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N/A 4007500.00000000 NS 3247493.58000000 0.260211769437 Long EC CORP KY Y 2 N N N SPIE SA 969500TJNS5GSFWJ8X85 SPIE SA N/A 194180.00000000 NS 4287833.49000000 0.343571037786 Long EC CORP FR N 2 N N N Zurich Insurance Group AG 529900QVNRBND50TXP03 Zurich Insurance Group AG N/A 6477.00000000 NS 2589807.63000000 0.207513397425 Long EC CORP CH N 2 N N N Valmet OYJ 213800D9O7FUQDH83V62 Valmet OYJ N/A 106632.00000000 NS 3413593.80000000 0.273520874162 Long EC CORP FI N 2 N N N Signify NV 549300072P3J1X8NZO35 Signify NV N/A 187072.00000000 NS 8926341.63000000 0.715240567201 Long EC CORP NL Y 2 N N N Uponor OYJ 743700KA2GMSYJM3CM12 Uponor OYJ N/A 62727.00000000 NS 1473972.39000000 0.118104918225 Long EC CORP FI N 2 N N N Dunelm Group plc 213800WCOWEI3T5DUV19 Dunelm Group plc N/A 181330.00000000 NS 2858896.18000000 0.229074643354 Long EC CORP GB N 2 N N N Meitec Corp. N/A Meitec Corp. N/A 27900.00000000 NS 1462274.82000000 0.117167627569 Long EC CORP JP N 2 N N N Persimmon plc 213800XI72Y57UWN6F31 Persimmon plc N/A 55833.00000000 NS 1943458.58000000 0.155723416681 Long EC CORP GB N 2 N N N Obayashi Corp. 529900YT4O5S0LCXWD54 Obayashi Corp. N/A 411700.00000000 NS 3448486.03000000 0.276316682278 Long EC CORP JP N 2 N N N Xinyi Glass Holdings Ltd. 52990082YXVVZFK1QJ17 Xinyi Glass Holdings Ltd. N/A 2032000.00000000 NS 4915359.06000000 0.393852750410 Long EC CORP KY N 2 N N N Capcom Co. Ltd. 529900JJWQKXS3TC8744 Capcom Co. Ltd. N/A 78400.00000000 NS 4918767.85000000 0.394125886370 Long EC CORP JP N 2 N N N Siemens AG W38RGI023J3WT1HWRP32 Siemens AG (Registered) N/A 84118.00000000 NS 13033260.77000000 1.044315489146 Long EC CORP DE N 2 N N N Stellantis NV 549300LKT9PW7ZIBDF31 Stellantis NV N/A 645521.00000000 NS 9803117.40000000 0.785493939191 Long EC CORP NL N 1 N N N AstraZeneca plc PY6ZZQWO2IZFZC3IOL08 AstraZeneca plc N/A 50484.00000000 NS 5149933.39000000 0.412648477012 Long EC CORP GB N 2 N N N Spark New Zealand Ltd. 529900HUN51H3Y7QBB66 Spark New Zealand Ltd. N/A 806976.00000000 NS 2770633.44000000 0.222002418826 Long EC CORP NZ N 2 N N N ANDRITZ AG 549300VZKC61IR5U8G96 ANDRITZ AG N/A 78586.00000000 NS 3733255.12000000 0.299134362118 Long EC CORP AT N 2 N N N ORIX Corp. 35380016EMHNBOVYE123 ORIX Corp. N/A 361400.00000000 NS 5798985.49000000 0.464655044920 Long EC CORP JP N 2 N N N Nexon Co. Ltd. 5299005SFO0GAJFLKN43 Nexon Co. Ltd. N/A 125700.00000000 NS 3814165.03000000 0.305617426773 Long EC CORP JP N 2 N N N PostNL NV 724500Q41FHN0P1GPC53 PostNL NV N/A 1039643.00000000 NS 4285964.61000000 0.343421290124 Long EC CORP NL N 2 N N N Rio Tinto plc 213800YOEO5OQ72G2R82 Rio Tinto plc N/A 218823.00000000 NS 16601474.17000000 1.330225560920 Long EC CORP GB N 2 N N N Safran SA 969500UIC89GT3UL7L24 Safran SA N/A 26583.00000000 NS 3341688.01000000 0.267759282218 Long EC CORP FR N 2 N N N Ashtead Group plc 2138007UTBN8X9K1A235 Ashtead Group plc N/A 215802.00000000 NS 10830429.86000000 0.867809357651 Long EC CORP GB N 2 N N N Pets at Home Group plc 2138003Y9ULD24PD3J93 Pets at Home Group plc N/A 254799.00000000 NS 1396920.96000000 0.111931021820 Long EC CORP GB N 2 N N N Nippon Telegraph & Telephone Corp. 353800VHQU5VIXVUA841 Nippon Telegraph & Telephone Corp. N/A 235200.00000000 NS 5878543.68000000 0.471029800368 Long EC CORP JP N 2 N N N AIA Group Ltd. ZP5ILWVSYE4LJGMMVD57 AIA Group Ltd. N/A 780000.00000000 NS 9404268.73000000 0.753535410067 Long EC CORP HK N 2 N N N Carlsberg A/S 5299001O0WJQYB5GYZ19 Carlsberg A/S, Class B N/A 44319.00000000 NS 6474654.81000000 0.518794369596 Long EC CORP DK N 2 N N N Tokuyama Corp. 529900MHGZKHNMNCQB62 Tokuyama Corp. N/A 131600.00000000 NS 3284846.23000000 0.263204723514 Long EC CORP JP N 2 N N N TOTAL SE 529900S21EQ1BO4ESM68 TOTAL SE N/A 201333.00000000 NS 8485869.44000000 0.679946872195 Long EC CORP FR N 2 N N N Nestle SA KY37LUS27QQX7BB93L28 Nestle SA (Registered) N/A 237786.00000000 NS 26654998.80000000 2.135783868769 Long EC CORP CH N 2 N N N Coles Group Ltd. 549300OHQRG2HN8LZ793 Coles Group Ltd. N/A 321103.00000000 NS 4445116.99000000 0.356173685591 Long EC CORP AU N 2 N N N KBC Group NV 213800X3Q9LSAKRUWY91 KBC Group NV N/A 34161.00000000 NS 2382202.15000000 0.190878602632 Long EC CORP BE N 2 N N N Royal Dutch Shell plc 21380068P1DRHMJ8KU70 Royal Dutch Shell plc, Class B N/A 367665.00000000 NS 6407847.94000000 0.513441338582 Long EC CORP GB N 2 N N N N/A N/A TOPIX Index N/A 558.00000000 NC -1193460.84000000 -0.09562838209 N/A DE JP N 1 Japan Securities Clearing 549300JHM7D8P3TS4S86 Long TOPIX Index JP9010100007 2021-03-11 10141650000.00000000 JPY -1193460.84000000 N N N Berkeley Group Holdings plc 2138009OQSSLVVHQAL78 Berkeley Group Holdings plc N/A 92936.00000000 NS 5314944.63000000 0.425870325087 Long EC CORP GB N 2 N N N Kyudenko Corp. N/A Kyudenko Corp. N/A 49300.00000000 NS 1498236.23000000 0.120049105822 Long EC CORP JP N 2 N N N BOC Hong Kong Holdings Ltd. N/A BOC Hong Kong Holdings Ltd. N/A 2045000.00000000 NS 6098200.42000000 0.488630225920 Long EC CORP HK N 2 N N N Daikin Industries Ltd. 549300Y7FWSTSHMW5Y57 Daikin Industries Ltd. N/A 15800.00000000 NS 3335892.76000000 0.267294926486 Long EC CORP JP N 2 N N N Ryanair Holdings plc 635400BR2ROC1FVEBQ56 Ryanair Holdings plc 783513203 17610.00000000 NS USD 1674182.70000000 0.134147160570 Long EC CORP IE N 1 N N N Tate & Lyle plc 2138008K14474WPKZ244 Tate & Lyle plc N/A 285004.00000000 NS 2684346.95000000 0.215088545192 Long EC CORP GB N 2 N N N Fujitsu Ltd. 3538000246DHJLRTUZ24 Fujitsu Ltd. N/A 44500.00000000 NS 6790695.64000000 0.544117758715 Long EC CORP JP N 2 N N N Avast plc 213800IR8G8LCZH4BO27 Avast plc N/A 1260450.00000000 NS 8127036.13000000 0.651194651989 Long EC CORP GB Y 2 N N N Novartis AG 5493007HIVTX6SY6XD66 Novartis AG (Registered) N/A 72417.00000000 NS 6557010.54000000 0.525393283404 Long EC CORP CH N 2 N N N Keyence Corp. 529900M7PQBS7A89DZ11 Keyence Corp. N/A 3200.00000000 NS 1718019.72000000 0.137659687465 Long EC CORP JP N 2 N N N Chow Tai Fook Jewellery Group Ltd. 254900VXRL7SRSF44G79 Chow Tai Fook Jewellery Group Ltd. N/A 1682200.00000000 NS 2019643.69000000 0.161827897503 Long EC CORP KY N 2 N N N InPost SA 2221003M23QLERR89585 InPost SA N/A 81528.00000000 NS 1958978.44000000 0.156966975793 Long EC CORP LU N 1 N N N Siemens Energy AG 5299005CHJZ14D4FDJ62 Siemens Energy AG N/A 41663.00000000 NS 1546128.90000000 0.123886599599 Long EC CORP DE N 1 N N N Ansell Ltd. 549300NEGJ5G23VCJM45 Ansell Ltd. N/A 293844.00000000 NS 8213918.44000000 0.658156266866 Long EC CORP AU N 2 N N N DKSH Holding AG 549300HUUUNHO6FJUS42 DKSH Holding AG N/A 35476.00000000 NS 2853179.17000000 0.228616556756 Long EC CORP CH N 2 N N N Capgemini SE 96950077L0TN7BAROX36 Capgemini SE N/A 31515.00000000 NS 4554263.43000000 0.364919257393 Long EC CORP FR N 2 N N N Nomura Real Estate Holdings, Inc. N/A Nomura Real Estate Holdings, Inc. N/A 220400.00000000 NS 4922834.77000000 0.394451756283 Long EC CORP JP N 2 N N N Nippo Corp. N/A Nippo Corp. N/A 56700.00000000 NS 1412886.54000000 0.113210295118 Long EC CORP JP N 2 N N N Scatec ASA 5967007LIEEXZXIARK36 Scatec ASA N/A 175843.00000000 NS 6653752.60000000 0.533144930018 Long EC CORP NO Y 2 N N N CMC Markets plc 213800VB75KAZBFH5U07 CMC Markets plc N/A 172475.00000000 NS 951174.42000000 0.076214709213 Long EC CORP GB Y 1 N N N Shin-Etsu Chemical Co. Ltd. 353800PX8Q64N86H5W41 Shin-Etsu Chemical Co. Ltd. N/A 32200.00000000 NS 5605333.29000000 0.449138283955 Long EC CORP JP N 2 N N N L'Oreal SA 529900JI1GG6F7RKVI53 L'Oreal SA N/A 5672.00000000 NS 1995411.52000000 0.159886247527 Long EC CORP FR N 2 N N N Okinawa Electric Power Co., Inc. (The) N/A Okinawa Electric Power Co., Inc. (The) N/A 30435.00000000 NS 409869.22000000 0.032841572230 Long EC CORP JP N 2 N N N Shinsei Bank Ltd. 549300PZYOQ2NW83V760 Shinsei Bank Ltd. N/A 142400.00000000 NS 1745545.21000000 0.139865221142 Long EC CORP JP N 2 N N N Ferguson plc 213800DU1LGY3R2S2X42 Ferguson plc N/A 83183.00000000 NS 9658277.42000000 0.773888352744 Long EC CORP JE N 2 N N N United Overseas Bank Ltd. IO66REGK3RCBAMA8HR66 United Overseas Bank Ltd. N/A 383200.00000000 NS 6732754.48000000 0.539475110040 Long EC CORP SG N 2 N N N Kintetsu World Express, Inc. 353800NJM7BQDHSWJM19 Kintetsu World Express, Inc. N/A 44300.00000000 NS 1086033.72000000 0.087020574171 Long EC CORP JP N 2 N N N 2021-03-02 JPMorgan Trust I Timothy J. Clemens Timothy J. Clemens Treasurer and Principal Financial Officer XXXX NPORT-EX 2 HG_INTA.htm HTML

JPMorgan International Advantage Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2021 (Unaudited)

 

Investments

    Shares (000)      Value ($000)  

COMMON STOCKS - 98.5%

 

Australia - 8.5%

 

AGL Energy Ltd.

      221        1,931  

Ansell Ltd.

      269        7,512  

Austal Ltd.

      559        1,090  

BHP Group Ltd.

      566        18,867  

Coles Group Ltd.

      321        4,445  

CSL Ltd.

      29        6,049  

CSR Ltd.

      987        3,959  

Fortescue Metals Group Ltd.

      325        5,358  

JB Hi-Fi Ltd.

      99        3,911  

Premier Investments Ltd.

      71        1,209  

Qantas Airways Ltd.*

      718        2,457  

Rio Tinto plc

      219        16,602  

Silver Lake Resources Ltd.*

      2,310        2,797  

Super Retail Group Ltd.

      360        3,075  

Wesfarmers Ltd.

      123        5,088  
     

 

 

  
        84,350  
     

 

 

  

Austria - 1.0%

 

ANDRITZ AG

      79        3,733  

BAWAG Group AG(a)

      33        1,437  

Wienerberger AG

      142        4,825  
     

 

 

  
        9,995  
     

 

 

  

Belgium - 1.8%

 

Ageas SA

      187        9,556  

bpost SA*

      143        1,695  

D’ieteren SA/NV

      47        3,684  

KBC Group NV*

      34        2,382  
     

 

 

  
        17,317  
     

 

 

  

China - 1.1%

 

BOC Hong Kong Holdings Ltd.

      2,045        6,098  

Chow Tai Fook Jewellery Group Ltd.

      1,682        2,020  

SITC International Holdings Co. Ltd.

      1,123        2,574  
     

 

 

  
        10,692  
     

 

 

  

Denmark - 3.0%

 

AP Moller - Maersk A/S, Class B

      4        8,611  

Carlsberg A/S, Class B

      44        6,475  

Novo Nordisk A/S, Class B

      178        12,426  

Scandinavian Tobacco Group A/S(a)

      115        2,077  
     

 

 

  
        29,589  
     

 

 

  

Finland - 1.1%

 

Kesko OYJ, Class B

      66        1,721  

Neste OYJ

      54        3,796  

Uponor OYJ

      63        1,474  

Valmet OYJ

      107        3,414  
     

 

 

  
        10,405  
     

 

 

  

France - 8.2%

 

Atos SE*

      91        6,998  

BNP Paribas SA*

      132        6,350  

Capgemini SE

      32        4,554  

Cie de Saint-Gobain

      113        5,622  

L’Oreal SA

      6        1,995  

LVMH Moet Hennessy Louis Vuitton SE

      19        11,512  

Safran SA*

      27        3,342  

Sanofi

      109        10,269  

Schneider Electric SE

      95        13,942  

Sopra Steria Group*

      22        3,691  

SPIE SA*

      194        4,288  

TOTAL SE

      201        8,486  
     

 

 

  
        81,049  
     

 

 

  

Germany - 8.1%

 

Allianz SE (Registered)

      64        14,562  

Daimler AG (Registered)(b)

      119        8,360  

Deutsche Post AG (Registered)

      137        6,774  

DWS Group GmbH & Co. KGaA(a)

      73        2,845  

Encavis AG(b)

      155        4,218  

Fresenius Medical Care AG & Co. KGaA

      47        3,792  

Muenchener Rueckversicherungs-Gesellschaft AG (Registered)

      23        5,984  

RWE AG(b)

      190        8,177  

SAP SE

      27        3,372  

Schaeffler AG (Preference)

      480        3,795  

Siemens AG (Registered)

      84        13,033  

Siemens Energy AG*

      42        1,546  

Softwareone Holding AG*

      128        4,003  
     

 

 

  
        80,461  
     

 

 

  

Hong Kong - 2.0%

 

AIA Group Ltd.

      780        9,404  

VTech Holdings Ltd.

      320        2,554  

WH Group Ltd.(a)

      4,008        3,248  

Xinyi Glass Holdings Ltd.

      2,032        4,915  
     

 

 

  
        20,121  
     

 

 

  

Ireland - 0.3%

 

Ryanair Holdings plc, ADR*

      18        1,674  

Smurfit Kappa Group plc

      31        1,490  
     

 

 

  
        3,164  
     

 

 

  

Israel - 0.3%

 

Bezeq The Israeli Telecommunication Corp. Ltd.*

      2,401        2,475  
     

 

 

  

Italy - 1.3%

 

Enel SpA

      752        7,454  

GVS SpA*(a)

      75        1,361  

Intesa Sanpaolo SpA*

      920        2,006  

Prysmian SpA

      73        2,348  
     

 

 

  
        13,169  
     

 

 

  

Japan - 24.4%

 

Capcom Co. Ltd.

      78        4,919  

Daikin Industries Ltd.

      16        3,336  

Dentsu Group, Inc.

      119        3,799  

East Japan Railway Co.

      76        4,987  

Fast Retailing Co. Ltd.

      4        3,180  

Fujitsu Ltd.

      45        6,791  

Hitachi Ltd.

      183        7,526  

Iida Group Holdings Co. Ltd.

      192        4,233  

Internet Initiative Japan, Inc.

      109        2,242  

ITOCHU Corp.

      253        7,240  

Iwatani Corp.

      66        4,065  

KDDI Corp.

      162        4,762  

Keyence Corp.

      3        1,718  

JPMorgan International Advantage Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2021 (Unaudited) (continued)

 

Investments

    Shares (000)      Value ($000)  

Kinden Corp.

      139        2,226  

Kintetsu World Express, Inc.

      44        1,086  

K’s Holdings Corp.

      121        1,629  

Kubota Corp.

      195        4,273  

Kyudenko Corp.

      49        1,498  

Meitec Corp.

      28        1,462  

Mitsubishi UFJ Financial Group, Inc.

      1,279        5,776  

Mitsubishi UFJ Lease & Finance Co. Ltd.

      579        2,835  

MS&AD Insurance Group Holdings, Inc.

      126        3,625  

NEC Corp.

      57        3,112  

Nexon Co. Ltd.

      126        3,814  

Nihon Unisys Ltd.

      100        3,802  

Nintendo Co. Ltd.

      14        7,829  

Nippo Corp.

      57        1,413  

Nippon Telegraph & Telephone Corp.

      235        5,879  

Nomura Holdings, Inc.

      1,126        5,960  

Nomura Real Estate Holdings, Inc.

      220        4,923  

Obayashi Corp.

      412        3,448  

Okinawa Electric Power Co., Inc. (The)

      30        410  

Ono Pharmaceutical Co. Ltd.

      155        4,636  

Open House Co. Ltd.

      90        3,635  

ORIX Corp.

      361        5,799  

Osaka Gas Co. Ltd.

      47        865  

Otsuka Corp.

      50        2,492  

Sekisui House Ltd.

      266        5,141  

Shimamura Co. Ltd.

      18        2,032  

Shin-Etsu Chemical Co. Ltd.

      32        5,605  

Shinsei Bank Ltd.

      142        1,746  

Shionogi & Co. Ltd.

      44        2,389  

Ship Healthcare Holdings, Inc.

      21        1,220  

SoftBank Group Corp.

      57        4,393  

Sony Corp.

      127        12,194  

Sugi Holdings Co. Ltd.

      48        3,154  

Sumitomo Mitsui Financial Group, Inc.

      156        4,847  

Sumitomo Mitsui Trust Holdings, Inc.

      157        4,685  

Teijin Ltd.

      101        1,850  

TIS, Inc.

      189        4,212  

Tokuyama Corp.

      132        3,285  

Tokyo Electron Ltd.

      23        8,708  

Tokyo Tatemono Co. Ltd.

      283        3,825  

Tokyu Fudosan Holdings Corp.

      711        4,015  

Toyobo Co. Ltd.

      81        1,014  

Toyota Motor Corp.

      209        14,658  

Toyota Tsusho Corp.

      92        3,609  

TS Tech Co. Ltd.

      68        1,980  

Valor Holdings Co. Ltd.

      51        1,216  

Wacom Co. Ltd.

      470        4,198  
     

 

 

  
        241,201  
     

 

 

  

Netherlands - 6.4%

 

ASM International NV

      32        8,253  

ASML Holding NV

      20        10,547  

BE Semiconductor Industries NV

      46        3,183  

Euronext NV(a)

      37        4,019  

ING Groep NV*

      290        2,576  

Koninklijke Ahold Delhaize NV

      198        5,695  

PostNL NV*

      1,040        4,286  

Randstad NV*

      138        8,637  

Royal Dutch Shell plc, Class B

      368        6,408  

Signify NV*(a)

      187        8,927  

Wolters Kluwer NV

      13        1,117  
     

 

 

  
        63,648  
     

 

 

  

New Zealand - 0.3%

 

Spark New Zealand Ltd.

      807        2,771  
     

 

 

  

Norway - 1.8%

 

DNB ASA*

      364        7,093  

Fjordkraft Holding ASA(a)

      149        1,262  

Norwegian Finans Holding ASA*

      316        2,672  

Scatec ASA(a)

      166        6,291  
     

 

 

  
        17,318  
     

 

 

  

Poland - 0.2%

 

InPost SA*

      82        1,959  
     

 

 

  

Russia - 0.4%

 

Polymetal International plc

      171        3,692  
     

 

 

  

Singapore - 1.9%

 

DBS Group Holdings Ltd.

      615        11,595  

United Overseas Bank Ltd.

      383        6,733  
     

 

 

  
        18,328  
     

 

 

  

South Africa - 1.1%

 

Anglo American plc

      342        11,239  
     

 

 

  

Spain - 0.8%

 

Iberdrola SA

      574        7,769  
     

 

 

  

Sweden - 2.6%

 

Betsson AB*

      357        3,352  

Skandinaviska Enskilda Banken AB, Class A*(b)

      489        5,318  

SKF AB, Class B

      320        8,768  

Swedish Match AB

      108        8,316  
     

 

 

  
        25,754  
     

 

 

  

Switzerland - 10.6%

 

Adecco Group AG (Registered)

      113        7,063  

DKSH Holding AG

      35        2,853  

Julius Baer Group Ltd.

      91        5,485  

Kuehne + Nagel International AG (Registered)

      33        7,597  

LafargeHolcim Ltd. (Registered)*

      59        3,165  

Logitech International SA (Registered)

      45        4,699  

Nestle SA (Registered)

      238        26,655  

Novartis AG (Registered)

      72        6,557  

Roche Holding AG

      68        23,480  

Swissquote Group Holding SA (Registered)

      31        3,396  

UBS Group AG (Registered)

      792        11,420  

Zurich Insurance Group AG

      6        2,590  
     

 

 

  
        104,960  
     

 

 

  

JPMorgan International Advantage Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2021 (Unaudited) (continued)

 

Investments

    Shares (000)      Value ($000)  

United Kingdom - 9.3%

 

3i Group plc

      324        4,917  

Ashtead Group plc

      216        10,830  

AstraZeneca plc

      50        5,150  

Avast plc(a)

      1,136        7,327  

Berkeley Group Holdings plc

      93        5,315  

British American Tobacco plc

      97        3,510  

CMC Markets plc(a)

      172        951  

Computacenter plc

      101        3,243  

Dr. Martens plc*

      291        1,795  

Dunelm Group plc*

      181        2,859  

GlaxoSmithKline plc

      466        8,660  

Legal & General Group plc

      2,225        7,400  

Natwest Group plc*

      2,260        4,538  

Next plc*

      62        6,590  

Persimmon plc

      56        1,943  

Pets at Home Group plc

      255        1,397  

Tate & Lyle plc

      285        2,684  

Ultra Electronics Holdings plc

      99        2,691  

Unilever plc

      179        10,400  
     

 

 

  
        92,200  
     

 

 

  

United States - 2.0%

 

Ferguson plc

      83        9,658  

Stellantis NV

      646        9,803  
     

 

 

  
        19,461  
     

 

 

  

TOTAL COMMON STOCKS

(Cost $820,229)

 

 

      973,087  
  

 

 

  
SHORT-TERM INVESTMENTS - 4.5%      
INVESTMENT COMPANIES - 3.4%      

JPMorgan Prime Money Market Fund Class Institutional Shares, 0.11%(c)(d)(Cost $33,069)

      33,050        33,070  
     

 

 

  
INVESTMENT OF CASH COLLATERAL FROM SECURITIES LOANED - 1.1%      

JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.17%(c)(d) 9,006

         9,007  

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03%(c)(d) 1,819

         1,819  
     

 

 

  

TOTAL INVESTMENT OF CASH COLLATERAL FROM SECURITIES LOANED

(Cost $10,826)

         10,826  
  

 

 

  

TOTAL SHORT-TERM INVESTMENTS

(Cost $43,895)

 

 

      43,896  
     

 

 

  

Total Investments - 103.0%
(Cost $864,124)

 

      1,016,983  
Liabilities in Excess of Other Assets - (3.0)%

 

      (29,428 ) 
  

 

 

  
Net Assets - 100.0%

 

      987,555  
  

 

 

  

 

 

   

Percentages indicated are based on net assets.

 

Summary of Investments by Industry, January 31, 2021

The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:

 

INDUSTRY                PERCENTAGE            

Banks

      7.5 % 

Pharmaceuticals

      7.2  

Metals & Mining

      5.8  

Insurance

      5.2  

Capital Markets

      3.8  

IT Services

      3.8  

Automobiles

      3.2  

Food Products

      3.2  

Trading Companies & Distributors

      3.1  

Semiconductors & Semiconductor Equipment

      3.0  

Household Durables

      2.8  

Electrical Equipment

      2.6  

Oil, Gas & Consumable Fuels

      2.2  

Specialty Retail

      2.1  

Professional Services

      2.1  

Machinery

      2.0  

Marine

      1.8  

Electric Utilities

      1.7  

Entertainment

      1.6  

Real Estate Management & Development

      1.6  

Food & Staples Retailing

      1.6  

Air Freight & Logistics

      1.6  

Building Products

      1.5  

Tobacco

      1.4  

Diversified Telecommunication Services

      1.3  

Textiles, Apparel & Luxury Goods

      1.3  

Electronic Equipment, Instruments & Components

      1.3  

Industrial Conglomerates

      1.3  

Personal Products

      1.2  

Construction Materials

      1.2  

Chemicals

      1.2  

Multiline Retail

      1.1  

Software

      1.1  

Independent Power and Renewable Electricity Producers

      1.0  

Multi-Utilities

      1.0  

Others (each less than 1.0%)

      10.3  

Short-Term Investments

      4 .3  

JPMorgan International Advantage Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2021 (Unaudited) (continued)

 

Abbreviations

ADR    American Depositary Receipt
OYJ    Public Limited Company
Preference    A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.

 

(a)

Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.

(b)

The security or a portion of this security is on loan at January 31, 2021. The total value of securities on loan at January 31, 2021 is approximately $10,231,000.

(c)

Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.

(d)

The rate shown is the current yield as of January 31, 2021.

*

Non-income producing security.

Futures contracts outstanding as of January 31, 2021 (amounts in thousands, except number of contracts):

Description    Number of
Contracts		          Expiration    
Date		    Trading Currency    Notional Amount
($)		     

Value and

Unrealized
Appreciation
(Depreciation) ($)

  

Long Contracts

 

TOPIX Index

      558      03/2021    JPY      96,822                                (1,193)  
              

 

 

  

 

Abbreviations
JPY    Japanese Yen
TOPIX    Tokyo Stock Price Index

A. Valuation of Investments – Investments are valued 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 of the Trust (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 their market value 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.

J.P. Morgan 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 (“Underlying Funds”) are valued at each Underlying Fund’s NAV per share as of the report date.

Futures contracts 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.

JPMorgan International Advantage Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2021 (Unaudited) (continued)

 

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 (amounts in thousands):

 

     

Level 1

    Quoted prices    

    

Level 2

Other significant observable
inputs

     

Level 3

Significant

    unobservable inputs    

                  Total              

Investments in Securities

 

Common Stocks

           

Australia

    $ –     $ 84,350      $ –      $ 84,350  

Austria

      4,825       5,170        –        9,995  

Belgium

      –       17,317        –        17,317  

China

      –       10,692        –        10,692  

Denmark

      –       29,589        –        29,589  

Finland

      –       10,405        –        10,405  

France

      –       81,049        –        81,049  

Germany

      4,391       76,070        –        80,461  

Hong Kong

      –       20,121        –        20,121  

Ireland

      3,164       –        –        3,164  

Israel

      –       2,475        –        2,475  

Italy

      1,361       11,808        –        13,169  

Japan

      –       241,201        –        241,201  

Netherlands

      –       63,648        –        63,648  

New Zealand

      –       2,771        –        2,771  

Norway

      –       17,318        –        17,318  

Poland

      1,959       –        –        1,959  

Russia

      –       3,692        –        3,692  

Singapore

      –       18,328        –        18,328  

South Africa

      –       11,239        –        11,239  

Spain

      –       7,769        –        7,769  

Sweden

      –       25,754        –        25,754  

Switzerland

      –       104,960        –        104,960  

United Kingdom

      2,746       89,454        –        92,200  

United States

      9,803       9,658        –        19,461  

Total Common Stocks

      28,249       944,838        –        973,087  

Short-Term Investments

           

Investment Companies

      33,070       –        –        33,070  

Investment of Cash Collateral from Securities Loaned

      10,826       –        –        10,826  

Total Short-Term Investments

      43,896       –        –        43,896  

Total Investments in Securities

    $ 72,145     $ 944,838      $ –      $ 1,016,983  

Depreciation in Other Financial Instruments

                                   

Depreciation in Other Financial Instruments

           

Futures Contracts

    $ (1,193 )    $ –      $ –      $ (1,193 ) 
                                    
                                    

B. Investment Transactions with Affiliates - The Fund invested in Underlying Funds which are advised by the Adviser. An issuer which is under common control with the Fund may be considered an affiliate. The Fund assumes the issuers listed in the table below to be affiliated issuers. Underlying Funds’ distributions may be reinvested into the Underlying Funds. Reinvestment amounts are included in the purchase cost amounts in the table below. Amounts in the table below are in thousands.

 

                                                       

For the period ended January 31, 2021

  

Security Description

   Value at
October 31,
2020		     Purchases
at Cost		     Proceeds from
Sales		     Net Realized
Gain (Loss)		     Change in
Unrealized
Appreciation/
(Depreciation)		     Value at
January 31,
2021		     Shares at
January 31,
2021		     Dividend
Income		     Capital Gain
Distributions		  

JPMorgan Prime Money Market Fund Class Institutional Shares, 0.11%(a)(b)

   $ 5,325     $ 136,561     $ 108,819     $ 2     $ 1     $ 33,070       33,050     $ 3     $ —  

JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.17%(a)(b)

     3,007       37,000       31,000       — (c)      — (c)      9,007       9,006       6       —  

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03%(a)(b)

     1,394       13,353       12,928       —       —       1,819       1,819       — (c)      —  
 

 

 

      

 

 

  

Total

   $ 9,726     $ 186,914     $ 152,747     $ 2     $ 1     $ 43,896       $ 9     $ —  
 

 

 

      

 

 

  

 

(a)

Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.

(b)

The rate shown is the current yield as of January 31, 2021.

(c)

Amount rounds to less than one thousand.