NPORT-EX 2 HG_USREE.htm PART F HTML

JPMorgan U.S. Research Enhanced Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (Unaudited)

 

Investments

    Shares (000)      Value ($000)  
               

COMMON STOCKS — 99.1%

 

Aerospace & Defense — 1.0%

 

Northrop Grumman Corp.

      39        17,265  

Raytheon Technologies Corp.

      410        40,639  

Textron, Inc.

      199        14,772  
     

 

 

  
        72,676  
     

 

 

  

Air Freight & Logistics — 1.2%

 

FedEx Corp.

      100        23,033  

United Parcel Service, Inc., Class B

      287        61,651  
     

 

 

  
        84,684  
     

 

 

  

Airlines — 0.2%

 

Southwest Airlines Co. *

      280        12,828  
     

 

 

  

Auto Components — 0.2%

 

Aptiv plc *

      51        6,099  

Magna International, Inc. (Canada)

      166        10,647  
     

 

 

  
        16,746  
     

 

 

  

Automobiles — 2.4%

 

General Motors Co. *

      297        12,987  

Rivian Automotive, Inc., Class A *

      55        2,782  

Tesla, Inc. *

      148        159,002  
     

 

 

  
        174,771  
     

 

 

  

Banks — 3.6%

 

Bank of America Corp.

      1,156        47,657  

Citigroup, Inc.

      524        27,956  

Fifth Third Bancorp

      410        17,625  

Regions Financial Corp.

      844        18,786  

SVB Financial Group *

      18        10,346  

Truist Financial Corp.

      439        24,886  

US Bancorp

      879        46,728  

Wells Fargo & Co.

      1,358        65,811  
     

 

 

  
        259,795  
     

 

 

  

Beverages — 1.6%

 

Coca-Cola Co. (The)

      1,331        82,534  

Constellation Brands, Inc., Class A

      107        24,603  

PepsiCo, Inc.

      52        8,704  
     

 

 

  
        115,841  
     

 

 

  

Biotechnology — 2.6%

 

AbbVie, Inc.

      585        94,839  

Biogen, Inc. *

      59        12,322  

BioMarin Pharmaceutical, Inc. *

      44        3,369  

Moderna, Inc. *

      28        4,806  

Neurocrine Biosciences, Inc. *

      45        4,181  

Regeneron Pharmaceuticals, Inc. *

      51        35,564  

Vertex Pharmaceuticals, Inc. *

      134        34,935  
     

 

 

  
        190,016  
     

 

 

  

Building Products — 0.7%

 

Masco Corp.

      264        13,441  

Trane Technologies plc

      250        38,147  
     

 

 

  
        51,588  
     

 

 

  

Capital Markets — 2.9%

 

Goldman Sachs Group, Inc. (The)

      82        27,031  

Intercontinental Exchange, Inc.

      172        22,788  

Morgan Stanley

      336        29,363  

S&P Global, Inc.

      138        56,424  

State Street Corp.

      467        40,695  

T. Rowe Price Group, Inc.

      194        29,276  
     

 

 

  
        205,577  
     

 

 

  

Chemicals — 1.8%

 

Air Products and Chemicals, Inc.

      42        10,598  

Celanese Corp.

      64        9,163  

DuPont de Nemours, Inc.

      179        13,187  

Eastman Chemical Co.

      208        23,337  

Linde plc (United Kingdom)

      158        50,414  

PPG Industries, Inc.

      183        23,959  
     

 

 

  
        130,658  
     

 

 

  

Commercial Services & Supplies — 0.1%

 

Cintas Corp.

      19        8,172  
     

 

 

  

Communications Equipment — 0.1%

 

Motorola Solutions, Inc.

      26        6,377  
     

 

 

  

Construction Materials — 0.2%

 

Martin Marietta Materials, Inc.

      33        12,817  
     

 

 

  

Consumer Finance — 0.6%

 

American Express Co.

      116        21,636  

Capital One Financial Corp.

      156        20,486  
     

 

 

  
        42,122  
     

 

 

  

Containers & Packaging — 0.1%

 

Avery Dennison Corp.

      62        10,769  
     

 

 

  

Diversified Financial Services — 1.7%

 

Berkshire Hathaway, Inc., Class B *

      325        114,703  

Voya Financial, Inc.

      91        6,012  
     

 

 

  
        120,715  
     

 

 

  

Diversified Telecommunication Services — 0.3%

 

Verizon Communications, Inc.

      440        22,421  
     

 

 

  

Electric Utilities — 2.0%

 

Edison International

      210        14,735  

Evergy, Inc.

      150        10,244  

Exelon Corp.

      760        36,194  

FirstEnergy Corp.

      496        22,737  

NextEra Energy, Inc.

      683        57,842  
     

 

 

  
        141,752  
     

 

 

  

Electrical Equipment — 0.6%

 

Eaton Corp. plc

      264        40,049  
     

 

 

  

Energy Equipment & Services — 0.1%

 

Baker Hughes Co.

      179        6,517  
     

 

 

  

Entertainment — 0.7%

 

Netflix, Inc. *

      94        35,273  

Walt Disney Co. (The) *

      91        12,447  
     

 

 

  
        47,720  
     

 

 

  

Equity Real Estate Investment Trusts (REITs) — 2.6%

 

Camden Property Trust

      130        21,639  

Equinix, Inc.

      28        20,917  

Equity LifeStyle Properties, Inc.

      174        13,293  

JPMorgan U.S. Research Enhanced Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

 

Investments

    Shares (000)      Value ($000)  

Host Hotels & Resorts, Inc.

      359        6,973  

Kimco Realty Corp.

      483        11,928  

Prologis, Inc.

      339        54,680  

SBA Communications Corp.

      37        12,560  

Sun Communities, Inc.

      101        17,648  

UDR, Inc.

      54        3,087  

Ventas, Inc.

      372        23,003  
     

 

 

  
        185,728  
     

 

 

  

Food & Staples Retailing — 0.4%

 

Costco Wholesale Corp.

      50        28,562  
     

 

 

  

Food Products — 0.5%

 

Mondelez International, Inc., Class A

      570        35,796  
     

 

 

  

Health Care Equipment & Supplies — 2.7%

 

Abbott Laboratories

      368        43,502  

ABIOMED, Inc. *

      8        2,706  

Baxter International, Inc.

      320        24,821  

Boston Scientific Corp. *

      644        28,517  

Dexcom, Inc. *

      17        8,840  

Intuitive Surgical, Inc. *

      75        22,762  

Medtronic plc

      342        37,895  

Zimmer Biomet Holdings, Inc.

      200        25,623  
     

 

 

  
        194,666  
     

 

 

  

Health Care Providers & Services — 3.1%

 

Anthem, Inc.

      105        51,803  

Centene Corp. *

      396        33,304  

Humana, Inc.

      33        14,230  

McKesson Corp.

      52        15,858  

UnitedHealth Group, Inc.

      216        110,158  
     

 

 

  
        225,353  
     

 

 

  

Hotels, Restaurants & Leisure — 2.1%

 

Booking Holdings, Inc. *

      12        28,219  

Chipotle Mexican Grill, Inc. *

      6        8,701  

Expedia Group, Inc. *

      97        19,058  

Hilton Worldwide Holdings, Inc. *

      139        21,115  

McDonald’s Corp.

      270        66,643  

Royal Caribbean Cruises Ltd. *

      40        3,371  

Yum! Brands, Inc.

      56        6,685  
     

 

 

  
        153,792  
     

 

 

  

Household Durables — 0.5%

 

DR Horton, Inc.

      26        1,906  

Lennar Corp., Class A

      302        24,483  

PulteGroup, Inc.

      31        1,282  

Toll Brothers, Inc.

      145        6,804  
     

 

 

  
        34,475  
     

 

 

  

Household Products — 1.5%

 

Kimberly-Clark Corp.

      165        20,306  

Procter & Gamble Co. (The)

      576        87,976  
     

 

 

  
        108,282  
     

 

 

  

Industrial Conglomerates — 0.3%

 

Honeywell International, Inc.

      127        24,699  
     

 

 

  

Insurance — 2.1%

 

Arthur J Gallagher & Co.

      132        23,065  

Chubb Ltd.

      98        20,987  

Hartford Financial Services Group, Inc. (The)

      442        31,738  

Progressive Corp. (The)

      459        52,284  

Prudential Financial, Inc.

      140        16,600  

Travelers Cos., Inc. (The)

      46        8,341  
     

 

 

  
        153,015  
     

 

 

  

Interactive Media & Services — 6.4%

 

Alphabet, Inc., Class A *

      71        198,803  

Alphabet, Inc., Class C *

      54        152,154  

Meta Platforms, Inc., Class A *

      448        99,644  

ZoomInfo Technologies, Inc., Class A *

      180        10,735  
     

 

 

  
        461,336  
     

 

 

  

Internet & Direct Marketing Retail — 4.1%

 

Amazon.com, Inc. *

      90        294,876  
     

 

 

  

IT Services — 4.6%

 

Accenture plc, Class A

      202        68,060  

Affirm Holdings, Inc. *

      84        3,864  

Automatic Data Processing, Inc.

      121        27,441  

FleetCor Technologies, Inc. *

      83        20,641  

International Business Machines Corp.

      154        20,062  

Mastercard, Inc., Class A

      269        96,028  

Shopify, Inc., Class A (Canada) *

      10        6,557  

Visa, Inc., Class A

      397        88,066  
     

 

 

  
        330,719  
     

 

 

  

Life Sciences Tools & Services — 1.6%

 

Danaher Corp.

      87        25,490  

Illumina, Inc. *

      27        9,349  

Thermo Fisher Scientific, Inc.

      140        82,562  
     

 

 

  
        117,401  
     

 

 

  

Machinery — 2.5%

 

Deere & Co.

      171        71,080  

Dover Corp.

      92        14,403  

Ingersoll Rand, Inc.

      206        10,385  

Otis Worldwide Corp.

      414        31,865  

Parker-Hannifin Corp.

      86        24,368  

Stanley Black & Decker, Inc.

      220        30,719  
     

 

 

  
        182,820  
     

 

 

  

Media — 1.2%

 

Charter Communications, Inc., Class A *

      71        38,620  

Comcast Corp., Class A

      995        46,568  

Fox Corp., Class A

      43        1,700  

Interpublic Group of Cos., Inc. (The)

      75        2,648  
     

 

 

  
        89,536  
     

 

 

  

Metals & Mining — 0.3%

 

Freeport-McMoRan, Inc.

      227        11,303  

Nucor Corp.

      55        8,146  
     

 

 

  
        19,449  
     

 

 

  

Multiline Retail — 0.1%

 

Dollar General Corp.

      28        6,215  
     

 

 

  

Multi-Utilities — 0.8%

 

Ameren Corp.

      125        11,720  

CenterPoint Energy, Inc.

      1,051        32,212  

DTE Energy Co.

      103        13,578  
     

 

 

  
        57,510  
     

 

 

  

JPMorgan U.S. Research Enhanced Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

 

Investments

    Shares (000)      Value ($000)  
               

Oil, Gas & Consumable Fuels — 3.7%

 

Cheniere Energy, Inc.

      88        12,188  

Chevron Corp.

      379        61,742  

ConocoPhillips

      757        75,656  

Coterra Energy, Inc.

      143        3,850  

Diamondback Energy, Inc.

      286        39,183  

EOG Resources, Inc.

      234        27,930  

Phillips 66

      55        4,742  

Pioneer Natural Resources Co.

      162        40,562  

Williams Cos., Inc. (The)

      98        3,269  
     

 

 

  
        269,122  
     

 

 

  

Personal Products — 0.3%

 

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

      72        19,715  
     

 

 

  

Pharmaceuticals — 3.5%

 

Bristol-Myers Squibb Co.

      988        72,187  

Eli Lilly & Co.

      233        66,599  

Johnson & Johnson

      369        65,451  

Merck & Co., Inc.

      266        21,807  

Pfizer, Inc.

      524        27,115  
     

 

 

  
        253,159  
     

 

 

  

Professional Services — 0.4%

 

Booz Allen Hamilton Holding Corp.

      102        8,921  

Leidos Holdings, Inc.

      214        23,073  
     

 

 

  
        31,994  
     

 

 

  

Road & Rail — 1.1%

 

Lyft, Inc., Class A *

      197        7,581  

Norfolk Southern Corp.

      139        39,772  

Uber Technologies, Inc. *

      59        2,105  

Union Pacific Corp.

      109        29,674  
     

 

 

  
        79,132  
     

 

 

  

Semiconductors & Semiconductor Equipment — 6.5%

 

Advanced Micro Devices, Inc. *

      460        50,265  

Analog Devices, Inc.

      280        46,276  

Applied Materials, Inc.

      193        25,445  

KLA Corp.

      28        10,140  

Lam Research Corp.

      90        48,263  

Microchip Technology, Inc.

      230        17,286  

Micron Technology, Inc.

      205        15,980  

NVIDIA Corp.

      415        113,367  

NXP Semiconductors NV (China)

      205        38,009  

QUALCOMM, Inc.

      130        19,921  

Texas Instruments, Inc.

      439        80,543  
     

 

 

  
        465,495  
     

 

 

  

Software — 8.9%

 

Ceridian HCM Holding, Inc. *

      33        2,270  

Fortinet, Inc. *

      26        8,910  

Intuit, Inc.

      113        54,120  

Microsoft Corp.

      1,603        494,318  

Oracle Corp.

      305        25,214  

salesforce.com, Inc. *

      111        23,469  

Workday, Inc., Class A *

      107        25,567  
     

 

 

  
        633,868  
     

 

 

  

Specialty Retail — 3.0%

 

AutoNation, Inc. *

      42        4,162  

AutoZone, Inc. *

      7        14,214  

Best Buy Co., Inc.

      273        24,855  

Burlington Stores, Inc. *

      33        5,921  

Home Depot, Inc. (The)

      133        39,860  

Lowe’s Cos., Inc.

      323        65,212  

O’Reilly Automotive, Inc. *

      64        43,892  

TJX Cos., Inc. (The)

      342        20,731  
     

 

 

  
        218,847  
     

 

 

  

Technology Hardware, Storage & Peripherals — 7.6%

 

Apple, Inc.

      2,918        509,570  

Seagate Technology Holdings plc

      353        31,728  
     

 

 

  
        541,298  
     

 

 

  

Textiles, Apparel & Luxury Goods — 0.7%

 

NIKE, Inc., Class B

      348        46,860  
     

 

 

  

Tobacco — 0.8%

 

Altria Group, Inc.

      515        26,927  

Philip Morris International, Inc.

      291        27,363  
     

 

 

  
        54,290  
     

 

 

  

Wireless Telecommunication Services — 0.5%

 

T-Mobile US, Inc. *

      269        34,495  
     

 

 

  

TOTAL COMMON STOCKS

(Cost $4,528,007)

 

 

      7,127,116  
  

 

 

  

SHORT-TERM INVESTMENTS — 0.9%

 

INVESTMENT COMPANIES — 0.9%

 

JPMorgan Prime Money Market Fund Class IM Shares, 0.32%(a) (b)(Cost $68,025)

      68,020        68,034  
     

 

 

  

Total Investments — 100.0%

(Cost $4,596,032)

 

 

      7,195,150  

Liabilities in Excess of Other Assets — 0.0% (c)

 

      (2,832 ) 
  

 

 

  

Net Assets — 100.0%

 

      7,192,318  
     

 

 

  

 

Percentages indicated are based on net assets.

 

   

JPMorgan U.S. Research Enhanced Equity 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.
(c)    Amount rounds to less than 0.1% of net assets.
*    Non-income producing security.

 

Futures contracts outstanding as of March 31, 2022 (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

      247        06/2022      USD      55,964        4,023  
              

 

 

  

 

Abbreviations
USD    United States Dollar

JPMorgan U.S. Research Enhanced Equity 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.

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”):

 

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

Total Investments in Securities (a)

    $
 7,195,150
  
    $
 —  
  
    $
 —  
  
    $
 7,195,150
  
  

 

 

     

 

 

     

 

 

     

 

 

  

Appreciation in Other Financial Instruments

            

Futures Contracts (a)

    $
 4,023
  
    $
 —  
  
    $
 —  
  
    $
 4,023
  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

(a)

Please refer to the SOI for specifics of portfolio holdings.

JPMorgan U.S. Research Enhanced Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(Dollar values in thousands)

 

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)

   $ 66,914     $ 2,276,438     $ 2,275,225     $ (95 )    $ 2     $ 68,034       68,020     $ 43     $ —    
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

      

 

 

    

 

 

  

 

(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.