NPORT-EX 2 HG_USLCCP.htm PART F HTML

JPMorgan U.S. Large Cap Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (Unaudited)

 

Investments

    Shares (000)      Value ($000)  
               

LONG POSITIONS — 122.7%

 

COMMON STOCKS — 121.8%

 

Aerospace & Defense — 2.3%

 

Howmet Aerospace, Inc.

      380        13,650  

Northrop Grumman Corp. (a)

      32        14,104  

Raytheon Technologies Corp.

      206        20,454  

TransDigm Group, Inc. *

      8        5,132  
     

 

 

  
        53,340  
     

 

 

  

Air Freight & Logistics — 0.8%

 

United Parcel Service, Inc., Class B

      87        18,656  
     

 

 

  

Auto Components — 0.4%

 

Aptiv plc *

      32        3,825  

Magna International, Inc. (Canada)

      72        4,643  
     

 

 

  
        8,468  
     

 

 

  

Automobiles — 0.3%

 

Rivian Automotive, Inc., Class A *

      125        6,285  
     

 

 

  

Banks — 5.4%

 

Bank of America Corp. (a)

      600        24,727  

Fifth Third Bancorp

      270        11,603  

SVB Financial Group *

      38        21,523  

Truist Financial Corp.

      344        19,529  

Wells Fargo & Co. (a)

      944        45,725  
     

 

 

  
        123,107  
     

 

 

  

Beverages — 2.7%

 

Coca-Cola Co. (The) (a)

      400        24,816  

Constellation Brands, Inc., Class A

      24        5,479  

Monster Beverage Corp. *

      106        8,481  

PepsiCo, Inc. (a)

      129        21,674  
     

 

 

  
        60,450  
     

 

 

  

Biotechnology — 4.7%

 

AbbVie, Inc. (a)

      298        48,304  

Biogen, Inc. * (a)

      50        10,573  

BioMarin Pharmaceutical, Inc. *

      79        6,096  

Neurocrine Biosciences, Inc. *

      94        8,767  

Regeneron Pharmaceuticals, Inc. *

      22        15,311  

Sarepta Therapeutics, Inc. *

      43        3,382  

Vertex Pharmaceuticals, Inc. *

      59        15,445  
     

 

 

  
        107,878  
     

 

 

  

Building Products — 0.9%

 

Trane Technologies plc

      133        20,284  
     

 

 

  

Capital Markets — 1.9%

 

Ameriprise Financial, Inc.

      8        2,460  

Charles Schwab Corp. (The)

      173        14,555  

CME Group, Inc.

      52        12,447  

Morgan Stanley (a)

      63        5,492  

S&P Global, Inc.

      19        7,900  
     

 

 

  
        42,854  
     

 

 

  

Chemicals — 2.4%

 

Air Products and Chemicals, Inc.

      36        8,917  

DuPont de Nemours, Inc.

      101        7,403  

Eastman Chemical Co.

      81        9,084  

Linde plc (United Kingdom)

      77        24,732  

PPG Industries, Inc.

      39        5,060  
     

 

 

  
        55,196  
     

 

 

  

Commercial Services & Supplies — 0.2%

 

Waste Connections, Inc.

      26        3,683  
     

 

 

  

Communications Equipment — 0.1%

 

Juniper Networks, Inc.

      37        1,382  
     

 

 

  

Construction Materials — 0.6%

 

Martin Marietta Materials, Inc.

      26        10,144  

Vulcan Materials Co.

      18        3,349  
     

 

 

  
        13,493  
     

 

 

  

Consumer Finance — 1.0%

 

American Express Co.

      121        22,558  
     

 

 

  

Diversified Financial Services — 0.2%

 

Voya Financial, Inc.

      62        4,081  
     

 

 

  

Electric Utilities — 2.2%

 

Alliant Energy Corp.

      20        1,246  

Exelon Corp.

      494        23,534  

FirstEnergy Corp.

      122        5,596  

NextEra Energy, Inc.

      236        20,006  
     

 

 

  
        50,382  
     

 

 

  

Electrical Equipment — 1.0%

 

Eaton Corp. plc

      157        23,821  
     

 

 

  

Electronic Equipment, Instruments & Components — 0.2%

 

Corning, Inc.

      60        2,226  

Keysight Technologies, Inc. *

      18        2,896  
     

 

 

  
        5,122  
     

 

 

  

Energy Equipment & Services — 0.2%

 

Baker Hughes Co. (a)

      142        5,176  
     

 

 

  

Entertainment — 0.7%

 

Endeavor Group Holdings, Inc., Class A *

      503        14,849  
     

 

 

  

Equity Real Estate Investment Trusts (REITs) — 2.9%

 

American Homes 4 Rent, Class A

      137        5,466  

Camden Property Trust

      17        2,819  

Cousins Properties, Inc.

      113        4,536  

Equinix, Inc.

      12        8,781  

Host Hotels & Resorts, Inc.

      193        3,755  

Kimco Realty Corp.

      108        2,676  

Prologis, Inc.

      120        19,351  

Sun Communities, Inc.

      75        13,161  

UDR, Inc.

      82        4,728  
     

 

 

  
        65,273  
     

 

 

  

Food & Staples Retailing — 0.6%

 

Costco Wholesale Corp.

      25        14,641  
     

 

 

  

Food Products — 1.1%

 

Hershey Co. (The)

      53        11,507  

Mondelez International, Inc., Class A (a)

      225        14,134  
     

 

 

  
        25,641  
     

 

 

  

Health Care Equipment & Supplies — 2.9%

 

Abbott Laboratories

      87        10,313  

Boston Scientific Corp. * (a)

      580        25,689  

Intuitive Surgical, Inc. *

      53        15,992  

JPMorgan U.S. Large Cap Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

 

Investments

    Shares (000)      Value ($000)  
               

Zimmer Biomet Holdings, Inc.

      102        13,006  
     

 

 

  
        65,000  
     

 

 

  

Health Care Providers & Services — 4.5%

 

Centene Corp. *

      284        23,941  

CVS Health Corp. (a)

      117        11,844  

Humana, Inc.

      8        3,331  

UnitedHealth Group, Inc. (a)

      124        63,023  
     

 

 

  
        102,139  
     

 

 

  

Hotels, Restaurants & Leisure — 3.7%

 

Booking Holdings, Inc. *

      4        9,854  

Chipotle Mexican Grill, Inc. *

      7        10,688  

Domino’s Pizza, Inc.

      7        2,904  

Expedia Group, Inc. *

      68        13,377  

Hilton Worldwide Holdings, Inc. *

      50        7,537  

Marriott International, Inc., Class A *

      26        4,654  

McDonald’s Corp.

      127        31,408  

Yum! Brands, Inc.

      28        3,285  
     

 

 

  
        83,707  
     

 

 

  

Household Durables — 0.4%

      

Toll Brothers, Inc.

      194        9,099  
     

 

 

  

Household Products — 1.2%

 

Procter & Gamble Co. (The)(a)

      180        27,481  
     

 

 

  

Insurance — 2.1%

 

Arthur J Gallagher & Co.

      87        15,180  

MetLife, Inc.

      53        3,718  

Progressive Corp. (The)

      217        24,785  

Prudential Financial, Inc.

      29        3,395  
     

 

 

  
        47,078  
     

 

 

  

Interactive Media & Services — 7.1%

 

Alphabet, Inc., Class A * (a)

      32        88,742  

Alphabet, Inc., Class C * (a)

      9        24,964  

Meta Platforms, Inc., Class A * (a)

      144        32,032  

Snap, Inc., Class A *

      429        15,457  
     

 

 

  
        161,195  
     

 

 

  

Internet & Direct Marketing Retail — 5.8%

 

Amazon.com, Inc. * (a)

      41        133,192  
     

 

 

  

IT Services — 5.1%

 

Automatic Data Processing, Inc.

      49        11,106  

FleetCor Technologies, Inc. *

      10        2,427  

Mastercard, Inc., Class A (a)

      205        73,309  

PayPal Holdings, Inc. * (a)

      31        3,533  

Shopify, Inc., Class A (Canada) *

      11        7,104  

WEX, Inc. *

      104        18,487  
     

 

 

  
        115,966  
     

 

 

  

Life Sciences Tools & Services — 2.3%

 

Danaher Corp.

      38        11,283  

Thermo Fisher Scientific, Inc. (a)

      70        41,184  
     

 

 

  
        52,467  
     

 

 

  

Machinery — 4.7%

 

Deere & Co.

      107        44,353  

Dover Corp.

      134        21,020  

Ingersoll Rand, Inc.

      450        22,647  

Otis Worldwide Corp.

      210        16,129  

Parker-Hannifin Corp.

      11        3,172  
     

 

 

  
        107,321  
     

 

 

  

Media — 1.6%

 

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

      26        13,930  

Comcast Corp., Class A (a)

      404        18,937  

Liberty Media Corp.-Liberty SiriusXM, Class A *

      70        3,195  
     

 

 

  
        36,062  
     

 

 

  

Metals & Mining — 0.6%

 

Freeport-McMoRan, Inc.

      263        13,098  
     

 

 

  

Multiline Retail — 0.2%

 

Dollar General Corp.

      23        5,031  
     

 

 

  

Multi-Utilities — 1.9%

 

Ameren Corp.

      239        22,413  

CenterPoint Energy, Inc.

      518        15,875  

NiSource, Inc.

      102        3,236  

Sempra Energy

      17        2,774  
     

 

 

  
        44,298  
     

 

 

  

Oil, Gas & Consumable Fuels — 5.8%

 

Cheniere Energy, Inc.

      20        2,725  

Chevron Corp.

      171        27,842  

ConocoPhillips (a)

      417        41,704  

Coterra Energy, Inc.

      39        1,049  

Diamondback Energy, Inc.

      227        31,102  

EOG Resources, Inc.

      41        4,850  

ONEOK, Inc.

      41        2,893  

Phillips 66

      56        4,802  

Pioneer Natural Resources Co. (a)

      57        14,372  
     

 

 

  
        131,339  
     

 

 

  

Personal Products — 0.6%

 

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

      49        13,233  
     

 

 

  

Pharmaceuticals — 2.7%

 

Bristol-Myers Squibb Co. (a)

      356        25,965  

Eli Lilly & Co.

      126        36,216  
     

 

 

  
        62,181  
     

 

 

  

Professional Services — 1.0%

 

Booz Allen Hamilton Holding Corp.

      116        10,171  

Leidos Holdings, Inc.

      121        13,043  
     

 

 

  
        23,214  
     

 

 

  

Road & Rail — 4.3%

 

Canadian National Railway Co. (Canada)

      40        5,412  

CSX Corp.

      191        7,145  

Knight-Swift Transportation Holdings, Inc.

      59        2,993  

Lyft, Inc., Class A *

      618        23,738  

Norfolk Southern Corp. (a)

      127        36,139  

Old Dominion Freight Line, Inc.

      34        10,044  

Union Pacific Corp. (a)

      44        12,002  
     

 

 

  
        97,473  
     

 

 

  

Semiconductors & Semiconductor Equipment — 9.7%

 

Advanced Micro Devices, Inc. *

      251        27,423  

Analog Devices, Inc. (a)

      139        22,998  

Lam Research Corp.

      34        18,314  

Marvell Technology, Inc.

      31        2,197  

Microchip Technology, Inc.

      28        2,097  

NVIDIA Corp. (a)

      139        37,906  

JPMorgan U.S. Large Cap Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

 

Investments

    Shares (000)     Value ($000)  

NXP Semiconductors NV (China)

      382       70,752  

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

      19       1,941  

Teradyne, Inc.

      92       10,848  

Texas Instruments, Inc. (a)

      142       26,067  
    

 

 

  
       220,543  
    

 

 

  

Software — 9.7%

 

Autodesk, Inc. *

      10       2,055  

Ceridian HCM Holding, Inc. *

      220       15,052  

Coupa Software, Inc. *

      101       10,288  

DocuSign, Inc. *

      47       5,074  

Intuit, Inc.

      37       17,718  

Microsoft Corp. (a)

      509       156,835  

Workday, Inc., Class A *

      59       14,171  
    

 

 

  
       221,193  
    

 

 

  

Specialty Retail — 3.8%

 

AutoZone, Inc. *

      1       2,556  

Best Buy Co., Inc.

      32       2,905  

Burlington Stores, Inc. *

      68       12,366  

Lowe’s Cos., Inc.

      176       35,491  

O’Reilly Automotive, Inc. * (a)

      49       33,892  
    

 

 

  
       87,210  
    

 

 

  

Technology Hardware, Storage & Peripherals — 5.9%

 

Apple, Inc. (a)

      679       118,475  

Hewlett Packard Enterprise Co.

      94       1,565  

Seagate Technology Holdings plc

      157       14,127  
    

 

 

  
       134,167  
    

 

 

  

Textiles, Apparel & Luxury Goods — 0.7%

 

NIKE, Inc., Class B

      123       16,587  
    

 

 

  

Wireless Telecommunication Services — 0.7%

 

T-Mobile US, Inc. *

      127       16,245  
    

 

 

  

TOTAL COMMON STOCKS

(Cost $1,519,829)

 

 

     2,773,139  
 

 

 

  

SHORT-TERM INVESTMENTS — 0.9%

 

INVESTMENT COMPANIES — 0.9%

 

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

(Cost $21,213)

      21,211       21,215  
    

 

 

  

TOTAL LONG POSITIONS

(Cost $1,541,042)

 

 

     2,794,354  
 

 

 

  

SHORT POSITIONS — (22.5)%

 

COMMON STOCKS — (22.5)%

 

Aerospace & Defense — (0.4)%

 

Hexcel Corp.

      (35 )      (2,082 ) 

Huntington Ingalls Industries, Inc.

      (31 )      (6,258 ) 

L3Harris Technologies, Inc.

      (5 )      (1,189 ) 
    

 

 

  
       (9,529 ) 
    

 

 

  

Air Freight & Logistics — (0.6)%

 

CH Robinson Worldwide, Inc.

      (77 )      (8,277 ) 

Expeditors International of Washington, Inc.

      (51 )      (5,278 ) 
    

 

 

  
       (13,555 ) 
    

 

 

  

Auto Components — (0.4)%

 

Autoliv, Inc. (Sweden)

      (45 )      (3,433 ) 

BorgWarner, Inc.

      (136 )      (5,277 ) 
    

 

 

  
       (8,710 ) 
    

 

 

  

Banks — (0.1)%

 

Huntington Bancshares, Inc.

      (114 )      (1,666 ) 

KeyCorp

      (45 )      (1,006 ) 
    

 

 

  
       (2,672 ) 
    

 

 

  

Biotechnology — (0.4)%

 

Moderna, Inc. *

      (57 )      (9,803 ) 
    

 

 

  

Building Products — (0.4)%

 

Allegion plc

      (20 )      (2,170 ) 

Carrier Global Corp.

      (117 )      (5,380 ) 

Johnson Controls International plc

      (35 )      (2,262 ) 
    

 

 

  
       (9,812 ) 
    

 

 

  

Capital Markets — (0.8)%

 

Franklin Resources, Inc.

      (140 )      (3,900 ) 

Goldman Sachs Group, Inc. (The)

      (6 )      (2,071 ) 

Moody’s Corp.

      (16 )      (5,327 ) 

MSCI, Inc.

      (13 )      (6,325 ) 

Northern Trust Corp.

      (10 )      (1,152 ) 
    

 

 

  
       (18,775 ) 
    

 

 

  

Chemicals — (0.2)%

 

Dow, Inc.

      (35 )      (2,246 ) 

Ecolab, Inc.

      (11 )      (1,995 ) 
    

 

 

  
       (4,241 ) 
    

 

 

  

Commercial Services & Supplies — (0.1)%

 

Waste Management, Inc.

      (17 )      (2,632 ) 
    

 

 

  

Consumer Finance — (0.4)%

 

Capital One Financial Corp.

      (65 )      (8,592 ) 
    

 

 

  

Containers & Packaging — (0.5)%

 

AptarGroup, Inc.

      (26 )      (3,058 ) 

Ball Corp.

      (14 )      (1,233 ) 

International Paper Co.

      (108 )      (4,987 ) 

Silgan Holdings, Inc.

      (53 )      (2,473 ) 
    

 

 

  
       (11,751 ) 
    

 

 

  

Diversified Telecommunication Services — (0.8)%

 

AT&T, Inc.

      (310 )      (7,322 ) 

Lumen Technologies, Inc.

      (473 )      (5,336 ) 

Verizon Communications, Inc.

      (121 )      (6,177 ) 
    

 

 

  
       (18,835 ) 
    

 

 

  

Electric Utilities — (1.5)%

 

American Electric Power Co., Inc.

      (74 )      (7,430 ) 

Duke Energy Corp.

      (45 )      (4,969 ) 

Eversource Energy

      (41 )      (3,604 ) 

Pinnacle West Capital Corp.

      (51 )      (4,005 ) 

PPL Corp.

      (228 )      (6,499 ) 

Southern Co. (The)

      (113 )      (8,225 ) 
    

 

 

  
       (34,732 ) 
    

 

 

  

Electrical Equipment — (0.5)%

 

Acuity Brands, Inc.

      (11 )      (2,134 ) 

JPMorgan U.S. Large Cap Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

 

Investments

    Shares (000)     Value ($000)  

Emerson Electric Co.

      (36 )      (3,547 ) 

Hubbell, Inc.

      (31 )      (5,711 ) 

Sensata Technologies Holding plc *

      (21 )      (1,068 ) 
    

 

 

  
       (12,460 ) 
    

 

 

  

Electronic Equipment, Instruments & Components — (0.2)%

 

Cognex Corp.

      (53 )      (4,069 ) 
    

 

 

  

Energy Equipment & Services — (0.3)%

 

Schlumberger NV

      (138 )      (5,710 ) 
    

 

 

  

Entertainment — (0.2)%

 

AMC Entertainment Holdings, Inc., Class A *

      (146 )      (3,605 ) 
    

 

 

  

Equity Real Estate Investment Trusts (REITs) — (0.9)%

 

Iron Mountain, Inc.

      (107 )      (5,909 ) 

National Retail Properties, Inc.

      (138 )      (6,211 ) 

Orion Office REIT, Inc.

      — (e)      — (e) 

Realty Income Corp.

      (50 )      (3,490 ) 

Simon Property Group, Inc.

      (22 )      (2,848 ) 

SL Green Realty Corp.

      (30 )      (2,432 ) 
    

 

 

  
       (20,890 ) 
    

 

 

  

Food & Staples Retailing — (1.0)%

 

Kroger Co. (The)

      (283 )      (16,229 ) 

Walgreens Boots Alliance, Inc.

      (167 )      (7,489 ) 
    

 

 

  
       (23,718 ) 
    

 

 

  

Food Products — (0.6)%

 

Campbell Soup Co.

      (122 )      (5,453 ) 

Conagra Brands, Inc.

      (65 )      (2,175 ) 

General Mills, Inc.

      (17 )      (1,168 ) 

Kellogg Co.

      (65 )      (4,188 ) 
    

 

 

  
       (12,984 ) 
    

 

 

  

Gas Utilities — (0.1)%

 

National Fuel Gas Co.

      (43 )      (2,971 ) 
    

 

 

  

Health Care Equipment & Supplies — (0.6)%

 

Baxter International, Inc.

      (83 )      (6,453 ) 

Stryker Corp.

      (28 )      (7,559 ) 
    

 

 

  
       (14,012 ) 
    

 

 

  

Health Care Providers & Services — (0.2)%

 

Quest Diagnostics, Inc.

      (26 )      (3,500 ) 

Universal Health Services, Inc., Class B

      (8 )      (1,173 ) 
    

 

 

  
       (4,673 ) 
    

 

 

  

Hotels, Restaurants & Leisure — (0.2)%

 

Starbucks Corp.

      (52 )      (4,727 ) 
    

 

 

  

Household Durables — (0.3)%

 

Mohawk Industries, Inc. *

      (32 )      (3,947 ) 

NVR, Inc. *

      — (e)      (1,072 ) 

PulteGroup, Inc.

      (23 )      (985 ) 
    

 

 

  
       (6,004 ) 
    

 

 

  

Household Products — (0.5)%

 

Clorox Co. (The)

      (63 )      (8,788 ) 

Kimberly-Clark Corp.

      (27 )      (3,278 ) 
    

 

 

  
       (12,066 ) 
    

 

 

  

Industrial Conglomerates — (1.0)%

 

3M Co.

      (98 )      (14,609 ) 

General Electric Co.

      (91 )      (8,372 ) 
    

 

 

  
       (22,981 ) 
    

 

 

  

Insurance — (0.2)%

 

Allstate Corp. (The)

      (8 )      (1,150 ) 

Chubb Ltd.

      (11 )      (2,267 ) 
    

 

 

  
       (3,417 ) 
    

 

 

  

Internet & Direct Marketing Retail — (0.1)%

 

eBay, Inc.

      (56 )      (3,192 ) 
    

 

 

  

IT Services — (1.1)%

 

Cognizant Technology Solutions Corp., Class A

      (47 )      (4,182 ) 

DXC Technology Co. *

      (34 )      (1,116 ) 

Global Payments, Inc.

      (41 )      (5,647 ) 

Paychex, Inc.

      (40 )      (5,450 ) 

Snowflake, Inc., Class A *

      (4 )      (920 ) 

Western Union Co. (The)

      (397 )      (7,433 ) 
    

 

 

  
       (24,748 ) 
    

 

 

  

Life Sciences Tools & Services — (0.3)%

 

Waters Corp. *

      (19 )      (5,855 ) 
    

 

 

  

Machinery — (0.7)%

 

Caterpillar, Inc.

      (19 )      (4,129 ) 

IDEX Corp.

      (10 )      (1,998 ) 

Illinois Tool Works, Inc.

      (26 )      (5,390 ) 

PACCAR, Inc.

      (52 )      (4,554 ) 
    

 

 

  
       (16,071 ) 
    

 

 

  

Media — (1.7)%

 

Interpublic Group of Cos., Inc. (The)

      (150 )      (5,304 ) 

Omnicom Group, Inc.

      (220 )      (18,676 ) 

Paramount Global, Class B

      (306 )      (11,575 ) 
    

 

 

  
       (35,555 ) 
    

 

 

  

Multiline Retail — (0.3)%

 

Kohl’s Corp.

      (27 )      (1,662 ) 

Macy’s, Inc.

      (49 )      (1,195 ) 

Target Corp.

      (17 )      (3,669 ) 
    

 

 

  
       (6,526 ) 
    

 

 

  

Oil, Gas & Consumable Fuels — (1.2)%

 

Enbridge, Inc. (Canada)

      (293 )      (13,522 ) 

Exxon Mobil Corp.

      (30 )      (2,477 ) 

Hess Corp.

      (81 )      (8,695 ) 

Marathon Oil Corp.

      (86 )      (2,169 ) 
    

 

 

  
       (26,863 ) 
    

 

 

  

Pharmaceuticals — (0.5)%

 

Merck & Co., Inc.

      (61 )      (4,998 ) 

Pfizer, Inc.

      (88 )      (4,575 ) 

Zoetis, Inc.

      (12 )      (2,204 ) 
    

 

 

  
       (11,777 ) 
    

 

 

  

Professional Services — (0.5)%

 

Equifax, Inc.

      (19 )      (4,412 ) 

TransUnion

      (35 )      (3,638 ) 

Verisk Analytics, Inc.

      (17 )      (3,635 ) 
    

 

 

  
       (11,685 ) 
    

 

 

  

Road & Rail — (0.4)%

 

Canadian Pacific Railway Ltd. (Canada)

      (51 )      (4,204 ) 

Werner Enterprises, Inc.

      (97 )      (3,957 ) 
    

 

 

  
       (8,161 ) 
    

 

 

  

JPMorgan U.S. Large Cap Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

 

Investments

    Shares (000)     Value ($000)  

Semiconductors & Semiconductor Equipment — (1.2)%

 

Broadcom, Inc.

      (7 )      (4,399 ) 

Intel Corp.

      (284 )      (14,092 ) 

QUALCOMM, Inc.

      (54 )      (8,200 ) 
    

 

 

  
       (26,691 ) 
    

 

 

  

Software — (0.1)%

 

Palantir Technologies, Inc., Class A *

      (53 )      (725 ) 

VMware, Inc., Class A

      (19 )      (2,200 ) 
    

 

 

  
       (2,925 ) 
    

 

 

  

Specialty Retail — (0.1)%

 

CarMax, Inc. *

      (30 )      (2,896 ) 
    

 

 

  

Technology Hardware, Storage & Peripherals — (0.6)%

 

HP, Inc.

      (81 )      (2,923 ) 

NetApp, Inc.

      (108 )      (8,988 ) 

Xerox Holdings Corp.

      (78 )      (1,578 ) 
    

 

 

  
       (13,489 ) 
    

 

 

  

Textiles, Apparel & Luxury Goods — 0.0% (d)

 

VF Corp.

      (16 )      (922 ) 
    

 

 

  

Trading Companies & Distributors — (0.3)%

 

Fastenal Co.

      (103 )      (6,096 ) 
    

 

 

  

TOTAL COMMON STOCKS

(Proceeds $(515,960))

 

 

     (511,378 ) 
 

 

 

  

TOTAL SHORT POSITIONS

(Proceeds $(515,960))

 

 

     (511,378 ) 
 

 

 

  

Total Investments — 100.2%

(Cost $1,025,082)

 

 

     2,282,976  

Liabilities in Excess of Other Assets — (0.2)%

 

     (5,584 ) 
 

 

 

  

Net Assets — 100.0%

 

     2,277,392  
 

 

 

  

 

Percentages indicated are based on net assets.

Abbreviations

 

ADR

American Depositary Receipt

REIT

Real Estate Investment Trust

 

(a)

All or a portion of this security is segregated as collateral for short sales. The total value of securities segregated as collateral is $698,468.

(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 March 31, 2022.

(d)

Amount rounds to less than 0.1% of net assets.

(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 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)

    $ 2,794,354     $ —        $ —        $ 2,794,354  
  

 

 

    

 

 

     

 

 

     

 

 

  

Total Liabilities for Securities Sold Short (a)

    $ (511,378 )    $ —        $ —        $ (511,378 ) 
  

 

 

    

 

 

     

 

 

     

 

 

  

 

(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)

    $ 11,580      $ 430,689      $ 421,051      $ (5 )    $ 2      $ 21,215        21,211      $ 16      $ —    
  

 

 

     

 

 

     

 

 

     

 

 

    

 

 

     

 

 

        

 

 

     

 

 

  

 

(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.