JPMorgan Small Cap Core Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF SEPTEMBER 30, 2020 (Unaudited)
Investments | Shares (000) | Value ($000) | ||||||
COMMON STOCKS — 97.5% |
| |||||||
Aerospace & Defense — 0.6% |
| |||||||
AAR Corp. | 40 | 743 | ||||||
Aerojet Rocketdyne Holdings, Inc. * | 4 | 176 | ||||||
Moog, Inc., Class A | 4 | 264 | ||||||
Park Aerospace Corp. | 8 | 90 | ||||||
Vectrus, Inc. * | 18 | 673 | ||||||
|
| |||||||
1,946 | ||||||||
|
| |||||||
Air Freight & Logistics — 0.9% |
| |||||||
Atlas Air Worldwide Holdings, Inc. * | 1 | 73 | ||||||
Echo Global Logistics, Inc. * | 9 | 227 | ||||||
Hub Group, Inc., Class A * | 52 | 2,625 | ||||||
|
| |||||||
2,925 | ||||||||
|
| |||||||
Airlines — 0.0% (a) |
| |||||||
Hawaiian Holdings, Inc. | 4 | 45 | ||||||
|
| |||||||
Auto Components — 1.1% |
| |||||||
Adient plc * | 36 | 627 | ||||||
American Axle & Manufacturing Holdings, Inc. * | 111 | 638 | ||||||
Cooper Tire & Rubber Co. | 25 | 780 | ||||||
Dana, Inc. | 95 | 1,173 | ||||||
Goodyear Tire & Rubber Co. (The) | 33 | 256 | ||||||
Modine Manufacturing Co. * | 6 | 40 | ||||||
|
| |||||||
3,514 | ||||||||
|
| |||||||
Automobiles — 0.1% |
| |||||||
Winnebago Industries, Inc. | 7 | 362 | ||||||
|
| |||||||
Banks — 6.4% |
| |||||||
Ameris Bancorp | 13 | 304 | ||||||
Associated Banc-Corp. (b) | 21 | 259 | ||||||
Bancorp, Inc. (The) * | 58 | 502 | ||||||
Bank of NT Butterfield & Son Ltd. (The) (Bermuda) | 56 | 1,258 | ||||||
Bar Harbor Bankshares (b) | 9 | 181 | ||||||
Business First Bancshares, Inc. | 12 | 176 | ||||||
California Bancorp, Inc. * | 4 | 42 | ||||||
Capital Bancorp, Inc. * | 4 | 42 | ||||||
Capstar Financial Holdings, Inc. | 10 | 96 | ||||||
Cathay General Bancorp | 10 | 211 | ||||||
CB Financial Services, Inc. | 2 | 42 | ||||||
Central Valley Community Bancorp | 4 | 48 | ||||||
Citizens Holding Co. | — | (c) | — | (c) | ||||
Community Trust Bancorp, Inc. | 2 | 51 | ||||||
ConnectOne Bancorp, Inc. | 94 | 1,323 | ||||||
Customers Bancorp, Inc. * | 43 | 484 | ||||||
Enterprise Financial Services Corp. | 2 | 51 | ||||||
Financial Institutions, Inc. | 22 | 339 | ||||||
First BanCorp (Puerto Rico) | 216 | 1,126 | ||||||
First Bank | 5 | 33 | ||||||
First Business Financial Services, Inc. | 6 | 79 | ||||||
First Choice Bancorp | 2 | 24 | ||||||
First Community Bankshares, Inc. | 4 | 75 | ||||||
First Hawaiian, Inc. | 10 | 145 | ||||||
First Horizon National Corp. | 55 | 516 | ||||||
First Internet Bancorp | 7 | 102 | ||||||
Great Southern Bancorp, Inc. | 8 | 293 | ||||||
Hancock Whitney Corp. | 29 | 547 | ||||||
Hanmi Financial Corp. | 41 | 336 | ||||||
Hilltop Holdings, Inc. | 33 | 677 | ||||||
Investar Holding Corp. | 11 | 138 | ||||||
Investors Bancorp, Inc. | 262 | 1,904 | ||||||
Macatawa Bank Corp. | 11 | 72 | ||||||
Meridian Corp. | 4 | 56 | ||||||
Metropolitan Bank Holding Corp. * | 5 | 126 | ||||||
Mid Penn Bancorp, Inc. | 4 | 66 | ||||||
Northeast Bank | 5 | 89 | ||||||
OceanFirst Financial Corp. | 100 | 1,369 | ||||||
PacWest Bancorp | 30 | 505 | ||||||
Popular, Inc. (Puerto Rico) | 37 | 1,350 | ||||||
RBB Bancorp | 6 | 65 | ||||||
Select Bancorp, Inc. * | 44 | 318 | ||||||
Shore Bancshares, Inc. | 7 | 82 | ||||||
Sierra Bancorp | 4 | 60 | ||||||
Signature Bank | 13 | 1,058 | ||||||
Sterling Bancorp | 31 | 324 | ||||||
Synovus Financial Corp. | 27 | 578 | ||||||
Umpqua Holdings Corp. | 95 | 1,012 | ||||||
United Community Banks, Inc. | 21 | 363 | ||||||
Wintrust Financial Corp. | 10 | 387 | ||||||
Zions Bancorp NA | 50 | 1,470 | ||||||
|
| |||||||
20,754 | ||||||||
|
| |||||||
Beverages — 0.1% |
| |||||||
Coca-Cola Consolidated, Inc. | 1 | 217 | ||||||
|
| |||||||
Biotechnology — 8.1% |
| |||||||
Aduro Biotech, Inc. * | 213 | 517 | ||||||
Akebia Therapeutics, Inc. * (b) | 39 | 99 | ||||||
Alector, Inc. * (b) | 33 | 348 | ||||||
Allogene Therapeutics, Inc. * (b) | 32 | 1,203 | ||||||
Amicus Therapeutics, Inc. * | 67 | 940 | ||||||
AnaptysBio, Inc. * | 57 | 836 | ||||||
Arrowhead Pharmaceuticals, Inc. * | 35 | 1,507 | ||||||
Assembly Biosciences, Inc. * | 30 | 496 | ||||||
Atara Biotherapeutics, Inc. * | 6 | 77 | ||||||
Bluebird Bio, Inc. * | 5 | 260 | ||||||
Blueprint Medicines Corp. * | 14 | 1,307 | ||||||
Bridgebio Pharma, Inc. * (b) | 17 | 628 | ||||||
Catalyst Pharmaceuticals, Inc. * (b) | 139 | 414 | ||||||
Coherus Biosciences, Inc. * (b) | 43 | 786 | ||||||
Concert Pharmaceuticals, Inc. * | 22 | 215 | ||||||
Dicerna Pharmaceuticals, Inc. * | 50 | 894 | ||||||
Esperion Therapeutics, Inc. * (b) | 16 | 611 | ||||||
FibroGen, Inc. * | 14 | 582 | ||||||
Gritstone Oncology, Inc. * (b) | 9 | 25 | ||||||
Heron Therapeutics, Inc. * (b) | 71 | 1,045 | ||||||
Homology Medicines, Inc. * | 26 | 274 | ||||||
Immunomedics, Inc. * | 40 | 3,402 | ||||||
Insmed, Inc. * | 30 | 967 | ||||||
Jounce Therapeutics, Inc. * | 27 | 220 | ||||||
Kura Oncology, Inc. * | 4 | 127 | ||||||
MeiraGTx Holdings plc * (b) | 23 | 305 | ||||||
Mustang Bio, Inc. * | 401 | 1,263 | ||||||
Radius Health, Inc. * | 4 | 40 | ||||||
REVOLUTION Medicines, Inc. * | 10 | 358 | ||||||
Rhythm Pharmaceuticals, Inc. * (b) | 17 | 368 | ||||||
Sage Therapeutics, Inc. * | 14 | 862 | ||||||
Sarepta Therapeutics, Inc. * | 6 | 885 | ||||||
Sutro Biopharma, Inc. * (b) | 8 | 79 |
JPMorgan Small Cap Core Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)
Investments | Shares (000) | Value ($000) | ||||||
Syros Pharmaceuticals, Inc. * (b) | 163 | 1,439 | ||||||
TCR2 Therapeutics, Inc. * (b) | 16 | 326 | ||||||
Translate Bio, Inc. * | 64 | 864 | ||||||
Viela Bio, Inc. * (b) | 20 | 570 | ||||||
Vir Biotechnology, Inc. * (b) | 22 | 759 | ||||||
Xencor, Inc. * | 13 | 495 | ||||||
Y-mAbs Therapeutics, Inc. * | 2 | 89 | ||||||
|
| |||||||
26,482 | ||||||||
|
| |||||||
Building Products — 1.3% |
| |||||||
Builders FirstSource, Inc. * | 30 | 970 | ||||||
Caesarstone Ltd. | 39 | 381 | ||||||
Cornerstone Building Brands, Inc. * | 29 | 233 | ||||||
Gibraltar Industries, Inc. * | 6 | 371 | ||||||
JELD-WEN Holding, Inc. * | 10 | 228 | ||||||
Masonite International Corp. * | 8 | 748 | ||||||
PGT Innovations, Inc. * | 9 | 154 | ||||||
Quanex Building Products Corp. | 30 | 544 | ||||||
UFP Industries, Inc. | 13 | 753 | ||||||
|
| |||||||
4,382 | ||||||||
|
| |||||||
Capital Markets — 1.8% |
| |||||||
Blucora, Inc. * | 50 | 468 | ||||||
Cowen, Inc., Class A (b) | 68 | 1,098 | ||||||
Federated Hermes, Inc., Class B | 60 | 1,294 | ||||||
Focus Financial Partners, Inc., Class A * | 21 | 685 | ||||||
Houlihan Lokey, Inc. | 7 | 429 | ||||||
Piper Sandler Cos. | 6 | 409 | ||||||
Stifel Financial Corp. | 16 | 814 | ||||||
Virtus Investment Partners, Inc. | 6 | 804 | ||||||
|
| |||||||
6,001 | ||||||||
|
| |||||||
Chemicals — 1.5% |
| |||||||
Avient Corp. | 47 | 1,230 | ||||||
FutureFuel Corp. | 22 | 249 | ||||||
Koppers Holdings, Inc. * | 46 | 970 | ||||||
Kraton Corp. * | 16 | 288 | ||||||
Minerals Technologies, Inc. | 9 | 455 | ||||||
Orion Engineered Carbons SA (Germany) | 44 | 554 | ||||||
PQ Group Holdings, Inc. * | 6 | 60 | ||||||
Trinseo SA | 19 | 494 | ||||||
Tronox Holdings plc, Class A | 101 | 792 | ||||||
|
| |||||||
5,092 | ||||||||
|
| |||||||
Commercial Services & Supplies — 1.9% |
| |||||||
ABM Industries, Inc. | 29 | 1,062 | ||||||
ACCO Brands Corp. | 157 | 912 | ||||||
Brink’s Co. (The) | 12 | 473 | ||||||
Herman Miller, Inc. | 20 | 591 | ||||||
HNI Corp. | 15 | 474 | ||||||
KAR Auction Services, Inc. | 20 | 281 | ||||||
Kimball International, Inc., Class B | 59 | 620 | ||||||
Knoll, Inc. | 72 | 868 | ||||||
Quad/Graphics, Inc. | 78 | 238 | ||||||
Steelcase, Inc., Class A | 71 | 716 | ||||||
|
| |||||||
6,235 | ||||||||
|
| |||||||
Communications Equipment — 1.0% |
| |||||||
Cambium Networks Corp. * | 80 | 1,344 | ||||||
Ciena Corp. * | 7 | 286 | ||||||
Extreme Networks, Inc. * | 175 | 701 | ||||||
PCTEL, Inc. * | 45 | 256 | ||||||
Plantronics, Inc. (b) | 55 | 648 | ||||||
|
| |||||||
3,235 | ||||||||
|
| |||||||
Construction & Engineering — 2.8% |
| |||||||
Argan, Inc. | 67 | 2,796 | ||||||
Comfort Systems USA, Inc. | 16 | 846 | ||||||
EMCOR Group, Inc. | 19 | 1,274 | ||||||
Great Lakes Dredge & Dock Corp. * | 94 | 891 | ||||||
MasTec, Inc. * (b) | 35 | 1,457 | ||||||
Primoris Services Corp. | 43 | 779 | ||||||
Sterling Construction Co., Inc. * | 59 | 830 | ||||||
Tutor Perini Corp. * | 39 | 437 | ||||||
|
| |||||||
9,310 | ||||||||
|
| |||||||
Construction Materials — 0.2% |
| |||||||
US Concrete, Inc.* | 22 | 630 | ||||||
|
| |||||||
Consumer Finance — 0.4% |
| |||||||
Enova International, Inc.* | 14 | 231 | ||||||
Nelnet, Inc., Class A | 15 | 904 | ||||||
Oportun Financial Corp.* | 22 | 257 | ||||||
|
| |||||||
1,392 | ||||||||
|
| |||||||
Containers & Packaging — 0.2% |
| |||||||
Myers Industries, Inc. | 15 | 194 | ||||||
O-I Glass, Inc. | 28 | 293 | ||||||
Pactiv Evergreen, Inc. * | 7 | 89 | ||||||
|
| |||||||
576 | ||||||||
|
| |||||||
Distributors — 0.4% |
| |||||||
Core-Mark Holding Co., Inc. | 45 | 1,299 | ||||||
|
| |||||||
Diversified Consumer Services — 0.4% |
| |||||||
American Public Education, Inc. * | 10 | 268 | ||||||
Houghton Mifflin Harcourt Co. * | 307 | 532 | ||||||
Strategic Education, Inc. | 3 | 247 | ||||||
WW International, Inc.* | 20 | 383 | ||||||
|
| |||||||
1,430 | ||||||||
|
| |||||||
Diversified Telecommunication Services — 1.2% |
| |||||||
ATN International, Inc. | 4 | 186 | ||||||
Cogent Communications Holdings, Inc. | 22 | 1,345 | ||||||
IDT Corp., Class B * | 150 | 984 | ||||||
Liberty Latin America Ltd., Class A (Chile) * | 65 | 539 | ||||||
Liberty Latin America Ltd., Class C (Chile) * (b) | 59 | 481 | ||||||
Ooma, Inc. * (b) | 37 | 483 | ||||||
|
| |||||||
4,018 | ||||||||
|
| |||||||
Electric Utilities — 0.7% |
| |||||||
Genie Energy Ltd., Class B | 9 | 68 | ||||||
IDACORP, Inc. | 7 | 531 | ||||||
Portland General Electric Co. | 28 | 977 | ||||||
Spark Energy, Inc., Class A (b) | 103 | 854 | ||||||
|
| |||||||
2,430 | ||||||||
|
| |||||||
Electrical Equipment — 0.5% |
| |||||||
Atkore International Group, Inc. * | 66 | 1,492 | ||||||
Powell Industries, Inc. | 6 | 152 | ||||||
|
| |||||||
1,644 | ||||||||
|
| |||||||
Electronic Equipment, Instruments & Components — 2.5% |
| |||||||
Benchmark Electronics, Inc. | 51 | 1,033 | ||||||
Fabrinet (Thailand) * | 10 | 613 | ||||||
Itron, Inc. * (b) | 5 | 304 |
JPMorgan Small Cap Core Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)
Investments | Shares (000) | Value ($000) | ||||||
Kimball Electronics, Inc. * | 8 | 89 | ||||||
Methode Electronics, Inc. | 48 | 1,358 | ||||||
Sanmina Corp. * | 99 | 2,668 | ||||||
ScanSource, Inc.* | 30 | 595 | ||||||
Vishay Intertechnology, Inc. | 51 | 787 | ||||||
Vishay Precision Group, Inc. * | 35 | 889 | ||||||
|
| |||||||
8,336 | ||||||||
|
| |||||||
Energy Equipment & Services — 0.3% |
| |||||||
NexTier Oilfield Solutions, Inc. * | 73 | 136 | ||||||
Select Energy Services, Inc., Class A * | 140 | 536 | ||||||
Solaris Oilfield Infrastructure, Inc., Class A (b) | 60 | 379 | ||||||
|
| |||||||
1,051 | ||||||||
|
| |||||||
Entertainment — 0.2% |
| |||||||
Cinemark Holdings, Inc. (b) | 65 | 654 | ||||||
|
| |||||||
Equity Real Estate Investment Trusts (REITs) — 6.1% |
| |||||||
Acadia Realty Trust (b) | 9 | 93 | ||||||
Alexander & Baldwin, Inc. | 25 | 276 | ||||||
Alexander’s, Inc. | 1 | 270 | ||||||
American Assets Trust, Inc. | 8 | 181 | ||||||
American Finance Trust, Inc. | 43 | 270 | ||||||
Armada Hoffler Properties, Inc. | 83 | 769 | ||||||
Broadstone Net Lease, Inc., Class A (b) | 38 | 629 | ||||||
BRT Apartments Corp. | 6 | 71 | ||||||
CareTrust REIT, Inc. | 7 | 128 | ||||||
CatchMark Timber Trust, Inc., Class A | 54 | 478 | ||||||
Chatham Lodging Trust | 11 | 83 | ||||||
City Office REIT, Inc. | 87 | 656 | ||||||
Columbia Property Trust, Inc. | 19 | 211 | ||||||
Community Healthcare Trust, Inc. | 2 | 79 | ||||||
CorePoint Lodging, Inc. | 7 | 40 | ||||||
Cousins Properties, Inc. | 22 | 628 | ||||||
DiamondRock Hospitality Co. | 88 | 445 | ||||||
EastGroup Properties, Inc. | 2 | 233 | ||||||
Essential Properties Realty Trust, Inc. | 7 | 128 | ||||||
First Industrial Realty Trust, Inc. | 36 | 1,426 | ||||||
Getty Realty Corp. | 4 | 114 | ||||||
Gladstone Commercial Corp. | 47 | 792 | ||||||
Global Medical REIT, Inc. | 5 | 70 | ||||||
Global Net Lease, Inc. | 89 | 1,410 | ||||||
Healthcare Realty Trust, Inc. | 29 | 858 | ||||||
Highwoods Properties, Inc. | 3 | 112 | ||||||
Hudson Pacific Properties, Inc. | 13 | 280 | ||||||
Investors Real Estate Trust | 1 | 65 | ||||||
Kite Realty Group Trust | 8 | 95 | ||||||
Monmouth Real Estate Investment Corp. (b) | 37 | 508 | ||||||
New Senior Investment Group, Inc. | 58 | 232 | ||||||
One Liberty Properties, Inc. | 2 | 36 | ||||||
Physicians Realty Trust | 33 | 587 | ||||||
Plymouth Industrial REIT, Inc. | 23 | 278 | ||||||
PotlatchDeltic Corp. | 23 | 973 | ||||||
QTS Realty Trust, Inc., Class A (b) | 6 | 397 | ||||||
Retail Properties of America, Inc., Class A (b) | 109 | 633 | ||||||
Retail Value, Inc. | 13 | 168 | ||||||
Sabra Health Care REIT, Inc. | 35 | 487 | ||||||
SITE Centers Corp. (b) | 4 | 30 | ||||||
STAG Industrial, Inc. | 80 | 2,431 | ||||||
Sunstone Hotel Investors, Inc. | 119 | 948 | ||||||
Urban Edge Properties | 31 | 305 | ||||||
Xenia Hotels & Resorts, Inc. | 105 | 925 | ||||||
|
| |||||||
19,828 | ||||||||
|
| |||||||
Food & Staples Retailing — 1.1% |
| |||||||
BJ’s Wholesale Club Holdings, Inc. * | 20 | 819 | ||||||
Performance Food Group Co. * | 46 | 1,575 | ||||||
PriceSmart, Inc. | 12 | 784 | ||||||
Rite Aid Corp. * (b) | 34 | 321 | ||||||
|
| |||||||
3,499 | ||||||||
|
| |||||||
Food Products — 0.6% |
| |||||||
B&G Foods, Inc. (b) | 22 | 611 | ||||||
Sanderson Farms, Inc. | 7 | 855 | ||||||
Seneca Foods Corp., Class A * | 8 | 268 | ||||||
TreeHouse Foods, Inc. * | 3 | 124 | ||||||
|
| |||||||
1,858 | ||||||||
|
| |||||||
Gas Utilities — 0.8% |
| |||||||
Chesapeake Utilities Corp. | 7 | 590 | ||||||
New Jersey Resources Corp. | 14 | 380 | ||||||
Southwest Gas Holdings, Inc. | 15 | 962 | ||||||
Spire, Inc. | 12 | 628 | ||||||
|
| |||||||
2,560 | ||||||||
|
| |||||||
Health Care Equipment & Supplies — 3.0% |
| |||||||
Accuray, Inc. * | 219 | 524 | ||||||
Alphatec Holdings, Inc. * | 88 | 581 | ||||||
Apyx Medical Corp. * | 90 | 423 | ||||||
Avanos Medical, Inc. * | 10 | 326 | ||||||
Axogen, Inc. * | 27 | 317 | ||||||
CONMED Corp. | 1 | 100 | ||||||
Cutera, Inc. * | 47 | 899 | ||||||
Inogen, Inc. * | 12 | 334 | ||||||
Integer Holdings Corp. * | 5 | 307 | ||||||
Invacare Corp. | 100 | 750 | ||||||
Natus Medical, Inc. * | 26 | 440 | ||||||
NuVasive, Inc. * | 14 | 670 | ||||||
OraSure Technologies, Inc. * | 21 | 257 | ||||||
Orthofix Medical, Inc. * | 55 | 1,726 | ||||||
Outset Medical, Inc. * (b) | 7 | 325 | ||||||
SI-BONE, Inc. * | 42 | 988 | ||||||
Sientra, Inc. * (b) | 61 | 208 | ||||||
Utah Medical Products, Inc. | 5 | 391 | ||||||
ViewRay, Inc. * (b) | 138 | 481 | ||||||
|
| |||||||
10,047 | ||||||||
|
| |||||||
Health Care Providers & Services — 5.7% |
| |||||||
American Renal Associates Holdings, Inc. * (b) | 63 | 432 | ||||||
AMN Healthcare Services, Inc. * | 21 | 1,210 | ||||||
Apollo Medical Holdings, Inc. * | 26 | 459 | ||||||
Cross Country Healthcare, Inc. * | 105 | 680 | ||||||
Hanger, Inc. * | 31 | 489 | ||||||
LHC Group, Inc. * | 3 | 723 | ||||||
Magellan Health, Inc. * | 43 | 3,220 | ||||||
MEDNAX, Inc. * (b) | 83 | 1,348 | ||||||
National HealthCare Corp. | 16 | 972 | ||||||
Owens & Minor, Inc. | 134 | 3,375 | ||||||
Providence Service Corp. (The) * | 17 | 1,542 | ||||||
Select Medical Holdings Corp. * | 80 | 1,672 | ||||||
Surgery Partners, Inc. * | 37 | 815 | ||||||
Tenet Healthcare Corp. * | 75 | 1,834 | ||||||
|
| |||||||
18,771 | ||||||||
|
|
JPMorgan Small Cap Core Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)
Investments | Shares (000) | Value ($000) | ||||||
Health Care Technology — 0.3% |
| |||||||
NextGen Healthcare, Inc. * | 49 | 620 | ||||||
Omnicell, Inc. * | 5 | 336 | ||||||
|
| |||||||
956 | ||||||||
|
| |||||||
Hotels, Restaurants & Leisure — 1.6% |
| |||||||
Bloomin’ Brands, Inc. (b) | 59 | 898 | ||||||
Boyd Gaming Corp. | 10 | 319 | ||||||
Brinker International, Inc. (b) | 29 | 1,230 | ||||||
Dine Brands Global, Inc. | 13 | 726 | ||||||
International Game Technology plc | 63 | 700 | ||||||
Penn National Gaming, Inc. * (b) | 18 | 1,292 | ||||||
|
| |||||||
5,165 | ||||||||
|
| |||||||
Household Durables — 3.4% |
| |||||||
Cavco Industries, Inc. * | 2 | 343 | ||||||
Helen of Troy Ltd. * | 6 | 1,139 | ||||||
Hooker Furniture Corp. | 6 | 163 | ||||||
KB Home | 38 | 1,477 | ||||||
Lifetime Brands, Inc. | 47 | 449 | ||||||
Meritage Homes Corp. * | 28 | 3,046 | ||||||
Sonos, Inc. * | 155 | 2,354 | ||||||
Taylor Morrison Home Corp. * | 49 | 1,214 | ||||||
Universal Electronics, Inc. * | 24 | 902 | ||||||
|
| |||||||
11,087 | ||||||||
|
| |||||||
Household Products — 0.5% |
| |||||||
Central Garden & Pet Co. * | 9 | 347 | ||||||
Central Garden & Pet Co., Class A * | 39 | 1,423 | ||||||
|
| |||||||
1,770 | ||||||||
|
| |||||||
Independent Power and Renewable Electricity Producers — 0.9% |
| |||||||
Atlantic Power Corp. * | 56 | 109 | ||||||
Clearway Energy, Inc. | 55 | 1,347 | ||||||
Clearway Energy, Inc., Class C | 49 | 1,316 | ||||||
Vistra Corp. | 12 | 218 | ||||||
|
| |||||||
2,990 | ||||||||
|
| |||||||
Insurance — 1.3% |
| |||||||
Ambac Financial Group, Inc. * | 18 | 223 | ||||||
American Equity Investment Life Holding Co. | 22 | 477 | ||||||
Argo Group International Holdings Ltd. | 6 | 200 | ||||||
CNO Financial Group, Inc. (b) | 44 | 704 | ||||||
FedNat Holding Co. | 39 | 244 | ||||||
Heritage Insurance Holdings, Inc. | 5 | 53 | ||||||
James River Group Holdings Ltd. (b) | 15 | 672 | ||||||
National General Holdings Corp. | 16 | 545 | ||||||
ProSight Global, Inc. * | 24 | 274 | ||||||
Selective Insurance Group, Inc. | 4 | 200 | ||||||
Stewart Information Services Corp. | 15 | 656 | ||||||
Third Point Reinsurance Ltd. (Bermuda) * | 11 | 79 | ||||||
United Insurance Holdings Corp. | 7 | 41 | ||||||
Watford Holdings Ltd. (Bermuda) * (b) | 3 | 76 | ||||||
|
| |||||||
4,444 | ||||||||
|
| |||||||
Interactive Media & Services — 0.6% |
| |||||||
Cars.com, Inc. * | 108 | 874 | ||||||
Liberty TripAdvisor Holdings, Inc., Class A * | 323 | 558 | ||||||
Yelp, Inc. * | 22 | 432 | ||||||
|
| |||||||
1,864 | ||||||||
|
| |||||||
Internet & Direct Marketing Retail — 0.3% |
| |||||||
Groupon, Inc. * (b) | 20 | 415 | ||||||
Overstock.com, Inc. * (b) | 8 | 603 | ||||||
|
| |||||||
1,018 | ||||||||
|
| |||||||
IT Services — 2.7% |
| |||||||
Evo Payments, Inc., Class A * | 44 | 1,096 | ||||||
KBR, Inc. | 79 | 1,767 | ||||||
NIC, Inc. | 31 | 609 | ||||||
Perspecta, Inc. | 38 | 729 | ||||||
Science Applications International Corp. | 16 | 1,278 | ||||||
StarTek, Inc. * | 190 | 996 | ||||||
TTEC Holdings, Inc. (b) | 46 | 2,532 | ||||||
|
| |||||||
9,007 | ||||||||
|
| |||||||
Leisure Products — 0.0% (a) |
| |||||||
Acushnet Holdings Corp. | 1 | 34 | ||||||
|
| |||||||
Life Sciences Tools & Services — 0.9% |
| |||||||
Adaptive Biotechnologies Corp. * | 12 | 564 | ||||||
Berkeley Lights, Inc. * | 14 | 1,092 | ||||||
Personalis, Inc. * | 62 | 1,344 | ||||||
|
| |||||||
3,000 | ||||||||
|
| |||||||
Machinery — 1.0% |
| |||||||
Columbus McKinnon Corp. | 23 | 767 | ||||||
Gencor Industries, Inc. * | 7 | 74 | ||||||
Meritor, Inc. * | 33 | 682 | ||||||
Mueller Industries, Inc. | 9 | 254 | ||||||
Park-Ohio Holdings Corp. | 5 | 76 | ||||||
Terex Corp. | 82 | 1,589 | ||||||
|
| |||||||
3,442 | ||||||||
|
| |||||||
Marine — 0.2% |
| |||||||
Costamare, Inc. (Monaco) | 108 | 654 | ||||||
|
| |||||||
Media — 1.4% |
| |||||||
AMC Networks, Inc., Class A * (b) | 20 | 487 | ||||||
EW Scripps Co. (The), Class A | 59 | 673 | ||||||
Fluent, Inc. * | 85 | 211 | ||||||
Gray Television, Inc. * | 46 | 634 | ||||||
Meredith Corp. | 89 | 1,171 | ||||||
Nexstar Media Group, Inc., Class A (b) | 10 | 894 | ||||||
Sinclair Broadcast Group, Inc., Class A (b) | 35 | 673 | ||||||
|
| |||||||
4,743 | ||||||||
|
| |||||||
Metals & Mining — 1.1% |
| |||||||
Commercial Metals Co. | 109 | 2,187 | ||||||
Kaiser Aluminum Corp. | 3 | 134 | ||||||
SunCoke Energy, Inc. | 68 | 231 | ||||||
Warrior Met Coal, Inc. | 43 | 743 | ||||||
Worthington Industries, Inc. | 11 | 432 | ||||||
|
| |||||||
3,727 | ||||||||
|
| |||||||
Mortgage Real Estate Investment Trusts (REITs) — 1.1% |
| |||||||
Apollo Commercial Real Estate Finance, Inc. (b) | 49 | 442 | ||||||
Ares Commercial Real Estate Corp. | 21 | 193 | ||||||
Colony Credit Real Estate, Inc. | 13 | 65 | ||||||
Dynex Capital, Inc. (b) | 11 | 163 | ||||||
Ellington Financial, Inc. | 2 | 29 |
JPMorgan Small Cap Core Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)
Investments | Shares (000) | Value ($000) | ||||||
Great Ajax Corp. | 3 | 27 | ||||||
KKR Real Estate Finance Trust, Inc. | 6 | 91 | ||||||
Ladder Capital Corp. | 81 | 575 | ||||||
PennyMac Mortgage Investment Trust | 72 | 1,159 | ||||||
Redwood Trust, Inc. (b) | 111 | 835 | ||||||
TPG RE Finance Trust, Inc. (b) | 11 | 90 | ||||||
Two Harbors Investment Corp. (b) | 17 | 84 | ||||||
|
| |||||||
3,753 | ||||||||
|
| |||||||
Multiline Retail — 0.4% |
| |||||||
Big Lots, Inc. | 17 | 776 | ||||||
Dillard’s, Inc., Class A (b) | 8 | 285 | ||||||
Macy’s, Inc. (b) | 41 | 235 | ||||||
|
| |||||||
1,296 | ||||||||
|
| |||||||
Multi-Utilities — 0.2% |
| |||||||
Black Hills Corp. | 9 | 507 | ||||||
|
| |||||||
Oil, Gas & Consumable Fuels — 1.9% |
| |||||||
Arch Resources, Inc. | 15 | 631 | ||||||
Berry Corp. | 95 | 301 | ||||||
Bonanza Creek Energy, Inc. * | 10 | 180 | ||||||
CNX Resources Corp. * | 28 | 261 | ||||||
CVR Energy, Inc. | 25 | 305 | ||||||
Dorian LPG Ltd. * | 47 | 380 | ||||||
Falcon Minerals Corp. | 38 | 93 | ||||||
Green Plains, Inc. * | 5 | 76 | ||||||
Magnolia Oil & Gas Corp., Class A * (b) | 26 | 133 | ||||||
Par Pacific Holdings, Inc. * | 36 | 244 | ||||||
PDC Energy, Inc. * | 28 | 342 | ||||||
Renewable Energy Group, Inc. * (b) | 62 | 3,295 | ||||||
REX American Resources Corp. * | 2 | 142 | ||||||
|
| |||||||
6,383 | ||||||||
|
| |||||||
Paper & Forest Products — 1.6% |
| |||||||
Boise Cascade Co. | 39 | 1,541 | ||||||
Clearwater Paper Corp. * | 3 | 106 | ||||||
Louisiana-Pacific Corp. | 50 | 1,476 | ||||||
PH Glatfelter Co. | 8 | 106 | ||||||
Schweitzer-Mauduit International, Inc. | 62 | 1,888 | ||||||
Verso Corp., Class A | 25 | 201 | ||||||
|
| |||||||
5,318 | ||||||||
|
| |||||||
Personal Products — 0.3% |
| |||||||
Edgewell Personal Care Co. * | 34 | 934 | ||||||
|
| |||||||
Pharmaceuticals — 3.0% |
| |||||||
AMAG Pharmaceuticals, Inc. * (b) | 8 | 75 | ||||||
Arvinas, Inc. * | 1 | 22 | ||||||
Cara Therapeutics, Inc. * (b) | 19 | 246 | ||||||
Endo International plc * | 326 | 1,075 | ||||||
Horizon Therapeutics plc * | 44 | 3,437 | ||||||
Intersect ENT, Inc. * | 63 | 1,028 | ||||||
Lannett Co., Inc. * (b) | 202 | 1,237 | ||||||
NGM Biopharmaceuticals, Inc. * (b) | 44 | 700 | ||||||
Phibro Animal Health Corp., Class A | 12 | 202 | ||||||
Revance Therapeutics, Inc. * | 6 | 145 | ||||||
TherapeuticsMD, Inc. * (b) | 112 | 177 | ||||||
VYNE Therapeutics, Inc. * (b) | 60 | 99 | ||||||
WaVe Life Sciences Ltd. * (b) | 109 | 922 | ||||||
Zogenix, Inc. * | 27 | 481 | ||||||
Zynerba Pharmaceuticals, Inc. * | 48 | 158 | ||||||
|
| |||||||
10,004 | ||||||||
|
| |||||||
Professional Services — 2.4% |
| |||||||
ASGN, Inc. * | 3 | 159 | ||||||
Barrett Business Services, Inc. | 31 | 1,617 | ||||||
CBIZ, Inc. * | 40 | 903 | ||||||
Heidrick & Struggles International, Inc. | 28 | 545 | ||||||
ICF International, Inc. | 12 | 708 | ||||||
Insperity, Inc. | 3 | 164 | ||||||
Kelly Services, Inc., Class A | 24 | 416 | ||||||
Korn Ferry | 62 | 1,810 | ||||||
TriNet Group, Inc. * | 19 | 1,115 | ||||||
TrueBlue, Inc. * | 33 | 519 | ||||||
|
| |||||||
7,956 | ||||||||
|
| |||||||
Real Estate Management & Development — 0.5% |
| |||||||
Jones Lang LaSalle, Inc. | 2 | 184 | ||||||
Realogy Holdings Corp. * | 152 | 1,437 | ||||||
RMR Group, Inc. (The), Class A | 4 | 113 | ||||||
|
| |||||||
1,734 | ||||||||
|
| |||||||
Road & Rail — 0.9% |
| |||||||
ArcBest Corp. | 95 | 2,955 | ||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — 2.2% |
| |||||||
Advanced Energy Industries, Inc. * | 16 | 981 | ||||||
Alpha & Omega Semiconductor Ltd. * | 57 | 731 | ||||||
Amkor Technology, Inc. * | 60 | 670 | ||||||
GSI Technology, Inc. * | 55 | 311 | ||||||
Ichor Holdings Ltd. * | 23 | 502 | ||||||
NVE Corp. | 6 | 290 | ||||||
PDF Solutions, Inc. * | 17 | 326 | ||||||
Photronics, Inc. * | 141 | 1,401 | ||||||
Rambus, Inc. * | 14 | 187 | ||||||
SMART Global Holdings, Inc. * (b) | 37 | 1,013 | ||||||
Ultra Clean Holdings, Inc. * | 34 | 722 | ||||||
|
| |||||||
7,134 | ||||||||
|
| |||||||
Software — 4.8% |
| |||||||
ACI Worldwide, Inc. * | 6 | 146 | ||||||
American Software, Inc., Class A | 34 | 472 | ||||||
Asana, Inc., Class A * | 23 | 651 | ||||||
Avaya Holdings Corp. * (b) | 83 | 1,266 | ||||||
Cornerstone OnDemand, Inc. * | 77 | 2,808 | ||||||
Digital Turbine, Inc. * | 19 | 616 | ||||||
Domo, Inc., Class B * | 24 | 901 | ||||||
eGain Corp. * | 139 | 1,965 | ||||||
Envestnet, Inc. * | 6 | 455 | ||||||
j2 Global, Inc. * | 20 | 1,350 | ||||||
JFrog Ltd. (Israel) * | 7 | 601 | ||||||
MicroStrategy, Inc., Class A * | 9 | 1,408 | ||||||
Model N, Inc. * (b) | 6 | 222 | ||||||
Rimini Street, Inc. * | 76 | 243 | ||||||
Rosetta Stone, Inc. * | 15 | 441 | ||||||
SVMK, Inc. * | 20 | 434 | ||||||
Verint Systems, Inc. * | 26 | 1,238 | ||||||
Zuora, Inc., Class A * (b) | 53 | 551 | ||||||
|
| |||||||
15,768 | ||||||||
|
| |||||||
Specialty Retail — 2.6% |
| |||||||
Aaron’s, Inc. | 20 | 1,156 | ||||||
Bed Bath & Beyond, Inc. (b) | 22 | 336 |
JPMorgan Small Cap Core Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)
Investments | Shares (000) | Value ($000) | ||||||
Genesco, Inc. * | 21 | 459 | ||||||
Guess?, Inc. | 59 | 681 | ||||||
Hibbett Sports, Inc. * (b) | 34 | 1,322 | ||||||
MarineMax, Inc. * | 20 | 511 | ||||||
ODP Corp. (The) | 34 | 669 | ||||||
Rent-A-Center, Inc. | 67 | 2,007 | ||||||
Signet Jewelers Ltd. (b) | 11 | 211 | ||||||
Zumiez, Inc. * | 48 | 1,324 | ||||||
|
| |||||||
8,676 | ||||||||
|
| |||||||
Technology Hardware, Storage & Peripherals — 0.2% | ||||||||
Diebold Nixdorf, Inc. * (b) | 105 | 805 | ||||||
|
| |||||||
Textiles, Apparel & Luxury Goods — 1.4% | ||||||||
Deckers Outdoor Corp. * | 18 | 3,917 | ||||||
Wolverine World Wide, Inc. | 28 | 718 | ||||||
|
| |||||||
4,635 | ||||||||
|
| |||||||
Thrifts & Mortgage Finance — 3.8% | ||||||||
ESSA Bancorp, Inc. | 3 | 36 | ||||||
Essent Group Ltd. | 54 | 1,987 | ||||||
Flagstar Bancorp, Inc. | 55 | 1,618 | ||||||
FS Bancorp, Inc. | 2 | 79 | ||||||
HomeStreet, Inc. | 12 | 296 | ||||||
Luther Burbank Corp. | 15 | 124 | ||||||
MGIC Investment Corp. | 79 | 700 | ||||||
MMA Capital Holdings, Inc. * | 2 | 43 | ||||||
Mr Cooper Group, Inc. * | 118 | 2,626 | ||||||
NMI Holdings, Inc., Class A * | 19 | 338 | ||||||
OP Bancorp | 17 | 94 | ||||||
PennyMac Financial Services, Inc. | 17 | 961 | ||||||
Provident Bancorp, Inc. | 31 | 244 | ||||||
Provident Financial Services, Inc. | 95 | 1,161 | ||||||
Radian Group, Inc. | 75 | 1,096 | ||||||
Standard AVB Financial Corp. | 2 | 72 | ||||||
Walker & Dunlop, Inc. | 22 | 1,189 | ||||||
|
| |||||||
12,664 | ||||||||
|
| |||||||
Trading Companies & Distributors — 1.9% | ||||||||
Beacon Roofing Supply, Inc. * | 21 | 659 | ||||||
BMC Stock Holdings, Inc. * | 40 | 1,726 | ||||||
GMS, Inc. * | 50 | 1,200 | ||||||
NOW, Inc. * | 20 | 90 | ||||||
Veritiv Corp. * | 15 | 193 | ||||||
WESCO International, Inc. * | 58 | 2,544 | ||||||
|
| |||||||
6,412 | ||||||||
|
| |||||||
Water Utilities — 0.0% (a) | ||||||||
Consolidated Water Co. Ltd. (Cayman Islands) | 3 | 29 | ||||||
|
| |||||||
Wireless Telecommunication Services — 0.2% | ||||||||
Spok Holdings, Inc. | 58 | 554 | ||||||
|
| |||||||
TOTAL COMMON STOCKS (Cost $291,672) | 321,941 | |||||||
|
| |||||||
SHORT-TERM INVESTMENTS — 9.7% | ||||||||
INVESTMENT COMPANIES — 2.6% | ||||||||
JPMorgan Prime Money Market Fund Class IM Shares, 0.23% (d) (e) (Cost $8,621) | 8,617 | 8,623 | ||||||
|
| |||||||
INVESTMENT OF CASH COLLATERAL FROM SECURITIES LOANED — 7.1% | ||||||||
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.29% (d) (e) | 19,998 | 20,001 | ||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.06% (d) (e) | 3,384 | 3,384 | ||||||
|
| |||||||
TOTAL INVESTMENT OF CASH COLLATERAL FROM SECURITIES LOANED (Cost $23,389) | 23,385 | |||||||
|
| |||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $32,010) | 32,008 | |||||||
|
| |||||||
Total Investments — 107.2% (Cost $323,682) | 353,949 | |||||||
Liabilities in Excess of Other Assets — (7.2)% | (23,863 | ) | ||||||
|
| |||||||
Net Assets — 100.0% | 330,086 | |||||||
|
|
Percentages indicated are based on net assets.
JPMorgan Small Cap Core Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)
Abbreviations
REIT | Real Estate Investment Trust |
(a) | Amount rounds to less than 0.1% of net assets. | |
(b) | The security or a portion of this security is on loan at September 30, 2020. The total value of securities on loan at September 30, 2020 is approximately $22,476,000. | |
(c) | Amount rounds to less than one thousand. | |
(d) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |
(e) | The rate shown is the current yield as of September 30, 2020. | |
* | Non-income producing security. |
Futures contracts outstanding as of September 30, 2020 (amounts in thousands, except number of contracts):
Description | Number of Contracts | Expiration Date | Trading Currency | Notional Amount ($) | Value and Unrealized Appreciation (Depreciation) ($) | |||||||||||||||
Long Contracts |
| |||||||||||||||||||
Russell 2000 E-Mini Index | 114 | 12/2020 | USD | 8,580 | 235 | |||||||||||||||
|
|
Abbreviations
USD | United States Dollar |
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.
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.
JPMorgan Small Cap Core Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)
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) | $ | 353,949 | $ | — | $ | — | $ | 353,949 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Appreciation in Other Financial Instruments |
| |||||||||||||||
Futures Contracts (a) | $ | 235 | $ | — | $ | — | $ | 235 | ||||||||
|
|
|
|
|
|
|
|
(a) | Please refer to the SOI for specifics of portfolio holdings. |
B. Investment Transactions with Affiliates — The Fund invested in Underlying Funds which are advised by the Adviser. An issuer which is under common control with the Fund may be considered an affiliate. The Fund assumes the issuers listed in the table below to be affiliated issuers. Underlying Funds’ distributions may be reinvested into the Underlying Funds. Reinvestment amounts are included in the purchase cost amounts 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) | $ | 9,177 | $ | 34,372 | $ | 34,925 | $ | (1 | ) | $ | — | (c) | $ | 8,623 | 8,617 | $ | 4 | $ | — | |||||||||||||||||
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.29% (a) (b) | 21,006 | 24,000 | 25,001 | 4 | (8 | ) | 20,001 | 19,998 | 19 | — | ||||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.06% (a) (b) | 3,876 | 38,500 | 38,992 | — | — | 3,384 | 3,384 | 1 | — | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Total | $ | 34,059 | $ | 96,872 | $ | 98,918 | $ | 3 | $ | (8 | ) | $ | 32,008 | $ | 24 | $ | — | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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. |