NPORT-EX 2 JPMSCBF.htm PART F EDGAR HTML
JPMorgan Small Cap Blend Fund
Schedule of Portfolio Investments as of March 31, 2024
(Unaudited) 
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.
JPMorgan Small Cap Blend Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2024 (Unaudited)
 
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — 97.9%
Aerospace & Defense — 1.2%
Cadre Holdings, Inc.
128
4,633
Hexcel Corp.
120
8,744
Moog, Inc., Class A
35
5,606
 
 
18,983
Automobile Components — 1.6%
LCI Industries (a)
38
4,632
Modine Manufacturing Co. *
93
8,829
Patrick Industries, Inc.
40
4,778
Visteon Corp. *
53
6,284
 
 
24,523
Automobiles — 0.2%
Winnebago Industries, Inc.
50
3,694
Banks — 7.4%
BancFirst Corp.
37
3,259
Camden National Corp.
159
5,316
City Holding Co. (a)
49
5,077
Columbia Banking System, Inc.
285
5,521
First Busey Corp.
346
8,309
First Commonwealth Financial Corp.
367
5,105
First Financial Bankshares, Inc.
56
1,852
First Merchants Corp.
180
6,273
Heritage Commerce Corp.
648
5,561
Independent Bank Corp.
80
4,172
Independent Bank Corp.
383
9,711
Lakeland Bancorp, Inc.
220
2,662
Old National Bancorp
495
8,623
Pinnacle Financial Partners, Inc.
42
3,564
Premier Financial Corp.
288
5,851
QCR Holdings, Inc.
78
4,761
Simmons First National Corp., Class A
220
4,285
SouthState Corp. (a)
110
9,372
TriCo Bancshares
154
5,655
WSFS Financial Corp.
174
7,849
 
 
112,778
Beverages — 0.6%
Primo Water Corp.
522
9,508
Biotechnology — 6.4%
ACELYRIN, Inc. * (a)
222
1,497
Agios Pharmaceuticals, Inc. *
129
3,762
Alector, Inc. *
189
1,140
Allogene Therapeutics, Inc. * (a)
316
1,414
Amicus Therapeutics, Inc. *
690
8,121
Apellis Pharmaceuticals, Inc. *
62
3,634
Arrowhead Pharmaceuticals, Inc. *
170
4,848
Blueprint Medicines Corp. *
94
8,898
JPMorgan Small Cap Blend Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2024 (Unaudited) (continued)
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — continued
Biotechnology — continued
Cytokinetics, Inc. * (a)
24
1,692
Halozyme Therapeutics, Inc. *
212
8,603
Kyverna Therapeutics, Inc. *
67
1,660
Natera, Inc. *
130
11,909
REGENXBIO, Inc. *
244
5,145
Relay Therapeutics, Inc. *
393
3,263
REVOLUTION Medicines, Inc. *
250
8,055
Sage Therapeutics, Inc. *
111
2,087
Twist Bioscience Corp. * (a)
216
7,414
Vaxcyte, Inc. *
117
7,986
Verve Therapeutics, Inc. * (a)
137
1,824
Viking Therapeutics, Inc. * (a)
57
4,693
 
 
97,645
Broadline Retail — 0.4%
Global-e Online Ltd. (Israel) *
147
5,349
Building Products — 3.8%
AAON, Inc.
160
14,077
AZZ, Inc.
109
8,459
CSW Industrials, Inc.
32
7,566
Hayward Holdings, Inc. *
444
6,793
Simpson Manufacturing Co., Inc.
65
13,382
UFP Industries, Inc.
62
7,599
 
 
57,876
Capital Markets — 2.7%
Donnelley Financial Solutions, Inc. *
102
6,311
Evercore, Inc., Class A
40
7,733
Hamilton Lane, Inc., Class A
91
10,256
LPL Financial Holdings, Inc.
25
6,597
Piper Sandler Cos.
10
2,033
Virtus Investment Partners, Inc.
33
8,092
 
 
41,022
Chemicals — 2.2%
Hawkins, Inc.
72
5,497
HB Fuller Co.
119
9,491
Innospec, Inc.
65
8,368
Quaker Chemical Corp.
19
3,965
Stepan Co.
65
5,843
 
 
33,164
Commercial Services & Supplies — 1.9%
ACV Auctions, Inc., Class A *
317
5,955
Casella Waste Systems, Inc., Class A *
115
11,364
MSA Safety, Inc.
57
10,960
 
 
28,279
JPMorgan Small Cap Blend Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2024 (Unaudited) (continued)
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — continued
Communications Equipment — 0.2%
Ciena Corp. *
58
2,855
Construction & Engineering — 1.9%
Comfort Systems USA, Inc.
63
20,117
MasTec, Inc. *
46
4,313
Valmont Industries, Inc.
23
5,163
 
 
29,593
Construction Materials — 0.3%
Eagle Materials, Inc.
19
5,221
Consumer Staples Distribution & Retail — 0.9%
Chefs' Warehouse, Inc. (The) *
184
6,947
Grocery Outlet Holding Corp. *
139
3,999
Performance Food Group Co. *
47
3,474
 
 
14,420
Diversified Consumer Services — 0.5%
Bright Horizons Family Solutions, Inc. *
61
6,921
Diversified Telecommunication Services — 0.5%
Iridium Communications, Inc.
264
6,905
Electric Utilities — 0.3%
Portland General Electric Co.
122
5,117
Electrical Equipment — 1.2%
Bloom Energy Corp., Class A * (a)
341
3,835
NEXTracker, Inc., Class A *
161
9,039
Shoals Technologies Group, Inc., Class A *
263
2,942
Vicor Corp. *
53
2,024
 
 
17,840
Electronic Equipment, Instruments & Components — 2.5%
Fabrinet (Thailand) *
8
1,464
Insight Enterprises, Inc. * (a)
21
3,842
Knowles Corp. *
376
6,056
Littelfuse, Inc.
23
5,598
Plexus Corp. *
52
4,904
TTM Technologies, Inc. *
508
7,958
Vishay Intertechnology, Inc.
346
7,839
 
 
37,661
Energy Equipment & Services — 2.7%
Cactus, Inc., Class A
270
13,504
ChampionX Corp.
278
9,979
Noble Corp. plc
85
4,140
TechnipFMC plc (United Kingdom)
371
9,316
Weatherford International plc *
35
3,981
 
 
40,920
Financial Services — 2.4%
AvidXchange Holdings, Inc. *
483
6,350
JPMorgan Small Cap Blend Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2024 (Unaudited) (continued)
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — continued
Financial Services — continued
PennyMac Financial Services, Inc.
134
12,224
Radian Group, Inc.
287
9,612
Remitly Global, Inc. *
379
7,859
 
 
36,045
Food Products — 1.1%
Flowers Foods, Inc.
180
4,270
Freshpet, Inc. *
84
9,787
Vital Farms, Inc. *
85
1,969
 
 
16,026
Gas Utilities — 1.1%
Chesapeake Utilities Corp.
59
6,344
ONE Gas, Inc. (a)
111
7,158
Southwest Gas Holdings, Inc.
40
3,045
 
 
16,547
Ground Transportation — 0.6%
Marten Transport Ltd.
370
6,850
Saia, Inc. *
3
1,631
 
 
8,481
Health Care Equipment & Supplies — 2.3%
Alphatec Holdings, Inc. *
239
3,293
Establishment Labs Holdings, Inc. (Costa Rica) * (a)
105
5,338
Inari Medical, Inc. *
111
5,329
Inmode Ltd. *
86
1,857
iRhythm Technologies, Inc. *
73
8,486
Outset Medical, Inc. *
311
691
Shockwave Medical, Inc. *
17
5,518
Utah Medical Products, Inc.
55
3,906
 
 
34,418
Health Care Providers & Services — 2.9%
Acadia Healthcare Co., Inc. *
70
5,569
Accolade, Inc. *
402
4,218
Encompass Health Corp.
155
12,777
Ensign Group, Inc. (The)
60
7,455
Patterson Cos., Inc.
343
9,470
Progyny, Inc. *
131
5,005
 
 
44,494
Health Care REITs — 0.4%
CareTrust REIT, Inc.
259
6,309
Health Care Technology — 0.7%
Evolent Health, Inc., Class A * (a)
315
10,329
JPMorgan Small Cap Blend Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2024 (Unaudited) (continued)
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — continued
Hotel & Resort REITs — 0.5%
RLJ Lodging Trust
305
3,611
Sunstone Hotel Investors, Inc.
325
3,619
 
 
7,230
Hotels, Restaurants & Leisure — 3.6%
Bloomin' Brands, Inc.
135
3,869
Boyd Gaming Corp.
124
8,330
Cava Group, Inc. * (a)
52
3,651
Everi Holdings, Inc. *
397
3,986
Jack in the Box, Inc.
32
2,225
Life Time Group Holdings, Inc. *
368
5,708
Marriott Vacations Worldwide Corp.
32
3,473
Papa John's International, Inc.
82
5,444
Planet Fitness, Inc., Class A *
58
3,663
Six Flags Entertainment Corp. *
228
6,008
Texas Roadhouse, Inc.
53
8,168
 
 
54,525
Household Durables — 1.6%
Helen of Troy Ltd. *
21
2,461
La-Z-Boy, Inc.
110
4,136
M/I Homes, Inc. *
50
6,811
Meritage Homes Corp.
24
4,160
Sonos, Inc. *
379
7,224
 
 
24,792
Industrial REITs — 1.1%
Plymouth Industrial REIT, Inc.
200
4,496
Terreno Realty Corp.
183
12,165
 
 
16,661
Insurance — 1.7%
Safety Insurance Group, Inc.
118
9,719
Selective Insurance Group, Inc.
148
16,136
 
 
25,855
Interactive Media & Services — 0.6%
IAC, Inc. *
129
6,865
TripAdvisor, Inc. *
102
2,836
 
 
9,701
IT Services — 0.6%
DigitalOcean Holdings, Inc. * (a)
127
4,861
Globant SA *
21
4,250
 
 
9,111
Life Sciences Tools & Services — 0.3%
Fortrea Holdings, Inc. *
98
3,950
Machinery — 4.7%
Alamo Group, Inc.
33
7,552
JPMorgan Small Cap Blend Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2024 (Unaudited) (continued)
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — continued
Machinery — continued
Atmus Filtration Technologies, Inc. *
141
4,561
Chart Industries, Inc. * (a)
35
5,807
Douglas Dynamics, Inc.
114
2,758
Enpro, Inc.
31
5,187
Esab Corp.
48
5,281
ITT, Inc.
61
8,240
John Bean Technologies Corp.
53
5,600
Kadant, Inc.
24
7,922
Mueller Industries, Inc.
132
7,098
Toro Co. (The)
47
4,334
Watts Water Technologies, Inc., Class A
36
7,603
 
 
71,943
Media — 0.6%
John Wiley & Sons, Inc., Class A
258
9,839
Multi-Utilities — 0.4%
Unitil Corp.
117
6,124
Office REITs — 0.8%
Equity Commonwealth *
377
7,113
Highwoods Properties, Inc.
202
5,291
 
 
12,404
Oil, Gas & Consumable Fuels — 3.6%
Chord Energy Corp.
73
13,017
CNX Resources Corp. * (a)
200
4,731
Equitrans Midstream Corp.
512
6,396
Magnolia Oil & Gas Corp., Class A (a)
328
8,522
Matador Resources Co.
269
17,967
SM Energy Co.
72
3,582
 
 
54,215
Personal Care Products — 1.5%
Edgewell Personal Care Co.
164
6,365
elf Beauty, Inc. *
67
13,103
Inter Parfums, Inc.
29
4,046
 
 
23,514
Pharmaceuticals — 1.3%
Arvinas, Inc. *
124
5,131
Intra-Cellular Therapies, Inc. *
121
8,342
Prestige Consumer Healthcare, Inc. *
64
4,653
Revance Therapeutics, Inc. * (a)
298
1,468
 
 
19,594
Professional Services — 1.4%
ASGN, Inc. *
55
5,756
ExlService Holdings, Inc. *
212
6,751
KBR, Inc.
41
2,583
JPMorgan Small Cap Blend Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2024 (Unaudited) (continued)
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — continued
Professional Services — continued
Paycor HCM, Inc. *
117
2,272
Verra Mobility Corp. *
169
4,226
 
 
21,588
Residential REITs — 0.6%
American Homes 4 Rent, Class A
120
4,410
Centerspace
72
4,091
 
 
8,501
Retail REITs — 1.0%
Agree Realty Corp. (a)
140
7,982
Kite Realty Group Trust
348
7,554
 
 
15,536
Semiconductors & Semiconductor Equipment — 3.7%
Allegro MicroSystems, Inc. (Japan) *
311
8,373
Amkor Technology, Inc.
100
3,219
Astera Labs, Inc. * (a)
19
1,439
Cohu, Inc. *
196
6,551
Credo Technology Group Holding Ltd. *
214
4,531
MACOM Technology Solutions Holdings, Inc. *
31
3,018
MKS Instruments, Inc.
40
5,292
Onto Innovation, Inc. *
41
7,394
Rambus, Inc. *
158
9,747
Synaptics, Inc. *
66
6,427
 
 
55,991
Software — 6.4%
Appfolio, Inc., Class A *
14
3,455
BlackLine, Inc. *
103
6,637
Box, Inc., Class A *
205
5,792
Clear Secure, Inc., Class A (a)
185
3,932
Confluent, Inc., Class A *
267
8,161
CyberArk Software Ltd. *
25
6,744
Elastic NV *
40
4,054
Envestnet, Inc. *
67
3,904
Five9, Inc. *
31
1,891
Freshworks, Inc., Class A *
317
5,770
Gitlab, Inc., Class A *
79
4,628
HashiCorp, Inc., Class A *
268
7,222
JFrog Ltd. (Israel) *
142
6,258
MicroStrategy, Inc., Class A * (a)
1
2,405
PowerSchool Holdings, Inc., Class A * (a)
128
2,716
SentinelOne, Inc., Class A *
246
5,737
Smartsheet, Inc., Class A *
136
5,231
Vertex, Inc., Class A *
221
7,027
Workiva, Inc. *
69
5,840
 
 
97,404
JPMorgan Small Cap Blend Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2024 (Unaudited) (continued)
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — continued
Specialized REITs — 0.3%
CubeSmart
99
4,485
Specialty Retail — 2.0%
Burlington Stores, Inc. *
17
3,998
Floor & Decor Holdings, Inc., Class A * (a)
52
6,782
Group 1 Automotive, Inc.
27
7,701
Lithia Motors, Inc., Class A
23
7,010
Urban Outfitters, Inc. *
117
5,087
 
 
30,578
Technology Hardware, Storage & Peripherals — 1.9%
Super Micro Computer, Inc. *
29
29,053
Textiles, Apparel & Luxury Goods — 1.5%
Carter's, Inc.
79
6,686
Kontoor Brands, Inc.
105
6,365
Movado Group, Inc.
95
2,653
Steven Madden Ltd.
160
6,756
 
 
22,460
Trading Companies & Distributors — 4.9%
Air Lease Corp.
116
5,984
Applied Industrial Technologies, Inc.
114
22,573
Beacon Roofing Supply, Inc. *
86
8,389
FTAI Aviation Ltd. (a)
105
7,084
McGrath RentCorp (a)
64
7,925
Rush Enterprises, Inc., Class A (a)
151
8,058
SiteOne Landscape Supply, Inc. *
33
5,690
WESCO International, Inc.
52
8,864
 
 
74,567
Water Utilities — 0.4%
American States Water Co.
80
5,760
Total Common Stocks
(Cost $1,138,638)
 
1,488,304
 
NO. OF
CONTRACTS
 
Options Purchased — 0.0% ^
Call Options Purchased — 0.0% ^
SPDR S&P Biotech ETF
 
 
4/19/2024 at USD 88.00 , American Style
 
 
Notional Amount: USD 1,898
 
 
Counterparty: Exchange-Traded *
200
155
4/19/2024 at USD 101.00 , American Style
 
 
Notional Amount: USD 5,693
 
 
Counterparty: Exchange-Traded *
600
46
5/17/2024 at USD 90.00 , American Style
 
 
Notional Amount: USD 1,898
 
 
Counterparty: Exchange-Traded *
200
148
5/17/2024 at USD 100.00 , American Style
 
 
JPMorgan Small Cap Blend Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2024 (Unaudited) (continued)
 INVESTMENTS
NO. OF
CONTRACTS
VALUE
($000)
Options Purchased — continued
Call Options Purchased — continued
Notional Amount: USD 2,847
 
 
Counterparty: Exchange-Traded *
300
70
6/21/2024 at USD 100.00 , American Style
 
 
Notional Amount: USD 1,898
 
 
Counterparty: Exchange-Traded *
200
68
Total Call Options Purchased
(Cost $759)
 
487
 
SHARES
(000)
 
Short-Term Investments — 7.1%
Investment Companies — 2.1%
JPMorgan Prime Money Market Fund Class IM Shares, 5.43% (b) (c)
(Cost $31,412)
31,405
31,418
Investment of Cash Collateral from Securities Loaned — 5.0%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.48% (b) (c)
65,248
65,248
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (b) (c)
10,765
10,765
Total Investment of Cash Collateral from Securities Loaned
(Cost $76,036)
 
76,013
Total Short-Term Investments
(Cost $107,448)
 
107,431
Total Investments — 105.0%
(Cost $1,246,845)
 
1,596,222
Liabilities in Excess of Other Assets — (5.0)%
 
(76,405
)
NET ASSETS — 100.0%
 
1,519,817
 
Percentages indicated are based on net assets.
 
Abbreviations
 
ETF
Exchange Traded Fund
REIT
Real Estate Investment Trust
SPDR
Standard & Poor's Depositary Receipt
 
^
Amount rounds to less than 0.1% of net assets.
*
Non-income producing security.
 
(a)
The security or a portion of this security is on loan at March 31, 2024. The total value of securities on loan at March 31, 2024 is $74,396.
 
(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, 2024.
 
JPMorgan Small Cap Blend Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2024 (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.
Under Section 2(a)(41) of the Investment Company Act of 1940, the Board is required to determine fair value for securities that do not have readily available market quotations. Under SEC Rule 2a-5 (Good Faith Determinations of Fair Value), the Board may designate the performance of these fair valuation determinations to a valuation designee. The Board has designated the Adviser as the “Valuation Designee” to perform fair valuation determinations for the Funds on behalf of the Board subject to appropriate oversight by the Board. The Adviser, as Valuation Designee, leverages the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to help oversee and carry out the policies for the valuation of investments held in the Funds. The Adviser, as Valuation Designee, remains responsible for the valuation determinations.
This oversight by the AVC includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events, and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and, at least on a quarterly basis, with the AVC and the Board.
A market-based approach is primarily used to value the Fund's investments. Investments for which market quotations are not readily available are fair valued using prices supplied by approved affiliated and/or unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”), or may be internally fair valued using methods set forth by the valuation policies approved by the Board. This may include the use of related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and such differences could be material.
Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values (“NAV”) of the Fund are calculated on a valuation date.
Investments in open-end investment companies (“Underlying Funds”) are valued at each Underlying Fund’s NAV per share as of the report date.
Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer-related events after the report date and prior to issuance of the report are not reflected herein.
The various inputs that are used in determining the valuation of the Fund's investments are summarized into the three broad levels listed below.
•
Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.
•
Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.
•
Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund's assumptions in determining the fair value of investments).
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.
The following table represents each valuation input as presented on the Schedule of Portfolio Investments (“SOI”): 
 
 
 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Total Investments in Securities (a)
$1,596,222
$—
$—
$1,596,222
 
 
(a)
Please refer to the SOI for specifics of portfolio holdings.
JPMorgan Small Cap Blend Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2024 (Unaudited) (continued)
(Dollar values in thousands)
B. Investment Transactions with Affiliates— The Fund invested in Underlying Funds 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. The 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, 2024
Security Description
Value at
June 30,
2023
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
March 31,
2024
Shares at
March 31,
2024
Dividend
Income
Capital Gain
Distributions
JPMorgan Prime Money Market Fund Class IM Shares,
5.43%  (a) (b)
$29,696
$180,711
$178,996
$2
$5
$31,418
31,405
$1,350
$—
JPMorgan Securities Lending Money Market Fund
Agency SL Class Shares, 5.48%  (a) (b)
45,257
235,000
215,000
12
(21
)
65,248
65,248
2,700
—
JPMorgan U.S. Government Money Market Fund
Class IM Shares, 5.25%  (a) (b)
5,475
122,014
116,724
—
—
10,765
10,765
352
—
Total
$80,428
$537,725
$510,720
$14
$(16
)
$107,431
 
$4,402
$—
 
 
(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, 2024.