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JPMorgan Intrepid Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited)

 

Investments

    Shares (000)      Value ($000)  

COMMON STOCKS — 98.7%

 

Aerospace & Defense — 1.2%

 

Northrop Grumman Corp.

      6        1,925  

Raytheon Technologies Corp.

      16        926  
     

 

 

  
        2,851  
     

 

 

  

Air Freight & Logistics — 0.4%

 

United Parcel Service, Inc., Class B

      5        900  
     

 

 

  

Auto Components — 0.4%

 

Lear Corp.

      8        872  
     

 

 

  

Banks — 7.0%

 

Bank of America Corp.

      219        5,278  

Citigroup, Inc.

      81        3,496  

Citizens Financial Group, Inc.

      55        1,380  

First Republic Bank

      8        862  

Sterling Bancorp

      85        898  

Truist Financial Corp.

      43        1,648  

Western Alliance Bancorp

      28        882  

Zions Bancorp NA

      43        1,251  
     

 

 

  
        15,695  
     

 

 

  

Biotechnology — 4.3%

 

AbbVie, Inc.

      45        3,975  

Alexion Pharmaceuticals, Inc. *

      12        1,350  

Amgen, Inc.

      10        2,502  

Biogen, Inc. *

      5        1,447  

Gilead Sciences, Inc.

      10        638  
     

 

 

  
        9,912  
     

 

 

  

Building Products — 1.7%

 

Fortune Brands Home & Security, Inc.

      18        1,531  

Owens Corning

      34        2,333  
     

 

 

  
        3,864  
     

 

 

  

Capital Markets — 2.5%

 

Ameriprise Financial, Inc.

      12        1,818  

Bank of New York Mellon Corp. (The)

      31        1,051  

Goldman Sachs Group, Inc. (The)

      4        844  

State Street Corp.

      32        1,893  
     

 

 

  
        5,606  
     

 

 

  

Chemicals — 2.1%

 

Celanese Corp.

      14        1,472  

DuPont de Nemours, Inc.

      17        932  

Eastman Chemical Co.

      9        687  

Huntsman Corp.

      73        1,615  
     

 

 

  
        4,706  
     

 

 

  

Commercial Services & Supplies — 0.5%

 

Republic Services, Inc.

      13        1,167  
     

 

 

  

Communications Equipment — 1.6%

 

Cisco Systems, Inc.

      71        2,793  

Lumentum Holdings, Inc. *

      11        819  
     

 

 

  
        3,612  
     

 

 

  

Construction & Engineering — 0.7%

 

AECOM *

      25        1,025  

MasTec, Inc. * (a)

      14        574  
     

 

 

  
        1,599  
     

 

 

  

Consumer Finance — 0.6%

 

Ally Financial, Inc.

      31        777  

Discover Financial Services

      12        688  
     

 

 

  
        1,465  
     

 

 

  

Containers & Packaging — 1.7%

 

Ball Corp.

      6        524  

Berry Global Group, Inc. *

      11        551  

Crown Holdings, Inc. *

      26        1,998  

Silgan Holdings, Inc.

      20        724  
     

 

 

  
        3,797  
     

 

 

  

Diversified Consumer Services — 0.6%

 

H&R Block, Inc.

      83        1,350  
     

 

 

  

Diversified Financial Services — 2.6%

 

Berkshire Hathaway, Inc., Class B *

      21        4,387  

Voya Financial, Inc.

      34        1,639  
     

 

 

  
        6,026  
     

 

 

  

Diversified Telecommunication Services — 4.0%

 

AT&T, Inc.

      49        1,408  

CenturyLink, Inc.

      64        642  

Verizon Communications, Inc.

      121        7,210  
     

 

 

  
        9,260  
     

 

 

  

Electric Utilities — 4.6%

 

Entergy Corp.

      17        1,665  

Exelon Corp.

      91        3,255  

NextEra Energy, Inc.

      10        2,692  

NRG Energy, Inc.

      51        1,571  

Southern Co. (The)

      26        1,431  
     

 

 

  
        10,614  
     

 

 

  

Electrical Equipment — 1.3%

 

Eaton Corp. plc

      29        2,949  
     

 

 

  

Energy Equipment & Services — 0.2%

 

Baker Hughes Co.

      36        474  
     

 

 

  

Entertainment — 1.5%

 

Electronic Arts, Inc. *

      27        3,482  
     

 

 

  

Equity Real Estate Investment Trusts (REITs) — 4.5%

 

American Tower Corp.

      8        1,958  

Crown Castle International Corp.

      9        1,432  

Essex Property Trust, Inc.

      7        1,446  

Invitation Homes, Inc.

      74        2,073  

Kilroy Realty Corp.

      17        889  

Paramount Group, Inc.

      169        1,193  

SL Green Realty Corp. (a)

      5        232  

VEREIT, Inc.

      159        1,034  
     

 

 

  
        10,257  
     

 

 

  

Food & Staples Retailing — 2.0%

 

Kroger Co. (The)

      55        1,861  

Sprouts Farmers Market, Inc. *

      72        1,505  

Walgreens Boots Alliance, Inc.

      33        1,182  
     

 

 

  
        4,548  
     

 

 

  

Food Products — 2.0%

 

Conagra Brands, Inc.

      48        1,708  

Kraft Heinz Co. (The)

      57        1,692  

TreeHouse Foods, Inc. *

      11        462  

Tyson Foods, Inc., Class A

      11        636  
     

 

 

  
        4,498  
     

 

 

  

Health Care Equipment & Supplies — 0.8%

 

Hologic, Inc. *

      27        1,788  
     

 

 

  

JPMorgan Intrepid Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

 

Investments

    Shares (000)      Value ($000)  

Health Care Providers & Services — 3.7%

 

Anthem, Inc.

      15        4,056  

Centene Corp. *

      23        1,353  

Cigna Corp.

      9        1,457  

DaVita, Inc. *

      20        1,693  
     

 

 

  
        8,559  
     

 

 

  

Hotels, Restaurants & Leisure — 1.9%

 

Dunkin’ Brands Group, Inc.

      20        1,622  

Wendy’s Co. (The)

      64        1,420  

Wyndham Destinations, Inc.

      39        1,190  
     

 

 

  
        4,232  
     

 

 

  

Household Durables — 1.7%

 

DR Horton, Inc.

      25        1,883  

PulteGroup, Inc.

      41        1,912  
     

 

 

  
        3,795  
     

 

 

  

Household Products — 2.4%

 

Procter & Gamble Co. (The)

      28        3,850  

Spectrum Brands Holdings, Inc.

      28        1,572  
     

 

 

  
        5,422  
     

 

 

  

Independent Power and Renewable Electricity Producers — 0.2%

 

Vistra Corp.

      28        526  
     

 

 

  

Insurance — 3.2%

 

Allstate Corp. (The)

      34        3,239  

Fidelity National Financial, Inc.

      61        1,910  

MetLife, Inc.

      16        587  

Travelers Cos., Inc. (The)

      15        1,644  
     

 

 

  
        7,380  
     

 

 

  

Interactive Media & Services — 2.0%

 

Alphabet, Inc., Class A *

      1        1,172  

Alphabet, Inc., Class C *

      2        3,454  
     

 

 

  
        4,626  
     

 

 

  

Internet & Direct Marketing Retail — 1.4%

 

eBay, Inc.

      48        2,506  

Qurate Retail, Inc., Series A

      98        702  
     

 

 

  
        3,208  
     

 

 

  

IT Services — 2.4%

 

DXC Technology Co.

      53        946  

Leidos Holdings, Inc.

      12        1,079  

Mastercard, Inc., Class A

      7        2,198  

Science Applications International Corp.

      17        1,294  
     

 

 

  
        5,517  
     

 

 

  

Life Sciences Tools & Services — 1.6%

 

IQVIA Holdings, Inc. *

      11        1,702  

PerkinElmer, Inc.

      16        1,971  
     

 

 

  
        3,673  
     

 

 

  

Machinery — 2.9%

 

Caterpillar, Inc.

      17        2,535  

Deere & Co.

      9        1,884  

PACCAR, Inc.

      16        1,373  

Parker-Hannifin Corp.

      4        769  
     

 

 

  
        6,561  
     

 

 

  

Media — 2.6%

 

Charter Communications, Inc., Class A *

      6        3,496  

Discovery, Inc., Class A * (a)

      50        1,095  

Nexstar Media Group, Inc., Class A (a)

      6        540  

Omnicom Group, Inc.

      19        926  
     

 

 

  
        6,057  
     

 

 

  

Metals & Mining — 1.7%

 

Newmont Corp.

      60        3,801  
     

 

 

  

Multiline Retail — 0.3%

 

Target Corp.

      4        614  
     

 

 

  

Multi-Utilities — 0.6%

 

WEC Energy Group, Inc.

      15        1,444  
     

 

 

  

Oil, Gas & Consumable Fuels — 3.5%

 

Cabot Oil & Gas Corp.

      31        540  

Cheniere Energy, Inc. *

      26        1,185  

Chevron Corp.

      28        1,990  

Concho Resources, Inc.

      22        962  

EOG Resources, Inc.

      15        539  

Kinder Morgan, Inc.

      47        577  

ONEOK, Inc.

      44        1,141  

Phillips 66

      22        1,130  
     

 

 

  
        8,064  
     

 

 

  

Personal Products — 0.4%

 

Herbalife Nutrition Ltd. *

      20        914  
     

 

 

  

Pharmaceuticals — 4.0%

 

Bristol-Myers Squibb Co.

      58        3,498  

Jazz Pharmaceuticals plc *

      14        1,953  

Johnson & Johnson

      11        1,697  

Pfizer, Inc.

      56        2,055  
     

 

 

  
        9,203  
     

 

 

  

Professional Services — 0.3%

 

ManpowerGroup, Inc.

      10        748  
     

 

 

  

Road & Rail — 2.7%

 

CSX Corp.

      50        3,883  

Old Dominion Freight Line, Inc.

      7        1,303  

Union Pacific Corp.

      5        925  
     

 

 

  
        6,111  
     

 

 

  

Semiconductors & Semiconductor Equipment — 3.7%

 

Intel Corp.

      63        3,236  

Lam Research Corp.

      8        2,621  

Qorvo, Inc. *

      5        684  

QUALCOMM, Inc.

      16        1,918  
     

 

 

  
        8,459  
     

 

 

  

Software — 2.4%

 

Crowdstrike Holdings, Inc., Class A *

      11        1,469  

Oracle Corp.

      59        3,540  

SS&C Technologies Holdings, Inc.

      9        557  
     

 

 

  
        5,566  
     

 

 

  

Specialty Retail — 0.8%

 

Best Buy Co., Inc.

      17        1,914  
     

 

 

  

Technology Hardware, Storage & Peripherals — 0.6%

 

Dell Technologies, Inc., Class C *

      13        859  

NetApp, Inc.

      13        557  
     

 

 

  
        1,416  
     

 

 

  

JPMorgan Intrepid Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

 

Investments

    Shares (000)      Value ($000)  

Tobacco — 2.4%

      

Altria Group, Inc.

      94        3,644  

Philip Morris International, Inc.

      24        1,777  
     

 

 

  
        5,421  
     

 

 

  

Trading Companies & Distributors — 0.5%

      

United Rentals, Inc. *

      7        1,204  
     

 

 

  

TOTAL COMMON STOCKS

(Cost $206,545)

         225,727  
     

 

 

  
      No. of
Rights (000)		         

RIGHTS — 0.0% (b)

      

Pharmaceuticals — 0.0% (b)

      

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

(Cost $30)

      14        32  
     

 

 

  
      Shares (000)         

SHORT-TERM INVESTMENTS — 2.0%

      

INVESTMENT COMPANIES — 1.3%

      

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

(Cost $3,006)

      3,004        3,007  
     

 

 

  

INVESTMENT OF CASH COLLATERAL FROM SECURITIES LOANED — 0.7%

      

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

     503        503  

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

     1,135        1,135  
     

 

 

  

TOTAL INVESTMENT OF CASH COLLATERAL FROM SECURITIES LOANED

(Cost $1,638)

         1,638  
     

 

 

  
TOTAL SHORT-TERM INVESTMENTS
(Cost $4,644)		         4,645  
     

 

 

  
Total Investments — 100.7%
(Cost $211,219)		         230,404  

Liabilities in Excess of Other Assets — (0.7)%

         (1,673 ) 
     

 

 

  

Net Assets — 100.0%

         228,731  
     

 

 

  

 

Percentages indicated are based on net assets.

JPMorgan Intrepid Value 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 $1,559,000.

(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

      10        12/2020      USD      1,675        30  
              

 

 

  

 

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.

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)

    $ 230,404      $ —        $ —        $ 230,404  
  

 

 

     

 

 

     

 

 

     

 

 

  

Appreciation in Other Financial Instruments

 

Futures Contracts (a)

    $ 30      $ —        $ —        $ 30  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

(a)

Please refer to the SOI for specifics of portfolio holdings.

JPMorgan Intrepid Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

 

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)

    $ 4,719      $ 22,908      $ 24,619      $ —   (c)    $ (1 )    $ 3,007        3,004      $ 3     $ —    

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

      3        5,000        4,500        —   (c)      —         503        503        1       —    

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

      2,452        14,617        15,934        —         —         1,135        1,135        —   (c)      —    
  

 

 

     

 

 

     

 

 

     

 

 

    

 

 

    

 

 

        

 

 

    

 

 

  

Total

    $ 7,174      $ 42,525      $ 45,053      $ —   (c)    $ (1 )    $ 4,645         $ 4     $ —    
  

 

 

     

 

 

     

 

 

     

 

 

    

 

 

    

 

 

        

 

 

    

 

 

  

 

(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.

(c)

Amount rounds to less than one thousand.