THE “UNAUDITED MUTUAL FUNDS HOLDINGS” LIST (“the
List”) IS TO BE USED FOR REPORTING PURPOSES ONLY. IT IS
NOT TO BE REPRODUCED FOR USE AS ADVERTISING OR
SALES LITERATURE WITH THE GENERAL PUBLIC. The list is
submitted for the general information of the shareholders of the Fund.
It is not authorized for distribution to prospective investors in the Fund
unless preceded or accompanied by a prospectus. The list has been
created from the books and records of the Fund. Holdings are
available 60 days after the fund’s fiscal quarter, using a trade date
accounting convention, by contacting the appropriate service center.
The list is subject to change without notice. The list is for
informational purposes only and is not intended as an offer or
solicitation with respect to the purchase or sale of any security.
|
JPMorgan Asset Management is the marketing name for the asset
management business of J.P. Morgan Chase & Co.
|
J.P. Morgan Distribution Services, Inc., member FINRA.
|
© J.P. Morgan Chase & Co., 2024.
|
INVESTMENTS
|
SHARES
(000)
|
VALUE
($000)
|
Long Positions — 98.4%
|
||
Common Stocks — 82.9%
|
||
Aerospace & Defense — 2.0%
|
||
Howmet Aerospace, Inc. (a)
|
56
|
3,174
|
Northrop Grumman Corp.
|
2
|
682
|
RTX Corp.
|
9
|
838
|
|
|
4,694
|
Air Freight & Logistics — 0.2%
|
||
FedEx Corp.
|
—
|
97
|
United Parcel Service, Inc., Class B
|
4
|
491
|
|
|
588
|
Automobile Components — 0.2%
|
||
Aptiv plc *
|
2
|
136
|
Mobileye Global, Inc., Class A (Israel) *
|
13
|
344
|
|
|
480
|
Banks — 4.2%
|
||
Bank of America Corp.
|
33
|
1,121
|
Fifth Third Bancorp
|
78
|
2,678
|
KeyCorp
|
32
|
470
|
Truist Financial Corp.
|
60
|
2,209
|
US Bancorp
|
25
|
1,051
|
Wells Fargo & Co. (a)
|
50
|
2,499
|
|
|
10,028
|
Beverages — 1.0%
|
||
Coca-Cola Co. (The)
|
9
|
517
|
Keurig Dr Pepper, Inc.
|
7
|
234
|
Monster Beverage Corp. *
|
23
|
1,263
|
PepsiCo, Inc.
|
2
|
370
|
|
|
2,384
|
Biotechnology — 4.0%
|
||
AbbVie, Inc.
|
15
|
2,405
|
Biogen, Inc. *
|
6
|
1,515
|
BioMarin Pharmaceutical, Inc. *
|
12
|
1,069
|
Regeneron Pharmaceuticals, Inc. *
|
2
|
1,814
|
Sarepta Therapeutics, Inc. *
|
10
|
1,200
|
Vertex Pharmaceuticals, Inc. * (a)
|
4
|
1,574
|
|
|
9,577
|
Broadline Retail — 1.2%
|
||
Amazon.com, Inc. * (a)
|
19
|
2,885
|
Building Products — 1.3%
|
||
Trane Technologies plc
|
12
|
3,032
|
Capital Markets — 3.1%
|
||
Ameriprise Financial, Inc.
|
3
|
1,078
|
Charles Schwab Corp. (The)
|
45
|
2,852
|
Intercontinental Exchange, Inc.
|
6
|
707
|
INVESTMENTS
|
SHARES
(000)
|
VALUE
($000)
|
Long Positions — continued
|
||
Common Stocks — continued
|
||
Capital Markets — continued
|
||
Raymond James Financial, Inc.
|
12
|
1,277
|
S&P Global, Inc.
|
3
|
1,484
|
|
|
7,398
|
Chemicals — 0.4%
|
||
Air Products and Chemicals, Inc. (a)
|
1
|
180
|
Dow, Inc.
|
6
|
320
|
Linde plc
|
1
|
370
|
|
|
870
|
Commercial Services & Supplies — 0.7%
|
||
Waste Connections, Inc.
|
11
|
1,648
|
Communications Equipment — 0.3%
|
||
Arista Networks, Inc. *
|
3
|
740
|
Construction Materials — 0.9%
|
||
Martin Marietta Materials, Inc.
|
4
|
2,057
|
Consumer Staples Distribution & Retail — 1.2%
|
||
Costco Wholesale Corp.
|
3
|
2,138
|
Maplebear, Inc. *
|
28
|
682
|
|
|
2,820
|
Containers & Packaging — 0.1%
|
||
Crown Holdings, Inc.
|
2
|
209
|
Electric Utilities — 1.8%
|
||
Entergy Corp.
|
6
|
636
|
NextEra Energy, Inc. (a)
|
16
|
943
|
PG&E Corp.
|
98
|
1,650
|
Southern Co. (The)
|
15
|
1,015
|
|
|
4,244
|
Electrical Equipment — 0.4%
|
||
AMETEK, Inc.
|
3
|
491
|
Eaton Corp. plc
|
2
|
515
|
|
|
1,006
|
Electronic Equipment, Instruments & Components — 0.6%
|
||
Corning, Inc.
|
31
|
1,003
|
Keysight Technologies, Inc. *
|
3
|
475
|
|
|
1,478
|
Energy Equipment & Services — 0.5%
|
||
Baker Hughes Co.
|
10
|
270
|
Schlumberger NV
|
16
|
803
|
|
|
1,073
|
INVESTMENTS
|
SHARES
(000)
|
VALUE
($000)
|
Long Positions — continued
|
||
Common Stocks — continued
|
||
Entertainment — 1.9%
|
||
Endeavor Group Holdings, Inc., Class A (a)
|
125
|
3,107
|
Take-Two Interactive Software, Inc. *
|
9
|
1,412
|
|
|
4,519
|
Financial Services — 6.3%
|
||
Block, Inc. *
|
45
|
2,904
|
Fidelity National Information Services, Inc. (a)
|
28
|
1,772
|
Fiserv, Inc. * (a)
|
20
|
2,902
|
FleetCor Technologies, Inc. *
|
11
|
3,090
|
Jack Henry & Associates, Inc.
|
4
|
703
|
Mastercard, Inc., Class A (a)
|
9
|
3,870
|
|
|
15,241
|
Food Products — 0.9%
|
||
Conagra Brands, Inc.
|
4
|
121
|
Hershey Co. (The)
|
1
|
119
|
Kellanova
|
5
|
242
|
Mondelez International, Inc., Class A
|
23
|
1,761
|
|
|
2,243
|
Ground Transportation — 1.4%
|
||
Canadian National Railway Co. (Canada)
|
2
|
221
|
CSX Corp.
|
9
|
330
|
Norfolk Southern Corp.
|
3
|
657
|
Old Dominion Freight Line, Inc.
|
1
|
446
|
Uber Technologies, Inc. * (a)
|
16
|
1,042
|
Union Pacific Corp.
|
1
|
355
|
XPO, Inc. *
|
5
|
411
|
|
|
3,462
|
Health Care Equipment & Supplies — 2.2%
|
||
Boston Scientific Corp. *
|
27
|
1,705
|
Edwards Lifesciences Corp. *
|
5
|
401
|
Medtronic plc
|
14
|
1,195
|
Stryker Corp.
|
6
|
2,077
|
|
|
5,378
|
Health Care Providers & Services — 0.5%
|
||
UnitedHealth Group, Inc. (a)
|
2
|
1,259
|
Health Care REITs — 0.0% ^
|
||
Ventas, Inc.
|
1
|
66
|
Hotels, Restaurants & Leisure — 3.3%
|
||
Booking Holdings, Inc. *
|
—
|
333
|
Chipotle Mexican Grill, Inc. *
|
1
|
1,638
|
Expedia Group, Inc. *
|
8
|
1,254
|
Hilton Worldwide Holdings, Inc.
|
4
|
704
|
INVESTMENTS
|
SHARES
(000)
|
VALUE
($000)
|
Long Positions — continued
|
||
Common Stocks — continued
|
||
Hotels, Restaurants & Leisure — continued
|
||
Royal Caribbean Cruises Ltd. *
|
13
|
1,617
|
Yum! Brands, Inc. (a)
|
18
|
2,350
|
|
|
7,896
|
Household Products — 0.3%
|
||
Church & Dwight Co., Inc.
|
8
|
817
|
Industrial Conglomerates — 0.9%
|
||
Honeywell International, Inc. (a)
|
11
|
2,145
|
Industrial REITs — 0.2%
|
||
Prologis, Inc.
|
4
|
558
|
Insurance — 5.1%
|
||
Chubb Ltd.
|
4
|
906
|
Globe Life, Inc.
|
19
|
2,269
|
MetLife, Inc.
|
20
|
1,408
|
Progressive Corp. (The) (a)
|
28
|
5,061
|
Ryan Specialty Holdings, Inc. *
|
11
|
493
|
Travelers Cos., Inc. (The)
|
10
|
2,087
|
|
|
12,224
|
Interactive Media & Services — 2.2%
|
||
Alphabet, Inc., Class A *
|
6
|
805
|
Meta Platforms, Inc., Class A * (a)
|
10
|
3,924
|
Pinterest, Inc., Class A *
|
16
|
589
|
|
|
5,318
|
IT Services — 0.5%
|
||
Cognizant Technology Solutions Corp., Class A
|
9
|
690
|
MongoDB, Inc. *
|
1
|
282
|
Snowflake, Inc., Class A *
|
1
|
309
|
|
|
1,281
|
Life Sciences Tools & Services — 1.2%
|
||
Danaher Corp.
|
7
|
1,706
|
Thermo Fisher Scientific, Inc.
|
3
|
1,288
|
|
|
2,994
|
Machinery — 1.6%
|
||
Deere & Co. (a)
|
2
|
862
|
Ingersoll Rand, Inc.
|
26
|
2,102
|
Otis Worldwide Corp.
|
9
|
788
|
|
|
3,752
|
Media — 1.8%
|
||
Charter Communications, Inc., Class A *
|
2
|
555
|
Comcast Corp., Class A
|
9
|
440
|
Liberty Media Corp-Liberty SiriusXM, Class A *
|
107
|
3,263
|
|
|
4,258
|
INVESTMENTS
|
SHARES
(000)
|
VALUE
($000)
|
Long Positions — continued
|
||
Common Stocks — continued
|
||
Multi-Utilities — 1.2%
|
||
CenterPoint Energy, Inc.
|
14
|
389
|
CMS Energy Corp.
|
13
|
769
|
Dominion Energy, Inc.
|
6
|
284
|
DTE Energy Co.
|
8
|
857
|
Public Service Enterprise Group, Inc.
|
12
|
679
|
|
|
2,978
|
Oil, Gas & Consumable Fuels — 3.0%
|
||
Cheniere Energy, Inc.
|
3
|
440
|
ConocoPhillips
|
6
|
701
|
Diamondback Energy, Inc.
|
2
|
278
|
EOG Resources, Inc.
|
7
|
831
|
Hess Corp.
|
13
|
1,778
|
Marathon Oil Corp.
|
37
|
837
|
Phillips 66
|
1
|
223
|
Pioneer Natural Resources Co.
|
4
|
1,037
|
Targa Resources Corp.
|
11
|
929
|
TC Energy Corp. (Canada)
|
3
|
116
|
|
|
7,170
|
Personal Care Products — 0.8%
|
||
Estee Lauder Cos., Inc. (The), Class A
|
9
|
1,178
|
Kenvue, Inc.
|
33
|
695
|
|
|
1,873
|
Pharmaceuticals — 0.7%
|
||
Bristol-Myers Squibb Co. (a)
|
18
|
863
|
Elanco Animal Health, Inc. *
|
62
|
916
|
|
|
1,779
|
Professional Services — 0.2%
|
||
Booz Allen Hamilton Holding Corp.
|
4
|
541
|
Residential REITs — 0.2%
|
||
American Homes 4 Rent, Class A
|
6
|
219
|
Sun Communities, Inc.
|
2
|
248
|
UDR, Inc.
|
3
|
92
|
|
|
559
|
Retail REITs — 0.1%
|
||
Kimco Realty Corp.
|
8
|
156
|
Semiconductors & Semiconductor Equipment — 10.8%
|
||
Advanced Micro Devices, Inc. * (a)
|
13
|
2,124
|
Analog Devices, Inc. (a)
|
12
|
2,254
|
ASML Holding NV (Registered), ADR (Netherlands)
|
4
|
3,265
|
Microchip Technology, Inc.
|
15
|
1,295
|
Micron Technology, Inc.
|
18
|
1,565
|
NVIDIA Corp. (a)
|
7
|
4,282
|
NXP Semiconductors NV (China) (a)
|
16
|
3,337
|
INVESTMENTS
|
SHARES
(000)
|
VALUE
($000)
|
Long Positions — continued
|
||
Common Stocks — continued
|
||
Semiconductors & Semiconductor Equipment — continued
|
||
Qorvo, Inc. *
|
8
|
805
|
Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan) (a)
|
47
|
5,332
|
Teradyne, Inc.
|
3
|
318
|
Texas Instruments, Inc. (a)
|
9
|
1,476
|
|
|
26,053
|
Software — 3.9%
|
||
Adobe, Inc. *
|
1
|
811
|
Crowdstrike Holdings, Inc., Class A *
|
2
|
574
|
Intuit, Inc. (a)
|
3
|
2,188
|
Microsoft Corp. (a)
|
8
|
3,098
|
PTC, Inc. *
|
2
|
313
|
Roper Technologies, Inc.
|
1
|
487
|
Salesforce, Inc. *
|
1
|
255
|
ServiceNow, Inc. *
|
2
|
1,647
|
|
|
9,373
|
Specialized REITs — 1.2%
|
||
American Tower Corp.
|
1
|
215
|
Digital Realty Trust, Inc.
|
19
|
2,679
|
|
|
2,894
|
Specialty Retail — 3.9%
|
||
AutoNation, Inc. *
|
3
|
495
|
AutoZone, Inc. *
|
—
|
1,370
|
Best Buy Co., Inc.
|
18
|
1,296
|
Burlington Stores, Inc. *
|
13
|
2,489
|
Lowe's Cos., Inc.
|
14
|
2,892
|
O'Reilly Automotive, Inc. * (a)
|
1
|
920
|
|
|
9,462
|
Technology Hardware, Storage & Peripherals — 2.0%
|
||
Seagate Technology Holdings plc
|
36
|
3,094
|
Western Digital Corp. *
|
31
|
1,748
|
|
|
4,842
|
Trading Companies & Distributors — 0.3%
|
||
United Rentals, Inc.
|
—
|
206
|
WW Grainger, Inc.
|
1
|
532
|
|
|
738
|
Wireless Telecommunication Services — 0.2%
|
||
T-Mobile US, Inc.
|
3
|
534
|
Total Common Stocks
(Cost $155,823)
|
|
199,574
|
INVESTMENTS
|
SHARES
(000)
|
VALUE
($000)
|
Long Positions — continued
|
||
Short-Term Investments — 15.5%
|
||
Investment Companies — 15.5%
|
||
JPMorgan Prime Money Market Fund Class Institutional Shares, 5.38% (b) (c)(Cost $37,337)
|
37,309
|
37,335
|
Total Long Positions
(Cost $193,160)
|
|
236,909
|
Short Positions — (81.2)%
|
||
Common Stocks — (81.2)%
|
||
Aerospace & Defense — (2.3)%
|
||
Boeing Co. (The) *
|
(8
)
|
(1,631
)
|
General Dynamics Corp.
|
(3
)
|
(757
)
|
Huntington Ingalls Industries, Inc.
|
(4
)
|
(1,029
)
|
L3Harris Technologies, Inc.
|
(1
)
|
(200
)
|
Lockheed Martin Corp.
|
(3
)
|
(1,268
)
|
Spirit AeroSystems Holdings, Inc., Class A *
|
(20
)
|
(566
)
|
|
|
(5,451
)
|
Air Freight & Logistics — (0.5)%
|
||
CH Robinson Worldwide, Inc.
|
(2
)
|
(201
)
|
Expeditors International of Washington, Inc.
|
(9
)
|
(1,080
)
|
|
|
(1,281
)
|
Automobiles — (0.7)%
|
||
Ford Motor Co.
|
(87
)
|
(1,026
)
|
General Motors Co.
|
(13
)
|
(511
)
|
Harley-Davidson, Inc.
|
(3
)
|
(90
)
|
|
|
(1,627
)
|
Banks — (1.7)%
|
||
Huntington Bancshares, Inc.
|
(136
)
|
(1,726
)
|
M&T Bank Corp.
|
(6
)
|
(843
)
|
PNC Financial Services Group, Inc. (The)
|
(11
)
|
(1,638
)
|
|
|
(4,207
)
|
Beverages — (0.6)%
|
||
Brown-Forman Corp., Class B
|
(4
)
|
(211
)
|
Molson Coors Beverage Co., Class B
|
(22
)
|
(1,350
)
|
|
|
(1,561
)
|
Biotechnology — (1.9)%
|
||
Amgen, Inc.
|
(6
)
|
(1,831
)
|
Gilead Sciences, Inc.
|
(19
)
|
(1,506
)
|
Moderna, Inc. *
|
(13
)
|
(1,325
)
|
|
|
(4,662
)
|
Broadline Retail — (0.3)%
|
||
eBay, Inc.
|
(17
)
|
(695
)
|
Building Products — (1.2)%
|
||
Johnson Controls International plc
|
(24
)
|
(1,279
)
|
INVESTMENTS
|
SHARES
(000)
|
VALUE
($000)
|
Short Positions — continued
|
||
Common Stocks — continued
|
||
Building Products — continued
|
||
Lennox International, Inc.
|
(4
)
|
(1,496
)
|
Masco Corp.
|
(1
)
|
(79
)
|
|
|
(2,854
)
|
Capital Markets — (4.5)%
|
||
Bank of New York Mellon Corp. (The)
|
(36
)
|
(1,986
)
|
BlackRock, Inc.
|
(1
)
|
(1,124
)
|
FactSet Research Systems, Inc.
|
(3
)
|
(1,533
)
|
Franklin Resources, Inc.
|
(26
)
|
(705
)
|
Goldman Sachs Group, Inc. (The)
|
(4
)
|
(1,345
)
|
LPL Financial Holdings, Inc.
|
(7
)
|
(1,614
)
|
MSCI, Inc.
|
(1
)
|
(550
)
|
Nasdaq, Inc.
|
(30
)
|
(1,709
)
|
Northern Trust Corp.
|
(3
)
|
(227
)
|
|
|
(10,793
)
|
Commercial Services & Supplies — (0.1)%
|
||
Waste Management, Inc.
|
(1
)
|
(193
)
|
Communications Equipment — (2.3)%
|
||
Cisco Systems, Inc.
|
(111
)
|
(5,565
)
|
Consumer Finance — (1.2)%
|
||
American Express Co.
|
(4
)
|
(847
)
|
Discover Financial Services
|
(2
)
|
(222
)
|
Synchrony Financial
|
(45
)
|
(1,729
)
|
|
|
(2,798
)
|
Consumer Staples Distribution & Retail — (3.5)%
|
||
Dollar General Corp.
|
(2
)
|
(345
)
|
Kroger Co. (The)
|
(82
)
|
(3,781
)
|
Sysco Corp.
|
(38
)
|
(3,067
)
|
Walgreens Boots Alliance, Inc.
|
(18
)
|
(405
)
|
Walmart, Inc.
|
(5
)
|
(784
)
|
|
|
(8,382
)
|
Containers & Packaging — (0.5)%
|
||
Ball Corp.
|
(3
)
|
(148
)
|
International Paper Co.
|
(30
)
|
(1,087
)
|
|
|
(1,235
)
|
Diversified Telecommunication Services — (1.0)%
|
||
AT&T, Inc.
|
(44
)
|
(778
)
|
Verizon Communications, Inc.
|
(36
)
|
(1,533
)
|
|
|
(2,311
)
|
Electric Utilities — (3.1)%
|
||
American Electric Power Co., Inc.
|
(19
)
|
(1,466
)
|
Duke Energy Corp.
|
(11
)
|
(1,059
)
|
Edison International
|
(22
)
|
(1,482
)
|
INVESTMENTS
|
SHARES
(000)
|
VALUE
($000)
|
Short Positions — continued
|
||
Common Stocks — continued
|
||
Electric Utilities — continued
|
||
Exelon Corp.
|
(34
)
|
(1,185
)
|
FirstEnergy Corp.
|
(39
)
|
(1,427
)
|
Xcel Energy, Inc.
|
(15
)
|
(890
)
|
|
|
(7,509
)
|
Electrical Equipment — (0.6)%
|
||
Acuity Brands, Inc.
|
(4
)
|
(1,057
)
|
Hubbell, Inc.
|
(1
)
|
(284
)
|
|
|
(1,341
)
|
Energy Equipment & Services — (0.4)%
|
||
Halliburton Co.
|
(27
)
|
(945
)
|
Entertainment — (1.3)%
|
||
Electronic Arts, Inc.
|
(18
)
|
(2,375
)
|
Netflix, Inc. *
|
(1
)
|
(707
)
|
|
|
(3,082
)
|
Financial Services — (4.0)%
|
||
Global Payments, Inc.
|
(12
)
|
(1,683
)
|
PayPal Holdings, Inc. *
|
(27
)
|
(1,644
)
|
Toast, Inc., Class A *
|
(79
)
|
(1,401
)
|
Voya Financial, Inc.
|
(31
)
|
(2,238
)
|
Western Union Co. (The)
|
(209
)
|
(2,626
)
|
|
|
(9,592
)
|
Food Products — (1.8)%
|
||
Campbell Soup Co.
|
(41
)
|
(1,854
)
|
General Mills, Inc.
|
(22
)
|
(1,401
)
|
Kraft Heinz Co. (The)
|
(32
)
|
(1,188
)
|
|
|
(4,443
)
|
Gas Utilities — (0.2)%
|
||
National Fuel Gas Co.
|
(13
)
|
(600
)
|
Ground Transportation — (0.4)%
|
||
Heartland Express, Inc.
|
(23
)
|
(301
)
|
JB Hunt Transport Services, Inc.
|
(1
)
|
(316
)
|
Werner Enterprises, Inc.
|
(8
)
|
(304
)
|
|
|
(921
)
|
Health Care Equipment & Supplies — (1.9)%
|
||
Abbott Laboratories
|
(18
)
|
(2,019
)
|
Dentsply Sirona, Inc.
|
(12
)
|
(395
)
|
Intuitive Surgical, Inc. *
|
(1
)
|
(460
)
|
Zimmer Biomet Holdings, Inc.
|
(13
)
|
(1,641
)
|
|
|
(4,515
)
|
Health Care Providers & Services — (1.2)%
|
||
CVS Health Corp.
|
(22
)
|
(1,645
)
|
INVESTMENTS
|
SHARES
(000)
|
VALUE
($000)
|
Short Positions — continued
|
||
Common Stocks — continued
|
||
Health Care Providers & Services — continued
|
||
Henry Schein, Inc. *
|
(9
)
|
(635
)
|
Quest Diagnostics, Inc.
|
(4
)
|
(511
)
|
|
|
(2,791
)
|
Hotels, Restaurants & Leisure — (1.4)%
|
||
Carnival Corp. *
|
(28
)
|
(471
)
|
Starbucks Corp.
|
(32
)
|
(2,952
)
|
|
|
(3,423
)
|
Household Durables — (0.4)%
|
||
DR Horton, Inc.
|
(1
)
|
(154
)
|
Mohawk Industries, Inc. *
|
(3
)
|
(350
)
|
NVR, Inc. *
|
—
|
(106
)
|
PulteGroup, Inc.
|
(3
)
|
(315
)
|
|
|
(925
)
|
Household Products — (0.2)%
|
||
Colgate-Palmolive Co.
|
(1
)
|
(126
)
|
Kimberly-Clark Corp.
|
(2
)
|
(227
)
|
Procter & Gamble Co. (The)
|
(1
)
|
(117
)
|
|
|
(470
)
|
Industrial Conglomerates — (0.6)%
|
||
3M Co.
|
(16
)
|
(1,501
)
|
Insurance — (4.3)%
|
||
Aflac, Inc.
|
(18
)
|
(1,548
)
|
Allstate Corp. (The)
|
(16
)
|
(2,544
)
|
American International Group, Inc.
|
(17
)
|
(1,183
)
|
Aon plc, Class A
|
(3
)
|
(964
)
|
Arthur J Gallagher & Co.
|
(3
)
|
(651
)
|
Hartford Financial Services Group, Inc. (The)
|
(4
)
|
(375
)
|
Kinsale Capital Group, Inc.
|
(3
)
|
(980
)
|
Marsh & McLennan Cos., Inc.
|
(3
)
|
(502
)
|
WR Berkley Corp.
|
(19
)
|
(1,565
)
|
|
|
(10,312
)
|
Interactive Media & Services — (0.3)%
|
||
Alphabet, Inc., Class C *
|
(5
)
|
(756
)
|
IT Services — (1.8)%
|
||
Accenture plc, Class A
|
—
|
(121
)
|
DXC Technology Co. *
|
(12
)
|
(264
)
|
EPAM Systems, Inc. *
|
(3
)
|
(836
)
|
Infosys Ltd. (India)
|
(25
)
|
(485
)
|
International Business Machines Corp.
|
(14
)
|
(2,614
)
|
|
|
(4,320
)
|
Life Sciences Tools & Services — (2.0)%
|
||
Agilent Technologies, Inc.
|
(8
)
|
(1,095
)
|
INVESTMENTS
|
SHARES
(000)
|
VALUE
($000)
|
Short Positions — continued
|
||
Common Stocks — continued
|
||
Life Sciences Tools & Services — continued
|
||
Bruker Corp.
|
(12
)
|
(873
)
|
Mettler-Toledo International, Inc. *
|
(1
)
|
(497
)
|
Revvity, Inc.
|
(5
)
|
(567
)
|
Waters Corp. *
|
(6
)
|
(1,869
)
|
|
|
(4,901
)
|
Machinery — (3.1)%
|
||
Caterpillar, Inc.
|
(1
)
|
(363
)
|
Donaldson Co., Inc.
|
(31
)
|
(1,992
)
|
IDEX Corp.
|
(2
)
|
(528
)
|
Illinois Tool Works, Inc.
|
(11
)
|
(2,916
)
|
PACCAR, Inc. *
|
(4
)
|
(377
)
|
Stanley Black & Decker, Inc.
|
(14
)
|
(1,260
)
|
|
|
(7,436
)
|
Media — (3.0)%
|
||
Fox Corp., Class A
|
(103
)
|
(3,310
)
|
Interpublic Group of Cos., Inc. (The)
|
(27
)
|
(885
)
|
Omnicom Group, Inc.
|
(20
)
|
(1,815
)
|
Paramount Global, Class B
|
(78
)
|
(1,142
)
|
|
|
(7,152
)
|
Multi-Utilities — (0.1)%
|
||
Consolidated Edison, Inc.
|
(3
)
|
(230
)
|
Office REITs — (0.3)%
|
||
Orion Office REIT, Inc.
|
—
|
—
|
SL Green Realty Corp.
|
(8
)
|
(345
)
|
Vornado Realty Trust
|
(12
)
|
(336
)
|
|
|
(681
)
|
Oil, Gas & Consumable Fuels — (2.7)%
|
||
APA Corp.
|
(26
)
|
(823
)
|
Coterra Energy, Inc.
|
(21
)
|
(530
)
|
Devon Energy Corp.
|
(23
)
|
(980
)
|
Enbridge, Inc. (Canada)
|
(40
)
|
(1,402
)
|
Kinder Morgan, Inc.
|
(29
)
|
(488
)
|
Marathon Petroleum Corp.
|
(1
)
|
(243
)
|
ONEOK, Inc.
|
(7
)
|
(446
)
|
Valero Energy Corp.
|
(8
)
|
(1,166
)
|
Williams Cos., Inc. (The)
|
(14
)
|
(479
)
|
|
|
(6,557
)
|
Passenger Airlines — (0.8)%
|
||
American Airlines Group, Inc. *
|
(60
)
|
(851
)
|
Delta Air Lines, Inc.
|
(10
)
|
(388
)
|
Southwest Airlines Co.
|
(19
)
|
(584
)
|
|
|
(1,823
)
|
INVESTMENTS
|
SHARES
(000)
|
VALUE
($000)
|
Short Positions — continued
|
||
Common Stocks — continued
|
||
Pharmaceuticals — (2.2)%
|
||
Eli Lilly & Co.
|
(3
)
|
(2,180
)
|
Johnson & Johnson
|
(6
)
|
(882
)
|
Merck & Co., Inc.
|
(13
)
|
(1,556
)
|
Pfizer, Inc.
|
(10
)
|
(279
)
|
Zoetis, Inc.
|
(3
)
|
(511
)
|
|
|
(5,408
)
|
Professional Services — (3.2)%
|
||
Automatic Data Processing, Inc.
|
(2
)
|
(580
)
|
Ceridian HCM Holding, Inc. *
|
(20
)
|
(1,423
)
|
Equifax, Inc.
|
(5
)
|
(1,103
)
|
Paychex, Inc.
|
(13
)
|
(1,616
)
|
Paycom Software, Inc.
|
(5
)
|
(956
)
|
Robert Half, Inc.
|
(8
)
|
(621
)
|
TransUnion
|
(10
)
|
(658
)
|
Verisk Analytics, Inc.
|
(3
)
|
(803
)
|
|
|
(7,760
)
|
Residential REITs — (0.1)%
|
||
AvalonBay Communities, Inc.
|
—
|
(91
)
|
Equity LifeStyle Properties, Inc.
|
(3
)
|
(189
)
|
|
|
(280
)
|
Retail REITs — (1.0)%
|
||
NNN REIT, Inc.
|
(13
)
|
(521
)
|
Simon Property Group, Inc.
|
(14
)
|
(1,962
)
|
|
|
(2,483
)
|
Semiconductors & Semiconductor Equipment — (9.7)%
|
||
Applied Materials, Inc.
|
(35
)
|
(5,840
)
|
ARM Holdings plc *
|
(28
)
|
(1,960
)
|
Broadcom, Inc.
|
(4
)
|
(5,075
)
|
Intel Corp.
|
(130
)
|
(5,597
)
|
KLA Corp.
|
(3
)
|
(1,750
)
|
Lam Research Corp.
|
(1
)
|
(528
)
|
QUALCOMM, Inc.
|
(17
)
|
(2,494
)
|
|
|
(23,244
)
|
Software — (1.3)%
|
||
Bill Holdings, Inc. *
|
(10
)
|
(779
)
|
Oracle Corp.
|
(2
)
|
(249
)
|
UiPath, Inc., Class A *
|
(11
)
|
(252
)
|
Workday, Inc., Class A *
|
(6
)
|
(1,810
)
|
|
|
(3,090
)
|
Specialized REITs — (0.6)%
|
||
Extra Space Storage, Inc.
|
(3
)
|
(495
)
|
Iron Mountain, Inc.
|
(15
)
|
(1,013
)
|
|
|
(1,508
)
|
INVESTMENTS
|
SHARES
(000)
|
VALUE
($000)
|
Short Positions — continued
|
||
Common Stocks — continued
|
||
Specialty Retail — (1.5)%
|
||
CarMax, Inc. *
|
(3
)
|
(246
)
|
Home Depot, Inc. (The)
|
(7
)
|
(2,472
)
|
Ulta Beauty, Inc. *
|
(1
)
|
(333
)
|
Williams-Sonoma, Inc.
|
(3
)
|
(581
)
|
|
|
(3,632
)
|
Technology Hardware, Storage & Peripherals — (1.7)%
|
||
Apple, Inc.
|
(13
)
|
(2,380
)
|
NetApp, Inc.
|
(18
)
|
(1,585
)
|
Xerox Holdings Corp.
|
(6
)
|
(105
)
|
|
|
(4,070
)
|
Textiles, Apparel & Luxury Goods — (1.0)%
|
||
NIKE, Inc., Class B
|
(21
)
|
(2,118
)
|
On Holding AG (Switzerland), Class A *
|
(12
)
|
(330
)
|
|
|
(2,448
)
|
Trading Companies & Distributors — (0.7)%
|
||
Fastenal Co.
|
(25
)
|
(1,677
)
|
Total Common Stocks
(Proceeds $(189,357))
|
|
(195,441
)
|
Total Short Positions
(Proceeds $(189,357))
|
|
(195,441
)
|
Total Investments — 17.2%
(Cost $3,803)
|
|
41,468
|
Other Assets Less Liabilities — 82.8%
|
|
199,237
|
Net Assets — 100.0%
|
|
240,705
|
Percentages indicated are based on net assets.
|
||
Amounts presented as a dash ("-") represent amounts that round to less than a thousand.
|
Abbreviations
|
|
ADR
|
American Depositary Receipt
|
REIT
|
Real Estate Investment Trust
|
^
|
Amount rounds to less than 0.1% of net assets.
|
|
*
|
Non-income producing security.
|
|
(a)
|
All or a portion of this security is segregated as collateral for short sales. The total value of securities segregated as
collateral is $35,370.
|
|
(b)
|
Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised
by J.P. Morgan
Investment Management Inc.
|
|
(c)
|
The rate shown is the current yield as of January 31, 2024.
|
|
DESCRIPTION
|
NUMBER OF
CONTRACTS
|
EXPIRATION DATE
|
TRADING CURRENCY
|
NOTIONAL
AMOUNT ($)
|
VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
|
Short Contracts
|
|
|
|
|
|
S&P 500 E-Mini Index
|
(21
)
|
03/15/2024
|
USD
|
(5,112
)
|
19
|
Abbreviations
|
|
USD
|
United States Dollar
|
|
|
|
|
|
|
Level 1
Quoted prices
|
Level 2
Other significant
observable inputs
|
Level 3
Significant
unobservable inputs
|
Total
|
Total Investments in Securities (a)
|
$236,909
|
$—
|
$—
|
$236,909
|
Total Liabilities for Securities Sold Short (a)
|
$(195,441
)
|
$—
|
$—
|
$(195,441
)
|
Appreciation in Other Financial Instruments
|
|
|
|
|
Futures Contracts (a)
|
$19
|
$—
|
$—
|
$19
|
|
|
(a)
|
Please refer to the SOI for specifics of portfolio holdings.
|
|
|||||||||
For the period ended January 31, 2024
|
|||||||||
Security Description
|
Value at
October 31,
2023
|
Purchases at
Cost
|
Proceeds from
Sales
|
Net Realized
Gain (Loss)
|
Change in
Unrealized
Appreciation/
(Depreciation)
|
Value at
January 31,
2024
|
Shares at
January 31,
2024
|
Dividend
Income
|
Capital Gain
Distributions
|
JPMorgan Prime Money Market Fund
Class Institutional Shares, 5.38% (a) (b)
|
$10,236
|
$98,481
|
$71,381
|
$2
|
$(3
)
|
$37,335
|
37,309
|
$246
|
$—
|
|
|
(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 January 31, 2024.
|