JPMorgan International Equity Income Fund Schedule of Portfolio Investments as of January 31, 2018 (Unaudited)

Transcription

1 Schedule of Portfolio Investments as of January 31, 2018 (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., 2018.

2 AS OF JANUARY 31, 2018 (Unaudited) SHARES SECURITY DESCRIPTION VALUE($) Common Stock 96.3% Australia 1.9% 93 Australia & New Zealand Banking Group Ltd. 2, Transurban Group 2,096 4,231 Austria 0.8% 29 BAWAG Group AG, Reg. S (a) (e) 1,667 Canada 0.9% 43 TransCanada Corp. 1,959 China 1.7% 2,343 CNOOC Ltd. 3,683 Czech Republic 0.4% 206 Moneta Money Bank A/S, Reg. S (e) 857 Denmark 0.7% 38 Danske Bank A/S 1,550 Finland 2.2% 139 UPM-Kymmene OYJ 4,684 France 11.0% 20 Airbus SE 2, Amundi SA, Reg. S (e) 2, Cie Generale des Etablissements Michelin 4, Sanofi 3, Schneider Electric SE (a) 2, Unibail-Rodamco SE 4, Vinci SA 4,627 23,756 Germany 9.4% 18 Allianz SE (Registered) 4, BASF SE 2, Continental AG 3, Daimler AG (Registered) 4, Deutsche Boerse AG 2, Siemens AG (Registered) 2,651 20,483 Hong Kong 1.1% 406 Sands China Ltd. 2,415 Italy 1.8% 614 Enel SpA 3,903 Japan 13.0% 90 Bridgestone Corp. 4, Daiwa House Industry Co. Ltd. 4, Japan Airlines Co. Ltd. 1, Japan Tobacco, Inc. 2,399 SHARES SECURITY DESCRIPTION VALUE($) Common Stock continued Japan continued 137 Mitsubishi Corp. 3, Mitsubishi UFJ Financial Group, Inc., ADR 5, Nippon Telegraph & Telephone Corp. 2, Tokio Marine Holdings, Inc. 4,080 28,158 Netherlands 5.8% 21 ASML Holding NV 4, ING Groep NV 4, Koninklijke Ahold Delhaize NV 4,336 12,627 New Zealand 1.1% 879 Spark New Zealand Ltd. 2,326 Norway 2.7% 172 DNB ASA 3, Norsk Hydro ASA 2,253 5,759 Russia 3.3% 59 LUKOIL PJSC, ADR 3, Severstal PJSC, Reg. S, GDR 3,198 7,072 Singapore 1.1% 121 DBS Group Holdings Ltd. 2,423 South Korea 1.9% 2 Samsung Electronics Co. Ltd. 4,093 Spain 2.9% 11 Iberdrola SA (a) Iberdrola SA (a) 4, Repsol SA 2,104 6,334 Sweden 2.2% 205 Nordea Bank AB 2, Sandvik AB 2,183 4,707 Switzerland 7.8% 59 Ferguson plc 4, LafargeHolcim Ltd. (Registered) (a) 2, Novartis AG (Registered) 3, Swiss Re AG 4,118 6 Zurich Insurance Group AG 2,098 16,975 Taiwan 1.3% 63 Taiwan Semiconductor Manufacturing Co. Ltd., ADR 2,861

3 SHARES SECURITY DESCRIPTION VALUE($) Common Stock continued United Kingdom 20.3% 156 3i Group plc 2, Berkeley Group Holdings plc 3, British American Tobacco plc 5, Diageo plc 3, Direct Line Insurance Group plc 3, GlaxoSmithKline plc 4, HSBC Holdings plc, ADR 5, Prudential plc 1, Rio Tinto plc 4, RSA Insurance Group plc 1, Sage Group plc (The) 1, Unilever NV, CVA 3,219 1,154 Vodafone Group plc 3,679 43,891 United States 1.0% 31 Carnival plc 2,177 Total Common Stocks (Cost $168,931) 208,591 Short-Term Investment 3.3% Investment Company 3.3% 7,203 JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 1.18% (b) (l) (Cost $7,203) 7,203 Total Investments 99.6% (Cost $176,134) 215,794 Other Assets in Excess of Liabilities 0.4% 902 NET ASSETS 100.0% $ 216,696 Percentages indicated are based on net assets.

4 Summary of Investments by Industry, January 31, 2018 The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments: INDUSTRY PERCENTAGE Banks 13.5% Insurance 10.1 Auto Components 5.5 Pharmaceuticals 5.5 Oil, Gas & Consumable Fuels 5.4 Metals & Mining 4.7 Trading Companies & Distributors 3.9 Electric Utilities 3.8 Tobacco 3.6 Capital Markets 3.4 Semiconductors & Semiconductor Equipment 3.3 Diversified Telecommunication Services 2.3 Paper & Forest Products 2.2 Construction & Engineering 2.2 Hotels, Restaurants & Leisure 2.1 Automobiles 2.0 Equity Real Estate Investment Trusts (REITs) 2.0 Food & Staples Retailing 2.0 Real Estate Management & Development 1.9 Technology Hardware, Storage & Peripherals 1.9 Wireless Telecommunication Services 1.7 Household Durables 1.6 Personal Products 1.5 Beverages 1.4 Chemicals 1.3 Industrial Conglomerates 1.2 Aerospace & Defense 1.1 Construction Materials 1.0 Electrical Equipment 1.0 Machinery 1.0 Transportation Infrastructure 1.0 Others (each less than 1.0%) 1.6 Short-Term Investment 3.3 NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS: ADR CVA GDR PJSC American Depositary Receipt Dutch Certification Global Depositary Receipt Public Joint-Stock Company

5 Reg. S Security was purchased pursuant to Regulation S under the Securities Act of 1933, as amended (the Securities Act ), which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act, or pursuant to an exemption from registration. (a) (b) (e) Non-income producing security. Investment in affiliate. Money market fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc. Security is exempt from registration under Rule 144A of the Securities Act. 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. (l) The rate shown is the current yield as of January 31, 2018.

6 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 Asset 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. Investments in open-end investment companies (the 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:

7 Level 1 Quoted prices Level 2 Other significant observable inputs Level 3 Significant unobservable inputs Investments in Securities Common Stocks Australia $ $ 4,231 $ $ 4,231 Austria 1,667 1,667 Canada 1,959 1,959 China 3,683 3,683 Czech Republic Denmark 1,550 1,550 Finland 4,684 4,684 France 23,756 23,756 Germany 20,483 20,483 Hong Kong 2,415 2,415 Italy 3,903 3,903 Japan 5,106 23,052 28,158 Netherlands 12,627 12,627 New Zealand 2,326 2,326 Norway 5,759 5,759 Russia 7,072 7,072 Singapore 2,423 2,423 South Korea 4,093 4,093 Spain 90 6,244 6,334 Sweden 4,707 4,707 Switzerland 16,975 16,975 Taiwan 2,861 2,861 United Kingdom 5,319 38,572 43,891 United States 2,177 2,177 Total Common Stocks 15, , ,591 Short-Term Investment Investment Company 7,203 7,203 Total Investments in Securities $ 22,538 $ 193,256 $ $215,794 Total Transfers between fair value levels are valued utilizing values as of the beginning of the period. Transfers from level 1 to level 2 in the amount of approximately $9,870,000 are due to the application of the fair value factors to certain securities during the period ended January 31, 2018.