JPMorgan U.S. Research Enhanced Equity Fund
Schedule of Portfolio Investments as of March 31, 2025
(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., 2025.
JPMorgan U.S. Research Enhanced Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2025 (Unaudited)
 
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — 98.4%
Aerospace & Defense — 2.0%
Howmet Aerospace, Inc.
577
74,835
RTX Corp.
355
47,075
Textron, Inc.
293
21,153
TransDigm Group, Inc.
44
60,879
 
203,942
Air Freight & Logistics — 0.7%
FedEx Corp.
100
24,216
United Parcel Service, Inc., Class B
427
46,989
 
71,205
Automobile Components — 0.1%
Aptiv plc (Jersey) *
136
8,101
Automobiles — 1.4%
Tesla, Inc. *
555
143,870
Banks — 3.6%
Bank of America Corp.
2,685
112,039
Citigroup, Inc.
535
37,979
Fifth Third Bancorp
1,044
40,952
Truist Financial Corp.
934
38,445
US Bancorp
697
29,415
Wells Fargo & Co.
1,406
100,927
 
359,757
Beverages — 2.0%
Coca-Cola Co. (The)
979
70,120
Keurig Dr Pepper, Inc.
1,108
37,903
PepsiCo, Inc.
653
97,989
 
206,012
Biotechnology — 2.3%
AbbVie, Inc.
620
129,831
Neurocrine Biosciences, Inc. *
65
7,182
Regeneron Pharmaceuticals, Inc.
68
43,288
Sarepta Therapeutics, Inc. *
32
2,014
Vertex Pharmaceuticals, Inc. *
103
50,071
 
232,386
Broadline Retail — 4.2%
Amazon.com, Inc. *
2,213
421,087
Building Products — 1.5%
Carrier Global Corp.
661
41,919
Masco Corp.
363
25,224
Trane Technologies plc
262
88,352
 
155,495
Capital Markets — 2.1%
Ameriprise Financial, Inc.
80
38,932
Charles Schwab Corp. (The)
629
49,221
JPMorgan U.S. Research Enhanced Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — continued
Capital Markets — continued
CME Group, Inc.
203
53,816
Goldman Sachs Group, Inc. (The)
96
52,477
KKR & Co., Inc.
151
17,447
 
211,893
Chemicals — 1.7%
Dow, Inc.
680
23,741
Linde plc
192
89,310
LyondellBasell Industries NV, Class A
288
20,263
PPG Industries, Inc.
235
25,759
Sherwin-Williams Co. (The)
31
10,915
 
169,988
Communications Equipment — 0.3%
Arista Networks, Inc. *
253
19,603
Motorola Solutions, Inc.
36
15,666
 
35,269
Construction Materials — 0.1%
Martin Marietta Materials, Inc.
33
15,684
Consumer Finance — 0.6%
American Express Co.
159
42,694
Capital One Financial Corp.
80
14,358
 
57,052
Consumer Staples Distribution & Retail — 0.8%
Costco Wholesale Corp.
56
52,701
Walmart, Inc.
315
27,642
 
80,343
Diversified Telecommunication Services — 0.5%
AT&T, Inc.
1,746
49,367
Electric Utilities — 2.3%
Entergy Corp.
90
7,707
NextEra Energy, Inc.
1,197
84,818
NRG Energy, Inc.
45
4,339
PG&E Corp.
2,484
42,666
Southern Co. (The)
1,001
92,040
 
231,570
Electrical Equipment — 0.4%
Eaton Corp. plc
133
36,033
Electronic Equipment, Instruments & Components — 0.1%
TE Connectivity plc (Switzerland)
66
9,287
Energy Equipment & Services — 0.3%
Baker Hughes Co.
657
28,873
Entertainment — 0.9%
Netflix, Inc. *
34
31,524
JPMorgan U.S. Research Enhanced Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — continued
Entertainment — continued
Walt Disney Co. (The)
466
45,980
Warner Music Group Corp., Class A
330
10,341
 
87,845
Financial Services — 6.5%
Berkshire Hathaway, Inc., Class B *
340
181,198
Corpay, Inc. *
140
48,626
Fidelity National Information Services, Inc.
607
45,325
Mastercard, Inc., Class A
342
187,348
Toast, Inc., Class A *
373
12,378
Visa, Inc., Class A
514
180,115
WEX, Inc. *
29
4,591
 
659,581
Food Products — 0.7%
Mondelez International, Inc., Class A
1,067
72,391
Ground Transportation — 1.0%
CSX Corp.
1,389
40,887
Uber Technologies, Inc. *
777
56,602
 
97,489
Health Care Equipment & Supplies — 2.5%
Abbott Laboratories
148
19,663
Baxter International, Inc.
188
6,437
Boston Scientific Corp. *
622
62,772
Edwards Lifesciences Corp. *
371
26,891
Medtronic plc
623
55,965
Stryker Corp.
209
77,820
 
249,548
Health Care Providers & Services — 2.3%
Cigna Group (The)
119
39,213
HCA Healthcare, Inc.
34
11,827
Humana, Inc.
62
16,291
McKesson Corp.
28
18,740
UnitedHealth Group, Inc.
289
151,598
 
237,669
Health Care REITs — 0.9%
Alexandria Real Estate Equities, Inc.
53
4,880
Ventas, Inc.
757
52,059
Welltower, Inc.
210
32,272
 
89,211
Hotels, Restaurants & Leisure — 3.7%
Booking Holdings, Inc.
8
37,495
Carnival Corp. *
658
12,852
Chipotle Mexican Grill, Inc. *
1,000
50,183
DoorDash, Inc., Class A *
87
15,820
Expedia Group, Inc.
180
30,283
JPMorgan U.S. Research Enhanced Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — continued
Hotels, Restaurants & Leisure — continued
Hilton Worldwide Holdings, Inc.
194
44,224
McDonald's Corp.
336
104,936
Royal Caribbean Cruises Ltd.
85
17,472
Yum! Brands, Inc.
369
58,044
 
371,309
Household Durables — 0.1%
Lennar Corp., Class A
104
11,993
Household Products — 0.3%
Church & Dwight Co., Inc.
271
29,803
Independent Power and Renewable Electricity Producers — 0.1%
Vistra Corp.
73
8,526
Industrial Conglomerates — 0.4%
3M Co.
254
37,302
Industrial REITs — 0.4%
Prologis, Inc.
334
37,292
Insurance — 2.1%
Aon plc, Class A
123
49,135
Arthur J Gallagher & Co.
189
65,210
Chubb Ltd.
35
10,516
Progressive Corp. (The)
312
88,304
 
213,165
Interactive Media & Services — 6.1%
Alphabet, Inc., Class A
1,256
194,192
Alphabet, Inc., Class C
703
109,880
Meta Platforms, Inc., Class A
543
313,163
 
617,235
IT Services — 0.6%
Accenture plc, Class A (Ireland)
52
16,158
Cognizant Technology Solutions Corp., Class A
649
49,649
 
65,807
Life Sciences Tools & Services — 0.9%
Thermo Fisher Scientific, Inc.
188
93,809
Machinery — 1.9%
Caterpillar, Inc.
114
37,784
Deere & Co.
133
62,283
Ingersoll Rand, Inc.
233
18,616
Otis Worldwide Corp.
528
54,510
PACCAR, Inc.
238
23,175
 
196,368
Media — 0.9%
Charter Communications, Inc., Class A *
90
33,101
Comcast Corp., Class A
1,661
61,314
 
94,415
JPMorgan U.S. Research Enhanced Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — continued
Metals & Mining — 0.1%
Nucor Corp.
77
9,298
Multi-Utilities — 0.1%
Dominion Energy, Inc.
233
13,061
Oil, Gas & Consumable Fuels — 3.3%
ConocoPhillips
818
85,924
Diamondback Energy, Inc.
178
28,513
EOG Resources, Inc.
371
47,532
Exxon Mobil Corp.
1,445
171,862
 
333,831
Passenger Airlines — 0.2%
Delta Air Lines, Inc.
372
16,203
Personal Care Products — 0.2%
Kenvue, Inc.
916
21,975
Pharmaceuticals — 3.0%
Bristol-Myers Squibb Co.
1,233
75,208
Eli Lilly & Co.
145
119,840
Johnson & Johnson
580
96,242
Merck & Co., Inc.
149
13,361
 
304,651
Professional Services — 0.5%
Equifax, Inc.
62
15,143
Leidos Holdings, Inc.
256
34,518
 
49,661
Residential REITs — 0.1%
Equity LifeStyle Properties, Inc.
219
14,610
Semiconductors & Semiconductor Equipment — 10.7%
Advanced Micro Devices, Inc. *
256
26,311
Analog Devices, Inc.
364
73,374
Broadcom, Inc.
926
155,094
Lam Research Corp.
550
39,948
Marvell Technology, Inc.
72
4,435
Micron Technology, Inc.
440
38,224
NVIDIA Corp.
5,567
603,342
NXP Semiconductors NV (China)
337
64,106
Texas Instruments, Inc.
420
75,542
 
1,080,376
Software — 9.8%
Adobe, Inc. *
33
12,458
Cadence Design Systems, Inc. *
48
12,168
Fair Isaac Corp. *
8
15,430
Intuit, Inc.
57
35,066
Microsoft Corp.
1,793
673,154
Oracle Corp.
478
66,873
Palantir Technologies, Inc., Class A *
248
20,913
JPMorgan U.S. Research Enhanced Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — continued
Software — continued
Salesforce, Inc.
337
90,357
ServiceNow, Inc. *
84
66,821
 
993,240
Specialized REITs — 0.7%
Digital Realty Trust, Inc.
191
27,404
Equinix, Inc.
13
10,218
SBA Communications Corp.
148
32,610
 
70,232
Specialty Retail — 2.4%
AutoZone, Inc. *
14
52,620
Best Buy Co., Inc.
174
12,847
Burlington Stores, Inc. *
102
24,414
Lowe's Cos., Inc.
419
97,640
Ross Stores, Inc.
399
50,963
 
238,484
Technology Hardware, Storage & Peripherals — 7.3%
Apple, Inc.
3,077
683,529
Hewlett Packard Enterprise Co.
708
10,920
Sandisk Corp. *
25
1,203
Seagate Technology Holdings plc
472
40,105
Western Digital Corp. *
76
3,064
 
738,821
Tobacco — 0.6%
Altria Group, Inc.
356
21,347
Philip Morris International, Inc.
262
41,604
 
62,951
Trading Companies & Distributors — 0.1%
United Rentals, Inc.
20
12,700
Total Common Stocks
(Cost $6,041,271)
9,958,066
Short-Term Investments — 1.9%
Investment Companies — 1.9%
JPMorgan Prime Money Market Fund Class IM Shares, 4.43% (a) (b)
(Cost $190,391)
190,343
190,400
Total Investments — 100.3%
(Cost $6,231,662)
10,148,466
Liabilities in Excess of Other Assets — (0.3)%
(34,563
)
NET ASSETS — 100.0%
10,113,903
 
Percentages indicated are based on net assets.
 
JPMorgan U.S. Research Enhanced Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2025 (Unaudited) (continued)
Abbreviations
 
REIT
Real Estate Investment Trust
 
*
Non-income producing security.
(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, 2025.
Futures contracts outstanding as of March 31, 2025 (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
518
06/20/2025
USD
146,510
(296
)
 
Abbreviations
 
USD
United States Dollar
JPMorgan U.S. Research Enhanced Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2025 (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 Securities and Exchange Commission 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 Fund 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 Fund. 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)
$10,148,466
$—
$—
$10,148,466
Depreciation in Other Financial Instruments
Futures Contracts (a)
$(296
)
$—
$—
$(296
)
 
 
(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. Research Enhanced Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2025 (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, 2025
Security Description
Value at
June 30,
2024
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
March 31,
2025
Shares at
March 31,
2025
Dividend
Income
Capital Gain
Distributions
JPMorgan Prime Money Market Fund Class IM
Shares, 4.43%  (a) (b)
$193,056
$1,664,065
$1,666,780
$54
$5
$190,400
190,343
$5,111
$—
 
 
(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, 2025.