JPMorgan Small Cap Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF SEPTEMBER 30, 2020 (Unaudited)
Investments | Shares (000) | Value ($000) | ||||||
COMMON STOCKS — 95.1% |
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Auto Components — 1.3% |
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LCI Industries | 836 | 88,842 | ||||||
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Automobiles — 0.8% |
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Thor Industries, Inc. | 574 | 54,710 | ||||||
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Banks — 7.4% |
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BankUnited, Inc. | 2,554 | 55,954 | ||||||
Commerce Bancshares, Inc. (a) | 1,290 | 72,608 | ||||||
Cullen/Frost Bankers, Inc. (a) | 666 | 42,619 | ||||||
First Financial Bancorp (a) | 2,778 | 33,353 | ||||||
First Hawaiian, Inc. (a) | 3,288 | 47,579 | ||||||
First Horizon National Corp. | 8,567 | 80,792 | ||||||
Signature Bank | 620 | 51,471 | ||||||
Western Alliance Bancorp | 1,940 | 61,350 | ||||||
Wintrust Financial Corp. | 1,386 | 55,492 | ||||||
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501,218 | ||||||||
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Beverages — 0.9% |
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Primo Water Corp. | 4,310 | 61,197 | ||||||
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Building Products — 0.9% |
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Fortune Brands Home & Security, Inc. | 666 | 57,620 | ||||||
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Capital Markets — 6.3% |
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Assetmark Financial Holdings, Inc. * | 1,075 | 23,360 | ||||||
Eaton Vance Corp. | 1,453 | 55,428 | ||||||
FactSet Research Systems, Inc. | 121 | 40,503 | ||||||
Focus Financial Partners, Inc., Class A * | 1,925 | 63,135 | ||||||
Lazard Ltd., Class A | 2,222 | 73,425 | ||||||
Moelis & Co., Class A (a) | 1,925 | 67,653 | ||||||
Morningstar, Inc. | 513 | 82,435 | ||||||
StepStone Group, Inc., Class A * | 627 | 16,677 | ||||||
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422,616 | ||||||||
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Chemicals — 2.5% |
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GCP Applied Technologies, Inc. * | 2,400 | 50,277 | ||||||
PQ Group Holdings, Inc. * | 3,179 | 32,620 | ||||||
Quaker Chemical Corp. (a) | 471 | 84,609 | ||||||
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167,506 | ||||||||
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Commercial Services & Supplies — 4.5% |
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Brady Corp., Class A | 1,502 | 60,124 | ||||||
Casella Waste Systems, Inc., Class A * | 546 | 30,496 | ||||||
IAA, Inc.* | 1,939 | 100,980 | ||||||
MSA Safety, Inc. | 832 | 111,669 | ||||||
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303,269 | ||||||||
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Construction & Engineering — 1.4% |
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WillScot Mobile Mini Holdings Corp. * | 5,525 | 92,150 | ||||||
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Containers & Packaging — 3.6% |
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AptarGroup, Inc. | 1,437 | 162,622 | ||||||
Crown Holdings, Inc. * | 822 | 63,157 | ||||||
Pactiv Evergreen, Inc. * (a) | 1,471 | 18,682 | ||||||
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244,461 | ||||||||
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Distributors — 1.3% |
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Pool Corp. | 271 | 90,555 | ||||||
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Diversified Consumer Services — 1.0% |
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Bright Horizons Family Solutions, Inc. * (a) | 453 | 68,875 | ||||||
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Electric Utilities — 0.9% |
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Portland General Electric Co. | 1,751 | 62,152 | ||||||
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Electrical Equipment — 0.8% |
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Generac Holdings, Inc. * | 281 | 54,384 | ||||||
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Electronic Equipment, Instruments & Components — 1.8% |
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Badger Meter, Inc. | 523 | 34,162 | ||||||
nLight, Inc. * (a) | 2,119 | 49,743 | ||||||
Novanta, Inc. * | 359 | 37,778 | ||||||
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121,683 | ||||||||
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Equity Real Estate Investment Trusts (REITs) — 5.5% |
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American Campus Communities, Inc. | 1,107 | 38,655 | ||||||
CubeSmart | 2,857 | 92,311 | ||||||
EastGroup Properties, Inc. | 872 | 112,835 | ||||||
National Retail Properties, Inc. (a) | 2,051 | 70,773 | ||||||
Outfront Media, Inc. | 2,654 | 38,620 | ||||||
Ryman Hospitality Properties, Inc. (a) | 538 | 19,803 | ||||||
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372,997 | ||||||||
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Food & Staples Retailing — 4.5% |
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BJ’s Wholesale Club Holdings, Inc. * | 2,767 | 114,956 | ||||||
Casey’s General Stores, Inc. | 336 | 59,727 | ||||||
Performance Food Group Co. * | 3,657 | 126,616 | ||||||
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301,299 | ||||||||
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Health Care Equipment & Supplies — 2.7% |
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Cantel Medical Corp. (a) | 782 | 34,377 | ||||||
Envista Holdings Corp. * (a) | 1,619 | 39,951 | ||||||
ICU Medical, Inc. * | 390 | 71,285 | ||||||
West Pharmaceutical Services, Inc. | 124 | 34,012 | ||||||
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179,625 | ||||||||
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Health Care Providers & Services — 6.5% |
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Chemed Corp. | 100 | 48,217 | ||||||
Covetrus, Inc. * | 1,715 | 41,846 | ||||||
Encompass Health Corp. | 1,689 | 109,731 | ||||||
HealthEquity, Inc. * | 1,124 | 57,740 | ||||||
Molina Healthcare, Inc. * | 663 | 121,337 | ||||||
Premier, Inc., Class A | 1,749 | 57,420 | ||||||
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436,291 | ||||||||
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Health Care Technology — 0.6% |
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HMS Holdings Corp. * | 1,683 | 40,303 | ||||||
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Hotels, Restaurants & Leisure — 2.6% |
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Dunkin’ Brands Group, Inc. | 688 | 56,316 | ||||||
Monarch Casino & Resort, Inc. * | 509 | 22,723 | ||||||
Planet Fitness, Inc., Class A * (a) | 698 | 43,024 | ||||||
Wendy’s Co. (The) | 2,524 | 56,272 | ||||||
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178,335 | ||||||||
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Insurance — 3.6% |
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Kinsale Capital Group, Inc. | 571 | 108,557 | ||||||
RLI Corp. | 1,188 | 99,488 | ||||||
Selectquote, Inc. * (a) | 1,826 | 36,973 | ||||||
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245,018 | ||||||||
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IT Services — 1.0% |
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WEX, Inc. * | 473 | 65,705 | ||||||
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JPMorgan Small Cap Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)
Investments | Shares (000) | Value ($000) | ||||||
Leisure Products — 2.2% | ||||||||
Acushnet Holdings Corp. (a) | 1,675 | 56,313 | ||||||
Brunswick Corp. | 1,519 | 89,504 | ||||||
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145,817 | ||||||||
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Life Sciences Tools & Services — 1.1% | ||||||||
Syneos Health, Inc. * | 1,394 | 74,115 | ||||||
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Machinery — 9.8% | ||||||||
Altra Industrial Motion Corp. | 1,725 | 63,792 | ||||||
Douglas Dynamics, Inc. | 996 | 34,059 | ||||||
Gates Industrial Corp. plc* | 3,080 | 34,245 | ||||||
Lincoln Electric Holdings, Inc. | 1,117 | 102,844 | ||||||
Nordson Corp. | 266 | 51,031 | ||||||
RBC Bearings, Inc. * | 715 | 86,662 | ||||||
Toro Co. (The) | 2,171 | 182,255 | ||||||
Welbilt, Inc. * (a) | 3,260 | 20,079 | ||||||
Woodward, Inc. | 1,011 | 81,039 | ||||||
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656,006 | ||||||||
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Media — 0.0% (b) | ||||||||
EW Scripps Co. (The), Class A (a) | 292 | 3,339 | ||||||
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Multi-Utilities — 1.0% | ||||||||
NorthWestern Corp. | 1,438 | 69,965 | ||||||
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Pharmaceuticals — 1.5% | ||||||||
Catalent, Inc. * | 1,014 | 86,892 | ||||||
Prestige Consumer Healthcare, Inc. * (a) | 473 | 17,237 | ||||||
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104,129 | ||||||||
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Professional Services — 0.8% | ||||||||
CoreLogic, Inc. | 847 | 57,304 | ||||||
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Real Estate Management & Development — 0.8% | ||||||||
Cushman & Wakefield plc * (a) | 4,944 | 51,956 | ||||||
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Road & Rail — 1.9% | ||||||||
Knight-Swift Transportation Holdings, Inc. | 1,505 | 61,257 | ||||||
Landstar System, Inc. | 540 | 67,724 | ||||||
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128,981 | ||||||||
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Semiconductors & Semiconductor Equipment — 3.3% | ||||||||
Cabot Microelectronics Corp. | 697 | 99,485 | ||||||
Monolithic Power Systems, Inc. | 164 | 45,989 | ||||||
Power Integrations, Inc. | 1,374 | 76,143 | ||||||
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221,617 | ||||||||
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Software — 8.2% | ||||||||
Aspen Technology, Inc. * | 641 | 81,148 | ||||||
Bentley Systems, Inc., Class B * | 490 | 15,395 | ||||||
Bill.Com Holdings, Inc. * (a) | 437 | 43,855 | ||||||
Duck Creek Technologies, Inc. * (a) | 352 | 16,013 | ||||||
Envestnet, Inc. * | 770 | 59,450 | ||||||
Guidewire Software, Inc. * | 659 | 68,669 | ||||||
Medallia, Inc. * (a) | 1,649 | 45,222 | ||||||
nCino, Inc. * (a) | 162 | 12,928 | ||||||
Q2 Holdings, Inc. * (a) | 1,101 | 100,479 | ||||||
RealPage, Inc. * | 1,037 | 59,790 | ||||||
Tyler Technologies, Inc. * | 127 | 44,103 | ||||||
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547,052 | ||||||||
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Specialty Retail — 0.5% | ||||||||
National Vision Holdings, Inc. * | 921 | 35,206 | ||||||
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Textiles, Apparel & Luxury Goods — 0.8% | ||||||||
Carter’s, Inc. | 628 | 54,341 | ||||||
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Trading Companies & Distributors — 0.8% | ||||||||
Applied Industrial Technologies, Inc. | 979 | 53,949 | ||||||
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TOTAL COMMON STOCKS (Cost $4,751,239) | 6,414,588 | |||||||
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EXCHANGE-TRADED FUNDS — 0.7% | ||||||||
U.S. Equity — 0.7% | ||||||||
iShares Russell 2000 ETF (a) (Cost $48,119) | 338 | 50,574 | ||||||
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SHORT-TERM INVESTMENTS — 6.6% | ||||||||
INVESTMENT COMPANIES — 3.9% | ||||||||
JPMorgan Prime Money Market Fund Class IM Shares, 0.23% (c) (d) (Cost $260,092) | 259,993 | 260,176 | ||||||
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INVESTMENT OF CASH COLLATERAL FROM SECURITIES LOANED — 2.7% | ||||||||
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.29% (c) (d) | 160,522 | 160,554 | ||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.06% (c) (d) | 22,608 | 22,608 | ||||||
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TOTAL INVESTMENT OF CASH COLLATERAL FROM SECURITIES LOANED (Cost $183,180) | 183,162 | |||||||
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TOTAL SHORT-TERM INVESTMENTS (Cost $443,272) | 443,338 | |||||||
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Total Investments — 102.4% (Cost $5,242,630) | 6,908,500 | |||||||
Liabilities in Excess of Other Assets — (2.4)% | (164,408 | ) | ||||||
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Net Assets — 100.0% | 6,744,092 | |||||||
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Percentages indicated are based on net assets.
JPMorgan Small Cap Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)
Abbreviations
ETF | Exchange-Traded Fund |
(a) | 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 $180,079,000. |
(b) | Amount rounds to less than 0.1% of net assets. |
(c) | 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. |
(d) | The rate shown is the current yield as of September 30, 2020. |
* | 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 excluding exchange-traded funds (“ETFs”) (“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) | $ | 6,908,500 | $ | — | $ | — | $ | 6,908,500 | ||||||||
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(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) | $ | 276,403 | $ | 331,730 | $ | 347,905 | $ | (24 | ) | $ | (28 | ) | $ | 260,176 | 259,993 | $ | 180 | $ | — | |||||||||||||||||
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.29% (a) (b) | 253,095 | 256,000 | 348,501 | (23 | ) | (17 | ) | 160,554 | 160,522 | 208 | — | |||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, | 32,048 | 116,926 | 126,366 | — | — | 22,608 | 22,608 | 6 | — | |||||||||||||||||||||||||||
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Total | $ | 561,546 | $ | 704,656 | $ | 822,772 | $ | (47 | ) | $ | (45 | ) | $ | 443,338 | $ | 394 | $ | — | ||||||||||||||||||
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(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. |