111

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

(Dollar values in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Global Allocation Fund** (continued) | **Global Allocation Fund** (continued) | **Global Allocation Fund** (continued) |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1**<br> Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2**<br> Other significant<br> observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3**<br> Significant<br> unobservable inputs<br>| **Total** |
| India | &nbsp;&nbsp;&nbsp;&nbsp; $10397 | &nbsp;&nbsp;&nbsp;&nbsp; $14644 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $25041 |
| Indonesia | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3898 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3898 |
| Ireland | &nbsp;&nbsp;&nbsp;&nbsp; 4859 | &nbsp;&nbsp;&nbsp;&nbsp; 1550 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6409 |
| Israel | &nbsp;&nbsp;&nbsp;&nbsp; 434 | &nbsp;&nbsp;&nbsp;&nbsp; 799 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1233 |
| Italy | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10043 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10043 |
| Japan | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 71643 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 71643 |
| Jordan | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 39 |
| Kazakhstan | &nbsp;&nbsp;&nbsp;&nbsp; 425 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 425 |
| Luxembourg | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 230 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 230 |
| Macau | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 107 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 107 |
| Mexico | &nbsp;&nbsp;&nbsp;&nbsp; 3280 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3280 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp; 622 | &nbsp;&nbsp;&nbsp;&nbsp; 23281 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 23903 |
| New Zealand | &nbsp;&nbsp;&nbsp;&nbsp; 103 | &nbsp;&nbsp;&nbsp;&nbsp; 327 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 430 |
| Norway | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 908 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 908 |
| Panama | &nbsp;&nbsp;&nbsp;&nbsp; 211 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 211 |
| Peru | &nbsp;&nbsp;&nbsp;&nbsp; 683 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 683 |
| Philippines | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 373 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 373 |
| Poland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1135 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1135 |
| Portugal | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 604 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 604 |
| Qatar | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 627 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 627 |
| 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; 4099 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4099 |
| Singapore | &nbsp;&nbsp;&nbsp;&nbsp; 1101 | &nbsp;&nbsp;&nbsp;&nbsp; 9874 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10975 |
| South Africa | &nbsp;&nbsp;&nbsp;&nbsp; 425 | &nbsp;&nbsp;&nbsp;&nbsp; 2840 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3265 |
| South Korea | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15355 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15355 |
| Spain | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8171 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8171 |
| Sweden | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18800 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18800 |
| Switzerland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13061 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13061 |
| Taiwan | &nbsp;&nbsp;&nbsp;&nbsp; 12486 | &nbsp;&nbsp;&nbsp;&nbsp; 23778 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 36264 |
| Turkey | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1093 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1093 |
| United Arab Emirates | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 663 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 663 |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp; 2623 | &nbsp;&nbsp;&nbsp;&nbsp; 32808 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 35431 |
| United States | &nbsp;&nbsp;&nbsp;&nbsp; 722985 | &nbsp;&nbsp;&nbsp;&nbsp; 27490 | &nbsp;&nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp;&nbsp; 750517 |
| Total Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 781999 | &nbsp;&nbsp;&nbsp;&nbsp; 473805 | &nbsp;&nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp;&nbsp; 1255846 |
| Convertible Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 202 | &nbsp;&nbsp;&nbsp;&nbsp; 202 |
| Corporate Bonds |  |  |  |  |
| Australia | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3314 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3314 |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 25080 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 25080 |
| Denmark | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2370 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2370 |
| France | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6922 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6922 |
| Germany | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 21309 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 21309 |
| Ireland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6963 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6963 |
| Italy | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14665 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14665 |
| Mexico | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2141 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2141 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4674 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4674 |
| Portugal | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4212 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4212 |
| Puerto Rico | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1739 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1739 |
| Singapore | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8351 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8351 |

---

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

112 J.P. Morgan Funds April 30, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Global Allocation Fund** (continued) | **Global Allocation Fund** (continued) | **Global Allocation Fund** (continued) |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1**<br> Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2**<br> Other significant<br> observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3**<br> Significant<br> unobservable inputs<br>| **Total** |
| South Korea | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2098 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2098 |
| Spain | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6034 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6034 |
| Switzerland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7929 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7929 |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10233 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10233 |
| United States | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 724619 | &nbsp;&nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp;&nbsp;&nbsp; 724709 |
| Total Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 852653 | &nbsp;&nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp;&nbsp;&nbsp; 852743 |
| Foreign Government Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 286712 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 286712 |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 115049 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 115049 |
| Loan Assignments | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 898 | &nbsp;&nbsp;&nbsp;&nbsp; 898 |
| Supranational | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2384 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2384 |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 69041 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 69041 |
| Short-Term Investments |  |  |  |  |
| Commercial Paper | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 492 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 492 |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 105208 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 105208 |
| Investment of Cash Collateral from Securities Loaned | &nbsp;&nbsp;&nbsp;&nbsp; 37855 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 37855 |
| Total Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp; 143063 | &nbsp;&nbsp;&nbsp;&nbsp; 492 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 143555 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $1040111 | &nbsp;&nbsp;&nbsp;&nbsp; $1685332 | &nbsp;&nbsp;&nbsp;&nbsp; $1232 | &nbsp;&nbsp;&nbsp;&nbsp; $2726675 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1607 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1607 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; 15247 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15247 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(1488)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(1488)<br>|
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; (7148)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (247)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (7395)<br>|
| **Total Net Appreciation/ Depreciation in Other** <br>**Financial Instruments**<br>| &nbsp;&nbsp;&nbsp;&nbsp; $8099 | &nbsp;&nbsp;&nbsp;&nbsp; $(128)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $7971 |

---

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

(a) Amount rounds to less than one thousand.

(b) Value is zero.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Income Builder Fund**  | **Income Builder Fund**  | **Income Builder Fund**  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Asset-Backed Securities |  |  |  |  |
| Cayman Islands | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $25055 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $25055 |
| Jersey | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1968 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1968 |
| United States | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 79192 | &nbsp;&nbsp;&nbsp;&nbsp; 11460 | &nbsp;&nbsp;&nbsp;&nbsp; 90652 |
| Total Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 106215 | &nbsp;&nbsp;&nbsp;&nbsp; 11460 | &nbsp;&nbsp;&nbsp;&nbsp; 117675 |
| Collateralized Mortgage Obligations |  |  |  |  |
| United States | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 267560 | &nbsp;&nbsp;&nbsp;&nbsp; 1403 | &nbsp;&nbsp;&nbsp;&nbsp; 268963 |
| Commercial Mortgage-Backed Securities |  |  |  |  |
| United States | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 357019 | &nbsp;&nbsp;&nbsp;&nbsp; 4690 | &nbsp;&nbsp;&nbsp;&nbsp; 361709 |
| Common Stocks |  |  |  |  |
| Australia | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 37099 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 37099 |
| Austria | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11984 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11984 |

---

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

April 30, 2025 J.P. Morgan Funds 113

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

(Dollar values in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Income Builder Fund** (continued) | **Income Builder Fund** (continued) | **Income Builder Fund** (continued) |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1**<br> Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2**<br> Other significant<br> observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3**<br> Significant<br> unobservable inputs<br>| **Total** |
| Belgium | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $4433 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $4433 |
| Brazil | &nbsp;&nbsp;&nbsp;&nbsp; 18857 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18857 |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp; 75078 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 75078 |
| Chile | &nbsp;&nbsp;&nbsp;&nbsp; 1350 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1350 |
| China | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 88238 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 88238 |
| Denmark | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10904 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10904 |
| Finland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 32704 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 32704 |
| France | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 124066 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 124066 |
| Germany | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 121061 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 121061 |
| Greece | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5169 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5169 |
| Guatemala | &nbsp;&nbsp;&nbsp;&nbsp; 1455 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1455 |
| Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8743 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8743 |
| India | &nbsp;&nbsp;&nbsp;&nbsp; 3543 | &nbsp;&nbsp;&nbsp;&nbsp; 27824 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 31367 |
| Indonesia | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13157 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13157 |
| Ireland | &nbsp;&nbsp;&nbsp;&nbsp; 14762 | &nbsp;&nbsp;&nbsp;&nbsp; 3965 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18727 |
| Israel | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1591 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1591 |
| Italy | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 52097 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 52097 |
| Japan | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 101272 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 101272 |
| Luxembourg | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 16428 | &nbsp;&nbsp;&nbsp;&nbsp; 16428 |
| Mexico | &nbsp;&nbsp;&nbsp;&nbsp; 15594 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15594 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp; 4963 | &nbsp;&nbsp;&nbsp;&nbsp; 49659 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 54622 |
| New Zealand | &nbsp;&nbsp;&nbsp;&nbsp; 545 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 545 |
| Norway | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18998 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18998 |
| Peru | &nbsp;&nbsp;&nbsp;&nbsp; 868 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 868 |
| Poland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1757 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1757 |
| Portugal | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1917 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1917 |
| 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; 12678 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12678 |
| Singapore | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 24167 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 24167 |
| South Africa | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9645 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9645 |
| South Korea | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 36904 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 36904 |
| Spain | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 57841 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 57841 |
| Sweden | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 38736 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 38736 |
| Switzerland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9641 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9641 |
| Taiwan | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 92720 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 92720 |
| Thailand | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3927 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3927 |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp; 1077 | &nbsp;&nbsp;&nbsp;&nbsp; 132658 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 133735 |
| United States | &nbsp;&nbsp;&nbsp;&nbsp; 1190821 | &nbsp;&nbsp;&nbsp;&nbsp; 55115 | &nbsp;&nbsp;&nbsp;&nbsp; 4865 | &nbsp;&nbsp;&nbsp;&nbsp; 1250801 |
| Total Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 1328913 | &nbsp;&nbsp;&nbsp;&nbsp; 1190670 | &nbsp;&nbsp;&nbsp;&nbsp; 21293 | &nbsp;&nbsp;&nbsp;&nbsp; 2540876 |
| Convertible Bonds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1929 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1929 |
| Convertible Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2570 | &nbsp;&nbsp;&nbsp;&nbsp; 2570 |
| Corporate Bonds |  |  |  |  |
| Angola | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 670 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 670 |
| Argentina | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2502 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2502 |
| Australia | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3670 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3670 |
| Austria | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2295 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2295 |
| Bahrain | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1177 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1177 |
| Brazil | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8554 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8554 |

---

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

114 J.P. Morgan Funds April 30, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Income Builder Fund** (continued) | **Income Builder Fund** (continued) | **Income Builder Fund** (continued) |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1**<br> Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2**<br> Other significant<br> observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3**<br> Significant<br> unobservable inputs<br>| **Total** |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $136866 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $136866 |
| Colombia | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3686 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3686 |
| Denmark | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 283 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 283 |
| Finland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11379 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11379 |
| France | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 56400 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 56400 |
| Georgia | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 620 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 620 |
| Germany | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9189 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9189 |
| Guatemala | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1129 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1129 |
| Ireland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2861 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2861 |
| Israel | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 482 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 482 |
| Italy | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5944 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5944 |
| Jamaica | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1279 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1279 |
| Japan | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5119 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5119 |
| Luxembourg | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 32296 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 32296 |
| Mexico | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 23852 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 23852 |
| Morocco | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3929 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3929 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 22086 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 22086 |
| New Zealand | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 252 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 252 |
| Norway | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1000 |
| Paraguay | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 259 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 259 |
| Peru | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1397 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1397 |
| South Africa | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2822 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2822 |
| Spain | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 30395 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 30395 |
| Sweden | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4947 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4947 |
| Switzerland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20814 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20814 |
| Turkey | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3116 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3116 |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 75595 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 75595 |
| United States | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2241255 | &nbsp;&nbsp;&nbsp;&nbsp; 7046 | &nbsp;&nbsp;&nbsp;&nbsp; 2248301 |
| Uzbekistan | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2876 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2876 |
| Venezuela, Bolivarian Republic of | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 576 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 576 |
| Total Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2721572 | &nbsp;&nbsp;&nbsp;&nbsp; 7046 | &nbsp;&nbsp;&nbsp;&nbsp; 2728618 |
| Equity Linked Notes | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 431550 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 431550 |
| Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp; 832884 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 832884 |
| Foreign Government Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 199140 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 199140 |
| Loan Assignments |  |  |  |  |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3133 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3133 |
| France | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 210 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 210 |
| Germany | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 523 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 523 |
| Luxembourg | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 926 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 926 |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2804 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2804 |
| United States | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 179411 | &nbsp;&nbsp;&nbsp;&nbsp; 9503 | &nbsp;&nbsp;&nbsp;&nbsp; 188914 |
| Total Loan Assignments | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 187007 | &nbsp;&nbsp;&nbsp;&nbsp; 9503 | &nbsp;&nbsp;&nbsp;&nbsp; 196510 |
| Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2100 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2100 |
| Preferred Stocks |  |  |  |  |
| United States | &nbsp;&nbsp;&nbsp;&nbsp; 30861 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2953 | &nbsp;&nbsp;&nbsp;&nbsp; 33814 |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 69540 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 69540 |
| Warrants |  |  |  |  |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —(a)<br>|

---

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

April 30, 2025 J.P. Morgan Funds 115

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

(Dollar values in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Income Builder Fund** (continued) | **Income Builder Fund** (continued) | **Income Builder Fund** (continued) |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1**<br> Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2**<br> Other significant<br> observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3**<br> Significant<br> unobservable inputs<br>| **Total** |
| United States | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $158 | &nbsp;&nbsp;&nbsp;&nbsp; $158 |
| Total Warrants | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 158 | &nbsp;&nbsp;&nbsp;&nbsp; 158 |
| Short-Term Investments |  |  |  |  |
| Certificates of Deposits | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 143 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 143 |
| Commercial Paper | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2454 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2454 |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 146897 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 146897 |
| Investment of Cash Collateral from Securities Loaned | &nbsp;&nbsp;&nbsp;&nbsp; 98475 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 98475 |
| Total Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp; 245372 | &nbsp;&nbsp;&nbsp;&nbsp; 2597 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 247969 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $2438030 | &nbsp;&nbsp;&nbsp;&nbsp; $5536899 | &nbsp;&nbsp;&nbsp;&nbsp; $61076 | &nbsp;&nbsp;&nbsp;&nbsp; $8036005 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $50102 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $50102 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $(1766)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(1766)<br>|
| **Total Net Appreciation/ Depreciation in Other** <br>**Financial Instruments**<br>| &nbsp;&nbsp;&nbsp;&nbsp; $48336 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $48336 |

---

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

(a) Amount rounds to less than one thousand.

The following is a summary of investments for which significant unobservable inputs (level 3) were used in determining fair value:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Income Builder Fund** | **Balance as of** <br>**October 31,** <br>**2024**<br>| **Realized** <br>**gain (loss)**<br>| **Change in net** <br>**unrealized** <br>**appreciation** <br>**(depreciation)**<br>| **Net** <br>**accretion** <br>**(amortization)**<br>| **Purchases**<sup>1</sup> <br>| **Sales**<sup>2</sup> <br>| **Transfers** <br>**into** <br>**Level 3**<br>| **Transfers** <br>**out of** <br>**Level 3**<br>| **Balance as of** <br>**April 30,** <br>**2025**<br>|
| **Investments in Securities:** |  |  |  |  |  |  |  |  |  |
| Asset-Backed Securities | $8596 | $— | $13 | $(2)<br>| $5469 | $(2616)<br>| $— | $— | $11460 |
| Collateralized Mortgage <br> Obligations<br>| 8488 | —<br> (a)<br>| —<br> (a)<br>| —<br> (a)<br>| 1398 | —<br> (a)<br>|  | (8483)<br>| 1403 |
| Commercial Mortgage-Backed <br> Securities<br>|  |  |  |  | 4690 |  |  |  | 4690 |
| Common Stocks | 22892 | 2873 | (1928)<br>|  | 2093 | (4637)<br>|  |  | 21293 |
| Convertible Bonds | 3155 |  | (2852)<br>|  | 77 | (380)<br>|  |  |  |
| Convertible Preferred Stocks | 6863 | (1041)<br>| (8979)<br>|  | 7115 | (1388)<br>|  |  | 2570 |
| Corporate Bonds | 6553 | (1612)<br>| (812)<br>| 75 | 678 | (2272)<br>| 4436 |  | 7046 |
| Loan Assignments | 8731 |  | (284)<br>| 180 | 876 |  |  |  | 9503 |
| Preferred Stocks | 2054 |  | 899 |  |  |  |  |  | 2953 |
| Warrants | 475 | —<br> (a)<br>| (4946)<br>|  | 4629 |  |  |  | 158 |
| **Total** | $67807 | $220 | $(18889)<br>| $253 | $27025 | $(11293)<br>| $4436 | $(8483)<br>| $61076 |

---

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

 <br> <sup>1</sup> Purchases include all purchases of securities and securities received in corporate actions. <br> <sup>2</sup> Sales include all sales of securities, maturities, paydowns and securities tendered in corporate actions.

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Amount rounds to less than one thousand.

The changes in net unrealized appreciation (depreciation) attributable to securities owned at April 30, 2025, which were valued using significant unobservable inputs (level 3), amounted to $(5,674). This amount is included in Change in net unrealized appreciation/depreciation on investments in non-affiliates on the Statements of Operations.

There were no significant transfers into or out of level 3 for the six months ended April 30, 2025.

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

116 J.P. Morgan Funds April 30, 2025

------

The significant unobservable inputs used in the fair value measurement of the Funds' investments are listed below. Generally, a change in the assumptions used in any input in isolation may be accompanied by a change in another input. Significant changes in any of the unobservable inputs may significantly impact the fair value measurement. The impact is based on the relationship between each unobservable input and the fair value measurement. Significant increases (decreases) in enterprise multiples may increase (decrease) the fair value measurement. Significant increases (decreases) in the discount for lack of marketability, liquidity discount, probability of default, yield and default rate may decrease (increase) the fair value measurement. A significant change in the discount rate or prepayment rate (Constant Prepayment Rate or PSA Prepayment Model) may decrease or increase the fair value measurement.

**Income Builder Fund**

**Quantitative Information about Level 3 Fair Value Measurements** #

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fair Value at**<br> **April 30, 2025**<br>| &nbsp;&nbsp; **Valuation**<br> **Technique(s)**<br>| &nbsp;&nbsp; **Unobservable**<br> **Input**<br>| &nbsp;&nbsp; **Range (Weighted**<br> **Average) (a)**<br>|
|  | &nbsp;&nbsp; $1690 | Terms of Restructuring | Expected Recovery | $0.00 - $137.77 ($65.43) |
|  | &nbsp;&nbsp; 841 | Market Comparable Companies | &nbsp;&nbsp; EBITDA Multiple <br> (b)<br>| 11.3x (11.3x) |
|  |  |  | &nbsp;&nbsp; Discount for potential outcome <br> (c)<br>| 0.00% - 20.00% (19.00%) |
| Common Stocks | &nbsp;&nbsp; 2531 |  |  |  |
|  | &nbsp;&nbsp; 2570 | Market Comparable Companies | &nbsp;&nbsp; EBITDA Multiple <br> (b)<br>| 7.2x (7.2x) |
| Convertible Preferred <br> Stocks<br>| &nbsp;&nbsp; 2570 |  |  |  |
|  | &nbsp;&nbsp; -<br> (d)<br>| Terms of Restructuring | Expected Recovery | 0.00% (0.00%) |
| Corporate Bonds | &nbsp;&nbsp; -<br> (d)<br>|  |  |  |
|  | &nbsp;&nbsp; 466 | Discounted Cash Flow | Constant Prepayment Rate | 0.00% - 15.00% (14.78%) |
|  |  |  | Constant Default Rate | 0.00% - 12.00% (11.82%) |
|  |  |  | Yield (Discount Rate of Cash Flows) | 6.80% - 7.90% (7.88%) |
| Asset-Backed Securities | &nbsp;&nbsp; 466 |  |  |  |
|  | &nbsp;&nbsp; 5335 | Market Comparable Companies | &nbsp;&nbsp; EBITDA Multiple <br> (b)<br>| 5.5x (5.5x) |
|  | &nbsp;&nbsp; 4105 | Discounted Cash Flow | Yield (Discount Rate of Cash Flows) | 26.08% (26.08%) |
|  | &nbsp;&nbsp; 12 | Terms of Restructuring | Expected Recovery | 8.41% (8.41%) |
| Loan Assignments | &nbsp;&nbsp; 9452 |  |  |  |
| Total | &nbsp;&nbsp; $15019 |  |  |  |

---

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

# The table above does not include certain level 3 investments that are valued by brokers and Pricing Services. At April 30, 2025, the value of these investments was $46,057. The inputs for these investments are not readily available or cannot be reasonably estimated and are generally those inputs described in Note 2.A. 

(a) Unobservable inputs were weighted by the relative fair value of the instruments.

(b) Represents amounts used when the reporting entity has determined that market participants would take into account such multiples when pricing the investments. 

(c) Represents amounts used when the reporting entity has determined that market participants would take into account discounts, as applicable, when pricing the investments. 

(d) Amount rounds to less than one thousand.

**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 April 30, 2025, the Funds held restricted securities, other than securities sold to the Funds under Rule 144A and/or Regulation S under the Securities Act, as follows:

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

April 30, 2025 J.P. Morgan Funds 117

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

(Dollar values in thousands)

**Global Allocation Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security** | **Acquisition** <br>**Date**<br>| **Cost** | **Market** <br>**Value**<br>| **Percentage** <br>**of Fund's** <br>**Net Assets**<br>|
| Claire's Stores, Inc. - Common Stock | 11/28/2018 | $276 | $—<br> (a)<br>| 0.0<br> %<br>|
| Claire's Stores, Inc. - Convertible Preferred Stock | 10/3/2018 | 436 | 202 | 0.0<br> %<br>|
|  |  | $712 | $202 |  |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Amount rounds to less than one thousand.

**Income Builder Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security** | **Acquisition** <br>**Date**<br>| **Cost** | **Market** <br>**Value**<br>| **Percentage** <br>**of Fund's** <br>**Net Assets**<br>|
| Claire's Stores, Inc. - Common Stock | 11/28/2018 | $3541 | $—<br> (a)<br>| 0.0<br> %<br>|
| Claire's Stores, Inc. - Convertible Preferred Stock | 10/3/2018 | 5619 | 2570 | 0.0<br> %<br>|
|  |  | $9160 | $2570 |  |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Amount rounds to less than one thousand.

**C. Loan Assignments**— The Funds invested in debt instruments that are interests in amounts owed to lenders or lending syndicates (a "Lender") by corporate, governmental or other borrowers (a "Borrower"). A loan is often administered by a bank or other financial institution (the "Agent") that acts as Agent for all holders. The Agent administers the terms of the loan, as specified in the loan agreement. The Funds invested in loan assignments of all or a portion of the loans. When a Fund purchases a loan assignment, the Fund has direct rights against the Borrower on a loan. In addition, it is unclear whether loans, loan assignments and other forms of direct indebtedness offer securities law protections against fraud and misrepresentation. Also, because JPMIM may wish to invest in publicly traded securities of a Borrower, it may not have access to material non-public information regarding the Borrower to which other investors have access. Although certain loans are secured by collateral, a Fund could experience delays or limitations in realizing the value on such collateral or have its interest subordinated to other indebtedness of the Borrower.

Loan assignments are vulnerable to market conditions such that economic conditions or other events may reduce the demand for assignments and certain assignments which were liquid when purchased, may become illiquid and difficult to value. In addition, the settlement period for loans is uncertain as there is no standardized settlement schedule applicable to such investments. Therefore, a Fund may not receive the proceeds from a sale of such investments for a period after the sale.

Certain loan assignments are also subject to the risks associated with high yield securities described under Note 7.

**D. Unfunded Commitments**— Income Builder Fund entered into commitments to buy and sell investments including commitments to buy loan assignments to settle on future dates as part of its normal investment activities. Unfunded commitments may include revolving loan facilities which may obligate the Fund to provide cash to the borrower on demand. Unfunded commitments are generally traded and priced as part of a related loan assignment (Note 2.C.). The value of the unfunded portion of the investment is determined using a pro-rata allocation, based on its par value relative to the par value of the entire investment. The unrealized appreciation/depreciation from unfunded commitments is reported on the Statements of Assets and Liabilities. Credit risk exists on these commitments to the extent of any difference between the sales price and current value of the underlying securities sold. Market risk exists on these commitments to buy to the same extent as if the securities were owned on a settled basis and gains and losses are recorded and reported in the same manner. The Fund may receive an ongoing commitment fee based on the undrawn portion of the underlying loan facility, which is recorded as a component of Interest income from non-affiliates on the Statements of Operations.

At April 30, 2025, Income Builder Fund had the following loan commitments outstanding in which all or a portion of the commitments were unfunded, and which could be extended at the options of the borrower:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **Unfunded** <br>**Commitment** | **Unfunded** <br>**Commitment** | **Funded** <br>**Commitment** | **Funded** <br>**Commitment** | **Total** <br>**Commitment** | **Total** <br>**Commitment** |
| **Security Description** | **Maturity** <br>**Date**<br>| **Commitment** <br>**Fee Rate**<br>| **Rate if** <br>**Funded**<br>| **Par** <br>**Amount**<br>| **Value** | **Par** <br>**Amount**<br>| **Value** | **Par** <br>**Amount**<br>| **Value** |
| **Income Builder Fund** | **Income Builder Fund** | **Income Builder Fund** | **Income Builder Fund** | **Income Builder Fund** | **Income Builder Fund** | **Income Builder Fund** | **Income Builder Fund** | **Income Builder Fund** | **Income Builder Fund** |
| Clydesdale Acquisition Holdings, Inc., 1st <br> Lien Delayed Draw Term Loan B<br>| 04/01/2032 | 0.000<br> %<br>| 0.000<br> %<br>| &nbsp;&nbsp; $5 | &nbsp;&nbsp; $6 | &nbsp;&nbsp; $—<br> (a)<br>| &nbsp;&nbsp; $—<br> (a)<br>| &nbsp;&nbsp; $5 | &nbsp;&nbsp; $6 |

---

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

118 J.P. Morgan Funds April 30, 2025

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **Unfunded**<br> **Commitment** | **Unfunded**<br> **Commitment** | **Funded**<br> **Commitment** | **Funded**<br> **Commitment** | **Total**<br> **Commitment** | **Total**<br> **Commitment** |
| **Security Description** | **Maturity**<br> **Date**<br>| **Commitment**<br> **Fee Rate**<br>| **Rate if**<br> **Funded**<br>| **Par**<br> **Amount**<br>| **Value** | **Par**<br> **Amount**<br>| **Value** | **Par**<br> **Amount**<br>| **Value** |
| **Income Builder Fund (continued)** | **Income Builder Fund (continued)** | **Income Builder Fund (continued)** | **Income Builder Fund (continued)** | **Income Builder Fund (continued)** | **Income Builder Fund (continued)** | **Income Builder Fund (continued)** | **Income Builder Fund (continued)** | **Income Builder Fund (continued)** | **Income Builder Fund (continued)** |
| Raven Acquisition Holdings LLC, 1st Lien <br> Delayed Draw Term Loan<br>| 11/19/2031 | 0.000<br> %<br>| 7.572<br> %<br>| &nbsp;&nbsp; $204 | &nbsp;&nbsp; $201 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $204 | &nbsp;&nbsp; $201 |

---

**E. When-Issued Securities, Delayed Delivery Securities and Forward Commitments**— The Funds purchased when-issued securities, including To-Be-Announced ("TBA") securities, and entered into contracts to purchase or sell securities for a fixed price that may be settled a month or more after the trade date, or purchased delayed delivery securities which generally settle seven days after the trade date. When-issued securities are securities that have been authorized, but not issued in the market. A forward commitment involves entering into a contract to purchase or sell securities for a fixed price at a future date that may be settled a month or more after the trade date. A delayed delivery security is agreed upon in advance between the buyer and the seller of the security and is generally delivered beyond seven days of the agreed upon date. The purchase of securities on a when-issued, delayed delivery or forward commitment basis involves the risk that the value of the security to be purchased declines before the settlement date. The sale of securities on a forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. The Funds may be exposed to credit risk if the counterparty fails to perform under the terms of the transaction. Interest income for securities purchased on a when-issued, delayed delivery or forward commitment basis is not accrued until the settlement date.

The Funds may be required to post or receive collateral for delayed delivery securities in the form of cash or securities under a Master Securities Forward Transaction Agreement with the counterparties (each, an "MSFTA"). The collateral requirements are generally calculated by netting the mark-to-market amount for a Fund's transactions under the MSFTA and comparing that amount to the value of the collateral pledged by a fund and the counterparty. Daily movement of cash collateral is subject to minimum threshold amounts. Collateral posted by a Fund is held in a segregated account at the Fund's custodian bank and is included on the Statements of Assets and Liabilities as Restricted cash. Collateral received by the Funds is held in a separate segregated account maintained by JPMorgan Chase Bank, N.A. ("JPMCB"), a wholly-owned subsidiary of JPMorgan. These amounts are not reflected on the Funds' Statements of Assets and Liabilities.

The Funds had when-issued securities, delayed delivery securities or forward commitments outstanding as of April 30, 2025, which are shown as a Receivable for Investment securities sold — delayed delivery securities and/or a Payable for Investment securities purchased — delayed delivery securities, respectively, on the Statements of Assets and Liabilities. The values of these securities held at April 30, 2025 are detailed on the SOIs, if any.

**F. Securities Lending** — The Funds are authorized to engage in securities lending in order to generate additional income. The Funds are able to lend to approved borrowers. Citibank N.A. ("Citibank") serves as lending agent for the Funds, pursuant to a Securities Lending Agency Agreement (the "Securities Lending Agency Agreement"). Securities loaned are collateralized by cash equal to at least 100% of the market value plus accrued interest on the securities lent, which is invested in the 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;

April 30, 2025 J.P. Morgan Funds 119

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**NOTES TO FINANCIAL STATEMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

(Dollar values in thousands)

The following table presents for each lending Fund, the value of the securities on loan with Citibank, net of amounts available for offset under the master netting arrangements and any related collateral received or posted by the Funds as of April 30, 2025.

---

| | | | |
|:---|:---|:---|:---|
|  | **Investment Securities** <br>**on Loan, at value,** <br>**Presented on the** <br>**Statements of Assets** <br>**and Liabilities**<br>| **Cash Collateral** <br>**Posted by Borrower\***<br>| **Net Amount Due** <br>**to Counterparty** <br>**(not less than zero)**<br>|
| Global Allocation Fund | &nbsp;&nbsp; $35803 | &nbsp;&nbsp; $(35803)<br>| &nbsp;&nbsp; $— |
| Income Builder Fund | &nbsp;&nbsp; 90084 | &nbsp;&nbsp; (90084)<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.

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

**G. Investment Transactions with Affiliates**— The Funds invested in Underlying Funds and ETFs advised by the Adviser. An issuer which is under common control with a Fund may be considered an affiliate. For the purposes of the financial statements, the Funds assume the issuers listed in the tables below to be affiliated issuers. The Underlying Funds' and ETFs' distributions may be reinvested into such Underlying Funds and ETFs. Reinvestment amounts are included in the purchases at cost amounts in the tables below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Global Allocation Fund**  | **Global Allocation Fund**  | **Global Allocation Fund**  | **Global Allocation Fund**  | **Global Allocation Fund**  | **Global Allocation Fund**  | **Global Allocation Fund**  | **Global Allocation Fund**  | **Global Allocation Fund**  | **Global Allocation Fund**  |
| **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 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>**April 30,** <br>**2025**<br>| **Shares at** <br>**April 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Income Fund Class R6 Shares (a) | $129656 | $3779 | $18903 | $(208)<br>| $725 | $115049 | 13472 | $3780 | $— |
| JPMorgan Prime Money Market Fund <br> Class Institutional Shares, 4.31% (a) (b)<br>| 70700 | 984011 | 949528 | 25 | —<br> (c)<br>| 105208 | 105176 | 1977 |  |
| JPMorgan Securities Lending Money Market Fund <br> Agency SL Class Shares, 4.39% (a) (b)<br>| 12484 | 124225 | 98853 |  | (1)<br>| 37855 | 37855 | 506<br> \*<br>|  |
| **Total** | $212840 | $1112015 | $1067284 | $(183)<br>| $724 | $258112 |  | $6263 | $— |

---

&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 April 30, 2025.

(c) Amount rounds to less than one thousand.

\* Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank's fee).

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Income Builder Fund**  | **Income Builder Fund**  | **Income Builder Fund**  | **Income Builder Fund**  | **Income Builder Fund**  | **Income Builder Fund**  | **Income Builder Fund**  | **Income Builder Fund**  | **Income Builder Fund**  | **Income Builder Fund**  |
| **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 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>**April 30,** <br>**2025**<br>| **Shares at** <br>**April 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Equity Premium Income ETF (a) | $424858 | $— | $— | $— | $(22442)<br>| $402416 | 7239 | $16166 | $— |
| JPMorgan Income ETF (a) | 44356 |  | 20654 | 699 | (729)<br>| 23672 | 514 | 993 |  |
| JPMorgan Nasdaq Equity Premium Income ETF <br> (a)<br>| 432469 |  |  |  | (25673)<br>| 406796 | 7924 | 23224 |  |
| JPMorgan Prime Money Market Fund Class IM <br> Shares, 4.40% (a) (b)<br>| 48289 | 383101 | 344646 | (2)<br>| (5)<br>| 86737 | 86719 | 864 |  |

---

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

120 J.P. Morgan Funds April 30, 2025

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Income Builder Fund** (continued) | **Income Builder Fund** (continued) | **Income Builder Fund** (continued) | **Income Builder Fund** (continued) | **Income Builder Fund** (continued) | **Income Builder Fund** (continued) | **Income Builder Fund** (continued) | **Income Builder Fund** (continued) | **Income Builder Fund** (continued) | **Income Builder Fund** (continued) |
| **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 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> **April 30,**<br> **2025**<br>| **Shares at**<br> **April 30,**<br> **2025**<br>| **Dividend**<br> **Income**<br>| **Capital Gain**<br> **Distributions**<br>|
| JPMorgan Prime Money Market Fund <br> Class Institutional Shares, 4.31% (a) (b)<br>| $56352 | $2466508 | $2462709 | $26 | $(17)<br>| $60160 | 60142 | $2074 | $— |
| JPMorgan Securities Lending Money Market <br> Fund Agency SL Class Shares, 4.39% <br> (a) (b)<br>| 86568 | 233311 | 221404 |  |  | 98475 | 98475 | 1,921<br> \*<br>|  |
| **Total** | $1092892 | $3082920 | $3049413 | $723 | $(48866)<br>| $1078256 |  | $45242 | $— |

---

&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 April 30, 2025.

\* Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank's fee).

**H. Foreign Currency Translation** — The books and records of the Funds are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the prevailing exchange rates of such currencies against the U.S. dollar. The market value of investment securities and other assets and liabilities are translated at the exchange rate as of the valuation date. Purchases and sales of investment securities, income and expenses are translated at the exchange rate prevailing on the respective dates of such transactions.

The Funds do not isolate the effect of changes in foreign exchange rates from changes in market prices on securities held. Accordingly, such changes are included within Change in net unrealized appreciation/depreciation on investments in non-affiliates on the Statements of Operations.

Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on each Fund's books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses are included in Net realized gain (loss) on foreign currency transactions on the Statements of Operations. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at period end and are included in Change in net unrealized appreciation/depreciation on foreign currency translations on the Statements of Operations.

**I. Derivatives**— The Funds used derivative instruments including options, futures contracts and forward foreign currency exchange contracts, in connection with their respective investment strategy. Derivative instruments may be used as substitutes for securities in which the Funds can invest, to hedge portfolio investments or to generate income or gain to the Funds. Derivatives may also be used to manage duration, sector and yield curve exposures and credit and spread volatility. Certain derivatives are synthetic instruments that attempt to replicate the performance of certain reference assets.

The Funds may be subject to various risks from the use of derivatives, including the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to derivatives counterparties' failure to perform under contract terms; liquidity risk related to the potential lack of a liquid market for these contracts allowing the Funds to close out their position(s); and documentation risk relating to disagreement over contract terms. Investing in certain derivatives also results in a form of leverage and as such, the Funds' risk of loss associated with these instruments may exceed their value, as recorded on the Statements of Assets and Liabilities.

The Funds are party to various derivative contracts governed by International Swaps and Derivatives Association master agreements ("ISDA agreements"). The Funds' ISDA agreements, which are separately negotiated with each dealer counterparty, may contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Funds in the event the Funds' net assets decline over time by a pre-determined percentage or fall below a pre-determined floor. The ISDA agreements may also contain provisions allowing, absent other conditions, the Funds to exercise rights, to the extent not otherwise waived, against a counterparty (e.g., decline in a counterparty's credit rating below a specified level). Such rights for both a counterparty and the Funds often include the ability to terminate (i.e., close out) open contracts at prices which may favor a counterparty, which could have an adverse effect on the Funds. The ISDA agreements give the Funds and a counterparty the right, upon an event of default, to close out all transactions traded under such agreements and to net amounts owed or due across all transactions and offset such net payable or receivable against collateral posted to a segregated account by one party for the benefit of the other.

Counterparty credit risk may be mitigated to the extent a counterparty posts additional collateral for mark-to-market gains to the Funds.

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

April 30, 2025 J.P. Morgan Funds 121

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

(Dollar values in thousands)

Notes I(1) - I(3) below describe the various derivatives used by the Funds.

**(1) Options**— Global Allocation Fund purchased put and call options on various instruments including futures, securities and currencies to manage and hedge interest rate risks within its portfolio and also to gain long or short exposure to the underlying instrument, index, currency or rate. A purchaser of a put option has the right, but not the obligation, to sell the underlying instrument at an agreed upon price ("strike price") to the option seller. A purchaser of a call option has the right, but not the obligation, to purchase the underlying instrument at the strike price from the option seller. Swaptions and Eurodollar options are settled for cash.

*Options Purchased*— Premiums paid by the Fund for options purchased are included on the Statements of Assets and Liabilities as Options Purchased. The option is adjusted daily to reflect the current market value of the option and the change is recorded as Change in unrealized appreciation/depreciation on options purchased on the Statements of Operations. If the option is allowed to expire, the Fund will lose the entire premium it paid and record a realized loss for the premium amount. Premiums paid for options purchased which are exercised or closed are added to the amounts paid or will offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) or cost basis of the underlying investment.

The Fund's exchange-traded option contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).

**(2) Futures Contracts**— The Funds used currency, index, interest rate, treasury or other financial futures contracts to manage and hedge interest rate risk associated with portfolio investments and to gain or reduce exposure to particular countries or regions. The Funds also used futures contracts to lengthen or shorten the duration of the overall investment portfolio.

Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Funds are required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Funds periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as Change in net unrealized appreciation/depreciation on futures contracts on the Statements of Operations. Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported on the Statements of Operations at the closing or expiration of the futures contract. Securities deposited as initial margin are designated on the SOIs, while cash deposited, which is considered restricted, is recorded on the Statements of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statements of Assets and Liabilities.

The use of futures contracts exposes the Funds to equity price, foreign exchange and interest rate risks. The Funds may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subjects the Funds to risk of loss in excess of the amounts shown on the Statements of Assets and Liabilities, up to the notional amount of the futures contracts. Use of short futures contracts subjects the Funds to unlimited risk of loss. The Funds may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Funds' credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day's settlement price, which could effectively prevent liquidation of positions.

The Funds' futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).

**(3) Forward Foreign Currency Exchange Contracts**— Global Allocation Fund is exposed to foreign currency risks associated with some or all of its portfolio investments and used forward foreign currency exchange contracts to hedge or manage certain of these exposures as part of its investment strategy. The Fund also bought forward foreign currency exchange contracts to gain exposure to currencies. Forward foreign currency exchange contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in U.S. dollar without the delivery of the foreign currency.

The values of the forward foreign currency exchange contracts are adjusted daily based on the applicable exchange rates of the underlying currencies. Changes in the value of these contracts are recorded as Change in net unrealized appreciation or depreciation until the contract settlement date. When the forward foreign currency exchange contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time the contract was opened and the value at the time it was closed. The Fund also records a realized gain or loss, upon settlement, when a forward foreign currency exchange contract offsets another forward foreign currency exchange contract with the same counterparty.

The Fund's forward foreign currency exchange contracts are subject to master netting arrangements (the right to close out all transactions with a counterparty and net amounts owed or due across transactions).

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

122 J.P. Morgan Funds April 30, 2025

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The Fund may be required to post or receive collateral for non-deliverable forward foreign currency exchange contracts.

**(4) Summary of Derivatives Information**—The following tables present the value of derivatives held as of April 30, 2025, by their primary underlying risk exposure and respective location on the Statements of Assets and Liabilities:

---

| | | |
|:---|:---|:---|
|  | **Global** <br>**Allocation** <br>**Fund**<br>| **Income Builder Fund** |
| **Equity Risk Exposure:** |  |  |
| Unrealized Appreciation on Futures Contracts \* | $1552 | &nbsp;&nbsp; $13955 |
| Unrealized Depreciation on Futures Contracts \* | (5155)<br>| &nbsp;&nbsp; (1766)<br>|
| **Foreign Exchange Rate Risk Exposure:** |  |  |
| Unrealized Appreciation on Futures Contracts \* | 1186 | &nbsp;&nbsp; — |
| Unrealized Appreciation on Forward Foreign Currency Exchange Contracts | 1607 | &nbsp;&nbsp; — |
| Unrealized Depreciation on Forward Foreign Currency Exchange Contracts | (1488)<br>| &nbsp;&nbsp; — |
| **Interest Rate Risk Exposure:** |  |  |
| Unrealized Appreciation on Futures Contracts \* | 12509 | &nbsp;&nbsp; 36147 |
| Unrealized Depreciation on Futures Contracts \* | (2240)<br>| &nbsp;&nbsp; — |
| **Net Fair Value of Derivative Contracts:** |  |  |
| Unrealized Appreciation (Depreciation) on Futures Contracts \* | 7852 | &nbsp;&nbsp; 48336 |
| Unrealized Appreciation (Depreciation) on Forward Foreign Currency Exchange Contracts | 119 | &nbsp;&nbsp; — |

---

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

 <br> \* Includes cumulative appreciation/(depreciation) on futures contracts, if any, as reported on the SOIs. Only current day's variation margin is reported within the Statements of Assets and Liabilities.

The following tables present the effect of derivatives on the Statements of Operations for the six months ended April 30, 2025, by primary underlying risk exposure:

---

| | | |
|:---|:---|:---|
|  | **Global** <br>**Allocation** <br>**Fund**<br>| **Income Builder Fund** |
| **Realized Gain (Loss) on Derivatives Recognized as a Result From Operations:** | **Realized Gain (Loss) on Derivatives Recognized as a Result From Operations:** | **Realized Gain (Loss) on Derivatives Recognized as a Result From Operations:** |
| **Equity Risk Exposure:** | **Equity Risk Exposure:** | **Equity Risk Exposure:** |
| Futures Contracts | $(12265)<br>| &nbsp;&nbsp; $(54866)<br>|
| Purchased Options | (4109)<br>| &nbsp;&nbsp; — |
| **Foreign Exchange Rate Risk Exposure:** | **Foreign Exchange Rate Risk Exposure:** | **Foreign Exchange Rate Risk Exposure:** |
| Futures Contracts | 1473 | &nbsp;&nbsp; — |
| Forward Foreign Currency Exchange Contracts | 2622 | &nbsp;&nbsp; — |
| **Interest Rate Risk Exposure:** | **Interest Rate Risk Exposure:** | **Interest Rate Risk Exposure:** |
| Futures Contracts | (13152)<br>| &nbsp;&nbsp; (79634)<br>|
| **Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:** | **Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:** | **Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:** |
| **Equity Risk Exposure:** | **Equity Risk Exposure:** | **Equity Risk Exposure:** |
| Futures Contracts | $(1441)<br>| &nbsp;&nbsp; $11376 |
| **Foreign Exchange Rate Risk Exposure:** | **Foreign Exchange Rate Risk Exposure:** | **Foreign Exchange Rate Risk Exposure:** |
| Futures Contracts | 3188 | &nbsp;&nbsp; — |
| Forward Foreign Currency Exchange Contracts | 1081 | &nbsp;&nbsp; — |
| **Interest Rate Risk Exposure:** | **Interest Rate Risk Exposure:** | **Interest Rate Risk Exposure:** |
| Futures Contracts | 15224 | &nbsp;&nbsp; 112641 |

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

April 30, 2025 J.P. Morgan Funds 123

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**NOTES TO FINANCIAL STATEMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

(Dollar values in thousands)

**Derivatives Volume**

The table below discloses the volume of the Funds' options, futures contracts and forward foreign currency exchange contracts activity during the six months ended April 30, 2025. Please refer to the tables in the Summary of Derivatives Information for derivative-related gains and losses associated with volume activity (amounts in thousands, except number of contracts):

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| | | |
|:---|:---|:---|
|  | **Global** <br>**Allocation** <br>**Fund**<br>| **Income Builder Fund** |
| **Futures Contracts:** |  |  |
| Average Notional Balance Long | &nbsp;&nbsp; $1325910 | &nbsp;&nbsp; $2348004 |
| Average Notional Balance Short | &nbsp;&nbsp; (174360)<br>| &nbsp;&nbsp; (192326)<br>|
| Ending Notional Balance Long | &nbsp;&nbsp; 1493948 | &nbsp;&nbsp; 2592875 |
| Ending Notional Balance Short | &nbsp;&nbsp; (261754)<br>| &nbsp;&nbsp; (320744)<br>|
| **Forward Foreign Currency Exchange Contracts:** |  |  |
| Average Settlement Value Purchased | &nbsp;&nbsp; (182577)<br>| &nbsp;&nbsp; — |
| Average Settlement Value Sold | &nbsp;&nbsp; 78227 | &nbsp;&nbsp; — |
| Ending Settlement Value Purchased | &nbsp;&nbsp; (286030)<br>| &nbsp;&nbsp; — |
| Ending Settlement Value Sold | &nbsp;&nbsp; 137806 | &nbsp;&nbsp; — |
| **Exchange-Traded Options:** |  |  |
| Average Number of Contracts Purchased | &nbsp;&nbsp; 81 | &nbsp;&nbsp; — |

---

The Funds may be required to post or receive collateral based on the net value of the Funds' outstanding options, non-deliverable forward foreign currency exchange contracts and/or OTC swap contracts with the counterparty in the form of cash or securities. Daily movement of cash collateral is subject to minimum threshold amounts. Collateral posted by the Funds is held in a segregated account at the Funds' custodian bank. For certain counterparties cash collateral posted by the Funds is invested in an affiliated money market fund (See Note 3.F), otherwise the cash collateral is included on the Statements of Assets and Liabilities as Restricted cash for OTC derivatives. Collateral received by the Funds is held in a separate segregated account maintained by JPMCB, an affiliate of the Funds.

The Funds' derivatives contracts held at April 30, 2025 are not accounted for as hedging instruments under GAAP.

**J. Equity-Linked Notes**— The Funds invested in Equity-Linked Notes ("ELNs"). These are hybrid instruments which combine both debt and equity characteristics into a single note form. ELNs' values are linked to the performance of an underlying index. ELNs are unsecured debt obligations of an issuer and may not be publicly listed or traded on an exchange. ELNs are valued daily, under procedures adopted by the Board, based on values provided by an approved pricing source. These notes have a coupon which is accrued and recorded as interest income on the Statements of Operations. Changes in the market value of ELNs are recorded as Change in net unrealized appreciation or depreciation on the Statements of Operations. The Funds realize a gain or loss when an ELN is sold or matures, which is recorded as Net realized gain (loss) on transactions from investments in non-affiliates on the Statements of Operations.

As of April 30, 2025, the Funds had outstanding ELNs as listed on the SOIs.

**K. Security Transactions and Investment Income**— Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis. Interest income and interest expense on securities sold short, if any, is determined on the basis of coupon interest accrued using the effective interest method, which adjusts for amortization of premiums and accretion of discounts. Dividend income, net of foreign taxes withheld, if any, and dividend expense on securities sold short are recorded on the ex-dividend date or when a Fund first learns of the dividend. Certain Funds may receive other income from investment in loan assignments and/or unfunded commitments, including amendment fees, consent fees and commitment fees. These fees are recorded as income when received by the Funds. These amounts are included in Interest income from non-affiliates on the Statements of Operations.

To the extent such information is publicly available, the Funds record distributions received in excess of income earned from underlying investments as a reduction of cost of investments and/or realized gain. Such amounts are based on estimates if actual amounts are not available and actual amounts of income, realized gain and return of capital may differ from the estimated amounts. The Funds adjust the estimated amounts of the components of distributions (and consequently their net investment income) as necessary, once the issuers provide information about the actual composition of the distributions.

**L. Allocation of Income and Expenses**— Expenses directly attributable to a Fund are charged directly to that Fund, while the expenses attributable to more than one fund of the Trust are allocated among the applicable funds. Investment income, realized and unrealized gains and losses and expenses, other than class-specific expenses, are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day.

Transfer agency fees are class-specific expenses. The amount of the transfer agency fees charged to each share class of the Funds for the six months ended April 30, 2025, are as follows:

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

124 J.P. Morgan Funds April 30, 2025

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---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class I** | **Class R2** | **Class R3** | **Class R4** | **Class R5** | **Class R6** | **Total** |
| **Global Allocation Fund** |  |  |  |  |  |  |  |  |  |
| Transfer agency fees  | $15 | $6 | $9 | $1 | $—<br> (a)<br>| $—<br> (a)<br>| $—<br> (a)<br>| $5 | $36 |
| **Income Builder Fund** |  |  |  |  |  |  |  |  |  |
| Transfer agency fees  | 66 | 12 | 22 | n/a | n/a | n/a | n/a | 5 | 105 |

---

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

(a) Amount rounds to less than one thousand.

**M. Federal Income Taxes**— Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund's policy is to comply with the provisions of the Internal Revenue Code (the "Code") applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds' tax positions for all open tax years and has determined that as of April 30, 2025, no liability for Federal income tax is required in the Funds' financial statements for net unrecognized tax benefits. However, management's conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each Fund's Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

**N. Foreign Taxes**—The Funds may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Funds will accrue such taxes and recoveries as applicable, based upon their current interpretation of tax rules and regulations that exist in the markets in which they invest. When a capital gains tax is determined to apply, the Funds record an estimated deferred tax liability in an amount that would be payable if the securities were disposed of on the valuation date.

**O. Distributions to Shareholders**— Distributions from net investment income, if any, are generally declared and paid at least monthly for Income Builder Fund and declared and paid at least quarterly for Global Allocation Fund. Distributions are declared separately for each class. No class has preferential dividend rights; differences in per share rates are due to differences in separate class expenses. Net realized capital gains, if any, are distributed by each Fund at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these "book/tax" differences are permanent in nature (i.e., that they result from other than timing of recognition — "temporary differences"), such amounts are reclassified within the capital accounts based on their Federal tax basis treatment.

**P. Segment Reporting** — The Funds adopted FASB Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures ("ASU 2023-07") during the period. The adoption of this new standard impacted financial statement disclosures only and did not affect the Funds' financial position or the results of their operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's Chief Operating Decision Maker ("CODM") to make decisions about resources to be allocated to the segment and to assess its performance, and has discrete financial information available. Executive committees of JPMorgan Asset Management, the named portfolio manager(s) of the Funds and the Funds' Principal Executive Officer and Principal Financial Officer act as the Funds' CODM. Each Fund is considered an operating segment, and its performance and operating results are reviewed daily to make informed decisions regarding performance. The financial information provided to and reviewed by the CODM is presented within the Funds' financial statements.

**Q. Recent Accounting Pronouncement** — In December 2023, FASB issued *Accounting Standards Update* ("ASU") *2023-09*, Income Taxes (Topic 740) ("ASU 2023-09") *Improvements to Income Tax Disclosures*, which enhances income tax disclosures, including providing specific categories in the rate reconciliation and income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024; early adoption is permitted. Management is currently evaluating the amendment and its impact to the financial statements.

**3. Transactions with Affiliates**

**A. Investment Advisory Fee** — Pursuant to an Investment Advisory Agreement, the Adviser manages the investments of each Fund and for such services is paid a fee. The investment advisory fee is accrued daily and paid monthly at an annual rate based on each Fund's respective average daily net assets. The annual rate for each Fund is as follows:

---

| | |
|:---|:---|
| Global Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> %<br>|
| Income Builder Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.42 |

---

The Adviser waived investment advisory fees and/or reimbursed expenses as outlined in Note 3.F.

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

April 30, 2025 J.P. Morgan Funds 125

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

(Dollar values in thousands)

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

**B. Administration Fee**— Pursuant to an Administration Agreement, the Administrator provides certain administration services to each Fund. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.075% of the first $10 billion of each Fund's respective average daily net assets, plus 0.050% of each Fund's respective average daily net assets between $10 billion and $20 billion, plus 0.025% of each Fund's respective average daily net assets between $20 billion and $25 billion, plus 0.010% of each Fund's respective average daily net assets in excess of $25 billion. For the six months ended April 30, 2025, the effective annualized rate was 0.075% of each Fund's average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

The Administrator waived administration fees as outlined in Note 3.F.

JPMCB, a wholly-owned subsidiary of JPMorgan, serves as the Funds' sub-administrator (the "Sub-administrator"). For its services as Sub-administrator, JPMCB receives a portion of the fees payable to the Administrator.

**C. Distribution Fees**— Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. ("JPMDS"), an indirect, wholly-owned subsidiary of JPMorgan, serves as each Fund's principal underwriter and promotes and arranges for the sale of each Fund's shares.

The Board has adopted a Distribution Plan (the "Distribution Plan") for Class A, Class C, Class R2 and Class R3 Shares of the Funds, as applicable, pursuant to Rule 12b-1 under the 1940 Act. Class I, Class R4, Class R5 and Class R6 Shares of each Fund do not charge a distribution fee. The Distribution Plan provides that each Fund shall pay, with respect to the applicable share classes, distribution fees, including payments to JPMDS, at annual rates of the average daily net assets as shown in the table below:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class R2** | **Class R3** |
| Global Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>|
| Income Builder Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a |

---

In addition, JPMDS is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the six months ended April 30, 2025, JPMDS retained the following:

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| | | |
|:---|:---|:---|
|  | **Front-End Sales Charge** | **CDSC** |
| Global Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp; $6 | &nbsp;&nbsp;&nbsp;&nbsp; $—<br> (a)<br>|
| Income Builder Fund | &nbsp;&nbsp;&nbsp;&nbsp; 59 | &nbsp;&nbsp;&nbsp;&nbsp; 3 |

---

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

(a) Amount rounds to less than one thousand.

**D. Service Fees**— The Trust, on behalf of the Funds, has entered into a Shareholder Servicing Agreement with JPMDS under which JPMDS provides certain support services to fund shareholders. For performing these services, JPMDS receives a fee with respect to all share classes, except Class R6 Shares which do not charge a service fee, that is accrued daily and paid monthly equal to a percentage of the average daily net assets as shown in the table below:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class I** | **Class R2** | **Class R3** | **Class R4** | **Class R5** |
| Global Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> %<br>|
| Income Builder Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a |

---

JPMDS has entered into shareholder services contracts with affiliated and unaffiliated financial intermediaries who provide shareholder services and other related services to their clients or customers who invest in the Funds. Pursuant to such contracts, JPMDS will pay all or a portion of such fees earned to financial intermediaries for performing such services.

JPMDS waived service fees as outlined in Note 3.F.

**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.

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

126 J.P. Morgan Funds April 30, 2025

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

**F. Waivers and Reimbursements**—The Adviser, Administrator and/or JPMDS have contractually agreed to waive fees and/or reimburse the Funds to the extent that total annual operating expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, expenses related to trustee elections and extraordinary expenses) exceed the percentages of the Funds' respective average daily net assets as shown in the table below:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class I** | **Class R2** | **Class R3** | **Class R4** | **Class R5** | **Class R6** |
| Global Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp; 1.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.78<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>|
| Income Builder Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.52 |

---

The expense limitation agreements were in effect for the six months ended April 30, 2025 and are in place until at least February 28, 2025.

For the six months ended April 30, 2025, the Funds' service providers waived fees and/or reimbursed expenses for each of the Funds as follows. None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Contractual Waivers** | **Contractual Waivers** | **Contractual Waivers** | **Contractual Waivers** |  |
|  | **Investment** <br>**Advisory Fees**<br>| **Administration** <br>**Fees**<br>| **Service** <br>**Fees**<br>| **Total** | **Contractual** <br>**Reimbursements**<br>|
| Global Allocation Fund | &nbsp;&nbsp; $252 | &nbsp;&nbsp; $168 | &nbsp;&nbsp; $1276 | &nbsp;&nbsp; $1696 | &nbsp;&nbsp; $—<br> (a)<br>|
| Income Builder Fund | &nbsp;&nbsp; 999 | &nbsp;&nbsp; 667 | &nbsp;&nbsp; 8538 | &nbsp;&nbsp; 10204 | &nbsp;&nbsp; 485 |

---

&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 six months ended April 30, 2025 were as follows:

---

| | |
|:---|:---|
| Global Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp; $84 |
| Income Builder Fund | &nbsp;&nbsp;&nbsp;&nbsp; 125 |

---

**G. Other**— Certain officers of the Trust are affiliated with the Adviser, the Administrator and JPMDS. Such officers, with the exception of the Chief Compliance Officer, receive no compensation from the Funds for serving in their respective roles.

The Board designated and appointed a Chief Compliance Officer to the Funds pursuant to Rule 38a-1 under the 1940 Act. Each Fund, along with affiliated funds, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the office of the Chief Compliance Officer. Such fees are included in Trustees' and Chief Compliance Officer's fees on the Statements of Operations.

The Trust adopted a Trustee Deferred Compensation Plan (the "Plan") which allows the independent Trustees to defer the receipt of all or a portion of compensation related to performance of their duties as Trustees. The deferred fees are invested in various J.P. Morgan Funds until distribution in accordance with the Plan.

During the six months ended April 30, 2025, the Funds purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.

The SEC has granted an exemptive order permitting the Funds to engage in principal transactions with J.P. Morgan Securities LLC, an affiliated broker, involving taxable money market instruments, subject to certain conditions.

**4. Investment Transactions** 

During the six months ended April 30, 2025, purchases and sales of investments (excluding short-term investments) were as follows:

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

April 30, 2025 J.P. Morgan Funds 127

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**NOTES TO FINANCIAL STATEMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

(Dollar values in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Purchases** <br>**(excluding** <br>**U.S. Government)**<br>| **Sales** <br>**(excluding** <br>**U.S. Government)**<br>| **Purchases** <br>**of U.S.** <br>**Government**<br>| **Sales** <br>**of U.S.** <br>**Government**<br>|
| Global Allocation Fund | $1360264 | $1556796 | $86242 | $34054 |
| Income Builder Fund | 4078387 | 4570375 | 107826 | 95699 |

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**5. Federal Income Tax Matters** 

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at April 30, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Aggregate** <br>**Cost**<br>| &nbsp;&nbsp;&nbsp; **Gross** <br>**Unrealized** <br>**Appreciation**<br>| &nbsp;&nbsp;&nbsp; **Gross** <br>**Unrealized** <br>**Depreciation**<br>| &nbsp;&nbsp;&nbsp; **Net Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| Global Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp; $2456822 | &nbsp;&nbsp;&nbsp;&nbsp; $347576 | &nbsp;&nbsp;&nbsp;&nbsp; $69752 | &nbsp;&nbsp;&nbsp;&nbsp; $277824 |
| Income Builder Fund | &nbsp;&nbsp;&nbsp;&nbsp; 7760641 | &nbsp;&nbsp;&nbsp;&nbsp; 654970 | &nbsp;&nbsp;&nbsp;&nbsp; 331270 | &nbsp;&nbsp;&nbsp;&nbsp; 323700 |

---

At October 31, 2024, 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** |
| Global Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp; $18145 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Income Builder Fund | &nbsp;&nbsp;&nbsp;&nbsp; 358924 | &nbsp;&nbsp;&nbsp;&nbsp; 337761 |

---

During the year ended October 31, 2024, the following Fund utilized capital loss carryforwards as follows:

---

| | | |
|:---|:---|:---|
|  | **Capital Loss Utilized**  | **Capital Loss Utilized**  |
|  | **Short-Term** | **Long-Term** |
| Global Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp; $210679 | &nbsp;&nbsp;&nbsp;&nbsp; $108622 |
| Income Builder Fund | &nbsp;&nbsp;&nbsp;&nbsp; 93945 | &nbsp;&nbsp;&nbsp;&nbsp; 201693 |

---

**6. Borrowings** 

The Funds rely upon an exemptive order granted by the SEC (the "Order") permitting the establishment and operation of an Interfund Lending Facility (the "Facility"). The Facility allows the Funds to directly lend and borrow money to or from any other fund relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund's borrowing restrictions. The interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. The Order was granted to JPM II and may be relied upon by the Funds because the Funds and the series of JPM II are all investment companies in the same "group of investment companies" (as defined in Section 12(d)(1)(G) of the 1940 Act).

The Funds had no borrowings outstanding from another fund, or loans outstanding to another fund, during the six months ended April 30, 2025.

The Trust and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the 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 28, 2025.

The Funds had no borrowings outstanding from the unsecured, uncommitted credit facility during the six months ended April 30, 2025.

The Trust, along with certain other trusts for J.P. Morgan Funds ("Borrowers"), have entered into a joint syndicated senior unsecured revolving credit facility totaling $1.5 billion ("Credit Facility") with various lenders and The Bank of New York Mellon, as administrative agent for the lenders. This Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Under the terms of the Credit Facility, a borrowing fund must have a minimum of $25 million in adjusted NAV and not exceed certain adjusted net asset coverage ratios prior to and during the time in which any borrowings are outstanding. If a fund does not comply with the aforementioned requirements, the fund must remediate within three business days with respect to

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

128 J.P. Morgan Funds April 30, 2025

------

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 6, 2024, 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 six months ended April 30, 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 April 30, 2025, the Funds had individual shareholder and/or affiliated omnibus accounts each owning more than 10% of the respective Fund's outstanding shares as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Number of** <br>**Individual Shareholder** <br>**and/or Affiliated** <br>**Omnibus Accounts**<br>| **% of the Fund** | &nbsp;&nbsp; **Number of** <br>**Individual Shareholder** <br>**and/or Non-Affiliated** <br>**Omnibus Accounts**<br>| **% of the Fund** |
| Global Allocation Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp; 44.7<br> %<br>|
| Income Builder Fund | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;15.5 | &nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;37.8 |

---

Significant shareholder transactions by these shareholders may impact the Funds' performance and liquidity.

The Funds are subject to interest rate risk. Investments in bonds and other debt securities will change in value based on changes in interest rates. If rates increase, the value of these investments generally declines. Securities with greater interest rate sensitivity and longer maturities generally are subject to greater fluctuations in value. The Funds may invest in variable and floating rate loans and other variable and floating rate securities. Although these investments are generally less sensitive to interest rate changes than fixed rate instruments, the value of variable and floating rate securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates. The Funds may face a heightened level of interest rate risk due to certain changes in monetary policy. It is difficult to accurately predict the pace at which central banks or monetary authorities may change interest rates or the timing, frequency, or magnitude of such changes, and the evaluation of macro-economic and other conditions could cause a change in approach in the future. Any such changes could be sudden and could expose debt markets to significant volatility and reduced liquidity for Fund investments.

The Funds are subject to credit risk. The Funds' investments are subject to the risk that an issuer and/or a counterparty will not make payments when due or default completely. Prices of the Funds' investments may be adversely affected if any of the issuers or counterparties it is invested in are subject to an actual or perceived deterioration in their credit quality. Credit spreads may increase, which may reduce the market values of the Funds' securities. Credit spread risk is the risk that economic and market conditions or any actual or perceived credit deterioration may lead to an increase in the credit spreads (i.e. the difference in yield between two securities of similar maturity but different credit quality) and a decline in price of the issuer's securities.

The Funds invest in high yield securities that are not rated or rated below investment grade (commonly known as "junk bonds"). These securities are considered to be high risk investments. Investments in lower-rated securities or unrated securities of comparable quality tend to be more sensitive to economic conditions than higher rated securities. Junk bonds involve a greater risk of default by the issuer because such securities are generally unsecured and are often subordinated to other creditors' claims. The market price of these securities can change suddenly and unexpectedly. As a result, the Funds are intended for investors who are able and willing to assume a high degree of risk.

Global Allocation Fund may have elements of risk not typically associated with investments in the United States of America due to concentrated investments in a limited number of foreign countries or regions, which may vary throughout the period. Such concentrations may subject the Fund to additional risks resulting from political or economic conditions in such countries or regions and the possible imposition of adverse governmental laws or currency exchange restrictions could cause the securities and their markets to be less liquid and their prices to be more volatile than those of comparable U.S. securities.

As of April 30, 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

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

April 30, 2025 J.P. Morgan Funds 129

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

(Dollar values in thousands)

derivative counterparty will not fulfill its contractual obligations), including credit risk of the derivative counterparty. The possible lack of a liquid secondary market for derivatives and the resulting inability of the Funds to sell or otherwise close a derivatives position could expose the Funds to losses and could make derivatives more difficult for the Funds to value accurately. Certain derivatives are synthetic instruments that attempt to replicate the performance of certain reference assets. With regard to such derivatives, the Funds do not have a claim on the reference assets and is subject to enhanced counterparty risk. Derivatives may not perform as expected, so the Funds may not realize the intended benefits. When used for hedging, the change in value of a derivative may not correlate as expected with the security or other risk being hedged. In addition, given their complexity, derivatives expose the Funds to risks of mispricing or improper valuation.

The Funds are subject to counterparty credit risk, which is the risk that a counterparty fails to perform on agreements with the Funds.

The Funds invest in foreign issuers and foreign securities (including depositary receipts) that are subject to additional risks, including political and economic risks, unstable governments, civil conflicts and war, greater volatility, decreased market liquidity, expropriation and nationalization risks, sanctions or other measures by the United States or other governments, currency fluctuations, higher transaction costs, delayed settlement, possible foreign controls on investment and less stringent investor protection and disclosure standards of foreign markets. In certain markets where securities and other instruments are not traded "delivery versus payment," a Fund may not receive timely payment for securities or other instruments it has delivered or receive delivery of securities paid for and may be subject to increased risk that the counterparty will fail to make payments or delivery when due or default completely. Foreign market trading hours, clearance and settlement procedures, and holiday schedules may limit Fund's ability to buy and sell securities.

Events and evolving conditions in certain economies or markets may alter the risks associated with investments tied to countries or regions that historically were perceived as comparatively stable becoming riskier and more volatile.

Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in a Fund's underlying index or 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;

130 J.P. Morgan Funds April 30, 2025

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THIS PAGE IS INTENTIONALLY LEFT BLANK

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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.

![](g935058img17e94a8a1.jpg)

------

![](g935058img632b9adf2.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. April 2025.

SAN-IB-GAL-425

------

**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**

Not applicable.

------

Semi-Annual Financial Statements

J.P. Morgan Tax Aware Fund

April 30, 2025 (Unaudited)

JPMorgan Tax Aware Real Return Fund<br>

![](g936264img8f3061cb1.jpg)

------

**CONTENTS** 

---

| | |
|:---|:---|
| [Schedule of Portfolio Investments](#xx_424633a8-8d1e-4f79-9d8d-5a4fe46be7a5_SOI-TOC-ScheduleofInvestments-771_1) | &nbsp;&nbsp; **1** |
| [Financial Statements](#xx_424633a8-8d1e-4f79-9d8d-5a4fe46be7a5_FS-TOC-FinancialStatement-771_1) | &nbsp;&nbsp; **12** |
| [Financial Highlights](#xx_424633a8-8d1e-4f79-9d8d-5a4fe46be7a5_FIHI-TOC-FinancialHighlights-771_1) | &nbsp;&nbsp; **18** |
| [Notes to Financial Statements](#xx_424633a8-8d1e-4f79-9d8d-5a4fe46be7a5_NTF-NTFRunningFooter-771_1) | &nbsp;&nbsp; **20** |

---

**Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money if you sell when the Fund's share price is lower than when you invested.**

Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of the Fund or the securities markets.

Prospective investors should refer to the Fund's prospectuses for a discussion of the Fund's investment objectives, strategies and risks. Call J.P. Morgan Funds Service Center at 1-800-480-4111 for a prospectus containing more complete information about the Fund, including management fees and other expenses. Please read it carefully before investing.

------

JPMorgan Tax Aware Real Return Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>| **VALUE** <br>**($000)**<br>|
| **Municipal Bonds — 92.8%** (a) | **Municipal Bonds — 92.8%** (a) | **Municipal Bonds — 92.8%** (a) |
| **Alabama — 1.7%** | **Alabama — 1.7%** | **Alabama — 1.7%** |
| Black Belt Energy Gas District, Gas Project |  |  |
| Series 2022C-1, Rev., 5.25%, 12/1/2028 | 1275 | 1331 |
| Series 2024D, Rev., 5.00%, 11/1/2034 (b) | 3500 | 3687 |
| County of Jefferson sewer Series 2024, Rev., 5.00%, <br> 10/1/2038<br>| 2000 | 2107 |
| Mobile County Industrial Development Authority, <br> Calvert LLC Project Series 2024B, Rev., AMT, <br> 4.75%, 12/1/2054<br>| 1000 | 911 |
| Selma Industrial Development Board, International <br> Paper Co. Projects Series 2019A, Rev., 3.45%, <br> 10/1/2031 (b)<br>| 1000 | 974 |
| Southeast Energy Authority A Cooperative District, <br> Project No. 3 Series 2022A-1, Rev., 5.50%, <br> 12/1/2029 (b)<br>| 1000 | 1060 |
| Total Alabama |  | 10070 |
| **Alaska — 0.2%** | **Alaska — 0.2%** | **Alaska — 0.2%** |
| Northern Tobacco Securitization Corp., Tobacco <br> Settlement Asset-Backed Senior Capital <br> Appreciation<br>|  |  |
| Series 2021B-1, Rev., 4.00%, 6/1/2050 | 1000 | 950 |
| Series 2021B-2, Rev., Zero Coupon, 6/1/2066 | 3000 | 379 |
| Total Alaska |  | 1329 |
| **Arizona — 3.5%** | **Arizona — 3.5%** | **Arizona — 3.5%** |
| Arizona Board of Regents, Stimulus Plan For Economic <br> and Educational Development Series 2024, Rev., <br> 5.00%, 8/1/2043<br>| 1060 | 1113 |
| Arizona Industrial Development Authority, Academic <br> of Math and Science Projects<br>|  |  |
| Rev., 5.00%, 7/1/2038 (c) | 250 | 247 |
| Rev., 5.25%, 7/1/2043 (c) | 250 | 247 |
| Arizona Industrial Development Authority, Equitable <br> School Revolving Fund LLC Series 2024A, Rev., <br> 5.00%, 11/1/2029<br>| 1000 | 1050 |
| City of Lake Havasu City Wastewater System, Senior <br> Lien, GO, 5.00%, 7/1/2038<br>| 1200 | 1321 |
| City of Mesa Utility System, Rev., AGC, 5.00%, <br> 7/1/2035 (d)<br>| 1500 | 1681 |
| City of Phoenix Civic Improvement Corp., Senior Lien, <br> Rev., AMT, 5.00%, 7/1/2030<br>| 1475 | 1524 |
| Industrial Development Authority of the County of <br> Pima (The), La Posada at Pusch Ridge Project <br> Series 2022B-3, Rev., 5.13%, 11/15/2029 (c)<br>| 500 | 500 |
| Maricopa County Industrial Development Authority, <br> Valley Christian School Project Series 2023A, Rev., <br> 6.25%, 7/1/2053 (c)<br>| 1900 | 1840 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Arizona — continued** | **Arizona — continued** | **Arizona — continued** |
| Maricopa County Unified School District No. 60 Higley |  |  |
| COP, AGM, 5.00%, 6/1/2037 | 170 | 181 |
| COP, AGM, 5.00%, 6/1/2038 | 250 | 265 |
| Maricopa County Union High School District No. 216 <br> Agua Fria, Project of 2023 and 2024, GO, 5.00%, <br> 7/1/2038<br>| 1275 | 1387 |
| Pinal County Electric District No. 3, Rev., 4.00%, <br> 7/1/2034<br>| 150 | 150 |
| Salt River Project Agricultural Improvement and Power <br> District Series 2023A, Rev., 5.00%, 1/1/2047<br>| 2000 | 2087 |
| Salt Verde Financial Corp. Series 2007-1, Rev., <br> 5.00%, 12/1/2032<br>| 5670 | 5960 |
| Town of Queen Creek Excise Tax, Rev., 5.00%, <br> 8/1/2054<br>| 1000 | 1031 |
| Total Arizona |  | 20584 |
| **Arkansas — 0.2%** | **Arkansas — 0.2%** | **Arkansas — 0.2%** |
| City of Fort Smith, Water and Sewer, Rev., 5.00%, <br> 10/1/2027<br>| 1305 | 1353 |
| **California — 4.6%** | **California — 4.6%** | **California — 4.6%** |
| California Community Choice Financing Authority, <br> Clean Energy Project<br>|  |  |
| Series 2021B-1, Rev., 4.00%, 8/1/2031 (b) | 4400 | 4350 |
| Series 2024G, Rev., 5.00%, 8/1/2032 (b) | 1000 | 1030 |
| Series 2024H, Rev., 5.00%, 8/1/2033 (b) | 1500 | 1605 |
| California County Tobacco Securitization Agency Series <br> 2006A, Rev., Zero Coupon, 6/1/2046<br>| 2000 | 472 |
| California Health Facilities Financing Authority, <br> Adventist Health System Series 2024A, Rev., <br> 5.00%, 12/1/2034<br>| 1250 | 1322 |
| California Health Facilities Financing Authority, PIH <br> Health Series 2020A, Rev., 4.00%, 6/1/2050<br>| 1000 | 833 |
| California Infrastructure and Economic Development <br> Bank, Brightline West Passenger Rail Project Series <br> 2025A, Rev., AMT, 9.50%, 1/1/2035 (b) (c)<br>| 4000 | 3861 |
| California Municipal Finance Authority Series 2021A, <br> Rev., AMT, 3.75%, 10/1/2025 (b)<br>| 1000 | 998 |
| California Pollution Control Financing Authority, <br> Poseidon Resources Channelside LP Desalination <br> Project, Rev., AMT, 5.00%, 7/1/2036 (c)<br>| 500 | 521 |
| California Public Finance Authority, Senior Living The <br> James Series 2024A, Rev., 6.50%, 6/1/2054 (c)<br>| 1000 | 934 |
| California Statewide Communities Development <br> Authority, Southern California Edison Co. Series <br> 2006C, Rev., 4.50%, 11/1/2033<br>| 1100 | 1110 |
| Desert Sands Unified School District, Election of 2024, <br> GO, 4.00%, 8/1/2050<br>| 1000 | 933 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Tax Aware Fund 1

------

JPMorgan Tax Aware Real Return Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **California — continued** | **California — continued** | **California — continued** |
| Golden State Tobacco Securitization Corp., Enhanced <br> Tobacco Settlement Series 2021B-2, Rev., Zero <br> Coupon, 6/1/2066<br>| 10500 | 1126 |
| Golden State Tobacco Securitization Corp., Tobacco <br> Settlement Asset-Backed Bonds Series 2015A, Rev., <br> 5.00%, 6/1/2025 (e)<br>| 4950 | 4957 |
| Los Angeles Department of Water and Power Series <br> 2024C, Rev., 5.00%, 7/1/2026<br>| 1000 | 1015 |
| Los Angeles Department of Water and Power Water <br> System Series 2017A, Rev., 4.00%, 7/1/2047<br>| 500 | 461 |
| San Joaquin Valley Clean Energy Authority Series <br> 2025A, Rev., 5.50%, 7/1/2035 (b)<br>| 1000 | 1098 |
| Vista Unified School District Series 2022B, GO, <br> 5.00%, 8/1/2033<br>| 365 | 409 |
| Total California |  | 27035 |
| **Colorado — 2.0%** | **Colorado — 2.0%** | **Colorado — 2.0%** |
| Boulder Valley School District No. Re-2 Boulder, GO, <br> 4.13%, 12/1/2046<br>| 1660 | 1573 |
| City and County of Denver, Airport System |  |  |
| Series 2022D, Rev., AMT, 5.50%, 11/15/2032 | 2250 | 2528 |
| Series 2022A, Rev., AMT, 5.50%, 11/15/2042 | 2500 | 2667 |
| Series 2018A, Rev., AMT, 4.00%, 12/1/2043 | 1000 | 903 |
| Colorado Health Facilities Authority, Adventist Health <br> System Series 2024A-1, Rev., 5.00%, <br> 11/15/2029 (b)<br>| 1000 | 1060 |
| Colorado Health Facilities Authority, Covenant Living <br> Communities and Services Series 2025A, Rev., <br> 5.00%, 12/1/2029<br>| 1000 | 1057 |
| Dominion Water and Sanitation District, Rev., 5.25%, <br> 12/1/2032<br>| 500 | 501 |
| Jefferson County School District R-1, GO, 5.00%, <br> 12/15/2035<br>| 515 | 533 |
| Third Creek Metropolitan District No. 1, Limited Tax <br> Series 2022A-1, GO, 4.50%, 12/1/2037<br>| 825 | 699 |
| Total Colorado |  | 11521 |
| **Connecticut — 0.7%** | **Connecticut — 0.7%** | **Connecticut — 0.7%** |
| State of Connecticut, Special Tax Transportation <br> Infrastructure Purposes<br>|  |  |
| Series 2022A, Rev., 5.00%, 7/1/2031 | 1250 | 1376 |
| Series 2022B, Rev., 5.00%, 7/1/2031 | 2500 | 2752 |
| Total Connecticut |  | 4128 |
| **District of Columbia — 0.1%** | **District of Columbia — 0.1%** | **District of Columbia — 0.1%** |
| Metropolitan Washington Airports Authority Dulles Toll <br> Road Series 2019A, Rev., 5.00%, 10/1/2036<br>| 270 | 280 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Florida — 3.0%** | **Florida — 3.0%** | **Florida — 3.0%** |
| City of Jacksonville |  |  |
| Series 2024, Rev., 5.00%, 10/1/2027 | 1000 | 1043 |
| Series 2024, Rev., 5.00%, 10/1/2030 | 1460 | 1588 |
| City of Melbourne Water and Sewer Series 2023, Rev., <br> 5.00%, 11/15/2039<br>| 2355 | 2524 |
| County of Miami-Dade Water and Sewer System Series <br> 2024A, Rev., 5.25%, 10/1/2054<br>| 1000 | 1043 |
| Florida Development Finance Corp., Brightline Florida <br> Passenger Rail Project Series 2024, Rev., AMT, <br> 5.50%, 7/1/2053<br>| 500 | 500 |
| Florida Development Finance Corp., GFL Solid Waste <br> Southeast LLC Project Series 2024A, Rev., AMT, <br> 4.38%, 10/1/2031 (b) (c)<br>| 1000 | 993 |
| Florida Development Finance Corp., Idea Florida, Inc., <br> Jacksonville IV Project, Rev., 5.25%, <br> 6/15/2029 (c)<br>| 100 | 99 |
| Hillsborough County Industrial Development Authority, <br> Baycare Health System Series 2024E, Rev., VRDO, <br> LIQ : Royal Bank of Canada, 1.50%, 5/1/2025 (b)<br>| 1000 | 1000 |
| JEA Electric System Series 2017B, Rev., 5.00%, <br> 10/1/2031<br>| 4000 | 4138 |
| Lee County School Board (The) Series 2023A, COP, <br> 5.00%, 8/1/2042<br>| 1000 | 1041 |
| Orange County Health Facilities Authority, Orlando <br> Health Obligated Group Series 2025A, Rev., <br> 5.25%, 10/1/2056<br>| 1000 | 1024 |
| Palm Beach County Health Facilities Authority, Acts <br> Retirement Life Communities, Inc., Obligated Group <br> Series 2025B, Rev., 5.00%, 11/15/2049<br>| 1750 | 1717 |
| Palm Beach County School District Series 2023A, COP, <br> 5.00%, 8/1/2036<br>| 1000 | 1085 |
| Total Florida |  | 17795 |
| **Georgia — 3.6%** | **Georgia — 3.6%** | **Georgia — 3.6%** |
| City of Atlanta Series 2021B, Rev., 4.00%, 7/1/2040 | 1850 | 1792 |
| Development Authority of Burke County (The), <br> Georgia Power Co. Plant Vogtle Project Series <br> 2013-1, Rev., 3.38%, 3/12/2027 (b)<br>| 500 | 496 |
| Development Authority of Monroe County (The), <br> Georgia Power Co. Plant Scherer Project Series <br> 2009-2, Rev., 3.88%, 3/6/2026 (b)<br>| 1250 | 1252 |
| Gainesville and Hall County Hospital Authority, <br> Northeast Georgia Health System, Inc., Project, <br> Rev., RAN, 5.00%, 10/15/2030<br>| 1000 | 1079 |
| Main Street Natural Gas, Inc., Gas Supply |  |  |
| Series 2023B, Rev., 5.00%, 3/1/2030 (b) | 1000 | 1042 |
| Series 2023A, Rev., 5.00%, 6/1/2030 (b) | 1300 | 1345 |
| Series 2024D, Rev., 5.00%, 4/1/2031 (b) | 2000 | 2101 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

2 J.P. Morgan Tax Aware Fund April 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Georgia — continued** | **Georgia — continued** | **Georgia — continued** |
| Series 2023E, Subseries E-1, Rev., 5.00%, <br> 6/1/2031 (b)<br>| 3445 | 3612 |
| Municipal Electric Authority of Georgia Project Series <br> 2024A, Rev., 5.25%, 1/1/2044<br>| 1200 | 1282 |
| Municipal Electric Authority of Georgia, Plant Vogtle <br> Units 3 & 4 Project<br>|  |  |
| Series 2019A, Rev., 5.00%, 1/1/2049 | 1000 | 991 |
| Series 2019A, Rev., 5.00%, 1/1/2049 | 1000 | 1000 |
| Rome Building Authority, Rome City School Project |  |  |
| Series 2023, Rev., 5.00%, 3/1/2037 | 600 | 656 |
| Series 2023, Rev., 5.00%, 3/1/2038 | 1375 | 1493 |
| Series 2023, Rev., 5.00%, 3/1/2039 | 185 | 200 |
| Roswell Development Authority, Wellsatar Healthcare, <br> Inc. Series 2025A, Rev., VRDO, LOC : TRUIST BANK, <br> 1.50%, 5/1/2025 (b)<br>| 3000 | 3000 |
| Total Georgia |  | 21341 |
| **Idaho — 0.3%** | **Idaho — 0.3%** | **Idaho — 0.3%** |
| Idaho Health Facilities Authority, St. Luke's Health <br> System Project Series 2025C, Rev., 5.00%, <br> 3/1/2035 (b)<br>| 1500 | 1630 |
| **Illinois — 4.7%** | **Illinois — 4.7%** | **Illinois — 4.7%** |
| Chicago Midway International Airport, Senior Lien <br> Series 2023A, Rev., AMT, 5.00%, 1/1/2030<br>| 4000 | 4201 |
| Chicago O'Hare International Airport, General Airport, <br> Senior Lien Series 2024D, Rev., 5.00%, 1/1/2026<br>| 1000 | 1010 |
| Chicago O'Hare International Airport, Senior Lien <br> Series 2023A, Rev., AMT, 5.00%, 1/1/2033<br>| 4310 | 4603 |
| City of Chicago Waterworks, Second Lien Series 2001, <br> Rev., AMBAC, 5.75%, 11/1/2030<br>| 1500 | 1591 |
| Cook County Community Consolidated School District <br> No. 15 Palatine, GO, 5.00%, 12/1/2038<br>| 205 | 217 |
| Illinois Finance Authority, Northwestern Memorial <br> Healthcare Series 2021B, Rev., VRDO, LIQ : Royal <br> Bank of Canada, 1.45%, 5/1/2025 (b)<br>| 500 | 500 |
| Illinois Housing Development Authority |  |  |
| Series 2024A, Rev., GNMA / FNMA / FHLMC, <br> 6.00%, 10/1/2054<br>| 955 | 1022 |
| Series 2025A, Rev., GNMA / FNMA / FHLMC, <br> 6.25%, 10/1/2055<br>| 1000 | 1114 |
| State of Illinois |  |  |
| Series 2017D, GO, 5.00%, 11/1/2025 | 5000 | 5039 |
| Series 2022A, GO, 5.00%, 3/1/2033 | 6000 | 6388 |
| Series 2024B, GO, 5.25%, 5/1/2047 | 1000 | 1018 |
| Series 2024B, GO, 5.25%, 5/1/2048 | 1000 | 1016 |
| Total Illinois |  | 27719 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Indiana — 1.4%** | **Indiana — 1.4%** | **Indiana — 1.4%** |
| City of Valparaiso, Green Oaks of Valparaiso Project, <br> Rev., 5.38%, 12/1/2041 (c)<br>| 200 | 175 |
| Fort Wayne Redevelopment Authority Lease Rental, <br> Harrison Square Project, Rev., 5.00%, 2/1/2026<br>| 1000 | 1001 |
| Greater Clark County School Building Corp. Series <br> 2024A, Rev., 5.00%, 7/15/2026<br>| 700 | 716 |
| Indiana Finance Authority, CHF- Tippecanoe LLC- <br> Student Housing Project Series 2023A, Rev., <br> 5.00%, 6/1/2043<br>| 425 | 426 |
| Indiana Finance Authority, Indiana University Health <br> Obligated Group Series 2023B1, Rev., 5.00%, <br> 7/1/2028 (b)<br>| 2245 | 2338 |
| Indiana Housing and Community Development <br> Authority, Vita of New Whiteland Project, Rev., <br> 6.75%, 1/1/2043<br>| 2000 | 1948 |
| Indianapolis Local Public Improvement Bond Bank <br> Series 2024E, Rev., 5.00%, 2/1/2028<br>| 1600 | 1673 |
| Total Indiana |  | 8277 |
| **Iowa — 0.2%** | **Iowa — 0.2%** | **Iowa — 0.2%** |
| Iowa Tobacco Settlement Authority, Subordinate <br> Senior Capital Appreciation Asset Backed Series <br> 2021-B-2, Class 2, Rev., Zero Coupon, 6/1/2065<br>| 9250 | 1359 |
| **Kansas — 0.0% ^** | **Kansas — 0.0% ^** | **Kansas — 0.0% ^** |
| City of Wichita Water and Sewer Utility Series 2016B, <br> Rev., 4.00%, 10/1/2026<br>| 125 | 127 |
| **Kentucky — 0.5%** | **Kentucky — 0.5%** | **Kentucky — 0.5%** |
| County of Boone, Duke Energy Kentucky, Inc. Series <br> 2008A, Rev., 3.70%, 8/1/2027<br>| 740 | 739 |
| Kentucky State Property and Building Commission, <br> Project No. 131 Series A, Rev., 5.00%, 10/1/2029<br>| 1000 | 1070 |
| Kentucky State Property and Building Commission, <br> Project No. 132 Series A, Rev., 5.00%, 4/1/2031<br>| 1000 | 1090 |
| Total Kentucky |  | 2899 |
| **Louisiana — 2.5%** | **Louisiana — 2.5%** | **Louisiana — 2.5%** |
| Parish of St. John the Baptist, Marathon Oil Corp., <br> Project Series 2017A-1, Rev., 4.05%, <br> 7/1/2026 (b)<br>| 5500 | 5511 |
| State of Louisiana Gasoline and Fuels Tax Series A, <br> Rev., 4.50%, 5/1/2025 (e)<br>| 8000 | 8000 |
| State of Louisiana Gasoline and Fuels Tax, Second Lien <br> Series 2025A, Rev., 5.00%, 5/1/2039<br>| 1000 | 1083 |
| Total Louisiana |  | 14594 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Tax Aware Fund 3

------

JPMorgan Tax Aware Real Return Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Maine — 0.2%** | **Maine — 0.2%** | **Maine — 0.2%** |
| Maine Health and Higher Educational Facilities <br> Authority Series 2023A, Rev., AGM, 5.00%, <br> 7/1/2026<br>| 200 | 204 |
| Maine Municipal Bond Bank Series 2025A, Rev., <br> 5.00%, 11/1/2032 (d)<br>| 1000 | 1110 |
| Total Maine |  | 1314 |
| **Maryland — 0.4%** | **Maryland — 0.4%** | **Maryland — 0.4%** |
| County of Montgomery Series 2022A, GO, 5.00%, <br> 8/1/2026<br>| 1020 | 1046 |
| Maryland Stadium Authority, Built to Learn, Rev., <br> 5.00%, 6/1/2054<br>| 1000 | 1015 |
| Total Maryland |  | 2061 |
| **Massachusetts — 3.3%** | **Massachusetts — 3.3%** | **Massachusetts — 3.3%** |
| Commonwealth of Massachusetts Series 2025A, GO, <br> 5.00%, 4/1/2046 (d)<br>| 1000 | 1052 |
| Commonwealth of Massachusetts Transportation Fund <br> Series 2015A, Rev., 5.00%, 6/1/2028<br>| 1000 | 1001 |
| Commonwealth of Massachusetts, Consolidated Loan <br> of 2018 Series 2018B, GO, 5.00%, 1/1/2030<br>| 1415 | 1480 |
| Commonwealth of Massachusetts, Consolidated Loan <br> of 2022 Series 2022E, GO, 5.00%, 11/1/2049<br>| 3030 | 3118 |
| Massachusetts Development Finance Agency, Boston <br> Medical Center Issue Series 2025W, Rev., 4.25%, <br> 7/1/2055<br>| 1000 | 944 |
| Massachusetts Development Finance Agency, <br> Children's Hospital Corp Obligated Group Series <br> 2024U-1, Rev., VRDO, LOC : TD Bank NA, 1.50%, <br> 5/1/2025 (b)<br>| 10000 | 10000 |
| Massachusetts Development Finance Agency, Lasell <br> Village, Inc. Issue, Rev., 5.00%, 7/1/2029 (d)<br>| 1000 | 1044 |
| Massachusetts Water Resources Authority, Green Bond <br> Series 2016C, Rev., 4.00%, 8/1/2040<br>| 1000 | 966 |
| Total Massachusetts |  | 19605 |
| **Michigan — 0.3%** | **Michigan — 0.3%** | **Michigan — 0.3%** |
| City of Detroit, Unlimited Tax Series 2021A, GO, <br> 5.00%, 4/1/2037<br>| 400 | 416 |
| Michigan State Hospital Finance Authority, Corewell <br> Health Series 2025B-2, Rev., 5.00%, <br> 5/7/2025 (b) (d)<br>| 1000 | 1075 |
| Michigan Strategic Fund, Graphic Packaging <br> International, LLC Coated Recycled Board Machine <br> Project, Rev., AMT, 4.00%, 10/1/2026 (b)<br>| 125 | 125 |
| Total Michigan |  | 1616 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Minnesota — 0.7%** | **Minnesota — 0.7%** | **Minnesota — 0.7%** |
| Chisholm Independent School District No. 695 Series <br> 2023A, GO, Zero Coupon, 2/1/2039<br>| 600 | 323 |
| County of Hennepin Series 2018A, GO, 5.00%, <br> 12/1/2029<br>| 1010 | 1059 |
| Minnesota Higher Education Facilities Authority, <br> University of St. Thomas Series 2022A, Rev., <br> 5.00%, 10/1/2025<br>| 170 | 171 |
| Minnesota Housing Finance Agency, Residential <br> Housing Series 2024O, Rev., GNMA / FNMA / <br> FHLMC, 6.25%, 1/1/2055<br>| 1000 | 1105 |
| Minnesota Municipal Gas Agency Series <br> Subseries,2022A, Rev., LIQ : Royal Bank of Canada, <br> 4.00%, 12/1/2027<br>| 1435 | 1450 |
| Total Minnesota |  | 4108 |
| **Missouri — 1.0%** | **Missouri — 1.0%** | **Missouri — 1.0%** |
| Curators of the University of Missouri (The) Series <br> 2024, Rev., 5.00%, 11/1/2030<br>| 1000 | 1096 |
| Health and Educational Facilities Authority of the State <br> of Missouri, St. Louis University Series 2008B, Rev., <br> VRDO, LOC : Wells Fargo Bank NA, 2.15%, <br> 5/1/2025 (b)<br>| 250 | 250 |
| Kansas City Industrial Development Authority, Historic <br> Northeast Redevelopment Plan Series 2024A-1, <br> Rev., 5.00%, 6/1/2054 (c)<br>| 575 | 523 |
| Missouri Housing Development Commission, Single <br> Family, First Place Homeownership Loan Program <br> Series 2024A, Rev., GNMA / FNMA / FHLMC, <br> 5.75%, 5/1/2055<br>| 935 | 1006 |
| Missouri Joint Municipal Electric Utility Commission, <br> Plum Point Project Series 2024, Rev., 5.00%, <br> 1/1/2028<br>| 1000 | 1044 |
| Missouri State Environmental Improvement and <br> Energy Resources Authority, Union Improvement <br> Co. Project Series 1998C, Rev., 2.75%, 9/1/2033<br>| 1000 | 877 |
| Missouri State Environmental Improvement and <br> Energy Resources Authority, Water Pollution Control <br> and Drinking Water Series 2015B, Rev., 5.00%, <br> 7/1/2026<br>| 1000 | 1003 |
| Total Missouri |  | 5799 |
| **Nebraska — 0.2%** | **Nebraska — 0.2%** | **Nebraska — 0.2%** |
| Nebraska Public Power District Series C, Rev., 5.00%, <br> 1/1/2029<br>| 1040 | 1051 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

4 J.P. Morgan Tax Aware Fund April 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Nevada — 0.4%** | **Nevada — 0.4%** | **Nevada — 0.4%** |
| County of Clark, Nevada Improvement District No. <br> 158, 5.00%, 8/1/2034<br>| 10 | 10 |
| State of Nevada, Capital Improvement and Cultural <br> Affairs Series 2015B, GO, 5.00%, 5/1/2025<br>| 2500 | 2500 |
| Total Nevada |  | 2510 |
| **New Hampshire — 0.2%** | **New Hampshire — 0.2%** | **New Hampshire — 0.2%** |
| New Hampshire Business Finance Authority Series <br> 2025-1, Class A, Rev., 4.17%, 1/20/2041<br>| 1249 | 1186 |
| **New Jersey — 2.2%** | **New Jersey — 2.2%** | **New Jersey — 2.2%** |
| Camden County Improvement Authority (The), <br> Camden Prep High School Project, Rev., 5.00%, <br> 7/15/2042 (c)<br>| 585 | 580 |
| New Jersey Economic Development Authority, School <br> Facilities Construction Series 2023RRR, Rev., <br> 5.00%, 3/1/2026<br>| 4500 | 4563 |
| New Jersey Transportation Trust Fund Authority, <br> Transportation Program<br>|  |  |
| Series 2024AA, Rev., 5.25%, 6/15/2041 | 1000 | 1072 |
| Series 2023BB, Rev., 5.00%, 6/15/2046 | 1250 | 1275 |
| Tobacco Settlement Financing Corp. Series 2018A, <br> Rev., 5.00%, 6/1/2033<br>| 5000 | 5105 |
| Total New Jersey |  | 12595 |
| **New Mexico — 1.0%** | **New Mexico — 1.0%** | **New Mexico — 1.0%** |
| City of Farmington, San Juan Project Series 2010B, <br> Rev., 3.88%, 6/1/2029 (b)<br>| 1250 | 1245 |
| County of Santa Fe, Cresta Ranch Apartments Series <br> 2024, Rev., 3.29%, 6/1/2028 (b)<br>| 2000 | 1984 |
| Loving Municipal School District No. 10 |  |  |
| GO, 5.00%, 9/15/2025 (e) | 300 | 302 |
| GO, 5.00%, 9/15/2025 | 1090 | 1096 |
| GO, 5.00%, 9/15/2026 | 360 | 368 |
| GO, 5.00%, 9/15/2027 | 340 | 353 |
| GO, 5.00%, 9/15/2028 | 300 | 310 |
| Total New Mexico |  | 5658 |
| **New York — 13.2%** | **New York — 13.2%** | **New York — 13.2%** |
| Build NYC Resource Corp., Kipp NYC Public School <br> Facilities - Canal West Project<br>|  |  |
| Rev., 5.00%, 7/1/2030 | 510 | 537 |
| Rev., 5.00%, 7/1/2034 | 210 | 220 |
| Camden Central School District, GO, BAN, 4.50%, <br> 6/26/2025<br>| 1000 | 1001 |
| City of New York, Fiscal Year 2014 Series 2014D-4, <br> GO, VRDO, LOC : TD Bank NA, 1.60%, <br> 5/1/2025 (b)<br>| 2500 | 2500 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **New York — continued** | **New York — continued** | **New York — continued** |
| City of New York, Fiscal Year 2021 |  |  |
| Series 2021F Subseries F-1, GO, 5.00%, 3/1/2036 | 1000 | 1069 |
| Series 2021F, Subseries F-1, GO, 5.00%, <br> 3/1/2037<br>| 2000 | 2127 |
| City of New York, Fiscal Year 2025 Series 2025 F, GO, <br> 5.00%, 8/1/2034<br>| 1250 | 1400 |
| Gloversville Enlarged School District, GO, BAN, 4.50%, <br> 6/26/2025<br>| 1000 | 1001 |
| Hudson Yards Infrastructure Corp., Second Indenture <br> Series 2017A, Rev., 5.00%, 2/15/2031<br>| 1500 | 1537 |
| Long Island Power Authority, Electric System |  |  |
| Series 2024B, Rev., 3.00%, 9/1/2029 (b) | 2500 | 2419 |
| Series 2024B, Rev., 3.00%, 9/1/2031 (b) | 2750 | 2610 |
| Metropolitan Transportation Authority Series C-1, <br> Rev., 5.25%, 11/15/2028<br>| 5000 | 5037 |
| Metropolitan Transportation Authority, Climate Bond <br> Series 2025A, Rev., 5.25%, 11/15/2045<br>| 1000 | 1045 |
| New York City Housing Development Corp., <br> Multi-Family Mortgage, 8 Spruce Street Project, <br> Class F, Rev., 5.25%, 12/15/2031<br>| 1300 | 1315 |
| New York City Municipal Water Finance Authority, <br> Second General Resolution Series 2025BB, Rev., <br> 5.00%, 6/15/2048<br>| 1785 | 1863 |
| New York City Municipal Water Finance Authority, <br> Second Generation, Fiscal Year 2024 Series 2024, <br> Subseries BB-2, Rev., 5.25%, 6/15/2047<br>| 1000 | 1058 |
| New York City Municipal Water Finance Authority, <br> Water and Sewer System, Second General <br> Resolution Series 2009BB-2, Rev., VRDO, LIQ : UBS <br> AG, 1.60%, 5/1/2025 (b)<br>| 500 | 500 |
| New York City Transitional Finance Authority, Future <br> Tax Secured, Fiscal Year 2020 Series 2020B-1, <br> Rev., 5.00%, 11/1/2025<br>| 900 | 908 |
| New York City Transitional Finance Authority, Future <br> Tax Secured, Fiscal Year 2023 Series 2023D, <br> Subseries D-1, Rev., 5.00%, 11/1/2046<br>| 10000 | 10350 |
| New York City Transitional Finance Authority, Future <br> Tax Secured, Fiscal Year 2024<br>|  |  |
| Series 2024C, Rev., 5.25%, 5/1/2050 | 1500 | 1577 |
| Series 2024F, Subseries F-1, Rev., 4.25%, <br> 2/1/2054<br>| 1000 | 922 |
| New York City Transitional Finance Authority, Future <br> Tax Secured, Subordinate, Fiscal Year 2025 Series <br> 2025A, Sub A-1, Rev., 5.00%, 11/1/2037<br>| 3000 | 3298 |
| New York Convention Center Development Corp., <br> Subordinate Lien, Hotel Unit Fee Secured Series B, <br> Rev., AGM - CR, Zero Coupon, 11/15/2049<br>| 8770 | 2437 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Tax Aware Fund 5

------

JPMorgan Tax Aware Real Return Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New York — continued** | **New York — continued** | **New York — continued** |
| New York Liberty Development Corp., Secured by Port <br> Authority Series 1WTC-2021, Rev., 2.75%, <br> 2/15/2044<br>| 1000 | 710 |
| New York Liberty Development Corp., World Trade <br> Centre Series 1WTC-2021, Rev., 2.25%, <br> 2/15/2041<br>| 500 | 347 |
| New York Power Authority Series 2020A, Rev., <br> 4.00%, 11/15/2045<br>| 2250 | 2091 |
| New York State Dormitory Authority, Memorial Sloan <br> Kettering Cancer Center Series 2025 2-B, Rev., <br> 5.00%, 7/1/2032 (b)<br>| 1000 | 1086 |
| New York State Dormitory Authority, Pace University |  |  |
| Series 2024A, Rev., 5.25%, 5/1/2031 | 400 | 432 |
| Series 2024A, Rev., 5.25%, 5/1/2039 | 500 | 534 |
| New York State Dormitory Authority, Personal Income <br> Tax, General Purpose Series 2017A, Rev., 4.00%, <br> 2/15/2034<br>| 1000 | 996 |
| New York State Dormitory Authority, State Personal <br> Income Tax, General Purpose<br>|  |  |
| Series 2021E, Rev., 4.00%, 3/15/2042 | 2000 | 1891 |
| Series 2020A, Rev., 4.00%, 3/15/2047 | 1930 | 1774 |
| New York State Environmental Facilities Corp. |  |  |
| Series 2022B, Rev., 5.00%, 9/15/2031 | 300 | 335 |
| Series 2022B, Rev., 5.00%, 9/15/2032 | 400 | 451 |
| Series 2022B, Rev., 5.00%, 9/15/2033 | 565 | 637 |
| Series 2022B, Rev., 5.00%, 9/15/2036 | 950 | 1052 |
| New York Transportation Development Corp., Delta Air <br> Lines, Inc., LaGuardia Airport Terminals C&D <br> Redevelopment Project<br>|  |  |
| Rev., AMT, 5.00%, 1/1/2028 | 3500 | 3567 |
| Series 2018, Rev., AMT, 5.00%, 1/1/2031 | 1000 | 1013 |
| Series 2023, Rev., AMT, 6.00%, 4/1/2035 | 1000 | 1091 |
| New York Transportation Development Corp., JFK <br> International Airport New Terminal One Project <br> Series 2023, Rev., AMT, AGM, 5.00%, 6/30/2049<br>| 1200 | 1204 |
| Northeastern Clinton Central School District, GO, BAN, <br> 4.50%, 6/26/2025<br>| 1000 | 1001 |
| Onondaga Civic Development Corp., Syracuse <br> University Project, Rev., 4.50%, 12/1/2050<br>| 1000 | 977 |
| Port Authority of New York and New Jersey, <br> Consolidated Series 248, Rev., 5.00%, 1/15/2050<br>| 1000 | 1037 |
| Sherburne Earlville Central School District, GO, BAN, <br> 4.50%, 7/18/2025<br>| 2000 | 2003 |
| Triborough Bridge and Tunnel Authority, MTA Bridges <br> and Tunnels<br>|  |  |
| Series 2024A, SubseriesA-1, Rev., 5.25%, <br> 11/15/2051<br>| 2115 | 2221 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **New York — continued** | **New York — continued** | **New York — continued** |
| Series 2024B, Subseries B-1, Rev., 5.25%, <br> 5/15/2054<br>| 1000 | 1053 |
| Triborough Bridge and Tunnel Authority, MTA Bridges <br> and Tunnels, TBTA Capital Lockbox Series 2025A, <br> Rev., 5.25%, 12/1/2054<br>| 2000 | 2099 |
| Westchester County Local Development Corp., <br> Purchase Senior Learning Community, Inc., Project <br> Series 2021A, Rev., 5.00%, 7/1/2041 (c)<br>| 1000 | 993 |
| Total New York |  | 77326 |
| **North Carolina — 1.9%** | **North Carolina — 1.9%** | **North Carolina — 1.9%** |
| County of Buncombe, Limited Tax, Rev., 5.00%, <br> 6/1/2032<br>| 700 | 778 |
| County of Durham Series 2023A, Rev., 5.00%, <br> 6/1/2026<br>| 1285 | 1314 |
| County of Harnett, Limited Tax |  |  |
| Rev., 5.00%, 4/1/2035 | 545 | 607 |
| Rev., 5.00%, 4/1/2041 | 435 | 464 |
| County of Wake |  |  |
| GO, 5.00%, 4/1/2028 | 1315 | 1392 |
| Series 2025A, Rev., 5.00%, 5/1/2038 | 1000 | 1105 |
| Series 2025A, Rev., 5.00%, 5/1/2039 | 1000 | 1099 |
| Series 2025A, Rev., 5.00%, 5/1/2041 (d) | 1750 | 1894 |
| North Carolina Housing Finance Agency, <br> Homeownership<br>|  |  |
| Series 55-C, Rev., GNMA / FNMA / FHLMC, 3.20%, <br> 1/15/2026 (b)<br>| 1000 | 996 |
| Series 53-A, Rev., GNMA / FNMA / FHLMC, 6.25%, <br> 1/1/2055<br>| 995 | 1073 |
| State of North Carolina, Limited Obligation Series <br> 2017B, Rev., 5.00%, 5/1/2027<br>| 100 | 104 |
| Total North Carolina |  | 10826 |
| **North Dakota — 0.0% ^** | **North Dakota — 0.0% ^** | **North Dakota — 0.0% ^** |
| North Dakota Building Authority Series 2020A, Rev., <br> 5.00%, 12/1/2035<br>| 220 | 233 |
| **Ohio — 3.8%** | **Ohio — 3.8%** | **Ohio — 3.8%** |
| Akron Bath Copley Joint Township Hospital District, <br> Children's Hospital Medical Center of Akron Series <br> 2022A, Rev., 5.00%, 11/15/2029<br>| 650 | 697 |
| Buckeye Tobacco Settlement Financing Authority |  |  |
| Series 2020B-2, Rev., 5.00%, 6/1/2055 | 3000 | 2618 |
| Series 2020B-3, Rev., Zero Coupon, 6/1/2057 | 5655 | 539 |
| Columbus Regional Airport Authority, John Glenn <br> Columbus International Airport<br>|  |  |
| Series 2025A, Rev., AMT, 5.00%, 1/1/2034 | 1500 | 1587 |
| Series 2025A, Rev., AMT, 5.25%, 1/1/2044 | 1000 | 1034 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

6 J.P. Morgan Tax Aware Fund April 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Ohio — continued** | **Ohio — continued** | **Ohio — continued** |
| County of Allen, Hospital Facilities, Bon Secours Mercy <br> Health, Inc. Series 2025A, Rev., 5.00%, <br> 11/1/2040<br>| 1000 | 1045 |
| County of Montgomery, Ohio Health care Facilities <br> Solvita Project Series 2024, Rev., 5.25%, <br> 9/1/2049<br>| 1250 | 1275 |
| County of Warren, Otterbein Homes Obligation Group, <br> Rev., 5.00%, 7/1/2044<br>| 1010 | 995 |
| Hilliard School District, Unlimited Tax, GO, 5.00%, <br> 12/1/2042<br>| 1000 | 1070 |
| Jefferson County Port Authority, JSW Steel USA Ohio, <br> Inc., Project Series 2023, Rev., 5.00%, <br> 12/1/2028 (b) (c)<br>| 2140 | 2152 |
| North Ridgeville City School District |  |  |
| Series 2024, GO, 5.25%, 12/1/2054 | 1000 | 1023 |
| Series 2024, GO, 4.50%, 12/1/2061 | 1335 | 1245 |
| Ohio Air Quality Development Authority, American <br> Electric Power Co. Project Series 2005C, Rev., AMT, <br> 3.70%, 4/1/2028<br>| 1250 | 1230 |
| Ohio Water Development Authority, Water Pollution <br> Control Loan Fund<br>|  |  |
| Series 2024C, Rev., VRDO, LIQ : TD Bank NA, <br> 1.60%, 5/1/2025 (b)<br>| 250 | 250 |
| Series 2023B, Rev., 5.00%, 12/1/2033 | 2000 | 2244 |
| Series 2021A, Rev., 4.00%, 12/1/2041 | 1195 | 1179 |
| Series 2024A, Rev., 5.00%, 12/1/2043 | 1400 | 1487 |
| Port of Greater Cincinnati Development Authority, <br> Duke Energy Convention Center Project Series <br> 2024B, Rev., 5.00%, 12/1/2040<br>| 760 | 799 |
| Total Ohio |  | 22469 |
| **Oklahoma — 1.2%** | **Oklahoma — 1.2%** | **Oklahoma — 1.2%** |
| Oklahoma County Independent School District No. 89 <br> Oklahoma City Series 2025A, GO, 4.00%, <br> 7/1/2028<br>| 1210 | 1241 |
| Oklahoma Housing Finance Agency, Home Ownership <br> Loan Program Series 2025A, Rev., GNMA / FNMA / <br> FHLMC, 6.25%, 9/1/2056<br>| 1000 | 1111 |
| Oklahoma Industries Authority, Oklahoma County <br> Independent School District No. 89 Oklahoma City <br> Series 2024, Rev., 5.00%, 4/1/2032<br>| 1350 | 1471 |
| Oklahoma Turnpike Authority, Turnpike System, <br> Second Senior Series 2017A, Rev., 5.00%, <br> 1/1/2038<br>| 2000 | 2011 |
| Oklahoma Water Resources Board, State Loan <br> Program Series 2023C, Rev., 5.00%, 10/1/2037<br>| 810 | 892 |
| Total Oklahoma |  | 6726 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Oregon — 2.6%** | **Oregon — 2.6%** | **Oregon — 2.6%** |
| City of Portland Sewer System, Second Lien Series <br> 2014B, Rev., 4.00%, 5/5/2025<br>| 2180 | 2180 |
| Multnomah and Clackamas Counties School District <br> No. 10JT Gresham-Barlow Series 2017A, GO, Zero <br> Coupon, 6/15/2035<br>| 2500 | 1598 |
| Oregon State Facilities Authority, Peacehealth Series <br> 2018A, Rev., VRDO, LOC : US Bank NA, 1.60%, <br> 5/1/2025 (b)<br>| 10000 | 10000 |
| Washington and Multnomah Counties School District <br> No. 48J Beaverton Series B, GO, 5.00%, <br> 6/15/2025<br>| 1455 | 1458 |
| Total Oregon |  | 15236 |
| **Pennsylvania — 4.0%** | **Pennsylvania — 4.0%** | **Pennsylvania — 4.0%** |
| Allegheny County Airport Authority, Pittsburgh <br> International Airport Series 2023A, Rev., AMT, <br> AGM, 5.50%, 1/1/2043<br>| 1500 | 1583 |
| Allegheny County Sanitary Authority, Sewer Series <br> 2024, Rev., 5.00%, 12/1/2028<br>| 1000 | 1064 |
| Commonwealth Financing Authority, Tobacco Master <br> Settlement Payment<br>|  |  |
| Rev., 5.00%, 6/1/2025 | 630 | 630 |
| Rev., 5.00%, 6/1/2026 | 380 | 385 |
| Rev., 5.00%, 6/1/2027 | 500 | 512 |
| Rev., 5.00%, 6/1/2028 | 880 | 910 |
| Rev., 5.00%, 6/1/2029 | 380 | 393 |
| Commonwealth of Pennsylvania |  |  |
| Series 2024B, GO, 4.00%, 8/15/2041 | 1695 | 1642 |
| Series 2024-1, GO, 4.00%, 8/15/2043 | 1815 | 1717 |
| Montgomery County Industrial Development Authority, <br> Constellation Energy Generation Series 2023A, <br> Rev., 4.10%, 4/3/2028 (b)<br>| 2900 | 2898 |
| Pennsylvania Economic Development Financing <br> Authority, Junior Guaranteed, Capitol Region <br> Parking System Series 2024B, Rev., GTD, 4.25%, <br> 1/1/2050<br>| 1000 | 940 |
| Pennsylvania Economic Development Financing <br> Authority, The Penndot Major Bridges, Rev., AMT, <br> AGM, 5.00%, 12/31/2057<br>| 1695 | 1651 |
| Pennsylvania Higher Educational Facilities Authority, <br> Thomas Jefferson University Series 2024B-2, Rev., <br> 4.38%, 11/1/2054<br>| 2250 | 1951 |
| Pennsylvania Housing Finance Agency, Single Family <br> Mortgage<br>|  |  |
| Series 2024 -147A, Rev., 6.25%, 10/1/2054 | 1000 | 1092 |
| Series 2024-146A, Rev., 6.25%, 10/1/2054 | 1000 | 1087 |
| Pennsylvania Turnpike Commission Series 2016 A-3, <br> Rev., 5.00%, 12/1/2027<br>| 1445 | 1487 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Tax Aware Fund 7

------

JPMorgan Tax Aware Real Return Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Pennsylvania — continued** | **Pennsylvania — continued** | **Pennsylvania — continued** |
| Pennsylvania Turnpike Commission, Subordinate <br> Series 2024-1, Rev., 5.00%, 6/1/2031<br>| 1285 | 1407 |
| Philadelphia Authority for Industrial Development, <br> Holy Family University, Rev., 5.00%, 9/1/2029<br>| 675 | 696 |
| Philadelphia Gas Works Co., 1998 General Ordinance <br> Series 17B, Rev., 5.00%, 8/1/2026<br>| 1500 | 1532 |
| Total Pennsylvania |  | 23577 |
| **Puerto Rico — 1.2%** | **Puerto Rico — 1.2%** | **Puerto Rico — 1.2%** |
| Commonwealth of Puerto Rico Series 2022A-1, GO, <br> 5.63%, 7/1/2027<br>| 1500 | 1529 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax <br> (Puerto Rico)<br>|  |  |
| Series A-1, Rev., Zero Coupon, 7/1/2029 | 1000 | 842 |
| Series A-1, Rev., 5.00%, 7/1/2058 | 4975 | 4750 |
| Total Puerto Rico |  | 7121 |
| **Rhode Island — 0.6%** | **Rhode Island — 0.6%** | **Rhode Island — 0.6%** |
| Rhode Island Health and Educational Building Corp., <br> Lifespan Obligated Group<br>|  |  |
| Rev., 5.00%, 5/15/2037 | 875 | 923 |
| Rev., 5.00%, 5/15/2041 | 1000 | 1030 |
| Tobacco Settlement Financing Corp. Series B, Rev., <br> 5.00%, 6/1/2050<br>| 1500 | 1500 |
| Total Rhode Island |  | 3453 |
| **South Carolina — 0.8%** | **South Carolina — 0.8%** | **South Carolina — 0.8%** |
| Charleston Educational Excellence Finance Corp., <br> Installment Purchase, Charleston County School <br> District, South Carolina Project Series 2024, Rev., <br> 5.00%, 12/1/2030<br>| 1250 | 1366 |
| Horry County School District Series 2015A, GO, <br> SCSDE, 4.00%, 3/1/2028<br>| 1000 | 1000 |
| South Carolina Public Service Authority |  |  |
| Series 2025A, Rev., 5.00%, 12/1/2044 | 1000 | 1013 |
| Series 2025B, Rev., 5.00%, 12/1/2045 | 1000 | 1009 |
| Total South Carolina |  | 4388 |
| **South Dakota — 0.2%** | **South Dakota — 0.2%** | **South Dakota — 0.2%** |
| South Dakota Housing Development Authority Series <br> 2025A, Rev., GNMA / FNMA / FHLMC, 6.50%, <br> 11/1/2055<br>| 1000 | 1126 |
| **Tennessee — 4.7%** | **Tennessee — 4.7%** | **Tennessee — 4.7%** |
| City of Clarksville Water Sewer and Gas Series 2021A, <br> Rev., 4.00%, 2/1/2051<br>| 2000 | 1803 |
| City of Murfreesboro, GO, 5.00%, 6/1/2029 | 725 | 780 |
| County of Sumner Series 2021, GO, 5.00%, <br> 6/1/2025<br>| 1750 | 1752 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Tennessee — continued** | **Tennessee — continued** | **Tennessee — continued** |
| Knox County Health Educational and Housing Facility <br> Board, University of Tennessee Project Series <br> 2024A-1, Rev., 5.50%, 7/1/2054<br>| 500 | 524 |
| Metropolitan Government Nashville and Davidson <br> County, Health and Educational Facilities Board, <br> Blakeford at Green Hills Series 2020A, Rev., <br> 4.00%, 11/1/2038<br>| 1305 | 1159 |
| Metropolitan Government of Nashville and Davidson <br> County<br>|  |  |
| Series 2024C, GO, 5.00%, 1/1/2040 | 1000 | 1083 |
| Series 2024A, Rev., 5.00%, 5/15/2040 | 1025 | 1106 |
| Metropolitan Nashville Airport Authority (The) |  |  |
| Series 2022B, Rev., AMT, 5.50%, 7/1/2038 | 1500 | 1621 |
| Series 2022B, Rev., AMT, 5.25%, 7/1/2047 | 1400 | 1424 |
| Shelby County Health Educational and Housing <br> Facilities Board, Baptism Memorial Health Obligated <br> Group<br>|  |  |
| Series 2024B, Rev., 5.00%, 9/1/2029 (b) | 1110 | 1154 |
| Series 2024A, Rev., 5.25%, 9/1/2034 | 2960 | 3223 |
| Tennergy Corp., Gas Supply Series 2021A, Rev., <br> 4.00%, 9/1/2028 (b)<br>| 7265 | 7250 |
| Tennessee Energy Acquisition Corp., Gas Project Series <br> 2023A-1, Rev., 5.00%, 5/1/2028 (b)<br>| 4685 | 4805 |
| Total Tennessee |  | 27684 |
| **Texas — 9.6%** | **Texas — 9.6%** | **Texas — 9.6%** |
| Bryan Independent School District, GO, PSF-GTD, <br> 4.00%, 2/15/2032<br>| 1000 | 1025 |
| Central Texas Turnpike System, First Tier Series <br> 2024B, Rev., 5.00%, 5/15/2030 (b)<br>| 1000 | 1037 |
| Central Texas Turnpike System, Second Tier |  |  |
| Series 2024C, Rev., 5.00%, 8/15/2033 | 2000 | 2199 |
| Series 2024C, Rev., 5.00%, 8/15/2034 | 1250 | 1376 |
| City of Houston Airport System, United Airlines, Inc. <br> Terminal Improvement Projects<br>|  |  |
| Series 2020B-2, Rev., AMT, 5.00%, 7/15/2027 | 1000 | 1004 |
| Series 2024B, Rev., AMT, 5.25%, 7/15/2033 | 1500 | 1520 |
| City of Houston, Combined Utility System, Junior Lien <br> Series 2002A, Rev., AGM, 5.75%, 12/1/2032 (e)<br>| 5550 | 6489 |
| City of Killeen |  |  |
| GO, 4.00%, 8/1/2041 | 2455 | 2354 |
| GO, 4.13%, 8/1/2042 | 2555 | 2464 |
| City of Mesquite, Waterworks and Sewer System, Rev., <br> 5.00%, 3/1/2035<br>| 1000 | 1076 |
| City of Round Rock, GO, 5.00%, 8/15/2027 | 1240 | 1294 |
| Collin County Community College District, Rev., <br> 4.00%, 8/15/2042<br>| 3000 | 2858 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

8 J.P. Morgan Tax Aware Fund April 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Texas — continued** | **Texas — continued** | **Texas — continued** |
| County of Fort Bend Toll Road, Senior Lien Series <br> 2024, Rev., AGM, 5.00%, 3/1/2039<br>| 1000 | 1074 |
| County of Tarrant, GO, 5.00%, 7/15/2033 | 500 | 547 |
| Crandall Independent School District, Unlimited Tax, <br> GO, PSF-GTD, 4.25%, 2/1/2053<br>| 500 | 468 |
| Irving Independent School District |  |  |
| Series 2023, GO, PSF-GTD, 5.00%, 2/15/2036 | 2065 | 2242 |
| Series 2023, GO, PSF-GTD, 5.00%, 2/15/2037 | 1000 | 1078 |
| Lower Colorado River Authority, Rev., 5.00%, <br> 5/15/2040<br>| 4000 | 4246 |
| Lower Colorado River Authority, LCRA Transmission <br> Services Corp. Project<br>|  |  |
| Series 2019A, Rev., 5.00%, 5/15/2029 | 1050 | 1120 |
| Series 2021, Rev., 5.00%, 5/15/2029 | 1145 | 1222 |
| Mansfield Independent School District, Unlimited Tax <br> Series 2024, GO, PSF-GTD, 4.00%, 2/15/2054<br>| 1000 | 893 |
| McKinney Independent School District, GO, PSF-GTD, <br> 5.00%, 2/15/2033<br>| 2650 | 2886 |
| Mission Economic Development Corp., Waste <br> Management, Inc. Project Series 2020B, Rev., AMT, <br> 3.75%, 6/2/2025 (b)<br>| 1500 | 1499 |
| New Caney Independent School District Series 2024, <br> GO, PSF-GTD, 4.00%, 2/15/2054<br>| 1000 | 890 |
| North Texas Tollway Authority, First Tier Series <br> 2023A, Rev., 5.00%, 1/1/2026<br>| 1000 | 1012 |
| Pearland Independent School District Series 2017, <br> GO, PSF-GTD, 5.00%, 2/15/2026<br>| 2000 | 2030 |
| Permanent University Fund - University of Texas <br> System Series 2025A, Rev., 5.00%, 7/1/2035<br>| 1000 | 1136 |
| Plano Independent School District, Unlimited Tax, GO, <br> PSF-GTD, 4.00%, 2/15/2043<br>| 1500 | 1432 |
| Round Rock Independent School District Series <br> 2025B, GO, PSF-GTD, 5.00%, 8/1/2039<br>| 1000 | 1094 |
| State of Texas, Transportation Commission Mobility <br> Fund Series 2024, GO, 5.00%, 10/1/2027<br>| 1000 | 1046 |
| Taylor Independent School District, GO, PSF-GTD, <br> 5.00%, 2/15/2026 (e)<br>| 1150 | 1168 |
| Texas Municipal Gas Acquisition and Supply Corp. V <br> Gas supply Series 2024, Rev., 5.00%, <br> 1/1/2034 (b)<br>| 2000 | 2079 |
| Texas Water Development Board, State Water <br> Implementation Fund<br>|  |  |
| Series 2019A, Rev., 5.00%, 10/15/2026 | 1000 | 1030 |
| Series 2018B, Rev., 5.00%, 10/15/2029 | 1000 | 1060 |
| Trinity River Authority, Walker-Calloway System, Rev., <br> 5.00%, 2/1/2031<br>| 220 | 229 |
| Total Texas |  | 56177 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Utah — 0.7%** | **Utah — 0.7%** | **Utah — 0.7%** |
| Intermountain Power Agency, Utah Powe Supply <br> Series 2022A, Rev., 5.00%, 7/1/2037<br>| 2035 | 2137 |
| Utah Charter School Finance Authority, Wallace <br> Stegner Academy Series 2022A, Rev., 5.63%, <br> 6/15/2042 (c)<br>| 805 | 799 |
| Utah Housing Corp., Single Family Mortgage Series <br> 2025A, Rev., GNMA / FNMA / FHLMC, 6.50%, <br> 7/1/2055<br>| 1000 | 1107 |
| Total Utah |  | 4043 |
| **Virginia — 3.0%** | **Virginia — 3.0%** | **Virginia — 3.0%** |
| Henrico County Economic Development Authority, <br> Westminster-Canterbury Corp., Rev., 4.00%, <br> 10/1/2040<br>| 330 | 320 |
| Virginia Public Building Authority |  |  |
| Series 2015A, Rev., 4.00%, 8/1/2031 | 1485 | 1486 |
| Series 2024A, Rev., 5.00%, 8/1/2036 | 4535 | 5059 |
| Virginia Public School Authority, 1997 Resolution <br> Series 2025A, Rev., 5.00%, 8/1/2038 (d)<br>| 2000 | 2216 |
| Virginia Public School Authority, Prince William County <br> Series 2023, Rev., 4.25%, 10/1/2039<br>| 5525 | 5670 |
| Virginia Small Business Financing Authority, <br> Environmental Facilities Pure Salmon Virginia LLC <br> Project, Rev., AMT, 4.00%, 11/20/2025 (b)<br>| 2000 | 2000 |
| Virginia Small Business Financing Authority, Senior <br> Lien, Transform 66 P3 Project, Rev., AMT, 5.00%, <br> 12/31/2056<br>| 1000 | 949 |
| Total Virginia |  | 17700 |
| **Washington — 3.6%** | **Washington — 3.6%** | **Washington — 3.6%** |
| Fircrest Properties, State of Washington Dshs Project, <br> Rev., 5.50%, 6/1/2049<br>| 1500 | 1596 |
| King County School District No. 403 Renton, Unlimited <br> Tax, GO, 4.00%, 12/1/2039<br>| 4610 | 4518 |
| State of Washington Motor Vehicle Fuel Tax Series <br> 2024B, GO, 5.00%, 6/1/2045<br>| 2000 | 2090 |
| State of Washington, Various Purpose |  |  |
| Series R-2022A, GO, 4.00%, 2/1/2036 | 4335 | 4403 |
| Series 2023C, GO, 5.00%, 6/1/2041 | 2000 | 2137 |
| Series 2022C, GO, 5.00%, 2/1/2042 | 2000 | 2100 |
| Series 2025A, GO, 5.00%, 8/1/2046 | 2500 | 2609 |
| Washington State Housing Finance Commission, <br> Rockwood Retirement Communities Project Series <br> 2020A, Rev., 5.00%, 1/1/2041 (c)<br>| 1415 | 1343 |
| Total Washington |  | 20796 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Tax Aware Fund 9

------

JPMorgan Tax Aware Real Return Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Wisconsin — 2.6%** | **Wisconsin — 2.6%** | **Wisconsin — 2.6%** |
| Public Finance Authority, Ascend Leadership Academy <br> Project Series 2021A, Rev., 5.00%, 6/15/2041 (c)<br>| 130 | 110 |
| Public Finance Authority, Astro Texas Land Projects, <br> Rev., 5.00%, 12/15/2036 (c)<br>| 1000 | 972 |
| Public Finance Authority, Eastern Michigan University <br> Student Housing Project Series 2022A-1, Rev., <br> 5.25%, 7/1/2033<br>| 500 | 546 |
| Public Finance Authority, Senior Lien |  |  |
| Rev., AMT, 5.50%, 7/1/2044 | 1000 | 1032 |
| Rev., AMT, 5.75%, 7/1/2049 | 2000 | 2094 |
| State of Wisconsin Series 2021A, GO, 5.00%, <br> 5/1/2036<br>| 1470 | 1530 |
| University of Wisconsin Hospitals and Clinics Series <br> 2024B, Rev., 5.00%, 10/1/2031 (b)<br>| 1000 | 1083 |
| Wisconsin Department of Transportation Series <br> 2017-1, Rev., 5.00%, 7/1/2025<br>| 2000 | 2005 |
| Wisconsin Health and Educational Facilities Authority, <br> Aspirus, Inc., Obligated Group, Rev., 5.25%, <br> 8/15/2050<br>| 1000 | 1043 |
| Wisconsin Health and Educational Facilities Authority, <br> Marquette University, Rev., 5.00%, 10/1/2032<br>| 400 | 422 |
| Wisconsin Health and Educational Facilities Authority, <br> Medical College of Wisconsin, Inc., (The) Series <br> 2008B, Rev., VRDO, LOC : TD Bank NA, 1.60%, <br> 5/1/2025 (b)<br>| 2200 | 2200 |
| Wisconsin Housing and Economic Development <br> Authority Home Ownership<br>|  |  |
| Series 2024A, Rev., GNMA / FNMA / FHLMC, <br> 6.00%, 9/1/2054<br>| 970 | 1041 |
| Series 2024C, Rev., GNMA / FNMA / FHLMC, <br> 6.00%, 3/1/2055<br>| 1000 | 1082 |
| Total Wisconsin |  | 15160 |
| Total Municipal Bonds <br>(Cost $544,674)<br>|  | 543585 |
|  | **SHARES** <br>**(000)**<br>|  |
| **Short-Term Investments — 6.5%** | **Short-Term Investments — 6.5%** | **Short-Term Investments — 6.5%** |
| **Investment Companies — 6.5%** | **Investment Companies — 6.5%** | **Investment Companies — 6.5%** |
| JPMorgan Institutional Tax Free Money Market Fund <br> Class IM Shares, 2.98% (f) (g) <br>(Cost $38,258)<br>| 38256 | 38260 |
| **Total Investments — 99.3%** <br>**(Cost $582,932)**<br>|  | **581845** |
| **Other Assets in Excess of Liabilities — 0.7%** |  | **3948** |
| **NET ASSETS — 100.0%** |  | **585793** |

---

&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** |  |
| AGC | Insured by Assured Guaranty Corp. |
| AGM | Insured by Assured Guaranty Municipal Corp. |
| AMBAC | Insured by American Municipal Bond Assurance Corp. |
| AMT | Alternative Minimum Tax |
| BAN | Bond Anticipation Note |
| COP | Certificate of Participation |
| CR | Custodial Receipts |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Association |
| GNMA | Government National Mortgage Association |
| GO | General Obligation |
| GTD | Guaranteed |
| LIQ | Liquidity Agreement |
| LOC | Letter of Credit |
| MTA | Metropolitan Transportation Authority |
| PSF-GTD | Permanent School Fund Guaranteed |
| RAN | Revenue Anticipation Note |
| Rev. | Revenue |
| SCSDE | South Carolina School District Enhancement |
| VRDO | Variable Rate Demand Obligation |

---

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

---

| | |
|:---|:---|
| ^ | Amount rounds to less than 0.1% of net assets. |
| (a) | The date shown represents the earliest of the <br> prerefunded date, next put date or final maturity date.<br>|
| (b) | Variable or floating rate security, the interest rate of <br> which adjusts periodically based on changes in current <br> interest rates and prepayments on the underlying <br> pool of assets. The interest rate shown is the current <br> rate as of April 30, 2025. <br>|
| (c) | Securities exempt from registration under Rule 144A <br> or section 4(a)(2), of the Securities Act of 1933, as <br> amended.<br>|
| (d) | All or a portion of the security is a when-issued <br> security, delayed delivery security, or forward <br> commitment.<br>|
| (e) | Security is prerefunded or escrowed to maturity. |
| (f) | 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>|
| (g) | The rate shown is the current yield as of April 30, <br> 2025.<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

10 J.P. Morgan Tax Aware Fund April 30, 2025

------

**Futures contracts outstanding as of April 30, 2025 (amounts in thousands, except number of contracts):**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| U.S. Treasury 10 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; 276 | &nbsp;&nbsp;&nbsp;&nbsp; 06/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 31041 | &nbsp;&nbsp;&nbsp;&nbsp; 522 |
| U.S. Treasury Long Bond | &nbsp;&nbsp;&nbsp;&nbsp; 113 | &nbsp;&nbsp;&nbsp;&nbsp; 06/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 13203 | &nbsp;&nbsp;&nbsp;&nbsp; 116 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 638 |
| **Short Contracts** |  |  |  |  |  |
| U.S. Treasury 10 Year Ultra Note | &nbsp;&nbsp;&nbsp;&nbsp; (36)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 06/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (4142)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (41)<br>|
| U.S. Treasury Ultra Bond | &nbsp;&nbsp;&nbsp;&nbsp; (38)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 06/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (4604)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (44)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (85)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 553 |

---

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| USD | United States Dollar |

---

**Centrally Cleared Inflation-linked swap contracts outstanding as of April 30, 2025 (amounts in thousands):**

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **FLOATING RATE INDEX(a)** | **FIXED RATE** | &nbsp;&nbsp; **PAY/** <br>**RECEIVE** <br>**FLOATING** <br>**RATE**<br>| &nbsp;&nbsp; **MATURITY** <br>**DATE**<br>| &nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT**<br>| **UPFRONT** <br>**PAYMENTS** <br>**(RECEIPTS)** <br>**$**<br>| **UNREALIZED** <br>**APPRECIATION** <br>**(DEPRECIATION) ($)**<br>| **VALUE ($)** |
| CPI-U at termination | 2.20% at termination | Receive | 8/7/2029 | USD115,717 | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 1907 | &nbsp;&nbsp; 1942 |
| CPI-U at termination | 2.27% at termination | Receive | 8/19/2029 | USD13,682 | &nbsp;&nbsp; — | &nbsp;&nbsp; 188 | &nbsp;&nbsp; 188 |
| CPI-U at termination | 2.37% at termination | Receive | 10/8/2029 | USD6,400 | &nbsp;&nbsp; — | &nbsp;&nbsp; 63 | &nbsp;&nbsp; 63 |
| CPI-U at termination | 2.39% at termination | Receive | 8/2/2029 | USD11,391 | &nbsp;&nbsp; — | &nbsp;&nbsp; 86 | &nbsp;&nbsp; 86 |
| CPI-U at termination | 2.47% at termination | Receive | 12/5/2029 | USD29,675 | &nbsp;&nbsp; — | &nbsp;&nbsp; 160 | &nbsp;&nbsp; 160 |
|  |  |  |  |  | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 2404 | &nbsp;&nbsp; 2439 |
| CPI-U at termination | 2.54% at termination | Receive | 3/6/2030 | USD5,170 | &nbsp;&nbsp; — | &nbsp;&nbsp; (4)<br>| &nbsp;&nbsp; (4)<br>|
| CPI-U at termination | 2.55% at termination | Receive | 3/3/2030 | USD188,160 | &nbsp;&nbsp; — | &nbsp;&nbsp; (143)<br>| &nbsp;&nbsp; (143)<br>|
| CPI-U at termination | 2.56% at termination | Receive | 1/31/2030 | USD20,133 | &nbsp;&nbsp; — | &nbsp;&nbsp; (5)<br>| &nbsp;&nbsp; (5)<br>|
|  |  |  |  |  | &nbsp;&nbsp; — | &nbsp;&nbsp; (152)<br>| &nbsp;&nbsp; (152)<br>|
|  |  |  |  |  | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 2252 | &nbsp;&nbsp; 2287 |

---

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

---

| | |
|:---|:---|
| **Abbreviations** <br>|  |
| CPI-U | Consumer Price Index for All Urban Consumers |
| USD | United States Dollar |

---

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

(a) Value of floating rate index at April 30, 2025 was as follows:<br>

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

---

| | |
|:---|:---|
| **FLOATING RATE INDEX** | **VALUE** |
| CPI-U | 3.21% |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Tax Aware Fund 11

------

**STATEMENT OF ASSETS AND LIABILITIES**

AS OF April 30, 2025 (Unaudited)

(Amounts in thousands, except per share amounts)

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

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**Tax Aware Real** <br>**Return Fund**  |
| **ASSETS:** |  |
| Investments in non-affiliates, at value | &nbsp;&nbsp;&nbsp; $543585 |
| Investments in affiliates, at value | &nbsp;&nbsp;&nbsp; 38260 |
| Cash | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Deposits at broker for futures contracts | &nbsp;&nbsp;&nbsp; 759 |
| Deposits at broker for centrally cleared swaps | &nbsp;&nbsp;&nbsp; 12192 |
| Receivables: |  |
| Investment securities sold — delayed delivery securities | &nbsp;&nbsp;&nbsp; 15 |
| Fund shares sold | &nbsp;&nbsp;&nbsp; 361 |
| Interest from non-affiliates | &nbsp;&nbsp;&nbsp; 7264 |
| Dividends from affiliates | &nbsp;&nbsp;&nbsp; 129 |
| Variation margin on futures contracts | &nbsp;&nbsp;&nbsp; 74 |
| Variation margin on centrally cleared swaps | &nbsp;&nbsp;&nbsp; 311 |
| Total Assets | &nbsp;&nbsp;&nbsp; 602950 |
| **LIABILITIES:** |  |
| Payables: |  |
| Investment securities purchased | &nbsp;&nbsp;&nbsp; 6107 |
| Investment securities purchased — delayed delivery securities | &nbsp;&nbsp;&nbsp; 9961 |
| Fund shares redeemed | &nbsp;&nbsp;&nbsp; 793 |
| Accrued liabilities: |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 122 |
| Administration fees | &nbsp;&nbsp;&nbsp; 9 |
| Distribution fees | &nbsp;&nbsp;&nbsp; 23 |
| Service fees | &nbsp;&nbsp;&nbsp; 40 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 20 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Other | &nbsp;&nbsp;&nbsp; 82 |
| Total Liabilities | &nbsp;&nbsp;&nbsp; 17157 |
| Net Assets | &nbsp;&nbsp;&nbsp; $585793 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

12 J.P. Morgan Tax Aware Fund April 30, 2025

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan**<br> **Tax Aware Real**<br>**Return Fund**  |
| **NET ASSETS:** |  |
| Paid-in-Capital | &nbsp;&nbsp;&nbsp; $709463 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp; (123670)<br>|
| Total Net Assets | &nbsp;&nbsp;&nbsp; $585793 |
| Net Assets: |  |
| Class A | &nbsp;&nbsp;&nbsp; $105115 |
| Class C | &nbsp;&nbsp;&nbsp; 3724 |
| Class I | &nbsp;&nbsp;&nbsp; 376381 |
| Class R6 | &nbsp;&nbsp;&nbsp; 100573 |
| Total | &nbsp;&nbsp;&nbsp; $585793 |
| Outstanding units of beneficial interest (shares) <br>($0.0001 par value; unlimited number of shares authorized):<br>|  |
| Class A | &nbsp;&nbsp;&nbsp; 11370 |
| Class C | &nbsp;&nbsp;&nbsp; 404 |
| Class I | &nbsp;&nbsp;&nbsp; 40590 |
| Class R6 | &nbsp;&nbsp;&nbsp; 10855 |
| Net Asset Value (a): |  |
| Class A — Redemption price per share | &nbsp;&nbsp;&nbsp; $9.25 |
| Class C — Offering price per share (b) | &nbsp;&nbsp;&nbsp;&nbsp;9.23 |
| Class I — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;9.27 |
| Class R6 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;9.27 |
| Class A maximum sales charge | &nbsp;&nbsp;&nbsp;&nbsp; 3.75<br> %<br>|
| Class A maximum public offering price per share <br>[net asset value per share/(100% – maximum sales charge)]<br>| &nbsp;&nbsp;&nbsp; $9.61 |
| Cost of investments in non-affiliates | &nbsp;&nbsp;&nbsp; $544674 |
| Cost of investments in affiliates | &nbsp;&nbsp;&nbsp; 38258 |
| Net upfront payments on centrally cleared swaps | &nbsp;&nbsp;&nbsp; 35 |

---

------

(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;

April 30, 2025 J.P. Morgan Tax Aware Fund 13

------

**STATEMENT OF OPERATIONS**

FOR THE SIX MONTHS ENDED April 30, 2025 (Unaudited)

(Amounts in thousands)

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

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**Tax Aware Real** <br>**Return Fund**  |
| **INVESTMENT INCOME:** |  |
| Interest income from non-affiliates | &nbsp;&nbsp;&nbsp; $10246 |
| Dividend income from affiliates | &nbsp;&nbsp;&nbsp; 560 |
| Total investment income | &nbsp;&nbsp;&nbsp; 10806 |
| **EXPENSES:** |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 1000 |
| Administration fees | &nbsp;&nbsp;&nbsp; 215 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp;&nbsp; 127 |
| Class C | &nbsp;&nbsp;&nbsp; 14 |
| Service fees: |  |
| Class A | &nbsp;&nbsp;&nbsp; 127 |
| Class C | &nbsp;&nbsp;&nbsp; 5 |
| Class I | &nbsp;&nbsp;&nbsp; 468 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 54 |
| Interest expense to affiliates | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Professional fees | &nbsp;&nbsp;&nbsp; 54 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; 13 |
| Printing and mailing costs | &nbsp;&nbsp;&nbsp; 20 |
| Registration and filing fees | &nbsp;&nbsp;&nbsp; 44 |
| Transfer agency fees  | &nbsp;&nbsp;&nbsp; 6 |
| Other | &nbsp;&nbsp;&nbsp; 7 |
| Total expenses | &nbsp;&nbsp;&nbsp; 2154 |
| Less fees waived | &nbsp;&nbsp;&nbsp; (794)<br>|
| Net expenses | &nbsp;&nbsp;&nbsp; 1360 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; 9446 |
| **REALIZED/UNREALIZED GAINS (LOSSES):** |  |
| Net realized gain (loss) on transactions from: |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; (3395)<br>|
| Investments in affiliates | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Futures contracts | &nbsp;&nbsp;&nbsp; (23)<br>|
| Swaps | &nbsp;&nbsp;&nbsp; 1897 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; (1521)<br>|
| Change in net unrealized appreciation/depreciation on: |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; (6547)<br>|
| Investments in affiliates | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Futures contracts | &nbsp;&nbsp;&nbsp; 566 |
| Swaps | &nbsp;&nbsp;&nbsp; (956)<br>|
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp; (6937)<br>|
| Net realized/unrealized gains (losses) | &nbsp;&nbsp;&nbsp; (8458)<br>|
| Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp; $988 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

14 J.P. Morgan Tax Aware Fund April 30, 2025

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED

(Amounts in thousands)

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

---

| | | |
|:---|:---|:---|
|  | **JPMorgan Tax Aware Real Return Fund**  | **JPMorgan Tax Aware Real Return Fund**  |
|  | &nbsp;&nbsp; **Six Months Ended** <br>**April 30, 2025** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended** <br>**October 31, 2024** <br>|
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $9446 | &nbsp;&nbsp;&nbsp; $17693 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; (1521)<br>| &nbsp;&nbsp;&nbsp; (10128)<br>|
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; (6937)<br>| &nbsp;&nbsp;&nbsp; 33704 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 988 | &nbsp;&nbsp;&nbsp; 41269 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (1582)<br>| &nbsp;&nbsp;&nbsp; (2895)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (49)<br>| &nbsp;&nbsp;&nbsp; (116)<br>|
| Class I | &nbsp;&nbsp;&nbsp; (6257)<br>| &nbsp;&nbsp;&nbsp; (11274)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (1588)<br>| &nbsp;&nbsp;&nbsp; (3540)<br>|
| Total distributions to shareholders | &nbsp;&nbsp;&nbsp; (9476)<br>| &nbsp;&nbsp;&nbsp; (17825)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; 28443 | &nbsp;&nbsp;&nbsp; 35229 |
| **NET ASSETS:** |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; 19955 | &nbsp;&nbsp;&nbsp; 58673 |
| Beginning of period | &nbsp;&nbsp;&nbsp; 565838 | &nbsp;&nbsp;&nbsp; 507165 |
| End of period | &nbsp;&nbsp;&nbsp; $585793 | &nbsp;&nbsp;&nbsp; $565838 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Tax Aware Fund 15

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

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

---

| | | |
|:---|:---|:---|
|  | **JPMorgan Tax Aware Real Return Fund** | **JPMorgan Tax Aware Real Return Fund** |
|  | &nbsp;&nbsp; **Six Months Ended**<br> **April 30, 2025** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **October 31, 2024**<br>|
| **CAPITAL TRANSACTIONS:** |  |  |
| **Class A** |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $19513 | &nbsp;&nbsp;&nbsp; $25403 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 1478 | &nbsp;&nbsp;&nbsp; 2728 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (11613)<br>| &nbsp;&nbsp;&nbsp; (25115)<br>|
| Change in net assets resulting from Class A capital transactions | &nbsp;&nbsp;&nbsp; 9378 | &nbsp;&nbsp;&nbsp; 3016 |
| **Class C** |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 578 | &nbsp;&nbsp;&nbsp; 784 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 41 | &nbsp;&nbsp;&nbsp; 97 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (814)<br>| &nbsp;&nbsp;&nbsp; (1623)<br>|
| Change in net assets resulting from Class C capital transactions | &nbsp;&nbsp;&nbsp; (195)<br>| &nbsp;&nbsp;&nbsp; (742)<br>|
| **Class I** |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 96187 | &nbsp;&nbsp;&nbsp; 197930 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 5157 | &nbsp;&nbsp;&nbsp; 9354 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (92932)<br>| &nbsp;&nbsp;&nbsp; (154658)<br>|
| Change in net assets resulting from Class I capital transactions | &nbsp;&nbsp;&nbsp; 8412 | &nbsp;&nbsp;&nbsp; 52626 |
| **Class R6** |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 23113 | &nbsp;&nbsp;&nbsp; 20398 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 567 | &nbsp;&nbsp;&nbsp; 1093 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (12832)<br>| &nbsp;&nbsp;&nbsp; (41162)<br>|
| Change in net assets resulting from Class R6 capital transactions | &nbsp;&nbsp;&nbsp; 10848 | &nbsp;&nbsp;&nbsp; (19671)<br>|
| **Total change in net assets resulting from capital transactions** | &nbsp;&nbsp;&nbsp; $28443 | &nbsp;&nbsp;&nbsp; $35229 |
| **SHARE TRANSACTIONS:** |  |  |
| **Class A** |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 2090 | &nbsp;&nbsp;&nbsp; 2696 |
| Reinvested | &nbsp;&nbsp;&nbsp; 158 | &nbsp;&nbsp;&nbsp; 290 |
| Redeemed | &nbsp;&nbsp;&nbsp; (1238)<br>| &nbsp;&nbsp;&nbsp; (2676)<br>|
| Change in Class A Shares | &nbsp;&nbsp;&nbsp; 1010 | &nbsp;&nbsp;&nbsp; 310 |
| **Class C** |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 63 | &nbsp;&nbsp;&nbsp; 83 |
| Reinvested | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 11 |
| Redeemed | &nbsp;&nbsp;&nbsp; (87)<br>| &nbsp;&nbsp;&nbsp; (173)<br>|
| Change in Class C Shares | &nbsp;&nbsp;&nbsp; (20)<br>| &nbsp;&nbsp;&nbsp; (79)<br>|
| **Class I** |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 10256 | &nbsp;&nbsp;&nbsp; 20971 |
| Reinvested | &nbsp;&nbsp;&nbsp; 551 | &nbsp;&nbsp;&nbsp; 993 |
| Redeemed | &nbsp;&nbsp;&nbsp; (9941)<br>| &nbsp;&nbsp;&nbsp; (16453)<br>|
| Change in Class I Shares | &nbsp;&nbsp;&nbsp; 866 | &nbsp;&nbsp;&nbsp; 5511 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

16 J.P. Morgan Tax Aware Fund April 30, 2025

------

---

| | | |
|:---|:---|:---|
|  | **JPMorgan Tax Aware Real Return Fund** | **JPMorgan Tax Aware Real Return Fund** |
|  | &nbsp;&nbsp; **Six Months Ended**<br> **April 30, 2025**<br> **(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **October 31, 2024**<br>|
| **SHARE TRANSACTIONS: (continued)** |  |  |
| **Class R6** |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 2476 | &nbsp;&nbsp;&nbsp; 2165 |
| Reinvested | &nbsp;&nbsp;&nbsp; 61 | &nbsp;&nbsp;&nbsp; 116 |
| Redeemed | &nbsp;&nbsp;&nbsp; (1369)<br>| &nbsp;&nbsp;&nbsp; (4371)<br>|
| Change in Class R6 Shares | &nbsp;&nbsp;&nbsp; 1168 | &nbsp;&nbsp;&nbsp; (2090)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Tax Aware Fund 17

------

**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)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>|
| **JPMorgan Tax Aware Real Return Fund** |  |  |  |  |  |
| **Class A** |  |  |  |  |  |
| Six Months Ended April 30, 2025 (Unaudited) | $9.38 | &nbsp;&nbsp; $0.14 | &nbsp;&nbsp; $(0.13)<br>| &nbsp;&nbsp; $0.01 | &nbsp;&nbsp; $(0.14)<br>|
| Year Ended October 31, 2024 | 8.95 | 0.29 | 0.44 | 0.73 | &nbsp;&nbsp; (0.30)<br>|
| Year Ended October 31, 2023 | 9.06 | 0.26 | &nbsp;&nbsp; (0.11)<br>| 0.15 | &nbsp;&nbsp; (0.26)<br>|
| Year Ended October 31, 2022 | 9.94 | 0.14 | &nbsp;&nbsp; (0.88)<br>| &nbsp;&nbsp; (0.74)<br>| &nbsp;&nbsp; (0.14)<br>|
| Year Ended October 31, 2021 | 9.11 | 0.13 | 0.84 | 0.97 | &nbsp;&nbsp; (0.14)<br>|
| Year Ended October 31, 2020 | 9.25 | 0.18 | &nbsp;&nbsp; (0.13)<br>| 0.05 | &nbsp;&nbsp; (0.19)<br>|
| **Class C** |  |  |  |  |  |
| Six Months Ended April 30, 2025 (Unaudited) | 9.36 | 0.12 | &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.12)<br>|
| Year Ended October 31, 2024 | 8.93 | 0.24 | 0.44 | 0.68 | &nbsp;&nbsp; (0.25)<br>|
| Year Ended October 31, 2023 | 9.04 | 0.21 | &nbsp;&nbsp; (0.11)<br>| 0.10 | &nbsp;&nbsp; (0.21)<br>|
| Year Ended October 31, 2022 | 9.92 | 0.09 | &nbsp;&nbsp; (0.87)<br>| &nbsp;&nbsp; (0.78)<br>| &nbsp;&nbsp; (0.10)<br>|
| Year Ended October 31, 2021 | 9.09 | 0.08 | 0.84 | 0.92 | &nbsp;&nbsp; (0.09)<br>|
| Year Ended October 31, 2020 | 9.23 | 0.14 | &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; (0.14)<br>|
| **Class I** |  |  |  |  |  |
| Six Months Ended April 30, 2025 (Unaudited) | 9.41 | 0.16 | &nbsp;&nbsp; (0.14)<br>| 0.02 | &nbsp;&nbsp; (0.16)<br>|
| Year Ended October 31, 2024 | 8.98 | 0.32 | 0.43 | 0.75 | &nbsp;&nbsp; (0.32)<br>|
| Year Ended October 31, 2023 | 9.09 | 0.29 | &nbsp;&nbsp; (0.12)<br>| 0.17 | &nbsp;&nbsp; (0.28)<br>|
| Year Ended October 31, 2022 | 9.97 | 0.17 | &nbsp;&nbsp; (0.88)<br>| &nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp; (0.17)<br>|
| Year Ended October 31, 2021 | 9.13 | 0.16 | 0.84 | 1.00 | &nbsp;&nbsp; (0.16)<br>|
| Year Ended October 31, 2020 | 9.27 | 0.20 | &nbsp;&nbsp; (0.13)<br>| 0.07 | &nbsp;&nbsp; (0.21)<br>|
| **Class R6** |  |  |  |  |  |
| Six Months Ended April 30, 2025 (Unaudited) | 9.40 | 0.16 | &nbsp;&nbsp; (0.13)<br>| 0.03 | &nbsp;&nbsp; (0.16)<br>|
| Year Ended October 31, 2024 | 8.97 | 0.33 | 0.43 | 0.76 | &nbsp;&nbsp; (0.33)<br>|
| Year Ended October 31, 2023 | 9.08 | 0.30 | &nbsp;&nbsp; (0.12)<br>| 0.18 | &nbsp;&nbsp; (0.29)<br>|
| Year Ended October 31, 2022 | 9.96 | 0.18 | &nbsp;&nbsp; (0.88)<br>| &nbsp;&nbsp; (0.70)<br>| &nbsp;&nbsp; (0.18)<br>|
| Year Ended October 31, 2021 | 9.13 | 0.17 | 0.83 | 1.00 | &nbsp;&nbsp; (0.17)<br>|
| Year Ended October 31, 2020 | 9.27 | 0.23 | &nbsp;&nbsp; (0.15)<br>| 0.08 | &nbsp;&nbsp; (0.22)<br>|

---

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

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Not annualized for periods less than one year.

(c) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(d) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(e) Amount rounds to less than $0.005.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

18 J.P. Morgan Tax Aware Fund April 30, 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**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |
| &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)(c)<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(d)<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(b)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $9.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $105115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7.46)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3971 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7.93)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 376381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 373646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 307086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 415000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 429314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 214709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7.11)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 |

---

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

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Tax Aware Fund 19

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**NOTES TO FINANCIAL STATEMENTS**

AS OF April 30, 2025 (Unaudited)

(Dollar values in thousands)

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

**1. Organization**

JPMorgan Trust I (the "Trust") was formed on November 12, 2004, as a Delaware statutory trust, pursuant to a Declaration of Trust dated November 5, 2004 and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company.

The following is a separate fund of the Trust (the "Fund") covered by this report:

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| | | |
|:---|:---|:---|
|  | **Classes Offered** | **Diversification Classification** |
| JPMorgan Tax Aware Real Return Fund | Class A, Class C, Class I and Class R6 | Diversified |

---

The investment objective of the Fund is to seek to maximize after-tax inflation protected return.

Class A Shares generally provide for a front-end sales charge while Class C Shares provide for a contingent deferred sales charge ("CDSC"). No sales charges are assessed with respect to Class I and Class R6 Shares. Certain Class A Shares, for which front-end sales charges have been waived, may be subject to a CDSC as described in the Fund's prospectus. Class C Shares automatically convert to Class A Shares after eight years. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different transfer agency, distribution and service fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements.

J.P. Morgan Investment Management Inc. ("JPMIM"), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. ("JPMorgan"), acts as adviser (the "Adviser") and administrator (the "Administrator") to the Fund.

**2. Significant Accounting Policies**

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The Fund is an investment company and, accordingly, follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 — *Investment Companies*, which is part of U.S. generally accepted accounting principles ("GAAP"). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities, (ii) disclosure of contingent assets and liabilities at the date of the financial statements, and (iii) the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

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

Under Section 2(a)(41) of the 1940 Act, the Board is required to determine fair value for securities that do not have readily available market quotations. Under Securities and Exchange Commission ("SEC") Rule 2a-5 (Good Faith Determinations of Fair Value), the Board may designate the performance of these fair valuation determinations to a valuation designee. The Board has designated the Adviser as the "Valuation Designee" to perform fair valuation determinations for the Fund on behalf of the Board subject to appropriate oversight by the Board. The Adviser, as Valuation Designee, leverages the J.P. Morgan Asset Management Americas Valuation Committee ("AVC") to help oversee and carry out the policies for the valuation of investments held in the Fund. The Adviser, as Valuation Designee, remains responsible for the valuation determinations.

This oversight by the AVC includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events, and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and, at least on a quarterly basis, with the AVC and the Board.

Fixed income instruments are valued based on prices received from approved affiliated and unaffiliated pricing vendors or third party broker-dealers (collectively referred to as "Pricing Services"). The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.

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

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

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

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

20 J.P. Morgan Tax Aware Fund April 30, 2025

------

Swaps are valued utilizing market quotations from approved Pricing Services.

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

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

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $543585 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $543585 |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 38260 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 38260 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $38260 | &nbsp;&nbsp;&nbsp;&nbsp; $543585 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $581845 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $638 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $638 |
| Swaps | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2404 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2404 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $(85)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(85)<br>|
| Swaps | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (152)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (152)<br>|
| **Total Net Appreciation/ Depreciation in Other**<br> **Financial Instruments**<br>| &nbsp;&nbsp;&nbsp;&nbsp; $553 | &nbsp;&nbsp;&nbsp;&nbsp; $2252 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2805 |

---

**B. Restricted Securities**— Certain securities held by the Fund may be subject to legal or contractual restrictions on resale. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"). Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the NAVs of the Fund.

As of April 30, 2025, the Fund had no investments in restricted securities other than securities sold to the Fund under Rule 144A and/or Regulation S under the Securities Act.

**C. When-Issued Securities, Delayed Delivery Securities and Forward Commitments**— The Fund purchased when-issued securities, including To-Be-Announced ("TBA") securities, and entered into contracts to purchase or sell securities for a fixed price that may be settled a month or more after the trade date, or purchased delayed delivery securities which generally settle seven days after the trade date. When-issued securities are securities that have been authorized, but not issued in the market. A forward commitment involves entering into a contract to purchase or sell securities for a fixed price at a future date that may be settled a month or more after the trade date. A delayed delivery security is agreed upon in advance between the buyer and the seller of the security and is generally delivered beyond seven days of the agreed upon date. The purchase of securities on a when-issued, delayed delivery or forward commitment basis involves the risk that the value of the security to be purchased declines before the settlement date. The sale of securities on a forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. The Fund may be exposed to credit risk if the counterparty fails to perform under the terms of the transaction. Interest income for securities purchased on a when-issued, delayed delivery or forward commitment basis is not accrued until the settlement date.

The Fund had when-issued securities, delayed delivery securities or forward commitments outstanding as of April 30, 2025, which are shown as a Receivable for Investment securities sold - delayed delivery securities and a Payable for Investment securities purchased - delayed delivery securities, respectively, on the Statement of Assets and Liabilities. The values of these securities held at April 30, 2025 are detailed on the SOI, if any.

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

April 30, 2025 J.P. Morgan Tax Aware Fund 21

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

(Dollar values in thousands)

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

**D. Securities Lending** — The Fund is authorized to engage in securities lending in order to generate additional income. The Fund is able to lend to approved borrowers. Citibank N.A. ("Citibank") serves as lending agent for the Fund, pursuant to a Securities Lending Agency Agreement (the "Securities Lending Agency Agreement"). Securities loaned are collateralized by cash equal to at least 100% of the market value plus accrued interest on the securities lent, which is invested in an affiliated money market fund. The Fund retains the interest earned on cash collateral investments but is required to pay the borrower a rebate for the use of the cash collateral. In cases where the lent security is of high value to borrowers, there may be a negative rebate (i.e., a net payment from the borrower to the Fund). Upon termination of a loan, the Fund is required to return to the borrower an amount equal to the cash collateral, plus any rebate owed to the borrowers. The remaining maturities of the securities lending transactions are considered overnight and continuous. Loans are subject to termination by the Fund or the borrower at any time.

The net income earned on the securities lending (after payment of rebates and Citibank's fee) is included on the Statement of Operations as Income from securities lending (net). The Fund also receives payments from the borrower during the period of the loan, equivalent to dividends and interest earned on the securities loaned, which are recorded as Dividend or Interest income, respectively, on the Statement of Operations.

Under the Securities Lending Agency Agreement, Citibank marks to market the loaned securities on a daily basis. In the event the cash received from the borrower is less than 102% of the value of the loaned securities (105% for loans of non-U.S. securities), Citibank requests additional cash from the borrower so as to maintain a collateralization level of at least 102% of the value of the loaned securities plus accrued interest (105% for loans of non-U.S. securities), subject to certain de minimis amounts.

The value of securities out on loan is recorded as an asset on the Statement of Assets and Liabilities. The value of the cash collateral received is recorded as a liability on the Statement of Assets and Liabilities and details of collateral investments are disclosed on the SOI.

The Fund bears the risk of loss associated with the collateral investments and is not entitled to additional collateral from the borrower to cover any such losses. To the extent that the value of the collateral investments declines below the amount owed to a borrower, the Fund may incur losses that exceed the amount it earned on lending the security. Upon termination of a loan, the Fund may use leverage (borrow money) to repay the borrower for cash collateral posted if the Adviser does not believe that it is prudent to sell the collateral investments to fund the payment of this liability. Securities lending activity is subject to master netting arrangements.

Securities lending also involves counterparty risks, including the risk that the loaned securities may not be returned in a timely manner or at all. Subject to certain conditions, Citibank has agreed to indemnify the Fund from losses resulting from a borrower's failure to return a loaned security.

The Fund did not lend out any securities during the six months ended April 30, 2025.

**E. Investment Transactions with Affiliates**— The Fund invested in an Underlying Fund advised by the Adviser. An issuer which is under common control with the Fund may be considered an affiliate. For the purposes of the financial statements, the Fund assumes the issuer listed in the table below to be an affiliated issuer. The Underlying Fund's distributions may be reinvested into such Underlying Fund. Reinvestment amounts are included in the purchases at cost amounts in the table below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 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>**April 30,** <br>**2025**<br>| **Shares at** <br>**April 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Institutional Tax Free Money Market Fund <br> Class IM Shares, 2.98% (a) (b)<br>| $37415 | $126910 | $126065 | $—<br> (c)<br>| $—<br> (c)<br>| $38260 | 38256 | $560 | $— |

---

&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 April 30, 2025.

(c) Amount rounds to less than one thousand.

**F. Futures Contracts**—The Fund used treasury futures contracts to manage and hedge interest rate risk associated with portfolio investments. The Fund also used futures contracts to lengthen or shorten the duration of the overall investment portfolio.

Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Fund is required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Fund periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as Change in net unrealized appreciation/depreciation on futures contracts on the Statement of Operations. Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported on the Statement of Operations at the closing or expiration of the futures

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

22 J.P. Morgan Tax Aware Fund April 30, 2025

------

contract. Securities deposited as initial margin are designated on the SOI, while cash deposited, which is considered restricted, is recorded on the Statement of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statement of Assets and Liabilities.

The use of futures contracts exposes the Fund to interest rate risk. The Fund may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subjects the Fund to risk of loss in excess of the amounts shown on the Statement of Assets and Liabilities, up to the notional amount of the futures contracts. Use of short futures contracts subjects the Fund to unlimited risk of loss. The Fund may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Fund's credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day's settlement price, which could effectively prevent liquidation of positions.

The Fund's futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).

**G. Swaps**—The Fund engaged in various swap transactions to manage credit, interest rate (e.g., duration, yield curve) and inflation risks within its portfolio. The Fund also used swaps as alternatives to direct investments. Swap transactions are contracts negotiated over-the-counter ("OTC swaps") between the fund and a counterparty or are centrally cleared ("centrally cleared swaps") through a central clearinghouse managed by a Futures Commission Merchant ("FCM") that exchange investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals.

Upfront payments made and/or received by the Fund are recorded as assets or liabilities, respectively, on the Statement of Assets and Liabilities and are amortized over the term of the swap. The value of an OTC swap agreement is recorded as either an asset or a liability on the Statement of Assets and Liabilities at the beginning of the measurement period. Upon entering into a centrally cleared swap, the Fund is required to deposit with the FCM cash or securities, which is referred to as initial margin deposit. Securities deposited as initial margin are designated on the SOIs, while cash deposited, which is considered restricted, is reported as Deposits at broker for centrally cleared swaps on the Statement of Assets and Liabilities. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a variation margin receivable or payable on the Statement of Assets and Liabilities. The change in the value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is reported as Change in net unrealized appreciation/ depreciation on swaps on the Statement of Operations. A realized gain or loss is recorded upon payment or receipt of a periodic payment or payment made upon termination of a swap agreement.

The central clearinghouse acts as the counterparty to each centrally cleared swap transaction; therefore credit risk is limited to the failure of the clearinghouse.

**Inflation-Linked Swaps**

The Fund used inflation-linked swaps to provide inflation protection within its portfolio. These are agreements between counterparties to exchange interest payments based on interest rates over the life of the swap. One cash flow stream will typically be a floating rate payment based upon the Consumer Price Index upon while the other is a pre-determined fixed interest rate. The use of swaps exposes the Fund to interest rate risk.

**Derivatives Volume**

The table below discloses the volume of the Fund's futures contracts and swaps activity during the six months ended April 30, 2025. Please refer to the tables in the Summary of Derivatives Information for derivative-related gains and losses associated with volume activity:

---

| | |
|:---|:---|
| **Futures Contracts:** |  |
| Average Notional Balance Long | &nbsp;&nbsp; $30757 |
| Average Notional Balance Short | &nbsp;&nbsp; (14704)<br>|
| Ending Notional Balance Long | &nbsp;&nbsp; 44244 |
| Ending Notional Balance Short | &nbsp;&nbsp; (8746)<br>|
| **Interest Rate-Related Swaps (Inflation-Linked Swaps):** |  |
| Average Notional Balance - Pays Fixed Rate | &nbsp;&nbsp; 347658 |
| Ending Notional Balance - Pays Fixed Rate | &nbsp;&nbsp; 390328 |

---

**H. Security Transactions and Investment Income**— Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis. Interest income is determined on the basis of coupon interest accrued using the effective interest method, which adjusts for amortization of premiums and accretion of discounts. Dividend income and distributions of net investment income and realized capital gains from the Underlying Funds, if any, are recorded on the ex-dividend date or when the Fund first learns of the dividend.

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

April 30, 2025 J.P. Morgan Tax Aware Fund 23

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

(Dollar values in thousands)

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

**I. Allocation of Income and Expenses**— Expenses directly attributable to the Fund are charged directly to the Fund, while the expenses attributable to more than one fund of the Trust are allocated among the applicable funds. Investment income, realized and unrealized gains and losses and expenses, other than class-specific expenses, are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day.

Transfer agency fees are class-specific expenses. The amount of the transfer agency fees charged to each share class of the Fund for the six months ended April 30, 2025, are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class I** | **Class R6** | **Total** |
| Transfer agency fees  | $2 | $1 | $2 | $1 | $6 |

---

**J. Federal Income Taxes**— The Fund is treated as a separate taxable entity for Federal income tax purposes. The Fund's policy is to comply with the provisions of the Internal Revenue Code (the "Code") applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Fund's tax positions for all open tax years and has determined that as of April 30, 2025, no liability for Federal income tax is required in the Fund's financial statements for net unrecognized tax benefits. However, management's conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. The Fund's Federal tax returns for the prior three fiscal years, remain subject to examination by the Internal Revenue Service.

**K. Distributions to Shareholders**— Distributions from net investment income, if any, are generally declared and paid at least monthly and are declared separately for each class. No class has preferential dividend rights; differences in per share rates are due to differences in separate class expenses. Net realized capital gains, if any, are distributed at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these "book/tax" differences are permanent in nature (i.e., that they result from other than timing of recognition — "temporary differences"), such amounts are reclassified within the capital accounts based on their Federal tax basis treatment.

**L. Segment Reporting** — The Fund adopted FASB Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures ("ASU 2023-07") during the period. The adoption of this new standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of their operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's Chief Operating Decision Maker ("CODM") to make decisions about resources to be allocated to the segment and to assess its performance, and has discrete financial information available. Executive committees of JPMorgan Asset Management, the named portfolio manager(s) of the Fund and the Fund's Principal Executive Officer and Principal Financial Officer act as the Fund's CODM. The Fund is considered an operating segment, and its performance and operating results are reviewed daily to make informed decisions regarding performance. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

**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 of 0.35% of each Fund's respective average daily net assets.

The Adviser waived investment advisory fees and/or reimbursed expenses as outlined in Note 3.F.

**B. Administration Fee**— Pursuant to an Administration Agreement, the Administrator provides certain administration services to the Fund. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.075% of the first $10 billion of the Fund's average daily net assets, plus 0.050% of the Fund's average daily net assets between $10 billion and $20 billion, plus 0.025% of the Fund's average daily net assets between $20 billion and $25 billion, plus 0.010% of the Fund's average daily net assets in excess of $25 billion. For the six months ended April 30, 2025, the effective annualized rate was 0.075% of the Fund's average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

The Administrator waived administration fees as outlined in Note 3.F.

JPMorgan Chase Bank, N.A. ("JPMCB"), a wholly-owned subsidiary of JPMorgan, serves as the Fund's sub-administrator (the "Sub-administrator"). For its services as Sub-administrator, JPMCB receives a portion of the fees payable to the Administrator.

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

24 J.P. Morgan Tax Aware Fund April 30, 2025

------

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

**C. Distribution Fees**— Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. ("JPMDS"), an indirect, wholly-owned subsidiary of JPMorgan, serves as the Fund's principal underwriter and promotes and arranges for the sale of the Fund's shares.

The Board has adopted a Distribution Plan (the "Distribution Plan") for Class A and Class C Shares of the Fund pursuant to Rule 12b-1 under the 1940 Act. Class I and Class R6 Shares of each Fund do not charge a distribution fee. The Distribution Plan provides that Fund shall pay, with respect to the applicable share classes, distribution fees, including payments to JPMDS, at annual rates of the average daily net assets as shown in the table below:

---

| | |
|:---|:---|
| **Class A** | **Class C** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>|

---

In addition, JPMDS is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the six months ended April 30, 2025, JPMDS retained the following:

---

| | |
|:---|:---|
| **Front-End Sales Charge** | **CDSC** |
| &nbsp;&nbsp;&nbsp;&nbsp; $2 | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

**D. Service Fees**— The Trust, on behalf of the Fund, has entered into a Shareholder Servicing Agreement with JPMDS under which JPMDS provides certain support services to fund shareholders. For performing these services, JPMDS receives a fee with respect to all share classes, except Class R6 Shares which do not charge a service fee, that is accrued daily and paid monthly equal to a percentage of the average daily net assets as shown in the table below:

---

| | | |
|:---|:---|:---|
| **Class A** | **Class C** | **Class I** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>|

---

JPMDS has entered into shareholder services contracts with affiliated and unaffiliated financial intermediaries who provide shareholder services and other related services to their clients or customers who invest in the Fund. Pursuant to such contracts, JPMDS will pay all or a portion of such fees earned to financial intermediaries for performing such services.

JPMDS waived service fees as outlined in Note 3.F.

**E. Custodian and Accounting Fees**— JPMCB provides portfolio custody and accounting services to the Fund. For performing these services, the Fund pays JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses. The amounts paid directly to JPMCB by the Fund for custody and accounting services are included in Custodian and accounting fees on the Statement of Operations.

Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the Statement of Operations.

Interest expense paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates on the Statement of Operations.

**F. Waivers and Reimbursements**—The Adviser, Administrator and/or JPMDS have contractually agreed to waive fees and/or reimburse the Fund to the extent that total annual operating expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, expenses related to trustee elections and extraordinary expenses) exceed the percentages of the Fund's respective average daily net assets as shown in the table below:

---

| | | | |
|:---|:---|:---|:---|
| **Class A** | **Class C** | **Class I** | **Class R6** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>|

---

The expense limitation agreements were in effect for the six months ended April 30, 2025 and the contractual expense limitation percentages in the table above are in place until at least February 28, 2026.

For the six months ended April 30, 2025, the Fund's service providers waived fees and/or reimbursed expenses for the Fund as follows. None of these parties expect the Fund to repay any such waived fees and/or reimbursed expenses in future years.

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

April 30, 2025 J.P. Morgan Tax Aware Fund 25

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

(Dollar values in thousands)

---

| | | | |
|:---|:---|:---|:---|
| **Contractual Waivers** | **Contractual Waivers** | **Contractual Waivers** | **Contractual Waivers** |
| **Investment** <br>**Advisory Fees**<br>| **Administration** <br>**Fees**<br>| **Service** <br>**Fees**<br>| **Total** |
| &nbsp;&nbsp; $247 | &nbsp;&nbsp; $165 | &nbsp;&nbsp; $360 | &nbsp;&nbsp; $772 |

---

Additionally, the Fund may invest in one or more money market funds advised by the Adviser (affiliated money market funds). The Adviser, Administrator and/or JPMDS, as shareholder servicing agent, have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the Fund's investment in such affiliated money market fund, except for investments of securities lending cash collateral. None of these parties expect the Fund to repay any such waived fees and/or reimbursed expenses in future years.

The amount of these waivers resulting from investments in these money market funds for the six months ended April 30, 2025 was $22.

**G. Other**— Certain officers of the Trust are affiliated with the Adviser, the Administrator and JPMDS. Such officers, with the exception of the Chief Compliance Officer, receive no compensation from the Fund for serving in their respective roles.

The Board designated and appointed a Chief Compliance Officer to the Fund pursuant to Rule 38a-1 under the 1940 Act. The Fund, along with affiliated funds, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the office of the Chief Compliance Officer. Such fees are included in Trustees' and Chief Compliance Officer's fees on the Statement of Operations.

The Trust adopted a Trustee Deferred Compensation Plan (the "Plan") which allows the independent Trustees to defer the receipt of all or a portion of compensation related to performance of their duties as Trustees. The deferred fees are invested in various J.P. Morgan Funds until distribution in accordance with the Plan.

During the six months ended April 30, 2025, the Fund purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.

The SEC has granted an exemptive order permitting the Fund to engage in principal transactions with J.P. Morgan Securities LLC, an affiliated broker, involving taxable money market instruments, subject to certain conditions.

**4. Investment Transactions** 

During the six months ended April 30, 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>|
| $209141 | $169453 |

---

During the six months ended April 30, 2025, there were no purchases or sales of U.S. Government securities.

**5. Federal Income Tax Matters** 

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at April 30, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Aggregate** <br>**Cost**<br>| &nbsp;&nbsp;&nbsp; **Gross** <br>**Unrealized** <br>**Appreciation**<br>| &nbsp;&nbsp;&nbsp; **Gross** <br>**Unrealized** <br>**Depreciation**<br>| &nbsp;&nbsp;&nbsp; **Net Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; $582967 | &nbsp;&nbsp;&nbsp;&nbsp; $7575 | &nbsp;&nbsp;&nbsp;&nbsp; $5857 | &nbsp;&nbsp;&nbsp;&nbsp; $1718 |

---

At October 31, 2024, the Fund had net capital loss carryforwards, which are available to offset future realized gains as follows:

---

| | |
|:---|:---|
| **Capital Loss Carryforward Character**  | **Capital Loss Carryforward Character**  |
| **Short-Term** | **Long-Term** |
| &nbsp;&nbsp;&nbsp;&nbsp; $94906 | &nbsp;&nbsp;&nbsp;&nbsp; $28934 |

---

**6. Borrowings** 

The Fund relies upon an exemptive order granted by the SEC (the "Order") permitting the establishment and operation of an Interfund Lending Facility (the "Facility"). The Facility allows the Fund to directly lend and borrow money to or from any other fund relying upon the Order at rates

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

26 J.P. Morgan Tax Aware Fund April 30, 2025

------

beneficial to both the borrowing and lending funds. Advances under the Facility are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund's borrowing restrictions. The interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. The Order was granted to JPMorgan Trust II and may be relied upon by the Fund because the Fund and the series of JPMorgan Trust II are all investment companies in the same "group of investment companies" (as defined in Section 12(d)(1)(G) of the 1940 Act).

The Fund had no borrowings outstanding from another fund, or loans outstanding to another fund, during the six months ended April 30, 2025.

The Trust and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Fund. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund's borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until October 28, 2025.

The Fund had no borrowings outstanding from the unsecured, uncommitted credit facility during the six months ended April 30, 2025.

The Trust, along with certain other trusts for J.P. Morgan Funds ("Borrowers"), has entered into a joint syndicated senior unsecured revolving credit facility totaling $1.5 billion ("Credit Facility") with various lenders and The Bank of New York Mellon, as administrative agent for the lenders. This Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Under the terms of the Credit Facility, a borrowing fund must have a minimum of $25 million in adjusted NAV and not exceed certain adjusted net asset coverage ratios prior to and during the time in which any borrowings are outstanding. If a fund does not comply with the aforementioned requirements, the fund must remediate within three business days with respect to the $25 million minimum adjusted NAV or within one business day with respect to certain asset coverage ratios or the administrative agent at the request of, or with the consent of, the lenders may terminate the Credit Facility and declare any outstanding borrowings to be due and payable immediately.

Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.00%, plus the greater on the day of the borrowing, of the federal funds effective rate, or the Adjusted Secured Overnight Financing Rate. Effective August 6, 2024, the Credit Facility was amended and restated for a term of 364 days, unless extended.

The Fund did not utilize the Credit Facility during the six months ended April 30, 2025.

**7. Risks, Concentrations and Indemnifications**

In the normal course of business, the Fund enters into contracts that contain a variety of representations which provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be brought against the Fund. However, based on experience, the Fund expects the risk of loss to be remote.

As of April 30, 2025, the Fund had two individual shareholder and/or non-affiliated omnibus accounts, which owned 37.2% of the Fund's outstanding shares.

Significant shareholder transactions by these shareholders may impact the Fund's performance and liquidity.

The Fund is subject to interest rate risk. Investments in bonds and other debt securities will change in value based on changes in interest rates. If rates increase, the value of these investments generally declines. Securities with greater interest rate sensitivity and longer maturities generally are subject to greater fluctuations in value. The Fund may invest in variable and floating rate loans and other variable and floating rate securities. Although these investments are generally less sensitive to interest rate changes than fixed rate instruments, the value of variable and floating rate securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates. The Fund may face a heightened level of interest rate risk due to certain changes in monetary policy. It is difficult to accurately predict the pace at which central banks or monetary authorities may change interest rates or the timing, frequency, or magnitude of such changes, and the evaluation of macro-economic and other conditions could cause a change in approach in the future. Any such changes could be sudden and could expose debt markets to significant volatility and reduced liquidity for Fund investments.

The Fund is subject to credit risk. The Fund's investments are subject to the risk that an issuer and/or a counterparty will not make payments when due or default completely. Prices of the Fund's investments may be adversely affected if any of the issuers or counterparties it is invested in are subject to an actual or perceived deterioration in their credit quality. Credit spreads may increase, which may reduce the market values of the Fund's securities. Credit spread risk is the risk that economic and market conditions or any actual or perceived credit deterioration may lead to an increase in the credit spreads (i.e. the difference in yield between two securities of similar maturity but different credit quality) and a decline in price of the issuer's securities.

The Fund invests primarily in a portfolio of debt obligations issued by states, territories and possessions of the United States and by the District of Columbia, and by their political subdivisions and duly constituted authorities. An issuer's ability to meet its payment obligations may be affected by economic or political developments in a specific state or region. These debt obligations may be insured by private insurers who guarantee the payment of principal and interest in the event of issuer default. The value of these investments may be impacted by changes to bond insurers'

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

April 30, 2025 J.P. Morgan Tax Aware Fund 27

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

(Dollar values in thousands)

ratings and the Fund's ability to collect principal and interest, in the event of an issuer's default, may be limited if the private insurer does not have the wherewithal to satisfy its obligation.

Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in 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;

28 J.P. Morgan Tax Aware Fund April 30, 2025

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J.P. Morgan Funds are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the Fund.

***Contact JPMorgan Distribution Services, Inc. at 1-800-480-4111 for a fund prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risk as well as charges and expenses of the mutual fund before investing. The prospectus contains this and other information about the mutual fund. Read the prospectus carefully before investing.***

Investors may obtain information about the Securities Investor Protection Corporation (SIPC), including the SIPC brochure, by visiting www.sipc.org or by calling SIPC at 202-371-8300.

![](g936264imgeceb05812.jpg)

------

![](g936264imge5a508403.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. April 2025.

SAN-TA-425

------

**Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

Not applicable.

**Proxy Disclosures for Open-End Management Investment Companies**

Not applicable.

**Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies**

Included in the Statement of Operations within the Fund's Financial Statements.

**Statement Regarding Basis for Approval of Investment Advisory Agreement**

Not applicable.

------

Semi-Annual Financial Statements

J.P. Morgan Specialty Funds

April 30, 2025 (Unaudited)

JPMorgan Research Market Neutral Fund<br>

![](g935018img0b82b0291.jpg)

------

**CONTENTS** 

---

| | |
|:---|:---|
| [Schedule of Portfolio Investments](#xx_6257fe13-46dd-4091-8924-eb394cbd1db2_SOI-TOC-ScheduleofInvestments-760_1) | &nbsp;&nbsp; **1** |
| [Financial Statements](#xx_6257fe13-46dd-4091-8924-eb394cbd1db2_FS-TOC-FinancialStatement-760_1) | &nbsp;&nbsp; **9** |
| [Financial Highlights](#xx_6257fe13-46dd-4091-8924-eb394cbd1db2_FIHI-TOC-FinancialHighlights-760_1) | &nbsp;&nbsp; **14** |
| [Notes to Financial Statements](#xx_6257fe13-46dd-4091-8924-eb394cbd1db2_NTF-NTFRunningFooter-760_1) | &nbsp;&nbsp; **16** |

---

**Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money if you sell when the Fund's share price is lower than when you invested.**

Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of the Fund or the securities markets.

Prospective investors should refer to the Fund's prospectuses for a discussion of the Fund's investment objectives, strategies and risks. Call J.P. Morgan Funds Service Center at 1-800-480-4111 for a prospectus containing more complete information about the Fund, including management fees and other expenses. Please read it carefully before investing.

------

JPMorgan Research Market Neutral Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| **VALUE** <br>**($000)**<br>|
| **Long Positions — 99.6%** | **Long Positions — 99.6%** | **Long Positions — 99.6%** |
| **Common Stocks — 72.1%** | **Common Stocks — 72.1%** | **Common Stocks — 72.1%** |
| **Aerospace & Defense — 3.0%** | **Aerospace & Defense — 3.0%** | **Aerospace & Defense — 3.0%** |
| Howmet Aerospace, Inc. (a) | 30 | 4212 |
| RTX Corp. | 20 | 2539 |
| TransDigm Group, Inc. (a) | 3 | 3493 |
|  |  | 10244 |
| **Air Freight & Logistics — 0.1%** | **Air Freight & Logistics — 0.1%** | **Air Freight & Logistics — 0.1%** |
| FedEx Corp. | 2 | 334 |
| **Banks — 2.0%** | **Banks — 2.0%** | **Banks — 2.0%** |
| Bank of America Corp. | 14 | 563 |
| Fifth Third Bancorp (a) | 58 | 2081 |
| Wells Fargo & Co. (a) | 57 | 4016 |
|  |  | 6660 |
| **Beverages — 0.8%** | **Beverages — 0.8%** | **Beverages — 0.8%** |
| Coca-Cola Co. (The) | 10 | 694 |
| Keurig Dr Pepper, Inc. | 34 | 1179 |
| PepsiCo, Inc. | 5 | 754 |
|  |  | 2627 |
| **Biotechnology — 2.1%** | **Biotechnology — 2.1%** | **Biotechnology — 2.1%** |
| AbbVie, Inc. (a) | 15 | 2871 |
| Neurocrine Biosciences, Inc. \* | 8 | 863 |
| Regeneron Pharmaceuticals, Inc. | 3 | 1783 |
| Sarepta Therapeutics, Inc. \* | 5 | 294 |
| Vertex Pharmaceuticals, Inc. \* (a) | 2 | 1247 |
|  |  | 7058 |
| **Broadline Retail — 0.9%** | **Broadline Retail — 0.9%** | **Broadline Retail — 0.9%** |
| Amazon.com, Inc. \* (a) | 17 | 3186 |
| **Building Products — 1.2%** | **Building Products — 1.2%** | **Building Products — 1.2%** |
| Trane Technologies plc | 10 | 4022 |
| **Capital Markets — 3.3%** | **Capital Markets — 3.3%** | **Capital Markets — 3.3%** |
| Ameriprise Financial, Inc. (a) | 9 | 4307 |
| Ares Management Corp. | 3 | 467 |
| Charles Schwab Corp. (The) (a) | 38 | 3132 |
| CME Group, Inc. | 1 | 400 |
| Goldman Sachs Group, Inc. (The) (a) | 1 | 345 |
| MSCI, Inc. | 4 | 1907 |
| Raymond James Financial, Inc. | 6 | 766 |
|  |  | 11324 |
| **Chemicals — 0.2%** | **Chemicals — 0.2%** | **Chemicals — 0.2%** |
| Air Products and Chemicals, Inc. | 1 | 144 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Chemicals — continued** | **Chemicals — continued** | **Chemicals — continued** |
| Linde plc | 1 | 508 |
| Sherwin-Williams Co. (The) |  | 169 |
|  |  | 821 |
| **Communications Equipment — 0.3%** | **Communications Equipment — 0.3%** | **Communications Equipment — 0.3%** |
| Arista Networks, Inc. \* | 12 | 991 |
| **Construction Materials — 0.6%** | **Construction Materials — 0.6%** | **Construction Materials — 0.6%** |
| Martin Marietta Materials, Inc. | 4 | 2110 |
| **Consumer Finance — 0.6%** | **Consumer Finance — 0.6%** | **Consumer Finance — 0.6%** |
| American Express Co. | 5 | 1283 |
| Capital One Financial Corp. | 4 | 706 |
|  |  | 1989 |
| **Consumer Staples Distribution & Retail — 0.4%** | **Consumer Staples Distribution & Retail — 0.4%** | **Consumer Staples Distribution & Retail — 0.4%** |
| Maplebear, Inc. \* | 34 | 1371 |
| **Diversified Telecommunication Services — 0.3%** | **Diversified Telecommunication Services — 0.3%** | **Diversified Telecommunication Services — 0.3%** |
| AT&T, Inc. | 42 | 1163 |
| **Electric Utilities — 3.3%** | **Electric Utilities — 3.3%** | **Electric Utilities — 3.3%** |
| Entergy Corp. (a) | 40 | 3345 |
| NextEra Energy, Inc. (a) | 37 | 2498 |
| PG&E Corp. | 53 | 865 |
| Southern Co. (The) (a) | 50 | 4626 |
|  |  | 11334 |
| **Electrical Equipment — 1.0%** | **Electrical Equipment — 1.0%** | **Electrical Equipment — 1.0%** |
| AMETEK, Inc. | 6 | 897 |
| Eaton Corp. plc | 2 | 650 |
| Emerson Electric Co. | 16 | 1694 |
|  |  | 3241 |
| **Electronic Equipment, Instruments & Components — 0.2%** | **Electronic Equipment, Instruments & Components — 0.2%** | **Electronic Equipment, Instruments & Components — 0.2%** |
| Keysight Technologies, Inc. \* | 4 | 635 |
| **Energy Equipment & Services — 0.4%** | **Energy Equipment & Services — 0.4%** | **Energy Equipment & Services — 0.4%** |
| Baker Hughes Co. | 39 | 1380 |
| **Entertainment — 1.8%** | **Entertainment — 1.8%** | **Entertainment — 1.8%** |
| Live Nation Entertainment, Inc. \* | 8 | 1052 |
| Walt Disney Co. (The) | 22 | 2021 |
| Warner Bros Discovery, Inc. \* | 110 | 959 |
| Warner Music Group Corp., Class A (a) | 68 | 2061 |
|  |  | 6093 |
| **Financial Services — 7.3%** | **Financial Services — 7.3%** | **Financial Services — 7.3%** |
| Affirm Holdings, Inc. \* | 45 | 2234 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Specialty Funds 1

------

JPMorgan Research Market Neutral Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Long Positions — continued** | **Long Positions — continued** | **Long Positions — continued** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Financial Services — continued** | **Financial Services — continued** | **Financial Services — continued** |
| Apollo Global Management, Inc. | 11 | 1530 |
| Corpay, Inc. \* (a) | 16 | 5207 |
| Fidelity National Information Services, Inc. (a) | 82 | 6467 |
| Mastercard, Inc., Class A (a) | 14 | 7244 |
| Toast, Inc., Class A \* | 55 | 1964 |
| WEX, Inc. \* | 2 | 287 |
|  |  | 24933 |
| **Food Products — 0.0% ^** | **Food Products — 0.0% ^** | **Food Products — 0.0% ^** |
| Mondelez International, Inc., Class A | 2 | 147 |
| **Ground Transportation — 1.0%** | **Ground Transportation — 1.0%** | **Ground Transportation — 1.0%** |
| Canadian Pacific Kansas City Ltd. (Canada) | 30 | 2173 |
| Saia, Inc. \* | 1 | 382 |
| Uber Technologies, Inc. \* | 3 | 246 |
| XPO, Inc. \* | 7 | 697 |
|  |  | 3498 |
| **Health Care Equipment & Supplies — 1.5%** | **Health Care Equipment & Supplies — 1.5%** | **Health Care Equipment & Supplies — 1.5%** |
| Boston Scientific Corp. \* | 11 | 1118 |
| Edwards Lifesciences Corp. \* | 15 | 1123 |
| Intuitive Surgical, Inc. \* | 1 | 370 |
| Medtronic plc | 7 | 652 |
| Stryker Corp. | 5 | 1848 |
|  |  | 5111 |
| **Health Care Providers & Services — 1.6%** | **Health Care Providers & Services — 1.6%** | **Health Care Providers & Services — 1.6%** |
| Cigna Group (The) | 4 | 1201 |
| Humana, Inc. | 5 | 1377 |
| McKesson Corp. | 1 | 826 |
| UnitedHealth Group, Inc. (a) | 5 | 2074 |
|  |  | 5478 |
| **Health Care REITs — 0.8%** | **Health Care REITs — 0.8%** | **Health Care REITs — 0.8%** |
| Alexandria Real Estate Equities, Inc. | 13 | 897 |
| Ventas, Inc. | 28 | 1980 |
|  |  | 2877 |
| **Hotels, Restaurants & Leisure — 3.0%** | **Hotels, Restaurants & Leisure — 3.0%** | **Hotels, Restaurants & Leisure — 3.0%** |
| Carnival Corp. \* | 82 | 1508 |
| Chipotle Mexican Grill, Inc. \* (a) | 47 | 2363 |
| Expedia Group, Inc. | 1 | 146 |
| Hilton Worldwide Holdings, Inc. | 4 | 1027 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Hotels, Restaurants & Leisure — continued** | **Hotels, Restaurants & Leisure — continued** | **Hotels, Restaurants & Leisure — continued** |
| McDonald's Corp. (a) | 8 | 2500 |
| Yum! Brands, Inc. (a) | 18 | 2648 |
|  |  | 10192 |
| **Independent Power and Renewable Electricity Producers — 0.3%** | **Independent Power and Renewable Electricity Producers — 0.3%** | **Independent Power and Renewable Electricity Producers — 0.3%** |
| Vistra Corp. | 9 | 1172 |
| **Industrial Conglomerates — 0.7%** | **Industrial Conglomerates — 0.7%** | **Industrial Conglomerates — 0.7%** |
| 3M Co. (a) | 16 | 2207 |
| **Insurance — 4.3%** | **Insurance — 4.3%** | **Insurance — 4.3%** |
| Aon plc, Class A | 14 | 4837 |
| Arch Capital Group Ltd. | 5 | 471 |
| Arthur J Gallagher & Co. (a) | 15 | 4924 |
| Progressive Corp. (The) (a) | 15 | 4305 |
|  |  | 14537 |
| **Interactive Media & Services — 1.2%** | **Interactive Media & Services — 1.2%** | **Interactive Media & Services — 1.2%** |
| Meta Platforms, Inc., Class A (a) | 5 | 2604 |
| Pinterest, Inc., Class A \* | 56 | 1412 |
|  |  | 4016 |
| **IT Services — 1.1%** | **IT Services — 1.1%** | **IT Services — 1.1%** |
| Cognizant Technology Solutions Corp., Class A (a) | 43 | 3127 |
| MongoDB, Inc. \* | 3 | 535 |
|  |  | 3662 |
| **Life Sciences Tools & Services — 1.0%** | **Life Sciences Tools & Services — 1.0%** | **Life Sciences Tools & Services — 1.0%** |
| Agilent Technologies, Inc. | 11 | 1211 |
| Danaher Corp. | 7 | 1348 |
| Thermo Fisher Scientific, Inc. (a) | 2 | 886 |
|  |  | 3445 |
| **Machinery — 0.9%** | **Machinery — 0.9%** | **Machinery — 0.9%** |
| AGCO Corp. | 2 | 172 |
| Deere & Co. | 1 | 562 |
| Ingersoll Rand, Inc. (a) | 8 | 575 |
| Otis Worldwide Corp. | 18 | 1754 |
|  |  | 3063 |
| **Media — 0.5%** | **Media — 0.5%** | **Media — 0.5%** |
| Charter Communications, Inc., Class A \* | 3 | 1226 |
| Comcast Corp., Class A | 12 | 406 |
|  |  | 1632 |
| **Metals & Mining — 0.1%** | **Metals & Mining — 0.1%** | **Metals & Mining — 0.1%** |
| Freeport-McMoRan, Inc. | 11 | 384 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

2 J.P. Morgan Specialty Funds April 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Long Positions — continued** | **Long Positions — continued** | **Long Positions — continued** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Multi-Utilities — 2.1%** | **Multi-Utilities — 2.1%** | **Multi-Utilities — 2.1%** |
| Ameren Corp. (a) | 33 | 3269 |
| CMS Energy Corp. | 28 | 2067 |
| Dominion Energy, Inc. | 34 | 1843 |
|  |  | 7179 |
| **Oil, Gas & Consumable Fuels — 2.7%** | **Oil, Gas & Consumable Fuels — 2.7%** | **Oil, Gas & Consumable Fuels — 2.7%** |
| Cheniere Energy, Inc. | 8 | 1883 |
| ConocoPhillips | 10 | 863 |
| Diamondback Energy, Inc. | 4 | 575 |
| EOG Resources, Inc. | 8 | 904 |
| EQT Corp. | 4 | 207 |
| Exxon Mobil Corp. (a) | 12 | 1280 |
| Marathon Petroleum Corp. | 4 | 502 |
| TC Energy Corp. (Canada) | 50 | 2506 |
| Williams Cos., Inc. (The) | 9 | 545 |
|  |  | 9265 |
| **Pharmaceuticals — 1.0%** | **Pharmaceuticals — 1.0%** | **Pharmaceuticals — 1.0%** |
| Bristol-Myers Squibb Co. (a) | 32 | 1608 |
| Johnson & Johnson | 11 | 1689 |
|  |  | 3297 |
| **Professional Services — 0.4%** | **Professional Services — 0.4%** | **Professional Services — 0.4%** |
| Booz Allen Hamilton Holding Corp. | 6 | 690 |
| Equifax, Inc. | 2 | 683 |
|  |  | 1373 |
| **Residential REITs — 0.3%** | **Residential REITs — 0.3%** | **Residential REITs — 0.3%** |
| American Homes 4 Rent, Class A | 29 | 1090 |
| **Semiconductors & Semiconductor Equipment — 6.4%** | **Semiconductors & Semiconductor Equipment — 6.4%** | **Semiconductors & Semiconductor Equipment — 6.4%** |
| Advanced Micro Devices, Inc. \* | 5 | 499 |
| Analog Devices, Inc. (a) | 8 | 1560 |
| ASML Holding NV (Registered), NYRS (Netherlands) | 1 | 507 |
| Broadcom, Inc. | 8 | 1607 |
| Lam Research Corp. | 14 | 1021 |
| Marvell Technology, Inc. | 16 | 919 |
| Microchip Technology, Inc. (a) | 20 | 930 |
| Micron Technology, Inc. (a) | 15 | 1179 |
| NVIDIA Corp. (a) | 36 | 3958 |
| NXP Semiconductors NV (Netherlands) (a) | 13 | 2348 |
| ON Semiconductor Corp. \* | 38 | 1497 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Semiconductors & Semiconductor Equipment — continued** | **Semiconductors & Semiconductor Equipment — continued** | **Semiconductors & Semiconductor Equipment — continued** |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR <br> (Taiwan)<br>| 25 | 4061 |
| Texas Instruments, Inc. | 10 | 1590 |
|  |  | 21676 |
| **Software — 4.1%** | **Software — 4.1%** | **Software — 4.1%** |
| Crowdstrike Holdings, Inc., Class A \* | 2 | 866 |
| Fair Isaac Corp. \* | 1 | 1779 |
| Microsoft Corp. (a) | 11 | 4312 |
| Oracle Corp. | 8 | 1112 |
| PTC, Inc. \* | 3 | 471 |
| Roper Technologies, Inc. | 1 | 547 |
| Salesforce, Inc. (a) | 8 | 2079 |
| ServiceNow, Inc. \* | 2 | 2245 |
| Synopsys, Inc. \* | 1 | 538 |
|  |  | 13949 |
| **Specialized REITs — 1.0%** | **Specialized REITs — 1.0%** | **Specialized REITs — 1.0%** |
| American Tower Corp. | 8 | 1835 |
| Extra Space Storage, Inc. | 11 | 1544 |
|  |  | 3379 |
| **Specialty Retail — 3.9%** | **Specialty Retail — 3.9%** | **Specialty Retail — 3.9%** |
| AutoZone, Inc. \* |  | 1757 |
| Best Buy Co., Inc. | 19 | 1251 |
| Burlington Stores, Inc. \* (a) | 15 | 3434 |
| Lowe's Cos., Inc. (a) | 15 | 3367 |
| O'Reilly Automotive, Inc. \* (a) | 1 | 1289 |
| Ross Stores, Inc. | 17 | 2321 |
|  |  | 13419 |
| **Technology Hardware, Storage & Peripherals — 2.3%** | **Technology Hardware, Storage & Peripherals — 2.3%** | **Technology Hardware, Storage & Peripherals — 2.3%** |
| Dell Technologies, Inc., Class C | 5 | 484 |
| Hewlett Packard Enterprise Co. (a) | 123 | 1986 |
| Sandisk Corp. \* | 12 | 392 |
| Seagate Technology Holdings plc | 36 | 3288 |
| Western Digital Corp. \* | 37 | 1607 |
|  |  | 7757 |
| **Trading Companies & Distributors — 0.1%** | **Trading Companies & Distributors — 0.1%** | **Trading Companies & Distributors — 0.1%** |
| United Rentals, Inc. |  | 232 |
| Total Common Stocks <br>(Cost $206,637)<br>|  | 245553 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Specialty Funds 3

------

JPMorgan Research Market Neutral Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Long Positions — continued** | **Long Positions — continued** | **Long Positions — continued** |
| **Short-Term Investments — 27.5%** | **Short-Term Investments — 27.5%** | **Short-Term Investments — 27.5%** |
| **Investment Companies — 27.5%** | **Investment Companies — 27.5%** | **Investment Companies — 27.5%** |
| JPMorgan Prime Money Market Fund Class Institutional <br> Shares, 4.31% (b) (c)(Cost $93,785)<br>| 93758 | 93786 |
| Total Long Positions <br>(Cost $300,422)<br>|  | 339339 |
| **Short Positions — (71.4)%** | **Short Positions — (71.4)%** | **Short Positions — (71.4)%** |
| **Common Stocks — (71.4)%** | **Common Stocks — (71.4)%** | **Common Stocks — (71.4)%** |
| **Aerospace & Defense — (0.9)%** | **Aerospace & Defense — (0.9)%** | **Aerospace & Defense — (0.9)%** |
| General Dynamics Corp. | (2)<br>| (478)<br>|
| Huntington Ingalls Industries, Inc. | (6)<br>| (1317)<br>|
| L3Harris Technologies, Inc. | (5)<br>| (1190)<br>|
| Northrop Grumman Corp. |  | (240)<br>|
|  |  | (3225)<br>|
| **Air Freight & Logistics — (0.3)%** | **Air Freight & Logistics — (0.3)%** | **Air Freight & Logistics — (0.3)%** |
| Expeditors International of Washington, Inc. | (7)<br>| (778)<br>|
| United Parcel Service, Inc., Class B | (3)<br>| (328)<br>|
|  |  | (1106)<br>|
| **Automobiles — (0.7)%** | **Automobiles — (0.7)%** | **Automobiles — (0.7)%** |
| Ford Motor Co. | (138)<br>| (1380)<br>|
| General Motors Co. | (16)<br>| (695)<br>|
| Harley-Davidson, Inc. | (8)<br>| (188)<br>|
|  |  | (2263)<br>|
| **Banks — (1.6)%** | **Banks — (1.6)%** | **Banks — (1.6)%** |
| Citizens Financial Group, Inc. | (35)<br>| (1307)<br>|
| Huntington Bancshares, Inc. | (156)<br>| (2264)<br>|
| KeyCorp | (129)<br>| (1907)<br>|
|  |  | (5478)<br>|
| **Beverages — (0.4)%** | **Beverages — (0.4)%** | **Beverages — (0.4)%** |
| Brown-Forman Corp., Class B | (8)<br>| (261)<br>|
| Brown-Forman Corp., Class A | (6)<br>| (215)<br>|
| Molson Coors Beverage Co., Class B | (16)<br>| (926)<br>|
|  |  | (1402)<br>|
| **Biotechnology — (1.5)%** | **Biotechnology — (1.5)%** | **Biotechnology — (1.5)%** |
| Amgen, Inc. | (8)<br>| (2277)<br>|
| Gilead Sciences, Inc. | (23)<br>| (2509)<br>|
| Moderna, Inc. \* | (13)<br>| (363)<br>|
|  |  | (5149)<br>|
| **Broadline Retail — (0.3)%** | **Broadline Retail — (0.3)%** | **Broadline Retail — (0.3)%** |
| eBay, Inc. | (15)<br>| (1018)<br>|

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Building Products — (0.9)%** | **Building Products — (0.9)%** | **Building Products — (0.9)%** |
| Johnson Controls International plc | (36)<br>| (3005)<br>|
| **Capital Markets — (5.0)%** | **Capital Markets — (5.0)%** | **Capital Markets — (5.0)%** |
| Bank of New York Mellon Corp. (The) | (17)<br>| (1387)<br>|
| Blackrock, Inc. | (3)<br>| (2646)<br>|
| Carlyle Group, Inc. (The) | (18)<br>| (700)<br>|
| Cboe Global Markets, Inc. | (4)<br>| (880)<br>|
| Coinbase Global, Inc., Class A \* | (3)<br>| (555)<br>|
| FactSet Research Systems, Inc. | (4)<br>| (1657)<br>|
| Franklin Resources, Inc. | (154)<br>| (2892)<br>|
| KKR & Co., Inc. | (13)<br>| (1523)<br>|
| Moody's Corp. | (6)<br>| (2751)<br>|
| State Street Corp. | (23)<br>| (1990)<br>|
|  |  | (16981)<br>|
| **Chemicals — (0.4)%** | **Chemicals — (0.4)%** | **Chemicals — (0.4)%** |
| Eastman Chemical Co. | (18)<br>| (1416)<br>|
| **Commercial Services & Supplies — (1.5)%** | **Commercial Services & Supplies — (1.5)%** | **Commercial Services & Supplies — (1.5)%** |
| Cintas Corp. | (10)<br>| (2169)<br>|
| Republic Services, Inc. | (3)<br>| (796)<br>|
| Veralto Corp. | (15)<br>| (1388)<br>|
| Waste Management, Inc. | (3)<br>| (622)<br>|
|  |  | (4975)<br>|
| **Communications Equipment — (2.2)%** | **Communications Equipment — (2.2)%** | **Communications Equipment — (2.2)%** |
| Cisco Systems, Inc. | (128)<br>| (7363)<br>|
| **Consumer Finance — (0.3)%** | **Consumer Finance — (0.3)%** | **Consumer Finance — (0.3)%** |
| Synchrony Financial | (20)<br>| (1028)<br>|
| **Consumer Staples Distribution & Retail — (3.7)%** | **Consumer Staples Distribution & Retail — (3.7)%** | **Consumer Staples Distribution & Retail — (3.7)%** |
| Dollar General Corp. | (29)<br>| (2666)<br>|
| Kroger Co. (The) | (11)<br>| (821)<br>|
| Sysco Corp. | (91)<br>| (6524)<br>|
| Target Corp. | (27)<br>| (2640)<br>|
|  |  | (12651)<br>|
| **Containers & Packaging — (0.5)%** | **Containers & Packaging — (0.5)%** | **Containers & Packaging — (0.5)%** |
| Ball Corp. | (3)<br>| (162)<br>|
| International Paper Co. | (35)<br>| (1618)<br>|
|  |  | (1780)<br>|
| **Distributors — (0.4)%** | **Distributors — (0.4)%** | **Distributors — (0.4)%** |
| Pool Corp. | (4)<br>| (1313)<br>|
| **Electric Utilities — (3.9)%** | **Electric Utilities — (3.9)%** | **Electric Utilities — (3.9)%** |
| American Electric Power Co., Inc. | (27)<br>| (2970)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

4 J.P. Morgan Specialty Funds April 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Short Positions — continued** | **Short Positions — continued** | **Short Positions — continued** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Electric Utilities — continued** | **Electric Utilities — continued** | **Electric Utilities — continued** |
| Eversource Energy | (53)<br>| (3136)<br>|
| Exelon Corp. | (31)<br>| (1440)<br>|
| FirstEnergy Corp. | (60)<br>| (2567)<br>|
| Pinnacle West Capital Corp. | (8)<br>| (798)<br>|
| PPL Corp. | (68)<br>| (2481)<br>|
|  |  | (13392)<br>|
| **Electrical Equipment — (0.4)%** | **Electrical Equipment — (0.4)%** | **Electrical Equipment — (0.4)%** |
| Acuity, Inc. | (2)<br>| (398)<br>|
| Rockwell Automation, Inc. | (4)<br>| (1066)<br>|
|  |  | (1464)<br>|
| **Electronic Equipment, Instruments & Components — (0.6)%** | **Electronic Equipment, Instruments & Components — (0.6)%** | **Electronic Equipment, Instruments & Components — (0.6)%** |
| Corning, Inc. | (44)<br>| (1939)<br>|
| **Energy Equipment & Services — (0.3)%** | **Energy Equipment & Services — (0.3)%** | **Energy Equipment & Services — (0.3)%** |
| Halliburton Co. | (57)<br>| (1131)<br>|
| **Entertainment — (1.0)%** | **Entertainment — (1.0)%** | **Entertainment — (1.0)%** |
| Electronic Arts, Inc. | (7)<br>| (984)<br>|
| Netflix, Inc. \* | (2)<br>| (1874)<br>|
| TKO Group Holdings, Inc. | (3)<br>| (542)<br>|
|  |  | (3400)<br>|
| **Financial Services — (1.7)%** | **Financial Services — (1.7)%** | **Financial Services — (1.7)%** |
| PayPal Holdings, Inc. \* | (48)<br>| (3161)<br>|
| Voya Financial, Inc. | (12)<br>| (717)<br>|
| Western Union Co. (The) | (202)<br>| (1996)<br>|
|  |  | (5874)<br>|
| **Food Products — (0.7)%** | **Food Products — (0.7)%** | **Food Products — (0.7)%** |
| Conagra Brands, Inc. | (5)<br>| (131)<br>|
| General Mills, Inc. | (9)<br>| (491)<br>|
| Kraft Heinz Co. (The) | (67)<br>| (1939)<br>|
|  |  | (2561)<br>|
| **Gas Utilities — (0.3)%** | **Gas Utilities — (0.3)%** | **Gas Utilities — (0.3)%** |
| National Fuel Gas Co. | (16)<br>| (1219)<br>|
| **Ground Transportation — (0.4)%** | **Ground Transportation — (0.4)%** | **Ground Transportation — (0.4)%** |
| Heartland Express, Inc. | (27)<br>| (206)<br>|
| Norfolk Southern Corp. | (2)<br>| (338)<br>|
| Old Dominion Freight Line, Inc. | (5)<br>| (754)<br>|
|  |  | (1298)<br>|
| **Health Care Equipment & Supplies — (1.1)%** | **Health Care Equipment & Supplies — (1.1)%** | **Health Care Equipment & Supplies — (1.1)%** |
| Abbott Laboratories | (5)<br>| (620)<br>|
| Dentsply Sirona, Inc. | (58)<br>| (807)<br>|

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Health Care Equipment & Supplies — continued** | **Health Care Equipment & Supplies — continued** | **Health Care Equipment & Supplies — continued** |
| Dexcom, Inc. \* | (17)<br>| (1262)<br>|
| Zimmer Biomet Holdings, Inc. | (9)<br>| (925)<br>|
|  |  | (3614)<br>|
| **Health Care Providers & Services — (1.5)%** | **Health Care Providers & Services — (1.5)%** | **Health Care Providers & Services — (1.5)%** |
| Centene Corp. \* | (23)<br>| (1391)<br>|
| Elevance Health, Inc. | (2)<br>| (1028)<br>|
| Henry Schein, Inc. \* | (20)<br>| (1267)<br>|
| Labcorp Holdings, Inc. | (2)<br>| (371)<br>|
| Molina Healthcare, Inc. \* | (3)<br>| (1028)<br>|
|  |  | (5085)<br>|
| **Hotels, Restaurants & Leisure — (1.0)%** | **Hotels, Restaurants & Leisure — (1.0)%** | **Hotels, Restaurants & Leisure — (1.0)%** |
| Airbnb, Inc., Class A \* | (4)<br>| (455)<br>|
| Choice Hotels International, Inc. | (10)<br>| (1308)<br>|
| Starbucks Corp. | (21)<br>| (1688)<br>|
|  |  | (3451)<br>|
| **Household Durables — (0.2)%** | **Household Durables — (0.2)%** | **Household Durables — (0.2)%** |
| DR Horton, Inc. | (1)<br>| (151)<br>|
| NVR, Inc. \* |  | (264)<br>|
| PulteGroup, Inc. | (2)<br>| (163)<br>|
|  |  | (578)<br>|
| **Household Products — (0.1)%** | **Household Products — (0.1)%** | **Household Products — (0.1)%** |
| Colgate-Palmolive Co. | (4)<br>| (331)<br>|
| Kimberly-Clark Corp. | (1)<br>| (153)<br>|
|  |  | (484)<br>|
| **Insurance — (5.5)%** | **Insurance — (5.5)%** | **Insurance — (5.5)%** |
| Aflac, Inc. | (20)<br>| (2154)<br>|
| Allstate Corp. (The) | (25)<br>| (5012)<br>|
| American International Group, Inc. | (43)<br>| (3514)<br>|
| Globe Life, Inc. | (8)<br>| (987)<br>|
| Hartford Insurance Group, Inc. (The) | (13)<br>| (1530)<br>|
| Kinsale Capital Group, Inc. | (5)<br>| (1961)<br>|
| RenaissanceRe Holdings Ltd. (Bermuda) | (4)<br>| (1004)<br>|
| Willis Towers Watson plc | (3)<br>| (1025)<br>|
| WR Berkley Corp. | (20)<br>| (1468)<br>|
|  |  | (18655)<br>|
| **Interactive Media & Services — (1.3)%** | **Interactive Media & Services — (1.3)%** | **Interactive Media & Services — (1.3)%** |
| Alphabet, Inc., Class C | (19)<br>| (3119)<br>|
| Snap, Inc., Class A \* | (162)<br>| (1288)<br>|
|  |  | (4407)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Specialty Funds 5

------

JPMorgan Research Market Neutral Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Short Positions — continued** | **Short Positions — continued** | **Short Positions — continued** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **IT Services — (1.7)%** | **IT Services — (1.7)%** | **IT Services — (1.7)%** |
| Accenture plc (Ireland), Class A | (7)<br>| (1959)<br>|
| Infosys Ltd. (India) | (68)<br>| (1200)<br>|
| International Business Machines Corp. | (11)<br>| (2662)<br>|
|  |  | (5821)<br>|
| **Life Sciences Tools & Services — (1.7)%** | **Life Sciences Tools & Services — (1.7)%** | **Life Sciences Tools & Services — (1.7)%** |
| Bruker Corp. | (50)<br>| (2018)<br>|
| Illumina, Inc. \* | (10)<br>| (774)<br>|
| Revvity, Inc. | (19)<br>| (1732)<br>|
| Waters Corp. \* | (3)<br>| (1150)<br>|
|  |  | (5674)<br>|
| **Machinery — (2.5)%** | **Machinery — (2.5)%** | **Machinery — (2.5)%** |
| Caterpillar, Inc. | (1)<br>| (392)<br>|
| Donaldson Co., Inc. | (32)<br>| (2114)<br>|
| IDEX Corp. | (2)<br>| (352)<br>|
| Illinois Tool Works, Inc. | (14)<br>| (3368)<br>|
| Snap-on, Inc. | (2)<br>| (617)<br>|
| Stanley Black & Decker, Inc. | (28)<br>| (1668)<br>|
|  |  | (8511)<br>|
| **Media — (1.2)%** | **Media — (1.2)%** | **Media — (1.2)%** |
| Fox Corp., Class A | (76)<br>| (3768)<br>|
| Paramount Global, Class B | (15)<br>| (180)<br>|
|  |  | (3948)<br>|
| **Multi-Utilities — (1.5)%** | **Multi-Utilities — (1.5)%** | **Multi-Utilities — (1.5)%** |
| CenterPoint Energy, Inc. | (20)<br>| (778)<br>|
| Consolidated Edison, Inc. | (26)<br>| (2936)<br>|
| WEC Energy Group, Inc. | (13)<br>| (1366)<br>|
|  |  | (5080)<br>|
| **Oil, Gas & Consumable Fuels — (2.8)%** | **Oil, Gas & Consumable Fuels — (2.8)%** | **Oil, Gas & Consumable Fuels — (2.8)%** |
| APA Corp. | (88)<br>| (1362)<br>|
| Coterra Energy, Inc. | (38)<br>| (947)<br>|
| Enbridge, Inc. (Canada) | (41)<br>| (1913)<br>|
| Kinder Morgan, Inc. | (63)<br>| (1668)<br>|
| Occidental Petroleum Corp. | (41)<br>| (1602)<br>|
| ONEOK, Inc. | (12)<br>| (975)<br>|
| Valero Energy Corp. | (8)<br>| (934)<br>|
|  |  | (9401)<br>|
| **Passenger Airlines — (0.0)% ^** | **Passenger Airlines — (0.0)% ^** | **Passenger Airlines — (0.0)% ^** |
| Southwest Airlines Co. | (5)<br>| (131)<br>|

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Pharmaceuticals — (1.8)%** | **Pharmaceuticals — (1.8)%** | **Pharmaceuticals — (1.8)%** |
| Eli Lilly & Co. | (2)<br>| (2082)<br>|
| Merck & Co., Inc. | (11)<br>| (943)<br>|
| Pfizer, Inc. | (52)<br>| (1263)<br>|
| Zoetis, Inc. | (12)<br>| (1842)<br>|
|  |  | (6130)<br>|
| **Professional Services — (2.4)%** | **Professional Services — (2.4)%** | **Professional Services — (2.4)%** |
| Automatic Data Processing, Inc. | (3)<br>| (975)<br>|
| Dayforce, Inc. \* | (10)<br>| (555)<br>|
| Paychex, Inc. | (12)<br>| (1807)<br>|
| Paycom Software, Inc. | (10)<br>| (2282)<br>|
| Robert Half, Inc. | (23)<br>| (991)<br>|
| TransUnion | (3)<br>| (266)<br>|
| Verisk Analytics, Inc. | (4)<br>| (1283)<br>|
|  |  | (8159)<br>|
| **Residential REITs — (0.1)%** | **Residential REITs — (0.1)%** | **Residential REITs — (0.1)%** |
| Mid-America Apartment Communities, Inc. | (2)<br>| (369)<br>|
| **Retail REITs — (1.5)%** | **Retail REITs — (1.5)%** | **Retail REITs — (1.5)%** |
| NNN REIT, Inc. | (44)<br>| (1801)<br>|
| Realty Income Corp. | (29)<br>| (1699)<br>|
| Simon Property Group, Inc. | (10)<br>| (1524)<br>|
|  |  | (5024)<br>|
| **Semiconductors & Semiconductor Equipment — (4.7)%** | **Semiconductors & Semiconductor Equipment — (4.7)%** | **Semiconductors & Semiconductor Equipment — (4.7)%** |
| ARM Holdings plc \* | (32)<br>| (3675)<br>|
| Intel Corp. | (50)<br>| (1004)<br>|
| KLA Corp. | (1)<br>| (994)<br>|
| Monolithic Power Systems, Inc. | (3)<br>| (1616)<br>|
| Qorvo, Inc. \* | (14)<br>| (1030)<br>|
| QUALCOMM, Inc. | (30)<br>| (4511)<br>|
| Skyworks Solutions, Inc. | (32)<br>| (2030)<br>|
| Teradyne, Inc. | (16)<br>| (1162)<br>|
|  |  | (16022)<br>|
| **Software — (2.4)%** | **Software — (2.4)%** | **Software — (2.4)%** |
| Adobe, Inc. \* | (7)<br>| (2539)<br>|
| Bill Holdings, Inc. \* | (29)<br>| (1306)<br>|
| Palo Alto Networks, Inc. \* | (6)<br>| (1124)<br>|
| Workday, Inc., Class A \* | (13)<br>| (3303)<br>|
|  |  | (8272)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

6 J.P. Morgan Specialty Funds April 30, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Short Positions — continued** | **Short Positions — continued** | **Short Positions — continued** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Specialized REITs — (0.8)%** | **Specialized REITs — (0.8)%** | **Specialized REITs — (0.8)%** |
| Iron Mountain, Inc. | (12)<br>| (1102)<br>|
| Public Storage | (5)<br>| (1562)<br>|
|  |  | (2664)<br>|
| **Specialty Retail — (2.1)%** | **Specialty Retail — (2.1)%** | **Specialty Retail — (2.1)%** |
| Home Depot, Inc. (The) | (9)<br>| (3368)<br>|
| TJX Cos., Inc. (The) | (12)<br>| (1566)<br>|
| Ulta Beauty, Inc. \* | (3)<br>| (1053)<br>|
| Williams-Sonoma, Inc. | (7)<br>| (1084)<br>|
|  |  | (7071)<br>|
| **Technology Hardware, Storage & Peripherals — (2.6)%** | **Technology Hardware, Storage & Peripherals — (2.6)%** | **Technology Hardware, Storage & Peripherals — (2.6)%** |
| Apple, Inc. | (29)<br>| (6174)<br>|
| HP, Inc. | (29)<br>| (754)<br>|
| NetApp, Inc. | (21)<br>| (1851)<br>|
|  |  | (8779)<br>|
| **Textiles, Apparel & Luxury Goods — (0.3)%** | **Textiles, Apparel & Luxury Goods — (0.3)%** | **Textiles, Apparel & Luxury Goods — (0.3)%** |
| Lululemon Athletica, Inc. \* | (3)<br>| (930)<br>|
| **Trading Companies & Distributors — (0.7)%** | **Trading Companies & Distributors — (0.7)%** | **Trading Companies & Distributors — (0.7)%** |
| Fastenal Co. | (29)<br>| (2370)<br>|
| **Wireless Telecommunication Services — (0.0)% ^** | **Wireless Telecommunication Services — (0.0)% ^** | **Wireless Telecommunication Services — (0.0)% ^** |
| T-Mobile US, Inc. | (1)<br>| (163)<br>|
| Total Common Stocks <br>(Proceeds $(256181))<br>|  | (243224)<br>|
| Total Short Positions <br>(Proceeds $(256181))<br>|  | (243224)<br>|
| **Total Investments — 28.2%** <br>**(Cost $44,241)**<br>|  | **96115** |
| **Other Assets Less Liabilities — 71.8%** |  | **244505** |
| **Net Assets — 100.0%** |  | **340620** |

---

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

---

| |
|:---|
| <br>Percentages indicated are based on net assets. |
| <br>Amounts presented as a dash ("-") represent amounts that round to less than a <br> thousand. |

---

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| ADR | American Depositary Receipt |
| NYRS | New York Registry Shares |
| REIT | Real Estate Investment Trust |

---

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

---

| | |
|:---|:---|
| ^ | Amount rounds to less than 0.1% of net assets. |
| \* | Non-income producing security.  |
| (a) | All or a portion of this security is segregated as <br> collateral for short sales. The total value of securities <br> and cash segregated as collateral is $43,757 and <br> $241,982, respectively.<br>|
| (b) | Investment in an affiliated fund, which is registered <br> under the Investment Company Act of 1940, as <br> amended, and is advised by J.P. Morgan Investment <br> Management Inc.<br>|
| (c) | The rate shown is the current yield as of April 30, <br> 2025.<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Specialty Funds 7

------

JPMorgan Research Market Neutral Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

**Futures contracts outstanding as of April 30, 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** |  |  |  |  |  |
| S&P 500 E-Mini Index | &nbsp;&nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp;&nbsp; 06/20/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 8102 | &nbsp;&nbsp;&nbsp;&nbsp; 706 |

---

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| USD | United States Dollar |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

8 J.P. Morgan Specialty Funds April 30, 2025

------

**STATEMENT OF ASSETS AND LIABILITIES**

AS OF April 30, 2025 (Unaudited)

(Amounts in thousands, except per share amounts)

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

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**Research** <br>**Market** <br>**Neutral Fund**  |
| **ASSETS:** |  |
| Investments in non-affiliates, at value | &nbsp;&nbsp;&nbsp; $245553 |
| Investments in affiliates, at value | &nbsp;&nbsp;&nbsp; 93786 |
| Cash | &nbsp;&nbsp;&nbsp; 26 |
| Deposits at broker for futures contracts | &nbsp;&nbsp;&nbsp; 705 |
| Deposits at broker for securities sold short | &nbsp;&nbsp;&nbsp; 241982 |
| Receivables: |  |
| Investment securities sold | &nbsp;&nbsp;&nbsp; 1592 |
| Fund shares sold | &nbsp;&nbsp;&nbsp; 313 |
| Interest from non-affiliates | &nbsp;&nbsp;&nbsp; 787 |
| Dividends from non-affiliates | &nbsp;&nbsp;&nbsp; 116 |
| Dividends from affiliates | &nbsp;&nbsp;&nbsp; 325 |
| Tax reclaims | &nbsp;&nbsp;&nbsp; 2 |
| Variation margin on futures contracts | &nbsp;&nbsp;&nbsp; 16 |
| Other assets | &nbsp;&nbsp;&nbsp; 46 |
| Total Assets | &nbsp;&nbsp;&nbsp; 585249 |
| **LIABILITIES:** |  |
| Payables: |  |
| Securities sold short, at value | &nbsp;&nbsp;&nbsp; 243224 |
| Dividend expense to non-affiliates on securities sold short | &nbsp;&nbsp;&nbsp; 143 |
| Investment securities purchased | &nbsp;&nbsp;&nbsp; 699 |
| Fund shares redeemed | &nbsp;&nbsp;&nbsp; 382 |
| Accrued liabilities: |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 55 |
| Administration fees | &nbsp;&nbsp;&nbsp; 4 |
| Distribution fees | &nbsp;&nbsp;&nbsp; 7 |
| Service fees | &nbsp;&nbsp;&nbsp; 68 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 1 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; 1 |
| Other | &nbsp;&nbsp;&nbsp; 45 |
| Total Liabilities | &nbsp;&nbsp;&nbsp; 244629 |
| Net Assets | &nbsp;&nbsp;&nbsp; $340620 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Specialty Funds 9

------

**STATEMENT OF ASSETS AND LIABILITIES**

AS OF April 30, 2025 (Unaudited) (continued)

(Amounts in thousands, except per share amounts)

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan**<br> **Research**<br> **Market**<br>**Neutral Fund**  |
| **NET ASSETS:** |  |
| Paid-in-Capital | &nbsp;&nbsp;&nbsp; $325164 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp; 15456 |
| Total Net Assets | &nbsp;&nbsp;&nbsp; $340620 |
| Net Assets: |  |
| Class A | &nbsp;&nbsp;&nbsp; $29267 |
| Class C | &nbsp;&nbsp;&nbsp; 1910 |
| Class I | &nbsp;&nbsp;&nbsp; 309443 |
| Total | &nbsp;&nbsp;&nbsp; $340620 |
| Outstanding units of beneficial interest (shares) <br>($0.0001 par value; unlimited number of shares authorized):<br>|  |
| Class A | &nbsp;&nbsp;&nbsp; 2016 |
| Class C | &nbsp;&nbsp;&nbsp; 150 |
| Class I | &nbsp;&nbsp;&nbsp; 19757 |
| Net Asset Value (a): |  |
| Class A — Redemption price per share | &nbsp;&nbsp;&nbsp; $14.52 |
| Class C — Offering price per share (b) | &nbsp;&nbsp;&nbsp;&nbsp;12.73 |
| Class I — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;15.66 |
| Class A maximum sales charge | &nbsp;&nbsp;&nbsp;&nbsp; 5.25<br> %<br>|
| Class A maximum public offering price per share <br>[net asset value per share/(100% – maximum sales charge)]<br>| &nbsp;&nbsp;&nbsp; $15.32 |
| Cost of investments in non-affiliates | &nbsp;&nbsp;&nbsp; $206637 |
| Cost of investments in affiliates | &nbsp;&nbsp;&nbsp; 93785 |
| Proceeds from securities sold short | &nbsp;&nbsp;&nbsp; 256181 |

---

------

(a) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

(b) Redemption price for Class C Shares varies based upon length of time the shares are held.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

10 J.P. Morgan Specialty Funds April 30, 2025

------

**STATEMENT OF OPERATIONS**

FOR THE SIX MONTHS ENDED April 30, 2025 (Unaudited)

(Amounts in thousands)

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

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**Research** <br>**Market** <br>**Neutral Fund** <br>|
| **INVESTMENT INCOME:** |  |
| Interest income from non-affiliates | &nbsp;&nbsp;&nbsp; $13 |
| Interest income from non-affiliates on securities sold short | &nbsp;&nbsp;&nbsp; 6094 |
| Dividend income from non-affiliates | &nbsp;&nbsp;&nbsp; 1980 |
| Dividend income from affiliates | &nbsp;&nbsp;&nbsp; 1779 |
| Total investment income | &nbsp;&nbsp;&nbsp; 9866 |
| **EXPENSES:** |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 659 |
| Administration fees | &nbsp;&nbsp;&nbsp; 141 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp;&nbsp; 38 |
| Class C | &nbsp;&nbsp;&nbsp; 7 |
| Service fees: |  |
| Class A | &nbsp;&nbsp;&nbsp; 38 |
| Class C | &nbsp;&nbsp;&nbsp; 3 |
| Class I | &nbsp;&nbsp;&nbsp; 430 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 26 |
| Professional fees | &nbsp;&nbsp;&nbsp; 414 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; 14 |
| Printing and mailing costs | &nbsp;&nbsp;&nbsp; 62 |
| Registration and filing fees | &nbsp;&nbsp;&nbsp; 40 |
| Transfer agency fees (See Note 2.H.) | &nbsp;&nbsp;&nbsp; 7 |
| Dividend expense to non-affiliates on securities sold short | &nbsp;&nbsp;&nbsp; 3135 |
| Other | &nbsp;&nbsp;&nbsp; 6 |
| Total expenses | &nbsp;&nbsp;&nbsp; 5020 |
| Less fees waived | &nbsp;&nbsp;&nbsp; (612)<br>|
| Net expenses | &nbsp;&nbsp;&nbsp; 4408 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; 5458 |
| **REALIZED/UNREALIZED GAINS (LOSSES):** |  |
| Net realized gain (loss) on transactions from: |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; 5921 |
| Investments in affiliates | &nbsp;&nbsp;&nbsp; (7)<br>|
| Futures contracts | &nbsp;&nbsp;&nbsp; 1113 |
| Securities sold short | &nbsp;&nbsp;&nbsp; (17026)<br>|
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; (9999)<br>|
| Change in net unrealized appreciation/depreciation on: |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; (15330)<br>|
| Investments in affiliates | &nbsp;&nbsp;&nbsp; (6)<br>|
| Futures contracts | &nbsp;&nbsp;&nbsp; 550 |
| Securities sold short | &nbsp;&nbsp;&nbsp; 24422 |
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp; 9636 |
| Net realized/unrealized gains (losses) | &nbsp;&nbsp;&nbsp; (363)<br>|
| Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp; $5095 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Specialty Funds 11

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED

(Amounts in thousands)

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

---

| | | |
|:---|:---|:---|
|  | **JPMorgan** <br>**Research Market** <br>**Neutral Fund**  | **JPMorgan** <br>**Research Market** <br>**Neutral Fund**  |
|  | &nbsp;&nbsp; **Six Months Ended** <br>**April 30, 2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**October 31, 2024**  |
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $5458 | &nbsp;&nbsp;&nbsp; $9120 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; (9999)<br>| &nbsp;&nbsp;&nbsp; 11414 |
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; 9636 | &nbsp;&nbsp;&nbsp; 12505 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 5095 | &nbsp;&nbsp;&nbsp; 33039 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (1459)<br>| &nbsp;&nbsp;&nbsp; (644)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (97)<br>| &nbsp;&nbsp;&nbsp; (43)<br>|
| Class I | &nbsp;&nbsp;&nbsp; (16312)<br>| &nbsp;&nbsp;&nbsp; (5534)<br>|
| Total distributions to shareholders | &nbsp;&nbsp;&nbsp; (17868)<br>| &nbsp;&nbsp;&nbsp; (6221)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; 13705 | &nbsp;&nbsp;&nbsp; 87497 |
| **NET ASSETS:** |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; 932 | &nbsp;&nbsp;&nbsp; 114315 |
| Beginning of period | &nbsp;&nbsp;&nbsp; 339688 | &nbsp;&nbsp;&nbsp; 225,373<br> (a)<br>|
| End of period | &nbsp;&nbsp;&nbsp; $340620 | &nbsp;&nbsp;&nbsp; $339688 |

---

------

(a) Beginning of period net assets is shown after future share reacquisition adjustment.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

12 J.P. Morgan Specialty Funds April 30, 2025

------

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

---

| | | |
|:---|:---|:---|
|  | **JPMorgan** <br>**Research Market** <br>**Neutral Fund** | **JPMorgan** <br>**Research Market** <br>**Neutral Fund** |
|  | &nbsp;&nbsp; **Six Months Ended**<br> **April 30, 2025** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **October 31, 2024**<br>|
| **CAPITAL TRANSACTIONS:** |  |  |
| **Class A** |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $5847 | &nbsp;&nbsp;&nbsp; $13867 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 1425 | &nbsp;&nbsp;&nbsp; 626 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (7384)<br>| &nbsp;&nbsp;&nbsp; (9909)<br>|
| Change in net assets resulting from Class A capital transactions | &nbsp;&nbsp;&nbsp; (112)<br>| &nbsp;&nbsp;&nbsp; 4584 |
| **Class C** |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 113 | &nbsp;&nbsp;&nbsp; 166 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 96 | &nbsp;&nbsp;&nbsp; 43 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (137)<br>| &nbsp;&nbsp;&nbsp; (234)<br>|
| Change in net assets resulting from Class C capital transactions | &nbsp;&nbsp;&nbsp; 72 | &nbsp;&nbsp;&nbsp; (25)<br>|
| **Class I** |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 201375 | &nbsp;&nbsp;&nbsp; 179385 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 13687 | &nbsp;&nbsp;&nbsp; 4538 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (201317)<br>| &nbsp;&nbsp;&nbsp; (100985)<br>|
| Change in net assets resulting from Class I capital transactions | &nbsp;&nbsp;&nbsp; 13745 | &nbsp;&nbsp;&nbsp; 82938 |
| **Total change in net assets resulting from capital transactions** | &nbsp;&nbsp;&nbsp; $13705 | &nbsp;&nbsp;&nbsp; $87497 |
| **SHARE TRANSACTIONS:** |  |  |
| **Class A** |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 398 | &nbsp;&nbsp;&nbsp; 974 |
| Reinvested | &nbsp;&nbsp;&nbsp; 97 | &nbsp;&nbsp;&nbsp; 47 |
| Redeemed | &nbsp;&nbsp;&nbsp; (507)<br>| &nbsp;&nbsp;&nbsp; (695)<br>|
| Change in Class A Shares | &nbsp;&nbsp;&nbsp; (12)<br>| &nbsp;&nbsp;&nbsp; 326 |
| **Class C** |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; 13 |
| Reinvested | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; 4 |
| Redeemed | &nbsp;&nbsp;&nbsp; (11)<br>| &nbsp;&nbsp;&nbsp; (19)<br>|
| Change in Class C Shares | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; (2)<br>|
| **Class I** |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 12704 | &nbsp;&nbsp;&nbsp; 11592 |
| Reinvested | &nbsp;&nbsp;&nbsp; 869 | &nbsp;&nbsp;&nbsp; 320 |
| Redeemed | &nbsp;&nbsp;&nbsp; (12833)<br>| &nbsp;&nbsp;&nbsp; (6646)<br>|
| Change in Class I Shares | &nbsp;&nbsp;&nbsp; 740 | &nbsp;&nbsp;&nbsp; 5266 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

April 30, 2025 J.P. Morgan Specialty Funds 13

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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** | **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)(b)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan Research Market Neutral Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Six Months Ended April 30, 2025 (Unaudited) | $15.01 | &nbsp;&nbsp; $0.19 | &nbsp;&nbsp; $0.02 | &nbsp;&nbsp; $0.21 | &nbsp;&nbsp; $(0.35)<br>| &nbsp;&nbsp; $(0.35)<br>| &nbsp;&nbsp; $(0.70)<br>|
| Year Ended October 31, 2024 | 13.56<br> \*<br>| 0.47 | 1.34 | 1.81 | &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.36)<br>|
| Year Ended October 31, 2023 | 12.30<br> \*<br>| 0.34 | 0.84 | 1.18 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Year Ended October 31, 2022 | 12.63<br> \*<br>| &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Year Ended October 31, 2021 | 13.23<br> \*<br>| &nbsp;&nbsp; (0.21)<br>| 0.41 | 0.20 | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.91)<br>| &nbsp;&nbsp; (0.91)<br>|
| Year Ended October 31, 2020 | 13.26<br> \*<br>| &nbsp;&nbsp; (0.20)<br>| 1.51 | 1.31 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.49)<br>| &nbsp;&nbsp; (1.49)<br>|
| **Class C** |  |  |  |  |  |  |  |
| Six Months Ended April 30, 2025 (Unaudited) | 13.23 | 0.14 | 0.01 | 0.15 | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.65)<br>|
| Year Ended October 31, 2024 | 12.00<br> \*<br>| 0.36 | 1.17 | 1.53 | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.30)<br>|
| Year Ended October 31, 2023 | 10.94<br> \*<br>| 0.25 | 0.77 | 1.02 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Year Ended October 31, 2022 | 11.29<br> \*<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Year Ended October 31, 2021 | 11.97<br> \*<br>| &nbsp;&nbsp; (0.25)<br>| 0.41 | 0.16 | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.91)<br>| &nbsp;&nbsp; (0.91)<br>|
| Year Ended October 31, 2020 | 12.20<br> \*<br>| &nbsp;&nbsp; (0.23)<br>| 1.36 | 1.13 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.49)<br>| &nbsp;&nbsp; (1.49)<br>|
| **Class I** |  |  |  |  |  |  |  |
| Six Months Ended April 30, 2025 (Unaudited) | 16.16 | 0.23 | 0.01 | 0.24 | &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.74)<br>|
| Year Ended October 31, 2024 | 14.58<br> \*<br>| 0.55 | 1.42 | 1.97 | &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.39)<br>|
| Year Ended October 31, 2023 | 13.19<br> \*<br>| 0.41 | 0.75 | 1.16 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Year Ended October 31, 2022 | 13.51<br> \*<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Year Ended October 31, 2021 | 14.03<br> \*<br>| &nbsp;&nbsp; (0.20)<br>| 0.46 | 0.26 | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.91)<br>| &nbsp;&nbsp; (0.91)<br>|
| Year Ended October 31, 2020 | 13.96<br> \*<br>| &nbsp;&nbsp; (0.19)<br>| 1.00 | 0.81 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.49)<br>| &nbsp;&nbsp; (1.49)<br>|

---

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

\* Net asset value per share has been calculated after future share reacquisition adjustment for the impacted periods.

\*\* Amount presented after future share reacquisition adjustment.

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Calculated based upon average shares outstanding.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(e) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(f) nan

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **April 30, 2025** <br>| **October 31, 2024** <br>| **October 31, 2023** <br>| **October 31, 2022** <br>| **October 31, 2021** <br>| **October 31, 2020** <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses (excluding <br> dividend and interest <br> expense for securities sold <br> short)<br>|  |  |  |  |  |  |
| Class A | 0.91<br> %<br>| 0.92<br> %<br>| 0.90<br> %<br>| 0.90<br> %<br>| 0.92<br> %<br>| 1.06<br> %<br>|
| Class C | 1.41 | 1.42 | 1.39 | 1.39 | 1.41 | 1.58 |
| Class I | 0.66 | 0.67 | 0.64 | 0.64 | 0.66 | 0.75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without waivers <br> and reimbursements <br> (excluding dividend and <br> interest expense for <br> securities sold short)<br>|  |  |  |  |  |  |
| Class A | 1.24 | 1.05 | 1.07 | 1.08 | 1.14 | 1.44 |
| Class C | 1.75 | 1.57 | 1.55 | 1.57 | 1.64 | 1.93 |
| Class I | 0.98 | 0.79 | 0.81 | 0.82 | 0.87 | 1.11 |

---

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

(g) Interest expense on securities sold short is 0.16%.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

14 J.P. Morgan Specialty Funds April 30, 2025

------

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  |  | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Future <br>share <br>reacquisition <br>adjustment<br>| Net asset <br>value, <br>end of <br>period<br>| Total return <br>(excludes <br>sales charge)(c)(d)<br>| Net assets, <br>end of <br>period <br>(000's)<br>| Net <br>expenses <br>(including dividend <br>expense for <br>securities sold <br>short)(e)(f)<br>| Net <br>investment <br>income <br>(loss)<br>| Expenses without <br>waivers and <br>reimbursements <br>(including dividend <br>expense for <br>securities sold <br>short)(f)<br>| Portfolio <br>turnover rate <br>(excluding securities <br>sold short)(c)<br>| Portfolio <br>turnover rate <br>(including securities <br>sold short)(c)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp; $14.52 | 1.42<br> %<br>| &nbsp;&nbsp; $29267 | 2.57<br> %<br>| 2.67<br> %<br>| 2.90<br> %<br>| &nbsp;&nbsp; 79<br> %<br>| &nbsp;&nbsp; 164<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | 15.01 | 13.62 | &nbsp;&nbsp; 30435 | 2.71 | 3.36 | 2.84 | &nbsp;&nbsp; 103 | &nbsp;&nbsp; 218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | 13.56<br> \*<br>| 10.24 | &nbsp;&nbsp; 23,101<br> \*\*<br>| 2.84 | 2.69 | 3.01 | &nbsp;&nbsp; 92 | &nbsp;&nbsp; 232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | 12.30<br> \*<br>| &nbsp;&nbsp; (2.61)<br>| &nbsp;&nbsp; 20,259<br> \*\*<br>| 2.72 | &nbsp;&nbsp; (0.84)<br>| 2.90 | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | 12.63<br> \*<br>| 2.67 | &nbsp;&nbsp; 17,161<br> \*\*<br>| 2.92<br> (g)<br>| &nbsp;&nbsp; (1.71)<br>| 3.14 | &nbsp;&nbsp; 119 | &nbsp;&nbsp; 307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 | 13.23<br> \*<br>| 12.39 | &nbsp;&nbsp; 18,509<br> \*\*<br>| 3.18 | &nbsp;&nbsp; (1.53)<br>| 3.56 | &nbsp;&nbsp; 224 | &nbsp;&nbsp; 531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | 12.73 | 1.12 | &nbsp;&nbsp; 1910 | 3.06 | 2.17 | 3.40 | &nbsp;&nbsp; 79 | &nbsp;&nbsp; 164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | 13.23 | 13.02 | &nbsp;&nbsp; 1913 | 3.20 | 2.86 | 3.35 | &nbsp;&nbsp; 103 | &nbsp;&nbsp; 218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | 12.00<br> \*<br>| 9.69 | &nbsp;&nbsp; 1,762<br> \*\*<br>| 3.33 | 2.20 | 3.50 | &nbsp;&nbsp; 92 | &nbsp;&nbsp; 232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | 10.94<br> \*<br>| &nbsp;&nbsp; (3.10)<br>| &nbsp;&nbsp; 1,504<br> \*\*<br>| 3.21 | &nbsp;&nbsp; (1.30)<br>| 3.39 | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | 11.29<br> \*<br>| 2.25 | &nbsp;&nbsp; 1,233<br> \*\*<br>| 3.44<br> (g)<br>| &nbsp;&nbsp; (2.22)<br>| 3.67 | &nbsp;&nbsp; 119 | &nbsp;&nbsp; 307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | 11.97<br> \*<br>| 11.76 | &nbsp;&nbsp; 1,982<br> \*\*<br>| 3.70 | &nbsp;&nbsp; (1.94)<br>| 4.04 | &nbsp;&nbsp; 224 | &nbsp;&nbsp; 531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | 15.66 | 1.51 | &nbsp;&nbsp; 309443 | 2.32 | 2.92 | 2.64 | &nbsp;&nbsp; 79 | &nbsp;&nbsp; 164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | 16.16 | 13.84 | &nbsp;&nbsp; 307340 | 2.44 | 3.62 | 2.56 | &nbsp;&nbsp; 103 | &nbsp;&nbsp; 218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 | 14.58<br> \*<br>| 10.54 | &nbsp;&nbsp; 200,510<br> \*\*<br>| 2.55 | 2.98 | 2.72 | &nbsp;&nbsp; 92 | &nbsp;&nbsp; 232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | 13.19<br> \*<br>| &nbsp;&nbsp; (2.37)<br>| &nbsp;&nbsp; 139,458<br> \*\*<br>| 2.41 | &nbsp;&nbsp; (0.47)<br>| 2.59 | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | 13.51<br> \*<br>| 3.10 | &nbsp;&nbsp; 75,401<br> \*\*<br>| 2.69<br> (g)<br>| &nbsp;&nbsp; (1.50)<br>| 2.90 | &nbsp;&nbsp; 119 | &nbsp;&nbsp; 307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | 14.03<br> \*<br>| 12.49 | &nbsp;&nbsp; 123,114<br> \*\*<br>| 2.87 | &nbsp;&nbsp; (1.39)<br>| 3.23 | &nbsp;&nbsp; 224 | &nbsp;&nbsp; 531 |

---

&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;

April 30, 2025 J.P. Morgan Specialty Funds 15

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF April 30, 2025 (Unaudited)

(Dollar values in thousands)

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

**1. Organization**

JPMorgan Trust I (the "Trust") was formed on November 12, 2004, as a Delaware statutory trust, pursuant to a Declaration of Trust dated November 5, 2004 and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company.

The following is a separate fund of the Trust (the "Fund") covered by this report:

---

| | | |
|:---|:---|:---|
|  | **Classes Offered** | **Diversification Classification** |
| JPMorgan Research Market Neutral Fund | Class A, Class C and Class I | Diversified |

---

The investment objective of the Fund is to seek to provide long-term capital appreciation from a broadly diversified portfolio of U.S. stocks while neutralizing the general risks associated with stock market investing.

Class A Shares generally provide for a front-end sales charge while Class C Shares provide for a contingent deferred sales charge ("CDSC"). No sales charges are assessed with respect to Class I Shares. Certain Class A Shares, for which front-end sales charges have been waived, may be subject to a CDSC as described in the Fund's prospectus. Class C Shares automatically convert to Class A Shares after eight years. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different transfer agency, distribution and service fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements.

J.P. Morgan Investment Management Inc. ("JPMIM"), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. ("JPMorgan"), acts as adviser (the "Adviser") and administrator (the "Administrator") to the Fund.

**2. Significant Accounting Policies**

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The Fund is an investment company and, accordingly, follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 — *Investment Companies*, which is part of U.S. generally accepted accounting principles ("GAAP"). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities, (ii) disclosure of contingent assets and liabilities at the date of the financial statements, and (iii) the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

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

Under Section 2(a)(41) of the 1940 Act, the Board is required to determine fair value for securities that do not have readily available market quotations. Under Securities and Exchange Commission ("SEC") Rule 2a-5 (Good Faith Determinations of Fair Value), the Board may designate the performance of these fair valuation determinations to a valuation designee. The Board has designated the Adviser as the "Valuation Designee" to perform fair valuation determinations for the Fund on behalf of the Board subject to appropriate oversight by the Board. The Adviser, as Valuation Designee, leverages the J.P. Morgan Asset Management Americas Valuation Committee ("AVC") to help oversee and carry out the policies for the valuation of investments held in the Fund. The Adviser, as Valuation Designee, remains responsible for the valuation determinations.

This oversight by the AVC includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events, and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and, at least on a quarterly basis, with the AVC and the Board.

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

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

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

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

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

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

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

16 J.P. Morgan Specialty Funds April 30, 2025

------

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | &nbsp;&nbsp;&nbsp;&nbsp; $339339 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $339339 |
| **Total Liabilities for Securities Sold Short** (a) | &nbsp;&nbsp;&nbsp;&nbsp; $(243224)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(243224)<br>|
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts (a) | &nbsp;&nbsp;&nbsp;&nbsp; $706 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $706 |

---

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

 <br> (a) Please refer to the SOI for specifics of portfolio holdings.

**B. Restricted Securities**— Certain securities held by the Fund may be subject to legal or contractual restrictions on resale. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"). Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the NAVs of the Fund.

As of April 30, 2025, the Fund had no investments in restricted securities other than securities sold to the Fund under Rule 144A and/or Regulation S under the Securities Act.

**C. Securities Lending** — The Fund is authorized to engage in securities lending in order to generate additional income. The Fund is able to lend to approved borrowers. Citibank N.A. ("Citibank") serves as lending agent for the Fund, pursuant to a Securities Lending Agency Agreement (the "Securities Lending Agency Agreement"). Securities loaned are collateralized by cash equal to at least 100% of the market value plus accrued interest on the securities lent, which is invested in an affiliated money market fund. The Fund retains the interest earned on cash collateral investments but is required to pay the borrower a rebate for the use of the cash collateral. In cases where the lent security is of high value to borrowers, there may be a negative rebate (i.e., a net payment from the borrower to the Fund). Upon termination of a loan, the Fund is required to return to the borrower an amount equal to the cash collateral, plus any rebate owed to the borrowers. The remaining maturities of the securities lending transactions are considered overnight and continuous. Loans are subject to termination by the Fund or the borrower at any time.

The net income earned on the securities lending (after payment of rebates and Citibank's fee) is included on the Statement of Operations as Income from securities lending (net). The Fund also receives payments from the borrower during the period of the loan, equivalent to dividends and interest earned on the securities loaned, which are recorded as Dividend or Interest income, respectively, on the Statement of Operations.

Under the Securities Lending Agency Agreement, Citibank marks to market the loaned securities on a daily basis. In the event the cash received from the borrower is less than 102% of the value of the loaned securities (105% for loans of non-U.S. securities), Citibank requests additional cash from the borrower so as to maintain a collateralization level of at least 102% of the value of the loaned securities plus accrued interest (105% for loans of non-U.S. securities), subject to certain de minimis amounts.

The value of securities out on loan is recorded as an asset on the Statement of Assets and Liabilities. The value of the cash collateral received is recorded as a liability on the Statement of Assets and Liabilities and details of collateral investments are disclosed on the SOI.

The Fund bears the risk of loss associated with the collateral investments and is not entitled to additional collateral from the borrower to cover any such losses. To the extent that the value of the collateral investments declines below the amount owed to a borrower, the Fund may incur losses that exceed the amount it earned on lending the security. Upon termination of a loan, the Fund may use leverage (borrow money) to repay the borrower for cash collateral posted if the Adviser does not believe that it is prudent to sell the collateral investments to fund the payment of this liability. Securities lending activity is subject to master netting arrangements.

Securities lending also involves counterparty risks, including the risk that the loaned securities may not be returned in a timely manner or at all. Subject to certain conditions, Citibank has agreed to indemnify the Fund from losses resulting from a borrower's failure to return a loaned security.

The Fund did not lend out any securities during the six months ended April 30, 2025.

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

April 30, 2025 J.P. Morgan Specialty Funds 17

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

(Dollar values in thousands)

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

**D. Investment Transactions with Affiliates**— The Fund invested in an Underlying Fund advised by the Adviser. An issuer which is under common control with the Fund may be considered an affiliate. For the purposes of the financial statements, the Fund assumes the issuer listed in the table below to be an affiliated issuer. The Underlying Fund's distributions may be reinvested into the Underlying Fund. Reinvestment amounts are included in the purchases at cost amounts in the table below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 2025** | **For the six months ended April 30, 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>**April 30,** <br>**2025**<br>| **Shares at** <br>**April 30,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Prime Money Market Fund <br> Class Institutional Shares, 4.31% (a) (b)<br>| $86511 | $326236 | $318948 | $(7)<br>| $(6)<br>| $93786 | 93758 | $1779 | $— |

---

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

 <br> (a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. <br> (b) The rate shown is the current yield as of April 30, 2025.

**E. Futures Contracts**—The Fund used index futures contracts to gain or reduce exposure to the stock market, or maintain liquidity or minimize transaction costs. The Fund also used index futures contracts to more effectively manage the long and short equity exposures in the portfolio. The Fund also purchased futures contracts to invest incoming cash in the market or sold futures in response to cash outflows, thereby simulating an invested position in the underlying index while maintaining a cash balance for liquidity.

Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Fund is required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Fund periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as Change in net unrealized appreciation/depreciation on futures contracts on the Statement of Operations. Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported on the Statement of Operations at the closing or expiration of the futures contract. Securities deposited as initial margin are designated on the SOI, while cash deposited, which is considered restricted, is recorded on the Statement of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statement of Assets and Liabilities.

The use of futures contracts exposes the Fund to equity price risk. The Fund may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subjects the Fund to risk of loss in excess of the amounts shown on the Statement of Assets and Liabilities, up to the notional amount of the futures contracts. Use of short futures contracts subjects the Fund to unlimited risk of loss. The Fund may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Fund's credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day's settlement price, which could effectively prevent liquidation of positions.

The Fund's futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).

The table below discloses the volume of the futures contracts activity during the six months ended April 30, 2025:

---

| | |
|:---|:---|
| **Futures Contracts:** |  |
| Average Notional Balance Long | &nbsp;&nbsp; $1157 |
| Average Notional Balance Short | &nbsp;&nbsp; (8848)<br>|
| Ending Notional Balance Long | &nbsp;&nbsp; 8102 |

---

**F. Short Sales**— The Fund engaged in short sales as part of its normal investment activities. In a short sale, the Fund sells securities it does not own in anticipation of a decline in the market value of those securities. In order to deliver securities to the purchaser, the Fund borrows securities from a broker. To close out a short position, the Fund delivers the same securities to the broker.

The Fund is required to pledge cash or securities to the broker as collateral for the securities sold short. Collateral requirements are calculated daily based on the current market value of the short positions. Cash collateral deposited with the broker is recorded as Deposits at broker for securities sold short, while cash collateral deposited at the Fund's custodian for the benefit of the broker is recorded as Restricted cash for securities sold short on the Statement of Assets and Liabilities. Securities segregated as collateral are denoted on the SOI. The Fund may receive or pay the net of

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

18 J.P. Morgan Specialty Funds April 30, 2025

------

the following amounts: (i) a portion of the income from the investment of cash collateral; (ii) the broker's fee on the borrowed securities (calculated daily based upon the market value of each borrowed security and a variable rate that is dependent on availability of the security); and (iii) a financing charge for the difference between the market value of the short position and cash collateral deposited with the broker. The net amounts of income or fees are included as interest income or interest expense on securities sold short on the Statement of Operations.

The Fund is obligated to pay the broker dividends declared on short positions when a position is open on the record date. Dividends on short positions are reported on ex-dividend date on the Statement of Operations as Dividend expense on securities sold short. The Fund is obligated to pay the broker interest accrued on short positions while the position is outstanding. Interest expense on short positions is reported as Interest expense to non-affiliates on securities sold short on the Statement of Operations. Liabilities for securities sold short are reported at market value on the Statement of Assets and Liabilities and the change in market value is recorded as Change in net unrealized appreciation/depreciation on the Statement of Operations. Short sale transactions may result in unlimited losses as the security's price increases and the short position loses value. There is no upward limit on the price a borrowed security could attain. The Fund is also subject to risk of loss if the broker were to fail to perform its obligations under the contractual terms.

The Fund will record a realized loss if the price of the borrowed security increases between the date of the short sale and the date on which the Fund replaces the borrowed security. The Fund will record a realized gain if the price of the borrowed security declines between those dates.

As of April 30, 2025, The Fund had outstanding short sales as listed on its SOI.

**G. Security Transactions and Investment Income**— Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis. Interest income and interest expense on securities sold short, if any, is determined on the basis of coupon interest accrued using the effective interest method, which adjusts for amortization of premiums and accretion of discounts. Dividend income, net of foreign taxes withheld, if any, and dividend expense on securities sold short are recorded on the ex-dividend date or when the Fund first learns of the dividend.

To the extent such information is publicly available, the Fund records distributions received in excess of income earned from underlying investments as a reduction of cost of investments and/or realized gain. Such amounts are based on estimates if actual amounts are not available and actual amounts of income, realized gain and return of capital may differ from the estimated amounts. The Fund adjusts the estimated amounts of the components of distributions (and consequently its net investment income) as necessary, once the issuers provide information about the actual composition of the distributions.

**H. Allocation of Income and Expenses**— Expenses directly attributable to the Fund are charged directly to the Fund, while the expenses attributable to more than one fund of the Trust are allocated among the applicable funds. Investment income, realized and unrealized gains and losses and expenses, other than class-specific expenses, are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day.

Transfer agency fees are class-specific expenses. The amount of the transfer agency fees charged to each share class of the Fund for the six months ended April 30, 2025, are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class I** | **Total** |
| Transfer agency fees  | $3 | $—<br> (a)<br>| $4 | $7 |

---

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

(a) Amount rounds to less than one thousand.

**I. Federal Income Taxes**— The Fund is treated as a separate taxable entity for Federal income tax purposes. The Fund's policy is to comply with the provisions of the Internal Revenue Code (the "Code") applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Fund's tax positions for all open tax years and has determined that as of April 30, 2025, no liability for Federal income tax is required in the Fund's financial statements for net unrecognized tax benefits. However, management's conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. The Fund's Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

**J. Distributions to Shareholders**— Distributions from net investment income, if any, are generally declared and paid at least annually and are declared separately for each class. No class has preferential dividend rights; differences in per share rates are due to differences in separate class expenses. Net realized capital gains, if any, are distributed at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these "book/tax" differences are permanent in nature (i.e., that they result from other than timing of recognition — "temporary differences"), such amounts are reclassified within the capital accounts based on their Federal tax basis treatment.

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

April 30, 2025 J.P. Morgan Specialty Funds 19

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

(Dollar values in thousands)

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

**K. Segment Reporting** — The Fund adopted FASB Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures ("ASU 2023-07") during the period. The adoption of this new standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of their operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's Chief Operating Decision Maker ("CODM") to make decisions about resources to be allocated to the segment and to assess its performance, and has discrete financial information available. Executive committees of JPMorgan Asset Management, the named portfolio manager(s) of the Fund and the Fund's Principal Executive Officer and Principal Financial Officer act as the Fund's CODM. The Fund is considered an operating segment, and its performance and operating results are reviewed daily to make informed decisions regarding performance. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

**L. Recent Accounting Pronouncement** — In December 2023, FASB issued *Accounting Standards Update* ("ASU") *2023-09*, Income Taxes (Topic 740) ("ASU 2023-09") *Improvements to Income Tax Disclosures*, which enhances income tax disclosures, including providing specific categories in the rate reconciliation and income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024; early adoption is permitted. Management is currently evaluating the amendment and its impact to the financial statements.

**3. Fees and Other Transactions with Affiliates**

**A. Investment Advisory Fee**— Pursuant to an Investment Advisory Agreement, the Adviser manages the investments of the Fund and for such services is paid a fee. The investment advisory fee is accrued daily and paid monthly at an annual rate of 0.35% of the Fund's average daily net assets.

The Adviser waived investment advisory fees and/or reimbursed expenses as outlined in Note 3.F.

**B. Administration Fee**— Pursuant to an Administration Agreement, the Administrator provides certain administration services to the Fund. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.075% of the first $10 billion of the Fund's average daily net assets, plus 0.050% of the Fund's average daily net assets between $10 billion and $20 billion, plus 0.025% of the Fund's average daily net assets between $20 billion and $25 billion, plus 0.010% of the Fund's average daily net assets in excess of $25 billion. For the six months ended April 30, 2025, the effective annualized rate was 0.075% of the Fund's average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

The Administrator waived administration fees as outlined in Note 3.F.

JPMorgan Chase Bank, N.A. ("JPMCB"), a wholly-owned subsidiary of JPMorgan, serves as the Fund's sub-administrator (the "Sub-administrator"). For its services as Sub-administrator, JPMCB receives a portion of the fees payable to the Administrator.

**C. Distribution Fees**— Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. ("JPMDS"), an indirect, wholly-owned subsidiary of JPMorgan, serves as the Fund's principal underwriter and promotes and arranges for the sale of the Fund's shares.

The Board has adopted a Distribution Plan (the "Distribution Plan") for Class A and Class C Shares of the Fund pursuant to Rule 12b-1 under the 1940 Act. Class I Shares of the Fund do not charge a distribution fee. The Distribution Plan provides that the Fund shall pay, with respect to the applicable share classes, distribution fees, including payments to JPMDS, at annual rates of the average daily net assets as shown in the table below:

---

| | |
|:---|:---|
| **Class A** | **Class C** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>|

---

In addition, JPMDS is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the six months ended April 30, 2025, JPMDS retained the following:

---

| | |
|:---|:---|
| **Front-End Sales Charge** | **CDSC** |
| &nbsp;&nbsp;&nbsp;&nbsp; $—<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

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

(a) Amount rounds to less than one thousand.

**D. Service Fees**— The Trust, on behalf of the Fund, has entered into a Shareholder Servicing Agreement with JPMDS under which JPMDS provides certain support services to fund shareholders. For performing these services, JPMDS receives a fee with respect to all share classes, except Class R6 Shares which do not charge a service fee, that is accrued daily and paid monthly equal to a percentage of the average daily net assets as shown in the table below:

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

20 J.P. Morgan Specialty Funds April 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Class A** | **Class C** | **Class I** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>|

---

JPMDS has entered into shareholder services contracts with affiliated and unaffiliated financial intermediaries who provide shareholder services and other related services to their clients or customers who invest in the Fund. Pursuant to such contracts, JPMDS will pay all or a portion of such fees earned to financial intermediaries for performing such services.

JPMDS waived service fees as outlined in Note 3.F.

**E. Custodian and Accounting Fees**— JPMCB provides portfolio custody and accounting services to the Fund. For performing these services, the Fund pays JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses. The amounts paid directly to JPMCB by the Fund for custody and accounting services are included in Custodian and accounting fees on the Statement of Operations.

Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the Statement of Operations.

Interest expense paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates on the Statement of Operations.

**F. Waivers and Reimbursements**— The Adviser, Administrator and/or JPMDS have contractually agreed to waive fees and/or reimburse the Fund to the extent that total annual operating expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, expenses related to trustee elections and extraordinary expenses) exceed the percentages of the Fund's respective average daily net assets as shown in the table below:

---

| | | |
|:---|:---|:---|
| **Class A** | **Class C** | **Class I** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.69<br> %<br>|

---

The expense limitation agreement was in effect for the six months ended April 30, 2025 and are in place until at least February 28, 2025.

For the six months ended April 30, 2025, the Fund's service providers waived fees and/or reimbursed expenses for the Fund as follows. None of these parties expect the Fund to repay any such waived fees and/or reimbursed expenses in future years.

---

| | | | |
|:---|:---|:---|:---|
| **Contractual Waivers** | **Contractual Waivers** | **Contractual Waivers** | **Contractual Waivers** |
| **Investment** <br>**Advisory Fees**<br>| **Administration** <br>**Fees**<br>| **Service** <br>**Fees**<br>| **Total** |
| &nbsp;&nbsp; $473 | &nbsp;&nbsp; $65 | &nbsp;&nbsp; $1 | &nbsp;&nbsp; $539 |

---

Additionally, the Fund may invest in one or more money market funds advised by the Adviser (affiliated money market funds). The Adviser, Administrator and/or JPMDS, as shareholder servicing agent, have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the Fund's investment in such affiliated money market fund, except for investments of securities lending cash collateral. None of these parties expect the Fund to repay any such waived fees and/or reimbursed expenses in future years.

The amount of these waivers resulting from investments in these money market funds for the six months ended April 30, 2025 was $73.

**G. Other**— Certain officers of the Trust are affiliated with the Adviser, the Administrator and JPMDS. Such officers, with the exception of the Chief Compliance Officer, receive no compensation from the Fund for serving in their respective roles.

The Board designated and appointed a Chief Compliance Officer to the Fund pursuant to Rule 38a-1 under the 1940 Act. The Fund, along with affiliated funds, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the office of the Chief Compliance Officer. Such fees are included in Trustees' and Chief Compliance Officer's fees on the Statement of Operations.

The Trust adopted a Trustee Deferred Compensation Plan (the "Plan") which allows the independent Trustees to defer the receipt of all or a portion of compensation related to performance of their duties as Trustees. The deferred fees are invested in various J.P. Morgan Funds until distribution in accordance with the Plan.

The SEC has granted an exemptive order permitting the Fund to engage in principal transactions with J.P. Morgan Securities LLC, an affiliated broker, involving taxable money market instruments, subject to certain conditions.

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

April 30, 2025 J.P. Morgan Specialty Funds 21

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF April 30, 2025 (Unaudited) (continued)

(Dollar values in thousands)

During the year ended October 31, 2024, the Fund identified a material error in accounting for the receipt of class action litigation payments which resulted in an understatement of the Fund's net assets during the period April 29, 2019 through July 17, 2024, (the "Error Period"). The Fund applied its NAV error correction policy, and, for each financial reporting period during the Error Period, recorded a future share reacquisition adjustment to reflect the Fund's unilateral right to remove excess shares attributable to purchases made during the Error Period and a Due to shareholders upon reprocessing payable for cash owed to shareholders who redeemed their shares of the Fund during the Error Period. As of October 15, 2024, the Adviser determined it would not reprocess share transactions and instead fully reimbursed the Fund $2,848 in cash towards the settlement of the future share reacquisition adjustment and due to shareholders upon reprocessing payable, net.

**4. Investment Transactions** 

During the six months ended April 30, 2025, purchases and sales of investments (excluding short-term investments) were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** <br>**(excluding** <br>**U.S. Government)**<br>| **Sales** <br>**(excluding** <br>**U.S. Government)**<br>| **Securities** <br>**Sold Short**<br>| **Covers on** <br>**Securities** <br>**Sold Short**<br>|
| $234632 | $250394 | $236763 | $249536 |

---

**5. Federal Income Tax Matters** 

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at April 30, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Aggregate** <br>**Cost\***<br>| &nbsp;&nbsp;&nbsp; **Gross** <br>**Unrealized** <br>**Appreciation**<br>| &nbsp;&nbsp;&nbsp; **Gross** <br>**Unrealized** <br>**Depreciation**<br>| &nbsp;&nbsp;&nbsp; **Net Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; $44241 | &nbsp;&nbsp;&nbsp;&nbsp; $66828 | &nbsp;&nbsp;&nbsp;&nbsp; $14248 | &nbsp;&nbsp;&nbsp;&nbsp; $52580 |

---

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

 <br> \* The tax cost includes the proceeds from short sales which may result in a net negative cost.

At October 31, 2024, the Fund had net capital loss carryforwards, which are available to offset future realized gains as follows:

---

| |
|:---|
| **Capital Loss Carryforward Character**  |
| **Short-Term** |
| &nbsp;&nbsp;&nbsp;&nbsp; $22,174<br> \*<br>|

---

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

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

During the year ended October 31, 2024, the following Fund utilized capital loss carryforwards as follows:

---

| |
|:---|
| **Capital Loss Utilized**  |
| **Short-Term** |
| &nbsp;&nbsp;&nbsp;&nbsp; $5353 |

---

**6. Borrowings** 

The Fund relies upon an exemptive order granted by the SEC (the "Order") permitting the establishment and operation of an Interfund Lending Facility (the "Facility"). The Facility allows the Fund to directly lend and borrow money to or from any other fund relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund's borrowing restrictions. The interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. The Order was granted to JPMorgan Trust II ("JPM II") and may be relied upon by the Fund because the Fund and the series of JPM II are all investment companies in the same "group of investment companies" (as defined in Section 12(d)(1)(G) of the 1940 Act).

The Fund had no borrowings outstanding from another fund, or loans outstanding to another fund, during the six months ended April 30, 2025.

The Trust and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Fund. Advances under the arrangement are taken

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

22 J.P. Morgan Specialty Funds April 30, 2025

------

primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund's borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until October 28, 2025.

The Fund had no borrowings outstanding from the unsecured, uncommitted credit facility during the six months ended April 30, 2025.

The Trust, along with certain other trusts for J.P. Morgan Funds ("Borrowers"), has entered into a joint syndicated senior unsecured revolving credit facility totaling $1.5 billion ("Credit Facility") with various lenders and The Bank of New York Mellon, as administrative agent for the lenders. This Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Under the terms of the Credit Facility, a borrowing fund must have a minimum of $25 million in adjusted NAV and not exceed certain adjusted net asset coverage ratios prior to and during the time in which any borrowings are outstanding. If a fund does not comply with the aforementioned requirements, the fund must remediate within three business days with respect to the $25 million minimum adjusted NAV or within one business day with respect to certain asset coverage ratios or the administrative agent at the request of, or with the consent of, the lenders may terminate the Credit Facility and declare any outstanding borrowings to be due and payable immediately.

Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.00%, plus the greater on the day of the borrowing, of the federal funds effective rate, or the Adjusted Secured Overnight Financing Rate. Effective August 6, 2024, the Credit Facility was amended and restated for a term of 364 days, unless extended.

The Fund did not utilize the Credit Facility during the six months ended April 30, 2025.

**7. Risks, Concentrations and Indemnifications**

In the normal course of business, the Fund enters into contracts that contain a variety of representations which provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be brought against the Fund. However, based on experience, the Fund expects the risk of loss to be remote.

As of April 30, 2025, the Fund had 3 individual shareholders and/or non-affiliated omnibus accounts each owning more than 10% of the Fund's outstanding shares, and collectively owning 59.6% of the Fund's outstanding shares.

Significant shareholder transactions by these shareholders may impact the Fund's performance and liquidity.

As of April 30, 2025, the Fund pledged a significant portion of its assets to Citigroup Global Markets, Inc. for securities sold short. For the Fund,

deposits at broker for securities sold short, as noted on the Statement of Assets and Liabilities, are held at Citigroup Global Markets, Inc.

Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in a Fund's underlying index or 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;

April 30, 2025 J.P. Morgan Specialty Funds 23

------

J.P. Morgan Funds are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the Fund.

***Contact JPMorgan Distribution Services, Inc. at 1-800-480-4111 for a fund prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risk as well as charges and expenses of the mutual fund before investing. The prospectus contains this and other information about the mutual fund. Read the prospectus carefully before investing.***

Investors may obtain information about the Securities Investor Protection Corporation (SIPC), including the SIPC brochure, by visiting www.sipc.org or by calling SIPC at 202-371-8300.

![](g935018img5810e0b02.jpg)

------

![](g935018img671bce133.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. April 2025.

SAN-SPEC-425

------

**Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

Not applicable.

**Proxy Disclosures for Open-End Management Investment Companies**

Not applicable.

**Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies**

Included in the Statement of Operations within the Fund's Financial Statements.

**Statement Regarding Basis for Approval of Investment Advisory Agreement**

Not applicable.

------

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.

#### 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:](d933849dex99cert.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.](d933849dex99906ce.htm)

#### Certifications pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 are attached hereto.

------

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| JPMorgan Trust I | JPMorgan Trust I |
| By: | /s/ Brian S. Shlissel |
|  | Brian S. Shlissel |
|  | President and Principal Executive Officer |
|  | June 25, 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/ Brian S. Shlissel |
|  | Brian S. Shlissel |
|  | President and Principal Executive Officer |
|  | June 25, 2025 |
| By: | /s/ Timothy J. Clemens |
|  | Timothy J. Clemens |
|  | Treasurer and Principal Financial Officer |
|  | June 25, 2025 |

---

## Ex-99.Cert

EXHIBIT ITEM 13 (b)1

CERTIFICATIONS

I, Brian S. Shlissel, certify that:

1. I have reviewed this report on Form N-CSR of the JPMorgan Developed
International Value Fund, JPMorgan Emerging Markets Equity Fund, JPMorgan Europe Dynamic Fund, JPMorgan Global Allocation Fund, JPMorgan Income Builder Fund, JPMorgan International Equity Fund, JPMorgan International Focus Fund, JPMorgan Research
Market Neutral Fund and JPMorgan Tax Aware Real Return Fund (the "Funds"), each a series of JPMorgan Trust I (the "Registrant");

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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: June 25, 2025

---

| |
|:---|
| /s/ Brian S. Shlissel |
| Brian S. Shlissel |
| President and Principal Executive Officer |

---

------

CERTIFICATIONS

I, Timothy J. Clemens, certify that:

1. I have reviewed this report on Form N-CSR of the JPMorgan Developed
International Value Fund, JPMorgan Emerging Markets Equity Fund, JPMorgan Europe Dynamic Fund, JPMorgan Global Allocation Fund, JPMorgan Income Builder Fund, JPMorgan International Equity Fund, JPMorgan International Focus Fund, JPMorgan Research
Market Neutral Fund and JPMorgan Tax Aware Real Return Fund (the "Funds"), each a series of JPMorgan Trust I (the "Registrant");

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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: June 25, 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 Developed International Value Fund, JPMorgan Emerging Markets Equity Fund, JPMorgan Europe Dynamic Fund, JPMorgan Global Allocation Fund, JPMorgan Income Builder Fund, JPMorgan International Equity Fund, JPMorgan International Focus Fund, JPMorgan Research Market Neutral Fund and JPMorgan Tax Aware Real Return Fund (the "Funds"), each a series of JPMorgan Trust I (the "Registrant");

I, Brian S. Shlissel, certify that:

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

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

---

| |
|:---|
| /s/ ****Brian S. Shlissel |
| Brian S. Shlissel |
| President and Principal Executive Officer |

---

June 25, 2025

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

------

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

This certification is provided pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, and accompanies the report on Form N-CSR furnished to the Securities and Exchange Commission on the date hereof of the JPMorgan Developed International Value Fund, JPMorgan Emerging Markets Equity Fund, JPMorgan Europe Dynamic Fund, JPMorgan Global Allocation Fund, JPMorgan Income Builder Fund, JPMorgan International Equity Fund, JPMorgan International Focus Fund, JPMorgan Research Market Neutral Fund and JPMorgan Tax Aware Real Return Fund (the "Funds"), each a series of JPMorgan Trust I (the "Registrant");

I, Timothy J. Clemens, certify that:

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

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

---

| |
|:---|
| /s/ Timothy J. Clemens |
| Timothy J. Clemens |
| Treasurer and Principal Financial Officer |

---

June 25, 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.