JPMorgan Small Cap Value Fund
Schedule of Portfolio Investments as of September 30, 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 September 30, 2023 (Unaudited)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF September 30, 2023 (Unaudited)
INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — 97.1% | ||
Aerospace & Defense — 0.3% | ||
Archer Aviation, Inc., Class A * (a) | 213 | 1,076 |
V2X, Inc. * | 59 | 3,076 |
4,152 | ||
Air Freight & Logistics — 0.7% | ||
Hub Group, Inc., Class A * | 95 | 7,477 |
Radiant Logistics, Inc. * | 230 | 1,298 |
8,775 | ||
Automobile Components — 0.7% | ||
Adient plc * | 202 | 7,433 |
Dana, Inc. | 108 | 1,581 |
9,014 | ||
Banks — 14.2% | ||
Ameris Bancorp | 168 | 6,441 |
Axos Financial, Inc. * | 69 | 2,604 |
Banc of California, Inc. | 191 | 2,370 |
Bancorp, Inc. (The) * | 48 | 1,666 |
Bank of NT Butterfield & Son Ltd. (The) (Bermuda) | 223 | 6,030 |
Banner Corp. | 85 | 3,616 |
Brookline Bancorp, Inc. | 161 | 1,467 |
Business First Bancshares, Inc. | 77 | 1,452 |
Byline Bancorp, Inc. | 213 | 4,204 |
Capital City Bank Group, Inc. | 117 | 3,497 |
Capstar Financial Holdings, Inc. (a) | 45 | 632 |
Central Pacific Financial Corp. | 74 | 1,240 |
Columbia Banking System, Inc. | 63 | 1,277 |
Community Trust Bancorp, Inc. | 23 | 799 |
ConnectOne Bancorp, Inc. | 393 | 7,005 |
Customers Bancorp, Inc. * | 322 | 11,085 |
CVB Financial Corp. | 275 | 4,562 |
Eastern Bankshares, Inc. | 375 | 4,708 |
Enterprise Financial Services Corp. | 126 | 4,729 |
Financial Institutions, Inc. | 33 | 559 |
First BanCorp (Puerto Rico) | 897 | 12,079 |
First Bancshares, Inc. (The) | 35 | 938 |
First Citizens BancShares, Inc., Class A | 5 | 6,416 |
First Commonwealth Financial Corp. | 68 | 827 |
First Financial Corp. | 69 | 2,347 |
First Merchants Corp. | 105 | 2,931 |
FNB Corp. | 56 | 603 |
Hancock Whitney Corp. | 59 | 2,167 |
Heritage Commerce Corp. | 191 | 1,614 |
Home BancShares, Inc. | 54 | 1,121 |
HomeTrust Bancshares, Inc. | 59 | 1,270 |
Independent Bank Corp. | 26 | 484 |
Mercantile Bank Corp. | 9 | 279 |
Mid Penn Bancorp, Inc. | 16 | 329 |
JPMorgan Small Cap Value Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF September 30, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF September 30, 2023 (Unaudited) (continued)
INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — continued | ||
Banks — continued | ||
Midland States Bancorp, Inc. | 27 | 558 |
MVB Financial Corp. | 12 | 272 |
National Bank Holdings Corp., Class A | 39 | 1,167 |
OceanFirst Financial Corp. | 545 | 7,882 |
OFG Bancorp (Puerto Rico) | 479 | 14,293 |
Old National Bancorp | 550 | 7,997 |
Old Second Bancorp, Inc. | 320 | 4,353 |
Orrstown Financial Services, Inc. | 20 | 426 |
Pathward Financial, Inc. | 155 | 7,163 |
Peapack-Gladstone Financial Corp. | 90 | 2,313 |
Peoples Bancorp, Inc. | 9 | 214 |
Pinnacle Financial Partners, Inc. | 27 | 1,776 |
Popular, Inc. (Puerto Rico) | 53 | 3,343 |
Preferred Bank | 7 | 412 |
Premier Financial Corp. | 80 | 1,371 |
QCR Holdings, Inc. | 84 | 4,079 |
Seacoast Banking Corp. of Florida | 34 | 734 |
Sierra Bancorp | 24 | 458 |
SmartFinancial, Inc. | 16 | 338 |
South Plains Financial, Inc. | 10 | 260 |
Southside Bancshares, Inc. | 37 | 1,070 |
SouthState Corp. | 85 | 5,731 |
Towne Bank | 47 | 1,087 |
TriCo Bancshares | 64 | 2,032 |
Univest Financial Corp. | 34 | 587 |
Veritex Holdings, Inc. | 189 | 3,392 |
Washington Federal, Inc. | 118 | 3,009 |
Wintrust Financial Corp. | 87 | 6,596 |
186,261 | ||
Beverages — 0.2% | ||
Primo Water Corp. | 214 | 2,952 |
Biotechnology — 4.9% | ||
2seventy bio, Inc. * | 208 | 814 |
Agios Pharmaceuticals, Inc. * | 98 | 2,416 |
Akero Therapeutics, Inc. * | 58 | 2,928 |
Allogene Therapeutics, Inc. * (a) | 398 | 1,263 |
Allovir, Inc. * | 350 | 753 |
Arcellx, Inc. * | 97 | 3,469 |
Avidity Biosciences, Inc. * | 213 | 1,361 |
BioCryst Pharmaceuticals, Inc. * (a) | 172 | 1,217 |
Biohaven Ltd. * (a) | 6 | 144 |
Bluebird Bio, Inc. * (a) | 469 | 1,426 |
Cytokinetics, Inc. * | 71 | 2,078 |
EQRx, Inc. * | 630 | 1,399 |
Fate Therapeutics, Inc. * | 576 | 1,222 |
Generation Bio Co. * | 572 | 2,166 |
JPMorgan Small Cap Value Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF September 30, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF September 30, 2023 (Unaudited) (continued)
INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — continued | ||
Biotechnology — continued | ||
Geron Corp. * | 615 | 1,304 |
Iovance Biotherapeutics, Inc. * | 402 | 1,827 |
Kezar Life Sciences, Inc. * | 464 | 553 |
Kymera Therapeutics, Inc. * | 212 | 2,951 |
Lexicon Pharmaceuticals, Inc. * (a) | 1,399 | 1,525 |
MacroGenics, Inc. * | 522 | 2,430 |
MoonLake Immunotherapeutics * (a) | 141 | 8,035 |
Prothena Corp. plc (Ireland) * | 79 | 3,811 |
Recursion Pharmaceuticals, Inc., Class A * (a) | 159 | 1,217 |
Relay Therapeutics, Inc. * | 330 | 2,774 |
SpringWorks Therapeutics, Inc. * (a) | 142 | 3,289 |
Syndax Pharmaceuticals, Inc. * | 176 | 2,554 |
Twist Bioscience Corp. * | 217 | 4,405 |
Veracyte, Inc. * | 80 | 1,778 |
Verve Therapeutics, Inc. * (a) | 229 | 3,041 |
64,150 | ||
Building Products — 1.0% | ||
Gibraltar Industries, Inc. * | 45 | 3,014 |
Resideo Technologies, Inc. * | 97 | 1,534 |
UFP Industries, Inc. | 89 | 9,147 |
13,695 | ||
Capital Markets — 1.3% | ||
AssetMark Financial Holdings, Inc. * | 45 | 1,143 |
Piper Sandler Cos. | 12 | 1,739 |
Stifel Financial Corp. | 11 | 683 |
StoneX Group, Inc. * | 38 | 3,641 |
Victory Capital Holdings, Inc., Class A | 185 | 6,157 |
Virtus Investment Partners, Inc. | 18 | 3,587 |
16,950 | ||
Chemicals — 1.1% | ||
AdvanSix, Inc. | 85 | 2,637 |
Avient Corp. | 53 | 1,860 |
Ecovyst, Inc. * | 55 | 545 |
HB Fuller Co. | 29 | 1,996 |
Minerals Technologies, Inc. | 34 | 1,846 |
Sensient Technologies Corp. | 30 | 1,779 |
Tronox Holdings plc | 252 | 3,385 |
14,048 | ||
Commercial Services & Supplies — 0.9% | ||
ABM Industries, Inc. | 200 | 8,003 |
ACCO Brands Corp. | 110 | 629 |
Heritage-Crystal Clean, Inc. * | 83 | 3,776 |
12,408 |
JPMorgan Small Cap Value Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF September 30, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF September 30, 2023 (Unaudited) (continued)
INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — continued | ||
Communications Equipment — 0.3% | ||
Aviat Networks, Inc. * | 34 | 1,055 |
NETGEAR, Inc. * | 222 | 2,801 |
3,856 | ||
Construction & Engineering — 1.7% | ||
API Group Corp. * | 160 | 4,164 |
Argan, Inc. | 74 | 3,349 |
Comfort Systems USA, Inc. | 26 | 4,479 |
MasTec, Inc. * | 18 | 1,282 |
MYR Group, Inc. * | 46 | 6,219 |
Primoris Services Corp. | 84 | 2,735 |
22,228 | ||
Construction Materials — 0.1% | ||
Summit Materials, Inc., Class A * | 42 | 1,323 |
Consumer Finance — 2.3% | ||
Encore Capital Group, Inc. * | 100 | 4,753 |
Enova International, Inc. * | 231 | 11,760 |
FirstCash Holdings, Inc. | 47 | 4,762 |
Navient Corp. | 56 | 968 |
Nelnet, Inc., Class A | 24 | 2,095 |
PROG Holdings, Inc. * | 192 | 6,386 |
30,724 | ||
Consumer Staples Distribution & Retail — 1.0% | ||
Andersons, Inc. (The) | 85 | 4,367 |
BJ's Wholesale Club Holdings, Inc. * | 32 | 2,307 |
Sprouts Farmers Market, Inc. * | 122 | 5,208 |
United Natural Foods, Inc. * | 102 | 1,440 |
13,322 | ||
Containers & Packaging — 0.3% | ||
Greif, Inc., Class A | 37 | 2,487 |
Myers Industries, Inc. | 17 | 306 |
O-I Glass, Inc. * | 71 | 1,191 |
3,984 | ||
Diversified Consumer Services — 0.5% | ||
Laureate Education, Inc., Class A | 255 | 3,591 |
Stride, Inc. * | 60 | 2,697 |
6,288 | ||
Diversified REITs — 0.8% | ||
Alexander & Baldwin, Inc. | 48 | 808 |
American Assets Trust, Inc. | 37 | 712 |
Armada Hoffler Properties, Inc. | 78 | 795 |
Broadstone Net Lease, Inc. | 361 | 5,171 |
Essential Properties Realty Trust, Inc. | 145 | 3,138 |
10,624 |
JPMorgan Small Cap Value Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF September 30, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF September 30, 2023 (Unaudited) (continued)
INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — continued | ||
Diversified Telecommunication Services — 0.6% | ||
ATN International, Inc. | 16 | 490 |
EchoStar Corp., Class A * | 136 | 2,275 |
Liberty Latin America Ltd., Class A (Puerto Rico) * | 92 | 751 |
Liberty Latin America Ltd., Class C (Puerto Rico) * | 553 | 4,514 |
8,030 | ||
Electric Utilities — 1.3% | ||
IDACORP, Inc. | 52 | 4,909 |
MGE Energy, Inc. | 62 | 4,260 |
Portland General Electric Co. | 180 | 7,282 |
16,451 | ||
Electrical Equipment — 1.3% | ||
Encore Wire Corp. | 73 | 13,333 |
Powell Industries, Inc. | 38 | 3,176 |
16,509 | ||
Electronic Equipment, Instruments & Components — 1.8% | ||
Belden, Inc. | 17 | 1,686 |
Benchmark Electronics, Inc. | 142 | 3,451 |
Knowles Corp. * | 676 | 10,006 |
OSI Systems, Inc. * | 49 | 5,740 |
ScanSource, Inc. * | 93 | 2,833 |
23,716 | ||
Energy Equipment & Services — 1.8% | ||
ChampionX Corp. | 45 | 1,615 |
Helmerich & Payne, Inc. | 84 | 3,516 |
Liberty Energy, Inc. | 304 | 5,633 |
Noble Corp. plc | 80 | 4,046 |
Oil States International, Inc. * | 251 | 2,103 |
Patterson-UTI Energy, Inc. | 268 | 3,711 |
Select Water Solutions, Inc. | 332 | 2,641 |
23,265 | ||
Financial Services — 5.1% | ||
Essent Group Ltd. | 257 | 12,163 |
Federal Agricultural Mortgage Corp., Class C | 8 | 1,234 |
Jackson Financial, Inc., Class A | 157 | 6,002 |
Merchants Bancorp | 217 | 6,012 |
Mr. Cooper Group, Inc. * | 246 | 13,155 |
NMI Holdings, Inc., Class A * | 188 | 5,085 |
PennyMac Financial Services, Inc. | 51 | 3,433 |
Radian Group, Inc. | 295 | 7,419 |
Repay Holdings Corp. * | 818 | 6,209 |
StoneCo Ltd., Class A (Brazil) * (a) | 557 | 5,940 |
Waterstone Financial, Inc. | 3 | 36 |
66,688 |
JPMorgan Small Cap Value Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF September 30, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF September 30, 2023 (Unaudited) (continued)
INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — continued | ||
Food Products — 1.2% | ||
Darling Ingredients, Inc. * | 61 | 3,169 |
Hostess Brands, Inc. * | 253 | 8,436 |
John B Sanfilippo & Son, Inc. | 35 | 3,454 |
15,059 | ||
Gas Utilities — 1.2% | ||
Chesapeake Utilities Corp. | 27 | 2,648 |
New Jersey Resources Corp. | 63 | 2,572 |
Northwest Natural Holding Co. | 79 | 3,024 |
ONE Gas, Inc. | 59 | 4,027 |
Southwest Gas Holdings, Inc. | 5 | 285 |
Spire, Inc. (a) | 67 | 3,758 |
16,314 | ||
Ground Transportation — 0.6% | ||
ArcBest Corp. | 82 | 8,373 |
Health Care Equipment & Supplies — 1.4% | ||
Alphatec Holdings, Inc. * | 366 | 4,748 |
Inari Medical, Inc. * | 76 | 5,002 |
RxSight, Inc. * | 251 | 7,009 |
Sight Sciences, Inc. * | 535 | 1,802 |
18,561 | ||
Health Care Providers & Services — 0.8% | ||
AdaptHealth Corp. * | 292 | 2,660 |
Fulgent Genetics, Inc. * (a) | 66 | 1,761 |
ModivCare, Inc. * | 52 | 1,623 |
NeoGenomics, Inc. * | 257 | 3,163 |
Surgery Partners, Inc. * | 50 | 1,461 |
10,668 | ||
Health Care REITs — 1.0% | ||
CareTrust REIT, Inc. | 100 | 2,054 |
Community Healthcare Trust, Inc. | 45 | 1,325 |
Global Medical REIT, Inc. | 58 | 522 |
Physicians Realty Trust | 452 | 5,515 |
Sabra Health Care REIT, Inc. | 256 | 3,568 |
12,984 | ||
Health Care Technology — 1.0% | ||
Evolent Health, Inc., Class A * | 179 | 4,861 |
Health Catalyst, Inc. * | 463 | 4,688 |
Phreesia, Inc. * | 83 | 1,555 |
Veradigm, Inc. * | 109 | 1,436 |
12,540 | ||
Hotel & Resort REITs — 1.6% | ||
Apple Hospitality REIT, Inc. (a) | 525 | 8,049 |
DiamondRock Hospitality Co. | 224 | 1,797 |
RLJ Lodging Trust | 413 | 4,042 |
JPMorgan Small Cap Value Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF September 30, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF September 30, 2023 (Unaudited) (continued)
INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — continued | ||
Hotel & Resort REITs — continued | ||
Ryman Hospitality Properties, Inc. | 82 | 6,860 |
Xenia Hotels & Resorts, Inc. | 71 | 835 |
21,583 | ||
Hotels, Restaurants & Leisure — 2.3% | ||
Bloomin' Brands, Inc. | 122 | 2,993 |
Bluegreen Vacations Holding Corp. (a) | 126 | 4,629 |
Dine Brands Global, Inc. | 59 | 2,892 |
Full House Resorts, Inc. * | 253 | 1,078 |
International Game Technology plc | 81 | 2,471 |
Light & Wonder, Inc. * | 113 | 8,083 |
Marriott Vacations Worldwide Corp. | 21 | 2,120 |
SeaWorld Entertainment, Inc. * | 114 | 5,276 |
29,542 | ||
Household Durables — 3.2% | ||
GoPro, Inc., Class A * | 838 | 2,632 |
M/I Homes, Inc. * | 132 | 11,103 |
Meritage Homes Corp. | 102 | 12,434 |
Taylor Morrison Home Corp. * | 229 | 9,763 |
Tri Pointe Homes, Inc. * | 205 | 5,601 |
41,533 | ||
Household Products — 0.7% | ||
Central Garden & Pet Co., Class A * | 230 | 9,219 |
Independent Power and Renewable Electricity Producers — 0.3% | ||
Clearway Energy, Inc. | 98 | 1,945 |
Clearway Energy, Inc., Class C | 122 | 2,590 |
4,535 | ||
Industrial REITs — 1.5% | ||
First Industrial Realty Trust, Inc. | 29 | 1,361 |
Innovative Industrial Properties, Inc. (a) | 21 | 1,600 |
LXP Industrial Trust | 317 | 2,822 |
Plymouth Industrial REIT, Inc. | 125 | 2,617 |
STAG Industrial, Inc. | 191 | 6,606 |
Terreno Realty Corp. | 77 | 4,377 |
19,383 | ||
Insurance — 1.1% | ||
American Equity Investment Life Holding Co. | 87 | 4,673 |
CNO Financial Group, Inc. | 63 | 1,481 |
Employers Holdings, Inc. | 29 | 1,157 |
James River Group Holdings Ltd. | 96 | 1,472 |
RLI Corp. | 31 | 4,185 |
Skyward Specialty Insurance Group, Inc. * (a) | 43 | 1,187 |
14,155 |
JPMorgan Small Cap Value Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF September 30, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF September 30, 2023 (Unaudited) (continued)
INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — continued | ||
Interactive Media & Services — 0.2% | ||
Cars.com, Inc. * | 62 | 1,039 |
QuinStreet, Inc. * | 136 | 1,223 |
2,262 | ||
IT Services — 0.4% | ||
Information Services Group, Inc. | 787 | 3,449 |
Unisys Corp. * | 690 | 2,379 |
5,828 | ||
Leisure Products — 0.4% | ||
Topgolf Callaway Brands Corp. * (a) | 331 | 4,584 |
Life Sciences Tools & Services — 0.2% | ||
Pacific Biosciences of California, Inc. * (a) | 261 | 2,176 |
Machinery — 1.5% | ||
3D Systems Corp. * | 225 | 1,105 |
AGCO Corp. | 46 | 5,388 |
Albany International Corp., Class A | 8 | 736 |
EnPro Industries, Inc. | 11 | 1,398 |
Luxfer Holdings plc (United Kingdom) | 27 | 352 |
Mueller Industries, Inc. | 100 | 7,490 |
Terex Corp. | 59 | 3,393 |
19,862 | ||
Marine Transportation — 0.5% | ||
Matson, Inc. | 69 | 6,124 |
Safe Bulkers, Inc. (Greece) (a) | 197 | 637 |
6,761 | ||
Media — 0.8% | ||
AMC Networks, Inc., Class A * | 119 | 1,402 |
Entravision Communications Corp., Class A | 531 | 1,939 |
Gray Television, Inc. | 426 | 2,944 |
John Wiley & Sons, Inc., Class A | 19 | 693 |
Magnite, Inc. * | 256 | 1,932 |
Thryv Holdings, Inc. * | 87 | 1,639 |
10,549 | ||
Metals & Mining — 2.3% | ||
Alpha Metallurgical Resources, Inc. | 25 | 6,512 |
Arch Resources, Inc. | 20 | 3,405 |
Commercial Metals Co. | 230 | 11,372 |
Constellium SE * | 144 | 2,625 |
Olympic Steel, Inc. | 13 | 716 |
Ryerson Holding Corp. | 74 | 2,151 |
Schnitzer Steel Industries, Inc., Class A | 60 | 1,674 |
SunCoke Energy, Inc. | 119 | 1,212 |
Warrior Met Coal, Inc. | 18 | 907 |
30,574 |
JPMorgan Small Cap Value Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF September 30, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF September 30, 2023 (Unaudited) (continued)
INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — continued | ||
Mortgage Real Estate Investment Trusts (REITs) — 1.8% | ||
Blackstone Mortgage Trust, Inc., Class A (a) | 96 | 2,087 |
Brightspire Capital, Inc. | 136 | 849 |
Dynex Capital, Inc. | 169 | 2,019 |
Ellington Financial, Inc. (a) | 25 | 316 |
Hannon Armstrong Sustainable Infrastructure Capital, Inc. (a) | 26 | 555 |
KKR Real Estate Finance Trust, Inc. | 113 | 1,339 |
Ladder Capital Corp. | 316 | 3,244 |
MFA Financial, Inc. | 863 | 8,289 |
PennyMac Mortgage Investment Trust (a) | 305 | 3,784 |
Ready Capital Corp. (a) | 79 | 795 |
23,277 | ||
Multi-Utilities — 0.6% | ||
Black Hills Corp. | 9 | 436 |
Northwestern Energy Group, Inc. | 66 | 3,192 |
Unitil Corp. | 105 | 4,463 |
8,091 | ||
Office REITs — 1.1% | ||
Brandywine Realty Trust | 462 | 2,099 |
COPT Defense Properties | 261 | 6,214 |
Equity Commonwealth | 86 | 1,586 |
Piedmont Office Realty Trust, Inc., Class A | 319 | 1,793 |
SL Green Realty Corp. (a) | 60 | 2,223 |
13,915 | ||
Oil, Gas & Consumable Fuels — 6.9% | ||
Berry Corp. | 29 | 240 |
California Resources Corp. | 139 | 7,778 |
Chord Energy Corp. | 50 | 8,169 |
Civitas Resources, Inc. (a) | 40 | 3,224 |
CNX Resources Corp. * | 183 | 4,128 |
CONSOL Energy, Inc. | 14 | 1,427 |
CVR Energy, Inc. (a) | 107 | 3,638 |
Delek US Holdings, Inc. | 16 | 445 |
Dorian LPG Ltd. | 166 | 4,776 |
Green Plains, Inc. * | 78 | 2,345 |
Gulfport Energy Corp. * | 35 | 4,102 |
International Seaways, Inc. | 90 | 4,068 |
Magnolia Oil & Gas Corp., Class A | 28 | 653 |
Matador Resources Co. | 134 | 7,977 |
Murphy Oil Corp. | 195 | 8,858 |
Ovintiv, Inc. | 96 | 4,567 |
Par Pacific Holdings, Inc. * | 33 | 1,172 |
PBF Energy, Inc., Class A | 65 | 3,500 |
Peabody Energy Corp. | 132 | 3,431 |
REX American Resources Corp. * | 19 | 776 |
SM Energy Co. | 272 | 10,770 |
JPMorgan Small Cap Value Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF September 30, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF September 30, 2023 (Unaudited) (continued)
INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — continued | ||
Oil, Gas & Consumable Fuels — continued | ||
Teekay Tankers Ltd., Class A (Canada) | 62 | 2,581 |
World Kinect Corp. | 103 | 2,302 |
90,927 | ||
Paper & Forest Products — 0.0% ^ | ||
Louisiana-Pacific Corp. | 12 | 643 |
Passenger Airlines — 0.8% | ||
Hawaiian Holdings, Inc. * (a) | 331 | 2,098 |
Joby Aviation, Inc. * (a) | 204 | 1,315 |
SkyWest, Inc. * | 172 | 7,197 |
10,610 | ||
Personal Care Products — 0.6% | ||
BellRing Brands, Inc. * | 29 | 1,207 |
Edgewell Personal Care Co. | 87 | 3,228 |
Herbalife Ltd. * (a) | 253 | 3,530 |
7,965 | ||
Pharmaceuticals — 0.4% | ||
ANI Pharmaceuticals, Inc. * | 32 | 1,838 |
Intra-Cellular Therapies, Inc. * | 52 | 2,702 |
NGM Biopharmaceuticals, Inc. * | 188 | 201 |
4,741 | ||
Professional Services — 0.3% | ||
Heidrick & Struggles International, Inc. | 71 | 1,779 |
KBR, Inc. | 33 | 1,928 |
3,707 | ||
Real Estate Management & Development — 0.7% | ||
Forestar Group, Inc. * | 338 | 9,113 |
Residential REITs — 0.3% | ||
Independence Realty Trust, Inc. | 95 | 1,340 |
UMH Properties, Inc. | 98 | 1,366 |
Veris Residential, Inc. | 89 | 1,472 |
4,178 | ||
Retail REITs — 2.5% | ||
Agree Realty Corp. | 199 | 10,982 |
Kite Realty Group Trust | 341 | 7,309 |
Phillips Edison & Co., Inc. | 53 | 1,773 |
Regency Centers Corp. | 10 | 598 |
Retail Opportunity Investments Corp. | 574 | 7,105 |
RPT Realty | 158 | 1,664 |
SITE Centers Corp. | 308 | 3,803 |
33,234 | ||
Semiconductors & Semiconductor Equipment — 2.2% | ||
ACM Research, Inc., Class A * | 359 | 6,505 |
Cohu, Inc. * | 121 | 4,153 |
JPMorgan Small Cap Value Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF September 30, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF September 30, 2023 (Unaudited) (continued)
INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — continued | ||
Semiconductors & Semiconductor Equipment — continued | ||
Photronics, Inc. * | 309 | 6,250 |
Synaptics, Inc. * | 93 | 8,321 |
Veeco Instruments, Inc. * | 104 | 2,915 |
28,144 | ||
Software — 2.0% | ||
Adeia, Inc. | 285 | 3,043 |
C3.ai, Inc., Class A * (a) | 24 | 610 |
E2open Parent Holdings, Inc. * | 705 | 3,201 |
LiveRamp Holdings, Inc. * | 350 | 10,095 |
Marathon Digital Holdings, Inc. * (a) | 82 | 697 |
ON24, Inc. | 318 | 2,015 |
Riot Platforms, Inc. * (a) | 245 | 2,281 |
Verint Systems, Inc. * | 113 | 2,607 |
Xperi, Inc. * | 225 | 2,221 |
26,770 | ||
Specialized REITs — 0.4% | ||
PotlatchDeltic Corp. | 116 | 5,281 |
Specialty Retail — 2.1% | ||
Academy Sports & Outdoors, Inc. | 58 | 2,764 |
Asbury Automotive Group, Inc. * | 26 | 6,011 |
Group 1 Automotive, Inc. | 31 | 8,255 |
ODP Corp. (The) * | 99 | 4,575 |
Sally Beauty Holdings, Inc. * | 224 | 1,873 |
Signet Jewelers Ltd. | 53 | 3,817 |
27,295 | ||
Technology Hardware, Storage & Peripherals — 0.4% | ||
Avid Technology, Inc. * | 178 | 4,774 |
Textiles, Apparel & Luxury Goods — 0.3% | ||
G-III Apparel Group Ltd. * | 161 | 4,013 |
Trading Companies & Distributors — 4.8% | ||
Beacon Roofing Supply, Inc. * | 147 | 11,337 |
BlueLinx Holdings, Inc. * | 40 | 3,258 |
Boise Cascade Co. | 56 | 5,738 |
GATX Corp. | 12 | 1,343 |
GMS, Inc. * | 68 | 4,388 |
MRC Global, Inc. * | 328 | 3,367 |
NOW, Inc. * | 651 | 7,732 |
Rush Enterprises, Inc., Class A | 369 | 15,056 |
Titan Machinery, Inc. * | 51 | 1,347 |
Veritiv Corp. | 9 | 1,457 |
WESCO International, Inc. | 51 | 7,287 |
62,310 | ||
Water Utilities — 0.3% | ||
American States Water Co. | 42 | 3,331 |
JPMorgan Small Cap Value Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF September 30, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF September 30, 2023 (Unaudited) (continued)
INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — continued | ||
Wireless Telecommunication Services — 0.2% | ||
Gogo, Inc. * | 184 | 2,193 |
Total Common Stocks (Cost $1,214,204) | 1,270,970 | |
Short-Term Investments — 5.6% | ||
Investment Companies — 2.3% | ||
JPMorgan Prime Money Market Fund Class IM Shares, 5.48% (b) (c) (Cost $30,790) | 30,785 | 30,795 |
Investment of Cash Collateral from Securities Loaned — 3.3% | ||
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.52% (b) (c) | 37,582 | 37,589 |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.27% (b) (c) | 5,517 | 5,517 |
Total Investment of Cash Collateral from Securities Loaned (Cost $43,106) | 43,106 | |
Total Short-Term Investments (Cost $73,896) | 73,901 | |
Total Investments — 102.7% (Cost $1,288,100) | 1,344,871 | |
Liabilities in Excess of Other Assets — (2.7)% | (35,409 ) | |
NET ASSETS — 100.0% | 1,309,462 |
Percentages indicated are based on net assets. |
Abbreviations | |
REIT | Real Estate Investment Trust |
^ | 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 September 30, 2023. The total value of securities on loan at September 30, 2023 is $41,059. | |
(b) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |
(c) | The rate shown is the current yield as of September 30, 2023. |
Futures contracts outstanding as of September 30, 2023 (amounts in thousands, except number of contracts):
DESCRIPTION | NUMBER OF CONTRACTS | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL AMOUNT ($) | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($) |
Long Contracts | |||||
Russell 2000 E-Mini Index | 376 | 12/15/2023 | USD | 33,799 | (1,120 ) |
Abbreviations | |
USD | United States Dollar |
JPMorgan Small Cap Value Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF September 30, 2023 (Unaudited) (continued)
(Dollar values in thousands)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF September 30, 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) | $1,344,871 | $— | $— | $1,344,871 |
Depreciation in Other Financial Instruments | ||||
Futures Contracts (a) | $(1,120 ) | $— | $— | $(1,120 ) |
(a) | Please refer to the SOI for specifics of portfolio holdings. |
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.
JPMorgan Small Cap Value Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF September 30, 2023 (Unaudited) (continued)
(Dollar values in thousands)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF September 30, 2023 (Unaudited) (continued)
(Dollar values in thousands)
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 September 30, 2023 | |||||||||
Security Description | Value at June 30, 2023 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at September 30, 2023 | Shares at September 30, 2023 | Dividend Income | Capital Gain Distributions |
JPMorgan Prime Money Market Fund Class IM Shares, 5.48% (a) (b) | $28,802 | $70,027 | $68,037 | $2 | $1 | $30,795 | 30,785 | $319 | $— |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.52% (a) (b) | 28,586 | 76,000 | 67,000 | 3 | — | 37,589 | 37,582 | 461 | — |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.27% (a) (b) | 5,498 | 33,014 | 32,995 | — | — | 5,517 | 5,517 | 70 | — |
Total | $62,886 | $179,041 | $168,032 | $5 | $1 | $73,901 | $850 | $— |
(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, 2023. |