JPMorgan Small Cap Blend Fund
Schedule of Portfolio Investments as of March 31, 2024
(Unaudited)
THE “UNAUDITED MUTUAL FUNDS HOLDINGS” LIST (“the List”) IS TO BE USED FOR REPORTING PURPOSES ONLY. IT IS NOT TO BE REPRODUCED FOR USE AS ADVERTISING OR SALES LITERATURE WITH THE GENERAL PUBLIC. The list is submitted for the general information of the shareholders of the Fund. It is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by a prospectus. The list has been created from the books and records of the Fund. Holdings are available 60 days after the fund’s fiscal quarter, using a trade date accounting convention, by contacting the appropriate service center. The list is subject to change without notice. The list is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security. |
JPMorgan Asset Management is the marketing name for the asset management business of J.P. Morgan Chase & Co. |
J.P. Morgan Distribution Services, Inc., member FINRA. |
© J.P. Morgan Chase & Co., 2024. |
JPMorgan Small Cap Blend Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2024 (Unaudited)INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — 97.9% | ||
Aerospace & Defense — 1.2% | ||
Cadre Holdings, Inc. | 128 | 4,633 |
Hexcel Corp. | 120 | 8,744 |
Moog, Inc., Class A | 35 | 5,606 |
18,983 | ||
Automobile Components — 1.6% | ||
LCI Industries (a) | 38 | 4,632 |
Modine Manufacturing Co. * | 93 | 8,829 |
Patrick Industries, Inc. | 40 | 4,778 |
Visteon Corp. * | 53 | 6,284 |
24,523 | ||
Automobiles — 0.2% | ||
Winnebago Industries, Inc. | 50 | 3,694 |
Banks — 7.4% | ||
BancFirst Corp. | 37 | 3,259 |
Camden National Corp. | 159 | 5,316 |
City Holding Co. (a) | 49 | 5,077 |
Columbia Banking System, Inc. | 285 | 5,521 |
First Busey Corp. | 346 | 8,309 |
First Commonwealth Financial Corp. | 367 | 5,105 |
First Financial Bankshares, Inc. | 56 | 1,852 |
First Merchants Corp. | 180 | 6,273 |
Heritage Commerce Corp. | 648 | 5,561 |
Independent Bank Corp. | 80 | 4,172 |
Independent Bank Corp. | 383 | 9,711 |
Lakeland Bancorp, Inc. | 220 | 2,662 |
Old National Bancorp | 495 | 8,623 |
Pinnacle Financial Partners, Inc. | 42 | 3,564 |
Premier Financial Corp. | 288 | 5,851 |
QCR Holdings, Inc. | 78 | 4,761 |
Simmons First National Corp., Class A | 220 | 4,285 |
SouthState Corp. (a) | 110 | 9,372 |
TriCo Bancshares | 154 | 5,655 |
WSFS Financial Corp. | 174 | 7,849 |
112,778 | ||
Beverages — 0.6% | ||
Primo Water Corp. | 522 | 9,508 |
Biotechnology — 6.4% | ||
ACELYRIN, Inc. * (a) | 222 | 1,497 |
Agios Pharmaceuticals, Inc. * | 129 | 3,762 |
Alector, Inc. * | 189 | 1,140 |
Allogene Therapeutics, Inc. * (a) | 316 | 1,414 |
Amicus Therapeutics, Inc. * | 690 | 8,121 |
Apellis Pharmaceuticals, Inc. * | 62 | 3,634 |
Arrowhead Pharmaceuticals, Inc. * | 170 | 4,848 |
Blueprint Medicines Corp. * | 94 | 8,898 |
JPMorgan Small Cap Blend Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2024 (Unaudited) (continued)INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — continued | ||
Biotechnology — continued | ||
Cytokinetics, Inc. * (a) | 24 | 1,692 |
Halozyme Therapeutics, Inc. * | 212 | 8,603 |
Kyverna Therapeutics, Inc. * | 67 | 1,660 |
Natera, Inc. * | 130 | 11,909 |
REGENXBIO, Inc. * | 244 | 5,145 |
Relay Therapeutics, Inc. * | 393 | 3,263 |
REVOLUTION Medicines, Inc. * | 250 | 8,055 |
Sage Therapeutics, Inc. * | 111 | 2,087 |
Twist Bioscience Corp. * (a) | 216 | 7,414 |
Vaxcyte, Inc. * | 117 | 7,986 |
Verve Therapeutics, Inc. * (a) | 137 | 1,824 |
Viking Therapeutics, Inc. * (a) | 57 | 4,693 |
97,645 | ||
Broadline Retail — 0.4% | ||
Global-e Online Ltd. (Israel) * | 147 | 5,349 |
Building Products — 3.8% | ||
AAON, Inc. | 160 | 14,077 |
AZZ, Inc. | 109 | 8,459 |
CSW Industrials, Inc. | 32 | 7,566 |
Hayward Holdings, Inc. * | 444 | 6,793 |
Simpson Manufacturing Co., Inc. | 65 | 13,382 |
UFP Industries, Inc. | 62 | 7,599 |
57,876 | ||
Capital Markets — 2.7% | ||
Donnelley Financial Solutions, Inc. * | 102 | 6,311 |
Evercore, Inc., Class A | 40 | 7,733 |
Hamilton Lane, Inc., Class A | 91 | 10,256 |
LPL Financial Holdings, Inc. | 25 | 6,597 |
Piper Sandler Cos. | 10 | 2,033 |
Virtus Investment Partners, Inc. | 33 | 8,092 |
41,022 | ||
Chemicals — 2.2% | ||
Hawkins, Inc. | 72 | 5,497 |
HB Fuller Co. | 119 | 9,491 |
Innospec, Inc. | 65 | 8,368 |
Quaker Chemical Corp. | 19 | 3,965 |
Stepan Co. | 65 | 5,843 |
33,164 | ||
Commercial Services & Supplies — 1.9% | ||
ACV Auctions, Inc., Class A * | 317 | 5,955 |
Casella Waste Systems, Inc., Class A * | 115 | 11,364 |
MSA Safety, Inc. | 57 | 10,960 |
28,279 |
JPMorgan Small Cap Blend Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2024 (Unaudited) (continued)INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — continued | ||
Communications Equipment — 0.2% | ||
Ciena Corp. * | 58 | 2,855 |
Construction & Engineering — 1.9% | ||
Comfort Systems USA, Inc. | 63 | 20,117 |
MasTec, Inc. * | 46 | 4,313 |
Valmont Industries, Inc. | 23 | 5,163 |
29,593 | ||
Construction Materials — 0.3% | ||
Eagle Materials, Inc. | 19 | 5,221 |
Consumer Staples Distribution & Retail — 0.9% | ||
Chefs' Warehouse, Inc. (The) * | 184 | 6,947 |
Grocery Outlet Holding Corp. * | 139 | 3,999 |
Performance Food Group Co. * | 47 | 3,474 |
14,420 | ||
Diversified Consumer Services — 0.5% | ||
Bright Horizons Family Solutions, Inc. * | 61 | 6,921 |
Diversified Telecommunication Services — 0.5% | ||
Iridium Communications, Inc. | 264 | 6,905 |
Electric Utilities — 0.3% | ||
Portland General Electric Co. | 122 | 5,117 |
Electrical Equipment — 1.2% | ||
Bloom Energy Corp., Class A * (a) | 341 | 3,835 |
NEXTracker, Inc., Class A * | 161 | 9,039 |
Shoals Technologies Group, Inc., Class A * | 263 | 2,942 |
Vicor Corp. * | 53 | 2,024 |
17,840 | ||
Electronic Equipment, Instruments & Components — 2.5% | ||
Fabrinet (Thailand) * | 8 | 1,464 |
Insight Enterprises, Inc. * (a) | 21 | 3,842 |
Knowles Corp. * | 376 | 6,056 |
Littelfuse, Inc. | 23 | 5,598 |
Plexus Corp. * | 52 | 4,904 |
TTM Technologies, Inc. * | 508 | 7,958 |
Vishay Intertechnology, Inc. | 346 | 7,839 |
37,661 | ||
Energy Equipment & Services — 2.7% | ||
Cactus, Inc., Class A | 270 | 13,504 |
ChampionX Corp. | 278 | 9,979 |
Noble Corp. plc | 85 | 4,140 |
TechnipFMC plc (United Kingdom) | 371 | 9,316 |
Weatherford International plc * | 35 | 3,981 |
40,920 | ||
Financial Services — 2.4% | ||
AvidXchange Holdings, Inc. * | 483 | 6,350 |
JPMorgan Small Cap Blend Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2024 (Unaudited) (continued)INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — continued | ||
Financial Services — continued | ||
PennyMac Financial Services, Inc. | 134 | 12,224 |
Radian Group, Inc. | 287 | 9,612 |
Remitly Global, Inc. * | 379 | 7,859 |
36,045 | ||
Food Products — 1.1% | ||
Flowers Foods, Inc. | 180 | 4,270 |
Freshpet, Inc. * | 84 | 9,787 |
Vital Farms, Inc. * | 85 | 1,969 |
16,026 | ||
Gas Utilities — 1.1% | ||
Chesapeake Utilities Corp. | 59 | 6,344 |
ONE Gas, Inc. (a) | 111 | 7,158 |
Southwest Gas Holdings, Inc. | 40 | 3,045 |
16,547 | ||
Ground Transportation — 0.6% | ||
Marten Transport Ltd. | 370 | 6,850 |
Saia, Inc. * | 3 | 1,631 |
8,481 | ||
Health Care Equipment & Supplies — 2.3% | ||
Alphatec Holdings, Inc. * | 239 | 3,293 |
Establishment Labs Holdings, Inc. (Costa Rica) * (a) | 105 | 5,338 |
Inari Medical, Inc. * | 111 | 5,329 |
Inmode Ltd. * | 86 | 1,857 |
iRhythm Technologies, Inc. * | 73 | 8,486 |
Outset Medical, Inc. * | 311 | 691 |
Shockwave Medical, Inc. * | 17 | 5,518 |
Utah Medical Products, Inc. | 55 | 3,906 |
34,418 | ||
Health Care Providers & Services — 2.9% | ||
Acadia Healthcare Co., Inc. * | 70 | 5,569 |
Accolade, Inc. * | 402 | 4,218 |
Encompass Health Corp. | 155 | 12,777 |
Ensign Group, Inc. (The) | 60 | 7,455 |
Patterson Cos., Inc. | 343 | 9,470 |
Progyny, Inc. * | 131 | 5,005 |
44,494 | ||
Health Care REITs — 0.4% | ||
CareTrust REIT, Inc. | 259 | 6,309 |
Health Care Technology — 0.7% | ||
Evolent Health, Inc., Class A * (a) | 315 | 10,329 |
JPMorgan Small Cap Blend Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2024 (Unaudited) (continued)INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — continued | ||
Hotel & Resort REITs — 0.5% | ||
RLJ Lodging Trust | 305 | 3,611 |
Sunstone Hotel Investors, Inc. | 325 | 3,619 |
7,230 | ||
Hotels, Restaurants & Leisure — 3.6% | ||
Bloomin' Brands, Inc. | 135 | 3,869 |
Boyd Gaming Corp. | 124 | 8,330 |
Cava Group, Inc. * (a) | 52 | 3,651 |
Everi Holdings, Inc. * | 397 | 3,986 |
Jack in the Box, Inc. | 32 | 2,225 |
Life Time Group Holdings, Inc. * | 368 | 5,708 |
Marriott Vacations Worldwide Corp. | 32 | 3,473 |
Papa John's International, Inc. | 82 | 5,444 |
Planet Fitness, Inc., Class A * | 58 | 3,663 |
Six Flags Entertainment Corp. * | 228 | 6,008 |
Texas Roadhouse, Inc. | 53 | 8,168 |
54,525 | ||
Household Durables — 1.6% | ||
Helen of Troy Ltd. * | 21 | 2,461 |
La-Z-Boy, Inc. | 110 | 4,136 |
M/I Homes, Inc. * | 50 | 6,811 |
Meritage Homes Corp. | 24 | 4,160 |
Sonos, Inc. * | 379 | 7,224 |
24,792 | ||
Industrial REITs — 1.1% | ||
Plymouth Industrial REIT, Inc. | 200 | 4,496 |
Terreno Realty Corp. | 183 | 12,165 |
16,661 | ||
Insurance — 1.7% | ||
Safety Insurance Group, Inc. | 118 | 9,719 |
Selective Insurance Group, Inc. | 148 | 16,136 |
25,855 | ||
Interactive Media & Services — 0.6% | ||
IAC, Inc. * | 129 | 6,865 |
TripAdvisor, Inc. * | 102 | 2,836 |
9,701 | ||
IT Services — 0.6% | ||
DigitalOcean Holdings, Inc. * (a) | 127 | 4,861 |
Globant SA * | 21 | 4,250 |
9,111 | ||
Life Sciences Tools & Services — 0.3% | ||
Fortrea Holdings, Inc. * | 98 | 3,950 |
Machinery — 4.7% | ||
Alamo Group, Inc. | 33 | 7,552 |
JPMorgan Small Cap Blend Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2024 (Unaudited) (continued)INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — continued | ||
Machinery — continued | ||
Atmus Filtration Technologies, Inc. * | 141 | 4,561 |
Chart Industries, Inc. * (a) | 35 | 5,807 |
Douglas Dynamics, Inc. | 114 | 2,758 |
Enpro, Inc. | 31 | 5,187 |
Esab Corp. | 48 | 5,281 |
ITT, Inc. | 61 | 8,240 |
John Bean Technologies Corp. | 53 | 5,600 |
Kadant, Inc. | 24 | 7,922 |
Mueller Industries, Inc. | 132 | 7,098 |
Toro Co. (The) | 47 | 4,334 |
Watts Water Technologies, Inc., Class A | 36 | 7,603 |
71,943 | ||
Media — 0.6% | ||
John Wiley & Sons, Inc., Class A | 258 | 9,839 |
Multi-Utilities — 0.4% | ||
Unitil Corp. | 117 | 6,124 |
Office REITs — 0.8% | ||
Equity Commonwealth * | 377 | 7,113 |
Highwoods Properties, Inc. | 202 | 5,291 |
12,404 | ||
Oil, Gas & Consumable Fuels — 3.6% | ||
Chord Energy Corp. | 73 | 13,017 |
CNX Resources Corp. * (a) | 200 | 4,731 |
Equitrans Midstream Corp. | 512 | 6,396 |
Magnolia Oil & Gas Corp., Class A (a) | 328 | 8,522 |
Matador Resources Co. | 269 | 17,967 |
SM Energy Co. | 72 | 3,582 |
54,215 | ||
Personal Care Products — 1.5% | ||
Edgewell Personal Care Co. | 164 | 6,365 |
elf Beauty, Inc. * | 67 | 13,103 |
Inter Parfums, Inc. | 29 | 4,046 |
23,514 | ||
Pharmaceuticals — 1.3% | ||
Arvinas, Inc. * | 124 | 5,131 |
Intra-Cellular Therapies, Inc. * | 121 | 8,342 |
Prestige Consumer Healthcare, Inc. * | 64 | 4,653 |
Revance Therapeutics, Inc. * (a) | 298 | 1,468 |
19,594 | ||
Professional Services — 1.4% | ||
ASGN, Inc. * | 55 | 5,756 |
ExlService Holdings, Inc. * | 212 | 6,751 |
KBR, Inc. | 41 | 2,583 |
JPMorgan Small Cap Blend Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2024 (Unaudited) (continued)INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — continued | ||
Professional Services — continued | ||
Paycor HCM, Inc. * | 117 | 2,272 |
Verra Mobility Corp. * | 169 | 4,226 |
21,588 | ||
Residential REITs — 0.6% | ||
American Homes 4 Rent, Class A | 120 | 4,410 |
Centerspace | 72 | 4,091 |
8,501 | ||
Retail REITs — 1.0% | ||
Agree Realty Corp. (a) | 140 | 7,982 |
Kite Realty Group Trust | 348 | 7,554 |
15,536 | ||
Semiconductors & Semiconductor Equipment — 3.7% | ||
Allegro MicroSystems, Inc. (Japan) * | 311 | 8,373 |
Amkor Technology, Inc. | 100 | 3,219 |
Astera Labs, Inc. * (a) | 19 | 1,439 |
Cohu, Inc. * | 196 | 6,551 |
Credo Technology Group Holding Ltd. * | 214 | 4,531 |
MACOM Technology Solutions Holdings, Inc. * | 31 | 3,018 |
MKS Instruments, Inc. | 40 | 5,292 |
Onto Innovation, Inc. * | 41 | 7,394 |
Rambus, Inc. * | 158 | 9,747 |
Synaptics, Inc. * | 66 | 6,427 |
55,991 | ||
Software — 6.4% | ||
Appfolio, Inc., Class A * | 14 | 3,455 |
BlackLine, Inc. * | 103 | 6,637 |
Box, Inc., Class A * | 205 | 5,792 |
Clear Secure, Inc., Class A (a) | 185 | 3,932 |
Confluent, Inc., Class A * | 267 | 8,161 |
CyberArk Software Ltd. * | 25 | 6,744 |
Elastic NV * | 40 | 4,054 |
Envestnet, Inc. * | 67 | 3,904 |
Five9, Inc. * | 31 | 1,891 |
Freshworks, Inc., Class A * | 317 | 5,770 |
Gitlab, Inc., Class A * | 79 | 4,628 |
HashiCorp, Inc., Class A * | 268 | 7,222 |
JFrog Ltd. (Israel) * | 142 | 6,258 |
MicroStrategy, Inc., Class A * (a) | 1 | 2,405 |
PowerSchool Holdings, Inc., Class A * (a) | 128 | 2,716 |
SentinelOne, Inc., Class A * | 246 | 5,737 |
Smartsheet, Inc., Class A * | 136 | 5,231 |
Vertex, Inc., Class A * | 221 | 7,027 |
Workiva, Inc. * | 69 | 5,840 |
97,404 |
JPMorgan Small Cap Blend Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2024 (Unaudited) (continued)INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — continued | ||
Specialized REITs — 0.3% | ||
CubeSmart | 99 | 4,485 |
Specialty Retail — 2.0% | ||
Burlington Stores, Inc. * | 17 | 3,998 |
Floor & Decor Holdings, Inc., Class A * (a) | 52 | 6,782 |
Group 1 Automotive, Inc. | 27 | 7,701 |
Lithia Motors, Inc., Class A | 23 | 7,010 |
Urban Outfitters, Inc. * | 117 | 5,087 |
30,578 | ||
Technology Hardware, Storage & Peripherals — 1.9% | ||
Super Micro Computer, Inc. * | 29 | 29,053 |
Textiles, Apparel & Luxury Goods — 1.5% | ||
Carter's, Inc. | 79 | 6,686 |
Kontoor Brands, Inc. | 105 | 6,365 |
Movado Group, Inc. | 95 | 2,653 |
Steven Madden Ltd. | 160 | 6,756 |
22,460 | ||
Trading Companies & Distributors — 4.9% | ||
Air Lease Corp. | 116 | 5,984 |
Applied Industrial Technologies, Inc. | 114 | 22,573 |
Beacon Roofing Supply, Inc. * | 86 | 8,389 |
FTAI Aviation Ltd. (a) | 105 | 7,084 |
McGrath RentCorp (a) | 64 | 7,925 |
Rush Enterprises, Inc., Class A (a) | 151 | 8,058 |
SiteOne Landscape Supply, Inc. * | 33 | 5,690 |
WESCO International, Inc. | 52 | 8,864 |
74,567 | ||
Water Utilities — 0.4% | ||
American States Water Co. | 80 | 5,760 |
Total Common Stocks (Cost $1,138,638) | 1,488,304 | |
NO. OF CONTRACTS | ||
Options Purchased — 0.0% ^ | ||
Call Options Purchased — 0.0% ^ | ||
SPDR S&P Biotech ETF | ||
4/19/2024 at USD 88.00 , American Style | ||
Notional Amount: USD 1,898 | ||
Counterparty: Exchange-Traded * | 200 | 155 |
4/19/2024 at USD 101.00 , American Style | ||
Notional Amount: USD 5,693 | ||
Counterparty: Exchange-Traded * | 600 | 46 |
5/17/2024 at USD 90.00 , American Style | ||
Notional Amount: USD 1,898 | ||
Counterparty: Exchange-Traded * | 200 | 148 |
5/17/2024 at USD 100.00 , American Style |
JPMorgan Small Cap Blend Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2024 (Unaudited) (continued) INVESTMENTS | NO. OF CONTRACTS | VALUE ($000) |
Options Purchased — continued | ||
Call Options Purchased — continued | ||
Notional Amount: USD 2,847 | ||
Counterparty: Exchange-Traded * | 300 | 70 |
6/21/2024 at USD 100.00 , American Style | ||
Notional Amount: USD 1,898 | ||
Counterparty: Exchange-Traded * | 200 | 68 |
Total Call Options Purchased (Cost $759) | 487 | |
SHARES (000) | ||
Short-Term Investments — 7.1% | ||
Investment Companies — 2.1% | ||
JPMorgan Prime Money Market Fund Class IM Shares, 5.43% (b) (c) (Cost $31,412) | 31,405 | 31,418 |
Investment of Cash Collateral from Securities Loaned — 5.0% | ||
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.48% (b) (c) | 65,248 | 65,248 |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (b) (c) | 10,765 | 10,765 |
Total Investment of Cash Collateral from Securities Loaned (Cost $76,036) | 76,013 | |
Total Short-Term Investments (Cost $107,448) | 107,431 | |
Total Investments — 105.0% (Cost $1,246,845) | 1,596,222 | |
Liabilities in Excess of Other Assets — (5.0)% | (76,405 ) | |
NET ASSETS — 100.0% | 1,519,817 |
Percentages indicated are based on net assets. |
Abbreviations | |
ETF | Exchange Traded Fund |
REIT | Real Estate Investment Trust |
SPDR | Standard & Poor's Depositary Receipt |
^ | Amount rounds to less than 0.1% of net assets. | |
* | Non-income producing security. | |
(a) | The security or a portion of this security is on loan at March 31, 2024. The total value of securities on loan at March 31, 2024 is $74,396. | |
(b) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |
(c) | The rate shown is the current yield as of March 31, 2024. |
JPMorgan Small Cap Blend Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2024 (Unaudited) (continued)(Dollar values in thousands)A. Valuation of Investments— Investments are valued in accordance with U.S. generally accepted accounting principles (“GAAP”) and the Fund's valuation policies set forth by, and under the supervision and responsibility of, the Board of Trustees of the Trust (the “Board”), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at their market value and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.
Under Section 2(a)(41) of the Investment Company Act of 1940, the Board is required to determine fair value for securities that do not have readily available market quotations. Under SEC Rule 2a-5 (Good Faith Determinations of Fair Value), the Board may designate the performance of these fair valuation determinations to a valuation designee. The Board has designated the Adviser as the “Valuation Designee” to perform fair valuation determinations for the Funds on behalf of the Board subject to appropriate oversight by the Board. The Adviser, as Valuation Designee, leverages the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to help oversee and carry out the policies for the valuation of investments held in the Funds. The Adviser, as Valuation Designee, remains responsible for the valuation determinations.
This oversight by the AVC includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events, and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and, at least on a quarterly basis, with the AVC and the Board.
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 using prices supplied 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.
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) | $1,596,222 | $— | $— | $1,596,222 |
(a) | Please refer to the SOI for specifics of portfolio holdings. |
JPMorgan Small Cap Blend Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2024 (Unaudited) (continued)(Dollar values in thousands)B. Investment Transactions with Affiliates— The Fund invested in Underlying Funds 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. The Underlying Funds’ distributions may be reinvested into such Underlying Funds. Reinvestment amounts are included in the purchases at cost amounts in the table below.
For the period ended March 31, 2024 | |||||||||
Security Description | Value at June 30, 2023 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at March 31, 2024 | Shares at March 31, 2024 | Dividend Income | Capital Gain Distributions |
JPMorgan Prime Money Market Fund Class IM Shares, 5.43% (a) (b) | $29,696 | $180,711 | $178,996 | $2 | $5 | $31,418 | 31,405 | $1,350 | $— |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.48% (a) (b) | 45,257 | 235,000 | 215,000 | 12 | (21 ) | 65,248 | 65,248 | 2,700 | — |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (a) (b) | 5,475 | 122,014 | 116,724 | — | — | 10,765 | 10,765 | 352 | — |
Total | $80,428 | $537,725 | $510,720 | $14 | $(16 ) | $107,431 | $4,402 | $— |
(a) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
(b) | The rate shown is the current yield as of March 31, 2024. |