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($) Common Stocks 97.3% Australia 3.1% 835 Australia & New Zealand Banking Group Ltd. 19,170 1,135 Goodman Group 7,404 26,574 Austria 1.4% 238 Erste Group Bank AG (a) 11,965 Belgium 2.2% 106 Anheuser-Busch InBev SA/NV 11,994 64 KBC Group NV 6,161 18,155 Canada 1.3% 233 TransCanada Corp. 10,746 China 0.7% 3,613 CNOOC Ltd. 5,679 Finland 1.1% 1,053 Outokumpu OYJ 9,036 France 14.9% 119 Air Liquide SA 16,110 94 Airbus SE 10,796 595 AXA SA 19,577 228 BNP Paribas SA 18,830 113 Renault SA 12,371 130 Sanofi 11,446 142 Schneider Electric SE (a) 13,339 402 TOTAL SA 23,321 125,790 Germany 7.5% 28 BASF SE 3,333 52 Bayer AG (Registered) 6,854 107 Brenntag AG 6,974 164 Daimler AG (Registered) 15,060 64 Deutsche Boerse AG 8,226 32 HeidelbergCement AG 3,439 175 Infineon Technologies AG 5,096 94 Siemens AG (Registered) 14,221 63,203 Ireland 0.9% 63 Ryanair Holdings plc, ADR (a) 7,701 Israel 0.2% 98 Teva Pharmaceutical Industries Ltd., ADR 2,001 Italy 3.6% 2,524 Enel SpA 16,049 SHARES SECURITY DESCRIPTION VALUE($) Italy continued 2,229 Intesa Sanpaolo SpA 8,758 5,867 Telecom Italia SpA (a) 5,280 30,087 Japan 24.1% 266 Bridgestone Corp. 12,997 78 Daikin Industries Ltd. 9,399 282 DMG Mori Co. Ltd. 6,467 508 Honda Motor Co. Ltd. 17,912 200 Japan Airlines Co. Ltd. 7,558 324 Japan Tobacco, Inc. 10,741 134 Mabuchi Motor Co. Ltd. 7,956 307 Marui Group Co. Ltd. 5,615 443 Mitsubishi Corp. 12,426 2,875 Mitsubishi UFJ Financial Group, Inc. 21,736 241 Mitsui Fudosan Co. Ltd. 6,352 317 NGK Spark Plug Co. Ltd. 8,402 291 Nippon Telegraph & Telephone Corp. 13,915 85 Otsuka Corp. 7,181 323 Panasonic Corp. 4,797 200 Renesas Electronics Corp. (a) 2,359 327 Sumitomo Electric Industries Ltd. 5,588 164 Sumitomo Mitsui Financial Group, Inc. 7,390 272 Sumitomo Mitsui Trust Holdings, Inc. 11,342 362 T&D Holdings, Inc. 6,489 346 Tokyu Corp. 5,797 68 Toyota Motor Corp. 4,706 244 Yamato Holdings Co. Ltd. 6,294 203,419 Luxembourg 0.9% 204 ArcelorMittal 7,374 Netherlands 7.4% 814 ING Groep NV 15,978 156 NN Group NV 7,373 1,114 Royal Dutch Shell plc, Class A 39,043 62,394 Norway 0.5% 553 Norsk Hydro ASA 4,026 Singapore 1.4% 575 DBS Group Holdings Ltd. 11,531 South Korea 0.6% 2 Samsung Electronics Co. Ltd. 4,978 Spain 3.3% 367 Banco Santander SA 2,724
AS OF JANUARY 31, 2018 (Unaudited) (continued) (Amounts in thousands) SHARES SECURITY DESCRIPTION VALUE($) Common Stocks continued Spain continued 1,845 Bankia SA 9,339 42 Iberdrola SA (a) 339 1,916 Iberdrola SA (a) 15,599 28,001 Sweden 1.2% 693 Svenska Handelsbanken AB, Class A 10,079 Switzerland 8.1% 527 Credit Suisse Group AG (Registered) (a) 10,194 80 Ferguson plc 6,198 151 LafargeHolcim Ltd. (Registered) (a) 9,245 132 Novartis AG (Registered) 11,901 31 Roche Holding AG 7,730 90 Swiss Re AG 8,830 124 UBS Group AG (Registered) (a) 2,509 35 Zurich Insurance Group AG 11,656 68,263 United Kingdom 12.1% 699 Barratt Developments plc 5,807 221 GlaxoSmithKline plc 4,112 1,386 HSBC Holdings plc 14,791 62 InterContinental Hotels Group plc 4,128 3,232 ITV plc 7,665 2,480 Lloyds Banking Group plc 2,450 541 Prudential plc 14,648 229 Rio Tinto plc 12,742 1,088 Standard Chartered plc (a) 12,659 182 TechnipFMC plc 5,884 5,415 Vodafone Group plc 17,261 102,147 United States 0.8% 141 Shire plc 6,577 Total Common Stocks (Cost $682,977) 819,726 Short-Term Investment 2.7% Investment Company 2.7% 22,781 JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 1.18% (b) (l) (Cost $22,781) 22,781 Total Investments 100.0% (Cost $705,758) 842,507 Other Assets in Excess of Liabilities 0.0% (g) 155 NET ASSETS 100.0% $842,662 Percentages indicated are based on net assets.
AS OF JANUARY 31, 2018 (Unaudited) (continued) Summary of Investments by Industry, January 31, 2018 The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments: INDUSTRY PERCENTAGE Banks 22.0% Oil, Gas & Consumable Fuels 9.4 Insurance 8.1 Automobiles 5.9 Pharmaceuticals 5.2 Metals & Mining 3.9 Electric Utilities 3.8 Auto Components 3.2 Trading Companies & Distributors 3.0 Electrical Equipment 2.5 Capital Markets 2.5 Chemicals 2.3 Diversified Telecommunication Services 2.3 Wireless Telecommunication Services 2.1 Airlines 1.8 Industrial Conglomerates 1.7 Construction Materials 1.5 Beverages 1.4 Aerospace & Defense 1.3 Tobacco 1.3 Household Durables 1.3 Building Products 1.1 Others (each less than 1.0%) 9.7 Short-Term Investment 2.7
AS OF JANUARY 31, 2018 (Unaudited) (continued) (Amounts in thousands) Forward foreign currency exchange contracts outstanding as of January 31, 2018: CURRENCY PURCHASED CURRENCY SOLD COUNTERPARTY SETTLEMENT DATE UNREALIZED APPRECIATION (DEPRECIATION) ($) AUD 32,320 USD 24,398 HSBC Bank, N.A. 02/26/2018 1,643 CAD 3,732 USD 3,029 Deutsche Bank AG 02/26/2018 6 CHF 3,178 USD 3,409 BNP Paribas 02/26/2018 11 DKK 40,063 USD 6,391 HSBC Bank, N.A. 02/26/2018 303 EUR 3,781 HKD 34,761 TD Bank Financial Group 02/26/2018 255 EUR 9,295 USD 11,110 Deutsche Bank AG 02/26/2018 446 GBP 11,838 USD 15,737 State Street Corp. 02/26/2018 1,085 JPY 236,751 USD 2,115 State Street Corp. 02/26/2018 56 NOK 10,444 EUR 1,078 Royal Bank of Canada 02/26/2018 15 SEK 102,114 USD 12,245 Standard Chartered Bank 02/26/2018 733 USD 5,910 JPY 641,995 Australia & New Zealand Banking Group Ltd. 02/26/2018 22 Total unrealized appreciation 4,575 EUR 4,986 USD 6,224 Citibank, NA 02/26/2018 (25) GBP 2,255 USD 3,219 State Street Corp. 02/26/2018 (15) HKD 19,621 USD 2,511 Citibank, NA 02/26/2018 (2) HKD 159,139 USD 20,412 Credit Suisse International 02/26/2018 (58) NOK 16,261 USD 2,118 Merrill Lynch International 02/26/2018 (8) USD 10,926 CAD 13,918 HSBC Bank, N.A. 02/26/2018 (393) USD 68,892 EUR 58,061 HSBC Bank, N.A. 02/26/2018 (3,295) USD 5,440 GBP 4,050 TD Bank Financial Group 02/26/2018 (315) USD 1,279 NOK 10,444 Royal Bank of Canada 02/26/2018 (76) USD 2,413 SEK 20,082 Citibank, NA 02/26/2018 (139) Total unrealized depreciation (4,326) Net unrealized appreciation 249 NOTES TO : ADR American Depositary Receipt AUD Australian Dollar CAD Canadian Dollar CHF Swiss Franc DKK Danish Krone EUR Euro GBP British Pound HKD Hong Kong Dollar JPY Japanese Yen NOK Norwegian Krone SEK Swedish Krona USD United States Dollar (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. (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.
AS OF JANUARY 31, 2018 (Unaudited) (continued) (Amounts in thousands) 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. Forward foreign currency exchange contracts are valued utilizing market quotations from approved Pricing Services. 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: Level 1 Quoted prices Level 2 Other significant observable inputs Level 3 Significant unobservable inputs Investments in Securities Common Stocks Australia $ $ 26,574 $ $ 26,574 Austria 11,965 11,965 Belgium 18,155 18,155 Canada 10,746 10,746 China 5,679 5,679 Finland 9,036 9,036 France 125,790 125,790 Germany 63,203 63,203 Ireland 7,701 7,701 Total
Israel 2,001 2,001 Italy 30,087 30,087 Japan 203,419 203,419 Luxembourg 7,374 7,374 Netherlands 62,394 62,394 Norway 4,026 4,026 Singapore 11,531 11,531 South Korea 4,978 4,978 Spain 339 27,662 28,001 Sweden 10,079 10,079 Switzerland 68,263 68,263 United Kingdom 102,147 102,147 United States 6,577 6,577 Total Common Stocks 20,787 798,939 819,726
AS OF JANUARY 31, 2018 (Unaudited) (continued) (Amounts in thousands) Level 1 Quoted prices Level 2 Other significant observable inputs Level 3 Significant unobservable inputs Short-Term Investment Investment Company $ 22,781 $ $ $ 22,781 Total Investments in Securities $ 43,568 $ 798,939 $ $842,507 Appreciation in Other Financial Instruments Forward Foreign Currency Exchange Contracts $ $ 4,575 $ $ 4,575 Depreciation in Other Financial Instruments Forward Foreign Currency Exchange Contracts $ $ (4,326) $ $ (4,326) 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 $11,170,000 are due to the application of the fair value factors to certain securities during the period ended January 31, 2018. B. Derivatives The Fund used derivative instruments including forward foreign currency exchange contracts, in connection with its investment strategy. Derivative instruments may be used as substitutes for securities in which the Fund can invest, to hedge portfolio investments or to generate income or gain to the Fund. Derivatives may also be used to manage duration, sector and yield curve exposures and credit and spread volatility. The Fund may be subject to various risks from the use of derivatives including the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to derivatives counterparties failure to perform under contract terms; liquidity risk related to the lack of a liquid market for these contracts allowing a Fund to close out its position(s); and, documentation risk relating to disagreement over contract terms. Investing in certain derivatives also results in a form of leverage and as such, the Fund s risk of loss associated with these instruments may exceed their value. The Fund is party to various derivative contracts governed by International Swaps and Derivatives Association master agreements ( ISDA agreements ). The Fund s ISDA agreements, which are separately negotiated with each dealer counterparty, may contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Fund in the event the Fund s net assets decline over time by a pre-determined percentage or fall below a pre-determined floor. The ISDA agreements may also contain provisions allowing, absent other conditions, the Fund to exercise rights, to the extent not otherwise waived, against a counterparty (e.g., decline in a counterparty s credit rating below a specified level). Such rights for both a counterparty and the Fund often include the ability to terminate (i.e., close out) open contracts at prices which may favor a counterparty, which could have an adverse effect on the Fund. The ISDA agreements give the Fund and a counterparty the right, upon an event of default, to close out all transactions traded under such agreements and to net amounts owed or due across all transactions and offset such net payable or receivable with collateral posted to a segregated account by one party to the other. Counterparty credit risk may be mitigated to the extent a counterparty posts collateral for mark to market gains to the Fund. Notes (1) below describe the various derivatives used by the Fund. (1). Forward Foreign Currency Exchange Contracts The Fund may be exposed to foreign currency risks associated with some or all of the portfolio investments and used forward foreign currency exchange contracts to hedge or manage certain of these exposures as part of an investment strategy. The Fund also bought forward foreign currency exchange contracts to gain exposure to currencies. Forward foreign currency exchange contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency. The values of the forward foreign currency contracts are adjusted daily based on the applicable exchange rate of the underlying currency. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract settlement date. When the forward foreign currency exchange contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time the contract was opened and the value at the time it was closed. The Fund also records a realized gain or
loss when a forward foreign currency exchange contract offsets another forward foreign currency exchange contract with the same counterparty upon settlement. The Fund s forward foreign currency exchange contracts are subject to master netting arrangements (the right to close out all transactions with a counterparty and net amounts or due across transactions). The Fund may be required to post or receive collateral for non-deliverable forward foreign currency exchange contracts.