# EDGAR Filing Document

**Accession Number:** 0001659326
**File Stem:** 0001193125-25-146872
**Filing Date:** 2025-6
**Character Count:** 492462
**Document Hash:** ad63ad0dcce5d57f95112b75653ba6e8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-146872.hdr.sgml**: 20250625

**ACCESSION NUMBER**: 0001193125-25-146872

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 25

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23117
- **FILM NUMBER:** 251073674

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

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** JPMorgan Trust IV
- **DATE OF NAME CHANGE:** 20151124

## Series and Classes Contracts Data

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

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

### JPMorgan International Hedged Equity Fund (Series ID: S000063497)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000205720 | Class R6     | JIHRX           |
| C000205721 | Class A      | JIHAX           |
| C000205722 | Class I      | JIHIX           |
| C000205724 | Class C      | JIHCX           |

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

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

#### FORM N-CSR

------

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

#### Investment Company Act file number

#### 811-23117

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

------

277 Park Avenue

New York, NY 10172

(Address of principal executive offices) (Zip code)

Gregory S. Samuels

277 Park Avenue

New York, NY 10172

(Name and Address of Agent for Service)

With copies to: <br> Elizabeth A. Davin, Esq.JPMorgan Chase & Co.1111 Polaris 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 Emerging Markets Research Enhanced Equity Fund

![FrontCoverImage](g934549images_2524.jpg)

Class I Shares/Ticker: EMREX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Emerging Markets Research Enhanced 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 Research Enhanced Equity Fund<br>(Class I Shares) | $23 | 0.45% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $2075966 |
| **Total number of portfolio holdings** | 381 |
| **Portfolio turnover rate** | 25% |

---

PORTFOLIO COMPOSITION - COUNTRY

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g934549chartimages_4708122.jpg)

**Availability of Additional Information**

![QRCode](g934549images_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 Research Enhanced Equity Fund - Class I

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

JPMorgan Emerging Markets Research Enhanced Equity Fund

![FrontCoverImage](g934549images_2524.jpg)

Class R6 Shares/Ticker: EMRSX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Emerging Markets Research Enhanced 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 Research Enhanced Equity Fund<br>(Class R6 Shares) | $18 | 0.35% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $2075966 |
| **Total number of portfolio holdings** | 381 |
| **Portfolio turnover rate** | 25% |

---

PORTFOLIO COMPOSITION - COUNTRY

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g934549chartimages_4708110.jpg)

**Availability of Additional Information**

![QRCode](g934549images_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 Research Enhanced Equity Fund - Class R6

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

JPMorgan International Hedged Equity Fund

![FrontCoverImage](g934549images_2524.jpg)

Class A Shares/Ticker: JIHAX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan International Hedged Equity Fund (the "Fund") for the period of 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 Hedged Equity Fund<br>(Class A Shares) | $39 | 0.76% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $207115 |
| **Total number of portfolio holdings** | 212 |
| **Portfolio turnover rate** | 11% |

---

PORTFOLIO COMPOSITION - COUNTRY

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g934549chartimages_4708109.jpg)

**Availability of Additional Information**

![QRCode](g934549images_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 Hedged Equity Fund - Class A

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

JPMorgan International Hedged Equity Fund

![FrontCoverImage](g934549images_2524.jpg)

Class C Shares/Ticker: JIHCX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan International Hedged Equity Fund (the "Fund") for the period of 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 Hedged Equity Fund<br>(Class C Shares) | $55 | 1.07% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $207115 |
| **Total number of portfolio holdings** | 212 |
| **Portfolio turnover rate** | 11% |

---

PORTFOLIO COMPOSITION - COUNTRY

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g934549chartimages_4708108.jpg)

**Availability of Additional Information**

![QRCode](g934549images_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 Hedged Equity Fund - Class C

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

JPMorgan International Hedged Equity Fund

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

![FrontCoverImage](g934549images_2524.jpg)

Class I Shares/Ticker: JIHIX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan International Hedged Equity Fund (the "Fund") for the period of 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 Hedged Equity Fund<br>(Class I Shares) | $31 | 0.60% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $207115 |
| **Total number of portfolio holdings** | 212 |
| **Portfolio turnover rate** | 11% |

---

PORTFOLIO COMPOSITION - COUNTRY

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g934549chartimages_4708100.jpg)

**Availability of Additional Information**

![QRCode](g934549images_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 Hedged Equity Fund - Class I

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

JPMorgan International Hedged Equity Fund

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

![FrontCoverImage](g934549images_2524.jpg)

Class R6 Shares/Ticker: JIHRX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan International Hedged Equity Fund (the "Fund") for the period of 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 Hedged Equity Fund<br>(Class R6 Shares) | $20 | 0.39% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $207115 |
| **Total number of portfolio holdings** | 212 |
| **Portfolio turnover rate** | 11% |

---

PORTFOLIO COMPOSITION - COUNTRY

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g934549chartimages_4708099.jpg)

**Availability of Additional Information**

![QRCode](g934549images_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 Hedged Equity 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

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**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

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&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;

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(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

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**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(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

------

**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:

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

------

("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.

------

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:](d934549dex99cert.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.

#### Not applicable.
(b) [A separate or combined certification for each principal executive officer and principal officer of the registrant as required by Rule 30a-2(b) under the Act of 1940.](d934549dex99906cert.htm)

#### Certifications pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 are attached hereto.

------

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| JPMorgan Trust IV | JPMorgan Trust IV |
| 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 Emerging
Markets Research Enhanced Equity Fund and JPMorgan International Hedged Equity Fund (the "Funds"), each a series of JPMorgan Trust IV (the "Registrant");

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

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

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

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

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

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

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

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

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

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

Date: 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 Emerging
Markets Research Enhanced Equity Fund and JPMorgan International Hedged Equity Fund (the "Funds"), each a series of JPMorgan Trust IV (the "Registrant");

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

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

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

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

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

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

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

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

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

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

Date: 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 Emerging Markets Research Enhanced Equity Fund and JPMorgan International Hedged Equity Fund (the "Funds"), each a series of JPMorgan Trust IV (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.

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| |
|:---|
| /s/ Brian S. Shlissel |
| Brian S. Shlissel |
| President and Principal Executive Officer |
| June 25, 2025 |

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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.

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

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

I, Timothy J. Clemens, certify that:

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

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

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| |
|:---|
| /s/ Timothy J. Clemens |
| Timothy J. Clemens |
| Treasurer and Principal Financial Officer |
| June 25, 2025 |

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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.