JPMorgan Emerging Markets Research Enhanced Equity Fund
Schedule of Portfolio Investments as of July 31, 2022
(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., 2022. |
JPMorgan Emerging Markets Research Enhanced Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2022 (Unaudited)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2022 (Unaudited)
INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — 94.4% | ||
Brazil — 5.7% | ||
B3 SA - Brasil Bolsa Balcao | 1,653 | 3,546 |
Cia Energetica de Minas Gerais (Preference) | 1,293 | 2,811 |
EDP - Energias do Brasil SA | 971 | 4,054 |
Gerdau SA (Preference) | 1,879 | 8,925 |
Itau Unibanco Holding SA (Preference) * | 3,318 | 15,185 |
Itausa SA (Preference) | 6,452 | 10,811 |
Localiza Rent a Car SA | 861 | 9,687 |
Lojas Renner SA * | 1,999 | 9,827 |
Magazine Luiza SA * | 2,780 | 1,392 |
MercadoLibre, Inc. * | 3 | 2,592 |
Petroleo Brasileiro SA (Preference) | 5,168 | 34,212 |
Porto Seguro SA | 488 | 1,736 |
Raia Drogasil SA | 1,972 | 7,997 |
Suzano SA | 873 | 8,183 |
TIM SA, ADR * | 484 | 5,864 |
Vale SA, ADR | 1,945 | 26,179 |
WEG SA | 1,924 | 10,449 |
XP, Inc., BDR * | 145 | 3,081 |
166,531 | ||
Chile — 0.3% | ||
Banco Santander Chile, ADR | 398 | 6,220 |
Cencosud SA | 1,447 | 1,977 |
8,197 | ||
China — 30.9% | ||
Alibaba Group Holding Ltd. * | 7,194 | 80,884 |
Amoy Diagnostics Co. Ltd., Class A | 366 | 1,628 |
Angel Yeast Co. Ltd., Class A | 398 | 2,620 |
Anhui Conch Cement Co. Ltd., Class H | 938 | 3,709 |
ANTA Sports Products Ltd. | 745 | 8,199 |
Baidu, Inc., ADR * | 76 | 10,367 |
Baoshan Iron & Steel Co. Ltd., Class A | 6,930 | 5,833 |
BeiGene Ltd., ADR * (a) | 17 | 2,918 |
Beijing Oriental Yuhong Waterproof Technology Co. Ltd., Class A | 589 | 3,531 |
BOE Technology Group Co. Ltd., Class A | 10,503 | 6,057 |
BYD Co. Ltd., Class H | 166 | 6,055 |
Chacha Food Co. Ltd., Class A | 675 | 4,780 |
China Conch Environment Protection Holdings Ltd. * | 1,371 | 1,085 |
China Conch Venture Holdings Ltd. | 1,370 | 2,657 |
China Construction Bank Corp., Class H | 53,318 | 34,049 |
China International Capital Corp. Ltd., Class H (b) | 3,525 | 6,481 |
China Lesso Group Holdings Ltd. | 3,062 | 3,753 |
China Life Insurance Co. Ltd., Class H | 6,686 | 9,958 |
China Merchants Bank Co. Ltd., Class H | 3,500 | 18,914 |
China Oilfield Services Ltd., Class H | 8,506 | 7,836 |
China Overseas Land & Investment Ltd. | 3,989 | 11,025 |
China Pacific Insurance Group Co. Ltd., Class H | 2,495 | 5,329 |
JPMorgan Emerging Markets Research Enhanced Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2022 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2022 (Unaudited) (continued)
INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — continued | ||
China — continued | ||
China Petroleum & Chemical Corp., Class H | 13,368 | 6,302 |
China Resources Land Ltd. | 2,692 | 11,243 |
China Resources Mixc Lifestyle Services Ltd. (b) | 669 | 2,833 |
China Vanke Co. Ltd., Class H | 4,520 | 8,597 |
China Yangtze Power Co. Ltd., Class A | 2,538 | 8,987 |
Chongqing Brewery Co. Ltd., Class A | 199 | 3,622 |
Chongqing Fuling Zhacai Group Co. Ltd., Class A | 1,184 | 5,235 |
CMOC Group Ltd., Class H | 8,247 | 4,049 |
COSCO SHIPPING Holdings Co. Ltd., Class H | 1,961 | 2,943 |
Country Garden Services Holdings Co. Ltd. | 1,619 | 3,610 |
CSPC Pharmaceutical Group Ltd. | 6,022 | 6,594 |
ENN Energy Holdings Ltd. | 706 | 11,522 |
Foshan Haitian Flavouring & Food Co. Ltd., Class A | 633 | 7,767 |
Fuyao Glass Industry Group Co. Ltd., Class H (b) | 1,700 | 8,247 |
Ganfeng Lithium Co. Ltd., Class H (b) | 321 | 2,905 |
Guangzhou Automobile Group Co. Ltd., Class H | 11,438 | 10,736 |
Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A | 293 | 3,018 |
H World Group Ltd. | 1,709 | 6,701 |
Haier Smart Home Co. Ltd., Class H | 3,696 | 11,830 |
Han's Laser Technology Industry Group Co. Ltd., Class A | 628 | 2,958 |
Hefei Meiya Optoelectronic Technology, Inc., Class A | 722 | 2,331 |
Huatai Securities Co. Ltd., Class H (b) | 2,573 | 3,394 |
Huayu Automotive Systems Co. Ltd., Class A | 1,464 | 4,760 |
Hundsun Technologies, Inc., Class A * | 427 | 2,689 |
HUTCHMED China Ltd., ADR * (a) | 64 | 842 |
Industrial & Commercial Bank of China Ltd., Class H | 28,393 | 15,011 |
Inner Mongolia Yili Industrial Group Co. Ltd., Class A | 1,649 | 8,753 |
Jade Bird Fire Co. Ltd., Class A | 841 | 3,794 |
JD.com, Inc., Class A | 1,169 | 34,889 |
Jiangsu Hengli Hydraulic Co. Ltd., Class A | 283 | 2,187 |
Joinn Laboratories China Co. Ltd., Class H (b) | 421 | 2,709 |
Kingdee International Software Group Co. Ltd. * | 2,371 | 5,119 |
Kuaishou Technology * (b) | 513 | 5,158 |
Kunlun Energy Co. Ltd. | 8,032 | 5,913 |
Kweichow Moutai Co. Ltd., Class A | 43 | 12,064 |
Laobaixing Pharmacy Chain JSC, Class A | 904 | 4,452 |
Lenovo Group Ltd. | 1,856 | 1,800 |
Longfor Group Holdings Ltd. (b) | 2,164 | 7,232 |
Maxscend Microelectronics Co. Ltd., Class A | 109 | 1,554 |
Meituan * (b) | 2,086 | 46,801 |
Midea Group Co. Ltd., Class A | 334 | 2,724 |
Minth Group Ltd. | 1,506 | 4,026 |
NARI Technology Co. Ltd., Class A | 755 | 3,269 |
NetEase, Inc. | 1,403 | 26,250 |
NIO, Inc., ADR * | 454 | 8,951 |
NIO, Inc., Class A * | 149 | 2,920 |
Oppein Home Group, Inc., Class A | 237 | 4,224 |
JPMorgan Emerging Markets Research Enhanced Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2022 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2022 (Unaudited) (continued)
INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — continued | ||
China — continued | ||
Pharmaron Beijing Co. Ltd., Class H (b) | 744 | 6,053 |
PICC Property & Casualty Co. Ltd., Class H | 10,610 | 10,891 |
Pinduoduo, Inc., ADR * | 230 | 11,297 |
Ping An Bank Co. Ltd., Class A | 3,531 | 6,642 |
Ping An Insurance Group Co. of China Ltd., Class H | 3,965 | 23,302 |
Postal Savings Bank of China Co. Ltd., Class H (b) | 8,918 | 5,900 |
Qingdao Haier Biomedical Co. Ltd., Class A | 401 | 4,134 |
Shanghai Baosight Software Co. Ltd., Class A | 691 | 4,123 |
Shanghai Liangxin Electrical Co. Ltd., Class A * | 1,403 | 3,322 |
Shanghai Putailai New Energy Technology Co. Ltd., Class A | 326 | 3,425 |
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A | 133 | 5,713 |
Silergy Corp. | 320 | 5,989 |
Skshu Paint Co. Ltd., Class A * | 335 | 5,269 |
Sunny Optical Technology Group Co. Ltd. | 299 | 4,046 |
Tencent Holdings Ltd. | 2,894 | 111,850 |
Tingyi Cayman Islands Holding Corp. | 1,718 | 2,828 |
Tongwei Co. Ltd., Class A | 872 | 6,959 |
Trip.com Group Ltd., ADR * | 158 | 4,079 |
Wanhua Chemical Group Co. Ltd., Class A | 583 | 7,237 |
Wuliangye Yibin Co. Ltd., Class A | 338 | 8,936 |
WuXi AppTec Co. Ltd., Class H (b) | 554 | 6,707 |
Wuxi Biologics Cayman, Inc. * (b) | 2,063 | 19,747 |
Xinyi Solar Holdings Ltd. | 6,400 | 10,872 |
XPeng, Inc., Class A * | 503 | 6,107 |
Yum China Holdings, Inc. | 80 | 3,725 |
Yum China Holdings, Inc. | 167 | 8,113 |
Yunnan Energy New Material Co. Ltd. | 97 | 3,091 |
Zhejiang Dingli Machinery Co. Ltd., Class A | 369 | 2,337 |
Zhejiang Weixing New Building Materials Co. Ltd., Class A | 1,713 | 4,993 |
Zijin Mining Group Co. Ltd., Class H | 8,742 | 10,244 |
909,114 | ||
Colombia — 0.1% | ||
Ecopetrol SA, ADR | 342 | 3,675 |
Greece — 0.5% | ||
Hellenic Telecommunications Organization SA | 398 | 6,860 |
OPAP SA | 482 | 6,678 |
13,538 | ||
Hong Kong — 0.3% | ||
Orient Overseas International Ltd. | 86 | 2,997 |
Techtronic Industries Co. Ltd. | 434 | 4,811 |
7,808 | ||
Hungary — 0.3% | ||
OTP Bank Nyrt. | 261 | 5,396 |
Richter Gedeon Nyrt. | 192 | 3,918 |
9,314 |
JPMorgan Emerging Markets Research Enhanced Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2022 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2022 (Unaudited) (continued)
INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — continued | ||
India — 12.6% | ||
ACC Ltd. | 159 | 4,475 |
Apollo Hospitals Enterprise Ltd. | 194 | 10,345 |
Axis Bank Ltd. | 1,263 | 11,600 |
Bharat Petroleum Corp. Ltd. | 1,827 | 7,632 |
Biocon Ltd. | 948 | 3,683 |
Britannia Industries Ltd. | 241 | 11,915 |
Dabur India Ltd. | 667 | 4,925 |
Dr. Reddy's Laboratories Ltd. | 55 | 2,871 |
Eicher Motors Ltd. | 128 | 5,028 |
GAIL India Ltd. | 2,111 | 3,914 |
HDFC Bank Ltd., ADR | 133 | 8,351 |
HDFC Life Insurance Co. Ltd. (b) | 1,385 | 9,734 |
Hindustan Unilever Ltd. | 681 | 22,763 |
Housing Development Finance Corp. Ltd. | 1,024 | 30,890 |
ICICI Bank Ltd. * | 3,123 | 32,478 |
Infosys Ltd., ADR | 1,839 | 35,851 |
Kotak Mahindra Bank Ltd. | 599 | 13,751 |
Larsen & Toubro Ltd. | 452 | 10,368 |
Maruti Suzuki India Ltd. | 122 | 13,606 |
NTPC Ltd. | 4,942 | 9,558 |
Oil & Natural Gas Corp. Ltd. | 1,856 | 3,151 |
Petronet LNG Ltd. | 2,310 | 6,430 |
Power Grid Corp. of India Ltd. | 2,520 | 6,825 |
Reliance Industries Ltd. * | 1,542 | 49,032 |
Shriram Transport Finance Co. Ltd. | 463 | 8,098 |
Tata Consultancy Services Ltd. | 551 | 23,041 |
Tata Consumer Products Ltd. | 479 | 4,919 |
UltraTech Cement Ltd. | 93 | 7,698 |
UPL Ltd. | 1,017 | 9,538 |
372,470 | ||
Indonesia — 1.7% | ||
Bank Central Asia Tbk. PT | 37,353 | 18,574 |
Bank Rakyat Indonesia Persero Tbk. PT | 55,994 | 16,529 |
Telkom Indonesia Persero Tbk. PT | 50,623 | 14,459 |
49,562 | ||
Malaysia — 1.1% | ||
CIMB Group Holdings Bhd. | 3,967 | 4,647 |
Malayan Banking Bhd. | 1,886 | 3,757 |
Petronas Chemicals Group Bhd. | 4,150 | 8,289 |
Public Bank Bhd. | 11,859 | 12,373 |
Tenaga Nasional Bhd. | 2,290 | 4,251 |
33,317 | ||
Mexico — 2.5% | ||
America Movil SAB de CV | 18,779 | 17,843 |
Fomento Economico Mexicano SAB de CV, ADR | 95 | 5,870 |
Grupo Aeroportuario del Pacifico SAB de CV, Class B | 651 | 8,815 |
JPMorgan Emerging Markets Research Enhanced Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2022 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2022 (Unaudited) (continued)
INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — continued | ||
Mexico — continued | ||
Grupo Aeroportuario del Sureste SAB de CV, Class B | 442 | 8,305 |
Grupo Financiero Banorte SAB de CV, Class O | 2,037 | 11,611 |
Grupo Mexico SAB de CV | 2,284 | 9,053 |
Wal-Mart de Mexico SAB de CV | 3,412 | 12,405 |
73,902 | ||
Peru — 0.4% | ||
Credicorp Ltd. | 83 | 10,724 |
Philippines — 0.2% | ||
ACEN Corp. | 786 | 119 |
Ayala Corp. | 262 | 2,952 |
Ayala Land, Inc. | 6,147 | 2,821 |
5,892 | ||
Poland — 0.5% | ||
Dino Polska SA * (b) | 123 | 9,614 |
Powszechny Zaklad Ubezpieczen SA | 840 | 5,501 |
15,115 | ||
Qatar — 0.8% | ||
Industries Qatar QSC | 1,690 | 7,957 |
Qatar National Bank QPSC | 3,009 | 16,668 |
24,625 | ||
Russia — 0.0% ^ | ||
Gazprom PJSC, ADR ‡ * | 2,290 | 256 |
Magnitogorsk Iron & Steel Works PJSC ‡ | 3,146 | 36 |
MMC Norilsk Nickel PJSC, ADR ‡ | 410 | 197 |
Novatek PJSC ‡ | 165 | 50 |
Rosneft Oil Co. PJSC, GDR ‡ (b) | 833 | 78 |
Sberbank of Russia PJSC ‡ * | 3,172 | 133 |
Severstal PAO, GDR ‡ (b) | 329 | 105 |
TCS Group Holding plc, GDR ‡ * (b) | 69 | 49 |
X5 Retail Group NV, GDR ‡ (b) | 207 | 50 |
954 | ||
Saudi Arabia — 3.8% | ||
Al Rajhi Bank * | 1,167 | 28,117 |
Alinma Bank | 1,245 | 12,699 |
Almarai Co. JSC | 394 | 5,496 |
BinDawood Holding Co. | 132 | 3,006 |
Etihad Etisalat Co. | 513 | 5,176 |
SABIC Agri-Nutrients Co. | 153 | 5,466 |
Saudi Arabian Oil Co. (b) | 546 | 5,834 |
Saudi Basic Industries Corp. | 447 | 11,925 |
Saudi National Bank (The) | 1,432 | 26,887 |
Saudi Telecom Co. | 281 | 7,554 |
112,160 |
JPMorgan Emerging Markets Research Enhanced Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2022 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2022 (Unaudited) (continued)
INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — continued | ||
Singapore — 0.1% | ||
BOC Aviation Ltd. (b) | 360 | 3,060 |
South Africa — 3.7% | ||
Bid Corp. Ltd. | 557 | 10,263 |
Bidvest Group Ltd. (The) | 613 | 7,890 |
Capitec Bank Holdings Ltd. | 68 | 8,154 |
Clicks Group Ltd. | 399 | 6,720 |
Discovery Ltd. * | 388 | 3,000 |
FirstRand Ltd. | 3,976 | 15,729 |
Foschini Group Ltd. (The) | 380 | 2,771 |
MTN Group Ltd. | 569 | 4,775 |
Naspers Ltd., Class N | 116 | 16,445 |
Nedbank Group Ltd. | 467 | 6,106 |
Sanlam Ltd. | 2,776 | 9,118 |
SPAR Group Ltd. (The) | 644 | 5,200 |
Standard Bank Group Ltd. | 821 | 7,904 |
Vodacom Group Ltd. | 669 | 5,555 |
109,630 | ||
South Korea — 12.4% | ||
BGF retail Co. Ltd. | 18 | 2,441 |
Hana Financial Group, Inc. | 264 | 7,553 |
Hankook Tire & Technology Co. Ltd. | 127 | 3,395 |
Hyundai Glovis Co. Ltd. | 58 | 8,208 |
Hyundai Mobis Co. Ltd. | 31 | 5,466 |
Hyundai Motor Co. | 41 | 6,203 |
JYP Entertainment Corp. | 105 | 4,503 |
Kakao Corp. | 175 | 10,089 |
KB Financial Group, Inc. | 341 | 12,676 |
Kia Corp. | 253 | 15,853 |
KIWOOM Securities Co. Ltd. | 43 | 2,767 |
LG Chem Ltd. | 40 | 18,531 |
LG H&H Co. Ltd. | 10 | 6,145 |
Mando Corp. | 76 | 3,372 |
NAVER Corp. | 94 | 18,838 |
NCSoft Corp. | 23 | 6,623 |
POSCO Holdings, Inc. | 66 | 12,272 |
Samsung Biologics Co. Ltd. * (b) | 12 | 7,837 |
Samsung Electro-Mechanics Co. Ltd. | 53 | 5,831 |
Samsung Electronics Co. Ltd. | 2,575 | 121,898 |
Samsung Fire & Marine Insurance Co. Ltd. | 60 | 9,136 |
Samsung SDI Co. Ltd. | 13 | 5,566 |
Shinhan Financial Group Co. Ltd. | 441 | 12,150 |
SK Hynix, Inc. | 338 | 25,581 |
SK Innovation Co. Ltd. * | 61 | 8,774 |
SK Telecom Co. Ltd. | 137 | 5,675 |
SK, Inc. | 23 | 3,954 |
JPMorgan Emerging Markets Research Enhanced Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2022 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2022 (Unaudited) (continued)
INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — continued | ||
South Korea — continued | ||
SKC Co. Ltd. | 49 | 5,190 |
S-Oil Corp. | 107 | 7,616 |
364,143 | ||
Taiwan — 13.6% | ||
Accton Technology Corp. | 712 | 5,942 |
Advantech Co. Ltd. | 892 | 10,269 |
ASE Technology Holding Co. Ltd. | 3,208 | 9,348 |
Cathay Financial Holding Co. Ltd. | 2,860 | 4,363 |
Chailease Holding Co. Ltd. | 1,673 | 11,902 |
CTBC Financial Holding Co. Ltd. | 16,882 | 12,970 |
Delta Electronics, Inc. | 1,845 | 16,046 |
E.Sun Financial Holding Co. Ltd. | 11,779 | 10,857 |
Eclat Textile Co. Ltd. | 419 | 5,729 |
eMemory Technology, Inc. | 71 | 2,822 |
Evergreen Marine Corp. Taiwan Ltd. | 1,139 | 3,660 |
Fubon Financial Holding Co. Ltd. | 3,604 | 6,769 |
Giant Manufacturing Co. Ltd. | 474 | 3,878 |
Hon Hai Precision Industry Co. Ltd. | 3,901 | 14,257 |
MediaTek, Inc. | 365 | 8,410 |
Nan Ya Plastics Corp. | 3,921 | 8,836 |
Nan Ya Printed Circuit Board Corp. | 492 | 3,986 |
Nien Made Enterprise Co. Ltd. | 382 | 3,670 |
Novatek Microelectronics Corp. | 640 | 5,702 |
Powertech Technology, Inc. | 948 | 2,717 |
President Chain Store Corp. | 613 | 5,796 |
Realtek Semiconductor Corp. | 666 | 7,659 |
Taiwan Mobile Co. Ltd. | 774 | 2,627 |
Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 301 | 26,607 |
Taiwan Semiconductor Manufacturing Co. Ltd. | 9,810 | 168,237 |
Uni-President Enterprises Corp. | 4,723 | 11,119 |
United Microelectronics Corp. * | 2,800 | 3,767 |
Vanguard International Semiconductor Corp. | 1,325 | 3,191 |
Wiwynn Corp. | 238 | 5,887 |
Yang Ming Marine Transport Corp. | 1,405 | 4,237 |
Yuanta Financial Holding Co. Ltd. | 14,435 | 9,676 |
400,936 | ||
Thailand — 1.9% | ||
Airports of Thailand PCL * | 4,072 | 7,846 |
Airports of Thailand PCL, NVDR * | 104 | 201 |
Indorama Ventures PCL | 3,193 | 3,822 |
Minor International PCL * | 5,675 | 5,219 |
Minor International PCL, NVDR * | 145 | 134 |
PTT Exploration & Production PCL, NVDR | 85 | 381 |
PTT Exploration & Production PCL | 2,083 | 9,367 |
PTT Global Chemical PCL | 4,973 | 6,039 |
PTT Global Chemical PCL, NVDR | 127 | 155 |
JPMorgan Emerging Markets Research Enhanced Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2022 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2022 (Unaudited) (continued)
INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — continued | ||
Thailand — continued | ||
PTT PCL | 5,371 | 5,141 |
PTT PCL, NVDR | 138 | 131 |
SCB X PCL | 2,452 | 6,761 |
Siam Cement PCL (The), NVDR | 18 | 182 |
Siam Cement PCL (The) (Registered) | 700 | 7,122 |
Thai Oil PCL, NVDR | 76 | 108 |
Thai Oil PCL | 2,974 | 4,204 |
56,813 | ||
United Arab Emirates — 0.8% | ||
Dubai Islamic Bank PJSC | 3,543 | 5,677 |
Emaar Properties PJSC | 4,472 | 6,712 |
Emirates Telecommunications Group Co. PJSC | 752 | 5,711 |
First Abu Dhabi Bank PJSC | 1,079 | 5,709 |
23,809 | ||
United States — 0.2% | ||
Genpact Ltd. | 65 | 3,141 |
JS Global Lifestyle Co. Ltd. (b) | 1,179 | 1,418 |
Parade Technologies Ltd. | 59 | 2,222 |
6,781 | ||
Total Common Stocks (Cost $2,923,267) | 2,782,070 | |
Short-Term Investments — 1.5% | ||
Investment Companies — 1.5% | ||
JPMorgan Prime Money Market Fund Class Institutional Shares, 2.09% (c) (d)(Cost $43,513) | 43,509 | 43,513 |
Investment of Cash Collateral from Securities Loaned — 0.0% ^ | ||
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 2.06% (c) (d) | 487 | 487 |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.00% (c) (d) | 334 | 334 |
Total Investment of Cash Collateral from Securities Loaned (Cost $821) | 821 | |
Total Short-Term Investments (Cost $44,334) | 44,334 | |
Total Investments — 95.9% (Cost $2,967,601) | 2,826,404 | |
Other Assets Less Liabilities — 4.1% | 121,132 | |
NET ASSETS — 100.0% | 2,947,536 |
Percentages indicated are based on net assets. |
Abbreviations | |
ADR | American Depositary Receipt |
BDR | Brazilian Depositary Receipt |
GDR | Global Depositary Receipt |
JSC | Joint Stock Company |
NVDR | Non-Voting Depositary Receipt |
JPMorgan Emerging Markets Research Enhanced Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2022 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2022 (Unaudited) (continued)
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 |
^ | Amount rounds to less than 0.1% of net assets. | |
‡ | Value determined using significant unobservable inputs. | |
* | Non-income producing security. | |
(a) | The security or a portion of this security is on loan at July 31, 2022. The total value of securities on loan at July 31, 2022 is $839. | |
(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, 2022. |
Summary of Investments by Industry, July 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 | 15.7% |
Semiconductors & Semiconductor Equipment | 10.0 |
Internet & Direct Marketing Retail | 6.8 |
Interactive Media & Services | 5.5 |
Oil, Gas & Consumable Fuels | 5.4 |
Technology Hardware, Storage & Peripherals | 5.0 |
Insurance | 3.5 |
Chemicals | 3.4 |
Metals & Mining | 2.8 |
Automobiles | 2.7 |
Food Products | 2.6 |
Food & Staples Retailing | 2.5 |
IT Services | 2.2 |
Electronic Equipment, Instruments & Components | 2.2 |
Real Estate Management & Development | 1.9 |
Wireless Telecommunication Services | 1.7 |
Life Sciences Tools & Services | 1.5 |
Entertainment | 1.3 |
Diversified Financial Services | 1.3 |
Hotels, Restaurants & Leisure | 1.2 |
Diversified Telecommunication Services | 1.2 |
Personal Products | 1.2 |
Thrifts & Mortgage Finance | 1.1 |
Beverages | 1.1 |
Auto Components | 1.0 |
Others (each less than 1.0%) | 13.6 |
Short-Term Investments | 1.6 |
JPMorgan Emerging Markets Research Enhanced Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2022 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2022 (Unaudited) (continued)
Forward foreign currency exchange contracts outstanding as of July 31, 2022 (amounts in thousands):
CURRENCY PURCHASED | CURRENCY SOLD | COUNTERPARTY | SETTLEMENT DATE | UNREALIZED APPRECIATION (DEPRECIATION) ($) | ||
USD | 526 | QAR | 1,936 | Barclays Bank plc | 8/1/2022 | (6) |
Net unrealized depreciation | (6) |
Abbreviations | |
QAR | Qatar Riyal |
USD | United States Dollar |
JPMorgan Emerging Markets Research Enhanced Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2022 (Unaudited) (continued)
(Dollar values in thousands)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 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 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.
Forward foreign currency exchange contracts are valued utilizing market quotations from approved Pricing Services.
Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer-related events after the report date and prior to issuance of the report are not reflected herein.
The various inputs that are used in determining the valuation of the Fund's investments are summarized into the three broad levels listed below.
•
Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.
•
Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.
•
Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund's assumptions in determining the fair value of investments).
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.
The following table represents each valuation input as presented on the Schedule of Portfolio Investments:
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |
Investments in Securities | ||||
Common Stocks | ||||
Brazil | $166,531 | $— | $— | $166,531 |
Chile | 8,197 | — | — | 8,197 |
China | 46,567 | 862,547 | — | 909,114 |
Colombia | 3,675 | — | — | 3,675 |
Greece | — | 13,538 | — | 13,538 |
Hong Kong | — | 7,808 | — | 7,808 |
Hungary | — | 9,314 | — | 9,314 |
India | 44,202 | 328,268 | — | 372,470 |
Indonesia | — | 49,562 | — | 49,562 |
Malaysia | — | 33,317 | — | 33,317 |
Mexico | 73,902 | — | — | 73,902 |
JPMorgan Emerging Markets Research Enhanced Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2022 (Unaudited) (continued)
(Dollar values in thousands)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2022 (Unaudited) (continued)
(Dollar values in thousands)
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |
Peru | $10,724 | $— | $— | $10,724 |
Philippines | — | 5,892 | — | 5,892 |
Poland | — | 15,115 | — | 15,115 |
Qatar | — | 24,625 | — | 24,625 |
Russia | — | — | 954 | 954 |
Saudi Arabia | — | 112,160 | — | 112,160 |
Singapore | — | 3,060 | — | 3,060 |
South Africa | 19,754 | 89,876 | — | 109,630 |
South Korea | — | 364,143 | — | 364,143 |
Taiwan | 26,607 | 374,329 | — | 400,936 |
Thailand | 50,380 | 6,433 | — | 56,813 |
United Arab Emirates | 5,711 | 18,098 | — | 23,809 |
United States | 3,141 | 3,640 | — | 6,781 |
Total Common Stocks | 459,391 | 2,321,725 | 954 | 2,782,070 |
Short-Term Investments | ||||
Investment Companies | 43,513 | — | — | 43,513 |
Investment of Cash Collateral from Securities Loaned | 821 | — | — | 821 |
Total Short-Term Investments | 44,334 | — | — | 44,334 |
Total Investments in Securities | $503,725 | $2,321,725 | $954 | $2,826,404 |
Depreciation in Other Financial Instruments | ||||
Forward Foreign Currency Exchange Contracts | $— | $(6) | $— | $(6) |
Transfers from level 2 to level 3 are due to a decline in market activity (e.g. frequency of trades), which resulted in a lack of available market inputs to determine the price for the period ended July 31, 2022
There were no significant transfers into or out of level 3 for the period ended July 31, 2022.
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, 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 July 31, 2022 | Shares at July 31, 2022 | Dividend Income | Capital Gain Distributions |
JPMorgan Prime Money Market Fund Class Institutional Shares, 2.09% (a) (b) | $3,718 | $1,018,652 | $978,845 | $(12) | $—(c) | $43,513 | 43,509 | $127 | $— |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 2.06% (a) (b) | 22,493 | 48,000 | 70,000 | (6) | —(c) | 487 | 487 | 17 | — |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.00% (a) (b) | 2,859 | 117,860 | 120,385 | — | — | 334 | 334 | 9 | — |
Total | $29,070 | $1,184,512 | $1,169,230 | $(18) | $—(c) | $44,334 | $153 | $— |
(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, 2022. |