JPMorgan Realty Income Fund Schedule of Portfolio Investments as of November 30, 2017 (Unaudited)

Transcription

1 Schedule of Portfolio Investments as of November 30, 2017 (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 ADVERTIS- ING 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 NOVEMBER 30, 2017 (Unaudited) (Amounts in thousands) SHARES SECURITY DESCRIPTION VALUE($) Common Stocks 97.8% Apartments 23.8% 857 AvalonBay Communities, Inc. 155, CalAtlantic Group, Inc. 35, Camden Property Trust 13, Equity LifeStyle Properties, Inc. 64,698 1,781 Equity Residential 119, Essex Property Trust, Inc. 61,349 2,297 Invitation Homes, Inc. 54, Lennar Corp., Class A 39,168 5 Lennar Corp., Class B Mid-America Apartment Communities, Inc. 11, Realty Income Corp. 28, Toll Brothers, Inc. 20, ,540 Diversified 6.6% 703 CBRE Group, Inc., Class A (a) 30, CoreSite Realty Corp. 19,169 1,704 Gramercy Property Trust 48, Investors Real Estate Trust 5, Kennedy-Wilson Holdings, Inc. 8, SBA Communications Corp. (a) 24, St Joe Co. (The) (a) 3, Weyerhaeuser Co. 26, ,634 Health Care 7.3% 3,103 HCP, Inc. 82,035 1,737 Healthcare Trust of America, Inc., Class A 53, National Health Investors, Inc. 51, ,848 Hotels 10.2% 586 Hilton Worldwide Holdings, Inc. 45, LaSalle Hotel Properties 11,951 1,124 MGM Growth Properties LLC, Class A 32,898 1,177 Park Hotels & Resorts, Inc. 34, Pebblebrook Hotel Trust 22,722 2,725 RLJ Lodging Trust 59,072 2,339 Sunstone Hotel Investors, Inc. 39, Xenia Hotels & Resorts, Inc. 13, ,953 Industrial 19.6% 724 CyrusOne, Inc. 43, Digital Realty Trust, Inc. 93, Equinix, Inc. 144, Liberty Property Trust 40,265 2,626 Prologis, Inc. 173, ,404

3 Office 10.5% 401 Boston Properties, Inc. 50,234 3,160 Brandywine Realty Trust 54,450 1,525 Corporate Office Properties Trust 46, Highwoods Properties, Inc. 48, JBG SMITH Properties 17,765 2,560 VEREIT, Inc. 19, Vornado Realty Trust 27, ,638 Regional Malls 5.2% 815 Simon Property Group, Inc. 131,850 Shopping Centers 6.8% 805 Acadia Realty Trust 22,552 1,355 Brixmor Property Group, Inc. 24, Federal Realty Investment Trust 76, Regency Centers Corp. 48, ,452 Storage 7.8% 1,102 CubeSmart 31,456 1,048 Iron Mountain, Inc. 42, Life Storage, Inc. 27, Public Storage 83, QTS Realty Trust, Inc., Class A 7, Rexford Industrial Realty, Inc. 5, ,903 Total Common Stocks (Cost $2,141,845) 2,481,222 Short-Term Investment 0.6% Investment Company 0.6% 16,442 JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.93% (b) (l) (Cost $16,442) 16,442

4 SCHEDULE OF PORTFOLIO INVESTMENTS AS OF NOVEMBER 30, 2017 (Unaudited) (continued) (Amounts in thousands) SHARES SECURITY DESCRIPTION VALUE($) Total Investments 98.4% (Cost $2,158,287) 2,497,664 Other Assets in Excess of Liabilities 1.6% 39,657 NET ASSETS 100.0% $2,537,321 Percentages indicated are based on net assets. NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS: (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 November 30, 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, including J.P. Morgan Funds (the Underlying Funds ), are valued at each Underlying Fund s NAV 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.

5 The following table represents each valuation input as presented on the Schedule of Portfolio Investments ( SOI ): Level 1 Quoted prices Level 2 Other significant observable inputs Level 3 Significant unobservable inputs Total Investments in Securities (a) $2,497,664 $ $ $2,497,664 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 among any levels during the period ended November 30, 2017.