NPORT-EX 2 HG_USLCCP.htm HTML

JPMorgan U.S. Large Cap Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited)

 

Investments

    Shares (000)      Value ($000)  

LONG POSITIONS — 125.0%

 

COMMON STOCKS — 124.7%

 

Aerospace & Defense — 2.0%

 

Northrop Grumman Corp. (a)

      126        39,664  

Raytheon Technologies Corp.

      419        24,090  
     

 

 

  
        63,754  
     

 

 

  

Air Freight & Logistics — 0.1%

      

FedEx Corp.

      18        4,643  
     

 

 

  

Auto Components — 0.7%

      

Aptiv plc

      54        4,920  

BorgWarner, Inc.

      145        5,623  

Magna International, Inc. (Canada)

      250        11,455  
     

 

 

  
        21,998  
     

 

 

  

Banks — 2.4%

      

Bank of America Corp. (a)

      623        15,011  

Citigroup, Inc.

      104        4,499  

First Republic Bank

      117        12,779  

SVB Financial Group  *

      47        11,202  

Truist Financial Corp.

      608        23,127  

Wells Fargo & Co.

      486        11,415  
     

 

 

  
        78,033  
     

 

 

  

Beverages — 1.9%

      

Coca-Cola Co. (The) (a)

      601        29,692  

Constellation Brands, Inc., Class A

      17        3,260  

PepsiCo, Inc. (a)

      195        27,047  
     

 

 

  
        59,999  
     

 

 

  

Biotechnology — 3.4%

      

AbbVie, Inc.

      486        42,557  

Alexion Pharmaceuticals, Inc. *

      123        14,030  

Amgen, Inc.

      59        14,877  

Biogen, Inc. *

      70        19,946  

Regeneron Pharmaceuticals, Inc. *

      9        5,123  

Vertex Pharmaceuticals, Inc. *

      50        13,729  
     

 

 

  
        110,262  
     

 

 

  

Building Products — 1.7%

      

Masco Corp.

      135        7,456  

Trane Technologies plc

      389        47,214  
     

 

 

  
        54,670  
     

 

 

  

Capital Markets — 2.1%

      

BlackRock, Inc. (a)

      33        18,823  

Morgan Stanley (a)

      769        37,166  

State Street Corp.

      207        12,296  
     

 

 

  
        68,285  
     

 

 

  

Chemicals — 4.3%

      

Air Products and Chemicals, Inc.

      124        36,938  

Celanese Corp.

      162        17,429  

DuPont de Nemours, Inc.

      56        3,117  

Eastman Chemical Co.

      139        10,891  

FMC Corp.

      228        24,180  

Linde plc (United Kingdom)

      192        45,605  
     

 

 

  
        138,160  
     

 

 

  

Consumer Finance — 1.0%

      

American Express Co.

      130        12,996  

Capital One Financial Corp.

      273        19,616  
     

 

 

  
        32,612  
     

 

 

  

Diversified Financial Services — 0.4%

      

Voya Financial, Inc.

      266        12,739  
     

 

 

  

Diversified Telecommunication Services — 0.5%

      

Verizon Communications, Inc.

      253        15,042  
     

 

 

  

Electric Utilities — 3.5%

      

Entergy Corp.

      146        14,398  

NextEra Energy, Inc. (a)

      224        62,256  

Xcel Energy, Inc.

      512        35,337  
     

 

 

  
        111,991  
     

 

 

  

Electrical Equipment — 1.0%

      

AMETEK, Inc.

      100        9,923  

Eaton Corp. plc

      202        20,581  

Sensata Technologies Holding plc *

      72        3,099  
     

 

 

  
        33,603  
     

 

 

  

Electronic Equipment, Instruments & Components — 0.2%

      

TE Connectivity Ltd.

      64        6,294  
     

 

 

  

Energy Equipment & Services — 0.1%

      

Baker Hughes Co.

      219        2,914  
     

 

 

  

Entertainment — 2.4%

      

Electronic Arts, Inc. *

      83        10,868  

Netflix, Inc. * (a)

      115        57,484  

Warner Music Group Corp., Class A

      334        9,608  
     

 

 

  
        77,960  
     

 

 

  

Equity Real Estate Investment Trusts (REITs) — 4.1%

      

Brixmor Property Group, Inc.

      469        5,479  

Camden Property Trust

      37        3,306  

Equinix, Inc.

      19        14,211  

Equity LifeStyle Properties, Inc.

      187        11,449  

JBG SMITH Properties

      65        1,751  

Kimco Realty Corp.

      133        1,501  

Prologis, Inc.

      372        37,405  

Realty Income Corp.

      96        5,839  

SBA Communications Corp.

      68        21,805  

UDR, Inc.

      47        1,523  

Ventas, Inc.

      472        19,797  

WP Carey, Inc.

      111        7,219  
     

 

 

  
        131,285  
     

 

 

  

Food & Staples Retailing — 0.6%

      

Albertsons Cos., Inc., Class A *

      457        6,323  

Costco Wholesale Corp.

      36        12,603  
     

 

 

  
        18,926  
     

 

 

  

Food Products — 0.7%

      

Conagra Brands, Inc.

      134        4,795  

Mondelez International, Inc., Class A (a)

      322        18,477  
     

 

 

  
        23,272  
     

 

 

  

Health Care Equipment & Supplies — 3.4%

      

Baxter International, Inc.

      245        19,717  

Boston Scientific Corp. * (a)

      899        34,343  

Intuitive Surgical, Inc. *

      11        8,084  

Medtronic plc

      65        6,740  

Zimmer Biomet Holdings, Inc. (a)

      299        40,729  
     

 

 

  
        109,613  
     

 

 

  

JPMorgan U.S. Large Cap Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

 

Investments

    Shares (000)      Value ($000)  

Health Care Providers & Services — 3.5%

 

Centene Corp. *

      68        3,953  

Cigna Corp. (a)

      243        41,244  

HCA Healthcare, Inc.

      31        3,867  

McKesson Corp.

      156        23,216  

UnitedHealth Group, Inc. (a)

      135        41,964  
     

 

 

  
        114,244  
     

 

 

  

Hotels, Restaurants & Leisure — 1.8%

      

Choice Hotels International, Inc.

      17        1,487  

Hilton Worldwide Holdings, Inc.

      40        3,380  

Las Vegas Sands Corp.

      246        11,469  

McDonald’s Corp.

      38        8,356  

Yum! Brands, Inc.

      354        32,323  
     

 

 

  
        57,015  
     

 

 

  

Household Durables — 0.8%

      

KB Home

      161        6,171  

Lennar Corp., Class A

      178        14,501  

Toll Brothers, Inc.

      129        6,295  
     

 

 

  
        26,967  
     

 

 

  

Household Products — 2.0%

      

Kimberly-Clark Corp.

      21        3,117  

Procter & Gamble Co. (The)

      438        60,884  
     

 

 

  
        64,001  
     

 

 

  

Industrial Conglomerates — 1.3%

      

Honeywell International, Inc. (a)

      249        41,044  
     

 

 

  

Insurance — 1.8%

      

Arthur J Gallagher & Co.

      116        12,243  

Chubb Ltd.

      153        17,808  

Marsh & McLennan Cos., Inc.

      80        9,224  

Progressive Corp. (The)

      197        18,692  
     

 

 

  
        57,967  
     

 

 

  

Interactive Media & Services — 5.6%

      

Alphabet, Inc., Class A * (a)

      56        81,426  

Alphabet, Inc., Class C * (a)

      28        40,458  

Facebook, Inc., Class A * (a)

      225        59,025  
     

 

 

  
        180,909  
     

 

 

  

Internet & Direct Marketing Retail — 7.1%

      

Amazon.com, Inc. * (a)

      66        207,444  

Booking Holdings, Inc. *

      13        21,618  
     

 

 

  
        229,062  
     

 

 

  

IT Services — 9.3%

      

Booz Allen Hamilton Holding Corp.

      72        6,004  

Fidelity National Information Services, Inc.

      236        34,676  

Fiserv, Inc. * (a)

      370        38,083  

FleetCor Technologies, Inc. *

      58        13,920  

Leidos Holdings, Inc.

      366        32,662  

Mastercard, Inc., Class A (a)

      243        82,211  

PayPal Holdings, Inc. *

      346        68,154  

WEX, Inc. *

      177        24,660  
     

 

 

  
        300,370  
     

 

 

  

Life Sciences Tools & Services — 1.8%

      

Thermo Fisher Scientific, Inc.

      129        56,819  
     

 

 

  

Machinery — 2.3%

      

Parker-Hannifin Corp.

      131        26,411  

Stanley Black & Decker, Inc.

      298        48,385  
     

 

 

  
        74,796  
     

 

 

  

Media — 2.8%

      

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

      60        37,153  

Comcast Corp., Class A (a)

      776        35,898  

Discovery, Inc., Class A *

      860        18,715  
     

 

 

  
        91,766  
     

 

 

  

Multiline Retail — 0.4%

      

Dollar Tree, Inc. *

      129        11,752  
     

 

 

  

Multi-Utilities — 0.2%

      

CMS Energy Corp.

      26        1,572  

Public Service Enterprise Group, Inc.

      70        3,853  
     

 

 

  
        5,425  
     

 

 

  

Oil, Gas & Consumable Fuels — 3.0%

      

Cheniere Energy, Inc. *

      37        1,714  

Chevron Corp.

      395        28,422  

Diamondback Energy, Inc.

      665        20,020  

Kinder Morgan, Inc.

      464        5,721  

Parsley Energy, Inc., Class A

      490        4,586  

Pioneer Natural Resources Co. (a)

      178        15,298  

TC Energy Corp. (Canada)

      200        8,395  

Williams Cos., Inc. (The)

      708        13,903  
     

 

 

  
        98,059  
     

 

 

  

Personal Products — 0.4%

      

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

      63        13,641  
     

 

 

  

Pharmaceuticals — 3.9%

      

Bristol-Myers Squibb Co. (a)

      664        40,011  

Elanco Animal Health, Inc. *

      196        5,470  

Eli Lilly and Co.

      245        36,200  

Johnson & Johnson

      88        13,133  

Merck & Co., Inc.

      365        30,293  
     

 

 

  
        125,107  
     

 

 

  

Road & Rail — 4.1%

      

Canadian Pacific Railway Ltd. (Canada)

      22        6,786  

CSX Corp.

      240        18,626  

Lyft, Inc., Class A *

      677        18,664  

Norfolk Southern Corp. (a)

      276        59,081  

Uber Technologies, Inc. *

      89        3,249  

Union Pacific Corp. (a)

      126        24,752  
     

 

 

  
        131,158  
     

 

 

  

Semiconductors & Semiconductor Equipment — 10.0%

      

Advanced Micro Devices, Inc. *

      417        34,186  

Analog Devices, Inc. (a)

      357        41,625  

Applied Materials, Inc.

      24        1,423  

ASML Holding NV (Registered), NYRS (Netherlands)

      56        20,815  

KLA Corp.

      32        6,147  

Lam Research Corp.

      98        32,445  

Microchip Technology, Inc.

      30        3,054  

Micron Technology, Inc. *

      176        8,256  

NVIDIA Corp. (a)

      77        41,877  

NXP Semiconductors NV (Netherlands)

      426        53,121  

JPMorgan U.S. Large Cap Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

 

Investments

    Shares (000)     Value ($000)  

ON Semiconductor Corp. *

      171       3,719  

Qorvo, Inc. *

      30       3,838  

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

      322       26,076  

Texas Instruments, Inc. (a)

      327       46,696  
    

 

 

  
       323,278  
    

 

 

  

Software — 12.0%

     

Ceridian HCM Holding, Inc. *

      280       23,158  

Coupa Software, Inc. *

      10       2,852  

Intuit, Inc.

      16       5,300  

Microsoft Corp. (a)

      1,079       226,882  

Paylocity Holding Corp. *

      131       21,144  

salesforce.com, Inc.* (a)

      274       68,790  

ServiceNow, Inc. *

      20       9,841  

Workday, Inc., Class A *

      112       24,159  
    

 

 

  
       382,126  
    

 

 

  

Specialty Retail — 5.9%

     

AutoZone, Inc.* (a)

      12       14,541  

Best Buy Co., Inc.

      189       21,037  

Home Depot, Inc. (The) (a)

      135       37,477  

Lowe’s Cos., Inc.

      318       52,757  

O’Reilly Automotive, Inc. *

      110       50,580  

TJX Cos., Inc. (The)

      268       14,914  
    

 

 

  
       191,306  
    

 

 

  

Technology Hardware, Storage & Peripherals — 5.7%

     

Apple, Inc. (a)

      1,584       183,386  
    

 

 

  

Textiles, Apparel & Luxury Goods — 0.5%

     

NIKE, Inc., Class B

      122       15,341  
    

 

 

  

Tobacco — 0.7%

     

Altria Group, Inc.

      299       11,539  

Philip Morris International, Inc.

      153       11,454  
    

 

 

  
       22,993  
    

 

 

  

Trading Companies & Distributors — 0.1%

     

WW Grainger, Inc.

      9       3,240  
    

 

 

  

Wireless Telecommunication Services — 1.2%

     

T-Mobile US, Inc. *

      328       37,471  
    

 

 

  

TOTAL COMMON STOCKS

(Cost $2,354,386)

        4,015,298  
    

 

 

  

SHORT-TERM INVESTMENTS — 0.3%

     

INVESTMENT COMPANIES — 0.3%

     

JPMorgan Prime Money Market Fund Class IM Shares, 0.23% (b) (c)

(Cost $10,392)

      10,385       10,392  
    

 

 

  

TOTAL LONG POSITIONS

(Cost $2,364,778)

        4,025,690  
    

 

 

  

SHORT POSITIONS — (25.1)%

     

COMMON STOCKS — (25.1)%

     

Aerospace & Defense — (0.6)%

     

Boeing Co. (The)

      (29 )      (4,817 ) 

HEICO Corp.

      (48 )      (5,022 ) 

Huntington Ingalls Industries, Inc.

      (22 )      (3,059 ) 

Lockheed Martin Corp.

      (11 )      (4,389 ) 

TransDigm Group, Inc.

      (7 )      (3,542 ) 
    

 

 

  
       (20,829 ) 
    

 

 

  

Air Freight & Logistics — (0.6)%

     

CH Robinson Worldwide, Inc.

      (113 )      (11,515 ) 

Expeditors International of Washington, Inc.

      (75 )      (6,820 ) 
    

 

 

  
       (18,335 ) 
    

 

 

  

Automobiles — (0.2)%

     

Ford Motor Co.

      (929 )      (6,184 ) 
    

 

 

  

Banks — (0.5)%

     

BancorpSouth Bank

      (134 )      (2,603 ) 

Bank of Hawaii Corp.

      (60 )      (3,039 ) 

Commerce Bancshares, Inc.

      (159 )      (8,954 ) 
    

 

 

  
       (14,596 ) 
    

 

 

  

Beverages — (0.1)%

     

Brown-Forman Corp., Class B

      (22 )      (1,679 ) 
    

 

 

  

Biotechnology — (0.4)%

     

Gilead Sciences, Inc.

      (196 )      (12,394 ) 
    

 

 

  

Building Products — (0.1)%

     

Johnson Controls International plc

      (85 )      (3,486 ) 
    

 

 

  

Capital Markets — (0.6)%

     

Franklin Resources, Inc.

      (397 )      (8,070 ) 

Nasdaq, Inc.

      (51 )      (6,199 ) 

Northern Trust Corp.

      (82 )      (6,405 ) 
    

 

 

  
       (20,674 ) 
    

 

 

  

Chemicals — (0.3)%

     

Albemarle Corp.

      (104 )      (9,297 ) 
    

 

 

  

Commercial Services & Supplies — (0.1)%

     

Republic Services, Inc.

      (34 )      (3,160 ) 
    

 

 

  

Communications Equipment — (1.0)%

     

Cisco Systems, Inc.

      (588 )      (23,179 ) 

Juniper Networks, Inc.

      (378 )      (8,136 ) 
    

 

 

  
       (31,315 ) 
    

 

 

  

Construction Materials — (0.2)%

     

Martin Marietta Materials, Inc.

      (13 )      (3,127 ) 

Vulcan Materials Co.

      (23 )      (3,121 ) 
    

 

 

  
       (6,248 ) 
    

 

 

  

Containers & Packaging — (0.8)%

     

Avery Dennison Corp.

      (13 )      (1,617 ) 

Ball Corp.

      (91 )      (7,565 ) 

International Paper Co.

      (289 )      (11,714 ) 

Sonoco Products Co.

      (115 )      (5,865 ) 
    

 

 

  
       (26,761 ) 
    

 

 

  

JPMorgan U.S. Large Cap Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

 

Investments

    Shares (000)     Value ($000)  

Diversified Telecommunication Services — (0.7)%

 

AT&T, Inc.

      (531 )      (15,136 ) 

CenturyLink, Inc.

      (848 )      (8,555 ) 
    

 

 

  
       (23,691 ) 
    

 

 

  

Electric Utilities — (0.4)%

     

Duke Energy Corp.

      (39 )      (3,436 ) 

Southern Co. (The)

      (186 )      (10,067 ) 
    

 

 

  
       (13,503 ) 
    

 

 

  

Electrical Equipment — (0.3)%

     

Acuity Brands, Inc.

      (106 )      (10,854 ) 
    

 

 

  

Electronic Equipment, Instruments & Components — (0.2)%

     

Cognex Corp.

      (102 )      (6,644 ) 
    

 

 

  

Energy Equipment & Services — (0.4)%

     

Halliburton Co.

      (605 )      (7,285 ) 

Schlumberger NV

      (409 )      (6,369 ) 
    

 

 

  
       (13,654 ) 
    

 

 

  

Entertainment — (1.4)%

     

Spotify Technology SA *

      (51 )      (12,397 ) 

Take-Two Interactive Software, Inc. *

      (85 )      (14,085 ) 

Walt Disney Co. (The)

      (140 )      (17,412 ) 
    

 

 

  
       (43,894 ) 
    

 

 

  

Equity Real Estate Investment Trusts (REITs) — (1.7)%

     

Duke Realty Corp.

      (82 )      (3,039 ) 

Equity Residential

      (85 )      (4,364 ) 

Essex Property Trust, Inc.

      (22 )      (4,430 ) 

Extra Space Storage, Inc.

      (69 )      (7,397 ) 

Iron Mountain, Inc.

      (365 )      (9,783 ) 

National Retail Properties, Inc.

      (154 )      (5,329 ) 

Simon Property Group, Inc.

      (150 )      (9,732 ) 

Vornado Realty Trust

      (130 )      (4,382 ) 

Welltower, Inc.

      (58 )      (3,184 ) 
    

 

 

  
       (51,640 ) 
    

 

 

  

Food & Staples Retailing — (1.0)%

     

Kroger Co. (The)

      (428 )      (14,500 ) 

Sysco Corp.

      (108 )      (6,707 ) 

Walgreens Boots Alliance, Inc.

      (117 )      (4,198 ) 

Walmart, Inc.

      (40 )      (5,535 ) 
    

 

 

  
       (30,940 ) 
    

 

 

  

Food Products — (0.6)%

     

Campbell Soup Co.

      (198 )      (9,580 ) 

General Mills, Inc.

      (65 )      (4,030 ) 

Hershey Co. (The)

      (22 )      (3,198 ) 

Kellogg Co.

      (60 )      (3,882 ) 
    

 

 

  
       (20,690 ) 
    

 

 

  

Health Care Equipment & Supplies — (0.4)%

     

Dentsply Sirona, Inc.

      (32 )      (1,393 ) 

Stryker Corp.

      (60 )      (12,403 ) 
    

 

 

  
       (13,796 ) 
    

 

 

  

Health Care Providers & Services — (0.6)%

     

AmerisourceBergen Corp.

      (93 )      (9,025 ) 

Henry Schein, Inc. *

      (168 )      (9,893 ) 
    

 

 

  
       (18,918 ) 
    

 

 

  

Health Care Technology — (0.3)%

     

Cerner Corp.

      (146 )      (10,537 ) 
    

 

 

  

Hotels, Restaurants & Leisure — (0.8)%

     

Chipotle Mexican Grill, Inc. *

      (5 )      (5,668 ) 

Darden Restaurants, Inc.

      (82 )      (8,234 ) 

Starbucks Corp.

      (142 )      (12,226 ) 
    

 

 

  
       (26,128 ) 
    

 

 

  

Household Products — (0.6)%

     

Clorox Co. (The)

      (99 )      (20,826 ) 
    

 

 

  

Industrial Conglomerates — (0.8)%

     

3M Co.

      (88 )      (14,125 ) 

General Electric Co.

      (1,964 )      (12,237 ) 
    

 

 

  
       (26,362 ) 
    

 

 

  

Insurance — (0.8)%

     

Allstate Corp. (The)

      (64 )      (6,024 ) 

Aon plc, Class A

      (21 )      (4,423 ) 

Axis Capital Holdings Ltd.

      (40 )      (1,745 ) 

MetLife, Inc.

      (40 )      (1,504 ) 

Principal Financial Group, Inc.

      (73 )      (2,957 ) 

Travelers Cos., Inc. (The)

      (80 )      (8,627 ) 
    

 

 

  
       (25,280 ) 
    

 

 

  

Interactive Media & Services — (0.2)%

     

Twitter, Inc. *

      (171 )      (7,628 ) 
    

 

 

  

Internet & Direct Marketing Retail — 0.0% (d)

     

eBay, Inc.

      (30 )      (1,540 ) 
    

 

 

  

IT Services — (1.1)%

     

Accenture plc, Class A

      (14 )      (3,172 ) 

Infosys Ltd., ADR (India)

      (153 )      (2,114 ) 

Jack Henry & Associates, Inc.

      (33 )      (5,419 ) 

Paychex, Inc.

      (161 )      (12,804 ) 

Western Union Co. (The)

      (593 )      (12,718 ) 
    

 

 

  
       (36,227 ) 
    

 

 

  

Life Sciences Tools & Services — (0.2)%

     

Waters Corp. *

      (34 )      (6,706 ) 
    

 

 

  

Machinery — (0.8)%

     

Caterpillar, Inc.

      (74 )      (11,092 ) 

Illinois Tool Works, Inc.

      (68 )      (13,110 ) 

PACCAR, Inc.

      (22 )      (1,845 ) 
    

 

 

  
       (26,047 ) 
    

 

 

  

Media — (0.9)%

     

Fox Corp., Class A

      (140 )      (3,886 ) 

Interpublic Group of Cos., Inc. (The)

      (125 )      (2,083 ) 

Omnicom Group, Inc.

      (156 )      (7,745 ) 

Sirius XM Holdings, Inc.

      (730 )      (3,912 ) 

ViacomCBS, Inc.

      (411 )      (11,509 ) 
    

 

 

  
       (29,135 ) 
    

 

 

  

Multiline Retail — (0.5)%

     

Kohl’s Corp.

      (218 )      (4,042 ) 

Macy’s, Inc.

      (848 )      (4,834 ) 

Nordstrom, Inc.

      (378 )      (4,508 ) 

Target Corp.

      (24 )      (3,769 ) 
    

 

 

  
       (17,153 ) 
    

 

 

  

JPMorgan U.S. Large Cap Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

 

Investments

    Shares (000)     Value ($000)  

Multi-Utilities — (0.4)%

 

Consolidated Edison, Inc.

      (134 )      (10,447 ) 

NiSource, Inc.

      (128 )      (2,815 ) 
    

 

 

  
       (13,262 ) 
    

 

 

  

Oil, Gas & Consumable Fuels — (1.5)%

     

Apache Corp.

      (426 )      (4,033 ) 

Devon Energy Corp.

      (178 )      (1,686 ) 

Enbridge, Inc. (Canada)

      (405 )      (11,825 ) 

Exxon Mobil Corp.

      (214 )      (7,344 ) 

Hess Corp.

      (191 )      (7,797 ) 

HollyFrontier Corp.

      (136 )      (2,679 ) 

Marathon Oil Corp.

      (642 )      (2,626 ) 

Occidental Petroleum Corp.

      (473 )      (4,738 ) 

Valero Energy Corp.

      (30 )      (1,317 ) 
    

 

 

  
       (44,045 ) 
    

 

 

  

Professional Services — (0.4)%

     

Robert Half International, Inc.

      (219 )      (11,570 ) 
    

 

 

  

Road & Rail — (0.5)%

     

Canadian National Railway Co. (Canada)

      (48 )      (5,098 ) 

JB Hunt Transport Services, Inc.

      (65 )      (8,159 ) 

Werner Enterprises, Inc.

      (34 )      (1,428 ) 
    

 

 

  
       (14,685 ) 
    

 

 

  

Semiconductors & Semiconductor Equipment — (0.7)%

     

Broadcom, Inc.

      (37 )      (13,503 ) 

Intel Corp.

      (129 )      (6,669 ) 

QUALCOMM, Inc.

      (14 )      (1,652 ) 
    

 

 

  
       (21,824 ) 
    

 

 

  

Software — (0.5)%

     

Adobe, Inc. *

      (15 )      (7,310 ) 

Oracle Corp.

      (49 )      (2,907 ) 

Splunk, Inc. *

      (38 )      (7,143 ) 
    

 

 

  
       (17,360 ) 
    

 

 

  

Specialty Retail — (0.1)%

     

Ulta Beauty, Inc. *

      (17 )      (3,847 ) 
    

 

 

  

Technology Hardware, Storage & Peripherals — (0.6)%

     

HP, Inc.

      (350 )      (6,641 ) 

NetApp, Inc.

      (221 )      (9,698 ) 

Xerox Holdings Corp.

      (151 )      (2,842 ) 
    

 

 

  
       (19,181 ) 
    

 

 

  

Trading Companies & Distributors — (0.2)%

     

Fastenal Co.

      (100 )      (4,502 ) 

HD Supply Holdings, Inc. *

      (39 )      (1,588 ) 
    

 

 

  
       (6,090 ) 
    

 

 

  
TOTAL COMMON STOCKS
(Proceeds $(870,041))

 

     (808,615 ) 
    

 

 

  
TOTAL SHORT POSITIONS
(Proceeds $(870,041))

 

     (808,615 ) 
    

 

 

  
Total Investments — 99.9%
(Cost $1,494,737)

 

     3,217,075  

Other Assets Less Liabilities — 0.1%

 

     2,859  
    

 

 

  

Net Assets — 100.0%

 

     3,219,934  
    

 

 

  

 

Percentages indicated are based on net assets.

JPMorgan U.S. Large Cap Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

 

Abbreviations
ADR    American Depositary Receipt
NYRS    New York Registry Shares

 

(a)

All or a portion of this security is segregated as collateral for short sales. The total value of securities segregated as collateral is approximately $1,094,373,000.

(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 September 30, 2020.

(d)

Amount rounds to less than 0.1% of net assets.

*

Non-income producing security.

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”) (amounts in thousands):

 

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

Total Investments in Securities (a)

    $ 4,025,690     $ —        $ —        $ 4,025,690  
  

 

 

    

 

 

     

 

 

     

 

 

  

Total Liabilities for Securities Sold Short (a)

    $ (808,615 )    $ —        $ —        $ (808,615 ) 
  

 

 

    

 

 

     

 

 

     

 

 

  

 

(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 the Underlying Fund. Reinvestment amounts are included in the purchase cost amount in the table below. Amounts in the table below are in thousands.

 

For the period ended September 30, 2020

  

Security Description

    Value at
June  30,
2020		      Purchases
at Cost		      Proceeds
from Sales		      Net Realized
Gain (Loss)		     Change in
Unrealized
Appreciation/
(Depreciation)		     Value at
September  30,
2020		      Shares at
September 30,
2020		      Dividend
Income		      Capital Gain
Distributions		  

JPMorgan Prime Money Market Fund Class IM Shares, 0.23% (a) (b)

    $ 35,661      $ 192,753      $ 218,018      $ —   (c)    $ (4 )    $ 10,392        10,385      $ 11      $ —    
  

 

 

     

 

 

     

 

 

     

 

 

    

 

 

    

 

 

        

 

 

     

 

 

  

 

(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, 2020.

(c)

Amount rounds to less than one thousand.