JPMorgan Small Cap Value Fund
Schedule of Portfolio Investments as of March 31, 2023
(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., 2023. |
JPMorgan Small Cap Value Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2023 (Unaudited)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2023 (Unaudited)
INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — 97.3% | ||
Air Freight & Logistics — 1.0% | ||
Hub Group, Inc., Class A * | 150 | 12,577 |
Radiant Logistics, Inc. * | 95 | 626 |
13,203 | ||
Automobile Components — 0.5% | ||
Adient plc * | 113 | 4,616 |
American Axle & Manufacturing Holdings, Inc. * | 44 | 343 |
Dana, Inc. | 113 | 1,701 |
6,660 | ||
Banks — 15.4% | ||
Ameris Bancorp | 185 | 6,767 |
Associated Banc-Corp. | 72 | 1,304 |
Atlantic Union Bankshares Corp. | 180 | 6,322 |
Axos Financial, Inc. * | 113 | 4,179 |
Banc of California, Inc. | 101 | 1,260 |
Bancorp, Inc. (The) * | 51 | 1,410 |
Bank of NT Butterfield & Son Ltd. (The) (Bermuda) | 183 | 4,938 |
Banner Corp. | 85 | 4,605 |
Brookline Bancorp, Inc. | 248 | 2,601 |
Business First Bancshares, Inc. | 110 | 1,882 |
Byline Bancorp, Inc. | 204 | 4,406 |
Cadence Bank | 15 | 309 |
Capital City Bank Group, Inc. | 83 | 2,440 |
Capstar Financial Holdings, Inc. | 47 | 708 |
Cathay General Bancorp | 32 | 1,093 |
Central Pacific Financial Corp. | 78 | 1,396 |
Civista Bancshares, Inc. | 19 | 314 |
Columbia Banking System, Inc. | 94 | 2,013 |
Community Bank System, Inc. | 38 | 1,995 |
Community Trust Bancorp, Inc. | 24 | 929 |
ConnectOne Bancorp, Inc. | 270 | 4,768 |
CVB Financial Corp. | 289 | 4,816 |
Eastern Bankshares, Inc. | 102 | 1,281 |
Enterprise Financial Services Corp. | 132 | 5,898 |
Equity Bancshares, Inc., Class A | 36 | 874 |
FB Financial Corp. | 26 | 795 |
Financial Institutions, Inc. | 35 | 672 |
First Bancorp | 13 | 452 |
First BanCorp (Puerto Rico) | 355 | 4,052 |
First Bancshares, Inc. (The) | 22 | 557 |
First Citizens BancShares, Inc., Class A | 4 | 3,911 |
First Commonwealth Financial Corp. | 259 | 3,223 |
First Financial Corp. | 73 | 2,729 |
First Foundation, Inc. | 62 | 462 |
First Internet Bancorp | 11 | 187 |
First Interstate BancSystem, Inc., Class A | 85 | 2,551 |
First Merchants Corp. | 110 | 3,640 |
JPMorgan Small Cap Value Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2023 (Unaudited) (continued)
INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — continued | ||
Banks — continued | ||
First Western Financial, Inc. * | 10 | 192 |
FNB Corp. | 59 | 680 |
Glacier Bancorp, Inc. | 39 | 1,626 |
Hancock Whitney Corp. | 241 | 8,775 |
Heritage Commerce Corp. | 200 | 1,664 |
Home BancShares, Inc. | 140 | 3,036 |
HomeTrust Bancshares, Inc. | 61 | 1,511 |
Independent Bank Corp. | 30 | 1,989 |
Independent Bank Corp. | 28 | 492 |
Kearny Financial Corp. | 105 | 854 |
Mercantile Bank Corp. | 9 | 290 |
Mid Penn Bancorp, Inc. | 17 | 439 |
Midland States Bancorp, Inc. | 48 | 1,026 |
MVB Financial Corp. | 13 | 261 |
National Bank Holdings Corp., Class A | 62 | 2,081 |
Northfield Bancorp, Inc. | 54 | 642 |
OceanFirst Financial Corp. | 703 | 12,984 |
OFG Bancorp (Puerto Rico) | 413 | 10,308 |
Old National Bancorp | 856 | 12,350 |
Old Second Bancorp, Inc. | 335 | 4,716 |
Origin Bancorp, Inc. | 8 | 249 |
Orrstown Financial Services, Inc. | 21 | 422 |
Peapack-Gladstone Financial Corp. | 133 | 3,949 |
Peoples Bancorp, Inc. | 9 | 228 |
Pinnacle Financial Partners, Inc. | 28 | 1,532 |
Preferred Bank | 7 | 381 |
Premier Financial Corp. | 24 | 495 |
QCR Holdings, Inc. | 73 | 3,211 |
Republic Bancorp, Inc., Class A | 15 | 625 |
Seacoast Banking Corp. of Florida | 59 | 1,410 |
Sierra Bancorp | 25 | 437 |
SmartFinancial, Inc. | 41 | 942 |
South Plains Financial, Inc. | 10 | 221 |
Southside Bancshares, Inc. | 39 | 1,298 |
SouthState Corp. | 159 | 11,365 |
Towne Bank | 79 | 2,113 |
TriCo Bancshares | 67 | 2,767 |
UMB Financial Corp. | 26 | 1,512 |
United Community Banks, Inc. | 56 | 1,575 |
Univest Financial Corp. | 35 | 840 |
Veritex Holdings, Inc. | 215 | 3,926 |
Washington Federal, Inc. | 123 | 3,710 |
WesBanco, Inc. | 29 | 886 |
Wintrust Financial Corp. | 79 | 5,765 |
207,514 | ||
Beverages — 0.3% | ||
Primo Water Corp. | 224 | 3,444 |
JPMorgan Small Cap Value Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2023 (Unaudited) (continued)
INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — continued | ||
Biotechnology — 6.3% | ||
2seventy bio, Inc. * | 398 | 4,060 |
Agios Pharmaceuticals, Inc. * | 102 | 2,352 |
Allovir, Inc. * | 367 | 1,447 |
Arcellx, Inc. * (a) | 182 | 5,596 |
Arcus Biosciences, Inc. * | 236 | 4,302 |
Avidity Biosciences, Inc. * | 224 | 3,434 |
BioCryst Pharmaceuticals, Inc. * | 180 | 1,503 |
Biohaven Ltd. * | 6 | 79 |
Bluebird Bio, Inc. * | 202 | 642 |
CTI BioPharma Corp. * (a) | 338 | 1,421 |
Cytokinetics, Inc. * | 74 | 2,603 |
Enanta Pharmaceuticals, Inc. * | 14 | 574 |
EQRx, Inc. * | 661 | 1,282 |
Fate Therapeutics, Inc. * | 71 | 405 |
Iovance Biotherapeutics, Inc. * | 98 | 599 |
iTeos Therapeutics, Inc. * | 183 | 2,489 |
IVERIC bio, Inc. * | 264 | 6,431 |
Kezar Life Sciences, Inc. * | 487 | 1,525 |
Kymera Therapeutics, Inc. * (a) | 223 | 6,597 |
Lexicon Pharmaceuticals, Inc. * | 1,467 | 3,566 |
Lyell Immunopharma, Inc. * (a) | 250 | 590 |
MoonLake Immunotherapeutics * | 148 | 3,162 |
Nuvalent, Inc., Class A * (a) | 239 | 6,231 |
Prothena Corp. plc (Ireland) * | 85 | 4,115 |
REGENXBIO, Inc. * | 163 | 3,090 |
Relay Therapeutics, Inc. * | 279 | 4,587 |
SpringWorks Therapeutics, Inc. * (a) | 149 | 3,841 |
Travere Therapeutics, Inc. * | 234 | 5,256 |
Twist Bioscience Corp. * (a) | 221 | 3,326 |
85,105 | ||
Building Products — 0.8% | ||
Gibraltar Industries, Inc. * | 47 | 2,271 |
Resideo Technologies, Inc. * | 102 | 1,862 |
UFP Industries, Inc. | 86 | 6,882 |
11,015 | ||
Capital Markets — 1.4% | ||
AssetMark Financial Holdings, Inc. * | 48 | 1,502 |
Avantax, Inc. * | 176 | 4,639 |
BGC Partners, Inc., Class A | 178 | 933 |
Donnelley Financial Solutions, Inc. * | 49 | 1,982 |
Piper Sandler Cos. | 16 | 2,162 |
Stifel Financial Corp. | 12 | 689 |
StoneX Group, Inc. * | 39 | 4,079 |
Victory Capital Holdings, Inc., Class A | 39 | 1,146 |
Virtus Investment Partners, Inc. | 11 | 2,178 |
19,310 |
JPMorgan Small Cap Value Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2023 (Unaudited) (continued)
INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — continued | ||
Chemicals — 1.3% | ||
AdvanSix, Inc. | 58 | 2,215 |
Avient Corp. | 55 | 2,274 |
Ecovyst, Inc. * | 58 | 642 |
HB Fuller Co. | 31 | 2,089 |
Minerals Technologies, Inc. | 35 | 2,136 |
Sensient Technologies Corp. | 63 | 4,833 |
Tronox Holdings plc | 264 | 3,798 |
17,987 | ||
Commercial Services & Supplies — 1.9% | ||
ABM Industries, Inc. | 198 | 8,909 |
ACCO Brands Corp. | 454 | 2,416 |
Ennis, Inc. | 35 | 743 |
Heritage-Crystal Clean, Inc. * | 87 | 3,110 |
MillerKnoll, Inc. | 403 | 8,231 |
Steelcase, Inc., Class A | 290 | 2,437 |
25,846 | ||
Communications Equipment — 0.7% | ||
Aviat Networks, Inc. * | 36 | 1,222 |
Comtech Telecommunications Corp. | 408 | 5,091 |
NETGEAR, Inc. * | 144 | 2,672 |
8,985 | ||
Construction & Engineering — 1.7% | ||
Argan, Inc. | 158 | 6,405 |
Comfort Systems USA, Inc. | 28 | 4,024 |
MasTec, Inc. * | 51 | 4,849 |
MYR Group, Inc. * | 48 | 6,099 |
Primoris Services Corp. | 88 | 2,162 |
23,539 | ||
Construction Materials — 0.2% | ||
Summit Materials, Inc., Class A * | 92 | 2,611 |
Consumer Finance — 2.0% | ||
Bread Financial Holdings, Inc. | 22 | 672 |
Encore Capital Group, Inc. * | 104 | 5,266 |
Enova International, Inc. * | 165 | 7,318 |
FirstCash Holdings, Inc. | 30 | 2,895 |
LendingClub Corp. * | 110 | 793 |
Nelnet, Inc., Class A | 17 | 1,510 |
PROG Holdings, Inc. * | 355 | 8,441 |
26,895 | ||
Consumer Staples Distribution & Retail — 0.9% | ||
Andersons, Inc. (The) | 89 | 3,674 |
SpartanNash Co. | 139 | 3,445 |
JPMorgan Small Cap Value Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2023 (Unaudited) (continued)
INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — continued | ||
Consumer Staples Distribution & Retail — continued | ||
Sprouts Farmers Market, Inc. * | 127 | 4,471 |
United Natural Foods, Inc. * | 35 | 923 |
12,513 | ||
Containers & Packaging — 0.3% | ||
Greif, Inc., Class A | 39 | 2,474 |
Myers Industries, Inc. | 18 | 383 |
O-I Glass, Inc. * | 75 | 1,697 |
4,554 | ||
Diversified Consumer Services — 1.0% | ||
2U, Inc. * | 631 | 4,328 |
Laureate Education, Inc., Class A | 518 | 6,089 |
Stride, Inc. * | 63 | 2,466 |
12,883 | ||
Diversified REITs — 0.7% | ||
Alexander & Baldwin, Inc. | 51 | 959 |
American Assets Trust, Inc. | 38 | 714 |
Armada Hoffler Properties, Inc. | 82 | 962 |
Broadstone Net Lease, Inc. | 174 | 2,960 |
CTO Realty Growth, Inc. (a) | 22 | 387 |
Essential Properties Realty Trust, Inc. | 122 | 3,033 |
9,015 | ||
Diversified Telecommunication Services — 0.8% | ||
EchoStar Corp., Class A * | 246 | 4,497 |
Liberty Latin America Ltd., Class A (Puerto Rico) * | 97 | 802 |
Liberty Latin America Ltd., Class C (Puerto Rico) * | 580 | 4,792 |
10,091 | ||
Electric Utilities — 1.2% | ||
IDACORP, Inc. | 48 | 5,244 |
MGE Energy, Inc. | 36 | 2,802 |
Portland General Electric Co. | 177 | 8,637 |
16,683 | ||
Electrical Equipment — 0.9% | ||
Encore Wire Corp. | 39 | 7,313 |
NEXTracker, Inc., Class A * (a) | 43 | 1,545 |
Powell Industries, Inc. | 87 | 3,702 |
12,560 | ||
Electronic Equipment, Instruments & Components — 2.5% | ||
Belden, Inc. | 49 | 4,237 |
Benchmark Electronics, Inc. | 105 | 2,490 |
Knowles Corp. * | 724 | 12,309 |
OSI Systems, Inc. * | 88 | 9,047 |
ScanSource, Inc. * | 165 | 5,019 |
33,102 |
JPMorgan Small Cap Value Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2023 (Unaudited) (continued)
INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — continued | ||
Energy Equipment & Services — 1.1% | ||
ChampionX Corp. | 99 | 2,683 |
Helmerich & Payne, Inc. | 87 | 3,127 |
Nabors Industries Ltd. * | 3 | 372 |
NexTier Oilfield Solutions, Inc. * | 203 | 1,611 |
Noble Corp. plc * | 32 | 1,275 |
Oil States International, Inc. * | 104 | 863 |
Patterson-UTI Energy, Inc. | 89 | 1,038 |
Select Energy Services, Inc., Class A | 384 | 2,671 |
Solaris Oilfield Infrastructure, Inc., Class A | 75 | 643 |
14,283 | ||
Entertainment — 0.1% | ||
Lions Gate Entertainment Corp., Class A * | 115 | 1,270 |
Financial Services — 3.7% | ||
Essent Group Ltd. | 270 | 10,804 |
Jackson Financial, Inc., Class A | 123 | 4,609 |
Merchants Bancorp | 189 | 4,933 |
Mr. Cooper Group, Inc. * | 117 | 4,807 |
NMI Holdings, Inc., Class A * | 197 | 4,396 |
PennyMac Financial Services, Inc. | 34 | 1,995 |
Radian Group, Inc. | 440 | 9,727 |
Repay Holdings Corp. * | 407 | 2,674 |
StoneCo Ltd., Class A (Brazil) * | 615 | 5,862 |
Waterstone Financial, Inc. | 23 | 352 |
50,159 | ||
Food Products — 0.3% | ||
Darling Ingredients, Inc. * | 64 | 3,718 |
Hostess Brands, Inc. * | 6 | 165 |
TreeHouse Foods, Inc. * | 8 | 386 |
4,269 | ||
Gas Utilities — 2.0% | ||
Chesapeake Utilities Corp. | 28 | 3,636 |
New Jersey Resources Corp. | 206 | 10,949 |
Northwest Natural Holding Co. | 83 | 3,954 |
ONE Gas, Inc. | 35 | 2,801 |
Southwest Gas Holdings, Inc. | 5 | 309 |
Spire, Inc. | 70 | 4,886 |
26,535 | ||
Ground Transportation — 0.8% | ||
ArcBest Corp. | 86 | 7,984 |
Heartland Express, Inc. | 128 | 2,029 |
Werner Enterprises, Inc. | 23 | 1,034 |
11,047 | ||
Health Care Equipment & Supplies — 1.4% | ||
Alphatec Holdings, Inc. * | 438 | 6,827 |
JPMorgan Small Cap Value Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2023 (Unaudited) (continued)
INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — continued | ||
Health Care Equipment & Supplies — continued | ||
Inari Medical, Inc. * | 52 | 3,196 |
Orthofix Medical, Inc. * | 98 | 1,636 |
RxSight, Inc. * (a) | 263 | 4,397 |
Sight Sciences, Inc. * | 259 | 2,266 |
Utah Medical Products, Inc. | 11 | 1,057 |
19,379 | ||
Health Care Providers & Services — 1.3% | ||
AdaptHealth Corp. * | 306 | 3,812 |
Community Health Systems, Inc. * | 1,350 | 6,615 |
Fulgent Genetics, Inc. * (a) | 84 | 2,618 |
NeoGenomics, Inc. * | 270 | 4,695 |
17,740 | ||
Health Care REITs — 1.6% | ||
CareTrust REIT, Inc. | 247 | 4,843 |
Community Healthcare Trust, Inc. | 42 | 1,523 |
Global Medical REIT, Inc. | 61 | 556 |
Healthcare Realty Trust, Inc. | 174 | 3,356 |
Physicians Realty Trust | 744 | 11,114 |
Sabra Health Care REIT, Inc. | 38 | 435 |
21,827 | ||
Health Care Technology — 1.4% | ||
Computer Programs and Systems, Inc. * | 139 | 4,179 |
Evolent Health, Inc., Class A * | 181 | 5,883 |
Health Catalyst, Inc. * | 381 | 4,445 |
Phreesia, Inc. * | 87 | 2,820 |
Veradigm, Inc. * | 115 | 1,495 |
18,822 | ||
Hotel & Resort REITs — 1.8% | ||
Apple Hospitality REIT, Inc. | 459 | 7,124 |
DiamondRock Hospitality Co. | 407 | 3,308 |
RLJ Lodging Trust | 433 | 4,590 |
Ryman Hospitality Properties, Inc. | 86 | 7,753 |
Xenia Hotels & Resorts, Inc. | 128 | 1,676 |
24,451 | ||
Hotels, Restaurants & Leisure — 1.7% | ||
Bloomin' Brands, Inc. | 128 | 3,274 |
Bluegreen Vacations Holding Corp. | 132 | 3,624 |
Dine Brands Global, Inc. | 61 | 4,149 |
Full House Resorts, Inc. * | 265 | 1,915 |
Light & Wonder, Inc. * | 27 | 1,599 |
Marriott Vacations Worldwide Corp. (a) | 22 | 2,980 |
Papa John's International, Inc. | 49 | 3,674 |
SeaWorld Entertainment, Inc. * | 25 | 1,555 |
22,770 |
JPMorgan Small Cap Value Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2023 (Unaudited) (continued)
INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — continued | ||
Household Durables — 2.5% | ||
GoPro, Inc., Class A * | 879 | 4,423 |
Lifetime Brands, Inc. | 41 | 239 |
Meritage Homes Corp. | 71 | 8,231 |
Taylor Morrison Home Corp. * | 362 | 13,855 |
Tri Pointe Homes, Inc. * | 297 | 7,532 |
34,280 | ||
Household Products — 0.7% | ||
Central Garden & Pet Co., Class A * | 241 | 9,423 |
Independent Power and Renewable Electricity Producers — 0.6% | ||
Clearway Energy, Inc. | 129 | 3,871 |
Clearway Energy, Inc., Class C | 128 | 4,022 |
7,893 | ||
Industrial REITs — 1.4% | ||
First Industrial Realty Trust, Inc. | 30 | 1,595 |
Plymouth Industrial REIT, Inc. | 31 | 652 |
STAG Industrial, Inc. | 411 | 13,894 |
Terreno Realty Corp. | 49 | 3,161 |
19,302 | ||
Insurance — 1.5% | ||
American Equity Investment Life Holding Co. | 102 | 3,709 |
AMERISAFE, Inc. | 35 | 1,695 |
CNO Financial Group, Inc. | 65 | 1,452 |
Employers Holdings, Inc. | 112 | 4,675 |
James River Group Holdings Ltd. | 70 | 1,436 |
RLI Corp. | 32 | 4,293 |
Selective Insurance Group, Inc. | 21 | 2,040 |
Skyward Specialty Insurance Group, Inc. * | 32 | 698 |
Stewart Information Services Corp. | 10 | 408 |
20,406 | ||
Interactive Media & Services — 0.4% | ||
Cars.com, Inc. * | 65 | 1,247 |
QuinStreet, Inc. * | 143 | 2,269 |
Yelp, Inc. * | 47 | 1,459 |
4,975 | ||
IT Services — 0.3% | ||
Information Services Group, Inc. | 826 | 4,203 |
Leisure Products — 0.4% | ||
Topgolf Callaway Brands Corp. * | 227 | 4,900 |
Life Sciences Tools & Services — 0.2% | ||
Pacific Biosciences of California, Inc. * | 273 | 3,166 |
Machinery — 1.6% | ||
3D Systems Corp. * | 368 | 3,942 |
AGCO Corp. | 48 | 6,459 |
JPMorgan Small Cap Value Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2023 (Unaudited) (continued)
INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — continued | ||
Machinery — continued | ||
Albany International Corp., Class A | 9 | 799 |
EnPro Industries, Inc. | 12 | 1,257 |
Luxfer Holdings plc (United Kingdom) | 28 | 479 |
Mueller Industries, Inc. | 69 | 5,062 |
Terex Corp. | 62 | 2,988 |
20,986 | ||
Marine — 0.4% | ||
Matson, Inc. | 73 | 4,320 |
Safe Bulkers, Inc. (Greece) (a) | 206 | 760 |
5,080 | ||
Media — 0.9% | ||
AMC Networks, Inc., Class A * | 125 | 2,194 |
Entravision Communications Corp., Class A | 287 | 1,735 |
Gray Television, Inc. | 354 | 3,083 |
John Wiley & Sons, Inc., Class A | 62 | 2,411 |
Magnite, Inc. * | 118 | 1,093 |
Thryv Holdings, Inc. * | 91 | 2,111 |
12,627 | ||
Metals & Mining — 1.7% | ||
Arconic Corp. * | 168 | 4,399 |
ATI, Inc. * (a) | 32 | 1,258 |
Commercial Metals Co. | 216 | 10,579 |
Constellium SE * | 168 | 2,571 |
Olympic Steel, Inc. | 14 | 698 |
Schnitzer Steel Industries, Inc., Class A | 63 | 1,960 |
SunCoke Energy, Inc. | 125 | 1,125 |
Warrior Met Coal, Inc. | 19 | 684 |
23,274 | ||
Mortgage Real Estate Investment Trusts (REITs) — 1.5% | ||
Arbor Realty Trust, Inc. (a) | 88 | 1,007 |
Ares Commercial Real Estate Corp. (a) | 128 | 1,161 |
Blackstone Mortgage Trust, Inc., Class A (a) | 236 | 4,204 |
Dynex Capital, Inc. (a) | 301 | 3,654 |
Ellington Financial, Inc. (a) | 68 | 831 |
Hannon Armstrong Sustainable Infrastructure Capital, Inc. (a) | 41 | 1,183 |
KKR Real Estate Finance Trust, Inc. | 118 | 1,347 |
Ladder Capital Corp. | 560 | 5,290 |
Ready Capital Corp. (a) | 83 | 839 |
TPG RE Finance Trust, Inc. | 49 | 357 |
19,873 | ||
Multi-Utilities — 0.6% | ||
Avista Corp. | 50 | 2,109 |
Black Hills Corp. | 9 | 570 |
JPMorgan Small Cap Value Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2023 (Unaudited) (continued)
INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — continued | ||
Multi-Utilities — continued | ||
NorthWestern Corp. | 37 | 2,167 |
Unitil Corp. | 54 | 3,086 |
7,932 | ||
Office REITs — 0.9% | ||
Corporate Office Properties Trust | 330 | 7,814 |
Equity Commonwealth | 176 | 3,641 |
Piedmont Office Realty Trust, Inc., Class A | 148 | 1,084 |
12,539 | ||
Oil, Gas & Consumable Fuels — 3.5% | ||
Antero Resources Corp. * | 18 | 425 |
Arch Resources, Inc. (a) | 25 | 3,237 |
Berry Corp. | 31 | 241 |
Chord Energy Corp. | 41 | 5,525 |
CNX Resources Corp. * (a) | 68 | 1,092 |
CVR Energy, Inc. | 67 | 2,197 |
Delek US Holdings, Inc. | 16 | 377 |
Dorian LPG Ltd. | 174 | 3,477 |
Green Plains, Inc. * | 102 | 3,152 |
Murphy Oil Corp. | 205 | 7,576 |
Ovintiv, Inc. | 151 | 5,457 |
Par Pacific Holdings, Inc. * | 34 | 999 |
PBF Energy, Inc., Class A | 48 | 2,087 |
Peabody Energy Corp. * | 139 | 3,545 |
Range Resources Corp. | 52 | 1,365 |
REX American Resources Corp. * | 20 | 572 |
SM Energy Co. | 93 | 2,619 |
Talos Energy, Inc. * | 46 | 685 |
W&T Offshore, Inc. * | 34 | 173 |
World Fuel Services Corp. | 108 | 2,750 |
47,551 | ||
Paper & Forest Products — 0.1% | ||
Louisiana-Pacific Corp. | 12 | 662 |
Passenger Airlines — 0.4% | ||
Hawaiian Holdings, Inc. * | 46 | 420 |
SkyWest, Inc. * | 215 | 4,782 |
5,202 | ||
Personal Care Products — 0.8% | ||
Edgewell Personal Care Co. | 106 | 4,495 |
Herbalife Nutrition Ltd. * (a) | 406 | 6,539 |
11,034 | ||
Pharmaceuticals — 0.4% | ||
Intra-Cellular Therapies, Inc. * | 55 | 2,946 |
JPMorgan Small Cap Value Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2023 (Unaudited) (continued)
INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — continued | ||
Pharmaceuticals — continued | ||
NGM Biopharmaceuticals, Inc. * | 197 | 805 |
Supernus Pharmaceuticals, Inc. * | 55 | 2,005 |
5,756 | ||
Professional Services — 2.0% | ||
Heidrick & Struggles International, Inc. | 69 | 2,108 |
Huron Consulting Group, Inc. * | 63 | 5,032 |
IBEX Holdings Ltd. * | 32 | 791 |
Insperity, Inc. | 5 | 665 |
KBR, Inc. | 142 | 7,802 |
Kelly Services, Inc., Class A | 323 | 5,352 |
Korn Ferry | 93 | 4,791 |
TrueBlue, Inc. * | 23 | 411 |
26,952 | ||
Real Estate Management & Development — 0.4% | ||
Anywhere Real Estate, Inc. * | 202 | 1,067 |
Forestar Group, Inc. * | 261 | 4,070 |
Kennedy-Wilson Holdings, Inc. | 25 | 409 |
5,546 | ||
Residential REITs — 0.5% | ||
Centerspace | 13 | 729 |
Independence Realty Trust, Inc. | 181 | 2,898 |
UMH Properties, Inc. | 173 | 2,549 |
6,176 | ||
Retail REITs — 2.8% | ||
Acadia Realty Trust | 63 | 876 |
Agree Realty Corp. | 270 | 18,556 |
Getty Realty Corp. | 30 | 1,078 |
Kite Realty Group Trust | 326 | 6,812 |
Macerich Co. (The) | 130 | 1,377 |
NETSTREIT Corp. (a) | 111 | 2,020 |
Phillips Edison & Co., Inc. | 55 | 1,809 |
Retail Opportunity Investments Corp. | 51 | 705 |
SITE Centers Corp. | 323 | 3,972 |
Urstadt Biddle Properties, Inc., Class A | 30 | 534 |
37,739 | ||
Semiconductors & Semiconductor Equipment — 1.2% | ||
ACM Research, Inc., Class A * | 377 | 4,409 |
Cohu, Inc. * | 182 | 6,968 |
Veeco Instruments, Inc. * | 215 | 4,547 |
15,924 | ||
Software — 1.5% | ||
eGain Corp. * | 355 | 2,696 |
LiveRamp Holdings, Inc. * | 367 | 8,051 |
Marathon Digital Holdings, Inc. * (a) | 86 | 750 |
JPMorgan Small Cap Value Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2023 (Unaudited) (continued)
INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — continued | ||
Software — continued | ||
ON24, Inc. * | 334 | 2,924 |
Riot Platforms, Inc. * (a) | 352 | 3,522 |
SecureWorks Corp., Class A * | 42 | 360 |
SolarWinds Corp. * | 23 | 196 |
Upland Software, Inc. * | 245 | 1,052 |
19,551 | ||
Specialized REITs — 0.5% | ||
PotlatchDeltic Corp. (a) | 146 | 7,224 |
Specialty Retail — 3.4% | ||
1-800-Flowers.com, Inc., Class A * | 323 | 3,711 |
Abercrombie & Fitch Co., Class A * | 27 | 753 |
Academy Sports & Outdoors, Inc. | 244 | 15,936 |
Conn's, Inc. * | 177 | 1,074 |
Genesco, Inc. * | 22 | 815 |
MarineMax, Inc. * | 157 | 4,504 |
ODP Corp. (The) * | 104 | 4,676 |
Sally Beauty Holdings, Inc. * | 234 | 3,653 |
Signet Jewelers Ltd. (a) | 112 | 8,692 |
Sleep Number Corp. * (a) | 25 | 752 |
Zumiez, Inc. * | 69 | 1,269 |
45,835 | ||
Technology Hardware, Storage & Peripherals — 0.4% | ||
Avid Technology, Inc. * | 117 | 3,755 |
Xerox Holdings Corp. | 133 | 2,045 |
5,800 | ||
Textiles, Apparel & Luxury Goods — 0.3% | ||
G-III Apparel Group Ltd. * | 169 | 2,626 |
Wolverine World Wide, Inc. | 85 | 1,455 |
4,081 | ||
Trading Companies & Distributors — 4.0% | ||
Beacon Roofing Supply, Inc. * | 190 | 11,177 |
BlueLinx Holdings, Inc. * | 46 | 3,123 |
Boise Cascade Co. | 58 | 3,694 |
GATX Corp. | 13 | 1,424 |
GMS, Inc. * | 106 | 6,103 |
MRC Global, Inc. * | 384 | 3,735 |
NOW, Inc. * | 683 | 7,618 |
Rush Enterprises, Inc., Class A | 116 | 6,320 |
Titan Machinery, Inc. * | 53 | 1,618 |
Veritiv Corp. | 9 | 1,223 |
WESCO International, Inc. | 53 | 8,212 |
54,247 | ||
Water Utilities — 0.3% | ||
American States Water Co. | 44 | 3,947 |
JPMorgan Small Cap Value Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2023 (Unaudited) (continued)
INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — continued | ||
Wireless Telecommunication Services — 0.2% | ||
Gogo, Inc. * | 210 | 3,039 |
Total Common Stocks (Cost $1,269,121) | 1,313,192 | |
Short-Term Investments — 4.5% | ||
Investment Companies — 2.0% | ||
JPMorgan Prime Money Market Fund Class IM Shares, 4.96% (b) (c) (Cost $26,877) | 26,874 | 26,882 |
Investment of Cash Collateral from Securities Loaned — 2.5% | ||
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.04% (b) (c) | 29,582 | 29,588 |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 4.68% (b) (c) | 3,824 | 3,824 |
Total Investment of Cash Collateral from Securities Loaned (Cost $33,418) | 33,412 | |
Total Short-Term Investments (Cost $60,295) | 60,294 | |
Total Investments — 101.8% (Cost $1,329,416) | 1,373,486 | |
Liabilities in Excess of Other Assets — (1.8)% | (23,859) | |
NET ASSETS — 100.0% | 1,349,627 |
Percentages indicated are based on net assets. |
Abbreviations | |
REIT | Real Estate Investment Trust |
* | Non-income producing security. |
(a) | The security or a portion of this security is on loan at March 31, 2023. The total value of securities on loan at March 31, 2023 is $33,403. |
(b) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
(c) | The rate shown is the current yield as of March 31, 2023. |
Futures contracts outstanding as of March 31, 2023 (amounts in thousands, except number of contracts):
DESCRIPTION | NUMBER OF CONTRACTS | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL AMOUNT ($) | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($) |
Long Contracts | |||||
Russell 2000 E-Mini Index | 370 | 06/16/2023 | USD | 33,541 | 124 |
Abbreviations | |
USD | United States Dollar |
JPMorgan Small Cap Value Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2023 (Unaudited) (continued)
(Dollar values in thousands)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2023 (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.
Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values (“NAV”) of the Fund are calculated on a valuation date.
Investments in open-end investment companies (“Underlying Funds”) are valued at each Underlying Fund’s NAV per share as of the report date.
Futures contracts are generally valued on the basis of available market quotations.
Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer-related events after the report date and prior to issuance of the report are not reflected herein.
The various inputs that are used in determining the valuation of the Fund's investments are summarized into the three broad levels listed below.
•
Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.
•
Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.
•
Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund's assumptions in determining the fair value of investments).
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.
The following table represents each valuation input as presented on the Schedule of Portfolio Investments ("SOI"):
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |
Total Investments in Securities (a) | $1,373,486 | $— | $— | $1,373,486 |
Appreciation in Other Financial Instruments | ||||
Futures Contracts (a) | $124 | $— | $— | $124 |
(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
JPMorgan Small Cap Value Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2023 (Unaudited) (continued)
(Dollar values in thousands)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2023 (Unaudited) (continued)
(Dollar values in thousands)
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, 2023 | |||||||||
Security Description | Value at June 30, 2022 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at March 31, 2023 | Shares at March 31, 2023 | Dividend Income | Capital Gain Distributions |
JPMorgan Prime Money Market Fund Class IM Shares, 4.96% (a) (b) | $19,171 | $301,936 | $294,231 | $5 | $1 | $26,882 | 26,874 | $932 | $— |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.04% (a) (b) | 20,571 | 140,000 | 131,000 | 23 | (6) | 29,588 | 29,582 | 749 | — |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 4.68% (a) (b) | 3,163 | 146,164 | 145,503 | — | — | 3,824 | 3,824 | 114 | — |
Total | $42,905 | $588,100 | $570,734 | $28 | $(5) | $60,294 | $1,795 | $— |
(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, 2023. |