JPMorgan Value Advantage Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF SEPTEMBER 30, 2020 (Unaudited)
Investments | Shares (000) | Value ($000) | ||||||
COMMON STOCKS — 97.6% |
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Aerospace & Defense — 1.7% |
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General Dynamics Corp. | 470 | 65,090 | ||||||
Raytheon Technologies Corp. | 1,421 | 81,745 | ||||||
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146,835 | ||||||||
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Airlines — 0.4% | ||||||||
Southwest Airlines Co. | 941 | 35,291 | ||||||
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Banks — 12.7% | ||||||||
Bank of America Corp. | 12,366 | 297,884 | ||||||
Citigroup, Inc. | 1,644 | 70,883 | ||||||
Citizens Financial Group, Inc. | 3,154 | 79,741 | ||||||
Fifth Third Bancorp | 1,973 | 42,074 | ||||||
First Republic Bank | 147 | 15,984 | ||||||
M&T Bank Corp. | 940 | 86,594 | ||||||
PNC Financial Services Group, Inc. (The) | 1,555 | 170,952 | ||||||
Truist Financial Corp. | 2,783 | 105,883 | ||||||
US Bancorp(a) | 2,094 | 75,063 | ||||||
Wells Fargo & Co. | 5,578 | 131,142 | ||||||
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1,076,200 | ||||||||
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Beverages — 0.5% | ||||||||
Keurig Dr Pepper, Inc. | 1,514 | 41,777 | ||||||
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Biotechnology — 2.2% | ||||||||
AbbVie, Inc. | 1,369 | 119,928 | ||||||
Amgen, Inc. | 241 | 61,125 | ||||||
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181,053 | ||||||||
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Building Products — 0.4% | ||||||||
Trane Technologies plc | 295 | 35,732 | ||||||
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Capital Markets — 4.0% | ||||||||
Charles Schwab Corp. (The)(a) | 2,591 | 93,860 | ||||||
Invesco Ltd. | 2,365 | 26,990 | ||||||
Morgan Stanley | 1,930 | 93,317 | ||||||
Northern Trust Corp. | 786 | 61,250 | ||||||
T. Rowe Price Group, Inc. | 502 | 64,320 | ||||||
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339,737 | ||||||||
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Communications Equipment — 1.3% | ||||||||
Cisco Systems, Inc. | 1,493 | 58,829 | ||||||
CommScope Holding Co., Inc. * | 5,173 | 46,556 | ||||||
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105,385 | ||||||||
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Construction Materials — 1.3% | ||||||||
Martin Marietta Materials, Inc. | 480 | 112,920 | ||||||
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Consumer Finance — 2.6% | ||||||||
American Express Co. | 731 | 73,293 | ||||||
Capital One Financial Corp. | 2,040 | 146,615 | ||||||
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219,908 | ||||||||
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Containers & Packaging — 3.2% | ||||||||
Ball Corp. | 799 | 66,402 | ||||||
Graphic Packaging Holding Co. | 4,341 | 61,171 | ||||||
Packaging Corp. of America | 714 | 77,807 | ||||||
Westrock Co. | 1,730 | 60,117 | ||||||
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265,497 | ||||||||
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Diversified Financial Services — 2.6% | ||||||||
Berkshire Hathaway, Inc., Class B * | 1,020 | 217,092 | ||||||
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Diversified Telecommunication Services — 2.1% | ||||||||
Verizon Communications, Inc. | 2,995 | 178,177 | ||||||
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Electric Utilities — 5.8% | ||||||||
American Electric Power Co., Inc. | 1,365 | 111,571 | ||||||
Duke Energy Corp. | 506 | 44,854 | ||||||
Edison International | 799 | 40,622 | ||||||
Entergy Corp. | 462 | 45,550 | ||||||
NextEra Energy, Inc. | 436 | 120,986 | ||||||
Xcel Energy, Inc. | 1,743 | 120,316 | ||||||
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483,899 | ||||||||
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Electronic Equipment, Instruments & Components — 0.6% | ||||||||
Arrow Electronics, Inc. * | 638 | 50,163 | ||||||
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Equity Real Estate Investment Trusts (REITs) — 6.5% | ||||||||
American Homes 4 Rent, Class A | 2,108 | 60,038 | ||||||
Boston Properties, Inc. | 254 | 20,404 | ||||||
Brixmor Property Group, Inc. | 3,535 | 41,324 | ||||||
EastGroup Properties, Inc. | 268 | 34,660 | ||||||
Federal Realty Investment Trust | 524 | 38,446 | ||||||
Kimco Realty Corp. | 3,807 | 42,870 | ||||||
Mid-America Apartment Communities, Inc. | 635 | 73,668 | ||||||
Outfront Media, Inc. | 1,537 | 22,365 | ||||||
Public Storage | 421 | 93,677 | ||||||
Rayonier, Inc. | 2,387 | 63,110 | ||||||
Weyerhaeuser Co. | 2,087 | 59,533 | ||||||
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550,095 | ||||||||
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Food & Staples Retailing — 1.1% | ||||||||
Sysco Corp. | 625 | 38,856 | ||||||
Walgreens Boots Alliance, Inc. | 1,539 | 55,288 | ||||||
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94,144 | ||||||||
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Food Products — 0.9% | ||||||||
Post Holdings, Inc. * | 867 | 74,601 | ||||||
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Health Care Equipment & Supplies — 1.0% | ||||||||
Medtronic plc | 827 | 85,980 | ||||||
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Health Care Providers & Services — 2.5% | ||||||||
AmerisourceBergen Corp. | 643 | 62,320 | ||||||
Cigna Corp. | 154 | 26,021 | ||||||
HCA Healthcare, Inc. | 265 | 33,083 | ||||||
UnitedHealth Group, Inc. | 287 | 89,551 | ||||||
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210,975 | ||||||||
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Hotels, Restaurants & Leisure — 0.5% | ||||||||
Las Vegas Sands Corp. | 839 | 39,152 | ||||||
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Household Durables — 1.1% | ||||||||
Mohawk Industries, Inc. * | 434 | 42,335 | ||||||
Newell Brands, Inc. | 3,015 | 51,741 | ||||||
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94,076 | ||||||||
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Household Products — 2.5% | ||||||||
Energizer Holdings, Inc.(a) | 1,670 | 65,370 | ||||||
Procter & Gamble Co. (The) | 1,055 | 146,612 | ||||||
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211,982 | ||||||||
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Industrial Conglomerates — 1.8% | ||||||||
Carlisle Cos., Inc. | 401 | 49,035 | ||||||
Honeywell International, Inc. | 618 | 101,782 | ||||||
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150,817 | ||||||||
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JPMorgan Value Advantage Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)
Investments | Shares (000) | Value ($000) | ||||||
Insurance — 7.2% |
| |||||||
Alleghany Corp. | 96 | 49,805 | ||||||
American International Group, Inc. | 1,340 | 36,901 | ||||||
Chubb Ltd. | 574 | 66,612 | ||||||
CNA Financial Corp. | 554 | 16,602 | ||||||
Fairfax Financial Holdings Ltd. (Canada) | 163 | 47,871 | ||||||
Hartford Financial Services Group, Inc. (The) | 1,496 | 55,145 | ||||||
Loews Corp. | 4,645 | 161,425 | ||||||
Marsh & McLennan Cos., Inc. | 359 | 41,159 | ||||||
Travelers Cos., Inc. (The) | 1,199 | 129,706 | ||||||
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605,226 | ||||||||
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Interactive Media & Services — 0.8% | ||||||||
Alphabet, Inc., Class C * | 43 | 63,781 | ||||||
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Internet & Direct Marketing Retail — 0.7% | ||||||||
Booking Holdings, Inc. * | 34 | 57,650 | ||||||
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Machinery — 3.2% | ||||||||
Dover Corp. | 1,016 | 110,097 | ||||||
Illinois Tool Works, Inc. | 237 | 45,747 | ||||||
ITT, Inc. | 849 | 50,158 | ||||||
Middleby Corp. (The) * | 447 | 40,064 | ||||||
Otis Worldwide Corp. | 425 | 26,546 | ||||||
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272,612 | ||||||||
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Media — 4.0% | ||||||||
Charter Communications, Inc., Class A * | 136 | 85,090 | ||||||
Discovery, Inc., Class C * | 2,439 | 47,797 | ||||||
DISH Network Corp., Class A * | 1,790 | 51,961 | ||||||
Liberty Media Corp.-Liberty SiriusXM, Class C * | 897 | 29,679 | ||||||
Nexstar Media Group, Inc., Class A(a) | 744 | 66,939 | ||||||
ViacomCBS, Inc. (a) | 1,853 | 51,905 | ||||||
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333,371 | ||||||||
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Multiline Retail — 0.5% | ||||||||
Kohl’s Corp. | 1,377 | 25,507 | ||||||
Nordstrom, Inc.(a) | 1,679 | 20,008 | ||||||
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45,515 | ||||||||
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Oil, Gas & Consumable Fuels — 6.1% | ||||||||
Cabot Oil & Gas Corp. | 1,899 | 32,972 | ||||||
Chevron Corp. | 550 | 39,593 | ||||||
ConocoPhillips | 2,943 | 96,659 | ||||||
Diamondback Energy, Inc. | 401 | 12,087 | ||||||
EQT Corp. | 2,722 | 35,199 | ||||||
Equitrans Midstream Corp. | 4,981 | 42,138 | ||||||
Kinder Morgan, Inc. | 5,792 | 71,414 | ||||||
Marathon Petroleum Corp. | 2,130 | 62,480 | ||||||
Phillips 66 | 1,164 | 60,362 | ||||||
Williams Cos., Inc. (The) | 2,981 | 58,583 | ||||||
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511,487 | ||||||||
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Personal Products — 0.2% | ||||||||
Coty, Inc., Class A | 4,721 | 12,746 | ||||||
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Pharmaceuticals — 6.1% | ||||||||
Bristol-Myers Squibb Co. | 2,526 | 152,305 | ||||||
Johnson & Johnson | 1,092 | 162,639 | ||||||
Merck & Co., Inc. | 865 | 71,722 | ||||||
Pfizer, Inc. | 3,359 | 123,272 | ||||||
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509,938 | ||||||||
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Real Estate Management & Development — 0.8% | ||||||||
CBRE Group, Inc., Class A * | 1,505 | 70,704 | ||||||
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Semiconductors & Semiconductor Equipment — 2.5% | ||||||||
Analog Devices, Inc. | 773 | 90,287 | ||||||
Texas Instruments, Inc. | 826 | 117,882 | ||||||
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208,169 | ||||||||
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Software — 0.7% | ||||||||
Microsoft Corp. | 281 | 59,107 | ||||||
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Specialty Retail — 3.6% | ||||||||
AutoZone, Inc. * | 89 | 104,284 | ||||||
Best Buy Co., Inc. | 746 | 83,076 | ||||||
Home Depot, Inc. (The) | 222 | 61,740 | ||||||
Murphy USA, Inc. * | 421 | 53,966 | ||||||
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303,066 | ||||||||
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Textiles, Apparel & Luxury Goods — 1.1% | ||||||||
Columbia Sportswear Co.(a) | 616 | 53,548 | ||||||
Ralph Lauren Corp. | 571 | 38,777 | ||||||
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92,325 | ||||||||
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Wireless Telecommunication Services — 0.8% | ||||||||
T-Mobile US, Inc. * | 579 | 66,169 | ||||||
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TOTAL COMMON STOCKS (Cost $6,733,959) | 8,213,354 | |||||||
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No. of Rights (000) | ||||||||
RIGHTS — 0.0% (b) |
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Media — 0.0% (b) |
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Media General, Inc., CVR * ‡ (Cost $ — ) | 2,982 | — | (c) | |||||
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Shares (000) | ||||||||
SHORT-TERM INVESTMENTS — 3.7% |
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INVESTMENT COMPANIES — 2.3% |
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JPMorgan Prime Money Market Fund Class IM Shares, 0.23% (d) (e) (Cost $191,363) | 191,212 | 191,346 | ||||||
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INVESTMENT OF CASH COLLATERAL FROM SECURITIES LOANED — 1.4% |
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JPMorgan Securities Lending Money Market Fund | ||||||||
Agency SL Class Shares, 0.29% (d) (e) | 102,067 | 102,087 |
JPMorgan Value Advantage Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)
Investments | Shares (000) | Value ($000) | ||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.06% (d) (e) | 16,488 | 16,488 | ||||||
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TOTAL INVESTMENT OF CASH COLLATERAL FROM SECURITIES LOANED (Cost $118,585) | 118,575 | |||||||
|
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TOTAL SHORT-TERM INVESTMENTS (Cost $309,948) | 309,921 | |||||||
|
| |||||||
Total Investments — 101.3% (Cost $7,043,907) | 8,523,275 | |||||||
Liabilities in Excess of Other Assets — (1.3)% |
| (108,085 | ) | |||||
|
| |||||||
Net Assets — 100.0% |
| 8,415,190 | ||||||
|
|
Percentages indicated are based on net assets.
Abbreviations | ||
CVR | Contingent Value Rights | |
(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 $113,804,000. | |
(b) | Amount rounds to less than 0.1% of net assets. | |
(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. | |
‡ | Value determined using significant unobservable inputs. |
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.
A market-based approach is primarily used to value the Fund’s investments. Investments for which market quotations are not readily available are fair valued by approved affiliated and/or unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”) or may be internally fair valued using methods set forth by the valuation policies approved by the Board. This may include the use of related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and such differences could be material.
Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values (“NAV”) of the Fund are calculated on a valuation date.
Investments in open-end investment companies (“Underlying Funds”) are valued at each Underlying Fund’s NAV per share as of the report date.
Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer-related events after the report date and prior to issuance of the report are not reflected herein.
JPMorgan Value Advantage Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)
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 (amounts in thousands):
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks | $ | 8,213,354 | $ | — | $ | — | $ | 8,213,354 | ||||||||
Rights | — | — | — | (a) | — | (a) | ||||||||||
Short-Term Investments | ||||||||||||||||
Investment Companies | 191,346 | — | — | 191,346 | ||||||||||||
Investment of cash collateral from securities loaned | 118,575 | — | — | 118,575 | ||||||||||||
|
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|
| |||||||||
Total Short-Term Investments | 309,921 | — | — | 309,921 | ||||||||||||
|
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| |||||||||
Total Investments in Securities | $ | 8,523,275 | $ | — | $ | — | (a) | $ | 8,523,275 | |||||||
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(a) | Amount rounds to less than one thousand. |
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) | $ | 193,827 | $ | 916,032 | $ | 918,465 | $ | (35 | ) | $ | (13 | ) | $ | 191,346 | 191,212 | $ | 158 | $ | — | |||||||||||||||||
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.29%(a)(b) | 139,126 | 202,984 | 240,000 | (13 | ) | (10 | ) | 102,087 | 102,067 | 159 | — | |||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.06%(a)(b) | 15,136 | 130,166 | 128,814 | — | — | 16,488 | 16,488 | 6 | — | |||||||||||||||||||||||||||
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Total | $ | 348,089 | $ | 1,249,182 | $ | 1,287,279 | $ | (48 | ) | $ | (23 | ) | $ | 309,921 | $ | 323 | $ | — | ||||||||||||||||||
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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. |