J.P. Morgan Exchange-Traded Fund Trust

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. Section 3507.

The following is a copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1).

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Funds’ website www.jpmorganfunds.com and you will be notified by mail each time a report is posted and provided with a website to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action.

You may elect to receive shareholder reports and other communications from the Funds electronically anytime by contacting your financial intermediary (such as a broker dealer, bank, or retirement plan).

Alternatively, you may elect to receive paper copies of all future reports free of charge by contacting your financial intermediary. Your election to receive paper reports will apply to all funds held within your account(s).

Investments in a Fund are not bank deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money if you sell when the Fund’s share price is lower than when you invested.

Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of a Fund or the securities markets. References to specific securities and their issuers are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations to purchase or sell such securities. Such views are not meant as investment advice and may not be relied on as an indication of trading intent on behalf of any Fund.

Prospective investors should refer to the Funds’ prospectuses for a discussion of the Funds’ investment objectives, strategies and risks. Call J.P. Morgan Exchange-Traded Funds at (844) 457-6383 for a prospectus containing more complete information about a Fund, including management fees and other expenses. Please read it carefully before investing.

Shares are bought and sold throughout the day on an exchange at market price (not at net asset value) through a brokerage account, and are not individually subscribed and redeemed from a Fund. Shares may only be subscribed and redeemed directly from a Fund by Authorized Participants, in very large creation/redemption units. Brokerage commissions will reduce returns.

Dear Shareholders,

JPMorgan Exchange-Traded Funds entered 2019 after a year of tremendous growth in 2018, having been named “The industry’s fastest-growing ETF manager.”¹ This success was recognized at the sixth annual ETF.com awards, where J.P. Morgan Asset Management won four accolades, including “ETF Issuer of the Year²” and “ETF of the Year²” for our JPMorgan BetaBuilders Japan ETF (BBJP). Building on the success of our BetaBuilders suite and in line with our mission to provide accessible portfolio solutions, we launched of two additional BetaBuilders ETFs in March, JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF (BBSA) and JPMorgan BetaBuilders U.S. Equity ETF (BBUS), bringing our roster to 32 products and more than $25 billion in assets under management as of June 15, 2019.

“We expanded our BetaBuilders suite to offer clients efficient access to portfolio building blocks. The exposures are simple, straightforward and priced for today’s market.”

– Joanna M. Gallegos

Despite signs of slowing growth in Europe and investor concerns about rising import tariffs, the U.S. economic expansion is poised to become the longest on record. Against this late-cycle backdrop, we believe J.P. Morgan’s broad line of equity and alternatives ETFs can help build portfolios designed to

weather market cycles and keep clients invested. For investors that are concerned about volatility, our Diversified Return Equity suite is designed to provide less downside while participating in up markets. This comprehensive suite seeks to provide investors a smoother ride across equity markets including: large, mid and small cap U.S. markets, international developed markets and emerging markets. Additionally, investors can access additional sources of diversification with our alternatives ETFs suite, which is designed to provide liquid, low-cost exposures to hedge fund strategies.

We are proud to bring a range of investment solutions to help you navigate a changing market landscape. We are committed to building solutions that address your needs and help you build stronger portfolios. Thank you for your belief in our Firm and our process.

Sincerely,

LOGO

Joanna M. Gallegos

President, J.P. Morgan Exchange-Traded Funds

J.P. Morgan Asset Management

1-844-4JPM-ETF or jpmorgan.com/etfs for more information

Global equity prices generally declined in the final months of 2018, only to rebound in the first months of 2019, pushing leading U.S. equity indexes to record highs in the final week of April. While U.S. equity markets outperformed those of other developed markets, the largest returns for the six month reporting period came from emerging markets equity and emerging markets debt.

Investor expectations of rising U.S. interest rates, signs of slowing economic growth in both China and the Euro Zone and unresolved U.S.-China trade tensions combined to drive market volatility higher and equity prices lower in late 2018. The global sell-off became particularly acute in December. In the U.S., the S&P 500 Index returned -9.18% for the month, its worst single-month performance since February 2009 and its worst December performance since 1931.

In Europe, a sharp decline in manufacturing exports as well as political uncertainty in Italy and France led to weakening business sentiment. In the U.K., Prime Minister Theresa May’s inability to win Parliament’s approval for a plan to exit the

The performance quoted is past performance and is not a guarantee of future results. Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date, month-end performance information please call 1-844-457-6383.

Fund commenced operations on August 7, 2018.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan BetaBuilders Canada ETF and Morningstar^® Canada Target Market Exposure Index^SM from August 7, 2018 to April 30, 2019. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the Morningstar^® Canada Target Market Exposure Index^SM does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Morningstar^® Canada Target Market Exposure Index^SM is a free float adjusted market

capitalization weighted index which consists of stocks traded primarily on the Toronto Stock Exchange. Investors cannot invest directly in an index.

Fund performance reflects the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or redemption or sale of Fund shares.

International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the United States can raise or lower returns. Also, some foreign markets may not be as politically and economically stable as the United States and other nations.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

INVESTMENT OBJECTIVE***

The JPMorgan BetaBuilders Developed Asia ex-Japan ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the Morningstar^® Developed Asia Pacific ex-Japan Target Market Exposure Index^SM (the “Underlying Index”).

INVESTMENT APPROACH

The Underlying Index is a free-float adjusted market-cap weighted index consisting of stocks from developed Asia Pacific countries other than Japan, including: Australia, Hong Kong, New Zealand and Singapore. Using a “passive” investment approach, the Fund attempts to replicate the Underlying Index as closely as possible before considering fees and expenses and invests at least 80% of its assets in securities included in the Underlying Index.

HOW DID THE FUND PERFORM?

For the six months ended April 30, 2019, the Fund performed in line with the Underlying Index, before considering the effects of

operating expenses, fees and tax management of the Fund’s portfolio.

The Fund’s and the Underlying Index’s exposures to the financials and real estate sectors were leading contributors to absolute performance, while their exposures to the information technology and energy sectors were the smallest sector contributors to absolute performance. The Fund’s and the Underlying Index’s exposures to Hong Kong and Australia were leading contributors to absolute performance, while their exposures to New Zealand and Singapore were the smallest contributors to absolute performance.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund’s and the Underlying Index’s largest allocations were in the financials and real estate sectors and their smallest allocations were in the information technology and energy sectors. The Fund and the Underlying Index were mainly invested in four equity markets during the reporting period, with the largest allocation to Australia, followed by Hong Kong, Singapore and New Zealand.

Fund commenced operations on August 7, 2018.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan BetaBuilders Developed Asia ex-Japan ETF and Morningstar^® Developed Asia Pacific ex-Japan Target Market Exposure Index^SM from August 7, 2018 to April 30, 2019. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the Morningstar^® Developed Asia Pacific ex-Japan Target Market Exposure Index^SM does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Morningstar^® Developed Asia Pacific ex-Japan Target Market Exposure Index^SM is a free float adjusted

market capitalization-weighted index that consists of equity securities from developed Asia-Pacific countries or regions other than Japan, including Australia, Hong Kong, New Zealand, and Singapore. Investors cannot invest directly in an index.

International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the United States can raise or lower returns. Also, some over- seas markets may not be as politically and economically stable as the United States and other nations.

INVESTMENT OBJECTIVE***

The JPMorgan BetaBuilders Europe ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the Morningstar^® Developed Europe Target Market Exposure Index^SM (the “Underlying Index”).

INVESTMENT APPROACH

The Underlying Index is a free-float adjusted market-cap weighted index consisting of stocks traded on the primary exchanges in developed countries or regions across Europe. Using a “passive” investment approach, the Fund attempts to replicate the Underlying Index as closely as possible before considering fees and expenses and invests at least 80% of its assets in securities included in the Underlying Index.

HOW DID THE FUND PERFORM?

For the six months ended April 30, 2019, the Fund performed in line with the Underlying Index, before considering the effects of operating expenses, fees and tax management of the Fund’s portfolio.

Fund commenced operations on June 15, 2018.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan BetaBuilders Europe ETF and Morningstar^® Developed Europe Target Market Exposure Index^SM from June 15, 2018 to April 30, 2019. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the Morningstar^® Developed Europe Target Market Exposure Index^SM does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. Morningstar^® Developed Europe Target Market Exposure Index^SM is a

free float adjusted market capitalization-weighted index which consists of equity securities from developed European countries or regions. Investors cannot invest directly in an index.

International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the United States can raise or lower returns. Also, some over- seas markets may not be as politically and economically stable as the United States and other nations.

Fund commenced operations on June 15, 2018.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan BetaBuilders Japan ETF and Morningstar^® Japan Target Market Exposure Index^SM from June 15, 2018 to April 30, 2019. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the Morningstar^® Japan Target Market Exposure Index^SM does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. Morningstar^® Japan Target Market Exposure Index^SM is a free float adjusted market capitalization weighted

index which consists of stocks traded primarily on the Tokyo Stock Exchange or the Nagoya Stock Exchange. Investors cannot invest directly in an index.

International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the United States can raise or lower returns. Also, some over- seas markets may not be as politically and economically stable as the United States and other nations.

FOR THE PERIOD MARCH 12, 2019 (INCEPTION DATE) THROUGH APRIL 30, 2019 (Unaudited)

INVESTMENT OBJECTIVE***

The JPMorgan BetaBuilders U.S. Equity ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the Morningstar^® US Target Market Exposure Index^SM (the “Underlying Index”).

INVESTMENT APPROACH

The Underlying Index is a free-float adjusted market-cap weighted index consisting of equity securities traded primarily in the U.S. Using a “passive” investment approach, the Fund attempts to replicate the Underlying Index as closely as possible before considering fees and expenses and invests at least 80% of its assets in securities included in the Underlying Index.

HOW DID THE FUND PERFORM?

For the period from inception on March 12, 2019 to April 30, 2019, the Fund performed in line with the Underlying Index, before considering the effects of operating expenses, fees and tax management of the Fund’s portfolio.

The Fund’s and the Underlying Index’s exposures to the information technology and consumer discretionary sectors were leading contributors to absolute performance, while their exposure to the health care sector was the sole sector detractor from absolute performance.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund’s and the Underlying Index’s largest allocations were in the information technology and health care sectors and their smallest allocations were in the materials and real estate sectors.


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	Microsoft Corp.	3.9	%
	2.	Apple, Inc.	3.5
	3.	Amazon.com, Inc.	3.1
	4.	Facebook, Inc., Class A	1.8
	5.	Berkshire Hathaway, Inc., Class B	1.6
	6.	JPMorgan Chase & Co.	1.5
	7.	Johnson & Johnson	1.5
	8.	Alphabet, Inc., Class C	1.4
	9.	Alphabet, Inc., Class A	1.4
	10.	Exxon Mobil Corp.	1.3


PORTFOLIO COMPOSITION BY SECTOR****
Information Technology	22.0	%
Health Care	13.4
Financials	13.2
Consumer Discretionary	10.5
Communication Services	10.3
Industrials	9.5
Consumer Staples	7.0
Energy	5.1
Utilities	3.2
Real Estate	2.9
Materials	2.5
Short-Term Investments	0.4

The return shown is based on net asset value calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $52.99 as of April 30, 2019.

Market price return is calculated assuming an initial investment made at the inception date net asset value, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return is the midpoint of the bid/ask spread at the close of business on the Cboe BZX Exchange, Inc. The midpoint price was $53.00 as of April 30, 2019.

***

The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.

****

Percentages indicated are based on total investments as of April 30, 2019. The Fund’s portfolio composition is subject to change.

FOR THE PERIOD MARCH 12, 2019 (INCEPTION DATE) THROUGH APRIL 30, 2019 (Unaudited) (continued)

INVESTMENT OBJECTIVE***

The JPMorgan Diversified Return Emerging Markets Equity ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan Diversified Factor Emerging Markets Equity Index (the “Underlying Index”).

INVESTMENT APPROACH

The Fund is passively managed to the Underlying Index, which provides emerging markets equity exposure, diversified across emerging market regions and super-sectors. The Underlying Index uses a proprietary multi-factor stock selection process that utilizes the following characteristics: valuation, momentum and quality. The Underlying Index methodology includes quarterly rebalancing.

HOW DID THE FUND PERFORM?

The Fund posted a positive absolute return for the six months ended April 30, 2019 and performed in line with the Underlying Index, before considering differences in the net asset value calculations and foreign exchange pricing between the Underlying Index and the Fund and fees and operating expenses incurred by the Fund. The Fund and the Underlying Index underperformed both the FTSE Emerging Index and the MSCI Emerging Markets Index, which are more traditional market capitalization weighted indexes.

By sector, the Fund’s and the Underlying Index’s positions in the financials and consumer goods sectors were leading contributors to absolute performance, while their positions in the health care and basic materials sectors were leading detractors from absolute performance. By country, the Fund’s and the Underlying Index’s positions in China and India were leading contributors to absolute performance, while their positions in Malaysia and Turkey were leading detractors from absolute performance.

Relative to the FTSE Emerging Index, the Underlying Index’s security selection and the Fund’s and the Underlying Index’s underweight positions in both the technology and consumer services sectors were leading detractors from performance, while the Underlying Index’s security selection in the consumer goods sector was the sole sector contributor to relative performance.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund’s and the Underlying Index’s largest sector allocations were in the financials and oil & gas sectors, while its smallest allocations were in the health care and consumer services sectors. The Fund’s and the Underlying Index’s largest country allocations were in China and Taiwan and their smallest allocations were in Hong Kong and Pakistan.

Fund commenced operations on January 7, 2015.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Diversified Return Emerging Markets Equity ETF, the JP Morgan Diversified Factor Emerging Markets Equity Index, the FTSE Emerging Index and the MSCI Emerging Markets Index from January 7, 2015 to April 30, 2019. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the JP Morgan Diversified Factor Emerging Markets Equity Index, the FTSE Emerging Index and the MSCI Emerging Markets Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Fund’s adviser is a sponsor of the JP Morgan Diversified Factor Emerging Markets Equity Index and developed the proprietary factors on which the index is based. FTSE Russell, the benchmark administrator, administers, calculates and governs the JP Morgan Diversified Factor Emerging Markets Equity Index. JP Morgan Diversified Factor Emerging Markets Equity Index is comprised of large- and mid-cap equity securities from emerging markets.

Holdings in this index are selected from the constituents of the FTSE Emerging Index. The FTSE Emerging Index is a market-capitalization weighted index and is part of the FTSE Global Equity Index Series. The series includes large- and mid-cap securities from advanced and secondary emerging markets, classified in accordance with FTSE’s transparent Country Classification Review Process. The FTSE Emerging Index provides investors with a comprehensive means of measuring the performance of the most liquid companies in the emerging markets. The MSCI Emerging Markets Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of emerging markets. Investors cannot invest directly in an index.

International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the United States can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the United States and other nations.

INVESTMENT OBJECTIVE***

The JPMorgan Diversified Return Europe Equity ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan Diversified Factor Europe Equity Index (the “Underlying Index”).

INVESTMENT APPROACH

The Fund is passively managed to the Underlying Index, which is composed of large cap and mid cap equity securities of companies in developed Europe and is diversified across sectors and individual securities. The Underlying Index uses a proprietary multi-factor security selection process that measures the following characteristics: value, momentum and quality. The Underlying Index methodology includes quarterly rebalancing.

HOW DID THE FUND PERFORM?

The Fund posted a positive absolute performance for the six months ended April 30, 2019, and performed in line with the Underlying Index, before considering the Fund’s small cash allocation and fees and operating expenses incurred by the Fund. The Fund underperformed the FTSE Developed Europe Index and the MSCI Europe Index, both of which are more traditional market capitalization weighted indexes.

By sector, the Fund’s and the Underlying Index’s positions in the industrials and consumer goods sectors were leading contributors to absolute performance, while their positions in the telecommunications and oil & gas sectors were the smallest contributors to absolute performance. By country, the Fund’s and the Underlying Index’s positions in the U.K. and France were leading contributors to absolute performance, while their positions in Norway and Austria were leading detractors from absolute performance.

Relative to the FTSE Developed Europe Index, the Underlying Index’s security selection in the consumer services and consumer goods sectors were leading detractors from performance, while its security selection in the oil & gas and financials sectors were leading contributors to relative performance.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund’s and the Underlying Index’s largest sector allocations were in the consumer goods and health care sectors, while their smallest allocations were in the telecommunications and oil & gas sectors. The Fund’s and the Underlying Index’s largest country allocations were in the U.K. and France and their smallest allocations were in Ireland and Poland.

Fund commenced operations on December 18, 2015.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Diversified Return Europe Equity ETF, the JP Morgan Diversified Factor Europe Equity Index, the FTSE Developed Europe Index, and the MSCI Europe Index from December 18, 2015 to April 30, 2019. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the JP Morgan Diversified Factor Europe Equity Index, the FTSE Developed Europe Index, and the MSCI Europe Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Fund’s adviser is a sponsor of the JP Morgan Diversified Factor Europe Equity Index and developed the proprietary factors on which the index is based. FTSE Russell, the benchmark administrator, administers, calculates and governs the JP Morgan Diversified Factor Europe Equity Index. The JP Morgan Diversified Factor Europe Equity Index

includes large and mid-cap stocks providing coverage of developed European markets. Holdings in this index are selected from the constituents of the FTSE Developed Europe Index. The FTSE Developed Europe Index is a market-capitalization weighted index representing the performance of large- and mid-cap companies in developed European markets. The MSCI Europe Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of the developed markets in Europe. Investors cannot invest directly in an index.

International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the United States can raise or lower returns. Also, some over-seas markets may not be as politically and economically stable as the United States and other nations.

INVESTMENT OBJECTIVE***

The JPMorgan Diversified Return Global Equity ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan Diversified Factor Global Developed Equity Index (the “Underlying Index”).

INVESTMENT APPROACH

The Fund is passively managed to the Underlying Index, which provides exposure to large and mid cap equity securities in developed global markets, diversified across global regions, sectors and individual securities. The Underlying Index’s proprietary multi-factor selection process utilizes the following characteristics: value, quality and momentum. The Underlying Index’s methodology includes quarterly rebalancing.

HOW DID THE FUND PERFORM?

For the six months ended April 30, 2019, the Fund posted a positive absolute performance and performed in line with the Underlying Index, before consideration of specific trading limits, differences in valuations because of the timing of the local market closings and the net asset value calculations, the Fund’s small cash allocation and fees and operating expenses incurred by the Fund. The Fund and the Underlying Index underperformed the FTSE Developed Index (net of foreign withholding taxes) and the MSCI World Index (net of foreign withholding taxes), both of which are more traditional market capitalization weighted indexes.

By sector, the Fund’s and the Underlying Index’s positions in the consumer goods and technology sectors were leading contributors to absolute performance, while their position in the oil & gas sector was the sole sector detractor from absolute performance.

By region, the Fund’s and the Underlying Index’s allocations to Asia Pacific, excluding Japan, and North America were leading contributors to absolute performance, while their allocation to Japan was the sole regional detractor from absolute performance.

Relative to the FTSE Developed Index, the Underlying Index’s security selection in the industrials and oil & gas sectors was a leading detractor from performance. The Underlying Index’s security selection in the health care and consumer goods sectors was a leading contributor to relative performance.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund’s and the Underlying Index’s largest sector allocations were in the consumer goods and consumer services sectors, while their smallest allocations were in the oil & gas and telecommunications sectors. The Fund’s and the Underlying Index’s largest regional allocations were in North America and Asia Pacific, excluding Japan, with modestly smaller allocations to Japan and Europe.

Fund commenced operations on June 16, 2014.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Diversified Return Global Equity ETF, the JP Morgan Diversified Factor Global Developed Equity Index, the FTSE Developed Index, and the MSCI World Index from June 16, 2014 to April 30, 2019. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the JP Morgan Diversified Factor Global Developed Equity Index, the FTSE Developed Index and the MSCI World Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Fund’s adviser is a sponsor of the JP Morgan Diversified Factor Global Developed Equity Index and developed the proprietary factors on which the index is based. FTSE Russell, the benchmark administrator, administers, calculates and governs the JP Morgan Diversified Factor Global Developed Equity Index. JP Morgan Diversified Factor Global Developed Equity Index is comprised of large- and mid-cap equity securities from developed global

markets. Holdings in this index are selected from the constituents of the FTSE Developed Index. The FTSE Developed Index is a market-capitalization weighted index representing the performance of large- and mid-cap companies in developed markets. The index is derived from the FTSE Global Equity Index Series, which covers 98% of the world’s investable market capitalization. The MSCI World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. Investors cannot invest directly in an index.

International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the United States can raise or lower returns. Also, some over-seas markets may not be as politically and economically stable as the United States and other nations.

INVESTMENT OBJECTIVE***

The JPMorgan Diversified Return International Equity ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan Diversified Factor International Equity Index (the “Underlying Index”).

INVESTMENT APPROACH

The Fund is passively managed to the Underlying Index, which is composed of large cap and mid cap equity securities in developed markets outside North America, diversified across sectors, international regions and individual securities. The Underlying Index uses a proprietary multi-factor selection process that utilizes the following characteristics: value, quality and momentum. The Underlying Index methodology includes quarterly rebalancing.

HOW DID THE FUND PERFORM?

The Fund posted a positive absolute performance for the six months ended April 30, 2019, and outperformed the Underlying Index, before considering differences due to specific trading limits, the Fund’s small cash allocation and fees and operating expenses incurred by the Fund. The Fund and the Underlying Index underperformed both the FTSE Developed ex North America Index and the MSCI EAFE Index, which are more traditional market capitalization weighted indexes.

By sector, the Fund’s and the Underlying Index’s positions in the technology and consumer goods sectors were leading contributors to absolute performance, while their position in the oil & gas sector was the sole sector detractor from absolute performance.

By country, the Fund’s and the Underlying Index’s positions in the U.K. and Hong Kong were leading contributors to absolute performance, while their positions in Japan and Norway were leading detractors from absolute performance.

Relative to FTSE Developed ex North America Index, the Underlying Index’s security selection in the oil & gas sector and its security selection and overweight position in the utilities sector were leading detractors from performance, while the Underlying Index’s security selection in the technology and health care sectors was a leading contributor to relative performance.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund’s and the Underlying Index’s largest allocations were in the consumer services and consumer goods sectors, while their smallest allocations were in the oil & gas and telecommunications sectors. By region, the Fund’s and the Underlying Index’s largest allocations were in Japan and the U.K. and their smallest allocations were in the U.S. and South Korea.

Fund commenced operations on November 5, 2014.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Diversified Return International Equity ETF, the JP Morgan Diversified Factor International Equity Index, the FTSE Developed ex North America Index, and the MSCI EAFE Index from November 5, 2014 to April 30, 2019. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the JP Morgan Diversified Factor International Equity Index, the FTSE Developed ex North America Index and the MSCI EAFE Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Fund’s adviser is a sponsor of the JP Morgan Diversified Factor International Equity Index and developed the proprietary factors on which the index is based. FTSE Russell, the benchmark administrator, administers, calculates and governs the JP Morgan Diversified Factor International Equity Index. JP Morgan Diversified Factor International Equity Index is comprised of large- and mid-cap equity securities from developed global markets (excluding North America). Holdings in this index are selected

from the constituents of the FTSE Developed ex North America Index. The FTSE Developed ex North America Index is a market-capitalization weighted index representing the performance of large- and mid-cap stocks in developed markets, excluding the U.S. and Canada. The index is derived from the FTSE Global Equity Index Series, which covers 98% of the world’s investable market capitalization. The MSCI EAFE Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. Investors cannot invest directly in an index.

International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the United States can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the United States and other nations.

INVESTMENT OBJECTIVE***

The JPMorgan Diversified Return U.S. Equity ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan Diversified Factor US Equity Index (the “Underlying Index”).

INVESTMENT APPROACH

The Fund is passively managed to the Underlying Index, which is composed of large cap and mid cap equity securities of U.S. companies. The Underlying Index uses a rules based proprietary multi-factor selection process that utilizes the following characteristics: value, momentum and quality. During the reporting period, the Underlying Index security selection process gave equal input to each of these characteristics. The Underlying Index’s methodology includes quarterly rebalancing.

HOW DID THE FUND PERFORM?

The Fund posted a positive absolute performance for the six months ended April 30, 2019 and performed in line with the Underlying Index, before considering operating expenses, fees and tax management of the Fund’s portfolio. Both the Fund and the Underlying Index underperformed the Russell 1000 Index,

which is a more traditional market capitalization weighted index.

During the reporting period, the Fund’s and the Underlying Index’s positions in the industrials and technology sectors were leading contributors to absolute performance, while the Fund’s and the Underlying Index’s positions in the telecommunications and oil & gas sectors were leading detractors from absolute performance.

Relative to the Russell 1000 Index, the Underlying Index’s security selection in the consumer services sector and the Fund’s and the Underlying Index’s underweight position in the technology sector were leading detractors from performance, while their overweight position in the utilities sector and their underweight position in the health care sector were leading contributors to relative performance.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund’s and the Underlying Index’s largest allocations were in the consumer goods and financials sectors, while the smallest allocations were in the telecommunications and oil & gas sectors.

Fund commenced operations on September 29, 2015.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Diversified Return U.S. Equity ETF, the JP Morgan Diversified Factor US Equity Index, and the Russell 1000 Index from September 29, 2015 to April 30, 2019. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the JP Morgan Diversified Factor US Equity Index and Russell 1000 Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Fund’s adviser is a sponsor of the

JP Morgan Diversified Factor US Equity Index and developed the proprietary factors on which the index is based. JP Morgan Diversified Factor US Equity Index is comprised of U.S. large- and mid-cap equity securities. Holdings in this index are selected from the constituents of the Russell 1000 Index. FTSE Russell, the benchmark administrator, administers, calculates and governs the JP Morgan Diversified Factor US Equity Index. The Russell 1000 Index is a market-capitalization weighted index, which measures the performance of the 1,000 largest companies in the Russell 3000 Index. Investors cannot invest directly in an index.

INVESTMENT OBJECTIVE***

The JPMorgan Diversified Return U.S. Mid Cap Equity ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan Diversified Factor US Mid Cap Equity Index (the “Underlying Index”).

INVESTMENT APPROACH

The Fund is passively managed to the Underlying Index, which tracks mid cap equity securities of U.S. companies. The Underlying Index uses a proprietary multi-factor selection process that utilizes the following characteristics: value, momentum and quality. The Underlying Index’s methodology includes quarterly rebalancing.

HOW DID THE FUND PERFORM?

The Fund posted a positive absolute performance for the six months ended April 30, 2019 and performed in line with the Underlying Index, before considering operating expenses, fees and tax management of the Fund’s portfolio. The Fund and the Underlying Index underperformed the Russell Midcap Index,

which is a more traditional market capitalization weighted index.

Relative to the Russell Midcap Index, the Underlying Index’s security selection and the Fund’s and the Underlying Index’s underweight positions in both the technology and industrials sectors were leading detractors from performance, while the Underlying Index’s security selection in the utilities sector was the sole sector contributor to relative performance.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund’s and the Underlying Index’s largest allocations were in the financials and consumer goods sectors and the smallest allocations were in the telecommunications and oil & gas sectors.

Fund commenced operations on May 11, 2016.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Diversified Return U.S. Mid Cap Equity ETF, JP Morgan Diversified Factor US Mid Cap Equity Index, and the Russell Midcap Index from May 11, 2016 to April 30, 2019. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the JP Morgan Diversified Factor US Mid Cap Equity Index and Russell Midcap Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Fund’s adviser is a sponsor of

the JP Morgan Diversified Factor US Mid Cap Equity Index and developed the proprietary factors on which the index is based. FTSE Russell, the benchmark administrator, administers, calculates and governs the JP Morgan Diversified Factor US Mid Cap Equity Index. The JP Morgan Diversified Factor US Mid Cap Equity Index is comprised of U.S. large- and mid-cap equity securities. Holdings in this index are selected from the Russell Midcap Index. The Russell Midcap Index is a market-capitalization weighted index which measures the performance of the 800 smallest companies in the Russell 1000 Index. Investors cannot invest directly in an index.

INVESTMENT OBJECTIVE***

The JPMorgan Diversified Return U.S. Small Cap Equity ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan Diversified Factor US Small Cap Equity Index (the “Underlying Index”).

INVESTMENT APPROACH

The Fund is passively managed to the Underlying Index, which tracks small cap equity securities of U.S. companies. The Underlying Index uses a proprietary multi-factor selection process that utilizes the following characteristics: relative valuation, momentum and quality. The Underlying Index security selection process seeks to exclude the least attractive stocks based on these characteristics. The Underlying Index’s methodology includes quarterly rebalancing.

HOW DID THE FUND PERFORM?

which is a more traditional market capitalization weighted index.

During the reporting period, the Fund’s and the Underlying Index’s positions in the technology and utilities sectors were leading contributors to absolute performance, while the Fund’s and the Underlying Index’s positions in the oil & gas and health care sectors were leading detractors from absolute performance.

Relative to the Russell 2000 Index, the Fund’s and the Underlying Index’s overweight position in the utilities sector and its underweight position in the health care sector were leading contributors to performance, while the Underlying Index’s security selection and overweight position in the technology sector and its overweight position in the consumer goods sector were leading detractors from relative performance.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund’s largest allocations were in the consumer goods and consumer services sectors and its smallest allocations were in the telecommunications and oil & gas sectors.

Fund commenced operations on November 15, 2016.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Diversified Return U.S. Small Cap Equity ETF, the JP Morgan Diversified Factor US Small Cap Equity Index, and the Russell 2000 Index from November 15, 2016 to April 30, 2019. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the JP Morgan Diversified Factor US Small Cap Equity Index and Russell 2000 Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Fund’s adviser is a sponsor of the

JP Morgan Diversified Factor US Small Cap Equity Index and developed the proprietary factors on which the index is based. FTSE Russell, the benchmark administrator, administers, calculates and governs the JP Morgan Diversified Factor US Small Cap Equity Index. The JP Morgan Diversified Factor US Small Cap Equity Index is comprised of U.S. large- and mid-cap equity securities. Holdings in this index are selected from the Russell 2000 Index. The Russell 2000 Index is an unmanaged index, measuring performance of the 2000 smallest stocks (on the basis of capitalization) in the Russell 3000 Index. Investors cannot invest directly in an index.

INVESTMENT OBJECTIVE***

The JPMorgan U.S. Dividend ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan US Dividend Index (the “Underlying Index”).

INVESTMENT APPROACH

The Fund is passively managed to the Underlying Index, which consists of large and mid cap U.S. equity securities selected to provide exposure to the highest dividend yielding sectors on a risk adjusted basis. The Underlying Index uses a proprietary selection process that seeks to identify companies within each sector that have higher dividend yields over a rolling twelve month period. Within each sector, individual equity securities are also weighted to diversify risk. The Underlying Index’s methodology includes quarterly rebalancing.

HOW DID THE FUND PERFORM?

Underlying Index underperformed the Russell 1000 Index, which is a more traditional market capitalization weighted index.

On an absolute basis, the Fund’s and the Underlying Index’s allocations to the utilities and financials sectors were leading contributors to performance, while the Fund’s and the Underlying Index’s allocations to the telecommunications sector was the sole sector detractor from performance.

Relative to the Russell 1000 Index, the Underlying Index’s security selection in the consumer services sector and its overweight position in the consumer goods sector were leading detractors from performance, while the Underlying Index’s overweight position and security selection in the utilities sector and its underweight position in the health care sector were leading contributors to relative performance.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund’s and the Underlying Index’s largest allocations were the financials and utilities sectors and their smallest allocations were the telecommunications and technology sectors.


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	Microsoft Corp.	0.7	%
	2.	Air Products & Chemicals, Inc.	0.7
	3.	Ford Motor Co.	0.7
	4.	KLA-Tencor Corp.	0.7
	5.	Procter & Gamble Co. (The)	0.6
	6.	Home Depot, Inc. (The)	0.6
	7.	Paychex, Inc.	0.6
	8.	Analog Devices, Inc.	0.6
	9.	QUALCOMM, Inc.	0.6
	10.	Sonoco Products Co.	0.6


PORTFOLIO COMPOSITION BY SECTOR****
Financials	17.8	%
Utilities	16.3
Consumer Goods	15.4
Consumer Services	10.5
Industrials	9.5
Basic Materials	9.3
Health Care	6.7
Technology	5.7
Oil & Gas	5.3
Telecommunications	3.4
Short-Term Investments	0.1

Fund commenced operations on November 8, 2017.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan U.S. Dividend ETF, the JP Morgan US Dividend Index, and the Russell 1000 Index from November 8, 2017 to April 30, 2019. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the JP Morgan US Dividend Index and Russell 1000 Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Fund’s adviser is a sponsor of the JP Morgan US Dividend Index and developed the proprietary factors on which the index is based. FTSE International Limited, the benchmark

administrator, administers, calculates and governs the JP Morgan US Dividend Index. The JP Morgan US Dividend Index contains U.S. large- and mid-cap equity securities from the Russell 1000 Index using a rules-based factor selection process. It is designed to reflect a sub-set of U.S. securities chosen for their factor characteristics and seeks to diversify risk across sectors and securities while selecting constituents to deliver high dividend yield. The Russell 1000 Index is a market-capitalization weighted index, which measures the performance of the 1,000 largest companies in the Russell 3000 Index. Investors cannot invest directly in an index.

INVESTMENT OBJECTIVE***

The JPMorgan U.S. Minimum Volatility ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan US Minimum Volatility Index (the “Underlying Index”).

INVESTMENT APPROACH

The Fund is passively managed to the Underlying Index, which consists of large and mid cap U.S. equity securities and is designed so that it targets lower volatility than the Russell 1000 Index. The Underlying Index is designed to distribute risk among sectors and stocks in order to seek to minimize the overall portfolio volatility based upon the parameters of the rule-based process. The Underlying Index’s methodology includes quarterly rebalancing.

HOW DID THE FUND PERFORM?

The Fund posted a positive absolute return for the six months ended April 30, 2019 and performed in line with the Underlying Index, before considering operating expenses, fees and tax management of the Fund’s portfolio. The Fund and the Underlying

Index outperformed the Russell 1000 Index, which is a more traditional market capitalization weighted equity index.

In terms of absolute performance, the Fund’s and the Underlying Index’s positions in the utilities and consumer goods sectors were leading contributors to performance, while their positions in the telecommunications and oil & gas sectors were the smallest contributors to performance.

Relative to the Russell 1000 Index, the Underlying Index’s security selection and overweight positions in the utilities sector and its security selection in the health care sector were leading contributors to performance. The Underlying Index’s underweight positions in the technology and industrials sectors were leading detractors from relative performance.

HOW WAS THE FUND POSITIONED?

During the reporting period, among the Fund’s and the Underlying Index’s largest allocations were the health care and utilities sectors, while among their smallest allocations were the telecommunications and oil & gas sectors.


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	Walt Disney Co. (The)	0.7	%
	2.	Synopsys, Inc.	0.7
	3.	Microsoft Corp.	0.7
	4.	Church & Dwight Co., Inc.	0.7
	5.	Hershey Co. (The)	0.6
	6.	PepsiCo, Inc.	0.6
	7.	American Tower Corp.	0.6
	8.	Colgate-Palmolive Co.	0.6
	9.	Yum! Brands, Inc.	0.6
	10.	AutoZone, Inc.	0.6


PORTFOLIO COMPOSITION BY SECTOR****
Consumer Goods	18.5	%
Health Care	18.4
Utilities	16.5
Financials	13.2
Consumer Services	9.4
Technology	5.4
Basic Materials	5.2
Oil & Gas	4.9
Industrials	4.8
Telecommunications	3.5
Short-Term Investments	0.2

Fund commenced operations on November 8, 2017.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan U.S. Minimum Volatility ETF, the JP Morgan US Minimum Volatility Index, and the Russell 1000 Index from November 8, 2017 to April 30, 2019. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the JP Morgan US Minimum Volatility Index and Russell 1000 Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Fund’s adviser is a sponsor of the JP Morgan US Minimum Volatility Index and developed the proprietary factors on which the index is based.

FTSE International Limited, the benchmark administrator, administers, calculates and governs the JP Morgan US Minimum Volatility Index. The JP Morgan US Minimum Volatility Index contains U.S. large- and mid-cap equity securities selected from the Russell 1000 Index, using a rules-based factor selection process. It is designed to reflect a sub-set of U.S. securities chosen for their factor characteristics and seeks to minimize the overall portfolio volatility based upon the parameters of the rule based process. The Russell 1000 Index is a market-capitalization weighted index, which measures the performance of the 1,000 largest companies in the Russell 3000 Index. Investors cannot invest directly in an index.

INVESTMENT OBJECTIVE***

The JPMorgan U.S. Momentum Factor ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan US Momentum Factor Index (the “Underlying Index”).

INVESTMENT APPROACH

The Fund is passively managed to the Underlying Index, which is composed of U.S. large and mid cap securities selected to represent positive momentum factor characteristics. The Underlying Index uses a proprietary selection process that utilizes a momentum factor to identify the companies that have had better recent performance compared with other companies. The Underlying Index’s methodology includes quarterly rebalancing.

HOW DID THE FUND PERFORM?

The Fund posted a positive absolute performance for the six months ended April 30, 2019 and performed in line with the Underlying Index, before considering operating expenses, fees

and tax management of the Fund’s portfolio. The Fund underperformed the Russell 1000 Index, which is a more traditional market capitalization weighted index.

On an absolute basis, the Fund’s and the Underlying Index’s positions in the technology and financials sectors were leading contributors to performance, while the Fund’s and the Underlying Index’s positions in the oil & gas and health care sectors were leading detractors from performance.

Relative to the Russell 1000 Index, Underlying Index’s security selection in the health care and consumer goods sectors was a leading detractor from relative performance, while the Underlying Index’s security selection in the technology and financials sectors was a leading contributor to performance.

HOW WAS THE FUND POSITIONED?

During the reporting period, among the Fund’s and Underlying Index’s largest allocations were the technology and financials sectors and among their smallest allocations were the telecommunications and basic materials sectors.


TOP TEN EQUITY POSITIONS OF THE PORTFOLIO****
	1.	Microsoft Corp.	2.2	%
	2.	Visa, Inc., Class A	2.1
	3.	Berkshire Hathaway, Inc., Class B	2.0
	4.	Amazon.com, Inc.	1.9
	5.	Alphabet, Inc., Class A	1.8
	6.	Mastercard, Inc., Class A	1.7
	7.	Verizon Communications, Inc.	1.7
	8.	Apple, Inc.	1.6
	9.	Home Depot, Inc. (The)	1.6
	10.	Merck & Co., Inc.	1.5


PORTFOLIO COMPOSITION BY SECTOR****
Technology	21.6	%
Financials	18.9
Consumer Services	13.6
Industrials	13.1
Health Care	12.1
Consumer Goods	7.9
Oil & Gas	5.0
Utilities	3.0
Basic Materials	2.3
Telecommunications	1.9
Investment of cash collateral from securities loaned	0.5
Short-Term Investments	0.1

Fund commenced operations on November 8, 2017.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan U.S. Momentum Factor ETF, the JP Morgan US Momentum Factor Index, and the Russell 1000 Index from November 8, 2017 to April 30, 2019. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the JP Morgan US Momentum Factor Index and Russell 1000 Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Fund’s adviser is a sponsor of the JP Morgan US Momentum Factor Index and developed the proprietary factors on which the index is based. FTSE International Limited, the benchmark administrator, administers, calculates and

governs the JP Morgan US Momentum Factor Index. The JP Morgan US Momentum Factor Index contains U.S. large- and mid-cap equity securities selected from the Russell 1000 Index, using a rules-based risk allocation and factor selection process. It is designed to reflect a sub-set of U.S. securities chosen for their factor characteristics and selects securities utilizing a momentum factor to identify companies that have had better recent performance compared to other securities without undue concentration in individual securities. The Russell 1000 Index is a market-capitalization weighted index, which measures the performance of the 1,000 largest companies in the Russell 3000 Index. Investors cannot invest directly in an index.

INVESTMENT OBJECTIVE***

The JPMorgan U.S. Quality Factor ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan US Quality Factor Index (the “Underlying Index”).

INVESTMENT APPROACH

The Fund is passively managed to the Underlying Index, which consists of large and mid cap U.S. equity securities selected to represent quality factor characteristics. The Underlying Index uses a proprietary selection process that utilizes a quality factor to identify higher quality companies relative to their sector peers as measured by profitability, quality of earnings and solvency. The Underlying Index’s methodology includes quarterly rebalancing.

HOW DID THE FUND PERFORM?

the Underlying Index outperformed the Russell 1000 Index, which is a more traditional market capitalization weighted index.

Relative to the Russell 1000 Index, the Underlying Index’s security selection in the technology and financials sectors was a leading contributor to performance. The Underlying Index’s security selection in the industrials and consumer services sectors was a leading detractor from performance.

HOW WAS THE FUND POSITIONED?

During the reporting period, among the Fund’s and the Underlying Index’s largest allocations were the technology and financials sectors and among their smallest allocations were the telecommunications and materials sectors.

Fund commenced operations on November 8, 2017.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan U.S. Quality Factor ETF, the JP Morgan US Quality Factor Index, and the Russell 1000 Index from November 8, 2017 to April 30, 2019. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the JP Morgan US Quality Factor Index and Russell 1000 Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Fund’s adviser is a sponsor of the JP Morgan US Quality Factor Index and developed the proprietary factors on which the index is based. FTSE International Limited, the benchmark administrator, administers, calculates and

governs the JP Morgan US Quality Factor Index. The JP Morgan US Quality Factor Index contains U.S. large- and mid-cap equity securities selected from the Russell 1000 Index, using a rules-based risk allocation and factor selection process. It is designed to reflect a sub-set of U.S. securities chosen for their factor characteristics and selects securities utilizing a quality factor to identifying higher quality companies as measured by profitability, solvency, and earnings quality without undue concentration in individual securities. The Russell 1000 Index is a market-capitalization weighted index, which measures the performance of the 1,000 largest companies in the Russell 3000 Index. Investors cannot invest directly in an index.

INVESTMENT OBJECTIVE***

The JPMorgan U.S. Value Factor ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan US Value Factor Index (the “Underlying Index”).

INVESTMENT APPROACH

The Fund is passively managed to the Underlying Index, which consists of large and mid cap U.S. equity securities selected to represent value factor characteristics. The Underlying Index uses a proprietary selection process that utilizes a value factor to identify companies of higher relative value compared with their sector peers as measured by book yield, earnings yield, dividend yield and cash flow yield. The Underlying Index’s methodology includes quarterly rebalancing.

HOW DID THE FUND PERFORM?

Index underperformed the Russell 1000 Index, which is a more traditional market capitalization weighted index.

On an absolute basis, the Fund’s and the Underlying Index’s positions in the technology and industrials sectors were leading contributors to performance, while the Fund’s and the Underlying Index’s positions in the health care and telecommunications sectors were leading detractors from performance.

Relative to the Russell 1000 Index, the Underlying Index’s security selection in the consumer services and financials sectors was a leading detractor from performance. The Underlying Index’s security selection in the technology and consumer goods sectors was a leading contributor to relative performance.

HOW WAS THE FUND POSITIONED?

Fund commenced operations on November 8, 2017.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan U.S. Value Factor ETF, the JP Morgan US Value Factor Index, and the Russell 1000 Index from November 8, 2017 to April 30, 2019. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the JP Morgan US Value Factor Index and Russell 1000 Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Fund’s adviser is a sponsor of the JP Morgan US Value Factor Index and developed the proprietary factors on which the index is based. FTSE International

Limited, the benchmark administrator, administers, calculates and governs the JP Morgan US Value Factor Index. The JP Morgan US Value Factor Index contains U.S. large- and mid-cap equity securities selected from the Russell 1000 Index, using a rules-based risk allocation and factor selection process. It is designed to reflect a sub-set of U.S. securities chosen for their factor characteristics and selects securities utilizing a value factor to identify companies with attractive valuations without undue concentration in individual securities. The Russell 1000 Index is a market-capitalization weighted index, which measures the performance of the 1,000 largest companies in the Russell 3000 Index. Investors cannot invest directly in an index.


INVESTMENTS	SHARES		VALUE($)
Common Stocks — 99.5%

Aerospace & Defense — 0.7%

Bombardier, Inc., Class B*		5,397,029		9,225,346

CAE, Inc.		673,023		15,653,801


				24,879,147


Airlines — 0.5%

Air Canada*		687,478		16,503,167


Auto Components — 1.2%

Magna International, Inc.		770,304		42,876,442


Banks — 26.5%

Bank of Montreal (a)		1,621,227		128,057,208

Bank of Nova Scotia (The)		3,112,540		171,413,899

Canadian Imperial Bank of Commerce		1,125,312		94,757,368

National Bank of Canada (a)		852,062		40,590,130

Royal Bank of Canada		3,645,469		290,532,750

Toronto-Dominion Bank (The)		4,654,505		265,505,167


				990,856,522


Capital Markets — 3.4%

Brookfield Asset Management, Inc., Class A		2,219,575		107,010,786

CI Financial Corp.		570,975		8,212,800

IGM Financial, Inc.		214,132		5,913,924

TMX Group Ltd.		90,676		5,784,258


				126,921,768


Chemicals — 2.5%

Methanex Corp.		196,212		10,755,997

Nutrien Ltd.		1,533,280		83,159,009


				93,915,006


Commercial Services & Supplies — 1.9%

Ritchie Bros Auctioneers, Inc.		276,074		9,607,054

Waste Connections, Inc.		668,568		62,051,015


				71,658,069


Construction & Engineering — 0.5%

SNC-Lavalin Group, Inc.		445,818		11,114,668

WSP Global, Inc.		162,285		8,762,930


				19,877,598


Containers & Packaging — 0.4%

CCL Industries, Inc., Class B		366,587		15,638,163


Diversified Financial Services — 0.3%

Onex Corp.		205,697		11,931,562


Diversified Telecommunication Services — 1.4%

BCE, Inc.		752,737		33,678,477

TELUS Corp.		503,035		18,522,592


				52,201,069


INVESTMENTS	SHARES		VALUE($)


Electric Utilities — 2.0%

Emera, Inc. (a)		591,618		22,217,139

Fortis, Inc.		1,088,072		40,218,949

Hydro One Ltd. (b)		771,757		12,489,133


				74,925,221


Equity Real Estate Investment Trusts (REITs) — 0.5%

Canadian Apartment Properties REIT		188,973		6,760,824

H&R		355,451		6,073,205

RioCan		379,054		7,288,521


				20,122,550


Food & Staples Retailing — 3.6%

Alimentation Couche-Tard, Inc., Class B		1,110,782		65,492,775

Empire Co. Ltd., Class A		405,671		9,023,659

George Weston Ltd.		186,956		13,959,251

Loblaw Cos. Ltd.		449,745		22,032,369

Metro, Inc.		611,792		22,148,176


				132,656,230


Food Products — 0.5%

Saputo, Inc.		563,242		19,259,622


Gas Utilities — 0.3%

AltaGas Ltd. (a)		699,313		9,296,682


Hotels, Restaurants & Leisure — 1.4%

Restaurant Brands International, Inc.		638,830		41,695,376

Stars Group, Inc. (The)*		555,007		10,472,924


				52,168,300


Insurance — 7.4%

Fairfax Financial Holdings Ltd.		70,435		33,589,246

Great-West Lifeco, Inc.		659,904		16,585,032

iA Financial Corp., Inc.		273,544		10,891,123

Intact Financial Corp.		353,471		28,919,875

Manulife Financial Corp.		4,986,835		91,830,424

Power Corp. of Canada (a)		841,615		19,311,223

Power Financial Corp.		573,406		13,666,383

Sun Life Financial, Inc.		1,519,796		63,142,379


				277,935,685


IT Services — 2.8%

CGI, Inc.*		622,990		44,842,073

Shopify, Inc., Class A* (a)		248,914		60,523,801


				105,365,874


Media — 0.9%

Quebecor, Inc., Class B		453,567		11,311,244

Shaw Communications, Inc., Class B		1,127,810		22,839,057


				34,150,301


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Metals & Mining — 5.7%

Agnico Eagle Mines Ltd.		597,009		24,723,490

Barrick Gold Corp.		4,447,977		56,541,799

First Quantum Minerals Ltd.		1,750,714		18,491,157

Franco-Nevada Corp.		475,030		34,036,075

Kinross Gold Corp.*		3,174,951		10,095,761

Lundin Mining Corp.		1,623,475		8,712,985

Teck Resources Ltd., Class B		1,272,297		30,086,116

Wheaton Precious Metals Corp.		1,128,394		24,409,090

Yamana Gold, Inc.		2,410,844		5,290,648


				212,387,121


Multiline Retail — 1.0%

Canadian Tire Corp. Ltd., Class A (a)		151,103		16,631,819

Dollarama, Inc.		735,424		22,089,619


				38,721,438


Multi-Utilities — 0.8%

Algonquin Power & Utilities Corp.		1,241,443		14,168,593

Atco Ltd., Class I		190,753		6,542,584

Canadian Utilities Ltd., Class A		303,773		8,373,768


				29,084,945


Oil, Gas & Consumable Fuels — 19.6%

ARC Resources Ltd. (a)		898,757		5,709,056

Cameco Corp.		1,005,112		11,088,718

Canadian Natural Resources Ltd.		3,052,389		91,637,744

Cenovus Energy, Inc.		2,589,832		25,672,142

Crescent Point Energy Corp. (a)		1,397,117		5,381,148

Enbridge, Inc.		4,705,362		173,821,277

Encana Corp.		3,798,533		26,312,149

Husky Energy, Inc.		765,755		8,310,874

Imperial Oil Ltd.		593,504		17,242,051

Inter Pipeline Ltd. (a)		1,225,006		19,951,952

Keyera Corp.		536,240		12,392,319

Pembina Pipeline Corp.		1,393,025		49,806,597

PrairieSky Royalty Ltd. (a)		528,974		7,624,459

Seven Generations Energy Ltd., Class A*		681,356		5,340,179

Suncor Energy, Inc.		4,184,537		137,995,704

Tourmaline Oil Corp.		642,483		9,605,833

TransCanada Corp.		2,419,468		115,474,199

Vermilion Energy, Inc. (a)		387,547		9,896,233


				733,262,634


Paper & Forest Products — 0.2%

West Fraser Timber Co. Ltd.		134,831		6,941,326


Pharmaceuticals — 1.8%

Aurora Cannabis, Inc.* (a)		2,535,928		23,036,683


INVESTMENTS	SHARES		VALUE($)


Pharmaceuticals — continued

Bausch Health Cos., Inc.*		781,618		18,051,251

Canopy Growth Corp.* (a)		548,800		27,720,606


				68,808,540


Professional Services — 0.8%

Thomson Reuters Corp.		458,467		28,332,076


Road & Rail — 6.7%

Canadian National Railway Co.		1,843,784		171,262,582

Canadian Pacific Railway Ltd.		357,011		79,991,037


				251,253,619


Software — 2.2%

BlackBerry Ltd.*		1,251,003		11,476,321

Constellation Software, Inc.		50,048		44,159,319

Open Text Corp.		682,543		26,237,937


				81,873,577


Textiles, Apparel & Luxury Goods — 0.5%

Gildan Activewear, Inc.		524,985		19,358,259


Thrifts & Mortgage Finance — 0.1%

Genworth MI Canada, Inc. (a)		95,643		2,972,022


Trading Companies & Distributors — 0.2%

Finning International, Inc.		417,960		7,503,126


Wireless Telecommunication Services — 1.2%

Rogers Communications, Inc., Class B		912,330		45,933,163


Total Common Stocks (Cost $3,625,591,611)				3,719,570,824


Investment of Cash Collateral from Securities Loaned — 4.7%

JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.57% (c) (d)		130,000,301		130,013,301

JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.45% (c) (d)		45,361,209		45,361,209


Total Investment of Cash Collateral from Securities Loaned (Cost $175,374,510)				175,374,510


Total Investments — 104.2% (Cost $3,800,966,121)				3,894,945,334

Liabilities in Excess of Other Assets — (4.2%)				(157,937,600	)


NET ASSETS — 100.0%				3,737,007,734

Percentages indicated are based on net assets.


INVESTMENTS	SHARES		VALUE($)
Common Stocks — 99.3%

Australia — 53.4%

AGL Energy Ltd.		477,677		7,493,962

Alumina Ltd.		1,691,698		2,676,910

Amcor Ltd.		840,779		9,504,038

AMP Ltd.		2,125,106		3,406,407

APA Group		856,561		5,814,484

Aristocrat Leisure Ltd.		462,531		8,514,543

ASX Ltd.		140,526		7,382,991

Aurizon Holdings Ltd.		1,444,781		4,847,974

AusNet Services		1,255,578		1,571,967

Australia & New Zealand Banking Group Ltd.		2,101,201		40,310,677

Bendigo & Adelaide Bank Ltd.		350,007		2,542,209

BHP Group Ltd.		2,136,790		56,544,464

BlueScope Steel Ltd.		399,428		3,795,680

Boral Ltd.		851,059		2,913,720

Brambles Ltd.		1,152,987		9,797,731

Caltex Australia Ltd.		189,335		3,630,551

Challenger Ltd.		416,479		2,410,978

CIMIC Group Ltd.		70,955		2,531,227

Coca-Cola Amatil Ltd.		367,930		2,282,305

Cochlear Ltd.		41,580		5,496,252

Commonwealth Bank of Australia		1,277,595		67,144,292

Computershare Ltd.		364,899		4,590,521

Crown Resorts Ltd.		260,041		2,437,626

CSL Ltd.		328,491		46,074,728

Dexus, REIT		732,651		6,468,381

Domino’s Pizza Enterprises Ltd.		45,313		1,373,589

Flight Centre Travel Group Ltd.		41,897		1,134,953

Fortescue Metals Group Ltd.		1,242,589		6,279,061

Goodman Group, REIT		1,163,506		10,827,106

GPT Group (The), REIT		1,302,994		5,270,683

Harvey Norman Holdings Ltd. (a)		458,960		1,349,402

Healthscope Ltd.		943,086		1,629,402

Iluka Resources Ltd.		303,801		1,853,854

Incitec Pivot Ltd.		1,216,463		2,890,808

Insurance Australia Group Ltd.		1,677,512		9,321,027

Lendlease Group		423,578		3,972,050

Macquarie Group Ltd.		229,749		21,833,990

Medibank Pvt Ltd.		1,999,331		4,029,381

Mirvac Group, REIT		2,689,816		5,384,714

National Australia Bank Ltd.		1,981,311		35,376,387

Newcrest Mining Ltd.		554,171		9,789,557

Orica Ltd.		272,195		3,568,827

Origin Energy Ltd.		1,276,100		6,631,339

Qantas Airways Ltd.		607,000		2,401,124

QBE Insurance Group Ltd.		990,923		9,038,263


INVESTMENTS	SHARES		VALUE($)


Australia — continued

Ramsay Health Care Ltd.		93,900		4,324,276

REA Group Ltd.		35,370		1,993,260

Reece Ltd.		130,671		951,149

Rio Tinto Ltd.		269,494		18,164,533

Santos Ltd.		1,278,976		6,472,401

Scentre Group, REIT		3,865,304		10,426,650

SEEK Ltd.		254,562		3,269,603

Seven Group Holdings Ltd.		83,315		1,152,063

Sonic Healthcare Ltd.		330,572		5,978,020

South32 Ltd.		3,730,501		8,810,772

Stockland, REIT		1,767,355		4,704,926

Suncorp Group Ltd.		940,868		8,804,884

Sydney Airport		800,918		4,305,054

Tabcorp Holdings Ltd.		1,459,269		4,927,497

Telstra Corp. Ltd.		3,021,986		7,197,899

TPG Telecom Ltd.		248,030		1,178,563

Transurban Group		1,893,286		17,928,349

Treasury Wine Estates Ltd.		521,734		6,328,476

Vicinity Centres, REIT		2,332,865		4,183,610

Washington H Soul Pattinson & Co. Ltd.		84,900		1,377,000

Wesfarmers Ltd.		823,149		20,893,405

Westpac Banking Corp.		2,493,572		48,441,113

Woodside Petroleum Ltd.		679,545		16,940,870

Woolworths Group Ltd.		953,446		21,407,269

WorleyParsons Ltd.		226,342		2,280,792


				686,582,569


China — 0.3%

Evergrande Health Industry Group Ltd.* (a)		1,545,000		2,152,511

Yangzijiang Shipbuilding Holdings Ltd.		1,660,500		1,919,858


				4,072,369


Hong Kong — 28.5%

AIA Group Ltd.		8,766,200		89,760,941

ASM Pacific Technology Ltd.		185,100		2,146,980

Bank of East Asia Ltd. (The)		1,072,200		3,384,407

Cathay Pacific Airways Ltd.		713,000		1,200,704

Chow Tai Fook Jewellery Group Ltd.		801,600		857,951

CK Asset Holdings Ltd.		1,926,000		15,486,079

CK Hutchison Holdings Ltd.		2,014,500		21,180,289

CK Infrastructure Holdings Ltd.		535,500		4,342,651

CLP Holdings Ltd.		1,325,000		15,038,310

Dairy Farm International Holdings Ltd.		216,800		1,698,327

Guoco Group Ltd.		57,000		848,469

Hang Lung Group Ltd.		611,000		1,822,251

Hang Lung Properties Ltd.		1,442,000		3,394,074


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Hong Kong — continued

Hang Seng Bank Ltd.		527,200		13,851,460

Henderson Land Development Co. Ltd.		1,079,000		6,650,041

HK Electric Investments & HK Electric Investments Ltd. (b)		1,664,500		1,631,105

HKT Trust & HKT Ltd.		2,627,000		4,072,038

Hong Kong & China Gas Co. Ltd.		6,480,000		15,469,437

Hong Kong Exchanges & Clearing Ltd.		861,500		29,927,498

Hutchison Port Holdings Trust		3,927,300		922,558

Hysan Development Co. Ltd.		452,000		2,533,339

Jardine Matheson Holdings Ltd.		229,600		15,114,587

Jardine Strategic Holdings Ltd.		128,400		4,857,263

Kerry Properties Ltd.		427,000		1,827,718

Kingston Financial Group Ltd. (a)		2,298,000		530,995

Lifestyle International Holdings Ltd.		341,000		594,307

Link REIT, REIT		1,529,000		17,864,768

MTR Corp. Ltd.		1,156,000		6,886,793

New World Development Co. Ltd. (a)		4,159,000		6,890,259

NWS Holdings Ltd.		1,169,000		2,430,968

Orient Overseas International Ltd.* (a)		140,000		945,850

PCCW Ltd.		3,199,000		1,928,932

Power Assets Holdings Ltd.		949,500		6,622,927

Shangri-La Asia Ltd.		944,000		1,338,388

Sino Land Co. Ltd.		2,412,000		4,242,844

Sun Hung Kai Properties Ltd.		1,115,500		19,251,685

Swire Pacific Ltd., Class A (a)		356,500		4,514,526

Swire Pacific Ltd., Class B		645,000		1,279,277

Swire Properties Ltd.		763,200		3,105,701

Techtronic Industries Co. Ltd.		1,056,000		7,641,744

WH Group Ltd. (b)		6,813,000		8,061,237

Wharf Holdings Ltd. (The)		833,000		2,394,016

Wharf Real Estate Investment Co. Ltd.		831,000		6,369,020

Wheelock & Co. Ltd.		560,000		3,990,793

Yue Yuen Industrial Holdings Ltd.		504,500		1,629,525


				366,533,032


Ireland — 0.3%

James Hardie Industries plc, CHDI		321,842		4,378,756


Luxembourg — 0.1%

L’Occitane International SA		291,836		524,433


Macau — 2.3%

Galaxy Entertainment Group Ltd.		1,817,000		13,607,941

MGM China Holdings Ltd. (a)		607,428		1,253,954

Sands China Ltd.		1,762,979		9,703,721

SJM Holdings Ltd.		1,557,000		1,882,718

Wynn Macau Ltd.		1,059,916		3,049,560


				29,497,894


INVESTMENTS	SHARES		VALUE($)


New Zealand — 2.2%

a2 Milk Co. Ltd.*		533,516		5,997,577

Auckland International Airport Ltd.		683,784		3,640,240

Contact Energy Ltd.		520,305		2,335,876

Fisher & Paykel Healthcare Corp. Ltd.		416,463		4,405,701

Fletcher Building Ltd.		619,508		2,134,405

Mercury NZ Ltd.		455,692		1,126,820

Meridian Energy Ltd.		911,732		2,476,612

Ryman Healthcare Ltd.		301,277		2,446,621

Spark New Zealand Ltd.		1,333,028		3,270,818


				27,834,670


Singapore — 12.1%

Ascendas, REIT		1,851,600		4,090,136

CapitaLand Commercial Trust, REIT		2,010,700		2,872,681

CapitaLand Ltd.		1,812,200		4,709,207

CapitaLand Mall Trust, REIT		2,033,500		3,620,829

City Developments Ltd.		447,900		2,948,158

ComfortDelGro Corp. Ltd.		1,572,300		3,114,230

DBS Group Holdings Ltd.		1,319,200		27,433,344

Frasers Property Ltd.		273,700		374,298

Genting Singapore Ltd.		4,114,900		2,983,788

Golden Agri-Resources Ltd.		4,826,400		1,026,202

Great Eastern Holdings Ltd.		41,800		797,824

Jardine Cycle & Carriage Ltd.		72,000		1,881,387

Keppel, REIT		1,302,700		1,168,806

Keppel Corp. Ltd.		1,052,500		5,245,038

Mapletree North Asia Commercial Trust, REIT (b)		1,544,300		1,542,959

Olam International Ltd.		669,700		974,534

Oversea-Chinese Banking Corp. Ltd.		2,930,100		26,102,051

SATS Ltd.		484,600		1,863,790

Sembcorp Industries Ltd.		661,200		1,293,073

Sembcorp Marine Ltd.*		592,700		745,094

SIA Engineering Co. Ltd.		179,100		329,457

Singapore Airlines Ltd.		377,800		2,691,950

Singapore Exchange Ltd.		598,400		3,249,120

Singapore Press Holdings Ltd.		1,158,600		2,141,321

Singapore Technologies Engineering Ltd.		1,108,300		3,229,594

Singapore Telecommunications Ltd.		5,690,900		13,275,981

StarHub Ltd.		428,700		488,881

Suntec, REIT		1,633,900		2,222,427

United Industrial Corp. Ltd.		156,300		364,037

United Overseas Bank Ltd.		1,027,600		21,043,685

UOL Group Ltd.		392,200		2,188,969

Venture Corp. Ltd.		194,700		2,441,765

Wilmar International Ltd.		2,618,700		7,003,404


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Singapore — continued

Yanlord Land Group Ltd.		478,500		513,990


				155,972,010


Taiwan — 0.1%

FIT Hon Teng Ltd. (b)		1,121,000		585,302


Total Common Stocks (Cost $1,200,561,015)				1,275,981,035

Investment Of Cash Collateral From Securities Loaned — 0.4%

JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.57% (c) (d)		1,999,800		2,000,000

JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.45% (c) (d)		3,629,387		3,629,387


Total Investment Of Cash Collateral From Securities Loaned (Cost $5,629,387)				5,629,387


Total Investments — 99.7% (Cost $1,206,190,402)				1,281,610,422

Other Assets Less Liabilities — 0.3%				3,411,806


NET ASSETS — 100.0%				1,285,022,228

Percentages indicated are based on net assets.

Summary of Investments by Industry, April 30, 2019

The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:


INDUSTRY	PERCENTAGE

Banks		22.2	%

Insurance		9.5

Metals & Mining		8.4

Real Estate Management & Development		7.7

Equity Real Estate Investment Trusts (REITs)		6.3

Capital Markets		4.9

Hotels, Restaurants & Leisure		4.1

Industrial Conglomerates		4.0

Biotechnology		3.6

Oil, Gas & Consumable Fuels		2.7

Electric Utilities		2.5

Diversified Telecommunication Services		2.4

Transportation Infrastructure		2.3

Food & Staples Retailing		1.9

Multiline Retail		1.8

Food Products		1.7

Gas Utilities		1.7

Health Care Providers & Services		1.3

Road & Rail		1.2

Others (each less than 1.0%)		9.8

Abbreviations


CHDI		— Clearing House Electronic Subregister System (CHESS) Depository Interest
REIT		— Real Estate Investment Trust
(a)		— The security or a portion of this security is on loan at April 30, 2019. The total value of securities on loan at April 30, 2019 is $5,345,743.
(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 affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(d)		— The rate shown is the current yield as of April 30, 2019.
*		— Non-income producing security.


INVESTMENTS	SHARES		VALUE($)
Common Stocks — 99.1%

Australia — 1.2%

BHP Group plc		987,443		23,308,172

Rio Tinto plc		519,131		30,285,619


				53,593,791


Austria — 0.5%

ANDRITZ AG (a)		33,129		1,582,109

BAWAG Group AG (b)		17,980		874,542

Erste Group Bank AG*		140,659		5,632,144

EVN AG		15,867		236,692

IMMOFINANZ AG*		42,528		1,090,718

Lenzing AG (a)		6,168		693,378

Oesterreichische Post AG		14,801		576,384

OMV AG		66,651		3,575,100

Raiffeisen Bank International AG		62,368		1,663,495

Strabag SE		7,082		237,939

Telekom Austria AG*		63,877		478,835

UNIQA Insurance Group AG		54,002		575,402

Verbund AG*		30,825		1,530,679

Vienna Insurance Group AG Wiener Versicherung Gruppe		17,688		492,004

voestalpine AG		52,142		1,677,619


				20,917,040


Belgium — 2.0%

Ackermans & van Haaren NV		10,458		1,685,023

Ageas		89,395		4,724,117

Anheuser-Busch InBev SA/NV		467,062		41,525,147

bpost SA		45,125		543,262

Colruyt SA		23,219		1,676,158

Elia System Operator SA/NV		14,075		948,770

Groupe Bruxelles Lambert SA		37,338		3,575,494

KBC Group NV		159,852		11,866,752

Proximus SADP		71,974		2,015,783

Sofina SA		7,246		1,492,618

Solvay SA		34,155		4,118,264

Telenet Group Holding NV		26,902		1,428,839

UCB SA		60,018		4,770,165

Umicore SA		97,918		3,799,975


				84,170,367


Chile — 0.0% (c)

Antofagasta plc		159,773		1,899,344


Colombia — 0.0% (c)

Millicom International Cellular SA, SDR		27,824		1,627,481


Denmark — 2.7%

AP Moller — Maersk A/S, Class A		1,558		1,905,783

AP Moller — Maersk A/S, Class B		3,057		3,940,761


INVESTMENTS	SHARES		VALUE($)


Denmark — continued

Carlsberg A/S, Class B		49,456		6,394,701

Chr Hansen Holding A/S		45,202		4,618,790

Coloplast A/S, Class B		54,616		5,899,702

Danske Bank A/S		326,726		5,807,152

Demant A/S* (a)		52,531		1,659,790

DSV A/S		87,894		8,144,950

Genmab A/S*		28,271		4,693,216

GN Store Nord A/S		67,361		3,452,607

H Lundbeck A/S (a)		28,318		1,193,843

ISS A/S (a)		74,736		2,327,402

Jyske Bank A/S (Registered)		31,364		1,265,051

Novo Nordisk A/S, Class B		822,635		40,304,635

Novozymes A/S, Class B		102,355		4,777,453

Orsted A/S (b)		78,119		5,980,716

Pandora A/S		50,858		2,133,250

Rockwool International A/S, Class A		2,771		659,026

Rockwool International A/S, Class B		3,352		896,823

Tryg A/S		55,714		1,705,109

Vestas Wind Systems A/S		96,168		8,701,654


				116,462,414


Finland — 2.0%

Elisa OYJ		69,289		2,939,941

Fortum OYJ		201,772		4,279,687

Huhtamaki OYJ		44,232		1,691,483

Kesko OYJ, Class A		9,797		471,195

Kesko OYJ, Class B		31,343		1,629,832

Kone OYJ, Class B		189,007		10,385,599

Konecranes OYJ		30,792		1,287,105

Metso OYJ		59,251		2,217,009

Neste OYJ		179,812		5,943,266

Nokia OYJ		2,632,862		13,834,664

Nokian Renkaat OYJ		57,570		1,929,734

Nordea Bank Abp		1,491,194		11,731,752

Orion OYJ, Class A		15,041		504,619

Orion OYJ, Class B		48,146		1,605,403

Outokumpu OYJ (a)		147,027		562,933

Sampo OYJ, Class A		227,990		10,439,228

Stora Enso OYJ, Class A		13,164		204,606

Stora Enso OYJ, Class R		266,579		3,319,844

UPM-Kymmene OYJ		248,792		7,024,597

Wartsila OYJ Abp		210,857		3,376,341


				85,378,838


France — 16.7%

Accor SA		87,707		3,694,859


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

France — continued

Adevinta ASA, Class A*		924		9,320

Aeroports de Paris		15,114		3,078,912

Air Liquide SA		200,201		26,633,101

Airbus SE (a)		267,322		36,604,305

Alstom SA		73,882		3,250,599

Amundi SA (b)		27,730		1,995,096

Arkema SA		33,666		3,456,708

Atos SE		43,883		4,524,807

AXA SA (a)		918,885		24,503,479

BioMerieux		19,679		1,562,988

BNP Paribas SA		535,270		28,494,069

Bollore SA		419,111		1,993,622

Bouygues SA (a)		105,950		3,988,210

Bureau Veritas SA		122,976		3,117,280

Capgemini SE		74,303		9,016,989

Carrefour SA		261,986		5,104,061

Casino Guichard Perrachon SA (a)		24,769		1,014,003

Cie de Saint-Gobain		255,419		10,472,162

Cie Generale des Etablissements Michelin SCA		84,185		10,886,003

CNP Assurances (a)		73,265		1,730,573

Covivio, REIT		28,700		3,106,327

Credit Agricole SA		572,167		7,857,022

Danone SA (a)		301,063		24,339,415

Dassault Aviation SA		1,080		1,634,081

Dassault Systemes SE		63,012		9,978,763

Edenred		111,862		5,274,042

Eiffage SA		33,956		3,545,386

Electricite de France SA		223,191		3,223,310

Engie SA		856,984		12,719,788

EssilorLuxottica SA*		121,569		14,811,790

Eutelsat Communications SA		79,793		1,442,084

Faurecia SA		34,485		1,754,648

Gecina SA, REIT		25,481		3,807,214

Getlink SE		214,152		3,446,977

Hermes International		16,781		11,806,544

ICADE, REIT (a)		20,987		1,793,673

Iliad SA (a)		12,481		1,271,528

Imerys SA		16,848		897,216

Ipsen SA		16,996		1,984,961

JCDecaux SA		35,323		1,156,854

Kering SA (a)		34,788		20,585,958

Klepierre SA, REIT		96,017		3,411,870

Lagardere SCA		56,557		1,540,377

Legrand SA		123,796		9,105,552

L’Oreal SA (a)		114,908		31,605,730


INVESTMENTS	SHARES		VALUE($)


France — continued

LVMH Moet Hennessy Louis Vuitton SE (a)		125,932		49,443,072

Natixis SA (a)		423,352		2,494,703

Orange SA		1,003,037		15,676,017

Pernod Ricard SA		96,751		16,870,181

Peugeot SA (a)		262,278		6,876,634

Publicis Groupe SA (a)		102,263		6,078,135

Renault SA		96,780		6,602,949

Rexel SA		139,889		1,880,653

Safran SA		153,017		22,303,929

Sanofi (a)		535,995		46,765,187

Sartorius Stedim Biotech		10,984		1,491,899

Schneider Electric SE (a)		249,972		21,156,613

SEB SA (a)		12,474		2,285,377

Societe Generale SA		353,859		11,221,399

Sodexo SA		41,363		4,743,657

Suez		196,477		2,760,117

Teleperformance*		26,770		5,146,281

Thales SA		49,489		5,912,819

TOTAL SA		1,180,772		65,639,996

Ubisoft Entertainment SA*		31,381		2,998,084

Unibail-Rodamco-Westfield, REIT		64,349		11,060,640

Valeo SA		111,400		4,051,921

Veolia Environnement SA (a)		262,889		6,217,971

Vinci SA		239,329		24,171,329

Vivendi SA (a)		357,503		10,376,824


				721,458,643


Germany — 13.5%

1&1 Drillisch AG		22,075		823,000

adidas AG		81,518		20,998,053

Allianz SE (Registered)		198,445		47,966,964

Aroundtown SA		334,640		2,718,791

BASF SE		429,410		35,057,444

Bayer AG (Registered)		435,990		29,017,637

Bayerische Motoren Werke AG		149,167		12,725,200

Bayerische Motoren Werke AG (Preference)		25,642		1,895,987

Beiersdorf AG		45,948		5,027,663

Brenntag AG		71,632		3,861,258

Commerzbank AG*		491,826		4,433,018

Continental AG		50,494		8,376,484

Covestro AG (b)		79,568		4,372,067

Daimler AG (Registered)*		465,162		30,531,354

Delivery Hero SE* (b)		53,347		2,458,579

Deutsche Bank AG (Registered)		888,964		7,371,711

Deutsche Boerse AG		88,829		11,869,539

Deutsche Lufthansa AG (Registered)		109,771		2,655,769


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Germany — continued

Deutsche Post AG (Registered)*		454,006		15,781,444

Deutsche Telekom AG (Registered)		1,513,744		25,362,633

Deutsche Wohnen SE		165,811		7,469,031

E.ON SE		1,029,066		11,064,234

Evonik Industries AG		69,097		2,062,729

Fraport AG Frankfurt Airport Services Worldwide		17,043		1,418,746

Fresenius Medical Care AG & Co. KGaA		99,081		8,350,889

Fresenius SE & Co. KGaA		191,467		10,887,744

GEA Group AG		76,126		2,132,873

Hannover Rueck SE		28,191		4,257,114

HeidelbergCement AG		68,645		5,554,756

Henkel AG & Co. KGaA		46,949		4,477,002

Henkel AG & Co. KGaA (Preference)		83,295		8,430,552

HOCHTIEF AG		9,087		1,358,586

HUGO BOSS AG		29,327		2,049,199

Infineon Technologies AG		527,244		12,498,626

Innogy SE* (b)		59,245		2,750,332

K+S AG (Registered)		88,662		1,805,369

KION Group AG		31,142		2,142,340

LANXESS AG		42,437		2,457,478

MAN SE (Preference)		1,575		126,504

Merck KGaA		60,424		6,440,626

MTU Aero Engines AG		24,311		5,735,684

Muenchener Rueckversicherungs-Gesellschaft AG (Registered)*		69,913		17,398,124

Porsche Automobil Holding SE (Preference)		71,590		4,976,768

ProSiebenSat.1 Media SE		107,992		1,707,197

RWE AG*		253,024		6,490,073

RWE AG (Preference) (Non-Voting)*		17,778		453,630

SAP SE		505,432		65,154,349

Siemens AG (Registered)		397,395		47,648,529

Siemens Healthineers AG (a) (b)		64,819		2,774,528

Symrise AG		59,516		5,720,744

Talanx AG		18,594		744,136

Telefonica Deutschland Holding AG		372,120		1,208,703

thyssenkrupp AG (a)		187,045		2,637,078

TUI AG (a)		206,532		2,308,037

Uniper SE		89,770		2,723,928

United Internet AG (Registered)		57,851		2,325,891

Volkswagen AG		15,012		2,691,606

Volkswagen AG (Preference)		85,801		14,981,034

Vonovia SE		242,214		12,105,008

Wacker Chemie AG		8,154		716,804

Wirecard AG		53,693		8,111,259


INVESTMENTS	SHARES		VALUE($)


Germany — continued

Zalando SE* (b)		55,737		2,621,863


				582,274,298


Ghana — 0.0% (c)

Tullow Oil plc		640,767		1,878,807


Ireland — 0.9%

AIB Group plc		364,804		1,694,832

Bank of Ireland Group plc*		429,669		2,746,665

CRH plc		382,499		12,867,534

Glanbia plc		93,172		1,712,783

Kerry Group plc, Class A		70,686		7,912,285

Kingspan Group plc		70,732		3,719,131

Paddy Power Betfair plc		37,120		3,109,211

Ryanair Holdings plc, ADR*		45,690		3,547,372

Smurfit Kappa Group plc		110,487		3,239,958


				40,549,771


Italy — 3.5%

A2A SpA		725,755		1,214,649

Assicurazioni Generali SpA		575,017		11,156,501

Atlantia SpA		219,872		6,002,664

Banca Mediolanum SpA		115,219		846,255

Banco BPM SpA*		699,158		1,664,359

Brembo SpA		70,766		930,869

BuzziUnicem SpA		18,633		283,938

BuzziUnicem SpA		32,738		729,914

Davide Campari-Milano SpA		263,802		2,661,230

DiaSorin SpA		11,225		1,097,320

Enel SpA		3,608,842		22,851,775

Eni SpA		1,189,347		20,267,831

Ferrari NV		58,295		7,906,643

FinecoBank Banca Fineco SpA (a)		182,578		2,404,904

Hera SpA		341,972		1,217,335

Intesa Sanpaolo SpA		7,366,288		19,299,792

Leonardo SpA		182,249		2,107,675

Mediaset SpA* (a)		162,919		542,373

Mediobanca Banca di Credito Finanziario SpA		289,854		3,072,252

Moncler SpA		79,772		3,279,766

Pirelli & C SpA* (a) (b)		170,034		1,243,011

Poste Italiane SpA (b)		211,794		2,263,530

Prysmian SpA		124,190		2,397,919

Recordati SpA		47,241		1,908,901

Saipem SpA*		264,801		1,343,198

Salvatore Ferragamo SpA		22,235		504,464

Snam SpA		1,047,443		5,332,412

Telecom Italia SpA		2,792,040		1,457,928


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Italy — continued

Telecom Italia SpA* (a)		5,346,266		2,992,711

Terna Rete Elettrica Nazionale SpA		648,861		3,892,621

UniCredit SpA		987,790		13,675,068

Unione di Banche Italiane SpA (a)		471,951		1,473,376

UnipolSai Assicurazioni SpA		350,825		961,334


				148,984,518


Jordan — 0.0% (c)

Hikma Pharmaceuticals plc		64,420		1,486,554


Luxembourg — 0.4%

ArcelorMittal		299,179		6,508,962

Eurofins Scientific SE (a)		5,240		2,399,542

RTL Group SA		17,876		1,007,279

SES SA, FDR (a)		177,280		3,016,361

Tenaris SA		218,807		3,033,065


				15,965,209


Mexico — 0.0% (c)

Fresnillo plc		85,280		835,256


Netherlands — 7.2%

ABN AMRO Group NV, CVA (a) (b)		193,368		4,554,258

Adyen NV* (b)		10,738		8,751,450

Aegon NV		650,503		3,395,722

Akzo Nobel NV (a)		106,478		9,046,958

Altice Europe NV*		246,450		782,097

ASML Holding NV (a)		199,006		41,554,573

Boskalis Westminster (a)		38,931		1,068,464

EXOR NV		44,572		2,972,180

GrandVision NV (b)		26,670		600,170

HAL Trust		38,226		5,885,488

Heineken Holding NV (a)		55,211		5,620,698

Heineken NV (a)		110,411		11,936,240

ING Groep NV (a)		1,803,532		23,013,118

Koninklijke Ahold Delhaize NV		553,419		13,338,280

Koninklijke DSM NV		84,820		9,701,000

Koninklijke KPN NV		1,964,928		6,038,922

Koninklijke Philips NV		433,018		18,595,407

Koninklijke Vopak NV (a)		30,854		1,377,725

NN Group NV		142,428		6,215,503

OCI NV* (a)		29,170		847,210

Randstad NV		57,631		3,295,987

Royal Dutch Shell plc, Class A		2,071,730		66,008,260

Royal Dutch Shell plc, Class B		1,751,103		56,513,978

Wolters Kluwer NV		130,774		9,127,697


				310,241,385


INVESTMENTS	SHARES		VALUE($)


Norway — 1.2%

Aker ASA, Class A		11,437		783,622

Aker BP ASA		49,943		1,648,492

DNB ASA*		435,046		8,365,591

Equinor ASA		510,006		11,368,870

Gjensidige Forsikring ASA		87,952		1,710,307

Kongsberg Gruppen ASA		41,643		603,688

Leroy Seafood Group ASA		128,496		930,362

Mowi ASA		205,072		4,449,139

Norsk Hydro ASA		631,770		2,721,087

Orkla ASA		382,496		3,002,036

Salmar ASA		25,098		1,141,577

Schibsted ASA, Class A		37,078		974,055

Schibsted ASA, Class B		47,160		1,128,239

Storebrand ASA		216,836		1,832,549

Telenor ASA (a)		309,574		6,223,015

TGS NOPEC Geophysical Co. ASA		47,230		1,235,004

Yara International ASA		81,557		3,687,521


				51,805,154


Portugal — 0.3%

Banco Comercial Portugues SA, Class R*		4,271,665		1,199,025

EDP — Energias de Portugal SA*		1,130,305		4,289,129

Galp Energia SGPS SA		210,828		3,534,798

Jeronimo Martins SGPS SA		113,636		1,850,634

Navigator Co. SA (The)		101,960		450,845

NOS SGPS SA		113,541		763,092

Sonae SGPS SA		431,503		481,417


				12,568,940


Russia — 0.1%

Evraz plc		152,319		1,250,776

Polymetal International plc		117,313		1,236,828


				2,487,604


South Africa — 0.4%

Anglo American plc		657,088		17,051,246


Spain — 4.6%

Acciona SA		11,239		1,303,508

ACS Actividades de Construccion y Servicios SA		127,989		5,885,728

Aena SME SA (b)		34,363		6,380,099

Amadeus IT Group SA		205,160		16,350,567

Banco Bilbao Vizcaya Argentaria SA		3,117,394		18,956,403

Banco de Sabadell SA		2,598,677		3,025,728

Banco Santander SA		7,590,979		38,481,509

Bankia SA		557,416		1,543,854

CaixaBank SA		1,677,878		5,348,228


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Spain — continued

Codere SA*		33,007		135,317

EDP Renovaveis SA*		87,836		871,874

Enagas SA		105,173		3,000,095

Endesa SA		147,144		3,671,003

Ferrovial SA		221,268		5,456,386

Grifols SA		136,289		3,787,648

Grifols SA (Preference), Class B		120,356		2,317,007

Iberdrola SA		2,865,559		26,040,459

Industria de Diseno Textil SA		495,416		15,000,498

Mapfre SA		456,520		1,371,472

Naturgy Energy Group SA		168,424		4,794,744

Red Electrica Corp. SA		200,479		4,160,714

Repsol SA		597,626		10,140,932

Siemens Gamesa Renewable Energy SA		104,023		1,868,300

Telefonica SA		2,136,150		17,809,826


				197,701,899


Sweden — 4.5%

Alfa Laval AB (a)		138,906		3,224,240

Assa Abloy AB, Class B		463,665		9,912,030

Atlas Copco AB, Class A		302,176		9,432,214

Atlas Copco AB, Class B		182,437		5,196,203

Axfood AB		48,649		892,981

Boliden AB*		126,720		3,771,178

Castellum AB		126,613		2,276,432

Electrolux AB, Series B		119,516		2,929,137

Elekta AB, Class B		170,043		2,016,877

Epiroc AB, Class A*		289,987		2,997,770

Epiroc AB, Class B*		180,788		1,789,036

Essity AB, Class A		13,274		392,789

Essity AB, Class B		283,210		8,397,436

Fabege AB		125,712		1,746,100

Fastighets AB Balder, Class B*		45,109		1,426,930

Getinge AB, Class B		100,189		1,411,582

Hennes & Mauritz AB, Class B (a)		382,423		6,672,879

Hexagon AB, Class B		127,140		6,945,942

Hexpol AB		117,879		920,757

Holmen AB, Class B		46,064		968,727

Husqvarna AB, Class B		190,707		1,741,229

ICA Gruppen AB		35,331		1,277,878

Industrivarden AB, Class A		70,913		1,641,930

Industrivarden AB, Class C		77,310		1,739,835

Intrum AB (a)		33,715		858,531

Investment AB Latour, Class B		62,157		880,157

Investor AB, Class A		62,079		2,948,818

Investor AB, Class B		212,949		10,155,903


INVESTMENTS	SHARES		VALUE($)


Sweden — continued

Kinnevik AB, Class A (a)		2,724		80,268

Kinnevik AB, Class B		111,971		3,262,987

L E Lundbergforetagen AB, Class B		24,687		844,347

Lundin Petroleum AB		82,110		2,674,013

NCC AB, Class B		39,930		660,224

Nibe Industrier AB, Class B		189,631		2,549,567

Saab AB, Class B		38,070		1,253,260

Sandvik AB (a)		516,503		9,564,801

Securitas AB, Class B (a)		148,218		2,591,819

Skandinaviska Enskilda Banken AB, Class A		750,756		7,167,920

Skanska AB, Class B		172,245		2,999,506

SKF AB, Class A (a)		7,876		145,741

SKF AB, Class B (a)		175,306		3,254,026

SSAB AB, Class A		108,962		411,664

SSAB AB, Class B		279,933		902,736

Svenska Cellulosa AB SCA, Class A (a)		13,418		130,971

Svenska Cellulosa AB SCA, Class B		280,722		2,450,662

Svenska Handelsbanken AB, Class A		699,424		7,639,877

Svenska Handelsbanken AB, Class B		16,022		174,181

Swedbank AB, Class A		433,976		7,090,830

Swedish Match AB		81,480		3,972,932

Swedish Orphan Biovitrum AB*		82,629		1,507,706

Tele2 AB, Class B		231,335		3,090,530

Telefonaktiebolaget LM Ericsson, Class A		27,520		273,731

Telefonaktiebolaget LM Ericsson, Class B		1,308,987		12,948,732

Telia Co. AB		1,275,382		5,433,801

Trelleborg AB, Class B		112,426		1,859,390

Volvo AB, Class A		116,276		1,861,646

Volvo AB, Class B		767,019		12,292,579


				193,655,968


Switzerland — 13.9%

ABB Ltd. (Registered)*		902,157		18,556,215

Adecco Group AG (Registered)		77,878		4,474,325

Baloise Holding AG (Registered)		22,815		3,911,433

Barry Callebaut AG (Registered)		1,052		1,928,890

Chocoladefabriken Lindt & Spruengli AG		502		3,336,172

Chocoladefabriken Lindt & Spruengli AG (Registered)		51		3,868,983

Cie Financiere Richemont SA (Registered)		244,047		17,840,408

Coca-Cola HBC AG*		93,025		3,331,717

Credit Suisse Group AG (Registered)*		1,135,246		15,097,520

EMS-Chemie Holding AG (Registered)		3,326		2,014,190

Geberit AG (Registered)		17,318		7,261,591

Givaudan SA (Registered)		3,713		9,614,091

Glencore plc*		5,660,094		22,456,759


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Switzerland — continued

Julius Baer Group Ltd.*		104,636		5,054,432

Kuehne + Nagel International AG (Registered) (a)		23,271		3,382,551

LafargeHolcim Ltd. (Registered)*		224,158		11,507,700

Lonza Group AG (Registered)*		34,816		10,752,201

Mediclinic International plc		186,090		833,795

Nestle SA (Registered)		1,432,024		137,871,908

Novartis AG (Registered)		1,192,477		97,711,684

Pargesa Holding SA		15,788		1,240,762

Partners Group Holding AG		8,711		6,570,400

Roche Holding AG		12,717		3,327,130

Roche Holding AG		328,465		86,669,881

Schindler Holding AG		19,036		4,114,156

Schindler Holding AG (Registered)		8,974		1,907,908

SGS SA (Registered)		2,462		6,496,112

Sika AG (Registered)		59,657		9,140,768

Sonova Holding AG (Registered)		24,619		4,972,601

STMicroelectronics NV		310,685		5,705,643

Straumann Holding AG (Registered)		5,083		4,107,932

Sulzer AG (Registered)		5,613		592,315

Swatch Group AG (The)		14,418		4,400,215

Swatch Group AG (The) (Registered)		34,433		2,020,482

Swiss Life Holding AG (Registered)*		16,000		7,522,054

Swiss Re AG		142,481		13,717,767

Swisscom AG (Registered) (a)		11,867		5,529,479

Temenos AG (Registered)*		28,262		4,701,321

UBS Group AG (Registered)*		1,790,985		24,016,155

Vifor Pharma AG(a)		20,454		2,671,069

Zurich Insurance Group AG		70,377		22,433,937


				602,664,652


United Arab Emirates — 0.0% (c)

NMC Health plc		39,599		1,462,307


United Kingdom — 23.1%

3i Group plc		454,074		6,353,597

Admiral Group plc		119,747		3,449,227

Aggreko plc		117,758		1,312,793

Ashtead Group plc		235,317		6,534,102

ASOS plc*		24,715		1,267,387

Associated British Foods plc		166,557		5,563,400

AstraZeneca plc		591,547		44,070,137

Auto Trader Group plc (b)		434,991		3,215,611

Aviva plc		1,840,402		10,335,934

Babcock International Group plc		232,247		1,594,295

BAE Systems plc		1,491,946		9,589,157

Barclays plc		7,530,115		16,159,670


INVESTMENTS	SHARES		VALUE($)


United Kingdom — continued

Barratt Developments plc		466,653		3,671,085

Berkeley Group Holdings plc		64,873		3,182,451

BP plc		9,458,682		68,780,733

British American Tobacco plc		1,070,378		41,904,170

British Land Co. plc (The), REIT		446,903		3,467,374

BT Group plc		4,101,094		12,237,725

Bunzl plc		156,905		4,732,425

Burberry Group plc		192,327		5,069,165

Centrica plc		2,653,858		3,689,309

CNH Industrial NV		464,536		5,050,381

Coca-Cola European Partners plc		109,088		5,846,026

Compass Group plc		744,791		16,946,870

ConvaTec Group plc (b)		343,679		622,469

Croda International plc		61,192		4,145,055

DCC plc		46,953		4,202,779

Derwent London plc, REIT		51,356		2,125,517

Diageo plc		1,130,845		47,673,839

Direct Line Insurance Group plc		637,075		2,741,366

Dixons Carphone plc		465,078		881,702

DS Smith plc		633,635		2,959,491

easyJet plc		120,853		1,831,156

Experian plc		430,961		12,544,806

Fiat Chrysler Automobiles NV		514,392		7,927,497

G4S plc		718,818		2,031,605

GlaxoSmithKline plc		2,308,744		47,429,044

GVC Holdings plc		267,563		2,283,238

Halma plc		175,174		4,121,788

Hammerson plc, REIT		356,941		1,501,780

Hargreaves Lansdown plc		125,181		3,697,707

Hiscox Ltd.		135,743		2,969,064

HSBC Holdings plc		9,519,472		82,942,805

Imperial Brands plc		450,449		14,332,464

Informa plc		585,153		5,949,858

InterContinental Hotels Group plc		87,763		5,684,419

International Consolidated Airlines Group SA		369,262		2,609,448

Intertek Group plc		75,170		5,257,676

Intu Properties plc, REIT		395,139		486,879

ITV plc		1,678,703		2,997,551

J Sainsbury plc		790,258		2,295,887

JD Sports Fashion plc		192,219		1,580,077

John Wood Group plc		313,908		1,924,493

Johnson Matthey plc		92,114		4,018,421

Just Eat plc*		271,984		2,486,483

Kingfisher plc		986,148		3,400,424

Land Securities Group plc, REIT		348,121		4,195,530


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

United Kingdom — continued

Legal & General Group plc		2,761,985		10,044,045

Lloyds Banking Group plc		33,368,895		27,290,246

London Stock Exchange Group plc		147,399		9,663,965

Marks & Spencer Group plc		752,875		2,808,420

Melrose Industries plc		2,271,348		6,009,871

Merlin Entertainments plc (b)		328,772		1,572,218

Micro Focus International plc		168,810		4,279,181

Mondi plc		170,051		3,736,914

National Grid plc		1,718,681		18,829,760

Next plc		64,323		4,843,116

Ocado Group plc*		270,549		4,816,410

Pearson plc		361,649		3,917,704

Persimmon plc		148,477		4,337,435

Phoenix Group Holdings plc		267,379		2,527,387

Prudential plc		1,208,943		27,468,856

Reckitt Benckiser Group plc		344,347		27,859,887

RELX plc		940,492		21,608,392

Rentokil Initial plc		851,341		4,338,615

Rightmove plc		421,673		2,981,693

Rolls-Royce Holdings plc*		881,516		10,556,625

Royal Bank of Scotland Group plc		2,125,199		6,654,711

Royal Mail plc		407,692		1,345,218

RSA Insurance Group plc		475,646		3,371,909

Sage Group plc (The)		523,544		4,962,751

Schroders plc		57,596		2,383,723

Schroders plc (Non-Voting)		23,007		725,231

Segro plc, REIT		502,459		4,452,080

Severn Trent plc		111,373		2,964,582

Smith & Nephew plc		416,560		8,053,141

Smiths Group plc		181,879		3,621,129

Spirax-Sarco Engineering plc		34,374		3,706,124

SSE plc		483,572		7,235,507

St James’s Place plc		245,209		3,598,524

Standard Chartered plc		1,299,644		11,882,867

Standard Life Aberdeen plc		1,155,390		4,209,689

Subsea 7 SA		119,772		1,521,637

Tate & Lyle plc		216,018		2,165,102

Taylor Wimpey plc		1,515,709		3,593,456

TechnipFMC plc		201,865		4,985,695

Tesco plc		4,541,140		14,816,102

Travis Perkins plc		115,849		2,113,865

Unilever NV, CVA (a)		801,676		48,505,070

Unilever plc		555,040		33,643,799

United Utilities Group plc		316,035		3,428,356

Vodafone Group plc		12,527,307		23,236,586


INVESTMENTS	SHARES		VALUE($)


United Kingdom — continued

Weir Group plc (The)		120,342		2,615,619

Whitbread plc		85,610		4,984,146

Wm Morrison Supermarkets plc		1,090,696		3,074,260

WPP plc		589,376		7,354,114


				1,000,571,075


United States — 0.4%

Carnival plc		96,139		5,096,772

Ferguson plc		108,650		7,732,174

QIAGEN NV* (a)		107,017		4,143,791


				16,972,737


Total Common Stocks (Cost $4,075,205,585)				4,284,665,298

Preferred Stocks — 0.0% (c)

United Kingdom — 0.0% (c)

Rolls-Royce Holdings plc (Preference)* (Cost $80,694)		62,587,636		81,615

Investment Of Cash Collateral From Securities Loaned — 6.3%

JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.57% (d) (e)		197,982,102		198,001,900

JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.45% (d) (e)		75,944,790		75,944,790


Total Investment Of Cash Collateral From Securities Loaned (Cost $273,946,690)				273,946,690


Total Investments — 105.4% (Cost $4,349,232,969)				4,558,693,603

Liabilities in Excess of Other Assets — (5.4)%				(233,565,877	)


NET ASSETS — 100.0%				4,325,127,726

Percentages indicated are based on net assets.

Summary of Investments by Industry, April 30, 2019

The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:


INDUSTRY	PERCENTAGE

Pharmaceuticals		9.2	%

Banks		8.9

Oil, Gas & Consumable Fuels		7.2

Investment of cash collateral from securities loaned		6.0

Insurance		5.6

Food Products		4.3

Textiles, Apparel & Luxury Goods		3.4

Chemicals		3.4

Beverages		3.1

Personal Products		2.6

Metals & Mining		2.6

Diversified Telecommunication Services		2.4

Capital Markets		2.2

Automobiles		2.1

Aerospace & Defense		2.1

Machinery		2.1

Electric Utilities		2.0

Software		1.9

Professional Services		1.6

Multi-Utilities		1.5

Electrical Equipment		1.5

Tobacco		1.3

Semiconductors & Semiconductor Equipment		1.3

Industrial Conglomerates		1.2

Health Care Equipment & Supplies		1.2

Construction & Engineering		1.1


INDUSTRY	PERCENTAGE

Hotels, Restaurants & Leisure		1.1	%

Household Products		1.1

Food & Staples Retailing		1.1

IT Services		1.0

Diversified Financial Services		1.0

Others (each less than 1.0%)		12.9

Abbreviations


ADR		— American Depositary Receipt
CVA		— Dutch Certification
FDR		— Fiduciary Depositary Receipt
OYJ		— Public Limited 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.
REIT		— Real Estate Investment Trust
SCA		— Limited partnership with share capital
SDR		— Swedish Depositary Receipt
SGPS		— Holding company

(a)		— The security or a portion of this security is on loan at April 30, 2019. The total value of securities on loan at April 30, 2019 is $256,352,424.
(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)		— Amount rounds to less than 0.1% of net assets.
(d)		— Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(e)		— The rate shown is the current yield as of April 30, 2019.
*		— Non-income producing security.


INVESTMENTS	SHARES		VALUE($)
Common Stocks — 98.8%

Air Freight & Logistics — 0.4%

SG Holdings Co. Ltd.		221,100		5,920,829

Yamato Holdings Co. Ltd.		374,000		8,124,662


				14,045,491


Airlines — 0.2%

ANA Holdings, Inc.		104,200		3,646,661

Japan Airlines Co. Ltd.		104,200		3,398,316


				7,044,977


Auto Components — 2.7%

Aisin Seiki Co. Ltd.		166,100		6,425,563

Bridgestone Corp.		554,600		22,001,210

Denso Corp.		472,700		20,654,642

Koito Manufacturing Co. Ltd.		117,200		7,018,024

NGK Spark Plug Co. Ltd.		162,100		3,160,631

NHK Spring Co. Ltd. (a)		205,200		1,848,329

NOK Corp.		110,000		1,767,015

Stanley Electric Co. Ltd.		139,700		3,787,694

Sumitomo Electric Industries Ltd.		722,700		9,616,024

Sumitomo Rubber Industries Ltd.		163,400		2,009,222

Tokai Rika Co. Ltd.		48,700		845,640

Toyoda Gosei Co. Ltd.		66,900		1,392,672

Toyota Boshoku Corp.		78,700		1,162,883

Toyota Industries Corp.		186,600		10,577,190

Yokohama Rubber Co. Ltd. (The)		122,300		2,304,470


				94,571,209


Automobiles — 7.8%

Honda Motor Co. Ltd.		1,648,700		46,003,595

Isuzu Motors Ltd.		563,300		8,113,068

Mazda Motor Corp.		547,100		6,474,906

Mitsubishi Motors Corp.		624,700		3,508,029

Nissan Motor Co. Ltd.		2,188,700		17,570,980

Subaru Corp.		581,700		14,254,524

Suzuki Motor Corp.		402,400		18,362,998

Toyota Motor Corp.		2,436,100		150,820,060

Yamaha Motor Co. Ltd.		285,500		5,887,586


				270,995,746


Banks — 5.9%

77 Bank Ltd. (The)		69,400		995,886

Aozora Bank Ltd.		107,200		2,619,275

Bank of Kyoto Ltd. (The)		68,600		2,972,749

Chiba Bank Ltd. (The)		708,100		3,719,243

Chugoku Bank Ltd. (The)		177,000		1,713,972

Concordia Financial Group Ltd.		1,151,200		4,494,401

Fukuoka Financial Group, Inc.		175,000		4,084,897

Gunma Bank Ltd. (The)		388,900		1,542,243


INVESTMENTS	SHARES		VALUE($)


Banks — continued

Hachijuni Bank Ltd. (The)		465,700		1,874,509

Hiroshima Bank Ltd. (The)		285,500		1,540,026

Hokuhoku Financial Group, Inc.		120,600		1,330,152

Iyo Bank Ltd. (The)		294,100		1,635,862

Kansai Mirai Financial Group, Inc.		95,600		667,957

Kyushu Financial Group, Inc.		421,600		1,701,482

Mebuki Financial Group, Inc.		964,500		2,459,080

Mitsubishi UFJ Financial Group, Inc.		11,816,100		58,625,889

Mizuho Financial Group, Inc.		23,098,600		36,073,724

Resona Holdings, Inc.		2,009,100		8,528,873

Seven Bank Ltd.		672,100		1,828,400

Shinsei Bank Ltd.		176,000		2,454,199

Shizuoka Bank Ltd. (The)		514,000		3,949,503

Sumitomo Mitsui Financial Group, Inc.		1,273,700		46,294,198

Sumitomo Mitsui Trust Holdings, Inc.		355,000		12,386,364

Yamaguchi Financial Group, Inc.		226,100		1,672,848


				205,165,732


Beverages — 1.3%

Asahi Group Holdings Ltd.		405,000		17,659,341

Coca-Cola Bottlers Japan Holdings, Inc.		142,100		3,508,738

Kirin Holdings Co. Ltd.		831,600		18,917,623

Sapporo Holdings Ltd.		71,400		1,464,262

Suntory Beverage & Food Ltd.		115,300		5,098,470


				46,648,434


Biotechnology — 0.1%

PeptiDream, Inc.*		85,900		4,653,199


Building Products — 1.5%

AGC, Inc.		206,700		7,052,154

Daikin Industries Ltd.		266,800		33,968,836

LIXIL Group Corp.		265,000		3,462,089

TOTO Ltd.		144,600		6,129,278


				50,612,357


Capital Markets — 0.9%

Daiwa Securities Group, Inc.		1,468,600		6,836,091

Japan Exchange Group, Inc.		487,700		7,963,948

Matsui Securities Co. Ltd.		110,700		987,483

Nomura Holdings, Inc.		2,956,400		11,193,578

SBI Holdings, Inc.		214,600		4,601,324


				31,582,424


Chemicals — 4.3%

Air Water, Inc.		172,300		2,628,203

Asahi Kasei Corp.		1,275,600		13,146,806

Daicel Corp.		303,200		3,401,495


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Chemicals — continued

DIC Corp.		81,800		2,402,754

Hitachi Chemical Co. Ltd.		93,900		2,504,487

JSR Corp.		184,900		2,821,301

Kaneka Corp.		60,100		2,320,740

Kansai Paint Co. Ltd.		236,100		4,501,571

Kuraray Co. Ltd.		323,100		4,341,092

Mitsubishi Chemical Holdings Corp.		1,371,000		9,774,749

Mitsubishi Gas Chemical Co., Inc.		194,300		2,916,995

Mitsui Chemicals, Inc.		185,800		4,567,320

Nippon Paint Holdings Co. Ltd.		180,000		6,855,524

Nippon Shokubai Co. Ltd.		31,600		2,198,318

Nissan Chemical Corp.		135,800		6,050,097

Nitto Denko Corp.		144,100		7,791,089

Shin-Etsu Chemical Co. Ltd.		369,800		35,029,131

Showa Denko KK		129,200		4,410,896

Sumitomo Chemical Co. Ltd.		1,505,900		7,512,942

Taiyo Nippon Sanso Corp.		193,400		3,222,371

Teijin Ltd.		179,600		3,089,501

Toray Industries, Inc.		1,485,000		10,161,967

Tosoh Corp.		295,400		4,762,922

Ube Industries Ltd.		95,700		2,047,569


				148,459,840


Commercial Services & Supplies — 1.0%

Dai Nippon Printing Co. Ltd.		275,000		6,527,962

Park24 Co. Ltd.		105,000		2,209,148

Secom Co. Ltd.		195,200		16,422,440

Sohgo Security Services Co. Ltd.		79,100		3,534,280

Toppan Printing Co. Ltd.		295,600		4,797,903


				33,491,733


Construction & Engineering — 1.0%

JGC Corp.		236,300		3,404,720

Kajima Corp.		457,200		6,785,807

Kinden Corp.		132,100		2,122,461

Obayashi Corp.		657,300		6,461,655

Shimizu Corp.		661,100		5,662,506

Taisei Corp.		204,100		8,980,421


				33,417,570


Construction Materials — 0.1%

Taiheiyo Cement Corp.		115,900		3,737,637


Consumer Finance — 0.2%

Acom Co. Ltd.		421,400		1,480,840

AEON Financial Service Co. Ltd.		104,100		2,161,275

Credit Saison Co. Ltd.		148,300		1,897,436

Hitachi Capital Corp.		47,100		1,096,764


INVESTMENTS	SHARES		VALUE($)


Consumer Finance — continued

Orient Corp. (a)		515,500		543,815


				7,180,130


Containers & Packaging — 0.1%

Toyo Seikan Group Holdings Ltd.		147,400		2,955,551


Distributors — 0.0% (b)

Canon Marketing Japan, Inc.		50,100		1,087,066


Diversified Consumer Services — 0.1%

Benesse Holdings, Inc.		74,600		2,062,530


Diversified Financial Services — 0.6%

Mitsubishi UFJ Lease & Finance Co. Ltd.		488,900		2,492,865

ORIX Corp.		1,205,000		17,069,828

Tokyo Century Corp.		49,300		2,280,128


				21,842,821


Diversified Telecommunication Services — 0.7%

Nippon Telegraph & Telephone Corp.		584,500		24,320,129


Electric Utilities — 1.1%

Chubu Electric Power Co., Inc.		656,000		9,539,248

Chugoku Electric Power Co., Inc. (The)		284,200		3,393,237

Hokuriku Electric Power Co.		181,300		1,348,142

Kansai Electric Power Co., Inc. (The)		735,600		8,899,482

Kyushu Electric Power Co., Inc.		432,300		4,186,483

Shikoku Electric Power Co., Inc.		188,800		1,908,019

Tohoku Electric Power Co., Inc.		457,700		5,239,463

Tokyo Electric Power Co. Holdings, Inc.*		731,900		4,134,049


				38,648,123


Electrical Equipment — 2.2%

Fuji Electric Co. Ltd.		136,100		4,824,883

Furukawa Electric Co. Ltd.		63,700		1,681,359

GS Yuasa Corp.		75,400		1,514,924

Mabuchi Motor Co. Ltd.		54,100		2,006,461

Mitsubishi Electric Corp.		1,952,900		27,945,868

Nidec Corp.		249,800		35,681,103

Ushio, Inc.		111,900		1,360,346


				75,014,944


Electronic Equipment, Instruments & Components — 5.6%

Alps Alpine Co. Ltd.		181,700		3,842,732

Citizen Watch Co. Ltd.		290,800		1,639,597

Hamamatsu Photonics KK		131,900		5,368,521

Hirose Electric Co. Ltd.		28,200		3,268,374

Hitachi High-Technologies Corp.		60,400		2,692,148

Hitachi Ltd.		880,200		29,273,913

Ibiden Co. Ltd. (a)		122,100		2,190,638

Keyence Corp.		85,100		53,169,952


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Electronic Equipment, Instruments & Components — continued

Kyocera Corp.		326,600		21,223,926

Murata Manufacturing Co. Ltd.		584,100		29,329,798

Nippon Electric Glass Co. Ltd.		78,900		2,168,094

Omron Corp.		195,100		10,479,617

Shimadzu Corp.		249,700		6,697,776

TDK Corp.		118,200		10,355,983

Yaskawa Electric Corp.		243,600		9,068,692

Yokogawa Electric Corp.		216,900		4,542,116


				195,311,877


Entertainment — 1.6%

DeNA Co. Ltd.		97,000		1,514,830

GungHo Online Entertainment, Inc.		434,100		1,354,344

Konami Holdings Corp.		93,800		4,271,249

Nexon Co. Ltd.*		414,900		5,906,183

Nintendo Co. Ltd.		102,000		35,130,409

Square Enix Holdings Co. Ltd.		80,500		2,785,538

Toho Co. Ltd.		128,800		5,408,868


				56,371,421


Equity Real Estate Investment Trusts (REITs) — 1.5%

Advance Residence Investment Corp.		1,234		3,444,932

Daiwa House REIT Investment Corp.		1,689		3,878,416

GLP J		3,492		3,755,479

Japan Prime Realty Investment Corp.		844		3,374,444

Japan Real Estate Investment Corp.		1,259		6,978,840

Japan Retail Fund Investment Corp.		2,388		4,563,064

Nippon Building Fund, Inc.		1,283		8,261,761

Nippon Prologis REIT, Inc.		1,996		4,286,360

Nomura Real Estate Master Fund, Inc.		4,129		6,049,945

Orix JREIT, Inc.		2,502		4,392,786

United Urban Investment Corp.		2,788		4,451,172


				53,437,199


Food & Staples Retailing — 1.7%

Aeon Co. Ltd.		793,300		14,665,394

Cosmos Pharmaceutical Corp.		9,500		1,518,678

FamilyMart UNY Holdings Co. Ltd.		280,300		7,474,642

Lawson, Inc.		45,500		2,124,400

Matsumotokiyoshi Holdings Co. Ltd.		79,800		2,642,234

Seven & i Holdings Co. Ltd.		726,300		25,135,289

Sundrug Co. Ltd.		55,200		1,479,941

Tsuruha Holdings, Inc.		34,800		2,965,859

Welcia Holdings Co. Ltd.		46,200		1,821,103


				59,827,540


INVESTMENTS	SHARES		VALUE($)


Food Products — 1.9%

Ajinomoto Co., Inc.		500,200		8,092,995

Calbee, Inc.		99,000		2,741,346

Ezaki Glico Co. Ltd.		52,900		2,791,792

Kewpie Corp.		108,900		2,522,515

Kikkoman Corp.		161,000		7,496,992

MEIJI Holdings Co. Ltd.		131,800		10,389,266

NH Foods Ltd.		98,000		3,949,531

Nisshin Seifun Group, Inc.		239,000		5,572,957

Nissin Foods Holdings Co. Ltd.		72,000		4,765,070

Toyo Suisan Kaisha Ltd.		92,600		3,535,871

Yakult Honsha Co. Ltd.		146,400		9,995,547

Yamazaki Baking Co. Ltd.		165,100		2,459,533


				64,313,415


Gas Utilities — 0.6%

Osaka Gas Co. Ltd.		379,300		7,016,643

Toho Gas Co. Ltd.		90,800		3,743,663

Tokyo Gas Co. Ltd.		361,700		9,202,429


				19,962,735


Health Care Equipment & Supplies — 2.0%

Asahi Intecc Co. Ltd.		112,200		5,683,935

Hoya Corp.		347,500		24,543,105

Olympus Corp.		1,182,100		13,267,426

Sysmex Corp.		142,900		8,188,467

Terumo Corp.		608,200		18,354,656


				70,037,589


Health Care Providers & Services — 0.4%

Alfresa Holdings Corp.		197,100		5,499,864

Medipal Holdings Corp.		184,300		4,144,231

Suzuken Co. Ltd.		81,200		4,682,024


				14,326,119


Health Care Technology — 0.2%

M3, Inc.		370,900		6,621,190


Hotels, Restaurants & Leisure — 0.7%

McDonald’s Holdings Co. Japan Ltd.		60,700		2,810,928

Oriental Land Co. Ltd.		205,000		22,674,834


				25,485,762


Household Durables — 3.2%

Casio Computer Co. Ltd.		211,200		2,660,319

Haseko Corp.		274,200		3,316,167

Iida Group Holdings Co. Ltd.		169,800		2,877,339

Nikon Corp.		364,000		5,076,268

Panasonic Corp.		2,120,500		19,525,988

Rinnai Corp.		37,600		2,536,647


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Household Durables — continued

Sekisui Chemical Co. Ltd.		398,600		6,398,926

Sekisui House Ltd.		589,900		9,511,125

Sharp Corp.*		170,700		1,904,243

Sony Corp.		1,156,700		58,260,792


				112,067,814


Household Products — 0.7%

Lion Corp.		272,600		5,611,280

Pigeon Corp.		110,500		4,731,130

Unicharm Corp.		366,400		12,091,869


				22,434,279


Independent Power and Renewable Electricity Producers — 0.1%

Electric Power Development Co. Ltd.		158,600		3,686,726


Industrial Conglomerates — 0.6%

Keihan Holdings Co. Ltd.		98,100		4,177,692

Toshiba Corp.		495,300		16,504,155


				20,681,847


Insurance — 2.9%

Dai-ichi Life Holdings, Inc.		1,089,700		15,729,626

Japan Post Holdings Co. Ltd., ADR		1,350,600		15,126,249

Japan Post Insurance Co. Ltd. (a)		59,200		1,197,757

MS&AD Insurance Group Holdings, Inc.		459,100		14,270,525

Sompo Holdings, Inc.		339,600		12,817,587

Sony Financial Holdings, Inc.		146,100		3,003,970

T&D Holdings, Inc.		566,000		6,130,401

Tokio Marine Holdings, Inc.		655,500		33,211,116


				101,487,231


Interactive Media & Services — 0.2%

Kakaku.com, Inc.		121,100		2,494,965

LINE Corp.*		59,300		1,986,814

Mixi, Inc.		38,400		829,751

Yahoo Japan Corp.		1,031,900		2,754,626


				8,066,156


Internet & Direct Marketing Retail — 0.4%

Mercari, Inc.*		39,100		1,213,478

Rakuten, Inc.		743,200		8,314,557

ZOZO, Inc.		174,900		3,106,829


				12,634,864


IT Services — 1.2%

Fujitsu Ltd.		188,300		13,823,967

Itochu Techno-Solutions Corp.		88,100		2,165,064

Nomura Research Institute Ltd.		121,600		5,952,188

NTT Data Corp.		587,100		6,846,174


INVESTMENTS	SHARES		VALUE($)


IT Services — continued

Obic Co. Ltd.		60,900		7,070,211

Otsuka Corp.		100,500		3,952,969

SCSK Corp.		46,900		2,228,724


				42,039,297


Leisure Products — 0.9%

Bandai Namco Holdings, Inc.		201,900		9,679,261

Sankyo Co. Ltd.		41,800		1,650,822

Sega Sammy Holdings, Inc.		170,600		2,160,884

Shimano, Inc.		77,800		11,435,308

Yamaha Corp.		151,700		7,876,634


				32,802,909


Machinery — 5.3%

Amada Holdings Co. Ltd.		344,300		3,859,637

Daifuku Co. Ltd.		115,400		7,099,487

FANUC Corp.		176,600		33,178,825

Harmonic Drive Systems, Inc. (a)		36,700		1,461,162

Hino Motors Ltd.		261,100		2,475,354

Hitachi Construction Machinery Co. Ltd.		97,000		2,604,796

Hoshizaki Corp.		49,900		3,235,143

IHI Corp.		140,000		3,342,280

JTEKT Corp.		224,800		2,899,855

Kawasaki Heavy Industries Ltd.		152,100		3,553,513

Komatsu Ltd.		885,600		22,875,411

Kubota Corp.		1,067,100		16,246,870

Kurita Water Industries Ltd.		97,000		2,525,023

Makita Corp.		254,100		9,270,442

MINEBEA MITSUMI, Inc.		389,300		6,943,017

MISUMI Group, Inc.		257,600		6,726,221

Mitsubishi Heavy Industries Ltd.		307,300		12,806,750

Nabtesco Corp.		113,800		3,489,552

NGK Insulators Ltd.		255,800		3,799,602

NSK Ltd.		432,200		4,492,139

SMC Corp.		61,500		25,686,402

Sumitomo Heavy Industries Ltd.		111,700		3,971,752

THK Co. Ltd.		112,000		2,961,710


				185,504,943


Marine — 0.2%

Mitsui OSK Lines Ltd.		109,500		2,787,150

Nippon Yusen KK		155,000		2,648,625


				5,435,775


Media — 0.6%

CyberAgent, Inc.		91,800		3,679,730

Dentsu, Inc.		222,800		9,117,025


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Media — continued

Fuji Media Holdings, Inc.		42,900		577,335

Hakuhodo DY Holdings, Inc.		276,700		4,678,423

Nippon Television Holdings, Inc.		48,700		712,835

Tokyo Broadcasting System Holdings, Inc.		31,500		599,184


				19,364,532


Metals & Mining — 1.3%

Daido Steel Co. Ltd.		35,900		1,464,740

Hitachi Metals Ltd.		183,100		2,116,421

JFE Holdings, Inc.		525,200		9,037,564

Kobe Steel Ltd.		331,000		2,534,790

Maruichi Steel Tube Ltd.		72,600		2,007,159

Mitsubishi Materials Corp.		120,000		3,121,099

Nippon Steel Corp.		839,200		15,010,592

Sumitomo Metal Mining Co. Ltd.		249,000		7,832,010

Yamato Kogyo Co. Ltd.		44,000		1,221,659


				44,346,034


Multiline Retail — 0.8%

Isetan Mitsukoshi Holdings Ltd.		359,500		3,426,971

Izumi Co. Ltd.		43,300		1,891,153

J Front Retailing Co. Ltd.		247,800		3,027,840

Marui Group Co. Ltd.		193,800		3,942,095

Pan Pacific International Holdings Corp.		126,600		8,158,645

Ryohin Keikaku Co. Ltd.		24,200		4,616,004

Seria Co. Ltd.		40,900		1,216,505

Takashimaya Co. Ltd.		162,300		1,824,933


				28,104,146


Oil, Gas & Consumable Fuels — 0.9%

Idemitsu Kosan Co. Ltd.		228,252		7,416,367

Inpex Corp.		984,600		9,578,993

JXTG Holdings, Inc.		3,081,600		14,992,578


				31,987,938


Paper & Forest Products — 0.2%

Oji Holdings Corp.		923,900		5,543,834


Personal Products — 2.2%

Kao Corp.		444,900		34,345,140

Kobayashi Pharmaceutical Co. Ltd.		50,600		4,035,311

Kose Corp.		29,300		5,488,649

Pola Orbis Holdings, Inc.		77,200		2,436,883

Shiseido Co. Ltd.		364,200		28,647,246


				74,953,229


Pharmaceuticals — 5.8%

Astellas Pharma, Inc.		1,800,500		24,385,747

Chugai Pharmaceutical Co. Ltd.		193,700		12,283,760


INVESTMENTS	SHARES		VALUE($)


Pharmaceuticals — continued

Daiichi Sankyo Co. Ltd.		555,100		27,446,606

Eisai Co. Ltd.		270,200		15,733,938

Hisamitsu Pharmaceutical Co., Inc.		76,200		3,241,165

Kyowa Hakko Kirin Co. Ltd.		221,200		4,303,068

Mitsubishi Tanabe Pharma Corp.		224,700		2,828,323

Nippon Shinyaku Co. Ltd.		55,400		3,825,358

Ono Pharmaceutical Co. Ltd.		470,600		8,840,327

Otsuka Holdings Co. Ltd.		507,400		18,139,334

Santen Pharmaceutical Co. Ltd.		370,000		5,652,014

Shionogi & Co. Ltd.		262,400		15,327,573

Sumitomo Dainippon Pharma Co. Ltd.		156,000		3,446,524

Taisho Pharmaceutical Holdings Co. Ltd.		49,900		4,615,760

Takeda Pharmaceutical Co. Ltd.		1,381,700		50,987,114

Tsumura & Co.		62,000		1,906,568


				202,963,179


Professional Services — 1.4%

Nihon M&A Center, Inc.		124,300		3,547,006

Persol Holdings Co. Ltd.		172,400		3,249,640

Recruit Holdings Co. Ltd.		1,435,000		43,213,402


				50,010,048


Real Estate Management & Development — 2.8%

Aeon Mall Co. Ltd.		94,200		1,446,247

Daito Trust Construction Co. Ltd.		68,900		9,225,949

Daiwa House Industry Co. Ltd.		606,300		16,994,294

Hulic Co. Ltd.		445,900		3,846,852

Mitsubishi Estate Co. Ltd.		1,265,700		21,402,924

Mitsui Fudosan Co. Ltd.		901,700		20,885,117

Nomura Real Estate Holdings, Inc.		111,800		2,377,456

Sumitomo Realty & Development Co. Ltd.		433,000		16,008,050

Tokyo Tatemono Co. Ltd.		198,000		2,234,942

Tokyu Fudosan Holdings Corp.		523,700		2,954,635


				97,376,466


Road & Rail — 4.6%

Central Japan Railway Co.		187,500		40,319,893

East Japan Railway Co.		347,400		32,739,634

Hankyu Hanshin Holdings, Inc.		231,700		8,662,580

Keikyu Corp.		250,100		4,273,181

Keio Corp.		110,900		6,696,056

Keisei Electric Railway Co. Ltd.		157,200		5,513,897

Kintetsu Group Holdings Co. Ltd.		173,700		7,720,717

Kyushu Railway Co.		145,300		4,734,488

Nagoya Railroad Co. Ltd.		173,500		4,702,716

Nankai Electric Railway Co. Ltd.		102,500		2,796,907

Nippon Express Co. Ltd.		78,300		4,305,990


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Road & Rail — continued

Odakyu Electric Railway Co. Ltd.		308,900		7,276,141

Seibu Holdings, Inc.		261,300		4,253,562

Tobu Railway Co. Ltd.		193,500		5,479,191

Tokyu Corp.		516,700		8,435,436

West Japan Railway Co.		175,300		13,037,749


				160,948,138


Semiconductors & Semiconductor Equipment — 1.2%

Advantest Corp.		164,200		4,656,502

Disco Corp.		27,000		4,672,264

Rohm Co. Ltd.		86,900		6,408,035

SUMCO Corp.		208,700		2,753,140

Tokyo Electron Ltd.		150,300		23,857,640


				42,347,581


Software — 0.2%

Oracle Corp.		30,400		2,084,459

Trend Micro, Inc.		109,500		5,474,112


				7,558,571


Specialty Retail — 1.7%

ABC-Mart, Inc.		28,700		1,783,702

Fast Retailing Co. Ltd.		56,900		32,921,801

Hikari Tsushin, Inc.		22,200		4,116,076

K’s Holdings Corp.		199,900		1,783,121

Nitori Holdings Co. Ltd.		80,100		9,556,143

Shimamura Co. Ltd.		22,400		1,670,234

USS Co. Ltd.		203,200		3,900,591

Yamada Denki Co. Ltd.		686,200		3,252,883


				58,984,551


Technology Hardware, Storage & Peripherals — 2.1%

Brother Industries Ltd.		239,200		4,722,996

Canon, Inc.		983,000		27,276,360

FUJIFILM Holdings Corp.		393,200		18,368,850

Konica Minolta, Inc.		457,500		4,594,049

NEC Corp.		237,600		8,024,480

Ricoh Co. Ltd.		677,600		6,855,252

Seiko Epson Corp.		290,100		4,652,921


				74,494,908


Textiles, Apparel & Luxury Goods — 0.1%

Asics Corp.		172,300		2,122,698


Tobacco — 0.7%

Japan Tobacco, Inc.		1,019,000		23,546,668


Trading Companies & Distributors — 3.8%

ITOCHU Corp.		1,341,100		24,198,077

Marubeni Corp.		1,580,800		11,327,368


INVESTMENTS	SHARES		VALUE($)


Trading Companies & Distributors — continued

Mitsubishi Corp.		1,447,400		39,872,536

Mitsui & Co. Ltd.		1,585,100		25,638,357

MonotaRO Co. Ltd.		126,000		2,901,473

Sojitz Corp.		1,024,800		3,528,131

Sumitomo Corp.		1,138,300		16,315,055

Toyota Tsusho Corp.		215,100		7,144,709


				130,925,706


Transportation Infrastructure — 0.2%

Japan Airport Terminal Co. Ltd.		65,500		2,769,895

Kamigumi Co. Ltd.		109,800		2,622,972

Mitsubishi Logistics Corp. (a)		75,300		2,015,310


				7,408,177


Wireless Telecommunication Services — 4.1%

KDDI Corp.		1,589,600		36,636,381

NTT DOCOMO, Inc.		971,400		21,094,520

SoftBank Group Corp.		791,000		83,870,826


				141,601,727


Total Common Stocks (Cost $3,508,884,161)				3,434,662,462

Investment Of Cash Collateral From Securities Loaned — 0.1%

JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.57% (c) (d)		3,003,900		3,004,200

JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.45% (c) (d)		1,934,949		1,934,949


Total Investment Of Cash Collateral From Securities Loaned (Cost $4,939,149)				4,939,149


Total Investments — 98.9% (Cost $3,513,823,310)				3,439,601,611

Other Assets Less Liabilities — 1.1%				39,911,725


NET ASSETS — 100.0%				3,479,513,336

Percentages indicated are based on net assets.


INVESTMENTS	SHARES		VALUE($)
Common Stocks — 99.5%

Aerospace & Defense — 2.5%

Arconic, Inc.		528		11,342

Boeing Co. (The)		648		244,743

General Dynamics Corp.		336		60,050

Harris Corp.		144		24,264

HEICO Corp.		48		5,065

HEICO Corp., Class A		88		7,870

Huntington Ingalls Industries, Inc.		51		11,352

L3 Technologies, Inc.		98		21,421

Lockheed Martin Corp.		303		100,999

Northrop Grumman Corp.		209		60,591

Raytheon Co.		348		61,801

Spirit AeroSystems Holdings, Inc., Class A		132		11,471

Textron, Inc.		289		15,317

TransDigm Group, Inc.*		60		28,951

United Technologies Corp.		1,000		142,610


				807,847


Air Freight & Logistics — 0.6%

CH Robinson Worldwide, Inc.		168		13,608

Expeditors International of Washington, Inc.		216		17,155

FedEx Corp.		297		56,270

United Parcel Service, Inc., Class B		860		91,349

XPO Logistics, Inc.*		132		8,986


				187,368


Airlines — 0.4%

Alaska Air Group, Inc.		156		9,656

American Airlines Group, Inc.		493		16,851

Delta Air Lines, Inc.		768		44,767

Southwest Airlines Co.		614		33,297

United Continental Holdings, Inc.*		276		24,525


				129,096


Auto Components — 0.2%

Aptiv plc		324		27,767

Autoliv, Inc. (Sweden)		108		8,477

BorgWarner, Inc.		252		10,526

Goodyear Tire & Rubber Co. (The)		288		5,532

Lear Corp.		76		10,868


				63,170


Automobiles — 0.5%

Ford Motor Co.		4,800		50,160

General Motors Co.		1,618		63,021

Harley-Davidson, Inc.		204		7,595

Tesla, Inc.*		168		40,100


				160,876


INVESTMENTS	SHARES		VALUE($)


Banks — 5.5%

Bank of America Corp.		11,088		339,071

BB&T Corp.		948		48,538

CIT Group, Inc.		124		6,606

Citigroup, Inc.		2,903		205,242

Citizens Financial Group, Inc.		576		20,851

Comerica, Inc.		196		15,404

East West Bancorp, Inc.		180		9,266

Fifth Third Bancorp		956		27,552

First Republic Bank		204		21,546

Huntington Bancshares, Inc.		1,308		18,207

JPMorgan Chase & Co. (a)		4,042		469,074

KeyCorp		1,246		21,867

M&T Bank Corp.		170		28,912

PNC Financial Services Group, Inc. (The)		561		76,818

Regions Financial Corp.		1,272		19,754

SunTrust Banks, Inc.		548		35,883

SVB Financial Group*		64		16,110

US Bancorp		1,860		99,175

Wells Fargo & Co.		5,054		244,664

Zions Bancorp NA		229		11,297


				1,735,837


Beverages — 1.8%

Brown-Forman Corp., Class A		72		3,766

Brown-Forman Corp., Class B		204		10,871

Coca-Cola Co. (The)		4,750		233,035

Constellation Brands, Inc., Class A		204		43,181

Keurig Dr Pepper, Inc.		216		6,279

Molson Coors Brewing Co., Class B		228		14,635

Monster Beverage Corp.*		482		28,727

PepsiCo, Inc.		1,733		221,911


				562,405


Biotechnology — 2.2%

AbbVie, Inc.		1,821		144,569

Alexion Pharmaceuticals, Inc.*		276		37,572

Alkermes plc*		192		5,821

Alnylam Pharmaceuticals, Inc.*		117		10,453

Amgen, Inc.		768		137,718

Biogen, Inc.*		242		55,476

BioMarin Pharmaceutical, Inc.*		219		18,731

Celgene Corp.*		864		81,786

Gilead Sciences, Inc.		1,574		102,373

Incyte Corp.*		219		16,819

Neurocrine Biosciences, Inc.*		111		8,019

Regeneron Pharmaceuticals, Inc.*		97		33,284


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Biotechnology — continued

Seattle Genetics, Inc.*		132		8,947

Vertex Pharmaceuticals, Inc.*		315		53,229


				714,797


Building Products — 0.2%

Fortune Brands Home & Security, Inc.		168		8,867

Johnson Controls International plc		1,127		42,262

Masco Corp.		363		14,179

Owens Corning		132		6,768


				72,076


Capital Markets — 2.6%

Affiliated Managers Group, Inc.		64		7,099

Ameriprise Financial, Inc.		168		24,657

Bank of New York Mellon Corp. (The)		1,084		53,831

BlackRock, Inc.		149		72,301

Charles Schwab Corp. (The)		1,464		67,022

CME Group, Inc.		442		79,074

E*TRADE Financial Corp.		303		15,350

Franklin Resources, Inc.		360		12,452

Goldman Sachs Group, Inc. (The)		422		86,898

Intercontinental Exchange, Inc.		701		57,026

Invesco Ltd.		504		11,073

Moody’s Corp.		204		40,111

Morgan Stanley		1,608		77,586

MSCI, Inc.		105		23,665

Nasdaq, Inc.		144		13,277

Northern Trust Corp.		269		26,510

Raymond James Financial, Inc.		156		14,285

S&P Global, Inc.		308		67,963

SEI Investments Co.		156		8,494

State Street Corp.		468		31,665

T. Rowe Price Group, Inc.		291		31,283

TD Ameritrade Holding Corp.		336		17,667


				839,289


Chemicals — 1.8%

Air Products & Chemicals, Inc.		272		55,975

Albemarle Corp.		132		9,908

Ashland Global Holdings, Inc.		76		6,120

Axalta Coating Systems Ltd.*		264		7,123

Celanese Corp.		158		17,047

CF Industries Holdings, Inc.		275		12,314

Chemours Co. (The)		206		7,418

DowDuPont, Inc.		2,783		107,006

Eastman Chemical Co.		172		13,567

Ecolab, Inc.		312		57,433


INVESTMENTS	SHARES		VALUE($)


Chemicals — continued

FMC Corp.		168		13,282

International Flavors & Fragrances, Inc.		124		17,086

Linde plc (United Kingdom)		681		122,757

LyondellBasell Industries NV, Class A		375		33,086

Mosaic Co. (The)		432		11,280

PPG Industries, Inc.		291		34,193

Sherwin-Williams Co. (The)		100		45,483

Westlake Chemical Corp.		48		3,348

WR Grace & Co.		84		6,349


				580,775


Commercial Services & Supplies — 0.4%

Cintas Corp.		105		22,800

Copart, Inc.*		252		16,965

Republic Services, Inc.		264		21,864

Rollins, Inc.		180		6,961

Stericycle, Inc.*		108		6,306

Waste Management, Inc.		480		51,523


				126,419


Communications Equipment — 1.2%

Arista Networks, Inc.*		64		19,987

Cisco Systems, Inc.		5,434		304,032

F5 Networks, Inc.*		72		11,297

Juniper Networks, Inc.		420		11,663

Motorola Solutions, Inc.		204		29,562


				376,541


Construction & Engineering — 0.1%

Fluor Corp.		168		6,675

Jacobs Engineering Group, Inc.		144		11,223

Quanta Services, Inc.		180		7,308


				25,206


Construction Materials — 0.1%

Martin Marietta Materials, Inc.		76		16,864

Vulcan Materials Co.		164		20,682


				37,546


Consumer Finance — 0.7%

Ally Financial, Inc.		504		14,974

American Express Co.		853		99,997

Capital One Financial Corp.		576		53,470

Discover Financial Services		408		33,248

Santander Consumer USA Holdings, Inc.		144		3,074

Synchrony Financial		806		27,944


				232,707


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Containers & Packaging — 0.3%

Avery Dennison Corp.		104		11,508

Ball Corp.		412		24,695

Crown Holdings, Inc.*		168		9,766

International Paper Co.		492		23,030

Packaging Corp. of America		117		11,602

Sealed Air Corp.		192		8,951

Westrock Co.		312		11,975


				101,527


Distributors — 0.1%

Genuine Parts Co.		180		18,457

LKQ Corp.*		396		11,920


				30,377


Diversified Consumer Services — 0.0% (b)

H&R Block, Inc.		252		6,857


Diversified Financial Services — 1.7%

AXA Equitable Holdings, Inc.		260		5,899

Berkshire Hathaway, Inc., Class B*		2,400		520,104

Jefferies Financial Group, Inc.		324		6,665

Voya Financial, Inc.		192		10,539


				543,207


Diversified Telecommunication Services — 1.9%

AT&T, Inc.		8,991		278,361

CenturyLink, Inc.		1,164		13,293

Verizon Communications, Inc.		5,100		291,669

Zayo Group Holdings, Inc.*		252		7,885


				591,208


Electric Utilities — 1.9%

Alliant Energy Corp.		288		13,602

American Electric Power Co., Inc.		609		52,100

Avangrid, Inc.		72		3,687

Duke Energy Corp.		898		81,826

Edison International		401		25,572

Entergy Corp.		233		22,578

Evergy, Inc.		314		18,155

Eversource Energy		392		28,091

Exelon Corp.		1,198		61,038

FirstEnergy Corp.		622		26,143

NextEra Energy, Inc.		590		114,719

OGE Energy Corp.		240		10,162

Pinnacle West Capital Corp.		137		13,052

PPL Corp.		888		27,714

Southern Co. (The)		1,276		67,909

Xcel Energy, Inc.		636		35,934


				602,282


INVESTMENTS	SHARES		VALUE($)


Electrical Equipment — 0.6%

Acuity Brands, Inc.		48		7,024

AMETEK, Inc.		280		24,687

Eaton Corp. plc		524		43,398

Emerson Electric Co.		758		53,810

Hubbell, Inc.		68		8,677

Rockwell Automation, Inc.		147		26,564

Sensata Technologies Holding plc*		204		10,188


				174,348


Electronic Equipment, Instruments & Components — 0.6%

Amphenol Corp., Class A		369		36,738

CDW Corp.		184		19,430

Cognex Corp.		216		10,893

Corning, Inc.		971		30,926

Flex Ltd.*		660		7,286

IPG Photonics Corp.*		45		7,863

Keysight Technologies, Inc.*		231		20,104

TE Connectivity Ltd.		420		40,173

Trimble, Inc.*		312		12,736


				186,149


Energy Equipment & Services — 0.5%

Baker Hughes a GE Co.		636		15,277

Core Laboratories NV		56		3,550

Halliburton Co.		1,080		30,596

Helmerich & Payne, Inc.		132		7,725

National Oilwell Varco, Inc.		468		12,233

Schlumberger Ltd.		1,712		73,068

Transocean Ltd.*		624		4,905


				147,354


Entertainment — 1.9%

Activision Blizzard, Inc.		944		45,510

Electronic Arts, Inc.*		372		35,210

Live Nation Entertainment, Inc.*		168		10,977

Netflix, Inc.*		539		199,721

Take-Two Interactive Software, Inc.*		140		13,556

Viacom, Inc., Class A		12		416

Viacom, Inc., Class B		432		12,489

Walt Disney Co. (The)		2,156		295,308


				613,187


Equity Real Estate Investment Trusts (REITs) — 2.8%

Alexandria Real Estate Equities, Inc.		140		19,935

American Tower Corp.		544		106,243

AvalonBay Communities, Inc.		170		34,158

Boston Properties, Inc.		192		26,423


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Equity Real Estate Investment Trusts (REITs) — continued

Crown Castle International Corp.		513		64,525

Digital Realty Trust, Inc.		256		30,134

Duke Realty Corp.		444		13,817

Equinix, Inc.		104		47,289

Equity Residential		456		34,848

Essex Property Trust, Inc.		82		23,165

Extra Space Storage, Inc.		156		16,176

Federal Realty Investment Trust		92		12,314

HCP, Inc.		588		17,511

Host Hotels & Resorts, Inc.		912		17,547

Invitation Homes, Inc.		411		10,217

Iron Mountain, Inc.		348		11,303

Kimco Realty Corp.		516		8,973

Macerich Co. (The)		132		5,299

Mid-America Apartment Communities, Inc.		141		15,427

Prologis, Inc.		778		59,649

Public Storage		184		40,697

Realty Income Corp.		374		26,184

Regency Centers Corp.		204		13,703

SBA Communications Corp.*		140		28,522

Simon Property Group, Inc.		382		66,353

SL Green Realty Corp.		104		9,187

UDR, Inc.		336		15,103

Ventas, Inc.		440		26,888

VEREIT, Inc.		1,188		9,813

VICI Properties, Inc.		444		10,123

Vornado Realty Trust		216		14,934

Welltower, Inc.		477		35,551

Weyerhaeuser Co.		924		24,763


				896,774


Food & Staples Retailing — 1.4%

Costco Wholesale Corp.		543		133,323

Kroger Co. (The)		984		25,367

Sysco Corp.		584		41,096

Walgreens Boots Alliance, Inc.		989		52,981

Walmart, Inc.		1,756		180,587


				433,354


Food Products — 1.1%

Archer-Daniels-Midland Co.		692		30,863

Bunge Ltd.		173		9,067

Campbell Soup Co.		240		9,286

Conagra Brands, Inc.		600		18,468

General Mills, Inc.		732		37,676

Hershey Co. (The)		171		21,349


INVESTMENTS	SHARES		VALUE($)


Food Products — continued

Hormel Foods Corp.		336		13,420

Ingredion, Inc.		84		7,959

JM Smucker Co. (The)		141		17,291

Kellogg Co.		312		18,814

Kraft Heinz Co. (The)		768		25,528

Lamb Weston Holdings, Inc.		180		12,609

McCormick & Co., Inc. (Non-Voting)		152		23,403

Mondelez International, Inc., Class A		1,788		90,920

Tyson Foods, Inc., Class A		364		27,304


				363,957


Gas Utilities — 0.1%

Atmos Energy Corp.		144		14,737

National Fuel Gas Co.		108		6,395

UGI Corp.		216		11,774


				32,906


Health Care Equipment & Supplies — 3.2%

Abbott Laboratories		2,169		172,566

ABIOMED, Inc.*		56		15,535

Align Technology, Inc.*		89		28,897

Baxter International, Inc.		588		44,864

Becton Dickinson and Co.		333		80,166

Boston Scientific Corp.*		1,704		63,253

Cooper Cos., Inc. (The)		61		17,685

Danaher Corp.		776		102,773

Dentsply Sirona, Inc.		276		14,112

DexCom, Inc.*		108		13,076

Edwards Lifesciences Corp.*		256		45,074

Hologic, Inc.*		336		15,584

IDEXX Laboratories, Inc.*		106		24,592

Intuitive Surgical, Inc.*		142		72,509

Medtronic plc		1,656		147,069

ResMed, Inc.		177		18,498

STERIS plc		105		13,753

Stryker Corp.		382		72,164

Teleflex, Inc.		57		16,312

Varian Medical Systems, Inc.*		111		15,115

Zimmer Biomet Holdings, Inc.		252		31,036


				1,024,633


Health Care Providers & Services — 2.4%

AmerisourceBergen Corp.		192		14,354

Anthem, Inc.		316		83,118

Cardinal Health, Inc.		369		17,974

Centene Corp.*		509		26,244

Cigna Corp.		468		74,337


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Health Care Providers & Services — continued

CVS Health Corp.		1,600		87,008

DaVita, Inc.*		156		8,617

HCA Healthcare, Inc.		329		41,859

Henry Schein, Inc.*		192		12,300

Humana, Inc.		167		42,653

Laboratory Corp. of America Holdings*		120		19,190

McKesson Corp.		237		28,262

Quest Diagnostics, Inc.		168		16,192

UnitedHealth Group, Inc.		1,185		276,188

Universal Health Services, Inc., Class B		104		13,195

WellCare Health Plans, Inc.*		60		15,501


				776,992


Health Care Technology — 0.2%

Cerner Corp.*		400		26,580

Veeva Systems, Inc., Class A*		155		21,680


				48,260


Hotels, Restaurants & Leisure — 2.0%

Aramark		300		9,324

Carnival Corp.		492		26,991

Chipotle Mexican Grill, Inc.*		29		19,953

Darden Restaurants, Inc.		153		17,993

Domino’s Pizza, Inc.		50		13,529

Hilton Worldwide Holdings, Inc.		360		31,316

Las Vegas Sands Corp.		456		30,575

Marriott International, Inc., Class A		348		47,474

McDonald’s Corp.		945		186,704

MGM Resorts International		629		16,750

Norwegian Cruise Line Holdings Ltd.*		268		15,113

Royal Caribbean Cruises Ltd.		212		25,639

Starbucks Corp.		1,535		119,239

Vail Resorts, Inc.		50		11,443

Wyndham Destinations, Inc.		120		5,227

Wynn Resorts Ltd.		120		17,334

Yum! Brands, Inc.		377		39,355


				633,959


Household Durables — 0.3%

DR Horton, Inc.		420		18,610

Garmin Ltd.		149		12,775

Lennar Corp., Class A		352		18,315

Lennar Corp., Class B		24		1,001

Mohawk Industries, Inc.*		75		10,219

Newell Brands, Inc.		480		6,902

NVR, Inc.*		3		9,457

PulteGroup, Inc.		312		9,816


INVESTMENTS	SHARES		VALUE($)


Household Durables — continued

Whirlpool Corp.		77		10,689


				97,784


Household Products — 1.6%

Church & Dwight Co., Inc.		300		22,485

Clorox Co. (The)		158		25,237

Colgate-Palmolive Co.		1,064		77,449

Kimberly-Clark Corp.		424		54,433

Procter & Gamble Co. (The)		3,087		328,704


				508,308


Independent Power and Renewable Electricity Producers — 0.1%

AES Corp.		816		13,970

NRG Energy, Inc.		347		14,286

Vistra Energy Corp.		480		13,080


				41,336


Industrial Conglomerates — 1.4%

3M Co.		710		134,552

General Electric Co.		10,744		109,267

Honeywell International, Inc.		900		156,267

Roper Technologies, Inc.		129		46,401


				446,487


Insurance — 2.6%

Aflac, Inc.		926		46,652

Alleghany Corp.*		17		11,167

Allstate Corp. (The)		409		40,516

American Financial Group, Inc.		87		9,007

American International Group, Inc.		1,072		50,995

Aon plc		297		53,502

Arch Capital Group Ltd.*		492		16,620

Arthur J Gallagher & Co.		228		19,065

Brighthouse Financial, Inc.*		144		6,018

Chubb Ltd.		566		82,183

Cincinnati Financial Corp.		188		18,082

Everest Re Group Ltd.		50		11,775

Fidelity National Financial, Inc.		336		13,423

Hartford Financial Services Group, Inc. (The)		444		23,226

Lincoln National Corp.		252		16,813

Loews Corp.		336		17,233

Markel Corp.*		16		17,144

Marsh & McLennan Cos., Inc.		624		58,837

MetLife, Inc.		1,181		54,479

Principal Financial Group, Inc.		324		18,520

Progressive Corp. (The)		720		56,268

Prudential Financial, Inc.		504		53,278


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Insurance — continued

Reinsurance Group of America, Inc.		77		11,666

Torchmark Corp.		124		10,870

Travelers Cos., Inc. (The)		324		46,575

Unum Group		264		9,747

Willis Towers Watson plc		159		29,310

WR Berkley Corp.		180		11,034


				814,005


Interactive Media & Services — 4.8%

Alphabet, Inc., Class A*		370		443,615

Alphabet, Inc., Class C*		380		451,622

Facebook, Inc., Class A*		2,944		569,370

IAC/InterActiveCorp*		96		21,585

Snap, Inc., Class A*		912		10,160

TripAdvisor, Inc.*		128		6,813

Twitter, Inc.*		899		35,879


				1,539,044


Internet & Direct Marketing Retail — 3.7%

Amazon.com, Inc.*		508		978,672

Booking Holdings, Inc.*		56		103,879

eBay, Inc.		1,061		41,114

Expedia Group, Inc.		144		18,697

MercadoLibre, Inc. (Argentina)*		56		27,112

Qurate Retail, Inc.*		516		8,798


				1,178,272


IT Services — 5.3%

Accenture plc, Class A		788		143,944

Akamai Technologies, Inc.*		204		16,332

Alliance Data Systems Corp.		57		9,126

Automatic Data Processing, Inc.		538		88,442

Broadridge Financial Solutions, Inc.		144		17,011

Cognizant Technology Solutions Corp., Class A		708		51,656

DXC Technology Co.		332		21,826

Fidelity National Information Services, Inc.		398		46,140

First Data Corp., Class A*		696		17,998

Fiserv, Inc.*		483		42,137

FleetCor Technologies, Inc.*		106		27,661

Gartner, Inc.*		110		17,487

Global Payments, Inc.		194		28,337

GoDaddy, Inc., Class A*		208		16,952

International Business Machines Corp.		1,097		153,876

Jack Henry & Associates, Inc.		96		14,310

Leidos Holdings, Inc.		180		13,226

Mastercard, Inc., Class A		1,116		283,732

Paychex, Inc.		396		33,387


INVESTMENTS	SHARES		VALUE($)


IT Services — continued

PayPal Holdings, Inc.*		1,449		163,404

Sabre Corp.		336		6,975

Square, Inc., Class A*		384		27,963

Total System Services, Inc.		201		20,550

VeriSign, Inc.*		130		25,668

Visa, Inc., Class A		2,160		355,169

Western Union Co. (The)		540		10,498

Worldpay, Inc., Class A*		372		43,602


				1,697,409


Leisure Products — 0.1%

Hasbro, Inc.		144		14,668

Mattel, Inc.*		420		5,119

Polaris Industries, Inc.		72		6,941


				26,728


Life Sciences Tools & Services — 1.0%

Agilent Technologies, Inc.		396		31,086

Bio-Rad Laboratories, Inc., Class A*		25		7,523

Illumina, Inc.*		181		56,472

IQVIA Holdings, Inc.*		195		27,086

Mettler-Toledo International, Inc.*		32		23,848

PerkinElmer, Inc.		136		13,034

Thermo Fisher Scientific, Inc.		496		137,615

Waters Corp.*		88		18,792


				315,456


Machinery — 1.6%

Caterpillar, Inc.		710		98,988

Colfax Corp.*		120		3,621

Cummins, Inc.		180		29,932

Deere & Co.		394		65,258

Donaldson Co., Inc.		156		8,352

Dover Corp.		180		17,647

Flowserve Corp.		156		7,649

Fortive Corp.		360		31,082

IDEX Corp.		94		14,726

Illinois Tool Works, Inc.		372		57,894

Ingersoll-Rand plc		300		36,783

PACCAR, Inc.		432		30,962

Parker-Hannifin Corp.		159		28,792

Pentair plc		192		7,486

Snap-on, Inc.		69		11,611

Stanley Black & Decker, Inc.		188		27,561

Wabtec Corp.		168		12,444

Xylem, Inc.		221		18,431


				509,219


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Media — 1.5%

CBS Corp. (Non-Voting), Class B		430		22,046

Charter Communications, Inc., Class A*		214		79,435

Comcast Corp., Class A		5,580		242,897

Discovery, Inc., Class A*		194		5,995

Discovery, Inc., Class C*		444		12,769

DISH Network Corp., Class A*		276		9,693

Fox Corp., Class A*		426		16,610

Fox Corp., Class B*		195		7,507

Interpublic Group of Cos., Inc. (The)		468		10,764

Liberty Broadband Corp., Class A*		33		3,247

Liberty Broadband Corp., Class C*		189		18,656

Liberty Media Corp.-Liberty SiriusXM, Class C*		192		7,711

Liberty Media Corp-Liberty SiriusXM, Class A*		108		4,314

News Corp., Class A		468		5,813

News Corp., Class B		156		1,948

Omnicom Group, Inc.		276		22,088

Sirius XM Holdings, Inc.		2,076		12,062


				483,555


Metals & Mining — 0.3%

Freeport-McMoRan, Inc.		1,776		21,863

Newmont Goldcorp Corp.		1,011		31,402

Nucor Corp.		376		21,458

Southern Copper Corp. (Peru)		108		4,149

Steel Dynamics, Inc.		276		8,744


				87,616


Mortgage Real Estate Investment Trusts (REITs) — 0.1%

AGNC Investment Corp.		648		11,528

Annaly Capital Management, Inc.		1,704		17,193


				28,721


Multiline Retail — 0.5%

Dollar General Corp.		324		40,853

Dollar Tree, Inc.*		293		32,605

Kohl’s Corp.		204		14,504

Macy’s, Inc.		372		8,757

Nordstrom, Inc.		144		5,907

Target Corp.		645		49,936


				152,562


Multi-Utilities — 1.0%

Ameren Corp.		300		21,831

CenterPoint Energy, Inc.		612		18,972

CMS Energy Corp.		348		19,331

Consolidated Edison, Inc.		396		34,119

Dominion Energy, Inc.		986		76,780


INVESTMENTS	SHARES		VALUE($)


Multi-Utilities — continued

DTE Energy Co.		225		28,285

NiSource, Inc.		459		12,751

Public Service Enterprise Group, Inc.		624		37,222

Sempra Energy		336		42,991

WEC Energy Group, Inc.		388		30,431


				322,713


Oil, Gas & Consumable Fuels — 4.6%

Anadarko Petroleum Corp.		616		44,876

Antero Resources Corp.*		276		2,001

Apache Corp.		468		15,402

Cabot Oil & Gas Corp.		528		13,670

Cheniere Energy, Inc.*		276		17,761

Chevron Corp.		2,344		281,421

Cimarex Energy Co.		124		8,514

Concho Resources, Inc.		248		28,614

ConocoPhillips		1,401		88,431

Continental Resources, Inc.*		108		4,967

Devon Energy Corp.		540		17,356

Diamondback Energy, Inc.		192		20,427

EOG Resources, Inc.		717		68,868

EQT Corp.		312		6,380

Exxon Mobil Corp.		5,230		419,864

Hess Corp.		314		20,134

HollyFrontier Corp.		192		9,164

Kinder Morgan, Inc.		2,402		47,728

Marathon Oil Corp.		1,020		17,381

Marathon Petroleum Corp.		831		50,583

Murphy Oil Corp.		204		5,557

Noble Energy, Inc.		588		15,911

Occidental Petroleum Corp.		924		54,405

ONEOK, Inc.		504		34,237

Phillips 66		516		48,643

Pioneer Natural Resources Co.		207		34,457

Targa Resources Corp.		276		11,081

Valero Energy Corp.		516		46,780

Williams Cos., Inc. (The)		1,488		42,155


				1,476,768


Personal Products — 0.2%

Coty, Inc., Class A		552		5,973

Estee Lauder Cos., Inc. (The), Class A		269		46,217

Herbalife Nutrition Ltd.*		125		6,606


				58,796


Pharmaceuticals — 4.4%

Allergan plc		386		56,742


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Pharmaceuticals — continued

Bristol-Myers Squibb Co.		2,015		93,556

Elanco Animal Health, Inc.*		454		14,301

Eli Lilly & Co.		1,067		124,882

Jazz Pharmaceuticals plc*		74		9,603

Johnson & Johnson		3,288		464,266

Merck & Co., Inc.		3,185		250,691

Mylan NV*		636		17,166

Nektar Therapeutics*		216		6,916

Perrigo Co. plc		156		7,476

Pfizer, Inc.		6,853		278,300

Tilray, Inc. (Canada)*		12		616

Zoetis, Inc.		588		59,882


				1,384,397


Professional Services — 0.4%

CoStar Group, Inc.*		45		22,331

Equifax, Inc.		148		18,641

IHS Markit Ltd.*		444		25,424

ManpowerGroup, Inc.		72		6,915

Nielsen Holdings plc		432		11,029

TransUnion		228		15,880

Verisk Analytics, Inc.		202		28,510


				128,730


Real Estate Management & Development — 0.1%

CBRE Group, Inc., Class A*		384		19,995


Road & Rail — 1.1%

CSX Corp.		957		76,206

JB Hunt Transport Services, Inc.		108		10,204

Kansas City Southern		124		15,269

Norfolk Southern Corp.		329		67,122

Old Dominion Freight Line, Inc.		81		12,092

Union Pacific Corp.		892		157,920


				338,813


Semiconductors & Semiconductor Equipment — 3.9%

Advanced Micro Devices, Inc.*		1,080		29,840

Analog Devices, Inc.		456		53,005

Applied Materials, Inc.		1,173		51,694

Broadcom, Inc.		489		155,698

Intel Corp.		5,552		283,374

KLA-Tencor Corp.		204		26,006

Lam Research Corp.		189		39,204

Marvell Technology Group Ltd.		732		18,315

Maxim Integrated Products, Inc.		336		20,160

Microchip Technology, Inc.		292		29,168

Micron Technology, Inc.*		1,380		58,043


INVESTMENTS	SHARES		VALUE($)


Semiconductors & Semiconductor Equipment — continued

NVIDIA Corp.		747		135,207

Qorvo, Inc.*		152		11,493

QUALCOMM, Inc.		1,493		128,592

Skyworks Solutions, Inc.		216		19,047

Texas Instruments, Inc.		1,157		136,329

Xilinx, Inc.		312		37,484


				1,232,659


Software — 7.1%

Adobe, Inc.*		602		174,128

ANSYS, Inc.*		104		20,363

Autodesk, Inc.*		269		47,938

Cadence Design Systems, Inc.*		348		24,144

CDK Global, Inc.		156		9,410

Citrix Systems, Inc.		156		15,750

Fortinet, Inc.*		180		16,816

Intuit, Inc.		320		80,339

Microsoft Corp.		9,470		1,236,782

Oracle Corp.		3,145		174,013

Palo Alto Networks, Inc.*		118		29,362

PTC, Inc.*		132		11,942

Red Hat, Inc.*		218		39,792

salesforce.com, Inc.*		945		156,256

ServiceNow, Inc.*		220		59,732

Splunk, Inc.*		180		24,847

SS&C Technologies Holdings, Inc.		264		17,862

Symantec Corp.		780		18,884

Synopsys, Inc.*		184		22,279

Teradata Corp.*		144		6,548

VMware, Inc., Class A		94		19,188

Workday, Inc., Class A*		185		38,042


				2,244,417


Specialty Retail — 2.3%

Advance Auto Parts, Inc.		88		14,636

AutoNation, Inc.*		72		3,019

AutoZone, Inc.*		32		32,906

Best Buy Co., Inc.		288		21,430

Burlington Stores, Inc.*		84		14,188

CarMax, Inc.*		209		16,273

Foot Locker, Inc.		144		8,238

Gap, Inc. (The)		264		6,885

Home Depot, Inc. (The)		1,394		283,958

L Brands, Inc.		276		7,077

Lowe’s Cos., Inc.		988		111,782

O’Reilly Automotive, Inc.*		97		36,721


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Specialty Retail — continued

Ross Stores, Inc.		456		44,533

Tiffany & Co.		132		14,232

TJX Cos., Inc. (The)		1,524		83,637

Tractor Supply Co.		149		15,422

Ulta Beauty, Inc.*		70		24,429


				739,366


Technology Hardware, Storage & Peripherals — 3.9%

Apple, Inc.		5,530		1,109,705

Dell Technologies, Inc., Class C*		180		12,134

Hewlett Packard Enterprise Co.		1,700		26,877

HP, Inc.		1,893		37,765

NetApp, Inc.		304		22,147

Seagate Technology plc		316		15,269

Western Digital Corp.		360		18,403

Xerox Corp.		252		8,407


				1,250,707


Textiles, Apparel & Luxury Goods — 0.8%

Capri Holdings Ltd.*		189		8,331

Hanesbrands, Inc.		444		8,023

Lululemon Athletica, Inc.*		130		22,925

NIKE, Inc., Class B		1,553		136,400

PVH Corp.		96		12,383

Ralph Lauren Corp.		64		8,421

Tapestry, Inc.		360		11,617

Under Armour, Inc., Class A*		228		5,265

Under Armour, Inc., Class C*		240		4,973

VF Corp.		400		37,764


				256,102


Thrifts & Mortgage Finance — 0.0% (b)

New York Community Bancorp, Inc.		600		6,978


Tobacco — 0.9%

Altria Group, Inc.		2,314		125,719

Philip Morris International, Inc.		1,919		166,109


				291,828


Trading Companies & Distributors — 0.2%

Fastenal Co.		352		24,834

United Rentals, Inc.*		96		13,528

Watsco, Inc.		39		6,180

WW Grainger, Inc.		56		15,792


				60,334


Water Utilities — 0.1%

American Water Works Co., Inc.		224		24,234


INVESTMENTS	SHARES		VALUE($)


Wireless Telecommunication Services — 0.1%

Sprint Corp.*		696		3,884

T-Mobile US, Inc.*		388		28,320


				32,204


Total Common Stocks (Cost $30,127,503)				31,654,829

Short-Term Investments — 0.4%

Investment Companies — 0.4%

JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.39% (c) (d) (Cost $116,047)		116,047		116,047


Total Investments — 99.9% (Cost $30,243,550)				31,770,876

Other Assets Less Liabilities — 0.1%				26,047


NET ASSETS — 100.0%				31,796,923

Percentages indicated are based on net assets.

Abbreviations


MSCI		— Morgan Stanley Capital International

(a)		— Investment in affiliate. This security is included in an index in which the Fund, as an index fund, invests.
(b)		— Amount rounds to less than 0.1% of net assets.
(c)		— Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(d)		— The rate shown is the current yield as of April 30, 2019.
*		— Non-income producing security.


INVESTMENTS	SHARES		VALUE($)
Common Stocks — 99.6%

Bahrain — 0.1%

Ahli United Bank BSC		366,601		304,648


Brazil — 10.6%

Atacadao SA*		53,169		287,873

Azul SA (Preference)*		31,420		272,043

B3 SA — Brasil Bolsa Balcao*		136,644		1,204,012

Banco Bradesco SA*		71,638		566,183

Banco Bradesco SA (Preference)*		276,070		2,506,463

Banco BTG Pactual SA*		14,161		149,010

Banco do Brasil SA*		71,933		909,367

Banco do Estado do Rio Grande do Sul SA (Preference), Class B		14,036		86,090

Banco Santander Brasil SA		27,235		314,295

BB Seguridade Participacoes SA		46,828		339,408

BR Malls Participacoes SA*		53,890		169,871

Braskem SA (Preference), Class A		16,943		206,802

BRF SA*		90,545		715,613

CCR SA		114,043		343,778

Centrais Eletricas Brasileiras SA		58,580		490,022

Centrais Eletricas Brasileiras SA (Preference)		41,836		368,843

Cia Brasileira de Distribuicao (Preference)*		25,095		618,687

Cia de Gas de Sao Paulo — COMGAS (Preference)		2,835		59,627

Cia de Saneamento Basico do Estado de Sao Paulo*		62,898		754,243

Cia de Transmissao de Energia Eletrica Paulista (Preference)		34,601		185,928

Cia Energetica de Minas Gerais		14,519		64,873

Cia Energetica de Minas Gerais (Preference)		171,738		635,515

Cia Paranaense de Energia (Preference)		18,721		195,799

Cia Siderurgica Nacional SA*		54,053		200,023

Cosan SA		14,601		173,934

CVC Brasil Operadora e Agencia de Viagens SA*		19,310		280,212

EDP — Energias do Brasil SA		54,614		245,555

Energisa SA		34,885		370,994

Engie Brasil Energia SA		32,098		364,930

Equatorial Energia SA*		31,308		655,527

Estacio Participacoes SA		39,996		279,996

Gerdau SA (Preference)		92,543		335,138

Grendene SA		41,437		77,250

Guararapes Confeccoes SA*		1,278		46,448

Hypera SA*		73,511		529,431

IRB Brasil Resseguros SA		13,431		323,521

Itau Unibanco Holding SA (Preference)		322,767		2,793,785

Itausa — Investimentos Itau SA (Preference)		302,334		920,626

Kroton Educacional SA		238,541		596,794

Localiza Rent a Car SA*		87,490		814,187


INVESTMENTS	SHARES		VALUE($)


Brazil — continued

Lojas Renner SA		114,415		1,351,586

M Dias Branco SA*		13,855		147,415

Magazine Luiza SA		11,834		573,275

Natura Cosmeticos SA		29,727		393,848

Notre Dame Intermedica Participacoes SA		59,455		532,064

Odontoprev SA		49,100		210,870

Petrobras Distribuidora SA		30,156		180,578

Petroleo Brasileiro SA*		264,397		2,023,553

Petroleo Brasileiro SA (Preference)		353,717		2,446,458

Porto Seguro SA		6,737		93,415

Sao Martinho SA		25,435		123,377

Sul America SA		15,330		122,449

Suzano SA		51,964		542,023

Telefonica Brasil SA (Preference)		76,825		912,825

Transmissora Alianca de Energia Eletrica SA		40,493		272,735

Ultrapar Participacoes SA		77,020		413,081

Usinas Siderurgicas de Minas Gerais SA Usiminas (Preference), Class A		34,251		75,296

Vale SA		311,785		3,994,817

WEG SA		75,055		357,560


				35,219,921


Chile — 1.2%

AES Gener SA		517,623		140,613

Aguas Andinas SA, Class A		507,999		292,506

Banco de Chile		1,921,606		281,928

Banco Santander Chile		4,287,707		301,336

Cencosud SA		214,681		407,301

Cia Cervecerias Unidas SA		23,539		325,299

Colbun SA		1,293,435		289,128

Empresas CMPC SA		100,097		336,928

Enel Americas SA		5,092,617		893,633

Enel Chile SA		5,048,257		508,702

Engie Energia Chile SA		88,999		170,692

Parque Arauco SA*		41,190		113,724


				4,061,790


China — 20.2%

Agile Group Holdings Ltd.		78,000		117,840

Agricultural Bank of China Ltd., Class H		1,612,000		745,044

Air China Ltd., Class H		270,000		322,024

Angang Steel Co. Ltd., Class H		86,000		57,866

Anhui Conch Cement Co. Ltd., Class H		100,000		610,382

ANTA Sports Products Ltd.		173,000		1,216,733

Autohome, Inc., ADR*		4,697		542,457

AviChina Industry & Technology Co. Ltd., Class H		220,000		129,459


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

China — continued

BAIC Motor Corp. Ltd., Class H (a)		207,500		145,658

Bank of China Ltd., Class H		3,988,000		1,904,291

Bank of Communications Co. Ltd., Class H		409,000		344,961

BBMG Corp., Class H		197,000		69,388

Beijing Capital International Airport Co. Ltd., Class H		142,000		126,406

Beijing Enterprises Holdings Ltd.		42,500		226,454

Beijing Enterprises Water Group Ltd.*		858,000		532,384

Brilliance China Automotive Holdings Ltd.		394,000		434,010

BYD Electronic International Co. Ltd.		65,000		116,532

CGN Power Co. Ltd., Class H (a)		1,876,000		494,954

China Agri-Industries Holdings Ltd.		301,000		97,021

China Cinda Asset Management Co. Ltd., Class H		494,000		131,745

China CITIC Bank Corp. Ltd., Class H		432,000		277,199

China Coal Energy Co. Ltd., Class H		150,000		66,219

China Communications Construction Co. Ltd., Class H		375,000		361,193

China Communications Services Corp. Ltd., Class H		216,000		174,212

China Conch Venture Holdings Ltd.		118,500		400,559

China Construction Bank Corp., Class H		4,684,000		4,129,254

China Eastern Airlines Corp. Ltd., Class H		230,000		163,440

China Everbright Bank Co. Ltd., Class H		164,000		81,003

China Everbright International Ltd.		306,000		300,046

China Everbright Ltd.		44,000		80,215

China Evergrande Group (b)		114,000		365,594

China Galaxy Securities Co. Ltd., Class H		192,500		126,135

China Huarong Asset Management Co. Ltd., Class H* (a)		506,000		108,516

China International Capital Corp. Ltd., Class H (a) (b)		49,600		106,683

China Jinmao Holdings Group Ltd.		296,000		191,918

China Life Insurance Co. Ltd., Class H		388,000		1,102,545

China Longyuan Power Group Corp. Ltd., Class H		246,000		169,641

China Medical System Holdings Ltd.		206,000		182,996

China Merchants Bank Co. Ltd., Class H		199,500		987,327

China Merchants Port Holdings Co. Ltd.		108,000		218,445

China Merchants Securities Co. Ltd., Class H (a)		48,800		66,800

China Minsheng Banking Corp. Ltd., Class H		333,800		250,868

China Mobile Ltd.		890,000		8,491,848

China Molybdenum Co. Ltd., Class H		294,000		110,916

China National Building Material Co. Ltd., Class H		334,250		311,092

China Overseas Land & Investment Ltd.		204,000		764,318


INVESTMENTS	SHARES		VALUE($)


China — continued

China Pacific Insurance Group Co. Ltd., Class H		135,000		554,025

China Petroleum & Chemical Corp., Class H		1,856,000		1,426,725

China Power International Development Ltd.		740,000		197,167

China Railway Construction Corp. Ltd., Class H		159,500		188,468

China Railway Group Ltd., Class H		323,000		254,774

China Railway Signal & Communication Corp. Ltd., Class H (a)		137,000		100,601

China Reinsurance Group Corp., Class H		364,000		74,271

China Resources Cement Holdings Ltd.		180,000		180,479

China Resources Gas Group Ltd.		134,000		621,988

China Resources Land Ltd.		138,000		601,012

China Resources Pharmaceutical Group Ltd. (a)		277,500		394,887

China Resources Power Holdings Co. Ltd.		320,000		447,781

China Shenhua Energy Co. Ltd., Class H		247,500		547,832

China South City Holdings Ltd.		130,000		19,730

China Southern Airlines Co. Ltd., Class H		248,000		215,607

China State Construction International Holdings Ltd.		148,000		153,603

China Taiping Insurance Holdings Co. Ltd.		75,800		230,517

China Telecom Corp. Ltd., Class H		2,330,000		1,207,596

China Traditional Chinese Medicine Holdings Co. Ltd.		406,000		230,458

China Unicom Hong Kong Ltd.		992,000		1,177,875

China Vanke Co. Ltd., Class H		68,700		265,814

Chongqing Changan Automobile Co. Ltd., Class B		120,600		63,237

Chongqing Rural Commercial Bank Co. Ltd., Class H		145,000		84,820

CIFI Holdings Group Co. Ltd.		170,000		112,966

CIMC Enric Holdings Ltd.		44,000		42,864

CITIC Ltd.		419,000		610,170

CITIC Securities Co. Ltd., Class H		119,500		259,020

CNOOC Ltd.		1,158,000		2,103,315

COSCO SHIPPING Energy Transportation Co. Ltd., Class H		110,000		71,121

COSCO SHIPPING Ports Ltd.		148,000		147,613

Country Garden Holdings Co. Ltd.		385,000		620,411

Country Garden Services Holdings Co. Ltd.*		65,000		120,057

CRRC Corp. Ltd., Class H		344,000		300,507

CSC Financial Co. Ltd., Class H (a)		48,000		40,979

Dali Foods Group Co. Ltd. (a)		296,000		210,224

Datang International Power Generation Co. Ltd., Class H		476,000		123,235

Dongfeng Motor Group Co. Ltd., Class H		406,000		394,436


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

China — continued

ENN Energy Holdings Ltd.		127,100		1,201,220

Everbright Securities Co. Ltd., Class H (a) (b)		11,800		11,336

Far East Horizon Ltd.		111,000		123,242

Fosun International Ltd.		163,076		253,323

Future Land Development Holdings Ltd.		90,000		107,330

Fuyao Glass Industry Group Co. Ltd., Class H (a)		72,800		256,061

GCL-Poly Energy Holdings Ltd.* (b)		904,000		64,601

Geely Automobile Holdings Ltd.		698,000		1,406,039

GF Securities Co. Ltd., Class H		81,200		109,928

Great Wall Motor Co. Ltd., Class H (b)		446,000		363,178

Greentown China Holdings Ltd.		39,000		35,357

Guangdong Investment Ltd.		490,000		916,628

Guangzhou Automobile Group Co. Ltd., Class H		449,200		483,801

Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class H		38,000		197,219

Guangzhou R&F Properties Co. Ltd., Class H (b)		53,600		106,631

Haitian International Holdings Ltd. (b)		50,000		125,380

Haitong Securities Co. Ltd., Class H		178,000		229,566

Health & Happiness H&H International Holdings Ltd.* (b)		22,500		138,199

Huadian Power International Corp. Ltd., Class H		268,000		114,504

Huaneng Renewables Corp. Ltd., Class H		846,000		243,868

Huatai Securities Co. Ltd., Class H (a)		89,600		168,862

Huaxin Cement Co. Ltd., Class B		19,500		57,385

Industrial & Commercial Bank of China Ltd., Class H		4,095,000		3,080,095

Inner Mongolia Yitai Coal Co. Ltd., Class B		74,600		89,345

Jiangsu Expressway Co. Ltd., Class H		106,000		150,947

Jiangxi Copper Co. Ltd., Class H		85,000		112,750

Jiayuan International Group Ltd.		62,000		27,749

Kingboard Holdings Ltd.		52,500		171,175

Kunlun Energy Co. Ltd.		206,000		217,898

KWG Group Holdings Ltd.		64,736		75,926

Legend Holdings Corp., Class H (a)		34,300		93,559

Li Ning Co. Ltd.*		230,000		417,845

Logan Property Holdings Co. Ltd.		54,000		85,934

Longfor Group Holdings Ltd.		86,000		317,987

Luye Pharma Group Ltd. (a)		274,000		248,525

Maanshan Iron & Steel Co. Ltd., Class H		126,000		58,081

Momo, Inc., ADR		8,413		295,044

New China Life Insurance Co. Ltd., Class H		45,900		254,561

Orient Securities Co. Ltd., Class H (a)		46,400		33,558


INVESTMENTS	SHARES		VALUE($)


China — continued

People’s Insurance Co. Group of China Ltd. (The), Class H*		429,000		175,671

PetroChina Co. Ltd., Class H		1,522,000		964,786

PICC Property & Casualty Co. Ltd., Class H		354,000		397,730

Ping An Insurance Group Co. of China Ltd., Class H		262,500		3,177,475

Poly Property Group Co. Ltd.		101,000		42,375

Postal Savings Bank of China Co. Ltd., Class H (a)		490,000		298,180

Red Star Macalline Group Corp. Ltd., Class H (a)		29,400		27,876

Shandong Weigao Group Medical Polymer Co. Ltd., Class H		276,000		271,308

Shanghai Electric Group Co. Ltd., Class H		240,000		93,682

Shanghai Industrial Holdings Ltd.		40,000		94,082

Shanghai Pharmaceuticals Holding Co. Ltd., Class H		140,800		294,865

Shanghai Shibei Hi-Tech Co. Ltd., Class B		29,000		15,080

Shenzhen Expressway Co. Ltd., Class H		58,000		70,645

Shenzhen International Holdings Ltd.		73,544		158,973

Shenzhen Investment Ltd.		168,829		67,181

Shenzhou International Group Holdings Ltd.		103,200		1,387,093

Shimao Property Holdings Ltd.		61,500		187,452

Sihuan Pharmaceutical Holdings Group Ltd.		683,000		184,034

Sino-Ocean Group Holding Ltd.		152,000		68,285

Sinopec Engineering Group Co. Ltd., Class H		124,000		119,911

Sinopec Shanghai Petrochemical Co. Ltd., Class H		254,000		115,044

Sinopharm Group Co. Ltd., Class H		186,000		731,036

Sinotrans Ltd., Class H		174,000		71,493

Sinotruk Hong Kong Ltd.		56,500		122,652

Sunac China Holdings Ltd. (b)		116,000		597,818

Tianhe Chemicals Group Ltd.*‡ (a)		20,000		—

Weichai Power Co. Ltd., Class H		168,000		275,073

Wuxi Little Swan Co. Ltd., Class B		13,700		92,165

Xinjiang Goldwind Science & Technology Co. Ltd., Class H		43,240		47,226

Yangtze Optical Fibre and Cable Joint Stock Ltd. Co., Class H (a) (b)		16,000		39,544

Yangzijiang Shipbuilding Holdings Ltd.		180,600		208,808

Yanzhou Coal Mining Co. Ltd., Class H		140,000		149,466

Yuexiu Property Co. Ltd.		328,000		76,136

YY, Inc., ADR*		3,569		301,973

Zhaojin Mining Industry Co. Ltd., Class H		67,500		58,152

Zhejiang Expressway Co. Ltd., Class H		122,000		130,857

Zhongsheng Group Holdings Ltd.		89,000		234,137

Zhuzhou CRRC Times Electric Co. Ltd., Class H		42,900		217,940


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

China — continued

Zijin Mining Group Co. Ltd., Class H		414,000		161,726

Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H		111,400		65,387

ZTE Corp., Class H		63,200		201,477


				66,790,207


Colombia — 0.3%

Bancolombia SA		19,031		231,909

Bancolombia SA (Preference)		31,095		393,346

Ecopetrol SA		425,278		392,625

Grupo Aval Acciones y Valores SA (Preference)		281,451		108,376


				1,126,256


Czech Republic — 0.4%

CEZ A/S		30,484		710,053

Komercni banka A/S		5,808		220,333

Moneta Money Bank A/S (a)		39,679		127,184

O2 Czech Republic A/S		9,295		101,064


				1,158,634


Egypt — 0.2%

Commercial International Bank Egypt SAE		102,285		454,586

ElSewedy Electric Co.		82,942		75,455

Global Telecom Holding SAE*		444,479		115,491


				645,532


Greece — 0.4%

Eurobank Ergasias SA*		140,037		117,327

Hellenic Telecommunications Organization SA		47,445		658,959

JUMBO SA		17,631		321,784

Motor Oil Hellas Corinth Refineries SA		5,479		139,743

Mytilineos Holdings SA		11,627		125,903


				1,363,716


Hong Kong — 0.4%

Bosideng International Holdings Ltd.		372,000		102,406

China Gas Holdings Ltd.		117,600		379,345

Haier Electronics Group Co. Ltd.		176,000		503,172

Kingboard Laminates Holdings Ltd.		74,000		77,825

Lee & Man Paper Manufacturing Ltd.		106,000		86,039

Nine Dragons Paper Holdings Ltd.		115,000		106,437


				1,255,224


Hungary — 0.4%

Magyar Telekom Telecommunications plc		77,360		121,976

MOL Hungarian Oil & Gas plc		41,520		478,131

OTP Bank Nyrt.		17,697		787,003


				1,387,110


INVESTMENTS	SHARES		VALUE($)


India — 10.1%

Adani Enterprises Ltd.		19,265		35,185

Asian Paints Ltd.		24,463		514,614

Aurobindo Pharma Ltd.		44,573		525,010

Bajaj Auto Ltd.		12,487		535,828

Bajaj Finance Ltd.		9,089		404,680

Bajaj Holdings & Investment Ltd.		1,407		62,427

Bank of Baroda*		35,844		60,161

Bharat Electronics Ltd.		49,635		62,225

Bharat Petroleum Corp. Ltd.		72,830		398,849

Bharti Infratel Ltd.		145,266		548,486

Canara Bank*		7,901		29,596

Castrol India Ltd.		35,376		77,643

Coal India Ltd.		106,646		386,654

Colgate-Palmolive India Ltd.		9,387		163,212

Cummins India Ltd.		5,654		59,073

Dabur India Ltd.		76,018		434,993

Divi’s Laboratories Ltd.		13,391		336,352

Dr Reddy’s Laboratories Ltd.		13,673		575,500

Federal Bank Ltd.		78,022		104,081

GAIL India Ltd.		39,500		202,322

GlaxoSmithKline Consumer Healthcare Ltd.		1,451		151,943

Glenmark Pharmaceuticals Ltd.		23,247		213,483

Havells India Ltd.		20,392		227,073

HCL Technologies Ltd.		45,908		781,336

Hindalco Industries Ltd.		65,510		194,152

Hindustan Petroleum Corp. Ltd.		44,485		187,028

Hindustan Unilever Ltd.		101,878		2,573,208

Hindustan Zinc Ltd.		17,086		68,004

Housing Development Finance Corp. Ltd.		90,065		2,583,864

ICICI Lombard General Insurance Co. Ltd. (a)		8,382		131,761

Indiabulls Housing Finance Ltd.		17,113		171,160

Indian Oil Corp. Ltd.		159,840		363,933

Infosys Ltd.		323,087		3,479,962

ITC Ltd.		421,335		1,826,215

JSW Steel Ltd.		86,448		383,412

L&T Finance Holdings Ltd.		25,110		47,341

Larsen & Toubro Infotech Ltd. (a)		2,388		58,961

Larsen & Toubro Ltd.		28,597		554,625

LIC Housing Finance Ltd.		12,973		92,697

Mphasis Ltd.		6,248		87,125

Muthoot Finance Ltd.		5,066		43,491

Nestle India Ltd.		3,326		521,090

NHPC Ltd.		405,387		136,139

NMDC Ltd.		55,422		80,078

NTPC Ltd.		399,315		768,862


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

India — continued

Oil & Natural Gas Corp. Ltd.		224,797		546,981

Oil India Ltd.		19,878		51,686

Petronet LNG Ltd.		88,280		306,404

Piramal Enterprises Ltd.		14,340		487,352

Power Finance Corp. Ltd.*		33,224		55,241

Power Grid Corp. of India Ltd.		129,170		346,420

REC Ltd.		110,257		233,595

Reliance Industries Ltd.		226,575		4,539,085

Reliance Power Ltd.*		92,357		8,026

Shriram Transport Finance Co. Ltd.		8,799		140,562

Steel Authority of India Ltd.*		72,354		58,073

Tata Consultancy Services Ltd.		76,556		2,488,413

Tata Power Co. Ltd. (The)		159,187		155,144

Tata Steel Ltd.		21,089		169,007

Tech Mahindra Ltd.		39,981		480,897

Titan Co. Ltd.		45,070		750,580

Torrent Power Ltd.		19,395		70,510

Union Bank of India*		12,295		14,766

United Breweries Ltd.		9,579		195,417

UPL Ltd.		26,097		363,752

Vedanta Ltd.		122,088		293,113

Wipro Ltd.		123,063		528,849


				33,527,707


Indonesia — 6.0%

Adaro Energy Tbk. PT		2,174,300		199,466

Astra International Tbk. PT		4,895,200		2,620,493

Bank Central Asia Tbk. PT		1,453,800		2,936,784

Bank Danamon Indonesia Tbk. PT		466,800		289,907

Bank Mandiri Persero Tbk. PT*		2,789,600		1,519,786

Bank Negara Indonesia Persero Tbk. PT*		1,114,900		752,399

Bank Rakyat Indonesia Persero Tbk. PT*		7,972,400		2,451,157

Barito Pacific Tbk. PT		739,300		209,217

Bukit Asam Tbk. PT*		691,100		192,266

Bumi Serpong Damai Tbk. PT*		1,141,600		115,077

Charoen Pokphand Indonesia Tbk. PT		1,767,600		654,287

Gudang Garam Tbk. PT		112,100		665,180

Hanjaya Mandala Sampoerna Tbk. PT		2,114,200		519,794

Indah Kiat Pulp & Paper Corp. Tbk. PT		450,400		234,140

Indofood CBP Sukses Makmur Tbk. PT		548,700		374,912

Indofood Sukses Makmur Tbk. PT		1,055,700		515,460

Jasa Marga Persero Tbk. PT*		401,200		171,918

Kalbe Farma Tbk. PT		4,998,500		542,310

Matahari Department Store Tbk. PT		562,500		161,053

Media Nusantara Citra Tbk. PT		1,198,800		79,142

Perusahaan Gas Negara Persero Tbk.		2,781,900		453,416


INVESTMENTS	SHARES		VALUE($)


Indonesia — continued

Semen Indonesia Persero Tbk. PT		533,400		506,350

Telekomunikasi Indonesia Persero Tbk. PT		12,352,800		3,289,394

United Tractors Tbk. PT		277,200		529,350


				19,983,258


Kuwait — 1.0%

Agility Public Warehousing Co. KSC		100,030		240,189

Gulf Bank KSCP		135,000		134,801

Humansoft Holding Co. KSC		10,880		118,967

Kuwait Finance House KSCP		280,750		613,233

Mobile Telecommunications Co. KSC		405,339		615,098

National Bank of Kuwait SAKP		471,810		1,441,233


				3,163,521


Malaysia — 5.0%

AirAsia Group Bhd.		364,600		240,857

AMMB Holdings Bhd.		288,400		311,788

Astro Malaysia Holdings Bhd.		378,100		132,676

CIMB Group Holdings Bhd.		1,014,855		1,294,401

Gamuda Bhd.		403,300		341,388

Hong Leong Bank Bhd.		94,668		457,853

Hong Leong Financial Group Bhd.		34,500		160,371

IJM Corp. Bhd.		585,800		331,655

Malayan Banking Bhd.		880,308		1,969,780

Malaysia Airports Holdings Bhd.		162,500		300,114

Maxis Bhd.		548,100		710,728

MISC Bhd.		263,700		440,543

Nestle Malaysia Bhd.		14,600		515,557

Petronas Chemicals Group Bhd.		484,500		1,054,807

Petronas Dagangan Bhd.		70,600		413,164

Petronas Gas Bhd.		206,300		882,728

PPB Group Bhd.		162,160		734,341

Public Bank Bhd.		464,100		2,526,533

RHB Bank Bhd.		168,600		243,217

Sime Darby Bhd.		646,300		363,017

Tenaga Nasional Bhd.		1,052,400		3,132,084


				16,557,602


Mexico — 2.9%

Alfa SAB de CV, Class A		309,070		311,389

Alpek SAB de CV		33,965		41,655

Banco del Bajio SA* (a)		47,811		102,771

Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand		117,622		197,487

Cemex SAB de CV*		1,535,002		710,913

El Puerto de Liverpool SAB de CV, Class C1		31,689		205,000

Fibra Uno Administracion SA de CV, REIT		209,246		310,153


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Mexico — continued

Gruma SAB de CV, Class B		32,581		325,677

Grupo Aeroportuario del Centro Norte SAB de CV		32,709		201,436

Grupo Aeroportuario del Pacifico SAB de CV, Class B		35,877		363,544

Grupo Aeroportuario del Sureste SAB de CV, Class B		20,622		338,650

Grupo Carso SAB de CV, Series A1		48,817		189,523

Grupo Elektra SAB de CV		4,477		238,518

Grupo Financiero Banorte SAB de CV, Class O		194,640		1,233,277

Grupo Financiero Inbursa SAB de CV, Class O		155,686		237,909

Grupo Mexico SAB de CV, Series B		321,589		944,016

Infraestructura Energetica Nova SAB de CV		95,320		416,572

Megacable Holdings SAB de CV		48,147		211,557

Mexichem SAB de CV		92,628		215,132

Promotora y Operadora de Infraestructura SAB de CV		21,795		221,206

Regional SAB de CV		15,770		85,348

Wal-Mart de Mexico SAB de CV		827,716		2,431,923


				9,533,656


Pakistan — 0.0% (c)

Oil & Gas Development Co. Ltd.		47,100		46,862

Pakistan Petroleum Ltd.		41,600		49,882


				96,744


Philippines — 2.0%

Alliance Global Group, Inc.		741,700		212,956

Ayala Corp.		37,135		644,139

Ayala Land, Inc.		1,044,600		982,774

BDO Unibank, Inc.		295,040		759,604

Bloomberry Resorts Corp.		839,700		205,373

Globe Telecom, Inc.		7,760		265,235

GT Capital Holdings, Inc.		13,838		229,897

International Container Terminal Services, Inc.		197,950		480,512

JG Summit Holdings, Inc.		550,750		697,362

Jollibee Foods Corp.		98,100		573,399

Manila Electric Co.		70,010		517,954

Megaworld Corp.		1,792,200		192,589

Metro Pacific Investments Corp.		3,781,200		331,679

Metropolitan Bank & Trust Co.		240,290		342,547

San Miguel Corp.		88,720		307,494


				6,743,514


Qatar — 1.5%

Barwa Real Estate Co.		14,807		141,166

Commercial Bank PQSC (The)		15,401		215,227


INVESTMENTS	SHARES		VALUE($)


Qatar — continued

Industries Qatar QSC		22,033		731,962

Masraf Al Rayan QSC		28,539		284,503

Qatar Electricity & Water Co. QSC		9,347		428,718

Qatar Fuel QSC		8,425		465,746

Qatar Gas Transport Co. Ltd.		29,925		175,917

Qatar International Islamic Bank QSC		2,952		56,028

Qatar Islamic Bank SAQ		8,992		412,184

Qatar National Bank QPSC		34,479		1,854,578

United Development Co. QSC		14,129		52,391


				4,818,420


Romania — 0.1%

NEPI Rockcastle plc		26,412		220,140


Russia — 6.2%

Aeroflot PJSC		87,761		130,740

Alrosa PJSC		240,488		350,843

Federal Grid Co. Unified Energy System PJSC		49,859,837		128,240

Gazprom PJSC		1,032,030		2,622,625

Inter RAO UES PJSC		6,812,031		413,531

LUKOIL PJSC		48,171		4,110,793

Magnit PJSC		12,218		704,223

Magnitogorsk Iron & Steel Works PJSC		172,288		117,937

MMC Norilsk Nickel PJSC		4,506		1,001,304

Mobile TeleSystems PJSC		185,265		731,905

Moscow Exchange MICEX-RTS PJSC		110,457		155,708

Novatek PJSC		105,133		1,960,908

Novolipetsk Steel PJSC		85,105		225,529

Polyus PJSC		2,148		167,502

Rosneft Oil Co. PJSC		114,488		760,065

ROSSETI PJSC		5,605,864		92,727

Rostelecom PJSC		162,457		185,998

RusHydro PJSC		22,028,098		184,177

Sberbank of Russia PJSC		796,866		2,791,704

Severstal PJSC		18,302		296,277

Sistema PJSFC		539,235		73,645

Surgutneftegas PJSC		701,693		266,671

Surgutneftegas PJSC (Preference)		756,384		458,452

Tatneft PJSC		146,813		1,720,177

Tatneft PJSC (Preference)		14,484		142,201

Transneft PJSC (Preference)		150		390,222

VTB Bank PJSC		388,289,080		213,559


				20,397,663


Singapore — 0.0% (c)

Yanlord Land Group Ltd.		34,400		36,951


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

South Africa — 5.2%

Absa Group Ltd.		54,854		631,900

African Rainbow Minerals Ltd.		10,156		120,977

Anglo American Platinum Ltd.		5,928		299,882

AngloGold Ashanti Ltd.		39,599		471,144

Barloworld Ltd.		23,363		208,690

Bid Corp. Ltd.		56,020		1,184,318

Bidvest Group Ltd. (The)		36,997		562,728

Capitec Bank Holdings Ltd.		4,117		384,701

Clicks Group Ltd.		42,538		581,823

Exxaro Resources Ltd.		24,639		281,949

FirstRand Ltd.		246,545		1,173,317

Fortress REIT Ltd., Class A, REIT		90,471		121,872

Fortress REIT Ltd., Class B, REIT		65,368		49,806

Growthpoint Properties Ltd., REIT		224,317		389,931

Harmony Gold Mining Co. Ltd.*		45,129		77,319

Hyprop Investments Ltd., REIT		19,488		95,362

Impala Platinum Holdings Ltd.*		66,022		265,520

Imperial Logistics Ltd.		18,400		80,263

Investec Ltd.		23,351		149,422

JSE Ltd.		6,621		64,192

KAP Industrial Holdings Ltd.		213,582		110,032

Kumba Iron Ore Ltd.		5,051		151,903

Liberty Holdings Ltd.		9,113		65,935

MMI Holdings Ltd.		78,375		97,798

Motus Holdings Ltd.		30,148		187,473

Nedbank Group Ltd.		30,641		571,568

Old Mutual Ltd.		374,692		602,691

Redefine Properties Ltd., REIT		433,702		298,634

Remgro Ltd.		56,653		770,095

Resilient REIT Ltd., REIT		22,124		87,815

RMB Holdings Ltd.		58,098		339,567

Sanlam Ltd.		134,910		722,387

Sappi Ltd.		54,555		260,018

Sasol Ltd.		54,595		1,811,268

Sibanye Gold Ltd.*		174,578		164,362

SPAR Group Ltd. (The)		32,539		441,798

Standard Bank Group Ltd.		99,004		1,382,676

Super Group Ltd.*		39,822		102,165

Telkom SA SOC Ltd.		56,713		337,542

Truworths International Ltd.		72,269		383,186

Tsogo Sun Holdings Ltd.		91,265		137,296

Vodacom Group Ltd.		122,570		989,135

Vukile Property Fund Ltd., REIT		60,793		87,333


				17,297,793


INVESTMENTS	SHARES		VALUE($)


Taiwan — 15.9%

Advantech Co. Ltd.		53,000		429,422

Asia Cement Corp.		322,000		435,832

Catcher Technology Co. Ltd.		104,000		824,547

Cathay Financial Holding Co. Ltd.		843,000		1,220,720

Chailease Holding Co. Ltd.		126,000		537,180

Chang Hwa Commercial Bank Ltd.		655,600		392,729

Chicony Electronics Co. Ltd.		79,551		196,104

China Life Insurance Co. Ltd.		278,838		232,162

China Steel Corp.		1,574,000		1,271,802

Compal Electronics, Inc.		577,000		372,981

CTBC Financial Holding Co. Ltd.		1,938,395		1,327,901

Delta Electronics, Inc.		301,000		1,588,703

E.Sun Financial Holding Co. Ltd.		1,097,582		901,233

Eclat Textile Co. Ltd.		41,000		586,117

Eva Airways Corp.		439,850		215,715

Far Eastern New Century Corp.		778,000		849,573

Feng TAY Enterprise Co. Ltd.		66,000		535,164

First Financial Holding Co. Ltd.		1,038,501		741,427

Formosa Chemicals & Fibre Corp.		435,000		1,565,280

Formosa Petrochemical Corp.		175,000		649,432

Formosa Plastics Corp.		619,000		2,246,425

Formosa Taffeta Co. Ltd.		200,000		241,218

Foxconn Technology Co. Ltd.		156,533		351,185

Fubon Financial Holding Co. Ltd.		785,000		1,160,065

Giant Manufacturing Co. Ltd.		61,000		465,225

Globalwafers Co. Ltd.		29,000		317,890

Hon Hai Precision Industry Co. Ltd.		1,665,992		4,690,315

Hotai Motor Co. Ltd.		65,000		983,713

Hua Nan Financial Holdings Co. Ltd.		917,951		600,300

Inventec Corp.		422,000		339,054

Lite-On Technology Corp.		297,000		419,054

Mega Financial Holding Co. Ltd.		1,162,233		1,115,811

Nan Ya Plastics Corp.		720,000		1,821,530

Nanya Technology Corp.		114,737		243,672

Novatek Microelectronics Corp.		78,000		510,249

Oriental Union Chemical Corp.		90,000		75,798

Pegatron Corp.		281,000		531,222

Pou Chen Corp.		527,000		641,121

President Chain Store Corp.		112,000		1,044,979

Quanta Computer, Inc.		370,000		709,536

Realtek Semiconductor Corp.		65,000		440,721

Shin Kong Financial Holding Co. Ltd.		1,187,119		336,355

SinoPac Financial Holdings Co. Ltd.		1,122,580		432,724

Synnex Technology International Corp.		188,200		234,843

Taishin Financial Holding Co. Ltd.		1,059,604		480,477


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Taiwan — continued

Taiwan Business Bank		448,957		185,375

Taiwan Cement Corp.		627,000		852,813

Taiwan Cooperative Financial Holding Co. Ltd.		967,944		642,448

Taiwan Fertilizer Co. Ltd.		96,000		139,795

Taiwan High Speed Rail Corp.		291,000		354,371

Taiwan Semiconductor Manufacturing Co. Ltd.		1,254,000		10,528,624

Teco Electric and Machinery Co. Ltd.		253,000		189,588

Unimicron Technology Corp.		179,000		200,067

Uni-President Enterprises Corp.		951,000		2,260,221

Vanguard International Semiconductor Corp.		125,000		277,753

Walsin Lihwa Corp.		426,000		239,396

Wistron Corp.		385,523		320,050

Yageo Corp.		56,000		555,509

Yuanta Financial Holding Co. Ltd.		1,197,665		694,656


				52,748,172


Thailand — 6.9%

Advanced Info Service PCL		300,300		1,788,573

Bangkok Bank PCL, NVDR		28,800		183,238

Bangkok Bank PCL		43,900		287,622

Bangkok Dusit Medical Services PCL		2,349,700		1,876,816

Bangkok Expressway & Metro PCL		1,458,600		498,076

Banpu PCL		745,900		383,592

Bumrungrad Hospital PCL		86,000		476,805

Charoen Pokphand Foods PCL		882,300		739,280

Delta Electronics Thailand PCL		50,700		118,692

Digital Telecommunications Infrastructure Fund, Class F		870,300		433,446

Electricity Generating PCL		71,200		660,212

Energy Absolute PCL		442,400		772,786

Glow Energy PCL		109,500		313,837

Gulf Energy Development PCL		141,800		464,414

Home Product Center PCL		1,361,100		669,758

Indorama Ventures PCL		305,600		438,275

Intouch Holdings PCL, NVDR		347,300		647,594

IRPC PCL		1,750,400		309,770

Krung Thai Bank PCL		931,100		551,538

Land & Houses PCL, NVDR		991,900		348,264

Muangthai Capital PCL		102,500		165,618

PTT Exploration & Production PCL		238,400		996,071

PTT Global Chemical PCL		350,900		756,531

PTT PCL		2,462,600		3,759,792

Ratch Group PCL		208,800		407,658

Siam Cement PCL (The) (Registered)		154,300		2,222,120

Siam Commercial Bank PCL (The)		364,600		1,481,019


INVESTMENTS	SHARES		VALUE($)


Thailand — continued

Thai Oil PCL		174,900		379,413

Thai Union Group PCL, Class F		678,100		401,549

TMB Bank PCL		3,276,700		207,261


				22,739,620


Turkey — 1.0%

Akbank T.A.S.*		205,934		211,721

Arcelik A/S*		29,454		90,662

BIM Birlesik Magazalar A/S		37,573		522,958

Emlak Konut Gayrimenkul Yatirim Ortakligi A/S, REIT		144,880		36,722

Enerjisa Enerji A/S (a)		45,676		41,220

Eregli Demir ve Celik Fabrikalari TAS		132,780		204,157

Ford Otomotiv Sanayi A/S		10,631		93,972

Haci Omer Sabanci Holding A/S		69,016		89,222

Iskenderun Demir ve Celik A/S		14,600		16,940

KOC Holding A/S		83,535		226,796

Koza Altin Isletmeleri A/S*		4,494		32,090

Petkim Petrokimya Holding A/S		79,398		59,564

Soda Sanayii A/S		38,624		50,231

TAV Havalimanlari Holding A/S		19,033		80,792

Tekfen Holding A/S		19,696		87,974

Tofas Turk Otomobil Fabrikasi A/S		20,620		62,026

Tupras Turkiye Petrol Rafinerileri A/S		12,049		249,208

Turk Hava Yollari AO*		93,324		224,160

Turkcell Iletisim Hizmetleri A/S		208,163		436,577

Turkiye Garanti Bankasi A/S*		161,866		222,242

Turkiye Halk Bankasi A/S		47,564		46,744

Turkiye Is Bankasi A/S, Class C*		108,955		98,113

Turkiye Sise ve Cam Fabrikalari A/S		66,666		68,211

Turkiye Vakiflar Bankasi TAO, Class D		80,660		54,786

Ulker Biskuvi Sanayi A/S		25,642		81,736

Yapi ve Kredi Bankasi A/S*		119,382		41,500


				3,430,324


United Arab Emirates — 1.3%

Abu Dhabi Commercial Bank PJSC		151,278		406,853

Abu Dhabi Islamic Bank PJSC		54,134		70,476

Aldar Properties PJSC		299,171		145,114

Arabtec Holding PJSC*		81,016		45,679

DP World plc		17,886		357,720

Dubai Islamic Bank PJSC		127,663		179,572

Emaar Development PJSC		62,120		66,295

Emaar Malls PJSC		155,633		73,858

Emaar Properties PJSC		272,425		356,978

Emirates Telecommunications Group Co. PJSC		336,349		1,529,544

First Abu Dhabi Bank PJSC		210,808		918,151


				4,150,240


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

United Kingdom — 0.1%

Mondi Ltd.		11,584		255,318


United States — 0.2%

JBS SA		158,622		793,697


Total Common Stocks (Cost $306,166,023)				329,807,378


	NO. OF RIGHTS
Rights — 0.0% (c)

China — 0.0% (c)

Haitong Securities Co. Ltd., expiring 12/31/2019* (Cost $—)		6,057		—


	SHARES
Investment Of Cash Collateral From Securities Loaned — 0.2%

JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.45% (d) (e) (Cost $746,461)		746,461		746,461


Total Investments — 99.8% (Cost $306,912,484)				330,553,839

Other Assets Less Liabilities — 0.2%				501,186


Net Assets — 100.0%				331,055,025

Percentages indicated are based on net assets.

Summary of Investments by Industry, April 30, 2019

The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:


INDUSTRY	PERCENTAGE

Banks		19.6	%

Oil, Gas & Consumable Fuels		12.1

Wireless Telecommunication Services		4.5

Metals & Mining		3.8

Semiconductors & Semiconductor Equipment		3.7

Chemicals		3.6

Insurance		3.5

Electric Utilities		3.3

Diversified Telecommunication Services		3.1

Food Products		2.9

Food & Staples Retailing		2.5

Electronic Equipment, Instruments & Components		2.4

Real Estate Management & Development		2.4

IT Services		2.4

Automobiles		2.0


INDUSTRY	PERCENTAGE

Independent Power and Renewable Electricity Producers		1.9	%

Textiles, Apparel & Luxury Goods		1.8

Construction Materials		1.8

Industrial Conglomerates		1.7

Transportation Infrastructure		1.4

Diversified Financial Services		1.4

Gas Utilities		1.3

Pharmaceuticals		1.3

Technology Hardware, Storage & Peripherals		1.3

Health Care Providers & Services		1.2

Capital Markets		1.2

Others (each less than 1.0%)		11.9

Abbreviations


ADR		— American Depositary Receipt
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
REIT		— Real Estate Investment Trust

(a)		— 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.
(b)		— The security or a portion of this security is on loan at April 30, 2019. The total value of securities on loan at April 30, 2019 is $697,890.
(c)		— Amount rounds to less than 0.1% of net assets.
(d)		— Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(e)		— The rate shown is the current yield as of April 30, 2019.
*		— Non-income producing security.
‡		— Value determined using significant unobservable inputs.


INVESTMENTS	SHARES		VALUE($)
Common Stocks — 97.8%

Australia — 0.8%

BHP Group plc		2,852		67,320

Rio Tinto plc		1,200		70,007


				137,327


Austria — 0.8%

ANDRITZ AG		17		812

OMV AG		1,243		66,673

Verbund AG*		1,301		64,604

voestalpine AG		365		11,744


				143,833


Belgium — 1.8%

Ageas		1,076		56,862

Colruyt SA		923		66,630

Groupe Bruxelles Lambert SA		26		2,490

Proximus SADP		2,267		63,492

Solvay SA		588		70,898

UCB SA		701		55,715


				316,087


Chile — 0.4%

Antofagasta plc		5,287		62,851


Denmark — 4.6%

Ambu A/S, Class B		1,274		36,655

Carlsberg A/S, Class B		543		70,210

Chr Hansen Holding A/S		647		66,111

Coloplast A/S, Class B		660		71,294

Demant A/S*		582		18,389

DSV A/S		764		70,798

GN Store Nord A/S		1,348		69,092

H Lundbeck A/S (a)		1,439		60,666

ISS A/S		353		10,993

Novo Nordisk A/S, Class B		1,354		66,339

Novozymes A/S, Class B		1,094		51,063

Orsted A/S (b)		908		69,516

Rockwool International A/S, Class B		38		10,167

Tryg A/S		1,651		50,528

Vestas Wind Systems A/S		727		65,782


				787,603


Finland — 3.6%

Elisa OYJ		1,511		64,112

Fortum OYJ		2,812		59,644

Kesko OYJ, Class B		923		47,996

Kone OYJ, Class B		1,229		67,531

Neste OYJ		2,058		68,022

Nokia OYJ		10,045		52,783


INVESTMENTS	SHARES		VALUE($)


Finland — continued

Orion OYJ, Class B		1,842		61,421

Sampo OYJ, Class A		1,371		62,776

Stora Enso OYJ, Class R		3,696		46,028

UPM-Kymmene OYJ		2,182		61,608

Wartsila OYJ Abp		2,170		34,747


				626,668


France — 15.4%

Aeroports de Paris		193		39,317

Air Liquide SA		527		70,108

Arkema SA		509		52,262

Atos SE		584		60,217

AXA SA		1,041		27,760

BioMerieux		333		26,448

Bouygues SA		671		25,258

Bureau Veritas SA		599		15,184

Capgemini SE		552		66,988

Casino Guichard Perrachon SA		1,199		49,085

Cie Generale des Etablissements Michelin SCA		444		57,414

Cie Plastic Omnium SA		512		15,512

CNP Assurances		1,195		28,227

Covivio, REIT		515		55,741

Danone SA		689		55,702

Dassault Aviation SA		22		33,287

Dassault Systemes SE		396		62,712

Edenred		1,079		50,872

Eiffage SA		482		50,326

Electricite de France SA		3,821		55,183

Engie SA		3,787		56,209

EssilorLuxottica SA*		425		51,781

Eurazeo SE*		155		12,165

Eutelsat Communications SA		2,980		53,857

Faurecia SA		663		33,734

Gecina SA, REIT		314		46,916

Hermes International		79		55,582

Imerys SA		448		23,858

Ingenico Group SA		653		55,113

Ipsen SA		365		42,628

Kering SA		121		71,602

Klepierre SA, REIT		471		16,737

Lagardere SCA		1,557		42,406

Legrand SA		671		49,354

L’Oreal SA		248		68,213

LVMH Moet Hennessy Louis Vuitton SE		194		76,168

Natixis SA		1,706		10,053

Orange SA		3,768		58,888


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

France — continued

Orpea		275		33,552

Pernod Ricard SA		342		59,633

Peugeot SA (a)		2,591		67,933

Publicis Groupe SA		797		47,371

Rubis SCA		185		10,147

Safran SA		489		71,277

Sanofi		787		68,665

Sartorius Stedim Biotech		419		56,911

Schneider Electric SE		670		56,706

SCOR SE		578		23,597

SEB SA		47		8,611

Societe BIC SA		293		25,241

Sodexo SA		599		68,695

Thales SA		431		51,495

TOTAL SA		1,176		65,375

Ubisoft Entertainment SA*		503		48,056

Valeo SA		1,040		37,828

Veolia Environnement SA		2,581		61,047

Vinci SA		451		45,549

Vivendi SA		947		27,487


				2,658,043


Germany — 12.1%

Allianz SE (Registered)		167		40,366

Axel Springer SE		740		41,913

BASF SE		815		66,537

Bayer AG (Registered)		707		47,055

Bayerische Motoren Werke AG		572		48,796

Carl Zeiss Meditec AG		641		63,049

Continental AG		221		36,662

Covestro AG (b)		868		47,695

Deutsche Boerse AG		257		34,341

Deutsche Lufthansa AG (Registered)		2,579		62,396

Deutsche Post AG (Registered)*		974		33,857

Deutsche Telekom AG (Registered)		3,660		61,323

Deutsche Wohnen SE		1,178		53,064

E.ON SE		3,968		42,663

Evonik Industries AG		1,549		46,242

Fielmann AG		311		22,112

Fraport AG Frankfurt Airport Services Worldwide		245		20,395

Fresenius Medical Care AG & Co. KGaA		707		59,588

Fresenius SE & Co. KGaA		881		50,098

FUCHS PETROLUB SE (Preference)		692		30,173

Hannover Rueck SE		241		36,393

Hella GmbH & Co. KGaA		380		20,729

Henkel AG & Co. KGaA (Preference)		560		56,679


INVESTMENTS	SHARES		VALUE($)


Germany — continued

HOCHTIEF AG		128		19,137

HUGO BOSS AG		605		42,274

Infineon Technologies AG		2,711		64,266

Innogy SE*		1,319		57,252

LEG Immobilien AG		494		57,640

Merck KGaA		511		54,468

MTU Aero Engines AG		287		67,712

Porsche Automobil Holding SE (Preference)		740		51,443

ProSiebenSat.1 Media SE		1,853		29,293

Puma SE		89		55,052

RWE AG*		2,700		69,255

SAP SE		623		80,310

Scout24 AG (b)		713		36,706

Siemens AG (Registered)		336		40,287

Siemens Healthineers AG (b)		1,219		52,178

Symrise AG		581		55,846

Talanx AG		572		22,892

Telefonica Deutschland Holding AG		15,039		48,849

Uniper SE		1,121		34,015

United Internet AG (Registered)		197		7,920

Volkswagen AG (Preference)		206		35,968

Vonovia SE		1,185		59,222

Wacker Chemie AG		206		18,109


				2,082,220


Ireland — 0.5%

Paddy Power Betfair plc		451		38,173

Smurfit Kappa Group plc		1,329		38,972


				77,145


Italy — 5.2%

A2A SpA		37,130		62,142

Assicurazioni Generali SpA		3,275		63,542

Atlantia SpA		1,901		51,899

DiaSorin SpA		440		43,013

Enel SpA		10,933		69,230

Eni SpA		3,833		65,319

Intesa Sanpaolo SpA		20,116		52,704

Italgas SpA		10,862		67,849

Mediobanca Banca di Credito Finanziario SpA		2,117		22,439

Moncler SpA		1,445		59,410

Poste Italiane SpA (b)		6,272		67,031

Recordati SpA		1,749		70,673

Saipem SpA*		9,957		50,507

Snam SpA		13,311		67,765

Terna Rete Elettrica Nazionale SpA		10,590		63,531


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Italy — continued

UnipolSai Assicurazioni SpA		9,302		25,489


				902,543


Jordan — 0.4%

Hikma Pharmaceuticals plc		2,969		68,513


Kazakhstan — 0.3%

KAZ Minerals plc		6,688		56,710


Luxembourg — 1.0%

ArcelorMittal		2,083		45,318

RTL Group SA		578		32,569

SES SA, FDR		3,275		55,723

Tenaris SA		3,045		42,209


				175,819


Netherlands — 4.7%

Aalberts NV (a)		485		19,082

ABN AMRO Group NV, CVA (b)		728		17,146

Aegon NV		8,784		45,854

Akzo Nobel NV		725		61,600

ASML Holding NV		369		77,051

ASR Nederland NV		1,140		50,723

Heineken Holding NV		383		38,991

Heineken NV(a)		395		42,702

Koninklijke Ahold Delhaize NV		2,552		61,507

Koninklijke DSM NV		614		70,224

Koninklijke KPN NV		20,912		64,270

Koninklijke Philips NV		1,622		69,655

NN Group NV		1,280		55,859

Randstad NV		62		3,546

Royal Dutch Shell plc, Class B		2,098		67,710

Wolters Kluwer NV		1,000		69,798


				815,718


Norway — 2.4%

Aker BP ASA		1,941		64,067

DNB ASA*		2,564		49,304

Equinor ASA		2,927		65,247

Gjensidige Forsikring ASA		1,268		24,657

Mowi ASA		2,687		58,296

Norsk Hydro ASA		10,004		43,088

Orkla ASA		3,482		27,329

Salmar ASA		352		16,011

Telenor ASA		3,257		65,472


				413,471


Poland — 0.5%

Grupa Lotos SA		1,105		24,076


INVESTMENTS	SHARES		VALUE($)


Poland — continued

Polski Koncern Naftowy ORLEN SA		1,622		41,644

Polskie Gornictwo Naftowe i Gazownictwo SA		12,450		18,932


				84,652


Portugal — 0.8%

EDP — Energias de Portugal SA*		17,955		68,133

Galp Energia SGPS SA		3,505		58,766

Jeronimo Martins SGPS SA		677		11,025


				137,924


Russia — 0.8%

Evraz plc		8,776		72,065

Polymetal International plc		5,715		60,253


				132,318


South Africa — 0.4%

Anglo American plc		2,480		64,355


Spain — 5.3%

Acciona SA		305		35,374

Acerinox SA		3,974		41,391

ACS Actividades de Construccion y Servicios SA		1,342		61,713

Aena SME SA (b)		173		32,121

Amadeus IT Group SA		798		63,598

Enagas SA		2,306		65,779

Endesa SA		2,615		65,240

Grifols SA		2,240		62,253

Iberdrola SA		7,915		71,927

Industria de Diseno Textil SA		1,643		49,748

Merlin Properties Socimi SA, REIT		3,887		53,020

Naturgy Energy Group SA		2,426		69,064

Red Electrica Corp. SA		3,045		63,196

Repsol SA		3,825		64,905

Siemens Gamesa Renewable Energy SA		3,338		59,952

Telefonica SA		7,123		59,387


				918,668


Sweden — 6.4%

Alfa Laval AB		1,154		26,786

Atlas Copco AB, Class A		1,552		48,445

Boliden AB*		2,406		71,602

Castellum AB		1,177		21,162

Elekta AB, Class B		4,291		50,895

Hennes & Mauritz AB, Class B		1,496		26,104

Hexagon AB, Class B		1,203		65,723

ICA Gruppen AB		1,713		61,957

Industrivarden AB, Class C		830		18,679

Investor AB, Class B		671		32,001


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Sweden — continued

Lundin Petroleum AB		2,014		65,588

Sandvik AB(a)		3,200		59,259

Securitas AB, Class B (a)		2,246		39,275

Skandinaviska Enskilda Banken AB, Class A		2,126		20,298

Skanska AB, Class B		1,762		30,684

SKF AB, Class B (a)		1,370		25,430

Svenska Cellulosa AB SCA, Class B		5,360		46,792

Swedbank AB, Class A		2,711		44,296

Swedish Match AB		1,406		68,556

Swedish Orphan Biovitrum AB*		2,486		45,361

Tele2 AB, Class B		5,003		66,838

Telefonaktiebolaget LM Ericsson, Class B		6,419		63,498

Telia Co. AB		13,658		58,190

Trelleborg AB, Class B		1,484		24,543

Volvo AB, Class B		1,667		26,716


				1,108,678


Switzerland — 8.7%

ABB Ltd. (Registered)*		1,546		31,799

Adecco Group AG (Registered)		379		21,775

Alcon, Inc.*		146		8,408

Baloise Holding AG (Registered)		198		33,945

Banque Cantonale Vaudoise (Registered)*		20		15,791

Barry Callebaut AG (Registered)		1		1,834

Clariant AG (Registered)*		1,008		20,739

EMS-Chemie Holding AG (Registered)		95		57,531

Flughafen Zurich AG (Registered)		68		11,210

Geberit AG (Registered)		160		67,089

Georg Fischer AG (Registered)		28		27,232

Givaudan SA (Registered)		26		67,322

Glencore plc*		16,294		64,647

Helvetia Holding AG (Registered)*		33		20,971

Logitech International SA (Registered)		1,401		54,900

Lonza Group AG (Registered)*		200		61,766

Nestle SA (Registered)		749		72,112

Novartis AG (Registered)		734		60,144

OC Oerlikon Corp. AG (Registered)		1,502		19,630

Pargesa Holding SA		293		23,027

Partners Group Holding AG		49		36,959

Roche Holding AG		242		63,855

Schindler Holding AG		237		51,222

SGS SA (Registered)		22		58,048

Sika AG (Registered)		353		54,087

Sonova Holding AG (Registered)		352		71,098

STMicroelectronics NV		2,100		38,566

Straumann Holding AG (Registered)		83		67,078


INVESTMENTS	SHARES		VALUE($)


Switzerland — continued

Swiss Life Holding AG (Registered)*		151		70,989

Swiss Prime Site AG (Registered)*		191		15,338

Swiss Re AG		256		24,647

Swisscom AG (Registered) (a)		131		61,040

Temenos AG (Registered)*		392		65,208

Vifor Pharma AG		349		45,576

Zurich Insurance Group AG		89		28,370


				1,493,953


United Arab Emirates — 0.0% (c)

NMC Health plc		9		332


United Kingdom — 20.0%

3i Group plc		2,945		41,208

Admiral Group plc		506		14,575

Ashtead Group plc		1,775		49,287

AstraZeneca plc		820		61,090

Auto Trader Group plc (b)		7,283		53,839

AVEVA Group plc		683		29,843

BAE Systems plc		3,779		24,289

Barratt Developments plc		8,268		65,043

Bellway plc		1,239		50,313

Berkeley Group Holdings plc		1,254		61,517

BP plc		9,416		68,470

British American Tobacco plc		1,587		62,129

British Land Co. plc (The), REIT		4,898		38,002

BT Group plc		19,363		57,779

Bunzl plc		1,967		59,327

Burberry Group plc		2,621		69,082

Compass Group plc		3,012		68,535

ConvaTec Group plc (b)		18,832		34,108

Croda International plc		986		66,787

Diageo plc		1,718		72,427

easyJet plc		2,936		44,486

Experian plc		2,272		66,135

Fiat Chrysler Automobiles NV		2,464		37,974

GlaxoSmithKline plc		3,308		67,957

IMI plc		1,538		21,122

Imperial Brands plc		1,063		33,823

Inchcape plc		3,707		29,761

Informa plc		5,339		54,287

International Consolidated Airlines Group SA		6,406		45,269

Intertek Group plc		654		45,743

ITV plc		22,625		40,400

J Sainsbury plc		16,106		46,792

Johnson Matthey plc		1,154		50,343

Kingfisher plc		12,584		43,392


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

United Kingdom — continued

Legal & General Group plc		15,504		56,381

Marks & Spencer Group plc		11,873		44,289

Meggitt plc		7,301		51,953

Micro Focus International plc		2,198		55,728

Mondi plc		2,444		53,708

National Grid plc		5,867		64,278

Next plc		938		70,625

Pearson plc		5,855		63,427

Pennon Group plc		2,534		24,736

Persimmon plc		2,036		59,477

Reckitt Benckiser Group plc		773		62,541

RELX plc		2,879		66,147

Rentokil Initial plc		12,139		61,863

Rightmove plc		10,273		72,641

Royal Mail plc		8,048		26,555

Sage Group plc (The)		7,501		71,103

Segro plc, REIT		6,356		56,318

Severn Trent plc		731		19,458

Smith & Nephew plc		3,455		66,794

Smiths Group plc		1,649		32,831

SSE plc		4,030		60,299

Tate & Lyle plc		7,126		71,422

Taylor Wimpey plc		27,302		64,728

Tesco plc		17,702		57,755

Unilever NV, CVA (a)		1,217		73,634

Unilever plc		1,187		71,950

United Utilities Group plc		5,900		64,003

Vodafone Group plc		29,571		54,851

Whitbread plc		1,022		59,500

Wm Morrison Supermarkets plc		16,607		46,809

WPP plc		4,290		53,530


				3,434,468


United States — 0.9%

Carnival plc		851		45,115

Ferguson plc		708		50,386

QIAGEN NV*		1,340		51,886


				147,387


Total Common Stocks (Cost $17,510,046)				16,847,286


INVESTMENTS	SHARES		VALUE($)
Investment Of Cash Collateral From Securities Loaned — 1.7%

JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.45% (d) (e) (Cost $295,789)		295,789		295,789


Total Investments — 99.5% (Cost $17,805,835)				17,143,075

Other Assets Less Liabilities — 0.5%				79,432


NET ASSETS — 100.0%				17,222,507

Percentages indicated are based on net assets.

Summary of Investments by Industry, April 30, 2019

The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:


INDUSTRY	PERCENTAGE

Chemicals		6.0	%

Oil, Gas & Consumable Fuels		5.5

Insurance		5.4

Pharmaceuticals		5.2

Health Care Equipment & Supplies		4.4

Electric Utilities		4.4

Metals & Mining		4.3

Diversified Telecommunication Services		3.9

Media		3.0

Textiles, Apparel & Luxury Goods		2.8

Machinery		2.6

Food & Staples Retailing		2.6

Multi-Utilities		2.4

Software		2.1

Professional Services		2.0

Household Durables		1.8

Food Products		1.8

Aerospace & Defense		1.8

Short-Term Investments		1.7

Beverages		1.7

Hotels, Restaurants & Leisure		1.6

Equity Real Estate Investment Trusts (REITs)		1.6

Electrical Equipment		1.5

Automobiles		1.4

Construction & Engineering		1.4

Banks		1.3

Personal Products		1.2

Paper & Forest Products		1.2

Real Estate Management & Development		1.2

Auto Components		1.2

IT Services		1.1


INVESTMENTS	SHARES		VALUE($)
Common Stocks — 99.5%

Australia — 9.1%

AGL Energy Ltd.		29,790		467,356

Alumina Ltd.		206,407		326,614

Amcor Ltd.		12,256		138,540

Ansell Ltd.		23,238		442,411

APA Group		55,028		373,540

Aristocrat Leisure Ltd.		15,378		283,087

ASX Ltd.		10,573		555,487

Aurizon Holdings Ltd.		70,470		236,463

BHP Group Ltd.		24,028		635,837

BlueScope Steel Ltd.		4,332		41,166

Boral Ltd.		25,635		87,765

Brambles Ltd.		41,004		348,439

Caltex Australia Ltd.		19,467		373,285

CIMIC Group Ltd.		8,745		311,966

Cochlear Ltd.		4,715		623,252

Coles Group Ltd.*		4,001		35,574

Computershare Ltd.		12,659		159,253

Crown Resorts Ltd.		29,843		279,748

CSL Ltd.		4,598		644,924

CSR Ltd.		78,890		198,180

Dexus, REIT		69,636		614,798

Flight Centre Travel Group Ltd.		8,387		227,197

Fortescue Metals Group Ltd.		131,661		665,310

GPT Group (The), REIT		149,566		605,003

Harvey Norman Holdings Ltd.		91,898		270,192

Healthscope Ltd.		227,669		393,352

Incitec Pivot Ltd.		73,359		174,331

Insurance Australia Group Ltd.		15,601		86,686

Macquarie Group Ltd.		5,428		515,845

Mirvac Group, REIT		340,288		681,219

Oil Search Ltd.		39,350		215,498

Origin Energy Ltd.		25,708		133,593

Qantas Airways Ltd.		135,699		536,788

Ramsay Health Care Ltd.		9,905		456,144

Rio Tinto Ltd.		9,493		639,851

Rio Tinto plc		7,332		427,742

Santos Ltd.		71,381		361,232

Scentre Group, REIT		153,849		415,007

SEEK Ltd.		7,887		101,301

Sonic Healthcare Ltd.		33,879		612,663

South32 Ltd.		184,285		435,248

Star Entertainment Grp Ltd. (The)		93,262		298,623

Suncorp Group Ltd.		16,410		153,569

Sydney Airport		81,571		438,456

Telstra Corp. Ltd.		187,733		447,151


INVESTMENTS	SHARES		VALUE($)


Australia — continued

Transurban Group		54,870		519,588

Treasury Wine Estates Ltd.		22,290		270,371

Wesfarmers Ltd.		22,458		570,035

Woodside Petroleum Ltd.		24,295		605,668

Woolworths Group Ltd.		23,663		531,294

WorleyParsons Ltd.		13,249		133,507


				19,100,149


Austria — 0.2%

OMV AG		8,606		461,618


Belgium — 0.9%

Ageas		6,045		319,450

Colruyt SA		6,366		459,556

Groupe Bruxelles Lambert SA		3,811		364,942

Proximus SADP		13,505		378,236

Solvay SA		1,869		225,356

UCB SA		2,819		224,051


				1,971,591


Bermuda — 0.2%

RenaissanceRe Holdings Ltd.		3,301		512,843


Canada — 3.5%

BCE, Inc.		9,561		427,772

Canadian Imperial Bank of Commerce		1,227		103,320

Canadian Tire Corp. Ltd., Class A (a)		3,051		335,822

CGI, Inc.*		4,119		296,481

Fortis, Inc.		13,680		505,661

Husky Energy, Inc.		32,265		350,178

Hydro One Ltd. (b)		17,676		286,046

Imperial Oil Ltd.		9,701		281,826

Inter Pipeline Ltd. (a)		16,581		270,058

Loblaw Cos. Ltd.		8,595		421,057

Metro, Inc.		16,292		589,805

National Bank of Canada		7,067		336,654

RioCan, REIT		13,239		254,562

Rogers Communications, Inc., Class B		11,281		567,965

Shaw Communications, Inc., Class B		15,373		311,316

Suncor Energy, Inc.		10,457		344,846

Teck Resources Ltd., Class B		16,498		390,130

TELUS Corp.		15,056		554,387

Thomson Reuters Corp.		9,455		584,295

Toronto-Dominion Bank (The)		2,864		163,370


				7,375,551


Chile — 0.0% (c)

Antofagasta plc		1,191		14,158


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

China — 0.7%

China Mengniu Dairy Co. Ltd.*		151,000		557,854

Lenovo Group Ltd.		226,000		209,428

Semiconductor Manufacturing International Corp.*		429,200		459,549

Xinyi Solar Holdings Ltd.		544,000		310,214


				1,537,045


Denmark — 0.8%

Carlsberg A/S, Class B		3,718		480,740

Chr Hansen Holding A/S		5,805		593,161

H Lundbeck A/S (a)		3,588		151,265

Orsted A/S (b)		5,334		408,366


				1,633,532


Finland — 1.0%

Elisa OYJ		10,105		428,756

Fortum OYJ		16,924		358,967

Kesko OYJ, Class B		2,012		104,624

Neste OYJ		19,393		640,990

Sampo OYJ, Class A		3,076		140,844

Stora Enso OYJ, Class R		20,250		252,184

UPM-Kymmene OYJ		5,746		162,237


				2,088,602


France — 4.0%

Alstom SA		4,120		181,268

Arkema SA		3,955		406,086

Atos SE (a)		2,621		270,253

Bouygues SA (a)		5,161		194,272

Capgemini SE		4,945		600,097

Casino Guichard Perrachon SA (a)		6,152		251,853

Danone SA (a)		4,875		394,119

Dassault Systemes SE		3,988		631,551

Eiffage SA		4,100		428,086

Eutelsat Communications SA		14,239		257,339

Faurecia SA		5,695		289,770

Lagardere SCA		10,666		290,497

Orange SA		26,904		420,471

Pernod Ricard SA		2,819		491,541

Peugeot SA (a)		22,514		590,292

Sanofi (a)		4,920		429,266

SCOR SE (a)		5,309		216,738

Sodexo SA		3,645		418,022

Thales SA		4,942		590,457

TOTAL SA		8,085		449,451

Vinci SA (a)		2,507		253,198

Vivendi SA		14,760		428,421


				8,483,048


INVESTMENTS	SHARES		VALUE($)


Germany — 2.4%

Beiersdorf AG		30		3,283

Covestro AG (b)		3,793		208,416

Deutsche Lufthansa AG (Registered)		16,500		399,196

Deutsche Telekom AG (Registered)		26,774		448,596

Evonik Industries AG		9,017		269,181

Fraport AG Frankfurt Airport Services Worldwide		4,824		401,574

Fresenius Medical Care AG & Co. KGaA		5,462		460,356

Fresenius SE & Co. KGaA		7,091		403,229

Hannover Rueck SE		4,175		630,466

Infineon Technologies AG		23,749		562,984

Merck KGaA		1,434		152,851

SAP SE		5,119		659,881

Telefonica Deutschland Holding AG		62,637		203,455

Uniper SE		7,753		235,252


				5,038,720


Hong Kong — 4.5%

ASM Pacific Technology Ltd.		37,600		436,123

Cathay Pacific Airways Ltd.		107,000		180,190

CK Hutchison Holdings Ltd.		58,760		617,798

CK Infrastructure Holdings Ltd.		39,000		316,271

CLP Holdings Ltd.		52,500		595,858

Hang Seng Bank Ltd.		24,500		643,704

Henderson Land Development Co. Ltd.		21,000		129,426

Hong Kong & China Gas Co. Ltd.		271,211		647,451

Hutchison Port Holdings Trust		695,800		163,450

Jardine Matheson Holdings Ltd.		7,000		460,811

Jardine Strategic Holdings Ltd.		7,500		283,719

Johnson Electric Holdings Ltd.		18,000		42,376

Link REIT, REIT		55,500		648,459

MTR Corp. Ltd.		108,500		646,382

New World Development Co. Ltd.		370,000		612,983

PCCW Ltd.		414,000		249,634

Power Assets Holdings Ltd.		45,500		317,370

Sun Hung Kai Properties Ltd.		21,000		362,425

Swire Pacific Ltd., Class A		44,000		557,193

Techtronic Industries Co. Ltd.		62,500		452,281

WH Group Ltd. (b)		595,500		704,604

Xinyi Glass Holdings Ltd.		362,000		414,029


				9,482,537


Israel — 0.3%

Check Point Software Technologies Ltd.*		5,090		614,668


Italy — 1.1%

Buzzi Unicem SpA		4,521		100,798


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Italy — continued

Enel SpA		75,549		478,389

Eni SpA		21,645		368,855

Italgas SpA		68,809		429,816

Recordati SpA		8,592		347,183

Terna Rete Elettrica Nazionale SpA		83,599		501,524


				2,226,565


Japan — 21.4%

Advantest Corp.		26,200		742,999

Aisin Seiki Co. Ltd.		6,800		263,057

ANA Holdings, Inc.		11,800		412,962

Aozora Bank Ltd.		15,700		383,607

Asahi Kasei Corp.		28,700		295,793

Astellas Pharma, Inc.		16,100		218,056

Bandai Namco Holdings, Inc.		4,000		191,763

Brother Industries Ltd.		26,000		513,369

Canon, Inc.		18,100		502,240

Capcom Co. Ltd.		23,300		525,734

Central Japan Railway Co.		2,800		602,110

Chubu Electric Power Co., Inc.		35,900		522,041

Chugoku Electric Power Co., Inc. (The)		26,200		312,818

COMSYS Holdings Corp.		9,200		242,046

Cosmo Energy Holdings Co. Ltd.		15,100		311,825

Credit Saison Co. Ltd.		12,300		157,373

Dai Nippon Printing Co. Ltd.		5,600		132,933

Daiichi Sankyo Co. Ltd.		15,900		786,167

Daito Trust Construction Co. Ltd.		200		26,781

Daiwa Securities Group, Inc.		28,600		133,128

DIC Corp.		10,900		320,171

Dowa Holdings Co. Ltd.		6,200		202,165

Ebara Corp.		5,800		178,506

Electric Power Development Co. Ltd.		11,900		276,621

FamilyMart UNY Holdings Co. Ltd.		18,900		503,998

Fast Retailing Co. Ltd.		600		347,154

Fuji Electric Co. Ltd.		8,200		290,698

FUJIFILM Holdings Corp.		13,800		644,685

Fujikura Ltd.		35,400		146,065

Fujitsu Ltd.		1,100		80,756

Hankyu Hanshin Holdings, Inc.		8,700		325,267

Hikari Tsushin, Inc.		3,500		648,931

Hitachi High-Technologies Corp.		10,300		459,091

Hokuriku Electric Power Co.		16,800		124,924

Honda Motor Co. Ltd.		13,600		379,480

Idemitsu Kosan Co. Ltd.		28,192		916,015

ITOCHU Corp.		34,200		617,086

Japan Airlines Co. Ltd.		17,100		557,689


INVESTMENTS	SHARES		VALUE($)


Japan — continued

Japan Petroleum Exploration Co. Ltd.		6,400		138,938

Japan Post Holdings Co. Ltd., ADR		40,500		453,586

Japan Tobacco, Inc.		4,400		101,674

JXTG Holdings, Inc.		123,700		601,824

Kaneka Corp.		8,900		343,670

Kansai Electric Power Co., Inc. (The)		30,100		364,158

Kawasaki Kisen Kaisha Ltd.*		7,600		110,481

KDDI Corp.		23,800		548,532

Keisei Electric Railway Co. Ltd.		12,900		452,476

Kirin Holdings Co. Ltd.		17,100		388,999

K’s Holdings Corp.		19,100		170,373

Kuraray Co. Ltd.		26,200		352,017

Kyushu Electric Power Co., Inc.		19,700		190,779

Lawson, Inc.		1,900		88,711

Marubeni Corp.		81,200		581,846

Mitsubishi Corp.		22,100		608,804

Mitsubishi Gas Chemical Co., Inc.		10,500		157,635

Mitsubishi Tanabe Pharma Corp.		19,700		247,966

Mitsui & Co. Ltd.		31,200		504,647

Mizuho Financial Group, Inc.		367,400		573,779

Mochida Pharmaceutical Co. Ltd.		11,600		538,764

MS&AD Insurance Group Holdings, Inc.		5,700		177,177

NEC Corp.		6,100		206,016

NH Foods Ltd.		3,000		120,904

Nihon M&A Center, Inc.		11,600		331,016

Nikon Corp.		27,400		382,115

Nippon Express Co. Ltd.		800		43,995

Nippon Kayaku Co. Ltd.		23,800		279,685

Nippon Paper Industries Co. Ltd.		20,500		406,260

Nippon Shokubai Co. Ltd.		6,000		417,402

Nippon Telegraph & Telephone Corp.		9,700		403,602

Nipro Corp.		22,500		279,494

Nissan Motor Co. Ltd.		52,100		418,261

Nissin Foods Holdings Co. Ltd.		4,600		304,435

Nomura Real Estate Holdings, Inc.		22,300		474,215

Nomura Research Institute Ltd.		9,100		445,435

NTT Data Corp.		34,500		402,305

NTT DOCOMO, Inc.		24,800		538,547

Oji Holdings Corp.		58,200		349,227

Oriental Land Co. Ltd.		2,500		276,522

Osaka Gas Co. Ltd.		20,200		373,678

Otsuka Corp.		14,000		550,662

Resona Holdings, Inc.		96,400		409,230

Ryohin Keikaku Co. Ltd.		600		114,446

Sankyo Co. Ltd.		10,400		410,731


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Japan — continued

Sawai Pharmaceutical Co. Ltd.		6,500		349,245

SBI Holdings, Inc.		13,100		280,882

SCSK Corp.		7,600		361,158

Sega Sammy Holdings, Inc.		4,400		55,732

Sekisui Chemical Co. Ltd.		30,000		481,605

Sekisui House Ltd.		35,900		578,826

Shimamura Co. Ltd.		2,600		193,867

Shimizu Corp.		18,900		161,884

Shionogi & Co. Ltd.		4,400		257,017

Showa Denko KK		10,200		348,229

Skylark Holdings Co. Ltd.		19,200		316,271

SoftBank Group Corp.		1,400		148,444

Sojitz Corp.		169,600		583,891

Sony Corp.		10,300		518,792

Square Enix Holdings Co. Ltd.		5,200		179,935

Sumitomo Chemical Co. Ltd.		55,200		275,393

Sumitomo Corp.		10,900		156,228

Sumitomo Dainippon Pharma Co. Ltd.		21,100		466,165

Sumitomo Mitsui Financial Group, Inc.		11,000		399,809

Sumitomo Mitsui Trust Holdings, Inc.		9,700		338,444

Sumitomo Osaka Cement Co. Ltd.		9,400		383,049

Suzuken Co. Ltd.		9,900		570,838

Taisei Corp.		7,200		316,801

Taisho Pharmaceutical Holdings Co. Ltd.		3,500		323,751

Takashimaya Co. Ltd.		4,000		44,977

Takeda Pharmaceutical Co. Ltd.		4,200		154,987

Teijin Ltd.		21,800		375,006

Terumo Corp.		20,200		609,609

Tohoku Electric Power Co., Inc.		23,500		269,013

Tokio Marine Holdings, Inc.		3,500		177,329

Tokyo Broadcasting System Holdings, Inc.		20,500		389,945

Tokyo Electric Power Co. Holdings, Inc.*		97,300		549,587

Tokyo Gas Co. Ltd.		15,100		384,177

Tokyo Tatemono Co. Ltd.		15,100		170,443

Tokyu Corp.		11,400		186,112

Tokyu Fudosan Holdings Corp.		6,100		34,415

Toppan Printing Co. Ltd.		23,300		378,184

Toyo Suisan Kaisha Ltd.		12,000		458,212

Toyota Industries Corp.		8,900		504,485

Toyota Motor Corp.		10,300		637,678

Trend Micro, Inc.		1,800		89,985

Tsumura & Co.		12,500		384,389

Ube Industries Ltd.		20,700		442,891

West Japan Railway Co.		2,200		163,623

Yamada Denki Co. Ltd.		82,400		390,611


INVESTMENTS	SHARES		VALUE($)


Japan — continued

Yokohama Rubber Co. Ltd. (The)		17,400		327,864


				45,100,901


Macau — 0.7%

Galaxy Entertainment Group Ltd.		54,000		404,418

Sands China Ltd.		97,052		534,190

SJM Holdings Ltd.		132,000		159,614

Wynn Macau Ltd.		135,497		389,848


				1,488,070


Netherlands — 1.9%

Aegon NV		50,578		264,025

Heineken Holding NV (a)		3,737		380,441

Koninklijke Ahold Delhaize NV		20,346		490,371

Koninklijke DSM NV		4,411		504,493

Koninklijke KPN NV		160,029		491,826

Koninklijke Philips NV		11,453		491,835

NN Group NV		10,244		447,044

Royal Dutch Shell plc, Class A		6,544		208,501

Wolters Kluwer NV		9,428		658,051


				3,936,587


New Zealand — 0.3%

Contact Energy Ltd.		53,597		240,621

Spark New Zealand Ltd.		191,986		471,071


				711,692


Norway — 1.0%

Aker BP ASA		3,717		122,689

Equinor ASA		17,187		383,127

Mowi ASA		25,931		562,586

Orkla ASA		34,476		270,586

Telenor ASA		24,465		491,792

Yara International ASA		4,980		225,166


				2,055,946


Portugal — 0.4%

EDP — Energias de Portugal SA*		131,049		497,287

Galp Energia SGPS SA		23,438		392,968


				890,255


Singapore — 2.0%

CapitaLand Mall Trust, REIT		282,600		503,195

ComfortDelGro Corp. Ltd.		261,200		517,355

DBS Group Holdings Ltd.		9,600		199,636

Genting Singapore Ltd.		143,000		103,692

Golden Agri-Resources Ltd.		749,100		159,276

Keppel Corp. Ltd.		113,000		563,125


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Singapore — continued

Sembcorp Industries Ltd.		117,400		229,593

Singapore Airlines Ltd.		48,900		348,429

Singapore Press Holdings Ltd.		151,200		279,447

Singapore Telecommunications Ltd.		82,000		191,293

United Overseas Bank Ltd.		13,600		278,507

Venture Corp. Ltd.		26,700		334,849

Wilmar International Ltd.		220,900		590,771


				4,299,168


South Africa — 0.3%

Anglo American plc		23,351		605,952


South Korea — 8.4%

Celltrion Healthcare Co. Ltd.*		5,943		385,653

Celltrion, Inc.*		2,113		384,311

CJ CheilJedang Corp.		1,227		331,016

Doosan Infracore Co. Ltd.*		24,565		153,056

E-MART, Inc.		1,205		177,716

GS Engineering & Construction Corp.		11,358		395,182

GS Holdings Corp.		7,279		324,387

Hankook Tire Co. Ltd.		9,619		327,317

Hanmi Pharm Co. Ltd.		203		75,646

Hanmi Science Co. Ltd.		3,436		221,601

Hanon Systems		19,059		204,939

Hanwha Aerospace Co. Ltd.*		8,378		221,770

Hanwha Chemical Corp.		17,505		309,359

Helixmith Co. Ltd.*		578		128,922

Hotel Shilla Co. Ltd.		182		17,957

Hyosung TNC Co. Ltd.		257		36,564

Hyundai Construction Equipment Co. Ltd.		1,120		47,052

Hyundai Engineering & Construction Co. Ltd.		11,620		522,823

Hyundai Mobis Co. Ltd.		2,566		511,854

Hyundai Motor Co.		4,316		512,312

Hyundai Steel Co.		6,666		264,727

Industrial Bank of Korea		27,729		336,246

Kakao Corp.		5,836		600,891

Kia Motors Corp.		15,165		587,855

Korea Electric Power Corp.		4,801		116,225

Korea Gas Corp.		5,467		215,905

Korea Zinc Co. Ltd.		531		205,960

Korean Air Lines Co. Ltd.		13,766		390,960

KT&G Corp.		6,533		571,456

LG Corp.		5,559		347,622

LG Display Co. Ltd.		15,122		257,146

LG Electronics, Inc.		2,928		190,238

LG Household & Health Care Ltd.		398		484,974

LG Uplus Corp.		38,248		468,506


INVESTMENTS	SHARES		VALUE($)


South Korea — continued

Lotte Chemical Corp.		1,024		235,940

LOTTE Fine Chemical Co. Ltd.		3,247		133,832

NAVER Corp.		2,047		209,638

NCSoft Corp.		1,089		490,417

Netmarble Corp.* (b)		1,946		212,667

POSCO		918		200,935

Samsung Biologics Co. Ltd.* (b)		1,140		332,258

Samsung C&T Corp.		1,156		101,609

Samsung Electro-Mechanics Co. Ltd.		3,780		352,327

Samsung Electronics Co. Ltd.		16,377		643,898

Samsung Engineering Co. Ltd.*		19,909		290,837

Samsung SDS Co. Ltd.		2,040		379,346

Shinsegae, Inc.		1,125		327,825

SK Holdings Co. Ltd.		2,413		530,646

SK Hynix, Inc.		9,996		676,437

SK Innovation Co. Ltd.		3,074		480,647

SK Telecom Co. Ltd.		2,360		500,570

SKC Co. Ltd.		6,284		192,411

S-Oil Corp.		3,768		297,102

Woori Financial Group, Inc.		42,289		501,393

Yuhan Corp.		895		188,287


				17,607,170


Spain — 2.3%

Acciona SA		2,450		284,153

ACS Actividades de Construccion y Servicios SA		7,549		347,150

Aena SME SA (b)		2,709		502,974

Amadeus IT Group SA		3,708		295,515

Enagas SA		17,899		510,575

Grifols SA		15,325		425,902

Iberdrola SA		63,860		580,321

Naturgy Energy Group SA		19,873		565,750

Red Electrica Corp. SA		18,905		392,352

Repsol SA		28,604		485,372

Telefonica SA		49,252		410,631


				4,800,695


Sweden — 2.4%

Autoliv, Inc. (a)		1,532		120,247

Boliden AB*		14,070		418,722

Hexagon AB, Class B		10,180		556,156

Investor AB, Class B		9,748		464,899

Kinnevik AB, Class B		294		8,568

Lundin Petroleum AB		8,351		271,961

Securitas AB, Class B (a)		32,136		561,947

Skanska AB, Class B		22,099		384,836


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Sweden — continued

Svenska Cellulosa AB SCA, Class B		7,868		68,686

Swedish Match AB		13,272		647,137

Tele2 AB, Class B		47,160		630,036

Telia Co. AB		126,077		537,155

Trelleborg AB, Class B		18,635		308,200


				4,978,550


Switzerland — 1.9%

Alcon, Inc.*		993		57,186

Baloise Holding AG (Registered)		3,055		523,753

Barry Callebaut AG (Registered)		121		221,859

Clariant AG (Registered)*		10,868		223,603

Kuehne + Nagel International AG (Registered)		341		49,566

Logitech International SA (Registered)		6,090		238,643

Lonza Group AG (Registered)*		266		82,149

Novartis AG (Registered)		4,967		406,996

Roche Holding AG		406		107,128

Sonova Holding AG (Registered)		2,993		604,533

Straumann Holding AG (Registered)		53		42,833

Swiss Life Holding AG (Registered)*		1,269		596,593

Swiss Prime Site AG (Registered)*		2,605		209,193

Swisscom AG (Registered)		963		448,714

Vifor Pharma AG		1,547		202,021


				4,014,770


United Kingdom — 3.6%

Barratt Developments plc		23,006		180,985

Bellway plc		3,880		157,557

BP plc		69,700		506,838

BT Group plc		83,344		248,700

Bunzl plc		3,037		91,599

Burberry Group plc		7,020		185,026

Coca-Cola European Partners plc		13,200		707,388

easyJet plc		4,973		75,351

Hammerson plc, REIT		14,435		60,733

International Consolidated Airlines Group SA		34,338		242,655

Land Securities Group plc, REIT		10,254		123,580

Linde plc		3,593		647,674

Mondi plc		9,707		213,314

Pearson plc		35,372		383,181

Persimmon plc		3,787		110,629

Rentokil Initial plc		61,777		314,829

Royal Mail plc		64,201		211,837

Sage Group plc (The)		46,350		439,358

Segro plc, REIT		44,129		391,009

Smith & Nephew plc		25,874		500,209


INVESTMENTS	SHARES		VALUE($)


United Kingdom — continued

Tate & Lyle plc		43,356		434,548

Taylor Wimpey plc		109,672		260,011

United Utilities Group plc		32,660		354,296

Vodafone Group plc		230,533		427,610

Wm Morrison Supermarkets plc		149,072		420,178


				7,689,095


United States — 24.2%

AbbVie, Inc.		2,003		159,018

AES Corp.		19,569		335,021

AGNC Investment Corp., REIT		22,357		397,731

Air Products & Chemicals, Inc.		3,271		673,139

Alaska Air Group, Inc.		4,713		291,735

Alleghany Corp.*		868		570,172

Allstate Corp. (The)		2,015		199,606

Amdocs Ltd.		3,228		177,798

Ameren Corp.		8,740		636,010

American Electric Power Co., Inc.		5,953		509,279

American Water Works Co., Inc.		286		30,942

Annaly Capital Management, Inc., REIT		38,649		389,968

ANSYS, Inc.*		3,393		664,349

Anthem, Inc.		2,074		545,524

Ashland Global Holdings, Inc.		6,264		504,440

Assurant, Inc.		2,021		191,995

AT&T, Inc.		18,204		563,596

Avangrid, Inc.		6,643		340,188

Avery Dennison Corp.		5,623		622,185

Avnet, Inc.		8,651		420,525

Axis Capital Holdings Ltd.		6,447		366,512

Baxter International, Inc.		7,257		553,709

Becton Dickinson and Co.		1,177		283,351

Broadridge Financial Solutions, Inc.		4,798		566,788

Brown & Brown, Inc.		7,354		233,490

Carnival Corp.		7,089		388,903

Carnival plc		2,282		120,979

Celanese Corp.		5,545		598,250

CenterPoint Energy, Inc.		16,506		511,686

CenturyLink, Inc.		31,217		356,498

CF Industries Holdings, Inc.		9,494		425,141

Chevron Corp.		5,091		611,225

Church & Dwight Co., Inc.		9,146		685,493

Cigna Corp.		2,167		344,206

Cincinnati Financial Corp.		5,967		573,906

Cintas Corp.		3,014		654,460

Cisco Systems, Inc.		5,959		333,406

CMS Energy Corp.		9,143		507,894


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

United States — continued

CNA Financial Corp.		6,022		278,999

Commerce Bancshares, Inc.		9,581		578,980

ConocoPhillips		6,073		383,328

Consolidated Edison, Inc.		3,422		294,840

Constellation Brands, Inc., Class A		2,917		617,441

Covetrus, Inc.* (a)		436		14,331

CSX Corp.		2,982		237,457

Darden Restaurants, Inc.		5,478		644,213

DTE Energy Co.		5,040		633,578

Eastman Chemical Co.		5,836		460,344

Everest Re Group Ltd.		1,279		301,205

Eversource Energy		8,863		635,123

Exelon Corp.		4,706		239,771

Fidelity National Information Services, Inc.		5,611		650,483

Foot Locker, Inc.		9,478		542,236

Garmin Ltd.		7,412		635,505

Gentex Corp.		20,630		475,109

Genuine Parts Co.		3,971		407,186

Harris Corp.		3,775		636,087

Hasbro, Inc.		6,041		615,336

HCP, Inc., REIT		7,941		236,483

Henry Schein, Inc.*		1,089		69,761

HollyFrontier Corp.		8,362		399,118

Hormel Foods Corp. (a)		13,453		537,313

IAC/InterActiveCorp*		2,433		547,036

Ingredion, Inc.		3,335		315,991

Intel Corp.		11,752		599,822

International Paper Co.		7,252		339,466

Interpublic Group of Cos., Inc. (The)		9,751		224,273

Intuit, Inc.		823		206,622

IQVIA Holdings, Inc.*		4,443		617,133

JM Smucker Co. (The)		4,233		519,093

Johnson & Johnson		4,122		582,026

Kinder Morgan, Inc.		21,490		427,006

Kohl’s Corp.		2,391		170,000

L3 Technologies, Inc.		2,941		642,844

Laboratory Corp. of America Holdings*		3,608		576,991

Lam Research Corp.		2,942		610,259

Leggett & Platt, Inc.		6,046		237,971

LyondellBasell Industries NV, Class A		2,035		179,548

ManpowerGroup, Inc.		1,924		184,781

Marathon Petroleum Corp.		2,233		135,923

McCormick & Co., Inc. (Non-Voting)		4,035		621,269

MDU Resources Group, Inc.		16,678		436,130

Merck & Co., Inc.		4,189		329,716


INVESTMENTS	SHARES		VALUE($)


United States — continued

Molson Coors Brewing Co., Class B		5,851		375,576

NextEra Energy, Inc.		1,061		206,301

NVR, Inc.*		194		611,581

Old Republic International Corp.		21,062		470,946

Pfizer, Inc.		13,123		532,925

Phillips 66		3,004		283,187

Pinnacle West Capital Corp.		6,642		632,783

Procter & Gamble Co. (The)		4,425		471,174

Public Service Enterprise Group, Inc.		4,280		255,302

PulteGroup, Inc.		16,588		521,858

Quest Diagnostics, Inc.		4,302		414,627

Raytheon Co.		3,106		551,595

Republic Services, Inc.		7,832		648,646

Southwest Airlines Co.		10,349		561,226

Starbucks Corp.		8,856		687,934

TJX Cos., Inc. (The)		4,049		222,209

T-Mobile US, Inc.*		2,278		166,271

Toll Brothers, Inc.		8,102		308,686

Torchmark Corp.		7,012		614,672

Tyson Foods, Inc., Class A		825		61,883

United Continental Holdings, Inc.*		758		67,356

UnitedHealth Group, Inc.		1,979		461,246

Universal Health Services, Inc., Class B		4,188		531,332

Valero Energy Corp.		3,923		355,659

Verizon Communications, Inc.		10,052		574,874

VMware, Inc., Class A		3,382		690,368

Walmart, Inc.		6,171		634,626

Walt Disney Co. (The)		3,975		544,456

Waters Corp.*		2,570		548,798

Westlake Chemical Corp.		5,577		388,996

WR Berkley Corp.		11,161		684,169

Xcel Energy, Inc.		11,349		641,219

Xylem, Inc.		8,238		687,050

Zimmer Biomet Holdings, Inc.		2,041		251,370


				51,028,146


Total Common Stocks (Cost $198,961,006)				209,747,624

Short-Term Investments — 0.0% (c)

Investment Companies — 0.0% (c)

JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.39% (d) (e) (Cost $52,770)		52,770		52,770


INVESTMENTS	SHARES		VALUE($)
Investment Of Cash Collateral From Securities Loaned — 1.6%

JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.57% (d) (e)		1,999,800		2,000,000

JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.45% (d) (e)		1,438,708		1,438,708


Total Investment Of Cash Collateral From Securities Loaned (Cost $3,438,708)				3,438,708


Total Investments — 101.1% (Cost $202,452,484)				213,239,102

Liabilities in Excess of Other Assets — (1.1)%				(2,324,841	)


NET ASSETS — 100.0%				210,914,261

Percentages indicated are based on net assets.

Summary of Investments by Industry, April 30, 2019

The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:


INDUSTRY	PERCENTAGE

Oil, Gas & Consumable Fuels		6.3	%

Electric Utilities		5.4

Chemicals		5.2

Diversified Telecommunication Services		4.3

Insurance		4.3

Pharmaceuticals		3.6

Food Products		3.4

Health Care Providers & Services		2.9

Household Durables		2.6

Hotels, Restaurants & Leisure		2.6

Metals & Mining		2.6

Banks		2.5

IT Services		2.5

Health Care Equipment & Supplies		2.2

Food & Staples Retailing		2.2

Equity Real Estate Investment Trusts (REITs)		2.1

Semiconductors & Semiconductor Equipment		2.1

Airlines		1.9

Software		1.9

Construction & Engineering		1.8

Multi-Utilities		1.8

Beverages		1.7

Wireless Telecommunication Services		1.7

Investment of cash collateral from securities loaned		1.6

Auto Components		1.6


INDUSTRY	PERCENTAGE

Road & Rail		1.6	%

Trading Companies & Distributors		1.5

Industrial Conglomerates		1.5

Automobiles		1.5

Commercial Services & Supplies		1.4

Gas Utilities		1.4

Technology Hardware, Storage & Peripherals		1.4

Aerospace & Defense		1.2

Real Estate Management & Development		1.2

Specialty Retail		1.2

Entertainment		1.1

Electronic Equipment, Instruments & Components		1.1

Media		1.0

Transportation Infrastructure		1.0

Others (each less than 1.0%)		11.1

Short-Term Investments		0.0	(f)

Abbreviations


ADR		— American Depositary Receipt
OYJ		— Public Limited Company
REIT		— Real Estate Investment Trust
SCA		— Limited partnership with share capital
SGPS		— Holding company

(a)		— The security or a portion of this security is on loan at April 30, 2019. The total value of securities on loan at April 30, 2019 is $3,277,393.
(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)		— Amount rounds to less than 0.1% of net assets.
(d)		— Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(e)		— The rate shown is the current yield as of April 30, 2019.
(f)		— Amount rounds to less than 0.1%.
*		— Non-income producing security.


INVESTMENTS	SHARES		VALUE($)
Common Stocks — 99.3%

Australia — 10.1%

AGL Energy Ltd.		455,451		7,145,273

Alumina Ltd.		3,199,528		5,062,872

Ansell Ltd.		324,302		6,174,148

APA Group		665,642		4,518,493

Atlas Arteria Ltd.		263,608		1,301,715

BHP Group plc		238,850		5,637,953

Brambles Ltd.		269,399		2,289,270

Caltex Australia Ltd.		87,528		1,678,374

CIMIC Group Ltd.		32,179		1,147,944

Coca-Cola Amatil Ltd.		445,823		2,765,482

Cochlear Ltd.		46,033		6,084,872

Coles Group Ltd.*		117,427		1,044,067

Computershare Ltd.		266,925		3,357,983

Crown Resorts Ltd.		165,837		1,554,557

CSL Ltd.		43,700		6,129,439

CSR Ltd.		717,951		1,803,565

Dexus, REIT		803,645		7,095,168

Downer EDI Ltd.		761,762		4,159,135

GPT Group (The), REIT		1,641,117		6,638,409

Harvey Norman Holdings Ltd. (a)		883,379		2,597,249

Healthscope Ltd.		3,006,476		5,194,392

Incitec Pivot Ltd.		359,902		855,273

Macquarie Group Ltd.		38,058		3,616,808

Metcash Ltd.		810,007		1,638,999

Mirvac Group, REIT		1,509,669		3,022,190

Oil Search Ltd.		788,959		4,320,679

Origin Energy Ltd.		879,051		4,568,047

Orora Ltd.		382,493		817,319

Qantas Airways Ltd.		1,253,755		4,959,507

Ramsay Health Care Ltd.		60,302		2,777,024

Rio Tinto Ltd.		94,355		6,359,750

Rio Tinto plc		103,830		6,057,345

Santos Ltd.		1,256,439		6,358,350

Sonic Healthcare Ltd.		378,038		6,836,388

Tabcorp Holdings Ltd.		1,790,828		6,047,068

Telstra Corp. Ltd.		1,937,986		4,615,980

TPG Telecom Ltd.		531,984		2,527,825

Vicinity Centres, REIT		2,927,602		5,250,173

Vocus Group Ltd.*		909,805		2,506,332

Wesfarmers Ltd.		216,625		5,498,438

Whitehaven Coal Ltd.		1,678,236		4,977,370

Woodside Petroleum Ltd.		256,880		6,403,948

WorleyParsons Ltd.		81,125		817,477


				174,212,650


INVESTMENTS	SHARES		VALUE($)


Austria — 0.3%

OMV AG		58,530		3,139,497

voestalpine AG		54,523		1,754,225


				4,893,722


Belgium — 0.7%

Colruyt SA		96,205		6,944,950

Groupe Bruxelles Lambert SA		26,898		2,575,758

Proximus SADP		108,629		3,042,383


				12,563,091


Cambodia — 0.1%

NagaCorp Ltd.		956,000		1,227,648


Chile — 0.4%

Antofagasta plc		525,447		6,246,390


China — 0.8%

China Mengniu Dairy Co. Ltd.*		403,000		1,488,842

FIH Mobile Ltd.* (a)		2,540,000		379,659

Nexteer Automotive Group Ltd. (a)		1,084,760		1,700,953

Semiconductor Manufacturing International Corp.*		697,300		746,606

Tingyi Cayman Islands Holding Corp.		808,000		1,330,557

Uni-President China Holdings Ltd.		1,827,000		1,673,055

Want Want China Holdings Ltd.		2,968,000		2,356,395

Xinyi Solar Holdings Ltd.		7,850,400		4,476,661


				14,152,728


Denmark — 0.7%

Chr Hansen Holding A/S		67,409		6,887,926

Demant A/S* (a)		112,806		3,564,263

DSV A/S		7,950		736,709

H Lundbeck A/S (a)		28,831		1,215,471

ISS A/S (a)		12,624		393,132


				12,797,501


Finland — 1.9%

Elisa OYJ		135,829		5,763,242

Fortum OYJ		257,639		5,464,654

Kesko OYJ, Class B		98,960		5,145,907

Neste OYJ		214,224		7,080,675

Nokian Renkaat OYJ		48,032		1,610,022

Orion OYJ, Class B		21,402		713,639

UPM-Kymmene OYJ		227,647		6,427,571


				32,205,710


France — 5.9%

Air Liquide SA		31,287		4,162,166

Arkema SA		40,235		4,131,190

Atos SE (a)		27,604		2,846,268


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

France — continued

Bouygues SA (a)		23,142		871,120

Capgemini SE		55,721		6,761,983

Casino Guichard Perrachon SA (a)		33,379		1,366,483

Cie Plastic Omnium SA		19,264		583,649

Covivio, REIT		15,065		1,630,551

Dassault Aviation SA		796		1,204,378

Dassault Systemes SE		44,211		7,001,382

Eiffage SA		58,201		6,076,834

Electricite de France SA		238,809		3,448,865

Eutelsat Communications SA		53,942		974,884

Faurecia SA		44,982		2,288,751

Gecina SA, REIT		18,056		2,697,816

Ipsen SA		9,095		1,062,204

Lagardere SCA		174,112		4,742,085

Orange SA		326,164		5,097,471

Pernod Ricard SA		32,618		5,687,503

Peugeot SA (a)		269,894		7,076,317

Safran SA		34,033		4,960,688

SCOR SE (a)		117,526		4,797,950

Sodexo SA		7,886		904,395

Thales SA		33,083		3,952,672

TOTAL SA		102,306		5,687,267

Vinci SA		50,110		5,060,922

Vivendi SA		207,958		6,036,155


				101,111,949


Germany — 3.3%

Axel Springer SE		60,443		3,423,465

Beiersdorf AG		4,299		470,400

Deutsche Lufthansa AG (Registered)		58,329		1,411,196

Deutsche Telekom AG (Registered)		312,828		5,241,403

Evonik Industries AG		153,703		4,588,442

Fraport AG Frankfurt Airport Services Worldwide		68,189		5,676,398

Fresenius Medical Care AG & Co. KGaA		70,768		5,964,571

Hannover Rueck SE		46,079		6,958,376

Hella GmbH & Co. KGaA		15,099		823,637

Infineon Technologies AG		268,668		6,368,932

Merck KGaA		14,854		1,583,295

SAP SE		53,869		6,944,158

Telefonica Deutschland Holding AG		1,306,267		4,242,955

Uniper SE		116,558		3,536,767


				57,233,995


Hong Kong — 6.0%

ASM Pacific Technology Ltd.		421,400		4,887,831

Cathay Pacific Airways Ltd.		1,350,000		2,273,423


INVESTMENTS	SHARES		VALUE($)


Hong Kong — continued

CK Hutchison Holdings Ltd.		623,042		6,550,613

CK Infrastructure Holdings Ltd.		736,500		5,972,665

CLP Holdings Ltd.		580,500		6,588,482

First Pacific Co. Ltd.		1,234,000		511,790

Hong Kong & China Gas Co. Ltd.		2,968,367		7,086,260

Hutchison Port Holdings Trust		5,585,300		1,312,037

Jardine Matheson Holdings Ltd.		51,000		3,357,334

Jardine Strategic Holdings Ltd.		83,900		3,173,866

Link REIT, REIT		608,000		7,103,845

Melco International Development Ltd.		308,000		756,851

MTR Corp. Ltd.		1,196,500		7,128,069

New World Development Co. Ltd.		1,534,000		2,541,394

PCCW Ltd.		9,946,000		5,997,236

Power Assets Holdings Ltd.		925,000		6,452,035

Swire Pacific Ltd., Class A		576,500		7,300,489

Swire Properties Ltd.		245,200		997,796

Techtronic Industries Co. Ltd.		958,000		6,932,567

WH Group Ltd. (b)		3,504,000		4,145,982

Wheelock & Co. Ltd.		310,000		2,209,189

Xinyi Glass Holdings Ltd.		5,178,000		5,922,223

Yue Yuen Industrial Holdings Ltd.		1,591,500		5,140,513


				104,342,490


Italy — 1.3%

Davide Campari-Milano SpA		719,832		7,261,654

Eni SpA		236,536		4,030,843

Italgas SpA		425,937		2,660,616

Recordati SpA		55,487		2,242,103

Terna Rete Elettrica Nazionale SpA		1,001,529		6,008,333


				22,203,549


Japan — 23.6%

Advantest Corp.		171,300		4,857,849

Alfresa Holdings Corp.		213,200		5,949,117

ANA Holdings, Inc.		153,700		5,378,999

Aozora Bank Ltd.		146,500		3,579,513

Asahi Kasei Corp.		169,500		1,746,930

Astellas Pharma, Inc.		68,500		927,755

Bandai Namco Holdings, Inc.		61,300		2,938,775

Brother Industries Ltd.		93,300		1,842,205

Canon Marketing Japan, Inc.		159,000		3,449,969

Canon, Inc.		171,400		4,756,020

Capcom Co. Ltd.		337,900		7,624,270

Central Japan Railway Co.		30,700		6,601,710

Chubu Electric Power Co., Inc.		437,300		6,359,014

Chugoku Electric Power Co., Inc. (The)		460,100		5,493,415


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Japan — continued

COMSYS Holdings Corp.		256,400		6,745,724

Cosmo Energy Holdings Co. Ltd.		228,600		4,720,738

Dai Nippon Printing Co. Ltd.		79,400		1,884,801

Daicel Corp.		145,400		1,631,192

Daiwa Securities Group, Inc.		643,900		2,997,248

Denka Co. Ltd.		62,700		1,893,249

DIC Corp.		142,300		4,179,852

Electric Power Development Co. Ltd.		198,000		4,602,596

FamilyMart UNY Holdings Co. Ltd.		72,100		1,922,660

Fuji Media Holdings, Inc.		100,300		1,349,807

FUJIFILM Holdings Corp.		131,000		6,119,836

Fujikura Ltd.		109,400		451,400

Gunma Bank Ltd. (The)		428,600		1,699,679

Hachijuni Bank Ltd. (The)		296,000		1,191,442

Hankyu Hanshin Holdings, Inc.		168,900		6,314,673

Hikari Tsushin, Inc.		35,400		6,563,473

Hitachi Capital Corp.		24,700		575,161

Hitachi High-Technologies Corp.		64,000		2,852,607

Hokuriku Electric Power Co.		98,700		733,931

Idemitsu Kosan Co. Ltd.		303,837		9,872,276

Iida Group Holdings Co. Ltd.		68,500		1,160,764

Inpex Corp.		55,400		538,976

Itochu Techno-Solutions Corp.		292,200		7,180,836

Japan Airlines Co. Ltd.		188,400		6,144,365

Japan Petroleum Exploration Co. Ltd.		122,000		2,648,509

Japan Post Holdings Co. Ltd., ADR		477,400		5,346,714

JXTG Holdings, Inc.		1,469,300		7,148,428

Kajima Corp.		41,200		611,494

Kaneka Corp.		118,700		4,583,559

Kansai Electric Power Co., Inc. (The)		248,700		3,008,838

KDDI Corp.		274,300		6,321,942

Keisei Electric Railway Co. Ltd.		44,700		1,567,883

Kirin Holdings Co. Ltd.		114,000		2,593,325

K’s Holdings Corp.		428,400		3,821,355

Kuraray Co. Ltd.		152,200		2,044,922

Kyushu Electric Power Co., Inc.		135,100		1,308,336

Lintec Corp.		121,800		2,630,493

Marubeni Corp.		887,000		6,355,880

Matsui Securities Co. Ltd.		304,400		2,715,355

Mebuki Financial Group, Inc.		364,700		929,836

Medipal Holdings Corp.		225,500		5,070,668

Mitsubishi Corp.		53,600		1,476,557

Mitsubishi Gas Chemical Co., Inc.		262,000		3,933,364

Mitsubishi Tanabe Pharma Corp.		181,500		2,284,560

Mitsubishi UFJ Lease & Finance Co. Ltd.		274,400		1,399,146


INVESTMENTS	SHARES		VALUE($)


Japan — continued

Mitsui & Co. Ltd.		199,900		3,233,302

Mochida Pharmaceutical Co. Ltd.		150,900		7,008,571

Nagoya Railroad Co. Ltd.		30,200		818,571

Nifco, Inc.		48,400		1,366,286

Nikon Corp.		217,500		3,033,210

Nippo Corp.		219,400		4,460,661

Nippon Express Co. Ltd.		29,500		1,622,308

Nippon Paper Industries Co. Ltd.		235,500		4,667,031

Nippon Shokubai Co. Ltd.		56,800		3,951,407

Nippon Telegraph & Telephone Corp.		131,900		5,488,152

Nipro Corp.		162,200		2,014,844

Nissan Motor Co. Ltd.		129,300		1,038,026

Nisshin Seifun Group, Inc.		314,700		7,338,115

Nissin Foods Holdings Co. Ltd.		79,700		5,274,667

Nomura Real Estate Holdings, Inc.		113,300		2,409,354

Nomura Research Institute Ltd.		57,400		2,809,668

NTT DOCOMO, Inc.		278,600		6,049,962

Oracle Corp.		28,700		1,967,894

Osaka Gas Co. Ltd.		331,500		6,132,395

Resona Holdings, Inc.		1,059,100		4,496,008

Sankyo Co. Ltd.		84,500		3,337,188

Sawai Pharmaceutical Co. Ltd.		41,900		2,251,287

SBI Holdings, Inc.		137,600		2,950,336

SCSK Corp.		52,700		2,504,344

Sekisui Chemical Co. Ltd.		228,800		3,673,041

Sekisui House Ltd.		398,500		6,425,128

Shimachu Co. Ltd.		147,700		3,571,548

Shionogi & Co. Ltd.		14,000		817,782

SKY Perfect JSAT Holdings, Inc.		288,400		1,153,847

Skylark Holdings Co. Ltd.		200,500		3,302,724

SoftBank Group Corp.		56,400		5,980,170

Sojitz Corp.		1,870,200		6,438,633

Sony Corp.		59,200		2,981,792

Sumitomo Dainippon Pharma Co. Ltd.		103,200		2,280,008

Sumitomo Mitsui Financial Group, Inc.		103,300		3,754,566

Sumitomo Osaka Cement Co. Ltd.		119,800		4,881,842

Suzuken Co. Ltd.		109,300		6,302,281

Taisei Corp.		131,700		5,794,813

Taisho Pharmaceutical Holdings Co. Ltd.		36,500		3,376,257

Teijin Ltd.		165,300		2,843,511

TIS, Inc.		50,900		2,322,355

Tobu Railway Co. Ltd.		77,300		2,188,845

Toho Co. Ltd.		3,600		151,180

Toho Gas Co. Ltd.		37,700		1,554,362

Tohoku Electric Power Co., Inc.		390,500		4,470,199


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Japan — continued

Tokuyama Corp.		91,000		2,260,899

Tokyo Century Corp.		16,600		767,751

Tokyo Electric Power Co. Holdings, Inc.*		315,300		1,780,934

Toyo Suisan Kaisha Ltd.		120,100		4,585,941

Toyota Industries Corp.		118,200		6,700,021

Tsumura & Co.		150,400		4,624,965

Ube Industries Ltd.		195,200		4,176,442

Yamada Denki Co. Ltd.		421,200		1,996,669

Yamaguchi Financial Group, Inc.		306,300		2,266,225

Yokohama Rubber Co. Ltd. (The)		234,900		4,426,165

Zeon Corp.		157,800		1,549,987


				408,258,461


Jordan — 0.4%

Hikma Pharmaceuticals plc		290,930		6,713,491


Luxembourg — 0.2%

RTL Group SA		52,300		2,947,008


Macau — 0.2%

Sands China Ltd.		697,912		3,841,420


Netherlands — 3.2%

Aegon NV		885,915		4,624,608

Akzo Nobel NV		54,995		4,672,679

ASR Nederland NV		54,283		2,415,270

Heineken Holding NV (a)		69,455		7,070,793

Koninklijke Ahold Delhaize NV		199,075		4,798,025

Koninklijke DSM NV		14,901		1,704,251

Koninklijke KPN NV		1,282,971		3,943,026

Koninklijke Philips NV		111,128		4,772,250

NN Group NV		145,359		6,343,411

Royal Dutch Shell plc, Class A		218,842		6,972,617

Wolters Kluwer NV		104,093		7,265,430


				54,582,360


New Zealand — 0.7%

Fisher & Paykel Healthcare Corp. Ltd.		232,660		2,461,276

Spark New Zealand Ltd.		2,345,270		5,754,531

Xero Ltd.*		114,377		4,399,232


				12,615,039


Norway — 1.5%

Aker BP ASA		83,341		2,750,875

Equinor ASA		212,234		4,731,044

Mowi ASA		282,850		6,136,572

Norsk Hydro ASA		478,515		2,061,005

Orkla ASA		361,540		2,837,562

Salmar ASA		21,370		972,010


INVESTMENTS	SHARES		VALUE($)


Norway — continued

Telenor ASA (a)		341,648		6,867,762


				26,356,830


Portugal — 0.6%

EDP — Energias de Portugal SA*		1,455,712		5,523,940

Galp Energia SGPS SA		331,457		5,557,296


				11,081,236


Russia — 0.3%

Evraz plc		683,919		5,616,041


Singapore — 2.5%

Ascendas, REIT		1,190,100		2,628,900

CapitaLand Commercial Trust, REIT		773,300		1,104,812

CapitaLand Mall Trust, REIT		3,290,900		5,859,743

ComfortDelGro Corp. Ltd.		1,573,800		3,117,201

Golden Agri-Resources Ltd.		11,682,800		2,484,027

Keppel Corp. Ltd.		1,287,000		6,413,647

Sembcorp Industries Ltd.		1,087,000		2,125,786

Singapore Press Holdings Ltd.		1,692,400		3,127,889

Singapore Telecommunications Ltd.		1,414,400		3,299,574

StarHub Ltd.		210,400		239,936

Suntec, REIT		1,303,800		1,773,426

Venture Corp. Ltd.		405,700		5,087,951

Wilmar International Ltd.		2,444,300		6,536,992


				43,799,884


South Africa — 0.4%

Anglo American plc		232,438		6,031,700


South Korea — 8.5%

Celltrion Healthcare Co. Ltd.*		546		35,398

Celltrion, Inc.*		5,613		1,020,823

CJ CheilJedang Corp.		5,440		1,467,585

Daelim Industrial Co. Ltd.		41,275		3,424,784

E-MART, Inc.		3,697		545,241

GS Engineering & Construction Corp.		114,585		3,986,787

GS Holdings Corp.		100,759		4,490,308

Hankook Tire Co. Ltd.		19,251		655,076

Hanwha Chemical Corp.		200,148		3,537,131

Hanwha Corp.		54,508		1,382,991

Hyosung TNC Co. Ltd.		317		45,100

Hyundai Department Store Co. Ltd.		33,409		2,905,172

Hyundai Engineering & Construction Co. Ltd.		23,916		1,076,061

Hyundai Mipo Dockyard Co. Ltd.		25,100		1,210,654

Hyundai Mobis Co. Ltd.		3,297		657,670

Hyundai Steel Co.		78,760		3,127,797

Industrial Bank of Korea		344,504		4,177,512


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

South Korea — continued

Kakao Corp.		57,854		5,956,811

Kangwon Land, Inc.		121,350		3,535,022

KCC Corp.		4,752		1,444,199

Korea Electric Power Corp.		79,913		1,934,577

Korea Gas Corp.		109,460		4,322,839

Korea Zinc Co. Ltd.		4,783		1,855,191

Korean Air Lines Co. Ltd.		88,011		2,499,549

KT&G Corp.		62,775		5,491,070

LG Corp.		89,127		5,573,393

LG Display Co. Ltd.		268,845		4,571,649

LG Uplus Corp.		420,055		5,145,326

NAVER Corp.		25,447		2,606,092

NCSoft Corp.		14,475		6,518,626

Orion Corp.		10,495		870,641

POSCO		23,836		5,217,311

Samsung Biologics Co. Ltd.*(b)		7,802		2,273,924

Samsung Electronics Co. Ltd.		171,419		6,739,720

Samsung SDS Co. Ltd.		23,809		4,427,373

Shinsegae, Inc.		8,582		2,500,795

SK Holdings Co. Ltd.		26,330		5,790,264

SK Hynix, Inc.		98,683		6,677,956

SK Innovation Co. Ltd.		37,715		5,897,076

SK Networks Co. Ltd.		161,270		809,228

SK Telecom Co. Ltd.		25,523		5,413,578

SKC Co. Ltd.		97,722		2,992,161

S-Oil Corp.		16,449		1,296,983

Woori Financial Group, Inc.		371,923		4,409,651

Yuhan Corp.		25,666		5,399,532


				145,916,627


Spain — 2.1%

Acciona SA		19,652		2,279,255

Acerinox SA		218,322		2,273,922

Amadeus IT Group SA		45,603		3,634,407

Corp. Financiera Alba SA		11,399		586,837

Enagas SA		202,212		5,768,165

Endesa SA		272,541		6,799,454

Ferrovial SA		51,393		1,267,332

Naturgy Energy Group SA		248,974		7,087,865

Repsol SA		337,628		5,729,106


				35,426,343


Sweden — 3.4%

Boliden AB*		250,949		7,468,225

Castellum AB		75,054		1,349,429

Hexagon AB, Class B		120,775		6,598,208


INVESTMENTS	SHARES		VALUE($)


Sweden — continued

ICA Gruppen AB		112,292		4,061,461

Investor AB, Class B		145,095		6,919,829

Securitas AB, Class B (a)		365,686		6,394,581

Skanska AB, Class B		231,430		4,030,164

Svenska Cellulosa AB SCA, Class B		105,771		923,365

Swedish Match AB		127,357		6,209,877

Tele2 AB, Class B		427,592		5,712,434

Telia Co. AB		1,264,882		5,389,066

Trelleborg AB, Class B		203,139		3,359,673


				58,416,312


Switzerland — 2.4%

Alcon, Inc.*		12,128		698,436

Baloise Holding AG (Registered)		29,420		5,043,803

Coca-Cola HBC AG*		115,898		4,150,920

EMS-Chemie Holding AG (Registered)		715		432,996

Flughafen Zurich AG (Registered) (a)		4,577		754,511

Kuehne + Nagel International AG (Registered) (a)		8,711		1,266,185

Lonza Group AG (Registered)*		15,964		4,930,151

Mediclinic International plc		439,790		1,970,524

Novartis AG (Registered)		60,836		4,984,908

Roche Holding AG		15,883		4,190,942

Sonova Holding AG (Registered)		36,311		7,334,177

Swisscom AG (Registered) (a)		12,362		5,760,126

Vifor Pharma AG		4,350		568,063


				42,085,742


United Arab Emirates — 0.0% (c)

NMC Health plc		20,111		742,657


United Kingdom — 17.3%

3i Group plc		124,715		1,745,065

Admiral Group plc		206,248		5,940,827

Ashtead Group plc		161,641		4,488,324

AstraZeneca plc		84,196		6,272,586

Auto Trader Group plc (b)		444,295		3,284,389

Babcock International Group plc		605,530		4,156,752

Barratt Developments plc		856,904		6,741,128

Bellway plc		126,743		5,146,710

Berkeley Group Holdings plc		130,556		6,404,638

BP plc		785,360		5,710,905

British Land Co. plc (The), REIT		799,603		6,203,859

BT Group plc		1,783,368		5,321,597

Bunzl plc		133,618		4,030,064

Burberry Group plc		219,063		5,773,846

Centrica plc		3,767,177		5,237,010


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

United Kingdom — continued

ConvaTec Group plc (b)		1,332,605		2,413,605

Croda International plc		87,076		5,898,457

Derwent London plc, REIT		95,071		3,934,789

Diageo plc		177,340		7,476,249

Direct Line Insurance Group plc		1,164,291		5,010,002

easyJet plc		222,688		3,374,153

Experian plc		263,119		7,659,108

GlaxoSmithKline plc		345,099		7,089,446

Halma plc		328,329		7,725,475

Hammerson plc, REIT		867,294		3,649,019

HSBC Holdings plc		301,920		2,630,618

IMI plc		174,301		2,393,777

Imperial Brands plc		46,211		1,470,350

Inchcape plc		257,015		2,063,423

Informa plc		398,654		4,053,529

InterContinental Hotels Group plc		84,466		5,470,872

International Consolidated Airlines Group SA		400,311		2,828,861

Intertek Group plc		38,953		2,724,521

J Sainsbury plc		1,054,883		3,064,686

John Wood Group plc		439,111		2,692,082

Land Securities Group plc, REIT		282,370		3,403,104

Legal & General Group plc		1,638,288		5,957,685

Meggitt plc		958,572		6,821,028

Merlin Entertainments plc (b)		87,357		417,749

Micro Focus International plc		211,386		5,358,440

Mondi plc		258,206		5,674,143

National Grid plc		609,575		6,678,465

Pearson plc		610,838		6,617,141

Pennon Group plc		585,463		5,715,140

Persimmon plc		204,728		5,980,687

RELX plc		298,905		6,867,529

Rentokil Initial plc		1,451,974		7,399,569

Rolls-Royce Holdings plc*		74,345		890,321

Royal Mail plc		1,163,299		3,838,415

Sage Group plc (The)		781,674		7,409,604

Segro plc, REIT		781,823		6,927,408

Smith & Nephew plc		359,743		6,954,727

Smiths Group plc		315,052		6,272,543

SSE plc		309,312		4,628,120

Tate & Lyle plc		671,071		6,726,000

Taylor Wimpey plc		1,551,097		3,677,355

Unilever NV, CVA (a)		57,752		3,494,261

United Utilities Group plc		541,468		5,873,859

Vodafone Group plc		2,926,025		5,427,410

Whitbread plc		83,811		4,879,410


INVESTMENTS	SHARES		VALUE($)


United Kingdom — continued

Wm Morrison Supermarkets plc		1,780,024		5,017,215


				298,988,050


United States — 0.5%

Carnival plc		113,920		6,039,425

Ferguson plc		34,404		2,448,391


				8,487,816


Total Common Stocks (Cost $1,662,862,887)				1,715,098,440

Preferred Stocks — 0.0% (c)

United Kingdom — 0.0% (c)

Rolls-Royce Holdings plc (Preference)* (Cost $6,806)		5,278,495		6,883

Short-term Investments — 0.0% (c)

Investment Companies — 0.0% (c)

JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.39% (d) (e) (Cost $569,515)		569,515		569,515

Investment Of Cash Collateral From Securities Loaned — 2.5%

JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.57% (d) (e)		27,997,200		28,000,000

JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.45% (d) (e)		15,167,119		15,167,119


Total Investment Of Cash Collateral From Securities Loaned (Cost $43,167,119)				43,167,119


Total Investments — 101.8% (Cost $1,706,606,327)				1,758,841,957

Liabilities in Excess of Other Assets — (1.8)%				(30,742,599	)


NET ASSETS — 100.0%				1,728,099,358

Percentages indicated are based on net assets.

Summary of Investments by Industry, April 30, 2019

The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:


INDUSTRY	PERCENTAGE

Oil, Gas & Consumable Fuels		6.9	%

Diversified Telecommunication Services		4.9

Electric Utilities		4.4

Chemicals		4.5

Equity Real Estate Investment Trusts (REITs)		3.9

Pharmaceuticals		3.7

Metals & Mining		3.7

Food Products		3.2

Insurance		3.0

Household Durables		3.0

Construction & Engineering		2.5

Investment of cash collateral from securities loaned		2.5

Health Care Equipment & Supplies		2.4

Health Care Providers & Services		2.3

Industrial Conglomerates		2.3

Hotels, Restaurants & Leisure		2.2

Beverages		2.1

IT Services		2.0

Food & Staples Retailing		2.0

Wireless Telecommunication Services		2.0

Gas Utilities		1.9

Software		1.9

Road & Rail		1.7

Trading Companies & Distributors		1.7

Banks		1.7

Airlines		1.6

Media		1.6

Semiconductors & Semiconductor Equipment		1.6

Electronic Equipment, Instruments & Components		1.5


INDUSTRY	PERCENTAGE

Auto Components		1.5	%

Commercial Services & Supplies		1.5

Professional Services		1.4

Entertainment		1.2

Technology Hardware, Storage & Peripherals		1.1

Multi-Utilities		1.1

Aerospace & Defense		1.0

Paper & Forest Products		1.0

Real Estate Management & Development		1.0

Others (each less than 1.0%)		10.5

Short-Term Investments		0.0	(f)

Abbreviations


ADR		— American Depositary Receipt
CVA		— Dutch Certification
OYJ		— Public Limited 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.
REIT		— Real Estate Investment Trust
SCA		— Limited partnership with share capital
SGPS		— Holding company

(a)		— The security or a portion of this security is on loan at April 30, 2019. The total value of securities on loan at April 30, 2019 is $37,115,611.
(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)		— Amount rounds to less than 0.1% of net assets.
(d)		— Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(e)		— The rate shown is the current yield as of April 30, 2019.
(f)		— Amount rounds to less than 0.1%.
*		— Non-income producing security.


INVESTMENTS	SHARES		VALUE($)
Common Stocks — 99.8%

Aerospace & Defense — 1.5%

Boeing Co. (The)		6,032		2,278,226

Curtiss-Wright Corp.		8,598		979,656

FLIR Systems, Inc.		25,102		1,328,900

L3 Technologies, Inc.		4,905		1,072,135

Northrop Grumman Corp.		3,218		932,930

Raytheon Co.		9,413		1,671,655

Textron, Inc.		11,992		635,576

United Technologies Corp.		10,182		1,452,055


				10,351,133


Alternative Energy — 0.0% (a)

Arcosa, Inc.		3,617		112,597


Automobiles & Parts — 1.9%

Aptiv plc		19,142		1,640,470

Delphi Technologies plc		49		1,084

Ford Motor Co.		181,190		1,893,435

General Motors Co.		28,986		1,129,005

Gentex Corp.		97,626		2,248,327

Genuine Parts Co.		24,385		2,500,438

Harley-Davidson, Inc. (b)		46,365		1,726,169

Lear Corp.		9,485		1,356,355


				12,495,283


Banks — 2.7%

Bank of America Corp.		22,619		691,689

Bank of Hawaii Corp.		7,518		619,333

BB&T Corp.		37,515		1,920,768

Citizens Financial Group, Inc.		11,861		429,368

Comerica, Inc.		6,750		530,482

Cullen/Frost Bankers, Inc. (b)		3,227		328,154

Fifth Third Bancorp		64,375		1,855,287

Huntington Bancshares, Inc.		169,797		2,363,574

KeyCorp		25,597		449,227

M&T Bank Corp.		3,610		613,953

People’s United Financial, Inc.		44,272		765,463

Popular, Inc. (Puerto Rico)		13,187		761,022

Regions Financial Corp.		29,226		453,880

SunTrust Banks, Inc.		37,414		2,449,869

SVB Financial Group*		1,661		418,107

TCF Financial Corp.		48,164		1,065,869

Umpqua Holdings Corp.		34,133		592,549

US Bancorp		15,194		810,144

Wells Fargo & Co.		14,243		689,504

Zions Bancorp NA (b)		10,006		493,596


				18,301,838


INVESTMENTS	SHARES		VALUE($)


Beverages — 2.0%

Brown-Forman Corp., Class B (b)		36,169		1,927,446

Coca-Cola Co. (The)		51,797		2,541,161

Constellation Brands, Inc., Class A		11,762		2,489,662

Keurig Dr Pepper, Inc. (b)		51,366		1,493,210

Molson Coors Brewing Co., Class B		29,799		1,912,798

Monster Beverage Corp.*		7,317		436,093

PepsiCo, Inc.		21,406		2,741,038


				13,541,408


Chemicals — 5.8%

Air Products & Chemicals, Inc.		14,640		3,012,766

Ashland Global Holdings, Inc.		30,225		2,434,019

Avery Dennison Corp.		17,025		1,883,816

Cabot Corp.		13,604		617,350

Celanese Corp.		25,953		2,800,069

CF Industries Holdings, Inc.		62,907		2,816,976

Chemours Co. (The)		40,120		1,444,721

Eastman Chemical Co.		26,658		2,102,783

Ecolab, Inc.		15,705		2,890,976

Huntsman Corp.		90,300		2,008,272

Linde plc (United Kingdom)		15,312		2,760,141

LyondellBasell Industries NV, Class A		24,408		2,153,518

Mosaic Co. (The)		54,313		1,418,113

Olin Corp.		102,589		2,225,156

PPG Industries, Inc.		19,490		2,290,075

RPM International, Inc.		38,299		2,322,834

Scotts Miracle-Gro Co. (The) (b)		2,559		217,566

Versum Materials, Inc.		14,309		746,644

Westlake Chemical Corp.		29,115		2,030,771

WR Grace & Co.		20,409		1,542,512


				39,719,078


Construction & Materials — 0.2%

Sherwin-Williams Co. (The)		3,088		1,404,515


Electricity — 7.6%

AES Corp.		153,927		2,635,230

American Electric Power Co., Inc.		32,683		2,796,031

Avangrid, Inc. (b)		30,980		1,586,486

CMS Energy Corp.		48,757		2,708,452

Consolidated Edison, Inc.		25,701		2,214,398

Dominion Energy, Inc.		35,798		2,787,590

DTE Energy Co.		21,468		2,698,742

Entergy Corp.		28,419		2,753,801

Evergy, Inc.		43,906		2,538,645

Eversource Energy		37,993		2,722,578

Exelon Corp.		54,585		2,781,106


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Electricity — continued

FirstEnergy Corp.		65,088		2,735,648

NextEra Energy, Inc.		14,130		2,747,437

NRG Energy, Inc.		63,635		2,619,853

Pinnacle West Capital Corp.		28,295		2,695,665

PPL Corp.		82,451		2,573,296

Public Service Enterprise Group, Inc.		45,102		2,690,334

Southern Co. (The)		35,382		1,883,030

Vistra Energy Corp.		101,861		2,775,712

Xcel Energy, Inc.		48,346		2,731,549


				51,675,583


Electronic & Electrical Equipment — 1.4%

Agilent Technologies, Inc.		16,989		1,333,636

AMETEK, Inc.		12,520		1,103,889

Amphenol Corp., Class A		15,203		1,513,611

Emerson Electric Co.		9,983		708,693

Hubbell, Inc.		6,092		777,339

Roper Technologies, Inc.		4,830		1,737,351

Waters Corp.*		10,951		2,338,476


				9,512,995


Financial Services — 3.4%

Ally Financial, Inc.		76,652		2,277,331

American Express Co.		9,230		1,082,033

Ameriprise Financial, Inc.		3,947		579,301

Bank of New York Mellon Corp. (The)		15,087		749,220

Capital One Financial Corp.		8,170		758,421

CME Group, Inc.		12,094		2,163,617

Discover Financial Services		12,696		1,034,597

E*TRADE Financial Corp.		10,228		518,150

Fidelity National Financial, Inc.		16,028		640,319

Intercontinental Exchange, Inc.		12,384		1,007,438

Invesco Ltd.		15,779		346,665

Mastercard, Inc., Class A		6,318		1,606,288

Moody’s Corp.		2,919		573,934

Morgan Stanley		8,902		429,521

Nasdaq, Inc.		5,130		472,986

Raymond James Financial, Inc.		6,088		557,478

S&P Global, Inc.		5,067		1,118,084

Santander Consumer USA Holdings, Inc.		74,371		1,587,821

SLM Corp.		59,577		605,302

Synchrony Financial		14,052		487,183

T. Rowe Price Group, Inc.		16,219		1,743,543

TD Ameritrade Holding Corp.		15,186		798,480

Visa, Inc., Class A		8,074		1,327,608

Western Union Co. (The)		37,514		729,272


				23,194,592


INVESTMENTS	SHARES		VALUE($)


Fixed Line Telecommunications — 1.0%

AT&T, Inc.		83,550		2,586,709

CenturyLink, Inc.		150,742		1,721,474

Verizon Communications, Inc.		46,594		2,664,711


				6,972,894


Food & Drug Retailers — 0.9%

AmerisourceBergen Corp.		13,800		1,031,688

Kroger Co. (The)		23,436		604,180

McKesson Corp.		6,292		750,321

Sysco Corp.		31,457		2,213,629

Walgreens Boots Alliance, Inc.		22,550		1,208,003


				5,807,821


Food Producers — 2.9%

Archer-Daniels-Midland Co.		49,702		2,216,709

Flowers Foods, Inc. (b)		45,115		980,800

General Mills, Inc.		38,576		1,985,507

Herbalife Nutrition Ltd.* (b)		28,908		1,527,788

Hershey Co. (The)		23,965		2,992,030

Hormel Foods Corp. (b)		61,170		2,443,130

JM Smucker Co. (The)		7,551		925,979

Kellogg Co. (b)		30,799		1,857,180

Lamb Weston Holdings, Inc.		3,903		273,405

McCormick & Co., Inc. (Non-Voting) (b)		17,402		2,679,386

TreeHouse Foods, Inc.*		15,856		1,062,035

Tyson Foods, Inc., Class A		16,653		1,249,141


				20,193,090


Forestry & Paper — 0.7%

Domtar Corp.		52,106		2,547,983

International Paper Co.		42,418		1,985,587


				4,533,570


Gas, Water & Multiutilities — 2.7%

Ameren Corp.		37,230		2,709,227

American Water Works Co., Inc.		26,101		2,823,867

Atmos Energy Corp.		10,980		1,123,693

CenterPoint Energy, Inc.		88,084		2,730,604

Duke Energy Corp.		29,469		2,685,215

National Fuel Gas Co. (b)		24,134		1,428,974

UGI Corp.		44,711		2,437,197

WEC Energy Group, Inc.		34,771		2,727,090


				18,665,867


General Industrials — 1.5%

3M Co.		4,521		856,775

Ball Corp.		1,393		83,496

Bemis Co., Inc.		11,273		647,296


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

General Industrials — continued

Danaher Corp.		13,276		1,758,273

Eaton Corp. plc		13,266		1,098,690

Fortive Corp.(b)		11,434		987,212

Honeywell International, Inc.		9,414		1,634,553

ITT, Inc.		29,696		1,798,093

Parker-Hannifin Corp.		5,056		915,540

Sonoco Products Co. (b)		12,009		757,287


				10,537,215


General Retailers — 6.0%

Amazon.com, Inc.*		941		1,812,855

Best Buy Co., Inc.		11,814		879,080

Burlington Stores, Inc.*		2,069		349,475

Costco Wholesale Corp.		8,487		2,083,813

Dick’s Sporting Goods, Inc. (b)		54,947		2,033,039

Dollar General Corp.		18,117		2,284,373

Dollar Tree, Inc.* (b)		8,887		988,945

eBay, Inc.		42,234		1,636,568

Foot Locker, Inc.		39,609		2,266,031

Gap, Inc. (The)		16,664		434,597

H&R Block, Inc. (b)		83,903		2,283,001

Home Depot, Inc. (The)		13,741		2,799,042

Kohl’s Corp.		39,276		2,792,524

Lowe’s Cos., Inc.		19,306		2,184,281

Macy’s, Inc.		61,760		1,453,830

Nordstrom, Inc. (b)		11,313		464,059

Ross Stores, Inc.		14,493		1,415,386

Target Corp.		27,002		2,090,495

Tiffany & Co.		19,389		2,090,522

TJX Cos., Inc. (The)		51,712		2,837,955

Tractor Supply Co.		26,445		2,737,057

Urban Outfitters, Inc.*		6,396		190,153

Walmart, Inc.		22,590		2,323,156

Williams-Sonoma, Inc. (b)		12,920		738,636


				41,168,873


Health Care Equipment & Services — 6.7%

Anthem, Inc.		8,823		2,320,714

Baxter International, Inc.		35,491		2,707,963

Becton Dickinson and Co.		7,113		1,712,384

Centene Corp.*		27,223		1,403,618

Cigna Corp.		15,211		2,416,115

DaVita, Inc.*		7,960		439,710

Edwards Lifesciences Corp.*		9,371		1,649,952

HCA Healthcare, Inc.		16,678		2,121,942

Hill-Rom Holdings, Inc.		25,013		2,536,818


INVESTMENTS	SHARES		VALUE($)


Health Care Equipment & Services — continued

Humana, Inc.		7,221		1,844,315

IDEXX Laboratories, Inc.*		8,611		1,997,752

Intuitive Surgical, Inc.*		4,126		2,106,859

Laboratory Corp. of America Holdings*		14,516		2,321,399

Medtronic plc		26,767		2,377,177

Quest Diagnostics, Inc.		24,602		2,371,141

STERIS plc		7,852		1,028,455

Stryker Corp.		14,072		2,658,342

Thermo Fisher Scientific, Inc.		10,068		2,793,367

UnitedHealth Group, Inc.		9,283		2,163,589

Universal Health Services, Inc., Class B		18,918		2,400,127

Varian Medical Systems, Inc.*		19,742		2,688,268

Zimmer Biomet Holdings, Inc.		16,185		1,993,345


				46,053,352


Household Goods & Home Construction — 3.1%

Church & Dwight Co., Inc.		40,308		3,021,084

Clorox Co. (The) (b)		15,762		2,517,664

DR Horton, Inc.		34,628		1,534,367

Energizer Holdings, Inc.		17,875		856,034

Fortune Brands Home & Security, Inc.		12,792		675,162

Leggett & Platt, Inc.		47,078		1,852,990

Lennar Corp., Class A		32,272		1,679,112

NVR, Inc.*		876		2,761,573

Procter & Gamble Co. (The)		26,914		2,865,803

PulteGroup, Inc.		98,230		3,090,316


				20,854,105


Industrial Engineering — 1.2%

Caterpillar, Inc.		5,994		835,684

Crane Co.		1,989		169,164

Cummins, Inc.		4,932		820,142

Dover Corp.		11,062		1,084,518

IDEX Corp.		6,135		961,109

Illinois Tool Works, Inc.		6,649		1,034,784

Ingersoll-Rand plc		10,628		1,303,099

PACCAR, Inc.		9,958		713,690

Rockwell Automation, Inc.		6,468		1,168,832

Trinity Industries, Inc.		10,821		233,301


				8,324,323


Industrial Metals & Mining — 1.6%

Freeport-McMoRan, Inc.		177,117		2,180,310

Nucor Corp.		43,797		2,499,495

Reliance Steel & Aluminum Co.		29,721		2,733,143

Southern Copper Corp. (Peru) (b)		47,680		1,831,866

Steel Dynamics, Inc.		55,664		1,763,435


				11,008,249


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Industrial Transportation — 0.7%

CH Robinson Worldwide, Inc.		11,284		914,004

CSX Corp.		10,473		833,965

Kansas City Southern		3,894		479,507

Norfolk Southern Corp.		6,708		1,368,566

Union Pacific Corp.		8,985		1,590,705


				5,186,747


Leisure Goods — 1.4%

Activision Blizzard, Inc.		20,850		1,005,178

Electronic Arts, Inc.*		12,647		1,197,039

Garmin Ltd.		31,587		2,708,269

Hasbro, Inc.		27,715		2,823,050

Polaris Industries, Inc.		7,468		719,915

Take-Two Interactive Software, Inc.*		9,924		960,941


				9,414,392


Life Insurance — 1.0%

Aflac, Inc.		43,669		2,200,044

Assurant, Inc.		9,328		886,160

Lincoln National Corp.		5,765		384,641

MetLife, Inc.		9,257		427,025

Principal Financial Group, Inc.		11,582		662,027

Prudential Financial, Inc.		5,007		529,290

Torchmark Corp.		17,610		1,543,693


				6,632,880


Media — 2.3%

Cable One, Inc.		84		89,084

CBS Corp. (Non-Voting), Class B		13,759		705,424

Comcast Corp., Class A		43,163		1,878,885

DISH Network Corp., Class A*		3,665		128,715

FactSet Research Systems, Inc. (b)		10,595		2,922,843

Fox Corp., Class A*		17,473		681,272

Graham Holdings Co., Class B		84		62,448

Interpublic Group of Cos., Inc. (The)		52,837		1,215,251

John Wiley & Sons, Inc., Class A		6,877		317,580

Liberty Media Corp-Liberty SiriusXM, Class A*		8,980		358,661

Nielsen Holdings plc		3,658		93,389

Omnicom Group, Inc.		22,419		1,794,193

Sirius XM Holdings, Inc. (b)		217,486		1,263,594

Viacom, Inc., Class B		29,861		863,282

Walt Disney Co. (The)		29,885		4,093,348


				16,467,969


Mining — 0.5%

Newmont Goldcorp Corp.		50,579		1,570,984


INVESTMENTS	SHARES		VALUE($)


Mining — continued

Royal Gold, Inc. (b)		23,477		2,043,908


				3,614,892


Mobile Telecommunications — 1.1%

Sprint Corp.* (b)		255,008		1,422,944

Telephone & Data Systems, Inc.		75,199		2,397,344

T-Mobile US, Inc.*		36,732		2,681,069

United States Cellular Corp.*		16,399		788,792


				7,290,149


Nonlife Insurance — 1.9%

Allstate Corp. (The)		8,712		863,011

American Financial Group, Inc.		4,549		470,958

Aon plc		9,433		1,699,261

Chubb Ltd.		7,187		1,043,552

Cincinnati Financial Corp.		14,902		1,433,274

Hanover Insurance Group, Inc. (The)		4,989		601,723

Marsh & McLennan Cos., Inc.		13,772		1,298,562

Mercury General Corp.		552		29,687

Old Republic International Corp.		29,941		669,481

Progressive Corp. (The)		31,686		2,476,261

Reinsurance Group of America, Inc.		3,510		531,800

Travelers Cos., Inc. (The)		6,745		969,594

WR Berkley Corp.		19,365		1,187,074


				13,274,238


Oil & Gas Producers — 4.6%

Apache Corp. (b)		12,813		421,676

Cabot Oil & Gas Corp.		80,850		2,093,206

Chesapeake Energy Corp.* (b)		32,750		95,303

Chevron Corp.		16,648		1,998,759

ConocoPhillips		39,094		2,467,613

Continental Resources, Inc.* (b)		6,822		313,744

Devon Energy Corp.		61,400		1,973,396

Diamondback Energy, Inc.		4,477		476,308

Exxon Mobil Corp.		29,698		2,384,155

Hess Corp.		13,657		875,687

HollyFrontier Corp.		40,523		1,934,163

Marathon Oil Corp.		119,928		2,043,573

Marathon Petroleum Corp.		40,061		2,438,513

Murphy Oil Corp.		61,451		1,673,925

Occidental Petroleum Corp.		30,099		1,772,229

PBF Energy, Inc., Class A		64,081		2,151,840

Phillips 66		20,949		1,974,862

Targa Resources Corp. (b)		17,947		720,572

Valero Energy Corp.		18,857		1,709,576


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Oil & Gas Producers — continued

Whiting Petroleum Corp.*		64,759		1,773,749


				31,292,849


Oil Equipment, Services & Distribution — 1.6%

Apergy Corp.*		5,495		218,097

Helmerich & Payne, Inc. (b)		32,341		1,892,595

Kinder Morgan, Inc.		103,893		2,064,354

National Oilwell Varco, Inc.		17,134		447,883

OGE Energy Corp.		47,077		1,993,240

ONEOK, Inc.		31,878		2,165,473

Patterson-UTI Energy, Inc.		17,069		231,968

Schlumberger Ltd.		22,883		976,646

Williams Cos., Inc. (The)		30,409		861,487


				10,851,743


Personal Goods — 3.5%

Capri Holdings Ltd.*		28,436		1,253,459

Carter’s, Inc.		14,508		1,536,542

Columbia Sportswear Co.		7,056		705,388

Estee Lauder Cos., Inc. (The), Class A		16,902		2,903,933

Hanesbrands, Inc.		45,067		814,361

Kimberly-Clark Corp.		22,702		2,914,483

Lululemon Athletica, Inc.*		14,775		2,605,571

NIKE, Inc., Class B		30,942		2,717,636

Nu Skin Enterprises, Inc., Class A		18,422		937,127

PVH Corp.		9,214		1,188,514

Ralph Lauren Corp.		17,745		2,334,887

Tapestry, Inc.		50,383		1,625,860

VF Corp.		22,427		2,117,333


				23,655,094


Pharmaceuticals & Biotechnology — 4.0%

Abbott Laboratories		34,171		2,718,645

AbbVie, Inc.		14,614		1,160,205

Amgen, Inc.		11,597		2,079,574

Biogen, Inc.*		4,288		982,981

Bristol-Myers Squibb Co.		36,639		1,701,149

Eli Lilly & Co.		21,002		2,458,074

Gilead Sciences, Inc.		24,518		1,594,651

Illumina, Inc.*		4,675		1,458,600

IQVIA Holdings, Inc.*		18,934		2,629,933

Johnson & Johnson		17,771		2,509,265

Merck & Co., Inc.		24,491		1,927,687

Pfizer, Inc.		56,471		2,293,287

United Therapeutics Corp.*		9,470		971,338

Vertex Pharmaceuticals, Inc.*		661		111,696

Zoetis, Inc.		26,641		2,713,119


				27,310,204


INVESTMENTS	SHARES		VALUE($)


Real Estate Investment & Services — 0.1%

CBRE Group, Inc., Class A*		7,164		373,030

Jones Lang LaSalle, Inc.		492		76,048


				449,078


Real Estate Investment Trusts — 4.2%

Alexandria Real Estate Equities, Inc.		6,332		901,613

American Tower Corp.		6,319		1,234,101

Annaly Capital Management, Inc.		73,966		746,317

AvalonBay Communities, Inc.		5,478		1,100,695

Boston Properties, Inc.		768		105,692

Camden Property Trust		1,336		134,468

Chimera Investment Corp. (b)		109,277		2,094,840

Crown Castle International Corp.		6,680		840,210

Digital Realty Trust, Inc.		5,160		607,384

Duke Realty Corp.		3,388		105,435

EPR Properties		11,380		897,427

Equity Residential		13,874		1,060,251

Federal Realty Investment Trust		917		122,740

HCP, Inc.		75,804		2,257,443

Host Hotels & Resorts, Inc.		27,657		532,121

Iron Mountain, Inc.		5,823		189,131

Liberty Property Trust		1,043		51,774

Medical Properties Trust, Inc.		145,494		2,540,325

MFA Financial, Inc.		52,008		390,580

New Residential Investment Corp.		160,359		2,695,635

Park Hotels & Resorts, Inc.		84,906		2,723,784

Prologis, Inc.		10,829		830,259

Rayonier, Inc.		19,968		634,783

Senior Housing Properties Trust		8,759		70,335

Simon Property Group, Inc.		4,158		722,245

Starwood Property Trust, Inc. (b)		59,020		1,360,411

STORE Capital Corp.		46,533		1,550,480

Vornado Realty Trust		2,561		177,068

Weingarten Realty Investors		8,378		242,459

WP Carey, Inc.		22,868		1,813,890


				28,733,896


Software & Computer Services — 4.9%

Adobe, Inc.*		7,039		2,036,031

Alphabet, Inc., Class A*		1,390		1,666,554

Cadence Design Systems, Inc.*		30,677		2,128,370

Citrix Systems, Inc.		21,322		2,152,669

Cognizant Technology Solutions Corp., Class A		23,283		1,698,728

Dell Technologies, Inc., Class C*		7,324		493,711

DXC Technology Co.		13,860		911,156


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Software & Computer Services — continued

Facebook, Inc., Class A*		7,856		1,519,350

Hewlett Packard Enterprise Co.		17,224		272,311

IAC/InterActiveCorp*		12,452		2,799,708

International Business Machines Corp.		9,859		1,382,922

Intuit, Inc.		10,293		2,584,160

Leidos Holdings, Inc. (b)		23,110		1,698,123

Microsoft Corp.		23,538		3,074,063

Oracle Corp.		26,987		1,493,191

Red Hat, Inc.*		10,837		1,978,078

Teradata Corp.* (b)		3,881		176,469

VeriSign, Inc.*		14,900		2,942,005

VMware, Inc., Class A		8,773		1,790,832


				32,798,431


Support Services — 4.2%

Accenture plc, Class A		12,668		2,314,064

Automatic Data Processing, Inc.		7,255		1,192,650

Broadridge Financial Solutions, Inc.		17,016		2,010,100

Cintas Corp.		12,841		2,788,295

Fastenal Co.		15,575		1,098,816

Fidelity National Information Services, Inc.		16,096		1,866,009

Fiserv, Inc.*		15,988		1,394,793

Global Payments, Inc.		5,567		813,172

Paychex, Inc.		17,617		1,485,289

PayPal Holdings, Inc.*		9,364		1,055,978

Republic Services, Inc.		29,498		2,443,024

Resideo Technologies, Inc.*		1,553		35,253

Robert Half International, Inc.		30,877		1,917,153

Total System Services, Inc.		23,082		2,359,904

Verisk Analytics, Inc.		2,241		316,294

Waste Management, Inc.		23,783		2,552,867

Worldpay, Inc., Class A*		13,339		1,563,464

WW Grainger, Inc.		6,369		1,796,058


				29,003,183


Technology Hardware & Equipment — 4.7%

Analog Devices, Inc.		17,335		2,015,020

Apple, Inc.		8,528		1,711,314

Applied Materials, Inc.		20,205		890,434

Broadcom, Inc.		4,938		1,572,259

Cisco Systems, Inc.		43,324		2,423,978

Cypress Semiconductor Corp.		21,551		370,246

F5 Networks, Inc.*		8,189		1,284,854

Harris Corp. (b)		16,086		2,710,491

HP, Inc.		73,021		1,456,769

Intel Corp.		27,677		1,412,634


INVESTMENTS	SHARES		VALUE($)


Technology Hardware & Equipment — continued

Juniper Networks, Inc.		42,901		1,191,361

KLA-Tencor Corp.		11,608		1,479,788

Lam Research Corp.		4,803		996,286

Maxim Integrated Products, Inc.		24,045		1,442,700

Micron Technology, Inc.*		22,574		949,463

Motorola Solutions, Inc.		13,975		2,025,117

NetApp, Inc.		14,390		1,048,312

ON Semiconductor Corp.*		44,067		1,016,185

Skyworks Solutions, Inc.		8,951		789,299

Teradyne, Inc.		21,462		1,051,638

Texas Instruments, Inc.		13,509		1,591,766

Western Digital Corp. (b)		8,551		437,127

Xilinx, Inc.		17,615		2,116,266


				31,983,307


Tobacco — 0.6%

Altria Group, Inc.		33,660		1,828,748

Philip Morris International, Inc.		22,641		1,959,805


				3,788,553


Travel & Leisure — 3.7%

Alaska Air Group, Inc.		2,940		181,986

Booking Holdings, Inc.*		602		1,116,704

Carnival Corp.		32,560		1,786,242

Darden Restaurants, Inc.		23,658		2,782,181

Delta Air Lines, Inc.		14,972		872,718

Dunkin’ Brands Group, Inc. (b)		16,104		1,201,842

Hilton Worldwide Holdings, Inc.		21,699		1,887,596

Las Vegas Sands Corp.		24,365		1,633,673

Marriott International, Inc., Class A		13,662		1,863,770

McDonald’s Corp.		13,848		2,735,949

Royal Caribbean Cruises Ltd.		8,510		1,029,199

Southwest Airlines Co.		4,903		265,890

Starbucks Corp.		37,750		2,932,420

United Continental Holdings, Inc.*		2,805		249,252

Wyndham Destinations, Inc.		27,703		1,206,743

Yum China Holdings, Inc. (China)		15,399		732,068

Yum! Brands, Inc.		27,444		2,864,879


				25,343,112


Total Common Stocks (Cost $606,269,219)				681,519,098

Short-Term Investments — 0.1%

Investment Companies — 0.1%

JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.39% (c) (d) (Cost $825,121)		825,121		825,121


INVESTMENTS	SHARES		VALUE($)
Investment Of Cash Collateral From Securities Loaned — 3.6%

JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.57% (c) (d)		15,003,600		15,005,101

JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.45% (c) (d)		9,654,984		9,654,984


Total Investment Of Cash Collateral From Securities Loaned (Cost $24,660,085)				24,660,085


Total Investments — 103.5% (Cost $631,754,425)				707,004,304

Liabilities in Excess of Other Assets — (3.5%)				(24,098,942	)


NET ASSETS — 100.0%				682,905,362


INVESTMENTS	SHARES		VALUE($)
Common Stocks — 99.8%

Aerospace & Defense — 0.9%

FLIR Systems, Inc.		5,030		266,288

Hexcel Corp.		4,987		352,631

Huntington Ingalls Industries, Inc.		845		188,080

L3 Technologies, Inc.		1,243		271,695

Spirit AeroSystems Holdings, Inc., Class A		2,337		203,085

Textron, Inc.		3,777		200,181


				1,481,960


Alternative Energy — 0.1%

Arcosa, Inc.		6,131		190,858


Automobiles & Parts — 2.2%

Adient plc		3,416		78,910

Aptiv plc		3,918		335,773

BorgWarner, Inc.		5,628		235,081

Gentex Corp.		31,913		734,956

Genuine Parts Co.		5,943		609,395

Goodyear Tire & Rubber Co. (The)		9,172		176,194

Harley-Davidson, Inc.		11,467		426,916

Lear Corp.		3,218		460,174

Valvoline, Inc.		14,652		271,062

WABCO Holdings, Inc.*		2,707		358,515


				3,686,976


Banks — 2.8%

Associated Banc-Corp.		2,502		56,770

Bank of Hawaii Corp.		1,704		140,375

BankUnited, Inc.		2,952		107,984

Citizens Financial Group, Inc.		3,369		121,958

Comerica, Inc.		1,858		146,020

Commerce Bancshares, Inc.		4,293		259,426

Cullen/Frost Bankers, Inc.		1,478		150,298

Fifth Third Bancorp		6,223		179,347

First Horizon National Corp.		6,519		98,372

First Republic Bank		1,858		196,242

FNB Corp.		7,686		93,231

Huntington Bancshares, Inc.		42,823		596,096

KeyCorp		7,342		128,852

M&T Bank Corp.		1,072		182,315

PacWest Bancorp		2,174		85,982

People’s United Financial, Inc. (a)		10,946		189,256

Popular, Inc. (Puerto Rico)		6,229		359,475

Prosperity Bancshares, Inc.		1,423		104,790

Regions Financial Corp.		9,496		147,473

SunTrust Banks, Inc.		9,483		620,947

SVB Financial Group*		676		170,163

TCF Financial Corp.		13,676		302,650


INVESTMENTS	SHARES		VALUE($)


Banks — continued

Webster Financial Corp.		2,349		124,802

Zions Bancorp NA		2,766		136,447


				4,699,271


Beverages — 1.0%

Brown-Forman Corp., Class B		9,270		493,998

Keurig Dr Pepper, Inc.		19,402		564,016

Molson Coors Brewing Co., Class B		10,531		675,985


				1,733,999


Chemicals — 5.6%

Ashland Global Holdings, Inc.		6,465		520,627

Avery Dennison Corp.		5,325		589,211

Cabot Corp.		5,995		272,053

Celanese Corp.		6,321		681,973

CF Industries Holdings, Inc.		15,318		685,940

Chemours Co. (The)		16,942		610,081

Eastman Chemical Co.		6,126		483,219

FMC Corp.		2,507		198,203

Huntsman Corp.		26,076		579,930

International Flavors & Fragrances, Inc. (a)		1,428		196,764

Mosaic Co. (The)		18,978		495,516

NewMarket Corp.		1,151		482,937

Olin Corp.		24,997		542,185

RPM International, Inc.		11,170		677,461

Scotts Miracle-Gro Co. (The)		5,855		497,792

Versum Materials, Inc.		13,251		691,437

Westlake Chemical Corp.		6,656		464,256

WR Grace & Co.		8,323		629,052


				9,298,637


Construction & Materials — 0.6%

AO Smith Corp.		4,768		250,654

Armstrong World Industries, Inc.		1,188		102,964

Eagle Materials, Inc.		1,344		122,183

Jacobs Engineering Group, Inc.		759		59,156

Lennox International, Inc.		1,217		330,355

MDU Resources Group, Inc.		6,133		160,378


				1,025,690


Electricity — 5.8%

AES Corp.		37,522		642,377

Alliant Energy Corp.		2,436		115,052

CMS Energy Corp.		11,939		663,212

Consolidated Edison, Inc.		7,843		675,753

DTE Energy Co.		5,233		657,840

Edison International		10,617		677,046


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Electricity — continued

Entergy Corp.		6,927		671,226

Evergy, Inc.		10,825		625,902

Eversource Energy		9,262		663,715

FirstEnergy Corp.		10,631		446,821

Hawaiian Electric Industries, Inc.		10,067		417,579

NRG Energy, Inc.		15,509		638,505

Pinnacle West Capital Corp.		6,897		657,077

PPL Corp.		20,099		627,290

Public Service Enterprise Group, Inc.		10,996		655,911

Vistra Energy Corp.		9,556		260,401

Xcel Energy, Inc.		11,840		668,960


				9,764,667


Electronic & Electrical Equipment — 2.1%

Agilent Technologies, Inc.		4,183		328,365

AMETEK, Inc.		4,611		406,552

Amphenol Corp., Class A		4,640		461,959

Keysight Technologies, Inc.*		5,300		461,259

National Instruments Corp.		5,461		257,213

nVent Electric plc		3,037		84,884

Regal Beloit Corp.		1,088		92,567

Roper Technologies, Inc.		1,168		420,130

Sensata Technologies Holding plc*		3,508		175,190

Waters Corp.*		2,670		570,152


				3,258,271


Financial Services — 2.7%

Ally Financial, Inc.		5,950		176,775

Ameriprise Financial, Inc.		1,422		208,707

CIT Group, Inc.		3,495		186,179

Credit Acceptance Corp.*		427		211,886

Discover Financial Services		3,119		254,167

E*TRADE Financial Corp.		3,728		188,860

Element Solutions, Inc.*		41,183		447,247

Fidelity National Financial, Inc.		5,031		200,988

Invesco Ltd.		2,969		65,229

Jefferies Financial Group, Inc.		10,297		211,809

LPL Financial Holdings, Inc.		2,540		188,189

Moody’s Corp.		1,600		314,592

MSCI, Inc.		1,596		359,706

Nasdaq, Inc.		2,645		243,869

Navient Corp.		6,497		87,774

Raymond James Financial, Inc.		2,270		207,864

Santander Consumer USA Holdings, Inc.		15,315		326,975

SLM Corp.		11,787		119,756

Synchrony Financial		3,476		120,513


INVESTMENTS	SHARES		VALUE($)


Financial Services — continued

T. Rowe Price Group, Inc.		1,745		187,588

Western Union Co. (The)		5,571		108,300


				4,416,973


Fixed Line Telecommunications — 0.5%

CenturyLink, Inc.		36,762		419,822

Zayo Group Holdings, Inc.*		15,049		470,883


				890,705


Food & Drug Retailers — 0.3%

AmerisourceBergen Corp.		3,488		260,763

Casey’s General Stores, Inc.		2,325		307,714


				568,477


Food Producers — 4.2%

Campbell Soup Co.		9,218		356,644

Flowers Foods, Inc.		26,180		569,153

Herbalife Nutrition Ltd.*		11,523		608,990

Hershey Co. (The)		5,841		729,249

Hormel Foods Corp.		14,908		595,425

Ingredion, Inc.		3,771		357,302

JM Smucker Co. (The)		4,635		568,390

Kellogg Co.		9,183		553,735

Lamb Weston Holdings, Inc.		7,677		537,774

McCormick & Co., Inc. (Non-Voting)		4,774		735,053

Post Holdings, Inc.*		5,518		622,320

TreeHouse Foods, Inc.*		5,773		386,676

Tyson Foods, Inc., Class A		4,654		349,097


				6,969,808


Forestry & Paper — 0.7%

Domtar Corp.		12,698		620,932

International Paper Co.		10,456		489,445


				1,110,377


Gas, Water & Multiutilities — 2.8%

Ameren Corp.		9,076		660,461

American Water Works Co., Inc.		6,391		691,442

Aqua America, Inc.		2,051		80,112

Atmos Energy Corp.		6,541		669,406

CenterPoint Energy, Inc.		21,451		664,981

National Fuel Gas Co.		9,166		542,719

UGI Corp.		11,775		641,855

WEC Energy Group, Inc.		8,477		664,851


				4,615,827


General Industrials — 1.1%

AptarGroup, Inc.		2,626		292,116


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

General Industrials — continued

Bemis Co., Inc.		3,482		199,937

Fortive Corp.		4,296		370,917

ITT, Inc.		2,032		123,038

Packaging Corp. of America		2,344		232,431

Parker-Hannifin Corp.		1,422		257,496

Silgan Holdings, Inc.		2,707		81,048

Sonoco Products Co. (a)		3,068		193,468

Westrock Co.		2,671		102,513


				1,852,964


General Retailers — 6.8%

AutoZone, Inc.*		490		503,872

Best Buy Co., Inc.		7,400		550,634

Burlington Stores, Inc.*		319		53,882

Copart, Inc.*		10,822		728,537

Dick’s Sporting Goods, Inc.		16,549		612,313

Dollar General Corp.		5,459		688,325

Dollar Tree, Inc.*		3,828		425,980

Foot Locker, Inc.		4,000		228,840

frontdoor, Inc.*		4,387		154,598

Gap, Inc. (The)		7,779		202,876

Grand Canyon Education, Inc.*		2,349		272,226

H&R Block, Inc. (a)		24,359		662,808

Henry Schein, Inc.*		7,205		461,552

KAR Auction Services, Inc.		10,403		587,561

Kohl’s Corp.		9,614		683,555

Macy’s, Inc.		14,411		339,235

Nordstrom, Inc.		10,187		417,871

Penske Automotive Group, Inc.		3,958		181,751

Ross Stores, Inc.		4,776		466,424

Service Corp. International		13,662		568,476

ServiceMaster Global Holdings, Inc.*		8,791		431,023

Tiffany & Co.		3,870		417,263

Tractor Supply Co.		6,783		702,041

Urban Outfitters, Inc.*		11,993		356,552

Williams-Sonoma, Inc. (a)		9,026		516,017


				11,214,212


Health Care Equipment & Services — 8.3%

ABIOMED, Inc.*		1,712		474,926

Acadia Healthcare Co., Inc.*		3,509		112,358

Bio-Rad Laboratories, Inc., Class A*		1,741		523,919

Bruker Corp.		7,365		284,289

Centene Corp.*		9,049		466,566

Chemed Corp.		1,472		481,020

Cooper Cos., Inc. (The)		2,271		658,408


INVESTMENTS	SHARES		VALUE($)


Health Care Equipment & Services — continued

DaVita, Inc.*		7,632		421,592

Dentsply Sirona, Inc.		5,206		266,183

Edwards Lifesciences Corp.*		3,754		660,967

Encompass Health Corp.		7,679		494,912

Hill-Rom Holdings, Inc.		6,096		618,256

Hologic, Inc.*		11,179		518,482

ICU Medical, Inc.*		1,141		259,577

IDEXX Laboratories, Inc.*		2,747		637,304

Laboratory Corp. of America Holdings*		3,730		596,502

MEDNAX, Inc.*		9,050		253,128

Molina Healthcare, Inc.*		4,601		596,428

Quest Diagnostics, Inc.		6,042		582,328

ResMed, Inc.		5,754		601,351

STERIS plc		5,345		700,088

Teleflex, Inc.		2,241		641,329

Universal Health Services, Inc., Class B		4,370		554,422

Varian Medical Systems, Inc.*		4,834		658,246

WellCare Health Plans, Inc.*		2,303		594,980

West Pharmaceutical Services, Inc.		5,386		666,733

Zimmer Biomet Holdings, Inc.		4,612		568,014


				13,892,308


Household Goods & Home Construction — 3.2%

Church & Dwight Co., Inc.		9,865		739,382

Clorox Co. (The)		4,091		653,455

DR Horton, Inc.		9,830		435,567

Energizer Holdings, Inc.		8,201		392,746

Fortune Brands Home & Security, Inc.		3,479		183,621

Leggett & Platt, Inc.		14,232		560,172

Lennar Corp., Class A		6,661		346,572

Middleby Corp. (The)*		1,704		225,150

NVR, Inc.*		169		532,769

PulteGroup, Inc.		24,037		756,204

Toll Brothers, Inc.		5,950		226,695

Whirlpool Corp.		1,886		261,815


				5,314,148


Industrial Engineering — 3.1%

Allison Transmission Holdings, Inc.		5,294		248,077

Crane Co.		1,883		160,149

Cummins, Inc.		1,497		248,936

Dover Corp.		2,819		276,375

Graco, Inc.		9,309		477,086

IDEX Corp.		2,937		460,110

Ingersoll-Rand plc		3,131		383,892

Lincoln Electric Holdings, Inc.		2,938		256,399


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Industrial Engineering — continued

Nordson Corp.		1,337		195,135

Oshkosh Corp.		2,486		205,319

PACCAR, Inc.		3,108		222,750

Pentair plc		3,018		117,672

Rockwell Automation, Inc.		1,827		330,157

Snap-on, Inc.		3,633		611,361

Toro Co. (The)		9,427		689,585

Trinity Industries, Inc.		2,495		53,792

Xylem, Inc.		2,547		212,420


				5,149,215


Industrial Metals & Mining — 1.5%

Freeport-McMoRan, Inc.		50,121		616,990

Nucor Corp.		10,672		609,051

Reliance Steel & Aluminum Co.		7,243		666,066

Steel Dynamics, Inc.		17,321		548,729


				2,440,836


Industrial Transportation — 0.9%

CH Robinson Worldwide, Inc.		3,265		264,465

Expeditors International of Washington, Inc.		3,644		289,406

Kansas City Southern		1,835		225,962

Landstar System, Inc.		3,650		397,704

Macquarie Infrastructure Corp.		2,901		117,519

Old Dominion Freight Line, Inc.		1,582		236,161


				1,531,217


Leisure Goods — 1.6%

Brunswick Corp.		6,481		331,892

Garmin Ltd.		7,699		660,112

Hasbro, Inc.		3,831		390,225

Polaris Industries, Inc.		2,497		240,711

Pool Corp.		3,213		590,357

Take-Two Interactive Software, Inc.*		3,033		293,686

Thor Industries, Inc.		2,703		178,047


				2,685,030


Life Insurance — 0.5%

Assurant, Inc.		2,516		239,020

Lincoln National Corp.		1,631		108,820

Principal Financial Group, Inc.		3,574		204,290

Torchmark Corp.		4,349		381,233


				933,363


Media — 2.4%

Discovery, Inc., Class A* (a)		13,611		420,580

Dolby Laboratories, Inc., Class A		3,802		245,951

FactSet Research Systems, Inc.		2,438		672,571


INVESTMENTS	SHARES		VALUE($)


Media — continued

Graham Holdings Co., Class B		485		360,563

Interpublic Group of Cos., Inc. (The)		13,261		305,003

John Wiley & Sons, Inc., Class A		1,653		76,335

Liberty Media Corp-Liberty SiriusXM, Class A*		3,285		131,203

Morningstar, Inc.		1,383		198,391

Omnicom Group, Inc.		5,423		434,003

Sirius XM Holdings, Inc.		76,323		443,437

Tribune Media Co., Class A		10,487		484,499

Viacom, Inc., Class B		8,978		259,554


				4,032,090


Mining — 0.7%

Newmont Goldcorp Corp.		16,934		525,970

Royal Gold, Inc.		7,311		636,496


				1,162,466


Mobile Telecommunications — 0.8%

Sprint Corp.* (a)		76,350		426,033

Telephone & Data Systems, Inc.		17,361		553,469

United States Cellular Corp.*		6,123		294,516


				1,274,018


Nonlife Insurance — 2.6%

Alleghany Corp.*		434		285,086

American Financial Group, Inc.		3,909		404,699

Arch Capital Group Ltd.*		393		13,276

Arthur J Gallagher & Co.		5,441		454,976

Assured Guaranty Ltd.		3,403		162,323

Axis Capital Holdings Ltd.		4,319		245,535

Brown & Brown, Inc.		11,953		379,508

Cincinnati Financial Corp.		3,404		327,397

CNA Financial Corp.		218		10,100

Everest Re Group Ltd.		843		198,527

First American Financial Corp.		2,585		147,500

Hanover Insurance Group, Inc. (The)		1,267		152,813

Loews Corp.		5,484		281,274

Mercury General Corp.		2,029		109,120

Old Republic International Corp.		18,772		419,742

Reinsurance Group of America, Inc.		1,687		255,597

WR Berkley Corp.		6,423		393,730


				4,241,203


Oil & Gas Producers — 4.2%

Apache Corp.		14,615		480,980

Cabot Oil & Gas Corp.		20,826		539,185

Cheniere Energy, Inc.*		6,118		393,693

CNX Resources Corp.*		34,822		312,005


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Oil & Gas Producers — continued

Continental Resources, Inc.*		10,868		499,819

Devon Energy Corp.		16,432		528,125

Diamondback Energy, Inc.		3,208		341,299

Hess Corp.		8,952		574,002

HollyFrontier Corp.		12,625		602,591

Marathon Oil Corp.		39,108		666,400

Murphy Oil Corp.		16,777		457,006

PBF Energy, Inc., Class A		15,605		524,016

SM Energy Co.		128		2,039

Targa Resources Corp.		10,808		433,941

Whiting Petroleum Corp.*		19,895		544,924


				6,900,025


Oil Equipment, Services & Distribution — 1.7%

Apergy Corp.*		4,756		188,766

Helmerich & Payne, Inc.		8,946		523,520

National Oilwell Varco, Inc.		15,035		393,015

OGE Energy Corp.		15,203		643,695

ONEOK, Inc.		8,101		550,301

RPC, Inc. (a)		11,377		117,069

Williams Cos., Inc. (The)		17,883		506,626


				2,922,992


Personal Goods — 2.9%

Capri Holdings Ltd.*		8,741		385,303

Carter’s, Inc.		4,922		521,289

Columbia Sportswear Co.		5,285		528,341

Hanesbrands, Inc.		9,937		179,562

Lululemon Athletica, Inc.*		4,315		760,950

Nu Skin Enterprises, Inc., Class A		6,549		333,148

PVH Corp.		2,726		351,627

Ralph Lauren Corp.		5,165		679,611

Tapestry, Inc.		12,405		400,309

Under Armour, Inc., Class C*		2,782		57,643

VF Corp.		6,529		616,403


				4,814,186


Pharmaceuticals & Biotechnology — 2.4%

Bio-Techne Corp.		3,340		683,331

Cardinal Health, Inc.		5,233		254,899

Charles River Laboratories International, Inc.*		4,547		638,717

Ionis Pharmaceuticals, Inc.*		4,533		336,938

IQVIA Holdings, Inc.*		4,616		641,162

Jazz Pharmaceuticals plc*		2,974		385,936

Mylan NV*		13,019		351,383

Perrigo Co. plc		6,877		329,546


INVESTMENTS	SHARES		VALUE($)


Pharmaceuticals & Biotechnology — continued

United Therapeutics Corp.*		4,691		481,156


				4,103,068


Real Estate Investment & Services — 0.2%

CBRE Group, Inc., Class A*		3,565		185,630

Jones Lang LaSalle, Inc.		809		125,047


				310,677


Real Estate Investment Trusts — 6.0%

AGNC Investment Corp.		11,959		212,751

Alexandria Real Estate Equities, Inc.		1,422		202,479

American Campus Communities, Inc.		944		44,557

Annaly Capital Management, Inc.		19,562		197,381

AvalonBay Communities, Inc.		1,526		306,619

Brandywine Realty Trust		6,562		100,989

Brixmor Property Group, Inc.		4,065		72,682

Camden Property Trust		1,847		185,901

Chimera Investment Corp.		34,669		664,605

CoreSite Realty Corp.		1,321		144,531

CubeSmart		484		15,444

Digital Realty Trust, Inc.		1,845		217,175

Douglas Emmett, Inc.		5,385		221,808

Duke Realty Corp.		7,659		238,348

EPR Properties		1,470		115,924

Equity Commonwealth		4,073		129,521

Equity LifeStyle Properties, Inc.		1,987		231,883

Essex Property Trust, Inc.		429		121,192

Extra Space Storage, Inc.		2,046		212,150

Federal Realty Investment Trust		276		36,943

Gaming and Leisure Properties, Inc.		4,447		179,570

HCP, Inc.		21,008		625,618

Highwoods Properties, Inc.		2,541		113,278

Hospitality Properties Trust		5,753		149,578

Host Hotels & Resorts, Inc.		8,809		169,485

Hudson Pacific Properties, Inc.		3,438		119,849

Iron Mountain, Inc.		3,112		101,078

Kilroy Realty Corp.		2,106		161,972

Lamar Advertising Co., Class A		2,610		215,769

Liberty Property Trust		4,600		228,344

Medical Properties Trust, Inc.		35,462		619,167

MFA Financial, Inc.		41,727		313,370

Mid-America Apartment Communities, Inc.		1,296		141,795

National Retail Properties, Inc.		1,637		86,139

New Residential Investment Corp.		39,082		656,968

Omega Healthcare Investors, Inc.		3,352		118,627

Outfront Media, Inc.		4,963		118,268


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Real Estate Investment Trusts — continued

Park Hotels & Resorts, Inc.		20,694		663,864

Retail Value, Inc.		146		4,891

Senior Housing Properties Trust		7,782		62,489

SITE Centers Corp.		1,299		17,199

Starwood Property Trust, Inc.		28,820		664,301

Sun Communities, Inc.		1,443		177,604

Taubman Centers, Inc.		1,884		92,881

Two Harbors Investment Corp.		11,861		164,393

Vornado Realty Trust		591		40,862

Weingarten Realty Investors		3,398		98,338

Welltower, Inc.		2,956		220,311

WP Carey, Inc.		1,532		121,518


				10,120,409


Software & Computer Services — 5.7%

Akamai Technologies, Inc.*		602		48,196

Amdocs Ltd.		9,904		545,512

ANSYS, Inc.*		3,053		597,778

Cadence Design Systems, Inc.*		11,174		775,252

CDW Corp.		6,915		730,224

Cerner Corp.*		5,519		366,737

Citrix Systems, Inc.		6,127		618,582

Covetrus, Inc.* (a)		2,955		97,131

Dell Technologies, Inc., Class C*		3,183		214,566

DXC Technology Co.		3,634		238,899

IAC/InterActiveCorp*		2,307		518,706

Leidos Holdings, Inc.		8,564		629,283

LogMeIn, Inc.		2,730		224,952

Manhattan Associates, Inc.*		4,853		327,335

PTC, Inc.*		6,261		566,433

Red Hat, Inc.*		3,429		625,895

SS&C Technologies Holdings, Inc.		10,499		710,362

Synopsys, Inc.*		6,384		772,975

Teradata Corp.*		1,468		66,750

Ultimate Software Group, Inc. (The)*		276		91,259

VeriSign, Inc.*		3,647		720,100


				9,486,927


Support Services — 2.9%

Booz Allen Hamilton Holding Corp.		3,452		204,669

Broadridge Financial Solutions, Inc. (a)		5,160		609,551

Cintas Corp.		1,548		336,133

Fastenal Co.		2,695		190,132

Fidelity National Information Services, Inc.		3,186		369,353

First Data Corp., Class A*		10,957		283,348

Fiserv, Inc.*		4,449		388,131


INVESTMENTS	SHARES		VALUE($)


Support Services — continued

Jack Henry & Associates, Inc. (a)		3,049		454,484

MSC Industrial Direct Co., Inc., Class A		1,793		149,985

Paychex, Inc.		3,742		315,488

Republic Services, Inc.		5,680		470,418

Robert Half International, Inc.		4,073		252,893

Total System Services, Inc.		3,131		320,114

TransUnion		4,034		280,968

Worldpay, Inc., Class A*		272		31,881

WW Grainger, Inc.		641		180,762


				4,838,310


Technology Hardware & Equipment — 4.3%

Analog Devices, Inc.		5,307		616,886

Cypress Semiconductor Corp.		21,913		376,465

F5 Networks, Inc.*		2,864		449,362

Harris Corp.		3,436		578,966

Juniper Networks, Inc.		16,297		452,568

KLA-Tencor Corp.		3,718		473,971

Lam Research Corp.		1,656		343,504

Marvell Technology Group Ltd.		10,505		262,835

Maxim Integrated Products, Inc.		7,642		458,520

Motorola Solutions, Inc.		4,518		654,703

NetApp, Inc.		4,833		352,084

ON Semiconductor Corp.*		13,177		303,862

Qorvo, Inc.*		4,515		341,379

Skyworks Solutions, Inc.		3,193		281,559

Teradyne, Inc.		8,054		394,646

Western Digital Corp.		2,746		140,376

Xilinx, Inc.		5,160		619,922


				7,101,608


Travel & Leisure — 3.9%

Alaska Air Group, Inc.		880		54,472

Choice Hotels International, Inc.		5,921		491,680

Cinemark Holdings, Inc.		10,104		424,873

Copa Holdings SA, Class A (Panama)		3,403		283,334

Darden Restaurants, Inc.		4,529		532,610

Dunkin’ Brands Group, Inc.		6,237		465,467

Extended Stay America, Inc.		23,125		414,169

Hilton Worldwide Holdings, Inc.		5,952		517,764

Hyatt Hotels Corp., Class A		6,106		468,513

Norwegian Cruise Line Holdings Ltd.*		4,763		268,586

Royal Caribbean Cruises Ltd.		2,425		293,280

Sabre Corp.		14,867		308,639

Six Flags Entertainment Corp.		7,753		411,607

United Continental Holdings, Inc.*		891		79,174


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Travel & Leisure — continued

Vail Resorts, Inc.		1,936		443,055

Wendy’s Co. (The)		22,868		425,573

Wyndham Destinations, Inc.		7,825		340,857

Yum China Holdings, Inc. (China)		8,127		386,358


				6,610,011


Total Common Stocks (Cost $152,716,855)				166,643,779

Short-Term Investments — 0.2%

Investment Companies — 0.2%

JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.39% (b) (c) (Cost $328,616)		328,616		328,616

Investment Of Cash Collateral From Securities Loaned — 1.8%

JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.57% (b) (c)		1,999,800		2,000,000

JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.45% (b) (c)		975,516		975,516


Total Investment Of Cash Collateral From Securities Loaned (Cost $2,975,516)				2,975,516


Total Investments — 101.8% (Cost $156,020,987)				169,947,911

Liabilities in Excess of Other Assets — (1.8%)				(2,926,873	)


NET ASSETS — 100.0%				167,021,038

Percentages indicated are based on net assets.


INVESTMENTS	SHARES		VALUE($)
Common Stocks — 99.8%

Aerospace & Defense — 0.9%

AAR Corp.		3,101		104,721

Aerojet Rocketdyne Holdings, Inc.*		4,217		142,788

Aerovironment, Inc.*		2,123		145,553

Allegheny Technologies, Inc.* (a)		4,758		118,569

Cubic Corp.		2,078		117,989

ManTech International Corp., Class A		1,333		82,633

Moog, Inc., Class A		3,814		357,143

RBC Bearings, Inc.*		2,228		306,461


				1,375,857


Alternative Energy — 0.5%

Enphase Energy, Inc.* (a)		13,079		131,313

Green Plains, Inc.		11,901		206,720

Pacific Ethanol, Inc.*		448		488

Renewable Energy Group, Inc.*		6,091		146,915

REX American Resources Corp.*		3,363		284,207


				769,643


Automobiles & Parts — 2.0%

American Axle & Manufacturing Holdings, Inc.*		17,206		253,789

Cooper Tire & Rubber Co.		17,961		536,315

Cooper-Standard Holdings, Inc.*		4,418		223,860

Dana, Inc.		15,676		305,682

Dorman Products, Inc.*		8,692		762,028

Gentherm, Inc.*		9,650		408,774

Meritor, Inc.*		17,072		414,167

Modine Manufacturing Co.*		4,094		60,550

Stoneridge, Inc.*		3,635		114,248

Superior Industries International, Inc.		10,800		53,460

Tenneco, Inc., Class A		10,135		222,159

Titan International, Inc.		17,069		118,288


				3,473,320


Banks — 3.9%

1st Source Corp.		807		37,792

Ameris Bancorp		2,320		84,587

AmeriServ Financial, Inc.		2,988		12,340

Axos Financial, Inc.*		3,444		112,688

BancFirst Corp.		1,746		98,474

BancorpSouth Bank		2,762		84,186

Bank of NT Butterfield & Son Ltd. (The) (Bermuda)		2,855		114,257

Banner Corp.		1,925		102,063

Brookline Bancorp, Inc.		5,530		83,226

Cadence BanCorp		5,518		125,534

Capital City Bank Group, Inc.		586		13,443

Capitol Federal Financial, Inc.		10,013		138,179


INVESTMENTS	SHARES		VALUE($)


Banks — continued

Cathay General Bancorp		2,312		85,058

CenterState Bank Corp.		3,793		93,611

Chemical Financial Corp.		540		23,722

Columbia Banking System, Inc.		2,985		112,057

Community Bank System, Inc. (a)		2,899		192,668

Community Trust Bancorp, Inc.		1,970		83,233

CVB Financial Corp.		2,416		52,427

Dime Community Bancshares, Inc. (a)		6,750		136,012

First BanCorp (Puerto Rico)		9,846		111,260

First Busey Corp.		220		5,685

First Financial Bancorp		2,025		50,828

First Financial Bankshares, Inc.		1,870		115,042

First Financial Corp.		539		22,191

First Merchants Corp.		655		24,019

First Midwest Bancorp, Inc.		2,361		50,691

Fulton Financial Corp.		6,025		103,931

Glacier Bancorp, Inc.		2,316		98,638

Great Western Bancorp, Inc.		3,346		117,679

Hancock Whitney Corp.		2,251		98,459

Home BancShares, Inc.		5,076		97,408

Hope Bancorp, Inc.		7,660		107,700

Houlihan Lokey, Inc.		2,688		132,572

IBERIABANK Corp.		1,411		112,175

Independent Bank Corp.		2,603		208,839

Investors Bancorp, Inc.		14,786		173,736

Kearny Financial Corp.		8,304		116,256

NBT Bancorp, Inc.		989		37,602

Northwest Bancshares, Inc.		7,755		135,170

OceanFirst Financial Corp.		6,471		162,940

OFG Bancorp (Puerto Rico)		2,086		42,095

Old National Bancorp		7,088		121,063

Oritani Financial Corp.		6,133		106,407

Renasant Corp.		1,094		39,668

Republic Bancorp, Inc., Class A		1,536		72,591

S&T Bancorp, Inc.		1,759		70,501

Sandy Spring Bancorp, Inc.		667		23,272

Simmons First National Corp., Class A (a)		3,916		99,427

TrustCo Bank Corp.		6,792		54,336

Trustmark Corp. (a)		4,027		144,811

UMB Financial Corp.		1,638		114,431

Union Bankshares Corp.		3,018		110,157

United Bankshares, Inc. (a)		3,353		131,572

United Community Banks, Inc.		5,128		143,994

Valley National Bancorp (a)		14,521		152,180

Washington Federal, Inc. (a)		5,190		171,997

Webster Financial Corp.		18,838		1,000,863


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Banks — continued

WesBanco, Inc. (a)		4,638		187,004

Westamerica Bancorp		1,596		102,495


				6,757,242


Beverages — 1.2%

Boston Beer Co., Inc. (The), Class A*		3,457		1,071,705

Coca-Cola Consolidated, Inc.		2,388		776,172

National Beverage Corp. (a)		4,097		229,432


				2,077,309


Chemicals — 3.5%

AdvanSix, Inc.*		3,995		120,769

American Vanguard Corp.		3,144		49,487

Balchem Corp.		4,596		466,540

Ferro Corp.*		15,338		274,090

GCP Applied Technologies, Inc.*		2,480		71,399

HB Fuller Co.		9,861		482,893

Ingevity Corp.*		3,479		400,120

Innophos Holdings, Inc.		2,989		96,216

Innospec, Inc.		4,811		408,069

Koppers Holdings, Inc.*		2,449		65,486

Kraton Corp.*		7,220		236,960

Kronos Worldwide, Inc.		5,033		68,449

LSB Industries, Inc.*		2,998		17,538

Materion Corp.		2,100		121,863

Minerals Technologies, Inc.		13,687		859,133

PolyOne Corp.		7,140		197,350

Quaker Chemical Corp.		559		125,115

Rayonier Advanced Materials, Inc.		8,851		131,349

Sensient Technologies Corp. (a)		16,192		1,135,383

Stepan Co.		3,517		325,463

Tredegar Corp.		3,455		62,259

Trinseo SA		4,375		196,656

Tronox Holdings plc, Class A		7,111		100,550


				6,013,137


Construction & Materials — 2.2%

Advanced Drainage Systems, Inc.		4,095		114,865

Aegion Corp.*		3,742		74,503

Apogee Enterprises, Inc.		4,417		178,005

Argan, Inc.		1,758		84,067

Boise Cascade Co.		3,966		109,818

Builders FirstSource, Inc.*		6,203		85,477

Dycom Industries, Inc.*		1,664		82,518

EMCOR Group, Inc.		2,635		221,709

Generac Holdings, Inc.*		2,030		111,630

Gibraltar Industries, Inc.*		2,408		95,525


INVESTMENTS	SHARES		VALUE($)


Construction & Materials — continued

GMS, Inc.*		3,570		62,903

Granite Construction, Inc.		1,320		59,255

Griffon Corp.		5,729		112,403

Installed Building Products, Inc.*		2,094		100,575

JELD-WEN Holding, Inc.*		4,059		80,165

KBR, Inc.		6,562		145,808

LB Foster Co., Class A*		875		18,804

Louisiana-Pacific Corp.		6,074		152,154

Masonite International Corp.*		1,983		102,105

MasTec, Inc.* (a)		3,430		173,729

Mueller Water Products, Inc., Class A		11,780		126,399

NCI Building Systems, Inc.*		668		3,821

Patrick Industries, Inc.*		2,543		126,819

PGT Innovations, Inc.*		6,468		94,821

Quanex Building Products Corp.		4,777		79,872

Simpson Manufacturing Co., Inc.		3,528		224,663

TopBuild Corp.*		3,861		275,019

Trex Co., Inc.*		1,276		88,389

Tutor Perini Corp.*		3,475		69,396

Universal Forest Products, Inc.		8,224		303,877

US Concrete, Inc.*		1,768		83,326

Watts Water Technologies, Inc., Class A		2,774		237,427


				3,879,847


Electricity — 6.4%

ALLETE, Inc.		14,121		1,150,155

Atlantica Yield plc (Spain)		2,363		48,418

Black Hills Corp.		16,391		1,192,609

El Paso Electric Co.		12,211		746,214

IDACORP, Inc.		11,364		1,125,263

MGE Energy, Inc.		6,521		442,059

NorthWestern Corp.		15,248		1,065,073

Ormat Technologies, Inc.		19,894		1,161,014

Pattern Energy Group, Inc., Class A		28,986		670,156

PNM Resources, Inc.		25,095		1,165,412

Portland General Electric Co.		21,896		1,145,380

Sunrun, Inc.* (a)		40,210		611,594

TerraForm Power, Inc., Class A		39,268		532,474


				11,055,821


Electronic & Electrical Equipment — 1.9%

Anixter International, Inc.*		1,868		117,441

Atkore International Group, Inc.*		5,238		129,693

AZZ, Inc.		3,913		185,828

Badger Meter, Inc.		4,117		228,411

Belden, Inc.		1,817		100,934


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Electronic & Electrical Equipment — continued

Benchmark Electronics, Inc.		2,643		71,440

Brady Corp., Class A		2,477		120,853

CTS Corp.		1,151		34,472

Daktronics, Inc.		6,098		46,223

Encore Wire Corp.		2,866		169,925

EnerSys		2,187		151,319

ESCO Technologies, Inc.		1,768		132,600

Fabrinet (Thailand)*		3,307		200,140

II-VI, Inc.*		1,991		79,321

Integer Holdings Corp.*		4,545		314,014

LSI Industries, Inc.		10,091		34,309

Methode Electronics, Inc.		2,655		78,349

MTS Systems Corp.		4,915		270,227

Novanta, Inc.*		2,080		181,002

Park Electrochemical Corp.		3,539		58,217

Plexus Corp.*		3,127		188,183

TTM Technologies, Inc.*		4,810		63,684

Veeco Instruments, Inc.*		2,155		26,248

Vicor Corp.*		1,463		54,877

Vishay Intertechnology, Inc.		6,229		123,397


				3,161,107


Financial Services — 0.4%

Clearway Energy, Inc., Class A		4,303		66,137

Clearway Energy, Inc., Class C		6,308		100,108

Encore Capital Group, Inc.*		2,542		71,837

EZCORP, Inc., Class A*		2,199		23,903

FirstCash, Inc.		1,772		173,089

MGIC Investment Corp.*		10,413		152,446

PRA Group, Inc.* (a)		1,689		47,495

Stewart Information Services Corp.		2,414		102,619

World Acceptance Corp.*		759		98,662


				836,296


Fixed Line Telecommunications — 1.0%

8x8, Inc.* (a)		19,553		467,708

Alaska Communications Systems Group, Inc.*		10,010		17,417

IDT Corp., Class B*		18,864		134,312

Vonage Holdings Corp.*		105,916		1,029,504


				1,648,941


Food & Drug Retailers — 0.5%

Core-Mark Holding Co., Inc.		3,328		120,973

Diplomat Pharmacy, Inc.*		3,095		17,270

GNC Holdings, Inc., Class A* (a)		5,082		11,282

Ingles Markets, Inc., Class A		2,331		63,986

Performance Food Group Co.*		4,975		203,726


INVESTMENTS	SHARES		VALUE($)


Food & Drug Retailers — continued

PetMed Express, Inc. (a)		8,873		193,875

Simply Good Foods Co. (The)* (a)		5,852		131,436

SpartanNash Co.		9,676		156,461

United Natural Foods, Inc.*		2,482		32,067


				931,076


Food Producers — 4.6%

Andersons, Inc. (The)		10,292		336,548

B&G Foods, Inc. (a)		11,137		289,562

Calavo Growers, Inc. (a)		4,562		437,085

Cal-Maine Foods, Inc.		8,258		339,486

Darling Ingredients, Inc.*		22,093		481,848

Dean Foods Co. (a)		21,070		35,819

Farmer Brothers Co.*		872		17,580

Fresh Del Monte Produce, Inc.		20,533		605,929

Hostess Brands, Inc.*		26,432		354,189

J&J Snack Foods Corp.		4,929		774,740

Lancaster Colony Corp.		7,485		1,113,094

Medifast, Inc.		5,255		770,856

MGP Ingredients, Inc. (a)		4,550		399,808

Nature’s Sunshine Products, Inc.*		1,095		9,855

Sanderson Farms, Inc. (a)		3,586		543,745

Seaboard Corp.		37		166,337

Tootsie Roll Industries, Inc.		10,222		396,920

USANA Health Sciences, Inc.*		11,358		947,939


				8,021,340


Forestry & Paper — 0.4%

Clearwater Paper Corp.*		3,498		70,555

PH Glatfelter Co.		13,000		205,140

Schweitzer-Mauduit International, Inc.		12,037		428,156

Verso Corp., Class A*		4,333		96,713


				800,564


Gas, Water & Multiutilities — 6.1%

American States Water Co.		16,177		1,151,317

Avista Corp.		27,708		1,195,323

California Water Service Group		20,786		1,047,406

Connecticut Water Service, Inc.		3,324		227,927

New Jersey Resources Corp.		22,359		1,119,739

Northwest Natural Holding Co.		10,029		670,840

ONE Gas, Inc.		12,747		1,128,364

SJW Group (a)		7,852		487,295

South Jersey Industries, Inc.		34,771		1,116,844

Southwest Gas Holdings, Inc.		12,279		1,021,490

Spark Energy, Inc., Class A (a)		18,998		179,721

Spire, Inc.		13,746		1,157,276


				10,503,542


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

General Industrials — 0.7%

Actuant Corp., Class A		3,000		76,740

Greif, Inc., Class A		3,307		130,692

Harsco Corp.*		4,133		93,571

Multi-Color Corp.		1,742		86,926

Myers Industries, Inc.		3,230		57,785

NACCO Industries, Inc., Class A		2,306		94,292

Otter Tail Corp.		7,856		403,013

TriMas Corp.*		3,555		109,956


				1,052,975


General Retailers — 6.6%

Aaron’s, Inc.		4,306		239,801

Abercrombie & Fitch Co., Class A		4,299		128,497

Adtalem Global Education, Inc.*		5,427		267,660

AMERCO		2,811		1,048,981

American Eagle Outfitters, Inc.		11,203		266,407

American Public Education, Inc.*		4,448		142,336

Asbury Automotive Group, Inc.*		2,717		217,849

At Home Group, Inc.* (a)		3,672		86,255

Barnes & Noble, Inc.		8,883		44,682

Bed Bath & Beyond, Inc.		9,788		163,557

Big Lots, Inc.		4,191		155,738

Boot Barn Holdings, Inc.*		5,643		162,462

Buckle, Inc. (The) (a)		9,300		171,864

Build-A-Bear Workshop, Inc.*		8,010		44,856

Caleres, Inc.		6,212		162,941

Cargurus, Inc.*		4,548		185,286

Carriage Services, Inc.		2,808		49,280

Cars.com, Inc.*		8,311		172,952

Cato Corp. (The), Class A		5,341		80,970

Chegg, Inc.*		5,186		184,881

Chico’s FAS, Inc.		13,193		46,176

Children’s Place, Inc. (The) (a)		1,509		170,245

Citi Trends, Inc.		4,673		86,497

Conn’s, Inc.*		2,124		54,948

Designer Brands, Inc.		6,310		140,398

Dillard’s, Inc., Class A		1,772		121,293

Etsy, Inc.*		2,012		135,890

Express, Inc.*		27,079		99,651

Five Below, Inc.*		2,088		305,662

Francesca’s Holdings Corp.*		9,129		6,315

GameStop Corp., Class A (a)		17,636		152,551

Genesco, Inc.*		3,698		165,707

Group 1 Automotive, Inc.		2,768		216,762

Guess?, Inc.		8,425		171,617

Haverty Furniture Cos., Inc.		4,865		115,884


INVESTMENTS	SHARES		VALUE($)


General Retailers — continued

Hibbett Sports, Inc.*		4,428		91,660

Hillenbrand, Inc.		9,396		404,216

Houghton Mifflin Harcourt Co.*		1,097		7,822

K12, Inc.*		664		20,000

Kirkland’s, Inc.*		4,687		27,560

Lands’ End, Inc.*		3,305		57,871

Laureate Education, Inc., Class A*		7,018		110,463

Liquidity Services, Inc.*		1,862		12,643

Lithia Motors, Inc., Class A		1,643		186,513

Lumber Liquidators Holdings, Inc.* (a)		1,569		20,742

Matthews International Corp., Class A		4,129		165,408

Monro, Inc.		7,709		646,245

Murphy USA, Inc.*		3,745		320,085

Office Depot, Inc.		23,081		55,394

Ollie’s Bargain Outlet Holdings, Inc.*		2,823		269,992

Party City Holdco, Inc.*		9,535		63,885

Pier 1 Imports, Inc.* (a)		7,971		7,229

PriceSmart, Inc.		2,213		132,360

RealNetworks, Inc.*		7,210		18,746

Regis Corp.*		7,095		132,818

Rent-A-Center, Inc.*		4,979		124,126

RH* (a)		895		95,505

Rollins, Inc.		23,425		905,845

Shoe Carnival, Inc. (a)		8,335		297,226

Shutterfly, Inc.*		2,205		96,645

Signet Jewelers Ltd.		3,540		82,057

Sonic Automotive, Inc., Class A		4,346		87,920

Sotheby’s* (a)		2,968		125,190

Stamps.com, Inc.*		799		68,554

Strategic Education, Inc.		1,203		172,450

Tailored Brands, Inc.		3,541		28,859

Tile Shop Holdings, Inc.		5,252		25,525

Titan Machinery, Inc.*		5,531		95,133

Weight Watchers International, Inc.*		2,345		47,885

Zovio, Inc.*		2,288		13,774

Zumiez, Inc.*		25,825		687,720


				11,672,917


Health Care Equipment & Services — 6.8%

Accuray, Inc.*		11,467		47,473

Amedisys, Inc.*		1,100		140,602

Anika Therapeutics, Inc.*		2,921		93,034

Avanos Medical, Inc.*		3,696		155,047

Axogen, Inc.* (a)		2,970		69,736

BioScrip, Inc.*		2,657		5,101

BioTelemetry, Inc.*		1,749		95,146


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Health Care Equipment & Services — continued

Brookdale Senior Living, Inc.*		18,857		116,536

CONMED Corp.		7,304		584,539

Ensign Group, Inc. (The)		2,703		139,259

Fluidigm Corp.*		2,095		28,785

Genesis Healthcare, Inc.*		6,451		8,386

Globus Medical, Inc., Class A*		3,779		170,395

Haemonetics Corp.*		2,818		245,955

Healthcare Services Group, Inc.		4,893		165,628

HealthEquity, Inc.*		1,994		135,093

HMS Holdings Corp.*		5,994		182,397

ICU Medical, Inc.*		3,412		776,230

Inogen, Inc.*		638		55,697

Intersect ENT, Inc.*		3,095		100,557

Invacare Corp.		12,558		92,929

iRhythm Technologies, Inc.*		1,227		93,632

LHC Group, Inc.*		5,240		582,216

LivaNova plc*		1,899		130,822

Magellan Health, Inc.*		4,470		312,900

Meridian Bioscience, Inc.		8,254		95,004

Merit Medical Systems, Inc.*		7,962		447,305

Natus Medical, Inc.*		9,926		265,620

Neogen Corp.*		5,430		329,384

NeoGenomics, Inc.*		7,656		159,475

NuVasive, Inc.*		3,792		229,795

Omnicell, Inc.*		12,730		1,022,983

OraSure Technologies, Inc.*		8,471		80,136

Orthofix Medical, Inc.*		2,564		140,482

Owens & Minor, Inc.		8,449		28,811

Patterson Cos., Inc. (a)		5,589		122,064

Quidel Corp.*		7,643		488,693

Repligen Corp.*		3,887		261,906

Select Medical Holdings Corp.*		8,467		121,671

STAAR Surgical Co.*		2,669		86,689

Surmodics, Inc.*		3,571		155,124

Tactile Systems Technology, Inc.*		2,449		121,862

Teladoc Health, Inc.* (a)		1,834		104,318

Tenet Healthcare Corp.*		3,897		85,344

Tivity Health, Inc.*		51,174		1,106,382

Varex Imaging Corp.*		5,063		166,269

WageWorks, Inc.*		3,663		178,718

West Pharmaceutical Services, Inc.		10,011		1,239,262

Wright Medical Group NV*		5,654		167,189


				11,732,581


Household Goods & Home Construction — 5.7%

ACCO Brands Corp.		33,636		307,433


INVESTMENTS	SHARES		VALUE($)


Household Goods & Home Construction — continued

American Woodmark Corp.*		3,212		288,855

Bassett Furniture Industries, Inc.		4,096		72,745

Beazer Homes USA, Inc.*		20,790		276,299

Central Garden & Pet Co.*		7,679		207,179

Central Garden & Pet Co., Class A*		14,080		344,678

CompX International, Inc.		1,651		25,706

Ethan Allen Interiors, Inc.		19,240		425,204

Hamilton Beach Brands Holding Co., Class A		4,552		82,391

Herman Miller, Inc.		15,224		590,996

HNI Corp.		11,200		411,152

Interface, Inc.		35,462		568,810

iRobot Corp.* (a)		2,443		252,948

KB Home		14,857		384,945

Kimball International, Inc., Class B		4,971		77,846

Knoll, Inc.		15,540		339,394

La-Z-Boy, Inc.		19,852		651,146

LGI Homes, Inc.*		8,311		576,035

LS Starrett Co. (The), Class A*		1,702		12,271

M/I Homes, Inc.*		15,515		437,058

MDC Holdings, Inc.		21,557		658,782

Meritage Homes Corp.*		9,912		506,999

National Presto Industries, Inc.		1,603		170,719

Skyline Champion Corp.		6,339		133,816

Sleep Number Corp.*		7,957		276,904

Steelcase, Inc., Class A		22,218		384,149

Taylor Morrison Home Corp., Class A*		10,356		200,492

TRI Pointe Group, Inc.*		28,503		371,964

Virco Manufacturing Corp.		3,223		14,665

WD-40 Co. (a)		5,562		935,807

William Lyon Homes, Class A*		11,650		196,419


				10,183,807


Industrial Engineering — 1.9%

Albany International Corp., Class A		3,813		282,048

Astec Industries, Inc.		1,257		42,374

Briggs & Stratton Corp.		27,824		339,453

CIRCOR International, Inc.*		1,574		53,075

Columbus McKinnon Corp.		7,521		296,027

EnPro Industries, Inc.		2,555		189,888

Federal Signal Corp.		3,681		105,902

Franklin Electric Co., Inc.		3,416		166,906

GATX Corp. (a)		2,005		154,646

Greenbrier Cos., Inc. (The)		1,560		55,427

John Bean Technologies Corp.		1,039		114,072

Kennametal, Inc.		3,098		126,089

Lindsay Corp.		762		64,770


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Industrial Engineering — continued

Manitowoc Co., Inc. (The)*		1,904		34,005

MSA Safety, Inc.		2,319		254,881

Mueller Industries, Inc.		5,296		154,484

Proto Labs, Inc.*		1,412		155,024

Rexnord Corp.*		5,526		158,044

Standex International Corp.		1,263		83,446

Tennant Co.		2,201		146,102

Wabash National Corp.		7,426		111,984

Woodward, Inc.		2,076		226,076


				3,314,723


Industrial Metals & Mining — 0.8%

AK Steel Holding Corp.* (a)		13,640		33,009

Carpenter Technology Corp.		4,684		232,654

Century Aluminum Co.*		7,695		64,715

Cleveland-Cliffs, Inc. (a)		17,941		179,231

Commercial Metals Co.		12,371		213,895

Haynes International, Inc.		4,014		129,692

Kaiser Aluminum Corp.		4,768		469,171

Olympic Steel, Inc.		2,312		37,501

Worthington Industries, Inc.		5,411		217,144


				1,577,012


Industrial Transportation — 1.2%

Aircastle Ltd.		7,332		146,053

ArcBest Corp.		3,584		109,527

Atlas Air Worldwide Holdings, Inc.*		1,934		93,393

Covenant Transportation Group, Inc., Class A*		4,578		89,408

DHT Holdings, Inc.		14,550		77,552

Echo Global Logistics, Inc.*		4,320		99,101

Forward Air Corp.		2,788		176,536

Frontline Ltd. (Norway)* (a)		2,241		18,354

GasLog Ltd. (Monaco)		4,628		72,336

Heartland Express, Inc.		5,985		117,785

Hub Group, Inc., Class A*		3,128		130,031

Matson, Inc.		2,703		107,066

Nordic American Tankers Ltd.		2,119		4,535

Saia, Inc.*		2,192		141,143

Scorpio Tankers, Inc. (Monaco)		966		24,903

SEACOR Holdings, Inc.*		6,002		267,329

Ship Finance International Ltd. (Norway) (a)		12,847		163,928

Textainer Group Holdings Ltd. (China)*		2,826		27,101

Triton International Ltd. (Bermuda)		3,146		103,661

Werner Enterprises, Inc.		5,961		199,693

World Fuel Services Corp.		3,992		123,153


				2,292,588


INVESTMENTS	SHARES		VALUE($)


Leisure Goods — 3.6%

American Outdoor Brands Corp.*		17,647		173,823

Callaway Golf Co.		43,295		760,260

Camping World Holdings, Inc., Class A (a)		9,131		136,235

Fox Factory Holding Corp.*		16,996		1,318,890

Funko, Inc., Class A* (a)		5,147		102,065

JAKKS Pacific, Inc.*		9,440		10,195

LCI Industries		8,468		743,914

Nautilus, Inc.*		23,721		126,908

Pool Corp.		7,035		1,292,611

Sturm Ruger & Co., Inc.		8,097		453,351

Universal Electronics, Inc.*		5,867		223,239

Winnebago Industries, Inc.		14,996		530,409

ZAGG, Inc.*		32,573		268,402


				6,140,302


Life Insurance — 0.3%

Employers Holdings, Inc.		3,328		142,838

FBL Financial Group, Inc., Class A		1,651		103,138

National Western Life Group, Inc., Class A		226		60,279

Primerica, Inc.		904		117,782


				424,037


Media — 2.1%

Entercom Communications Corp., Class A (a)		11,182		76,932

EW Scripps Co. (The), Class A		5,634		128,399

Gannett Co., Inc.		13,962		130,265

Gray Television, Inc.*		8,697		203,771

Liberty Media Corp-Liberty Formula One, Class A*		13,964		527,281

LiveRamp Holdings, Inc.*		4,221		246,211

MDC Partners, Inc., Class A*		4,918		10,328

Meredith Corp. (a)		3,814		225,026

MSG Networks, Inc., Class A*		5,667		130,511

New York Times Co. (The), Class A		9,746		323,080

Nexstar Media Group, Inc., Class A		3,094		362,153

QuinStreet, Inc.*		7,224		103,086

Scholastic Corp.		4,832		192,700

Sinclair Broadcast Group, Inc., Class A		4,158		190,395

TEGNA, Inc.		19,546		311,172

Trade Desk, Inc. (The), Class A*		816		180,728

Viad Corp.		2,036		124,827

Yelp, Inc.*		4,465		178,868


				3,645,733


Mining — 1.0%

Arch Coal, Inc., Class A		2,867		278,042

Coeur Mining, Inc.*		5,030		18,158


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Mining — continued

Compass Minerals International, Inc.		6,539		375,273

CONSOL Energy, Inc.*		3,330		112,887

Hecla Mining Co.		38,612		81,085

Peabody Energy Corp.		7,770		223,543

SunCoke Energy, Inc.*		10,564		90,956

US Silica Holdings, Inc.		9,736		154,023

Warrior Met Coal, Inc.		7,007		217,217


				1,551,184


Mobile Telecommunications — 0.9%

Intelsat SA*		20,983		424,696

Iridium Communications, Inc.*		45,425		1,247,370


				1,672,066


Nonlife Insurance — 0.7%

Horace Mann Educators Corp.		2,701		104,204

Navigators Group, Inc. (The)		3,039		212,548

Protective Insurance Corp., Class B		547		8,889

RLI Corp.		2,083		169,410

Safety Insurance Group, Inc.		1,539		143,004

Selective Insurance Group, Inc. (a)		6,438		459,094

State Auto Financial Corp.		3,012		101,293


				1,198,442


Oil & Gas Producers — 1.0%

Abraxas Petroleum Corp.*		20,951		28,912

California Resources Corp.*		2,869		60,479

Callon Petroleum Co.*		11,300		84,863

Carrizo Oil & Gas, Inc.*		5,826		74,689

CVR Energy, Inc.		5,446		248,392

Delek US Holdings, Inc.		4,456		165,139

Denbury Resources, Inc.*		28,391		63,312

Gulfport Energy Corp.* (a)		16,124		105,612

Halcon Resources Corp.*		16,653		21,649

Laredo Petroleum, Inc.*		19,766		59,693

Matador Resources Co.*		8,465		166,676

Oasis Petroleum, Inc.*		23,289		142,063

Penn Virginia Corp.*		1,868		83,873

ProPetro Holding Corp.*		12,866		284,725

Southwestern Energy Co.*		36,276		143,290

SRC Energy, Inc.*		17,039		104,790

Ultra Petroleum Corp.*		15,649		6,579

W&T Offshore, Inc.*		13,321		84,988


				1,929,724


Oil Equipment, Services & Distribution — 1.7%

Archrock, Inc.		20,337		205,607


INVESTMENTS	SHARES		VALUE($)


Oil Equipment, Services & Distribution — continued

Bristow Group, Inc.*		4,429		2,237

C&J Energy Services, Inc.*		421		5,915

Cactus, Inc., Class A*		6,307		228,944

CARBO Ceramics, Inc.*		3,857		10,491

Chart Industries, Inc.*		4,304		379,914

Covia Holdings Corp.* (a)		5,527		26,585

Diamond Offshore Drilling, Inc.* (a)		12,969		125,929

Flotek Industries, Inc.*		322		1,150

Forum Energy Technologies, Inc.*		5,917		35,384

Geospace Technologies Corp.*		521		7,007

Golar LNG Ltd. (Bermuda)		6,674		130,410

Gulf Island Fabrication, Inc.*		6,103		52,486

Helix Energy Solutions Group, Inc.*		24,126		188,665

Keane Group, Inc.*		12,020		126,090

KLX Energy Services Holdings, Inc.*		1,135		31,837

Liberty Oilfield Services, Inc., Class A (a)		7,123		106,204

Matrix Service Co.*		4,902		96,128

McDermott International, Inc.*		8,223		66,524

MRC Global, Inc.*		12,012		208,168

Newpark Resources, Inc.* (a)		9,805		71,576

Noble Corp. plc*		37,325		98,165

NOW, Inc.*		13,687		200,104

Oceaneering International, Inc.*		7,967		152,966

Oil States International, Inc.*		9,183		177,416

Pioneer Energy Services Corp.*		12,639		21,992

SemGroup Corp., Class A		8,752		114,301

Teekay Tankers Ltd., Class A (Bermuda)*		19,222		20,952

TETRA Technologies, Inc.*		8,124		19,335

Unit Corp.*		7,034		95,381


				3,007,863


Personal Goods — 3.5%

Columbia Sportswear Co.		10,503		1,049,985

Crocs, Inc.*		11,080		308,578

Deckers Outdoor Corp.*		3,293		520,986

G-III Apparel Group Ltd.*		7,522		324,574

Helen of Troy Ltd.*		7,585		1,092,240

Movado Group, Inc.		4,695		167,377

Oxford Industries, Inc.		5,215		433,158

Steven Madden Ltd.		32,839		1,193,698

Vera Bradley, Inc.*		33,715		414,020

Wolverine World Wide, Inc.		15,177		558,665


				6,063,281


Pharmaceuticals & Biotechnology — 2.7%

Acceleron Pharma, Inc.*		3,188		129,847


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Pharmaceuticals & Biotechnology — continued

Achillion Pharmaceuticals, Inc.*		11,791		34,901

Acorda Therapeutics, Inc.*		4,936		51,581

AMAG Pharmaceuticals, Inc.*		1,788		19,954

Amneal Pharmaceuticals, Inc.*		3,658		47,079

ANI Pharmaceuticals, Inc.*		1,907		135,359

Arena Pharmaceuticals, Inc.*		1,080		49,410

Array BioPharma, Inc.*		4,787		108,234

Assertio Therapeutics, Inc.* (a)		3,085		12,865

Blueprint Medicines Corp.* (a)		1,743		131,788

Cambrex Corp.*		2,967		127,640

Chimerix, Inc.*		2,418		6,529

Corcept Therapeutics, Inc.* (a)		7,137		88,356

Cyclerion Therapeutics, Inc.* (a)		918		13,981

Dynavax Technologies Corp.* (a)		2,194		14,590

Eagle Pharmaceuticals, Inc.*		1,947		100,095

Emergent BioSolutions, Inc.*		2,528		130,647

Enanta Pharmaceuticals, Inc.*		1,844		160,778

FibroGen, Inc.*		2,572		120,190

Five Prime Therapeutics, Inc.*		1,979		21,927

Genomic Health, Inc.*		2,304		148,216

Halozyme Therapeutics, Inc.*		5,761		92,925

Heron Therapeutics, Inc.*		4,016		87,067

Horizon Pharma plc*		3,814		97,371

ImmunoGen, Inc.*		3,209		7,670

Innoviva, Inc.*		10,348		145,182

Inovio Pharmaceuticals, Inc.* (a)		11,516		43,300

Insys Therapeutics, Inc.* (a)		3,342		14,371

Ironwood Pharmaceuticals, Inc.* (a)		8,337		99,127

Lannett Co., Inc.* (a)		2,651		20,386

Lexicon Pharmaceuticals, Inc.* (a)		7,215		41,847

Ligand Pharmaceuticals, Inc.* (a)		1,043		131,262

Luminex Corp.		9,757		222,557

Mallinckrodt plc* (a)		2,999		46,365

Medpace Holdings, Inc.*		2,452		137,729

Melinta Therapeutics, Inc.*		126		552

Momenta Pharmaceuticals, Inc.*		4,881		68,285

MyoKardia, Inc.*		2,135		102,437

Myriad Genetics, Inc.*		4,780		150,474

NewLink Genetics Corp.*		2,680		4,583

Novavax, Inc.* (a)		7,802		4,145

Novocure Ltd.*		2,007		88,449

Pacira BioSciences, Inc.*		1,122		44,678

Paratek Pharmaceuticals, Inc.* (a)		3,442		18,965

PDL BioPharma, Inc.*		25,770		84,268

PetIQ, Inc.* (a)		3,648		100,211


INVESTMENTS	SHARES		VALUE($)


Pharmaceuticals & Biotechnology — continued

Prestige Consumer Healthcare, Inc.*		3,641		107,118

PTC Therapeutics, Inc.*		3,467		129,735

Retrophin, Inc.*		5,960		113,717

Sangamo Therapeutics, Inc.*		2,921		34,146

Spark Therapeutics, Inc.*		436		46,517

Spectrum Pharmaceuticals, Inc.*		5,351		50,139

Supernus Pharmaceuticals, Inc.*		2,693		98,914

Syneos Health, Inc.*		2,693		126,383

Theravance Biopharma, Inc.*		3,573		85,216

Vanda Pharmaceuticals, Inc.*		7,733		125,971

Xencor, Inc.*		2,880		88,445

Zogenix, Inc.*		2,882		112,369


				4,626,843


Real Estate Investment & Services — 0.1%

Kennedy-Wilson Holdings, Inc.		3,973		85,578

Rafael Holdings, Inc., Class B*		5,099		82,604


				168,182


Real Estate Investment Trusts — 3.6%

Acadia Realty Trust		4,589		129,593

AG Mortgage Investment Trust, Inc.		3,337		57,096

Agree Realty Corp.		2,236		146,391

American Assets Trust, Inc.		4,412		203,790

Anworth Mortgage Asset Corp.		19,229		80,569

Apollo Commercial Real Estate Finance, Inc.		14,239		266,839

Arbor Realty Trust, Inc. (a)		10,867		148,443

ARMOUR Residential REIT, Inc.		6,000		114,480

Blackstone Mortgage Trust, Inc., Class A		7,849		279,346

Capstead Mortgage Corp.		20,734		178,105

CareTrust REIT, Inc.		5,328		129,204

Chesapeake Lodging Trust		781		22,259

CorePoint Lodging, Inc.		2,236		27,950

Cousins Properties, Inc.		9,435		90,293

DiamondRock Hospitality Co.		5,095		55,332

EastGroup Properties, Inc.		1,287		147,143

Exantas Capital Corp.		3,789		41,490

First Industrial Realty Trust, Inc.		5,575		196,630

Four Corners Property Trust, Inc.		5,300		150,732

Franklin Street Properties Corp.		5,985		47,042

GEO Group, Inc. (The)		3,858		77,237

Global Net Lease, Inc.		6,120		116,708

Healthcare Realty Trust, Inc.		542		16,737

Invesco Mortgage Capital, Inc.		5,633		91,931

Kite Realty Group Trust		529		8,353

Ladder Capital Corp.		7,765		135,111


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Real Estate Investment Trusts — continued

Lexington Realty Trust		3,348		30,366

LTC Properties, Inc.		7,071		318,619

Mack-Cali Realty Corp.		1,451		33,779

National Health Investors, Inc.		1,971		148,673

National Storage Affiliates Trust		4,417		129,241

New York Mortgage Trust, Inc.		16,450		103,635

Office Properties Income Trust		1,864		50,589

Pebblebrook Hotel Trust		3,201		104,225

Pennsylvania (a)		2,662		16,025

PennyMac Mortgage Investment Trust		4,913		103,173

Physicians Realty Trust		7,342		132,597

Piedmont Office Realty Trust, Inc., Class A		7,799		162,375

PotlatchDeltic Corp.		2,418		93,480

PS Business Parks, Inc.		1,628		250,093

Redwood Trust, Inc.		5,827		95,330

Retail Opportunity Investments Corp.		8,133		142,734

Rexford Industrial Realty, Inc.		5,247		198,809

RLJ Lodging Trust		5,553		102,231

RPT Realty		5,433		65,902

Ryman Hospitality Properties, Inc.		1,545		122,982

Sabra Health Care REIT, Inc.		4,512		88,255

Saul Centers, Inc.		1,542		82,266

STAG Industrial, Inc.		4,519		130,057

Summit Hotel Properties, Inc.		6,116		71,007

Sunstone Hotel Investors, Inc.		3,317		47,765

Tanger Factory Outlet Centers, Inc. (a)		5,220		94,273

Terreno Realty Corp.		2,872		128,235

Urban Edge Properties		474		8,802

Washington		3,784		106,860

Western Asset Mortgage Capital Corp.		8,085		85,054

Xenia Hotels & Resorts, Inc.		5,096		110,328


				6,316,564


Software & Computer Services — 6.1%

ACI Worldwide, Inc.*		16,397		582,421

Alarm.com Holdings, Inc.*		2,915		206,615

Alteryx, Inc., Class A* (a)		2,638		233,832

Appfolio, Inc., Class A*		1,427		138,576

Avaya Holdings Corp.*		11,546		220,298

Benefitfocus, Inc.*		2,365		96,326

Blackbaud, Inc.		2,420		191,882

Blackline, Inc.*		3,460		176,737

Blucora, Inc.*		4,248		148,680

Boingo Wireless, Inc.*		4,324		98,328

Bottomline Technologies de, Inc.*		3,408		172,343

CACI International, Inc., Class A*		1,739		339,001


INVESTMENTS	SHARES		VALUE($)


Software & Computer Services — continued

Carbonite, Inc.*		4,300		105,479

Cogent Communications Holdings, Inc.		5,955		328,895

CommVault Systems, Inc.*		4,633		243,696

Computer Programs & Systems, Inc.		2,214		67,284

Computer Task Group, Inc.*		4,527		20,960

Coupa Software, Inc.*		1,540		159,128

CSG Systems International, Inc.		5,517		246,334

Diebold Nixdorf, Inc.*		5,630		56,807

Ebix, Inc. (a)		4,207		212,369

Envestnet, Inc.*		2,870		203,741

Everbridge, Inc.*		2,854		210,882

Five9, Inc.*		2,897		153,744

Forrester Research, Inc.		3,873		196,981

Globant SA (Argentina)*		682		57,281

Gogo, Inc.* (a)		10,796		56,787

HubSpot, Inc.* (a)		1,489		274,706

j2 Global, Inc.		2,894		253,572

LivePerson, Inc.*		8,183		240,007

Medidata Solutions, Inc.*		3,116		281,499

Meet Group, Inc. (The)*		24,003		133,457

MicroStrategy, Inc., Class A*		1,374		205,688

NetScout Systems, Inc.*		3,853		113,278

New Relic, Inc.*		1,601		168,489

NextGen Healthcare, Inc.*		3,897		73,225

OneSpan, Inc.*		5,650		104,751

Perficient, Inc.*		4,696		138,250

Perspecta, Inc.		11,126		256,788

Progress Software Corp.		8,944		407,936

Q2 Holdings, Inc.* (a)		2,978		224,601

Qualys, Inc.*		6,815		615,122

Rosetta Stone, Inc.*		6,001		151,345

SailPoint Technologies Holding, Inc.*		4,798		135,591

Science Applications International Corp.		3,373		252,806

Shutterstock, Inc.		4,830		195,374

SPS Commerce, Inc.*		1,531		158,826

Tabula Rasa HealthCare, Inc.* (a)		2,190		116,639

TiVo Corp.		6,670		62,498

Unisys Corp.* (a)		12,914		144,766

Varonis Systems, Inc.*		2,645		188,192

Verint Systems, Inc.*		4,738		286,128

Virtusa Corp.*		3,550		197,202

Workiva, Inc.*		2,344		124,560


				10,430,703


Support Services — 3.6%

ABM Industries, Inc.		4,742		180,054


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Support Services — continued

Acacia Research Corp.*		1,256		3,994

AMN Healthcare Services, Inc.*		1,977		102,923

Applied Industrial Technologies, Inc.		8,851		530,529

ASGN, Inc.*		2,793		176,071

Barnes Group, Inc.		2,681		149,117

Cimpress NV (Netherlands)*		1,019		92,118

Comfort Systems USA, Inc.		5,219		282,348

Covanta Holding Corp. (a)		10,418		188,253

CRA International, Inc.		2,532		131,867

Crawford & Co., Class B		696		6,139

Deluxe Corp.		2,317		103,616

DXP Enterprises, Inc.*		1,026		44,005

EVERTEC, Inc. (Puerto Rico)		5,222		163,501

ExlService Holdings, Inc.*		2,104		124,977

Exponent, Inc.		2,079		117,713

FTI Consulting, Inc.*		2,742		233,015

Heidrick & Struggles International, Inc.		1,244		44,510

Huron Consulting Group, Inc.*		1,524		73,655

Insperity, Inc.		1,412		168,819

Kaman Corp.		4,203		260,208

Kelly Services, Inc., Class A		1,988		44,253

Korn Ferry		1,773		83,366

Lawson Products, Inc.*		1,584		52,019

MAXIMUS, Inc.		15,252		1,123,310

McGrath RentCorp		2,746		170,252

Mobile Mini, Inc.		746		26,871

Navigant Consulting, Inc.		6,215		141,888

Paylocity Holding Corp.*		1,410		136,136

Resources Connection, Inc.		2,987		47,971

SiteOne Landscape Supply, Inc.*		2,744		184,671

Sykes Enterprises, Inc.*		1,681		46,648

Team, Inc.*		2,036		34,408

Tetra Tech, Inc.		4,653		301,142

TriNet Group, Inc.*		2,859		178,230

TrueBlue, Inc.*		1,091		26,359

TTEC Holdings, Inc.		4,259		155,283

UniFirst Corp.		2,196		347,253

Universal Technical Institute, Inc.*		3,744		12,692


				6,290,184


Technology Hardware & Equipment — 4.9%

3D Systems Corp.* (a)		7,883		83,875

Acacia Communications, Inc.*		3,068		177,576

ADTRAN, Inc.		11,730		201,052

Advanced Energy Industries, Inc.*		2,894		167,157

Agilysys, Inc.* (a)		3,570		68,294


INVESTMENTS	SHARES		VALUE($)


Technology Hardware & Equipment — continued

Amkor Technology, Inc.*		13,768		124,738

Applied Optoelectronics, Inc.* (a)		2,111		26,430

Axcelis Technologies, Inc.*		4,279		91,100

Brooks Automation, Inc.		5,188		194,602

Cabot Microelectronics Corp.		4,207		531,134

CalAmp Corp.*		4,238		61,917

Casa Systems, Inc.*		7,971		76,442

CEVA, Inc.*		3,343		84,210

Ciena Corp.*		5,719		219,381

Cirrus Logic, Inc.*		2,248		106,960

Cohu, Inc.		5,313		78,792

Comtech Telecommunications Corp.		5,327		125,344

Cray, Inc.*		4,120		108,191

Cree, Inc.* (a)		4,898		323,709

Diodes, Inc.*		5,323		193,864

DSP Group, Inc.*		1,553		22,192

Electronics For Imaging, Inc.*		3,617		134,516

Entegris, Inc.		7,000		286,020

Finisar Corp.*		4,808		115,921

Harmonic, Inc.*		8,792		49,763

Ichor Holdings Ltd.* (a)		4,889		123,105

Infinera Corp.*		5,658		24,556

Inseego Corp.* (a)		39,618		181,054

Insight Enterprises, Inc.*		6,747		381,745

InterDigital, Inc.		2,649		173,218

Lattice Semiconductor Corp.*		18,880		244,496

Loral Space & Communications, Inc.*		3,038		111,859

Lumentum Holdings, Inc.*		1,868		115,760

MaxLinear, Inc.*		3,100		83,421

Nanometrics, Inc.*		6,966		207,517

NeoPhotonics Corp.*		8,116		55,432

NETGEAR, Inc.*		2,635		81,764

PC Connection, Inc.		3,398		126,270

Photronics, Inc.*		7,782		72,684

Pitney Bowes, Inc.		20,633		146,701

Plantronics, Inc.		3,428		176,473

Power Integrations, Inc.		2,853		225,444

Rambus, Inc.*		11,013		126,209

Ribbon Communications, Inc.*		1,005		5,387

ScanSource, Inc.*		3,224		121,384

Semtech Corp.*		3,753		202,174

Silicon Laboratories, Inc.*		2,410		259,461

SMART Global Holdings, Inc.*		3,637		79,068

Stratasys Ltd.*		6,660		154,845

Synaptics, Inc.*		4,348		163,789


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Technology Hardware & Equipment — continued

SYNNEX Corp.		1,924		207,561

Systemax, Inc.		1,800		40,878

Tech Data Corp.*		1,990		212,154

Ultra Clean Holdings, Inc.*		4,552		54,487

ViaSat, Inc.*		3,380		306,971

Viavi Solutions, Inc.*		18,689		248,564

Vocera Communications, Inc.*		3,248		103,449

Xperi Corp.		8,450		209,983


				8,681,043


Tobacco — 0.8%

Pyxus International, Inc.*		4,701		107,324

Universal Corp.		10,750		578,995

Vector Group Ltd.		82,936		790,380


				1,476,699


Travel & Leisure — 4.0%

Allegiant Travel Co.		947		139,095

AMC Entertainment Holdings, Inc., Class A (a)		14,408		218,425

Avis Budget Group, Inc.*		3,541		125,883

Biglari Holdings, Inc., Class A*		197		145,189

Biglari Holdings, Inc., Class B*		170		23,686

BJ’s Restaurants, Inc.		3,419		170,642

Bloomin’ Brands, Inc.		7,235		144,628

Boyd Gaming Corp.		7,569		217,836

Brinker International, Inc.		5,765		246,569

Cheesecake Factory, Inc. (The)		6,202		307,743

Churchill Downs, Inc.		3,554		358,421

Chuy’s Holdings, Inc.*		3,089		61,440

Cracker Barrel Old Country Store, Inc. (a)		1,760		296,982

Dave & Buster’s Entertainment, Inc.		3,095		175,920

Dine Brands Global, Inc.		2,306		204,450

Dover Motorsports, Inc.		6,343		13,701

El Pollo Loco Holdings, Inc.*		8,745		111,761

Eldorado Resorts, Inc.*		3,749		185,088

Fiesta Restaurant Group, Inc.*		2,440		30,890

Hawaiian Holdings, Inc.		3,416		96,365

Hertz Global Holdings, Inc.*		7,111		129,278

Luby’s, Inc.*		8,019		11,628

Marcus Corp. (The)		1,883		70,838

Marriott Vacations Worldwide Corp.		2,604		275,061

Noodles & Co.*		3,672		26,255

Penn National Gaming, Inc.*		9,983		216,332

Planet Fitness, Inc., Class A*		5,415		409,916

Red Robin Gourmet Burgers, Inc.*		7,407		237,246

Red Rock Resorts, Inc., Class A		6,468		174,507


INVESTMENTS	SHARES		VALUE($)


Travel & Leisure — continued

Ruth’s Hospitality Group, Inc. (a)		5,030		130,679

SeaWorld Entertainment, Inc.*		7,588		201,993

Shake Shack, Inc., Class A*		3,921		240,357

SkyWest, Inc.		4,908		302,284

Spirit Airlines, Inc.*		3,337		181,466

Texas Roadhouse, Inc.		5,630		304,076

Travelport Worldwide Ltd.		12,813		200,908

Travelzoo*		693		12,176

Wingstop, Inc.		4,187		315,155

World Wrestling Entertainment, Inc., Class A (a)		2,782		233,271


				6,948,140


Total Common Stocks (Cost $167,837,752)				173,702,635


	NO. OF RIGHTS
Rights — 0.0% (b)

Chemicals — 0.0% (b)

Schuman, Inc., CVR*‡		5,865		—


Media — 0.0% (b)

Media General, Inc., CVR*‡		1,533


Total Rights (Cost $—)				—


	SHARES
Short-Term Investments — 0.2%

Investment Companies — 0.2%

JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.39% (c) (d) (Cost $388,121)		388,121		388,121

Investment Of Cash Collateral From Securities Loaned — 4.7%

JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.57% (c) (d)		2,001,400		2,001,600

JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.45% (c) (d)		6,174,964		6,174,964


Total Investment Of Cash Collateral From Securities Loaned (Cost $8,176,164)				8,176,564


Total Investments — 104.7% (Cost $176,402,037)				182,267,320

Liabilities in Excess of Other Assets — (4.7%)				(8,160,391	)


NET ASSETS — 100.0%				174,106,929

Percentages indicated are based on net assets.


INVESTMENTS	SHARES		VALUE($)
Common Stocks — 99.8%

Aerospace & Defense — 0.6%

Lockheed Martin Corp.		544		181,331


Automobiles & Parts — 2.3%

Ford Motor Co.		19,386		202,584

General Motors Co.		4,381		170,640

Genuine Parts Co.		1,655		169,704

Harley-Davidson, Inc.		3,632		135,219


				678,147


Banks — 1.1%

New York Community Bancorp, Inc.		14,385		167,298

PacWest Bancorp		1,405		55,568

People’s United Financial, Inc.		6,780		117,226


				340,092


Beverages — 1.9%

Coca-Cola Co. (The)		3,674		180,246

Keurig Dr Pepper, Inc.		5,564		161,746

Molson Coors Brewing Co., Class B		811		52,058

PepsiCo, Inc.		1,515		193,996


				588,046


Chemicals — 6.5%

Air Products & Chemicals, Inc.		995		204,761

Cabot Corp.		466		21,147

Celanese Corp.		274		29,562

CF Industries Holdings, Inc.		4,263		190,897

Chemours Co. (The)		1,695		61,037

Dow, Inc.*		942		53,440

DowDuPont, Inc.		2,827		108,698

Eastman Chemical Co.		2,110		166,437

Huntsman Corp.		7,257		161,396

International Flavors & Fragrances, Inc.		1,167		160,801

Linde plc (United Kingdom)		1,047		188,732

LyondellBasell Industries NV, Class A		1,953		172,313

Olin Corp.		6,744		146,277

RPM International, Inc.		2,389		144,893

Scotts Miracle-Gro Co. (The)		2,196		186,704


				1,997,095


Construction & Materials — 0.6%

MDU Resources Group, Inc.		6,441		168,432


Electricity — 12.2%

AES Corp.		10,442		178,767

Alliant Energy Corp.		3,922		185,236

American Electric Power Co., Inc.		2,223		190,178

Avangrid, Inc.		2,384		122,085

CMS Energy Corp.		3,310		183,870


INVESTMENTS	SHARES		VALUE($)


Electricity — continued

Consolidated Edison, Inc.		2,185		188,260

Dominion Energy, Inc.		2,365		184,162

DTE Energy Co.		1,446		181,777

Edison International		3,006		191,693

Entergy Corp.		1,929		186,920

Evergy, Inc.		3,212		185,718

Eversource Energy		2,580		184,883

Exelon Corp.		3,715		189,279

FirstEnergy Corp.		4,419		185,731

Hawaiian Electric Industries, Inc.		3,113		129,127

NextEra Energy, Inc.		820		159,441

Pinnacle West Capital Corp.		1,920		182,918

PPL Corp.		5,600		174,776

Public Service Enterprise Group, Inc.		3,065		182,827

Southern Co. (The)		3,634		193,401

Xcel Energy, Inc.		3,285		185,602


				3,746,651


Electronic & Electrical Equipment — 1.2%

Emerson Electric Co.		2,466		175,062

Hubbell, Inc.		1,370		174,812


				349,874


Financial Services — 0.6%

BGC Partners, Inc., Class A		9,219		49,783

Invesco Ltd.		4,507		99,019

Lazard Ltd., Class A		1,012		39,346


				188,148


Fixed Line Telecommunications — 2.1%

AT&T, Inc.		5,894		182,478

CenturyLink, Inc.		13,640		155,769

Verizon Communications, Inc.		3,135		179,291

Zayo Group Holdings, Inc.*		4,128		129,165


				646,703


Food & Drug Retailers — 0.6%

Sysco Corp.		2,502		176,066


Food Producers — 3.2%

Archer-Daniels-Midland Co.		1,208		53,877

Campbell Soup Co.		4,471		172,983

Conagra Brands, Inc.		4,484		138,017

Flowers Foods, Inc.		7,813		169,855

General Mills, Inc.		3,597		185,137

JM Smucker Co. (The)		98		12,018

Kellogg Co.		2,363		142,489

Kraft Heinz Co. (The)		3,399		112,983


				987,359


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Forestry & Paper — 1.2%

Domtar Corp.		3,532		172,715

International Paper Co.		3,929		183,917


				356,632


Gas, Water & Multiutilities — 4.0%

Ameren Corp.		2,527		183,890

CenterPoint Energy, Inc.		5,972		185,132

Duke Energy Corp.		2,017		183,789

National Fuel Gas Co.		2,654		157,143

NiSource, Inc.		5,906		164,069

Sempra Energy		1,497		191,541

WEC Energy Group, Inc.		2,362		185,252


				1,250,816


General Industrials — 3.0%

3M Co.		849		160,894

Bemis Co., Inc.		639		36,691

Eaton Corp. plc		2,260		187,173

General Electric Co.		12,232		124,399

Packaging Corp. of America		1,498		148,542

Sonoco Products Co.		3,105		195,801

Westrock Co.		2,410		92,496


				945,996


General Retailers — 4.6%

Foot Locker, Inc.		3,022		172,888

Gap, Inc. (The)		5,910		154,133

H&R Block, Inc.		6,155		167,477

Home Depot, Inc. (The)		971		197,793

Kohl’s Corp.		2,378		169,076

L Brands, Inc.		5,708		146,353

Macy’s, Inc.		5,997		141,169

Nordstrom, Inc.		2,335		95,782

Target Corp.		2,162		167,382


				1,412,053


Health Care Equipment & Services — 1.5%

Becton Dickinson and Co.		8		1,926

Medtronic plc		1,888		167,673

Quest Diagnostics, Inc.		1,624		156,521

ResMed, Inc.		1,398		146,105


				472,225


Household Goods & Home Construction — 2.9%

Clorox Co. (The)		1,100		175,703

Leggett & Platt, Inc.		3,913		154,016

Newell Brands, Inc.		7,151		102,831

Procter & Gamble Co. (The)		1,864		198,479


INVESTMENTS	SHARES		VALUE($)


Household Goods & Home Construction — continued

Stanley Black & Decker, Inc.		489		71,688

Whirlpool Corp.		1,192		165,473


				868,190


Industrial Engineering — 1.5%

Caterpillar, Inc.		1,238		172,602

Cummins, Inc.		1,077		179,094

Rockwell Automation, Inc.		192		34,696

Timken Co. (The)		1,315		63,054


				449,446


Industrial Metals & Mining — 1.6%

Nucor Corp.		2,973		169,669

Reliance Steel & Aluminum Co.		2,016		185,392

Southern Copper Corp. (Peru)		3,236		124,327


				479,388


Industrial Transportation — 0.9%

Macquarie Infrastructure Corp.		3,600		145,836

United Parcel Service, Inc., Class B		1,181		125,446


				271,282


Leisure Goods — 1.2%

Garmin Ltd.		2,143		183,741

Hasbro, Inc.		1,684		171,532


				355,273


Media — 0.8%

Nielsen Holdings plc		5,974		152,516

Viacom, Inc., Class B		2,938		84,938


				237,454


Mobile Telecommunications — 1.3%

Sprint Corp.*		10,505		58,618

Telephone & Data Systems, Inc.		5,090		162,269

T-Mobile US, Inc.*		2,495		182,110


				402,997


Nonlife Insurance — 0.6%

Old Republic International Corp.		8,061		180,244


Oil & Gas Producers — 2.4%

Chevron Corp.		1,534		184,172

Exxon Mobil Corp.		1,521		122,106

Murphy Oil Corp.		2,259		61,535

Occidental Petroleum Corp.		2,280		134,246

PBF Energy, Inc., Class A		3,186		106,986

Targa Resources Corp.		3,695		148,354


				757,399


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Oil Equipment, Services & Distribution — 2.9%

Helmerich & Payne, Inc.		2,767		161,925

Kinder Morgan, Inc.		4,120		81,865

Nabors Industries Ltd.		13,730		48,055

OGE Energy Corp.		3,677		155,684

ONEOK, Inc.		2,675		181,713

Schlumberger Ltd.		1,262		53,862

Williams Cos., Inc. (The)		6,104		172,926


				856,030


Personal Goods — 2.9%

Coty, Inc., Class A		15,856		171,562

Hanesbrands, Inc.		9,526		172,135

Kimberly-Clark Corp.		1,518		194,881

Nu Skin Enterprises, Inc., Class A		812		41,306

Tapestry, Inc.		3,862		124,627

VF Corp.		2,047		193,257


				897,768


Pharmaceuticals & Biotechnology — 5.2%

Abbott Laboratories		2,343		186,409

AbbVie, Inc.		1,794		142,426

Amgen, Inc.		884		158,519

Bristol-Myers Squibb Co.		2,923		135,715

Cardinal Health, Inc.		2,219		108,088

Eli Lilly & Co.		1,427		167,016

Gilead Sciences, Inc.		2,379		154,730

Johnson & Johnson		1,285		181,442

Merck & Co., Inc.		2,253		177,334

Pfizer, Inc.		4,033		163,780


				1,575,459


Real Estate Investment Trusts — 15.4%

AGNC Investment Corp.		9,859		175,392

Annaly Capital Management, Inc.		14,978		151,128

Apple Hospitality REIT, Inc.		5,853		96,282

Brandywine Realty Trust		9,401		144,681

Brixmor Property Group, Inc.		8,513		152,213

Chimera Investment Corp.		7,400		141,858

Colony Capital, Inc.		5,090		26,163

Corporate Office Properties Trust		1,109		30,919

Digital Realty Trust, Inc.		1,516		178,448

Duke Realty Corp.		3,848		119,750

EPR Properties		1,446		114,032

Gaming and Leisure Properties, Inc.		4,403		177,793

HCP, Inc.		4,673		139,162

Healthcare Trust of America, Inc., Class A		848		23,388

Hospitality Properties Trust		4,894		127,244


INVESTMENTS	SHARES		VALUE($)


Real Estate Investment Trusts — continued

Iron Mountain, Inc.		4,466		145,056

Kimco Realty Corp.		9,270		161,205

Liberty Property Trust		3,798		188,533

Macerich Co. (The)		3,409		136,837

Medical Properties Trust, Inc.		4,180		72,983

MFA Financial, Inc.		18,737		140,715

National Retail Properties, Inc.		2,647		139,285

New Residential Investment Corp.		8,988		151,088

Omega Healthcare Investors, Inc.		4,793		169,624

Outfront Media, Inc.		4,422		105,376

Park Hotels & Resorts, Inc.		4,237		135,923

Rayonier, Inc.		3,347		106,401

Retail Value, Inc.		386		12,931

Senior Housing Properties Trust		8,139		65,356

SITE Centers Corp.		6,440		85,266

Spirit Realty Capital, Inc.		4,483		181,382

Starwood Property Trust, Inc.		7,615		175,526

Two Harbors Investment Corp.		10,841		150,256

Uniti Group, Inc.		8,511		93,536

Ventas, Inc.		834		50,966

VEREIT, Inc.		20,032		165,464

Welltower, Inc.		1,844		137,433

WP Carey, Inc.		2,238		177,518


				4,747,113


Software & Computer Services — 1.2%

International Business Machines Corp.		1,099		154,157

Microsoft Corp.		1,719		224,501


				378,658


Support Services — 1.6%

Paychex, Inc.		2,339		197,201

Waste Management, Inc.		1,184		127,091

Xerox Corp.		5,032		167,868


				492,160


Technology Hardware & Equipment — 4.5%

Analog Devices, Inc.		1,687		196,097

Cypress Semiconductor Corp.		10,264		176,335

HP, Inc.		1,990		39,700

Intel Corp.		3,465		176,854

KLA-Tencor Corp.		1,559		198,741

Maxim Integrated Products, Inc.		2,973		178,380

Microchip Technology, Inc.		1,552		155,029

QUALCOMM, Inc.		2,274		195,860

Xilinx, Inc.		616		74,006


				1,391,002


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Tobacco — 1.2%

Altria Group, Inc.		3,295		179,017

Philip Morris International, Inc.		2,093		181,170


				360,187


Travel & Leisure — 4.5%

Cinemark Holdings, Inc.		3,685		154,954

Copa Holdings SA, Class A (Panama)		1,575		131,134

Darden Restaurants, Inc.		1,605		188,748

Extended Stay America, Inc.		7,899		141,471

International Game Technology plc		6,086		89,038

Las Vegas Sands Corp.		2,446		164,004

McDonald’s Corp.		951		187,889

Six Flags Entertainment Corp.		2,674		141,963

Wendy’s Co. (The)		5,695		105,984

Wyndham Destinations, Inc.		2,007		87,425


				1,392,610


Total Common Stocks (Cost $28,921,461)				30,578,326


INVESTMENTS	SHARES		VALUE($)
Short-Term Investments — 0.1%

Investment Companies — 0.1%

JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.39% (a) (b) (Cost $33,272)		33,272		33,272


Total Investments — 99.9% (Cost $28,954,733)				30,611,598

Other Assets Less Liabilities — 0.1%				19,107


NET ASSETS — 100.0%				30,630,705

Percentages indicated are based on net assets.


(a)		— Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(b)		— The rate shown is the current yield as of April 30, 2019.
*		— Non-income producing security.


INVESTMENTS	SHARES		VALUE($)
Common Stocks — 99.8%

Aerospace & Defense — 0.9%

Lockheed Martin Corp.		642		213,998

Raytheon Co.		1,043		185,226


				399,224


Automobiles & Parts — 0.5%

Genuine Parts Co.		2,178		223,332


Banks — 0.7%

TFS Financial Corp.		3,838		63,864

US Bancorp		3,743		199,577


				263,441


Beverages — 2.5%

Brown-Forman Corp., Class B		3,107		165,572

Coca-Cola Co. (The)		5,227		256,437

Constellation Brands, Inc., Class A		841		178,014

Molson Coors Brewing Co., Class B		2,472		158,678

PepsiCo, Inc.		2,051		262,630


				1,021,331


Chemicals — 5.2%

Air Products & Chemicals, Inc.		1,267		260,736

Ashland Global Holdings, Inc.		2,870		231,121

Avery Dennison Corp.		1,405		155,463

Dow, Inc.*		127		7,205

DowDuPont, Inc.		403		15,495

Ecolab, Inc.		1,401		257,896

International Flavors & Fragrances, Inc.		1,538		211,921

Linde plc (United Kingdom)		1,367		246,415

NewMarket Corp.		224		93,986

PPG Industries, Inc.		1,938		227,715

RPM International, Inc.		3,585		217,430

Scotts Miracle-Gro Co. (The)		1,877		159,583

WR Grace & Co.		879		66,435


				2,151,401


Electricity — 10.9%

Alliant Energy Corp.		5,167		244,037

American Electric Power Co., Inc.		2,922		249,977

Avangrid, Inc.		2,942		150,660

CMS Energy Corp.		4,356		241,976

Consolidated Edison, Inc.		2,874		247,624

Dominion Energy, Inc.		3,197		248,950

DTE Energy Co.		1,918		241,112

Entergy Corp.		2,542		246,320

Evergy, Inc.		4,012		231,974

Eversource Energy		3,395		243,286

Exelon Corp.		4,877		248,483


INVESTMENTS	SHARES		VALUE($)


Electricity — continued

FirstEnergy Corp.		5,248		220,573

Hawaiian Electric Industries, Inc.		3,268		135,557

NextEra Energy, Inc.		1,260		244,994

Pinnacle West Capital Corp.		2,528		240,843

PPL Corp.		6,900		215,349

Public Service Enterprise Group, Inc.		4,031		240,449

Southern Co. (The)		4,768		253,753

Vistra Energy Corp.		4,372		119,137

Xcel Energy, Inc.		4,321		244,137


				4,509,191


Electronic & Electrical Equipment — 0.6%

Hubbell, Inc.		1,038		132,449

Waters Corp.*		493		105,275


				237,724


Fixed Line Telecommunications — 1.9%

AT&T, Inc.		7,619		235,884

CenturyLink, Inc.		6,178		70,553

Verizon Communications, Inc.		4,167		238,311

Zayo Group Holdings, Inc.*		7,967		249,287


				794,035


Food & Drug Retailers — 1.4%

AmerisourceBergen Corp.		2,372		177,331

CVS Health Corp.		2,884		156,832

Sysco Corp.		3,509		246,928


				581,091


Food Producers — 6.9%

Archer-Daniels-Midland Co.		5,511		245,791

Campbell Soup Co.		3,603		139,400

Conagra Brands, Inc.		7,343		226,018

General Mills, Inc.		4,437		228,372

Hershey Co. (The)		2,142		267,429

Hormel Foods Corp.		5,286		211,123

Ingredion, Inc.		2,138		202,576

JM Smucker Co. (The)		1,690		207,245

Kellogg Co.		3,511		211,713

Kraft Heinz Co. (The)		3,260		108,362

Lamb Weston Holdings, Inc.		2,849		199,572

McCormick & Co., Inc. (Non-Voting)		1,593		245,274

Mondelez International, Inc., Class A		5,025		255,521

Tyson Foods, Inc., Class A		614		46,056

US Foods Holding Corp.*		1,450		52,998


				2,847,450


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Gas, Water & Multiutilities — 5.5%

Ameren Corp.		3,329		242,251

American Water Works Co., Inc.		2,330		252,083

Aqua America, Inc.		4,919		192,136

Atmos Energy Corp.		2,400		245,616

CenterPoint Energy, Inc.		7,251		224,781

Duke Energy Corp.		2,643		240,830

NiSource, Inc.		8,111		225,324

Sempra Energy		1,546		197,811

UGI Corp.		4,153		226,380

WEC Energy Group, Inc.		3,107		243,682


				2,290,894


General Industrials — 0.5%

3M Co.		964		182,688

Bemis Co., Inc.		839		48,176


				230,864


General Retailers — 5.7%

AutoZone, Inc.*		254		261,191

Bright Horizons Family Solutions, Inc.*		697		89,320

Copart, Inc.*		2,666		179,475

Costco Wholesale Corp.		1,036		254,369

Dollar Tree, Inc.*		1,066		118,625

Henry Schein, Inc.*		2,431		155,730

Home Depot, Inc. (The)		1,280		260,736

O’Reilly Automotive, Inc.*		342		129,471

Rollins, Inc.		1,830		70,766

Service Corp. International		2,355		97,992

Target Corp.		2,753		213,137

TJX Cos., Inc. (The)		4,388		240,813

Walmart, Inc.		2,397		246,507


				2,318,132


Health Care Equipment & Services — 12.6%

Anthem, Inc.		787		207,005

Baxter International, Inc.		3,191		243,473

Becton Dickinson and Co.		923		222,203

Bio-Rad Laboratories, Inc., Class A*		737		221,786

Cigna Corp.		1,072		170,276

Cooper Cos., Inc. (The)		814		235,995

DaVita, Inc.*		3,134		173,122

Dentsply Sirona, Inc.		3,360		171,797

Hill-Rom Holdings, Inc.		2,235		226,674

Humana, Inc.		512		130,770

IDEXX Laboratories, Inc.*		950		220,400

Intuitive Surgical, Inc.*		432		220,592

Laboratory Corp. of America Holdings*		1,367		218,611


INVESTMENTS	SHARES		VALUE($)


Health Care Equipment & Services — continued

MEDNAX, Inc.*		3,164		88,497

Medtronic plc		2,358		209,414

Quest Diagnostics, Inc.		2,284		220,132

ResMed, Inc.		2,138		223,442

STERIS plc		1,810		237,074

Stryker Corp.		1,256		237,271

Teleflex, Inc.		817		233,809

Thermo Fisher Scientific, Inc.		911		252,757

UnitedHealth Group, Inc.		862		200,906

Varian Medical Systems, Inc.*		1,765		240,340

West Pharmaceutical Services, Inc.		1,652		204,501

Zimmer Biomet Holdings, Inc.		1,688		207,894


				5,218,741


Household Goods & Home Construction — 3.3%

Church & Dwight Co., Inc.		3,603		270,045

Clorox Co. (The)		1,442		230,331

Leggett & Platt, Inc.		4,561		179,521

Mohawk Industries, Inc.*		469		63,901

NVR, Inc.*		65		204,911

Procter & Gamble Co. (The)		2,406		256,191

Spectrum Brands Holdings, Inc.		298		18,348

Stanley Black & Decker, Inc.		875		128,275


				1,351,523


Industrial Engineering — 0.1%

Snap-on, Inc.		156		26,252


Industrial Transportation — 0.4%

United Parcel Service, Inc., Class B		1,686		179,087


Leisure Goods — 1.4%

Garmin Ltd.		2,397		205,519

Hasbro, Inc.		1,307		133,131

Pool Corp.		1,250		229,675


				568,325


Life Insurance — 0.4%

Aflac, Inc.		3,082		155,271


Media — 1.1%

Graham Holdings Co., Class B		70		52,040

Omnicom Group, Inc.		1,463		117,084

Walt Disney Co. (The)		2,101		287,774


				456,898


Mobile Telecommunications — 1.6%

Telephone & Data Systems, Inc.		6,506		207,411

T-Mobile US, Inc.*		3,282		239,553

United States Cellular Corp.*		3,995		192,160


				639,124


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Nonlife Insurance — 6.7%

Allstate Corp. (The)		2,239		221,795

American Financial Group, Inc.		1,979		204,886

Aon plc		288		51,880

Arch Capital Group Ltd.*		6,722		227,069

Arthur J Gallagher & Co.		1,241		103,772

Berkshire Hathaway, Inc., Class B*		1,180		255,718

Brown & Brown, Inc.		5,362		170,244

Chubb Ltd.		1,385		201,102

Cincinnati Financial Corp.		2,593		249,395

Everest Re Group Ltd.		583		137,297

Markel Corp.*		200		214,302

Marsh & McLennan Cos., Inc.		2,549		240,345

RenaissanceRe Holdings Ltd. (Bermuda)		1,453		225,738

White Mountains Insurance Group Ltd.		109		102,355

WR Berkley Corp.		2,532		155,212


				2,761,110


Oil & Gas Producers — 2.8%

Chevron Corp.		1,852		222,351

ConocoPhillips		2,431		153,445

EOG Resources, Inc.		367		35,250

Exxon Mobil Corp.		2,575		206,721

Occidental Petroleum Corp.		2,845		167,514

Phillips 66		2,136		201,361

Valero Energy Corp.		1,858		168,446


				1,155,088


Oil Equipment, Services & Distribution — 2.1%

Halliburton Co.		3,485		98,730

Kinder Morgan, Inc.		11,634		231,168

OGE Energy Corp.		5,574		236,003

ONEOK, Inc.		1,735		117,858

Schlumberger Ltd.		4,431		189,115


				872,874


Personal Goods — 3.0%

Colgate-Palmolive Co.		3,598		261,898

Estee Lauder Cos., Inc. (The), Class A		1,513		259,948

Kimberly-Clark Corp.		1,935		248,415

NIKE, Inc., Class B		2,763		242,674

VF Corp.		2,630		248,299


				1,261,234


Pharmaceuticals & Biotechnology — 5.8%

Abbott Laboratories		3,052		242,817

Amgen, Inc.		1,040		186,493

Bio-Techne Corp.		1,222		250,009


INVESTMENTS	SHARES		VALUE($)


Pharmaceuticals & Biotechnology — continued

Bristol-Myers Squibb Co.		2,927		135,901

Cardinal Health, Inc.		117		5,699

Eli Lilly & Co.		1,885		220,620

IQVIA Holdings, Inc.*		1,690		234,741

Johnson & Johnson		1,658		234,110

Merck & Co., Inc.		2,913		229,282

Pfizer, Inc.		5,244		212,959

QIAGEN NV*		4,066		158,411

Zoetis, Inc.		2,517		256,331


				2,367,373


Real Estate Investment Trusts — 5.5%

AGNC Investment Corp.		11,924		212,128

American Tower Corp.		1,344		262,483

Annaly Capital Management, Inc.		19,496		196,715

Apple Hospitality REIT, Inc.		7,564		124,428

Camden Property Trust		140		14,091

Chimera Investment Corp.		1,577		30,231

Crown Castle International Corp.		1,997		251,183

Equity Commonwealth		3,049		96,958

Equity LifeStyle Properties, Inc.		985		114,949

Federal Realty Investment Trust		1,198		160,352

Gaming and Leisure Properties, Inc.		4,660		188,171

MFA Financial, Inc.		9,362		70,309

National Retail Properties, Inc.		1,309		68,880

Regency Centers Corp.		726		48,765

Starwood Property Trust, Inc.		10,386		239,397

Two Harbors Investment Corp.		14,240		197,366


				2,276,406


Software & Computer Services — 3.9%

Amdocs Ltd.		3,355		184,794

ANSYS, Inc.*		1,299		254,344

CDK Global, Inc.		3,278		197,729

Cognizant Technology Solutions Corp., Class A		344		25,098

International Business Machines Corp.		901		126,383

Intuit, Inc.		959		240,767

Microsoft Corp.		2,116		276,350

Synopsys, Inc.*		2,329		281,995


				1,587,460


Support Services — 2.2%

Automatic Data Processing, Inc.		1,547		254,311

Jack Henry & Associates, Inc.		668		99,572

Paychex, Inc.		918		77,397

Republic Services, Inc.		2,786		230,736

Waste Management, Inc.		2,343		251,498


				913,514


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Technology Hardware & Equipment — 1.5%

Harris Corp.		1,360		229,160

Motorola Solutions, Inc.		1,508		218,524

Texas Instruments, Inc.		1,238		145,873


				593,557


Tobacco — 0.9%

Altria Group, Inc.		3,450		187,439

Philip Morris International, Inc.		2,188		189,393


				376,832


Travel & Leisure — 1.3%

Choice Hotels International, Inc.		484		40,191

McDonald’s Corp.		1,287		254,273

Yum! Brands, Inc.		2,506		261,602


				556,066


Total Common Stocks (Cost $37,402,128)				41,184,845


INVESTMENTS	SHARES		VALUE($)
Short-Term Investments — 0.2%

Investment Companies — 0.2%

JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.39% (a) (b) (Cost $74,511)		74,511		74,511


Total Investments — 100.0% (Cost $37,476,639)				41,259,356

Liabilities in Excess of Other Assets — 0.0% (c)				(418	)


NET ASSETS — 100.0%				41,258,938

Percentages indicated are based on net assets.

Abbreviations


REIT		— Real Estate Investment Trust

(a)		— Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(b)		— The rate shown is the current yield as of April 30, 2019.
(c)		— Amount rounds to less than 0.1% of net assets.
*		— Non-income producing security.


INVESTMENTS	SHARES		VALUE($)
Common Stocks — 99.9%

Aerospace & Defense — 2.9%

Boeing Co. (The)		1,587		599,394

FLIR Systems, Inc.		1,630		86,292

HEICO Corp.		910		96,032

L3 Technologies, Inc.		508		111,039

Teledyne Technologies, Inc.*		407		101,144

TransDigm Group, Inc.*		302		145,721


				1,139,622


Alternative Energy — 0.1%

First Solar, Inc.*		466		28,673


Automobiles & Parts — 0.2%

Gentex Corp.		3,793		87,353


Banks — 1.7%

Commerce Bancshares, Inc.		616		37,225

First Republic Bank		845		89,249

Popular, Inc. (Puerto Rico)		1,037		59,845

SVB Financial Group*		382		96,157

TCF Financial Corp.		3,593		79,513

US Bancorp		4,030		214,879

Zions Bancorp NA		1,796		88,597


				665,465


Beverages — 0.7%

Coca-Cola Co. (The)		2,783		136,534

Monster Beverage Corp.*		2,191		130,584


				267,118


Chemicals — 2.2%

Air Products & Chemicals, Inc.		487		100,220

Ashland Global Holdings, Inc.		874		70,383

Avery Dennison Corp.		826		91,397

CF Industries Holdings, Inc.		2,336		104,606

Ecolab, Inc.		1,123		206,722

FMC Corp.		1,213		95,900

Mosaic Co. (The)		2,945		76,894

RPM International, Inc.		1,268		76,904

WR Grace & Co.		885		66,888


				889,914


Construction & Materials — 0.1%

Lennox International, Inc.		118		32,031


Electricity — 2.6%

AES Corp.		6,136		105,048

American Electric Power Co., Inc.		1,099		94,019

Avangrid, Inc.		907		46,448

DTE Energy Co.		824		103,585


INVESTMENTS	SHARES		VALUE($)


Electricity — continued

Exelon Corp.		4,132		210,525

NextEra Energy, Inc.		1,628		316,548

NRG Energy, Inc.		2,579		106,178

Vistra Energy Corp.		3,949		107,610


				1,089,961


Electronic & Electrical Equipment — 0.6%

Keysight Technologies, Inc.*		1,390		120,972

Zebra Technologies Corp., Class A*		517		109,160


				230,132


Financial Services — 7.3%

American Express Co.		2,041		239,266

CME Group, Inc.		1,296		231,854

Credit Acceptance Corp.*		167		82,869

E*TRADE Financial Corp.		1,858		94,126

Element Solutions, Inc.*		3,337		36,240

Interactive Brokers Group, Inc., Class A		712		38,619

LPL Financial Holdings, Inc.		1,226		90,834

MarketAxess Holdings, Inc.		182		50,656

Mastercard, Inc., Class A		2,723		692,296

Moody’s Corp.		854		167,914

MSCI, Inc.		634		142,891

S&P Global, Inc.		1,021		225,294

Visa, Inc., Class A		5,033		827,576


				2,920,435


Fixed Line Telecommunications — 1.7%

Verizon Communications, Inc.		11,762		672,669


Food & Drug Retailers — 0.4%

Sysco Corp.		2,302		161,992


Food Producers — 1.4%

Archer-Daniels-Midland Co.		3,036		135,405

Herbalife Nutrition Ltd.*		1,152		60,883

Hormel Foods Corp.		2,462		98,332

Lamb Weston Holdings, Inc.		1,334		93,447

McCormick & Co., Inc. (Non-Voting)		803		123,638

TreeHouse Foods, Inc.*		904		60,550


				572,255


Gas, Water & Multiutilities — 0.4%

Ameren Corp.		412		29,981

Atmos Energy Corp.		978		100,089


				130,070


General Industrials — 0.7%

AptarGroup, Inc.		386		42,938

Ball Corp.		2,288		137,143


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

General Industrials — continued

Danaher Corp.		601		79,596


				259,677


General Retailers — 8.4%

Advance Auto Parts, Inc.		593		98,628

Amazon.com, Inc.*		394		759,049

Best Buy Co., Inc.		1,634		121,586

Bright Horizons Family Solutions, Inc.*		752		96,369

Burlington Stores, Inc.*		615		103,880

Copart, Inc.*		1,770		119,156

Costco Wholesale Corp.		1,145		281,132

frontdoor, Inc.*		471		16,598

Home Depot, Inc. (The)		3,173		646,340

Kohl’s Corp.		1,445		102,740

Netflix, Inc.*		1,308		484,666

O’Reilly Automotive, Inc.*		172		65,114

Rollins, Inc.		2,107		81,478

Ross Stores, Inc.		309		30,177

Service Corp. International		859		35,743

ServiceMaster Global Holdings, Inc.*		1,150		56,385

TJX Cos., Inc. (The)		4,680		256,838


				3,355,879


Health Care Equipment & Services — 8.3%

ABIOMED, Inc.*		308		85,442

Anthem, Inc.		905		238,042

Becton Dickinson and Co.		971		233,759

Boston Scientific Corp.*		5,560		206,387

Bruker Corp.		620		23,932

Centene Corp.*		2,081		107,296

Chemed Corp.		272		88,884

DexCom, Inc.*		763		92,376

Encompass Health Corp.		1,229		79,209

HCA Healthcare, Inc.		1,277		162,473

Hill-Rom Holdings, Inc.		556		56,390

Humana, Inc.		579		147,883

ICU Medical, Inc.*		298		67,795

IDEXX Laboratories, Inc.*		538		124,816

Insulet Corp.*		526		45,367

Intuitive Surgical, Inc.*		427		218,039

Masimo Corp.*		490		63,773

Molina Healthcare, Inc.*		726		94,111

Penumbra, Inc.*		317		42,637

ResMed, Inc.		1,019		106,496

STERIS plc		846		110,809

Teleflex, Inc.		370		105,887


INVESTMENTS	SHARES		VALUE($)


Health Care Equipment & Services — continued

UnitedHealth Group, Inc.		2,601		606,215

WellCare Health Plans, Inc.*		394		101,790

West Pharmaceutical Services, Inc.		401		49,640


				3,259,448


Household Goods & Home Construction — 1.8%

Church & Dwight Co., Inc.		1,738		130,263

Procter & Gamble Co. (The)		3,520		374,810

PulteGroup, Inc.		2,761		86,861

Wayfair, Inc., Class A* (a)		608		98,587


				690,521


Industrial Engineering — 0.2%

Xylem, Inc.		1,063		88,654


Industrial Transportation — 1.4%

CSX Corp.		3,109		247,570

Norfolk Southern Corp.		1,130		230,542

Old Dominion Freight Line, Inc.		646		96,435


				574,547


Leisure Goods — 1.0%

Garmin Ltd.		1,202		103,060

Hasbro, Inc.		836		85,155

Pool Corp.		554		101,792

Take-Two Interactive Software, Inc.*		893		86,469


				376,476


Life Insurance — 0.0% (b)

Torchmark Corp.		115		10,081


Media — 0.5%

Cable One, Inc.		41		43,482

Dolby Laboratories, Inc., Class A		673		43,536

FactSet Research Systems, Inc.		145		40,001

Fox Corp., Class A*		1,416		55,210

Graham Holdings Co., Class B		36		26,763


				208,992


Mobile Telecommunications — 0.2%

Telephone & Data Systems, Inc.		1,292		41,189

T-Mobile US, Inc.*		548		39,998


				81,187


Nonlife Insurance — 5.1%

American Financial Group, Inc.		257		26,607

Aon plc		1,063		191,489

Arthur J Gallagher & Co.		1,419		118,657

Berkshire Hathaway, Inc., Class B*		3,777		818,514

Brown & Brown, Inc.		2,886		91,630


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Nonlife Insurance — continued

CNA Financial Corp.		311		14,409

First American Financial Corp.		735		41,939

Hanover Insurance Group, Inc. (The)		149		17,971

Marsh & McLennan Cos., Inc.		1,984		187,071

Old Republic International Corp.		1,684		37,654

Progressive Corp. (The)		2,588		202,252

Reinsurance Group of America, Inc.		572		86,664

Travelers Cos., Inc. (The)		1,142		164,163


				1,999,020


Oil & Gas Producers — 4.3%

Chevron Corp.		3,298		395,958

ConocoPhillips		1,339		84,518

Continental Resources, Inc.*		1,334		61,351

Diamondback Energy, Inc.		828		88,091

EOG Resources, Inc.		1,719		165,110

HollyFrontier Corp.		1,587		75,748

Marathon Petroleum Corp.		2,852		173,601

Occidental Petroleum Corp.		2,720		160,154

PBF Energy, Inc., Class A		1,856		62,324

Phillips 66		1,729		162,993

Targa Resources Corp.		1,802		72,350

Valero Energy Corp.		1,805		163,641

WPX Energy, Inc.*		5,119		71,103


				1,736,942


Oil Equipment, Services & Distribution — 0.7%

Kinder Morgan, Inc.		2,012		39,978

OGE Energy Corp.		1,372		58,091

ONEOK, Inc.		2,081		141,362


				239,431


Personal Goods — 3.0%

Columbia Sportswear Co.		815		81,475

Estee Lauder Cos., Inc. (The), Class A		1,055		181,260

Lululemon Athletica, Inc.*		755		133,144

NIKE, Inc., Class B		4,149		364,407

Nu Skin Enterprises, Inc., Class A		1,029		52,345

Ralph Lauren Corp.		685		90,132

Under Armour, Inc., Class A*		3,555		82,085

Under Armour, Inc., Class C*		3,780		78,322

VF Corp.		1,175		110,932


				1,174,102


Pharmaceuticals & Biotechnology — 3.9%

Bio-Techne Corp.		287		58,717

Eli Lilly & Co.		3,091		361,771


INVESTMENTS	SHARES		VALUE($)


Pharmaceuticals & Biotechnology — continued

Exact Sciences Corp.*		886		87,439

Illumina, Inc.*		256		79,872

IQVIA Holdings, Inc.*		651		90,424

Merck & Co., Inc.		7,835		616,693

Sarepta Therapeutics, Inc.*		700		81,858

Zoetis, Inc.		1,922		195,736


				1,572,510


Real Estate Investment Trusts — 5.0%

Alexandria Real Estate Equities, Inc.		772		109,925

Apartment Investment & Management Co., Class A		1,566		77,298

Chimera Investment Corp.		3,392		65,025

CoreSite Realty Corp.		331		36,215

CyrusOne, Inc.		1,002		55,801

EPR Properties		648		51,101

Equity LifeStyle Properties, Inc.		922		107,597

Equity Residential		1,993		152,305

HCP, Inc.		3,720		110,782

Life Storage, Inc.		533		50,790

Medical Properties Trust, Inc.		5,124		89,465

National Retail Properties, Inc.		1,870		98,399

Omega Healthcare Investors, Inc.		2,630		93,076

Prologis, Inc.		2,700		207,009

Realty Income Corp.		1,894		132,599

STORE Capital Corp.		2,836		94,496

Sun Communities, Inc.		554		68,186

Two Harbors Investment Corp.		989		13,707

UDR, Inc.		2,209		99,295

Welltower, Inc.		2,021		150,625

WP Carey, Inc.		1,304		103,433


				1,967,129


Software & Computer Services — 15.5%

2U, Inc.*		191		11,556

Adobe, Inc.*		1,552		448,916

Alphabet, Inc., Class A*		598		716,978

ANSYS, Inc.*		647		126,683

Arista Networks, Inc.*		403		125,853

Aspen Technology, Inc.*		651		79,363

Atlassian Corp. plc, Class A*		996		109,709

Autodesk, Inc.*		431		76,809

Cadence Design Systems, Inc.*		2,081		144,380

CDW Corp.		782		82,579

Citrix Systems, Inc.		1,023		103,282

EPAM Systems, Inc.*		603		108,154

Fortinet, Inc.*		1,244		116,214


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Software & Computer Services — continued

GoDaddy, Inc., Class A*		1,399		114,019

IAC/InterActiveCorp*		552		124,112

Intuit, Inc.		964		242,022

Leidos Holdings, Inc.		194		14,255

Match Group, Inc.		1,506		90,962

Microsoft Corp.		6,589		860,523

Nutanix, Inc., Class A*		1,702		73,509

Okta, Inc.*		1,121		116,618

Palo Alto Networks, Inc.*		547		136,110

Paycom Software, Inc.*		543		109,974

PTC, Inc.*		1,103		99,788

RealPage, Inc.*		1,096		71,470

Red Hat, Inc.*		867		158,254

RingCentral, Inc., Class A*		899		104,617

salesforce.com, Inc.*		2,357		389,730

ServiceNow, Inc.*		792		215,036

SS&C Technologies Holdings, Inc.		440		29,770

Synopsys, Inc.*		1,132		137,063

Tableau Software, Inc., Class A*		761		92,697

Twilio, Inc., Class A*		854		117,118

Veeva Systems, Inc., Class A*		971		135,814

VeriSign, Inc.*		696		137,425

VMware, Inc., Class A		631		128,806

Workday, Inc., Class A*		746		153,400

Zendesk, Inc.*		1,235		108,408


				6,211,976


Support Services — 7.3%

Automatic Data Processing, Inc.		1,651		271,408

Booz Allen Hamilton Holding Corp.		1,791		106,188

Broadridge Financial Solutions, Inc.		893		105,490

Cintas Corp.		592		128,547

CoStar Group, Inc.*		260		129,025

Euronet Worldwide, Inc.*		478		71,647

Fair Isaac Corp.*		381		106,585

Fidelity National Information Services, Inc.		477		55,299

Fiserv, Inc.*		1,955		170,554

Jack Henry & Associates, Inc.		704		104,938

PayPal Holdings, Inc.*		3,770		425,143

Republic Services, Inc.		1,509		124,975

Robert Half International, Inc.		1,319		81,897

Square, Inc., Class A*		1,698		123,648

Total System Services, Inc.		1,276		130,458

TransUnion		973		67,769

Verisk Analytics, Inc.		1,009		142,410

Waste Management, Inc.		1,867		200,404


INVESTMENTS	SHARES		VALUE($)


Support Services — continued

WEX, Inc.*		529		111,249

Worldpay, Inc., Class A*		1,166		136,667

WW Grainger, Inc.		344		97,008


				2,891,309


Technology Hardware & Equipment — 6.1%

Advanced Micro Devices, Inc.*		5,739		158,569

Apple, Inc.		3,275		657,194

Cisco Systems, Inc.		8,752		489,674

F5 Networks, Inc.*		582		91,316

Harris Corp.		764		128,734

KLA-Tencor Corp.		623		79,420

Motorola Solutions, Inc.		967		140,128

NetApp, Inc.		1,605		116,924

Texas Instruments, Inc.		2,838		334,401

Ubiquiti Networks, Inc. (a)		516		87,952

Xilinx, Inc.		1,286		154,500


				2,438,812


Travel & Leisure — 4.2%

Chipotle Mexican Grill, Inc.*		189		130,039

Choice Hotels International, Inc.		530		44,011

Darden Restaurants, Inc.		982		115,483

Domino’s Pizza, Inc.		371		100,385

Hilton Worldwide Holdings, Inc.		1,436		124,918

Hyatt Hotels Corp., Class A		1,010		77,497

Live Nation Entertainment, Inc.*		1,675		109,445

McDonald’s Corp.		2,287		451,843

TripAdvisor, Inc.*		1,416		75,374

United Continental Holdings, Inc.*		1,091		96,946

Vail Resorts, Inc.		366		83,759

Wendy’s Co. (The)		4,178		77,753

Yum China Holdings, Inc. (China)		2,734		129,974

Yum! Brands, Inc.		599		62,530


				1,679,957


Total Common Stocks (Cost $33,568,609)				39,704,340

Short-Term Investments — 0.1%

Investment Companies — 0.1%

JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.39% (c) (d) (Cost $58,474)		58,474		58,474


INVESTMENTS	SHARES		VALUE($)
Common Stocks — 99.9%

Aerospace & Defense — 2.0%

Boeing Co. (The)		2,022		763,689

Raytheon Co.		1,435		254,842

Spirit AeroSystems Holdings, Inc., Class A		49		4,258


				1,022,789


Banks — 1.2%

Bank of Hawaii Corp.		1,355		111,625

Commerce Bancshares, Inc.		1,930		116,630

US Bancorp		7,177		382,677


				610,932


Beverages — 2.6%

Brown-Forman Corp., Class B		1,839		98,000

Coca-Cola Co. (The)		10,430		511,696

Monster Beverage Corp.*		2,299		137,021

PepsiCo, Inc.		4,707		602,731


				1,349,448


Chemicals — 2.0%

Air Products & Chemicals, Inc.		1,144		235,424

Linde plc (United Kingdom)		2,482		447,405

LyondellBasell Industries NV, Class A		1,851		163,314

NewMarket Corp.		104		43,636

PPG Industries, Inc.		1,443		169,553

Versum Materials, Inc.		579		30,212


				1,089,544


Construction & Materials — 0.3%

AO Smith Corp.		1,018		53,516

Watsco, Inc.		605		95,874


				149,390


Electricity — 1.7%

Exelon Corp.		4,040		205,838

NextEra Energy, Inc.		1,663		323,354

NRG Energy, Inc.		3,393		139,690

PG&E Corp.*		3,398		76,523

Pinnacle West Capital Corp.		1,448		137,951


				883,356


Electronic & Electrical Equipment — 1.5%

Agilent Technologies, Inc.		1,979		155,352

Allegion plc		545		54,081

Emerson Electric Co.		3,248		230,576

Mettler-Toledo International, Inc.*		212		157,995

Waters Corp.*		673		143,712


				741,716


INVESTMENTS	SHARES		VALUE($)


Financial Services — 7.3%

American Express Co.		3,179		372,674

Cboe Global Markets, Inc.		1,049		106,589

Eaton Vance Corp.		2,770		115,149

Franklin Resources, Inc.		2,273		78,623

Mastercard, Inc., Class A		3,469		881,959

Moody’s Corp.		1,153		226,703

MSCI, Inc.		621		139,961

Nasdaq, Inc.		1,487		137,101

S&P Global, Inc.		1,366		301,422

SEI Investments Co.		2,308		125,671

T. Rowe Price Group, Inc.		1,297		139,427

Visa, Inc., Class A		6,738		1,107,929

Western Union Co. (The)		6,405		124,513


				3,857,721


Fixed Line Telecommunications — 1.9%

AT&T, Inc.		12,889		399,043

Verizon Communications, Inc.		10,287		588,314


				987,357


Food Producers — 0.4%

Hershey Co. (The)		1,032		128,845

Hormel Foods Corp.		2,481		99,091


				227,936


Gas, Water & Multiutilities — 1.4%

Ameren Corp.		2,085		151,726

CenterPoint Energy, Inc.		4,227		131,037

National Fuel Gas Co.		1,937		114,690

UGI Corp.		2,413		131,532

WEC Energy Group, Inc.		2,401		188,310


				717,295


General Industrials — 1.8%

3M Co.		2,147		406,878

Honeywell International, Inc.		2,930		508,736


				915,614


General Retailers — 7.3%

Burlington Stores, Inc.*		805		135,972

Copart, Inc.*		2,208		148,642

Costco Wholesale Corp.		1,805		443,182

eBay, Inc.		5,667		219,596

Foot Locker, Inc.		1,943		111,159

H&R Block, Inc.		4,837		131,615

Home Depot, Inc. (The)		4,352		886,502

Kohl’s Corp.		501		35,621

Lowe’s Cos., Inc.		3,749		424,162


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

General Retailers — continued

Nordstrom, Inc.		1,972		80,892

O’Reilly Automotive, Inc.*		537		203,292

Ross Stores, Inc.		2,316		226,180

Target Corp.		2,884		223,279

Tiffany & Co.		1,107		119,357

TJX Cos., Inc. (The)		6,237		342,287

Tractor Supply Co.		390		40,365

Williams-Sonoma, Inc.		1,451		82,954


				3,855,057


Health Care Equipment & Services — 1.7%

Edwards Lifesciences Corp.*		1,305		229,771

IDEXX Laboratories, Inc.*		675		156,600

Intuitive Surgical, Inc.*		407		207,827

ResMed, Inc.		1,252		130,847

Varian Medical Systems, Inc.*		1,049		142,842


				867,887


Household Goods & Home Construction — 1.0%

Church & Dwight Co., Inc.		1,295		97,060

Clorox Co. (The)		906		144,716

Leggett & Platt, Inc.		1,349		53,097

Procter & Gamble Co. (The)		2,065		219,881


				514,754


Industrial Engineering — 2.2%

Allison Transmission Holdings, Inc.		2,379		111,480

Donaldson Co., Inc.		1,733		92,785

Graco, Inc.		2,660		136,325

IDEX Corp.		901		141,150

Illinois Tool Works, Inc.		1,809		281,535

Lincoln Electric Holdings, Inc.		1,122		97,917

Rockwell Automation, Inc.		947		171,132

Toro Co. (The)		1,759		128,671


				1,160,995


Industrial Metals & Mining — 0.1%

Southern Copper Corp. (Peru)		1,480		56,862


Industrial Transportation — 1.5%

Landstar System, Inc.		945		102,967

Union Pacific Corp.		3,047		539,441

United Parcel Service, Inc., Class B		1,383		146,902


				789,310


Leisure Goods — 0.1%

Electronic Arts, Inc.*		398		37,671


INVESTMENTS	SHARES		VALUE($)


Life Insurance — 0.7%

Aflac, Inc.		4,613		232,403

Torchmark Corp.		1,564		137,100


				369,503


Media — 1.4%

Cable One, Inc.		53		56,208

Dolby Laboratories, Inc., Class A		1,587		102,663

FactSet Research Systems, Inc.		552		152,280

Omnicom Group, Inc.		1,913		153,097

Sirius XM Holdings, Inc. (a)		22,548		131,004

Walt Disney Co. (The)		870		119,164


				714,416


Mining — 0.2%

Newmont Goldcorp Corp.		2,818		87,527


Nonlife Insurance — 4.7%

Allstate Corp. (The)		2,115		209,512

American Financial Group, Inc.		1,249		129,309

Aon plc		1,420		255,799

Arch Capital Group Ltd.*		3,506		118,433

Arthur J Gallagher & Co.		1,871		156,453

Brown & Brown, Inc.		4,169		132,366

Chubb Ltd.		1,559		226,367

Cincinnati Financial Corp.		52		5,001

Erie Indemnity Co., Class A		517		97,878

Hartford Financial Services Group, Inc. (The)		1,786		93,426

Marsh & McLennan Cos., Inc.		2,836		267,406

Old Republic International Corp.		2,825		63,167

Progressive Corp. (The)		3,395		265,319

Reinsurance Group of America, Inc.		441		66,816

Travelers Cos., Inc. (The)		1,436		206,425

WR Berkley Corp.		2,278		139,641


				2,433,318


Oil & Gas Producers — 4.3%

Cabot Oil & Gas Corp.		5,306		137,372

Chevron Corp.		4,467		536,308

ConocoPhillips		5,381		339,649

Exxon Mobil Corp.		8,931		716,981

Marathon Petroleum Corp.		2,635		160,392

Occidental Petroleum Corp.		3,521		207,317

Phillips 66		1,724		162,521


				2,260,540


Oil Equipment, Services & Distribution — 0.6%

Halliburton Co.		1,226		34,732

RPC, Inc. (a)		4,302		44,268


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Oil Equipment, Services & Distribution — continued

Schlumberger Ltd.		5,073		216,516


				295,516


Personal Goods — 2.6%

Capri Holdings Ltd.*		1,270		55,982

Carter’s, Inc.		578		61,216

Colgate-Palmolive Co.		3,705		269,687

Estee Lauder Cos., Inc. (The), Class A		722		124,047

Kimberly-Clark Corp.		1,692		217,219

NIKE, Inc., Class B		5,328		467,958

Nu Skin Enterprises, Inc., Class A		508		25,842

VF Corp.		1,555		146,807


				1,368,758


Pharmaceuticals & Biotechnology — 10.4%

AbbVie, Inc.		6,173		490,074

Amgen, Inc.		2,718		487,392

Biogen, Inc.*		970		222,363

Bio-Techne Corp.		456		93,293

Bristol-Myers Squibb Co.		6,166		286,287

Eli Lilly & Co.		3,388		396,532

Gilead Sciences, Inc.		4,826		313,883

Ionis Pharmaceuticals, Inc.*		1,455		108,150

Johnson & Johnson		6,995		987,694

Merck & Co., Inc.		9,700		763,487

Nektar Therapeutics*		765		24,495

Pfizer, Inc.		19,975		811,185

Regeneron Pharmaceuticals, Inc.*		363		124,560

United Therapeutics Corp.*		721		73,953

Vertex Pharmaceuticals, Inc.*		1,397		236,065

Zoetis, Inc.		243		24,747


				5,444,160


Real Estate Investment Trusts — 4.9%

AGNC Investment Corp.		7,233		128,675

American Tower Corp.		2,095		409,154

Annaly Capital Management, Inc.		14,034		141,603

Brookfield Property REIT, Inc., Class A		2,886		60,115

Camden Property Trust		711		71,562

Chimera Investment Corp.		6,035		115,691

Equity LifeStyle Properties, Inc.		1,214		141,674

Equity Residential		1,515		115,776

Federal Realty Investment Trust		694		92,892

Gaming and Leisure Properties, Inc.		3,436		138,746

Lamar Advertising Co., Class A		1,286		106,314

Medical Properties Trust, Inc.		6,598		115,201

MFA Financial, Inc.		9,143		68,664


INVESTMENTS	SHARES		VALUE($)


Real Estate Investment Trusts — continued

New Residential Investment Corp.		7,418		124,697

Public Storage		984		217,641

Simon Property Group, Inc.		1,619		281,220

Starwood Property Trust, Inc.		5,371		123,801

Two Harbors Investment Corp.		7,571		104,934

Weingarten Realty Investors		1,481		42,860


				2,601,220


Software & Computer Services — 12.2%

Adobe, Inc.*		1,988		575,029

Akamai Technologies, Inc.*		1,176		94,150

Alphabet, Inc., Class A*		805		965,163

Aspen Technology, Inc.*		655		79,851

Atlassian Corp. plc, Class A*		1,180		129,977

Cadence Design Systems, Inc.*		2,707		187,812

Cerner Corp.*		2,236		148,582

Citrix Systems, Inc.		1,341		135,387

Cognizant Technology Solutions Corp., Class A		2,909		212,241

Facebook, Inc., Class A*		4,791		926,579

International Business Machines Corp.		2,871		402,715

Intuit, Inc.		1,266		317,842

Manhattan Associates, Inc.*		1,919		129,436

Match Group, Inc.		506		30,562

Microsoft Corp.		8,713		1,137,918

Palo Alto Networks, Inc.*		720		179,158

Premier, Inc., Class A*		930		30,904

Red Hat, Inc.*		1,140		208,084

Teradata Corp.*		1,731		78,709

VeriSign, Inc.*		914		180,469

VMware, Inc., Class A		822		167,795


				6,318,363


Support Services — 3.7%

Accenture plc, Class A		2,773		506,544

Automatic Data Processing, Inc.		2,098		344,890

Broadridge Financial Solutions, Inc.		1,110		131,124

Fiserv, Inc.*		2,536		221,241

Jack Henry & Associates, Inc.		877		130,726

MSC Industrial Direct Co., Inc., Class A		1,112		93,019

Paychex, Inc.		2,374		200,152

Robert Half International, Inc.		1,665		103,380

Verisk Analytics, Inc.		411		58,008

WW Grainger, Inc.		431		121,542


				1,910,626


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Technology Hardware & Equipment — 9.9%

Apple, Inc.		5,410		1,085,625

Cisco Systems, Inc.		17,400		973,530

F5 Networks, Inc.*		725		113,753

Intel Corp.		14,181		723,798

Juniper Networks, Inc.		4,322		120,022

KLA-Tencor Corp.		1,427		181,914

Lam Research Corp.		999		207,223

Maxim Integrated Products, Inc.		2,547		152,820

NVIDIA Corp.		2,265		409,965

NXP Semiconductors NV (Netherlands)		1,623		171,421

Teradyne, Inc.		3,026		148,274

Texas Instruments, Inc.		4,237		499,246

Ubiquiti Networks, Inc. (a)		743		126,644

Xilinx, Inc.		1,679		201,715


				5,115,950


Tobacco — 1.2%

Altria Group, Inc.		6,821		370,585

Philip Morris International, Inc.		3,184		275,607


				646,192


Travel & Leisure — 5.1%

Booking Holdings, Inc.*		219		406,243

Choice Hotels International, Inc.		393		32,635

Hilton Worldwide Holdings, Inc.		2,120		184,419

Las Vegas Sands Corp.		2,859		191,696

Marriott International, Inc., Class A		1,775		242,145

McDonald’s Corp.		2,674		528,302

Six Flags Entertainment Corp.		1,596		84,732

Southwest Airlines Co.		3,558		192,950

Starbucks Corp.		5,630		437,338

TripAdvisor, Inc.*		2,234		118,916


INVESTMENTS	SHARES		VALUE($)


Travel & Leisure — continued

Vail Resorts, Inc.		296		67,740

Yum! Brands, Inc.		1,520		158,673


				2,645,789


Total Common Stocks (Cost $46,297,564)				52,047,512

Short-Term Investments — 0.1%

Investment Companies — 0.1%

JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.39% (b) (c) (Cost $48,603)		48,603		48,603

Investment Of Cash Collateral From Securities Loaned — 0.5%

JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.45% (b) (c) (Cost $276,387)		276,387		276,387


Total Investments — 100.5% (Cost $46,622,554)				52,372,502

Liabilities in Excess of Other Assets — (0.5%)				(263,806	)


NET ASSETS — 100.0%				52,108,696

Percentages indicated are based on net assets.

Abbreviations


REIT		— Real Estate Investment Trust

(a)		— The security or a portion of this security is on loan at April 30, 2019. The total value of securities on loan at April 30, 2019 is $268,181.
(b)		— Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(c)		— The rate shown is the current yield as of April 30, 2019.
*		— Non-income producing security.


INVESTMENTS	SHARES		VALUE($)
Common Stocks — 99.9%

Aerospace & Defense — 1.7%

General Dynamics Corp.		1,015		181,401

L3 Technologies, Inc.		814		177,924

Textron, Inc.		1,848		97,944

United Technologies Corp.		3,468		494,571


				951,840


Alternative Energy — 0.1%

Arcosa, Inc.		745		23,192


Automobiles & Parts — 1.6%

Ford Motor Co.		27,398		286,309

Gentex Corp.		5,611		129,221

Genuine Parts Co.		1,545		158,424

Goodyear Tire & Rubber Co. (The)		3,189		61,261

Harley-Davidson, Inc.		3,552		132,241

Lear Corp.		810		115,830


				883,286


Banks — 6.6%

Associated Banc-Corp.		4,271		96,909

Bank of America Corp.		3,602		110,149

Bank OZK		2,802		91,485

BB&T Corp.		5,669		290,253

BOK Financial Corp.		495		43,134

Citizens Financial Group, Inc.		5,336		193,163

Fifth Third Bancorp		6,857		197,619

FNB Corp.		10,852		131,635

Huntington Bancshares, Inc.		10,560		146,995

New York Community Bancorp, Inc.		11,616		135,094

PacWest Bancorp		3,469		137,199

People’s United Financial, Inc.		7,237		125,128

PNC Financial Services Group, Inc. (The)		2,876		393,811

Popular, Inc. (Puerto Rico)		2,577		148,719

Regions Financial Corp.		11,263		174,914

SunTrust Banks, Inc.		3,752		245,681

Umpqua Holdings Corp.		7,079		122,892

Wells Fargo & Co.		19,979		967,183


				3,751,963


Beverages — 0.5%

Keurig Dr Pepper, Inc.		4,309		125,263

Molson Coors Brewing Co., Class B		2,433		156,174


				281,437


Chemicals — 1.1%

Chemours Co. (The)		2,118		76,269

Eastman Chemical Co.		1,694		133,623

Huntsman Corp.		4,609		102,504


INVESTMENTS	SHARES		VALUE($)


Chemicals — continued

LyondellBasell Industries NV, Class A		2,256		199,047

Olin Corp.		3,702		80,296


				591,739


Construction & Materials — 0.6%

AECOM*		3,745		126,955

Eagle Materials, Inc.		916		83,274

Owens Corning		2,518		129,098


				339,327


Electricity — 2.2%

Avangrid, Inc.		2,036		104,264

Consolidated Edison, Inc.		2,450		211,092

Exelon Corp.		5,932		302,235

Hawaiian Electric Industries, Inc.		2,154		89,348

Pinnacle West Capital Corp.		463		44,110

PPL Corp.		6,124		191,130

Public Service Enterprise Group, Inc.		2,210		131,826

Southern Co. (The)		3,086		164,237


				1,238,242


Electronic & Electrical Equipment — 1.4%

Arrow Electronics, Inc.*		798		67,439

Emerson Electric Co.		3,911		277,642

Hubbell, Inc.		1,144		145,974

nVent Electric plc		2,588		72,335

Regal Beloit Corp.		1,483		126,174

WESCO International, Inc.*		2,179		124,726


				814,290


Financial Services — 3.7%

Ally Financial, Inc.		4,160		123,594

Bank of New York Mellon Corp. (The)		6,111		303,472

Capital One Financial Corp.		3,449		320,171

Goldman Sachs Group, Inc. (The)		2,015		414,929

Invesco Ltd.		8,107		178,111

Jefferies Financial Group, Inc.		5,064		104,166

Legg Mason, Inc.		4,058		135,740

Morgan Stanley		8,427		406,603

Navient Corp.		10,938		147,772


				2,134,558


Fixed Line Telecommunications — 1.9%

AT&T, Inc.		16,662		515,855

CenturyLink, Inc.		5,374		61,371

Verizon Communications, Inc.		8,593		491,434


				1,068,660


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Food & Drug Retailers — 1.8%

AmerisourceBergen Corp.		1,189		88,889

CVS Health Corp.		6,757		367,446

Kroger Co. (The)		6,723		173,319

McKesson Corp.		1,112		132,606

Walgreens Boots Alliance, Inc.		4,613		247,118


				1,009,378


Food Producers — 2.0%

Archer-Daniels-Midland Co.		4,410		196,686

Flowers Foods, Inc.		6,002		130,483

General Mills, Inc.		4,590		236,247

Ingredion, Inc.		618		58,556

JM Smucker Co. (The)		1,457		178,672

Kraft Heinz Co. (The)		2,605		86,590

Pilgrim’s Pride Corp.*		570		15,339

Tyson Foods, Inc., Class A		2,870		215,279


				1,117,852


Forestry & Paper — 0.4%

Domtar Corp.		2,377		116,235

International Paper Co.		2,629		123,064


				239,299


Gas, Water & Multiutilities — 0.9%

CenterPoint Energy, Inc.		5,516		170,996

Duke Energy Corp.		3,768		343,340


				514,336


General Industrials — 2.5%

Bemis Co., Inc.		2,403		137,980

Carlisle Cos., Inc.		1,105		156,269

Eaton Corp. plc		3,043		252,021

Graphic Packaging Holding Co.		8,458		117,397

Packaging Corp. of America		1,494		148,145

Parker-Hannifin Corp.		1,087		196,834

Silgan Holdings, Inc.		3,468		103,832

Sonoco Products Co.		2,256		142,263

Westrock Co.		3,295		126,462


				1,381,203


General Retailers — 3.3%

AutoNation, Inc.*		1,754		73,545

Best Buy Co., Inc.		2,368		176,203

Dick’s Sporting Goods, Inc.		3,058		113,146

Foot Locker, Inc.		2,190		125,290

Gap, Inc. (The)		5,108		133,217

H&R Block, Inc.		5,291		143,968

KAR Auction Services, Inc.		1,623		91,667


INVESTMENTS	SHARES		VALUE($)


General Retailers — continued

Kohl’s Corp.		2,233		158,766

L Brands, Inc.		2,989		76,638

Macy’s, Inc.		5,555		130,765

Nordstrom, Inc.		2,282		93,608

Penske Automotive Group, Inc.		2,588		118,841

Target Corp.		3,517		272,286

Williams-Sonoma, Inc.		2,177		124,459


				1,832,399


Health Care Equipment & Services — 5.3%

Anthem, Inc.		1,356		356,669

Baxter International, Inc.		3,194		243,702

Becton Dickinson and Co.		1,224		294,666

Cigna Corp.		1,971		313,074

Dentsply Sirona, Inc.		397		20,299

Hill-Rom Holdings, Inc.		1,089		110,446

MEDNAX, Inc.*		1,959		54,793

Medtronic plc		5,534		491,475

Quest Diagnostics, Inc.		1,457		140,426

UnitedHealth Group, Inc.		3,201		746,057

Universal Health Services, Inc., Class B		1,103		139,937

Zimmer Biomet Holdings, Inc.		1,222		150,501


				3,062,045


Household Goods & Home Construction — 3.1%

Leggett & Platt, Inc.		1,674		65,889

Lennar Corp., Class A		2,960		154,009

Newell Brands, Inc.		6,355		91,385

Procter & Gamble Co. (The)		9,516		1,013,264

PulteGroup, Inc.		4,825		151,795

Stanley Black & Decker, Inc.		1,233		180,758

Toll Brothers, Inc.		2,443		93,078


				1,750,178


Industrial Engineering — 3.2%

AGCO Corp.		1,710		121,034

Allison Transmission Holdings, Inc.		2,627		123,101

Crane Co.		1,412		120,091

Cummins, Inc.		1,282		213,184

Dover Corp.		1,709		167,550

Ingersoll-Rand plc		1,976		242,277

Oshkosh Corp.		1,667		137,678

PACCAR, Inc.		2,911		208,631

Pentair plc		3,155		123,013

Snap-on, Inc.		876		147,413

Timken Co. (The)		2,771		132,870

Trinity Industries, Inc.		5,162		111,293


				1,848,135


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Industrial Metals & Mining — 0.7%

Nucor Corp.		2,930		167,215

Reliance Steel & Aluminum Co.		1,494		137,388

Steel Dynamics, Inc.		3,086		97,765


				402,368


Industrial Transportation — 2.1%

Genesee & Wyoming, Inc., Class A*		988		87,586

Kansas City Southern		1,396		171,903

Macquarie Infrastructure Corp.		2,936		118,937

Norfolk Southern Corp.		1,629		332,349

Ryder System, Inc.		1,951		122,913

Schneider National, Inc., Class B		1,343		28,069

Union Pacific Corp.		1,766		312,653


				1,174,410


Leisure Goods — 0.3%

Garmin Ltd.		1,729		148,244

Thor Industries, Inc.		986		64,948


				213,192


Life Insurance — 1.9%

Lincoln National Corp.		2,771		184,881

MetLife, Inc.		6,178		284,991

Principal Financial Group, Inc.		3,519		201,146

Prudential Financial, Inc.		3,034		320,724

Unum Group		3,100		114,452


				1,106,194


Media — 5.7%

Comcast Corp., Class A		19,930		867,553

Discovery, Inc., Class A*		3,508		108,397

DISH Network Corp., Class A*		4,193		147,258

Graham Holdings Co., Class B		120		89,212

Interpublic Group of Cos., Inc. (The)		5,560		127,880

John Wiley & Sons, Inc., Class A		1,806		83,401

Liberty Media Corp.-Liberty SiriusXM, Class C*		3,270		131,323

Lions Gate Entertainment Corp., Class A		3,697		53,939

Nielsen Holdings plc		5,510		140,670

Omnicom Group, Inc.		2,281		182,549

Qurate Retail, Inc.*		7,623		129,972

Tribune Media Co., Class A		2,689		124,232

Viacom, Inc., Class B		5,065		146,429

Walt Disney Co. (The)		6,645		910,166


				3,242,981


Nonlife Insurance — 1.9%

Assured Guaranty Ltd.		3,401		162,228

Axis Capital Holdings Ltd.		954		54,235


INVESTMENTS	SHARES		VALUE($)


Nonlife Insurance — continued

Everest Re Group Ltd.		36		8,478

First American Financial Corp.		2,646		150,981

Mercury General Corp.		1,106		59,481

Old Republic International Corp.		6,617		147,956

Reinsurance Group of America, Inc.		1,024		155,146

Travelers Cos., Inc. (The)		1,963		282,181


				1,020,686


Oil & Gas Producers — 4.4%

Chevron Corp.		6,883		826,373

ConocoPhillips		839		52,958

Exxon Mobil Corp.		11,440		918,403

HollyFrontier Corp.		2,041		97,417

Marathon Petroleum Corp.		4,288		261,010

PBF Energy, Inc., Class A		2,672		89,726

Valero Energy Corp.		2,579		233,812


				2,479,699


Oil Equipment, Services & Distribution — 0.7%

Helmerich & Payne, Inc.		1,332		77,949

Kinder Morgan, Inc.		10,910		216,782

OGE Energy Corp.		2,322		98,313


				393,044


Personal Goods — 0.9%

Capri Holdings Ltd.*		1,846		81,372

Hanesbrands, Inc.		3,425		61,890

PVH Corp.		989		127,571

Ralph Lauren Corp.		1,037		136,448

Tapestry, Inc.		3,294		106,297


				513,578


Pharmaceuticals & Biotechnology — 7.0%

Abbott Laboratories		2,312		183,943

Allergan plc		1,979		290,913

Amgen, Inc.		1,819		326,183

Cardinal Health, Inc.		2,424		118,073

Gilead Sciences, Inc.		5,406		351,606

Johnson & Johnson		6,698		945,758

Merck & Co., Inc.		8,636		679,739

Perrigo Co. plc		1,067		51,131

Pfizer, Inc.		23,798		966,437

United Therapeutics Corp.*		473		48,516


				3,962,299


Real Estate Investment & Services — 0.1%

Realogy Holdings Corp. (a)		5,898		76,792


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Real Estate Investment Trusts — 4.2%

AGNC Investment Corp.		9,263		164,789

Annaly Capital Management, Inc.		18,057		182,195

Apple Hospitality REIT, Inc.		4,689		77,134

Brandywine Realty Trust		5,444		83,783

Brixmor Property Group, Inc.		4,551		81,372

Chimera Investment Corp.		7,333		140,573

Colony Capital, Inc.		657		3,377

Columbia Property Trust, Inc.		2,274		51,643

EPR Properties		1,325		104,489

Hospitality Properties Trust		4,397		114,322

Kimco Realty Corp.		8,216		142,876

Medical Properties Trust, Inc.		8,364		146,035

MFA Financial, Inc.		18,541		139,243

New Residential Investment Corp.		9,196		154,585

Omega Healthcare Investors, Inc.		4,140		146,515

Park Hotels & Resorts, Inc.		4,819		154,594

Retail Properties of America, Inc., Class A		6,029		74,096

Senior Housing Properties Trust		10,342		83,046

Starwood Property Trust, Inc.		6,662		153,559

Two Harbors Investment Corp.		9,527		132,044

Weingarten Realty Investors		1,158		33,513


				2,363,783


Software & Computer Services — 7.1%

Akamai Technologies, Inc.*		1,707		136,662

Amdocs Ltd.		2,135		117,596

CDW Corp.		1,189		125,559

Cerner Corp.*		2,014		133,830

Cognizant Technology Solutions Corp., Class A		2,790		203,558

DXC Technology Co.		2,678		176,052

Hewlett Packard Enterprise Co.		11,955		189,008

International Business Machines Corp.		4,289		601,618

Leidos Holdings, Inc.		2,222		163,273

LogMeIn, Inc.		1,560		128,544

Microsoft Corp.		9,759		1,274,525

Oracle Corp.		11,281		624,178

Symantec Corp.		7,256		175,668


				4,050,071


Support Services — 1.8%

ADT, Inc.		7,631		50,288

Alliance Data Systems Corp.		486		77,809

Johnson Controls International plc		6,584		246,900

ManpowerGroup, Inc.		1,528		146,749

MSC Industrial Direct Co., Inc., Class A		1,410		117,946

Republic Services, Inc.		2,214		183,364


INVESTMENTS	SHARES		VALUE($)


Support Services — continued

Xerox Corp.		4,289		143,081


				966,137


Technology Hardware & Equipment — 14.6%

Analog Devices, Inc.		2,196		255,263

Apple, Inc.		5,779		1,159,672

Applied Materials, Inc.		6,495		286,235

Broadcom, Inc.		1,942		618,333

Cisco Systems, Inc.		19,376		1,084,087

CommScope Holding Co., Inc.*		2,533		62,768

Corning, Inc.		6,119		194,890

Cypress Semiconductor Corp.		8,420		144,656

Harris Corp.		1,118		188,383

HP, Inc.		10,808		215,620

Intel Corp.		19,203		980,121

Juniper Networks, Inc.		5,344		148,403

KLA-Tencor Corp.		1,561		198,996

Lam Research Corp.		1,201		249,123

Marvell Technology Group Ltd.		4,689		117,319

Maxim Integrated Products, Inc.		2,921		175,260

Microchip Technology, Inc.		1,487		148,536

Micron Technology, Inc.*		6,946		292,149

MKS Instruments, Inc.		1,518		138,153

NetApp, Inc.		2,324		169,303

NXP Semiconductors NV (Netherlands)		2,496		263,627

ON Semiconductor Corp.*		4,409		101,672

Skyworks Solutions, Inc.		2,011		177,330

Teradyne, Inc.		3,145		154,105

Texas Instruments, Inc.		4,691		552,741

Western Digital Corp.		3,274		167,367


				8,244,112


Travel & Leisure — 2.6%

Alaska Air Group, Inc.		1,534		94,954

Aramark		4,054		125,998

Carnival Corp.		3,401		186,579

Cinemark Holdings, Inc.		1,998		84,016

Copa Holdings SA, Class A (Panama)		1,354		112,734

Delta Air Lines, Inc.		4,623		269,475

Las Vegas Sands Corp.		3,137		210,336

Royal Caribbean Cruises Ltd.		1,194		144,402

Southwest Airlines Co.		2,756		149,458

Wyndham Destinations, Inc.		2,778		121,010


				1,498,962


Total Common Stocks (Cost $52,328,455)				56,541,667


INVESTMENTS	SHARES		VALUE($)

Short-Term Investments — 0.1%

Investment Companies — 0.1%

JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.39% (b) (c) (Cost $74,332)		74,332		74,332

Investment Of Cash Collateral From Securities Loaned — 0.1%

JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.45% (b) (c) (Cost $79,891)		79,891		79,891


Total Investments — 100.1% (Cost $52,482,678)				56,695,890

Liabilities in Excess of Other Assets — (0.1%)				(75,753	)


NET ASSETS — 100.0%				56,620,137

Percentages indicated are based on net assets.

J.P. Morgan Exchange-Traded Fund Trust (the “Trust”) was formed on February 25, 2010, and is governed by a Declaration of Trust as amended and restated February 19, 2014, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company.

The following are 17 separate funds of the Trust (each, a “Fund” and collectively, the “Funds”) covered by this report:

JPMorgan BetaBuilders Canada ETF (the “BetaBuilders Canada ETF”) commenced operations on August 7, 2018. The investment objective of the Fund is to seek investment results that closely correspond, before fees and expenses, to the performance of the Morningstar^® Canada Target Market Exposure Index^SM.

JPMorgan BetaBuilders Developed Asia ex-Japan ETF (the “BetaBuilders Developed Asia ex-Japan ETF”) commenced operations on August 7, 2018. The investment objective of the Fund is to seek investment results that closely correspond, before fees and expenses, to the performance of the Morningstar^® Developed Asia ex-Japan Target Market Exposure Index^SM.

JPMorgan BetaBuilders Europe ETF (the “BetaBuilders Europe ETF”) commenced operations on June 15, 2018. The investment objective of the Fund is to seek investment results that closely correspond, before fees and expenses, to the performance of the Morningstar^® Developed Europe Target Market Exposure Index^SM.

JPMorgan BetaBuilders Japan ETF (the “BetaBuilders Japan ETF”) commenced operations on June 15, 2018. The investment objective of the Fund is to seek investment results that closely correspond, before fees and expenses, to the performance of the Morningstar^® Japan Target Market Exposure Index^SM.

JPMorgan BetaBuilders U.S. Equity ETF (the “BetaBuilders U.S. Equity ETF”) commenced operations on March 12, 2019. The investment objective of the Fund is to seek investment results that closely correspond, before fees and expenses, to the performance of the Morningstar^® US Target Market Exposure Index^SM.

The investment objective of JPMorgan Diversified Return Emerging Markets Equity ETF (the “Emerging Markets Equity ETF”) is to seek investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan Diversified Factor Emerging Markets Equity Index.

The investment objective of JPMorgan Diversified Return Europe Equity ETF (the “Europe Equity ETF”) is to seek investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan Diversified Factor Europe Equity Index.

The investment objective of JPMorgan Diversified Return Global Equity ETF (the “Global Equity ETF”) is to seek investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan Diversified Factor Global Developed Equity Index.

The investment objective of JPMorgan Diversified Return International Equity ETF (the “International Equity ETF”) is to seek investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan Diversified Factor International Equity Index.

The investment objective of JPMorgan Diversified Return U.S. Equity ETF (the “U.S. Equity ETF”) is to seek investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan Diversified Factor US Equity Index.

The investment objective of JPMorgan Diversified Return U.S. Mid Cap Equity ETF (the “U.S. Mid Cap Equity ETF”) is to seek investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan Diversified Factor US Mid Cap Equity Index.

The investment objective of JPMorgan Diversified Return U.S. Small Cap Equity ETF (the “U.S. Small Cap Equity ETF”) is to seek investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan Diversified Factor US Small Cap Equity Index.

JPMorgan U.S. Dividend ETF (the “U.S. Dividend ETF”) commenced operations on November 8, 2017. The investment objective of the Fund is to seek investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan US Dividend Index.

JPMorgan U.S. Minimum Volatility ETF (the “U.S. Minimum Volatility ETF”) commenced operations on November 8, 2017. The investment objective of the Fund is to seek investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan US Minimum Volatility Index.

JPMorgan U.S. Momentum Factor ETF (the “U.S. Momentum Factor ETF”) commenced operations on November 8, 2017. The investment objective of the Fund is to seek investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan US Momentum Factor Index.

JPMorgan U.S. Quality Factor ETF (the “U.S. Quality Factor ETF”) commenced operations on November 8, 2017. The investment objective of the Fund is to seek investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan US Quality Factor Index.

JPMorgan U.S. Value Factor ETF (the “U.S. Value Factor ETF”) commenced operations on November 8, 2017. The investment objective of the Fund is to seek investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan US Value Factor Index.

J.P. Morgan Investment Management Inc. (“JPMIM”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), acts as the Adviser (the “Adviser”) and Administrator (the “Administrator”) to the Funds.

Shares of each Fund are listed and traded on the NYSE Arca, Inc., except shares of BetaBuilders Canada ETF, BetaBuilders Developed Asia ex-Japan ETF, BetaBuilders Europe ETF, BetaBuilders Japan ETF and BetaBuilders U.S. Equity ETF which are listed and traded on Cboe BZX Exchange, Inc. Market prices for the Funds’ shares may be different from their net asset value (“NAV”). The Funds issue and redeem their shares on a continuous basis, through JPMorgan Distribution Services, Inc. (the “Distributor” or “JPMDS”), an indirect, wholly-owned subsidiary of JPMorgan, at NAV in large blocks of shares, referred to as “Creation Units” as shown in the table below:

Creation Units are issued and redeemed principally in-kind for a basket of securities. A cash amount may be substituted in Funds with sizeable exposure to market or sponsor restricted securities. Shares are generally traded in the secondary market in amounts less than a Creation Unit at market prices that change throughout the day. Only individuals or institutions that have entered into an authorized participant agreement with the Distributor may do business directly with the Funds (each, an “Authorized Participant”).

The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The Funds are investment companies and, thus, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification Topic 946 — Investment Companies, which is part of U.S. generally accepted accounting principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

A. Valuation of Investments — The valuation of investments is in accordance with GAAP and the Funds’ valuation policies set forth by and under the supervision and responsibility of the Board of Trustees (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.

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 Funds’ investments. The Administrator implements the valuation policies of the Funds’ investments, as directed by the Board. The AVC oversees and carries out the policies for the valuation of investments held in the Funds. 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.

A market-based approach is primarily used to value the Funds’ investments. Investments for which market quotations are not readily available are fair valued by approved affiliated and unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”) or may be internally fair valued using methods set forth by the valuation policies approved by the Board. This may include related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for the investment to determine the fair value of the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used, had a ready market for the investments existed, and such differences could be material.

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 NAVs of the Funds are calculated on a valuation date. Certain foreign equity instruments, as well as certain derivatives with equity reference obligations, are valued by applying international fair value factors provided by approved Pricing Services. The factors seek to adjust the local closing price for movements of local markets post closing, but prior to the time the NAVs are calculated.

Investments in open-end investment companies, excluding Exchange-Traded Funds (“ETFs”), (the “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 Funds’ investments are summarized into the three broad levels listed below.

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 tables represent each valuation input as presented on the Schedules of Portfolio Investments (“SOIs”):

There were no transfers into and out of level 3 for the six months ended April 30, 2019.

B. Restricted Securities — Certain securities held by the Funds may be subject to legal or contractual restrictions on resale. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the NAVs of the Funds.

As of April 30, 2019, the Funds had no investments in restricted securities other than securities sold to the Funds under Rule 144A and Regulation S under the Securities Act.

C. Futures Contracts — All funds, except BetaBuilders U.S. Equity ETF, used index futures contracts to obtain long and short exposure to the underlying commodities markets, to gain or reduce exposure to the stock market, to gain or reduce exposure to particular countries or regions, maintain liquidity, minimize transaction costs or to manage and hedge interest rate risk associated with portfolio investments.

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 Funds are 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 Funds 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 the Statements of Operations (“SOP”). Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported on the SOP at the closing or expiration of the futures contract. Securities deposited as initial margin are designated in the SOIs, while cash deposited, which is considered restricted, is recorded on the SAL. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the SAL.

The use of futures contracts exposes the Funds to equity price risk. The Funds may be subject 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 subjects the Funds to risk of loss in excess of the amounts shown on the SAL, up to the notional amount of the futures contracts. Use of short futures contracts subjects the Funds to unlimited risk of loss. The Funds 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 Funds’ 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 Funds’ 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).

The table below discloses the volume of the Funds’ futures contracts activity during the period ended April 30, 2019:

D. Securities Lending — The Funds are authorized to engage in securities lending in order to generate additional income. The Funds are able to lend to approved borrowers. Citibank N.A. (“Citibank”) serves as lending agent for the Funds, pursuant to a Securities Lending Agency Agreement (the “Securities Lending Agency Agreement”). Securities loaned are collateralized by cash equal to at least 100% of the market value plus accrued interest on the securities lent, which is invested in the IM Shares of JPMorgan U.S. Government Money Market Fund and the Agency SL Shares of the JPMorgan Securities Lending Money Market Fund. The Funds retain loan fees and the interest on cash collateral investments but are required to pay the borrower a rebate for the use of cash collateral. In cases where the lent security is of high value to borrowers, there may be a negative rebate (i.e., a net payment from the borrower to the Funds). Upon termination of a loan, the Funds are required to return to the borrower an amount equal to the cash collateral, plus any rebate owed to the borrowers. The remaining maturities of the securities lending transactions are considered overnight and continuous. Loans are subject to termination by the Funds or the borrower at any time.

The net income earned on the securities lending (after payment of rebates and Citibank’s fee) is included on the SOP as Income from securities lending (net). The Funds also receive payments from the borrower during the period of the loan, equivalent to dividends and interest earned on the securities loaned, which are recorded as Dividend or Interest income, respectively, on the SOP.

Under the Securities Lending Agency Agreement, Citibank marks to market the loaned securities on a daily basis. In the event the cash received from the borrower is less than 102% of the value of the loaned securities (105% for loans of non-U.S. securities), Citibank requests additional cash from the borrower so as to maintain a collateralization level of at least 102% of the value of the loaned securities plus accrued interest (105% for loans of non-U.S. securities), subject to certain de minimis amounts.

The value of securities out on loan is recorded as an asset on the SAL. The value of the cash collateral received is recorded as a liability on the SAL and details of Collateral Investments are disclosed in the SOIs. At April 30, 2019, the value of outstanding securities on loan and the value of Collateral Investments were as follows:

The Funds bear the risk of loss associated with the Collateral Investments and are not entitled to additional collateral from the borrower to cover any such losses. To the extent that the value of the Collateral Investments declines below the amount owed to a borrower, the Fund may incur losses that exceed the amount it earned on lending the security. Upon termination of a loan, the Funds may use leverage (borrow money) to repay the borrower for cash collateral posted if the Adviser does not believe that it is prudent to sell the Collateral Investments to fund the payment of this liability.

The following table presents the Funds’ value of the securities on loan with Citibank, net of amounts available for offset under the master netting arrangements and any related collateral received or posted by the Funds as of April 30, 2019.

Securities lending also involves counterparty risks, including the risk that the loaned securities may not be returned in a timely manner or at all. Subject to certain conditions, Citibank has agreed to indemnify the Funds from losses resulting from a borrower’s failure to return a loaned security.

JPMIM voluntarily waived investment advisory fees charged to the Funds to reduce the impact of the investment in the JPMorgan U.S. Government Money Market Fund from 0.16% to 0.06%. JPMIM waived fees associated with the Funds’ investment in JPMorgan U.S. Government Money Market Fund as follows:

The above waiver is included in the determination of earnings on cash collateral investment and in the calculation of Citibank’s compensation and is included in the SOP as Income from securities lending (net).

BetaBuilders U.S. Equity ETF did not lend out any securities during the period ended April 30, 2019.

E. Investment Transactions with Affiliates — The Funds invested in Underlying Funds which are advised by the Adviser or its affiliates. An issuer who is under common control with the Funds may be considered an affiliate. For the purposes of the financial statements, the Funds assume the issuers listed in the table below to be affiliated issuers. Underlying Funds’ distributions may be reinvested into the Underlying Funds. Reinvestment amounts are included in the purchase cost amounts in the tables below.

F. Foreign Currency Translation — The books and records of the Funds are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the prevailing exchange rates of such currencies against the U.S. dollar. The market value of investment securities and other assets and liabilities are translated at the exchange rate as of the valuation date. Purchases and sales of investment securities, income and expenses are translated at the exchange rate prevailing on the respective dates of such transactions.

The Funds do not isolate the effect of changes in foreign exchange rates from changes in market prices of securities held. Accordingly, such changes are included within Change in net unrealized appreciation/depreciation on investments on the SOP.

Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on each Fund’s books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses are included in Net realized gain (loss) on foreign currency transactions on the SOP. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at year end are included in Change in net unrealized appreciation/ depreciation on foreign currency translations on the SOP.

G. Offering and Organizational Costs — Total offering costs incurred in connection with the offering of shares of the Funds are amortized on a straight line basis over 12 months from the date the Funds commenced operations. For the period ended April 30, 2019, total offering costs incurred were:

Costs paid in connection with the organization of the Funds, if any, were recorded as an expense at the time the Funds commenced operations and are included as part of Professional fees on the SOP. For the period ended April 30, 2019, total offering costs amortized were:

H. Security Transactions and Investment Income — Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis. Interest income is determined on the basis of coupon interest accrued using the effective interest method which adjusts for amortization of premiums and accretion of discounts. Dividend income net of foreign taxes withheld, if any, and distributions of net investment income and realized capital gains from the Underlying Funds and ETFs, if any, are recorded on the ex-dividend date or when a Fund first learns of the dividend.

To the extent such information is publicly available, the Funds record distributions received in excess of income earned from underlying investments as a reduction of cost of investments and/or realized gain. Such amounts are based on estimates if actual amounts are not available and actual amounts of income, realized gain and return of capital may differ from the estimated amounts. The Funds adjust the estimated amounts of the components of distributions (and consequently their net investment income) as necessary once the issuers provide information about the actual composition of the distributions.

I. Allocation of Expenses — Expenses directly attributable to a fund are charged directly to that fund, while the expenses attributable to more than one fund of the Trust are allocated among the respective funds.

J. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code (the “Code”), applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of April 30, 2019, no liability for Federal income tax is required in the Funds’ financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each of the Funds’ Federal tax returns for the prior three fiscal years, or since inception if shorter, remains subject to examination by the Internal Revenue Service.

K. Foreign Taxes — The Funds may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Funds will accrue such taxes and recoveries as applicable, based upon their current interpretation of tax rules and regulations that exist in the markets in which they invest. When a capital gain tax is determined to apply, the Funds record an estimated deferred tax liability in an amount that would be payable if the securities were disposed of on the valuation date.

L. Distributions to Shareholders — Distributions from net investment income, if any, are generally declared and paid quarterly for all Funds, except the BetaBuilders Japan ETF, which generally declares and pays any net investment income annually. Net realized capital gains, if any, are distributed by each Fund at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federal tax-basis treatment.

A. Investment Advisory Fee and Management Fee — Pursuant to Investment Advisory Agreement for all Funds, except the BetaBuilders U.S. Equity ETF, and a Management Agreement for the BetaBuilders U.S. Equity ETF, the Adviser supervises the investments of each Fund. For such services, the Adviser is paid a fee which is accrued daily and paid monthly based on each Fund’s respective average daily net assets. The annual rate for each Fund is as follows:

The Adviser waived Investment Advisory fees and/or reimbursed expenses as outlined in Note 3.D.

Under the Management Agreement, JPMIM is responsible for substantially all expenses of the BetaBuilders U.S. Equity ETF, except for the management fees, payments under the BetaBuilders U.S. Equity ETF’s 12b-1 plan (if any), interest expenses, dividend and interest expenses related to short sales, taxes, acquired fund fees and expenses (other than fees for funds advised by the adviser and/or its affiliates), costs of holding shareholder meetings, and litigation and potential litigation and other extraordinary expenses not incurred in the ordinary course of the BetaBuilders U.S. Equity ETF’s business. Additionally, the BetaBuilders U.S. Equity ETF shall be responsible for its non-operating expenses, including brokerage commissions and fees and expenses associated with the Fund’s securities lending program, if applicable.

B. Administration Fee — Pursuant to an Administration Agreement for all Funds, except the BetaBuilders U.S. Equity ETF, the Administrator provides certain administration services to the Funds. In consideration of these services, effective January 1, 2019, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.075% of each Fund’s respective average daily net assets. Prior to January 1, 2019, the Administrator received a fee accrued daily and paid monthly at an annual rate of 0.085% each Fund’s respective average daily net assets. The Administrator also provides administration services to the BetaBuilders U.S. Equity ETF pursuant to the Management Agreement for that Fund; the Administrator is compensated as described in Note 3.A.

JPMorgan Chase Bank, N.A. (“JPMCB”), a wholly-owned subsidiary of JPMorgan, serves as the Funds’ sub-administrator (the “Sub-administrator”). For its services as Sub-administrator, JPMCB receives a portion of the fees payable to the Administrator.

C. Custodian, Accounting and Transfer Agent Fees — JPMCB provides custody, accounting and transfer agency services to the Funds. The amounts paid directly to JPMCB by the Funds, except the BetaBuilders U.S. Equity ETF, which is paid as described in Note 3.A, for custody services are included in the Custodian, Accounting and Transfer Agent fees on the SOP. Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the SOP. With respect to the transfer agency services provided by JPMCB for each creation or redemption transaction, the Authorized Participant will generally be responsible for such associated expenses; during the period, the Funds paid no transfer agency fees to JPMCB.

Additionally, Authorized Participants generally pay transaction fees associated with the creation and redemption of fund shares. These fees are used to offset certain custodian charges incurred by the Fund for these transactions.

For the period ended April 30, 2019, the amount of transaction fees paid by the Authorized Participants to the Funds that were used to reimburse Custodian and Transfer Agent fees were as follows:

Such amounts are included in expense reimbursements from non-affiliates in the SOP.

Restricted cash on the SAL is cash received from Authorized Participants for the reimbursement of creation and/or redemption of Fund shares.

Interest expense paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates on the SOP.

D. Waivers and Reimbursements — The Adviser has contractually agreed to waive fees and/or reimburse the Funds to the extent that total annual operating expenses, (excluding acquired fund fees and expenses, dividend expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, and extraordinary expenses), exceed the percentages of the Funds’ respective average daily net assets as shown in the below table:

The expense limitation agreements were in effect for the period ended April 30, 2019 and are in place until at least February 28, 2022.

For the period ended April 30, 2019, the Funds’ service providers waived fees and/or reimbursed expenses for each of the Funds as follows. None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.

Additionally, the Funds may invest in one or more money market funds advised by the Adviser or its affiliates (affiliated money market funds). For each Fund, except the BetaBuilders U.S. Equity ETF, the Adviser has contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective fees and expenses incurred by each Fund from the applicable Fund’s investment in such affiliated money market funds, except for investments of securities lending collateral. For BetaBuilders U.S. Equity ETF, these waivers are covered under the Management Agreement as described in Note 3.A.

The amounts of these waivers resulting from investments in these money market funds for the period ended April 30, 2019, were as follows:

E. Distribution Services — The Distributor or its agent distributes Creation Units for each Fund on an agency basis. The Distributor does not maintain a secondary market in shares of each Fund. JPMDS receives no fees for their distribution services under their respective distribution agreements with the Trust (the “Distribution Agreements”). Although the Trust does not pay any fees under the Distribution Agreements, JPMIM pays JPMDS for certain distribution related services.

F. Other — Certain officers of the Trust are affiliated with the Adviser, the Administrator and the JPMDS. Such officers, with the exception of the Chief Compliance Officer, receive no compensation from the Funds for serving in their respective roles.

The Board designated and appointed a Chief Compliance Officer to the Funds pursuant to Rule 38a-1 under the 1940 Act. Each Fund, excluding the BetaBuilders U.S. Equity ETF, along with affiliated funds, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the office of the Chief Compliance Officer. Such fees are included in Trustees’ and Chief Compliance Officer’s fees on the SOP.

The Securities and Exchange Commission (“SEC”) has granted an exemptive order permitting the Funds to engage in principal transactions with J.P. Morgan Securities, Inc., an affiliated broker, involving taxable money market instruments, subject to certain conditions.

During the period ended April 30, 2019, purchases and sales of investments (excluding short-term investments) were as follows:

During the period ended April 30, 2019, there were no purchases or sales of U.S. Government securities.

For the period ended April 30, 2019, in-kind transactions associated with creations and redemptions were:

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at April 30, 2019 were as follows:

As of October 31, 2018, the following Funds had net capital loss carryforwards as follows:

During the year ended October 31, 2018, the following Funds utilized capital loss carryforwards as follows:

The Trust issues and redeems shares of the Funds only in Creation Units through the Distributor at NAV. Capital shares transactions detail can be found in the Statements of Changes in Net Assets.

Shares of the Funds may only be purchased or redeemed by Authorized Participants. Such Authorized Participants may from time to time hold, of record or beneficially, a substantial percentage of the Funds’ shares outstanding, act as executing or clearing broker for investment transactions on behalf of the Funds. An Authorized Participant is either (1) a “Participating Party” or other participant in the clearing process through the Continuous

Net Settlement System of the National Securities Clearing Corporation (“NSCC”); or (2) a DTC Participant; which, in either case, must have executed an agreement with the Distributor.

Creation Units of a Fund may be created in advance of receipt by the Trust of all or a portion of the applicable basket of equity securities and other instruments (“Deposit Instruments”) and cash as described in the Funds’ registration statement. In these instances, the initial Deposit Instruments and cash must be deposited in an amount equal to the sum of the cash amount, plus at least 105%, for BetaBuilders Canada ETF, BetaBuilders Developed Asia ex-Japan ETF, BetaBuilders Europe ETF, BetaBuilders Japan ETF, Europe Equity ETF, Global Equity ETF and International Equity ETF, and plus at least 110% for Emerging Markets Equity ETF of the market value of undelivered Deposit Instruments. A transaction fee may be imposed to offset transfer and other transaction costs associated with the purchase or redemption of Creation Units.

In the normal course of business, the Funds enter into contracts that contain a variety of representations which provide general indemnifications. Each Fund’s maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be brought against each Fund. However, based on experience, the Funds expect the risk of loss to be remote.

As of April 30, 2019, the Adviser owns shares representing more than 10% of net assets of following Funds:

Significant shareholder transactions by the Adviser may impact the Funds’ performance.

Derivatives may be riskier than other types of investments because they may be more sensitive to changes in economic and market conditions and could result in losses that significantly exceed the Funds’ original investment. Derivatives also expose the Funds to counterparty risk (the risk that the derivative counterparty will not fulfill its contractual obligations), including credit risk of the derivative counterparty. The possible lack of a liquid secondary market for derivatives and the resulting inability of the Funds to sell or otherwise close a derivatives position could expose the Funds to losses.

The BetaBuilders Canada ETF, BetaBuilders Developed Asia ex-Japan ETF, BetaBuilders Europe ETF, BetaBuilders Japan ETF, Emerging Markets Equity ETF, Europe Equity ETF, Global Equity ETF and International Equity ETF may have elements of risk not typically associated with investments in the United States of America due to concentrated investments in a limited number of countries or regions, which may vary throughout the period depending on the Funds. Such concentrations may subject each Fund to additional risks resulting from political or economic conditions in such countries or regions and the possible imposition of adverse governmental laws or currency exchange restrictions could cause the securities and their markets to be less liquid and their prices to be more volatile than those of comparable U.S. securities.

Investing in securities of foreign countries may include certain risks and considerations not typically associated with investing in U.S. securities. These risks include revaluation of currencies, high rates of inflation, repatriation restrictions on income and currencies, and future and adverse political, social and economic developments.

As of April 30, 2019, the following Funds had non-U.S. country allocations representing greater than 10% of total investments as follows:

As of April 30, 2019, a significant portion of each Fund’s net assets noted in the table above consisted of securities that were denominated in foreign currencies. Changes in currency exchange rates will affect the value of, and investment income from, such securities.

Disruptions to creations and redemptions, the existence of significant market volatility or potential lack of an active trading market for the Shares (including through a trading halt), as well as other factors, may result in Shares trading significantly above (at a premium) or below (at a discount) to the NAV or to the intraday value of the Fund’s holdings. During such periods, investors may incur significant losses if shares are sold.

The Funds may not track the return of the underlying index for a number of reasons and therefore may not achieve its investment objective. For example, each Fund incurs a number of operating expenses not applicable to its underlying index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of the underlying index. In addition, a Fund’s return may differ from the return of its underlying index as a result of, among other things, pricing differences and the inability to purchase certain securities included in the underlying index due to regulatory or other restrictions. To the extent of the previously outlined items, each Fund’s return differs from the return of the underlying index.

In August 2018, the Financial Accounting Standard Board (“FASB”) issued Accounting Standard Update (“ASU”) 2018-13 (“ASU 2018-13”), Fair Value Measurement (Topic 820): Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement, which adds, removes, and modifies certain aspects of the fair value disclosure. ASU 2018-13 amendments are the result of a broader disclosure project, FASB Concepts Statement Conceptual Framework for Financial Reporting — Chapter 8: Notes to Financial Statements, to improve the effectiveness of the fair value disclosure requirements. ASU 2018-13 is effective for the fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019; early adoption is permitted. Management has evaluated the implications of these changes and the amendments are included in the financial statements, which had no effect to the Funds’ net assets or results of operation.

At its June 11-12, 2019 meeting, the Board of Trustees approved a new management agreement for each of the Funds (except for BetaBuilders U.S. Equity ETF), contingent on approval by each Fund’s shareholders. This approval will be sought at a shareholder meeting expected to be held on August 22, 2019. If approved by shareholders of a Fund, the new agreement would become effective on November 1, 2019, and would result in the implementation of a single management fee in lieu of the fee structure currently in place for that Fund. In addition, if approved, this agreement would replace each Fund’s current investment advisory agreement, as well as its current administration and expense limitation agreements. This proposal will not result in an increase in a Fund’s current net expense ratio or change the level of services provided by JPMIM under the current investment advisory and administration agreements.

During the period April 30, 2019 through June 18, 2019, Global Equity ETF had net redemptions of $64,388,685. The amount represented approximately 31% of the Fund’s net assets as of April 30, 2019.

JPMorgan BetaBuilders U.S. Equity ETF

On March 5-6, 2019, the Board of Trustees held in-person meetings and approved the initial management agreement (the “Management Agreement”) for the JPMorgan BetaBuilders U.S. Equity ETF (the “Fund”). The Management Agreement was approved by a majority of the Trustees who are not “Interested Persons” (as defined in the 1940 Act) of any party to the Management Agreement or any of their affiliates. In connection with the approval of the Management Agreement, the Trustees reviewed written materials prepared by the Adviser and received oral presentations from Adviser personnel. Before voting on the proposed Management Agreement, the Trustees reviewed the Management Agreement with representatives of the Adviser and with counsel to the Trust and independent legal counsel to the Trustees and received a memorandum from independent legal counsel discussing the legal standards for their consideration of the proposed Management Agreement. They also considered information they received from the Adviser over the course of the year in connection with their oversight of other funds managed by the Adviser. The Trustees also discussed the proposed Management Agreement in executive session with independent legal counsel at which no representatives of the Adviser were present.

Set forth below is a summary of the material factors evaluated by the Trustees in determining whether to approve the Management Agreement. The Trustees considered information provided with respect to the Fund and the approval of the Management Agreement. Each Trustee attributed his or her own evaluation of the significance of the various factors, and no factor alone was considered determinative. The Trustees determined that the proposed compensation to be received by the Adviser from the Fund under the Management Agreement was fair and reasonable and that initial approval of the Management Agreement was in the best interests of the Fund and its potential shareholders.

The factors summarized below were considered and discussed by the Trustees in reaching their conclusions:

Nature, Extent and Quality of Services Provided by the Adviser

In connection with the approval of the initial Management Agreement, the Trustees considered the materials furnished specifically in connection with the approval of the Management Agreement, as well as other relevant information furnished for the Trustees. The Trustees considered the background and experience of the Adviser’s senior management and investment personnel. In addition, the Trustees reviewed the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of the Fund. The Trustees also considered the investment strategy for the Fund, and the infrastructure supporting the portfolio management teams. In addition, the Trustees considered information about the structure and distribution strategy of the

Fund, how it fits within the Trust’s other fund offerings, and how it will be positioned against peer funds, as identified by management and/or Broadridge Investor Communications Solutions Inc. (“Broadridge”), an independent provider of investment company data. The Trustees also considered the administration services to be provided by the Adviser under the Management Agreement.

The Trustees also considered their knowledge of the nature and quality of the services provided by the Adviser and its affiliates gained from their experience as Trustees of the Trust and in the financial industry generally. In addition, they considered the overall reputation and capabilities of the Adviser and its affiliates, the commitment of the Adviser to provide high quality service to the Fund, their overall confidence in the Adviser’s integrity and the Adviser’s responsiveness to requests for additional information, questions or concerns raised by them.

Based upon these considerations and other factors, the Trustees concluded that they were satisfied with the nature, extent and quality of services to be provided to the Fund by the Adviser.

Fall-Out Benefits

The Trustees reviewed information regarding potential “fall-out” or ancillary benefits expected to be received by the Adviser and its affiliates as a result of their relationship with the Fund. Additionally, the Trustees considered that any fall-out or ancillary benefits would be comparable to those related to the other funds in the complex.

The Trustees also considered the benefits the Adviser is expected to receive as the result of JPMorgan Chase Bank, N.A.’s roles as custodian, fund accountant and transfer agent for the Fund.

Economies of Scale

The Trustees considered the extent to which the Fund will benefit from economies of scale. The Trustees noted that the proposed unitary management fee schedule for the Fund does not contain breakpoints. The Trustees also considered that shareholders would benefit because expenses would be limited even when the Fund was new and not achieving economies of scale. The Trustees also considered the fact that increases in assets would not lead to fee decreases even if economies of scale are achieved, but also that they would have the opportunity to further review the appropriateness of the fee payable to the Adviser under the Management Agreement in the future.

Investment Performance

The Trustees considered the Fund’s investment strategy and processes, the portfolio management team and competitive positioning against identified peer funds, and concluded that the prospects for competitive future performance were acceptable.

JPMorgan Diversified Return Emerging Markets Equity ETF, JPMorgan Diversified Return Europe Equity ETF, JPMorgan Diversified Return Global Equity ETF, JPMorgan Diversified Return International Equity EFT, JPMorgan Diversified Return U.S Equity ETF, JPMorgan Diversified Return U.S. Mid Cap Equity ETF, JPMorgan Diversified Return U.S. Small Cap Equity ETF, JPMorgan U.S. Dividend ETF, JPMorgan U.S. Minimum Volatility ETF, JPMorgan U.S. Momentum Factor ETF, JPMorgan U.S. Quality Factor ETF and JPMorgan U.S. Value Factor ETF

The Board of Trustees meets regularly throughout the year and considers factors that are relevant to their annual consideration of investment advisory agreements at each meeting. The Board also meets specifically to consider investment advisory agreement annual renewals. The Board of Trustees held a meeting in person December 4, 2018, at which the Trustees considered the continuation of investment advisory agreements (each an “Advisory Agreement” and collectively, the “Advisory Agreements”) for JPMorgan Diversified Return Emerging Markets Equity ETF, JPMorgan Diversified Return Europe Equity ETF, JPMorgan Diversified Return Global Equity ETF, JPMorgan Diversified Return International Equity EFT, JPMorgan Diversified Return U.S Equity ETF, JPMorgan Diversified Return U.S. Mid Cap Equity ETF, JPMorgan Diversified Return U.S. Small Cap Equity ETF, JPMorgan U.S. Dividend ETF, JPMorgan U.S. Minimum Volatility ETF, JPMorgan U.S. Momentum Factor ETF, JPMorgan U.S. Quality Factor ETF and JPMorgan U.S. Value Factor ETF (the “Funds”). In advance of the December 4, 2018 meeting, the Trustees met on November 8, 2018 to discuss certain information in connection with its consideration of the Advisory Agreements. At the December meeting, the Board reviewed and considered performance, expense and other information individually for each of the Funds. The Trustees, including a majority of the Trustees who are not “Interested Persons” (as defined in the 1940 Act) of any party to the Advisory Agreements or any of their affiliates, approved the continuation of each Advisory Agreement.

As part of their review of the Advisory Agreements, the Trustees considered and reviewed performance and other information about each Fund received from the Adviser. This information included each Fund’s performance as compared to the performance of its benchmark and analyses by the Adviser of each Fund’s performance. In addition, in preparation for the December meeting, the Trustees requested, received and evaluated extensive materials from the Adviser, including performance and expense information compiled by Broadridge Investor Communications Solutions Inc. (“Broadridge”), an independent provider of investment company data, and met with representatives of Broadridge. Before voting on the Advisory Agreements, the Trustees reviewed the Advisory Agreements with representatives of the Adviser, counsel to the Trust and independent legal counsel and received a memorandum from independent legal counsel to the Trustees discussing the legal standards for their consideration of the Advisory Agreements.

The Trustees also discussed the Advisory Agreements in executive sessions with independent legal counsel at which no representatives of the Adviser were present.

A summary of the material factors evaluated by the Trustees in determining whether to approve each Advisory Agreement is provided below. The Trustees considered information provided with respect to the Funds over the course of the year, as well as the materials furnished specifically in connection with this annual renewal process. Each Trustee attributed his or her own evaluation of the significance of the various factors and no factor alone was considered determinative. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions. The Trustees determined that the compensation received by the Adviser from each Fund under the Advisory Agreement was fair and reasonable and that the continuance of the Advisory Agreement was in the best interests of each Fund and its shareholders.

The factors summarized below were considered and discussed by the Trustees in reaching their conclusions:

Nature, Extent and Quality of Services Provided by the Adviser

The Trustees received and considered information regarding the nature, extent and quality of the services provided to each Fund under its respective Advisory Agreement. The Trustees took into account information furnished throughout the year at Trustee meetings, as well as the materials furnished specifically in connection with this annual review process. The Trustees considered the background and experience of the Adviser’s senior management and investment personnel. In addition, the Trustees reviewed the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of each Fund. The Trustees also considered each Fund’s investment strategy, and the infrastructure supporting the portfolio management teams. In addition, the Trustees considered information about the structure and distribution strategies of the Funds, how they fit within the Trust’s fund offerings, and how each Fund is positioned against peer funds, as identified by management. The Trustees reviewed information relating to the Adviser’s risk governance model and reports showing the Adviser’s compliance structure and ongoing compliance processes. The Trustees also considered the quality of administrative services provided by the Adviser in its role as administrator to the Funds.

The Trustees also considered their knowledge of the nature and quality of services provided by the Adviser and its affiliates gained from their experience as Trustees of the Trust and in the financial industry. In addition, they considered the overall reputation and capabilities of the Adviser and its affiliates, the commitment of the Adviser to continue to provide high quality service to the Funds, their overall confidence in the Adviser’s

integrity and the Adviser’s responsiveness to requests for additional information, questions or concerns raised by them.

Based upon these considerations and other factors, the Trustees concluded that they were satisfied with the nature, extent and quality of services provided to each Fund by the Adviser.

Costs of Services Provided and Profitability to the Adviser and its Affiliates

The Trustees received and considered information regarding the profitability to the Adviser and its affiliates in providing services to the Funds. The Trustees reviewed and discussed this information. The Trustees recognized that this information is not audited and represents the Adviser’s determination of its and its affiliates’ revenues from the contractual services provided to the Funds, less expenses of providing such services. Expenses include direct and indirect costs and are calculated using allocation methodologies developed by the Adviser. The Trustees also recognized that it is difficult to make direct comparisons of profitability from fund investment advisory contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the fact that publicly-traded fund managers’ operating profits and net income are net of distribution and marketing expenses. Based upon their review, the Trustees concluded that the profitability to the Adviser under each Advisory Agreement was not unreasonable in light of the services and benefits provided to each Fund.

The Trustees also considered the fees that the Adviser earned from the Funds for providing administrative services. These fees were shown separately in the profitability analysis presented to the Trustees. The Trustees also considered the fees paid to J.P. Morgan Chase Bank, N.A. (“JPMCB”), also an affiliate of the Adviser, for custody, transfer agency and other related services for each Fund.

Fall-Out Benefits

The Trustees reviewed information regarding potential “fall-out” or ancillary benefits received by the Adviser and its affiliates as a result of their relationships with the Funds.

Economies of Scale

reasonable in light of the Fee Caps that the Adviser has in place which serve to limit the overall net expense ratio of each Fund to competitive levels. With respect to fees for administrative services, the Trustees also considered the fact that the Funds benefit from the economies of scale present in the broader J.P. Morgan fund complex, as the Funds were able to negotiate an administration fee at level consistent with the lower effective rate currently paid by the J.P. Morgan mutual funds, which includes breakpoints. The Trustees also took into consideration management’s belief that because of such economies of scale, the Funds’ administration fees are lower than what the Funds would have to pay if they were not part of the J.P. Morgan fund complex.

Fees Relative to Adviser’s Other Clients

The Trustees requested and received and considered information about the nature and extent of investment advisory services and fee rates offered to other investment companies advised by the Adviser in the same asset class as each Fund. The Trustees also noted the Adviser’s view that it does not manage other accounts with substantially similar investment strategies as that of the Funds. The Trustees concluded that the fee rates charged to each Fund in comparison to those charged to such other clients were reasonable.

Investment Performance

The Trustees considered each Fund’s investment strategy and processes, portfolio management teams and competitive positioning against peer funds, as identified by management. As part of this review, the Trustees also reviewed each Fund’s performance against its benchmark and considered each Fund’s performance information provided at regular Board meetings by the Adviser. After consideration, the Trustees determined that each Fund’s performance was consistent with its investment objective.

Advisory Fees and Expense Ratios

The Trustees considered the contractual advisory fee rate and administration fee rate paid by each Fund to the Adviser and compared the combined rate to the information prepared by Broadridge concerning management fee rates paid by other funds in the same Broadridge category as each Fund. The Trustees reviewed a description of Broadridge’s methodology for selecting funds in the Peer Group and Universe, as applicable. The Trustees recognized that Broadridge reported each Fund’s management fee rate as the combined contractual advisory fee and administration fee rates. The Trustees also reviewed information about other expenses and the total expense ratio for each Fund. The Trustees considered the Fee Caps currently in place for each Fund and considered the net advisory fee rate after taking into account such Fee Caps. The Trustees recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that

are included in the fees paid by other funds. The Trustees’ determination as a result of the review of each Fund’s advisory fees and expense ratios are summarized below:

The Trustees noted that the JPMorgan Diversified Return Emerging Markets Equity ETF’s net advisory fee was in the first quintile based upon both the Peer Group and Universe; and that the actual total expenses were in the third and second quintiles based upon the Peer Group and Universe, respectively. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.

The Trustees noted that the JPMorgan Diversified Return Europe Equity ETF’s net advisory fee and actual total expenses were in the first quintile based upon both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.

The Trustees noted that the JPMorgan Diversified Return Global Equity ETF’s net advisory fee and actual total expenses were in the first and third quintiles, respectively, based upon the Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.

The Trustees noted that the JPMorgan Diversified Return International Equity EFT’s net advisory fee was in the second quintile based upon both the Peer Group and Universe; and that the actual total expenses were in the third and four quintiles based upon the Peer Group and Universe, respectively. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.

The Trustees noted that the JPMorgan Diversified Return U.S. Equity EFT’s net advisory fee and actual total expenses were in the first and second quintiles, respectively, based upon both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.

The Trustees noted that the JPMorgan Diversified Return U.S. Mid Cap Equity ETF’s net advisory fee and actual total expenses were in the first and second quintiles, respectively, based upon the Universe. After considering the factors identified above, in

light of this information, the Trustees concluded that the advisory fee was reasonable.

The Trustees noted that the JPMorgan Diversified Return U.S. Small Cap Equity EFT’s net advisory fee was in the first and second quintiles based upon the Peer Group and Universe, respectively; and that the actual total expenses were in the second and third quintiles based upon the Peer Group and Universe, respectively. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.

The Trustees noted that the JPMorgan U.S. Dividend EFT’s net advisory fee was in the first quintile based upon both the Peer Group and Universe; and that the actual total expenses were in the third and first quintiles based upon the Peer Group and Universe, respectively. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.

The Trustees noted that the JPMorgan U.S. Minimum Volatility ETF’s net advisory fee and actual total expenses were in the first quintile based upon the Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.

The Trustees noted that the JPMorgan U.S. Momentum Factor ETF’s net advisory fee and actual total expenses were in the first quintile based upon both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.

The Trustees noted that the JPMorgan U.S. Quality Factor ETF’s net advisory fee and actual total expenses were in the first quintile based upon the Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.

The Trustees noted that the JPMorgan U.S. Value Factor EFT’s net advisory fee was in the first quintile based upon both the Peer Group and Universe; and that the actual total expenses were in the second and first quintiles based upon the Peer Group and Universe, respectively. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.

J.P. Morgan Exchange-Traded Funds are distributed by JPMorgan Distribution Services, Inc., an indirect, wholly-owned subsidiary of JPMorgan Chase & Co.

Contact J.P. Morgan Exchange-Traded Funds at 1-844-457-6383 (844-4JPM ETF) for a fund prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risks as well as charges and expenses of the fund before investing. The prospectus contains this and other information about the fund. Read the prospectus carefully before investing.

Investors may obtain information about the Securities Investor Protection Corporation (SIPC), including the SIPC brochure by visiting www.sipc.org or by calling SIPC at 202-371-8300.

Each Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC on Form N-PORT. Prior to March 31, 2019, each Fund filed a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC on Form N-Q. The Funds’ Form N-PORT and Form N-Q are available on the SEC’s website at http://www.sec.gov. Each Fund’s quarterly holdings can be found by visiting the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

A description of each Fund’s policies and procedures with respect to the disclosure of each Fund’s holdings is available in the prospectus and Statement of Additional Information.

A copy of proxy policies and procedures is available without charge upon request by calling 1-844-457-6383 and on the Fund’s website at www.jpmorganfunds.com. A description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Fund to the Adviser. A copy of the Fund’s voting record for the most recent 12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Fund’s website at www.jpmorganfunds.com no later than August 31 of each year. The Fund’s proxy voting record will include, among other things, a brief description of the matter voted on for each fund security, and will state how each vote was cast, for example, for or against the proposal.

J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.

Investments in a Fund are not bank deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money if you sell when a Fund’s share price is lower than when you invested.

Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of the Fund or the securities markets. References to specific securities and their issuers are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations to purchase or sell such securities. Such views are not meant as investment advice and may not be relied on as an indication of trading intent on behalf of a Fund.

Prospective investors should refer to the Funds’ prospectuses for a discussion of the Fund’s investment objectives, strategies and risks. Call J.P. Morgan Exchange-Traded Funds at (844) 457-6383 for a prospectus containing more complete information about the Fund, including management fees and other expenses. Please read it carefully before investing.

Dear Shareholders,

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President, J.P. Morgan Exchange-Traded Funds

J.P. Morgan Asset Management

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However, by the end of December, the U.S. Federal Reserve had moved to a neutral policy stance and the European Central Bank — while ending its quantitative easing program in the face of broad-based wage growth — reiterated its intention to hold interest rates at current levels through the end of 2019. The Bank of England also held U.K. interest rates steady.

Global equity and bond markets began to stabilize in January 2018 and asset prices generally advanced over the next three months as signs of inflationary pressure receded and corporate earnings showed surprising strength. Notably, global oil prices fell in December 2018 to $42 per barrel of West Texas Intermediate crude and then rose to $63 per barrel by the end of April 2019.

Among equity markets, the MSCI Emerging Markets Index returned 13.90%, the MSCI EAFE Index returned 7.73% and the S&P 500 Index returned 9.76% for the six months ended April 30, 2019.

INVESTMENT OBJECTIVE***

The JPMorgan Diversified Alternatives ETF (the “Fund”) seeks to provide long-term total return.

INVESTMENT APPROACH

The Fund seeks to achieve its investment objective by allocating assets across a variety of strategies commonly employed by hedge funds, including equity long/short, event driven and macro/managed futures strategies. The Fund seeks to achieve the efficiency of rules-based investing with the diversification benefits of alternative strategies without replicating an index.

The Fund uses derivatives, including swaps, futures and forward contracts, in implementing its strategies, and under normal market conditions, the Fund’s managers seek to obtain a significant portion of the Fund’s exposure through the use of derivatives, in addition to its exposure through direct investments. Derivatives, which are instruments that have a value based on another instrument, exchange rate or index, are primarily used as an efficient means of implementing a particular strategy in order to gain exposure to a desired strategy.

HOW DID THE FUND PERFORM?

For the six months ended April 30, 2019, the Fund posted a positive absolute performance and outperformed the ICE BofAML 3-Month US Treasury Bill Index (the “Index”).

The Fund’s allocation to alternative investment strategies, which are not represented in the Index, contributed to performance relative to the Index. References to the Index are for informational purposes and are not an indication of how the Fund is managed. The use of the Index does not imply the Fund

is being managed like the Index and does not imply low risk or low volatility, but rather is disclosed to allow for comparison of the Fund’s performance to that of a well-known and widely recognized index.

On an absolute basis, the Fund’s event driven strategy, which seeks to benefit from pricing inefficiencies associated with corporate changes through the use of both long equity investments and derivative instruments, was a leading contributor to absolute performance. From a return perspective, the merger arbitrage factor within this strategy was the best performing factor during the reporting period and continued to deliver steady returns. Merger arbitrage involves exploiting the difference between the share price of a target company in a merger relative to the share price announced in the merger agreement.

The Fund’s relative value fixed income-based factors within the macro/managed futures strategy, which seek to balance long and short positions so that there is no aggregate exposure to the asset(s), contributed to absolute performance.

The Fund’s allocations to the equity momentum and equity value factors within the equity long-short strategy, which were implemented primarily through the use of equity securities and total return swaps contracts, detracted from absolute performance during the reporting period.

HOW WAS THE FUND POSITIONED?

At the end of the reporting period, the Fund’s largest allocation was to the event driven strategy, while the smallest allocation was to the macro/managed futures strategy.

Market price return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return is the midpoint of the bid/ask spread at the close of business on the NYSE Arca. The midpoint price was $24.96 as of April 30, 2019.

***

The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.

****

Risk allocations are calculated as the standard deviation (volatility of an asset class) divided by the overall volatility of the Fund. Risk, as measured by standard deviation, shows how widely a set of values varies from the mean. It is a historical measure of the volatility of returns earned by the Fund. The percentages above represent the current risk allocation based on the Fund’s holdings as of April 30, 2019 and are not representative of the targeted equal risk allocation across asset classes over the long term. Holdings and allocations may vary over time.

(1)

Equity Long/Short strategies involve simultaneously investing in equities (i.e., investing long) that the adviser believes are attractive based on relevant return factors and take short positions in equity securities that the adviser believes are unattractive based on the relevant return factors.

(2)

Event Driven strategies seek to profit from investing in securities of companies that the Fund’s adviser believes will be impacted by pending or anticipated corporate or special situation events. In executing this investment strategy, the Fund seeks to capture the price difference between a security’s market price and the anticipated value post-event, based on the assumption that an event or catalyst will affect future pricing. For example, merger arbitrage strategies seek to capitalize on price discrepancies and returns generated by a corporate transaction.

(3)

Macro/Managed Futures strategies aim to exploit macro-economic imbalances across the globe. The macro based strategies may be implemented through a broad range of asset classes including, but not limited to, equities, fixed income, currency and commodities based on a systematic assessment of their attractiveness.

(a)

Percentages indicated are based upon total investments plus the current value of the total net long and short positions within each Total Return Basket Swap as of April 30, 2019. The Fund’s portfolio composition is subject to change.

Fund commenced operations on September 12, 2016.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Diversified Alternatives ETF and the ICE BofAML 3-Month US Treasury Bill Index from September 12, 2016 to April 30, 2019. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the ICE BofAML 3-Month US Treasury Bill Index does not reflect the deduction of expenses and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The ICE BofAML 3-Month US Treasury Bill Index is comprised of a single issue purchased at the beginning of

the month and held for a full month. Each month the index is rebalanced and the issue selected is the outstanding Treasury Bill that matures closest to, but not beyond, 3 months from the rebalancing date. Investors cannot invest directly in an index. The Fund is not an index fund. The Fund is actively managed and does not seek to replicate the performance of a specified index.

The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. Fund performance reflects the waiver of the Fund’s fees and reimbursement of expenses since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or redemption or sale of Fund shares.

INVESTMENT OBJECTIVE***

The JPMorgan Event Driven ETF (the “Fund”) seeks to provide long-term total return.

INVESTMENT APPROACH

The Fund employs a rules-based, bottom-up approach to building a diversified portfolio that seeks to capture returns by primarily investing in companies that the Fund’s adviser believes will be positively impacted by corporate or special situation events. The Fund seeks to profit by exploiting pricing inefficiencies associated with corporate change, through long and short equity positions across developed markets, achieved through the use of equities and derivative instruments.

HOW DID THE FUND PERFORM?

The Fund posted a positive absolute performance for the six months ended April 30, 2019 and outperformed the ICE BofAML 3-Month US Treasury Bill Index (the “Index”).

Relative to the Index, the Fund’s allocation to alternative investment strategies, which are not represented in the Index, contributed to performance. References to the Index are for

informational purposes and are not an indication of how the Fund is managed. The use of the Index does not imply the Fund is being managed like the Index and does not imply low risk or low volatility, but rather is disclosed to allow for comparison of the Fund’s performance to that of a well-known and widely recognized index.

In absolute terms, the Fund’s exposure to the share buybacks and merger arbitrage factors contributed to absolute performance. The share buybacks factor seeks to benefit from the relative outperformance by companies that repurchased a significant portion of their outstanding shares. Merger arbitrage involves exploiting the differences between the share price of a target company in a merger relative to the share price announced in the merger agreement. The Fund’s exposure to the index arbitrage and post-reorganization equity factors detracted from performance. The index arbitrage factor seeks to benefit from the relative outperformance of stocks that are being added to equity indexes and the relative underperformance of stocks that are being removed from equity indexes. The post-reorganization equity factor seeks to benefit from the relative outperformance of companies emerging from bankruptcy.

HOW WAS THE FUND POSITIONED?

At the end of the reporting period, the Fund’s largest allocation in notional exposure terms was to the share buybacks factor. From a sector perspective, the Fund’s largest positions were the information technology and consumer discretionary sectors and its smallest positions were the real estate and communications sectors.

Fund commenced operations on November 29, 2017.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Event Driven ETF and the ICE BofAML 3-Month US Treasury Bill Index from November 29, 2017 to April 30, 2019. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the ICE BofAML 3-Month US Treasury Bill Index does not reflect the deduction of expenses and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The ICE BofAML 3-Month US Treasury Bill Index is comprised of a single issue purchased at the beginning of the month and held for a

full month. Each month the index is rebalanced and the issue selected is the outstanding Treasury Bill that matures closest to, but not beyond, 3 months from the rebalancing date. Investors cannot invest directly in an index. The Fund is not an index fund. The Fund is actively managed and does not seek to replicate the performance of a specified index.

INVESTMENT OBJECTIVE***

The JPMorgan Long/Short ETF (the “Fund”) seeks to provide long-term total return.

INVESTMENT APPROACH

The Fund seeks to achieve its investment objective by taking advantage of pricing inefficiencies between equity securities by maintaining long and short exposures to equity factors such as value, quality, momentum and size. The Fund utilizes an equity long/short strategy, which involves simultaneously investing in equities (investing long) that the portfolio managers believe are attractive and holding short positions in equities that they believe are unattractive.

The Fund’s managers seek to obtain a significant portion of the Fund’s exposure through the use of derivatives, including swaps, futures and forward contracts, in implementing its strategies, and under normal market conditions, in addition to its exposure through direct investments. The Fund uses derivatives, including swaps, futures and forward contracts, in implementing its strategies, and under normal market conditions, the Fund’s managers seek to obtain a significant portion of the Fund’s exposure through the use of derivatives, in addition to its exposure through direct investments.

Derivatives, which are instruments that have a value based on another instrument, exchange rate or index, are primarily used as an efficient means of implementing a particular strategy in order to gain exposure to a desired strategy. in addition to its exposure through direct investments. Derivatives, which are instruments that have a value based on another instrument, exchange rate or index, are primarily used as an efficient means of implementing a particular strategy in order to gain exposure to a desired strategy.

HOW DID THE FUND PERFORM?

The Fund posted a negative absolute performance for the six months ended April 30 2019 and underperformed its broad-based market benchmark, the ICE BofAML 3-Month US Treasury Bill Index (the “Index”).

Relative to the Index, the Fund’s allocation to alternative investment strategies, which are not represented in the Index, detracted from performance. References to the Index are for informational purposes and are not an indication of how the Fund is managed. The use of the Index does not imply the Fund is being managed like the Index and does not imply low risk or low volatility, but rather is disclosed to allow for comparison of the Fund’s performance to that of a well-known and widely recognized index.

In terms of absolute performance, the Fund’s allocations to the value, momentum and size factors, which were implemented primarily through the use of equity securities and total return swaps contracts, were leading detractors from performance. From a return perspective, the momentum factor was the worst performing factor over the period and suffered from a series of reversals. Specifically, the Fund’s allocation to the time-series momentum factor, which relies on a security’s recent past performance as an indicator of near future performance and which was implemented through the use of futures contracts, also detracted from absolute performance during the reporting period.

The Fund’s quality factor, which seeks to hold higher quality equity securities and sell lower quality securities, was a positive contributor to absolute performance.

HOW WAS THE FUND POSITIONED?

At the end of the reporting period, the Fund’s exposures were balanced across equity value, momentum and quality factors. In addition, the Fund had a slightly long overall exposure to developed market equities on an aggregate basis.

Fund commenced operations on January 23, 2018.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Long/Short ETF and the ICE BofAML 3-Month US Treasury Bill Index from January 23, 2018 to April 30, 2019. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the ICE BofAML 3-Month US Treasury Bill Index does not reflect the deduction of expenses and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The ICE BofAML 3-Month US Treasury Bill Index is comprised of a single issue purchased at the beginning of the month and held for a

INVESTMENT OBJECTIVE***

The JPMorgan Managed Futures Strategy ETF (the “Fund”) seeks to provide long-term total return.

INVESTMENT APPROACH

The Fund seeks to achieve its investment objective by investing globally to take advantage of opportunities across a broad range of asset classes, including equities, fixed income, currency and commodities based on the portfolio managers’ assessment of their relative attractiveness. The Fund’s portfolio managers seek to identify a set of investment return sources with distinct risk and return profiles that have a low correlation to one another and to traditional markets (each a “return factor”).

The Fund uses derivatives, including swaps, futures, options and forward contracts, in implementing its strategies, and under normal market conditions, the Fund’s managers seek to obtain a significant portion of the Fund’s exposure through the use of derivatives, in addition to its exposure through direct investments. Derivatives, which are instruments that have a value based on another instrument, exchange rate or index, are primarily used as an efficient means of implementing a particular strategy in order to gain exposure to a desired return factor.

HOW DID THE FUND PERFORM?

The Fund posted a positive absolute performance for the six months ended April 30, 2019 and outperformed its broad-based market benchmark, the ICE BofAML 3-Month US Treasury Bill Index (the “Index”).

On an absolute basis, leading contributors to Fund performance included the Fund’s allocations to relative value fixed income and commodity-based return factors, which seek to balance out long and short positions so that exposure to the asset(s) is neutral. The Fund’s allocation to currency factors, implemented through currency forward contracts, was a detractor from absolute performance. The Fund’s interest rate directional fixed income-based, commodity-based and equity-based return factors, which seek to benefit from positive or negative exposure to an asset primarily through the use of futures contracts, also detracted from performance.

HOW WAS THE FUND POSITIONED?

At the end of the reporting period, among the Fund’s largest allocations were directional fixed income-based, commodity-based and equity-based return factors.

Market price return is calculated assuming an initial investment made at the inception date net asset value, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return is the midpoint of the bid/ask spread at the close of business on the NYSE Arca. The midpoint price was $24.15 as of April 30, 2019.

***

The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.

Fund commenced operations on December 5, 2017.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Managed Futures Strategy ETF and the ICE BofAML 3-Month US Treasury Bill Index from December 5, 2017 to April 30, 2019. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the ICE BofAML 3-Month US Treasury Bill Index does not reflect the deduction of expenses and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The ICE BofAML 3-Month US Treasury Bill Index is comprised of a single issue purchased at the beginning of


INVESTMENTS	SHARES		VALUE($)
Common Stocks — 56.8%

Aerospace & Defense — 0.3%

KeyW Holding Corp. (The)*		39,200		444,528


Airlines — 0.3%

Alaska Air Group, Inc.		4,666		288,825

United Continental Holdings, Inc.*		2,932		260,538


				549,363


Auto Components — 0.2%

Gentex Corp.		11,671		268,783


Banks — 2.6%

CIT Group, Inc.		8,000		426,160

Citigroup, Inc.		6,300		445,410

Comerica, Inc.		5,700		447,963

Fidelity Southern Corp.		9,000		261,990

Investors Bancorp, Inc.		32,500		381,875

OFG Bancorp (Puerto Rico)		14,134		285,224

Popular, Inc. (Puerto Rico)		12,023		693,847

SunTrust Banks, Inc.		22,550		1,476,574


				4,419,043


Beverages — 0.3%

Coca-Cola European Partners plc (United Kingdom)		5,431		291,048

Molson Coors Brewing Co., Class B		4,643		298,034


				589,082


Biotechnology — 1.4%

Spark Therapeutics, Inc.*		22,489		2,399,351


Building Products — 0.4%

Armstrong World Industries, Inc.		5,100		442,017

Continental Building Products, Inc.*		10,358		265,683


				707,700


Capital Markets — 0.2%

BrightSphere Investment Group plc		24,827		363,964


Chemicals — 2.3%

Celanese Corp.		4,000		431,560

CF Industries Holdings, Inc.		6,192		277,278

Chemours Co. (The)		10,800		388,908

DuluxGroup Ltd. (Australia)		163,157		1,121,658

Eastman Chemical Co.		3,095		244,134

Ecolab, Inc.		3,400		625,872

Element Solutions, Inc.*		39,100		424,626

Huntsman Corp.		10,659		237,056

Kraton Corp.*		7,053		231,479


				3,982,571


INVESTMENTS	SHARES		VALUE($)


Commercial Services & Supplies — 2.0%

ABM Industries, Inc.		6,800		258,196

Brady Corp., Class A		5,290		258,099

Deluxe Corp.		14,690		656,937

Herman Miller, Inc.		6,809		264,325

KAR Auction Services, Inc.		4,591		259,300

Multi-Color Corp.		22,548		1,125,145

Steelcase, Inc., Class A		17,212		297,595

Tetra Tech, Inc.		4,048		261,987


				3,381,584


Communications Equipment — 0.8%

Cisco Systems, Inc.		5,188		290,269

InterDigital, Inc.		5,900		385,801

Juniper Networks, Inc.		9,675		268,675

NetScout Systems, Inc.*		8,595		252,693

Plantronics, Inc.		4,886		251,531


				1,448,969


Construction & Engineering — 0.0% (a)

NRW Holdings Ltd. (Australia)		36,220		75,068


Construction Materials — 0.1%

Eagle Materials, Inc.		1,500		136,365


Consumer Finance — 0.5%

Ally Financial, Inc.		8,667		257,497

Navient Corp.		11,600		156,716

Santander Consumer USA Holdings, Inc.		11,677		249,304

SLM Corp.		14,000		142,240


				805,757


Containers & Packaging — 0.3%

Owens-Illinois, Inc.		8,800		173,888

Sonoco Products Co.		4,208		265,357


				439,245


Distributors — 0.1%

Core-Mark Holding Co., Inc.		6,981		253,759


Diversified Consumer Services — 0.6%

Adtalem Global Education, Inc.*		5,269		259,867

H&R Block, Inc.		9,804		266,767

Navitas Ltd. (Australia)		144,791		590,586


				1,117,220


Diversified Financial Services — 0.5%

AXA Equitable Holdings, Inc.		19,200		435,648

Jefferies Financial Group, Inc.		20,500		421,685


				857,333


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Diversified Telecommunication Services — 0.2%

Verizon Communications, Inc.		4,555		260,500


Electric Utilities — 0.7%

Evergy, Inc.		6,600		381,612

Exelon Corp.		5,450		277,677

IDACORP, Inc.		2,740		271,315

OGE Energy Corp.		6,326		267,843


				1,198,447


Electrical Equipment — 1.3%

Atkore International Group, Inc.*		10,215		252,923

Eaton Corp. plc		10,414		862,487

EnerSys		3,648		252,405

Generac Holdings, Inc.*		4,647		255,539

nVent Electric plc		9,147		255,659

Regal Beloit Corp.		3,496		297,440


				2,176,453


Electronic Equipment, Instruments & Components — 1.5%

Avnet, Inc.		9,000		437,490

Benchmark Electronics, Inc.		14,700		397,341

CDW Corp.		2,431		256,714

Dolby Laboratories, Inc., Class A		4,579		296,215

Fabrinet (Thailand)*		4,213		254,971

FLIR Systems, Inc.		5,093		269,623

Insight Enterprises, Inc.*		4,970		281,203

Tech Data Corp.*		2,402		256,077

Zebra Technologies Corp., Class A*		1,105		233,310


				2,682,944


Energy Equipment & Services — 0.2%

ProPetro Holding Corp.*		10,515		232,697

Seadrill Ltd. (United Kingdom)*		6,500		52,845


				285,542


Entertainment — 0.7%

Madison Square Garden Co. (The), Class A*		2,300		718,612

Marcus Corp. (The)		6,936		260,932

Viacom, Inc., Class B		9,049		261,607


				1,241,151


Food & Staples Retailing — 0.7%

Smart & Final Stores, Inc.*		61,268		400,080

Sysco Corp.		4,167		293,232

Walgreens Boots Alliance, Inc.		4,178		223,815

Walmart, Inc.		2,503		257,409


				1,174,536


INVESTMENTS	SHARES		VALUE($)


Food Products — 2.0%

B&G Foods, Inc.		11,222		291,772

Cal-Maine Foods, Inc.		7,001		287,811

GrainCorp Ltd., Class A (Australia)		119,279		756,433

Hershey Co. (The)		2,207		275,544

Ingredion, Inc.		6,857		649,701

Lancaster Colony Corp.		1,840		273,626

TreeHouse Foods, Inc.*		4,314		288,952

Wessanen (Netherlands)		45,657		591,975


				3,415,814


Health Care Equipment & Supplies — 1.4%

Atrion Corp.		313		275,440

Baxter International, Inc.		3,505		267,432

Danaher Corp.		8,407		1,113,423

Hill-Rom Holdings, Inc.		2,952		299,392

Integer Holdings Corp.*		3,583		247,549

STERIS plc		2,241		293,526


				2,496,762


Health Care Providers & Services — 1.2%

Chemed Corp.		859		280,704

Encompass Health Corp.		4,223		272,172

Ensign Group, Inc. (The)		5,624		289,749

Humana, Inc.		928		237,020

Magellan Health, Inc.*		2,000		140,000

Premier, Inc., Class A*		7,105		236,099

Sigma Healthcare Ltd. (Australia)		1,065,280		393,992

UnitedHealth Group, Inc.		1,109		258,475


				2,108,211


Hotels, Restaurants & Leisure — 1.5%

Brinker International, Inc.		15,087		645,271

Cracker Barrel Old Country Store, Inc.		800		134,992

Dine Brands Global, Inc.		2,882		255,518

International Speedway Corp., Class A		20,271		894,356

Jack in the Box, Inc.		4,900		377,790

Wyndham Destinations, Inc.		5,921		257,919


				2,565,846


Household Durables — 0.7%

Electrolux AB, Series B (Sweden)		23,074		565,505

Helen of Troy Ltd.*		2,111		303,984

PulteGroup, Inc.		9,120		286,915


				1,156,404


Household Products — 0.5%

Church & Dwight Co., Inc.		4,016		300,999

Kimberly-Clark Corp.		2,244		288,085


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Household Products — continued

Procter & Gamble Co. (The)		2,681		285,473


				874,557


Independent Power and Renewable Electricity Producers — 0.5%

AES Corp.		15,002		256,834

Clearway Energy, Inc., Class C		16,367		259,745

NRG Energy, Inc.		6,695		275,633


				792,212


Insurance — 1.0%

Aflac, Inc.		5,896		297,040

American Equity Investment Life Holding Co.		10,180		299,394

Athene Holding Ltd., Class A*		5,872		265,180

Navigators Group, Inc. (The)		9,040		632,258

Stewart Information Services Corp.		401		17,046

Universal Insurance Holdings, Inc.		7,964		237,248


				1,748,166


Interactive Media & Services — 0.2%

Cars.com, Inc.*		6,000		124,860

TripAdvisor, Inc.*		5,424		288,720


				413,580


Internet & Direct Marketing Retail — 0.4%

Booking Holdings, Inc.*		200		370,998

eBay, Inc.		10,400		403,000


				773,998


IT Services — 4.0%

Accenture plc, Class A		1,429		261,035

Akamai Technologies, Inc.*		3,321		265,879

Automatic Data Processing, Inc.		1,768		290,642

Broadridge Financial Solutions, Inc.		2,242		264,847

CACI International, Inc., Class A*		1,355		264,144

Cognizant Technology Solutions Corp., Class A		3,541		258,351

CSG Systems International, Inc.		5,734		256,023

Euronet Worldwide, Inc.*		1,982		297,082

EVERTEC, Inc. (Puerto Rico)		8,465		265,039

ManTech International Corp., Class A		5,126		317,761

Mastercard, Inc., Class A		1,059		269,240

MAXIMUS, Inc.		3,603		265,361

Total System Services, Inc.		2,523		257,952

Visa, Inc., Class A		1,778		292,357

Worldpay, Inc., Class A*		27,003		3,165,022


				6,990,735


Life Sciences Tools & Services — 0.6%

Agilent Technologies, Inc.		3,925		308,112

Charles River Laboratories International, Inc.*		1,929		270,967


INVESTMENTS	SHARES		VALUE($)


Life Sciences Tools & Services — continued

ICON plc (Ireland)*		2,108		287,911

Medpace Holdings, Inc.*		4,172		234,341


				1,101,331


Machinery — 1.2%

AGCO Corp.		4,067		287,862

Allison Transmission Holdings, Inc.		5,374		251,826

Cummins, Inc.		1,767		293,834

Global Brass & Copper Holdings, Inc.		9,274		402,399

Hillenbrand, Inc.		5,996		257,948

ITT, Inc.		4,136		250,435

Watts Water Technologies, Inc., Class A		3,021		258,567


				2,002,871


Media — 2.8%

AMC Networks, Inc., Class A*		4,845		282,996

Discovery, Inc., Class A*		8,753		270,468

Gray Television, Inc.*		12,565		294,398

John Wiley & Sons, Inc., Class A		6,232		287,794

Omnicom Group, Inc.		3,202		256,256

Sinclair Broadcast Group, Inc., Class A		5,809		265,994

TEGNA, Inc.		16,513		262,887

Tribune Media Co., Class A		64,812		2,994,314


				4,915,107


Metals & Mining — 0.5%

Sandstorm Gold Ltd. (Canada)*		18,700		100,640

Schnitzer Steel Industries, Inc., Class A		10,228		242,608

Steel Dynamics, Inc.		8,503		269,375

Warrior Met Coal, Inc.		8,119		251,689


				864,312


Multiline Retail — 0.4%

Kohl’s Corp.		3,417		242,949

Nordstrom, Inc.		6,316		259,082

Target Corp.		3,139		243,021


				745,052


Multi-Utilities — 1.1%

Innogy SE (Germany)*		37,559		1,630,283

NorthWestern Corp.		3,874		270,599


				1,900,882


Oil, Gas & Consumable Fuels — 4.0%

Anadarko Petroleum Corp.		44,689		3,255,594

Cabot Oil & Gas Corp.		9,849		254,990

ConocoPhillips		4,210		265,735

CONSOL Energy, Inc.*		7,509		254,555

CVR Energy, Inc.		6,598		300,935


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Oil, Gas & Consumable Fuels — continued

Delek US Holdings, Inc.		10,300		381,718

Devon Energy Corp.		12,200		392,108

Gulfport Energy Corp.*		48,600		318,330

HollyFrontier Corp.		5,257		250,917

Kinder Morgan, Inc.		12,846		255,250

PDC Energy, Inc.*		3,500		152,215

Peabody Energy Corp.		12,411		357,064

Phillips 66		2,648		249,627

Renewable Energy Group, Inc.*		12,156		293,203


				6,982,241


Paper & Forest Products — 0.5%

Domtar Corp.		5,665		277,018

Louisiana-Pacific Corp.		10,957		274,473

Verso Corp., Class A *		12,712		283,732


				835,223


Personal Products — 0.4%

Herbalife Nutrition Ltd.*		4,479		236,715

Medifast, Inc.		1,687		247,466

USANA Health Sciences, Inc.*		3,186		265,904


				750,085


Pharmaceuticals — 1.0%

Horizon Pharma plc*		10,352		264,286

Jazz Pharmaceuticals plc*		2,023		262,525

Johnson & Johnson		2,035		287,342

Mallinckrodt plc*		30,100		465,346

Pfizer, Inc.		6,678		271,194

Taro Pharmaceutical Industries Ltd.		2,442		262,295


				1,812,988


Professional Services — 0.7%

FTI Consulting, Inc.*		3,265		277,460

Korn Ferry		5,494		258,328

Navigant Consulting, Inc.		12,491		285,170

Nielsen Holdings plc		6,100		155,733

Robert Half International, Inc.		3,750		232,837


				1,209,528


Real Estate Management & Development — 0.9%

HFF, Inc., Class A		32,858		1,563,712


Road & Rail — 0.8%

ArcBest Corp.		7,998		244,419

CSX Corp.		8,464		673,988

Genesee & Wyoming, Inc., Class A*		4,500		398,925


				1,317,332


INVESTMENTS	SHARES		VALUE($)


Semiconductors & Semiconductor Equipment — 2.5%

Cabot Microelectronics Corp.		2,029		256,161

Diodes, Inc.*		7,862		286,334

Intel Corp.		4,388		223,964

KLA-Tencor Corp.		2,301		293,331

Kulicke & Soffa Industries, Inc. (Singapore)		10,806		251,456

Lam Research Corp.		1,324		274,637

Mellanox Technologies Ltd.*		6,178		743,213

MKS Instruments, Inc.		2,561		233,077

ON Semiconductor Corp.*		11,413		263,184

Qorvo, Inc.*		3,367		254,579

Teradyne, Inc.		5,785		283,465

Versum Materials, Inc.		15,061		785,883

Xperi Corp.		10,351		257,222


				4,406,506


Software — 1.6%

Check Point Software Technologies Ltd. (Israel)*		2,444		295,138

Citrix Systems, Inc.		2,479		250,280

Intuit, Inc.		1,079		270,894

LogMeIn, Inc.		3,372		277,853

Microsoft Corp.		2,342		305,865

Nuance Communications, Inc.*		41,000		690,030

Oracle Corp.		4,695		259,774

Progress Software Corp.		5,617		256,191

Red Hat, Inc.*		1,334		243,495


				2,849,520


Specialty Retail — 2.8%

Abercrombie & Fitch Co., Class A		9,258		276,722

American Eagle Outfitters, Inc.		12,167		289,331

Best Buy Co., Inc.		3,878		288,562

Designer Brands, Inc.		12,588		280,083

Dick’s Sporting Goods, Inc.		6,686		247,382

Foot Locker, Inc.		4,264		243,943

Gap, Inc. (The)		23,400		610,272

Genesco, Inc.*		6,417		287,546

Group 1 Automotive, Inc.		6,100		477,691

Michaels Cos., Inc. (The)*		31,800		357,432

Office Depot, Inc.		108,377		260,105

Rent-A-Center, Inc.*		11,051		275,501

Shoe Carnival, Inc.		7,153		255,076

Signet Jewelers Ltd.		9,543		221,207

Williams-Sonoma, Inc.		4,560		260,695

Zumiez, Inc.*		9,621		256,207


				4,887,755


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Technology Hardware, Storage & Peripherals — 0.7%

Apple, Inc.		1,243		249,433

Dell Technologies, Inc., Class C*		6,700		451,647

HP, Inc.		13,915		277,604

NetApp, Inc.		3,366		245,213


				1,223,897


Textiles, Apparel & Luxury Goods — 1.4%

Columbia Sportswear Co.		2,457		245,626

Deckers Outdoor Corp.*		1,783		282,088

Fossil Group, Inc.*		19,368		253,140

Movado Group, Inc.		8,553		304,914

Oxford Industries, Inc.		3,163		262,719

Ralph Lauren Corp.		2,127		279,871

VF Corp.		7,600		717,516


				2,345,874


Thrifts & Mortgage Finance — 0.3%

New York Community Bancorp, Inc.		22,786		265,001

Radian Group, Inc.		11,254		263,569


				528,570


Trading Companies & Distributors — 0.7%

HD Supply Holdings, Inc.*		15,712		717,881

WESCO International, Inc.*		2,500		143,100

WW Grainger, Inc.		999		281,718


				1,142,699


INVESTMENTS	SHARES		VALUE($)


Wireless Telecommunication Services — 0.3%

Shenandoah Telecommunications Co.		6,400		264,512

United States Cellular Corp.*		5,824		280,134


				544,646


Total Common Stocks (Cost $93,706,694)				98,525,674

Short-Term Investments — 34.1%

Investment Companies — 34.1%

JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.39% (b) (c) (Cost $59,203,306)		59,203,306		59,203,306


Total Investment Companies (Cost $59,203,306)				59,203,306


Total Investments — 90.9% (Cost $152,910,000)				157,728,980

Other Assets Less Liabilities — 9.1%				15,708,234


NET ASSETS — 100.0%				173,437,214

Percentages indicated are based on net assets.


(a)		— Amount rounds to less than 0.1% of net assets.
(b)		— Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(c)		— The rate shown is the current yield as of April 30, 2019.
*		— Non-income producing security.

The following reference rates, and their values as of period-end, are used for security descriptions:


AUD		— Australian Dollar
BA		— Banker’s Acceptance Rate
BBR		— Bank Base Rate
BBSW		— ASX Australia Bank Bill Short Term Rates
CAD		— Canadian Dollar
CDOR		— Canadian Dollar Offered Rate
CHF		— Swiss Franc
CORRA		— Canadian Overnight Repo Rate Average
CVR		— Contingent Value Rights
EUR		— Euro
EURIBOR		— Euro Interbank Offered Rate
GBP		— British Pound
JPY		— Japanese Yen
LIBID		— London Interbank Bid Rate
LIBOR		— London Interbank Offered Rate
OYJ		— Public Limited Company


SCA		— Limited partnership with share capital
SGPS		— Holding company
USD		— United States Dollar

(a)		— Amounts rounds to less than 0.1% of net assets.
(b)		— Security exempt from registration pursuant to Regulation S under the Securities Act of 1933. 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.
*		— Non-income producing security.
‡		— Value determined using significant unobservable inputs.
(1)		— Notional value represents market value, as of April 30, 2019,of these positions based on the securities’ last sale or closing price on the principal exchange on which the securities are traded.
(2)		— Unrealized appreciation (depreciation) represents the unrealized gain(loss) of the positions subsequent to the swap reset.


INVESTMENTS	SHARES		VALUE($)
Common Stocks — 68.8%

Aerospace & Defense — 0.2%

KeyW Holding Corp. (The)*		5,846		66,294


Banks — 3.3%

CIT Group, Inc.		3,400		181,118

Commonwealth Bank of Australia (Australia)		3,006		157,981

Fidelity Southern Corp.		1,117		32,516

Investors Bancorp, Inc.		13,700		160,975

Regions Financial Corp.		11,600		180,148

SunTrust Banks, Inc.		3,074		201,285


				914,023


Biotechnology — 1.4%

Spark Therapeutics, Inc.*		3,517		375,229


Building Products — 1.1%

Apogee Enterprises, Inc.		3,800		153,140

Masonite International Corp.*		3,200		164,768


				317,908


Capital Markets — 0.7%

E*TRADE Financial Corp.		3,600		182,376


Chemicals — 1.9%

DuluxGroup Ltd. (Australia)		24,201		166,375

Ecolab, Inc.		900		165,672

Element Solutions, Inc.*		16,500		179,190


				511,237


Commercial Services & Supplies — 0.6%

Multi-Color Corp.		3,087		154,041


Communications Equipment — 1.1%

InterDigital, Inc.		2,500		163,475

Quantenna Communications, Inc.*		5,686		138,454


				301,929


Construction & Engineering — 0.6%

Arcosa, Inc.		5,200		161,876

NRW Holdings Ltd. (Australia)		8,860		18,363


				180,239


Construction Materials — 0.6%

Eagle Materials, Inc.		1,900		172,729


Consumer Finance — 1.9%

Navient Corp.		26,600		359,366

SLM Corp.		15,300		155,448


				514,814


Containers & Packaging — 2.0%

Owens-Illinois, Inc.		9,700		191,672

RPC Group plc (United Kingdom)		35,462		365,502


				557,174


INVESTMENTS	SHARES		VALUE($)


Diversified Consumer Services — 0.9%

Navitas Ltd. (Australia)		18,142		73,999

Sotheby’s*		4,300		181,374


				255,373


Diversified Financial Services — 1.3%

AXA Equitable Holdings, Inc.		8,100		183,789

Jefferies Financial Group, Inc.		8,600		176,902


				360,691


Diversified Telecommunication Services — 0.8%

Zayo Group Holdings, Inc.*		6,900		215,901


Electric Utilities — 0.6%

Evergy, Inc.		2,800		161,896


Electrical Equipment — 0.6%

Eaton Corp. plc		2,000		165,640


Electronic Equipment, Instruments & Components — 0.7%

Jabil, Inc.		6,200		187,302


Energy Equipment & Services — 0.1%

Seadrill Ltd. (United Kingdom)*		2,400		19,512


Entertainment — 0.6%

Madison Square Garden Co. (The), Class A*		500		156,220


Food & Staples Retailing — 0.2%

Smart & Final Stores, Inc.*		9,088		59,345


Food Products — 1.2%

GrainCorp Ltd., Class A (Australia)		15,161		96,147

Ingredion, Inc.		1,700		161,075

Wessanen (Netherlands)		6,293		81,593


				338,815


Health Care Equipment & Supplies — 0.8%

Danaher Corp.		1,600		211,904


Health Care Providers & Services — 1.4%

Magellan Health, Inc.*		2,300		161,000

MEDNAX, Inc.*		6,000		167,820

Sigma Healthcare Ltd. (Australia)		133,180		49,256


				378,076


Hotels, Restaurants & Leisure — 4.5%

Caesars Entertainment Corp.*		17,900		167,544

Cracker Barrel Old Country Store, Inc.		1,100		185,614

Hyatt Hotels Corp., Class A		2,300		176,479

International Speedway Corp., Class A		2,520		111,182

Jack in the Box, Inc.		3,700		285,270

Papa John’s International, Inc. (a)		2,900		148,364

Starbucks Corp.		2,200		170,896


				1,245,349


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Household Durables — 1.7%

Electrolux AB, Series B (Sweden)		6,237		152,859

Installed Building Products, Inc.*		3,300		158,499

TRI Pointe Group, Inc.*		12,400		161,820


				473,178


Industrial Conglomerates — 0.6%

Smiths Group plc (United Kingdom)		8,763		174,467


Insurance — 1.7%

Lincoln National Corp.		2,800		186,816

Navigators Group, Inc. (The)		1,211		84,697

Stewart Information Services Corp.		100		4,251

Third Point Reinsurance Ltd. (Bermuda)*		15,500		179,955


				455,719


Interactive Media & Services — 1.5%

Cars.com, Inc.*		6,500		135,265

Scout24 AG (Germany) (b)		5,218		268,630


				403,895


Internet & Direct Marketing Retail — 0.6%

eBay, Inc.		4,400		170,500


IT Services — 5.7%

First Data Corp., Class A*		18,596		480,893

Luxoft Holding, Inc.*		3,069		179,291

Perficient, Inc.*		4,400		129,536

Travelport Worldwide Ltd.		21,911		343,564

Worldpay, Inc., Class A*		3,710		434,849


				1,568,133


Life Sciences Tools & Services — 0.3%

Pacific Biosciences of California, Inc.*		11,156		82,443


Machinery — 2.5%

Global Brass & Copper Holdings, Inc.		1,354		58,750

Tennant Co.		2,400		159,312

Wabash National Corp.		5,200		78,416

WABCO Holdings, Inc.*		3,054		404,472


				700,950


Media — 2.2%

Sinclair Broadcast Group, Inc., Class A		4,200		192,318

Tribune Media Co., Class A		9,089		419,912


				612,230


Multiline Retail — 0.5%

Nordstrom, Inc.		3,600		147,672


Multi-Utilities — 0.7%

Innogy SE (Germany)*		4,786		207,741


INVESTMENTS	SHARES		VALUE($)


Oil, Gas & Consumable Fuels — 4.7%

Anadarko Petroleum Corp.		6,553		477,386

Gulfport Energy Corp.*		38,700		253,485

Kosmos Energy Ltd. (Ghana)		27,200		181,968

PDC Energy, Inc.*		4,100		178,309

Peabody Energy Corp.		3,800		109,326

QEP Resources, Inc.*		10,861		81,675


				1,282,149


Paper & Forest Products — 0.6%

Louisiana-Pacific Corp.		6,700		167,835


Pharmaceuticals — 1.5%

Jazz Pharmaceuticals plc*		1,200		155,724

Mallinckrodt plc*		7,500		115,950

Pacira BioSciences, Inc.*		3,400		135,388


				407,062


Professional Services — 2.4%

ManpowerGroup, Inc.		2,000		192,080

Navigant Consulting, Inc.		8,300		189,489

Nielsen Holdings plc		6,600		168,498

WageWorks, Inc.*		2,111		102,996


				653,063


Real Estate Management & Development — 0.6%

Realogy Holdings Corp.		13,800		179,676


Road & Rail — 0.6%

Genesee & Wyoming, Inc., Class A*		1,900		168,435


Semiconductors & Semiconductor Equipment — 3.5%

Mellanox Technologies Ltd.*		840		101,052

QUALCOMM, Inc.		2,800		241,164

Teradyne, Inc.		4,100		200,900

Versum Materials, Inc.		7,919		413,213


				956,329


Software — 4.2%

Nuance Communications, Inc.*		10,000		168,300

Oracle Corp.		3,100		171,523

Red Hat, Inc.*		2,284		416,899

Ultimate Software Group, Inc. (The)*		1,176		388,845


				1,145,567


Specialty Retail — 1.8%

Asbury Automotive Group, Inc.*		2,300		184,414

Gap, Inc. (The)		6,300		164,304

Michaels Cos., Inc. (The)*		13,400		150,616


				499,334


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Textiles, Apparel & Luxury Goods — 0.6%

VF Corp.		1,700		160,497


Trading Companies & Distributors — 1.2%

HD Supply Holdings, Inc.*		3,800		173,622

WESCO International, Inc.*		2,800		160,272


				333,894


Total Common Stocks (Cost $18,135,398)				18,954,786


	PRINCIPAL AMOUNT($)
Foreign Government Securities — 1.0%

Japan Government Two Year Bond (Japan) 0.10%, 7/15/2019 (Cost $273,940)		JPY 30,900,000		277,541


	SHARES
Short-Term Investments — 30.2%

Investment Companies — 14.0%
JPMorgan Prime Money Market Fund Class IM Shares, 2.54% (c)(d) (Cost $3,854,360)		3,853,204		3,854,360


	PRINCIPAL AMOUNT($)
U.S. Treasury Obligations — 16.2%
U.S. Treasury Bills
2.45%, 6/20/2019 (e)		1,000,000		996,694
2.52%, 7/18/2019 (e)		1,000,000		994,859
2.52%, 1/30/2020 (e)		1,500,000		1,473,485
2.39%, 3/26/2020 (e)		1,000,000		978,894


Total U.S. Treasury Obligations (Cost $4,441,820)				4,443,932


Total Short-Term Investments (Cost $8,296,180)				8,298,292


INVESTMENTS	SHARES		VALUE($)
Investment of Cash Collateral from Securities Loaned — 0.5%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.45% (c) (d) (Cost $148,400)		148,400		148,400


Total Investments — 100.5% (Cost $26,853,918)				27,679,019

Liabilities in Excess of Other Assets — (0.5%)				(132,326	)


Net Assets — 100.0%				27,546,693

Percentages indicated are based on net assets.


Abbreviations
JPY		— Japanese Yen

(a)		— The security or a portion of this security is on loan at April 30, 2019. The total value of securities on loan at April 30, 2019 is approximately $143,248.
(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 affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(d)		— The rate shown is the current yield as of April 30, 2019.
(e)		— The rate shown is the effective yield as of April 30, 2019.
*		— Non-income producing security.

The following reference rates, and their values as of period-end, are used for security descriptions:


INVESTMENTS	SHARES		VALUE($)
Common Stocks — 65.7%

Airlines — 0.8%

Alaska Air Group, Inc.		1,458		90,250

United Continental Holdings, Inc.*		1,014		90,104


				180,354


Auto Components — 0.4%

Gentex Corp.		3,891		89,610


Banks — 0.7%

OFG Bancorp (Puerto Rico)		4,292		86,613

Popular, Inc. (Puerto Rico)		1,434		82,756


				169,369


Beverages — 0.7%

Coca-Cola European Partners plc (United Kingdom)		1,478		79,206

Molson Coors Brewing Co., Class B		1,321		84,795


				164,001


Building Products — 0.4%

Continental Building Products, Inc.*		3,325		85,286


Chemicals — 1.3%

CF Industries Holdings, Inc.		1,778		79,619

Eastman Chemical Co.		1,008		79,511

Huntsman Corp.		3,412		75,883

Kraton Corp.*		2,163		70,989


				306,002


Commercial Services & Supplies — 2.5%

ABM Industries, Inc.		2,254		85,584

Brady Corp., Class A		1,747		85,236

Deluxe Corp.		1,894		84,700

Herman Miller, Inc.		2,341		90,878

KAR Auction Services, Inc.		1,460		82,461

Steelcase, Inc., Class A		4,749		82,110

Tetra Tech, Inc.		1,348		87,242


				598,211


Communications Equipment — 1.4%

Cisco Systems, Inc.		1,371		76,707

Juniper Networks, Inc.		3,131		86,948

NetScout Systems, Inc.*		2,887		84,878

Plantronics, Inc.		1,640		84,427


				332,960


Consumer Finance — 0.7%

Ally Financial, Inc.		2,960		87,942

Santander Consumer USA Holdings, Inc.		3,544		75,664


				163,606


INVESTMENTS	SHARES		VALUE($)


Containers & Packaging — 0.3%

Sonoco Products Co.		1,263		79,645


Distributors — 0.3%

Core-Mark Holding Co., Inc.		2,110		76,698


Diversified Consumer Services — 0.7%

Adtalem Global Education, Inc.*		1,599		78,863

H&R Block, Inc.		3,236		88,051


				166,914


Diversified Telecommunication Services — 0.3%

Verizon Communications, Inc.		1,296		74,118


Electric Utilities — 1.0%

Exelon Corp.		1,551		79,023

IDACORP, Inc.		780		77,236

OGE Energy Corp.		1,800		76,212


				232,471


Electrical Equipment — 2.0%

Atkore International Group, Inc.*		3,314		82,055

Eaton Corp. plc		1,019		84,394

EnerSys		1,233		85,311

Generac Holdings, Inc.*		1,398		76,876

nVent Electric plc		2,751		76,890

Regal Beloit Corp.		921		78,359


				483,885


Electronic Equipment, Instruments & Components — 2.4%

CDW Corp.		843		89,021

Dolby Laboratories, Inc., Class A		1,378		89,143

Fabrinet (Thailand)*		1,284		77,708

FLIR Systems, Inc.		1,524		80,680

Insight Enterprises, Inc.*		1,414		80,004

Tech Data Corp.*		722		76,972

Zebra Technologies Corp., Class A*		376		79,389


				572,917


Energy Equipment & Services — 0.2%

ProPetro Holding Corp.*		2,611		57,781


Entertainment — 0.7%

Marcus Corp. (The)		1,974		74,262

Viacom, Inc., Class B		2,970		85,863


				160,125


Food & Staples Retailing — 1.1%

Sysco Corp.		1,269		89,300

Walgreens Boots Alliance, Inc.		1,456		77,998


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Food & Staples Retailing — continued

Walmart, Inc.		816		83,917


				251,215


Food Products — 2.1%

B&G Foods, Inc.		3,194		83,044

Cal-Maine Foods, Inc.		1,837		75,519

Hershey Co. (The)		734		91,640

Ingredion, Inc.		899		85,180

Lancaster Colony Corp.		499		74,206

TreeHouse Foods, Inc.*		1,228		82,252


				491,841


Health Care Equipment & Supplies — 2.0%

Atrion Corp.		100		88,000

Baxter International, Inc.		997		76,071

Danaher Corp.		600		79,464

Hill-Rom Holdings, Inc.		764		77,485

Integer Holdings Corp.*		1,119		77,312

STERIS plc		646		84,613


				482,945


Health Care Providers & Services — 2.0%

Chemed Corp.		253		82,675

Encompass Health Corp.		1,335		86,041

Ensign Group, Inc. (The)		1,514		78,001

Humana, Inc.		299		76,368

Premier, Inc., Class A*		2,377		78,988

UnitedHealth Group, Inc.		336		78,311


				480,384


Hotels, Restaurants & Leisure — 1.0%

Brinker International, Inc.		1,761		75,318

Dine Brands Global, Inc.		848		75,184

Wyndham Destinations, Inc.		1,967		85,682


				236,184


Household Durables — 0.8%

Helen of Troy Ltd.*		683		98,352

PulteGroup, Inc.		2,871		90,322


				188,674


Household Products — 1.1%

Church & Dwight Co., Inc.		1,143		85,668

Kimberly-Clark Corp.		639		82,035

Procter & Gamble Co. (The)		763		81,244


				248,947


INVESTMENTS	SHARES		VALUE($)


Independent Power and Renewable Electricity Producers — 1.0%

AES Corp.		4,269		73,085

Clearway Energy, Inc., Class C		5,665		89,903

NRG Energy, Inc.		1,874		77,153


				240,141


Insurance — 1.4%

Aflac, Inc.		1,678		84,538

American Equity Investment Life Holding Co.		2,897		85,201

Athene Holding Ltd., Class A*		1,880		84,901

Universal Insurance Holdings, Inc.		2,545		75,815


				330,455


Interactive Media & Services — 0.4%

TripAdvisor, Inc.*		1,544		82,187


IT Services — 4.9%

Accenture plc, Class A		432		78,914

Akamai Technologies, Inc.*		1,137		91,028

Automatic Data Processing, Inc.		503		82,688

Broadridge Financial Solutions, Inc.		669		79,029

CACI International, Inc., Class A*		440		85,774

Cognizant Technology Solutions Corp., Class A		1,090		79,526

CSG Systems International, Inc.		1,931		86,219

Euronet Worldwide, Inc.*		564		84,538

EVERTEC, Inc. (Puerto Rico)		2,555		79,997

ManTech International Corp., Class A		1,373		85,112

Mastercard, Inc., Class A		337		85,679

MAXIMUS, Inc.		1,087		80,058

Total System Services, Inc.		864		88,335

Visa, Inc., Class A		506		83,202


				1,170,099


Life Sciences Tools & Services — 1.3%

Agilent Technologies, Inc.		1,023		80,305

Charles River Laboratories International, Inc.*		570		80,068

ICON plc (Ireland)*		550		75,119

Medpace Holdings, Inc.*		1,363		76,560


				312,052


Machinery — 2.0%

AGCO Corp.		1,158		81,963

Allison Transmission Holdings, Inc.		1,634		76,569

Cummins, Inc.		468		77,824

Hillenbrand, Inc.		1,786		76,834

ITT, Inc.		1,382		83,680

Watts Water Technologies, Inc., Class A		913		78,144


				475,014


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Media — 2.4%

AMC Networks, Inc., Class A*		1,379		80,547

Discovery, Inc., Class A*		2,742		84,728

Gray Television, Inc.*		3,576		83,786

John Wiley & Sons, Inc., Class A		1,715		79,199

Omnicom Group, Inc.		972		77,789

Sinclair Broadcast Group, Inc., Class A		1,753		80,270

TEGNA, Inc.		5,571		88,690


				575,009


Metals & Mining — 1.0%

Schnitzer Steel Industries, Inc., Class A		3,379		80,150

Steel Dynamics, Inc.		2,278		72,167

Warrior Met Coal, Inc.		2,739		84,909


				237,226


Multiline Retail — 1.0%

Kohl’s Corp.		1,141		81,125

Nordstrom, Inc.		1,797		73,713

Target Corp.		904		69,988


				224,826


Multi-Utilities — 0.3%

NorthWestern Corp.		1,102		76,975


Oil, Gas & Consumable Fuels — 2.4%

Cabot Oil & Gas Corp.		2,402		62,188

ConocoPhillips		957		60,406

CONSOL Energy, Inc.*		1,836		62,241

CVR Energy, Inc.		1,499		68,369

HollyFrontier Corp.		1,392		66,440

Kinder Morgan, Inc.		3,121		62,014

Peabody Energy Corp.		2,132		61,338

Phillips 66		647		60,993

Renewable Energy Group, Inc.*		2,728		65,799


				569,788


Paper & Forest Products — 1.0%

Domtar Corp.		1,765		86,309

Louisiana-Pacific Corp.		3,024		75,751

Verso Corp., Class A*		3,494		77,986


				240,046


Personal Products — 0.9%

Herbalife Nutrition Ltd.*		1,339		70,766

Medifast, Inc.		506		74,225

USANA Health Sciences, Inc.*		907		75,698


				220,689


INVESTMENTS	SHARES		VALUE($)


Pharmaceuticals — 1.7%

Horizon Pharma plc*		2,946		75,211

Jazz Pharmaceuticals plc*		618		80,198

Johnson & Johnson		618		87,262

Pfizer, Inc.		2,032		82,519

Taro Pharmaceutical Industries Ltd.		732		78,624


				403,814


Professional Services — 1.4%

FTI Consulting, Inc.*		1,038		88,209

Korn Ferry		1,641		77,160

Navigant Consulting, Inc.		4,096		93,512

Robert Half International, Inc.		1,249		77,550


				336,431


Road & Rail — 0.7%

ArcBest Corp.		2,513		76,797

CSX Corp.		1,103		87,832


				164,629


Semiconductors & Semiconductor Equipment — 3.3%

Cabot Microelectronics Corp.		606		76,508

Diodes, Inc.*		2,237		81,472

Intel Corp.		1,322		67,475

KLA-Tencor Corp.		655		83,499

Kulicke & Soffa Industries, Inc. (Singapore)		3,179		73,975

Lam Research Corp.		440		91,269

MKS Instruments, Inc.		760		69,168

ON Semiconductor Corp.*		3,373		77,781

Qorvo, Inc.*		1,006		76,064

Xperi Corp.		3,504		87,074


				784,285


Software — 2.3%

Check Point Software Technologies Ltd. (Israel)*		624		75,354

Citrix Systems, Inc.		821		82,888

Intuit, Inc.		294		73,812

LogMeIn, Inc.		894		73,665

Microsoft Corp.		667		87,110

Oracle Corp.		1,533		84,821

Progress Software Corp.		1,693		77,218


				554,868


Specialty Retail — 4.4%

Abercrombie & Fitch Co., Class A		3,166		94,632

American Eagle Outfitters, Inc.		3,671		87,296

Best Buy Co., Inc.		1,100		81,851

Designer Brands, Inc.		3,583		79,722


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Specialty Retail — continued

Dick’s Sporting Goods, Inc.		2,202		81,474

Foot Locker, Inc.		1,350		77,234

Genesco, Inc.*		1,826		81,823

Office Depot, Inc.		32,225		77,340

Rent-A-Center, Inc.*		3,252		81,072

Shoe Carnival, Inc.		2,081		74,208

Signet Jewelers Ltd.		3,363		77,954

Williams-Sonoma, Inc.		1,210		69,176

Zumiez, Inc.*		2,938		78,239


				1,042,021


Technology Hardware, Storage & Peripherals — 1.0%

Apple, Inc.		376		75,452

HP, Inc.		4,109		81,975

NetApp, Inc.		1,039		75,691


				233,118


Textiles, Apparel & Luxury Goods — 2.0%

Columbia Sportswear Co.		764		76,377

Deckers Outdoor Corp.*		548		86,699

Fossil Group, Inc.*		5,512		72,042

Movado Group, Inc.		2,434		86,772

Oxford Industries, Inc.		1,050		87,213

Ralph Lauren Corp.		581		76,448


				485,551


Thrifts & Mortgage Finance — 0.7%

New York Community Bancorp, Inc.		7,004		81,457

Radian Group, Inc.		3,834		89,792


				171,249


Trading Companies & Distributors — 0.7%

HD Supply Holdings, Inc.*		1,982		90,558

WW Grainger, Inc.		265		74,730


				165,288


Wireless Telecommunication Services — 0.6%

Shenandoah Telecommunications Co.		1,672		69,104

United States Cellular Corp.*		1,658		79,750


				148,854


Total Common Stocks (Cost $14,757,932)				15,618,758


	PRINCIPAL AMOUNT($)		VALUE($)
Foreign Government Securities — 1.0%

Japan Government Two Year Bond (Japan) 0.10%, 7/15/2019 (Cost $232,273)		JPY 26,200,000		235,326


	SHARES
Short-Term Investments — 33.1%

Investment Companies — 24.8%

JPMorgan Prime Money Market Fund Class IM Shares, 2.54% (a) (b) (Cost $5,894,953)		5,893,185		5,894,953


	PRINCIPAL AMOUNT($)

U.S. Treasury Obligations — 8.3%

U.S. Treasury Bills 2.38%, 7/18/2019 (c) (Cost $1,989,914)		2,000,000		1,989,719


Total Short-Term Investments (Cost $7,884,867)				7,884,672


Total Investments — 99.8% (Cost $22,875,072)				23,738,756

Other Assets Less Liabilities — 0.2%				52,824


NET ASSETS — 100.0%				23,791,580

Percentages indicated are based on net assets.

Abbreviations


JPY		— Japanese Yen

(a)		— Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(b)		— The rate shown is the current yield as of April 30, 2019.
(c)		— The rate shown is the effective yield as of April 30, 2019.
*		— Non-income producing security.

The following reference rates, and their values as of period-end, are used for security descriptions:


AUD		— Australian Dollar
BA		— Banker’s Acceptance Rate
BBR		— Bank Base Rate
BOJ		— Bank of Japan
CAD		— Canadian Dollar
CHF		— Swiss Franc
CORRA		— Canadian Overnight Repo Rate Average
EONIA		— Euro Over Night Index Average
EUR		— Euro
EURIBOR		— Euro Interbank Offered Rate
FEDEF		— US Federal Fund Effective Rate (Continuous Series)
GBP		— British Pound
JPY		— Japanese Yen
LIBOR		— London Interbank Offered Rate
OIS-RBA		— Overnight Indexed Swap-Reserve Bank of Australia
OYJ		— Public Limited Company
SCA		— Limited partnership with share capital


SGPS		— Holding company
SONIA TONAR USD		— Sterling Overnight Index Average
		— Tokyo Overnight Average Rate
		— United States Dollar

(a)		— Amount rounds to less than 0.1% of net assets.
(b)		— Security exempt from registration pursuant to Regulation S under the Securities Act of 1933. 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.
*		— Non-income producing security.
(1)		— Notional value represents market value, as of April 30, 2019, of these positions based on the securities’ last sale or closing price on the principal exchange on which the securities are traded.
(2)		— Unrealized appreciation (depreciation) represents the unrealized gain(loss) of the positions subsequent to the swap reset.


INVESTMENTS	SHARES		VALUE($)
Short-Term Investments — 85.6%

Investment Companies — 85.6%

JPMorgan Prime Money Market Fund Class IM Shares, 2.54% (a) (b) (Cost $44,419,264)		44,405,942		44,419,264

Total Investments — 85.6% (Cost $44,419,264)				44,419,264
Other Assets Less Liabilities — 14.4%				7,488,617

Net Assets — 100.0%				51,907,881

Percentages indicated are based on net assets.


(a)		Investmentin affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(b)		Therate shown is the current yield as of April 30, 2019.

The following are 4 separate funds of the Trust (each, a “Fund” and collectively, the “Funds”) covered by this report:

The investment objective of the JPMorgan Diversified Alternatives ETF (the “Diversified Alternatives ETF”) is to seek to provide long-term total return.

JPMorgan Event Driven ETF (the “Event Driven ETF”) commenced operations on November 29, 2017. The investment objective of the Fund is to seek to provide long-term total return.

JPMorgan Long/Short ETF (the “Long/Short ETF”) commenced operations on January 23, 2018. The investment objective of the Fund is to seek to provide long-term total return.

JPMorgan Managed Futures Strategy ETF (the “Managed Futures Strategy ETF”) commenced operations on December 5, 2017. The investment objective of the Fund is to seek to provide long-term total return.

J.P. Morgan Investment Management Inc. (“JPMIM”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), acts as Adviser (the “Adviser”) and Administrator (the “Administrator”) to the Funds.

Shares of the Funds are listed and traded on the NYSE Arca, Inc. Market prices for the Funds’ shares may be different from their net asset value (“NAV”). The Funds issue and redeem their shares on a continuous basis, through JPMorgan Distribution Services, Inc. (the “Distributor” or “JPMDS”), an indirect, wholly-owned subsidiary of JPMorgan, at NAV in large blocks of shares, typically 50,000 shares referred to as “Creation Units.” Creation Units are issued and redeemed principally in cash. Shares are generally traded in the secondary market in amounts less than a Creation Unit at market prices that change throughout the day. Only individuals or institutions that have entered into an authorized participant agreement with the Distributor may do business directly with the Funds (each, an “Authorized Participant”).

Diversified Alternatives Fund CS Ltd. and Managed Futures Fund CS Ltd. (each, a “Subsidiary;” collectively, the “Subsidiaries”), are Cayman Islands exempted companies, incorporated on August 17, 2015 and August 17, 2017, respectively, are currently wholly-owned subsidiaries of the Diversified Alternatives ETF and Managed Futures Strategy ETF, respectively. Each Subsidiary acts as an investment vehicle for its respective Fund in order to effect certain investments on behalf of such Fund consistent with the Fund’s investment objectives and policies as described in the Fund’s prospectus. The consolidated financial statements for these Funds include the accounts of the Funds and the Subsidiaries. Subsequent references to the Funds within the Notes to Consolidated Financial Statements collectively refer to the Funds and the Subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.

The following is a summary of significant accounting policies followed by the Funds in the preparation of their consolidated financial statements/financial statements. The Funds are investment companies and, thus, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification Topic 946 — Investment Companies, which is part of U.S. generally accepted accounting principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

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 instruments are traded before the NAVs of the Funds are calculated on a valuation date. Certain foreign equity instruments, as well as certain derivatives with equity reference obligations, are valued by applying international fair value factors provided by approved Pricing Services. The factors seek to adjust the local closing price for movements of local markets post closing, but prior to the time the NAVs are calculated.

Fixed income instruments are valued based on prices received from Pricing Services. The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.

Investments in open-end investment companies, excluding Exchange-Traded Funds (“ETFs”) (the “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, swaps and other derivatives are valued utilizing market quotations from approved Pricing Services.

The various inputs that are used in determining the valuation of the Funds’ investments are summarized into the three broad levels listed below.

The following tables represent each valuation input as presented on the Consolidated Schedules of Portfolio Investments/Schedules of Portfolio Investments (“CSOIs/SOIs”):

There were no transfers into and out of level 3 for the six months ended April 30, 2019.

As of April 30, 2019, the Funds had no investments in restricted securities other than securities sold to the Funds under Rule 144A and/or Regulation S under the Securities Act.

C. Derivatives — The Funds used derivative instruments including futures, forward foreign currency exchange contracts and swaps, in connection with their respective investment strategies. Derivative instruments may be used as substitutes for securities in which the Funds can invest, to hedge portfolio investments or to generate income or gain to the Funds. Derivatives may also be used to manage duration, sector and yield curve exposures and credit and spread volatility.

The Funds 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 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 Funds’ risk of loss associated with these instruments may exceed their value, as recorded on the Consolidated Statements of Assets and Liabilities/Statements of Assets and Liabilities (CSAL/SAL).

The Funds are party to various derivative contracts governed by International Swaps and Derivatives Association master agreements (“ISDA agreements”). The Funds’ 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 Funds in the event the Funds’ 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 Funds 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 Funds 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 Funds. The ISDA agreements give the Funds 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 with collateral posted to a segregated account by one party to the other.

Counterparty credit risk may be mitigated to the extent a counterparty posts collateral for mark to market gains to the Funds.

(1). Futures Contracts — The Funds used index, commodities and treasury futures contracts to obtain long and short exposure to the underlying commodities markets, to gain or reduce exposure to the stock market, to gain or reduce exposure to particular countries or regions, maintain liquidity, minimize transaction costs or to manage and hedge interest rate risk associated with portfolio investments.

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 Funds are 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 Funds 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 the Consolidated Statement of Operations/Statement of Operations (“CSOP/SOP”). Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported on the CSOP/SOP at the closing or expiration of the futures contract. Securities deposited as initial margin are designated in the CSOI/SOIs, while cash deposited, which is considered restricted, is recorded on the CSAL/SAL. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the CSAL/SAL.

The use of futures contracts exposes the Funds to interest rate risk, commodities risk and equity price risk. The Funds may be subject 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 subjects the Funds to risk of loss in excess of the amounts shown on the CSAL/SAL, up to the notional amount of the futures contracts. Use of short futures contracts subjects the Funds to unlimited risk of loss. The Funds 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 Funds’ 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 Funds’ 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 Funds may be 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 Funds 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 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 Funds record 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 Funds also record a realized gain or loss when a forward foreign currency exchange contract offsets another forward foreign currency exchange contract with the same counterparty upon settlement.

These Funds’ 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 Funds may be required to post or receive collateral for non-deliverable forward foreign currency exchange contracts.

(3). Swaps — The Diversified Alternatives ETF, Event Driven ETF and Long/Short ETF engaged in various swap transactions, including total return basket swaps, to manage credit and total return risks within their respective portfolios. The Funds also used swaps as alternatives to direct

investments. Swap transactions are negotiated contracts over the counter (“OTC swaps”) between a fund and a counterparty or are centrally cleared (“centrally cleared swaps”) through a central clearinghouse managed by a Futures Commission Merchant (“FCM”) that exchange investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals.

Upfront payments made and/or received are recorded as assets or liabilities, respectively, on the CSAL/SAL and amortized over the term of the swap. The value of an OTC swap agreement is recorded as either an asset or a liability on the CSAL/SAL at the beginning of the measurement period. Upon entering into a centrally cleared swap, the Funds are required to deposit with the FCM cash or securities, which is referred to as initial margin deposit. Securities deposited as initial margin are designated on the CSOIs/SOIs, while cash deposited, which is considered restricted, is recorded on the CSAL/SAL. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a variation margin receivable or payable on the CSAL/SAL. The change in the value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is reported as Change in net unrealized appreciation/depreciation on the CSOP/SOP. A realized gain or loss is recorded upon payment or receipt of a periodic payment or payment made upon termination of a swap agreement.

The Funds may be required to post or receive collateral based on the net value of the Funds’ outstanding OTC swap contracts with the counterparty in the form of cash or securities. Daily movement of collateral is subject to minimum threshold amounts. Collateral posted by the Funds is held in a segregated account at the Funds’ custodian bank. For certain counterparties cash collateral posted or received by the Funds is reported on the CSAL/SAL as Restricted cash for OTC derivatives.

The Funds’ swap contracts (excluding centrally cleared swaps) are subject to master netting arrangements.

The Diversified Alternatives ETF, Event Driven ETF and Long/Short ETF entered into total return basket swap agreements to obtain exposure to a portfolio of long and short securities. This is a highly specialized activity and a significant aspect of each Fund’s investment strategy.

Under the terms of the agreements, each swap is designed to function as a portfolio of direct investments in long and short equity positions. This means that a Fund has the ability to trade in and out of long and short positions within each swap and will receive all of the economic benefits and risks equivalent to direct investments in these positions such as: capital appreciation (depreciation), corporate actions and dividends received and paid, all of which are reflected in each swap value. Each swap value also includes interest charges and credits related to the notional values of the long and short positions and cash balances within each swap. These interest charges and credits are based on defined market rates based on the local currencies of the positions in the portfolio plus or minus a specified spread and are referred to herein as “financing costs” and net dividends. Positions within each swap, accrued financing costs and net dividends, are part of the periodic reset. During a reset, any unrealized gains (losses) on positions, accrued financing costs, and net dividends become available for cash settlement between the Fund and the swap counterparty are recorded as Due from/to counterparty for swap contracts on the CSAL/SAL and as Net realized gain (loss) on transactions from swaps on the CSOP/SOP.

Each swap involves additional risks than if a Fund had invested in the underlying positions directly including: the risk that changes in the value of each swap may not correlate perfectly with the underlying long and short securities; counterparty risk related to the counterparty’s failure to perform under contract terms; liquidity risk related to the lack of a liquid market for each swap contract, which may limit the ability of a Fund to close out its positions; and, documentation risk relating to disagreement over contract terms. The total return basket swaps consist of securities that are denominated in foreign currencies. Changes in currency exchange rates will affect the value of, and investment income from, such securities. The Funds’ activities in each total return basket swap are concentrated with a single counterparty. Investing in swaps results in a form of leverage (i.e., a Fund’s risk of loss associated with these instruments may exceed their value as recorded on the CSAL/SAL).

The value of each swap is derived from a combination of (i) the net value of the underlying positions, which are valued daily using the last sale or closing prices on the principal exchange on which the underlying securities are traded; (ii) financing costs; (iii) the value of dividends; (iv) cash balances within the swap; and (v) other factors, as applicable. The value of each swap is reflected on the CSAL/SAL as Outstanding swap contracts, at value. Changes in the value of each swap are recognized as Change in net unrealized appreciation/depreciation of swaps on the CSOP/SOP.

The following tables present the value of derivatives held as of April 30, 2019, by their primary underlying risk exposure and respective location on the CSAL/SAL:

The following tables present each Fund’s gross derivative assets and liabilities by counterparty net of amounts available for offset under netting arrangements and any related collateral received or posted by the Fund as of April 30, 2019.

The following tables present the effect of derivatives on the CSOP/SOP for the six months ended April 30, 2019, by primary underlying risk exposure:

The table below discloses the volume of the Funds’ futures contracts and forward foreign currency exchange contracts activity for the six months ended April 30, 2019. Please refer to the tables in the Summary of Derivatives Information for derivative-related gains and losses associated with volume activity.

The Funds’ derivatives contracts held at April 30, 2019 are not accounted for as hedging instruments under GAAP.

D. Securities Lending — The Event Driven ETF and Long/Short ETF are authorized to engage in securities lending in order to generate additional income. Event Driven ETF and Long/Short ETF are able to lend to approved borrowers. Citibank N.A. (“Citibank”) serves as lending agent for both of these funds, pursuant to a Securities Lending Agency Agreement (the “Securities Lending Agency Agreement”). Securities loaned are collateralized by cash equal to at least 100% of the market value plus accrued interest on the securities lent, which is invested in an affiliated money market fund. The Funds retain loan fees and the interest on cash collateral investments but are required to pay the borrower a rebate for the use of cash collateral. In cases where the lent security is of high value to borrowers, there may be a negative rebate (i.e., a net payment from the borrower to the Funds). Upon termination of a loan, the Funds are required to return to the borrower an amount equal to the cash collateral, plus any rebate owed to the borrowers. The remaining maturities of the securities lending transactions are considered overnight and continuous. Loans are subject to termination by the Funds or the borrower at any time.

The value of securities out on loan is recorded as an asset on the SAL. The value of the cash collateral received is recorded as a liability on the SAL and details of Collateral Investments are disclosed in the SOIs. As of April 30, 2019, the value of outstanding securities on loan and the value of Collateral investments were as follows:

The Funds bear the risk of loss associated with the Collateral Investments and are not entitled to additional collateral from the borrower to cover any such losses. To the extent that the value of the Collateral Investments declines below the amount owed to a borrower, the Funds may incur losses that exceed the amount it earned on lending the security. Upon termination of a loan, the Funds may use leverage (borrow money) to repay the borrower for cash collateral posted if the Adviser does not believe that it is prudent to sell the Collateral Investments to fund the payment of this liability.

The above waiver is included in the determination of earnings on cash collateral investment and in the calculation of Citibank’s compensation and is included on the SOP as Income from securities lending (net).

E. Investment Transactions with Affiliates — The Funds invested in Underlying Funds which are advised by the Adviser. An issuer which is under common control with a Fund may be considered an affiliate. For the purposes of the financial statements, the Funds assume the issuers listed in the table below to be affiliated issuers. Underlying Funds’ distributions may be reinvested into the Underlying Funds. Reinvestment amounts are included in the purchase cost amounts in the tables below.

Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on each Fund’s books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses are included in Net realized gain (loss) on foreign currency transactions on the CSOP/SOP. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at year end and are included in Change in net unrealized appreciation/ depreciation on foreign currency translations on the CSOP/SOP.

Costs paid in connection with the organization of the Funds, if any, were recorded as an expense at the time the Funds commenced operations and are included as offering costs on the CSOP/SOP. For the six months ended April 30, 2019, total offering costs amortized were:

H. Security Transactions and Investment Income — Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis. Interest income is determined on the basis of coupon interest accrued using the effective interest method which adjusts for amortization of premiums and accretion of discounts. Dividend income net of foreign taxes withheld, if any, distributions of net investment income and realized capital gains from the Underlying Funds and ETFs, if any, and dividend expense on securities sold short, are recorded on the ex-dividend date or when a Fund first learns of the dividend.

J. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code (the “Code”), applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of April 30, 2019, no liability for income tax is required in the Funds’ financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each of the Funds’ Federal tax returns for the prior three fiscal years, or since inception if shorter, remains subject to examination by the Internal Revenue Service.

For Federal income tax purposes, taxable income of each Fund and its Subsidiary are separately calculated. The Subsidiary is classified as a controlled foreign corporation under the Code and its taxable income, including net gains, is included as ordinary income in the calculation of each Fund’s taxable income. Net losses of the Subsidiary are not deductible by each Fund either in the current period or carried forward to future periods.

K. Foreign Taxes — The Funds may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Funds will accrue such taxes and recoveries as applicable, based upon their current interpretation of tax rules and regulations that exist in the markets in which they invest. When a capital gain tax is determined to apply, the Fund records an estimated deferred tax liability in an amount that would be payable if the securities were disposed of on the valuation date.

L. Distributions to Shareholders — Distributions from net investment income, if any, are generally declared and paid annually. Net realized capital gains, if any, are distributed by each Fund at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federal tax-basis treatment.

A. Investment Advisory Fee — Pursuant to an Investment Advisory Agreement, the Adviser supervises the investments of each Fund and Subsidiary and for such services is paid a fee. The fee is accrued daily and paid monthly based on each Fund’s respective average daily net assets. The annual rate for each Fund is as follows:

Each Subsidiary has entered into separate contracts with the Adviser and its affiliates to provide investment advisory and other services to the Subsidiary. The fee for services to the Subsidiary is accrued daily and paid monthly at an annual rate of 0.60% for the Diversified Alternatives ETF and 0.50% for the Managed Futures Strategy ETF of the Subsidiary’s average daily net assets. The Adviser has agreed to waive the advisory fee that it receives from the Fund in an amount equal to the advisory fee paid to the Adviser by the Subsidiary. This waiver will continue in effect so long as the Fund invests in the Subsidiary and may not be terminated without approval by the Fund’s Board.

The Adviser waived Investment Advisory fees and/or reimbursed expenses as outlined in Note 3.D.

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator provides certain administration services to the Funds and the Subsidiaries. In consideration of these services, effective January 1, 2019, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.075% of each Fund’s respective average daily net assets. Prior to January 1, 2019, the Administrator received a fee accrued daily and paid monthly at an annual rate of 0.085% each Fund’s respective average daily net assets. In consideration for services rendered to each Subsidiary, the Administrator receives a fee accrued daily and paid monthly at an annualized rate of 0.10% of the average daily net assets of the Subsidiary.

C. Custodian, Accounting and Transfer Agent Fees — JPMCB provides portfolio custody, accounting and transfer agency services to the Funds. The amounts paid directly to JPMCB by the Funds for custody services are included in the Custodian, Accounting and Transfer Agent fees on the CSOP/SOP. Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the CSOP/SOP. Prior to March 1, 2018, payments to the custodian were reduced by credits earned by the Fund, based on uninvested cash balances held by the custodian. Such earnings credits, if any, are included in the Custodian, Accounting and Transfer Agent fees on the CSOP/SOP. With respect to the transfer agency services provided by JPMCB for each creation or redemption transaction, the Authorized Participant will generally be responsible for such associated expenses; during the period, the Funds paid no transfer agency fees to JPMCB.

Additionally, Authorized Participants generally pay transaction fees associated with the creation and redemption of Fund shares. These fees are used to offset certain custodian charges incurred by the Fund for these transactions.

For the six months ended April 30, 2019, the amount of transaction fees paid by the Authorized Participants that were used to reimburse Custodian and Transfer Agent fees were as follows:

Such amounts are included in expense reimbursements from non-affiliates in the CSOP/SOP.

Restricted cash on the CSAL/SAL is cash received from Authorized Participants for the reimbursement of creation and/or redemption of Fund shares.

Interest expense paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates on the CSOP/SOP.

D. Waivers and Reimbursements — The Adviser, Administrator and JPMDS have contractually agreed to waive fees and/or reimburse the Funds to the extent that total annual operating expenses, inclusive of each Subsidiary (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, and extraordinary expenses), exceed the percentages of the Funds’ respective average daily net assets as shown in the below table:

The expense limitation agreements were in effect for the six months ended April 30, 2019 and are in place until at least February 28, 2022.

For the six months ended Aril 30, 2019, the Funds’ service providers waived fees and/or reimbursed expenses for each of the Funds as follows. None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.

Additionally, the Funds may invest in one or more money market funds advised by the Adviser or its affiliates (affiliated money market funds). The Adviser has contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective fees and expenses of the affiliated money market funds incurred by each Fund because of each Fund’s investment in such money market funds, except for investments of securities lending collateral.

The amounts of these waivers resulting from investments in these money market funds for the six months ended April 30, 2019 were as follows:

The Diversified Alternatives ETF and Managed Futures Strategy ETF invest in Subsidiaries and, as a result, bear a portion of the expenses incurred by these Subsidiaries. These expenses are reflected in the fees waived shown on the CSOP and are included in the ratios to average net assets shown in the Financial Highlights.

The amounts of these waivers resulting from investments in Subsidiaries for the six months ended April 30, 2019 were as follows:

E. Distribution Services — The Distributor or its agent distributes Creation Units for each Fund on an agency basis. The Distributor does not maintain a secondary market in shares of each Fund. JPMDS receives no fees for their distribution services under their respective distribution agreements with the Trust (the “Distribution Agreements”). Although the Trust does not pay any fees under the Distribution Agreements, JPMIM pays JPMDS for certain distribution related services.

F. Other — Certain officers of the Trust are affiliated with the Adviser, the Administrator and JPMDS. Such officers, with the exception of the Chief Compliance Officer, receive no compensation from the Funds for serving in their respective roles.

The Board has designated and appointed a Chief Compliance Officer to the Funds pursuant to Rule 38a-1 under the 1940 Act. Each Fund, along with affiliated funds, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the office of the Chief Compliance Officer. Such fees are included in Trustees’ and Chief Compliance Officer’s fees on the CSOP/SOP.

The Funds may use related party broker-dealers. For the six months ended April 30, 2019, the Funds did not incur any brokerage commissions with broker dealers affiliated with the Adviser.

During the six months ended April 30, 2019, purchases and sales of investments (excluding short-term investments) were as follows:

During the six months ended April 30, 2019, there were no purchases or sales of U.S. Government securities.

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investment securities, including each Subsidiary, held at April 30, 2019 were as follows:

The difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to mark to market of futures contracts, mark to market of forward foreign currency contracts, investment in Subsidiary, investments in swap contracts and wash sale loss deferrals.

The Federal income tax unrealized appreciation (depreciation) in value of investment securities includes unrealized appreciation of the Diversified Alternatives ETF’s investment in its Subsidiary of $715,042 and Managed Futures Strategy ETF’s investment in its Subsidiary of $468,745, when if realized is not deductible for income tax purposes.

During the year ended October 31, 2018 the Diversified Alternatives Fund CS Ltd. and Managed Futures Fund CS Ltd. had approximately $ 2,284,794 and $1,152,519 of losses for tax purposes. The Subsidiaries’ loss for the current year are not available to offset their future taxable income.

As of October 31, 2018, the Funds had net capital loss carryforwards, with no expiration dates, as follows:

The Trust issues and redeems shares of the Funds only in Creation Units through the Distributor at NAV. Capital shares transactions detail can be found in the Statements of Changes in Net Assets.

Authorized Participants transacting in Creation Units for cash may also pay a variable fee to compensate the relevant fund for market impact expenses relating to investing in portfolio securities. Such variable fees, if any, are included in “Proceeds from shares issued” in the Statements of Changes in Net Assets.

As of April 30, 2019, the Adviser owns shares representing more than 10% of net assets of following Funds:

Significant shareholder transactions by the Adviser may impact the Funds’ performance.

By investing in each Subsidiary, the Diversified Alternatives ETF and Managed Futures Strategy ETF are indirectly exposed to the risks associated with the Subsidiary’s investments. The derivatives and other investments held by the Subsidiary are generally similar to those that are permitted to be held by the Fund and are subject to the same risks that apply to similar investments if held directly by the Fund.

The Funds will employ various alternative investment strategies that involve the use of complicated investment techniques. There is no guarantee that these strategies will succeed and their use may subject the Funds to greater volatility and loss.

Derivatives, including swap agreements, commodity options, forwards, futures and options on futures, may be riskier than other types of investments because they may be more sensitive to changes in economic or market conditions than other types of investments and could result in losses that significantly exceed the Funds’ original investment. Many derivatives create leverage thereby causing a Fund to be more volatile than it would be if it had not used derivatives. Derivatives also expose the Funds to counterparty risk and to the credit risk of the derivative counterparty. The possible lack of a liquid secondary market for derivatives and the resulting ability of the Funds to sell or otherwise close a derivatives position could expose the Funds to losses.

The Funds are also subject to counterparty credit risk, which is the risk that a counterparty fails to perform on agreements with a Fund such as swap and option contracts, credit linked notes, exchange-traded notes and forward foreign currency exchange contracts.

Since the Managed Futures Strategy ETF is non-diversified, it may invest a greater percentage of its assets in a particular issuer or group of issuers than a diversified fund would. This increased investment in fewer issuers may result in the Fund’s shares being more sensitive to economic results of those issuing the securities.

At its June 11-12, 2019 meeting, the Board of Trustees approved a new management agreement for each of the Funds, contingent on approval by each Fund’s shareholders. This approval will be sought at a shareholder meeting expected to be held on August 22, 2019. If approved by shareholders of a Fund, the new agreement would become effective on November 1, 2019, and would result in the implementation of a single management fee in lieu of the fee structure currently in place for that Fund. In addition, if approved, this agreement would replace each Fund’s current investment advisory agreement, as well as its current administration and expense limitation agreements. This proposal will not result in an increase in a Fund’s current net expense ratio or change the level of services provided by JPMIM under the current investment advisory and administration agreements.

JPMorgan Diversified Alternatives ETF, JPMorgan Event Driven ETF, JPMorgan Long/Short ETF and JPMorgan Managed Futures Strategy ETF

The Board of Trustees meets regularly throughout the year and considers factors that are relevant to their annual consideration of investment advisory agreements at each meeting. The Board also meets specifically to consider investment advisory agreement annual renewals. The Board of Trustees held a meeting in person December 4, 2018, at which the Trustees considered the continuation of investment advisory agreements (each an “Advisory Agreement” and collectively, the “Advisory Agreements”) for JPMorgan Diversified Alternatives ETF, JPMorgan Event Driven ETF, JPMorgan Long/Short ETF and JPMorgan Managed Futures Strategy ETF (the “Funds”). In advance of the December 4, 2018 meeting, the Trustees met on November 8, 2018 to discuss certain information in connection with its consideration of the Advisory Agreements. At the December meeting, the Board reviewed and considered performance, expense and other information individually for each of the Funds. The Trustees, including a majority of the Trustees who are not “Interested Persons” (as defined in the 1940 Act) of any party to the Advisory Agreements or any of their affiliates, approved the continuation of each Advisory Agreement.

information in light of changing circumstances in market and economic conditions. The Trustees determined that the compensation received by the Adviser from each Fund under the Advisory Agreement was fair and reasonable and that the continuance of the Advisory Agreement was in the best interests of each Fund and its shareholders.

The factors summarized below were considered and discussed by the Trustees in reaching their conclusions:

Nature, Extent and Quality of Services Provided by the Adviser

Based upon these considerations and other factors, the Trustees concluded that they were satisfied with the nature, extent and quality of services provided to each Fund by the Adviser.

Costs of Services Provided and Profitability to the Adviser and its Affiliates

not audited and represents the Adviser’s determination of its and its affiliates’ revenues from the contractual services provided to the Funds, less expenses of providing such services. Expenses include direct and indirect costs and are calculated using allocation methodologies developed by the Adviser. The Trustees also recognized that it is difficult to make direct comparisons of profitability from fund investment advisory contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the fact that publicly-traded fund managers’ operating profits and net income are net of distribution and marketing expenses. Based upon their review, the Trustees concluded that the profitability to the Adviser under each Advisory Agreement was not unreasonable in light of the services and benefits provided to each Fund.

Fall-Out Benefits

The Trustees reviewed information regarding potential “fall-out” or ancillary benefits received by the Adviser and its affiliates as a result of their relationships with the Funds.

Economies of Scale

The Trustees considered the extent to which each Fund may benefit from economies of scale. The Trustees noted that the Adviser has implemented fee waivers and expense limitations (“Fee Caps”), which allow the Fund’s shareholders to share potential economies of scale from the Fund’s inception. The Trustees noted that neither the investment advisory fee schedule nor the administration agreement for the Funds contain breakpoints, but that fees are competitive with their peer funds. They concluded that the current fee structure was reasonable in light of the Fee Caps that the Adviser has in place which serve to limit the overall net expense ratio of each Fund to competitive levels. With respect to fees for administrative services, the Trustees also considered the fact that the Funds benefit from the economies of scale present in the broader J.P. Morgan fund complex, as the Funds were able to negotiate an administration fee at level consistent with the lower effective rate currently paid by the J.P. Morgan mutual funds, which includes breakpoints. The Trustees also took into consideration management’s belief that because of such economies of scale, the Funds’ administration fees are lower than what the Funds would have to pay if they were not part of the J.P. Morgan fund complex.

Fees Relative to Adviser’s Other Clients

Investment Performance

The Trustees received and considered absolute and relative performance information for Funds with at least one-year of performance history in a report prepared by Broadridge. The Trustees considered the total return performance information, which included the ranking of the Funds within a performance universe made up of funds with the same Broadridge investment classification and objective (the “Universe”), as well as a subset of funds within the Universe (the “Peer Group”), by total return for applicable one- and three-year periods. The Trustees reviewed a description of Broadridge’s methodology for selecting mutual funds in each Fund’s Peer Group and Universe. The Trustees also considered each Fund’s investment strategy and processes, portfolio management teams and competitive positioning against peer funds, as identified by Broadridge and/or management. As part of this review, the Trustees also reviewed each Fund’s performance against its benchmark and considered each Fund’s performance information provided at regular Board meetings by the Adviser. After consideration, the Trustees determined that each Fund’s performance was consistent with its investment objective. The Broadridge performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to each Fund’s performance are summarized below:

The Trustees noted that the JPMorgan Diversified Alternatives ETF’s performance was in the fifth quintile based upon the Universe for the one-year period ended September 30, 2018. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted the performance of the JPMorgan Event Driven ETF since its inception on November 29, 2017. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted the performance of the JPMorgan Long/Short ETF since its inception on January 23, 2018. The Trustees discussed the performance and investment strategy of the

Fund with the Adviser and based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted the performance of the JPMorgan Managed Futures Strategy ETF since its inception on December 5, 2017. The Trustees discussed the performance and investment strategy of the Fund with the Advisor and, based upon this discussion and various other factors, concluded that the performance was satisfactory.

Advisory Fees and Expense Ratios

determination as a result of the review of each Fund’s advisory fees and expense ratios are summarized below:

The Trustees noted that the JPMorgan Diversified Alternatives ETF’s net advisory fee and actual total expenses were in the second and first quintiles, respectively, based upon the Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.

The Trustees noted that the JPMorgan Event Driven ETF’s net advisory fee and actual total expenses were in the first and third quintiles, respectively, based upon the Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.

The Trustees noted that the JPMorgan Long/Short ETF’s net advisory fee and actual total expenses were in the first and second quintiles, respectively, based upon both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.

The Trustees noted that the JPMorgan Managed Futures Strategy ETF’s net advisory fee and actual total expenses were below the median of the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.

J.P. Morgan Exchange-Traded Funds are distributed by JPMorgan Distribution Services, Inc., an indirect, wholly-owned subsidiary of JPMorgan Chase & Co.

Investors may obtain information about the Securities Investor Protection Corporation (SIPC), including the SIPC brochure by visiting www.sipc.org or by calling SIPC at 202-371-8300.

Each Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC on Form N-Q. The Funds’ Forms N-Q are available on the SEC’s website at http://www.sec.gov. Shareholders may request the Form N-Q without charge by calling 1-844-457-6383 or by visiting the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

A description of each Fund’s policies and procedures with respect to the disclosure of each Fund’s holdings is available in the prospectus and Statement of Additional Information.

A copy of proxy policies and procedures is available without charge upon request by calling 1-844-457-6383 and on the Funds’ website at www.jpmorganfunds.com. A description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Funds to the Adviser. A copy of the Funds’ voting record for the most recent 12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Funds’ website at www.jpmorganfunds.com no later than August 31 of each year. The Funds’ proxy voting record will include, among other things, a brief description of the matter voted on for each fund security, and will state how each vote was cast, for example, for or against the proposal.

J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.

Disclose whether, as of the end of the period covered by the report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, explain why it has not done so.

The registrant must briefly describe the nature of any amendment, during the period covered by the report, to a provision of its code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item. The registrant must file a copy of any such amendment as an exhibit pursuant to Item 13(a)(1), unless the registrant has elected to satisfy paragraph (f) of this Item by positing its code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by undertaking to provide its code of ethics to any person without charge, upon request, pursuant to paragraph (f)(3) of this Item.

If the registrant has, during the period covered by the report, granted a waiver, including an implicit waiver, from a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or third party, that relates to one or more items set forth in paragraph (b) of this Item, the registrant must briefly describe the nature of the waiver, the name of the person to whom the waiver was granted, and the date of the waiver.

(a) (1) Disclose that the registrant’s board of directors has determined that the registrant either:

(2) If the registrant provides the disclosure required by paragraph (a)(1)(i) of this Item, it must disclose the name of the audit committee financial expert and whether that person is “independent.” In order to be considered “independent” for purposes of this Item, a member of an audit committee may not, other than in his or her capacity as a member of the audit committee, the board of directors, or any other board committee:

(3) If the registrant provides the disclosure required by paragraph (a)(1)(ii) of this Item, it must explain why it does not have an audit committee financial expert.

(a) Disclose, under the caption Audit Fees, the aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years.

(b) Disclose, under the caption Audit-Related Fees, the aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

(c) Disclose, under the caption Tax Fees, the aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

(d) Disclose, under the caption All Other Fees, the aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

(e) (1) Disclose the audit committee’s pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

(2) Disclose the percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) If greater than 50 percent, disclose the percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.

(g) Disclose the aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant.

(h) Disclose whether the registrant’s audit committee of the board of directors has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

(a) If the registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act (17CFR 240.10A-3), state whether or not the registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)). If the registrant has such a committee, however designated, identify each committee member. If the entire board of directors is acting as the registrant’s audit committee as specified in Section 3(a)(58)(B) of the Exchange Act (15

(b) If applicable, provide the disclosure required by Rule 10A-3(d) under the Exchange Act (17CFR 240.10A-3(d)) regarding an exemption from the listing standards for all audit committees.

File Schedule I – Investments in securities of unaffiliated issuers as of the close of the reporting period as set forth in Section 210.12-12 of Regulation S-X, unless the schedule is included as part of the report to shareholders filed under Item 1 of this Form.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

ITEM 9. PURCHASE OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Describe any material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14A (17 CFR 240.14a-101), or this Item.

(a) Disclose the conclusions of the registrant’s principal executive and principal financial officers, or persons performing similar functions, regarding the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b))and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).

The Registrant’s principal executive and principal financial officers have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant’s disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the Registrant’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

(b) Disclose any change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

There were no changes in the Registrant’s internal control over financial reporting that occurred during the last fiscal quarter covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

(a) File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated.

(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit.

(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2).

Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 are attached hereto.

(3) Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.

(b) A separate or combined certification for each principal executive officer and principal officer of the registrant as required by Rule 30a-2(b) under the Act of 1940.

Certifications pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 are attached hereto.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


REPORTING PERIOD RETURN:
JPMorgan BetaBuilders Canada ETF
Net Asset Value*		10.94%
Market Price**		10.79%
Morningstar^® Canada Target Market Exposure Index^SM		10.08%

Net Assets as of 4/30/2019	$	3,737,007,734


REPORTING PERIOD RETURN:
JPMorgan BetaBuilders Developed Asia ex-Japan ETF
Net Asset Value*		15.22%
Market Price**		15.39%
Morningstar^® Developed Asia Pacific ex-Japan Target Market Exposure Index^SM		15.33%

Net Assets as of 4/30/2019	$	1,285,022,228


REPORTING PERIOD RETURN:
JPMorgan BetaBuilders Europe ETF
Net Asset Value*		9.03%
Market Price**		8.97%
Morningstar^® Developed Europe Target Market Exposure Index^SM		8.58%

Net Assets as of 4/30/2019	$	4,325,127,726


REPORTING PERIOD RETURN:
JPMorgan BetaBuilders Japan ETF
Net Asset Value*		2.23%
Market Price**		2.19%
Morningstar^® Japan Target Market Exposure Index^SM		1.47%

Net Assets as of 4/30/2019	$	3,479,513,336


TOTAL RETURNS AS OF APRIL 30, 2019 (Unaudited)
	INCEPTION DATE		SIX MONTHS*		CUMULATIVE SINCE INCEPTION
JPMorgan BetaBuilders Japan ETF
Net Asset Value		June 15, 2018		2.23%		(6.31	)%
Market Price				2.19%		(6.51	)%



President’s Letter			1

Market Overview			2

Fund Commentaries:

JPMorgan BetaBuilders Canada ETF			3

JPMorgan BetaBuilders Developed Asia ex-Japan ETF			6

JPMorgan BetaBuilders Europe ETF			9

JPMorgan BetaBuilders Japan ETF			12

JPMorgan Betabuilders U.S. Equity ETF			15

JPMorgan Diversified Return Emerging Markets Equity ETF			17

JPMorgan Diversified Return Europe Equity ETF			20

JPMorgan Diversified Return Global Equity ETF			23

JPMorgan Diversified Return International Equity ETF			26

JPMorgan Diversified Return U.S. Equity ETF			29

JPMorgan Diversified Return U.S. Mid Cap Equity ETF			32

JPMorgan Diversified Return U.S. Small Cap Equity ETF			35

JPMorgan U.S. Dividend ETF			38

JPMorgan U.S. Minimum Volatility ETF			41

JPMorgan U.S. Momentum Factor ETF			44

JPMorgan U.S. Quality Factor ETF			47

JPMorgan U.S. Value Factor ETF			50

Schedules of Portfolio Investments			53

Financial Statements			164

Financial Highlights			182

Notes to Financial Statements			188

Schedule of Shareholder Expenses			214

Board Approval of Initial Management Agreement			216

Board Approval of Investment Advisory Agreements			218


PORTFOLIO COMPOSITION BY SECTOR****
Financials	36.2	%
Energy	18.8
Industrials	10.8
Materials	8.5
Information Technology	4.8
Investment of cash collateral from securities loaned	4.5
Consumer Discretionary	3.9
Consumer Staples	3.9
Communication Services	3.4
Utilities	2.9
Health Care	1.8
Real Estate	0.5


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	AIA Group Ltd. (Hong Kong)	7.0	%
	2.	Commonwealth Bank of Australia (Australia)	5.2
	3.	BHP Group Ltd. (Australia)	4.4
	4.	Westpac Banking Corp. (Australia)	3.8
	5.	CSL Ltd. (Australia)	3.6
	6.	Australia & New Zealand Banking Group Ltd. (Australia)	3.1
	7.	National Australia Bank Ltd. (Australia)	2.8
	8.	Hong Kong Exchanges & Clearing Ltd. (Hong Kong)	2.3
	9.	DBS Group Holdings Ltd. (Singapore)	2.1
	10.	Oversea-Chinese Banking Corp. Ltd. (Singapore)	2.0


PORTFOLIO COMPOSITION BY COUNTRY****
Australia	53.6	%
Hong Kong	28.6
Singapore	12.2
Macau	2.3
New Zealand	2.2
Others (each less than 1.0%)	1.1


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	Nestle SA (Registered) (Switzerland)	3.0	%
	2.	Novartis AG (Registered) (Switzerland)	2.1
	3.	Roche Holding AG (Switzerland)	2.0
	4.	HSBC Holdings plc (United Kingdom)	1.8
	5.	BP plc (United Kingdom)	1.5
	6.	Royal Dutch Shell plc, Class A (Netherlands)	1.5
	7.	TOTAL SA (France)	1.4
	8.	SAP SE (Germany)	1.4
	9.	Royal Dutch Shell plc, Class B (Netherlands)	1.2
	10.	LVMH Moet Hennessy Louis Vuitton SE (France)	1.1


PORTFOLIO COMPOSITION BY COUNTRY****
United Kingdom	22.0	%
France	15.8
Switzerland	13.2
Germany	12.8
Netherlands	6.8
United States	6.4
Spain	4.3
Sweden	4.2
Italy	3.3
Denmark	2.6
Finland	1.9
Belgium	1.8
Australia	1.2
Norway	1.1
Others (each less than 1.0%)	2.6


PORTFOLIO COMPOSITION BY SECTOR****
Industrials	22.5	%
Consumer Discretionary	18.6
Financials	10.7
Information Technology	10.5
Health Care	8.7
Consumer Staples	8.5
Communication Services	7.3
Materials	6.0
Real Estate	4.4
Utilities	1.8
Energy	0.9
Investment of cash collateral from securities loaned	0.1


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)	3.2	%
	2.	China Mobile Ltd. (China)	2.6
	3.	Hon Hai Precision Industry Co. Ltd. (Taiwan)	1.4
	4.	Reliance Industries Ltd. (India)	1.4
	5.	China Construction Bank Corp., Class H (China)	1.2
	6.	LUKOIL PJSC (Russia)	1.2
	7.	Vale SA (Brazil)	1.2
	8.	PTT PCL (Thailand)	1.1
	9.	Infosys Ltd. (India)	1.1
	10.	Telekomunikasi Indonesia Persero Tbk. PT (Indonesia)	1.0


PORTFOLIO COMPOSITION BY COUNTRY****
China	20.2	%
Taiwan	16.0
Brazil	10.7
India	10.1
Thailand	6.9
Russia	6.2
Indonesia	6.0
South Africa	5.2
Malaysia	5.0
Mexico	2.9
Philippines	2.0
Qatar	1.5
United Arab Emirates	1.3
Chile	1.2
Turkey	1.0
Kuwait	1.0
Others (each less than 1.0%)	2.8


AVERAGE ANNUAL TOTAL RETURNS AS OF APRIL 30, 2019 (Unaudited)
	INCEPTION DATE		SIX MONTHS*		1 YEAR		SINCE INCEPTION
JPMorgan Diversified Return Emerging Markets Equity ETF
Net Asset Value		January 7, 2015		9.10%		(3.30)%		4.58%
Market Price				9.83%		(3.00)%		4.71%


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	SAP SE (Germany)	0.5	%
	2.	ASML Holding NV (Netherlands)	0.4
	3.	LVMH Moet Hennessy Louis Vuitton SE (France)	0.4
	4.	Unilever NV, CVA (United Kingdom)	0.4
	5.	Rightmove plc (United Kingdom)	0.4
	6.	Diageo plc (United Kingdom)	0.4
	7.	Nestle SA (Registered) (Switzerland)	0.4
	8.	Evraz plc (Russia)	0.4
	9.	Unilever plc (United Kingdom)	0.4
	10.	Iberdrola SA (Spain)	0.4


PORTFOLIO COMPOSITION BY COUNTRY****
United Kingdom	20.0	%
France	15.5
Germany	12.1
Switzerland	8.7
Sweden	6.5
Spain	5.4
Italy	5.3
Netherlands	4.8
Denmark	4.6
Finland	3.7
United States	2.6
Norway	2.4
Belgium	1.8
Luxembourg	1.0
Others (each less than 1.0%)	5.6


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	Idemitsu Kosan Co. Ltd. (Japan)	0.4	%
	2.	Daiichi Sankyo Co. Ltd. (Japan)	0.4
	3.	Advantest Corp. (Japan)	0.3
	4.	Coca-Cola European Partners plc (United Kingdom)	0.3
	5.	WH Group Ltd. (Hong Kong)	0.3
	6.	VMware, Inc., Class A (United States)	0.3
	7.	Starbucks Corp. (United States)	0.3
	8.	Xylem, Inc. (United States)	0.3
	9.	Church & Dwight Co., Inc. (United States)	0.3
	10.	WR Berkley Corp. (United States)	0.3


PORTFOLIO COMPOSITION BY COUNTRY****
United States	25.5	%
Japan	21.2
Australia	9.0
South Korea	8.3
Hong Kong	4.4
France	4.0
United Kingdom	3.6
Canada	3.5
Germany	2.4
Sweden	2.3
Spain	2.3
Singapore	2.0
Switzerland	1.9
Netherlands	1.8
Italy	1.0
Finland	1.0
Norway	1.0
Others (each less than 1.0%)	4.8
Short-Term Investments	0.0	(a)


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	Idemitsu Kosan Co. Ltd. (Japan)	0.6	%
	2.	Halma plc (United Kingdom)	0.4
	3.	Experian plc (United Kingdom)	0.4
	4.	Capcom Co. Ltd. (Japan)	0.4
	5.	Diageo plc (United Kingdom)	0.4
	6.	Boliden AB (Sweden)	0.4
	7.	Sage Group plc (The) (United Kingdom)	0.4
	8.	Rentokil Initial plc (United Kingdom)	0.4
	9.	Nisshin Seifun Group, Inc. (Japan)	0.4
	10.	Sonova Holding AG (Registered) (Switzerland)	0.4


PORTFOLIO COMPOSITION BY COUNTRY****
Japan	23.2	%
United Kingdom	17.0
Australia	9.9
South Korea	8.3
Hong Kong	5.9
France	5.8
Sweden	3.3
Germany	3.3
Netherlands	3.1
United States	2.9
Singapore	2.5
Switzerland	2.4
Spain	2.0
Finland	1.8
Norway	1.5
Italy	1.3
Others (each less than 1.0%)	5.8
Short-Term Investments	0.0	(a)


PORTFOLIO COMPOSITION BY SECTOR****
Consumer Goods	14.7	%
Financials	12.8
Consumer Services	12.6
Industrials	10.7
Health Care	10.3
Utilities	9.9
Technology	9.1
Basic Materials	8.3
Oil & Gas	6.0
Investment of cash collateral from securities loaned	3.5
Telecommunications	2.0
Short-Term Investments	0.1


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	Cadence Design Systems, Inc.	0.5	%
	2.	Synopsys, Inc.	0.5
	3.	Lululemon Athletica, Inc.	0.4
	4.	PulteGroup, Inc.	0.4
	5.	Church & Dwight Co., Inc.	0.4
	6.	McCormick & Co., Inc. (Non-Voting)	0.4
	7.	Gentex Corp.	0.4
	8.	CDW Corp.	0.4
	9.	Hershey Co. (The)	0.4
	10.	Copart, Inc.	0.4


PORTFOLIO COMPOSITION BY SECTOR****
Consumer Goods	14.9	%
Financials	14.6
Consumer Services	13.2
Industrials	11.5
Health Care	10.5
Technology	9.6
Utilities	8.4
Basic Materials	8.2
Oil & Gas	5.9
Investment of cash collateral from securities loaned	1.8
Telecommunications	1.2
Short-Term Investments	0.2


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO****
	1.	Fox Factory Holding Corp.	0.7	%
	2.	Pool Corp.	0.7
	3.	Iridium Communications, Inc.	0.7
	4.	West Pharmaceutical Services, Inc.	0.7
	5.	Avista Corp.	0.7
	6.	Steven Madden Ltd.	0.7
	7.	Black Hills Corp.	0.7
	8.	PNM Resources, Inc.	0.6
	9.	Ormat Technologies, Inc.	0.6
	10.	Spire, Inc.	0.6


PORTFOLIO COMPOSITION BY SECTOR****
Consumer Goods	20.4	%
Consumer Services	12.8
Utilities	11.8
Industrials	11.7
Technology	10.6
Health Care	8.9
Financials	8.6
Basic Materials	5.5
Investment of cash collateral from securities loaned	4.5
Oil & Gas	3.1
Telecommunications	1.9
Short-Term Investments	0.2


REPORTING PERIOD RETURN:
JPMorgan U.S. Dividend ETF
Net Asset Value*		8.86%
Market Price**		8.94%
JP Morgan US Dividend Index		9.04%
Russell 1000 Index		10.00%

Net Assets as of 4/30/2019	$	30,630,705


REPORTING PERIOD RETURN:
JPMorgan U.S. Minimum Volatility ETF
Net Asset Value*		10.07%
Market Price**		10.14%
JP Morgan US Minimum Volatility Index		10.20%
Russell 1000 Index		10.00%

Net Assets as of 4/30/2019	$	41,258,938


REPORTING PERIOD RETURN:
JPMorgan U.S. Momentum Factor ETF
Net Asset Value*		9.96%
Market Price**		10.03%
JP Morgan US Momentum Factor Index		10.01%
Russell 1000 Index		10.00%

Net Assets as of 4/30/2019	$	39,748,855


REPORTING PERIOD RETURN:
JPMorgan U.S. Quality Factor ETF
Net Asset Value*		10.04%
Market Price**		10.08%
JP Morgan US Quality Factor Index		10.21%
Russell 1000 Index		10.00%

Net Assets as of 4/30/2019	$	52,108,696


PORTFOLIO COMPOSITION BY SECTOR****
Technology	21.9	%
Financials	18.8
Consumer Services	13.7
Industrials	12.7
Health Care	12.0
Consumer Goods	8.0
Oil & Gas	4.9
Utilities	3.1
Basic Materials	2.4
Telecommunications	1.9
Investment of cash collateral from securities loaned	0.5
Short-Term Investments	0.1


REPORTING PERIOD RETURN:
JPMorgan U.S. Value Factor ETF
Net Asset Value*		8.17%
Market Price**		8.25%
JP Morgan US Value Factor Index		8.49%
Russell 1000 Index		10.00%

Net Assets as of 4/30/2019	$	56,620,137


Futures contracts outstanding as of April 30, 2019:
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION)($)
Long Contracts
Hang Seng Index		14		05/2019		HKD		2,634,179		3,548
MSCI Singapore Index		28		05/2019		SGD		780,031		7,389
SPI 200 Index		2		05/2019		AUD		222,095		(2,119	)
SPI 200 Index		43		06/2019		AUD		4,781,094		83,453


										92,271


AUD		— Australian Dollar
HKD		— Hong Kong Dollar
MSCI		— Morgan Stanley Capital International
SGD		— Singapore Dollar
SPI		— Australian Securities Exchange


EUR		— Euro
FTSE		— Financial Times and the London Stock Exchange
GBP		— British Pound