NPORT-EX 2 HG_ISE.htm FOR VALIDATION PURPOSES ONLY - [903359.HG_ISE]

JPMorgan Intrepid Sustainable Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2020 (Unaudited)

 

Investments

    Shares (000)      Value ($000)  

COMMON STOCKS — 96.3%

 

Auto Components — 0.9%

 

Aptiv plc

      6        286  
     

 

 

  

Banks — 4.7%

 

Bank of America Corp.

      39        820  

Citigroup, Inc.

      16        674  
     

 

 

  
        1,494  
     

 

 

  

Biotechnology — 4.5%

 

Amgen, Inc.

      4        780  

Gilead Sciences, Inc.

      9        638  
     

 

 

  
        1,418  
     

 

 

  

Building Products — 3.4%

 

Owens Corning

      9        335  

Trane Technologies plc

      6        486  

Trex Co., Inc. *

      3        248  
     

 

 

  
        1,069  
     

 

 

  

Capital Markets — 1.4%

 

S&P Global, Inc.

      2        444  
     

 

 

  

Communications Equipment — 3.1%

 

Cisco Systems, Inc.

      25        966  
     

 

 

  

Consumer Finance — 1.2%

 

American Express Co.

      4        382  
     

 

 

  

Containers & Packaging — 1.6%

 

Ball Corp.

      8        488  
     

 

 

  

Diversified Financial Services — 0.7%

 

Voya Financial, Inc.

      5        219  
     

 

 

  

Diversified Telecommunication Services — 3.5%

 

Verizon Communications, Inc.

      20        1,093  
     

 

 

  

Electric Utilities — 1.6%

 

NextEra Energy, Inc.

      2        504  
     

 

 

  

Entertainment — 5.0%

 

Electronic Arts, Inc. *

      6        552  

Walt Disney Co. (The)

      11        1,030  
     

 

 

  
        1,582  
     

 

 

  

Equity Real Estate Investment Trusts (REITs) — 5.4%

 

American Tower Corp.

      4        797  

Boston Properties, Inc. (a)

      4        355  

Equinix, Inc.

      1        562  
     

 

 

  
        1,714  
     

 

 

  

Food Products — 2.6%

 

General Mills, Inc.

      15        808  
     

 

 

  

Health Care Equipment & Supplies — 1.1%

 

Hologic, Inc. *

      10        355  
     

 

 

  

Health Care Providers & Services — 2.3%

 

Cigna Corp.

      4        721  
     

 

 

  

Household Products — 4.5%

 

Clorox Co. (The)

      1        211  

Procter & Gamble Co. (The)

      11        1,217  
     

 

 

  
        1,428  
     

 

 

  

Insurance — 1.6%

 

Lincoln National Corp.

      5        118  

Travelers Cos., Inc. (The)

      4        391  
     

 

 

  
        509  
     

 

 

  

IT Services — 4.9%

 

Accenture plc, Class A

      4        578  

Mastercard, Inc., Class A

      4        954  
     

 

 

  
        1,532  
     

 

 

  

Life Sciences Tools & Services — 2.1%

 

Agilent Technologies, Inc.

      4        291  

IQVIA Holdings, Inc. *

      3        362  
     

 

 

  
        653  
     

 

 

  

Machinery — 3.5%

 

Deere & Co.

      3        468  

Parker-Hannifin Corp.

      3        363  

Xylem, Inc.

      4        266  
     

 

 

  
        1,097  
     

 

 

  

Multiline Retail — 2.4%

 

Target Corp.

      8        757  
     

 

 

  

Multi-Utilities — 0.4%

 

Sempra Energy

      1        122  
     

 

 

  

Pharmaceuticals — 4.5%

 

Bristol-Myers Squibb Co.

      13        748  

Merck & Co., Inc.

      9        672  
     

 

 

  
        1,420  
     

 

 

  

Professional Services — 0.9%

 

FTI Consulting, Inc. *

      2        289  
     

 

 

  

Real Estate Management & Development — 0.7%

 

CBRE Group, Inc., Class A *

      6        225  
     

 

 

  

Semiconductors & Semiconductor Equipment — 7.9%

 

Applied Materials, Inc.

      12        545  

Lam Research Corp.

      3        714  

NVIDIA Corp.

      2        519  

Texas Instruments, Inc.

      7        709  
     

 

 

  
        2,487  
     

 

 

  

Software — 14.0%

 

Adobe, Inc. *

      1        392  

Cadence Design Systems, Inc. *

      5        299  

Intuit, Inc.

      3        658  

Microsoft Corp.

      16        2,538  

salesforce.com, Inc. *

      4        533  
     

 

 

  
        4,420  
     

 

 

  

Specialty Retail — 4.7%

 

Best Buy Co., Inc.

      7        380  

Home Depot, Inc. (The)

      6        1,094  
     

 

 

  
        1,474  
     

 

 

  

JPMorgan Intrepid Sustainable Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

 

Investments

    Shares (000)      Value ($000)  

Textiles, Apparel & Luxury Goods — 1.2%

 

VF Corp.

      7        389  
     

 

 

  

TOTAL COMMON STOCKS

(Cost $29,791)

         30,345  
     

 

 

  

SHORT-TERM INVESTMENTS — 2.9%

 

INVESTMENT COMPANIES — 2.3%

 

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

(Cost $723)

      722        723  
     

 

 

  

INVESTMENT OF CASH COLLATERAL FROM SECURITIES LOANED — 0.6%

 

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

(Cost $180)

      180        180  
     

 

 

  

TOTAL SHORT-TERM INVESTMENTS

(Cost $903)

         903  
     

 

 

  

Total Investments — 99.2%

(Cost $30,694)

         31,248  

Other Assets Less Liabilities — 0.8%

         266  
  

 

 

  

Net Assets — 100.0%

 

      31,514  
  

 

 

  

 

Percentages indicated are based on net assets.

 

(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 $175,000.

(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, 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

 

S&P 500 E-Mini Index

      5        06/2020        USD        643        6  
              

 

 

  

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.

JPMorgan Intrepid Sustainable Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

 

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.

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)

    $ 31,248      $ —        $ —        $ 31,248  
  

 

 

     

 

 

     

 

 

     

 

 

  

Appreciation in Other Financial Instruments

 

Futures Contracts (a)

    $ 6      $ —        $ —        $ 6  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

(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)

    $ 1,669      $ 13,869      $ 14,815      $ —   (c)    $ —        $ 723        722      $ 16     $ —    

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

      —          1,027        847        —         —          180        180        —   (c)      —    
  

 

 

     

 

 

     

 

 

     

 

 

    

 

 

     

 

 

        

 

 

    

 

 

  

Total

    $ 1,669      $ 14,896      $ 15,662      $ —       $ —        $ 903         $ 16     $ —    
  

 

 

     

 

 

     

 

 

     

 

 

    

 

 

     

 

 

        

 

 

    

 

 

  

 

(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.

(c)

Amount rounds to less than one thousand.