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JPMorgan Trust IV

Filed: 23 Sep 21, 1:51pm

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.