NPORT-EX 2 HG_SCE.htm PART F HTML

JPMorgan Small Cap Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (Unaudited)

 

Investments    Shares (000)      Value ($000)  

 

   

 

     

 

  

COMMON STOCKS — 96.7%

 

Aerospace & Defense — 1.0%

 

Woodward, Inc.

      573        71,608  
     

 

 

  

Airlines — 0.8%

 

Alaska Air Group, Inc. *

      1,016        58,963  
     

 

 

  

Auto Components — 1.1%

 

LCI Industries

      714        74,112  
     

 

 

  

Automobiles — 0.7%

 

Thor Industries, Inc. (a)

      603        47,452  
     

 

 

  

Banks — 7.9%

 

BankUnited, Inc.

      1,709        75,108  

Commerce Bancshares, Inc. (a)

      799        57,189  

Cullen/Frost Bankers, Inc.

      403        55,719  

First Financial Bancorp

      2,566        59,142  

First Hawaiian, Inc.

      2,366        65,999  

ServisFirst Bancshares, Inc.

      267        25,399  

Signature Bank

      162        47,414  

Western Alliance Bancorp

      1,045        86,525  

Wintrust Financial Corp.

      859        79,872  
     

 

 

  
        552,367  
     

 

 

  

Beverages — 1.1%

 

Primo Water Corp.

      5,252        74,834  
     

 

 

  

Building Products — 0.3%

 

Simpson Manufacturing Co., Inc.

      223        24,271  
     

 

 

  

Capital Markets — 5.2%

 

AssetMark Financial Holdings, Inc. *

      1,641        36,522  

Evercore, Inc., Class A

      493        54,827  

Focus Financial Partners, Inc., Class A *

      1,605        73,427  

Moelis & Co., Class A

      1,273        59,782  

Morningstar, Inc.

      240        65,425  

StepStone Group, Inc., Class A

      2,147        70,993  
     

 

 

  
        360,976  
     

 

 

  

Chemicals — 2.5%

 

Diversey Holdings Ltd. *

      3,359        25,424  

Ecovyst, Inc.

      1,526        17,638  

Quaker Chemical Corp. (a)

      400        69,120  

Valvoline, Inc.

      1,972        62,237  
     

 

 

  
        174,419  
     

 

 

  

Commercial Services & Supplies — 8.2%

 

Brady Corp., Class A

      1,325        61,307  

Casella Waste Systems, Inc., Class A *

      1,032        90,468  

Driven Brands Holdings, Inc. * (a)

      2,463        64,726  

IAA, Inc. *

      1,968        75,262  

MSA Safety, Inc.

      758        100,610  

Ritchie Bros Auctioneers, Inc. (Canada)

      1,070        63,141  

Stericycle, Inc. *

      1,334        78,604  

UniFirst Corp.

      257        47,272  
     

 

 

  
        581,390  
     

 

 

  

Construction & Engineering — 2.0%

 

WillScot Mobile Mini Holdings Corp. *

      3,484        136,328  
     

 

 

  

Containers & Packaging — 2.0%

 

AptarGroup, Inc.

      1,003        117,835  

Pactiv Evergreen, Inc.

      2,287        23,003  
     

 

 

  
        140,838  
     

 

 

  

Diversified Consumer Services — 1.1%

 

Bright Horizons Family Solutions, Inc. *

      582        77,169  
     

 

 

  

Electric Utilities — 1.2%

 

Portland General Electric Co.

      1,497        82,579  
     

 

 

  

Electronic Equipment, Instruments & Components — 2.6%

 

Badger Meter, Inc.

      578        57,665  

nLight, Inc. *

      2,090        36,249  

Novanta, Inc. *

      593        84,352  
     

 

 

  
        178,266  
     

 

 

  

Equity Real Estate Investment Trusts (REITs) — 6.2%

 

American Campus Communities, Inc.

      1,494        83,626  

CubeSmart

      973        50,607  

EastGroup Properties, Inc.

      466        94,829  

National Retail Properties, Inc.

      1,977        88,852  

Outfront Media, Inc.

      2,104        59,813  

Ryman Hospitality Properties, Inc. *

      570        52,840  
     

 

 

  
        430,567  
     

 

 

  

Food & Staples Retailing — 4.3%

 

BJ’s Wholesale Club Holdings, Inc. *

      1,516        102,468  

Casey’s General Stores, Inc. (a)

      419        82,963  

Performance Food Group Co. *

      2,199        111,976  
     

 

 

  
        297,407  
     

 

 

  

Food Products — 0.7%

 

Utz Brands, Inc. (a)

      3,528        52,147  
     

 

 

  

Health Care Equipment & Supplies — 4.0%

 

Envista Holdings Corp. *

      1,818        88,564  

ICU Medical, Inc. *

      476        106,087  

Neogen Corp. *

      747        23,038  

Ortho Clinical Diagnostics Holdings plc *

      3,491        65,135  
     

 

 

  
        282,824  
     

 

 

  

Health Care Providers & Services — 7.1%

 

Agiliti, Inc. *

      3,175        67,001  

Chemed Corp.

      192        97,116  

Covetrus, Inc. *

      3,271        54,924  

Encompass Health Corp.

      1,649        117,294  

HealthEquity, Inc. *

      1,462        98,620  

Progyny, Inc. *

      1,181        60,725  
     

 

 

  
        495,680  
     

 

 

  

Health Care Technology — 1.2%

 

Certara, Inc. * (a)

      2,184        46,915  

Definitive Healthcare Corp. * (a) 

      1,426        35,143  
     

 

 

  
        82,058  
     

 

 

  

Hotels, Restaurants & Leisure — 2.8%

 

Monarch Casino & Resort, Inc. *

      505        44,054  

Planet Fitness, Inc., Class A *

      874        73,815  

Wendy’s Co. (The)

      3,651        80,221  
     

 

 

  
        198,090  
     

 

 

  

Insurance — 2.8%

 

Kinsale Capital Group, Inc.

      452        103,087  

RLI Corp.

      864        95,564  
     

 

 

  
        198,651  
     

 

 

  

JPMorgan Small Cap Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (Unaudited) (continued)

 

Investments    Shares (000)      Value ($000)  

 

   

 

     

 

  

Internet & Direct Marketing Retail — 0.3%

 

Xometry, Inc., Class A * (a)

      551        20,253  
     

 

 

  

IT Services — 1.4%

 

WEX, Inc. *

      560        99,951  
     

 

 

  

Leisure Products — 2.9%

 

Acushnet Holdings Corp.

      1,459        58,757  

Brunswick Corp.

      1,116        90,293  

Hayward Holdings, Inc. * (a)

      3,405        56,592  
     

 

 

  
        205,642  
     

 

 

  

Life Sciences Tools & Services — 1.4%

 

Syneos Health, Inc. *

      1,190        96,356  
     

 

 

  

Machinery — 7.0%

 

Altra Industrial Motion Corp.

      1,379        53,688  

Douglas Dynamics, Inc.

      996        34,447  

Gates Industrial Corp. plc *

      3,019        45,465  

Hillman Solutions Corp. *

      4,486        53,289  

Lincoln Electric Holdings, Inc.

      826        113,875  

RBC Bearings, Inc. *

      511        99,127  

Toro Co. (The)

      1,070        91,510  
     

 

 

  
        491,401  
     

 

 

  

Multi-Utilities — 1.0%

 

NorthWestern Corp.

      1,117        67,559  
     

 

 

  

Professional Services — 0.8%

 

First Advantage Corp. *

      2,601        52,519  
     

 

 

  

Real Estate Management & Development — 0.8%

 

Cushman & Wakefield plc *

      2,719        55,764  
     

 

 

  

Road & Rail — 2.0%

 

Knight-Swift Transportation Holdings, Inc.

      1,404        70,859  

Landstar System, Inc.

      472        71,186  
     

 

 

  
        142,045  
     

 

 

  

Semiconductors & Semiconductor Equipment — 3.4%

 

Allegro MicroSystems, Inc. (Japan) *

      2,298        65,256  

Azenta, Inc.

      349        28,958  

CMC Materials, Inc.

      191        35,321  

Power Integrations, Inc.

      1,162        107,672  
     

 

 

  
        237,207  
     

 

 

  

Software — 5.7%

 

Aspen Technology, Inc. *

      170        28,109  

Cerence, Inc. *

      432        15,589  

Clearwater Analytics Holdings, Inc., Class A * (a)

      2,271        47,682  

Duck Creek Technologies, Inc. *

      1,419        31,388  

Envestnet, Inc. *

      970        72,173  

Guidewire Software, Inc. *

      715        67,628  

nCino, Inc. * (a)

      660        27,036  

Paycor HCM, Inc. * (a)

      1,272        37,020  

Q2 Holdings, Inc. *

      1,128        69,511  
     

 

 

  
        396,136  
     

 

 

  

Specialty Retail — 1.4%

 

Leslie’s, Inc. * (a)

      2,619        50,701  

National Vision Holdings, Inc. * (a)

      1,014        44,166  
     

 

 

  
        94,867  
     

 

 

  

Textiles, Apparel & Luxury Goods — 0.8%

 

Carter’s, Inc.

      585        53,828  
     

 

 

  

Trading Companies & Distributors — 1.0%

 

Applied Industrial Technologies, Inc.

      675        69,247  
     

 

 

  

TOTAL COMMON STOCKS

(Cost $4,613,649)

 

 

      6,755,771  
  

 

 

  

SHORT-TERM INVESTMENTS — 6.0%

 

INVESTMENT COMPANIES — 3.0%

 

JPMorgan Prime Money Market Fund Class IM Shares, 0.32% (b) (c)
(Cost $210,114)

      210,093        210,135  
     

 

 

  

INVESTMENT OF CASH COLLATERAL FROM SECURITIES LOANED — 3.0%

 

JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.30% (b) (c)

      185,068        184,920  

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.26% (b) (c)

     25,713        25,713  
     

 

 

  

TOTAL INVESTMENT OF CASH COLLATERAL FROM SECURITIES LOANED

(Cost $210,667)

 

 

      210,633  
  

 

 

  

TOTAL SHORT-TERM INVESTMENTS

(Cost $420,781)

         420,768  
     

 

 

  

Total Investments — 102.7%

(Cost $5,034,430)

 

 

      7,176,539  

Liabilities in Excess of Other Assets — (2.7)%

 

      (186,694 ) 
  

 

 

  

Net Assets — 100.0%

 

      6,989,845  
  

 

 

  

 

Percentages indicated are based on net assets.

 

(a)

The security or a portion of this security is on loan at March 31, 2022. The total value of securities on loan at March 31, 2022 is $200,403.

(b)

Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.

(c)

The rate shown is the current yield as of March 31, 2022.

*

Non-income producing security.

JPMorgan Small Cap Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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.

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 (“SOI”):

 

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

Total Investments in Securities (a)

    $ 7,176,539      $ —        $ —        $ 7,176,539  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

(a)

Please refer to the SOI for specifics of portfolio holdings.

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 purchases at cost amounts in the table below.

 

For the period ended March 31, 2022

  

Security Description

   Value at
June 30,
2021		     Purchases
at Cost		     Proceeds
from Sales		     Net Realized
Gain (Loss)		     Change in
Unrealized
Appreciation/
(Depreciation)		     Value at
March 31,
2022		     Shares at
March 31,
2022		     Dividend
Income		     Capital Gain
Distributions		  

JPMorgan Prime Money Market Fund Class IM Shares, 0.32% (a) (b)

   $ 206,013     $ 1,274,411     $ 1,270,228     $ (44 )    $ (17 )    $ 210,135       210,093     $ 126     $ —    

JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.30% (a) (b)

     102,028       587,000       504,001       (79 )      (28 )      184,920       185,068       87       —    

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.26%, (a) (b)

     11,448       309,461       295,196       —         —         25,713       25,713       6       —    
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

      

 

 

    

 

 

  

Total

   $ 319,489     $ 2,170,872     $ 2,069,425     $ (123 )    $ (45 )    $ 420,768       $ 219     $ —    
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

      

 

 

    

 

 

  

 

(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, 2022.