NPORT-EX 2 HG_INVG.htm HTML

JPMorgan Investor Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2020 (Unaudited)

 

Investments

    Shares (000)      Value ($000)  

INVESTMENT COMPANIES — 98.8%

 

Alternative Assets — 0.4%

      

JPMorgan Systematic Alpha Fund Class R6 Shares (a)

      670        8,307  
     

 

 

  

Fixed Income — 13.6%

      

JPMorgan Core Bond Fund Class R6 Shares (a)

      18,276        220,040  

JPMorgan Core Plus Bond Fund Class R6 Shares (a)

      3,192        26,971  

JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)

      1,648        11,059  

JPMorgan Floating Rate Income Fund Class R6 Shares (a)

      1,526        11,934  

JPMorgan High Yield Fund Class R6 Shares (a)

      9,201        57,137  
     

 

 

  

Total Fixed Income

         327,141  
     

 

 

  

International Equity — 24.9%

      

JPMorgan Emerging Markets Equity Fund Class R6 Shares (a)

      2,490        63,390  

JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)

      3,616        49,142  

JPMorgan Europe Dynamic Fund Class R6 Shares (a)

      3,670        67,642  

JPMorgan Global Research Enhanced Index Fund Class R6 Shares (a)

      4,482        75,430  

JPMorgan International Equity Fund Class R6 Shares (a)

      6,742        94,112  

JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a)

      12,281        172,911  

JPMorgan International Unconstrained Equity Fund Class R6 Shares (a)

      4,146        74,379  
     

 

 

  

Total International Equity

         597,006  
     

 

 

  

U.S. Equity — 59.9%

      

JPMorgan Equity Income Fund Class R6 Shares (a)

      4,929        72,311  

JPMorgan Intrepid Growth Fund Class R6 Shares (a)

      2,787        129,266  

JPMorgan Large Cap Growth Fund Class R6 Shares (a)

      8,036        298,700  

JPMorgan Large Cap Value Fund Class R6 Shares (a)

      18,864        194,112  

JPMorgan Market Expansion Enhanced Index Fund Class R6 Shares (a)

      16,260        112,521  

JPMorgan Mid Cap Growth Fund Class R6 Shares * (a)

      1,150        38,253  

JPMorgan Small Cap Value Fund Class R6 Shares (a)

      2,981        49,992  

JPMorgan U.S. Equity Fund Class R6 Shares (a)

      25,637        342,773  

JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a)

      5,881        129,729  

JPMorgan Value Advantage Fund Class R6 Shares (a)

      2,725        70,713  
     

 

 

  

Total U.S. Equity

         1,438,370  
     

 

 

  

TOTAL INVESTMENT COMPANIES

(Cost $2,277,612)

 

 

      2,370,824  
  

 

 

  

SHORT-TERM INVESTMENTS — 1.2%

 

INVESTMENT COMPANIES — 1.2%

 

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

(Cost $29,100)

      29,100        29,100  
     

 

 

  

Total Investments — 100.0%

(Cost $2,306,712)

 

 

      2,399,924  

Other Assets Less Liabilities — 0.0% (c)

 

      947  
  

 

 

  

Net Assets — 100.0%

 

      2,400,871  
  

 

 

  

 

Percentages indicated are based on net assets.    

JPMorgan Investor Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

 

(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 0.1% of net assets.

*

Non-income producing security.

Detailed information about investment portfolios of the underlying funds can be found in shareholder reports filed with the Securities and Exchange Commission (SEC) by each such underlying fund semi-annually on Form N-CSR and in portfolio holdings filed quarterly on Form N-PORT, and are available for download from both the SEC’s as well as each respective underlying fund’s website. Detailed information about underlying J.P. Morgan Funds can also be found at www.jpmorganfunds.com or by calling 1-800-480-4111.

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.

Investments in open-end investment companies (“Underlying Funds”) are valued at each Underlying Fund’s net asset values 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”) (amounts in thousands):

 

     Level 1
Quoted prices		      Level 2
Other significant observable
inputs		      Level 3
Significant unobservable
inputs		      Total  

Total Investments in Securities (a)

    $ 2,399,924      $ —        $ —        $ 2,399,924  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

(a)

All portfolio holdings designated as level 1 are disclosed individually on the SOI. Please refer to the SOI for asset class 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 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 Core Bond Fund Class R6 Shares (a)

   $ 223,027     $ 8,921     $ 16,390     $ (6 )    $ 4,488     $ 220,040       18,276     $ 4,748     $ 1,073  

JPMorgan Core Plus Bond Fund Class R6 Shares (a)

     35,663       842       9,392       (239 )      97       26,971       3,192       842       —    

JPMorgan Emerging Economies Fund Class R6 Shares (a)

     59,679       —         58,313       (1,353 )      (13 )      —         —         —         —    

JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)

     12,981       506       —         —         (2,428 )      11,059       1,648       506       —    

JPMorgan Emerging Markets Equity Fund Class R6 Shares (a)

     74,707       712       —         —         (12,029 )      63,390       2,490       713       —    

JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)

     —         59,422       —         —         (10,280 )      49,142       3,616       461       127  

JPMorgan Equity Income Fund Class R6 Shares (a)

     55,107       35,221       —         —         (18,017 )      72,311       4,929       1,338       932  

JPMorgan Europe Dynamic Fund Class R6 Shares (a)

     84,747       5,125       —         —         (22,230 )      67,642       3,670       2,819       —    

JPMorgan Floating Rate Income Fund Class R6 Shares (a)

     13,449       484       —         —         (1,999 )      11,934       1,526       483       —    

JPMorgan Global Research Enhanced Index Fund Class R6 Shares (a)

     88,852       8,979       1,408       (76 )      (20,917 )      75,430       4,482       2,287       6,692  

JPMorgan High Yield Fund Class R6 Shares (a)

     49,717       15,772       1,688       7       (6,671 )      57,137       9,201       2,280       —    

JPMorgan International Equity Fund Class R6 Shares (a)

     120,554       7,313       11,567       484       (22,672 )      94,112       6,742       3,608       115  

JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a)

     195,505       20,846       —         —         (43,440 )      172,911       12,281       6,160       —    

JPMorgan International Unconstrained Equity Fund Class R6 Shares (a)

     87,466       369       —         —         (13,456 )      74,379       4,146       369       —    

JPMorgan Intrepid America Fund Class R6 Shares (a)

     305,094       —         313,000       128,036       (120,130 )      —         —         —         —    

JPMorgan Intrepid Growth Fund Class R6 Shares (a)

     139,445       18,058       —         —         (28,237 )      129,266       2,787       1,677       16,381  

JPMorgan Large Cap Growth Fund Class R6 Shares (a)

     248,829       100,533       —         —         (50,662 )      298,700       8,036       883       37,021  

JPMorgan Large Cap Value Fund Class R6 Shares (a)

     255,817       5,711       —         —         (67,416 )      194,112       18,864       3,301       —    

JPMorgan Market Expansion Enhanced Index Fund Class R6 Shares (a)

     151,149       15,822       7,037       (1,046 )      (46,367 )      112,521       16,260       2,120       7,282  

JPMorgan Mid Cap Growth Fund Class R6 Shares * (a)

     43,329       3,012       1,408       191       (6,871 )      38,253       1,150       —         3,012  

JPMorgan Small Cap Value Fund Class R6 Shares (a)

     43,641       27,204       —         —         (20,853 )      49,992       2,981       475       2,882  

JPMorgan Systematic Alpha Fund Class R6 Shares (a)

     19,762       309       9,841       (1,578 )      (345 )      8,307       670       309       — (b) 

JPMorgan U.S. Equity Fund Class R6 Shares (a)

     371,400       37,590       —         —         (66,217 )      342,773       25,637       3,471       34,120  

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

     51,367       172,490       194,757       —         —         29,100       29,100       737       —    

JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a)

     —         151,259       —         —         (21,530 )      129,729       5,881       1,053       498  

JPMorgan Value Advantage Fund Class R6 Shares (a)

     54,788       41,810       —         —         (25,885 )      70,713       2,725       1,569       2,242  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

      

 

 

    

 

 

  

Total

   $ 2,786,075     $ 738,310     $ 624,801     $ 124,420     $ (624,080 )    $ 2,399,924       $ 42,209     $ 112,377  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

      

 

 

    

 

 

  

 

(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)

Amount rounds to less than one thousand.

 

(c)

The rate shown is the current yield as of March 31, 2020.

 

*

Non-income producing security.