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) SHARES SECURITY DESCRIPTION VALUE($) Common Stocks 96.7% Argentina 2.1% 291 MercadoLibre, Inc. 112,495 Australia 0.5% 4,107 Oil Search Ltd. 25,051 Brazil 9.0% 8,231 Ambev SA, ADR 56,546 3,264 Cielo SA 27,540 1,076 Itau Unibanco Holding SA (Preference) 17,651 4,059 Itau Unibanco Holding SA, ADR 66,574 16,900 Kroton Educacional SA 86,197 6,545 Lojas Renner SA (a) 77,782 846 Marcopolo SA (a) 874 6,582 Marcopolo SA (Preference) (a) 8,636 4,538 Petrobras Distribuidora SA (a) 29,908 1,331 Raia Drogasil SA (a) 35,277 2,252 Ultrapar Participacoes SA 57,639 2,410 WEG SA 17,927 482,551 China 27.2% 2,320 AAC Technologies Holdings, Inc. 38,433 1,279 Alibaba Group Holding Ltd., ADR (a) 261,273 15,417 Fuyao Glass Industry Group Co. Ltd., Class A 66,332 8,995 Hangzhou Robam Appliances Co. Ltd., Class A 76,504 7,469 Inner Mongolia Yili Industrial Group Co. Ltd., Class A 40,485 2,598 JD.com, Inc., ADR (a) 127,915 387 Kweichow Moutai Co. Ltd., Class A 47,017 8,555 Midea Group Co. Ltd., Class A 81,278 504 New Oriental Education & Technology Group, Inc., ADR 46,457 20,695 Ping An Insurance Group Co. of China Ltd., Class H 243,740 4,105 Shenzhou International Group Holdings Ltd. 42,374 6,561 Tencent Holdings Ltd. 387,679 1,459,487 Egypt 0.6% 6,541 Commercial International Bank Egypt SAE (Registered), Reg. S, GDR 29,696 Hong Kong 6.3% 25,106 AIA Group Ltd. 214,443 516 Jardine Matheson Holdings Ltd. 32,735 6,128 Sands China Ltd. 36,414 8,038 Techtronic Industries Co. Ltd. 53,534 337,126 SHARES SECURITY DESCRIPTION VALUE($) India 17.4% 1,781 Asian Paints Ltd. 31,616 3,414 HDFC Bank Ltd. 111,808 945 HDFC Bank Ltd., ADR 102,594 9,865 HDFC Standard Life Insurance Co. Ltd., Reg. S (e) 66,231 7,163 Housing Development Finance Corp. Ltd. 220,097 2,824 IndusInd Bank Ltd. 77,743 14,965 ITC Ltd. 63,855 2,674 Kotak Mahindra Bank Ltd. 46,554 2,518 Tata Consultancy Services Ltd. 123,029 1,135 Tata Motors Ltd., ADR (a) 35,149 799 UltraTech Cement Ltd. 54,954 933,630 Indonesia 2.5% 71,409 Astra International Tbk. PT 45,289 35,605 Bank Central Asia Tbk. PT 60,450 98,768 Bank Rakyat Indonesia Persero Tbk. PT 27,295 133,034 Mexico 2.9% 9,980 Becle SAB de CV (a) 18,087 536 Fomento Economico Mexicano SAB de CV, ADR 52,260 8,736 Grupo Financiero Banorte SAB de CV, Class O 55,948 6,086 Infraestructura Energetica Nova SAB de CV 31,720 158,015 Panama 1.0% 405 Copa Holdings SA, Class A 56,020 Peru 1.3% 310 Credicorp Ltd. 71,762 Russia 4.6% 446 Magnit PJSC 42,251 146 Magnit PJSC, Reg. S, GDR 3,269 42,387 Sberbank of Russia PJSC 199,198 244,718 South Africa 5.8% 4,435 Bid Corp. Ltd. 99,287 3,233 Bidvest Group Ltd. (The) 68,085 336 Capitec Bank Holdings Ltd. 22,686 5,049 FirstRand Ltd. 28,319 1,734 Mr Price Group Ltd. 41,829 7,045 Sanlam Ltd. 52,447 312,653
AS OF JANUARY 31, 2018 (Unaudited) (continued) (Amounts in thousands) SHARES SECURITY DESCRIPTION VALUE($) Common Stocks continued South Korea 5.9% 91 NCSoft Corp. (a) 37,787 182 Netmarble Games Corp., Reg. S (a) (e) 29,511 106 Samsung Electronics Co. Ltd. 247,769 315,067 Spain 0.5% 3,396 Prosegur Cia de Seguridad SA 28,234 Taiwan 6.3% 1 Delta Electronics, Inc. 4 553 Largan Precision Co. Ltd. 75,793 5,867 President Chain Store Corp. 58,056 4,448 Taiwan Semiconductor Manufacturing Co. Ltd., ADR 201,534 335,387 Thailand 0.7% 5,132 Kasikornbank PCL, NVDR 37,646 Turkey 0.3% 1,037 Ford Otomotiv Sanayi A/S 16,560 United States 1.8% 427 EPAM Systems, Inc. (a) 50,109 996 Yum China Holdings, Inc. 46,214 96,323 Total Common Stocks (Cost $3,276,992) 5,185,455 NUMBER OF WARRANTS Warrant 0.4% United States 0.4% Almarai Co. 1,597 expiring 07/11/2019 (Strike Price $1.00) (a) 22,422 90 expiring 07/20/2020 (Strike Price $1.00) (a) 1,266 Total Warrants (Cost $30,284) 23,688 SHARES Short-Term Investment 2.7% Investment Company 2.7% 143,881 JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 1.18% (b) (l) (Cost $143,881) 143,881 Total Investments 99.8% (Cost $3,451,157) 5,353,024 Other Assets in Excess of Liabilities 0.2% 9,700 NET ASSETS 100.0% $ 5,362,724 Percentages indicated are based on net assets.
AS OF JANUARY 31, 2018 (Unaudited) (continued) 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 17.3% Internet Software & Services 14.2 Insurance 10.8 Technology Hardware, Storage & Peripherals 4.6 Food & Staples Retailing 4.5 Thrifts & Mortgage Finance 4.1 Household Durables 3.9 Semiconductors & Semiconductor Equipment 3.8 IT Services 3.8 Beverages 3.3 Diversified Consumer Services 2.5 Internet & Direct Marketing Retail 2.4 Electronic Equipment, Instruments & Components 2.1 Industrial Conglomerates 1.9 Automobiles 1.8 Oil, Gas & Consumable Fuels 1.5 Hotels, Restaurants & Leisure 1.5 Multiline Retail 1.5 Specialty Retail 1.3 Software 1.3 Auto Components 1.2 Food Products 1.2 Tobacco 1.2 Airlines 1.0 Construction Materials 1.0 Others (each less than 1.0%) 3.6 Short-Term Investment 2.7 NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS: ADR American Depositary Receipt GDR Global Depositary Receipt NVDR Non Voting Depositary Receipt 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. (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. (l) The rate shown is the current yield as of January 31, 2018.
AS OF JANUARY 31, 2018 (Unaudited) (continued) (Amounts in thousands) 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.
AS OF JANUARY 31, 2018 (Unaudited) (continued) The following table represents each valuation input as presented on the Schedule of Portfolio Investments: The various inputs that are used in determining the valuation of the Funds 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 Funds 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 tables represent each valuation input as presented on the Schedules of Portfolio Investments ( SOIs ) (amount in thousands): Level 1 Quoted prices Level 2 Other significant observable inputs Level 3 Significant unobservable inputs Investments in Securities Common Stocks Argentina $ 112,495 $ $ $ 112,495 Australia 25,051 25,051 Brazil 482,551 482,551 China 435,645 1,023,842 1,459,487 Egypt 29,696 29,696 Hong Kong 337,126 337,126 India 137,743 795,887 933,630 Indonesia 133,034 133,034 Mexico 158,015 158,015 Panama 56,020 56,020 Peru 71,762 71,762 Russia 244,718 244,718 South Africa 312,653 312,653 South Korea 315,067 315,067 Spain 28,234 28,234 Taiwan 201,534 133,853 335,387 Thailand 37,646 37,646 Turkey 16,560 16,560 United States 96,323 96,323 Total Common Stocks 1,752,088 3,433,367 5,185,455 Warrants United States 23,688 23,688 Short-Term Investment Investment Company 143,881 143,881 Total Investments in Securities $1,895,969 $ 3,457,055 $ $5,353,024 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 $240,999,000 are due to the application of the fair value factors to certain securities during the period ended January 31, 2018.