|
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., 2025.
|
|
INVESTMENTS
|
SHARES
(000)
|
VALUE
($000)
|
|
Common Stocks — 98.9%
|
||
|
Aerospace & Defense — 1.2%
|
||
|
Archer Aviation, Inc., Class A * (a)
|
107
|
763
|
|
Moog, Inc., Class A
|
23
|
4,037
|
|
Park Aerospace Corp.
|
21
|
283
|
|
Rocket Lab USA, Inc. *
|
72
|
1,288
|
|
Standardaero, Inc. *
|
37
|
975
|
|
V2X, Inc. *
|
66
|
3,213
|
|
|
|
10,559
|
|
Air Freight & Logistics — 0.1%
|
||
|
Radiant Logistics, Inc. *
|
97
|
596
|
|
Automobile Components — 1.4%
|
||
|
Adient plc *
|
113
|
1,448
|
|
Dana, Inc.
|
117
|
1,564
|
|
Dorman Products, Inc. *
|
14
|
1,704
|
|
Goodyear Tire & Rubber Co. (The) *
|
144
|
1,335
|
|
Modine Manufacturing Co. *
|
52
|
3,962
|
|
Phinia, Inc.
|
45
|
1,916
|
|
|
|
11,929
|
|
Banks — 10.5%
|
||
|
Amalgamated Financial Corp.
|
17
|
489
|
|
Amerant Bancorp, Inc.
|
9
|
176
|
|
Ameris Bancorp
|
61
|
3,515
|
|
Associated Banc-Corp.
|
19
|
420
|
|
Atlantic Union Bankshares Corp.
|
12
|
367
|
|
Axos Financial, Inc. *
|
32
|
2,095
|
|
Banc of California, Inc.
|
133
|
1,889
|
|
Bancorp, Inc. (The) *
|
26
|
1,390
|
|
Bank of NT Butterfield & Son Ltd. (The) (Bermuda)
|
122
|
4,766
|
|
BankUnited, Inc.
|
24
|
817
|
|
Banner Corp.
|
12
|
784
|
|
BayCom Corp.
|
4
|
95
|
|
Bridgewater Bancshares, Inc. *
|
6
|
81
|
|
Brookline Bancorp, Inc.
|
32
|
343
|
|
Business First Bancshares, Inc.
|
46
|
1,118
|
|
Byline Bancorp, Inc.
|
43
|
1,127
|
|
Cadence Bank
|
21
|
641
|
|
Capital City Bank Group, Inc.
|
6
|
200
|
|
Capitol Federal Financial, Inc.
|
34
|
191
|
|
Central Pacific Financial Corp.
|
15
|
398
|
|
CNB Financial Corp.
|
29
|
641
|
|
Community Financial System, Inc.
|
10
|
569
|
|
ConnectOne Bancorp, Inc.
|
98
|
2,389
|
|
Customers Bancorp, Inc. *
|
60
|
3,021
|
|
Dime Community Bancshares, Inc.
|
12
|
338
|
|
Eastern Bankshares, Inc.
|
201
|
3,301
|
|
Enterprise Financial Services Corp.
|
58
|
3,102
|
|
Equity Bancshares, Inc., Class A
|
46
|
1,818
|
|
INVESTMENTS
|
SHARES
(000)
|
VALUE
($000)
|
|
Common Stocks — continued
|
||
|
Banks — continued
|
||
|
FB Financial Corp.
|
11
|
521
|
|
Financial Institutions, Inc.
|
56
|
1,407
|
|
First BanCorp (Puerto Rico)
|
128
|
2,457
|
|
First Bancshares, Inc. (The)
|
41
|
1,388
|
|
First Financial Corp.
|
18
|
888
|
|
First Interstate BancSystem, Inc., Class A
|
9
|
259
|
|
First Merchants Corp.
|
54
|
2,200
|
|
First Mid Bancshares, Inc.
|
27
|
932
|
|
Hancock Whitney Corp.
|
28
|
1,454
|
|
Hanmi Financial Corp.
|
72
|
1,630
|
|
HBT Financial, Inc.
|
4
|
95
|
|
Heritage Commerce Corp.
|
199
|
1,899
|
|
Hilltop Holdings, Inc.
|
42
|
1,266
|
|
Home BancShares, Inc.
|
14
|
383
|
|
HomeTrust Bancshares, Inc.
|
6
|
201
|
|
Hope Bancorp, Inc.
|
62
|
653
|
|
Independent Bank Corp.
|
14
|
855
|
|
Mercantile Bank Corp.
|
4
|
158
|
|
Metropolitan Bank Holding Corp. *
|
19
|
1,082
|
|
Mid Penn Bancorp, Inc.
|
4
|
96
|
|
MidWestOne Financial Group, Inc.
|
6
|
172
|
|
OceanFirst Financial Corp.
|
142
|
2,413
|
|
OFG Bancorp (Puerto Rico)
|
50
|
2,015
|
|
Old National Bancorp
|
185
|
3,922
|
|
Old Second Bancorp, Inc.
|
111
|
1,841
|
|
Origin Bancorp, Inc.
|
22
|
778
|
|
Pathward Financial, Inc.
|
64
|
4,689
|
|
Peapack-Gladstone Financial Corp.
|
12
|
347
|
|
Pinnacle Financial Partners, Inc.
|
3
|
354
|
|
Preferred Bank
|
14
|
1,156
|
|
QCR Holdings, Inc.
|
38
|
2,719
|
|
Seacoast Banking Corp. of Florida
|
29
|
740
|
|
SmartFinancial, Inc.
|
6
|
196
|
|
South Plains Financial, Inc.
|
44
|
1,446
|
|
Southern Missouri Bancorp, Inc.
|
8
|
397
|
|
Southside Bancshares, Inc.
|
21
|
602
|
|
SouthState Corp.
|
7
|
677
|
|
Texas Capital Bancshares, Inc. *
|
16
|
1,197
|
|
Towne Bank
|
37
|
1,257
|
|
TriCo Bancshares
|
21
|
821
|
|
Trustmark Corp.
|
8
|
265
|
|
UMB Financial Corp.
|
20
|
2,057
|
|
United Bankshares, Inc.
|
16
|
563
|
|
United Community Banks, Inc.
|
13
|
376
|
|
Unity Bancorp, Inc.
|
13
|
538
|
|
Univest Financial Corp.
|
10
|
278
|
|
Veritex Holdings, Inc.
|
49
|
1,226
|
|
INVESTMENTS
|
SHARES
(000)
|
VALUE
($000)
|
|
Common Stocks — continued
|
||
|
Banks — continued
|
||
|
WaFd, Inc.
|
13
|
385
|
|
WesBanco, Inc.
|
26
|
803
|
|
Wintrust Financial Corp.
|
15
|
1,680
|
|
WSFS Financial Corp.
|
10
|
501
|
|
|
|
92,316
|
|
Beverages — 0.2%
|
||
|
Primo Brands Corp.
|
11
|
386
|
|
Vita Coco Co., Inc. (The) *
|
42
|
1,292
|
|
|
|
1,678
|
|
Biotechnology — 8.3%
|
||
|
ACADIA Pharmaceuticals, Inc. *
|
85
|
1,417
|
|
Akero Therapeutics, Inc. *
|
83
|
3,344
|
|
Alkermes plc *
|
122
|
4,029
|
|
Allogene Therapeutics, Inc. * (a)
|
662
|
967
|
|
Amicus Therapeutics, Inc. *
|
261
|
2,133
|
|
Annexon, Inc. *
|
545
|
1,053
|
|
Arcutis Biotherapeutics, Inc. *
|
191
|
2,990
|
|
Arrowhead Pharmaceuticals, Inc. *
|
28
|
350
|
|
Beam Therapeutics, Inc. *
|
91
|
1,776
|
|
Biohaven Ltd. *
|
39
|
943
|
|
Blueprint Medicines Corp. *
|
15
|
1,295
|
|
Bridgebio Pharma, Inc. *
|
15
|
531
|
|
Cartesian Therapeutics, Inc. * (a)
|
75
|
994
|
|
Catalyst Pharmaceuticals, Inc. *
|
66
|
1,600
|
|
Celldex Therapeutics, Inc. *
|
25
|
446
|
|
Crinetics Pharmaceuticals, Inc. *
|
71
|
2,387
|
|
Dynavax Technologies Corp. *
|
70
|
901
|
|
Fate Therapeutics, Inc. *
|
1,190
|
940
|
|
Halozyme Therapeutics, Inc. *
|
86
|
5,463
|
|
Immunome, Inc. *
|
233
|
1,571
|
|
Insmed, Inc. *
|
48
|
3,628
|
|
Intellia Therapeutics, Inc. *
|
28
|
198
|
|
iTeos Therapeutics, Inc. *
|
214
|
1,277
|
|
Janux Therapeutics, Inc. *
|
41
|
1,119
|
|
Kura Oncology, Inc. *
|
114
|
754
|
|
Mirum Pharmaceuticals, Inc. *
|
77
|
3,460
|
|
Neurogene, Inc. *
|
32
|
373
|
|
Nkarta, Inc. * (a)
|
463
|
852
|
|
Olema Pharmaceuticals, Inc. *
|
51
|
193
|
|
OmniAb Operations, Inc. ‡ *
|
7
|
—
|
|
Ovid therapeutics, Inc. *
|
462
|
144
|
|
Protagonist Therapeutics, Inc. *
|
107
|
5,171
|
|
Prothena Corp. plc (Ireland) *
|
29
|
364
|
|
PTC Therapeutics, Inc. *
|
27
|
1,364
|
|
Recursion Pharmaceuticals, Inc., Class A * (a)
|
172
|
911
|
|
Relay Therapeutics, Inc. *
|
235
|
615
|
|
INVESTMENTS
|
SHARES
(000)
|
VALUE
($000)
|
|
Common Stocks — continued
|
||
|
Biotechnology — continued
|
||
|
Replimune Group, Inc. *
|
70
|
685
|
|
Revolution Medicines, Inc. *
|
96
|
3,387
|
|
Sera Prognostics, Inc., Class A *
|
282
|
1,039
|
|
Summit Therapeutics, Inc. * (a)
|
153
|
2,943
|
|
Syndax Pharmaceuticals, Inc. *
|
82
|
1,012
|
|
Taysha Gene Therapies, Inc. *
|
354
|
493
|
|
Travere Therapeutics, Inc. *
|
100
|
1,783
|
|
Twist Bioscience Corp. *
|
8
|
298
|
|
Tyra Biosciences, Inc. *
|
29
|
267
|
|
Vaxcyte, Inc. *
|
74
|
2,781
|
|
Viking Therapeutics, Inc. *
|
91
|
2,192
|
|
Xencor, Inc. *
|
23
|
240
|
|
|
|
72,673
|
|
Building Products — 1.4%
|
||
|
Apogee Enterprises, Inc.
|
13
|
602
|
|
Gibraltar Industries, Inc. *
|
11
|
641
|
|
Griffon Corp.
|
71
|
5,098
|
|
Resideo Technologies, Inc. *
|
49
|
869
|
|
Simpson Manufacturing Co., Inc.
|
4
|
570
|
|
UFP Industries, Inc.
|
43
|
4,606
|
|
|
|
12,386
|
|
Capital Markets — 1.4%
|
||
|
Acadian Asset Management, Inc.
|
46
|
1,192
|
|
BGC Group, Inc., Class A
|
224
|
2,056
|
|
Cohen & Steers, Inc.
|
10
|
811
|
|
Donnelley Financial Solutions, Inc. *
|
40
|
1,735
|
|
Piper Sandler Cos.
|
3
|
738
|
|
StoneX Group, Inc. *
|
42
|
3,252
|
|
Victory Capital Holdings, Inc., Class A
|
7
|
399
|
|
Virtus Investment Partners, Inc.
|
13
|
2,182
|
|
|
|
12,365
|
|
Chemicals — 1.9%
|
||
|
Avient Corp.
|
42
|
1,559
|
|
Balchem Corp.
|
30
|
4,983
|
|
Cabot Corp.
|
30
|
2,502
|
|
Ecovyst, Inc. *
|
18
|
113
|
|
Hawkins, Inc.
|
10
|
1,111
|
|
HB Fuller Co.
|
29
|
1,623
|
|
Innospec, Inc.
|
19
|
1,784
|
|
Orion SA (Germany)
|
97
|
1,253
|
|
Perimeter Solutions, Inc. *
|
161
|
1,619
|
|
Tronox Holdings plc
|
47
|
331
|
|
|
|
16,878
|
|
Commercial Services & Supplies — 1.8%
|
||
|
ABM Industries, Inc.
|
129
|
6,095
|
|
INVESTMENTS
|
SHARES
(000)
|
VALUE
($000)
|
|
Common Stocks — continued
|
||
|
Commercial Services & Supplies — continued
|
||
|
ACV Auctions, Inc., Class A *
|
197
|
2,778
|
|
Brink's Co. (The)
|
21
|
1,800
|
|
GEO Group, Inc. (The) *
|
39
|
1,152
|
|
MillerKnoll, Inc.
|
86
|
1,636
|
|
Tetra Tech, Inc.
|
86
|
2,525
|
|
|
|
15,986
|
|
Communications Equipment — 0.9%
|
||
|
ADTRAN Holdings, Inc. *
|
143
|
1,252
|
|
Clearfield, Inc. *
|
85
|
2,522
|
|
CommScope Holding Co., Inc. *
|
140
|
744
|
|
Extreme Networks, Inc. *
|
57
|
750
|
|
NETGEAR, Inc. *
|
33
|
805
|
|
Viasat, Inc. *
|
146
|
1,523
|
|
|
|
7,596
|
|
Construction & Engineering — 3.0%
|
||
|
API Group Corp. *
|
133
|
4,736
|
|
Arcosa, Inc.
|
40
|
3,088
|
|
Construction Partners, Inc., Class A *
|
26
|
1,877
|
|
Dycom Industries, Inc. *
|
21
|
3,210
|
|
Fluor Corp. *
|
90
|
3,210
|
|
Granite Construction, Inc.
|
13
|
1,012
|
|
IES Holdings, Inc. *
|
9
|
1,398
|
|
MYR Group, Inc. *
|
35
|
3,964
|
|
Northwest Pipe Co. *
|
9
|
385
|
|
Primoris Services Corp.
|
13
|
764
|
|
Sterling Infrastructure, Inc. *
|
24
|
2,762
|
|
|
|
26,406
|
|
Construction Materials — 0.1%
|
||
|
Knife River Corp. *
|
7
|
642
|
|
Consumer Finance — 0.8%
|
||
|
Bread Financial Holdings, Inc.
|
18
|
881
|
|
Enova International, Inc. *
|
37
|
3,572
|
|
Navient Corp.
|
60
|
757
|
|
Upstart Holdings, Inc. *
|
40
|
1,863
|
|
|
|
7,073
|
|
Consumer Staples Distribution & Retail — 0.9%
|
||
|
Andersons, Inc. (The)
|
27
|
1,146
|
|
Chefs' Warehouse, Inc. (The) *
|
24
|
1,304
|
|
Sprouts Farmers Market, Inc. *
|
26
|
3,915
|
|
Weis Markets, Inc.
|
20
|
1,558
|
|
|
|
7,923
|
|
INVESTMENTS
|
SHARES
(000)
|
VALUE
($000)
|
|
Common Stocks — continued
|
||
|
Containers & Packaging — 0.1%
|
||
|
Greif, Inc., Class A
|
8
|
450
|
|
O-I Glass, Inc. *
|
61
|
694
|
|
|
|
1,144
|
|
Distributors — 0.1%
|
||
|
GigaCloud Technology, Inc., Class A (Hong Kong) * (a)
|
75
|
1,062
|
|
Diversified Consumer Services — 1.5%
|
||
|
Adtalem Global Education, Inc. *
|
12
|
1,242
|
|
Coursera, Inc. *
|
289
|
1,921
|
|
Duolingo, Inc. *
|
5
|
1,635
|
|
KinderCare Learning Cos., Inc. * (a)
|
150
|
1,733
|
|
Laureate Education, Inc., Class A *
|
169
|
3,463
|
|
Mister Car Wash, Inc. *
|
123
|
969
|
|
OneSpaWorld Holdings Ltd. (Bahamas)
|
112
|
1,879
|
|
|
|
12,842
|
|
Diversified REITs — 0.9%
|
||
|
Alexander & Baldwin, Inc.
|
78
|
1,341
|
|
American Assets Trust, Inc.
|
36
|
725
|
|
Armada Hoffler Properties, Inc.
|
15
|
111
|
|
Broadstone Net Lease, Inc.
|
132
|
2,252
|
|
Empire State Realty Trust, Inc., Class A
|
113
|
889
|
|
Essential Properties Realty Trust, Inc.
|
87
|
2,833
|
|
|
|
8,151
|
|
Diversified Telecommunication Services — 0.4%
|
||
|
AST SpaceMobile, Inc. * (a)
|
29
|
656
|
|
Globalstar, Inc. *
|
17
|
347
|
|
Iridium Communications, Inc.
|
13
|
363
|
|
Liberty Latin America Ltd., Class C (Puerto Rico) *
|
292
|
1,812
|
|
Lumen Technologies, Inc. *
|
197
|
773
|
|
|
|
3,951
|
|
Electric Utilities — 0.8%
|
||
|
IDACORP, Inc.
|
24
|
2,805
|
|
Portland General Electric Co.
|
81
|
3,601
|
|
TXNM Energy, Inc.
|
12
|
654
|
|
|
|
7,060
|
|
Electrical Equipment — 1.2%
|
||
|
Atkore, Inc.
|
35
|
2,095
|
|
Bloom Energy Corp., Class A *
|
29
|
571
|
|
EnerSys
|
53
|
4,804
|
|
Fluence Energy, Inc. * (a)
|
47
|
228
|
|
NEXTracker, Inc., Class A *
|
16
|
688
|
|
Sunrun, Inc. *
|
72
|
423
|
|
Thermon Group Holdings, Inc. *
|
56
|
1,559
|
|
|
|
10,368
|
|
INVESTMENTS
|
SHARES
(000)
|
VALUE
($000)
|
|
Common Stocks — continued
|
||
|
Electronic Equipment, Instruments & Components — 2.6%
|
||
|
Arlo Technologies, Inc. *
|
294
|
2,906
|
|
Bel Fuse, Inc., Class A
|
25
|
1,814
|
|
Insight Enterprises, Inc. *
|
7
|
1,064
|
|
Knowles Corp. *
|
118
|
1,791
|
|
PC Connection, Inc.
|
56
|
3,477
|
|
Plexus Corp. *
|
29
|
3,665
|
|
Richardson Electronics Ltd.
|
58
|
645
|
|
Sanmina Corp. *
|
85
|
6,470
|
|
ScanSource, Inc. *
|
35
|
1,208
|
|
|
|
23,040
|
|
Energy Equipment & Services — 1.7%
|
||
|
Archrock, Inc.
|
38
|
990
|
|
Cactus, Inc., Class A
|
7
|
329
|
|
Expro Group Holdings NV *
|
11
|
106
|
|
Helmerich & Payne, Inc.
|
7
|
188
|
|
Liberty Energy, Inc.
|
253
|
3,999
|
|
Noble Corp. plc
|
55
|
1,304
|
|
Oceaneering International, Inc. *
|
79
|
1,732
|
|
Patterson-UTI Energy, Inc.
|
181
|
1,490
|
|
ProPetro Holding Corp. *
|
80
|
586
|
|
Select Water Solutions, Inc.
|
127
|
1,336
|
|
Valaris Ltd. *
|
42
|
1,629
|
|
Weatherford International plc
|
17
|
913
|
|
|
|
14,602
|
|
Entertainment — 0.2%
|
||
|
Cinemark Holdings, Inc.
|
24
|
594
|
|
IMAX Corp. *
|
16
|
430
|
|
Lions Gate Entertainment Corp., Class A *
|
67
|
588
|
|
|
|
1,612
|
|
Financial Services — 4.5%
|
||
|
Acacia Research Corp. *
|
275
|
880
|
|
Banco Latinoamericano de Comercio Exterior SA, Class E (Panama)
|
62
|
2,260
|
|
Burford Capital Ltd.
|
168
|
2,214
|
|
Enact Holdings, Inc.
|
115
|
4,006
|
|
Essent Group Ltd.
|
45
|
2,627
|
|
EVERTEC, Inc. (Puerto Rico)
|
58
|
2,147
|
|
HA Sustainable Infrastructure Capital, Inc.
|
85
|
2,479
|
|
Jackson Financial, Inc., Class A
|
38
|
3,169
|
|
Marqeta, Inc., Class A *
|
1,386
|
5,710
|
|
Merchants Bancorp
|
45
|
1,678
|
|
Mr. Cooper Group, Inc. *
|
52
|
6,260
|
|
NMI Holdings, Inc., Class A *
|
66
|
2,373
|
|
PennyMac Financial Services, Inc.
|
14
|
1,427
|
|
Radian Group, Inc.
|
67
|
2,201
|
|
|
|
39,431
|
|
INVESTMENTS
|
SHARES
(000)
|
VALUE
($000)
|
|
Common Stocks — continued
|
||
|
Food Products — 1.6%
|
||
|
Cal-Maine Foods, Inc.
|
22
|
2,011
|
|
Dole plc
|
255
|
3,682
|
|
Fresh Del Monte Produce, Inc.
|
27
|
846
|
|
Lancaster Colony Corp.
|
15
|
2,541
|
|
Simply Good Foods Co. (The) *
|
72
|
2,496
|
|
Utz Brands, Inc.
|
65
|
921
|
|
Vital Farms, Inc. *
|
41
|
1,239
|
|
|
|
13,736
|
|
Gas Utilities — 1.0%
|
||
|
Chesapeake Utilities Corp.
|
15
|
1,945
|
|
New Jersey Resources Corp.
|
26
|
1,296
|
|
Northwest Natural Holding Co.
|
20
|
861
|
|
ONE Gas, Inc.
|
61
|
4,576
|
|
|
|
8,678
|
|
Ground Transportation — 0.1%
|
||
|
ArcBest Corp.
|
15
|
1,026
|
|
Health Care Equipment & Supplies — 4.2%
|
||
|
AtriCure, Inc. *
|
70
|
2,262
|
|
Axogen, Inc. *
|
89
|
1,650
|
|
Glaukos Corp. *
|
32
|
3,180
|
|
Inmode Ltd. *
|
38
|
676
|
|
Inogen, Inc. *
|
146
|
1,042
|
|
Integra LifeSciences Holdings Corp. *
|
85
|
1,857
|
|
iRhythm Technologies, Inc. *
|
61
|
6,405
|
|
Lantheus Holdings, Inc. *
|
27
|
2,607
|
|
OraSure Technologies, Inc. *
|
533
|
1,797
|
|
PROCEPT BioRobotics Corp. *
|
56
|
3,246
|
|
Pulmonx Corp. *
|
210
|
1,411
|
|
SI-BONE, Inc. *
|
45
|
637
|
|
Sight Sciences, Inc. *
|
18
|
42
|
|
TransMedics Group, Inc. *
|
40
|
2,659
|
|
Treace Medical Concepts, Inc. *
|
603
|
5,060
|
|
Varex Imaging Corp. *
|
206
|
2,391
|
|
|
|
36,922
|
|
Health Care Providers & Services — 2.3%
|
||
|
Addus HomeCare Corp. *
|
5
|
493
|
|
agilon health, Inc. *
|
286
|
1,240
|
|
Brookdale Senior Living, Inc. *
|
232
|
1,454
|
|
Concentra Group Holdings Parent, Inc.
|
78
|
1,687
|
|
CorVel Corp. *
|
13
|
1,399
|
|
Enhabit, Inc. *
|
213
|
1,875
|
|
Ensign Group, Inc. (The)
|
27
|
3,558
|
|
National HealthCare Corp.
|
8
|
741
|
|
NeoGenomics, Inc. *
|
44
|
419
|
|
OPKO Health, Inc. * (a)
|
345
|
572
|
|
INVESTMENTS
|
SHARES
(000)
|
VALUE
($000)
|
|
Common Stocks — continued
|
||
|
Health Care Providers & Services — continued
|
||
|
Option Care Health, Inc. *
|
90
|
3,134
|
|
Progyny, Inc. *
|
130
|
2,906
|
|
Surgery Partners, Inc. *
|
17
|
405
|
|
|
|
19,883
|
|
Health Care REITs — 0.7%
|
||
|
American Healthcare REIT, Inc.
|
9
|
280
|
|
CareTrust REIT, Inc.
|
100
|
2,868
|
|
Community Healthcare Trust, Inc.
|
16
|
281
|
|
Sabra Health Care REIT, Inc.
|
166
|
2,895
|
|
|
|
6,324
|
|
Health Care Technology — 0.4%
|
||
|
Health Catalyst, Inc. *
|
259
|
1,172
|
|
Teladoc Health, Inc. *
|
251
|
2,002
|
|
|
|
3,174
|
|
Hotel & Resort REITs — 1.3%
|
||
|
Apple Hospitality REIT, Inc.
|
105
|
1,352
|
|
Chatham Lodging Trust
|
185
|
1,320
|
|
DiamondRock Hospitality Co.
|
181
|
1,401
|
|
RLJ Lodging Trust
|
103
|
810
|
|
Ryman Hospitality Properties, Inc.
|
53
|
4,823
|
|
Xenia Hotels & Resorts, Inc.
|
139
|
1,634
|
|
|
|
11,340
|
|
Hotels, Restaurants & Leisure — 2.4%
|
||
|
Accel Entertainment, Inc. *
|
152
|
1,505
|
|
Biglari Holdings, Inc., Class B *
|
6
|
1,203
|
|
BJ's Restaurants, Inc. *
|
25
|
857
|
|
Brinker International, Inc. *
|
9
|
1,392
|
|
El Pollo Loco Holdings, Inc. *
|
80
|
825
|
|
Hilton Grand Vacations, Inc. *
|
60
|
2,260
|
|
International Game Technology plc
|
91
|
1,486
|
|
Kura Sushi USA, Inc., Class A * (a)
|
27
|
1,402
|
|
Life Time Group Holdings, Inc. *
|
67
|
2,009
|
|
Monarch Casino & Resort, Inc.
|
38
|
2,933
|
|
Portillo's, Inc., Class A * (a)
|
113
|
1,339
|
|
Shake Shack, Inc., Class A *
|
23
|
2,020
|
|
United Parks & Resorts, Inc. *
|
44
|
2,019
|
|
|
|
21,250
|
|
Household Durables — 1.9%
|
||
|
Cavco Industries, Inc. *
|
5
|
2,439
|
|
Century Communities, Inc.
|
13
|
888
|
|
Champion Homes, Inc. *
|
32
|
2,996
|
|
Green Brick Partners, Inc. *
|
21
|
1,213
|
|
Helen of Troy Ltd. *
|
33
|
1,758
|
|
KB Home
|
28
|
1,654
|
|
M/I Homes, Inc. *
|
10
|
1,136
|
|
INVESTMENTS
|
SHARES
(000)
|
VALUE
($000)
|
|
Common Stocks — continued
|
||
|
Household Durables — continued
|
||
|
Meritage Homes Corp.
|
21
|
1,481
|
|
Taylor Morrison Home Corp. *
|
32
|
1,942
|
|
Tri Pointe Homes, Inc. *
|
43
|
1,370
|
|
|
|
16,877
|
|
Household Products — 0.1%
|
||
|
Central Garden & Pet Co., Class A *
|
39
|
1,287
|
|
Independent Power and Renewable Electricity Producers — 0.2%
|
||
|
Clearway Energy, Inc.
|
17
|
476
|
|
Clearway Energy, Inc., Class C
|
43
|
1,314
|
|
|
|
1,790
|
|
Industrial REITs — 0.4%
|
||
|
First Industrial Realty Trust, Inc.
|
12
|
617
|
|
LXP Industrial Trust
|
205
|
1,774
|
|
Plymouth Industrial REIT, Inc.
|
68
|
1,109
|
|
|
|
3,500
|
|
Insurance — 1.1%
|
||
|
CNO Financial Group, Inc.
|
73
|
3,051
|
|
Genworth Financial, Inc., Class A *
|
78
|
551
|
|
Hamilton Insurance Group Ltd., Class B (Bermuda) *
|
26
|
531
|
|
Oscar Health, Inc., Class A *
|
119
|
1,557
|
|
Palomar Holdings, Inc. *
|
5
|
703
|
|
RLI Corp.
|
21
|
1,702
|
|
Selective Insurance Group, Inc.
|
10
|
896
|
|
Skyward Specialty Insurance Group, Inc. *
|
7
|
391
|
|
|
|
9,382
|
|
Interactive Media & Services — 0.8%
|
||
|
Cargurus, Inc. *
|
79
|
2,299
|
|
QuinStreet, Inc. *
|
37
|
655
|
|
Shutterstock, Inc.
|
18
|
342
|
|
Yelp, Inc. *
|
96
|
3,537
|
|
|
|
6,833
|
|
IT Services — 0.5%
|
||
|
ASGN, Inc. *
|
44
|
2,798
|
|
Hackett Group, Inc. (The)
|
43
|
1,271
|
|
Unisys Corp. *
|
138
|
632
|
|
|
|
4,701
|
|
Leisure Products — 0.3%
|
||
|
Peloton Interactive, Inc., Class A *
|
388
|
2,452
|
|
Life Sciences Tools & Services — 0.3%
|
||
|
Adaptive Biotechnologies Corp. *
|
305
|
2,269
|
|
CryoPort, Inc. *
|
93
|
565
|
|
INVESTMENTS
|
SHARES
(000)
|
VALUE
($000)
|
|
Common Stocks — continued
|
||
|
Life Sciences Tools & Services — continued
|
||
|
OmniAb, Inc. * (a)
|
58
|
138
|
|
OmniAb, Inc. ‡ *
|
7
|
—
|
|
|
|
2,972
|
|
Machinery — 2.6%
|
||
|
Blue Bird Corp. *
|
31
|
1,004
|
|
Greenbrier Cos., Inc. (The)
|
3
|
144
|
|
Kadant, Inc.
|
7
|
2,499
|
|
Kennametal, Inc.
|
52
|
1,101
|
|
Mueller Industries, Inc.
|
93
|
7,100
|
|
Mueller Water Products, Inc., Class A
|
135
|
3,441
|
|
Terex Corp.
|
57
|
2,133
|
|
Titan International, Inc. *
|
115
|
963
|
|
Watts Water Technologies, Inc., Class A
|
23
|
4,644
|
|
|
|
23,029
|
|
Marine Transportation — 0.3%
|
||
|
Matson, Inc.
|
20
|
2,586
|
|
Safe Bulkers, Inc. (Monaco)
|
83
|
304
|
|
|
|
2,890
|
|
Media — 1.2%
|
||
|
AMC Networks, Inc., Class A *
|
12
|
86
|
|
EchoStar Corp., Class A * (a)
|
22
|
571
|
|
Gray Media, Inc.
|
45
|
193
|
|
John Wiley & Sons, Inc., Class A
|
39
|
1,736
|
|
Magnite, Inc. *
|
190
|
2,162
|
|
PubMatic, Inc., Class A *
|
153
|
1,397
|
|
Scholastic Corp.
|
39
|
742
|
|
Stagwell, Inc. *
|
218
|
1,318
|
|
TechTarget, Inc. *
|
72
|
1,072
|
|
Thryv Holdings, Inc. *
|
64
|
821
|
|
|
|
10,098
|
|
Metals & Mining — 1.3%
|
||
|
Alpha Metallurgical Resources, Inc. *
|
4
|
431
|
|
ATI, Inc. *
|
10
|
519
|
|
Carpenter Technology Corp.
|
5
|
950
|
|
Coeur Mining, Inc. *
|
64
|
379
|
|
Commercial Metals Co.
|
112
|
5,155
|
|
Constellium SE *
|
73
|
733
|
|
Hecla Mining Co.
|
224
|
1,248
|
|
Olympic Steel, Inc.
|
9
|
280
|
|
SunCoke Energy, Inc.
|
25
|
232
|
|
Warrior Met Coal, Inc.
|
27
|
1,306
|
|
|
|
11,233
|
|
Mortgage Real Estate Investment Trusts (REITs) — 0.7%
|
||
|
Brightspire Capital, Inc.
|
192
|
1,070
|
|
KKR Real Estate Finance Trust, Inc.
|
16
|
175
|
|
INVESTMENTS
|
SHARES
(000)
|
VALUE
($000)
|
|
Common Stocks — continued
|
||
|
Mortgage Real Estate Investment Trusts (REITs) — continued
|
||
|
Ladder Capital Corp.
|
351
|
4,003
|
|
MFA Financial, Inc.
|
36
|
371
|
|
TPG RE Finance Trust, Inc.
|
74
|
602
|
|
|
|
6,221
|
|
Multi-Utilities — 0.5%
|
||
|
Avista Corp.
|
8
|
331
|
|
Black Hills Corp.
|
11
|
644
|
|
Unitil Corp.
|
59
|
3,406
|
|
|
|
4,381
|
|
Office REITs — 0.9%
|
||
|
City Office REIT, Inc.
|
34
|
175
|
|
COPT Defense Properties
|
173
|
4,709
|
|
Piedmont Office Realty Trust, Inc., Class A
|
164
|
1,212
|
|
SL Green Realty Corp.
|
24
|
1,416
|
|
|
|
7,512
|
|
Oil, Gas & Consumable Fuels — 3.4%
|
||
|
California Resources Corp.
|
8
|
375
|
|
Chord Energy Corp.
|
9
|
1,059
|
|
CNX Resources Corp. *
|
30
|
932
|
|
Core Natural Resources, Inc.
|
16
|
1,263
|
|
CVR Energy, Inc.
|
25
|
490
|
|
Delek US Holdings, Inc.
|
20
|
296
|
|
Gulfport Energy Corp. *
|
13
|
2,482
|
|
International Seaways, Inc.
|
44
|
1,458
|
|
Magnolia Oil & Gas Corp., Class A
|
59
|
1,495
|
|
Matador Resources Co.
|
50
|
2,570
|
|
Murphy Oil Corp.
|
80
|
2,264
|
|
Ovintiv, Inc.
|
46
|
1,952
|
|
PBF Energy, Inc., Class A
|
29
|
545
|
|
Peabody Energy Corp.
|
66
|
894
|
|
Permian Resources Corp.
|
164
|
2,276
|
|
Scorpio Tankers, Inc. (Monaco)
|
3
|
114
|
|
SM Energy Co.
|
105
|
3,136
|
|
Teekay Corp. Ltd. (Bermuda)
|
131
|
858
|
|
Teekay Tankers Ltd., Class A (Canada)
|
63
|
2,416
|
|
Uranium Energy Corp. *
|
282
|
1,347
|
|
World Kinect Corp.
|
47
|
1,324
|
|
|
|
29,546
|
|
Passenger Airlines — 0.2%
|
||
|
Blade Air Mobility, Inc. *
|
93
|
254
|
|
SkyWest, Inc. *
|
7
|
601
|
|
Sun Country Airlines Holdings, Inc. *
|
38
|
467
|
|
|
|
1,322
|
|
Personal Care Products — 0.3%
|
||
|
BellRing Brands, Inc. *
|
5
|
373
|
|
INVESTMENTS
|
SHARES
(000)
|
VALUE
($000)
|
|
Common Stocks — continued
|
||
|
Personal Care Products — continued
|
||
|
Edgewell Personal Care Co.
|
27
|
836
|
|
Nature's Sunshine Products, Inc. *
|
35
|
444
|
|
Oddity Tech Ltd., Class A (Israel) * (a)
|
22
|
942
|
|
|
|
2,595
|
|
Pharmaceuticals — 1.0%
|
||
|
ANI Pharmaceuticals, Inc. *
|
9
|
621
|
|
Arvinas, Inc. *
|
76
|
534
|
|
Atea Pharmaceuticals, Inc. *
|
112
|
335
|
|
Corcept Therapeutics, Inc. *
|
28
|
3,244
|
|
Evolus, Inc. *
|
276
|
3,323
|
|
Ventyx Biosciences, Inc. *
|
274
|
315
|
|
WaVe Life Sciences Ltd. *
|
63
|
506
|
|
|
|
8,878
|
|
Professional Services — 3.1%
|
||
|
Barrett Business Services, Inc.
|
52
|
2,141
|
|
CBIZ, Inc. *
|
29
|
2,171
|
|
Conduent, Inc. *
|
337
|
909
|
|
CSG Systems International, Inc.
|
48
|
2,917
|
|
ExlService Holdings, Inc. *
|
34
|
1,602
|
|
Heidrick & Struggles International, Inc.
|
11
|
485
|
|
IBEX Holdings Ltd. *
|
198
|
4,814
|
|
Insperity, Inc.
|
21
|
1,866
|
|
KBR, Inc.
|
36
|
1,774
|
|
Kforce, Inc.
|
34
|
1,689
|
|
Korn Ferry
|
34
|
2,285
|
|
Legalzoom.com, Inc. *
|
104
|
899
|
|
Planet Labs PBC *
|
67
|
225
|
|
Upwork, Inc. *
|
38
|
503
|
|
WNS Holdings Ltd. (India) *
|
49
|
3,020
|
|
|
|
27,300
|
|
Real Estate Management & Development — 0.2%
|
||
|
Cushman & Wakefield plc *
|
36
|
372
|
|
Newmark Group, Inc., Class A
|
43
|
524
|
|
Real Brokerage, Inc. (The) (Canada) *
|
229
|
929
|
|
|
|
1,825
|
|
Residential REITs — 0.3%
|
||
|
Independence Realty Trust, Inc.
|
91
|
1,926
|
|
UMH Properties, Inc.
|
19
|
346
|
|
Veris Residential, Inc.
|
22
|
378
|
|
|
|
2,650
|
|
Retail REITs — 1.4%
|
||
|
Agree Realty Corp.
|
7
|
572
|
|
Curbline Properties Corp.
|
52
|
1,263
|
|
InvenTrust Properties Corp.
|
60
|
1,750
|
|
Kimco Realty Corp.
|
14
|
287
|
|
INVESTMENTS
|
SHARES
(000)
|
VALUE
($000)
|
|
Common Stocks — continued
|
||
|
Retail REITs — continued
|
||
|
Kite Realty Group Trust
|
72
|
1,605
|
|
Phillips Edison & Co., Inc.
|
183
|
6,680
|
|
|
|
12,157
|
|
Semiconductors & Semiconductor Equipment — 1.8%
|
||
|
ACM Research, Inc., Class A *
|
67
|
1,570
|
|
Axcelis Technologies, Inc. *
|
6
|
273
|
|
Credo Technology Group Holding Ltd. *
|
25
|
1,005
|
|
FormFactor, Inc. *
|
64
|
1,812
|
|
MaxLinear, Inc. *
|
27
|
294
|
|
NVE Corp.
|
22
|
1,381
|
|
Penguin Solutions, Inc. *
|
68
|
1,179
|
|
Rambus, Inc. *
|
114
|
5,904
|
|
Semtech Corp. *
|
23
|
807
|
|
Ultra Clean Holdings, Inc. *
|
87
|
1,869
|
|
|
|
16,094
|
|
Software — 5.5%
|
||
|
A10 Networks, Inc.
|
24
|
387
|
|
Agilysys, Inc. *
|
15
|
1,076
|
|
Appian Corp., Class A *
|
42
|
1,218
|
|
Aurora Innovation, Inc. *
|
385
|
2,591
|
|
BlackLine, Inc. *
|
29
|
1,407
|
|
Box, Inc., Class A *
|
115
|
3,538
|
|
Braze, Inc., Class A *
|
32
|
1,140
|
|
Cleanspark, Inc. * (a)
|
26
|
178
|
|
Clearwater Analytics Holdings, Inc., Class A *
|
146
|
3,913
|
|
Commvault Systems, Inc. *
|
14
|
2,265
|
|
Consensus Cloud Solutions, Inc. *
|
83
|
1,908
|
|
Domo, Inc., Class B *
|
5
|
37
|
|
Freshworks, Inc., Class A *
|
196
|
2,762
|
|
Hut 8 Corp. (Canada) * (a)
|
25
|
295
|
|
InterDigital, Inc. (a)
|
22
|
4,618
|
|
LiveRamp Holdings, Inc. *
|
56
|
1,462
|
|
Logility Supply Chain Solutions, Inc., Class A
|
179
|
2,554
|
|
MARA Holdings, Inc. * (a)
|
206
|
2,373
|
|
N-Able, Inc. *
|
86
|
609
|
|
ON24, Inc. *
|
395
|
2,053
|
|
Onestream, Inc. *
|
12
|
259
|
|
Ooma, Inc. *
|
118
|
1,542
|
|
Porch Group, Inc. *
|
90
|
659
|
|
Qualys, Inc. *
|
18
|
2,283
|
|
Sapiens International Corp. NV (Israel)
|
45
|
1,216
|
|
SPS Commerce, Inc. *
|
6
|
780
|
|
Tenable Holdings, Inc. *
|
64
|
2,227
|
|
Xperi, Inc. *
|
305
|
2,352
|
|
Zeta Global Holdings Corp., Class A *
|
70
|
948
|
|
|
|
48,650
|
|
INVESTMENTS
|
SHARES
(000)
|
VALUE
($000)
|
|
Common Stocks — continued
|
||
|
Specialized REITs — 0.7%
|
||
|
PotlatchDeltic Corp.
|
130
|
5,883
|
|
Specialty Retail — 1.8%
|
||
|
Abercrombie & Fitch Co., Class A *
|
13
|
991
|
|
Academy Sports & Outdoors, Inc. (a)
|
56
|
2,543
|
|
American Eagle Outfitters, Inc.
|
71
|
826
|
|
Arko Corp.
|
94
|
371
|
|
Asbury Automotive Group, Inc. *
|
6
|
1,303
|
|
Boot Barn Holdings, Inc. *
|
19
|
2,025
|
|
Buckle, Inc. (The)
|
37
|
1,425
|
|
Citi Trends, Inc. *
|
28
|
629
|
|
Foot Locker, Inc. *
|
107
|
1,502
|
|
Group 1 Automotive, Inc.
|
4
|
1,459
|
|
Shoe Carnival, Inc.
|
26
|
582
|
|
Sonic Automotive, Inc., Class A
|
19
|
1,109
|
|
Victoria's Secret & Co. *
|
50
|
925
|
|
|
|
15,690
|
|
Technology Hardware, Storage & Peripherals — 0.2%
|
||
|
IonQ, Inc. * (a)
|
62
|
1,373
|
|
Textiles, Apparel & Luxury Goods — 0.3%
|
||
|
Crocs, Inc. *
|
5
|
568
|
|
G-III Apparel Group Ltd. *
|
30
|
813
|
|
Wolverine World Wide, Inc.
|
121
|
1,687
|
|
|
|
3,068
|
|
Trading Companies & Distributors — 3.2%
|
||
|
Applied Industrial Technologies, Inc.
|
20
|
4,620
|
|
Beacon Roofing Supply, Inc. *
|
24
|
2,969
|
|
BlueLinx Holdings, Inc. *
|
7
|
528
|
|
Boise Cascade Co.
|
20
|
1,941
|
|
DNOW, Inc. *
|
216
|
3,693
|
|
DXP Enterprises, Inc. *
|
7
|
548
|
|
FTAI Aviation Ltd.
|
26
|
2,843
|
|
Herc Holdings, Inc.
|
22
|
2,973
|
|
Hudson Technologies, Inc. *
|
10
|
62
|
|
McGrath RentCorp
|
8
|
856
|
|
MRC Global, Inc. *
|
112
|
1,286
|
|
Rush Enterprises, Inc., Class A
|
72
|
3,855
|
|
WESCO International, Inc.
|
13
|
1,974
|
|
|
|
28,148
|
|
Water Utilities — 0.3%
|
||
|
American States Water Co.
|
10
|
795
|
|
Consolidated Water Co. Ltd., Class D
|
86
|
2,113
|
|
|
|
2,908
|
|
Wireless Telecommunication Services — 0.2%
|
||
|
Gogo, Inc. * (a)
|
67
|
581
|
|
INVESTMENTS
|
SHARES
(000)
|
VALUE
($000)
|
|
Common Stocks — continued
|
||
|
Wireless Telecommunication Services — continued
|
||
|
Spok Holdings, Inc.
|
38
|
619
|
|
Telephone and Data Systems, Inc.
|
14
|
522
|
|
|
|
1,722
|
|
Total Common Stocks
(Cost $836,903)
|
|
867,569
|
|
Short-Term Investments — 2.9%
|
||
|
Investment Companies — 1.1%
|
||
|
JPMorgan Prime Money Market Fund Class IM Shares, 4.43% (b) (c)
(Cost $9,272)
|
9,270
|
9,273
|
|
Investment of Cash Collateral from Securities Loaned — 1.8%
|
||
|
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 4.38% (b) (c)
(Cost $16,236)
|
16,236
|
16,236
|
|
Total Short-Term Investments
(Cost $25,508)
|
|
25,509
|
|
Total Investments — 101.8%
(Cost $862,411)
|
|
893,078
|
|
Liabilities in Excess of Other Assets — (1.8)%
|
|
(15,805
)
|
|
NET ASSETS — 100.0%
|
|
877,273
|
|
Percentages indicated are based on net assets.
|
||
|
Amounts presented as a dash ("-") represent amounts that round to less than a thousand.
|
|
Abbreviations
|
|
|
REIT
|
Real Estate Investment Trust
|
|
‡
|
Value determined using significant unobservable inputs.
|
|
*
|
Non-income producing security.
|
|
(a)
|
The security or a portion of this security is on loan at March 31, 2025. The total
value of securities on loan at March 31, 2025 is $14,961.
|
|
(b)
|
Investment in an affiliated fund, which is registered under the Investment Company
Act of 1940, as amended, and is advised by J.P. Morgan Investment
Management Inc.
|
|
(c)
|
The rate shown is the current yield as of March 31, 2025.
|
|
DESCRIPTION
|
NUMBER OF
CONTRACTS
|
EXPIRATION DATE
|
TRADING CURRENCY
|
NOTIONAL
AMOUNT ($)
|
VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
|
|
Long Contracts
|
|
|
|
|
|
|
Russell 2000 E-Mini Index
|
94
|
06/20/2025
|
USD
|
9,527
|
(159
)
|
|
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)
|
$893,078
|
$—
|
$—
|
$893,078
|
|
Depreciation in Other Financial Instruments
|
|
|
|
|
|
Futures Contracts (a)
|
$(159
)
|
$—
|
$—
|
$(159
)
|
|
|
|
|
(a)
|
Please refer to the SOI for specifics of portfolio holdings.
|
|
|
|||||||||
|
For the period ended March 31, 2025
|
|||||||||
|
Security Description
|
Value at
June 30,
2024
|
Purchases at
Cost
|
Proceeds from
Sales
|
Net Realized
Gain (Loss)
|
Change in
Unrealized
Appreciation/
(Depreciation)
|
Value at
March 31,
2025
|
Shares at
March 31,
2025
|
Dividend
Income
|
Capital Gain
Distributions
|
|
JPMorgan Prime Money Market Fund Class IM Shares,
4.43% (a) (b)
|
$10,540
|
$354,113
|
$355,389
|
$9
|
$—
(c)
|
$9,273
|
9,270
|
$831
|
$—
|
|
JPMorgan Securities Lending Money Market Fund
Agency SL Class Shares, 4.38% (a) (b)
|
49,584
|
178,705
|
212,057
|
3
|
1
|
16,236
|
16,236
|
1,112
|
—
|
|
JPMorgan U.S. Government Money Market Fund
Class IM Shares, 4.31% (a) (b)
|
6,112
|
21,013
|
27,125
|
—
|
—
|
—
|
—
|
44
|
—
|
|
Total
|
$66,236
|
$553,831
|
$594,571
|
$12
|
$1
|
$25,509
|
|
$1,987
|
$—
|
|
|
|
|
(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, 2025.
|
|
(c)
|
Amount rounds to less than one thousand.
|