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($) Common Stocks 94.5% Austria 1.9% 196 Erste Group Bank AG (a) 9,891 Brazil 2.9% 913 Itau Unibanco Holding SA (Preference) 14,974 Canada 2.7% 161 Alimentation Couche-Tard, Inc., Class B 8,400 71 Canadian National Railway Co. 5,713 14,113 China 10.3% 29 Baidu, Inc., ADR (a) 7,155 2,134 China Overseas Land & Investment Ltd. 8,253 3,818 China Unicom Hong Kong Ltd. (a) 5,723 4,136 CNOOC Ltd. 6,492 177 JD.com, Inc., ADR (a) 8,702 1,441 Ping An Insurance Group Co. of China Ltd., Class H 16,966 53,291 Denmark 1.1% 106 Novo Nordisk A/S, Class B 5,886 Finland 1.6% 120 Wartsila OYJ Abp 8,205 France 1.9% 85 Safran SA 9,598 Germany 10.3% 93 Bayer AG (Registered) 12,137 49 Continental AG 14,697 149 Delivery Hero AG, Reg. S (a) (e) 6,387 61 Linde AG (a) 14,858 84 Zalando SE, Reg. S (a) (e) 4,952 53,031 Hong Kong 7.1% 1,497 AIA Group Ltd. 12,787 1,659 CK Asset Holdings Ltd. 15,782 621 CK Hutchison Holdings Ltd. 8,376 36,945 India 3.2% 155 HDFC Bank Ltd., ADR 16,809 Indonesia 2.3% 6,909 Bank Central Asia Tbk. PT 11,729 Italy 1.6% 374 UniCredit SpA (a) 8,235 SHARES SECURITY DESCRIPTION VALUE($) Japan 9.4% 33 FANUC Corp. 9,011 252 Komatsu Ltd. 9,897 368 Kubota Corp. 7,529 534 ORIX Corp. 9,999 108 Shin-Etsu Chemical Co. Ltd. 12,391 48,827 Netherlands 6.8% 626 Altice NV, Class A (a) 6,711 50 ASML Holding NV 10,149 496 ING Groep NV 9,747 179 NN Group NV 8,419 35,026 South Africa 2.1% 38 Naspers Ltd., Class N 10,734 South Korea 4.2% 57 Hyundai Motor Co. 8,607 3 Samsung Electronics Co. Ltd., Reg. S, GDR (e) 3,469 8 Samsung Electronics Co. Ltd., Reg. S, GDR (e) 9,389 21,465 Spain 1.9% 1,033 Banco Bilbao Vizcaya Argentaria SA 9,693 Switzerland 6.9% 63 Cie Financiere Richemont SA (Registered) 6,087 1,672 Glencore plc (a) 9,585 156 LafargeHolcim Ltd. (Registered) (a) 9,542 523 UBS Group AG (Registered) (a) 10,622 35,836 United Kingdom 16.3% 1,493 Aviva plc 10,895 212 British American Tobacco plc 14,517 3,121 ITV plc 7,400 253 RELX NV 5,594 156 Rio Tinto plc 8,678 497 Smith & Nephew plc 8,948 212 TechnipFMC plc 6,877 251 Unilever NV,CVA 14,509 389 WPP plc 7,041 84,459 Total Common Stocks (Cost $410,747) 488,747
AS OF JANUARY 31, 2018 (Unaudited) (continued) (Amounts in thousands) NUMBER OF RIGHTS SECURITY DESCRIPTION VALUE($) Rights 0.0% (g) Italy 0.0% (g) 374 UniCredit SpA, expiring 02/21/2018 (a) (Cost $ ) 2 SHARES Short-Term Investment 3.8% Investment Company 3.8% 19,556 JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 1.18% (b) (l) (Cost $19,556) 19,556 Total Investments 98.3% (Cost $430,303) 508,305 Other Assets in Excess of Liabilities 1.7% 8,847 NET ASSETS 100.0% $ 517,152 Percentages indicated are based on net assets.
AS OF JANUARY 31, 2018 (Unaudited) (continued) (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 15.9% Insurance 9.6 Machinery 6.8 Media 6.3 Chemicals 5.4 Real Estate Management & Development 4.7 Metals & Mining 3.6 Pharmaceuticals 3.5 Auto Components 2.9 Tobacco 2.9 Personal Products 2.9 Internet & Direct Marketing Retail 2.7 Internet Software & Services 2.7 Technology Hardware, Storage & Peripherals 2.5 Capital Markets 2.1 Semiconductors & Semiconductor Equipment 2.0 Diversified Financial Services 2.0 Aerospace & Defense 1.9 Construction Materials 1.9 Health Care Equipment & Supplies 1.8 Automobiles 1.7 Food & Staples Retailing 1.6 Industrial Conglomerates 1.6 Energy Equipment & Services 1.4 Oil, Gas & Consumable Fuels 1.3 Textiles, Apparel & Luxury Goods 1.2 Diversified Telecommunication Services 1.1 Road & Rail 1.1 Professional Services 1.1 Short-Term Investment 3.8 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 EURO STOXX 50 Index 88 03/2018 EUR 3,934 (33) FTSE 100 Index 21 03/2018 GBP 2,227 (35) MSCI Emerging Markets E-Mini Index 68 03/2018 USD 4,277 (10) S&P/TSX 60 Index 9 03/2018 CAD 1,380 (16) TOPIX Index 13 03/2018 JPY 2,201 (52) (146)
AS OF JANUARY 31, 2018 (Unaudited) (continued) NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS: ADR CAD CVA EUR FTSE GBP GDR JPY MSCI Reg. S TOPIX TSX USD (a) (b) (e) (l) American Depositary Receipt Canadian Dollar Dutch Certification Euro Financial Times and the London Stock Exchange British Pound Global Depositary Receipt Japanese Yen Morgan Stanley Capital International 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. Tokyo Stock Price Index Toronto Stock Exchange United States Dollar 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. 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, as well as certain derivatives with equity reference obligations, are valued by applying an international fair value factor 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.
AS OF JANUARY 31, 2018 (Unaudited) (continued) (Amount in thousands) 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: Level 1 Quoted prices Level 2 Other significant observable inputs Level 3 Significant unobservable inputs Investments in Securities Common Stocks Austria $ $ 9,891 $ $ 9,891 Brazil 14,974 14,974 Canada 14,113 14,113 China 15,857 37,434 53,291 Denmark 5,886 5,886 Finland 8,205 8,205 France 9,598 9,598 Germany 53,031 53,031 Hong Kong 36,945 36,945 India 16,809 16,809 Indonesia 11,729 11,729 Italy 8,235 8,235 Japan 48,827 48,827 Netherlands 35,026 35,026 South Africa 10,734 10,734 South Korea 3,469 17,996 21,465 Spain 9,693 9,693 Switzerland 35,836 35,836 United Kingdom 84,459 84,459 Total Common Stocks 65,222 423,525 488,747 Rights Italy 2 2 Short-Term Investment Investment Company 19,556 19,556 Total Investments in Securities $ 84,778 $ 423,527 $ $508,305 Depreciation in Other Financial Instruments Futures Contracts $ (26) $ (120) $ $ (146) 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 $18,397,000 are due to the application of the fair value factors to certain securities during the period ended January 31, 2018.