NPORT-EX 2 HG_SCV.htm FOR VALIDATION PURPOSES ONLY - [899862.HG_SCV]

JPMorgan Small Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2020 (Unaudited)

 

Investments

    Shares (000)      Value ($000)  

COMMON STOCKS — 96.2%

 

Aerospace & Defense — 0.5%

 

AAR Corp.

      76        1,343  

Maxar Technologies, Inc.

      153        1,633  

Moog, Inc., Class A

      30        1,490  
     

 

 

  
        4,466  
     

 

 

  

Air Freight & Logistics — 1.0%

 

Echo Global Logistics, Inc. *

      282        4,810  

Hub Group, Inc., Class A *

      88        3,978  
     

 

 

  
        8,788  
     

 

 

  

Airlines — 0.1%

 

Hawaiian Holdings, Inc.

      117        1,216  
     

 

 

  

Auto Components — 0.7%

 

Adient plc *

      163        1,475  

Cooper-Standard Holdings, Inc. *

      6        60  

Gentherm, Inc. *

      97        3,033  

Stoneridge, Inc. *

      88        1,476  
     

 

 

  
        6,044  
     

 

 

  

Banks — 17.2%

 

1st Source Corp.

      83        2,675  

American National Bankshares, Inc.

      5        117  

Atlantic Capital Bancshares, Inc. *

      58        693  

Atlantic Union Bankshares Corp.

      6        138  

BancFirst Corp. (a)

      96        3,207  

BancorpSouth Bank

      59        1,122  

BankFinancial Corp.

      172        1,515  

Banner Corp.

      32        1,064  

Brookline Bancorp, Inc. (a)

      177        1,994  

Bryn Mawr Bank Corp.

      24        670  

Cathay General Bancorp

      158        3,615  

Central Pacific Financial Corp.

      342        5,438  

Central Valley Community Bancorp

      19        241  

Century Bancorp, Inc., Class A (a)

      3        187  

Citizens & Northern Corp.

      10        206  

City Holding Co. (a)

      49        3,267  

Columbia Banking System, Inc.

      152        4,066  

Community Bank System, Inc. (a)

      104        6,103  

Community Trust Bancorp, Inc.

      93        2,965  

East West Bancorp, Inc.

      9        240  

Enterprise Financial Services Corp.

      162        4,513  

Equity Bancshares, Inc., Class A *

      25        426  

Farmers National Banc Corp.

      85        983  

Financial Institutions, Inc.

      53        963  

First Bancorp (a)

      23        533  

First BanCorp (Puerto Rico) (a)

      925        4,920  

First Citizens BancShares, Inc., Class A

      6        2,097  

First Commonwealth Financial Corp.

      736        6,727  

First Community Bankshares, Inc.

      46        1,074  

First Financial Corp.

      16        533  

First Hawaiian, Inc.

      72        1,193  

First Interstate BancSystem, Inc., Class A

      27        772  

Flushing Financial Corp. (a)

      112        1,490  

Glacier Bancorp, Inc. (a)

      162        5,505  

Great Southern Bancorp, Inc.

      28        1,139  

Great Western Bancorp, Inc.

      78        1,602  

Hancock Whitney Corp.

      20        385  

Hilltop Holdings, Inc.

      183        2,768  

Home BancShares, Inc.

      294        3,523  

Hope Bancorp, Inc.

      490        4,026  

Independent Bank Corp.

      42        539  

Investors Bancorp, Inc.

      743        5,938  

Lakeland Financial Corp. (a)

      32        1,169  

Mercantile Bank Corp.

      15        309  

OFG Bancorp (Puerto Rico)

      80        890  

People’s United Financial, Inc.

      64        712  

Preferred Bank

      13        453  

Republic Bancorp, Inc., Class A

      15        492  

S&T Bancorp, Inc. (a)

      17        475  

South State Corp.

      126        7,409  

Stock Yards Bancorp, Inc.

      15        422  

Tompkins Financial Corp. (a)

      17        1,228  

TriState Capital Holdings, Inc. * (a)

      20        189  

Trustmark Corp. (a)

      395        9,197  

UMB Financial Corp.

      170        7,885  

Umpqua Holdings Corp.

      450        4,910  

United Bankshares, Inc.

      400        9,232  

Valley National Bancorp

      35        256  

Washington Trust Bancorp, Inc.

      29        1,057  

Webster Financial Corp.

      85        1,951  

West Bancorp, Inc.

      10        161  

Westamerica Bancorp (a)

      212        12,455  
     

 

 

  
        152,024  
     

 

 

  

Biotechnology — 2.1%

 

89bio, Inc. *(a)

      100        2,524  

Acorda Therapeutics, Inc. * (a)

      21        20  

Arcus Biosciences, Inc. *

      207        2,875  

Enanta Pharmaceuticals, Inc. * (a)

      22        1,126  

Epizyme, Inc. *

      147        2,282  

Fate Therapeutics, Inc. * (a)

      109        2,414  

Five Prime Therapeutics, Inc. *

      101        229  

Iovance Biotherapeutics, Inc. *

      149        4,472  

Protagonist Therapeutics, Inc. *

      357        2,518  
     

 

 

  
        18,460  
     

 

 

  

Building Products — 0.8%

 

Builders FirstSource, Inc. *

      469        5,736  

Masonite International Corp. *

      7        323  

Quanex Building Products Corp.

      112        1,132  
     

 

 

  
        7,191  
     

 

 

  

Capital Markets — 1.4%

 

Artisan Partners Asset Management, Inc., Class A

      30        653  

Brightsphere Investment Group, Inc.

      148        944  

Cowen, Inc., Class A (a)

      84        808  

Donnelley Financial Solutions, Inc. *

      138        727  

Moelis & Co., Class A

      3        93  

Oppenheimer Holdings, Inc., Class A

      11        221  

Piper Sandler Cos.

      18        930  

Stifel Financial Corp.

      161        6,638  

Virtus Investment Partners, Inc.

      13        959  
     

 

 

  
        11,973  
     

 

 

  

Chemicals — 1.2%

 

FutureFuel Corp.

      169        1,901  

HB Fuller Co.

      8        212  

JPMorgan Small Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2020 (Unaudited) (continued)

 

Investments

    Shares (000)      Value ($000)  

Minerals Technologies, Inc.

      116        4,195  

PolyOne Corp.

      70        1,336  

Trinseo SA

      115        2,085  

Tronox Holdings plc, Class A (a)

      132        657  
     

 

 

  
        10,386  
     

 

 

  

Commercial Services & Supplies — 1.9%

 

ABM Industries, Inc.

      251        6,110  

ACCO Brands Corp.

      860        4,342  

Deluxe Corp.

      88        2,292  

Ennis, Inc.

      64        1,196  

HNI Corp.

      26        647  

Pitney Bowes, Inc. (a)

      168        343  

Quad/Graphics, Inc. (a)

      510        1,286  

Steelcase, Inc., Class A

      90        892  

VSE Corp.

      6        105  
     

 

 

  
        17,213  
     

 

 

  

Communications Equipment — 0.8%

 

ADTRAN, Inc.

      49        378  

Comtech Telecommunications Corp. (a)

      27        359  

Lumentum Holdings, Inc. *

      56        4,142  

NetScout Systems, Inc. *

      95        2,236  
     

 

 

  
        7,115  
     

 

 

  

Construction & Engineering — 2.4%

 

Arcosa, Inc.

      134        5,313  

EMCOR Group, Inc.

      139        8,518  

MYR Group, Inc. *

      132        3,462  

Sterling Construction Co., Inc. *

      128        1,219  

Tutor Perini Corp. * (a)

      444        2,984  
     

 

 

  
        21,496  
     

 

 

  

Consumer Finance — 0.4%

 

Nelnet, Inc., Class A

      69        3,147  
     

 

 

  

Containers & Packaging — 0.1%

 

Myers Industries, Inc.

      42        448  
     

 

 

  

Distributors — 0.5%

 

Core-Mark Holding Co., Inc.

      165        4,720  
     

 

 

  

Diversified Consumer Services — 0.9%

 

American Public Education, Inc. *

      40        945  

Houghton Mifflin Harcourt Co. *

      419        787  

K12, Inc. * (a)

      314        5,926  
     

 

 

  
        7,658  
     

 

 

  

Diversified Financial Services — 0.0%(b)

 

Marlin Business Services Corp.

      25        274  
     

 

 

  

Diversified Telecommunication Services — 0.4%

 

Consolidated Communications Holdings, Inc. (a)

      756        3,441  
     

 

 

  

Electric Utilities — 1.5%

 

IDACORP, Inc.

      12        1,045  

Portland General Electric Co.

      247        11,822  

Spark Energy, Inc., Class A (a)

      72        449  
     

 

 

  
        13,316  
     

 

 

  

Electrical Equipment — 0.4%

 

American Superconductor Corp. * (a)

      164        899  

Bloom Energy Corp., Class A * (a)

      10        54  

Powell Industries, Inc.

      104        2,665  
     

 

 

  
        3,618  
     

 

 

  

Electronic Equipment, Instruments & Components — 2.9%

 

Bel Fuse, Inc., Class B

      108        1,054  

Benchmark Electronics, Inc.

      338        6,756  

Fabrinet (Thailand) *

      59        3,192  

OSI Systems, Inc. *

      9        593  

Sanmina Corp. *

      156        4,261  

ScanSource, Inc. *

      187        3,995  

Tech Data Corp. *

      45        5,823  
     

 

 

  
        25,674  
     

 

 

  

Energy Equipment & Services — 1.0%

 

Dril-Quip, Inc. * (a)

      32        970  

Era Group, Inc. *

      64        340  

Matrix Service Co. *

      436        4,125  

NexTier Oilfield Solutions, Inc. *

      1,193        1,396  

SEACOR Holdings, Inc. *

      89        2,394  
     

 

 

  
        9,225  
     

 

 

  

Entertainment — 0.2%

 

Eros International plc (India) * (a)

      1,153        1,902  
     

 

 

  

Equity Real Estate Investment Trusts (REITs) — 9.8%

 

Acadia Realty Trust

      128        1,582  

Agree Realty Corp. (a)

      33        2,067  

Alexander & Baldwin, Inc.

      152        1,705  

American Assets Trust, Inc.

      198        4,953  

Ashford Hospitality Trust, Inc.

      589        436  

Braemar Hotels & Resorts, Inc.

      163        278  

Cedar Realty Trust, Inc.

      209        195  

City Office REIT, Inc.

      135        977  

CoreCivic, Inc. (a)

      60        667  

CorEnergy Infrastructure Trust, Inc. (a)

      48        880  

CoreSite Realty Corp.

      27        3,129  

DiamondRock Hospitality Co.

      834        4,236  

Easterly Government Properties, Inc.

      178        4,396  

First Industrial Realty Trust, Inc.

      194        6,433  

Franklin Street Properties Corp.

      45        258  

GEO Group, Inc. (The)

      306        3,717  

Getty Realty Corp.

      175        4,155  

Gladstone Commercial Corp.

      175        2,509  

Hersha Hospitality Trust (a)

      47        168  

Highwoods Properties, Inc.

      23        804  

Kite Realty Group Trust

      68        646  

Lexington Realty Trust (a)

      352        3,490  

Mack-Cali Realty Corp.

      203        3,090  

Monmouth Real Estate Investment Corp.

      17        204  

New Senior Investment Group, Inc.

      147        377  

Pebblebrook Hotel Trust

      184        2,002  

Physicians Realty Trust

      233        3,248  

Piedmont Office Realty Trust, Inc., Class A

      203        3,587  

PotlatchDeltic Corp.

      43        1,359  

PS Business Parks, Inc.

      18        2,439  

Retail Opportunity Investments Corp.

      282        2,336  

RLJ Lodging Trust

      166        1,282  

Saul Centers, Inc.

      9        295  

Service Properties Trust

      24        130  

JPMorgan Small Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2020 (Unaudited) (continued)

 

Investments

    Shares (000)      Value ($000)  

STAG Industrial, Inc.

      164        3,693  

Sunstone Hotel Investors, Inc.

      1,018        8,868  

Terreno Realty Corp.

      37        1,930  

UMH Properties, Inc.

      27        288  

Urban Edge Properties

      63        552  

Urstadt Biddle Properties, Inc., Class A

      59        833  

Xenia Hotels & Resorts, Inc.

      249        2,569  
     

 

 

  
        86,763  
     

 

 

  

Food & Staples Retailing — 0.3%

 

Rite Aid Corp. * (a)

      45        669  

SpartanNash Co.

      137        1,968  
     

 

 

  
        2,637  
     

 

 

  

Food Products — 0.8%

 

Darling Ingredients, Inc. *

      81        1,549  

Sanderson Farms, Inc.

      45        5,525  
     

 

 

  
        7,074  
     

 

 

  

Gas Utilities — 2.5%

 

Northwest Natural Holding Co.

      74        4,588  

ONE Gas, Inc.

      76        6,347  

Southwest Gas Holdings, Inc.

      115        7,971  

Spire, Inc.

      39        2,875  
     

 

 

  
        21,781  
     

 

 

  

Health Care Equipment & Supplies — 0.3%

 

Varex Imaging Corp. *

      124        2,805  
     

 

 

  

Health Care Providers & Services — 2.2%

 

American Renal Associates Holdings, Inc. * (a)

      47        309  

Community Health Systems, Inc. * (a)

      456        1,521  

Cross Country Healthcare, Inc. *

      289        1,947  

Magellan Health, Inc. *

      194        9,309  

Owens & Minor, Inc. (a)

      598        5,470  

Patterson Cos., Inc. (a)

      54        832  
     

 

 

  
        19,388  
     

 

 

  

Health Care Technology — 1.0%

 

Allscripts Healthcare Solutions, Inc. *

      1,145        8,057  

Computer Programs & Systems, Inc. (a)

      23        519  
     

 

 

  
        8,576  
     

 

 

  

Hotels, Restaurants & Leisure — 0.4%

 

Boyd Gaming Corp.

      66        955  

Brinker International, Inc.

      71        852  

Marriott Vacations Worldwide Corp.

      25        1,389  

Red Lion Hotels Corp. * (a)

      36        52  
     

 

 

  
        3,248  
     

 

 

  

Household Durables — 1.9%

 

Helen of Troy Ltd. *

      11        1,512  

KB Home

      85        1,540  

Meritage Homes Corp. *

      48        1,738  

Purple Innovation, Inc. * (a)

      339        1,926  

Sonos, Inc. *

      296        2,513  

Taylor Morrison Home Corp. *

      35        379  

TRI Pointe Group, Inc. *

      849        7,447  
     

 

 

  
        17,055  
     

 

 

  

Household Products — 0.2%

 

Central Garden & Pet Co., Class A *

      80        2,056  
     

 

 

  

Independent Power and Renewable Electricity Producers — 1.6%

 

Atlantic Power Corp. *

      1,574        3,368  

Clearway Energy, Inc.

      291        4,989  

Clearway Energy, Inc., Class C

      305        5,738  
     

 

 

  
        14,095  
     

 

 

  

Insurance — 2.2%

 

Ambac Financial Group, Inc. *

      70        859  

American Equity Investment Life Holding Co.

      239        4,484  

AMERISAFE, Inc.

      50        3,191  

Argo Group International Holdings Ltd.

      12        449  

CNO Financial Group, Inc.

      548        6,792  

Hallmark Financial Services, Inc. *

      35        141  

Heritage Insurance Holdings, Inc.

      76        815  

Horace Mann Educators Corp.

      9        329  

MBIA, Inc. *

      188        1,342  

Third Point Reinsurance Ltd. (Bermuda) *

      98        729  
     

 

 

  
        19,131  
     

 

 

  

Interactive Media & Services — 0.1%

 

Cars.com, Inc. *

      170        731  
     

 

 

  

Internet & Direct Marketing Retail — 0.8%

 

Stamps.com, Inc. *

      52        6,790  
     

 

 

  

IT Services — 1.0%

 

KBR, Inc.

      181        3,741  

Perficient, Inc. *

      10        257  

Perspecta, Inc.

      179        3,269  

Unisys Corp. *

      130        1,610  
     

 

 

  
        8,877  
     

 

 

  

Machinery — 1.8%

 

AGCO Corp.

      73        3,426  

Astec Industries, Inc.

      102        3,577  

Douglas Dynamics, Inc.

      50        1,768  

EnPro Industries, Inc.

      6        226  

Graham Corp.

      20        252  

Hurco Cos., Inc.

      23        681  

LB Foster Co., Class A *

      25        313  

Wabash National Corp. (a)

      847        6,112  
     

 

 

  
        16,355  
     

 

 

  

Media — 1.3%

 

Cumulus Media, Inc., Class A *

      151        817  

Gannett Co., Inc. (a)

      703        1,040  

Hemisphere Media Group, Inc. *

      229        1,954  

Liberty Latin America Ltd., Class A (Chile) *

      147        1,550  

Liberty Latin America Ltd., Class C (Chile) * (a)

      192        1,967  

Sinclair Broadcast Group, Inc., Class A (a)

      143        2,304  

WideOpenWest, Inc. *

      306        1,456  
     

 

 

  
        11,088  
     

 

 

  

Metals & Mining — 1.5%

 

Century Aluminum Co. * (a)

      400        1,446  

Commercial Metals Co.

      176        2,773  

Kaiser Aluminum Corp.

      7        457  

Warrior Met Coal, Inc.

      228        2,416  

Worthington Industries, Inc.

      230        6,035  
     

 

 

  
        13,127  
     

 

 

  

JPMorgan Small Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2020 (Unaudited) (continued)

 

Investments

    Shares (000)      Value ($000)  

Mortgage Real Estate Investment Trusts (REITs) — 1.7%

 

ARMOUR Residential REIT, Inc.

      126        1,107  

Blackstone Mortgage Trust, Inc., Class A (a)

      304        5,666  

Cherry Hill Mortgage Investment Corp.

      33        202  

Exantas Capital Corp.

      44        121  

Invesco Mortgage Capital, Inc.

      278        948  

KKR Real Estate Finance Trust, Inc. (a)

      97        1,459  

Ladder Capital Corp.

      351        1,665  

PennyMac Mortgage Investment Trust

      130        1,383  

Redwood Trust, Inc. (a)

      51        255  

TPG RE Finance Trust, Inc. (a)

      155        851  

Two Harbors Investment Corp.

      361        1,374  
     

 

 

  
        15,031  
     

 

 

  

Multiline Retail — 0.3%

 

Dillard’s, Inc., Class A (a)

      62        2,306  
     

 

 

  

Multi-Utilities — 1.8%

 

Avista Corp.

      103        4,355  

Black Hills Corp.

      148        9,445  

Unitil Corp.

      48        2,501  
     

 

 

  
        16,301  
     

 

 

  

Oil, Gas & Consumable Fuels — 2.1%

 

Amplify Energy Corp.

      336        190  

Arch Coal, Inc., Class A (a)

      73        2,107  

CNX Resources Corp. *

      266        1,416  

CVR Energy, Inc. (a)

      13        212  

Delek US Holdings, Inc. (a)

      311        4,898  

Dorian LPG Ltd. *

      114        992  

Green Plains, Inc. (a)

      225        1,089  

PDC Energy, Inc. *

      150        931  

Peabody Energy Corp.

      79        230  

Renewable Energy Group, Inc. * (a)

      70        1,439  

REX American Resources Corp. *

      70        3,256  

Talos Energy, Inc. * (a)

      71        406  

W&T Offshore, Inc. * (a)

      916        1,558  
     

 

 

  
        18,724  
     

 

 

  

Paper & Forest Products — 1.8%

 

Boise Cascade Co.

      158        3,750  

Domtar Corp.

      65        1,407  

Louisiana-Pacific Corp.

      222        3,805  

PH Glatfelter Co.

      55        672  

Schweitzer-Mauduit International, Inc. (a)

      172        4,791  

Verso Corp., Class A *

      156        1,763  
     

 

 

  
        16,188  
     

 

 

  

Personal Products — 0.2%

 

Edgewell Personal Care Co. *

      67        1,606  
     

 

 

  

Pharmaceuticals — 1.5%

 

Endo International plc * (a)

      1,023        3,786  

Intra-Cellular Therapies, Inc. * (a)

      83        1,274  

Lannett Co., Inc. * (a)

      514        3,575  

Prestige Consumer Healthcare, Inc. *

      124        4,530  
     

 

 

  
        13,165  
     

 

 

  

Professional Services — 3.3%

 

Barrett Business Services, Inc.

      85        3,378  

FTI Consulting, Inc. * (a)

      63        7,498  

Heidrick & Struggles International, Inc.

      106        2,376  

Huron Consulting Group, Inc. *

      142        6,437  

Kelly Services, Inc., Class A (a)

      263        3,336  

TrueBlue, Inc. *

      456        5,822  
     

 

 

  
        28,847  
     

 

 

  

Road & Rail — 0.7%

 

ArcBest Corp.

      332        5,811  

Covenant Transportation Group, Inc., Class A *

      33        286  
     

 

 

  
        6,097  
     

 

 

  

Semiconductors & Semiconductor Equipment — 4.6%

 

Amkor Technology, Inc. *

      613        4,774  

Cirrus Logic, Inc. *

      87        5,736  

MACOM Technology Solutions Holdings, Inc. *

      159        3,002  

NeoPhotonics Corp. *

      479        3,476  

Rambus, Inc. *

      863        9,575  

SunPower Corp. * (a)

      299        1,518  

Synaptics, Inc. * (a)

      86        4,965  

Veeco Instruments, Inc. *

      272        2,605  

Xperi Corp.

      376        5,232  
     

 

 

  
        40,883  
     

 

 

  

Software — 2.2%

 

ACI Worldwide, Inc. *

      192        4,630  

Avaya Holdings Corp. * (a)

      332        2,684  

Fair Isaac Corp. *

      10        2,923  

MicroStrategy, Inc., Class A * (a)

      7        850  

SecureWorks Corp., Class A * (a)

      86        986  

Synchronoss Technologies, Inc. * (a)

      269        820  

TiVo Corp.

      925        6,552  
     

 

 

  
        19,445  
     

 

 

  

Specialty Retail — 1.8%

 

Abercrombie & Fitch Co., Class A (a)

      62        559  

Barnes & Noble Education, Inc. * (a)

      626        851  

Bed Bath & Beyond, Inc. (a)

      158        666  

Cato Corp. (The), Class A

      184        1,967  

Express, Inc. * (a)

      420        626  

Genesco, Inc. *

      65        860  

Haverty Furniture Cos., Inc.

      63        753  

Hibbett Sports, Inc. * (a)

      177        1,931  

Lithia Motors, Inc., Class A

      9        736  

Murphy USA, Inc. *

      26        2,151  

Office Depot, Inc.

      1,345        2,205  

Winmark Corp.

      6        752  

Zumiez, Inc. *

      105        1,817  
     

 

 

  
        15,874  
     

 

 

  

Textiles, Apparel & Luxury Goods — 0.2%

 

Deckers Outdoor Corp. *

      11        1,487  

Fossil Group, Inc. * (a)

      73        241  

G-III Apparel Group Ltd. *

      22        171  

Movado Group, Inc. (a)

      21        242  
     

 

 

  
        2,141  
     

 

 

  

Thrifts & Mortgage Finance — 4.0%

 

Essent Group Ltd.

      172        4,538  

First Defiance Financial Corp.

      64        945  

Luther Burbank Corp.

      47        433  

Meridian Bancorp, Inc.

      237        2,655  

MGIC Investment Corp.

      434        2,754  

JPMorgan Small Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2020 (Unaudited) (continued)

 

Investments

    Shares (000)      Value ($000)  

Northfield Bancorp, Inc. (a)

      475        5,314  

Radian Group, Inc.

      463        5,996  

Territorial Bancorp, Inc.

      12        297  

Washington Federal, Inc. (a)

      377        9,784  

Waterstone Financial, Inc.

      67        980  

WSFS Financial Corp.

      64        1,601  
     

 

 

  
        35,297  
     

 

 

  

Tobacco — 0.1%

 

Vector Group Ltd.

      127        1,200  
     

 

 

  

Trading Companies & Distributors — 1.7%

 

BMC Stock Holdings, Inc. *

      239        4,241  

DXP Enterprises, Inc. *

      88        1,077  

Foundation Building Materials, Inc. *

      91        934  

MRC Global, Inc. *

      382        1,629  

NOW, Inc. * (a)

      1,000        5,158  

Titan Machinery, Inc. *

      147        1,274  

Veritiv Corp. * (a)

      92        722  
     

 

 

  
        15,035  
     

 

 

  

Water Utilities — 0.1%

 

American States Water Co.

      13        1,079  
     

 

 

  

TOTAL COMMON STOCKS

 

   

(Cost $1,038,627)

 

      850,591  
     

 

 

  

SHORT-TERM INVESTMENTS — 8.2%

      

INVESTMENT COMPANIES — 3.5%

      

JPMorgan Prime Money Market Fund Class IM Shares, 1.13% (c) (d)

(Cost $30,875)

      30,878        30,881  
     

 

 

  

INVESTMENT OF CASH COLLATERAL FROM SECURITIES LOANED — 4.7%

      

JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.96% (c) (d)

      31,012        31,006  

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.35% (c) (d)

      10,282        10,282  
     

 

 

  

TOTAL INVESTMENT OF CASH COLLATERAL FROM SECURITIES LOANED

 

   

(Cost $41,295)

 

      41,288  
     

 

 

  

TOTAL SHORT-TERM INVESTMENTS

(Cost $72,170)

         72,169  
     

 

 

  

Total Investments — 104.4% (Cost $1,110,797)

 

      922,760  

Liabilities in Excess of Other Assets — (4.4)%

 

      (38,567 ) 
     

 

 

  

Net Assets — 100.0%

 

      884,193  
     

 

 

  

 

 

Percentages indicated are based on net assets.

Abbreviations

 

REIT

Real Estate Investment Trust

JPMorgan Small Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2020 (Unaudited) (continued)

 

(a)    The security or a portion of this security is on loan at March 31, 2020. The total value of securities on loan at March 31, 2020 is approximately $38,070,000.
(b)    Amount rounds to less than 0.1% of net assets.
(c)    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.
(d)    The rate shown is the current yield as of March 31, 2020.
*    Non-income producing security.

Futures contracts outstanding as of March 31, 2020 (amounts in thousands, except number of contracts):

 

Description

    Number of
Contracts		      Expiration
Date		      Trading
Currency		      Notional Amount
($)		      Value and
Unrealized
Appreciation
(Depreciation)
($)		  

Long Contracts

 

Russell 2000 E-Mini Index

      251        06/2020        USD        14,429        203  
              

 

 

  

 

Abbreviations

 

USD

United States Dollar

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.

Futures contracts are generally valued on the basis of available market quotations.

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.

JPMorgan Small Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2020 (Unaudited) (continued)

 

The following table represents each valuation input as presented on the Schedule of Portfolio Investments (“SOI”) (amounts in thousands):

 

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

Total Investments in Securities (a)

    $ 922,760      $ —        $ —        $ 922,760  
  

 

 

     

 

 

     

 

 

     

 

 

  

Appreciation in Other Financial Instruments

            

Futures Contracts (a)

    $ 203      $ —        $ —        $ 203  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

(a)

All portfolio holdings designated as level 1 are disclosed individually on the SOI.

B. Investment Transactions with Affiliates — The Fund invested in Underlying Funds which are advised by the Adviser. An issuer which is under common control with the Fund may be considered an affiliate. The Fund assumes the issuers listed in the table below to be affiliated issuers. Underlying Funds’ distributions may be reinvested into the Underlying Funds. Reinvestment amounts are included in the purchase cost amounts in the table below. Amounts in the table below are in thousands.

 

For the period ended March 31, 2020  

Security Description

    Value at
June 30,
2019		      Purchases
at Cost		      Proceeds from
Sales		      Net Realized
Gain (Loss)		     Change in
Unrealized
Appreciation/
(Depreciation)		     Value at
March 31,
2020		      Shares at
March 31,
2020		      Dividend
Income		      Capital Gain
Distributions		  

JPMorgan Prime Money Market Fund Class IM Shares, 1.13% (a)(b)

    $ 35,272      $ 474,497      $ 478,875      $ (16 )    $ 3     $ 30,881        30,878      $ 439      $ —    

JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.96% (a)(b)

      70,028        98,000        136,999        (8 )      (15 )      31,006        31,012        1,083        —    

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.35% (a)(b)

      23,241        248,821        261,780        —         —         10,282        10,282        218        —    
  

 

 

     

 

 

     

 

 

     

 

 

    

 

 

    

 

 

        

 

 

     

 

 

  

Total

    $ 128,541      $ 821,318      $ 877,654      $ (24 )    $ (12 )    $ 72,169         $ 1,740      $ —    
  

 

 

     

 

 

     

 

 

     

 

 

    

 

 

    

 

 

        

 

 

     

 

 

  

 

(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, 2020.