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JPMorgan Small Cap Blend Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited)

 

Investments

    Shares (000)      Value ($000)  

COMMON STOCKS — 97.7%

 

Aerospace & Defense — 0.7%

 

Curtiss-Wright Corp.

      27        2,526  

National Presto Industries, Inc.

      17        1,376  
     

 

 

  
        3,902  
     

 

 

  

Airlines — 0.4%

      

Allegiant Travel Co. (a)

      8        1,008  

Spirit Airlines, Inc. * (a)

      57        916  
     

 

 

  
        1,924  
     

 

 

  

Auto Components — 0.6%

      

Fox Factory Holding Corp. *

      25        1,845  

LCI Industries

      12        1,283  
     

 

 

  
        3,128  
     

 

 

  

Automobiles — 0.4%

      

Winnebago Industries, Inc.

      43        2,213  
     

 

 

  

Banks — 7.7%

      

BancFirst Corp.

      64        2,605  

Camden National Corp.

      103        3,118  

City Holding Co.

      28        1,595  

Columbia Banking System, Inc.

      129        3,073  

Community Trust Bancorp, Inc.

      64        1,803  

Cullen/Frost Bankers, Inc.

      21        1,374  

First Busey Corp.

      173        2,754  

First Commonwealth Financial Corp.

      273        2,115  

First Financial Bancorp

      146        1,754  

First Financial Bankshares, Inc.

      61        1,697  

First Hawaiian, Inc.

      96        1,386  

First Merchants Corp.

      108        2,508  

Heritage Commerce Corp.

      304        2,021  

Heritage Financial Corp.

      38        699  

Independent Bank Corp.

      187        2,352  

Independent Bank Corp. (a)

      55        2,877  

Lakeland Bancorp, Inc.

      268        2,669  

Simmons First National Corp., Class A

      192        3,047  

Trustmark Corp.

      69        1,484  
     

 

 

  
        40,931  
     

 

 

  

Beverages — 0.3%

      

Primo Water Corp.

      103        1,466  
     

 

 

  

Biotechnology — 8.6%

      

ACADIA Pharmaceuticals, Inc. * (a)

      25        1,011  

ADC Therapeutics SA (Switzerland) * (a)

      47        1,543  

Alector, Inc. *

      33        351  

Allogene Therapeutics, Inc. * (a)

      26        999  

Amicus Therapeutics, Inc. *

      174        2,454  

Arrowhead Pharmaceuticals, Inc.*

      34        1,464  

Atara Biotherapeutics, Inc. *

      114        1,484  

Avrobio, Inc. * (a)

      80        1,038  

Biohaven Pharmaceutical Holding Co. Ltd. *

      36        2,327  

Blueprint Medicines Corp. *

      31        2,886  

Bridgebio Pharma, Inc. * (a)

      39        1,446  

Coherus Biosciences, Inc. * (a)

      108        1,987  

FibroGen, Inc. *

      44        1,791  

G1 Therapeutics, Inc. * (a)

      52        606  

Generation Bio Co. * (a)

      18        541  

Global Blood Therapeutics, Inc. * (a)

      20        1,103  

Halozyme Therapeutics, Inc. *

      115        3,035  

Heron Therapeutics, Inc. * (a)

      88        1,309  

Homology Medicines, Inc. *

      59        632  

Intercept Pharmaceuticals, Inc. *

      20        841  

Mirati Therapeutics, Inc. *

      9        1,448  

Natera, Inc. *

      63        4,516  

Orchard Therapeutics plc, ADR (United Kingdom) * (a)

      72        296  

REGENXBIO, Inc. *

      31        840  

Relay Therapeutics, Inc. * (a)

      40        1,719  

REVOLUTION Medicines, Inc. *

      34        1,192  

Rubius Therapeutics, Inc. * (a)

      73        366  

Sage Therapeutics, Inc. *

      32        1,948  

Twist Bioscience Corp. * (a)

      47        3,596  

Viela Bio, Inc. * (a)

      34        962  
     

 

 

  
        45,731  
     

 

 

  

Building Products — 3.8%

      

Advanced Drainage Systems, Inc.

      69        4,338  

AZEK Co., Inc. (The) *

      26        917  

CSW Industrials, Inc. (a)

      39        3,041  

Simpson Manufacturing Co., Inc.

      60        5,826  

Trex Co., Inc. * (a)

      38        2,710  

UFP Industries, Inc.

      62        3,510  
     

 

 

  
        20,342  
     

 

 

  

Capital Markets — 1.5%

      

Evercore, Inc., Class A

      30        1,961  

Focus Financial Partners, Inc., Class A*

      42        1,385  

LPL Financial Holdings, Inc.

      45        3,473  

Virtus Investment Partners, Inc.

      8        1,127  
     

 

 

  
        7,946  
     

 

 

  

Chemicals — 2.0%

      

Hawkins, Inc.

      45        2,075  

Innospec, Inc.

      38        2,436  

Stepan Co.

      27        2,994  

Valvoline, Inc.

      154        2,924  
     

 

 

  
        10,429  
     

 

 

  

Commercial Services & Supplies — 2.6%

      

Brady Corp., Class A

      70        2,801  

Cimpress plc (Ireland) * (a)

      26        1,937  

Deluxe Corp.

      58        1,486  

Kimball International, Inc., Class B

      143        1,503  

McGrath RentCorp

      20        1,192  

MSA Safety, Inc.

      23        3,102  

UniFirst Corp.

      9        1,751  
     

 

 

  
        13,772  
     

 

 

  

Communications Equipment — 0.6%

      

Ciena Corp. *

      34        1,336  

Viavi Solutions, Inc.*

      142        1,667  
     

 

 

  
        3,003  
     

 

 

  

Construction & Engineering — 0.7%

      

Comfort Systems USA, Inc.

      71        3,668  
     

 

 

  

Containers & Packaging — 1.0%

      

Graphic Packaging Holding Co.

      172        2,430  

Pactiv Evergreen, Inc. * (a)

      81        1,033  

Silgan Holdings, Inc.

      48        1,775  
     

 

 

  
        5,238  
     

 

 

  

JPMorgan Small Cap Blend Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

 

Investments

    Shares (000)      Value ($000)  

Diversified Consumer Services — 0.3%

 

Bright Horizons Family Solutions, Inc. *

      11        1,634  
     

 

 

  

Diversified Telecommunication Services — 0.6%

      

Bandwidth, Inc., Class A *

      19        3,283  
     

 

 

  

Electric Utilities — 0.3%

      

Portland General Electric Co.

      42        1,479  
     

 

 

  

Electronic Equipment, Instruments & Components — 3.1%

      

CTS Corp.

      126        2,777  

ePlus, Inc. *

      26        1,877  

Fabrinet (Thailand) *

      42        2,667  

Insight Enterprises, Inc. *

      47        2,675  

Itron, Inc. *

      27        1,635  

Littelfuse, Inc.

      14        2,551  

Plexus Corp. *

      31        2,160  
     

 

 

  
        16,342  
     

 

 

  

Equity Real Estate Investment Trusts (REITs) — 6.2%

      

American Campus Communities, Inc.

      70        2,434  

American Homes 4 Rent, Class A

      129        3,665  

Brixmor Property Group, Inc.

      177        2,073  

CubeSmart

      39        1,255  

EastGroup Properties, Inc.

      9        1,159  

Equity Commonwealth

      84        2,228  

Highwoods Properties, Inc.

      58        1,947  

JBG SMITH Properties

      73        1,945  

Rayonier, Inc.

      105        2,778  

Rexford Industrial Realty, Inc.

      78        3,572  

RLJ Lodging Trust

      179        1,548  

Sunstone Hotel Investors, Inc.

      331        2,628  

Terreno Realty Corp.

      73        3,984  

Washington

      84        1,689  
     

 

 

  
        32,905  
     

 

 

  

Food & Staples Retailing — 1.7%

      

BJ’s Wholesale Club Holdings, Inc. *

      52        2,175  

Grocery Outlet Holding Corp. * (a)

      57        2,259  

Performance Food Group Co. *

      131        4,530  
     

 

 

  
        8,964  
     

 

 

  

Food Products — 1.4%

      

Flowers Foods, Inc.

      112        2,734  

Freshpet, Inc. *

      33        3,686  

J&J Snack Foods Corp.

      9        1,193  
     

 

 

  
        7,613  
     

 

 

  

Gas Utilities — 1.5%

      

Chesapeake Utilities Corp.

      24        2,000  

ONE Gas, Inc.

      47        3,255  

Southwest Gas Holdings, Inc.

      44        2,749  
     

 

 

  
        8,004  
     

 

 

  

Health Care Equipment & Supplies — 2.6%

      

iRhythm Technologies, Inc. *

      19        4,564  

Nevro Corp. *

      23        3,149  

Outset Medical, Inc. * (a)

      10        476  

Shockwave Medical, Inc. *

      40        3,068  

Utah Medical Products, Inc.

      29        2,350  
     

 

 

  
        13,607  
     

 

 

  

Health Care Providers & Services — 2.5%

      

Acadia Healthcare Co., Inc. *

      46        1,361  

Amedisys, Inc. *

      13        3,019  

Encompass Health Corp.

      46        2,972  

Ensign Group, Inc. (The)

      49        2,803  

Oak Street Health, Inc. *

      17        935  

Providence Service Corp. (The) *

      22        2,053  
     

 

 

  
        13,143  
     

 

 

  

Health Care Technology — 0.8%

      

Accolade, Inc. *

      43        1,681  

American Well Corp., Class A *

      39        1,165  

Evolent Health, Inc., Class A *

      100        1,237  
     

 

 

  
        4,083  
     

 

 

  

Hotels, Restaurants & Leisure — 2.3%

      

Boyd Gaming Corp.

      86        2,639  

Cheesecake Factory, Inc. (The) (a)

      43        1,183  

Cracker Barrel Old Country Store, Inc.

      16        1,806  

Planet Fitness, Inc., Class A *

      21        1,276  

Texas Roadhouse, Inc. (a)

      87        5,281  
     

 

 

  
        12,185  
     

 

 

  

Household Durables — 2.2%

      

Helen of Troy Ltd. *

      29        5,683  

La-Z-Boy, Inc.

      58        1,828  

M/I Homes, Inc. *

      25        1,170  

MDC Holdings, Inc.

      23        1,070  

TRI Pointe Group, Inc. *

      113        2,055  
     

 

 

  
        11,806  
     

 

 

  

Industrial Conglomerates — 0.3%

      

Carlisle Cos., Inc.

      13        1,608  
     

 

 

  

Insurance — 2.8%

      

eHealth, Inc. * (a)

      16        1,263  

James River Group Holdings Ltd.

      27        1,219  

Lemonade, Inc. * (a)

      22        1,084  

Old Republic International Corp.

      130        1,919  

Palomar Holdings, Inc. *

      10        1,005  

Safety Insurance Group, Inc.

      26        1,800  

Selective Insurance Group, Inc. (a)

      55        2,830  

Selectquote, Inc. *

      66        1,329  

Third Point Reinsurance Ltd. (Bermuda) *

      202        1,406  

Universal Insurance Holdings, Inc.

      90        1,246  
     

 

 

  
        15,101  
     

 

 

  

Interactive Media & Services — 0.2%

      

Cars.com, Inc. *

      157        1,271  
     

 

 

  

Internet & Direct Marketing Retail — 0.5%

      

Farfetch Ltd., Class A (United Kingdom) * (a)

      61        1,524  

RealReal, Inc. (The) *

      78        1,124  
     

 

 

  
        2,648  
     

 

 

  

IT Services — 1.4%

      

CSG Systems International, Inc.

      50        2,048  

I3 Verticals, Inc., Class A * (a)

      40        1,021  

ManTech International Corp., Class A

      37        2,581  

Science Applications International Corp.

      23        1,833  
     

 

 

  
        7,483  
     

 

 

  

Leisure Products — 0.5%

      

Callaway Golf Co. (a)

      99        1,893  

Johnson Outdoors, Inc., Class A

      9        749  
     

 

 

  
        2,642  
     

 

 

  

JPMorgan Small Cap Blend Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

 

Investments

    Shares (000)      Value ($000)  

Life Sciences Tools & Services — 0.7%

      

Adaptive Biotechnologies Corp.*

      13        614  

Berkeley Lights, Inc. *

      18        1,366  

Personalis, Inc. *

      79        1,705  
     

 

 

  
        3,685  
     

 

 

  

Machinery — 6.3%

      

Alamo Group, Inc.

      25        2,746  

Allison Transmission Holdings, Inc.

      60        2,124  

Blue Bird Corp. *

      203        2,470  

Graco, Inc.

      32        1,937  

Hillenbrand, Inc.

      97        2,740  

ITT, Inc.

      97        5,722  

John Bean Technologies Corp.

      36        3,325  

Kadant, Inc.

      28        3,098  

Lincoln Electric Holdings, Inc.

      34        3,095  

Mueller Industries, Inc.

      85        2,289  

Watts Water Technologies, Inc., Class A

      37        3,682  
     

 

 

  
        33,228  
     

 

 

  

Media — 1.1%

      

New York Times Co. (The), Class A

      66        2,832  

Nexstar Media Group, Inc., Class A (a)

      33        2,965  
     

 

 

  
        5,797  
     

 

 

  

Multiline Retail — 0.4%

      

Ollie’s Bargain Outlet Holdings, Inc. * (a)

      23        1,980  
     

 

 

  

Multi-Utilities — 0.4%

      

Unitil Corp.

      48        1,861  
     

 

 

  

Oil, Gas & Consumable Fuels — 2.1%

      

CNX Resources Corp. *

      206        1,940  

Delek US Holdings, Inc. (a)

      81        907  

EQT Corp.

      150        1,945  

Equitrans Midstream Corp.

      196        1,654  

Matador Resources Co. *

      288        2,378  

PDC Energy, Inc. *

      196        2,427  
     

 

 

  
        11,251  
     

 

 

  

Personal Products — 0.3%

      

Inter Parfums, Inc.

      38        1,434  
     

 

 

  

Pharmaceuticals — 1.0%

      

Arvinas, Inc. * (a)

      35        838  

MyoKardia, Inc. *

      11        1,495  

Revance Therapeutics, Inc. *

      80        2,015  

TherapeuticsMD, Inc. *

      306        483  

Tricida, Inc. *

      43        394  
     

 

 

  
        5,225  
     

 

 

  

Professional Services — 0.3%

      

FTI Consulting, Inc. *

      14        1,482  
     

 

 

  

Road & Rail — 1.0%

      

Marten Transport Ltd.

      134        2,184  

Saia, Inc. *

      24        3,075  
     

 

 

  
        5,259  
     

 

 

  

Semiconductors & Semiconductor Equipment — 4.7%

      

Cabot Microelectronics Corp.

      9        1,327  

Cree, Inc. * (a)

      26        1,643  

Enphase Energy, Inc. *

      40        3,338  

Entegris, Inc.

      46        3,444  

FormFactor, Inc. *

      46        1,159  

Inphi Corp. *

      31        3,521  

MKS Instruments, Inc.

      25        2,775  

Onto Innovation, Inc. *

      80        2,390  

Semtech Corp. *

      38        2,026  

SolarEdge Technologies, Inc. *

      13        3,078  
     

 

 

  
        24,701  
     

 

 

  

Software — 7.0%

      

Anaplan, Inc. *

      39        2,450  

Avalara, Inc. *

      11        1,460  

Bill.Com Holdings, Inc. *

      15        1,525  

Blackline, Inc. *

      31        2,820  

CyberArk Software Ltd. *

      18        1,829  

Duck Creek Technologies, Inc. * (a)

      38        1,719  

Elastic NV *

      27        2,895  

Envestnet, Inc. *

      40        3,104  

Everbridge, Inc. * (a)

      21        2,581  

Globant SA (Argentina) *

      12        2,166  

Jamf Holding Corp. * (a)

      12        466  

JFrog Ltd. (Israel) *

      12        1,024  

Medallia, Inc. * (a)

      54        1,478  

nCino, Inc. * (a)

      6        482  

Nuance Communications, Inc. *

      51        1,686  

Ping Identity Holding Corp. *

      50        1,568  

Proofpoint, Inc. *

      10        1,057  

Smartsheet, Inc., Class A *

      48        2,377  

Upland Software, Inc. *

      83        3,119  

Vertex, Inc., Class A * (a)

      20        456  

Zendesk, Inc. *

      9        967  
     

 

 

  
        37,229  
     

 

 

  

Specialty Retail — 3.4%

      

Aaron’s, Inc.

      26        1,463  

Floor & Decor Holdings, Inc., Class A *

      23        1,703  

Lithia Motors, Inc., Class A

      26        6,034  

National Vision Holdings, Inc. *

      103        3,953  

Urban Outfitters, Inc. *

      81        1,691  

Vroom, Inc. *

      19        988  

Williams-Sonoma, Inc. (a)

      23        2,122  
     

 

 

  
        17,954  
     

 

 

  

Technology Hardware, Storage & Peripherals — 0.2%

      

Corsair Gaming, Inc. *

      66        1,320  
     

 

 

  

Textiles, Apparel & Luxury Goods — 2.0%

      

Carter’s, Inc.

      39        3,396  

Columbia Sportswear Co.

      11        952  

Kontoor Brands, Inc. (a)

      94        2,273  

Oxford Industries, Inc. (a)

      56        2,250  

Steven Madden Ltd.

      89        1,744  
     

 

 

  
        10,615  
     

 

 

  

Thrifts & Mortgage Finance — 2.2%

      

PennyMac Financial Services, Inc.

      44        2,563  

Premier Financial Corp.

      209        3,249  

Radian Group, Inc.

      176        2,572  

WSFS Financial Corp.

      126        3,409  
     

 

 

  
        11,793  
     

 

 

  

JPMorgan Small Cap Blend Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

 

Investments

    Shares (000)      Value ($000)  

Trading Companies & Distributors — 1.7%

      

Applied Industrial Technologies, Inc.

      76        4,174  

Rush Enterprises, Inc., Class A

      35        1,764  

SiteOne Landscape Supply, Inc. *

      25        3,098  
     

 

 

  
        9,036  
     

 

 

  

Water Utilities — 0.8%

      

American States Water Co.

      27        2,035  

Middlesex Water Co. (a)

      39        2,450  
     

 

 

  
        4,485  
     

 

 

  

TOTAL COMMON STOCKS

(Cost $455,136)

         517,829  
     

 

 

  
      No. of
Rights (000)		         

RIGHTS — 0.0% (b)

      

Biotechnology — 0.0% (b)

      

Clementia Pharmaceuticals, Inc. (Canada) * ‡ (Cost $—)

      51        – (c) 
     

 

 

  
      Shares (000)         

SHORT-TERM INVESTMENTS — 7.4%

      

INVESTMENT COMPANIES — 2.4%

      

JPMorgan Prime Money Market Fund Class IM Shares, 0.23% (d) (e)

(Cost $12,968)

      12,965        12,974  
     

 

 

  

INVESTMENT OF CASH COLLATERAL FROM SECURITIES LOANED — 5.0%

      

JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.29% (d) (e)

      23,005        23,010  

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.06% (d) (e)

      3,416        3,416  
     

 

 

  

TOTAL INVESTMENT OF CASH COLLATERAL FROM SECURITIES LOANED

(Cost $26,430)

         26,426  
     

 

 

  

TOTAL SHORT-TERM INVESTMENTS

(Cost $39,398)

         39,400  
     

 

 

  

Total Investments — 105.1%

(Cost $494,534)

         557,229  

Liabilities in Excess of Other Assets — (5.1)%

         (26,882 ) 
     

 

 

  

Net Assets — 100.0%

         530,347  
     

 

 

  

 

Percentages indicated are based on net assets.

JPMorgan Small Cap Blend Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

 

Abbreviations
ADR    American Depositary Receipt

 

(a)

The security or a portion of this security is on loan at September 30, 2020. The total value of securities on loan at September 30, 2020 is approximately $25,881,000.

(b)

Amount rounds to less than 0.1% of net assets.

(c)

Amount rounds to less than one thousand.

(d)

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.

(e)

The rate shown is the current yield as of September 30, 2020.

*

Non-income producing security.

‡

Value determined using significant unobservable inputs.

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.

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.

A market-based approach is primarily used to value the Fund’s investments. Investments for which market quotations are not readily available are fair valued by approved affiliated and/or unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”) or may be internally fair valued using methods set forth by the valuation policies approved by the Board. This may include the use of related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and such differences could be material.

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.

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.

 

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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 (amounts in thousands):

 

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

Investments in Securities

 

Common Stocks

    $ 517,829      $ —        $ —       $ 517,829  

Rights

      —          —          —   (a)      —   (a) 

Short-Term Investments

           

Investment Companies

      12,974        —          —         12,974  

Investment of cash collateral from securities loaned

      26,426        —          —         26,426  
  

 

 

     

 

 

     

 

 

    

 

 

  

Total Short-Term Investments

      39,400        —          —         39,400  
  

 

 

     

 

 

     

 

 

    

 

 

  

Total Investments in Securities

    $ 557,229      $ —        $ —   (a)    $ 557,229  
  

 

 

     

 

 

     

 

 

    

 

 

  

 

(a)

Amount rounds to less than one thousand.

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, 2020

  

Security Description

   Value at
June  30,
2020		     Purchases
at Cost		     Proceeds
from Sales		     Net Realized
Gain (Loss)		     Change in
Unrealized
Appreciation/
(Depreciation)		     Value at
September 30,
2020		     Shares at
September 30,
2020		     Dividend
Income		     Capital Gain
Distributions		  

JPMorgan Prime Money Market Fund Class IM Shares, 0.23% (a) (b)

   $ 17,254     $ 33,187     $ 37,464     $ (2 )    $ (1 )    $ 12,974       12,965     $ 10     $ —    

JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.29% (a) (b)

     28,015       17,000       22,000       1       (6 )      23,010       23,005       23       —    

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.06% (a) (b)

     6,247       33,661       36,492       —         —         3,416       3,416       1       —    
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

      

 

 

    

 

 

  

Total

   $ 51,516     $ 83,848     $ 95,956     $ (1 )    $ (7 )    $ 39,400       $ 34     $ —    
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

      

 

 

    

 

 

  

 

(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, 2020.