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N/A Relay Therapeutics, Inc. 75943R102 329810.00000000 NS USD 2773702.10000000 0.212006962484 Long EC CORP US N 1 N N N Summit Materials, Inc. 549300XNOLX5GIOSO108 Summit Materials, Inc., Class A 86614U100 42476.00000000 NS USD 1322702.64000000 0.101100319668 Long EC CORP US N 1 N N N Armada Hoffler Properties, Inc. 549300WQRSIV6XZT9313 Armada Hoffler Properties, Inc. 04208T108 77653.00000000 NS USD 795166.72000000 0.060778293738 Long EC CORP US N 1 N N N Peoples Bancorp, Inc. N/A Peoples Bancorp, Inc. 709789101 8429.00000000 NS USD 213928.02000000 0.016351514357 Long EC CORP US N 1 N N N Alphatec Holdings, Inc. 549300EZE8CQ8K65FS24 Alphatec Holdings, Inc. 02081G201 366040.00000000 NS USD 4747538.80000000 0.362876489246 Long EC CORP US N 1 N N N WESCO International, Inc. 529900TXOGREY3WNJ434 WESCO International, Inc. 95082P105 50664.00000000 NS USD 7286496.48000000 0.556940843026 Long EC CORP US N 1 N N N Central Pacific Financial Corp. 549300W3YEAOZ4KGG849 Central Pacific Financial Corp. 154760409 74343.00000000 NS USD 1240041.24000000 0.094782124096 Long EC CORP US N 1 N N N Mr. Cooper Group, Inc. 549300KD8C6DPXYC2M26 Mr. Cooper Group, Inc. 62482R107 245612.00000000 NS USD 13154978.72000000 1.005496257140 Long EC CORP US N 1 N N N FNB Corp. PCYSKIGYNYFDTBLVZU83 FNB Corp. 302520101 55882.00000000 NS USD 602966.78000000 0.046087557674 Long EC CORP US N 1 N N N IDACORP, Inc. 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N/A Veris Residential, Inc. 554489104 89218.00000000 NS USD 1472097.00000000 0.112519226002 Long EC CORP US N 1 N N N Titan Machinery, Inc. 549300835ZM8G0BT5C94 Titan Machinery, Inc. 88830R101 50664.00000000 NS USD 1346649.12000000 0.102930660601 Long EC CORP US N 1 N N N Marathon Digital Holdings, Inc. 549300M8ISKPTX2W7F94 Marathon Digital Holdings, Inc. 565788106 81980.00000000 NS USD 696830.00000000 0.053261960492 Long EC CORP US N 1 N N Helmerich & Payne, Inc. 254900NAOGHJ88RZ4C73 Helmerich & Payne, Inc. 423452101 83409.00000000 NS USD 3516523.44000000 0.268784255172 Long EC CORP US N 1 N N N Pathward Financial, Inc. 5493004X52BH1NBLW813 Pathward Financial, Inc. 59100U108 155423.00000000 NS USD 7163446.07000000 0.547535527416 Long EC CORP US N 1 N N N Veeco Instruments, Inc. 5493004201F72ADDZW04 Veeco Instruments, Inc. 922417100 103708.00000000 NS USD 2915231.88000000 0.222824742360 Long EC CORP US N 1 N N N Enova International, Inc. 549300O8XOCQSB49UO63 Enova International, Inc. 29357K103 231179.00000000 NS USD 11760075.73000000 0.898877328644 Long EC CORP US N 1 N N N OSI Systems, Inc. DDX3MPX1Y8YD30050X33 OSI Systems, Inc. 671044105 48627.00000000 NS USD 5739931.08000000 0.438729650577 Long EC CORP US N 1 N N N CVB Financial Corp. N/A CVB Financial Corp. 126600105 275297.00000000 NS USD 4561671.29000000 0.348669770284 Long EC CORP US N 1 N N N NOW, Inc. 549300AVH5SOCFVVDW91 NOW, Inc. 67011P100 651422.00000000 NS USD 7732379.14000000 0.591021730217 Long EC CORP US N 1 N N N Sierra Bancorp N/A Sierra Bancorp 82620P102 24180.00000000 NS USD 458452.80000000 0.035041681502 Long EC CORP US N 1 N N N STAG Industrial, Inc. 549300QWYX2W6FASVQ07 STAG Industrial, Inc. 85254J102 191429.00000000 NS USD 6606214.79000000 0.504943746895 Long EC CORP US N 1 N N N Brightspire Capital, Inc. 549300BOIFLLMVU37752 Brightspire Capital, Inc. 10949T109 135700.00000000 NS USD 849482.00000000 0.064929863414 Long EC CORP US N 1 N N N Alpha Metallurgical Resources, Inc. N/A Alpha Metallurgical Resources, Inc. 020764106 25071.00000000 NS USD 6511690.83000000 0.497718840644 Long EC CORP US N 1 N N N Phillips Edison & Co., Inc. 549300JPN4YHYPXTJQ85 Phillips Edison & Co., Inc. 71844V201 52873.00000000 NS USD 1773360.42000000 0.135546191508 Long EC CORP US N 1 N N N Patterson-UTI Energy, Inc. 254900XGFBKIXD6G0697 Patterson-UTI Energy, Inc. 703481101 268127.00000000 NS USD 3710877.68000000 0.283639654412 Long EC CORP US N 1 N N N G-III Apparel Group Ltd. 529900O5KABM3R3SFM87 G-III Apparel Group Ltd. 36237H101 161026.00000000 NS USD 4012767.92000000 0.306714530689 Long EC CORP US N 1 N N N StoneCo Ltd. 549300O1A9LEF0XZCR35 StoneCo Ltd., Class A N/A 556722.00000000 NS USD 5940223.74000000 0.454038950900 Long EC CORP KY N 1 N N Portland General Electric Co. GJOUP9M7C39GLSK9R870 Portland General Electric Co. 736508847 179908.00000000 NS USD 7282675.84000000 0.556648813726 Long EC CORP US N 1 N N N Biohaven Ltd. N/A Biohaven Ltd. N/A 5516.00000000 NS USD 143471.16000000 0.010966168585 Long EC CORP VG N 1 N N ONE Gas, Inc. 549300HXDWI0LATTX840 ONE Gas, Inc. 68235P108 58978.00000000 NS USD 4027017.84000000 0.307803718405 Long EC CORP US N 1 N N N Sprouts Farmers Market, Inc. 529900P8F4G77Q52XE24 Sprouts Farmers Market, Inc. 85208M102 121695.00000000 NS USD 5208546.00000000 0.398113415431 Long EC CORP US N 1 N N N NGM Biopharmaceuticals, Inc. 5493008V5DSDZIGQOP17 NGM Biopharmaceuticals, Inc. 62921N105 188113.00000000 NS USD 201280.91000000 0.015384836870 Long EC CORP US N 1 N N N Civitas Resources, Inc. IIVIHPH28S64K95M2381 Civitas Resources, Inc. 17888H103 39860.00000000 NS USD 3223478.20000000 0.246385443417 Long EC CORP US N 1 N N MasTec, Inc. 549300TMDIT8WREDOF45 MasTec, Inc. 576323109 17816.00000000 NS USD 1282217.52000000 0.098005853497 Long EC CORP US N 1 N N N Liberty Energy, Inc. N/A Liberty Energy, Inc. 53115L104 304145.00000000 NS USD 5632765.40000000 0.430538478822 Long EC CORP US N 1 N N N Joby Aviation, Inc. N/A Joby Aviation, Inc. N/A 203900.00000000 NS USD 1315155.00000000 0.100523418411 Long EC CORP US N 1 N N Select Water Solutions, Inc. 54930094OK8LA3QDW486 Select Water Solutions, Inc. 81617J301 332255.00000000 NS USD 2641427.25000000 0.201896579988 Long EC CORP US N 1 N N N Phreesia, Inc. 5493000HHF8NU4QOCG53 Phreesia, Inc. 71944F106 83271.00000000 NS USD 1555502.28000000 0.118894279785 Long EC CORP US N 1 N N N American Equity Investment Life Holding Co. 549300RK5RZQ740FPL83 American Equity Investment Life Holding Co. 025676206 87122.00000000 NS USD 4673224.08000000 0.357196269278 Long EC CORP US N 1 N N N EnPro Industries, Inc. 549300Y5CFT2LKCFDN54 EnPro Industries, Inc. 29355X107 11537.00000000 NS USD 1398169.03000000 0.106868567136 Long EC CORP US N 1 N N N ACM Research, Inc. 549300MCTENUWL2GJL61 ACM Research, Inc., Class A 00108J109 359272.00000000 NS USD 6504619.56000000 0.497178350563 Long EC CORP US N 1 N N N MoonLake Immunotherapeutics N/A MoonLake Immunotherapeutics 61559X104 140959.00000000 NS USD 8034663.00000000 0.614126692702 Long EC CORP KY N 1 N N Avient Corp. SM8L9RZYIB34LNTWO040 Avient Corp. 05368V106 52671.00000000 NS USD 1860339.72000000 0.142194424277 Long EC CORP US N 1 N N N Oil States International, Inc. 5493004TF4KQJGMYL777 Oil States International, Inc. 678026105 251239.00000000 NS USD 2102870.43000000 0.160732175370 Long EC CORP US N 1 N N N Dorian LPG Ltd. 549300WP1W2WGMC7F395 Dorian LPG Ltd. N/A 166242.00000000 NS USD 4776132.66000000 0.365062051064 Long EC CORP MH N 1 N N N Gibraltar Industries, Inc. N/A Gibraltar Industries, Inc. 374689107 44645.00000000 NS USD 3013983.95000000 0.230372822739 Long EC CORP US N 1 N N N RLJ Lodging Trust N/A RLJ Lodging Trust 74965L101 412898.00000000 NS USD 4042271.42000000 0.308969620526 Long EC CORP US N 1 N N N Home BancShares, Inc. N/A Home BancShares, Inc. 436893200 53540.00000000 NS USD 1121127.60000000 0.085693001073 Long EC CORP US N 1 N N N StoneX Group, Inc. 549300JUF07L8VF02M60 StoneX Group, Inc. 861896108 37570.00000000 NS USD 3641284.40000000 0.278320316080 Long EC CORP US N 1 N N N South Plains Financial, Inc. 549300SNEBP48642N493 South Plains Financial, Inc. 83946P107 9832.00000000 NS USD 259958.08000000 0.019869806102 Long EC CORP US N 1 N N N Tri Pointe Homes, Inc. N/A Tri Pointe Homes, Inc. 87265H109 204786.00000000 NS USD 5600897.10000000 0.428102636313 Long EC CORP US N 1 N N N V2X, Inc. N/A V2X, Inc. 92242T101 59544.00000000 NS USD 3076043.04000000 0.235116287860 Long EC CORP US N 1 N N N Thryv Holdings, Inc. N/A Thryv Holdings, Inc. 886029206 87284.00000000 NS USD 1638320.68000000 0.125224475599 Long EC CORP US N 1 N N N Arch Resources, Inc. W47HVZ7Q6FXL86RELH91 Arch Resources, Inc. 03940R107 19951.00000000 NS USD 3404837.66000000 0.260247591134 Long EC CORP US N 1 N N N SITE Centers Corp. W2AVA6SODOQ1LCYJQR54 SITE Centers Corp. 82981J109 308405.00000000 NS USD 3802633.65000000 0.290652990303 Long EC CORP US N 1 N N N Andersons, Inc. (The) L38MWB8MVRFV7HVJPU11 Andersons, Inc. (The) 034164103 84777.00000000 NS USD 4366863.27000000 0.333779686526 Long EC CORP US N 1 N N N Customers Bancorp, Inc. 549300WLBCHYKZ53FN68 Customers Bancorp, Inc. 23204G100 321772.00000000 NS USD 11085045.40000000 0.847281618402 Long EC CORP US N 1 N N N Veracyte, Inc. 529900ESWZRHXOW27Z37 Veracyte, Inc. 92337F107 79621.00000000 NS USD 1777936.93000000 0.135895995470 Long EC CORP US N 1 N N N Piper Sandler Cos. QUQDBTUSOAKFEVMRMF78 Piper Sandler Cos. 724078100 11969.00000000 NS USD 1739215.39000000 0.132936327927 Long EC CORP US N 1 N N N Noble Corp. plc 549300I3HBUNXO0OG954 Noble Corp. plc N/A 79873.00000000 NS USD 4045567.45000000 0.309221551442 Long EC CORP GB N 1 N N N SunCoke Energy, Inc. 1KF1J2NXQE2PI0QOB943 SunCoke Energy, Inc. 86722A103 119469.00000000 NS USD 1212610.35000000 0.092685453488 Long EC CORP US N 1 N N N CareTrust REIT, Inc. 5493001NVXE2B9GPLU96 CareTrust REIT, Inc. 14174T107 100220.00000000 NS USD 2054510.00000000 0.157035762598 Long EC CORP US N 1 N N N Hannon Armstrong Sustainable Infrastructure Capital, Inc. 254900ZZRL7MWL1X8E92 Hannon Armstrong Sustainable Infrastructure Capital, Inc. 41068X100 26175.00000000 NS USD 554910.00000000 0.042414354285 Long EC CORP US N 1 N N PotlatchDeltic Corp. 54930084YA8UJOTXDM59 PotlatchDeltic Corp. 737630103 116336.00000000 NS USD 5280491.04000000 0.403612509727 Long EC CORP US N 1 N N N Plymouth Industrial REIT, Inc. N/A Plymouth Industrial REIT, Inc. 729640102 124913.00000000 NS USD 2616927.35000000 0.200023938589 Long EC CORP US N 1 N N N Verve Therapeutics, Inc. N/A Verve Therapeutics, Inc. 92539P101 229364.00000000 NS USD 3041366.64000000 0.232465809196 Long EC CORP US N 1 N N EQRx, Inc. N/A EQRx, Inc. 26886C107 630054.00000000 NS USD 1398719.88000000 0.106910671165 Long EC CORP US N 1 N N N 2023-10-30 JPMorgan Trust II Timothy J. Clemens Timothy J. Clemens Treasurer and Principal Financial Officer XXXX NPORT-EX 2 JPMSMCAPVAL.htm 9.30 NPORT PART F EDGAR HTML
JPMorgan Small Cap Value Fund
Schedule of Portfolio Investments as of September 30, 2023
(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., 2023.
JPMorgan Small Cap Value Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF September 30, 2023  (Unaudited)
 
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — 97.1%
Aerospace & Defense — 0.3%
Archer Aviation, Inc., Class A * (a)
213
1,076
V2X, Inc. *
59
3,076
 
4,152
Air Freight & Logistics — 0.7%
Hub Group, Inc., Class A *
95
7,477
Radiant Logistics, Inc. *
230
1,298
 
8,775
Automobile Components — 0.7%
Adient plc *
202
7,433
Dana, Inc.
108
1,581
 
9,014
Banks — 14.2%
Ameris Bancorp
168
6,441
Axos Financial, Inc. *
69
2,604
Banc of California, Inc.
191
2,370
Bancorp, Inc. (The) *
48
1,666
Bank of NT Butterfield & Son Ltd. (The) (Bermuda)
223
6,030
Banner Corp.
85
3,616
Brookline Bancorp, Inc.
161
1,467
Business First Bancshares, Inc.
77
1,452
Byline Bancorp, Inc.
213
4,204
Capital City Bank Group, Inc.
117
3,497
Capstar Financial Holdings, Inc. (a)
45
632
Central Pacific Financial Corp.
74
1,240
Columbia Banking System, Inc.
63
1,277
Community Trust Bancorp, Inc.
23
799
ConnectOne Bancorp, Inc.
393
7,005
Customers Bancorp, Inc. *
322
11,085
CVB Financial Corp.
275
4,562
Eastern Bankshares, Inc.
375
4,708
Enterprise Financial Services Corp.
126
4,729
Financial Institutions, Inc.
33
559
First BanCorp (Puerto Rico)
897
12,079
First Bancshares, Inc. (The)
35
938
First Citizens BancShares, Inc., Class A
5
6,416
First Commonwealth Financial Corp.
68
827
First Financial Corp.
69
2,347
First Merchants Corp.
105
2,931
FNB Corp.
56
603
Hancock Whitney Corp.
59
2,167
Heritage Commerce Corp.
191
1,614
Home BancShares, Inc.
54
1,121
HomeTrust Bancshares, Inc.
59
1,270
Independent Bank Corp.
26
484
Mercantile Bank Corp.
9
279
Mid Penn Bancorp, Inc.
16
329
JPMorgan Small Cap Value Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF September 30, 2023  (Unaudited) (continued)
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — continued
Banks — continued
Midland States Bancorp, Inc.
27
558
MVB Financial Corp.
12
272
National Bank Holdings Corp., Class A
39
1,167
OceanFirst Financial Corp.
545
7,882
OFG Bancorp (Puerto Rico)
479
14,293
Old National Bancorp
550
7,997
Old Second Bancorp, Inc.
320
4,353
Orrstown Financial Services, Inc.
20
426
Pathward Financial, Inc.
155
7,163
Peapack-Gladstone Financial Corp.
90
2,313
Peoples Bancorp, Inc.
9
214
Pinnacle Financial Partners, Inc.
27
1,776
Popular, Inc. (Puerto Rico)
53
3,343
Preferred Bank
7
412
Premier Financial Corp.
80
1,371
QCR Holdings, Inc.
84
4,079
Seacoast Banking Corp. of Florida
34
734
Sierra Bancorp
24
458
SmartFinancial, Inc.
16
338
South Plains Financial, Inc.
10
260
Southside Bancshares, Inc.
37
1,070
SouthState Corp.
85
5,731
Towne Bank
47
1,087
TriCo Bancshares
64
2,032
Univest Financial Corp.
34
587
Veritex Holdings, Inc.
189
3,392
Washington Federal, Inc.
118
3,009
Wintrust Financial Corp.
87
6,596
 
186,261
Beverages — 0.2%
Primo Water Corp.
214
2,952
Biotechnology — 4.9%
2seventy bio, Inc. *
208
814
Agios Pharmaceuticals, Inc. *
98
2,416
Akero Therapeutics, Inc. *
58
2,928
Allogene Therapeutics, Inc. * (a)
398
1,263
Allovir, Inc. *
350
753
Arcellx, Inc. *
97
3,469
Avidity Biosciences, Inc. *
213
1,361
BioCryst Pharmaceuticals, Inc. * (a)
172
1,217
Biohaven Ltd. * (a)
6
144
Bluebird Bio, Inc. * (a)
469
1,426
Cytokinetics, Inc. *
71
2,078
EQRx, Inc. *
630
1,399
Fate Therapeutics, Inc. *
576
1,222
Generation Bio Co. *
572
2,166
JPMorgan Small Cap Value Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF September 30, 2023  (Unaudited) (continued)
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — continued
Biotechnology — continued
Geron Corp. *
615
1,304
Iovance Biotherapeutics, Inc. *
402
1,827
Kezar Life Sciences, Inc. *
464
553
Kymera Therapeutics, Inc. *
212
2,951
Lexicon Pharmaceuticals, Inc. * (a)
1,399
1,525
MacroGenics, Inc. *
522
2,430
MoonLake Immunotherapeutics * (a)
141
8,035
Prothena Corp. plc (Ireland) *
79
3,811
Recursion Pharmaceuticals, Inc., Class A * (a)
159
1,217
Relay Therapeutics, Inc. *
330
2,774
SpringWorks Therapeutics, Inc. * (a)
142
3,289
Syndax Pharmaceuticals, Inc. *
176
2,554
Twist Bioscience Corp. *
217
4,405
Veracyte, Inc. *
80
1,778
Verve Therapeutics, Inc. * (a)
229
3,041
 
64,150
Building Products — 1.0%
Gibraltar Industries, Inc. *
45
3,014
Resideo Technologies, Inc. *
97
1,534
UFP Industries, Inc.
89
9,147
 
13,695
Capital Markets — 1.3%
AssetMark Financial Holdings, Inc. *
45
1,143
Piper Sandler Cos.
12
1,739
Stifel Financial Corp.
11
683
StoneX Group, Inc. *
38
3,641
Victory Capital Holdings, Inc., Class A
185
6,157
Virtus Investment Partners, Inc.
18
3,587
 
16,950
Chemicals — 1.1%
AdvanSix, Inc.
85
2,637
Avient Corp.
53
1,860
Ecovyst, Inc. *
55
545
HB Fuller Co.
29
1,996
Minerals Technologies, Inc.
34
1,846
Sensient Technologies Corp.
30
1,779
Tronox Holdings plc
252
3,385
 
14,048
Commercial Services & Supplies — 0.9%
ABM Industries, Inc.
200
8,003
ACCO Brands Corp.
110
629
Heritage-Crystal Clean, Inc. *
83
3,776
 
12,408
JPMorgan Small Cap Value Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF September 30, 2023  (Unaudited) (continued)
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — continued
Communications Equipment — 0.3%
Aviat Networks, Inc. *
34
1,055
NETGEAR, Inc. *
222
2,801
 
3,856
Construction & Engineering — 1.7%
API Group Corp. *
160
4,164
Argan, Inc.
74
3,349
Comfort Systems USA, Inc.
26
4,479
MasTec, Inc. *
18
1,282
MYR Group, Inc. *
46
6,219
Primoris Services Corp.
84
2,735
 
22,228
Construction Materials — 0.1%
Summit Materials, Inc., Class A *
42
1,323
Consumer Finance — 2.3%
Encore Capital Group, Inc. *
100
4,753
Enova International, Inc. *
231
11,760
FirstCash Holdings, Inc.
47
4,762
Navient Corp.
56
968
Nelnet, Inc., Class A
24
2,095
PROG Holdings, Inc. *
192
6,386
 
30,724
Consumer Staples Distribution & Retail — 1.0%
Andersons, Inc. (The)
85
4,367
BJ's Wholesale Club Holdings, Inc. *
32
2,307
Sprouts Farmers Market, Inc. *
122
5,208
United Natural Foods, Inc. *
102
1,440
 
13,322
Containers & Packaging — 0.3%
Greif, Inc., Class A
37
2,487
Myers Industries, Inc.
17
306
O-I Glass, Inc. *
71
1,191
 
3,984
Diversified Consumer Services — 0.5%
Laureate Education, Inc., Class A
255
3,591
Stride, Inc. *
60
2,697
 
6,288
Diversified REITs — 0.8%
Alexander & Baldwin, Inc.
48
808
American Assets Trust, Inc.
37
712
Armada Hoffler Properties, Inc.
78
795
Broadstone Net Lease, Inc.
361
5,171
Essential Properties Realty Trust, Inc.
145
3,138
 
10,624
JPMorgan Small Cap Value Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF September 30, 2023  (Unaudited) (continued)
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — continued
Diversified Telecommunication Services — 0.6%
ATN International, Inc.
16
490
EchoStar Corp., Class A *
136
2,275
Liberty Latin America Ltd., Class A (Puerto Rico) *
92
751
Liberty Latin America Ltd., Class C (Puerto Rico) *
553
4,514
 
8,030
Electric Utilities — 1.3%
IDACORP, Inc.
52
4,909
MGE Energy, Inc.
62
4,260
Portland General Electric Co.
180
7,282
 
16,451
Electrical Equipment — 1.3%
Encore Wire Corp.
73
13,333
Powell Industries, Inc.
38
3,176
 
16,509
Electronic Equipment, Instruments & Components — 1.8%
Belden, Inc.
17
1,686
Benchmark Electronics, Inc.
142
3,451
Knowles Corp. *
676
10,006
OSI Systems, Inc. *
49
5,740
ScanSource, Inc. *
93
2,833
 
23,716
Energy Equipment & Services — 1.8%
ChampionX Corp.
45
1,615
Helmerich & Payne, Inc.
84
3,516
Liberty Energy, Inc.
304
5,633
Noble Corp. plc
80
4,046
Oil States International, Inc. *
251
2,103
Patterson-UTI Energy, Inc.
268
3,711
Select Water Solutions, Inc.
332
2,641
 
23,265
Financial Services — 5.1%
Essent Group Ltd.
257
12,163
Federal Agricultural Mortgage Corp., Class C
8
1,234
Jackson Financial, Inc., Class A
157
6,002
Merchants Bancorp
217
6,012
Mr. Cooper Group, Inc. *
246
13,155
NMI Holdings, Inc., Class A *
188
5,085
PennyMac Financial Services, Inc.
51
3,433
Radian Group, Inc.
295
7,419
Repay Holdings Corp. *
818
6,209
StoneCo Ltd., Class A (Brazil) * (a)
557
5,940
Waterstone Financial, Inc.
3
36
 
66,688
JPMorgan Small Cap Value Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF September 30, 2023  (Unaudited) (continued)
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — continued
Food Products — 1.2%
Darling Ingredients, Inc. *
61
3,169
Hostess Brands, Inc. *
253
8,436
John B Sanfilippo & Son, Inc.
35
3,454
 
15,059
Gas Utilities — 1.2%
Chesapeake Utilities Corp.
27
2,648
New Jersey Resources Corp.
63
2,572
Northwest Natural Holding Co.
79
3,024
ONE Gas, Inc.
59
4,027
Southwest Gas Holdings, Inc.
5
285
Spire, Inc. (a)
67
3,758
 
16,314
Ground Transportation — 0.6%
ArcBest Corp.
82
8,373
Health Care Equipment & Supplies — 1.4%
Alphatec Holdings, Inc. *
366
4,748
Inari Medical, Inc. *
76
5,002
RxSight, Inc. *
251
7,009
Sight Sciences, Inc. *
535
1,802
 
18,561
Health Care Providers & Services — 0.8%
AdaptHealth Corp. *
292
2,660
Fulgent Genetics, Inc. * (a)
66
1,761
ModivCare, Inc. *
52
1,623
NeoGenomics, Inc. *
257
3,163
Surgery Partners, Inc. *
50
1,461
 
10,668
Health Care REITs — 1.0%
CareTrust REIT, Inc.
100
2,054
Community Healthcare Trust, Inc.
45
1,325
Global Medical REIT, Inc.
58
522
Physicians Realty Trust
452
5,515
Sabra Health Care REIT, Inc.
256
3,568
 
12,984
Health Care Technology — 1.0%
Evolent Health, Inc., Class A *
179
4,861
Health Catalyst, Inc. *
463
4,688
Phreesia, Inc. *
83
1,555
Veradigm, Inc. *
109
1,436
 
12,540
Hotel & Resort REITs — 1.6%
Apple Hospitality REIT, Inc. (a)
525
8,049
DiamondRock Hospitality Co.
224
1,797
RLJ Lodging Trust
413
4,042
JPMorgan Small Cap Value Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF September 30, 2023  (Unaudited) (continued)
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — continued
Hotel & Resort REITs — continued
Ryman Hospitality Properties, Inc.
82
6,860
Xenia Hotels & Resorts, Inc.
71
835
 
21,583
Hotels, Restaurants & Leisure — 2.3%
Bloomin' Brands, Inc.
122
2,993
Bluegreen Vacations Holding Corp. (a)
126
4,629
Dine Brands Global, Inc.
59
2,892
Full House Resorts, Inc. *
253
1,078
International Game Technology plc
81
2,471
Light & Wonder, Inc. *
113
8,083
Marriott Vacations Worldwide Corp.
21
2,120
SeaWorld Entertainment, Inc. *
114
5,276
 
29,542
Household Durables — 3.2%
GoPro, Inc., Class A *
838
2,632
M/I Homes, Inc. *
132
11,103
Meritage Homes Corp.
102
12,434
Taylor Morrison Home Corp. *
229
9,763
Tri Pointe Homes, Inc. *
205
5,601
 
41,533
Household Products — 0.7%
Central Garden & Pet Co., Class A *
230
9,219
Independent Power and Renewable Electricity Producers — 0.3%
Clearway Energy, Inc.
98
1,945
Clearway Energy, Inc., Class C
122
2,590
 
4,535
Industrial REITs — 1.5%
First Industrial Realty Trust, Inc.
29
1,361
Innovative Industrial Properties, Inc. (a)
21
1,600
LXP Industrial Trust
317
2,822
Plymouth Industrial REIT, Inc.
125
2,617
STAG Industrial, Inc.
191
6,606
Terreno Realty Corp.
77
4,377
 
19,383
Insurance — 1.1%
American Equity Investment Life Holding Co.
87
4,673
CNO Financial Group, Inc.
63
1,481
Employers Holdings, Inc.
29
1,157
James River Group Holdings Ltd.
96
1,472
RLI Corp.
31
4,185
Skyward Specialty Insurance Group, Inc. * (a)
43
1,187
 
14,155
JPMorgan Small Cap Value Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF September 30, 2023  (Unaudited) (continued)
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — continued
Interactive Media & Services — 0.2%
Cars.com, Inc. *
62
1,039
QuinStreet, Inc. *
136
1,223
 
2,262
IT Services — 0.4%
Information Services Group, Inc.
787
3,449
Unisys Corp. *
690
2,379
 
5,828
Leisure Products — 0.4%
Topgolf Callaway Brands Corp. * (a)
331
4,584
Life Sciences Tools & Services — 0.2%
Pacific Biosciences of California, Inc. * (a)
261
2,176
Machinery — 1.5%
3D Systems Corp. *
225
1,105
AGCO Corp.
46
5,388
Albany International Corp., Class A
8
736
EnPro Industries, Inc.
11
1,398
Luxfer Holdings plc (United Kingdom)
27
352
Mueller Industries, Inc.
100
7,490
Terex Corp.
59
3,393
 
19,862
Marine Transportation — 0.5%
Matson, Inc.
69
6,124
Safe Bulkers, Inc. (Greece) (a)
197
637
 
6,761
Media — 0.8%
AMC Networks, Inc., Class A *
119
1,402
Entravision Communications Corp., Class A
531
1,939
Gray Television, Inc.
426
2,944
John Wiley & Sons, Inc., Class A
19
693
Magnite, Inc. *
256
1,932
Thryv Holdings, Inc. *
87
1,639
 
10,549
Metals & Mining — 2.3%
Alpha Metallurgical Resources, Inc.
25
6,512
Arch Resources, Inc.
20
3,405
Commercial Metals Co.
230
11,372
Constellium SE *
144
2,625
Olympic Steel, Inc.
13
716
Ryerson Holding Corp.
74
2,151
Schnitzer Steel Industries, Inc., Class A
60
1,674
SunCoke Energy, Inc.
119
1,212
Warrior Met Coal, Inc.
18
907
 
30,574
JPMorgan Small Cap Value Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF September 30, 2023  (Unaudited) (continued)
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — continued
Mortgage Real Estate Investment Trusts (REITs) — 1.8%
Blackstone Mortgage Trust, Inc., Class A (a)
96
2,087
Brightspire Capital, Inc.
136
849
Dynex Capital, Inc.
169
2,019
Ellington Financial, Inc. (a)
25
316
Hannon Armstrong Sustainable Infrastructure Capital, Inc. (a)
26
555
KKR Real Estate Finance Trust, Inc.
113
1,339
Ladder Capital Corp.
316
3,244
MFA Financial, Inc.
863
8,289
PennyMac Mortgage Investment Trust (a)
305
3,784
Ready Capital Corp. (a)
79
795
 
23,277
Multi-Utilities — 0.6%
Black Hills Corp.
9
436
Northwestern Energy Group, Inc.
66
3,192
Unitil Corp.
105
4,463
 
8,091
Office REITs — 1.1%
Brandywine Realty Trust
462
2,099
COPT Defense Properties
261
6,214
Equity Commonwealth
86
1,586
Piedmont Office Realty Trust, Inc., Class A
319
1,793
SL Green Realty Corp. (a)
60
2,223
 
13,915
Oil, Gas & Consumable Fuels — 6.9%
Berry Corp.
29
240
California Resources Corp.
139
7,778
Chord Energy Corp.
50
8,169
Civitas Resources, Inc. (a)
40
3,224
CNX Resources Corp. *
183
4,128
CONSOL Energy, Inc.
14
1,427
CVR Energy, Inc. (a)
107
3,638
Delek US Holdings, Inc.
16
445
Dorian LPG Ltd.
166
4,776
Green Plains, Inc. *
78
2,345
Gulfport Energy Corp. *
35
4,102
International Seaways, Inc.
90
4,068
Magnolia Oil & Gas Corp., Class A
28
653
Matador Resources Co.
134
7,977
Murphy Oil Corp.
195
8,858
Ovintiv, Inc.
96
4,567
Par Pacific Holdings, Inc. *
33
1,172
PBF Energy, Inc., Class A
65
3,500
Peabody Energy Corp.
132
3,431
REX American Resources Corp. *
19
776
SM Energy Co.
272
10,770
JPMorgan Small Cap Value Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF September 30, 2023  (Unaudited) (continued)
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — continued
Oil, Gas & Consumable Fuels — continued
Teekay Tankers Ltd., Class A (Canada)
62
2,581
World Kinect Corp.
103
2,302
 
90,927
Paper & Forest Products — 0.0% ^
Louisiana-Pacific Corp.
12
643
Passenger Airlines — 0.8%
Hawaiian Holdings, Inc. * (a)
331
2,098
Joby Aviation, Inc. * (a)
204
1,315
SkyWest, Inc. *
172
7,197
 
10,610
Personal Care Products — 0.6%
BellRing Brands, Inc. *
29
1,207
Edgewell Personal Care Co.
87
3,228
Herbalife Ltd. * (a)
253
3,530
 
7,965
Pharmaceuticals — 0.4%
ANI Pharmaceuticals, Inc. *
32
1,838
Intra-Cellular Therapies, Inc. *
52
2,702
NGM Biopharmaceuticals, Inc. *
188
201
 
4,741
Professional Services — 0.3%
Heidrick & Struggles International, Inc.
71
1,779
KBR, Inc.
33
1,928
 
3,707
Real Estate Management & Development — 0.7%
Forestar Group, Inc. *
338
9,113
Residential REITs — 0.3%
Independence Realty Trust, Inc.
95
1,340
UMH Properties, Inc.
98
1,366
Veris Residential, Inc.
89
1,472
 
4,178
Retail REITs — 2.5%
Agree Realty Corp.
199
10,982
Kite Realty Group Trust
341
7,309
Phillips Edison & Co., Inc.
53
1,773
Regency Centers Corp.
10
598
Retail Opportunity Investments Corp.
574
7,105
RPT Realty
158
1,664
SITE Centers Corp.
308
3,803
 
33,234
Semiconductors & Semiconductor Equipment — 2.2%
ACM Research, Inc., Class A *
359
6,505
Cohu, Inc. *
121
4,153
JPMorgan Small Cap Value Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF September 30, 2023  (Unaudited) (continued)
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — continued
Semiconductors & Semiconductor Equipment — continued
Photronics, Inc. *
309
6,250
Synaptics, Inc. *
93
8,321
Veeco Instruments, Inc. *
104
2,915
 
28,144
Software — 2.0%
Adeia, Inc.
285
3,043
C3.ai, Inc., Class A * (a)
24
610
E2open Parent Holdings, Inc. *
705
3,201
LiveRamp Holdings, Inc. *
350
10,095
Marathon Digital Holdings, Inc. * (a)
82
697
ON24, Inc.
318
2,015
Riot Platforms, Inc. * (a)
245
2,281
Verint Systems, Inc. *
113
2,607
Xperi, Inc. *
225
2,221
 
26,770
Specialized REITs — 0.4%
PotlatchDeltic Corp.
116
5,281
Specialty Retail — 2.1%
Academy Sports & Outdoors, Inc.
58
2,764
Asbury Automotive Group, Inc. *
26
6,011
Group 1 Automotive, Inc.
31
8,255
ODP Corp. (The) *
99
4,575
Sally Beauty Holdings, Inc. *
224
1,873
Signet Jewelers Ltd.
53
3,817
 
27,295
Technology Hardware, Storage & Peripherals — 0.4%
Avid Technology, Inc. *
178
4,774
Textiles, Apparel & Luxury Goods — 0.3%
G-III Apparel Group Ltd. *
161
4,013
Trading Companies & Distributors — 4.8%
Beacon Roofing Supply, Inc. *
147
11,337
BlueLinx Holdings, Inc. *
40
3,258
Boise Cascade Co.
56
5,738
GATX Corp.
12
1,343
GMS, Inc. *
68
4,388
MRC Global, Inc. *
328
3,367
NOW, Inc. *
651
7,732
Rush Enterprises, Inc., Class A
369
15,056
Titan Machinery, Inc. *
51
1,347
Veritiv Corp.
9
1,457
WESCO International, Inc.
51
7,287
 
62,310
Water Utilities — 0.3%
American States Water Co.
42
3,331
JPMorgan Small Cap Value Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF September 30, 2023  (Unaudited) (continued)
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — continued
Wireless Telecommunication Services — 0.2%
Gogo, Inc. *
184
2,193
Total Common Stocks
(Cost $1,214,204)
1,270,970
Short-Term Investments — 5.6%
Investment Companies — 2.3%
JPMorgan Prime Money Market Fund Class IM Shares, 5.48% (b) (c)
(Cost $30,790)
30,785
30,795
Investment of Cash Collateral from Securities Loaned — 3.3%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.52% (b) (c)
37,582
37,589
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.27% (b) (c)
5,517
5,517
Total Investment of Cash Collateral from Securities Loaned
(Cost $43,106)
43,106
Total Short-Term Investments
(Cost $73,896)
73,901
Total Investments — 102.7%
(Cost $1,288,100)
1,344,871
Liabilities in Excess of Other Assets — (2.7)%
(35,409
)
NET ASSETS — 100.0%
1,309,462
 
Percentages indicated are based on net assets.
 
Abbreviations
 
REIT
Real Estate Investment Trust
 
^
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 September 30, 2023. The total value of securities on loan at September 30, 2023 is
$41,059.
 
(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 September 30, 2023.
 
Futures contracts outstanding as of September 30, 2023 (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
376
12/15/2023
USD
33,799
(1,120
)
 
Abbreviations
 
USD
United States Dollar
JPMorgan Small Cap Value Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF September 30, 2023 (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.
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. 
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)
$1,344,871
$—
$—
$1,344,871
Depreciation in Other Financial Instruments
Futures Contracts (a)
$(1,120
)
$—
$—
$(1,120
)
 
 
(a)
Please refer to the SOI for specifics of portfolio holdings.
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.
JPMorgan Small Cap Value Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF September 30, 2023 (Unaudited) (continued)
(Dollar values in thousands)
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 September 30, 2023
Security Description
Value at
June 30,
2023
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
September 30,
2023
Shares at
September 30,
2023
Dividend
Income
Capital Gain
Distributions
JPMorgan Prime Money Market Fund Class IM
Shares, 5.48%  (a) (b)
$28,802
$70,027
$68,037
$2
$1
$30,795
30,785
$319
$—
JPMorgan Securities Lending Money Market
Fund Agency SL Class Shares, 5.52%
 (a) (b)
28,586
76,000
67,000
3
—
37,589
37,582
461
—
JPMorgan U.S. Government Money Market
Fund Class IM Shares, 5.27%  (a) (b)
5,498
33,014
32,995
—
—
5,517
5,517
70
—
Total
$62,886
$179,041
$168,032
$5
$1
$73,901
$850
$—
 
 
(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 September 30, 2023.