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JPMorgan Europe Dynamic Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2022 (Unaudited)

 

Investments

    Shares (000)      Value ($000)  
     
COMMON STOCKS - 97.1%

 

Australia - 1.2%

 

Glencore plc*

      2,402        12,515  
     

 

 

  

Austria - 2.2%

 

Erste Group Bank AG

      353        16,488  

Wienerberger AG

      202        7,306  
     

 

 

  
        23,794  
     

 

 

  

Belgium - 0.8%

 

bpost SA*

      252        1,863  

D’ieteren Group

      36        6,257  
     

 

 

  
        8,120  
     

 

 

  

Denmark - 4.5%

 

Carlsberg A/S, Class B

      63        10,227  

Novo Nordisk A/S, Class B

      266        26,416  

Pandora A/S

      59        6,385  

Royal Unibrew A/S

      45        5,174  
     

 

 

  
        48,202  
     

 

 

  

Finland - 3.2%

 

Nokia OYJ*

      2,904        17,321  

Nordea Bank Abp

      1,208        14,352  

QT Group OYJ*

      16        1,870  
     

 

 

  
        33,543  
     

 

 

  

France - 16.6%

 

Airbus SE*

      132        16,863  

BNP Paribas SA

      311        22,197  

Capgemini SE

      81        18,198  

Credit Agricole SA

      633        9,530  

Kering SA

      18        13,784  

LVMH Moet Hennessy Louis Vuitton SE

      39        31,942  

Teleperformance

      24        9,128  

TotalEnergies SE

      705        40,086  

Veolia Environnement SA

      393        14,183  
     

 

 

  
        175,911  
     

 

 

  

Germany - 13.7%

 

Allianz SE (Registered)

      101        25,933  

Daimler AG

      159        12,717  

Daimler Truck Holding AG*

      75        2,634  

Deutsche Boerse AG

      61        10,872  

Deutsche Telekom AG (Registered)

      924        17,443  

DWS Group GmbH & Co. KGaA(a)

      112        4,499  

Eckert & Ziegler Strahlen- und Medizintechnik AG

      28        2,408  

Jungheinrich AG (Preference)

      158        6,739  

Muenchener Rueckversicherungs-Gesellschaft AG (Registered)

      51        16,012  

RWE AG

      286        12,068  

Schaeffler AG (Preference)

      774        5,756  

Siemens AG (Registered)

      111        17,599  

Volkswagen AG (Preference)

      51        10,538  
     

 

 

  
        145,218  
     

 

 

  

Ireland - 1.6%

 

AIB Group plc*

      2,039        5,424  

AIB Group plc*

      725        1,915  

Bank of Ireland Group plc*

      1,260        8,410  

Bank of Ireland Group plc*

      201        1,357  
     

 

 

  
        17,106  
     

 

 

  

Italy - 1.2%

 

Iveco Group NV*

      109        1,157  

UniCredit SpA

      736        11,700  
     

 

 

  
        12,857  
     

 

 

  

Luxembourg - 1.0%

 

ArcelorMittal SA

      343        10,183  
     

 

 

  

Netherlands - 6.9%

 

Adyen NV*(a)

      4        7,545  

ASM International NV

      47        16,097  

ASML Holding NV(b)

      13        9,080  

Koninklijke Ahold Delhaize NV

      808        26,184  

NN Group NV

      267        14,919  
     

 

 

  
        73,825  
     

 

 

  

Norway - 1.1%

 

Equinor ASA

      419        11,546  
     

 

 

  

Spain - 1.1%

 

Corp. ACCIONA Energias Renovables SA*

      217        6,596  

Fluidra SA

      171        5,436  
     

 

 

  
        12,032  
     

 

 

  

Sweden - 1.0%

 

Volvo AB, Class B

      450        10,149  
     

 

 

  

Switzerland - 16.7%

 

Cie Financiere Richemont SA (Registered)

      118        17,217  

Interroll Holding AG (Registered)

      2        6,387  

Nestle SA (Registered)

      384        49,576  

Novartis AG (Registered)

      224        19,501  

Roche Holding AG

      107        41,235  

Schindler Holding AG

      33        8,280  

Sika AG (Registered)

      38        13,295  

Zurich Insurance Group AG

      46        21,791  
     

 

 

  
        177,282  
     

 

 

  

United Kingdom - 21.1%

 

3i Group plc

      495        9,221  

Ashtead Group plc

      181        12,932  

Auto Trader Group plc(a)

      1,048        9,494  

Barclays plc

      3,797        10,186  

BP plc

      6,912        35,832  

Centrica plc*

      9,870        9,705  

CNH Industrial NV

      580        8,844  

Computacenter plc

      151        5,430  

Diageo plc

      380        19,179  

Future plc

      177        7,534  

Intermediate Capital Group plc

      336        8,665  

JD Sports Fashion plc

      3,424        8,780  

Linde plc

      36        11,331  

Lloyds Banking Group plc

      27,833        19,315  

Marks & Spencer Group plc*

      3,407        10,084  

Petershill Partners plc*(a)

      1,366        3,960  

RELX plc

      485        14,914  

Segro plc, REIT

      625        11,024  

Taylor Wimpey plc

      3,927        8,057  
     

 

 

  
        224,487  
     

 

 

  

JPMorgan Europe Dynamic Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2022 (Unaudited) (continued)

 

Investments

    Shares (000)      Value ($000)  
     

United States - 3.2%

 

Schneider Electric SE

      100        16,985  

Stellantis NV

      902        17,417  
     

 

 

  
        34,402  
     

 

 

  

TOTAL COMMON STOCKS

(Cost $946,535)

 

 

      1,031,172  
     

 

 

  
SHORT-TERM INVESTMENTS - 3.9%      
INVESTMENT COMPANIES - 3.9%      

JPMorgan Prime Money Market Fund Class Institutional Shares, 0.05%(c)(d)(Cost $41,420)

      41,403        41,420  
     

 

 

  
INVESTMENT OF CASH COLLATERAL FROM SECURITIES LOANED - 0.0%(e)      

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03%(c)(d)(Cost $100)

      100        100  
     

 

 

  

TOTAL SHORT-TERM INVESTMENTS

(Cost $41,520)

 

 

      41,520  
     

 

 

  

Total Investments - 101.0%

    (Cost $988,055)

 

 

      1,072,692  
Liabilities in Excess of Other Assets - (1.0)%

 

      (11,025 ) 
  

 

 

  
Net Assets - 100.0%

 

      1,061,667  
  

 

 

  
    

Percentages indicated are based on net assets.

JPMorgan Europe Dynamic Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2022 (Unaudited) (continued)

 

Summary of Investments by Industry, January 31, 2022

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

 

INDUSTRY    PERCENT OF
TOTAL
INVESTMENTS
Banks    11.3%  
Oil, Gas & Consumable Fuels    8.2   
Pharmaceuticals    8.1   
Insurance    7.3   
Textiles, Apparel & Luxury Goods    6.5   
Machinery    4.6   
Food Products    4.6   
Automobiles    3.8   
Capital Markets    3.5   
Multi-Utilities    3.4   
Beverages    3.2   
IT Services    2.9   
Food & Staples Retailing    2.4   
Semiconductors & Semiconductor Equipment    2.4   
Chemicals    2.3   
Professional Services    2.2   
Metals & Mining    2.1   
Industrial Conglomerates    1.6   
Diversified Telecommunication Services    1.6   
Communications Equipment    1.6   
Electrical Equipment    1.6   
Aerospace & Defense    1.6   
Trading Companies & Distributors    1.2   
Equity Real Estate Investment Trusts (REITs)    1.0   
Others (each less than 1.0%)    7.1   
Short-Term Investments    3.9   

 

Abbreviations
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.
REIT    Real Estate Investment Trust

 

(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, 2022. The total value of securities on loan at January 31, 2022 is $93.

 

(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, 2022.

(e)   

 

Amount rounds to less than 0.1% of net assets.

 

*   

Non-income producing security.

JPMorgan Europe Dynamic Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2022 (Unaudited) (continued)

 

Futures contracts outstanding as of January 31, 2022 (amounts in thousands, except number of contracts):

 

Description    Number of
Contracts		      Expiration
Date		      Trading
Currency		      Notional Amount
($)		      Value and  
Unrealized  
Appreciation  
(Depreciation) ($)  		  

 

  
Long Contracts

 

EURO STOXX 50 Index      153        03/2022        EUR        7,205        71  
FTSE 100 Index      66        03/2022        GBP        6,622        245  
              

 

 

  
                 316  
              

 

 

  

 

Abbreviations
EUR    Euro
FTSE    Financial Times and the London Stock Exchange
GBP    British Pound

JPMorgan Europe Dynamic Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JANUARY 31, 2022 (Unaudited) (continued)

(Dollar values in thousands)

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.

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

      Total  
Investments in Securities

 

Common Stocks

 

Australia

    $ –      $ 12,515      $ –      $ 12,515  

Austria

      –        23,794        –        23,794  

Belgium

      –        8,120        –        8,120  

Denmark

      –        48,202        –        48,202  

Finland

      –        33,543        –        33,543  

France

      –        175,911        –        175,911  

Germany

      2,634        142,584        –        145,218  

Ireland

      13,834        3,272        –        17,106  

Italy

      1,157        11,700        –        12,857  

Luxembourg

      –        10,183        –        10,183  

Netherlands

      –        73,825        –        73,825  

Norway

      –        11,546        –        11,546  

Spain

      6,596        5,436        –        12,032  

Sweden

      –        10,149        –        10,149  

Switzerland

      –        177,282        –        177,282  

United Kingdom

      3,960        220,527        –        224,487  

United States

      –        34,402        –        34,402  

Total Common Stocks

      28,181        1,002,991        –        1,031,172  
Short-Term Investments            

Investment Companies

      41,420        –        –        41,420  

Investment of Cash Collateral from Securities Loaned

      100        –        –        100  

Total Short-Term Investments

      41,520        –        –        41,520  
Total Investments in Securities    $ 69,701      $ 1,002,991      $ –      $ 1,072,692  
                       
Appreciation in Other Financial Instruments

 

Futures Contracts    $ 316      $ –        $ –        $ 316  
                       

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 such Underlying Funds. Reinvestment amounts are included in the purchases at cost amounts in the table below.

 

For the period ended January 31, 2022

  
Security Description    Value at
October 31,
2021		      Purchases
at Cost		      Proceeds
from
Sales		      Net
Realized
Gain
(Loss)		     Change in
Unrealized
Appreciation/
(Depreciation)		      Value at
January 31,
2022		      Shares at
January 31,
2022		      Dividend
Income		     Capital Gain
Distributions		  
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.05%(a)(b)    $ 46,060      $ 146,612      $ 151,247      $ (6 )    $ 1      $ 41,420        41,403      $ 6     $ —  
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.09%(a)(b)      —        28,000        28,000        —       —        —        —        — (c)      —  
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03%(a)(b)      7,173        31,599        38,672        —       —        100        100        — (c)      —  
  

 

 

        

 

 

  

Total

    $ 53,233      $ 206,211      $ 217,919      $ (6 )    $ 1      $ 41,520         $ 6     $ —  
  

 

 

        

 

 

  

 

(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, 2022.

 

(c)

Amount rounds to less than one thousand.