NPORT-EX 2 HG_EMREE.htm HTML

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.