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JPMorgan Small Cap Blend Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2021 (Unaudited)

 

Investments

    Shares (000)      Value ($000)  

COMMON STOCKS — 96.7%

 

Aerospace & Defense — 0.5%

 

Curtiss-Wright Corp.

      40        4,696  
     

 

 

  

Airlines — 0.4%

 

Allegiant Travel Co. *

      18        4,460  
     

 

 

  

Auto Components — 0.9%

 

Fox Factory Holding Corp. *

      31        3,969  

LCI Industries

      16        2,069  

Patrick Industries, Inc.

      35        2,975  
     

 

 

  
        9,013  
     

 

 

  

Automobiles — 0.4%

 

Winnebago Industries, Inc.

      57        4,404  
     

 

 

  

Banks — 9.6%

 

BancFirst Corp.

      73        5,145  

Camden National Corp.

      155        7,397  

City Holding Co.

      45        3,677  

Columbia Banking System, Inc.

      118        5,082  

Community Trust Bancorp, Inc.

      130        5,733  

Cullen/Frost Bankers, Inc.

      30        3,308  

First Busey Corp.

      278        7,126  

First Commonwealth Financial Corp.

      443        6,366  

First Financial Bancorp

      146        3,501  

First Financial Bankshares, Inc.

      84        3,903  

First Hawaiian, Inc.

      124        3,388  

First Merchants Corp.

      147        6,836  

Heritage Commerce Corp.

      517        6,318  

Independent Bank Corp.

      50        4,205  

Independent Bank Corp.

      305        7,219  

Lakeland Bancorp, Inc.

      406        7,078  

Simmons First National Corp., Class A

      226        6,694  

Trustmark Corp.

      99        3,317  
     

 

 

  
        96,293  
     

 

 

  

Beverages — 0.3%

 

Primo Water Corp.

      180        2,934  
     

 

 

  

Biotechnology — 6.7%

 

ACADIA Pharmaceuticals, Inc. *

      46        1,191  

ADC Therapeutics SA (Switzerland) * (a)

      80        1,953  

Alector, Inc. *

      70        1,408  

Allogene Therapeutics, Inc. * (a)

      33        1,179  

Amicus Therapeutics, Inc. *

      248        2,453  

Arrowhead Pharmaceuticals, Inc. *

      56        3,700  

Atara Biotherapeutics, Inc. *

      142        2,035  

Avrobio, Inc. * (a)

      99        1,260  

Biohaven Pharmaceutical Holding Co. Ltd. *

      44        3,019  

Blueprint Medicines Corp. *

      38        3,734  

Bridgebio Pharma, Inc. * (a)

      48        2,936  

Coherus Biosciences, Inc. * (a)

      134        1,962  

FibroGen, Inc. *

      54        1,877  

G1 Therapeutics, Inc. * (a)

      66        1,583  

Generation Bio Co. *

      28        809  

Global Blood Therapeutics, Inc. * (a)

      25        1,025  

Halozyme Therapeutics, Inc. *

      130        5,439  

Heron Therapeutics, Inc. * (a)

      110        1,780  

Homology Medicines, Inc. *

      26        244  

Intercept Pharmaceuticals, Inc. * (a)

      26        589  

Kronos Bio, Inc. * (a)

      50        1,463  

Mirati Therapeutics, Inc. *

      11        1,854  

Natera, Inc. *

      68        6,857  

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

      93        678  

PMV Pharmaceuticals, Inc. * (a)

      20        649  

REGENXBIO, Inc. *

      61        2,080  

Relay Therapeutics, Inc. * (a)

      50        1,732  

REVOLUTION Medicines, Inc. *

      43        1,957  

Rubius Therapeutics, Inc. * (a)

      67        1,783  

Sage Therapeutics, Inc. *

      22        1,632  

Sana Biotechnology, Inc. *

      45        1,491  

Twist Bioscience Corp. *

      38        4,672  
     

 

 

  
        67,024  
     

 

 

  

Building Products — 4.3%

 

Advanced Drainage Systems, Inc.

      68        7,004  

AZEK Co., Inc. (The) *

      68        2,864  

CSW Industrials, Inc.

      42        5,624  

Gibraltar Industries, Inc. *

      60        5,489  

Hayward Holdings, Inc. * (a)

      250        4,220  

Simpson Manufacturing Co., Inc.

      69        7,134  

Trex Co., Inc. *

      42        3,805  

UFP Industries, Inc.

      80        6,074  
     

 

 

  
        42,214  
     

 

 

  

Capital Markets — 2.2%

 

Artisan Partners Asset Management, Inc., Class A

      70        3,652  

Evercore, Inc., Class A

      34        4,535  

Focus Financial Partners, Inc., Class A *

      61        2,532  

LPL Financial Holdings, Inc.

      58        8,290  

Virtus Investment Partners, Inc.

      13        2,968  
     

 

 

  
        21,977  
     

 

 

  

Chemicals — 2.5%

 

Diversey Holdings Ltd. *

      230        3,383  

Hawkins, Inc.

      156        5,239  

Innospec, Inc.

      55        5,676  

Stepan Co.

      40        5,032  

Valvoline, Inc.

      198        5,162  
     

 

 

  
        24,492  
     

 

 

  

Commercial Services & Supplies — 2.2%

 

Brady Corp., Class A

      141        7,511  

Cimpress plc (Ireland) *

      41        4,071  

Deluxe Corp.

      75        3,136  

Kimball International, Inc., Class B

      205        2,866  

MSA Safety, Inc.

      26        3,900  
     

 

 

  
        21,484  
     

 

 

  

Communications Equipment — 0.5%

 

Ciena Corp. *

      42        2,286  

Viavi Solutions, Inc. *

      162        2,540  
     

 

 

  
        4,826  
     

 

 

  

Construction & Engineering — 0.7%

 

Comfort Systems USA, Inc.

      92        6,861  
     

 

 

  

Consumer Finance — 0.2%

 

PROG Holdings, Inc.

      50        2,146  
     

 

 

  

Containers & Packaging — 0.7%

 

Graphic Packaging Holding Co.

      239        4,335  

Silgan Holdings, Inc.

      63        2,627  
     

 

 

  
        6,962  
     

 

 

  

JPMorgan Small Cap Blend Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2021 (Unaudited) (continued)

 

Investments

    Shares (000)      Value ($000)  

Diversified Consumer Services — 0.2%

 

Bright Horizons Family Solutions, Inc. *

      13        2,286  
     

 

 

  

Diversified Telecommunication Services — 0.5%

 

Bandwidth, Inc., Class A * (a)

      30        3,803  

Iridium Communications, Inc. * (a)

      21        886  
     

 

 

  
        4,689  
     

 

 

  

Electric Utilities — 0.3%

 

Portland General Electric Co.

      52        2,480  
     

 

 

  

Electrical Equipment — 1.1%

 

Array Technologies, Inc. * (a)

      81        2,430  

Bloom Energy Corp., Class A * (a)

      96        2,597  

Plug Power, Inc. * (a)

      39        1,394  

Shoals Technologies Group, Inc., Class A *

      66        2,303  

Vertiv Holdings Co.

      123        2,461  
     

 

 

  
        11,185  
     

 

 

  

Electronic Equipment, Instruments & Components — 2.9%

 

CTS Corp.

      131        4,061  

Fabrinet (Thailand) *

      32        2,923  

II-VI, Inc. *

      37        2,556  

Insight Enterprises, Inc. *

      61        5,817  

Itron, Inc. *

      57        5,028  

Littelfuse, Inc.

      18        4,684  

Plexus Corp. *

      40        3,629  
     

 

 

  
        28,698  
     

 

 

  

Equity Real Estate Investment Trusts (REITs) — 5.2%

 

American Campus Communities, Inc.

      90        3,884  

American Homes 4 Rent, Class A

      166        5,528  

Brixmor Property Group, Inc.

      229        4,630  

CubeSmart

      48        1,832  

Equity Commonwealth

      138        3,846  

Highwoods Properties, Inc.

      75        3,219  

JBG SMITH Properties

      94        2,989  

Rayonier, Inc.

      136        4,371  

Rexford Industrial Realty, Inc.

      101        5,070  

RLJ Lodging Trust

      231        3,576  

Sunstone Hotel Investors, Inc. *

      427        5,317  

Terreno Realty Corp.

      93        5,345  

Washington (a)

      109        2,400  
     

 

 

  
        52,007  
     

 

 

  

Food & Staples Retailing — 1.6%

 

BJ’s Wholesale Club Holdings, Inc. *

      55        2,465  

Grocery Outlet Holding Corp. * (a)

      75        2,764  

Performance Food Group Co. *

      184        10,580  
     

 

 

  
        15,809  
     

 

 

  

Food Products — 1.5%

 

Flowers Foods, Inc.

      145        3,454  

Freshpet, Inc. *

      39        6,254  

J&J Snack Foods Corp.

      30        4,711  
     

 

 

  
        14,419  
     

 

 

  

Gas Utilities — 1.2%

 

Chesapeake Utilities Corp.

      31        3,559  

ONE Gas, Inc. (a)

      61        4,677  

Southwest Gas Holdings, Inc.

      56        3,865  
     

 

 

  
        12,101  
     

 

 

  

Health Care Equipment & Supplies — 2.3%

 

CONMED Corp.

      9        1,184  

iRhythm Technologies, Inc. *

      25        3,538  

Nevro Corp. *

      28        3,884  

NuVasive, Inc. *

      48        3,174  

Outset Medical, Inc. * (a)

      29        1,577  

Shockwave Medical, Inc. *

      39        5,133  

Utah Medical Products, Inc. (a)

      47        4,061  
     

 

 

  
        22,551  
     

 

 

  

Health Care Providers & Services — 2.7%

 

1Life Healthcare, Inc. *

      31        1,221  

Acadia Healthcare Co., Inc. *

      57        3,262  

Accolade, Inc. * (a)

      47        2,138  

Amedisys, Inc. *

      16        4,166  

Encompass Health Corp.

      59        4,828  

Ensign Group, Inc. (The)

      63        5,942  

ModivCare, Inc. *

      28        4,221  

Signify Health, Inc., Class A *

      27        798  
     

 

 

  
        26,576  
     

 

 

  

Health Care Technology — 0.3%

 

Evolent Health, Inc., Class A *

      124        2,500  
     

 

 

  

Hotels, Restaurants & Leisure — 3.2%

 

Boyd Gaming Corp. *

      89        5,267  

Caesars Entertainment, Inc. *

      31        2,752  

Cracker Barrel Old Country Store, Inc.

      23        3,918  

El Pollo Loco Holdings, Inc. * (a)

      125        2,015  

Everi Holdings, Inc. *

      225        3,175  

Penn National Gaming, Inc. * (a)

      26        2,759  

Planet Fitness, Inc., Class A *

      46        3,554  

Texas Roadhouse, Inc. *

      89        8,573  
     

 

 

  
        32,013  
     

 

 

  

Household Durables — 2.4%

 

Helen of Troy Ltd. *

      30        6,248  

Hooker Furniture Corp.

      59        2,146  

La-Z-Boy, Inc.

      75        3,174  

M/I Homes, Inc. *

      55        3,223  

MDC Holdings, Inc.

      59        3,500  

Sonos, Inc. *

      69        2,596  

Tri Pointe Homes, Inc. *

      120        2,443  
     

 

 

  
        23,330  
     

 

 

  

Industrial Conglomerates — 0.3%

 

Carlisle Cos., Inc.

      18        2,947  
     

 

 

  

Insurance — 1.9%

 

James River Group Holdings Ltd.

      36        1,623  

Lemonade, Inc. *

      9        849  

Old Republic International Corp.

      168        3,673  

Safety Insurance Group, Inc.

      34        2,841  

Selective Insurance Group, Inc.

      71        5,138  

SiriusPoint Ltd. (Bermuda) *

      262        2,663  

Universal Insurance Holdings, Inc.

      117        1,677  
     

 

 

  
        18,464  
     

 

 

  

Interactive Media & Services — 0.4%

 

Eventbrite, Inc., Class A *  (a)

      114        2,528  

MediaAlpha, Inc., Class A *

      46        1,640  
     

 

 

  
        4,168  
     

 

 

  

JPMorgan Small Cap Blend Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2021 (Unaudited) (continued)

 

Investments

    Shares (000)      Value ($000)  

Internet & Direct Marketing Retail — 0.2%

 

RealReal, Inc. (The) *

      97        2,184  
     

 

 

  

IT Services — 1.2%

 

DigitalOcean Holdings, Inc. * (a)

      26        1,114  

Globant SA (Argentina) *

      20        4,132  

I3 Verticals, Inc., Class A *

      70        2,191  

LiveRamp Holdings, Inc. *

      44        2,274  

Repay Holdings Corp. *

      97        2,280  
     

 

 

  
        11,991  
     

 

 

  

Leisure Products — 0.3%

 

Johnson Outdoors, Inc., Class A

      21        3,063  
     

 

 

  

Life Sciences Tools & Services — 0.5%

 

Berkeley Lights, Inc. * (a)

      22        1,122  

Personalis, Inc. *

      80        1,975  

Seer, Inc. * (a)

      29        1,438  
     

 

 

  
        4,535  
     

 

 

  

Machinery — 5.8%

 

Alamo Group, Inc.

      33        5,117  

Blue Bird Corp. *

      96        2,409  

Graco, Inc.

      51        3,656  

Hillenbrand, Inc.

      137        6,516  

ITT, Inc.

      115        10,465  

John Bean Technologies Corp.

      41        5,486  

Kadant, Inc.

      31        5,737  

Lincoln Electric Holdings, Inc.

      36        4,458  

Mueller Industries, Inc.

      109        4,514  

Rexnord Corp.

      70        3,296  

Watts Water Technologies, Inc., Class A

      51        6,063  
     

 

 

  
        57,717  
     

 

 

  

Media — 1.6%

 

Cardlytics, Inc. * (a)

      26        2,838  

Gray Television, Inc.

      302        5,556  

New York Times Co. (The), Class A

      70        3,540  

Nexstar Media Group, Inc., Class A

      29        4,134  
     

 

 

  
        16,068  
     

 

 

  

Metals & Mining — 0.3%

 

Warrior Met Coal, Inc.

      180        3,083  
     

 

 

  

Mortgage Real Estate Investment Trusts (REITs) — 0.4%

 

Ares Commercial Real Estate Corp.

      200        2,744  

Ladder Capital Corp.

      86        1,012  
     

 

 

  
        3,756  
     

 

 

  

Multiline Retail — 0.2%

 

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

      18        1,559  
     

 

 

  

Multi-Utilities — 0.3%

 

Unitil Corp.

      62        2,847  
     

 

 

  

Oil, Gas & Consumable Fuels — 2.5%

 

CNX Resources Corp. * (a)

      266        3,904  

Delek US Holdings, Inc.

      106        2,302  

EQT Corp. *

      194        3,612  

Equitrans Midstream Corp.

      254        2,070  

Matador Resources Co.

      292        6,840  

PDC Energy, Inc. *

      177        6,094  
     

 

 

  
        24,822  
     

 

 

  

Personal Products — 0.4%

 

Inter Parfums, Inc.

      57        4,017  
     

 

 

  

Pharmaceuticals — 0.6%

 

Arvinas, Inc. *

      47        3,134  

Revance Therapeutics, Inc. * (a)

      99        2,773  
     

 

 

  
        5,907  
     

 

 

  

Professional Services — 0.9%

 

ASGN, Inc. *

      25        2,403  

CBIZ, Inc. *

      90        2,951  

ManTech International Corp., Class A

      42        3,642  
     

 

 

  
        8,996  
     

 

 

  

Road & Rail — 1.1%

 

Marten Transport Ltd.

      209        3,539  

Saia, Inc. *

      30        6,912  
     

 

 

  
        10,451  
     

 

 

  

Semiconductors & Semiconductor Equipment — 4.1%

 

Cree, Inc. *

      42        4,519  

Enphase Energy, Inc. *

      13        2,099  

Entegris, Inc.

      49        5,501  

Inphi Corp. *

      19        3,355  

MaxLinear, Inc. *

      123        4,192  

MKS Instruments, Inc.

      31        5,797  

Onto Innovation, Inc. *

      58        3,811  

Rambus, Inc. *

      246        4,790  

Semtech Corp. *

      47        3,259  

SolarEdge Technologies, Inc. *

      13        3,732  
     

 

 

  
        41,055  
     

 

 

  

Software — 4.9%

 

ACV Auctions, Inc., Class A *

      33        1,144  

Anaplan, Inc. *

      66        3,577  

Avalara, Inc. *

      9        1,211  

Bill.Com Holdings, Inc. *

      10        1,440  

Blackline, Inc. *

      39        4,201  

CyberArk Software Ltd. *

      18        2,357  

Digital Turbine, Inc. *

      30        2,392  

Duck Creek Technologies, Inc. * (a)

      80        3,593  

Elastic NV *

      30        3,343  

Envestnet, Inc. *

      59        4,267  

Everbridge, Inc. * (a)

      25        3,071  

JFrog Ltd. (Israel) *

      35        1,574  

Medallia, Inc. * (a)

      67        1,864  

Q2 Holdings, Inc. *

      27        2,744  

Smartsheet, Inc., Class A *

      59        3,791  

Upland Software, Inc. *

      94        4,447  

Vertex, Inc., Class A *

      68        1,501  

Viant Technology, Inc., Class A *

      31        1,649  
     

 

 

  
        48,166  
     

 

 

  

Specialty Retail — 2.9%

 

Floor & Decor Holdings, Inc., Class A *

      37        3,506  

Leslie’s, Inc. * (a)

      46        1,130  

Lithia Motors, Inc., Class A

      29        11,284  

National Vision Holdings, Inc. *

      95        4,144  

Petco Health & Wellness Co., Inc. * (a)

      79        1,754  

Sleep Number Corp. *

      19        2,700  

Urban Outfitters, Inc. *

      113        4,215  
     

 

 

  
        28,733  
     

 

 

  

Textiles, Apparel & Luxury Goods — 2.2%

 

Carter’s, Inc. *

      61        5,411  

JPMorgan Small Cap Blend Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2021 (Unaudited) (continued)

 

Investments

    Shares (000)      Value ($000)  

Kontoor Brands, Inc.

      120        5,815  

Oxford Industries, Inc.

      72        6,284  

Steven Madden Ltd.

      115        4,300  
     

 

 

  
        21,810  
     

 

 

  

Thrifts & Mortgage Finance — 2.8%

 

Flagstar Bancorp, Inc.

      76        3,407  

PennyMac Financial Services, Inc.

      74        4,948  

Premier Financial Corp.

      210        6,986  

Radian Group, Inc.

      250        5,812  

WSFS Financial Corp.

      132        6,596  
     

 

 

  
        27,749  
     

 

 

  

Trading Companies & Distributors — 3.0%

 

Applied Industrial Technologies, Inc.

      115        10,524  

GMS, Inc. *

      93        3,878  

McGrath RentCorp

      55        4,419  

Rush Enterprises, Inc., Class A

      65        3,226  

SiteOne Landscape Supply, Inc. *

      29        4,871  

Systemax, Inc.

      75        3,084  
     

 

 

  
        30,002  
     

 

 

  

Water Utilities — 0.4%

 

American States Water Co.

      35        2,655  

Middlesex Water Co.

      13        1,021  
     

 

 

  
        3,676  
     

 

 

  

TOTAL COMMON STOCKS

(Cost $698,377)

         958,196  
  

 

 

  
     No. of
Rights (000)		         

RIGHTS — 0.0%(b)

 

Biotechnology — 0.0% (b)

 

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

      51        – (c) 
     

 

 

  
      Shares (000)         

SHORT-TERM INVESTMENTS — 6.4%

 

INVESTMENT COMPANIES — 2.9%

 

JPMorgan Prime Money Market Fund Class IM Shares, 0.10% (d) (e)

(Cost $29,195)

      29,184        29,199  
     

 

 

  

INVESTMENT OF CASH COLLATERAL FROM SECURITIES LOANED — 3.5%

      

JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.13% (d) (e)

      27,005        27,008  

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.04% (d) (e)

      7,495        7,495  
     

 

 

  

TOTAL INVESTMENT OF CASH COLLATERAL FROM SECURITIES LOANED

(Cost $34,503)

         34,503  
     

 

 

  

TOTAL SHORT-TERM INVESTMENTS

(Cost $63,698)

         63,702  
     

 

 

  

Total Investments — 103.1%

(Cost $762,075)

         1,021,898  

Liabilities in Excess of Other Assets — (3.1)%

         (30,698 ) 
     

 

 

  

Net Assets — 100.0%

         991,200  
  

 

 

  

 

Percentages indicated are based on net assets.

JPMorgan Small Cap Blend Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2021 (Unaudited) (continued)

 

Abbreviations
ADR    American Depositary Receipt

 

(a)

The security or a portion of this security is on loan at March 31, 2021. The total value of securities on loan at March 31, 2021 is $34,786.

(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 March 31, 2021.

*

Non-income producing security.

‡

Value determined using significant unobservable inputs.

JPMorgan Small Cap Blend Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2021 (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.

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.

 

•  

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:

 

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

Investments in Securities

 

     

Common Stocks

    $ 958,196      $ —        $ —       $ 958,196  

Rights

      —          —          —   (a)      —   (a) 

Short-Term Investments

 

     

Investment Companies

      29,199        —          —         29,199  

Investment of Cash Collateral from Securities Loaned

      34,503        —          —         34,503  
  

 

 

     

 

 

     

 

 

    

 

 

  

Total Short-Term Investments

      63,702        —          —         63,702  
  

 

 

     

 

 

     

 

 

    

 

 

  

Total Investments in Securities

    $ 1,021,898      $ —        $ —   (a)    $ 1,021,898  
  

 

 

     

 

 

     

 

 

    

 

 

  

 

(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 such Underlying Funds. Reinvestment amounts are included in the purchase cost amounts in the table below.

JPMorgan Small Cap Blend Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2021 (Unaudited) (continued)

(Dollar values in thousands)

 

For the period ended March 31, 2021

  

Security Description

    Value at
June 30,
2020		      Purchases
at Cost		      Proceeds
from Sales		      Net Realized
Gain (Loss)		     Change in
Unrealized
Appreciation/
(Depreciation)		     Value at
March 31,
2021		      Shares at
March 31,
2021		      Dividend
Income		      Capital Gain
Distributions		  

JPMorgan Prime Money Market Fund Class IM Shares, 0.10% (a) (b)

    $ 17,254      $ 224,862      $ 212,911      $ (3 )    $ (3 )    $ 29,199        29,184      $ 19      $ —    

JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.13% (a) (b)

      28,015        99,000        100,000        (5 )      (2 )      27,008        27,005        44        —    

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.04% (a) (b)

      6,247        97,447        96,199        —         —         7,495        7,495        2        —    
  

 

 

     

 

 

     

 

 

     

 

 

    

 

 

    

 

 

        

 

 

     

 

 

  

Total

    $ 51,516      $ 421,309      $ 409,110      $ (8 )    $ (5 )    $ 63,702         $ 65      $ —    
  

 

 

     

 

 

     

 

 

     

 

 

    

 

 

    

 

 

        

 

 

     

 

 

  

 

(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, 2021.