NPORT-EX 2 HG_IMC.htm FOR VALIDATION PURPOSES ONLY - [899862.HG_IMC]

JPMorgan Intrepid Mid Cap Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2020 (Unaudited)

 

Investments

    Shares (000)     Value ($000)  

COMMON STOCKS — 96.8%

 

Aerospace & Defense — 2.4%

 

Curtiss-Wright Corp.

      37       3,456  

HEICO Corp., Class A

      32       2,045  

Huntington Ingalls Industries, Inc.

      6       1,169  

Spirit AeroSystems Holdings, Inc., Class A

      17       417  

Teledyne Technologies, Inc. * (a)

      2       624  

Textron, Inc. (a)

      12       312  
    

 

 

  
       8,023  
    

 

 

  

Air Freight & Logistics — 0.2%

 

XPO Logistics, Inc. *

      15       746  
    

 

 

  

Airlines — 0.0% (b)

 

Alaska Air Group, Inc.

      6       168  
    

 

 

  

Banks — 2.6%

 

East West Bancorp, Inc.

      14       360  

Fifth Third Bancorp

      65       961  

First Horizon National Corp.

      108       873  

KeyCorp

      57       594  

Popular, Inc. (Puerto Rico)

      82       2,859  

Regions Financial Corp.

      54       482  

Signature Bank

      20       1,576  

SVB Financial Group *

      5       755  
    

 

 

  
       8,460  
    

 

 

  

Biotechnology — 1.1%

 

BioMarin Pharmaceutical, Inc. *

      6       490  

Bluebird Bio, Inc. * (a)

      10       474  

Incyte Corp. *

      4       300  

Moderna, Inc. *

      54       1,629  

Neurocrine Biosciences, Inc. *

      7       580  

Sarepta Therapeutics, Inc. *

      1       49  
    

 

 

  
       3,522  
    

 

 

  

Building Products — 1.5%

 

Trane Technologies plc

      59       4,898  
    

 

 

  

Capital Markets — 3.8%

 

Affiliated Managers Group, Inc.

      6       337  

Ameriprise Financial, Inc.

      12       1,220  

BGC Partners, Inc., Class A

      52       131  

Cboe Global Markets, Inc.

      2       205  

Evercore, Inc., Class A

      6       272  

Invesco Ltd.

      36       330  

LPL Financial Holdings, Inc.

      69       3,780  

MarketAxess Holdings, Inc.

      — (c)      133  

Morningstar, Inc.

      19       2,197  

MSCI, Inc.

      4       1,156  

State Street Corp.

      51       2,690  
    

 

 

  
       12,451  
    

 

 

  

Chemicals — 1.9%

 

Axalta Coating Systems Ltd. *

      46       791  

Cabot Corp. (a)

      25       648  

Eastman Chemical Co.

      10       466  

Huntsman Corp.

      158       2,286  

Valvoline, Inc.

      160       2,095  
    

 

 

  
       6,286  
    

 

 

  

Communications Equipment — 0.9%

 

Ciena Corp. * (a)

      8       299  

F5 Networks, Inc. *

      24       2,527  
    

 

 

  
       2,826  
    

 

 

  

Construction & Engineering — 0.3%

 

AECOM *

      35       1,045  
    

 

 

  

Containers & Packaging — 2.3%

 

Ardagh Group SA

      143       1,701  

Avery Dennison Corp.

      7       733  

Berry Global Group, Inc. *

      44       1,480  

Graphic Packaging Holding Co.

      208       2,538  

O-I Glass, Inc. (a)

      50       356  

Westrock Co.

      34       972  
    

 

 

  
       7,780  
    

 

 

  

Distributors — 0.8%

 

LKQ Corp. *

      123       2,521  
    

 

 

  

Diversified Consumer Services — 0.2%

 

frontdoor, Inc. *

      19       645  
    

 

 

  

Diversified Financial Services — 0.5%

 

Equitable Holdings, Inc.

      111       1,601  
    

 

 

  

Diversified Telecommunication Services — 0.6%

 

CenturyLink, Inc.

      215       2,033  
    

 

 

  

Electric Utilities — 3.0%

 

Entergy Corp.

      5       489  

Evergy, Inc.

      19       1,018  

FirstEnergy Corp.

      55       2,184  

NRG Energy, Inc.

      190       5,188  

OGE Energy Corp.

      12       359  

PG&E Corp. * (a)

      84       757  
    

 

 

  
       9,995  
    

 

 

  

Electrical Equipment — 0.7%

 

AMETEK, Inc.

      13       900  

GrafTech International Ltd. (a)

      26       211  

Regal Beloit Corp.

      18       1,146  
    

 

 

  
       2,257  
    

 

 

  

Electronic Equipment, Instruments & Components — 4.0%

 

Arrow Electronics, Inc. *

      116       6,032  

Avnet, Inc.

      104       2,598  

CDW Corp.

      16       1,502  

Dolby Laboratories, Inc., Class A

      58       3,133  
    

 

 

  
       13,265  
    

 

 

  

Energy Equipment & Services — 0.2%

 

Baker Hughes Co.

      26       273  

National Oilwell Varco, Inc. (a)

      51       501  
    

 

 

  
       774  
    

 

 

  

Entertainment — 1.4%

 

Activision Blizzard, Inc. *

      16       969  

Live Nation Entertainment, Inc. * (a)

      18       809  

Take-Two Interactive Software, Inc. *

      26       3,025  
    

 

 

  
       4,803  
    

 

 

  

JPMorgan Intrepid Mid Cap Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

 

Investments

    Shares (000)      Value ($000)  

Equity Real Estate Investment Trusts (REITs) — 8.4%

 

Alexandria Real Estate Equities, Inc.

      5        699  

American Homes 4 Rent, Class A

      12        288  

Americold Realty Trust (a)

      4        126  

Camden Property Trust

      5        404  

Cousins Properties, Inc.

      7        217  

CyrusOne, Inc.

      6        346  

Douglas Emmett, Inc. (a)

      7        204  

Duke Realty Corp.

      66        2,144  

EPR Properties

      4        107  

Equinix, Inc.

      6        3,498  

Equity LifeStyle Properties, Inc.

      19        1,063  

Gaming and Leisure Properties, Inc.

      68        1,870  

Highwoods Properties, Inc.

      6        216  

Host Hotels & Resorts, Inc.

      296        3,270  

Hudson Pacific Properties, Inc.

      29        743  

Invitation Homes, Inc.

      89        1,891  

Medical Properties Trust, Inc.

      28        477  

Mid-America Apartment Communities, Inc.

      3        337  

Paramount Group, Inc.

      87        766  

Park Hotels & Resorts, Inc. (a)

      14        111  

Prologis, Inc.

      26        2,114  

Realty Income Corp.

      31        1,556  

Retail Properties of America, Inc., Class A

      94        487  

SITE Centers Corp.

      74        383  

Sun Communities, Inc.

      9        1,124  

VICI Properties, Inc.

      178        2,960  

Vornado Realty Trust

      6        214  

Weingarten Realty Investors

      15        212  
     

 

 

  
        27,827  
     

 

 

  

Food & Staples Retailing — 0.8%

 

Kroger Co. (The)

      37        1,100  

US Foods Holding Corp. *

      90        1,599  
     

 

 

  
        2,699  
     

 

 

  

Food Products — 1.9%

 

Archer-Daniels-Midland Co. (a)

      43        1,502  

Hershey Co. (The)

      14        1,895  

Lamb Weston Holdings, Inc.

      7        422  

Tyson Foods, Inc., Class A

      43        2,506  
     

 

 

  
        6,325  
     

 

 

  

Gas Utilities — 0.5%

 

National Fuel Gas Co.

      7        265  

UGI Corp.

      53        1,412  
     

 

 

  
        1,677  
     

 

 

  

Health Care Equipment & Supplies — 2.8%

 

Cooper Cos., Inc. (The)

      1        166  

Dentsply Sirona, Inc.

      24        924  

Hill-Rom Holdings, Inc.

      15        1,549  

Hologic, Inc. *

      31        1,074  

SmileDirectClub, Inc. * (a)

      285        1,332  

Teleflex, Inc.

      3        820  

Zimmer Biomet Holdings, Inc.

      35        3,578  
     

 

 

  
        9,443  
     

 

 

  

Health Care Providers & Services — 5.5%

 

AmerisourceBergen Corp.

      19        1,681  

Cardinal Health, Inc.

      71        3,385  

Centene Corp. *

      107        6,381  

DaVita, Inc. *

      20        1,506  

McKesson Corp.

      21        2,857  

Premier, Inc., Class A *

      73        2,375  
     

 

 

  
        18,185  
     

 

 

  

Health Care Technology — 0.1%

 

Change Healthcare, Inc. *

      42        419  
     

 

 

  

Hotels, Restaurants & Leisure — 1.9%

 

Chipotle Mexican Grill, Inc. *

      3        1,701  

Hilton Worldwide Holdings, Inc.

      10        676  

Wendy’s Co. (The) (a)

      29        427  

Wyndham Destinations, Inc.

      156        3,383  
     

 

 

  
        6,187  
     

 

 

  

Household Durables — 3.1%

 

Garmin Ltd.

      22        1,634  

Newell Brands, Inc.

      271        3,603  

PulteGroup, Inc.

      198        4,426  

Tempur Sealy International, Inc. *

      17        747  
     

 

 

  
        10,410  
     

 

 

  

Independent Power and Renewable Electricity Producers — 2.9%

 

AES Corp.

      353        4,798  

Vistra Energy Corp.

      301        4,798  
     

 

 

  
        9,596  
     

 

 

  

Insurance — 3.1%

 

American Financial Group, Inc.

      16        1,107  

American National Insurance Co.

      2        140  

Arch Capital Group Ltd. *

      11        309  

Assurant, Inc.

      2        182  

Assured Guaranty Ltd.

      24        616  

Axis Capital Holdings Ltd.

      4        166  

Everest Re Group Ltd.

      6        1,155  

Fidelity National Financial, Inc.

      21        514  

First American Financial Corp.

      51        2,167  

Hanover Insurance Group, Inc. (The)

      17        1,504  

Hartford Financial Services Group, Inc. (The)

      31        1,096  

Lincoln National Corp.

      26        684  

Willis Towers Watson plc

      4        696  
     

 

 

  
        10,336  
     

 

 

  

Interactive Media & Services — 1.1%

 

InterActive Corp. *

      12        2,079  

Twitter, Inc. *

      69        1,685  
     

 

 

  
        3,764  
     

 

 

  

IT Services — 7.7%

 

Black Knight, Inc. *

      37        2,144  

Broadridge Financial Solutions, Inc.

      22        2,124  

CACI International, Inc., Class A *

      25        5,215  

DXC Technology Co.

      135        1,766  

Fidelity National Information Services, Inc.

      39        4,767  

Fiserv, Inc. *

      29        2,736  

Global Payments, Inc.

      12        1,692  

Leidos Holdings, Inc.

      39        3,602  

Sabre Corp.

      74        437  

Switch, Inc., Class A (a)

      79        1,134  
     

 

 

  
        25,617  
     

 

 

  

Life Sciences Tools & Services — 0.9%

 

Agilent Technologies, Inc.

      31        2,235  

JPMorgan Intrepid Mid Cap Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

 

Investments

    Shares (000)      Value ($000)  

PPD, Inc. * (a)

      41        730  
     

 

 

  
        2,965  
     

 

 

  

Machinery — 2.8%

 

Allison Transmission Holdings, Inc. (a)

      37        1,200  

Crane Co.

      31        1,525  

Ingersoll Rand, Inc. *

      52        1,296  

Parker-Hannifin Corp.

      3        363  

Timken Co. (The)

      156        5,042  
     

 

 

  
        9,426  
     

 

 

  

Media — 1.7%

 

Discovery, Inc., Class C *

      41        716  

DISH Network Corp., Class A *

      72        1,429  

Fox Corp., Class B

      51        1,171  

Nexstar Media Group, Inc., Class A

      10        595  

Sinclair Broadcast Group, Inc., Class A (a)

      100        1,614  
     

 

 

  
        5,525  
     

 

 

  

Metals & Mining — 1.5%

 

Alcoa Corp. *

      29        181  

Freeport-McMoRan, Inc.

      54        364  

Newmont Corp.

      52        2,332  

Nucor Corp.

      7        256  

Reliance Steel & Aluminum Co.

      4        324  

Steel Dynamics, Inc.

      74        1,659  
     

 

 

  
        5,116  
     

 

 

  

Mortgage Real Estate Investment Trusts (REITs) — 0.9%

 

New Residential Investment Corp.

      150        752  

Starwood Property Trust, Inc.

      103        1,059  

Two Harbors Investment Corp.

      282        1,073  
     

 

 

  
        2,884  
     

 

 

  

Multiline Retail — 0.8%

 

Dollar General Corp.

      17        2,492  
     

 

 

  

Multi-Utilities — 0.6%

 

CenterPoint Energy, Inc.

      27        413  

Consolidated Edison, Inc.

      13        998  

MDU Resources Group, Inc.

      30        649  
     

 

 

  
        2,060  
     

 

 

  

Oil, Gas & Consumable Fuels — 1.3%

 

Devon Energy Corp.

      80        550  

Kosmos Energy Ltd. (Ghana)

      105        94  

Marathon Oil Corp. (a)

      207        680  

Marathon Petroleum Corp.

      24        567  

Murphy Oil Corp. (a)

      13        79  

PBF Energy, Inc., Class A

      178        1,262  

Valero Energy Corp.

      8        340  

Williams Cos., Inc. (The)

      42        599  
     

 

 

  
        4,171  
     

 

 

  

Paper & Forest Products — 0.0% (b)

 

Domtar Corp.

      7        147  
     

 

 

  

Pharmaceuticals — 1.3%

 

Elanco Animal Health, Inc. *

      24        537  

Jazz Pharmaceuticals plc *

      12        1,157  

Mylan NV * (a)

      57        845  

Nektar Therapeutics * (a)

      39        700  

Perrigo Co. plc (a)

      23        1,082  
     

 

 

  
        4,321  
     

 

 

  

Professional Services — 2.3%

 

CoStar Group, Inc. * (a)

      5        3,171  

ManpowerGroup, Inc.

      15        784  

Nielsen Holdings plc

      35        441  

TransUnion

      48        3,190  
     

 

 

  
        7,586  
     

 

 

  

Road & Rail — 0.4%

 

Kansas City Southern

      5        611  

Landstar System, Inc.

      6        594  
     

 

 

  
        1,205  
     

 

 

  

Semiconductors & Semiconductor Equipment — 2.2%

 

First Solar, Inc. *

      14        487  

KLA Corp.

      6        790  

Lam Research Corp.

      20        4,872  

ON Semiconductor Corp. *

      82        1,025  
     

 

 

  
        7,174  
     

 

 

  

Software — 3.8%

 

Fair Isaac Corp. *

      4        1,354  

FireEye, Inc. *

      56        588  

Fortinet, Inc. *

      12        1,164  

Palo Alto Networks, Inc. *

      28        4,509  

SS&C Technologies Holdings, Inc.

      83        3,637  

Synopsys, Inc. *

      10        1,339  
     

 

 

  
        12,591  
     

 

 

  

Specialty Retail — 1.9%

 

Advance Auto Parts, Inc.

      12        1,157  

AutoZone, Inc. *

      1        592  

Best Buy Co., Inc.

      32        1,847  

Burlington Stores, Inc. * (a)

      2        333  

O’Reilly Automotive, Inc. *

      8        2,295  
     

 

 

  
        6,224  
     

 

 

  

Technology Hardware, Storage & Peripherals — 3.6%

 

Dell Technologies, Inc., Class C *

      111        4,398  

NCR Corp. *

      103        1,825  

Pure Storage, Inc., Class A *

      38        469  

Western Digital Corp.

      35        1,469  

Xerox Holdings Corp.

      194        3,671  
     

 

 

  
        11,832  
     

 

 

  

Textiles, Apparel & Luxury Goods — 0.9%

 

Lululemon Athletica, Inc. *

      13        2,502  

Ralph Lauren Corp.

      8        501  
     

 

 

  
        3,003  
     

 

 

  

Thrifts & Mortgage Finance — 0.3%

 

MGIC Investment Corp.

      172        1,092  
     

 

 

  

Trading Companies & Distributors — 1.1%

 

HD Supply Holdings, Inc. *

      91        2,587  

Univar Solutions, Inc. *

      100        1,069  
     

 

 

  
        3,656  
     

 

 

  

Water Utilities — 0.3%

 

Essential Utilities, Inc.

      28        1,156  
     

 

 

  

TOTAL COMMON STOCKS

(Cost $354,171)

 

 

      321,210  
  

 

 

  

JPMorgan Intrepid Mid Cap Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

 

Investments

    Shares (000)      Value ($000)  

SHORT-TERM INVESTMENTS — 6.0%

 

INVESTMENT COMPANIES — 3.0%

 

JPMorgan Prime Money Market Fund Class IM Shares, 1.13% (d) (e)

(Cost $10,066)

      10,066        10,067  
     

 

 

  

INVESTMENT OF CASH COLLATERAL FROM SECURITIES LOANED — 3.0%

 

JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.96% (d) (e)

      1,000        1,000  

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

      8,776        8,776  
     

 

 

  

TOTAL INVESTMENT OF CASH COLLATERAL FROM SECURITIES LOANED

(Cost $9,776)

 

 

      9,776  
  

 

 

  

TOTAL SHORT-TERM INVESTMENTS

(Cost $19,842)

         19,843  
     

 

 

  

Total Investments — 102.8%

(Cost $374,013)

 

 

      341,053  

Liabilities in Excess of Other Assets — (2.8)%

 

      (9,436 ) 
  

 

 

  

Net Assets — 100.0%

 

      331,617  
  

 

 

  
  

 

 

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 $9,215,000.

(b)

Amount rounds to less than 0.1% of net assets.

(c)

Amount rounds to less than one thousand.

(d)

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.

(e)

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 Midcap 400 E-Mini Index

     23       06/2020       USD       3,313       492  
         

 

 

  

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 Mid Cap 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)

    $ 341,053      $ —        $ —        $ 341,053  
  

 

 

     

 

 

     

 

 

     

 

 

  

Appreciation in Other Financial Instruments

 

Futures Contracts (a)

    $ 492      $ —        $ —        $ 492  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

(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)

   $ 7,093     $ 169,920     $ 166,940     $ (6 )    $ —       $ 10,067       10,066     $ 153     $ —    

JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.96%(a)(b)

     3,001       —         2,001       —   (c)      —         1,000       1,000       39       —    

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

     2,904       51,597       45,725       —         —         8,776       8,776       37       —    
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

      

 

 

    

 

 

  

Total

   $ 12,998     $ 221,517     $ 214,666     $ (6 )    $ —       $ 19,843       $ 229     $ —    
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

      

 

 

    

 

 

  

 

(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.