NPORT-EX 2 HG_MCE.htm HTML

JPMorgan Mid Cap Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2019 (Unaudited)

 

Investments

    Shares (000)      Value ($000)  

COMMON STOCKS — 96.8%

 

Aerospace & Defense — 0.6%

 

HEICO Corp., Class A

      165        16,087  
     

 

 

  

Auto Components — 0.6%

 

Aptiv plc

      96        8,349  

BorgWarner, Inc.

      259        9,489  
     

 

 

  
        17,838  
     

 

 

  

Banks — 5.1%

 

Citizens Financial Group, Inc.

      395        13,955  

Comerica, Inc.

      107        7,081  

East West Bancorp, Inc.

      231        10,229  

Fifth Third Bancorp

      712        19,495  

First Republic Bank

      260        25,182  

Huntington Bancshares, Inc.

      775        11,052  

M&T Bank Corp.

      159        25,155  

SunTrust Banks, Inc.

      350        24,059  

Zions Bancorp NA

      116        5,143  
     

 

 

  
        141,351  
     

 

 

  

Beverages — 0.8%

 

Constellation Brands, Inc., Class A

      59        12,271  

Keurig Dr Pepper, Inc. (a)

      203        5,552  

Molson Coors Brewing Co., Class B

      98        5,663  
     

 

 

  
        23,486  
     

 

 

  

Biotechnology — 1.6%

 

Agios Pharmaceuticals, Inc. * (a)

      85        2,754  

Alnylam Pharmaceuticals, Inc. * (a)

      67        5,348  

BioMarin Pharmaceutical, Inc. *

      52        3,525  

Exact Sciences Corp. *

      152        13,772  

Exelixis, Inc. *

      421        7,447  

Intercept Pharmaceuticals, Inc. * (a)

      57        3,763  

Sage Therapeutics, Inc. * (a)

      56        7,786  
     

 

 

  
        44,395  
     

 

 

  

Building Products — 1.2%

 

Fortune Brands Home & Security, Inc.

      434        23,716  

Lennox International, Inc.

      36        8,806  
     

 

 

  
        32,522  
     

 

 

  

Capital Markets — 4.2%

 

Ameriprise Financial, Inc.

      110        16,121  

Invesco Ltd.

      266        4,507  

MSCI, Inc.

      54        11,739  

Nasdaq, Inc.

      121        12,061  

Northern Trust Corp.

      156        14,517  

Raymond James Financial, Inc.

      163        13,428  

S&P Global, Inc.

      63        15,434  

T. Rowe Price Group, Inc.

      191        21,827  

TD Ameritrade Holding Corp.

      193        8,994  
     

 

 

  
        118,628  
     

 

 

  

Chemicals — 0.6%

 

Sherwin-Williams Co. (The)

      29        15,848  
     

 

 

  

Commercial Services & Supplies — 1.9%

 

Copart, Inc. *

      269        21,592  

Waste Connections, Inc.

      328        30,167  
     

 

 

  
        51,759  
     

 

 

  

Communications Equipment — 0.6%

 

Arista Networks, Inc. *

      59        14,094  

CommScope Holding Co., Inc. *

      258        3,029  
     

 

 

  
        17,123  
     

 

 

  

Construction Materials — 1.4%

 

Martin Marietta Materials, Inc.

      52        14,196  

Vulcan Materials Co.

      164        24,788  
     

 

 

  
        38,984  
     

 

 

  

Consumer Finance — 0.1%

 

Ally Financial, Inc.

      104        3,446  
     

 

 

  

Containers & Packaging — 2.8%

 

Avery Dennison Corp. (a)

      156        17,740  

Ball Corp.

      499        36,307  

Silgan Holdings, Inc.

      470        14,116  

Westrock Co.

      268        9,750  
     

 

 

  
        77,913  
     

 

 

  

Distributors — 0.3%

 

Genuine Parts Co.

      88        8,773  
     

 

 

  

Diversified Consumer Services — 0.5%

 

Bright Horizons Family Solutions, Inc. *

      90        13,664  
     

 

 

  

Electric Utilities — 2.2%

 

Edison International

      183        13,839  

Evergy, Inc.

      226        15,045  

Xcel Energy, Inc.

      503        32,611  
     

 

 

  
        61,495  
     

 

 

  

Electrical Equipment — 2.4%

 

Acuity Brands, Inc.

      97        13,099  

AMETEK, Inc.

      358        32,883  

Generac Holdings, Inc. *

      147        11,540  

Hubbell, Inc.

      62        8,207  
     

 

 

  
        65,729  
     

 

 

  

Electronic Equipment, Instruments & Components — 4.8%

 

Amphenol Corp., Class A

      361        34,856  

Arrow Electronics, Inc. *

      179        13,365  

CDW Corp.

      138        16,947  

Corning, Inc.

      265        7,552  

FLIR Systems, Inc.

      169        8,909  

Keysight Technologies, Inc. *

      306        29,716  

SYNNEX Corp.

      43        4,848  

Zebra Technologies Corp., Class A * (a)

      85        17,500  
     

 

 

  
        133,693  
     

 

 

  

Entertainment — 1.4%

 

Spotify Technology SA *

      117        13,315  

Take-Two Interactive Software, Inc. *

      197        24,655  
     

 

 

  
        37,970  
     

 

 

  

Equity Real Estate Investment Trusts (REITs) — 6.4%

 

American Campus Communities, Inc.

      168        8,085  

American Homes 4 Rent, Class A

      348        9,012  

AvalonBay Communities, Inc.

      92        19,772  

Boston Properties, Inc.

      131        17,022  

Brixmor Property Group, Inc.

      627        12,721  

Essex Property Trust, Inc.

      38        12,455  

Federal Realty Investment Trust

      112        15,302  

JBG SMITH Properties

      149        5,847  

JPMorgan Mid Cap Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

 

Investments

    Shares (000)      Value ($000)  

Kimco Realty Corp.

      498        10,399  

Outfront Media, Inc.

      406        11,277  

Rayonier, Inc.

      347        9,798  

Regency Centers Corp.

      128        8,865  

Ventas, Inc.

      108        7,915  

Vornado Realty Trust

      228        14,526  

Weyerhaeuser Co.

      311        8,619  

WP Carey, Inc.

      76        6,839  
     

 

 

  
        178,454  
     

 

 

  

Food & Staples Retailing — 0.3%

 

Kroger Co. (The)

      306        7,878  
     

 

 

  

Food Products — 0.4%

 

Post Holdings, Inc. *

      113        11,961  
     

 

 

  

Gas Utilities — 0.4%

 

National Fuel Gas Co. (a)

      256        12,010  
     

 

 

  

Health Care Equipment & Supplies — 2.5%

 

DexCom, Inc. * (a)

      101        15,103  

Insulet Corp. * (a)

      111        18,373  

ResMed, Inc.

      120        16,186  

SmileDirectClub, Inc. *

      39        547  

Zimmer Biomet Holdings, Inc.

      144        19,770  
     

 

 

  
        69,979  
     

 

 

  

Health Care Providers & Services — 3.7%

 

Acadia Healthcare Co., Inc. * (a)

      205        6,378  

AmerisourceBergen Corp.

      167        13,752  

Centene Corp. *

      188        8,130  

Cigna Corp.

      59        9,030  

Covetrus, Inc. *

      118        1,407  

Henry Schein, Inc. *

      155        9,835  

Humana, Inc.

      23        5,977  

Laboratory Corp. of America Holdings *

      93        15,599  

Universal Health Services, Inc., Class B

      109        16,144  

WellCare Health Plans, Inc. *

      66        17,157  
     

 

 

  
        103,409  
     

 

 

  

Health Care Technology — 1.2%

 

Teladoc Health, Inc. *

      244        16,544  

Veeva Systems, Inc., Class A *

      108        16,475  
     

 

 

  
        33,019  
     

 

 

  

Hotels, Restaurants & Leisure — 1.5%

 

Chipotle Mexican Grill, Inc. *

      8        6,640  

Hilton Worldwide Holdings, Inc.

      313        29,141  

Red Rock Resorts, Inc., Class A

      361        7,332  
     

 

 

  
        43,113  
     

 

 

  

Household Durables — 1.4%

 

Garmin Ltd.

      83        7,029  

Mohawk Industries, Inc. *

      102        12,648  

Newell Brands, Inc.

      379        7,102  

NVR, Inc. *

      4        13,457  
     

 

 

  
        40,236  
     

 

 

  

Household Products — 0.3%

 

Energizer Holdings, Inc. (a)

      199        8,657  
     

 

 

  

Industrial Conglomerates — 0.3%

 

Carlisle Cos., Inc.

      61        8,915  
     

 

 

  

Insurance — 4.4%

 

Alleghany Corp. *

      14        10,933  

Hartford Financial Services Group, Inc. (The)

      356        21,563  

Lincoln National Corp.

      175        10,541  

Loews Corp.

      518        26,674  

Marsh & McLennan Cos., Inc.

      126        12,583  

Principal Financial Group, Inc.

      60        3,454  

Progressive Corp. (The)

      315        24,353  

Unum Group

      71        2,108  

WR Berkley Corp.

      151        10,924  
     

 

 

  
        123,133  
     

 

 

  

Internet & Direct Marketing Retail — 1.0%

 

Expedia Group, Inc.

      153        20,541  

Wayfair, Inc., Class A * (a)

      73        8,207  
     

 

 

  
        28,748  
     

 

 

  

IT Services — 5.4%

 

Black Knight, Inc. *

      117        7,120  

Booz Allen Hamilton Holding Corp.

      317        22,506  

Fidelity National Information Services, Inc.

      48        6,336  

Fiserv, Inc. *

      349        36,143  

Global Payments, Inc.

      232        36,872  

Jack Henry & Associates, Inc.

      88        12,842  

Okta, Inc. *

      101        9,974  

Shopify, Inc., Class A (Canada) *

      33        10,129  

Square, Inc., Class A * (a)

      124        7,663  
     

 

 

  
        149,585  
     

 

 

  

Life Sciences Tools & Services — 0.3%

 

Illumina, Inc. *

      24        7,326  
     

 

 

  

Machinery — 3.9%

 

IDEX Corp.

      79        12,898  

Ingersoll-Rand plc

      184        22,683  

ITT, Inc.

      82        5,029  

Lincoln Electric Holdings, Inc.

      83        7,212  

Middleby Corp. (The) *

      111        13,006  

Nordson Corp.

      74        10,838  

Parker-Hannifin Corp.

      41        7,477  

Snap-on, Inc.

      90        14,137  

Stanley Black & Decker, Inc.

      100        14,456  
     

 

 

  
        107,736  
     

 

 

  

Media — 1.5%

 

CBS Corp. (Non-Voting), Class B

      165        6,654  

DISH Network Corp., Class A *

      257        8,754  

Liberty Broadband Corp., Class C *

      76        7,911  

Liberty Media Corp.-Liberty SiriusXM, Class C *

      281        11,805  

New York Times Co. (The), Class A (a)

      275        7,843  
     

 

 

  
        42,967  
     

 

 

  

Multiline Retail — 1.1%

 

Dollar General Corp.

      89        14,162  

Kohl’s Corp.

      228        11,305  

Nordstrom, Inc. (a)

      195        6,564  
     

 

 

  
        32,031  
     

 

 

  

JPMorgan Mid Cap Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

 

Investments

    Shares (000)      Value ($000)  

Multi-Utilities — 3.1%

 

CMS Energy Corp. (a)

      474        30,310  

Sempra Energy

      149        21,958  

WEC Energy Group, Inc.

      358        34,043  
     

 

 

  
        86,311  
     

 

 

  

Oil, Gas & Consumable Fuels — 2.7%

 

Cabot Oil & Gas Corp. (a)

      536        9,421  

Concho Resources, Inc.

      89        6,029  

Diamondback Energy, Inc.

      207        18,643  

EQT Corp.

      387        4,114  

Equitrans Midstream Corp.

      357        5,194  

PBF Energy, Inc., Class A

      300        8,154  

Williams Cos., Inc. (The)

      977        23,508  
     

 

 

  
        75,063  
     

 

 

  

Personal Products — 0.1%

 

Coty, Inc., Class A

      381        3,999  
     

 

 

  

Pharmaceuticals — 1.1%

 

Catalent, Inc. * (a)

      148        7,035  

Elanco Animal Health, Inc. *

      349        9,277  

Jazz Pharmaceuticals plc *

      110        14,147  
     

 

 

  
        30,459  
     

 

 

  

Professional Services — 2.1%

 

CoStar Group, Inc. *

      24        14,177  

FTI Consulting, Inc. *

      78        8,246  

IHS Markit Ltd. *

      272        18,185  

Verisk Analytics, Inc.

      111        17,585  
     

 

 

  
        58,193  
     

 

 

  

Real Estate Management & Development — 1.4%

 

CBRE Group, Inc., Class A *

      655        34,701  

Cushman & Wakefield plc * (a)

      233        4,316  
     

 

 

  
        39,017  
     

 

 

  

Road & Rail — 0.6%

 

Lyft, Inc., Class A *

      115        4,676  

Old Dominion Freight Line, Inc.

      79        13,479  
     

 

 

  
        18,155  
     

 

 

  

Semiconductors & Semiconductor Equipment — 3.9%

 

Advanced Micro Devices, Inc. *

      903        26,175  

Analog Devices, Inc.

      55        6,181  

KLA Corp.

      94        14,924  

Lam Research Corp.

      89        20,499  

Marvell Technology Group Ltd.

      588        14,673  

Microchip Technology, Inc. (a)

      102        9,477  

Xilinx, Inc.

      179        17,176  
     

 

 

  
        109,105  
     

 

 

  

Software — 5.6%

 

Autodesk, Inc. *

      45        6,632  

Crowdstrike Holdings, Inc., Class A * (a)

      69        4,041  

Fair Isaac Corp. *

      29        8,863  

Intuit, Inc.

      50        13,244  

Palo Alto Networks, Inc. *

      50        10,285  

Paycom Software, Inc. *

      51        10,768  

Proofpoint, Inc. * (a)

      106        13,679  

ServiceNow, Inc. *

      52        13,200  

Slack Technologies, Inc., Class A * (a)

      128        3,026  

Splunk, Inc. *

      107        12,623  

Synopsys, Inc. *

      276        37,856  

Trade Desk, Inc. (The), Class A *

      61        11,440  

Zendesk, Inc. *

      90        6,588  

Zscaler, Inc. * (a)

      108        5,090  
     

 

 

  
        157,335  
     

 

 

  

Specialty Retail — 5.5%

 

American Eagle Outfitters, Inc.

      258        4,182  

AutoZone, Inc. *

      19        20,652  

Best Buy Co., Inc.

      189        13,050  

Burlington Stores, Inc. *

      43        8,592  

Gap, Inc. (The)

      442        7,668  

National Vision Holdings, Inc. *

      317        7,618  

O’Reilly Automotive, Inc. *

      93        37,062  

Ross Stores, Inc.

      221        24,299  

Tiffany & Co.

      135        12,525  

Tractor Supply Co.

      192        17,346  
     

 

 

  
        152,994  
     

 

 

  

Textiles, Apparel & Luxury Goods — 1.4%

 

Lululemon Athletica, Inc. *

      102        19,677  

PVH Corp.

      107        9,452  

Ralph Lauren Corp.

      114        10,911  
     

 

 

  
        40,040  
     

 

 

  

Trading Companies & Distributors — 0.2%

 

MSC Industrial Direct Co., Inc., Class A

      87        6,285  
     

 

 

  
TOTAL COMMON STOCKS
(Cost $1,860,207)

 

      2,706,817  
  

 

 

  

SHORT-TERM INVESTMENTS — 3.3%

 

INVESTMENT COMPANIES — 3.3%

 

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

(Cost $91,930)

      91,902        91,930  
     

 

 

  

INVESTMENT OF CASH COLLATERAL FROM SECURITIES LOANED — 2.6%

 

JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.22% (b) (c)

      59,010        59,010  

JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.00% (b) (c)

      13,075        13,075  
     

 

 

  
TOTAL INVESTMENT OF CASH COLLATERAL FROM SECURITIES LOANED
(Cost $72,089)

 

      72,085  
  

 

 

  
Total Investments — 102.7%
(Cost $2,024,226)

 

      2,870,832  
Liabilities in Excess of Other Assets — (2.7)%

 

      (76,605 ) 
  

 

 

  

Net Assets — 100.0%

 

      2,794,227  
  

 

 

  

 

Percentages indicated are based on net assets.

JPMorgan Mid Cap Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

 

(a)

The security or a portion of this security is on loan at September 30, 2019. The total value of securities on loan at September 30, 2019 is approximately $70,946,000.

(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.

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.

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

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

 

•  

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

 

•  

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

 

•  

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

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

The following table represents each valuation input as presented on the Schedules 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)

    $ 2,870,832      $ –        $ –        $ 2,870,832  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

(a)

All portfolio holdings designated as level 1 are disclosed individually on the SOI. Please refer to the SOI for industry specifics of portfolio holdings.

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

JPMorgan Mid Cap Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

 

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

   $ 97,782     $ 242,270     $ 248,118     $ 5     $ (9 )    $ 91,930       91,902     $ 583     $ —    

JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.22% (a) (b)

     69,023       76,999       87,000       (4 )      (8 )      59,010       59,010       347       —    

JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.00% (a) (b)

     15,260       85,680       87,865       —         —         13,075       13,075       83       —    
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

      

 

 

    

 

 

  

Total

   $ 182,065     $ 404,949     $ 422,983     $ 1     $ (17 )    $ 164,015       $ 1,013     $ —    
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

      

 

 

    

 

 

  

 

(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.