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:
Elizabeth A. Davin, Esq.
JPMorgan Chase & Co.
1111 Polaris Parkway
Columbus, OH 43240		 Alison M. Fumai, Esq.
Dechert LLP
1905 Avenue of the Americas
New York, NY 10036
Registrant's telephone number, including area code:
(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
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
$10,000 investment		 Costs paid as a percentage
of a $10,000 investment*
JPMorgan Emerging Markets Research Enhanced Equity Fund
(Class I Shares)		 $23 0.45%
*
This charge is annualized.

KEY FUND STATISTICS
Fund net assets (000's) $2,075,966
Total number of portfolio holdings 381
Portfolio turnover rate 25 %
PORTFOLIO COMPOSITION - COUNTRY
(% of Total Investments)
Graphical Representation - Allocation 1 Chart
Availability of Additional Information
QRCode
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
  • Prospectus
  • Financial information
  • Fund holdings
  • Proxy voting information
EMREX-425
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
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
$10,000 investment		 Costs paid as a percentage
of a $10,000 investment*
JPMorgan Emerging Markets Research Enhanced Equity Fund
(Class R6 Shares)		 $18 0.35%
*
This charge is annualized.

KEY FUND STATISTICS
Fund net assets (000's) $2,075,966
Total number of portfolio holdings 381
Portfolio turnover rate 25 %
PORTFOLIO COMPOSITION - COUNTRY
(% of Total Investments)
Graphical Representation - Allocation 1 Chart
Availability of Additional Information
QRCode
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
  • Prospectus
  • Financial information
  • Fund holdings
  • Proxy voting information
EMRSX-425
JPMorgan Emerging Markets Research Enhanced Equity Fund - Class R6
SEMI-ANNUAL SHAREHOLDER REPORT | April 30, 2025 (Unaudited)

JPMorgan International Hedged Equity Fund

FrontCoverImage
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
$10,000 investment		 Costs paid as a percentage
of a $10,000 investment*
JPMorgan International Hedged Equity Fund
(Class A Shares)		 $39 0.76%
*
This charge is annualized.

KEY FUND STATISTICS
Fund net assets (000's) $207,115
Total number of portfolio holdings 212
Portfolio turnover rate 11 %
PORTFOLIO COMPOSITION - COUNTRY
(% of Total Investments)
Graphical Representation - Allocation 1 Chart
Availability of Additional Information
QRCode
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
JIHAX-425
JPMorgan International Hedged Equity Fund - Class A
SEMI-ANNUAL SHAREHOLDER REPORT | April 30, 2025 (Unaudited)

JPMorgan International Hedged Equity Fund

FrontCoverImage
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
$10,000 investment		 Costs paid as a percentage
of a $10,000 investment*
JPMorgan International Hedged Equity Fund
(Class C Shares)		 $55 1.07%
*
This charge is annualized.

KEY FUND STATISTICS
Fund net assets (000's) $207,115
Total number of portfolio holdings 212
Portfolio turnover rate 11 %
PORTFOLIO COMPOSITION - COUNTRY
(% of Total Investments)
Graphical Representation - Allocation 1 Chart
Availability of Additional Information
QRCode
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
JIHCX-425
JPMorgan International Hedged Equity Fund - Class C
SEMI-ANNUAL SHAREHOLDER REPORT | April 30, 2025 (Unaudited)
JPMorgan International Hedged Equity Fund
                                               
FrontCoverImage
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
$10,000 investment		 Costs paid as a percentage
of a $10,000 investment*
JPMorgan International Hedged Equity Fund
(Class I Shares)		 $31 0.60%
*
This charge is annualized.

KEY FUND STATISTICS
Fund net assets (000's) $207,115
Total number of portfolio holdings 212
Portfolio turnover rate 11 %
PORTFOLIO COMPOSITION - COUNTRY
(% of Total Investments)
Graphical Representation - Allocation 1 Chart
Availability of Additional Information
QRCode
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
JIHIX-425
JPMorgan International Hedged Equity Fund - Class I
SEMI-ANNUAL SHAREHOLDER REPORT | April 30, 2025 (Unaudited)
JPMorgan International Hedged Equity Fund
                                               
FrontCoverImage
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
$10,000 investment		 Costs paid as a percentage
of a $10,000 investment*
JPMorgan International Hedged Equity Fund
(Class R6 Shares)		 $20 0.39%
*
This charge is annualized.

KEY FUND STATISTICS
Fund net assets (000's) $207,115
Total number of portfolio holdings 212
Portfolio turnover rate 11 %
PORTFOLIO COMPOSITION - COUNTRY
(% of Total Investments)
Graphical Representation - Allocation 1 Chart
Availability of Additional Information
QRCode
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
JIHRX-425
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.

Not applicable to a semi-annual report.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable to a semi-annual report.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable to a semi-annual report.

ITEM 6. INVESTMENTS.

File Schedule I – Investments in securities of unaffiliated issuers as of the close of the reporting period as set forth in Section 210.12-12 of Regulation S-X, unless the schedule is included 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
 
CONTENTS  
 
 
1
29
50
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)
 
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — 91.3%
Australia — 4.4%
AGL Energy Ltd.
284
1,937
BHP Group Ltd.
595
14,180
Fortescue Ltd.
314
3,242
Glencore plc
1,118
3,665
Insignia Financial Ltd. *
1,022
2,464
New Hope Corp. Ltd.
698
1,638
Perseus Mining Ltd.
628
1,345
QBE Insurance Group Ltd.
207
2,859
Rio Tinto plc
196
11,688
Ventia Services Group Pty. Ltd.
421
1,140
Yancoal Australia Ltd.
563
1,795
 
45,953
Austria — 1.1%
BAWAG Group AG (a)
14
1,543
Erste Group Bank AG
45
3,064
OMV AG
65
3,345
Telekom Austria AG
187
1,973
Vienna Insurance Group AG Wiener Versicherung
Gruppe
44
2,096
 
12,021
Belgium — 0.5%
Ageas SA
40
2,529
KBC Group NV
35
3,178
 
5,707
China — 0.5%
BOC Hong Kong Holdings Ltd.
724
3,003
Yangzijiang Shipbuilding Holdings Ltd. *
1,222
2,093
 
5,096
Denmark — 0.8%
Carlsberg A/S, Class B (b)
10
1,415
Danske Bank A/S
97
3,391
H Lundbeck A/S
221
1,057
ISS A/S
47
1,174
Sydbank A/S
17
1,087
 
8,124
Finland — 1.3%
Kalmar OYJ, Class B
71
2,236
Konecranes OYJ
32
2,147
Nokia OYJ
755
3,776
INVESTMENTS
SHARES
(000)
VALUE
($000)
 
Finland — continued
Nordea Bank Abp
118
1,642
Nordea Bank Abp
248
3,401
 
13,202
France — 7.1%
AXA SA *
221
10,456
BNP Paribas SA
127
10,755
Cie Generale des Etablissements Michelin SCA
111
4,053
Coface SA
92
1,889
Credit Agricole SA
187
3,510
Eiffage SA
17
2,340
Engie SA
270
5,586
Eurazeo SE
15
1,109
IPSOS SA
25
1,167
Orange SA
313
4,541
Renault SA
69
3,690
Rubis SCA
39
1,271
Societe Generale SA
101
5,260
Television Francaise 1 SA
139
1,326
TotalEnergies SE
252
14,354
Vallourec SACA *
109
2,008
Vicat SACA
28
1,571
 
74,886
Georgia — 0.2%
Lion Finance Group plc
21
1,648
Germany — 10.7%
Allianz SE (Registered)
45
18,513
Aroundtown SA *
477
1,426
Bilfinger SE
26
2,235
Commerzbank AG
126
3,347
Continental AG
25
1,928
Deutsche Bank AG (Registered)
247
6,476
Deutsche Post AG
131
5,592
Deutsche Telekom AG (Registered)
413
14,829
E.ON SE
339
5,938
Freenet AG
61
2,543
Fresenius SE & Co. KGaA *
77
3,668
Heidelberg Materials AG
25
4,952
Henkel AG & Co. KGaA (Preference)
33
2,532
HOCHTIEF AG
18
3,440
Hornbach Holding AG & Co. KGaA
14
1,566
LEG Immobilien SE
28
2,350
Mercedes-Benz Group AG
98
5,842
SEE NOTES TO FINANCIAL STATEMENTS.
 
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
(000)
VALUE
($000)
Common Stocks — continued
Germany — continued
Muenchener Rueckversicherungs-Gesellschaft AG
(Registered) *
16
11,269
ProSiebenSat.1 Media SE
253
1,765
SAF-Holland SE
76
1,384
Talanx AG
18
2,024
TUI AG *
137
1,054
Volkswagen AG (Preference)
34
3,674
Vonovia SE
131
4,347
 
112,694
Guatemala — 0.1%
Millicom International Cellular SA
35
1,224
Hong Kong — 1.5%
CK Asset Holdings Ltd.
644
2,629
Kerry Properties Ltd.
769
1,807
Prudential plc
364
3,871
Swire Properties Ltd.
922
2,037
United Laboratories International Holdings Ltd. (The)
1,022
1,832
WH Group Ltd. (a)
2,456
2,196
Yue Yuen Industrial Holdings Ltd.
657
944
 
15,316
Ireland — 1.2%
AerCap Holdings NV
35
3,659
AIB Group plc
390
2,621
Bank of Ireland Group plc
205
2,412
Cairn Homes plc
523
1,152
Glanbia plc
7
92
Glenveagh Properties plc * (a)
591
1,107
Greencore Group plc
509
1,255
 
12,298
Israel — 0.2%
Plus500 Ltd.
48
1,987
Italy — 5.0%
Azimut Holding SpA
37
1,038
Banca Monte dei Paschi di Siena SpA
167
1,413
Banco BPM SpA
256
2,854
BFF Bank SpA * (a)
150
1,419
BPER Banca SpA
242
1,962
Buzzi SpA
29
1,503
Danieli & C Officine Meccaniche SpA
43
1,170
Enel SpA
1,047
9,077
Intesa Sanpaolo SpA
1,782
9,510
Iveco Group NV
76
1,213
INVESTMENTS
SHARES
(000)
VALUE
($000)
 
Italy — continued
MFE-MediaForEurope NV, Class B
255
1,242
Pirelli & C SpA (a)
196
1,211
Poste Italiane SpA (a)
143
2,904
Saipem SpA *
836
1,932
UniCredit SpA
153
8,914
Unipol Assicurazioni SpA
220
3,952
Webuild SpA
433
1,571
 
52,885
Japan — 18.8%
Amada Co. Ltd.
133
1,336
Asahi Group Holdings Ltd.
201
2,778
Asahi Kasei Corp.
366
2,550
Cosmo Energy Holdings Co. Ltd.
46
1,900
Credit Saison Co. Ltd.
100
2,342
Dai-ichi Life Holdings, Inc.
558
4,028
Daiwa Securities Group, Inc.
279
1,835
ENEOS Holdings, Inc.
632
3,043
Fuji Media Holdings, Inc.
110
2,280
Furukawa Electric Co. Ltd.
30
948
Gunma Bank Ltd. (The)
164
1,367
Hokkaido Electric Power Co., Inc. (b)
167
795
Idemitsu Kosan Co. Ltd.
367
2,274
Inpex Corp.
238
2,984
Isuzu Motors Ltd.
185
2,485
Japan Petroleum Exploration Co. Ltd.
223
1,604
Kamigumi Co. Ltd.
55
1,334
Kandenko Co. Ltd.
92
1,822
Kansai Electric Power Co., Inc. (The)
170
2,099
Kansai Paint Co. Ltd.
65
980
KDDI Corp.
354
6,272
Kobe Steel Ltd.
146
1,718
Komatsu Ltd.
132
3,809
Marubeni Corp.
183
3,246
Mitsubishi UFJ Financial Group, Inc.
1,272
16,030
Mitsui & Co. Ltd.
386
7,811
Mitsui Mining & Smelting Co. Ltd.
61
1,645
Mizuho Financial Group, Inc.
289
7,224
Modec, Inc.
99
2,995
MS&AD Insurance Group Holdings, Inc.
176
4,000
Nippon Steel Corp.
186
3,909
Niterra Co. Ltd.
42
1,295
Nomura Real Estate Holdings, Inc.
270
1,609
Open House Group Co. Ltd.
49
2,173
SEE NOTES TO FINANCIAL STATEMENTS.
 
2
J.P. Morgan International Equity Funds
April 30, 2025
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — continued
Japan — continued
ORIX Corp.
213
4,269
Osaka Gas Co. Ltd.
106
2,685
Panasonic Holdings Corp.
361
4,140
Resona Holdings, Inc.
378
3,030
Sankyo Co. Ltd.
140
2,129
SKY Perfect JSAT Holdings, Inc.
249
2,012
Sojitz Corp.
74
1,742
Sompo Holdings, Inc.
94
3,067
Sony Group Corp.
76
2,013
Sumitomo Corp.
160
3,914
Sumitomo Electric Industries Ltd.
194
3,126
Sumitomo Mitsui Financial Group, Inc.
427
10,194
Sumitomo Realty & Development Co. Ltd.
66
2,462
Sumitomo Rubber Industries Ltd.
171
2,150
Suzuki Motor Corp.
307
3,683
T&D Holdings, Inc.
160
3,398
Takeda Pharmaceutical Co. Ltd.
157
4,740
TBS Holdings, Inc.
51
1,724
Tokai Rika Co. Ltd.
109
1,616
Tokyo Steel Manufacturing Co. Ltd.
167
1,889
Tokyo Tatemono Co. Ltd. (b)
111
1,992
Tokyu Fudosan Holdings Corp.
276
1,937
Toyo Tire Corp.
92
1,722
Toyoda Gosei Co. Ltd.
128
2,456
Toyota Industries Corp.
39
4,539
Toyota Motor Corp.
496
9,477
Toyota Tsusho Corp.
134
2,653
Tsubakimoto Chain Co.
131
1,587
UACJ Corp.
52
1,741
Yamato Kogyo Co. Ltd.
23
1,382
 
197,989
Netherlands — 2.9%
ABN AMRO Bank NV, CVA (a)
106
2,200
Aegon Ltd.
290
1,862
ASR Nederland NV
42
2,639
Eurocommercial Properties NV, REIT
47
1,359
Havas NV *
845
1,406
ING Groep NV
381
7,389
Koninklijke BAM Groep NV *
428
2,898
Koninklijke Heijmans N.V., CVA
84
4,322
NN Group NV
67
4,121
INVESTMENTS
SHARES
(000)
VALUE
($000)
 
Netherlands — continued
OCI NV
79
655
SBM Offshore NV
70
1,477
 
30,328
Norway — 1.4%
Aker BP ASA
81
1,743
Aker Solutions ASA
449
1,219
DNB Bank ASA
127
3,173
DOF Group ASA *
223
1,748
Equinor ASA
147
3,335
Telenor ASA
200
3,002
 
14,220
Peru — 0.2%
Hochschild Mining plc *
563
2,119
Portugal — 0.3%
Banco Comercial Portugues SA, Class R
2,690
1,720
NOS SGPS SA
283
1,180
 
2,900
Singapore — 1.1%
DBS Group Holdings Ltd.
103
3,328
Oversea-Chinese Banking Corp. Ltd.
381
4,714
United Overseas Bank Ltd.
153
4,072
 
12,114
South Africa — 0.4%
Anglo American plc
171
4,677
Spain — 3.4%
Banco Bilbao Vizcaya Argentaria SA
672
9,220
Banco de Sabadell SA
943
2,750
Banco Santander SA
1,717
12,091
CaixaBank SA
537
4,116
Grupo Catalana Occidente SA
43
2,402
Mapfre SA
344
1,223
Tecnicas Reunidas SA *
110
1,847
Unicaja Banco SA (a)
841
1,603
 
35,252
Sweden — 2.2%
Ambea AB (a)
209
2,525
Betsson AB, Class B *
84
1,462
Granges AB
95
1,182
Loomis AB
31
1,298
Modern Times Group MTG AB, Class B *
112
1,340
SEE NOTES TO FINANCIAL STATEMENTS.
 
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
(000)
VALUE
($000)
Common Stocks — continued
Sweden — continued
NCC AB, Class B
96
1,798
Skandinaviska Enskilda Banken AB, Class A
205
3,253
Storskogen Group AB, Class B
1,103
1,453
Svenska Handelsbanken AB, Class A
231
3,021
Swedbank AB, Class A
121
3,023
Tele2 AB, Class B
180
2,660
 
23,015
Switzerland — 1.5%
Aryzta AG *
519
1,303
Avolta AG
25
1,147
OC Oerlikon Corp. AG Pfaffikon (Registered)
275
1,167
Zurich Insurance Group AG
18
12,473
 
16,090
United Kingdom — 13.4%
3i Group plc
124
7,058
Aviva plc
483
3,621
B&M European Value Retail SA
453
2,037
Balfour Beatty plc
249
1,521
Barclays plc
1,709
6,808
Beazley plc
152
1,800
British American Tobacco plc
246
10,701
British Land Co. plc (The), REIT
214
1,125
BT Group plc
1,138
2,642
Burberry Group plc
117
1,139
Centrica plc
1,809
3,873
Currys plc *
1,302
1,929
Drax Group plc
156
1,285
Dunelm Group plc
153
2,250
easyJet plc
159
1,054
Future plc
99
938
Great Portland Estates plc, REIT
343
1,418
Hammerson plc, REIT
324
1,094
Hiscox Ltd.
69
1,021
HSBC Holdings plc
1,958
21,831
IG Group Holdings plc
104
1,484
Imperial Brands plc
112
4,590
Inchcape plc
120
1,077
International Consolidated Airlines Group SA
530
1,842
Investec plc
277
1,740
ITV plc
1,379
1,486
JET2 plc
103
2,181
Just Group plc
1,101
2,076
Keller Group plc
57
1,088
INVESTMENTS
SHARES
(000)
VALUE
($000)
 
United Kingdom — continued
Kier Group plc
1,096
2,130
Lancashire Holdings Ltd.
255
1,916
Land Securities Group plc, REIT
188
1,494
Lloyds Banking Group plc
7,474
7,343
Marks & Spencer Group plc
558
2,898
Mitie Group plc
948
1,828
Morgan Sindall Group plc
23
1,101
NatWest Group plc
970
6,239
Paragon Banking Group plc
195
2,202
Pennon Group plc
334
2,235
Phoenix Group Holdings plc
353
2,828
Premier Foods plc
451
1,198
Serco Group plc
620
1,423
SSE plc
128
2,885
Standard Chartered plc
293
4,217
Taylor Wimpey plc
756
1,187
Tesco plc
753
3,725
TP ICAP Group plc
422
1,448
 
141,006
United States — 11.1%
BP plc
1,960
9,050
GSK plc
123
2,440
Nestle SA (Registered)
180
19,186
Novartis AG (Registered)
117
13,356
Roche Holding AG
80
26,248
Sanofi SA
133
14,513
Shell plc
689
22,248
Swiss Re AG
41
7,286
Tenaris SA
111
1,848
 
116,175
Total Common Stocks
(Cost $771,536)
958,926
Short-Term Investments — 7.8%
Investment Companies — 7.6%
JPMorgan Prime Money Market Fund Class Institutional
Shares, 4.31% (c) (d)
(Cost $79,920)
79,898
79,922
Investment of Cash Collateral from Securities Loaned — 0.2%
JPMorgan Securities Lending Money Market Fund
Agency SL Class Shares, 4.39% (c) (d)(Cost
$2,248)
2,248
2,248
Total Short-Term Investments
(Cost $82,168)
82,170
SEE NOTES TO FINANCIAL STATEMENTS.
 
4
J.P. Morgan International Equity Funds
April 30, 2025
INVESTMENTS
SHARES
(000)
VALUE
($000)
Total Investments — 99.1%
(Cost $853,704)
1,041,096
Other Assets in Excess of Liabilities — 0.9%
9,449
NET ASSETS — 100.0%
1,050,545
 
Percentages indicated are based on net assets.
 
Abbreviations
 
CVA
Certificaten Van Aandelen (Dutch Certificate)
OYJ
Public Limited Company
Preference
A special type of equity investment that shares in the earnings of
the company, has limited voting rights, and may have a dividend
preference. Preference shares may also have liquidation
preference.
REIT
Real Estate Investment Trust
SCA
Limited partnership with share capital
SGPS
Holding company
 
*
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
TOTAL
INVESTMENTS
Banks
21.6
%
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
NUMBER OF
CONTRACTS
EXPIRATION DATE
TRADING CURRENCY
NOTIONAL
AMOUNT ($)
VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
Long Contracts
MSCI EAFE Index
376
06/20/2025
USD
46,898
1,315
 
Abbreviations
 
EAFE
Europe, Australasia and Far East
MSCI
Morgan Stanley Capital International
USD
United States Dollar
SEE NOTES TO FINANCIAL STATEMENTS.
 
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)
 
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — 100.3%
Argentina — 0.9%
Vista Energy SAB de CV, ADR *
1,246
56,309
Brazil — 11.3%
Banco BTG Pactual SA
6,716
45,290
Embraer SA, ADR *
1,211
55,635
Itau Unibanco Holding SA, ADR
12,921
81,535
MercadoLibre, Inc. *
91
211,154
NU Holdings Ltd., Class A *
10,872
135,141
Petroleo Brasileiro SA, ADR
7,162
75,634
Raia Drogasil SA
11,854
41,314
WEG SA
7,879
62,514
 
708,217
China — 25.4%
Alibaba Group Holding Ltd., ADR
1,202
143,558
BYD Co. Ltd., Class A
1,330
64,659
Contemporary Amperex Technology Co. Ltd., Class A
2,571
82,130
Full Truck Alliance Co. Ltd., ADR
8,982
102,040
Fuyao Glass Industry Group Co. Ltd., Class A
9,105
72,780
H World Group Ltd., ADR
1,886
64,582
KE Holdings, Inc., ADR
2,211
44,881
Meituan * (a)
4,899
81,112
Midea Group Co. Ltd., Class A
11,595
117,457
Montage Technology Co. Ltd., Class A
6,570
69,491
PDD Holdings, Inc., ADR *
393
41,490
Shenzhen Mindray Bio-Medical Electronics Co. Ltd.,
Class A
1,266
38,262
Tencent Holdings Ltd.
6,683
409,340
Tencent Music Entertainment Group, ADR
5,360
71,938
Trip.com Group Ltd., ADR
1,535
90,560
Yum China Holdings, Inc.
2,212
95,798
 
1,590,078
Greece — 0.6%
National Bank of Greece SA
3,590
38,102
Hong Kong — 2.2%
AIA Group Ltd.
9,543
71,499
Techtronic Industries Co. Ltd.
6,269
63,096
 
134,595
India — 17.0%
Apollo Hospitals Enterprise Ltd.
386
31,876
Bajaj Finance Ltd.
1,530
156,112
Bharat Electronics Ltd.
11,894
44,240
Bharti Airtel Ltd.
2,646
58,373
Dr Reddy's Laboratories Ltd.
3,652
51,262
INVESTMENTS
SHARES
(000)
VALUE
($000)
 
India — continued
HDFC Bank Ltd.
4,847
110,099
Hindustan Aeronautics Ltd. (a)
684
36,293
ICICI Bank Ltd.
4,685
78,742
Infosys Ltd.
1,562
27,609
ITC Hotels Ltd. *
1,402
3,226
ITC Ltd.
12,781
64,354
Kotak Mahindra Bank Ltd.
2,012
52,596
MakeMyTrip Ltd. *
596
62,439
Max Healthcare Institute Ltd.
2,847
36,941
NTPC Ltd.
15,509
64,976
Shriram Finance Ltd.
12,542
90,889
Tata Motors Ltd.
5,851
44,590
UltraTech Cement Ltd.
348
47,890
 
1,062,507
Indonesia — 2.5%
Bank Central Asia Tbk. PT
146,676
77,986
Bank Rakyat Indonesia Persero Tbk. PT
325,200
75,320
 
153,306
Mexico — 3.3%
Fomento Economico Mexicano SAB de CV, ADR
474
49,894
Grupo Financiero Banorte SAB de CV, Class O
15,145
129,863
Grupo Mexico SAB de CV
5,424
28,147
 
207,904
Panama — 0.7%
Copa Holdings SA, Class A
474
43,474
Portugal — 1.5%
Jeronimo Martins SGPS SA
3,935
95,233
Singapore — 2.2%
Grab Holdings Ltd., Class A *
14,485
70,685
Sea Ltd., ADR *
480
64,402
 
135,087
South Africa — 2.0%
Bid Corp. Ltd.
2,269
57,012
Capitec Bank Holdings Ltd.
373
69,268
 
126,280
South Korea — 8.2%
Hanwha Aerospace Co. Ltd.
274
154,101
Hanwha Vision Co. Ltd. *
353
14,975
Kia Corp.
876
55,665
SEE NOTES TO FINANCIAL STATEMENTS.
 
6
J.P. Morgan International Equity Funds
April 30, 2025
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — continued
South Korea — continued
Samsung Electronics Co. Ltd.
2,345
91,488
SK Hynix, Inc.
1,551
193,513
 
509,742
Spain — 2.3%
Banco Bilbao Vizcaya Argentaria SA
10,495
144,035
Taiwan — 14.4%
ASE Technology Holding Co. Ltd.
7,927
33,779
Delta Electronics, Inc.
5,400
56,582
MediaTek, Inc.
1,956
83,117
Taiwan Semiconductor Manufacturing Co. Ltd., ADR
2,729
454,980
Taiwan Semiconductor Manufacturing Co. Ltd.
6,236
176,694
Wiwynn Corp.
1,546
93,040
 
898,192
Turkey — 3.6%
Aselsan Elektronik Sanayi ve Ticaret A/S
32,015
112,784
BIM Birlesik Magazalar A/S
5,637
66,225
Turkiye Garanti Bankasi A/S
10,558
28,379
Yapi ve Kredi Bankasi A/S *
34,325
20,414
 
227,802
United States — 2.2%
ExlService Holdings, Inc. *
1,151
55,781
Globant SA * (b)
326
38,324
Monolithic Power Systems, Inc.
73
43,402
 
137,507
Total Common Stocks
(Cost $4,455,556)
6,268,370
Short-Term Investments — 0.2%
Investment Companies — 0.1%
JPMorgan Prime Money Market Fund
Class Institutional Shares, 4.31% (c) (d)
(Cost $5,283)
5,281
5,283
Investment of Cash Collateral from Securities Loaned — 0.1%
JPMorgan Securities Lending Money Market Fund
Agency SL Class Shares, 4.39% (c) (d)(Cost
$4,253)
4,253
4,253
Total Short-Term Investments
(Cost $9,536)
9,536
INVESTMENTS
SHARES
(000)
VALUE
($000)
Total Investments — 100.5%
(Cost $4,465,092)
6,277,906
Liabilities in Excess of Other Assets — (0.5)%
(29,838
)
NET ASSETS — 100.0%
6,248,068
 
Percentages indicated are based on net assets.
 
Abbreviations
 
ADR
American Depositary Receipt
PT
Limited liability company
SGPS
Holding company
 
*
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.
 
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
TOTAL
INVESTMENTS
Semiconductors & Semiconductor Equipment
16.8
%
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.
 
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)
 
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — 100.4%
Austria — 0.1%
Raiffeisen Bank International AG
47
1,251
Brazil — 5.4%
B3 SA - Brasil Bolsa Balcao
3,713
8,721
Banco BTG Pactual SA
881
5,939
Banco do Brasil SA
445
2,260
BB Seguridade Participacoes SA
134
1,002
CCR SA
982
2,332
Centrais Eletricas Brasileiras SA
264
2,046
Cia de Saneamento Basico do Estado de Sao Paulo
SABESP
110
2,209
Cia Energetica de Minas Gerais (Preference)
1,712
3,338
Embraer SA *
176
2,025
Gerdau SA (Preference)
1,456
3,847
Itau Unibanco Holding SA (Preference)
1,415
8,873
Itausa SA (Preference)
2,838
5,341
Localiza Rent a Car SA
468
3,547
MercadoLibre, Inc. *
1
1,860
NU Holdings Ltd., Class A *
789
9,801
Petroleo Brasileiro SA (Preference)
3,125
16,543
Porto Seguro SA
315
2,455
Raia Drogasil SA
663
2,312
Suzano SA
340
2,999
Telefonica Brasil SA
515
2,511
TIM SA, ADR (a)
135
2,255
TOTVS SA
182
1,203
Ultrapar Participacoes SA
1,010
3,167
Vale SA, ADR
1,249
11,631
WEG SA
489
3,879
 
112,096
Chile — 0.3%
Banco Santander Chile, ADR
229
5,522
Empresas Copec SA
161
1,103
 
6,625
China — 30.1%
Agricultural Bank of China Ltd., Class H
2,198
1,341
Airtac International Group
122
3,351
Alibaba Group Holding Ltd.
4,680
69,867
Angel Yeast Co. Ltd., Class A
368
1,782
Anker Innovations Technology Co. Ltd., Class A
239
2,927
ANTA Sports Products Ltd.
296
3,495
Baidu, Inc., Class A *
85
934
Bank of China Ltd., Class H
10,862
6,065
INVESTMENTS
SHARES
(000)
VALUE
($000)
 
China — continued
BeiGene Ltd. *
73
1,477
BYD Co. Ltd., Class H
410
19,450
China CITIC Bank Corp. Ltd., Class H
6,541
5,173
China Construction Bank Corp., Class H
32,074
26,347
China Feihe Ltd. (b)
1,199
906
China Galaxy Securities Co. Ltd., Class H
2,213
2,010
China Hongqiao Group Ltd.
681
1,222
China Life Insurance Co. Ltd., Class H
2,578
4,712
China Mengniu Dairy Co. Ltd.
1,789
4,456
China Merchants Bank Co. Ltd., Class A
113
632
China Merchants Bank Co. Ltd., Class H
2,085
11,373
China Oilfield Services Ltd., Class H
1,788
1,398
China Overseas Land & Investment Ltd.
990
1,757
China Pacific Insurance Group Co. Ltd., Class H
1,729
4,704
China Petroleum & Chemical Corp., Class H
4,382
2,237
China Resources Gas Group Ltd.
825
2,303
China Resources Land Ltd.
957
3,220
China Resources Mixc Lifestyle Services Ltd. (b)
971
4,653
China Resources Power Holdings Co. Ltd.
1,875
4,524
China Resources Sanjiu Medical & Pharmaceutical Co.
Ltd., Class A
859
4,863
China Yangtze Power Co. Ltd., Class A
1,370
5,561
CITIC Securities Co. Ltd., Class H
626
1,546
CMOC Group Ltd., Class H
2,574
2,021
Contemporary Amperex Technology Co. Ltd., Class A
211
6,726
COSCO SHIPPING Holdings Co. Ltd., Class A
1,147
2,266
ENN Energy Holdings Ltd.
812
6,409
Foxconn Industrial Internet Co. Ltd., Class A
332
835
Full Truck Alliance Co. Ltd., ADR
177
2,011
Fuyao Glass Industry Group Co. Ltd., Class H (b)
926
6,546
Ganfeng Lithium Group Co. Ltd. (b)
189
460
Geely Automobile Holdings Ltd.
474
995
GF Securities Co. Ltd., Class H
1,383
1,801
Guangdong Haid Group Co. Ltd., Class A
141
1,076
H World Group Ltd., ADR
19
667
H World Group Ltd.
1,060
3,720
Haidilao International Holding Ltd. (b)
951
2,141
Haier Smart Home Co. Ltd., Class H
1,926
5,591
Haitian International Holdings Ltd.
354
820
Hongfa Technology Co. Ltd., Class A
631
2,856
Industrial & Commercial Bank of China Ltd., Class H
14,684
10,059
Inner Mongolia Yili Industrial Group Co. Ltd., Class A
1,398
5,725
Innovent Biologics, Inc. * (b)
253
1,749
JD.com, Inc., Class A
477
7,772
SEE NOTES TO FINANCIAL STATEMENTS.
 
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
(000)
VALUE
($000)
Common Stocks — continued
China — continued
Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A
823
5,778
Kanzhun Ltd., ADR *
139
2,123
KE Holdings, Inc., ADR
265
5,375
Kingdee International Software Group Co. Ltd. *
977
1,662
Kingsoft Corp. Ltd.
231
1,152
Kuaishou Technology * (b)
733
4,836
Kweichow Moutai Co. Ltd., Class A
34
7,303
Lenovo Group Ltd.
1,534
1,774
Luzhou Laojiao Co. Ltd., Class A
44
756
Meituan * (b)
1,374
22,755
Midea Group Co. Ltd., Class A
520
5,270
Minth Group Ltd. *
588
1,405
Montage Technology Co. Ltd., Class A
281
2,975
NARI Technology Co. Ltd., Class A
1,048
3,195
NetEase, Inc.
783
16,832
Nongfu Spring Co. Ltd., Class H (b)
981
4,510
PDD Holdings, Inc., ADR *
193
20,335
PetroChina Co. Ltd., Class H
9,050
6,915
PICC Property & Casualty Co. Ltd., Class H
3,234
5,955
Ping An Insurance Group Co. of China Ltd., Class H
2,296
13,742
Postal Savings Bank of China Co. Ltd., Class H (b)
1,676
1,030
Qifu Technology, Inc., ADR
31
1,279
Sany Heavy Industry Co. Ltd., Class A
1,010
2,628
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A
130
3,639
Shenzhou International Group Holdings Ltd.
216
1,499
Silergy Corp.
363
4,579
Sinopharm Group Co. Ltd., Class H
1,792
4,224
Sunny Optical Technology Group Co. Ltd.
619
5,209
Tencent Holdings Ltd.
1,793
109,800
Tencent Music Entertainment Group, ADR
199
2,674
Tianshan Aluminum Group Co. Ltd., Class A
2,725
2,793
Tingyi Cayman Islands Holding Corp.
2,376
4,292
Trip.com Group Ltd., ADR
14
835
Trip.com Group Ltd.
132
7,964
Vipshop Holdings Ltd., ADR
140
1,901
Wanhua Chemical Group Co. Ltd., Class A
148
1,106
Weichai Power Co. Ltd., Class H
1,719
3,354
Xiamen Faratronic Co. Ltd., Class A
56
799
Xiaomi Corp., Class B * (b)
3,916
25,074
Xinyi Solar Holdings Ltd.
2,110
702
XPeng, Inc., Class A *
353
3,288
Yum China Holdings, Inc.
169
7,874
Yum China Holdings, Inc.
31
1,363
Yunnan Yuntianhua Co. Ltd., Class A
330
1,014
INVESTMENTS
SHARES
(000)
VALUE
($000)
 
China — continued
Zhuzhou CRRC Times Electric Co. Ltd., Class H
730
2,932
Zijin Mining Group Co. Ltd., Class H
4,190
9,154
ZTO Express Cayman, Inc.
107
1,988
 
624,174
Colombia — 0.1%
Bancolombia SA, ADR
64
2,599
Czech Republic — 0.1%
Komercni Banka A/S
48
2,330
Greece — 1.0%
Alpha Services and Holdings SA
524
1,278
Eurobank Ergasias Services and Holdings SA
471
1,337
Hellenic Telecommunications Organization SA
268
5,091
Metlen Energy & Metals SA
24
1,127
National Bank of Greece SA
374
3,964
OPAP SA
96
2,143
Piraeus Financial Holdings SA
747
4,196
Public Power Corp. SA
77
1,151
 
20,287
Hong Kong — 0.1%
Techtronic Industries Co. Ltd.
164
1,650
Hungary — 0.6%
OTP Bank Nyrt.
124
9,131
Richter Gedeon Nyrt.
113
3,428
 
12,559
India — 18.7%
Apollo Hospitals Enterprise Ltd.
34
2,769
Asian Paints Ltd.
24
675
Axis Bank Ltd.
717
10,052
Bajaj Auto Ltd.
60
5,736
Bajaj Finance Ltd.
120
12,271
Bharat Electronics Ltd.
2,499
9,296
Bharat Petroleum Corp. Ltd.
344
1,262
Bharti Airtel Ltd.
686
15,133
Biocon Ltd.
235
897
Blue Star Ltd.
92
1,849
Britannia Industries Ltd.
89
5,719
CG Power & Industrial Solutions Ltd.
563
4,173
Cholamandalam Investment and Finance Co. Ltd.
234
4,147
Cipla Ltd.
116
2,120
Coforge Ltd.
12
1,000
Colgate-Palmolive India Ltd.
83
2,545
SEE NOTES TO FINANCIAL STATEMENTS.
 
10
J.P. Morgan International Equity Funds
April 30, 2025
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — continued
India — continued
Computer Age Management Services Ltd.
44
2,035
Crompton Greaves Consumer Electricals Ltd.
546
2,180
Cummins India Ltd.
36
1,249
Dixon Technologies India Ltd. (b)
5
1,054
DLF Ltd.
97
776
Dr Reddy's Laboratories Ltd.
549
7,712
Embassy Office Parks, REIT
222
1,002
Eternal Ltd. *
754
2,064
GAIL India Ltd.
1,373
3,069
Godrej Properties Ltd. *
22
572
Havells India Ltd.
205
3,891
HCL Technologies Ltd.
250
4,634
HDFC Asset Management Co. Ltd. (b)
17
857
HDFC Bank Ltd.
1,661
37,737
HDFC Life Insurance Co. Ltd. (b)
159
1,400
Hindalco Industries Ltd.
824
6,091
Hindustan Aeronautics Ltd. (b)
123
6,527
Hindustan Petroleum Corp. Ltd.
321
1,435
Hindustan Unilever Ltd.
122
3,391
ICICI Bank Ltd.
1,591
26,751
ICICI Lombard General Insurance Co. Ltd. (b)
75
1,657
Indian Hotels Co. Ltd. (The)
114
1,063
Indus Towers Ltd. *
483
2,326
Info Edge India Ltd.
13
1,108
Infosys Ltd., ADR (a)
1,051
18,499
InterGlobe Aviation Ltd. * (b)
51
3,192
ITC Ltd.
1,612
8,114
Kotak Mahindra Bank Ltd.
513
13,413
Larsen & Toubro Ltd.
97
3,846
Lupin Ltd.
133
3,307
Mahindra & Mahindra Ltd.
340
11,788
MakeMyTrip Ltd. *
9
946
Maruti Suzuki India Ltd.
62
9,016
Max Financial Services Ltd. *
85
1,305
Max Healthcare Institute Ltd.
253
3,285
Metropolis Healthcare Ltd. * (b)
41
823
NMDC Ltd.
3,044
2,335
NTPC Ltd.
1,676
7,020
Oil & Natural Gas Corp. Ltd.
1,200
3,473
PB Fintech Ltd. *
230
4,415
Petronet LNG Ltd.
774
2,872
Power Finance Corp. Ltd.
552
2,671
Power Grid Corp. of India Ltd.
781
2,838
Praj Industries Ltd.
156
847
INVESTMENTS
SHARES
(000)
VALUE
($000)
 
India — continued
REC Ltd.
616
3,075
Reliance Industries Ltd.
1,827
30,340
Shriram Finance Ltd.
670
4,853
State Bank of India
113
1,059
Sun Pharmaceutical Industries Ltd.
48
1,050
Supreme Industries Ltd.
39
1,648
Syngene International Ltd. (b)
237
1,775
Tata Consultancy Services Ltd.
339
13,838
Tata Motors Ltd.
871
6,634
Tata Power Co. Ltd. (The)
646
2,934
Tata Steel Ltd.
2,108
3,509
Tech Mahindra Ltd.
53
940
Tube Investments of India Ltd.
26
892
UltraTech Cement Ltd.
69
9,445
Varun Beverages Ltd.
139
858
Vedanta Ltd.
384
1,905
 
388,985
Indonesia — 1.6%
Bank Central Asia Tbk. PT
25,427
13,519
Bank Mandiri Persero Tbk. PT
17,015
5,024
Bank Rakyat Indonesia Persero Tbk. PT
27,069
6,270
Telkom Indonesia Persero Tbk. PT
37,498
5,910
United Tractors Tbk. PT
2,239
3,060
 
33,783
Kazakhstan — 0.1%
Kaspi.KZ JSC, ADR
21
1,824
Kuwait — 0.3%
Kuwait Finance House KSCP
576
1,360
National Bank of Kuwait SAKP
1,485
4,618
 
5,978
Malaysia — 0.8%
CIMB Group Holdings Bhd.
4,420
7,301
Petronas Chemicals Group Bhd.
2,010
1,715
Public Bank Bhd.
2,678
2,776
Telekom Malaysia Bhd.
2,293
3,614
Tenaga Nasional Bhd.
293
944
 
16,350
Mexico — 2.7%
America Movil SAB de CV
3,908
3,381
Arca Continental SAB de CV
539
5,681
Cemex SAB de CV, ADR
104
641
SEE NOTES TO FINANCIAL STATEMENTS.
 
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
(000)
VALUE
($000)
Common Stocks — continued
Mexico — continued
Cemex SAB de CV
8,731
5,401
Coca-Cola Femsa SAB de CV
196
1,844
Fomento Economico Mexicano SAB de CV
213
2,245
Grupo Aeroportuario del Sureste SAB de CV, Class B
171
5,387
Grupo Financiero Banorte SAB de CV, Class O
1,272
10,903
Grupo Mexico SAB de CV
1,582
8,210
Kimberly-Clark de Mexico SAB de CV, Class A
1,248
2,195
Regional SAB de CV
333
2,339
Southern Copper Corp.
5
488
Wal-Mart de Mexico SAB de CV
2,005
6,353
 
55,068
Panama — 0.1%
Copa Holdings SA, Class A
18
1,673
Peru — 0.5%
Credicorp Ltd.
49
9,868
Philippines — 0.3%
Ayala Land, Inc.
1,635
733
Bank of the Philippine Islands
938
2,352
BDO Unibank, Inc.
1,445
4,147
 
7,232
Poland — 0.7%
Bank Polska Kasa Opieki SA *
21
1,055
Dino Polska SA * (b)
43
6,013
Powszechna Kasa Oszczednosci Bank Polski SA
197
3,788
Powszechny Zaklad Ubezpieczen SA
291
4,543
 
15,399
Qatar — 0.4%
Qatar National Bank QPSC
2,004
9,193
Russia — 0.0% ^
Gazprom PJSC ‡ *
4,581
—
GMK Norilskiy Nickel PAO, ADR ‡ *
—
—
GMK Norilskiy Nickel PAO ‡ *
4,097
—
(c)
Magnitogorsk Iron & Steel Works PJSC ‡
3,146
—
Novatek PJSC ‡
165
—
Rosneft Oil Co. PJSC ‡
833
—
Sberbank of Russia PJSC ‡
3,172
—
Severstal PAO, GDR ‡ * (b)
329
—
 
—
Saudi Arabia — 3.5%
Al Rajhi Bank
711
18,458
Alinma Bank
803
6,221
INVESTMENTS
SHARES
(000)
VALUE
($000)
 
Saudi Arabia — continued
Etihad Etisalat Co.
356
5,965
Mouwasat Medical Services Co.
29
561
SABIC Agri-Nutrients Co.
58
1,536
Saudi Arabian Oil Co. (b)
1,803
12,193
Saudi Aramco Base Oil Co.
33
880
Saudi Awwal Bank
112
1,044
Saudi Basic Industries Corp.
223
3,620
Saudi National Bank (The)
1,235
11,772
Saudi Telecom Co.
779
9,884
 
72,134
South Africa — 3.0%
Absa Group Ltd.
600
5,543
Aspen Pharmacare Holdings Ltd.
80
524
Bid Corp. Ltd.
167
4,196
Bidvest Group Ltd.
361
4,579
Capitec Bank Holdings Ltd.
23
4,199
Clicks Group Ltd.
243
5,174
Discovery Ltd.
79
873
FirstRand Ltd.
1,745
6,832
Gold Fields Ltd.
321
7,195
Harmony Gold Mining Co. Ltd.
208
3,274
Impala Platinum Holdings Ltd. *
327
1,945
Naspers Ltd., Class N
33
8,645
Sanlam Ltd.
669
3,044
Shoprite Holdings Ltd.
364
5,609
Standard Bank Group Ltd.
88
1,098
 
62,730
South Korea — 9.7%
Celltrion, Inc.
11
1,246
Coway Co. Ltd.
56
3,461
Hana Financial Group, Inc.
192
8,713
Hankook Tire & Technology Co. Ltd.
60
1,755
Hanwha Aerospace Co. Ltd.
7
3,656
HD Hyundai Electric Co. Ltd.
15
3,289
HD Korea Shipbuilding & Offshore Engineering Co. Ltd.
26
4,955
HL Mando Co. Ltd.
45
1,178
Hugel, Inc. *
9
2,301
Hyundai Glovis Co. Ltd.
68
5,479
Hyundai Mobis Co. Ltd.
34
6,473
Hyundai Motor Co.
53
7,116
JB Financial Group Co. Ltd.
183
2,205
KakaoBank Corp.
232
3,629
KB Financial Group, Inc.
9
539
SEE NOTES TO FINANCIAL STATEMENTS.
 
12
J.P. Morgan International Equity Funds
April 30, 2025
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — continued
South Korea — continued
Kia Corp.
125
7,953
Korea Aerospace Industries Ltd.
72
4,192
Korea Investment Holdings Co. Ltd.
18
1,047
Korean Air Lines Co. Ltd.
227
3,349
KT Corp.
16
576
LG Chem Ltd.
20
3,043
LG Energy Solution Ltd. *
2
545
NAVER Corp.
74
10,406
POSCO Holdings, Inc.
8
1,516
Samsung Biologics Co. Ltd. * (b)
6
4,071
Samsung C&T Corp.
41
3,553
Samsung Electro-Mechanics Co. Ltd.
7
557
Samsung Electronics Co. Ltd.
1,546
60,312
Samsung Fire & Marine Insurance Co. Ltd.
17
4,486
Samsung Heavy Industries Co. Ltd. *
186
1,910
Samsung Life Insurance Co. Ltd.
30
1,806
Samsung Securities Co. Ltd.
30
1,091
Shinhan Financial Group Co. Ltd.
114
4,105
SK Hynix, Inc.
164
20,465
SK Telecom Co. Ltd.
115
4,379
SM Entertainment Co. Ltd.
32
2,826
S-Oil Corp.
73
2,669
 
200,852
Taiwan — 16.6%
Accton Technology Corp.
181
3,367
Advantech Co. Ltd.
403
4,220
ASE Technology Holding Co. Ltd.
1,616
6,886
Asia Cement Corp.
713
1,004
Asia Vital Components Co. Ltd.
55
804
Asustek Computer, Inc.
225
4,110
Cathay Financial Holding Co. Ltd.
354
652
Chailease Holding Co. Ltd.
794
2,856
China Steel Corp.
1,687
1,091
CTBC Financial Holding Co. Ltd.
7,811
9,625
Delta Electronics, Inc.
628
6,586
E.Sun Financial Holding Co. Ltd.
7,342
6,512
Eclat Textile Co. Ltd. *
188
2,451
Elite Material Co. Ltd.
109
1,906
eMemory Technology, Inc.
29
2,376
Eva Airways Corp.
1,918
2,304
Evergreen Marine Corp. Taiwan Ltd.
614
3,979
Fubon Financial Holding Co. Ltd.
2,171
5,754
Hon Hai Precision Industry Co. Ltd.
2,317
10,323
INVESTMENTS
SHARES
(000)
VALUE
($000)
 
Taiwan — continued
KGI Financial Holding Co. Ltd.
5,753
2,984
Largan Precision Co. Ltd.
87
6,175
MediaTek, Inc.
299
12,691
Mega Financial Holding Co. Ltd.
1,783
2,112
Nan Ya Plastics Corp.
637
610
Nien Made Enterprise Co. Ltd.
290
3,551
Pegatron Corp.
331
841
Pou Chen Corp.
1,877
1,933
Quanta Computer, Inc. *
1,109
8,330
Realtek Semiconductor Corp.
433
7,121
Taiwan Mobile Co. Ltd.
1,414
5,020
Taiwan Semiconductor Manufacturing Co. Ltd.
6,741
191,000
Tong Yang Industry Co. Ltd.
232
955
Uni-President Enterprises Corp.
2,635
6,332
Wistron Corp.
1,290
4,138
Wiwynn Corp.
114
6,863
Yuanta Financial Holding Co. Ltd.
7,330
7,182
 
344,644
Thailand — 1.1%
Bangkok Dusit Medical Services PCL, Class F
7,574
5,377
CP ALL PCL
2,198
3,355
Krung Thai Bank PCL
4,591
2,996
PTT Exploration & Production PCL
1,277
3,782
PTT PCL
2,123
1,955
SCB X PCL
1,465
5,160
 
22,625
Turkey — 0.6%
BIM Birlesik Magazalar A/S
493
5,798
Ford Otomotiv Sanayi A/S
52
1,191
Turk Hava Yollari AO *
489
3,627
Turkcell Iletisim Hizmetleri A/S
357
836
Turkiye Petrol Rafinerileri A/S
342
1,112
 
12,564
United Arab Emirates — 1.4%
Abu Dhabi Commercial Bank PJSC
1,255
3,976
Aldar Properties PJSC
1,293
2,912
Dubai Islamic Bank PJSC
2,608
5,374
Emaar Properties PJSC
3,052
10,905
Emirates NBD Bank PJSC
437
2,444
Emirates Telecommunications Group Co. PJSC
833
3,949
 
29,560
SEE NOTES TO FINANCIAL STATEMENTS.
 
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
(000)
VALUE
($000)
Common Stocks — continued
United Kingdom — 0.3%
Anglogold Ashanti plc
136
5,679
United States — 0.2%
ExlService Holdings, Inc. *
25
1,219
Genpact Ltd.
39
1,934
Globant SA *
6
744
 
3,897
Total Common Stocks
(Cost $1,747,102)
2,083,609
Short-Term Investments — 0.8%
Investment Companies — 0.1%
JPMorgan Prime Money Market Fund Class Institutional
Shares, 4.31% (d) (e)
(Cost $2,323)
2,323
2,324
Investment of Cash Collateral from Securities Loaned — 0.7%
JPMorgan Securities Lending Money Market Fund
Agency SL Class Shares, 4.39% (d) (e)(Cost
$15,320)
15,320
15,320
Total Short-Term Investments
(Cost $17,643)
17,644
Total Investments — 101.2%
(Cost $1,764,745)
2,101,253
Liabilities in Excess of Other Assets — (1.2)%
(25,287
)
NET ASSETS — 100.0%
2,075,966
 
Percentages indicated are based on net assets.
Amounts presented as a dash ("-") represent amounts that round to less than a
thousand.
 
Abbreviations
 
ADR
American Depositary Receipt
GDR
Global Depositary Receipt
JSC
Joint Stock Company
PJSC
Public Joint Stock Company
Preference
A special type of equity investment that shares in the earnings of
the company, has limited voting rights, and may have a dividend
preference. Preference shares may also have liquidation
preference.
PT
Limited liability company
REIT
Real Estate Investment Trust
 
^
Amount rounds to less than 0.1% of net assets.
‡
Value determined using significant unobservable
inputs.
 
*
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 $14,986.
 
(b)
Security exempt from registration pursuant to
Regulation S under the Securities Act of 1933, as
amended. Regulation S applies to securities offerings
that are made outside of the United States and do not
involve direct selling efforts in the United States and
as such may have restrictions on resale.
 
(c)
Value is zero.
 
(d)
Investment in an affiliated fund, which is registered
under the Investment Company Act of 1940, as
amended, and is advised by J.P. Morgan Investment
Management Inc.
 
(e)
The rate shown is the current yield as of April 30,
2025.
 
SEE NOTES TO FINANCIAL STATEMENTS.
 
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
TOTAL
INVESTMENTS
Banks
19.0
%
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.
 
April 30, 2025
J.P. Morgan International Equity Funds
15
JPMorgan Europe Dynamic Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2025 (Unaudited)
 
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — 96.5%
Australia — 1.6%
Rio Tinto plc
148
8,806
China — 1.6%
Prosus NV
187
8,746
Denmark — 2.7%
Carlsberg A/S, Class B (a)
46
6,331
Chemometec A/S
48
3,469
Novo Nordisk A/S, Class B
80
5,339
 
15,139
Finland — 1.7%
Konecranes OYJ
61
4,057
Orion OYJ, Class A
22
1,395
Orion OYJ, Class B
67
4,195
 
9,647
France — 14.2%
Air Liquide SA
61
12,601
Cie Generale des Etablissements Michelin SCA
209
7,630
Engie SA
672
13,887
Gaztransport Et Technigaz SA
33
5,315
Safran SA
33
8,763
Societe Generale SA
174
9,099
SPIE SA
159
7,773
Thales SA
20
5,569
Vinci SA
64
9,065
 
79,702
Germany — 25.9%
Allianz SE (Registered)
40
16,551
Bilfinger SE
62
5,239
CTS Eventim AG & Co. KGaA
50
5,852
Deutsche Telekom AG (Registered)
381
13,689
DWS Group GmbH & Co. KGaA (b)
136
7,173
E.ON SE
511
8,942
GEA Group AG
99
6,469
Infineon Technologies AG
209
6,929
MTU Aero Engines AG
16
5,602
Muenchener Rueckversicherungs-Gesellschaft AG
(Registered) *
24
16,435
SAP SE
79
23,227
Siemens AG (Registered)
56
12,851
Siemens Energy AG *
103
7,915
Zalando SE * (b)
243
8,858
 
145,732
INVESTMENTS
SHARES
(000)
VALUE
($000)
 
Hong Kong — 1.3%
Prudential plc
659
7,012
Ireland — 1.1%
AIB Group plc
936
6,292
Italy — 5.5%
Banca Monte dei Paschi di Siena SpA (a)
634
5,358
Coca-Cola HBC AG
278
14,464
UniCredit SpA
192
11,197
 
31,019
Netherlands — 8.8%
Adyen NV * (b)
4
7,067
Argenx SE *
8
4,793
ASML Holding NV
3
1,883
ASR Nederland NV
133
8,385
Euronext NV (b)
66
11,093
Heineken NV
139
12,423
SBM Offshore NV
195
4,105
 
49,749
Norway — 0.6%
Aker Solutions ASA
1,238
3,361
Spain — 3.9%
Banco Santander SA (a)
1,827
12,866
Fluidra SA
179
4,146
Indra Sistemas SA
150
4,779
 
21,791
Sweden — 1.1%
AAK AB
122
3,187
Truecaller AB, Class B
428
3,218
 
6,405
Switzerland — 1.9%
Cie Financiere Richemont SA (Registered)
59
10,449
United Kingdom — 12.8%
3i Group plc
162
9,211
Barclays plc
3,406
13,570
Barratt Redrow plc
1,179
7,352
Burberry Group plc
247
2,400
Cranswick plc
77
5,311
Games Workshop Group plc
20
4,163
Intermediate Capital Group plc
128
3,209
Marks & Spencer Group plc
1,401
7,279
SEE NOTES TO FINANCIAL STATEMENTS.
 
16
J.P. Morgan International Equity Funds
April 30, 2025
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — continued
United Kingdom — continued
NatWest Group plc
1,762
11,334
Next plc
50
8,218
 
72,047
United States — 11.8%
Carnival plc *
102
1,715
GSK plc
515
10,180
Nestle SA (Registered)
41
4,419
Novartis AG (Registered)
154
17,594
Roche Holding AG
43
13,915
Shell plc
581
18,745
 
66,568
Total Common Stocks
(Cost $429,516)
542,465
Short-Term Investments — 8.8%
Investment Companies — 4.9%
JPMorgan Prime Money Market Fund Class Institutional
Shares, 4.31% (c) (d)
(Cost $27,361)
27,353
27,362
Investment of Cash Collateral from Securities Loaned — 3.9%
JPMorgan Securities Lending Money Market Fund Agency
SL Class Shares, 4.39% (c) (d)(Cost $22,137)
22,137
22,137
Total Short-Term Investments
(Cost $49,498)
49,499
Total Investments — 105.3%
(Cost $479,014)
591,964
Liabilities in Excess of Other Assets — (5.3)%
(29,567
)
NET ASSETS — 100.0%
562,397
 
Percentages indicated are based on net assets.
 
Abbreviations
 
OYJ
Public Limited Company
SCA
Limited partnership with share capital
 
*
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.
(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
TOTAL
INVESTMENTS
Banks
11.8
%
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.
 
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
NUMBER OF
CONTRACTS
EXPIRATION DATE
TRADING CURRENCY
NOTIONAL
AMOUNT ($)
VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
Long Contracts
EURO STOXX 50 Index
168
06/20/2025
EUR
9,763
(24
)
FTSE 100 Index
48
06/20/2025
GBP
5,415
(37
)
 
(61
)
 
Abbreviations
 
EUR
Euro
FTSE
Financial Times and the London Stock Exchange
GBP
British Pound
SEE NOTES TO FINANCIAL STATEMENTS.
 
18
J.P. Morgan International Equity Funds
April 30, 2025
JPMorgan International Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2025 (Unaudited)
 
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — 98.5%
Australia — 5.2%
BHP Group Ltd.
2,174
51,804
Medibank Pvt Ltd.
11,657
34,676
QBE Insurance Group Ltd.
3,808
52,620
Rio Tinto Ltd.
291
21,787
Rio Tinto plc
645
38,449
Telstra Group Ltd.
16,439
47,445
 
246,781
Austria — 1.0%
Erste Group Bank AG
734
49,684
Belgium — 1.2%
KBC Group NV
594
54,728
Denmark — 2.0%
Carlsberg A/S, Class B (a)
353
48,110
Novo Nordisk A/S, Class B
679
45,413
 
93,523
Finland — 1.5%
Nordea Bank Abp
5,035
69,723
France — 11.7%
Air Liquide SA
487
100,029
Arkema SA
280
21,264
BNP Paribas SA
393
33,301
Capgemini SE
170
27,155
Cie Generale des Etablissements Michelin SCA
1,337
48,899
Legrand SA
637
70,029
LVMH Moet Hennessy Louis Vuitton SE
37
20,667
Safran SA
402
106,906
TotalEnergies SE
943
53,697
Vinci SA
502
70,569
 
552,516
Germany — 11.1%
Allianz SE (Registered)
170
70,225
Deutsche Boerse AG
214
68,768
Deutsche Telekom AG (Registered)
2,512
90,213
Infineon Technologies AG
954
31,615
Muenchener Rueckversicherungs-Gesellschaft AG
(Registered) *
131
89,960
SAP SE
329
96,360
Siemens AG (Registered)
335
77,031
 
524,172
INVESTMENTS
SHARES
(000)
VALUE
($000)
 
Hong Kong — 1.6%
AIA Group Ltd.
6,086
45,600
Hong Kong Exchanges & Clearing Ltd.
648
28,320
 
73,920
Ireland — 0.5%
Kingspan Group plc
298
25,136
Italy — 1.5%
UniCredit SpA
1,238
72,053
Japan — 18.8%
Hitachi Ltd.
1,981
48,951
Hoya Corp.
552
64,905
IHI Corp.
398
31,145
ITOCHU Corp.
1,963
100,414
Kao Corp.
1,210
51,793
Keyence Corp.
146
60,916
Mitsubishi UFJ Financial Group, Inc.
5,441
68,551
Mitsui Fudosan Co. Ltd.
6,067
60,131
Recruit Holdings Co. Ltd.
724
40,110
Seven & i Holdings Co. Ltd.
2,865
42,177
Sony Group Corp.
5,500
145,113
Suzuki Motor Corp.
5,250
62,911
Terumo Corp.
3,087
59,095
Tokio Marine Holdings, Inc.
1,389
55,694
 
891,906
Netherlands — 5.4%
ASML Holding NV
121
80,888
Heineken NV
440
39,409
Koninklijke Ahold Delhaize NV
1,628
66,839
Koninklijke KPN NV
14,946
69,525
 
256,661
Singapore — 2.1%
DBS Group Holdings Ltd.
3,039
98,750
Spain — 4.6%
Banco Santander SA (a)
8,707
61,307
Iberdrola SA
5,325
95,995
Industria de Diseno Textil SA (a)
1,118
60,095
 
217,397
Sweden — 2.8%
Atlas Copco AB, Class A
2,875
44,495
Volvo AB, Class B
3,242
88,145
 
132,640
SEE NOTES TO FINANCIAL STATEMENTS.
 
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
(000)
VALUE
($000)
Common Stocks — continued
Switzerland — 2.8%
Cie Financiere Richemont SA (Registered)
322
56,991
Lonza Group AG (Registered)
104
74,503
 
131,494
Taiwan — 1.0%
Taiwan Semiconductor Manufacturing Co. Ltd., ADR
280
46,648
United Kingdom — 16.1%
3i Group plc
2,330
132,093
AstraZeneca plc
754
107,986
Compass Group plc
1,765
59,518
Diageo plc
1,092
30,667
InterContinental Hotels Group plc
304
32,400
London Stock Exchange Group plc
480
74,703
NatWest Group plc
11,445
73,620
Next plc
444
73,343
RELX plc
1,803
98,138
Sage Group plc (The)
1,774
29,409
SSE plc
2,211
49,856
 
761,733
United States — 7.6%
Nestle SA (Registered)
1,061
112,949
Novartis AG (Registered)
632
72,114
Sanofi SA
663
72,524
Shell plc
3,181
102,643
 
360,230
Total Common Stocks
(Cost $3,355,651)
4,659,695
Short-Term Investments — 4.3%
Investment Companies — 2.2%
JPMorgan Prime Money Market Fund
Class Institutional Shares, 4.31% (b) (c)
(Cost $105,113)
105,084
105,116
Investment of Cash Collateral from Securities Loaned — 2.1%
JPMorgan Securities Lending Money Market Fund
Agency SL Class Shares, 4.39% (b) (c)(Cost
$99,417)
99,417
99,417
Total Short-Term Investments
(Cost $204,530)
204,533
INVESTMENTS
SHARES
(000)
VALUE
($000)
Total Investments — 102.8%
(Cost $3,560,181)
4,864,228
Liabilities in Excess of Other Assets — (2.8)%
(133,054
)
NET ASSETS — 100.0%
4,731,174
 
Percentages indicated are based on net assets.
 
Abbreviations
 
ADR
American Depositary Receipt
SCA
Limited partnership with share capital
 
*
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.
 
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
TOTAL
INVESTMENTS
Banks
12.0
%
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.
 
April 30, 2025
J.P. Morgan International Equity Funds
21
JPMorgan International Focus Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2025 (Unaudited)
 
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — 99.1%
Australia — 1.5%
Telstra Group Ltd.
7,730
22,308
Belgium — 2.1%
KBC Group NV
340
31,319
Canada — 5.0%
Alimentation Couche-Tard, Inc.
471
24,555
Canadian Pacific Kansas City Ltd.
233
16,948
Intact Financial Corp.
154
34,169
 
75,672
China — 7.4%
Alibaba Group Holding Ltd.
2,048
30,581
Tencent Holdings Ltd.
851
52,100
Yum China Holdings, Inc.
647
28,018
 
110,699
France — 10.2%
Air Liquide SA
251
51,460
Cie Generale des Etablissements Michelin SCA
520
19,030
Legrand SA
236
25,977
Safran SA
137
36,477
Vinci SA
148
20,788
 
153,732
Germany — 8.0%
Deutsche Telekom AG (Registered)
1,114
40,011
Infineon Technologies AG
475
15,721
Muenchener Rueckversicherungs-Gesellschaft AG
(Registered) *
54
36,761
Siemens AG (Registered)
120
27,741
 
120,234
Hong Kong — 1.8%
Hong Kong Exchanges & Clearing Ltd.
610
26,651
India — 4.4%
HDFC Bank Ltd., ADR
599
43,527
Infosys Ltd., ADR (a)
1,283
22,582
 
66,109
Indonesia — 1.4%
Bank Central Asia Tbk. PT
38,268
20,347
Ireland — 1.0%
Kingspan Group plc
179
15,139
Italy — 1.8%
UniCredit SpA
460
26,772
INVESTMENTS
SHARES
(000)
VALUE
($000)
 
Japan — 13.3%
Hoya Corp.
219
25,710
ITOCHU Corp.
615
31,463
Mitsubishi UFJ Financial Group, Inc.
1,617
20,378
Mitsui Fudosan Co. Ltd.
2,603
25,795
Sony Group Corp.
2,078
54,826
Terumo Corp.
479
9,165
Tokio Marine Holdings, Inc.
821
32,924
 
200,261
Netherlands — 2.0%
Heineken NV
342
30,651
Saudi Arabia — 1.3%
Al Rajhi Bank
776
20,173
Singapore — 3.0%
DBS Group Holdings Ltd.
1,373
44,612
South Korea — 1.1%
Kia Corp.
260
16,527
Spain — 3.1%
Iberdrola SA
1,371
24,721
Industria de Diseno Textil SA (a)
410
22,055
 
46,776
Sweden — 3.2%
Atlas Copco AB, Class A
1,363
21,101
Volvo AB, Class B
1,000
27,181
 
48,282
Switzerland — 2.1%
Lonza Group AG (Registered)
45
32,186
Taiwan — 4.1%
Taiwan Semiconductor Manufacturing Co. Ltd., ADR
220
36,754
Taiwan Semiconductor Manufacturing Co. Ltd.
905
25,643
 
62,397
United Kingdom — 12.6%
3i Group plc
879
49,834
Compass Group plc
670
22,602
InterContinental Hotels Group plc
155
16,573
London Stock Exchange Group plc
183
28,435
NatWest Group plc
5,074
32,635
RELX plc
730
39,725
 
189,804
United States — 8.7%
Nestle SA (Registered)
394
41,940
SEE NOTES TO FINANCIAL STATEMENTS.
 
22
J.P. Morgan International Equity Funds
April 30, 2025
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — continued
United States — continued
Novartis AG (Registered)
263
30,020
Shell plc
1,813
58,487
 
130,447
Total Common Stocks
(Cost $1,182,560)
1,491,098
Short-Term Investments — 2.5%
Investment Companies — 0.8%
JPMorgan Prime Money Market Fund Class Institutional
Shares, 4.31% (b) (c)
(Cost $11,294)
11,292
11,295
Investment of Cash Collateral from Securities Loaned — 1.7%
JPMorgan Securities Lending Money Market Fund
Agency SL Class Shares, 4.39% (b) (c)(Cost
$26,332)
26,332
26,332
Total Short-Term Investments
(Cost $37,626)
37,627
Total Investments — 101.6%
(Cost $1,220,186)
1,528,725
Liabilities in Excess of Other Assets — (1.6)%
(23,644
)
NET ASSETS — 100.0%
1,505,081
 
Percentages indicated are based on net assets.
 
Abbreviations
 
ADR
American Depositary Receipt
PT
Limited liability company
SCA
Limited partnership with share capital
 
*
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
TOTAL
INVESTMENTS
Banks
15.7
%
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.
 
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)
 
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — 97.5%
Australia — 6.5%
ANZ Group Holdings Ltd.
38
725
Aristocrat Leisure Ltd.
7
284
BHP Group Ltd.
66
1,578
Brambles Ltd.
27
359
Commonwealth Bank of Australia
14
1,441
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
1,540
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
 
13,491
Belgium — 0.7%
Anheuser-Busch InBev SA
9
593
KBC Group NV
8
766
 
1,359
China — 0.4%
Prosus NV
15
723
Denmark — 2.5%
Carlsberg A/S, Class B
7
922
Danske Bank A/S
16
579
Novo Nordisk A/S, Class B
44
2,928
Novonesis Novozymes B
12
762
 
5,191
Finland — 0.7%
Nokia OYJ
37
189
Nordea Bank Abp
94
1,287
 
1,476
INVESTMENTS
SHARES
(000)
VALUE
($000)
 
France — 11.9%
Air Liquide SA
14
2,816
Airbus SE
8
1,394
AXA SA *
6
286
BNP Paribas SA
21
1,742
Capgemini SE
8
1,347
Cie Generale des Etablissements Michelin SCA
21
757
Dassault Systemes SE
12
459
Engie SA
85
1,766
EssilorLuxottica SA
2
444
Hermes International SCA
—
349
Legrand SA
15
1,689
L'Oreal SA *
1
463
LVMH Moet Hennessy Louis Vuitton SE
5
2,487
Orange SA
67
977
Pernod Ricard SA
7
770
Safran SA
9
2,390
Societe Generale SA
36
1,849
TotalEnergies SE
13
752
Vinci SA
14
1,989
 
24,726
Germany — 10.5%
adidas AG
2
563
Allianz SE (Registered)
8
3,477
BASF SE *
2
98
Bayer AG (Registered)
19
490
Daimler Truck Holding AG
5
203
Deutsche Boerse AG
1
341
Deutsche Post AG
27
1,140
Deutsche Telekom AG (Registered)
66
2,384
E.ON SE
104
1,816
Heidelberg Materials AG
2
304
Infineon Technologies AG
40
1,321
Mercedes-Benz Group AG
5
290
Muenchener Rueckversicherungs-Gesellschaft AG
(Registered) *
3
2,311
Rheinmetall AG
—
225
RWE AG
7
253
SAP SE
11
3,284
Siemens AG (Registered)
11
2,620
Siemens Healthineers AG (a)
3
171
Zalando SE * (a)
14
504
 
21,795
SEE NOTES TO FINANCIAL STATEMENTS.
 
24
J.P. Morgan International Equity Funds
April 30, 2025
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — continued
Hong Kong — 1.5%
AIA Group Ltd.
154
1,153
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
 
3,061
Ireland — 0.3%
AIB Group plc
35
236
Kingspan Group plc
3
271
Kingspan Group plc
1
48
 
555
Italy — 2.0%
Enel SpA
37
322
Ferrari NV
1
390
FinecoBank Banca Fineco SpA
32
642
Prysmian SpA
8
469
UniCredit SpA
40
2,316
 
4,139
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
1,149
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
2,042
Hoya Corp.
10
1,153
ITOCHU Corp.
31
1,606
Japan Post Bank Co. Ltd.
29
301
Kajima Corp.
28
661
Kao Corp.
13
578
Keyence Corp.
3
1,380
Kobe Bussan Co. Ltd.
11
327
INVESTMENTS
SHARES
(000)
VALUE
($000)
 
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
1,153
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
1,245
Shionogi & Co. Ltd.
29
484
SoftBank Group Corp.
5
263
Sony Group Corp.
97
2,575
Sumitomo Electric Industries Ltd.
20
328
Sumitomo Metal Mining Co. Ltd.
20
448
Sumitomo Mitsui Financial Group, Inc.
84
1,997
Suzuki Motor Corp.
80
961
T&D Holdings, Inc.
40
845
Takeda Pharmaceutical Co. Ltd.
31
944
Terumo Corp.
56
1,070
Tokio Marine Holdings, Inc.
47
1,892
Tokyo Electron Ltd.
9
1,310
Toyota Industries Corp.
2
270
Toyota Motor Corp.
138
2,632
 
46,475
Macau — 0.1%
Sands China Ltd. *
74
133
Netherlands — 4.1%
Adyen NV * (a)
—
550
ASML Holding NV
6
3,944
SEE NOTES TO FINANCIAL STATEMENTS.
 
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
(000)
VALUE
($000)
Common Stocks — continued
Netherlands — continued
Heineken NV
11
1,007
Koninklijke Ahold Delhaize NV
12
490
Koninklijke KPN NV
280
1,301
NN Group NV
14
856
Wolters Kluwer NV
2
355
 
8,503
New Zealand — 0.1%
Xero Ltd. *
2
172
Singapore — 1.3%
DBS Group Holdings Ltd.
40
1,303
Oversea-Chinese Banking Corp. Ltd.
31
382
Sea Ltd., ADR *
5
664
United Overseas Bank Ltd.
16
412
 
2,761
Spain — 3.2%
Banco Bilbao Vizcaya Argentaria SA
55
749
Banco Santander SA
357
2,515
CaixaBank SA
41
318
Iberdrola SA
119
2,153
Industria de Diseno Textil SA
15
782
 
6,517
Sweden — 2.1%
Atlas Copco AB, Class A
137
2,116
Sandvik AB
18
380
Volvo AB, Class B
68
1,839
 
4,335
Switzerland — 3.6%
ABB Ltd. (Registered)
4
204
Cie Financiere Richemont SA (Registered)
10
1,810
Givaudan SA (Registered)
—
299
Lonza Group AG (Registered)
3
1,855
Sandoz Group AG
22
968
SGS SA (Registered)
3
318
UBS Group AG (Registered)
24
722
Zurich Insurance Group AG
2
1,307
 
7,483
United Kingdom — 12.9%
3i Group plc
40
2,268
AstraZeneca plc
27
3,877
BAE Systems plc
4
97
Barclays plc
503
2,005
INVESTMENTS
SHARES
(000)
VALUE
($000)
 
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
2,120
InterContinental Hotels Group plc
9
919
Lloyds Banking Group plc
424
416
London Stock Exchange Group plc
8
1,283
National Grid plc
85
1,221
NatWest Group plc
164
1,057
Next plc
3
475
Reckitt Benckiser Group plc
9
576
RELX plc
52
2,824
Rolls-Royce Holdings plc
50
507
Sage Group plc (The)
36
594
SSE plc
64
1,451
Standard Chartered plc
17
239
Tesco plc
264
1,306
Unilever plc
21
1,318
 
26,682
United States — 10.7%
BP plc
329
1,521
CSL Ltd.
5
753
Ferrovial SE
18
886
GSK plc
37
724
Nestle SA (Registered)
45
4,783
Novartis AG (Registered)
21
2,423
Roche Holding AG
8
2,494
Sanofi SA
20
2,234
Schneider Electric SE
9
2,029
Shell plc
113
3,654
Spotify Technology SA *
1
535
Stellantis NV
22
207
 
22,243
Total Common Stocks
(Cost $149,147)
201,820
SEE NOTES TO FINANCIAL STATEMENTS.
 
26
J.P. Morgan International Equity Funds
April 30, 2025
INVESTMENTS 
NO. OF
CONTRACTS
VALUE
($000)
Options Purchased — 0.4%
Put Options Purchased — 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
(000)
Short-Term Investments — 2.4%
Investment Companies — 2.4%
JPMorgan Prime Money Market Fund Class IM Shares,
4.40% (b) (c)
(Cost $5,042)
5,042
5,042
Total Investments — 100.3%
(Cost $157,121)
207,747
Liabilities in Excess of Other Assets — (0.3)%
(632
)
NET ASSETS — 100.0%
207,115
 
Percentages indicated are based on net assets.
Amounts presented as a dash ("-") represent amounts that round to less than a
thousand.
 
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
 
*
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
TOTAL
INVESTMENTS
Banks
13.6
%
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.
 
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
NUMBER OF
CONTRACTS
EXPIRATION DATE
TRADING CURRENCY
NOTIONAL
AMOUNT ($)
VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
Long Contracts
MSCI EAFE Index
49
06/20/2025
USD
6,112
206
 
Abbreviations
 
EAFE
Europe, Australasia and Far East
MSCI
Morgan Stanley Capital International
USD
United States Dollar
 
Written Call Options Contracts as of April 30, 2025 (amounts in thousands, except number of contracts):
DESCRIPTION
COUNTERPARTY
NUMBER OF
CONTRACTS
NOTIONAL
AMOUNT
EXERCISE
PRICE
EXPIRATION
DATE
VALUE ($)
MSCI EAFE Index
Exchange-Traded
831
USD
 207,835
USD
 2,525.00
6/30/2025
(3,640
)
Written Put Options Contracts as of April 30, 2025 (amounts in thousands, except number of contracts):
DESCRIPTION
COUNTERPARTY
NUMBER OF
CONTRACTS
NOTIONAL
AMOUNT
EXERCISE
PRICE
EXPIRATION
DATE
VALUE ($)
MSCI EAFE Index
Exchange-Traded
831
USD
 207,835
USD
 1,900.00
6/30/2025
(183
)
Total Written Options Contracts (Premiums Received $2,682)
(3,823
)
 
Abbreviations
 
EAFE
Europe, Australasia and Far East
MSCI
Morgan Stanley Capital International
USD
United States Dollar
SEE NOTES TO FINANCIAL STATEMENTS.
 
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)
 
 
JPMorgan
Developed
International
Value Fund
JPMorgan
Emerging
Markets
Equity Fund
JPMorgan
Emerging
Markets
Research
Enhanced
Equity Fund
ASSETS:
Investments in non-affiliates, at value
$958,926
$6,268,370
$2,083,609
Investments in affiliates, at value
79,922
5,283
2,324
Investments of cash collateral received from securities loaned, at value (See Note 2.C.)
2,248
4,253
15,320
Cash
94
1,898
10,505
Foreign currency, at value
6
21
260
Deposits at broker for futures contracts
2,233
—
—
Receivables:
Investment securities sold
771
—
1,961
Fund shares sold
5,955
3,001
3,175
Dividends from non-affiliates
5,970
3,563
4,173
Dividends from affiliates
186
68
33
Tax reclaims
2,365
148
95
Securities lending income (See Note 2.C.)
1
51
4
Total Assets
1,058,677
6,286,656
2,121,459
LIABILITIES:
Payables:
Investment securities purchased
545
—
3,763
Collateral received on securities loaned (See Note 2.C.)
2,248
4,253
15,320
Fund shares redeemed
774
16,077
17,396
Variation margin on futures contracts
92
—
—
Accrued liabilities:
Investment advisory fees
344
3,270
336
Administration fees
12
313
73
Distribution fees
60
70
—
Service fees
93
325
20
Custodian and accounting fees
29
438
207
Trustees’ and Chief Compliance Officer’s fees
1
—
(a)
—
Deferred foreign capital gains tax
—
13,372
8,297
Other
3,934
470
81
Total Liabilities
8,132
38,588
45,493
Net Assets
$1,050,545
$6,248,068
$2,075,966
(a)
Amount rounds to less than one thousand.
SEE NOTES TO FINANCIAL STATEMENTS.
 
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)
 
JPMorgan
Developed
International
Value Fund
JPMorgan
Emerging
Markets
Equity Fund
JPMorgan
Emerging
Markets
Research
Enhanced
Equity Fund
NET ASSETS:
Paid-in-Capital
$920,511
$5,087,332
$2,200,459
Total distributable earnings (loss)
130,034
1,160,736
(124,493
)
Total Net Assets
$1,050,545
$6,248,068
$2,075,966
Net Assets:
Class A
$307,056
$294,895
$—
Class C
1,337
17,215
—
Class I
337,123
1,284,373
254,667
Class L
9,926
942,314
—
Class R2
840
400
—
Class R3
—
3,273
—
Class R4
—
2,729
—
Class R5
551
11,021
—
Class R6
393,712
3,691,848
1,821,299
Total
$1,050,545
$6,248,068
$2,075,966
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A
19,100
9,621
—
Class C
86
586
—
Class I
20,310
40,844
14,974
Class L
601
29,744
—
Class R2
53
13
—
Class R3
—
108
—
Class R4
—
87
—
Class R5
33
348
—
Class R6
24,021
116,718
107,724
Net Asset Value (a):
Class A — Redemption price per share
$16.08
$30.65
$—
Class C — Offering price per share (b)
15.64
29.34
—
Class I — Offering and redemption price per share
16.60
31.45
17.01
Class L — Offering and redemption price per share
16.50
31.68
—
Class R2 — Offering and redemption price per share
15.76
30.20
—
Class R3 — Offering and redemption price per share
—
30.35
—
Class R4 — Offering and redemption price per share
—
31.30
—
Class R5 — Offering and redemption price per share
16.39
31.66
—
Class R6 — Offering and redemption price per share
16.39
31.63
16.91
Class A maximum sales charge
5.25
%
5.25
%
—
%
Class A maximum public offering price per share
[net asset value per share/(100% – maximum sales charge)]
$16.97
$32.35
$—
Cost of investments in non-affiliates
$771,536
$4,455,556
$1,747,102
Cost of investments in affiliates
79,920
5,283
2,323
Cost of foreign currency
6
20
260
Investment securities on loan, at value (See Note 2.C.)
2,157
4,115
14,986
Cost of investment of cash collateral (See Note 2.C.)
2,248
4,253
15,320
(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.
 
30
J.P. Morgan International Equity Funds
April 30, 2025
 
 
JPMorgan
Europe
Dynamic
Fund
JPMorgan
International
Equity Fund
JPMorgan
International
Focus Fund
JPMorgan
International
Hedged
Equity Fund
ASSETS:
Investments in non-affiliates, at value
$542,465
$4,659,695
$1,491,098
$201,820
Investments in affiliates, at value
27,362
105,116
11,295
5,042
Investments of cash collateral received from securities loaned, at
value (See Note 2.C.)
22,137
99,417
26,332
—
Options purchased, at value
—
—
—
885
Cash
—
140
133
1,093
Foreign currency, at value
239
—
—
2
Deposits at broker for futures contracts
1,329
—
—
446
Receivables:
Investment securities sold
1,516
—
—
9
Fund shares sold
277
3,628
948
528
Dividends from non-affiliates
1,588
15,875
4,857
646
Dividends from affiliates
86
357
53
1
Tax reclaims
2,674
7,249
2,074
687
Securities lending income (See Note 2.C.)
2
197
80
—
Variation margin on futures contracts
11
—
—
—
Total Assets
599,686
4,891,674
1,536,870
211,159
LIABILITIES:
Payables:
Due to custodian
284
—
—
—
Foreign currency due to custodian, at value
—
4,537
1,454
—
Investment securities purchased
10,572
—
—
4
Collateral received on securities loaned (See Note 2.C.)
22,137
99,417
26,332
—
Fund shares redeemed
3,781
54,291
3,083
80
Variation margin on futures contracts
—
—
—
6
Outstanding options written, at value
—
—
—
3,823
Accrued liabilities:
Investment advisory fees
272
1,628
586
40
Administration fees
34
129
8
12
Distribution fees
18
92
82
2
Service fees
47
196
145
18
Custodian and accounting fees
28
87
40
29
Trustees’ and Chief Compliance Officer’s fees
—
(a)
—
—
—
Other
116
123
59
30
Total Liabilities
37,289
160,500
31,789
4,044
Net Assets
$562,397
$4,731,174
$1,505,081
$207,115
(a)
Amount rounds to less than one thousand.
SEE NOTES TO FINANCIAL STATEMENTS.
 
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)
 
JPMorgan
Europe
Dynamic
Fund
JPMorgan
International
Equity Fund
JPMorgan
International
Focus Fund
JPMorgan
International
Hedged
Equity Fund
NET ASSETS:
Paid-in-Capital
$492,663
$3,353,079
$1,247,547
$186,170
Total distributable earnings (loss)
69,734
1,378,095
257,534
20,945
Total Net Assets
$562,397
$4,731,174
$1,505,081
$207,115
Net Assets:
Class A
$91,645
$449,008
$379,095
$9,240
Class C
1,967
4,932
8,903
399
Class I
154,385
802,913
524,806
183,024
Class L
9,550
—
—
—
Class R2
—
3,628
5,862
—
Class R5
—
6,964
1,658
—
Class R6
304,850
3,463,729
584,757
14,452
Total
$562,397
$4,731,174
$1,505,081
$207,115
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A
2,587
21,710
14,370
526
Class C
62
253
341
23
Class I
4,263
38,089
19,586
10,332
Class L
259
—
—
—
Class R2
—
175
225
—
Class R5
—
328
62
—
Class R6
8,349
163,784
21,825
814
Net Asset Value (a):
Class A — Redemption price per share
$35.42
$20.68
$26.38
$17.58
Class C — Offering price per share (b)
31.41
19.49
26.09
17.60
Class I — Offering and redemption price per share
36.22
21.08
26.80
17.71
Class L — Offering and redemption price per share
36.83
—
—
—
Class R2 — Offering and redemption price per share
—
20.74
26.10
—
Class R5 — Offering and redemption price per share
—
21.21
26.79
—
Class R6 — Offering and redemption price per share
36.51
21.15
26.79
17.75
Class A maximum sales charge
5.25
%
5.25
%
5.25
%
5.25
%
Class A maximum public offering price per share
[net asset value per share/(100% – maximum sales charge)]
$37.38
$21.83
$27.84
$18.55
Cost of investments in non-affiliates
$429,516
$3,355,651
$1,182,560
$149,147
Cost of investments in affiliates
27,361
105,113
11,294
5,042
Cost of options purchased
—
—
—
2,932
Cost of foreign currency
241
—
—
2
Investment securities on loan, at value (See Note 2.C.)
19,830
93,201
25,054
—
Cost of investment of cash collateral (See Note 2.C.)
22,137
99,417
26,332
—
Premiums received from options written
—
—
—
2,682
(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.
 
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)
 
 
JPMorgan
Developed
International
Value Fund
JPMorgan
Emerging
Markets
Equity Fund
JPMorgan
Emerging
Markets
Research
Enhanced
Equity Fund
INVESTMENT INCOME:
Interest income from non-affiliates
$22
$—
$9
Interest income from affiliates
3
25
43
Dividend income from non-affiliates
18,919
71,441
28,018
Dividend income from affiliates
795
746
215
Income from securities lending (net) (See Note 2.C.)
7
53
53
Foreign taxes withheld (net)
(1,938
)
(7,605
)
(2,999
)
Total investment income
17,808
64,660
25,339
EXPENSES:
Investment advisory fees
2,032
22,338
2,628
Administration fees
277
2,466
789
Distribution fees:
Class A
329
380
—
Class C
5
73
—
Class R2
2
1
—
Class R3
—
15
—
Service fees:
Class A
329
380
—
Class C
2
24
—
Class I
186
1,637
311
Class L
4
490
—
Class R2
1
1
—
Class R3
—
15
—
Class R4
—
3
—
Class R5
—
(a)
7
—
Custodian and accounting fees
75
1,287
793
Interest expense to affiliates
1
72
63
Professional fees
70
87
69
Trustees’ and Chief Compliance Officer’s fees
15
22
15
Printing and mailing costs
48
273
41
Registration and filing fees
79
82
16
Transfer agency fees (See Note 2.I.)
14
104
20
Other
12
32
13
Total expenses
3,481
29,789
4,758
Less fees waived
(720
)
(1,124
)
(905
)
Less expense reimbursements
(4
)
(55
)
—
Net expenses
2,757
28,610
3,853
Net investment income (loss)
15,051
36,050
21,486
(a)
Amount rounds to less than one thousand.
SEE NOTES TO FINANCIAL STATEMENTS.
 
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)
 
JPMorgan
Developed
International
Value Fund
JPMorgan
Emerging
Markets
Equity Fund
JPMorgan
Emerging
Markets
Research
Enhanced
Equity Fund
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates
$11,471
$104,410
(a)
$(17,400
)(b)
Investments in affiliates
(1
)
2
(9
)
Futures contracts
1,649
—
(742
)
Foreign currency transactions
61
(1,130
)
(455
)
Net realized gain (loss)
13,180
103,282
(18,606
)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates
85,367
(69,697
)(c)
28,188
(d)
Investments in affiliates
—
(e)
4
5
Futures contracts
1,595
—
794
Foreign currency translations
301
143
123
Change in net unrealized appreciation/depreciation
87,263
(69,550
)
29,110
Net realized/unrealized gains (losses)
100,443
33,732
10,504
Change in net assets resulting from operations
$115,494
$69,782
$31,990
(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.
 
34
J.P. Morgan International Equity Funds
April 30, 2025
 
 
JPMorgan
Europe
Dynamic
Fund
JPMorgan
International
Equity Fund
JPMorgan
International
Focus Fund
JPMorgan
International
Hedged
Equity Fund
INVESTMENT INCOME:
Interest income from non-affiliates
$10
$5
$—
$5
Interest income from affiliates
3
3
5
5
Dividend income from non-affiliates
10,913
64,248
20,588
2,999
Dividend income from affiliates
254
2,005
381
105
Income from securities lending (net) (See Note 2.C.)
9
283
105
—
Foreign taxes withheld (net)
(1,477
)
(5,734
)
(1,927
)
(277
)
Total investment income
9,712
60,810
19,152
2,837
EXPENSES:
Investment advisory fees
1,562
11,152
4,399
228
Administration fees
195
1,674
550
68
Distribution fees:
Class A
98
518
449
11
Class C
5
15
34
1
Class R2
—
9
12
—
Service fees:
Class A
98
518
449
11
Class C
2
5
11
1
Class I
152
971
669
199
Class L
4
—
—
—
Class R2
—
5
6
—
Class R5 (a)
—
3
1
—
(b)
Custodian and accounting fees
58
284
126
36
Interest expense to affiliates
2
13
2
—
(b)
Professional fees
65
58
44
48
Trustees’ and Chief Compliance Officer’s fees
13
19
15
13
Printing and mailing costs
19
151
60
17
Registration and filing fees
32
79
50
33
Transfer agency fees (See Note 2.I.)
12
45
29
2
Other
9
23
11
6
Total expenses
2,326
15,542
6,917
674
Less fees waived
(31
)
(2,702
)
(1,495
)
(135
)
Less expense reimbursements
—
(12
)
—
(b)
—
(b)
Net expenses
2,295
12,828
5,422
539
Net investment income (loss)
7,417
47,982
13,730
2,298
(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.
 
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)
 
JPMorgan
Europe
Dynamic
Fund
JPMorgan
International
Equity Fund
JPMorgan
International
Focus Fund
JPMorgan
International
Hedged
Equity Fund
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates
$44,530
$207,230
$77,542
$568
Investments in affiliates
(7
)
(20
)
1
(1
)
Options purchased
—
—
—
1,682
Futures contracts
(619
)
—
—
187
Foreign currency transactions
4
733
(79
)
(45
)
Options written
—
—
—
2,899
Net realized gain (loss)
43,908
207,943
77,464
5,290
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates
14,983
186,273
10,364
13,971
Investments in affiliates
1
10
—
(a)
(1
)
Options purchased
—
—
—
(3,676
)
Futures contracts
56
—
—
279
Foreign currency translations
159
922
202
72
Options written
—
—
—
(2,880
)
Change in net unrealized appreciation/depreciation
15,199
187,205
10,566
7,765
Net realized/unrealized gains (losses)
59,107
395,148
88,030
13,055
Change in net assets resulting from operations
$66,524
$443,130
$101,760
$15,353
(a)
Amount rounds to less than one thousand.
SEE NOTES TO FINANCIAL STATEMENTS.
 
36
J.P. Morgan International Equity Funds
April 30, 2025
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED
(Amounts in thousands)
 
 
JPMorgan Developed International
Value Fund
JPMorgan Emerging Markets
Equity Fund
 
Six Months Ended
April 30, 2025
(Unaudited)
Year Ended
October 31, 2024
Six Months Ended
April 30, 2025
(Unaudited)
Year Ended
October 31, 2024
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)
$15,051
$20,589
$36,050
$95,924
Net realized gain (loss)
13,180
23,763
103,282
(92,175
)
Change in net unrealized appreciation/depreciation
87,263
64,133
(69,550
)
1,271,863
Change in net assets resulting from operations
115,494
108,485
69,782
1,275,612
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
(10,205
)
(10,586
)
(3,578
)
(4,482
)
Class C
(44
)
(69
)
(110
)
(208
)
Class I
(3,818
)
(2,239
)
(18,410
)
(24,555
)
Class L
(349
)
(352
)
(14,912
)
(19,418
)
Class R2
(25
)
(26
)
(3
)
(5
)
Class R3
—
—
(159
)
(162
)
Class R4
—
—
(33
)
(40
)
Class R5
(14
)
(3
)
(208
)
(239
)
Class R6
(12,998
)
(11,620
)
(65,166
)
(70,543
)
Total distributions to shareholders
(27,453
)
(24,895
)
(102,579
)
(119,652
)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions
324,622
95,033
(678,334
)
(1,277,475
)
NET ASSETS:
Change in net assets
412,663
178,623
(711,131
)
(121,515
)
Beginning of period
637,882
459,259
6,959,199
7,080,714
End of period
$1,050,545
$637,882
$6,248,068
$6,959,199
SEE NOTES TO FINANCIAL STATEMENTS.
 
April 30, 2025
J.P. Morgan International Equity Funds
37
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
 
 
JPMorgan Emerging Markets Research
Enhanced Equity Fund
JPMorgan Europe Dynamic Fund
 
Six Months Ended
April 30, 2025
(Unaudited)
Year Ended
October 31, 2024
Six Months Ended
April 30, 2025
(Unaudited)
Year Ended
October 31, 2024
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)
$21,486
$50,057
$7,417
$11,749
Net realized gain (loss)
(18,606
)
(43,080
)
43,908
61,122
Change in net unrealized appreciation/depreciation
29,110
369,889
15,199
53,116
Change in net assets resulting from operations
31,990
376,866
66,524
125,987
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
—
—
(2,716
)
(2,268
)
Class C
—
—
(37
)
(37
)
Class I
(5,501
)
(6,248
)
(4,264
)
(3,418
)
Class L
—
—
(299
)
(249
)
Class R6
(44,243
)
(53,977
)
(11,901
)
(11,541
)
Total distributions to shareholders
(49,744
)
(60,225
)
(19,217
)
(17,513
)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions
(92,802
)
169,550
(4,173
)
(87,886
)
NET ASSETS:
Change in net assets
(110,556
)
486,191
43,134
20,588
Beginning of period
2,186,522
1,700,331
519,263
498,675
End of period
$2,075,966
$2,186,522
$562,397
$519,263
SEE NOTES TO FINANCIAL STATEMENTS.
 
38
J.P. Morgan International Equity Funds
April 30, 2025
 
 
JPMorgan International Equity Fund
JPMorgan International Focus Fund
 
Six Months Ended
April 30, 2025
(Unaudited)
Year Ended
October 31, 2024
Six Months Ended
April 30, 2025
(Unaudited)
Year Ended
October 31, 2024
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)
$47,982
$92,953
$13,730
$26,611
Net realized gain (loss)
207,943
124,365
77,464
67,514
Change in net unrealized appreciation/depreciation
187,205
571,588
10,566
163,628
Change in net assets resulting from operations
443,130
788,906
101,760
257,753
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
(11,142
)
(7,909
)
(9,904
)
(6,061
)
Class C
(89
)
(77
)
(207
)
(125
)
Class I
(22,580
)
(18,124
)
(16,497
)
(11,800
)
Class R2
(78
)
(4
)
(87
)
(29
)
Class R5
(181
)
(165
)
(54
)
(41
)
Class R6
(99,448
)
(75,777
)
(17,439
)
(11,847
)
Total distributions to shareholders
(133,518
)
(102,056
)
(44,188
)
(29,903
)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions
134,753
(346,288
)
(66,446
)
(59,282
)
NET ASSETS:
Change in net assets
444,365
340,562
(8,874
)
168,568
Beginning of period
4,286,809
3,946,247
1,513,955
1,345,387
End of period
$4,731,174
$4,286,809
$1,505,081
$1,513,955
SEE NOTES TO FINANCIAL STATEMENTS.
 
April 30, 2025
J.P. Morgan International Equity Funds
39
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
 
 
JPMorgan International Hedged Equity Fund
 
Six Months Ended
April 30, 2025
(Unaudited)
Year Ended
October 31, 2024
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)
$2,298
$3,882
Net realized gain (loss)
5,290
(4,973
)
Change in net unrealized appreciation/depreciation
7,765
22,182
Change in net assets resulting from operations
15,353
21,091
DISTRIBUTIONS TO SHAREHOLDERS:
Class A
(234
)
(226
)
Class C
(6
)
(6
)
Class I
(4,351
)
(3,962
)
Class R5 (a)
—
—
(b)
Class R6
(398
)
(49
)
Total distributions to shareholders
(4,989
)
(4,243
)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions
13,720
21,355
NET ASSETS:
Change in net assets
24,084
38,203
Beginning of period
183,031
144,828
End of period
$207,115
$183,031
(a)
Liquidated on December 11, 2024.
(b)
Amount rounds to less than one thousand.
SEE NOTES TO FINANCIAL STATEMENTS.
 
40
J.P. Morgan International Equity Funds
April 30, 2025
 
 
JPMorgan Developed International
Value Fund
JPMorgan Emerging Markets
Equity Fund
 
Six Months Ended
April 30, 2025
(Unaudited)
Year Ended
October 31, 2024
Six Months Ended
April 30, 2025
(Unaudited)
Year Ended
October 31, 2024
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued
$42,891
$41,986
$18,246
$42,721
Distributions reinvested
10,145
10,508
3,478
4,367
Cost of shares redeemed
(27,821
)
(37,674
)
(50,812
)
(108,478
)
Change in net assets resulting from Class A capital transactions
25,215
14,820
(29,088
)
(61,390
)
Class C
Proceeds from shares issued
226
282
80
445
Distributions reinvested
36
59
105
197
Cost of shares redeemed
(477
)
(806
)
(5,982
)
(10,662
)
Change in net assets resulting from Class C capital transactions
(215
)
(465
)
(5,797
)
(10,020
)
Class I
Proceeds from shares issued
242,546
59,054
141,086
225,947
Distributions reinvested
3,793
2,218
16,941
22,774
Cost of shares redeemed
(15,348
)
(26,457
)
(272,846
)
(711,852
)
Change in net assets resulting from Class I capital transactions
230,991
34,815
(114,819
)
(463,131
)
Class L
Proceeds from shares issued
1,124
1,517
84,059
182,570
Distributions reinvested
334
332
14,430
18,145
Cost of shares redeemed
(653
)
(1,029
)
(227,571
)
(513,503
)
Change in net assets resulting from Class L capital transactions
805
820
(129,082
)
(312,788
)
Class R2
Proceeds from shares issued
120
135
29
212
Distributions reinvested
25
26
3
5
Cost of shares redeemed
(24
)
(134
)
(111
)
(287
)
Change in net assets resulting from Class R2 capital transactions
121
27
(79
)
(70
)
Class R3
Proceeds from shares issued
—
—
2,149
3,187
Distributions reinvested
—
—
25
49
Cost of shares redeemed
—
—
(10,933
)
(3,458
)
Change in net assets resulting from Class R3 capital transactions
—
—
(8,759
)
(222
)
Class R4
Proceeds from shares issued
—
—
530
628
Distributions reinvested
—
—
33
40
Cost of shares redeemed
—
—
(482
)
(992
)
Change in net assets resulting from Class R4 capital transactions
—
—
81
(324
)
SEE NOTES TO FINANCIAL STATEMENTS.
 
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
Value Fund
JPMorgan Emerging Markets
Equity Fund
 
Six Months Ended
April 30, 2025
(Unaudited)
Year Ended
October 31, 2024
Six Months Ended
April 30, 2025
(Unaudited)
Year Ended
October 31, 2024
CAPITAL TRANSACTIONS: (continued)
Class R5
Proceeds from shares issued
$218
$291
$1,227
$2,766
Distributions reinvested
14
3
193
224
Cost of shares redeemed
(41
)
(33
)
(5,819
)
(3,394
)
Change in net assets resulting from Class R5 capital transactions
191
261
(4,399
)
(404
)
Class R6
Proceeds from shares issued
93,093
91,811
536,074
758,662
Distributions reinvested
12,975
11,565
59,219
64,168
Cost of shares redeemed
(38,554
)
(58,621
)
(981,685
)
(1,251,956
)
Change in net assets resulting from Class R6 capital transactions
67,514
44,755
(386,392
)
(429,126
)
Total change in net assets resulting from capital transactions
$324,622
$95,033
$(678,334
)
$(1,277,475
)
SHARE TRANSACTIONS:
Class A
Issued
2,843
2,982
604
1,460
Reinvested
746
822
118
156
Redeemed
(1,892
)
(2,714
)
(1,674
)
(3,691
)
Change in Class A Shares
1,697
1,090
(952
)
(2,075
)
Class C
Issued
15
20
2
17
Reinvested
3
5
4
7
Redeemed
(33
)
(60
)
(207
)
(380
)
Change in Class C Shares
(15
)
(35
)
(201
)
(356
)
Class I
Issued
15,379
3,943
4,580
7,545
Reinvested
271
168
560
795
Redeemed
(1,000
)
(1,799
)
(8,782
)
(23,723
)
Change in Class I Shares
14,650
2,312
(3,642
)
(15,383
)
Class L
Issued
72
106
2,747
6,055
Reinvested
24
25
473
629
Redeemed
(43
)
(72
)
(7,263
)
(16,978
)
Change in Class L Shares
53
59
(4,043
)
(10,294
)
Class R2
Issued
8
10
1
8
Reinvested
2
2
—
(a)
—
(a)
Redeemed
(2
)
(9
)
(4
)
(10
)
Change in Class R2 Shares
8
3
(3
)
(2
)
(a)
Amount rounds to less than one thousand.
SEE NOTES TO FINANCIAL STATEMENTS.
 
42
J.P. Morgan International Equity Funds
April 30, 2025
 
JPMorgan Developed International
Value Fund
JPMorgan Emerging Markets
Equity Fund
 
Six Months Ended
April 30, 2025
(Unaudited)
Year Ended
October 31, 2024
Six Months Ended
April 30, 2025
(Unaudited)
Year Ended
October 31, 2024
SHARE TRANSACTIONS: (continued)
Class R3
Issued
—
—
72
109
Reinvested
—
—
1
2
Redeemed
—
—
(403
)
(118
)
Change in Class R3 Shares
—
—
(330
)
(7
)
Class R4
Issued
—
—
19
20
Reinvested
—
—
1
2
Redeemed
—
—
(16
)
(33
)
Change in Class R4 Shares
—
—
4
(11
)
Class R5
Issued
14
19
39
90
Reinvested
1
—
(a)
6
8
Redeemed
(3
)
(2
)
(186
)
(110
)
Change in Class R5 Shares
12
17
(141
)
(12
)
Class R6
Issued
6,137
6,390
17,009
24,769
Reinvested
938
890
1,945
2,227
Redeemed
(2,557
)
(4,124
)
(31,461
)
(41,258
)
Change in Class R6 Shares
4,518
3,156
(12,507
)
(14,262
)
(a)
Amount rounds to less than one thousand.
SEE NOTES TO FINANCIAL STATEMENTS.
 
April 30, 2025
J.P. Morgan International Equity Funds
43
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
 
 
JPMorgan Emerging Markets Research
Enhanced Equity Fund
JPMorgan Europe Dynamic Fund
 
Six Months Ended
April 30, 2025
(Unaudited)
Year Ended
October 31, 2024
Six Months Ended
April 30, 2025
(Unaudited)
Year Ended
October 31, 2024
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued
$—
$—
$12,296
$3,881
Distributions reinvested
—
—
2,610
2,182
Cost of shares redeemed
—
—
(9,779
)
(10,297
)
Change in net assets resulting from Class A capital transactions
—
—
5,127
(4,234
)
Class C
Proceeds from shares issued
—
—
798
91
Distributions reinvested
—
—
34
36
Cost of shares redeemed
—
—
(222
)
(1,527
)
Change in net assets resulting from Class C capital transactions
—
—
610
(1,400
)
Class I
Proceeds from shares issued
39,918
112,941
30,795
16,553
Distributions reinvested
5,501
6,247
4,020
3,221
Cost of shares redeemed
(37,971
)
(60,063
)
(10,747
)
(20,938
)
Change in net assets resulting from Class I capital transactions
7,448
59,125
24,068
(1,164
)
Class L
Proceeds from shares issued
—
—
950
515
Distributions reinvested
—
—
292
243
Cost of shares redeemed
—
—
(532
)
(1,416
)
Change in net assets resulting from Class L capital transactions
—
—
710
(658
)
Class R6
Proceeds from shares issued
146,135
467,274
477
3,695
Distributions reinvested
43,825
53,457
11,901
11,541
Cost of shares redeemed
(290,210
)
(410,306
)
(47,066
)
(95,666
)
Change in net assets resulting from Class R6 capital transactions
(100,250
)
110,425
(34,688
)
(80,430
)
Total change in net assets resulting from capital transactions
$(92,802
)
$169,550
$(4,173
)
$(87,886
)
SHARE TRANSACTIONS:
Class A
Issued
—
—
363
125
Reinvested
—
—
88
75
Redeemed
—
—
(302
)
(332
)
Change in Class A Shares
—
—
149
(132
)
Class C
Issued
—
—
27
2
Reinvested
—
—
1
1
Redeemed
—
—
(8
)
(56
)
Change in Class C Shares
—
—
20
(53
)
SEE NOTES TO FINANCIAL STATEMENTS.
 
44
J.P. Morgan International Equity Funds
April 30, 2025
 
JPMorgan Emerging Markets Research
Enhanced Equity Fund
JPMorgan Europe Dynamic Fund
 
Six Months Ended
April 30, 2025
(Unaudited)
Year Ended
October 31, 2024
Six Months Ended
April 30, 2025
(Unaudited)
Year Ended
October 31, 2024
SHARE TRANSACTIONS: (continued)
Class I
Issued
2,389
7,064
898
511
Reinvested
337
415
133
108
Redeemed
(2,257
)
(3,715
)
(339
)
(663
)
Change in Class I Shares
469
3,764
692
(44
)
Class L
Issued
—
—
27
16
Reinvested
—
—
10
8
Redeemed
—
—
(16
)
(44
)
Change in Class L Shares
—
—
21
(20
)
Class R6
Issued
8,806
28,681
14
124
Reinvested
2,704
3,573
392
385
Redeemed
(17,374
)
(25,890
)
(1,325
)
(2,944
)
Change in Class R6 Shares
(5,864
)
6,364
(919
)
(2,435
)
SEE NOTES TO FINANCIAL STATEMENTS.
 
April 30, 2025
J.P. Morgan International Equity Funds
45
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
 
 
JPMorgan International Equity Fund
JPMorgan International Focus Fund
 
Six Months Ended
April 30, 2025
(Unaudited)
Year Ended
October 31, 2024
Six Months Ended
April 30, 2025
(Unaudited)
Year Ended
October 31, 2024
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued
$32,567
$68,919
$32,672
$69,881
Distributions reinvested
11,100
7,875
9,862
6,030
Cost of shares redeemed
(39,676
)
(72,374
)
(42,897
)
(62,276
)
Change in net assets resulting from Class A capital transactions
3,991
4,420
(363
)
13,635
Class C
Proceeds from shares issued
1,389
777
240
1,184
Distributions reinvested
87
76
206
125
Cost of shares redeemed
(902
)
(2,392
)
(1,764
)
(5,516
)
Change in net assets resulting from Class C capital transactions
574
(1,539
)
(1,318
)
(4,207
)
Class I
Proceeds from shares issued
128,705
228,483
60,695
124,040
Distributions reinvested
22,561
18,106
14,993
11,004
Cost of shares redeemed
(161,111
)
(351,725
)
(156,073
)
(180,513
)
Change in net assets resulting from Class I capital transactions
(9,845
)
(105,136
)
(80,385
)
(45,469
)
Class R2
Proceeds from shares issued
777
989
2,954
1,647
Distributions reinvested
78
4
87
29
Cost of shares redeemed
(883
)
(1,064
)
(480
)
(256
)
Change in net assets resulting from Class R2 capital transactions
(28
)
(71
)
2,561
1,420
Class R5
Proceeds from shares issued
539
884
133
251
Distributions reinvested
181
153
54
41
Cost of shares redeemed
(300
)
(2,579
)
(332
)
(682
)
Change in net assets resulting from Class R5 capital transactions
420
(1,542
)
(145
)
(390
)
Class R6
Proceeds from shares issued
487,161
424,215
36,952
85,161
Distributions reinvested
97,496
74,307
17,427
11,840
Cost of shares redeemed
(445,016
)
(740,942
)
(41,175
)
(121,272
)
Change in net assets resulting from Class R6 capital transactions
139,641
(242,420
)
13,204
(24,271
)
Total change in net assets resulting from capital transactions
$134,753
$(346,288
)
$(66,446
)
$(59,282
)
SHARE TRANSACTIONS:
Class A
Issued
1,675
3,579
1,289
2,800
Reinvested
607
437
408
255
Redeemed
(2,059
)
(3,768
)
(1,707
)
(2,481
)
Change in Class A Shares
223
248
(10
)
574
SEE NOTES TO FINANCIAL STATEMENTS.
 
46
J.P. Morgan International Equity Funds
April 30, 2025
 
JPMorgan International Equity Fund
JPMorgan International Focus Fund
 
Six Months Ended
April 30, 2025
(Unaudited)
Year Ended
October 31, 2024
Six Months Ended
April 30, 2025
(Unaudited)
Year Ended
October 31, 2024
SHARE TRANSACTIONS: (continued)
Class C
Issued
74
42
9
48
Reinvested
5
5
9
5
Redeemed
(50
)
(131
)
(71
)
(228
)
Change in Class C Shares
29
(84
)
(53
)
(175
)
Class I
Issued
6,527
11,696
2,368
4,903
Reinvested
1,213
986
611
460
Redeemed
(8,095
)
(17,846
)
(6,137
)
(7,101
)
Change in Class I Shares
(355
)
(5,164
)
(3,158
)
(1,738
)
Class R2
Issued
41
53
121
67
Reinvested
4
—
(a)
4
1
Redeemed
(44
)
(56
)
(19
)
(10
)
Change in Class R2 Shares
1
(3
)
106
58
Class R5
Issued
25
46
5
10
Reinvested
10
8
2
2
Redeemed
(15
)
(132
)
(13
)
(27
)
Change in Class R5 Shares
20
(78
)
(6
)
(15
)
Class R6
Issued
24,654
21,569
1,446
3,345
Reinvested
5,228
4,038
711
495
Redeemed
(22,136
)
(37,681
)
(1,605
)
(4,723
)
Change in Class R6 Shares
7,746
(12,074
)
552
(883
)
(a)
Amount rounds to less than one thousand.
SEE NOTES TO FINANCIAL STATEMENTS.
 
April 30, 2025
J.P. Morgan International Equity Funds
47
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
 
 
JPMorgan International Hedged Equity Fund
 
Six Months Ended
April 30, 2025
(Unaudited)
Year Ended
October 31, 2024
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued
$1,177
$769
Distributions reinvested
234
226
Cost of shares redeemed
(1,648
)
(2,130
)
Change in net assets resulting from Class A capital transactions
(237
)
(1,135
)
Class C
Proceeds from shares issued
105
203
Distributions reinvested
6
6
Cost of shares redeemed
(102
)
(135
)
Change in net assets resulting from Class C capital transactions
9
74
Class I
Proceeds from shares issued
41,831
64,054
Distributions reinvested
3,672
3,288
Cost of shares redeemed
(31,759
)
(56,268
)
Change in net assets resulting from Class I capital transactions
13,744
11,074
Class R5 (a)
Distributions reinvested
—
—
(b)
Cost of shares redeemed
(25
)
—
Change in net assets resulting from Class R5 capital transactions
(25
)
—
(b)
Class R6
Proceeds from shares issued
1,233
13,083
Distributions reinvested
398
49
Cost of shares redeemed
(1,402
)
(1,790
)
Change in net assets resulting from Class R6 capital transactions
229
11,342
Total change in net assets resulting from capital transactions
$13,720
$21,355
SHARE TRANSACTIONS:
Class A
Issued
70
47
Reinvested
15
15
Redeemed
(100
)
(133
)
Change in Class A Shares
(15
)
(71
)
Class C
Issued
7
12
Reinvested
—
(b)
—
(b)
Redeemed
(6
)
(8
)
Change in Class C Shares
1
4
(a)
Liquidated on December 11, 2024.
(b)
Amount rounds to less than one thousand.
SEE NOTES TO FINANCIAL STATEMENTS.
 
48
J.P. Morgan International Equity Funds
April 30, 2025
 
JPMorgan International Hedged Equity
Fund
 
Six Months Ended
April 30, 2025
(Unaudited)
Year Ended
October 31, 2024
SHARE TRANSACTIONS: (continued)
Class I
Issued
2,489
3,846
Reinvested
228
210
Redeemed
(1,899
)
(3,447
)
Change in Class I Shares
818
609
Class R5 (a)
Reinvested
—
—
(b)
Redeemed
(1
)
—
Change in Class R5 Shares
(1
)
—
(b)
Class R6
Issued
73
794
Reinvested
25
3
Redeemed
(83
)
(106
)
Change in Class R6 Shares
15
691
(a)
Liquidated on December 11, 2024.
(b)
Amount rounds to less than one thousand.
SEE NOTES TO FINANCIAL STATEMENTS.
 
April 30, 2025
J.P. Morgan International Equity Funds
49
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED
 
 
Per share operating performance
 
 
Investment operations
Distributions
 
Net asset
value,
beginning
of period
Net
investment
income
(loss)(b)
Net realized
and unrealized
gains (losses)
on investments
Total from
investment
operations
Net
investment
income
JPMorgan Developed International Value Fund
Class A
Six Months Ended April 30, 2025 (Unaudited)
$14.53
$0.25
$1.89
$2.14
$(0.59
)
Year Ended October 31, 2024
12.37
0.48
2.33
2.81
(0.65
)
Year Ended October 31, 2023
10.57
0.53
(f)
1.70
2.23
(0.43
)
Year Ended October 31, 2022
13.46
0.44
(2.72
)
(2.28
)
(0.61
)
Year Ended October 31, 2021
9.46
0.43
(g)
3.89
4.32
(0.32
)
Year Ended October 31, 2020
12.22
0.28
(2.55
)
(2.27
)
(0.49
)
Class C
Six Months Ended April 30, 2025 (Unaudited)
14.09
0.20
1.84
2.04
(0.49
)
Year Ended October 31, 2024
11.99
0.39
2.27
2.66
(0.56
)
Year Ended October 31, 2023
10.23
0.46
(f)
1.65
2.11
(0.35
)
Year Ended October 31, 2022
13.02
0.35
(2.62
)
(2.27
)
(0.52
)
Year Ended October 31, 2021
9.14
0.33
(g)
3.79
4.12
(0.24
)
Year Ended October 31, 2020
11.81
0.21
(2.47
)
(2.26
)
(0.41
)
Class I
Six Months Ended April 30, 2025 (Unaudited)
15.01
0.41
1.81
2.22
(0.63
)
Year Ended October 31, 2024
12.76
0.54
2.39
2.93
(0.68
)
Year Ended October 31, 2023
10.88
0.58
(f)
1.75
2.33
(0.45
)
Year Ended October 31, 2022
13.84
0.49
(2.81
)
(2.32
)
(0.64
)
Year Ended October 31, 2021
9.72
0.47
(g)
3.99
4.46
(0.34
)
Year Ended October 31, 2020
12.54
0.31
(2.61
)
(2.30
)
(0.52
)
Class L
Six Months Ended April 30, 2025 (Unaudited)
14.93
0.28
1.93
2.21
(0.64
)
Year Ended October 31, 2024
12.69
0.55
2.38
2.93
(0.69
)
Year Ended October 31, 2023
10.83
0.59
(f)
1.74
2.33
(0.47
)
Year Ended October 31, 2022
13.78
0.49
(2.79
)
(2.30
)
(0.65
)
Year Ended October 31, 2021
9.66
0.47
(g)
3.99
4.46
(0.34
)
Year Ended October 31, 2020
12.47
0.30
(2.58
)
(2.28
)
(0.53
)
Class R2
Six Months Ended April 30, 2025 (Unaudited)
14.24
0.23
1.83
2.06
(0.54
)
Year Ended October 31, 2024
12.14
0.43
2.28
2.71
(0.61
)
Year Ended October 31, 2023
10.37
0.48
(f)
1.68
2.16
(0.39
)
Year Ended October 31, 2022
13.22
0.40
(2.68
)
(2.28
)
(0.57
)
Year Ended October 31, 2021
9.29
0.39
(g)
3.82
4.21
(0.28
)
Year Ended October 31, 2020
11.96
0.24
(2.51
)
(2.27
)
(0.40
)
Class R5
Six Months Ended April 30, 2025 (Unaudited)
14.84
0.31
1.88
2.19
(0.64
)
Year Ended October 31, 2024
12.62
0.55
2.34
2.89
(0.67
)
Year Ended October 31, 2023
10.75
0.71
(f)
1.63
2.34
(0.47
)
Year Ended October 31, 2022
13.67
0.52
(2.80
)
(2.28
)
(0.64
)
Year Ended October 31, 2021
9.60
0.41
(g)
4.02
4.43
(0.36
)
Year Ended October 31, 2020
12.40
0.33
(2.59
)
(2.26
)
(0.54
)
SEE NOTES TO FINANCIAL STATEMENTS.
 
50
J.P. Morgan International Equity Funds
April 30, 2025
 
 
Ratios/Supplemental data
 
 
 
Ratios to average net assets(a)
Net asset
value,
end of
period
Total return
(excludes
sales charge)(c)(d)
Net assets,
end of
period
(000's)
Net
expenses(e)
Net
investment
income
(loss)
Expenses without
waivers and
reimbursements
Portfolio
turnover
rate(c)
$16.08
15.44
%
$307,056
0.99
%
3.48
%
1.21
%
14
%
14.53
23.40
252,963
1.00
3.42
1.22
50
12.37
21.38
201,868
0.99
4.29
(f)
1.26
34
10.57
(17.56
)
160,039
0.98
3.71
1.23
26
13.46
46.20
187,774
1.00
3.39
(g)
1.24
33
9.46
(19.51
)
125,744
1.00
2.66
1.26
59
15.64
15.12
1,337
1.49
2.77
1.78
14
14.09
22.77
1,424
1.50
2.90
1.80
50
11.99
20.89
1,631
1.49
3.83
(f)
1.80
34
10.23
(18.04
)
1,791
1.49
3.01
1.76
26
13.02
45.54
3,923
1.50
2.70
(g)
1.77
33
9.14
(19.94
)
4,202
1.50
2.07
1.78
59
16.60
15.56
337,123
0.74
5.30
0.96
14
15.01
23.71
84,963
0.75
3.70
0.97
50
12.76
21.77
42,728
0.74
4.52
(f)
1.01
34
10.88
(17.38
)
29,816
0.73
4.00
0.98
26
13.84
46.51
39,188
0.75
3.58
(g)
0.99
33
9.72
(19.31
)
26,805
0.75
2.88
1.02
59
16.50
15.56
9,926
0.64
3.78
0.81
14
14.93
23.85
8,176
0.65
3.83
0.82
50
12.69
21.83
6,205
0.65
4.65
(f)
0.86
34
10.83
(17.31
)
5,451
0.63
4.04
0.83
26
13.78
46.77
7,042
0.66
3.66
(g)
0.84
33
9.66
(19.25
)
5,585
0.65
2.72
0.85
59
15.76
15.18
840
1.29
3.19
1.54
14
14.24
22.98
637
1.30
3.16
1.59
50
12.14
21.16
511
1.29
3.98
(f)
1.60
34
10.37
(17.88
)
454
1.28
3.41
1.58
26
13.22
45.84
514
1.30
3.14
(g)
1.59
33
9.29
(19.74
)
412
1.30
2.27
1.61
59
16.39
15.59
551
0.64
4.09
0.81
14
14.84
23.66
312
0.64
3.79
0.82
50
12.62
22.09
49
0.65
5.63
(f)
0.86
34
10.75
(17.31
)
29
0.63
4.23
0.83
26
13.67
46.74
67
0.65
3.24
(g)
0.85
33
9.60
(19.26
)
77
0.65
3.13
0.86
59
SEE NOTES TO FINANCIAL STATEMENTS.
 
April 30, 2025
J.P. Morgan International Equity Funds
51
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
 
 
Per share operating performance
 
 
Investment operations
Distributions
 
Net asset
value,
beginning
of period
Net
investment
income
(loss)(b)
Net realized
and unrealized
gains (losses)
on investments
Total from
investment
operations
Net
investment
income
JPMorgan Developed International Value Fund (continued)
Class R6
Six Months Ended April 30, 2025 (Unaudited)
$14.84
$0.30
$1.90
$2.20
$(0.65
)
Year Ended October 31, 2024
12.62
0.56
2.36
2.92
(0.70
)
Year Ended October 31, 2023
10.77
0.60
(f)
1.73
2.33
(0.48
)
Year Ended October 31, 2022
13.71
0.50
(2.77
)
(2.27
)
(0.67
)
Year Ended October 31, 2021
9.62
0.49
(g)
3.97
4.46
(0.37
)
Year Ended October 31, 2020
12.43
0.34
(2.60
)
(2.26
)
(0.55
)
 
 
 
(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.
 
52
J.P. Morgan International Equity Funds
April 30, 2025
 
 
Ratios/Supplemental data
 
 
 
Ratios to average net assets(a)
Net asset
value,
end of
period
Total return
(excludes
sales charge)(c)(d)
Net assets,
end of
period
(000's)
Net
expenses(e)
Net
investment
income
(loss)
Expenses without
waivers and
reimbursements
Portfolio
turnover
rate(c)
$16.39
15.63
%
$393,712
0.54
%
4.00
%
0.71
%
14
%
14.84
23.95
289,407
0.55
3.93
0.72
50
12.62
21.99
206,267
0.54
4.76
(f)
0.76
34
10.77
(17.23
)
160,297
0.52
4.19
0.72
26
13.71
46.99
158,191
0.55
3.83
(g)
0.73
33
9.62
(19.22
)
105,039
0.55
3.18
0.76
59
 
 
 
 
 
 
 
 
 
SEE NOTES TO FINANCIAL STATEMENTS.
 
April 30, 2025
J.P. Morgan International Equity Funds
53
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED
 
 
Per share operating performance
 
 
Investment operations
Distributions
 
Net asset
value,
beginning
of period
Net
investment
income
(loss)(b)
Net realized
and unrealized
gains (losses)
on investments
Total from
investment
operations
Net
investment
income
Net
realized
gain
Total
distributions
JPMorgan Emerging Markets Equity Fund
Class A
Six Months Ended April 30, 2025 (Unaudited)
$30.70
$0.11
$0.19
$0.30
$(0.35
)
$—
$(0.35
)
Year Ended October 31, 2024
26.20
0.29
4.57
4.86
(0.36
)
—
(0.36
)
Year Ended October 31, 2023
23.85
0.15
2.23
2.38
(0.03
)
—
(0.03
)
Year Ended October 31, 2022
40.54
0.06
(15.42
)
(15.36
)
(0.07
)
(1.26
)
(1.33
)
Year Ended October 31, 2021
36.44
(0.14
)
4.24
4.10
—
—
—
Year Ended October 31, 2020
30.07
(0.02
)
6.56
6.54
(0.17
)
—
(0.17
)
Class C
Six Months Ended April 30, 2025 (Unaudited)
29.28
0.03
0.18
0.21
(0.15
)
—
(0.15
)
Year Ended October 31, 2024
24.97
0.13
4.37
4.50
(0.19
)
—
(0.19
)
Year Ended October 31, 2023
22.82
—
2.15
2.15
—
—
—
Year Ended October 31, 2022
38.96
(0.10
)
(14.78
)
(14.88
)
—
(1.26
)
(1.26
)
Year Ended October 31, 2021
35.20
(0.34
)
4.10
3.76
—
—
—
Year Ended October 31, 2020
29.07
(0.18
)
6.35
6.17
(0.04
)
—
(0.04
)
Class I
Six Months Ended April 30, 2025 (Unaudited)
31.53
0.15
0.19
0.34
(0.42
)
—
(0.42
)
Year Ended October 31, 2024
26.90
0.37
4.69
5.06
(0.43
)
—
(0.43
)
Year Ended October 31, 2023
24.48
0.22
2.30
2.52
(0.10
)
—
(0.10
)
Year Ended October 31, 2022
41.60
0.12
(15.81
)
(15.69
)
(0.17
)
(1.26
)
(1.43
)
Year Ended October 31, 2021
37.34
(0.04
)
4.34
4.30
(0.04
)
—
(0.04
)
Year Ended October 31, 2020
30.79
0.05
6.75
6.80
(0.25
)
—
(0.25
)
Class L
Six Months Ended April 30, 2025 (Unaudited)
31.78
0.17
0.19
0.36
(0.46
)
—
(0.46
)
Year Ended October 31, 2024
27.11
0.40
4.73
5.13
(0.46
)
—
(0.46
)
Year Ended October 31, 2023
24.70
0.26
2.30
2.56
(0.15
)
—
(0.15
)
Year Ended October 31, 2022
41.96
0.17
(15.95
)
(15.78
)
(0.22
)
(1.26
)
(1.48
)
Year Ended October 31, 2021
37.64
0.01
4.37
4.38
(0.06
)
—
(0.06
)
Year Ended October 31, 2020
31.03
0.08
6.80
6.88
(0.27
)
—
(0.27
)
Class R2
Six Months Ended April 30, 2025 (Unaudited)
30.16
0.06
0.19
0.25
(0.21
)
—
(0.21
)
Year Ended October 31, 2024
25.76
0.19
4.50
4.69
(0.29
)
—
(0.29
)
Year Ended October 31, 2023
23.49
0.07
2.20
2.27
—
—
—
Year Ended October 31, 2022
39.99
(0.02
)
(15.22
)
(15.24
)
—
(1.26
)
(1.26
)
Year Ended October 31, 2021
36.06
(0.26
)
4.19
3.93
—
—
—
Year Ended October 31, 2020
29.78
(0.13
)
6.52
6.39
(0.11
)
—
(0.11
)
Class R3
Six Months Ended April 30, 2025 (Unaudited)
30.41
0.09
0.20
0.29
(0.35
)
—
(0.35
)
Year Ended October 31, 2024
25.97
0.27
4.53
4.80
(0.36
)
—
(0.36
)
Year Ended October 31, 2023
23.67
0.13
2.22
2.35
(0.05
)
—
(0.05
)
Year Ended October 31, 2022
40.30
0.06
(15.32
)
(15.26
)
(0.11
)
(1.26
)
(1.37
)
Year Ended October 31, 2021
36.25
(0.15
)
4.20
4.05
—
—
—
Year Ended October 31, 2020
29.96
(0.05
)
6.55
6.50
(0.21
)
—
(0.21
)
SEE NOTES TO FINANCIAL STATEMENTS.
 
54
J.P. Morgan International Equity Funds
April 30, 2025
 
 
Ratios/Supplemental data
 
 
 
Ratios to average net assets(a)
Net asset
value,
end of
period
Total return
(excludes
sales charge)(c)(d)
Net assets,
end of
period
(000's)
Net
expenses
(including interest
expense for
securities sold
short)(e)
Net
investment
income
(loss)
Expenses without
waivers and
reimbursements
(including interest
expense for
securities sold
short)
Portfolio
turnover
rate(c)
$30.65
1.00
%
$294,895
1.24
%
0.73
%
1.32
%
19
%
30.70
18.69
324,604
1.24
0.97
1.31
36
26.20
9.96
331,397
1.24
0.52
1.31
29
23.85
(39.06
)
358,077
1.25
0.19
1.33
18
40.54
11.25
702,288
1.24
(0.33
)
1.30
25
36.44
21.84
578,112
1.24
(0.06
)
1.33
15
29.34
0.75
17,215
1.74
0.20
1.83
19
29.28
18.10
23,038
1.74
0.46
1.82
36
24.97
9.42
28,563
1.74
(0.01
)
1.82
29
22.82
(39.36
)
35,997
1.75
(0.35
)
1.83
18
38.96
10.68
82,409
1.74
(0.83
)
1.80
25
35.20
21.24
72,364
1.74
(0.58
)
1.83
15
31.45
1.14
1,284,373
0.99
0.98
1.06
19
31.53
18.97
1,402,636
0.99
1.21
1.06
36
26.90
10.29
1,610,205
0.99
0.77
1.06
29
24.48
(38.92
)
1,871,401
1.00
0.37
1.07
18
41.60
11.51
4,753,438
0.99
(0.09
)
1.05
25
37.34
22.19
4,016,180
0.99
0.15
1.07
15
31.68
1.18
942,314
0.89
1.07
0.91
19
31.78
19.11
1,073,811
0.89
1.31
0.90
36
27.11
10.35
1,195,188
0.89
0.88
0.91
29
24.70
(38.84
)
1,282,832
0.90
0.53
0.92
18
41.96
11.63
2,598,326
0.89
0.02
0.90
25
37.64
22.29
1,877,489
0.89
0.25
0.92
15
30.20
0.84
400
1.54
0.43
1.76
19
30.16
18.32
481
1.54
0.64
1.85
36
25.76
9.66
471
1.54
0.26
1.84
29
23.49
(39.24
)
407
1.55
(0.07
)
1.83
18
39.99
10.90
585
1.54
(0.63
)
1.78
25
36.06
21.51
414
1.54
(0.41
)
2.00
15
30.35
0.99
3,273
1.29
0.62
1.31
19
30.41
18.62
13,321
1.29
0.93
1.31
36
25.97
9.91
11,548
1.29
0.47
1.31
29
23.67
(39.08
)
11,182
1.30
0.19
1.32
18
40.30
11.17
14,918
1.29
(0.36
)
1.30
25
36.25
21.80
5,797
1.29
(0.15
)
1.33
15
SEE NOTES TO FINANCIAL STATEMENTS.
 
April 30, 2025
J.P. Morgan International Equity Funds
55
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
 
 
Per share operating performance
 
 
Investment operations
Distributions
 
Net asset
value,
beginning
of period
Net
investment
income
(loss)(b)
Net realized
and unrealized
gains (losses)
on investments
Total from
investment
operations
Net
investment
income
Net
realized
gain
Total
distributions
JPMorgan Emerging Markets Equity Fund (continued)
Class R4
Six Months Ended April 30, 2025 (Unaudited)
$31.37
$0.14
$0.19
$0.33
$(0.40
)
$—
$(0.40
)
Year Ended October 31, 2024
26.77
0.35
4.67
5.02
(0.42
)
—
(0.42
)
Year Ended October 31, 2023
24.39
0.21
2.28
2.49
(0.11
)
—
(0.11
)
Year Ended October 31, 2022
41.45
0.13
(15.77
)
(15.64
)
(0.16
)
(1.26
)
(1.42
)
Year Ended October 31, 2021
37.20
(0.05
)
4.32
4.27
(0.02
)
—
(0.02
)
Year Ended October 31, 2020
30.68
0.04
6.70
6.74
(0.22
)
—
(0.22
)
Class R5
Six Months Ended April 30, 2025 (Unaudited)
31.76
0.16
0.20
0.36
(0.46
)
—
(0.46
)
Year Ended October 31, 2024
27.10
0.40
4.73
5.13
(0.47
)
—
(0.47
)
Year Ended October 31, 2023
24.69
0.26
2.31
2.57
(0.16
)
—
(0.16
)
Year Ended October 31, 2022
41.88
0.18
(15.96
)
(15.78
)
(0.15
)
(1.26
)
(1.41
)
Year Ended October 31, 2021
37.56
0.01
4.36
4.37
(0.05
)
—
(0.05
)
Year Ended October 31, 2020
30.96
0.08
6.78
6.86
(0.26
)
—
(0.26
)
Class R6
Six Months Ended April 30, 2025 (Unaudited)
31.75
0.18
0.19
0.37
(0.49
)
—
(0.49
)
Year Ended October 31, 2024
27.09
0.43
4.73
5.16
(0.50
)
—
(0.50
)
Year Ended October 31, 2023
24.69
0.28
2.31
2.59
(0.19
)
—
(0.19
)
Year Ended October 31, 2022
41.95
0.21
(15.95
)
(15.74
)
(0.26
)
(1.26
)
(1.52
)
Year Ended October 31, 2021
37.61
0.05
4.37
4.42
(0.08
)
—
(0.08
)
Year Ended October 31, 2020
31.00
0.12
6.78
6.90
(0.29
)
—
(0.29
)
 
 
 
(a)
Annualized for periods less than one year, unless otherwise noted.
(b)
Calculated based upon average shares outstanding.
(c)
Not annualized for periods less than one year.
(d)
Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial
reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.
(e)
Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.
SEE NOTES TO FINANCIAL STATEMENTS.
 
56
J.P. Morgan International Equity Funds
April 30, 2025
 
 
Ratios/Supplemental data
 
 
 
Ratios to average net assets(a)
Net asset
value,
end of
period
Total return
(excludes
sales charge)(c)(d)
Net assets,
end of
period
(000's)
Net
expenses
(including interest
expense for
securities sold
short)(e)
Net
investment
income
(loss)
Expenses without
waivers and
reimbursements
(including interest
expense for
securities sold
short)
Portfolio
turnover
rate(c)
$31.30
1.11
%
$2,729
1.04
%
0.92
%
1.07
%
19
%
31.37
18.91
2,642
1.04
1.17
1.07
36
26.77
10.21
2,516
1.04
0.73
1.07
29
24.39
(38.93
)
2,485
1.05
0.43
1.08
18
41.45
11.48
3,810
1.04
(0.12
)
1.06
25
37.20
22.09
2,962
1.04
0.12
1.08
15
31.66
1.19
11,021
0.89
1.06
0.92
19
31.76
19.10
15,537
0.89
1.32
0.92
36
27.10
10.37
13,585
0.89
0.90
0.92
29
24.69
(38.86
)
12,712
0.90
0.55
0.93
18
41.88
11.64
20,676
0.89
0.02
0.91
25
37.56
22.29
57,909
0.89
0.26
0.93
15
31.63
1.23
3,691,848
0.79
1.17
0.81
19
31.75
19.22
4,103,129
0.79
1.41
0.81
36
27.09
10.46
3,887,241
0.79
0.98
0.81
29
24.69
(38.78
)
3,579,903
0.80
0.67
0.82
18
41.95
11.75
5,659,334
0.79
0.11
0.80
25
37.61
22.39
4,608,998
0.79
0.37
0.82
15
 
 
 
 
 
 
 
SEE NOTES TO FINANCIAL STATEMENTS.
 
April 30, 2025
J.P. Morgan International Equity Funds
57
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED
 
 
Per share operating performance
 
 
Investment operations
Distributions
 
Net asset
value,
beginning
of period
Net
investment
income
(loss)(b)
Net realized
and unrealized
gains (losses)
on investments
Total from
investment
operations
Net
investment
income
Net
realized
gain
Total
distributions
JPMorgan Emerging Markets Research Enhanced Equity Fund
Class I
Six Months Ended April 30, 2025 (Unaudited)
$17.15
$0.16
$0.07
$0.23
$(0.37
)
$—
$(0.37
)
Year Ended October 31, 2024
14.48
0.40
2.73
3.13
(0.46
)
—
(0.46
)
Year Ended October 31, 2023
13.34
0.34
1.15
1.49
(0.35
)
—
(0.35
)
Year Ended October 31, 2022
20.87
0.48
(6.96
)
(6.48
)
(0.52
)
(0.53
)
(1.05
)
Year Ended October 31, 2021
18.11
0.51
2.56
3.07
(0.31
)
—
(0.31
)
Year Ended October 31, 2020
16.78
0.33
1.04
1.37
—
(0.04
)
(0.04
)
Class R6
Six Months Ended April 30, 2025 (Unaudited)
17.06
0.17
0.07
0.24
(0.39
)
—
(0.39
)
Year Ended October 31, 2024
14.41
0.41
2.72
3.13
(0.48
)
—
(0.48
)
Year Ended October 31, 2023
13.27
0.36
1.14
1.50
(0.36
)
—
(0.36
)
Year Ended October 31, 2022
20.77
0.45
(6.88
)
(6.43
)
(0.54
)
(0.53
)
(1.07
)
Year Ended October 31, 2021
18.01
0.42
2.65
3.07
(0.31
)
—
(0.31
)
Year Ended October 31, 2020
16.80
0.31
1.07
1.38
(0.13
)
(0.04
)
(0.17
)
 
 
 
(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.
 
58
J.P. Morgan International Equity Funds
April 30, 2025
 
 
Ratios/Supplemental data
 
 
 
Ratios to average net assets(a)
Net asset
value,
end of
period
Total return(c)(d)
Net assets,
end of
period
(000's)
Net
expenses(e)
Net
investment
income
(loss)
Expenses without
waivers and
reimbursements
Portfolio
turnover
rate(c)
$17.01
1.45
%
$254,667
0.45
%
1.98
%
0.68
%
25
%
17.15
22.07
248,762
0.45
2.47
0.68
40
14.48
11.13
155,553
0.47
(f)
2.21
0.70
29
13.34
(32.53
)
171,538
0.45
3.00
0.68
34
20.87
16.95
5,435
0.45
2.36
0.69
53
18.11
8.15
33
0.45
1.98
1.39
47
16.91
1.50
1,821,299
0.35
2.05
0.42
25
17.06
22.17
1,937,760
0.35
2.52
0.41
40
14.41
11.29
1,544,778
0.37
(f)
2.33
0.44
29
13.27
(32.48
)
2,479,030
0.35
2.62
0.40
34
20.77
17.09
3,787,953
0.35
1.97
0.40
53
18.01
8.22
2,840,309
0.35
1.87
0.41
47
 
 
 
 
 
 
 
 
SEE NOTES TO FINANCIAL STATEMENTS.
 
April 30, 2025
J.P. Morgan International Equity Funds
59
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED
 
 
Per share operating performance
 
 
Investment operations
Distributions
 
Net asset
value,
beginning
of period
Net
investment
income
(loss)(b)
Net realized
and unrealized
gains (losses)
on investments
Total from
investment
operations
Net
investment
income
JPMorgan Europe Dynamic Fund
Class A
Six Months Ended April 30, 2025 (Unaudited)
$32.56
$0.40
$3.59
$3.99
$(1.13
)
Year Ended October 31, 2024
26.68
0.60
6.17
6.77
(0.89
)
Year Ended October 31, 2023
23.70
0.49
(f)
2.69
3.18
(0.20
)
Year Ended October 31, 2022
30.91
0.36
(6.95
)
(6.59
)
(0.62
)
Year Ended October 31, 2021
21.64
0.40
(g)
9.14
9.54
(0.27
)
Year Ended October 31, 2020
24.25
0.25
(2.16
)
(1.91
)
(0.70
)
Class C
Six Months Ended April 30, 2025 (Unaudited)
28.86
0.32
3.15
3.47
(0.92
)
Year Ended October 31, 2024
23.50
0.34
5.52
5.86
(0.50
)
Year Ended October 31, 2023
20.85
0.33
(f)
2.36
2.69
(0.04
)
Year Ended October 31, 2022
27.25
0.20
(6.13
)
(5.93
)
(0.47
)
Year Ended October 31, 2021
19.10
0.22
(g)
8.08
8.30
(0.15
)
Year Ended October 31, 2020
21.47
0.12
(1.91
)
(1.79
)
(0.58
)
Class I
Six Months Ended April 30, 2025 (Unaudited)
33.32
0.47
3.64
4.11
(1.21
)
Year Ended October 31, 2024
27.28
0.69
6.31
7.00
(0.96
)
Year Ended October 31, 2023
24.20
0.58
(f)
2.74
3.32
(0.24
)
Year Ended October 31, 2022
31.57
0.24
(6.88
)
(6.64
)
(0.73
)
Year Ended October 31, 2021
22.10
0.47
(g)
9.33
9.80
(0.33
)
Year Ended October 31, 2020
24.75
0.31
(2.19
)
(1.88
)
(0.77
)
Class L
Six Months Ended April 30, 2025 (Unaudited)
33.88
0.48
3.72
4.20
(1.25
)
Year Ended October 31, 2024
27.71
0.73
6.43
7.16
(0.99
)
Year Ended October 31, 2023
24.54
0.75
(f)
2.64
3.39
(0.22
)
Year Ended October 31, 2022
31.99
0.52
(7.22
)
(6.70
)
(0.75
)
Year Ended October 31, 2021
22.38
0.54
(g)
9.44
9.98
(0.37
)
Year Ended October 31, 2020
25.05
0.35
(2.23
)
(1.88
)
(0.79
)
Class R6
Six Months Ended April 30, 2025 (Unaudited)
33.62
0.48
3.69
4.17
(1.28
)
Year Ended October 31, 2024
27.52
0.74
6.40
7.14
(1.04
)
Year Ended October 31, 2023
24.44
0.66
(f)
2.75
3.41
(0.33
)
Year Ended October 31, 2022
31.86
0.49
(7.13
)
(6.64
)
(0.78
)
Year Ended October 31, 2021
22.29
0.55
(g)
9.41
9.96
(0.39
)
Year Ended October 31, 2020
24.96
0.37
(2.22
)
(1.85
)
(0.82
)
 
 
 
(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.
 
60
J.P. Morgan International Equity Funds
April 30, 2025
 
 
Ratios/Supplemental data
 
 
 
Ratios to average net assets(a)
Net asset
value,
end of
period
Total return
(excludes
sales charge)(c)(d)
Net assets,
end of
period
(000's)
Net
expenses(e)
Net
investment
income
(loss)
Expenses without
waivers and
reimbursements
Portfolio
turnover
rate(c)
$35.42
12.93
%
$91,645
1.24
%
2.51
%
1.27
%
57
%
32.56
25.78
79,387
1.24
1.89
1.29
95
26.68
13.44
68,564
1.24
1.76
(f)
1.26
102
23.70
(21.70
)
64,573
1.25
1.37
1.28
75
30.91
44.30
88,315
1.24
1.37
(g)
1.26
92
21.64
(8.21
)
68,882
1.24
1.09
1.28
159
31.41
12.64
1,967
1.74
2.25
1.84
57
28.86
25.16
1,233
1.74
1.24
1.85
95
23.50
12.89
2,224
1.74
1.35
(f)
1.79
102
20.85
(22.09
)
5,096
1.75
0.82
1.78
75
27.25
43.56
11,313
1.74
0.86
(g)
1.77
92
19.10
(8.68
)
11,082
1.74
0.59
1.77
159
36.22
13.05
154,385
0.98
2.89
1.00
57
33.32
26.09
118,987
0.99
2.14
1.02
95
27.28
13.74
98,625
0.99
2.05
(f)
1.00
102
24.20
(21.48
)
83,608
0.98
0.81
1.00
75
31.57
44.61
443,053
0.98
1.52
(g)
0.99
92
22.10
(7.98
)
52,841
0.99
1.33
1.01
159
36.83
13.13
9,550
0.86
2.90
0.86
57
33.88
26.25
8,051
0.88
2.23
0.88
95
27.71
13.86
7,155
0.84
2.61
(f)
0.85
102
24.54
(21.39
)
15,568
0.85
1.87
0.86
75
31.99
44.88
86,054
0.84
1.78
(g)
0.85
92
22.38
(7.86
)
55,597
0.85
1.49
0.86
159
36.51
13.18
304,850
0.75
2.92
0.75
57
33.62
26.39
311,605
0.76
2.29
0.77
95
27.52
14.00
322,107
0.74
2.31
(f)
0.75
102
24.44
(21.31
)
370,736
0.75
1.81
0.76
75
31.86
45.01
445,783
0.74
1.83
(g)
0.75
92
22.29
(7.79
)
250,426
0.75
1.61
0.76
159
 
 
 
 
 
 
 
 
 
SEE NOTES TO FINANCIAL STATEMENTS.
 
April 30, 2025
J.P. Morgan International Equity Funds
61
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED
 
 
Per share operating performance
 
 
Investment operations
Distributions
 
Net asset
value,
beginning
of period
Net
investment
income
(loss)(b)
Net realized
and unrealized
gains (losses)
on investments
Total from
investment
operations
Net
investment
income
Net
realized
gain
Total
distributions
JPMorgan International Equity Fund
Class A
Six Months Ended April 30, 2025 (Unaudited)
$19.38
$0.17
$1.65
$1.82
$(0.52
)
$—
$(0.52
)
Year Ended October 31, 2024
16.54
0.34
2.87
3.21
(0.37
)
—
(0.37
)
Year Ended October 31, 2023
14.75
0.33
(f)
1.85
2.18
(0.39
)
—
(0.39
)
Year Ended October 31, 2022
21.63
0.31
(5.83
)
(5.52
)
(0.37
)
(0.99
)
(1.36
)
Year Ended October 31, 2021
16.47
0.30
(g)
5.04
5.34
(0.18
)
—
(0.18
)
Year Ended October 31, 2020
17.27
0.19
(0.49
)
(0.30
)
(0.50
)
—
(0.50
)
Class C
Six Months Ended April 30, 2025 (Unaudited)
18.22
0.12
1.55
1.67
(0.40
)
—
(0.40
)
Year Ended October 31, 2024
15.54
0.23
2.71
2.94
(0.26
)
—
(0.26
)
Year Ended October 31, 2023
13.87
0.24
(f)
1.73
1.97
(0.30
)
—
(0.30
)
Year Ended October 31, 2022
20.41
0.20
(5.48
)
(5.28
)
(0.27
)
(0.99
)
(1.26
)
Year Ended October 31, 2021
15.53
0.18
(g)
4.77
4.95
(0.07
)
—
(0.07
)
Year Ended October 31, 2020
16.29
0.09
(0.45
)
(0.36
)
(0.40
)
—
(0.40
)
Class I
Six Months Ended April 30, 2025 (Unaudited)
19.76
0.20
1.69
1.89
(0.57
)
—
(0.57
)
Year Ended October 31, 2024
16.86
0.39
2.93
3.32
(0.42
)
—
(0.42
)
Year Ended October 31, 2023
15.04
0.38
(f)
1.88
2.26
(0.44
)
—
(0.44
)
Year Ended October 31, 2022
22.02
0.38
(5.95
)
(5.57
)
(0.42
)
(0.99
)
(1.41
)
Year Ended October 31, 2021
16.76
0.36
(g)
5.13
5.49
(0.23
)
—
(0.23
)
Year Ended October 31, 2020
17.56
0.21
(0.47
)
(0.26
)
(0.54
)
—
(0.54
)
Class R2
Six Months Ended April 30, 2025 (Unaudited)
19.40
0.15
1.65
1.80
(0.46
)
—
(0.46
)
Year Ended October 31, 2024
16.28
0.29
2.85
3.14
(0.02
)
—
(0.02
)
Year Ended October 31, 2023
14.53
0.38
(f)
1.71
2.09
(0.34
)
—
(0.34
)
Year Ended October 31, 2022
21.31
0.25
(5.74
)
(5.49
)
(0.30
)
(0.99
)
(1.29
)
Year Ended October 31, 2021
16.31
0.23
(g)
4.99
5.22
(0.22
)
—
(0.22
)
Year Ended October 31, 2020
17.14
0.13
(0.48
)
(0.35
)
(0.48
)
—
(0.48
)
Class R5
Six Months Ended April 30, 2025 (Unaudited)
19.89
0.21
1.70
1.91
(0.59
)
—
(0.59
)
Year Ended October 31, 2024
16.96
0.42
2.94
3.36
(0.43
)
—
(0.43
)
Year Ended October 31, 2023
15.13
0.38
(f)
1.91
2.29
(0.46
)
—
(0.46
)
Year Ended October 31, 2022
22.14
0.38
(5.96
)
(5.58
)
(0.44
)
(0.99
)
(1.43
)
Year Ended October 31, 2021
16.85
0.39
(g)
5.15
5.54
(0.25
)
—
(0.25
)
Year Ended October 31, 2020
17.60
0.24
(0.48
)
(0.24
)
(0.51
)
—
(0.51
)
Class R6
Six Months Ended April 30, 2025 (Unaudited)
19.85
0.22
1.69
1.91
(0.61
)
—
(0.61
)
Year Ended October 31, 2024
16.93
0.43
2.94
3.37
(0.45
)
—
(0.45
)
Year Ended October 31, 2023
15.10
0.41
(f)
1.89
2.30
(0.47
)
—
(0.47
)
Year Ended October 31, 2022
22.10
0.39
(5.94
)
(5.55
)
(0.46
)
(0.99
)
(1.45
)
Year Ended October 31, 2021
16.81
0.42
(g)
5.13
5.55
(0.26
)
—
(0.26
)
Year Ended October 31, 2020
17.61
0.26
(0.49
)
(0.23
)
(0.57
)
—
(0.57
)
 
 
 
(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.
 
62
J.P. Morgan International Equity Funds
April 30, 2025
 
 
Ratios/Supplemental data
 
 
 
Ratios to average net assets(a)
Net asset
value,
end of
period
Total return
(excludes
sales charge)(c)(d)
Net assets,
end of
period
(000's)
Net
expenses(e)
Net
investment
income
(loss)
Expenses without
waivers and
reimbursements
Portfolio
turnover
rate(c)
$20.68
9.75
%
$449,008
0.95
%
1.78
%
1.11
%
26
%
19.38
19.61
416,325
0.95
1.75
1.11
39
16.54
14.88
351,211
0.95
1.91
(f)
1.11
45
14.75
(27.15
)
304,284
0.95
1.76
1.11
31
21.63
32.56
433,033
0.95
1.47
(g)
1.11
35
16.47
(1.88
)
263,791
0.95
1.17
1.12
28
19.49
9.48
4,932
1.45
1.32
1.63
26
18.22
19.04
4,084
1.45
1.25
1.63
39
15.54
14.24
4,792
1.45
1.45
(f)
1.63
45
13.87
(27.51
)
6,191
1.45
1.23
1.64
31
20.41
31.94
10,899
1.45
0.91
(g)
1.62
35
15.53
(2.38
)
9,358
1.45
0.61
1.62
28
21.08
9.94
802,913
0.70
2.00
0.86
26
19.76
19.89
759,786
0.70
1.99
0.86
39
16.86
15.09
735,195
0.70
2.14
(f)
0.86
45
15.04
(26.95
)
513,812
0.70
2.16
0.86
31
22.02
32.94
584,191
0.70
1.71
(g)
0.86
35
16.76
(1.64
)
339,416
0.70
1.26
0.86
28
20.74
9.58
3,628
1.25
1.54
1.36
26
19.40
19.30
3,371
1.25
1.49
1.62
39
16.28
14.46
2,888
1.25
2.26
(f)
1.51
45
14.53
(27.36
)
16,764
1.25
1.46
1.46
31
21.31
32.18
24,598
1.25
1.13
(g)
1.47
35
16.31
(2.21
)
21,379
1.25
0.79
1.37
28
21.21
9.99
6,964
0.60
2.16
0.71
26
19.89
20.02
6,102
0.60
2.11
0.71
39
16.96
15.20
6,539
0.60
2.13
(f)
0.71
45
15.13
(26.88
)
8,328
0.60
2.13
0.71
31
22.14
33.04
10,463
0.60
1.85
(g)
0.71
35
16.85
(1.52
)
6,970
0.60
1.41
0.72
28
21.15
10.03
3,463,729
0.50
2.23
0.60
26
19.85
20.14
3,097,141
0.50
2.18
0.60
39
16.93
15.35
2,845,622
0.50
2.35
(f)
0.60
45
15.10
(26.81
)
2,961,811
0.50
2.22
0.61
31
22.10
33.20
3,782,533
0.50
1.98
(g)
0.60
35
16.81
(1.46
)
2,290,008
0.50
1.56
0.61
28
 
 
 
 
 
 
 
 
 
SEE NOTES TO FINANCIAL STATEMENTS.
 
April 30, 2025
J.P. Morgan International Equity Funds
63
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED
 
 
Per share operating performance
 
 
Investment operations
Distributions
 
Net asset
value,
beginning
of period
Net
investment
income
(loss)(b)
Net realized
and unrealized
gains (losses)
on investments
Total from
investment
operations
Net
investment
income
JPMorgan International Focus Fund
Class A
Six Months Ended April 30, 2025 (Unaudited)
$25.35
$0.20
$1.53
$1.73
$(0.70
)
Year Ended October 31, 2024
21.73
0.37
3.69
4.06
(0.44
)
Year Ended October 31, 2023
19.58
0.38
2.50
2.88
(0.73
)
Year Ended October 31, 2022
27.55
0.41
(7.95
)
(7.54
)
(0.43
)
Year Ended October 31, 2021
22.07
0.35
(f)
5.32
5.67
(0.19
)
Year Ended October 31, 2020
21.15
0.18
0.75
0.93
(0.01
)
Class C
Six Months Ended April 30, 2025 (Unaudited)
24.98
0.13
1.52
1.65
(0.54
)
Year Ended October 31, 2024
21.36
0.24
3.63
3.87
(0.25
)
Year Ended October 31, 2023
19.23
0.27
2.45
2.72
(0.59
)
Year Ended October 31, 2022
27.06
0.29
(7.83
)
(7.54
)
(0.29
)
Year Ended October 31, 2021
21.68
0.20
(f)
5.24
5.44
(0.06
)
Year Ended October 31, 2020
20.86
0.07
0.75
0.82
—
Class I
Six Months Ended April 30, 2025 (Unaudited)
25.77
0.23
1.56
1.79
(0.76
)
Year Ended October 31, 2024
22.08
0.44
3.74
4.18
(0.49
)
Year Ended October 31, 2023
19.88
0.44
2.54
2.98
(0.78
)
Year Ended October 31, 2022
27.95
0.47
(8.06
)
(7.59
)
(0.48
)
Year Ended October 31, 2021
22.39
0.42
(f)
5.39
5.81
(0.25
)
Year Ended October 31, 2020
21.43
0.23
0.78
1.01
(0.05
)
Class R2
Six Months Ended April 30, 2025 (Unaudited)
25.10
0.18
1.49
1.67
(0.67
)
Year Ended October 31, 2024
21.53
0.29
3.66
3.95
(0.38
)
Year Ended October 31, 2023
19.40
0.31
2.49
2.80
(0.67
)
Year Ended October 31, 2022
27.25
0.34
(7.89
)
(7.55
)
(0.30
)
Year Ended October 31, 2021
21.85
0.27
(f)
5.26
5.53
(0.13
)
Year Ended October 31, 2020
20.99
0.13
0.73
0.86
—
Class R5
Six Months Ended April 30, 2025 (Unaudited)
25.78
0.25
1.55
1.80
(0.79
)
Year Ended October 31, 2024
22.07
0.46
3.75
4.21
(0.50
)
Year Ended October 31, 2023
19.89
0.52
2.48
3.00
(0.82
)
Year Ended October 31, 2022
27.96
0.49
(8.06
)
(7.57
)
(0.50
)
Year Ended October 31, 2021
22.38
0.44
(f)
5.40
5.84
(0.26
)
Year Ended October 31, 2020
21.42
0.25
0.78
1.03
(0.07
)
Class R6
Six Months Ended April 30, 2025 (Unaudited)
25.80
0.26
1.54
1.80
(0.81
)
Year Ended October 31, 2024
22.10
0.49
3.74
4.23
(0.53
)
Year Ended October 31, 2023
19.90
0.49
2.54
3.03
(0.83
)
Year Ended October 31, 2022
27.98
0.39
(7.94
)
(7.55
)
(0.53
)
Year Ended October 31, 2021
22.40
0.46
(f)
5.40
5.86
(0.28
)
Year Ended October 31, 2020
21.44
0.28
0.77
1.05
(0.09
)
 
 
 
(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.
 
64
J.P. Morgan International Equity Funds
April 30, 2025
 
 
Ratios/Supplemental data
 
 
 
Ratios to average net assets(a)
Net asset
value,
end of
period
Total return
(excludes
sales charge)(c)(d)
Net assets,
end of
period
(000's)
Net
expenses(e)
Net
investment
income
(loss)
Expenses without
waivers and
reimbursements
Portfolio
turnover
rate(c)
$26.38
7.07
%
$379,095
1.00
%
1.63
%
1.22
%
30
%
25.35
18.81
364,538
1.00
1.47
1.22
45
21.73
14.82
300,017
1.00
1.69
1.21
36
19.58
(27.75
)
237,262
1.00
1.75
1.24
30
27.55
25.74
337,503
1.00
1.31
(f)
1.21
32
22.07
4.39
135,527
1.00
0.86
1.22
38
26.09
6.82
8,903
1.50
1.07
1.75
30
24.98
18.22
9,848
1.50
0.96
1.76
45
21.36
14.24
12,146
1.50
1.22
1.74
36
19.23
(28.13
)
14,034
1.50
1.26
1.76
30
27.06
25.11
24,272
1.50
0.77
(f)
1.72
32
21.68
3.93
15,463
1.50
0.32
1.73
38
26.80
7.22
524,806
0.75
1.84
0.97
30
25.77
19.09
586,039
0.75
1.73
0.97
45
22.08
15.12
540,456
0.75
1.93
0.97
36
19.88
(27.56
)
433,591
0.75
1.99
0.99
30
27.95
26.04
832,039
0.75
1.54
(f)
0.96
32
22.39
4.71
372,068
0.75
1.05
0.96
38
26.10
6.91
5,862
1.30
1.45
1.50
30
25.10
18.46
2,988
1.30
1.14
1.54
45
21.53
14.50
1,311
1.30
1.39
1.51
36
19.40
(27.97
)
1,477
1.30
1.46
1.53
30
27.25
25.35
2,078
1.30
1.00
(f)
1.48
32
21.85
4.10
1,441
1.30
0.61
1.51
38
26.79
7.26
1,658
0.65
1.97
0.90
30
25.78
19.24
1,749
0.65
1.80
0.91
45
22.07
15.21
1,837
0.65
2.28
0.88
36
19.89
(27.51
)
1,961
0.65
2.06
0.91
30
27.96
26.19
3,172
0.65
1.61
(f)
0.87
32
22.38
4.79
2,772
0.65
1.16
0.88
38
26.79
7.29
584,757
0.55
2.08
0.72
30
25.80
19.34
548,793
0.55
1.91
0.72
45
22.10
15.38
489,620
0.55
2.12
0.71
36
19.90
(27.44
)
406,456
0.55
1.55
0.72
30
27.98
26.28
2,721,224
0.55
1.68
(f)
0.71
32
22.40
4.89
2,274,399
0.55
1.31
0.71
38
 
 
 
 
 
 
 
 
SEE NOTES TO FINANCIAL STATEMENTS.
 
April 30, 2025
J.P. Morgan International Equity Funds
65
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED
 
 
Per share operating performance
 
 
Investment operations
Distributions
 
Net asset
value,
beginning
of period
Net
investment
income
(loss)(b)
Net realized
and unrealized
gains (losses)
on investments
Total from
investment
operations
Net
investment
income
JPMorgan International Hedged Equity Fund
Class A
Six Months Ended April 30, 2025 (Unaudited)
$16.68
$0.18
$1.13
$1.31
$(0.41
)
Year Ended October 31, 2024
14.88
0.34
1.84
2.18
(0.38
)
Year Ended October 31, 2023
14.07
0.35
0.80
1.15
(0.34
)
Year Ended October 31, 2022
16.73
0.32
(2.60
)
(2.28
)
(0.38
)
Year Ended October 31, 2021
14.12
0.30
2.58
2.88
(0.27
)
Year Ended October 31, 2020
15.58
0.27
(1.49
)
(1.22
)
(0.24
)
Class C
Six Months Ended April 30, 2025 (Unaudited)
16.63
0.18
1.11
1.29
(0.32
)
Year Ended October 31, 2024
14.87
0.26
1.84
2.10
(0.34
)
Year Ended October 31, 2023
14.00
0.23
0.85
1.08
(0.21
)
Year Ended October 31, 2022
16.68
0.20
(2.56
)
(2.36
)
(0.32
)
Year Ended October 31, 2021
14.06
0.22
2.57
2.79
(0.17
)
Year Ended October 31, 2020
15.53
0.20
(1.50
)
(1.30
)
(0.17
)
Class I
Six Months Ended April 30, 2025 (Unaudited)
16.83
0.21
1.13
1.34
(0.46
)
Year Ended October 31, 2024
15.03
0.38
1.85
2.23
(0.43
)
Year Ended October 31, 2023
14.16
0.36
0.84
1.20
(0.33
)
Year Ended October 31, 2022
16.83
0.33
(2.59
)
(2.26
)
(0.41
)
Year Ended October 31, 2021
14.18
0.32
2.61
2.93
(0.28
)
Year Ended October 31, 2020
15.61
0.31
(1.50
)
(1.19
)
(0.24
)
Class R6
Six Months Ended April 30, 2025 (Unaudited)
16.88
0.22
1.15
1.37
(0.50
)
Year Ended October 31, 2024
15.07
0.54
1.74
2.28
(0.47
)
Year Ended October 31, 2023
14.20
0.38
0.86
1.24
(0.37
)
Year Ended October 31, 2022
16.88
0.37
(2.60
)
(2.23
)
(0.45
)
Year Ended October 31, 2021
14.22
0.39
2.59
2.98
(0.32
)
Year Ended October 31, 2020
15.63
0.34
(1.49
)
(1.15
)
(0.26
)
 
 
 
(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.
 
66
J.P. Morgan International Equity Funds
April 30, 2025
 
 
Ratios/Supplemental data
 
 
 
Ratios to average net assets(a)
Net asset
value,
end of
period
Total return
(excludes
sales charge)(c)(d)
Net assets,
end of
period
(000's)
Net
expenses(e)
Net
investment
income
(loss)
Expenses without
waivers and
reimbursements
Portfolio
turnover
rate(c)
$17.58
8.13
%
$9,240
0.76
%
2.24
%
1.00
%
11
%
16.68
14.84
9,018
0.85
2.08
1.08
27
14.88
8.24
9,103
0.85
(f)
2.27
1.05
22
14.07
(13.89
)
4,032
0.85
2.13
1.07
17
16.73
20.60
3,561
0.85
1.85
1.05
50
14.12
(8.02
)
1,573
0.85
1.84
1.30
85
17.60
7.95
399
1.07
2.14
1.60
11
16.63
14.25
370
1.35
1.55
1.73
27
14.87
7.75
263
1.35
(f)
1.54
1.56
22
14.00
(14.36
)
235
1.35
1.35
1.58
17
16.68
19.97
320
1.35
1.35
1.55
50
14.06
(8.47
)
115
1.35
1.34
1.81
85
17.71
8.22
183,024
0.60
2.52
0.74
11
16.83
15.07
160,131
0.60
2.27
0.82
27
15.03
8.55
133,818
0.60
(f)
2.37
0.79
22
14.16
(13.68
)
156,582
0.60
2.21
0.81
17
16.83
20.90
148,703
0.60
2.02
0.79
50
14.18
(7.78
)
135,542
0.60
2.12
1.03
85
17.75
8.39
14,452
0.39
2.70
0.49
11
16.88
15.37
13,487
0.35
3.22
0.58
27
15.07
8.84
1,622
0.35
(f)
2.46
0.57
22
14.20
(13.52
)
338
0.35
2.43
0.60
17
16.88
21.19
169
0.35
2.42
0.58
50
14.22
(7.53
)
19
0.35
2.33
0.94
85
 
 
 
 
 
 
 
 
 
SEE NOTES TO FINANCIAL STATEMENTS.
 
April 30, 2025
J.P. Morgan International Equity Funds
67
NOTES TO FINANCIAL STATEMENTS
AS OF April 30, 2025 (Unaudited)
(Dollar values in thousands)
1. Organization
JPMorgan Trust I (“JPM I") and JPMorgan Trust IV (“JPM IV") (collectively, the “Trusts”) were formed on November 12, 2004 and November 11, 2015, respectively, as Delaware statutory trusts, pursuant to Declarations of Trust dated November 5, 2004 and November 11, 2015, respectively, and are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as open-end management investment companies.
The following are 7 separate funds of the Trusts (each, a "Fund" and collectively, the "Funds") covered by this report: 
 
Classes Offered
Trust
Diversification Classification
JPMorgan Developed International Value Fund
Class A, Class C, Class I, Class L, Class R2,
Class R5 and Class R6
JPM I
Diversified
JPMorgan Emerging Markets Equity Fund
Class A, Class C, Class I, Class L, Class R2,
Class R3, Class R4, Class R5 and Class R6
JPM I
Diversified
JPMorgan Emerging Markets Research Enhanced Equity Fund
Class I and Class R6
JPM IV
Diversified
JPMorgan Europe Dynamic Fund
Class A, Class C, Class I, Class L and
Class R6
JPM I
Diversified
JPMorgan International Equity Fund
Class A, Class C, Class I, Class R2, Class R5
and Class R6
JPM I
Diversified
JPMorgan International Focus Fund
Class A, Class C, Class I, Class R2, Class R5
and Class R6
JPM I
Diversified
JPMorgan International Hedged Equity Fund
Class A, Class C, Class I, Class R5(1) and
Class R6
JPM IV
Diversified
 
 
(1)
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
 
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"): 
 
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 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Investments in Securities
Common Stocks
Australia
$—
$45,953
$—
$45,953
Austria
1,973
10,048
—
12,021
Belgium
—
5,707
—
5,707
China
—
5,096
—
5,096
Denmark
—
8,124
—
8,124
Finland
—
13,202
—
13,202
France
—
74,886
—
74,886
Georgia
—
1,648
—
1,648
Germany
—
112,694
—
112,694
Guatemala
1,224
—
—
1,224
Hong Kong
—
15,316
—
15,316
Ireland
4,914
7,384
—
12,298
Israel
—
1,987
—
1,987
Italy
—
52,885
—
52,885
Japan
—
197,989
—
197,989
Netherlands
—
30,328
—
30,328
Norway
—
14,220
—
14,220
Peru
—
2,119
—
2,119
Portugal
—
2,900
—
2,900
Singapore
—
12,114
—
12,114
South Africa
—
4,677
—
4,677
Spain
2,402
32,850
—
35,252
Sweden
—
23,015
—
23,015
Switzerland
—
16,090
—
16,090
United Kingdom
2,616
138,390
—
141,006
United States
—
116,175
—
116,175
Total Common Stocks
13,129
945,797
—
958,926
Short-Term Investments
Investment Companies
79,922
—
—
79,922
Investment of Cash Collateral from Securities Loaned
2,248
—
—
2,248
Total Short-Term Investments
82,170
—
—
82,170
Total Investments in Securities
$95,299
$945,797
$—
$1,041,096
Appreciation in Other Financial Instruments
Futures Contracts
$1,315
$—
$—
$1,315
 
Emerging Markets Equity Fund 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Investments in Securities
Common Stocks
Argentina
$56,309
$—
$—
$56,309
Brazil
708,217
—
—
708,217
China
654,847
935,231
—
1,590,078
Greece
—
38,102
—
38,102
 
70
J.P. Morgan International Equity Funds
April 30, 2025
Emerging Markets Equity Fund (continued)
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Hong Kong
$—
$134,595
$—
$134,595
India
65,665
996,842
—
1,062,507
Indonesia
—
153,306
—
153,306
Mexico
207,904
—
—
207,904
Panama
43,474
—
—
43,474
Portugal
—
95,233
—
95,233
Singapore
135,087
—
—
135,087
South Africa
57,012
69,268
—
126,280
South Korea
—
509,742
—
509,742
Spain
—
144,035
—
144,035
Taiwan
454,980
443,212
—
898,192
Turkey
—
227,802
—
227,802
United States
137,507
—
—
137,507
Total Common Stocks
2,521,002
3,747,368
—
6,268,370
Short-Term Investments
Investment Companies
5,283
—
—
5,283
Investment of Cash Collateral from Securities Loaned
4,253
—
—
4,253
Total Short-Term Investments
9,536
—
—
9,536
Total Investments in Securities
$2,530,538
$3,747,368
$—
$6,277,906
 
Emerging Markets Research Enhanced Equity Fund 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Investments in Securities
Common Stocks
Austria
$—
$1,251
$—
$1,251
Brazil
112,096
—
—
112,096
Chile
6,625
—
—
6,625
China
38,563
585,611
—
624,174
Colombia
2,599
—
—
2,599
Czech Republic
—
2,330
—
2,330
Greece
—
20,287
—
20,287
Hong Kong
—
1,650
—
1,650
Hungary
—
12,559
—
12,559
India
19,445
369,540
—
388,985
Indonesia
—
33,783
—
33,783
Kazakhstan
1,824
—
—
1,824
Kuwait
—
5,978
—
5,978
Malaysia
—
16,350
—
16,350
Mexico
55,068
—
—
55,068
Panama
1,673
—
—
1,673
Peru
9,868
—
—
9,868
Philippines
—
7,232
—
7,232
Poland
—
15,399
—
15,399
Qatar
—
9,193
—
9,193
Russia
—
—
—
(a)
—
(a)
Saudi Arabia
9,585
62,549
—
72,134
 
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)
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
South Africa
$10,243
$52,487
$—
$62,730
South Korea
—
200,852
—
200,852
Taiwan
—
344,644
—
344,644
Thailand
5,310
17,315
—
22,625
Turkey
—
12,564
—
12,564
United Arab Emirates
3,949
25,611
—
29,560
United Kingdom
—
5,679
—
5,679
United States
3,897
—
—
3,897
Total Common Stocks
280,745
1,802,864
—
(a)
2,083,609
Short-Term Investments
Investment Companies
2,324
—
—
2,324
Investment of Cash Collateral from Securities Loaned
15,320
—
—
15,320
Total Short-Term Investments
17,644
—
—
17,644
Total Investments in Securities
$298,389
$1,802,864
$—
(a)
$2,101,253
 
 
(a)
Amount rounds to less than one thousand.
 
Europe Dynamic Fund 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Investments in Securities
Common Stocks
$—
$542,465
$—
$542,465
Short-Term Investments
Investment Companies
27,362
—
—
27,362
Investment of Cash Collateral from Securities Loaned
22,137
—
—
22,137
Total Short-Term Investments
49,499
—
—
49,499
Total Investments in Securities
$49,499
$542,465
$—
$591,964
Depreciation in Other Financial Instruments
Futures Contracts
$(61
)
$—
$—
$(61
)
 
International Equity Fund 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Investments in Securities
Common Stocks
Australia
$—
$246,781
$—
$246,781
Austria
—
49,684
—
49,684
Belgium
—
54,728
—
54,728
Denmark
—
93,523
—
93,523
Finland
—
69,723
—
69,723
France
—
552,516
—
552,516
Germany
—
524,172
—
524,172
Hong Kong
—
73,920
—
73,920
Ireland
—
25,136
—
25,136
Italy
—
72,053
—
72,053
 
72
J.P. Morgan International Equity Funds
April 30, 2025
International Equity Fund (continued)
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Japan
$—
$891,906
$—
$891,906
Netherlands
—
256,661
—
256,661
Singapore
—
98,750
—
98,750
Spain
—
217,397
—
217,397
Sweden
—
132,640
—
132,640
Switzerland
—
131,494
—
131,494
Taiwan
46,648
—
—
46,648
United Kingdom
—
761,733
—
761,733
United States
—
360,230
—
360,230
Total Common Stocks
46,648
4,613,047
—
4,659,695
Short-Term Investments
Investment Companies
105,116
—
—
105,116
Investment of Cash Collateral from Securities Loaned
99,417
—
—
99,417
Total Short-Term Investments
204,533
—
—
204,533
Total Investments in Securities
$251,181
$4,613,047
$—
$4,864,228
 
International Focus Fund 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Investments in Securities
Common Stocks
Australia
$—
$22,308
$—
$22,308
Belgium
—
31,319
—
31,319
Canada
75,672
—
—
75,672
China
28,018
82,681
—
110,699
France
—
153,732
—
153,732
Germany
—
120,234
—
120,234
Hong Kong
—
26,651
—
26,651
India
66,109
—
—
66,109
Indonesia
—
20,347
—
20,347
Ireland
—
15,139
—
15,139
Italy
—
26,772
—
26,772
Japan
—
200,261
—
200,261
Netherlands
—
30,651
—
30,651
Saudi Arabia
—
20,173
—
20,173
Singapore
—
44,612
—
44,612
South Korea
—
16,527
—
16,527
Spain
—
46,776
—
46,776
Sweden
—
48,282
—
48,282
Switzerland
—
32,186
—
32,186
Taiwan
36,754
25,643
—
62,397
United Kingdom
—
189,804
—
189,804
United States
—
130,447
—
130,447
Total Common Stocks
206,553
1,284,545
—
1,491,098
Short-Term Investments
Investment Companies
11,295
—
—
11,295
 
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)
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Investment of Cash Collateral from Securities Loaned
$26,332
$—
$—
$26,332
Total Short-Term Investments
37,627
—
—
37,627
Total Investments in Securities
$244,180
$1,284,545
$—
$1,528,725
 
International Hedged Equity Fund 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Investments in Securities
Common Stocks
Australia
$—
$13,491
$—
$13,491
Belgium
—
1,359
—
1,359
China
—
723
—
723
Denmark
—
5,191
—
5,191
Finland
—
1,476
—
1,476
France
—
24,726
—
24,726
Germany
—
21,795
—
21,795
Hong Kong
—
3,061
—
3,061
Ireland
—
555
—
555
Italy
—
4,139
—
4,139
Japan
—
46,475
—
46,475
Macau
—
133
—
133
Netherlands
—
8,503
—
8,503
New Zealand
—
172
—
172
Singapore
664
2,097
—
2,761
Spain
—
6,517
—
6,517
Sweden
—
4,335
—
4,335
Switzerland
—
7,483
—
7,483
United Kingdom
—
26,682
—
26,682
United States
535
21,708
—
22,243
Total Common Stocks
1,199
200,621
—
201,820
Options Purchased
885
—
—
885
Short-Term Investments
Investment Companies
5,042
—
—
5,042
Total Investments in Securities
$7,126
$200,621
$—
$207,747
Appreciation in Other Financial Instruments
Futures Contracts
$206
$—
$—
$206
Depreciation in Other Financial Instruments
Options Written
Call Options Written
$(3,640
)
$—
$—
$(3,640
)
Put Options Written
(183
)
—
—
(183
)
Total Net Appreciation/ Depreciation in Other
Financial Instruments
$(3,617
)
$—
$—
$(3,617
)
 
74
J.P. Morgan International Equity Funds
April 30, 2025
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
on Loan, at value,
Presented on the
Statements of Assets
and Liabilities
Cash Collateral
Posted by Borrower*
Net Amount Due
to Counterparty
(not less than zero)
Developed International Value Fund
$2,157
$(2,157
)
$—
Emerging Markets Equity Fund
4,115
(4,115
)
—
Emerging Markets Research Enhanced Equity Fund
14,986
(14,986
)
—
Europe Dynamic Fund
19,830
(19,830
)
—
International Equity Fund
93,201
(93,201
)
—
International Focus Fund
25,054
(25,054
)
—
 
 
*
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.  
 
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 
For the six months ended April 30, 2025
Security Description
Value at
October 31,
2024
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
April 30,
2025
Shares at
April 30,
2025
Dividend
Income
Capital Gain
Distributions
JPMorgan Prime Money Market Fund
Class Institutional Shares, 4.31%  (a) (b)
$31,322
$234,274
$185,673
$(1
)
$—
(c)
$79,922
79,898
$795
$—
JPMorgan Securities Lending Money Market Fund
Agency SL Class Shares, 4.39%  (a) (b)
1,743
27,221
26,716
—
—
2,248
2,248
106
*
—
Total
$33,065
$261,495
$212,389
$(1
)
$—
(c)
$82,170
$901
$—
 
 
(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).
 
Emerging Markets Equity Fund 
For the six months ended April 30, 2025
Security Description
Value at
October 31,
2024
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
April 30,
2025
Shares at
April 30,
2025
Dividend
Income
Capital Gain
Distributions
JPMorgan Prime Money Market Fund
Class Institutional Shares, 4.31%  (a) (b)
$89,919
$1,013,740
$1,098,382
$2
$4
$5,283
5,281
$746
$—
JPMorgan Securities Lending Money Market Fund
Agency SL Class Shares, 4.39%  (a) (b)
—
137,485
133,232
—
—
4,253
4,253
207
*
—
Total
$89,919
$1,151,225
$1,231,614
$2
$4
$9,536
$953
$—
 
 
(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).
 
Emerging Markets Research Enhanced Equity Fund 
For the six months ended April 30, 2025
Security Description
Value at
October 31,
2024
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
April 30,
2025
Shares at
April 30,
2025
Dividend
Income
Capital Gain
Distributions
JPMorgan Prime Money Market Fund
Class Institutional Shares, 4.31%  (a) (b)
$47,163
$225,920
$270,755
$(9
)
$5
$2,324
2,323
$215
$—
JPMorgan Securities Lending Money Market Fund
Agency SL Class Shares, 4.39%  (a) (b)
25,964
75,506
86,150
—
—
15,320
15,320
346
*
—
Total
$73,127
$301,426
$356,905
$(9
)
$5
$17,644
$561
$—
 
 
(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).
 
 
76
J.P. Morgan International Equity Funds
April 30, 2025
Europe Dynamic Fund 
For the six months ended April 30, 2025
Security Description
Value at
October 31,
2024
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
April 30,
2025
Shares at
April 30,
2025
Dividend
Income
Capital Gain
Distributions
JPMorgan Prime Money Market Fund
Class Institutional Shares, 4.31%  (a) (b)
$3,146
$174,257
$150,035
$(7
)
$1
$27,362
27,353
$254
$—
JPMorgan Securities Lending Money Market Fund
Agency SL Class Shares, 4.39%  (a) (b)
—
42,351
20,214
—
—
22,137
22,137
98
*
—
Total
$3,146
$216,608
$170,249
$(7
)
$1
$49,499
$352
$—
 
 
(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).
 
International Equity Fund 
For the six months ended April 30, 2025
Security Description
Value at
October 31,
2024
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
April 30,
2025
Shares at
April 30,
2025
Dividend
Income
Capital Gain
Distributions
JPMorgan Prime Money Market Fund
Class Institutional Shares, 4.31%  (a) (b)
$90,815
$765,726
$751,415
$(20
)
$10
$105,116
105,084
$2,005
$—
JPMorgan Securities Lending Money Market Fund
Agency SL Class Shares, 4.39%  (a) (b)
73,806
350,506
324,895
—
—
99,417
99,417
513
*
—
Total
$164,621
$1,116,232
$1,076,310
$(20
)
$10
$204,533
$2,518
$—
 
 
(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).
 
International Focus Fund 
For the six months ended April 30, 2025
Security Description
Value at
October 31,
2024
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
April 30,
2025
Shares at
April 30,
2025
Dividend
Income
Capital Gain
Distributions
JPMorgan Prime Money Market Fund
Class Institutional Shares, 4.31%  (a) (b)
$26,162
$247,119
$261,987
$1
$—
(c)
$11,295
11,292
$381
$—
JPMorgan Securities Lending Money Market Fund
Agency SL Class Shares, 4.39%  (a) (b)
49,416
145,940
169,024
—
—
26,332
26,332
527
*
—
Total
$75,578
$393,059
$431,011
$1
$—
(c)
$37,627
$908
$—
 
 
(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).
 
 
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 
For the six months ended April 30, 2025
Security Description
Value at
October 31,
2024
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
April 30,
2025
Shares at
April 30,
2025
Dividend
Income
Capital Gain
Distributions
JPMorgan Prime Money Market Fund Class IM Shares,
4.40%  (a) (b)
$1,423
$34,096
$30,475
$(1
)
$(1
)
$5,042
5,042
$105
$—
 
 
(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.
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).
 
78
J.P. Morgan International Equity Funds
April 30, 2025
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
International
Value Fund
Emerging
Markets
Research
Enhanced
Equity Fund
Europe
Dynamic
Fund
International
Hedged
Equity Fund
Futures Contracts:
Average Notional Balance Long
$16,800
$8,657
$8,455
$4,229
Average Notional Balance Short
—
—
(945
)
—
Ending Notional Balance Long
46,898
—
15,178
6,112
Exchange-Traded Options:
Average Number of Contracts Purchased
—
—
—
776
Average Number of Contracts Written
—
—
—
(1,551
)
Ending Number of Contracts Purchased
—
—
—
831
Ending Number of Contracts Written
—
—
—
(1,662
)
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.
 
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)
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
$—
(a)
$3
$n/a
$—
(a)
$n/a
$n/a
$n/a
$4
$14
Emerging Markets Equity Fund
Transfer agency fees
14
2
27
5
—
(a)
—
(a)
—
(a)
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
—
(a)
n/a
n/a
n/a
n/a
1
12
International Equity Fund
Transfer agency fees
13
1
13
n/a
—
(a)
n/a
n/a
—
(a)
18
45
International Focus Fund
Transfer agency fees
7
2
13
n/a
1
n/a
n/a
—
(a)
6
29
International Hedged Equity Fund
Transfer agency fees
1
—
(a)
1
n/a
n/a
n/a
n/a
—
(a)
—(a
)
2
 
 
(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.
 
80
J.P. Morgan International Equity Funds
April 30, 2025
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
0.55
%
Emerging Markets Equity Fund
0.68
Emerging Markets Research Enhanced Equity Fund
0.25
Europe Dynamic Fund
0.60
International Equity Fund
0.50
International Focus Fund
0.60
International Hedged Equity Fund
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
0.25
%
0.75
%
0.50
%
n/a
Emerging Markets Equity Fund
0.25
0.75
0.50
0.25
%
Europe Dynamic Fund
0.25
0.75
n/a
n/a
International Equity Fund
0.25
0.75
0.50
n/a
International Focus Fund
0.25
0.75
0.50
n/a
International Hedged Equity Fund
0.25
0.75
n/a
n/a
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
$19
$—
Emerging Markets Equity Fund
2
—
Europe Dynamic Fund
2
—
(a)
International Equity Fund
17
—
 
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
$19
$—
(a)
International Hedged Equity Fund
—
(a)
—
 
 
(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
Fund
0.25
%
0.25
%
0.25
%
0.10
%
0.25
%
n/a
n/a
0.10
%
Emerging Markets Equity Fund
0.25
0.25
0.25
0.10
0.25
0.25
%
0.25
%
0.10
Emerging Markets Research
Enhanced Equity Fund
n/a
n/a
0.25
n/a
n/a
n/a
n/a
n/a
Europe Dynamic Fund
0.25
0.25
0.25
0.10
n/a
n/a
n/a
n/a
International Equity Fund
0.25
0.25
0.25
n/a
0.25
n/a
n/a
0.10
International Focus Fund
0.25
0.25
0.25
n/a
0.25
n/a
n/a
0.10
International Hedged Equity
Fund
0.25
0.25
0.25
n/a
n/a
n/a
n/a
0.10
 
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: 
 
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
Value Fund
1.00
%
1.50
%
0.75
%
1.30
%
n/a
n/a
0.65
%
0.55
%
Emerging Markets Equity
Fund
1.24
1.74
0.99
1.54
1.29
%
1.04
%
0.89
0.79
Emerging Markets Research
Enhanced Equity Fund
n/a
n/a
0.45
n/a
n/a
n/a
n/a
0.35
Europe Dynamic Fund
1.24
1.74
0.99
n/a
n/a
n/a
n/a
n/a
International Equity Fund
0.95
1.45
0.70
1.25
n/a
n/a
0.60
0.50
International Focus Fund
1.00
1.50
0.75
1.30
n/a
n/a
0.65
0.55
International Hedged Equity
Fund
0.85
1.35
0.60
n/a
n/a
n/a
0.45
n/a
(1)
 
 
 
(1)
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
 
Voluntary Waivers
 
Investment
Advisory Fees
Administration
Fees
Service
Fees
Total
Contractual
Reimbursements
12b-1
Developed International Value Fund
$344
$229
$114
$687
$4
$—
Emerging Markets Equity Fund
380
254
453
1,087
55
—
Emerging Markets Research Enhanced Equity Fund
416
277
199
892
—
—
Europe Dynamic Fund
—
—
22
22
—
—
International Equity Fund
1,377
918
324
2,619
12
—
International Focus Fund
743
495
239
1,477
—
(a)
—
International Hedged Equity Fund
54
36
38
128
—
(a)
4
 
 
(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
$33
Emerging Markets Equity Fund
37
Emerging Markets Research Enhanced Equity Fund
13
Europe Dynamic Fund
9
International Equity Fund
83
International Focus Fund
18
International Hedged Equity Fund
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.
 
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
(excluding
U.S. Government)
Sales
(excluding
U.S. Government)
Developed International Value Fund
$358,325
$100,069
Emerging Markets Equity Fund
1,218,476
1,881,834
Emerging Markets Research Enhanced Equity Fund
518,334
553,646
Europe Dynamic Fund
291,194
318,196
International Equity Fund
1,309,235
1,164,947
International Focus Fund
445,215
524,293
International Hedged Equity Fund
33,510
20,450
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:  
 
Aggregate
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net Unrealized
Appreciation
(Depreciation)
Developed International Value Fund
$853,704
$206,012
$17,305
$188,707
Emerging Markets Equity Fund
4,465,092
2,024,310
211,496
1,812,814
Emerging Markets Research Enhanced Equity Fund
1,764,745
449,881
113,373
336,508
Europe Dynamic Fund
479,014
120,459
7,570
112,889
International Equity Fund
3,560,181
1,324,482
20,435
1,304,047
International Focus Fund
1,220,186
336,419
27,880
308,539
International Hedged Equity Fund
154,439
56,374
6,683
49,691
At October 31, 2024, the following Funds had net capital loss carryforwards, which are available to offset future realized gains: 
 
Capital Loss Carryforward Character
 
Short-Term
Long-Term
Developed International Value Fund
$60,587
$13,663
Emerging Markets Equity Fund
357,835
373,096
Emerging Markets Research Enhanced Equity Fund
144,156
218,730
Europe Dynamic Fund
85,760
—
International Equity Fund
25,800
83,357
International Focus Fund
110,706
—
International Hedged Equity Fund
8,066
18,984
During the year ended October 31, 2024, the following Funds utilized capital loss carryforwards as follows: 
 
84
J.P. Morgan International Equity Funds
April 30, 2025
 
Capital Loss Utilized
 
Short-Term
Long-Term
Developed International Value Fund
$—
$21,020
Emerging Markets Equity Fund
30,655
—
Emerging Markets Research Enhanced Equity Fund
1,302
—
Europe Dynamic Fund
53,279
—
International Equity Fund
39,433
57,508
International Focus Fund
66,818
—
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: 
 
Average
Borrowings
Average
Interest
Rate Paid
Number of
Days
Outstanding
Interest
Paid
Emerging Markets Equity Fund
$13,571
5.10
%
24
$44
Emerging Markets Research Enhanced Equity Fund
14,550
5.10
26
54
Europe Dynamic Fund
8,977
5.05
1
1
International Equity Fund
7,885
5.09
2
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.
 
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:  
 
Number of
Individual Shareholder
and/or Affiliated
Omnibus Accounts
% of the Fund
Number of
Individual Shareholder
and/or Non-Affiliated
Omnibus Accounts
% of the Fund
Developed International Value Fund
—
—
%
1
59.3
%
Emerging Markets Equity Fund
—
—
3
54.2
Emerging Markets Research Enhanced Equity Fund
—
—
1
18.8
Europe Dynamic Fund
4
58.5
1
14.5
International Equity Fund
—
—
2
29.7
International Focus Fund
1
10.5
2
47.1
International Hedged Equity Fund
—
—
3
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: 
 
J.P. Morgan
Investor
Funds
JPMorgan
SmartRetirement
Funds
JPMorgan
SmartRetirement
Blend Funds
Emerging Markets Research Enhanced Equity Fund
14.2
%
23.6
%
29.0
%
Europe Dynamic Fund
52.1
—
—
International Equity Fund
—
28.8
—
International Focus Fund
14.8
—
—
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
International
Value Fund
Emerging
Markets
Equity Fund
Emerging
Markets
Research
Enhanced
Equity Fund
Europe
Dynamic
Fund
International
Equity Fund
International
Focus Fund
International
Hedged
Equity Fund
Brazil
—
%
11.3
%
—
%
—
%
—
%
—
%
—
%
China
—
25.3
29.9
—
—
—
—
France
—
—
—
14.0
11.6
10.2
11.9
Germany
10.8
—
—
25.6
11.0
—
10.5
India
—
16.9
18.6
—
—
—
—
Japan
19.1
—
—
—
18.7
13.3
22.4
Taiwan
—
14.3
16.5
—
—
—
—
United Kingdom
13.6
—
—
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
 
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.
 
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.
 
 
J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.
© JPMorgan Chase & Co., 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.

Refer to Item 7.

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Refer to Item 7.

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

Refer to Item 7.

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.

Not applicable.

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

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.

Not applicable.

ITEM 19. EXHIBITS

 

  (a)

File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated.

(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit.

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.

(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:

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

(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.

(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.

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

SIGNATURES

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

 

JPMorgan Trust IV
By:   /s/ 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