|
THE “UNAUDITED EXCHANGE-TRADED FUNDS HOLDINGS”
LIST (“the List”) IS TO BE USED FOR REPORTING PURPOSES
ONLY. IT IS NOT TO BE REPRODUCED FOR USE AS
ADVERTISING OR SALES LITERATURE WITH THE GENERAL
PUBLIC. The list is submitted for the general information of the
shareholders of the Fund. It is not authorized for distribution to
prospective investors in the Fund unless preceded or accompanied by a
prospectus. The list has been created from the books and records of
the Fund. Holdings are available 60 days after the fund’s fiscal quarter,
using a trade date accounting convention, by contacting the appropriate
service center. The list is subject to change without notice. The list is
for informational purposes only and is not intended as an offer or
solicitation with respect to the purchase or sale of any security.
|
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JPMorgan Asset Management is the marketing name for the asset
management business of J.P. Morgan Chase & Co.
|
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J.P. Morgan Distribution Services, Inc., member FINRA.
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© J.P. Morgan Chase & Co., 2025.
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INVESTMENTS
|
SHARES
|
VALUE($)
|
|
Common Stocks — 98.9%
|
||
|
Australia — 0.9%
|
||
|
Glencore plc
|
3,393,692
|
13,619,991
|
|
Rio Tinto plc
|
370,830
|
22,086,427
|
|
|
|
35,706,418
|
|
Austria — 0.6%
|
||
|
ANDRITZ AG
|
22,524
|
1,567,467
|
|
BAWAG Group AG (a)
|
26,306
|
3,320,016
|
|
Erste Group Bank AG
|
103,754
|
9,487,678
|
|
Mondi plc
|
153,200
|
2,070,994
|
|
OMV AG
|
49,474
|
2,519,632
|
|
Raiffeisen Bank International AG
|
50,941
|
1,470,892
|
|
Telekom Austria AG
|
30,220
|
320,730
|
|
Verbund AG
|
23,823
|
1,773,851
|
|
|
|
22,531,260
|
|
Belgium — 1.4%
|
||
|
Ackermans & van Haaren NV
|
7,607
|
1,865,970
|
|
Ageas SA
|
59,020
|
4,012,906
|
|
Anheuser-Busch InBev SA
|
339,437
|
19,515,145
|
|
Colruyt Group NV
|
10,798
|
461,257
|
|
D'ieteren Group
|
6,998
|
1,382,338
|
|
Elia Group SA/NV
|
14,814
|
1,709,141
|
|
Groupe Bruxelles Lambert NV
|
28,089
|
2,348,244
|
|
KBC Group NV
|
86,817
|
9,055,362
|
|
Lotus Bakeries NV (b)
|
144
|
1,217,436
|
|
Sofina SA (b)
|
4,892
|
1,498,040
|
|
Syensqo SA
|
24,613
|
1,950,725
|
|
UCB SA
|
41,770
|
8,974,498
|
|
Warehouses De Pauw CVA, REIT
|
61,713
|
1,440,145
|
|
|
|
55,431,207
|
|
Brazil — 0.0% ^
|
||
|
Yara International ASA (b)
|
56,435
|
2,086,242
|
|
Chile — 0.1%
|
||
|
Antofagasta plc
|
120,144
|
2,962,947
|
|
China — 0.6%
|
||
|
Prosus NV
|
436,820
|
24,953,695
|
|
Denmark — 2.8%
|
||
|
AP Moller - Maersk A/S, Class A
|
927
|
1,818,932
|
|
AP Moller - Maersk A/S, Class B
|
1,406
|
2,776,515
|
|
Carlsberg A/S, Class B (b)
|
32,023
|
3,992,221
|
|
Coloplast A/S, Class B
|
50,007
|
4,567,242
|
|
Danske Bank A/S
|
226,304
|
8,977,814
|
|
DSV A/S
|
66,355
|
14,869,161
|
|
Genmab A/S *
|
21,638
|
4,658,606
|
|
Novo Nordisk A/S, Class B
|
1,102,410
|
51,270,889
|
|
Novonesis Novozymes B
|
120,031
|
7,765,714
|
|
Orsted A/S * (a) (b)
|
50,747
|
2,391,783
|
|
INVESTMENTS
|
SHARES
|
VALUE($)
|
|
Common Stocks — continued
|
||
|
Denmark — continued
|
||
|
Pandora A/S
|
27,097
|
4,473,598
|
|
Tryg A/S (b)
|
107,159
|
2,584,881
|
|
Vestas Wind Systems A/S
|
348,151
|
6,356,572
|
|
|
|
116,503,928
|
|
Finland — 1.7%
|
||
|
Elisa OYJ
|
49,820
|
2,563,375
|
|
Fortum OYJ
|
151,631
|
2,781,783
|
|
Kesko OYJ, Class A
|
30,254
|
658,566
|
|
Kesko OYJ, Class B
|
93,737
|
2,038,727
|
|
Kone OYJ, Class B
|
123,044
|
7,555,945
|
|
Metso OYJ
|
243,741
|
3,061,215
|
|
Neste OYJ
|
148,531
|
2,344,212
|
|
Nokia OYJ
|
1,751,368
|
7,137,436
|
|
Nordea Bank Abp
|
1,047,995
|
15,301,473
|
|
Orion OYJ, Class A
|
9,415
|
747,268
|
|
Orion OYJ, Class B
|
37,043
|
2,965,618
|
|
Sampo OYJ, Class A
|
877,156
|
9,415,117
|
|
Stora Enso OYJ, Class R (b)
|
204,866
|
2,107,966
|
|
UPM-Kymmene OYJ (b)
|
183,010
|
4,743,213
|
|
Wartsila OYJ Abp
|
168,032
|
4,642,461
|
|
|
|
68,064,375
|
|
France — 13.8%
|
||
|
Aeroports de Paris SA (b)
|
12,425
|
1,508,079
|
|
Air Liquide SA
|
199,443
|
39,237,732
|
|
Airbus SE
|
203,268
|
40,868,079
|
|
Amundi SA (a)
|
21,634
|
1,598,764
|
|
AXA SA
|
609,827
|
29,618,813
|
|
BioMerieux
|
15,646
|
2,238,698
|
|
BNP Paribas SA
|
359,459
|
32,774,853
|
|
Bollore SE
|
241,008
|
1,390,151
|
|
Bouygues SA
|
64,573
|
2,658,894
|
|
Bureau Veritas SA
|
108,298
|
3,335,158
|
|
Capgemini SE
|
58,959
|
8,777,608
|
|
Cie de Saint-Gobain SA
|
157,346
|
18,050,285
|
|
Cie Generale des Etablissements Michelin SCA
|
234,684
|
8,349,237
|
|
Credit Agricole SA
|
391,727
|
7,209,553
|
|
Danone SA
|
222,754
|
18,229,500
|
|
Dassault Aviation SA
|
6,246
|
1,944,738
|
|
Dassault Systemes SE
|
230,964
|
7,587,458
|
|
Engie SA
|
608,395
|
13,675,647
|
|
EssilorLuxottica SA
|
99,781
|
29,670,334
|
|
Hermes International SCA
|
11,778
|
28,802,981
|
|
Kering SA
|
24,377
|
5,985,663
|
|
Legrand SA
|
90,561
|
13,376,481
|
|
L'Oreal SA
|
83,941
|
37,142,512
|
|
LVMH Moet Hennessy Louis Vuitton SE
|
89,245
|
47,907,793
|
|
Orange SA
|
635,074
|
9,660,162
|
|
INVESTMENTS
|
SHARES
|
VALUE($)
|
|
Common Stocks — continued
|
||
|
France — continued
|
||
|
Pernod Ricard SA (b)
|
68,312
|
7,020,345
|
|
Publicis Groupe SA
|
78,890
|
7,209,107
|
|
Safran SA
|
120,633
|
39,778,905
|
|
Sartorius Stedim Biotech
|
8,932
|
1,784,887
|
|
Societe Generale SA
|
242,800
|
15,497,578
|
|
Thales SA
|
31,330
|
8,427,581
|
|
TotalEnergies SE
|
708,547
|
42,134,104
|
|
Veolia Environnement SA
|
220,556
|
7,474,442
|
|
Vinci SA
|
174,361
|
24,220,292
|
|
|
|
565,146,414
|
|
Germany — 14.9%
|
||
|
adidas AG
|
61,941
|
11,838,724
|
|
Allianz SE (Registered)
|
133,982
|
52,946,746
|
|
BASF SE
|
309,732
|
15,179,784
|
|
Bayer AG (Registered)
|
318,167
|
9,895,553
|
|
Bayerische Motoren Werke AG
|
97,800
|
9,305,817
|
|
Bayerische Motoren Werke AG (Preference)
|
19,360
|
1,692,557
|
|
Beiersdorf AG
|
33,368
|
4,146,384
|
|
BioNTech SE, ADR * (b)
|
32,643
|
3,509,123
|
|
Commerzbank AG (b)
|
302,472
|
11,029,903
|
|
Continental AG
|
37,495
|
3,202,473
|
|
Daimler Truck Holding AG
|
161,988
|
7,879,955
|
|
Deutsche Bank AG (Registered)
|
619,993
|
20,420,424
|
|
Deutsche Boerse AG
|
63,792
|
18,460,602
|
|
Deutsche Post AG
|
329,374
|
14,757,846
|
|
Deutsche Telekom AG (Registered)
|
1,154,813
|
41,418,434
|
|
Dr Ing hc F Porsche AG (Preference) (a)
|
38,226
|
1,938,307
|
|
E.ON SE
|
768,247
|
14,015,323
|
|
Fresenius SE & Co. KGaA
|
142,654
|
6,808,974
|
|
Hannover Rueck SE
|
20,815
|
6,314,098
|
|
Heidelberg Materials AG
|
44,363
|
10,234,312
|
|
Henkel AG & Co. KGaA
|
33,416
|
2,376,223
|
|
Henkel AG & Co. KGaA (Preference)
|
56,551
|
4,357,771
|
|
Infineon Technologies AG
|
438,924
|
17,242,323
|
|
Mercedes-Benz Group AG
|
242,237
|
13,715,527
|
|
Merck KGaA
|
44,857
|
5,606,428
|
|
MTU Aero Engines AG
|
17,505
|
7,550,935
|
|
Muenchener Rueckversicherungs-Gesellschaft AG (Registered)
|
45,564
|
29,829,431
|
|
Rheinmetall AG
|
15,066
|
29,823,122
|
|
RWE AG
|
234,701
|
9,628,665
|
|
SAP SE
|
356,716
|
102,005,008
|
|
Sartorius AG (Preference) (b)
|
8,696
|
1,851,830
|
|
Siemens AG (Registered)
|
255,240
|
65,010,488
|
|
Siemens Energy AG *
|
233,472
|
27,031,102
|
|
Siemens Healthineers AG (a)
|
93,649
|
5,044,183
|
|
Symrise AG
|
43,559
|
3,948,506
|
|
Talanx AG
|
20,856
|
2,764,404
|
|
INVESTMENTS
|
SHARES
|
VALUE($)
|
|
Common Stocks — continued
|
||
|
Germany — continued
|
||
|
Volkswagen AG (Preference)
|
71,617
|
7,488,691
|
|
Vonovia SE
|
285,617
|
8,864,292
|
|
|
|
609,134,268
|
|
Hong Kong — 0.3%
|
||
|
Prudential plc
|
852,977
|
10,821,025
|
|
Ireland — 0.2%
|
||
|
Kerry Group plc, Class A
|
50,914
|
4,702,930
|
|
Kingspan Group plc
|
53,849
|
4,469,035
|
|
|
|
9,171,965
|
|
Italy — 5.0%
|
||
|
A2A SpA
|
539,314
|
1,314,175
|
|
Banca Mediolanum SpA
|
71,999
|
1,269,976
|
|
Banco BPM SpA
|
455,364
|
5,807,333
|
|
Coca-Cola HBC AG
|
70,006
|
3,638,366
|
|
Davide Campari-Milano NV
|
197,554
|
1,360,719
|
|
DiaSorin SpA
|
7,828
|
765,305
|
|
Enel SpA
|
2,693,626
|
23,753,184
|
|
Eni SpA
|
714,905
|
12,201,535
|
|
Ferrari NV
|
42,439
|
18,609,829
|
|
FinecoBank Banca Fineco SpA
|
211,912
|
4,512,461
|
|
Generali
|
314,209
|
11,721,824
|
|
Hera SpA
|
312,968
|
1,339,179
|
|
Infrastrutture Wireless Italiane SpA (a)
|
109,604
|
1,295,772
|
|
Intesa Sanpaolo SpA
|
5,435,343
|
32,749,392
|
|
Leonardo SpA
|
138,924
|
7,488,441
|
|
Mediobanca Banca di Credito Finanziario SpA (b)
|
199,158
|
4,384,736
|
|
Moncler SpA
|
74,314
|
3,963,361
|
|
Nexi SpA (a)
|
171,997
|
982,144
|
|
Pirelli & C SpA (a)
|
127,025
|
856,323
|
|
Poste Italiane SpA (a)
|
159,135
|
3,438,100
|
|
Prysmian SpA
|
98,768
|
7,887,960
|
|
Recordati Industria Chimica e Farmaceutica SpA
|
33,742
|
1,935,230
|
|
Snam SpA
|
744,714
|
4,315,819
|
|
Telecom Italia SpA *
|
4,306,195
|
1,978,838
|
|
Telecom Italia SpA *
|
2,092,006
|
1,077,335
|
|
Terna - Rete Elettrica Nazionale
|
487,971
|
4,721,585
|
|
UniCredit SpA
|
540,622
|
39,775,639
|
|
|
|
203,144,561
|
|
Luxembourg — 0.2%
|
||
|
ArcelorMittal SA
|
146,195
|
4,557,802
|
|
CVC Capital Partners plc (a)
|
269,633
|
5,170,436
|
|
|
|
9,728,238
|
|
Mexico — 0.0% ^
|
||
|
Fresnillo plc
|
63,975
|
1,179,615
|
|
INVESTMENTS
|
SHARES
|
VALUE($)
|
|
Common Stocks — continued
|
||
|
Netherlands — 5.7%
|
||
|
Adyen NV * (a)
|
10,121
|
17,359,054
|
|
Akzo Nobel NV
|
57,122
|
3,587,345
|
|
Argenx SE *
|
20,479
|
13,754,307
|
|
ASM International NV
|
15,318
|
7,414,795
|
|
ASML Holding NV
|
136,569
|
94,652,376
|
|
EXOR NV
|
31,852
|
3,069,784
|
|
HAL Trust
|
12,415
|
1,761,663
|
|
Heineken Holding NV
|
45,403
|
3,064,301
|
|
Heineken NV
|
97,620
|
7,662,364
|
|
ING Groep NV
|
1,048,167
|
24,427,999
|
|
JDE Peet's NV
|
53,994
|
1,601,197
|
|
Koninklijke Ahold Delhaize NV
|
307,210
|
12,133,706
|
|
Koninklijke KPN NV
|
1,347,430
|
6,019,648
|
|
Koninklijke Philips NV
|
274,892
|
7,178,901
|
|
NN Group NV
|
92,839
|
6,251,378
|
|
Universal Music Group NV
|
328,535
|
9,450,941
|
|
Wolters Kluwer NV
|
81,098
|
12,631,744
|
|
|
|
232,021,503
|
|
Norway — 1.0%
|
||
|
Aker BP ASA
|
106,504
|
2,562,128
|
|
DNB Bank ASA
|
257,717
|
6,520,175
|
|
Equinor ASA
|
248,618
|
6,386,395
|
|
Gjensidige Forsikring ASA
|
65,440
|
1,721,310
|
|
Kongsberg Gruppen ASA
|
151,690
|
4,532,973
|
|
Mowi ASA
|
153,828
|
2,865,430
|
|
Norsk Hydro ASA
|
444,847
|
2,636,604
|
|
Orkla ASA (b)
|
233,669
|
2,457,272
|
|
Salmar ASA (b)
|
25,109
|
1,020,029
|
|
Storebrand ASA
|
143,574
|
2,038,792
|
|
Telenor ASA
|
215,861
|
3,311,503
|
|
Var Energi ASA
|
282,428
|
967,417
|
|
Vend Marketplaces ASA, Class A (b)
|
22,957
|
906,159
|
|
Vend Marketplaces ASA, Class B
|
32,728
|
1,229,714
|
|
|
|
39,155,901
|
|
Poland — 0.7%
|
||
|
Allegro.eu SA * (a)
|
216,779
|
2,126,474
|
|
Bank Polska Kasa Opieki SA
|
72,899
|
3,958,664
|
|
Dino Polska SA * (a)
|
166,410
|
2,194,639
|
|
ING Bank Slaski SA
|
11,293
|
1,000,954
|
|
KGHM Polska Miedz SA *
|
47,341
|
1,600,563
|
|
LPP SA
|
443
|
1,967,524
|
|
ORLEN SA
|
201,873
|
4,495,410
|
|
Powszechna Kasa Oszczednosci Bank Polski SA
|
297,603
|
6,516,465
|
|
Powszechny Zaklad Ubezpieczen SA
|
197,239
|
3,305,920
|
|
Santander Bank Polska SA
|
13,380
|
1,951,055
|
|
|
|
29,117,668
|
|
INVESTMENTS
|
SHARES
|
VALUE($)
|
|
Common Stocks — continued
|
||
|
Portugal — 0.2%
|
||
|
EDP SA
|
964,323
|
4,168,155
|
|
Galp Energia SGPS SA
|
143,916
|
2,748,112
|
|
Jeronimo Martins SGPS SA
|
95,498
|
2,328,019
|
|
|
|
9,244,286
|
|
Russia — 0.0% ^
|
||
|
Evraz plc ‡ *
|
453,755
|
1
|
|
Singapore — 0.1%
|
||
|
STMicroelectronics NV
|
223,686
|
5,684,749
|
|
South Africa — 0.3%
|
||
|
Anglo American plc
|
370,526
|
10,425,902
|
|
Spain — 4.8%
|
||
|
ACS Actividades de Construccion y Servicios SA
|
70,227
|
4,846,703
|
|
Aena SME SA (a)
|
255,158
|
6,870,928
|
|
Amadeus IT Group SA
|
151,213
|
12,141,473
|
|
Banco Bilbao Vizcaya Argentaria SA
|
1,998,170
|
33,326,015
|
|
Banco Santander SA
|
5,158,361
|
44,314,405
|
|
CaixaBank SA
|
1,235,635
|
11,625,239
|
|
Cellnex Telecom SA (a)
|
198,680
|
7,011,330
|
|
EDP Renovaveis SA (b)
|
88,419
|
1,038,102
|
|
Endesa SA
|
109,864
|
3,178,302
|
|
Iberdrola SA
|
2,013,727
|
35,393,951
|
|
Industria de Diseno Textil SA
|
384,617
|
18,372,029
|
|
Naturgy Energy Group SA (b)
|
36,720
|
1,151,546
|
|
Redeia Corp. SA
|
140,427
|
2,722,318
|
|
Repsol SA
|
396,431
|
6,010,595
|
|
Telefonica SA (b)
|
1,563,781
|
8,070,360
|
|
|
|
196,073,296
|
|
Sweden — 5.1%
|
||
|
Alfa Laval AB
|
94,367
|
4,100,023
|
|
Assa Abloy AB, Class B
|
365,492
|
12,094,222
|
|
Atlas Copco AB, Class A
|
878,312
|
13,375,275
|
|
Atlas Copco AB, Class B
|
541,721
|
7,331,197
|
|
Axfood AB
|
37,212
|
1,108,854
|
|
Beijer Ref AB (b)
|
130,166
|
2,185,083
|
|
Boliden AB *
|
98,614
|
3,018,499
|
|
Castellum AB (b)
|
134,925
|
1,535,927
|
|
Epiroc AB, Class A
|
216,083
|
4,397,974
|
|
Epiroc AB, Class B
|
135,310
|
2,425,566
|
|
EQT AB (b)
|
243,212
|
8,129,143
|
|
Essity AB, Class A
|
7,381
|
182,089
|
|
Essity AB, Class B
|
207,682
|
5,120,926
|
|
Evolution AB (a)
|
63,047
|
5,608,731
|
|
Fastighets AB Balder, Class B *
|
242,724
|
1,638,896
|
|
H & M Hennes & Mauritz AB, Class B
|
171,769
|
2,314,012
|
|
Hexagon AB, Class B
|
731,630
|
8,039,209
|
|
Holmen AB, Class B
|
27,559
|
1,024,275
|
|
INVESTMENTS
|
SHARES
|
VALUE($)
|
|
Common Stocks — continued
|
||
|
Sweden — continued
|
||
|
Industrivarden AB, Class A
|
39,879
|
1,475,441
|
|
Industrivarden AB, Class C (b)
|
55,501
|
2,049,634
|
|
Indutrade AB
|
92,834
|
2,254,418
|
|
Investment AB Latour, Class B
|
50,355
|
1,285,523
|
|
Investor AB, Class A
|
197,362
|
5,725,785
|
|
Investor AB, Class B
|
630,237
|
18,263,965
|
|
L E Lundbergforetagen AB, Class B
|
25,937
|
1,265,133
|
|
Lifco AB, Class B
|
78,398
|
2,792,622
|
|
Nibe Industrier AB, Class B (b)
|
569,302
|
2,626,993
|
|
Nordnet AB publ
|
55,281
|
1,492,924
|
|
Saab AB, Class B
|
128,073
|
6,966,405
|
|
Sagax AB, Class B
|
74,426
|
1,575,273
|
|
Sagax AB, Class D
|
38,177
|
129,363
|
|
Sandvik AB
|
337,862
|
8,243,722
|
|
Securitas AB, Class B
|
183,251
|
2,719,691
|
|
Skandinaviska Enskilda Banken AB, Class A
|
465,684
|
8,145,995
|
|
Skandinaviska Enskilda Banken AB, Class C
|
6,949
|
123,160
|
|
Skanska AB, Class B
|
113,511
|
2,647,813
|
|
SKF AB, Class B
|
124,796
|
2,906,806
|
|
SSAB AB, Class A
|
74,449
|
429,321
|
|
SSAB AB, Class B
|
202,522
|
1,144,588
|
|
Svenska Cellulosa AB SCA, Class B
|
167,987
|
2,106,751
|
|
Svenska Handelsbanken AB, Class A
|
481,261
|
5,863,866
|
|
Svenska Handelsbanken AB, Class B (b)
|
12,215
|
238,685
|
|
Swedbank AB, Class A
|
342,773
|
9,127,377
|
|
Swedish Orphan Biovitrum AB *
|
56,412
|
1,551,132
|
|
Tele2 AB, Class B
|
191,894
|
2,965,745
|
|
Telefonaktiebolaget LM Ericsson, Class A
|
19,132
|
139,197
|
|
Telefonaktiebolaget LM Ericsson, Class B
|
897,136
|
6,516,425
|
|
Telia Co. AB (b)
|
803,740
|
2,838,577
|
|
Trelleborg AB, Class B
|
69,641
|
2,530,393
|
|
Volvo AB, Class A
|
65,772
|
1,885,685
|
|
Volvo AB, Class B
|
533,602
|
15,324,944
|
|
|
|
208,983,253
|
|
Switzerland — 6.9%
|
||
|
ABB Ltd. (Registered)
|
552,924
|
36,104,896
|
|
Chocoladefabriken Lindt & Spruengli AG
|
338
|
4,972,174
|
|
Chocoladefabriken Lindt & Spruengli AG (Registered)
|
37
|
5,410,226
|
|
Cie Financiere Richemont SA (Registered)
|
185,154
|
30,231,265
|
|
DSM-Firmenich AG
|
86,606
|
8,321,067
|
|
EMS-Chemie Holding AG (Registered)
|
2,351
|
1,849,747
|
|
Galderma Group AG
|
42,717
|
6,583,465
|
|
Geberit AG (Registered)
|
11,451
|
8,772,598
|
|
Givaudan SA (Registered)
|
2,815
|
11,767,686
|
|
Julius Baer Group Ltd.
|
68,501
|
4,635,074
|
|
Kuehne + Nagel International AG (Registered)
|
16,312
|
3,325,674
|
|
Lonza Group AG (Registered)
|
24,305
|
16,939,832
|
|
INVESTMENTS
|
SHARES
|
VALUE($)
|
|
Common Stocks — continued
|
||
|
Switzerland — continued
|
||
|
Partners Group Holding AG
|
7,480
|
10,055,341
|
|
Sandoz Group AG
|
143,472
|
8,205,010
|
|
Schindler Holding AG
|
14,170
|
5,124,381
|
|
Schindler Holding AG (Registered)
|
7,156
|
2,509,820
|
|
SGS SA (Registered)
|
52,973
|
5,382,767
|
|
Sika AG (Registered)
|
55,605
|
13,121,650
|
|
Sonova Holding AG (Registered)
|
16,883
|
4,595,687
|
|
Straumann Holding AG (Registered)
|
37,329
|
4,548,162
|
|
Swiss Life Holding AG (Registered)
|
9,853
|
10,205,720
|
|
Swisscom AG (Registered)
|
8,818
|
6,127,053
|
|
UBS Group AG (Registered)
|
1,044,828
|
38,830,012
|
|
Zurich Insurance Group AG
|
49,290
|
33,621,038
|
|
|
|
281,240,345
|
|
United Arab Emirates — 0.0% ^
|
||
|
NMC Health plc ‡ *
|
23,176
|
—
|
|
United Kingdom — 18.4%
|
||
|
3i Group plc
|
337,841
|
18,460,365
|
|
Admiral Group plc
|
80,064
|
3,609,007
|
|
Ashtead Group plc
|
149,244
|
9,971,195
|
|
Associated British Foods plc
|
103,506
|
2,997,068
|
|
AstraZeneca plc
|
537,911
|
78,476,734
|
|
Auto Trader Group plc (a)
|
304,704
|
3,363,870
|
|
Aviva plc
|
1,052,306
|
8,990,909
|
|
BAE Systems plc
|
1,016,612
|
24,257,015
|
|
Barclays plc
|
4,951,507
|
24,203,069
|
|
Barratt Redrow plc
|
446,907
|
2,200,773
|
|
Berkeley Group Holdings plc
|
34,339
|
1,651,426
|
|
British American Tobacco plc
|
687,871
|
36,854,309
|
|
BT Group plc
|
2,152,980
|
5,879,871
|
|
Bunzl plc
|
108,521
|
3,220,629
|
|
Centrica plc
|
1,712,903
|
3,723,429
|
|
Coca-Cola Europacific Partners plc
|
74,545
|
7,224,902
|
|
Compass Group plc
|
593,113
|
20,841,679
|
|
ConvaTec Group plc (a)
|
574,104
|
1,768,830
|
|
Croda International plc
|
43,829
|
1,508,492
|
|
DCC plc
|
34,304
|
2,148,495
|
|
Diageo plc
|
771,648
|
18,702,865
|
|
Entain plc
|
221,699
|
2,977,135
|
|
Halma plc
|
131,739
|
5,636,915
|
|
Hikma Pharmaceuticals plc
|
54,699
|
1,413,820
|
|
Hiscox Ltd.
|
117,166
|
1,994,784
|
|
Howden Joinery Group plc
|
183,613
|
2,125,610
|
|
HSBC Holdings plc
|
6,130,300
|
74,685,280
|
|
ICG plc
|
100,750
|
2,884,731
|
|
Imperial Brands plc
|
285,325
|
11,121,794
|
|
Informa plc
|
420,383
|
4,807,097
|
|
InterContinental Hotels Group plc
|
53,559
|
6,161,438
|
|
INVESTMENTS
|
SHARES
|
VALUE($)
|
|
Common Stocks — continued
|
||
|
United Kingdom — continued
|
||
|
International Consolidated Airlines Group SA
|
1,208,360
|
6,037,682
|
|
Intertek Group plc
|
55,397
|
3,601,914
|
|
J Sainsbury plc
|
594,609
|
2,377,601
|
|
JD Sports Fashion plc
|
868,820
|
975,240
|
|
Kingfisher plc
|
592,726
|
2,107,618
|
|
Land Securities Group plc, REIT
|
258,460
|
1,965,574
|
|
Legal & General Group plc
|
2,006,523
|
6,788,200
|
|
Lloyds Banking Group plc
|
20,833,979
|
21,364,170
|
|
London Stock Exchange Group plc
|
166,176
|
20,256,039
|
|
M&G plc
|
775,212
|
2,668,200
|
|
Melrose Industries plc
|
412,383
|
2,784,259
|
|
National Grid plc
|
1,695,643
|
23,827,318
|
|
NatWest Group plc
|
2,672,444
|
18,550,992
|
|
Next plc
|
40,470
|
6,569,132
|
|
Pearson plc
|
229,659
|
3,247,598
|
|
Persimmon plc
|
106,475
|
1,605,510
|
|
Phoenix Group Holdings plc
|
259,975
|
2,273,500
|
|
Reckitt Benckiser Group plc
|
236,437
|
17,719,958
|
|
RELX plc
|
644,625
|
33,495,417
|
|
Rentokil Initial plc
|
823,773
|
4,109,349
|
|
Rightmove plc
|
269,089
|
2,903,873
|
|
Rolls-Royce Holdings plc
|
2,904,164
|
41,218,744
|
|
Sage Group plc (The)
|
337,083
|
5,412,424
|
|
Schroders plc
|
297,591
|
1,529,663
|
|
Segro plc, REIT
|
429,795
|
3,663,031
|
|
Severn Trent plc
|
91,612
|
3,212,589
|
|
Smith & Nephew plc
|
302,838
|
4,628,262
|
|
Smiths Group plc
|
115,775
|
3,586,267
|
|
Spirax Group plc
|
24,827
|
2,074,759
|
|
SSE plc
|
379,225
|
9,295,656
|
|
Standard Chartered plc
|
659,283
|
11,818,951
|
|
Taylor Wimpey plc
|
1,225,939
|
1,649,484
|
|
Tesco plc
|
2,324,482
|
13,059,920
|
|
Unilever plc
|
859,760
|
49,883,678
|
|
United Utilities Group plc
|
236,661
|
3,532,841
|
|
Vodafone Group plc
|
6,887,388
|
7,467,289
|
|
Weir Group plc (The)
|
90,042
|
3,163,257
|
|
Whitbread plc
|
56,579
|
2,272,825
|
|
Wise plc, Class A *
|
236,930
|
3,165,146
|
|
WPP plc
|
372,986
|
2,019,491
|
|
|
|
751,746,957
|
|
United States — 13.2%
|
||
|
Alcon AG
|
170,692
|
14,964,223
|
|
BP plc
|
5,448,763
|
29,206,914
|
|
Buzzi SpA
|
27,392
|
1,430,400
|
|
Experian plc
|
318,864
|
16,801,184
|
|
Ferrovial SE
|
157,341
|
8,065,767
|
|
INVESTMENTS
|
SHARES
|
VALUE($)
|
|
Common Stocks — continued
|
||
|
United States — continued
|
||
|
GSK plc
|
1,408,444
|
25,906,917
|
|
Haleon plc
|
3,129,751
|
14,680,639
|
|
Holcim AG
|
171,133
|
13,647,846
|
|
Nestle SA (Registered)
|
891,498
|
77,896,493
|
|
Novartis AG (Registered)
|
655,342
|
74,634,987
|
|
Roche Holding AG
|
239,543
|
74,754,910
|
|
Roche Holding AG
|
10,081
|
3,350,272
|
|
Sanofi SA
|
384,782
|
34,542,169
|
|
Schneider Electric SE
|
187,261
|
48,461,914
|
|
Shell plc
|
2,064,731
|
74,192,239
|
|
Stellantis NV
|
690,200
|
6,091,089
|
|
Swiss Re AG
|
101,945
|
18,248,297
|
|
Tenaris SA
|
128,870
|
2,250,738
|
|
|
|
539,126,998
|
|
Total Common Stocks
(Cost $3,776,874,886)
|
|
4,039,387,017
|
|
Short-Term Investments — 1.1%
|
||
|
Investment of Cash Collateral from Securities Loaned — 1.1%
|
||
|
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 4.37% (c) (d)(Cost $46,212,566)
|
46,212,566
|
46,212,566
|
|
Total Investments — 100.0%
(Cost $3,823,087,452)
|
|
4,085,599,583
|
|
Other Assets in Excess of Liabilities — 0.0% ^
|
|
1,069,861
|
|
NET ASSETS — 100.0%
|
|
4,086,669,444
|
|
Percentages indicated are based on net assets.
|
|
Abbreviations
|
|
|
ADR
|
American Depositary Receipt
|
|
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
|
|
^
|
Amount rounds to less than 0.1% of net assets.
|
|
|
‡
|
Value determined using significant unobservable inputs.
|
|
|
*
|
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 July 31, 2025. The total
value of securities on loan at July 31, 2025 is $43,035,239.
|
|
|
(c)
|
Investment in an affiliated fund, which is registered under the Investment Company
Act of 1940, as amended, and is advised by J.P. Morgan
Investment Management Inc.
|
|
|
(d)
|
The rate shown is the current yield as of July 31, 2025.
|
|
|
INDUSTRY
|
PERCENT OF
TOTAL
INVESTMENTS
|
|
Banks
|
12.5
%
|
|
Pharmaceuticals
|
9.9
|
|
Insurance
|
6.4
|
|
Aerospace & Defense
|
5.3
|
|
Oil, Gas & Consumable Fuels
|
4.5
|
|
Capital Markets
|
3.7
|
|
Electrical Equipment
|
3.4
|
|
Textiles, Apparel & Luxury Goods
|
3.3
|
|
Semiconductors & Semiconductor Equipment
|
3.1
|
|
Food Products
|
3.0
|
|
Software
|
2.8
|
|
Chemicals
|
2.7
|
|
Machinery
|
2.5
|
|
Diversified Telecommunication Services
|
2.4
|
|
Personal Care Products
|
2.2
|
|
Electric Utilities
|
2.2
|
|
Health Care Equipment & Supplies
|
2.0
|
|
Professional Services
|
1.8
|
|
Industrial Conglomerates
|
1.8
|
|
Beverages
|
1.8
|
|
Multi-Utilities
|
1.6
|
|
Metals & Mining
|
1.6
|
|
Financial Services
|
1.5
|
|
Automobiles
|
1.4
|
|
Hotels, Restaurants & Leisure
|
1.2
|
|
Tobacco
|
1.2
|
|
Building Products
|
1.1
|
|
Construction & Engineering
|
1.1
|
|
Others (each less than 1.0%)
|
10.9
|
|
Short-Term Investments
|
1.1
|
|
DESCRIPTION
|
NUMBER OF
CONTRACTS
|
EXPIRATION DATE
|
TRADING CURRENCY
|
NOTIONAL
AMOUNT ($)
|
VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
|
|
Long Contracts
|
|
|
|
|
|
|
EURO STOXX 50 Index
|
508
|
09/19/2025
|
EUR
|
30,893,790
|
439,160
|
|
FTSE 100 Index
|
127
|
09/19/2025
|
GBP
|
15,303,006
|
592,514
|
|
|
|
|
|
|
1,031,674
|
|
Abbreviations
|
|
|
EUR
|
Euro
|
|
FTSE
|
Financial Times and the London Stock Exchange
|
|
GBP
|
British Pound
|
|
|
|
|
||
|
|
Level 1
Quoted prices
|
Level 2
Other significant
observable inputs
|
Level 3
Significant
unobservable inputs
|
Total
|
|
Investments in Securities
|
|
|
|
|
|
Common Stocks
|
|
|
|
|
|
Australia
|
$—
|
$35,706,418
|
$—
|
$35,706,418
|
|
Austria
|
320,730
|
22,210,530
|
—
|
22,531,260
|
|
Belgium
|
—
|
55,431,207
|
—
|
55,431,207
|
|
Brazil
|
—
|
2,086,242
|
—
|
2,086,242
|
|
Chile
|
—
|
2,962,947
|
—
|
2,962,947
|
|
China
|
—
|
24,953,695
|
—
|
24,953,695
|
|
Denmark
|
—
|
116,503,928
|
—
|
116,503,928
|
|
Finland
|
—
|
68,064,375
|
—
|
68,064,375
|
|
France
|
—
|
565,146,414
|
—
|
565,146,414
|
|
Germany
|
3,509,123
|
605,625,145
|
—
|
609,134,268
|
|
Hong Kong
|
—
|
10,821,025
|
—
|
10,821,025
|
|
Ireland
|
—
|
9,171,965
|
—
|
9,171,965
|
|
Italy
|
—
|
203,144,561
|
—
|
203,144,561
|
|
Luxembourg
|
—
|
9,728,238
|
—
|
9,728,238
|
|
Mexico
|
—
|
1,179,615
|
—
|
1,179,615
|
|
Netherlands
|
—
|
232,021,503
|
—
|
232,021,503
|
|
Norway
|
1,020,029
|
38,135,872
|
—
|
39,155,901
|
|
Poland
|
—
|
29,117,668
|
—
|
29,117,668
|
|
Portugal
|
—
|
9,244,286
|
—
|
9,244,286
|
|
Russia
|
—
|
—
|
1
|
1
|
|
Singapore
|
—
|
5,684,749
|
—
|
5,684,749
|
|
South Africa
|
—
|
10,425,902
|
—
|
10,425,902
|
|
Spain
|
4,329,848
|
191,743,448
|
—
|
196,073,296
|
|
Sweden
|
182,089
|
208,801,164
|
—
|
208,983,253
|
|
Switzerland
|
—
|
281,240,345
|
—
|
281,240,345
|
|
United Arab Emirates
|
—
|
—
|
—(a
)
|
—(a
)
|
|
United Kingdom
|
7,224,902
|
744,522,055
|
—
|
751,746,957
|
|
United States
|
—
|
539,126,998
|
—
|
539,126,998
|
|
Total Common Stocks
|
16,586,721
|
4,022,800,295
|
1
|
4,039,387,017
|
|
Short-Term Investments
|
|
|
|
|
|
Investment of Cash Collateral from Securities
Loaned
|
46,212,566
|
—
|
—
|
46,212,566
|
|
Total Investments in Securities
|
$62,799,287
|
$4,022,800,295
|
$1
|
$4,085,599,583
|
|
Appreciation in Other Financial Instruments
|
|
|
|
|
|
Futures Contracts
|
$1,031,674
|
$—
|
$—
|
$1,031,674
|
|
|
|
|
(a)
|
Value is zero.
|
|
|
|||||||||
|
For the period ended July 31, 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
July 31,
2025
|
Shares at
July 31,
2025
|
Dividend
Income
|
Capital Gain
Distributions
|
|
JPMorgan Securities Lending
Money Market Fund Agency
SL Class Shares, 4.37%
(a) (b)
|
$75,600,705
|
$444,241,979
|
$473,630,118
|
$—
|
$—
|
$46,212,566
|
46,212,566
|
$1,860,349
|
$—
|
|
|
|
|
(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 July 31, 2025.
|