JPMorgan U.S. Large Cap Core Plus Fund
Schedule of Portfolio Investments as of March 31, 2024
(Unaudited)
THE “UNAUDITED MUTUAL FUNDS HOLDINGS” LIST (“the List”) IS TO BE USED FOR REPORTING PURPOSES ONLY. IT IS NOT TO BE REPRODUCED FOR USE AS ADVERTISING OR SALES LITERATURE WITH THE GENERAL PUBLIC. The list is submitted for the general information of the shareholders of the Fund. It is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by a prospectus. The list has been created from the books and records of the Fund. Holdings are available 60 days after the fund’s fiscal quarter, using a trade date accounting convention, by contacting the appropriate service center. The list is subject to change without notice. The list is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security. |
JPMorgan Asset Management is the marketing name for the asset management business of J.P. Morgan Chase & Co. |
J.P. Morgan Distribution Services, Inc., member FINRA. |
© J.P. Morgan Chase & Co., 2024. |
JPMorgan U.S. Large Cap Core Plus Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2024 (Unaudited)INVESTMENTS | SHARES (000) | VALUE ($000) |
Long Positions — 126.2% | ||
Common Stocks — 122.5% | ||
Aerospace & Defense — 2.9% | ||
Howmet Aerospace, Inc. (a) | 422 | 28,914 |
Northrop Grumman Corp. (a) | 26 | 12,292 |
TransDigm Group, Inc. | 14 | 16,784 |
57,990 | ||
Air Freight & Logistics — 0.2% | ||
FedEx Corp. | 15 | 4,219 |
Banks — 3.8% | ||
Bank of America Corp. (a) | 313 | 11,865 |
Fifth Third Bancorp | 454 | 16,892 |
Truist Financial Corp. | 353 | 13,742 |
Wells Fargo & Co. (a) | 592 | 34,320 |
76,819 | ||
Beverages — 1.7% | ||
Coca-Cola Co. (The) (a) | 56 | 3,406 |
Monster Beverage Corp. * | 360 | 21,361 |
PepsiCo, Inc. (a) | 56 | 9,776 |
34,543 | ||
Biotechnology — 4.7% | ||
AbbVie, Inc. (a) | 183 | 33,278 |
Biogen, Inc. * | 33 | 7,183 |
BioMarin Pharmaceutical, Inc. * | 30 | 2,667 |
Neurocrine Biosciences, Inc. * | 36 | 4,903 |
Regeneron Pharmaceuticals, Inc. * | 22 | 20,985 |
Sarepta Therapeutics, Inc. * | 59 | 7,652 |
Vertex Pharmaceuticals, Inc. * | 41 | 16,984 |
93,652 | ||
Broadline Retail — 5.2% | ||
Amazon.com, Inc. * (a) | 579 | 104,475 |
Building Products — 1.4% | ||
Trane Technologies plc | 96 | 28,967 |
Capital Markets — 3.0% | ||
Ameriprise Financial, Inc. | 2 | 1,042 |
Charles Schwab Corp. (The) (a) | 321 | 23,226 |
Goldman Sachs Group, Inc. (The) | 55 | 22,781 |
Intercontinental Exchange, Inc. | 28 | 3,859 |
Raymond James Financial, Inc. | 24 | 3,093 |
S&P Global, Inc. | 13 | 5,683 |
59,684 | ||
Chemicals — 1.3% | ||
Dow, Inc. | 156 | 9,052 |
Linde plc | 39 | 17,791 |
26,843 |
JPMorgan U.S. Large Cap Core Plus Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2024 (Unaudited) (continued)INVESTMENTS | SHARES (000) | VALUE ($000) |
Long Positions — continued | ||
Common Stocks — continued | ||
Communications Equipment — 0.1% | ||
Arista Networks, Inc. * | 5 | 1,495 |
Construction Materials — 1.1% | ||
Martin Marietta Materials, Inc. | 36 | 22,238 |
Consumer Staples Distribution & Retail — 0.8% | ||
Costco Wholesale Corp. | 19 | 14,103 |
Maplebear, Inc. * | 31 | 1,142 |
15,245 | ||
Electric Utilities — 2.5% | ||
Entergy Corp. | 28 | 2,962 |
NextEra Energy, Inc. (a) | 285 | 18,215 |
PG&E Corp. | 775 | 12,991 |
Southern Co. (The) | 225 | 16,161 |
50,329 | ||
Electrical Equipment — 1.2% | ||
AMETEK, Inc. | 42 | 7,627 |
Eaton Corp. plc | 50 | 15,735 |
23,362 | ||
Electronic Equipment, Instruments & Components — 0.2% | ||
Corning, Inc. | 134 | 4,428 |
Energy Equipment & Services — 0.4% | ||
Baker Hughes Co. (a) | 105 | 3,524 |
Schlumberger NV | 68 | 3,728 |
7,252 | ||
Entertainment — 1.4% | ||
Endeavor Group Holdings, Inc., Class A | 829 | 21,334 |
Take-Two Interactive Software, Inc. * | 44 | 6,441 |
27,775 | ||
Financial Services — 7.0% | ||
Berkshire Hathaway, Inc., Class B * | 27 | 11,157 |
Block, Inc. * | 149 | 12,603 |
Corpay, Inc. * | 51 | 15,666 |
Fidelity National Information Services, Inc. | 120 | 8,926 |
Fiserv, Inc. * | 98 | 15,652 |
Jack Henry & Associates, Inc. | 10 | 1,765 |
Mastercard, Inc., Class A (a) | 136 | 65,329 |
WEX, Inc. * | 35 | 8,342 |
139,440 | ||
Food Products — 1.2% | ||
Hershey Co. (The) | 27 | 5,316 |
Mondelez International, Inc., Class A (a) | 271 | 18,948 |
24,264 |
JPMorgan U.S. Large Cap Core Plus Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2024 (Unaudited) (continued)INVESTMENTS | SHARES (000) | VALUE ($000) |
Long Positions — continued | ||
Common Stocks — continued | ||
Ground Transportation — 1.9% | ||
Norfolk Southern Corp. (a) | 86 | 21,851 |
Old Dominion Freight Line, Inc. | 18 | 3,898 |
Union Pacific Corp. (a) | 34 | 8,436 |
XPO, Inc. * | 26 | 3,198 |
37,383 | ||
Health Care Equipment & Supplies — 3.5% | ||
Boston Scientific Corp. * (a) | 416 | 28,496 |
Intuitive Surgical, Inc. * | 29 | 11,464 |
Medtronic plc | 51 | 4,504 |
Stryker Corp. | 74 | 26,463 |
70,927 | ||
Health Care Providers & Services — 2.5% | ||
HCA Healthcare, Inc. | 9 | 2,883 |
UnitedHealth Group, Inc. (a) | 95 | 47,261 |
50,144 | ||
Hotels, Restaurants & Leisure — 5.2% | ||
Booking Holdings, Inc. | 4 | 15,393 |
Chipotle Mexican Grill, Inc. * | 8 | 23,237 |
Expedia Group, Inc. * | 77 | 10,589 |
Hilton Worldwide Holdings, Inc. | 54 | 11,475 |
McDonald's Corp. (a) | 39 | 10,892 |
Royal Caribbean Cruises Ltd. * | 56 | 7,834 |
Yum! Brands, Inc. (a) | 171 | 23,772 |
103,192 | ||
Household Durables — 0.1% | ||
Lennar Corp., Class A | 6 | 1,049 |
Household Products — 1.2% | ||
Church & Dwight Co., Inc. (a) | 137 | 14,295 |
Procter & Gamble Co. (The) (a) | 62 | 10,105 |
24,400 | ||
Independent Power and Renewable Electricity Producers — 0.1% | ||
Vistra Corp. | 30 | 2,086 |
Industrial Conglomerates — 1.0% | ||
Honeywell International, Inc. (a) | 101 | 20,690 |
Industrial REITs — 0.5% | ||
Prologis, Inc. | 82 | 10,619 |
Insurance — 3.9% | ||
Aflac, Inc. | 58 | 4,971 |
Arthur J Gallagher & Co. | 21 | 5,295 |
Everest Group Ltd. | 6 | 2,601 |
Globe Life, Inc. | 13 | 1,556 |
MetLife, Inc. | 131 | 9,679 |
JPMorgan U.S. Large Cap Core Plus Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2024 (Unaudited) (continued)INVESTMENTS | SHARES (000) | VALUE ($000) |
Long Positions — continued | ||
Common Stocks — continued | ||
Insurance — continued | ||
Principal Financial Group, Inc. | 107 | 9,213 |
Progressive Corp. (The) (a) | 130 | 26,987 |
Travelers Cos., Inc. (The) | 75 | 17,176 |
77,478 | ||
Interactive Media & Services — 8.2% | ||
Alphabet, Inc., Class C * | 74 | 11,263 |
Alphabet, Inc., Class A * (a) | 480 | 72,489 |
Meta Platforms, Inc., Class A (a) | 161 | 78,048 |
Pinterest, Inc., Class A * | 70 | 2,429 |
164,229 | ||
IT Services — 0.3% | ||
Cognizant Technology Solutions Corp., Class A | 78 | 5,726 |
Life Sciences Tools & Services — 1.5% | ||
Danaher Corp. | 67 | 16,632 |
Thermo Fisher Scientific, Inc. (a) | 23 | 13,317 |
29,949 | ||
Machinery — 2.8% | ||
Deere & Co. (a) | 43 | 17,632 |
Dover Corp. | 36 | 6,308 |
Ingersoll Rand, Inc. | 255 | 24,206 |
Otis Worldwide Corp. | 88 | 8,774 |
56,920 | ||
Media — 1.2% | ||
Comcast Corp., Class A (a) | 189 | 8,202 |
Liberty Media Corp-Liberty SiriusXM * | 220 | 6,550 |
Liberty Media Corp-Liberty SiriusXM, Class A * | 287 | 8,517 |
23,269 | ||
Multi-Utilities — 0.9% | ||
CMS Energy Corp. | 74 | 4,431 |
Dominion Energy, Inc. | 123 | 6,044 |
DTE Energy Co. | 33 | 3,722 |
NiSource, Inc. | 73 | 2,022 |
Public Service Enterprise Group, Inc. | 28 | 1,865 |
18,084 | ||
Oil, Gas & Consumable Fuels — 5.3% | ||
Cheniere Energy, Inc. | 21 | 3,342 |
ConocoPhillips (a) | 171 | 21,791 |
EOG Resources, Inc. | 109 | 13,942 |
Exxon Mobil Corp. (a) | 405 | 47,040 |
Marathon Oil Corp. | 153 | 4,329 |
Phillips 66 | 19 | 3,205 |
JPMorgan U.S. Large Cap Core Plus Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2024 (Unaudited) (continued)INVESTMENTS | SHARES (000) | VALUE ($000) |
Long Positions — continued | ||
Common Stocks — continued | ||
Oil, Gas & Consumable Fuels — continued | ||
Pioneer Natural Resources Co. | 37 | 9,722 |
Targa Resources Corp. | 20 | 2,234 |
105,605 | ||
Personal Care Products — 0.5% | ||
Estee Lauder Cos., Inc. (The), Class A | 48 | 7,375 |
Kenvue, Inc. | 158 | 3,391 |
10,766 | ||
Pharmaceuticals — 2.6% | ||
Bristol-Myers Squibb Co. (a) | 299 | 16,220 |
Elanco Animal Health, Inc. * | 300 | 4,886 |
Eli Lilly & Co. (a) | 32 | 25,065 |
Johnson & Johnson | 43 | 6,788 |
52,959 | ||
Professional Services — 0.5% | ||
Booz Allen Hamilton Holding Corp. | 61 | 9,075 |
Residential REITs — 0.1% | ||
American Homes 4 Rent, Class A | 47 | 1,744 |
Semiconductors & Semiconductor Equipment — 14.1% | ||
Advanced Micro Devices, Inc. * | 131 | 23,638 |
Analog Devices, Inc. (a) | 97 | 19,150 |
ASML Holding NV (Registered), NYRS (Netherlands) | 11 | 10,374 |
Marvell Technology, Inc. | 25 | 1,787 |
Microchip Technology, Inc. | 39 | 3,487 |
Micron Technology, Inc. | 161 | 18,982 |
NVIDIA Corp. (a) | 131 | 117,857 |
NXP Semiconductors NV (China) | 119 | 29,589 |
Qorvo, Inc. * | 21 | 2,456 |
Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan) | 208 | 28,266 |
Texas Instruments, Inc. (a) | 153 | 26,688 |
282,274 | ||
Software — 11.6% | ||
Intuit, Inc. | 25 | 16,570 |
Microsoft Corp. (a) | 389 | 163,474 |
Roper Technologies, Inc. | 10 | 5,431 |
Salesforce, Inc. | 85 | 25,538 |
ServiceNow, Inc. * | 26 | 20,217 |
231,230 | ||
Specialized REITs — 1.7% | ||
American Tower Corp. | 7 | 1,398 |
Digital Realty Trust, Inc. | 208 | 29,949 |
Equinix, Inc. | 2 | 1,755 |
SBA Communications Corp. | 7 | 1,485 |
34,587 |
JPMorgan U.S. Large Cap Core Plus Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2024 (Unaudited) (continued)INVESTMENTS | SHARES (000) | VALUE ($000) |
Long Positions — continued | ||
Common Stocks — continued | ||
Specialty Retail — 3.9% | ||
AutoZone, Inc. * | 1 | 4,078 |
Best Buy Co., Inc. | 51 | 4,142 |
Burlington Stores, Inc. * | 78 | 18,046 |
Lowe's Cos., Inc. (a) | 113 | 28,789 |
O'Reilly Automotive, Inc. * (a) | 14 | 16,200 |
TJX Cos., Inc. (The) | 57 | 5,762 |
77,017 | ||
Technology Hardware, Storage & Peripherals — 6.7% | ||
Apple, Inc. (a) | 615 | 105,416 |
Seagate Technology Holdings plc | 237 | 22,092 |
Western Digital Corp. * | 108 | 7,346 |
134,854 | ||
Trading Companies & Distributors — 0.1% | ||
WW Grainger, Inc. | 2 | 2,332 |
Wireless Telecommunication Services — 0.5% | ||
T-Mobile US, Inc. | 62 | 10,039 |
Total Common Stocks (Cost $1,365,919) | 2,451,647 | |
Short-Term Investments — 3.7% | ||
Investment Companies — 3.7% | ||
JPMorgan Prime Money Market Fund Class IM Shares, 5.43% (b) (c)(Cost $73,574) | 73,545 | 73,574 |
Total Long Positions (Cost $1,439,493) | 2,525,221 | |
Short Positions — (24.4)% | ||
Common Stocks — (24.4)% | ||
Aerospace & Defense — (0.7)% | ||
Boeing Co. (The) * | (14 ) | (2,702 ) |
Huntington Ingalls Industries, Inc. | (21 ) | (6,143 ) |
Lockheed Martin Corp. | (11 ) | (4,806 ) |
(13,651 ) | ||
Air Freight & Logistics — (0.2)% | ||
Expeditors International of Washington, Inc. | (38 ) | (4,646 ) |
Automobiles — (0.4)% | ||
Ford Motor Co. | (545 ) | (7,234 ) |
Banks — (0.5)% | ||
Huntington Bancshares, Inc. | (350 ) | (4,881 ) |
PNC Financial Services Group, Inc. (The) | (29 ) | (4,741 ) |
(9,622 ) | ||
Beverages — (0.2)% | ||
Molson Coors Beverage Co., Class B | (66 ) | (4,454 ) |
Biotechnology — (0.4)% | ||
Amgen, Inc. | (7 ) | (1,950 ) |
JPMorgan U.S. Large Cap Core Plus Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2024 (Unaudited) (continued)INVESTMENTS | SHARES (000) | VALUE ($000) |
Short Positions — continued | ||
Common Stocks — continued | ||
Biotechnology — continued | ||
Gilead Sciences, Inc. | (26 ) | (1,906 ) |
Moderna, Inc. * | (42 ) | (4,520 ) |
(8,376 ) | ||
Building Products — (0.5)% | ||
Johnson Controls International plc | (88 ) | (5,750 ) |
Lennox International, Inc. | (10 ) | (5,018 ) |
(10,768 ) | ||
Capital Markets — (1.4)% | ||
Bank of New York Mellon Corp. (The) | (87 ) | (5,010 ) |
BlackRock, Inc. | (2 ) | (1,854 ) |
Coinbase Global, Inc., Class A * | (9 ) | (2,478 ) |
FactSet Research Systems, Inc. | (13 ) | (5,782 ) |
Franklin Resources, Inc. | (68 ) | (1,922 ) |
LPL Financial Holdings, Inc. | (20 ) | (5,305 ) |
Nasdaq, Inc. | (80 ) | (5,009 ) |
(27,360 ) | ||
Communications Equipment — (0.7)% | ||
Cisco Systems, Inc. | (295 ) | (14,714 ) |
Consumer Finance — (0.2)% | ||
Synchrony Financial | (88 ) | (3,800 ) |
Consumer Staples Distribution & Retail — (0.8)% | ||
Dollar General Corp. | (15 ) | (2,376 ) |
Kroger Co. (The) | (69 ) | (3,903 ) |
Sysco Corp. | (103 ) | (8,352 ) |
Walgreens Boots Alliance, Inc. | (80 ) | (1,740 ) |
(16,371 ) | ||
Containers & Packaging — (0.2)% | ||
International Paper Co. | (121 ) | (4,714 ) |
Diversified Telecommunication Services — (0.3)% | ||
AT&T, Inc. | (130 ) | (2,295 ) |
Verizon Communications, Inc. | (83 ) | (3,465 ) |
(5,760 ) | ||
Electric Utilities — (1.1)% | ||
American Electric Power Co., Inc. | (51 ) | (4,427 ) |
Duke Energy Corp. | (35 ) | (3,329 ) |
Eversource Energy | (32 ) | (1,936 ) |
Exelon Corp. | (135 ) | (5,059 ) |
FirstEnergy Corp. | (117 ) | (4,502 ) |
Pinnacle West Capital Corp. | (45 ) | (3,394 ) |
(22,647 ) | ||
Electrical Equipment — (0.1)% | ||
Acuity Brands, Inc. | (7 ) | (1,877 ) |
JPMorgan U.S. Large Cap Core Plus Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2024 (Unaudited) (continued)INVESTMENTS | SHARES (000) | VALUE ($000) |
Short Positions — continued | ||
Common Stocks — continued | ||
Energy Equipment & Services — (0.2)% | ||
Halliburton Co. | (115 ) | (4,541 ) |
Entertainment — (0.5)% | ||
Electronic Arts, Inc. | (51 ) | (6,759 ) |
Netflix, Inc. * | (5 ) | (2,887 ) |
(9,646 ) | ||
Financial Services — (1.3)% | ||
Global Payments, Inc. | (20 ) | (2,718 ) |
PayPal Holdings, Inc. * | (88 ) | (5,916 ) |
Toast, Inc., Class A * | (244 ) | (6,077 ) |
Voya Financial, Inc. | (46 ) | (3,354 ) |
Western Union Co. (The) | (623 ) | (8,709 ) |
(26,774 ) | ||
Food Products — (0.6)% | ||
Campbell Soup Co. | (114 ) | (5,065 ) |
General Mills, Inc. | (62 ) | (4,385 ) |
Kraft Heinz Co. (The) | (75 ) | (2,762 ) |
(12,212 ) | ||
Gas Utilities — (0.1)% | ||
National Fuel Gas Co. | (37 ) | (1,990 ) |
Health Care Equipment & Supplies — (0.6)% | ||
Abbott Laboratories | (50 ) | (5,652 ) |
Dentsply Sirona, Inc. | (49 ) | (1,641 ) |
Zimmer Biomet Holdings, Inc. | (29 ) | (3,789 ) |
(11,082 ) | ||
Health Care Providers & Services — (0.7)% | ||
CVS Health Corp. | (104 ) | (8,293 ) |
Henry Schein, Inc. * | (34 ) | (2,577 ) |
Quest Diagnostics, Inc. | (16 ) | (2,114 ) |
(12,984 ) | ||
Hotels, Restaurants & Leisure — (0.4)% | ||
Carnival Corp. * | (62 ) | (1,018 ) |
Starbucks Corp. | (85 ) | (7,748 ) |
(8,766 ) | ||
Industrial Conglomerates — (0.4)% | ||
3M Co. | (65 ) | (6,884 ) |
Insurance — (1.5)% | ||
Allstate Corp. (The) | (42 ) | (7,311 ) |
American International Group, Inc. | (39 ) | (3,008 ) |
Aon plc, Class A | (15 ) | (4,922 ) |
Arch Capital Group Ltd. * | (21 ) | (1,955 ) |
Kinsale Capital Group, Inc. | (9 ) | (4,663 ) |
Marsh & McLennan Cos., Inc. | (8 ) | (1,693 ) |
JPMorgan U.S. Large Cap Core Plus Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2024 (Unaudited) (continued)INVESTMENTS | SHARES (000) | VALUE ($000) |
Short Positions — continued | ||
Common Stocks — continued | ||
Insurance — continued | ||
RenaissanceRe Holdings Ltd. (Bermuda) | (16 ) | (3,789 ) |
WR Berkley Corp. | (24 ) | (2,103 ) |
(29,444 ) | ||
IT Services — (0.6)% | ||
EPAM Systems, Inc. * | (14 ) | (3,829 ) |
International Business Machines Corp. | (43 ) | (8,197 ) |
(12,026 ) | ||
Life Sciences Tools & Services — (0.6)% | ||
Agilent Technologies, Inc. | (29 ) | (4,209 ) |
Bruker Corp. | (33 ) | (3,112 ) |
Waters Corp. * | (15 ) | (5,159 ) |
(12,480 ) | ||
Machinery — (1.0)% | ||
Donaldson Co., Inc. | (64 ) | (4,771 ) |
IDEX Corp. | (17 ) | (4,212 ) |
Illinois Tool Works, Inc. | (30 ) | (7,884 ) |
PACCAR, Inc. | (8 ) | (1,017 ) |
Stanley Black & Decker, Inc. | (30 ) | (2,919 ) |
(20,803 ) | ||
Media — (0.9)% | ||
Fox Corp., Class A | (267 ) | (8,332 ) |
Interpublic Group of Cos., Inc. (The) | (136 ) | (4,432 ) |
Omnicom Group, Inc. | (35 ) | (3,427 ) |
Paramount Global, Class B | (161 ) | (1,895 ) |
(18,086 ) | ||
Multi-Utilities — (0.2)% | ||
Sempra | (39 ) | (2,818 ) |
Office REITs — (0.2)% | ||
Orion Office REIT, Inc. | — | — |
SL Green Realty Corp. | (37 ) | (2,020 ) |
Vornado Realty Trust | (56 ) | (1,628 ) |
(3,648 ) | ||
Oil, Gas & Consumable Fuels — (0.9)% | ||
APA Corp. | (34 ) | (1,160 ) |
Coterra Energy, Inc. | (90 ) | (2,514 ) |
Devon Energy Corp. | (83 ) | (4,163 ) |
Enbridge, Inc. (Canada) | (129 ) | (4,647 ) |
Kinder Morgan, Inc. | (68 ) | (1,255 ) |
ONEOK, Inc. | (20 ) | (1,596 ) |
Valero Energy Corp. | (13 ) | (2,192 ) |
Williams Cos., Inc. (The) | (25 ) | (991 ) |
(18,518 ) |
JPMorgan U.S. Large Cap Core Plus Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2024 (Unaudited) (continued)INVESTMENTS | SHARES (000) | VALUE ($000) |
Short Positions — continued | ||
Common Stocks — continued | ||
Passenger Airlines — (0.1)% | ||
Southwest Airlines Co. | (67 ) | (1,968 ) |
Professional Services — (0.9)% | ||
Dayforce, Inc. * | (66 ) | (4,361 ) |
Equifax, Inc. | (21 ) | (5,678 ) |
Paychex, Inc. | (29 ) | (3,552 ) |
Paycom Software, Inc. | (20 ) | (3,984 ) |
TransUnion | (12 ) | (985 ) |
(18,560 ) | ||
Residential REITs — (0.1)% | ||
Essex Property Trust, Inc. | (4 ) | (1,008 ) |
Retail REITs — (0.6)% | ||
NNN REIT, Inc. | (81 ) | (3,459 ) |
Simon Property Group, Inc. | (56 ) | (8,738 ) |
(12,197 ) | ||
Semiconductors & Semiconductor Equipment — (2.4)% | ||
Applied Materials, Inc. | (80 ) | (16,473 ) |
ARM Holdings plc * | (45 ) | (5,629 ) |
Intel Corp. | (202 ) | (8,910 ) |
KLA Corp. | (5 ) | (3,865 ) |
Lam Research Corp. | (1 ) | (1,116 ) |
Monolithic Power Systems, Inc. | (4 ) | (2,650 ) |
QUALCOMM, Inc. | (54 ) | (9,141 ) |
(47,784 ) | ||
Software — (0.4)% | ||
Bill Holdings, Inc. * | (12 ) | (827 ) |
Oracle Corp. | (25 ) | (3,201 ) |
Workday, Inc., Class A * | (14 ) | (3,741 ) |
(7,769 ) | ||
Specialty Retail — (0.4)% | ||
Home Depot, Inc. (The) | (18 ) | (6,975 ) |
Ulta Beauty, Inc. * | (2 ) | (1,042 ) |
(8,017 ) | ||
Technology Hardware, Storage & Peripherals — (0.4)% | ||
Dell Technologies, Inc., Class C | (7 ) | (749 ) |
NetApp, Inc. | (55 ) | (5,823 ) |
Xerox Holdings Corp. | (53 ) | (941 ) |
(7,513 ) | ||
Textiles, Apparel & Luxury Goods — (0.3)% | ||
NIKE, Inc., Class B | (41 ) | (3,871 ) |
On Holding AG (Switzerland), Class A * | (30 ) | (1,054 ) |
(4,925 ) |
JPMorgan U.S. Large Cap Core Plus Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2024 (Unaudited) (continued)INVESTMENTS | SHARES (000) | VALUE ($000) |
Short Positions — continued | ||
Common Stocks — continued | ||
Trading Companies & Distributors — (0.4)% | ||
Fastenal Co. | (112 ) | (8,637 ) |
Total Common Stocks (Proceeds $(463,973)) | (487,074 ) | |
Total Short Positions (Proceeds $(463,973)) | (487,074 ) | |
Total Investments — 101.8% (Cost $975,520) | 2,038,147 | |
Liabilities in Excess of Other Assets — (1.8)% | (36,734 ) | |
Net Assets — 100.0% | 2,001,413 |
Percentages indicated are based on net assets. | ||
Amounts presented as a dash ("-") represent amounts that round to less than a thousand. |
Abbreviations | |
ADR | American Depositary Receipt |
NYRS | New York Registry Shares |
REIT | Real Estate Investment Trust |
* | Non-income producing security. |
(a) | All or a portion of this security is segregated as collateral for short sales. The total value of securities segregated as collateral is $650,874. |
(b) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
(c) | The rate shown is the current yield as of March 31, 2024. |
Futures contracts outstanding as of March 31, 2024 (amounts in thousands, except number of contracts):
DESCRIPTION | NUMBER OF CONTRACTS | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL AMOUNT ($) | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($) |
Long Contracts | |||||
S&P 500 E-Mini Index | 12 | 06/21/2024 | USD | 3,184 | 56 |
Abbreviations | |
USD | United States Dollar |
JPMorgan U.S. Large Cap Core Plus Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2024 (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.
Under Section 2(a)(41) of the Investment Company Act of 1940, the Board is required to determine fair value for securities that do not have readily available market quotations. Under SEC Rule 2a-5 (Good Faith Determinations of Fair Value), the Board may designate the performance of these fair valuation determinations to a valuation designee. The Board has designated the Adviser as the “Valuation Designee” to perform fair valuation determinations for the Funds on behalf of the Board subject to appropriate oversight by the Board. The Adviser, as Valuation Designee, leverages the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to help oversee and carry out the policies for the valuation of investments held in the Funds. The Adviser, as Valuation Designee, remains responsible for the valuation determinations.
This oversight by the AVC 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) | $2,525,221 | $— | $— | $2,525,221 |
Total Liabilities in Securities Sold Short (a) | $(487,074 ) | $— | $— | $(487,074 ) |
Appreciation in Other Financial Instruments | ||||
Futures Contracts (a) | $56 | $— | $— | $56 |
(a) | Please refer to the SOI for specifics of portfolio holdings. |
B. Investment Transactions with Affiliates— The Fund invested in an Underlying Fund 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.
JPMorgan U.S. Large Cap Core Plus Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2024 (Unaudited) (continued)(Dollar values in thousands)The Underlying Fund's distributions may be reinvested into such Underlying Fund. Reinvestment amounts are included in the purchases at cost amounts in the table below.
For the period ended March 31, 2024 | |||||||||
Security Description | Value at June 30, 2023 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at March 31, 2024 | Shares at March 31, 2024 | Dividend Income | Capital Gain Distributions |
JPMorgan Prime Money Market Fund Class IM Shares, 5.43% (a) (b) | $30,659 | $438,988 | $396,081 | $8 | $— (c) | $73,574 | 73,545 | $1,952 | $— |
(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, 2024. |
(c) | Amount rounds to less than one thousand. |