JPMorgan Trust IV

JPMorgan International Equity Funds

STATEMENT OF ADDITIONAL INFORMATION

PART I

March 1, 2024

JPMORGAN TRUST I (“JPMT I”)

Fund Name	A	C	I	L	R2	R3	R4	R5	R6
JPMorgan Developed International Value Fund (“Developed International Value Fund”) (formerly JPMorgan International Value Fund)	JFEAX	JIUCX	JIESX	JNUSX	JPVZX			JPVRX	JNVMX
JPMorgan Emerging Markets Equity Fund (“Emerging Markets Equity Fund”)	JFAMX	JEMCX	JEMSX	JMIEX	JHUJX	JHURX	JHUKX	JEMOX	JEMWX
JPMorgan Europe Dynamic Fund (“Europe Dynamic Fund”)	VEUAX	VEUCX	JFESX	JFEIX					VEUVX
JPMorgan International Equity Fund (“International Equity Fund”)	JSEAX	JIECX	VSIEX		JIEZX			JIERX	JNEMX
JPMorgan International Focus Fund (“International Focus Fund”)	IUAEX	IUCEX	IUESX		IUERX			IUEFX	IUENX

JPMORGAN TRUST IV (“JPMT IV”)

Fund Name	A	C	I	R5	R6
JPMorgan Emerging Markets Research Enhanced Equity Fund (“Emerging Markets Research Enhanced Equity Fund”)			EMREX		EMRSX
JPMorgan International Hedged Equity Fund (“International Hedged Equity Fund”)	JIHAX	JIHCX	JIHIX	JIHYX	JIHRX

(each a “Fund” and collectively, the “Funds”)

This Statement of Additional Information (“SAI”) is not a prospectus but contains additional information which should be read in conjunction with the prospectuses for the Funds dated March 1, 2024, as supplemented from time to time (“Prospectuses”). Additionally, this SAI incorporates by reference the financial statements included in the annual Shareholder Reports relating to the Funds, dated October 31, 2023 (collectively, “Financial Statements”). The Prospectuses and the Financial Statements, including the Independent Registered Public Accounting Firm’s Reports, are available, without charge upon request by contacting JPMorgan Distribution Services, Inc. (“JPMDS” or the “Distributor”), the Funds’ distributor, at 1111 Polaris Parkway, Columbus, OH 43240.

For more information about the Funds or the Financial Statements, simply write or call:

JPMorgan Funds Services
P.O. Box 219143
Kansas City, MO 64121-9143
1-800-480-4111

SAI-INTEQ-324

GENERAL

The Trusts and the Funds

The Funds (other than the JPMorgan Emerging Markets Research Enhanced Equity Fund and the JPMorgan International Hedged Equity Fund) are series of JPMorgan Trust I (“JPMT I”), an open-end, management investment company formed as a statutory trust under the laws of the State of Delaware on November 12, 2004, pursuant to a Declaration of Trust dated November 5, 2004, as subsequently amended. Each Fund (other than the Emerging Markets Research Enhanced Equity Fund, the International Hedged Equity Fund, and the International Focus Fund Fund) is a successor mutual fund to J.P. Morgan Funds that were series of J.P. Morgan Mutual Fund Series (“Predecessor Funds”) prior to February 18, 2005. Each of the Predecessor Funds operated as a series of another legal entity prior to reorganizing and redomiciling as series of J.P. Morgan Mutual Fund Series (“JPMMFS”) on February 18, 2005.

The Emerging Markets Research Enhanced Equity Fund and the International Hedged Equity Fund are series of JPMorgan Trust IV (“JPMT IV” and, collectively with JPMT I, the “Trusts”), an open-end, management investment company formed as a statutory trust under the laws of the State of Delaware on November 11, 2015, pursuant to a Declaration of Trust dated November 11, 2015, as subsequently amended. In addition to the Emerging Markets Research Enhanced Equity Fund and the International Hedged Equity Fund, the Trust consists of other series representing separate investment funds (each a “J.P. Morgan Fund”).

The Predecessor Funds were formerly series of the following business trusts (the “Predecessor Trusts”):

J.P. Morgan Institutional Funds (“JPMIF”)
JPMorgan Emerging Markets Equity Fund
JPMorgan Developed International Value Fund

J.P. Morgan Mutual Fund Group (“JPMMFG”)
JPMorgan Europe Dynamic Fund

J.P. Morgan Mutual Fund Select Group (“JPMMFSG”)
JPMorgan International Equity Fund

JPMIF. Prior to February 19, 2005, the Emerging Markets Equity Fund and Developed International Value Fund were series of JPMIF, an open-end, management investment company which was organized as a business trust under the laws of The Commonwealth of Massachusetts on November 4, 1992.

JPMMFG. Prior to February 19, 2005, the Europe Dynamic Fund was a series of JPMMFG, an open-end, management investment company which was organized as a business trust under the laws of The Commonwealth of Massachusetts on May 11, 1987. JPMMFG liquidated November 29, 2012, and is in the process of winding up its affairs. Prior to July 31, 2018, the name of the Fund was the JPMorgan Intrepid European Fund.

JPMMFSG. Prior to February 19, 2005, International Equity Fund was a series of JPMMFSG, an open-end, management investment company which was organized as a business trust under the laws of The Commonwealth of Massachusetts on October 1, 1996.

After the close of business on February 18, 2005, the JPMorgan International Equity Fund acquired all of the assets and liabilities of One Group Diversified International Fund pursuant to an Agreement and Plan of Reorganization dated November 22, 2004 between JPMMFSG, on behalf of JPMorgan International Equity Fund, and One Group Mutual Funds, on behalf of One Group Diversified International Fund.

On January 20, 2005, shareholders of JPMMFS approved the redomiciliation of JPMMFS as a Delaware statutory trust to be called “JPMorgan Trust I” (“Redomiciliation”). The Redomiciliation took place after the close of business on February 18, 2005, at which time each Predecessor Fund became a series of JPMorgan Trust I. The Redomiciliation was effective after each of the reorganizations pursuant to the Shell Reorganization Agreements.

Part I - 1

Share Classes

Shares in the Funds of the Trusts are generally offered in multiple classes. The Board of Trustees of JPMT I and JPMT IV have authorized the issuance and sale of the following share classes of the Funds:

Fund	Class A	Class C	Class I	Class L	Class R2	Class R3	Class R4	Class R5	Class R6
Emerging Markets Equity Fund	X	X	X	X	X	X	X	X	X
Emerging Markets Research Enhanced Equity Fund			X						X
Europe Dynamic Fund	X	X	X	X					X
International Equity Fund	X	X	X		X			X	X
International Focus Fund (formerly, International Unconstrained Equity Fund)	X	X	X		X			X	X
International Hedged Equity Fund	X	X	X					X	X
Developed International Value Fund	X	X	X	X	X			X	X

Effective December 1, 2016, Class L shares of the Funds were not available for purchase by new investors, except as described in the Funds’ Prospectuses.

Miscellaneous

This SAI describes the financial history, investment strategies and policies, management and operation of each of the Funds in order to enable investors to select the Fund or Funds which best suit their needs.

This SAI provides additional information with respect to the Funds and should be read in conjunction with the relevant Fund's current Prospectuses. Capitalized terms not otherwise defined herein have the meanings accorded to them in the applicable Prospectuses. The Funds' executive offices are located at 277 Park Avenue, New York, NY 10172.

This SAI is divided into two Parts – Part I and Part II. Part I of this SAI contains information that is particular to each Fund. Part II of this SAI contains information that generally applies to the Funds and other series representing separate investment funds or portfolios of JPMT I, JPMorgan Trust II ("JPMT II"), JPMT IV, J.P. Morgan Mutual Fund Investment Trust (“JPMMFIT”), J.P. Morgan Fleming Mutual Fund Group, Inc. (“JPMFMFG”) and Undiscovered Managers Funds (“UMF”) (each a “J.P. Morgan Fund,” and together with the Funds, the “J.P. Morgan Funds”). Throughout this SAI, JPMT I, JPMT II, JPMT IV, JPMMFIT, JPMFMFG and UMF are each referred to as a “Trust” and collectively, as the “Trusts.” Each Trust’s Board of Trustees, or Board of Directors in the case of JPMFMFG, is referred to herein as the “Board of Trustees” and each trustee or director is referred to as a “Trustee.”

The Funds are advised by J.P. Morgan Investment Management Inc. (“JPMIM”). Certain other of the J.P. Morgan Funds are sub-advised by J.P. Morgan Private Investments Inc. (“JPMPI”) or Fuller & Thaler Asset Management, Inc. (“Fuller & Thaler”). JPMIM is also referred to herein as the “Adviser.” JPMPI and Fuller & Thaler are also referred to herein as the “Sub-Advisers” and, individually, as the “Sub-Adviser.”

Investments in the Funds are not deposits or obligations of, nor guaranteed or endorsed by, JPMorgan Chase Bank, N.A. (“JPMorgan Chase Bank”), an affiliate of the Adviser, or any other bank. Shares of the Funds are not federally insured or guaranteed by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other governmental agency. An investment in the Funds is subject to risk that may cause the value of the investment to fluctuate, and when the investment is redeemed, the value may be higher or lower than the amount originally invested by the investor.

The Adviser, with respect to each Fund, has filed a notice of eligibility with the National Futures Association (“NFA”) claiming an exclusion from the definition of the term Commodity Pool Operator (“CPO”) with respect to a Fund’s operations. Therefore, each Fund and the Adviser with respect to each such Fund are not subject to registration or regulation as a commodity pool or CPO under the Commodity Exchange Act, as amended. Changes to a Fund’s investment strategies or investments may cause the Fund to lose the benefits of this exclusion and may trigger additional CFTC requirements. If the Adviser or a Fund becomes subject to these requirements, as well as related NFA rules, the Fund may incur additional compliance and other expenses.

Part I - 2

INVESTMENT POLICIES

The following investment policies have been adopted by the respective Trust with respect to the applicable Funds. The investment policies listed below under the heading “Fundamental Investment Policies” are “fundamental” policies which, under the Investment Company Act of 1940, as amended (the “1940 Act”), may not be changed without the vote of a majority of the outstanding voting securities of each Fund, as such term is defined in “Additional Information” in Part II of this SAI. All other investment policies of each of the Funds (including their respective investment objectives for each Fund) are non-fundamental, unless otherwise designated in the Prospectuses or herein, and may be changed by the Trustees of each Fund without shareholder approval.

The percentage limitations contained in the policies below apply at the time of purchase of the securities. If a percentage or rating restriction on investment or use of assets set forth in a fundamental investment policy or a non-fundamental investment policy or in a Prospectus is adhered to at the time of investment, later changes in percentage resulting from any cause other than actions by a Fund will not be considered a violation and such Fund may continue to hold any securities affecting that percentage or rating policy. With respect to fundamental investment policies (2), (3) and (4), the 1940 Act generally limits a Fund’s ability to borrow money on a non-temporary basis if such borrowings constitute “senior securities.” As noted in “Investment Strategies and Policies — Miscellaneous Investment Strategies and Risks — Borrowings” in SAI Part II, in addition to temporary borrowing, a Fund may borrow from any bank, provided that immediately after any such borrowing there is an asset coverage of at least 300% for all borrowings by a Fund and provided further, that in the event that such asset coverage shall at any time fall below 300%, a Fund shall, within three days (not including Sundays and holidays) thereafter or such longer period as the U.S. Securities and Exchange Commission (“SEC”) may prescribe by rules and regulations, reduce the amount of its borrowings to such an extent that the asset coverage of such borrowing shall be at least 300%. A Fund may also borrow money if such borrowing does not constitute “senior securities” under the 1940 Act or engage in economically similar transactions if those transactions comply with the applicable requirements of the SEC under the 1940 Act.

For purposes of the fundamental investment policies regarding industry concentration for the International Focus Fund, “to concentrate” generally means to invest more than 25% of a Fund’s total assets, taken at market value at the time of investment. For purposes of fundamental investment policies involving industry concentration, “group of industries” means a group of related industries, as determined in good faith by the Adviser, based on published classifications or other sources. For the purposes of the fundamental investment policy regarding industry concentration, the Funds currently utilize any one or more of the industry and/or sub-industry classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the Adviser. The Adviser may classify and re-classify companies in a particular industry or sub-industry and define and re-define industries and sub-industries in any reasonable manner, consistent with SEC guidance. Accordingly, the composition of an industry or group of industries may change from time to time. The policy will be interpreted to give broad authority to the Adviser as to how to classify issuers. For purposes of fundamental investment policies involving industry concentration, “group of industries” means a group of related industries, as determined in good faith by the Adviser or the Sub-Adviser, as may be the case, based on published classifications or other sources.

Finally, while the International Focus Fund is generally not limited within its equity universe by any particular capitalization, sector or style and may invest in any foreign country, including emerging market countries, the Fund is subject to the fundamental and non-fundamental investment policies and investment restrictions applicable to such Fund that are described herein and by any restrictions imposed by applicable law.

Fundamental Investment Policies.

(1) (a) The Developed International Value Fund, Emerging Markets Equity Fund and the International Focus Fund may not make any investment inconsistent with their classification as a diversified investment company under the 1940 Act;

(b) The International Equity Fund may not purchase securities of any issuer if such purchase would not be consistent with the maintenance of the Fund’s status as a diversified company under the 1940 Act, or the rules or regulations thereunder, as such statute, rules or regulations may be amended from time to time;

Part I - 3

(c) The Emerging Markets Research Enhanced Equity Fund and the International Hedged Equity Fund may not make any investment inconsistent with its classification as a diversified investment company as that term is defined in the 1940 Act or as interpreted, modified or applied by the SEC or its staff;

(2) (a) The Developed International Value Fund and Emerging Markets Equity Fund may not purchase any security which would cause the Fund to concentrate its investments in the securities of issuers primarily engaged in any particular industry except as permitted by the SEC;

(b) The International Equity Fund and Europe Dynamic Fund may not purchase any security of any issuer (other than securities issued or guaranteed by the U.S. government or any of its agencies or instrumentalities, or repurchase agreements secured thereby), if as a result, more than 25% of that Fund’s total assets would be invested in the securities of companies whose principal business activities are in the same industry, except as permitted by the SEC. Notwithstanding the foregoing, with respect to a Fund’s permissible futures and options transactions in U.S. government securities, positions in such options and futures shall not be subject to this policy. For purposes of this limitation, (i) utilities will be divided according to their services (for example, gas, gas transmission, electric and telephone will each be considered a separate industry); and (ii) wholly-owned finance companies will be considered to be in the industries of their parents if their activities are primarily related to financing the activities of their parents;

(c) The Emerging Markets Research Enhanced Equity Fund and the International Hedged Equity Fund may not purchase any security which would cause the Fund to concentrate its investments in the securities of issuers primarily engaged in any particular industry or group of industries, except as permitted by the 1940 Act or any applicable law, rule, order or interpretation;

(d) International Focus Fund may not purchase any security which would cause the Fund to concentrate its investments in the securities of issuers primarily engaged in any particular industry or group of industries. This restriction does not apply to investments in securities issued or guaranteed by the U.S. government or any of its agencies or instrumentalities, or repurchase agreements secured thereby, and futures and options transactions issued or guaranteed by the U.S. government or any of its agencies or instrumentalities;

(3) (a) The Emerging Markets Equity Fund, International Focus Fund and the Developed International Value Fund may not issue senior securities, except as permitted under the 1940 Act or any rule, order or interpretation thereunder;

(b) The Europe Dynamic Fund and International Equity Fund may not issue any senior security (as defined in the 1940 Act) except that (i) a Fund may engage in transactions that may result in the issuance of senior securities to the extent permitted under applicable regulations and interpretations under the 1940 Act or an exemptive order; (ii) a Fund may acquire other securities, the acquisition of which may result in the issuance of a senior security, to the extent permitted under applicable regulations or interpretations of the 1940 Act; (iii) subject to the policies set forth above, a Fund may borrow money as authorized by the 1940 Act. For purposes of this policy, collateral arrangements with respect to permissible options and futures transactions, including deposits of initial and variation margin, are not considered to be the issuance of a senior security;

(c) The Emerging Markets Research Enhanced Equity Fund and the International Hedged Equity Fund may issue senior securities, to the extent permitted by the 1940 Act or any applicable law, rule, order or interpretation;

(4) (a) The Emerging Markets Equity Fund, International Equity Fund, Developed International Value Fund and the Europe Dynamic Fund may not borrow money, except to the extent permitted under the 1940 Act or the rules or regulations thereunder, as such statute, rules or regulations may be amended from time to time or as permitted by order or interpretation of the SEC;

(b) The International Focus Fund may not borrow money, except to the extent permitted by applicable law;

(c) The Emerging Markets Research Enhanced Equity Fund and the International Hedged Equity Fund may borrow money, to the extent permitted by the 1940 Act or any applicable law, rule, order or interpretation;

Part I - 4

(5) (a) The Emerging Markets Equity Fund, International Equity Fund, Developed International Value Fund and the Europe Dynamic Fund may not underwrite securities of other issuers, except to the extent that a Fund, in disposing of portfolio securities, may be deemed an underwriter within the meaning of the Securities Act of 1933, as amended (the “1933 Act”);

(b) The International Focus Fund may not underwrite securities of other issuers, except to the extent that the Fund, in disposing of portfolio securities, may be deemed an underwriter under certain securities laws;

(c) The Emerging Markets Research Enhanced Equity Fund and the International Hedged Equity Fund may not underwrite the securities of other issuers, except to the extent that the Fund, may be deemed an underwriter under certain securities laws in disposing of portfolio securities or in connection with investments in other investment companies;

(6) (a) The Emerging Markets Equity Fund and the Developed International Value Fund may not purchase or sell real estate, except that, to the extent permitted by applicable law, these Funds may (a) invest in securities or other instruments directly or indirectly secured by real estate, (b) invest in securities or other instruments issued by issuers that invest in real estate, and (c) make direct investments in mortgages;

(b) The International Equity Fund and Europe Dynamic Fund may not purchase or sell real estate unless acquired as a result of ownership of securities or other instruments (but this shall not prevent a Fund from investing in securities or other instruments backed by real estate or securities of companies engaged in the real estate business). Investments by a Fund in securities backed by mortgages or real estate or in marketable securities of companies engaged in such activities are not hereby precluded;

(c) The International Focus Fund may not invest directly in real estate unless it is acquired as a result of ownership of securities or other instruments. This restriction shall not prevent the Fund from investing in securities or other instruments (a) issued by companies that invest, deal or otherwise engage in transactions in real estate, or (b) backed or secured by real estate or interests in real estate;

(d) The Emerging Markets Research Enhanced Equity Fund and the International Hedged Equity Fund may purchase or sell real estate or any interest therein (such as securities or instruments backed by or related to real estate) to the extent permitted by the 1940 Act or any applicable law, rule, order or interpretation;

(7) (a) The Emerging Markets Equity Fund and the Developed International Value Fund may not purchase or sell commodities or commodity contracts unless acquired as a result of ownership of securities or other instruments issued by persons that purchase or sell commodities or commodities contracts; but this shall not prevent a Fund from purchasing, selling and entering into financial futures contracts (including futures contracts on indices of securities, interest rates and currencies), options on financial futures contracts (including futures contracts on indices of securities, interest rates and currencies), warrants, swaps, forward contracts, foreign currency spot and forward contracts or other derivative instruments that are not related to physical commodities;

(b) The International Equity Fund and Europe Dynamic Fund may not purchase or sell physical commodities unless acquired as a result of ownership of securities or other instruments; this shall not prevent a Fund from (i) purchasing or selling options on futures contracts or from investing in securities or other instruments backed by physical commodities or (ii) engaging in forward purchase or sales of foreign currencies or securities;

(c) The Emerging Markets Research Enhanced Equity Fund and the International Hedged Equity Fund may purchase and sell commodities to the extent permitted by the 1940 Act or any applicable law, rule, order or interpretation;

(d) The International Focus Fund may not purchase or sell commodities or commodity contracts except as may be permitted by the 1940 Act or unless acquired as a result of ownership of securities or other instruments issued by persons that purchase or sell commodities or commodities contracts; but this shall not prevent the Fund from purchasing, selling and entering into financial futures contracts (including futures contracts on indices of securities, interest rates and currencies), options on financial futures contracts (including futures contracts on indices of securities, interest rates and currencies), warrants, swaps, forward contracts, foreign currency spot and forward contracts or other derivative instruments including derivatives related to physical commodities;

(8) (a) The Funds may make loans to other persons, in accordance with a Fund’s investment objective and policies and to the extent permitted by applicable law;

Part I - 5

(b) The Emerging Markets Research Enhanced Equity Fund and the International Hedged Equity Fund may make loans to the extent permitted by the 1940 Act or any applicable law, rule, order or interpretation;

(9) The Europe Dynamic Fund may not invest in securities which are not traded or have not sought a listing on a stock exchange, over-the-counter market or other organized securities market that is open to the international public and on which securities are regularly traded if, regarding all such securities, more than 10% of its total net assets would be invested in such securities immediately after and as a result of such transaction;

(10) The Europe Dynamic Fund may not deal in put options, write or purchase call options, including warrants, unless such options or warrants are covered and are quoted on a stock exchange or dealt in on a recognized market, and, at the date of the relevant transaction: (i) call options written do not involve more than 25%, calculated at the exercise price, of the market value of the securities within the Fund’s portfolio excluding the value of any outstanding call options purchased, and (ii) the cost of call options or warrants purchased does not exceed, in terms of premium, 2% of the value of the net assets of the Fund;

(11) The Europe Dynamic Fund may not purchase securities of any issuer if such purchase at the time thereof would cause more than 10% of the voting securities of such issuer to be held by the Fund;

In addition, as a matter of fundamental policy, notwithstanding any other investment policy or restriction, the International Equity Fund and Europe Dynamic Fund may seek to achieve their investment objectives by investing all of their investable assets in another investment company having substantially the same investment objective and policies as the Funds.

Pursuant to fundamental policy (8), the International Focus Fund may lend to other J.P. Morgan Funds as described under “Interfund Lending” in Part II of this Statement of Additional Information. In addition, the Funds may invest in types of investments and engage in transactions that are considered lending transactions. The types of investment and strategies that the Funds may use are described in further detail in the Prospectus and this SAI.

For the purposes of investment policies (6)(b) and 6(d) above, real estate includes real estate limited partnerships. For the purposes of investment policy (2)(b) above, industrial development bonds, where the payment of principal and interest is the ultimate responsibility of companies within the same industry, are grouped together as an “industry.” Investment policy (2)(b) above, however, is not applicable to investments by a Fund in municipal obligations where the issuer is regarded as a state, city, municipality or other public authority since such entities are not members of an “industry.” Supranational organizations are collectively considered to be members of a single “industry” for purposes of policy (2)(b) above.

Fundamental investment policy (4)(b) shall be interpreted based upon no-action letters and other pronouncements of the staff of the SEC. Generally, the 1940 Act limits a Fund’s ability to borrow money on a non-temporary basis if such borrowings constitute “senior securities.” As noted above and in “Investment Strategies and Policies — Miscellaneous Investment Strategies and Risks — Borrowings” in SAI Part II, in addition to temporary borrowing, a Fund may borrow from any bank, provided that immediately after any such borrowing there is asset coverage of at least 300% for all borrowings by the Fund. A Fund may also borrow money or engage in economically similar transactions if those transactions do not constitute “senior securities” under the 1940 Act. Under current pronouncements, certain Fund positions (e.g. reverse repurchase agreements) are excluded from the definition of “senior security” so long as the Fund maintains adequate cover, segregation of assets or otherwise. Similarly, a short sale will not be considered a senior security if a Fund takes certain steps contemplated by SEC staff pronouncements, such as ensuring the short sale transaction is adequately covered.

Non-Fundamental Investment Policies.

Each Fund is subject to the following non-fundamental policies which may be changed without shareholder approval.

(1) The Emerging Markets Equity Fund, International Equity Fund, Developed International Value Fund and Europe Dynamic Fund may not make short sales of securities other than short sales “against the box”, maintain a short position, or purchase securities on margin except for short-term credits necessary for clearance of portfolio transactions, provided that this policy will not be applied to limit the use of options, futures contracts and relation options, in the manner otherwise permitted by the investment restrictions, policies and investment program of a Fund. No Fund has the current intention of making short sales against the box. This policy shall not be deemed to be applicable to the purchase or sale of when-issued or delayed delivery securities, or to short sales that are covered in accordance with SEC rules;

Part I - 6

(2) The Emerging Markets Equity Fund, International Equity Fund, Developed International Value Fund and Europe Dynamic Fund may not acquire securities of other investment companies, except as permitted by the 1940 Act or any order pursuant thereto;

(3) Each of the Europe Dynamic Fund and International Equity Fund may not, with respect to 50% of its assets, hold more than 10% of the outstanding voting securities of any issuer;

(4) The Europe Dynamic Fund and International Equity Fund may not purchase or sell interests in oil, gas or mineral leases;

(5) The Europe Dynamic Fund and International Equity Fund may not write, purchase or sell any put or call option or any combination thereof, provided that this shall not prevent (i) the writing, purchasing or selling of puts, calls or combinations thereof with respect to portfolio securities or (ii) with respect to a Fund’s permissible futures and options transactions, the writing, purchasing, ownership, holding or selling of futures and options positions or of puts, calls or combinations thereof with respect to futures;

(6) Each of the Europe Dynamic Fund and International Equity Fund may invest up to 5% of its total assets in the securities of any one investment company, but may not own more than 3% of the securities of any one investment company or invest more than 10% of its total assets in the securities of other investment companies; and

(7) None of the Funds may acquire the securities of registered open-end investment companies or registered unit investment trusts in reliance on Section 12(d)(1)(F) or 12(d)(1)(G) of the 1940 Act.

(8) The International Focus Fund may not acquire securities of any other investment company or company relying on section 3(c)(1) or 3(c)(7) in excess of the limits contained in Section 12(d)(1)(A) of the 1940 Act, except to the extent it:

(i) invests in affiliated money market funds for short-term cash management purposes,

(ii) engages in interfund borrowing and lending transactions, or

(iii) receives securities of another investment company as a dividend or as a result of a plan of reorganization of a company.

For investment policy purposes for the Europe Dynamic Fund and International Equity Fund, the issuer of a tax exempt security is deemed to be the entity (public or private) ultimately responsible for the payment of the principal of and interest on the security.

With respect to the Europe Dynamic Fund, as a matter of non-fundamental policy, to the extent permitted under applicable law, the above policies do not apply to the following investments (“OECD investments”): (i) any security issued by or the payment of principal and interest on which is guaranteed by the government of any member state of the Organization for Economic Cooperation and Development (“OECD country”); and (ii) any fixed income security issued in any OECD country by any public or local authority or nationalized industry or undertaking of any OECD country or anywhere in the world by the International Bank for Reconstruction and Development, European Investment Bank, Asian Development Bank or any body which is, in the Trustees’ opinion, of similar standing. However, no investment may be made in any OECD investment of any one issue if that would result in the value of a Fund’s holding of that issue exceeding 30% of the net asset value of the Fund and, if the Fund’s portfolio consists only of OECD investments, those OECD investments shall be of at least six different issues.

INVESTMENT PRACTICES

The Funds invest in a variety of securities and employ a number of investment techniques. What follows is a list of some of the securities and techniques which may be utilized by the Funds. For a more complete discussion, see the “Investment Strategies and Policies” section in Part II of this SAI.

FUND NAME	FUND CODE
Emerging Markets Equity Fund	1
Emerging Markets Research Enhanced Equity Fund	2
Europe Dynamic Fund	3
International Equity Fund	4
International Focus Fund	5
International Hedged Equity Fund	6
Developed International Value Fund	7

Part I - 7

Instrument	Fund Code	Part II Section Reference
Adjustable Rate Mortgage Loans (“ARMs”): Loans in a mortgage pool which provide for a fixed initial mortgage interest rate for a specified period of time, after which the rate may be subject to periodic adjustments.	3-4	Mortgage-Related Securities
Asset-Backed Securities: Securities secured by company receivables, home equity loans, truck and auto loans, leases, and credit card receivables or other securities backed by other types of receivables or other assets.	3-4	Asset-Backed Securities
Auction Rate Securities: Auction rate municipal securities and auction rate preferred securities issued by closed-end investment companies.	3-4	Auction Rate Securities
Bank Obligations: Bankers’ acceptances, certificates of deposit and time deposits. Bankers’ acceptances are bills of exchange or time drafts drawn on and accepted by a commercial bank. Maturities are generally six months or less. Certificates of deposit are negotiable certificates issued by a bank for a specified period of time and earning a specified return. Time deposits are non-negotiable receipt issued by a bank in exchange for the deposit of funds.	1, 3-4, 6-7	Bank Obligations
Borrowings: A Fund may borrow for temporary purposes and/or for investment purposes. Such a practice will result in leveraging of a Fund’s assets and may cause a Fund to liquidate portfolio positions when it would not be advantageous to do so. A Fund must maintain continuous asset coverage of 300% of the amount borrowed, with the exception for borrowings not in excess of 5% of the Fund’s total assets made for temporary administrative purposes.	1-4, 6-7	Miscellaneous Investment Strategies and Risks
Brady Bonds: Securities created through the exchange of existing commercial bank loans to public and private entities in certain emerging markets for new bonds in connection with debt restructurings.	1, 3-4, 6-7	Foreign Investments (including Foreign Currencies)
Call and Put Options: A call option gives the buyer the right to buy, and obligates the seller of the option to sell, a security at a specified price at a future date. A put option gives the buyer the right to sell, and obligates the seller of the option to buy a security at a specified price at a future date. The Funds will sell only covered call and secured put options.	1, 3-7	Options and Futures Transactions
Commercial Paper: Secured and unsecured short-term promissory notes issued by corporations and other entities. Maturities generally vary from a few days to nine months.	1, 3-4, 7	Commercial Paper
Commodity-Linked Derivatives: Instruments whose value derives from the price of a commodity, including commodity futures and commodity options.	1, 3-4, 7	Miscellaneous Investment Strategies and Risks
Common Stock: Shares of ownership of a company.	1-7	Equity Securities, Warrants and Rights
Common Stock, Warrants and Rights: Securities, typically issued with preferred stock or bonds, that give the holder the right to buy a proportionate amount of common stock at a specified price.	1-7	Equity Securities, Warrants and Rights
Convertible Securities: Bonds or preferred stock that can convert to common stock including contingent convertible securities.	1-7	Convertible Securities
Corporate Debt Securities: May include bonds and other debt securities of domestic and foreign issuers, including obligations of industrial, utility, banking and other corporate issuers.	1, 3-4, 7	Debt Instruments

Part I - 8

Instrument	Fund Code	Part II Section Reference
Credit Default Swaps (“CDSs”): A swap agreement between two parties pursuant to which one party pays the other a fixed periodic coupon for the specified life of the agreement. The other party makes no payment unless a credit event, relating to a predetermined reference asset, occurs. If such an event occurs, the party will then make a payment to the first party, and the swap will terminate.	3-4	Swaps and Related Swap Products
Custodial Receipts: A Fund may acquire securities in the form of custodial receipts that evidence ownership of future interest payments, principal payments or both on certain U.S. Treasury notes or bonds in connection with programs sponsored by banks and brokerage firms. These are not considered to be U.S. government securities. These notes and bonds are held in custody by a bank on behalf of the owners of the receipts.	3-4	Custodial Receipts
Demand Features: Securities that are subject to puts and standby commitments to purchase the securities at a fixed price (usually with accrued interest) within a fixed period of time following demand by a Fund.	3-4	Demand Features
Emerging Market Securities: Securities issued by issuers or governments in countries with emerging economies or securities markets which may be undergoing significant evolution and rapid development.	1-5, 7	Foreign Investments (including Foreign Currencies)
Exchange-Traded Fund (“ETFs”): Ownership interest in unit investment trusts, depositary receipts, and other pooled investment vehicles that hold a portfolio of securities or stocks designed to track the price performance and dividend yield of a particular broad based, sector or international index. ETFs include a wide range of investments.	1-7	Investment Company Securities and Exchange Traded Funds
Foreign Currency Transactions: Strategies used to hedge against interest rate and currency risks, for other risk management purposes or to increase income or gain to a Fund. These strategies may consist of use of any of the following: options on currencies, currency futures, options on such futures, forward foreign currency transactions (including non-deliverable forwards (“NDFs”)), forward rate agreements and interest rate and currency swaps, caps and floors.	1-7	Foreign Investments (including Foreign Currencies)
Foreign Investments: Equity and debt securities (e.g., bonds and commercial paper) of foreign entities and obligations of foreign branches of U.S. banks and foreign banks. Foreign securities may also include American Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDRs”), European Depositary Receipts (“EDRs”) and American Depositary Securities.	1-7	Foreign Investments (including Foreign Currencies)
High Yield/High Risk Securities/Junk Bonds: Securities that are generally rated below investment grade by the primary rating agencies or are unrated but are deemed by a Fund’s adviser to be of comparable quality.	3-4	Debt Instruments
Inflation-Linked Debt Securities: Include fixed and floating rate debt securities of varying maturities issued by the U.S. government as well as securities issued by other entities such as corporations, foreign governments and foreign issuers.	3-4	Debt Instruments
Initial Public Offerings (“IPOs”): A transaction in which a previously private company makes its first sale of stock to the public.	1-7	Equity Securities, Warrants and Rights

Part I - 9

Instrument	Fund Code	Part II Section Reference
Interfund Lending: Involves lending money and borrowing money for temporary purposes through a credit facility.	1-5, 7	Miscellaneous Investment Strategies and Risks
Inverse Floating Rate Instruments: Leveraged variable debt instruments with interest rates that reset in the opposite direction from the market rate of interest to which the inverse floater is indexed.	4	Inverse Floating and Interest Rate Caps
Investment Company Securities: Shares of other investment companies, including money market funds for which the adviser and/or its affiliates serve as investment adviser or administrator. The adviser will waive certain fees when investing in funds for which it serves as investment adviser, to the extent required by law or by contract.	1-7	Investment Company Securities and Exchange Traded Funds
Loan Assignments and Participations: Assignments of, or participations in all or a portion of loans to corporations or to governments, including governments in less developed countries.	3-4	Loans
Master Limited Partnerships: Limited partnerships that are publicly traded on a securities exchange.	1, 3-4, 7	Master Limited Partnerships
Mortgages (Directly Held): Debt instruments secured by real property.	3-4	Mortgage-Related Securities
Mortgage-Backed Securities: Debt obligations secured by real estate loans and pools of loans, such as collateralized mortgage obligations (“CMOs”), commercial mortgage- backed securities (“CMBSs”), and other asset-backed structures.	3-4	Mortgage-Related Securities
Mortgage Dollar Rolls: A transaction in which a Fund sells securities for delivery in a current month and simultaneously contracts with the same party to repurchase similar but not identical securities on a specified future date.	3-4	Mortgage-Related Securities
Municipal Securities: Securities issued by a state or political subdivision to obtain funds for various public purposes. Municipal securities include private activity bonds and industrial development bonds, as well as general obligation notes, tax anticipation notes, bond anticipation notes, revenue anticipation notes, other short-term tax-exempt obligations, municipal leases, obligations of municipal housing authorities and single family revenue bonds.	3-4	Municipal Securities
New Financial Products: New options and futures contracts and other financial products continue to be developed, and a Fund may invest in such options, contracts and products.	1-5, 7	Miscellaneous Investment Strategies and Risks
Obligations of Supranational Agencies: Obligations which are chartered to promote economic development and are supported by various governments and governmental agencies.	1, 3-4, 7	Foreign Investments (including Foreign Currencies)
Options and Futures Transactions: A Fund may purchase and sell (a) exchange traded and over-the-counter put and call options on securities, indexes of securities and futures contracts on securities and indexes of securities, and (b) futures contracts on securities and indexes of securities.	1-7	Options and Futures Transactions
Preferred Stock: A class of stock that generally pays a dividend at a specified rate and has preference over common stock in the payment of dividends and in liquidation.	1-7	Equity Securities, Warrants and Rights
Private Placements, Restricted Securities and Other Unregistered Securities: Securities not registered under the Securities Act of 1933, such as privately placed commercial paper and Rule 144A securities.	1-7	Miscellaneous Investment Strategies and Risks

Part I - 10

Instrument	Fund Code	Part II Section Reference
Real Estate Investment Trusts (“REITs”): Pooled investment vehicles which invest primarily in income producing real estate or real estate related loans or interest.	1-7	Real Estate Investment Trusts
Repurchase Agreements: The purchase of a security and the simultaneous commitment to return the security to the seller at an agreed upon price on an agreed upon date. This is treated as a loan.	1, 3-4, 7	Repurchase Agreements
Reverse Repurchase Agreements: The sale of a security and the simultaneous commitment to buy the security back at an agreed upon price on an agreed upon date. This is treated as a borrowing by a Fund.	1, 3-4, 7	Reverse Repurchase Agreements
Securities Issued in Connection with Reorganizations and Corporate Restructurings: In connection with reorganizing or restructuring of an issuer, an issuer may issue common stock or other securities to holders of its debt securities.	1, 3-5, 7	Miscellaneous Investment Strategies and Risks
Securities Lending: The lending of up to 33 1∕3% of a Fund’s total assets. In return, a Fund will receive cash, other securities, and/or letters of credit as collateral.	1-7	Securities Lending
Short Selling: A Fund sells a security it does not own in anticipation of a decline in the market value of the security. To complete the transaction, a Fund must borrow the security to make delivery to the buyer. A Fund is obligated to replace the security borrowed by purchasing it subsequently at the market price at the time of replacement.	1, 3-4, 7	Short Selling
Short-Term Funding Agreements: Agreements issued by banks and highly rated U.S. insurance companies such as Guaranteed Investment Contracts (“GICs”) and Bank Investment Contracts (“BICs”).	1, 3-4, 7	Short-Term Funding Agreements
Sovereign Obligations: Investments in debt obligations issued or guaranteed by a foreign sovereign government or its agencies, authorities or political subdivisions.	1, 3-4, 7	Foreign Investments (including Foreign Currencies)
Stripped Mortgage-Backed Securities: Derivative multi- class mortgage securities which are usually structured with two classes of shares that receive different proportions of the interest and principal from a pool of mortgage assets. These include Interest- Only (“IO”) and Principal-Only (“PO”) securities issued outside a Real Estate Mortgage Investment Conduit (“REMIC”) or CMO structure.	3-4	Mortgage-Related Securities
Structured Investments: A security having a return tied to an underlying index or other security or asset class. Structured investments generally are individually negotiated agreements and may be traded over-the-counter. Structured investments are organized and operated to restructure the investment characteristics of the underlying index, commodity, currency or financial instrument.	1-4, 7	Structured Investments
Swaps and Related Swap Products: Swaps involve an exchange of obligations by two parties. Caps and floors entitle a purchaser to a principal amount from the seller of the cap or floor to the extent that a specified index exceeds or falls below a predetermined interest rate or amount. A Fund may enter into these transactions to manage its exposure to changing interest rates and other factors.	3-4, 7	Swaps and Related Swap Products

Part I - 11

Instrument	Fund Code	Part II Section Reference
Synthetic Variable Rate Instruments: Instruments that generally involve the deposit of a long-term tax exempt bond in a custody or trust arrangement and the creation of a mechanism to adjust the long-term interest rate on the bond to a variable short-term rate and a right (subject to certain conditions) on the part of the purchaser to tender it periodically to a third party at par.	3-5, 7	Swaps and Related Swap Products
Temporary Defensive Positions: To respond to unusual circumstances, a Fund may invest in cash and cash equivalents for temporary defensive purposes.	1-7	Miscellaneous Investment Strategies and Risks
Treasury Receipts: A Fund may purchase interests in separately traded interest and principal component parts of U.S. Treasury obligations that are issued by banks or brokerage firms and that are created by depositing U.S. Treasury notes and U.S. Treasury bonds into a special account at a custodian bank. Receipts include Treasury Receipts (“TRs”), Treasury Investment Growth Receipts (“TIGRs”), and Certificates of Accrual on Treasury Securities (“CATS”).	1, 3-4, 7	Treasury Receipts
U.S. Government Agency Securities: Securities issued by agencies and instrumentalities of the U.S. government. These include all types of securities issued by the Government National Mortgage Association (“Ginnie Mae”), the Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“Freddie Mac”), including funding notes, subordinated benchmark notes, CMOs and REMICs.	1, 3-5, 7	Mortgage-Related Securities
U.S. Government Obligations: May include direct obligations of the U.S. Treasury, including Treasury bills, notes and bonds, all of which are backed as to principal and interest payments by the full faith and credit of the United States, and separately traded principal and interest component parts of such obligations that are transferable through the Federal book-entry system known as Separate Trading of Registered Interest and Principal of Securities (“STRIPS”) and Coupon Under Book-Entry Safekeeping (“CUBES”).	1, 3-5, 7	U.S. Government Obligations
Variable and Floating Rate Instruments: Obligations with interest rates which are reset daily, weekly, quarterly or some other frequency and which may be payable to a Fund on demand or at the expiration of a specified term.	3-4	Debt Instruments
When-Issued Securities, Delayed Delivery Securities and Forward Commitments: Purchase or contract to purchase securities at a fixed price for delivery at a future date.	1, 3-5, 7	When-Issued Securities, Delayed Delivery Securities and Forward Commitments
Zero-Coupon, Pay-in-Kind and Deferred Payment Securities: Zero-coupon securities are securities that are sold at a discount to par value and on which interest payments are not made during the life of the security. Pay- in-kind securities are securities that have interest payable by delivery of additional securities. Deferred payment securities are zero-coupon debt securities which convert on a specified date to interest bearing debt securities.	3-4	Debt Instruments

Part I - 12

The Funds' Investments

Inclusion of a security in the Morgan Stanley Capital International (“MSCI”) Europe, Australasia, Far East (“EAFE”) Index is not intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. The MSCI EAFE Index is determined, composed and calculated by MSCI without regard to the Fund. MSCI is neither a sponsor of, nor in any way affiliated with, the Funds. MSCI makes no representation or warranty, expressed or implied, on the advisability of investing in a Fund or as to the ability of the MSCI EAFE Index to track general stock market performance. “MSCI EAFE Index” is a service mark of MSCI.

Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)

Limitations on the Use of Options. A Fund will limit the writing of put and call options to 25% of its net assets. Some of the Funds may enter into over-the-counter option transactions. There will be an active over-the-counter market for such options which will establish their pricing and liquidity.

Use of When-Issued Securities and Forward Commitments. A Fund intends to purchase “when issued” securities only for the purpose of acquiring portfolio securities, not for speculative purposes. Because a Fund will set aside cash or liquid portfolio securities to satisfy its purchase commitments in the manner described under the heading “When-Issued Securities, Delayed Delivery Securities and Forward Commitments” in Part II of this SAI, a Fund’s liquidity and the ability of its Adviser to manage a Fund might be affected in the event its commitments to purchase when-issued securities ever exceeded 40% of the value of its assets. Commitments to purchase when-issued securities will not, under normal market conditions, exceed 25% of a Fund’s total assets. A Fund may dispose of a when-issued security or forward commitment prior to settlement if a Fund’s Adviser deems it appropriate to do so.

Part I - 13

DIVERSIFICATION

JPMT I and JPMT IV are each a registered open-end investment company. Each Fund intends to meet the diversification requirement of the 1940 Act.

For a more complete discussion, see the “Diversification” section in Part II of this SAI.

QUALITY DESCRIPTION

At the time the Emerging Markets Equity Fund, International Equity Fund, International Hedged Equity Fund, Developed International Value Fund and the Europe Dynamic Fund invest in any commercial paper, bank obligation or repurchase agreement, the issuer must have outstanding debt rated A or higher by Moody’s Investor Service Inc. (“Moody’s”) or Standard & Poor’s (“S&P”) and the issuer’s parent corporation, if any, must have outstanding commercial paper rated Prime-1 by Moody’s or A-1 by S&P, or if no such ratings are available, the investment must be of comparable quality in the Adviser’s opinion. At the time a Fund invests in any other short-term debt securities, they must be rated A or higher by Moody’s or S&P, or if unrated, the investment must be of comparable quality in the Adviser’s opinion.

In determining suitability of investment in a particular unrated security, the Adviser takes into consideration asset and debt service coverage, the purpose of the financing, history of the issuer, existence of other rated securities of the issuer, and other relevant conditions, such as comparability to other issuers.

PORTFOLIO TURNOVER

A portfolio turnover rate is, in summary, the percentage computed by dividing the lesser of a Fund’s purchases or sales of securities (excluding short-term securities) by the average market value of the Fund. The Adviser intends to manage each Fund’s assets by buying and selling securities to help attain its investment objective. A rate of 100% indicates that the equivalent of all of a Fund’s assets have been sold and reinvested in a year. Higher portfolio turnover may affect the amount, timing and character of distributions, and, as a result, may increase the amount of taxes payable by shareholders. High portfolio turnover also results in higher transaction costs. To the extent that net short-term capital gains are realized by a Fund, any distributions resulting from such gains are considered ordinary income for federal income tax purposes. For a more complete discussion, see the “Distributions and Tax Matters” section in Part II of this SAI.

The table below sets forth the Funds’ portfolio turnover rate for the two most recently completed fiscal years:

	Fiscal Year Ended October 31,
Fund	2022	2023
Developed International Value Fund	26%	34%
Emerging Markets Equity Fund	18%	29%
Emerging Markets Research Enhanced Equity Fund	34%	29%
Europe Dynamic Fund	75%	102%
International Equity Fund	31%	45%
International Focus Fund	30%	36%
International Hedged Equity Fund	17%	22%

Part I - 14

TRUSTEES

Standing Committees

As of the fiscal year ended October 31, 2023, there were seven standing committees of the Board of Trustees: (i) the Audit and Valuation Committee, (ii) the Compliance Committee, (iii) the Governance Committee, (iv) the Equity Committee, (v) the ETF Committee, (vi) the Fixed Income Committee, and (vii) the Money Market and Alternative Products Committee. The following table shows how often each Committee met during the fiscal year ended October 31, 2023:

Committee	Fiscal Year Ended October 31, 2023
Audit and Valuation Committee	4
Compliance Committee	4
Governance Committee	5
Equity Committee	7
ETF Committee	4
Fixed Income Committee	6
Money Market and Alternative Products Committee	6

For a more complete discussion, see the “Trustees” section in Part II of this SAI.

Ownership of Securities

The following table shows the dollar range of each Trustee’s beneficial ownership of equity securities in the Funds and each Trustee’s aggregate dollar range of ownership in the J.P. Morgan Funds as of December 31, 2023:

Name of Trustee	Dollar Range of Equity Securities in Developed International Value Fund	Dollar Range of Equity Securities in Emerging Markets Equity Fund	Dollar Range of Equity Securities in Emerging Markets Research Enhanced Equity Fund	Dollar Range of Equity Securities in Europe Dynamic Fund	Dollar Range of Equity Securities in International Equity Fund
Independent Trustees
John F. Finn	None	None	None	None	None
Stephen P. Fisher	None	None	None	None	None
Gary L. French	None	None	$50,001– $100,000	None	None
Kathleen M. Gallagher	None	None	None	None	None
Robert J. Grassi	None	None	None	None	None
Frankie D. Hughes	None	None	None	None	None
Raymond Kanner	None	None	None	None	None
Thomas P. Lemke	None	None	$10,001– $50,000	None	$10,001– $50,000
Lawrence R. Maffia	None	None	None	None	None
Mary E. Martinez	None	None	None	None	None
Marilyn McCoy	None	None	None	None	None
Dr. Robert A. Oden, Jr.	None	None	None	None	None
Marian U. Pardo	None	None	None	None	None
Emily A. Youssouf	None	None	None	None	None
Interested Trustees
Robert Deutsch	None	None	None	None	None
Nina O. Shenker	None	None	None	None	None

Part I - 15

Name of Trustee	Dollar Range of Equity Securities in International Focus Fund	Dollar Range of Equity Securities in International Hedged Equity Fund	Aggregate Dollar Range of Equity Securities in All Registered Investment Companies Overseen by the Trustee in Family of Investment Companies1,2
Independent Trustees
John F. Finn	Over $100,000	None	Over $100,000
Stephen P. Fisher	None	None	Over $100,000
Gary L. French	None	None	Over $100,000
Kathleen M. Gallagher	None	None	Over $100,000
Robert J. Grassi	None	None	Over $100,000
Frankie D. Hughes	None	None	Over $100,000
Raymond Kanner	None	None	Over $100,000
Thomas P. Lemke	None	None	Over $100,000
Lawrence R. Maffia	None	None	Over $100,000
Mary E. Martinez	None	None	Over $100,000
Marilyn McCoy	None	None	Over $100,000
Dr. Robert A. Oden, Jr.	None	None	Over $100,000
Marian U. Pardo	None	None	Over $100,000
Emily A. Youssouf	None	None	Over $100,000
Interested Trustees
Robert Deutsch	None	None	Over $100,000
Nina O. Shenker	None	None	Over $100,000

A Family of Investment Companies means any two or more registered investment companies that share the same investment adviser or principal underwriter and hold themselves out to investors as related companies for purposes of investment and investor services. The Family of Investment Companies for which the Board of Trustees currently serves includes nine registered investment companies (167 J.P. Morgan Funds).

For Mses. Gallagher and McCoy and Messrs. Finn, Fisher, Kanner and Oden, these amounts include deferred compensation balances, as of 12/31/23, through participation in the J.P. Morgan Funds’ Deferred Compensation Plan for Eligible Trustees. For a more complete discussion, see the “Trustee Compensation” section in Part II of this SAI.

As of December 31, 2023, none of the Independent Trustees or their immediate family members owned securities of the Adviser or JPMDS or a person (other than a registered investment company) directly or indirectly controlling, controlled by or under common control with the Adviser or JPMDS.

Trustee Compensation

For the year ended December 31, 2023, the Trustees were paid an annual fee of $420,000 (with any new trustees receiving a pro rata portion of the base fee depending on when each became a trustee) and reimbursed for expenses incurred in connection with service as a Trustee. Effective January 1, 2024, the Trustees are paid an annual fee of $436,800 (with any new trustees receiving a pro rata portion of the base fee depending on when each became a trustee) and are reimbursed for expenses incurred in connection with service as a Trustee. Committee chairs who are not already receiving an additional fee will each be paid $65,000 annually in addition to their base fee. In addition to the base fee, the Chair of the Board of Trustees receives $240,000 annually and is reimbursed expenses in the amount of $4,000 per month. The Chair of the Board of Trustees receives no additional compensation for service as committee chair. In addition to the base fee, the Vice Chair of the Board of Trustees receives $140,000 annually.

For funds that are series of the J.P. Morgan Exchange-Traded Fund Trust and which have a unitary management fee, Trustee compensation for the fund is paid from the management fee by JPMIM. For all other funds, Trustee compensation is paid by the fund. Aggregate Trustee compensation for each Trustee paid by a Fund and all funds in the Fund Complex for the calendar year ended December 31, 2023, is set forth below:

Part I - 16

Aggregate Trustee Compensation Paid by the Funds

Name of Trustee	Developed International Value Fund	Emerging Markets Equity Fund	Emerging Markets Research Enhanced Equity Fund	Europe Dynamic Fund	International Equity Fund
Independent Trustees
John F. Finn	$1,730	$4,552	$2,397	$1,781	$3,180
Stephen P. Fisher	1,657	3,252	2,035	1,686	2,477
Gary L. French	1,630	2,769	1,900	1,651	2,215
Kathleen M. Gallagher	1,657	3,252	2,035	1,686	2,477
Robert J. Grassi	1,630	2,770	1,900	1,651	2,215
Frankie D. Hughes	1,630	2,770	1,900	1,651	2,215
Raymond Kanner	1,657	3,252	2,035	1,686	2,477
Thomas P. Lemke	1,630	2,769	1,900	1,651	2,215
Lawrence R. Maffia	1,630	2,770	1,900	1,651	2,215
Mary E. Martinez	1,688	3,809	2,190	1,727	2,778
Marilyn McCoy	1,630	2,770	1,900	1,651	2,215
Dr. Robert A. Oden, Jr.	1,657	3,252	2,035	1,686	2,477
Marian U. Pardo	1,657	3,252	2,035	1,686	2,477
Emily A. Youssouf	1,630	2,769	1,900	1,651	2,215
Interested Trustees
Robert Deutsch	1,657	3,252	2,035	1,686	2,477
Nina O. Shenker8	1,630	2,770	1,900	1,651	2,215

Name of Trustee	International Focus Fund	International Hedged Equity Fund	Total Compensation Paid From Fund Complex1
Independent Trustees
John F. Finn	$2,070	$1,618	$660,000
Stephen P. Fisher	1,849	1,594	485,000
Gary L. French	1,767	1,585	420,0002
Kathleen M. Gallagher	1,849	1,594	485,0003
Robert J. Grassi	1,767	1,585	420,000
Frankie D. Hughes	1,767	1,585	420,000
Raymond Kanner	1,849	1,594	485,0004
Thomas P. Lemke	1,767	1,585	420,0005
Lawrence R. Maffia	1,767	1,585	420,000
Mary E. Martinez	1,944	1,604	560,000
Marilyn McCoy	1,767	1,585	420,0006
Dr. Robert A. Oden, Jr.	1,849	1,594	485,000
Marian U. Pardo	1,849	1,594	485,000
Emily A. Youssouf	1,767	1,585	420,0002
Interested Trustees
Robert Deutsch	1,849	1,594	485,0007
Nina O. Shenker8	1,767	1,585	420,0006

A Fund Complex means two or more registered investment companies that (i) hold themselves out to investors as related companies for purposes of investment and investor services or (ii) have a common investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies. The J.P. Morgan Funds Complex for which the Board of Trustees currently serves includes nine registered investment companies (167 J.P. Morgan Funds).

Includes $126,000 of Deferred Compensation.

Includes $145,500 of Deferred Compensation.

Includes $485,000 of Deferred Compensation.

Includes $252,000 of Deferred Compensation.

Includes $420,000 of Deferred Compensation.

Includes $194,000 of Deferred Compensation.

The compensation Ms. Shenker received from the Funds for the period ended 12/31/23 was reimbursed by JPMIM.

For a more complete discussion, see the “Trustee Compensation” section in Part II of this SAI.

Part I - 17

INVESTMENT ADVISER

Investment Advisory Fees

For the fiscal periods indicated, the Funds paid the following investment advisory fees to JPMIM and JPMIM waived investment advisory fees (amounts waived are in parentheses) (amounts in thousands):

	Fiscal Year Ended
	October 31, 2021		October 31, 2022		October 31, 2023
Fund	Paid	Waived	Paid	Waived	Paid	Waived
Developed International Value Fund	$1,574	$(425)	$1,632	$(477)	$1,845	$(592)
Emerging Markets Equity Fund	97,214	(744)	68,175	(1,359)	53,558	(1,078)
Emerging Markets Research Enhanced Equity Fund	7,885	(1,087)	6,924	(1,114)	4,779	(983)
Europe Dynamic Fund	4,542	(19)	4,465	(35)	3,508	(22)
International Equity Fund	18,555	(2,718)	19,350	(2,889)	18,800	(2,892)
International Focus Fund	18,119	(3,457)	11,212	(2,466)	6,716	(1,384)
International Hedged Equity Fund	162	(160)	183	(235)	185	(193)

For a more complete discussion, see the “Investment Advisers and Sub-Advisers” section in Part II of this SAI.

PORTFOLIO MANAGERS

Portfolio Managers' Other Accounts Managed*

The following table shows information regarding all of the other accounts for which advisory fees are not based on the performance of the accounts that are managed by each portfolio manager as of October 31, 2023:

	Non-Performance Based Fee Advisory Accounts
	Registered Investment Companies		Other Pooled Investment Vehicles		Other Accounts
	Number of Accounts	Total Assets ($thousands)	Number of Accounts	Total Assets ($thousands)	Number of Accounts	Total Assets ($thousands)
Emerging Markets Equity Fund
Leon Eidelman	2	339,996	8	14,852,899	17	4,381,792
Austin Forey	3	370,456	10	15,928,234	21	6,637,204
Amit Mehta	1	272,596	10	5,302,151	9	1,647,130
Emerging Markets Research Enhanced Equity Fund
Lina Nassar	2	38,766	5	2,809,182	6	643,602
Sonal Tanna	5	222,941	14	5,858,696	20	3,631,335
Europe Dynamic Fund
Jonathan Ingram	3	570,266	7	2,231,776	4	588,829
John Baker	3	570,266	7	1,958,559	5	1,621,343
Blake Crawford	3	570,266	5	1,242,200	4	588,829
Alexander Whyte	2	70,530	7	2,464,342	2	250,186
International Equity Fund
Thomas Murray	14	2,871,661	6	1,923,912	53	6,728,500
Shane Duffy	12	2,746,650	6	1,923,912	24	5,509,149
James Sutton	2	183,414	4	1,618,781	4	2,063,840
Zenah Shuhaiber	1	1,296	6	2,141,336	13	3,558,176
International Focus Fund
Shane Duffy	12	5,345,787	6	1,923,912	24	5,509,149
Thomas Murray	14	5,470,798	6	1,923,912	53	6,728,500
International Hedged Equity Fund
Hamilton Reiner	9	65,102,985	5	544,574	0	0
Piera Elisa Grassi	2	5,086,504	16	11,906,824	8	5,611,242
Nicholas Farserotu	2	5,086,504	7	2,978,369	7	2,789,029
Winnie Cheung	2	5,086,504	7	2,544,368	7	2,789,029
Developed International Value Fund
Ian Butler	1	11,503	4	1,935,350	2	217,513

Part I - 18

	Non-Performance Based Fee Advisory Accounts
	Registered Investment Companies		Other Pooled Investment Vehicles		Other Accounts
	Number of Accounts	Total Assets ($thousands)	Number of Accounts	Total Assets ($thousands)	Number of Accounts	Total Assets ($thousands)
Thomas Buckingham	2	534,372	11	3,611,013	2	217,513
Kyle Williams	1	11,503	1	46,107	0	0
Michael Barakos	2	534,372	11	5,842,043	0	0

The following table shows information on the other accounts managed by each portfolio manager that have advisory fees wholly or partly based on performance as of October 31, 2023:

	Performance Based Fee Advisory Accounts
	Registered Investment Companies		Other Pooled Investment Vehicles		Other Accounts
	Number of Accounts	Total Assets ($thousands)	Number of Accounts	Total Assets ($thousands)	Number of Accounts	Total Assets ($thousands)
Emerging Markets Equity Fund
Leon Eidelman	0	$0	0	$0	6	$2,530,076
Austin Forey	0	0	0	0	7	2,652,712
Amit Mehta	0	0	0	0	0	0
Emerging Markets Research Enhanced Equity Fund
Lina Nassar	0	0	0	0	0	0
Sonal Tanna	0	0	0	0	5	901,172
Europe Dynamic Fund
Jonathan Ingram	0	0	0	0	5	454,062
John Baker	0	0	0	0	5	454,062
Blake Crawford	0	0	0	0	3	222,826
Alexander Whyte	0	0	0	0	5	454,062
International Equity Fund
Thomas Murray	0	0	0	0	3	572,201
Shane Duffy	0	0	0	0	4	835,082
James Sutton	0	0	0	0	0	0
Zenah Shuhaiber	0	0	0	0	1	100,511
International Focus Fund
Shane Duffy	0	0	0	0	4	835,082
Thomas Murray	0	0	0	0	3	572,201
International Hedged Equity Fund
Hamilton Reiner	0	0	0	0	0	0
Piera Elisa Grassi	0	0	0	0	2	843,500
Nicholas Farserotu	0	0	0	0	1	242,050
Winnie Cheung	0	0	0	0	1	242,050
Developed International Value Fund
Ian Butler	0	0	0	0	0	0
Thomas Buckingham	0	0	0	0	0	0
Kyle Williams	0	0	0	0	1	144,745
Michael Barakos	0	0	0	0	2	1,094,118

The total value and number of accounts managed by a portfolio manager may include sub-accounts of asset allocation, multi-managed and other accounts.

Portfolio Managers' Ownership of Securities

The following table indicates the dollar range of securities of each Fund beneficially owned by each portfolio manager, as of October 31, 2023. Aggregate Dollar Range, if applicable, includes each portfolio manager’s deferred compensation balance attributable to the Fund through participation in the Adviser’s

Part I - 19

deferred compensation plan. If applicable, this reflects an obligation of the Adviser to pay deferred compensation to the portfolio manager at a future date in an amount based on the performance of each Fund and accordingly, is the economic equivalent of an investment in Fund shares.

	Dollar Range of Securities in the Fund
Fund Name	None	$1-$10,000	$10,001- $50,000	$50,001- $100,000	$100,001- $500,000	$500,001- $1,000,000	Over $1,000,000
Emerging Markets Equity Fund
Leon Eidelman							X
Austin Forey	X
Amit Mehta	X
Emerging Markets Research Enhanced Equity Fund
Lina Nassar(1)	X
Sonal Tanna(1)	X
Europe Dynamic Fund
Jonathan Ingram(1)	X
John Baker(1)	X
Blake Crawford(1)	X
Alexander Whyte	X
International Equity Fund
Thomas Murray						X
Shane Duffy						X
James Sutton			X
Zenah Shuhaiber	X
International Focus
Fund
Shane Duffy					X
Thomas Murray							X
International Hedged Equity Fund
Hamilton Reiner			X
Piera Elisa Grassi	X
Nicholas Farserotu	X
Winnie Cheung	X
Developed International Value Fund
Ian Butler					X
Thomas Buckingham					X
Kyle Williams