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.
AS OF JANUARY 31, 2018 (Unaudited) (Amounts in thousands) Common Stocks 99.3% Australia 1.3% 1,752 BHP Billiton Ltd. 42,848 855 BHP Billiton plc 19,047 61,895 Austria 0.4% 425 Erste Group Bank AG (a) 21,413 Belgium 0.6% 250 Anheuser-Busch InBev SA/NV 28,286 Brazil 0.9% 2,635 Itau Unibanco Holding SA, ADR 43,212 China 3.4% 132 Baidu, Inc., ADR (a) 32,702 8,942 China Overseas Land & Investment Ltd. 34,581 28,830 CNOOC Ltd. 45,317 4,337 Ping An Insurance Group Co. of China Ltd., Class H 51,075 163,675 Denmark 1.2% 1,028 Novo Nordisk A/S, Class B 57,075 France 13.1% 937 Accor SA 53,317 1,876 AXA SA 61,691 1,026 BNP Paribas SA 84,723 252 Essilor International Cie Generale d Optique SA 35,744 339 Imerys SA 36,327 195 LVMH Moet Hennessy Louis Vuitton SE 61,142 3,492 Orange SA 63,105 301 Pernod Ricard SA 47,899 604 Safran SA 68,223 595 Sanofi 52,533 669 Schneider Electric SE (a) 62,728 627,432 Germany 8.7% 286 Allianz SE (Registered) 72,364 496 Bayer AG (Registered) 65,055 273 Continental AG 82,082 416 Fresenius Medical Care AG & Co. KGaA 47,992 297 Linde AG (a) 72,444 663 SAP SE 75,044 414,981 Hong Kong 4.9% 10,697 AIA Group Ltd. 91,370 5,966 CK Asset Holdings Ltd. 56,770 4,522 CK Hutchison Holdings Ltd. 60,995 4,098 Sands China Ltd. 24,351 233,486 India 1.2% 545 HDFC Bank Ltd., ADR 59,144 Indonesia 0.6% 45,433 Astra International Tbk. PT 28,814 Italy 1.3% 2,746 UniCredit SpA (a) 60,550 Japan 19.1% 957 Asahi Group Holdings Ltd. 48,335 489 Daikin Industries Ltd. 58,991 222 FANUC Corp. 60,336 2,045 Honda Motor Co. Ltd. 72,133 2,950 Inpex Corp. 38,474 1,085 Japan Tobacco, Inc. 35,953 75 Keyence Corp. 45,528 1,789 Komatsu Ltd. 70,300 3,541 Kubota Corp. 72,373 842 Makita Corp. 39,761 1,516 Mitsui Fudosan Co. Ltd. 39,920 352 Nidec Corp. 56,668 335 Nitto Denko Corp. 30,789 542 Shin-Etsu Chemical Co. Ltd. 61,991 113 SMC Corp. 55,887 1,854 Sumitomo Mitsui Financial Group, Inc. 83,488 219 Tokyo Electron Ltd. 41,237 912,164 Macau 0.4% 5,111 Wynn Macau Ltd. 18,055 Netherlands 5.8% 419 ASML Holding NV 84,864 3,968 ING Groep NV 77,904 3,326 Royal Dutch Shell plc, Class A 116,623 279,391 Singapore 1.4% 3,251 DBS Group Holdings Ltd. 65,249 South Africa 0.8% 134 Naspers Ltd., Class N 38,047 South Korea 2.3% 105 Hyundai Mobis Co. Ltd. (a) 24,410 71 Samsung Electronics Co. Ltd., Reg. S, GDR (e) 84,145 108,555 Spain 1.7% 8,829 Banco Bilbao Vizcaya Argentaria SA 82,853
AS OF JANUARY 31, 2018 (Unaudited) (continued) (Amounts in thousands) Common Stocks continued Sweden 1.5% 1,501 Atlas Copco AB, Class A 70,392 Switzerland 11.2% 2,232 ABB Ltd. (Registered) 62,207 663 Cie Financiere Richemont SA (Registered) 63,548 627 Ferguson plc 48,413 11,756 Glencore plc (a) 67,376 930 LafargeHolcim Ltd. (Registered) (a) 56,931 1,046 Novartis AG (Registered) 94,428 213 Roche Holding AG 52,548 4,494 UBS Group AG (Registered) (a) 91,221 536,672 Taiwan 0.9% 958 Taiwan Semiconductor Manufacturing Co. Ltd., ADR 43,392 United Kingdom 15.9% 7,162 Aviva plc 52,253 1,137 British American Tobacco plc 77,711 1,912 Burberry Group plc 42,869 5,210 Meggitt plc 34,319 805 Persimmon plc 28,596 3,124 Prudential plc 84,577 1,842 RELX NV 40,797 746 Rio Tinto Ltd. 45,905 604 Rio Tinto plc 33,627 5,196 Standard Chartered plc (a) 60,461 1,085 TechnipFMC plc 35,132 1,726 Unilever plc 97,706 21,969 Vodafone Group plc 70,032 3,000 WPP plc 54,327 758,312 United States 0.7% 668 Shire plc 31,214 Total Common Stocks (Cost $3,507,042) 4,744,259 NUMBER OF RIGHTS SECURITY DESCRIPTION VALUE($) Rights 0.0% (g) Italy 0.0% (g) 2,746 UniCredit SpA, expiring 02/21/2018 (a) (Cost $ ) 13 Short-Term Investment 1.3% Investment Company 1.3% 61,557 JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 1.18% (b) (l) (Cost $61,557) 61,557 Total Investments 100.6% (Cost $3,568,599) 4,805,829 Liabilities in Excess of Other Assets (0.6)% (27,059) NET ASSETS 100.0% $ 4,778,770 Percentages indicated are based on net assets. 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 13.3% Insurance 8.6 Machinery 7.7 Pharmaceuticals 6.7 Metals & Mining 4.3 Oil, Gas & Consumable Fuels 4.2 Electrical Equipment 3.8 Semiconductors & Semiconductor Equipment 3.5 Textiles, Apparel & Luxury Goods 3.5 Chemicals 3.4 Real Estate Management & Development 2.7 Beverages 2.6 Tobacco 2.4 Auto Components 2.2 Aerospace & Defense 2.1 Automobiles 2.1 Personal Products 2.0 Hotels, Restaurants & Leisure 2.0 Construction Materials 1.9 Media 1.9 Capital Markets 1.9 Technology Hardware, Storage & Peripherals 1.8 Software 1.6 Wireless Telecommunication Services 1.5 Diversified Telecommunication Services 1.3 Industrial Conglomerates 1.3 Building Products 1.2 Trading Companies & Distributors 1.0
Health Care Providers & Services 1.0 Others (each less than 1.0%) 5.2 Short-Term Investment 1.3
AS OF JANUARY 31, 2018 (Unaudited) (continued) (Amounts in thousands) NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS: ADR American Depositary Receipt GDR Global Depositary Receipt 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) Non-income producing security. (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. (g) Amount rounds to less than 0.05%. (l) The rate shown is the current yield as of January 31, 2018. 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 that are used in determining the valuation of the Fund s investments are summarized into the three broad levels listed below. Level 1 Unadjusted using quoted prices in active markets for identical investments. Level 2 Other significant observable including, but not limited to, quoted prices for similar investments, other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated. Level 3 Significant based on the best information available in the circumstances, to the extent observable 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 or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments. The following table represents each valuation input as presented on the Schedule of Portfolio Investments: Level 1 Quoted prices Level 2 Other significant observable Level 3 Significant unobservable Investments in Securities Common Stocks Australia $ $ 61,895 $ $ 61,895 Austria 21,413 21,413 Belgium 28,286 28,286 Brazil 43,212 43,212 China 32,702 130,973 163,675 Denmark 57,075 57,075 France 627,432 627,432 Total
AS OF JANUARY 31, 2018 (Unaudited) (continued) Level 1 Quoted prices Level 2 Other significant observable Level 3 Significant unobservable Germany 414,981 414,981 Hong Kong 233,486 233,486 India 59,144 59,144 Indonesia 28,814 28,814 Italy 60,550 60,550 Japan 912,164 912,164 Macau 18,055 18,055 Netherlands 279,391 279,391 Singapore 65,249 65,249 South Africa 38,047 38,047 South Korea 108,555 108,555 Spain 82,853 82,853 Sweden 70,392 70,392 Switzerland 536,672 536,672 Taiwan 43,392 43,392 United Kingdom 758,312 758,312 United States 31,214 31,214 Total Common Stocks 178,450 4,565,809 4,744,259 Rights Italy 13 13 Short-Term Investment Investment Company 61,557 61,557 Total Investments in Securities $ 240,007 $ 4,565,822 $ $4,805,829 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 $112,043 and are due to the application of the fair value factors to certain securities during the period ended January 31, 2018.