0001752724-24-073168.txt : 20240328 0001752724-24-073168.hdr.sgml : 20240328 20240328111502 ACCESSION NUMBER: 0001752724-24-073168 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20240131 FILED AS OF DATE: 20240328 DATE AS OF CHANGE: 20240328 PERIOD START: 20241031 FILER: COMPANY DATA: COMPANY CONFORMED NAME: JPMorgan Trust I CENTRAL INDEX KEY: 0001217286 ORGANIZATION NAME: IRS NUMBER: 331043149 STATE OF INCORPORATION: DE FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-21295 FILM NUMBER: 24795400 BUSINESS ADDRESS: STREET 1: 277 PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10172 BUSINESS PHONE: 800-480-4111 MAIL ADDRESS: STREET 1: 277 PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10172 FORMER COMPANY: FORMER CONFORMED NAME: JP MORGAN MUTUAL FUND SERIES DATE OF NAME CHANGE: 20030204 0001217286 S000002623 JPMorgan International Equity Fund C000007216 Class I VSIEX C000007217 Class A JSEAX C000007219 Class C JIECX C000033527 Class R5 JIERX C000070619 Class R2 JIEZX C000093772 Class R6 JNEMX NPORT-P 1 primary_doc.xml NPORT-P false 0001217286 XXXXXXXX S000002623 C000033527 C000007219 C000007216 C000093772 C000007217 C000070619 JPMorgan Trust I 811-21295 0001217286 549300DM5WZMCZZ70R78 277 Park Avenue New York 10172 800-480-4111 JPMorgan International Equity Fund S000002623 HQ7PRYSQNFVGDT1BSL78 2024-10-31 2024-01-31 N 4348944300.37 40843744.34 4308100556.03 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 263722.20000000 N N/A N/A JPMorgan Prime Money Market Fund 549300YD7H8SEEU7VG41 JPMorgan Prime Money Market Fund, Class Institutional 4812A2603 97650786.43000000 NS USD 97719141.98000000 2.268265113803 Long STIV RF US N 1 N N N Taiwan Semiconductor Manufacturing Co. Ltd. 549300KB6NK5SBD14S87 Taiwan Semiconductor Manufacturing Co. Ltd. 874039100 248013.00000000 NS USD 28015548.48000000 0.650299316732 Long EC CORP TW N 1 N N N Muenchener Rueckversicherungs-Gesellschaft AG 529900MUF4C20K50JS49 Muenchener Rueckversicherungs-Gesellschaft AG (Registered) N/A 119512.00000000 NS 50878536.32000000 1.180996953489 Long EC CORP DE N 2 N N N Samsung Electronics Co. Ltd. 9884007ER46L6N7EI764 Samsung Electronics Co. Ltd. 796050888 15594.00000000 NS USD 21257870.32000000 0.493439511068 Long EC CORP KR Y 2 N N N Ajinomoto Co., Inc. 353800UT0TLROREPIC92 Ajinomoto Co., Inc. N/A 572400.00000000 NS 23505572.66000000 0.545613370771 Long EC CORP JP N 2 N N N RWE AG 529900GB7KCA94ACC940 RWE AG N/A 1169840.00000000 NS 43197095.07000000 1.002694679666 Long EC CORP DE N 2 N N N Taiwan Semiconductor Manufacturing Co. Ltd. 549300KB6NK5SBD14S87 Taiwan Semiconductor Manufacturing Co. Ltd. 874039100 178100.00000000 NS USD 20118176.00000000 0.466984828658 Long EC CORP TW N 1 N N N Sony Group Corp. 529900R5WX9N2OI2N910 Sony Group Corp. N/A 842800.00000000 NS 82652045.37000000 1.918526373631 Long EC CORP JP N 2 N N N Atlas Copco AB 213800T8PC8Q4FYJZR07 Atlas Copco AB, Class A N/A 2968190.00000000 NS 47370600.08000000 1.099570436295 Long EC CORP SE N 2 N N N Goodman Group N/A Goodman Group N/A 2358461.00000000 NS 39148509.30000000 0.908718559161 Long EC CORP AU N 2 N N N BHP Group Ltd. WZE1WSENV6JSZFK0JC28 BHP Group Ltd. N/A 514485.00000000 NS 15759097.23000000 0.365801517978 Long EC CORP AU N 2 N N N Sanofi SA 549300E9PC51EN656011 Sanofi SA N/A 440618.00000000 NS 44125917.93000000 1.024254595641 Long EC CORP FR N 2 N N N Next plc 213800WQD8ECPZP9PH98 Next plc N/A 387302.00000000 NS 41347005.02000000 0.959750230577 Long EC CORP GB N 2 N N N Recruit Holdings Co. Ltd. 353800R2LRSMVVC4I806 Recruit Holdings Co. Ltd. N/A 1124800.00000000 NS 44428159.36000000 1.031270249665 Long EC CORP JP N 2 N N N Deutsche Boerse AG 529900G3SW56SHYNPR95 Deutsche Boerse AG N/A 273069.00000000 NS 54378865.99000000 1.262246906328 Long EC CORP DE N 2 N N N Svenska Handelsbanken AB NHBDILHZTYCNBV5UYZ31 Svenska Handelsbanken AB, Class A N/A 3486744.00000000 NS 37588290.78000000 0.872502632915 Long EC CORP SE N 2 N N Lloyds Banking Group plc 549300PPXHEU2JF0AM85 Lloyds Banking Group plc N/A 99408018.00000000 NS 53288244.66000000 1.236931310375 Long EC CORP GB N 2 N N N Industria de Diseno Textil SA 549300TTCXZOGZM2EY83 Industria de Diseno Textil SA N/A 1511934.00000000 NS 64646329.65000000 1.500576154368 Long EC CORP ES N 2 N N N Deutsche Post AG 8ER8GIG7CSMVD8VUFE78 Deutsche Post AG N/A 706194.00000000 NS 33822554.29000000 0.785092034183 Long EC CORP DE N 2 N N N Shimano, Inc. 529900L32YT3P9DECR10 Shimano, Inc. N/A 293800.00000000 NS 42182432.65000000 0.979142248454 Long EC CORP JP N 2 N N N Vinci SA 213800WFQ334R8UXUG83 Vinci SA N/A 535429.00000000 NS 67636646.08000000 1.569987636090 Long EC CORP FR N 2 N N N LVMH Moet Hennessy Louis Vuitton SE IOG4E947OATN0KJYSD45 LVMH Moet Hennessy Louis Vuitton SE N/A 115530.00000000 NS 96127773.00000000 2.231326120404 Long EC CORP FR N 2 N N N Prudential plc 5493001Z3ZE83NGK8Y12 Prudential plc N/A 1998858.00000000 NS 20533402.32000000 0.476623097649 Long EC CORP GB N 2 N N N Koninklijke KPN NV 549300YO0JZHAL7FVP81 Koninklijke KPN NV N/A 5008737.00000000 NS 17038432.02000000 0.395497546967 Long EC CORP NL N 2 N N N Airbus SE MINO79WLOO247M1IL051 Airbus SE N/A 304925.00000000 NS 48570251.45000000 1.127416846898 Long EC CORP NL N 2 N N N Tokyo Electron Ltd. 549300H5LSF8DP3RIJ34 Tokyo Electron Ltd. N/A 273300.00000000 NS 50716952.24000000 1.177246249951 Long EC CORP JP N 2 N N N Hitachi Ltd. 549300T6IPOCDWLKC615 Hitachi Ltd. 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N/A 2567265.00000000 NS 78542995.02000000 1.823146744104 Long EC CORP AU N 2 N N N Diageo plc 213800ZVIELEA55JMJ32 Diageo plc N/A 1273249.00000000 NS 45987030.69000000 1.067454904821 Long EC CORP GB N 2 N N N Dassault Systemes SE 96950065LBWY0APQIM86 Dassault Systemes SE N/A 411229.00000000 NS 21317407.42000000 0.494821491345 Long EC CORP FR N 2 N N N Mitsubishi UFJ Financial Group, Inc. 353800V2V8PUY9TK3E06 Mitsubishi UFJ Financial Group, Inc. N/A 5256300.00000000 NS 49233397.62000000 1.142809852734 Long EC CORP JP N 2 N N N Stellantis NV 549300LKT9PW7ZIBDF31 Stellantis NV N/A 1822240.00000000 NS 40137849.04000000 0.931683198151 Long EC CORP NL N 2 N N N Seven & i Holdings Co. Ltd. 52990037G8JRM3TWGY86 Seven & i Holdings Co. Ltd. N/A 756400.00000000 NS 29873888.46000000 0.693435263905 Long EC CORP JP N 2 N N N JPMorgan Securities Lending Money Market Fund 5493002FD4HXUJXMRO62 JPMorgan Securities Lending Money Market Fund, Class Agency SL Shares 46645V642 32004199.81000000 NS USD 32004199.81000000 0.742884233869 Long STIV RF US N 1 N N Erste Group Bank AG PQOH26KWDF7CG10L6792 Erste Group Bank AG N/A 701628.00000000 NS 30225013.06000000 0.701585598267 Long EC CORP AT N 2 N N N Roche Holding AG 549300U41AUUVOAAOB37 Roche Holding AG N/A 288383.00000000 NS 82107356.36000000 1.905883005564 Long EC CORP CH N 2 N N N Allianz SE 529900K9B0N5BT694847 Allianz SE (Registered) N/A 324520.00000000 NS 86703967.90000000 2.012579947295 Long EC CORP DE N 2 N N N Shell plc 21380068P1DRHMJ8KU70 Shell plc N/A 4079792.00000000 NS 126483049.77000000 2.935935411093 Long EC CORP GB N 2 N N N Tokio Marine Holdings, Inc. 5299009QN2NZ191KLS29 Tokio Marine Holdings, Inc. N/A 2394500.00000000 NS 63136816.42000000 1.465537203666 Long EC CORP JP N 2 N N N Terumo Corp. 353800JX1R4582QVK932 Terumo Corp. N/A 1548100.00000000 NS 52406204.90000000 1.216457327734 Long EC CORP JP N 2 N N N Infineon Technologies AG TSI2PJM6EPETEQ4X1U25 Infineon Technologies AG N/A 1287149.00000000 NS 46925483.80000000 1.089238358986 Long EC CORP DE N 2 N N N UniCredit SpA 549300TRUWO2CD2G5692 UniCredit SpA N/A 2273926.00000000 NS 66607958.52000000 1.546109652124 Long EC CORP IT N 2 N N N Cie Generale des Etablissements Michelin SCA 549300SOSI58J6VIW052 Cie Generale des Etablissements Michelin SCA N/A 639364.00000000 NS 21228598.08000000 0.492760041319 Long EC CORP FR N 2 N N N Sandvik AB 5299008ZUAXN43LVZF54 Sandvik AB N/A 1812729.00000000 NS 38096131.49000000 0.884290675079 Long EC CORP SE N 2 N N N AstraZeneca plc PY6ZZQWO2IZFZC3IOL08 AstraZeneca plc N/A 686099.00000000 NS 90960839.18000000 2.111390808942 Long EC CORP GB N 2 N N N Sands China Ltd. 549300EVO6UZDGY05787 Sands China Ltd. N/A 7836400.00000000 NS 20568758.93000000 0.477443798316 Long EC CORP KY N 2 N N N Safran SA 969500UIC89GT3UL7L24 Safran SA N/A 341902.00000000 NS 63836117.54000000 1.481769441306 Long EC CORP FR N 2 N N N Techtronic Industries Co. Ltd. 549300HZW2SBE758OK89 Techtronic Industries Co. Ltd. N/A 2399500.00000000 NS 25485345.38000000 0.591568025131 Long EC CORP HK N 2 N N N Nippon Telegraph & Telephone Corp. 353800VHQU5VIXVUA841 Nippon Telegraph & Telephone Corp. N/A 58785400.00000000 NS 73820054.65000000 1.713517446724 Long EC CORP JP N 2 N N N Volvo AB 549300HGV012CNC8JD22 Volvo AB, Class B 928856301 2826773.00000000 NS 67744540.75000000 1.572492096433 Long EC CORP SE N 2 N N N AIA Group Ltd. ZP5ILWVSYE4LJGMMVD57 AIA Group Ltd. 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N/A 329200.00000000 NS 52748486.04000000 1.224402386944 Long EC CORP JP N 2 N N N JPMorgan U.S. Government Money Market Fund 549300NQ5E5B7ZV4T516 JPMorgan U.S. Government Money Market Fund, Share Class IM 4812C2270 3863928.86000000 NS USD 3863928.86000000 0.089689848455 Long STIV RF US N 1 N N Keyence Corp. 529900M7PQBS7A89DZ11 Keyence Corp. N/A 180300.00000000 NS 80665837.15000000 1.872422337893 Long EC CORP JP N 2 N N N Capgemini SE 96950077L0TN7BAROX36 Capgemini SE N/A 226963.00000000 NS 50458720.54000000 1.171252153559 Long EC CORP FR N 2 N N N Shin-Etsu Chemical Co. Ltd. 353800PX8Q64N86H5W41 Shin-Etsu Chemical Co. Ltd. N/A 2121100.00000000 NS 83491146.81000000 1.938003668301 Long EC CORP JP N 2 N N N L'Oreal SA 529900JI1GG6F7RKVI53 L'Oreal SA N/A 109557.00000000 NS 52428980.19000000 1.216985989721 Long EC CORP FR N 2 N N N Bridgestone Corp. 549300DHPOF90OYYD780 Bridgestone Corp. N/A 1020300.00000000 NS 44212344.32000000 1.026260732426 Long EC CORP JP N 2 N N N SSE plc 549300KI75VYLLMSK856 SSE plc N/A 1535521.00000000 NS 32703447.51000000 0.759115231519 Long EC CORP GB N 2 N N N InterContinental Hotels Group plc 2138007ZFQYRUSLU3J98 InterContinental Hotels Group plc N/A 600720.00000000 NS 56920076.79000000 1.321233709606 Long EC CORP GB N 2 N N N Ferguson plc 213800DU1LGY3R2S2X42 Ferguson plc N/A 184337.00000000 NS 34468354.26000000 0.800082398535 Long EC CORP JE N 2 N N N Pernod Ricard SA 52990097YFPX9J0H5D87 Pernod Ricard SA N/A 190909.00000000 NS 31306311.50000000 0.726684790497 Long EC CORP FR N 2 N N N 2024-03-01 JPMorgan Trust I Timothy J. Clemens Timothy J. Clemens Treasurer and Principal Financial Officer XXXX NPORT-EX 2 JPMIEF.htm NPORT PART F EDGAR HTML
JPMorgan International Equity Fund
Schedule of Portfolio Investments as of January 31, 2024
(Unaudited) 
THE “UNAUDITED 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. 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.
J.P. Morgan Distribution Services, Inc., member FINRA.
© J.P. Morgan Chase & Co., 2024.
JPMorgan International Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024  (Unaudited)
 
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — 98.5%
Australia — 3.1%
BHP Group Ltd.
2,567
78,543
BHP Group Ltd.
515
15,759
Goodman Group, REIT
2,358
39,149
 
133,451
Austria — 0.7%
Erste Group Bank AG
702
30,225
Belgium — 1.0%
KBC Group NV
677
44,179
Denmark — 3.6%
Carlsberg A/S, Class B
370
47,577
Novo Nordisk A/S, Class B
944
107,910
 
155,487
France — 16.4%
Air Liquide SA
368
68,864
Airbus SE
305
48,570
Capgemini SE
227
50,459
Cie Generale des Etablissements Michelin SCA
639
21,229
Dassault Systemes SE
576
29,888
Engie SA
3,076
49,125
Legrand SA
282
27,310
L'Oreal SA
110
52,429
LVMH Moet Hennessy Louis Vuitton SE
115
96,128
Pernod Ricard SA
191
31,306
Safran SA
342
63,836
Societe Generale SA
1,135
29,167
TotalEnergies SE
988
64,097
Vinci SA
535
67,637
 
700,045
Germany — 7.4%
Allianz SE (Registered)
325
86,704
Deutsche Boerse AG
273
54,379
Deutsche Post AG
706
33,823
Infineon Technologies AG
1,287
46,925
Muenchener Rueckversicherungs-Gesellschaft AG (Registered)
119
50,878
RWE AG
1,139
42,051
 
314,760
Hong Kong — 2.2%
AIA Group Ltd.
6,284
49,283
Prudential plc
1,999
20,534
Techtronic Industries Co. Ltd.
2,400
25,485
 
95,302
Italy — 1.6%
UniCredit SpA
2,274
66,608
JPMorgan International Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024  (Unaudited) (continued)
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — continued
Japan — 22.0%
Ajinomoto Co., Inc.
572
23,506
Bridgestone Corp.
1,020
44,212
Daikin Industries Ltd.
329
52,749
Hitachi Ltd.
890
69,918
Hoya Corp.
499
63,362
Keyence Corp.
180
80,666
Mitsubishi UFJ Financial Group, Inc.
5,256
49,233
Nippon Telegraph & Telephone Corp.
58,786
73,820
Recruit Holdings Co. Ltd.
1,125
44,428
Seven & i Holdings Co. Ltd.
757
29,874
Shimano, Inc.
294
42,182
Shin-Etsu Chemical Co. Ltd.
2,121
83,491
SMC Corp.
60
33,399
Sony Group Corp.
843
82,652
Terumo Corp.
1,548
52,406
Tokio Marine Holdings, Inc.
2,395
63,137
Tokyo Electron Ltd.
273
50,717
 
939,752
Macau — 0.5%
Sands China Ltd. *
7,836
20,569
Netherlands — 7.2%
ASML Holding NV
187
162,859
Koninklijke KPN NV
5,009
17,038
Shell plc
4,080
126,483
 
306,380
Singapore — 1.6%
DBS Group Holdings Ltd.
2,821
66,821
South Korea — 1.2%
Samsung Electronics Co. Ltd., GDR (a)
22
30,288
Samsung Electronics Co. Ltd., GDR (b)
16
21,258
 
51,546
Spain — 1.5%
Iberdrola SA *
60
729
Industria de Diseno Textil SA
1,512
64,646
 
65,375
Sweden — 4.5%
Atlas Copco AB, Class A
2,968
47,371
Sandvik AB
1,812
38,096
Svenska Handelsbanken AB, Class A (c)
3,487
37,588
Volvo AB, Class B
2,827
67,745
 
190,800
Switzerland — 1.2%
Cie Financiere Richemont SA (Registered)
354
52,532
JPMorgan International Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024  (Unaudited) (continued)
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — continued
Taiwan — 1.1%
Taiwan Semiconductor Manufacturing Co. Ltd., ADR
426
48,134
United Kingdom — 14.0%
3i Group plc
2,441
76,411
AstraZeneca plc
686
90,961
BP plc
12,130
70,842
Diageo plc
1,273
45,987
InterContinental Hotels Group plc
601
56,920
Lloyds Banking Group plc
99,408
53,288
London Stock Exchange Group plc
491
55,547
Next plc
387
41,347
RELX plc
1,772
73,084
SSE plc
1,535
32,703
 
597,090
United States — 7.7%
Ferguson plc
184
34,468
Nestle SA (Registered)
1,148
130,812
Roche Holding AG
289
82,108
Sanofi SA
441
44,126
Stellantis NV
1,822
40,138
 
331,652
Total Common Stocks
(Cost $3,166,064)
4,210,708
Short-Term Investments — 3.1%
Investment Companies — 2.3%
JPMorgan Prime Money Market Fund Class Institutional Shares, 5.38% (d) (e)(Cost $97,719)
97,651
97,719
Investment of Cash Collateral from Securities Loaned — 0.8%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.51% (d) (e)
31,987
32,000
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.26% (d) (e)
3,864
3,864
Total Investment of Cash Collateral from Securities Loaned
(Cost $35,864)
35,864
Total Short-Term Investments
(Cost $133,583)
133,583
Total Investments — 101.6%
(Cost $3,299,647)
4,344,291
Liabilities in Excess of Other Assets — (1.6)%
(68,369
)
NET ASSETS — 100.0%
4,275,922
 
Percentages indicated are based on net assets.
 
Abbreviations
 
ADR
American Depositary Receipt
GDR
Global Depositary Receipt
JPMorgan International Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024  (Unaudited) (continued)
REIT
Real Estate Investment Trust
SCA
Limited partnership with share capital
 
*
Non-income producing security.
(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)
Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(c)
The security or a portion of this security is on loan at January 31, 2024. The total value of securities on loan at January 31, 2024 is $33,829.
(d)
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.
(e)
The rate shown is the current yield as of January 31, 2024.
Summary of Investments by Industry, January 31, 2024
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
8.7
%
Pharmaceuticals
7.5
Semiconductors & Semiconductor Equipment
7.1
Insurance
6.2
Oil, Gas & Consumable Fuels
6.0
Machinery
4.9
Capital Markets
4.3
Food Products
3.5
Chemicals
3.5
Textiles, Apparel & Luxury Goods
3.4
Beverages
2.9
Professional Services
2.7
Health Care Equipment & Supplies
2.7
Aerospace & Defense
2.6
Metals & Mining
2.2
Diversified Telecommunication Services
2.1
Household Durables
1.9
Electronic Equipment, Instruments & Components
1.8
Hotels, Restaurants & Leisure
1.8
Industrial Conglomerates
1.6
Construction & Engineering
1.5
Automobile Components
1.5
Specialty Retail
1.5
Building Products
1.2
Personal Care Products
1.2
Technology Hardware, Storage & Peripherals
1.2
IT Services
1.2
Multi-Utilities
1.1
Leisure Products
1.0
Independent Power and Renewable Electricity Producers
1.0
Others (each less than 1.0%)
7.1
Short-Term Investments
3.1
JPMorgan International Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024 (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.
Under Section 2(a)(41) of the Investment Company Act of 1940, the Board is required to determine fair value for securities that do not have readily available market quotations. Under SEC Rule 2a-5 (Good Faith Determinations of Fair Value), the Board may designate the performance of these fair valuation determinations to a valuation designee. The Board has designated the Adviser as the “Valuation Designee” to perform fair valuation determinations for the Funds on behalf of the Board subject to appropriate oversight by the Board. The Adviser, as Valuation Designee, leverages the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to help oversee and carry out the policies for the valuation of investments held in the Funds. The Adviser, as Valuation Designee, remains responsible for the valuation determinations. 
This oversight by the AVC 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 approved Pricing Services. The factors seek to adjust the local closing price for movements of local markets post-closing, but prior to the time the NAV is calculated. 
Investments in open-end investment companies (“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. 
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
$—
$133,451
$—
$133,451
Austria
—
30,225
—
30,225
Belgium
—
44,179
—
44,179
Denmark
—
155,487
—
155,487
France
—
700,045
—
700,045
Germany
—
314,760
—
314,760
Hong Kong
—
95,302
—
95,302
Italy
—
66,608
—
66,608
JPMorgan International Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024 (Unaudited) (continued)
(Dollar values in thousands)
 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Japan
$—
$939,752
$—
$939,752
Macau
—
20,569
—
20,569
Netherlands
—
306,380
—
306,380
Singapore
—
66,821
—
66,821
South Korea
—
51,546
—
51,546
Spain
—
65,375
—
65,375
Sweden
—
190,800
—
190,800
Switzerland
—
52,532
—
52,532
Taiwan
48,134
—
—
48,134
United Kingdom
—
597,090
—
597,090
United States
—
331,652
—
331,652
Total Common Stocks
48,134
4,162,574
—
4,210,708
Short-Term Investments
Investment Companies
97,719
—
—
97,719
Investment of Cash Collateral from Securities Loaned
35,864
—
—
35,864
Total Short-Term Investments
133,583
—
—
133,583
Total Investments in Securities
$181,717
$4,162,574
$—
$4,344,291
B. Investment Transactions with Affiliates — The Fund invested in Underlying Funds 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. The 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, 2024
Security Description
Value at
October 31,
2023
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
January 31,
2024
Shares at
January 31,
2024
Dividend
Income
Capital Gain
Distributions
JPMorgan Prime Money Market Fund
Class Institutional Shares, 5.38%  (a) (b)
$95,471
$404,044
$401,821
$34
$(9
)
$97,719
97,651
$1,020
$—
JPMorgan Securities Lending Money Market Fund
Agency SL Class Shares, 5.51%  (a) (b)
38,003
68,000
74,007
4
—
32,000
31,987
363
—
JPMorgan U.S. Government Money Market Fund
Class IM Shares, 5.26%  (a) (b)
4,963
48,727
49,826
—
—
3,864
3,864
53
—
Total
$138,437
$520,771
$525,654
$38
$(9
)
$133,583
$1,436
$—
 
 
(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, 2024.