JPMorgan Mid Cap Equity 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 96.5% Consumer Discretionary 15.8% Auto Components 0.4% 244 BorgWarner, Inc. 12,245 Automobiles 0.5% 18 Tesla, Inc. (a) 4, Thor Industries, Inc. 10,032 14,689 Distributors 1.1% 124 Genuine Parts Co. 11, LKQ Corp. (a) 19,081 30,176 Diversified Consumer Services 0.4% 112 Bright Horizons Family Solutions, Inc. (a) 11,129 Hotels, Restaurants & Leisure 2.7% 235 Hilton Grand Vacations, Inc. (a) 10, Hilton Worldwide Holdings, Inc. 40, Marriott International, Inc., Class A 5, Red Rock Resorts, Inc., Class A 10, Vail Resorts, Inc. 10,309 76,583 Household Durables 2.3% 232 Mohawk Industries, Inc. (a) 53, Newell Brands, Inc. 9,797 63,629 Internet & Direct Marketing Retail 0.8% 144 Expedia, Inc. 15, Wayfair, Inc., Class A (a) 7,246 23,146 Media 0.6% 167 CBS Corp. (Non-Voting), Class B 8, DISH Network Corp., Class A (a) 9,008 17,565 Multiline Retail 0.9% 269 Kohl s Corp. 17, Nordstrom, Inc. 8,542 26,194 Specialty Retail 3.8% 24 AutoZone, Inc. (a) 15, Best Buy Co., Inc. 14, Gap, Inc. (The) 12, O Reilly Automotive, Inc. (a) 20, Ross Stores, Inc. 25, Tiffany & Co. 10, Ulta Beauty, Inc. (a) 8, ,940 Textiles, Apparel & Luxury Goods 2.3% 501 Gildan Activewear, Inc., (Canada) 14, Lululemon Athletica, Inc. (a) 11, PVH Corp. 18,377

3 93 Ralph Lauren Corp. 10, Tapestry, Inc. 10,438 65,316 Total Consumer Discretionary 447,612 Consumer Staples 3.8% Beverages 1.8% 62 Constellation Brands, Inc., Class A 14, Dr Pepper Snapple Group, Inc. 21, Molson Coors Brewing Co., Class B 7, Monster Beverage Corp. (a) 6,900 50,434 Food & Staples Retailing 0.5% 572 Kroger Co. (The) 13,684 Food Products 0.5% 162 Pinnacle Foods, Inc. 8, Post Holdings, Inc. (a) 6,746 15,490 Household Products 0.3% 123 Energizer Holdings, Inc. 7,302 Personal Products 0.7% 616 Coty, Inc., Class A 11, Edgewell Personal Care Co. (a) 9,814 21,090 Total Consumer Staples 108,000 Energy 3.8% Oil, Gas & Consumable Fuels 3.8% 185 Concho Resources, Inc. (a) 27, Energen Corp. (a) 29, EQT Corp. 22, PBF Energy, Inc., Class A 8, Williams Cos., Inc. (The) 20,467 Total Energy 108,906 Financials 16.3% Banks 5.3% 310 Citizens Financial Group, Inc. 12, Comerica, Inc. 13, East West Bancorp, Inc. 13, Fifth Third Bancorp 21,348

4 SCHEDULE OF PORTFOLIO INVESTMENTS AS OF MARCH 31, 2018 (Unaudited) (continued) (Amounts in thousands) SHARES SECURITY DESCRIPTION VALUE($) Common Stocks continued Banks continued 263 First Republic Bank 24, Huntington Bancshares, Inc. 10, M&T Bank Corp. 26, SunTrust Banks, Inc. 21, Zions Bancorp 5, ,361 Capital Markets 6.0% 58 Affiliated Managers Group, Inc. 11, Ameriprise Financial, Inc. 29, Invesco Ltd. 13, Nasdaq, Inc. 16, Northern Trust Corp. 16, Raymond James Financial, Inc. 14, S&P Global, Inc. 25, T. Rowe Price Group, Inc. 21, TD Ameritrade Holding Corp. 22, ,087 Consumer Finance 0.5% 514 Ally Financial, Inc. 13,954 Insurance 4.5% 13 Alleghany Corp. 8, Chubb Ltd. 4, Hartford Financial Services Group, Inc. (The) 18, Loews Corp. 25, Marsh & McLennan Cos., Inc. 11, Progressive Corp. (The) 33, Unum Group 10, WR Berkley Corp. 7, XL Group Ltd., (Bermuda) 9, ,916 Total Financials 463,318 Health Care 10.1% Biotechnology 1.7% 181 ACADIA Pharmaceuticals, Inc. (a) 4, BioMarin Pharmaceutical, Inc. (a) 6, Exelixis, Inc. (a) 8, Incyte Corp. (a) 6, Intercept Pharmaceuticals, Inc. (a) 6, Spark Therapeutics, Inc. (a) 6, Vertex Pharmaceuticals, Inc. (a) 10,480 48,059 Health Care Equipment & Supplies 1.6% 31 DENTSPLY SIRONA, Inc. 1, DexCom, Inc. (a) 10, Edwards Lifesciences Corp. (a) 9, ResMed, Inc. 8, Zimmer Biomet Holdings, Inc. 13,435 44,717 Health Care Providers & Services 4.2%

5 297 Acadia Healthcare Co., Inc. (a) 11, AmerisourceBergen Corp. 23, Centene Corp. (a) 12, Cigna Corp. 15, Henry Schein, Inc. (a) 9, Humana, Inc. 12, Laboratory Corp. of America Holdings (a) 12, Premier, Inc., Class A (a) 11, Universal Health Services, Inc., Class B 12, ,137 Health Care Technology 0.7% 183 Teladoc, Inc. (a) 7, Veeva Systems, Inc., Class A (a) 12,107 19,494 Life Sciences Tools & Services 0.9% 110 Illumina, Inc. (a) 26,120 Pharmaceuticals 1.0% 96 Jazz Pharmaceuticals plc (a) 14, Zoetis, Inc. 12,894 27,374 Total Health Care 286,901 Industrials 13.2% Aerospace & Defense 0.5% 178 HEICO Corp., Class A 12,631 Air Freight & Logistics 0.4% 104 XPO Logistics, Inc. (a) 10,558 Airlines 0.3% 154 Southwest Airlines Co. 8,810 Building Products 1.7% 477 Fortune Brands Home & Security, Inc. 28, Lennox International, Inc. 19,812 47,901 Commercial Services & Supplies 2.1% 398 Copart, Inc. (a) 20,280

6 SCHEDULE OF PORTFOLIO INVESTMENTS AS OF MARCH 31, 2018 (Unaudited) (continued) (Amounts in thousands) SHARES SECURITY DESCRIPTION VALUE($) Common Stocks continued Commercial Services & Supplies continued 558 Waste Connections, Inc. 40,044 60,324 Electrical Equipment 1.2% 84 Acuity Brands, Inc. 11, AMETEK, Inc. 13, Hubbell, Inc. 8,457 33,873 Industrial Conglomerates 0.4% 118 Carlisle Cos., Inc. 12,312 Machinery 5.0% 16 AGCO Corp. 1, Fortive Corp. 18, IDEX Corp. 15, Middleby Corp. (The) (a) 4, Nordson Corp. 14, Oshkosh Corp. 15, Parker-Hannifin Corp. 19, Snap-on, Inc. 16, Stanley Black & Decker, Inc. 18, WABCO Holdings, Inc. (a) 19, ,178 Road & Rail 0.7% 134 Old Dominion Freight Line, Inc. 19,694 Trading Companies & Distributors 0.9% 225 Fastenal Co. 12, MSC Industrial Direct Co., Inc., Class A 14,043 26,331 Total Industrials 375,612 Information Technology 19.8% Communications Equipment 2.0% 61 Arista Networks, Inc. (a) 15, CommScope Holding Co., Inc. (a) 16, Palo Alto Networks, Inc. (a) 23,427 55,822 Electronic Equipment, Instruments & Components 3.6% 408 Amphenol Corp., Class A 35, Arrow Electronics, Inc. (a) 16, CDW Corp. 16, Corning, Inc. 11, IPG Photonics Corp. (a) 11, Keysight Technologies, Inc. (a) 12, ,764 Internet Software & Services 1.4% 57 Dropbox, Inc., Class A (a) 1, GoDaddy, Inc., Class A (a) 19, GrubHub, Inc. (a) 9, Match Group, Inc. (a) 8,719 39,439 IT Services 4.3%

7 173 DXC Technology Co. 17, Fiserv, Inc. (a) 14, Gartner, Inc. (a) 15, Global Payments, Inc. 28, Jack Henry & Associates, Inc. 13, Square, Inc., Class A (a) 8, Worldpay, Inc. (a) 22, ,286 Semiconductors & Semiconductor Equipment 2.3% 121 Analog Devices, Inc. 11, Broadcom Ltd. 8, Cavium, Inc. (a) 17, Lam Research Corp. 17, Teradyne, Inc. 11,985 66,975 Software 6.2% 112 Autodesk, Inc. (a) 14, Electronic Arts, Inc. (a) 17, Guidewire Software, Inc. (a) 10, Paycom Software, Inc. (a) 9, Proofpoint, Inc. (a) 10, Red Hat, Inc. (a) 23, ServiceNow, Inc. (a) 24, Splunk, Inc. (a) 18, Synopsys, Inc. (a) 11, Take-Two Interactive Software, Inc. (a) 11, Tyler Technologies, Inc. (a) 10, Workday, Inc., Class A (a) 14, ,220 Total Information Technology 563,506 Materials 3.7% Chemicals 0.4% 29 Sherwin-Williams Co. (The) 11,335 Construction Materials 1.1% 145 Eagle Materials, Inc. 14, Vulcan Materials Co. 16,543

8 SCHEDULE OF PORTFOLIO INVESTMENTS AS OF MARCH 31, 2018 (Unaudited) (continued) (Amounts in thousands) SHARES SECURITY DESCRIPTION VALUE($) Common Stocks continued Construction Materials continued 31,475 Containers & Packaging 2.2% 130 Avery Dennison Corp. 13, Ball Corp. 20, Silgan Holdings, Inc. 12, WestRock Co. 15,976 62,896 Total Materials 105,706 Real Estate 6.0% Equity Real Estate Investment Trusts (REITs) 5.0% 161 American Campus Communities, Inc. 6, American Homes 4 Rent, Class A 6, AvalonBay Communities, Inc. 13, Boston Properties, Inc. 13, Brixmor Property Group, Inc. 8, Essex Property Trust, Inc. 8, Federal Realty Investment Trust 10, HCP, Inc. 2, JBG SMITH Properties 5, Kimco Realty Corp. 7, Outfront Media, Inc. 8, Park Hotels & Resorts, Inc. 6, Rayonier, Inc. 10, Regency Centers Corp. 7, Vornado Realty Trust 12, Weyerhaeuser Co. 10, WP Carey, Inc. 4, ,181 Real Estate Management & Development 1.0% 596 CBRE Group, Inc., Class A (a) 28,151 Total Real Estate 171,332 Utilities 4.0% Electric Utilities 1.3% 165 Edison International 10, Westar Energy, Inc. 4, Xcel Energy, Inc. 21,524 36,429 Gas Utilities 0.5% 241 National Fuel Gas Co. 12,412 Multi-Utilities 2.2% 143 CenterPoint Energy, Inc. 3, CMS Energy Corp. 21, Sempra Energy 17, WEC Energy Group, Inc. 20,697 63,399 Total Utilities 112,240 Total Common Stocks (Cost $1,840,252) 2,743,133 Master Limited Partnership 0.2%

9 Financials 0.2% Capital Markets 0.2% 160 Oaktree Capital Group LLC (Cost $7,277) 6,320 Short-Term Investment 3.0% Investment Company 3.0% 86,224 JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 1.54% (b) (l) (Cost $86,224) 86,224 Total Investments 99.7% (Cost $1,933,753) 2,835,677 Other Assets in Excess of Liabilities 0.3% 7,164 NET ASSETS 100.0% $2,842,841 Percentages indicated are based on net assets.

10 SCHEDULE OF PORTFOLIO INVESTMENTS AS OF MARCH 31, 2018 (Unaudited) (continued) (Amounts in thousands) 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 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. 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 Schedules of Portfolio Investments ( SOI ): Level 1 Quoted prices Level 2 Other significant observable inputs Level 3 Significant unobservable inputs Total Investments in Securities (a) $2,835,677 $ $ $2,835,677 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 March 31, 2018.