Undiscovered Managers Behavioral Value 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.
Undiscovered Managers Behavioral Value Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2025 (Unaudited)
 
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — 96.9%
Aerospace & Defense — 0.4%
Mercury Systems, Inc. *
1,004
43,251
Automobile Components — 0.9%
American Axle & Manufacturing Holdings, Inc. *
2,812
11,446
Gentex Corp.
2,262
52,701
Gentherm, Inc. *
766
20,481
 
84,628
Banks — 19.7%
Berkshire Hills Bancorp, Inc.
988
25,782
Brookline Bancorp, Inc.
3,981
43,398
Citizens Financial Group, Inc.
8,482
347,531
CVB Financial Corp.
1,974
36,436
First Citizens BancShares, Inc., Class A
58
107,747
First Hawaiian, Inc.
4,496
109,878
FNB Corp.
17,719
238,317
Hope Bancorp, Inc.
5,679
59,457
KeyCorp
25,318
404,829
Old National Bancorp
15,114
320,266
Simmons First National Corp., Class A
1,271
26,085
United Bankshares, Inc.
1,265
43,876
Valley National Bancorp
7,294
64,843
WaFd, Inc.
3,118
89,101
 
1,917,546
Building Products — 2.5%
Armstrong World Industries, Inc.
653
91,953
JELD-WEN Holding, Inc. *
4,045
24,151
Resideo Technologies, Inc. *
7,017
124,208
 
240,312
Chemicals — 4.0%
Cabot Corp.
1,014
84,315
Celanese Corp.
2,587
146,874
Koppers Holdings, Inc.
937
26,237
Olin Corp.
5,296
128,361
 
385,787
Commercial Services & Supplies — 2.2%
ABM Industries, Inc.
1,024
48,481
Brink's Co. (The)
1,437
123,842
MillerKnoll, Inc.
1,986
38,013
 
210,336
Construction & Engineering — 1.4%
Granite Construction, Inc.
1,856
139,948
Containers & Packaging — 6.9%
Berry Global Group, Inc.
3,876
270,545
Crown Holdings, Inc.
552
49,294
Graphic Packaging Holding Co.
9,294
241,265
Undiscovered Managers Behavioral Value Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — continued
Containers & Packaging — continued
Greif, Inc., Class A
1,072
58,960
Silgan Holdings, Inc.
1,038
53,062
 
673,126
Distributors — 1.6%
LKQ Corp.
3,782
160,866
Diversified Consumer Services — 0.3%
Frontdoor, Inc. *
703
27,010
Diversified REITs — 0.5%
Alexander & Baldwin, Inc.
1,033
17,789
Broadstone Net Lease, Inc.
1,663
28,340
 
46,129
Electric Utilities — 3.4%
Portland General Electric Co.
4,158
185,446
TXNM Energy, Inc.
2,666
142,587
 
328,033
Electrical Equipment — 1.2%
Sensata Technologies Holding plc
4,681
113,619
Energy Equipment & Services — 1.4%
Patterson-UTI Energy, Inc.
14,422
118,547
TETRA Technologies, Inc. *
6,068
20,390
 
138,937
Financial Services — 1.3%
NCR Atleos Corp. *
1,972
52,032
Radian Group, Inc.
2,175
71,908
 
123,940
Food Products — 1.7%
Flowers Foods, Inc.
4,830
91,823
Nomad Foods Ltd. (United Kingdom)
3,613
70,995
 
162,818
Gas Utilities — 4.5%
Southwest Gas Holdings, Inc.
1,103
79,199
Spire, Inc.
2,099
164,212
UGI Corp.
5,829
192,769
 
436,180
Health Care Equipment & Supplies — 5.1%
CONMED Corp.
1,007
60,797
Dentsply Sirona, Inc.
9,426
140,828
Envista Holdings Corp. *
3,636
62,747
ICU Medical, Inc. *
1,178
163,577
Integra LifeSciences Holdings Corp. *
3,336
73,365
 
501,314
Undiscovered Managers Behavioral Value Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — continued
Health Care Providers & Services — 1.5%
Ensign Group, Inc. (The)
1,140
147,504
Health Care REITs — 3.1%
Healthpeak Properties, Inc.
14,975
302,789
Hotel & Resort REITs — 0.7%
Chatham Lodging Trust
2,242
15,989
Pebblebrook Hotel Trust
5,522
55,937
 
71,926
Hotels, Restaurants & Leisure — 1.0%
Marriott Vacations Worldwide Corp.
1,563
100,388
Household Durables — 0.1%
Tri Pointe Homes, Inc. *
246
7,864
Household Products — 0.5%
Energizer Holdings, Inc.
1,792
53,603
Insurance — 8.7%
Assured Guaranty Ltd.
896
78,926
Axis Capital Holdings Ltd.
1,479
148,232
CNO Financial Group, Inc.
3,615
150,556
Horace Mann Educators Corp.
1,908
81,545
James River Group Holdings Ltd.
1,733
7,280
Kemper Corp.
3,021
201,954
White Mountains Insurance Group Ltd.
94
180,410
 
848,903
Machinery — 5.7%
AGCO Corp.
2,204
204,019
Hillenbrand, Inc.
3,323
80,229
Hyster-Yale, Inc.
181
7,532
JBT Marel Corp.
601
73,421
Kennametal, Inc.
1,239
26,394
Terex Corp.
2,012
75,995
Timken Co. (The)
1,182
84,942
 
552,532
Marine Transportation — 0.6%
Matson, Inc.
490
62,772
Media — 0.4%
TEGNA, Inc.
2,081
37,923
Multi-Utilities — 1.0%
Black Hills Corp.
1,124
68,165
Northwestern Energy Group, Inc.
465
26,902
 
95,067
Oil, Gas & Consumable Fuels — 3.5%
Devon Energy Corp.
6,112
228,603
Range Resources Corp.
2,720
108,595
 
337,198
Undiscovered Managers Behavioral Value Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — continued
Paper & Forest Products — 0.2%
Magnera Corp. *
1,028
18,664
Professional Services — 4.8%
Concentrix Corp. (a)
1,752
97,459
Dun & Bradstreet Holdings, Inc.
6,778
60,599
Genpact Ltd.
1,572
79,205
Maximus, Inc.
1,476
100,617
Science Applications International Corp.
1,121
125,852
 
463,732
Real Estate Management & Development — 0.2%
Cushman & Wakefield plc *
1,802
18,413
Retail REITs — 1.1%
Kite Realty Group Trust
4,984
111,499
Software — 1.1%
NCR Voyix Corp. *
6,192
60,374
Verint Systems, Inc. *
2,824
50,402
 
110,776
Specialized REITs — 0.3%
Rayonier, Inc.
884
24,654
Specialty Retail — 1.1%
Advance Auto Parts, Inc.
2,736
107,285
Textiles, Apparel & Luxury Goods — 1.0%
Carter's, Inc.
222
9,098
Columbia Sportswear Co.
331
25,062
Hanesbrands, Inc. *
10,601
61,167
 
95,327
Trading Companies & Distributors — 1.3%
Beacon Roofing Supply, Inc. *
455
56,336
MRC Global, Inc. *
3,355
38,513
MSC Industrial Direct Co., Inc., Class A
471
36,586
 
131,435
Total Common Stocks
(Cost $7,904,976)
9,434,034
Short-Term Investments — 2.9%
Investment Companies — 2.8%
JPMorgan Prime Money Market Fund Class IM Shares, 4.43% (b) (c)
(Cost $265,590)
265,510
265,590
Undiscovered Managers Behavioral Value 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 — 0.1%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 4.38% (b) (c)
(Cost $12,431)
12,431
12,431
Total Short-Term Investments
(Cost $278,021)
278,021
Total Investments — 99.8%
(Cost $8,182,997)
9,712,055
Other Assets in Excess of Liabilities — 0.2%
18,995
NET ASSETS — 100.0%
9,731,050
 
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 $11,723.
(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.
Undiscovered Managers Behavioral Value 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)
$9,712,055
$—
$—
$9,712,055
 
 
(a)
Please refer to the SOI for specifics of portfolio holdings.
B. Investment Transactions with Affiliates— The Fund invested in Underlying Fund 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.
Undiscovered Managers Behavioral Value 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)
$67,128
$2,519,675
$2,321,305
$92
$—
(c)
$265,590
265,510
$8,920
$—
JPMorgan Securities Lending Money Market Fund
Agency SL Class Shares, 4.38%  (a) (b)
23,985
152,077
163,633
1
1
12,431
12,431
681
—
JPMorgan U.S. Government Money Market Fund
Class IM Shares, 4.31%  (a) (b)
3,072
9,447
12,519
—
—
—
—
36
—
Total
$94,185
$2,681,199
$2,497,457
$93
$1
$278,021
$9,637
$—
 
 
(a)
Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan
Investment Management Inc.
(b)
The rate shown is the current yield as of March 31, 2025.
(c)
Amount rounds to less than one thousand.