JPMorgan Emerging Markets Research Enhanced Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JULY 31, 2021 (Unaudited)
| | | | | | | | |
Investments | | Shares (000) | | | Value ($000) | |
COMMON STOCKS — 95.8% | |
Argentina — 0.1% | |
MercadoLibre, Inc.* | | | 3 | | | | 5,274 | |
| | | | | | | | |
Brazil — 4.9% | |
Atacadao SA | | | 1,255 | | | | 4,611 | |
Gerdau SA (Preference) | | | 1,735 | | | | 10,310 | |
Itau Unibanco Holding SA (Preference) | | | 3,222 | | | | 18,692 | |
Itausa SA (Preference) | | | 5,966 | | | | 12,807 | |
Localiza Rent a Car SA* | | | 440 | | | | 5,256 | |
Lojas Renner SA* | | | 1,367 | | | | 10,855 | |
Magazine Luiza SA* | | | 2,987 | | | | 11,815 | |
Petroleo Brasileiro SA (Preference) | | | 5,856 | | | | 30,290 | |
Raia Drogasil SA* | | | 1,692 | | | | 8,215 | |
Sendas Distribuidora SA | | | 271 | | | | 4,510 | |
Suzano SA* | | | 1,180 | | | | 12,316 | |
TIM SA, ADR* | | | 470 | | | | 5,120 | |
Vale SA, ADR | | | 2,176 | | | | 45,744 | |
| | | | | | | | |
| | | | | | | 180,541 | |
| | | | | | | | |
Chile — 0.1% | |
Cencosud SA | | | 1,458 | | | | 2,645 | |
Cia Cervecerias Unidas SA, ADR(a) | | | 119 | | | | 2,534 | |
| | | | | | | | |
| | | | | | | 5,179 | |
| | | | | | | | |
China — 33.8% | |
51job, Inc., ADR* | | | 73 | | | | 5,273 | |
Alibaba Group Holding Ltd.* | | | 7,162 | | | | 174,923 | |
Amoy Diagnostics Co. Ltd., Class A | | | 226 | | | | 2,883 | |
Anhui Conch Cement Co. Ltd., Class H | | | 911 | | | | 4,355 | |
Autobio Diagnostics Co. Ltd., Class A | | | 495 | | | | 4,737 | |
Baidu, Inc., ADR* | | | 122 | | | | 20,006 | |
Baoshan Iron & Steel Co. Ltd., Class A | | | 8,337 | | | | 10,208 | |
BeiGene Ltd., ADR* | | | 43 | | | | 13,493 | |
Beijing Oriental Yuhong Waterproof Technology Co. Ltd., Class A | | | 649 | | | | 5,125 | |
Bilibili, Inc., ADR*(a) | | | 115 | | | | 9,879 | |
BOE Technology Group Co. Ltd., Class A | | | 10,197 | | | | 9,077 | |
Chacha Food Co. Ltd., Class A | | | 703 | | | | 4,105 | |
China Conch Venture Holdings Ltd. | | | 1,331 | | | | 4,851 | |
China Construction Bank Corp., Class H | | | 56,068 | | | | 39,054 | |
China CYTS Tours Holding Co. Ltd., Class A* | | | 1,770 | | | | 2,551 | |
China Gas Holdings Ltd. | | | 3,730 | | | | 11,483 | |
China Lesso Group Holdings Ltd. | | | 3,084 | | | | 6,440 | |
China Life Insurance Co. Ltd., Class H | | | 8,233 | | | | 13,722 | |
China Merchants Bank Co. Ltd., Class H | | | 3,399 | | | | 25,854 | |
China Molybdenum Co. Ltd., Class H | | | 9,054 | | | | 6,627 | |
China Oilfield Services Ltd., Class H | | | 3,350 | | | | 2,435 | |
China Pacific Insurance Group Co. Ltd., Class H | | | 3,098 | | | | 8,725 | |
China Resources Land Ltd. | | | 2,612 | | | | 8,729 | |
China Shenhua Energy Co. Ltd., Class H | | | 4,592 | | | | 8,688 | |
China Vanke Co. Ltd., Class H | | | 3,369 | | | | 8,776 | |
Contemporary Amperex Technology Co. Ltd., Class A | | | 170 | | | | 14,579 | |
Country Garden Services Holdings Co. Ltd. | | | 1,574 | | | | 12,781 | |
ENN Energy Holdings Ltd. | | | 176 | | | | 3,681 | |
Foshan Haitian Flavouring & Food Co. Ltd., Class A | | | 407 | | | | 7,223 | |
Fu Jian Anjoy Foods Co. Ltd., Class A | | | 141 | | | | 3,532 | |
Fuyao Glass Industry Group Co. Ltd., Class H(b) | | | 984 | | | | 6,267 | |
GDS Holdings Ltd., ADR*(a) | | | 74 | | | | 4,341 | |
Guangzhou Automobile Group Co. Ltd., Class H | | | 11,106 | | | | 9,626 | |
Haidilao International Holding Ltd.(b) | | | 955 | | | | 3,582 | |
Haier Smart Home Co. Ltd., Class H | | | 3,188 | | | | 10,935 | |
Hangzhou Robam Appliances Co. Ltd., Class A | | | 525 | | | | 3,164 | |
Hangzhou Tigermed Consulting Co. Ltd., Class H(b) | | | 395 | | | | 7,675 | |
Han’s Laser Technology Industry Group Co. Ltd., Class A | | | 646 | | | | 3,688 | |
Huatai Securities Co. Ltd., Class H(b) | | | 2,498 | | | | 3,310 | |
Huayu Automotive Systems Co. Ltd., Class A | | | 986 | | | | 2,949 | |
Huazhu Group Ltd.* | | | 1,659 | | | | 7,038 | |
Hundsun Technologies, Inc., Class A | | | 338 | | | | 2,920 | |
Industrial & Commercial Bank of China Ltd., Class H | | | 43,702 | | | | 24,267 | |
Inner Mongolia Yili Industrial Group Co. Ltd., Class A | | | 1,304 | | | | 6,745 | |
Innovent Biologics, Inc.*(b) | | | 1,231 | | | | 12,605 | |
iQIYI, Inc., ADR*(a) | | | 146 | | | | 1,630 | |
JD.com, Inc., Class A* | | | 962 | | | | 33,530 | |
Jiangsu Hengli Hydraulic Co. Ltd., Class A | | | 587 | | | | 8,912 | |
Jiangsu Hengrui Medicine Co. Ltd., Class A | | | 935 | | | | 7,886 | |
Jiangsu Hengshun Vinegar Industry Co. Ltd., Class A | | | 1,054 | | | | 2,632 | |
Jonjee Hi-Tech Industrial And Commercial Holding Co. Ltd., Class A | | | 624 | | | | 3,537 | |
Joyoung Co. Ltd., Class A | | | 1,518 | | | | 5,904 | |
KE Holdings, Inc., ADR* | | | 296 | | | | 6,498 | |
Kingdee International Software Group Co. Ltd.* | | | 3,113 | | | | 9,722 | |
Kingsoft Corp. Ltd. | | | 1,709 | | | | 7,997 | |
Kunlun Energy Co. Ltd. | | | 6,128 | | | | 5,298 | |
Kweichow Moutai Co. Ltd., Class A | | | 47 | | | | 12,176 | |
Laobaixing Pharmacy Chain JSC, Class A | | | 675 | | | | 4,577 | |
Longfor Group Holdings Ltd.(b) | | | 2,102 | | | | 9,768 | |
Meituan*(b) | | | 1,860 | | | | 51,472 | |
Minth Group Ltd. | | | 1,552 | | | | 6,563 | |
NetEase, Inc., ADR | | | 62 | | | | 6,323 | |
NetEase, Inc. | | | 1,044 | | | | 20,769 | |
NIO, Inc., ADR* | | | 425 | | | | 19,009 | |
Pharmaron Beijing Co. Ltd., Class H(b) | | | 246 | | | | 5,384 | |
PICC Property & Casualty Co. Ltd., Class H | | | 10,334 | | | | 8,348 | |
JPMorgan Emerging Markets Research Enhanced Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JULY 31, 2021 (Unaudited) (continued)
| | | | | | | | |
Investments | | Shares (000) | | | Value ($000) | |
Pinduoduo, Inc., ADR* | | | 188 | | | | 17,214 | |
Ping An Bank Co. Ltd., Class A | | | 3,386 | | | | 9,272 | |
Ping An Insurance Group Co. of China Ltd., Class H | | | 3,850 | | | | 33,686 | |
Poly Developments and Holdings Group Co. Ltd., Class A* | | | 2,934 | | | | 4,551 | |
Postal Savings Bank of China Co. Ltd., Class H(b) | | | 15,938 | | | | 10,295 | |
Qingdao Haier Biomedical Co. Ltd., Class A | | | 9 | | | | 141 | |
Qingdao Haier Biomedical Co. Ltd., Class A | | | 391 | | | | 6,314 | |
Shanghai Liangxin Electrical Co. Ltd., Class A | | | 1,008 | | | | 3,412 | |
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A | | | 129 | | | | 7,828 | |
Skshu Paint Co. Ltd., Class A | | | 326 | | | | 7,719 | |
Sunny Optical Technology Group Co. Ltd. | | | 537 | | | | 16,307 | |
Tencent Holdings Ltd. | | | 2,739 | | | | 165,154 | |
Tianma Microelectronics Co. Ltd., Class A | | | 3,102 | | | | 6,731 | |
Tongwei Co. Ltd., Class A | | | 778 | | | | 5,214 | |
Topsports International Holdings Ltd.(b) | | | 5,312 | | | | 7,413 | |
Trip.com Group Ltd., ADR* | | | 269 | | | | 6,971 | |
Wanhua Chemical Group Co. Ltd., Class A | | | 566 | | | | 9,993 | |
WuXi AppTec Co. Ltd., Class H(b) | | | 537 | | | | 11,913 | |
Wuxi Biologics Cayman, Inc.*(b) | | | 2,120 | | | | 32,374 | |
Xiaomi Corp., Class B*(b) | | | 3,249 | | | | 10,641 | |
Xinyi Solar Holdings Ltd. | | | 6,214 | | | | 12,517 | |
XPeng, Inc., ADR*(a) | | | 244 | | | | 9,897 | |
Yonyou Network Technology Co. Ltd., Class A | | | 695 | | | | 3,859 | |
Yum China Holdings, Inc. | | | 322 | | | | 20,022 | |
Yunnan Energy New Material Co. Ltd. | | | 135 | | | | 5,201 | |
Zai Lab Ltd., ADR*(a) | | | 76 | | | | 10,966 | |
Zhejiang Chint Electrics Co. Ltd., Class A | | | 888 | | | | 5,822 | |
Zhongji Innolight Co. Ltd., Class A | | | 659 | | | | 4,360 | |
| | | | | | | | |
| | | | | | | 1,246,629 | |
| | | | | | | | |
Colombia — 0.2% | |
Ecopetrol SA, ADR(a) | | | 464 | | | | 6,266 | |
| | | | | | | | |
Greece — 0.4% | |
Hellenic Telecommunications Organization SA | | | 387 | | | | 7,059 | |
OPAP SA | | | 468 | | | | 6,761 | |
| | | | | | | | |
| | | | | | | 13,820 | |
| | | | | | | | |
Hong Kong — 0.4% | |
Hutchmed China Ltd., ADR* | | | 130 | | | | 5,465 | |
Techtronic Industries Co. Ltd. | | | 421 | | | | 7,507 | |
| | | | | | | | |
| | | | | | | 12,972 | |
| | | | | | | | |
Hungary — 0.4% | |
OTP Bank Nyrt.* | | | 201 | | | | 10,836 | |
Richter Gedeon Nyrt. | | | 113 | | | | 3,111 | |
| | | | | | | | |
| | | | | | | 13,947 | |
| | | | | | | | |
India — 10.1% | |
ACC Ltd. | | | 154 | | | | 4,964 | |
Ambuja Cements Ltd. | | | 1,859 | | | | 10,292 | |
Apollo Hospitals Enterprise Ltd. | | | 254 | | | | 13,794 | |
Axis Bank Ltd.* | | | 1,002 | | | | 9,566 | |
Britannia Industries Ltd. | | | 235 | | | | 10,807 | |
Dr Reddy’s Laboratories Ltd. | | | 78 | | | | 4,966 | |
Eicher Motors Ltd.* | | | 125 | | | | 4,245 | |
HDFC Bank Ltd., ADR | | | 129 | | | | 9,112 | |
HDFC Life Insurance Co. Ltd.(b) | | | 1,428 | | | | 12,752 | |
Hindalco Industries Ltd. | | | 1,601 | | | | 9,589 | |
Hindustan Unilever Ltd. | | | 679 | | | | 21,337 | |
Housing Development Finance Corp. Ltd. | | | 1,040 | | | | 34,237 | |
ICICI Bank Ltd. | | | 463 | | | | 4,262 | |
Infosys Ltd., ADR | | | 1,942 | | | | 42,952 | |
Kotak Mahindra Bank Ltd.* | | | 653 | | | | 14,549 | |
Larsen & Toubro Ltd. | | | 556 | | | | 11,989 | |
Maruti Suzuki India Ltd. | | | 164 | | | | 15,377 | |
NTPC Ltd. | | | 4,798 | | | | 7,631 | |
Oil & Natural Gas Corp. Ltd. | | | 5,475 | | | | 8,480 | |
Petronet LNG Ltd. | | | 2,243 | | | | 6,584 | |
Power Grid Corp. of India Ltd.* | | | 1,118 | | | | 2,575 | |
Power Grid Corp. of India Ltd. | | | 3,353 | | | | 7,726 | |
Reliance Industries Ltd. | | | 1,497 | | | | 41,033 | |
Shriram Transport Finance Co. Ltd. | | | 449 | | | | 8,425 | |
Tata Consultancy Services Ltd. | | | 577 | | | | 24,594 | |
UltraTech Cement Ltd.* | | | 125 | | | | 12,857 | |
United Spirits Ltd.* | | | 1,119 | | | | 9,658 | |
Wipro Ltd. | | | 793 | | | | 6,269 | |
| | | | | | | | |
| | | | | | | 370,622 | |
| | | | | | | | |
Indonesia — 1.3% | |
Bank Central Asia Tbk. PT | | | 8,938 | | | | 18,452 | |
Bank Rakyat Indonesia Persero Tbk. PT | | | 56,687 | | | | 14,543 | |
Telkom Indonesia Persero Tbk. PT | | | 63,453 | | | | 14,223 | |
| | | | | | | | |
| | | | | | | 47,218 | |
| | | | | | | | |
Malaysia — 0.8% | |
CIMB Group Holdings Bhd. | | | 3,851 | | | | 4,059 | |
Petronas Chemicals Group Bhd. | | | 4,029 | | | | 7,676 | |
Public Bank Bhd. | | | 10,114 | | | | 9,538 | |
Tenaga Nasional Bhd. | | | 2,224 | | | | 5,079 | |
Top Glove Corp. Bhd. | | | 1,401 | | | | 1,320 | |
| | | | | | | | |
| | | | | | | 27,672 | |
| | | | | | | | |
Mexico — 2.6% | |
America Movil SAB de CV, Series L | | | 24,433 | | | | 20,436 | |
Fomento Economico Mexicano SAB de CV, ADR | | | 143 | | | | 12,493 | |
Grupo Aeroportuario del Pacifico SAB de CV, Class B* | | | 519 | | | | 5,942 | |
Grupo Aeroportuario del Sureste SAB de CV, Class B(a) | | | 429 | | | | 7,760 | |
Grupo Financiero Banorte SAB de CV, Class O | | | 2,491 | | | | 16,116 | |
Grupo Mexico SAB de CV, Series B | | | 2,678 | | | | 12,268 | |
Kimberly-Clark de Mexico SAB de CV, Class A(a) | | | 3,584 | | | | 5,811 | |
Wal-Mart de Mexico SAB de CV | | | 4,725 | | | | 15,568 | |
| | | | | | | | |
| | | | | | | 96,394 | |
| | | | | | | | |
Peru — 0.2% | |
Credicorp Ltd.* | | | 80 | | | | 8,124 | |
| | | | | | | | |
JPMorgan Emerging Markets Research Enhanced Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JULY 31, 2021 (Unaudited) (continued)
| | | | | | | | |
Investments | | Shares (000) | | | Value ($000) | |
Philippines — 0.3% | | | | | | | | |
Ayala Corp. | | | 254 | | | | 3,717 | |
Ayala Land, Inc. | | | 5,968 | | | | 3,904 | |
International Container Terminal Services, Inc. | | | 1,511 | | | | 4,701 | |
| | | | | | | | |
| | | | | | | 12,322 | |
| | | | | | | | |
Poland — 0.8% | | | | | | | | |
Allegro.eu SA*(b) | | | 645 | | | | 11,067 | |
Dino Polska SA*(b) | | | 101 | | | | 8,065 | |
Powszechny Zaklad Ubezpieczen SA* | | | 1,059 | | | | 10,331 | |
| | | | | | | | |
| | | | | | | 29,463 | |
| | | | | | | | |
Qatar — 0.3% | | | | | | | | |
Qatar National Bank QPSC | | | 1,966 | | | | 9,826 | |
| | | | | | | | |
Russia — 4.2% | | | | | | | | |
Alrosa PJSC | | | 5,892 | | | | 10,436 | |
Gazprom PJSC, ADR | | | 3,388 | | | | 26,364 | |
LUKOIL PJSC, ADR | | | 287 | | | | 24,609 | |
Magnitogorsk Iron & Steel Works PJSC | | | 5,546 | | | | 5,208 | |
MMC Norilsk Nickel PJSC, ADR | | | 404 | | | | 13,960 | |
Moscow Exchange MICEX-RTS PJSC | | | 2,412 | | | | 5,709 | |
Moscow Exchange MICEX-RTS PJSC | | | 56 | | | | 133 | |
Novolipetsk Steel PJSC | | | 1,475 | | | | 5,214 | |
Rosneft Oil Co. PJSC, GDR(b) | | | 1,186 | | | | 8,725 | |
Sberbank of Russia PJSC, ADR | | | 1,844 | | | | 30,662 | |
Severstal PAO, GDR(b) | | | 391 | | | | 9,630 | |
Tatneft PJSC, ADR | | | 171 | | | | 6,811 | |
X5 Retail Group NV, GDR(b) | | | 237 | | | | 7,674 | |
| | | | | | | | |
| | | | | | | 155,135 | |
| | | | | | | | |
Saudi Arabia — 2.4% | | | | | | | | |
Al Rajhi Bank | | | 756 | | | | 22,380 | |
Alinma Bank | | | 1,623 | | | | 9,391 | |
Almarai Co. JSC | | | 383 | | | | 6,002 | |
BinDawood Holding Co. | | | 133 | | | | 3,833 | |
Saudi Basic Industries Corp. | | | 391 | | | | 12,585 | |
Saudi National Bank (The) | | | 1,391 | | | | 20,395 | |
Saudi Telecom Co. | | | 273 | | | | 9,738 | |
Savola Group (The) | | | 318 | | | | 3,632 | |
| | | | | | | | |
| | | | | | | 87,956 | |
| | | | | | | | |
Singapore — 0.1% | | | | | | | | |
BOC Aviation Ltd.(b) | | | 349 | | | | 2,566 | |
| | | | | | | | |
South Africa — 3.9% | | | | | | | | |
Absa Group Ltd.* | | | 1,109 | | | | 10,320 | |
Bid Corp. Ltd.* | | | 432 | | | | 9,475 | |
Bidvest Group Ltd. (The) | | | 523 | | | | 7,133 | |
Capitec Bank Holdings Ltd. | | | 118 | | | | 13,141 | |
Clicks Group Ltd. | | | 388 | | | | 7,012 | |
FirstRand Ltd. | | | 4,323 | | | | 16,038 | |
Gold Fields Ltd., ADR | | | 215 | | | | 2,113 | |
Impala Platinum Holdings Ltd. | | | 378 | | | | 6,817 | |
MTN Group Ltd.* | | | 1,222 | | | | 8,777 | |
Naspers Ltd., Class N | | | 208 | | | | 40,073 | |
Pick n Pay Stores Ltd. | | | 1,037 | | | | 3,697 | |
Sanlam Ltd. | | | 1,733 | | | | 6,845 | |
SPAR Group Ltd. (The) | | | 625 | | | | 7,837 | |
Vodacom Group Ltd. | | | 649 | | | | 5,788 | |
| | | | | | | | |
| | | | | | | 145,066 | |
| | | | | | | | |
South Korea — 12.6% | | | | | | | | |
BGF retail Co. Ltd. | | | 18 | | | | 2,482 | |
Hana Financial Group, Inc. | | | 229 | | | | 8,643 | |
Hankook Tire & Technology Co. Ltd. | | | 128 | | | | 5,370 | |
Hyundai Glovis Co. Ltd. | | | 32 | | | | 5,420 | |
Hyundai Mobis Co. Ltd. | | | 30 | | | | 7,006 | |
Kakao Corp. | | | 54 | | | | 6,859 | |
KB Financial Group, Inc. | | | 373 | | | | 16,546 | |
Kia Corp. | | | 127 | | | | 9,293 | |
KIWOOM Securities Co. Ltd. | | | 41 | | | | 4,239 | |
LG Chem Ltd. | | | 33 | | | | 24,528 | |
LG Household & Health Care Ltd. | | | 10 | | | | 12,592 | |
Lotte Chemical Corp. | | | 30 | | | | 6,751 | |
Mando Corp.* | | | 74 | | | | 3,981 | |
NAVER Corp. | | | 69 | | | | 25,968 | |
NCSoft Corp. | | | 17 | | | | 12,057 | |
POSCO | | | 64 | | | | 20,293 | |
Samsung Electronics Co. Ltd. | | | 2,681 | | | | 183,239 | |
Samsung Fire & Marine Insurance Co. Ltd. | | | 64 | | | | 11,873 | |
Samsung SDI Co. Ltd. | | | 12 | | | | 7,936 | |
Shinhan Financial Group Co. Ltd. | | | 409 | | | | 13,857 | |
SK Hynix, Inc. | | | 353 | | | | 34,605 | |
SK Innovation Co. Ltd.* | | | 48 | | | | 10,519 | |
SK Telecom Co. Ltd. | | | 45 | | | | 11,883 | |
SK, Inc. | | | 23 | | | | 5,282 | |
S-Oil Corp. | | | 146 | | | | 12,467 | |
| | | | | | | | |
| | | | | | | 463,689 | |
| | | | | | | | |
Taiwan — 13.7% | | | | | | | | |
Accton Technology Corp.* | | | 913 | | | | 10,688 | |
Advantech Co. Ltd. | | | 1,005 | | | | 13,112 | |
ASE Technology Holding Co. Ltd. | | | 3,904 | | | | 17,179 | |
AU Optronics Corp. | | | 13,466 | | | | 9,981 | |
Chailease Holding Co. Ltd.* | | | 1,969 | | | | 16,342 | |
CTBC Financial Holding Co. Ltd.* | | | 9,197 | | | | 7,531 | |
Delta Electronics, Inc. | | | 1,443 | | | | 14,869 | |
Eclat Textile Co. Ltd.* | | | 408 | | | | 8,908 | |
Fubon Financial Holding Co. Ltd. | | | 6,277 | | | | 16,874 | |
Global Unichip Corp. | | | 266 | | | | 3,942 | |
Hiwin Technologies Corp. | | | 768 | | | | 8,841 | |
Hon Hai Precision Industry Co. Ltd. | | | 3,789 | | | | 14,973 | |
MediaTek, Inc. | | | 248 | | | | 8,109 | |
Mega Financial Holding Co. Ltd. | | | 6,534 | | | | 7,739 | |
Nanya Technology Corp.* | | | 1,849 | | | | 4,811 | |
Nien Made Enterprise Co. Ltd. | | | 370 | | | | 6,212 | |
Novatek Microelectronics Corp.* | | | 669 | | | | 12,306 | |
Quanta Computer, Inc. | | | 2,509 | | | | 6,950 | |
Realtek Semiconductor Corp.* | | | 646 | | | | 13,640 | |
Sea Ltd., ADR* | | | 19 | | | | 5,238 | |
Taiwan Semiconductor Manufacturing Co. Ltd. | | | 9,593 | | | | 200,489 | |
Taiwan Semiconductor Manufacturing Co. Ltd., ADR | | | 338 | | | | 39,478 | |
Taiwan Union Technology Corp. | | | 1,430 | | | | 5,968 | |
Uni-President Enterprises Corp. | | | 4,584 | | | | 12,022 | |
Vanguard International Semiconductor Corp.* | | | 1,286 | | | | 5,328 | |
JPMorgan Emerging Markets Research Enhanced Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JULY 31, 2021 (Unaudited) (continued)
| | | | | | | | |
Investments | | Shares (000) | | | Value ($000) | |
Wiwynn Corp. | | | 237 | | | | 7,968 | |
Yageo Corp.* | | | 612 | | | | 12,342 | |
Yuanta Financial Holding Co. Ltd. | | | 15,961 | | | | 14,517 | |
| | | | | | | | |
| | | | | | | 506,357 | |
| | | | | | | | |
Tanzania, United Republic of — 0.1% | | | | | | | | |
AngloGold Ashanti Ltd., ADR(a) | | | 247 | | | | 4,959 | |
| | | | | | | | |
Thailand — 1.6% | | | | | | | | |
Airports of Thailand PCL | | | 4,055 | | | | 6,978 | |
Kasikornbank PCL | | | 2,174 | | | | 6,766 | |
Minor International PCL* | | | 5,651 | | | | 5,111 | |
PTT Exploration & Production PCL | | | 3,295 | | | | 10,319 | |
PTT PCL | | | 5,348 | | | | 5,641 | |
Siam Cement PCL (The) (Registered) | | | 697 | | | | 8,832 | |
Siam Commercial Bank PCL (The) | | | 2,758 | | | | 7,850 | |
Siam Commercial Bank PCL (The), NVDR | | | 916 | | | | 2,606 | |
Thai Oil PCL | | | 4,108 | | | | 5,499 | |
| | | | | | | | |
| | | | | | | 59,602 | |
| | | | | | | | |
Turkey — 0.3% | | | | | | | | |
BIM Birlesik Magazalar A/S | | | 839 | | | | 6,312 | |
Turkcell Iletisim Hizmetleri A/S | | | 3,031 | | | | 5,544 | |
| | | | | | | | |
| | | | | | | 11,856 | |
| | | | | | | | |
United Arab Emirates — 0.1% | | | | | | | | |
Emaar Properties PJSC | | | 4,342 | | | | 4,694 | |
| | | | | | | | |
United States — 0.1% | | | | | | | | |
JS Global Lifestyle Co. Ltd.(b) | | | 1,274 | | | | 3,212 | |
| | | | | | | | |
TOTAL COMMON STOCKS
(Cost $2,943,441) | | | | 3,531,361 | |
| | | | | | | | |
|
SHORT-TERM INVESTMENTS — 1.7% | |
INVESTMENT COMPANIES — 1.3% | |
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.05%(c)(d)
(Cost $47,504) | | | 47,480 | | | | 47,504 | |
| | | | | | | | |
INVESTMENT OF CASH COLLATERAL FROM SECURITIES LOANED — 0.4% | | | | | | | | |
JPMorgan Securities Lending Money Market Fund | | | | | | | | |
Agency SL Class Shares, 0.08%(c)(d) | | | 13,493 | | | | 13,493 | |
JPMorgan U.S. Government Money Market Fund | | | | | | | | |
Class IM Shares, 0.03%(c)(d) | | | 2,595 | | | | 2,595 | |
| | | | | | | | |
TOTAL INVESTMENT OF CASH COLLATERAL FROM SECURITIES LOANED
(Cost $16,089) | | | | 16,088 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS
(Cost $63,593) | | | | | | | 63,592 | |
| | | | | | | | |
Total Investments — 97.5%
(Cost $3,007,034) | | | | 3,594,953 | |
Other Assets Less Liabilities — 2.5% | | | | 93,670 | |
| | | | | | | | |
Net Assets — 100.0% | | | | 3,688,623 | |
| | | | | | | | |
Percentages indicated are based on net assets.
JPMorgan Emerging Markets Research Enhanced Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JULY 31, 2021 (Unaudited) (continued)
| | | | |
Summary of Investments by Industry, July 31, 2021 | | | |
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 | | | 12.4 | % |
Semiconductors & Semiconductor Equipment | | | 9.8 | |
Internet & Direct Marketing Retail | | | 9.5 | |
Technology Hardware, Storage & Peripherals | | | 6.2 | |
Interactive Media & Services | | | 6.1 | |
Oil, Gas & Consumable Fuels | | | 5.9 | |
Metals & Mining | | | 4.8 | |
Insurance | | | 3.4 | |
Electronic Equipment, Instruments & Components | | | 2.7 | |
Food & Staples Retailing | | | 2.7 | |
IT Services | | | 2.2 | |
Chemicals | | | 1.9 | |
Automobiles | | | 1.9 | |
Food Products | | | 1.8 | |
Wireless Telecommunication Services | | | 1.6 | |
Life Sciences Tools & Services | | | 1.6 | |
Entertainment | | | 1.6 | |
Real Estate Management & Development | | | 1.3 | |
Diversified Financial Services | | | 1.3 | |
Construction Materials | | | 1.3 | |
Hotels, Restaurants & Leisure | | | 1.3 | |
Biotechnology | | | 1.1 | |
Beverages | | | 1.0 | |
Thrifts & Mortgage Finance | | | 1.0 | |
Others (each less than 1.0%) | | | 13.8 | |
Short-Term Investments | | | 1.8 | |
| | |
Abbreviations |
| ADR | | American Depositary Receipt |
| GDR | | Global Depositary Receipt |
| JSC | | Joint Stock Company |
MTN | | Medium term note |
| NVDR | | Non-Voting Depository Receipt |
PJSC | | Public Joint Stock 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. |
| PT | | Limited liability company |
| RTS | | Russian Trading System |
| | |
| (a) | | The security or a portion of this security is on loan at July 31, 2021. The total value of securities on loan at July 31, 2021 is $15,558. |
| (b) | | Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. |
| (c) | | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
(d) | | The rate shown is the current yield as of July 31, 2021. |
| * | | Non-income producing security. |
JPMorgan Emerging Markets Research Enhanced Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JULY 31, 2021 (Unaudited) (continued)
Futures contracts outstanding as of July 31, 2021 (amounts in thousands, except number of contracts):
| | | | | | | | | | | | | | | | | | | | |
Description | | Number of
Contracts | | | Expiration
Date | | | Trading
Currency | | | Notional
Amount ($) | | | Value and
Unrealized
Appreciation
(Depreciation) ($) | |
Long Contracts | |
MSCI Emerging Markets E-Mini Index | | | 848 | | | | 09/2021 | | | | USD | | | | 54,179 | | | | (331 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | |
Abbreviations |
| MSCI | | Morgan Stanley Capital International |
| USD | | United States Dollar |
JPMorgan Emerging Markets Research Enhanced Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JULY 31, 2021 (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 | | | | | | | | | | | | | | | | |
Argentina | | $ | 5,274 | | | $ | — | | | $ | — | | | $ | 5,274 | |
Brazil | | | 180,541 | | | | — | | | | — | | | | 180,541 | |
Chile | | | 5,179 | | | | — | | | | — | | | | 5,179 | |
China | | | 161,368 | | | | 1,085,261 | | | | — | | | | 1,246,629 | |
Colombia | | | 6,266 | | | | — | | | | — | | | | 6,266 | |
Greece | | | — | | | | 13,820 | | | | — | | | | 13,820 | |
Hong Kong | | | 5,465 | | | | 7,507 | | | | — | | | | 12,972 | |
Hungary | | | — | | | | 13,947 | | | | — | | | | 13,947 | |
India | | | 52,063 | | | | 318,559 | | | | — | | | | 370,622 | |
Indonesia | | | — | | | | 47,218 | | | | — | | | | 47,218 | |
Malaysia | | | 14,617 | | | | 13,055 | | | | — | | | | 27,672 | |
Mexico | | | 96,394 | | | | — | | | | — | | | | 96,394 | |
Peru | | | 8,124 | | | | — | | | | — | | | | 8,124 | |
Philippines | | | 12,322 | | | | — | | | | — | | | | 12,322 | |
Poland | | | 11,067 | | | | 18,396 | | | | — | | | | 29,463 | |
Qatar | | | 9,826 | | | | — | | | | — | | | | 9,826 | |
Russia | | | 64,040 | | | | 91,095 | | | | — | | | | 155,135 | |
Saudi Arabia | | | 27,860 | | | | 60,096 | | | | — | | | | 87,956 | |
Singapore | | | — | | | | 2,566 | | | | — | | | | 2,566 | |
South Africa | | | 68,249 | | | | 76,817 | | | | — | | | | 145,066 | |
South Korea | | | 12,592 | | | | 451,097 | | | | — | | | | 463,689 | |
Taiwan | | | 44,716 | | | | 461,641 | | | | — | | | | 506,357 | |
Tanzania, United Republic of | | | 4,959 | | | | — | | | | — | | | | 4,959 | |
Thailand | | | 35,757 | | | | 23,845 | | | | — | | | | 59,602 | |
Turkey | | | 6,312 | | | | 5,544 | | | | — | | | | 11,856 | |
United Arab Emirates | | | — | | | | 4,694 | | | | — | | | | 4,694 | |
United States | | | — | | | | 3,212 | | | | — | | | | 3,212 | |
| | | | | | | | | | | | | | | | |
Total Common Stocks | | | 832,991 | | | | 2,698,370 | | | | — | | | | 3,531,361 | |
| | | | | | | | | | | | | | | | |
Short-Term Investments | | | | | | | | | | | | | | | | |
Investment Companies | | | 47,504 | | | | — | | | | — | | | | 47,504 | |
Investment of Cash Collateral from Securities Loaned | | | 16,088 | | | | — | | | | — | | | | 16,088 | |
| | | | | | | | | | | | | | | | |
Total Short-Term Investments | | | 63,592 | | | | — | | | | — | | | | 63,592 | |
| | | | | | | | | | | | | | | | |
Total Investments in Securities | | $ | 896,583 | | | $ | 2,698,370 | | | $ | — | | | $ | 3,594,953 | |
| | | | | | | | | | | | | | | | |
Depreciation in Other Financial Instruments | | | | | | | | | |
Futures Contracts | | $ | (331 | ) | | $ | — | | | $ | — | | | $ | (331 | ) |
| | | | | | | | | | | | | | | | |
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 July 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
July 31,
2021 | | | Shares at
July 31,
2021 | | | Dividend
Income | | | Capital Gain
Distributions | |
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.05%(a)(b) | | $ | 12,125 | | | $ | 1,316,957 | | | $ | 1,281,571 | | | $ | (7 | ) | | $ | — | (c) | | $ | 47,504 | | | | 47,480 | | | $ | 28 | | | $ | — | |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08%(a)(b) | | | 15,995 | | | | 203,001 | | | | 205,499 | | | | (3 | ) | | | (1 | ) | | | 13,493 | | | | 13,493 | | | | 26 | | | | — | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03%(a)(b) | | | 2,093 | | | | 132,763 | | | | 132,261 | | | | — | | | | — | | | | 2,595 | | | | 2,595 | | | | 1 | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total | | $ | 30,213 | | | $ | 1,652,721 | | | $ | 1,619,331 | | | $ | (10 | ) | | $ | (1 | ) | | $ | 63,592 | | | | | | | $ | 55 | | | $ | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (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 July 31, 2021. |
| (c) | Amount rounds to less than one thousand. |
