JPMorgan China Region Fund Schedule of Portfolio Investments as of July 31, 2017 (Unaudited)

Transcription

1 Schedule of Portfolio Investments as of July 31, 2017 (Unaudited) THE UNAUDITED CERTIFIED 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. Certified 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. JPMorgan Distribution Services, Inc. J.P. Morgan Chase & Co., 2017.

2 AS OF JULY 31, 2017 (Unaudited) SHARES SECURITY DESCRIPTION VALUE($) Common Stocks 94.8% China 65.3% 152 3SBio, Inc. (a) (e) AAC Technologies Holdings, Inc Alibaba Group Holding Ltd., ADR (a) 1, ANTA Sports Products Ltd ,375 Bank of China Ltd., Class H Brilliance China Automotive Holdings Ltd CGN Power Co. Ltd., Class H (e) China Everbright International Ltd China Medical System Holdings Ltd China Merchants Bank Co. Ltd., Class H China Resources Gas Group Ltd China Resources Land Ltd China State Construction International Holdings Ltd China Taiping Insurance Holdings Co. Ltd China Yangtze Power Co. Ltd., Class A CNOOC Ltd CSPC Pharmaceutical Group Ltd Ctrip.com International Ltd., ADR (a) Dong-E-E-Jiao Co. Ltd., Class A Guangdong Investment Ltd Hangzhou Robam Appliances Co. Ltd., Class A Han s Laser Technology Industry Group Co. Ltd., Class A JD.com, Inc., ADR (a) Jiangsu Hengrui Medicine Co. Ltd., Class A Kweichow Moutai Co. Ltd., Class A Nexteer Automotive Group Ltd. (a) Noah Holdings Ltd., ADR (a) Ping An Insurance Group Co. of China Ltd., Class H Qingdao Haier Co. Ltd., Class A SAIC Motor Corp. Ltd., Class A Shenzhen Sunway Communication Co. Ltd., Class A Shenzhou International Group Holdings Ltd Silergy Corp Spring Airlines Co. Ltd., Class A Suofeiya Home Collection Co. Ltd., Class A Tencent Holdings Ltd. 2, Yunnan Baiyao Group Co. Ltd., Class A Zhejiang Weixing New Building Materials Co. Ltd., Class A ,953 SHARES SECURITY DESCRIPTION VALUE($) Hong Kong 10.8% 129 AIA Group Ltd. 1, Cheung Kong Property Holdings Ltd IMAX China Holding, Inc. (a) (e) Sands China Ltd Truly International Holdings Ltd WH Group Ltd. (e) 310 2,309 Macau 1.1% 133 MGM China Holdings Ltd. 243 Singapore 1.0% 40 BOC Aviation Ltd. (e) 206 Taiwan 16.6% 237 China Life Insurance Co. Ltd Global PMX Co. Ltd Largan Precision Co. Ltd Macauto Industrial Co. Ltd President Chain Store Corp Silicon Motion Technology Corp., ADR Taiwan Paiho Ltd Taiwan Semiconductor Manufacturing Co. Ltd., ADR 1, Yuanta Financial Holding Co. Ltd ,555 Total Common Stocks (Cost $12,279) 20,266 Structured Instruments 4.3% China 4.3% Low Exercise Cash Settled Call Warrants 4.3% 58 GoerTek, Inc., expiring 07/26/18 (Strike Price $1.00) (issued through UBS AG) (a) Hangzhou Hikvision Digital Technology Co. Ltd., expiring 10/27/17 (Strike Price $0.00) (issued through UBS AG) (a) Hangzhou Robam Appliances Co. Ltd., expiring 10/27/17 (Strike Price $0.00) (issued through UBS AG) (a) Han s Laser Technology Industry Group Co. Ltd., expiring 11/06/17 (Strike Price $0.00) (issued through Morgan Stanley) (a) (e) Luxshare Precision Industry Co. Ltd., expiring 07/27/18 (Strike Price $1.00) (issued through UBS AG) (a) 144

3 AS OF JULY 31, 2017 (Unaudited) (continued) SHARES SECURITY DESCRIPTION VALUE($) Total Structured Instruments (Cost $674) 916 Total Investments 99.1% (Cost $12,953) 21,182 Other Assets in Excess of Liabilities 0.9% 185 NET ASSETS 100.0% $ 21,367 Percentages indicated are based on net assets. Summary of Investments by Industry, July 31, 2017 The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments: INDUSTRY PERCENTAGE Internet Software & Services 19.0% Insurance 11.6 Semiconductors & Semiconductor Equipment 9.8 Capital Markets 5.8 Banks 5.7 Electronic Equipment, Instruments & Components 5.7 Internet & Direct Marketing Retail 5.4 Pharmaceuticals 4.7 Textiles, Apparel & Luxury Goods 3.1 Real Estate Management & Development 3.1 Auto Components 3.0 Hotels, Restaurants & Leisure 2.3 Automobiles 2.3 Household Durables 2.0 Oil, Gas & Consumable Fuels 1.9 Gas Utilities 1.6 Independent Power and Renewable Electricity Producers 1.6 Food Products 1.5 Water Utilities 1.3 Food & Staples Retailing 1.2 Commercial Services & Supplies 1.1 Trading Companies & Distributors 1.0 Others (each less than 1.0%) 5.3

4 AS OF JULY 31, 2017 (Unaudited) (continued) NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS: ADR American Depositary Receipt (a) Non-income producing security. (e) Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of July 31, 2017, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows: Aggregate gross unrealized appreciation $ 8,438 Aggregate gross unrealized depreciation (209) Net unrealized appreciation/depreciation $ 8,229 Federal income tax cost of investments $12,953 A. Valuation of Investments The valuation of investments is 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 (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 such unadjusted quoted prices 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. JPMorgan Investment Management, Inc. (the Administrator ) has established the J.P. Morgan Investment Management Americas Valuation Committee ( AVC ) to assist the Board with the oversight and monitoring of the valuation of the Fund s investments. The Administrator implements the valuation policies of the Fund s investments, as directed by the Board. The AVC oversees and carries out the policies for the valuation of investments held in the Fund. This 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 an approved Pricing Service. 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. 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.

5 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.

6 AS OF JULY 31, 2017 (Unaudited) (continued) 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 Investments in Securities Common Stocks China $ 4,354 $ 9,599 $ $13,953 Hong Kong 2,309 2,309 Macau Singapore Taiwan 1,885 1,670 3,555 Total Common Stocks 6,268 13,998 20,266 Structured Instruments China Total Investments in Securities $ 6,268 $ 14,914 $ $21,182 Total Transfers between fair value levels are valued utilizing values as of beginning of the period. Transfers from level 2 to level 1 in the amount of approximately $590,000 are due to the non-application of the fair value factors to certain securities during the period ended July 31, 2017.