JPMorgan International Focus 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 International Focus Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2026 (Unaudited)
 
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — 98.7%
Australia — 3.1%
Rio Tinto plc
340
33,012
Telstra Group Ltd.
4,574
16,147
 
49,159
Brazil — 2.1%
Itausa SA (Preference)
7,979
21,832
MercadoLibre, Inc. *
7
12,667
 
34,499
Canada — 3.5%
Canadian Natural Resources Ltd.
289
13,757
Royal Bank of Canada (a)
200
41,953
 
55,710
China — 6.5%
Alibaba Group Holding Ltd.
1,866
28,427
Midea Group Co. Ltd., Class H
1,357
17,196
Tencent Holdings Ltd.
525
32,073
XCMG Construction Machinery Co. Ltd., Class A
6,789
9,006
Zijin Mining Group Co. Ltd., Class H
4,256
18,071
 
104,773
Denmark — 2.5%
Danske Bank A/S
428
24,627
Novonesis Novozymes B
236
15,342
 
39,969
France — 9.0%
Air Liquide SA
144
28,387
Engie SA
1,384
43,155
Legrand SA
176
26,677
Safran SA
119
46,790
 
145,009
Germany — 7.2%
Deutsche Post AG (a)
291
19,457
Infineon Technologies AG
255
18,250
Muenchener Rueckversicherungs-Gesellschaft AG (Registered)
56
33,665
Siemens AG (Registered)
133
43,624
 
114,996
Greece — 1.2%
National Bank of Greece SA
1,028
19,241
Hong Kong — 1.3%
AIA Group Ltd.
2,035
20,519
India — 2.7%
Bajaj Finance Ltd.
2,312
27,637
HDFC Bank Ltd., ADR
641
15,329
 
42,966
JPMorgan International Focus Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2026 (Unaudited) (continued)
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — continued
Italy — 1.8%
UniCredit SpA
299
28,194
Japan — 15.9%
Ajinomoto Co., Inc.
535
16,496
Asics Corp.
543
16,019
ITOCHU Corp.
1,671
20,970
Keyence Corp.
58
28,942
Mitsubishi UFJ Financial Group, Inc.
2,239
50,018
Murata Manufacturing Co. Ltd.
222
10,124
Obayashi Corp.
418
8,214
Recruit Holdings Co. Ltd.
277
21,937
Sony Group Corp.
1,529
35,726
Sumitomo Electric Industries Ltd.
1,971
26,081
Tokio Marine Holdings, Inc.
415
21,166
 
255,693
Netherlands — 3.0%
ASML Holding NV
29
47,898
Saudi Arabia — 1.0%
Al Rajhi Bank
949
15,840
Singapore — 2.4%
DBS Group Holdings Ltd.
669
38,618
South Korea — 6.1%
Hanwha Aerospace Co. Ltd.
25
16,279
Kia Corp.
244
21,997
SK hynix, Inc.
53
60,166
 
98,442
Spain — 1.3%
Iberdrola SA
852
20,228
Sweden — 2.9%
Atlas Copco AB, Class A
805
17,022
Volvo AB, Class B
790
30,211
 
47,233
Switzerland — 1.9%
Nestle SA (Registered)
309
30,924
Taiwan — 8.1%
Delta Electronics, Inc.
245
12,053
Taiwan Semiconductor Manufacturing Co. Ltd., ADR
145
58,543
Taiwan Semiconductor Manufacturing Co. Ltd.
812
60,060
 
130,656
United Kingdom — 7.5%
British American Tobacco plc
446
27,066
Compass Group plc
880
27,955
NatWest Group plc
2,317
21,850
JPMorgan International Focus Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2026 (Unaudited) (continued)
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — continued
United Kingdom — continued
RELX plc
625
22,055
Standard Chartered plc
746
22,069
 
120,995
United States — 7.7%
Novartis AG (Registered)
166
25,995
Roche Holding AG
77
33,421
Shell plc
1,423
65,133
 
124,549
Total Common Stocks
(Cost $1,142,725)
1,586,111
Short-Term Investments — 1.9%
Investment Companies — 1.0%
JPMorgan Prime Money Market Fund Class Institutional Shares, 3.68% (b) (c)
(Cost $16,138)
16,137
16,140
Investment of Cash Collateral from Securities Loaned — 0.9%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 3.67% (b) (c)(Cost $14,142)
14,142
14,142
Total Short-Term Investments
(Cost $30,280)
30,282
Total Investments — 100.6%
(Cost $1,173,005)
1,616,393
Liabilities in Excess of Other Assets — (0.6)%
(9,565
)
NET ASSETS — 100.0%
1,606,828
 
Percentages indicated are based on net assets.
 
Abbreviations
 
ADR
American Depositary Receipt
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.
 
*
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 $13,423.
(b)
Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment
Management Inc.
(c)
The rate shown is the current yield as of July 31, 2026.
JPMorgan International Focus 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
Banks
18.5
%
Semiconductors & Semiconductor Equipment
15.1
Oil, Gas & Consumable Fuels
4.9
Insurance
4.7
Aerospace & Defense
3.9
Pharmaceuticals
3.7
Machinery
3.5
Household Durables
3.3
Electronic Equipment, Instruments & Components
3.2
Metals & Mining
3.2
Food Products
2.9
Professional Services
2.7
Chemicals
2.7
Industrial Conglomerates
2.7
Multi-Utilities
2.7
Broadline Retail
2.5
Interactive Media & Services
2.0
Hotels, Restaurants & Leisure
1.7
Consumer Finance
1.7
Tobacco
1.7
Electrical Equipment
1.6
Automobile Components
1.6
Automobiles
1.4
Trading Companies & Distributors
1.3
Electric Utilities
1.2
Air Freight & Logistics
1.2
Diversified Telecommunication Services
1.0
Textiles, Apparel & Luxury Goods
1.0
Construction & Engineering
0.5
Short-Term Investments
1.9
JPMorgan International Focus 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.
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 (“Underlying Funds”) are valued at each Underlying Fund’s NAV per share as of the report date.
Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer-related events after the report date and prior to issuance of the report are not reflected herein.
The various inputs that are used in determining the valuation of the Fund's investments are summarized into the three broad levels listed below.
•
Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.
•
Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.
•
Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund's assumptions in determining the fair value of investments).
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.
The following table represents each valuation input as presented on the Schedule of Portfolio Investments: 
 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Investments in Securities
Common Stocks
Australia
$—
$49,159
$—
$49,159
Brazil
34,499
—
—
34,499
Canada
55,710
—
—
55,710
China
—
104,773
—
104,773
Denmark
15,342
24,627
—
39,969
France
—
145,009
—
145,009
Germany
—
114,996
—
114,996
Greece
—
19,241
—
19,241
JPMorgan International Focus 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
Hong Kong
$—
$20,519
$—
$20,519
India
15,329
27,637
—
42,966
Italy
—
28,194
—
28,194
Japan
—
255,693
—
255,693
Netherlands
—
47,898
—
47,898
Saudi Arabia
—
15,840
—
15,840
Singapore
—
38,618
—
38,618
South Korea
—
98,442
—
98,442
Spain
—
20,228
—
20,228
Sweden
—
47,233
—
47,233
Switzerland
—
30,924
—
30,924
Taiwan
58,543
72,113
—
130,656
United Kingdom
—
120,995
—
120,995
United States
—
124,549
—
124,549
Total Common Stocks
179,423
1,406,688
—
1,586,111
Short-Term Investments
Investment Companies
16,140
—
—
16,140
Investment of Cash Collateral from Securities Loaned
14,142
—
—
14,142
Total Short-Term Investments
30,282
—
—
30,282
Total Investments in Securities
$209,705
$1,406,688
$—
$1,616,393
B. Investment Transactions with Affiliates— The Fund invested in Underlying Funds advised by the Adviser. An issuer which is under common control with the Fund may be considered an affiliate. The Fund assumes the issuers listed in the table below to be affiliated issuers. The Underlying Funds’ distributions may be reinvested into such Underlying Funds. Reinvestment amounts are included in the purchases at cost amounts in the table below. 
 
For the period ended 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 Prime Money Market Fund
Class Institutional Shares, 3.68%  (a) (b)
$18,464
$293,079
$295,403
$(4
)
$4
$16,140
16,137
$359
$—
JPMorgan Securities Lending Money Market Fund
Agency SL Class Shares, 3.67%  (a) (b)
2,292
151,627
139,777
—
—
14,142
14,142
243
—
Total
$20,756
$444,706
$435,180
$(4
)
$4
$30,282
$602
$—
 
 
(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.