JPMorgan Global Allocation Fund
Schedule of Portfolio Investments as of July 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 Global Allocation Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2026 (Unaudited)
 
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — 35.7%
Australia — 0.3%
ANZ Group Holdings Ltd.
10
253
APA Group
4
30
Aristocrat Leisure Ltd.
2
78
ASX Ltd.
1
24
BHP Group Ltd.
16
687
Brambles Ltd.
4
59
CAR Group Ltd.
1
21
Cochlear Ltd.
—
17
Coles Group Ltd.
4
73
Commonwealth Bank of Australia
5
671
Computershare Ltd.
2
48
CSL Ltd.
2
135
Evolution Mining Ltd.
7
52
Fortescue Ltd.
5
68
Glencore plc
30
222
Goodman Group, REIT
6
133
Insurance Australia Group Ltd.
7
42
Lottery Corp. Ltd. (The) (a)
7
27
Lynas Rare Earths Ltd. * (a)
3
28
Macquarie Group Ltd.
1
206
Medibank Pvt Ltd.
9
31
National Australia Bank Ltd.
10
285
Northern Star Resources Ltd.
4
60
Origin Energy Ltd.
6
42
PLS Group Ltd. *
10
28
Pro Medicus Ltd.
—
20
Qantas Airways Ltd.
2
16
QBE Insurance Group Ltd.
5
83
REA Group Ltd.
—
19
Rio Tinto Ltd.
1
142
Rio Tinto plc
22
2,101
Santos Ltd.
10
56
Scentre Group, REIT
16
45
SGH Ltd.
1
20
Sigma Healthcare Ltd.
16
33
Sonic Healthcare Ltd.
1
22
South32 Ltd.
14
46
Stockland, REIT
8
23
Suncorp Group Ltd.
3
47
Telstra Group Ltd. (a)
13
44
Transurban Group
10
104
Vicinity Ltd., REIT
12
23
Washington H Soul Pattinson & Co. Ltd. (a)
1
35
Wesfarmers Ltd.
4
233
Westpac Banking Corp.
11
291
WiseTech Global Ltd. (a)
1
16

JPMorgan Global Allocation Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2026 (Unaudited) (continued)
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — continued
Australia — continued
Woodside Energy Group Ltd.
6
143
Woolworths Group Ltd.
4
109
 
6,991
Austria — 0.0% ^
BAWAG Group AG (b)
—
47
Erste Group Bank AG
1
129
OMV AG
1
34
Raiffeisen Bank International AG
—
28
Verbund AG
—
15
 
253
Belgium — 0.0% ^
Ageas SA
1
39
Anheuser-Busch InBev SA
3
250
D'ieteren Group
—
14
Elia Group SA/NV
—
20
Financiere de Tubize SA
—
14
Groupe Bruxelles Lambert NV
—
21
KBC Group NV
1
106
Lotus Bakeries NV
—
26
Sofina SA
—
13
Syensqo SA
—
19
UCB SA
—
98
 
620
Brazil — 0.6%
Axia Energia SA
80
832
Axia Energia SA (Preference) *
24
246
B3 SA - Brasil Bolsa Balcao
379
1,176
Banco do Brasil SA
119
500
Cia de Saneamento de Minas Gerais Copasa MG
73
931
Gerdau SA (Preference)
106
525
Itausa SA (Preference)
447
1,222
Localiza Rent a Car SA
85
631
MercadoLibre, Inc. *
—
700
Motiva Infraestrutura de Mobilidade SA
196
569
NU Holdings Ltd., Class A *
113
1,621
Petroleo Brasileiro SA (Preference)
345
2,955
Porto Seguro SA
45
488
Raia Drogasil SA
141
517
Telefonica Brasil SA
114
739
Yara International ASA
—
24
 
13,676
Chile — 0.0% ^
Antofagasta plc
1
55
China — 2.0%
Advanced Micro-Fabrication Equipment, Inc., Class A
25
1,250

JPMorgan Global Allocation Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2026 (Unaudited) (continued)
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — continued
China — continued
Alibaba Group Holding Ltd.
267
4,071
ANTA Sports Products Ltd.
77
771
BOC Hong Kong Holdings Ltd.
11
77
China Construction Bank Corp., Class H
2,180
2,558
China International Capital Corp. Ltd., Class H (b)
254
702
China Merchants Bank Co. Ltd., Class A
210
1,231
China Overseas Land & Investment Ltd.
331
569
China Yangtze Power Co. Ltd., Class A
150
645
Chuangxin Industries Holdings Ltd.
258
549
Contemporary Amperex Technology Co. Ltd., Class A
42
2,437
Flat Glass Group Co. Ltd., Class H
368
327
Fuyao Glass Industry Group Co. Ltd., Class H (b)
82
623
H World Group Ltd.
183
776
Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A
134
1,069
Kweichow Moutai Co. Ltd., Class A
3
661
Lenovo Group Ltd.
568
1,737
Loncin Motor Co. Ltd., Class A
216
470
Midea Group Co. Ltd., Class A
49
642
Montage Technology Co. Ltd., Class A
9
274
Montage Technology Co. Ltd., Class H (a)
11
377
NetEase, Inc.
83
2,206
PetroChina Co. Ltd., Class H
1,000
1,272
Ping An Insurance Group Co. of China Ltd., Class H
302
2,256
Prosus NV
4
195
Sieyuan Electric Co. Ltd., Class A
35
801
SITC International Holdings Co. Ltd.
4
20
Tencent Holdings Ltd.
113
6,886
Wilmar International Ltd.
7
21
WUS Printed Circuit Kunshan Co. Ltd., Class A
42
646
WuXi AppTec Co. Ltd., Class A
56
1,072
XCMG Construction Machinery Co. Ltd., Class A
386
513
Xiaomi Corp., Class B * (b)
415
1,522
Yangzijiang Shipbuilding Holdings Ltd.
8
24
Yum China Holdings, Inc.
38
1,822
Yum China Holdings, Inc.
17
821
Zhongji Innolight Co. Ltd., Class A
5
599
Zijin Mining Group Co. Ltd., Class H
392
1,664
ZTO Express Cayman, Inc.
30
726
 
44,882
Cyprus — 0.0% ^
Bank of Cyprus Holdings plc
44
528
Czech Republic — 0.0% ^
CSG NV * (a)
32
612
Denmark — 0.2%
Carlsberg A/S, Class B
—
44
Coloplast A/S, Class B
1
26

JPMorgan Global Allocation Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2026 (Unaudited) (continued)
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — continued
Denmark — continued
Danske Bank A/S
2
116
Demant A/S *
—
12
DSV A/S
1
133
Genmab A/S *
—
57
Novo Nordisk A/S, Class B
60
2,847
Novonesis Novozymes B
1
73
Orsted A/S * (b)
2
32
Pandora A/S
—
30
ROCKWOOL A/S, Class B
—
9
Tryg A/S
1
23
Vestas Wind Systems A/S
3
83
 
3,485
Finland — 0.1%
Elisa OYJ
—
18
Fortum OYJ
1
32
Kesko OYJ, Class B
1
21
Kone OYJ, Class B
1
61
Metso OYJ
2
39
Neste OYJ
1
48
Nokia OYJ
16
149
Nordea Bank Abp
10
199
Orion OYJ, Class B
—
32
Sampo OYJ, Class A
8
85
Stora Enso OYJ, Class R
2
20
UPM-Kymmene OYJ
2
46
Wartsila OYJ Abp
2
53
 
803
France — 0.6%
Abivax SA *
—
24
Accor SA
1
31
Aeroports de Paris SA
—
14
Air Liquide SA
2
402
Airbus SE
2
447
Alstom SA *
1
20
Amundi SA (b)
—
21
AXA SA
5
261
Ayvens SA (b)
1
14
BioMerieux
—
10
BNP Paribas SA
3
404
Bollore SE
2
9
Bouygues SA
1
40
Bureau Veritas SA
1
32
Capgemini SE
—
58
Carrefour SA
2
35
Cie de Saint-Gobain SA
1
134
Cie Generale des Etablissements Michelin SCA
2
80

JPMorgan Global Allocation Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2026 (Unaudited) (continued)
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — continued
France — continued
Covivio SA, REIT
—
10
Credit Agricole SA
3
65
Danone SA
2
157
Dassault Aviation SA
—
19
Dassault Systemes SE
2
50
Eiffage SA
—
31
Engie SA
6
178
EssilorLuxottica SA
1
183
Gecina SA, REIT
—
13
Getlink SE
1
17
Hermes International SCA
—
147
Ipsen SA
—
20
Kering SA
—
76
Klepierre SA, REIT
1
31
Legrand SA
1
125
L'Oreal SA
1
344
LVMH Moet Hennessy Louis Vuitton SE
4
2,003
Orange SA
6
114
Pernod Ricard SA
1
49
Publicis Groupe SA
1
79
Renault SA
1
18
Rexel SA
1
29
Safran SA
17
6,817
Sartorius Stedim Biotech
—
18
Societe Generale SA
2
193
Sodexo SA
—
16
Thales SA
—
85
TotalEnergies SE
6
557
Unibail-Rodamco-Westfield, REIT
—
41
Veolia Environnement SA
2
76
Vinci SA
2
211
 
13,808
Germany — 0.5%
adidas AG
1
96
Allianz SE (Registered)
1
608
BASF SE
3
166
Bayer AG (Registered)
3
175
Bayerische Motoren Werke AG
1
71
Beiersdorf AG (a)
—
27
Brenntag SE
—
26
Commerzbank AG
2
91
Continental AG
—
29
CTS Eventim AG & Co. KGaA (a)
—
12
Daimler Truck Holding AG
2
83
Deutsche Bank AG (Registered)
6
214
Deutsche Boerse AG
2
504
Deutsche Lufthansa AG (Registered)
2
20

JPMorgan Global Allocation Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2026 (Unaudited) (continued)
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — continued
Germany — continued
Deutsche Post AG
3
197
Deutsche Telekom AG (Registered)
11
340
Dr Ing hc F Porsche AG (Preference) (a) (b)
—
17
E.ON SE
7
155
Evonik Industries AG
1
16
Fresenius Medical Care AG
1
31
Fresenius SE & Co. KGaA
1
70
GEA Group AG
1
33
Hannover Rueck SE
—
56
Heidelberg Materials AG
1
79
Henkel AG & Co. KGaA
—
23
Henkel AG & Co. KGaA (Preference)
1
42
Hensoldt AG
—
18
HOCHTIEF AG
—
25
Infineon Technologies AG
33
2,370
Innio NV *
39
942
Knorr-Bremse AG
—
24
Mercedes-Benz Group AG
2
126
Merck KGaA
—
69
MTU Aero Engines AG
—
72
Muenchener Rueckversicherungs-Gesellschaft AG (Registered)
5
2,657
Nemetschek SE
—
14
Porsche Automobil Holding SE (Preference)
1
16
Rational AG
—
12
Rheinmetall AG
—
197
RWE AG
2
136
SAP SE
3
614
Sartorius AG (Preference) (a)
—
20
Scout24 SE (b)
—
19
Siemens AG (Registered)
2
780
Siemens Energy AG
3
425
Siemens Healthineers AG (b)
1
46
Symrise AG
—
43
Talanx AG
—
25
Volkswagen AG (Preference)
1
57
Vonovia SE
2
56
Zalando SE * (b)
1
22
 
11,966
Greece — 0.1%
Piraeus Bank SA *
113
1,316
Guatemala — 0.1%
Millicom International Cellular SA
9
858
Hong Kong — 0.2%
AIA Group Ltd.
118
1,189
CK Asset Holdings Ltd.
5
33
CK Infrastructure Holdings Ltd.
2
16

JPMorgan Global Allocation Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2026 (Unaudited) (continued)
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — continued
Hong Kong — continued
CLP Holdings Ltd.
5
50
Futu Holdings Ltd., ADR
—
16
Henderson Land Development Co. Ltd.
4
14
HKT Trust & HKT Ltd.
11
18
Hong Kong & China Gas Co. Ltd.
35
32
Hong Kong Exchanges & Clearing Ltd.
48
2,501
Hongkong Land Holdings Ltd.
3
26
Link, REIT
8
41
MTR Corp. Ltd.
5
19
Power Assets Holdings Ltd.
5
38
Prudential plc
8
122
Sino Land Co. Ltd.
14
19
Sun Hung Kai Properties Ltd.
5
71
Swire Pacific Ltd., Class A
1
13
Techtronic Industries Co. Ltd.
47
781
WH Group Ltd. (b)
25
26
Wharf Real Estate Investment Co. Ltd.
5
17
 
5,042
Hungary — 0.1%
OTP Bank Nyrt.
12
1,769
India — 0.8%
Axis Bank Ltd., GDR (b)
18
1,160
Bajaj Finance Ltd.
213
2,540
Blue Star Ltd.
21
377
CG Power & Industrial Solutions Ltd.
62
564
Dr Reddy's Laboratories Ltd., ADR (a)
44
523
HDFC Bank Ltd., ADR
28
657
Hindalco Industries Ltd.
68
695
ICICI Bank Ltd., ADR
94
2,813
Indian Hotels Co. Ltd. (The)
68
524
Infosys Ltd., ADR (a)
68
821
Mahindra & Mahindra Ltd.
38
1,363
Max Financial Services Ltd. *
53
835
Max Healthcare Institute Ltd.
45
519
NTPC Ltd.
281
1,023
Reliance Industries Ltd., GDR (c)
38
2,057
SBI Life Insurance Co. Ltd. (b)
30
598
Trent Ltd.
31
978
Varun Beverages Ltd.
139
644
 
18,691
Indonesia — 0.0% ^
Jardine Matheson Holdings Ltd.
—
33
Telkom Indonesia Persero Tbk. PT
4,171
609
 
642

JPMorgan Global Allocation Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2026 (Unaudited) (continued)
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — continued
Ireland — 0.1%
AerCap Holdings NV
10
1,469
AIB Group plc
7
81
Bank of Ireland Group plc
3
64
Kerry Group plc, Class A
1
49
Kingspan Group plc
—
45
 
1,708
Israel — 0.0% ^
Azrieli Group Ltd.
—
18
Bank Hapoalim BM
4
102
Bank Leumi Le-Israel BM
5
112
Check Point Software Technologies Ltd. *
—
31
Elbit Systems Ltd.
—
72
Enlight Renewable Energy Ltd. *
—
38
Harel Insurance Investments & Financial Services Ltd.
—
21
ICL Group Ltd.
2
11
Israel Discount Bank Ltd., Class A
4
41
Mizrahi Tefahot Bank Ltd.
1
37
Nova Ltd. *
—
39
OPC Energy Ltd. *
1
17
Phoenix Financial Ltd.
1
41
Teva Pharmaceutical Industries Ltd., ADR *
4
131
Tower Semiconductor Ltd. *
—
79
 
790
Italy — 0.3%
Banca Mediolanum SpA
1
17
Banca Monte dei Paschi di Siena SpA
6
82
Banco BPM SpA
4
67
BPER Banca SpA
5
82
Coca-Cola HBC AG
1
43
Davide Campari-Milano NV
2
12
Enel SpA
25
277
Eni SpA
6
162
Ferrari NV
4
1,543
FinecoBank Banca Fineco SpA
2
53
Generali (a)
3
132
Intesa Sanpaolo SpA
45
338
Italgas SpA
2
20
Leonardo SpA
1
83
Moncler SpA
1
40
Poste Italiane SpA (a) (b)
1
44
Prysmian SpA
1
124
Recordati Industria Chimica e Farmaceutica SpA
—
20
Ryanair Holdings plc
1
38
Snam SpA
6
44
Telecom Italia SpA *
5
46
Terna - Rete Elettrica Nazionale
4
52

JPMorgan Global Allocation Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2026 (Unaudited) (continued)
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — continued
Italy — continued
UniCredit SpA
34
3,248
Unipol Assicurazioni SpA
1
35
 
6,602
Ivory Coast — 0.0% ^
Endeavour Mining plc
1
33
Japan — 1.3%
Advantest Corp.
2
454
Aeon Co. Ltd.
7
60
AGC, Inc.
1
23
Aisin Corp.
1
19
Ajinomoto Co., Inc.
3
86
Allegro MicroSystems, Inc. *
15
615
ANA Holdings, Inc.
1
10
Asahi Group Holdings Ltd.
5
48
Asahi Kasei Corp.
4
42
Asics Corp.
2
65
Astellas Pharma, Inc.
5
76
Bandai Namco Holdings, Inc.
2
46
Bridgestone Corp.
3
84
Canon, Inc.
3
72
Capcom Co. Ltd.
1
23
Central Japan Railway Co.
2
60
Chiba Bank Ltd. (The)
2
26
Chubu Electric Power Co., Inc.
2
36
Chugai Pharmaceutical Co. Ltd.
2
95
Concordia Financial Group Ltd.
3
34
Dai Nippon Printing Co. Ltd.
1
20
Daifuku Co. Ltd.
1
37
Daiichi Life Group, Inc.
11
133
Daiichi Sankyo Co. Ltd.
5
87
Daikin Industries Ltd.
1
116
Daito Trust Construction Co. Ltd.
1
19
Daiwa House Industry Co. Ltd.
2
53
Daiwa Securities Group, Inc.
4
46
Denso Corp.
5
63
Disco Corp.
—
107
East Japan Railway Co.
3
71
Ebara Corp.
1
48
Eisai Co. Ltd.
1
24
ENEOS Holdings, Inc.
8
69
FANUC Corp.
3
121
Fast Retailing Co. Ltd.
1
294
Fuji Electric Co. Ltd.
—
35
FUJIFILM Holdings Corp.
4
85
Fujikura Ltd.
5
122
Fujitsu Ltd.
5
127

JPMorgan Global Allocation Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2026 (Unaudited) (continued)
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — continued
Japan — continued
Furukawa Electric Co. Ltd.
2
40
Hankyu Hanshin Holdings, Inc.
1
21
Hikari Tsushin, Inc.
—
24
Hitachi Ltd.
14
465
Honda Motor Co. Ltd.
12
118
Hoya Corp.
1
168
Hulic Co. Ltd.
1
14
Ibiden Co. Ltd.
1
70
Idemitsu Kosan Co. Ltd.
2
20
IHI Corp.
3
54
Inpex Corp.
3
67
Isuzu Motors Ltd.
2
25
ITOCHU Corp.
18
222
Japan Exchange Group, Inc.
3
42
Japan Post Bank Co. Ltd.
6
110
Japan Post Holdings Co. Ltd.
5
81
Japan Post Insurance Co. Ltd.
2
20
Japan Tobacco, Inc.
4
161
JFE Holdings, Inc.
2
20
JX Advanced Metals Corp.
2
39
Kajima Corp.
1
43
Kansai Electric Power Co., Inc. (The)
3
47
Kao Corp.
3
60
Kawasaki Heavy Industries Ltd.
2
39
Kawasaki Kisen Kaisha Ltd.
1
20
KDDI Corp.
9
173
Keyence Corp.
4
1,956
Kikkoman Corp.
2
25
Kioxia Holdings Corp. *
1
279
Kirin Holdings Co. Ltd.
3
48
Komatsu Ltd.
3
117
Konami Group Corp.
—
39
Kubota Corp.
3
53
Kyocera Corp.
4
84
Kyowa Kirin Co. Ltd.
1
11
Lasertec Corp.
—
69
LY Corp.
8
23
Makita Corp.
1
23
Marubeni Corp.
4
145
MINEBEA MITSUMI, Inc.
1
25
Mitsubishi Chemical Group Corp.
4
26
Mitsubishi Corp.
10
290
Mitsubishi Electric Corp.
6
220
Mitsubishi Estate Co. Ltd.
3
83
Mitsubishi HC Capital, Inc.
3
27
Mitsubishi Heavy Industries Ltd.
10
241
Mitsubishi UFJ Financial Group, Inc.
139
3,111

JPMorgan Global Allocation Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2026 (Unaudited) (continued)
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — continued
Japan — continued
Mitsui & Co. Ltd.
8
233
Mitsui Fudosan Co. Ltd.
8
76
Mitsui Kinzoku Co. Ltd.
—
38
Mitsui OSK Lines Ltd.
1
41
Mizuho Financial Group, Inc.
8
394
MS&AD Insurance Group Holdings, Inc.
4
117
Murata Manufacturing Co. Ltd.
5
237
NEC Corp.
4
119
Nexon Co. Ltd.
1
16
NIDEC Corp. *
3
43
Nintendo Co. Ltd.
3
167
Nippon Building Fund, Inc., REIT
—
20
Nippon Paint Holdings Co. Ltd.
3
23
Nippon Sanso Holdings Corp.
1
22
Nippon Steel Corp.
15
63
Nippon Yusen KK
1
50
Nissan Motor Co. Ltd. *
8
16
Nitori Holdings Co. Ltd.
1
21
Nitto Denko Corp.
2
44
Nomura Holdings, Inc.
9
91
Nomura Research Institute Ltd.
1
35
NTT, Inc.
97
93
Obayashi Corp.
2
37
Obic Co. Ltd.
1
29
Olympus Corp.
3
38
Oriental Land Co. Ltd.
3
70
ORIX Corp.
3
141
Osaka Gas Co. Ltd.
1
38
Otsuka Corp.
1
14
Otsuka Holdings Co. Ltd.
1
97
Pan Pacific International Holdings Corp.
6
35
Panasonic Holdings Corp.
7
198
Rakuten Group, Inc. *
4
23
Recruit Holdings Co. Ltd.
4
340
Renesas Electronics Corp.
6
112
Resona Holdings, Inc.
7
89
Resonac Holdings Corp.
1
50
Ryohin Keikaku Co. Ltd.
2
42
Sanrio Co. Ltd.
3
24
SBI Holdings, Inc.
2
32
SCREEN Holdings Co. Ltd.
1
38
Secom Co. Ltd.
1
52
Seibu Holdings, Inc.
1
13
Sekisui House Ltd.
2
42
Seven & i Holdings Co. Ltd.
6
81
Shimano, Inc.
—
25
Shimizu Corp.
2
22

JPMorgan Global Allocation Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2026 (Unaudited) (continued)
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — continued
Japan — continued
Shin-Etsu Chemical Co. Ltd.
5
185
Shionogi & Co. Ltd.
2
42
Shiseido Co. Ltd.
1
26
SMC Corp.
—
86
SoftBank Corp.
92
129
SoftBank Group Corp.
12
371
Sompo Holdings, Inc.
3
115
Sony Group Corp.
19
439
Subaru Corp.
2
29
Sumitomo Corp.
13
135
Sumitomo Electric Industries Ltd.
145
1,924
Sumitomo Metal Mining Co. Ltd.
1
35
Sumitomo Mitsui Financial Group, Inc.
12
503
Sumitomo Mitsui Trust Group, Inc.
8
82
Sumitomo Realty & Development Co. Ltd.
2
43
Suntory Beverage & Food Ltd.
—
12
Suzuki Motor Corp.
5
65
T&D Holdings, Inc.
1
44
Taisei Corp.
1
40
Takeda Pharmaceutical Co. Ltd.
5
172
TDK Corp.
6
117
Terumo Corp.
4
62
Toho Co. Ltd.
2
16
Tokio Marine Holdings, Inc.
60
3,043
Tokyo Electron Ltd.
8
2,541
Tokyo Gas Co. Ltd.
1
35
TOPPAN Holdings, Inc.
1
20
Toray Industries, Inc.
4
29
Toyota Motor Corp.
146
2,755
Toyota Tsusho Corp.
2
83
Unicharm Corp.
3
22
West Japan Railway Co.
1
25
Yamaha Motor Co. Ltd.
3
23
Yokogawa Electric Corp.
1
29
Zensho Holdings Co. Ltd.
—
19
 
29,646
Kazakhstan — 0.0% ^
Kaspi.KZ JSC, ADR (b)
5
492
Luxembourg — 0.0% ^
ArcelorMittal SA
1
97
CVC Capital Partners plc (b)
1
11
Eurofins Scientific SE
—
28
 
136

JPMorgan Global Allocation Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2026 (Unaudited) (continued)
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — continued
Macau — 0.0% ^
Galaxy Entertainment Group Ltd.
6
26
Sands China Ltd.
8
14
 
40
Malaysia — 0.0% ^
Malayan Banking Bhd.
244
650
Mexico — 0.1%
Arca Continental SAB de CV
47
539
Fresnillo plc
1
19
Grupo Aeroportuario del Sureste SAB de CV, ADR (a)
2
605
Regional SAB de CV
83
684
 
1,847
Netherlands — 0.6%
ABN AMRO Bank NV, CVA (b)
2
90
Adyen NV * (b)
—
87
Akzo Nobel NV (a)
1
34
Argenx SE *
—
169
ASM International NV
—
140
ASML Holding NV
5
8,391
ASR Nederland NV
1
41
BE Semiconductor Industries NV
—
52
Euronext NV (b)
—
46
EXOR NV
—
22
Heineken Holding NV
—
32
Heineken NV
1
84
ING Groep NV
9
329
Koninklijke Ahold Delhaize NV
3
113
Koninklijke KPN NV
12
58
Koninklijke Philips NV
3
65
Magnum Ice Cream Co. NV (The) * (a)
2
29
Nebius Group NV * (a)
1
123
NN Group NV
1
80
NXP Semiconductors NV
10
2,390
uniQure NV *
15
663
Universal Music Group NV
3
54
Wolters Kluwer NV
1
57
 
13,149
New Zealand — 0.0% ^
Auckland International Airport Ltd.
5
28
Contact Energy Ltd.
3
16
Fisher & Paykel Healthcare Corp. Ltd.
2
45
Infratil Ltd.
3
25
Meridian Energy Ltd.
4
14
Xero Ltd. *
1
25
 
153

JPMorgan Global Allocation Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2026 (Unaudited) (continued)
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — continued
Nigeria — 0.0% ^
Airtel Africa plc (b)
2
11
Norway — 0.0% ^
Aker BP ASA
1
36
DNB Bank ASA
3
84
Equinor ASA
2
93
Gjensidige Forsikring ASA
1
19
Kongsberg Gruppen ASA
1
42
Mowi ASA
2
29
Norsk Hydro ASA
4
38
Orkla ASA
2
25
Salmar ASA
—
12
Telenor ASA
2
27
Var Energi ASA
3
14
 
419
Peru — 0.1%
Intercorp Financial Services, Inc.
15
879
Poland — 0.0% ^
InPost SA *
1
14
Portugal — 0.0% ^
Banco Comercial Portugues SA, Class R
26
32
EDP SA
10
48
Galp Energia SGPS SA
1
30
Jeronimo Martins SGPS SA
1
18
 
128
Russia — 0.0%
Severstal PAO, GDR ‡ * (b)
58
—
(d)
Saudi Arabia — 0.1%
Al Rajhi Bank
104
1,731
Singapore — 0.2%
CapitaLand Ascendas, REIT
13
26
CapitaLand Integrated Commercial Trust, REIT
19
37
CapitaLand Investment Ltd.
8
16
DBS Group Holdings Ltd.
46
2,673
Grab Holdings Ltd., Class A *
7
26
Keppel Ltd.
4
39
Kulicke & Soffa Industries, Inc.
6
494
Oversea-Chinese Banking Corp. Ltd.
10
236
Sea Ltd., ADR *
1
129
Sembcorp Industries Ltd.
3
12
Singapore Airlines Ltd.
5
29
Singapore Exchange Ltd.
3
50
Singapore Technologies Engineering Ltd.
5
38
Singapore Telecommunications Ltd.
24
83

JPMorgan Global Allocation Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2026 (Unaudited) (continued)
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — continued
Singapore — continued
STMicroelectronics NV
2
108
United Overseas Bank Ltd.
4
128
 
4,124
South Africa — 0.2%
Absa Group Ltd.
63
871
Anglo American plc
3
172
Capitec Bank Holdings Ltd.
3
964
Gold Fields Ltd.
36
1,146
Gold Fields Ltd., ADR
16
511
MTN Group Ltd.
71
881
Sanlam Ltd.
84
446
 
4,991
South Korea — 1.6%
Amorepacific Corp.
8
683
APR Corp.
3
709
Coupang, Inc. *
29
477
DB Insurance Co. Ltd.
4
480
Delivery Hero SE * (b)
1
23
Hana Financial Group, Inc.
10
886
Hanmi Pharm Co. Ltd.
2
558
HD Hyundai Electric Co. Ltd.
1
515
Hugel, Inc. *
2
258
Hyundai Glovis Co. Ltd.
3
481
JB Financial Group Co. Ltd.
31
561
KakaoBank Corp.
28
425
Kia Corp.
17
1,503
KT Corp., ADR
56
1,012
Samsung Biologics Co. Ltd. * (b)
—
438
Samsung Electronics Co. Ltd.
95
16,449
SK hynix, Inc.
9
10,278
 
35,736
Spain — 0.1%
Acciona SA
—
22
ACS Actividades de Construccion y Servicios SA
1
73
Aena SME SA (b)
2
74
Amadeus IT Group SA
1
87
Banco Bilbao Vizcaya Argentaria SA
18
506
Banco de Sabadell SA
15
59
Banco Santander SA
46
653
Bankinter SA
2
36
CaixaBank SA
11
164
Cellnex Telecom SA (b)
2
48
EDP Renewables SA
1
16
Endesa SA
1
49
Iberdrola SA
20
473
Indra Sistemas SA
—
15

JPMorgan Global Allocation Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2026 (Unaudited) (continued)
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — continued
Spain — continued
Industria de Diseno Textil SA
4
229
Mapfre SA
3
15
Naturgy Energy Group SA
1
44
Redeia Corp. SA
1
22
Repsol SA
4
108
Telefonica SA
12
49
 
2,742
Sweden — 0.3%
AddTech AB, Class B
1
30
Alfa Laval AB
1
55
Assa Abloy AB, Class B
3
116
Atlas Copco AB, Class A
8
171
Atlas Copco AB, Class B
5
88
Beijer Ref AB
1
19
Boliden AB
1
46
Epiroc AB, Class A
2
51
Epiroc AB, Class B
1
26
EQT AB
1
47
Essity AB, Class B
2
53
Evolution AB * (b)
—
29
Fastighets AB Balder, Class B *
2
12
H & M Hennes & Mauritz AB, Class B
1
25
Hexagon AB, Class B
7
66
Industrivarden AB, Class A
—
19
Industrivarden AB, Class C
1
29
Indutrade AB
1
21
Investment AB Latour, Class B
—
9
Investor AB, Class B
6
242
L E Lundbergforetagen AB, Class B
—
14
Lifco AB, Class B
1
23
Nibe Industrier AB, Class B
4
18
Saab AB, Class B
1
64
Sagax AB, Class B
1
12
Sandvik AB
3
124
Securitas AB, Class B
2
24
Skandinaviska Enskilda Banken AB, Class A
5
110
Skanska AB, Class B
1
29
SKF AB, Class B
1
29
Svenska Cellulosa AB SCA, Class B
2
22
Svenska Handelsbanken AB, Class A
4
67
Swedbank AB, Class A
3
105
Swedish Orphan Biovitrum AB *
1
28
Tele2 AB, Class B
2
30
Telefonaktiebolaget LM Ericsson, Class B
8
83
Telia Co. AB
7
34

JPMorgan Global Allocation Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2026 (Unaudited) (continued)
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — continued
Sweden — continued
Trelleborg AB, Class B
1
27
Volvo AB, Class B
114
4,346
 
6,343
Switzerland — 0.2%
ABB Ltd. (Registered)
5
496
Avolta AG
—
17
Banque Cantonale Vaudoise (Registered)
—
18
Barry Callebaut AG (Registered)
—
18
Belimo Holding AG (Registered)
—
33
BKW AG
—
10
Chocoladefabriken Lindt & Spruengli AG
—
46
Cie Financiere Richemont SA (Registered)
2
408
DSM-Firmenich AG
1
57
EMS-Chemie Holding AG (Registered) (a)
—
23
Galderma Group AG
1
129
Geberit AG (Registered)
—
69
Givaudan SA (Registered)
—
120
Helvetia Baloise Holding AG
—
67
Julius Baer Group Ltd.
1
58
Kuehne + Nagel International AG (Registered)
—
39
Logitech International SA (Registered)
1
48
Lonza Group AG (Registered)
—
158
Nestle SA (Registered)
8
826
Partners Group Holding AG
—
57
Sandoz Group AG
1
110
Schindler Holding AG
—
40
Schindler Holding AG (Registered)
—
31
SGS SA (Registered)
1
63
Sika AG (Registered)
1
110
Sonova Holding AG (Registered)
—
43
Straumann Holding AG (Registered)
—
44
Swatch Group AG (The)
—
20
Swiss Life Holding AG (Registered)
—
105
Swiss Prime Site AG (Registered)
—
42
Swisscom AG (Registered)
—
65
UBS Group AG (Registered)
10
538
VAT Group AG (b)
—
65
Zurich Insurance Group AG
1
366
 
4,339
Taiwan — 2.3%
Accton Technology Corp.
19
1,232
ASE Technology Holding Co. Ltd.
115
1,959
CTBC Financial Holding Co. Ltd.
702
1,401
Delta Electronics, Inc.
45
2,214
Elite Material Co. Ltd.
12
1,774
Formosa Chemicals & Fibre Corp.
303
528

JPMorgan Global Allocation Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2026 (Unaudited) (continued)
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — continued
Taiwan — continued
Lotes Co. Ltd. *
15
833
MediaTek, Inc.
34
3,622
Taiwan Semiconductor Manufacturing Co. Ltd.
399
29,475
Taiwan Semiconductor Manufacturing Co. Ltd., ADR
14
5,831
Wiwynn Corp.
8
1,335
Zhen Ding Technology Holding Ltd.
85
1,062
 
51,266
Thailand — 0.0% ^
Fabrinet *
2
792
United Arab Emirates — 0.1%
ADNOC Drilling Co. PJSC
235
372
Aldar Properties PJSC
284
573
NMC Health plc ‡ *
3
—
(d)
 
945
United Kingdom — 0.5%
3i Group plc
3
120
Admiral Group plc
1
42
Associated British Foods plc
1
25
AstraZeneca plc
5
825
Aviva plc
10
91
BAE Systems plc
9
266
Barclays plc
44
302
British American Tobacco plc
6
391
BT Group plc
18
50
Bunzl plc
1
38
Centrica plc
15
31
CK Hutchison Holdings Ltd.
9
78
Coca-Cola Europacific Partners plc
1
71
Compass Group plc
55
1,760
Diageo plc
7
157
GSK plc
13
338
Halma plc
1
57
HSBC Holdings plc
55
1,174
Imperial Brands plc
2
90
Informa plc
4
49
International Consolidated Airlines Group SA
4
21
Intertek Group plc
1
38
J Sainsbury plc
5
26
Kingfisher plc
5
22
Klarna Group plc * (a)
23
444
Land Securities Group plc, REIT
2
22
Legal & General Group plc
17
68
Lloyds Banking Group plc
188
290
London Stock Exchange Group plc
1
161
M&G plc
7
34
Marks & Spencer Group plc
7
35

JPMorgan Global Allocation Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2026 (Unaudited) (continued)
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — continued
United Kingdom — continued
Melrose Industries plc
4
24
National Grid plc
16
255
NatWest Group plc
110
1,035
Next plc
—
74
Pearson plc
2
25
Reckitt Benckiser Group plc
2
145
RELX plc
6
201
Rentokil Initial plc
8
37
Rolls-Royce Holdings plc
27
537
Sage Group plc (The)
3
38
Schroders plc
3
20
Segro plc, REIT
4
51
Severn Trent plc
1
35
Smith & Nephew plc
2
39
Smiths Group plc
1
34
Spirax Group plc
—
22
SSE plc
4
123
Standard Chartered plc
6
169
Standard Life plc
2
28
TechnipFMC plc
15
1,084
Tesco plc
21
135
Unilever plc
7
446
United Utilities Group plc
2
44
Verisure plc * (a)
1
9
Vodafone Group plc
59
94
Wise Group plc, Class A *
2
27
 
11,847
United States — 22.0%
3M Co.
23
4,083
AbbVie, Inc.
22
5,572
Accenture plc, Class A
3
437
Advanced Micro Devices, Inc. *
11
5,428
Aegon Ltd. (a)
4
37
Albemarle Corp.
8
906
Alcon AG
2
110
Alexandria Real Estate Equities, Inc., REIT
5
248
Alnylam Pharmaceuticals, Inc. *
2
421
Alphabet, Inc., Class A
28
10,132
Alphabet, Inc., Class C
53
19,078
Amazon.com, Inc. *
98
26,700
American Express Co.
12
3,933
American Homes 4 Rent, Class A, REIT
10
328
American Tower Corp., REIT
3
465
AMETEK, Inc.
6
1,453
Amphenol Corp., Class A
10
1,636
Amrize Ltd.
13
641
Analog Devices, Inc.
2
910

JPMorgan Global Allocation Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2026 (Unaudited) (continued)
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — continued
United States — continued
Andersen Group, Inc., Class A * (a)
4
168
Aon plc, Class A
9
3,154
AP Moller - Maersk A/S, Class A
—
21
AP Moller - Maersk A/S, Class B
—
30
Apple, Inc.
64
19,684
AppLovin Corp., Class A *
3
1,064
Arista Networks, Inc. *
8
1,454
Arthur J Gallagher & Co.
7
1,741
Astera Labs, Inc. *
2
549
AT&T, Inc.
117
2,720
AutoZone, Inc. *
1
4,265
AvalonBay Communities, Inc., REIT
13
2,441
Baker Hughes Co., Class A
56
3,387
Bank of America Corp.
119
7,400
Becton Dickinson & Co.
2
387
Berkshire Hathaway, Inc., Class B *
7
3,556
Best Buy Co., Inc.
2
192
Biogen, Inc. *
2
407
BJ's Wholesale Club Holdings, Inc. *
12
1,126
Booking Holdings, Inc.
16
3,151
Booz Allen Hamilton Holding Corp., Class A
19
1,359
Boston Scientific Corp. *
23
1,069
BP plc
50
378
Bristol-Myers Squibb Co.
50
3,253
Broadcom, Inc.
31
12,125
Burlington Stores, Inc. *
4
1,375
Buzzi SpA
—
11
BWX Technologies, Inc.
5
817
CACI International, Inc., Class A *
—
115
Capital One Financial Corp.
14
2,855
Carnival Corp. Ltd.
21
595
Carpenter Technology Corp.
1
712
Carvana Co., Class A *
9
563
Casey's General Stores, Inc.
1
1,302
Caterpillar, Inc.
1
507
CBRE Group, Inc., Class A *
7
1,048
CDW Corp.
5
772
Cencora, Inc.
10
3,064
Cerebras Systems, Inc., Class A * (a)
6
1,259
Charles Schwab Corp. (The)
43
4,516
Chemours Co. (The)
41
674
Chevron Corp.
3
564
Chipotle Mexican Grill, Inc., Class A *
8
300
Chubb Ltd.
1
296
Ciena Corp. *
2
864
Cigna Group (The)
5
1,412
Citigroup, Inc.
7
887

JPMorgan Global Allocation Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2026 (Unaudited) (continued)
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — continued
United States — continued
Cloudflare, Inc., Class A *
2
593
Cognizant Technology Solutions Corp., Class A
6
315
Columbia Sportswear Co.
5
295
Comfort Systems USA, Inc.
1
1,787
ConocoPhillips
14
1,662
Corpay, Inc. *
4
1,608
CoStar Group, Inc. *
31
893
Crowdstrike Holdings, Inc., Class A *
14
2,648
Danaher Corp.
10
1,894
Darden Restaurants, Inc.
1
204
Deere & Co.
2
1,061
DigitalOcean Holdings, Inc. *
9
1,099
DoorDash, Inc., Class A *
7
1,451
Dover Corp.
19
3,989
Dow, Inc.
11
331
Eaton Corp. plc
2
666
Ecolab, Inc.
7
1,931
Edwards Lifesciences Corp. *
16
1,386
Elevance Health, Inc.
2
853
elf Beauty, Inc. *
4
347
Eli Lilly & Co.
3
3,028
Emerson Electric Co.
8
1,243
Entegris, Inc.
7
797
EOG Resources, Inc.
11
1,632
EQT Corp.
34
1,826
Equinix, Inc., REIT
—
207
EquipmentShare.com, Inc., Class A * (a)
11
206
Essex Property Trust, Inc., REIT
3
799
Experian plc
3
109
ExxonMobil Holdings Corp. *
18
2,759
FedEx Corp.
1
351
Fedex Freight Holding Co., Inc. *
1
104
Ferrovial NV
2
100
Fidelity National Information Services, Inc.
22
1,006
Fifth Third Bancorp
43
2,411
First Citizens BancShares, Inc., Class A
—
282
Flowserve Corp.
18
1,341
Fox Corp., Class A
9
529
Freeport-McMoRan, Inc.
11
693
Gap, Inc. (The)
12
247
Gates Industrial Corp. Ltd. *
67
1,882
GE HealthCare Technologies, Inc.
27
1,809
General Dynamics Corp.
1
401
Genpact Ltd.
12
418
Goldman Sachs Group, Inc. (The)
2
1,823
Guidewire Software, Inc. *
4
593
Haleon plc
29
140

JPMorgan Global Allocation Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2026 (Unaudited) (continued)
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — continued
United States — continued
Hayward Holdings, Inc. *
23
342
HCA Healthcare, Inc.
3
1,260
Henry Schein, Inc. *
3
285
Hewlett Packard Enterprise Co.
57
2,721
Hilton Worldwide Holdings, Inc.
3
1,110
Holcim AG
2
149
Host Hotels & Resorts, Inc., REIT
4
112
Howmet Aerospace, Inc.
5
1,385
HubSpot, Inc. *
6
1,442
Incora Intermediate LLC ‡ *
—
5
Ingersoll Rand, Inc.
15
1,253
Insmed, Inc. *
10
1,027
Intel Corp. *
17
1,567
Interactive Brokers Group, Inc., Class A
13
1,117
InterContinental Hotels Group plc
—
74
International Business Machines Corp.
1
331
Intuit, Inc.
1
467
Intuitive Surgical, Inc. *
1
438
IQVIA Holdings, Inc. *
11
2,564
ITT, Inc.
7
1,331
Jabil, Inc.
3
828
JB Hunt Transport Services, Inc.
1
253
JFrog Ltd. *
9
683
Johnson & Johnson
35
9,066
Kinder Morgan, Inc.
5
175
Kinsale Capital Group, Inc.
1
322
Kontoor Brands, Inc.
12
1,042
Labcorp Holdings, Inc.
5
1,501
Lam Research Corp.
5
1,374
Live Nation Entertainment, Inc. *
5
896
Loews Corp.
4
519
Lowe's Cos., Inc.
20
4,104
Lumentum Holdings, Inc. *
1
698
LyondellBasell Industries NV, Class A
4
221
M&T Bank Corp.
2
602
Marriott International, Inc., Class A
4
1,459
Marsh & McLennan Cos., Inc.
2
326
Martin Marietta Materials, Inc.
—
239
MasTec, Inc. *
3
850
Mastercard, Inc., Class A
20
11,239
McDonald's Corp.
12
3,200
Medtronic plc
11
960
Merck & Co., Inc.
14
1,812
Meta Platforms, Inc., Class A
21
11,822
MGIC Investment Corp.
14
410
Micron Technology, Inc.
6
5,334
Microsoft Corp.
52
23,976

JPMorgan Global Allocation Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2026 (Unaudited) (continued)
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — continued
United States — continued
Mid-America Apartment Communities, Inc., REIT
8
1,047
Middleby Corp. (The) *
2
281
Midera Food Processing, Inc. *
3
142
MKS, Inc.
3
828
Mohawk Industries, Inc. *
2
263
Mondelez International, Inc., Class A
19
1,182
Moran Foods Backstop Equity ‡ *
2,995
—
Morgan Stanley
12
2,508
MYT Holding LLC ‡ *
23
6
Natera, Inc. *
5
1,323
Neurocrine Biosciences, Inc. *
7
1,249
Nexstar Media Group, Inc.
4
693
NextEra Energy, Inc.
89
7,695
NMG Parent LLC, Escrow ‡ *
1
—
(d)
Novartis AG (Registered)
6
919
NVIDIA Corp.
175
35,224
Octave Intelligence plc, SDR *
1
11
Okta, Inc. *
5
705
Omnicom Group, Inc.
4
346
Packaging Corp. of America
2
395
Palantir Technologies, Inc., Class A *
11
1,414
Palo Alto Networks, Inc. *
8
2,645
Paychex, Inc.
3
336
Paylocity Holding Corp. *
2
213
Performance Food Group Co. *
24
2,729
PG&E Corp.
38
667
Philip Morris International, Inc.
11
2,046
Post Holdings, Inc. *
4
408
PPG Industries, Inc.
3
284
Procter & Gamble Co. (The)
3
392
Progressive Corp. (The)
9
1,961
PTC, Inc. *
2
246
Public Service Enterprise Group, Inc.
2
176
Public Storage, REIT
1
355
QIAGEN NV
1
27
QUALCOMM, Inc.
9
1,357
Quanta Services, Inc.
3
1,883
Range Resources Corp.
15
598
Raymond James Financial, Inc.
2
291
Rayonier, Inc., REIT
10
216
Regency Centers Corp., REIT
4
325
Regeneron Pharmaceuticals, Inc.
1
648
Regions Financial Corp.
8
247
Rhythm Pharmaceuticals, Inc. *
5
490
Robinhood Markets, Inc., Class A *
10
851
Roche Holding AG
—
42
Roche Holding AG
2
986

JPMorgan Global Allocation Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2026 (Unaudited) (continued)
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — continued
United States — continued
Rocket Cos., Inc., Class A *
34
433
Rockwell Automation, Inc.
2
821
Roper Technologies, Inc.
1
447
Royal Caribbean Cruises Ltd.
3
812
RTX Corp.
7
1,541
Sandisk Corp. *
—
518
Sanofi SA
3
301
SBA Communications Corp., REIT
1
222
Schneider Electric SE
2
591
Sempra
4
368
ServiceNow, Inc. *
14
1,504
Shell plc
123
5,622
Silgan Holdings, Inc.
7
280
Smurfit Westrock plc
7
322
Snowflake, Inc., Class A *
7
2,047
Somnigroup International, Inc.
5
322
Southern Co. (The)
14
1,312
Southwest Airlines Co.
39
1,754
Space Exploration Technologies Corp., Class A * (a)
8
817
Spotify Technology SA *
—
235
State Street Corp.
4
674
Stellantis NV *
6
37
Stryker Corp.
11
3,615
Sunbelt Rentals Holdings, Inc.
1
94
Swiss Re AG
1
160
Take-Two Interactive Software, Inc. *
5
1,176
TD SYNNEX Corp.
4
902
Teledyne Technologies, Inc. *
1
945
Tenaris SA
1
30
Teradyne, Inc.
4
1,324
Tesla, Inc. *
13
4,028
Texas Instruments, Inc.
2
586
Textron, Inc.
4
321
Thermo Fisher Scientific, Inc.
2
1,205
Timken Co. (The)
9
1,171
TJX Cos., Inc. (The)
6
919
Toast, Inc., Class A *
22
702
Tractor Supply Co.
29
879
Trane Technologies plc
8
3,520
TransUnion
5
388
Travelers Cos., Inc. (The)
1
347
Truist Financial Corp.
11
561
Twilio, Inc., Class A *
5
897
UDR, Inc., REIT
11
411
Union Pacific Corp.
2
556
United Rentals, Inc.
2
2,056
UnitedHealth Group, Inc.
13
5,384

JPMorgan Global Allocation Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2026 (Unaudited) (continued)
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — continued
United States — continued
Universal Display Corp.
1
96
US Bancorp
30
1,891
Valero Energy Corp.
3
983
Ventas, Inc., REIT
38
3,524
VeraDermics, Inc. *
3
355
Vertex Pharmaceuticals, Inc. *
—
226
Vicor Corp. *
2
422
Walmart, Inc.
8
938
Walt Disney Co. (The)
58
5,623
Warner Music Group Corp., Class A
8
203
Wells Fargo & Co.
69
5,946
Western Digital Corp.
6
3,095
Williams Cos., Inc. (The)
21
1,496
WillScot Holdings Corp.
20
483
Xcel Energy, Inc.
7
549
Yum! Brands, Inc.
20
3,101
Zoom Communications, Inc., Class A *
2
203
 
495,688
Total Common Stocks
(Cost $470,214)
803,238
 
PRINCIPAL
AMOUNT
($000)
Corporate Bonds — 16.8%
Australia — 0.1%
Goodman Australia Finance Pty. Ltd. REIT, 4.25%, 5/3/2030 (b)
EUR790
927
Goodman US Finance Seven LLC REIT, 5.25%, 4/28/2036 (c)
939
903
Scentre Group Trust 1 REIT, 3.75%, 3/23/2027 (c)
200
199
 
2,029
Austria — 0.0% ^
Benteler International Austria GmbH 7.25%, 6/15/2031 (b)
EUR230
281
Canada — 0.6%
Bank of Montreal 0.05%, 6/8/2029 (b)
EUR1,327
1,402
Bausch Health Cos., Inc.
4.88%, 6/1/2028 (c)
605
563
11.00%, 9/30/2028 (c)
392
401
Element Fleet Management Corp. 5.64%, 3/13/2027 (c)
250
251
Enbridge, Inc.
(3-MONTH CME TERM SOFR + 3.68%), 5.50%, 7/15/2077 (e)
450
449
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.71%), 7.38%, 1/15/2083 (e)
1,100
1,122
National Bank of Canada (SOFR + 0.79%), 4.95%, 2/1/2028 (e)
250
250
Nutrien Ltd. 4.85%, 5/29/2031
598
593
Ontario Teachers' Finance Trust
4.25%, 4/25/2028 (c)
1,513
1,510
0.10%, 5/19/2028 (b)
EUR2,955
3,238
0.05%, 11/25/2030 (b)
EUR2,896
2,917

JPMorgan Global Allocation Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2026 (Unaudited) (continued)
INVESTMENTS 
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Canada — continued
Toronto-Dominion Bank (The) 3.19%, 2/16/2029 (b)
EUR1,300
1,500
TransCanada PipeLines Ltd. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.25%), 6.13%, 10/17/2056 (a)
(e)
194
194
 
14,390
Denmark — 0.1%
Danske Bank A/S (EUR Swap Annual 1 Year + 1.35%), 4.50%, 11/9/2028 (b) (e)
EUR2,000
2,344
France — 0.4%
BNP Paribas SA (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.90%), 7.75%, 8/16/2029 (c) (e) (f) (g) (h)
440
459
BPCE SFH SA 3.38%, 3/13/2029 (b)
EUR1,900
2,202
Electricite de France SA (EUR Swap Annual 5 Year + 2.86%), 2.63%, 12/1/2027 (b) (e) (g) (h)
EUR400
451
Engie SA 3.63%, 3/6/2031 (b)
EUR1,900
2,193
Forvia SE 5.63%, 6/15/2030 (b)
EUR225
266
Societe Generale SA
(EURIBOR 3 Month + 1.50%), 4.75%, 9/28/2029 (b) (e)
EUR900
1,065
(EURIBOR 3 Month + 1.80%), 4.25%, 12/6/2030 (b) (e)
EUR1,800
2,110
TotalEnergies SE Series NC12, (EUR Swap Annual 5 Year + 2.51%), 2.13%, 7/25/2032 (b) (e) (g) (h)
EUR700
705
 
9,451
Germany — 0.8%
Commerzbank AG (EURIBOR 3 Month + 2.40%), 5.13%, 1/18/2030 (b) (e)
EUR2,700
3,232
Deutsche Bank AG
(SOFR + 1.22%), 2.31%, 11/16/2027 (e)
2,450
2,433
(EURIBOR 3 Month + 1.25%), 3.38%, 2/13/2031 (b) (e)
EUR1,700
1,938
Mercedes-Benz Finance North America LLC 4.90%, 11/15/2027 (c)
250
251
Traton Finance Luxembourg SA
3.75%, 3/27/2030 (b)
EUR1,600
1,840
3.75%, 1/14/2031 (b)
EUR1,200
1,375
Volkswagen Bank GmbH 2.75%, 6/19/2028 (b)
EUR3,500
3,985
Volkswagen Leasing GmbH 0.63%, 7/19/2029 (b)
EUR652
692
Vonovia SE 1.00%, 7/9/2030 (b)
EUR2,100
2,186
ZF Europe Finance BV 7.00%, 6/12/2030 (b)
EUR200
245
 
18,177
Hong Kong — 0.0% ^
Melco Resorts Finance Ltd. 6.50%, 9/24/2033 (c)
200
193
Ireland — 0.2%
AerCap Ireland Capital DAC 4.75%, 1/15/2033
380
366
AIB Group plc (EURIBOR ICE Swap Rate 5 Year + 4.39%), 7.13%, 10/30/2029 (b) (e) (f) (g) (h)
EUR400
493
Avolon Holdings Funding Ltd. 3.25%, 2/15/2027 (c)
2,350
2,332
 
3,191
Italy — 0.6%
Banca Monte dei Paschi di Siena SpA 3.50%, 4/23/2029 (b)
EUR2,150
2,494
Banco BPM SpA 4.63%, 11/29/2027 (b)
EUR2,000
2,349
Credito Emiliano SpA 3.25%, 4/18/2029 (b)
EUR2,000
2,304
Enel SpA (EURIBOR ICE Swap Rate 5 Year + 3.49%), 6.38%, 4/16/2028 (b) (e) (g) (h)
EUR300
360
Intesa Sanpaolo SpA
5.13%, 8/29/2031 (b)
EUR1,066
1,313

JPMorgan Global Allocation Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2026 (Unaudited) (continued)
INVESTMENTS 
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Italy — continued
(EURIBOR ICE Swap Rate 5 Year + 4.04%), 6.38%, 5/26/2033 (b) (e) (f) (g) (h)
EUR400
485
UniCredit SpA
(EURIBOR 3 Month + 1.60%), 4.45%, 2/16/2029 (b) (e)
EUR2,315
2,713
(EURIBOR ICE Swap Rate 5 Year + 4.21%), 6.50%, 12/3/2031 (b) (e) (f) (g) (h)
EUR600
737
 
12,755
Japan — 0.1%
Nissan Motor Co. Ltd. 7.50%, 7/17/2030 (c)
696
713
Sumitomo Mitsui Financial Group, Inc. 5.80%, 7/13/2028 (a)
200
204
 
917
Luxembourg — 0.0% ^
Maxam Prill SARL 6.00%, 7/15/2030 (b)
EUR245
288
Netherlands — 0.1%
Nederlandse Waterschapsbank NV 3.50%, 7/20/2027
AUD3,120
2,166
Portugal — 0.2%
Banco Santander Totta SA 3.25%, 2/15/2031 (b)
EUR3,600
4,144
Saudi Arabia — 0.0% ^
Greensaif Pipelines Bidco Sarl 5.85%, 2/23/2036 (b)
780
773
Spain — 0.4%
Banco Bilbao Vizcaya Argentaria SA (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.10%), 9.38%,
3/19/2029 (e) (f) (g) (h)
640
692
Banco de Sabadell SA
(EURIBOR ICE Swap Rate 1 Year + 1.60%), 4.25%, 9/13/2030 (b) (e)
EUR1,800
2,119
(EUR Swap Annual 5 Year + 4.28%), 6.50%, 5/20/2031 (b) (e) (f) (g) (h)
EUR400
483
Banco Santander SA (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.31%), 9.63%, 11/21/2028 (e) (f) (g) (h)
600
650
CaixaBank SA
(EURIBOR 3 Month + 1.65%), 5.00%, 7/19/2029 (b) (e)
EUR3,200
3,807
(EURIBOR ICE Swap Rate 5 Year + 5.29%), 7.50%, 1/16/2030 (b) (e) (f) (g) (h)
EUR400
500
Iberdrola Finanzas SA (EURIBOR ICE Swap Rate 5 Year + 1.36%), 3.75%, 8/5/2031 (b) (e) (g) (h)
EUR200
224
Telefonica Europe BV (EURIBOR ICE Swap Rate 8 Year + 3.61%), 6.75%, 6/7/2031 (b) (e) (g) (h)
EUR800
994
 
9,469
Switzerland — 0.5%
Holcim Finance Luxembourg SA 0.50%, 4/23/2031 (b)
EUR938
934
Tyco Electronics Group SA 0.00%, 2/16/2029
EUR1,225
1,299
UBS Group AG
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.74%), 9.25%, 11/13/2028 (c) (e) (f) (g) (h)
435
466
(SOFR + 1.06%), 4.40%, 9/23/2031 (c) (e)
548
532
UBS Switzerland AG 3.30%, 3/5/2029 (b)
EUR7,070
8,172
 
11,403
Trinidad And Tobago — 0.0% ^
Trinidad Generation UnLtd 7.75%, 6/16/2033 (c)
200
209
United Kingdom — 0.6%
Barclays plc
(SOFR + 1.49%), 5.67%, 3/12/2028 (e)
250
251
(EUR Swap Annual 1 Year + 1.26%), 0.58%, 8/9/2029 (b) (e)
EUR1,328
1,448

JPMorgan Global Allocation Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2026 (Unaudited) (continued)
INVESTMENTS 
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
United Kingdom — continued
(EURIBOR ICE Swap Rate 1 Year + 2.05%), 4.51%, 1/31/2033 (b) (e)
EUR457
541
Cadent Finance plc 0.63%, 3/19/2030 (b)
EUR3,225
3,350
HSBC Holdings plc
(SOFR + 0.94%), 4.71%, 5/12/2030 (e)
883
876
(SOFR + 1.29%), 5.29%, 11/19/2030 (e)
310
312
INEOS Quattro Finance 2 plc 8.50%, 3/15/2029 (b)
EUR225
223
NatWest Group plc (EURIBOR 3 Month + 0.89%), 0.67%, 9/14/2029 (b) (e)
EUR496
540
Santander UK Group Holdings plc
(SOFR + 1.22%), 2.47%, 1/11/2028 (e)
250
248
(SOFRINDX + 1.07%), 4.32%, 9/22/2029 (e)
2,284
2,255
Standard Chartered plc (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.85%), 6.75%, 2/8/2028 (c) (e)
250
253
Synthomer plc 7.38%, 5/2/2029 (b)
EUR230
218
TSB Bank plc
3.32%, 3/5/2029 (b)
EUR1,490
1,719
2.70%, 2/18/2030 (b)
EUR1,300
1,467
 
13,701
United States — 12.1%
AAR Escrow Issuer LLC 6.75%, 3/15/2029 (c)
852
870
Accendra Health, Inc. 9.75%, 6/15/2033 (a) (c)
603
402
ACCO Brands Corp. 4.25%, 3/15/2029 (a) (c)
385
363
Acrisure LLC
4.25%, 2/15/2029 (c)
804
750
7.50%, 11/6/2030 (c)
333
322
Adapthealth LLC 5.13%, 3/1/2030 (c)
429
414
Adient Global Holdings Ltd. 7.00%, 4/15/2028 (c)
1,021
1,036
Advance Auto Parts, Inc. 7.00%, 8/1/2030 (c)
1,002
1,027
Aethon United BR LP 7.50%, 10/1/2029 (c)
1,011
1,049
Alaska Airlines, Inc. 6.50%, 6/1/2031 (c)
21
21
Albertsons Cos., Inc.
6.50%, 2/15/2028 (c)
1,125
1,132
3.50%, 3/15/2029 (c)
99
93
5.50%, 3/31/2031 (c)
11
11
Alcoa Nederland Holding BV 4.13%, 3/31/2029 (c)
242
234
Alliant Holdings Intermediate LLC
6.75%, 4/15/2028 (c)
911
915
7.00%, 1/15/2031 (c)
933
947
Allied Universal Holdco LLC
6.88%, 6/15/2030 (c)
876
895
7.88%, 2/15/2031 (c)
170
177
Alta Equipment Group, Inc. 9.00%, 6/1/2029 (a) (c)
906
864
Alumina Pty. Ltd. 6.13%, 3/15/2030 (c)
794
801
American Airlines, Inc.
7.25%, 2/15/2028 (c)
95
96
5.75%, 4/20/2029 (c)
853
849
American Axle & Manufacturing, Inc. 5.00%, 10/1/2029 (a)
868
839
American Express Co. (SOFR + 0.87%), 4.46%, 2/10/2032 (e)
665
650
American Honda Finance Corp. (SOFR + 0.87%), 4.53%, 7/9/2027 (e)
67
67

JPMorgan Global Allocation Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2026 (Unaudited) (continued)
INVESTMENTS 
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
United States — continued
AmWINS Group, Inc.
6.38%, 2/15/2029 (c)
1,117
1,122
4.88%, 6/30/2029 (c)
147
141
Antero Resources Corp. 5.38%, 3/1/2030 (c)
1,900
1,903
Anywhere Real Estate Group LLC 7.00%, 4/15/2030 (c)
1,113
1,121
AP Core Holdings II LLC 11.00%, 5/15/2031 (c)
966
1,009
APH Somerset Investor 2 LLC 7.88%, 11/1/2029 (c)
915
927
APLD ComputeCo 2 LLC 6.75%, 3/15/2031 (a) (c)
1,534
1,499
APLD ComputeCo 3 LLC 7.00%, 6/15/2031 (c)
155
151
APLD ComputeCo LLC 9.25%, 12/15/2030 (c)
1,454
1,545
Arbor Realty SR, Inc. REIT, 7.88%, 7/15/2030 (a) (c)
779
708
Ardagh Group SA 9.50%, 12/1/2030 (c)
1,255
1,330
Aretec Group, Inc. 10.00%, 8/15/2030 (c)
825
870
Arsenal AIC Parent LLC 8.00%, 10/1/2030 (c)
871
905
Asbury Automotive Group, Inc. 4.63%, 11/15/2029 (c)
965
936
Athene Global Funding 2.88%, 7/21/2028 (b)
EUR2,014
2,289
Avantor Funding, Inc. 3.88%, 11/1/2029 (c)
772
736
Avient Corp. 7.13%, 8/1/2030 (c)
891
904
Avis Budget Car Rental LLC
5.38%, 3/1/2029 (a) (c)
34
33
8.25%, 1/15/2030 (c)
319
324
Axon Enterprise, Inc. 6.13%, 3/15/2030 (c)
1,024
1,036
B&G Foods, Inc. 8.00%, 9/15/2028 (c)
938
917
Ball Corp. 6.00%, 6/15/2029
54
55
Bank of America Corp.
(EURIBOR 3 Month + 0.95%), 1.10%, 5/24/2032 (b) (e)
EUR630
644
(SOFR + 1.13%), 5.05%, 2/6/2037 (e)
2,323
2,237
Bausch + Lomb Corp. 8.38%, 10/1/2028 (c)
1,201
1,231
Beacon Mobility Corp. 7.25%, 8/1/2030 (c)
180
186
Beignet Investor LLC 6.58%, 5/30/2049 (c)
430
417
BellRing Brands, Inc. 7.00%, 3/15/2030 (c)
270
267
Black Pearl Compute LLC 6.13%, 2/15/2031 (c)
1,486
1,484
Block, Inc. 5.63%, 8/15/2030 (c)
1,123
1,117
Brandywine Operating Partnership LP REIT, 8.88%, 4/12/2029
795
833
Bread Financial Holdings, Inc. 6.75%, 5/15/2031 (c)
630
642
Buckeye Partners LP 6.88%, 7/1/2029 (c)
1,060
1,084
Bunge Finance Europe BV 1.00%, 9/24/2028 (b)
EUR2,350
2,579
Burford Capital Global Finance LLC 9.25%, 7/1/2031 (c)
238
232
Caesars Entertainment, Inc.
4.63%, 10/15/2029 (a) (c)
769
731
7.00%, 2/15/2030 (c)
1,165
1,169
Canpack Group, Inc. 6.00%, 5/15/2031 (c)
812
808
Capstone Borrower, Inc. 8.00%, 6/15/2030 (a) (c)
133
129
Caturus Energy LLC 7.13%, 5/15/2031 (c)
534
529
CCO Holdings LLC
6.38%, 9/1/2029 (c)
886
880
7.38%, 3/1/2031 (a) (c)
910
906

JPMorgan Global Allocation Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2026 (Unaudited) (continued)
INVESTMENTS 
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
United States — continued
Celanese US Holdings LLC
7.35%, 11/15/2028 (i)
82
85
6.50%, 4/15/2030
1,491
1,509
7.55%, 11/15/2030 (i)
578
608
7.00%, 2/15/2031
438
449
Century Communities, Inc. 3.88%, 8/15/2029 (c)
831
788
Charter Communications Operating LLC 6.38%, 10/23/2035
2,250
2,177
Chemours Co. (The) 4.63%, 11/15/2029 (c)
325
307
Chevron Phillips Chemical Co. LLC 3.40%, 12/1/2026 (c)
78
78
Chord Energy Corp. 6.00%, 10/1/2030 (c)
917
920
Churchill Downs, Inc. 5.75%, 4/1/2030 (c)
720
718
Cipher Compute LLC 7.13%, 11/15/2030 (c)
1,354
1,381
Citigroup, Inc.
(SOFR + 1.34%), 4.54%, 9/19/2030 (e)
1,595
1,576
(SOFR + 1.17%), 2.56%, 5/1/2032 (e)
1,950
1,738
Clarios Global LP
6.75%, 5/15/2028 (c)
1,110
1,124
6.75%, 2/15/2030 (c)
34
35
Clear Channel Outdoor Holdings, Inc.
7.88%, 4/1/2030 (c)
1,261
1,310
7.13%, 2/15/2031 (c)
220
227
Cleveland-Cliffs, Inc. 6.88%, 11/1/2029 (c)
1,330
1,344
Cloud Software Group LLC
6.50%, 3/31/2029 (c)
1,434
1,401
9.00%, 9/30/2029 (c)
1,597
1,565
Clydesdale Acquisition Holdings, Inc.
6.63%, 4/15/2029 (c)
11
11
6.88%, 1/15/2030 (c)
33
33
8.75%, 4/15/2030 (a) (c)
1,493
1,427
Coherent Corp. 5.00%, 12/15/2029 (c)
552
540
Coinbase Global, Inc. 3.38%, 10/1/2028 (c)
895
849
Community Health Systems, Inc. 5.25%, 5/15/2030 (c)
1,322
1,221
Compass Minerals International, Inc. 8.00%, 7/1/2030 (c)
832
869
Conduent Business Services LLC 6.00%, 11/1/2029 (a) (c)
813
697
Cooper-Standard Automotive, Inc. 9.25%, 3/1/2031 (c)
1,065
1,084
Core Scientific Finance I LLC 7.75%, 5/15/2031 (c)
1,518
1,486
Corebridge Financial, Inc. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.85%), 6.88%, 12/15/2052 (e)
2
2
CoreCivic, Inc. 8.25%, 4/15/2029
780
810
CoreWeave, Inc.
9.25%, 6/1/2030 (a) (c)
1,279
1,195
9.00%, 2/1/2031 (a) (c)
1,027
927
Coty, Inc. 5.60%, 1/15/2031 (c)
834
818
CP Atlas Buyer, Inc. 9.75%, 7/15/2030 (a) (c)
725
653
CRC Insurance Group LLC 7.13%, 6/1/2031 (c)
897
895
Credit Acceptance Corp.
9.25%, 12/15/2028 (c)
11
11
6.63%, 3/15/2030 (a) (c)
1,083
1,082

JPMorgan Global Allocation Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2026 (Unaudited) (continued)
INVESTMENTS 
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
United States — continued
CrossCountry Intermediate HoldCo LLC 6.50%, 10/1/2030 (c)
999
966
Crown Americas LLC 5.25%, 4/1/2030
96
96
CSC Holdings LLC
11.25%, 5/15/2028 (c)
294
171
11.75%, 1/31/2029 (c)
1,360
778
CVR Energy, Inc. 7.50%, 2/15/2031 (c)
845
856
CVR Partners LP 6.13%, 6/15/2028 (c)
580
579
Cyprium Corp. 6.13%, 4/15/2031 (c)
378
375
Darling Ingredients, Inc. 6.00%, 6/15/2030 (c)
1,039
1,044
Dcli Bidco LLC 7.75%, 11/15/2029 (c)
539
554
Delek Logistics Partners LP 8.63%, 3/15/2029 (c)
846
878
Directv Financing LLC
8.88%, 2/1/2030 (c)
1,951
1,982
10.00%, 2/15/2031 (c)
697
728
Discovery Communications LLC
3.95%, 3/20/2028
501
492
4.13%, 5/15/2029
851
836
3.63%, 5/15/2030
1,820
1,684
Discovery Global Holdings, Inc.
3.76%, 3/15/2027
109
108
4.05%, 3/15/2029
85
83
4.30%, 1/17/2030
EUR888
1,020
Duquesne Light Holdings, Inc. 3.62%, 8/1/2027 (c)
2,400
2,375
EchoStar Corp. 10.75%, 11/30/2029
1,366
1,478
Edged Compute LLC 7.50%, 4/30/2031 (c)
1,189
1,127
Edison International (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.86%), 8.13%, 6/15/2053 (e)
445
455
ELK Grove Village Property LLC 7.50%, 6/15/2031 (a) (c)
652
628
EMRLD Borrower LP 6.63%, 12/15/2030 (c)
973
989
Energy Transfer LP (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.83%), 7.13%, 10/1/2054 (e)
450
460
Entegris, Inc. 5.95%, 6/15/2030 (c)
351
351
EquipmentShare.com, Inc. 9.00%, 5/15/2028 (c)
1,046
1,062
Esab Corp.
6.25%, 4/15/2029 (c)
1,076
1,087
5.63%, 4/1/2031 (c)
290
286
Excelerate Energy LP 8.00%, 5/15/2030 (c)
538
564
Fertitta Entertainment LLC 4.63%, 1/15/2029 (c)
907
882
FirstCash, Inc. 5.63%, 1/1/2030 (c)
823
810
Fiserv Funding ULC 2.88%, 6/15/2028
EUR1,865
2,127
Flash Compute LLC 7.25%, 12/31/2030 (c)
810
818
Freedom Mortgage Corp.
6.63%, 1/15/2027 (c)
1,207
1,208
12.25%, 10/1/2030 (c)
94
101
Freedom Mortgage Holdings LLC 9.25%, 2/1/2029 (c)
464
477
FS KKR Capital Corp.
3.13%, 10/12/2028
168
158
6.88%, 8/15/2029
1,537
1,543
6.13%, 1/15/2030 (a)
10
10

JPMorgan Global Allocation Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2026 (Unaudited) (continued)
INVESTMENTS 
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
United States — continued
FTAI Aviation Investors LLC 5.50%, 5/1/2028 (c)
1,074
1,070
Gap, Inc. (The) 3.63%, 10/1/2029 (c)
959
902
Gen Digital, Inc. 6.75%, 9/30/2027 (c)
1,267
1,269
Genesis Energy LP 8.25%, 1/15/2029
1,091
1,125
GEO Group, Inc. (The) 10.25%, 4/15/2031
225
243
GFL Environmental, Inc. 4.38%, 8/15/2029 (c)
1,340
1,288
Goldman Sachs Group, Inc. (The)
0.88%, 1/21/2030 (b)
EUR945
999
(SOFR + 0.96%), 4.52%, 1/21/2032 (e)
1,450
1,407
(SOFR + 1.17%), 5.24%, 7/21/2032 (e)
629
628
Gray Media, Inc. 10.50%, 7/15/2029 (c)
1,047
1,104
HCA, Inc. 4.70%, 5/15/2031
1,190
1,167
Herc Holdings, Inc. 7.00%, 6/15/2030 (c)
1,181
1,218
Hertz Corp. (The) 12.63%, 7/15/2029 (c)
1,300
848
Hess Midstream Operations LP 6.50%, 6/1/2029 (c)
545
554
Hilton Domestic Operating Co., Inc. 5.88%, 4/1/2029 (c)
312
314
HUB International Ltd. 7.25%, 6/15/2030 (c)
2,080
2,142
Hyundai Capital America 4.30%, 9/24/2027 (c)
71
71
Icahn Enterprises LP
4.38%, 2/1/2029
516
449
10.00%, 11/15/2029 (c)
770
771
9.00%, 6/15/2030 (a)
370
352
ICITII 6.00%, 1/31/2033 ‡
10
5
ION Platform Finance US, Inc. 9.50%, 5/30/2029 (c)
1,267
1,199
Iron Mountain, Inc. REIT, 7.00%, 2/15/2029 (c)
1,019
1,035
Jane Street Group 4.50%, 11/15/2029 (c)
1,177
1,142
Jefferson Capital Holdings LLC 8.25%, 5/15/2030 (c)
128
134
KeHE Distributors LLC 9.00%, 2/15/2029 (c)
1,001
1,043
Kinetik Holdings LP
6.63%, 12/15/2028 (c)
1,435
1,459
5.88%, 6/15/2030 (c)
78
78
Kodiak Gas Services LLC 5.88%, 4/1/2031 (c)
496
490
LifePoint Health, Inc. 9.88%, 8/15/2030 (c)
458
481
Magnera Corp. 4.75%, 11/15/2029 (c)
850
792
Mauser Packaging Solutions Holding Co. 7.88%, 4/15/2030 (c)
1,445
1,474
McGraw-Hill Education, Inc. 5.75%, 8/1/2028 (c)
953
946
Medline Borrower LP 5.25%, 10/1/2029 (c)
1,733
1,717
Meridian Arc Holdco LLC 6.25%, 4/30/2031 (c)
3,209
3,083
Meta Platforms, Inc.
4.55%, 5/15/2031
1,439
1,404
4.60%, 11/15/2032
1,338
1,288
MGM Resorts International 6.13%, 9/15/2029
32
32
Millrose Properties, Inc. REIT, 6.38%, 8/1/2030 (c)
1,070
1,078
MIWD Holdco II LLC 5.50%, 2/1/2030 (a) (c)
807
747
Mohegan Tribal Gaming Authority
8.25%, 4/15/2030 (c)
200
208
11.88%, 4/15/2031 (c)
998
1,082

JPMorgan Global Allocation Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2026 (Unaudited) (continued)
INVESTMENTS 
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
United States — continued
Molina Healthcare, Inc. 6.50%, 2/15/2031 (c)
943
952
Morgan Stanley
(SOFRINDX + 0.85%), 4.87%, 7/12/2029 (e)
742
742
(SOFR + 1.18%), 5.07%, 1/30/2037 (e)
849
815
Morgan Stanley Bank NA (SOFR + 0.93%), 4.97%, 7/14/2028 (e)
250
251
Multi-Color Corp. 8.50% (Blend (Cash 6.00% + PIK 2.50%)), 5/11/2033 (c) (j)
348
300
Nabors Industries, Inc. 9.13%, 1/31/2030 (c)
707
739
National Mentor Holdings, Inc. 10.50%, 12/15/2030 (c)
1,138
1,200
Navient Corp.
5.50%, 3/15/2029
154
148
9.38%, 7/25/2030
1,001
1,015
NCL Corp. Ltd. 5.88%, 1/15/2031 (c)
1,018
973
NCR Atleos Corp. 9.50%, 4/1/2029 (c)
90
95
Neptune Bidco US, Inc. 9.29%, 4/15/2029 (c)
1,207
1,230
New Enterprise Stone & Lime Co., Inc. 5.25%, 7/15/2028 (c)
840
835
Newell Brands, Inc.
8.50%, 6/1/2028 (c)
644
672
6.63%, 9/15/2029 (a)
469
475
6.38%, 5/15/2030 (a)
270
273
NextEra Energy Capital Holdings, Inc. 3.62%, 2/10/2034
EUR251
282
NGL Energy Operating LLC 8.13%, 2/15/2029 (c)
973
997
Nissan Motor Acceptance Co. LLC 6.13%, 9/30/2030 (c)
1,065
1,040
Noble Finance II LLC 8.00%, 4/15/2030 (c)
1,061
1,097
Novelis Corp. 6.88%, 1/30/2030 (c)
898
921
NRG Energy, Inc. 5.75%, 7/15/2029 (c)
936
935
NVIDIA Corp. 4.50%, 6/15/2031
1,820
1,781
Olympus Water US Holding Corp. 4.25%, 10/1/2028 (c)
200
193
OneMain Finance Corp.
3.50%, 1/15/2027
1,761
1,747
6.63%, 5/15/2029
540
547
OneSky Flight LLC 8.88%, 12/15/2029 (c)
802
843
Oracle Corp.
5.70%, 2/4/2036
496
459
6.70%, 2/4/2056 (a)
1,038
915
Oxford Finance LLC 7.75%, 5/15/2031 (c)
858
848
Pagaya US Holdings Co. LLC 8.88%, 8/1/2030 (a) (c)
521
463
Park River Holdings, Inc. 8.00%, 3/15/2031 (c)
1,137
1,132
PBF Holding Co. LLC
9.88%, 3/15/2030 (a) (c)
1,000
1,071
7.88%, 9/15/2030 (c)
33
34
Penn Entertainment, Inc. 6.75%, 4/1/2031 (a) (c)
844
847
PennyMac Financial Services, Inc. 7.13%, 11/15/2030 (c)
1,223
1,219
Penske Automotive Group, Inc. 3.75%, 6/15/2029
607
580
Petco Health & Wellness Co., Inc. 8.25%, 2/1/2031 (c)
838
841
PG&E Corp. 5.00%, 7/1/2028
1,021
1,011
PHH Escrow Issuer LLC 9.88%, 11/1/2029 (c)
383
379
Phinia, Inc. 6.75%, 4/15/2029 (c)
802
815

JPMorgan Global Allocation Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2026 (Unaudited) (continued)
INVESTMENTS 
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
United States — continued
Photo Holdings LLC 12.00%, 7/1/2031 (c)
900
927
Planet Financial Group LLC 10.50%, 12/15/2029 (c)
910
888
PODS LLC 8.75%, 5/15/2031 (c)
450
429
PR RNO Property Owner 1 LLC 6.50%, 5/1/2031 (c)
2,165
2,039
PRA Group, Inc. 8.88%, 1/31/2030 (c)
474
488
Prime Healthcare Services, Inc. 9.38%, 9/1/2029 (c)
1,234
1,287
Primo Water Holdings, Inc.
6.25%, 4/1/2029 (c)
863
866
4.38%, 4/30/2029 (c)
155
150
QXO Building Products, Inc. 6.50%, 7/15/2031 (c)
71
71
Rand Parent LLC 8.50%, 2/15/2030 (c)
949
973
RD Michigan Property Owner I LLC 7.50%, 3/30/2045 (c)
410
397
Realty Income Corp. REIT, 4.88%, 7/6/2030
EUR2,350
2,821
Reworld Holding Corp. 4.88%, 12/1/2029 (c)
956
907
Rithm Capital Corp. REIT, 8.00%, 4/1/2029 (c)
685
690
ROBLOX Corp. 3.88%, 5/1/2030 (c)
1,087
1,012
Rocket Cos., Inc.
6.50%, 8/1/2029 (c)
650
659
6.13%, 8/1/2030 (c)
55
55
Rocket Software, Inc. 9.00%, 11/28/2028 (c)
947
937
RR Donnelley & Sons Co. 9.50%, 8/1/2029 (c)
1,026
1,063
Sabre GLBL, Inc. 11.13%, 7/15/2030 (c)
1,106
1,065
Scientific Games Holdings LP 6.63%, 3/1/2030 (c)
969
785
Scripps Escrow II, Inc. 3.88%, 1/15/2029 (c)
624
570
SE Cosmos LLC 8.88%, 5/1/2031 (c)
898
886
SESI LLC 7.88%, 9/30/2030 (c)
496
502
SLM Corp. 6.50%, 1/31/2030
966
977
SM Energy Co.
6.75%, 8/1/2029 (c)
691
701
8.63%, 11/1/2030 (c)
670
703
Solaris Energy Infrastructure LLC 6.38%, 5/15/2031 (c)
1,172
1,151
Sonic Automotive, Inc. 4.63%, 11/15/2029 (c)
892
869
Sotheby's 8.25%, 4/15/2031 (c)
887
885
Southern Power Co. Series B, 4.90%, 10/1/2035
370
352
Stagwell Global LLC 5.63%, 8/15/2029 (c)
1,100
1,070
Staples, Inc. 10.75%, 9/1/2029 (c)
1,685
1,612
Star Leasing Co. LLC 7.63%, 2/15/2030 (c)
898
874
Star Parent, Inc. 9.00%, 10/1/2030 (c)
1,005
1,055
Starwood Property Trust, Inc.
REIT, 7.25%, 4/1/2029 (c)
925
953
REIT, 6.50%, 7/1/2030 (c)
332
337
Stellantis Financial Services US Corp.
5.40%, 6/15/2029 (c)
615
611
5.40%, 9/15/2030 (c)
471
458
StoneX Group, Inc. 7.88%, 3/1/2031 (c)
326
340
Sunoco LP
7.00%, 9/15/2028 (c)
1,189
1,210

JPMorgan Global Allocation Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2026 (Unaudited) (continued)
INVESTMENTS 
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
United States — continued
4.50%, 4/30/2030
161
155
4.63%, 5/1/2030 (c)
472
454
5.63%, 3/15/2031 (c)
782
772
SV RNO Property Owner 1 LLC 5.88%, 3/1/2031 (c)
2,335
2,168
Synergy Infrastructure Holdings LLC 7.88%, 12/1/2030 (c)
536
559
Talos Production, Inc. 9.38%, 2/1/2031 (c)
940
991
Tenet Healthcare Corp.
6.13%, 10/1/2028
987
988
4.38%, 1/15/2030
661
638
Tenneco, Inc. 8.00%, 11/17/2028 (c)
1,439
1,443
Tidewater, Inc. 9.13%, 7/15/2030 (c)
824
881
Time Warner Cable LLC 5.50%, 9/1/2041
1,732
1,428
TKC Holdings, Inc. 8.50%, 8/15/2030 (c)
1,100
1,124
Toyota Motor Credit Corp. 4.05%, 9/5/2028
47
47
TransDigm, Inc.
6.75%, 8/15/2028 (c)
467
470
4.63%, 1/15/2029
1,958
1,919
Transocean International Ltd.
8.75%, 2/15/2030 (c)
9
9
8.50%, 5/15/2031 (a) (c)
653
681
Travel + Leisure Co.
4.50%, 12/1/2029 (c)
642
619
6.25%, 6/1/2031 (c)
104
104
Trinity Industries, Inc. 7.75%, 7/15/2028 (c)
828
845
UKG, Inc. 6.88%, 2/1/2031 (c)
1,555
1,524
Unisys Corp. 10.63%, 1/15/2031 (a) (c)
791
742
United Airlines Holdings, Inc.
4.88%, 3/1/2029
852
839
5.38%, 3/1/2031
647
639
Uniti Group LP REIT, 4.75%, 4/15/2028 (c)
578
576
Univision Communications, Inc.
4.50%, 5/1/2029 (c)
292
277
7.38%, 6/30/2030 (c)
1,165
1,160
US Acute Care Solutions LLC 9.75%, 5/15/2029 (c)
1,077
1,004
US Bancorp (SOFR + 1.88%), 6.79%, 10/26/2027 (e)
250
251
US Foods, Inc. 6.88%, 9/15/2028 (c)
295
301
USA Compression Partners LP 7.13%, 3/15/2029 (c)
1,018
1,040
Vail Resorts, Inc. 5.63%, 7/15/2030 (c)
228
227
Valaris Ltd. 8.38%, 4/30/2030 (c)
1,071
1,109
Velocity Vehicle Group LLC 8.00%, 6/1/2029 (c)
349
346
Venture Global Calcasieu Pass LLC 3.88%, 8/15/2029 (c)
638
607
Venture Global LNG, Inc.
9.50%, 2/1/2029 (c)
974
1,043
7.00%, 1/15/2030 (c)
1,723
1,750
Venture Global Plaquemines LNG LLC 6.13%, 12/15/2030 (c)
1,376
1,398
Veritiv Operating Co. 10.50%, 11/30/2030 (c)
1,052
1,079
Versant Media Group, Inc. 7.25%, 1/30/2031 (c)
1,037
1,069

JPMorgan Global Allocation Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2026 (Unaudited) (continued)
INVESTMENTS 
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
United States — continued
VoltaGrid LLC 7.38%, 11/1/2030 (c)
1,497
1,504
VT Topco, Inc. 8.50%, 8/15/2030 (a) (c)
298
304
Wayfair LLC
7.25%, 10/31/2029 (c)
1,071
1,103
7.75%, 9/15/2030 (c)
182
191
WBI Operating LLC 6.25%, 10/15/2030 (c)
954
954
Wells Fargo & Co. (EURIBOR 3 Month + 0.73%), 2.77%, 7/23/2029 (b) (e)
EUR2,038
2,321
WESCO Distribution, Inc. 5.25%, 4/15/2031 (c)
176
173
William Carter Co. (The) 7.38%, 2/15/2031 (c)
707
725
Williams Scotsman, Inc.
4.63%, 8/15/2028 (c)
983
971
6.63%, 6/15/2029 (c)
54
55
6.63%, 4/15/2030 (c)
13
13
Windsor Holdings III LLC 8.50%, 6/15/2030 (c)
907
944
WPC Eurobond BV REIT, 1.35%, 4/15/2028
EUR2,350
2,617
WULF Compute LLC 7.75%, 10/15/2030 (c)
934
970
Wynn Resorts Finance LLC 7.13%, 2/15/2031 (c)
84
88
XPLR Infrastructure Operating Partners LP
7.25%, 1/15/2029 (a) (c)
802
827
8.38%, 1/15/2031 (c)
467
496
ZipRecruiter, Inc. 5.00%, 1/15/2030 (c)
808
625
 
272,898
Total Corporate Bonds
(Cost $379,529)
378,779
 
SHARES
(000)
Exchange-Traded Funds — 16.6%
United States — 16.6%
JPMorgan ActiveBuilders Emerging Markets Equity ETF (k)
865
51,237
JPMorgan BetaBuilders Canada ETF (k)
354
36,270
JPMorgan BetaBuilders Japan ETF (k)
1,099
81,997
JPMorgan Income ETF (k)
2,574
118,000
JPMorgan International Dynamic ETF * (k)
268
13,693
JPMorgan Mortgage-Backed Securities ETF (k)
1,424
71,179
Total Exchange-Traded Funds
(Cost $378,543)
372,376
 
PRINCIPAL
AMOUNT
($000)
Foreign Government Securities — 12.3%
Argentina — 0.0% ^
Argentine Republic 4.12%, 7/9/2035 (i)
560
442
Australia — 0.3%
New South Wales Treasury Corp. 4.75%, 2/20/2035 (b)
AUD5,585
3,761
Treasury Corp. of Victoria 2.25%, 9/15/2033 (b)
AUD2,929
1,696
 
5,457

JPMorgan Global Allocation Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2026 (Unaudited) (continued)
INVESTMENTS 
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Foreign Government Securities — continued
Belgium — 0.3%
Dexia SA 0.25%, 12/10/2026 (b)
GBP4,200
5,586
Brazil — 0.3%
Federative Republic of Brazil 10.00%, 1/1/2033
BRL3,486
565
Notas do Tesouro Nacional
10.00%, 1/1/2029
BRL16,868
3,081
10.00%, 1/1/2031
BRL11,055
1,893
10.00%, 1/1/2035
BRL5,050
786
 
6,325
Cameroon — 0.0% ^
Republic of Cameroon 9.50%, 7/31/2031 (b)
430
429
Canada — 1.3%
Province of British Columbia 2.95%, 6/18/2050
CAD505
262
Province of Ontario
0.01%, 11/25/2030 (b)
EUR5,800
5,842
3.80%, 12/2/2034
CAD12,398
8,788
Province of Quebec 4.00%, 9/1/2035
CAD21,435
15,253
 
30,145
China — 0.2%
People's Republic of China
2.11%, 8/25/2034
CNY7,040
1,084
2.04%, 11/25/2034
CNY4,030
617
1.83%, 8/25/2035
CNY5,290
793
1.98%, 4/25/2045
CNY4,520
654
3.12%, 10/25/2052
CNY3,120
548
2.15%, 8/25/2055
CNY5,570
813
 
4,509
Colombia — 0.3%
Republic of Colombia
11.00%, 8/22/2029
COP3,914,700
1,195
7.75%, 9/18/2030
COP4,629,700
1,248
7.00%, 3/26/2031
COP2,568,900
666
7.00%, 6/30/2032
COP5,060,700
1,257
13.25%, 2/9/2033
COP345,300
114
11.75%, 1/24/2035
COP4,518,500
1,391
 
5,871
Congo, Democratic Republic of the — 0.0% ^
Republic of Congo 9.50%, 2/17/2035 (b)
210
204
Czech Republic — 0.3%
Czech Republic
4.50%, 11/11/2032
CZK40,820
1,924
2.00%, 10/13/2033
CZK60,060
2,378
4.25%, 10/24/2034
CZK32,860
1,499

JPMorgan Global Allocation Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2026 (Unaudited) (continued)
INVESTMENTS 
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Foreign Government Securities — continued
Czech Republic — continued
3.50%, 5/30/2035
CZK10
—
1.95%, 7/30/2037
CZK16,900
601
 
6,402
Ecuador — 0.1%
Republic of Ecuador
8.75%, 1/29/2034 (c)
602
597
9.25%, 1/29/2039 (c)
400
398
 
995
Egypt — 0.0% ^
Arab Republic of Egypt 7.05%, 1/15/2032 (b)
465
458
Germany — 1.9%
Bundesobligation 2.50%, 4/16/2031 (b)
EUR7,005
7,934
Bundesrepublik Deutschland
2.60%, 8/15/2035 (b)
EUR5,480
6,055
2.90%, 2/15/2036 (b)
EUR6,615
7,464
2.90%, 8/15/2056 (b)
EUR2,958
2,928
Bundesschatzanweisungen 2.10%, 3/15/2028 (b)
EUR16,635
18,976
 
43,357
Ghana — 0.0% ^
Republic of Ghana 5.00%, 7/3/2035 (b) (i)
550
503
Hungary — 0.2%
Hungary Government Bond
2.13%, 9/22/2031 (c)
1,158
991
4.75%, 11/24/2032
HUF537,240
1,625
2.25%, 4/20/2033
HUF248,880
644
1.75%, 6/5/2035 (b)
EUR300
283
7.00%, 10/24/2035
HUF88,560
308
 
3,851
India — 0.4%
Republic of India
7.02%, 6/18/2031
INR415,530
4,459
7.10%, 4/8/2034
INR276,110
2,945
7.30%, 6/19/2053
INR142,440
1,466
 
8,870
Indonesia — 0.5%
Republic of Indonesia
6.50%, 2/15/2031
IDR66,698,000
3,599
6.38%, 4/15/2032
IDR29,028,000
1,544
7.00%, 2/15/2033
IDR5,993,000
328
6.63%, 2/15/2034
IDR91,448,000
4,884
7.50%, 6/15/2035
IDR16,011,000
899
6.75%, 7/15/2035
IDR6,418,000
343
 
11,597

JPMorgan Global Allocation Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2026 (Unaudited) (continued)
INVESTMENTS 
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Foreign Government Securities — continued
Italy — 0.6%
Buoni Poliennali del Tesoro
3.65%, 8/1/2035 (b)
EUR4,210
4,775
4.30%, 10/1/2054 (b)
EUR8,517
9,234
 
14,009
Ivory Coast — 0.0% ^
Republic of Cote d'Ivoire
8.08%, 4/1/2036 (b)
400
425
8.25%, 1/30/2037 (b)
400
432
 
857
Japan — 0.7%
Japan Bank for International Cooperation 1.63%, 1/20/2027
96
95
Japan Government Bond
1.50%, 9/20/2043
JPY2,968,000
13,786
1.40%, 3/20/2055
JPY38,200
134
2.40%, 3/20/2055
JPY145,400
663
 
14,678
Kenya — 0.0% ^
Republic of Kenya 9.50%, 3/5/2036 (b)
465
480
Malaysia — 0.3%
Malaysia Government Bond
2.63%, 4/15/2031
MYR3,858
908
3.58%, 7/15/2032
MYR10,084
2,462
3.83%, 7/5/2034
MYR7,285
1,794
4.18%, 5/16/2044
MYR2,516
631
4.74%, 3/15/2046
MYR3,636
978
 
6,773
Mexico — 1.1%
Eagle Funding Luxco SARL 5.50%, 8/17/2030 (b)
400
400
Mex Bonos Desarr Fix Rt
8.50%, 3/1/2029
MXN20,362
1,193
7.75%, 5/29/2031
MXN60,110
3,366
8.00%, 4/15/2032
MXN20,420
1,139
7.50%, 5/26/2033
MXN118,970
6,364
7.75%, 11/23/2034
MXN41,440
2,206
8.00%, 2/21/2036
MXN144,210
7,698
7.75%, 11/13/2042
MXN22,990
1,118
United Mexican States 2.66%, 5/24/2031
1,110
977
 
24,461
Peru — 0.1%
Bonos de la Tesoreria
5.40%, 8/12/2034
PEN575
165
6.85%, 8/12/2035 (b)
PEN1,305
404
5.35%, 8/12/2040
PEN6,024
1,548
 
2,117

JPMorgan Global Allocation Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2026 (Unaudited) (continued)
INVESTMENTS 
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Foreign Government Securities — continued
Philippines — 0.0% ^
Republic of Philippines
6.75%, 9/15/2032
PHP17,710
279
6.38%, 4/28/2035
PHP27,710
420
 
699
Poland — 0.4%
Republic of Poland
4.50%, 7/25/2030
PLN2,178
574
1.25%, 10/25/2030
PLN8,850
2,037
4.00%, 7/25/2031
PLN12,031
3,052
6.00%, 10/25/2033
PLN1,894
522
5.00%, 10/25/2035
PLN12,214
3,105
 
9,290
Romania — 0.3%
Romania Government Bond
6.30%, 4/25/2029
RON9,415
2,056
3.65%, 9/24/2031
RON2,085
401
6.70%, 2/25/2032
RON8,480
1,851
5.75%, 7/4/2036 (b)
1,830
1,717
 
6,025
South Africa — 0.3%
Republic of South Africa
8.88%, 2/28/2035
ZAR34,465
2,120
8.50%, 1/31/2037
ZAR24,677
1,452
9.88%, 3/31/2039
ZAR5,243
334
9.00%, 1/31/2040
ZAR23,824
1,417
10.13%, 3/31/2042
ZAR12,918
834
5.75%, 9/30/2049
1,105
897
7.25%, 12/11/2055 (b)
220
210
 
7,264
Spain — 0.3%
Bonos and Obligaciones del Estado 4.00%, 10/31/2054 (b)
EUR5,240
5,780
Thailand — 0.1%
Kingdom of Thailand
3.40%, 6/17/2036
THB7,379
247
3.30%, 6/17/2038
THB26,948
883
2.70%, 6/17/2040
THB13,700
416
2.00%, 6/17/2042
THB46,357
1,249
 
2,795

JPMorgan Global Allocation Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2026 (Unaudited) (continued)
INVESTMENTS 
 
VALUE
($000)
Foreign Government Securities — continued
United Kingdom — 2.0%
United Kingdom of Great Britain and Northern Ireland
4.13%, 3/7/2031 (b)
GBP32,346
42,757
4.38%, 7/31/2054 (b)
GBP2,671
2,901
 
45,658
Total Foreign Government Securities
(Cost $284,629)
275,887
 
SHARES
(000)
Investment Companies — 5.2%
United States — 5.2%
JPMorgan Income Fund, Class R6 Shares (k)
9,041
76,400
JPMorgan Small Cap Equity Fund, Class R6 Shares (k)
833
41,613
Total Investment Companies
(Cost $115,851)
118,013
 
PRINCIPAL
AMOUNT
($000)
U.S. Treasury Obligations — 3.0%
U.S. Treasury Bonds
1.25%, 5/15/2050
1,040
468
4.75%, 5/15/2055
2,910
2,686
4.75%, 8/15/2055
119
110
4.63%, 11/15/2055
492
445
U.S. Treasury Notes
4.13%, 1/31/2027 (l)
59,145
59,185
3.38%, 9/15/2027
200
198
3.63%, 10/31/2030
3,170
3,075
4.38%, 5/15/2036
735
716
Total U.S. Treasury Obligations
(Cost $67,223)
66,883
 
SHARES
(000)
Closed End Funds — 1.1%
Canada — 1.1%
Sprott Physical Gold Trust *(Cost $26,860)
786
24,046
 
PRINCIPAL
AMOUNT
($000)
Asset-Backed Securities — 0.4%
United States — 0.4%
American Credit Acceptance Receivables Trust
Series 2026-1, Class C, 4.55%, 1/12/2033 (c)
865
858
Series 2026-1, Class D, 5.10%, 1/12/2033 (c)
784
776
Aqua Finance Issuer Trust Series 2025-B, Class A, 4.79%, 5/17/2051 (c)
542
536

JPMorgan Global Allocation Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2026 (Unaudited) (continued)
INVESTMENTS 
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Asset-Backed Securities — continued
United States — continued
Bridgecrest Lending Auto Securitization Trust
Series 2026-1, Class C, 4.44%, 11/17/2031
364
360
Series 2026-1, Class D, 4.99%, 11/17/2031
442
435
Exeter Automobile Receivables Trust
Series 2026-1A, Class C, 4.40%, 5/17/2032
348
344
Series 2026-1A, Class D, 5.00%, 5/17/2032
691
681
GS Mortgage-Backed Securities Trust Series 2026-CES1, Class A1, 4.90%, 5/25/2056 (c) (i)
258
255
Lendmark Funding Trust Series 2025-2A, Class A, 4.78%, 10/20/2034 (c)
1,407
1,399
Oportun Issuance Trust Series 2026-A, Class A, 4.32%, 1/9/2034 (c)
937
927
Progress Residential Trust Series 2025-SFR3, Class A, 3.39%, 7/17/2042 (c)
1,295
1,213
RCKT Mortgage Trust
Series 2025-CES11, Class A1A, 4.97%, 11/25/2055 (c) (i)
762
754
Series 2025-CES12, Class A1A, 5.03%, 11/25/2055 (c) (i)
628
622
Santander Drive Auto Receivables Trust Series 2025-3, Class C, 4.68%, 9/15/2031
313
311
Sierra Timeshare Receivables Funding LLC Series 2025-2A, Class A, 4.72%, 4/20/2044 (c)
140
138
Total Asset-Backed Securities
(Cost $9,688)
9,609
Collateralized Mortgage Obligations — 0.1%
United States — 0.1%
CHL Mortgage Pass-Through Trust Series 2007-10, Class A4, 5.50%, 7/25/2037
—
—
Deutsche Alt-A Securities Mortgage Loan Trust Series 2006-AF1, Class A4, 4.44%, 4/25/2036 (m)
—
—
GS Mortgage-Backed Securities Trust Series 2025-RPL3, Class A1, 4.10%, 7/25/2065 (c) (i)
235
226
HarborView Mortgage Loan Trust Series 2006-14, Class 1A1A, 4.14%, 1/25/2047 (m)
—
—
JPMorgan Mortgage Trust Series 2005-A8, Class 2A3, 5.15%, 11/25/2035 (m)
—
—
LHOME Mortgage Trust Series 2026-RTL1, Class A1, 4.91%, 1/25/2041 (c) (i)
830
823
New Residential Mortgage Loan Trust Series 2026-NQM1, Class A1, 4.82%, 11/25/2065 (c) (m)
883
870
OBX Trust Series 2026-NQM2, Class A1A, 4.82%, 12/1/2065 (c) (i)
1,099
1,083
Total Collateralized Mortgage Obligations
(Cost $3,039)
3,002
Supranational — 0.1%
Asian Development Bank, 3.40%, 9/10/2027 (b)(Cost $2,200)
AUD3,030
2,100
 
NO. OF
CONTRACTS
VALUE
($000)
Options Purchased — 0.1%
Call Options Purchased — 0.1%
United States — 0.1%
iShares MSCI Emerging Markets ETF
9/18/2026 at USD 70.00, American Style
Notional Amount: USD 106,530
Counterparty: Exchange-Traded *(Cost $6,792)
16,622
1,812

JPMorgan Global Allocation Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2026 (Unaudited) (continued)
INVESTMENTS 
 
VALUE
($000)
Commercial Mortgage-Backed Securities — 0.0% ^
United States — 0.0% ^
Velocity Commercial Capital Loan Trust
Series 2018-2, Class M2, 4.51%, 10/26/2048 (c) (m)
107
101
Series 2018-2, Class M3, 4.72%, 10/26/2048 (c) (m)
157
144
WHARF Commercial Mortgage Trust Series 2025-DC, Class A, 5.35%, 7/15/2040 (c) (m)
177
178
Total Commercial Mortgage-Backed Securities
(Cost $440)
423
Loan Assignments — 0.0% ‡ (n) ^
United States — 0.0% ^
FGI Operating Co. LLC, 1st Lien Term Loan 0.00%, 12/31/2026 (m) (o)
14
—
Moran Foods LLC, 1st Lien Super Senior Delayed Draw Term Loan (15.83% (PIK)), 15.24%, 12/31/2028 (j) (m)
32
31
Moran Foods LLC, 1st Lien Term Loan
(3-MONTH CME TERM SOFR + 11.02% (PIK)), 14.77%, 12/29/2028 (e) (j)
1,157
246
(3-MONTH CME TERM SOFR + 11.02% (PIK)), 14.77%, 12/29/2028 (e) (j)
276
—
(d)
Total Loan Assignments
(Cost $1,456)
277
 
SHARES
(000)
Preferred Stocks — 0.0% ^
United States — 0.0% ^
Labels Buyer LLC Series A, 12.00%, 8/31/2026 ($1,000 par value) (p)(Cost $65)
—
1
 
NO. OF
WARRANTS
(000)
Warrants — 0.0% ^
United States — 0.0% ^
Labels Buyer LLC, expiring 4/29/2033, price 1.00 USD *(Cost $1)
—
1
 
PRINCIPAL
AMOUNT
($000)
Short-Term Investments — 3.7%
Commercial Paper — 0.1%
CDP Financial, Inc., 4.31%, 7/6/2027 (c) (q)
250
240
Danske Bank A/S, 4.20%, 3/19/2027 (c) (q)
250
244
Federation des Caisses Desjardins du Quebec, 3.86%, 3/2/2027 (c) (q)
250
244
Lloyds Bank plc, 4.29%, 6/17/2027 (c) (q)
222
214
Royal Bank of Canada, 4.20%, 3/24/2027 (c) (q)
250
243
RWE AG, 4.60%, 4/20/2027 (c) (q)
250
242
Svenska Handelsbanken AB, 4.08%, 4/13/2027 (c) (q)
250
243
Total Commercial Paper
(Cost $1,671)
1,670

JPMorgan Global Allocation Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2026 (Unaudited) (continued)
INVESTMENTS 
 
VALUE
($000)
Investment Companies — 2.6%
JPMorgan Prime Money Market Fund Class Institutional Shares, 3.68% (k) (r)
31,248
31,254
JPMorgan Prime Money Market Fund Class IM Shares, 3.78% (k) (r)
27,461
27,464
Total Investment Companies
(Cost $58,705)
58,718
Investment of Cash Collateral from Securities Loaned — 1.0%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 3.67% (k) (r) (Cost $22,716)
22,716
22,716
Total Short-Term Investments
(Cost $83,092)
83,104
Total Investments — 95.1%
(Cost $1,829,622)
2,139,551
Assets in Excess of Other Liabilities — 4.9%
110,660
NET ASSETS — 100.0%
2,250,211
 

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
AUD
Australian Dollar
BRL
Brazilian Real
CAD
Canadian Dollar
CME
Chicago Mercantile Exchange
CNY
China Yuan
COP
Colombian Peso
CVA
Certificaten Van Aandelen (Dutch Certificate)
CZK
Czech Republic Koruna
ETF
Exchange Traded Fund
EUR
Euro
EURIBOR
Euro Interbank Offered Rate
GBP
British Pound
GDR
Global Depositary Receipt
HUF
Hungarian Forint
ICE
Intercontinental Exchange
IDR
Indonesian Rupiah
INR
Indian Rupee
JPY
Japanese Yen
JSC
Joint Stock Company
MSCI
Morgan Stanley Capital International
MXN
Mexican Peso
MYR
Malaysian Ringgit
OYJ
Public Limited Company
PEN
Peruvian Nuevo Sol
PHP
Philippines Peso
PIK
Payment In Kind
PJSC
Public Joint Stock Company
PLN
Polish Zloty
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
RON
Romanian Leu

JPMorgan Global Allocation Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2026 (Unaudited) (continued)
SCA
Limited partnership with share capital
SDR
Swedish Depositary Receipt
SGPS
Holding company
SOFR
Secured Overnight Financing Rate
SOFRINDX
Compounding index of the Secured Overnight Financing Rate
THB
Thai Baht
ZAR
South African Rand
 
^
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 July 31, 2026. The total value of securities on loan at July 31, 2026 is $21,126.
 
(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)
Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
 
(d)
Value is zero.
 
(e)
Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of July 31, 2026.
 
(f)
Contingent Capital security (“CoCo”). CoCos are hybrid debt securities that may be convertible into equity or may be written down if a
pre-specified trigger event occurs. The total value of aggregate CoCo holdings at July 31, 2026 is $4,965 or 0.22% of the Fund’s net assets
as of July 31, 2026.
 
(g)
Security is an interest bearing note with preferred security characteristics.
 
(h)
Security is perpetual and thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time
and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in
effect as of July 31, 2026.
 
(i)
Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a
predetermined trigger. The interest rate shown is the current rate as of July 31, 2026.
 
(j)
Security has the ability to pay in kind (“PIK”) or pay income in cash. When applicable, separate rates of such payments are disclosed.
 
(k)
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.
 
(l)
All or a portion of this security is deposited with the broker as initial margin for futures contracts.
 
(m)
Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments
on the underlying pool of assets. The interest rate shown is the current rate as of July 31, 2026.
 
(n)
Loan assignments are presented by obligor. Each series or loan tranche underlying each obligor may have varying terms.
 
(o)
Defaulted security.
 
(p)
The date shown reflects the next call date on which the issuer may redeem the security at par value. The coupon rate for this security is based
on par value and is in effect as of July 31, 2026.
 
(q)
The rate shown is the effective yield as of July 31, 2026.
 
(r)
The rate shown is the current yield as of July 31, 2026.
 

JPMorgan Global Allocation Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2026 (Unaudited) (continued)
Summary of Investments by Industry, July 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
Foreign Government Securities
12.9
%
Fixed Income
12.4
International Equity
8.6
Semiconductors & Semiconductor Equipment
6.7
Banks
6.4
U.S. Treasury Notes
3.0
Oil, Gas & Consumable Fuels
2.4
Interactive Media & Services
2.4
Technology Hardware, Storage & Peripherals
2.2
Software
2.2
U.S. Equity
1.9
Capital Markets
1.9
Broadline Retail
1.6
Insurance
1.6
Hotels, Restaurants & Leisure
1.5
Financial Services
1.5
Diversified Telecommunication Services
1.4
Pharmaceuticals
1.3
Consumer Finance
1.2
Machinery
1.2
Health Care Providers & Services
1.2
Mutual Funds
1.1
Media
1.1
Specialty Retail
1.0
Electric Utilities
1.0
Others (each less than 1.0%)
16.4
Short-Term Investments
3.9

JPMorgan Global Allocation Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2026 (Unaudited) (continued)
Detailed information about investment portfolios of the Underlying Funds, as defined in the Notes to Financial Statements, and ETFs can be found in financial statements filed with the Securities and Exchange Commission (SEC) by each such underlying fund and ETF semi-annually on Form N-CSR and in portfolio holdings filed quarterly on Form N-PORT, and are available for download from both the SEC’s as well as each respective underlying fund’s and ETF’s website. Detailed information about Underlying J.P. Morgan Funds and ETFs can also be found at www.jpmorganfunds.com or by calling 1-800-480-4111.
Futures contracts outstanding as of July 31, 2026 (amounts in thousands, except number of contracts):
 
DESCRIPTION
NUMBER OF
CONTRACTS
EXPIRATION DATE
TRADING CURRENCY
NOTIONAL
AMOUNT ($)
VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
Long Contracts
CAC 40 10 Euro Index
18
08/21/2026
EUR
1,774
21
IBEX 35 Index
9
08/21/2026
EUR
2,056
53
OMXS30 Index
47
08/21/2026
SEK
1,608
25
MSCI Singapore Index
65
08/28/2026
SGD
2,621
23
Euro-BTP
727
09/08/2026
EUR
97,432
(1,259
)
Euro-Bund
177
09/08/2026
EUR
25,354
(282
)
Euro-Buxl 30 Year Bond
49
09/08/2026
EUR
5,963
(198
)
Euro-OAT
158
09/08/2026
EUR
21,313
(439
)
Short-Term Euro-BTP
74
09/08/2026
EUR
9,075
(37
)
TOPIX Index
83
09/10/2026
JPY
20,692
342
Japan 10 Year Mini Bond
320
09/11/2026
JPY
25,485
(167
)
Japan 10 Year Bond
192
09/14/2026
JPY
152,907
(376
)
Australia 10 Year Bond
86
09/15/2026
AUD
6,543
(26
)
Korea 10 Year Bond
173
09/15/2026
KRW
12,813
42
Korea 3 Year Bond
98
09/15/2026
KRW
7,089
(2
)
S&P/TSX 60 Index
138
09/17/2026
CAD
41,111
536
SPI 200 Index
6
09/17/2026
AUD
937
(14
)
Canada 10 Year Bond
97
09/18/2026
CAD
8,213
(107
)
Canada 2 Year Bond
167
09/18/2026
CAD
12,512
(14
)
Canada 5 Year Bond
58
09/18/2026
CAD
4,630
(2
)
DAX Index
2
09/18/2026
EUR
1,486
21
EURO STOXX 50 Index
20
09/18/2026
EUR
1,473
14
FTSE 100 Index
193
09/18/2026
GBP
28,262
913
FTSE/MIB Index
6
09/18/2026
EUR
1,814
—
(a)
MSCI EAFE Index
436
09/18/2026
USD
69,439
1,152
MSCI Emerging Markets Index
5
09/18/2026
USD
411
(16
)
NASDAQ 100 E-Mini Index
1
09/18/2026
USD
568
(23
)
Russell 1000 Value E-Mini Index
34
09/18/2026
USD
4,222
101
Russell 2000 E-Mini Index
7
09/18/2026
USD
1,029
1
S&P 500 E-Mini Equal Weight Index
347
09/18/2026
USD
60,614
239
S&P 500 E-Mini Index
1,149
09/18/2026
USD
432,096
890
S&P E-Mini Communication Services Index
49
09/18/2026
USD
6,953
(278
)
S&P MidCap 400 E-Mini Index
3
09/18/2026
USD
1,132
(3
)
XAE Energy Index
101
09/18/2026
USD
12,664
828
XAF Financial Index
6
09/18/2026
USD
1,056
55
XAI E-Mini Industry Equity Index
39
09/18/2026
USD
7,091
(22
)
XAK Technology Equity Index
4
09/18/2026
USD
1,417
(142
)
XAY Consumer Discretionary Index
3
09/18/2026
USD
706
(10
)
U.S. Treasury 10 Year Note
391
09/21/2026
USD
42,326
(285
)
U.S. Treasury 10 Year Ultra Note
19
09/21/2026
USD
2,090
(16
)
U.S. Treasury Long Bond
7
09/21/2026
USD
761
(30
)
Long Gilt
649
09/28/2026
GBP
75,652
(627
)
U.S. Treasury 5 Year Note
850
09/30/2026
USD
90,206
(506
)
 
375

JPMorgan Global Allocation Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2026 (Unaudited) (continued)
DESCRIPTION
NUMBER OF
CONTRACTS
EXPIRATION DATE
TRADING CURRENCY
NOTIONAL
AMOUNT ($)
VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
Short Contracts
Euro-Bobl
(164
)
09/08/2026
EUR
(21,516
)
192
Euro-Bund
(1,149
)
09/08/2026
EUR
(164,588
)
2,308
Euro-Buxl 30 Year Bond
(23
)
09/08/2026
EUR
(2,799
)
24
Euro-Schatz
(215
)
09/08/2026
EUR
(26,140
)
75
Japan 10 Year Bond
(18
)
09/14/2026
JPY
(14,335
)
112
Australia 10 Year Bond
(1,007
)
09/15/2026
AUD
(76,612
)
(137
)
SPI 200 Index
(313
)
09/17/2026
AUD
(48,883
)
(401
)
Canada 10 Year Bond
(60
)
09/18/2026
CAD
(5,081
)
93
DJ US Real Estate Index
(78
)
09/18/2026
USD
(3,090
)
(27
)
EURO STOXX 50 Index
(189
)
09/18/2026
EUR
(13,916
)
(227
)
MSCI Emerging Markets Index
(155
)
09/18/2026
USD
(12,726
)
1,180
Russell 1000 Growth E-Mini Index
(16
)
09/18/2026
USD
(3,837
)
119
Russell 2000 E-Mini Index
(289
)
09/18/2026
USD
(42,483
)
409
XAB Materials Equity Index
(58
)
09/18/2026
USD
(6,223
)
226
XAP Consumer Staples Index
(145
)
09/18/2026
USD
(12,480
)
33
XAU Utilities Index
(40
)
09/18/2026
USD
(3,588
)
50
XAV Health Care Index
(26
)
09/18/2026
USD
(4,282
)
68
U.S. Treasury 10 Year Note
(1,198
)
09/21/2026
USD
(129,684
)
1,203
U.S. Treasury Long Bond
(48
)
09/21/2026
USD
(5,217
)
92
U.S. Treasury Ultra Bond
(13
)
09/21/2026
USD
(1,431
)
28
Long Gilt
(13
)
09/28/2026
GBP
(1,515
)
8
U.S. Treasury 2 Year Note
(486
)
09/30/2026
USD
(99,972
)
167
U.S. Treasury 5 Year Note
(243
)
09/30/2026
USD
(25,788
)
174
 
5,769
 
6,144
 
Abbreviations
 
AUD
Australian Dollar
CAC
Continuous Assisted Quotation
CAD
Canadian Dollar
DAX
Deutscher Aktien Index
EAFE
Europe, Australasia and Far East
EUR
Euro
FTSE
Financial Times and the London Stock Exchange
GBP
British Pound
IBEX
Spanish Exchange Index
JPY
Japanese Yen
KRW
Korean Republic Won
MSCI
Morgan Stanley Capital International
SEK
Swedish Krona
SGD
Singapore Dollar
SPI
Australian Securities Exchange
TOPIX
Tokyo Stock Price Index
USD
United States Dollar
 
(a)
Amount rounds to less than one thousand.

JPMorgan Global Allocation Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2026 (Unaudited) (continued)
Forward foreign currency exchange contracts outstanding as of July 31, 2026 (amounts in thousands):
 
CURRENCY
PURCHASED
CURRENCY
SOLD
COUNTERPARTY
SETTLEMENT
DATE
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
CAD
316
USD
223
Citibank, NA
8/17/2026
2
USD
175
HKD
1,370
Merrill Lynch International
8/17/2026
—
(a)
AUD
7,437
CAD
7,296
Barclays Bank plc
8/18/2026
24
AUD
1,654
CAD
1,617
Morgan Stanley
8/18/2026
9
AUD
937
USD
652
Citibank, NA
8/18/2026
6
AUD
2,939
USD
2,060
HSBC Bank, NA
8/18/2026
8
BRL
28,478
USD
5,484
BNP Paribas**
8/18/2026
113
CAD
765
USD
542
Barclays Bank plc
8/18/2026
4
CAD
1,074
USD
759
Citibank, NA
8/18/2026
8
CAD
44,839
USD
31,617
HSBC Bank, NA
8/18/2026
388
COP
15,153,443
USD
4,502
BNP Paribas**
8/18/2026
285
EUR
7,736
GBP
6,560
HSBC Bank, NA
8/18/2026
85
EUR
546
HUF
196,630
Goldman Sachs International
8/18/2026
9
EUR
377
USD
430
Morgan Stanley
8/18/2026
4
EUR
1,754
USD
2,006
Standard Chartered Bank
8/18/2026
18
GBP
578
USD
775
Morgan Stanley
8/18/2026
4
GBP
31,536
USD
42,178
Standard Chartered Bank
8/18/2026
322
INR
678,111
USD
7,096
Standard Chartered Bank**
8/18/2026
6
JPY
132,282
AUD
1,179
Goldman Sachs International
8/18/2026
3
JPY
118,055
AUD
1,035
Morgan Stanley
8/18/2026
15
JPY
174,507
AUD
1,527
Standard Chartered Bank
8/18/2026
24
JPY
116,874
CHF
581
Morgan Stanley
8/18/2026
16
JPY
5,730,191
USD
35,468
HSBC Bank, NA
8/18/2026
589
JPY
256,015
USD
1,581
Morgan Stanley
8/18/2026
29
MXN
11,279
GBP
479
HSBC Bank, NA
8/18/2026
5
NOK
492,164
USD
50,255
Merrill Lynch International
8/18/2026
1,664
NZD
6,179
AUD
5,076
HSBC Bank, NA
8/18/2026
70
NZD
47,486
USD
27,067
Standard Chartered Bank
8/18/2026
918
RON
4,082
USD
889
Goldman Sachs International
8/18/2026
7
SEK
10,554
GBP
813
Morgan Stanley
8/18/2026
14
SEK
42,502
USD
4,426
Morgan Stanley
8/18/2026
41
USD
392
CAD
550
Standard Chartered Bank
8/18/2026
—
(a)
USD
961
CHF
774
BNP Paribas
8/18/2026
1
USD
62,949
CHF
50,523
HSBC Bank, NA
8/18/2026
359
USD
3,609
CLP
3,348,426
HSBC Bank, NA**
8/18/2026
7
USD
4,911
THB
163,210
Merrill Lynch International
8/18/2026
18
AUD
725
GBP
377
BNP Paribas
8/27/2026
2
AUD
3,883
USD
2,696
BNP Paribas
8/27/2026
35
AUD
362
USD
254
Goldman Sachs International
8/27/2026
1
AUD
1,691
USD
1,181
Morgan Stanley
8/27/2026
9
CAD
2,242
USD
1,595
HSBC Bank, NA
8/27/2026
6
CAD
5,874
USD
4,161
Morgan Stanley
8/27/2026
33
CHF
871
USD
1,075
BNP Paribas
8/27/2026
5
CZK
37,993
USD
1,784
HSBC Bank, NA
8/27/2026
26
DKK
14,500
USD
2,214
Morgan Stanley
8/27/2026
25
EUR
43,049
USD
49,171
HSBC Bank, NA
8/27/2026
516
EUR
7,307
USD
8,343
Morgan Stanley
8/27/2026
90
EUR
1,194
USD
1,364
Standard Chartered Bank
8/27/2026
14
GBP
2,725
USD
3,645
Barclays Bank plc
8/27/2026
27
GBP
88
USD
117
HSBC Bank, NA
8/27/2026
1
GBP
1,300
USD
1,741
Morgan Stanley
8/27/2026
12
HUF
288,790
USD
911
HSBC Bank, NA
8/27/2026
1
JPY
41,091
CHF
205
Citibank, NA
8/27/2026
5
JPY
381,764
USD
2,363
Barclays Bank plc
8/27/2026
41
JPY
40,780
USD
253
BNP Paribas
8/27/2026
4
JPY
37,946
USD
239
Goldman Sachs International
8/27/2026
—
(a)
JPY
169,719
USD
1,049
HSBC Bank, NA
8/27/2026
20
JPY
8,400,260
USD
51,903
Morgan Stanley
8/27/2026
992

JPMorgan Global Allocation Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2026 (Unaudited) (continued)
CURRENCY
PURCHASED
CURRENCY
SOLD
COUNTERPARTY
SETTLEMENT
DATE
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
JPY
268,233
USD
1,658
Standard Chartered Bank
8/27/2026
31
MXN
101,421
USD
5,788
HSBC Bank, NA
8/27/2026
55
NOK
19,686
USD
2,018
HSBC Bank, NA
8/27/2026
59
NZD
813
AUD
675
Citibank, NA
8/27/2026
4
NZD
23,101
USD
13,400
Citibank, NA
8/27/2026
218
RON
5,877
USD
1,275
Barclays Bank plc
8/27/2026
14
SEK
4,573
CHF
387
Citibank, NA
8/27/2026
1
SEK
49,127
USD
5,080
BNP Paribas
8/27/2026
86
THB
116,255
USD
3,473
HSBC Bank, NA
8/27/2026
15
USD
357
ILS
1,083
Merrill Lynch International
8/27/2026
3
USD
236
JPY
37,349
Goldman Sachs International
8/27/2026
—
(a)
AUD
583
USD
403
Standard Chartered Bank
9/28/2026
7
BRL
4,487
USD
853
BNP Paribas**
9/28/2026
21
BRL
694
USD
131
Merrill Lynch International**
9/28/2026
4
CNY
923
USD
137
Morgan Stanley**
9/28/2026
—
(a)
COP
1,206,322
USD
359
BNP Paribas**
9/28/2026
19
COP
2,013,534
USD
620
Citibank, NA**
9/28/2026
10
COP
1,455,732
USD
414
Merrill Lynch International**
9/28/2026
42
EUR
235
USD
268
BNP Paribas
9/28/2026
4
EUR
469
USD
536
Deutsche Bank AG
9/28/2026
6
GBP
726
USD
972
Barclays Bank plc
9/28/2026
6
INR
10,284
USD
107
BNP Paribas**
9/28/2026
—
(a)
INR
113,583
USD
1,180
State Street Corp.**
9/28/2026
4
KRW
397,650
USD
268
Merrill Lynch International**
9/28/2026
8
KRW
782,828
USD
511
Standard Chartered Bank**
9/28/2026
31
MXN
4,746
USD
270
Barclays Bank plc
9/28/2026
3
MXN
19,960
USD
1,143
BNP Paribas
9/28/2026
4
MXN
2,335
USD
134
Deutsche Bank AG
9/28/2026
—
(a)
MXN
30,403
USD
1,723
HSBC Bank, NA
9/28/2026
24
MXN
4,664
USD
266
Standard Chartered Bank
9/28/2026
2
PLN
954
USD
251
Barclays Bank plc
9/28/2026
5
PLN
951
USD
250
Goldman Sachs International
9/28/2026
4
PLN
1,900
USD
504
HSBC Bank, NA
9/28/2026
5
PLN
1,909
USD
505
Standard Chartered Bank
9/28/2026
6
RON
1,005
USD
218
Standard Chartered Bank
9/28/2026
2
SGD
345
USD
268
BNP Paribas
9/28/2026
2
SGD
692
USD
538
Standard Chartered Bank
9/28/2026
4
THB
9,037
USD
268
Goldman Sachs International
9/28/2026
4
THB
65,860
USD
1,973
HSBC Bank, NA
9/28/2026
8
THB
18,223
USD
545
Standard Chartered Bank
9/28/2026
3
USD
131
BRL
674
BNP Paribas**
9/28/2026
—
(a)
USD
161
CLP
148,319
Barclays Bank plc**
9/28/2026
2
USD
397
CLP
360,997
BNP Paribas**
9/28/2026
8
USD
405
CNY
2,730
Goldman Sachs International**
9/28/2026
1
USD
406
EUR
351
BNP Paribas
9/28/2026
—
(a)
USD
134
HUF
40,900
BNP Paribas
9/28/2026
5
USD
533
HUF
163,385
Morgan Stanley
9/28/2026
18
USD
133
IDR
2,403,666
BNP Paribas**
9/28/2026
1
USD
395
IDR
7,155,558
HSBC Bank, NA**
9/28/2026
—
(a)
USD
267
ILS
812
Deutsche Bank AG
9/28/2026
1
USD
738
INR
70,705
BNP Paribas**
9/28/2026
1
USD
140
INR
13,406
HSBC Bank, NA**
9/28/2026
—
(a)
USD
135
KRW
192,835
Barclays Bank plc**
9/28/2026
2
USD
162
KRW
231,390
Standard Chartered Bank**
9/28/2026
1
USD
44
MYR
180
BNP Paribas**
9/28/2026
—
(a)
USD
39
MYR
161
Standard Chartered Bank**
9/28/2026
—
(a)
USD
457
PEN
1,555
HSBC Bank, NA**
9/28/2026
1
USD
741
PHP
44,972
BNP Paribas**
9/28/2026
7
USD
310
PLN
1,139
Barclays Bank plc
9/28/2026
5

JPMorgan Global Allocation Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2026 (Unaudited) (continued)
CURRENCY
PURCHASED
CURRENCY
SOLD
COUNTERPARTY
SETTLEMENT
DATE
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
USD
670
PLN
2,447
HSBC Bank, NA
9/28/2026
15
USD
165
RON
751
HSBC Bank, NA
9/28/2026
1
USD
297
RON
1,353
Standard Chartered Bank
9/28/2026
—
(a)
USD
269
SGD
343
HSBC Bank, NA
9/28/2026
—
(a)
USD
550
SGD
702
Standard Chartered Bank
9/28/2026
1
USD
272
THB
8,833
Barclays Bank plc
9/28/2026
6
USD
357
THB
11,811
Merrill Lynch International
9/28/2026
2
USD
212
ZAR
3,514
Barclays Bank plc
9/28/2026
—
(a)
USD
265
ZAR
4,386
Goldman Sachs International
9/28/2026
1
USD
711
ZAR
11,690
Morgan Stanley
9/28/2026
7
ZAR
3,055
USD
183
HSBC Bank, NA
9/28/2026
1
CZK
2,265
EUR
93
Goldman Sachs International
9/29/2026
—
(a)
CZK
14,054
USD
664
Barclays Bank plc
9/29/2026
5
USD
563
CZK
11,761
HSBC Bank, NA
9/29/2026
3
Total unrealized appreciation
7,759
HKD
1,370
USD
175
HSBC Bank, NA
8/17/2026
—
(a)
USD
223
CAD
316
Standard Chartered Bank
8/17/2026
(2
)
USD
112
EUR
98
BNP Paribas
8/17/2026
(1
)
USD
151
GBP
113
HSBC Bank, NA
8/17/2026
(1
)
AUD
1,332
JPY
151,816
Standard Chartered Bank
8/18/2026
(18
)
AUD
1,643
NZD
1,966
Morgan Stanley
8/18/2026
(3
)
CAD
2,287
AUD
2,323
Citibank, NA
8/18/2026
(2
)
CAD
1,016
EUR
634
Barclays Bank plc
8/18/2026
(6
)
CHF
3,733
EUR
4,063
Merrill Lynch International
8/18/2026
(63
)
CHF
2,512
JPY
504,966
BNP Paribas
8/18/2026
(66
)
CHF
3,870
JPY
778,495
Morgan Stanley
8/18/2026
(104
)
CHF
2,379
USD
2,959
Barclays Bank plc
8/18/2026
(12
)
CHF
584
USD
724
Goldman Sachs International
8/18/2026
—
(a)
CHF
1,426
USD
1,777
HSBC Bank, NA
8/18/2026
(10
)
EUR
916
GBP
785
Barclays Bank plc
8/18/2026
(2
)
GBP
532
AUD
1,021
BNP Paribas
8/18/2026
(2
)
GBP
641
AUD
1,235
Morgan Stanley
8/18/2026
(5
)
GBP
531
EUR
622
Barclays Bank plc
8/18/2026
(2
)
GBP
1,447
EUR
1,695
Morgan Stanley
8/18/2026
(6
)
GBP
18,742
NOK
246,077
Merrill Lynch International
8/18/2026
(701
)
HUF
215,405
EUR
603
Merrill Lynch International
8/18/2026
(16
)
HUF
1,430,656
USD
4,614
HSBC Bank, NA
8/18/2026
(96
)
IDR
40,425,516
USD
2,241
HSBC Bank, NA**
8/18/2026
(2
)
IDR
27,005,263
USD
1,497
State Street Corp.**
8/18/2026
(1
)
SEK
117,808
NOK
119,994
BNP Paribas
8/18/2026
(277
)
THB
37,769
USD
1,135
Standard Chartered Bank
8/18/2026
(3
)
TWD
11,272
USD
350
BNP Paribas**
8/18/2026
—
(a)
USD
34,871
AUD
50,251
HSBC Bank, NA
8/18/2026
(478
)
USD
2,975
AUD
4,289
Merrill Lynch International
8/18/2026
(42
)
USD
1,019
AUD
1,468
Morgan Stanley
8/18/2026
(14
)
USD
640
BRL
3,273
Morgan Stanley**
8/18/2026
(4
)
USD
714
BRL
3,708
State Street Corp.**
8/18/2026
(15
)
USD
236
CAD
331
Barclays Bank plc
8/18/2026
(1
)
USD
351
CAD
497
Standard Chartered Bank
8/18/2026
(4
)
USD
808
CHF
655
Morgan Stanley
8/18/2026
(3
)
USD
1,062
COP
3,444,149
State Street Corp.**
8/18/2026
(26
)
USD
1,955
CZK
41,396
HSBC Bank, NA
8/18/2026
(16
)
USD
921
CZK
19,509
Merrill Lynch International
8/18/2026
(8
)
USD
325
EUR
285
Barclays Bank plc
8/18/2026
(4
)
USD
847
EUR
742
BNP Paribas
8/18/2026
(9
)
USD
379
EUR
331
HSBC Bank, NA
8/18/2026
(3
)
USD
56,685
EUR
49,526
Merrill Lynch International
8/18/2026
(459
)
USD
325
EUR
286
Standard Chartered Bank
8/18/2026
(5
)
USD
334
GBP
249
Barclays Bank plc
8/18/2026
(2
)

JPMorgan Global Allocation Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2026 (Unaudited) (continued)
CURRENCY
PURCHASED
CURRENCY
SOLD
COUNTERPARTY
SETTLEMENT
DATE
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
USD
539
GBP
402
HSBC Bank, NA
8/18/2026
(3
)
USD
290
GBP
218
Morgan Stanley
8/18/2026
(3
)
USD
205
GBP
153
Standard Chartered Bank
8/18/2026
(2
)
USD
758
INR
73,263
Merrill Lynch International**
8/18/2026
(9
)
USD
622
JPY
100,829
Barclays Bank plc
8/18/2026
(12
)
USD
754
JPY
122,031
BNP Paribas
8/18/2026
(14
)
USD
640
JPY
104,620
Goldman Sachs International
8/18/2026
(18
)
USD
548
JPY
88,713
HSBC Bank, NA
8/18/2026
(10
)
USD
1,231
JPY
198,593
Morgan Stanley
8/18/2026
(18
)
USD
1,715
JPY
278,124
Standard Chartered Bank
8/18/2026
(35
)
USD
2,263
KRW
3,452,163
Goldman Sachs International**
8/18/2026
(129
)
USD
3,064
MXN
53,520
HSBC Bank, NA
8/18/2026
(22
)
USD
12,604
NOK
123,585
Merrill Lynch International
8/18/2026
(433
)
USD
3,103
NZD
5,310
Goldman Sachs International
8/18/2026
(26
)
USD
3,826
PHP
235,385
Merrill Lynch International**
8/18/2026
(19
)
USD
1,179
PHP
72,494
Standard Chartered Bank**
8/18/2026
(5
)
USD
2,692
PLN
10,113
HSBC Bank, NA
8/18/2026
(15
)
USD
4,166
RON
19,115
Merrill Lynch International
8/18/2026
(30
)
USD
1,433
SEK
13,862
Goldman Sachs International
8/18/2026
(24
)
USD
45,743
SEK
439,901
HSBC Bank, NA
8/18/2026
(489
)
ZAR
11,617
USD
713
HSBC Bank, NA
8/18/2026
(11
)
AUD
361
JPY
41,069
Citibank, NA
8/27/2026
(5
)
AUD
726
NZD
868
Citibank, NA
8/27/2026
(1
)
CAD
759
AUD
776
Citibank, NA
8/27/2026
(4
)
CAD
357
EUR
222
Goldman Sachs International
8/27/2026
(1
)
CHF
384
AUD
678
Citibank, NA
8/27/2026
(1
)
CHF
385
NOK
4,559
Citibank, NA
8/27/2026
(4
)
CHF
193
NZD
409
Citibank, NA
8/27/2026
(2
)
EUR
415
NOK
4,569
Citibank, NA
8/27/2026
(3
)
ILS
6,470
USD
2,143
Goldman Sachs International
8/27/2026
(25
)
JPY
58,815
GBP
275
HSBC Bank, NA
8/27/2026
—
(a)
SGD
336
EUR
228
HSBC Bank, NA
8/27/2026
—
(a)
USD
886
AUD
1,268
HSBC Bank, NA
8/27/2026
(5
)
USD
658
AUD
951
State Street Corp.
8/27/2026
(11
)
USD
1,640
CAD
2,306
Barclays Bank plc
8/27/2026
(7
)
USD
4,036
CAD
5,684
Citibank, NA
8/27/2026
(23
)
USD
1,516
CAD
2,142
Morgan Stanley
8/27/2026
(13
)
USD
254
CHF
205
Citibank, NA
8/27/2026
—
(a)
USD
942
CHF
770
Goldman Sachs International
8/27/2026
(13
)
USD
245
CHF
199
HSBC Bank, NA
8/27/2026
(1
)
USD
281
CZK
5,994
Goldman Sachs International
8/27/2026
(4
)
USD
295
DKK
1,935
Barclays Bank plc
8/27/2026
(3
)
USD
192
EUR
167
Barclays Bank plc
8/27/2026
(1
)
USD
284
EUR
247
Citibank, NA
8/27/2026
(1
)
USD
301
EUR
262
Goldman Sachs International
8/27/2026
(1
)
USD
26,019
EUR
22,791
HSBC Bank, NA
8/27/2026
(287
)
USD
266
EUR
232
Morgan Stanley
8/27/2026
(2
)
USD
4,537
EUR
3,970
Standard Chartered Bank
8/27/2026
(45
)
USD
2,158
GBP
1,613
Barclays Bank plc
8/27/2026
(16
)
USD
16,458
GBP
12,321
BNP Paribas
8/27/2026
(147
)
USD
506
GBP
378
Goldman Sachs International
8/27/2026
(4
)
USD
439
GBP
326
HSBC Bank, NA
8/27/2026
(1
)
USD
2,198
GBP
1,644
Morgan Stanley
8/27/2026
(19
)
USD
344
GBP
257
Standard Chartered Bank
8/27/2026
(1
)
USD
110
JPY
18,007
BNP Paribas
8/27/2026
(3
)
USD
4,336
JPY
705,391
Goldman Sachs International
8/27/2026
(106
)
USD
1
JPY
175
HSBC Bank, NA
8/27/2026
—
(a)
USD
4,181
JPY
676,770
Morgan Stanley
8/27/2026
(81
)
USD
5,815
MXN
101,617
Goldman Sachs International
8/27/2026
(42
)

JPMorgan Global Allocation Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2026 (Unaudited) (continued)
CURRENCY
PURCHASED
CURRENCY
SOLD
COUNTERPARTY
SETTLEMENT
DATE
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
USD
911
MXN
15,908
State Street Corp.
8/27/2026
(5
)
USD
268
NOK
2,572
Morgan Stanley
8/27/2026
(4
)
USD
941
NZD
1,616
Barclays Bank plc
8/27/2026
(11
)
USD
919
NZD
1,595
Citibank, NA
8/27/2026
(21
)
USD
324
PLN
1,230
Barclays Bank plc
8/27/2026
(5
)
USD
264
RON
1,217
Goldman Sachs International
8/27/2026
(3
)
USD
304
SEK
2,940
Citibank, NA
8/27/2026
(5
)
USD
313
SEK
3,032
Goldman Sachs International
8/27/2026
(5
)
USD
1,397
SGD
1,802
Goldman Sachs International
8/27/2026
(10
)
USD
396
THB
13,369
Merrill Lynch International
8/27/2026
(5
)
CLP
241,318
USD
269
Barclays Bank plc**
9/28/2026
(9
)
CLP
1,260,731
USD
1,400
HSBC Bank, NA**
9/28/2026
(43
)
CNY
2,706
USD
403
Barclays Bank plc**
9/28/2026
(2
)
CNY
4,001
USD
595
HSBC Bank, NA**
9/28/2026
(2
)
CNY
33,243
USD
4,951
Morgan Stanley**
9/28/2026
(30
)
COP
816,426
USD
257
Goldman Sachs International**
9/28/2026
(2
)
EUR
139
USD
161
Barclays Bank plc
9/28/2026
(1
)
HUF
42,150
EUR
116
BNP Paribas
9/28/2026
(2
)
HUF
132,121
USD
431
HSBC Bank, NA
9/28/2026
(14
)
IDR
37,609,391
USD
2,096
BNP Paribas**
9/28/2026
(21
)
IDR
4,800,746
USD
269
Merrill Lynch International**
9/28/2026
(5
)
IDR
2,686,110
USD
148
State Street Corp.**
9/28/2026
—
(a)
INR
50,572
USD
532
Barclays Bank plc**
9/28/2026
(5
)
INR
25,426
USD
267
BNP Paribas**
9/28/2026
(2
)
MXN
22,859
USD
1,317
HSBC Bank, NA
9/28/2026
(3
)
MYR
8,278
USD
2,042
Standard Chartered Bank**
9/28/2026
(13
)
PEN
3,658
USD
1,074
Goldman Sachs International**
9/28/2026
—
(a)
PEN
795
USD
234
HSBC Bank, NA**
9/28/2026
—
(a)
PLN
399
EUR
93
Goldman Sachs International
9/28/2026
(1
)
PLN
6,067
USD
1,650
HSBC Bank, NA
9/28/2026
(26
)
PLN
3,529
USD
954
Morgan Stanley
9/28/2026
(9
)
THB
8,835
USD
273
BNP Paribas
9/28/2026
(8
)
THB
114,119
USD
3,493
Morgan Stanley
9/28/2026
(60
)
THB
13,434
USD
407
Standard Chartered Bank
9/28/2026
(2
)
USD
214
AUD
306
Barclays Bank plc
9/28/2026
(1
)
USD
125
AUD
178
HSBC Bank, NA
9/28/2026
—
(a)
USD
268
AUD
384
Standard Chartered Bank
9/28/2026
(1
)
USD
132
BRL
681
Barclays Bank plc**
9/28/2026
—
(a)
USD
1,794
BRL
9,403
BNP Paribas**
9/28/2026
(36
)
USD
168
BRL
878
Goldman Sachs International**
9/28/2026
(3
)
USD
301
BRL
1,578
State Street Corp.**
9/28/2026
(6
)
USD
474
COP
1,668,186
Barclays Bank plc**
9/28/2026
(48
)
USD
443
COP
1,543,083
Citibank, NA**
9/28/2026
(40
)
USD
194
COP
685,415
Goldman Sachs International**
9/28/2026
(20
)
USD
305
COP
1,067,569
Merrill Lynch International**
9/28/2026
(29
)
USD
2,583
COP
9,201,167
Standard Chartered Bank**
9/28/2026
(295
)
USD
539
EUR
468
BNP Paribas
9/28/2026
(2
)
USD
267
EUR
234
Standard Chartered Bank
9/28/2026
(3
)
USD
647
GBP
485
Barclays Bank plc
9/28/2026
(7
)
USD
267
GBP
200
Deutsche Bank AG
9/28/2026
(2
)
USD
778
IDR
14,165,049
Barclays Bank plc**
9/28/2026
(3
)
USD
773
IDR
14,071,113
Citibank, NA**
9/28/2026
(3
)
USD
373
IDR
6,770,309
State Street Corp.**
9/28/2026
(1
)
USD
267
INR
25,702
BNP Paribas**
9/28/2026
(1
)
USD
266
INR
25,809
HSBC Bank, NA**
9/28/2026
(4
)
USD
133
INR
12,795
Standard Chartered Bank**
9/28/2026
(1
)
USD
422
INR
40,620
State Street Corp.**
9/28/2026
(2
)
USD
213
KRW
332,201
Standard Chartered Bank**
9/28/2026
(17
)
USD
134
MXN
2,345
Barclays Bank plc
9/28/2026
(1
)

JPMorgan Global Allocation Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2026 (Unaudited) (continued)
CURRENCY
PURCHASED
CURRENCY
SOLD
COUNTERPARTY
SETTLEMENT
DATE
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
USD
134
MXN
2,359
BNP Paribas
9/28/2026
(2
)
USD
398
MXN
7,008
Merrill Lynch International
9/28/2026
(4
)
USD
5,193
MXN
90,386
Morgan Stanley
9/28/2026
(1
)
USD
140
MXN
2,466
State Street Bank & Trust
9/28/2026
(2
)
USD
269
MYR
1,103
BNP Paribas**
9/28/2026
(2
)
USD
441
PEN
1,510
Goldman Sachs International**
9/28/2026
(3
)
USD
126
PLN
472
Barclays Bank plc
9/28/2026
(1
)
USD
265
PLN
1,009
Deutsche Bank AG
9/28/2026
(5
)
USD
223
PLN
844
HSBC Bank, NA
9/28/2026
(3
)
USD
65
PLN
244
Morgan Stanley
9/28/2026
—
(a)
USD
268
SGD
343
Barclays Bank plc
9/28/2026
—
(a)
USD
270
SGD
348
Deutsche Bank AG
9/28/2026
(2
)
USD
267
THB
8,904
Barclays Bank plc
9/28/2026
(1
)
USD
539
THB
17,971
Merrill Lynch International
9/28/2026
(2
)
USD
291
ZAR
4,874
Barclays Bank plc
9/28/2026
(3
)
USD
347
ZAR
5,782
Morgan Stanley
9/28/2026
(2
)
USD
265
ZAR
4,465
Standard Chartered Bank
9/28/2026
(4
)
ZAR
3,502
USD
215
Barclays Bank plc
9/28/2026
(4
)
ZAR
4,380
USD
269
Goldman Sachs International
9/28/2026
(5
)
CZK
6,750
USD
325
Barclays Bank plc
9/29/2026
(4
)
CZK
20,165
USD
966
BNP Paribas
9/29/2026
(5
)
USD
341
CZK
7,251
Barclays Bank plc
9/29/2026
(4
)
USD
260
CZK
5,515
BNP Paribas
9/29/2026
(3
)
USD
1,283
CZK
27,151
HSBC Bank, NA
9/29/2026
(11
)
USD
258
CZK
5,433
Morgan Stanley
9/29/2026
(1
)
Total unrealized depreciation
(5,638
)
Net unrealized appreciation
2,121
 
Abbreviations
 
AUD
Australian Dollar
BRL
Brazilian Real
CAD
Canadian Dollar
CHF
Swiss Franc
CLP
Chile Peso
CNY
China Yuan
COP
Colombian Peso
CZK
Czech Republic Koruna
DKK
Danish Krone
EUR
Euro
GBP
British Pound
HKD
Hong Kong Dollar
HUF
Hungarian Forint
IDR
Indonesian Rupiah
ILS
Israeli Shekel
INR
Indian Rupee
JPY
Japanese Yen
KRW
Korean Republic Won
MXN
Mexican Peso
MYR
Malaysian Ringgit
NOK
Norwegian Krone
NZD
New Zealand Dollar
PEN
Peruvian Nuevo Sol
PHP
Philippines Peso
PLN
Polish Zloty
RON
Romanian Leu
SEK
Swedish Krona
SGD
Singapore Dollar

JPMorgan Global Allocation Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2026 (Unaudited) (continued)
THB
Thai Baht
TWD
Taiwan Dollar
USD
United States Dollar
ZAR
South African Rand
 
(a)
Amount rounds to less than one thousand.
**
Non-deliverable forward.

JPMorgan Global Allocation Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 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.
A market-based approach is primarily used to value the Fund's 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 Board. 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.
Fixed income instruments are valued based on prices received from Pricing Services. The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.
Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values (“NAV”) of the 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 NAVs are calculated.
Investments in open-end investment companies, excluding exchange-traded funds (“ETFs”) (“Underlying Funds”), are valued at each Underlying Fund’s NAV per share as of the report date.
Futures contracts are generally valued on the basis of available market quotations. Forward foreign currency exchange contracts are valued utilizing market quotations from approved Pricing Services.
Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer-related events after the report date and prior to issuance of the report are not reflected herein.
The various inputs that are used in determining the valuation of the Fund's investments are summarized into the three broad levels listed below.
•
Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.
•
Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.
•
Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund's assumptions in determining the fair value of investments).

JPMorgan Global Allocation Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2026 (Unaudited) (continued)
(Dollar values in thousands)
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
Asset-Backed Securities
$—
$9,609
$—
$9,609
Closed End Funds
24,046
—
—
24,046
Collateralized Mortgage Obligations
—
3,002
—
3,002
Commercial Mortgage-Backed Securities
—
423
—
423
Common Stocks
Australia
—
6,991
—
6,991
Austria
—
253
—
253
Belgium
—
620
—
620
Brazil
13,652
24
—
13,676
Chile
—
55
—
55
China
3,598
41,284
—
44,882
Cyprus
—
528
—
528
Czech Republic
612
—
—
612
Denmark
73
3,412
—
3,485
Finland
—
803
—
803
France
114
13,694
—
13,808
Germany
942
11,024
—
11,966
Greece
—
1,316
—
1,316
Guatemala
858
—
—
858
Hong Kong
16
5,026
—
5,042
Hungary
—
1,769
—
1,769
India
4,814
13,877
—
18,691
Indonesia
—
642
—
642
Ireland
1,469
239
—
1,708
Israel
162
628
—
790
Italy
20
6,582
—
6,602
Ivory Coast
—
33
—
33
Japan
709
28,937
—
29,646
Kazakhstan
492
—
—
492
Luxembourg
—
136
—
136
Macau
—
40
—
40
Malaysia
—
650
—
650
Mexico
1,828
19
—
1,847
Netherlands
3,289
9,860
—
13,149
New Zealand
—
153
—
153
Nigeria
—
11
—
11
Norway
69
350
—
419
Peru
879
—
—
879
Poland
—
14
—
14
Portugal
—
128
—
128
Russia
—
—
—(a
)
—(a
)
Saudi Arabia
—
1,731
—
1,731

JPMorgan Global Allocation Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2026 (Unaudited) (continued)
(Dollar values in thousands)
 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Singapore
$649
$3,475
$—
$4,124
South Africa
957
4,034
—
4,991
South Korea
1,489
34,247
—
35,736
Spain
—
2,742
—
2,742
Sweden
—
6,343
—
6,343
Switzerland
18
4,321
—
4,339
Taiwan
5,831
45,435
—
51,266
Thailand
792
—
—
792
United Arab Emirates
—
945
—
(a)
945
United Kingdom
1,630
10,217
—
11,847
United States
485,760
9,917
11
495,688
Total Common Stocks
530,722
272,505
11
803,238
Corporate Bonds
Australia
—
2,029
—
2,029
Austria
—
281
—
281
Canada
—
14,390
—
14,390
Denmark
—
2,344
—
2,344
France
—
9,451
—
9,451
Germany
—
18,177
—
18,177
Hong Kong
—
193
—
193
Ireland
—
3,191
—
3,191
Italy
—
12,755
—
12,755
Japan
—
917
—
917
Luxembourg
—
288
—
288
Netherlands
—
2,166
—
2,166
Portugal
—
4,144
—
4,144
Saudi Arabia
—
773
—
773
Spain
—
9,469
—
9,469
Switzerland
—
11,403
—
11,403
Trinidad And Tobago
—
209
—
209
United Kingdom
—
13,701
—
13,701
United States
—
272,893
5
272,898
Total Corporate Bonds
—
378,774
5
378,779
Exchange-Traded Funds
372,376
—
—
372,376
Foreign Government Securities
—
275,887
—
275,887
Investment Companies
118,013
—
—
118,013
Loan Assignments
—
—
277
277
Options Purchased
1,812
—
—
1,812
Preferred Stocks
—
1
—
1
Supranational
—
2,100
—
2,100
U.S. Treasury Obligations
—
66,883
—
66,883
Warrants
—
1
—
1
Short-Term Investments
Commercial Paper
—
1,670
—
1,670
Investment Companies
58,718
—
—
58,718

JPMorgan Global Allocation Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2026 (Unaudited) (continued)
(Dollar values in thousands)
 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Investment of Cash Collateral from Securities Loaned
$22,716
$—
$—
$22,716
Total Short-Term Investments
81,434
1,670
—
83,104
Total Investments in Securities
$1,128,403
$1,010,855
$293
$2,139,551
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts
$—
$7,759
$—
$7,759
Futures Contracts
11,817
—
—
11,817
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts
$—
$(5,638
)
$—
$(5,638
)
Futures Contracts
(5,510
)
(163
)
—
(5,673
)
Total Net Appreciation/ Depreciation in Other
Financial Instruments
$6,307
$1,958
$—
$8,265
 

 
(a)
Value is zero.
There were no significant transfers into or out of level 3 for the period ended July 31, 2026.
B. Investment Transactions with Affiliates— The Fund invested in Underlying Funds and ETFs 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. Underlying Funds’ and ETFs’ distributions may be reinvested into the Underlying Funds and ETFs. Reinvestment amounts are included in the purchases at cost amounts in the table below. 
 
For the period ended July 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
July 31,
2026
Shares at
July 31,
2026
Dividend
Income
Capital Gain
Distributions
JPMorgan ActiveBuilders Emerging Markets Equity
ETF  (a)
$—
$56,890
$—
$—
$(5,653
)
$51,237
865
$—
$—
JPMorgan BetaBuilders Canada ETF  (a)
—
36,106
—
—
164
36,270
354
—
—
JPMorgan BetaBuilders Japan ETF  (a)
—
82,321
—
—
(324
)
81,997
1,099
—
—
JPMorgan Income ETF  (a)
97,243
78,437
56,132
(147
)
(1,401
)
118,000
2,574
4,313
—
JPMorgan Income Fund Class R6 Shares  (a)
114,375
4,796
41,102
(435
)
(1,234
)
76,400
9,041
4,797
—
JPMorgan International Dynamic ETF  (a) *
—
13,546
—
—
147
13,693
268
—
—
JPMorgan Mortgage-Backed Securities ETF  (a)
—
76,036
4,286
(19
)
(552
)
71,179
1,424
—
—
JPMorgan Prime Money Market Fund Class IM
Shares, 3.78%  (a) (b)
—
323,248
295,783
(4
)
3
27,464
27,461
225
—
JPMorgan Prime Money Market Fund
Class Institutional Shares, 3.68%  (a) (b)
245,117
855,010
1,068,822
(15
)
(36
)
31,254
31,248
4,464
—
JPMorgan Securities Lending Money Market Fund
Agency SL Class Shares, 3.67%  (a) (b)
17,427
175,297
170,008
—
—
(c)
22,716
22,716
876
—
JPMorgan Small Cap Equity Fund Class R6 Shares
 (a)
—
42,777
4,915
387
3,364
41,613
833
—
—
Total
$474,162
$1,744,464
$1,641,048
$(233
)
$(5,522
)
$571,823
$14,675
$—
 

 
(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, 2026.
(c)
Amount rounds to less than one thousand.
*
Non-income producing security.

JPMorgan Global Allocation Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2026 (Unaudited) (continued)
(Dollar values in thousands)
C. Derivatives— The Fund used derivative instruments including options, forward foreign currency exchange contracts and swaps, in connection with its investment strategy. Derivative instruments may be used as substitutes for securities in which the Fund can invest, to hedge portfolio investments or to generate income or gain to the Fund. Derivatives may also be used to manage duration, sector and yield curve exposures and credit and spread volatility.
The Fund may be subject to various risks from the use of derivatives, including the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to derivatives counterparties’ failure to perform under contract terms; liquidity risk related to the potential lack of a liquid market for these contracts allowing a Fund to close out its position(s); and documentation risk relating to disagreement over contract terms. Investing in certain derivatives also results in a form of leverage and as such, the Fund's risk of loss associated with these instruments may exceed their value.
The Fund is party to various derivative contracts governed by International Swaps and Derivatives Association master agreements (“ISDA agreements”). The Fund's ISDA agreements, which are separately negotiated with each dealer counterparty, may contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Fund in the event the Fund's net assets decline over time by a pre-determined percentage or fall below a pre-determined floor. The ISDA agreements may also contain provisions allowing, absent other conditions, the Fund to exercise rights, to the extent not otherwise waived, against a counterparty (e.g., decline in a counterparty’s credit rating below a specified level). Such rights for both a counterparty and the Fund often include the ability to terminate (i.e., close out) open contracts at prices which may favor a counterparty, which could have an adverse effect on the Fund. The ISDA agreements give the Fund and a counterparty the right, upon an event of default, to close out all transactions traded under such agreements and to net amounts owed or due across all transactions and offset such net payable or receivable against collateral posted to a segregated account by one party for the benefit of the other.
Counterparty credit risk may be mitigated to the extent a counterparty posts additional collateral for mark to market gains to the Fund.
Notes (1) — (2) below describe the various derivatives used by the Fund.
(1). Futures Contracts— The Fund used currency, index, interest rate, treasury or other financial futures contracts to manage and hedge interest rate risk associated with portfolio investments and to gain or reduce exposure to positive and negative price fluctuation or a particular countries or regions. The Fund also used futures contracts to lengthen or shorten the duration of the overall investment portfolio. The Fund used commodity futures contracts to obtain long and short exposure to the underlying commodities markets. The purchase of futures contracts will tend to increase the Fund's exposure to positive and negative price fluctuations in the underlying instrument. The sales of futures contracts will tend to offset both positive and negative market price changes.
Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Fund is required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Fund periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as change in net unrealized appreciation/depreciation on futures contracts. Securities deposited as initial margin are designated on the Schedule of Investments, while cash deposited is considered restricted.
The Fund may be exposed 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 subject the Fund to risk of loss up to the notional amount of the futures contracts. Use of short futures contracts subjects the Fund to unlimited risk of loss. The Fund may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Fund's credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of positions.
The Fund's futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).
(2). Forward Foreign Currency Exchange Contracts— The Fund is exposed to foreign currency risks associated with some or all of the portfolio investments and used forward foreign currency exchange contracts to hedge or manage certain of these exposures as part of an investment strategy. The Fund also bought forward foreign currency exchange contracts to gain exposure to currencies. Forward foreign currency exchange contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in U.S. dollars without the delivery of the foreign currency.
The values of the forward foreign currency exchange contracts are adjusted daily based on the applicable exchange rate of the underlying currency. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract settlement date. When the forward foreign currency exchange contract is closed, the Fund records a realized gain or loss equal to the difference between the

JPMorgan Global Allocation Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2026 (Unaudited) (continued)
(Dollar values in thousands)
value at the time the contract was opened and the value at the time it was closed. The Fund also records a realized gain or loss, upon settlement, when a forward foreign currency exchange contract offsets another forward foreign currency exchange contract with the same counterparty.
The Fund's forward foreign currency exchange contracts are subject to master netting arrangements (the right to close out all transactions with a counterparty and net amounts owed or due across transactions).
The Fund may be required to post or receive collateral for non-deliverable forward foreign currency exchange contracts.