JPMorgan Small Cap Value 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 Value Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2024 (Unaudited)INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — 99.0% | ||
Aerospace & Defense — 0.7% | ||
Archer Aviation, Inc., Class A * (a) | 108 | 496 |
Parsons Corp. * | 78 | 6,488 |
V2X, Inc. * | 58 | 2,723 |
9,707 | ||
Air Freight & Logistics — 0.6% | ||
Hub Group, Inc., Class A | 186 | 8,055 |
Radiant Logistics, Inc. * | 225 | 1,219 |
9,274 | ||
Automobile Components — 1.7% | ||
Adient plc * | 161 | 5,277 |
Goodyear Tire & Rubber Co. (The) * | 600 | 8,239 |
Modine Manufacturing Co. * | 83 | 7,925 |
Patrick Industries, Inc. | 26 | 3,114 |
24,555 | ||
Banks — 15.6% | ||
1st Source Corp. | 18 | 934 |
Amalgamated Financial Corp. | 122 | 2,923 |
Ameris Bancorp | 138 | 6,674 |
Associated Banc-Corp. | 59 | 1,269 |
Axos Financial, Inc. * | 24 | 1,299 |
Banc of California, Inc. | 568 | 8,641 |
Bank of NT Butterfield & Son Ltd. (The) (Bermuda) | 276 | 8,845 |
BankUnited, Inc. | 101 | 2,816 |
Banner Corp. | 62 | 2,967 |
Brookline Bancorp, Inc. | 92 | 912 |
Business First Bancshares, Inc. | 111 | 2,483 |
Byline Bancorp, Inc. | 124 | 2,692 |
Capitol Federal Financial, Inc. | 236 | 1,405 |
Central Pacific Financial Corp. | 73 | 1,437 |
CNB Financial Corp. | 34 | 698 |
Community Trust Bancorp, Inc. | 23 | 974 |
ConnectOne Bancorp, Inc. | 415 | 8,097 |
CrossFirst Bankshares, Inc. * | 45 | 619 |
Customers Bancorp, Inc. * | 178 | 9,470 |
CVB Financial Corp. (a) | 68 | 1,211 |
Eastern Bankshares, Inc. | 498 | 6,856 |
Enterprise Financial Services Corp. | 120 | 4,851 |
Equity Bancshares, Inc., Class A | 75 | 2,591 |
Financial Institutions, Inc. | 30 | 563 |
First BanCorp (Puerto Rico) | 564 | 9,897 |
First Bancshares, Inc. (The) | 80 | 2,072 |
First Citizens BancShares, Inc., Class A | 4 | 6,434 |
First Commonwealth Financial Corp. | 106 | 1,478 |
First Financial Corp. | 74 | 2,842 |
First Merchants Corp. | 123 | 4,301 |
First Mid Bancshares, Inc. | 20 | 658 |
JPMorgan Small Cap Value Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2024 (Unaudited) (continued)INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — continued | ||
Banks — continued | ||
Flushing Financial Corp. | 24 | 306 |
FNB Corp. | 55 | 771 |
Glacier Bancorp, Inc. | 34 | 1,376 |
Hancock Whitney Corp. | 63 | 2,906 |
Hanmi Financial Corp. | 66 | 1,058 |
Heartland Financial USA, Inc. | 26 | 910 |
Heritage Commerce Corp. | 254 | 2,183 |
Home BancShares, Inc. | 198 | 4,869 |
HomeTrust Bancshares, Inc. | 40 | 1,086 |
Hope Bancorp, Inc. | 178 | 2,049 |
Live Oak Bancshares, Inc. | 34 | 1,400 |
Macatawa Bank Corp. | 24 | 238 |
Mercantile Bank Corp. | 16 | 619 |
Mid Penn Bancorp, Inc. | 16 | 320 |
Midland States Bancorp, Inc. | 27 | 668 |
MVB Financial Corp. | 12 | 263 |
National Bank Holdings Corp., Class A | 54 | 1,952 |
OceanFirst Financial Corp. | 298 | 4,886 |
OFG Bancorp (Puerto Rico) | 257 | 9,443 |
Old National Bancorp | 616 | 10,718 |
Old Second Bancorp, Inc. | 339 | 4,694 |
Orrstown Financial Services, Inc. | 20 | 531 |
Pathward Financial, Inc. | 138 | 6,958 |
Peapack-Gladstone Financial Corp. | 17 | 417 |
Pinnacle Financial Partners, Inc. | 43 | 3,722 |
Popular, Inc. (Puerto Rico) | 85 | 7,451 |
Preferred Bank | 43 | 3,286 |
Premier Financial Corp. | 97 | 1,978 |
QCR Holdings, Inc. | 102 | 6,181 |
Seacoast Banking Corp. of Florida | 33 | 827 |
Sierra Bancorp | 24 | 478 |
SmartFinancial, Inc. | 15 | 326 |
South Plains Financial, Inc. | 10 | 258 |
Southside Bancshares, Inc. | 31 | 920 |
SouthState Corp. | 56 | 4,785 |
Texas Capital Bancshares, Inc. * | 18 | 1,097 |
Towne Bank | 74 | 2,074 |
TriCo Bancshares | 62 | 2,284 |
UMB Financial Corp. | 21 | 1,846 |
United Bankshares, Inc. | 77 | 2,767 |
Unity Bancorp, Inc. | 19 | 531 |
Veritex Holdings, Inc. | 107 | 2,196 |
WesBanco, Inc. | 39 | 1,176 |
Wintrust Financial Corp. | 76 | 7,911 |
WSFS Financial Corp. | 34 | 1,523 |
223,147 | ||
JPMorgan Small Cap Value Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2024 (Unaudited) (continued)INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — continued | ||
Beverages — 0.2% | ||
Primo Water Corp. | 183 | 3,340 |
Biotechnology — 6.0% | ||
2seventy bio, Inc. * (a) | 169 | 905 |
Agios Pharmaceuticals, Inc. * | 270 | 7,898 |
Allogene Therapeutics, Inc. * (a) | 390 | 1,744 |
Arcellx, Inc. * (a) | 128 | 8,883 |
Avidity Biosciences, Inc. * | 209 | 5,328 |
Biohaven Ltd. * | 6 | 295 |
Bluebird Bio, Inc. * (a) | 459 | 588 |
Crinetics Pharmaceuticals, Inc. * | 87 | 4,051 |
Cytokinetics, Inc. * (a) | 69 | 4,840 |
Dynavax Technologies Corp. * | 158 | 1,966 |
Fate Therapeutics, Inc. * (a) | 564 | 4,142 |
Geron Corp. * (a) | 602 | 1,987 |
Iovance Biotherapeutics, Inc. * | 393 | 5,826 |
Kymera Therapeutics, Inc. * | 208 | 8,354 |
MacroGenics, Inc. * (a) | 511 | 7,515 |
Prothena Corp. plc (Ireland) * | 77 | 1,915 |
REVOLUTION Medicines, Inc. * | 69 | 2,210 |
SpringWorks Therapeutics, Inc. * (a) | 139 | 6,855 |
Syndax Pharmaceuticals, Inc. * | 172 | 4,099 |
Twist Bioscience Corp. * | 165 | 5,652 |
85,053 | ||
Broadline Retail — 0.1% | ||
Savers Value Village, Inc. * (a) | 104 | 2,006 |
Building Products — 2.5% | ||
Gibraltar Industries, Inc. * | 44 | 3,520 |
Griffon Corp. | 191 | 13,986 |
Masterbrand, Inc. * | 37 | 695 |
Quanex Building Products Corp. | 19 | 713 |
Resideo Technologies, Inc. * | 263 | 5,908 |
UFP Industries, Inc. | 85 | 10,455 |
35,277 | ||
Capital Markets — 1.4% | ||
AssetMark Financial Holdings, Inc. * | 45 | 1,579 |
Open Lending Corp. * | 322 | 2,016 |
Piper Sandler Cos. | 12 | 2,326 |
StoneX Group, Inc. * | 25 | 1,765 |
Victory Capital Holdings, Inc., Class A | 219 | 9,315 |
Virtus Investment Partners, Inc. | 12 | 3,072 |
20,073 | ||
Chemicals — 0.5% | ||
Avient Corp. | 52 | 2,238 |
Ecovyst, Inc. * | 54 | 604 |
JPMorgan Small Cap Value Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2024 (Unaudited) (continued)INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — continued | ||
Chemicals — continued | ||
HB Fuller Co. | 29 | 2,271 |
Tronox Holdings plc | 117 | 2,037 |
7,150 | ||
Commercial Services & Supplies — 0.6% | ||
ABM Industries, Inc. | 165 | 7,337 |
ACCO Brands Corp. | 107 | 602 |
7,939 | ||
Communications Equipment — 0.6% | ||
Aviat Networks, Inc. * | 142 | 5,453 |
NETGEAR, Inc. * | 218 | 3,434 |
8,887 | ||
Construction & Engineering — 1.8% | ||
API Group Corp. * | 157 | 6,172 |
Comfort Systems USA, Inc. | 26 | 8,175 |
MYR Group, Inc. * | 42 | 7,492 |
Primoris Services Corp. | 82 | 3,483 |
25,322 | ||
Construction Materials — 0.4% | ||
Knife River Corp. * | 27 | 2,162 |
Summit Materials, Inc., Class A * | 93 | 4,155 |
6,317 | ||
Consumer Finance — 0.6% | ||
Encore Capital Group, Inc. * | 17 | 762 |
Enova International, Inc. * | 81 | 5,078 |
LendingClub Corp. * | 266 | 2,341 |
8,181 | ||
Consumer Staples Distribution & Retail — 0.7% | ||
Andersons, Inc. (The) | 83 | 4,761 |
Sprouts Farmers Market, Inc. * (a) | 57 | 3,641 |
United Natural Foods, Inc. * | 82 | 944 |
9,346 | ||
Containers & Packaging — 0.3% | ||
Greif, Inc., Class A | 36 | 2,516 |
Myers Industries, Inc. | 17 | 387 |
O-I Glass, Inc. * | 70 | 1,157 |
4,060 | ||
Diversified Consumer Services — 0.9% | ||
Adtalem Global Education, Inc. * | 113 | 5,808 |
Laureate Education, Inc., Class A | 122 | 1,778 |
Perdoceo Education Corp. | 168 | 2,941 |
Stride, Inc. * (a) | 36 | 2,273 |
12,800 | ||
JPMorgan Small Cap Value Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2024 (Unaudited) (continued)INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — continued | ||
Diversified REITs — 1.1% | ||
American Assets Trust, Inc. | 83 | 1,803 |
Armada Hoffler Properties, Inc. | 76 | 790 |
Broadstone Net Lease, Inc. | 244 | 3,827 |
Empire State Realty Trust, Inc., Class A | 277 | 2,806 |
Essential Properties Realty Trust, Inc. | 224 | 5,978 |
15,204 | ||
Diversified Telecommunication Services — 0.3% | ||
ATN International, Inc. | 15 | 479 |
Liberty Latin America Ltd., Class A (Puerto Rico) * | 90 | 628 |
Liberty Latin America Ltd., Class C (Puerto Rico) * | 542 | 3,785 |
4,892 | ||
Electric Utilities — 1.1% | ||
IDACORP, Inc. | 55 | 5,096 |
MGE Energy, Inc. | 26 | 2,095 |
Portland General Electric Co. | 219 | 9,194 |
16,385 | ||
Electrical Equipment — 1.7% | ||
Encore Wire Corp. | 72 | 18,798 |
Powell Industries, Inc. | 37 | 5,337 |
24,135 | ||
Electronic Equipment, Instruments & Components — 1.8% | ||
Benchmark Electronics, Inc. | 139 | 4,179 |
Daktronics, Inc. * | 342 | 3,408 |
Knowles Corp. * | 662 | 10,649 |
OSI Systems, Inc. * | 21 | 3,046 |
ScanSource, Inc. * | 92 | 4,029 |
25,311 | ||
Energy Equipment & Services — 2.0% | ||
ChampionX Corp. | 22 | 781 |
Helix Energy Solutions Group, Inc. * | 74 | 806 |
Helmerich & Payne, Inc. | 81 | 3,434 |
Liberty Energy, Inc. | 391 | 8,098 |
Noble Corp. plc | 81 | 3,932 |
Oil States International, Inc. * | 246 | 1,515 |
Patterson-UTI Energy, Inc. | 574 | 6,850 |
Select Water Solutions, Inc. | 325 | 3,002 |
28,418 | ||
Financial Services — 5.5% | ||
Cannae Holdings, Inc. * | 44 | 970 |
Enact Holdings, Inc. | 116 | 3,622 |
Essent Group Ltd. | 226 | 13,464 |
Federal Agricultural Mortgage Corp., Class C | 19 | 3,769 |
Jackson Financial, Inc., Class A | 125 | 8,273 |
Merchants Bancorp | 217 | 9,388 |
JPMorgan Small Cap Value Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2024 (Unaudited) (continued)INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — continued | ||
Financial Services — continued | ||
Mr. Cooper Group, Inc. * | 134 | 10,458 |
NMI Holdings, Inc., Class A * | 193 | 6,228 |
PennyMac Financial Services, Inc. (a) | 78 | 7,127 |
Radian Group, Inc. | 282 | 9,440 |
Repay Holdings Corp. * (a) | 365 | 4,017 |
StoneCo Ltd., Class A (Brazil) * (a) | 117 | 1,935 |
78,691 | ||
Food Products — 0.7% | ||
Cal-Maine Foods, Inc. (a) | 12 | 720 |
Dole plc | 313 | 3,740 |
Fresh Del Monte Produce, Inc. | 69 | 1,786 |
John B Sanfilippo & Son, Inc. | 32 | 3,362 |
Simply Good Foods Co. (The) * | 30 | 1,025 |
10,633 | ||
Gas Utilities — 1.4% | ||
Chesapeake Utilities Corp. | 26 | 2,845 |
New Jersey Resources Corp. | 62 | 2,659 |
Northwest Natural Holding Co. | 78 | 2,888 |
ONE Gas, Inc. (a) | 92 | 5,930 |
Southwest Gas Holdings, Inc. | 35 | 2,684 |
Spire, Inc. | 42 | 2,589 |
19,595 | ||
Ground Transportation — 0.6% | ||
ArcBest Corp. | 62 | 8,868 |
Health Care Equipment & Supplies — 1.6% | ||
Alphatec Holdings, Inc. * | 358 | 4,941 |
Inari Medical, Inc. * | 43 | 2,048 |
LivaNova plc * | 133 | 7,448 |
RxSight, Inc. * | 117 | 6,027 |
Sight Sciences, Inc. * (a) | 485 | 2,560 |
23,024 | ||
Health Care Providers & Services — 0.9% | ||
Addus HomeCare Corp. * | 32 | 3,268 |
NeoGenomics, Inc. * (a) | 252 | 3,957 |
Pediatrix Medical Group, Inc. * | 511 | 5,128 |
12,353 | ||
Health Care REITs — 0.8% | ||
CareTrust REIT, Inc. | 98 | 2,391 |
Community Healthcare Trust, Inc. | 80 | 2,130 |
Global Medical REIT, Inc. | 57 | 499 |
Sabra Health Care REIT, Inc. | 469 | 6,930 |
11,950 | ||
Health Care Technology — 0.4% | ||
Evolent Health, Inc., Class A * (a) | 175 | 5,730 |
JPMorgan Small Cap Value Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2024 (Unaudited) (continued)INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — continued | ||
Hotel & Resort REITs — 1.3% | ||
Apple Hospitality REIT, Inc. | 231 | 3,790 |
DiamondRock Hospitality Co. | 212 | 2,040 |
RLJ Lodging Trust | 271 | 3,197 |
Ryman Hospitality Properties, Inc. | 52 | 5,998 |
Xenia Hotels & Resorts, Inc. | 246 | 3,698 |
18,723 | ||
Hotels, Restaurants & Leisure — 1.1% | ||
Everi Holdings, Inc. * | 158 | 1,586 |
Light & Wonder, Inc. * | 108 | 11,051 |
Sweetgreen, Inc., Class A * | 56 | 1,419 |
United Parks & Resorts, Inc. * | 23 | 1,303 |
15,359 | ||
Household Durables — 3.1% | ||
Century Communities, Inc. | 39 | 3,816 |
Green Brick Partners, Inc. * | 27 | 1,653 |
Helen of Troy Ltd. * | 11 | 1,252 |
KB Home | 65 | 4,582 |
M/I Homes, Inc. * | 54 | 7,309 |
Meritage Homes Corp. | 58 | 10,181 |
Taylor Morrison Home Corp. * | 165 | 10,285 |
Tri Pointe Homes, Inc. * | 135 | 5,204 |
44,282 | ||
Household Products — 0.2% | ||
Central Garden & Pet Co., Class A * | 66 | 2,426 |
Independent Power and Renewable Electricity Producers — 0.3% | ||
Clearway Energy, Inc. | 96 | 2,056 |
Clearway Energy, Inc., Class C | 77 | 1,784 |
3,840 | ||
Industrial REITs — 1.0% | ||
First Industrial Realty Trust, Inc. | 28 | 1,471 |
Innovative Industrial Properties, Inc. (a) | 43 | 4,430 |
Plymouth Industrial REIT, Inc. | 122 | 2,751 |
Terreno Realty Corp. | 89 | 5,920 |
14,572 | ||
Insurance — 1.0% | ||
CNO Financial Group, Inc. | 61 | 1,678 |
Enstar Group Ltd. * | 1 | 272 |
Oscar Health, Inc., Class A * | 542 | 8,065 |
RLI Corp. | 23 | 3,398 |
Skyward Specialty Insurance Group, Inc. * (a) | 19 | 720 |
14,133 | ||
JPMorgan Small Cap Value Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2024 (Unaudited) (continued)INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — continued | ||
Interactive Media & Services — 0.2% | ||
Cars.com, Inc. * | 39 | 675 |
QuinStreet, Inc. * | 134 | 2,357 |
3,032 | ||
IT Services — 0.4% | ||
Information Services Group, Inc. | 566 | 2,285 |
Unisys Corp. * | 675 | 3,315 |
5,600 | ||
Leisure Products — 0.1% | ||
JAKKS Pacific, Inc. * | 48 | 1,179 |
Machinery — 1.8% | ||
AGCO Corp. | 45 | 5,485 |
Blue Bird Corp. * | 58 | 2,232 |
Enpro, Inc. | 11 | 1,906 |
Mueller Industries, Inc. | 186 | 10,061 |
Terex Corp. | 58 | 3,713 |
Titan International, Inc. * | 191 | 2,379 |
25,776 | ||
Marine Transportation — 0.6% | ||
Matson, Inc. | 68 | 7,595 |
Safe Bulkers, Inc. (Greece) | 192 | 954 |
8,549 | ||
Media — 0.8% | ||
AMC Networks, Inc., Class A * (a) | 116 | 1,413 |
Gray Television, Inc. | 504 | 3,188 |
John Wiley & Sons, Inc., Class A | 40 | 1,515 |
Magnite, Inc. * (a) | 307 | 3,299 |
Thryv Holdings, Inc. * | 98 | 2,181 |
11,596 | ||
Metals & Mining — 2.9% | ||
Alpha Metallurgical Resources, Inc. (a) | 26 | 8,477 |
Arch Resources, Inc. | 23 | 3,741 |
Commercial Metals Co. | 225 | 13,242 |
Constellium SE * | 141 | 3,121 |
Hecla Mining Co. | 678 | 3,263 |
Olympic Steel, Inc. | 13 | 884 |
Radius Recycling, Inc. | 24 | 498 |
Ryerson Holding Corp. | 72 | 2,425 |
SunCoke Energy, Inc. | 117 | 1,318 |
Warrior Met Coal, Inc. | 69 | 4,204 |
41,173 | ||
Mortgage Real Estate Investment Trusts (REITs) — 1.3% | ||
Brightspire Capital, Inc. | 649 | 4,469 |
Dynex Capital, Inc. | 65 | 805 |
Ellington Financial, Inc. (a) | 25 | 293 |
JPMorgan Small Cap Value Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2024 (Unaudited) (continued)INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — continued | ||
Mortgage Real Estate Investment Trusts (REITs) — continued | ||
KKR Real Estate Finance Trust, Inc. | 110 | 1,111 |
Ladder Capital Corp. | 653 | 7,274 |
MFA Financial, Inc. | 288 | 3,286 |
Redwood Trust, Inc. | 130 | 828 |
TPG RE Finance Trust, Inc. | 47 | 364 |
18,430 | ||
Multi-Utilities — 0.9% | ||
Black Hills Corp. | 47 | 2,542 |
Northwestern Energy Group, Inc. | 65 | 3,312 |
Unitil Corp. | 134 | 7,021 |
12,875 | ||
Office REITs — 1.1% | ||
City Office REIT, Inc. | 86 | 445 |
COPT Defense Properties | 289 | 6,993 |
Easterly Government Properties, Inc. | 49 | 559 |
Hudson Pacific Properties, Inc. | 136 | 878 |
Piedmont Office Realty Trust, Inc., Class A | 127 | 896 |
SL Green Realty Corp. (a) | 111 | 6,134 |
15,905 | ||
Oil, Gas & Consumable Fuels — 7.3% | ||
California Resources Corp. | 101 | 5,573 |
Chord Energy Corp. | 56 | 10,007 |
Civitas Resources, Inc. (a) | 57 | 4,337 |
CNX Resources Corp. * | 179 | 4,245 |
CONSOL Energy, Inc. | 19 | 1,582 |
CVR Energy, Inc. (a) | 105 | 3,732 |
Delek US Holdings, Inc. | 15 | 472 |
Dorian LPG Ltd. | 163 | 6,259 |
Equitrans Midstream Corp. | 124 | 1,552 |
Gulfport Energy Corp. * | 34 | 5,419 |
International Seaways, Inc. | 89 | 4,707 |
Magnolia Oil & Gas Corp., Class A (a) | 28 | 724 |
Matador Resources Co. | 162 | 10,812 |
Murphy Oil Corp. | 191 | 8,739 |
Ovintiv, Inc. | 94 | 4,878 |
Par Pacific Holdings, Inc. * | 32 | 1,183 |
PBF Energy, Inc., Class A | 81 | 4,676 |
Peabody Energy Corp. (a) | 129 | 3,135 |
Permian Resources Corp. | 50 | 883 |
REX American Resources Corp. * | 12 | 723 |
SM Energy Co. | 267 | 13,294 |
Teekay Tankers Ltd., Class A (Canada) | 61 | 3,545 |
Uranium Energy Corp. * (a) | 502 | 3,390 |
103,867 | ||
JPMorgan Small Cap Value Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2024 (Unaudited) (continued)INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — continued | ||
Passenger Airlines — 0.9% | ||
Blade Air Mobility, Inc. * (a) | 123 | 350 |
JetBlue Airways Corp. * | 272 | 2,015 |
Joby Aviation, Inc. * (a) | 177 | 948 |
SkyWest, Inc. * | 137 | 9,485 |
Spirit Airlines, Inc. (a) | 59 | 286 |
13,084 | ||
Personal Care Products — 0.7% | ||
BellRing Brands, Inc. * | 155 | 9,153 |
Edgewell Personal Care Co. | 41 | 1,568 |
10,721 | ||
Pharmaceuticals — 0.8% | ||
ANI Pharmaceuticals, Inc. * | 70 | 4,835 |
Intra-Cellular Therapies, Inc. * | 51 | 3,514 |
Prestige Consumer Healthcare, Inc. * | 37 | 2,695 |
11,044 | ||
Professional Services — 0.8% | ||
ASGN, Inc. * | 58 | 6,094 |
Barrett Business Services, Inc. | 41 | 5,109 |
TrueBlue, Inc. * | 34 | 428 |
11,631 | ||
Real Estate Management & Development — 0.8% | ||
Anywhere Real Estate, Inc. * | 179 | 1,101 |
Cushman & Wakefield plc * | 316 | 3,307 |
Forestar Group, Inc. * | 122 | 4,910 |
Opendoor Technologies, Inc. * | 678 | 2,055 |
11,373 | ||
Residential REITs — 0.5% | ||
Independence Realty Trust, Inc. | 242 | 3,897 |
UMH Properties, Inc. | 95 | 1,549 |
Veris Residential, Inc. | 87 | 1,328 |
6,774 | ||
Retail REITs — 2.3% | ||
Agree Realty Corp. (a) | 60 | 3,409 |
InvenTrust Properties Corp. | 120 | 3,086 |
Kimco Realty Corp. | 57 | 1,106 |
Kite Realty Group Trust | 334 | 7,242 |
Macerich Co. (The) | 271 | 4,674 |
Phillips Edison & Co., Inc. (a) | 68 | 2,449 |
Regency Centers Corp. | 10 | 596 |
Retail Opportunity Investments Corp. | 621 | 7,965 |
SITE Centers Corp. | 200 | 2,932 |
33,459 | ||
Semiconductors & Semiconductor Equipment — 1.4% | ||
ACM Research, Inc., Class A * | 197 | 5,727 |
JPMorgan Small Cap Value Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2024 (Unaudited) (continued)INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — continued | ||
Semiconductors & Semiconductor Equipment — continued | ||
Synaptics, Inc. * | 66 | 6,448 |
Ultra Clean Holdings, Inc. * | 83 | 3,817 |
Veeco Instruments, Inc. * | 101 | 3,570 |
19,562 | ||
Software — 1.5% | ||
Adeia, Inc. | 279 | 3,046 |
Aurora Innovation, Inc. * (a) | 136 | 384 |
LiveRamp Holdings, Inc. * | 256 | 8,844 |
ON24, Inc. | 312 | 2,225 |
Verint Systems, Inc. * | 111 | 3,680 |
Xperi, Inc. * | 220 | 2,659 |
20,838 | ||
Specialized REITs — 0.6% | ||
PotlatchDeltic Corp. | 145 | 6,803 |
Uniti Group, Inc. | 269 | 1,590 |
8,393 | ||
Specialty Retail — 3.9% | ||
Abercrombie & Fitch Co., Class A * | 65 | 8,117 |
Academy Sports & Outdoors, Inc. | 48 | 3,223 |
Asbury Automotive Group, Inc. * | 35 | 8,290 |
Beyond, Inc. * | 53 | 1,894 |
Caleres, Inc. | 110 | 4,539 |
Carvana Co. * (a) | 48 | 4,192 |
EVgo, Inc. * (a) | 195 | 490 |
Group 1 Automotive, Inc. | 25 | 7,356 |
Haverty Furniture Cos., Inc. | 40 | 1,372 |
ODP Corp. (The) * | 69 | 3,657 |
Signet Jewelers Ltd. | 65 | 6,488 |
Urban Outfitters, Inc. * | 106 | 4,588 |
Valvoline, Inc. * | 36 | 1,623 |
55,829 | ||
Technology Hardware, Storage & Peripherals — 0.0% ^ | ||
Turtle Beach Corp. * | 26 | 449 |
Textiles, Apparel & Luxury Goods — 0.3% | ||
G-III Apparel Group Ltd. * | 106 | 3,064 |
Under Armour, Inc., Class A * | 131 | 967 |
4,031 | ||
Trading Companies & Distributors — 3.6% | ||
Beacon Roofing Supply, Inc. * | 79 | 7,743 |
BlueLinx Holdings, Inc. * | 23 | 2,956 |
Boise Cascade Co. | 55 | 8,361 |
DNOW, Inc. * | 462 | 7,021 |
GMS, Inc. * | 61 | 5,958 |
Hudson Technologies, Inc. * | 86 | 952 |
JPMorgan Small Cap Value Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2024 (Unaudited) (continued)INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — continued | ||
Trading Companies & Distributors — continued | ||
Rush Enterprises, Inc., Class A (a) | 193 | 10,357 |
Titan Machinery, Inc. * | 50 | 1,230 |
WESCO International, Inc. | 36 | 6,117 |
50,695 | ||
Water Utilities — 0.2% | ||
American States Water Co. | 41 | 2,994 |
Wireless Telecommunication Services — 0.2% | ||
Gogo, Inc. * | 211 | 1,848 |
Telephone and Data Systems, Inc. | 51 | 822 |
2,670 | ||
Total Common Stocks (Cost $1,084,700) | 1,412,487 | |
Short-Term Investments — 4.9% | ||
Investment Companies — 1.0% | ||
JPMorgan Prime Money Market Fund Class IM Shares, 5.43% (b) (c) (Cost $14,514) | 14,513 | 14,519 |
Investment of Cash Collateral from Securities Loaned — 3.9% | ||
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.48% (b) (c) | 48,587 | 48,587 |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (b) (c) | 7,747 | 7,747 |
Total Investment of Cash Collateral from Securities Loaned (Cost $56,351) | 56,334 | |
Total Short-Term Investments (Cost $70,865) | 70,853 | |
Total Investments — 103.9% (Cost $1,155,565) | 1,483,340 | |
Liabilities in Excess of Other Assets — (3.9)% | (56,363 ) | |
NET ASSETS — 100.0% | 1,426,977 | |
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 March 31, 2024. The total value of securities on loan at March 31, 2024 is $54,819. | |
(b) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |
(c) | The rate shown is the current yield as of March 31, 2024. | |
JPMorgan Small Cap Value Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2024 (Unaudited) (continued)Futures contracts outstanding as of March 31, 2024 (amounts in thousands, except number of contracts):
DESCRIPTION | NUMBER OF CONTRACTS | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL AMOUNT ($) | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($) |
Long Contracts | |||||
Russell 2000 E-Mini Index | 112 | 06/21/2024 | USD | 12,016 | 326 |
Abbreviations | |
USD | United States Dollar |
JPMorgan Small Cap Value 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.
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) | $1,483,340 | $— | $— | $1,483,340 |
Appreciation in Other Financial Instruments | ||||
Futures Contracts (a) | $326 | $— | $— | $326 |
(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 March 31, 2024 (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 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) | $28,802 | $314,868 | $329,165 | $13 | $1 | $14,519 | 14,513 | $1,193 | $— |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.48% (a) (b) | 28,586 | 282,004 | 262,000 | 15 | (18 ) | 48,587 | 48,587 | 2,687 | — |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (a) (b) | 5,498 | 117,137 | 114,888 | — | — | 7,747 | 7,747 | 349 | — |
Total | $62,886 | $714,009 | $706,053 | $28 | $(17 ) | $70,853 | $4,229 | $— | |
(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. |