JPMorgan Emerging Markets Research Enhanced Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JANUARY 31, 2022 (Unaudited)
| | | | | | | | |
Investments | | Shares (000) | | | Value ($000) | |
| | | | | | | |
COMMON STOCKS — 97.6% | |
Argentina — 0.1% | |
MercadoLibre, Inc.* | | | 4 | | | | 4,297 | |
| | | | | | | | |
Brazil — 5.1% | |
Atacadao SA | | | 1,416 | | | | 4,452 | |
B3 SA - Brasil Bolsa Balcao | | | 1,812 | | | | 5,008 | |
EDP - Energias do Brasil SA | | | 1,064 | | | | 4,318 | |
Gerdau SA (Preference) | | | 1,959 | | | | 10,292 | |
Itau Unibanco Holding SA (Preference) | | | 3,637 | | | | 17,466 | |
Itausa SA (Preference) | | | 7,073 | | | | 13,639 | |
Localiza Rent a Car SA | | | 496 | | | | 5,497 | |
Lojas Renner SA | | | 1,172 | | | | 6,240 | |
Magazine Luiza SA* | | | 4,305 | | | | 5,675 | |
Petroleo Brasileiro SA (Preference) | | | 6,207 | | | | 37,840 | |
Porto Seguro SA | | | 960 | | | | 3,591 | |
Raia Drogasil SA | | | 1,910 | | | | 8,366 | |
Suzano SA | | | 1,109 | | | | 12,387 | |
TIM SA, ADR*(a) | | | 530 | | | | 6,619 | |
Vale SA, ADR | | | 2,457 | | | | 37,296 | |
WEG SA | | | 2,603 | | | | 15,837 | |
XP, Inc., Receipts* | | | 152 | | | | 5,042 | |
| | | | | | | | |
| | | | | | | 199,565 | |
| | | | | | | | |
Chile — 0.4% | |
Banco Santander Chile, ADR | | | 436 | | | | 8,754 | |
Cencosud SA | | | 1,646 | | | | 3,032 | |
Cia Cervecerias Unidas SA, ADR | | | 135 | | | | 2,243 | |
| | | | | | | | |
| | | | | | | 14,029 | |
| | | | | | | | |
China — 31.6% | |
Alibaba Group Holding Ltd.* | | | 7,993 | | | | 125,283 | |
Amoy Diagnostics Co. Ltd., Class A | | | 232 | | | | 2,101 | |
Anhui Conch Cement Co. Ltd., Class H | | | 1,028 | | | | 5,438 | |
Anjoy Foods Group Co. Ltd., Class A | | | 155 | | | | 3,239 | |
ANTA Sports Products Ltd. | | | 816 | | | | 12,255 | |
Baidu, Inc., ADR* | | | 104 | | | | 16,643 | |
Baoshan Iron & Steel Co. Ltd., Class A | | | 4,779 | | | | 5,325 | |
BeiGene Ltd., ADR* | | | 33 | | | | 8,077 | |
Beijing Oriental Yuhong Waterproof Technology Co. Ltd., Class A | | | 670 | | | | 5,244 | |
BOE Technology Group Co. Ltd., Class A | | | 11,513 | | | | 8,828 | |
BYD Co. Ltd., Class H | | | 182 | | | | 5,368 | |
Chacha Food Co. Ltd., Class A | | | 740 | | | | 6,389 | |
China Conch Venture Holdings Ltd. | | | 1,503 | | | | 7,142 | |
China Construction Bank Corp., Class H | | | 60,380 | | | | 46,332 | |
China International Capital Corp. Ltd., Class H(b) | | | 2,373 | | | | 6,465 | |
China Lesso Group Holdings Ltd. | | | 3,482 | | | | 6,053 | |
China Life Insurance Co. Ltd., Class H | | | 7,329 | | | | 12,884 | |
China Merchants Bank Co. Ltd., Class H | | | 3,837 | | | | 32,070 | |
China Molybdenum Co. Ltd., Class H | | | 14,304 | | | | 7,350 | |
China Pacific Insurance Group Co. Ltd., Class H | | | 3,498 | | | | 10,649 | |
China Resources Land Ltd. | | | 2,950 | | | | 14,259 | |
China Resources Mixc Lifestyle Services Ltd.(b) | | | 733 | | | | 4,308 | |
China Vanke Co. Ltd., Class H | | | 4,955 | | | | 12,809 | |
China Yangtze Power Co. Ltd., Class A | | | 2,782 | | | | 9,595 | |
Chongqing Brewery Co. Ltd., Class A* | | | 218 | | | | 4,564 | |
Contemporary Amperex Technology Co. Ltd., Class A | | | 133 | | | | 12,824 | |
Country Garden Services Holdings Co. Ltd. | | | 1,775 | | | | 10,485 | |
CSPC Pharmaceutical Group Ltd. | | | 4,984 | | | | 6,057 | |
ENN Energy Holdings Ltd. | | | 774 | | | | 12,325 | |
Foshan Haitian Flavouring & Food Co. Ltd., Class A | | | 736 | | | | 11,265 | |
Fuyao Glass Industry Group Co. Ltd., Class H(b) | | | 1,098 | | | | 5,944 | |
Guangzhou Automobile Group Co. Ltd., Class H | | | 12,538 | | | | 12,316 | |
Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A | | | 321 | | | | 3,912 | |
Haier Smart Home Co. Ltd., Class H | | | 4,052 | | | | 16,244 | |
Hangzhou Tigermed Consulting Co. Ltd., Class H(b) | | | 308 | | | | 3,227 | |
Han’s Laser Technology Industry Group Co. Ltd., Class A | | | 688 | | | | 5,163 | |
Hefei Meiya Optoelectronic Technology, Inc., Class A | | | 609 | | | | 3,229 | |
Huatai Securities Co. Ltd., Class H(b) | | | 2,820 | | | | 5,013 | |
Huayu Automotive Systems Co. Ltd., Class A | | | 1,113 | | | | 4,858 | |
Huazhu Group Ltd.* | | | 1,873 | | | | 7,383 | |
Hundsun Technologies, Inc., Class A | | | 372 | | | | 3,439 | |
HUTCHMED China Ltd., ADR* | | | 73 | | | | 1,995 | |
Industrial & Commercial Bank of China Ltd., Class H | | | 31,123 | | | | 18,856 | |
Inner Mongolia Yili Industrial Group Co. Ltd., Class A | | | 1,807 | | | | 10,892 | |
JD.com, Inc., Class A* | | | 1,021 | | | | 38,714 | |
Jiangsu Hengli Hydraulic Co. Ltd., Class A | | | 310 | | | | 3,780 | |
Jiangsu Hengrui Medicine Co. Ltd., Class A | | | 1,079 | | | | 6,961 | |
Kunlun Energy Co. Ltd. | | | 6,918 | | | | 7,174 | |
Kweichow Moutai Co. Ltd., Class A | | | 35 | | | | 10,366 | |
Laobaixing Pharmacy Chain JSC, Class A | | | 762 | | | | 5,113 | |
Lenovo Group Ltd. | | | 3,922 | | | | 4,250 | |
Longfor Group Holdings Ltd.(c) | | | 2,373 | | | | 14,232 | |
Maxscend Microelectronics Co. Ltd., Class A | | | 75 | | | | 3,093 | |
Meituan*(b) | | | 2,222 | | | | 66,304 | |
Minth Group Ltd. | | | 1,712 | | | | 7,917 | |
NetEase, Inc. | | | 1,538 | | | | 32,115 | |
NIO, Inc., ADR* | | | 675 | | | | 16,539 | |
Nongfu Spring Co. Ltd., Class H(b) | | | 842 | | | | 5,097 | |
Oppein Home Group, Inc., Class A | | | 489 | | | | 10,614 | |
Pharmaron Beijing Co. Ltd., Class H(b) | | | 651 | | | | 8,281 | |
PICC Property & Casualty Co. Ltd., Class H | | | 15,522 | | | | 14,463 | |
Pinduoduo, Inc., ADR* | | | 309 | | | | 18,489 | |
Ping An Bank Co. Ltd., Class A | | | 3,870 | | | | 9,699 | |
JPMorgan Emerging Markets Research Enhanced Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JANUARY 31, 2022 (Unaudited) (continued)
| | | | | | | | |
Investments | | Shares (000) | | | Value ($000) | |
Ping An Insurance Group Co. of China Ltd., Class H | | | 4,346 | | | | 34,489 | |
Poly Developments and Holdings Group Co. Ltd., Class A | | | 1,351 | | | | 3,329 | |
Postal Savings Bank of China Co. Ltd., Class H(b) | | | 9,775 | | | | 8,144 | |
Qingdao Haier Biomedical Co. Ltd., Class A | | | 440 | | | | 4,988 | |
Shanghai Baosight Software Co. Ltd., Class A | | | 583 | | | | 4,982 | |
Shanghai Liangxin Electrical Co. Ltd., Class A | | | 1,032 | | | | 2,569 | |
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A | | | 146 | | | | 7,403 | |
Skshu Paint Co. Ltd., Class A | | | 368 | | | | 6,132 | |
Sunny Optical Technology Group Co. Ltd. | | | 606 | | | | 15,656 | |
Tencent Holdings Ltd. | | | 3,029 | | | | 189,804 | |
Tongwei Co. Ltd., Class A | | | 1,223 | | | | 7,298 | |
Topsports International Holdings Ltd.(b) | | | 2,201 | | | | 1,989 | |
Trip.com Group Ltd., ADR* | | | 304 | | | | 8,077 | |
Wanhua Chemical Group Co. Ltd., Class A | | | 639 | | | | 9,213 | |
Wuliangye Yibin Co. Ltd., Class A | | | 114 | | | | 3,598 | |
WuXi AppTec Co. Ltd., Class H(b) | | | 607 | | | | 8,704 | |
Wuxi Biologics Cayman, Inc.*(b) | | | 2,262 | | | | 22,666 | |
Xiaomi Corp., Class B*(b) | | | 3,668 | | | | 7,781 | |
Xinyi Solar Holdings Ltd. | | | 7,016 | | | | 11,256 | |
XPeng, Inc., Class A* | | | 551 | | | | 9,617 | |
Yum China Holdings, Inc. | | | 300 | | | | 14,431 | |
Yunnan Energy New Material Co. Ltd. | | | 107 | | | | 4,297 | |
Zai Lab Ltd., ADR* | | | 86 | | | | 4,252 | |
Zhejiang Dingli Machinery Co. Ltd., Class A | | | 404 | | | | 4,660 | |
Zhejiang Weixing New Building Materials Co. Ltd., Class A | | | 1,877 | | | | 6,699 | |
Zhongji Innolight Co. Ltd., Class A | | | 576 | | | | 3,270 | |
Zijin Mining Group Co. Ltd., Class H | | | 11,490 | | | | 14,916 | |
| | | | | | | | |
| | | | | | | 1,237,518 | |
| | | | | | | | |
Colombia — 0.2% | |
Ecopetrol SA, ADR(a) | | | 524 | | | | 7,718 | |
| | | | | | | | |
Greece — 0.4% | |
Hellenic Telecommunications Organization SA | | | 437 | | | | 8,489 | |
OPAP SA | | | 528 | | | | 7,848 | |
| | | | | | | | |
| | | | | | | 16,337 | |
| | | | | | | | |
Hong Kong — 0.3% | |
JD.com cash in lieu of shares* | | | 141 | | | | 5,342 | |
Techtronic Industries Co. Ltd. | | | 476 | | | | 7,846 | |
| | | | | | | | |
| | | | | | | 13,188 | |
| | | | | | | | |
Hungary — 0.4% | |
OTP Bank Nyrt.* | | | 227 | | | | 13,163 | |
Richter Gedeon Nyrt. | | | 128 | | | | 3,375 | |
| | | | | | | | |
| | | | | | | 16,538 | |
| | | | | | | | |
India — 11.7% | |
ACC Ltd. | | | 174 | | | | 5,363 | |
Apollo Hospitals Enterprise Ltd. | | | 212 | | | | 12,767 | |
Axis Bank Ltd.* | | | 1,131 | | | | 11,845 | |
Bharat Petroleum Corp. Ltd. | | | 2,002 | | | | 10,722 | |
Biocon Ltd.* | | | 1,039 | | | | 5,131 | |
Britannia Industries Ltd. | | | 265 | | | | 12,590 | |
Eicher Motors Ltd. | | | 141 | | | | 5,024 | |
HDFC Bank Ltd., ADR | | | 146 | | | | 10,004 | |
HDFC Life Insurance Co. Ltd.(b) | | | 1,575 | | | | 13,204 | |
Hindalco Industries Ltd. | | | 1,807 | | | | 11,979 | |
Hindustan Unilever Ltd. | | | 681 | | | | 20,820 | |
Housing Development Finance Corp. Ltd. | | | 1,122 | | | | 38,285 | |
ICICI Bank Ltd. | | | 3,423 | | | | 36,774 | |
Infosys Ltd., ADR | | | 2,165 | | | | 51,039 | |
Kotak Mahindra Bank Ltd. | | | 737 | | | | 18,466 | |
Larsen & Toubro Ltd. | | | 627 | | | | 16,166 | |
Maruti Suzuki India Ltd. | | | 154 | | | | 17,834 | |
NTPC Ltd. | | | 5,417 | | | | 10,389 | |
Oil & Natural Gas Corp. Ltd. | | | 3,728 | | | | 8,717 | |
Petronet LNG Ltd. | | | 2,533 | | | | 7,281 | |
Power Grid Corp. of India Ltd. | | | 3,963 | | | | 11,485 | |
Reliance Industries Ltd. | | | 1,690 | | | | 54,462 | |
Shriram Transport Finance Co. Ltd. | | | 507 | | | | 8,421 | |
Tata Consultancy Services Ltd. | | | 651 | | | | 32,795 | |
Tata Steel Ltd. | | | 427 | | | | 6,294 | |
UltraTech Cement Ltd. | | | 102 | | | | 9,894 | |
United Spirits Ltd.* | | | 510 | | | | 5,955 | |
Wipro Ltd. | | | 539 | | | | 4,161 | |
| | | | | | | | |
| | | | | | | 457,867 | |
| | | | | | | | |
Indonesia — 1.6% | |
Bank Central Asia Tbk. PT | | | 46,597 | | | | 24,785 | |
Bank Rakyat Indonesia Persero Tbk. PT | | | 66,719 | | | | 18,990 | |
Telkom Indonesia Persero Tbk. PT | | | 64,098 | | | | 18,773 | |
| | | | | | | | |
| | | | | | | 62,548 | |
| | | | | | | | |
Malaysia — 1.0% | |
CIMB Group Holdings Bhd. | | | 4,348 | | | | 5,417 | |
Malayan Banking Bhd. | | | 2,068 | | | | 4,088 | |
Petronas Chemicals Group Bhd. | | | 4,549 | | | | 9,661 | |
Public Bank Bhd. | | | 13,000 | | | | 13,095 | |
Tenaga Nasional Bhd. | | | 2,511 | | | | 5,507 | |
| | | | | | | | |
| | | | | | | 37,768 | |
| | | | | | | | |
Mexico — 2.7% | |
America Movil SAB de CV, Series L(a) | | | 25,330 | | | | 23,835 | |
Fomento Economico Mexicano SAB de CV, ADR | | | 104 | | | | 7,809 | |
Grupo Aeroportuario del Pacifico SAB de CV, Class B* | | | 714 | | | | 9,833 | |
Grupo Aeroportuario del Sureste SAB de CV, Class B(a) | | | 484 | | | | 9,806 | |
Grupo Financiero Banorte SAB de CV, Class O | | | 2,233 | | | | 14,126 | |
Grupo Mexico SAB de CV, Series B | | | 3,895 | | | | 16,750 | |
Kimberly-Clark de Mexico SAB de CV, Class A(a) | | | 4,046 | | | | 5,835 | |
Wal-Mart de Mexico SAB de CV | | | 4,787 | | | | 16,238 | |
| | | | | | | | |
| | | | | | | 104,232 | |
| | | | | | | | |
Peru — 0.3% | |
Credicorp Ltd. | | | 91 | | | | 13,011 | |
| | | | | | | | |
JPMorgan Emerging Markets Research Enhanced Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JANUARY 31, 2022 (Unaudited) (continued)
| | | | | | | | |
Investments | | Shares (000) | | | Value ($000) | |
| | | | | | | |
Philippines — 0.4% | |
Ayala Corp. | | | 287 | | | | 4,913 | |
Ayala Land, Inc. | | | 6,738 | | | | 4,757 | |
International Container Terminal Services, Inc. | | | 1,706 | | | | 6,712 | |
| | | | | | | | |
| | | | | | | 16,382 | |
| | | | | | | | |
Poland — 0.4% | |
Allegro.eu SA*(b) | | | 218 | | | | 2,017 | |
Dino Polska SA*(b) | | | 88 | | | | 6,753 | |
Powszechny Zaklad Ubezpieczen SA | | | 654 | | | | 5,825 | |
| | | | | | | | |
| | | | | | | 14,595 | |
| | | | | | | | |
Qatar — 0.2% | |
Qatar National Bank QPSC | | | 1,464 | | | | 8,782 | |
| | | | | | | | |
Russia — 3.7% | |
Gazprom PJSC, ADR | | | 3,825 | | | | 33,294 | |
LUKOIL PJSC, ADR | | | 324 | | | | 29,036 | |
Magnitogorsk Iron & Steel Works PJSC | | | 6,261 | | | | 4,957 | |
MMC Norilsk Nickel PJSC, ADR | | | 456 | | | | 12,879 | |
Novatek PJSC | | | 251 | | | | 5,350 | |
Rosneft Oil Co. PJSC, GDR(b) | | | 1,339 | | | | 9,977 | |
Sberbank of Russia PJSC, ADR | | | 1,925 | | | | 26,811 | |
Severstal PAO, GDR(b) | | | 442 | | | | 8,711 | |
TCS Group Holding plc, GDR(b) | | | 84 | | | | 6,040 | |
X5 Retail Group NV, GDR(b) | | | 268 | | | | 6,051 | |
| | | | | | | | |
| | | | | | | 143,106 | |
| | | | | | | | |
Saudi Arabia — 3.0% | |
Al Rajhi Bank | | | 799 | | | | 31,749 | |
Alinma Bank | | | 1,832 | | | | 14,690 | |
Almarai Co. JSC | | | 432 | | | | 5,669 | |
BinDawood Holding Co. | | | 150 | | | | 3,856 | |
SABIC Agri-Nutrients Co. | | | 130 | | | | 5,901 | |
Saudi Basic Industries Corp. | | | 442 | | | | 14,786 | |
Saudi National Bank (The) | | | 1,570 | | | | 30,884 | |
Saudi Telecom Co. | | | 308 | | | | 9,689 | |
| | | | | | | | |
| | | | | | | 117,224 | |
| | | | | | | | |
Singapore — 0.1% | |
BOC Aviation Ltd.(b) | | | 394 | | | | 3,312 | |
| | | | | | | | |
South Africa — 3.5% | |
Bid Corp. Ltd. | | | 611 | | | | 13,173 | |
Bidvest Group Ltd. (The) | | | 265 | | | | 3,251 | |
Capitec Bank Holdings Ltd. | | | 105 | | | | 13,728 | |
Clicks Group Ltd. | | | 438 | | | | 8,401 | |
FirstRand Ltd. | | | 4,880 | | | | 19,672 | |
Impala Platinum Holdings Ltd. | | | 427 | | | | 6,582 | |
MTN Group Ltd.* | | | 409 | | | | 5,137 | |
Naspers Ltd., Class N | | | 128 | | | | 20,625 | |
Nedbank Group Ltd. | | | 681 | | | | 8,440 | |
Sanlam Ltd. | | | 3,043 | | | | 12,504 | |
SPAR Group Ltd. (The) | | | 706 | | | | 7,716 | |
Standard Bank Group Ltd. | | | 899 | | | | 8,778 | |
Vodacom Group Ltd. | | | 733 | | | | 7,001 | |
| | | | | | | | |
| | | | | | | 135,008 | |
| | | | | | | | |
South Korea — 12.7% | |
BGF retail Co. Ltd.* | | | 20 | | | | 2,700 | |
Hana Financial Group, Inc. | | | 248 | | | | 9,334 | |
Hankook Tire & Technology Co. Ltd.* | | | 144 | | | | 4,067 | |
Hyundai Glovis Co. Ltd. | | | 64 | | | | 8,771 | |
Hyundai Mobis Co. Ltd. | | | 34 | | | | 6,683 | |
Hyundai Motor Co. | | | 45 | | | | 7,248 | |
JYP Entertainment Corp.* | | | 61 | | | | 2,146 | |
Kakao Corp. | | | 192 | | | | 13,834 | |
KB Financial Group, Inc. | | | 421 | | | | 20,843 | |
Kia Corp. | | | 278 | | | | 19,353 | |
KIWOOM Securities Co. Ltd.* | | | 47 | | | | 3,509 | |
LG Chem Ltd.* | | | 38 | | | | 20,210 | |
LG Energy Solution* | | | 5 | | | | 1,965 | |
LG Household & Health Care Ltd. | | | 11 | | | | 9,117 | |
Mando Corp.* | | | 84 | | | | 3,682 | |
NAVER Corp. | | | 92 | | | | 24,305 | |
NCSoft Corp.* | | | 25 | | | | 11,386 | |
POSCO | | | 72 | | | | 16,113 | |
Samsung Biologics Co. Ltd.*(b) | | | 8 | | | | 4,683 | |
Samsung Electro-Mechanics Co. Ltd. | | | 58 | | | | 8,830 | |
Samsung Electronics Co. Ltd. | | | 2,913 | | | | 181,178 | |
Samsung Fire & Marine Insurance Co. Ltd. | | | 52 | | | | 8,657 | |
Samsung SDI Co. Ltd. | | | 14 | | | | 6,888 | |
Shinhan Financial Group Co. Ltd. | | | 524 | | | | 16,788 | |
SK Hynix, Inc. | | | 399 | | | | 41,309 | |
SK Innovation Co. Ltd.* | | | 66 | | | | 12,058 | |
SK Telecom Co. Ltd. | | | 156 | | | | 7,403 | |
SK, Inc. | | | 26 | | | | 4,730 | |
SKC Co. Ltd.* | | | 68 | | | | 8,149 | |
S-Oil Corp. | | | 142 | | | | 10,763 | |
| | | | | | | | |
| | | | | | | 496,702 | |
| | | | | | | | |
Taiwan — 15.1% | |
Advantech Co. Ltd. | | | 979 | | | | 13,564 | |
ASE Technology Holding Co. Ltd. | | | 4,408 | | | | 16,054 | |
AU Optronics Corp. | | | 10,264 | | | | 7,631 | |
Chailease Holding Co. Ltd. | | | 1,969 | | | | 18,058 | |
CTBC Financial Holding Co. Ltd. | | | 10,383 | | | | 10,438 | |
Delta Electronics, Inc. | | | 2,169 | | | | 21,398 | |
Eclat Textile Co. Ltd. | | | 460 | | | | 10,205 | |
Evergreen Marine Corp. Taiwan Ltd. | | | 895 | | | | 3,797 | |
Fubon Financial Holding Co. Ltd. | | | 6,805 | | | | 18,777 | |
Giant Manufacturing Co. Ltd. | | | 520 | | | | 6,023 | |
Hon Hai Precision Industry Co. Ltd. | | | 4,277 | | | | 15,991 | |
MediaTek, Inc. | | | 280 | | | | 11,121 | |
Nan Ya Plastics Corp. | | | 2,509 | | | | 7,923 | |
Nanya Technology Corp. | | | 4,397 | | | | 11,681 | |
Nien Made Enterprise Co. Ltd. | | | 418 | | | | 5,896 | |
Novatek Microelectronics Corp. | | | 846 | | | | 14,878 | |
Powertech Technology, Inc. | | | 2,386 | | | | 8,504 | |
Quanta Computer, Inc. | | | 2,832 | | | | 9,586 | |
Realtek Semiconductor Corp. | | | 729 | | | | 14,143 | |
Sea Ltd., ADR* | | | 21 | | | | 3,219 | |
Taiwan Semiconductor Manufacturing Co. Ltd., ADR | | | 330 | | | | 40,423 | |
Taiwan Semiconductor Manufacturing Co. Ltd. | | | 11,022 | | | | 254,851 | |
Taiwan Union Technology Corp. | | | 1,615 | | | | 5,450 | |
Uni-President Enterprises Corp. | | | 5,176 | | | | 12,686 | |
Vanguard International Semiconductor Corp. | | | 1,452 | | | | 7,004 | |
Wiwynn Corp. | | | 260 | | | | 9,531 | |
Yageo Corp. | | | 700 | | | | 11,930 | |
Yang Ming Marine Transport Corp.* | | | 1,540 | | | | 5,704 | |
Yuanta Financial Holding Co. Ltd. | | | 15,823 | | | | 14,548 | |
| | | | | | | | |
| | | | | | | 591,014 | |
| | | | | | | | |
JPMorgan Emerging Markets Research Enhanced Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JANUARY 31, 2022 (Unaudited) (continued)
| | | | | | | | |
Investments | | Shares (000) | | | Value ($000) | |
| | | | | | | |
Thailand — 1.8% | |
Airports of Thailand PCL* | | | 4,578 | | | | 8,818 | |
Minor International PCL* | | | 6,234 | | | | 5,763 | |
Minor International PCL, NVDR* | | | 145 | | | | 134 | |
PTT Exploration & Production PCL | | | 3,720 | | | | 14,600 | |
PTT Global Chemical PCL | | | 5,464 | | | | 9,370 | |
PTT Global Chemical PCL, NVDR | | | 127 | | | | 218 | |
PTT PCL | | | 6,038 | | | | 7,101 | |
Siam Cement PCL (The), NVDR | | | 18 | | | | 208 | |
Siam Cement PCL (The) (Registered) | | | 769 | | | | 8,913 | |
Siam Commercial Bank PCL (The) | | | 3,061 | | | | 11,673 | |
Siam Commercial Bank PCL (The), NVDR | | | 71 | | | | 271 | |
Thai Oil PCL | | | 3,344 | | | | 5,329 | |
| | | | | | | | |
| | | | | | | 72,398 | |
| | | | | | | | |
Turkey — 0.2% | | | | | | | | |
Ford Otomotiv Sanayi A/S | | | 376 | | | | 6,996 | |
| | | | | | | | |
United Arab Emirates — 0.6% | | | | | | | | |
Dubai Islamic Bank PJSC | | | 3,406 | | | | 5,125 | |
Emaar Properties PJSC | | | 4,903 | | | | 6,532 | |
Emirates Telecommunications Group Co. PJSC | | | 824 | | | | 7,423 | |
First Abu Dhabi Bank PJSC | | | 1,169 | | | | 6,364 | |
| | | | | | | | |
| | | | | | | 25,444 | |
| | | | | | | | |
United States — 0.1% | | | | | | | | |
JS Global Lifestyle Co. Ltd.(b) | | | 1,341 | | | | 2,143 | |
| | | | | | | | |
TOTAL COMMON STOCKS
(Cost $3,369,393) | | | | 3,817,722 | |
| | | | | | | | |
|
SHORT-TERM INVESTMENTS — 2.3% | |
INVESTMENT COMPANIES — 1.6% | |
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.05%(d)(e)
(Cost $63,481) | | | 63,456 | | | | 63,481 | |
| | | | | | | | |
INVESTMENT OF CASH COLLATERAL FROM SECURITIES LOANED — 0.7% | |
JPMorgan Securities Lending Money Market Fund | | | | | |
Agency SL Class Shares, 0.09%(d)(e) | | | 16,493 | | | | 16,488 | |
JPMorgan U.S. Government Money Market Fund | | | | | |
Class IM Shares, 0.03%(d)(e) | | | 8,315 | | | | 8,315 | |
| | | | | | | | |
TOTAL INVESTMENT OF CASH COLLATERAL FROM SECURITIES LOANED
(Cost $24,805) | | | | 24,803 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS
(Cost $88,286) | | | | | | | 88,284 | |
| | | | | | | | |
Total Investments — 99.9%
(Cost $3,457,679) | | | | 3,906,006 | |
Other Assets Less Liabilities — 0.1% | | | | 4,963 | |
| | | | | | | | |
Net Assets — 100.0% | | | | 3,910,969 | |
| | | | | | | | |
Percentages indicated are based on net assets.
JPMorgan Emerging Markets Research Enhanced Equity 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 | | | 14.6 | % |
Semiconductors & Semiconductor Equipment | | | 11.0 | |
Internet & Direct Marketing Retail | | | 7.2 | |
Oil, Gas & Consumable Fuels | | | 6.5 | |
Interactive Media & Services | | | 6.3 | |
Technology Hardware, Storage & Peripherals | | | 5.8 | |
Metals & Mining | | | 4.1 | |
Insurance | | | 3.5 | |
Electronic Equipment, Instruments & Components | | | 2.7 | |
Automobiles | | | 2.6 | |
Chemicals | | | 2.3 | |
IT Services | | | 2.3 | |
Food & Staples Retailing | | | 2.2 | |
Real Estate Management & Development | | | 1.8 | |
Food Products | | | 1.8 | |
Diversified Financial Services | | | 1.3 | |
Wireless Telecommunication Services | | | 1.3 | |
Entertainment | | | 1.3 | |
Life Sciences Tools & Services | | | 1.2 | |
Diversified Telecommunication Services | | | 1.1 | |
Hotels, Restaurants & Leisure | | | 1.1 | |
Beverages | | | 1.0 | |
Thrifts & Mortgage Finance | | | 1.0 | |
Others (each less than 1.0%) | | | 13.7 | |
Short-Term Investments | | | 2.3 | |
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 |
| | |
(a) | | 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 $17,861. |
(b) | | Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. |
(c) | | Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. |
(d) | | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
(e) | | The rate shown is the current yield as of January 31, 2022. |
* | | Non-income producing security. |
JPMorgan Emerging Markets Research Enhanced Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JANUARY 31, 2022 (Unaudited) (continued)
Futures contracts outstanding as of January 31, 2022 (amounts in thousands, except number of contracts):
| | | | | | | | | | | | | | | | | | | | |
Description | | Number of
Contracts | | | Expiration
Date | | | Trading
Currency | | | Notional
Amount ($) | | | Value and
Unrealized
Appreciation
(Depreciation) ($) | |
Long Contracts | |
MSCI Emerging Markets E-Mini Index | | | 1,040 | | | | 03/2022 | | | | USD | | | | 63,643 | | | | 1,389 | |
| | | | | | | | | | | | | | | | | | | | |
Abbreviations
| | |
| MSCI | | Morgan Stanley Capital International |
| USD | | United States Dollar |
Forward foreign currency exchange contracts outstanding as of January 31, 2022 (amounts in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | |
Currency Purchased | | | Currency Sold | | | Counterparty | | | Settlement
Date | | | Unrealized
Appreciation
(Depreciation) ($) | |
KRW | | | 9,866 | | | | USD | | | | 8 | | | | JPMorgan Chase Bank NA** | | | | 2/3/2022 | | | | — | (a) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total unrealized appreciation | | | | | | | | — | (a) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Abbreviations
| | |
KRW | | Korean Republic Won |
USD | | United States Dollar |
| | |
** | | Non-deliverable forward. |
(a) | | Amount rounds to less than one thousand. |
JPMorgan Emerging Markets Research Enhanced Equity 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. 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 | |
Argentina | | $ | 4,297 | | | $ | — | | | $ | — | | | $ | 4,297 | |
Brazil | | | 199,565 | | | | — | | | | — | | | | 199,565 | |
Chile | | | 14,029 | | | | — | | | | — | | | | 14,029 | |
China | | | 117,082 | | | | 1,120,436 | | | | — | | | | 1,237,518 | |
Colombia | | | 7,718 | | | | — | | | | — | | | | 7,718 | |
Greece | | | — | | | | 16,337 | | | | — | | | | 16,337 | |
Hong Kong | | | — | | | | 13,188 | | | | — | | | | 13,188 | |
Hungary | | | 3,375 | | | | 13,163 | | | | — | | | | 16,538 | |
India | | | 61,043 | | | | 396,824 | | | | — | | | | 457,867 | |
Indonesia | | | — | | | | 62,548 | | | | — | | | | 62,548 | |
Malaysia | | | 9,661 | | | | 28,107 | | | | — | | | | 37,768 | |
Mexico | | | 104,232 | | | | — | | | | — | | | | 104,232 | |
Peru | | | 13,011 | | | | — | | | | — | | | | 13,011 | |
Philippines | | | — | | | | 16,382 | | | | — | | | | 16,382 | |
Poland | | | 6,753 | | | | 7,842 | | | | — | | | | 14,595 | |
Qatar | | | 8,782 | | | | — | | | | — | | | | 8,782 | |
Russia | | | 37,118 | | | | 105,988 | | | | — | | | | 143,106 | |
Saudi Arabia | | | 30,884 | | | | 86,340 | | | | — | | | | 117,224 | |
Singapore | | | — | | | | 3,312 | | | | — | | | | 3,312 | |
South Africa | | | 50,743 | | | | 84,265 | | | | — | | | | 135,008 | |
South Korea | | | 1,965 | | | | 494,737 | | | | — | | | | 496,702 | |
Taiwan | | | 43,642 | | | | 547,372 | | | | — | | | | 591,014 | |
Thailand | | | 52,139 | | | | 20,259 | | | | — | | | | 72,398 | |
Turkey | | | 6,996 | | | | — | | | | — | | | | 6,996 | |
United Arab Emirates | | | 6,364 | | | | 19,080 | | | | — | | | | 25,444 | |
United States | | | — | | | | 2,143 | | | | — | | | | 2,143 | |
| | | | | | | | | | | | | | | | |
Total Common Stocks | | | 779,399 | | | | 3,038,323 | | | | — | | | | 3,817,722 | |
| | | | | | | | | | | | | | | | |
Short-Term Investments | |
Investment Companies | | | 63,481 | | | | — | | | | — | | | | 63,481 | |
Investment of Cash Collateral from Securities Loaned | | $ | 24,803 | | | $ | — | | | $ | — | | | $ | 24,803 | |
| | | | | | | | | | | | | | | | |
Total Short-Term Investments | | | 88,284 | | | | — | | | | — | | | | 88,284 | |
| | | | | | | | | | | | | | | | |
Total Investments in Securities | | $ | 867,683 | | | $ | 3,038,323 | | | $ | — | | | $ | 3,906,006 | |
| | | | | | | | | | | | | | | | |
Appreciation in Other Financial Instruments | |
Forward Foreign Currency Exchange Contracts | | $ | — | | | $ | — | (a) | | $ | — | | | $ | — | (a) |
Futures Contracts | | | 1,389 | | | | — | | | | — | | | | 1,389 | |
| | | | | | | | | | | | | | | | |
Total Net Appreciation/Depreciation in Other Financial Instruments | | $ | 1,389 | | | $ | — | (a) | | $ | — | | | $ | 1,389 | |
| | | | | | | | | | | | | | | | |
| (a) | Amount rounds to less than one thousand. |
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) | | $ | 3,718 | | | $ | 367,574 | | | $ | 307,805 | | | $ | (6 | ) | | $ | — | (c) | | $ | 63,481 | | | | 63,456 | | | $ | 10 | | | $ | — | |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.09%(a)(b) | | | 22,493 | | | | 35,000 | | | | 41,000 | | | | (3 | ) | | | (2 | ) | | | 16,488 | | | | 16,493 | | | | 4 | | | | — | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03%(a)(b) | | | 2,859 | | | | 50,357 | | | | 44,901 | | | | — | | | | — | | | | 8,315 | | | | 8,315 | | | | — | (c) | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total | | $ | 29,070 | | | $ | 452,931 | | | $ | 393,706 | | | $ | (9 | ) | | $ | (2 | ) | | $ | 88,284 | | | | | | | $ | 14 | | | $ | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (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. |
C. Derivatives — The Fund used derivative instruments including futures contracts and forward foreign currency exchange contracts in connection with its investment strategy. Derivative instruments may be used as substitutes for securities in which the Fund can invest, to hedge portfolio investments or to generate income or gain to the Fund. Derivatives may also be used to manage duration, sector and yield curve exposures and credit and spread volatility.
The Fund may be subject to various risks from the use of derivatives, including the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to derivatives counterparties’ failure to perform under contract terms; liquidity risk related to the potential lack of a liquid market for these contracts allowing a Fund to close out its position(s); and documentation risk relating to disagreement over contract terms. Investing in certain derivatives also results in a form of leverage and as such, the Fund’s risk of loss associated with these instruments may exceed their value.
The Fund is party to various derivative contracts governed by International Swaps and Derivatives Association master agreements (“ISDA agreements”). The Fund’s ISDA agreements, which are separately negotiated with each dealer counterparty, may contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Fund in the event the Fund’s net assets decline over time by a pre-determined percentage or fall below a pre-determined floor. The ISDA agreements may also contain provisions allowing, absent other conditions, the Fund to exercise rights, to the extent not otherwise waived, against a counterparty (e.g., decline in a counterparty’s credit rating below a specified level). Such rights for both a counterparty and the Fund often include the ability to terminate (i.e., close out) open contracts at prices which may favor a counterparty, which could have an adverse effect on the Fund. The ISDA agreements give the Fund and a counterparty the right, upon an event of default, to close out all transactions traded under such agreements and to net amounts owed or due across all transactions and offset such net payable or receivable against collateral posted to a segregated account by one party for the benefit of the other.
Counterparty credit risk may be mitigated to the extent a counterparty posts additional collateral for mark to market gains to the Fund.
Notes (1) — (2) below describe the various derivatives used by the Fund.
(1). Futures Contracts — The Fund used index futures contracts to manage and hedge interest rate risk associated with portfolio investments and to gain or reduce exposure to positive and negative price fluctuation or a particular countries or regions. The Fund also used futures contracts to lengthen or shorten the duration of the overall investment portfolio.
Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Fund is required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Fund periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as change in net unrealized appreciation/depreciation on futures contracts. Securities deposited as initial margin are designated on the Schedule of Investments, while cash deposited is considered restricted.
The Fund may be exposed to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subject the Fund to risk of loss up to the notional amount of the futures contracts. Use of short futures contracts subjects the Fund to unlimited risk of loss. The Fund may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Fund’s credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of positions.
The Fund’s futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).
(2). Forward Foreign Currency Exchange Contracts — The Fund is exposed to foreign currency risks associated with some or all of the portfolio investments and used forward foreign currency exchange contracts to hedge or manage certain of these exposures as part of an investment strategy. The Fund also bought forward foreign currency exchange contracts to gain exposure to currencies. Forward foreign currency exchange contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in U.S. dollars without the delivery of the foreign currency.
The values of the forward foreign currency exchange contracts are adjusted daily based on the applicable exchange rate of the underlying currency. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract settlement date. When the forward foreign currency exchange contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time the contract was opened and the value at the time it was closed. The Fund also records a realized gain or loss, upon settlement, when a forward foreign currency exchange contract offsets another forward foreign currency exchange contract with the same counterparty.
The Fund’s forward foreign currency exchange contracts are subject to master netting arrangements (the right to close out all transactions with a counterparty and net amounts owed or due across transactions).
The Fund may be required to post or receive collateral for non-deliverable forward foreign currency exchange contracts.
