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JPMorgan U.S. Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (Unaudited)

 

Investments    Shares (000)      Value ($000)  

 

   

 

     

 

  

COMMON STOCKS — 97.4%

      

Aerospace & Defense — 4.3%

      

General Dynamics Corp.

      166        40,150  

Northrop Grumman Corp.

      71        31,940  

Raytheon Technologies Corp.

      461        45,624  
     

 

 

  
        117,714  
     

 

 

  

Air Freight & Logistics — 1.2%

      

United Parcel Service, Inc., Class B

      155        33,241  
     

 

 

  

Airlines — 0.9%

      

Southwest Airlines Co.*

      556        25,477  
     

 

 

  

Banks — 10.3%

      

Bank of America Corp.

      1,298        53,503  

Citigroup, Inc.

      766        40,915  

Citizens Financial Group, Inc.

      259        11,726  

M&T Bank Corp.

      102        17,241  

PNC Financial Services Group, Inc. (The)

      183        33,699  

Truist Financial Corp.

      687        38,932  

US Bancorp

      337        17,913  

Wells Fargo & Co.

      1,394        67,530  
     

 

 

  
        281,459  
     

 

 

  

Beverages — 1.0%

      

Monster Beverage Corp. *

      104        8,278  

PepsiCo, Inc.

      116        19,409  
     

 

 

  
        27,687  
     

 

 

  

Biotechnology — 2.8%

      

AbbVie, Inc.

      228        36,982  

Amgen, Inc.

      60        14,392  

Biogen, Inc.*

      17        3,582  

Vertex Pharmaceuticals, Inc. *

      83        21,530  
     

 

 

  
        76,486  
     

 

 

  

Building Products — 0.4%

      

Trane Technologies plc

      65        9,877  
     

 

 

  

Capital Markets — 7.4%

      

BlackRock, Inc.

      70        53,241  

Charles Schwab Corp. (The)

      357        30,118  

Goldman Sachs Group, Inc. (The)

      90        29,572  

Morgan Stanley

      526        45,986  

S&P Global, Inc.

      43        17,515  

T. Rowe Price Group, Inc.

      175        26,453  
     

 

 

  
        202,885  
     

 

 

  

Chemicals — 2.5%

      

Air Products and Chemicals, Inc.

      113        28,152  

Axalta Coating Systems Ltd. *

      1,330        32,683  

DuPont de Nemours, Inc.

      104        7,616  
     

 

 

  
        68,451  
     

 

 

  

Commercial Services & Supplies — 0.6%

      

Republic Services, Inc.

      125        16,498  
     

 

 

  

Construction Materials — 1.1%

      

Vulcan Materials Co.

      159        29,169  
     

 

 

  

Consumer Finance — 2.2%

      

American Express Co.

      189        35,377  

Capital One Financial Corp.

      196        25,686  
     

 

 

  
        61,063  
     

 

 

  

Containers & Packaging — 0.3%

      

Ball Corp.

      81        7,264  
     

 

 

  

Diversified Financial Services — 2.1%

      

Berkshire Hathaway, Inc., Class B *

      160        56,430  
     

 

 

  

Electric Utilities — 1.7%

      

Entergy Corp.

      77        9,043  

NextEra Energy, Inc.

      273        23,137  

Xcel Energy, Inc.

      203        14,680  
     

 

 

  
        46,860  
     

 

 

  

Electrical Equipment — 1.1%

      

Eaton Corp. plc

      194        29,491  
     

 

 

  

Entertainment — 0.7%

      

Walt Disney Co. (The) *

      132        18,147  
     

 

 

  

Equity Real Estate Investment Trusts (REITs) — 1.5%

      

AvalonBay Communities, Inc.

      43        10,644  

Host Hotels & Resorts, Inc.

      889        17,276  

Ventas, Inc.

      225        13,877  
     

 

 

  
        41,797  
     

 

 

  

Food & Staples Retailing — 1.1%

      

Walmart, Inc.

      198        29,538  
     

 

 

  

Food Products — 0.9%

      

Mondelez International, Inc., Class A

      399        25,059  
     

 

 

  

Health Care Equipment & Supplies — 3.6%

      

Becton Dickinson and Co.

      108        28,751  

Boston Scientific Corp. *

      384        17,003  

Medtronic plc

      309        34,310  

Zimmer Biomet Holdings, Inc.

      153        19,518  
     

 

 

  
        99,582  
     

 

 

  

Health Care Providers & Services — 5.2%

      

Anthem, Inc.

      44        21,436  

Cigna Corp.

      139        33,221  

Humana, Inc.

      53        22,876  

UnitedHealth Group, Inc.

      126        64,047  
     

 

 

  
        141,580  
     

 

 

  

Hotels, Restaurants & Leisure — 1.8%

      

Booking Holdings, Inc. *

      9        21,345  

McDonald’s Corp.

      108        26,686  
     

 

 

  
        48,031  
     

 

 

  

Household Durables — 0.4%

      

Newell Brands, Inc.

      464        9,930  
     

 

 

  

Household Products — 1.1%

      

Procter & Gamble Co. (The)

      192        29,263  
     

 

 

  

Insurance — 4.2%

      

Chubb Ltd.

      137        29,278  

JPMorgan U.S. Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

 

Investments    Shares (000)      Value ($000)  

 

   

 

     

 

  

Hartford Financial Services Group, Inc. (The)

      361        25,947  

Loews Corp.

      195        12,634  

Marsh & McLennan Cos., Inc.

      74        12,670  

MetLife, Inc.

      313        21,983  

Prudential Financial, Inc.

      112        13,233  
     

 

 

  
        115,745  
     

 

 

  

Interactive Media & Services — 2.0%

      

Alphabet, Inc., Class C *

      14        39,708  

Meta Platforms, Inc., Class A *

      66        14,698  
     

 

 

  
        54,406  
     

 

 

  

IT Services — 0.9%

      

Fidelity National Information Services, Inc.

      87        8,762  

International Business Machines Corp.

      119        15,527  
     

 

 

  
        24,289  
     

 

 

  

Machinery — 2.7%

      

Dover Corp.

      242        37,961  

Parker-Hannifin Corp.

      125        35,353  
     

 

 

  
        73,314  
     

 

 

  

Media — 1.5%

      

Comcast Corp., Class A

      866        40,562  
     

 

 

  

Multiline Retail — 0.8%

      

Dollar General Corp.

      102        22,708  
     

 

 

  

Multi-Utilities — 1.5%

      

CMS Energy Corp.

      443        30,957  

Public Service Enterprise Group, Inc.

      138        9,658  
     

 

 

  
        40,615  
     

 

 

  

Oil, Gas & Consumable Fuels — 7.0%

      

Chevron Corp.

      244        39,717  

ConocoPhillips

      762        76,246  

EOG Resources, Inc.

      407        48,552  

Exxon Mobil Corp.

      190        15,725  

Valero Energy Corp.

      103        10,410  
     

 

 

  
        190,650  
     

 

 

  

Pharmaceuticals — 5.4%

      

Bristol-Myers Squibb Co.

      777        56,731  

Eli Lilly & Co.

      105        30,199  

Johnson & Johnson

      215        38,022  

Merck & Co., Inc.

      82        6,720  

Pfizer, Inc.

      328        16,956  
     

 

 

  
        148,628  
     

 

 

  

Road & Rail — 1.1%

      

CSX Corp.

      814        30,477  
     

 

 

  

Semiconductors & Semiconductor Equipment — 4.6%

      

Analog Devices, Inc.

      249        41,162  

Lam Research Corp.

      22        11,570  

NXP Semiconductors NV (China)

      155        28,634  

Texas Instruments, Inc.

      243        44,615  
     

 

 

  
        125,981  
     

 

 

  

Software — 1.2%

      

Microsoft Corp.

      110        33,798  
     

 

 

  

Specialty Retail — 4.9%

      

AutoZone, Inc. *

      16        32,709  

Gap, Inc. (The)

      305        4,296  

Home Depot, Inc. (The)

      99        29,653  

Lowe’s Cos., Inc.

      125        25,231  

O’Reilly Automotive, Inc. *

      20        13,425  

TJX Cos., Inc. (The)

      455        27,580  
     

 

 

  
        132,894  
     

 

 

  

Technology Hardware, Storage & Peripherals — 0.5%

      

Apple, Inc.

      74        12,906  
     

 

 

  

Textiles, Apparel & Luxury Goods — 1.0%

      

NIKE, Inc., Class B

      204        27,388  
     

 

 

  

Tobacco — 1.2%

      

Philip Morris International, Inc.

      357        33,531  
     

 

 

  

Wireless Telecommunication Services — 0.7%

      

T-Mobile US, Inc.*

      152        19,522  
     

 

 

  
TOTAL COMMON STOCKS
(Cost $2,050,749)		         2,660,393  
     

 

 

  

SHORT-TERM INVESTMENTS — 3.2%

      

INVESTMENT COMPANIES — 3.2%

      

JPMorgan Prime Money Market Fund Class IM Shares, 0.32% (a) (b)
(Cost $87,367)

      87,358        87,376  
     

 

 

  
Total Investments — 100.6%
(Cost $2,138,116)		         2,747,769  

Liabilities in Excess of Other Assets — (0.6)%

         (16,235 ) 
     

 

 

  

Net Assets — 100.0%

         2,731,534  
     

 

 

  

 

Percentages indicated are based on net assets.

JPMorgan U.S. Value 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 U.S. Value 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)

    $ 2,747,769      $ —        $ —        $ 2,747,769  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

(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)

    $ 38,028      $ 1,254,434      $ 1,205,070      $ (24 )    $ 8      $ 87,376        87,358      $ 37      $ —    
  

 

 

     

 

 

     

 

 

     

 

 

    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

 

(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.