NPORT-EX 2 HG_IG.htm HTML

JPMorgan Intrepid Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited)

 

Investments

    Shares (000)      Value ($000)  

COMMON STOCKS — 97.4%

 

Aerospace & Defense — 0.2%

 

Northrop Grumman Corp.

      9        2,776  
     

 

 

  

Air Freight & Logistics — 0.5%

 

United Parcel Service, Inc., Class B

      34        5,599  
     

 

 

  

Automobiles — 1.8%

 

Tesla, Inc. *

      50        21,493  
     

 

 

  

Biotechnology — 6.0%

 

AbbVie, Inc.

      281        24,608  

Alexion Pharmaceuticals, Inc. *

      35        3,994  

Amgen, Inc.

      87        22,047  

Biogen, Inc. *

      16        4,567  

Exelixis, Inc. *

      238        5,812  

Vertex Pharmaceuticals, Inc. *

      34        9,225  
     

 

 

  
        70,253  
     

 

 

  

Building Products — 0.9%

 

Fortune Brands Home & Security, Inc.

      62        5,330  

Owens Corning

      69        4,734  
     

 

 

  
        10,064  
     

 

 

  

Capital Markets — 1.7%

 

MSCI, Inc.

      13        4,781  

S&P Global, Inc.

      24        8,546  

State Street Corp.

      110        6,503  
     

 

 

  
        19,830  
     

 

 

  

Commercial Services & Supplies — 0.5%

 

Waste Management, Inc.

      49        5,579  
     

 

 

  

Communications Equipment — 0.3%

 

Lumentum Holdings, Inc. *

      53        3,982  
     

 

 

  

Containers & Packaging — 0.4%

 

Crown Holdings, Inc. *

      58        4,435  
     

 

 

  

Diversified Consumer Services — 0.5%

 

Chegg, Inc. *

      45        3,208  

H&R Block, Inc.

      143        2,323  
     

 

 

  
        5,531  
     

 

 

  

Electronic Equipment, Instruments & Components — 0.3%

 

Keysight Technologies, Inc. *

      35        3,477  
     

 

 

  

Entertainment — 2.9%

 

Electronic Arts, Inc. *

      77        10,029  

Netflix, Inc. *

      31        15,500  

Take-Two Interactive Software, Inc. *

      53        8,691  
     

 

 

  
        34,220  
     

 

 

  

Equity Real Estate Investment Trusts (REITs) — 2.0%

 

American Tower Corp.

      48        11,530  

Crown Castle International Corp.

      42        7,043  

Equinix, Inc.

      7        5,169  
     

 

 

  
        23,742  
     

 

 

  

Food & Staples Retailing — 0.6%

 

Sprouts Farmers Market, Inc. * (a)

      357        7,462  
     

 

 

  

Food Products — 1.9%

 

Campbell Soup Co. (a)

      78        3,783  

Conagra Brands, Inc.

      237        8,459  

JM Smucker Co. (The)

      36        4,170  

TreeHouse Foods, Inc. *

      158        6,412  
     

 

 

  
        22,824  
     

 

 

  

Health Care Equipment & Supplies — 0.5%

 

Becton Dickinson and Co.

      25        5,747  
     

 

 

  

Health Care Providers & Services — 4.3%

 

Anthem, Inc.

      56        15,042  

Centene Corp. *

      118        6,900  

Cigna Corp.

      24        3,981  

DaVita, Inc. *

      110        9,398  

Humana, Inc.

      22        9,230  

UnitedHealth Group, Inc.

      21        6,547  
     

 

 

  
        51,098  
     

 

 

  

Health Care Technology — 0.7%

 

Veeva Systems, Inc., Class A *

      29        8,126  
     

 

 

  

Hotels, Restaurants & Leisure — 1.1%

 

Domino’s Pizza, Inc.

      24        10,376  

Wendy’s Co. (The)

      123        2,736  
     

 

 

  
        13,112  
     

 

 

  

Household Durables — 1.1%

 

Lennar Corp., Class A

      43        3,512  

PulteGroup, Inc.

      201        9,286  
     

 

 

  
        12,798  
     

 

 

  

Household Products — 1.2%

 

Clorox Co. (The)

      22        4,519  

Procter & Gamble Co. (The)

      69        9,646  
     

 

 

  
        14,165  
     

 

 

  

Insurance — 0.3%

 

Marsh & McLennan Cos., Inc.

      29        3,349  
     

 

 

  

Interactive Media & Services — 7.4%

 

Alphabet, Inc., Class A *

      16        23,596  

Alphabet, Inc., Class C *

      14        20,868  

Facebook, Inc., Class A *

      144        37,583  

Zillow Group, Inc., Class C * (a)

      48        4,866  
     

 

 

  
        86,913  
     

 

 

  

Internet & Direct Marketing Retail — 8.2%

 

Amazon.com, Inc. *

      25        77,774  

eBay, Inc.

      367        19,115  
     

 

 

  
        96,889  
     

 

 

  

IT Services — 8.5%

 

Accenture plc, Class A

      71        15,955  

Akamai Technologies, Inc. *

      77        8,534  

Leidos Holdings, Inc.

      67        5,964  

Mastercard, Inc., Class A

      111        37,435  

PayPal Holdings, Inc. *

      95        18,698  

Twilio, Inc., Class A *

      30        7,339  

Visa, Inc., Class A

      34        6,799  
     

 

 

  
        100,724  
     

 

 

  

Life Sciences Tools & Services — 1.3%

 

IQVIA Holdings, Inc. *

      53        8,402  

Thermo Fisher Scientific, Inc.

      17        7,285  
     

 

 

  
        15,687  
     

 

 

  

Media — 1.1%

 

Charter Communications, Inc., Class A *

      14        8,866  

Discovery, Inc., Class A * (a)

      185        4,027  
     

 

 

  
        12,893  
     

 

 

  

JPMorgan Intrepid Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

 

Investments

    Shares (000)      Value ($000)  

Metals & Mining — 0.2%

      

Newmont Corp.

      40        2,525  
     

 

 

  

Multiline Retail — 0.4%

      

Target Corp.

      30        4,644  
     

 

 

  

Oil, Gas & Consumable Fuels — 0.4%

      

Cheniere Energy, Inc. *

      109        5,053  
     

 

 

  

Pharmaceuticals — 1.6%

      

Bristol-Myers Squibb Co.

      306        18,449  
     

 

 

  

Road & Rail — 1.1%

      

CSX Corp.

      101        7,845  

Old Dominion Freight Line, Inc.

      30        5,373  
     

 

 

  
        13,218  
     

 

 

  

Semiconductors & Semiconductor Equipment — 5.8%

      

Applied Materials, Inc.

      269        15,986  

Lam Research Corp. (a)

      57        18,911  

NVIDIA Corp.

      24        13,043  

Qorvo, Inc. *

      34        4,438  

QUALCOMM, Inc.

      141        16,616  
     

 

 

  
        68,994  
     

 

 

  

Software — 18.0%

      

Adobe, Inc. *

      18        8,632  

Cadence Design Systems, Inc. *

      95        10,119  

Crowdstrike Holdings, Inc., Class A *

      68        9,379  

Fortinet, Inc. *

      84        9,861  

HubSpot, Inc. *

      19        5,523  

Intuit, Inc. (a)

      68        22,313  

Microsoft Corp.

      473        99,455  

Oracle Corp.

      343        20,495  

Palo Alto Networks, Inc. *

      17        4,210  

ServiceNow, Inc. *

      13        6,402  

SS&C Technologies Holdings, Inc.

      35        2,094  

VMware, Inc., Class A * (a)

      43        6,120  

Workday, Inc., Class A *

      35        7,551  
     

 

 

  
        212,154  
     

 

 

  

Specialty Retail — 3.1%

      

Best Buy Co., Inc.

      98        10,918  

Lowe’s Cos., Inc.

      102        16,850  

Tractor Supply Co.

      30        4,272  

Williams-Sonoma, Inc. (a)

      54        4,866  
     

 

 

  
        36,906  
     

 

 

  

Technology Hardware, Storage & Peripherals — 10.6%

      

Apple, Inc.

      943        109,162  

Dell Technologies, Inc., Class C *

      173        11,731  

NetApp, Inc.

      97        4,261  
     

 

 

  
        125,154  
     

 

 

  

TOTAL COMMON STOCKS

(Cost $735,172)

         1,149,865  
     

 

 

  
     No. of
Rights  (000)		         

RIGHTS — 0.0% (b)

      

Pharmaceuticals — 0.0% (b)

      

Bristol-Myers Squibb Co., CVR, expiring 12/31/2020 *

(Cost $71)

      33        75  
     

 

 

  
     Shares (000)         

SHORT-TERM INVESTMENTS — 5.0%

      

INVESTMENT COMPANIES — 2.4%

      

JPMorgan Prime Money Market Fund Class IM Shares, 0.23% (c) (d)

(Cost $28,040)

      28,026        28,046  
     

 

 

  

INVESTMENT OF CASH COLLATERAL FROM SECURITIES LOANED — 2.6%

      

JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.29% (c) (d)

     12,993        12,996  

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.06% (c) (d)

     17,492        17,492  
     

 

 

  

TOTAL INVESTMENT OF CASH COLLATERAL FROM SECURITIES LOANED

(Cost $30,490)

         30,488  
     

 

 

  

TOTAL SHORT-TERM INVESTMENTS

(Cost $58,530)

         58,534  
     

 

 

  

Total Investments — 102.4%

(Cost $793,773)

         1,208,474  

Liabilities in Excess of Other Assets — (2.4)%

         (28,630 ) 
     

 

 

  

Net Assets — 100.0%

         1,179,844  
     

 

 

  

 

Percentages indicated are based on net assets.

JPMorgan Intrepid Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

 

Abbreviations

 

CVR    Contingent Value Rights
(a)    The security or a portion of this security is on loan at September 30, 2020. The total value of securities on loan at September 30, 2020 is approximately $29,865,000.
(b)    Amount rounds to less than 0.1% of net assets.
(c)    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.
(d)    The rate shown is the current yield as of September 30, 2020.
*    Non-income producing security.

Futures contracts outstanding as of September 30, 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

      90        12/2020        USD        15,073        225  
              

 

 

  

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.

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.

JPMorgan Intrepid Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

 

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)

    $ 1,208,474      $ —        $ —        $ 1,208,474  
  

 

 

     

 

 

     

 

 

     

 

 

  

Appreciation in Other Financial Instruments

 

Futures Contracts (a)

    $ 225      $ —        $ —        $ 225  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

(a)

Please refer to the SOI for specifics of portfolio holdings.

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 September 30, 2020

  

Security Description

   Value at
June  30,
2020		     Purchases
at Cost		     Proceeds
from Sales		     Net
Realized
Gain (Loss)		     Change in
Unrealized
Appreciation/
(Depreciation)		     Value at
September 30,
2020		     Shares at
September 30,
2020		     Dividend
Income		     Capital Gain
Distributions		  

JPMorgan Prime Money Market Fund Class IM,
0.23% (a) (b)

   $ 12,447     $ 120,063     $ 104,458     $ (1 )    $ (5 )    $ 28,046       28,026     $ 18     $ —    

JPMorgan Securities Lending Money Market Fund Agency SL Class Shares,
0.29% (a) (b)

     —         85,000       72,000       (3 )      (1 )      12,996       12,993       18       —    

JPMorgan U.S. Government Money Market Fund Class IM,
0.06% (a) (b)

     11,327       82,902       76,737       —         —         17,492       17,492       2       —    
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

      

 

 

    

 

 

  

Total

   $ 23,774     $ 287,965     $ 253,195     $ (4 )    $ (6 )    $ 58,534       $ 38     $ —    
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

      

 

 

    

 

 

  

 

(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, 2020.