JPMorgan International Equity Fund
Schedule of Portfolio Investments as of January 31, 2026
(Unaudited) 
THE “UNAUDITED MUTUAL 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.
JPMorgan Asset Management is the marketing name for the asset
management business of J.P. Morgan Chase & Co.
J.P. Morgan Distribution Services, Inc., member FINRA.
© J.P. Morgan Chase & Co., 2026.
JPMorgan International Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2026 (Unaudited)
 
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — 100.1%
Australia — 4.6%
Glencore plc
3,975
27,097
Medibank Pvt Ltd.
10,960
35,168
Rio Tinto Ltd. (a)
388
40,436
Rio Tinto plc
761
69,398
Telstra Group Ltd.
19,743
67,074
 
239,173
Austria — 1.0%
Erste Group Bank AG
413
53,684
Belgium — 1.5%
KBC Group NV
399
56,239
UCB SA
66
20,047
 
76,286
China — 0.7%
Prosus NV
658
37,862
Denmark — 0.8%
Novonesis Novozymes B (a)
623
38,166
Finland — 1.6%
Nordea Bank Abp
4,265
82,412
France — 10.9%
Air Liquide SA
381
71,438
Capgemini SE
284
44,182
Engie SA
2,588
77,257
EssilorLuxottica SA
142
43,308
Kering SA
85
26,662
Legrand SA
669
106,845
Safran SA
373
133,146
TotalEnergies SE
875
63,607
 
566,445
Germany — 8.2%
Allianz SE (Registered)
157
69,356
Deutsche Telekom AG (Registered)
1,658
55,635
Infineon Technologies AG
1,500
73,353
Muenchener Rueckversicherungs-Gesellschaft AG (Registered)
122
73,878
RWE AG
416
26,439
SAP SE
62
12,315
Siemens AG (Registered)
384
115,978
 
426,954
Greece — 0.4%
National Bank of Greece SA
1,187
20,958
Hong Kong — 2.9%
AIA Group Ltd.
8,959
103,357
Hong Kong Exchanges & Clearing Ltd.
811
44,734
 
148,091
JPMorgan International Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2026 (Unaudited) (continued)
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — continued
Ireland — 0.6%
Kingspan Group plc
371
32,324
Italy — 2.0%
Ryanair Holdings plc, ADR
304
21,485
UniCredit SpA
955
83,198
 
104,683
Japan — 20.6%
Ajinomoto Co., Inc.
2,173
49,704
Hitachi Ltd.
2,318
80,435
Hoya Corp.
339
56,903
IHI Corp.
2,279
52,737
ITOCHU Corp.
5,555
71,125
Kao Corp.
1,217
48,683
Kubota Corp.
1,384
21,205
Mitsubishi UFJ Financial Group, Inc.
6,532
118,297
Mitsui Fudosan Co. Ltd.
4,501
51,612
Nintendo Co. Ltd.
658
40,753
Obayashi Corp.
2,008
45,329
Recruit Holdings Co. Ltd.
672
35,402
Sony Group Corp.
4,725
104,168
Sumitomo Electric Industries Ltd.
985
43,105
Sumitomo Realty & Development Co. Ltd.
928
25,836
Suzuki Motor Corp.
4,081
55,642
Tokio Marine Holdings, Inc.
1,114
41,522
Tokyo Electron Ltd.
237
63,151
Toyota Motor Corp.
2,789
63,210
 
1,068,819
Netherlands — 5.9%
ASML Holding NV
140
201,601
Koninklijke Ahold Delhaize NV
1,001
39,124
Koninklijke KPN NV
13,622
66,713
 
307,438
Singapore — 3.2%
DBS Group Holdings Ltd.
2,822
131,176
Sea Ltd., ADR *
316
36,767
 
167,943
Spain — 4.4%
Banco Santander SA
7,384
94,278
Iberdrola SA
3,967
89,201
Industria de Diseno Textil SA
704
45,780
 
229,259
Sweden — 4.1%
Atlas Copco AB, Class A
4,797
98,928
Volvo AB, Class B
3,114
113,134
 
212,062
JPMorgan International Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2026 (Unaudited) (continued)
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — continued
Switzerland — 2.9%
Cie Financiere Richemont SA (Registered)
368
71,361
Lonza Group AG (Registered)
88
59,886
UBS Group AG (Registered)
431
20,385
 
151,632
Taiwan — 1.4%
Taiwan Semiconductor Manufacturing Co. Ltd., ADR
211
69,820
United Kingdom — 13.9%
3i Group plc
1,089
50,043
AstraZeneca plc
699
130,271
BAE Systems plc
2,566
69,660
British American Tobacco plc
762
46,016
Compass Group plc
2,074
62,202
Diageo plc
1,013
23,311
InterContinental Hotels Group plc
282
38,052
London Stock Exchange Group plc
385
42,919
NatWest Group plc
9,226
84,097
Next plc
267
48,525
RELX plc
1,024
36,576
SSE plc
1,230
40,873
Standard Chartered plc
1,963
50,223
 
722,768
United States — 8.5%
Nestle SA (Registered)
984
93,938
Novartis AG (Registered)
785
116,517
Roche Holding AG
254
115,257
Shell plc
2,951
113,414
 
439,126
Total Common Stocks
(Cost $3,500,898)
5,195,905
Short-Term Investments — 1.3%
Investment Companies — 0.7%
JPMorgan Prime Money Market Fund Class Institutional Shares, 3.69% (b) (c)
(Cost $38,010)
37,995
38,010
Investment of Cash Collateral from Securities Loaned — 0.6%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 3.68% (b) (c)(Cost $31,352)
31,352
31,352
Total Short-Term Investments
(Cost $69,362)
69,362
Total Investments — 101.4%
(Cost $3,570,260)
5,265,267
Liabilities in Excess of Other Assets — (1.4)%
(71,883
)
NET ASSETS — 100.0%
5,193,384
 
Percentages indicated are based on net assets.
 
JPMorgan International Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2026 (Unaudited) (continued)
Abbreviations
 
ADR
American Depositary Receipt
 
*
Non-income producing security.
(a)
The security or a portion of this security is on loan at January 31, 2026. The total value of securities on loan at January 31, 2026 is $29,435.
(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 January 31, 2026.
Summary of Investments by Industry, January 31, 2026
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
14.7
%
Semiconductors & Semiconductor Equipment
7.7
Pharmaceuticals
7.3
Insurance
6.1
Machinery
5.4
Aerospace & Defense
3.9
Industrial Conglomerates
3.7
Diversified Telecommunication Services
3.6
Oil, Gas & Consumable Fuels
3.4
Capital Markets
3.0
Food Products
2.7
Metals & Mining
2.6
Electric Utilities
2.5
Broadline Retail
2.3
Automobiles
2.3
Chemicals
2.1
Electrical Equipment
2.0
Household Durables
2.0
Hotels, Restaurants & Leisure
1.9
Health Care Equipment & Supplies
1.9
Textiles, Apparel & Luxury Goods
1.9
Real Estate Management & Development
1.5
Multi-Utilities
1.5
Professional Services
1.4
Trading Companies & Distributors
1.4
Life Sciences Tools & Services
1.1
Others (each less than 1.0%)
8.8
Short-Term Investments
1.3
JPMorgan International Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2026 (Unaudited) (continued)
(Dollar values in thousands)
A. Valuation of Investments— Investments are valued in accordance with U.S. generally accepted accounting principles (“GAAP”) and the Fund's valuation policies set forth by, and under the supervision and responsibility of, the Board of Trustees of the Trust (the “Board”), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at their market value and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.
Under Section 2(a)(41) of the Investment Company Act of 1940 (the "1940 Act"), the Board is required to determine fair value for securities that do not have readily available market quotations. Pursuant to Rule 2a-5 under the 1940 Act (Good Faith Determinations of Fair Value), the Board may designate the performance of these fair valuation determinations to a valuation designee. The Board has designated the Adviser as the “Valuation Designee” to perform fair valuation determinations for the Fund on behalf of the Board subject to appropriate oversight by the Board. The Adviser, as Valuation Designee, leverages the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to help oversee and carry out the policies for the valuation of investments held in the Fund. The Adviser, as Valuation Designee, remains responsible for the valuation determinations.
This oversight by the AVC includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events, and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and, at least on a quarterly basis, with the AVC and the Board.
Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values (“NAV”) of the Fund 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.
Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer-related events after the report date and prior to issuance of the report are not reflected herein.
The various inputs that are used in determining the valuation of the Fund's investments are summarized into the three broad levels listed below.
•
Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.
•
Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.
•
Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund's assumptions in determining the fair value of investments).
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.
The following table represents each valuation input as presented on the Schedule of Portfolio Investments: 
 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Investments in Securities
Common Stocks
Australia
$—
$239,173
$—
$239,173
Austria
—
53,684
—
53,684
Belgium
—
76,286
—
76,286
China
—
37,862
—
37,862
Denmark
—
38,166
—
38,166
Finland
—
82,412
—
82,412
France
—
566,445
—
566,445
Germany
—
426,954
—
426,954
JPMorgan International Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2026 (Unaudited) (continued)
(Dollar values in thousands)
 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Greece
$—
$20,958
$—
$20,958
Hong Kong
—
148,091
—
148,091
Ireland
—
32,324
—
32,324
Italy
21,485
83,198
—
104,683
Japan
—
1,068,819
—
1,068,819
Netherlands
—
307,438
—
307,438
Singapore
36,767
131,176
—
167,943
Spain
—
229,259
—
229,259
Sweden
—
212,062
—
212,062
Switzerland
—
151,632
—
151,632
Taiwan
69,820
—
—
69,820
United Kingdom
—
722,768
—
722,768
United States
—
439,126
—
439,126
Total Common Stocks
128,072
5,067,833
—
5,195,905
Short-Term Investments
Investment Companies
38,010
—
—
38,010
Investment of Cash Collateral from Securities Loaned
31,352
—
—
31,352
Total Short-Term Investments
69,362
—
—
69,362
Total Investments in Securities
$197,434
$5,067,833
$—
$5,265,267
B. Investment Transactions with Affiliates— The Fund invested in Underlying Funds advised by the Adviser. An issuer which is under common control with the Fund may be considered an affiliate. The Fund assumes the issuers listed in the table 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 table below. 
 
For the period ended January 31, 2026
Security Description
Value at
October 31,
2025
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
January 31,
2026
Shares at
January 31,
2026
Dividend
Income
Capital Gain
Distributions
JPMorgan Prime Money Market Fund
Class Institutional Shares, 3.69%  (a) (b)
$141,338
$603,605
$706,964
$17
$14
$38,010
37,995
$744
$—
JPMorgan Securities Lending Money Market Fund
Agency SL Class Shares, 3.68%  (a) (b)
36,487
64,501
69,636
—
—
31,352
31,352
126
—
Total
$177,825
$668,106
$776,600
$17
$14
$69,362
$870
$—
 
 
(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 January 31, 2026.