JPMorgan Emerging Economies 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) Common Stocks 96.8% Argentina 0.6% 60 Banco Macro SA, ADR 6, Telecom Argentina SA, ADR 7,030 13,546 Brazil 9.2% 1,626 Banco Bradesco SA, ADR (a) 20,651 2,188 Banco do Brasil SA (a) 27,251 1,117 Banco Santander Brasil SA 12,570 2,317 Cia de Saneamento do Parana (Preference) 7,716 1,144 Estacio Participacoes SA 12, Fibria Celulose SA 6,471 2,559 Itau Unibanco Holding SA, ADR 41,962 3,379 Kroton Educacional SA 17, Magazine Luiza SA 6,545 3,633 Metalurgica Gerdau SA (Preference) 7,846 2,046 MRV Engenharia e Participacoes SA 9, Qualicorp SA 5, Suzano Papel e Celulose SA (a) 6,038 2,218 Vale SA, ADR (a) 29, ,602 China 26.6% 1,214 AAC Technologies Holdings, Inc. 20,116 6,610 Air China Ltd., Class H 9, Alibaba Group Holding Ltd., ADR (a) 59,025 1,194 Angang Steel Co. Ltd., Class H 1,297 3,373 Anhui Conch Cement Co. Ltd., Class H 18,507 38,231 Bank of China Ltd., Class H 22,913 31,054 China Construction Bank Corp., Class H 35,652 6,383 China Merchants Bank Co. Ltd., Class H 31,165 2,708 China Overseas Land & Investment Ltd. 10,473 3,076 China Resources Power Holdings Co. Ltd. 5,672 2,446 China Shenhua Energy Co. Ltd., Class H 7,600 5,381 Country Garden Holdings Co. Ltd. 11,558 7,777 Dali Foods Group Co. Ltd., Reg. S (e) 7,645 10,928 Fosun International Ltd. 25,728 3,198 Geely Automobile Holdings Ltd. 10,174 9,804 Guangzhou Automobile Group Co. Ltd., Class H 22,097 4,030 Huaneng Power International, Inc., Class H 2,592 Industrial & Commercial Bank of China Ltd., 56,870 Class H 53, NetEase, Inc., ADR 22,173 2,367 Nexteer Automotive Group Ltd. (a) 5,040 9,482 PICC Property & Casualty Co. Ltd., Class H 19,616 China continued 2,455 Ping An Insurance Group Co. of China Ltd., Class H 28,915 6,379 Qingdao Haier Co. Ltd., Class A 21,494 5,310 Shenzhen Expressway Co. Ltd., Class H 5, Sunny Optical Technology Group Co. Ltd. 11,620 1,554 Tencent Holdings Ltd. 91,834 5,746 Weichai Power Co. Ltd., Class H 7,168 Yangtze Optical Fibre and Cable Joint Stock 936 Ltd. Co., Class H, Reg. S, (e) 4,323 5,832 Yanzhou Coal Mining Co. Ltd., Class H 10, Yirendai Ltd., ADR 4, YY, Inc., ADR (a) 18,218 1,805 Zhongsheng Group Holdings Ltd. 4, ,021 Hong Kong 2.9% 2,989 Haier Electronics Group Co. Ltd. (a) 10,204 1,982 Kingboard Chemical Holdings Ltd. 10,842 3,715 Kingboard Laminates Holdings Ltd. 6,525 4,148 Lee & Man Paper Manufacturing Ltd. 4,871 1,421 Nine Dragons Paper Holdings Ltd. 2,205 18,788 WH Group Ltd., Reg. S (e) 23,230 5,556 Xinyi Glass Holdings Ltd. 8,418 66,295 Hungary 1.4% 916 MOL Hungarian Oil & Gas plc 11, OTP Bank plc 19,931 31,113 India 2.3% 1,430 HCL Technologies Ltd. 22,184 2,146 Hindalco Industries Ltd. 8,624 3,325 Vedanta Ltd. 17, WNS Holdings Ltd., ADR (a) 4,700 53,241 Indonesia 1.5% 17,822 Bank Negara Indonesia Persero Tbk. PT 12,513 60,292 Bank Rakyat Indonesia Persero Tbk. PT 16,662 1,621 United Tractors Tbk. PT 4,710 33,885 Luxembourg 0.3% 212 Ternium SA, ADR 7,214 Malaysia 2.4% 12,351 AirAsia Bhd. 13,119 8,158 CIMB Group Holdings Bhd. 15,155 5,077 Malayan Banking Bhd. 13,154 3,633 Tenaga Nasional Bhd. 14,692 56,120

3 Common Stocks continued Mexico 0.2% 527 Grupo Financiero Banorte SAB de CV, Class O 3,372 Panama 1.2% 205 Copa Holdings SA, Class A 28,380 Poland 1.4% 145 Jastrzebska Spolka Weglowa SA (a) 4, KGHM Polska Miedz SA 10, Polski Koncern Naftowy ORLEN SA 17,742 32,136 Qatar 0.3% 201 Qatar National Bank QPSC 7,478 Russia 7.2% 1,580 Aeroflot PJSC 3,748 11,402 Alrosa PJSC 16, Evraz plc 4,933 10,139 Magnitogorsk Iron & Steel Works PJSC 8,242 1,221 MMC Norilsk Nickel PJSC, ADR 25,108 1,833 Mobile TeleSystems PJSC, ADR 22, Ros Agro plc, Reg. S, GDR 1,375 7 Ros Agro plc, Reg. S, GDR ,660 RusHydro PJSC 4, Sberbank of Russia PJSC, ADR 6,351 1,449 Sberbank of Russia PJSC, ADR 29, Severstal PJSC, Reg. S, GDR 14, Tatneft PJSC, ADR 7, Tatneft PJSC, ADR 9,550 6,649 United Co. RUSAL plc 4, X5 Retail Group NV, Reg. S, GDR (a) 7, ,761 Singapore 0.5% 10,785 IGG, Inc. 11,963 South Africa 1.3% 239 Kumba Iron Ore Ltd. 7,236 1,391 Standard Bank Group Ltd. 23,546 30,782 South Korea 16.3% 529 Hana Financial Group, Inc. 25, Hyosung Corp. (a) 14, Hyundai Marine & Fire Insurance Co. Ltd. (a) 10,258 1,095 Industrial Bank of Korea 17,066 South Korea continued 315 Korea Electric Power Corp. 10, KT&G Corp. 21, LG Chem Ltd. 25, LG Corp. (a) 6, LG Electronics, Inc. 14, NCSoft Corp. (a) 21, POSCO 23, PSK, Inc. (a) Samsung Electronics Co. Ltd. 60, Samsung SDI Co. Ltd. 3, Seoul Semiconductor Co. Ltd. 3, SFA Engineering Corp. (a) 5, Shinhan Financial Group Co. Ltd. 22,809 9 Silicon Works Co. Ltd. (a) SK Hynix, Inc. 19, SK Innovation Co. Ltd. 25, S-Oil Corp. 15, TES Co. Ltd. 4,477 1,346 Woori Bank 21, ,427 Taiwan 11.4% 5,097 Accton Technology Corp. 20,411 1,638 Catcher Technology Co. Ltd. 18,738 3,469 Chipbond Technology Corp. 8,005 2,649 Compeq Manufacturing Co. Ltd. 3,284 34,064 CTBC Financial Holding Co. Ltd. 24,891 4,072 E Ink Holdings, Inc. 7,402 1,893 FLEXium Interconnect, Inc. (a) 7,231 9,022 Fubon Financial Holding Co. Ltd. 16,760 1,659 General Interface Solution Holding Ltd. 12,306 3,547 Hon Hai Precision Industry Co. Ltd. 11,181 7,255 Macronix International (a) 11,357 1,821 MediaTek, Inc. 18,633 2,608 Merry Electronics Co. Ltd. 16,341 1,191 Nanya Technology Corp. 3, Phison Electronics Corp. 3,729 3,202 Powertech Technology, Inc. 10, Taiwan Semiconductor Manufacturing Co. Ltd., ADR 35,531 6,627 Winbond Electronics Corp. 5,359 1,325 Yageo Corp. (a) 17,511 20,336 Yuanta Financial Holding Co. Ltd. 9, ,057 Thailand 3.9% 3,165 Kiatnakin Bank PCL 8,256

4 Common Stocks continued Thailand continued 16,985 Krung Thai Bank PCL 10,833 5,606 PTT Global Chemical PCL 17,215 1,605 PTT PCL 25,199 17,317 Star Petroleum Refining PCL 9,224 3,143 Thai Oil PCL 10,286 2,708 Tisco Financial Group PCL 7,646 88,659 Turkey 4.6% 3,268 Akbank TAS 9,473 3,333 Eregli Demir ve Celik Fabrikalari TAS 8,811 8,966 Petkim Petrokimya Holding A/S 18,936 2,049 Tekfen Holding A/S 8, Tupras Turkiye Petrol Rafinerileri A/S 10,615 1,638 Turk Hava Yollari AO (a) 7,177 5,017 Turkcell Iletisim Hizmetleri A/S 20,820 2,412 Turkiye Garanti Bankasi A/S 7,869 5,123 Turkiye Halk Bankasi A/S 13, ,317 United States 0.9% 277 Cognizant Technology Solutions Corp., Class A 21,634 Vietnam 0.4% 3,307 Hoa Phat Group JSC (a) 9,073 Total Common Stocks (Cost $1,656,070) 2,227,076 Short-Term Investment 2.9% Investment Company 2.9% 67,413 JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 1.18% (b) (l) (Cost $67,413) 67,413 Total Investments 99.7% (Cost $1,723,483) 2,294,489 Other Assets in Excess of Liabilities 0.3% 7,104 NET ASSETS 100.0% $ 2,301,593 Percentages indicated are based on net assets.

5 (Amounts in thousands, except number of Futures contracts) 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 24.8% Metals & Mining 9.1 Internet Software & Services 8.3 Oil, Gas & Consumable Fuels 7.1 Electronic Equipment, Instruments & Components 5.8 Semiconductors & Semiconductor Equipment 5.5 Technology Hardware, Storage & Peripherals 3.4 Chemicals 3.3 Airlines 2.7 Insurance 2.6 Household Durables 2.5 IT Services 2.1 Wireless Telecommunication Services 1.9 Software 1.5 Food Products 1.4 Automobiles 1.4 Industrial Conglomerates 1.4 Diversified Consumer Services 1.3 Electric Utilities 1.3 Communications Equipment 1.1 Real Estate Management & Development 1.0 Others (each less than 1.0%) 7.6 Short-Term Investment 2.9 Futures contracts outstanding as of January 31, 2018: Description Number of Contracts Expiration Date Trading Currency Notional Amount ($) Value and Unrealized Appreciation (Depreciation) ($) Long Contracts MSCI Emerging Markets E-Mini Index /2018 USD 9, NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS: ADR American Depositary Receipt GDR Global Depositary Receipt MSCI Morgan Stanley Capital International

6 PJSC Public Joint Stock Company 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. USD United States Dollar (a) Non-income producing security.

7 (b) 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. (e) 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, 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. Futures are generally valued on the basis of available market quotations. 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).

8 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.

9 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 Argentina $ 13,546 $ $ $ 13,546 Brazil 211, ,602 China 104, , ,021 Hong Kong 66,295 66,295 Hungary 31,113 31,113 India 4,700 48,541 53,241 Indonesia 33,885 33,885 Luxembourg 7,214 7,214 Malaysia 56,120 56,120 Mexico 3,372 3,372 Panama 28,380 28,380 Poland 32,136 32,136 Qatar 7,478 7,478 Russia 37, , ,761 Singapore 11,963 11,963 South Africa 30,782 30,782 South Korea 375, ,427 Taiwan 35, , ,057 Thailand 88,659 88,659 Turkey 106, ,317 United States 21,634 21,634 Vietnam 9,073 9,073 Total Common Stocks 467,553 1,759,523 2,227,076 Short-Term Investment Investment Company 67,413 67,413 Total Investments in Securities $ 534,966 $ 1,759,523 $ $2,294,489 Appreciation in Other Financial Instruments Futures Contracts $ 75 $ $ $ 75 Total Transfers between fair value levels are valued utilizing values as of beginning of the period. Transfers from level 1 to level 2 in the amount of approximately $158,904,000 are due to the application of the fair value factors to certain securities during the period ended January 31, 2018.