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LGJNMI9GH8XIDG5RCM61 Xcel Energy, Inc. 98389B100 117218.00000000 NS USD 8089214.18000000 0.179874614009 Long EC CORP US N 1 N N N Verizon Communications, Inc. 2S72QS2UO2OESLG6Y829 Verizon Communications, Inc. 92343V104 828535.00000000 NS USD 49289547.15000000 1.096019720957 Long EC CORP US N 1 N N N Altria Group, Inc. XSGZFLO9YTNO9VCQV219 Altria Group, Inc. 02209S103 640655.00000000 NS USD 24754909.20000000 0.550458875005 Long EC CORP US N 1 N N N International Business Machines Corp. VGRQXHF3J8VDLUA7XE92 International Business Machines Corp. 459200101 210545.00000000 NS USD 25617010.15000000 0.569628855199 Long EC CORP US N 1 N N N Snap-on, Inc. HHWAT5TDOYZMM26KKQ73 Snap-on, Inc. 833034101 46038.00000000 NS USD 6773570.94000000 0.150619507802 Long EC CORP US N 1 N N N American International Group, Inc. ODVCVCQG2BP6VHV36M30 American International Group, Inc. 026874784 138162.00000000 NS USD 3803599.86000000 0.084578185401 Long EC CORP US N 1 N N N EOG Resources, Inc. XWTZDRYZPBUHIQBKDB46 EOG Resources, Inc. 26875P101 369989.00000000 NS USD 13297404.66000000 0.295685770870 Long EC CORP US N 1 N N N Electronic Arts, Inc. 549300O7A67PUEYKDL45 Electronic Arts, Inc. 285512109 51323.00000000 NS USD 6693032.43000000 0.148828625143 Long EC CORP US N 1 N N N S&P Global, Inc. Y6X4K52KMJMZE7I7MY94 S&P Global, Inc. 78409V104 81095.00000000 NS USD 29242857.00000000 0.650254462099 Long EC CORP US N 1 N N N Sempra Energy PBBKGKLRK5S5C0Y4T545 Sempra Energy 816851109 47185.00000000 NS USD 5584816.60000000 0.124185947842 Long EC CORP US N 1 N N N Eastman Chemical Co. FDPVHDGJ1IQZFK9KH630 Eastman Chemical Co. 277432100 235488.00000000 NS USD 18396322.56000000 0.409067104177 Long EC CORP US N 1 N N N Prologis, Inc. 529900DFH19P073LZ636 Prologis, Inc. 74340W103 258837.00000000 NS USD 26044178.94000000 0.579127530782 Long EC CORP US N 1 N N N Raytheon Technologies Corp. I07WOS4YJ0N7YRFE7309 Raytheon Technologies Corp. 75513E101 356029.00000000 NS USD 20485908.66000000 0.455531876256 Long EC CORP US N 1 N N N Texas Instruments, Inc. WDJNR2L6D8RWOEB8T652 Texas Instruments, Inc. 882508104 311057.00000000 NS USD 44415829.03000000 0.987646009231 Long EC CORP US N 1 N N N McKesson Corp. 549300WZWOM80UCFSF54 McKesson Corp. 58155Q103 171495.00000000 NS USD 25540750.35000000 0.567933115442 Long EC CORP US N 1 N N N Cisco Systems, Inc. 8E6NF1YAL0WT6CWXXV93 Cisco Systems, Inc. 17275R102 351413.00000000 NS USD 13842158.07000000 0.307799099455 Long EC CORP US N 1 N N N MetLife, Inc. C4BXATY60WC6XEOZDX54 MetLife, Inc. 59156R108 50561.00000000 NS USD 1879352.37000000 0.041789940854 Long EC CORP US N 1 N N N AbbVie, Inc. FR5LCKFTG8054YNNRU85 AbbVie, Inc. 00287Y109 535237.00000000 NS USD 46881408.83000000 1.042471509579 Long EC CORP US N 1 N N N Lyft, Inc. 549300H7I5VN334XVZ52 Lyft, Inc., Class A 55087P104 72656.00000000 NS USD 2001672.80000000 0.044509900994 Long EC CORP US N 1 N N N Apple, Inc. HWUPKR0MPOU8FGXBT394 Apple, Inc. 037833100 2739656.00000000 NS USD 317279561.36000000 7.055140012728 Long EC CORP US N 1 N N N Delta Air Lines, Inc. Q2CCMS6R0AS67HJMBN42 Delta Air Lines, Inc. 247361702 151344.00000000 NS USD 4628099.52000000 0.102912050074 Long EC CORP US N 1 N N N Avery Dennison Corp. 549300PW7VPFCYKLIV37 Avery Dennison Corp. 053611109 78586.00000000 NS USD 10046434.24000000 0.223396048229 Long EC CORP US N 1 N N N Hartford Financial Services Group, Inc. (The) IU7C3FTM7Y3BQM112U94 Hartford Financial Services Group, Inc. (The) 416515104 166825.00000000 NS USD 6149169.50000000 0.136735097585 Long EC CORP US N 1 N N N TJX Cos., Inc. (The) V167QI9I69W364E2DY52 TJX Cos., Inc. (The) 872540109 339445.00000000 NS USD 18890114.25000000 0.420047230016 Long EC CORP US N 1 N N N Goldman Sachs Group, Inc. (The) 784F5XWPLTWKTBV3E584 Goldman Sachs Group, Inc. (The) 38141G104 52256.00000000 NS USD 10501888.32000000 0.233523685478 Long EC CORP US N 1 N N N Anthem, Inc. 8MYN82XMYQH89CTMTH67 Anthem, Inc. 036752103 56016.00000000 NS USD 15045337.44000000 0.334553419460 Long EC CORP US N 1 N N N Discovery, Inc. 5493006ZCRFWKF6B1K26 Discovery, Inc., Class C 25470F302 488941.00000000 NS USD 9583243.60000000 0.213096378109 Long EC CORP US N 1 N N N Booking Holdings, Inc. FXM8FAOHMYDIPD38UZ17 Booking Holdings, Inc. 09857L108 10878.00000000 NS USD 18608777.04000000 0.413791316781 Long EC CORP US N 1 N N N DTE Energy Co. 549300IX8SD6XXD71I78 DTE Energy Co. 233331107 93694.00000000 NS USD 10778557.76000000 0.239675804536 Long EC CORP US N 1 N N N Booz Allen Hamilton Holding Corp. 529900JPV47PIUWMA015 Booz Allen Hamilton Holding Corp. 099502106 53100.00000000 NS USD 4406238.00000000 0.097978659218 Long EC CORP US N 1 N N N Trane Technologies plc 549300BURLR9SLYY2705 Trane Technologies plc N/A 122911.00000000 NS USD 14902958.75000000 0.331387436790 Long EC CORP IE N 1 N N N Biogen, Inc. W8J5WZB5IY3K0NDQT671 Biogen, Inc. 09062X103 43240.00000000 NS USD 12266323.20000000 0.272758280572 Long EC CORP US N 1 N N N Union Pacific Corp. 549300LMMRSZZCZ8CL11 Union Pacific Corp. 907818108 31448.00000000 NS USD 6191167.76000000 0.137668985678 Long EC CORP US N 1 N N N T-Mobile US, Inc. 549300QHIJYOHPACPG31 T-Mobile US, Inc. 872590104 233811.00000000 NS USD 26738625.96000000 0.594569499173 Long EC CORP US N 1 N N N Alexion Pharmaceuticals, Inc. M1YXUUZR0EIMU8T0EM75 Alexion Pharmaceuticals, Inc. 015351109 137569.00000000 NS USD 15742020.67000000 0.350045113004 Long EC CORP US N 1 N N N Newmont Corp. 549300VSP3RIX7FGDZ51 Newmont Corp. 651639106 125929.00000000 NS USD 7990195.05000000 0.177672789779 Long EC CORP US N 1 N N N Bristol-Myers Squibb Co. HLYYNH7UQUORYSJQCN42 Bristol-Myers Squibb Co. 110122108 722811.00000000 NS USD 43578275.19000000 0.969021867216 Long EC CORP US N 1 N N N Linde plc 8945002PAZHZLBGKGF02 Linde plc N/A 60117.00000000 NS USD 14315661.21000000 0.318328081955 Long EC CORP IE N 1 N N N Qorvo, Inc. 254900YAUJV2EUEVBR11 Qorvo, Inc. 74736K101 91486.00000000 NS USD 11802608.86000000 0.262446965275 Long EC CORP US N 1 N N N Home Depot, Inc. (The) QEKMOTMBBKA8I816DO57 Home Depot, Inc. (The) 437076102 184844.00000000 NS USD 51333027.24000000 1.141459263568 Long EC CORP US N 1 N N N Kimberly-Clark Corp. MP3J6QPYPGN75NVW2S34 Kimberly-Clark Corp. 494368103 154765.00000000 NS USD 22852599.90000000 0.508158455774 Long EC CORP US N 1 N N N Masco Corp. 5GCSNMQXHEYA1JO8QN11 Masco Corp. 574599106 272831.00000000 NS USD 15041173.03000000 0.334460818173 Long EC CORP US N 1 N N N DaVita, Inc. M2XHYMU3TZNEZURC6H66 DaVita, Inc. 23918K108 33748.00000000 NS USD 2890516.20000000 0.064274535720 Long EC CORP US N 1 N N N H&R Block, Inc. 549300CE3KUCWLZBG404 H&R Block, Inc. 093671105 62557.00000000 NS USD 1019053.53000000 0.022660033012 Long EC CORP US N 1 N N N General Dynamics Corp. 9C1X8XOOTYY2FNYTVH06 General Dynamics Corp. 369550108 52870.00000000 NS USD 7318794.10000000 0.162743281913 Long EC CORP US N 1 N N N Pfizer, Inc. 765LHXWGK1KXCLTFYQ30 Pfizer, Inc. 717081103 203832.00000000 NS USD 7480634.40000000 0.166342019794 Long EC CORP US N 1 N N N Truist Financial Corp. 549300DRQQI75D2JP341 Truist Financial Corp. 89832Q109 160091.00000000 NS USD 6091462.55000000 0.135451905531 Long EC CORP US N 1 N N N Crown Holdings, Inc. NYLWZIOY8PUNIT4JOE22 Crown Holdings, Inc. 228368106 114711.00000000 NS USD 8816687.46000000 0.196050965943 Long EC CORP US N 1 N N N Southwest Airlines Co. UDTZ87G0STFETI6HGH41 Southwest Airlines Co. 844741108 196244.00000000 NS USD 7359150.00000000 0.163640649911 Long EC CORP US N 1 N N N Cummins, Inc. ZUNI8PYC725B6H8JU438 Cummins, Inc. 231021106 88741.00000000 NS USD 18738549.56000000 0.416676984217 Long EC CORP US N 1 N N N Amgen, Inc. 62QBXGPJ34PQ72Z12S66 Amgen, Inc. 031162100 29277.00000000 NS USD 7441042.32000000 0.165461636366 Long EC CORP US N 1 N N N Becton Dickinson and Co. ICE2EP6D98PQUILVRZ91 Becton Dickinson and Co. 075887109 59625.00000000 NS USD 13873545.00000000 0.308497030279 Long EC CORP US N 1 N N N Williams Cos., Inc. (The) D71FAKCBLFS2O0RBPG08 Williams Cos., Inc. (The) 969457100 192341.00000000 NS USD 3779500.65000000 0.084042306884 Long EC CORP US N 1 N N N DuPont de Nemours, Inc. 5493004JF0SDFLM8GD76 DuPont de Nemours, Inc. 26614N102 165536.00000000 NS USD 9183937.28000000 0.204217262217 Long EC CORP US N 1 N N N Citigroup, Inc. 6SHGI4ZSSLCXXQSBB395 Citigroup, Inc. 172967424 946934.00000000 NS USD 40822324.74000000 0.907739582881 Long EC CORP US N 1 N N N Amazon.com, Inc. ZXTILKJKG63JELOEG630 Amazon.com, Inc. 023135106 74159.00000000 NS USD 233506668.07000000 5.192336468438 Long EC CORP US N 1 N N N NXP Semiconductors NV 724500M9BY5293JDF951 NXP Semiconductors NV N/A 158223.00000000 NS USD 19747812.63000000 0.439119313114 Long EC CORP NL N 1 N N N DexCom, Inc. 549300YSK3QDSFR5EU59 DexCom, Inc. 252131107 14980.00000000 NS USD 6175205.40000000 0.137314041023 Long EC CORP US N 1 N N N Packaging Corp. of America 549300XZP8MFZFY8TJ84 Packaging Corp. of America 695156109 31414.00000000 NS USD 3425696.70000000 0.076174997708 Long EC CORP US N 1 N N N Entergy Corp. 4XM3TW50JULSLG8BNC79 Entergy Corp. 29364G103 236166.00000000 NS USD 23269435.98000000 0.517427369580 Long EC CORP US N 1 N N N Eli Lilly and Co. FRDRIPF3EKNDJ2CQJL29 Eli Lilly and Co. 532457108 243507.00000000 NS USD 36043906.14000000 0.801484984829 Long EC CORP US N 1 N N N Mastercard, Inc. AR5L2ODV9HN37376R084 Mastercard, Inc., Class A 57636Q104 243052.00000000 NS USD 82192894.84000000 1.827670142577 Long EC CORP US N 1 N N N Facebook, Inc. BQ4BKCS1HXDV9HN80Z93 Facebook, Inc., Class A 30303M102 365151.00000000 NS USD 95633046.90000000 2.126530094883 Long EC CORP US N 1 N N N US Bancorp N1GZ7BBF3NP8GI976H15 US Bancorp 902973304 279200.00000000 NS USD 10009320.00000000 0.222570762924 Long EC CORP US N 1 N N N Ventas, Inc. ORQTRC074CWLT3DKHT41 Ventas, Inc. 92276F100 124096.00000000 NS USD 5207068.16000000 0.115786200558 Long EC CORP US N 1 N N N Johnson & Johnson 549300G0CFPGEF6X2043 Johnson & Johnson 478160104 269682.00000000 NS USD 40150256.16000000 0.892795229360 Long EC CORP US N 1 N N N Zimmer Biomet Holdings, Inc. 2P2YLDVPES3BXQ1FRB91 Zimmer Biomet Holdings, Inc. 98956P102 200758.00000000 NS USD 27331194.12000000 0.607746053370 Long EC CORP US N 1 N N N Honeywell International, Inc. ISRPG12PN4EIEOEMW547 Honeywell International, Inc. 438516106 302248.00000000 NS USD 49753043.28000000 1.106326184060 Long EC CORP US N 1 N N N Mondelez International, Inc. 549300DV9GIB88LZ5P30 Mondelez International, Inc., Class A 609207105 543522.00000000 NS USD 31225338.90000000 0.694337627485 Long EC CORP US N 1 N N N Coca-Cola Co. (The) UWJKFUJFZ02DKWI3RY53 Coca-Cola Co. (The) 191216100 623032.00000000 NS USD 30759089.84000000 0.683969949262 Long EC CORP US N 1 N N N Conagra Brands, Inc. 54930035UDEIH090K650 Conagra Brands, Inc. 205887102 78688.00000000 NS USD 2809948.48000000 0.062483003537 Long EC CORP US N 1 N N N Discovery, Inc. 5493006ZCRFWKF6B1K26 Discovery, Inc., Class A 25470F104 339828.00000000 NS USD 7398055.56000000 0.164505767639 Long EC CORP US N 1 N N N LyondellBasell Industries NV BN6WCCZ8OVP3ITUUVN49 LyondellBasell Industries NV, Class A N/A 79773.00000000 NS USD 5623198.77000000 0.125039427285 Long EC CORP NL N 1 N N N 2020-10-30 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, 2020 (Unaudited)

 

Investments

    Shares (000)      Value ($000)  

COMMON STOCKS — 98.9%

 

Aerospace & Defense — 1.0%

 

General Dynamics Corp.

      53        7,319  

Northrop Grumman Corp.

      57        17,951  

Raytheon Technologies Corp.

      356        20,485  
     

 

 

  
        45,755  
     

 

 

  

Airlines — 0.3%

      

Delta Air Lines, Inc.

      151        4,628  

Southwest Airlines Co.

      196        7,359  
     

 

 

  
        11,987  
     

 

 

  

Auto Components — 0.1%

      

Magna International, Inc. (Canada)

      144        6,575  
     

 

 

  

Automobiles — 0.2%

      

General Motors Co.

      278        8,230  
     

 

 

  

Banks — 3.0%

      

Bank of America Corp.

      839        20,208  

Citigroup, Inc.

      947        40,823  

Citizens Financial Group, Inc.

      346        8,735  

KeyCorp

      1,182        14,107  

Regions Financial Corp.

      913        10,522  

Truist Financial Corp.

      160        6,091  

US Bancorp

      279        10,009  

Wells Fargo & Co.

      959        22,544  
     

 

 

  
        133,039  
     

 

 

  

Beverages — 1.2%

      

Coca-Cola Co. (The)

      623        30,759  

Constellation Brands, Inc., Class A

      120        22,812  
     

 

 

  
        53,571  
     

 

 

  

Biotechnology — 2.6%

      

AbbVie, Inc.

      535        46,882  

Alexion Pharmaceuticals, Inc. *

      138        15,742  

Amgen, Inc.

      29        7,441  

Biogen, Inc. *

      43        12,266  

Regeneron Pharmaceuticals, Inc. *

      29        16,231  

Vertex Pharmaceuticals, Inc. *

      72        19,589  
     

 

 

  
        118,151  
     

 

 

  

Building Products — 0.9%

      

Carrier Global Corp.

      395        12,071  

Masco Corp.

      273        15,041  

Trane Technologies plc

      123        14,903  
     

 

 

  
        42,015  
     

 

 

  

Capital Markets — 2.9%

      

BlackRock, Inc.

      50        28,430  

Goldman Sachs Group, Inc. (The)

      52        10,502  

Intercontinental Exchange, Inc.

      109        10,865  

MarketAxess Holdings, Inc.

      12        5,833  

Morgan Stanley

      552        26,670  

MSCI, Inc.

      17        6,203  

S&P Global, Inc.

      81        29,243  

State Street Corp.

      170        10,091  

T. Rowe Price Group, Inc.

      32        4,145  
     

 

 

  
        131,982  
     

 

 

  

Chemicals — 1.7%

      

Air Products and Chemicals, Inc.

      35        10,286  

Celanese Corp.

      89        9,576  

Dow, Inc.

      211        9,935  

DuPont de Nemours, Inc.

      166        9,184  

Eastman Chemical Co.

      235        18,396  

Linde plc (United Kingdom)

      60        14,316  

LyondellBasell Industries NV, Class A

      80        5,623  
     

 

 

  
        77,316  
     

 

 

  

Commercial Services & Supplies — 0.1%

      

Cintas Corp.

      17        5,605  
     

 

 

  

Communications Equipment — 0.4%

      

Cisco Systems, Inc.

      351        13,842  

Motorola Solutions, Inc.

      16        2,455  
     

 

 

  
        16,297  
     

 

 

  

Consumer Finance — 0.4%

      

Capital One Financial Corp.

      245        17,631  
     

 

 

  

Containers & Packaging — 0.6%

      

Avery Dennison Corp.

      79        10,046  

Crown Holdings, Inc. *

      115        8,817  

Packaging Corp. of America

      31        3,426  

Westrock Co.

      163        5,676  
     

 

 

  
        27,965  
     

 

 

  

Diversified Consumer Services — 0.0% (a)

      

H&R Block, Inc.

      63        1,019  
     

 

 

  

Diversified Financial Services — 1.7%

      

Berkshire Hathaway, Inc., Class B *

      346        73,669  

Voya Financial, Inc.

      59        2,819  
     

 

 

  
        76,488  
     

 

 

  

Diversified Telecommunication Services — 1.1%

      

Verizon Communications, Inc.

      829        49,290  
     

 

 

  

Electric Utilities — 1.8%

      

Entergy Corp.

      236        23,269  

FirstEnergy Corp.

      90        2,586  

NextEra Energy, Inc.

      167        46,459  

Xcel Energy, Inc.

      117        8,089  
     

 

 

  
        80,403  
     

 

 

  

Electrical Equipment — 1.0%

      

Eaton Corp. plc

      312        31,844  

Emerson Electric Co.

      168        10,999  
     

 

 

  
        42,843  
     

 

 

  

Electronic Equipment, Instruments & Components — 0.2%

      

TE Connectivity Ltd.

      78        7,628  
     

 

 

  

Entertainment — 1.3%

      

Electronic Arts, Inc. *

      51        6,693  

Netflix, Inc. *

      106        53,140  
     

 

 

  
        59,833  
     

 

 

  

Equity Real Estate Investment Trusts (REITs) — 1.9%

      

Camden Property Trust

      113        10,064  

Equinix, Inc.

      32        24,009  

Equity LifeStyle Properties, Inc.

      66        4,024  

Mid-America Apartment Communities, Inc.

      71        8,177  

Prologis, Inc.

      259        26,043  

Realty Income Corp.

      34        2,040  

JPMorgan U.S. Research Enhanced Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

 

Investments

    Shares (000)      Value ($000)  

Sun Communities, Inc.

      22        3,045  

UDR, Inc.

      47        1,523  

Ventas, Inc.

      124        5,207  
     

 

 

  
        84,132  
     

 

 

  

Food & Staples Retailing — 0.6%

      

Costco Wholesale Corp.

      56        19,732  

Kroger Co. (The)

      222        7,543  
     

 

 

  
        27,275  
     

 

 

  

Food Products — 0.8%

      

Conagra Brands, Inc.

      79        2,810  

Mondelez International, Inc., Class A

      544        31,225  
     

 

 

  
        34,035  
     

 

 

  

Health Care Equipment & Supplies — 3.0%

      

ABIOMED, Inc. *

      7        1,990  

Baxter International, Inc.

      264        21,237  

Becton Dickinson and Co.

      60        13,874  

Boston Scientific Corp. *

      392        14,985  

DexCom, Inc. *

      15        6,175  

Edwards Lifesciences Corp. *

      58        4,643  

Intuitive Surgical, Inc. *

      13        8,944  

Medtronic plc

      362        37,588  

Zimmer Biomet Holdings, Inc.

      201        27,332  
     

 

 

  
        136,768  
     

 

 

  

Health Care Providers & Services — 2.8%

      

Anthem, Inc.

      56        15,045  

Centene Corp. *

      52        3,004  

Cigna Corp.

      137        23,128  

DaVita, Inc. *

      2        175  

McKesson Corp.

      171        25,541  

UnitedHealth Group, Inc.

      188        58,765  
     

 

 

  
        125,658  
     

 

 

  

Hotels, Restaurants & Leisure — 0.6%

      

Hilton Worldwide Holdings, Inc.

      121        10,302  

Yum! Brands, Inc.

      161        14,713  
     

 

 

  
        25,015  
     

 

 

  

Household Durables — 0.4%

      

Lennar Corp., Class A

      237        19,340  
     

 

 

  

Household Products — 2.0%

      

Kimberly-Clark Corp.

      155        22,853  

Procter & Gamble Co. (The)

      481        66,788  
     

 

 

  
        89,641  
     

 

 

  

Industrial Conglomerates — 1.1%

      

Honeywell International, Inc.

      302        49,753  
     

 

 

  

Insurance — 1.8%

      

Allstate Corp. (The)

      243        22,915  

American International Group, Inc.

      138        3,804  

Chubb Ltd.

      110        12,773  

Hartford Financial Services Group, Inc. (The)

      167        6,149  

Marsh & McLennan Cos., Inc.

      81        9,302  

MetLife, Inc.

      51        1,879  

Progressive Corp. (The)

      256        24,273  
     

 

 

  
        81,095  
     

 

 

  

Interactive Media & Services — 5.7%

      

Alphabet, Inc., Class A *

      61        88,925  

Alphabet, Inc., Class C *

      49        71,393  

Facebook, Inc., Class A *

      365        95,633  
     

 

 

  
        255,951  
     

 

 

  

Internet & Direct Marketing Retail — 5.6%

      

Amazon.com, Inc. *

      74        233,506  

Booking Holdings, Inc. *

      11        18,609  
     

 

 

  
        252,115  
     

 

 

  

IT Services — 6.2%

      

Accenture plc, Class A

      166        37,548  

Automatic Data Processing, Inc.

      81        11,264  

Booz Allen Hamilton Holding Corp.

      53        4,406  

FleetCor Technologies, Inc. *

      14        3,244  

International Business Machines Corp.

      211        25,617  

Leidos Holdings, Inc.

      185        16,518  

Mastercard, Inc., Class A

      243        82,194  

PayPal Holdings, Inc. *

      287        56,462  

Visa, Inc., Class A

      220        43,948  
     

 

 

  
        281,201  
     

 

 

  

Life Sciences Tools & Services — 1.5%

      

Illumina, Inc. *

      36        11,224  

Thermo Fisher Scientific, Inc.

      123        54,161  

Waters Corp. *

      11        2,152  
     

 

 

  
        67,537  
     

 

 

  

Machinery — 1.9%

      

Cummins, Inc.

      89        18,739  

Deere & Co.

      59        13,075  

Parker-Hannifin Corp.

      106        21,448  

Snap-on, Inc.

      46        6,774  

Stanley Black & Decker, Inc.

      149        24,092  
     

 

 

  
        84,128  
     

 

 

  

Media — 2.5%

      

Altice USA, Inc., Class A *

      166        4,327  

Charter Communications, Inc., Class A *

      72        45,026  

Comcast Corp., Class A

      966        44,693  

Discovery, Inc., Class A *

      340        7,398  

Discovery, Inc., Class C *

      489        9,583  
     

 

 

  
        111,027  
     

 

 

  

Metals & Mining — 0.2%

      

Newmont Corp.

      126        7,990  
     

 

 

  

Multiline Retail — 0.8%

      

Dollar Tree, Inc. *

      111        10,160  

Target Corp.

      178        27,980  
     

 

 

  
        38,140  
     

 

 

  

Multi-Utilities — 1.1%

      

Ameren Corp.

      92        7,291  

CMS Energy Corp.

      178        10,916  

DTE Energy Co.

      94        10,779  

Public Service Enterprise Group, Inc.

      289        15,858  

Sempra Energy

      47        5,585  
     

 

 

  
        50,429  
     

 

 

  

Oil, Gas & Consumable Fuels — 2.1%

      

Cabot Oil & Gas Corp.

      76        1,313  

Cheniere Energy, Inc. *

      97        4,470  

Chevron Corp.

      391        28,131  

Diamondback Energy, Inc.

      137        4,113  

EOG Resources, Inc.

      370        13,297  

Exxon Mobil Corp.

      187        6,411  

JPMorgan U.S. Research Enhanced Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

 

Investments

    Shares (000)      Value ($000)  

Kinder Morgan, Inc.

      348        4,290  

Phillips 66

      228        11,835  

Pioneer Natural Resources Co.

      172        14,783  

Williams Cos., Inc. (The)

      192        3,780  
     

 

 

  
        92,423  
     

 

 

  

Personal Products — 0.2%

      

Estee Lauder Cos., Inc. (The), Class A

      45        9,865  
     

 

 

  

Pharmaceuticals — 4.0%

      

Bristol-Myers Squibb Co.

      723        43,578  

Eli Lilly and Co.

      244        36,044  

Johnson & Johnson

      270        40,150  

Merck & Co., Inc.

      663        55,031  

Pfizer, Inc.

      204        7,481  
     

 

 

  
        182,284  
     

 

 

  

Professional Services — 0.1%

      

Verisk Analytics, Inc.

      26        4,810  
     

 

 

  

Road & Rail — 1.4%

      

CSX Corp.

      224        17,418  

Lyft, Inc., Class A *

      73        2,002  

Norfolk Southern Corp.

      166        35,496  

Union Pacific Corp.

      31        6,191  
     

 

 

  
        61,107  
     

 

 

  

Semiconductors & Semiconductor Equipment — 5.6%

      

Advanced Micro Devices, Inc. *

      292        23,974  

Analog Devices, Inc.

      243        28,390  

Applied Materials, Inc.

      379        22,523  

Intel Corp.

      201        10,410  

Lam Research Corp.

      54        17,796  

Microchip Technology, Inc.

      85        8,734  

Micron Technology, Inc. *

      257        12,064  

NVIDIA Corp.

      81        43,872  

NXP Semiconductors NV (Netherlands)

      158        19,748  

Qorvo, Inc. *

      91        11,803  

QUALCOMM, Inc.

      64        7,479  

Texas Instruments, Inc.

      311        44,415  
     

 

 

  
        251,208  
     

 

 

  

Software — 8.9%

      

Fortinet, Inc. *

      23        2,675  

Intuit, Inc.

      101        33,102  

Microsoft Corp.

      1,414        297,427  

salesforce.com, Inc. *

      236        59,234  

Workday, Inc., Class A *

      48        10,401  
     

 

 

  
        402,839  
     

 

 

  

Specialty Retail — 3.6%

      

AutoZone, Inc. *

      17        20,274  

Best Buy Co., Inc.

      245        27,306  

Home Depot, Inc. (The)

      185        51,334  

Lowe’s Cos., Inc.

      277        45,958  

Ross Stores, Inc.

      8        707  

TJX Cos., Inc. (The)

      339        18,890  
     

 

 

  
        164,469  
     

 

 

  

Technology Hardware, Storage & Peripherals — 7.2%

      

Apple, Inc.

      2,720        315,033  

HP, Inc.

      533        10,121  
     

 

 

  
        325,154  
     

 

 

  

Textiles, Apparel & Luxury Goods — 1.0%

      

Carter’s, Inc.

      124        10,774  

NIKE, Inc., Class B

      275        34,469  
     

 

 

  
        45,243  
     

 

 

  

Tobacco — 1.2%

      

Altria Group, Inc.

      641        24,755  

Philip Morris International, Inc.

      418        31,362  
     

 

 

  
        56,117  
     

 

 

  

Wireless Telecommunication Services — 0.6%

      

T-Mobile US, Inc. *

      234        26,739  
     

 

 

  

TOTAL COMMON STOCKS

(Cost $2,778,471)

         4,457,111  
     

 

 

  

SHORT-TERM INVESTMENTS — 0.8%

      

INVESTMENT COMPANIES — 0.8%

      

JPMorgan Prime Money Market Fund Class IM Shares, 0.23% (b) (c)

(Cost $35,036)

      35,020        35,044  
     

 

 

  
Total Investments — 99.7%
(Cost $2,813,507)

 

      4,492,155  

Other Assets Less Liabilities — 0.3%

 

      15,500  
     

 

 

  

Net Assets — 100.0%

 

      4,507,655  
     

 

 

  

 

Percentages indicated are based on net assets.

 

JPMorgan U.S. Research Enhanced Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (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, 2020.

*

Non-income producing security.

Futures contracts outstanding as of September 30, 2020 (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

      275        12/2020        USD        46,056        340  
              

 

 

  

Abbreviations

 

USD

United States Dollar

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

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

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

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

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

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

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

 

•  

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

 

•  

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

 

•  

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

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

The following table represents each valuation input as presented on the Schedule of Portfolio Investments (“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)

    $ 4,492,155      $ —        $ —        $ 4,492,155  
  

 

 

     

 

 

     

 

 

     

 

 

  

Appreciation in Other Financial Instruments

 

Futures Contracts(a)

    $ 340      $ —        $ —        $ 340  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

(a)

Please refer to the SOI for specifics of portfolio holdings.

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 an affiliated issuer. 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.

JPMorgan U.S. Research Enhanced Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

 

For the period ended September 30, 2020

  

Security Description

    Value at
June 30,
2020		      Purchases
at Cost		      Proceeds
from Sales		      Net Realized
Gain (Loss)		     Change in
Unrealized
Appreciation/
(Depreciation)		      Value at
September 30,
2020		      Shares at
September 30,
2020		      Dividend
Income		      Capital Gain
Distributions		  

JPMorgan Prime Money Market Fund Class IM Shares, 0.23% (a) (b)

    $ 110,144      $ 137,629      $ 212,719      $ (12 )    $ 2      $ 35,044        35,020      $ 30      $ —    
  

 

 

     

 

 

     

 

 

     

 

 

    

 

 

     

 

 

        

 

 

     

 

 

  

 

(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, 2020.