NPORT-EX 2 HG_USLCCP.htm HTML

JPMorgan U.S. Large Cap Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited)

 

Investments

    Shares (000)      Value ($000)  
               

LONG POSITIONS — 124.0%

      

COMMON STOCKS — 122.8%

      

Aerospace & Defense — 1.5%

 

Howmet Aerospace, Inc.

      134        4,189  

Northrop Grumman Corp. (a)

      39        13,951  

Raytheon Technologies Corp.

      207        17,783  

TransDigm Group, Inc. *

      6        3,968  
     

 

 

  
        39,891  
     

 

 

  

Air Freight & Logistics — 0.5%

      

FedEx Corp.

      17        3,774  

United Parcel Service, Inc., Class B

      51        9,321  
     

 

 

  
        13,095  
     

 

 

  

Airlines — 0.1%

      

Southwest Airlines Co. *

      33        1,700  
     

 

 

  

Auto Components — 0.0% (b)

      

Aptiv plc *

      9        1,285  
     

 

 

  

Automobiles — 0.2%

      

General Motors Co. *

      116        6,097  
     

 

 

  

Banks — 5.8%

      

Bank of America Corp. (a)

      668        28,370  

Fifth Third Bancorp

      261        11,094  

SVB Financial Group *

      52        33,908  

Truist Financial Corp.

      416        24,376  

Wells Fargo & Co.

      1,133        52,560  
     

 

 

  
        150,308  
     

 

 

  

Beverages — 1.8%

      

Coca-Cola Co. (The) (a)

      476        24,958  

PepsiCo, Inc. (a)

      137        20,676  
     

 

 

  
        45,634  
     

 

 

  

Biotechnology — 3.9%

      

AbbVie, Inc. (a)

      347        37,441  

Biogen, Inc. * (a)

      52        14,745  

BioMarin Pharmaceutical, Inc. *

      94        7,272  

Neurocrine Biosciences, Inc. *

      100        9,628  

Regeneron Pharmaceuticals, Inc. *

      34        20,720  

Vertex Pharmaceuticals, Inc. *

      64        11,568  
     

 

 

  
        101,374  
     

 

 

  

Building Products — 1.4%

      

Allegion plc

      19        2,498  

Fortune Brands Home & Security, Inc.

      20        1,813  

Johnson Controls International plc

      59        4,015  

Trane Technologies plc

      157        27,155  
     

 

 

  
        35,481  
     

 

 

  

Capital Markets — 2.1%

      

Ameriprise Financial, Inc.

      10        2,606  

Charles Schwab Corp. (The)

      254        18,491  

CME Group, Inc.

      35        6,751  

Morgan Stanley (a)

      274        26,625  
     

 

 

  
        54,473  
     

 

 

  

Chemicals — 4.3%

      

Air Products and Chemicals, Inc.

      56        14,348  

Celanese Corp.

      130        19,600  

DuPont de Nemours, Inc.

      273        18,548  

Eastman Chemical Co.

      134        13,475  

Linde plc (United Kingdom)

      103        30,315  

PPG Industries, Inc.

      99        14,193  
     

 

 

  
        110,479  
     

 

 

  

Commercial Services & Supplies — 0.1%

      

Waste Connections, Inc.

      21        2,661  
     

 

 

  

Consumer Finance — 0.9%

      

Capital One Financial Corp.

      138        22,323  
     

 

 

  

Diversified Financial Services — 0.2%

      

Voya Financial, Inc.

      76        4,640  
     

 

 

  

Electric Utilities — 2.0%

      

Alliant Energy Corp.

      46        2,557  

Entergy Corp.

      71        7,004  

Evergy, Inc.

      66        4,082  

FirstEnergy Corp.

      77        2,743  

NextEra Energy, Inc.

      321        25,222  

Xcel Energy, Inc.

      163        10,186  
     

 

 

  
        51,794  
     

 

 

  

Electrical Equipment — 1.0%

      

Eaton Corp. plc

      172        25,653  
     

 

 

  

Electronic Equipment, Instruments & Components — 0.2%

      

Corning, Inc.

      129        4,700  

Keysight Technologies, Inc. *

      8        1,298  
     

 

 

  
        5,998  
     

 

 

  

Energy Equipment & Services — 0.2%

      

Baker Hughes Co. (a)

      237        5,866  
     

 

 

  

Entertainment — 1.5%

      

Activision Blizzard, Inc.

      36        2,753  

Electronic Arts, Inc. (a)

      44        6,319  

Endeavor Group Holdings, Inc., Class A *

      633        18,151  

Netflix, Inc. * (a)

      20        12,181  
     

 

 

  
        39,404  
     

 

 

  

Equity Real Estate Investment Trusts (REITs) — 3.3%

      

American Homes 4 Rent, Class A

      165        6,298  

Camden Property Trust

      21        3,046  

Cousins Properties, Inc.

      137        5,111  

Host Hotels & Resorts, Inc. *

      643        10,504  

Invitation Homes, Inc.

      130        4,988  

Kimco Realty Corp.

      493        10,238  

Prologis, Inc.

      152        19,098  

Sun Communities, Inc.

      80        14,847  

UDR, Inc.

      146        7,738  

Ventas, Inc.

      73        4,019  
     

 

 

  
        85,887  
     

 

 

  

Food & Staples Retailing — 0.2%

      

Costco Wholesale Corp.

      12        5,352  
     

 

 

  

Food Products — 0.9%

      

Hershey Co. (The)

      38        6,498  

JPMorgan U.S. Large Cap Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

 

Investments

    Shares (000)      Value ($000)  
               

Mondelez International, Inc., Class A (a)

      296        17,210  
     

 

 

  
        23,708  
     

 

 

  

Health Care Equipment & Supplies — 3.7%

      

Abbott Laboratories

      43        5,075  

Boston Scientific Corp. * (a)

      467        20,249  

Danaher Corp.

      20        6,098  

Intuitive Surgical, Inc. * (a)

      8        8,075  

Medtronic plc

      243        30,435  

Teleflex, Inc.

      6        2,279  

Zimmer Biomet Holdings, Inc. (a)

      169        24,689  
     

 

 

  
        96,900  
     

 

 

  

Health Care Providers & Services — 2.9%

      

Centene Corp. *

      285        17,751  

CVS Health Corp. (a)

      65        5,515  

UnitedHealth Group, Inc. (a)

      131        51,227  
     

 

 

  
        74,493  
     

 

 

  

Hotels, Restaurants & Leisure — 3.4%

      

Booking Holdings, Inc. *

      13        29,759  

Expedia Group, Inc. *

      9        1,490  

Hilton Worldwide Holdings, Inc. *

      60        7,907  

McDonald’s Corp.

      139        33,583  

Royal Caribbean Cruises Ltd. *

      31        2,754  

Yum! Brands, Inc.

      105        12,870  
     

 

 

  
        88,363  
     

 

 

  

Household Durables — 0.4%

      

KB Home

      100        3,876  

Toll Brothers, Inc.

      113        6,273  
     

 

 

  
        10,149  
     

 

 

  

Household Products — 1.3%

      

Procter & Gamble Co. (The)

      247        34,516  
     

 

 

  

Insurance — 1.8%

      

Arthur J Gallagher & Co.

      45        6,718  

Chubb Ltd.

      68        11,741  

Hartford Financial Services Group, Inc. (The) (a)

      100        6,999  

Marsh & McLennan Cos., Inc.

      24        3,674  

Prudential Financial, Inc.

      72        7,584  

Ryan Specialty Group Holdings, Inc., Class A *

      305        10,326  
     

 

 

  
        47,042  
     

 

 

  

Interactive Media & Services — 8.9%

      

Alphabet, Inc., Class A * (a)

      42        111,358  

Alphabet, Inc., Class C * (a)

      13        33,881  

Facebook, Inc., Class A * (a)

      210        71,430  

Pinterest, Inc., Class A *

      14        735  

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

      257        15,736  
     

 

 

  
        233,140  
     

 

 

  

Internet & Direct Marketing Retail — 5.1%

      

Amazon.com, Inc. * (a)

      40        132,771  
     

 

 

  

IT Services — 6.5%

      

Affirm Holdings, Inc. *

      46        5,491  

FleetCor Technologies, Inc. *

      56        14,760  

Mastercard, Inc., Class A (a)

      218        75,623  

PayPal Holdings, Inc. * (a)

      125        32,556  

Shopify, Inc., Class A (Canada) *

      13        17,875  

WEX, Inc. *

      124        21,919  
     

 

 

  
        168,224  
     

 

 

  

Life Sciences Tools & Services — 2.2%

      

PerkinElmer, Inc.

      49        8,429  

Thermo Fisher Scientific, Inc. (a)

      87        49,830  
     

 

 

  
        58,259  
     

 

 

  

Machinery — 5.1%

      

Deere & Co.

      107        35,926  

Dover Corp.

      138        21,404  

Ingersoll Rand, Inc. *

      813        40,992  

Otis Worldwide Corp.

      74        6,068  

Stanley Black & Decker, Inc.

      159        27,929  
     

 

 

  
        132,319  
     

 

 

  

Media — 2.5%

      

Charter Communications, Inc., Class A * (a)

      29        20,994  

Comcast Corp., Class A (a)

      620        34,690  

Fox Corp., Class A

      107        4,306  

Liberty Media Corp.-Liberty SiriusXM, Class A *

      84        3,971  
     

 

 

  
        63,961  
     

 

 

  

Metals & Mining — 0.4%

      

Freeport-McMoRan, Inc.

      281        9,137  
     

 

 

  

Multiline Retail — 0.3%

      

Dollar General Corp.

      41        8,626  
     

 

 

  

Multi-Utilities — 1.2%

      

CenterPoint Energy, Inc.

      902        22,184  

Sempra Energy

      23        2,867  

WEC Energy Group, Inc.

      56        4,964  
     

 

 

  
        30,015  
     

 

 

  

Oil, Gas & Consumable Fuels — 5.5%

      

Cabot Oil & Gas Corp.

      284        6,179  

Cheniere Energy, Inc. *

      55        5,415  

Chevron Corp.

      138        13,955  

Cimarex Energy Co.

      98        8,553  

ConocoPhillips (a)

      455        30,865  

Diamondback Energy, Inc.

      459        43,433  

EOG Resources, Inc.

      40        3,212  

Phillips 66

      65        4,525  

Pioneer Natural Resources Co. (a)

      108        17,989  

TC Energy Corp. (Canada)

      164        7,893  
     

 

 

  
        142,019  
     

 

 

  

Personal Products — 0.9%

      

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

      74        22,274  
     

 

 

  

Pharmaceuticals — 2.5%

      

Bristol-Myers Squibb Co. (a)

      419        24,774  

Eli Lilly & Co.

      168        38,932  
     

 

 

  
        63,706  
     

 

 

  

Professional Services — 1.1%

      

Booz Allen Hamilton Holding Corp.

      93        7,340  

IHS Markit Ltd.

      23        2,712  

Leidos Holdings, Inc.

      193        18,558  
     

 

 

  
        28,610  
     

 

 

  

JPMorgan U.S. Large Cap Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

 

Investments

    Shares (000)     Value ($000)  
              

Road & Rail — 4.0%

 

Canadian National Railway Co. (Canada)

      11       1,328  

CSX Corp.

      375       11,150  

Lyft, Inc., Class A *

      526       28,208  

Norfolk Southern Corp. (a)

      178       42,586  

Old Dominion Freight Line, Inc.

      34       9,793  

Union Pacific Corp. (a)

      53       10,375  
    

 

 

  
       103,440  
    

 

 

  

Semiconductors & Semiconductor Equipment — 7.7%

     

Advanced Micro Devices, Inc. *

      329       33,878  

Analog Devices, Inc. (a)

      282       47,291  

Lam Research Corp.

      38       21,905  

Micron Technology, Inc. (a)

      36       2,564  

NVIDIA Corp.

      147       30,455  

NXP Semiconductors NV (China)

      281       54,985  

ON Semiconductor Corp. *

      59       2,711  

Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan)

      11       1,282  

Teradyne, Inc.

      16       1,717  

Texas Instruments, Inc. (a)

      23       4,352  
    

 

 

  
       201,140  
    

 

 

  

Software — 10.7%

     

Ceridian HCM Holding, Inc. *

      231       25,968  

Intuit, Inc.

      76       41,167  

Microsoft Corp. (a)

      660       186,183  

Oracle Corp.

      34       2,929  

salesforce.com, Inc. * (a)

      33       8,871  

Workday, Inc., Class A *

      64       16,071  
    

 

 

  
       281,189  
    

 

 

  

Specialty Retail — 4.5%

     

AutoZone, Inc. * (a)

      7       11,078  

Best Buy Co., Inc.

      28       2,990  

Burlington Stores, Inc. *

      12       3,468  

Home Depot, Inc. (The) (a)

      41       13,513  

Lowe’s Cos., Inc.

      163       33,142  

O’Reilly Automotive, Inc. *

      67       40,793  

TJX Cos., Inc. (The)

      162       10,662  
    

 

 

  
       115,646  
    

 

 

  

Technology Hardware, Storage & Peripherals — 6.4%

     

Apple, Inc. (a)

      947       134,045  

Hewlett Packard Enterprise Co.

      654       9,314  

Seagate Technology Holdings plc

      288       23,791  
    

 

 

  
       167,150  
    

 

 

  

Textiles, Apparel & Luxury Goods — 1.0%

     

NIKE, Inc., Class B

      186       27,001  
    

 

 

  

Wireless Telecommunication Services — 0.7%

     

T-Mobile US, Inc. *

      140       17,928  
    

 

 

  

TOTAL COMMON STOCKS

(Cost $1,704,617)

        3,191,121  
    

 

 

  

SHORT-TERM INVESTMENTS — 1.2%

     

INVESTMENT COMPANIES — 1.2%

     

JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (c) (d)

(Cost $30,583)

      30,568       30,583  
    

 

 

  

TOTAL LONG POSITIONS

(Cost $1,735,200)

        3,221,704  
    

 

 

  

SHORT POSITIONS — (23.9)%

     

COMMON STOCKS — (23.9)%

     

Aerospace & Defense — (0.5)%

     

Boeing Co. (The) *

      (13 )      (2,964 ) 

Hexcel Corp. *

      (42 )      (2,465 ) 

Huntington Ingalls Industries, Inc.

      (31 )      (6,041 ) 

L3Harris Technologies, Inc.

      (6 )      (1,285 ) 
    

 

 

  
       (12,755 ) 
    

 

 

  

Air Freight & Logistics — (0.5)%

     

CH Robinson Worldwide, Inc.

      (75 )      (6,524 ) 

Expeditors International of Washington, Inc.

      (50 )      (5,993 ) 
    

 

 

  
       (12,517 ) 
    

 

 

  

Auto Components — (0.1)%

     

Autoliv, Inc. (Sweden)

      (44 )      (3,751 ) 
    

 

 

  

Beverages — 0.0% (b)

     

Brown-Forman Corp., Class B

      (14 )      (941 ) 
    

 

 

  

Biotechnology — (0.4)%

     

Amgen, Inc.

      (24 )      (5,031 ) 

Gilead Sciences, Inc.

      (34 )      (2,350 ) 

Moderna, Inc. *

      (10 )      (3,769 ) 
    

 

 

  
       (11,150 ) 
    

 

 

  

Building Products — (0.1)%

     

Lennox International, Inc.

      (8 )      (2,310 ) 

Masco Corp.

      (23 )      (1,295 ) 
    

 

 

  
       (3,605 ) 
    

 

 

  

Capital Markets — (1.2)%

     

Franklin Resources, Inc.

      (86 )      (2,571 ) 

Goldman Sachs Group, Inc. (The)

      (21 )      (7,981 ) 

Moody’s Corp.

      (25 )      (9,008 ) 

MSCI, Inc.

      (12 )      (7,371 ) 

Northern Trust Corp.

      (35 )      (3,729 ) 
    

 

 

  
       (30,660 ) 
    

 

 

  

Chemicals — (0.3)%

     

Dow, Inc.

      (57 )      (3,292 ) 

Ecolab, Inc.

      (19 )      (4,063 ) 

LyondellBasell Industries NV, Class A

      (12 )      (1,089 ) 
    

 

 

  
       (8,444 ) 
    

 

 

  

Commercial Services & Supplies — (0.2)%

     

Republic Services, Inc.

      (39 )      (4,632 ) 
    

 

 

  

JPMorgan U.S. Large Cap Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

 

Investments

    Shares (000)     Value ($000)  
              

Communications Equipment — (0.1)%

 

Cisco Systems, Inc.

      (50 )      (2,741 ) 
    

 

 

  

Consumer Finance — (0.2)%

     

Discover Financial Services

      (45 )      (5,562 ) 
    

 

 

  

Containers & Packaging — (1.1)%

     

AptarGroup, Inc.

      (16 )      (1,959 ) 

Ball Corp.

      (48 )      (4,338 ) 

Crown Holdings, Inc.

      (18 )      (1,772 ) 

International Paper Co.

      (132 )      (7,356 ) 

Packaging Corp. of America

      (11 )      (1,545 ) 

Silgan Holdings, Inc.

      (163 )      (6,254 ) 

Sonoco Products Co.

      (109 )      (6,467 ) 
    

 

 

  
       (29,691 ) 
    

 

 

  

Diversified Telecommunication Services — (0.9)%

     

AT&T, Inc.

      (378 )      (10,198 ) 

Lumen Technologies, Inc.

      (534 )      (6,616 ) 

Verizon Communications, Inc.

      (132 )      (7,148 ) 
    

 

 

  
       (23,962 ) 
    

 

 

  

Electric Utilities — (0.8)%

     

American Electric Power Co., Inc.

      (103 )      (8,392 ) 

Pinnacle West Capital Corp.

      (32 )      (2,305 ) 

Southern Co. (The)

      (159 )      (9,875 ) 
    

 

 

  
       (20,572 ) 
    

 

 

  

Electrical Equipment — (0.7)%

     

Acuity Brands, Inc.

      (27 )      (4,630 ) 

Hubbell, Inc.

      (34 )      (6,195 ) 

Rockwell Automation, Inc.

      (5 )      (1,460 ) 

Sensata Technologies Holding plc *

      (96 )      (5,277 ) 
    

 

 

  
       (17,562 ) 
    

 

 

  

Electronic Equipment, Instruments & Components — (0.2)%

     

Cognex Corp.

      (64 )      (5,156 ) 
    

 

 

  

Energy Equipment & Services — (0.5)%

     

Halliburton Co.

      (401 )      (8,678 ) 

Schlumberger NV

      (139 )      (4,110 ) 
    

 

 

  
       (12,788 ) 
    

 

 

  

Entertainment — (0.3)%

     

AMC Entertainment Holdings, Inc., Class A *

      (178 )      (6,787 ) 

Spotify Technology SA *

      (10 )      (2,301 ) 
    

 

 

  
       (9,088 ) 
    

 

 

  

Equity Real Estate Investment Trusts (REITs) — (1.6)%

     

AvalonBay Communities, Inc.

      (14 )      (3,006 ) 

Duke Realty Corp.

      (79 )      (3,800 ) 

Equity Residential

      (55 )      (4,436 ) 

Iron Mountain, Inc.

      (213 )      (9,253 ) 

National Retail Properties, Inc.

      (168 )      (7,263 ) 

Realty Income Corp.

      (40 )      (2,608 ) 

Simon Property Group, Inc.

      (48 )      (6,202 ) 

SL Green Realty Corp.

      (20 )      (1,401 ) 

Vornado Realty Trust

      (28 )      (1,162 ) 
    

 

 

  
       (39,131 ) 
    

 

 

  

Food & Staples Retailing — (1.3)%

     

Kroger Co. (The)

      (485 )      (19,620 ) 

Walgreens Boots Alliance, Inc.

      (110 )      (5,162 ) 

Walmart, Inc.

      (54 )      (7,564 ) 
    

 

 

  
       (32,346 ) 
    

 

 

  

Food Products — (0.6)%

     

Campbell Soup Co.

      (149 )      (6,232 ) 

Conagra Brands, Inc.

      (117 )      (3,955 ) 

General Mills, Inc.

      (21 )      (1,257 ) 

Kellogg Co.

      (77 )      (4,925 ) 
    

 

 

  
       (16,369 ) 
    

 

 

  

Gas Utilities — (0.1)%

     

National Fuel Gas Co.

      (52 )      (2,737 ) 
    

 

 

  

Health Care Equipment & Supplies — (0.6)%

     

Baxter International, Inc.

      (66 )      (5,342 ) 

Stryker Corp.

      (44 )      (11,473 ) 
    

 

 

  
       (16,815 ) 
    

 

 

  

Health Care Providers & Services — (0.1)%

     

Henry Schein, Inc. *

      (50 )      (3,832 ) 
    

 

 

  

Health Care Technology — (0.2)%

     

Cerner Corp.

      (92 )      (6,473 ) 
    

 

 

  

Household Durables — (0.1)%

     

NVR, Inc. *

      —   (e)      (1,222 ) 

PulteGroup, Inc.

      (25 )      (1,148 ) 
    

 

 

  
       (2,370 ) 
    

 

 

  

Household Products — (0.6)%

     

Clorox Co. (The)

      (69 )      (11,460 ) 

Colgate-Palmolive Co.

      (54 )      (4,112 ) 
    

 

 

  
       (15,572 ) 
    

 

 

  

Industrial Conglomerates — (0.8)%

     

3M Co.

      (75 )      (13,172 ) 

General Electric Co.

      (84 )      (8,663 ) 
    

 

 

  
       (21,835 ) 
    

 

 

  

Insurance — (0.5)%

     

Allstate Corp. (The)

      (50 )      (6,329 ) 

Aon plc, Class A

      (6 )      (1,655 ) 

Axis Capital Holdings Ltd.

      (25 )      (1,149 ) 

Travelers Cos., Inc. (The)

      (22 )      (3,358 ) 
    

 

 

  
       (12,491 ) 
    

 

 

  

Internet & Direct Marketing Retail — (0.3)%

     

eBay, Inc.

      (93 )      (6,499 ) 
    

 

 

  

IT Services — (1.1)%

     

Automatic Data Processing, Inc.

      (13 )      (2,647 ) 

Cognizant Technology Solutions Corp., Class A

      (35 )      (2,581 ) 

DXC Technology Co. *

      (41 )      (1,381 ) 

Infosys Ltd., ADR (India)

      (181 )      (4,034 ) 

Paychex, Inc.

      (49 )      (5,466 ) 

Snowflake, Inc., Class A *

      (25 )      (7,492 ) 

Western Union Co. (The)

      (250 )      (5,058 ) 
    

 

 

  
       (28,659 ) 
    

 

 

  

Life Sciences Tools & Services — (0.3)%

     

Waters Corp. *

      (19 )      (6,876 ) 
    

 

 

  

Machinery — (0.7)%

     

Caterpillar, Inc.

      (35 )      (6,697 ) 

Illinois Tool Works, Inc.

      (42 )      (8,719 ) 

JPMorgan U.S. Large Cap Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

 

Investments

    Shares (000)     Value ($000)  
              

PACCAR, Inc.

      (45 )      (3,546 ) 
    

 

 

  
       (18,962 ) 
    

 

 

  

Media — (1.3)%

     

Interpublic Group of Cos., Inc. (The)

      (287 )      (10,538 ) 

Omnicom Group, Inc.

      (153 )      (11,080 ) 

ViacomCBS, Inc.

      (234 )      (9,259 ) 
    

 

 

  
       (30,877 ) 
    

 

 

  

Multiline Retail — (0.2)%

     

Macy’s, Inc.

      (263 )      (5,951 ) 
    

 

 

  

Multi-Utilities — (0.5)%

     

Consolidated Edison, Inc.

      (154 )      (11,198 ) 

Dominion Energy, Inc.

      (25 )      (1,828 ) 
    

 

 

  
       (13,026 ) 
    

 

 

  

Oil, Gas & Consumable Fuels — (1.9)%

     

Devon Energy Corp.

      (171 )      (6,070 ) 

Enbridge, Inc. (Canada)

      (243 )      (9,664 ) 

Exxon Mobil Corp.

      (246 )      (14,473 ) 

Hess Corp.

      (59 )      (4,605 ) 

HollyFrontier Corp.

      (131 )      (4,330 ) 

Kinder Morgan, Inc.

      (152 )      (2,548 ) 

Marathon Oil Corp.

      (399 )      (5,457 ) 
    

 

 

  
       (47,147 ) 
    

 

 

  

Pharmaceuticals — (0.2)%

     

Pfizer, Inc.

      (116 )      (4,990 ) 
    

 

 

  

Professional Services — (0.2)%

     

TransUnion

      (42 )      (4,690 ) 

Verisk Analytics, Inc.

      (8 )      (1,540 ) 
    

 

 

  
       (6,230 ) 
    

 

 

  

Road & Rail — (0.1)%

     

Canadian Pacific Railway Ltd. (Canada)

      (20 )      (1,278 ) 

JB Hunt Transport Services, Inc.

      (6 )      (1,077 ) 

Werner Enterprises, Inc.

      (23 )      (1,008 ) 
    

 

 

  
       (3,363 ) 
    

 

 

  

Semiconductors & Semiconductor Equipment — (1.5)%

     

Broadcom, Inc.

      (28 )      (13,534 ) 

Intel Corp.

      (342 )      (18,208 ) 

QUALCOMM, Inc.

      (28 )      (3,600 ) 

Skyworks Solutions, Inc.

      (7 )      (1,202 ) 
    

 

 

  
       (36,544 ) 
    

 

 

  

Software — (0.4)%

     

Adobe, Inc. *

      (2 )      (1,266 ) 

Citrix Systems, Inc.

      (28 )      (3,004 ) 

Palantir Technologies, Inc., Class A *

      (168 )      (4,029 ) 

VMware, Inc., Class A *

      (8 )      (1,192 ) 
    

 

 

  
       (9,491 ) 
    

 

 

  

Specialty Retail — (0.1)%

     

CarMax, Inc. *

      (11 )      (1,360 ) 
    

 

 

  

Technology Hardware, Storage & Peripherals — (0.3)%

     

HP, Inc.

      (65 )      (1,784 ) 

NetApp, Inc.

      (47 )      (4,238 ) 

Xerox Holdings Corp.

      (95 )      (1,923 ) 
    

 

 

  
       (7,945 ) 
    

 

 

  

Trading Companies & Distributors — (0.2)%

     

Fastenal Co.

      (103 )      (5,315 ) 
    

 

 

  

Water Utilities — 0.0% (b)

     

Essential Utilities, Inc.

      (28 )      (1,276 ) 
    

 

 

  

TOTAL COMMON STOCKS

(Proceeds $(607,947))

        (620,059 ) 
    

 

 

  

TOTAL SHORT POSITIONS

(Proceeds $(607,947))

        (620,059 ) 
    

 

 

  

Total Investments — 100.1%

(Cost $1,127,253)

        2,601,645  

Liabilities in Excess of Other Assets — (0.1)%

        (2,927 ) 
    

 

 

  

Net Assets — 100.0%

 

     2,598,718  
    

 

 

  

 

Percentages indicated are based on net assets.

JPMorgan U.S. Large Cap Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

 

Abbreviations

 

ADR

American Depositary Receipt

 

(a)

All or a portion of this security is segregated as collateral for short sales. The total value of securities segregated as collateral is $846,939.

(b)

Amount rounds to less than 0.1% of net assets.

(c)

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

(d)

The rate shown is the current yield as of September 30, 2021.

(e)

Amount rounds to less than one thousand.

*

Non-income producing security.

JPMorgan U.S. Large Cap Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

(Dollar values in thousands)

 

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

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

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

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 Schedule of Portfolio Investments (“SOI”):

 

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

Total Investments in Securities (a)

    $ 3,221,704     $ —        $ —        $ 3,221,704  
  

 

 

    

 

 

     

 

 

     

 

 

  

Total Liabilities for Securities Sold Short (a)

    $ (620,059 )    $ —        $ —        $ (620,059 ) 
  

 

 

    

 

 

     

 

 

     

 

 

  

 

(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. The Underlying Fund’s distributions may be reinvested into such Underlying Fund. Reinvestment amounts are included in the purchases at cost amount in the table below.

 

For the period ended September 30, 2021

  

Security Description

   Value at
June 30,
2021		     Purchases
at Cost		     Proceeds
from Sales		     Net Realized
Gain (Loss)		     Change in
Unrealized
Appreciation/
(Depreciation)		     Value at
September 30,
2021		     Shares at
September 30,
2021		     Dividend
Income		     Capital Gain
Distributions		  

JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (a) (b)

   $ 11,580     $ 121,014     $ 102,011     $ —   (c)    $ —   (c)    $ 30,583       30,568     $ 5     $ —    
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

(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, 2021.

(c)

Amount rounds to less than one thousand.