JPMorgan Intrepid Growth Fund Schedule of Portfolio Investments as of March 31, 2018 (Unaudited)

Transcription

1 Schedule of Portfolio Investments as of March 31, 2018 (Unaudited) THE UNAUDITED CERTIFIED MUTUAL FUNDS HOLDINGS LIST ( the List ) IS TO BE USED FOR REPORTING PURPOSES ONLY. IT IS NOT TO BE REPRODUCED FOR USE AS ADVERTISING OR SALES LITERATURE WITH THE GENERAL PUBLIC. The list is submitted for the general information of the shareholders of the Fund. It is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by a prospectus. The list has been created from the books and records of the Fund. Certified holdings are available 60 days after the fund s fiscal quarter, using a trade date accounting convention, by contacting the appropriate service center. The list is subject to change without notice. The list is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security. JPMorgan Asset Management is the marketing name for the asset management business of J.P. Morgan Chase & Co. JPMorgan Distribution Services, Inc. J.P. Morgan Chase & Co., 2018.

2 SCHEDULE OF PORTFOLIO INVESTMENTS AS OF MARCH 31, 2018 (Unaudited) (Amounts in thousands) SHARES SECURITY DESCRIPTION VALUE($) Common Stocks 97.4% Consumer Discretionary 16.8% Auto Components 0.5% 30 Lear Corp. 5,490 Automobiles 0.1% 26 General Motors Co. 952 Hotels, Restaurants & Leisure 3.0% 63 Dunkin Brands Group, Inc. 3, Hilton Worldwide Holdings, Inc. 9, Marriott International, Inc., Class A 7, Wyndham Worldwide Corp. 6, Yum China Holdings, Inc., (China) 7,939 34,593 Household Durables 1.3% 2 NVR, Inc. (a) 6, Toll Brothers, Inc. 8,036 14,756 Internet & Direct Marketing Retail 5.0% 26 Amazon.com, Inc. (a) 38, Expedia, Inc. 7, Liberty Interactive Corp. QVC Group, Class A (a) 8, Wayfair, Inc., Class A (a) 4,227 57,977 Media 2.2% 169 Comcast Corp., Class A 5, Live Nation Entertainment, Inc. (a) 8, News Corp., Class A 3,582 1,346 Sirius XM Holdings, Inc. 8,396 26,395 Multiline Retail 1.5% 142 Kohl s Corp. 9, Target Corp. 8,033 17,348 Specialty Retail 2.9% 138 Best Buy Co., Inc. 9, Gap, Inc. (The) 3, Home Depot, Inc. (The) 21,424 34,337 Textiles, Apparel & Luxury Goods 0.3% 59 Michael Kors Holdings Ltd. (a) 3,632 Total Consumer Discretionary 195,480 Consumer Staples 6.1% Beverages 1.8% 189 PepsiCo, Inc. 20,662 Food & Staples Retailing 1.2% 55 Walgreens Boots Alliance, Inc. 3, Walmart, Inc. 10,623 14,191 Food Products 2.4% 272 General Mills, Inc. 12,243

3 268 Pilgrim s Pride Corp. (a) 6, Post Holdings, Inc. (a) 9,606 28,450 Personal Products 0.7% 113 Nu Skin Enterprises, Inc., Class A 8,292 Total Consumer Staples 71,595 Energy 1.8% Oil, Gas & Consumable Fuels 1.8% 19 Marathon Petroleum Corp. 1, PBF Energy, Inc., Class A 2, Peabody Energy Corp. 6, Valero Energy Corp. 10,724 Total Energy 20,900 Financials 2.8% Banks 0.4% 3 Citigroup, Inc Comerica, Inc. 4,710 4,906 Capital Markets 0.9% 6 Moody s Corp MSCI, Inc. 9,985 10,920 Consumer Finance 0.7% 25 Credit Acceptance Corp. (a) 8,390 Insurance 0.8% 11 Allstate Corp. (The) 1, First American Financial Corp. 5, Lincoln National Corp. 1,746 8,741 Total Financials 32,957 Health Care 12.3% Biotechnology 4.4% 81 AbbVie, Inc. 7, Amgen, Inc. 25, Gilead Sciences, Inc. 10, Vertex Pharmaceuticals, Inc. (a) 8,784 51,747 Health Care Equipment & Supplies 2.1% 38 Align Technology, Inc. (a) 9,467

4 SCHEDULE OF PORTFOLIO INVESTMENTS AS OF MARCH 31, 2018 (Unaudited) (continued) (Amounts in thousands) SHARES SECURITY DESCRIPTION VALUE($) Common Stocks continued Health Care Equipment & Supplies continued 174 Baxter International, Inc. 11,297 9 IDEXX Laboratories, Inc. (a) 1, Varian Medical Systems, Inc. (a) 2,159 24,703 Health Care Providers & Services 5.0% 76 Anthem, Inc. 16, Centene Corp. (a) 9, Cigna Corp. 1, Humana, Inc. 14, Molina Healthcare, Inc. (a) 9, WellCare Health Plans, Inc. (a) 6,119 57,626 Health Care Technology 0.2% 37 Veeva Systems, Inc., Class A (a) 2,702 Life Sciences Tools & Services 0.6% 33 Waters Corp. (a) 6,516 Total Health Care 143,294 Industrials 12.1% Aerospace & Defense 3.5% 119 Boeing Co. (The) 39,149 5 Huntington Ingalls Industries, Inc. 1,263 40,412 Airlines 2.5% 75 American Airlines Group, Inc. 3, Copa Holdings SA, (Panama), Class A 8, Delta Air Lines, Inc. 10, Southwest Airlines Co. 6,112 29,626 Construction & Engineering 0.4% 53 EMCOR Group, Inc. 4,130 Electrical Equipment 0.3% 22 Rockwell Automation, Inc. 3,884 Machinery 3.9% 180 Caterpillar, Inc. 26, Deere & Co. 18,421 44,876 Professional Services 0.7% 72 ManpowerGroup, Inc. 8,287 Trading Companies & Distributors 0.8% 55 United Rentals, Inc. (a) 9,535 Total Industrials 140,750 Information Technology 38.7% Communications Equipment 0.8% 52 Palo Alto Networks, Inc. (a) 9,494 Internet Software & Services 8.5% 17 Alphabet, Inc., Class A (a) 17, Alphabet, Inc., Class C (a) 17, ebay, Inc. (a) 21,629

5 103 Facebook, Inc., Class A (a) 16, GoDaddy, Inc., Class A (a) 9, IAC/InterActiveCorp (a) 7, VeriSign, Inc. (a) 9,829 99,722 IT Services 4.8% 91 DXC Technology Co. 9, Mastercard, Inc., Class A 3, Teradata Corp. (a) 4, Visa, Inc., Class A 37,716 55,509 Semiconductors & Semiconductor Equipment 4.9% 467 Applied Materials, Inc. 25, Lam Research Corp. 19, Maxim Integrated Products, Inc. 3, Teradyne, Inc. 8,461 57,363 Software 12.4% 86 Adobe Systems, Inc. (a) 18, Citrix Systems, Inc. (a) 1, Fortinet, Inc. (a) 4, Microsoft Corp. 71, Oracle Corp. 10, Red Hat, Inc. (a) 7, Synopsys, Inc. (a) Tableau Software, Inc., Class A (a) 2, Take-Two Interactive Software, Inc. (a) 8, VMware, Inc., Class A (a) 19, ,883 Technology Hardware, Storage & Peripherals 7.3% 397 Apple, Inc. 66, HP, Inc. 8, NetApp, Inc. 9,433 84,675 Total Information Technology 451,646

6 SCHEDULE OF PORTFOLIO INVESTMENTS AS OF MARCH 31, 2018 (Unaudited) (continued) (Amounts in thousands) SHARES SECURITY DESCRIPTION VALUE($) Common Stocks continued Materials 2.6% Chemicals 1.0% 38 CF Industries Holdings, Inc. 1, Huntsman Corp. 8, Westlake Chemical Corp. 2,078 11,837 Containers & Packaging 0.3% 69 Berry Global Group, Inc. (a) 3,754 Metals & Mining 1.3% 110 Alcoa Corp. (a) 4, Freeport-McMoRan, Inc. (a) 3, Newmont Mining Corp. 5,595 14,313 Total Materials 29,904 Real Estate 2.7% Equity Real Estate Investment Trusts (REITs) 2.1% 66 American Tower Corp. 9, Equity Commonwealth (a) 4, SBA Communications Corp. (a) 8, Sunstone Hotel Investors, Inc. 2,765 24,675 Real Estate Management & Development 0.6% 156 CBRE Group, Inc., Class A (a) 7,343 Total Real Estate 32,018 Telecommunication Services 1.1% Diversified Telecommunication Services 1.1% 106 AT&T, Inc. 3, Verizon Communications, Inc. 8,665 Total Telecommunication Services 12,449 Utilities 0.4% Independent Power and Renewable Electricity Producers 0.4% 139 NRG Energy, Inc. 4,244 Total Common Stocks (Cost $792,293) 1,135,237 Short-Term Investment 2.0% Investment Company 2.0% 23,908 JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 1.54% (b) (l) (Cost $23,908) 23,908 Total Investments 99.4% (Cost $816,201) 1,159,145 Other Assets in Excess of Liabilities 0.6% 7,139 NET ASSETS 100.0% $1,166,284 Percentages indicated are based on net assets.

7 SCHEDULE OF PORTFOLIO INVESTMENTS AS OF MARCH 31, 2018 (Unaudited) (continued) Futures contracts outstanding as of March 31, 2018: Description Number of Contracts Expiration Date Trading Currency Notional Amount ($) Value and Unrealized Appreciation (Depreciation) ($) Long Contracts S&P 500 E-Mini Index /2018 USD 29,337 (811) (811) NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS: USD United States Dollar (a) Non-income producing security. (b) Investment in affiliate. Money market fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc. (l) The rate shown is the current yield as of March 31, A. Valuation of Investments The valuation of investments is 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 (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 such unadjusted quoted prices 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 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 (the Underlying Funds ) are valued at each Underlying Fund s NAV per share as of the report date. Futures 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 ):

8 Level 1 Quoted prices Level 2 Other significant observable inputs Level 3 Significant unobservable inputs Total Investments in Securities (a) $1,159,145 $ $ $1,159,145 Depreciation in Other Financial Instruments Futures Contracts (a) $ (811) $ $ $ (811) Total (a) All portfolio holdings designated as level 1 are disclosed individually on the SOI. Please refer to the SOI for industry specifics of portfolio holdings. There were no transfers between level 1 and level 2 during the period ended March 31, 2018.