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JPMorgan Equity Focus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (Unaudited)

 

Investments

    Shares (000)      Value ($000)  
               

COMMON STOCKS — 87.7%

 

Air Freight & Logistics — 1.9%

 

FedEx Corp.

      15        3,418  
     

 

 

  

Automobiles — 3.1%

 

Tesla, Inc. *

      5        5,515  
     

 

 

  

Banks — 2.7%

 

Bank of America Corp.

      118        4,882  
     

 

 

  

Biotechnology — 4.6%

 

AbbVie, Inc.

      32        5,121  

Regeneron Pharmaceuticals, Inc. *

      5        3,157  
     

 

 

  
        8,278  
     

 

 

  

Building Products — 1.0%

 

Trane Technologies plc

      12        1,846  
     

 

 

  

Capital Markets — 2.0%

 

Charles Schwab Corp. (The)

      44        3,684  
     

 

 

  

Construction & Engineering — 1.1%

 

Quanta Services, Inc.

      14        1,898  
     

 

 

  

Construction Materials — 1.8%

 

Martin Marietta Materials, Inc.

      8        3,237  
     

 

 

  

Consumer Finance — 2.4%

 

Capital One Financial Corp.

      33        4,379  
     

 

 

  

Containers & Packaging — 2.2%

 

Packaging Corp. of America

      26        4,054  
     

 

 

  

Diversified Financial Services — 3.3%

 

Berkshire Hathaway, Inc., Class B *

      17        6,032  
     

 

 

  

Electric Utilities — 1.8%

 

Xcel Energy, Inc.

      44        3,208  
     

 

 

  

Electronic Equipment, Instruments & Components — 0.9%

 

Zebra Technologies Corp., Class A *

      4        1,676  
     

 

 

  

Equity Real Estate Investment Trusts (REITs) — 3.9%

 

Public Storage

      5        1,963  

Weyerhaeuser Co.

      132        4,993  
     

 

 

  
        6,956  
     

 

 

  

Health Care Equipment & Supplies — 2.6%

 

Dexcom, Inc. *

      4        2,022  

Intuitive Surgical, Inc.*

      9        2,590  
     

 

 

  
        4,612  
     

 

 

  

Health Care Providers & Services — 2.8%

 

UnitedHealth Group, Inc.

      10        5,132  
     

 

 

  

Hotels, Restaurants & Leisure — 1.4%

 

Booking Holdings, Inc. *

      1        2,445  
     

 

 

  

Household Products — 2.0%

 

Procter & Gamble Co. (The)

      23        3,561  
     

 

 

  

Insurance — 3.2%

 

Loews Corp.

      89        5,754  
     

 

 

  

Interactive Media & Services — 4.3%

 

Alphabet, Inc., Class C *

      3        7,692  
     

 

 

  

Internet & Direct Marketing Retail — 3.2%

 

Amazon.com, Inc. *

      2        5,826  
     

 

 

  

IT Services — 3.5%

 

Global Payments, Inc.

      15        2,089  

Mastercard, Inc., Class A

      12        4,299  
     

 

 

  
        6,388  
     

 

 

  

Machinery — 3.0%

 

Deere & Co.

      8        3,337  

Ingersoll Rand, Inc.

      41        2,051  
     

 

 

  
        5,388  
     

 

 

  

Media — 1.8%

 

Charter Communications, Inc., Class A *

      6        3,257  
     

 

 

  

Oil, Gas & Consumable Fuels — 4.2%

 

ConocoPhillips

      41        4,097  

Kinder Morgan, Inc.

      184        3,485  
     

 

 

  
        7,582  
     

 

 

  

Pharmaceuticals — 2.2%

 

Bristol-Myers Squibb Co.

      55        3,989  
     

 

 

  

Semiconductors & Semiconductor Equipment — 4.9%

 

Advanced Micro Devices, Inc. *

      26        2,863  

QUALCOMM, Inc.

      21        3,166  

SolarEdge Technologies, Inc. *

      8        2,729  
     

 

 

  
        8,758  
     

 

 

  

Software — 4.9%

 

Microsoft Corp.

      29        8,827  
     

 

 

  

Specialty Retail — 4.0%

 

AutoZone, Inc. *

      2        5,042  

Best Buy Co., Inc.

      24        2,180  
     

 

 

  
        7,222  
     

 

 

  

Technology Hardware, Storage & Peripherals — 5.4%

 

Apple, Inc.

      56        9,781  
     

 

 

  

Wireless Telecommunication Services — 1.6%

 

T-Mobile US, Inc. *

      22        2,851  
     

 

 

  

TOTAL COMMON STOCKS

(Cost $102,628)

         158,128  
     

 

 

  

JPMorgan Equity Focus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (Unaudited) (continued)

 

Investments

    Shares (000)      Value ($000)  
               

SHORT-TERM INVESTMENTS — 4.4%

 

INVESTMENT COMPANIES — 4.4%

 

JPMorgan Prime Money Market Fund Class IM Shares, 0.32% (a) (b)

(Cost $7,872)

      7,871        7,873  
     

 

 

  

Total Investments — 92.1%

(Cost $110,500)

         166,001  

Other Assets Less Liabilities — 7.9%

 

      14,312  
     

 

 

  

Net Assets — 100.0%

 

      180,313  
  

 

 

  

 

Percentages indicated are based on net assets.

JPMorgan Equity Focus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (Unaudited) (continued)

 

(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 March 31, 2022.

*

Non-income producing security.

JPMorgan Equity Focus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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)

    $ 166,001      $ –        $ –        $ 166,001  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

(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 March 31, 2022

  

Security Description

    Value at
June 30,
2021		      Purchases
at Cost		      Proceeds
from Sales		      Net
Realized
Gain (Loss)		     Change in
Unrealized
Appreciation/
(Depreciation)		     Value at
March 31,
2022		      Shares at
March 31,
2022		      Dividend
Income		      Capital Gain
Distributions		  

JPMorgan Prime Money Market Fund Class IM Shares,
0.32% (a) (b)

    $ 3,582      $ 32,304      $ 28,012      $ (1 )    $ —   (c)    $ 7,873        7,871      $ 3      $ —    
  

 

 

     

 

 

     

 

 

     

 

 

    

 

 

    

 

 

        

 

 

     

 

 

  

 

(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 March 31, 2022.

(c)

Amount rounds to less than one thousand.