JPMorgan Value Advantage Fund
Schedule of Portfolio Investments as of March 31, 2025
(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., 2025.
JPMorgan Value Advantage Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2025 (Unaudited)
 
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — 97.6%
Aerospace & Defense — 2.2%
General Dynamics Corp.
245
66,830
Northrop Grumman Corp.
69
35,145
RTX Corp.
711
94,226
 
196,201
Air Freight & Logistics — 1.0%
FedEx Corp.
350
85,200
Automobile Components — 0.4%
Gentex Corp.
1,520
35,407
Banks — 10.6%
Bank of America Corp.
3,456
144,209
Columbia Banking System, Inc.
1,486
37,063
Fifth Third Bancorp
885
34,703
First Citizens BancShares, Inc., Class A
64
117,766
M&T Bank Corp.
870
155,457
PNC Financial Services Group, Inc. (The)
395
69,458
Regions Financial Corp.
4,006
87,060
Wells Fargo & Co.
4,101
294,440
 
940,156
Beverages — 2.2%
Constellation Brands, Inc., Class A
284
52,044
Keurig Dr Pepper, Inc.
2,627
89,890
PepsiCo, Inc.
368
55,240
 
197,174
Biotechnology — 3.4%
AbbVie, Inc.
931
195,087
Regeneron Pharmaceuticals, Inc.
118
74,844
Vertex Pharmaceuticals, Inc. *
75
36,029
 
305,960
Broadline Retail — 0.4%
Amazon.com, Inc. *
169
32,224
Building Products — 1.3%
Carlisle Cos., Inc.
199
67,711
Fortune Brands Innovations, Inc.
821
50,008
 
117,719
Capital Markets — 4.3%
Ameriprise Financial, Inc.
80
38,550
Charles Schwab Corp. (The)
806
63,136
Morgan Stanley
507
59,140
Northern Trust Corp.
993
97,919
Raymond James Financial, Inc.
167
23,260
State Street Corp.
1,118
100,120
 
382,125
JPMorgan Value Advantage Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — continued
Chemicals — 0.8%
Axalta Coating Systems Ltd. *
2,079
68,973
Communications Equipment — 0.5%
Cisco Systems, Inc.
706
43,568
Construction & Engineering — 0.7%
WillScot Holdings Corp.
2,270
63,094
Construction Materials — 0.7%
Martin Marietta Materials, Inc.
128
61,278
Consumer Finance — 2.5%
American Express Co.
254
68,443
Capital One Financial Corp.
774
138,737
Discover Financial Services
101
17,255
 
224,435
Containers & Packaging — 2.9%
Graphic Packaging Holding Co.
2,614
67,867
International Paper Co.
768
40,971
Packaging Corp. of America
236
46,616
Silgan Holdings, Inc.
865
44,223
Smurfit WestRock plc
1,347
60,699
 
260,376
Diversified Telecommunication Services — 0.8%
Verizon Communications, Inc.
1,650
74,831
Electric Utilities — 3.4%
Edison International
1,129
66,515
Entergy Corp.
373
31,916
NextEra Energy, Inc.
1,206
85,480
PG&E Corp.
3,724
63,980
Xcel Energy, Inc.
718
50,847
 
298,738
Electrical Equipment — 0.4%
Eaton Corp. plc
118
32,012
Electronic Equipment, Instruments & Components — 1.2%
Jabil, Inc.
162
22,087
TD SYNNEX Corp.
831
86,348
 
108,435
Entertainment — 0.7%
Walt Disney Co. (The)
663
65,471
Financial Services — 5.0%
Berkshire Hathaway, Inc., Class B *
513
273,258
Block, Inc. *
540
29,343
Corpay, Inc. *
204
71,317
MGIC Investment Corp.
2,835
70,244
 
444,162
JPMorgan Value Advantage Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — continued
Food Products — 0.7%
Post Holdings, Inc. *
544
63,340
Ground Transportation — 1.2%
JB Hunt Transport Services, Inc.
270
40,030
Union Pacific Corp.
275
64,899
 
104,929
Health Care Equipment & Supplies — 1.3%
Align Technology, Inc. *
307
48,707
Medtronic plc
760
68,318
 
117,025
Health Care Providers & Services — 7.9%
Cardinal Health, Inc.
222
30,546
Cencora, Inc.
405
112,717
Cigna Group (The)
305
100,437
CVS Health Corp.
906
61,411
HCA Healthcare, Inc.
265
91,458
Henry Schein, Inc. *
1,527
104,557
Humana, Inc.
109
28,974
Labcorp Holdings, Inc.
326
75,930
UnitedHealth Group, Inc.
188
98,281
 
704,311
Hotel & Resort REITs — 0.7%
Apple Hospitality REIT, Inc.
1,262
16,293
Host Hotels & Resorts, Inc.
3,286
46,690
 
62,983
Hotels, Restaurants & Leisure — 2.2%
Booking Holdings, Inc.
11
51,063
Expedia Group, Inc.
303
50,933
McDonald's Corp.
302
94,445
 
196,441
Household Durables — 0.7%
Mohawk Industries, Inc. *
557
63,535
Household Products — 0.9%
Procter & Gamble Co. (The)
453
77,151
Industrial REITs — 0.3%
EastGroup Properties, Inc.
159
28,018
Insurance — 5.9%
Arch Capital Group Ltd.
510
49,086
Chubb Ltd.
254
76,820
Kinsale Capital Group, Inc.
75
36,462
Loews Corp.
1,232
113,233
Oscar Health, Inc., Class A * (a)
1,880
24,645
Progressive Corp. (The)
76
21,486
JPMorgan Value Advantage Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — continued
Insurance — continued
Travelers Cos., Inc. (The)
533
140,940
WR Berkley Corp.
808
57,455
 
520,127
Interactive Media & Services — 0.5%
IAC, Inc. *
983
45,151
IT Services — 0.6%
Cognizant Technology Solutions Corp., Class A
740
56,636
Machinery — 1.2%
Dover Corp.
475
83,439
Middleby Corp. (The) *
151
22,967
 
106,406
Media — 0.3%
Sirius XM Holdings, Inc. (a)
1,346
30,351
Multi-Utilities — 0.3%
Public Service Enterprise Group, Inc.
360
29,631
Oil, Gas & Consumable Fuels — 6.6%
Chevron Corp.
952
159,286
ConocoPhillips
1,474
154,832
Coterra Energy, Inc.
1,228
35,484
EOG Resources, Inc.
822
105,350
Kinder Morgan, Inc.
2,199
62,734
Williams Cos., Inc. (The)
1,153
68,922
 
586,608
Passenger Airlines — 0.5%
Southwest Airlines Co.
1,188
39,887
Pharmaceuticals — 4.1%
Bristol-Myers Squibb Co.
3,014
183,821
Johnson & Johnson
693
114,944
Merck & Co., Inc.
681
61,115
 
359,880
Professional Services — 0.3%
TransUnion
366
30,402
Real Estate Management & Development — 0.3%
CBRE Group, Inc., Class A *
177
23,087
Residential REITs — 1.9%
American Homes 4 Rent, Class A
2,189
82,780
Mid-America Apartment Communities, Inc.
516
86,469
 
169,249
Retail REITs — 1.5%
Federal Realty Investment Trust
524
51,306
Regency Centers Corp.
1,089
80,292
 
131,598
JPMorgan Value Advantage Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — continued
Semiconductors & Semiconductor Equipment — 2.0%
Analog Devices, Inc.
199
40,158
Microchip Technology, Inc.
928
44,894
Texas Instruments, Inc.
491
88,254
 
173,306
Specialized REITs — 3.2%
Digital Realty Trust, Inc.
330
47,345
Lamar Advertising Co., Class A
438
49,801
Public Storage
212
63,519
Rayonier, Inc.
1,051
29,292
SBA Communications Corp.
231
50,811
Weyerhaeuser Co.
1,581
46,288
 
287,056
Specialty Retail — 3.9%
AutoZone, Inc. *
15
59,033
Bath & Body Works, Inc.
1,293
39,199
Best Buy Co., Inc.
590
43,447
Dick's Sporting Goods, Inc.
271
54,520
Lowe's Cos., Inc.
377
87,966
Murphy USA, Inc.
92
43,070
Ulta Beauty, Inc. *
59
21,669
 
348,904
Technology Hardware, Storage & Peripherals — 1.3%
Hewlett Packard Enterprise Co.
4,380
67,581
Western Digital Corp. *
1,083
43,771
 
111,352
Textiles, Apparel & Luxury Goods — 0.5%
Columbia Sportswear Co.
166
12,548
Kontoor Brands, Inc.
447
28,658
 
41,206
Tobacco — 1.4%
Philip Morris International, Inc.
796
126,346
Total Common Stocks
(Cost $5,729,124)
8,672,455
Short-Term Investments — 2.8%
Investment Companies — 2.3%
JPMorgan Prime Money Market Fund Class IM Shares, 4.43% (b) (c)
(Cost $204,406)
204,345
204,406
JPMorgan Value Advantage Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
(000)
VALUE
($000)
Short-Term Investments — continued
Investment of Cash Collateral from Securities Loaned — 0.5%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 4.38% (b) (c)
(Cost $41,392)
41,392
41,392
Total Short-Term Investments
(Cost $245,798)
245,798
Total Investments — 100.4%
(Cost $5,974,922)
8,918,253
Liabilities in Excess of Other Assets — (0.4)%
(35,430
)
NET ASSETS — 100.0%
8,882,823
 
Percentages indicated are based on net assets.
 
Abbreviations
 
REIT
Real Estate Investment Trust
 
*
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 $39,571.
(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.
JPMorgan Value Advantage Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2025 (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 Securities and Exchange Commission 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 Fund 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 Fund. 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.
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)
$8,918,253
$—
$—
$8,918,253
 
 
(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 Value Advantage Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2025 (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 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)
$77,317
$2,305,200
$2,178,080
$(30
)
$(1
)
$204,406
204,345
$7,174
$—
JPMorgan Securities Lending Money Market Fund
Agency SL Class Shares, 4.38%  (a) (b)
59,092
185,661
203,363
(1
)
3
41,392
41,392
805
—
JPMorgan U.S. Government Money Market Fund
Class IM Shares, 4.31%  (a) (b)
8,047
30,908
38,955
—
—
—
—
38
—
Total
$144,456
$2,521,769
$2,420,398
$(31
)
$2
$245,798
$8,017
$—
 
 
(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.