0001752724-19-175627.txt : 20191125 0001752724-19-175627.hdr.sgml : 20191125 20191125081325 ACCESSION NUMBER: 0001752724-19-175627 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20190930 FILED AS OF DATE: 20191125 PERIOD START: 20200630 FILER: COMPANY DATA: COMPANY CONFORMED NAME: JPMorgan Trust I CENTRAL INDEX KEY: 0001217286 IRS NUMBER: 331043149 STATE OF INCORPORATION: DE FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-21295 FILM NUMBER: 191243755 BUSINESS ADDRESS: STREET 1: 277 PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10172 BUSINESS PHONE: 800-480-4111 MAIL ADDRESS: STREET 1: 277 PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10172 FORMER COMPANY: FORMER CONFORMED NAME: JP MORGAN MUTUAL FUND SERIES DATE OF NAME CHANGE: 20030204 0001217286 S000002794 JPMorgan Small Cap Equity Fund C000007651 Class I VSEIX C000007653 Class A VSEAX C000007655 Class C JSECX C000033531 Class R5 JSERX C000070625 Class R2 JSEZX C000169974 Class R6 VSENX C000173555 Class R3 JSEPX C000173556 Class R4 JSEQX NPORT-P 1 primary_doc.xml NPORT-P false 0001217286 XXXXXXXX S000002794 C000173556 C000070625 C000007653 C000007655 C000033531 C000169974 C000173555 C000007651 JPMorgan Trust I 811-21295 0001217286 549300DM5WZMCZZ70R78 277 Park Avenue New York 10172 800-480-4111 JPMorgan Small Cap Equity Fund S000002794 549300RO68EY7ZS30I29 2020-06-30 2019-09-30 N 7175943009.98 326963841.66 6848979168.32 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 587723.77000000 N Cornerstone OnDemand, Inc. 549300Z402F16H5EGH48 Cornerstone OnDemand, Inc. 21925Y103 995359.00000000 NS USD 54565580.38000000 0.796696544682 Long EC CORP US N 1 N N N RLI Corp. 529900AMTJE5ECN9PS55 RLI Corp. 749607107 941960.00000000 NS USD 87517503.60000000 1.277818218586 Long EC CORP US N 1 N N Applied Industrial Technologies, Inc. 549300NU173IJRC6PO38 Applied Industrial Technologies, Inc. 03820C105 1242010.00000000 NS USD 70546168.00000000 1.030024566672 Long EC CORP US N 1 N N N Aspen Technology, Inc. 529900B0MZWTVFG7CB96 Aspen Technology, Inc. 045327103 589341.00000000 NS USD 72536090.28000000 1.059078856824 Long EC CORP US N 1 N N N SailPoint Technologies Holding, Inc. 529900809B15HNZH5H79 SailPoint Technologies Holding, Inc. 78781P105 1380373.00000000 NS USD 25799171.37000000 0.376686375238 Long EC CORP US N 1 N N PQ Group Holdings, Inc. N/A PQ Group Holdings, Inc. 73943T103 3794460.00000000 NS USD 60483692.40000000 0.883105217778 Long EC CORP US N 1 N N N BankUnited, Inc. 96OVUWEW5D4YX6PFXD91 BankUnited, Inc. 06652K103 1979402.00000000 NS USD 66547495.24000000 0.971641081167 Long EC CORP US N 1 N N N Pool Corp. 5493005VZK1KMN6CO617 Pool Corp. 73278L105 880990.00000000 NS USD 177695683.00000000 2.594484209003 Long EC CORP US N 1 N N N nLight, Inc. N/A nLight, Inc. 65487K100 2118537.00000000 NS USD 33176289.42000000 0.484397581079 Long EC CORP US N 1 N N Lazard Ltd. 254900RIBCDJSUFG1A11 Lazard Ltd., Class A N/A 1820687.00000000 NS USD 63724045.00000000 0.930416685960 Long EC CORP BM N 1 N N N Knight-Swift Transportation Holdings, Inc. N/A Knight-Swift Transportation Holdings, Inc. 499049104 2023474.00000000 NS USD 73452106.20000000 1.072453345160 Long EC CORP US N 1 N N Outfront Media, Inc. 549300RZWDYU5722I639 Outfront Media, Inc. 69007J106 1918495.00000000 NS USD 53295791.10000000 0.778156711974 Long EC CORP US N 1 N N N Medidata Solutions, Inc. 549300N2D5UJZLKQ1O22 Medidata Solutions, Inc. 58471A105 567199.00000000 NS USD 51898708.50000000 0.757758305647 Long EC CORP US N 1 N N N AptarGroup, Inc. VNPEQDQFAA7IY1T2PX43 AptarGroup, Inc. 038336103 1445003.00000000 NS USD 171160605.35000000 2.499067395936 Long EC CORP US N 1 N N N First Horizon National Corp. TF3RXI1ZB1TQ30H9JV10 First Horizon National Corp. 320517105 4381193.00000000 NS USD 70975326.60000000 1.036290589527 Long EC CORP US N 1 N N N Generac Holdings, Inc. 529900S2H2AHJHSFFI84 Generac Holdings, Inc. 368736104 764403.00000000 NS USD 59883331.02000000 0.874339511747 Long EC CORP US N 1 N N Morningstar, Inc. 529900YGNQPOVAXQ7F29 Morningstar, Inc. 617700109 420923.00000000 NS USD 61513687.22000000 0.898143879667 Long EC CORP US N 1 N N N Gates Industrial Corp. plc N/A Gates Industrial Corp. plc N/A 4342997.00000000 NS USD 43733979.79000000 0.638547420209 Long EC CORP GB N 1 N N Portland General Electric Co. GJOUP9M7C39GLSK9R870 Portland General Electric Co. 736508847 1750767.00000000 NS USD 98690735.79000000 1.440955409041 Long EC CORP US N 1 N N N BrightView Holdings, Inc. 549300F8QN8YHVI7L866 BrightView Holdings, Inc. 10948C107 1509579.00000000 NS USD 25889279.85000000 0.378002023567 Long EC CORP US N 1 N N Acushnet Holdings Corp. 529900W5FI106H543E43 Acushnet Holdings Corp. 005098108 1801451.00000000 NS USD 47558306.40000000 0.694385327086 Long EC CORP US N 1 N N N Cott Corp. 5493005TMUI9D3MY9I37 Cott Corp. 22163N106 3412485.00000000 NS USD 42553687.95000000 0.621314314209 Long EC CORP CA N 1 N N RLJ Lodging Trust N/A RLJ Lodging Trust 74965L101 3642379.00000000 NS USD 61884019.21000000 0.903550991894 Long EC CORP US N 1 N N N CubeSmart N/A CubeSmart 229663109 2439289.00000000 NS USD 85131186.10000000 1.242976274388 Long EC CORP US N 1 N N Cullen/Frost Bankers, Inc. 529900V2E9G9AY665O34 Cullen/Frost Bankers, Inc. 229899109 666444.00000000 NS USD 59013616.20000000 0.861641052625 Long EC CORP US N 1 N N JPMorgan Prime Money Market Fund N/A JPMorgan Prime Money Market Fund, Class IM 46637K844 312238070.63000000 NS USD 312331742.05000000 4.560267075927 Long STIV RF US N 1 N N N Malibu Boats, Inc. N/A Malibu Boats, Inc., Class A 56117J100 138829.00000000 NS USD 4259273.72000000 0.062188446122 Long EC CORP US N 1 N N N Kinsale Capital Group, Inc. 529900QTUQHNZ6HOA508 Kinsale Capital Group, Inc. 49714P108 859224.00000000 NS USD 88766431.44000000 1.296053459332 Long EC CORP US N 1 N N N Core Laboratories NV 724500MDYY5VBSAF5W50 Core Laboratories NV N/A 1018720.00000000 NS USD 47492726.40000000 0.693427812128 Long EC CORP NL N 1 N N iShares Russell 2000 ETF 549300O80OAR5VTWR172 iShares Russell 2000 ETF 464287655 195853.00000000 NS USD 29640393.02000000 0.432770961796 Long RF US N 1 N N ICU Medical, Inc. 5493003NRW7LS2QZRH60 ICU Medical, Inc. 44930G107 365863.00000000 NS USD 58391734.80000000 0.852561138893 Long EC CORP US N 1 N N N Eaton Vance Corp. 4JJ8ORNW1AFZPSV8GJ79 Eaton Vance Corp. 278265103 1204504.00000000 NS USD 54118364.72000000 0.790166875821 Long EC CORP US N 1 N N N Cadence BanCorp 54930022CKKXKBR5CK30 Cadence BanCorp 12739A100 2637134.00000000 NS USD 46255330.36000000 0.675360943919 Long EC CORP US N 1 N N N Commerce Bancshares, Inc. N/A Commerce Bancshares, Inc. 200525103 1555135.00000000 NS USD 94318937.75000000 1.377124027275 Long EC CORP US N 1 N N Carter's, Inc. 5299003WAQK4R3L3ZU36 Carter's, Inc. 146229109 583240.00000000 NS USD 53197320.40000000 0.776718969245 Long EC CORP US N 1 N N ServiceMaster Global Holdings, Inc. 549300GS10644JGL8R77 ServiceMaster Global Holdings, Inc. 81761R109 1148746.00000000 NS USD 64214901.40000000 0.937583540873 Long EC CORP US N 1 N N N JPMorgan U.S. Government Money Market Fund 549300NQ5E5B7ZV4T516 JPMorgan U.S. Government Money Market Fund, Share Class IM 4812C2270 50307599.00000000 NS USD 50307599.00000000 0.734526967649 Long STIV RF US N 1 N N Cimarex Energy Co. 11KYOFXPU1C4CQL1CL44 Cimarex Energy Co. 171798101 530145.00000000 NS USD 25415151.30000000 0.371079407243 Long EC CORP US N 1 N N N Quaker Chemical Corp. 549300PJQ1R3WCWCPS54 Quaker Chemical Corp. 747316107 505641.00000000 NS USD 79962067.74000000 1.167503445036 Long EC CORP US N 1 N N Toro Co. (The) YJKE4YIT6BWQHVEW0D14 Toro Co. (The) 891092108 2409969.00000000 NS USD 176650727.70000000 2.579227113393 Long EC CORP US N 1 N N Power Integrations, Inc. 54930085LGXSCIHD5W31 Power Integrations, Inc. 739276103 533884.00000000 NS USD 48279130.12000000 0.704909869536 Long EC CORP US N 1 N N N Lincoln Electric Holdings, Inc. BIMGBY40SIN95O01BN93 Lincoln Electric Holdings, Inc. 533900106 1131799.00000000 NS USD 98194881.24000000 1.433715577559 Long EC CORP US N 1 N N Cinemark Holdings, Inc. N/A Cinemark Holdings, Inc. 17243V102 2554362.00000000 NS USD 98700547.68000000 1.441098669660 Long EC CORP US N 1 N N N Western Alliance Bancorp 5493003VJXZ5JXT9S762 Western Alliance Bancorp 957638109 1698311.00000000 NS USD 78258170.88000000 1.142625330822 Long EC CORP US N 1 N N NorthWestern Corp. 3BPWMBHR1R9SHUN7J795 NorthWestern Corp. 668074305 1352819.00000000 NS USD 101529065.95000000 1.482397061734 Long EC CORP US N 1 N N N EW Scripps Co. (The) 549300U1OW41QPKYW028 EW Scripps Co. (The), Class A 811054402 1895401.00000000 NS USD 25170925.28000000 0.367513532475 Long EC CORP US N 1 N N N HealthEquity, Inc. 529900LRJU1RAFQHM467 HealthEquity, Inc. 42226A107 731095.00000000 NS USD 41778423.78000000 0.609994902207 Long EC CORP US N 1 N N N First Financial Bancorp 549300D3F5B3EZMY7P77 First Financial Bancorp 320209109 2778227.00000000 NS USD 67997105.83000000 0.992806433760 Long EC CORP US N 1 N N N Fortune Brands Home & Security, Inc. 54930032LHW54PQUJD44 Fortune Brands Home & Security, Inc. 34964C106 1461984.00000000 NS USD 79970524.80000000 1.167626924168 Long EC CORP US N 1 N N N Performance Food Group Co. 549300EUK8GR9IT1YK57 Performance Food Group Co. 71377A103 3624811.00000000 NS USD 166777554.11000000 2.435071709393 Long EC CORP US N 1 N N N FactSet Research Systems, Inc. 549300ZSJE7NBK6K9P30 FactSet Research Systems, Inc. 303075105 245660.00000000 NS USD 59688010.20000000 0.871487687918 Long EC CORP US N 1 N N IBERIABANK Corp. WQ4U3ADCR5WID15LA317 IBERIABANK Corp. 450828108 892603.00000000 NS USD 67427230.62000000 0.984485847641 Long EC CORP US N 1 N N N First Hawaiian, Inc. 5493002DJSH46F5OLV06 First Hawaiian, Inc. 32051X108 3027832.00000000 NS USD 80843114.40000000 1.180367357137 Long EC CORP US N 1 N N N Medallia, Inc. 5493009P6W6C5BK60J60 Medallia, Inc. 584021109 279331.00000000 NS USD 7662049.33000000 0.111871406551 Long EC CORP US N 1 N N LCI Industries 549300E1B98YNJ1WIQ04 LCI Industries 50189K103 963420.00000000 NS USD 88490127.00000000 1.292019216663 Long EC CORP US N 1 N N National Retail Properties, Inc. 5493008JKH5SOTI0JS97 National Retail Properties, Inc. 637417106 1930073.00000000 NS USD 108856117.20000000 1.589377256445 Long EC CORP US N 1 N N Focus Financial Partners, Inc. 5493006FFJCGLZ246V12 Focus Financial Partners, Inc., Class A 34417P100 1889933.00000000 NS USD 44980405.40000000 0.656746126606 Long EC CORP US N 1 N N N Patterson-UTI Energy, Inc. 254900XGFBKIXD6G0697 Patterson-UTI Energy, Inc. 703481101 5718800.00000000 NS USD 48895740.00000000 0.713912815301 Long EC CORP US N 1 N N N BJ's Wholesale Club Holdings, Inc. 549300UCIWH1C93V0J03 BJ's Wholesale Club Holdings, Inc. 05550J101 2714432.00000000 NS USD 70222355.84000000 1.025296677274 Long EC CORP US N 1 N N MSA Safety, Inc. 529900DVA3258XK11O39 MSA Safety, Inc. 553498106 883034.00000000 NS USD 96347839.74000000 1.406747449103 Long EC CORP US N 1 N N US Ecology, Inc. 549300DG4KZA2L1YBS33 US Ecology, Inc. 91732J102 568300.00000000 NS USD 36337102.00000000 0.530547708015 Long EC CORP US N 1 N N Herman Miller, Inc. U98HXD3PNK7HYU2MU887 Herman Miller, Inc. 600544100 259419.00000000 NS USD 11956621.71000000 0.174575238384 Long EC CORP US N 1 N N N Brady Corp. 549300G2LEQOFQC8GY34 Brady Corp., Class A 104674106 1664979.00000000 NS USD 88327135.95000000 1.289639430625 Long EC CORP US N 1 N N Envista Holdings Corp. 549300BX623VURJZ5269 Envista Holdings Corp. 29415F104 711200.00000000 NS USD 19828256.00000000 0.289506735422 Long EC CORP US N 1 N N Blackbaud, Inc. 54930056X3HKFMNG3754 Blackbaud, Inc. 09227Q100 762641.00000000 NS USD 68896987.94000000 1.005945356918 Long EC CORP US N 1 N N KAR Auction Services, Inc. 5493004HKD20LBSG7D03 KAR Auction Services, Inc. 48238T109 1818939.00000000 NS USD 44654952.45000000 0.651994280498 Long EC CORP US N 1 N N IAA, Inc. 549300PZCOPC5178W747 IAA, Inc. 449253103 1735305.00000000 NS USD 72414277.65000000 1.057300305203 Long EC CORP US N 1 N N N EastGroup Properties, Inc. 31TIGQQZC4P6JMHKSW85 EastGroup Properties, Inc. 277276101 854701.00000000 NS USD 106854719.02000000 1.560155409936 Long EC CORP US N 1 N N N Envestnet, Inc. 549300HLWZ5OKIDM8737 Envestnet, Inc. 29404K106 354186.00000000 NS USD 20082346.20000000 0.293216634281 Long EC CORP US N 1 N N CoreLogic, Inc. 54930086CD8K2UIL0516 CoreLogic, Inc. 21871D103 1297648.00000000 NS USD 60042172.96000000 0.876658717809 Long EC CORP US N 1 N N N Molina Healthcare, Inc. 549300NQQCEQ46YHZ591 Molina Healthcare, Inc. 60855R100 727718.00000000 NS USD 79845218.96000000 1.165797369180 Long EC CORP US N 1 N N N RBC Bearings, Inc. N/A RBC Bearings, Inc. 75524B104 621164.00000000 NS USD 103057319.24000000 1.504710654059 Long EC CORP US N 1 N N Moelis & Co. 549300891QNU7VTQUR83 Moelis & Co., Class A 60786M105 1631426.00000000 NS USD 53592344.10000000 0.782486598118 Long EC CORP US N 1 N N Wintrust Financial Corp. Q774KI4AW80FHFW33O61 Wintrust Financial Corp. 97650W108 1142857.00000000 NS USD 73862847.91000000 1.078450468234 Long EC CORP US N 1 N N N Cushman & Wakefield plc N/A Cushman & Wakefield plc N/A 3945072.00000000 NS USD 73102184.16000000 1.067344232818 Long EC CORP GB N 1 N N Douglas Dynamics, Inc. 529900CDFLKNQ0QT6580 Douglas Dynamics, Inc. 25960R105 995867.00000000 NS USD 44385792.19000000 0.648064347973 Long EC CORP US N 1 N N N Crown Holdings, Inc. NYLWZIOY8PUNIT4JOE22 Crown Holdings, Inc. 228368106 1016070.00000000 NS USD 67121584.20000000 0.980023191054 Long EC CORP US N 1 N N N GCP Applied Technologies, Inc. 5493007G654QKQVEKV09 GCP Applied Technologies, Inc. 36164Y101 2631665.00000000 NS USD 50659551.25000000 0.739665722511 Long EC CORP US N 1 N N N Monarch Casino & Resort, Inc. 549300AK5FF7KY11V997 Monarch Casino & Resort, Inc. 609027107 509494.00000000 NS USD 21240804.86000000 0.310130960220 Long EC CORP US N 1 N N N Prestige Consumer Healthcare, Inc. N/A Prestige Consumer Healthcare, Inc. 74112D101 1135037.00000000 NS USD 39374433.53000000 0.574894923204 Long EC CORP US N 1 N N Landstar System, Inc. 254900CUQXQRL09MEI52 Landstar System, Inc. 515098101 587036.00000000 NS USD 66088512.88000000 0.964939610061 Long EC CORP US N 1 N N Tyler Technologies, Inc. N/A Tyler Technologies, Inc. 902252105 288749.00000000 NS USD 75796612.50000000 1.106684815900 Long EC CORP US N 1 N N N Welbilt, Inc. 549300UR3W71YLZWI068 Welbilt, Inc. 949090104 2735748.00000000 NS USD 46124711.28000000 0.673453811822 Long EC CORP US N 1 N N Brunswick Corp. YM4O38W15AX4YLLQKU27 Brunswick Corp. 117043109 1915085.00000000 NS USD 99814230.20000000 1.457359231893 Long EC CORP US N 1 N N Altra Industrial Motion Corp. NQ0NIXPGW4YKG4MWM571 Altra Industrial Motion Corp. 02208R106 2177015.00000000 NS USD 60292430.43000000 0.880312656065 Long EC CORP US N 1 N N N West Pharmaceutical Services, Inc. 5493007NKRGM1RJQ1P16 West Pharmaceutical Services, Inc. 955306105 879759.00000000 NS USD 124767421.38000000 1.821693690603 Long EC CORP US N 1 N N N WillScot Corp. 549300HJ4VIXF476Q166 WillScot Corp. 971375126 4779964.00000000 NS USD 74471839.12000000 1.087342175962 Long EC CORP US N 1 N N N JPMorgan Securities Lending Money Market Fund 5493002FD4HXUJXMRO62 JPMorgan Securities Lending Money Market Fund, Class Agency SL Shares 46645V642 268004399.45000000 NS USD 268004399.45000000 3.913056133820 Long STIV RF US N 1 N N Cabot Microelectronics Corp. 31F6V1MN00ZW3XWB4J69 Cabot Microelectronics Corp. 12709P103 661834.00000000 NS USD 93457579.14000000 1.364547574801 Long EC CORP US N 1 N N N Woodward, Inc. YPYKXXTR8TFDH54ZMB45 Woodward, Inc. 980745103 771664.00000000 NS USD 83208529.12000000 1.214904105780 Long EC CORP US N 1 N N N Advanced Disposal Services, Inc. 549300ML1GEF4BKIM713 Advanced Disposal Services, Inc. 00790X101 1691045.00000000 NS USD 55077335.65000000 0.804168538061 Long EC CORP US N 1 N N N Valvoline, Inc. 549300CMHPBEY6VPOT75 Valvoline, Inc. 92047W101 2234441.00000000 NS USD 49224735.23000000 0.718716381233 Long EC CORP US N 1 N N N Q2 Holdings, Inc. 549300M9RKR9DZXWS696 Q2 Holdings, Inc. 74736L109 997545.00000000 NS USD 78676374.15000000 1.148731398015 Long EC CORP US N 1 N N Assetmark Financial Holdings, Inc. 5493001K4EDHT2T6W812 Assetmark Financial Holdings, Inc. 04546L106 340600.00000000 NS USD 8872630.00000000 0.129546751157 Long EC CORP US N 1 N N N GrubHub, Inc. 529900CR2K1AJ5W4RR39 GrubHub, Inc. 400110102 622362.00000000 NS USD 34982968.02000000 0.510776382293 Long EC CORP US N 1 N N Premier, Inc. N/A Premier, Inc., Class A 74051N102 1646770.00000000 NS USD 47624588.40000000 0.695353091746 Long EC CORP US N 1 N N Syneos Health, Inc. 549300F1ZGKDS8P6GU13 Syneos Health, Inc. 87166B102 1174257.00000000 NS USD 62482214.97000000 0.912285078322 Long EC CORP US N 1 N N N Cision Ltd. N/A Cision Ltd. N/A 5285383.00000000 NS USD 40644595.27000000 0.593440194094 Long EC CORP KY N 1 N N N Guidewire Software, Inc. 549300WXSG0J8IXZCK32 Guidewire Software, Inc. 40171V100 634640.00000000 NS USD 66878363.20000000 0.976471990298 Long EC CORP US N 1 N N Catalent, Inc. N/A Catalent, Inc. 148806102 2280038.00000000 NS USD 108666611.08000000 1.586610331400 Long EC CORP US N 1 N N N Encompass Health Corp. 549300FVRPM9DRQZRG64 Encompass Health Corp. 29261A100 1622808.00000000 NS USD 102691290.24000000 1.499366368567 Long EC CORP US N 1 N N 2019-10-30 JPMorgan Trust I Timothy J. Clemens Timothy J. Clemens Treasurer and Principal Financial Officer XXXX NPORT-EX 2 HG_SCE.htm HTML

JPMorgan Small Cap Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2019 (Unaudited)

 

Investments

    Shares (000)      Value ($000)  

COMMON STOCKS — 95.0%

 

Auto Components — 1.3%

 

LCI Industries (a)

      963        88,490  
     

 

 

  

Banks — 10.3%

 

BankUnited, Inc.

      1,979        66,548  

Cadence BanCorp

      2,637        46,255  

Commerce Bancshares, Inc. (a)

      1,555        94,319  

Cullen/Frost Bankers, Inc. (a)

      666        59,014  

First Financial Bancorp

      2,778        67,997  

First Hawaiian, Inc.

      3,028        80,843  

First Horizon National Corp.

      4,381        70,975  

IBERIABANK Corp.

      893        67,427  

Western Alliance Bancorp (a)

      1,698        78,258  

Wintrust Financial Corp.

      1,143        73,863  
     

 

 

  
        705,499  
     

 

 

  

Beverages — 0.6%

 

Cott Corp. (a)

      3,412        42,554  
     

 

 

  

Building Products — 1.2%

 

Fortune Brands Home & Security, Inc.

      1,462        79,971  
     

 

 

  

Capital Markets — 5.1%

 

Assetmark Financial Holdings, Inc. *

      384        10,008  

Eaton Vance Corp.

      1,205        54,118  

FactSet Research Systems, Inc. (a)

      246        59,688  

Focus Financial Partners, Inc., Class A *

      1,890        44,980  

Lazard Ltd., Class A

      1,821        63,724  

Moelis & Co., Class A (a)

      1,631        53,592  

Morningstar, Inc.

      421        61,514  
     

 

 

  
        347,624  
     

 

 

  

Chemicals — 3.5%

 

GCP Applied Technologies, Inc. *

      2,632        50,659  

PQ Group Holdings, Inc. *

      3,794        60,484  

Quaker Chemical Corp. (a)

      506        79,962  

Valvoline, Inc.

      2,234        49,225  
     

 

 

  
        240,330  
     

 

 

  

Commercial Services & Supplies — 6.3%

 

Advanced Disposal Services, Inc. *

      1,691        55,078  

Brady Corp., Class A (a)

      1,665        88,327  

BrightView Holdings, Inc. * (a)

      1,510        25,889  

Herman Miller, Inc.

      246        11,316  

IAA, Inc. *

      1,735        72,414  

KAR Auction Services, Inc. (a)

      1,819        44,655  

MSA Safety, Inc. (a)

      883        96,348  

US Ecology, Inc. (a)

      568        36,337  
     

 

 

  
        430,364  
     

 

 

  

Construction & Engineering — 1.1%

 

WillScot Corp. *

      4,780        74,472  
     

 

 

  

Containers & Packaging — 3.5%

 

AptarGroup, Inc.

      1,445        171,161  

Crown Holdings, Inc. *

      1,016        67,121  
     

 

 

  
        238,282  
     

 

 

  

Distributors — 2.6%

 

Pool Corp.

      878        177,010  
     

 

 

  

Diversified Consumer Services — 0.9%

 

ServiceMaster Global Holdings, Inc. *

      1,149        64,215  
     

 

 

  

Electric Utilities — 1.4%

 

Portland General Electric Co.

      1,751        98,691  
     

 

 

  

Electrical Equipment — 0.9%

 

Generac Holdings, Inc. * (a)

      764        59,883  
     

 

 

  

Electronic Equipment, Instruments & Components — 0.5%

 

nLight, Inc. * (a)

      2,119        33,176  
     

 

 

  

Energy Equipment & Services — 1.4%

 

Core Laboratories NV (a)

      1,019        47,492  

Patterson-UTI Energy, Inc.

      5,719        48,896  
     

 

 

  
        96,388  
     

 

 

  

Entertainment — 1.4%

 

Cinemark Holdings, Inc.

      2,554        98,701  
     

 

 

  

Equity Real Estate Investment Trusts (REITs) — 6.1%

 

CubeSmart (a)

      2,439        85,131  

EastGroup Properties, Inc.

      855        106,855  

National Retail Properties, Inc. (a)

      1,908        107,621  

Outfront Media, Inc.

      1,918        53,296  

RLJ Lodging Trust

      3,642        61,884  
     

 

 

  
        414,787  
     

 

 

  

Food & Staples Retailing — 3.5%

 

BJ’s Wholesale Club Holdings, Inc. * (a)

      2,714        70,222  

Performance Food Group Co. *

      3,625        166,778  
     

 

 

  
        237,000  
     

 

 

  

Health Care Equipment & Supplies — 2.9%

 

Envista Holdings Corp. * (a)

      711        19,828  

ICU Medical, Inc. *

      366        58,392  

West Pharmaceutical Services, Inc.

      871        123,463  
     

 

 

  
        201,683  
     

 

 

  

Health Care Providers & Services — 4.0%

 

Encompass Health Corp. (a)

      1,623        102,691  

HealthEquity, Inc. *

      731        41,778  

Molina Healthcare, Inc. *

      728        79,845  

Premier, Inc., Class A * (a)

      1,647        47,625  
     

 

 

  
        271,939  
     

 

 

  

Health Care Technology — 0.6%

 

Medidata Solutions, Inc. *

      495        45,263  
     

 

 

  

Hotels, Restaurants & Leisure — 0.3%

 

Monarch Casino & Resort, Inc. *

      509        21,241  
     

 

 

  

Insurance — 2.6%

 

Kinsale Capital Group, Inc.

      859        88,766  

RLI Corp. (a)

      942        87,518  
     

 

 

  
        176,284  
     

 

 

  

JPMorgan Small Cap Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2019 (Unaudited) (continued)

 

Investments

    Shares (000)      Value ($000)  

Internet & Direct Marketing Retail — 0.5%

 

GrubHub, Inc. * (a)

      622        34,983  
     

 

 

  

IT Services — 0.9%

 

CoreLogic, Inc. *

      1,298        60,042  
     

 

 

  

Leisure Products — 2.2%

 

Acushnet Holdings Corp.

      1,801        47,559  

Brunswick Corp. (a)

      1,915        99,814  

Malibu Boats, Inc., Class A *

      113        3,459  
     

 

 

  
        150,832  
     

 

 

  

Life Sciences Tools & Services — 0.9%

 

Syneos Health, Inc. *

      1,174        62,482  
     

 

 

  

Machinery — 9.6%

 

Altra Industrial Motion Corp.

      2,177        60,292  

Douglas Dynamics, Inc.

      996        44,386  

Gates Industrial Corp. plc * (a)

      4,343        43,734  

Lincoln Electric Holdings, Inc. (a)

      1,132        98,195  

RBC Bearings, Inc. * (a)

      621        103,057  

Toro Co. (The) (a)

      2,406        176,350  

Welbilt, Inc. * (a)

      2,736        46,125  

Woodward, Inc.

      772        83,209  
     

 

 

  
        655,348  
     

 

 

  

Media — 0.4%

 

EW Scripps Co. (The), Class A

      1,895        25,171  
     

 

 

  

Multi-Utilities — 1.5%

 

NorthWestern Corp.

      1,353        101,529  
     

 

 

  

Oil, Gas & Consumable Fuels — 0.4%

 

Cimarex Energy Co.

      530        25,415  
     

 

 

  

Pharmaceuticals — 2.1%

 

Catalent, Inc. *

      2,280        108,667  

Prestige Consumer Healthcare, Inc. * (a)

      1,135        39,374  
     

 

 

  
        148,041  
     

 

 

  

Real Estate Management & Development — 1.1%

 

Cushman & Wakefield plc * (a)

      3,945        73,102  
     

 

 

  

Road & Rail — 2.0%

 

Knight-Swift Transportation Holdings, Inc. (a)

      2,023        73,452  

Landstar System, Inc. (a)

      587        66,089  
     

 

 

  
        139,541  
     

 

 

  

Semiconductors & Semiconductor Equipment — 2.1%

 

Cabot Microelectronics Corp.

      662        93,458  

Power Integrations, Inc.

      534        48,279  
     

 

 

  
        141,737  
     

 

 

  

Software — 7.5%

 

Aspen Technology, Inc. *

      580        71,404  

Blackbaud, Inc. (a)

      763        68,897  

Cision Ltd. *

      5,285        40,645  

Cornerstone OnDemand, Inc. *

      995        54,566  

Envestnet, Inc. * (a)

      389        22,067  

Guidewire Software, Inc. * (a)

      635        66,878  

Medallia, Inc. * (a)

      279        7,662  

Q2 Holdings, Inc. * (a)

      998        78,676  

SailPoint Technologies Holding, Inc. * (a)

      1,380        25,799  

Tyler Technologies, Inc. *

      284        74,672  
     

 

 

  
        511,266  
     

 

 

  

Textiles, Apparel & Luxury Goods — 0.8%

 

Carter’s, Inc. (a)

      583        53,197  
     

 

 

  

Trading Companies & Distributors — 1.0%

 

Applied Industrial Technologies, Inc.

      1,242        70,546  
     

 

 

  

TOTAL COMMON STOCKS

(Cost $4,760,407)

         6,497,079  
  

 

 

  

EXCHANGE-TRADED FUNDS — 0.4%

 

U.S. Equity — 0.4%

 

iShares Russell 2000 ETF

(Cost $30,136) (a)

      196        29,640  
     

 

 

  

SHORT-TERM INVESTMENTS — 4.6%

 

INVESTMENT COMPANIES — 4.6%

 

JPMorgan Prime Money Market Fund Class IM Shares, 2.17% (b) (c)

(Cost $312,332)

      312,238        312,332  
     

 

 

  

INVESTMENT OF CASH COLLATERAL FROM SECURITIES LOANED — 4.7%

 

JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.22% (b) (c)

      268,012        268,012  

JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.00% (b) (c)

      50,308        50,308  
     

 

 

  

TOTAL INVESTMENT OF CASH COLLATERAL FROM SECURITIES LOANED

(Cost $318,334)

         318,320  
  

 

 

  

Total Investments — 104.7%

(Cost $5,421,209)

         7,157,371  

Liabilities in Excess of Other Assets — (4.7)%

         (320,377 ) 
  

 

 

  

Net Assets — 100.0%

 

      6,836,994  
  

 

 

  

 

Percentages indicated are based on net assets.

JPMorgan Small Cap Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2019 (Unaudited) (continued)

 

Abbreviations

 

ETF

Exchange-Traded Fund

 

(a)

The security or a portion of this security is on loan at September 30, 2019. The total value of securities on loan at September 30, 2019 is approximately $312,331,000.

(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, 2019.

*

Non-income producing security.

A. Valuation of Investments — The valuation of investments is in accordance with U.S. generally accepted accounting principles (“GAAP”) and the Fund’s valuation policies set forth by and under the supervision and responsibility of the Board of Trustees of the Trust (the “Board”), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at their market value and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.

J.P. Morgan Investment Management, Inc. (the “Administrator”) has established the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to assist the Board with the oversight and monitoring of the valuation of the Fund’s investments. The Administrator implements the valuation policies of the Fund’s investments, as directed by the Board. The AVC oversees and carries out the policies for the valuation of investments held in the Fund. This includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and at least on a quarterly basis with the AVC and the Board.

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 excluding exchange-traded funds (“ETFs”) (“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”) (amounts in thousands):

 

     Level 1
  Quoted  prices  		      Level 2
Other significant observable
inputs		      Level 3
Significant  unobservable
inputs		      Total  

Total Investments in Securities (a)

    $ 7,157,371      $ —        $ —        $ 7,157,371  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

(a)

All portfolio holdings designated as level 1 are disclosed individually on the SOI. Please refer to the SOI for asset class specifics of portfolio holdings.

There were no transfers into and out of level 3 for the period ended September 30, 2019.

B. Investment Transactions with Affiliates — The Fund invested in Underlying Funds which are advised by the Adviser. An issuer which is under common control with the Fund may be considered an affiliate. The Fund assumes the issuers listed in the table below to be affiliated issuers. Underlying Funds’ distributions may be reinvested into the Underlying Funds. Reinvestment amounts are included in the purchase cost amounts in the table below. Amounts in the table below are in thousands.

 

For the period ended September 30, 2019

  

Security Description

   Value at
June 30,
2019		     Purchases
at Cost		     Proceeds
from Sales		     Net Realized
Gain (Loss)		     Change in
Unrealized
Appreciation/
(Depreciation)		     Value at
September 30,
2019		     Shares at
September 30,
2019		     Dividend
Income		     Capital Gain
Distributions		  

JPMorgan Prime Money Market Fund Class IM Shares, 2.17% (a) (b)

   $ 254,743     $ 707,962     $ 650,332     $ (16 )    $ (25 )    $ 312,332       312,238     $ 1,818     $
 		 —
  
 

JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.22% (a) (b)

     177,054       327,000       236,000       (12 )      (30 )      268,012       268,012       1,305       —    

JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.00% (a) (b)

     39,120       294,695       283,507       —         —         50,308       50,308       233       —    
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

      

 

 

    

 

 

  

Total

   $ 470,917     $ 1,329,657     $ 1,169,839     $ (28 )    $ (55 )    $ 630,652       $ 3,356     $ —    
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

      

 

 

    

 

 

  

 

(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, 2019.