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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.