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. |