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(The) 742718109 465340.00000000 NS USD 57878989.20000000 1.138906392579 Long EC CORP US N 1 N N N N/A N/A S&P 500 E-Mini Index N/A 319.00000000 NC USD -391597.57000000 -0.00770561099 N/A DE US N 1 CME Clearing House LCZ7XYGSLJUHFXXNXD88 Long S&P 500 E-Mini Index US78378X1072 2019-12-20 47483150.00000000 USD -391597.57000000 N N N Mondelez International, Inc. 549300DV9GIB88LZ5P30 Mondelez International, Inc., Class A 609207105 619000.00000000 NS USD 34243080.00000000 0.673813818324 Long EC CORP US N 1 N N N Digital Realty Trust, Inc. 549300HKCZ31D08NEI41 Digital Realty Trust, Inc. 253868103 31370.00000000 NS USD 4072139.70000000 0.080129007087 Long EC CORP US N 1 N N N NVIDIA Corp. 549300S4KLFTLO7GSQ80 NVIDIA Corp. 67066G104 180960.00000000 NS USD 31499707.20000000 0.619831451625 Long EC CORP US N 1 N N N Hartford Financial Services Group, Inc. (The) IU7C3FTM7Y3BQM112U94 Hartford Financial Services Group, Inc. (The) 416515104 489260.00000000 NS USD 29654048.60000000 0.583513741052 Long EC CORP US N 1 N N N Constellation Brands, Inc. 5493005GKEG8QCVY7037 Constellation Brands, Inc., Class A 21036P108 65610.00000000 NS USD 13599640.80000000 0.267605188998 Long EC CORP US N 1 N N N Berkshire Hathaway, Inc. 5493000C01ZX7D35SD85 Berkshire Hathaway, Inc., Class B 084670702 394930.00000000 NS USD 82153338.60000000 1.616561792052 Long EC CORP US N 1 N N N Bank of America Corp. 9DJT3UXIJIZJI4WXO774 Bank of America Corp. 060505104 2316580.00000000 NS USD 67574638.60000000 1.329691291115 Long EC CORP US N 1 N N N TD Ameritrade Holding Corp. ZI85ER3E6RXD4HPHW309 TD Ameritrade Holding Corp. 87236Y108 199140.00000000 NS USD 9299838.00000000 0.182996370436 Long EC CORP US N 1 N N N Mastercard, Inc. AR5L2ODV9HN37376R084 Mastercard, Inc., Class A 57636Q104 349890.00000000 NS USD 95019627.30000000 1.869736539084 Long EC CORP US N 1 N N N Lennar Corp. 529900G61XVRLX5TJX09 Lennar Corp., Class A 526057104 249490.00000000 NS USD 13934016.50000000 0.274184823983 Long EC CORP US N 1 N N N Celgene Corp. 4SIHMF0MOSTTL8CD0X64 Celgene Corp. 151020104 200960.00000000 NS USD 19955328.00000000 0.392668409372 Long EC CORP US N 1 N N N UnitedHealth Group, Inc. 549300GHBMY8T5GXDE41 UnitedHealth Group, Inc. 91324P102 271810.00000000 NS USD 59069749.20000000 1.162337419879 Long EC CORP US N 1 N N N KLA Corp. 549300H0BF5JCG96TJ81 KLA Corp. 482480100 66500.00000000 NS USD 10603425.00000000 0.208647536569 Long EC CORP US N 1 N N N Parker-Hannifin Corp. 5493002CONDB4N2HKI23 Parker-Hannifin Corp. 701094104 73400.00000000 NS USD 13256774.00000000 0.260858471481 Long EC CORP US N 1 N N N Dow, Inc. 5493003S21INSLK2IP73 Dow, Inc. 260557103 277830.00000000 NS USD 13238599.50000000 0.260500845086 Long EC CORP US N 1 N N N Snap-on, Inc. HHWAT5TDOYZMM26KKQ73 Snap-on, Inc. 833034101 48540.00000000 NS USD 7598451.60000000 0.149517557589 Long EC CORP US N 1 N N N Amgen, Inc. 62QBXGPJ34PQ72Z12S66 Amgen, Inc. 031162100 21860.00000000 NS USD 4230128.60000000 0.083237813420 Long EC CORP US N 1 N N N Honeywell International, Inc. ISRPG12PN4EIEOEMW547 Honeywell International, Inc. 438516106 316820.00000000 NS USD 53605944.00000000 1.054824093263 Long EC CORP US N 1 N N N Waste Management, Inc. 549300YX8JIID70NFS41 Waste Management, Inc. 94106L109 42100.00000000 NS USD 4841500.00000000 0.095267995794 Long EC CORP US N 1 N N N Lincoln National Corp. EFQMQROEDSNBRIP7LE47 Lincoln National Corp. 534187109 52910.00000000 NS USD 3191531.20000000 0.062800946181 Long EC CORP US N 1 N N N Intel Corp. KNX4USFCNGPY45LOCE31 Intel Corp. 458140100 150470.00000000 NS USD 7753719.10000000 0.152572813922 Long EC CORP US N 1 N N N BlackRock, Inc. 549300LRIF3NWCU26A80 BlackRock, Inc. 09247X101 23400.00000000 NS USD 10427976.00000000 0.205195161356 Long EC CORP US N 1 N N N Lowe's Cos., Inc. WAFCR4OKGSC504WU3E95 Lowe's Cos., Inc. 548661107 379640.00000000 NS USD 41745214.40000000 0.821436106554 Long EC CORP US N 1 N N N Ralph Lauren Corp. HO1QNWM0IXBZ0QSMMO20 Ralph Lauren Corp. 751212101 54200.00000000 NS USD 5174474.00000000 0.101820049007 Long EC CORP US N 1 N N N American International Group, Inc. ODVCVCQG2BP6VHV36M30 American International Group, Inc. 026874784 359170.00000000 NS USD 20005769.00000000 0.393660955685 Long EC CORP US N 1 N N N Host Hotels & Resorts, Inc. N6EL63S0K3PB1YFTDI24 Host Hotels & Resorts, Inc. 44107P104 348480.00000000 NS USD 6025219.20000000 0.118560478654 Long EC CORP US N 1 N N N Boston Properties, Inc. 549300OF70FSEUQBT254 Boston Properties, Inc. 101121101 42090.00000000 NS USD 5457389.40000000 0.107387080534 Long EC CORP US N 1 N N N Becton Dickinson and Co. ICE2EP6D98PQUILVRZ91 Becton Dickinson and Co. 075887109 22830.00000000 NS USD 5775076.80000000 0.113638333634 Long EC CORP US N 1 N N N Netflix, Inc. 549300Y7VHGU0I7CE873 Netflix, Inc. 64110L106 128100.00000000 NS USD 34282122.00000000 0.674582062276 Long EC CORP US N 1 N N N Coca-Cola Co. (The) UWJKFUJFZ02DKWI3RY53 Coca-Cola Co. (The) 191216100 1397650.00000000 NS USD 76088066.00000000 1.497213167752 Long EC CORP US N 1 N N N Everest Re Group Ltd. 549300N24XF2VV0B3570 Everest Re Group Ltd. N/A 27210.00000000 NS USD 7240308.90000000 0.142470250507 Long EC CORP BM N 1 N N N Walt Disney Co. (The) 549300GZKULIZ0WOW665 Walt Disney Co. (The) 254687106 159670.00000000 NS USD 20808194.40000000 0.409450578660 Long EC CORP US N 1 N N N United Airlines Holdings, Inc. N/A United Airlines Holdings, Inc. 910047109 49110.00000000 NS USD 4341815.10000000 0.085435510210 Long EC CORP US N 1 N N N Wells Fargo & Co. PBLD0EJDB5FWOLXP3B76 Wells Fargo & Co. 949746101 912170.00000000 NS USD 46009854.80000000 0.905353021496 Long EC CORP US N 1 N N N ONEOK, Inc. 2T3D6M0JSY48PSZI1Q41 ONEOK, Inc. 682680103 261490.00000000 NS USD 19269198.10000000 0.379167176194 Long EC CORP US N 1 N N N Motorola Solutions, Inc. 6S552MUG6KGJVEBSEC55 Motorola Solutions, Inc. 620076307 20490.00000000 NS USD 3491700.90000000 0.068707496985 Long EC CORP US N 1 N N N HD Supply Holdings, Inc. 549300B7Z7O7RWEXS689 HD Supply Holdings, Inc. 40416M105 183770.00000000 NS USD 7199189.75000000 0.141661133703 Long EC CORP US N 1 N N N JPMorgan Prime Money Market Fund N/A JPMorgan Prime Money Market Fund, Class IM 46637K844 52059652.52000000 NS USD 52075270.42000000 1.024704460054 Long STIV RF US N 1 N N N Northrop Grumman Corp. RIMU48P07456QXSO0R61 Northrop Grumman Corp. 666807102 55880.00000000 NS USD 20943265.20000000 0.412108417017 Long EC CORP US N 1 N N N American Express Co. R4PP93JZOLY261QX3811 American Express Co. 025816109 60840.00000000 NS USD 7196155.20000000 0.141601421734 Long EC CORP US N 1 N N N Diamondback Energy, Inc. 549300R22LSX6OHWEN64 Diamondback Energy, Inc. 25278X109 205490.00000000 NS USD 18475605.90000000 0.363551367381 Long EC CORP US N 1 N N N Cummins, Inc. ZUNI8PYC725B6H8JU438 Cummins, Inc. 231021106 147990.00000000 NS USD 24073533.30000000 0.473703866399 Long EC CORP US N 1 N N N Corteva, Inc. 549300WZN9I2QKLS0O94 Corteva, Inc. 22052L104 357253.00000000 NS USD 10003084.00000000 0.196834403478 Long EC CORP US N 1 N N N Analog Devices, Inc. GYVOE5EZ4GDAVTU4CQ61 Analog Devices, Inc. 032654105 370040.00000000 NS USD 41344569.20000000 0.813552461975 Long EC CORP US N 1 N N N Comcast Corp. 51M0QTTNCGUN7KFCFZ59 Comcast Corp., Class A 20030N101 1859180.00000000 NS USD 83811834.40000000 1.649196630614 Long EC CORP US N 1 N N N Exxon Mobil Corp. J3WHBG0MTS7O8ZVMDC91 Exxon Mobil Corp. 30231G102 201570.00000000 NS USD 14232857.70000000 0.280065233399 Long EC CORP US N 1 N N N Southwest Airlines Co. UDTZ87G0STFETI6HGH41 Southwest Airlines Co. 844741108 94800.00000000 NS USD 5120148.00000000 0.100751056104 Long EC CORP US N 1 N N N Discovery, Inc. 5493006ZCRFWKF6B1K26 Discovery, Inc., Class C 25470F302 493178.00000000 NS USD 12142042.36000000 0.238923482491 Long EC CORP US N 1 N N N Exelon Corp. 3SOUA6IRML7435B56G12 Exelon Corp. 30161N101 103310.00000000 NS USD 4990906.10000000 0.098207915179 Long EC CORP US N 1 N N N Altice USA, Inc. 54930064K3612MGCER95 Altice USA, Inc., Class A 02156K103 322480.00000000 NS USD 9248726.40000000 0.181990628478 Long EC CORP US N 1 N N N Citigroup, Inc. 6SHGI4ZSSLCXXQSBB395 Citigroup, Inc. 172967424 997670.00000000 NS USD 68919043.60000000 1.356145648212 Long EC CORP US N 1 N N N H&R Block, Inc. 549300CE3KUCWLZBG404 H&R Block, Inc. 093671105 82220.00000000 NS USD 1942036.40000000 0.038214172381 Long EC CORP US N 1 N N N Amazon.com, Inc. ZXTILKJKG63JELOEG630 Amazon.com, Inc. 023135106 98310.00000000 NS USD 170657312.10000000 3.358087388491 Long EC CORP US N 1 N N N Linde plc 8945002PAZHZLBGKGF02 Linde plc N/A 79250.00000000 NS USD 15352310.00000000 0.302093112570 Long EC CORP IE N 1 N N N Invesco Ltd. ECPGFXU8A2SHKVVGJI15 Invesco Ltd. N/A 513400.00000000 NS USD 8696996.00000000 0.171134024238 Long EC CORP BM N 1 N N N AbbVie, Inc. FR5LCKFTG8054YNNRU85 AbbVie, Inc. 00287Y109 556530.00000000 NS USD 42140451.60000000 0.829213335906 Long EC CORP US N 1 N N N AvalonBay Communities, Inc. K9G90K85RBWD2LAGQX17 AvalonBay Communities, Inc. 053484101 112570.00000000 NS USD 24239698.10000000 0.476973552957 Long EC CORP US N 1 N N N Accenture plc N/A Accenture plc, Class A N/A 246300.00000000 NS USD 47375805.00000000 0.932231331505 Long EC CORP IE N 1 N N N Freeport-McMoRan, Inc. 549300IRDTHJQ1PVET45 Freeport-McMoRan, Inc. 35671D857 266470.00000000 NS USD 2550117.90000000 0.050179618170 Long EC CORP US N 1 N N N Verizon Communications, Inc. 2S72QS2UO2OESLG6Y829 Verizon Communications, Inc. 92343V104 1010500.00000000 NS USD 60993780.00000000 1.200197289375 Long EC CORP US N 1 N N N Best Buy Co., Inc. HL5XPTVRV0O8TUN5LL90 Best Buy Co., Inc. 086516101 345240.00000000 NS USD 23818107.60000000 0.468677759921 Long EC CORP US N 1 N N N Capital One Financial Corp. ZUE8T73ROZOF6FLBAR73 Capital One Financial Corp. 14040H105 353790.00000000 NS USD 32187814.20000000 0.633371588934 Long EC CORP US N 1 N N N Intuitive Surgical, Inc. 54930052SRG011710797 Intuitive Surgical, Inc. 46120E602 16540.00000000 NS USD 8930442.20000000 0.175727631921 Long EC CORP US N 1 N N N Stanley Black & Decker, Inc. 549300DJ09SMTO561131 Stanley Black & Decker, Inc. 854502101 140970.00000000 NS USD 20357477.70000000 0.400581658556 Long EC CORP US N 1 N N N Boeing Co. (The) RVHJWBXLJ1RFUBSY1F30 Boeing Co. (The) 097023105 52390.00000000 NS USD 19932823.30000000 0.392225576021 Long EC CORP US N 1 N N N Crown Holdings, Inc. NYLWZIOY8PUNIT4JOE22 Crown Holdings, Inc. 228368106 175450.00000000 NS USD 11590227.00000000 0.228065206462 Long EC CORP US N 1 N N N Home Depot, Inc. (The) QEKMOTMBBKA8I816DO57 Home Depot, Inc. (The) 437076102 264300.00000000 NS USD 61322886.00000000 1.206673230513 Long EC CORP US N 1 N N N NIKE, Inc. 787RXPR0UX0O0XUXPZ81 NIKE, Inc., Class B 654106103 255300.00000000 NS USD 23977776.00000000 0.471819614400 Long EC CORP US N 1 N N N 2019-10-30 JPMorgan Trust I Timothy J. Clemens Timothy J. Clemens Treasurer and Principal Financial Officer XXXX NPORT-EX 2 HG_USREE.htm HTML

JPMorgan U.S. Research Enhanced Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2019 (Unaudited)

 

Investments

    Shares (000)      Value ($000)  

COMMON STOCKS — 99.1%

      

Aerospace & Defense — 2.4%

      

Boeing Co. (The)

      52        19,933  

General Dynamics Corp.

      223        40,773  

Northrop Grumman Corp.

      56        20,943  

United Technologies Corp.

      288        39,279  
     

 

 

  
        120,928  
     

 

 

  

Airlines — 0.4%

      

Delta Air Lines, Inc.

      199        11,469  

Southwest Airlines Co.

      95        5,120  

United Airlines Holdings, Inc. *

      49        4,342  
     

 

 

  
        20,931  
     

 

 

  

Auto Components — 0.2%

      

BorgWarner, Inc.

      55        2,002  

Magna International, Inc. (Canada)

      189        10,083  
     

 

 

  
        12,085  
     

 

 

  

Automobiles — 0.3%

      

General Motors Co.

      412        15,446  
     

 

 

  

Banks — 4.8%

      

Bank of America Corp.

      2,317        67,574  

Citigroup, Inc.

      998        68,919  

Citizens Financial Group, Inc.

      164        5,798  

Fifth Third Bancorp

      310        8,499  

KeyCorp

      1,441        25,701  

Regions Financial Corp.

      477        7,549  

SunTrust Banks, Inc.

      210        14,431  

Wells Fargo & Co.

      912        46,010  
     

 

 

  
        244,481  
     

 

 

  

Beverages — 2.2%

      

Coca-Cola Co. (The)

      1,398        76,088  

Constellation Brands, Inc., Class A

      66        13,600  

PepsiCo, Inc.

      145        19,812  
     

 

 

  
        109,500  
     

 

 

  

Biotechnology — 2.5%

      

AbbVie, Inc.

      557        42,141  

Alexion Pharmaceuticals, Inc. *

      148        14,531  

Amgen, Inc.

      22        4,230  

Biogen, Inc. *

      78        18,067  

Celgene Corp. *

      201        19,955  

Regeneron Pharmaceuticals, Inc. *

      40        11,079  

Vertex Pharmaceuticals, Inc. *

      108        18,259  
     

 

 

  
        128,262  
     

 

 

  

Building Products — 0.3%

      

Masco Corp.

      394        16,409  
     

 

 

  

Capital Markets — 3.2%

      

Ameriprise Financial, Inc.

      68        10,032  

BlackRock, Inc.

      23        10,428  

Charles Schwab Corp. (The)

      466        19,510  

Franklin Resources, Inc.

      378        10,918  

Intercontinental Exchange, Inc.

      502        46,354  

Invesco Ltd.

      513        8,697  

Morgan Stanley

      1,080        46,082  

S&P Global, Inc.

      12        2,817  

TD Ameritrade Holding Corp.

      199        9,300  
     

 

 

  
        164,138  
     

 

 

  

Chemicals — 2.0%

      

Celanese Corp.

      144        17,574  

Corteva, Inc.

      357        10,003  

Dow, Inc.

      278        13,239  

DuPont de Nemours, Inc.

      220        15,721  

Eastman Chemical Co.

      298        22,020  

Linde plc (United Kingdom)

      79        15,352  

LyondellBasell Industries NV, Class A

      60        5,350  
     

 

 

  
        99,259  
     

 

 

  

Commercial Services & Supplies — 0.2%

      

Cintas Corp.

      13        3,410  

Waste Management, Inc.

      42        4,842  
     

 

 

  
        8,252  
     

 

 

  

Communications Equipment — 0.3%

      

Cisco Systems, Inc.

      245        12,120  

Motorola Solutions, Inc.

      20        3,492  
     

 

 

  
        15,612  
     

 

 

  

Consumer Finance — 1.0%

      

American Express Co.

      61        7,196  

Capital One Financial Corp.

      354        32,188  

Synchrony Financial

      289        9,845  
     

 

 

  
        49,229  
     

 

 

  

Containers & Packaging — 0.5%

      

Avery Dennison Corp.

      16        1,799  

Crown Holdings, Inc. *

      187        12,343  

Packaging Corp. of America

      63        6,715  

Westrock Co.

      183        6,675  
     

 

 

  
        27,532  
     

 

 

  

Diversified Consumer Services — 0.0% (a)

      

H&R Block, Inc.

      82        1,942  
     

 

 

  

Diversified Financial Services — 1.6%

      

Berkshire Hathaway, Inc., Class B *

      395        82,153  
     

 

 

  

Diversified Telecommunication Services — 1.3%

      

AT&T, Inc.

      84        3,175  

Verizon Communications, Inc.

      1,011        60,994  
     

 

 

  
        64,169  
     

 

 

  

Electric Utilities — 3.2%

      

American Electric Power Co., Inc.

      294        27,532  

Edison International

      383        28,909  

Entergy Corp.

      159        18,625  

Exelon Corp.

      103        4,991  

NextEra Energy, Inc.

      212        49,298  

Xcel Energy, Inc.

      548        35,560  
     

 

 

  
        164,915  
     

 

 

  

Electrical Equipment — 1.0%

      

Eaton Corp. plc

      590        49,068  
     

 

 

  

Entertainment — 1.5%

      

Electronic Arts, Inc. *

      214        20,893  

Netflix, Inc. *

      128        34,282  

Viacom, Inc., Class B

      34        827  

Walt Disney Co. (The)

      160        20,808  
     

 

 

  
        76,810  
     

 

 

  

JPMorgan U.S. Research Enhanced Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2019 (Unaudited) (continued)

 

 

Investments

    Shares (000)      Value ($000)  

Equity Real Estate Investment Trusts (REITs) — 2.4%

      

AvalonBay Communities, Inc.

      113        24,240  

Boston Properties, Inc.

      42        5,458  

Digital Realty Trust, Inc.

      31        4,072  

Equinix, Inc.

      35        20,177  

Equity Residential

      86        7,443  

Federal Realty Investment Trust

      76        10,405  

Host Hotels & Resorts, Inc.

      348        6,025  

Mid-America Apartment Communities, Inc.

      22        2,899  

Prologis, Inc.

      291        24,787  

Public Storage

      22        5,372  

Ventas, Inc.

      115        8,385  

VICI Properties, Inc.

      185        4,189  
     

 

 

  
        123,452  
     

 

 

  

Food Products — 1.1%

      

Conagra Brands, Inc.

      104        3,179  

General Mills, Inc.

      295        16,238  

Mondelez International, Inc., Class A

      619        34,243  
     

 

 

  
        53,660  
     

 

 

  

Health Care Equipment & Supplies — 3.1%

      

Becton Dickinson and Co.

      23        5,775  

Boston Scientific Corp. *

      1,044        42,460  

Intuitive Surgical, Inc. *

      17        8,930  

Medtronic plc

      546        59,281  

Zimmer Biomet Holdings, Inc.

      283        38,827  
     

 

 

  
        155,273  
     

 

 

  

Health Care Providers & Services — 2.6%

      

Anthem, Inc.

      93        22,296  

Cigna Corp.

      300        45,560  

McKesson Corp.

      39        5,309  

UnitedHealth Group, Inc.

      272        59,070  
     

 

 

  
        132,235  
     

 

 

  

Hotels, Restaurants & Leisure — 1.4%

      

Hilton Worldwide Holdings, Inc.

      186        17,347  

McDonald’s Corp.

      72        15,502  

Royal Caribbean Cruises Ltd.

      43        4,684  

Yum! Brands, Inc.

      310        35,198  
     

 

 

  
        72,731  
     

 

 

  

Household Durables — 0.3%

      

Lennar Corp., Class A

      249        13,934  
     

 

 

  

Household Products — 1.2%

      

Kimberly-Clark Corp.

      19        2,727  

Procter & Gamble Co. (The)

      465        57,879  
     

 

 

  
        60,606  
     

 

 

  

Industrial Conglomerates — 1.1%

      

Honeywell International, Inc.

      317        53,606  
     

 

 

  

Insurance — 2.3%

      

Allstate Corp. (The)

      130        14,135  

American International Group, Inc.

      359        20,006  

Arthur J Gallagher & Co.

      87        7,784  

Everest Re Group Ltd.

      27        7,240  

Hartford Financial Services Group, Inc. (The)

      489        29,654  

Lincoln National Corp.

      53        3,191  

MetLife, Inc.

      656        30,925  

Progressive Corp. (The)

      49        3,777  
     

 

 

  
        116,712  
     

 

 

  

Interactive Media & Services — 4.5%

      

Alphabet, Inc., Class A *

      75        92,184  

Alphabet, Inc., Class C *

      69        84,391  

Facebook, Inc., Class A *

      291        51,752  
     

 

 

  
        228,327  
     

 

 

  

Internet & Direct Marketing Retail — 4.0%

      

Amazon.com, Inc. *

      98        170,657  

Booking Holdings, Inc. *

      2        3,572  

Expedia Group, Inc.

      211        28,380  
     

 

 

  
        202,609  
     

 

 

  

IT Services — 6.4%

      

Accenture plc, Class A

      246        47,376  

Automatic Data Processing, Inc.

      346        55,824  

Cognizant Technology Solutions Corp., Class A

      315        18,953  

Fiserv, Inc. *

      108        11,203  

Mastercard, Inc., Class A

      350        95,020  

PayPal Holdings, Inc. *

      439        45,481  

Visa, Inc., Class A

      286        49,235  
     

 

 

  
        323,092  
     

 

 

  

Leisure Products — 0.1%

      

Hasbro, Inc.

      64        7,572  
     

 

 

  

Life Sciences Tools & Services — 1.3%

      

Illumina, Inc. *

      30        9,269  

Thermo Fisher Scientific, Inc.

      187        54,328  
     

 

 

  
        63,597  
     

 

 

  

Machinery — 2.5%

      

Caterpillar, Inc.

      108        13,667  

Cummins, Inc.

      148        24,074  

Deere & Co.

      92        15,483  

Ingersoll-Rand plc

      162        19,921  

PACCAR, Inc.

      149        10,443  

Parker-Hannifin Corp.

      79        14,232  

Snap-on, Inc.

      49        7,598  

Stanley Black & Decker, Inc.

      141        20,357  
     

 

 

  
        125,775  
     

 

 

  

Media — 3.2%

      

Altice USA, Inc., Class A *

      322        9,249  

Charter Communications, Inc., Class A *

      107        44,006  

Comcast Corp., Class A

      1,859        83,812  

Discovery, Inc., Class A *

      451        12,022  

Discovery, Inc., Class C *

      493        12,142  
     

 

 

  
        161,231  
     

 

 

  

Metals & Mining — 0.1%

      

Freeport-McMoRan, Inc.

      266        2,550  

Newmont Goldcorp Corp.

      97        3,663  
     

 

 

  
        6,213  
     

 

 

  

Multi-Utilities — 0.3%

      

Sempra Energy

      98        14,433  
     

 

 

  

Oil, Gas & Consumable Fuels — 4.5%

      

Chevron Corp.

      667        79,077  

Concho Resources, Inc.

      47        3,159  

Diamondback Energy, Inc.

      205        18,476  

JPMorgan U.S. Research Enhanced Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2019 (Unaudited) (continued)

 

Investments

    Shares (000)      Value ($000)  

EOG Resources, Inc.

      465        34,518  

Exxon Mobil Corp.

      202        14,233  

Marathon Petroleum Corp.

      508        30,888  

ONEOK, Inc.

      296        21,782  

Pioneer Natural Resources Co.

      191        24,008  
     

 

 

  
        226,141  
     

 

 

  

Pharmaceuticals — 4.1%

      

Allergan plc

      60        10,116  

Bristol-Myers Squibb Co.

      488        24,756  

Eli Lilly & Co.

      332        37,095  

Johnson & Johnson

      394        50,936  

Merck & Co., Inc.

      752        63,320  

Pfizer, Inc.

      642        23,056  
     

 

 

  
        209,279  
     

 

 

  

Road & Rail — 1.6%

      

Kansas City Southern

      20        2,634  

Lyft, Inc., Class A *

      100        4,068  

Norfolk Southern Corp.

      251        45,096  

Union Pacific Corp.

      193        31,281  
     

 

 

  
        83,079  
     

 

 

  

Semiconductors & Semiconductor Equipment — 4.3%

      

Advanced Micro Devices, Inc. *

      529        15,327  

Analog Devices, Inc.

      370        41,345  

Intel Corp.

      150        7,754  

KLA Corp.

      67        10,603  

NVIDIA Corp.

      181        31,500  

NXP Semiconductors NV (Netherlands)

      273        29,806  

Skyworks Solutions, Inc.

      19        1,490  

Teradyne, Inc.

      442        25,593  

Texas Instruments, Inc.

      408        52,757  
     

 

 

  
        216,175  
     

 

 

  

Software — 6.3%

      

Intuit, Inc.

      47        12,597  

Microsoft Corp.

      1,925        267,597  

salesforce.com, Inc. *

      283        42,077  
     

 

 

  
        322,271  
     

 

 

  

Specialty Retail — 4.9%

      

Advance Auto Parts, Inc.

      109        18,098  

AutoZone, Inc. *

      33        36,042  

Best Buy Co., Inc.

      345        23,818  

Home Depot, Inc. (The)

      264        61,323  

Lowe’s Cos., Inc.

      380        41,745  

O’Reilly Automotive, Inc. *

      42        16,833  

Ross Stores, Inc.

      148        16,272  

TJX Cos., Inc. (The)

      591        32,929  
     

 

 

  
        247,060  
     

 

 

  

Technology Hardware, Storage & Peripherals — 4.5%

      

Apple, Inc.

      961        215,327  

HP, Inc.

      681        12,885  
     

 

 

  
        228,212  
     

 

 

  

Textiles, Apparel & Luxury Goods — 0.6%

      

NIKE, Inc., Class B

      255        23,978  

Ralph Lauren Corp.

      54        5,174  
     

 

 

  
        29,152  
     

 

 

  

Tobacco — 1.3%

      

Altria Group, Inc.

      395        16,175  

Philip Morris International, Inc.

      638        48,415  
     

 

 

  
        64,590  
     

 

 

  

Trading Companies & Distributors — 0.1%

      

HD Supply Holdings, Inc. *

      184        7,199  
     

 

 

  

Wireless Telecommunication Services — 0.1%

      

T-Mobile US, Inc. *

      84        6,652  
     

 

 

  

TOTAL COMMON STOCKS

(Cost $3,352,466)

         5,025,989  
     

 

 

  

SHORT-TERM INVESTMENTS — 1.0%

      

INVESTMENT COMPANIES — 1.0%

 

JPMorgan Prime Money Market Fund Class IM Shares, 2.17% (b) (c)
(Cost $52,078)

      52,060        52,075  
     

 

 

  
Total Investments — 100.1%
(Cost $3,404,544)		         5,078,064  

Liabilities in Excess of Other Assets — (0.1)%

         (4,937 ) 
     

 

 

  

Net Assets — 100.0%

         5,073,127  
     

 

 

  

 

Percentages indicated are based on net assets.

JPMorgan U.S. Research Enhanced Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2019 (Unaudited) (continued)

 

(a)    Amount rounds to less than 0.1% of net assets.
(b)    Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c)    The rate shown is the current yield as of September 30, 2019.
*    Non-income producing security.

 

Futures contracts outstanding as of September 30, 2019 (amounts in thousands, except number of contracts):

 

 

Description

    Number of
Contracts		      Expiration
Date		     

Trading

Currency

    Notional Amount
($)		      Value and
Unrealized
Appreciation
(Depreciation) ($)		  

Long Contracts

 

S&P 500 E-Mini Index

      281        12/2019      USD      41,827        (325 ) 
              

 

 

  

Abbreviations

 

USD

   

United States Dollar

A. Valuation of Investments — The valuation of investments is in accordance with U.S. generally accepted accounting principles (“GAAP”) and the Fund’s valuation policies set forth by and under the supervision and responsibility of the Board of Trustees of the Trust (the “Board”), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at their market value and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.

J.P. Morgan Investment Management Inc. (the “Administrator”) has established the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to assist the Board with the oversight and monitoring of the valuation of the Fund’s investments. The Administrator implements the valuation policies of the Fund’s investments, as directed by the Board. The AVC oversees and carries out the policies for the valuation of investments held in the Fund. This includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and at least on a quarterly basis with the AVC and the Board.

Equities are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values (“NAV”) of the Fund are calculated on a valuation date.

Investments in open-end investment companies (“Underlying Funds”) are valued at each Underlying Fund’s NAV per share as of the report date.

Futures contracts are generally valued on the basis of available market quotations.

Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer-related events after the report date and prior to issuance of the report are not reflected herein.

The various inputs that are used in determining the valuation of the Fund’s investments are summarized into the three broad levels listed below.

 

•  

Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.

 

•  

Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.

 

•  

Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund’s assumptions in determining the fair value of investments).

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.

JPMorgan U.S. Research Enhanced Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2019 (Unaudited) (continued)

 

The following table represents each valuation input as presented on the Schedule of Portfolio Investments (“SOI”) (amounts in thousands):

 

     Level 1
Quoted prices		     Level 2
Other significant observable
inputs		      Level 3
Significant unobservable
inputs		      Total  

Total Investments in Securities (a)

    $ 5,078,064     $ —        $ —        $ 5,078,064  
  

 

 

    

 

 

     

 

 

     

 

 

  

Depreciation in Other Financial Instruments

           

Futures Contracts (a)

    $ (325 )    $ —        $ —        $ (325 ) 
  

 

 

    

 

 

     

 

 

     

 

 

  

 

(a)

All portfolio holdings designated as Level 1 are disclosed individually on the SOI.

There were no transfers into and out of level 3 for the period ended September 30, 2019.

B. Investment Transactions with Affiliates — The Fund invested in an Underlying Fund which is advised by the Adviser. An issuer which is under common control with the Fund may be considered an affiliate. The Fund assumes the issuer listed in the table below to be affiliated issuers. The Underlying Fund’s distributions may be reinvested into the Underlying Fund. Reinvestment amounts are included in the purchase cost amounts in the table below. Amounts in the table below are in thousands.

 

For the period ended September 30, 2019

  

Security Description

   Value at
June 30,
2019		     Purchases
at Cost		     Proceeds
from Sales		     Net Realized
Gain (Loss)		     Change in
Unrealized
Appreciation/
(Depreciation)		     Value at
September 30,
2019		     Shares at
September 30,
2019		     Dividend
Income		     Capital Gain
Distributions		  

JPMorgan Prime Money Market Fund Class IM Shares, 2.17% (a) (b)

   $ 39,677     $ 198,598     $ 186,194     $ 1     $ (7 )    $ 52,075       52,060     $ 326     $ —    
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

      

 

 

    

 

 

  

 

(a)

Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.

(b)

The rate shown is the current yield as of September 30, 2019.