JPMorgan Equity Income Fund Schedule of Portfolio Investments as of September 30, 2016 (Unaudited)

Transcription

1 JPMorgan Equity Income Fund Schedule of Portfolio Investments as of September 30, 2016 (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., 2016.

2 JPMorgan Equity Income Fund AS OF SEPTEMBER 30, 2016 (Unaudited) (Amounts in thousands) SHARES SECURITY DESCRIPTION Common Stocks 98.3% VALUE($) Consumer Discretionary 8.4% Distributors 0.9% 1,171 Genuine Parts Co. 117,638 Hotels, Restaurants & Leisure 0.6% 1,133 Wyndham Worldwide Corp. 76,301 Media 2.4% 1,210 Cinemark Holdings, Inc. 46,314 1,441 Comcast Corp., Class A 95,597 2,011 Time Warner, Inc. 160, ,012 Specialty Retail 3.6% 1,784 Best Buy Co., Inc. 68,124 1,452 Home Depot, Inc. (The) 186,812 1,637 L Brands, Inc. 115,858 1,301 Tiffany & Co. 94, ,297 Textiles, Apparel & Luxury Goods 0.9% 2,014 V.F. Corp. 112,863 Total Consumer Discretionary 1,074,111 Consumer Staples 9.1% Beverages 2.7% 1,696 Coca-Cola Co. (The) 71,764 1,127 Dr. Pepper Snapple Group, Inc. 102, Molson Coors Brewing Co., Class B 98, PepsiCo, Inc. 77, ,023 Food Products 1.4% 508 Kraft Heinz Co. (The) 45,456 2,914 Mondelez International, Inc., Class A 127, ,384 Household Products 1.6% 1,073 Kimberly-Clark Corp. 135, Procter & Gamble Co. (The) 65, ,079 Tobacco 3.4% 3,863 Altria Group, Inc. 244,275 1,074 Philip Morris International, Inc. 104,450 1,888 Reynolds American, Inc. 89, ,744 Total Consumer Staples 1,163,230 Energy 9.6% Energy Equipment & Services 0.9% 1,466 Schlumberger Ltd. 115,271 Oil, Gas & Consumable Fuels 8.7% 2,587 Chevron Corp. 266,240 4,063 ConocoPhillips 176,597 3,912 Exxon Mobil Corp. 341,479 3,505 Occidental Petroleum Corp. 255,593 1,249 Valero Energy Corp. 66,171 1,106,080 Total Energy 1,221,351

3 Financials 26.0% Banks 10.0% 13,053 Bank of America Corp. 204,279 3,464 BB&T Corp. 130, Cullen/Frost Bankers, Inc. 60, M&T Bank Corp. 50,073 2,814 PNC Financial Services Group, Inc. (The) 253,535 3,169 U.S. Bancorp 135,905 9,942 Wells Fargo & Co. 440,212 1,275,462 Capital Markets 6.5% 461 Ameriprise Financial, Inc. 45, BlackRock, Inc. 264,271 2,356 CME Group, Inc. 246,198 1,613 Northern Trust Corp. 109, S&P Global, Inc. 47,802 1,696 T. Rowe Price Group, Inc. 112, ,654 Consumer Finance 1.2% 1,317 Capital One Financial Corp. 94,617 1,137 Discover Financial Services 64, ,942 Insurance 8.3% 1,373 Arthur J. Gallagher & Co. 69, Chubb Ltd., (Switzerland) 106, Cincinnati Financial Corp. 61,797 4,353 Hartford Financial Services Group, Inc. (The) 186,387 4,700 MetLife, Inc. 208,812 1,440 Progressive Corp. (The) 45,351 1,395 Prudential Financial, Inc. 113,891 2,133 Travelers Cos., Inc. (The) 244, Validus Holdings Ltd., (Bermuda) 29,316 1,066,138 Total Financials 3,327,196 Health Care 11.5% Biotechnology 0.7% 361 AbbVie, Inc. 22,741

4 JPMorgan Equity Income Fund AS OF SEPTEMBER 30, 2016 (Unaudited) (continued) (Amounts in thousands) SHARES SECURITY DESCRIPTION Common Stocks continued VALUE($) Biotechnology continued 788 Gilead Sciences, Inc. 62,323 85,064 Health Care Equipment & Supplies 2.0% 2,410 Abbott Laboratories 101, Becton, Dickinson and Co. 152, ,892 Pharmaceuticals 8.8% 2,230 Bristol-Myers Squibb Co. 120,244 1,875 Eli Lilly & Co. 150,474 2,837 Johnson & Johnson 335,098 4,216 Merck & Co., Inc. 263,140 7,673 Pfizer, Inc. 259,895 1,128,851 Total Health Care 1,468,807 Industrials 9.7% Aerospace & Defense 1.2% 955 General Dynamics Corp. 148,164 Air Freight & Logistics 0.8% 978 United Parcel Service, Inc., Class B 106,997 Commercial Services & Supplies 1.2% 3,058 Republic Services, Inc. 154,286 Industrial Conglomerates 2.7% 718 3M Co. 126,507 1,873 Honeywell International, Inc. 218, ,845 Machinery 2.5% 309 Dover Corp. 22,747 1,729 Illinois Tool Works, Inc. 207, Snap-on, Inc. 26, Stanley Black & Decker, Inc. 66, ,935 Road & Rail 1.3% 879 Norfolk Southern Corp. 85, Union Pacific Corp. 79, ,701 Total Industrials 1,241,928 Information Technology 9.9% IT Services 2.1% 584 Accenture plc, (Ireland), Class A 71,363 1,032 Automatic Data Processing, Inc. 91,031 1,371 Fidelity National Information Services, Inc. 105, ,998 Semiconductors & Semiconductor Equipment 3.9% 1,731 Analog Devices, Inc. 111,542 1,360 KLA-Tencor Corp. 94,785 1,420 QUALCOMM, Inc. 97,302 2,738 Texas Instruments, Inc. 192, ,759 Software 1.9% 4,112 Microsoft Corp. 236,849 Technology Hardware, Storage & Peripherals 2.0%

5 2,282 Apple, Inc. 257,947 Total Information Technology 1,258,553 Materials 3.7% Chemicals 3.4% 1,444 E.I. du Pont de Nemours & Co. 96, International Flavors & Fragrances, Inc. 42,893 1,136 PPG Industries, Inc. 117, Praxair, Inc. 116,403 1,216 RPM International, Inc. 65, ,778 Containers & Packaging 0.3% 626 WestRock Co. 30,347 Total Materials 469,125 Real Estate 3.7% Equity Real Estate Investment Trusts (REITs) 3.7% 482 Alexandria Real Estate Equities, Inc. 52, AvalonBay Communities, Inc. 112, Boston Properties, Inc. 59,076 2,294 HCP, Inc. 87, Simon Property Group, Inc. 162,284 Total Real Estate 473,821 Telecommunication Services 1.6% Diversified Telecommunication Services 1.6% 3,932 Verizon Communications, Inc. 204,403 Utilities 5.1% Electric Utilities 2.9% 2,015 Edison International 145, NextEra Energy, Inc. 100,616 2,987 Xcel Energy, Inc. 122, ,095 Multi-Utilities 2.2% 3,134 CMS Energy Corp. 131, DTE Energy Co. 20,530 3,123 NiSource, Inc. 75,295

6 JPMorgan Equity Index Fund AS OF SEPTEMBER 30, 2016 (Unaudited) (continued) (Amounts in thousands) SHARES SECURITY DESCRIPTION Common Stocks continued VALUE($) Multi-Utilities continued 518 Sempra Energy 55, ,990 Total Utilities 652,085 Total Common Stocks (Cost $10,453,695) 12,554,610 Short-Term Investment 3.5% Investment Company 3.5% 448,825 JPMorgan U.S. Government Money Market Fund, Institutional Class Shares, 0.350% (b) (l) (Cost $448,825) 448,825 Total Investments 101.8% (Cost $10,902,520) 13,003,435 Liabilities in Excess of Other Assets (1.8)% (227,100) NET ASSETS 100.0% $12,776,335 Percentages indicated are based on net assets. NOTES TO : (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 September 30, As of September 30, 2016, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows: Aggregate gross unrealized appreciation $ 2,223,711 Aggregate gross unrealized depreciation (122,796) Net unrealized appreciation/depreciation $ 2,100,915 Federal income tax cost of investments $10,902,520 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.

7 JPMorgan Equity Index Fund AS OF SEPTEMBER 30, 2016 (Unaudited) (continued) 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 ): Level 1 Quoted prices Level 2 Other significant observable inputs Level 3 Significant unobservable inputs Total Total Investments in Securities (a) $13,003,435 $ $ $13,003,435 (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 September 30, 2016.