N-Q 1 d901134dnq.htm JPMORGAN TRUST I JPMorgan Trust I

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM N-Q

 

 

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF

REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number: 811-21295

 

 

JPMorgan Trust I

(Exact name of registrant as specified in charter)

 

 

270 Park Avenue

New York, New York 10017

(Address of principal executive offices) (Zip code)

 

 

Frank J. Nasta

270 Park Avenue

New York, New York 10017

(Name and Address of Agent for Service)

 

 

Registrant’s telephone number, including area code: (800) 480-4111

Date of fiscal year end: June 30

Date of reporting period: March 31, 2015

 

 

 


ITEM 1. SCHEDULE OF INVESTMENTS.

JPMorgan Trust I

Schedule of Portfolio Investments as of March 31, 2015

(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.

J.P. Morgan Asset Management is the marketing name for the asset management business of JPMorgan Chase & Co. Those businesses include, but are not limited to, J.P. Morgan Investment Management Inc., Security Capital Research & Management Incorporated and J.P. Morgan Alternative Asset Management, Inc.

JPMorgan Distribution Services, Inc.

© JPMorgan Chase & Co., 2015.


JPMorgan Access Balanced Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited)

 

SHARES

    

SECURITY DESCRIPTION

   VALUE($)  

 

Common Stocks — 15.0%

  

 

            Consumer Discretionary — 2.5%

  
   Auto Components — 0.2%   
  6,700      Aisin Seiki Co., Ltd., (Japan)      242,911  
  1,095      Autoliv, Inc., (Sweden), SDR      129,381  
  9,300      BorgWarner, Inc.      562,464  
  3,800      Denso Corp., (Japan)      173,224  
  9,069      ElringKlinger AG, (Germany)      271,893  
  66,994      GKN plc, (United Kingdom)      355,361  
  3,000      Koito Manufacturing Co., Ltd., (Japan)      90,206  
  12,700      Sumitomo Rubber Industries Ltd., (Japan)      234,104  
     

 

 

 
        2,059,544  
     

 

 

 
   Automobiles — 0.3%   
  5,313      Bayerische Motoren Werke AG, (Germany)      661,655  
  3,530      Daimler AG, (Germany)      339,003  
  8,000      Honda Motor Co., Ltd., (Japan)      261,143  
  14,800      Mitsubishi Motors Corp., (Japan)      133,448  
  46,300      Nissan Motor Co., Ltd., (Japan)      470,897  
  8,600      Suzuki Motor Corp., (Japan)      258,294  
  9,800      Toyota Motor Corp., (Japan)      684,077  
     

 

 

 
        2,808,517  
     

 

 

 
   Distributors — 0.1%   
  5,900      Pool Corp.      411,584  
     

 

 

 
   Diversified Consumer Services — 0.0% (g)   
  8,100      ServiceMaster Global Holdings, Inc. (a)      273,375  
     

 

 

 
   Hotels, Restaurants & Leisure — 0.1%   
  24,555      Compass Group plc, (United Kingdom)      426,256  
  4,200      Wyndham Worldwide Corp.      379,974  
  108,400      Wynn Macau Ltd., (China)      234,266  
     

 

 

 
        1,040,496  
     

 

 

 
   Household Durables — 0.1%   
  5,176      Electrolux AB, (Sweden), Series B      147,870  
  14,600      Panasonic Corp., (Japan)      191,728  
  27,700      Persimmon plc, (United Kingdom) (a)      360,830  
  6,200      Sony Corp., (Japan) (a)      165,810  
  7,100      Tempur Sealy International, Inc. (a)      409,954  
     

 

 

 
        1,276,192  
     

 

 

 
   Internet & Catalog Retail — 0.0% (g)   
  133,200      Home Retail Group plc, (United Kingdom)      324,881  
     

 

 

 
   Leisure Products — 0.0% (g)   
  2,300      Polaris Industries, Inc.      324,530  
     

 

 

 
   Media — 0.6%   
  3,000      Charter Communications, Inc., Class A (a)      579,330  
  2,400      CyberAgent, Inc., (Japan)      137,466  
  9,754      Eutelsat Communications S.A., (France)      323,552  
  13,383      Informa plc, (United Kingdom)      111,719  
  23,446      Liberty Global plc, (United Kingdom), Class A (a)      1,206,766  
  625      Liberty Global plc, (United Kingdom), Series C (a)      31,131  
  13,700      Markit Ltd., (United Kingdom) (a)      368,530  
  24,991      SES S.A., (Luxembourg), FDR      885,936  
  19,953      Sky plc, (United Kingdom)      293,548  
  21,695      Walt Disney Co. (The)      2,275,589  
  34,162      WPP plc, (United Kingdom)      775,840  
     

 

 

 
        6,989,407  
     

 

 

 
   Multiline Retail — 0.3%   
  4,200      Lojas Renner S.A., (Brazil)      118,451  
  28,989      Marks & Spencer Group plc, (United Kingdom)      229,270  
  3,100      Ryohin Keikaku Co., Ltd., (Japan)      451,295  
  24,602      Target Corp.      2,019,086  
     

 

 

 
        2,818,102  
     

 

 

 
   Specialty Retail — 0.6%   
  8,694      Advance Auto Parts, Inc.      1,301,405  
  18,894      Home Depot, Inc. (The)      2,146,547  
  56,064      Kingfisher plc, (United Kingdom)      316,317  
  2,500      O’Reilly Automotive, Inc. (a)      540,600  
  4,000      Ross Stores, Inc.      421,440  
  13,100      Sally Beauty Holdings, Inc. (a)      450,247  
  4,500      Tractor Supply Co.      382,770  
  5,400      Williams-Sonoma, Inc.      430,434  
  15,146      World Duty Free SpA, (Italy) (a)      162,871  
     

 

 

 
        6,152,631  
     

 

 

 
   Textiles, Apparel & Luxury Goods — 0.2%   
  743,000      China Hongxing Sports Ltd., (China) (a) (i)      1  
  13,408      Cie Financiere Richemont S.A., (Switzerland)      1,077,345  
  10,800      Hanesbrands, Inc.      361,908  
  1,792      Kering, (France)      349,832  
  1,124      LVMH Moet Hennessy Louis Vuitton SE, (France)      197,805  
  10,200      Moncler SpA, (Italy)      170,997  
  59,100      Samsonite International S.A.      205,650  
  1,600      Swatch Group AG (The), (Switzerland)      134,101  
     

 

 

 
        2,497,639  
     

 

 

 
   Total Consumer Discretionary      26,976,898  
     

 

 

 

 

            Consumer Staples — 1.4%

  
   Beverages — 0.2%   
  3,800      Brown-Forman Corp., Class B      343,330  
  8,900      Diageo plc, (United Kingdom)      245,946  
  14,800      Kirin Holdings Co., Ltd., (Japan)      194,121  
  10,479      Pernod-Ricard S.A., (France)      1,239,055  
     

 

 

 
        2,022,452  
     

 

 

 


JPMorgan Access Balanced Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

 

SHARES

    

SECURITY DESCRIPTION

   VALUE($)  

 

Common Stocks — continued

  
   Food & Staples Retailing — 0.3%   
  11,997      Costco Wholesale Corp.      1,817,485  
  6,300      FamilyMart Co., Ltd., (Japan)      263,960  
  34,115      Sysco Corp.      1,287,159  
  76,807      Tesco plc, (United Kingdom)      274,167  
     

 

 

 
        3,642,771  
     

 

 

 
   Food Products — 0.4%   
  9,000      Ajinomoto Co., Inc., (Japan)      197,446  
  6,440      Danone S.A., (France)      434,107  
  2,400      Hershey Co. (The)      242,184  
  22,346      Nestle S.A., (Switzerland)      1,682,708  
  29,575      Unilever plc, (United Kingdom)      1,233,971  
  8,500      WhiteWave Foods Co. (The) (a)      376,890  
  79,000      Wilmar International Ltd., (Singapore)      187,545  
     

 

 

 
        4,354,851  
     

 

 

 
   Household Products — 0.4%   
  4,050      Church & Dwight Co., Inc.      345,951  
  15,697      Kimberly-Clark Corp.      1,681,306  
  20,674      Procter & Gamble Co. (The)      1,694,027  
  2,500      Reckitt Benckiser Group plc, (United Kingdom)      214,764  
     

 

 

 
        3,936,048  
     

 

 

 
   Personal Products — 0.1%   
  7,328      L’Oreal S.A., (France)      1,349,749  
     

 

 

 
   Tobacco — 0.0% (g)   
  13,394      Imperial Tobacco Group plc, (United Kingdom)      587,545  
     

 

 

 
   Total Consumer Staples      15,893,416  
     

 

 

 

 

            Energy — 0.8%

  
   Energy Equipment & Services — 0.0% (g)   
  3,800      Cameron International Corp. (a)      171,456  
  68,000      China Oilfield Services Ltd., (China), Class H      113,229  
  4,900      Oceaneering International, Inc.      264,257  
  5,299      WorleyParsons Ltd., (Australia)      38,350  
     

 

 

 
        587,292  
     

 

 

 
   Oil, Gas & Consumable Fuels — 0.8%   
  90,451      Beach Energy Ltd., (Australia)      69,609  
  11,075      BG Group plc, (United Kingdom)      136,194  
  21,610      Cenovus Energy, Inc., (Canada)      364,276  
  25,685      ConocoPhillips      1,599,148  
  4,900      Continental Resources, Inc. (a)      213,983  
  12,540      Enbridge, Inc., (Canada)      604,451  
  15,208      Eni S.p.A., (Italy)      263,222  
  12,900      EP Energy Corp., Class A (a)      135,192  
  19,026      Hess Corp.      1,291,295  
  17,670      Oil Search Ltd., (Australia)      96,411  
  25,236      Phillips 66      1,983,550  
  5,800      Range Resources Corp.      301,832  
  12,100      Royal Dutch Shell plc, (Netherlands), Class B, ADR      758,670  
  1,300      Seven Generations Energy Ltd., (Canada), Class A (a)      16,577  
  20,627      Statoil ASA, (Norway)      364,714  
  5,495      TOTAL S.A., (France)      273,140  
  52,600      Tullow Oil plc, (United Kingdom)      220,510  
     

 

 

 
        8,692,774  
     

 

 

 
   Total Energy      9,280,066  
     

 

 

 

 

            Financials — 2.8%

  
   Banks — 1.1%   
  21,050      Australia & New Zealand Banking Group Ltd., (Australia)      585,615  
  635,426      Bank of China Ltd., (China), Class H      367,324  
  16,000      Bank of Yokohama Ltd. (The), (Japan)      93,706  
  10,200      BankUnited, Inc.      333,948  
  12,539      Barclays plc, (United Kingdom), ADR      182,693  
  14,967      BNP Paribas S.A., (France)      910,683  
  86,600      CaixaBank S.A., (Spain)      410,697  
  12,072      Commerzbank AG, (Germany) (a)      165,884  
  11,763      Danske Bank A/S, (Denmark)      310,110  
  50,372      DBS Group Holdings Ltd., (Singapore)      746,909  
  37,684      DNB ASA, (Norway)      604,817  
  5,425      HDFC Bank Ltd., (India), ADR      319,478  
  22,951      HSBC Holdings plc, (United Kingdom)      195,575  
  40,395      ING Groep N.V., (Netherlands), CVA (a)      591,705  
  129,660      Intesa Sanpaolo S.p.A., (Italy)      440,066  
  963,653      Lloyds Banking Group plc, (United Kingdom) (a)      1,117,006  
  4,400      National Bank of Canada, (Canada)      160,638  
  18,765      Nordea Bank AB, (Sweden)      228,567  
  34,031      Royal Bank of Scotland Group plc, (United Kingdom) (a)      171,915  
  15,947      Standard Chartered plc, (United Kingdom)      258,289  
  4,600      Sumitomo Mitsui Financial Group, Inc., (Japan)      176,201  
  85,000      Sumitomo Mitsui Trust Holdings, Inc., (Japan)      353,096  
  53,722      SunTrust Banks, Inc.      2,207,437  
  13,164      Svenska Handelsbanken AB, (Sweden), Class A      592,861  
  12,022      Swedbank AB, (Sweden), Class A      287,010  
  20,200      United Overseas Bank Ltd., (Singapore)      338,596  
     

 

 

 
        12,150,826  
     

 

 

 
   Capital Markets — 0.6%   
  19,000      Apollo Global Management LLC, Class A      410,400  
  3,242      Close Brothers Group plc, (United Kingdom)      74,781  


JPMorgan Access Balanced Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

 

SHARES

    

SECURITY DESCRIPTION

   VALUE($)  

 

Common Stocks — continued

  
   Capital Markets — continued   
  8,930      Credit Suisse Group AG, (Switzerland) (a)      240,252  
  4,083      Deutsche Bank AG, (Germany)      141,508  
  15,698      GAM Holding AG, (Switzerland) (a)      325,566  
  7,900      Invesco Ltd.      313,551  
  4,260      Julius Baer Group Ltd., (Switzerland) (a)      212,931  
  6,223      Macquarie Group Ltd., (Australia)      361,721  
  49,045      Morgan Stanley      1,750,416  
  16,400      Och-Ziff Capital Management Group LLC, Class A      207,296  
  26,610      T. Rowe Price Group, Inc.      2,154,878  
  17,268      UBS Group AG, (Switzerland) (a)      323,794  
     

 

 

 
        6,517,094  
     

 

 

 
   Consumer Finance — 0.0% (g)   
  8,300      Credit Saison Co., Ltd., (Japan)      149,343  
     

 

 

 
   Diversified Financial Services — 0.1%   
  17,027      Challenger Ltd., (Australia)      92,430  
  4,793      London Stock Exchange Group plc, (United Kingdom)      174,322  
  4,800      McGraw Hill Financial, Inc.      496,320  
  16,400      Mitsubishi UFJ Lease & Finance Co., Ltd., (Japan)      81,045  
     

 

 

 
        844,117  
     

 

 

 
   Insurance — 0.9%   
  239,800      AIA Group Ltd., (Hong Kong)      1,505,581  
  1,609      Allianz SE, (Germany)      279,349  
  14,000      Assured Guaranty Ltd., (Bermuda)      369,460  
  31,102      Aviva plc, (United Kingdom)      248,906  
  27,532      AXA S.A., (France)      692,958  
  73,286      Direct Line Insurance Group plc, (United Kingdom)      345,836  
  2,023      Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, (Germany)      434,707  
  24,500      Ping An Insurance Group Co. of China Ltd., (China), Class H      293,917  
  39,421      Prudential plc, (United Kingdom)      978,250  
  10,613      QBE Insurance Group Ltd., (Australia)      104,908  
  4,500      RenaissanceRe Holdings Ltd., (Bermuda)      448,785  
  20,337      Sampo OYJ, (Finland), Class A      1,025,765  
  11,000      Sony Financial Holdings, Inc., (Japan)      176,946  
  44,015      Storebrand ASA, (Norway) (a)      159,930  
  11,400      Sun Life Financial, Inc., (Canada)      351,302  
  10,100      Tokio Marine Holdings, Inc., (Japan)      381,243  
  14,402      Travelers Cos., Inc. (The)      1,557,288  
     

 

 

 
        9,355,131  
     

 

 

 
   Real Estate Investment Trusts (REITs) — 0.0% (g)   
  63,402      Scentre Group, (Australia)      180,115  
  876      Unibail-Rodamco SE, (France)      236,552  
     

 

 

 
        416,667  
     

 

 

 
   Real Estate Management & Development — 0.1%   
  25,644      Deutsche Wohnen AG, (Germany)      655,890  
  29,500      Kerry Properties Ltd., (Hong Kong)      102,402  
  4,000      Mitsui Fudosan Co., Ltd., (Japan)      117,472  
     

 

 

 
        875,764  
     

 

 

 
   Total Financials      30,308,942  
     

 

 

 

 

            Health Care — 2.0%

  
   Biotechnology — 0.4%   
  23,376      Celgene Corp. (a)      2,694,785  
  2,922      CSL Ltd., (Australia)      204,430  
  7,024      Genmab A/S, (Denmark) (a)      527,159  
  13,581      Grifols S.A., (Preference Shares), (Spain), Class B      452,930  
  2,500      United Therapeutics Corp. (a)      431,087  
     

 

 

 
        4,310,391  
     

 

 

 
   Health Care Equipment & Supplies — 0.2%   
  22,600      Boston Scientific Corp. (a)      401,150  
  16,709      Elekta AB, (Sweden), Class B      150,266  
  2,788      Essilor International S.A., (France)      320,104  
  10,085      GN Store Nord A/S, (Denmark)      225,168  
  826      Sonova Holding AG, (Switzerland)      114,610  
  11,300      Sysmex Corp., (Japan)      626,549  
     

 

 

 
        1,837,847  
     

 

 

 
   Health Care Providers & Services — 0.3%   
  13,400      DaVita HealthCare Partners, Inc. (a)      1,089,152  
  16,300      Envision Healthcare Holdings, Inc. (a)      625,105  
  13,956      Express Scripts Holding Co. (a)      1,210,962  
  8,502      Fresenius SE & Co. KGaA, (Germany)      506,859  
  3,500      Miraca Holdings, Inc., (Japan)      160,906  
  10,100      Premier, Inc., Class A (a)      379,558  
     

 

 

 
        3,972,542  
     

 

 

 
   Pharmaceuticals — 1.1%   
  27,700      Astellas Pharma, Inc., (Japan)      453,862  
  12,380      AstraZeneca plc, (United Kingdom)      849,496  
  11,272      Bayer AG, (Germany)      1,686,470  
  7,000      Catalent, Inc. (a)      218,050  
  5,000      Endo International plc, (Ireland) (a)      448,500  
  14,100      GlaxoSmithKline plc, (United Kingdom), ADR      650,715  
  18,630      Johnson & Johnson      1,874,178  
  19,272      Novartis AG, (Switzerland)      1,902,156  
  31,431      Novo Nordisk A/S, (Denmark), Class B      1,677,906  
  7,081      Roche Holding AG, (Switzerland)      1,945,803  
  7,800      Takeda Pharmaceutical Co., Ltd., (Japan)      389,360  
     

 

 

 
        12,096,496  
     

 

 

 
   Total Health Care      22,217,276  
     

 

 

 


JPMorgan Access Balanced Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

 

SHARES

    

SECURITY DESCRIPTION

   VALUE($)  

 

Common Stocks — continued

  

 

            Industrials — 2.3%

  
   Aerospace & Defense — 0.3%   
  8,200      Hexcel Corp.      421,644  
  3,400      L-3 Communications Holdings, Inc.      427,686  
  39,413      Meggitt plc, (United Kingdom)      320,375  
  4,600      Rockwell Collins, Inc.      444,130  
  27,637      Rolls-Royce Holdings plc, (United Kingdom) (a)      389,791  
  9,735      Safran S.A., (France)      680,199  
  1,125      TransDigm Group, Inc.      246,060  
  17,091      Zodiac Aerospace, (France)      565,483  
     

 

 

 
        3,495,368  
     

 

 

 
   Air Freight & Logistics — 0.2%   
  9,200      FedEx Corp.      1,522,140  
  24,064      Toll Holdings Ltd., (Australia)      161,904  
     

 

 

 
        1,684,044  
     

 

 

 
   Airlines — 0.1%   
  7,450      Ryanair Holdings plc, (Ireland), ADR      497,436  
     

 

 

 
   Building Products — 0.1%   
  13,956      Assa Abloy AB, (Sweden), Class B      831,294  
     

 

 

 
   Commercial Services & Supplies — 0.2%   
  52,800      AA plc, (United Kingdom) (a)      314,534  
  493,000      China Everbright International Ltd., (Hong Kong)      826,859  
  8,000      Copart, Inc. (a)      300,560  
  2,925      Stericycle, Inc. (a)      410,758  
     

 

 

 
        1,852,711  
     

 

 

 
   Construction & Engineering — 0.0% (g)   
  6,367      Bouygues S.A., (France)      249,942  
     

 

 

 
   Electrical Equipment — 0.2%   
  12,863      ABB Ltd., (Switzerland) (a)      272,876  
  7,100      AMETEK, Inc.      373,034  
  2,200      Hubbell, Inc., Class B      241,164  
  5,710      Legrand S.A., (France)      309,298  
  43,000      Mitsubishi Electric Corp., (Japan)      510,474  
  4,328      Schneider Electric SE, (France)      336,799  
  6,600      Sensata Technologies Holding N.V., (Netherlands) (a)      379,170  
     

 

 

 
        2,422,815  
     

 

 

 
   Industrial Conglomerates — 0.2%   
  4,144      DCC plc, (Ireland)      246,842  
  45,000      Hutchison Whampoa Ltd., (Hong Kong)      623,739  
  9,500      Jardine Matheson Holdings Ltd., (Hong Kong)      598,025  
  11,144      Koninklijke Philips N.V., (Netherlands)      316,155  
  36,000      Sembcorp Industries Ltd., (Singapore)      110,517  
  7,220      Siemens AG, (Germany)      780,873  
     

 

 

 
        2,676,151  
     

 

 

 
   Machinery — 0.5%   
  5,000      FANUC Corp., (Japan)      1,091,569  
  4,400      Flowserve Corp.      248,556  
  24,000      IHI Corp., (Japan)      112,218  
  88,000      Kawasaki Heavy Industries Ltd., (Japan)      443,962  
  13,000      Kubota Corp., (Japan)      205,386  
  3,000      Pall Corp.      301,170  
  3,700      SMC Corp., (Japan)      1,101,726  
  14,772      Stanley Black & Decker, Inc.      1,408,658  
  9,400      THK Co., Ltd., (Japan)      238,861  
  4,550      WABCO Holdings, Inc. (a)      559,104  
     

 

 

 
        5,711,210  
     

 

 

 
   Marine — 0.0% (g)   
  152      AP Moeller - Maersk A/S, (Denmark), Class B      317,714  
  31,000      Nippon Yusen KK, (Japan)      89,179  
     

 

 

 
        406,893  
     

 

 

 
   Professional Services — 0.3%   
  3,910      DKSH Holding AG, (Switzerland)      318,674  
  6,800      Equifax, Inc.      632,400  
  2,600      IHS, Inc., Class A (a)      295,776  
  21,700      Nielsen N.V.      967,169  
  5,000      Recruit Holdings Co., Ltd., (Japan)      156,007  
  3,275      Towers Watson & Co., Class A      432,906  
  6,600      Verisk Analytics, Inc., Class A (a)      471,240  
     

 

 

 
        3,274,172  
     

 

 

 
   Road & Rail — 0.1%   
  7,200      Avis Budget Group, Inc. (a)      424,908  
  2,200      Central Japan Railway Co., (Japan)      397,583  
  5,100      Genesee & Wyoming, Inc., Class A (a)      491,844  
     

 

 

 
        1,314,335  
     

 

 

 
   Trading Companies & Distributors — 0.1%   
  7,700      Fastenal Co.      319,050  
  51,200      Marubeni Corp., (Japan)      296,013  
  20,400      Mitsubishi Corp., (Japan)      409,914  
  21,100      Sumitomo Corp., (Japan)      225,157  
     

 

 

 
        1,250,134  
     

 

 

 
   Total Industrials      25,666,505  
     

 

 

 

 

            Information Technology — 2.1%

  
   Communications Equipment — 0.2%   
  36,454      Alcatel-Lucent, (France) (a)      137,047  
  71,956      Juniper Networks, Inc.      1,624,767  
     

 

 

 
        1,761,814  
     

 

 

 
   Electronic Equipment, Instruments & Components — 0.4%   
  48,800      Hamamatsu Photonics KK, (Japan)      1,470,938  
  53,000      Hitachi Ltd., (Japan)      361,982  
  2,480      Keyence Corp., (Japan)      1,353,328  
  8,000      Keysight Technologies, Inc. (a)      297,200  


JPMorgan Access Balanced Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2014 (Unaudited) (continued)

 

SHARES

    

SECURITY DESCRIPTION

   VALUE($)  

 

Common Stocks — continued

  
   Electronic Equipment, Instruments & Components — continued   
  7,400      Murata Manufacturing Co., Ltd., (Japan)      1,016,310  
     

 

 

 
        4,499,758  
     

 

 

 
   Internet Software & Services — 0.4%   
  1,803      Alibaba Group Holding Ltd., (China), ADR (a)      150,082  
  1,600      Baidu, Inc., (China), ADR (a)      333,440  
  1,500      CoStar Group, Inc. (a)      296,745  
  22,937      Facebook, Inc., Class A (a)      1,885,765  
  2,140      Google, Inc., Class A (a)      1,187,058  
  9,400      Kakaku.com, Inc., (Japan)      155,981  
  190      NAVER Corp., (South Korea)      114,628  
  10,900      Tencent Holdings Ltd., (China)      206,990  
     

 

 

 
        4,330,689  
     

 

 

 
   IT Services — 0.5%   
  4,400      Alliance Data Systems Corp. (a)      1,303,500  
  10,500      Amdocs Ltd.      571,200  
  23,677      Cognizant Technology Solutions Corp., Class A (a)      1,477,208  
  9,500      Gartner, Inc. (a)      796,575  
  4,500      Global Payments, Inc.      412,560  
  2,700      Infosys Ltd., (India), ADR      94,716  
  11,200      NeuStar, Inc., Class A (a)      275,744  
  11,300      Vantiv, Inc., Class A (a)      426,010  
     

 

 

 
        5,357,513  
     

 

 

 
   Semiconductors & Semiconductor Equipment — 0.3%   
  9,550      ASML Holding N.V., (Netherlands)      968,174  
  3,200      Avago Technologies Ltd., (Singapore)      406,336  
  4,900      Lam Research Corp.      344,151  
  3,400      NXP Semiconductors N.V., (Netherlands) (a)      341,224  
  102,000      Taiwan Semiconductor Manufacturing Co., Ltd., (Taiwan)      474,051  
  21,720      Taiwan Semiconductor Manufacturing Co., Ltd., (Taiwan), ADR      509,986  
  1,500      Tokyo Electron Ltd., (Japan)      104,046  
     

 

 

 
        3,147,968  
     

 

 

 
   Software — 0.2%   
  3,700      CommVault Systems, Inc. (a)      161,690  
  10,129      Gemalto N.V., (Netherlands)      807,062  
  5,300      Oracle Corp., (Japan)      228,079  
  11,000      Qlik Technologies, Inc. (a)      342,430  
  3,755      SAP SE, (Germany)      271,402  
  5,500      SolarWinds, Inc. (a)      281,820  
  6,600      Solera Holdings, Inc.      340,956  
  10,900      Trend Micro, Inc., (Japan)      359,160  
     

 

 

 
        2,792,599  
     

 

 

 
   Technology Hardware, Storage & Peripherals — 0.1%   
  4,700      Canon, Inc., (Japan)      166,292  
  157      Samsung Electronics Co., Ltd., (South Korea)      203,590  
  541      Samsung Electronics Co., Ltd., (South Korea), GDR      269,171  
  9,700      Wacom Co., Ltd., (Japan)      46,727  
     

 

 

 
        685,780  
     

 

 

 
   Total Information Technology      22,576,121  
     

 

 

 

 

            Materials — 0.5%

  
   Chemicals — 0.3%   
  1,630      Air Liquide S.A., (France)      209,845  
  2,150      Airgas, Inc.      228,136  
  36,000      Asahi Kasei Corp., (Japan)      343,787  
  3,207      BASF SE, (Germany)      317,479  
  4,360      CF Industries Holdings, Inc.      1,236,845  
  4,150      Ecolab, Inc.      474,677  
  6,968      Koninklijke DSM N.V., (Netherlands)      388,357  
  13,000      Tosoh Corp., (Japan)      65,481  
  6,104      Umicore S.A., (Belgium)      254,935  
     

 

 

 
        3,519,542  
     

 

 

 
   Containers & Packaging — 0.0% (g)   
  14,696      Amcor Ltd., (Australia)      156,585  
     

 

 

 
   Metals & Mining — 0.2%   
  9,766      Acerinox S.A., (Spain)      164,267  
  3,200      Agnico-Eagle Mines Ltd., (Canada)      88,909  
  10,722      Antofagasta plc, (United Kingdom)      115,994  
  13,619      BHP Billiton Ltd., (Australia)      316,560  
  14,451      BHP Billiton plc, (Australia)      317,132  
  17,096      First Quantum Minerals Ltd., (Canada)      207,196  
  3,425      Rio Tinto Ltd., (United Kingdom)      148,405  
  10,035      Rio Tinto plc, (United Kingdom)      413,812  
     

 

 

 
        1,772,275  
     

 

 

 
   Total Materials      5,448,402  
     

 

 

 

 

            Telecommunication Services — 0.4%

  
   Diversified Telecommunication Services — 0.1%   
  9,200      Nippon Telegraph & Telephone Corp., (Japan)      567,925  
  80,000      Singapore Telecommunications Ltd., (Singapore)      255,283  
  446      Swisscom AG, (Switzerland)      258,631  
  39,752      Telefonica Deutschland Holding AG, (Germany) (a)      228,591  
  19,934      Telefonica S.A., (Spain)      283,651  
  25,390      Telstra Corp., Ltd., (Australia)      121,884  
     

 

 

 
        1,715,965  
     

 

 

 
   Wireless Telecommunication Services — 0.3%   
  9,600      America Movil S.A.B. de C.V., (Mexico), Class L, ADR      196,416  


JPMorgan Access Balanced Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

 

SHARES

    

SECURITY DESCRIPTION

   VALUE($)  

 

Common Stocks — continued

  
   Wireless Telecommunication Services — continued   
  10,450      SBA Communications Corp., Class A (a)      1,223,695  
  14,700      SoftBank Corp., (Japan)      856,120  
  137,000      Vodafone Group plc, (United Kingdom)      448,309  
  13,081      Vodafone Group plc, (United Kingdom), ADR      427,487  
     

 

 

 
        3,152,027  
     

 

 

 
   Total Telecommunication Services      4,867,992  
     

 

 

 

 

            Utilities — 0.2%

  
   Electric Utilities — 0.0% (g)   
  16,634      SSE plc, (United Kingdom)      369,157  
     

 

 

 
   Multi-Utilities — 0.2%   
  14,222      E.ON SE, (Germany)      211,466  
  14,780      GDF Suez, (France)      291,802  
  81,411      National Grid plc, (United Kingdom)      1,046,624  
     

 

 

 
        1,549,892  
     

 

 

 
   Total Utilities      1,919,049  
     

 

 

 
  

Total Common Stocks

(Cost $138,966,801)

     165,154,667  
     

 

 

 

 

Exchange Traded Funds — 16.7%

  
   International Equity — 0.8%   
  143,100      iShares MSCI All Country Asia ex Japan Index ETF      9,158,400  
     

 

 

 
   U.S. Equity — 15.9%   
  249,800      Energy Select Sector SPDR Fund,      19,379,484  
  246,500      iShares Core S&P Mid Cap ETF      37,463,070  
  569,200      SPDR S&P 500 ETF Trust      117,499,956  
     

 

 

 
   Total U.S. Equity      174,342,510  
     

 

 

 
  

Total Exchange Traded Funds

(Cost $166,989,997)

     183,500,910  
     

 

 

 

 

Exchange Traded Note — 1.1%

  
   Alternative Assets — 1.1%   
  439,237     

iPath Dow Jones-UBS Commodity Index Total Return (a) (s)

(Cost $16,686,101)

     12,180,042  
     

 

 

 

 

Alternative Investment — 3.6%

  
   Alternative Investment Fund — 3.6%   
  319,532     

Marshall Wace UCITS Fund plc - MW Developed Europe TOPS Fund, Class F Shares (Ireland) (a)

(Cost $36,000,000)

     40,046,923  
     

 

 

 

 

Investment Companies — 56.2%

  
   Alternative Assets — 2.8%   
  3,534,719      John Hancock Funds II - Absolute Return Currency Fund, Class R6 Shares      30,363,232  
     

 

 

 
   Fixed Income — 27.7%   
  9,272,690      JPMorgan Core Bond Fund, Class R6 Shares (b)      110,252,290  
  11,932,419      JPMorgan Core Plus Bond Fund, Class R6 Shares (b)      100,351,640  
  7,842,958      JPMorgan High Yield Fund, Class R6 Shares (b)      60,155,489  
  2,185,658      JPMorgan Inflation Managed Bond Fund, Class R6 Shares (b)      22,599,699  
  1,138,614      JPMorgan Unconstrained Debt Fund (b)      11,556,931  
     

 

 

 
   Total Fixed Income      304,916,049  
  

 

 

 
   International Equity — 13.2%   
  754,630      Invesco Asia Pacific Growth Fund, Class Y Shares      24,321,727  
  3,574,976      JPMorgan Global Research Enhanced Index Fund, Select Class Shares (b)      66,923,542  
  850,277      Matthews Pacific Tiger Fund, Institutional Class Shares      24,283,919  
  1,187,447      Oakmark International Fund, Class I Shares      29,519,932  
     

 

 

 
   Total International Equity      145,049,120  
     

 

 

 
   Money Market — 5.0%   
  55,368,520      JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.040% (b) (l) (s)      55,368,520  
   U.S. Equity — 7.5%   
  2,730,193      JPMorgan U.S. Large Cap Core Plus Fund, Class R5 Shares (b)      82,042,291  
     

 

 

 
  

Total Investment Companies

(Cost $588,703,083)

     617,739,212  
  

 

 

 

 

Preferred Stocks — 0.1%

  

 

            Consumer Discretionary — 0.1%

  
   Automobiles — 0.1%   
  2,909      Volkswagen AG, (Preference Shares), (Germany)      771,474  
     

 

 

 

 

            Telecommunication Services — 0.0% (g)

  
   Diversified Telecommunication Services — 0.0% (g)   
  212,423      Telecom Italia S.p.A., (Italy)      199,745  
     

 

 

 
  

Total Preferred Stocks

(Cost $824,014)

     971,219  
     

 

 

 

PRINCIPAL
AMOUNT($)

             

 

Structured Notes — 7.3%

  
  

Alternative Assets — 0.9%

  
  13,700,000      Societe Generale S.A., Single Commodity Return Non-Principal Protected Notes, Series 2014-160, Linked to the Dow Jones Commodity Index-3 month Forward, 06/26/15 (a) (s)      10,265,512  
  

 

 

 


JPMorgan Access Balanced Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2014 (Unaudited) (continued)

 

PRINCIPAL

AMOUNT($)

    

SECURITY DESCRIPTION

   VALUE($)  

 

Structured Notes — continued

  
  

Fixed Income — 1.0%

  
  12,000,000      Goldman Sachs Group, Inc., Autocallable Currency-Linked Notes, Linked to the Performance of the Indonesian Rupiah/U.S. Dollar Exchange Rate, maximum return of 24.5%, 11/03/15 (a)      11,226,014  
     

 

 

 
  

International Equity — 3.8%

  
  11,000,000      Goldman Sachs Group, Inc., Delta-One Notes, Linked to the Performance of the TOPIX Index, 06/23/15 (a)      10,787,810  
  26,000,000      Societe Generale S.A., Single Equity Index Return Non-Principal Protected Notes, Series 2015-9, Linked to the Performance of the DAX Index, 07/23/15 (a)      30,844,040  
     

 

 

 
   Total International Equity      41,631,850  
     

 

 

 
  

U.S. Equity — 1.6%

  
  16,700,000      HSBC USA, Inc., Delta-One Notes, Linked to the KBW Bank Index, 04/30/15 (a)      17,682,027  
     

 

 

 
  

Total Structured Notes

(Cost $79,400,000)

     80,805,403  
     

 

 

 

NUMBER
OF RIGHTS

             

 

Rights — 0.0% (g)

  

 

            Industrials — 0.0% (g)

  
   Commercial Services & Supplies — 0.0% (g)   
  4,950      AA plc, (United Kingdom), expiring 04/16/15 (a)      1,218  
     

 

 

 

 

            Telecommunication Services — 0.0% (g)

  
   Diversified Telecommunication Services — 0.0% (g)   
  19,934      Telefonica S.A., (Spain), expiring 04/17/15 (a)      3,215  
     

 

 

 
  

Total Rights

(Cost –)

     4,433  
     

 

 

 
  

Total Investments — 100.0%

(Cost $1,027,569,996)

     1,100,402,809  
   Liabilities in Excess of Other Assets — 0.0% (g)      (498,577
     

 

 

 
   NET ASSETS — 100.0%    $ 1,099,904,232  
     

 

 

 

 

Percentages indicated are based on net assets.

 

PORTFOLIO COMPOSITION BY COUNTRY*

 

United States

     84.0

France

     4.6   

Ireland

     3.8  

Japan

     1.8  

United Kingdom

     1.5  

Others (each less than 1.0%)

     4.3   

 

 

* Percentages indicated are based upton total investments as of March 31, 2015.


JPMorgan Access Balanced Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2014 (Unaudited) (continued)

 

NOTES TO CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS:

 

ADR

           American Depositary Receipt

CVA

           Dutch Certification

ETF

           Exchange Traded Fund

FDR

           Fiduciary Depositary Receipt

GDR

           Global Depositary Receipt

MSCI

           Morgan Stanley Capital International

SDR

           Swedish Depositary Receipt

SPDR

           Standard & Poor’s Depositary Receipts

UCITS

           Undertakings for Collective Investment in Transferable Securities

(a)

           Non-income producing security.

(b)

           Investment in affiliate. Fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.

(g)

           Amount rounds to less than 0.1%.

(i)

           Security has been deemed illiquid pursuant to procedures approved by the Board of Trustees and may be difficult to sell.

(l)

           The rate shown is the current yield as of March 31, 2015.

(s)

           All or a portion of the position is held by the Subsidiary.

The value and percentage, based on total investments, of the investments that apply the fair valuation policy for the international investments is $82,968,203 and 7.5% respectively.

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 certified portfolio holdings filed quarterly on Form N-Q, 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 1-800-480-411.

As of March 31, 2015, 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

   $ 94,376,480  

Aggregate gross unrealized depreciation

     (21,543,667 )
  

 

 

 

Net unrealized appreciation/depreciation

   $ 72,832,813  
  

 

 

 

Federal income tax cost of investments

   $ 1,027,569,996  
  

 

 

 

JPM Access Balanced Fund Ltd. (the “Subsidiary”), a Cayman Islands exempted company, was incorporated on March 11, 2013 and is currently a wholly-owned subsidiary of the Fund. Effective April 30, 2015, the Subsidiary has changed its name to Access Balanced Fund CS Ltd. The Subsidiary acts as an investment vehicle for the Fund in order to effect certain investments consistent with the Fund’s investment objective and policies as described in the Fund’s prospectus. As of March 31, 2015, net assets of the Fund were $1,099,904,232 of which $22,827,578, or approximately 2.1%, represented the Subsidiary’s net assets. The Consolidated Schedules of Portfolio Investments (“CSOIs”) include positions of the Fund and its Subsidiary. Subsequent references to the Fund within the Notes to CSOI includes positions of the Fund and the Subsidiary. All significant intercompany balances and transactions have been eliminated in consolidation.


JPMorgan Access Balanced Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2014 (Unaudited) (continued)

 

A. Valuation — The valuation of the 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 Funds 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.

A market-based approach is primarily used to value the Fund’s investments. Investments for which market quotations are not readily available are fair valued by approved pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”) or may be internally fair valued using methods set forth by the valuation policies approved by the Board. This may include related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used, had a ready market for the investments existed, and such differences could be material.

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. Certain foreign equity instruments shall be valued by applying an international fair value factor provided by an approved Pricing Service. The factors seek to adjust the local closing price for movements of local markets post closing, but prior to the time the NAVs are calculated. Investments in open-end investment companies, including J.P Morgan Funds, (the “Underlying Funds”) are valued at each investment company’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 are 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.


JPMorgan Access Balanced Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2014 (Unaudited) (continued)

 

The following table represents each valuation input as presented on the Consolidated Schedule of Portfolio Investments:

 

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

Investments in Securities

  

     

Common Stocks

           

Consumer Discretionary

   $ 15,447,410      $ 11,529,487      $ 1      $ 26,976,898  

Consumer Staples

     7,788,332        8,105,084        —           15,893,416  

Energy

     7,704,687        1,575,379        —           9,280,066  

Financials

     11,413,233        18,895,709        —           30,308,942  

Health Care

     10,173,508        12,043,768        —           22,217,276  

Industrials

     12,414,588        13,251,917        —           25,666,505  

Information Technology

     13,861,163        8,714,958        —           22,576,121  

Materials

     2,235,763        3,212,639        —           5,448,402  

Telecommunication Services

     1,847,598        3,020,394        —           4,867,992  

Utilities

     —           1,919,049        —           1,919,049  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Common Stocks

     82,886,282        82,268,384        1        165,154,667  
  

 

 

    

 

 

    

 

 

    

 

 

 

Preferred Stocks

           

Consumer Discretionary

     —           771,474        —           771,474  

Telecommunication Services

     —           199,745        —           199,745  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Preferred Stocks

     —           971,219        —           971,219  
  

 

 

    

 

 

    

 

 

    

 

 

 

Exchange Traded Funds

     183,500,910        —           —           183,500,910  

Exchange Traded Note

     12,180,042        —           —           12,180,042  

Alternative Investment

     —           40,046,923        —           40,046,923  

Investment Companies

     617,739,212        —           —           617,739,212  

Structured Notes

     —           80,805,403        —          80,805,403  

Rights

           

Industrials

     —           1,218        —           1,218  

Telecommunication Services

     3,215        —           —           3,215  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Rights

     3,215        1,218        —           4,433  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Investments in Securities

   $ 896,309,661      $ 204,093,147      $ 1      $ 1,100,402,809  
  

 

 

    

 

 

    

 

 

    

 

 

 

There were no significant transfers between Levels 1 and 2 during the period ended March 31, 2015.


JPMorgan Access Growth Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited)

 

SHARES

    

SECURITY DESCRIPTION

   VALUE($)  

 

Common Stocks — 19.7%

  

   Consumer Discretionary — 3.3%   
   Auto Components — 0.3%   
  6,600      Aisin Seiki Co., Ltd., (Japan)      239,285  
  1,142      Autoliv, Inc., (Sweden), SDR      134,935  
  12,100      BorgWarner, Inc.      731,808  
  4,000      Denso Corp., (Japan)      182,341  
  8,616      ElringKlinger AG, (Germany)      258,312  
  68,658      GKN plc, (United Kingdom)      364,188  
  3,000      Koito Manufacturing Co., Ltd., (Japan)      90,206  
  14,500      Sumitomo Rubber Industries Ltd., (Japan)      267,284  
     

 

 

 
        2,268,359  
     

 

 

 
   Automobiles — 0.3%   
  5,534      Bayerische Motoren Werke AG, (Germany)      689,178  
  3,742      Daimler AG, (Germany)      359,362  
  8,300      Honda Motor Co., Ltd., (Japan)      270,936  
  15,000      Mitsubishi Motors Corp., (Japan)      135,251  
  49,100      Nissan Motor Co., Ltd., (Japan)      499,374  
  9,000      Suzuki Motor Corp., (Japan)      270,308  
  10,200      Toyota Motor Corp., (Japan)      711,998  
     

 

 

 
        2,936,407  
     

 

 

 
   Distributors — 0.1%   
  7,800      Pool Corp.      544,128  
     

 

 

 
   Diversified Consumer Services — 0.0% (g)   
  10,600      ServiceMaster Global Holdings, Inc. (a)      357,750  
     

 

 

 
   Hotels, Restaurants & Leisure — 0.1%   
  25,859      Compass Group plc, (United Kingdom)      448,893  
  5,400      Wyndham Worldwide Corp.      488,538  
  114,400      Wynn Macau Ltd., (China)      247,232  
     

 

 

 
        1,184,663  
     

 

 

 
   Household Durables — 0.2%   
  5,487      Electrolux AB, (Sweden), Series B      156,755  
  16,200      Panasonic Corp., (Japan)      212,739  
  28,872      Persimmon plc, (United Kingdom) (a)      376,096  
  6,500      Sony Corp., (Japan) (a)      173,834  
  9,300      Tempur Sealy International, Inc. (a)      536,982  
     

 

 

 
        1,456,406  
     

 

 

 
   Internet & Catalog Retail — 0.0% (g)   
  118,400      Home Retail Group plc, (United Kingdom)      288,783  
     

 

 

 
   Leisure Products — 0.1%   
  3,050      Polaris Industries, Inc.      430,355  
     

 

 

 
   Media — 0.8%   
  3,900      Charter Communications, Inc., Class A (a)      753,129  
  2,500      CyberAgent, Inc., (Japan)      143,193  
  10,162      Eutelsat Communications S.A., (France)      337,086  
  14,768      Informa plc, (United Kingdom)      123,281  
  25,309      Liberty Global plc, (United Kingdom), Class A (a)      1,302,654  
  605      Liberty Global plc, (United Kingdom), Series C (a)      30,135  
  18,000      Markit Ltd., (United Kingdom) (a)      484,200  
  26,493      SES S.A., (Luxembourg), FDR      939,183  
  20,799      Sky plc, (United Kingdom)      305,995  
  24,946      Walt Disney Co. (The)      2,616,586  
  35,625      WPP plc, (United Kingdom)      809,066  
     

 

 

 
        7,844,508  
     

 

 

 
   Multiline Retail — 0.3%   
  4,300      Lojas Renner S.A., (Brazil)      121,271  
  32,689      Marks & Spencer Group plc, (United Kingdom)      258,533  
  3,300      Ryohin Keikaku Co., Ltd., (Japan)      480,410  
  28,288      Target Corp.      2,321,596  
     

 

 

 
        3,181,810  
     

 

 

 
   Specialty Retail — 0.8%   
  9,997      Advance Auto Parts, Inc.      1,496,451  
  21,725      Home Depot, Inc. (The)      2,468,177  
  58,387      Kingfisher plc, (United Kingdom)      329,424  
  3,250      O’Reilly Automotive, Inc. (a)      702,780  
  5,250      Ross Stores, Inc.      553,140  
  17,100      Sally Beauty Holdings, Inc. (a)      587,727  
  5,900      Tractor Supply Co.      501,854  
  7,100      Williams-Sonoma, Inc.      565,941  
  16,054      World Duty Free SpA, (Italy) (a)      172,635  
     

 

 

 
        7,378,129  
     

 

 

 
   Textiles, Apparel & Luxury Goods — 0.3%   
  755,000      China Hongxing Sports Ltd., (China) (a) (i)      1  
  14,078      Cie Financiere Richemont S.A., (Switzerland)      1,131,180  
  14,000      Hanesbrands, Inc.      469,140  
  1,937      Kering, (France)      378,139  
  1,190      LVMH Moet Hennessy Louis Vuitton SE, (France)      209,420  
  10,623      Moncler SpA, (Italy)      178,088  
  59,100      Samsonite International S.A.      205,650  
  1,695      Swatch Group AG (The), (Switzerland)      142,063  
     

 

 

 
        2,713,681  
     

 

 

 
   Total Consumer Discretionary      30,584,979  
     

 

 

 
   Consumer Staples — 1.9%   
   Beverages — 0.2%   
  5,000      Brown-Forman Corp., Class B      451,750  
  10,900      Diageo plc, (United Kingdom)      301,214  
  13,700      Kirin Holdings Co., Ltd., (Japan)      179,693  
  11,099      Pernod-Ricard S.A., (France)      1,312,365  
     

 

 

 
        2,245,022  
     

 

 

 
   Food & Staples Retailing — 0.4%   
  13,795      Costco Wholesale Corp.      2,089,873  
  6,500      FamilyMart Co., Ltd., (Japan)      272,340  
  39,227      Sysco Corp.      1,480,035  


JPMorgan Access Growth Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

 

SHARES

    

SECURITY DESCRIPTION

   VALUE($)  

 

Common Stocks — continued

  
   Food & Staples Retailing — continued   
  83,990      Tesco plc, (United Kingdom)      299,807  
     

 

 

 
        4,142,055  
     

 

 

 
   Food Products — 0.5%   
  10,000      Ajinomoto Co., Inc., (Japan)      219,384  
  6,827      Danone S.A., (France)      460,193  
  3,100      Hershey Co. (The)      312,821  
  23,226      Nestle S.A., (Switzerland)      1,748,974  
  31,028      Unilever plc, (United Kingdom)      1,294,596  
  11,100      WhiteWave Foods Co. (The) (a)      492,174  
  79,000      Wilmar International Ltd., (Singapore)      187,545  
     

 

 

 
        4,715,687  
     

 

 

 
   Household Products — 0.5%   
  5,300      Church & Dwight Co., Inc.      452,726  
  18,049      Kimberly-Clark Corp.      1,933,228  
  24,074      Procter & Gamble Co. (The)      1,972,624  
  2,600      Reckitt Benckiser Group plc, (United Kingdom)      223,355  
     

 

 

 
        4,581,933  
     

 

 

 
   Personal Products — 0.2%   
  7,732      L’Oreal S.A., (France)      1,424,162  
     

 

 

 
   Tobacco — 0.1%   
  14,194      Imperial Tobacco Group plc, (United Kingdom)      622,638  
     

 

 

 
   Total Consumer Staples      17,731,497  
     

 

 

 
   Energy — 1.1%   
   Energy Equipment & Services — 0.1%   
  5,000      Cameron International Corp. (a)      225,600  
  68,000      China Oilfield Services Ltd., (China), Class H      113,229  
  6,500      Oceaneering International, Inc.      350,545  
  5,593      WorleyParsons Ltd., (Australia)      40,478  
     

 

 

 
        729,852  
     

 

 

 
   Oil, Gas & Consumable Fuels — 1.0%   
  94,830      Beach Energy Ltd., (Australia)      72,979  
  11,745      BG Group plc, (United Kingdom)      144,155  
  22,930      Cenovus Energy, Inc., (Canada)      386,527  
  29,534      ConocoPhillips      1,838,787  
  6,500      Continental Resources, Inc. (a)      283,855  
  13,295      Enbridge, Inc., (Canada)      640,843  
  15,210      Eni S.p.A., (Italy)      263,257  
  16,800      EP Energy Corp., Class A (a)      176,064  
  21,877      Hess Corp.      1,484,792  
  18,730      Oil Search Ltd., (Australia)      102,195  
  29,018      Phillips 66      2,280,815  
  7,600      Range Resources Corp.      395,504  
  12,400      Royal Dutch Shell plc, (Netherlands), Class B, ADR      777,480  
  1,200      Seven Generations Energy Ltd., (Canada), Class A (a)      15,301  
  21,502      Statoil ASA, (Norway)      380,186  
  5,840      TOTAL S.A., (France)      290,289  
  55,800      Tullow Oil plc, (United Kingdom)      233,925  
     

 

 

 
        9,766,954  
     

 

 

 
   Total Energy      10,496,806  
     

 

 

 
   Financials — 3.5%   
   Banks — 1.4%   
  22,004      Australia & New Zealand Banking Group Ltd., (Australia)      612,155  
  675,416      Bank of China Ltd., (China), Class H      390,442  
  16,000      Bank of Yokohama Ltd. (The), (Japan)      93,706  
  13,400      BankUnited, Inc.      438,716  
  12,946      Barclays plc, (United Kingdom), ADR      188,623  
  15,646      BNP Paribas S.A., (France)      951,997  
  85,925      CaixaBank S.A., (Spain)      407,495  
  12,584      Commerzbank AG, (Germany) (a)      172,919  
  12,259      Danske Bank A/S, (Denmark)      323,186  
  53,072      DBS Group Holdings Ltd., (Singapore)      786,944  
  39,260      DNB ASA, (Norway)      630,112  
  5,750      HDFC Bank Ltd., (India), ADR      338,617  
  25,752      HSBC Holdings plc, (United Kingdom)      219,444  
  43,273      ING Groep N.V., (Netherlands), CVA (a)      633,862  
  135,059      Intesa Sanpaolo S.p.A., (Italy)      458,391  
  1,019,076      Lloyds Banking Group plc, (United Kingdom) (a)      1,181,249  
  4,600      National Bank of Canada, (Canada)      167,940  
  19,656      Nordea Bank AB, (Sweden)      239,419  
  35,980      Royal Bank of Scotland Group plc, (United Kingdom) (a)      181,760  
  16,631      Standard Chartered plc, (United Kingdom)      269,368  
  4,900      Sumitomo Mitsui Financial Group, Inc., (Japan)      187,692  
  88,000      Sumitomo Mitsui Trust Holdings, Inc., (Japan)      365,559  
  61,773      SunTrust Banks, Inc.      2,538,253  
  13,924      Svenska Handelsbanken AB, (Sweden), Class A      627,089  
  12,632      Swedbank AB, (Sweden), Class A      301,573  
  21,100      United Overseas Bank Ltd., (Singapore)      353,682  
     

 

 

 
        13,060,193  
     

 

 

 
   Capital Markets — 0.8%   
  24,900      Apollo Global Management LLC, Class A      537,840  
  2,827      Close Brothers Group plc, (United Kingdom)      65,209  
  9,335      Credit Suisse Group AG, (Switzerland) (a)      251,148  
  3,897      Deutsche Bank AG, (Germany)      135,061  
  16,926      GAM Holding AG, (Switzerland) (a)      351,034  
  10,400      Invesco Ltd.      412,776  
  4,525      Julius Baer Group Ltd., (Switzerland) (a)      226,177  
  6,693      Macquarie Group Ltd., (Australia)      389,040  
  56,425      Morgan Stanley      2,013,808  


JPMorgan Access Growth Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

 

SHARES

    

SECURITY DESCRIPTION

   VALUE($)  

 

Common Stocks — continued

  
   Capital Markets — continued   
  21,500      Och-Ziff Capital Management Group LLC, Class A      271,760  
  30,598      T. Rowe Price Group, Inc.      2,477,826  
  17,399      UBS Group AG, (Switzerland) (a)      326,251  
     

 

 

 
        7,457,930  
     

 

 

 
   Consumer Finance — 0.0% (g)   
  9,200      Credit Saison Co., Ltd., (Japan)      165,536  
     

 

 

 
   Diversified Financial Services — 0.1%   
  18,435      Challenger Ltd., (Australia)      100,074  
  4,464      London Stock Exchange Group plc, (United Kingdom)      162,356  
  6,400      McGraw Hill Financial, Inc.      661,760  
  19,300      Mitsubishi UFJ Lease & Finance Co., Ltd., (Japan)      95,376  
     

 

 

 
        1,019,566  
     

 

 

 
   Insurance — 1.1%   
  254,000      AIA Group Ltd., (Hong Kong)      1,594,735  
  1,699      Allianz SE, (Germany)      294,975  
  18,400      Assured Guaranty Ltd., (Bermuda)      485,576  
  32,420      Aviva plc, (United Kingdom)      259,453  
  27,870      AXA S.A., (France)      701,465  
  76,991      Direct Line Insurance Group plc, (United Kingdom)      363,320  
  2,008      Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, (Germany)      431,483  
  25,500      Ping An Insurance Group Co. of China Ltd., (China), Class H      305,914  
  41,599      Prudential plc, (United Kingdom)      1,032,298  
  10,182      QBE Insurance Group Ltd., (Australia)      100,647  
  5,800      RenaissanceRe Holdings Ltd., (Bermuda)      578,434  
  21,602      Sampo OYJ, (Finland), Class A      1,089,570  
  12,000      Sony Financial Holdings, Inc., (Japan)      193,032  
  46,403      Storebrand ASA, (Norway) (a)      168,607  
  11,500      Sun Life Financial, Inc., (Canada)      354,384  
  10,800      Tokio Marine Holdings, Inc., (Japan)      407,666  
  16,560      Travelers Cos., Inc. (The)      1,790,633  
     

 

 

 
        10,152,192  
     

 

 

 
   Real Estate Investment Trusts (REITs) — 0.0% (g)   
  58,671      Scentre Group, (Australia)      166,675  
  912      Unibail-Rodamco SE, (France)      246,273  
     

 

 

 
        412,948  
     

 

 

 
   Real Estate Management & Development — 0.1%   
  27,181      Deutsche Wohnen AG, (Germany)      695,202  
  32,000      Kerry Properties Ltd., (Hong Kong)      111,080  
  4,000      Mitsui Fudosan Co., Ltd., (Japan)      117,472  
     

 

 

 
        923,754  
     

 

 

 
   Total Financials      33,192,119  
     

 

 

 
   Health Care — 2.6%   
   Biotechnology — 0.5%   
  26,879      Celgene Corp. (a)      3,098,611  
  3,288      CSL Ltd., (Australia)      230,036  
  7,446      Genmab A/S, (Denmark) (a)      558,830  
  14,399      Grifols S.A., (Preference Shares), (Spain), Class B      480,210  
  3,300      United Therapeutics Corp. (a)      569,036  
     

 

 

 
        4,936,723  
     

 

 

 
   Health Care Equipment & Supplies — 0.2%   
  29,500      Boston Scientific Corp. (a)      523,625  
  16,427      Elekta AB, (Sweden), Class B      147,730  
  2,850      Essilor International S.A., (France)      327,223  
  10,504      GN Store Nord A/S, (Denmark)      234,523  
  862      Sonova Holding AG, (Switzerland)      119,605  
  12,000      Sysmex Corp., (Japan)      665,362  
     

 

 

 
        2,018,068  
     

 

 

 
   Health Care Providers & Services — 0.5%   
  17,500      DaVita HealthCare Partners, Inc. (a)      1,422,400  
  21,400      Envision Healthcare Holdings, Inc. (a)      820,690  
  16,055      Express Scripts Holding Co. (a)      1,393,092  
  8,862      Fresenius SE & Co. KGaA, (Germany)      528,321  
  3,200      Miraca Holdings, Inc., (Japan)      147,114  
  13,300      Premier, Inc., Class A (a)      499,814  
     

 

 

 
        4,811,431  
     

 

 

 
   Pharmaceuticals — 1.4%   
  27,400      Astellas Pharma, Inc., (Japan)      448,946  
  13,125      AstraZeneca plc, (United Kingdom)      900,617  
  11,782      Bayer AG, (Germany)      1,762,774  
  9,200      Catalent, Inc. (a)      286,580  
  6,600      Endo International plc, (Ireland) (a)      592,020  
  14,400      GlaxoSmithKline plc, (United Kingdom), ADR      664,560  
  21,421      Johnson & Johnson      2,154,953  
  19,954      Novartis AG, (Switzerland)      1,969,470  
  33,296      Novo Nordisk A/S, (Denmark), Class B      1,777,467  
  7,475      Roche Holding AG, (Switzerland)      2,054,071  
  8,100      Takeda Pharmaceutical Co., Ltd., (Japan)      404,335  
     

 

 

 
        13,015,793  
     

 

 

 
   Total Health Care      24,782,015  
     

 

 

 
   Industrials — 3.1%   
   Aerospace & Defense — 0.4%   
  10,650      Hexcel Corp.      547,623  
  4,400      L-3 Communications Holdings, Inc.      553,476  
  40,270      Meggitt plc, (United Kingdom)      327,341  
  6,000      Rockwell Collins, Inc.      579,300  
  29,821      Rolls-Royce Holdings plc, (United Kingdom) (a)      420,594  
  10,321      Safran S.A., (France)      721,145  
  1,475      TransDigm Group, Inc.      322,612  
  18,149      Zodiac Aerospace, (France)      600,488  
     

 

 

 
        4,072,579  
     

 

 

 


JPMorgan Access Growth Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

 

SHARES

    

SECURITY DESCRIPTION

   VALUE($)  

 

Common Stocks — continued

  
   Air Freight & Logistics — 0.2%   
  10,584      FedEx Corp.      1,751,123  
  25,084      Toll Holdings Ltd., (Australia)      168,767  
     

 

 

 
        1,919,890  
     

 

 

 
   Airlines — 0.1%   
  9,700      Ryanair Holdings plc, (Ireland), ADR      647,669  
     

 

 

 
   Building Products — 0.1%   
  14,796      Assa Abloy AB, (Sweden), Class B      881,329  
     

 

 

 
   Commercial Services & Supplies — 0.2%   
  56,100      AA plc, (United Kingdom) (a)      334,193  
  523,000      China Everbright International Ltd., (Hong Kong)      877,174  
  10,600      Copart, Inc. (a)      398,242  
  3,825      Stericycle, Inc. (a)      537,145  
     

 

 

 
        2,146,754  
     

 

 

 
   Construction & Engineering — 0.0% (g)   
  6,634      Bouygues S.A., (France)      260,423  
     

 

 

 
   Electrical Equipment — 0.3%   
  13,197      ABB Ltd., (Switzerland) (a)      279,961  
  9,300      AMETEK, Inc.      488,622  
  2,900      Hubbell, Inc., Class B      317,898  
  5,953      Legrand S.A., (France)      322,461  
  45,000      Mitsubishi Electric Corp., (Japan)      534,217  
  4,491      Schneider Electric SE, (France)      349,484  
  8,600      Sensata Technologies Holding N.V., (Netherlands) (a)      494,070  
     

 

 

 
        2,786,713  
     

 

 

 
   Industrial Conglomerates — 0.3%   
  4,315      DCC plc, (Ireland)      257,028  
  47,000      Hutchison Whampoa Ltd., (Hong Kong)      651,460  
  10,100      Jardine Matheson Holdings Ltd., (Hong Kong)      635,795  
  11,637      Koninklijke Philips N.V., (Netherlands)      330,141  
  33,000      Sembcorp Industries Ltd., (Singapore)      101,307  
  7,534      Siemens AG, (Germany)      814,834  
     

 

 

 
        2,790,565  
     

 

 

 
   Machinery — 0.7%   
  5,300      FANUC Corp., (Japan)      1,157,063  
  5,700      Flowserve Corp.      321,993  
  26,000      IHI Corp., (Japan)      121,569  
  93,000      Kawasaki Heavy Industries Ltd., (Japan)      469,187  
  10,000      Kubota Corp., (Japan)      157,989  
  3,900      Pall Corp.      391,521  
  3,900      SMC Corp., (Japan)      1,161,279  
  16,985      Stanley Black & Decker, Inc.      1,619,690  
  10,200      THK Co., Ltd., (Japan)      259,190  
  5,950      WABCO Holdings, Inc. (a)      731,136  
     

 

 

 
        6,390,617  
     

 

 

 
   Marine — 0.0% (g)   
  152      AP Moeller - Maersk A/S, (Denmark), Class B      317,714  
  31,000      Nippon Yusen KK, (Japan)      89,179  
     

 

 

 
        406,893  
     

 

 

 
   Professional Services — 0.4%   
  3,776      DKSH Holding AG, (Switzerland)      307,753  
  8,900      Equifax, Inc.      827,700  
  3,400      IHS, Inc., Class A (a)      386,784  
  28,400      Nielsen N.V.      1,265,788  
  5,100      Recruit Holdings Co., Ltd., (Japan)      159,127  
  4,300      Towers Watson & Co., Class A      568,396  
  8,600      Verisk Analytics, Inc., Class A (a)      614,040  
     

 

 

 
        4,129,588  
     

 

 

 
   Road & Rail — 0.2%   
  9,400      Avis Budget Group, Inc. (a)      554,741  
  2,300      Central Japan Railway Co., (Japan)      415,655  
  6,600      Genesee & Wyoming, Inc., Class A (a)      636,504  
     

 

 

 
        1,606,900  
     

 

 

 
   Trading Companies & Distributors — 0.2%   
  10,100      Fastenal Co.      418,494  
  54,300      Marubeni Corp., (Japan)      313,935  
  21,500      Mitsubishi Corp., (Japan)      432,017  
  22,000      Sumitomo Corp., (Japan)      234,761  
     

 

 

 
        1,399,207  
     

 

 

 
   Total Industrials      29,439,127  
     

 

 

 
   Information Technology — 2.8%   
   Communications Equipment — 0.2%   
  38,916      Alcatel-Lucent, (France) (a)      146,303  
  82,738      Juniper Networks, Inc.      1,868,224  
     

 

 

 
        2,014,527  
     

 

 

 
   Electronic Equipment, Instruments & Components — 0.5%   
  51,600      Hamamatsu Photonics KK, (Japan)      1,555,336  
  56,000      Hitachi Ltd., (Japan)      382,472  
  2,640      Keyence Corp., (Japan)      1,440,640  
  10,500      Keysight Technologies, Inc. (a)      390,075  
  7,900      Murata Manufacturing Co., Ltd., (Japan)      1,084,980  
     

 

 

 
        4,853,503  
     

 

 

 
   Internet Software & Services — 0.5%   
  2,155      Alibaba Group Holding Ltd., (China), ADR (a)      179,382  
  1,650      Baidu, Inc., (China), ADR (a)      343,860  
  1,900      CoStar Group, Inc. (a)      375,877  
  26,374      Facebook, Inc., Class A (a)      2,168,339  
  2,461      Google, Inc., Class A (a)      1,365,117  
  10,000      Kakaku.com, Inc., (Japan)      165,937  
  189      NAVER Corp., (South Korea)      114,024  
  10,800      Tencent Holdings Ltd., (China)      205,091  
     

 

 

 
        4,917,627  
     

 

 

 


JPMorgan Access Growth Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

 

SHARES

    

SECURITY DESCRIPTION

   VALUE($)  

 

Common Stocks — continued

  

   IT Services — 0.7%   
  5,750      Alliance Data Systems Corp. (a)      1,703,437  
  13,700      Amdocs Ltd.      745,280  
  27,225      Cognizant Technology Solutions Corp., Class A (a)      1,698,568  
  12,400      Gartner, Inc. (a)      1,039,740  
  5,800      Global Payments, Inc.      531,744  
  2,900      Infosys Ltd., (India), ADR      101,732  
  14,700      NeuStar, Inc., Class A (a)      361,914  
  14,800      Vantiv, Inc., Class A (a)      557,960  
     

 

 

 
        6,740,375  
     

 

 

 
   Semiconductors & Semiconductor Equipment — 0.4%   
  10,084      ASML Holding N.V., (Netherlands)      1,022,311  
  3,200      Avago Technologies Ltd., (Singapore)      406,336  
  6,450      Lam Research Corp.      453,016  
  4,400      NXP Semiconductors N.V., (Netherlands) (a)      441,584  
  104,000      Taiwan Semiconductor Manufacturing Co., Ltd., (Taiwan)      483,346  
  23,025      Taiwan Semiconductor Manufacturing Co., Ltd., (Taiwan), ADR      540,627  
  1,600      Tokyo Electron Ltd., (Japan)      110,982  
     

 

 

 
        3,458,202  
     

 

 

 
   Software — 0.4%   
  4,800      CommVault Systems, Inc. (a)      209,760  
  10,756      Gemalto N.V., (Netherlands)      857,020  
  5,600      Oracle Corp., (Japan)      240,989  
  14,400      Qlik Technologies, Inc. (a)      448,272  
  3,985      SAP SE, (Germany)      288,025  
  7,200      SolarWinds, Inc. (a)      368,928  
  8,600      Solera Holdings, Inc.      444,276  
  11,200      Trend Micro, Inc., (Japan)      369,046  
     

 

 

 
        3,226,316  
     

 

 

 
   Technology Hardware, Storage & Peripherals — 0.1%   
  5,000      Canon, Inc., (Japan)      176,907  
  151      Samsung Electronics Co., Ltd., (South Korea)      195,810  
  642      Samsung Electronics Co., Ltd., (South Korea), GDR      319,423  
  10,000      Wacom Co., Ltd., (Japan)      48,171  
     

 

 

 
        740,311  
     

 

 

 
   Total Information Technology      25,950,861  
     

 

 

 
   Materials — 0.6%   
   Chemicals — 0.4%   
  1,729      Air Liquide S.A., (France)      222,590  
  2,750      Airgas, Inc.      291,802  
  37,000      Asahi Kasei Corp., (Japan)      353,336  
  3,485      BASF SE, (Germany)      345,000  
  5,014      CF Industries Holdings, Inc.      1,422,372  
  5,400      Ecolab, Inc.      617,652  
  7,400      Koninklijke DSM N.V., (Netherlands)      412,435  
  11,000      Tosoh Corp., (Japan)      55,407  
  6,364      Umicore S.A., (Belgium)      265,794  
     

 

 

 
        3,986,388  
     

 

 

 
   Containers & Packaging — 0.0% (g)   
  15,577      Amcor Ltd., (Australia)      165,972  
     

 

 

 
   Metals & Mining — 0.2%   
  10,170      Acerinox S.A., (Spain)      171,063  
  3,400      Agnico-Eagle Mines Ltd., (Canada)      94,466  
  9,929      Antofagasta plc, (United Kingdom)      107,415  
  15,875      BHP Billiton Ltd., (Australia)      368,999  
  15,055      BHP Billiton plc, (Australia)      330,387  
  18,120      First Quantum Minerals Ltd., (Canada)      219,606  
  3,614      Rio Tinto Ltd., (United Kingdom)      156,594  
  10,635      Rio Tinto plc, (United Kingdom)      438,554  
     

 

 

 
        1,887,084  
     

 

 

 
   Total Materials      6,039,444  
     

 

 

 
   Telecommunication Services — 0.6%   
   Diversified Telecommunication Services — 0.2%   
  9,500      Nippon Telegraph & Telephone Corp., (Japan)      586,445  
  96,000      Singapore Telecommunications Ltd., (Singapore)      306,340  
  490      Swisscom AG, (Switzerland)      284,146  
  41,449      Telefonica Deutschland Holding AG, (Germany) (a)      238,349  
  20,961      Telefonica S.A., (Spain)      298,265  
  27,758      Telstra Corp., Ltd., (Australia)      133,251  
     

 

 

 
        1,846,796  
     

 

 

 
   Wireless Telecommunication Services — 0.4%   
  9,900      America Movil S.A.B. de C.V., (Mexico), Class L, ADR      202,554  
  13,650      SBA Communications Corp., Class A (a)      1,598,415  
  15,800      SoftBank Corp., (Japan)      920,183  
  137,900      Vodafone Group plc, (United Kingdom)      451,254  
  13,100      Vodafone Group plc, (United Kingdom), ADR      428,108  
     

 

 

 
        3,600,514  
     

 

 

 
   Total Telecommunication Services      5,447,310  
     

 

 

 
   Utilities — 0.2%   
   Electric Utilities — 0.0% (g)   
  17,334      SSE plc, (United Kingdom)      384,692  
     

 

 

 
   Multi-Utilities — 0.2%   
  15,931      E.ON SE, (Germany)      236,877  
  15,413      GDF Suez, (France)      304,299  
  85,868      National Grid plc, (United Kingdom)      1,103,924  
     

 

 

 
        1,645,100  
     

 

 

 
   Total Utilities      2,029,792  
     

 

 

 
  

Total Common Stocks

(Cost $157,049,818)

     185,693,950  
     

 

 

 


JPMorgan Access Growth Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

 

SHARES

    

SECURITY DESCRIPTION

   VALUE($)  

 

Exchange Traded Funds — 26.9%

  
   International Equity — 6.2%   
  283,400      iShares MSCI All Country Asia ex Japan Index ETF      18,137,600  
  620,800      iShares MSCI EAFE ETF      39,836,736  
     

 

 

 
   Total International Equity      57,974,336  
     

 

 

 
   U.S. Equity — 20.7%   
  291,000      Energy Select Sector SPDR Fund      22,575,780  
  260,800      iShares Core S&P Mid Cap ETF      39,636,384  
  645,100      SPDR S&P 500 ETF Trust      133,167,993  
     

 

 

 
   Total U.S. Equity      195,380,157  
     

 

 

 
  

Total Exchange Traded Funds

(Cost $234,182,211)

     253,354,493  
     

 

 

 

 

Exchange Traded Note — 1.0%

  
   Alternative Assets — 1.0%   
  337,778     

iPath Dow Jones-UBS Commodity Index Total Return (a) (s)

(Cost $12,802,186)

     9,366,584  
     

 

 

 

 

Alternative Investment — 3.5%

  
   Alternative Investment Fund — 3.5%   
  266,277     

Marshall Wace UCITS Fund plc - MW Developed Europe TOPS Fund, Class F Shares (Ireland) (a)

(Cost $30,000,000)

     33,372,436  
     

 

 

 

 

Investment Companies — 41.1%

  
   Alternative Assets — 2.8%   
  3,032,725      John Hancock Funds II - Absolute Return Currency Fund, Class R6 Shares      26,051,105  
     

 

 

 
   Fixed Income — 7.7%   
  3,029,380      JPMorgan Core Bond Fund, Class R6 Shares (b)      36,019,330  
  4,371,575      JPMorgan Core Plus Bond Fund, Class R6 Shares (b)      36,764,948  
     

 

 

 
   Total Fixed Income      72,784,278  
     

 

 

 
   International Equity — 16.3%   
  739,788      Invesco Asia Pacific Growth Fund, Class Y Shares      23,843,358  
  4,631,905      JPMorgan Global Research Enhanced Index Fund, Select Class Shares (b)      86,709,265  
  923,812      Matthews Pacific Tiger Fund, Institutional Class Shares      26,384,080  
  678,541      Oakmark International Fund, Class I Shares      16,868,533  
     

 

 

 
   Total International Equity      153,805,236  
     

 

 

 
   Money Market — 4.3%   
  40,092,655      JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.040% (b) (l) (s)      40,092,655  
     

 

 

 
   U.S. Equity — 10.0%   
  3,148,264      JPMorgan U.S. Large Cap Core Plus Fund, Class R5 Shares (b)      94,605,338  
     

 

 

 
  

Total Investment Companies

(Cost $354,971,769)

     387,338,612  
     

 

 

 

 

Preferred Stocks — 0.1%

  
   Consumer Discretionary — 0.1%   
   Automobiles — 0.1%   
  3,034      Volkswagen AG, (Preference Shares), (Germany)      804,624  
     

 

 

 
   Telecommunication Services — 0.0% (g)   
   Diversified Telecommunication Services — 0.0% (g)   
  221,684      Telecom Italia S.p.A., (Italy)      208,453  
     

 

 

 
  

Total Preferred Stocks

(Cost $849,940)

     1,013,077  
     

 

 

 

PRINCIPAL

AMOUNT($)

             

 

Structured Notes — 7.7%

  
   Alternative Assets — 1.0%   
  13,000,000      Societe Generale S.A., Single Commodity Return Non-Principal Proctected Notes, Series 2014-160, Linked to the Dow Jones Commodity Index-3 month Forward, 06/26/15 (a) (s)      9,740,997  
     

 

 

 
   International Equity — 4.8%   
  9,500,000      Goldman Sachs Group, Inc., Delta-One Notes, Linked to the Performance of the TOPIX Index, 06/23/15 (a)      9,316,745  
  30,000,000      Societe Generale S.A., Single Equity Index Return Non-Principal Protected Notes, Series 2015-9, Linked to the Performance of the DAX Index, 07/23/15 (a)      35,589,277  
     

 

 

 
   Total International Equity      44,906,022  
     

 

 

 
   U.S. Equity — 1.9%   
  16,800,000      HSBC USA, Inc., Delta-One Notes, Linked to the Performance of the KBW Bank Index, 04/30/15 (a)      17,787,907  
     

 

 

 
  

Total Structured Notes

(Cost $69,300,000)

     72,434,926  
     

 

 

 

NUMBER OF
RIGHTS

             
  Rights — 0.0% (g)   
   Industrials — 0.0% (g)   
   Commercial Services & Supplies — 0.0% (g)   
  5,259      AA plc, (United Kingdom), expiring 04/16/15 (a)      1,294  
     

 

 

 
   Telecommunication Services — 0.0% (g)   
   Diversified Telecommunication Services — 0.0% (g)   
  20,961      Telefonica S.A., (Spain), expiring 04/17/15 (a)      3,381  
     

 

 

 
  

Total Rights

(Cost –)

     4,675  
     

 

 

 
  

Total Investments — 100.0%

(Cost $859,155,924)

     942,578,753  
   Other Assets in Excess of Liabilities — 0.0% (g)      301,622  
     

 

 

 
   NET ASSETS — 100.0%    $ 942,880,375  
     

 

 

 

 

Percentages indicated are based on net assets.


JPMorgan Access Growth Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

 

PORTFOLIO COMPOSITION BY COUNTRY*

 

United States

     81.1

France

     5.8  

Ireland

     3.7  

Japan

     2.2  

United Kingdom

     1.9  

Others (each less than 1.0%)

     5.3   

 

 

* Percentages indicated are based on total investments as of March 31, 2015.

NOTES TO CONSOLIDATED SCHEDULES OF PORTFOLIO INVESTMENTS:

 

ADR

 

—     American Depositary Receipt

CVA

 

—     Dutch Certification

EAFE

 

—     Europe, Australasia, and Far East

ETF

 

—     Exchange Traded Fund

FDR

 

—     Fiduciary Depositary Receipt

GDR

 

—     Global Depositary Receipt

MSCI

 

—     Morgan Stanley Capital International

SDR

 

—     Swedish Depositary Receipt

SPDR

 

—     Standard & Poor’s Depositary Receipts

UCITS

 

—     Undertakings for Collective Investment in Transferable Securities

(a)

 

—     Non-income producing security.

(b)

 

—     Investment in affiliate. Fund is registered under the Investment Company

 

         Act of 1940, as amended, and advised by J.P. Morgan Investment

 

         Management Inc.

(g)

 

—     Amount rounds to less than 0.1%.

(i)

 

—     Security has been deemed illiquid pursuant to procedures approved by

 

         the Board of Trustees and may be difficult to sell.

(l)

 

—     The rate shown is the current yield as of March 31, 2015.

(s)

 

—     All or a portion of the position is held by the Subsidiary.

The value and percentage, based on total investments, of the investments that apply the fair valuation policy for the international investments is $87,107,298 and 9.2% respectively.

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 certified portfolio holdings filed quarterly on Form N-Q, 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.

As of March 31, 2015, 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

   $ 100,943,319  

Aggregate gross unrealized depreciation

     (17,520,490 )
  

 

 

 

Net unrealized appreciation/depreciation

   $ 83,422,829  
  

 

 

 

Federal income tax cost of investments

   $ 859,155,924  
  

 

 

 

JPM Access Growth Fund Ltd. (the “Subsidiary”), a Cayman Islands exempted company, was incorporated on March 11, 2013 and is currently a wholly-owned subsidiary of the Fund. Effective April 30, 2015, the Subsidiary has changed its name to Access Growth Fund CS Ltd. The Subsidiary acts as an investment vehicle for the Fund in order to effect certain investments consistent with the Fund’s investment objective and policies as described in the Fund’s prospectus. As of March 31, 2015, net assets of the Fund were $942,880,375 of which $19,495,934, or approximately 2.1%, represented the Subsidiary’s net assets. The Consolidated Schedules of Portfolio Investments (“CSOIs”) include positions of the Fund and its Subsidiary. Subsequent references to the Fund within the Notes to CSOI includes positions of the Fund and the Subsidiary. All significant intercompany balances and transactions have been eliminated in consolidation.


JPMorgan Access Growth Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

 

A. Valuation The valuation of the 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 Funds 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.

A market-based approach is primarily used to value the Fund’s investments. Investments for which market quotations are not readily available are fair valued by approved pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”) or may be internally fair valued using methods set forth by the valuation policies approved by the Board. This may include related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used, had a ready market for the investments existed, and such differences could be material.

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. Certain foreign equity instruments shall be valued by applying an international fair value factor provided by an approved Pricing Service. The factors seek to adjust the local closing price for movements of local markets post closing, but prior to the time the NAVs are calculated. Investments in open-end investment companies, including J.P Morgan Funds, (the “Underlying Funds”) are valued at each investment company’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.


JPMorgan Access Growth Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (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 are 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 tables represent each valuation input by sector as presented on the CSOIs:

 

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

Investments in Securities

  

     

Common Stocks

           

Consumer Discretionary

   $ 18,544,752      $ 12,040,226      $ 1      $ 30,584,979  

Consumer Staples

     9,185,231        8,546,266        —          17,731,497  

Energy

     8,856,113        1,640,693        —          10,496,806  

Financials

     13,422,482        19,769,637        —          33,192,119  

Health Care

     12,173,111        12,608,904        —          24,782,015  

Industrials

     15,610,362        13,828,765        —          29,439,127  

Information Technology

     16,744,048        9,206,813        —          25,950,861  

Materials

     2,645,898        3,393,546        —          6,039,444  

Telecommunication Services

     2,229,077        3,218,233        —          5,447,310  

Utilities

     —          2,029,792        —          2,029,792  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Common Stocks

     99,411,074        86,282,875        1        185,693,950  
  

 

 

    

 

 

    

 

 

    

 

 

 

Preferred Stocks

           

Consumer Discretionary

     —          804,624        —          804,624  

Telecommunication Services

     —          208,453        —          208,453  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Preferred Stocks

     —          1,013,077        —          1,013,077  
  

 

 

    

 

 

    

 

 

    

 

 

 

Exchange Traded Funds

     253,354,493        —          —          253,354,493  

Exchange Traded Note

     9,366,584        —          —          9,366,584  

Alternative Investment

     —          33,372,436        —          33,372,436  

Investment Companies

     387,338,612        —          —          387,338,612  

Structured Notes

     —          72,434,926        —          72,434,926  

Rights

           

Industrials

     —          1,294        —          1,294  

Telecommunication Services

     3,381        —          —          3,381  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Rights

     3,381        1,294        —          4,675  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total Investments in Securities

   $ 749,474,144      $ 193,104,608      $ 1      $ 942,578,753  
  

 

 

    

 

 

    

 

 

    

 

 

 

There were no significant transfers among any levels during the period ended March 31, 2015.


JPMorgan Disciplined Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited)

(Amounts in thousands)

 

SHARES

    

SECURITY DESCRIPTION

   VALUE($)  

 

Common Stocks — 98.9%

  

 

          Consumer Discretionary — 18.2%

  
   Auto Components — 1.0%   
  1,250      Magna International, Inc., (Canada)      67,070  
     

 

 

 
   Automobiles — 1.1%   
  1,990      General Motors Co.      74,607  
     

 

 

 
   Hotels, Restaurants & Leisure — 0.9%   
  40      Carnival Corp.      1,928  
  700      Royal Caribbean Cruises Ltd.      57,278  
     

 

 

 
        59,206  
     

 

 

 
   Household Durables — 0.0% (g)   
  1      NVR, Inc. (a)      1,301  
     

 

 

 
   Internet & Catalog Retail — 0.1%   
  62      Expedia, Inc.      5,807  
     

 

 

 
   Media — 8.4%   
  871      CBS Corp. (Non-Voting), Class B      52,833  
  2,708      Comcast Corp., Class A      152,930  
  1,522      DISH Network Corp., Class A (a)      106,659  
  1,323      Time Warner, Inc.      111,721  
  4,239      Twenty-First Century Fox, Inc., Class A      143,458  
  124      Walt Disney Co. (The)      13,038  
     

 

 

 
        580,639  
     

 

 

 
   Multiline Retail — 0.6%   
  645      Macy’s, Inc.      41,893  
     

 

 

 
   Specialty Retail — 4.5%   
  115      Advance Auto Parts, Inc.      17,185  
  1,225      AutoNation, Inc. (a)      78,817  
  22      AutoZone, Inc. (a)      15,008  
  421      Best Buy Co., Inc.      15,913  
  254      Home Depot, Inc. (The)      28,891  
  2,112      Lowe’s Cos., Inc.      157,089  
     

 

 

 
        312,903  
     

 

 

 
   Textiles, Apparel & Luxury Goods — 1.6%   
  377      Ralph Lauren Corp.      49,523  
  782      V.F. Corp.      58,862  
     

 

 

 
        108,385   
     

 

 

 
   Total Consumer Discretionary      1,251,811  
     

 

 

 

 

          Consumer Staples — 5.2%

  
   Beverages — 3.6%   
  557      Coca-Cola Enterprises, Inc.      24,628  
  576      Constellation Brands, Inc., Class A (a)      66,902  
  134      Dr. Pepper Snapple Group, Inc.      10,485  
  922      Molson Coors Brewing Co., Class B      68,665  
  778      PepsiCo, Inc.      74,393  
     

 

 

 
        245,073  
     

 

 

 
   Food & Staples Retailing — 0.0% (g)   
  6      Costco Wholesale Corp.      894  
     

 

 

 
   Food Products — 0.9%   
  177      Archer-Daniels-Midland Co.      8,390  
  102      Keurig Green Mountain, Inc.      11,430  
  1,112      Mondelez International, Inc., Class A      40,125  
     

 

 

 
        59,945  
     

 

 

 
   Household Products — 0.6%   
  547      Procter & Gamble Co. (The)      44,813  
     

 

 

 
   Tobacco — 0.1%   
  123      Philip Morris International, Inc.      9,280  
     

 

 

 
   Total Consumer Staples      360,005  
     

 

 

 

 

          Energy — 7.0%

  
   Energy Equipment & Services — 4.0%   
  1,588      Baker Hughes, Inc.      100,962  
  530      Cameron International Corp. (a)      23,914  
  593      Ensco plc, (United Kingdom), Class A      12,497  
  986      Halliburton Co.      43,261  
  1,010      Nabors Industries Ltd., (Bermuda)      13,789  
  404      National Oilwell Varco, Inc.      20,216  
  455      Noble Corp. plc, (United Kingdom)      6,497  
  237      Rowan Cos. plc, Class A      4,195  
  380      Schlumberger Ltd.      31,741  
  520      Transocean Ltd., (Switzerland)      7,622  
  789      Weatherford International plc, (Switzerland) (a)      9,707  
     

 

 

 
        274,401  
     

 

 

 
   Oil, Gas & Consumable Fuels — 3.0%   
  699      Chevron Corp.      73,383  
  369      CONSOL Energy, Inc.      10,297  
  87      EOG Resources, Inc.      7,940  
  167      EQT Corp.      13,815  
  431      Exxon Mobil Corp.      36,677  
  1,700      Marathon Oil Corp.      44,391  
  36      Marathon Petroleum Corp.      3,727  
  133      Phillips 66      10,422  
  76      Tesoro Corp.      6,966  
     

 

 

 
        207,618  
     

 

 

 
   Total Energy      482,019  
     

 

 

 


JPMorgan Disciplined Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

 

SHARES

    

SECURITY DESCRIPTION

   VALUE($)  

 

Common Stocks — continued

  

 

          Financials — 16.5%

  
   Banks — 4.2%   
  4,040      Bank of America Corp.      62,170  
  1,918      Citigroup, Inc.      98,808  
  150      Cullen/Frost Bankers, Inc.      10,341  
  67      Prosperity Bancshares, Inc.      3,495  
  2,057      Wells Fargo & Co.      111,915  
     

 

 

 
        286,729  
     

 

 

 
   Capital Markets — 5.5%   
  9      BlackRock, Inc.      3,439  
  683      Goldman Sachs Group, Inc. (The)      128,459  
  2,396      Invesco Ltd.      95,107  
  59      Legg Mason, Inc.      3,246  
  4,201      Morgan Stanley      149,934  
     

 

 

 
        380,185  
     

 

 

 
   Consumer Finance — 0.3%   
  667      Synchrony Financial (a)      20,240  
     

 

 

 
   Diversified Financial Services — 1.5%   
  424      Berkshire Hathaway, Inc., Class B (a)      61,148  
  145      Intercontinental Exchange, Inc.      33,801  
  135      Voya Financial, Inc.      5,833  
     

 

 

 
        100,782  
     

 

 

 
   Insurance — 3.6%   
  468      ACE Ltd., (Switzerland)      52,168  
  443      American International Group, Inc.      24,294  
  410      Everest Re Group Ltd., (Bermuda)      71,410  
  151      Lincoln National Corp.      8,653  
  656      MetLife, Inc.      33,145  
  238      RenaissanceRe Holdings Ltd., (Bermuda)      23,756  
  994      XL Group plc, (Ireland)      36,594  
     

 

 

 
        250,020  
     

 

 

 
   Real Estate Investment Trusts (REITs) — 1.4%   
  198      American Tower Corp.      18,623  
  99      AvalonBay Communities, Inc.      17,303  
  269      Brixmor Property Group, Inc.      7,147  
  437      Host Hotels & Resorts, Inc.      8,823  
  212      LaSalle Hotel Properties      8,235  
  564      Prologis, Inc.      24,572  
  50      Regency Centers Corp.      3,416  
  62      Simon Property Group, Inc.      12,051  
     

 

 

 
        100,170  
     

 

 

 
   Total Financials      1,138,126  
     

 

 

 

 

          Health Care — 15.8%

  
   Biotechnology — 4.9%   
  284      Alexion Pharmaceuticals, Inc. (a)      49,252  
  376      Biogen, Inc. (a)      158,762  
  639      Celgene Corp. (a)      73,618  
  606      Gilead Sciences, Inc. (a)      59,457  
     

 

 

 
        341,089  
     

 

 

 
   Health Care Equipment & Supplies — 1.5%   
  110      Abbott Laboratories      5,101  
  5,539      Boston Scientific Corp. (a)      98,323  
     

 

 

 
        103,424  
     

 

 

 
   Health Care Providers & Services — 4.5%   
  985      Aetna, Inc.      104,942  
  620      Cigna Corp.      80,227  
  266      McKesson Corp.      60,079  
  540      UnitedHealth Group, Inc.      63,886  
     

 

 

 
        309,134  
     

 

 

 
   Pharmaceuticals — 4.9%   
  45      Actavis plc (a)      13,512  
  834      Bristol-Myers Squibb Co.      53,812  
  2,168      Johnson & Johnson      218,071  
  427      Merck & Co., Inc.      24,521  
  793      Pfizer, Inc.      27,571  
     

 

 

 
        337,487  
     

 

 

 
   Total Health Care      1,091,134  
     

 

 

 

 

          Industrials — 11.2%

  
   Aerospace & Defense — 2.1%   
  18      Curtiss-Wright Corp.      1,301  
  241      General Dynamics Corp.      32,698  
  430      Honeywell International, Inc.      44,826  
  556      United Technologies Corp.      65,149  
     

 

 

 
        143,974  
     

 

 

 
   Airlines — 1.6%   
  610      Delta Air Lines, Inc.      27,412  
  1,166      United Continental Holdings, Inc. (a)      78,413  
     

 

 

 
        105,825  
     

 

 

 
   Construction & Engineering — 0.9%   
  1,095      Fluor Corp.      62,587  
     

 

 

 
   Machinery — 4.2%   
  478      Cummins, Inc.      66,284  
  1,073      PACCAR, Inc.      67,748  
  378      Pall Corp.      37,927  
  1,009      Parker-Hannifin Corp.      119,837  
     

 

 

 
        291,796  
     

 

 

 


JPMorgan Disciplined Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

 

SHARES

    

SECURITY DESCRIPTION

   VALUE($)  

 

Common Stocks — continued

  

   Road & Rail — 2.4%   
  540      CSX Corp.      17,879  
  1,376      Union Pacific Corp.      149,067  
     

 

 

 
        166,946  
     

 

 

 
   Total Industrials      771,128  
     

 

 

 

 

          Information Technology — 18.1%

  
   Communications Equipment — 0.1%   
  118      QUALCOMM, Inc.      8,163  
     

 

 

 
   Electronic Equipment, Instruments & Components — 0.1%   
  114      TE Connectivity Ltd., (Switzerland)      8,179  
     

 

 

 
   Internet Software & Services — 3.4%   
  1,462      Facebook, Inc., Class A (a)      120,157  
  114      Google, Inc., Class A (a)      63,008  
  92      Google, Inc., Class C (a)      50,411  
     

 

 

 
        233,576  
     

 

 

 
   IT Services — 1.2%   
  234      Accenture plc, (Ireland), Class A      21,961  
  981      Cognizant Technology Solutions Corp., Class A (a)      61,198  
     

 

 

 
        83,159  
     

 

 

 
   Semiconductors & Semiconductor Equipment — 5.7%   
  3,011      Applied Materials, Inc.      67,933  
  968      Avago Technologies Ltd., (Singapore)      122,891  
  1,089      Broadcom Corp., Class A      47,144  
  1,889      Lam Research Corp.      132,673  
  240      Skyworks Solutions, Inc.      23,619  
     

 

 

 
        394,260  
     

 

 

 
   Software — 2.4%   
  3,074      Microsoft Corp.      124,970  
  1,002      Oracle Corp.      43,231  
     

 

 

 
        168,201  
     

 

 

 
   Technology Hardware, Storage & Peripherals — 5.2%   
  2,504      Apple, Inc.      311,569  
  169      Hewlett-Packard Co.      5,272  
  424      Western Digital Corp.      38,570  
     

 

 

 
        355,411  
     

 

 

 
   Total Information Technology      1,250,949  
     

 

 

 
   Materials — 3.2%   
   Chemicals — 1.6%   
  406      E.I. du Pont de Nemours & Co.      28,987  
  1,718      Mosaic Co. (The)      79,117  
     

 

 

 
        108,104  
     

 

 

 
   Containers & Packaging — 1.0%   
  1,268      Crown Holdings, Inc. (a)      68,503  
     

 

 

 
   Metals & Mining — 0.6%   
  2,604      Alcoa, Inc.      33,649  
  462      United States Steel Corp.      11,280  
     

 

 

 
        44,929  
     

 

 

 
   Total Materials      221,536  
     

 

 

 

 

          Telecommunication Services — 0.5%

  
   Diversified Telecommunication Services — 0.5%   
  718      Verizon Communications, Inc.      34,898  
     

 

 

 

 

          Utilities — 3.2%

  
   Electric Utilities — 0.5%   
  160      Exelon Corp.      5,381  
  106      NextEra Energy, Inc.      11,050  
  270      Pinnacle West Capital Corp.      17,221  
     

 

 

 
        33,652  
     

 

 

 
   Gas Utilities — 0.9%   
  931      AGL Resources, Inc.      46,214  
  574      Questar Corp.      13,693  
     

 

 

 
        59,907  
     

 

 

 
   Multi-Utilities — 1.8%   
  951      CenterPoint Energy, Inc.      19,414  
  160      CMS Energy Corp.      5,593  
  241      NiSource, Inc.      10,621  
  1,195      PG&E Corp.      63,397  
  713      Public Service Enterprise Group, Inc.      29,897  
     

 

 

 
        128,922  
     

 

 

 
   Total Utilities      222,481  
     

 

 

 
   Total Common Stocks
(Cost $6,131,789)
     6,824,087  
     

 

 

 

PRINCIPAL
AMOUNT($)

             

 

Short-Term Investments — 3.8%

  
   U.S. Treasury Obligation — 0.2%   
  9,465      U.S. Treasury Bill, 0.054%, 05/28/15 (k) (n)      9,464  


JPMorgan Disciplined Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

(Amounts in thousands, except number of Futures contracts)

 

SHARES

    

SECURITY DESCRIPTION

   VALUE($)  
   Investment Company — 3.6%   
        251,854       JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.040% (b) (l)      251,854  
     

 

 

 
  

Total Short-Term Investments

(Cost $261,318)

     261,318  
     

 

 

 
  

Total Investments — 102.7%

(Cost $6,393,107)

     7,085,405  
   Liabilities in Excess of Other Assets — (2.7)%      (183,647
     

 

 

 
   NET ASSETS — 100.0%      $6,901,758  
     

 

 

 

 

Percentages indicated are based on net assets.

Futures Contracts

 

NUMBER OF
CONTRACTS

    

DESCRIPTION

   EXPIRATION
DATE
     NOTIONAL
VALUE AT
MARCH 31, 2015
     NET
UNREALIZED

APPRECIATION
(DEPRECIATION)
 
   Long Futures Outstanding         
  630      E-mini S&P 500      06/19/15       $ 64,915      $ 863  
           

 

 

 

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS

 

(a)       Non-income producing security.
(b)       Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(g)       Amount rounds to less than 0.1%
(k)       All or a portion of this security is deposited with the broker as collateral for futures or with brokers as initial margin for future contracts.
(l)       The rate shown is the current yield as of March 31, 2015.
(n)       The rate shown is the effective yield at the date of purchase.

As of March 31, 2015, 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

   $ 804,629  

Aggregate gross unrealized depreciation

     (112,331 )
  

 

 

 

Net unrealized appreciation/depreciation

   $ 692,298  
  

 

 

 

Federal income tax cost of investments

   $ 6,393,107  
  

 

 

 


JPMorgan Disciplined Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

 

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 are 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)

   $ 7,075,941      $ 9,464      $  —         $ 7,085,405  
  

 

 

    

 

 

    

 

 

    

 

 

 

Appreciation in Other Financial Instruments

           

Futures Contracts

   $ 863      $  —         $  —         $ 863  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

(a) All portfolio holdings designated as Level 1 and Level 2 are disclosed individually on the SOI. Level 2 consists of a U.S. Treasury Bill that is held for futures collateral. Please refer to the SOI for industry specifics of portfolio holdings.

There were no transfers among any levels during the period ended March 31, 2015.


JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited)

(Amounts in thousands)

 

SHARES

    

SECURITY DESCRIPTION

   VALUE($)  

 

Common Stocks — 52.2%

  

 

          Consumer Discretionary — 8.3%

  
   Auto Components — 0.5%   
  64      Apollo Tyres Ltd., (India)      171  
  2      Continental AG, (Germany)      419  
  18      Dana Holding Corp.      375  
  7      Delphi Automotive plc, (United Kingdom)      566  
  4      Halla Visteon Climate Control Corp., (South Korea)      136  
  7      Hankook Tire Co., Ltd., (South Korea)      293  
  3      Hyundai Mobis Co., Ltd., (South Korea)      666  
  15      Johnson Controls, Inc.      779  
  26      Kenda Rubber Industrial Co., Ltd., (Taiwan)      51  
  25      Magna International, Inc., (Canada)      1,326  
  1      Mando Corp., (South Korea)      205  
  18      Stoneridge, Inc. (a)      201  
  4      Tower International, Inc. (a)      106  
  6      Valeo S.A., (France)      859  
     

 

 

 
        6,153  
     

 

 

 
  

Automobiles — 1.0%

  

  530      Astra International Tbk PT, (Indonesia)      347  
  11      Daimler AG, (Germany)      1,031  
  550      Geely Automobile Holdings Ltd., (China)      282  
  141      General Motors Co.      5,269  
  70      Great Wall Motor Co., Ltd., (China), Class H      490  
  12      Harley-Davidson, Inc.      732  
  30      Honda Motor Co., Ltd., (Japan)      989  
  8      Kia Motors Corp., (South Korea)      332  
  33      Mazda Motor Corp., (Japan)      667  
  7      Renault S.A., (France)      611  
  10      Tata Motors Ltd., (India), ADR      435  
  3      Tesla Motors, Inc. (a)      644  
  27      Tofas Turk Otomobil Fabrikasi A.S., (Turkey)      161  
  21      Toyota Motor Corp., (Japan)      1,487  
     

 

 

 
        13,477  
     

 

 

 
  

Distributors — 0.0% (g)

  

  7      Genuine Parts Co.      609  
  5      VOXX International Corp. (a)      50  
     

 

 

 
        659  
     

 

 

 
  

Diversified Consumer Services — 0.1%

  

  16      Apollo Education Group, Inc. (a)      301  
  – (h)       Graham Holdings Co., Class B      441  
  9      H&R Block, Inc.      276  
  7      Houghton Mifflin Harcourt Co. (a)      154  
  86      Kroton Educacional S.A., (Brazil)      278  
  17      Regis Corp. (a)          273  
  6      Strayer Education, Inc. (a)      311  
     

 

 

 
        2,034  
     

 

 

 
  

Hotels, Restaurants & Leisure — 0.7%

  

  15      Accor S.A., (France)      782  
  – (h)       Bob Evans Farms, Inc.      9  
  6      Carnival Corp.      306  
  388      China Travel International Investment Hong Kong Ltd., (Hong Kong)      126  
  12      ClubCorp Holdings, Inc.      226  
  2      Dave & Buster’s Entertainment, Inc. (a)      50  
  – (h)       DineEquity, Inc.      27  
  3      Dunkin’ Brands Group, Inc.      158  
  35      Hilton Worldwide Holdings, Inc. (a)      1,038  
  12      InterContinental Hotels Group plc, (United Kingdom)      460  
  2      Interval Leisure Group, Inc.      56  
  1      Isle of Capri Casinos, Inc. (a)      8  
  1      Jack in the Box, Inc.      94  
  18      La Quinta Holdings, Inc. (a)      422  
  1      Red Robin Gourmet Burgers, Inc. (a)      128  
  9      Restaurant Brands International, Inc., (Canada)      338  
  1,875      REXLot Holdings Ltd., (Hong Kong)      140  
  23      Royal Caribbean Cruises Ltd.      1,845  
  2      Ruby Tuesday, Inc. (a)      12  
  210      Sands China Ltd., (Hong Kong)      868  
  11      Sonic Corp.      349  
  20      Starbucks Corp.      1,916  
  122      Wynn Macau Ltd., (China)      265  
     

 

 

 
        9,623  
     

 

 

 
  

Household Durables — 0.5%

  

  4      Coway Co., Ltd., (South Korea)      359  
  2      CSS Industries, Inc.      56  
  23      Electrolux AB, (Sweden), Series B      650  
  12      Harman International Industries, Inc.      1,586  
  7      Jarden Corp. (a)      373  
  2      Leggett & Platt, Inc.      113  
  5      Mohawk Industries, Inc. (a)      869  
  32      PulteGroup, Inc.      704  
  290      Skyworth Digital Holdings Ltd., (Hong Kong)      228  
  84      Steinhoff International Holdings Ltd., (South Africa)      524  
  24      Toll Brothers, Inc. (a)      941  
     

 

 

 
        6,403  
     

 

 

 


JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

 

SHARES

    

SECURITY DESCRIPTION

   VALUE($)  

 

Common Stocks — continued

  

  

Internet & Catalog Retail — 0.5%

  

  8      Amazon.com, Inc. (a)      2,891  
  11      Expedia, Inc.      1,004  
  1      GS Home Shopping, Inc., (South Korea)      172  
  3      Netflix, Inc. (a)      1,046  
  1      Priceline Group, Inc. (The) (a)      1,380  
  17      Wayfair, Inc., Class A (a)      533  
     

 

 

 
        7,026  
     

 

 

 
  

Leisure Products — 0.0% (g)

  

  4      Nautilus, Inc. (a)      67  
     

 

 

 
  

Media — 2.1%

  

  36      CBS Corp. (Non-Voting), Class B      2,189  
  9      Charter Communications, Inc., Class A (a)      1,714  
  66      Comcast Corp., Class A      3,718  
  11      CTC Media, Inc., (Russia)      44  
  22      Dentsu, Inc., (Japan)      937  
  57      DISH Network Corp., Class A (a)      4,013  
  13      Entercom Communications Corp., Class A (a)      157  
  13      Gannett Co., Inc.      483  
  15      Lee Enterprises, Inc. (a)      48  
  1      Media General, Inc. (a)      22  
  3      Naspers Ltd., (South Africa), Class N      536  
  2      Nexstar Broadcasting Group, Inc., Class A      126  
  6      Omnicom Group, Inc.      444  
  7      Publicis Groupe S.A., (France)      520  
  4      Radio One, Inc., Class D (a)      13  
  8      Sinclair Broadcast Group, Inc., Class A      254  
  12      Smiles S.A., (Brazil)      189  
  4      Time Warner Cable, Inc.      525  
  79      Time Warner, Inc.      6,704  
  18      Time, Inc.      395  
  115      Twenty-First Century Fox, Inc., Class A      3,898  
  19      Twenty-First Century Fox, Inc., Class B      615  
  44      UBM plc, (United Kingdom)      342  
  2      Walt Disney Co. (The)      224  
  45      WPP plc, (United Kingdom)      1,015  
     

 

 

 
        29,125  
     

 

 

 
  

Multiline Retail — 0.3%

  

  1      Big Lots, Inc.      67  
  3      Bon-Ton Stores, Inc. (The)      19  
  7      Dillard’s, Inc., Class A      1,003  
  21      Kohl’s Corp.      1,667  
  15      Macy’s, Inc.      961  
  3      Target Corp.      222  
     

 

 

 
        3,939  
     

 

 

 
  

Specialty Retail — 1.9%

  

  2      Advance Auto Parts, Inc.      274  
  1      ANN, Inc. (a)      32  
  19      AutoNation, Inc. (a)      1,228  
  3      AutoZone, Inc. (a)      2,094  
  9      Barnes & Noble, Inc. (a)      221  
  10      Bed Bath & Beyond, Inc. (a)      752  
  59      Best Buy Co., Inc.      2,243  
  6      Children’s Place, Inc. (The)      382  
  63      Dixons Carphone plc, (United Kingdom)      387  
  1      Express, Inc. (a)      17  
  5      Foot Locker, Inc.      328  
  20      GameStop Corp., Class A      747  
  15      Gap, Inc. (The)      646  
  1,326      GOME Electrical Appliances Holdings Ltd., (China)      191  
  2      Guess?, Inc.      40  
  22      hhgregg, Inc. (a)      136  
  32      Home Depot, Inc. (The)      3,643  
  101      Kingfisher plc, (United Kingdom)      570  
  91      Lowe’s Cos., Inc.      6,799  
  11      Mr Price Group Ltd., (South Africa)      237  
  7      Outerwall, Inc.      460  
  8      Tiffany & Co.      708  
  14      TJX Cos., Inc. (The)      969  
  8      Ulta Salon Cosmetics & Fragrance, Inc. (a)      1,264  
  23      Urban Outfitters, Inc. (a)      1,034  
     

 

 

 
        25,402  
     

 

 

 
  

Textiles, Apparel & Luxury Goods — 0.7%

  

  85      ANTA Sports Products Ltd., (China)      155  
  345      Belle International Holdings Ltd., (Hong Kong)      403  
  25      Burberry Group plc, (United Kingdom)      635  
  11      Cie Financiere Richemont S.A., (Switzerland)      910  
  38      Hanesbrands, Inc.      1,273  
  2      Hansae Co., Ltd., (South Korea)      86  
  – (h)       Hermes International, (France)      61  
  11      Iconix Brand Group, Inc. (a)      384  
  2      Kering, (France)      300  
  4      lululemon athletica, Inc., (Canada) (a)      282  
  5      LVMH Moet Hennessy Louis Vuitton SE, (France)      792  
  10      Michael Kors Holdings Ltd., (United Kingdom) (a)      628  
  104      Pou Chen Corp., (Taiwan)      145  
  3      PVH Corp.      285  
  8      Ralph Lauren Corp.      1,014  


JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

 

SHARES

    

SECURITY DESCRIPTION

   VALUE($)  

 

Common Stocks — continued

  

  

Textiles, Apparel & Luxury Goods — continued

  

  2      Unifi, Inc. (a)      81  
  12      V.F. Corp.      929  
  22      Wolverine World Wide, Inc.      721  
     

 

 

 
        9,084  
     

 

 

 
   Total Consumer Discretionary      112,992  
     

 

 

 

 

          Consumer Staples — 3.0%

  
  

Beverages — 0.8%

  
  9      Anheuser-Busch InBev N.V., (Belgium)      1,126  
  25      Coca-Cola Co. (The)      1,006  
  9      Coca-Cola Enterprises, Inc.      408  
  14      Constellation Brands, Inc., Class A (a)      1,670  
  12      Dr. Pepper Snapple Group, Inc.      912  
  19      Molson Coors Brewing Co., Class B      1,380  
  7      Monster Beverage Corp. (a)      906  
  22      PepsiCo, Inc.      2,136  
  4      Pernod-Ricard S.A., (France)      503  
  13      SABMiller plc, (United Kingdom)      689  
  5      Suntory Beverage & Food Ltd., (Japan)      214  
     

 

 

 
        10,950  
     

 

 

 
  

Food & Staples Retailing — 0.5%

  

  2      Costco Wholesale Corp.      303  
  21      CVS Health Corp.      2,152  
  47      Distribuidora Internacional de Alimentacion S.A., (Spain)      366  
  1      Ingles Markets, Inc., Class A      25  
  31      Kroger Co. (The)      2,361  
  39      Rite Aid Corp. (a)      338  
  17      Seven & i Holdings Co., Ltd., (Japan)      706  
  3      Smart & Final Stores, Inc. (a)      51  
  29      Sprouts Farmers Market, Inc. (a)      1,024  
  335      Sun Art Retail Group Ltd., (China)      292  
     

 

 

 
        7,618  
     

 

 

 
  

Food Products — 0.8%

  

  32      Archer-Daniels-Midland Co.      1,500  
  2      B&G Foods, Inc.      62  
  6      Bunge Ltd.      478  
  238      Chaoda Modern Agriculture Holdings Ltd., (Hong Kong) (a)      13  
  – (h)       CJ CheilJedang Corp., (South Korea)      143  
  3      Daesang Corp., (South Korea)      107  
  6      Hershey Co. (The)      575  
  6      Ingredion, Inc.      444  
  29      JBS S.A., (Brazil)      127  
  2      Keurig Green Mountain, Inc.      195  
  37      Mondelez International, Inc., Class A      1,346  
  41      Nestle S.A., (Switzerland)          3,062  
  18      NH Foods Ltd., (Japan)      415  
  23      Pilgrim’s Pride Corp.      519  
  3      Pinnacle Foods, Inc.      142  
  12      Post Holdings, Inc. (a)      553  
  1      Sanderson Farms, Inc.      104  
  1      Seneca Foods Corp., Class A (a)      17  
  459      Thai Union Frozen Products PCL, (Thailand) (a)      283  
  6      TreeHouse Foods, Inc. (a)      536  
  11      Unilever N.V., (United Kingdom), CVA      446  
     

 

 

 
        11,067  
     

 

 

 
  

Household Products — 0.4%

  

  7      Colgate-Palmolive Co.      470  
  4      Energizer Holdings, Inc.      580  
  39      Procter & Gamble Co. (The)      3,176  
  10      Reckitt Benckiser Group plc, (United Kingdom)      863  
  1      Spectrum Brands Holdings, Inc.      98  
     

 

 

 
        5,187  
     

 

 

 
  

Personal Products — 0.1%

  

  – (h)       AMOREPACIFIC Group, (South Korea)      324  
  21      Avon Products, Inc.      167  
  6      Herbalife Ltd. (a)      240  
  1      Inter Parfums, Inc.      16  
  – (h)       Medifast, Inc. (a)      11  
  2      USANA Health Sciences, Inc. (a)      175  
     

 

 

 
        933  
     

 

 

 
  

Tobacco — 0.4%

  

  32      British American Tobacco plc, (United Kingdom)      1,659  
  15      Imperial Tobacco Group plc, (United Kingdom)      649  
  43      Japan Tobacco, Inc., (Japan)      1,369  
  6      KT&G Corp., (South Korea)      447  
  8      Lorillard, Inc.      549  
  13      Philip Morris International, Inc.      996  
  1      Universal Corp.      70  
     

 

 

 
        5,739  
     

 

 

 
   Total Consumer Staples      41,494  
     

 

 

 

 

          Energy — 3.3%

  
  

Energy Equipment & Services — 0.9%

  

  43      Baker Hughes, Inc.      2,762  
  10      Basic Energy Services, Inc. (a)      70  
  20      Cameron International Corp. (a)      921  
  5      Dril-Quip, Inc. (a)      363  
  9      Ensco plc, (United Kingdom), Class A      194  
  3      Exterran Holdings, Inc.      108  


JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

 

SHARES

    

SECURITY DESCRIPTION

   VALUE($)  

 

Common Stocks — continued

  

  

Energy Equipment & Services — continued

  

  4      Gulf International Services QSC, (Qatar)      110  
  20      Halliburton Co.      891  
  15      Nabors Industries Ltd., (Bermuda)      211  
  24      National Oilwell Varco, Inc.      1,186  
  7      Noble Corp. plc, (United Kingdom)      104  
  8      Pioneer Energy Services Corp. (a)      41  
  4      Rowan Cos. plc, Class A      65  
  46      Schlumberger Ltd.      3,839  
  3      SEACOR Holdings, Inc. (a)      216  
  8      Technip S.A., (France)      480  
  8      Transocean Ltd., (Switzerland)      123  
  13      Weatherford International plc, (Switzerland) (a)      157  
     

 

 

 
        11,841  
     

 

 

 
  

Oil, Gas & Consumable Fuels — 2.4%

  

  1      Adams Resources & Energy, Inc.      35  
  2      Alon USA Energy, Inc.      40  
  8      Anadarko Petroleum Corp.      643  
  6      Antero Resources Corp. (a)      199  
  149      BG Group plc, (United Kingdom)      1,823  
  31      Bill Barrett Corp. (a)      254  
  13      Chevron Corp.      1,393  
  1      Cloud Peak Energy, Inc. (a)      9  
  656      CNOOC Ltd., (China)      926  
  2      Comstock Resources, Inc.      8  
  14      Concho Resources, Inc. (a)      1,678  
  14      ConocoPhillips      896  
  31      CONSOL Energy, Inc.      858  
  13      Denbury Resources, Inc.      92  
  11      Devon Energy Corp.      657  
  8      EOG Resources, Inc.      695  
  6      EQT Corp.      520  
  43      Exxon Mobil Corp.      3,673  
  20      Hindustan Petroleum Corp., Ltd., (India)      206  
  4      HollyFrontier Corp.      177  
  – (h)       Isramco, Inc. (a)      16  
  10      Kinder Morgan, Inc.      429  
  13      Lukoil OAO, (Russia), ADR      579  
  39      Marathon Oil Corp.      1,028  
  14      Marathon Petroleum Corp.      1,388  
  21      Oasis Petroleum, Inc. (a)      291  
  53      Occidental Petroleum Corp.      3,872  
  24      Oil & Natural Gas Corp., Ltd., (India)      117  
  63      Oil Search Ltd., (Australia)      346  
  19      PBF Energy, Inc., Class A      638  
  23      Phillips 66          1,774  
  1      Pioneer Natural Resources Co.      194  
  41      PTT PCL, (Thailand)      407  
  15      Range Resources Corp.      806  
  2      Renewable Energy Group, Inc. (a)      16  
  6      REX American Resources Corp. (a)      353  
  49      Royal Dutch Shell plc, (Netherlands), Class A      1,458  
  40      Southwestern Energy Co. (a)      930  
  31      Statoil ASA, (Norway)      548  
  2      Stone Energy Corp. (a)      31  
  11      Tatneft OAO, (Russia), ADR      324  
  5      Tesoro Corp.      434  
  21      Tullow Oil plc, (United Kingdom)      90  
  10      Tupras Turkiye Petrol Rafinerileri A.S., (Turkey)      242  
  11      VAALCO Energy, Inc. (a)      27  
  19      Valero Energy Corp.      1,202  
  1      Western Refining, Inc.      56  
  9      WPX Energy, Inc. (a)      101  
     

 

 

 
        32,479  
     

 

 

 
   Total Energy      44,320  
     

 

 

 

 

          Financials — 10.5%

  
  

Banks — 3.9%

  

  1      1st Source Corp.      47  
  37      Australia & New Zealand Banking Group Ltd., (Australia)      1,024  
  3      BancFirst Corp.      174  
  48      Banco do Brasil S.A., (Brazil)      344  
  6      BancorpSouth, Inc.      146  
  477      Bank Negara Indonesia Persero Tbk PT, (Indonesia)      263  
  302      Bank of America Corp.      4,650  
  78      Bank of Baroda, (India)      205  
  1,204      Bank of China Ltd., (China), Class H      696  
  1      Banner Corp.      68  
  253      Barclays plc, (United Kingdom)      913  
  2      BBCN Bancorp, Inc.      30  
  13      BNP Paribas S.A., (France)      792  
  14      BS Financial Group, Inc., (South Korea)      189  
  35      Canara Bank, (India)      207  
  6      Capital Bank Financial Corp., Class A (a)      179  
  2      Cathay General Bancorp      70  
  16      Central Pacific Financial Corp.      357  
  1      Chemical Financial Corp.      30  
  677      China CITIC Bank Corp., Ltd., (China), Class H      510  


JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

 

SHARES

    

SECURITY DESCRIPTION

   VALUE($)  

 

Common Stocks — continued

  
  

Banks — continued

  
  897      China Construction Bank Corp., (China), Class H      744  
  773      China Everbright Bank Co., Ltd., (China), Class H      426  
  251      China Merchants Bank Co., Ltd., (China), Class H      612  
  267      China Minsheng Banking Corp., Ltd., (China), Class H      326  
  92      Citigroup, Inc.      4,743  
  1      Citizens & Northern Corp.      13  
  22      Citizens Financial Group, Inc.      531  
  2      City Holding Co.      73  
  2      CoBiz Financial, Inc.      21  
  18      Commercial International Bank Egypt SAE, (Egypt), GDR      125  
  2      Cullen/Frost Bankers, Inc.      164  
  11      CVB Financial Corp.      169  
  16      Danske Bank A/S, (Denmark)      409  
  12      DGB Financial Group, Inc., (South Korea)      127  
  105      Dubai Islamic Bank PJSC, (United Arab Emirates)      176  
  19      East West Bancorp, Inc.      751  
  58      Fifth Third Bancorp      1,086  
  17      First Commonwealth Financial Corp.      152  
  – (h)       First Financial Bancorp      7  
  1      First Interstate BancSystem, Inc.      35  
  9      First Republic Bank      525  
  3      Flushing Financial Corp.      59  
  4      FNB Corp.      51  
  1      Guaranty Bancorp      18  
  10      HDFC Bank Ltd., (India), ADR      607  
  301      HSBC Holdings plc, (United Kingdom)      2,571  
  991      Industrial & Commercial Bank of China Ltd., (China), Class H      733  
  25      Industrial Bank of Korea, (South Korea)      302  
  125      ING Groep N.V., (Netherlands), CVA (a)      1,837  
  152      Intesa Sanpaolo S.p.A., (Italy)      515  
  51      Itau Unibanco Holding S.A. (Preference Shares), (Brazil), ADR      567  
  60      Kasikornbank PCL, (Thailand), NVDR      420  
  3      KeyCorp      44  
  612      Krung Thai Bank PCL, (Thailand)      428  
  5      M&T Bank Corp.      673  
  1      MainSource Financial Group, Inc.      20  
  206      Mitsubishi UFJ Financial Group, Inc., (Japan)      1,278  
  14      National Bank Holdings Corp., Class A      261  
  2      National Penn Bancshares, Inc.          19  
  7      OFG Bancorp, (Puerto Rico)      111  
  2      PacWest Bancorp      78  
  20      PNC Financial Services Group, Inc. (The)      1,837  
  1      Prosperity Bancshares, Inc.      55  
  70      Sberbank of Russia, (Russia), ADR      305  
  75      Siam Commercial Bank PCL (The), (Thailand)      409  
  1      Sierra Bancorp      12  
  7      Signature Bank (a)      890  
  2      Simmons First National Corp., Class A      80  
  – (h)       Southside Bancshares, Inc.      12  
  2      Southwest Bancorp, Inc.      36  
  49      Standard Chartered plc, (United Kingdom)      787  
  3      Suffolk Bancorp      78  
  44      Sumitomo Mitsui Financial Group, Inc., (Japan)      1,688  
  20      SunTrust Banks, Inc.      838  
  4      Susquehanna Bancshares, Inc.      49  
  3      SVB Financial Group (a)      328  
  6      TCF Financial Corp.      99  
  92      Turkiye Is Bankasi, (Turkey), Class C      208  
  23      U.S. Bancorp      991  
  1      UMB Financial Corp.      50  
  10      Union Bankshares Corp.      216  
  1      Webster Financial Corp.      21  
  219      Wells Fargo & Co.      11,889  
  3      West Bancorporation, Inc.      55  
  1      Westamerica Bancorporation      33  
  6      Wilshire Bancorp, Inc.      59  
     

 

 

 
        53,726  
     

 

 

 
  

Capital Markets — 1.9%

  

  8      Affiliated Managers Group, Inc. (a)      1,713  
  15      Ameriprise Financial, Inc.      1,956  
  1      Arlington Asset Investment Corp., Class A      35  
  5      BlackRock, Inc.      1,743  
  30      Charles Schwab Corp. (The)      899  
  13      Cowen Group, Inc., Class A (a)      66  
  29      Credit Suisse Group AG, (Switzerland) (a)      791  
  2      FBR & Co. (a)      40  
  1      Federated Investors, Inc., Class B      31  
  20      Goldman Sachs Group, Inc. (The)      3,784  
  67      Invesco Ltd.      2,643  
  14      Investment Technology Group, Inc. (a)      424  
  15      Lazard Ltd., (Bermuda), Class A      805  
  18      Legg Mason, Inc.      997  
  143      Morgan Stanley      5,114  


JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

 

SHARES

    

SECURITY DESCRIPTION

   VALUE($)  

 

Common Stocks — continued

  
  

Capital Markets — continued

  
  8      Northern Trust Corp.      522  
  13      T. Rowe Price Group, Inc.      1,053  
  32      TD Ameritrade Holding Corp.      1,197  
  105      UBS Group AG, (Switzerland) (a)      1,961  
     

 

 

 
        25,774  
     

 

 

 
  

Consumer Finance — 0.3%

  

  36      Ally Financial, Inc. (a)      757  
  21      Capital One Financial Corp.      1,680  
  – (h)       Credit Acceptance Corp. (a)      54  
  19      Discover Financial Services      1,076  
  3      Nelnet, Inc., Class A      125  
  11      Synchrony Financial (a)      322  
  3      World Acceptance Corp. (a)      184  
     

 

 

 
        4,198  
     

 

 

 
  

Diversified Financial Services — 0.4%

  

  7      Berkshire Hathaway, Inc., Class B (a)      966  
  235      Fubon Financial Holding Co., Ltd., (Taiwan)      421  
  6      Intercontinental Exchange, Inc.      1,322  
  1      Marlin Business Services Corp.      24  
  11      McGraw Hill Financial, Inc.      1,121  
  56      ORIX Corp., (Japan)      787  
  45      Power Finance Corp., Ltd., (India)      197  
  40      Rural Electrification Corp., Ltd., (India)      211  
  4      Voya Financial, Inc.      158  
     

 

 

 
        5,207  
     

 

 

 
  

Insurance — 2.4%

  

  38      ACE Ltd., (Switzerland)      4,241  
  1      Alleghany Corp. (a)      447  
  6      Allianz SE, (Germany)      1,058  
  10      Allied World Assurance Co. Holdings AG, (Switzerland)      420  
  4      Allstate Corp. (The)      263  
  – (h)       Ambac Financial Group, Inc. (a)      11  
  7      American Equity Investment Life Holding Co.      203  
  46      American International Group, Inc.      2,540  
  8      AmTrust Financial Services, Inc.      432  
  5      Aspen Insurance Holdings Ltd., (Bermuda)      217  
  20      Assicurazioni Generali S.p.A., (Italy)      397  
  67      Aviva plc, (United Kingdom)      537  
  61      AXA S.A., (France)      1,540  
  52      CNO Financial Group, Inc.      903  
  10      Everest Re Group Ltd., (Bermuda)      1,759  
  1      Global Indemnity plc, (Ireland) (a)      16  
  23      Hartford Financial Services Group, Inc. (The)          979  
  8      Lincoln National Corp.      443  
  41      Loews Corp.      1,662  
  45      Marsh & McLennan Cos., Inc.      2,498  
  23      MetLife, Inc.      1,175  
  1      Navigators Group, Inc. (The) (a)      105  
  21      Old Republic International Corp.      306  
  4      PartnerRe Ltd., (Bermuda)      457  
  35      Ping An Insurance Group Co. of China Ltd., (China), Class H      414  
  1      Primerica, Inc.      75  
  2      ProAssurance Corp.      98  
  12      Prudential Financial, Inc.      978  
  89      Prudential plc, (United Kingdom)      2,210  
  4      RenaissanceRe Holdings Ltd., (Bermuda)      380  
  18      Sompo Japan Nipponkoa Holdings, Inc., (Japan)      553  
  – (h)       Stewart Information Services Corp.      15  
  7      Swiss Re AG, (Switzerland)      634  
  13      Travelers Cos., Inc. (The)      1,395  
  21      Unum Group      715  
  4      W.R. Berkley Corp.      222  
  19      XL Group plc, (Ireland)      715  
  3      Zurich Insurance Group AG, (Switzerland) (a)      1,000  
     

 

 

 
        32,013  
     

 

 

 
  

Real Estate Investment Trusts (REITs) — 0.9%

  

  3      American Assets Trust, Inc.      117  
  19      American Capital Agency Corp.      405  
  22      American Homes 4 Rent, Class A      357  
  17      American Residential Properties, Inc. (a)      313  
  12      American Tower Corp. (m)      1,089  
  8      Annaly Capital Management, Inc. (m)      87  
  10      Anworth Mortgage Asset Corp. (m)      50  
  – (h)       Ashford Hospitality Prime, Inc.      5  
  1      Ashford Hospitality Trust, Inc.      11  
  1      Associated Estates Realty Corp. (m)      14  
  2      AvalonBay Communities, Inc. (m)      274  
  1      BioMed Realty Trust, Inc.      33  
  1      Boston Properties, Inc. (m)      172  
  27      Brixmor Property Group, Inc.      729  
  22      Capstead Mortgage Corp. (m)      254  
  3      CBL & Associates Properties, Inc. (m)      59  
  4      Chambers Street Properties      29  
  9      CoreSite Realty Corp.      431  
  1      Cousins Properties, Inc. (m)      8  
  42      CYS Investments, Inc.      370  
  1      DCT Industrial Trust, Inc.      49  


JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

 

SHARES

    

SECURITY DESCRIPTION

   VALUE($)  

 

Common Stocks — continued

  

  

Real Estate Investment Trusts (REITs) — continued

  

  3      DiamondRock Hospitality Co.      41  
  7      EastGroup Properties, Inc. (m)      404  
  2      EPR Properties (m)      105  
  1      Equity LifeStyle Properties, Inc. (m)      58  
  20      Excel Trust, Inc.      275  
  2      FelCor Lodging Trust, Inc. (m)      18  
  1      First Industrial Realty Trust, Inc. (m)      23  
  3      Franklin Street Properties Corp.      32  
  1      Gladstone Commercial Corp.      11  
  119      Goodman Group, (Australia)      573  
  2      Home Properties, Inc. (m)      113  
  3      Hospitality Properties Trust (m)      98  
  7      Host Hotels & Resorts, Inc. (m)      140  
  20      Kimco Realty Corp. (m)      524  
  3      LaSalle Hotel Properties      136  
  5      LTC Properties, Inc. (m)      214  
  1      National Retail Properties, Inc. (m)      45  
  3      Pennsylvania Real Estate Investment Trust (m)      67  
  2      Post Properties, Inc. (m)      88  
  5      Potlatch Corp. (m)      215  
  16      Prologis, Inc. (m)      711  
  1      PS Business Parks, Inc. (m)      44  
  1      RAIT Financial Trust (m)      10  
  5      Ramco-Gershenson Properties Trust (m)      99  
  17      Rayonier, Inc. (m)      447  
  1      Regency Centers Corp. (m)      54  
  9      RLJ Lodging Trust      279  
  1      Saul Centers, Inc. (m)      81  
  1      Simon Property Group, Inc. (m)      205  
  14      Strategic Hotels & Resorts, Inc. (a)      172  
  1      Taubman Centers, Inc. (m)      73  
  4      Vornado Realty Trust (m)      484  
  69      Westfield Corp., (Australia)      500  
  17      Weyerhaeuser Co. (m)      560  
     

 

 

 
        11,755  
     

 

 

 
  

Real Estate Management & Development — 0.6%

  

  4      Alexander & Baldwin, Inc.      162  
  11      Brookfield Asset Management, Inc., (Canada), Class A      590  
  52      CBRE Group, Inc., Class A (a)      2,001  
  326      China Overseas Land & Investment Ltd., (Hong Kong)      1,053  
  62      CK Hutchison Holdings Ltd., (Hong Kong)      1,267  
  39      Daiwa House Industry Co., Ltd., (Japan)      772  
  13      Forestar Group, Inc. (a)      201  
  116      Hang Lung Properties Ltd., (Hong Kong)      326  
  2      Jones Lang LaSalle, Inc.      375  
  44      Mitsui Fudosan Co., Ltd., (Japan)      1,292  
  128      Pruksa Real Estate PCL, (Thailand)      114  
  1,017      Quality Houses PCL, (Thailand)      118  
  1      St. Joe Co. (The) (a)      11  
  176      Supalai PCL, (Thailand)      116  
     

 

 

 
        8,398  
     

 

 

 
  

Thrifts & Mortgage Finance — 0.1%

  

  1      Astoria Financial Corp.      9  
  1      BankFinancial Corp.      7  
  2      Beneficial Bancorp, Inc. (a)      22  
  1      Capitol Federal Financial, Inc.      7  
  4      Charter Financial Corp.      41  
  18      Housing Development Finance Corp., Ltd, (India)      384  
  43      Hudson City Bancorp, Inc.      449  
  6      MGIC Investment Corp. (a)      62  
  6      NMI Holdings, Inc., Class A (a)      46  
  27      Northfield Bancorp, Inc.      399  
  2      OceanFirst Financial Corp.      33  
  2      Walker & Dunlop, Inc. (a)      39  
     

 

 

 
        1,498  
     

 

 

 
  

Total Financials

     142,569  
     

 

 

 

 

          Health Care — 7.5%

  
  

Biotechnology — 1.8%

  

  6      ACADIA Pharmaceuticals, Inc. (a)      181  
  2      Adamas Pharmaceuticals, Inc. (a)      36  
  – (h)       Agios Pharmaceuticals, Inc. (a)      21  
  11      Alexion Pharmaceuticals, Inc. (a)      1,874  
  2      Alnylam Pharmaceuticals, Inc. (a)      217  
  9      Amgen, Inc.      1,479  
  – (h)       Applied Genetic Technologies Corp. (a)      8  
  1      Ardelyx, Inc. (a)      18  
  5      Arrowhead Research Corp. (a)      34  
  2      Atara Biotherapeutics, Inc. (a)      94  
  – (h)       Auspex Pharmaceuticals, Inc. (a)      23  
  2      Avalanche Biotechnologies, Inc. (a)      82  
  4      Bellicum Pharmaceuticals, Inc. (a)      81  
  14      Biogen, Inc. (a)      5,881  
  2      Calithera Biosciences, Inc. (a)      34  
  2      Cara Therapeutics, Inc. (a)      17  
  36      Celgene Corp. (a)      4,130  
  4      ChemoCentryx, Inc. (a)      26  
  2      Chimerix, Inc. (a)      68  
  3      Coherus Biosciences, Inc. (a)      93  
  1      Dicerna Pharmaceuticals, Inc. (a)      24  


JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

 

SHARES

    

SECURITY DESCRIPTION

   VALUE($)  

 

Common Stocks — continued

  

  

Biotechnology — continued

  

  1      Eleven Biotherapeutics, Inc. (a)      11  
  1      FibroGen, Inc. (a)      42  
  52      Gilead Sciences, Inc. (a)      5,134  
  3      Immune Design Corp. (a)      71  
  5      Infinity Pharmaceuticals, Inc. (a)      67  
  5      Invitae Corp. (a)      89  
  – (h)       Karyopharm Therapeutics, Inc. (a)      12  
  6      Kite Pharma, Inc. (a)      354  
  2      MacroGenics, Inc. (a)      67  
  6      Merrimack Pharmaceuticals, Inc. (a)      68  
  3      Mirati Therapeutics, Inc. (a)      88  
  2      Naturalendo Tech Co., Ltd., (South Korea) (a)      116  
  4      Neurocrine Biosciences, Inc. (a)      151  
  3      Prothena Corp. plc, (Ireland) (a)      123  
  2      PTC Therapeutics, Inc. (a)      132  
  4      Regeneron Pharmaceuticals, Inc. (a)      1,731  
  – (h)       Sage Therapeutics, Inc. (a)      13  
  2      Spark Therapeutics, Inc. (a)      116  
  1      Synageva BioPharma Corp. (a)      107  
  4      Tokai Pharmaceuticals, Inc. (a)      40  
  7      Trius Therapeutics, Inc. (a) (i)      –  (h) 
  1      Ultragenyx Pharmaceutical, Inc. (a)      31  
  3      Versartis, Inc. (a)      46  
  16      Vertex Pharmaceuticals, Inc. (a)      1,908  
  5      Xencor, Inc. (a)      79  
  14      XOMA Corp. (a)      50  
  – (h)       Zafgen, Inc. (a)      19  
     

 

 

 
        25,086  
     

 

 

 
  

Health Care Equipment & Supplies — 0.6%

  

  18      Abbott Laboratories      829  
  10      Accuray, Inc. (a)      95  
  129      Boston Scientific Corp. (a)      2,288  
  3      CONMED Corp.      159  
  2      Cynosure, Inc., Class A (a)      58  
  5      Essilor International S.A., (France)      574  
  1      Inogen, Inc. (a)      30  
  20      Medtronic plc, (Ireland)      1,591  
  33      Novadaq Technologies, Inc., (Canada) (a)      532  
  3      NuVasive, Inc. (a)      140  
  40      Smith & Nephew plc, (United Kingdom)      674  
  8      Stryker Corp.      762  
  11      SurModics, Inc. (a)      290  
  6      Thoratec Corp. (a)      269  
  8      Wright Medical Group, Inc. (a)      196  
     

 

 

 
        8,487  
     

 

 

 
  

Health Care Providers & Services — 1.9%

  

  15      Acadia Healthcare Co., Inc. (a)      1,097  
  35      Aetna, Inc.      3,772  
  – (h)       Alliance HealthCare Services, Inc. (a)      5  
  11      Anthem, Inc.      1,683  
  5      Centene Corp. (a)      332  
  9      Cigna Corp.      1,199  
  23      Cross Country Healthcare, Inc. (a)      272  
  20      Envision Healthcare Holdings, Inc. (a)      777  
  8      Fresenius Medical Care AG & Co. KGaA, (Germany)      682  
  1      Genesis Healthcare, Inc. (a)      10  
  5      HCA Holdings, Inc. (a)      376  
  11      Health Net, Inc. (a)      653  
  1      HealthSouth Corp.      65  
  12      Humana, Inc.      2,150  
  304      Jintian Pharmaceutical Group Ltd., (China)      117  
  2      Landauer, Inc.      71  
  4      LifePoint Hospitals, Inc. (a)      309  
  21      McKesson Corp.      4,672  
  1      Molina Healthcare, Inc. (a)      93  
  6      National HealthCare Corp.      357  
  104      Netcare Ltd., (South Africa)      355  
  81      Sinopharm Group Co., Ltd., (China), Class H      329  
  3      Surgical Care Affiliates, Inc. (a)      104  
  1      Trupanion, Inc. (a)      6  
  58      UnitedHealth Group, Inc.      6,880  
     

 

 

 
        26,366  
     

 

 

 
  

Health Care Technology — 0.1%

  

  11      Castlight Health, Inc., Class B (a)      88  
  7      HMS Holdings Corp. (a)      110  
  2      Inovalon Holdings, Inc., Class A (a)      65  
  7      MedAssets, Inc. (a)      134  
  16      Merge Healthcare, Inc. (a)      71  
  5      Quality Systems, Inc.      78  
  19      Veeva Systems, Inc., Class A (a)      481  
     

 

 

 
        1,027  
     

 

 

 
  

Life Sciences Tools & Services — 0.2%

  

  2      Affymetrix, Inc. (a)      23  
  14      Fluidigm Corp. (a)      592  
  7      Illumina, Inc. (a)      1,363  
  2      PAREXEL International Corp. (a)      138  
     

 

 

 
        2,116  
     

 

 

 


JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

 

SHARES

    

SECURITY DESCRIPTION

   VALUE($)  

 

Common Stocks — continued

  

  

Pharmaceuticals — 2.9%

  

  5      Actavis plc (a)      1,361  
  4      Amphastar Pharmaceuticals, Inc. (a)      53  
  39      Astellas Pharma, Inc., (Japan)      634  
  15      AstraZeneca plc, (United Kingdom)      1,006  
  15      Bayer AG, (Germany)      2,318  
  3      BioDelivery Sciences International, Inc. (a)      31  
  37      Bristol-Myers Squibb Co.      2,412  
  1      Egalet Corp. (a)      9  
  2      Flex Pharma, Inc. (a)      41  
  87      Johnson & Johnson      8,723  
  1      Lannett Co., Inc. (a)      54  
  – (h)       Mallinckrodt plc (a)      35  
  61      Merck & Co., Inc.      3,528  
  31      Nektar Therapeutics (a)      345  
  35      Novartis AG, (Switzerland)      3,491  
  9      Novo Nordisk A/S, (Denmark), Class B      471  
  2      Pacira Pharmaceuticals, Inc. (a)      171  
  2      Perrigo Co. plc, (Ireland)      273  
  171      Pfizer, Inc.      5,946  
  1      Phibro Animal Health Corp., Class A      48  
  4      Prestige Brands Holdings, Inc. (a)      166  
  1      Revance Therapeutics, Inc. (a)      23  
  11      Roche Holding AG, (Switzerland)      2,977  
  5      Sagent Pharmaceuticals, Inc. (a)      111  
  13      Sanofi, (France)      1,278  
  9      Shire plc, (Ireland)      730  
  11      Teva Pharmaceutical Industries Ltd., (Israel), ADR      658  
  11      Valeant Pharmaceuticals International, Inc. (a)      2,188  
  9      Wockhardt Ltd., (India)      269  
  – (h)       ZS Pharma, Inc. (a)      19  
     

 

 

 
        39,369  
     

 

 

 
  

Total Health Care

     102,451  
     

 

 

 

 

          Industrials — 5.7%

  
  

Aerospace & Defense — 1.2%

  

  14      AAR Corp.      417  
  11      Airbus Group N.V., (France)      686  
  1      Curtiss-Wright Corp.      94  
  44      Embraer S.A., (Brazil)      336  
  4      Engility Holdings, Inc.      109  
  8      General Dynamics Corp.      1,063  
  55      Honeywell International, Inc.      5,693  
  2      Huntington Ingalls Industries, Inc.      280  
  2      L-3 Communications Holdings, Inc.      191  
  70      Meggitt plc, (United Kingdom)      566  
  10      Northrop Grumman Corp.      1,626  
  1      Raytheon Co.      109  
  8      TASER International, Inc. (a)      182  
  5      Thales S.A., (France)      296  
  36      United Technologies Corp.      4,181  
     

 

 

 
        15,829  
     

 

 

 
  

Air Freight & Logistics — 0.1%

  

  1      Park-Ohio Holdings Corp.      37  
  204      Sinotrans Ltd., (China), Class H      117  
  25      Yamato Holdings Co., Ltd., (Japan)      581  
     

 

 

 
        735  
     

 

 

 
  

Airlines — 0.8%

  

  366      Air Arabia PJSC, (United Arab Emirates)      141  
  148      Air China Ltd., (China), Class H      151  
  10      Alaska Air Group, Inc.      644  
  266      China Southern Airlines Co., Ltd., (China), Class H      192  
  96      Delta Air Lines, Inc.      4,295  
  22      Japan Airlines Co., Ltd., (Japan)      669  
  13      Southwest Airlines Co.      585  
  100      Turk Hava Yollari AO, (Turkey) (a)      329  
  48      United Continental Holdings, Inc. (a)      3,257  
     

 

 

 
        10,263  
     

 

 

 
  

Building Products — 0.4%

  

  – (h)       Allegion plc, (Ireland)      —   (h) 
  20      Daikin Industries Ltd., (Japan)      1,330  
  43      Fortune Brands Home & Security, Inc.      2,059  
  6      Gibraltar Industries, Inc. (a)      105  
  1      LG Hausys Ltd., (South Korea)      135  
  24      Masco Corp.      630  
  61      Sintex Industries Ltd., (India)      119  
  110      Trakya Cam Sanayi A.S., (Turkey)      124  
  16      Trex Co., Inc. (a)      887  
     

 

 

 
        5,389  
     

 

 

 
  

Commercial Services & Supplies — 0.1%

  

  14      ACCO Brands Corp. (a)      117  
  11      Aggreko plc, (United Kingdom)      250  
  3      Deluxe Corp.      211  
  1      G&K Services, Inc., Class A      76  
  3      KEPCO Plant Service & Engineering Co., Ltd., (South Korea)      286  
  22      Pitney Bowes, Inc.      520  
  9      United Stationers, Inc.      374  
     

 

 

 
        1,834  
     

 

 

 


JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

 

SHARES

    

SECURITY DESCRIPTION

   VALUE($)  

 

Common Stocks — continued

  

  

Construction & Engineering — 0.3%

  

  10      AECOM (a)      293  
  6      Argan, Inc.      222  
  60      China Singyes Solar Technologies Holdings Ltd., (Hong Kong) (a)      82  
  6      EMCOR Group, Inc.      294  
  35      Fluor Corp.      2,015  
  4      Hyundai Development Co-Engineering & Construction, (South Korea)      183  
  35      IRB Infrastructure Developers Ltd., (India)      138  
  11      Jacobs Engineering Group, Inc. (a)      514  
  80      Kajima Corp., (Japan)      371  
     

 

 

 
        4,112  
     

 

 

 
  

Electrical Equipment — 0.4%

  

  27      ABB Ltd., (Switzerland) (a)      567  
  12      Acuity Brands, Inc.      1,979  
  5      Eaton Corp. plc      346  
  3      LS Corp., (South Korea)      136  
  6      Nidec Corp., (Japan)      372  
  5      Polypore International, Inc. (a)      306  
  16      Schneider Electric SE, (France)      1,276  
  296      Shanghai Electric Group Co., Ltd., (China), Class H      196  
     

 

 

 
        5,178  
     

 

 

 
  

Industrial Conglomerates — 0.3%

  

  11      Bidvest Group Ltd. (The), (South Africa)      300  
  24      Carlisle Cos., Inc.      2,202  
  1      Danaher Corp.      42  
  54      Hutchison Whampoa Ltd., (Hong Kong)      749  
  87      KOC Holding A.S., (Turkey)      396  
  2      SK Holdings Co., Ltd., (South Korea)      351  
     

 

 

 
        4,040  
     

 

 

 
  

Machinery — 1.2%

  

  10      Allison Transmission Holdings, Inc.      307  
  1      Blount International, Inc.      17  
  9      Briggs & Stratton Corp.      191  
  8      Cummins, Inc.      1,054  
  33      DMG Mori Seiki Co., Ltd., (Japan)      509  
  12      Douglas Dynamics, Inc.      275  
  14      Dover Corp.      975  
  3      FANUC Corp., (Japan)      633  
  2      Hurco Cos., Inc.      51  
  1      Hyster-Yale Materials Handling, Inc.      48  
  3      IDEX Corp.      243  
  23      Illinois Tool Works, Inc.      2,205  
  7      Ingersoll-Rand plc      466  
  4      Kadant, Inc.      184  
  25      Komatsu Ltd., (Japan)      480  
  49      Kubota Corp., (Japan)      774  
  11      Makita Corp., (Japan)      580  
  42      PACCAR, Inc.      2,631  
  18      Pall Corp.      1,801  
  16      Parker-Hannifin Corp.      1,900  
  3      SMC Corp., (Japan)      744  
  2      SPX Corp.      187  
  – (h)       Watts Water Technologies, Inc., Class A      14  
  105      Weichai Power Co., Ltd., (China), Class H      405  
     

 

 

 
        16,674  
     

 

 

 
  

Marine — 0.1%

  

  4      Kirby Corp. (a)      263  
  9      Matson, Inc.      382  
  83      Mitsui OSK Lines Ltd., (Japan)      281  
  187      Wan Hai Lines Ltd., (Taiwan)      230  
     

 

 

 
        1,156  
     

 

 

 
  

Professional Services — 0.1%

  

  4      Barrett Business Services, Inc.      166  
  1      CRA International, Inc. (a)      22  
  8      Equifax, Inc.      716  
  3      VSE Corp.      217  
     

 

 

 
        1,121  
     

 

 

 
  

Road & Rail — 0.5%

  

  3      ArcBest Corp.      125  
  1      Celadon Group, Inc.      26  
  14      CSX Corp.      471  
  6      East Japan Railway Co., (Japan)      481  
  12      Old Dominion Freight Line, Inc. (a)      910  
  – (h)       PAM Transportation Services, Inc. (a)      9  
  3      Swift Transportation Co. (a)      90  
  41      Union Pacific Corp.      4,409  
  5      USA Truck, Inc. (a)      141  
     

 

 

 
        6,662  
     

 

 

 
  

Trading Companies & Distributors — 0.2%

  

  2      Applied Industrial Technologies, Inc.      96  
  39      HD Supply Holdings, Inc. (a)      1,228  
  11      Rush Enterprises, Inc., Class A (a)      307  
  4      W.W. Grainger, Inc.      825  
  15      Wolseley plc, (Switzerland)      874  
     

 

 

 
        3,330  
     

 

 

 
  

Transportation Infrastructure — 0.0% (g)

  

  14      Airports of Thailand PCL, (Thailand)      119  
  166      Shenzhen Expressway Co., Ltd., (China), Class H      130  
  95      Shenzhen International Holdings Ltd., (Hong Kong)      144  


JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

 

SHARES

    

SECURITY DESCRIPTION

   VALUE($)  

 

Common Stocks — continued

  

  

Transportation Infrastructure — continued

  

  19      TAV Havalimanlari Holding A.S., (Turkey) (a)      155  
  100      Zhejiang Expressway Co., Ltd., (China), Class H      132  
     

 

 

 
        680  
     

 

 

 
  

Total Industrials

     77,003  
     

 

 

 

 

          Information Technology — 9.4%

  
  

Communications Equipment — 0.4%

  

  1      Arista Networks, Inc. (a)      41  
  4      Aruba Networks, Inc. (a)      101  
  33      Brocade Communications Systems, Inc.      393  
  102      BYD Electronic International Co., Ltd., (China)      128  
  22      Ciena Corp. (a)      416  
  35      Cisco Systems, Inc.      958  
  26      Emulex Corp. (a)      205  
  28      Harmonic, Inc. (a)      210  
  8      InterDigital, Inc.      387  
  5      Palo Alto Networks, Inc. (a)      676  
  14      Polycom, Inc. (a)      187  
  19      QUALCOMM, Inc.      1,320  
  6      Ubiquiti Networks, Inc.      172  
     

 

 

 
        5,194  
     

 

 

 
  

Electronic Equipment, Instruments & Components — 0.5%

  

  35      AAC Technologies Holdings, Inc., (China)      216  
  17      Amphenol Corp., Class A      1,008  
  7      Arrow Electronics, Inc. (a)      398  
  6      Benchmark Electronics, Inc. (a)      155  
  3      Coherent, Inc. (a)      175  
  313      Compeq Manufacturing Co., Ltd., (Taiwan)      202  
  89      Hitachi Ltd., (Japan)      608  
  137      Hon Hai Precision Industry Co., Ltd., (Taiwan)      401  
  – (h)       Hon Hai Precision Industry Co., Ltd., (Taiwan), Reg. S, GDR      —   (h) 
  417      Innolux Corp., (Taiwan)      208  
  1      Insight Enterprises, Inc. (a)      27  
  2      Keyence Corp., (Japan)      873  
  5      KH Vatec Co., Ltd., (South Korea)      139  
  3      LG Innotek Co., Ltd., (South Korea)      271  
  8      Partron Co., Ltd., (South Korea)      101  
  199      Samart Corp. PCL, (Thailand)      183  
  4      Sanmina Corp. (a)      103  
  85      Sunny Optical Technology Group Co., Ltd., (China)      154  
  15      TE Connectivity Ltd., (Switzerland)      1,053  
  204      Truly International Holdings Ltd., (Hong Kong)      95  
  3      Vishay Intertechnology, Inc.      38  
  62      Zhen Ding Technology Holding Ltd., (Taiwan)      202  
     

 

 

 
        6,610  
     

 

 

 
  

Internet Software & Services — 1.5%

  

  1      Baidu, Inc., (China), ADR (a)      201  
  18      Bazaarvoice, Inc. (a)      102  
  10      Blucora, Inc. (a)      136  
  4      CoStar Group, Inc. (a)      864  
  21      Dealertrack Technologies, Inc. (a)      806  
  12      Demand Media, Inc. (a)      71  
  32      EarthLink Holdings Corp.      140  
  3      eBay, Inc. (a)      179  
  90      Facebook, Inc., Class A (a)      7,388  
  5      Google, Inc., Class A (a)      2,958  
  11      Google, Inc., Class C (a)      5,775  
  9      Intralinks Holdings, Inc. (a)      96  
  21      Marchex, Inc., Class B      85  
  5      Monster Worldwide, Inc. (a)      33  
  4      NetEase, Inc., (China), ADR      375  
  20      Tencent Holdings Ltd., (China)      378  
  41      Unwired Planet, Inc. (a)      23  
  9      VeriSign, Inc. (a)      583  
  2      WebMD Health Corp. (a)      85  
  16      Yahoo!, Inc. (a)      693  
     

 

 

 
        20,971  
     

 

 

 
  

IT Services — 1.2%

  

  19      Accenture plc, (Ireland), Class A      1,785  
  7      Alliance Data Systems Corp. (a)      1,982  
  5      Amdocs Ltd.      288  
  26      Cognizant Technology Solutions Corp., Class A (a)      1,613  
  1      EVERTEC, Inc., (Puerto Rico)      21  
  12      Fidelity National Information Services, Inc.      786  
  9      Gartner, Inc. (a)      785  
  27      HCL Technologies Ltd., (India)      417  
  2      Heartland Payment Systems, Inc.      82  
  36      Hexaware Technologies Ltd., (India)      182  
  6      Leidos Holdings, Inc.      256  
  8      ManTech International Corp., Class A      263  
  29      MasterCard, Inc., Class A      2,541  
  3      MoneyGram International, Inc. (a)      28  
  10      NeuStar, Inc., Class A (a)      249  
  5      Science Applications International Corp.      268  


JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

 

SHARES

    

SECURITY DESCRIPTION

   VALUE($)  

 

Common Stocks — continued

  

  

IT Services — continued

  

  2      SK C&C Co., Ltd., (South Korea)      363  
  6      Unisys Corp. (a)      134  
  2      Vantiv, Inc., Class A (a)      59  
  22      VeriFone Systems, Inc. (a)      756  
  62      Visa, Inc., Class A      4,055  
     

 

 

 
        16,913  
     

 

 

 
  

Semiconductors & Semiconductor Equipment — 2.1%

  

  321      Advanced Semiconductor Engineering, Inc., (Taiwan)      435  
  9      Analog Devices, Inc.      567  
  50      Applied Materials, Inc.      1,120  
  73      ARM Holdings plc, (United Kingdom)      1,183  
  14      ASML Holding N.V., (Netherlands)      1,410  
  49      Avago Technologies Ltd., (Singapore)      6,202  
  48      Broadcom Corp., Class A      2,070  
  15      Brooks Automation, Inc.      171  
  3      DSP Group, Inc. (a)      31  
  21      Fairchild Semiconductor International, Inc. (a)      389  
  2      First Solar, Inc. (a)      127  
  4      Freescale Semiconductor Ltd. (a)      170  
  238      Inotera Memories, Inc., (Taiwan) (a)      316  
  9      Integrated Device Technology, Inc. (a)      184  
  42      KLA-Tencor Corp.      2,427  
  72      Lam Research Corp.      5,043  
  12      NVIDIA Corp.      259  
  17      NXP Semiconductors N.V., (Netherlands) (a)      1,740  
  2      OmniVision Technologies, Inc. (a)      41  
  – (h)       Photronics, Inc. (a)      1  
  9      PMC-Sierra, Inc. (a)      86  
  5      Qorvo, Inc. (a)      436  
  78      Radiant Opto-Electronics Corp., (Taiwan)      242  
  68      Realtek Semiconductor Corp., (Taiwan)      216  
  11      SK Hynix, Inc., (South Korea)      437  
  4      Skyworks Solutions, Inc.      376  
  48      Taiwan Semiconductor Manufacturing Co., Ltd., (Taiwan), ADR      1,130  
  17      Texas Instruments, Inc.      943  
  18      Ultra Clean Holdings, Inc. (a)      129  
  143      Vanguard International Semiconductor Corp., (Taiwan)      243  
  10      Wonik IPS Co., Ltd., (South Korea) (a)      102  
     

 

 

 
        28,226  
     

 

 

 
  

Software — 1.8%

  

  5      ACI Worldwide, Inc. (a)      116  
  18      Activision Blizzard, Inc.      416  
  31      Adobe Systems, Inc. (a)      2,310  
  13      Aspen Technology, Inc. (a)      514  
  17      AVG Technologies N.V., (Netherlands) (a)      377  
  1      Citrix Systems, Inc. (a)      45  
  1      Com2uSCorp, (South Korea) (a)      215  
  24      Electronic Arts, Inc. (a)      1,411  
  5      EnerNOC, Inc. (a)      58  
  2      Fair Isaac Corp.      202  
  13      Guidewire Software, Inc. (a)      691  
  3      Manhattan Associates, Inc. (a)      151  
  230      Microsoft Corp.      9,355  
  7      Mobileye N.V., (Israel) (a)      286  
  4      NetSuite, Inc. (a)      369  
  97      Oracle Corp.      4,180  
  11      Perfect World Co., Ltd., (China), ADR      207  
  1      Qualys, Inc. (a)      29  
  1      Rally Software Development Corp. (a)      15  
  7      Rovi Corp. (a)      124  
  26      SAP SE, (Germany)      1,861  
  8      ServiceNow, Inc. (a)      648  
  13      Take-Two Interactive Software, Inc. (a)      331  
  4      TeleCommunication Systems, Inc., Class A (a)      13  
  1      Varonis Systems, Inc. (a)      32  
  5      Workday, Inc., Class A (a)      459  
     

 

 

 
        24,415  
     

 

 

 
  

Technology Hardware, Storage & Peripherals — 1.9%

  

  152      Apple, Inc.      18,929  
  33      Asustek Computer, Inc., (Taiwan)      332  
  46      Catcher Technology Co., Ltd., (Taiwan)      481  
  58      Chicony Electronics Co., Ltd., (Taiwan)      162  
  39      Hewlett-Packard Co.      1,212  
  314      Lenovo Group Ltd., (China)      457  
  89      Lite-On Technology Corp., (Taiwan)      115  
  18      Nimble Storage, Inc. (a)      399  
  145      Pegatron Corp., (Taiwan)      391  
  2      Samsung Electronics Co., Ltd., (South Korea)      2,053  
  5      SanDisk Corp.      312  
  108      TCL Communication Technology Holdings Ltd., (China)      109  
  7      Western Digital Corp.      611  
     

 

 

 
        25,563  
     

 

 

 
  

Total Information Technology

     127,892  
     

 

 

 


JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

 

SHARES

    

SECURITY DESCRIPTION

   VALUE($)  

 

Common Stocks — continued

  

 

          Materials — 2.2%

  
  

Chemicals — 1.0%

  

  7      Air Liquide S.A., (France)      945  
  6      Air Products & Chemicals, Inc.      870  
  13      Akzo Nobel N.V., (Netherlands)      969  
  6      Axiall Corp.      299  
  6      Dow Chemical Co. (The)      309  
  20      E.I. du Pont de Nemours & Co.      1,452  
  2      Linde AG, (Germany)      408  
  7      LyondellBasell Industries N.V., Class A      615  
  4      Minerals Technologies, Inc.      316  
  75      Mosaic Co. (The)      3,474  
  8      Nitto Denko Corp., (Japan)      507  
  3      OM Group, Inc.      92  
  7      PPG Industries, Inc.      1,488  
  5      Sherwin-Williams Co. (The)      1,416  
  7      Shin-Etsu Chemical Co., Ltd., (Japan)      444  
     

 

 

 
        13,604  
     

 

 

 
  

Construction Materials — 0.2%

  

  8      Eagle Materials, Inc.      680  
  7      Holcim Ltd., (Switzerland) (a)      491  
  4      Imerys S.A., (France)      309  
  8      Lafarge S.A., (France)      492  
  7      Martin Marietta Materials, Inc.      978  
     

 

 

 
        2,950  
     

 

 

 
  

Containers & Packaging — 0.3%

  

  10      Ball Corp.      699  
  33      Crown Holdings, Inc. (a)      1,794  
  24      Graphic Packaging Holding Co.      353  
  3      Myers Industries, Inc.      54  
  11      Rock-Tenn Co., Class A      733  
  16      Sealed Air Corp.      750  
     

 

 

 
        4,383  
     

 

 

 
  

Metals & Mining — 0.5%

  

  61      Alcoa, Inc.      787  
  1      Ampco-Pittsburgh Corp.      9  
  40      BHP Billiton Ltd., (Australia)      938  
  1      Commercial Metals Co.      15  
  208      Eregli Demir ve Celik Fabrikalari TAS, (Turkey)      323  
  156      Glencore plc, (Switzerland) (a)      658  
  1      Korea Zinc Co., Ltd., (South Korea)      321  
  24      MMC Norilsk Nickel OJSC, (Russia), ADR      432  
  112      Nippon Steel & Sumitomo Metal Corp., (Japan)      282  
  61      Norsk Hydro ASA, (Norway)      322  
  8      Rio Tinto Ltd., (United Kingdom)      332  
  33      Rio Tinto plc, (United Kingdom)      1,356  
  4      Seah Besteel Corp., (South Korea)      111  
  4      SunCoke Energy, Inc.      54  
  42      United States Steel Corp.      1,014  
  7      Worthington Industries, Inc.      176  
     

 

 

 
        7,130  
     

 

 

 
  

Paper & Forest Products — 0.2%

  

  1      Domtar Corp., (Canada)      53  
  10      International Paper Co.      572  
  14      KapStone Paper & Packaging Corp.      447  
  5      Resolute Forest Products, Inc., (Canada) (a)      91  
  24      Stora Enso OYJ, (Finland), Class R      249  
  22      UPM-Kymmene OYJ, (Finland)      430  
     

 

 

 
        1,842  
     

 

 

 
  

Total Materials

     29,909  
     

 

 

 

 

          Telecommunication Services — 0.9%

  
  

Diversified Telecommunication Services — 0.6%

  

  17      AT&T, Inc.      552  
  14      CenturyLink, Inc.      479  
  662      China Telecom Corp., Ltd., (China), Class H      423  
  186      China Unicom Hong Kong Ltd., (Hong Kong)      283  
  3      Consolidated Communications Holdings, Inc.      68  
  3      FairPoint Communications, Inc. (a)      55  
  33      Frontier Communications Corp.      234  
  12      magicJack VocalTec Ltd., (Israel) (a)      82  
  11      Nippon Telegraph & Telephone Corp., (Japan)      673  
  1,809      Telekomunikasi Indonesia Persero Tbk PT, (Indonesia)      399  
  31      Telkom S.A. SOC Ltd., (South Africa) (a)      202  
  77      Verizon Communications, Inc.      3,744  
  26      Vonage Holdings Corp. (a)      128  
     

 

 

 
        7,322  
     

 

 

 
  

Wireless Telecommunication Services — 0.3%

  

  30      China Mobile Ltd., (Hong Kong)      391  
  14      KDDI Corp., (Japan)      319  
  14      MegaFon OAO, (Russia), Reg. S, GDR      226  
  25      Mobile TeleSystems OJSC, (Russia), ADR      254  
  2      SBA Communications Corp., Class A (a)      244  
  2      SK Telecom Co., Ltd., (South Korea)      436  
  11      VimpelCom Ltd., (Netherlands), ADR      56  
  760      Vodafone Group plc, (United Kingdom)      2,488  
     

 

 

 
        4,414  
     

 

 

 
  

Total Telecommunication Services

     11,736  
     

 

 

 


JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

 

SHARES

    

SECURITY DESCRIPTION

   VALUE($)  

 

Common Stocks — continued

  

 

          Utilities — 1.4%

  

  

Electric Utilities — 0.7%

  

  13      American Electric Power Co., Inc.      703  
  50      Cia Energetica de Minas Gerais, (Brazil), ADR      206  
  10      Duke Energy Corp.      791  
  22      Edison International      1,365  
  3      El Paso Electric Co.      115  
  118      Enel S.p.A., (Italy)      535  
  20      Energa S.A., (Poland)      130  
  7      Entergy Corp.      558  
  9      Eversource Energy      450  
  20      Exelon Corp.      670  
  10      Korea Electric Power Corp., (South Korea)      398  
  17      NextEra Energy, Inc.      1,806  
  39      PGE Polska Grupa Energetyczna S.A., (Poland)      215  
  4      Pinnacle West Capital Corp.      258  
  2      PNM Resources, Inc.      64  
  6      Portland General Electric Co.      218  
  31      Xcel Energy, Inc.      1,068  
     

 

 

 
        9,550  
     

 

 

 
  

Gas Utilities — 0.2%

  

  16      AGL Resources, Inc.      810  
  92      ENN Energy Holdings Ltd., (China)      565  
  2      Laclede Group, Inc. (The)      90  
  3      New Jersey Resources Corp.      88  
  2      Piedmont Natural Gas Co., Inc.      62  
  10      Questar Corp.      233  
  1      Southwest Gas Corp.      86  
  14      UGI Corp.      456  
     

 

 

 
        2,390  
     

 

 

 
  

Independent Power & Renewable Electricity Producers — 0.1%

  

  20      Atlantic Power Corp.      55  
  15      Calpine Corp. (a)      341  
  4      Dynegy, Inc. (a)      135  
  370      Huadian Power International Corp., Ltd., (China), Class H      309  
  288      Huaneng Power International, Inc., (China), Class H      342  
  4      Ormat Technologies, Inc.      143  
  7      Vivint Solar, Inc. (a)      90  
     

 

 

 
        1,415  
     

 

 

 
  

Multi-Utilities — 0.4%

  

  21      CenterPoint Energy, Inc.      427  
  65      Centrica plc, (United Kingdom)      242  
  12      CMS Energy Corp.      421  
  23      E.ON SE, (Germany)      341  
  32      National Grid plc, (United Kingdom)      413  
  8      NiSource, Inc.      371  
  6      NorthWestern Corp.      316  
  28      PG&E Corp.      1,474  
  20      Public Service Enterprise Group, Inc.      841  
  8      Sempra Energy      818  
  12      Suez Environnement Co., (France)      202  
     

 

 

 
        5,866  
     

 

 

 
  

Water Utilities — 0.0% (g)

  

  19      Pennon Group plc, (United Kingdom)      238  
     

 

 

 
  

Total Utilities

     19,459  
     

 

 

 
  

Total Common Stocks (Cost $550,945)

     709,825  
     

 

 

 

 

Preferred Stocks — 0.2%

  

 

          Consumer Discretionary — 0.1%

  

  

Automobiles — 0.1%

  

  5      Volkswagen AG, (Preference Shares), (Germany)      1,240  
     

 

 

 

 

          Consumer Staples — 0.1%

  

  

Household Products — 0.1%

  

  12      Henkel AG & Co. KGaA, (Germany)      1,425  
     

 

 

 

 

          Financials — 0.0% (g)

  

  

Banks — 0.0% (g)

  

  18      Banco do Estado do Rio Grande do Sul S.A., (Brazil), Class B      61  
     

 

 

 

 

          Industrials — 0.0% (g)

  

  

Machinery — 0.0% (g)

  

  6      Randon Participacoes S.A., (Brazil)      7  
     

 

 

 
  

Total Preferred Stocks

(Cost $1,537)

     2,733  
     

 

 

 

PRINCIPAL
AMOUNT($)

             

 

Asset-Backed Securities — 3.5%

  
   ACE Securities Corp. Home Equity Loan Trust,   
  273      Series 2004-HE3, Class M3, VAR, 1.254%, 11/25/34      244  
  185      Series 2005-HE7, Class A1B2, VAR, 0.474%, 11/25/35      175  
  141      Series 2005-SD1, Class M1, VAR, 0.924%, 11/25/50      141  
  185      Series 2006-SD1, Class A1B, VAR, 0.524%, 02/25/36      185  


JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

 

PRINCIPAL
AMOUNT($)

    

SECURITY DESCRIPTION

   VALUE($)  

 

Asset-Backed Securities — continued

  

   Ally Auto Receivables Trust,   
  54      Series 2013-1, Class A3, 0.630%, 05/15/17      54  
  115      Series 2013-2, Class A3, 0.790%, 01/15/18      115  
  28      Series 2013-SN1, Class A3, 0.720%, 05/20/16      28  
  76      Series 2015-SN1, Class A3, 1.210%, 03/20/17      76  
  257      American Express Credit Account Master Trust, Series 2014-2, Class A, 1.260%, 01/15/20      258  
   AmeriCredit Automobile Receivables Trust,   
  22      Series 2013-1, Class A3, 0.610%, 10/10/17      22  
  118      Series 2013-5, Class A3, 0.900%, 09/10/18      118  
   Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates,   
  334      Series 2002-2, Class M3, VAR, 2.829%, 08/25/32      331  
  590      Series 2003-9, Class M2, VAR, 3.024%, 09/25/33      559  
  722      Series 2004-R1, Class M1, VAR, 0.969%, 02/25/34      652  
  338      Series 2004-R1, Class M6, VAR, 2.244%, 02/25/34      277  
   Argent Securities, Inc. Asset-Backed Pass-Through Certificates,   
  1,019      Series 2003-W9, Class M2, VAR, 2.754%, 01/25/34      979  
  136      Series 2004-W3, Class A3, VAR, 0.994%, 02/25/34      122  
  210      Series 2004-W3, Class M3, VAR, 2.874%, 02/25/34      177  
  418      Series 2004-W4, Class A, VAR, 0.694%, 03/25/34      385  
  244      Series 2004-W6, Class M4, VAR, 3.024%, 05/25/34      209  
  89      Bayview Financial Mortgage Pass-Through Trust, Series 2006-A, Class 2A4, VAR, 0.478%, 02/28/41      88  
   Bear Stearns Asset Backed Securities Trust,   
  621      Series 2003-SD2, Class 3A, VAR, 4.505%, 06/25/43      626  
  380      Series 2004-2, Class M1, VAR, 1.374%, 08/25/34      343  
  216      BMW Vehicle Lease Trust, Series 2014-1, Class A3, 0.730%, 02/21/17      216  
  115      BMW Vehicle Owner Trust, Series 2013-A, Class A3, 0.670%, 11/27/17      115  
   CarMax Auto Owner Trust,   
  92      Series 2013-4, Class A3, 0.800%, 07/16/18      92  
  303      Series 2014-2, Class A3, 0.980%, 01/15/19      303  
   CDC Mortgage Capital Trust,   
  532      Series 2003-HE1, Class M1, VAR, 1.524%, 08/25/33      504  
  17      Series 2003-HE3, Class M2, VAR, 2.799%, 11/25/33      15  
  412      Centex Home Equity Loan Trust, Series 2005-A, Class M1, VAR, 0.654%, 01/25/35      380  
  441      CHEC Loan Trust, Series 2004-2, Class M3, VAR, 1.424%, 04/25/34      354  
   Citibank Credit Card Issuance Trust,   
  150      Series 2007-A8, Class A8, 5.650%, 09/20/19      166  
  200      Series 2014-A8, Class A8, 1.730%, 04/09/20      202  
   CNH Equipment Trust,   
  49      Series 2012-D, Class A3, 0.650%, 04/16/18      49  
  75      Series 2013-A, Class A3, 0.690%, 06/15/18      75  
  65      Series 2013-C, Class A3, 1.020%, 08/15/18      65  
  214      Series 2013-D, Class A3, 0.770%, 10/15/18      214  
  193      Series 2014-A, Class A3, 0.840%, 05/15/19      193  
  300      Series 2014-B, Class A3, 0.910%, 05/15/19      300  
   CPS Auto Receivables Trust,   
  67      Series 2013-D, Class A, 1.540%, 07/16/18 (e)      67  
  87      Series 2014-B, Class A, 1.110%, 11/15/18 (e)      87  
   Credit Suisse First Boston Mortgage Securities Corp.,   
  34      Series 2002-HE4, Class AF, SUB, 5.510%, 08/25/32      37  
  19      Series 2004-CF2, Class 1A2, SUB, 5.150%, 01/25/43 (e)      19  
   Credit-Based Asset Servicing and Securitization LLC,   
  341      Series 2003-CB5, Class M2, VAR, 2.649%, 11/25/33      326  
  408      Series 2004-CB5, Class M1, VAR, 1.089%, 01/25/34      380  
  279      Series 2004-CB6, Class M3, VAR, 2.274%, 07/25/35          262  


JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

 

PRINCIPAL
AMOUNT($)

    

SECURITY DESCRIPTION

   VALUE($)  

 

Asset-Backed Securities — continued

  

  19      Series 2005-CB4, Class AF4, SUB, 4.737%, 07/25/35      19  
  158      Series 2005-CB5, Class AF2, SUB, 4.241%, 08/25/35      159  
   CWABS, Inc. Asset-Backed Certificates,   
  424      Series 2003-5, Class MF2, VAR, 5.591%, 11/25/33      375  
  458      Series 2003-BC1, Class A1, VAR, 0.974%, 03/25/33      421  
  909      Series 2003-BC6, Class M2, VAR, 1.899%, 10/25/33      833  
  1,175      Series 2004-1, Class M1, VAR, 0.924%, 03/25/34      1,120  
  568      Series 2004-5, Class M3, VAR, 1.899%, 07/25/34      523  
  261      Series 2004-6, Class 1A1, VAR, 0.714%, 12/25/34      247  
  500      Series 2004-6, Class M2, VAR, 1.149%, 10/25/34      466  
  445      Series 2004-BC1, Class M3, VAR, 2.274%, 10/25/33      370  
  785      Series 2004-SD2, Class M1, VAR, 0.794%, 06/25/33 (e)      757  
  1,014      Equity One Mortgage Pass-Through Trust, Series 2003-1, Class M1, VAR, 4.860%, 08/25/33      1,007  
   Exeter Automobile Receivables Trust,   
  46      Series 2014-1A, Class A, 1.290%, 05/15/18 (e)      47  
  28      Series 2014-2A, Class A, 1.060%, 08/15/18 (e)      28  
  125      Series 2015-1A, Class A, 1.600%, 06/17/19 (e)      125  
   Fifth Third Auto Trust,   
  128      Series 2013-1, Class A3, 0.880%, 10/16/17      128  
  93      Series 2013-A, Class A3, 0.610%, 09/15/17      93  
   First Franklin Mortgage Loan Trust,   
  617      Series 2005-FF10, Class A4, VAR, 0.494%, 11/25/35      605  
  416      Series 2006-FF8, Class IIA3, VAR, 0.324%, 07/25/36      395  
  138      Flagship Credit Auto Trust, Series 2015-1, Class A, 1.630%, 06/15/20 (e)      138  
   Ford Credit Auto Lease Trust,   
  67      Series 2013-B, Class A3, 0.760%, 09/15/16      67  
  139      Series 2014-B, Class A3, 0.890%, 09/15/17      139  
   Ford Credit Auto Owner Trust,   
  48      Series 2013-B, Class A3, 0.570%, 10/15/17      48  
  85      Series 2013-C, Class A3, 0.820%, 12/15/17      85  
  154      Series 2013-D, Class A3, 0.670%, 04/15/18      154  
  178      Series 2014-B, Class A3, 0.900%, 10/15/18      178  
  79      Series 2015-A, Class A3, 1.280%, 09/15/19      79  
   Fremont Home Loan Trust,   
  177      Series 2003-B, Class M2, VAR, 2.604%, 12/25/33      172  
  132      Series 2005-D, Class 2A3, VAR, 0.424%, 11/25/35      131  
  107      GM Financial Automobile Leasing Trust, Series 2015-1, Class A3, 1.530%, 09/20/18      107  
   GSAMP Trust,   
  1,078      Series 2004-AR1, Class M1, VAR, 1.149%, 06/25/34      1,026  
  359      Series 2005-SEA2, Class A1, VAR, 0.524%, 01/25/45 (e)      352  
  179      HLSS Servicer Advance Receivables Backed Notes, Series 2013-T7, Class AT7, 1.981%, 11/15/46 (e)      177  
   Home Equity Asset Trust,   
  131      Series 2003-1, Class M1, VAR, 1.674%, 06/25/33      125  
  94      Series 2004-6, Class M2, VAR, 1.074%, 12/25/34      80  
  510      Series 2005-7, Class 2A4, VAR, 0.554%, 01/25/36      507  
  366      Home Equity Mortgage Loan Asset-Backed Trust, Series 2004-B, Class M3, VAR, 1.374%, 11/25/34      340  
   Honda Auto Receivables Owner Trust,   
  39      Series 2012-1, Class A4, 0.970%, 04/16/18      39  
  61      Series 2013-1, Class A3, 0.480%, 11/21/16      61  
  46      Series 2013-2, Class A3, 0.530%, 02/16/17      46  
  153      Series 2013-4, Class A3, 0.690%, 09/18/17      153  
  291      Series 2014-1, Class A3, 0.670%, 11/21/17      290  
  248      Series 2014-2, Class A3, 0.770%, 03/19/18      248  
  37      Huntington Auto Trust, Series 2012-2, Class A3, 0.510%, 04/17/17          37  


JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

 

PRINCIPAL
AMOUNT($)

    

SECURITY DESCRIPTION

   VALUE($)  

 

Asset-Backed Securities — continued

  

   Hyundai Auto Receivables Trust,   
  128      Series 2013-A, Class A3, 0.560%, 07/17/17      128  
  91      Series 2013-B, Class A3, 0.710%, 09/15/17      91  
  112      Series 2014-A, Class A3, 0.790%, 07/16/18      112  
  253      Series 2014-B, Class A3, 0.900%, 12/17/18      253  
  80      John Deere Owner Trust, Series 2013-A, Class A3, 0.600%, 03/15/17      80  
   Long Beach Mortgage Loan Trust,   
  713      Series 2001-2, Class M1, VAR, 1.014%, 07/25/31      658  
  187      Series 2003-4, Class M2, VAR, 2.799%, 08/25/33      180  
  328      Series 2004-1, Class M3, VAR, 1.224%, 02/25/34      314  
   MASTR Asset-Backed Securities Trust,   
  263      Series 2002-OPT1, Class M3, VAR, 3.699%, 11/25/32      265  
  96      Series 2004-OPT1, Class M2, VAR, 1.824%, 02/25/34      79  
  8      Mercedes-Benz Auto Lease Trust, Series 2013-A, Class A3, 0.590%, 02/15/16      8  
  79      Mercedes-Benz Auto Receivables Trust, Series 2013-1, Class A3, 0.780%, 08/15/17      79  
   Merrill Lynch Mortgage Investors Trust,   
  753      Series 2002-NC1, Class M1, VAR, 1.224%, 05/25/33      712  
  253      Series 2003-OPT1, Class M1, VAR, 1.149%, 07/25/34      231  
  585      Series 2005-FM1, Class M1, VAR, 0.654%, 05/25/36      530  
  775      Series 2005-NC1, Class M2, VAR, 1.254%, 10/25/35      684  
   Morgan Stanley ABS Capital I, Inc. Trust,   
  1,000      Series 2004-HE6, Class M1, VAR, 0.999%, 08/25/34      931  
  360      Series 2004-NC2, Class M2, VAR, 1.974%, 12/25/33      326  
  535      Series 2005-HE1, Class M3, VAR, 0.954%, 12/25/34      441  
  219      Series 2005-HE1, Class M4, VAR, 1.254%, 12/25/34      176  
  599      Series 2005-WMC1, Class M2, VAR, 0.909%, 01/25/35      583  
  375      Morgan Stanley Dean Witter Capital I, Inc. Trust, Series 2002-AM3, Class M1, VAR, 1.599%, 02/25/33      338  
   New Century Home Equity Loan Trust,   
  672      Series 2003-6, Class M1, VAR, 1.254%, 01/25/34      625  
  250      Series 2005-1, Class M1, VAR, 0.849%, 03/25/35      237  
   Nissan Auto Lease Trust,   
  41      Series 2013-B, Class A3, 0.750%, 06/15/16      41  
  117      Series 2014-A, Class A3, 0.800%, 02/15/17      117  
   Nissan Auto Receivables Owner Trust,   
  83      Series 2012-A, Class A4, 1.000%, 07/16/18      83  
  52      Series 2013-A, Class A3, 0.500%, 05/15/17      52  
  180      Series 2013-C, Class A3, 0.670%, 08/15/18      180  
  160      Series 2014-A, Class A3, 0.720%, 08/15/18      160  
  383      NovaStar Mortgage Funding Trust, Series 2003-2, Class M2, VAR, 2.949%, 09/25/33      350  
   Option One Mortgage Acceptance Corp. Asset-Backed Certificates,   
  464      Series 2003-2, Class M1, VAR, 1.149%, 04/25/33      402  
  285      Series 2003-4, Class M1, VAR, 1.194%, 07/25/33      252  
  535      Series 2003-5, Class A3, VAR, 1.074%, 08/25/33      510  
   Option One Mortgage Loan Trust,   
  84      Series 2003-1, Class M2, VAR, 3.099%, 02/25/33      78  
  1,006      Series 2004-2, Class M2, VAR, 1.749%, 05/25/34      798  
  104      Park Place Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2004-MCW1, Class M1, VAR, 1.111%, 10/25/34      103  
   RAMP Trust,   
  90      Series 2004-RS4, Class AI6, VAR, 5.072%, 04/25/34      92  
  629      Series 2004-RS9, Class MII1, VAR, 1.149%, 09/25/34      592  
   RASC Trust,   
  1,148      Series 2001-KS3, Class AII, VAR, 0.634%, 09/25/31      1,068  
  159      Series 2003-KS4, Class AI6, VAR, 3.870%, 05/25/33      162  
  558      Series 2005-KS2, Class M1, VAR, 0.819%, 03/25/35          508  


JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

 

PRINCIPAL
AMOUNT($)

    

SECURITY DESCRIPTION

   VALUE($)  

 

Asset-Backed Securities — continued

  

   Renaissance Home Equity Loan Trust,   
  925      Series 2003-2, Class A, VAR, 1.054%, 08/25/33      869  
  1,853      Series 2003-2, Class M1, VAR, 1.411%, 08/25/33      1,701  
  899      Series 2003-3, Class A, VAR, 0.674%, 12/25/33      875  
  479      Series 2005-4, Class A3, SUB, 5.565%, 02/25/36      468  
  22      Santander Drive Auto Receivables Trust, Series 2013-1, Class A3, 0.620%, 06/15/17      22  
   Saxon Asset Securities Trust,   
  147      Series 2000-2, Class MF2, VAR, 8.845%, 07/25/30      146  
  35      Series 2003-1, Class AF6, SUB, 4.795%, 06/25/33      35  
  507      Series 2003-2, Class M2, VAR, 2.799%, 06/25/33      436  
  718      Series 2003-3, Class M1, VAR, 1.149%, 12/25/33      675  
  246      Series 2004-2, Class MV2, VAR, 1.974%, 08/25/35      233  
  9      Soundview Home Loan Trust, Series 2006-WF1, Class A2, SUB, 5.645%, 10/25/36      9  
  597      Specialty Underwriting & Residential Finance Trust, Series 2003-BC4, Class M1, VAR, 1.074%, 11/25/34      553  
   Structured Asset Investment Loan Trust,   
  270      Series 2003-BC3, Class M1, VAR, 1.599%, 04/25/33      264  
  1,095      Series 2003-BC11, Class M1, VAR, 1.149%, 10/25/33      1,057  
  1,382      Series 2004-6, Class M2, VAR, 2.124%, 07/25/34      1,254  
  226      Series 2004-7, Class M1, VAR, 1.224%, 08/25/34      214  
  448      Series 2004-7, Class M2, VAR, 1.299%, 08/25/34      391  
  421      Series 2004-8, Class M2, VAR, 1.104%, 09/25/34      373  
  190      Structured Asset Securities Corp. Trust, Series 2005-SC1, Class 1A1, VAR, 0.444%, 05/25/31 (e)      110  
   Toyota Auto Receivables Owner Trust,   
  22      Series 2013-A, Class A3, 0.550%, 01/17/17      21  
  249      Series 2014-A, Class A3, 0.670%, 12/15/17      249  
  154      USAA Auto Owner Trust, Series 2014-1, Class A3, 0.580%, 12/15/17      154  
  89      Volkswagen Auto Lease Trust, Series 2015-A, Class A3, 1.250%, 12/20/17          89  
   Volkswagen Auto Loan Enhanced Trust,   
  37      Series 2012-2, Class A3, 0.460%, 01/20/17      37  
  217      Series 2013-2, Class A3, 0.700%, 04/20/18      217  
  113      VOLT XXII LLC, Series 2015-NPL4, Class A1, SUB, 3.500%, 02/25/55 (e)      113  
  250      VOLT XXXIII LLC, Series 2015-NPL5, Class A1, SUB, 3.500%, 03/25/55 (e)      250  
  205      Wells Fargo Home Equity Asset-Backed Securities Trust, Series 2004-2, Class M8A, VAR, 3.174%, 10/25/34 (e)      194  
  52      World Omni Auto Receivables Trust, Series 2015-A, Class A3, 1.340%, 05/15/20      52  
     

 

 

 
  

Total Asset-Backed Securities

(Cost $46,479)

     47,752  
     

 

 

 

 

Collateralized Mortgage Obligations — 6.4%

  
  

Agency CMO — 5.1%

  

  88      Federal Home Loan Bank, Series TQ-2015, Class A, 5.065%, 10/20/15      90  
  198      Federal Home Loan Mortgage Corp. - Government National Mortgage Association, Series 31, Class Z, 8.000%, 04/25/24      230  
   Federal Home Loan Mortgage Corp. REMIC,   
  4      Series 50, Class I, 8.000%, 06/15/20      4  
  4      Series 1087, Class I, 8.500%, 06/15/21      4  
  3      Series 1136, Class H, 6.000%, 09/15/21      3  
  76      Series 1617, Class PM, 6.500%, 11/15/23      87  
  69      Series 1710, Class GH, 8.000%, 04/15/24      79  
  49      Series 1732, Class K, 6.500%, 05/15/24      56  
  66      Series 1843, Class Z, 7.000%, 04/15/26      73  
  76      Series 2033, Class K, 6.050%, 08/15/23      84  
  1,592      Series 2097, Class PD, 8.000%, 11/15/28      1,857  
  174      Series 2378, Class BD, 5.500%, 11/15/31      196  
  8      Series 2391, Class QR, 5.500%, 12/15/16      8  
  25      Series 2394, Class MC, 6.000%, 12/15/16      25  
  34      Series 2405, Class JF, 6.000%, 01/15/17      36  
  20      Series 2425, Class OB, 6.000%, 03/15/17      20  
  138      Series 2455, Class GK, 6.500%, 05/15/32      162  
  36      Series 2457, Class PE, 6.500%, 06/15/32      42  
  96      Series 2473, Class JZ, 6.500%, 07/15/32          111  


JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

 

PRINCIPAL
AMOUNT($)

    

SECURITY DESCRIPTION

   VALUE($)  

 

Collateralized Mortgage Obligations — continued    

  

  

Agency CMO — continued

  

  6      Series 2503, Class TG, 5.500%, 09/15/17      6  
  7      Series 2508, Class AQ, 5.500%, 10/15/17      7  
  42      Series 2527, Class BP, 5.000%, 11/15/17      44  
  25      Series 2531, Class HN, 5.000%, 12/15/17      26  
  21      Series 2538, Class CB, 5.000%, 12/15/17      22  
  120      Series 2564, Class NK, 5.000%, 02/15/18      126  
  157      Series 2575, Class PE, 5.500%, 02/15/33      177  
  370      Series 2586, Class WG, 4.000%, 03/15/33      393  
  67      Series 2594, Class OL, 5.000%, 04/15/18      70  
  71      Series 2595, Class HO, 4.500%, 03/15/23      74  
  83      Series 2627, Class KM, 4.500%, 06/15/18      87  
  118      Series 2636, Class Z, 4.500%, 06/15/18      124  
  69      Series 2651, Class VZ, 4.500%, 07/15/18      72  
  670      Series 2682, Class LD, 4.500%, 10/15/33      733  
  158      Series 2685, Class DT, 5.000%, 10/15/23      172  
  54      Series 2686, Class GC, 5.000%, 10/15/23      59  
  220      Series 2699, Class TC, 4.000%, 11/15/18      230  
  182      Series 2715, Class NG, 4.500%, 12/15/18      191  
  16      Series 2727, Class PE, 4.500%, 07/15/32      16  
  88      Series 2744, Class TU, 5.500%, 05/15/32      91  
  81      Series 2756, Class NA, 5.000%, 02/15/24      87  
  13      Series 2760, Class PD, 5.000%, 12/15/32      13  
  75      Series 2764, Class OE, 4.500%, 03/15/19      79  
  200      Series 2764, Class UG, 5.000%, 03/15/34      227  
  57      Series 2773, Class CD, 4.500%, 04/15/24      61  
  6      Series 2780, Class JA, 4.500%, 04/15/19      6  
  6      Series 2780, Class JG, 4.500%, 04/15/19      6  
  108      Series 2783, Class AT, 4.000%, 04/15/19      112  
  35      Series 2809, Class UC, 4.000%, 06/15/19      37  
  101      Series 2852, Class NY, 5.000%, 09/15/33      103  
  264      Series 2864, Class NB, 5.500%, 07/15/33      281  
  138      Series 2877, Class AD, 4.000%, 10/15/19      145  
  238      Series 2901, Class KB, 5.000%, 12/15/34      264  
  148      Series 2910, Class BE, 4.500%, 12/15/19      155  
  531      Series 2912, Class EH, 5.500%, 01/15/35      611  
  33      Series 2922, Class GA, 5.500%, 05/15/34      35  
  157      Series 2950, Class KZ, 4.500%, 03/15/20      169  
  500      Series 2960, Class JH, 5.500%, 04/15/35      561  
  118      Series 2988, Class TY, 5.500%, 06/15/25      131  
  77      Series 2989, Class TG, 5.000%, 06/15/25      84  
  2      Series 3000, Class PB, 3.900%, 01/15/23      2  
  300      Series 3017, Class ML, 5.000%, 08/15/35      345  
  250      Series 3028, Class ME, 5.000%, 02/15/34      257  
  69      Series 3031, Class AG, 5.000%, 02/15/34      70  
  33      Series 3036, Class ND, 5.000%, 05/15/34      34  
  32      Series 3064, Class OG, 5.500%, 06/15/34      34  
  43      Series 3077, Class TO, PO, 04/15/35      40  
  55      Series 3078, Class PD, 5.500%, 07/15/34      56  
  16      Series 3098, Class PE, 5.000%, 06/15/34      16  
  203      Series 3102, Class CE, 5.500%, 01/15/26      226  
  85      Series 3116, Class PD, 5.000%, 10/15/34      87  
  58      Series 3121, Class JD, 5.500%, 03/15/26      65  
  110      Series 3151, Class UC, 5.500%, 08/15/35      117  
  19      Series 3200, Class PO, PO, 08/15/36      17  
  66      Series 3212, Class BK, 5.500%, 09/15/36      74  
  151      Series 3213, Class PE, 6.000%, 09/15/36      171  
  75      Series 3279, Class PE, 5.500%, 02/15/37      84  
  150      Series 3349, Class DP, 6.000%, 09/15/36      159  
  250      Series 3405, Class PE, 5.000%, 01/15/38      278  
  100      Series 3523, Class EX, 5.000%, 04/15/39      113  
  292      Series 3532, Class EB, 4.000%, 05/15/24          312  


JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

 

PRINCIPAL
AMOUNT($)

    

SECURITY DESCRIPTION

   VALUE($)  

 

Collateralized Mortgage Obligations — continued

  

  

Agency CMO — continued

  

  100      Series 3534, Class MB, 4.000%, 05/15/24      110  
  225      Series 3553, Class PG, 5.500%, 07/15/39      253  
  187      Series 3564, Class NB, 5.000%, 08/15/39      213  
  214      Series 3622, Class TA, 5.500%, 10/15/26      220  
  105      Series 3622, Class WA, 5.500%, 09/15/39      122  
  158      Series 3653, Class HJ, 5.000%, 04/15/40      176  
  289      Series 3662, Class PJ, 5.000%, 04/15/40      321  
  352      Series 3662, Class QB, 5.000%, 03/15/38      391  
  200      Series 3677, Class KB, 4.500%, 05/15/40      219  
  190      Series 3680, Class LC, 4.500%, 06/15/40      199  
  106      Series 3688, Class GT, VAR, 7.196%, 11/15/46      126  
  250      Series 3710, Class GB, 4.000%, 08/15/25      266  
  99      Series 3747, Class HI, IO, 4.500%, 07/15/37      7  
  615      Series 3747, Class HX, 4.500%, 11/15/39      685  
  250      Series 3748, Class D, 4.000%, 11/15/39      269  
  114      Series 3755, Class MU, 4.000%, 11/15/30      121  
  220      Series 3768, Class MB, 4.000%, 12/15/39      235  
  400      Series 3787, Class AY, 3.500%, 01/15/26      422  
  150      Series 3795, Class PD, 4.500%, 01/15/40      169  
  391      Series 3816, Class HA, 3.500%, 11/15/25      418  
  683      Series 3827, Class BM, 5.500%, 08/15/39      747  
  653      Series 3828, Class EM, 4.500%, 06/15/39      730  
  65      Series 3842, Class PH, 4.000%, 04/15/41      70  
  400      Series 3845, Class QY, 4.000%, 04/15/26      450  
  133      Series 3852, Class TP, IF, 5.500%, 05/15/41      147  
  350      Series 3859, Class JB, 5.000%, 05/15/41      385  
  300      Series 3874, Class DW, 3.500%, 06/15/21      323  
  703      Series 3893, Class PU, 4.000%, 07/15/41      762  
  329      Series 3898, Class KH, 3.500%, 06/15/26      351  
  97      Series 3902, Class MA, 4.500%, 07/15/39      104  
  110      Series 3910, Class CT, 4.000%, 12/15/39      120  
  350      Series 3911, Class B, 3.500%, 08/15/26      378  
  269      Series 3959, Class PB, 3.000%, 11/15/26      275  
  175      Series 3962, Class KD, 3.000%, 10/15/26      181  
  800      Series 3963, Class JB, 4.500%, 11/15/41      924  
  800      Series 3989, Class JW, 3.500%, 01/15/42      840  
  536      Series 4026, Class MQ, 4.000%, 04/15/42      574  
  400      Series 4048, Class CE, 4.000%, 05/15/42      453  
  320      Series 4068, Class PE, 3.000%, 06/15/42      322  
  120      Series 4119, Class KE, 1.750%, 10/15/32      115  
  391      Series 4203, Class BN, 3.000%, 04/15/33      402  
  539      Series 4217, Class F, VAR, 0.525%, 06/15/43      537  
  307      Series 4219, Class JA, 3.500%, 08/15/39      325  
  550      Series 4238, Class UY, 3.000%, 08/15/33      560  
  347      Series 4337, Class VJ, 3.500%, 06/15/27      372  
   Federal Home Loan Mortgage Corp. STRIPS,   
  252      Series 279, Class F6, VAR, 0.625%, 09/15/42      253  
  428      Series 284, Class 300, 3.000%, 10/15/42      436  
  120      Federal Home Loan Mortgage Corp. Structured Pass-Through Securities, Series T-54, Class 2A, 6.500%, 02/25/43      143  
   Federal National Mortgage Association - ACES,   
  260      Series 2011-M2, Class A2, 3.645%, 04/25/21      280  
  400      Series 2011-M4, Class A2, 3.726%, 06/25/21      438  
  188      Series 2013-M7, Class A2, 2.280%, 12/27/22      189  
  412      Series 2013-M13, Class A2, VAR, 2.372%, 04/25/23      419  
  500      Series 2014-M1, Class A2, VAR, 3.369%, 07/25/23      533  
  355      Series 2014-M2, Class A2, VAR, 3.513%, 12/25/23      384  
  400      Series 2014-M3, Class A2, VAR, 3.476%, 01/25/24      434  
  550      Series 2014-M4, Class A2, VAR, 3.346%, 03/25/24      588  
  43      Series 2014-M5, Class FA, VAR, 0.483%, 01/25/17          43  


JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

 

PRINCIPAL
AMOUNT($)

    

SECURITY DESCRIPTION

   VALUE($)  

 

Collateralized Mortgage Obligations — continued

  

  

Agency CMO — continued

  

  72      Series 2014-M6, Class FA, VAR, 0.442%, 12/25/17      72  
  410      Series 2014-M9, Class A2, VAR, 3.103%, 07/25/24      432  
  800      Series 2014-M12, Class ASV2, VAR, 2.614%, 10/25/21      825  
  255      Series 2014-M13, Class A2, VAR, 3.021%, 08/25/24      264  
  556      Series 2015-M1, Class A2, 2.532%, 09/25/24      559  
  800      Series 2015-M3, Class A2, 2.723%, 10/25/24      814  
   Federal National Mortgage Association REMIC,   
  4      Series 1990-7, Class B, 8.500%, 01/25/20      5  
  1      Series 1990-35, Class E, 9.500%, 04/25/20      2  
  4      Series 1990-76, Class G, 7.000%, 07/25/20      5  
  17      Series 1990-106, Class J, 8.500%, 09/25/20      18  
  2      Series 1991-73, Class A, 8.000%, 07/25/21      3  
  47      Series 1992-112, Class GB, 7.000%, 07/25/22      53  
  19      Series 1992-195, Class C, 7.500%, 10/25/22      21  
  76      Series 1998-37, Class VZ, 6.000%, 06/17/28      86  
  161      Series 1998-66, Class B, 6.500%, 12/25/28      175  
  70      Series 2002-16, Class XU, 5.500%, 04/25/17      71  
  23      Series 2002-19, Class PE, 6.000%, 04/25/17      24  
  63      Series 2002-24, Class AJ, 6.000%, 04/25/17      65  
  130      Series 2002-55, Class PG, 5.500%, 09/25/32      142  
  221      Series 2002-55, Class QE, 5.500%, 09/25/17      229  
  13      Series 2002-63, Class KC, 5.000%, 10/25/17      13  
  32      Series 2002-63, Class LB, 5.500%, 10/25/17      33  
  128      Series 2002-82, Class PE, 6.000%, 12/25/32      143  
  30      Series 2003-21, Class OU, 5.500%, 03/25/33      34  
  246      Series 2003-29, Class BY, 5.500%, 04/25/33      279  
  19      Series 2003-33, Class AC, 4.250%, 03/25/33      19  
  365      Series 2003-48, Class GH, 5.500%, 06/25/33      415  
  33      Series 2003-58, Class AD, 3.250%, 07/25/33      34  
  17      Series 2003-63, Class PE, 3.500%, 07/25/33      18  
  150      Series 2003-67, Class KE, 5.000%, 07/25/33      166  
  113      Series 2003-78, Class B, 5.000%, 08/25/23      123  
  155      Series 2003-81, Class LC, 4.500%, 09/25/18      162  
  113      Series 2003-83, Class PG, 5.000%, 06/25/23      119  
  57      Series 2003-110, Class WA, 4.000%, 08/25/33      59  
  14      Series 2003-122, Class TE, 5.000%, 12/25/22      14  
  709      Series 2003-131, Class CH, 5.500%, 01/25/34      796  
  218      Series 2004-36, Class PC, 5.500%, 02/25/34      230  
  100      Series 2004-92, Class TB, 5.500%, 12/25/34      116  
  103      Series 2005-5, Class CK, 5.000%, 01/25/35      111  
  47      Series 2005-18, Class EG, 5.000%, 03/25/25      51  
  12      Series 2005-23, Class TG, 5.000%, 04/25/35      13  
  83      Series 2005-29, Class WC, 4.750%, 04/25/35      91  
  238      Series 2005-38, Class TB, 6.000%, 11/25/34      257  
  108      Series 2005-58, Class EP, 5.500%, 07/25/35      119  
  112      Series 2005-68, Class BC, 5.250%, 06/25/35      121  
  665      Series 2005-70, Class KP, 5.000%, 06/25/35      736  
  551      Series 2005-104, Class UE, 5.500%, 12/25/35      634  
  54      Series 2006-45, Class NW, 5.500%, 01/25/35      55  
  78      Series 2007-13, Class H, 5.500%, 03/25/37      88  
  400      Series 2007-61, Class PE, 5.500%, 07/25/37      451  
  59      Series 2007-65, Class KI, IF, IO, 6.446%, 07/25/37          10  


JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

 

PRINCIPAL
AMOUNT($)

    

SECURITY DESCRIPTION

   VALUE($)  

 

Collateralized Mortgage Obligations — continued

  

  

Agency CMO — continued

  

  225      Series 2008-61, Class GB, 5.500%, 07/25/38      252  
  221      Series 2008-65, Class CD, 4.500%, 08/25/23      233  
  147      Series 2009-15, Class AC, 5.500%, 03/25/29      165  
  143      Series 2009-19, Class TD, 5.000%, 08/25/36      157  
  53      Series 2009-22, Class EG, 5.000%, 07/25/35      57  
  37      Series 2009-37, Class KI, IF, IO, 5.826%, 06/25/39      5  
  86      Series 2009-50, Class PT, VAR, 6.181%, 05/25/37      94  
  150      Series 2009-60, Class DE, 5.000%, 08/25/29      165  
  499      Series 2009-73, Class HJ, 6.000%, 09/25/39      568  
  37      Series 2009-86, Class IP, IO, 5.500%, 10/25/39      7  
  88      Series 2009-86, Class OT, PO, 10/25/37      81  
  143      Series 2009-112, Class ST, IF, IO, 6.076%, 01/25/40      21  
  800      Series 2010-9, Class MB, 5.000%, 05/25/32      826  
  756      Series 2010-9, Class ME, 5.000%, 02/25/40      881  
  299      Series 2010-9, Class PE, 4.500%, 10/25/39      320  
  81      Series 2010-35, Class SB, IF, IO, 6.246%, 04/25/40      13  
  600      Series 2010-38, Class KC, 4.500%, 04/25/40      668  
  400      Series 2010-45, Class BL, 4.500%, 05/25/40      448  
  245      Series 2010-64, Class DM, 5.000%, 06/25/40      269  
  46      Series 2010-64, Class EH, 5.000%, 10/25/35      46  
  696      Series 2010-85, Class NJ, 4.500%, 08/25/40      744  
  200      Series 2010-103, Class PJ, 4.500%, 09/25/40      230  
  128      Series 2010-111, Class AE, 5.500%, 04/25/38      138  
  979      Series 2010-123, Class BP, 4.500%, 11/25/40      1,072  
  643      Series 2010-141, Class DL, 4.000%, 12/25/40      712  
  150      Series 2011-22, Class MA, 6.500%, 04/25/38      168  
  350      Series 2011-33, Class GD, 3.500%, 04/25/31      378  
  148      Series 2011-40, Class KA, 3.500%, 03/25/26      157  
  450      Series 2011-41, Class KL, 4.000%, 05/25/41      488  
  686      Series 2011-50, Class LP, 4.000%, 06/25/41      746  
  400      Series 2011-51, Class B, 3.500%, 06/25/31      433  
  650      Series 2011-52, Class KB, 5.500%, 06/25/41      757  
  530      Series 2011-52, Class LB, 5.500%, 06/25/41      606  
  110      Series 2011-99, Class CV, 4.500%, 03/25/26      122  
  558      Series 2011-104, Class KY, 4.000%, 03/25/39      581  
  105      Series 2011-111, Class EA, 5.000%, 12/25/38      110  
  300      Series 2011-114, Class B, 3.500%, 11/25/41      324  
  704      Series 2011-130, Class KB, 4.000%, 12/25/41      774  
  335      Series 2012-20, Class TD, 4.500%, 02/25/42      361  
  285      Series 2012-50, Class HB, 4.000%, 03/25/42      304  
  274      Series 2012-83, Class TN, 5.000%, 08/25/42      305  
  150      Series 2012-137, Class CF, VAR, 0.474%, 08/25/41      149  
  421      Series 2012-147, Class WN, 4.500%, 01/25/33      465  
  377      Series 2013-83, Class CA, 3.500%, 10/25/37      403  
  377      Series 2013-94, Class CV, 3.500%, 07/25/33      397  
  250      Series 2013-101, Class E, 3.000%, 10/25/33      245  
  328      Series 2013-104, Class CY, 5.000%, 10/25/43      391  
  200      Series 2014-56, Class VH, 3.500%, 09/25/34      217  
  40      Series G92-35, Class E, 7.500%, 07/25/22      45  
  33      Federal National Mortgage Association STRIPS, Series 293, Class 1, PO, 2.332% 12/25/24 (n)          32  


JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

 

PRINCIPAL
AMOUNT($)

    

SECURITY DESCRIPTION

   VALUE($)  

 

Collateralized Mortgage Obligations — continued

  

  

Agency CMO — continued

  

   Government National Mortgage Association,   
  90      Series 2002-22, Class CD, 6.500%, 05/17/31      104  
  118      Series 2003-62, Class BG, 5.000%, 07/20/33      128  
  358      Series 2003-65, Class AL, 5.500%, 08/20/33      416  
  205      Series 2003-66, Class HD, 5.500%, 08/20/33      228  
  580      Series 2004-16, Class AE, 5.500%, 02/20/34      659  
  145      Series 2004-16, Class EC, 5.500%, 02/20/34      177  
  743      Series 2004-37, Class PE, 5.500%, 05/20/34      857  
  413      Series 2005-3, Class QB, 5.000%, 01/16/35      471  
  283      Series 2005-11, Class PL, 5.000%, 02/20/35      316  
  104      Series 2005-13, Class AE, 5.000%, 09/20/34      113  
  176      Series 2005-13, Class BG, 5.000%, 02/20/35      201  
  314      Series 2005-48, Class CY, 5.000%, 06/20/35      351  
  311      Series 2005-54, Class JE, 5.000%, 07/20/35      354  
  46      Series 2005-92, Class CD, 5.000%, 01/20/32      46  
  100      Series 2006-1, Class LE, 5.500%, 06/20/35      116  
  459      Series 2006-7, Class ND, 5.500%, 08/20/35      534  
  14      Series 2006-38, Class SG, IF, IO, 6.474%, 09/20/33      —   (h) 
  260      Series 2006-50, Class JD, 5.000%, 09/20/36      313  
  305      Series 2006-69, Class MB, 5.500%, 12/20/36      333  
  91      Series 2007-26, Class SW, IF, IO, 6.024%, 05/20/37      12  
  125      Series 2007-33, Class LE, 5.500%, 06/20/37      146  
  130      Series 2007-35, Class NE, 6.000%, 06/16/37      158  
  209      Series 2007-79, Class BL, 5.750%, 08/20/37      239  
  161      Series 2008-20, Class HC, 5.750%, 06/16/37      178  
  61      Series 2008-23, Class YA, 5.250%, 03/20/38      67  
  113      Series 2008-26, Class JP, 5.250%, 03/20/38      129  
  334      Series 2008-33, Class PB, 5.500%, 04/20/38      378  
  688      Series 2008-47, Class P, 5.500%, 06/16/38      811  
  94      Series 2008-58, Class ZT, 6.500%, 07/20/38      121  
  46      Series 2008-62, Class SA, IF, IO, 5.974%, 07/20/38      7  
  267      Series 2008-63, Class PE, 5.500%, 07/20/38      303  
  96      Series 2008-68, Class PQ, 5.500%, 04/20/38      102  
  168      Series 2008-76, Class PD, 5.750%, 09/20/38      195  
  89      Series 2008-76, Class US, IF, IO, 5.724%, 09/20/38      11  
  266      Series 2008-89, Class JA, 5.750%, 08/20/38      287  
  138      Series 2008-95, Class DS, IF, IO, 7.124%, 12/20/38      22  
  301      Series 2009-42, Class CD, 5.000%, 06/20/39      339  
  438      Series 2009-47, Class LT, 5.000%, 06/20/39      502  
  88      Series 2009-72, Class SM, IF, IO, 6.076%, 08/16/39      14  
  225      Series 2009-106, Class ST, IF, IO, 5.824%, 02/20/38      36  
  61      Series 2010-14, Class QP, 6.000%, 12/20/39      64  
  39      Series 2010-61, Class EA, 5.000%, 09/20/31      40  
  167      Series 2010-157, Class OP, PO, 12/20/40      145  
  205      Series 2010-158, Class EP, 4.500%, 12/16/40      225  
  95      Series 2011-97, Class WA, VAR, 6.095%, 11/20/38      108  
  530      Vendee Mortgage Trust, Series 2003-2, Class Z, 5.000%, 05/15/33      611  
     

 

 

 
        68,612  
     

 

 

 
  

Non-Agency CMO — 1.3%

  

   Alternative Loan Trust,   
  608      Series 2004-28CB, Class 3A1, 6.000%, 01/25/35      600  
  157      Series 2004-30CB, Class 3A1, 5.000%, 02/25/20      161  
  84      Series 2005-3CB, Class 1A4, 5.250%, 03/25/35      84  
  291      Series 2005-20CB, Class 4A1, 5.250%, 07/25/20          288  


JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

 

PRINCIPAL
AMOUNT($)

    

SECURITY DESCRIPTION

   VALUE($)  

 

Collateralized Mortgage Obligations — continued

  

  

Non-Agency CMO — continued

  

  757      Series 2005-21CB, Class A17, 6.000%, 06/25/35      777  
  220      Series 2005-46CB, Class A1, 5.750%, 10/25/35      216  
   Banc of America Alternative Loan Trust,   
  203      Series 2003-3, Class A5, 5.750%, 05/25/33      209  
  242      Series 2004-6, Class 4A1, 5.000%, 07/25/19      249  
  210      Series 2004-9, Class 4A1, 5.500%, 10/25/19      212  
  437      Series 2006-5, Class 3A1, 6.000%, 06/25/46      433  
  75      Banc of America Mortgage Trust, Series 2003-3, Class 1A7, 5.500%, 05/25/33      77  
   Bear Stearns ALT-A Trust,   
  101      Series 2004-6, Class 1A, VAR, 0.814%, 07/25/34      96  
  283      Series 2005-7, Class 12A3, VAR, 0.854%, 08/25/35      259  
   CHL Mortgage Pass-Through Trust,   
  187      Series 2005-21, Class A2, 5.500%, 10/25/35      188  
  187      Series 2006-21, Class A14, 6.000%, 02/25/37      178  
  584      Citigroup Mortgage Loan Trust, Series 2005-11, Class A2A, VAR, 2.510%, 10/25/35      579  
  30      Citigroup Mortgage Loan Trust, Inc., Series 2003-1, Class 3A4, 5.250%, 09/25/33      31  
  45      Credit Suisse First Boston Mortgage Securities Corp., Series 2003-27, Class 5A4, 5.250%, 11/25/33      46  
  339      First Horizon Mortgage Pass-Through Trust, Series 2006-3, Class 1A13, 6.250%, 11/25/36      339  
   GSR Mortgage Loan Trust,   
  40      Series 2004-6F, Class 2A4, 5.500%, 05/25/34      41  
  20      Series 2004-8F, Class 2A3, 6.000%, 09/25/34      21  
   Impac CMB Trust,   
  511      Series 2004-5, Class 1A1, VAR, 0.894%, 10/25/34      491  
  978      Series 2004-9, Class 1A1, VAR, 0.934%, 01/25/35      888  
  701      Series 2005-5, Class A4, VAR, 0.934%, 08/25/35      572  
  1,101      IndyMac INDX Mortgage Loan Trust, Series 2004-AR12, Class A1, VAR, 0.954%, 12/25/34      924  
   JP Morgan Mortgage Trust,   
  106      Series 2006-A2, Class 5A3, VAR, 2.430%, 11/25/33      107  
  57      Series 2007-A1, Class 5A5, VAR, 2.556%, 07/25/35      58  
  591      Lehman XS Trust, Series 2005-5N, Class 3A1A, VAR, 0.474%, 11/25/35      529  
  529      MASTR Adjustable Rate Mortgages Trust, Series 2004-3, Class 3A2, VAR, 2.139%, 04/25/34      505  
   MASTR Alternative Loan Trust,   
  21      Series 2004-5, Class 5A1, 4.750%, 06/25/19      21  
  526      Series 2004-6, Class 7A1, 6.000%, 07/25/34      536  
  745      Series 2004-6, Class 8A1, 5.500%, 07/25/34      773  
  734      Series 2005-6, Class 1A2, 5.500%, 12/25/35      651  
   MASTR Asset Securitization Trust,   
  5      Series 2003-11, Class 3A1, 4.500%, 12/25/18      5  
  32      Series 2003-11, Class 8A1, 5.500%, 12/25/33      34  
   Merrill Lynch Mortgage Investors Trust,   
  44      Series 2003-F, Class A1, VAR, 0.814%, 10/25/28      43  
  51      Series 2004-B, Class A1, VAR, 0.674%, 05/25/29      50  
  351      Series 2005-A5, Class A9, VAR, 2.471%, 06/25/35      342  
   Morgan Stanley Mortgage Loan Trust,   
  81      Series 2004-3, Class 4A, VAR, 5.685%, 04/25/34      85  
  177      Series 2004-4, Class 2A, VAR, 6.304%, 09/25/34      186  
  859      Opteum Mortgage Acceptance Corp. Asset Backed Pass-Through Certificates, Series 2005-3, Class APT, VAR, 0.464%, 07/25/35      837  
  26      PHH Mortgage Trust, Series 2008-CIM2, Class 5A1, 6.000%, 07/25/38      28  
  19      Prime Mortgage Trust, Series 2004-2, Class A2, 4.750%, 11/25/19      20  
  171      Provident Funding Mortgage Loan Trust, Series 2005-2, Class 2A1A, VAR, 2.396%, 10/25/35      170  
   RALI Trust,   
  850      Series 2004-QA3, Class CB2, VAR, 3.470%, 08/25/34      869  
  11      Series 2004-QS3, Class CB, 5.000%, 03/25/19          12  


JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

 

PRINCIPAL
AMOUNT($)

    

SECURITY DESCRIPTION

   VALUE($)  

 

Collateralized Mortgage Obligations — continued

  

  

Non-Agency CMO — continued

  

   Residential Asset Securitization Trust,   
  134      Series 2004-A3, Class A1, 4.500%, 06/25/34      136  
  54      Series 2004-A6, Class A1, 5.000%, 08/25/19      55  
  954      Series 2005-A8CB, Class A11, 6.000%, 07/25/35      884  
  40      RFMSI Trust, Series 2007-S9, Class 2A1, 5.500%, 09/25/22      41  
  58      SACO I, Inc., Series 1997-2, Class 1A5, 7.000%, 08/25/36 (e)      59  
   Sequoia Mortgage Trust,   
  106      Series 2004-11, Class A1, VAR, 0.476%, 12/20/34      102  
  753      Series 2007-3, Class 1A1, VAR, 0.376%, 07/20/36      700  
  78      Springleaf Mortgage Loan Trust, Series 2013-3A, Class A, VAR, 1.870%, 09/25/57 (e)      78  
   Structured Asset Mortgage Investments II Trust,   
  44      Series 2003-AR4, Class A1, VAR, 0.874%, 01/19/34      42  
  200      Series 2005-AR2, Class 2A1, VAR, 0.404%, 05/25/45      176  
  17      Structured Asset Securities Corp., Series 2003-37A, Class 2A, VAR, 3.671%, 12/25/33      17  
  545      Structured Asset Securities Corp. Mortgage Pass-Through Certificates, Series 2004-3, Class 2A1, 4.500%, 03/25/19      554  
  75      Thornburg Mortgage Securities Trust, Series 2004-4, Class 3A, VAR, 1.936%, 12/25/44      75  
   WaMu Mortgage Pass-Through Certificates Trust,   
  35      Series 2003-AR9, Class 1A6, VAR, 2.405%, 09/25/33      37  
  11      Series 2003-S6, Class 2A1, 5.000%, 07/25/18      11  
  202      Series 2005-AR10, Class 14A, VAR, 2.393%, 09/25/35      201  
  68      Wells Fargo Mortgage Loan Trust, Series 2012-RR1, Class A1, VAR, 2.847%, 08/27/37 (e)      67  
   Wells Fargo Mortgage-Backed Securities Trust,   
  17      Series 2004-EE, Class 3A1, VAR, 2.497%, 12/25/34      17  
  677      Series 2004-N, Class A6, VAR, 2.594%, 08/25/34      676  
  171      Series 2004-P, Class 2A1, VAR, 2.613%, 09/25/34      172  
  155      Series 2004-V, Class 2A1, VAR, 2.632%, 10/25/34      157  
  147      Series 2006-AR2, Class 2A3, VAR, 2.615%, 03/25/36      145  
  46      Series 2006-AR10, Class 5A2, VAR, 2.629%, 07/25/36      45  
     

 

 

 
        18,267  
     

 

 

 
  

Total Collateralized Mortgage Obligations

(Cost $83,363)

     86,879  
     

 

 

 

 

Commercial Mortgage-Backed Securities — 0.5%

  
   Banc of America Commercial Mortgage Trust,   
  279      Series 2006-3, Class A4, VAR, 5.889%, 07/10/44      291  
  138      Series 2006-4, Class A4, 5.634%, 07/10/46      143  
  100      Series 2006-5, Class A4, 5.414%, 09/10/47      103  
   Banc of America Merrill Lynch Commercial Mortgage, Inc.,   
  58      Series 2005-3, Class A4, 4.668%, 07/10/43      57  
  100      Series 2005-3, Class AM, 4.727%, 07/10/43      101  
  34      Series 2005-5, Class A4, VAR, 5.115%, 10/10/45      34  
  100      BB-UBS Trust, Series 2012-SHOW, Class A, 3.430%, 11/05/36 (e)      104  
  94      Bear Stearns Commercial Mortgage Securities Trust, Series 2006-PW11, Class A4, VAR, 5.438%, 03/11/39      96  
  200      CD Commercial Mortgage Trust, Series 2005-CD1, Class E, VAR, 5.225%, 07/15/44      200  
  271      CD Mortgage Trust, Series 2007-CD5, Class B, VAR, 6.124%, 11/15/44      287  
  121      COBALT CMBS Commercial Mortgage Trust, Series 2006-C1, Class A4, 5.223%, 08/15/48      127  
  250      COMM Mortgage Trust, Series 2012-9W57, Class A, 2.365%, 02/10/29 (e)      255  
   DBRR Trust,   
  28      Series 2013-EZ2, Class A, VAR, 0.853%, 02/25/45 (e)      29  
  96      Series 2013-EZ3, Class A, VAR, 1.636%, 12/18/49 (e)          96  


JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

 

PRINCIPAL
AMOUNT($)

    

SECURITY DESCRIPTION

   VALUE($)  

 

Commercial Mortgage-Backed Securities — continued

  

   Federal Home Loan Mortgage Corp., Multifamily Structured Pass-Through Certificates,   
  153      Series K029, Class A2, VAR, 3.320%, 02/25/23      164  
  800      Series K037, Class A2, 3.490%, 01/25/24      868  
  129      Series K038, Class A2, 3.389%, 03/25/24      139  
  600      Series KSMC, Class A2, 2.615%, 01/25/23      614  
  122      GS Mortgage Securities Corp. Trust, Series 2013-NYC5, Class A, 2.318%, 01/10/30 (e)      124  
  165      JP Morgan Chase Commercial Mortgage Securities Trust, Series 2005-CB11, Class AJ, VAR, 5.637%, 08/12/37      165  
   LB-UBS Commercial Mortgage Trust,   
  163      Series 2007-C2, Class A3, 5.430%, 02/15/40      174  
  250      Series 2007-C6, Class AJ, VAR, 6.121%, 07/15/40      260  
  100      Merrill Lynch Mortgage Trust, Series 2006-C1, Class A4, VAR, 5.659%, 05/12/39      103  
  3,393      ML-CFC Commercial Mortgage Trust, Series 2006-4, Class XC, IO, VAR, 0.633%, 12/12/49 (e)      31  
  250      Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C14, Class A3, 3.669%, 02/15/47      266  
   Morgan Stanley Capital I Trust,   
  156      Series 2006-HQ9, Class A4, VAR, 5.731%, 07/12/44      162  
  6,455      Series 2007-HQ11, Class X, IO, VAR, 0.214%, 02/12/44 (e)      22  
  5      TIAA Seasoned Commercial Mortgage Trust, Series 2007-C4, Class A3, VAR, 5.532%, 08/15/39      5  
  114      UBS-Barclays Commercial Mortgage Trust, Series 2013-C6, Class A4, 3.244%, 04/10/46      119  
  250      VNDO Mortgage Trust, Series 2013-PENN, Class A, 3.808%, 12/13/29 (e)      270  
  250      Wachovia Bank Commercial Mortgage Trust, Series 2006-C24, Class AJ, VAR, 5.658%, 03/15/45      254  
   WFRBS Commercial Mortgage Trust,   
  500      Series 2011-C3, Class A4, 4.375%, 03/15/44 (e)      556  
  200      Series 2012-C6, Class A4, 3.440%, 04/15/45      213  
     

 

 

 
  

Total Commercial Mortgage-Backed Securities

(Cost $6,273)

     6,432  
     

 

 

 

 

Corporate Bonds — 7.9%

  

 

          Consumer Discretionary — 0.5%

  
  

Auto Components — 0.0% (g)

  

   Johnson Controls, Inc.,   
  60      4.250%, 03/01/21      65  
  125      5.000%, 03/30/20      140  
     

 

 

 
        205  
     

 

 

 
  

Automobiles — 0.1%

  

   Daimler Finance North America LLC,   
  235      1.650%, 03/02/18 (e)      236  
  170      1.875%, 01/11/18 (e)      172  
  150      2.375%, 08/01/18 (e)      154  
  102      8.500%, 01/18/31      162  
  30      Ford Motor Co., 4.750%, 01/15/43      33  
   General Motors Co.,   
  65      5.200%, 04/01/45      70  
  25      6.250%, 10/02/43      31  
     

 

 

 
        858  
     

 

 

 
  

Distributors — 0.0% (g)

  

  200      Samsung Electronics America, Inc., 1.750%, 04/10/17 (e)      202  
     

 

 

 
  

Internet & Catalog Retail — 0.0% (g)

  

   Amazon.com, Inc.,   
  125      2.500%, 11/29/22      123  
  40      4.950%, 12/05/44      43  
     

 

 

 
        166  
     

 

 

 
  

Media — 0.3%

  

   21st Century Fox America, Inc.,   
  120      5.400%, 10/01/43      146  
  250      6.750%, 01/09/38      335  
   Comcast Corp.,   
  50      3.125%, 07/15/22      52  
  115      4.650%, 07/15/42      128  
  105      4.750%, 03/01/44      121  
  100      6.450%, 03/15/37      135  
  25      Cox Communications, Inc., 8.375%, 03/01/39 (e)      35  
   DIRECTV Holdings LLC/DIRECTV Financing Co., Inc.,   
  40      4.450%, 04/01/24      43  
  135      5.150%, 03/15/42      141  
  150      6.000%, 08/15/40      170  
   Discovery Communications LLC,   
  47      4.375%, 06/15/21      51  
  35      4.875%, 04/01/43      36  
  100      NBCUniversal Enterprise, Inc., 1.662%, 04/15/18 (e)          101  


JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

 

PRINCIPAL
AMOUNT($)

    

SECURITY DESCRIPTION

   VALUE($)  

 

Corporate Bonds — continued

  

  

Media — continued

  

   NBCUniversal Media LLC,   
  200      2.875%, 01/15/23      203  
  30      4.375%, 04/01/21      34  
  140      4.450%, 01/15/43      152  
  95      5.150%, 04/30/20      109  
  125      Omnicom Group, Inc., 3.650%, 11/01/24      129  
  200      Sky plc, (United Kingdom), 3.750%, 09/16/24 (e)      207  
   Thomson Reuters Corp., (Canada),   
  88      4.500%, 05/23/43      90  
  150      5.850%, 04/15/40      182  
   Time Warner Cable, Inc.,   
  165      5.500%, 09/01/41      190  
  125      7.300%, 07/01/38      168  
  150      Time Warner Entertainment Co. LP, 8.375%, 07/15/33      220  
   Time Warner, Inc.,   
  170      4.650%, 06/01/44      183  
  250      4.750%, 03/29/21      279  
  150      6.500%, 11/15/36      195  
  250      7.625%, 04/15/31      350  
   Viacom, Inc.,   
  33      3.250%, 03/15/23      32  
  17      3.875%, 12/15/21      18  
  225      4.250%, 09/01/23      238  
  175      4.375%, 03/15/43      163  
  90      Walt Disney Co. (The), 1.850%, 05/30/19      91  
     

 

 

 
        4,727  
     

 

 

 
  

Multiline Retail — 0.1%

  

   Macy’s Retail Holdings, Inc.,   
  100      3.875%, 01/15/22      107  
  100      4.300%, 02/15/43      101  
  150      7.450%, 07/15/17      170  
   Target Corp.,   
  290      3.500%, 07/01/24      308  
  150      6.350%, 11/01/32      199  
     

 

 

 
        885  
     

 

 

 
  

Specialty Retail — 0.0% (g)

  

  55      Advance Auto Parts, Inc., 4.500%, 12/01/23      59  
  37      Bed Bath & Beyond, Inc., 3.749%, 08/01/24      38  
   Home Depot, Inc. (The),   
  94      2.000%, 06/15/19      96  
  245      3.750%, 02/15/24      267  
  150      Lowe’s Cos., Inc., 5.125%, 11/15/41      182  
     

 

 

 
        642  
     

 

 

 
   Total Consumer Discretionary      7,685  
     

 

 

 

 

          Consumer Staples — 0.5%

  
  

Beverages — 0.1%

  

  100      Anheuser-Busch Cos. LLC, 7.550%, 10/01/30      142  
   Anheuser-Busch InBev Finance, Inc.,   
  35      2.625%, 01/17/23      35  
  100      3.700%, 02/01/24      106  
  95      4.625%, 02/01/44      105  
   Anheuser-Busch InBev Worldwide, Inc.,   
  57      2.500%, 07/15/22      56  
  285      5.375%, 01/15/20      328  
  179      Coca-Cola Co. (The), 1.150%, 04/01/18      179  
  60      Diageo Capital plc, (United Kingdom), 2.625%, 04/29/23      60  
  130      PepsiCo, Inc., 4.250%, 10/22/44      139  
  200      SABMiller Holdings, Inc., 3.750%, 01/15/22 (e)      210  
     

 

 

 
        1,360  
     

 

 

 
  

Food & Staples Retailing — 0.2%

  

   CVS Health Corp.,   
  380      2.750%, 12/01/22      382  
  150      4.000%, 12/05/23      162  
   CVS Pass-Through Trust,   
  53      4.704%, 01/10/36 (e)      59  
  49      6.943%, 01/10/30      61  
   Kroger Co. (The),   
  25      2.300%, 01/15/19      25  
  135      3.850%, 08/01/23      144  
  25      5.400%, 07/15/40      30  
  150      6.400%, 08/15/17      167  
  250      Series B, 7.700%, 06/01/29      349  
   Walgreens Boots Alliance, Inc.,   
  25      2.700%, 11/18/19      26  
  40      3.300%, 11/18/21      41  
  130      3.800%, 11/18/24      134  
  25      4.800%, 11/18/44      27  
   Wal-Mart Stores, Inc.,   
  150      2.550%, 04/11/23      151  
  100      3.300%, 04/22/24      106  
  365      4.000%, 04/11/43      387  
  20      4.300%, 04/22/44      22  
  135      5.250%, 09/01/35      167  
     

 

 

 
        2,440  
     

 

 

 


JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

 

PRINCIPAL
AMOUNT($)

    

SECURITY DESCRIPTION

   VALUE($)  

 

Corporate Bonds — continued

  

  

Food Products — 0.1%

  

  120      Archer-Daniels-Midland Co., SUB, 5.765%, 03/01/41      157  
  100      Bunge Ltd. Finance Corp., 8.500%, 06/15/19      123  
  100      Cargill, Inc., 3.300%, 03/01/22 (e)      104  
   ConAgra Foods, Inc.,   
  145      3.200%, 01/25/23      143  
  36      4.650%, 01/25/43      36  
  130      JM Smucker Co. (The), 3.500%, 03/15/25 (e)      134  
   Kellogg Co.,   
  66      3.250%, 05/21/18      69  
  100      Series B, 7.450%, 04/01/31      135  
   Kraft Foods Group, Inc.,   
  45      3.500%, 06/06/22      47  
  60      5.000%, 06/04/42      66  
  100      6.875%, 01/26/39      133  
  150      Mead Johnson Nutrition Co., 5.900%, 11/01/39      184  
  305      Mondelez International, Inc., 4.000%, 02/01/24      330  
     

 

 

 
        1,661  
     

 

 

 
  

Household Products — 0.0% (g)

  

   Kimberly-Clark Corp.,   
  100      2.400%, 06/01/23      98  
  100      6.625%, 08/01/37      142  
     

 

 

 
        240  
     

 

 

 
  

Tobacco — 0.1%

  

   Altria Group, Inc.,   
  280      2.850%, 08/09/22      279  
  120      4.250%, 08/09/42      121  
  56      B.A.T. International Finance plc, (United Kingdom), 3.250%, 06/07/22 (e)      57  
   Philip Morris International, Inc.,   
  150      4.125%, 03/04/43      154  
  120      4.375%, 11/15/41      127  
     

 

 

 
        738  
     

 

 

 
   Total Consumer Staples      6,439  
     

 

 

 

 

          Energy — 0.8%

  
  

Energy Equipment & Services — 0.1%

  

  70      Ensco plc, (United Kingdom), 4.700%, 03/15/21      71  
   Halliburton Co.,   
  100      3.500%, 08/01/23      104  
  125      8.750%, 02/15/21      162  
  50      Nabors Industries, Inc., 4.625%, 09/15/21      48  
   Noble Holding International Ltd., (Cayman Islands),   
  18      4.000%, 03/16/18      18  
  100      5.250%, 03/15/42      77  
  82      Schlumberger Investment S.A., (Luxembourg), 3.650%, 12/01/23      87  
   Transocean, Inc., (Cayman Islands),   
  150      3.800%, 10/15/22      109  
  152      6.375%, 12/15/21      128  
  198      6.500%, 11/15/20      166  
     

 

 

 
        970  
     

 

 

 
  

Oil, Gas & Consumable Fuels — 0.7%

  

  50      Alberta Energy Co., Ltd., (Canada), 7.375%, 11/01/31      60  
   Anadarko Petroleum Corp.,   
  205      3.450%, 07/15/24      205  
  85      6.375%, 09/15/17      95  
  150      ANR Pipeline Co., 9.625%, 11/01/21      203  
  55      Apache Corp., 4.750%, 04/15/43      58  
   BP Capital Markets plc, (United Kingdom),   
  300      2.241%, 09/26/18      305  
  141      2.750%, 05/10/23      137  
  150      3.062%, 03/17/22      153  
  225      3.245%, 05/06/22      232  
  60      3.814%, 02/10/24      62  
  150      Canadian Natural Resources Ltd., (Canada), 6.250%, 03/15/38      176  
  36      Canadian Oil Sands Ltd., (Canada), 6.000%, 04/01/42 (e)      33  
   Cenovus Energy, Inc., (Canada),   
  50      3.800%, 09/15/23      50  
  45      4.450%, 09/15/42      41  
  100      6.750%, 11/15/39      119  
  71      Chevron Corp., 3.191%, 06/24/23      74  
  200      CNOOC Nexen Finance ULC, (Canada), 4.250%, 04/30/24      212  
  100      ConocoPhillips, 6.500%, 02/01/39      135  
   Devon Energy Corp.,   
  45      3.250%, 05/15/22      45  
  103      4.750%, 05/15/42      110  
  100      7.950%, 04/15/32      138  
  69      Enbridge, Inc., (Canada), 4.000%, 10/01/23      70  
   Encana Corp., (Canada),   
  70      5.150%, 11/15/41      71  
  50      6.625%, 08/15/37      58  
   Energy Transfer Partners LP,   
  70      3.600%, 02/01/23          69  


JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

 

PRINCIPAL
AMOUNT($)

    

SECURITY DESCRIPTION

   VALUE($)  

 

Corporate Bonds — continued

  

  

Oil, Gas & Consumable Fuels — continued

  

  100      4.050%, 03/15/25      101  
   Enterprise Products Operating LLC,   
  75      3.750%, 02/15/25      77  
  143      3.900%, 02/15/24      150  
  105      4.050%, 02/15/22      112  
  60      4.850%, 08/15/42      64  
  100      4.850%, 03/15/44      108  
  150      5.200%, 09/01/20      169  
  95      Series A, VAR, 8.375%, 08/01/66      100  
  149      Exxon Mobil Corp., 3.567%, 03/06/45      155  
  200      Kerr-McGee Corp., 7.875%, 09/15/31      273  
   Kinder Morgan Energy Partners LP,   
  65      3.500%, 09/01/23      64  
  85      3.950%, 09/01/22      86  
  50      5.000%, 08/15/42      48  
  90      5.000%, 03/01/43      88  
  45      5.400%, 09/01/44      47  
  145      Kinder Morgan Finance Co. LLC, 6.000%, 01/15/18 (e)      159  
   Kinder Morgan, Inc.,   
  95      3.050%, 12/01/19      96  
  145      4.300%, 06/01/25      149  
   Magellan Midstream Partners LP,   
  150      4.250%, 02/01/21      162  
  125      5.150%, 10/15/43      138  
  135      Marathon Oil Corp., 6.600%, 10/01/37      163  
  45      MPLX LP, 4.000%, 02/15/25      45  
  165      Noble Energy, Inc., 5.250%, 11/15/43      172  
  350      ONEOK Partners LP, 4.900%, 03/15/25      354  
   Petrobras Global Finance B.V., (Netherlands),   
  42      4.375%, 05/20/23      36  
  118      6.250%, 03/17/24      110  
   Petroleos Mexicanos, (Mexico),   
  117      4.500%, 01/23/26 (e)      119  
  29      4.875%, 01/18/24      31  
  155      Phillips 66, 4.875%, 11/15/44      166  
   Plains All American Pipeline LP/PAA Finance Corp.,   
  20      3.650%, 06/01/22      21  
  132      3.850%, 10/15/23      136  
  190      5.750%, 01/15/20      216  
   Spectra Energy Capital LLC,   
  89      3.300%, 03/15/23      84  
  100      8.000%, 10/01/19      121  
   Spectra Energy Partners LP,   
  15      2.950%, 09/25/18      16  
  55      3.500%, 03/15/25      55  
   Statoil ASA, (Norway),   
  63      2.900%, 11/08/20      66  
  150      3.950%, 05/15/43      154  
   Suncor Energy, Inc., (Canada),   
  48      3.600%, 12/01/24      49  
  170      6.100%, 06/01/18      191  
   Sunoco Logistics Partners Operations LP,   
  95      5.300%, 04/01/44      98  
  90      5.350%, 05/15/45      95  
   Talisman Energy, Inc., (Canada),   
  115      5.850%, 02/01/37      118  
  75      6.250%, 02/01/38      81  
  105      Texas Gas Transmission LLC, 4.500%, 02/01/21 (e)      109  
  171      Total Capital Canada Ltd., (Canada), 2.750%, 07/15/23      170  
   Total Capital International S.A., (France),   
  120      2.700%, 01/25/23      120  
  100      2.750%, 06/19/21      102  
  25      2.875%, 02/17/22      26  
  28      Total Capital S.A., (France), 4.125%, 01/28/21      31  
  145      TransCanada PipeLines Ltd., (Canada), 3.750%, 10/16/23      152  
   Valero Energy Corp.,   
  80      3.650%, 03/15/25      82  
  45      4.900%, 03/15/45      46  
  70      Western Gas Partners LP, 4.000%, 07/01/22      71  
   Williams Cos., Inc. (The),   
  75      3.700%, 01/15/23      69  
  20      5.750%, 06/24/44      19  
   Williams Partners LP,   
  145      3.600%, 03/15/22      145  
  160      3.900%, 01/15/25      156  
  95      4.900%, 01/15/45      89  
  45      5.100%, 09/15/45      43  
  110      Williams Partners LP/ACMP Finance Corp., 4.875%, 05/15/23      111  
     

 

 

 
        9,495  
     

 

 

 
   Total Energy      10,465  
     

 

 

 

 

          Financials — 2.9%

  
  

Banks — 1.1%

  

  400      ABN AMRO Bank N.V., (Netherlands), 2.500%, 10/30/18 (e)      409  
   Bank of America Corp.,   
  160      2.000%, 01/11/18          161  


JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

 

PRINCIPAL
AMOUNT($)

    

SECURITY DESCRIPTION

   VALUE($)  

 

Corporate Bonds — continued

  

  

Banks — continued

  

  190      Series L, 2.600%, 01/15/19      193  
  225      3.300%, 01/11/23      228  
  50      Series 1, 3.750%, 07/12/16      52  
  280      3.875%, 03/22/17      293  
  115      4.000%, 04/01/24      122  
  63      4.100%, 07/24/23      67  
  150      4.250%, 10/22/26      155  
  50      5.000%, 01/21/44      57  
  100      5.420%, 03/15/17      107  
  130      5.625%, 07/01/20      150  
  80      Series L, 5.650%, 05/01/18      89  
  500      7.625%, 06/01/19      604  
   Bank of Montreal, (Canada),   
  306      1.450%, 04/09/18      306  
  40      2.375%, 01/25/19      41  
  100      2.550%, 11/06/22      99  
  325      Bank of Nova Scotia (The), (Canada), 2.800%, 07/21/21      332  
  240      Bank of Tokyo-Mitsubishi UFJ Ltd. (The), (Japan), 2.350%, 09/08/19 (e)      242  
   Banque Federative du Credit Mutuel S.A., (France),   
  200      1.700%, 01/20/17 (e)      201  
  210      2.750%, 01/22/19 (e)      217  
   Barclays Bank plc, (United Kingdom),   
  227      3.750%, 05/15/24      239  
  210      6.050%, 12/04/17 (e)      231  
  265      Barclays plc, (United Kingdom), 2.000%, 03/16/18      266  
  83      BB&T Corp., 2.050%, 06/19/18      84  
  550      Capital One Bank USA N.A., 3.375%, 02/15/23      557  
   Citigroup, Inc.,   
  340      1.550%, 08/14/17      340  
  335      1.750%, 05/01/18      334  
  175      2.500%, 09/26/18      179  
  182      3.750%, 06/16/24      190  
  110      4.300%, 11/20/26      114  
  65      4.950%, 11/07/43      75  
  107      6.675%, 09/13/43      143  
  200      8.500%, 05/22/19      249  
  200      VAR, 0.534%, 06/09/16      199  
   Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A., (Netherlands),   
  35      2.125%, 10/13/15      35  
  120      4.500%, 01/11/21      135  
  200      Credit Agricole S.A., (France), VAR, 8.125%, 09/19/33 (e)      227  
   Discover Bank,   
  250      2.000%, 02/21/18      250  
  250      4.200%, 08/08/23      265  
  200      DNB Boligkreditt A.S., (Norway), 2.100%, 10/14/15 (e)      202  
   Fifth Third Bancorp,   
  40      2.300%, 03/01/19      40  
  115      8.250%, 03/01/38      173  
   HSBC Bank plc, (United Kingdom),   
  205      4.125%, 08/12/20 (e)      223  
  300      4.750%, 01/19/21 (e)      337  
  800      HSBC Holdings plc, (United Kingdom), 4.250%, 03/14/24      839  
  200      Intesa Sanpaolo S.p.A., (Italy), 5.250%, 01/12/24      225  
  267      KeyCorp, 2.300%, 12/13/18      271  
  200      Lloyds Bank plc, (United Kingdom), 1.750%, 03/16/18      201  
  200      Lloyds Banking Group plc, (United Kingdom), 4.500%, 11/04/24      208  
  230      Mizuho Bank Ltd., (Japan), 2.400%, 03/26/20 (e)      231  
   MUFG Americas Holdings Corp.,   
  85      2.250%, 02/10/20      85  
  95      3.000%, 02/10/25      94  
  250      PNC Bank N.A., 2.700%, 11/01/22      249  
  182      PNC Financial Services Group, Inc. (The), 3.900%, 04/29/24      191  
   Royal Bank of Canada, (Canada),   
  119      2.000%, 10/01/18      122  
  200      2.200%, 07/27/18      204  
  33      Royal Bank of Scotland plc (The), (United Kingdom), 6.125%, 01/11/21      39  
  200      Skandinaviska Enskilda Banken AB, (Sweden), 1.750%, 03/19/18 (e)      201  
  200      Standard Chartered plc, (United Kingdom), 5.200%, 01/26/24 (e)      217  
   SunTrust Banks, Inc.,   
  97      2.350%, 11/01/18      98  
  100      5.000%, 09/01/15      102  
  400      Swedbank AB, (Sweden), 2.125%, 09/29/17 (e)      406  
   Toronto-Dominion Bank (The), (Canada),   
  120      1.400%, 04/30/18      120  
  44      1.625%, 03/13/18      44  
   U.S. Bancorp,   
  200      2.200%, 04/25/19      204  
  67      4.125%, 05/24/21      74  
  250      U.S. Bank N.A., 2.800%, 01/27/25          250  


JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

 

PRINCIPAL
AMOUNT($)

    

SECURITY DESCRIPTION

   VALUE($)  

 

Corporate Bonds — continued

  

  

Banks — continued

  

  200      Wachovia Corp., 5.750%, 02/01/18      224  
   Wells Fargo & Co.,   
  295      2.125%, 04/22/19      299  
  285      2.150%, 01/15/19      289  
  75      3.000%, 02/19/25      75  
  170      Series M, 3.450%, 02/13/23      174  
  55      4.125%, 08/15/23      59  
  55      4.650%, 11/04/44      59  
  145      5.375%, 11/02/43      171  
     

 

 

 
        15,237  
     

 

 

 
  

Capital Markets — 0.5%

  

  150      Ameriprise Financial, Inc., 4.000%, 10/15/23      162  
   Bank of New York Mellon Corp. (The),   
  92      2.100%, 01/15/19      93  
  100      Series 1, 2.950%, 06/18/15      101  
  100      4.150%, 02/01/21      110  
  100      BlackRock, Inc., 6.250%, 09/15/17      112  
  250      Credit Suisse, (Switzerland), 1.750%, 01/29/18      251  
  200      Credit Suisse AG, (Switzerland), 6.500%, 08/08/23 (e)      228  
  100      Credit Suisse USA, Inc., 7.125%, 07/15/32      141  
   Deutsche Bank AG, (Germany),   
  165      1.875%, 02/13/18      165  
  85      3.250%, 01/11/16      87  
   Goldman Sachs Group, Inc. (The),   
  170      2.375%, 01/22/18      173  
  70      2.550%, 10/23/19      71  
  358      2.625%, 01/31/19      366  
  220      2.900%, 07/19/18      227  
  284      3.500%, 01/23/25      289  
  150      3.625%, 01/22/23      155  
  121      3.850%, 07/08/24      127  
  185      4.000%, 03/03/24      196  
  160      4.800%, 07/08/44      178  
  100      7.500%, 02/15/19      119  
   Jefferies Group LLC,   
  65      6.875%, 04/15/21      74  
  97      8.500%, 07/15/19      116  
  80      Macquarie Group Ltd., (Australia), 6.250%, 01/14/21 (e)      93  
   Morgan Stanley,   
  65      1.750%, 02/25/16      65  
  165      2.125%, 04/25/18      167  
  65      2.500%, 01/24/19      66  
  70      2.650%, 01/27/20      71  
  82      3.750%, 02/25/23      86  
  215      Series F, 3.875%, 04/29/24      226  
  75      4.300%, 01/27/45      78  
  700      4.750%, 03/22/17      745  
  186      5.000%, 11/24/25      206  
  100      5.550%, 04/27/17      108  
  500      5.750%, 10/18/16      534  
  47      Nomura Holdings, Inc., (Japan), 6.700%, 03/04/20      56  
   State Street Corp.,   
  36      3.100%, 05/15/23      36  
  55      3.300%, 12/16/24      57  
  154      3.700%, 11/20/23      166  
  69      TD Ameritrade Holding Corp., 2.950%, 04/01/22      70  
   UBS AG, (Switzerland),   
  330      2.375%, 08/14/19      332  
  150      5.750%, 04/25/18      168  
     

 

 

 
        6,871  
     

 

 

 
  

Consumer Finance — 0.4%

  

   American Express Co.,   
  195      1.550%, 05/22/18      195  
  100      3.625%, 12/05/24      103  
  250      7.000%, 03/19/18      289  
   American Honda Finance Corp.,   
  310      2.250%, 08/15/19      315  
  150      7.625%, 10/01/18(e)      180  
   Caterpillar Financial Services Corp.,   
  100      2.850%, 06/01/22      102  
  215      3.250%, 12/01/24      223  
  121      3.750%, 11/24/23      130  
   Ford Motor Credit Co. LLC,   
  420      1.700%, 05/09/16      422  
  200      2.145%, 01/09/18      202  
  400      2.375%, 01/16/18      407  
  200      2.375%, 03/12/19      202  
  200      3.219%, 01/09/22      204  
  200      3.664%, 09/08/24      207  
   General Motors Financial Co., Inc.,   
  65      2.750%, 05/15/16      66  
  20      3.250%, 05/15/18      20  
   HSBC USA, Inc.,   
  125      2.350%, 03/05/20      126  
  405      2.375%, 11/13/19      408  
   John Deere Capital Corp.,   
  181      1.050%, 10/11/16          182  


JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

 

PRINCIPAL
AMOUNT($)

    

SECURITY DESCRIPTION

   VALUE($)  

 

Corporate Bonds — continued

  

  

Consumer Finance — continued

  

  106      5.750%, 09/10/18      121  
  97      Nissan Motor Acceptance Corp., 1.800%, 03/15/18 (e)      97  
   Synchrony Financial,   
  85      2.700%, 02/03/20      85  
  215      3.750%, 08/15/21      223  
  80      4.250%, 08/15/24      84  
   Toyota Motor Credit Corp.,   
  174      2.100%, 01/17/19      177  
  200      2.625%, 01/10/23      202  
     

 

 

 
        4,972  
     

 

 

 
  

Diversified Financial Services — 0.2%

  

  60      Berkshire Hathaway, Inc., 4.500%, 02/11/43      68  
   CME Group, Inc.,   
  100      3.000%, 09/15/22      104  
  49      5.300%, 09/15/43      60  
   General Electric Capital Corp.,   
  325      2.200%, 01/09/20      329  
  255      4.375%, 09/16/20      283  
  200      4.625%, 01/07/21      225  
  45      5.500%, 01/08/20      52  
  105      5.625%, 05/01/18      118  
  150      5.875%, 01/14/38      194  
  210      6.750%, 03/15/32      290  
  94      Intercontinental Exchange, Inc., 4.000%, 10/15/23      102  
  250      Murray Street Investment Trust I, SUB, 4.647%, 03/09/17      265  
  155      National Rural Utilities Cooperative Finance Corp., 2.850%, 01/27/25      156  
  290      Nationwide Building Society, (United Kingdom), 2.350%, 01/21/20 (e)      292  
   Shell International Finance B.V., (Netherlands),   
  290      3.400%, 08/12/23      307  
  155      4.550%, 08/12/43      175  
  210      Voya Financial, Inc., 5.500%, 07/15/22      243  
     

 

 

 
        3,263  
     

 

 

 
  

Insurance — 0.3%

  

  88      ACE INA Holdings, Inc., 3.150%, 03/15/25      90  
   Allstate Corp. (The),   
  61      3.150%, 06/15/23      63  
  120      5.550%, 05/09/35      153  
   American International Group, Inc.,   
  225      3.375%, 08/15/20      237  
  70      3.875%, 01/15/35      70  
  24      4.125%, 02/15/24      26  
  110      4.500%, 07/16/44      118  
  232      4.875%, 06/01/22      264  
  175      6.400%, 12/15/20      212  
   Aon Corp.,   
  53      3.125%, 05/27/16      54  
  28      6.250%, 09/30/40      37  
  115      Berkshire Hathaway Finance Corp., 4.300%, 05/15/43      125  
   CNA Financial Corp.,   
  30      5.875%, 08/15/20      35  
  100      6.500%, 08/15/16      107  
  100      Liberty Mutual Group, Inc., 5.000%, 06/01/21 (e)      111  
  25      Lincoln National Corp., 4.850%, 06/24/21      28  
  90      Markel Corp., 3.625%, 03/30/23      93  
  118      Marsh & McLennan Cos., Inc., 2.350%, 03/06/20      119  
  105      MassMutual Global Funding II, 2.100%, 08/02/18 (e)      107  
   MetLife, Inc.,   
  60      4.050%, 03/01/45      62  
  70      4.125%, 08/13/42      73  
  35      4.721%, 12/15/44      40  
  350      4.875%, 11/13/43      404  
  45      6.400%, 12/15/36      53  
   Metropolitan Life Global Funding I,   
  200      1.300%, 04/10/17 (e)      201  
  100      3.125%, 01/11/16 (e)      102  
   New York Life Global Funding,   
  165      1.950%, 02/11/20 (e)      165  
  130      2.100%, 01/02/19 (e)      132  
  146      2.150%, 06/18/19 (e)      147  
  50      Pacific Life Insurance Co., 9.250%, 06/15/39 (e)      80  
  300      Pricoa Global Funding I, 2.200%, 05/16/19 (e)      303  
  235      Principal Life Global Funding II, 2.200%, 04/08/20 (e)      235  
  100      Progressive Corp. (The), 4.350%, 04/25/44      111  
   Prudential Financial, Inc.,   
  110      5.100%, 08/15/43      124  
  175      VAR, 5.200%, 03/15/44      178  
  90      Swiss Re Treasury U.S. Corp., 4.250%, 12/06/42 (e)      96  
  75      Travelers Property Casualty Corp., 7.750%, 04/15/26          103  
     

 

 

 
        4,658  
     

 

 

 


JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

 

PRINCIPAL
AMOUNT($)

    

SECURITY DESCRIPTION

   VALUE($)  

 

Corporate Bonds — continued

  

  

Real Estate Investment Trusts (REITs) — 0.3%

  

   American Tower Corp.,   
  165      3.450%, 09/15/21      168  
  40      3.500%, 01/31/23      40  
  115      4.500%, 01/15/18      124  
  110      AvalonBay Communities, Inc., 3.625%, 10/01/20      116  
   Boston Properties LP,   
  85      3.800%, 02/01/24      89  
  320      3.850%, 02/01/23      338  
  64      Camden Property Trust, 5.700%, 05/15/17      70  
  170      DDR Corp., 3.500%, 01/15/21      176  
   Duke Realty LP,   
  159      3.875%, 02/15/21      168  
  30      6.750%, 03/15/20      35  
  60      Equity Commonwealth, 6.650%, 01/15/18      66  
  263      ERP Operating LP, 4.625%, 12/15/21      294  
   HCP, Inc.,   
  244      2.625%, 02/01/20      244  
  30      3.150%, 08/01/22      30  
  50      3.875%, 08/15/24      51  
  65      4.200%, 03/01/24      68  
  58      4.250%, 11/15/23      61  
   Health Care REIT, Inc.,   
  55      3.750%, 03/15/23      56  
  91      4.500%, 01/15/24      98  
  115      Kimco Realty Corp., 3.200%, 05/01/21      118  
   Liberty Property LP,   
  45      3.375%, 06/15/23      45  
  55      4.400%, 02/15/24      59  
  113      Prologis LP, 4.250%, 08/15/23      121  
  135      Realty Income Corp., 4.125%, 10/15/26      143  
   Simon Property Group LP,   
  17      5.650%, 02/01/20      20  
  100      6.125%, 05/30/18      114  
  110      UDR, Inc., 3.700%, 10/01/20      116  
   Ventas Realty LP,   
  59      3.750%, 05/01/24      61  
  10      4.375%, 02/01/45      10  
   Ventas Realty LP/Ventas Capital Corp.,   
  80      2.700%, 04/01/20      81  
  195      4.250%, 03/01/22      209  
  60      Weingarten Realty Investors, 4.450%, 01/15/24      64  
     

 

 

 
        3,453  
     

 

 

 
  

Thrifts & Mortgage Finance — 0.1%

  

   Abbey National Treasury Services plc, (United Kingdom),   
  335      1.650%, 09/29/17      337  
  200      2.350%, 09/10/19      203  
  215      2.375%, 03/16/20      217  
   BPCE S.A., (France),   
  250      4.000%, 04/15/24      267  
  260      VAR, 0.875%, 06/23/17      260  
     

 

 

 
        1,284  
     

 

 

 
   Total Financials      39,738  
     

 

 

 

 

          Health Care — 0.6%

  
  

Biotechnology — 0.1%

  

   Amgen, Inc.,   
  120      3.625%, 05/22/24      126  
  150      3.875%, 11/15/21      161  
  150      4.100%, 06/15/21      163  
  40      4.950%, 10/01/41      45  
  65      5.650%, 06/15/42      80  
   Celgene Corp.,   
  132      3.625%, 05/15/24      137  
  100      3.950%, 10/15/20      108  
   Gilead Sciences, Inc.,   
  185      3.700%, 04/01/24      197  
  80      4.500%, 02/01/45      88  
  30      4.800%, 04/01/44      35  
     

 

 

 
        1,140  
     

 

 

 
  

Health Care Equipment & Supplies — 0.1%

  

   Becton, Dickinson and Co.,   
  170      2.675%, 12/15/19      174  
  95      3.734%, 12/15/24      99  
  35      4.685%, 12/15/44      38  
   Medtronic, Inc.,   
  450      3.150%, 03/15/22 (e)      467  
  40      4.625%, 03/15/44      45  
  50      4.625%, 03/15/45 (e)      57  
   Zimmer Holdings, Inc.,   
  130      3.550%, 04/01/25      132  
  50      4.450%, 08/15/45      52  
     

 

 

 
        1,064  
     

 

 

 
  

Health Care Providers & Services — 0.1%

  

   Aetna, Inc.,   
  100      3.500%, 11/15/24      104  
  123      4.750%, 03/15/44      144  
   Anthem, Inc.,   
  60      2.300%, 07/15/18      61  
  50      4.625%, 05/15/42          54  


JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

 

PRINCIPAL
AMOUNT($)

    

SECURITY DESCRIPTION

   VALUE($)  

 

Corporate Bonds — continued

  

  

Health Care Providers & Services — continued

  

  160      5.100%, 01/15/44      184  
  200      5.850%, 01/15/36      243  
  245      Cigna Corp., 4.000%, 02/15/22      267  
   Express Scripts Holding Co.,   
  110      2.250%, 06/15/19      110  
  90      3.500%, 06/15/24      93  
  80      3.900%, 02/15/22      85  
  175      4.750%, 11/15/21      197  
   McKesson Corp.,   
  72      2.700%, 12/15/22      71  
  40      2.850%, 03/15/23      40  
  60      4.883%, 03/15/44      69  
  100      Medco Health Solutions, Inc., 7.125%, 03/15/18      115  
   UnitedHealth Group, Inc.,   
  30      2.750%, 02/15/23      30  
  200      2.875%, 03/15/23      205  
  105      3.950%, 10/15/42      108  
     

 

 

 
        2,180  
     

 

 

 
  

Life Sciences Tools & Services — 0.0% (g)

  

  92      Thermo Fisher Scientific, Inc., 4.150%, 02/01/24      100  
     

 

 

 
  

Pharmaceuticals — 0.3%

  

   AbbVie, Inc.,   
  105      1.750%, 11/06/17      105  
  140      2.900%, 11/06/22      139  
   Actavis Funding SCS, (Luxembourg),   
  145      3.000%, 03/12/20      148  
  172      3.450%, 03/15/22      176  
  55      3.800%, 03/15/25      57  
  130      4.850%, 06/15/44      138  
  190      Actavis, Inc., 1.875%, 10/01/17      190  
  200      Bayer U.S. Finance LLC, 2.375%, 10/08/19 (e)      203  
  200      Bristol-Myers Squibb Co., 2.000%, 08/01/22      193  
   Forest Laboratories, Inc.,   
  100      4.875%, 02/15/21 (e)      110  
  69      5.000%, 12/15/21 (e)      77  
  645      GlaxoSmithKline Capital plc, (United Kingdom), 2.850%, 05/08/22      655  
  104      GlaxoSmithKline Capital, Inc., 2.800%, 03/18/23      105  
  95      Johnson & Johnson, 3.375%, 12/05/23      102  
   Merck & Co., Inc.,   
  100      2.750%, 02/10/25      100  
  263      2.800%, 05/18/23      269  
  80      3.700%, 02/10/45      81  
   Mylan, Inc.,   
  265      2.600%, 06/24/18      270  
  100      7.875%, 07/15/20 (e)      106  
  132      Novartis Capital Corp., 3.400%, 05/06/24      141  
  200      Perrigo Finance plc, (Ireland), 3.500%, 12/15/21      207  
  65      Pfizer, Inc., 4.300%, 06/15/43      70  
  26      Teva Pharmaceutical Finance Co. B.V., (Netherlands), 2.950%, 12/18/22      26  
  130      Teva Pharmaceutical Finance IV LLC, 2.250%, 03/18/20      131  
  19      Zoetis, Inc., 1.875%, 02/01/18      19  
     

 

 

 
        3,818  
     

 

 

 
   Total Health Care      8,302  
     

 

 

 

 

          Industrials — 0.6%

  
  

Aerospace & Defense — 0.1%

  

  50      Boeing Co. (The), 6.625%, 02/15/38      72  
   Honeywell International, Inc.,   
  139      3.350%, 12/01/23      147  
  100      4.250%, 03/01/21      112  
   Lockheed Martin Corp.,   
  50      3.800%, 03/01/45      50  
  75      4.070%, 12/15/42      78  
  200      4.250%, 11/15/19      220  
  45      Northrop Grumman Corp., 3.850%, 04/15/45      44  
  90      Textron, Inc., 3.875%, 03/01/25      93  
   United Technologies Corp.,   
  70      4.500%, 06/01/42      78  
  180      5.400%, 05/01/35      220  
     

 

 

 
        1,114  
     

 

 

 
  

Airlines — 0.1%

  

  33      Air Canada 2013-1 Class A Pass-Through Trust, (Canada), 4.125%, 05/15/25 (e)      35  
  140      Air Canada 2015-1 Class A Pass-Through Trust, (Canada), 3.600%, 03/15/27 (e)      140  
  17      American Airlines 2011-1 Class A Pass-Through Trust, Series A, 5.250%, 01/31/21      18  
  366      American Airlines 2013-2 Class A Pass-Through Trust, 4.950%, 01/15/23      401  
  83      Continental Airlines 2007-1 Class A Pass-Through Trust, Series 071A, 5.983%, 04/19/22      93  
  91      Delta Air Lines 2007-1 Class A Pass-Through Trust, Series 071A, 6.821%, 08/10/22          107  


JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

 

PRINCIPAL
AMOUNT($)

    

SECURITY DESCRIPTION

   VALUE($)  

 

Corporate Bonds — continued

  

  

Airlines — continued

  

  14      Delta Air Lines 2010-2 Class A Pass-Through Trust, Series 2A, 4.950%, 05/23/19      15  
  12      Delta Air Lines 2011-1 Class A Pass-Through Trust, Series A, 5.300%, 04/15/19      13  
  39      Northwest Airlines 2007-1 Class A Pass-Through Trust, 7.027%, 11/01/19      45  
  63      U.S. Airways 2013-1 Class A Pass-Through Trust, 3.950%, 11/15/25      65  
     

 

 

 
        932  
     

 

 

 
  

Commercial Services & Supplies — 0.0% (g)

  

  100      Republic Services, Inc., 6.086%, 03/15/35      127  
   Waste Management, Inc.,   
  37      4.600%, 03/01/21      41  
  100      4.750%, 06/30/20      112  
     

 

 

 
        280  
     

 

 

 
  

Electrical Equipment — 0.0% (g)

  

  160      Eaton Corp., 4.000%, 11/02/32      168  
     

 

 

 
  

Industrial Conglomerates — 0.1%

  

   Danaher Corp.,   
  61      3.900%, 06/23/21      67  
  100      5.400%, 03/01/19      114  
   General Electric Co.,   
  400      2.700%, 10/09/22      407  
  175      3.375%, 03/11/24      185  
  35      4.125%, 10/09/42      37  
  120      4.500%, 03/11/44      135  
   Koninklijke Philips N.V., (Netherlands),   
  120      3.750%, 03/15/22      125  
  40      5.750%, 03/11/18      45  
     

 

 

 
        1,115  
     

 

 

 
  

Machinery — 0.0% (g)

  

  200      Illinois Tool Works, Inc., 3.500%, 03/01/24      212  
     

 

 

 
  

Road & Rail — 0.2%

  

   Burlington Northern Santa Fe LLC,   
  100      3.050%, 09/01/22      103  
  605      4.100%, 06/01/21      665  
  60      4.150%, 04/01/45      62  
  120      4.900%, 04/01/44      137  
  40      5.050%, 03/01/41      47  
  25      5.750%, 05/01/40      31  
  200      Canadian National Railway Co., (Canada), 6.375%, 11/15/37      279  
  63      Canadian Pacific Railway Co., (Canada), 7.125%, 10/15/31      87  
  150      CSX Corp., 7.375%, 02/01/19      180  
   ERAC USA Finance LLC,   
  40      2.800%, 11/01/18 (e)      41  
  350      3.850%, 11/15/24 (e)      365  
  35      4.500%, 08/16/21 (e)      38  
   Norfolk Southern Corp.,   
  50      4.800%, 08/15/43      58  
  391      4.837%, 10/01/41      445  
  35      Penske Truck Leasing Co. LP/PTL Finance Corp., 2.500%, 06/15/19 (e)      35  
   Ryder System, Inc.,   
  83      2.450%, 09/03/19      83  
  43      3.500%, 06/01/17      45  
  20      3.600%, 03/01/16      21  
   Union Pacific Corp.,   
  150      3.750%, 03/15/24      164  
  300      4.750%, 12/15/43      350  
     

 

 

 
        3,236  
     

 

 

 
  

Trading Companies & Distributors — 0.1%

  

  190      Air Lease Corp., 3.375%, 01/15/19      194  
  75      GATX Corp., 3.250%, 03/30/25      74  
  272      International Lease Finance Corp., 3.875%, 04/15/18      276  
     

 

 

 
        544  
     

 

 

 
  

Transportation Infrastructure — 0.0% (g)

  

   HPHT Finance 15 Ltd., (Cayman Islands),   
  200      2.250%, 03/17/18 (e)      201  
  200      2.875%, 03/17/20 (e)      202  
     

 

 

 
        403  
     

 

 

 
   Total Industrials      8,004  
     

 

 

 

 

          Information Technology — 0.3%

  
  

Communications Equipment — 0.0% (g)

  

   Cisco Systems, Inc.,   
  272      2.900%, 03/04/21      286  
  165      5.500%, 01/15/40      204  
     

 

 

 
        490  
     

 

 

 
  

Electronic Equipment, Instruments & Components — 0.0% (g)

  

   Arrow Electronics, Inc.,   
  100      4.500%, 03/01/23      105  
  150      6.000%, 04/01/20      171  
     

 

 

 
        276  
     

 

 

 
  

Internet Software & Services — 0.0% (g)

  

   eBay, Inc.,   
  131      2.600%, 07/15/22          125  


JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

 

PRINCIPAL
AMOUNT($)

    

SECURITY DESCRIPTION

   VALUE($)  

 

Corporate Bonds — continued

  

  

Internet Software & Services — continued

  

  31      2.875%, 08/01/21      31  
     

 

 

 
        156  
     

 

 

 
  

IT Services — 0.1%

  

   International Business Machines Corp.,   
  350      3.375%, 08/01/23      365  
  100      3.625%, 02/12/24      106  
  130      7.000%, 10/30/25      175  
   Xerox Corp.,   
  100      5.625%, 12/15/19      113  
  100      6.350%, 05/15/18      113  
     

 

 

 
        872  
     

 

 

 
  

Semiconductors & Semiconductor Equipment — 0.0% (g)

  

   Texas Instruments, Inc.,   
  92      2.375%, 05/16/16      94  
  197      2.750%, 03/12/21      202  
     

 

 

 
        296  
     

 

 

 
  

Software — 0.1%

  

   Microsoft Corp.,   
  125      2.375%, 02/12/22      126  
  100      2.375%, 05/01/23      100  
  75      3.500%, 11/15/42      72  
  133      3.625%, 12/15/23      145  
  160      3.750%, 05/01/43      162  
  105      3.750%, 02/12/45      105  
   Oracle Corp.,   
  150      2.500%, 10/15/22      150  
  70      2.800%, 07/08/21      73  
  56      3.625%, 07/15/23      60  
  185      4.500%, 07/08/44      206  
  200      5.750%, 04/15/18      226  
     

 

 

 
        1,425  
     

 

 

 
  

Technology Hardware, Storage & Peripherals — 0.1%

  

   Apple, Inc.,   
  125      2.150%, 02/09/22      124  
  126      2.850%, 05/06/21      131  
  230      3.450%, 02/09/45      218  
  95      3.850%, 05/04/43      97  
  182      EMC Corp., 3.375%, 06/01/23      189  
     

 

 

 
        759  
     

 

 

 
   Total Information Technology      4,274  
     

 

 

 

 

          Materials — 0.3%

  
  

Chemicals — 0.1%

  

   Agrium, Inc., (Canada),   
  22      3.375%, 03/15/25      22  
  100      6.125%, 01/15/41      124  
  80      CF Industries, Inc., 4.950%, 06/01/43      85  
   Dow Chemical Co. (The),   
  38      4.250%, 11/15/20      42  
  115      4.625%, 10/01/44      120  
  89      E.I. du Pont de Nemours & Co., 4.150%, 02/15/43      91  
  125      LYB International Finance B.V., (Netherlands), 4.875%, 03/15/44      134  
  200      LyondellBasell Industries N.V., (Netherlands), 5.000%, 04/15/19      221  
   Monsanto Co.,   
  43      2.125%, 07/15/19      44  
  16      4.200%, 07/15/34      17  
  166      Mosaic Co. (The), 5.625%, 11/15/43      197  
  250      Potash Corp. of Saskatchewan, Inc., (Canada), 3.625%, 03/15/24      263  
  300      Praxair, Inc., 2.200%, 08/15/22      292  
  150      Union Carbide Corp., 7.750%, 10/01/96      203  
     

 

 

 
        1,855  
     

 

 

 
  

Construction Materials — 0.0% (g)

  

  44      CRH America, Inc., 6.000%, 09/30/16      47  
     

 

 

 
  

Metals & Mining — 0.2%

  

  80      Allegheny Technologies, Inc., 6.375%, 08/15/23      86  
  130      ArcelorMittal, (Luxembourg), 5.250%, 02/25/17      135  
  50      Barrick Gold Corp., (Canada), 5.250%, 04/01/42      48  
  40      Barrick North America Finance LLC, 5.700%, 05/30/41      40  
  139      BHP Billiton Finance USA Ltd., (Australia), 5.000%, 09/30/43      159  
   Freeport-McMoRan, Inc.,   
  80      3.875%, 03/15/23      74  
  505      4.550%, 11/14/24      485  
  12      5.450%, 03/15/43      11  
   Glencore Finance Canada Ltd., (Canada),   
  86      4.250%, 10/25/22 (e)      88  
  60      5.550%, 10/25/42 (e)      63  
  75      Glencore Funding LLC, 4.625%, 04/29/24 (e)      78  
   Nucor Corp.,   
  127      4.000%, 08/01/23      133  
  80      5.200%, 08/01/43      90  
  100      Rio Tinto Finance USA Ltd., (Australia), 4.125%, 05/20/21      108  
  200      Rio Tinto Finance USA plc, (United Kingdom), 2.875%, 08/21/22          199  


JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

 

PRINCIPAL
AMOUNT($)

    

SECURITY DESCRIPTION

   VALUE($)  

 

Corporate Bonds — continued

  

  

Metals & Mining — continued

  

  85      Teck Resources Ltd., (Canada), 3.750%, 02/01/23      80  
  105      Vale S.A., (Brazil), 5.625%, 09/11/42      91  
     

 

 

 
        1,968  
     

 

 

 
   Total Materials      3,870  
     

 

 

 

 

          Telecommunication Services — 0.4%

  
  

Diversified Telecommunication Services — 0.3%

  

   AT&T, Inc.,   
  150      2.375%, 11/27/18      152  
  800      3.000%, 02/15/22      803  
  410      4.300%, 12/15/42      392  
  155      4.800%, 06/15/44      159  
   British Telecommunications plc, (United Kingdom),   
  250      1.250%, 02/14/17      250  
  100      9.625%, 12/15/30      165  
  100      Deutsche Telekom International Finance B.V., (Netherlands), 6.750%, 08/20/18      116  
  40      SES GLOBAL Americas Holdings GP, 2.500%, 03/25/19 (e)      40  
  102      Telefonica Emisiones S.A.U., (Spain), 5.134%, 04/27/20      115  
   Verizon Communications, Inc.,   
  155      2.450%, 11/01/22      150  
  206      2.500%, 09/15/16      210  
  300      3.500%, 11/01/24      307  
  465      3.850%, 11/01/42      422  
  209      4.150%, 03/15/24      225  
  130      4.500%, 09/15/20      144  
  238      4.522%, 09/15/48 (e)      237  
  93      4.672%, 03/15/55 (e)      91  
  360      4.862%, 08/21/46      377  
  12      6.400%, 09/15/33      15  
     

 

 

 
        4,370  
     

 

 

 
  

Wireless Telecommunication Services — 0.1%

  

   America Movil S.A.B. de C.V., (Mexico),   
  200      3.125%, 07/16/22      202  
  100      5.000%, 03/30/20      114  
  100      Crown Castle Towers LLC, 3.214%, 08/15/15 (e)      101  
   Vodafone Group plc, (United Kingdom),   
  90      4.375%, 02/19/43      88  
  125      5.625%, 02/27/17      135  
  50      6.150%, 02/27/37      61  
     

 

 

 
        701  
     

 

 

 
   Total Telecommunication Services      5,071  
     

 

 

 

 

          Utilities — 1.0%

  
  

Electric Utilities — 0.7%

  

   Alabama Power Co.,   
  61      Series 13-A, 3.550%, 12/01/23      65  
  75      3.750%, 03/01/45      77  
  200      3.850%, 12/01/42      207  
  50      4.150%, 08/15/44      54  
  100      Appalachian Power Co., 4.600%, 03/30/21      111  
  150      Arizona Public Service Co., 4.500%, 04/01/42      169  
   Baltimore Gas & Electric Co.,   
  65      2.800%, 08/15/22      66  
  170      3.350%, 07/01/23      179  
   DTE Electric Co.,   
  140      3.375%, 03/01/25      148  
  120      3.700%, 03/15/45      122  
  80      Duke Energy Carolinas LLC, 4.300%, 06/15/20      89  
   Duke Energy Corp.,   
  312      3.050%, 08/15/22      321  
  30      3.750%, 04/15/24      32  
  130      5.050%, 09/15/19      147  
   Duke Energy Progress, Inc.,   
  150      4.100%, 03/15/43      162  
  55      4.150%, 12/01/44      60  
   Electricite de France S.A., (France),   
  80      2.150%, 01/22/19 (e)      81  
  105      4.875%, 01/22/44 (e)      119  
  100      Enel Finance International N.V., (Netherlands), 5.125%, 10/07/19 (e)      112  
  140      Entergy Arkansas, Inc., 3.750%, 02/15/21      150  
  170      Eversource Energy, Series H, 3.150%, 01/15/25      172  
  80      FirstEnergy Solutions Corp., 6.800%, 08/15/39      85  
  35      FirstEnergy Transmission LLC, 5.450%, 07/15/44 (e)      39  
   Florida Power & Light Co.,   
  100      4.050%, 10/01/44      108  
  50      5.950%, 10/01/33      67  
  35      Great Plains Energy, Inc., 4.850%, 06/01/21      39  
  300      Indiana Michigan Power Co., 7.000%, 03/15/19      357  
   ITC Holdings Corp.,   
  135      3.650%, 06/15/24      140  
  114      6.050%, 01/31/18 (e)      127  
  200      Kansas City Power & Light Co., 5.300%, 10/01/41          236  


JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

 

PRINCIPAL
AMOUNT($)

    

SECURITY DESCRIPTION

   VALUE($)  

 

Corporate Bonds — continued

  

  

Electric Utilities — continued

  

  90      Kansas City, Gas & Electric Co., 4.300%, 07/15/44 (e)      101  
  80      Mississippi Power Co., Series 12-A, 4.250%, 03/15/42      83  
   Nevada Power Co.,   
  34      5.450%, 05/15/41      43  
  50      6.500%, 08/01/18      58  
  253      NextEra Energy Capital Holdings, Inc., 2.700%, 09/15/19      259  
  90      Niagara Mohawk Power Corp., 3.508%, 10/01/24 (e)      95  
  95      Oklahoma Gas & Electric Co., 4.550%, 03/15/44      110  
   Oncor Electric Delivery Co. LLC,   
  115      2.150%, 06/01/19      116  
  25      2.950%, 04/01/25 (e)      25  
  30      3.750%, 04/01/45 (e)      30  
   Pacific Gas & Electric Co.,   
  75      3.250%, 06/15/23      78  
  195      3.400%, 08/15/24      203  
  80      3.850%, 11/15/23      85  
  35      4.300%, 03/15/45      38  
  80      4.750%, 02/15/44      92  
  100      6.050%, 03/01/34      131  
  245      PacifiCorp, 2.950%, 02/01/22      254  
  400      PECO Energy Co., 4.800%, 10/15/43      475  
  200      Pennsylvania Electric Co., 6.050%, 09/01/17      221  
   PPL Capital Funding, Inc.,   
  60      4.200%, 06/15/22      66  
  75      4.700%, 06/01/43      83  
  180      Series A, VAR, 6.700%, 03/30/67      174  
   PPL Electric Utilities Corp.,   
  104      4.125%, 06/15/44      115  
  42      4.750%, 07/15/43      49  
  15      PPL WEM Holdings plc, (United Kingdom), 5.375%, 05/01/21 (e)      17  
   Progress Energy, Inc.,   
  130      3.150%, 04/01/22      134  
  117      4.400%, 01/15/21      129  
  150      Public Service Co. of Colorado, 2.500%, 03/15/23      151  
  30      Public Service Co. of New Hampshire, 3.500%, 11/01/23      32  
  41      Sierra Pacific Power Co., Series T, 3.375%, 08/15/23      43  
  31      South Carolina Electric & Gas Co., 4.500%, 06/01/64      34  
   Southern California Edison Co.,   
  55      Series 14-B, 1.125%, 05/01/17      55  
  160      Series B, 2.400%, 02/01/22      160  
  80      Series C, 3.600%, 02/01/45      80  
  40      4.500%, 09/01/40      46  
  66      4.650%, 10/01/43      78  
  100      6.650%, 04/01/29      135  
  369      Southwestern Electric Power Co., Series J, 3.900%, 04/01/45      365  
  200      Southwestern Public Service Co., Series G, 8.750%, 12/01/18      249  
  265      Trans-Allegheny Interstate Line Co., 3.850%, 06/01/25 (e)      277  
   Virginia Electric & Power Co.,   
  150      2.750%, 03/15/23      152  
  21      3.450%, 02/15/24      22  
  75      4.000%, 01/15/43      79  
  150      Wisconsin Electric Power Co., 1.700%, 06/15/18      151  
  95      Xcel Energy, Inc., 4.700%, 05/15/20      106  
     

 

 

 
        9,320  
     

 

 

 
  

Gas Utilities — 0.0% (g)

  

  86      CenterPoint Energy Resources Corp., 4.500%, 01/15/21      96  
   DCP Midstream Operating LP,   
  50      2.700%, 04/01/19      45  
  73      3.875%, 03/15/23      66  
   Dominion Gas Holdings LLC,   
  70      2.500%, 12/15/19      71  
  95      3.600%, 12/15/24      100  
     

 

 

 
        378  
     

 

 

 
  

Independent Power & Renewable Electricity Producers — 0.1%

  

   Exelon Generation Co. LLC,   
  100      2.950%, 01/15/20      102  
  94      5.750%, 10/01/41      108  
  90      Oglethorpe Power Corp., 4.550%, 06/01/44      98  
   PSEG Power LLC,   
  25      4.300%, 11/15/23      27  
  188      5.125%, 04/15/20      211  
   Southern Power Co.,   
  55      5.150%, 09/15/41      64  
  35      5.250%, 07/15/43      41  
  70      Tri-State Generation & Transmission Association, Inc., 4.700%, 11/01/44 (e)          78  
     

 

 

 
        729  
     

 

 

 


JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

 

PRINCIPAL
AMOUNT($)

    

SECURITY DESCRIPTION

   VALUE($)  

 

Corporate Bonds — continued

  

  

Multi-Utilities — 0.2%

  

   AGL Capital Corp.,   
  200      5.250%, 08/15/19      225  
  18      5.875%, 03/15/41      24  
   Berkshire Hathaway Energy Co.,   
  75      3.500%, 02/01/25      78  
  95      4.500%, 02/01/45      104  
  90      5.150%, 11/15/43      107  
  100      5.750%, 04/01/18      112  
   Consolidated Edison Co. of New York, Inc.,   
  120      3.300%, 12/01/24      126  
  85      4.625%, 12/01/54      95  
  80      Series 08-A, 5.850%, 04/01/18      91  
  100      Series 08-B, 6.750%, 04/01/38      142  
   Dominion Resources, Inc.,   
  165      4.700%, 12/01/44      184  
  165      VAR, 5.750%, 10/01/54      176  
  61      DTE Energy Co., Series F, 3.850%, 12/01/23      65  
   NiSource Finance Corp.,   
  150      4.800%, 02/15/44      169  
  5      5.650%, 02/01/45      6  
  55      5.800%, 02/01/42      70  
  120      6.125%, 03/01/22      144  
  100      NorthWestern Corp., 4.176%, 11/15/44      109  
  215      Puget Sound Energy, Inc., Series A, VAR, 6.974%, 06/01/67      219  
   Sempra Energy,   
  80      2.400%, 03/15/20      81  
  205      2.875%, 10/01/22      205  
  120      3.550%, 06/15/24      125  
  144      4.050%, 12/01/23      156  
  100      9.800%, 02/15/19      129  
     

 

 

 
        2,942  
     

 

 

 
  

Water Utilities — 0.0% (g)

  

   American Water Capital Corp.,   
  240      3.850%, 03/01/24      259  
  100      6.593%, 10/15/37      139  
     

 

 

 
        398  
     

 

 

 
   Total Utilities      13,767  
     

 

 

 
   Total Corporate Bonds (Cost $102,599)      107,615  
     

 

 

 

 

Foreign Government Securities — 0.1%

  
  20      Republic of Peru, (Peru), 5.625%, 11/18/50 (m)      24  
  50      Republic of Poland, (Poland), 4.000%, 01/22/24 (m)      55  
  200      Republic of Turkey, (Turkey), 5.750%, 03/22/24 (m)      222  
   United Mexican States, (Mexico),   
  86      4.000%, 10/02/23 (m)      91  
  143      5.550%, 01/21/45 (m)      167  
     

 

 

 
  

Total Foreign Government Securities

(Cost $497)

     559  
     

 

 

 

SHARES

             

 

Investment Companies — 18.9% (b)

  
  3,218      JPMorgan Emerging Markets Debt Fund, Class R6 Shares      26,513  
  506      JPMorgan Emerging Markets Equity Fund, Class R6 Shares      11,605  
  1,511      JPMorgan Emerging Markets Local Currency Debt Fund, Class R6 Shares      12,631  
  7,030      JPMorgan High Yield Fund, Class R6 Shares      53,921  
  3,344      JPMorgan Intrepid International Fund, Institutional Class Shares      67,441  
  895      JPMorgan Mid Cap Equity Fund, Class R6 Shares      42,113  
  2,950      JPMorgan Realty Income Fund, Institutional Class Shares (m)      43,047  
     

 

 

 
  

Total Investment Companies

(Cost $232,172)

     257,271  
     

 

 

 

PRINCIPAL
AMOUNT($)

             

 

Mortgage Pass-Through Securities — 1.3%

  
  43      Federal Home Loan Mortgage Corp. Gold Pools, 15 Year, Single Family, 5.500%, 02/01/24      48  
  62      Federal Home Loan Mortgage Corp. Gold Pools, 20 Year, Single Family, 6.500%, 11/01/22 - 03/01/26      71  
   Federal Home Loan Mortgage Corp. Gold Pools, 30 Year, Single Family,   
  283      4.500%, 05/01/41      310  
  182      5.500%, 02/01/39      207  
  208      6.000%, 08/01/36 - 12/01/36      239  
  4      7.000%, 02/01/26      3  
  9      7.500%, 05/01/26 - 08/01/27      11  
  4      8.000%, 04/01/25 - 05/01/25      5  
  6      8.500%, 07/01/26      7  
  – (h)       Federal Home Loan Mortgage Corp. Gold Pools, Other, 7.000%, 03/01/16      —   (h) 
   Federal National Mortgage Association, 15 Year, Single Family,   
  12      4.500%, 05/01/19      12  
  15      5.000%, 10/01/19      16  


JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

 

PRINCIPAL
AMOUNT($)

    

SECURITY DESCRIPTION

   VALUE($)  

 

Mortgage Pass-Through Securities — continued

  

  117      6.000%, 10/01/19 - 01/01/24      126  
  136      Federal National Mortgage Association, 20 Year, Single Family, 5.500%, 02/01/28      153  
   Federal National Mortgage Association, 30 Year, Single Family,   
  223      6.000%, 12/01/32 - 04/01/35      258  
  258      6.500%, 02/01/26 - 10/01/38      298  
  137      7.000%, 03/01/26 - 11/01/38      157  
  7      7.500%, 11/01/26      7  
  28      8.000%, 11/01/22 - 06/01/24      31  
  6      8.500%, 11/01/18      5  
  13      9.000%, 08/01/24      15  
   Federal National Mortgage Association, Other,   
  143      VAR, 0.521%, 01/01/23      143  
  228      VAR, 0.541%, 05/01/24      228  
  200      1.735%, 05/01/20      200  
  400      2.010%, 06/01/20      400  
  193      2.350%, 05/01/23      195  
  363      2.395%, 01/01/22      370  
  343      2.400%, 12/01/22 - 07/01/23      346  
  241      2.410%, 01/01/23      243  
  400      2.450%, 11/01/22      405  
  137      2.490%, 10/01/17      141  
  250      2.520%, 05/01/23      253  
  193      2.530%, 03/01/23      196  
  700      2.590%, 11/01/21      720  
  435      2.680%, 05/01/23      446  
  194      2.703%, 04/01/23      200  
  238      2.840%, 06/01/22      248  
  95      2.900%, 06/01/22      99  
  1,194      3.030%, 12/01/21- 04/01/30      1,215  
  147      3.050%, 10/01/20      156  
  98      3.110%, 10/01/21      105  
  600      3.320%, 05/01/24      638  
  200      3.370%, 11/01/20      215  
  700      3.380%, 01/01/18 - 12/01/23      748  
  299      3.450%, 11/01/23      321  
  200      3.480%, 12/01/20      216  
  603      3.500%, 05/01/43 - 06/01/43      639  
  482      3.540%, 10/01/20 - 11/01/21      521  
  147      3.590%, 10/01/20      159  
  500      3.690%, 11/01/23      549  
  139      3.700%, 12/01/20      151  
  946      3.743%, 06/01/18      1,009  
  392      3.760%, 08/01/23      431  
  186      3.805%, 05/01/22      203  
  234      3.810%, 01/01/19      252  
  400      3.860%, 11/01/23      446  
  342      4.000%, 07/01/42      373  
  400      4.040%, 10/01/20      442  
  285      4.330%, 04/01/21      320  
  234      4.369%, 02/01/20      260  
  286      4.640%, 01/01/21      324  
  175      4.770%, 06/01/19      195  
   Government National Mortgage Association II, 30 Year, Single Family,   
  3      8.000%, 07/20/28      3  
  31      8.500%, 09/20/25      35  
   Government National Mortgage Association, 30 Year, Single Family,   
  35      6.500%, 01/15/24 - 03/15/28      41  
  95      7.000%, 04/15/24 - 05/15/26      100  
  16      7.500%, 06/15/25 - 05/15/26      17  
  15      8.000%, 04/15/24 - 09/15/27      16  
  25      8.500%, 06/15/22 - 12/15/22      27  
  1      10.000%, 07/15/18      1  
     

 

 

 
  

Total Mortgage Pass-Through Securities

(Cost $16,325)

     16,940  
     

 

 

 

 

Municipal Bonds — 0.0% (g) (t)

  
  

New York — 0.0% (g)

  

  35      New York State Dormitory Authority, State Personal Income Tax, Series D, Rev., 5.600%, 03/15/40      45  
  150      Port Authority of New York & New Jersey, Consolidated, Series 164, Rev., 5.647%, 11/01/40      192  
     

 

 

 
        237  
     

 

 

 
  

Ohio — 0.0% (g)

  

  210      American Municipal Power, Inc., Meldahl Hydroelectric Project, Series B, Rev., 7.499%, 02/15/50      311  
     

 

 

 
  

Total Municipal Bonds

(Cost $395)

     548  
     

 

 

 

 

Preferred Securities — 0.2% (x)

  

 

          Financials — 0.2%

  
  

Banks — 0.1%

  

   Bank of America Corp.,   
  210      Series AA, VAR, 6.100%, 03/17/25      212  
  180      Series V, VAR, 5.125%, 06/17/19      177  
  290      Citigroup, Inc., Series O, VAR, 5.875%, 03/27/20      291  
  200      HSBC Holdings plc, (United Kingdom), VAR, 6.375%, 03/30/25      204  
  200      Lloyds Banking Group plc, (United Kingdom), VAR, 7.500%, 06/27/24      213  


JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

 

PRINCIPAL
AMOUNT($)

    

SECURITY DESCRIPTION

   VALUE($)  

 

Preferred Securities — continued

  

  

Banks — continued

  

  75      PNC Financial Services Group, Inc. (The), Series R, VAR, 4.850%, 06/01/23      73  
   Wells Fargo & Co.,   
  140      Series K, VAR, 7.980%, 03/15/18      153  
  124      Series U, VAR, 5.875%, 06/15/25      131  
     

 

 

 
        1,454  
     

 

 

 
  

Capital Markets — 0.1%

  

  84      Bank of New York Mellon Corp. (The), Series D, VAR, 4.500%, 06/20/23      80  
  200      Credit Suisse Group AG, (Switzerland), VAR, 6.250%, 12/18/24 (e)      196  
  240      Goldman Sachs Group, Inc. (The), Series L, VAR, 5.700%, 05/10/19      247  
   Morgan Stanley,   
  180      Series H, VAR, 5.450%, 07/15/19      181  
  150      Series J, VAR, 5.550%, 07/15/20      152  
     

 

 

 
        856  
     

 

 

 
  

Diversified Financial Services — 0.0% (g)

  

  300      General Electric Capital Corp., Series B, VAR, 6.250%, 12/15/22      338  
     

 

 

 
  

Insurance — 0.0% (g)

  

  100      Swiss Re Capital I LP, (United Kingdom), VAR, 6.854%, 05/25/16 (e)      105  
     

 

 

 
  

Total Preferred Securities

(Cost $2,731)

     2,753  
     

 

 

 

 

Supranational — 0.0% (g)

  
  64      Corp. Andina de Fomento, 3.750%, 01/15/16 (Cost $64)      65  
     

 

 

 

 

U.S. Government Agency Securities — 0.0% (g)

  
   Tennessee Valley Authority,   
  74      1.750%, 10/15/18 (m)      75  
  44      4.625%, 09/15/60 (m)      52  
  65      5.250%, 09/15/39 (m)      85  
     

 

 

 
  

Total U.S. Government Agency Securities

(Cost $182)

     212  
     

 

 

 

 

U.S. Treasury Obligations — 5.2%

  
   U.S. Treasury Bonds,   
  15      3.000%, 11/15/44 (m)      17  
  60      3.375%, 05/15/44 (m)      70  
  3,000      5.375%, 02/15/31 (m)      4,263  
  2,000      6.000%, 02/15/26 (m)      2,786  
  3,000      U.S. Treasury Coupon STRIPS, 7.031%, 08/15/16 (m) (n)      2,983  
   U.S. Treasury Notes,   
  6,000      0.250%, 05/15/16 (m)      5,995  
  5,575      0.375%, 01/31/16 (k) (m)      5,582  
  5,000      0.625%, 11/30/17 (m)      4,979  
  4,000      1.000%, 11/30/19 (m)      3,939  
  2,000      1.125%, 12/31/19 (m)      1,981  
  6,000      1.375%, 11/30/15 (m)      6,046  
  4,000      1.625%, 04/30/19 (m)      4,066  
  10,000      2.000%, 08/31/21 (m)      10,212  
  35      2.000%, 02/15/25      35  
  10,000      2.125%, 06/30/21 (m)      10,295  
  6,000      3.000%, 02/28/17 (m)      6,281  
  600      3.125%, 10/31/16 (m)      626  
     

 

 

 
  

Total U.S. Treasury Obligations

(Cost $68,884)

     70,156  
     

 

 

 

NUMBER OF
WARRANTS

             

 

Warrant — 0.0%

  
  

Financials — 0.0%

  

  

Consumer Finance — 0.0%

  

  – (h)      

Imperial Holdings, Inc., expiring 10/01/19 (Strike Price $10.75) (a) (i)

(Cost $–)

     —    
     

 

 

 

PRINCIPAL
AMOUNT($)

             

 

Short-Term Investments— 3.9%

  
  

U.S. Treasury Obligations— 0.0% (g)

  

   U.S. Treasury Bills,   
  70      0.036%, 06/04/15 (k) (n)      70  
  80      0.068%, 05/28/15 (k) (m) (n)      80  
  50      0.072%, 08/27/15 (k) (n)      50  
     

 

 

 
   Total U.S. Treasury Obligations      200  
     

 

 

 


JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

(Amounts in thousands, except number of Futures contracts)

 

SHARES

    

SECURITY DESCRIPTION

   VALUE($)  
  

Investment Company — 3.9%

  

  52,538       JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.040% (b) (l) (m)      52,538  
     

 

 

 
  

Total Short-Term Investments

(Cost $52,738)

     52,738  
     

 

 

 
  

Total Investments — 100.3%

(Cost $1,165,184)

     1,362,478  
  

Liabilities in Excess of Other Assets — (0.3)% (c)

     (3,849
     

 

 

 
  

NET ASSETS — 100.0%

   $ 1,358,629  
     

 

 

 

 

Percentages indicated are based on net assets.

 

PORTFOLIO COMPOSITION BY COUNTRY*

 

United States

     84.6

United Kingdom

     2.5  

Japan

     1.9  

Switzerland

     1.8  

France

     1.1  

Others (each less than 1.0%)

     8.1   

 

* Percentages indicated are based on total investments as of March 31, 2015.

Futures Contracts

 

    

NUMBER OF
CONTRACTS

  

DESCRIPTION

   EXPIRATION
DATE
     NOTIONAL
VALUE AT
MARCH 31,

2015
    NET
UNREALIZED
APPRECIATION
(DEPRECIATION)
 
  

Long Futures Outstanding

  

136

   TOPIX Index      06/11/15       $ 17,503     $ 227  

200

   10 Year Australian Government Bond      06/15/15         20,211       315  

30

   SPI 200 Index      06/18/15         3,362       25  

399

   Dow Jones Euro STOXX 50 Index      06/19/15         15,578       36  

15

   E-mini Russell 2000      06/19/15         1,873       32  

27

   E-mini S&P 500      06/19/15         2,782       23  

286

   U.S. Long Bond      06/19/15         46,868       502  

15

   2 Year U.S. Treasury Note      06/30/15         3,287       13  

13

   5 Year U.S. Treasury Note      06/30/15         1,563       9  
  

Short Futures Outstanding

  

(95)

   S&P/Toronto 60 Index      06/18/15         (12,981     (89

(61)

   10 Year U.S. Treasury Note      06/19/15         (7,863     (91

(24)

   E-mini Russell 2000      06/19/15         (2,997     (93

(55)

   E-mini S&P 500      06/19/15         (5,667     84  

(59)

   FTSE 100 Index      06/19/15         (5,888     (2

(26)

   U.S. Ultra Bond      06/19/15         (4,417     (78

(255)

   2 Year U.S. Treasury Note      06/30/15         (55,885     (136

(184)

   5 Year U.S. Treasury Note      06/30/15         (22,119     (301
          

 

 

 
           $ 476  
          

 

 

 


JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

 

Forward Foreign Currency Exchange Contracts

 

CONTRACTS
TO BUY

   CURRENCY   

COUNTERPARTY

   SETTLEMENT
DATE
     SETTLEMENT
VALUE
    VALUE AT
MARCH
31, 2015
    NET UNREALIZED
APPRECIATION
(DEPRECIATION)
 

976

   HKD             

82

   for GBP    HSBC Bank, N.A.      05/29/15       $ 121   $ 126   $ 5  
               

 

 

 

1,434

   SEK             

113

   for GBP    Barclays Bank plc      05/29/15         167     166     (1
               

 

 

 

2,428

   AUD    Australia and New Zealand Banking Group Limited      05/29/15         1,872       1,843       (29
               

 

 

 

198

   CHF    Royal Bank of Scotland      05/29/15         207       204       (3
               

 

 

 

3,145

   DKK    Union Bank of Switzerland AG      05/29/15         479       454       (25
               

 

 

 

166

   EUR    Citibank, N.A.      05/29/15         189       179       (10

1,777

   EUR    Credit Suisse International      05/29/15         2,017       1,913       (104

514

   EUR    Goldman Sachs International      05/29/15         567       553       (14

334

   EUR    Royal Bank of Canada      05/29/15         358       359       1  
               

 

 

 

20,499

   JPY    Citibank, N.A.      05/29/15         171       171       —   (h) 
               

 

 

 

7,943

   SEK    Deutsche Bank AG      05/29/15         945       923       (22
               

 

 

 

1,040

   SGD    Barclays Bank plc      05/29/15         763       757       (6
               

 

 

 
            $ 7,856     $ 7,648     $ (208
               

 

 

 

 

CONTRACTS
TO SELL

   CURRENCY   

COUNTERPARTY

   SETTLEMENT
DATE
     SETTLEMENT
VALUE
     VALUE AT
MARCH
31, 2015
     NET
UNREALIZED
APPRECIATION
(DEPRECIATION)
 

1,873

   CHF    Deutsche Bank AG      05/29/15       $ 1,980      $ 1,932      $ 48  
                 

 

 

 

139

   GBP    HSBC Bank, N.A.      05/29/15         207        206        1  

202

   GBP    Royal Bank of Canada      05/29/15         304        300        4  

104

   GBP    State Street Corp.      05/29/15         154        155        (1

1,284

   GBP    Union Bank of Switzerland AG      05/29/15         1,981        1,904        77  

101

   GBP    Westpac Banking Corp.      05/29/15         148        150        (2
                 

 

 

 

6,977

   HKD    Barclays Bank plc      05/29/15         899        899        —   (h) 
                 

 

 

 

34,701

   JPY    BNP Paribas      05/29/15         291        290        1  

14,981

   JPY    Goldman Sachs International      05/29/15         124        125        (1

41,958

   JPY    HSBC Bank, N.A.      05/29/15         349        350        (1

15,352

   JPY    Union Bank of Switzerland AG      05/29/15         130        128        2  
                 

 

 

 

2,923

   NOK    Union Bank of Switzerland AG      05/29/15         383        363        20  
                 

 

 

 
            $ 6,950      $ 6,802      $ 148  
                 

 

 

 

 

# 

For cross-currency exchange contracts, the settlement value is the U.S. Dollar market value at March 31, 2015 of the currency being sold, and the value at March 31, 2015 is the U.S. Dollar market value of the currency being purchased.


JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

 

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

 

ACES

           Alternative Credit Enhancement Securities

ADR

           American Depositary Receipt

AUD

           Australian Dollar

CHF

           Swiss Franc

CMBS

           Commercial Mortgage Backed Security

CMO

           Collateralized Mortgage Obligation

CVA

           Dutch Certification

DKK

           Danish Krone

EUR

           Euro

GBP

           British Pound

GDR

           Global Depositary Receipt

HKD

           Hong Kong Dollar

IF

           Inverse Floaters represent securities that pay interest at a rate that increases (decreases) with a decline (incline) in a specified index. The interest rate shown is the rate in effect as of March 31, 2015. The rate may be subject to a cap and floor.

IO

           Interest Only represents the right to receive the monthly interest payments on an underlying pool of mortgage loans. The principal amount shown represents the par value on the underlying pool. The yields on these securities are subject to accelerated principal paydowns as a result of prepayment or refinancing of the underlying pool of mortgage instruments. As a result, interest income may be reduced considerably.

JPY

           Japanese Yen

NOK

           Norwegian Krone

NVDR

           Non Voting Depositary Receipt

PO

           Principal Only represents the right to receive the principal portion only on an underlying pool of mortgage loans. The market value of these securities is extremely volatile in response to changes in market interest rates. As prepayments on the underlying mortgages of these securities increase, the yield on these securities increases.

Reg. S

           Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.

REIT

           Real Estate Investment Trust

REMIC

           Real Estate Mortgage Investment Conduit

Rev.

           Revenue

SEK

           Swedish Krona

SGD

           Singapore Dollar

STRIPS

           Separate Trading of Registered Interest and Principal of Securities. The STRIPS Program lets investors hold and trade individual interest and principal components of eligible notes and bonds as separate securities.

SUB

           Step-Up Bond. The interest rate shown is the rate in effect as of March 31, 2015.

VAR

           Variable Rate Security. The interest rate shown is the rate in effect as of March 31, 2015.

(a)

           Non-income producing security.

(b)

           Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.

(c)

           Included in this amount is cash segregated as collateral for futures contracts.

(e)

           Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

(g)

           Amount rounds to less than 0.1%.

(h)

           Amount rounds to less than one thousand (shares, number of warrants, or dollars).

(i)

           Security has been deemed illiquid pursuant to procedures approved by the Board of Trustees and may be difficult to sell.

(k)

           All or a portion of this security is deposited with the broker as collateral for futures, centrally cleared swaps or with brokers as initial margin for future contracts or centrally cleared swaps.

(l)

           The rate shown is the current yield as of March 31, 2015.

(m)

           All or a portion of this security is reserved and/or pledged with the custodian for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, unfunded commitments and/or forward foreign currency exchange contracts.

(n)

           The rate shown is the effective yield at the date of purchase.

(t)

           The date shown represents the earliest of the prerefunded data, next put date or final maturity date.

(x)

           Securities are perpetual and, thus, do not have a predetermined maturity date. The coupon rates for these securities are fixed for a period of time and may be structured to adjust thereafter. The dates shown, if applicable, reflects the next call date. The coupon rates shown are the rates in effect as of March 31, 2015.


JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

 

The value and percentage, based on total investments, of the investments that apply the fair valuation policy for the international investments as described in Note 2.A. of the Notes to Financial Statements is approximately $153,735,000 and 11.3% respectively.

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 certified portfolio holdings filed quarterly on Form N-Q, 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.

As of March 31, 2015, 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

   $ 216,533   

Aggregate gross unrealized depreciation

     (19,239 )
  

 

 

 

Net unrealized appreciation/depreciation

   $ 197,294  
  

 

 

 

Federal income tax cost of investments

   $ 1,165,184  
  

 

 

 

A. Valuation - The valuation of the 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 Funds 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.

A market-based approach is primarily used to value the Funds’ investments. Investments for which market quotations are not readily available are fair valued by approved pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”) or may be internally fair valued using methods set forth by the valuation policies approved by the Board. This may include related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used, had a ready market for the investments existed, and such differences could be material.

Fixed income instruments are valued based on prices received from Pricing Services. The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.

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.

Certain foreign equity instruments shall be valued by applying an international fair value factor provided by an approved Pricing Service. The factors seek to adjust the local closing price for movements of local markets post closing, but prior to the time the NAVs are calculated.

Investments in open-end investment companies (the “Underlying Funds”) are valued at each investment company’s NAV per share as of the report date.

Investments in open-end investment companies, including J.P. Morgan Funds (the “Underlying Funds”), are valued at each investment company’s net asset value per share (“NAV”) as of the report date.

Futures are generally valued on the basis of available market quotations. Other derivatives are valued utilizing market quotations from approved Pricing Services.

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.

See the tables on “Quantitative Information about Level 3 Fair Value Measurements” for information on the valuation techniques and inputs used to value Level 3 securities held by the Fund at March 31, 2015.


JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (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 are 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  

Investments in Securities

  

 

Common Stocks

          

Consumer Discretionary

   $ 91,154      $ 21,838      $  —        $ 112,992  

Consumer Staples

     28,561        12,933        —          41,494  

Energy

     37,071        7,249        —          44,320  

Financials

     105,309        37,260        —          142,569  

Health Care

     86,430        16,021        —   (a)      102,451  

Industrials

     59,513        17,490        —          77,003  

Information Technology

     112,289        15,603        —          127,892  

Materials

     20,022        9,887        —          29,909  

Telecommunication Services

     5,896        5,840        —          11,736  

Utilities

     15,529        3,930        —          19,459  
  

 

 

    

 

 

    

 

 

   

 

 

 

Total Common Stocks

     561,774        148,051        —   (a)      709,825  
  

 

 

    

 

 

    

 

 

   

 

 

 

Preferred Stocks

          

Consumer Discretionary

     —           1,240        —          1,240  

Consumer Staples

     —           1,425        —          1,425  

Financials

     61        —           —          61  

Industrials

     7        —           —          7  
  

 

 

    

 

 

    

 

 

   

 

 

 

Total Preferred Stocks

     68        2,665        —          2,733  
  

 

 

    

 

 

    

 

 

   

 

 

 

Debt Securities

          

Asset-Backed Securities

     —           8,988        38,764       47,752  

Collateralized Mortgage Obligations

          

Agency CMO

     —           68,612        —          68,612  

Non-Agency CMO

     —           18,200        67       18,267  
  

 

 

    

 

 

    

 

 

   

 

 

 

Total Collateralized Mortgage Obligations

     —           86,812        67       86,879  
  

 

 

    

 

 

    

 

 

   

 

 

 

Commercial Mortgage-Backed Securities

     —           5,796        636       6,432  

Corporate Bonds

          

Consumer Discretionary

     —           7,685        —          7,685  

Consumer Staples

     —           6,439        —          6,439  

Energy

     —           10,465        —          10,465  

Financials

     —           39,738        —          39,738  

Health Care

     —           8,302        —          8,302  

Industrials

     —           7,212        792       8,004  

Information Technology

     —           4,274        —          4,274  

Materials

     —           3,870        —          3,870  

Telecommunication Services

     —           5,071        —          5,071  

Utilities

     —           13,767        —          13,767  
  

 

 

    

 

 

    

 

 

   

 

 

 

Total Corporate Bonds

     —           106,823        792       107,615  
  

 

 

    

 

 

    

 

 

   

 

 

 

Foreign Government Securities

     —           559        —          559  

Mortgage Pass-Through Securities

     —           16,940        —          16,940  

Municipal Bonds

     —           548        —          548  


JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

 

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

Preferred Securities

        

Financials

   $  —        $ 2,753     $  —        $ 2,753  

Supranational

     —          65       —          65  

U.S. Government Agency Securities

     —          212       —          212  

U.S. Treasury Obligations

     —          70,156       —          70,156  

Warrant

        

Financials

     —          —          —   (a)      —   (a) 

Short-Term Investments

        

Investment Company

     52,538       —          —          52,538  

U.S. Treasury Obligations

     —          200       —          200  
  

 

 

   

 

 

   

 

 

   

 

 

 

Total Short-Term Investments

     52,538       200       —          52,738  
  

 

 

   

 

 

   

 

 

   

 

 

 

Investment Companies

     257,271       —          —          257,271  
  

 

 

   

 

 

   

 

 

   

 

 

 

Total Investments in Securities

   $ 871,651     $ 450,568     $ 40,259     $ 1,362,478  
  

 

 

   

 

 

   

 

 

   

 

 

 

Appreciation in Other Financial Instruments

        

Forward Foreign Currency Exchange Contracts

   $  —        $ 159     $  —        $ 159  

Futures Contracts

     1,266       —          —          1,266  
  

 

 

   

 

 

   

 

 

   

 

 

 

Total Appreciation in Other Financial Instruments

   $ 1,266     $ 159     $  —        $ 1,425  
  

 

 

   

 

 

   

 

 

   

 

 

 

Depreciation in Other Financial Instruments

        

Forward Foreign Currency Exchange Contracts

   $  —        $ (219   $  —        $ (219

Futures Contracts

     (790     —          —          (790
  

 

 

   

 

 

   

 

 

   

 

 

 

Total Depreciation in Other Financial Instruments

   $ (790   $ (219   $  —        $ (1,009
  

 

 

   

 

 

   

 

 

   

 

 

 

 

(a) Value is zero.

There were no transfers between Levels 1 and 2 during the period ended March 31, 2015.

The following is a summary of investments for which significant unobservable inputs (Level 3) were used in determining fair value (amounts in thousands):

 

     Balance as of
June 30, 2014
    Realized gain
(loss)
    Change in
unrealized
appreciation
(depreciation)
    Net accretion
(amortization)
    Purchases1     Sales2     Transfers
into
Level 3
    Transfers
out of
Level 3
    Balance
as of
March 31, 2015
 

Investments in Securities

                 

Asset-Backed Securities

  $ 31,932      $ —        $ (132   $ 124      $ 11,567      $ (4,727   $ —        $ —        $ 38,764   

Collateralized Mortgage Obligations - Agency CMO

    9        —          —          —          —          —          —          (9     —     

Collateralized Mortgage Obligations - Non-Agency CMO

    —          —          (1     —   (a)      —          (35     103        —          67   

Commercial Mortgage-Backed Securities

    181        —          (3     (21     490        (11     —          —          636   

Common Stocks - Consumer Staples

    —   (b)      —          —   (a)      —          —          —          —          —          —     

Common Stocks - Health Care

    —   (b)      —          —   (a)      —          —          —          —          —          —   (a) 

Corporate Bonds - Industrials

    826        —          4        —          —          (38     —          —          792   

Warrant - Financials

    —          —          —   (a)      —          —   (a)      —          —          —          —   (b) 
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total

  $ 32,948      $ —        $ (132   $ 103      $ 12,057      $ (4,811   $ 103      $ (9   $ 40,259   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

(1) Purchases include all purchases of securities and securities received in corporate actions.
(2) Sales include all sales of securities, maturities, paydowns and securities tendered in corporate actions.
(a) Amount rounds to less than $1,000.
(b) Value is zero.

Transfers into, and out of, Level 3 are valued utilizing values as of the beginning of the period.

Transfers from Level 2 to Level 3 or from Level 3 to Level 2 are due to a decline or an increase in market activity (e.g. frequency of trades), respectively, which resulted in a lack of or increase in available market inputs to determine price.

The change in unrealized appreciation (depreciation) attributable to securities owned at March 31, 2015, which were valued using significant unobservable inputs (Level 3), amounted to approximately $(98,000).


JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

 

Diversified Fund

Quantitative Information about Level 3 Fair Value Measurements # (Amounts in thousands)

 

     Fair Value at
March 31, 2015
   

Valuation Technique(s)

  

Unobservable Input

   Range (Weighted Average)  
   $
 
 
—  
  
(a) 
  Mergers and Acquisitions    Discount for potential outcome      100% (N/A)   
  

 

 

         

Common Stock

     —   (a)         
     38,233      Discounted Cash Flow    Constant Prepayment Rate      0% – 8.85% (3.58%)   
        Constant Default Rate      3% – 11.00% (6.13%)   
        Yield (Discount Rate of Cash Flows)      0.32% – 8.85% (1.67%)   
  

 

 

         

Asset-Backed Securities

     38,233           
     487      Discounted Cash Flow    Constant Prepayment Rate      0 – 0% (0%)   
        CPR after Yield Maintenance      0% (N/A)   
        Yield (Discount Rate of Cash Flows)      5.23% – 6.12% (5.75%)   
  

 

 

         

Commercial Mortgage-Backed Securities

     487           
  

 

 

         

Total

   $ 38,720           

 

# The table above does not include certain Level 3 investments that are valued by brokers and pricing services. At March 31, 2015, the value of these investments was approximately $1,539,000. The inputs for these investments are not readily available or cannot be reasonably estimated and are generally those inputs described in Note A.
(a) Amounts rounds to less than $1,000.

The significant unobservable inputs used in the fair value measurement of the Fund’s investments are listed above. Generally, a change in the assumptions used in any input in isolation may be accompanied by a change in another input. Significant changes in any of the unobservable inputs may significantly impact the fair value measurement. The impact is based on the relationship between each unobservable input and the fair value measurement. Significant increases (decreases) in the yield and default rate may decrease (increase) the fair value measurement. A significant change in the prepayment rate (Constant Prepayment Rate or PSA Prepayment Model) may decrease or increase the fair value measurement.


JPMorgan Dynamic Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited)

(Amounts in thousands)

 

SHARES

    

SECURITY DESCRIPTION

   VALUE($)  

 

Common Stocks — 96.0%

  

              Consumer Discretionary — 18.0%   
   Hotels, Restaurants & Leisure — 3.2%   
  110      Starbucks Corp.      10,419  
     

 

 

 
   Household Durables — 2.0%   
  49      Harman International Industries, Inc.      6,528  
     

 

 

 
   Internet & Catalog Retail — 6.3%   
  33      Amazon.com, Inc. (a)      12,229  
  7      Priceline Group, Inc. (The) (a)      7,846  
     

 

 

 
        20,075  
     

 

 

 
   Specialty Retail — 3.9%   
  111      Home Depot, Inc. (The)      12,580  
     

 

 

 
   Textiles, Apparel & Luxury Goods — 2.6%   
  126      Michael Kors Holdings Ltd., (United Kingdom) (a)      8,263  
     

 

 

 
   Total Consumer Discretionary      57,865  
     

 

 

 

 

            Consumer Staples — 4.7%

  
   Food & Staples Retailing — 4.7%   
  148      CVS Health Corp.      15,260  
     

 

 

 

 

            Energy — 4.4%

  
   Energy Equipment & Services — 1.4%   
  55      Schlumberger Ltd.      4,619  
     

 

 

 
   Oil, Gas & Consumable Fuels — 3.0%   
  58      Pioneer Natural Resources Co.      9,516  
     

 

 

 
   Total Energy      14,135  
     

 

 

 

 

            Financials — 4.2%

  
   Capital Markets — 4.2%   
  360      TD Ameritrade Holding Corp.      13,407  
     

 

 

 

 

            Health Care — 17.7%

  
   Biotechnology — 17.7%   
  44      Alexion Pharmaceuticals, Inc. (a)      7,582  
  106      Celgene Corp. (a)      12,211  
  140      Gilead Sciences, Inc. (a)      13,724  
  30      Regeneron Pharmaceuticals, Inc. (a)      13,533  
  84      Vertex Pharmaceuticals, Inc. (a)      9,921  
     

 

 

 
   Total Health Care      56,971  
     

 

 

 

 

            Industrials — 6.1%

  
   Aerospace & Defense — 2.9%   
  43      TransDigm Group, Inc.      9,456  
     

 

 

 
   Road & Rail — 3.2%   
  100      Kansas City Southern      10,183  
     

 

 

 
   Total Industrials      19,639  
     

 

 

 

 

            Information Technology — 37.6%

  
   Internet Software & Services — 16.0%   
  36      Baidu, Inc., (China), ADR (a)      7,596  
  199      Facebook, Inc., Class A (a)      16,336  
  34      Google, Inc., Class A (a)      18,921  
  34      LinkedIn Corp., Class A (a)      8,495  
     

 

 

 
        51,348  
     

 

 

 
   IT Services — 7.6%   
  28      Alliance Data Systems Corp. (a)      8,229  
  190      MasterCard, Inc., Class A      16,416  
     

 

 

 
        24,645  
     

 

 

 
   Semiconductors & Semiconductor Equipment — 7.2%   
  145      ARM Holdings plc, (United Kingdom), ADR      7,162  
  77      Avago Technologies Ltd., (Singapore)      9,784  
  142      Broadcom Corp., Class A      6,153  
     

 

 

 
        23,099  
     

 

 

 
   Software — 3.4%   
  163      salesforce.com, Inc. (a)      10,868  
     

 

 

 
   Technology Hardware, Storage & Peripherals — 3.4%   
  87      Apple, Inc. (m)      10,819  
     

 

 

 
   Total Information Technology      120,779  
     

 

 

 

 

            Materials — 3.3%

  
   Chemicals — 3.3%   
  71      Air Products & Chemicals, Inc. (m)      10,729  
     

 

 

 
   Total Common Stocks
(Cost $244,130)
     308,785  
     

 

 

 

 

Short-Term Investment — 4.6%

  

 

            Investment Company — 4.6%

  
  14,807      JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.040%, (b) (l) (m)
(Cost $14,807)
     14,807  
     

 

 

 
   Total Investments — 100.6%
(Cost $258,937)
     323,592  
   Liabilities in Excess of Other Assets — (0.6)%      (1,988
     

 

 

 
   NET ASSETS — 100.0%    $ 321,604  
     

 

 

 

 

Percentages indicated are based on net assets.


JPMorgan Dynamic Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

 

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

 

ADR

           American Depositary Receipt

(a)

           Non-income producing security.

(b)

           Investment in affiliate. Money market fund 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, 2015.

(m)

           All or a portion of this security is reserved and/or pledged with the custodian for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, unfunded commitments and/or forward foreign currency exchange contracts.

As of March 31, 2015, 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

   $ 66,764  

Aggregate gross unrealized depreciation

     (2,109 )
  

 

 

 

Net unrealized appreciation/depreciation

   $ 64,655  
  

 

 

 

Federal income tax cost of investments

   $ 258,937  
  

 

 

 

 

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 are 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)

   $ 323,592      $  —         $  —         $ 323,592  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

(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, 2015.


JPMorgan Dynamic Small Cap Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited)

(Amounts in thousands)

 

SHARES

    

SECURITY DESCRIPTION

   VALUE($)  

 

Common Stocks — 98.9%

  

 

            Consumer Discretionary — 13.4%

  
   Distributors — 0.8%   
  63      Pool Corp. (m)      4,413  
     

 

 

 
   Diversified Consumer Services — 1.2%   
  269      2U, Inc. (a)      6,884  
     

 

 

 
   Hotels, Restaurants & Leisure — 1.0%   
  181      Boyd Gaming Corp. (a) (m)      2,575  
  29      Vail Resorts, Inc.      3,041  
     

 

 

 
        5,616  
     

 

 

 
   Household Durables — 0.5%   
  186      TRI Pointe Homes, Inc. (a)      2,876  
     

 

 

 
   Internet & Catalog Retail — 1.6%   
  74      HomeAway, Inc. (a)      2,241  
  209      Wayfair, Inc., Class A (a)      6,704  
     

 

 

 
        8,945  
     

 

 

 
   Multiline Retail — 0.5%   
  172      Tuesday Morning Corp. (a)      2,774  
     

 

 

 
   Specialty Retail — 4.9%   
  221      Container Store Group, Inc. (The) (a)      4,209  
  81      Lithia Motors, Inc., Class A      8,095  
  124      Men’s Wearhouse, Inc. (The)      6,452  
  83      Penske Automotive Group, Inc. (m)      4,292  
  94      Vitamin Shoppe, Inc. (a)      3,863  
     

 

 

 
        26,911  
     

 

 

 
   Textiles, Apparel & Luxury Goods — 2.9%   
  158      Kate Spade & Co. (a) (m)      5,282  
  179      Vera Bradley, Inc. (a)      2,902  
  229      Wolverine World Wide, Inc.      7,675  
     

 

 

 
        15,859  
     

 

 

 
   Total Consumer Discretionary      74,278  
     

 

 

 

 

            Consumer Staples — 1.9%

  
   Food Products — 1.9%   
  146      Diamond Foods, Inc. (a)      4,751  
  302      Freshpet, Inc. (a)      5,867  
     

 

 

 
   Total Consumer Staples      10,618  
     

 

 

 

 

            Energy — 3.1%

  
   Energy Equipment & Services — 1.2%   
  52      Dril-Quip, Inc. (a)      3,581  
  154      Forum Energy Technologies, Inc. (a)      3,015  
     

 

 

 
        6,596  
     

 

 

 
   Oil, Gas & Consumable Fuels — 1.9%   
  125      Delek U.S. Holdings, Inc.      4,964  
  136      Eclipse Resources Corp. (a)      764  
  358      Laredo Petroleum, Inc. (a)      4,664  
     

 

 

 
        10,392  
     

 

 

 
   Total Energy      16,988  
     

 

 

 

 

            Financials — 8.6%

  
   Banks — 2.5%   
  119      PrivateBancorp, Inc.      4,203  
  39      Signature Bank (a)      5,005  
  94      Texas Capital Bancshares, Inc. (a)      4,590  
     

 

 

 
        13,798  
     

 

 

 
   Capital Markets — 2.1%   
  191      Financial Engines, Inc.      7,996  
  369      PennantPark Investment Corp.      3,339  
     

 

 

 
        11,335  
     

 

 

 
   Diversified Financial Services — 0.4%   
  110      On Deck Capital, Inc. (a)      2,350  
     

 

 

 
   Insurance — 0.7%   
  71      AmTrust Financial Services, Inc.      4,069  
     

 

 

 
   Real Estate Investment Trusts (REITs) — 0.9%   
  40      EastGroup Properties, Inc. (m)      2,416  
  62      Highwoods Properties, Inc. (m)      2,817  
     

 

 

 
        5,233  
     

 

 

 
   Real Estate Management & Development — 0.6%   
  102      RE/MAX Holdings, Inc., Class A      3,381  
     

 

 

 
   Thrifts & Mortgage Finance — 1.4%   
  83      BofI Holding, Inc. (a)      7,753  
     

 

 

 
   Total Financials      47,919  
     

 

 

 

 

            Health Care — 27.5%

  
   Biotechnology — 12.7%   
  113      ACADIA Pharmaceuticals, Inc. (a)      3,681  
  81      Acceleron Pharma, Inc. (a)      3,064  
  65      Aegerion Pharmaceuticals, Inc. (a)      1,713  
  235      Arrowhead Research Corp. (a)      1,592  
  53      Avalanche Biotechnologies, Inc. (a)      2,135  
  59      Bellicum Pharmaceuticals, Inc. (a)      1,363  
  89      Chimerix, Inc. (a)      3,338  
  151      Coherus Biosciences, Inc. (a)      4,603  
  129      Exact Sciences Corp. (a)      2,833  
  202      Halozyme Therapeutics, Inc. (a)      2,889  
  200      Ignyta, Inc. (a)      1,990  
  213      Insmed, Inc. (a)      4,440  
  67      Intrexon Corp. (a)      3,018  
  81      Invitae Corp. (a)      1,354  


JPMorgan Dynamic Small Cap Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

 

SHARES

    

SECURITY DESCRIPTION

   VALUE($)  

 

Common Stocks — continued

  

   Biotechnology — continued   
  50      Isis Pharmaceuticals, Inc. (a)      3,183  
  217      Keryx Biopharmaceuticals, Inc. (a)      2,762  
  54      Kite Pharma, Inc. (a)      3,114  
  108      Portola Pharmaceuticals, Inc. (a)      4,085  
  22      Puma Biotechnology, Inc. (a)      5,236  
  37      Receptos, Inc. (a)      6,133  
  64      Sage Therapeutics, Inc. (a)      3,206  
  27      Synageva BioPharma Corp. (a)      2,665  
  99      Versartis, Inc. (a)      1,825  
     

 

 

 
        70,222  
     

 

 

 
   Health Care Equipment & Supplies — 6.7%   
  438      GenMark Diagnostics, Inc. (a)      5,687  
  168      Insulet Corp. (a)      5,603  
  201      K2M Group Holdings, Inc. (a)      4,430  
  46      Nevro Corp. (a)      2,225  
  455      Novadaq Technologies, Inc., (Canada) (a)      7,388  
  379      Syneron Medical Ltd., (Israel) (a)      4,692  
  1,729      Unilife Corp. (a)      6,935  
     

 

 

 
        36,960  
     

 

 

 
   Health Care Providers & Services — 3.8%   
  144      Acadia Healthcare Co., Inc. (a)      10,282  
  128      Surgical Care Affiliates, Inc. (a)      4,399  
  71      WellCare Health Plans, Inc. (a)      6,494  
     

 

 

 
        21,175  
     

 

 

 
   Health Care Technology — 1.1%   
  232      Veeva Systems, Inc., Class A (a)      5,928  
     

 

 

 
   Life Sciences Tools & Services — 1.4%   
  189      Fluidigm Corp. (a)      7,969  
     

 

 

 
   Pharmaceuticals — 1.8%   
  138      Horizon Pharma plc (a)      3,572  
  188      Nektar Therapeutics (a)      2,071  
  89      Revance Therapeutics, Inc. (a)      1,839  
  113      Sagent Pharmaceuticals, Inc. (a)      2,624  
     

 

 

 
        10,106  
     

 

 

 
   Total Health Care      152,360  
     

 

 

 

 

            Industrials — 16.7%

  
   Aerospace & Defense — 1.6%   
  59      HEICO Corp. (m)      3,615  
  99      Hexcel Corp.      5,085  
     

 

 

 
        8,700  
     

 

 

 
   Air Freight & Logistics — 1.0%   
  115      XPO Logistics, Inc. (a)      5,242  
     

 

 

 
   Airlines — 0.8%   
  56      Spirit Airlines, Inc. (a)      4,347  
     

 

 

 
   Building Products — 4.3%   
  107      Fortune Brands Home & Security, Inc.      5,085  
  14      Lennox International, Inc.      1,530  
  68      Masonite International Corp. (a)      4,541  
  92      Norcraft Cos., Inc. (a)      2,364  
  188      Trex Co., Inc. (a)      10,276  
     

 

 

 
        23,796  
     

 

 

 
   Construction Materials — 0.6%   
  58      Caesarstone Sdot-Yam Ltd., (Israel)      3,541  
     

 

 

 
   Electrical Equipment — 1.6%   
  52      Acuity Brands, Inc.      8,736  
     

 

 

 
   Industrial Conglomerates — 1.0%   
  62      Carlisle Cos., Inc. (m)      5,747  
     

 

 

 
   Machinery — 1.6%   
  42      Graco, Inc. (m)      3,057  
  58      Middleby Corp. (The) (a)      5,947  
     

 

 

 
        9,004  
     

 

 

 
   Road & Rail — 1.1%   
  82      Old Dominion Freight Line, Inc. (a)      6,325  
     

 

 

 
   Trading Companies & Distributors — 3.1%   
  110      H&E Equipment Services, Inc.      2,757  
  168      Rush Enterprises, Inc., Class A (a)      4,600  
  78      Watsco, Inc. (m)      9,778  
     

 

 

 
        17,135  
     

 

 

 
   Total Industrials      92,573  
     

 

 

 

 

            Information Technology — 25.4%

  
   Communications Equipment — 2.6%   
  112      Aruba Networks, Inc. (a)      2,746  
  245      Ciena Corp. (a) (m)      4,738  
  23      Palo Alto Networks, Inc. (a)      3,297  
  271      Ruckus Wireless, Inc. (a)      3,482  
     

 

 

 
        14,263  
     

 

 

 
   Electronic Equipment, Instruments & Components — 0.3%   
  23      FEI Co. (m)      1,730  
     

 

 

 
   Internet Software & Services — 6.4%   
  129      Cornerstone OnDemand, Inc. (a)      3,733  
  37      CoStar Group, Inc. (a)      7,398  
  143      Dealertrack Technologies, Inc. (a)      5,496  
  96      Demandware, Inc. (a)      5,829  


JPMorgan Dynamic Small Cap Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

 

SHARES

  

SECURITY DESCRIPTION

   VALUE($)  

Common Stocks — continued

  

   Internet Software & Services — continued   

113

   Envestnet, Inc. (a)      6,313  

137

   Marketo, Inc. (a)      3,512  

185

   RetailMeNot, Inc. (a)      3,331  
     

 

 

 
        35,612  
     

 

 

 
   Semiconductors & Semiconductor Equipment — 7.0%   

96

   Cavium, Inc. (a)      6,788  

345

   Inphi Corp. (a)      6,146  

169

   M/A-COM Technology Solutions Holdings, Inc. (a)      6,312  

117

   MKS Instruments, Inc.      3,957  

151

   Monolithic Power Systems, Inc.      7,947  

97

   Qorvo, Inc. (a)      7,716  
     

 

 

 
        38,866  
     

 

 

 
   Software — 8.3%   

114

   Barracuda Networks, Inc. (a)      4,390  

80

   CommVault Systems, Inc. (a)      3,490  

124

   Fleetmatics Group plc, (Ireland) (a)      5,552  

158

   Fortinet, Inc. (a)      5,513  

139

   Guidewire Software, Inc. (a)      7,311  

101

   HubSpot, Inc. (a)      4,024  

102

   Imperva, Inc. (a)      4,350  

109

   Proofpoint, Inc. (a)      6,450  

51

   Tableau Software, Inc., Class A (a)      4,694  
     

 

 

 
        45,774  
     

 

 

 
   Technology Hardware, Storage & Peripherals — 0.8%   

211

   Nimble Storage, Inc. (a)      4,717  
     

 

 

 
   Total Information Technology      140,962  
     

 

 

 

            Materials — 1.1%

  
   Construction Materials — 1.1%   

73

   Eagle Materials, Inc.      6,079  
     

 

 

 

            Telecommunication Services — 1.2%

  
   Wireless Telecommunication Services — 1.2%   

311

   Boingo Wireless, Inc. (a)      2,344  

276

   RingCentral, Inc., Class A (a)      4,237  
     

 

 

 
   Total Telecommunication Services      6,581  
     

 

 

 
   Total Common Stocks
(Cost $379,725)
     548,358  
     

 

 

 

        Short-Term Investment — 0.9%

  
   Investment Company — 0.9%   

4,933

   JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.040% (b) (l) (m)
(Cost $4,933)
     4,933  
     

 

 

 
   Total Investments — 99.8%
(Cost $384,658)
     553,291  
   Other Assets in Excess of Liabilities — 0.2%      1,070  
     

 

 

 
   NET ASSETS — 100.0%    $ 554,361  
     

 

 

 

 

Percentages indicated are based on net assets.


JPMorgan Dynamic Small Cap Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

 

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

 

(a)

      Non-income producing security.

(b)

      Investment in affiliate. Money market fund 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, 2015.

(m)

      All or a portion of this security is reserved and/or pledged with the custodian for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, unfunded commitments and/or forward foreign currency exchange contracts.

As of March 31, 2015, 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

   $ 188,667  

Aggregate gross unrealized depreciation

     (20,034 )
  

 

 

 

Net unrealized appreciation/depreciation

   $ 168,633  
  

 

 

 

Federal income tax cost of investments

   $ 384,658  
  

 

 

 


JPMorgan Dynamic Small Cap Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (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 are 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 securities 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)

   $ 553,291       $ —         $ —        $ 553,291   
  

 

 

    

 

 

    

 

 

    

 

 

 

 

(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.

There were no transfers among any levels during the period ended March 31, 2015.


JPMorgan Equity Focus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited)

(Amounts in thousands)

 

SHARES

    

SECURITY DESCRIPTION

   VALUE($)  

 

Common Stocks — 96.0%

  

 

          Consumer Discretionary — 18.5%

  
  

Hotels, Restaurants & Leisure — 2.9%

  
  25      

Starbucks Corp.

     2,345   
     

 

 

 
  

Internet & Catalog Retail — 6.8%

  
  7      

Amazon.com, Inc. (a)

     2,631   
  3      

Priceline Group, Inc. (The) (a)

     2,974   
     

 

 

 
        5,605   
     

 

 

 
  

Media — 2.9%

  
  35      

DISH Network Corp., Class A (a)

     2,420   
     

 

 

 
  

Multiline Retail — 3.0%

  
  32      

Kohl’s Corp.

     2,509   
     

 

 

 
  

Specialty Retail — 2.9%

  
  62      

Best Buy Co., Inc.

     2,361   
     

 

 

 
   Total Consumer Discretionary      15,240   
     

 

 

 

 

          Consumer Staples — 3.5%

  
   Beverages — 1.7%   
  18      

Dr. Pepper Snapple Group, Inc.

     1,394   
     

 

 

 
  

Household Products — 1.8%

  
  18      

Procter & Gamble Co. (The)

     1,494   
     

 

 

 
   Total Consumer Staples      2,888   
     

 

 

 

 

          Energy — 7.1%

  
   Oil, Gas & Consumable Fuels — 7.1%   
  40      

CONSOL Energy, Inc.

     1,114   
  20      

Exxon Mobil Corp. (m)

     1,728   
  19      

Kinder Morgan, Inc.

     819   
  13      

Pioneer Natural Resources Co.

     2,193   
     

 

 

 
   Total Energy      5,854   
     

 

 

 

 

          Financials — 22.6%

  
   Banks — 4.1%   
  61      

Wells Fargo & Co.

     3,341   
     

 

 

 
  

Capital Markets — 3.3%

  
  33      

T. Rowe Price Group, Inc.

     2,699   
     

 

 

 
  

Consumer Finance — 5.8%

  
  114      

Ally Financial, Inc. (a)

     2,381   
  31      

Capital One Financial Corp.

     2,426   
     

 

 

 
        4,807   
     

 

 

 
  

Insurance — 7.8%

  
  61      

American International Group, Inc. (m)

     3,366   
  74      

Loews Corp.

     3,016   
     

 

 

 
        6,382   
     

 

 

 
  

Real Estate Investment Trusts (REITs) — 1.6%

  
  48      

Rayonier, Inc. (m)

     1,305   
     

 

 

 
   Total Financials      18,534   
     

 

 

 

 

          Health Care — 14.8%

  
   Biotechnology — 13.1%   
  11      

Alexion Pharmaceuticals, Inc. (a)

     1,939   
  26      

Celgene Corp. (a)

     3,025   
  32      

Gilead Sciences, Inc. (a)

     3,175   
  6      

Regeneron Pharmaceuticals, Inc. (a)

     2,614   
     

 

 

 
        10,753   
     

 

 

 
  

Pharmaceuticals — 1.7%

  
  14      

Johnson & Johnson

     1,432   
     

 

 

 
   Total Health Care      12,185   
     

 

 

 

 

          Industrials — 4.5%

  
   Machinery — 1.2%   
  14      

Dover Corp.

     999   
     

 

 

 
  

Road & Rail — 3.3%

  
  26      

Kansas City Southern

     2,662   
     

 

 

 
   Total Industrials      3,661   
     

 

 

 

 

          Information Technology — 19.4%

  
   Internet Software & Services — 10.3%   
  53      

Facebook, Inc., Class A (a)

     4,326   
  8      

Google, Inc., Class C (a)

     4,110   
     

 

 

 
        8,436   
     

 

 

 
  

IT Services — 4.3%

  
  41      

MasterCard, Inc., Class A

     3,578   
     

 

 

 
  

Semiconductors & Semiconductor Equipment — 2.2%

  
  36      

ARM Holdings plc, (United Kingdom), ADR

     1,773   
     

 

 

 
  

Software — 2.6%

  
  32      

salesforce.com, Inc. (a)

     2,159   
     

 

 

 
   Total Information Technology      15,946   
     

 

 

 

 

          Materials — 4.1%

  
   Construction Materials — 2.0%   
  12      

Martin Marietta Materials, Inc.

     1,668   
     

 

 

 
  

Containers & Packaging — 2.1%

  
  26      

Rock-Tenn Co., Class A

     1,678   
     

 

 

 
   Total Materials      3,346   
     

 

 

 

 

          Utilities — 1.5%

  
   Electric Utilities — 1.5%   
  20      

Edison International

     1,222   
     

 

 

 
  

Total Common Stocks

(Cost $70,796)

     78,876   
     

 

 

 


JPMorgan Equity Focus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

 

SHARES

    

SECURITY DESCRIPTION

   VALUE($)  

 

Short-Term Investment — 3.8%

  

   Investment Company — 3.8%   
  3,125      

JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.040% (b) (l) (m)

(Cost $3,125)

     3,125   
     

 

 

 
  

Total Investments — 99.8%

(Cost $73,921)

     82,001   
   Other Assets in Excess of Liabilities — 0.2%      179   
     

 

 

 
   NET ASSETS — 100.0%    $ 82,180   
     

 

 

 

 

Percentages indicated are based on net assets.

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

 

ADR

           American Depositary Receipt

(a)

           Non-income producing security.

(b)

           Investment in affiliate. Money market fund 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, 2015.

(m)

           All or a portion of this security is reserved and/or pledged with the custodian for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, unfunded commitments and/or forward foreign currency exchange contracts.

As of March 31, 2015, 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

   $ 9,005   

Aggregate gross unrealized depreciation

     (925
  

 

 

 

Net unrealized appreciation/depreciation

   $ 8,080   
  

 

 

 

Federal income tax cost of investments

   $ 73,921   
  

 

 

 


JPMorgan Equity Focus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

 

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 are 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)

   $ 82,001       $ —         $ —         $ 82,001   
  

 

 

    

 

 

    

 

 

    

 

 

 

 

(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, 2015.


JPMorgan Growth and Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited)

(Amounts in thousands)

 

SHARES

    

SECURITY DESCRIPTION

   VALUE($)  

 

Common Stocks — 97.3%

  

 

            Consumer Discretionary — 13.0%

  
  

Hotels, Restaurants & Leisure — 1.3%

  

  47      

Marriott International, Inc., Class A

     3,735   
  31      

Starwood Hotels & Resorts Worldwide, Inc.

     2,547   
     

 

 

 
        6,282   
     

 

 

 
   Household Durables — 0.6%   
  23      

Harman International Industries, Inc.

     3,007   
     

 

 

 
   Media — 4.8%   
  41      

CBS Corp. (Non-Voting), Class B

     2,456   
  63      

Comcast Corp., Class A

     3,580   
  111      

DISH Network Corp., Class A (a)

     7,756   
  69      

Time Warner, Inc.

     5,835   
  41      

Walt Disney Co. (The)

     4,300   
     

 

 

 
        23,927   
     

 

 

 
   Specialty Retail — 5.7%   
  8      

AutoZone, Inc. (a)

     5,328   
  204      

Best Buy Co., Inc.

     7,705   
  88      

Gap, Inc. (The)

     3,813   
  65      

Home Depot, Inc. (The)

     7,430   
  43      

Tiffany & Co.

     3,784   
     

 

 

 
        28,060   
     

 

 

 
   Textiles, Apparel & Luxury Goods — 0.6%   
  74      

Coach, Inc.

     3,049   
     

 

 

 
  

Total Consumer Discretionary

     64,325   
     

 

 

 

 

            Consumer Staples — 7.4%

  
   Beverages — 2.3%   
  55      

Dr. Pepper Snapple Group, Inc.

     4,324   
  95      

Molson Coors Brewing Co., Class B

     7,051   
     

 

 

 
        11,375   
     

 

 

 
   Food & Staples Retailing — 2.0%   
  97      

CVS Health Corp.

     9,970   
     

 

 

 
   Food Products — 1.3%   
  52      

Campbell Soup Co.

     2,434   
  45      

Kraft Foods Group, Inc.

     3,929   
     

 

 

 
        6,363   
     

 

 

 
   Household Products — 0.9%   
  55      

Procter & Gamble Co. (The)

     4,486   
     

 

 

 
   Tobacco — 0.9%   
  82      

Altria Group, Inc.

     4,122   
     

 

 

 
  

Total Consumer Staples

     36,316   
     

 

 

 

 

            Energy — 8.3%

  
   Energy Equipment & Services — 0.5%   
  56      

Halliburton Co.

     2,444   
     

 

 

 
   Oil, Gas & Consumable Fuels — 7.8%   
  70      

ConocoPhillips

     4,363   
  42      

Devon Energy Corp.

     2,509   
  153      

Exxon Mobil Corp.

     13,046   
  128      

Occidental Petroleum Corp.

     9,308   
  75      

Phillips 66

     5,903   
  137      

Southwestern Energy Co. (a)

     3,172   
     

 

 

 
        38,301   
     

 

 

 
  

Total Energy

     40,745   
     

 

 

 

 

            Financials — 33.0%

  
   Banks — 11.8%   
  562      

Bank of America Corp.

     8,657   
  125      

BB&T Corp.

     4,862   
  140      

Citigroup, Inc.

     7,211   
  55      

Cullen/Frost Bankers, Inc.

     3,785   
  34      

M&T Bank Corp.

     4,331   
  54      

PNC Financial Services Group, Inc. (The)

     4,988   
  128      

SunTrust Banks, Inc.

     5,272   
  107      

U.S. Bancorp

     4,690   
  268      

Wells Fargo & Co.

     14,579   
     

 

 

 
        58,375   
     

 

 

 
   Capital Markets — 9.1%   
  22      

Affiliated Managers Group, Inc. (a)

     4,768   
  38      

Ameriprise Financial, Inc.

     5,024   
  17      

BlackRock, Inc.

     6,366   
  198      

Charles Schwab Corp. (The)

     6,024   
  20      

Goldman Sachs Group, Inc. (The)

     3,665   
  208      

Invesco Ltd.

     8,268   
  105      

Morgan Stanley

     3,733   
  88      

T. Rowe Price Group, Inc.

     7,086   
     

 

 

 
        44,934   
     

 

 

 
   Consumer Finance — 0.7%   
  41      

Capital One Financial Corp.

     3,192   
     

 

 

 
   Diversified Financial Services — 2.5%   
  65      

Berkshire Hathaway, Inc., Class B (a)

     9,323   
  14      

Intercontinental Exchange, Inc.

     3,173   
     

 

 

 
        12,496   
     

 

 

 
   Insurance — 5.3%   
  38      

Chubb Corp. (The)

     3,872   
  247      

Hartford Financial Services Group, Inc. (The)

     10,317   


JPMorgan Growth and Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

 

SHARES

    

SECURITY DESCRIPTION

   VALUE($)  

 

Common Stocks — continued

  
   Insurance — continued   
  110      

Loews Corp.

     4,504   
  92      

Prudential Financial, Inc.

     7,372   
     

 

 

 
        26,065   
     

 

 

 
  

Real Estate Investment Trusts (REITs) — 3.6%

  
  15      

AvalonBay Communities, Inc. (m)

     2,631   
  40      

Regency Centers Corp. (m)

     2,688   
  55      

Ventas, Inc. (m)

     3,980   
  53      

Vornado Realty Trust (m)

     5,891   
  84      

Weyerhaeuser Co. (m)

     2,778   
     

 

 

 
        17,968   
     

 

 

 
  

Total Financials

     163,030   
     

 

 

 

 

          Health Care — 10.5%

  
  

Biotechnology — 0.4%

  
  20      

Gilead Sciences, Inc. (a)

     1,933   
     

 

 

 
  

Health Care Equipment & Supplies — 0.7%

  
  24      

Becton, Dickinson and Co. (m)

     3,446   
     

 

 

 
  

Health Care Providers & Services — 3.9%

  
  65      

Humana, Inc.

     11,518   
  66      

UnitedHealth Group, Inc.

     7,807   
     

 

 

 
        19,325   
     

 

 

 
  

Pharmaceuticals — 5.5%

  
  85      

Bristol-Myers Squibb Co.

     5,502   
  86      

Johnson & Johnson

     8,652   
  140      

Merck & Co., Inc.

     8,028   
  145      

Pfizer, Inc.

     5,038   
     

 

 

 
        27,220   
     

 

 

 
  

Total Health Care

     51,924   
     

 

 

 

 

          Industrials — 9.6%

  
  

Aerospace & Defense — 2.8%

  
  75      

Honeywell International, Inc. (m)

     7,792   
  51      

United Technologies Corp.

     5,977   
     

 

 

 
        13,769   
     

 

 

 
  

Airlines — 1.0%

  
  73      

United Continental Holdings, Inc. (a)

     4,889   
     

 

 

 
  

Construction & Engineering — 1.0%

  
  83      

Fluor Corp.

     4,744   
     

 

 

 
  

Electrical Equipment — 0.5%

  
  44      

Emerson Electric Co.

     2,497   
     

 

 

 
  

Industrial Conglomerates — 2.3%

  
  27      

3M Co.

     4,470   
  282      

General Electric Co.

     6,987   
     

 

 

 
        11,457   
     

 

 

 
  

Machinery — 0.7%

  
  56      

PACCAR, Inc.

     3,548   
     

 

 

 
  

Trading Companies & Distributors — 1.3%

  
  13      

W.W. Grainger, Inc.

     3,018   
  26      

Watsco, Inc.

     3,319   
     

 

 

 
        6,337   
     

 

 

 
  

Total Industrials

     47,241   
     

 

 

 

 

          Information Technology — 8.5%

  
  

Communications Equipment — 2.1%

  
  183      

Cisco Systems, Inc.

     5,029   
  74      

QUALCOMM, Inc.

     5,117   
     

 

 

 
        10,146   
     

 

 

 
  

Internet Software & Services — 0.8%

  
  7      

Google, Inc., Class C (a)

     3,891   
     

 

 

 
  

Semiconductors & Semiconductor Equipment — 1.4%

  
  189      

Applied Materials, Inc.

     4,261   
  49      

KLA-Tencor Corp.

     2,839   
     

 

 

 
        7,100   
     

 

 

 
  

Software — 2.2%

  
  271      

Microsoft Corp.

     11,026   
     

 

 

 
  

Technology Hardware, Storage & Peripherals — 2.0%

  
  80      

Apple, Inc. (m)

     10,004   
     

 

 

 
  

Total Information Technology

     42,167   
     

 

 

 

 

          Materials — 1.6%

  
  

Chemicals — 1.1%

  
  79      

E.I. du Pont de Nemours & Co.

     5,610   
     

 

 

 
  

Containers & Packaging — 0.5%

  
  30      

Packaging Corp. of America

     2,346   
     

 

 

 
  

Total Materials

     7,956   
     

 

 

 

 

          Telecommunication Services — 1.9%

  
  

Diversified Telecommunication Services — 1.9%

  
  195      

Verizon Communications, Inc. (m)

     9,494   
     

 

 

 

 

          Utilities — 3.5%

  
  

Electric Utilities — 2.0%

  
  74      

Edison International

     4,591   
  53      

NextEra Energy, Inc.

     5,515   
     

 

 

 
        10,106   
     

 

 

 
  

Multi-Utilities — 1.5%

  
  84      

CMS Energy Corp.

     2,932   


JPMorgan Growth and Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

 

SHARES

    

SECURITY DESCRIPTION

   VALUE($)  

 

Common Stocks — continued

  
  

Multi-Utilities — continued

  

  39      

Sempra Energy

     4,274   
     

 

 

 
        7,206   
     

 

 

 
  

Total Utilities

     17,312   
     

 

 

 
  

Total Common Stocks

(Cost $318,998)

     480,510   
     

 

 

 

 

Short-Term Investment — 1.7%

  
  

Investment Company — 1.7%

  

  8,572      

JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.040% (b) (l) (m)

(Cost $8,572)

     8,572   
     

 

 

 
  

Total Investments — 99.0%

(Cost $327,570)

     489,082   
   Other Assets in Excess of Liabilities — 1.0%      5,080   
     

 

 

 
   NET ASSETS — 100.0%    $ 494,162   
     

 

 

 

 

Percentages indicated are based on net assets.


JPMorgan Growth and Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

 

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

 

(a)

      Non-income producing security.

(b)

      Investment in affiliate. Money market fund 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, 2015.

(m)

      All or a portion of this security is reserved and/or pledged with the custodian for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, unfunded commitments and/or forward foreign currency exchange contracts.

As of March 31, 2015, 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

   $ 164,387   

Aggregate gross unrealized depreciation

     (2,875
  

 

 

 

Net unrealized appreciation/depreciation

   $ 161,512   
  

 

 

 

Federal income tax cost of investments

   $ 327,570   
  

 

 

 

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 are 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)

   $ 489,082       $ —         $ —         $ 489,082   
  

 

 

    

 

 

    

 

 

    

 

 

 

 

(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, 2015.


JPMorgan Intrepid America Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited)

(Amounts in thousands)

 

SHARES

    

SECURITY DESCRIPTION

   VALUE($)  

 

Common Stocks — 97.4%

  

 

          Consumer Discretionary — 11.8%

  
  

Auto Components — 0.8%

  

  351     

Delphi Automotive plc, (United Kingdom)

     27,949  
     

 

 

 
  

Diversified Consumer Services — 1.4%

  

  788     

Apollo Education Group, Inc. (a)

     14,912  
  22     

Graham Holdings Co., Class B

     22,777  
  426     

H&R Block, Inc.

     13,662  
     

 

 

 
        51,351  
     

 

 

 
  

Hotels, Restaurants & Leisure — 0.5%

  

  437     

Restaurant Brands International, Inc.,
(Canada)

     16,793  
     

 

 

 
  

Household Durables — 0.5%

  

  350     

Jarden Corp. (a)

     18,524  
     

 

 

 
  

Media — 3.0%

  

  176     

Time Warner Cable, Inc.

     26,394  
  965     

Time Warner, Inc.

     81,493  
     

 

 

 
        107,887  
     

 

 

 
  

Multiline Retail — 1.8%

  

  73     

Big Lots, Inc.

     3,489  
  214     

Dillard’s, Inc., Class A

     29,145  
  82     

Kohl’s Corp.

     6,448  
  233     

Macy’s, Inc.

     15,124  
  132     

Target Corp.

     10,833  
     

 

 

 
        65,039  
     

 

 

 
  

Specialty Retail — 3.2%

  

  513     

Best Buy Co., Inc.

     19,368  
  256     

Foot Locker, Inc.

     16,134  
  1,067     

Lowe’s Cos., Inc.

     79,344  
     

 

 

 
        114,846  
     

 

 

 
  

Textiles, Apparel & Luxury Goods — 0.6%

  

  656     

Hanesbrands, Inc.

     21,982  
     

 

 

 
  

Total Consumer Discretionary

     424,371  
     

 

 

 
            Consumer Staples — 8.9%   
  

Beverages — 0.2%

  

  118     

Molson Coors Brewing Co., Class B

     8,815  
     

 

 

 
  

Food & Staples Retailing — 2.7%

  

  163     

CVS Health Corp.

     16,844  
  1,022     

Kroger Co. (The)

     78,362  
     

 

 

 
        95,206  
     

 

 

 
  

Food Products — 3.8%

  

  1,451     

Archer-Daniels-Midland Co.

     68,792  
  287     

Bunge Ltd.

     23,654  
  290     

Ingredion, Inc.

     22,583  
  903     

Pilgrim’s Pride Corp.

     20,387  
     

 

 

 
        135,416  
     

 

 

 
  

Household Products — 0.9%

  

  207     

Energizer Holdings, Inc.

     28,576  
  56     

Spectrum Brands Holdings, Inc.

     5,016  
     

 

 

 
        33,592  
     

 

 

 
  

Personal Products — 0.5%

  

  1,039     

Avon Products, Inc.

     8,302  
  253     

Herbalife Ltd. (a)

     10,818  
     

 

 

 
        19,120  
     

 

 

 
  

Tobacco — 0.8%

  

  419     

Lorillard, Inc.

     27,388  
     

 

 

 
  

Total Consumer Staples

     319,537  
     

 

 

 
            Energy — 8.2%   
  

Energy Equipment & Services — 3.2%

  

  359     

Baker Hughes, Inc.

     22,838  
  604     

Cameron International Corp. (a)

     27,271  
  254     

Halliburton Co.

     11,141  
  861     

National Oilwell Varco, Inc.

     43,017  
  110     

Schlumberger Ltd.

     9,153  
     

 

 

 
        113,420  
     

 

 

 
  

Oil, Gas & Consumable Fuels — 5.0%

  

  717     

ConocoPhillips

     44,640  
  627     

Denbury Resources, Inc.

     4,572  
  220     

HollyFrontier Corp.

     8,847  
  130     

Marathon Oil Corp.

     3,384  
  224     

Marathon Petroleum Corp.

     22,976  
  1,018     

Oasis Petroleum, Inc. (a)

     14,482  
  186     

Tesoro Corp.

     16,971  
  940     

Valero Energy Corp.

     59,803  
  460     

WPX Energy, Inc. (a)

     5,027  
     

 

 

 
        180,702  
     

 

 

 
  

Total Energy

     294,122  
     

 

 

 
            Financials — 14.1%   
  

Banks — 5.4%

  

  310     

Citigroup, Inc.

     15,961  
  1,088     

Fifth Third Bancorp

     20,515  
  158     

KeyCorp

     2,230  
  409     

PNC Financial Services Group, Inc. (The)

     38,107  
  2,151     

Wells Fargo & Co.

     117,033  
     

 

 

 
        193,846  
     

 

 

 


JPMorgan Intrepid America Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

 

SHARES

    

SECURITY DESCRIPTION

   VALUE($)  

 

Common Stocks — continued

  

  

Capital Markets — 0.8%

  

  228     

Ameriprise Financial, Inc.

     29,845  
     

 

 

 
  

Consumer Finance — 1.5%

  

  951     

Discover Financial Services

     53,572  
     

 

 

 
  

Diversified Financial Services — 0.1%

  

  81     

Voya Financial, Inc.

     3,475  
     

 

 

 
  

Insurance — 3.6%

  

  184     

Allstate Corp. (The)

     13,081  
  194     

Aspen Insurance Holdings Ltd., (Bermuda)

     9,153  
  663     

CNO Financial Group, Inc.

     11,417  
  157     

Everest Re Group Ltd., (Bermuda)

     27,300  
  267     

Lincoln National Corp.

     15,336  
  201     

PartnerRe Ltd., (Bermuda)

     22,969  
  64     

Prudential Financial, Inc.

     5,148  
  236     

Travelers Cos., Inc. (The)

     25,562  
     

 

 

 
        129,966  
     

 

 

 
  

Real Estate Investment Trusts (REITs) — 2.0%

  

  944     

American Capital Agency Corp.

     20,142  
  180     

American Tower Corp.

     16,909  
  418     

Annaly Capital Management, Inc.

     4,349  
  443     

RLJ Lodging Trust

     13,858  
  146     

Vornado Realty Trust

     16,397  
     

 

 

 
        71,655  
     

 

 

 
  

Real Estate Management & Development — 0.7%

  

  146     

CBRE Group, Inc., Class A (a)

     5,652  
  108     

Jones Lang LaSalle, Inc.

     18,369  
     

 

 

 
        24,021  
     

 

 

 
  

Total Financials

     506,380  
     

 

 

 
            Health Care — 15.5%   
  

Biotechnology — 3.6%

  

  460     

Amgen, Inc.

     73,451  
  369     

Gilead Sciences, Inc. (a)

     36,229  
  180     

Vertex Pharmaceuticals, Inc. (a)

     21,176  
     

 

 

 
        130,856  
     

 

 

 
  

Health Care Equipment & Supplies — 2.5%

  

  1,017     

Medtronic plc, (Ireland)

     79,277  
  117     

Stryker Corp.

     10,756  
     

 

 

 
        90,033  
     

 

 

 
  

Health Care Providers & Services — 6.1%

  

  278     

Aetna, Inc.

     29,605  
  541     

Anthem, Inc.

     83,521  
  539     

Health Net, Inc. (a)

     32,598  
  213     

LifePoint Hospitals, Inc. (a)

     15,652  
  247     

McKesson Corp.

     55,826  
     

 

 

 
        217,202  
     

 

 

 
  

Pharmaceuticals — 3.3%

  

  259     

Merck & Co., Inc.

     14,887  
  2,947     

Pfizer, Inc.

     102,525  
     

 

 

 
        117,412  
     

 

 

 
  

Total Health Care

     555,503  
     

 

 

 
            Industrials — 10.4%   
  

Aerospace & Defense — 4.1%

  

  47     

Curtiss-Wright Corp.

     3,483  
  197     

General Dynamics Corp.

     26,766  
  162     

Honeywell International, Inc.

     16,867  
  102     

Huntington Ingalls Industries, Inc.

     14,225  
  501     

Northrop Grumman Corp.

     80,593  
  46     

Raytheon Co.

     5,037  
     

 

 

 
        146,971  
     

 

 

 
  

Airlines — 2.5%

  

  166     

Alaska Air Group, Inc.

     10,992  
  1,137     

Delta Air Lines, Inc.

     51,106  
  656     

Southwest Airlines Co.

     29,039  
     

 

 

 
        91,137  
     

 

 

 
  

Commercial Services & Supplies — 0.7%

  

  1,115     

Pitney Bowes, Inc.

     26,002  
     

 

 

 
  

Construction & Engineering — 0.4%

  

  468     

AECOM (a)

     14,408  
     

 

 

 
  

Industrial Conglomerates — 0.1%

  

  24     

Danaher Corp.

     2,063  
     

 

 

 
  

Machinery — 2.6%

  

  474     

Allison Transmission Holdings, Inc.

     15,124  
  158     

IDEX Corp.

     11,958  
  668     

Illinois Tool Works, Inc.

     64,889  
     

 

 

 
        91,971  
     

 

 

 
  

Total Industrials

     372,552  
     

 

 

 
            Information Technology — 20.3%   
  

Communications Equipment — 0.6%

  

  1,605     

Brocade Communications Systems, Inc.

     19,042  
     

 

 

 
  

Internet Software & Services — 2.0%

  

  156     

eBay, Inc. (a)

     9,015  
  431     

VeriSign, Inc. (a)

     28,831  
  775     

Yahoo!, Inc. (a)

     34,433  
     

 

 

 
        72,279  
     

 

 

 


JPMorgan Intrepid America Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

 

SHARES

    

SECURITY DESCRIPTION

   VALUE($)  

 

Common Stocks — continued

  

  

IT Services — 2.8%

  

  263     

Amdocs Ltd.

     14,313  
  304     

Leidos Holdings, Inc.

     12,747  
  112     

MasterCard, Inc., Class A

     9,684  
  979     

Visa, Inc., Class A

     64,004  
     

 

 

 
        100,748  
     

 

 

 
  

Semiconductors & Semiconductor Equipment — 2.1%

  

  559     

Broadcom Corp., Class A

     24,185  
  337     

KLA-Tencor Corp.

     19,649  
  280     

Lam Research Corp.

     19,645  
  612     

NVIDIA Corp.

     12,804  
     

 

 

 
        76,283  
     

 

 

 
  

Software — 6.5%

  

  908     

Activision Blizzard, Inc.

     20,636  
  33     

Citrix Systems, Inc. (a)

     2,101  
  502     

Electronic Arts, Inc. (a)

     29,496  
  2,443     

Microsoft Corp.

     99,300  
  1,731     

Oracle Corp.

     74,680  
  337     

Rovi Corp. (a)

     6,142  
     

 

 

 
        232,355  
     

 

 

 
  

Technology Hardware, Storage & Peripherals — 6.3%

  

  1,429     

Apple, Inc.

     177,761  
  1,090     

Hewlett-Packard Co.

     33,958  
  242     

SanDisk Corp.

     15,383  
     

 

 

 
        227,102  
     

 

 

 
  

Total Information Technology

     727,809  
     

 

 

 

 

        Materials — 2.9%

  
  

Chemicals — 1.0%

  

  350     

LyondellBasell Industries N.V., Class A

     30,765  
  28     

PPG Industries, Inc.

     6,279  
     

 

 

 
        37,044  
     

 

 

 
  

Containers & Packaging — 0.8%

  

  637     

Sealed Air Corp.

     28,999  
     

 

 

 
  

Metals & Mining — 0.3%

  

  401     

United States Steel Corp.

     9,784  
     

 

 

 
  

Paper & Forest Products — 0.8%

  

  515     

International Paper Co.

     28,561  
     

 

 

 
  

Total Materials

     104,388  
     

 

 

 

 

        Telecommunication Services — 2.4%

  
  

Diversified Telecommunication Services — 2.4%

  

  840     

AT&T, Inc.

     27,429  
  691     

CenturyLink, Inc.

     23,858  
  1,645     

Frontier Communications Corp.

     11,596  
  517     

Verizon Communications, Inc.

     25,132  
     

 

 

 
  

Total Telecommunication Services

     88,015  
     

 

 

 

 

        Utilities — 2.9%

  
  

Electric Utilities — 0.8%

  

  361     

Entergy Corp.

     27,982  
     

 

 

 
  

Gas Utilities — 0.6%

  
  699     

UGI Corp.

     22,770  
     

 

 

 
  

Independent Power & Renewable Electricity Producers — 0.7%

  

  742     

Calpine Corp. (a)

     16,965  
  211     

Dynegy, Inc. (a)

     6,635  
     

 

 

 
        23,600  
     

 

 

 
  

Multi-Utilities — 0.8%

  

  669     

Public Service Enterprise Group, Inc.

     28,057  
     

 

 

 
  

Total Utilities

     102,409  
     

 

 

 
  

Total Common Stocks

(Cost $2,703,468)

     3,495,086  
     

 

 

 

 

Short-Term Investment — 4.1%

  

  

Investment Company — 4.1%

  

  147,226      JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.040% (b) (l)
(Cost $147,226)
     147,226  
     

 

 

 
   Total Investments — 101.5%
(Cost $2,850,694)
     3,642,312  
   Liabilities in Excess of Other Assets — (1.5)% (c)      (52,925
     

 

 

 
   NET ASSETS — 100.0%    $ 3,589,387  
     

 

 

 

 

 

Percentages indicated are based on net assets.


JPMorgan Intrepid America Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

(Amounts in thousands, except number of Futures contracts)

 

Futures Contracts

 

NUMBER OF
CONTRACTS

  

DESCRIPTION

   EXPIRATION
DATE
     NOTIONAL
VALUE AT
MARCH

31, 2015
     NET
UNREALIZED
APPRECIATION
(DEPRECIATION)
 
   Long Futures Outstanding         

847

   E-mini S&P 500      06/19/15       $ 87,275      $ 21  
           

 

 

 

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS

 

(a)        —         Non-income producing security.
(b)

(c)

    

 

  —  

  —  

  

  

  

Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.

Included in this amount is cash segregated as collateral for

futures contracts.

(l)        —         The rate shown is the current yield as of March 31, 2015.

As of March 31, 2015, 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

   $ 845,562  

Aggregate gross unrealized depreciation

     (53,944 )
  

 

 

 

Net unrealized appreciation/depreciation

   $ 791,618  
  

 

 

 

Federal income tax cost of investments

   $ 2,850,694  
  

 

 

 

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 are 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 represent each valuation input as presented on the Schedule of Portfolio Investments (“SOI”) (amount in thousands):

 

     Level 1
Quoted prices
     Level 2
Other significant observable

inputs
     Level 3
Significant unobservable

inputs
     Total  

Total Investments in Securities (a)

   $ 3,642,312      $  —         $  —         $ 3,642,312  

Appreciation in Other Financial Instruments

           

Futures Contracts

   $ 21      $  —         $  —         $ 21  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

(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, 2015.


JPMorgan Intrepid Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited)

(Amounts in thousands)

 

SHARES     

SECURITY DESCRIPTION

   VALUE($)  

 

Common Stocks — 96.1%

  

 

        Consumer Discretionary — 18.0%

  
  

Auto Components — 0.6%

  
  72     

Delphi Automotive plc, (United Kingdom)

     5,749  
     

 

 

 
  

Diversified Consumer Services — 1.7%

  
  230     

Apollo Education Group, Inc. (a)

     4,357  
  9     

Graham Holdings Co., Class B

     8,922  
  106     

H&R Block, Inc.

     3,409  
     

 

 

 
        16,688  
     

 

 

 
  

Hotels, Restaurants & Leisure — 1.1%

  
  5     

Chipotle Mexican Grill, Inc. (a)

     3,253  
  203     

Restaurant Brands International, Inc., (Canada)

     7,781  
     

 

 

 
        11,034  
     

 

 

 
  

Household Durables — 0.3%

  
  10     

Harman International Industries, Inc.

     1,323  
  9     

Whirlpool Corp.

     1,839  
     

 

 

 
        3,162  
     

 

 

 
  

Internet & Catalog Retail — 0.3%

  
  31     

Expedia, Inc.

     2,937  
     

 

 

 
  

Media — 4.8%

  
  123     

DIRECTV (a)

     10,425  
  74     

DISH Network Corp., Class A (a)

     5,171  
  1,472     

Sirius XM Holdings, Inc. (a)

     5,621  
  60     

Starz, Series A (a)

     2,054  
  14     

Time Warner Cable, Inc.

     2,158  
  224     

Time Warner, Inc.

     18,940  
  48     

Viacom, Inc., Class B

     3,258  
     

 

 

 
        47,627  
     

 

 

 
  

Multiline Retail — 2.0%

  
  22     

Big Lots, Inc.

     1,034  
  61     

Dillard’s, Inc., Class A

     8,259  
  29     

Kohl’s Corp.

     2,300  
  124     

Macy’s, Inc.

     8,075  
     

 

 

 
        19,668  
     

 

 

 
  

Specialty Retail — 5.7%

  
  128     

Foot Locker, Inc.

     8,089  
  243     

Home Depot, Inc. (The)

     27,607  
  279     

Lowe’s Cos., Inc.

     20,718  
     

 

 

 
        56,414  
     

 

 

 
  

Textiles, Apparel & Luxury Goods — 1.5%

  
  68     

Deckers Outdoor Corp. (a)

     4,940  
  257     

Hanesbrands, Inc.

     8,619  
  29     

Skechers U.S.A., Inc., Class A (a)

     2,071  
     

 

 

 
        15,630  
     

 

 

 
  

Total Consumer Discretionary

     178,909  
     

 

 

 

 

        Consumer Staples — 9.3%

  
  

Beverages — 2.1%

  
  73     

Coca-Cola Co. (The)

     2,944  
  56     

Monster Beverage Corp. (a)

     7,792  
  106     

PepsiCo, Inc.

     10,145  
     

 

 

 
        20,881  
     

 

 

 
  

Food & Staples Retailing — 1.9%

  
  248     

Kroger Co. (The)

     19,035  
     

 

 

 
  

Food Products — 3.1%

  
  383     

Archer-Daniels-Midland Co.

     18,173  
  92     

Ingredion, Inc.

     7,136  
  242     

Pilgrim’s Pride Corp.

     5,467  
     

 

 

 
        30,776  
     

 

 

 
  

Household Products — 0.5%

  
  37     

Energizer Holdings, Inc.

     5,121  
     

 

 

 
  

Personal Products — 0.5%

  
  109     

Herbalife Ltd. (a)

     4,665  
     

 

 

 
  

Tobacco — 1.2%

  
  181     

Altria Group, Inc.

     9,054  
  37     

Lorillard, Inc.

     2,398  
     

 

 

 
        11,452  
     

 

 

 
  

Total Consumer Staples

     91,930  
     

 

 

 

 

        Energy — 4.7%

  
  

Energy Equipment & Services — 2.1%

  
  93     

Baker Hughes, Inc.

     5,900  
  94     

Cameron International Corp. (a)

     4,223  
  197     

National Oilwell Varco, Inc.

     9,833  
  17     

Schlumberger Ltd.

     1,444  
     

 

 

 
        21,400  
     

 

 

 
  

Oil, Gas & Consumable Fuels — 2.6%

  
  116     

Denbury Resources, Inc.

     843  
  47     

Devon Energy Corp.

     2,853  
  36     

Marathon Oil Corp.

     935  
  14     

Marathon Petroleum Corp.

     1,464  
  211     

Oasis Petroleum, Inc. (a)

     2,999  
  65     

Tesoro Corp.

     5,906  
  155     

Valero Energy Corp.

     9,835  


JPMorgan Intrepid Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

 

SHARES     

SECURITY DESCRIPTION

   VALUE($)  

 

Common Stocks — continued

  

  

Oil, Gas & Consumable Fuels — continued

  

  85     

WPX Energy, Inc. (a)

     927  
     

 

 

 
        25,762  
     

 

 

 
  

Total Energy

     47,162  
     

 

 

 

 

        Financials — 3.4%

  
  

Consumer Finance — 0.9%

  
  156     

Discover Financial Services

     8,785  
     

 

 

 
  

Diversified Financial Services — 0.8%

  
  78     

Moody’s Corp.

     8,086  
     

 

 

 
  

Insurance — 0.2%

  
  13     

Assurant, Inc.

     811  
  30     

Validus Holdings Ltd., (Bermuda)

     1,271  
     

 

 

 
        2,082  
     

 

 

 
  

Real Estate Investment Trusts (REITs) — 1.5%

  
  160     

American Tower Corp.

     15,026  
     

 

 

 
  

Total Financials

     33,979  
     

 

 

 

 

        Health Care — 14.7%

  
  

Biotechnology — 7.8%

  
  170     

Amgen, Inc.

     27,206  
  32     

Celgene Corp. (a)

     3,643  
  327     

Gilead Sciences, Inc. (a)

     32,039  
  27     

United Therapeutics Corp. (a)

     4,673  
  82     

Vertex Pharmaceuticals, Inc. (a)

     9,615  
     

 

 

 
        77,176  
     

 

 

 
  

Health Care Equipment & Supplies — 0.9%

  
  63     

Edwards Lifesciences Corp. (a)

     8,904  
     

 

 

 
  

Health Care Providers & Services — 5.5%

  
  53     

AmerisourceBergen Corp.

     6,024  
  136     

Anthem, Inc.

     21,046  
  50     

Cardinal Health, Inc.

     4,541  
  80     

Express Scripts Holding Co. (a)

     6,933  
  133     

Health Net, Inc. (a)

     8,033  
  35     

McKesson Corp.

     7,872  
     

 

 

 
        54,449  
     

 

 

 
  

Pharmaceuticals — 0.5%

  
  60     

AbbVie, Inc.

     3,518  
  26     

Bristol-Myers Squibb Co.

     1,658  
     

 

 

 
        5,176  
     

 

 

 
  

Total Health Care

     145,705  
     

 

 

 

 

        Industrials — 11.0%

  
  

Aerospace & Defense — 4.3%

  
  37     

Curtiss-Wright Corp.

     2,754  
  118     

General Dynamics Corp.

     16,070  
  60     

Huntington Ingalls Industries, Inc.

     8,451  
  40     

Northrop Grumman Corp.

     6,406  
  39     

TransDigm Group, Inc.

     8,421  
     

 

 

 
        42,102  
     

 

 

 
  

Airlines — 3.5%

  
  77     

Alaska Air Group, Inc.

     5,122  
  383     

Delta Air Lines, Inc.

     17,224  
  267     

Southwest Airlines Co.

     11,833  
     

 

 

 
        34,179  
     

 

 

 
  

Commercial Services & Supplies — 0.9%

  
  49     

Cintas Corp.

     3,975  
  221     

Pitney Bowes, Inc.

     5,142  
     

 

 

 
        9,117  
     

 

 

 
  

Construction & Engineering — 0.0% (g)

  
  2     

AECOM (a)

     49  
     

 

 

 
  

Industrial Conglomerates — 0.2%

  
  26     

Danaher Corp.

     2,182  
     

 

 

 
  

Machinery — 1.6%

  
  236     

Allison Transmission Holdings, Inc.

     7,525  
  14     

Caterpillar, Inc.

     1,137  
  48     

IDEX Corp.

     3,640  
  40     

Illinois Tool Works, Inc.

     3,895  
     

 

 

 
        16,197  
     

 

 

 
  

Trading Companies & Distributors — 0.5%

  
  162     

HD Supply Holdings, Inc. (a)

     5,056  
     

 

 

 
  

Total Industrials

     108,882  
     

 

 

 

 

        Information Technology — 29.1%

  
  

Communications Equipment — 0.1%

  
  20     

QUALCOMM, Inc.

     1,352  
     

 

 

 
  

Internet Software & Services — 4.3%

  
  70     

eBay, Inc. (a)

     4,032  
  16     

Facebook, Inc., Class A (a)

     1,291  
  14     

Google, Inc., Class A (a)

     7,488  
  82     

IAC/InterActiveCorp

     5,539  
  130     

VeriSign, Inc. (a)

     8,720  
  358     

Yahoo!, Inc. (a)

     15,886  
     

 

 

 
        42,956  
     

 

 

 
  

IT Services — 3.4%

  
  79     

Amdocs Ltd.

     4,303  
  84     

Leidos Holdings, Inc.

     3,533  
  391     

Visa, Inc., Class A

     25,562  
     

 

 

 
        33,398  
     

 

 

 


JPMorgan Intrepid Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

 

SHARES     

SECURITY DESCRIPTION

   VALUE($)  

 

Common Stocks — continued

  
  

Semiconductors & Semiconductor Equipment — 2.8%

  
  323     

Broadcom Corp., Class A

     13,984  
  93     

Lam Research Corp.

     6,525  
  364     

NVIDIA Corp.

     7,625  
     

 

 

 
        28,134  
     

 

 

 
  

Software — 10.1%

  
  346     

Activision Blizzard, Inc.

     7,872  
  76     

Citrix Systems, Inc. (a)

     4,880  
  156     

Electronic Arts, Inc. (a)

     9,187  
  51     

Fortinet, Inc. (a)

     1,768  
  885     

Microsoft Corp.

     35,965  
  724     

Oracle Corp.

     31,245  
  81     

PTC, Inc. (a)

     2,912  
  79     

VMware, Inc., Class A (a)

     6,446  
     

 

 

 
        100,275  
     

 

 

 
  

Technology Hardware, Storage & Peripherals — 8.4%

  
  633     

Apple, Inc.

     78,820  
  69     

SanDisk Corp.

     4,409  
     

 

 

 
        83,229  
     

 

 

 
  

Total Information Technology

     289,344  
     

 

 

 

 

        Materials — 3.8%

  
  

Chemicals — 1.8%

  
  153     

LyondellBasell Industries N.V., Class A

     13,398  
  20     

PPG Industries, Inc.

     4,462  
     

 

 

 
        17,860  
     

 

 

 
  

Containers & Packaging — 1.2%

  
  64     

Crown Holdings, Inc. (a)

     3,436  
  186     

Sealed Air Corp.

     8,492  
     

 

 

 
        11,928  
     

 

 

 
  

Metals & Mining — 0.5%

  
  198     

United States Steel Corp.

     4,841  
     

 

 

 
  

Paper & Forest Products — 0.3%

  
  48     

International Paper Co.

     2,636  
     

 

 

 
  

Total Materials

     37,265  
     

 

 

 

 

        Telecommunication Services — 1.7%

  
  

Diversified Telecommunication Services — 1.7%

  
  287     

AT&T, Inc.

     9,364  
  176     

CenturyLink, Inc.

     6,096  
  24     

Level 3 Communications, Inc. (a)

     1,265  
     

 

 

 
  

Total Telecommunication Services

     16,725  
     

 

 

 

 

        Utilities — 0.4%

  
  

Electric Utilities — 0.4%

  
  54      

Entergy Corp.

     4,216  
     

 

 

 
  

Total Common Stocks

(Cost $719,297)

     954,117  
     

 

 

 

 

Short-Term Investment — 3.9%

  
  

Investment Company — 3.9%

  
  38,222      

JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.040% (b) (l)

(Cost $38,222)

     38,222  
     

 

 

 
  

Total Investments — 100.0%

(Cost $757,519)

     992,339  
  

Other Assets in Excess of Liabilities — 0.0% (c) (g)

     374  
     

 

 

 
  

NET ASSETS — 100.0%

   $ 992,713  
     

 

 

 

 

Percentages indicated are based on net assets.


JPMorgan Intrepid Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

(Amounts in thousands, except number of Futures contracts)

 

Futures Contracts

 

NUMBER OF
CONTRACTS
    

DESCRIPTION

   EXPIRATION
DATE
     NOTIONAL
VALUE AT
MARCH 31,
2015
     NET
UNREALIZED
APPRECIATION
(DEPRECIATION)
 
  

Long Futures Outstanding

  

  367     

E-mini S&P 500

     06/19/15       $ 37,816      $ 294  
           

 

 

 

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS

 

(a)     Non-income producing security.
(b)  

  Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(c)     Included in this amount is cash segregated as collateral for futures contracts.
(g)     Amount rounds to less than 0.1%.
(l)     The rate shown is the current yield as of March 31, 2015.

As of March 31, 2015, 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

   $ 253,183   

Aggregate gross unrealized depreciation

     (18,363 )
  

 

 

 

Net unrealized appreciation/depreciation

   $ 234,820  
  

 

 

 

Federal income tax cost of investments

   $ 757,519  
  

 

 

 

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 are 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 represent each valuation input as presented on the Schedule of Portfolio Investments (“SOI”) (amount in thousands):

 

     Level 1
Quoted prices
     Level 2
Other significant observable

inputs
     Level 3
Significant unobservable

inputs
     Total  

Total Investments in Securities (a)

   $ 992,339      $ —        $ —        $ 992,339  

Appreciation in Other Financial Instruments

           

Futures Contracts

   $ 294      $ —        $ —        $ 294  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

(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, 2015.


JPMorgan Intrepid Advantage Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited)

(Amounts in thousands)

 

SHARES

   

SECURITY DESCRIPTION

   VALUE($)  

 

Common Stocks — 98.3%

  

 

            Consumer Discretionary — 13.5%

  
  Auto Components — 1.3%   
  4     Delphi Automotive plc, (United Kingdom)      305  
    

 

 

 
  Hotels, Restaurants & Leisure — 1.7%   
  6     Hilton Worldwide Holdings, Inc. (a)      191  
  10     Wendy’s Co. (The)      106  
  1     Wynn Resorts Ltd.      82  
    

 

 

 
       379  
    

 

 

 
  Household Durables — 0.8%   
  1     Harman International Industries, Inc.      184  
    

 

 

 
  Internet & Catalog Retail — 1.8%   
  (h)    Priceline Group, Inc. (The) (a)      209  
  2     TripAdvisor, Inc. (a)      204  
    

 

 

 
       413  
    

 

 

 
  Media — 2.8%   
  1     Comcast Corp., Class A      82  
  3     Starz, Series A (a)      89  
  6     Time Warner, Inc.      475  
    

 

 

 
       646  
    

 

 

 
  Multiline Retail — 0.7%   
  2     Kohl’s Corp.      149  
    

 

 

 
  Specialty Retail — 3.7%   
  6     Best Buy Co., Inc.      224  
  4     Home Depot, Inc. (The)      443  
  2     Lowe’s Cos., Inc.      184  
    

 

 

 
       851  
    

 

 

 
  Textiles, Apparel & Luxury Goods — 0.7%   
  5     Hanesbrands, Inc.      171  
    

 

 

 
  Total Consumer Discretionary      3,098  
    

 

 

 

 

            Consumer Staples — 10.4%

  
  Beverages — 2.4%   
  5     Coca-Cola Co. (The)      205  
  2     Molson Coors Brewing Co., Class B      145  
  2     PepsiCo, Inc.      205  
    

 

 

 
       555  
    

 

 

 
  Food & Staples Retailing — 2.2%   
  3     Walgreens Boots Alliance, Inc.      290  
  3     Wal-Mart Stores, Inc.      208  
    

 

 

 
       498  
    

 

 

 
  Food Products — 2.7%   
  2     Archer-Daniels-Midland Co. (m)      96  
  3     Ingredion, Inc.      212  
  5     Mondelez International, Inc., Class A      170  
  3     Tyson Foods, Inc., Class A      130  
    

 

 

 
       608  
    

 

 

 
  Household Products — 1.3%   
  2     Energizer Holdings, Inc.      297  
    

 

 

 
  Tobacco — 1.8%   
  3     Lorillard, Inc.      227  
  3     Philip Morris International, Inc.      194  
    

 

 

 
       421  
    

 

 

 
  Total Consumer Staples      2,379  
    

 

 

 

 

          Energy — 6.9%

  
  Oil, Gas & Consumable Fuels — 6.9%   
  1     Anadarko Petroleum Corp.      83  
  2     Chevron Corp.      233  
  4     ConocoPhillips      257  
  3     Devon Energy Corp.      185  
  4     Exxon Mobil Corp.      361  
  2     Marathon Petroleum Corp.      169  
  1     Occidental Petroleum Corp.      86  
  3     Valero Energy Corp.      202  
    

 

 

 
  Total Energy      1,576  
    

 

 

 

 

          Financials — 14.3%

  
  Banks — 6.6%   
  17     Bank of America Corp.      255  
  6     Citigroup, Inc.      313  
  5     Fifth Third Bancorp      92  
  11     KeyCorp      153  
  4     SunTrust Banks, Inc.      180  
  9     Wells Fargo & Co.      510  
    

 

 

 
       1,503  
    

 

 

 
  Capital Markets — 1.1%   
  1     Ameriprise Financial, Inc.      72  
  5     Morgan Stanley      177  
    

 

 

 
       249  
    

 

 

 
  Consumer Finance — 2.0%   
  3     Capital One Financial Corp.      240  
  4     Discover Financial Services      228  
    

 

 

 
       468  
    

 

 

 
  Insurance — 3.0%   
  2     American International Group, Inc. (m)      126  
  5     CNO Financial Group, Inc.      89  
  6     Hartford Financial Services Group, Inc. (The)      232  


JPMorgan Intrepid Advantage Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

 

SHARES

   

SECURITY DESCRIPTION

   VALUE($)  

 

Common Stocks — continued

  

 

            Insurance — continued

  
  3     Prudential Financial, Inc.      231  
    

 

 

 
       678  
    

 

 

 
  Real Estate Investment Trusts (REITs) — 1.1%   
  1     AvalonBay Communities, Inc. (m)      122  
  7     NorthStar Realty Finance Corp. (m)      129  
    

 

 

 
       251  
    

 

 

 
  Real Estate Management & Development — 0.5%   
  3     CBRE Group, Inc., Class A (a)      119  
    

 

 

 
  Total Financials      3,268  
    

 

 

 

 

            Health Care — 17.8%

  
  Biotechnology — 4.4%   
  2     Amgen, Inc.      260  
  2     Celgene Corp. (a)      178  
  5     Gilead Sciences, Inc. (a)      454  
  1     Vertex Pharmaceuticals, Inc. (a)      118  
    

 

 

 
       1,010  
    

 

 

 
  Health Care Equipment & Supplies — 4.2%   
  1     Becton, Dickinson and Co. (m)      156  
  15     Boston Scientific Corp. (a)      265  
  4     Medtronic plc, (Ireland)      325  
  2     Stryker Corp.      226  
    

 

 

 
       972  
    

 

 

 
  Health Care Providers & Services — 6.0%   
  2     Anthem, Inc.      324  
  3     Cardinal Health, Inc.      264  
  4     Cigna Corp.      459  
  1     Humana, Inc.      134  
  1     McKesson Corp.      190  
    

 

 

 
       1,371  
    

 

 

 
  Life Sciences Tools & Services — 0.6%   
  2     Quintiles Transnational Holdings, Inc. (a)      147  
    

 

 

 
  Pharmaceuticals — 2.6%   
  2     Bristol-Myers Squibb Co.      142  
  2     Merck & Co., Inc.      96  
  10     Pfizer, Inc.      348  
    

 

 

 
       586  
    

 

 

 
  Total Health Care      4,086  
    

 

 

 

 

            Industrials — 8.7%

  
  Aerospace & Defense — 4.4%   
  2     General Dynamics Corp.      214  
  1     Honeywell International, Inc. (m)      83  
  1     Lockheed Martin Corp.      228  
  3     Northrop Grumman Corp.      479  
    

 

 

 
       1,004  
    

 

 

 
  Airlines — 1.6%   
  2     Delta Air Lines, Inc.      104  
  4     Southwest Airlines Co.      175  
  1     United Continental Holdings, Inc. (a)      82  
    

 

 

 
       361  
    

 

 

 
  Construction & Engineering — 1.1%   
  6     AECOM (a)      188  
  1     Fluor Corp.      60  
    

 

 

 
       248  
    

 

 

 
  Machinery — 1.6%   
  3     Allison Transmission Holdings, Inc.      92  
  1     Caterpillar, Inc.      76  
  3     Ingersoll-Rand plc      206  
    

 

 

 
       374  
    

 

 

 
  Total Industrials      1,987  
    

 

 

 

 

            Information Technology — 21.8%

  
  Communications Equipment — 3.0%   
  14     Cisco Systems, Inc.      395  
  1     Harris Corp.      81  
  3     QUALCOMM, Inc.      220  
    

 

 

 
       696  
    

 

 

 
  Internet Software & Services — 3.1%   
  (h)    Google, Inc., Class A (a)      190  
  (h)    Google, Inc., Class C (a)      215  
  7     Yahoo!, Inc. (a)      301  
    

 

 

 
       706  
    

 

 

 
  IT Services — 0.7%   
  2     MasterCard, Inc., Class A      158  
    

 

 

 
  Semiconductors & Semiconductor Equipment — 2.3%   
  6     Broadcom Corp., Class A      242  
  3     KLA-Tencor Corp.      168  
  2     Lam Research Corp.      121  
    

 

 

 
       531  
    

 

 

 
  Software — 5.3%   
  19     Microsoft Corp.      766  
  6     Oracle Corp.      239  
  5     Rovi Corp. (a)      98  
  4     Symantec Corp.      98  
    

 

 

 
       1,201  
    

 

 

 
  Technology Hardware, Storage & Peripherals — 7.4%   
  10     Apple, Inc. (m)      1,265  


JPMorgan Intrepid Advantage Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

 

SHARES

    

SECURITY DESCRIPTION

   VALUE($)  

 

Common Stocks — continued

  

   Technology Hardware, Storage & Peripherals — continued   
  11      Hewlett-Packard Co.      337  
  2      SanDisk Corp.      99  
     

 

 

 
        1,701  
     

 

 

 
   Total Information Technology      4,993  
     

 

 

 

 

             Materials — 1.4%

  
  

Chemicals — 0.5%

  
  2      Dow Chemical Co. (The)      113  
     

 

 

 
   Containers & Packaging — 0.6%   
  3      Crown Holdings, Inc. (a)      146  
     

 

 

 
   Metals & Mining — 0.3%   
  3      United States Steel Corp.      62  
     

 

 

 
   Total Materials      321  
     

 

 

 

 

            Telecommunication Services — 2.2%

  
   Diversified Telecommunication Services — 2.2%   
  7      AT&T, Inc.      225  
  8      CenturyLink, Inc.      271  
     

 

 

 
   Total Telecommunication Services      496  
     

 

 

 

 

            Utilities — 1.3%

  
   Gas Utilities — 0.7%   
  5      UGI Corp.      173  
     

 

 

 
   Independent Power & Renewable Electricity Producers — 0.6%   
  10      AES Corp.      127  
     

 

 

 
   Total Utilities      300  
     

 

 

 
  

Total Common Stocks

(Cost $17,623)

     22,504  
     

 

 

 

 

            Short-Term Investment — 1.8%

  
   Investment Company — 1.8%   
  416     

JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.040% (b) (l) (m)

(Cost $416)

     416  
     

 

 

 
  

Total Investments — 100.1%

(Cost $18,039)

     22,920  
   Liabilities in Excess of Other Assets — (0.1)%      (25
     

 

 

 
   NET ASSETS — 100.0%    $ 22,895  
     

 

 

 

 

Percentages indicated are based on net assets.


JPMorgan Intrepid Advantage Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

 

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

 

(a)

           Non-income producing security.

(b)

           Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.

(h)

           Amount rounds to less than one thousand (shares).

(l)

           The rate shown is the current yield as of March 31, 2015.

(m)

           All or a portion of this security is reserved and/or pledged with the custodian for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, unfunded commitments and/or forward foreign currency exchange contracts.

As of March 31, 2015, 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

   $ 5,082  

Aggregate gross unrealized depreciation

     (201 )
  

 

 

 

Net unrealized appreciation/depreciation

   $ 4,881  
  

 

 

 

Federal income tax cost of investments

   $ 18,039  
  

 

 

 

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 are 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 represent each valuation input as presented on the Schedule of Portfolio Investments (“SOI”) (amount in thousands):

 

     Level 1
Quoted prices
     Level 2
Other significant observable

inputs
     Level 3
Significant unobservable

inputs
     Total  

Total Investments in Securities (a)

   $ 22,920       $ —         $ —         $ 22,920   
  

 

 

    

 

 

    

 

 

    

 

 

 

 

(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, 2015.


JPMorgan Intrepid Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited)

(Amounts in thousands)

 

SHARES     

SECURITY DESCRIPTION

   VALUE($)  

 

Common Stocks — 97.1%

  

 

          Consumer Discretionary — 6.3%

  
  

Automobiles — 1.0%

  
  1,102     

Ford Motor Co.

     17,783  
     

 

 

 
  

Diversified Consumer Services — 0.6%

  
  288     

DeVry Education Group, Inc.

     9,608  
     

 

 

 
  

Hotels, Restaurants & Leisure — 0.4%

  
  101     

Darden Restaurants, Inc.

     6,997  
     

 

 

 
  

Household Durables — 0.6%

  
  435     

PulteGroup, Inc.

     9,668  
     

 

 

 
  

Internet & Catalog Retail — 0.2%

  
  38     

Expedia, Inc.

     3,605  
     

 

 

 
  

Media — 1.8%

  
  103     

Gannett Co., Inc.

     3,813  
  341     

Time Warner, Inc.

     28,752  
     

 

 

 
        32,565  
     

 

 

 
  

Multiline Retail — 1.6%

  
  105     

Dillard’s, Inc., Class A

     14,265  
  220     

Macy’s, Inc.

     14,300  
     

 

 

 
        28,565  
     

 

 

 
  

Specialty Retail — 0.1%

  
  105     

Staples, Inc.

     1,705  
     

 

 

 
  

Total Consumer Discretionary

     110,496  
     

 

 

 

 

          Consumer Staples — 7.1%

  
  

Food & Staples Retailing — 2.9%

  
  108     

CVS Health Corp.

     11,095  
  520     

Kroger Co. (The)

     39,833  
     

 

 

 
        50,928  
     

 

 

 
  

Food Products — 2.3%

  
  738     

Archer-Daniels-Midland Co.

     34,967  
  283     

Pilgrim’s Pride Corp.

     6,397  
     

 

 

 
        41,364  
     

 

 

 
  

Household Products — 1.4%

  
  102     

Energizer Holdings, Inc.

     14,095  
  46     

Kimberly-Clark Corp.

     4,884  
  73     

Spectrum Brands Holdings, Inc.

     6,547  
     

 

 

 
        25,526  
     

 

 

 
  

Personal Products — 0.5%

  
  187     

Herbalife Ltd. (a)

     7,992  
     

 

 

 
  

Total Consumer Staples

     125,810  
     

 

 

 

 

          Energy — 10.8%

  
  

Energy Equipment & Services — 2.7%

  
  72     

Baker Hughes, Inc.

     4,590  
  318     

Cameron International Corp. (a)

     14,362  
  148     

Ensco plc, (United Kingdom), Class A

     3,110  
  121     

Halliburton Co.

     5,323  
  395     

National Oilwell Varco, Inc.

     19,731  
     

 

 

 
        47,116  
     

 

 

 
  

Oil, Gas & Consumable Fuels — 8.1%

  
  212     

Chevron Corp.

     22,261  
  403     

ConocoPhillips

     25,097  
  305     

Denbury Resources, Inc.

     2,222  
  143     

Devon Energy Corp.

     8,636  
  201     

Exxon Mobil Corp.

     17,060  
  95     

Marathon Oil Corp.

     2,467  
  139     

Marathon Petroleum Corp.

     14,263  
  495     

Oasis Petroleum, Inc. (a)

     7,043  
  664     

Valero Energy Corp.

     42,225  
  224     

WPX Energy, Inc. (a)

     2,443  
     

 

 

 
        143,717  
     

 

 

 
  

Total Energy

     190,833  
     

 

 

 

 

          Financials — 26.9%

  
  

Banks — 10.5%

  
  2,003     

Bank of America Corp.

     30,825  
  789     

Citigroup, Inc.

     40,664  
  618     

Fifth Third Bancorp

     11,657  
  826     

KeyCorp

     11,695  
  180     

PNC Financial Services Group, Inc. (The)

     16,762  
  48     

Popular, Inc., (Puerto Rico) (a)

     1,651  
  1,319     

Wells Fargo & Co.

     71,729  
     

 

 

 
        184,983  
     

 

 

 
  

Capital Markets — 2.4%

  
  111     

Ameriprise Financial, Inc.

     14,523  
  93     

Goldman Sachs Group, Inc. (The)

     17,416  
  112     

Legg Mason, Inc.

     6,182  
  132     

Morgan Stanley

     4,708  
     

 

 

 
        42,829  
     

 

 

 
  

Consumer Finance — 1.7%

  
  529     

Discover Financial Services

     29,792  
     

 

 

 
  

Diversified Financial Services — 0.2%

  
  82     

Voya Financial, Inc.

     3,539  
     

 

 

 
  

Insurance — 7.7%

  
  440     

Allstate Corp. (The)

     31,300  
  57     

Aspen Insurance Holdings Ltd., (Bermuda)

     2,687  
  102     

Assurant, Inc.

     6,264  
  256     

Axis Capital Holdings Ltd., (Bermuda)

     13,225  
  82     

Everest Re Group Ltd., (Bermuda)

     14,320  


JPMorgan Intrepid Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

 

SHARES     

SECURITY DESCRIPTION

   VALUE($)  

 

Common Stocks — continued

  
  

Insurance — continued

  
  353     

Hartford Financial Services Group, Inc. (The)

     14,767  
  138     

Lincoln National Corp.

     7,912  
  60     

PartnerRe Ltd., (Bermuda)

     6,803  
  264     

Prudential Financial, Inc.

     21,218  
  31     

Travelers Cos., Inc. (The)

     3,374  
  341     

Validus Holdings Ltd., (Bermuda)

     14,348  
     

 

 

 
        136,218  
     

 

 

 
  

Real Estate Investment Trusts (REITs) — 4.0%

  
  595     

American Capital Agency Corp.

     12,687  
  308     

Annaly Capital Management, Inc.

     3,200  
  698     

Brandywine Realty Trust

     11,146  
  204     

Hospitality Properties Trust

     6,740  
  690     

NorthStar Realty Finance Corp.

     12,495  
  392     

Piedmont Office Realty Trust, Inc., Class A

     7,301  
  448     

RLJ Lodging Trust

     14,017  
  36     

Vornado Realty Trust

     4,065  
     

 

 

 
        71,651  
     

 

 

 
  

Real Estate Management & Development — 0.4%

  
  194     

CBRE Group, Inc., Class A (a)

     7,510  
     

 

 

 
  

Total Financials

     476,522  
     

 

 

 

 

          Health Care — 15.5%

  
  

Biotechnology — 2.5%

  
  11     

Amgen, Inc.

     1,727  
  277     

Gilead Sciences, Inc. (a)

     27,172  
  90     

United Therapeutics Corp. (a)

     15,502  
     

 

 

 
        44,401  
     

 

 

 
  

Health Care Equipment & Supplies — 1.4%

  
  327     

Alere, Inc. (a)

     15,990  
  53     

Edwards Lifesciences Corp. (a)

     7,536  
     

 

 

 
        23,526  
     

 

 

 
  

Health Care Providers & Services — 7.8%

  
  285     

Aetna, Inc.

     30,382  
  292     

Anthem, Inc.

     45,103  
  70     

Cardinal Health, Inc.

     6,274  
  313     

Express Scripts Holding Co. (a)

     27,177  
  264     

Health Net, Inc. (a)

     15,963  
  177     

LifePoint Hospitals, Inc. (a)

     13,030  
     

 

 

 
        137,929  
     

 

 

 
  

Pharmaceuticals — 3.8%

  
  1,945     

Pfizer, Inc.

     67,653  
     

 

 

 
  

Total Health Care

     273,509  
     

 

 

 

 

          Industrials — 9.8%

  
  

Aerospace & Defense — 4.4%

  
  57     

Curtiss-Wright Corp.

     4,229  
  255     

General Dynamics Corp.

     34,543  
  243     

Northrop Grumman Corp.

     39,146  
     

 

 

 
        77,918  
     

 

 

 
  

Airlines — 2.1%

  
  93     

Alaska Air Group, Inc.

     6,174  
  382     

Delta Air Lines, Inc.

     17,157  
  325     

Southwest Airlines Co.

     14,402  
     

 

 

 
        37,733  
     

 

 

 
  

Commercial Services & Supplies — 0.7%

  
  545     

Pitney Bowes, Inc.

     12,707  
     

 

 

 
  

Construction & Engineering — 0.3%

  
  159     

AECOM (a)

     4,907  
     

 

 

 
  

Machinery — 2.3%

  
  42     

IDEX Corp.

     3,162  
  324     

Illinois Tool Works, Inc.

     31,435  
  52     

Parker-Hannifin Corp.

     6,188  
     

 

 

 
        40,785  
     

 

 

 
  

Total Industrials

     174,050  
     

 

 

 

 

          Information Technology — 9.3%

  
  

Electronic Equipment, Instruments & Components — 0.1%

  
  121     

Vishay Intertechnology, Inc.

     1,678  
     

 

 

 
  

IT Services — 0.8%

  
  81     

International Business Machines Corp.

     13,017  
  46     

Leidos Holdings, Inc.

     1,909  
     

 

 

 
        14,926  
     

 

 

 
  

Semiconductors & Semiconductor Equipment — 1.7%

  
  141     

Intel Corp.

     4,409  
  130     

Lam Research Corp.

     9,158  
  602     

Micron Technology, Inc. (a)

     16,338  
     

 

 

 
        29,905  
     

 

 

 
  

Software — 2.3%

  
  640     

Oracle Corp.

     27,607  
  715     

Rovi Corp. (a)

     13,026  
     

 

 

 
        40,633  
     

 

 

 
  

Technology Hardware, Storage & Peripherals — 4.4%

  
  277     

Apple, Inc.

     34,517  
  1,078     

Hewlett-Packard Co.

     33,587  


JPMorgan Intrepid Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

 

SHARES     

SECURITY DESCRIPTION

   VALUE($)  

 

Common Stocks — continued

  
  

Technology Hardware, Storage & Peripherals — continued

  
  154     

SanDisk Corp.

     9,791  
     

 

 

 
        77,895  
     

 

 

 
  

Total Information Technology

     165,037  
     

 

 

 

 

          Materials — 3.4%

  
  

Chemicals — 1.9%

  
  380     

LyondellBasell Industries N.V., Class A

     33,347  
     

 

 

 
  

Metals & Mining — 0.6%

  
  411     

United States Steel Corp.

     10,021  
     

 

 

 
  

Paper & Forest Products — 0.9%

  
  86     

Domtar Corp., (Canada)

     3,966  
  217     

International Paper Co.

     12,013  
     

 

 

 
        15,979  
     

 

 

 
  

Total Materials

     59,347  
     

 

 

 

 

          Telecommunication Services — 2.1%

  
  

Diversified Telecommunication Services — 2.1%

  
  329     

AT&T, Inc.

     10,748  
  344     

CenturyLink, Inc.

     11,876  
  2,015     

Frontier Communications Corp.

     14,205  
     

 

 

 
  

Total Telecommunication Services

     36,829  
     

 

 

 

 

          Utilities — 5.9%

  
  

Electric Utilities — 3.2%

  
  473     

American Electric Power Co., Inc.

     26,584  
  185     

Entergy Corp.

     14,328  
  155     

NextEra Energy, Inc.

     16,159  
     

 

 

 
        57,071  
     

 

 

 
  

Gas Utilities — 0.8%

  
  430     

UGI Corp.

     14,015  
     

 

 

 
  

Independent Power & Renewable Electricity Producers — 1.5%

  
  898     

AES Corp.

     11,539  
  365     

Calpine Corp. (a)

     8,355  
  221     

Dynegy, Inc. (a)

     6,930  
     

 

 

 
        26,824  
     

 

 

 
  

Multi-Utilities — 0.4%

  
  168     

Public Service Enterprise Group, Inc.

     7,034  
     

 

 

 
  

Total Utilities

     104,944  
     

 

 

 
  

Total Common Stocks

(Cost $1,353,169)

     1,717,377  
     

 

 

 

 

Short-Term Investment — 2.4%

  
  

Investment Company — 2.4%

  
  42,837      

JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.040% (b) (l)

(Cost $42,837)

     42,837  
     

 

 

 
  

Total Investments — 99.5%

(Cost $1,396,006)

     1,760,214  
  

Other Assets in Excess of Liabilities — 0.5% (c)

     9,291  
     

 

 

 
  

NET ASSETS — 100.0%

   $ 1,769,505  
     

 

 

 

 

Percentages indicated are based on net assets.


JPMorgan Intrepid Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

(Amounts in thousands, except number of Futures contracts)

 

Futures Contracts

 

NUMBER OF
CONTRACTS
    

DESCRIPTION

   EXPIRATION
DATE
     NOTIONAL
VALUE AT
MARCH

31, 2015
     NET
UNREALIZED
APPRECIATION
(DEPRECIATION)
 
  

Long Futures Outstanding

  

  453     

E-mini S&P 500

     06/19/15       $ 46,677      $ 611  
           

 

 

 

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

 

(a)     Non-income producing security.
(b)     Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(c)     Included in this amount is cash segregated as collateral for futures contracts.
(l)     The rate shown is the current yield as of March 31, 2015.

As of March 31, 2015, 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

   $ 394,579  

Aggregate gross unrealized depreciation

     (30,371 )
  

 

 

 

Net unrealized appreciation/depreciation

   $ 364,208  
  

 

 

 

Federal income tax cost of investments

   $ 1,396,006  
  

 

 

 

The various inputs that are used in determining the valuation of the Funds’ 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 are 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”) (amount in thousands):

 

     Level 1
Quoted prices
     Level 2
Other significant observable

inputs
     Level 3
Significant unobservable

inputs
     Total  

Total Investments in Securities (a)

   $ 1,760,214      $ —        $ —        $ 1,760,214  
  

 

 

    

 

 

    

 

 

    

 

 

 

Appreciation in Other Financial Instruments

           

Futures Contracts

   $ 611      $ —        $ —        $ 611  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

(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, 2015.


JPMorgan Mid Cap Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited)

(Amounts in thousands)

 

SHARES     

SECURITY DESCRIPTION

   VALUE($)  

 

Common Stocks — 96.1%

  

 

          Consumer Discretionary — 19.0%

  
  

Automobiles — 1.1%

  
  289     

Harley-Davidson, Inc.

     17,562  
  91     

Tesla Motors, Inc. (a)

     17,084  
     

 

 

 
        34,646  
     

 

 

 
  

Hotels, Restaurants & Leisure — 2.3%

  
  664     

Hilton Worldwide Holdings, Inc. (a)

     19,665  
  85     

Marriott International, Inc., Class A

     6,865  
  381     

Norwegian Cruise Line Holdings Ltd. (a)

     20,561  
  71     

Panera Bread Co., Class A (a)

     11,328  
  176     

Starwood Hotels & Resorts Worldwide, Inc.

     14,673  
     

 

 

 
        73,092  
     

 

 

 
  

Household Durables — 2.4%

  
  378     

Jarden Corp. (a)

     19,991  
  221     

Mohawk Industries, Inc. (a)

     41,128  
  370     

Toll Brothers, Inc. (a)

     14,540  
     

 

 

 
        75,659  
     

 

 

 
  

Internet & Catalog Retail — 1.8%

  
  260     

Expedia, Inc.

     24,485  
  64     

Netflix, Inc. (a)

     26,460  
  100     

TripAdvisor, Inc. (a)

     8,342  
     

 

 

 
        59,287  
     

 

 

 
  

Media — 1.6%

  
  180     

CBS Corp. (Non-Voting), Class B (m)

     10,893  
  325     

Clear Channel Outdoor Holdings, Inc., Class A

     3,291  
  234     

DISH Network Corp., Class A (a)

     16,366  
  389     

Gannett Co., Inc. (m)

     14,435  
  289     

Time, Inc.

     6,495  
     

 

 

 
        51,480  
     

 

 

 
  

Multiline Retail — 1.9%

  
  350     

Big Lots, Inc.

     16,801  
  418     

Kohl’s Corp.

     32,675  
  153     

Nordstrom, Inc.

     12,298  
     

 

 

 
        61,774  
     

 

 

 
  

Specialty Retail — 6.2%

  
  115     

Advance Auto Parts, Inc.

     17,259  
  26     

AutoZone, Inc. (a)

     17,866  
  163     

Bed Bath & Beyond, Inc. (a)

     12,518  
  401     

Best Buy Co., Inc.

     15,148  
  368     

GameStop Corp., Class A

     13,981  
  481     

Gap, Inc. (The)

     20,825  
  296     

GNC Holdings, Inc., Class A

     14,505  
  192     

Tiffany & Co.

     16,931  
  143     

Tractor Supply Co.

     12,198  
  178     

Ulta Salon Cosmetics & Fragrance, Inc. (a)

     26,836  
  439     

Urban Outfitters, Inc. (a)

     20,046  
  156     

Williams-Sonoma, Inc.

     12,433  
     

 

 

 
        200,546  
     

 

 

 
  

Textiles, Apparel & Luxury Goods — 1.7%

  
  373     

Gildan Activewear, Inc., (Canada)

     11,025  
  244     

Michael Kors Holdings Ltd., (United Kingdom) (a)

     16,023  
  121     

PVH Corp.

     12,940  
  69     

Ralph Lauren Corp.

     9,041  
  96     

V.F. Corp.

     7,232  
     

 

 

 
        56,261  
     

 

 

 
  

Total Consumer Discretionary

     612,745  
     

 

 

 

 

          Consumer Staples — 4.5%

  
  

Beverages — 1.7%

  
  123     

Constellation Brands, Inc., Class A (a)

     14,310  
  173     

Dr. Pepper Snapple Group, Inc.

     13,582  
  199     

Monster Beverage Corp. (a)

     27,471  
     

 

 

 
        55,363  
     

 

 

 
  

Food & Staples Retailing — 1.8%

  
  289     

Kroger Co. (The)

     22,162  
  1,838     

Rite Aid Corp. (a)

     15,972  
  548     

Sprouts Farmers Market, Inc. (a)

     19,313  
     

 

 

 
        57,447  
     

 

 

 
  

Food Products — 0.5%

  
  139     

Hershey Co. (The)

     14,058  
     

 

 

 
  

Household Products — 0.5%

  
  121     

Energizer Holdings, Inc.

     16,757  
     

 

 

 
  

Total Consumer Staples

     143,625  
     

 

 

 

 

          Energy — 4.5%

  
  

Energy Equipment & Services — 0.3%

  
  130     

Dril-Quip, Inc. (a)

     8,918  
     

 

 

 
  

Oil, Gas & Consumable Fuels — 4.2%

  
  104     

Antero Resources Corp. (a)

     3,673  
  243     

Concho Resources, Inc. (a)

     28,192  
  336     

Energen Corp.

     22,173  
  177     

EQT Corp.

     14,705  
  560     

Laredo Petroleum, Inc. (a)

     7,305  
  215     

PBF Energy, Inc., Class A

     7,300  
  267     

Plains All American Pipeline LP

     13,036  
  303     

QEP Resources, Inc.

     6,325  
  345     

Range Resources Corp.

     17,933  


JPMorgan Mid Cap Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

 

SHARES     

SECURITY DESCRIPTION

   VALUE($)  

 

Common Stocks — continued

  
  

Oil, Gas & Consumable Fuels — continued

  
  680     

Southwestern Energy Co. (a)

     15,780  
     

 

 

 
        136,422  
     

 

 

 
  

Total Energy

     145,340  
     

 

 

 

 

          Financials — 19.9%

  
  

Banks — 4.1%

  
  396     

Citizens Financial Group, Inc.

     9,549  
  126     

City National Corp.

     11,213  
  392     

East West Bancorp, Inc.

     15,860  
  1,083     

Fifth Third Bancorp

     20,421  
  175     

First Republic Bank

     9,994  
  499     

Huntington Bancshares, Inc.

     5,511  
  136     

M&T Bank Corp.

     17,307  
  147     

Signature Bank (a)

     19,074  
  463     

SunTrust Banks, Inc.

     19,045  
  151     

Zions Bancorporation

     4,079  
     

 

 

 
        132,053  
     

 

 

 
  

Capital Markets — 4.4%

  
  139     

Affiliated Managers Group, Inc. (a)

     29,854  
  152     

Ameriprise Financial, Inc.

     19,936  
  381     

Invesco Ltd.

     15,131  
  333     

Lazard Ltd., (Bermuda), Class A

     17,518  
  169     

Legg Mason, Inc.

     9,348  
  140     

Northern Trust Corp.

     9,778  
  225     

T. Rowe Price Group, Inc.

     18,210  
  608     

TD Ameritrade Holding Corp.

     22,650  
     

 

 

 
        142,425  
     

 

 

 
  

Consumer Finance — 0.4%

  
  534     

Ally Financial, Inc. (a)

     11,198  
     

 

 

 
  

Diversified Financial Services — 1.1%

  
  194     

McGraw Hill Financial, Inc.

     20,049  
  161     

Moody’s Corp.

     16,743  
     

 

 

 
        36,792  
     

 

 

 
  

Insurance — 4.2%

  
  21     

Alleghany Corp. (a)

     10,025  
  125     

Chubb Corp. (The)

     12,678  
  411     

Hartford Financial Services Group, Inc. (The)

     17,173  
  594     

Loews Corp.

     24,252  
  365     

Marsh & McLennan Cos., Inc.

     20,491  
  457     

Old Republic International Corp.

     6,826  
  254     

Progressive Corp. (The)

     6,914  
  399     

Unum Group

     13,455  
  155     

W.R. Berkley Corp.

     7,821  
  427     

XL Group plc, (Ireland)

     15,696  
     

 

 

 
        135,331  
     

 

 

 
  

Real Estate Investment Trusts (REITs) — 4.3%

  
  271     

American Campus Communities, Inc. (m)

     11,619  
  92     

AvalonBay Communities, Inc. (m)

     15,977  
  63     

Boston Properties, Inc. (m)

     8,874  
  416     

Brixmor Property Group, Inc. (m)

     11,038  
  496     

General Growth Properties, Inc. (m)

     14,661  
  646     

Kimco Realty Corp. (m)

     17,345  
  262     

Outfront Media, Inc. (m)

     7,829  
  314     

Rayonier, Inc. (m)

     8,462  
  175     

Regency Centers Corp. (m)

     11,900  
  159     

Vornado Realty Trust (m)

     17,852  
  358     

Weyerhaeuser Co. (m)

     11,878  
     

 

 

 
        137,435  
     

 

 

 
  

Real Estate Management & Development — 1.2%

  
  1,011     

CBRE Group, Inc., Class A (a)

     39,140  
     

 

 

 
  

Thrifts & Mortgage Finance — 0.2%

  
  630     

Hudson City Bancorp, Inc.

     6,603  
     

 

 

 
  

Total Financials

     640,977  
     

 

 

 

 

          Health Care — 11.4%

  
  

Biotechnology — 1.4%

  
  39     

Intercept Pharmaceuticals, Inc. (a)

     11,027  
  66     

Receptos, Inc. (a)

     10,916  
  186     

Vertex Pharmaceuticals, Inc. (a)

     21,919  
     

 

 

 
        43,862  
     

 

 

 
  

Health Care Equipment & Supplies — 1.0%

  
  21     

Becton, Dickinson and Co. (m)

     3,032  
  256     

Insulet Corp. (a)

     8,538  
  209     

Sirona Dental Systems, Inc. (a)

     18,808  
     

 

 

 
        30,378  
     

 

 

 
  

Health Care Providers & Services — 5.8%

  
  204     

Acadia Healthcare Co., Inc. (a)

     14,621  
  187     

AmerisourceBergen Corp.

     21,298  
  841     

Brookdale Senior Living, Inc. (a)

     31,771  
  232     

Cigna Corp. (m)

     30,025  
  551     

Envision Healthcare Holdings, Inc. (a)

     21,123  
  72     

Henry Schein, Inc. (a)

     10,033  
  261     

Humana, Inc.

     46,502  
  336     

Premier, Inc., Class A (a)

     12,634  
     

 

 

 
        188,007  
     

 

 

 
  

Health Care Technology — 0.3%

  
  122     

Inovalon Holdings, Inc., Class A (a)

     3,670  


JPMorgan Mid Cap Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

 

SHARES     

SECURITY DESCRIPTION

   VALUE($)  

 

Common Stocks — continued

  

  

Health Care Technology — continued

  

  279     

Veeva Systems, Inc., Class A (a)

     7,123  
     

 

 

 
        10,793  
     

 

 

 
  

Life Sciences Tools & Services — 1.1%

  

  187     

Illumina, Inc. (a)

     34,730  
     

 

 

 
  

Pharmaceuticals — 1.8%

  

  98     

Jazz Pharmaceuticals plc, (Ireland) (a)

     16,864  
  171     

Mylan N.V. (a)

     10,167  
  75     

Perrigo Co. plc, (Ireland)

     12,366  
  99     

Valeant Pharmaceuticals International, Inc. (a)

     19,604  
     

 

 

 
        59,001  
     

 

 

 
  

Total Health Care

     366,771  
     

 

 

 

 

          Industrials — 11.5%

  
  

Airlines — 0.8%

  

  552     

Delta Air Lines, Inc.

     24,795  
     

 

 

 
  

Building Products — 2.0%

  

  293     

A.O. Smith Corp.

     19,265  
  698     

Fortune Brands Home & Security, Inc.

     33,143  
  112     

Lennox International, Inc.

     12,551  
     

 

 

 
        64,959  
     

 

 

 
  

Commercial Services & Supplies — 0.5%

  

  119     

Stericycle, Inc. (a)

     16,775  
     

 

 

 
  

Electrical Equipment — 2.5%

  

  221     

Acuity Brands, Inc.

     37,164  
  270     

AMETEK, Inc.

     14,198  
  160     

Hubbell, Inc., Class B

     17,589  
  154     

Regal-Beloit Corp.

     12,317  
     

 

 

 
        81,268  
     

 

 

 
  

Industrial Conglomerates — 1.3%

  

  449     

Carlisle Cos., Inc.

     41,625  
     

 

 

 
  

Machinery — 2.2%

  

  221     

IDEX Corp.

     16,776  
  147     

Middleby Corp. (The) (a)

     15,069  
  179     

Pall Corp.

     17,961  
  287     

Rexnord Corp. (a)

     7,651  
  99     

Snap-on, Inc.

     14,531  
     

 

 

 
        71,988  
     

 

 

 
  

Professional Services — 0.5%

  

  172     

Equifax, Inc.

     15,960  
     

 

 

 
  

Trading Companies & Distributors — 1.7%

  

  733     

HD Supply Holdings, Inc. (a)

     22,833  
  207     

MSC Industrial Direct Co., Inc., Class A

     14,922  
  124     

Watsco, Inc.

     15,555  
     

 

 

 
        53,310  
     

 

 

 
  

Total Industrials

     370,680  
     

 

 

 

 

          Information Technology — 16.5%

  
  

Communications Equipment — 1.7%

  

  157     

Arista Networks, Inc. (a)

     11,059  
  371     

Aruba Networks, Inc. (a)

     9,088  
  606     

Ciena Corp. (a)

     11,706  
  315     

CommScope Holding Co., Inc. (a)

     8,978  
  101     

Palo Alto Networks, Inc. (a)

     14,681  
     

 

 

 
        55,512  
     

 

 

 
  

Electronic Equipment, Instruments & Components — 2.2%

  

  772     

Amphenol Corp., Class A

     45,494  
  405     

Arrow Electronics, Inc. (a)

     24,735  
     

 

 

 
        70,229  
     

 

 

 
  

Internet Software & Services — 1.6%

  

  103     

CoStar Group, Inc. (a)

     20,456  
  402     

Dealertrack Technologies, Inc. (a)

     15,485  
  311     

Twitter, Inc. (a)

     15,555  
     

 

 

 
        51,496  
     

 

 

 
  

IT Services — 2.9%

  

  101     

Alliance Data Systems Corp. (a)

     29,922  
  200     

Gartner, Inc. (a)

     16,795  
  372     

Jack Henry & Associates, Inc.

     25,996  
  558     

VeriFone Systems, Inc. (a)

     19,479  
     

 

 

 
        92,192  
     

 

 

 
  

Semiconductors & Semiconductor Equipment — 4.1%

  

  273     

Analog Devices, Inc.

     17,225  
  737     

Applied Materials, Inc.

     16,620  
  246     

Avago Technologies Ltd., (Singapore)

     31,288  
  110     

KLA-Tencor Corp.

     6,398  
  184     

Lam Research Corp.

     12,909  
  303     

NXP Semiconductors N.V., (Netherlands) (a)

     30,389  
  403     

Xilinx, Inc.

     17,052  
     

 

 

 
        131,881  
     

 

 

 
  

Software — 4.0%

  

  295     

Autodesk, Inc. (a)

     17,311  
  338     

Electronic Arts, Inc. (a)

     19,897  
  263     

Guidewire Software, Inc. (a)

     13,847  
  277     

Mobileye N.V., (Israel) (a)

     11,625  
  98     

NetSuite, Inc. (a)

     9,109  
  213     

ServiceNow, Inc. (a)

     16,812  


JPMorgan Mid Cap Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

 

SHARES     

SECURITY DESCRIPTION

   VALUE($)  

 

Common Stocks — continued

  

  

Software — continued

  

  408     

Synopsys, Inc. (a)

     18,893  
  112     

Tableau Software, Inc., Class A (a)

     10,344  
  138     

Workday, Inc., Class A (a)

     11,682  
     

 

 

 
        129,520  
     

 

 

 
  

Total Information Technology

     530,830  
     

 

 

 

 

          Materials — 4.4%

  
  

Chemicals — 2.7%

  
  175     

Airgas, Inc.

     18,521  
  207     

Albemarle Corp.

     10,912  
  183     

Sherwin-Williams Co. (The)

     52,195  
  34     

Sigma-Aldrich Corp.

     4,726  
     

 

 

 
        86,354  
     

 

 

 
  

Construction Materials — 0.5%

  
  198     

Eagle Materials, Inc.

     16,553  
     

 

 

 
  

Containers & Packaging — 1.2%

  
  177     

Ball Corp.

     12,492  
  164     

Rock-Tenn Co., Class A

     10,554  
  277     

Silgan Holdings, Inc.

     16,118  
     

 

 

 
        39,164  
     

 

 

 
  

Total Materials

     142,071  
     

 

 

 

 

          Utilities — 4.4%

  
  

Electric Utilities — 1.4%

  
  222     

Edison International

     13,847  
  401     

Westar Energy, Inc.

     15,539  
  414     

Xcel Energy, Inc.

     14,394  
     

 

 

 
        43,780  
     

 

 

 
  

Gas Utilities — 0.9%

  
  158     

National Fuel Gas Co.

     9,560  
  890     

Questar Corp.

     21,237  
     

 

 

 
        30,797  
     

 

 

 
  

Multi-Utilities — 2.1%

  
  772     

CenterPoint Energy, Inc.

     15,751  
  463     

CMS Energy Corp. (m)

     16,161  
  153     

NiSource, Inc.

     6,768  
  147     

Sempra Energy

     16,031  
  262     

Wisconsin Energy Corp.

     12,977  
     

 

 

 
        67,688  
     

 

 

 
  

Total Utilities

     142,265  
     

 

 

 
  

Total Common Stocks

(Cost $2,233,255)

     3,095,304  
     

 

 

 

 

Short-Term Investment — 3.5%

  
  

Investment Company — 3.5%

  
  112,501      

JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.040% (b) (l) (m)

(Cost $112,501)

     112,501  
     

 

 

 
  

Total Investments — 99.6%

(Cost $2,345,756)

     3,207,805  
  

Other Assets in Excess of Liabilities — 0.4%

     11,465  
     

 

 

 
  

NET ASSETS — 100.0%

   $ 3,219,270  
     

 

 

 

 

Percentages indicated are based on net assets.


JPMorgan Mid Cap Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

 

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

 

(a)     Non-income producing security.
(b)     Investment in affiliate. Money market fund 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, 2015.
(m)     All or a portion of this security is reserved and/or pledged with the custodian for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, unfunded commitments and/or forward foreign currency exchange contracts.

As of March 31, 2015, 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

   $ 910,673  

Aggregate gross unrealized depreciation

     (48,624 )
  

 

 

 

Net unrealized appreciation/depreciation

   $ 862,049  
  

 

 

 

Federal income tax cost of investments

   $ 2,345,756  
  

 

 

 

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 are 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)

   $ 3,207,805      $ —        $ —        $ 3,207,805  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

(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, 2015.


JPMorgan Small Cap Core Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited)

(Amounts in thousands)

 

SHARES

    

SECURITY DESCRIPTION

   VALUE($)  

 

Common Stocks — 95.5%

  

               Consumer Discretionary — 12.1%   
   Auto Components — 1.5%   
  154      Cooper Tire & Rubber Co.      6,584  
  55      Stoneridge, Inc. (a)      618  
  187      Tower International, Inc. (a)      4,980  
     

 

 

 
        12,182  
     

 

 

 
   Distributors — 0.3%   
  31      Core-Mark Holding Co., Inc.      2,020  
  9      VOXX International Corp. (a)      82  
     

 

 

 
        2,102  
     

 

 

 
   Diversified Consumer Services — 0.3%   
  9      Capella Education Co.      590  
  124      LifeLock, Inc. (a)      1,744  
     

 

 

 
        2,334  
     

 

 

 
   Hotels, Restaurants & Leisure — 1.5%   
  75      Bloomin’ Brands, Inc.      1,822  
  15      Dave & Buster’s Entertainment, Inc. (a)      466  
  59      Jack in the Box, Inc.      5,659  
  174      Ruth’s Hospitality Group, Inc.      2,760  
  35      Sonic Corp.      1,113  
     

 

 

 
        11,820  
     

 

 

 
   Household Durables — 1.9%   
  92      Helen of Troy Ltd., (Bermuda) (a)      7,497  
  29      Jarden Corp. (a)      1,510  
  67      KB Home      1,042  
  14      Libbey, Inc.      543  
  21      Lifetime Brands, Inc.      313  
  10      NACCO Industries, Inc., Class A      503  
  136      Skullcandy, Inc. (a)      1,541  
  42      Universal Electronics, Inc. (a)      2,354  
     

 

 

 
        15,303  
     

 

 

 
   Internet & Catalog Retail — 0.2%   
  38      Lands’ End, Inc. (a)      1,371  
     

 

 

 
   Leisure Products — 0.1%   
  66      Nautilus, Inc. (a)      1,005  
     

 

 

 
   Media — 1.7%   
  237      E.W. Scripps Co. (The), Class A (a)      6,729  
  33      Entercom Communications Corp., Class A (a)      402  
  84      Journal Communications, Inc., Class A (a)      1,248  
  12      Live Nation Entertainment, Inc. (a)      303  
  17      New Media Investment Group, Inc.      395  
  45      Nexstar Broadcasting Group, Inc., Class A      2,558  
  77      Sinclair Broadcast Group, Inc., Class A      2,415  
     

 

 

 
        14,050  
     

 

 

 
   Specialty Retail — 3.7%   
  83      Barnes & Noble, Inc. (a)      1,971  
  104      Brown Shoe Co., Inc.      3,401  
  67      Cato Corp. (The), Class A      2,653  
  9      Children’s Place, Inc. (The)      578  
  45      Citi Trends, Inc. (a)      1,212  
  200      Express, Inc. (a)      3,311  
  62      Lithia Motors, Inc., Class A      6,154  
  1,015      Office Depot, Inc. (a)      9,334  
  13      Outerwall, Inc.      880  
  23      Systemax, Inc. (a)      276  
  25      Tilly’s, Inc., Class A (a)      385  
     

 

 

 
        30,155  
     

 

 

 
   Textiles, Apparel & Luxury Goods — 0.9%   
  29      G-III Apparel Group Ltd. (a)      3,222  
  121      Iconix Brand Group, Inc. (a)      4,077  
     

 

 

 
        7,299  
     

 

 

 
   Total Consumer Discretionary      97,621  
     

 

 

 

 

            Consumer Staples — 3.4%

  
   Food & Staples Retailing — 2.2%   
  49      Andersons, Inc. (The)      2,031  
  708      Rite Aid Corp. (a)      6,156  
  74      Smart & Final Stores, Inc. (a)      1,300  
  187      SpartanNash Co.      5,897  
  190      SUPERVALU, Inc. (a)      2,210  
     

 

 

 
        17,594  
     

 

 

 
   Food Products — 0.8%   
  137      Pilgrim’s Pride Corp.      3,093  
  51      Pinnacle Foods, Inc.      2,085  
  16      Sanderson Farms, Inc.      1,306  
     

 

 

 
        6,484  
     

 

 

 
   Personal Products — 0.4%   
  27      Revlon, Inc., Class A (a)      1,108  
  21      USANA Health Sciences, Inc. (a)      2,345  
     

 

 

 
        3,453  
     

 

 

 
   Total Consumer Staples      27,531  
     

 

 

 

 

            Energy — 3.7%

  
   Energy Equipment & Services — 0.9%   
  55      C&J Energy Services Ltd. (a)      612  
  55      Dawson Geophysical Co. (a)      236  
  60      Forum Energy Technologies, Inc. (a)      1,180  


JPMorgan Small Cap Core Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

 

SHARES

    

SECURITY DESCRIPTION

   VALUE($)  

 

Common Stocks — continued

  

   Energy Equipment & Services — continued   
  61      Helix Energy Solutions Group, Inc. (a)      916  
  67      Matrix Service Co. (a)      1,175  
  16      Pioneer Energy Services Corp. (a)      88  
  64      Superior Energy Services, Inc.      1,431  
  119      Tesco Corp.      1,347  
     

 

 

 
        6,985  
     

 

 

 
   Oil, Gas & Consumable Fuels — 2.8%   
  193      Abraxas Petroleum Corp. (a)      628  
  72      Callon Petroleum Co. (a)      538  
  69      Carrizo Oil & Gas, Inc. (a)      3,416  
  63      Delek U.S. Holdings, Inc.      2,504  
  30      Energy XXI Ltd.      108  
  154      Green Plains, Inc.      4,400  
  47      Jones Energy, Inc., Class A (a)      420  
  195      Pacific Ethanol, Inc. (a)      2,104  
  196      Renewable Energy Group, Inc. (a)      1,804  
  6      REX American Resources Corp. (a)      359  
  47      Stone Energy Corp. (a)      693  
  19      TransAtlantic Petroleum Ltd. (a)      99  
  169      VAALCO Energy, Inc. (a)      414  
  1,083      Warren Resources, Inc. (a)      964  
  67      Western Refining, Inc.      3,304  
  15      World Fuel Services Corp.      845  
     

 

 

 
        22,600  
     

 

 

 
   Total Energy      29,585  
     

 

 

 

 

            Financials — 22.6%

  
   Banks — 8.2%   
  18      Banco Latinoamericano de Comercio Exterior S.A., (Panama), Class E      577  
  67      BBCN Bancorp, Inc.      965  
  15      BNC Bancorp      275  
  7      Bridge Bancorp, Inc.      183  
  39      Cathay General Bancorp      1,112  
  13      Citizens & Northern Corp.      254  
  9      Community Trust Bancorp, Inc.      286  
  8      ConnectOne Bancorp, Inc.      156  
  92      Customers Bancorp, Inc. (a)      2,237  
  152      East West Bancorp, Inc.      6,141  
  40      Fidelity Southern Corp.      681  
  24      Financial Institutions, Inc.      550  
  306      First BanCorp, (Puerto Rico) (a)      1,897  
  12      First Business Financial Services, Inc.      506  
  113      First Commonwealth Financial Corp.      1,019  
  29      First Community Bancshares, Inc.      507  
  25      First Financial Bancorp      452  
  22      First Merchants Corp.      523  
  46      First NBC Bank Holding Co. (a)      1,504  
  169      FirstMerit Corp.      3,221  
  164      Hanmi Financial Corp.      3,477  
  67      Hilltop Holdings, Inc. (a)      1,301  
  655      Huntington Bancshares, Inc.      7,240  
  6      IBERIABANK Corp.      353  
  21      MainSource Financial Group, Inc.      410  
  5      National Bankshares, Inc.      137  
  15      NBT Bancorp, Inc.      378  
  121      PacWest Bancorp      5,678  
  49      Pinnacle Financial Partners, Inc.      2,156  
  197      Popular, Inc., (Puerto Rico) (a)      6,771  
  52      Preferred Bank      1,426  
  25      PrivateBancorp, Inc.      876  
  8      Prosperity Bancshares, Inc.      399  
  28      Sierra Bancorp      469  
  68      Southwest Bancorp, Inc.      1,217  
  57      State Bank Financial Corp.      1,189  
  11      Stonegate Bank      320  
  68      Susquehanna Bancshares, Inc.      938  
  7      SVB Financial Group (a)      940  
  81      TriCo Bancshares      1,947  
  74      TriState Capital Holdings, Inc. (a)      774  
  30      Triumph Bancorp, Inc. (a)      410  
  13      WesBanco, Inc.      437  
  21      West Bancorporation, Inc.      422  
  323      Wilshire Bancorp, Inc.      3,224  
  10      Yadkin Financial Corp. (a)      197  
     

 

 

 
        66,132  
     

 

 

 
   Capital Markets — 1.2%   
  17      Arlington Asset Investment Corp., Class A      414  
  305      BGC Partners, Inc., Class A      2,883  
  112      Cowen Group, Inc., Class A (a)      584  
  154      Investment Technology Group, Inc. (a)      4,668  
  29      Manning & Napier, Inc.      381  
  6      Oppenheimer Holdings, Inc., Class A      134  
  20      Piper Jaffray Cos. (a)      1,049  
     

 

 

 
        10,113  
     

 

 

 
   Consumer Finance — 0.9%   
  86      Cash America International, Inc.      1,997  
  47      Encore Capital Group, Inc. (a)      1,971  
  78      Enova International, Inc. (a)      1,542  


JPMorgan Small Cap Core Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

 

SHARES

    

SECURITY DESCRIPTION

   VALUE($)  

 

Common Stocks — continued

  

   Consumer Finance — continued   
  74      Green Dot Corp., Class A (a)      1,175  
  17      Nelnet, Inc., Class A      790  
     

 

 

 
        7,475  
     

 

 

 
   Insurance — 2.6%   
  198      American Equity Investment Life Holding Co.      5,756  
  37      Aspen Insurance Holdings Ltd., (Bermuda)      1,729  
  56      Atlas Financial Holdings, Inc. (a)      988  
  249      CNO Financial Group, Inc.      4,289  
  13      Crawford & Co., Class B      113  
  31      HCI Group, Inc.      1,408  
  9      Horace Mann Educators Corp.      301  
  138      Maiden Holdings Ltd., (Bermuda)      2,047  
  18      Selective Insurance Group, Inc.      526  
  59      Stewart Information Services Corp.      2,394  
  33      Symetra Financial Corp.      765  
  20      United Fire Group, Inc.      632  
  6      Validus Holdings Ltd., (Bermuda)      255  
     

 

 

 
        21,203  
     

 

 

 
   Real Estate Investment Trusts (REITs) — 8.9%   
  5      Agree Realty Corp.      168  
  22      American Campus Communities, Inc.      947  
  449      Anworth Mortgage Asset Corp.      2,287  
  21      Ashford Hospitality Prime, Inc.      347  
  493      Ashford Hospitality Trust, Inc.      4,741  
  346      Capstead Mortgage Corp.      4,070  
  142      Chambers Street Properties      1,122  
  45      Chatham Lodging Trust      1,318  
  39      Chesapeake Lodging Trust      1,316  
  58      CoreSite Realty Corp.      2,828  
  129      Cousins Properties, Inc.      1,365  
  36      DCT Industrial Trust, Inc.      1,262  
  48      DDR Corp.      888  
  81      DiamondRock Hospitality Co.      1,140  
  16      EastGroup Properties, Inc.      968  
  39      Education Realty Trust, Inc.      1,386  
  227      First Industrial Realty Trust, Inc.      4,854  
  16      Franklin Street Properties Corp.      206  
  99      GEO Group, Inc. (The)      4,348  
  27      Government Properties Income Trust      608  
  8      Home Properties, Inc.      540  
  29      Hudson Pacific Properties, Inc.      962  
  31      LaSalle Hotel Properties      1,205  
  20      LTC Properties, Inc.      911  
  6      Mid-America Apartment Communities, Inc.      466  
  16      Parkway Properties, Inc.      285  
  39      Pebblebrook Hotel Trust      1,812  
  84      Pennsylvania Real Estate Investment Trust      1,961  
  92      PennyMac Mortgage Investment Trust      1,957  
  107      Potlatch Corp.      4,264  
  20      PS Business Parks, Inc.      1,686  
  82      RAIT Financial Trust      563  
  14      Ramco-Gershenson Properties Trust      268  
  101      Redwood Trust, Inc.      1,807  
  193      Retail Opportunity Investments Corp.      3,523  
  105      RLJ Lodging Trust      3,278  
  45      Silver Bay Realty Trust Corp.      721  
  156      Strategic Hotels & Resorts, Inc. (a)      1,934  
  267      Summit Hotel Properties, Inc.      3,758  
  7      Sun Communities, Inc.      480  
  180      Sunstone Hotel Investors, Inc.      3,008  
  30      UMH Properties, Inc.      301  
  9      WP GLIMCHER, Inc.      144  
     

 

 

 
        72,003  
     

 

 

 
   Real Estate Management & Development — 0.2%   
  44      RE/MAX Holdings, Inc., Class A      1,448  
     

 

 

 
   Thrifts & Mortgage Finance — 0.6%   
  12      BofI Holding, Inc. (a)      1,098  
  100      Flagstar Bancorp, Inc. (a)      1,447  
  30      HomeStreet, Inc. (a)      553  
  34      PennyMac Financial Services, Inc., Class A (a)      575  
  42      Walker & Dunlop, Inc. (a)      752  
  9      Washington Federal, Inc.      198  
     

 

 

 
        4,623  
     

 

 

 
   Total Financials      182,997  
     

 

 

 

 

            Health Care — 14.2%

  
   Biotechnology — 6.5%   
  19      Acceleron Pharma, Inc. (a)      719  
  129      Achillion Pharmaceuticals, Inc. (a)      1,273  
  4      Adamas Pharmaceuticals, Inc. (a)      72  
  2      Agios Pharmaceuticals, Inc. (a)      198  
  16      Alnylam Pharmaceuticals, Inc. (a)      1,702  
  56      Applied Genetic Technologies Corp. (a)      1,109  
  23      Ardelyx, Inc. (a)      302  
  164      ARIAD Pharmaceuticals, Inc. (a)      1,355  


JPMorgan Small Cap Core Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

 

SHARES

    

SECURITY DESCRIPTION

   VALUE($)  

 

Common Stocks — continued

  

   Biotechnology — continued   
  38      Atara Biotherapeutics, Inc. (a)      1,580  
  16      Auspex Pharmaceuticals, Inc. (a)      1,564  
  7      Avalanche Biotechnologies, Inc. (a)      280  
  60      Bellicum Pharmaceuticals, Inc. (a)      1,379  
  31      Bluebird Bio, Inc. (a)      3,744  
  33      Calithera Biosciences, Inc. (a)      544  
  27      Cara Therapeutics, Inc. (a)      266  
  82      Celladon Corp. (a)      1,549  
  120      Celldex Therapeutics, Inc. (a)      3,347  
  9      Clovis Oncology, Inc. (a)      653  
  36      Dicerna Pharmaceuticals, Inc. (a)      867  
  76      Eleven Biotherapeutics, Inc. (a)      676  
  23      FibroGen, Inc. (a)      712  
  13      Immune Design Corp. (a)      279  
  147      Infinity Pharmaceuticals, Inc. (a)      2,052  
  67      Insmed, Inc. (a)      1,385  
  2      Intercept Pharmaceuticals, Inc. (a)      479  
  80      Invitae Corp. (a)      1,332  
  19      Isis Pharmaceuticals, Inc. (a)      1,197  
  5      Karyopharm Therapeutics, Inc. (a)      150  
  75      Kindred Biosciences, Inc. (a)      536  
  58      Kite Pharma, Inc. (a)      3,340  
  46      MacroGenics, Inc. (a)      1,437  
  272      Oncothyreon, Inc. (a)      444  
  5      Ophthotech Corp. (a)      228  
  14      Puma Biotechnology, Inc. (a)      3,211  
  21      Receptos, Inc. (a)      3,496  
  5      Sage Therapeutics, Inc. (a)      231  
  27      Synageva BioPharma Corp. (a)      2,585  
  276      Threshold Pharmaceuticals, Inc. (a)      1,121  
  43      Tokai Pharmaceuticals, Inc. (a)      487  
  20      Ultragenyx Pharmaceutical, Inc. (a)      1,223  
  116      Vitae Pharmaceuticals, Inc. (a)      1,355  
  77      Xencor, Inc. (a)      1,183  
  10      Zafgen, Inc. (a)      380  
     

 

 

 
        52,022  
     

 

 

 
   Health Care Equipment & Supplies — 2.8%   
  106      Cynosure, Inc., Class A (a)      3,260  
  31      DexCom, Inc. (a)      1,914  
  139      Greatbatch, Inc. (a)      8,030  
  12      ICU Medical, Inc. (a)      1,071  
  79      Inogen, Inc. (a)      2,540  
  68      Insulet Corp. (a)      2,281  
  58      NuVasive, Inc. (a)      2,677  
  147      OraSure Technologies, Inc. (a)      962  
  1      Roka Bioscience, Inc. (a)      3  
     

 

 

 
        22,738  
     

 

 

 
   Health Care Providers & Services — 3.3%   
  67      Amsurg Corp. (a)      4,142  
  126      BioTelemetry, Inc. (a)      1,112  
  152      Civitas Solutions, Inc. (a)      3,172  
  362      Cross Country Healthcare, Inc. (a)      4,289  
  99      Genesis Healthcare, Inc. (a)      706  
  95      Molina Healthcare, Inc. (a)      6,372  
  50      Owens & Minor, Inc.      1,692  
  73      Surgical Care Affiliates, Inc. (a)      2,489  
  5      Trupanion, Inc. (a)      38  
  25      WellCare Health Plans, Inc. (a)      2,314  
     

 

 

 
        26,326  
     

 

 

 
   Health Care Technology — 0.4%   
  42      Inovalon Holdings, Inc., Class A (a)      1,260  
  499      Merge Healthcare, Inc. (a)      2,232  
     

 

 

 
        3,492  
     

 

 

 
   Life Sciences Tools & Services — 0.4%   
  82      Cambrex Corp. (a)      3,258  
     

 

 

 
     
   Pharmaceuticals — 0.8%   
  58      Amphastar Pharmaceuticals, Inc. (a)      860  
  41      Flex Pharma, Inc. (a)      809  
  17      Furiex Pharmaceuticals, Inc. (a) (i)      168  
  4      Jazz Pharmaceuticals plc, (Ireland) (a)      708  
  27      Lannett Co., Inc. (a)      1,849  
  46      Medicines Co. (The) (a)      1,297  
  30      Revance Therapeutics, Inc. (a)      616  
  6      ZS Pharma, Inc. (a)      240  
     

 

 

 
        6,547  
     

 

 

 
   Total Health Care      114,383  
     

 

 

 

 

            Industrials — 14.4%

  
   Aerospace & Defense — 1.3%   
  80      AAR Corp.      2,465  
  52      Cubic Corp.      2,708  
  7      Curtiss-Wright Corp.      488  
  159      Engility Holdings, Inc.      4,779  
  3      Triumph Group, Inc.      167  
     

 

 

 
        10,607  
     

 

 

 
   Air Freight & Logistics — 0.2%   
  20      Atlas Air Worldwide Holdings, Inc. (a)      865  


JPMorgan Small Cap Core Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

 

SHARES

    

SECURITY DESCRIPTION

   VALUE($)  

 

Common Stocks — continued

  

   Air Freight & Logistics — continued   
  19      Park-Ohio Holdings Corp.      979  
     

 

 

 
        1,844  
     

 

 

 
   Airlines — 1.5%   
  68      Alaska Air Group, Inc.      4,487  
  331      Hawaiian Holdings, Inc. (a)      7,287  
     

 

 

 
        11,774  
     

 

 

 
   Building Products — 0.8%   
  108      American Woodmark Corp. (a)      5,905  
  46      Gibraltar Industries, Inc. (a)      755  
     

 

 

 
        6,660  
     

 

 

 
   Commercial Services & Supplies — 4.3%   
  167      ABM Industries, Inc.      5,308  
  709      ACCO Brands Corp. (a)      5,889  
  83      ARC Document Solutions, Inc. (a)      767  
  64      Brady Corp., Class A      1,802  
  13      CECO Environmental Corp.      133  
  429      Cenveo, Inc. (a)      917  
  127      Deluxe Corp.      8,771  
  13      Herman Miller, Inc.      361  
  201      Kimball International, Inc., Class B      2,107  
  59      Knoll, Inc.      1,380  
  39      Matthews International Corp., Class A      2,009  
  13      Quad/Graphics, Inc.      294  
  146      Steelcase, Inc., Class A      2,763  
  6      UniFirst Corp.      753  
  20      United Stationers, Inc.      832  
  19      Viad Corp.      526  
     

 

 

 
        34,612  
     

 

 

 
   Construction & Engineering — 0.9%   
  73      Argan, Inc.      2,651  
  55      EMCOR Group, Inc.      2,533  
  78      Tutor Perini Corp. (a)      1,815  
     

 

 

 
        6,999  
     

 

 

 
   Electrical Equipment — 0.5%   
  36      EnerSys      2,293  
  17      Regal-Beloit Corp.      1,319  
     

 

 

 
        3,612  
     

 

 

 
   Machinery — 2.5%   
  29      Barnes Group, Inc.      1,162  
  24      Columbus McKinnon Corp.      649  
  78      Federal Signal Corp.      1,227  
  58      Global Brass & Copper Holdings, Inc.      894  
  26      Greenbrier Cos., Inc. (The)      1,485  
  10      Hurco Cos., Inc.      336  
  19      Hyster-Yale Materials Handling, Inc.      1,407  
  37      Kadant, Inc.      1,925  
  27      LB Foster Co., Class A      1,268  
  515      Meritor, Inc. (a)      6,493  
  5      Standex International Corp.      394  
  48      TriMas Corp. (a)      1,466  
  91      Wabash National Corp. (a)      1,282  
  6      Watts Water Technologies, Inc., Class A      325  
     

 

 

 
        20,313  
     

 

 

 
   Marine — 0.6%   
  116      Matson, Inc.      4,895  
     

 

 

 
   Professional Services — 0.7%   
  63      Barrett Business Services, Inc.      2,699  
  11      CRA International, Inc. (a)      330  
  18      Heidrick & Struggles International, Inc.      433  
  10      Kelly Services, Inc., Class A      169  
  38      RPX Corp. (a)      553  
  33      TrueBlue, Inc. (a)      791  
  11      VSE Corp.      933  
     

 

 

 
        5,908  
     

 

 

 
   Road & Rail — 1.1%   
  3      AMERCO      958  
  126      ArcBest Corp.      4,774  
  13      Avis Budget Group, Inc. (a)      738  
  11      Quality Distribution, Inc. (a)      114  
  76      Swift Transportation Co. (a)      1,975  
  13      Universal Truckload Services, Inc.      325  
     

 

 

 
        8,884  
     

 

 

 
   Trading Companies & Distributors — 0.0% (g)   
  42      General Finance Corp. (a)      341  
     

 

 

 
   Total Industrials      116,449  
     

 

 

 

 

            Information Technology — 17.0%

  
   Communications Equipment — 0.7%   
  180      Aerohive Networks, Inc. (a)      802  
  79      Alliance Fiber Optic Products, Inc.      1,367  
  46      ARRIS Group, Inc. (a)      1,315  
  137      Extreme Networks, Inc. (a)      432  
  105      Polycom, Inc. (a)      1,407  
     

 

 

 
        5,323  
     

 

 

 
   Electronic Equipment, Instruments & Components — 2.6%   
  167      Benchmark Electronics, Inc. (a)      4,008  


JPMorgan Small Cap Core Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

 

SHARES

    

SECURITY DESCRIPTION

   VALUE($)  

 

Common Stocks — continued

  

   Electronic Equipment, Instruments & Components — continued   
  31      Fabrinet, (Thailand) (a)      583  
  153      Insight Enterprises, Inc. (a)      4,358  
  147      Kimball Electronics, Inc. (a)      2,081  
  12      Littelfuse, Inc.      1,232  
  56      Newport Corp. (a)      1,058  
  315      Sanmina Corp. (a)      7,610  
     

 

 

 
        20,930  
     

 

 

 
   Internet Software & Services — 1.8%   
  209      Blucora, Inc. (a)      2,859  
  123      Carbonite, Inc. (a)      1,755  
  73      Cornerstone OnDemand, Inc. (a)      2,115  
  28      Intralinks Holdings, Inc. (a)      288  
  15      Q2 Holdings, Inc. (a)      325  
  110      WebMD Health Corp. (a)      4,810  
  48      Yelp, Inc. (a)      2,287  
     

 

 

 
        14,439  
     

 

 

 
   IT Services — 3.1%   
  54      CACI International, Inc., Class A (a)      4,820  
  12      EVERTEC, Inc., (Puerto Rico)      260  
  348      Global Cash Access Holdings, Inc. (a)      2,651  
  34      Heartland Payment Systems, Inc.      1,588  
  147      Science Applications International Corp.      7,564  
  353      Unisys Corp. (a)      8,184  
     

 

 

 
        25,067  
     

 

 

 
   Semiconductors & Semiconductor Equipment — 4.5%   
  38      Alpha & Omega Semiconductor Ltd. (a)      340  
  122      Amkor Technology, Inc. (a)      1,078  
  500      Audience, Inc. (a)      2,270  
  34      Brooks Automation, Inc.      397  
  482      Cypress Semiconductor Corp. (a)      6,799  
  71      First Solar, Inc. (a)      4,239  
  75      Integrated Silicon Solution, Inc.      1,335  
  61      Lattice Semiconductor Corp. (a)      388  
  23      Nanometrics, Inc. (a)      379  
  81      OmniVision Technologies, Inc. (a)      2,133  
  55      Pericom Semiconductor Corp.      846  
  2      Photronics, Inc. (a)      16  
  82      Skyworks Solutions, Inc.      8,011  
  106      SunEdison, Inc. (a)      2,544  
  36      Synaptics, Inc. (a)      2,943  
  413      Ultra Clean Holdings, Inc. (a)      2,952  
     

 

 

 
        36,670  
     

 

 

 
   Software — 3.9%   
  9      Aspen Technology, Inc. (a)      331  
  363      AVG Technologies N.V., (Netherlands) (a)      7,863  
  24      Fair Isaac Corp.      2,094  
  8      Manhattan Associates, Inc. (a)      410  
  38      Model N, Inc. (a)      450  
  183      Pegasystems, Inc.      3,971  
  27      Progress Software Corp. (a)      742  
  44      PTC, Inc. (a)      1,595  
  97      Qlik Technologies, Inc. (a)      3,020  
  26      Qualys, Inc. (a)      1,204  
  8      Rovi Corp. (a)      144  
  247      Take-Two Interactive Software, Inc. (a)      6,295  
  312      TeleCommunication Systems, Inc., Class A (a)      1,196  
  52      Varonis Systems, Inc. (a)      1,332  
  46      Zendesk, Inc. (a)      1,041  
     

 

 

 
        31,688  
     

 

 

 
   Technology Hardware, Storage & Peripherals — 0.4%   
  63      Avid Technology, Inc. (a)      933  
  67      Super Micro Computer, Inc. (a)      2,228  
     

 

 

 
        3,161  
     

 

 

 
   Total Information Technology      137,278  
     

 

 

 

 

            Materials — 3.6%

  
   Chemicals — 1.7%   
  69      A Schulman, Inc.      3,316  
  49      Axiall Corp.      2,314  
  57      FutureFuel Corp.      587  
  6      Innospec, Inc.      264  
  38      Koppers Holdings, Inc.      756  
  100      Kronos Worldwide, Inc.      1,263  
  62      Minerals Technologies, Inc.      4,540  
  71      OMNOVA Solutions, Inc. (a)      601  
     

 

 

 
        13,641  
     

 

 

 
   Containers & Packaging — 1.0%   
  237      Graphic Packaging Holding Co.      3,447  
  70      Rock-Tenn Co., Class A      4,522  
     

 

 

 
        7,969  
     

 

 

 
   Metals & Mining — 0.5%   
  151      Commercial Metals Co.      2,445  
  75      Worthington Industries, Inc.      1,990  
     

 

 

 
        4,435  
     

 

 

 
   Paper & Forest Products — 0.4%   
  66      Boise Cascade Co. (a)      2,469  


JPMorgan Small Cap Core Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

 

SHARES

    

SECURITY DESCRIPTION

   VALUE($)  

 

Common Stocks — continued

  

   Paper & Forest Products — continued   
  55      Resolute Forest Products, Inc., (Canada) (a)      950  
     

 

 

 
        3,419  
     

 

 

 
   Total Materials      29,464  
     

 

 

 

 

            Telecommunication Services — 1.1%

  
   Diversified Telecommunication Services — 1.0%   
  143      8x8, Inc. (a)      1,202  
  36      IDT Corp., Class B      641  
  321      Inteliquent, Inc.      5,048  
  148      magicJack VocalTec Ltd., (Israel) (a)      1,014  
     

 

 

 
        7,905  
     

 

 

 
   Wireless Telecommunication Services — 0.1%   
  85      RingCentral, Inc., Class A (a)      1,295  
     

 

 

 
   Total Telecommunication Services      9,200  
     

 

 

 

 

            Utilities — 3.4%

  
   Electric Utilities — 1.3%   
  7      El Paso Electric Co.      274  
  20      Empire District Electric Co. (The)      501  
  33      IDACORP, Inc.      2,043  
  17      MGE Energy, Inc.      758  
  159      Portland General Electric Co.      5,890  
  16      Spark Energy, Inc., Class A      232  
  3      UIL Holdings Corp.      159  
  12      Westar Energy, Inc.      446  
     

 

 

 
        10,303  
     

 

 

 
   Gas Utilities — 0.8%   
  2      AGL Resources, Inc.      123  
  8      Chesapeake Utilities Corp.      418  
  19      Laclede Group, Inc. (The)      978  
  97      New Jersey Resources Corp.      3,007  
  9      Northwest Natural Gas Co.      417  
  16      Southwest Gas Corp.      931  
  10      WGL Holdings, Inc.      564  
     

 

 

 
        6,438  
     

 

 

 
   Independent Power & Renewable Electricity Producers — 1.2%   
  300      Dynegy, Inc. (a)      9,429  
  32      Vivint Solar, Inc. (a)      386  
     

 

 

 
        9,815  
     

 

 

 
   Water Utilities — 0.1%   
  22      American States Water Co.      878  
     

 

 

 
   Total Utilities      27,434  
     

 

 

 
   Total Common Stocks
(Cost $567,982)
     771,942  
     

 

 

 

NUMBER OF
WARRANTS

    

SECURITY DESCRIPTION

   VALUE($)  

 

Warrants — 0.0% (g)

  

 

            Financials — 0.0% (g)

  
   Consumer Finance — 0.0% (g)   
  2      

Imperial Holdings, Inc., expiring 10/01/19 (Strike Price $10.75) (a) (i)

(Cost $–)

     —    
     

 

 

 

SHARES

             

 

Short-Term Investment — 4.1%

  
   Investment Company — 4.1%   
  32,996      

JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.040% (b) (l)

(Cost $32,996)

     32,996  
     

 

 

 
   Total Investments — 99.6%
(Cost $600,978)
     804,938  
   Other Assets in Excess of Liabilities — 0.4% (c)      3,256  
     

 

 

 
   NET ASSETS — 100.0%    $ 808,194  
     

 

 

 

 

Percentages indicated are based on net assets.


JPMorgan Small Cap Core Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

(Amounts in thousands, except number of Futures contracts)

 

Futures Contracts

 

NUMBER OF

CONTRACTS

  

DESCRIPTION

   EXPIRATION
DATE
     NOTIONAL
VALUE  AT
MARCH

31, 2015
     NET
UNREALIZED
APPRECIATION
(DEPRECIATION)
 
   Long Futures Outstanding         
        280    E-mini Russell 2000      06/19/15       $ 34,969      $ 817  
           

 

 

 

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

 

(a)

           Non-income producing security.

(b)

           Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.

(c)

          

Included in this amount is cash segregated as collateral for

futures contracts.

(g)

           Amount rounds to less than 0.1%.

(i)

          

Security has been deemed illiquid pursuant to procedures

approved by the Board of Trustees and may be difficult to sell.

(l)

           The rate shown is the current yield as of March 31, 2015.

As of March 31, 2015, 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

   $ 234,241   

Aggregate gross unrealized depreciation

     (30,281 )
  

 

 

 

Net unrealized appreciation/depreciation

   $ 203,960  
  

 

 

 

Federal income tax cost of investments

   $ 600,978  
  

 

 

 


JPMorgan Small Cap Core Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

 

A. Valuation — The valuation of the 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 Funds 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.

A market-based approach is primarily used to value the Funds’ investments. Investments for which market quotations are not readily available are fair valued by approved pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”) or may be internally fair valued using methods set forth by the valuation policies approved by the Board. This may include related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used, had a ready market for the investments existed, and such differences could be material.

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 investment company’s NAV 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.


JPMorgan Small Cap Core Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

 

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 are 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 tables represent each valuation input as presented on the Schedules of Portfolio Investments (amount in thousands):

 

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

Investments in Securities

          

Common Stocks

          

Consumer Discretionary

   $ 97,621      $  —         $  —        $ 97,621  

Consumer Staples

     27,531        —           —          27,531  

Energy

     29,585        —           —          29,585  

Financials

     182,997        —           —          182,997  

Health Care

     114,215        —           168       114,383  

Industrials

     116,449        —           —          116,449  

Information Technology

     137,278        —           —          137,278  

Materials

     29,464        —           —          29,464  

Telecommunication Services

     9,200        —           —          9,200  

Utilities

     27,434        —           —          27,434  
  

 

 

    

 

 

    

 

 

   

 

 

 

Total Common Stocks

     771,774        —           168       771,942  
  

 

 

    

 

 

    

 

 

   

 

 

 

Warrant

          

Financials

     —           —           —    (a)     (a)

Short-Term Investment

          

Investment Company

     32,996        —           —          32,996  
  

 

 

    

 

 

    

 

 

   

 

 

 

Total Investments in Securities

   $ 804,770      $  —         $ 168     $ 804,938  
  

 

 

    

 

 

    

 

 

   

 

 

 

Appreciation in Other Financial Instruments

          

Futures Contracts

   $ 817      $  —         $  —        $ 817  
  

 

 

    

 

 

    

 

 

   

 

 

 

 

(a) Value is zero.

There were no transfers between Levels 1 and 2 during the period ended March 31, 2015.


JPMorgan Small Cap Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited)

(Amounts in thousands)

 

SHARES

    

SECURITY DESCRIPTION

   VALUE($)  

 

Common Stocks — 96.3%

  

 

          Consumer Discretionary — 20.2%

  
   Auto Components — 1.7%   
  1,451      Dana Holding Corp.      30,706  
  441      Drew Industries, Inc.      27,111  
     

 

 

 
        57,817  
     

 

 

 
   Distributors — 1.8%   
  859      Pool Corp.      59,897  
     

 

 

 
   Diversified Consumer Services — 1.8%   
  677      Ascent Capital Group, Inc., Class A (a)      26,948  
  1,005      ServiceMaster Global Holdings, Inc. (a)      33,926  
     

 

 

 
        60,874  
     

 

 

 
   Hotels, Restaurants & Leisure — 3.5%   
  1,134      Brinker International, Inc.      69,806  
  725      Monarch Casino & Resort, Inc. (a)      13,868  
  512      Papa John’s International, Inc.      31,651  
  124      Zoe’s Kitchen, Inc. (a)      4,124  
     

 

 

 
        119,449  
     

 

 

 
   Household Durables — 2.8%   
  1,767      Jarden Corp. (a)      93,448  
     

 

 

 
   Leisure Products — 1.5%   
  546      Brunswick Corp.      28,071  
  1,018      Malibu Boats, Inc., Class A (a)      23,771  
     

 

 

 
        51,842  
     

 

 

 
   Media — 3.5%   
  1,103      Cinemark Holdings, Inc.      49,718  
  1,023      E.W. Scripps Co. (The), Class A (a)      29,088  
  526      Morningstar, Inc.      39,403  
     

 

 

 
        118,209  
     

 

 

 
   Specialty Retail — 1.8%   
  1,627      American Eagle Outfitters, Inc.      27,785  
  1,904      Chico’s FAS, Inc.      33,676  
     

 

 

 
        61,461  
     

 

 

 
   Textiles, Apparel & Luxury Goods — 1.8%   
  3,004      Crocs, Inc. (a)      35,472  
  774      Iconix Brand Group, Inc. (a)      26,076  
     

 

 

 
        61,548  
     

 

 

 
   Total Consumer Discretionary      684,545  
     

 

 

 

 

          Consumer Staples — 3.0%

  
   Food Products — 1.2%   
  390      J&J Snack Foods Corp.      41,566  
     

 

 

 
   Household Products — 1.8%   
  677      Spectrum Brands Holdings, Inc.      60,656  
     

 

 

 
   Total Consumer Staples      102,222  
     

 

 

 

 

          Energy — 3.4%

  
   Energy Equipment & Services — 1.8%   
  287      Dril-Quip, Inc. (a)      19,599  
  1,495      Patterson-UTI Energy, Inc.      28,063  
  616      Tidewater, Inc.      11,782  
     

 

 

 
        59,444  
     

 

 

 
   Oil, Gas & Consumable Fuels — 1.6%   
  259      Cimarex Energy Co.      29,831  
  1,170      Laredo Petroleum, Inc. (a)      15,251  
  645      Oasis Petroleum, Inc. (a)      9,166  
     

 

 

 
        54,248  
     

 

 

 
   Total Energy      113,692  
     

 

 

 

 

          Financials — 21.1%

  
   Banks — 9.3%   
  2,899      Associated Banc-Corp.      53,927  
  1,247      BankUnited, Inc.      40,818  
  1,513      First Financial Bancorp      26,948  
  1,535      First Horizon National Corp. (m)      21,933  
  522      First Republic Bank      29,797  
  836      Glacier Bancorp, Inc.      21,028  
  1,240      Great Western Bancorp, Inc.      27,303  
  384      IBERIABANK Corp.      24,226  
  2,058      Umpqua Holdings Corp.      35,349  
  1,133      Western Alliance Bancorp (a)      33,595  
     

 

 

 
        314,924  
     

 

 

 
   Capital Markets — 4.3%   
  698      Eaton Vance Corp.      29,084  
  586      Greenhill & Co., Inc.      23,226  
  1,233      HFF, Inc., Class A      46,290  
  1,336      Janus Capital Group, Inc.      22,974  
  850      Moelis & Co., Class A      25,591  
     

 

 

 
        147,165  
     

 

 

 
   Insurance — 1.5%   
  1,120      ProAssurance Corp.      51,405  
     

 

 

 
   Real Estate Investment Trusts (REITs) — 5.0%   
  540      EastGroup Properties, Inc. (m)      32,488  
  481      Mid-America Apartment Communities, Inc. (m)      37,131  
  1,163      National Retail Properties, Inc. (m)      47,641  
  1,724      RLJ Lodging Trust (m)      53,975  
     

 

 

 
        171,235  
     

 

 

 
   Real Estate Management & Development — 1.0%   
  109      Marcus & Millichap, Inc. (a)      4,096  


JPMorgan Small Cap Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

 

SHARES

    

SECURITY DESCRIPTION

   VALUE($)  

 

Common Stocks — continued

  

   Real Estate Management & Development — continued   
  616      Realogy Holdings Corp. (a)      27,993  
     

 

 

 
        32,089  
     

 

 

 
   Total Financials      716,818  
     

 

 

 

 

          Health Care — 10.4%

  
   Health Care Equipment & Supplies — 3.3%   
  379      IDEXX Laboratories, Inc. (a)      58,472  
  908      West Pharmaceutical Services, Inc.      54,659  
     

 

 

 
        113,131  
     

 

 

 
   Health Care Providers & Services — 5.3%   
  767      Centene Corp. (a)      54,211  
  904      Hanger, Inc. (a)      20,508  
  273      HealthEquity, Inc. (a)      6,818  
  980      HealthSouth Corp.      43,455  
  406      Magellan Health, Inc. (a)      28,782  
  296      WellCare Health Plans, Inc. (a)      27,115  
     

 

 

 
        180,889  
     

 

 

 
   Health Care Technology — 0.3%   
  254      Omnicell, Inc. (a)      8,930  
     

 

 

 
   Pharmaceuticals — 1.5%   
  1,586      Catalent, Inc. (a)      49,409  
     

 

 

 
   Total Health Care      352,359  
     

 

 

 

 

          Industrials — 17.9%

  
   Air Freight & Logistics — 0.6%   
  392      Forward Air Corp.      21,281  
     

 

 

 
   Building Products — 0.2%   
  662      Ply Gem Holdings, Inc. (a)      8,601  
     

 

 

 
   Commercial Services & Supplies — 5.5%   
  1,168      Herman Miller, Inc.      32,430  
  1,087      KAR Auction Services, Inc.      41,248  
  303      US Ecology, Inc.      15,162  
  2,061      Waste Connections, Inc.      99,219  
     

 

 

 
        188,059  
     

 

 

 
   Construction & Engineering — 0.7%   
  1,058      Comfort Systems USA, Inc.      22,251  
     

 

 

 
   Electrical Equipment — 2.0%   
  945      Generac Holdings, Inc. (a)      46,033  
  274      Regal-Beloit Corp.      21,879  
     

 

 

 
        67,912  
     

 

 

 
   Machinery — 7.1%   
  1,099      Allison Transmission Holdings, Inc.      35,117  
  1,009      Altra Industrial Motion Corp.      27,889  
  1,119      Douglas Dynamics, Inc.      25,549  
  633      RBC Bearings, Inc.      48,449  
  1,349      Rexnord Corp. (a)      36,015  
  949      Toro Co. (The)      66,521  
     

 

 

 
        239,540  
     

 

 

 
   Road & Rail — 1.0%   
  1,046      Knight Transportation, Inc.      33,730  
     

 

 

 
   Trading Companies & Distributors — 0.8%   
  214      Watsco, Inc.      26,936  
     

 

 

 
   Total Industrials      608,310  
     

 

 

 

 

          Information Technology — 11.9%

  
   Electronic Equipment, Instruments & Components — 1.6%   
  281      Anixter International, Inc. (a)      21,412  
  449      FEI Co.      34,293  
     

 

 

 
        55,705  
     

 

 

 
   Internet Software & Services — 1.9%   
  770      GrubHub, Inc. (a)      34,931  
  1,324      Q2 Holdings, Inc. (a)      27,981  
     

 

 

 
        62,912  
     

 

 

 
   IT Services — 1.1%   
  1,087      CoreLogic, Inc. (a)      38,352  
     

 

 

 
   Semiconductors & Semiconductor Equipment — 0.3%   
  207      Freescale Semiconductor Ltd. (a)      8,424  
     

 

 

 
   Software — 7.0%   
  789      Advent Software, Inc.      34,798  
  215      FactSet Research Systems, Inc.      34,235  
  370      Guidewire Software, Inc. (a)      19,483  
  524      Imperva, Inc. (a)      22,361  
  1,589      Monotype Imaging Holdings, Inc.      51,871  
  248      NetSuite, Inc. (a)      23,030  
  2,228      Rovi Corp. (a)      40,566  
  211      Splunk, Inc. (a)      12,503  
     

 

 

 
        238,847  
     

 

 

 
   Total Information Technology      404,240  
     

 

 

 

 

          Materials — 5.5%

  
   Containers & Packaging — 5.5%   
  948      AptarGroup, Inc.      60,232  
  1,216      Crown Holdings, Inc. (a) (m)      65,696  
  1,041      Silgan Holdings, Inc.      60,486  
     

 

 

 
   Total Materials      186,414  
     

 

 

 


JPMorgan Small Cap Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

 

SHARES

    

SECURITY DESCRIPTION

   VALUE($)  

 

Common Stocks — continued

  

 

          Utilities — 2.9%

  
   Electric Utilities — 1.6%   
  1,449       Portland General Electric Co.      53,743  
     

 

 

 
   Multi-Utilities — 1.3%   
  847       NorthWestern Corp.      45,573  
     

 

 

 
   Total Utilities      99,316  
     

 

 

 
  

Total Common Stocks

(Cost $2,030,820)

     3,267,916  
     

 

 

 

 

Short-Term Investment — 3.6%

  
   Investment Company — 3.6%   
  123,236      

JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.040% (b) (l) (m)

(Cost $123,236)

     123,236  
     

 

 

 
  

Total Investments — 99.9%

(Cost $2,154,056)

     3,391,152  
   Other Assets in Excess of Liabilities — 0.1%      3,938  
     

 

 

 
   NET ASSETS — 100.0%    $ 3,395,090  
     

 

 

 

 

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 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, 2015.
(m)       All or a portion of this security is reserved and/or pledged with the custodian for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, unfunded commitments and/or forward foreign currency exchange contracts.

As of March 31, 2015, 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

   $ 1,343,308   

Aggregate gross unrealized depreciation

     (106,212 )
  

 

 

 

Net unrealized appreciation/depreciation

   $ 1,237,096  
  

 

 

 

Federal income tax cost of investments

   $ 2,154,056  
  

 

 

 


JPMorgan Small Cap Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

 

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 are 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)

   $ 3,391,152      $ —        $ —         $ 3,391,152  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

(a) All portfolio holdings designated as Level 1 are disclosed individually on the SOIs. Please refer to the SOIs for industry specifics of portfolio holdings.

There were no transfers among any levels during the period ended March 31, 2015.


JPMorgan SmartAllocation Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited)

 

SHARES

    

SECURITY DESCRIPTION

   VALUE($)  

 

Exchange Traded Funds — 47.5%

  
   International Equity — 14.8%   
  167,399       iShares MSCI EAFE ETF      10,741,994   
  99,651       iShares MSCI Emerging Markets ETF      3,998,995   
     

 

 

 
   Total International Equity      14,740,989   
     

 

 

 
   U.S. Equity — 32.7%   
  20,551       iShares Russell 2000 ETF      2,555,517   
  20,857       iShares Russell Mid-Cap ETF      3,610,764   
  139,692       Vanguard S&P 500 ETF      26,429,726   
     

 

 

 
   Total U.S. Equity      32,596,007   
     

 

 

 
  

Total Exchange Traded Funds

(Cost $44,634,300)

     47,336,996   
     

 

 

 

 

Investment Companies — 52.8% (b)

  
   Alternative Assets — 5.9%   
  408,558       JPMorgan Realty Income Fund, Class R5 Shares      5,964,949   
     

 

 

 
   International Equity — 17.4%   
  249,903       JPMorgan Emerging Economies Fund, Class R5 Shares      3,131,284   
  139,098       JPMorgan Emerging Markets Equity Fund, Class R6 Shares      3,188,124   
  230,846       JPMorgan International Equity Fund, Class R6 Shares      3,638,138   
  244,993       JPMorgan International Opportunities Fund, Class R6 Shares      3,608,746   
  187,466       JPMorgan Intrepid International Fund, Institutional Class Shares (m)      3,781,195   
     

 

 

 
   Total International Equity      17,347,487   
     

 

 

 
   Money Market — 0.5%   
  463,984       JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.040% (l) (m)      463,984   
     

 

 

 
   U.S. Equity — 29.0%   
  397,761       JPMorgan Growth Advantage Fund, Class R6 Shares (a)      6,236,898   
  149,047       JPMorgan Intrepid America Fund, Class R5 Shares      5,717,442   
  32,297       JPMorgan Mid Cap Equity Fund, Class R6 Shares      1,520,205   
  551,355       JPMorgan U.S. Equity Fund, Class R6 Shares      8,160,050   
  88,416       JPMorgan U.S. Small Company Fund, Class R6 Shares      1,522,516   
  190,794       JPMorgan Value Advantage Fund, Institutional Class Shares (m)      5,775,340   
     

 

 

 
   Total U.S. Equity      28,932,451   
     

 

 

 
  

Total Investment Companies

(Cost $50,088,173)

     52,708,871   
     

 

 

 
  

Total Investments — 100.3%

(Cost $94,722,473)

     100,045,867   
   Liabilities in Excess of Other Assets — (0.3)%      (269,795
     

 

 

 
   NET ASSETS — 100.0%    $ 99,776,072   
     

 

 

 

 

Percentages indicated are based on net assets.

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

 

EAFE

           Europe, Australasia, and Far East

ETF

           Exchange Traded Fund

MSCI

           Morgan Stanley Capital International

(a)

           Non-income producing security.

(b)

           Investment in affiliate. 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, 2015.

(m)

           All or a portion of this security is reserved and/or pledged with the custodian for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, unfunded commitments and/or forward foreign currency exchange contracts.


JPMorgan SmartAllocation Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

 

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 certified portfolio holdings filed quarterly on Form N-Q, 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.

As of March 31, 2015, 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

   $ 5,345,089   

Aggregate gross unrealized depreciation

     (21,695
  

 

 

 

Net unrealized appreciation/depreciation

   $ 5,323,394   
  

 

 

 

Federal income tax cost of investments

   $ 94,722,473   
  

 

 

 

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 are 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  

Total Investments in Securities (a)

   $ 100,045,867       $ —         $ —         $ 100,045,867   
  

 

 

    

 

 

    

 

 

    

 

 

 

 

(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.

There were no transfers among any levels during the period ended March 31, 2015.


JPMorgan SmartRetirement 2015 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited)

 

SHARES

    

SECURITY DESCRIPTION

   VALUE($)  

 

Exchange Traded Fund — 0.5%

  

   International Equity — 0.5%   
  268,106     

SPDR S&P Global Natural Resources ETF

(Cost $13,746,209)

     11,509,791  
     

 

 

 

 

Investment Companies — 98.5% (b)

  
   Alternative Assets — 2.9%   
  495,539      JPMorgan Commodities Strategy Fund, Class R6 Shares (a)      5,118,913  
  4,761,666      JPMorgan Realty Income Fund, Class R5 Shares      69,520,318  
     

 

 

 
   Total Alternative Assets      74,639,231  
     

 

 

 
   Fixed Income — 52.4%   
  63,289,461      JPMorgan Core Bond Fund, Class R6 Shares      752,511,688  
  16,355,573      JPMorgan Corporate Bond Fund, Class R6 Shares      166,990,398  
  6,341,269      JPMorgan Emerging Markets Debt Fund, Class R6 Shares      52,252,059  
  1,440,686      JPMorgan Emerging Markets Local Currency Debt Fund, Class R6 Shares      12,044,134  
  5,468,582      JPMorgan Floating Rate Income Fund, Class R6 Shares      53,646,794  
  17,356,463      JPMorgan High Yield Fund, Class R6 Shares      133,124,069  
  11,057,027      JPMorgan Inflation Managed Bond Fund, Class R6 Shares      114,329,659  
  5,245,223      JPMorgan Real Return Fund, Institutional Class Shares      52,399,775  
     

 

 

 
   Total Fixed Income      1,337,298,576  
     

 

 

 
   International Equity — 8.7%   
  801,596      JPMorgan Emerging Economies Fund, Class R5 Shares      10,043,999  
  851,764      JPMorgan Emerging Markets Equity Fund, Class R6 Shares      19,522,440  
  4,458,094      JPMorgan International Equity Fund, Class R6 Shares      70,259,557  
  3,696,262      JPMorgan International Opportunities Fund, Class R6 Shares      54,445,941  
  3,364,590      JPMorgan Intrepid International Fund, Institutional Class Shares      67,863,783  
     

 

 

 
   Total International Equity      222,135,720  
     

 

 

 
   Money Market — 7.7%   
  196,002,971      JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.040% (l) (m)      196,002,971  
     

 

 

 
   U.S. Equity — 26.8%   
  13,434,970      JPMorgan Disciplined Equity Fund, Class R6 Shares      322,439,283  
  5,477,700      JPMorgan Growth Advantage Fund, Class R6 Shares      85,890,340  
  1,895,944      JPMorgan Intrepid America Fund, Class R5 Shares      72,728,405  
  849,867      JPMorgan Mid Cap Equity Fund, Class R6 Shares      40,003,225  
  221,352      JPMorgan Small Cap Equity Fund, Class R5 Shares      11,224,755  
  876,803      JPMorgan Small Cap Growth Fund, Class R6 Shares      13,555,367  
  451,858      JPMorgan Small Cap Value Fund, Class R6 Shares      12,927,652  
  2,806,171      JPMorgan U.S. Equity Fund, Class R6 Shares      41,531,337  
  2,787,695      JPMorgan Value Advantage Fund, Institutional Class Shares      84,383,539  
     

 

 

 
   Total U.S. Equity      684,683,903  
     

 

 

 
  

Total Investment Companies

(Cost $2,286,360,090)

     2,514,760,401  
     

 

 

 

PRINCIPAL
AMOUNT($)

             

 

U.S. Treasury Obligation — 0.4%

  
  9,945,000     

U.S. Treasury Note, 0.375%, 01/31/16 (k)

(Cost $9,961,456)

     9,957,431  
     

 

 

 
  

Total Investments — 99.4%

(Cost $2,310,067,755)

     2,536,227,623  
   Other Assets in Excess of Liabilities — 0.6%      15,904,646  
     

 

 

 
   NET ASSETS — 100.0%    $ 2,552,132,269  
     

 

 

 

 

Percentages indicated are based on net assets.


JPMorgan SmartRetirement 2015 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

 

Futures Contracts

 

NUMBER OF
CONTRACTS

    

DESCRIPTION

   EXPIRATION
DATE
     NOTIONAL
VALUE AT
MARCH 31,
2015
    NET
UNREALIZED
APPRECIATION
(DEPRECIATION)
 
   Long Futures Outstanding        
  244       TOPIX Index      06/11/15       $ 31,401,509     $ 486,538  
  359       10 Year Australian Government Bond      06/15/15         36,277,625       566,399  
  55       SPI 200 Index      06/18/15         6,164,224       45,676  
  911       Dow Jones Euro STOXX 50 Index      06/19/15         35,567,560       82,598  
  362       U.S. Long Bond      06/19/15         59,322,750       616,412  
   Short Futures Outstanding        
  (171)       S&P/Toronto 60 Index      06/18/15         (23,365,252     (159,219
  (48)       E-mini S&P 500      06/19/15         (4,945,920     44,121  
  (99)       FTSE 100 Index      06/19/15         (9,879,044     (3,455
  (470)       2 Year U.S. Treasury Note      06/30/15         (103,003,437     (250,651
  (632)       5 Year U.S. Treasury Note      06/30/15         (75,973,313     (129,702
          

 

 

 
           $ 1,298,717  
          

 

 

 

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

 

ETF       Exchange Traded Fund
SPDR       Standard & Poor’s Depositary Receipts
(a)       Non-income producing security.
(b)       Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(k)       All or a portion of this security is deposited with the broker as collateral for futures or with brokers as initial margin for futures contracts.
(l)       The rate shown is the current yield as of March 31, 2015.
(m)       All or a portion of this security is reserved and/or pledged with the custodian for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, unfunded commitments and/or forward foreign currency exchange contracts.

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 certified portfolio holdings filed quarterly on Form N-Q, 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.

As of March 31, 2015, 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

   $ 236,037,099   

Aggregate gross unrealized depreciation

     (9,877,231 )

Net unrealized appreciation/depreciation

   $ 226,159,868  
  

 

 

 

Federal income tax cost of investments

   $ 2,310,067,755  
  

 

 

 


JPMorgan SmartRetirement 2015 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (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 are 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)

   $ 2,526,270,192     $ 9,957,431      $  —         $ 2,536,227,623  

Appreciation in Other Financial Instruments

          

Futures Contracts

   $ 1,841,744     $  —        $  —         $ 1,841,744  

Depreciation in Other Financial Instruments

          

Futures Contracts

   $ (543,027   $  —        $  —        $ (543,027
  

 

 

   

 

 

    

 

 

    

 

 

 

 

(a) All portfolio holdings designated as Level 1 and Level 2 are disclosed individually on the SOI. Level 2 consists of U.S. Treasury Note that is held for futures collateral. Please refer to the SOI for asset class specifics of portfolio holdings.

There were no transfers among any levels during the period ended March 31, 2015.


JPMorgan SmartRetirement 2020 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited)

 

SHARES

    

SECURITY DESCRIPTION

   VALUE($)  

 

Exchange Traded Fund — 0.1%

  

   International Equity — 0.1%   
  79,697     

SPDR S&P Global Natural Resources ETF

(Cost $4,224,563)

     3,421,392  
     

 

 

 

 

Investment Companies — 99.1% (b)

  
   Alternative Assets — 4.1%   
  516,425      JPMorgan Commodities Strategy Fund, Class R6 Shares (a)      5,334,672  
  15,449,404      JPMorgan Realty Income Fund, Class R5 Shares      225,561,304  
     

 

 

 
   Total Alternative Assets      230,895,976  
     

 

 

 
   Fixed Income — 45.8%   
  139,800,450      JPMorgan Core Bond Fund, Class R6 Shares      1,662,227,351  
  35,622,050      JPMorgan Corporate Bond Fund, Class R6 Shares      363,701,133  
  13,063,898      JPMorgan Emerging Markets Debt Fund, Class R6 Shares      107,646,523  
  2,316,973      JPMorgan Emerging Markets Local Currency Debt Fund, Class R6 Shares      19,369,893  
  4,351,041      JPMorgan Floating Rate Income Fund, Class R6 Shares      42,683,711  
  32,632,161      JPMorgan High Yield Fund, Class R6 Shares      250,288,676  
  8,119,634      JPMorgan Inflation Managed Bond Fund, Class R6 Shares      83,957,014  
  5,284,877      JPMorgan Real Return Fund, Institutional Class Shares      52,795,925  
     

 

 

 
   Total Fixed Income      2,582,670,226  
     

 

 

 
   International Equity — 13.9%   
  5,548,078      JPMorgan Emerging Economies Fund, Class R5 Shares      69,517,415  
  3,786,066      JPMorgan Emerging Markets Equity Fund, Class R6 Shares      86,776,632  
  13,789,429      JPMorgan International Equity Fund, Class R6 Shares      217,321,405  
  12,555,929      JPMorgan International Opportunities Fund, Class R6 Shares      184,948,832  
  11,096,412      JPMorgan Intrepid International Fund, Institutional Class Shares (m)      223,814,631  
     

 

 

 
   Total International Equity      782,378,915  
     

 

 

 
   Money Market — 1.9%   
  107,341,582      JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.040% (l) (m)      107,341,582  
     

 

 

 
   U.S. Equity — 33.4%   
  25,082,051      JPMorgan Disciplined Equity Fund, Class R6 Shares (m)      601,969,220  
  17,553,893      JPMorgan Growth Advantage Fund, Class R6 Shares      275,245,045  
  7,039,364      JPMorgan Intrepid America Fund, Class R5 Shares      270,030,016  
  2,835,296      JPMorgan Mid Cap Equity Fund, Class R6 Shares      133,457,406  
  719,574      JPMorgan Small Cap Equity Fund, Class R5 Shares      36,489,599  
  2,649,635      JPMorgan Small Cap Growth Fund, Class R6 Shares      40,963,360  
  1,172,502      JPMorgan Small Cap Value Fund, Class R6 Shares      33,545,291  
  15,305,341      JPMorgan U.S. Equity Fund, Class R6 Shares      226,519,043  
  8,705,716      JPMorgan Value Advantage Fund, Institutional Class Shares      263,522,017  
     

 

 

 
   Total U.S. Equity      1,881,740,997  
     

 

 

 
  

Total Investment Companies

(Cost $5,019,214,265)

     5,585,027,696  
     

 

 

 

PRINCIPAL
AMOUNT($)

             

 

U.S. Treasury Obligation — 0.5%

  
  26,290,000     

U.S. Treasury Note, 0.375%, 01/31/16 (k) (m)

(Cost $26,332,071)

     26,322,863  
     

 

 

 
  

Total Investments — 99.7%

(Cost $5,049,770,899)

     5,614,771,951  
   Other Assets in Excess of Liabilities — 0.3%      19,511,533  
     

 

 

 
   NET ASSETS — 100.0%    $ 5,634,283,484  
     

 

 

 

 

Percentages indicated are based on net assets.


JPMorgan SmartRetirement 2020 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

 

Futures Contracts

 

NUMBER OF
CONTRACTS

    

DESCRIPTION

   EXPIRATION
DATE
     NOTIONAL
VALUE AT
MARCH 31,
2015
    NET
UNREALIZED
APPRECIATION
(DEPRECIATION)
 
   Long Futures Outstanding        
  550       TOPIX Index      06/11/15       $ 70,782,090     $ 969,356  
  803       10 Year Australian Government Bond      06/15/15         81,144,660       1,266,976  
  123       SPI 200 Index      06/18/15         13,785,446       102,198  
  2,035       Dow Jones Euro STOXX 50 Index      06/19/15         79,451,135       184,492  
  21       E-mini Russell 2000      06/19/15         2,622,690       81,119  
  1,032       E-mini S&P 500      06/19/15         106,337,280       1,486,586  
  821       U.S. Long Bond      06/19/15         134,541,375       1,388,547  
   Short Futures Outstanding        
  (383)       S&P/Toronto 60 Index      06/18/15         (52,332,699     (356,691
  (249)       FTSE 100 Index      06/19/15         (24,847,291     (8,556
  (1,008)       2 Year U.S. Treasury Note      06/30/15         (220,909,500     (537,566
  (1,458)       5 Year U.S. Treasury Note      06/30/15         (175,267,547     (777,202
          

 

 

 
           $ 3,799,259  
          

 

 

 

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

 

ETF       Exchange Traded Fund
SPDR       Standard & Poor’s Depositary Receipts
(a)       Non-income producing security.
(b)       Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(k)       All or a portion of this security is deposited with the broker as collateral for futures or with brokers as initial margin for futures contracts.
(l)       The rate shown is the current yield as of March 31, 2015.
(m)       All or a portion of this security may be reserved and/or pledged with the custodian for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, unfunded commitments and/or forward foreign currency exchange contracts.

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 certified portfolio holdings filed quarterly on Form N-Q, 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.

As of March 31, 2015, 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

   $ 575,947,581   

Aggregate gross unrealized depreciation

     (10,946,529 )
  

 

 

 

Net unrealized appreciation/depreciation

   $ 565,001,052  
  

 

 

 

Federal income tax cost of investments

   $ 5,049,770,899  
  

 

 

 


JPMorgan SmartRetirement 2020 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (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 are 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)

   $ 5,588,449,088     $ 26,322,863      $  —         $ 5,614,771,951  

Appreciation in Other Financial Instruments

          

Futures Contracts

   $ 5,479,274     $  —        $  —        $ 5,479,274  

Depreciation in Other Financial Instruments

          

Futures Contracts

   $ (1,680,015   $  —        $  —        $ (1,680,015
  

 

 

   

 

 

    

 

 

    

 

 

 

 

(a) All portfolio holdings designated as Level 1 and Level 2 are disclosed individually on the SOI. Level 2 consists of U.S. Treasury Note that is held for futures collateral. Please refer to the SOI for asset class specifics of portfolio holdings.

There were no transfers among any levels during the period ended March 31, 2015.


JPMorgan SmartRetirement 2025 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited)

 

SHARES

  

SECURITY DESCRIPTION

   VALUE($)  

Investment Companies — 99.0% (b)

  

   Alternative Assets — 4.6%   

14,869,635

   JPMorgan Realty Income Fund, Class R5 Shares      217,096,671  
     

 

 

 
   Fixed Income — 35.9%   

98,241,095

   JPMorgan Core Bond Fund, Class R6 Shares      1,168,086,620  

25,466,897

   JPMorgan Corporate Bond Fund, Class R6 Shares      260,017,021  

9,633,637

   JPMorgan Emerging Markets Debt Fund, Class R6 Shares      79,381,170  

1,742,090

   JPMorgan Emerging Markets Local Currency Debt Fund, Class R6 Shares      14,563,876  

24,262,640

   JPMorgan High Yield Fund, Class R6 Shares      186,094,451  
     

 

 

 
   Total Fixed Income      1,708,143,138  
     

 

 

 
   International Equity — 15.9%   

4,127,337

   JPMorgan Emerging Economies Fund, Class R5 Shares      51,715,527  

3,643,595

   JPMorgan Emerging Markets Equity Fund, Class R6 Shares      83,511,198  

14,098,783

   JPMorgan International Equity Fund, Class R6 Shares      222,196,824  

12,147,031

   JPMorgan International Opportunities Fund, Class R6 Shares      178,925,771  

10,785,992

   JPMorgan Intrepid International Fund, Institutional Class Shares (m)      217,553,467  
     

 

 

 
   Total International Equity      753,902,787  
     

 

 

 
   Money Market — 1.7%   

80,515,271

   JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.040% (l) (m)      80,515,271  
     

 

 

 
   U.S. Equity — 40.9%   

28,082,910

   JPMorgan Disciplined Equity Fund, Class R6 Shares (m)      673,989,844  

17,947,222

   JPMorgan Growth Advantage Fund, Class R6 Shares      281,412,440  

6,466,716

   JPMorgan Intrepid America Fund, Class R5 Shares      248,063,244  

2,927,777

   JPMorgan Mid Cap Equity Fund, Class R6 Shares      137,810,444  

651,517

   JPMorgan Small Cap Equity Fund, Class R5 Shares      33,038,434  

2,707,721

   JPMorgan Small Cap Growth Fund, Class R6 Shares      41,861,374  

1,089,820

   JPMorgan Small Cap Value Fund, Class R6 Shares      31,179,756  

15,506,902

   JPMorgan U.S. Equity Fund, Class R6 Shares      229,502,147  

8,841,519

   JPMorgan Value Advantage Fund, Institutional Class Shares      267,632,768  
     

 

 

 
   Total U.S. Equity      1,944,490,451  
     

 

 

 
  

Total Investment Companies

(Cost $4,290,248,348)

     4,704,148,318  
     

 

 

 

U.S. Treasury Obligation — 0.7%

  

31,535,000

  

U.S. Treasury Note, 0.375%, 01/31/16 (k) (m)

(Cost $31,584,821)

     31,574,419  
     

 

 

 
  

Total Investments — 99.7%

(Cost $4,321,833,169)

     4,735,722,737  
   Other Assets in Excess of Liabilities — 0.3%      14,297,933  
     

 

 

 
   NET ASSETS — 100.0%    $ 4,750,020,670  
     

 

 

 

 

Percentages indicated are based on net assets.


JPMorgan SmartRetirement 2025 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

 

Futures Contracts

 

NUMBER OF
CONTRACTS

    

DESCRIPTION

   EXPIRATION
DATE
     NOTIONAL
VALUE AT
MARCH 31,
2015
    NET
UNREALIZED
APPRECIATION
(DEPRECIATION)
 
   Long Futures Outstanding        
  679       TOPIX Index      06/11/15       $ 87,383,708     $ 1,053,855  
  1,012       10 Year Australian Government Bond      06/15/15         102,264,502       1,596,629  
  158       SPI 200 Index      06/18/15         17,708,133       131,257  
  2,565       Dow Jones Euro STOXX 50 Index      06/19/15         100,143,568       232,559  
  21       E-mini Russell 2000      06/19/15         2,622,690       81,119  
  880       E-mini S&P 500      06/19/15         90,675,200       1,267,631  
  1,025       U.S. Long Bond      06/19/15         167,971,875       1,712,694  
   Short Futures Outstanding        
  (483)       S&P/Toronto 60 Index      06/18/15         (65,996,589     (449,282
  (288)       FTSE 100 Index      06/19/15         (28,739,035     (10,062
  (1,472)       2 Year U.S. Treasury Note      06/30/15         (322,598,000     (696,862
  (1,720)       5 Year U.S. Treasury Note      06/30/15         (206,762,812     (1,942,346
          

 

 

 
           $ 2,977,192  
          

 

 

 

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

 

(b)       Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(k)       All or a portion of this security is deposited with the broker as collateral for futures or with brokers as initial margin for future contracts.
(l)       The rate shown is the current yield as of March 31, 2015.
(m)       All or a portion of this security is reserved and/or pledged with the custodian for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, unfunded commitments and/or forward foreign currency exchange contracts.

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 certified portfolio holdings filed quarterly on Form N-Q, 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.

As of March 31, 2015, 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

   $ 420,696,035   

Aggregate gross unrealized depreciation

     (6,806,467 )
  

 

 

 

Net unrealized appreciation/depreciation

   $ 413,889,568  
  

 

 

 

Federal income tax cost of investments

   $ 4,321,833,169  
  

 

 

 


JPMorgan SmartRetirement 2025 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (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 are 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)

   $ 4,704,148,318     $ 31,574,419      $  —         $ 4,735,722,737  

Appreciation in Other Financial Instruments

          

Futures Contracts

   $ 6,075,744     $  —        $  —        $ 6,075,744  

Depreciation in Other Financial Instruments

          

Futures Contracts

   $ (3,098,552   $  —        $  —        $ (3,098,552
  

 

 

   

 

 

    

 

 

    

 

 

 

 

(a) All portfolio holdings designated as Level 1 and Level 2 are disclosed individually on the SOI. Level 2 consists of U.S. Treasury Note that is held for futures collateral. Please refer to the SOI for asset class specifics of portfolio holdings.

There were no transfers among any levels during the period ended March 31, 2015.


JPMorgan SmartRetirement 2030 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited)

 

SHARES

    

SECURITY DESCRIPTION

   VALUE($)  

 

Investment Companies — 98.9% (b)

  
   Alternative Assets — 5.1%   
  19,361,879      JPMorgan Realty Income Fund, Class R5 Shares      282,683,435  
     

 

 

 
  

Fixed Income — 26.5%

  

  82,183,420      JPMorgan Core Bond Fund, Class R6 Shares      977,160,860  
  21,148,962      JPMorgan Corporate Bond Fund, Class R6 Shares      215,930,906  
  9,855,676      JPMorgan Emerging Markets Debt Fund, Class R6 Shares      81,210,769  
  1,943,255      JPMorgan Emerging Markets Local Currency Debt Fund, Class R6 Shares      16,245,616  
  23,441,996      JPMorgan High Yield Fund, Class R6 Shares      179,800,109  
     

 

 

 
  

Total Fixed Income

     1,470,348,260  
     

 

 

 
  

International Equity — 17.7%

  

  4,695,596      JPMorgan Emerging Economies Fund, Class R5 Shares      58,835,823  
  4,260,954      JPMorgan Emerging Markets Equity Fund, Class R6 Shares      97,661,065  
  18,411,406      JPMorgan International Equity Fund, Class R6 Shares      290,163,757  
  17,246,188      JPMorgan International Opportunities Fund, Class R6 Shares      254,036,354  
  14,156,186      JPMorgan Intrepid International Fund, Institutional Class Shares (m)      285,530,270  
     

 

 

 
  

Total International Equity

     986,227,269  
     

 

 

 
  

Money Market — 1.7%

  

  97,012,042      JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.040% (l) (m)      97,012,042  
     

 

 

 
  

U.S. Equity — 47.9%

  

  38,733,250      JPMorgan Disciplined Equity Fund, Class R6 Shares (m)      929,598,003  
  23,518,295      JPMorgan Growth Advantage Fund, Class R6 Shares      368,766,858  
  8,947,636      JPMorgan Intrepid America Fund, Class R5 Shares      343,231,315  
  4,167,467      JPMorgan Mid Cap Equity Fund, Class R6 Shares      196,162,654  
  810,748      JPMorgan Small Cap Equity Fund, Class R5 Shares      41,113,019  
  3,192,898      JPMorgan Small Cap Growth Fund, Class R6 Shares      49,362,205  
  1,582,885      JPMorgan Small Cap Value Fund, Class R6 Shares      45,286,338  
  22,948,656      JPMorgan U.S. Equity Fund, Class R6 Shares      339,640,102  
  11,556,398       JPMorgan Value Advantage Fund, Institutional Class Shares      349,812,164  
     

 

 

 
   Total U.S. Equity      2,662,972,658  
     

 

 

 
  

Total Investment Companies

(Cost $4,846,504,687)

     5,499,243,664  
     

 

 

 

PRINCIPAL
AMOUNT($)

             

 

U.S. Treasury Obligation — 0.9%

  
  49,680,000      

U.S. Treasury Note, 0.375%, 01/31/16 (k) (m)

(Cost $49,761,238)

     49,742,100  
     

 

 

 
  

Total Investments — 99.8%

(Cost $4,896,265,925)

     5,548,985,764  
   Other Assets in Excess of Liabilities — 0.2%      12,725,081  
     

 

 

 
   NET ASSETS — 100.0%    $ 5,561,710,845  
     

 

 

 

 

Percentages indicated are based on net assets.


JPMorgan SmartRetirement 2030 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

 

Futures Contracts

 

NUMBER OF
CONTRACTS

    

DESCRIPTION

   EXPIRATION
DATE
     NOTIONAL
VALUE AT
MARCH 31,
2015
    NET
UNREALIZED
APPRECIATION
(DEPRECIATION)
 
   Long Futures Outstanding        
  1,052       TOPIX Index      06/11/15       $ 135,386,834     $ 1,856,845  
  1,594       10 Year Australian Government Bond      06/15/15         161,076,696       2,514,884  
  244       SPI 200 Index      06/18/15         27,346,738       202,703  
  4,039       Dow Jones Euro STOXX 50 Index      06/19/15         157,691,958       366,272  
  118       E-mini Russell 2000      06/19/15         14,737,020       231,683  
  1,069       E-mini S&P 500      06/19/15         110,149,760       1,216,431  
  1,602       U.S. Long Bond      06/19/15         262,527,750       2,606,496  
   Short Futures Outstanding        
  (760)       S&P/Toronto 60 Index      06/18/15         (103,845,565     (701,332
  (455)       FTSE 100 Index      06/19/15         (45,403,684     (15,704
  (2,197)       2 Year U.S. Treasury Note      06/30/15         (481,486,281     (1,105,519
  (2,782)       5 Year U.S. Treasury Note      06/30/15         (334,426,828     (3,044,006
          

 

 

 
           $ 4,128,753  
          

 

 

 

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

 

(b)

           Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.

(k)

           All or a portion of this security is deposited with the broker as collateral for futures or with brokers as initial margin for futures contracts.

(l)

           The rate shown is the current yield as of March 31, 2015.

(m)

           All or a portion of this security may be reserved and/or pledged with the custodian for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, unfunded commitments and/or forward foreign currency exchange contracts.

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 certified portfolio holdings filed quarterly on Form N-Q, 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.

As of March 31, 2015, 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

   $ 655,925,702   

Aggregate gross unrealized depreciation

     (3,205,863 )
  

 

 

 

Net unrealized appreciation/depreciation

   $ 652,719,839  
  

 

 

 

Federal income tax cost of investments

   $ 4,896,265,925  
  

 

 

 


JPMorgan SmartRetirement 2030 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

 

The various inputs that are used in determining the valuation of the Funds’ 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 are 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)

   $ 5,499,243,664     $ 49,742,100      $  —        $ 5,548,985,764  

Appreciation in Other Financial Instruments

          

Futures Contracts

   $ 8,995,314     $  —        $  —        $ 8,995,314  

Depreciation in Other Financial Instruments

          

Futures Contracts

   $ (4,866,561   $  —        $  —        $ (4,866,561
  

 

 

   

 

 

    

 

 

    

 

 

 

 

(a) All portfolio holdings designated as Level 1 and Level 2 are disclosed individually on the SOIs. Level 2 consists of U.S. Treasury Note that is held for futures collateral. Please refer to the SOIs for asset class specifics of portfolio holdings.

There were no transfers among any levels during the period ended March 31, 2015.


JPMorgan SmartRetirement 2035 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited)

 

SHARES

    

SECURITY DESCRIPTION

  

VALUE($)

 

Investment Companies — 98.9% (b)

  
   Alternative Assets — 5.5%
  13,719,601      JPMorgan Realty Income Fund, Class R5 Shares    200,306,172
     

 

  

Fixed Income — 19.5%

  37,324,369      JPMorgan Core Bond Fund, Class R6 Shares    443,786,749
  9,592,892      JPMorgan Corporate Bond Fund, Class R6 Shares    97,943,430
  5,598,293      JPMorgan Emerging Markets Debt Fund, Class R6 Shares    46,129,932
  1,063,789      JPMorgan Emerging Markets Local Currency Debt Fund, Class R6 Shares    8,893,279
  14,159,482      JPMorgan High Yield Fund, Class R6 Shares    108,603,225
     

 

  

Total Fixed Income

   705,356,615
     

 

  

International Equity — 20.2%

  3,905,733      JPMorgan Emerging Economies Fund, Class R5 Shares    48,938,841
  3,449,301      JPMorgan Emerging Markets Equity Fund, Class R6 Shares    79,057,983
  13,048,634      JPMorgan International Equity Fund, Class R6 Shares    205,646,478
  12,516,321      JPMorgan International Opportunities Fund, Class R6 Shares    184,365,403
  10,685,077      JPMorgan Intrepid International Fund, Institutional Class Shares (m)    215,518,003
     

 

  

Total International Equity

   733,526,708
     

 

  

Money Market — 1.9%

  68,672,114      JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.040% (l) (m)    68,672,114
     

 

  

U.S. Equity — 51.8%

  26,731,161      JPMorgan Disciplined Equity Fund, Class R6 Shares (m)    641,547,861
  16,685,493      JPMorgan Growth Advantage Fund, Class R6 Shares    261,628,523
  6,531,184      JPMorgan Intrepid America Fund, Class R5 Shares    250,536,207
  2,830,856      JPMorgan Mid Cap Equity Fund, Class R6 Shares    133,248,411
  673,024      JPMorgan Small Cap Equity Fund, Class R5 Shares    34,129,048
  2,220,538      JPMorgan Small Cap Growth Fund, Class R6 Shares    34,329,515
  1,119,040      JPMorgan Small Cap Value Fund, Class R6 Shares    32,015,742
  16,274,225      JPMorgan U.S. Equity Fund, Class R6 Shares    240,858,537
  8,215,771       JPMorgan Value Advantage Fund, Institutional Class Shares    248,691,378
     

 

   Total U.S. Equity    1,876,985,222
     

 

  

Total Investment Companies

(Cost $3,236,633,669)

   3,584,846,831
     

 

PRINCIPAL
AMOUNT($)

           

 

U.S. Treasury Obligation — 0.9%

  
  32,300,000      

U.S. Treasury Note, 0.375%, 01/31/16 (k) (m)

(Cost $32,352,889)

   32,340,375
     

 

  

Total Investments — 99.8%

(Cost $3,268,986,558)

   3,617,187,206
   Other Assets in Excess of Liabilities — 0.2%    8,938,294
     

 

   NET ASSETS — 100.0%    $3,626,125,500
     

 

 

Percentages indicated are based on net assets.


JPMorgan SmartRetirement 2035 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

 

Futures Contracts

 

NUMBER OF
CONTRACTS

    

DESCRIPTION

   EXPIRATION
DATE
     NOTIONAL
VALUE AT
MARCH 31,
2015
    NET
UNREALIZED
APPRECIATION
(DEPRECIATION)
 
   Long Futures Outstanding        
  683       TOPIX Index      06/11/15       $ 87,898,487     $ 1,101,831  
  1,035       10 Year Australian Government Bond      06/15/15         104,588,696       1,632,961  
  158       SPI 200 Index      06/18/15         17,708,133       130,761  
  2,623       Dow Jones Euro STOXX 50 Index      06/19/15         102,408,023       237,845  
  81       E-mini Russell 2000      06/19/15         10,116,090       130,016  
  702       E-mini S&P 500      06/19/15         72,334,080       1,011,224  
  1,038       U.S. Long Bond      06/19/15         170,102,250       1,684,049  
   Short Futures Outstanding        
  (493)       S&P/Toronto 60 Index      06/18/15         (67,362,978     (459,130
  (302)       FTSE 100 Index      06/19/15         (30,136,072     (10,354
  (1,491)       2 Year U.S. Treasury Note      06/30/15         (326,761,969     (730,869
  (1,729)       5 Year U.S. Treasury Note      06/30/15         (207,844,711     (1,631,763
          

 

 

 
           $ 3,096,571  
          

 

 

 

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

 

(b)       Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(k)       All or a portion of this security is deposited with the broker as collateral for futures or with brokers as initial margin for future contracts.
(l)       The rate shown is the current yield as of March 31, 2015.
(m)       All or a portion of this security is reserved and/or pledged with the custodian for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, unfunded commitments and/or forward foreign currency exchange contracts.

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 certified portfolio holdings filed quarterly on Form N-Q, 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.

As of March 31, 2015, 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

   $ 352,324,228   

Aggregate gross unrealized depreciation

     (4,123,580 )
  

 

 

 

Net unrealized appreciation/depreciation

   $ 348,200,648  
  

 

 

 

Federal income tax cost of investments

   $ 3,268,986,558  
  

 

 

 


JPMorgan SmartRetirement 2035 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

 

The various inputs that are used in determining the fair value 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 are 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)

   $ 3,584,846,831     $ 32,340,375      $
 —  
  
   $ 3,617,187,206  

Appreciation in Other Financial Instruments

          

Futures Contracts

   $ 5,928,687     $  —        $
 —  
  
   $ 5,928,687  

Depreciation in Other Financial Instruments

          

Futures Contracts

   $ (2,832,116   $  —        $
 —  
  
   $ (2,832,116
  

 

 

   

 

 

    

 

 

    

 

 

 

 

(a) All portfolio holdings designated as Level 1 and Level 2 are disclosed individually on the SOI. Level 2 consists of U.S. Treasury Note that is held for futures collateral. Please refer to the SOI for asset class specifics of portfolio holdings.

There were no transfers among any levels during the period ended March 31, 2015.


JPMorgan SmartRetirement 2040 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited)

 

SHARES

    

SECURITY DESCRIPTION

   VALUE($)  

 

Investment Companies — 98.9% (b)

  
   Alternative Assets — 6.0%   
  16,137,437      JPMorgan Realty Income Fund, Class R5 Shares      235,606,585  
     

 

 

 
  

Fixed Income — 13.8%

  

  26,201,453      JPMorgan Core Bond Fund, Class R6 Shares      311,535,274  
  7,018,354      JPMorgan Corporate Bond Fund, Class R6 Shares      71,657,397  
  5,293,438      JPMorgan Emerging Markets Debt Fund, Class R6 Shares      43,617,930  
  1,141,325      JPMorgan Emerging Markets Local Currency Debt Fund, Class R6 Shares      9,541,475  
  14,441,254      JPMorgan High Yield Fund, Class R6 Shares      110,764,419  
     

 

 

 
  

Total Fixed Income

     547,116,495  
     

 

 

 
  

International Equity — 22.2%

  

  5,259,689      JPMorgan Emerging Economies Fund, Class R5 Shares      65,903,898  
  4,289,149      JPMorgan Emerging Markets Equity Fund, Class R6 Shares      98,307,287  
  16,188,415      JPMorgan International Equity Fund, Class R6 Shares      255,129,427  
  14,392,155      JPMorgan International Opportunities Fund, Class R6 Shares      211,996,448  
  12,095,383      JPMorgan Intrepid International Fund, Institutional Class Shares (m)      243,963,884  
     

 

 

 
  

Total International Equity

     875,300,944  
     

 

 

 
  

Money Market — 1.7%

  

  67,509,308      JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.040% (l) (m)      67,509,308  
     

 

 

 
  

U.S. Equity — 55.2%

  

  30,733,654      JPMorgan Disciplined Equity Fund, Class R6 Shares (m)      737,607,707  
  18,936,070      JPMorgan Growth Advantage Fund, Class R6 Shares      296,917,572  
  7,930,759      JPMorgan Intrepid America Fund, Class R5 Shares      304,223,900  
  3,213,398      JPMorgan Mid Cap Equity Fund, Class R6 Shares      151,254,646  
  835,159      JPMorgan Small Cap Equity Fund, Class R5 Shares      42,350,905  
  3,215,819      JPMorgan Small Cap Growth Fund, Class R6 Shares      49,716,562  
  1,329,659      JPMorgan Small Cap Value Fund, Class R6 Shares      38,041,533  
  19,491,159      JPMorgan U.S. Equity Fund, Class R6 Shares      288,469,152  
  9,036,630       JPMorgan Value Advantage Fund, Institutional Class Shares      273,538,803  
     

 

 

 
   Total U.S. Equity      2,182,120,780  
     

 

 

 
  

Total Investment Companies

(Cost $3,397,131,669)

     3,907,654,112  
     

 

 

 

PRINCIPAL
AMOUNT($)

             

 

U.S. Treasury Obligation — 0.9%

  
  35,460,000      

U.S. Treasury Note, 0.375%, 01/31/16 (k) (m)

(Cost $35,516,850)

     35,504,325  
     

 

 

 
  

Total Investments — 99.8%

(Cost $3,432,648,519)

     3,943,158,437  
   Other Assets in Excess of Liabilities — 0.2%      9,244,354  
     

 

 

 
   NET ASSETS — 100.0%    $ 3,952,402,791  
     

 

 

 

 

Percentages indicated are based on net assets.


JPMorgan SmartRetirement 2040 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

 

Futures Contracts

 

NUMBER OF
CONTRACTS

    

DESCRIPTION

   EXPIRATION
DATE
     NOTIONAL
VALUE AT
MARCH 31,
2015
    NET
UNREALIZED
APPRECIATION
(DEPRECIATION)
 
   Long Futures Outstanding        
  749       TOPIX Index      06/11/15       $ 96,392,337     $ 1,156,490  
  1,134       10 Year Australian Government Bond      06/15/15         114,592,832       1,789,205  
  174       SPI 200 Index      06/18/15         19,501,362       144,546  
  2,873       Dow Jones Euro STOXX 50 Index      06/19/15         112,168,605       260,489  
  74       E-mini Russell 2000      06/19/15         9,241,860       285,847  
  688       E-mini S&P 500      06/19/15         70,891,520       991,057  
  1,106       U.S. Long Bond      06/19/15         181,245,750       1,854,076  
   Short Futures Outstanding        
  (541)       S&P/Toronto 60 Index      06/18/15         (73,921,645     (503,575
  (326)       FTSE 100 Index      06/19/15         (32,530,991     (11,193
  (1,553)       2 Year U.S. Treasury Note      06/30/15         (340,349,656     (781,199
  (1,927)       5 Year U.S. Treasury Note      06/30/15         (231,646,477     (2,125,351
          

 

 

 
           $ 3,060,392  
          

 

 

 

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

 

(b)       Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(k)       All or a portion of this security is deposited with the broker as collateral for futures or with brokers as initial margin for futures contracts.
(l)       The rate shown is the current yield as of March 31, 2015.
(m)       All or a portion of this security may be reserved and/or pledged with the custodian for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, unfunded commitments and/or forward foreign currency exchange contracts.

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 certified portfolio holdings filed quarterly on Form N-Q, 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.

As of March 31, 2015, 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

   $ 512,399,375   

Aggregate gross unrealized depreciation

     (1,889,457 )
  

 

 

 

Net unrealized appreciation/depreciation

   $ 510,509,918  
  

 

 

 

Federal income tax cost of investments

   $ 3,432,648,519  
  

 

 

 


JPMorgan SmartRetirement 2040 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

 

The various inputs that are used in determining the fair value 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 are 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)

   $ 3,907,654,112     $ 35,504,325      $
 —  
  
   $ 3,943,158,437  

Appreciation in Other Financial Instruments

          

Futures Contracts

   $ 6,481,710     $  —        $  —        $ 6,481,710  

Depreciation in Other Financial Instruments

          

Futures Contracts

   $ (3,421,318   $  —        $  —        $ (3,421,318
  

 

 

   

 

 

    

 

 

    

 

 

 

 

(a) All portfolio holdings designated as Level 1 and Level 2 are disclosed individually on the SOI. Level 2 consists of U.S. Treasury Note that is held for futures collateral. Please refer to the SOI for asset class specifics of portfolio holdings.

There were no transfers among any levels during the period ended March 31, 2015.


JPMorgan SmartRetirement 2045 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited)

 

SHARES

    

SECURITY DESCRIPTION

   VALUE($)  

 

Investment Companies — 99.0% (b)

  
   Alternative Assets — 5.9%   
  8,602,984      JPMorgan Realty Income Fund, Class R5 Shares      125,603,571  
     

 

 

 
   Fixed Income — 13.8%   
  13,928,442      JPMorgan Core Bond Fund, Class R6 Shares      165,609,171  
  3,970,840      JPMorgan Corporate Bond Fund, Class R6 Shares      40,542,273  
  2,877,501      JPMorgan Emerging Markets Debt Fund, Class R6 Shares      23,710,606  
  553,093      JPMorgan Emerging Markets Local Currency Debt Fund, Class R6 Shares      4,623,858  
  7,744,632      JPMorgan High Yield Fund, Class R6 Shares      59,401,328  
     

 

 

 
   Total Fixed Income      293,887,236  
     

 

 

 
   International Equity — 22.1%   
  2,815,519      JPMorgan Emerging Economies Fund, Class R5 Shares      35,278,457  
  2,258,725      JPMorgan Emerging Markets Equity Fund, Class R6 Shares      51,769,971  
  8,564,297      JPMorgan International Equity Fund, Class R6 Shares      134,973,322  
  8,054,099      JPMorgan International Opportunities Fund, Class R6 Shares      118,636,871  
  6,459,070      JPMorgan Intrepid International Fund, Institutional Class Shares (m)      130,279,441  
     

 

 

 
   Total International Equity      470,938,062  
     

 

 

 
   Money Market — 2.1%   
  43,673,217      JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.040% (l) (m)      43,673,217  
     

 

 

 
   U.S. Equity — 55.1%   
  16,396,736      JPMorgan Disciplined Equity Fund, Class R6 Shares (m)      393,521,661  
  10,519,255      JPMorgan Growth Advantage Fund, Class R6 Shares      164,941,915  
  4,178,147      JPMorgan Intrepid America Fund, Class R5 Shares      160,273,709  
  1,676,920      JPMorgan Mid Cap Equity Fund, Class R6 Shares      78,932,616  
  402,487      JPMorgan Small Cap Equity Fund, Class R5 Shares      20,410,112  
  1,331,797      JPMorgan Small Cap Growth Fund, Class R6 Shares      20,589,574  
  821,987      JPMorgan Small Cap Value Fund, Class R6 Shares      23,517,047  
  10,289,367      JPMorgan U.S. Equity Fund, Class R6 Shares      152,282,635  
  5,173,561      JPMorgan Value Advantage Fund, Institutional Class Shares      156,603,681  
     

 

 

 
   Total U.S. Equity      1,171,072,950  
     

 

 

 
  

Total Investment Companies

(Cost $1,920,338,478)

     2,105,175,036  
     

 

 

 

PRINCIPAL
AMOUNT($)

             

 

U.S. Treasury Obligation — 0.9%

  

  18,905,000     

U.S. Treasury Note, 0.375%, 01/31/16 (k) (m)

(Cost $18,935,866)

     18,928,631  
     

 

 

 
  

Total Investments — 99.9%

(Cost $1,939,274,344)

     2,124,103,667  
   Other Assets in Excess of Liabilities — 0.1%      3,111,951  
     

 

 

 
   NET ASSETS — 100.0%    $ 2,127,215,618  
     

 

 

 

 

Percentages indicated are based on net assets.


JPMorgan SmartRetirement 2045 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

 

Futures Contracts

 

NUMBER OF
CONTRACTS

    

DESCRIPTION

   EXPIRATION
DATE
     NOTIONAL
VALUE AT
MARCH 31,
2015
    NET
UNREALIZED
APPRECIATION
(DEPRECIATION)
 
   Long Futures Outstanding   
  399       TOPIX Index      06/11/15       $ 51,349,189     $ 679,823  
  606       10 Year Australian Government Bond      06/15/15         61,237,439       956,136  
  93       SPI 200 Index      06/18/15         10,423,142       77,311  
  1,535       Dow Jones Euro STOXX 50 Index      06/19/15         59,929,972       139,183  
  53       E-mini Russell 2000      06/19/15         6,619,170       119,670  
  418       E-mini S&P 500      06/19/15         43,070,720       602,125  
  603       U.S. Long Bond      06/19/15         98,816,625       977,022  
   Short Futures Outstanding   
  (289)       S&P/Toronto 60 Index      06/18/15         (39,488,642     (269,061
  (169)       FTSE 100 Index      06/19/15         (16,864,226     (5,810
  (814)       2 Year U.S. Treasury Note      06/30/15         (178,393,187     (401,077
  (1,030)       5 Year U.S. Treasury Note      06/30/15         (123,817,266     (1,132,655
          

 

 

 
           $ 1,742,667  
          

 

 

 

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

 

(b)       Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(k)       All or a portion of this security is deposited with the broker as collateral for futures or with brokers as initial margin for futures contracts.
(l)       The rate shown is the current yield as of March 31, 2015.
(m)       All or a portion of this security is reserved and/or pledged with the custodian for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, unfunded commitments and/or forward foreign currency exchange contracts.

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 certified portfolio holdings filed quarterly on Form N-Q, 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.

As of March 31, 2015, 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

   $ 187,759,310   

Aggregate gross unrealized depreciation

     (2,929,987 )
  

 

 

 

Net unrealized appreciation/depreciation

   $ 184,829,323  
  

 

 

 

Federal income tax cost of investments

   $ 1,939,274,344  
  

 

 

 


JPMorgan SmartRetirement 2045 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

 

The various inputs that are used in determining the fair value 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 are 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)

   $ 2,105,175,036     $ 18,928,631      $ —        $ 2,124,103,667  

Appreciation in Other Financial
Instruments

          

Futures Contracts

   $ 3,551,270     $ —        $ —        $ 3,551,270  

Depreciation in Other Financial
Instruments

          

Futures Contracts

   $ (1,808,603   $ —        $ —        $ (1,808,603
  

 

 

   

 

 

    

 

 

    

 

 

 

 

(a) All portfolio holdings designated as Level 1 and Level 2 are disclosed individually on the SOI. Level 2 consists of U.S. Treasury Note that is held for futures collateral. Please refer to the SOI for asset class specifics of portfolio holdings.

There were no transfers among any levels during the period ended March 31, 2015.


JPMorgan SmartRetirement 2050 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited)

 

SHARES

    

SECURITY DESCRIPTION

   VALUE($)  

 

Investment Companies — 98.8% (b)

  
   Alternative Assets — 6.0%   
  6,818,406      JPMorgan Realty Income Fund, Class R5 Shares      99,548,731  
     

 

 

 
   Fixed Income — 13.4%   
  10,869,912      JPMorgan Core Bond Fund, Class R6 Shares      129,243,256  
  2,659,786      JPMorgan Corporate Bond Fund, Class R6 Shares      27,156,417  
  2,242,061      JPMorgan Emerging Markets Debt Fund, Class R6 Shares      18,474,582  
  438,701      JPMorgan Emerging Markets Local Currency Debt Fund, Class R6 Shares      3,667,545  
  6,068,548      JPMorgan High Yield Fund, Class R6 Shares      46,545,760  
     

 

 

 
   Total Fixed Income      225,087,560  
     

 

 

 
   International Equity — 22.1%   
  2,217,315      JPMorgan Emerging Economies Fund, Class R5 Shares      27,782,953  
  1,809,229      JPMorgan Emerging Markets Equity Fund, Class R6 Shares      41,467,538  
  6,783,837      JPMorgan International Equity Fund, Class R6 Shares      106,913,271  
  6,305,220      JPMorgan International Opportunities Fund, Class R6 Shares      92,875,887  
  5,090,703      JPMorgan Intrepid International Fund, Institutional Class Shares (m)      102,679,474  
     

 

 

 
   Total International Equity      371,719,123  
     

 

 

 
   Money Market — 2.2%   
  37,683,036      JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.040% (l) (m)      37,683,036  
     

 

 

 
   U.S. Equity — 55.1%   
  12,999,013      JPMorgan Disciplined Equity Fund, Class R6 Shares (m)      311,976,323  
  8,391,918      JPMorgan Growth Advantage Fund, Class R6 Shares      131,585,273  
  3,184,327      JPMorgan Intrepid America Fund, Class R5 Shares      122,150,787  
  1,336,245      JPMorgan Mid Cap Equity Fund, Class R6 Shares      62,897,049  
  304,721      JPMorgan Small Cap Equity Fund, Class R5 Shares      15,452,417  
  1,176,798      JPMorgan Small Cap Growth Fund, Class R6 Shares      18,193,293  
  651,303      JPMorgan Small Cap Value Fund, Class R6 Shares      18,633,778  
  8,088,253      JPMorgan U.S. Equity Fund, Class R6 Shares      119,706,147  
  4,141,967       JPMorgan Value Advantage Fund, Institutional Class Shares      125,377,348  
     

 

 

 
   Total U.S. Equity      925,972,415  
     

 

 

 
  

Total Investment Companies

(Cost $1,503,103,059)

     1,660,010,865  
     

 

 

 

PRINCIPAL
AMOUNT($)

             

 

U.S. Treasury Obligation — 0.9%

  
  14,945,000      

U.S. Treasury Note, 0.375%, 01/31/16 (k) (m)

(Cost $14,969,291)

     14,963,681  
     

 

 

 
  

Total Investments — 99.7%

(Cost $1,518,072,350)

     1,674,974,546  
   Other Assets in Excess of Liabilities — 0.3%      5,756,192  
     

 

 

 
   NET ASSETS — 100.0%    $ 1,680,730,738  
     

 

 

 

 

Percentages indicated are based on net assets.


JPMorgan SmartRetirement 2050 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

 

Futures Contracts

 

NUMBER OF
CONTRACTS

    

DESCRIPTION

   EXPIRATION
DATE
     NOTIONAL
VALUE AT
MARCH 31,
2015
    NET
UNREALIZED
APPRECIATION
(DEPRECIATION)
 
   Long Futures Outstanding        
  317       TOPIX Index      06/11/15       $ 40,796,223     $ 468,581  
  477       10 Year Australian Government Bond      06/15/15         48,201,747       752,547  
  73       SPI 200 Index      06/18/15         8,181,606       60,619  
  1,210       Dow Jones Euro STOXX 50 Index      06/19/15         47,241,215       109,730  
  36       E-mini Russell 2000      06/19/15         4,496,040       107,216  
  327       E-mini S&P 500      06/19/15         33,694,080       372,605  
  475       U.S. Long Bond      06/19/15         77,840,625       771,983  
   Short Futures Outstanding        
  (228)       S&P/Toronto 60 Index      06/18/15         (31,153,669     (212,287
  (134)       FTSE 100 Index      06/19/15         (13,371,635     (4,640
  (563)       2 Year U.S. Treasury Note      06/30/15         (123,384,969     (300,248
  (811)       5 Year U.S. Treasury Note      06/30/15         (97,491,070     (904,969
          

 

 

 
           $ 1,221,137  
          

 

 

 

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

 

(b)

           Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.

(k)

           All or a portion of this security is deposited with the broker as collateral for futures or with brokers as initial margin for futures contracts.

(l)

           The rate shown is the current yield as of March 31, 2015.

(m)

           All or a portion of this security may be reserved and/or pledged with the custodian for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, unfunded commitments and/or forward foreign currency exchange contracts.

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 certified portfolio holdings filed quarterly on Form N-Q, 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.

As of March 31, 2015, 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

   $ 158,990,553   

Aggregate gross unrealized depreciation

     (2,088,357 )
  

 

 

 

Net unrealized appreciation/depreciation

   $ 156,902,196  
  

 

 

 

Federal income tax cost of investments

   $ 1,518,072,350  
  

 

 

 


JPMorgan SmartRetirement 2050 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

 

The various inputs that are used in determining the fair value 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 are 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)

   $ 1,660,010,865     $ 14,963,681      $ —         $ 1,674,974,546  

Appreciation in Other Financial Instruments

          

Futures Contracts

   $ 2,643,281     $ —        $ —        $ 2,643,281  

Depreciation in Other Financial Instruments

          

Futures Contracts

   $ (1,422,144   $ —        $ —         $ (1,422,144
  

 

 

   

 

 

    

 

 

    

 

 

 

 

(a) All portfolio holdings designated as Level 1 and Level 2 are disclosed individually on the SOI. Level 2 consists of U.S. Treasury Note that is held for futures collateral. Please refer to the SOI for asset class specifics of portfolio holdings.

There were no transfers among any levels during the period ended March 31, 2015.


JPMorgan SmartRetirement 2055 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited)

 

SHARES

    

SECURITY DESCRIPTION

   VALUE($)  

 

Investment Companies — 98.5% (b)

  
   Alternative Assets — 6.0%   
  1,123,539      JPMorgan Realty Income Fund, Class R5 Shares      16,403,666  
     

 

 

 
   Fixed Income — 13.7%   
  1,751,478      JPMorgan Core Bond Fund, Class R6 Shares      20,825,076  
  491,920      JPMorgan Corporate Bond Fund, Class R6 Shares      5,022,504  
  367,700      JPMorgan Emerging Markets Debt Fund, Class R6 Shares      3,029,846  
  87,982      JPMorgan Emerging Markets Local Currency Debt Fund, Class R6 Shares      735,530  
  999,201      JPMorgan High Yield Fund, Class R6 Shares      7,663,868  
     

 

 

 
   Total Fixed Income      37,276,824  
     

 

 

 
   International Equity — 22.1%   
  325,908      JPMorgan Emerging Economies Fund, Class R5 Shares      4,083,622  
  313,800      JPMorgan Emerging Markets Equity Fund, Class R6 Shares      7,192,305  
  1,071,142      JPMorgan International Equity Fund, Class R6 Shares      16,881,206  
  1,027,996      JPMorgan International Opportunities Fund, Class R6 Shares      15,142,384  
  850,675      JPMorgan Intrepid International Fund, Institutional Class Shares (m)      17,158,112  
     

 

 

 
   Total International Equity      60,457,629  
     

 

 

 
   Money Market — 1.7%   
  4,778,158      JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.040% (l) (m)      4,778,158  
     

 

 

 
   U.S. Equity — 55.0%   
  2,104,397      JPMorgan Disciplined Equity Fund, Class R6 Shares (m)      50,505,531  
  1,344,044      JPMorgan Growth Advantage Fund, Class R6 Shares      21,074,611  
  538,610      JPMorgan Intrepid America Fund, Class R5 Shares      20,661,077  
  218,990      JPMorgan Mid Cap Equity Fund, Class R6 Shares      10,307,847  
  55,020      JPMorgan Small Cap Equity Fund, Class R5 Shares      2,790,081  
  201,610      JPMorgan Small Cap Growth Fund, Class R6 Shares      3,116,891  
  93,745      JPMorgan Small Cap Value Fund, Class R6 Shares      2,682,054  
  1,300,480      JPMorgan U.S. Equity Fund, Class R6 Shares      19,247,111  
  664,976       JPMorgan Value Advantage Fund, Institutional Class Shares      20,128,834  
     

 

 

 
   Total U.S. Equity      150,514,037  
     

 

 

 
  

Total Investment Companies

(Cost $258,543,066)

     269,430,314  
     

 

 

 

PRINCIPAL
AMOUNT($)

             

 

U.S. Treasury Obligation — 1.0%

  
  2,660,000      

U.S. Treasury Note, 0.375%, 01/31/16 (k) (m)

(Cost $2,664,176)

     2,663,325  
     

 

 

 
  

Total Investments — 99.5%

(Cost $261,207,242)

     272,093,639  
   Other Assets in Excess of Liabilities — 0.5%      1,465,973  
     

 

 

 
   NET ASSETS — 100.0%    $ 273,559,612  
     

 

 

 

 

Percentages indicated are based on net assets.


JPMorgan SmartRetirement 2055 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

 

Futures Contracts

 

NUMBER OF
CONTRACTS

    

DESCRIPTION

   EXPIRATION
DATE
     NOTIONAL
VALUE AT
MARCH 31,
2015
    NET
UNREALIZED
APPRECIATION
(DEPRECIATION)
 
   Long Futures Outstanding        
  52       TOPIX Index      06/11/15       $ 6,692,125     $ 80,427  
  77       10 Year Australian Government Bond      06/15/15         7,780,995       121,459  
  12       SPI 200 Index      06/18/15         1,344,921       10,019  
  195       Dow Jones Euro STOXX 50 Index      06/19/15         7,613,254       17,680  
  5       E-mini Russell 2000      06/19/15         624,450       19,314  
  56       E-mini S&P 500      06/19/15         5,770,240       64,598  
  78       U.S. Long Bond      06/19/15         12,782,250       135,580  
   Short Futures Outstanding        
  (37)       S&P/Toronto 60 Index      06/18/15         (5,055,639     (34,552
  (21)       FTSE 100 Index      06/19/15         (2,095,555     (730
  (104)       2 Year U.S. Treasury Note      06/30/15         (22,792,250     (70,869
  (136)       5 Year U.S. Treasury Note      06/30/15         (16,348,688     (156,246
          

 

 

 
           $ 186,680  
          

 

 

 

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

 

(b)

           Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.

(k)

           All or a portion of this security is deposited with the broker as collateral for futures or with brokers as initial margin for futures contracts.

(l)

           The rate shown is the current yield as of March 31, 2015.

(m)

           All or a portion of this security is reserved and/or pledged with the custodian for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, unfunded commitments and/or forward foreign currency exchange contracts.

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 certified portfolio holdings filed quarterly on Form N-Q, 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.

As of March 31, 2015, 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

   $ 11,439,004   

Aggregate gross unrealized depreciation

     (552,607 )
  

 

 

 

Net unrealized appreciation/depreciation

   $ 10,886,397  
  

 

 

 

Federal income tax cost of investments

   $ 261,207,242  
  

 

 

 


JPMorgan SmartRetirement 2055 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

 

The various inputs that are used in determining the fair value 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 are 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)

   $ 269,430,314     $ 2,663,325      $ —        $ 272,093,639  

Appreciation in Other Financial Instruments

          

Futures Contracts

   $ 449,077     $ —        $ —        $ 449,077  

Depreciation in Other Financial Instruments

          

Futures Contracts

   $ (262,397   $ —        $ —         $ (262,397
  

 

 

   

 

 

    

 

 

    

 

 

 

 

(a) All portfolio holdings designated as Level 1 and Level 2 are disclosed individually on the SOI. Level 2 consists of U.S. Treasury Note that is held for futures collateral. Please refer to the SOI for asset class specifics of portfolio holdings.

There were no transfers among any levels during the period ended March 31, 2015.


JPMorgan SmartRetirement Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited)

 

SHARES

    

SECURITY DESCRIPTION

   VALUE($)  

 

Exchange Traded Fund — 0.9%

  
   International Equity — 0.9%   
  415,898     

SPDR S&P Global Natural Resources ETF

(Cost $21,423,002)

     17,854,501  
     

 

 

 

 

Investment Companies — 97.7% (b)

  
   Alternative Assets — 2.7%   
  475,304      JPMorgan Commodities Strategy Fund, Class R6 Shares (a)      4,909,891  
  3,306,366      JPMorgan Realty Income Fund, Class R5 Shares      48,272,948  
     

 

 

 
   Total Alternative Assets      53,182,839  
     

 

 

 
   Fixed Income — 53.4%   
  48,764,343      JPMorgan Core Bond Fund, Class R6 Shares      579,808,037  
  12,592,157      JPMorgan Corporate Bond Fund, Class R6 Shares      128,565,924  
  4,986,776      JPMorgan Emerging Markets Debt Fund, Class R6 Shares      41,091,038  
  1,289,616      JPMorgan Emerging Markets Local Currency Debt Fund, Class R6 Shares      10,781,194  
  5,219,744      JPMorgan Floating Rate Income Fund, Class R6 Shares      51,205,693  
  13,343,102      JPMorgan High Yield Fund, Class R6 Shares      102,341,591  
  9,684,702      JPMorgan Inflation Managed Bond Fund, Class R6 Shares      100,139,818  
  4,805,214      JPMorgan Real Return Fund, Institutional Class Shares      48,004,089  
     

 

 

 
   Total Fixed Income      1,061,937,384  
     

 

 

 
   International Equity — 7.3%   
  403,717      JPMorgan Emerging Economies Fund, Class R5 Shares      5,058,575  
  264,436      JPMorgan Emerging Markets Equity Fund, Class R6 Shares      6,060,869  
  2,855,735      JPMorgan International Equity Fund, Class R6 Shares      45,006,389  
  2,912,687      JPMorgan International Opportunities Fund, Class R6 Shares      42,903,885  
  2,316,816      JPMorgan Intrepid International Fund, Institutional Class Shares      46,730,184  
     

 

 

 
   Total International Equity      145,759,902  
     

 

 

 
   Money Market — 9.5%   
  188,804,779      JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.040% (l) (m)      188,804,779  
     

 

 

 
   U.S. Equity — 24.8%   
  10,369,432      JPMorgan Disciplined Equity Fund, Class R6 Shares      248,866,363  
  4,143,256      JPMorgan Growth Advantage Fund, Class R6 Shares      64,966,249  
  1,172,165      JPMorgan Intrepid America Fund, Class R5 Shares      44,964,242  
  669,556      JPMorgan Mid Cap Equity Fund, Class R6 Shares      31,516,019  
  154,962      JPMorgan Small Cap Equity Fund, Class R5 Shares      7,858,100  
  375,380      JPMorgan Small Cap Growth Fund, Class R6 Shares      5,803,376  
  297,803      JPMorgan Small Cap Value Fund, Class R6 Shares      8,520,146  
  1,859,898      JPMorgan U.S. Equity Fund, Class R6 Shares      27,526,483  
  1,798,125      JPMorgan Value Advantage Fund, Institutional Class Shares      54,429,243  
     

 

 

 
   Total U.S. Equity      494,450,221  
     

 

 

 
  

Total Investment Companies

(Cost $1,768,248,929)

     1,944,135,125  
     

 

 

 

PRINCIPAL
AMOUNT($)

             

 

U.S. Treasury Obligation — 0.4%

  
  8,050,000     

U.S. Treasury Note, 0.375%, 01/31/16 (k)

(Cost $8,063,023)

     8,060,062  
     

 

 

 
  

Total Investments — 99.0%

(Cost $1,797,734,954)

     1,970,049,688  
   Other Assets in Excess of Liabilities — 1.0%      19,365,634  
     

 

 

 
   NET ASSETS — 100.0%    $ 1,989,415,322  
     

 

 

 

 

Percentages indicated are based on net assets.


JPMorgan SmartRetirement Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

 

Futures Contracts

 

NUMBER OF

CONTRACTS

    

DESCRIPTION

   EXPIRATION
DATE
     NOTIONAL
VALUE AT
MARCH 31,
2015
    NET
UNREALIZED
APPRECIATION
(DEPRECIATION)
 
   Long Futures Outstanding        
  194       TOPIX Index      06/11/15       $ 24,966,774     $ 335,540  
  285       10 Year Australian Government Bond      06/15/15         28,799,786       449,663  
  43       SPI 200 Index      06/18/15         4,819,302       35,732  
  721       Dow Jones Euro STOXX 50 Index      06/19/15         28,149,518       65,374  
  7       E-mini Russell 2000      06/19/15         874,230       27,040  
  280       U.S. Long Bond      06/19/15         45,885,000       474,717  
   Short Futures Outstanding        
  (136)       S&P/Toronto 60 Index      06/18/15         (18,582,891     (125,926
  (70)       E-mini S&P 500      06/19/15         (7,212,800     65,222  
  (88)       FTSE 100 Index      06/19/15         (8,781,372     (2,976
  (377)       2 Year U.S. Treasury Note      06/30/15         (82,621,906     (201,054
  (484)       5 Year U.S. Treasury Note      06/30/15         (58,182,094     (245,509
          

 

 

 
           $ 877,823  
          

 

 

 

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

 

ETF

           Exchange Traded Fund

SPDR

           Standard & Poor’s Depositary Receipts

(a)

           Non-income producing security.

(b)

           Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.

(k)

           All or a portion of this security is deposited with the broker as collateral for futures or with brokers as initial margin for futures contracts.

(l)

           The rate shown is the current yield as of March 31, 2015.

(m)

           All or a portion of this security may be reserved and/or pledged with the custodian for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, unfunded commitments and/or forward foreign currency exchange contracts.

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 certified portfolio holdings filed quarterly on Form N-Q, 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.

As of March 31, 2015, 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

   $ 181,237,159   

Aggregate gross unrealized depreciation

     (8,922,425 )
  

 

 

 

Net unrealized appreciation/depreciation

   $ 172,314,734  
  

 

 

 

Federal income tax cost of investments

   $ 1,797,734,954  
  

 

 

 


JPMorgan SmartRetirement Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (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 are 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)

   $ 1,961,989,626     $ 8,060,062      $  —         $ 1,970,049,688  

Appreciation in Other Financial Instruments

          

Futures Contracts

   $ 1,453,288     $  —         $  —         $ 1,453,288  

Depreciation in Other Financial Instruments

          

Futures Contracts

   $ (575,465   $  —         $  —         $ (575,465
  

 

 

   

 

 

    

 

 

    

 

 

 

 

(a) All portfolio holdings designated as Level 1 and Level 2 are disclosed individually on the SOIs. Level 2 consists of U.S. Treasury Note that is held for futures collateral. Please refer to the SOIs for asset class specifics of portfolio holdings.

There were no transfers among any levels during the period ended March 31, 2015.


JPMorgan SmartRetirement Blend 2015 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited)

 

SHARES

    

SECURITY DESCRIPTION

   VALUE($)  

 

Exchange Traded Funds — 55.5%

  
   Fixed Income — 20.4%   
  11,239      iShares Barclays TIPS Bond ETF      1,276,638  
  97,423      iShares Core U.S. Aggregate Bond ETF      10,855,845  
     

 

 

 
   Total Fixed Income      12,132,483  
     

 

 

 
   International Equity — 8.3%   
  70,515      iShares MSCI EAFE ETF      4,524,948  
  5,733      iShares MSCI Emerging Markets ETF      230,065  
  3,986      SPDR S&P Global Natural Resources ETF      171,119  
     

 

 

 
   Total International Equity      4,926,132  
     

 

 

 
   U.S. Equity — 26.8%   
  8,372      iShares Russell 2000 ETF      1,041,058  
  9,349      iShares Russell Mid-Cap ETF      1,618,499  
  70,051      Vanguard S&P 500 ETF      13,253,649  
     

 

 

 
   Total U.S. Equity      15,913,206  
     

 

 

 
  

Total Exchange Traded Funds

(Cost $29,926,665)

     32,971,821  
     

 

 

 

 

Investment Companies — 43.6% (b)

  
   Alternative Assets — 3.1%   
  11,733      JPMorgan Commodities Strategy Fund, Class R6 Shares (a)      121,203  
  117,341      JPMorgan Realty Income Fund, Class R5 Shares      1,713,172  
     

 

 

 
   Total Alternative Assets      1,834,375  
     

 

 

 
   Fixed Income — 32.2%   
  730,791      JPMorgan Core Bond Fund, Class R6 Shares (m)      8,689,108  
  189,275      JPMorgan Corporate Bond Fund, Class R6 Shares      1,932,494  
  150,063      JPMorgan Emerging Markets Debt Fund, Class R6 Shares      1,236,522  
  37,468      JPMorgan Emerging Markets Local Currency Debt Fund, Class R6 Shares      313,229  
  136,043      JPMorgan Floating Rate Income Fund, Class R6 Shares      1,334,580  
  384,157      JPMorgan High Yield Fund, Class R6 Shares      2,946,487  
  261,428      JPMorgan Inflation Managed Bond Fund, Class R6 Shares      2,703,166  
     

 

 

 
   Total Fixed Income      19,155,586  
     

 

 

 
   International Equity — 1.0%   
  21,726      JPMorgan Emerging Economies Fund, Class R5 Shares      272,228  
  13,700       JPMorgan Emerging Markets Equity Fund, Class R6 Shares      314,003  
     

 

 

 
   Total International Equity      586,231  
     

 

 

 
   Money Market — 7.3%   
  4,361,337       JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.040% (l) (m)      4,361,337  
     

 

 

 
  

Total Investment Companies

(Cost $25,801,752)

     25,937,529  
     

 

 

 

PRINCIPAL
AMOUNT($)

             

 

U.S. Treasury Obligation — 0.0% (g)

  
  25,000      

U.S. Treasury Note, 0.375%, 01/31/16 (m)

(Cost $25,028)

     25,031  
     

 

 

 
  

Total Investments — 99.1%

(Cost $55,753,445)

     58,934,381  
   Other Assets in Excess of Liabilities — 0.9%      521,059  
     

 

 

 
   NET ASSETS — 100.0%    $ 59,455,440  
     

 

 

 

 

Percentages indicated are based on net assets.


JPMorgan SmartRetirement Blend 2015 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

 

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

 

EAFE

           Europe, Australasia, and Far East

ETF

           Exchange Traded Fund

MSCI

           Morgan Stanley Capital International

SPDR

           Standard & Poor’s Depositary Receipts

TIPS

           Treasury Inflation Protected Security

(a)

           Non-income producing security.

(b)

           Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.

(g)

           Amount rounds to less than 0.1%.

(l)

           The rate shown is the current yield as of March 31, 2015.

(m)

           All or a portion of this security is reserved and/or pledged with the custodian for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, unfunded commitments and/or forward foreign currency exchange contracts.

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 certified portfolio holdings filed quarterly on Form N-Q, 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.

As of March 31, 2015, 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

   $ 3,501,175   

Aggregate gross unrealized depreciation

     (320,239 )
  

 

 

 

Net unrealized appreciation/depreciation

   $ 3,180,936  
  

 

 

 

Federal income tax cost of investments

   $ 55,753,445  
  

 

 

 

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 are 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)

     58,909,350        25,031        —          58,934,381  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

(a) All portfolio holdings designated as Level 1 and Level 2 are disclosed individually on the SOI. Level 2 consists of a U.S. Treasury Note. Please refer to the SOI for asset class specifics of portfolio holdings.

There were no transfers among any levels during the period ended March 31, 2015.


JPMorgan SmartRetirement Blend 2020 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited)

 

SHARES

    

SECURITY DESCRIPTION

   VALUE($)  

 

Exchange Traded Funds — 64.6%

  

   Fixed Income — 18.9%   
  9,175      iShares Barclays TIPS Bond ETF      1,042,188  
  235,816      iShares Core U.S. Aggregate Bond ETF      26,276,977  
     

 

 

 
   Total Fixed Income      27,319,165  
     

 

 

 
   International Equity — 12.2%   
  249,693      iShares MSCI EAFE ETF      16,022,800  
  39,125      iShares MSCI Emerging Markets ETF      1,570,086  
  601      SPDR S&P Global Natural Resources ETF      25,801  
     

 

 

 
   Total International Equity      17,618,687  
     

 

 

 
   U.S. Equity — 33.5%   
  27,419      iShares Russell 2000 ETF      3,409,553  
  31,652      iShares Russell Mid-Cap ETF      5,479,594  
  209,775      Vanguard S&P 500 ETF      39,689,430  
     

 

 

 
   Total U.S. Equity      48,578,577  
     

 

 

 
  

Total Exchange Traded Funds

(Cost $85,814,292)

     93,516,429  
     

 

 

 

 

Investment Companies — 34.7% (b)

  
   Alternative Assets — 4.3%   
  11,517      JPMorgan Commodities Strategy Fund, Class R6 Shares (a)      118,971  
  415,684      JPMorgan Realty Income Fund, Class R5 Shares      6,068,991  
     

 

 

 
   Total Alternative Assets      6,187,962  
     

 

 

 
   Fixed Income — 27.0%   
  1,816,751      JPMorgan Core Bond Fund, Class R6 Shares      21,601,170  
  464,733      JPMorgan Corporate Bond Fund, Class R6 Shares      4,744,923  
  320,291      JPMorgan Emerging Markets Debt Fund, Class R6 Shares      2,639,199  
  77,496      JPMorgan Emerging Markets Local Currency Debt Fund, Class R6 Shares      647,869  
  117,266      JPMorgan Floating Rate Income Fund, Class R6 Shares      1,150,384  
  801,633      JPMorgan High Yield Fund, Class R6 Shares      6,148,522  
  212,249      JPMorgan Inflation Managed Bond Fund, Class R6 Shares      2,194,655  
     

 

 

 
   Total Fixed Income      39,126,722  
     

 

 

 
   International Equity — 1.8%   
  88,969      JPMorgan Emerging Economies Fund, Class R5 Shares      1,114,778  
  62,614      JPMorgan Emerging Markets Equity Fund, Class R6 Shares      1,435,116  
     

 

 

 
   Total International Equity      2,549,894  
     

 

 

 
   Money Market — 1.6%   
  2,369,255       JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.040% (l) (m)      2,369,255  
     

 

 

 
  

Total Investment Companies

(Cost $49,622,906)

     50,233,833  
     

 

 

 

PRINCIPAL
AMOUNT($)

             

 

U.S. Treasury Obligation — 0.1%

  
  175,000      

U.S. Treasury Note, 0.375%, 01/31/16 (k)

(Cost $175,198)

     175,219  
     

 

 

 
  

Total Investments — 99.4%

(Cost $135,612,396)

     143,925,481  
   Other Assets in Excess of Liabilities — 0.6%      826,887  
     

 

 

 
   NET ASSETS — 100.0%    $ 144,752,368  
     

 

 

 

 

Percentages indicated are based on net assets.


JPMorgan SmartRetirement Blend 2020 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

 

Futures Contracts

 

NUMBER OF
CONTRACTS

    

DESCRIPTION

   EXPIRATION
DATE
     NOTIONAL
VALUE AT
MARCH 31,
2015
    NET
UNREALIZED
APPRECIATION
(DEPRECIATION)
 
   Long Futures Outstanding        
  24       E-mini S&P 500      06/19/15       $ 2,472,960     $ 26,537  
   Short Futures Outstanding        
  (2)       5 Year U.S. Treasury Note      06/30/15         (240,422     (51
          

 

 

 
           $ 26,486  
          

 

 

 

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

 

EAFE

           Europe, Australasia, and Far East

ETF

           Exchange Traded Fund

MSCI

           Morgan Stanley Capital International

SPDR

           Standard & Poor’s Depositary Receipts

TIPS

           Treasury Inflation Protected Security

(a)

           Non-income producing security.

(b)

           Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.

(k)

           All or a portion of this security is deposited with the broker as collateral for futures or with brokers as initial margin for futures contracts.

(l)

           The rate shown is the current yield as of March 31, 2015.

(m)

           All or a portion of this security is reserved and/or pledged with the custodian for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, unfunded commitments and/or forward foreign currency exchange contracts.

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 certified portfolio holdings filed quarterly on Form N-Q, 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.

As of March 31, 2015, 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

   $ 8,837,142   

Aggregate gross unrealized depreciation

     (524,057 )
  

 

 

 

Net unrealized appreciation/depreciation

   $ 8,313,085  
  

 

 

 

Federal income tax cost of investments

   $ 135,612,396  
  

 

 

 


JPMorgan SmartRetirement Blend 2020 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (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 are 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)

   $ 143,750,262     $ 175,219      $ —        $ 143,925,481  

Appreciation in Other Financial Instruments

          

Futures Contracts

   $ 26,537     $ —        $ —        $ 26,537  

Depreciation in Other Financial Instruments

          

Futures Contracts

   $ (51   $ —        $ —        $ (51
  

 

 

   

 

 

    

 

 

    

 

 

 

 

(a) All portfolio holdings designated as Level 1 and Level 2 are disclosed individually on the SOI. Level 2 consists of a U.S. Treasury Note that is held for futures collateral. Please refer to the SOI for asset class specifics of portfolio holdings.

There were no transfers among any levels during the period ended March 31, 2015.


JPMorgan SmartRetirement Blend 2025 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited)

 

SHARES

    

SECURITY DESCRIPTION

   VALUE($)  

 

Exchange Traded Funds — 69.8%

  

   Fixed Income — 15.1%   
  162,513      iShares Core U.S. Aggregate Bond ETF      18,108,824  
     

 

 

 
   International Equity — 14.7%   
  247,756      iShares MSCI EAFE ETF      15,898,502  
  43,597      iShares MSCI Emerging Markets ETF      1,749,548  
     

 

 

 
   Total International Equity      17,648,050  
     

 

 

 
   U.S. Equity — 40.0%   
  28,622      iShares Russell 2000 ETF      3,559,146  
  29,847      iShares Russell Mid-Cap ETF      5,167,112  
  208,499      Vanguard S&P 500 ETF      39,448,011  
     

 

 

 
   Total U.S. Equity      48,174,269  
     

 

 

 
  

Total Exchange Traded Funds

(Cost $77,233,098)

     83,931,143  
     

 

 

 

 

Investment Companies — 29.1% (b)

  
   Alternative Assets — 4.8%   
  390,675      JPMorgan Realty Income Fund, Class R5 Shares      5,703,860  
     

 

 

 
   Fixed Income — 21.0%   
  1,260,453      JPMorgan Core Bond Fund, Class R6 Shares      14,986,785  
  309,898      JPMorgan Corporate Bond Fund, Class R6 Shares      3,164,055  
  241,756      JPMorgan Emerging Markets Debt Fund, Class R6 Shares      1,992,071  
  41,883      JPMorgan Emerging Markets Local Currency Debt Fund, Class R6 Shares      350,139  
  619,637      JPMorgan High Yield Fund, Class R6 Shares      4,752,619  
     

 

 

 
   Total Fixed Income      25,245,669  
     

 

 

 
   International Equity — 2.3%   
  100,889      JPMorgan Emerging Economies Fund, Class R5 Shares      1,264,144  
  67,514      JPMorgan Emerging Markets Equity Fund, Class R6 Shares      1,547,430  
     

 

 

 
   Total International Equity      2,811,574  
     

 

 

 
   Money Market — 1.0%   
  1,215,335      JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.040% (l) (m)      1,215,335  
     

 

 

 
  

Total Investment Companies

(Cost $34,485,186)

     34,976,438  
     

 

 

 

PRINCIPAL
AMOUNT($)

             

 

U.S. Treasury Obligation — 0.1%

  
  125,000      U.S. Treasury Note, 0.375%, 01/31/16 (k)
(Cost $125,142)
     125,156  
     

 

 

 
   Total Investments — 99.0%
(Cost $111,843,426)
     119,032,737  
   Other Assets in Excess of Liabilities — 1.0%      1,231,774  
     

 

 

 
   NET ASSETS — 100.0%    $ 120,264,511  
     

 

 

 

 

Percentages indicated are based on net assets.


JPMorgan SmartRetirement Blend 2025 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

 

Futures Contracts

 

NUMBER OF

CONTRACTS

    

DESCRIPTION

   EXPIRATION
DATE
     NOTIONAL
VALUE AT
MARCH 31,
2015
    NET
UNREALIZED
APPRECIATION
(DEPRECIATION)
 
   Long Futures Outstanding   
  2       E-mini Russell 2000      06/19/15       $ 249,780     $ (2,404
  11       E-mini S&P 500      06/19/15         1,133,440       15,846  
   Short Futures Outstanding   
  (4)       5 Year U.S. Treasury Note      06/30/15         (480,844     (539
          

 

 

 
           $ 12,903  
          

 

 

 

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

 

EAFE       Europe, Australasia, and Far East
ETF       Exchange Traded Fund
MSCI       Morgan Stanley Capital International
(b)       Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(k)       All or a portion of this security is deposited with the broker as collateral for futures or with brokers as initial margin for futures contracts.
(l)       The rate shown is the current yield as of March 31, 2015.
(m)       All or a portion of this security is reserved and/or pledged with the custodian for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, unfunded commitments and/or forward foreign currency exchange contracts.

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 certified portfolio holdings filed quarterly on Form N-Q, 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.

As of March 31, 2015, 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

   $ 7,598,473   

Aggregate gross unrealized depreciation

     (409,162 )

Net unrealized appreciation/depreciation

   $ 7,189,311  
  

 

 

 

Federal income tax cost of investments

   $ 111,843,426  
  

 

 

 


JPMorgan SmartRetirement Blend 2025 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (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 are 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)

   $ 118,907,581     $ 125,156      $ —        $ 119,032,737  

Appreciation in Other Financial Instruments

          

Futures Contracts

   $ 15,846     $ —        $ —        $ 15,846  

Depreciation in Other Financial Instruments

          

Futures Contracts

   $ (2,943   $ —        $ —        $ (2,943
  

 

 

   

 

 

    

 

 

    

 

 

 

 

(a) All portfolio holdings designated as Level 1 and Level 2 are disclosed individually on the SOI. Level 2 consists of a U.S. Treasury Note that is held for futures collateral. Please refer to the SOI for asset class specifics of portfolio holdings.

There were no transfers among any levels during the period ended March 31, 2015.


JPMorgan SmartRetirement Blend 2030 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited)

 

SHARES

    

SECURITY DESCRIPTION

   VALUE($)  

 

Exchange Traded Funds — 73.5%

  

   Fixed Income — 10.8%   
  129,691      iShares Core U.S. Aggregate Bond ETF      14,451,468  
     

 

 

 
   International Equity — 16.9%   
  308,814      iShares MSCI EAFE ETF      19,816,595  
  69,533      iShares MSCI Emerging Markets ETF      2,790,359  
     

 

 

 
   Total International Equity      22,606,954  
     

 

 

 
   U.S. Equity — 45.8%   
  34,860      iShares Russell 2000 ETF      4,334,841  
  39,270      iShares Russell Mid-Cap ETF      6,798,423  
  264,292      Vanguard S&P 500 ETF      50,004,046  
     

 

 

 
   Total U.S. Equity      61,137,310  
     

 

 

 
  

Total Exchange Traded Funds

(Cost $89,947,205)

     98,195,732  
     

 

 

 

 

Investment Companies — 25.4% (b)

  
   Alternative Assets — 5.2%   
  471,230      JPMorgan Realty Income Fund, Class R5 Shares      6,879,964  
     

 

 

 
   Fixed Income — 15.6%   
  971,362      JPMorgan Core Bond Fund, Class R6 Shares      11,549,496  
  243,569      JPMorgan Corporate Bond Fund, Class R6 Shares      2,486,842  
  240,788      JPMorgan Emerging Markets Debt Fund, Class R6 Shares      1,984,093  
  47,223      JPMorgan Emerging Markets Local Currency Debt Fund, Class R6 Shares      394,787  
  567,590      JPMorgan High Yield Fund, Class R6 Shares      4,353,413  
     

 

 

 
   Total Fixed Income      20,768,631  
     

 

 

 
   International Equity — 2.7%   
  130,380      JPMorgan Emerging Economies Fund, Class R5 Shares      1,633,668  
  85,037      JPMorgan Emerging Markets Equity Fund, Class R6 Shares      1,949,056  
     

 

 

 
   Total International Equity      3,582,724  
     

 

 

 
   Money Market — 1.9%   
  2,597,721      JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.040% (l)      2,597,721  
     

 

 

 
  

Total Investment Companies

(Cost $33,148,974)

     33,829,040  
     

 

 

 

PRINCIPAL
AMOUNT($)

             

 

U.S. Treasury Obligation — 0.1%

  
  140,000     

U.S. Treasury Note, 0.375%, 01/31/16 (k)

(Cost $140,180)

     140,175  
     

 

 

 
  

Total Investments — 99.0%

(Cost $123,236,359)

     132,164,947  
   Other Assets in Excess of Liabilities — 1.0%      1,385,669  
     

 

 

 
   NET ASSETS — 100.0%    $ 133,550,616  
     

 

 

 

 

Percentages indicated are based on net assets.


JPMorgan SmartRetirement Blend 2030 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

 

Futures Contracts

 

NUMBER OF
CONTRACTS

    

DESCRIPTION

   EXPIRATION
DATE
     NOTIONAL
VALUE AT
MARCH 31,
2015
     NET
UNREALIZED
APPRECIATION
(DEPRECIATION)
 
   Long Futures Outstanding   
  4       E-mini Russell 2000      06/19/15       $ 499,560      $ (4,808
  16       E-mini S&P 500      06/19/15         1,648,640        23,048  
           

 

 

 
            $ 18,240  
           

 

 

 

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

 

EAFE       Europe, Australasia, and Far East
ETF       Exchange Traded Fund
MSCI       Morgan Stanley Capital International
(b)       Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(k)       All or a portion of this security is deposited with the broker as collateral for futures or with brokers as initial margin for futures contracts.
(l)       The rate shown is the current yield as of March 31, 2015.

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 certified portfolio holdings filed quarterly on Form N-Q, 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.

As of March 31, 2015, 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

   $ 9,282,077   

Aggregate gross unrealized depreciation

     (353,489 )

Net unrealized appreciation/depreciation

   $ 8,928,588  
  

 

 

 

Federal income tax cost of investments

   $ 123,236,359  
  

 

 

 


JPMorgan SmartRetirement Blend 2030 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (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 are 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)

   $ 132,024,772     $ 140,175      $ —        $ 132,164,947  

Appreciation in Other Financial
Instruments

          

Futures Contracts

   $ 23,048     $ —        $ —        $ 23,048  

Depreciation in Other Financial
Instruments

          

Futures Contracts

   $ (4,808   $ —        $ —        $ (4,808
  

 

 

   

 

 

    

 

 

    

 

 

 

 

(a) All portfolio holdings designated as Level 1 and Level 2 are disclosed individually on the SOI. Level 2 consists of a U.S. Treasury Note that is held for futures collateral. Please refer to the SOI for asset class specifics of portfolio holdings.

There were no transfers among any levels during the period ended March 31, 2015.


JPMorgan SmartRetirement Blend 2035 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited)

 

SHARES

    

SECURITY DESCRIPTION

   VALUE($)  

 

Exchange Traded Funds — 75.9%

  

   Fixed Income — 7.4%   
  58,623      iShares Core U.S. Aggregate Bond ETF      6,532,361  
     

 

 

 
   International Equity — 18.9%   
  227,405      iShares MSCI EAFE ETF      14,592,579  
  54,381      iShares MSCI Emerging Markets ETF      2,182,310  
     

 

 

 
   Total International Equity      16,774,889  
     

 

 

 
   U.S. Equity — 49.6%   
  26,003      iShares Russell 2000 ETF      3,233,473  
  27,635      iShares Russell Mid-Cap ETF      4,784,171  
  189,540      Vanguard S&P 500 ETF      35,860,968  
     

 

 

 
   Total U.S. Equity      43,878,612  
     

 

 

 
   Total Exchange Traded Funds
(Cost $62,057,564)
     67,185,862  
     

 

 

 

 

Investment Companies — 22.5% (b)

  
   Alternative Assets — 5.7%   
  343,333      JPMorgan Realty Income Fund, Class R5 Shares      5,012,660  
     

 

 

 
   Fixed Income — 11.8%   
  439,013      JPMorgan Core Bond Fund, Class R6 Shares      5,219,862  
  115,299      JPMorgan Corporate Bond Fund, Class R6 Shares      1,177,203  
  131,454      JPMorgan Emerging Markets Debt Fund, Class R6 Shares      1,083,178  
  24,245      JPMorgan Emerging Markets Local Currency Debt Fund, Class R6 Shares      202,685  
  363,133      JPMorgan High Yield Fund, Class R6 Shares      2,785,226  
     

 

 

 
   Total Fixed Income      10,468,154  
     

 

 

 
   International Equity — 2.9%   
  90,497      JPMorgan Emerging Economies Fund, Class R5 Shares      1,133,923  
  64,294      JPMorgan Emerging Markets Equity Fund, Class R6 Shares      1,473,624  
     

 

 

 
   Total International Equity      2,607,547  
     

 

 

 
   Money Market — 2.1%   
  1,850,334      JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.040% (l) (m)      1,850,334  
     

 

 

 
   Total Investment Companies
(Cost $19,498,114)
     19,938,695  
     

 

 

 

PRINCIPAL
AMOUNT($)

             

 

U.S. Treasury Obligation — 0.1%

  

  80,000     

U.S. Treasury Notes, 0.375%, 01/31/16 (k)

(Cost $80,105)

     80,100  
     

 

 

 
  

Total Investments — 98.5%

(Cost $81,635,783)

     87,204,657  
   Other Assets in Excess of Liabilities — 1.5%      1,283,123  
     

 

 

 
   NET ASSETS — 100.0%    $ 88,487,780  
     

 

 

 

 

Percentages indicated are based on net assets.


JPMorgan SmartRetirement Blend 2035 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

 

Futures Contracts

 

NUMBER OF
CONTRACTS

    

DESCRIPTION

   EXPIRATION
DATE
     NOTIONAL
VALUE AT
MARCH 31,
2015
     NET
UNREALIZED
APPRECIATION
(DEPRECIATION)
 
   Long Futures Outstanding   
  3       E-mini Russell 2000      06/19/15       $ 374,670      $ (3,616
  11       E-mini S&P 500      06/19/15         1,133,440        10,665  
  1       5 Year U.S. Treasury Note      06/30/15         120,211        647  
           

 

 

 
            $ 7,696  
           

 

 

 

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

 

EAFE       Europe, Australasia, and Far East
ETF       Exchange Traded Fund
MSCI       Morgan Stanley Capital International
(b)       Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(k)   

   All or a portion of this security is deposited with the broker as collateral for futures or with brokers as initial margin for futures contracts.
(l)       The rate shown is the current yield as of March 31, 2015.
(m)       All or a portion of this security is reserved and/or pledged with the custodian for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, unfunded commitments and/or forward foreign currency exchange contracts.

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 certified portfolio holdings filed quarterly on Form N-Q, 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.

As of March 31, 2015, 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

   $ 5,769,716   

Aggregate gross unrealized depreciation

     (200,842 )
  

 

 

 

Net unrealized appreciation/depreciation

   $ 5,568,874  
  

 

 

 

Federal income tax cost of investments

   $ 81,635,783  
  

 

 

 


JPMorgan SmartRetirement Blend 2035 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (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 are 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)

   $ 87,124,557     $ 80,100      $ —        $ 87,204,657  

Appreciation in Other Financial Instruments

          

Futures Contracts

   $ 11,312     $ —        $ —        $ 11,312  

Depreciation in Other Financial Instruments

          

Futures Contracts

   $ (3,616   $ —        $ —        $ (3,616
  

 

 

   

 

 

    

 

 

    

 

 

 

 

 

(a) All portfolio holdings designated as Level 1 and Level 2 are disclosed individually on the SOI. Level 2 consists of a U.S. Treasury Note that is held for futures collateral. Please refer to the SOI for asset class specifics of portfolio holdings.

There were no transfers among any levels during the period ended March 31, 2015.


JPMorgan SmartRetirement Blend 2040 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited)

 

SHARES

    

SECURITY DESCRIPTION

   VALUE($)  

 

Exchange Traded Funds — 79.0%

  

   Fixed Income — 4.8%   
  35,146      iShares Core U.S. Aggregate Bond ETF      3,916,319  
     

 

 

 
   International Equity — 21.0%   
  232,842      iShares MSCI EAFE ETF      14,941,471  
  56,425      iShares MSCI Emerging Markets ETF      2,264,335  
     

 

 

 
   Total International Equity      17,205,806  
     

 

 

 
   U.S. Equity — 53.2%   
  26,143      iShares Russell 2000 ETF      3,250,882  
  27,837      iShares Russell Mid-Cap ETF      4,819,141  
  188,319      Vanguard S&P 500 ETF      35,629,955  
     

 

 

 
   Total U.S. Equity      43,699,978  
     

 

 

 
  

Total Exchange Traded Funds

(Cost $59,425,073)

     64,822,103  
     

 

 

 

 

Investment Companies — 21.1% (b)

  
   Alternative Assets — 6.0%   
  336,317      JPMorgan Realty Income Fund, Class R5 Shares      4,910,233  
     

 

 

 
   Fixed Income — 9.1%   
  275,345      JPMorgan Core Bond Fund, Class R6 Shares      3,273,853  
  80,619      JPMorgan Corporate Bond Fund, Class R6 Shares      823,120  
  111,429      JPMorgan Emerging Markets Debt Fund, Class R6 Shares      918,173  
  23,317      JPMorgan Emerging Markets Local Currency Debt Fund, Class R6 Shares      194,933  
  300,419      JPMorgan High Yield Fund, Class R6 Shares      2,304,213  
     

 

 

 
   Total Fixed Income      7,514,292  
     

 

 

 
   International Equity — 3.4%   
  96,828      JPMorgan Emerging Economies Fund, Class R5 Shares      1,213,250  
  67,873      JPMorgan Emerging Markets Equity Fund, Class R6 Shares      1,555,648  
     

 

 

 
   Total International Equity      2,768,898  
     

 

 

 
   Money Market — 2.6%   
  2,134,743      JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.040% (l)      2,134,743  
     

 

 

 
  

Total Investment Companies

(Cost $16,878,287)

     17,328,166  
     

 

 

 

PRINCIPAL
AMOUNT($)

             

 

U.S. Treasury Obligation — 0.1%

  
  100,000     

U.S. Treasury Note, 0.375%, 01/31/16 (k)

(Cost $100,129)

     100,125  
     

 

 

 
  

Total Investments — 100.2%

(Cost $76,403,489)

     82,250,394  
   Liabilities in Excess of Other Assets — (0.2)%      (190,050 ) 
     

 

 

 
   NET ASSETS — 100.0%    $ 82,060,344  
     

 

 

 

 

Percentages indicated are based on net assets.


JPMorgan SmartRetirement Blend 2040 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

 

Futures Contracts

 

NUMBER OF
CONTRACTS

    

DESCRIPTION

   EXPIRATION
DATE
     NOTIONAL
VALUE AT
MARCH 31,
2015
    NET
UNREALIZED
APPRECIATION
(DEPRECIATION)
 
   Long Futures Outstanding   
  1       E-mini Russell 2000      06/19/15       $ 124,890     $ (1,532
  10       E-mini S&P 500      06/19/15         1,030,400       14,405  
   Short Futures Outstanding   
  (1)       5 Year U.S. Treasury Note      06/30/15         (120,211     (25
          

 

 

 
           $ 12,848  
          

 

 

 

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

 

EAFE

      Europe, Australasia, and Far East

ETF

      Exchange Traded Fund

MSCI

      Morgan Stanley Capital International

(b)

      Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.

(k)

      All or a portion of this security is deposited with the broker as collateral for futures or with brokers as initial margin for futures contracts.

(l)

      The rate shown is the current yield as of March 31, 2015.

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 certified portfolio holdings filed quarterly on Form N-Q, 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.

As of March 31, 2015, 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

   $ 6,025,284   

Aggregate gross unrealized depreciation

     (178,379 )
  

 

 

 

Net unrealized appreciation/depreciation

   $ 5,846,905  
  

 

 

 

Federal income tax cost of investments

   $ 76,403,489  
  

 

 

 


JPMorgan SmartRetirement Blend 2040 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (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 are 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)

   $ 82,150,269     $ 100,125      $ —        $ 82,250,394  

Appreciation in Other Financial Instruments

          

Futures Contracts

   $ 14,405     $ —        $ —        $ 14,405  

Depreciation in Other Financial Instruments

          

Futures Contracts

   $ (1,557   $ —        $ —        $ (1,557
  

 

 

   

 

 

    

 

 

    

 

 

 

 

(a) All portfolio holdings designated as Level 1 and Level 2 are disclosed individually on the SOI. Level 2 consists of a U.S. Treasury Note that is held for futures collateral. Please refer to the SOI for asset class specifics of portfolio holdings.

There were no transfers among any levels during the period ended March 31, 2015.


JPMorgan SmartRetirement Blend 2045 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited)

 

SHARES

  

SECURITY DESCRIPTION

   VALUE($)  

Exchange Traded Funds — 79.0%

  
   Fixed Income — 4.8%   

18,349

   iShares Core U.S. Aggregate Bond ETF      2,044,629  
     

 

 

 
  

International Equity — 21.0%

  

121,318

   iShares MSCI EAFE ETF      7,784,976  

30,757

   iShares MSCI Emerging Markets ETF      1,234,279  
     

 

 

 
  

Total International Equity

     9,019,255  
     

 

 

 
  

U.S. Equity — 53.2%

  

13,534

   iShares Russell 2000 ETF      1,682,953  

14,318

   iShares Russell Mid-Cap ETF      2,478,732  

98,866

   Vanguard S&P 500 ETF      18,705,447  
     

 

 

 
  

Total U.S. Equity

     22,867,132  
     

 

 

 
  

Total Exchange Traded Funds

(Cost $31,454,169)

     33,931,016  
     

 

 

 

Investment Companies — 20.0% (b)

  
  

Alternative Assets — 6.0%

  

177,197

   JPMorgan Realty Income Fund, Class R5 Shares      2,587,081  
     

 

 

 
  

Fixed Income — 9.0%

  

141,859

   JPMorgan Core Bond Fund, Class R6 Shares      1,686,704  

34,871

   JPMorgan Corporate Bond Fund, Class R6 Shares      356,028  

57,815

   JPMorgan Emerging Markets Debt Fund, Class R6 Shares      476,394  

10,473

   JPMorgan Emerging Markets Local Currency Debt Fund, Class R6 Shares      87,551  

162,167

   JPMorgan High Yield Fund, Class R6 Shares      1,243,819  
     

 

 

 
  

Total Fixed Income

     3,850,496  
     

 

 

 
  

International Equity — 3.3%

  

47,087

   JPMorgan Emerging Economies Fund, Class R5 Shares      590,005  

35,173

   JPMorgan Emerging Markets Equity Fund, Class R6 Shares      806,164  
     

 

 

 
  

Total International Equity

     1,396,169  
     

 

 

 
  

Money Market — 1.7%

  

733,094

   JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.040% (l)      733,094  
     

 

 

 
  

Total Investment Companies

(Cost $8,354,741)

     8,566,840  
     

 

 

 

PRINCIPAL
AMOUNT($)

           

U.S. Treasury Obligation — 0.1%

  

50,000

  

U.S. Treasury Note, 0.375%, 01/31/16 (k)

(Cost $50,066)

     50,062  
     

 

 

 
  

Total Investments — 99.1%

(Cost $39,858,976)

     42,547,918  
   Other Assets in Excess of Liabilities — 0.9%      394,279  
     

 

 

 
   NET ASSETS — 100.0%    $ 42,942,197  
     

 

 

 

 

Percentages indicated are based on net assets.


JPMorgan SmartRetirement Blend 2045 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

 

Futures Contracts

 

NUMBER OF
CONTRACTS

    

DESCRIPTION

   EXPIRATION
DATE
     NOTIONAL
VALUE AT
MARCH 31,
2015
     NET
UNREALIZED
APPRECIATION
(DEPRECIATION)
 
  

Long Futures Outstanding

        
  1       E-mini Russell 2000      06/19/15       $ 124,890      $ (1,202
  5       E-mini S&P 500      06/19/15         515,200        7,202  
           

 

 

 
            $ 6,000  
           

 

 

 

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

 

EAFE

      Europe, Australasia, and Far East

ETF

      Exchange Traded Fund

MSCI

      Morgan Stanley Capital International

(b)

      Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.

(k)

      All or a portion of this security is deposited with the broker as collateral for futures or with brokers as initial margin for futures contracts.

(l)

      The rate shown is the current yield as of March 31, 2015.

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 certified portfolio holdings filed quarterly on Form N-Q, 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.

As of March 31, 2015, 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

   $ 2,797,490   

Aggregate gross unrealized depreciation

     (108,548 )
  

 

 

 

Net unrealized appreciation/depreciation

   $ 2,688,942  
  

 

 

 

Federal income tax cost of investments

   $ 39,858,976  
  

 

 

 

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 are 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.


JPMorgan SmartRetirement Blend 2045 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

 

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)

   $ 42,497,856     $ 50,062      $  —         $ 42,547,918  

Appreciation in Other Financial Instruments

          

Futures Contracts

   $ 7,202     $  —         $  —         $ 7,202  

Depreciation in Other Financial Instruments

          

Futures Contracts

   $ (1,202   $  —         $  —         $ (1,202
  

 

 

   

 

 

    

 

 

    

 

 

 

 

(a) All portfolio holdings designated as Level 1 and Level 2 are disclosed individually on the SOI. Level 2 consists of a U.S. Treasury Note that is held for futures collateral. Please refer to the SOI for asset class specifics of portfolio holdings.

There were no transfers among any levels during the period ended March 31, 2015.


JPMorgan SmartRetirement Blend 2050 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited)

 

SHARES

    

SECURITY DESCRIPTION

   VALUE($)  

 

Exchange Traded Funds — 77.7%

  
   Fixed Income — 4.7%   
  12,628      iShares Core U.S. Aggregate Bond ETF      1,407,138  
     

 

 

 
   International Equity — 20.5%   
  83,244      iShares MSCI EAFE ETF      5,341,767  
  18,698      iShares MSCI Emerging Markets ETF      750,351  
     

 

 

 
  

Total International Equity

     6,092,118  
     

 

 

 
   U.S. Equity — 52.5%   
  9,989      iShares Russell 2000 ETF      1,242,132  
  10,047      iShares Russell Mid-Cap ETF      1,739,337  
  66,454      Vanguard S&P 500 ETF      12,573,097  
     

 

 

 
  

Total U.S. Equity

     15,554,566  
     

 

 

 
  

Total Exchange Traded Funds

(Cost $21,163,843)

     23,053,822  
     

 

 

 

 

Investment Companies — 20.6% (b)

  
   Alternative Assets — 5.9%   
  120,455     

JPMorgan Realty Income Fund, Class R5 Shares

     1,758,638  
     

 

 

 
   Fixed Income — 9.4%   
  102,509      JPMorgan Core Bond Fund, Class R6 Shares      1,218,835  
  31,861      JPMorgan Corporate Bond Fund, Class R6 Shares      325,303  
  38,418      JPMorgan Emerging Markets Debt Fund, Class R6 Shares      316,561  
  7,310      JPMorgan Emerging Markets Local Currency Debt Fund, Class R6 Shares      61,111  
  110,432      JPMorgan High Yield Fund, Class R6 Shares      847,013  
     

 

 

 
  

Total Fixed Income

     2,768,823  
     

 

 

 
   International Equity — 3.6%   
  37,223      JPMorgan Emerging Economies Fund, Class R5 Shares      466,402  
  25,698      JPMorgan Emerging Markets Equity Fund, Class R6 Shares      589,003  
     

 

 

 
  

Total International Equity

     1,055,405  
     

 

 

 
   Money Market — 1.7%   
  513,166      JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.040% (l) (m)      513,166  
     

 

 

 
  

Total Investment Companies

(Cost $5,951,178)

     6,096,032  
     

 

 

 

PRINCIPAL
AMOUNT($)

             

 

U.S. Treasury Obligation — 0.1%

  
  40,000     

U.S. Treasury Note, 0.375%, 01/31/16 (k)

(Cost $40,053)

     40,050  
     

 

 

 
  

Total Investments — 98.4%

(Cost $27,155,074)

     29,189,904  
   Other Assets in Excess of Liabilities — 1.6%      460,356  
     

 

 

 
   NET ASSETS — 100.0%    $ 29,650,260  
     

 

 

 

 

Percentages indicated are based on net assets.


JPMorgan SmartRetirement Blend 2050 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

 

Futures Contracts

 

NUMBER OF

CONTRACTS

    

DESCRIPTION

   EXPIRATION
DATE
     NOTIONAL
VALUE AT
MARCH 31,

2015
    NET
UNREALIZED
APPRECIATION
(DEPRECIATION)
 
   Long Futures Outstanding        
  6       E-mini S&P 500      06/19/15       $ 618,240     $ 6,628  
   Short Futures Outstanding        
  (1)       5 Year U.S. Treasury Note      06/30/15         (120,211     (940
          

 

 

 
           $ 5,688  
          

 

 

 

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

 

EAFE

      Europe, Australasia, and Far East

ETF

      Exchange Traded Fund

MSCI

      Morgan Stanley Capital International

(b)

      Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.

(k)

      All or a portion of this security is deposited with the broker as collateral for futures or with brokers as initial margin for futures contracts.

(l)

      The rate shown is the current yield as of March 31, 2015.

(m)

      All or a portion of this security is reserved and/or pledged with the custodian for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, unfunded commitments and/or forward foreign currency exchange contracts.

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 certified portfolio holdings filed quarterly on Form N-Q, 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.

As of March 31, 2015, 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

   $ 2,107,133   

Aggregate gross unrealized depreciation

     (72,303 )
  

 

 

 

Net unrealized appreciation/depreciation

   $ 2,034,830  
  

 

 

 

Federal income tax cost of investments

   $ 27,155,074  
  

 

 

 


JPMorgan SmartRetirement Blend 2050 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (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 are 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)

   $ 29,149,854     $ 40,050      $  —         $ 29,189,904  

Appreciation in Other Financial Instruments

          

Futures Contracts

   $ 6,628     $  —         $  —         $ 6,628  

Depreciation in Other Financial Instruments

          

Futures Contracts

   $ (940   $  —         $  —         $ (940
  

 

 

   

 

 

    

 

 

    

 

 

 

 

(a) All portfolio holdings designated as Level 1 and Level 2 are disclosed individually on the SOI. Level 2 consists of a U.S. Treasury Note that is held for futures collateral. Please refer to the SOI for asset class specifics of portfolio holdings.

There were no transfers among any levels during the period ended March 31, 2015.


JPMorgan SmartRetirement Blend 2055 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited)

 

SHARES

  

SECURITY DESCRIPTION

   VALUE($)  

Exchange Traded Funds — 80.3%

  

   Fixed Income — 4.8%   

4,176

   iShares Core U.S. Aggregate Bond ETF      465,332  
     

 

 

 
   International Equity — 20.9%   

27,690

   iShares MSCI EAFE ETF      1,776,867  

6,402

   iShares MSCI Emerging Markets ETF      256,912  
     

 

 

 
   Total International Equity      2,033,779  
     

 

 

 
   U.S. Equity — 54.6%   

3,287

   iShares Russell 2000 ETF      408,739  

3,392

   iShares Russell Mid-Cap ETF      587,223  

22,846

   Vanguard S&P 500 ETF      4,322,463  
     

 

 

 
   Total U.S. Equity      5,318,425  
     

 

 

 
  

Total Exchange Traded Funds

(Cost $7,172,125)

     7,817,536  
     

 

 

 

Investment Companies — 20.1% (b)

  

   Alternative Assets — 6.2%   

41,304

   JPMorgan Realty Income Fund, Class R5 Shares      603,037  
     

 

 

 
   Fixed Income — 9.1%   

31,642

   JPMorgan Core Bond Fund, Class R6 Shares      376,226  

8,629

   JPMorgan Corporate Bond Fund, Class R6 Shares      88,107  

13,028

   JPMorgan Emerging Markets Debt Fund, Class R6 Shares      107,347  

3,805

   JPMorgan Emerging Markets Local Currency Debt Fund, Class R6 Shares      31,814  

36,423

   JPMorgan High Yield Fund, Class R6 Shares      279,364  
     

 

 

 
   Total Fixed Income      882,858  
     

 

 

 
   International Equity — 3.5%   

12,289

   JPMorgan Emerging Economies Fund, Class R5 Shares      153,987  

8,349

   JPMorgan Emerging Markets Equity Fund, Class R6 Shares      191,365  
     

 

 

 
   Total International Equity      345,352  
     

 

 

 
   Money Market — 1.3%   

128,739

   JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.040% (l)      128,739  
     

 

 

 
  

Total Investment Companies

(Cost $1,915,141)

     1,959,986  
     

 

 

 

U.S. Treasury Obligation — 0.2%

  

20,000

  

U.S. Treasury Note, 0.375%, 01/31/16 (k)

(Cost $20,027)

     20,025  
     

 

 

 
  

Total Investments — 100.6%

(Cost $9,107,293)

     9,797,547  
   Liabilities in Excess of Other Assets — (0.6)%      (57,270
     

 

 

 
   NET ASSETS — 100.0%    $ 9,740,277  
     

 

 

 

 

Percentages indicated are based on net assets.


JPMorgan SmartRetirement Blend 2055 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

 

Futures Contracts

 

NUMBER OF

CONTRACTS

    

DESCRIPTION

   EXPIRATION
DATE
     NOTIONAL
VALUE AT
MARCH 31,
2015
     NET
UNREALIZED
APPRECIATION
(DEPRECIATION)
 
   Long Futures Outstanding         
  1      E-mini S&P 500      06/19/15       $ 103,040      $ 1,440  
           

 

 

 

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

 

EAFE       Europe, Australasia, and Far East
ETF       Exchange Traded Fund
MSCI       Morgan Stanley Capital International
(b)       Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(k)       All or a portion of this security is deposited with the broker as collateral for futures or with brokers as initial margin for futures contracts.
(l)       The rate shown is the current yield as of March 31, 2015.

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 certified portfolio holdings filed quarterly on Form N-Q, 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.

As of March 31, 2015, 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

   $ 718,702   

Aggregate gross unrealized depreciation

     (28,448 )
  

 

 

 

Net unrealized appreciation/depreciation

   $ 690,254  
  

 

 

 

Federal income tax cost of investments

   $ 9,107,293  
  

 

 

 


JPMorgan SmartRetirement Blend 2055 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (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 are 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)

   $ 9,777,522      $ 20,025      $  —         $ 9,797,547  

Appreciation in Other Financial Instruments

           

Futures Contracts

   $ 1,440      $  —         $  —         $ 1,440  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

(a) All portfolio holdings designated as Level 1 and Level 2 are disclosed individually on the SOI. Level 2 consists of a U.S. Treasury Note that is held for futures collateral. Please refer to the SOI for asset class specifics of portfolio holdings.

There were no transfers among any levels during the period ended March 31, 2015.


JPMorgan SmartRetirement Blend Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited)

 

SHARES

  

SECURITY DESCRIPTION

   VALUE($)  

Exchange Traded Funds — 49.3%

  
   Fixed Income — 18.7%   

9,261

   iShares Barclays TIPS Bond ETF      1,051,957  

69,591

   iShares Core U.S. Aggregate Bond ETF      7,754,525  
     

 

 

 
  

Total Fixed Income

     8,806,482  
     

 

 

 
   International Equity — 7.2%   

47,268

   iShares MSCI EAFE ETF      3,033,188  

2,941

   iShares MSCI Emerging Markets ETF      118,022  

5,293

   SPDR S&P Global Natural Resources ETF      227,228  
     

 

 

 
  

Total International Equity

     3,378,438  
     

 

 

 
   U.S. Equity — 23.4%   

6,338

   iShares Russell 2000 ETF      788,131  

6,060

   iShares Russell Mid-Cap ETF      1,049,107  

48,501

   Vanguard S&P 500 ETF      9,176,389  
     

 

 

 
  

Total U.S. Equity

     11,013,627  
     

 

 

 
  

Total Exchange Traded Funds

(Cost $21,470,364)

     23,198,547  
     

 

 

 

Investment Companies — 44.7% (b)

  
   Alternative Assets — 2.4%   

9,619

   JPMorgan Commodities Strategy Fund, Class R6 Shares (a)      99,360  

71,427

   JPMorgan Realty Income Fund, Class R5 Shares      1,042,835  
     

 

 

 
  

Total Alternative Assets

     1,142,195  
     

 

 

 
   Fixed Income — 31.5%   

560,924

   JPMorgan Core Bond Fund, Class R6 Shares      6,669,387  

140,324

   JPMorgan Corporate Bond Fund, Class R6 Shares      1,432,712  

112,734

   JPMorgan Emerging Markets Debt Fund, Class R6 Shares      928,930  

28,976

   JPMorgan Emerging Markets Local Currency Debt Fund, Class R6 Shares      242,238  

105,871

   JPMorgan Floating Rate Income Fund, Class R6 Shares      1,038,591  

305,987

   JPMorgan High Yield Fund, Class R6 Shares      2,346,922  

207,434

   JPMorgan Inflation Managed Bond Fund, Class R6 Shares      2,144,865  
     

 

 

 
  

Total Fixed Income

     14,803,645  
     

 

 

 
   International Equity — 0.6%   

11,198

   JPMorgan Emerging Economies Fund, Class R5 Shares      140,312  

5,902

   JPMorgan Emerging Markets Equity Fund, Class R6 Shares      135,265  
     

 

 

 
  

Total International Equity

     275,577  
     

 

 

 
   Money Market — 10.2%   

4,809,001

   JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.040% (l) (m)      4,809,001  
     

 

 

 
  

Total Investment Companies

(Cost $20,964,015)

     21,030,418  
     

 

 

 

PRINCIPAL
AMOUNT($)

           

U.S. Treasury Obligation — 0.0% (g)

  

25,000

  

U.S. Treasury Note, 0.375%, 01/31/16 (k)

(Cost $25,028)

     25,031  
  

Total Investments — 94.0%

(Cost $42,459,407)

     44,253,996  
   Other Assets in Excess of Liabilities — 6.0%      2,812,507  
     

 

 

 
   NET ASSETS — 100.0%    $ 47,066,503  
     

 

 

 

 

Percentages indicated are based on net assets.


JPMorgan SmartRetirement Blend Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

 

Futures Contracts

 

NUMBER OF

CONTRACTS

    

DESCRIPTION

   EXPIRATION
DATE
     NOTIONAL
VALUE AT
MARCH 31,

2015
     NET
UNREALIZED
APPRECIATION
(DEPRECIATION)
 
   Long Futures Outstanding         
  3       5 Year U.S. Treasury Note      06/30/15       $ 360,633      $ 1,252  
           

 

 

 

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

 

EAFE

           Europe, Australasia, and Far East

ETF

           Exchange Traded Fund

MSCI

           Morgan Stanley Capital International

SPDR

           Standard & Poor’s Depositary Receipts

TIPS

           Treasury Inflation Protected Security

(a)

           Non-income producing security.

(b)

           Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.

(g)

           Amount rounds to less than 0.1%.

(k)

           All or a portion of this security is deposited with the broker as collateral for futures or with brokers as initial margin for futures contracts.

(l)

           The rate shown is the current yield as of March 31, 2015.

(m)

           All or a portion of this security is reserved and/or pledged with the custodian for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, unfunded commitments and/or forward foreign currency exchange contracts.

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 certified portfolio holdings filed quarterly on Form N-Q, 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.

As of March 31, 2015, 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

   $ 2,055,165   

Aggregate gross unrealized depreciation

     (260,576 )
  

 

 

 

Net unrealized appreciation/depreciation

   $ 1,794,589  
  

 

 

 

Federal income tax cost of investments

   $ 42,459,407  
  

 

 

 


JPMorgan SmartRetirement Blend Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (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 are 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)

   $ 44,228,965      $ 25,031      $  —         $ 44,253,996  

Appreciation in Other Financial Instruments

           

Futures Contracts

   $ 1,252      $  —         $  —         $ 1,252  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

(a) All portfolio holdings designated as Level 1 and Level 2 are disclosed individually on the SOI. Level 2 consists of a U.S. Treasury Note that is held for futures collateral. Please refer to the SOI for asset class specifics of portfolio holdings.

There were no transfers among any levels during the period ended March 31, 2015.


JPMorgan U.S. Dynamic Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited)

(Amounts in thousands)

 

SHARES

    

SECURITY DESCRIPTION

   VALUE($)  

 

Long Positions — 129.3% (j)

  

 

Common Stocks — 126.6%

  

 

          Consumer Discretionary — 17.7%

  
  

Auto Components — 0.7%

  
  25      

Delphi Automotive plc, (United Kingdom)

     2,001   
     

 

 

 
  

Diversified Consumer Services — 0.9%

  
  3      

Graham Holdings Co., Class B

     2,729   
     

 

 

 
  

Hotels, Restaurants & Leisure — 1.0%

  
  82      

Restaurant Brands International, Inc., (Canada)

     3,144   
     

 

 

 
  

Household Durables — 1.7%

  
  45      

Jarden Corp. (a)

     2,377   
  74      

Toll Brothers, Inc. (a)

     2,915   
     

 

 

 
        5,292   
     

 

 

 
  

Internet & Catalog Retail — 1.6%

  
  20      

Expedia, Inc.

     1,845   
  2      

Priceline Group, Inc. (The) (a)

     2,852   
     

 

 

 
        4,697   
     

 

 

 
  

Media — 4.5%

  
  83      

Comcast Corp., Class A

     4,673   
  26      

DISH Network Corp., Class A (a)

     1,815   
  51      

Time Warner, Inc.

     4,306   
  42      

Viacom, Inc., Class B

     2,836   
     

 

 

 
        13,630   
     

 

 

 
  

Multiline Retail — 2.6%

  
  4      

Big Lots, Inc.

     211   
  12      

Dillard’s, Inc., Class A

     1,652   
  36      

Kohl’s Corp.

     2,809   
  41      

Target Corp.

     3,332   
     

 

 

 
        8,004   
     

 

 

 
  

Specialty Retail — 3.3%

  
  86      

Best Buy Co., Inc.

     3,254   
  59      

Home Depot, Inc. (The)

     6,695   
     

 

 

 
        9,949   
     

 

 

 
  

Textiles, Apparel & Luxury Goods — 1.4%

  
  124      

Hanesbrands, Inc.

     4,139   
     

 

 

 
  

Total Consumer Discretionary

     53,585   
     

 

 

 

 

          Consumer Staples — 12.7%

  
  

Beverages — 2.9%

  
  70      

Coca-Cola Co. (The)

     2,822   
  29      

Molson Coors Brewing Co., Class B

     2,133   
  40      

PepsiCo, Inc.

     3,835   
     

 

 

 
        8,790   
     

 

 

 
  

Food & Staples Retailing — 3.6%

  
  19      

CVS Health Corp.

     1,928   
  77      

Kroger Co. (The)

     5,878   
  37      

Walgreens Boots Alliance, Inc.

     3,166   
     

 

 

 
        10,972   
     

 

 

 
  

Food Products — 3.3%

  
  75      

Archer-Daniels-Midland Co.

     3,550   
  14      

Bunge Ltd.

     1,161   
  16      

Ingredion, Inc.

     1,238   
  33      

Pilgrim’s Pride Corp.

     743   
  86      

Tyson Foods, Inc., Class A

     3,298   
     

 

 

 
        9,990   
     

 

 

 
  

Household Products — 2.7%

  
  43      

Energizer Holdings, Inc.

     5,939   
  25      

Procter & Gamble Co. (The)

     2,065   
     

 

 

 
        8,004   
     

 

 

 
  

Personal Products — 0.2%

  
  15      

Herbalife Ltd. (a)

     641   
     

 

 

 
  

Total Consumer Staples

     38,397   
     

 

 

 

 

          Energy — 8.6%

  
  

Energy Equipment & Services — 3.3%

  
  35      

Baker Hughes, Inc.

     2,251   
  64      

Cameron International Corp. (a)

     2,865   
  97      

National Oilwell Varco, Inc.

     4,824   
     

 

 

 
        9,940   
     

 

 

 
  

Oil, Gas & Consumable Fuels — 5.3%

  
  184      

Denbury Resources, Inc.

     1,342   
  48      

Devon Energy Corp.

     2,907   
  17      

Marathon Petroleum Corp.

     1,751   
  109      

Oasis Petroleum, Inc. (a)

     1,549   
  43      

Occidental Petroleum Corp.

     3,139   
  84      

Valero Energy Corp.

     5,369   
     

 

 

 
        16,057   
     

 

 

 
  

Total Energy

     25,997   
     

 

 

 

 

          Financials — 16.0%

  
  

Banks — 8.5%

  
  277      

Bank of America Corp.

     4,255   
  134      

Citigroup, Inc.

     6,892   
  265      

KeyCorp

     3,752   
  199      

Wells Fargo & Co.

     10,814   
     

 

 

 
        25,713   
     

 

 

 
  

Capital Markets — 0.5%

  
  11      

Ameriprise Financial, Inc.

     1,426   
     

 

 

 
  

Consumer Finance — 3.1%

  
  54      

Capital One Financial Corp.

     4,241   


JPMorgan U.S. Dynamic Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

 

SHARES

    

SECURITY DESCRIPTION

   VALUE($)  

 

Long Positions — continued

  

 

Common Stocks — continued

  
  

Consumer Finance — continued

  
  92       Discover Financial Services      5,165   
     

 

 

 
        9,406   
     

 

 

 
  

Insurance — 3.3%

  
  68       Allstate Corp. (The)      4,815   
  4       Everest Re Group Ltd., (Bermuda)      765   
  26       Lincoln National Corp.      1,494   
  19       Prudential Financial, Inc.      1,502   
  14       Travelers Cos., Inc. (The)      1,492   
     

 

 

 
        10,068   
     

 

 

 
  

Real Estate Investment Trusts (REITs) — 0.6%

  
  100       NorthStar Realty Finance Corp.      1,814   
     

 

 

 
   Total Financials      48,427   
     

 

 

 

 

          Health Care — 22.5%

  
  

Biotechnology — 5.6%

  
  48       Amgen, Inc.      7,638   
  63       Gilead Sciences, Inc. (a)      6,171   
  27       Vertex Pharmaceuticals, Inc. (a)      3,189   
     

 

 

 
        16,998   
     

 

 

 
  

Health Care Equipment & Supplies — 3.5%

  
  25       Becton, Dickinson and Co.      3,590   
  53       Medtronic plc, (Ireland)      4,118   
  30       Stryker Corp.      2,721   
     

 

 

 
        10,429   
     

 

 

 
  

Health Care Providers & Services — 8.6%

  
  46       Anthem, Inc.      7,057   
  42       Cigna Corp.      5,385   
  19       Humana, Inc.      3,454   
  25       LifePoint Hospitals, Inc. (a)      1,799   
  21       McKesson Corp.      4,705   
  46       Omnicare, Inc.      3,529   
     

 

 

 
        25,929   
     

 

 

 
  

Pharmaceuticals — 4.8%

  
  44       Merck & Co., Inc.      2,506   
  35       Mylan N.V. (a)      2,101   
  284       Pfizer, Inc.      9,891   
     

 

 

 
        14,498   
     

 

 

 
   Total Health Care      67,854   
     

 

 

 

 

          Industrials — 13.1%

  
  

Aerospace & Defense — 6.3%

  
  20       Boeing Co. (The)      2,972   
  6       General Dynamics Corp.      828   
  6       Huntington Ingalls Industries, Inc.      771   
  16       L-3 Communications Holdings, Inc.      2,038   
  42       Northrop Grumman Corp.      6,760   
  51       Raytheon Co.      5,625   
     

 

 

 
        18,994   
     

 

 

 
  

Air Freight & Logistics — 0.4%

  
  7       FedEx Corp.      1,109   
     

 

 

 
  

Airlines — 2.4%

  
  16       Alaska Air Group, Inc.      1,085   
  43       Delta Air Lines, Inc.      1,915   
  88       Southwest Airlines Co.      3,899   
  6       United Continental Holdings, Inc. (a)      390   
     

 

 

 
        7,289   
     

 

 

 
  

Commercial Services & Supplies — 0.6%

  
  79       Pitney Bowes, Inc.      1,849   
     

 

 

 
  

Construction & Engineering — 1.6%

  
  155       AECOM (a)      4,774   
     

 

 

 
  

Industrial Conglomerates — 1.0%

  
  37       Danaher Corp.      3,144   
     

 

 

 
  

Machinery — 0.8%

  
  24       Illinois Tool Works, Inc.      2,341   
     

 

 

 
   Total Industrials      39,500   
     

 

 

 

 

          Information Technology — 29.6%

  
  

Communications Equipment — 3.0%

  
  100       Brocade Communications Systems, Inc.      1,184   
  213       Cisco Systems, Inc.      5,852   
  27       QUALCOMM, Inc.      1,900   
     

 

 

 
        8,936   
     

 

 

 
  

Internet Software & Services — 2.1%

  
  2       Google, Inc., Class A (a)      970   
  17       VeriSign, Inc. (a)      1,105   
  99       Yahoo!, Inc. (a)      4,386   
     

 

 

 
        6,461   
     

 

 

 
  

IT Services — 3.7%

  
  2       Booz Allen Hamilton Holding Corp.      55   
  70       Computer Sciences Corp.      4,537   
  3       Global Payments, Inc.      257   
  74       Leidos Holdings, Inc.      3,084   
  21       MasterCard, Inc., Class A      1,840   
  22       Visa, Inc., Class A      1,439   
     

 

 

 
        11,212   
     

 

 

 
  

Semiconductors & Semiconductor Equipment — 3.2%

  
  36       Broadcom Corp., Class A      1,546   
  24       KLA-Tencor Corp.      1,422   
  62       Lam Research Corp.      4,333   


JPMorgan U.S. Dynamic Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

 

SHARES

    

SECURITY DESCRIPTION

   VALUE($)  

 

Long Positions — continued

  

 

Common Stocks — continued

  
   Semiconductors & Semiconductor Equipment — continued   
  88      

Micron Technology, Inc. (a)

     2,374   
     

 

 

 
        9,675   
     

 

 

 
  

Software — 8.3%

  
  72       Activision Blizzard, Inc.      1,625   
  255       Microsoft Corp.      10,361   
  156       Oracle Corp.      6,710   
  125       Rovi Corp. (a)      2,283   
  173       Symantec Corp.      4,047   
     

 

 

 
        25,026   
     

 

 

 
  

Technology Hardware, Storage & Peripherals — 9.3%

  
  143       Apple, Inc.      17,781   
  202       Hewlett-Packard Co.      6,279   
  21       SanDisk Corp.      1,317   
  32       Western Digital Corp.      2,876   
     

 

 

 
        28,253   
     

 

 

 
   Total Information Technology      89,563   
     

 

 

 

 

          Materials — 2.6%

  
  

Chemicals — 1.0%

  
  14       PPG Industries, Inc.      3,088   
     

 

 

 
  

Containers & Packaging — 1.3%

  
  86       Sealed Air Corp.      3,936   
     

 

 

 
  

Paper & Forest Products — 0.3%

  
  17       International Paper Co.      921   
     

 

 

 
   Total Materials      7,945   
     

 

 

 

 

          Telecommunication Services — 0.9%

  
  

Diversified Telecommunication Services — 0.9%

  
  43       AT&T, Inc.      1,415   
  24       Verizon Communications, Inc.      1,175   
     

 

 

 
   Total Telecommunication Services      2,590   
     

 

 

 

 

          Utilities — 2.9%

  
  

Electric Utilities — 1.3%

  
  52       Entergy Corp.      4,061   
     

 

 

 
  

Gas Utilities — 1.6%

  
  146       UGI Corp.      4,748   
     

 

 

 
   Total Utilities      8,809   
     

 

 

 
   Total Common Stocks (Cost $297,098)      382,667   
     

 

 

 

 

          Short-Term Investment — 2.7%

  
  

Investment Company — 2.7%

  
  8,288       JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.040% (b) (l)
(Cost $8,288)
     8,288   
     

 

 

 
  

Total Investments — 129.3%

(Cost $305,386)

     390,955   
  

Liabilities in Excess of Other Assets — (29.3)% (c)

     (88,648
     

 

 

 
  

NET ASSETS — 100.0%

   $ 302,307   
     

 

 

 

 

Short Positions — 29.4%

  

 

Common Stocks — 29.4%

  

 

          Consumer Discretionary — 5.5%

  
  

Hotels, Restaurants & Leisure — 1.9%

  
  8       Marriott International, Inc., Class A      675   
  54       Norwegian Cruise Line Holdings Ltd. (a)      2,927   
  5       Panera Bread Co., Class A (a)      768   
  15       Starbucks Corp.      1,449   
     

 

 

 
        5,819   
     

 

 

 
  

Household Durables — 0.4%

  
  6       Mohawk Industries, Inc. (a)      1,152   
     

 

 

 
  

Internet & Catalog Retail — 0.2%

  
  1       Netflix, Inc. (a)      542   
     

 

 

 
  

Leisure Products — 0.4%

  
  50       Mattel, Inc.      1,149   
     

 

 

 
  

Media — 0.5%

  
  8       Charter Communications, Inc., Class A (a)      1,603   
     

 

 

 
  

Specialty Retail — 1.5%

  
  23       Cabela’s, Inc. (a)      1,299   
  18       CarMax, Inc. (a)      1,263   
  19       Restoration Hardware Holdings, Inc. (a)      1,924   
     

 

 

 
        4,486   
     

 

 

 
  

Textiles, Apparel & Luxury Goods — 0.6%

  
  52       Kate Spade & Co. (a)      1,729   
     

 

 

 
   Total Consumer Discretionary      16,480   
     

 

 

 

 

          Consumer Staples — 2.5%

  
  

Food & Staples Retailing — 0.6%

  
  22       United Natural Foods, Inc. (a)      1,703   
     

 

 

 
  

Food Products — 1.1%

  
  16       Hershey Co. (The)      1,604   
  24       McCormick & Co., Inc. (Non-Voting)      1,882   
     

 

 

 
        3,486   
     

 

 

 


JPMorgan U.S. Dynamic Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

 

SHARES

    

SECURITY DESCRIPTION

   VALUE($)  

 

Short Positions — continued

  

 

Common Stocks — continued

  
  

Personal Products — 0.8%

  
  29       Estee Lauder Cos., Inc. (The), Class A      2,437   
     

 

 

 
   Total Consumer Staples      7,626   
     

 

 

 

 

          Energy — 0.7%

  
   Oil, Gas & Consumable Fuels — 0.7%   
  37       Cabot Oil & Gas Corp.      1,089   
  11       CONSOL Energy, Inc.      307   
  14       Range Resources Corp.      739   
     

 

 

 
   Total Energy      2,135   
     

 

 

 

 

          Financials — 0.5%

  
   Banks — 0.5%   
  137       Investors Bancorp, Inc.      1,603   
     

 

 

 

 

          Health Care — 4.1%

  
   Biotechnology — 0.1%   
  7       Cepheid, Inc. (a)      410   
     

 

 

 
   Health Care Equipment & Supplies — 0.2%   
  4       Cooper Cos., Inc. (The)      712   
     

 

 

 
   Health Care Providers & Services — 2.2%   
  20       Acadia Healthcare Co., Inc. (a)      1,454   
  17       Brookdale Senior Living, Inc. (a)      634   
  56       Team Health Holdings, Inc. (a)      3,288   
  22       Tenet Healthcare Corp. (a)      1,099   
     

 

 

 
        6,475   
     

 

 

 
   Health Care Technology — 0.6%   
  153       Allscripts Healthcare Solutions, Inc. (a)      1,832   
     

 

 

 
   Pharmaceuticals — 1.0%   
  16       Eli Lilly & Co.      1,192   
  39       Zoetis, Inc.      1,824   
     

 

 

 
        3,016   
     

 

 

 
   Total Health Care      12,445   
     

 

 

 

 

          Industrials — 5.0%

  
   Aerospace & Defense — 0.8%   
  47       Hexcel Corp.      2,396   
     

 

 

 
   Commercial Services & Supplies — 2.0%   
  21       Republic Services, Inc.      864   
  36       Stericycle, Inc. (a)      5,098   
     

 

 

 
        5,962   
     

 

 

 
   Construction & Engineering — 0.5%   
  53       Quanta Services, Inc. (a)      1,509   
     

 

 

 
   Road & Rail — 0.5%   
  14       Kansas City Southern      1,450   
     

 

 

 
   Trading Companies & Distributors — 1.2%   
  45       Fastenal Co.      1,849   
  25       MRC Global, Inc. (a)      300   
  7       W.W. Grainger, Inc.      1,627   
     

 

 

 
        3,776   
     

 

 

 
   Total Industrials      15,093   
     

 

 

 

 

          Information Technology — 9.3%

  
   Communications Equipment — 1.4%   
  93       JDS Uniphase Corp. (a)      1,222   
  22       Motorola Solutions, Inc.      1,453   
  28       ViaSat, Inc. (a)      1,681   
     

 

 

 
        4,356   
     

 

 

 
   Electronic Equipment, Instruments & Components — 2.4%   
  33       Amphenol Corp., Class A      1,939   
  24       Ingram Micro, Inc., Class A (a)      590   
  5       IPG Photonics Corp. (a)      454   
  106       National Instruments Corp.      3,382   
  34       Trimble Navigation Ltd. (a)      862   
     

 

 

 
        7,227   
     

 

 

 
   Internet Software & Services — 0.7%   
  21       Rackspace Hosting, Inc. (a)      1,083   
  10       Zillow Group, Inc., Class A (a)      963   
     

 

 

 
        2,046   
     

 

 

 
   IT Services — 1.1%   
  65       Paychex, Inc.      3,220   
     

 

 

 
   Semiconductors & Semiconductor Equipment — 0.9%   
  50       Applied Materials, Inc.      1,130   
  36       Linear Technology Corp.      1,662   
     

 

 

 
        2,792   
     

 

 

 
   Software — 2.4%   
  4       FireEye, Inc. (a)      149   
  7       NetSuite, Inc. (a)      677   
  30       Red Hat, Inc. (a)      2,265   
  38       salesforce.com, Inc. (a)      2,526   
  6       Ultimate Software Group, Inc. (The) (a)      1,020   
  176       Zynga, Inc., Class A (a)      502   
     

 

 

 
        7,139   
     

 

 

 
   Technology Hardware, Storage & Peripherals — 0.4%   
  16       NCR Corp. (a)      475   
  17       Stratasys Ltd. (a)      887   
     

 

 

 
        1,362   
     

 

 

 
   Total Information Technology      28,142   
     

 

 

 

 

          Utilities — 1.8%

  
   Electric Utilities — 0.9%   
  33       OGE Energy Corp.      1,034   


JPMorgan U.S. Dynamic Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

 

SHARES

    

SECURITY DESCRIPTION

   VALUE($)  

 

Short Positions — continued

  

 

Common Stocks — continued

  
  

Electric Utilities — continued

  
  43       Southern Co. (The)      1,895   
     

 

 

 
        2,929   
     

 

 

 
  

Multi-Utilities — 0.9%

  
  15       Dominion Resources, Inc.      1,049   
  36       NiSource, Inc.      1,598   
     

 

 

 
        2,647   
     

 

 

 
   Total Utilities      5,576   
     

 

 

 
  

Total Securities Sold Short

(Proceeds $80,885)

   $ 89,100   
     

 

 

 

 

Percentages indicated are based on net assets.


JPMorgan U.S. Dynamic Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

(Amounts in thousands, except number of Futures contracts)

 

Futures Contracts

 

NUMBER OF
CONTRACTS

    

DESCRIPTION

   EXPIRATION
DATE
     NOTIONAL
VALUE AT
MARCH 31, 2015
     NET
UNREALIZED
APPRECIATION
(DEPRECIATION)
 
   Long Futures Outstanding         
  53       E-mini S&P 500      06/19/15       $ 5,461       $ 66   
           

 

 

 

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

 

(a)            Non-income producing security.
(b)            Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(c)            Included in this amount is cash segregated as collateral for future contracts.
(j)            All or a portion of these securities are segregated for short sales.
(l)            The rate shown is the current yield as of March 31, 2015.

As of March 31, 2015, 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

   $ 91,399   

Aggregate gross unrealized depreciation

     (5,830
  

 

 

 

Net unrealized appreciation/depreciation

   $ 85,569   
  

 

 

 

Federal income tax cost of investments

   $ 305,386   
  

 

 

 

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 are 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)

   $ 390,955      $ —         $ —         $ 390,955   

Total Liabilities for Securities Sold

Short (a)

   $ (89,100   $ —         $ —         $ (89,100

Appreciation in Other Financial Instruments

          

Futures Contracts

   $ 66      $ —         $ —         $ 66   
  

 

 

   

 

 

    

 

 

    

 

 

 

 

(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, 2015.


JPMorgan U.S. Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited)

(Amounts in thousands)

 

SHARES

    

SECURITY DESCRIPTION

   VALUE($)  

 

Common Stocks — 98.3%

  

 

          Consumer Discretionary — 16.0%

  
   Auto Components — 0.6%   
  146      Delphi Automotive plc, (United Kingdom)      11,628  
  1,143      Johnson Controls, Inc.      57,628  
  102      Magna International, Inc., (Canada)      5,484  
     

 

 

 
        74,740  
     

 

 

 
   Automobiles — 1.7%   
  5,539      General Motors Co.      207,727  
     

 

 

 
   Hotels, Restaurants & Leisure — 1.4%   
  290      Carnival Corp.      13,875  
  112      Dunkin’ Brands Group, Inc.      5,337  
  635      Royal Caribbean Cruises Ltd.      52,008  
  1,099      Starbucks Corp.      104,064  
  27      Yum! Brands, Inc.      2,088  
     

 

 

 
        177,372  
     

 

 

 
   Household Durables — 1.5%   
  36      D.R. Horton, Inc.      1,036  
  725      Harman International Industries, Inc.      96,835  
  30      Jarden Corp. (a)      1,565  
  1,927      PulteGroup, Inc.      42,828  
  1,142      Toll Brothers, Inc. (a)      44,946  
  29      Whirlpool Corp.      5,833  
     

 

 

 
        193,043  
     

 

 

 
   Internet & Catalog Retail — 0.8%   
  243      Amazon.com, Inc. (a)      90,578  
  10      Priceline Group, Inc. (The) (a)      11,928  
     

 

 

 
        102,506  
     

 

 

 
   Media — 5.4%   
  1,193      CBS Corp. (Non-Voting), Class B      72,337  
  425      Charter Communications, Inc., Class A (a)      82,024  
  1,760      Comcast Corp., Class A      99,405  
  968      DISH Network Corp., Class A (a)      67,794  
  75      Time Warner Cable, Inc.      11,310  
  2,076      Time Warner, Inc.      175,298  
  3,380      Twenty-First Century Fox, Inc., Class A      114,385  
  301      Twenty-First Century Fox, Inc., Class B      9,905  
  314      Walt Disney Co. (The)      32,892  
     

 

 

 
        665,350  
     

 

 

 
   Specialty Retail — 4.0%   
  80      AutoZone, Inc. (a)      54,256  
  1,289      Best Buy Co., Inc.      48,699  
  399      Home Depot, Inc. (The)      45,278  
  3,157      Lowe’s Cos., Inc.      234,819  
  286      Tiffany & Co.      25,208  
  1,202      TJX Cos., Inc. (The)      84,190  
     

 

 

 
        492,450  
     

 

 

 
   Textiles, Apparel & Luxury Goods — 0.6%   
  336      lululemon athletica, Inc., (Canada) (a)      21,486  
  206      PVH Corp.      21,968  
  205      Ralph Lauren Corp.      26,951  
  98      V.F. Corp.      7,379  
     

 

 

 
        77,784  
     

 

 

 
   Total Consumer Discretionary      1,990,972  
     

 

 

 

 

          Consumer Staples — 5.7%

  
   Beverages — 1.8%   
  1,624      Coca-Cola Co. (The)      65,834  
  544      Constellation Brands, Inc., Class A (a)      63,179  
  61      Molson Coors Brewing Co., Class B      4,573  
  914      PepsiCo, Inc.      87,382  
     

 

 

 
        220,968  
     

 

 

 
   Food & Staples Retailing — 1.2%   
  420      Costco Wholesale Corp.      63,592  
  831      CVS Health Corp.      85,728  
     

 

 

 
        149,320  
     

 

 

 
   Food Products — 0.9%   
  412      Hershey Co. (The)      41,553  
  6      Keurig Green Mountain, Inc.      658  
  1,861      Mondelez International, Inc., Class A      67,163  
     

 

 

 
        109,374  
     

 

 

 
   Household Products — 1.2%   
  247      Colgate-Palmolive Co.      17,095  
  1,697      Procter & Gamble Co. (The)      139,064  
     

 

 

 
        156,159  
     

 

 

 
   Personal Products — 0.1%   
  144      Estee Lauder Cos., Inc. (The), Class A      11,956  
     

 

 

 
   Tobacco — 0.5%   
  877      Philip Morris International, Inc.      66,101  
     

 

 

 
   Total Consumer Staples      713,878  
     

 

 

 

 

          Energy — 7.1%

  
   Energy Equipment & Services — 1.5%   
  856      Baker Hughes, Inc.      54,411  
  844      Halliburton Co.      37,051  
  1,076      Schlumberger Ltd.      89,819  
  614      Weatherford International plc, (Switzerland) (a)      7,548  
     

 

 

 
        188,829  
     

 

 

 


JPMorgan U.S. Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

 

SHARES

    

SECURITY DESCRIPTION

   VALUE($)  

 

Common Stocks — continued

  

   Oil, Gas & Consumable Fuels — 5.6%   
  767      Anadarko Petroleum Corp.      63,491  
  33      Cheniere Energy, Inc. (a)      2,579  
  695      Chevron Corp.      72,910  
  289      Concho Resources, Inc. (a)      33,511  
  611      EOG Resources, Inc.      55,984  
  425      EQT Corp.      35,195  
  1,003      Exxon Mobil Corp.      85,280  
  1,114      Marathon Oil Corp.      29,084  
  334      Marathon Petroleum Corp.      34,216  
  2,842      Occidental Petroleum Corp.      207,432  
  448      Phillips 66      35,179  
  182      Pioneer Natural Resources Co.      29,723  
  269      Southwestern Energy Co. (a)      6,236  
     

 

 

 
        690,820  
     

 

 

 
   Total Energy      879,649  
     

 

 

 

 

          Financials — 15.6%

  
   Banks — 6.0%   
  10,895      Bank of America Corp.      167,679  
  700      BB&T Corp.      27,307  
  2,865      Citigroup, Inc.      147,594  
  314      East West Bancorp, Inc.      12,719  
  100      First Republic Bank      5,697  
  650      KeyCorp      9,199  
  254      SunTrust Banks, Inc.      10,432  
  324      SVB Financial Group (a)      41,144  
  5,893      Wells Fargo & Co.      320,599  
     

 

 

 
        742,370  
     

 

 

 
   Capital Markets — 4.7%   
  40      Affiliated Managers Group, Inc. (a)      8,676  
  198      Ameriprise Financial, Inc.      25,891  
  177      BlackRock, Inc.      64,739  
  2,876      Charles Schwab Corp. (The)      87,558  
  434      Goldman Sachs Group, Inc. (The)      81,550  
  1,967      Invesco Ltd.      78,059  
  5,505      Morgan Stanley      196,484  
  481      State Street Corp.      35,390  
  142      TD Ameritrade Holding Corp.      5,277  
     

 

 

 
        583,624  
     

 

 

 
   Diversified Financial Services — 0.5%   
  235      Intercontinental Exchange, Inc.      54,725  
     

 

 

 
   Insurance — 3.5%   
  1,543      ACE Ltd., (Switzerland)      172,028  
  1,416      American International Group, Inc.      77,582  
  464      Hartford Financial Services Group, Inc. (The)      19,420  
  22      Lincoln National Corp.      1,266  
  1,182      Marsh & McLennan Cos., Inc.      66,274  
  1,635      MetLife, Inc.      82,657  
  10      Prudential Financial, Inc.      781  
  529      XL Group plc, (Ireland)      19,461  
     

 

 

 
        439,469  
     

 

 

 
   Real Estate Investment Trusts (REITs) — 0.9%   
  346      American Tower Corp.      32,581  
  132      AvalonBay Communities, Inc.      22,971  
  41      Boston Properties, Inc.      5,805  
  1,011      Prologis, Inc.      44,049  
  48      Vornado Realty Trust      5,371  
     

 

 

 
        110,777  
     

 

 

 
   Total Financials      1,930,965  
     

 

 

 

 

          Health Care — 15.4%

  
   Biotechnology — 4.0%   
  228      Alexion Pharmaceuticals, Inc. (a)      39,548  
  443      Biogen, Inc. (a)      187,185  
  1,130      Celgene Corp. (a)      130,215  
  758      Gilead Sciences, Inc. (a)      74,343  
  1      Regeneron Pharmaceuticals, Inc. (a)      658  
  559      Vertex Pharmaceuticals, Inc. (a)      65,952  
     

 

 

 
        497,901  
     

 

 

 
   Health Care Equipment & Supplies — 1.5%   
  1,663      Abbott Laboratories      77,055  
  4,712      Boston Scientific Corp. (a)      83,639  
  235      Stryker Corp.      21,686  
     

 

 

 
        182,380  
     

 

 

 
   Health Care Providers & Services — 4.5%   
  602      Aetna, Inc.      64,137  
  69      Centene Corp. (a)      4,884  
  135      Cigna Corp.      17,468  
  676      Humana, Inc.      120,302  
  640      McKesson Corp.      144,691  
  1,764      UnitedHealth Group, Inc.      208,713  
     

 

 

 
        560,195  
     

 

 

 
   Pharmaceuticals — 5.4%   
  159      Actavis plc (a)      47,425  
  2,438      Bristol-Myers Squibb Co.      157,248  
  12      Endo International plc, (Ireland) (a)      1,092  
  2,006      Johnson & Johnson      201,818  
  1,764      Merck & Co., Inc.      101,371  


JPMorgan U.S. Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

 

SHARES

    

SECURITY DESCRIPTION

   VALUE($)  

 

Common Stocks — continued

  

   Pharmaceuticals — continued   
  84      Perrigo Co. plc, (Ireland)      13,897  
  4,110      Pfizer, Inc.      142,972  
     

 

 

 
        665,823  
     

 

 

 
   Total Health Care      1,906,299  
     

 

 

 

 

          Industrials — 10.2%

  
   Aerospace & Defense — 3.7%   
  2,270      Honeywell International, Inc.      236,795  
  439      L-3 Communications Holdings, Inc.      55,239  
  1,494      United Technologies Corp.      175,107  
     

 

 

 
        467,141  
     

 

 

 
   Airlines — 1.3%   
  782      Delta Air Lines, Inc.      35,167  
  1,814      United Continental Holdings, Inc. (a)      122,002  
     

 

 

 
        157,169  
     

 

 

 
   Building Products — 0.8%   
  1,161      Fortune Brands Home & Security, Inc.      55,108  
  1,573      Masco Corp.      41,997  
     

 

 

 
        97,105  
     

 

 

 
   Construction & Engineering — 0.7%   
  1,288      Fluor Corp.      73,635  
  435      Jacobs Engineering Group, Inc. (a)      19,644  
     

 

 

 
        93,279  
     

 

 

 
   Electrical Equipment — 0.6%   
  944      Eaton Corp. plc      64,168  
  117      Sensata Technologies Holding N.V., (Netherlands) (a)      6,719  
     

 

 

 
        70,887  
     

 

 

 
   Machinery — 1.9%   
  191      Cummins, Inc.      26,518  
  409      Ingersoll-Rand plc      27,824  
  1,928      PACCAR, Inc.      121,711  
  368      Pall Corp.      36,916  
  220      SPX Corp.      18,664  
  30      WABCO Holdings, Inc. (a)      3,684  
     

 

 

 
        235,317  
     

 

 

 
   Road & Rail — 1.2%   
  113      Canadian Pacific Railway Ltd., (Canada)      20,582  
  236      CSX Corp.      7,806  
  1,075      Union Pacific Corp.      116,465  
     

 

 

 
        144,853  
     

 

 

 
   Total Industrials      1,265,751  
     

 

 

 

 

          Information Technology — 21.3%

  
   Communications Equipment — 0.2%   
  435      QUALCOMM, Inc.      30,188  
     

 

 

 
   Electronic Equipment, Instruments & Components — 0.5%   
  101      Amphenol Corp., Class A      5,943  
  739      TE Connectivity Ltd., (Switzerland)      52,938  
     

 

 

 
        58,881  
     

 

 

 
   Internet Software & Services — 3.9%   
  2,070      Facebook, Inc., Class A (a)      170,202  
  217      Google, Inc., Class A (a)      120,191  
  360      Google, Inc., Class C (a)      197,301  
     

 

 

 
        487,694  
     

 

 

 
   IT Services — 3.8%   
  1,307      Accenture plc, (Ireland), Class A      122,480  
  177      Alliance Data Systems Corp. (a)      52,554  
  1,249      Cognizant Technology Solutions Corp., Class A (a)      77,946  
  824      Fidelity National Information Services, Inc.      56,061  
  24      International Business Machines Corp.      3,893  
  160      MasterCard, Inc., Class A      13,788  
  2,210      Visa, Inc., Class A      144,532  
     

 

 

 
        471,254  
     

 

 

 
   Semiconductors & Semiconductor Equipment — 4.7%   
  515      Applied Materials, Inc.      11,627  
  1,843      Avago Technologies Ltd., (Singapore)      234,058  
  1,493      Broadcom Corp., Class A      64,652  
  517      Freescale Semiconductor Ltd. (a)      21,078  
  1,510      KLA-Tencor Corp.      88,003  
  1,967      Lam Research Corp.      138,147  
  54      NXP Semiconductors N.V., (Netherlands) (a)      5,449  
  262      Texas Instruments, Inc.      14,996  
     

 

 

 
        578,010  
     

 

 

 
   Software — 4.0%   
  1,567      Adobe Systems, Inc. (a)      115,833  
  7,230      Microsoft Corp.      293,934  
  2,159      Oracle Corp.      93,179  
     

 

 

 
        502,946  
     

 

 

 
   Technology Hardware, Storage & Peripherals — 4.2%   
  4,157      Apple, Inc.      517,298  
     

 

 

 
   Total Information Technology      2,646,271  
     

 

 

 

 

          Materials — 3.1%

  
   Chemicals — 1.9%   
  420      Axiall Corp.      19,731  


JPMorgan U.S. Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

 

SHARES

    

SECURITY DESCRIPTION

   VALUE($)  

 

Common Stocks — continued

  

   Chemicals — continued   
  276      Dow Chemical Co. (The)      13,262  
  1,161      E.I. du Pont de Nemours & Co.      83,003  
  2,660      Mosaic Co. (The)      122,510  
     

 

 

 
        238,506  
     

 

 

 
   Construction Materials — 0.1%   
  45      Martin Marietta Materials, Inc.      6,272  
     

 

 

 
   Containers & Packaging — 0.5%   
  1,029      Crown Holdings, Inc. (a)      55,571  
  124      Sealed Air Corp.      5,642  
     

 

 

 
        61,213  
     

 

 

 
   Metals & Mining — 0.6%   
  3,308      Alcoa, Inc.      42,737  
  1,418      United States Steel Corp.      34,593  
     

 

 

 
        77,330  
     

 

 

 
   Total Materials      383,321  
     

 

 

 
   Telecommunication Services — 1.2%   
   Diversified Telecommunication Services — 1.1%   
  2,647      Verizon Communications, Inc.      128,732  
     

 

 

 
   Wireless Telecommunication Services — 0.1%   
  142      SBA Communications Corp., Class A (a)      16,621  
     

 

 

 
   Total Telecommunication Services      145,353  
     

 

 

 

 

          Utilities — 2.7%

  
   Electric Utilities — 1.6%   
  832      Edison International      51,962  
  1,177      Exelon Corp.      39,568  
  774      NextEra Energy, Inc.      80,535  
  18      Pinnacle West Capital Corp.      1,116  
  680      Xcel Energy, Inc.      23,658  
     

 

 

 
        196,839  
     

 

 

 
   Multi-Utilities — 1.1%   
  1,020      CenterPoint Energy, Inc.      20,821  
  970      CMS Energy Corp.      33,876  
  870      NiSource, Inc.      38,399  
  891      PG&E Corp.      47,306  
     

 

 

 
        140,402  
     

 

 

 
   Total Utilities      337,241  
     

 

 

 
  

Total Common Stocks

(Cost $8,753,954)

     12,199,700  
     

 

 

 

NUMBER OF
WARRANTS

    

SECURITY DESCRIPTION

   VALUE($)  

 

Warrant — 0.0%(g)

  

 

          Financials — 0.0%(g)

  
   Consumer Finance — 0.0% (g)   
  24      

Imperial Holdings, Inc., expiring 10/01/19

(Strike Price $10.75) (a) (i)

(Cost $–)

     —    
     

 

 

 

SHARES

             

 

Short-Term Investment — 1.5%

  
   Investment Company — 1.5%   
  182,652      

JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.040% (b) (l)

(Cost $182,652)

     182,652  
     

 

 

 
  

Total Investments — 99.8%

(Cost $8,936,606)

     12,382,352  
   Other Assets in Excess of Liabilities — 0.2% (c)      30,836  
     

 

 

 
   NET ASSETS — 100.0%    $ 12,413,188  
     

 

 

 

 

Percentages indicated are based on net assets.


JPMorgan U.S. Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

(Amounts in thousands, except number of Futures contracts)

 

Futures Contracts

 

NUMBER OF
CONTRACTS

    

DESCRIPTION

   EXPIRATION
DATE
     NOTIONAL
VALUE AT
MARCH
31, 2015
     NET
UNREALIZED
APPRECIATION
(DEPRECIATION)
 
   Long Futures Outstanding   
  957      E-mini S&P 500      06/19/15       $ 98,609      $ 631  
           

 

 

 

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

 

(a)       Non-income producing security.
(b)       Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(c)       Included in this amount is cash segregated as collateral for futures contracts.
(g)       Amount rounds to less than 0.1%.
(i)       Security has been deemed illiquid pursuant to procedures approved by the Board of Trustees and may be difficult to sell.
(l)       The rate shown is the current yield as of March 31, 2015.

As of March 31, 2015, 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

   $ 3,503,598  

Aggregate gross unrealized depreciation

     (57,852 )
  

 

 

 

Net unrealized appreciation/depreciation

   $ 3,445,746  
  

 

 

 

Federal income tax cost of investments

   $ 8,936,606  
  

 

 

 

A. Valuation - The valuation of the 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 Funds 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.

A market-based approach is primarily used to value the Funds’ investments. Investments for which market quotations are not readily available are fair valued by approved pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”) or may be internally fair valued using methods set forth by the valuation policies approved by the Board. This may include related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used, had a ready market for the investments existed, and such differences could be material.


JPMorgan U.S. Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

 

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 investment company’s NAV 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 are 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  

Investments in Securities

  

 

Common Stocks

          

Consumer Discretionary

   $ 1,990,972      $  —        $  —        $ 1,990,972  

Consumer Staples

     713,878        —          —          713,878  

Energy

     879,649        —           —          879,649  

Financials

     1,930,965        —           —          1,930,965  

Health Care

     1,906,299        —           —          1,906,299  

Industrials

     1,265,751        —           —          1,265,751  

Information Technology

     2,646,271        —           —          2,646,271  

Materials

     383,321        —           —          383,321  

Telecommunication Services

     145,353        —           —          145,353  

Utilities

     337,241        —           —          337,241  
  

 

 

    

 

 

    

 

 

   

 

 

 

Total Common Stocks

     12,199,700        —           —          12,199,700  
  

 

 

    

 

 

    

 

 

   

 

 

 

Warrant

          

Financials

     —           —           —    (a)      —   (a) 

Short-Term Investment

          

Investment Company

     182,652        —           —           182,652  
  

 

 

    

 

 

    

 

 

   

 

 

 

Total Investments in Securities

   $ 12,382,352      $  —         $  —    (a)    $ 12,382,352  
  

 

 

    

 

 

    

 

 

   

 

 

 

Appreciation in Other Financial Instruments

          

Futures Contracts

   $ 631      $  —         $  —        $ 631  
  

 

 

    

 

 

    

 

 

   

 

 

 

 

(a) Value is zero.

There were no transfers between Levels 1 and 2 during the period ended March 31, 2015.


JPMorgan U.S. Large Cap Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited)

(Amounts in thousands)

 

SHARES

    

SECURITY DESCRIPTION

   VALUE($)  

 

Long Positions — 129.1% (j)

  

 

          Common Stocks — 125.4%

  
   Consumer Discretionary — 22.5%   
  

Auto Components — 0.9%

  
  396      

Delphi Automotive plc, (United Kingdom)

     31,591   
  1,212      

Johnson Controls, Inc.

     61,149   
  226      

Magna International, Inc., (Canada)

     12,107   
     

 

 

 
        104,847   
     

 

 

 
  

Automobiles — 3.1%

  
  9,704      

General Motors Co.

     363,893   
     

 

 

 
  

Hotels, Restaurants & Leisure — 2.1%

  
  571      

Carnival Corp.

     27,305   
  492      

Dunkin’ Brands Group, Inc.

     23,378   
  961      

Royal Caribbean Cruises Ltd.

     78,635   
  892      

Starbucks Corp.

     84,485   
  337      

Starwood Hotels & Resorts Worldwide, Inc.

     28,181   
  60      

Yum! Brands, Inc.

     4,711   
     

 

 

 
        246,695   
     

 

 

 
  

Household Durables — 2.2%

  
  1,074      

Harman International Industries, Inc.

     143,556   
  48      

Jarden Corp. (a)

     2,561   
  2,227      

PulteGroup, Inc.

     49,496   
  1,746      

Toll Brothers, Inc. (a)

     68,668   
     

 

 

 
        264,281   
     

 

 

 
  

Internet & Catalog Retail — 1.0%

  
  251      

Amazon.com, Inc. (a)

     93,361   
  20      

Priceline Group, Inc. (The) (a)

     22,880   
     

 

 

 
        116,241   
     

 

 

 
  

Media — 6.7%

  
  1,977      

CBS Corp. (Non-Voting), Class B

     119,891   
  441      

Charter Communications, Inc., Class A (a)

     85,129   
  1,660      

Comcast Corp., Class A

     93,763   
  848      

DISH Network Corp., Class A (a)

     59,390   
  4,478      

Sirius XM Holdings, Inc. (a)

     17,105   
  2,986      

Time Warner, Inc.

     252,104   
  3,807      

Twenty-First Century Fox, Inc., Class A

     128,843   
  1,126      

Twenty-First Century Fox, Inc., Class B

     37,034   
     

 

 

 
        793,259   
     

 

 

 
  

Multiline Retail — 0.3%

  
  444      

Dollar General Corp. (a)

     33,494   
  108      

Dollar Tree, Inc. (a)

     8,781   
     

 

 

 
        42,275   
     

 

 

 
  

Specialty Retail — 5.3%

  
  151      

AutoZone, Inc. (a)

     102,673   
  1,731      

Best Buy Co., Inc.

     65,429   
  663      

Home Depot, Inc. (The)

     75,360   
  3,400      

Lowe’s Cos., Inc.

     252,944   
  225      

Tiffany & Co.

     19,759   
  1,532      

TJX Cos., Inc. (The)

     107,299   
     

 

 

 
        623,464   
     

 

 

 
  

Textiles, Apparel & Luxury Goods — 0.9%

  
  552      

lululemon athletica, Inc., (Canada) (a)

     35,359   
  301      

PVH Corp.

     32,106   
  272      

Ralph Lauren Corp.

     35,702   
     

 

 

 
        103,167   
     

 

 

 
  

Total Consumer Discretionary

     2,658,122   
     

 

 

 
  

Consumer Staples — 6.0%

  
  

Beverages — 2.0%

  
  1,782      

Coca-Cola Co. (The)

     72,255   
  665      

Constellation Brands, Inc., Class A (a)

     77,256   
  133      

Molson Coors Brewing Co., Class B

     9,925   
  763      

PepsiCo, Inc.

     72,972   
     

 

 

 
        232,408   
     

 

 

 
  

Food & Staples Retailing — 1.1%

  
  304      

Costco Wholesale Corp.

     46,084   
  782      

CVS Health Corp.

     80,758   
     

 

 

 
        126,842   
     

 

 

 
  

Food Products — 1.2%

  
  219      

Campbell Soup Co.

     10,194   
  571      

Hershey Co. (The)

     57,655   
  10      

Keurig Green Mountain, Inc.

     1,082   
  2,164      

Mondelez International, Inc., Class A

     78,111   
     

 

 

 
        147,042   
     

 

 

 
  

Household Products — 1.2%

  
  670      

Colgate-Palmolive Co.

     46,462   
  1,172      

Procter & Gamble Co. (The)

     96,008   
     

 

 

 
        142,470   
     

 

 

 
  

Tobacco — 0.5%

  
  871      

Philip Morris International, Inc.

     65,626   
     

 

 

 
  

Total Consumer Staples

     714,388   
     

 

 

 
  

Energy — 8.3%

  
  

Energy Equipment & Services — 2.1%

  
  1,324      

Baker Hughes, Inc.

     84,192   
  104      

Halliburton Co.

     4,567   
  403      

Nabors Industries Ltd., (Bermuda)

     5,497   
  1,879      

Schlumberger Ltd.

     156,780   
  99      

Weatherford International plc, (Switzerland) (a)

     1,212   
     

 

 

 
        252,248   
     

 

 

 


JPMorgan U.S. Large Cap Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

 

SHARES

    

SECURITY DESCRIPTION

   VALUE($)  

 

Long Positions — continued

  

 

          Common Stocks — continued

  
  

Oil, Gas & Consumable Fuels — 6.2%

  
  694      

Anadarko Petroleum Corp.

     57,499   
  83      

Cheniere Energy, Inc. (a)

     6,456   
  140      

Chevron Corp.

     14,705   
  262      

Concho Resources, Inc. (a)

     30,353   
  344      

CONSOL Energy, Inc.

     9,592   
  441      

EOG Resources, Inc.

     40,456   
  605      

EQT Corp.

     50,110   
  848      

Exxon Mobil Corp.

     72,116   
  140      

Kinder Morgan, Inc.

     5,881   
  42      

Marathon Oil Corp.

     1,104   
  301      

Marathon Petroleum Corp.

     30,856   
  4,336      

Occidental Petroleum Corp.

     316,553   
  504      

Phillips 66

     39,622   
  91      

Pioneer Natural Resources Co.

     14,891   
  812      

Southwestern Energy Co. (a)

     18,837   
  514      

TransCanada Corp., (Canada)

     21,964   
     

 

 

 
        730,995   
     

 

 

 
  

Total Energy

     983,243   
     

 

 

 
   Financials — 21.4%   
  

Banks — 6.9%

  
  12,484      

Bank of America Corp.

     192,134   
  520      

BB&T Corp.

     20,264   
  2,908      

Citigroup, Inc.

     149,827   
  68      

East West Bancorp, Inc.

     2,748   
  50      

Fifth Third Bancorp

     936   
  62      

First Republic Bank

     3,539   
  2,131      

KeyCorp

     30,172   
  198      

M&T Bank Corp.

     25,083   
  251      

SVB Financial Group (a)

     31,910   
  6,688      

Wells Fargo & Co.

     363,849   
     

 

 

 
        820,462   
     

 

 

 
  

Capital Markets — 6.8%

  
  78      

Affiliated Managers Group, Inc. (a)

     16,828   
  384      

Ameriprise Financial, Inc.

     50,246   
  339      

BlackRock, Inc.

     124,166   
  3,104      

Charles Schwab Corp. (The)

     94,488   
  657      

Goldman Sachs Group, Inc. (The)

     123,514   
  3,230      

Invesco Ltd.

     128,217   
  6,427      

Morgan Stanley

     229,392   
  323      

State Street Corp.

     23,745   
  276      

TD Ameritrade Holding Corp.

     10,289   
     

 

 

 
        800,885   
     

 

 

 
  

Consumer Finance — 0.2%

  
  927      

Ally Financial, Inc. (a)

     19,453   
     

 

 

 
  

Diversified Financial Services — 0.6%

  
  329      

Intercontinental Exchange, Inc.

     76,645   
     

 

 

 
  

Insurance — 5.7%

  
  2,958      

ACE Ltd., (Switzerland)

     329,804   
  141      

Aflac, Inc.

     8,997   
  1,260      

American International Group, Inc.

     69,018   
  123      

Arthur J. Gallagher & Co.

     5,753   
  98      

Assurant, Inc.

     6,037   
  34      

Hartford Financial Services Group, Inc. (The)

     1,439   
  2,573      

Marsh & McLennan Cos., Inc.

     144,343   
  1,132      

MetLife, Inc.

     57,228   
  16      

Prudential Financial, Inc.

     1,277   
  1,280      

XL Group plc, (Ireland)

     47,114   
     

 

 

 
        671,010   
     

 

 

 
  

Real Estate Investment Trusts (REITs) — 1.2%

  
  364      

American Tower Corp.

     34,313   
  10      

AvalonBay Communities, Inc.

     1,828   
  94      

Boston Properties, Inc.

     13,185   
  435      

Brixmor Property Group, Inc.

     11,544   
  406      

Douglas Emmett, Inc.

     12,096   
  57      

Equity One, Inc.

     1,515   
  108      

General Growth Properties, Inc.

     3,199   
  37      

Liberty Property Trust

     1,321   
  167      

Mid-America Apartment Communities, Inc.

     12,894   
  769      

Prologis, Inc.

     33,517   
  135      

Spirit Realty Capital, Inc.

     1,634   
  93      

Vornado Realty Trust

     10,423   
     

 

 

 
        137,469   
     

 

 

 
  

Total Financials

     2,525,924   
     

 

 

 
   Health Care — 17.9%   
  

Biotechnology — 4.2%

  
  147      

Alexion Pharmaceuticals, Inc. (a)

     25,536   
  508      

Biogen, Inc. (a)

     214,476   
  1,055      

Celgene Corp. (a)

     121,599   
  707      

Gilead Sciences, Inc. (a)

     69,419   
  27      

Regeneron Pharmaceuticals, Inc. (a)

     11,964   
  500      

Vertex Pharmaceuticals, Inc. (a)

     59,034   
     

 

 

 
        502,028   
     

 

 

 
  

Health Care Equipment & Supplies — 1.9%

  
  1,188      

Abbott Laboratories

     55,024   
  4,678      

Boston Scientific Corp. (a)

     83,042   
  876      

Stryker Corp.

     80,813   
     

 

 

 
        218,879   
     

 

 

 


JPMorgan U.S. Large Cap Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

 

SHARES

    

SECURITY DESCRIPTION

   VALUE($)  

 

Long Positions — continued

  

 

          Common Stocks — continued

  
   Health Care Providers & Services — 5.6%   
  478      

Aetna, Inc.

     50,880   
  73      

Cigna Corp.

     9,440   
  868      

Humana, Inc.

     154,582   
  711      

McKesson Corp.

     160,754   
  2,400      

UnitedHealth Group, Inc.

     283,938   
     

 

 

 
        659,594   
     

 

 

 
   Health Care Technology — 0.1%   
  173      

Cerner Corp. (a)

     12,688   
     

 

 

 
   Pharmaceuticals — 6.1%   
  319      

Actavis plc (a)

     94,843   
  2,021      

Bristol-Myers Squibb Co.

     130,329   
  20      

Endo International plc, (Ireland) (a)

     1,785   
  2,693      

Johnson & Johnson

     270,912   
  1,868      

Merck & Co., Inc.

     107,393   
  173      

Perrigo Co. plc, (Ireland)

     28,565   
  2,677      

Pfizer, Inc.

     93,134   
     

 

 

 
        726,961   
     

 

 

 
   Total Health Care      2,120,150   
     

 

 

 
   Industrials — 13.4%   
   Aerospace & Defense — 5.4%   
  3,307      

Honeywell International, Inc.

     345,003   
  563      

L-3 Communications Holdings, Inc.

     70,852   
  204      

Northrop Grumman Corp.

     32,839   
  1,684      

United Technologies Corp.

     197,398   
     

 

 

 
        646,092   
     

 

 

 
   Airlines — 2.2%   
  2,040      

Delta Air Lines, Inc.

     91,706   
  2,509      

United Continental Holdings, Inc. (a)

     168,731   
     

 

 

 
        260,437   
     

 

 

 
   Building Products — 1.2%   
  1,706      

Fortune Brands Home & Security, Inc.

     81,005   
  2,254      

Masco Corp.

     60,177   
     

 

 

 
        141,182   
     

 

 

 
   Construction & Engineering — 1.0%   
  1,417      

Fluor Corp.

     80,971   
  846      

Jacobs Engineering Group, Inc. (a)

     38,194   
     

 

 

 
        119,165   
     

 

 

 
   Electrical Equipment — 0.3%   
  476      

Eaton Corp. plc

     32,332   
  33      

Emerson Electric Co.

     1,883   
     

 

 

 
        34,215   
     

 

 

 
   Machinery — 2.1%   
  874      

Ingersoll-Rand plc

     59,532   
  2,204      

PACCAR, Inc.

     139,158   
  287      

Pall Corp.

     28,860   
  144      

SPX Corp.

     12,258   
  49      

WABCO Holdings, Inc. (a)

     6,036   
     

 

 

 
        245,844   
     

 

 

 
   Road & Rail — 1.2%   
  762      

CSX Corp.

     25,246   
  1,081      

Union Pacific Corp.

     117,108   
     

 

 

 
        142,354   
     

 

 

 
   Total Industrials      1,589,289   
     

 

 

 
   Information Technology — 25.6%   
   Communications Equipment — 0.3%   
  546      

QUALCOMM, Inc.

     37,869   
     

 

 

 
   Electronic Equipment, Instruments & Components — 0.7%   
  1,188      

TE Connectivity Ltd., (Switzerland)

     85,119   
     

 

 

 
   Internet Software & Services — 4.3%   
  1,972      

Facebook, Inc., Class A (a)

     162,145   
  269      

Google, Inc., Class A (a)

     149,404   
  356      

Google, Inc., Class C (a)

     195,162   
     

 

 

 
        506,711   
     

 

 

 
   IT Services — 4.3%   
  1,275      

Accenture plc, (Ireland), Class A

     119,418   
  289      

Alliance Data Systems Corp. (a)

     85,683   
  709      

Cognizant Technology Solutions Corp., Class A (a)

     44,244   
  1,492      

Fidelity National Information Services, Inc.

     101,523   
  317      

MasterCard, Inc., Class A

     27,393   
  1,925      

Visa, Inc., Class A

     125,942   
     

 

 

 
        504,203   
     

 

 

 
   Semiconductors & Semiconductor Equipment — 7.2%   
  1,226      

Applied Materials, Inc.

     27,663   
  2,440      

Avago Technologies Ltd., (Singapore)

     309,830   
  1,873      

Broadcom Corp., Class A

     81,083   
  788      

Freescale Semiconductor Ltd. (a)

     32,133   
  2,716      

KLA-Tencor Corp.

     158,327   
  2,914      

Lam Research Corp.

     204,691   
  24      

Microchip Technology, Inc.

     1,181   
  429      

NXP Semiconductors N.V., (Netherlands) (a)

     43,084   
     

 

 

 
        857,992   
     

 

 

 
   Software — 4.7%   
  1,519      

Adobe Systems, Inc. (a)

     112,283   
  7,307      

Microsoft Corp.

     297,085   
  3,234      

Oracle Corp.

     139,567   


JPMorgan U.S. Large Cap Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

 

SHARES

    

SECURITY DESCRIPTION

   VALUE($)  

 

Long Positions — continued

  

 

          Common Stocks — continued

  
   Software — continued   
  51       VMware, Inc., Class A (a)      4,165   
     

 

 

 
        553,100   
     

 

 

 
   Technology Hardware, Storage & Peripherals — 4.1%   
  3,812       Apple, Inc.      474,383   
  53       Hewlett-Packard Co.      1,636   
  168       SanDisk Corp.      10,714   
     

 

 

 
        486,733   
     

 

 

 
   Total Information Technology      3,031,727   
     

 

 

 
  

Materials — 4.8%

  
   Chemicals — 2.8%   
  8       Ashland, Inc.      1,073   
  939       Axiall Corp.      44,087   
  1,436       Dow Chemical Co. (The)      68,897   
  1,282       E.I. du Pont de Nemours & Co.      91,610   
  2,823       Mosaic Co. (The)      130,036   
     

 

 

 
        335,703   
     

 

 

 
  

Construction Materials — 0.4%

  
  345       Martin Marietta Materials, Inc.      48,271   
     

 

 

 
   Containers & Packaging — 0.8%   
  1,256       Crown Holdings, Inc. (a)      67,865   
  552       Sealed Air Corp.      25,131   
     

 

 

 
        92,996   
     

 

 

 
   Metals & Mining — 0.8%   
  1,869       Alcoa, Inc.      24,153   
  2,610       United States Steel Corp.      63,681   
     

 

 

 
        87,834   
     

 

 

 
   Total Materials      564,804   
     

 

 

 
   Telecommunication Services — 1.8%   
   Diversified Telecommunication Services — 1.5%   
  3,685       Verizon Communications, Inc.      179,191   
     

 

 

 
   Wireless Telecommunication Services — 0.3%   
  161       SBA Communications Corp., Class A (a)      18,892   
  446       T-Mobile US, Inc. (a)      14,141   
     

 

 

 
        33,033   
     

 

 

 
   Total Telecommunication Services      212,224   
     

 

 

 
   Utilities — 3.7%   
   Electric Utilities — 2.2%   
  1,203       Edison International      75,178   
  2,672       Exelon Corp.      89,789   
  735       NextEra Energy, Inc.      76,509   
  69       Pinnacle West Capital Corp.      4,413   
  361       Xcel Energy, Inc.      12,583   
     

 

 

 
        258,472   
     

 

 

 
   Gas Utilities — 0.1%   
  203       AGL Resources, Inc.      10,081   
  243       Questar Corp.      5,788   
     

 

 

 
        15,869   
     

 

 

 
   Multi-Utilities — 1.4%   
  632       CenterPoint Energy, Inc.      12,892   
  1,805       CMS Energy Corp.      63,005   
  791       NiSource, Inc.      34,934   
  967       PG&E Corp.      51,311   
     

 

 

 
        162,142   
     

 

 

 
   Total Utilities      436,483   
     

 

 

 
  

Total Common Stocks

(Cost $10,816,633)

     14,836,354   
     

 

 

 
   Exchange Traded Funds — 0.6%   
   U.S. Equity — 0.6%   
  331       iShares U.S. Real Estate ETF      26,215   
  476       Utilities Select Sector SPDR Fund      21,127   
  312       Vanguard REIT ETF      26,205   
     

 

 

 
   Total Exchange Traded Funds
(Cost $74,401)
     73,547   
     

 

 

 

 

Short-Term Investment — 3.1%

  

   Investment Company — 3.1%   
  366,206       JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.040% (b) (l)
(Cost $366,206)
     366,206   
     

 

 

 
   Total Investments — 129.1%
(Cost $11,257,240)
     15,276,107   
  

Liabilities in Excess of Other Assets — (29.1)% (c)

     (3,437,935
     

 

 

 
  

NET ASSETS — 100.0%

   $ 11,838,172   
     

 

 

 

 

Short Positions — 29.3%

  

 

          Common Stocks — 29.3%

  

   Consumer Discretionary — 4.1%   
   Auto Components — 0.4%   
  225       Autoliv, Inc., (Sweden)      26,461   
  367       BorgWarner, Inc.      22,193   
     

 

 

 
        48,654   
     

 

 

 
   Automobiles — 0.4%   
  3,347       Ford Motor Co.      54,019   
     

 

 

 
   Hotels, Restaurants & Leisure — 0.7%   
  418       Darden Restaurants, Inc.      28,973   
  434       Hilton Worldwide Holdings, Inc. (a)      12,863   
  461       Marriott International, Inc., Class A      37,067   
     

 

 

 
        78,903   
     

 

 

 


JPMorgan U.S. Large Cap Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

 

SHARES

    

SECURITY DESCRIPTION

   VALUE($)  

 

Short Positions — continued

  

 

          Common Stocks — continued

  
   Internet & Catalog Retail — 0.2%   
  53       Netflix, Inc. (a)      22,135   
     

 

 

 
       Leisure Products — 0.1%  
  138       Hasbro, Inc.      8,736   
     

 

 

 
       Media — 1.1%  
  92       AMC Networks, Inc., Class A (a)      7,036   
  458       Omnicom Group, Inc.      35,745   
  756       Scripps Networks Interactive, Inc., Class A      51,817   
  441       Viacom, Inc., Class B      30,113   
  108       Walt Disney Co. (The)      11,318   
     

 

 

 
        136,029   
     

 

 

 
       Multiline Retail — 0.4%  
  260       Kohl’s Corp.      20,347   
  309       Target Corp.      25,339   
     

 

 

 
        45,686   
     

 

 

 
       Specialty Retail — 0.3%  
  232       Bed Bath & Beyond, Inc. (a)      17,814   
  257       CarMax, Inc. (a)      17,739   
     

 

 

 
        35,553   
     

 

 

 
       Textiles, Apparel & Luxury Goods — 0.5%  
  350       NIKE, Inc., Class B      35,127   
  286       Under Armour, Inc., Class A (a)      23,056   
     

 

 

 
        58,183   
     

 

 

 
   Total Consumer Discretionary      487,898   
     

 

 

 
   Consumer Staples — 2.5%   
   Beverages — 0.3%   
  83       Boston Beer Co., Inc. (The), Class A (a)      22,186   
  137       Brown-Forman Corp., Class B      12,334   
     

 

 

 
        34,520   
     

 

 

 
       Food & Staples Retailing — 1.2%  
  229       Kroger Co. (The)      17,564   
  1,398       Sysco Corp.      52,742   
  254       Wal-Mart Stores, Inc.      20,883   
  905       Whole Foods Market, Inc.      47,151   
     

 

 

 
        138,340   
     

 

 

 
       Food Products — 0.4%  
  223       General Mills, Inc.      12,636   
  243       Kellogg Co.      16,056   
  230       Mead Johnson Nutrition Co.      23,167   
     

 

 

 
        51,859   
     

 

 

 
       Household Products — 0.5%  
  755       Church & Dwight Co., Inc.      64,504   
     

 

 

 
       Tobacco — 0.1%  
  181       Altria Group, Inc.      9,057   
     

 

 

 
   Total Consumer Staples      298,280   
     

 

 

 
   Energy — 1.8%   
   Energy Equipment & Services — 0.5%   
  229       Cameron International Corp. (a)      10,321   
  190       Ensco plc, (United Kingdom), Class A      4,001   
  364       FMC Technologies, Inc. (a)      13,483   
  54       National Oilwell Varco, Inc.      2,689   
  337       Noble Corp. plc, (United Kingdom)      4,807   
  667       Tenaris S.A., (Luxembourg), ADR      18,676   
     

 

 

 
        53,977   
     

 

 

 
       Oil, Gas & Consumable Fuels — 1.3%  
  574       ConocoPhillips      35,720   
  150       Murphy Oil Corp.      7,009   
  759       ONEOK, Inc.      36,599   
  1,386       QEP Resources, Inc.      28,892   
  1,089       Spectra Energy Corp.      39,396   
  242       Williams Cos., Inc. (The)      12,265   
     

 

 

 
        159,881   
     

 

 

 
   Total Energy      213,858   
     

 

 

 
   Financials — 4.8%   
   Banks — 1.1%   
  585       Associated Banc-Corp.      10,874   
  433       BancorpSouth, Inc.      10,045   
  386       Comerica, Inc.      17,410   
  1,938       First Horizon National Corp.      27,693   
  134       PNC Financial Services Group, Inc. (The)      12,475   
  454       Synovus Financial Corp.      12,717   
  786       U.S. Bancorp      34,325   
     

 

 

 
        125,539   
     

 

 

 
       Capital Markets — 0.6%  
  448       Franklin Resources, Inc.      23,009   
  309       Northern Trust Corp.      21,520   
  351       T. Rowe Price Group, Inc.      28,403   
     

 

 

 
        72,932   
     

 

 

 
       Diversified Financial Services — 0.1%  
  356       NASDAQ OMX Group, Inc. (The)      18,130   
     

 

 

 
       Insurance — 1.4%  
  498       Allstate Corp. (The)      35,449   
  116       Aon plc, (United Kingdom)      11,195   
  104       Chubb Corp. (The)      10,510   
  226       Principal Financial Group, Inc.      11,622   
  850       Progressive Corp. (The)      23,129   
  592       Torchmark Corp.      32,489   


JPMorgan U.S. Large Cap Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

 

SHARES

    

SECURITY DESCRIPTION

   VALUE($)  

 

Short Positions — continued

  

 

          Common Stocks — continued

  
   Insurance — continued   
  288       Travelers Cos., Inc. (The)      31,180   
  194       W.R. Berkley Corp.      9,811   
     

 

 

 
        165,385   
     

 

 

 
   Real Estate Investment Trusts (REITs) — 1.4%   
  1,503       Brandywine Realty Trust      24,016   
  143       Federal Realty Investment Trust      21,008   
  480       Health Care REIT, Inc.      37,126   
  192       Home Properties, Inc.      13,276   
  31       Realty Income Corp.      1,574   
  54       UDR, Inc.      1,844   
  907       Ventas, Inc.      66,245   
     

 

 

 
        165,089   
     

 

 

 
   Thrifts & Mortgage Finance — 0.2%   
  1,607       People’s United Financial, Inc.      24,429   
     

 

 

 
   Total Financials      571,504   
     

 

 

 
  

Health Care — 2.2%

  
   Biotechnology — 0.4%   
  292       Amgen, Inc.      46,605   
     

 

 

 
   Health Care Equipment & Supplies — 0.6%   
  548       Baxter International, Inc.      37,539   
  65       C.R. Bard, Inc.      10,879   
  219       Zimmer Holdings, Inc.      25,781   
     

 

 

 
        74,199   
     

 

 

 
   Health Care Providers & Services — 0.5%   
  201       Anthem, Inc.      30,978   
  26       Cardinal Health, Inc.      2,371   
  252       Express Scripts Holding Co. (a)      21,831   
     

 

 

 
        55,180   
     

 

 

 
   Health Care Technology — 0.1%   
  281       Medidata Solutions, Inc. (a)      13,791   
     

 

 

 
   Pharmaceuticals — 0.6%   
  1,145       AbbVie, Inc.      67,054   
     

 

 

 
   Total Health Care      256,829   
     

 

 

 
  

Industrials — 5.3%

  
   Aerospace & Defense — 1.9%   
  564       Boeing Co. (The)      84,625   
  347       Lockheed Martin Corp.      70,512   
  422       Raytheon Co.      46,084   
  502       Textron, Inc.      22,251   
     

 

 

 
        223,472   
     

 

 

 
   Air Freight & Logistics — 0.7%   
  825       C.H. Robinson Worldwide, Inc.      60,385   
  210       United Parcel Service, Inc., Class B      20,323   
     

 

 

 
        80,708   
     

 

 

 
   Airlines — 0.5%   
  1,273       Southwest Airlines Co.      56,404   
     

 

 

 
   Commercial Services & Supplies — 0.4%   
  1,067       ADT Corp. (The)      44,293   
     

 

 

 
   Electrical Equipment — 0.5%   
  532       Rockwell Automation, Inc.      61,746   
     

 

 

 
   Industrial Conglomerates — 0.7%   
  379       3M Co.      62,554   
  1,121       General Electric Co.      27,812   
     

 

 

 
        90,366   
     

 

 

 
   Machinery — 0.4%   
  20       AGCO Corp.      962   
  233       Dover Corp.      16,105   
  400       Flowserve Corp.      22,568   
  110       Illinois Tool Works, Inc.      10,685   
  18       Pentair plc, (United Kingdom)      1,126   
     

 

 

 
        51,446   
     

 

 

 
   Road & Rail — 0.1%   
  98       Norfolk Southern Corp.      10,133   
     

 

 

 
   Trading Companies & Distributors — 0.1%   
  180       Fastenal Co.      7,443   
  10       W.W. Grainger, Inc.      2,405   
     

 

 

 
        9,848   
     

 

 

 
   Total Industrials      628,416   
     

 

 

 
  

Information Technology — 3.7%

  
   Communications Equipment — 0.2%   
  835       Cisco Systems, Inc.      22,981   
     

 

 

 
   IT Services — 0.7%   
  396       Fiserv, Inc. (a)      31,406   
  146       Global Payments, Inc.      13,407   
  629       Total System Services, Inc.      23,996   
  326       Vantiv, Inc., Class A (a)      12,288   
     

 

 

 
        81,097   
     

 

 

 
   Semiconductors & Semiconductor Equipment — 1.8%   
  347       Altera Corp.      14,892   
  841       Intel Corp.      26,304   
  725       Linear Technology Corp.      33,909   
  3,201       NVIDIA Corp.      66,980   
  3,134       Taiwan Semiconductor Manufacturing Co., Ltd., (Taiwan), ADR      73,590   
     

 

 

 
        215,675   
     

 

 

 


JPMorgan U.S. Large Cap Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

 

SHARES

    

SECURITY DESCRIPTION

   VALUE($)  

 

Short Positions — continued

  

 

          Common Stocks — continued

  
   Software — 0.3%   
  62       Intuit, Inc.      5,997   
  46       Red Hat, Inc. (a)      3,465   
  422       salesforce.com, Inc. (a)      28,191   
     

 

 

 
        37,653   
     

 

 

 
   Technology Hardware, Storage & Peripherals — 0.7%   
  770       EMC Corp.      19,682   
  1,131       Seagate Technology plc      58,851   
     

 

 

 
        78,533   
     

 

 

 
   Total Information Technology      435,939   
     

 

 

 
   Materials — 1.9%   
   Chemicals — 1.4%   
  310       Cabot Corp.      13,960   
  296       Celanese Corp., Series A      16,527   
  521       Eastman Chemical Co.      36,112   
  156       Ecolab, Inc.      17,866   
  526       LyondellBasell Industries N.V., Class A      46,225   
  196       Monsanto Co.      22,058   
  575       OM Group, Inc.      17,256   
     

 

 

 
        170,004   
     

 

 

 
   Containers & Packaging — 0.1%   
  227       Bemis Co., Inc.      10,497   
  75       Packaging Corp. of America      5,864   
     

 

 

 
        16,361   
     

 

 

 
   Metals & Mining — 0.3%   
  57       Compass Minerals International, Inc.      5,282   
  1,630       Freeport-McMoRan, Inc.      30,889   
     

 

 

 
        36,171   
     

 

 

 
   Paper & Forest Products — 0.1%   
  133       Domtar Corp., (Canada)      6,156   
     

 

 

 
   Total Materials      228,692   
     

 

 

 
  

Telecommunication Services — 1.0%

  
   Diversified Telecommunication Services — 1.0%   
  3,528       AT&T, Inc.      115,174   
     

 

 

 
  

Utilities — 2.0%

  
   Electric Utilities — 1.0%   
  20       Duke Energy Corp.      1,541   
  524       Entergy Corp.      40,580   
  307       Eversource Energy      15,489   
  1,408       Southern Co. (The)      62,352   
     

 

 

 
        119,962   
     

 

 

 
   Gas Utilities — 0.1%   
  110       National Fuel Gas Co.      6,648   
     

 

 

 
   Multi-Utilities — 0.9%   
  262       Ameren Corp.      11,057   
  645       Consolidated Edison, Inc.      39,361   
  935       SCANA Corp.      51,407   
  22       Wisconsin Energy Corp.      1,076   
     

 

 

 
        102,901   
     

 

 

 
   Water Utilities — 0.0% (g)   
  46       Aqua America, Inc.      1,217   
     

 

 

 
   Total Utilities      230,728   
     

 

 

 
  

Total Securities Sold Short

(Proceeds $3,261,029)

   $ 3,467,318   
     

 

 

 

 

Percentages indicated are based on net assets.


JPMorgan U.S. Large Cap Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

(Amounts in thousands, except number of Futures contracts)

 

Futures Contracts

 

NUMBER OF
CONTRACTS

  

DESCRIPTION

   EXPIRATION
DATE
     NOTIONAL
VALUE AT
MARCH 31,
2015
     NET
UNREALIZED
APPRECIATION
(DEPRECIATION)
 
   Long Futures Outstanding         
        2,586    E-mini S&P 500      06/19/15       $ 266,461       $ 2,106   
           

 

 

 

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

 

ADR

  

   American Depositary Receipt

ETF

  

   Exchange Traded Fund

REIT

  

   Real Estate Investment Trust

SPDR

  

   Standard & Poor’s Depositary Receipts

(a)

  

   Non-income producing security.

(b)

  

   Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.

(c)

  

   Included in this amount is cash segregated as collateral for future contracts.

(g)

  

   Amount rounds to less than 0.1%.

(j)

  

   All or a portion of these securities are segregated for short sales.

(l)

  

   The rate shown is the current yield as of March 31, 2015.

As of March 31, 2015, 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

   $ 4,113,680   

Aggregate gross unrealized depreciation

     (94,813
  

 

 

 

Net unrealized appreciation/depreciation

   $ 4,018,867   
  

 

 

 

Federal income tax cost of investments

   $ 11,257,240   
  

 

 

 


JPMorgan U.S. Large Cap Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (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 are 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 securities 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)

   $ 15,276,107      $ —         $ —         $ 15,276,107   

Total Liabilities for Securities Sold Short (a)

   $ (3,467,318   $ —         $ —         $ (3,467,318

Appreciation in Other Financial Instruments

          

Futures Contracts

   $ 2,106      $ —         $ —         $ 2,106   
  

 

 

   

 

 

    

 

 

    

 

 

 

 

(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.

There were no transfers among any levels during the period ended March 31, 2015.


JPMorgan U.S. Research Equity Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited)

(Amounts in thousands)

 

SHARES

   

SECURITY DESCRIPTION

   VALUE($)  

 

Long Positions — 145.9% (j)

  
  Common Stocks — 144.6%   
            Consumer Discretionary — 26.5%   
 

Auto Components — 1.2%

  
  5     

Magna International, Inc., (Canada)

     293   
    

 

 

 
  Automobiles — 1.2%   
  8      General Motors Co.      297   
    

 

 

 
  Hotels, Restaurants & Leisure — 1.3%   
  1      Carnival Corp.      45   
  3      Royal Caribbean Cruises Ltd.      276   
    

 

 

 
       321   
    

 

 

 
  Household Durables — 0.4%   
  (h)    Harman International Industries, Inc.      25   
  (h)    NVR, Inc. (a)      49   
  2      PulteGroup, Inc.      35   
    

 

 

 
       109   
    

 

 

 
  Internet & Catalog Retail — 0.1%   
  (h)    Expedia, Inc.      40   
    

 

 

 
  Media — 11.8%   
  4      CBS Corp. (Non-Voting), Class B      227   
  12      Comcast Corp., Class A      672   
  7      DISH Network Corp., Class A (a)      519   
  1      Time Warner Cable, Inc.      121   
  7      Time Warner, Inc.      615   
  24      Twenty-First Century Fox, Inc., Class A      800   
    

 

 

 
       2,954   
    

 

 

 
  Multiline Retail — 2.0%   
  1      Dollar General Corp. (a)      56   
  1      Kohl’s Corp.      83   
  6      Macy’s, Inc.      378   
    

 

 

 
       517   
    

 

 

 
  Specialty Retail — 6.2%   
  (h)    Advance Auto Parts, Inc.      64   
  7      AutoNation, Inc. (a)      463   
  (h)    AutoZone, Inc. (a)      232   
  2      Best Buy Co., Inc.      61   
  1      Home Depot, Inc. (The)      92   
  9      Lowe’s Cos., Inc.      635   
  (h)    Ross Stores, Inc.      15   
    

 

 

 
       1,562   
    

 

 

 
  Textiles, Apparel & Luxury Goods — 2.3%   
  2      Ralph Lauren Corp.      240   
  4      V.F. Corp.      327   
    

 

 

 
       567   
    

 

 

 
  Total Consumer Discretionary      6,660   
    

 

 

 

 

          Consumer Staples — 9.1%

  
  Beverages — 6.2%   
  1      Coca-Cola Enterprises, Inc.      57   
  4      Constellation Brands, Inc., Class A (a)      507   
  1      Dr. Pepper Snapple Group, Inc.      39   
  7      Molson Coors Brewing Co., Class B      530   
  4      PepsiCo, Inc.      417   
    

 

 

 
       1,550   
    

 

 

 
  Food & Staples Retailing — 0.1%   
  (h)    Costco Wholesale Corp.      17   
    

 

 

 
  Food Products — 1.5%   
  2      Archer-Daniels-Midland Co.      103   
  (h)    Keurig Green Mountain, Inc.      42   
  6      Mondelez International, Inc., Class A      233   
    

 

 

 
       378   
    

 

 

 
  Household Products — 1.0%   
  (h)    Kimberly-Clark Corp.      25   
  3      Procter & Gamble Co. (The)      222   
    

 

 

 
       247   
    

 

 

 
  Tobacco — 0.3%   
  1      Philip Morris International, Inc.      89   
    

 

 

 
  Total Consumer Staples      2,281   
    

 

 

 

 

          Energy — 8.2%

  
  Energy Equipment & Services — 5.1%   
  8      Baker Hughes, Inc.      480   
  1      Cameron International Corp. (a)      51   
  2      Ensco plc, (United Kingdom), Class A      38   
  6      Halliburton Co.      256   
  6      Nabors Industries Ltd., (Bermuda)      88   
  3      National Oilwell Varco, Inc.      173   
  3      Noble Corp. plc, (United Kingdom)      38   
  1      Schlumberger Ltd.      77   
  1      Transocean Ltd., (Switzerland)      21   
  4      Weatherford International plc, (Switzerland) (a)      54   
    

 

 

 
       1,276   
    

 

 

 
  Oil, Gas & Consumable Fuels — 3.1%   
  1      Chevron Corp.      106   
  1      CONSOL Energy, Inc.      26   
  (h)    EOG Resources, Inc.      29   
  1      EQT Corp.      104   
  2      Exxon Mobil Corp.      155   
  7      Marathon Oil Corp.      196   
  (h)    Marathon Petroleum Corp.      12   
  1      Occidental Petroleum Corp.      59   
  1      Phillips 66      64   


JPMorgan U.S. Research Equity Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

 

SHARES

   

SECURITY DESCRIPTION

   VALUE($)  

 

Long Positions — Continued

  

 

Common Stocks — Continued

  
  Oil, Gas & Consumable Fuels — Continued   
  (h)    Tesoro Corp.      44   
    

 

 

 
       795   
    

 

 

 
  Total Energy      2,071   
    

 

 

 
            Financials — 25.1%   
  Banks — 5.7%   
  18      Bank of America Corp.      270   
  8      Citigroup, Inc.      392   
  2      Cullen/Frost Bankers, Inc.      113   
  (h)    Prosperity Bancshares, Inc.      13   
  12      Wells Fargo & Co.      641   
    

 

 

 
       1,429   
    

 

 

 
  Capital Markets — 7.3%   
  (h)    BlackRock, Inc.      62   
  3      Goldman Sachs Group, Inc. (The)      545   
  10      Invesco Ltd.      378   
  2      Legg Mason, Inc.      92   
  19      Morgan Stanley      680   
  1      State Street Corp.      46   
  (h)    T. Rowe Price Group, Inc.      24   
    

 

 

 
       1,827   
    

 

 

 
  Consumer Finance — 0.6%   
  (h)    Capital One Financial Corp.      27   
  4      Synchrony Financial (a)      134   
    

 

 

 
       161   
    

 

 

 
  Diversified Financial Services — 2.3%   
  2      Berkshire Hathaway, Inc., Class B (a)      296   
  1      Intercontinental Exchange, Inc.      249   
  1      Voya Financial, Inc.      33   
    

 

 

 
       578   
    

 

 

 
  Insurance — 4.9%   
  2      ACE Ltd., (Switzerland)      267   
  1      American International Group, Inc.      68   
  2      Everest Re Group Ltd., (Bermuda)      310   
  (h)    Lincoln National Corp.      19   
  2      MetLife, Inc.      106   
  1      Prudential Financial, Inc.      84   
  1      RenaissanceRe Holdings Ltd., (Bermuda)      101   
  7      XL Group plc, (Ireland)      275   
    

 

 

 
       1,230   
    

 

 

 
  Real Estate Investment Trusts (REITs) — 4.3%   
  (h)    American Tower Corp.      17   
  2      AvalonBay Communities, Inc.      342   
  1      Brixmor Property Group, Inc.      27   
  2      DDR Corp.      32   
  4      Highwoods Properties, Inc.      183   
  2      Host Hotels & Resorts, Inc.      32   
  1      LaSalle Hotel Properties      31   
  1      Mid-America Apartment Communities, Inc.      43   
  3      Prologis, Inc.      123   
  1      Regency Centers Corp.      81   
  (h)    Simon Property Group, Inc.      94   
  2      Weingarten Realty Investors      72   
    

 

 

 
       1,077   
    

 

 

 
  Total Financials      6,302   
    

 

 

 
            Health Care — 19.0%   
  Biotechnology — 5.4%   
  1      Alexion Pharmaceuticals, Inc. (a)      218   
  1      Biogen, Inc. (a)      621   
  2      Celgene Corp. (a)      286   
  2      Gilead Sciences, Inc. (a)      230   
    

 

 

 
       1,355   
    

 

 

 
  Health Care Equipment & Supplies — 2.1%   
  1      Abbott Laboratories      51   
  28      Boston Scientific Corp. (a)      490   
    

 

 

 
       541   
    

 

 

 
  Health Care Providers & Services — 5.6%   
  5      Aetna, Inc.      537   
  2      Cigna Corp.      316   
  1      McKesson Corp.      278   
  2      UnitedHealth Group, Inc.      283   
    

 

 

 
       1,414   
    

 

 

 
  Health Care Technology — 0.2%   
  1      Cerner Corp. (a)      39   
    

 

 

 
  Pharmaceuticals — 5.7%   
  (h)    Actavis plc (a)      51   
  5      Bristol-Myers Squibb Co.      293   
  8      Johnson & Johnson      843   
  2      Merck & Co., Inc.      88   
  4      Pfizer, Inc.      148   
    

 

 

 
       1,423   
    

 

 

 
  Total Health Care      4,772   
    

 

 

 
            Industrials — 17.2%   
  Aerospace & Defense — 2.6%   
  (h)    Curtiss-Wright Corp.      6   
  1      General Dynamics Corp.      183   
  2      Honeywell International, Inc.      181   
  (h)    Huntington Ingalls Industries, Inc.      (h) 
  (h)    Northrop Grumman Corp.      56   


JPMorgan U.S. Research Equity Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

 

SHARES

   

SECURITY DESCRIPTION

   VALUE($)  

 

Long Positions — Continued

  

 

Common Stocks — Continued

  
  Aerospace & Defense — Continued   
  2      United Technologies Corp.      217   
    

 

 

 
       643   
    

 

 

 
  Airlines — 2.1%   
  2      Delta Air Lines, Inc.      90   
  7      United Continental Holdings, Inc. (a)      447   
    

 

 

 
       537   
    

 

 

 
  Construction & Engineering — 1.0%   
  4      Fluor Corp.      254   
    

 

 

 
  Electrical Equipment — 0.3%   
  1      Emerson Electric Co.      75   
    

 

 

 
  Machinery — 7.0%   
  3      Cummins, Inc.      438   
  7      PACCAR, Inc.      455   
  1      Pall Corp.      137   
  6      Parker-Hannifin Corp.      735   
    

 

 

 
       1,765   
    

 

 

 
  Road & Rail — 4.2%   
  5      CSX Corp.      181   
  (h)    Norfolk Southern Corp.      27   
  8      Union Pacific Corp.      834   
    

 

 

 
       1,042   
    

 

 

 
  Total Industrials      4,316   
    

 

 

 
            Information Technology — 27.2%   
  Communications Equipment — 0.4%   
  1      QUALCOMM, Inc.      93   
    

 

 

 
  Electronic Equipment, Instruments & Components — 0.1%   
  (h)    TE Connectivity Ltd., (Switzerland)      28   
    

 

 

 
  Internet Software & Services — 3.5%   
  6      Facebook, Inc., Class A (a)      488   
  (h)    Google, Inc., Class A (a)      115   
  1      Google, Inc., Class C (a)      283   
    

 

 

 
       886   
    

 

 

 
  IT Services — 4.4%   
  3      Accenture plc, (Ireland), Class A      272   
  (h)    Alliance Data Systems Corp. (a)      41   
  9      Cognizant Technology Solutions Corp.,   
  Class A (a)      538   
  8      Genpact Ltd., (Bermuda) (a)      186   
  1      Infosys Ltd., (India), ADR      37   
  (h)    International Business Machines Corp.      32   
    

 

 

 
       1,106   
    

 

 

 
  Semiconductors & Semiconductor Equipment — 8.6%   
  21      Applied Materials, Inc.      468   
  5      Avago Technologies Ltd., (Singapore)      675   
  7      Broadcom Corp., Class A      290   
  8      Lam Research Corp.      588   
  1      Skyworks Solutions, Inc.      138   
    

 

 

 
       2,159   
    

 

 

 
  Software — 3.4%   
  1      Adobe Systems, Inc. (a)      80   
  12      Microsoft Corp.      505   
  6      Oracle Corp.      269   
    

 

 

 
       854   
    

 

 

 
  Technology Hardware, Storage & Peripherals — 6.8%   
  11      Apple, Inc.      1,354   
  2      Hewlett-Packard Co.      73   
  3      Western Digital Corp.      280   
    

 

 

 
       1,707   
    

 

 

 
  Total Information Technology      6,833   
    

 

 

 

 

          Materials — 5.4%

  
  Chemicals — 2.6%   
  1      Axiall Corp.      25   
  2      E.I. du Pont de Nemours & Co.      124   
  11      Mosaic Co. (The)      495   
    

 

 

 
       644   
    

 

 

 
  Containers & Packaging — 2.0%   
  9      Crown Holdings, Inc. (a)      505   
    

 

 

 
  Metals & Mining — 0.8%   
  13      Alcoa, Inc.      170   
  1      United States Steel Corp.      32   
    

 

 

 
       202   
    

 

 

 
  Total Materials      1,351   
    

 

 

 

 

          Telecommunication Services — 0.6%

  
  Diversified Telecommunication Services — 0.6%   
  3      Verizon Communications, Inc.      145   
    

 

 

 

 

          Utilities — 6.3%

  
  Electric Utilities — 1.8%   
  2      Edison International      103   
  2      Exelon Corp.      61   
  1      NextEra Energy, Inc.      132   
  3      Pinnacle West Capital Corp.      162   
    

 

 

 
       458   
    

 

 

 
  Gas Utilities — 1.3%   
  5      AGL Resources, Inc.      243   
  3      Questar Corp.      78   
    

 

 

 
       321   
    

 

 

 


JPMorgan U.S. Research Equity Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

 

SHARES

   

SECURITY DESCRIPTION

   VALUE($)  

 

Long Positions — Continued

  
  Common Stocks — Continued   
  Multi-Utilities — 3.2%   
  5      CenterPoint Energy, Inc.      106   
  2      CMS Energy Corp.      72   
  1      NiSource, Inc.      54   
  7      PG&E Corp.      375   
  5      Public Service Enterprise Group, Inc.      209   
    

 

 

 
       816   
    

 

 

 
  Total Utilities      1,595   
    

 

 

 
  Total Common Stocks
(Cost $30,886)
     36,326   
    

 

 

 
            Short-Term Investments — 1.3%   
  Investment Company — 1.2%   
  289      JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.040% (b) (l)      289   
    

 

 

 

PRINCIPAL
AMOUNT($)

            
  U.S. Treasury Obligation — 0.1%   
  40      U.S. Treasury Bill, 0.072%, 05/28/15 (k) (n)      40   
    

 

 

 
  Total Short-Term Investments
(Cost $329)
     329   
    

 

 

 
  Total Investments — 145.9%
(Cost $31,215)
     36,655   
  Liabilities in Excess of Other Assets — (45.9)%      (11,542
    

 

 

 
  NET ASSETS — 100.0%    $ 25,113   
    

 

 

 

SHARES

            

 

Short Positions — 43.7%

  

 

Common Stocks — 43.7%

  

  Consumer Discretionary — 5.5%   
  Auto Components — 0.7%   
  1      Autoliv, Inc., (Sweden)      65   
  2      BorgWarner, Inc.      117   
    

 

 

 
       182   
    

 

 

 
  Hotels, Restaurants & Leisure — 1.6%   
  (h)    Chipotle Mexican Grill, Inc. (a)      39   
  2      Darden Restaurants, Inc.      163   
  2      Hilton Worldwide Holdings, Inc. (a)      74   
  1      McDonald’s Corp.      112   
    

 

 

 
       388   
    

 

 

 
  Household Durables — 0.5%   
  2      Lennar Corp., Class A      120   
    

 

 

 
  Internet & Catalog Retail — 0.5%   
  (h)    Netflix, Inc. (a)      133   
    

 

 

 
  Leisure Products — 0.2%   
  (h)    Hasbro, Inc.      22   
  2      Mattel, Inc.      36   
    

 

 

 
       58   
    

 

 

 
  Media — 0.8%   
  2      AMC Networks, Inc., Class A (a)      180   
  (h)    Omnicom Group, Inc.      26   
    

 

 

 
       206   
    

 

 

 
  Multiline Retail — 0.2%   
  1      Target Corp.      55   
    

 

 

 
  Specialty Retail — 0.1%   
  (h)    Bed Bath & Beyond, Inc. (a)      25   
    

 

 

 
  Textiles, Apparel & Luxury Goods — 0.9%   
  3      Under Armour, Inc., Class A (a)      215   
    

 

 

 
  Total Consumer Discretionary      1,382   
    

 

 

 

 

          Consumer Staples — 5.5%

  

  Beverages — 0.3%   
  1      Brown-Forman Corp., Class B      90   
    

 

 

 
  Food & Staples Retailing — 2.2%   
  (h)    CVS Health Corp.      28   
  3      Sysco Corp.      110   
  2      Walgreens Boots Alliance, Inc.      167   
  (h)    Wal-Mart Stores, Inc.      37   
  4      Whole Foods Market, Inc.      204   
    

 

 

 
       546   
    

 

 

 
  Food Products — 2.5%   
  3      ConAgra Foods, Inc.      91   
  3      General Mills, Inc.      163   
  3      Kellogg Co.      197   
  1      Kraft Foods Group, Inc.      87   
  1      Mead Johnson Nutrition Co.      83   
    

 

 

 
       621   
    

 

 

 
  Household Products — 0.5%   
  1      Church & Dwight Co., Inc.      111   
  (h)    Clorox Co. (The)      24   
    

 

 

 
       135   
    

 

 

 
  Total Consumer Staples      1,392   
    

 

 

 

 

          Energy — 3.0%

  

  Oil, Gas & Consumable Fuels — 3.0%   
  (h)    Anadarko Petroleum Corp.      38   
  2      Enbridge, Inc., (Canada)      92   
  1      Kinder Morgan, Inc.      48   
  2      ONEOK, Inc.      103   
  4      Peabody Energy Corp.      22   
  8      QEP Resources, Inc.      162   


JPMorgan U.S. Research Equity Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

 

SHARES

   

SECURITY DESCRIPTION

   VALUE($)  

 

Short Positions — Continued

  

 

Common Stocks — Continued

  
  Oil, Gas & Consumable Fuels — Continued   
  4      Spectra Energy Corp.      137   
  2      Williams Cos., Inc. (The)      94   
  5      WPX Energy, Inc. (a)      52   
    

 

 

 
  Total Energy      748   
    

 

 

 

 

          Financials — 7.9%

  
  Banks — 2.7%   
  1      City National Corp.      70   
  1      Commerce Bancshares, Inc.      51   
  5      First Niagara Financial Group, Inc.      48   
  1      M&T Bank Corp.      117   
  (h)    Signature Bank (a)      25   
  2      SunTrust Banks, Inc.      85   
  1      Synovus Financial Corp.      40   
  4      U.S. Bancorp      156   
  3      Zions Bancorporation      85   
    

 

 

 
       677   
    

 

 

 
  Capital Markets — 0.5%   
  1      Bank of New York Mellon Corp. (The)      26   
  1      Northern Trust Corp.      101   
    

 

 

 
       127   
    

 

 

 
  Insurance — 1.6%   
  (h)   

Allstate Corp. (The)

     25   
  1      Arch Capital Group Ltd., (Bermuda) (a)      42   
  (h)   

Principal Financial Group, Inc.

     18   
  1      Progressive Corp. (The)      37   
  3      Torchmark Corp.      167   
  2      W.R. Berkley Corp.      90   
  1      Willis Group Holdings plc, (United Kingdom)      38   
    

 

 

 
       417   
    

 

 

 
  Real Estate Investment Trusts (REITs) — 3.1%   
  1      Equity Residential      85   
  1      Federal Realty Investment Trust      99   
  1      Health Care REIT, Inc.      101   
  2      Home Properties, Inc.      126   
  2      Hudson Pacific Properties, Inc.      69   
  2      Kimco Realty Corp.      58   
  4      Medical Properties Trust, Inc.      66   
  (h)   

SL Green Realty Corp.

     32   
  1      UDR, Inc.      28   
  1      Ventas, Inc.      105   
    

 

 

 
       769   
    

 

 

 
  Total Financials      1,990   
    

 

 

 

 

          Health Care — 3.2%

  
  Biotechnology — 0.1%   
  (h)   

Amgen, Inc.

     32   
    

 

 

 
  Health Care Equipment & Supplies — 0.9%   
  2      Baxter International, Inc.      125   
  1      St. Jude Medical, Inc.      50   
  (h)    Varian Medical Systems, Inc. (a)      41   
    

 

 

 
       216   
    

 

 

 
  Health Care Providers & Services — 1.3%   
  1      Cardinal Health, Inc.      96   
  1      DaVita HealthCare Partners, Inc. (a)      46   
  2      Express Scripts Holding Co. (a)      133   
  1      Premier, Inc., Class A (a)      42   
    

 

 

 
       317   
    

 

 

 
  Health Care Technology — 0.9%   
  10      Allscripts Healthcare Solutions, Inc. (a)      121   
  1      athenahealth, Inc. (a)      106   
    

 

 

 
       227   
    

 

 

 
  Total Health Care      792   
    

 

 

 

 

          Industrials — 5.1%

  
  Aerospace & Defense — 0.5%   
  1      Boeing Co. (The)      121   
    

 

 

 
  Air Freight & Logistics — 0.7%   
  2      United Parcel Service, Inc., Class B      178   
    

 

 

 
  Building Products — 0.3%   
  2      Fortune Brands Home & Security, Inc.      80   
    

 

 

 
  Commercial Services & Supplies — 0.8%   
  5      ADT Corp. (The)      204   
    

 

 

 
  Electrical Equipment — 0.5%   
  1      Rockwell Automation, Inc.      132   
    

 

 

 
  Machinery — 0.2%   
  1      Illinois Tool Works, Inc.      52   
    

 

 

 
  Professional Services — 0.3%   
  1      Advisory Board Co. (The) (a)      62   
    

 

 

 
  Road & Rail — 0.8%   
  1      Kansas City Southern      123   
  2      Werner Enterprises, Inc.      62   
    

 

 

 
       185   
    

 

 

 
  Trading Companies & Distributors — 1.0%   
  6      Fastenal Co.      257   
    

 

 

 
  Total Industrials      1,271   
    

 

 

 


JPMorgan U.S. Research Equity Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

 

SHARES

   

SECURITY DESCRIPTION

   VALUE($)  

 

Short Positions — Continued

  

 

Common Stocks — Continued

  

 

          Information Technology — 8.1%

  
  Communications Equipment — 0.1%   
  2      Juniper Networks, Inc.      40   
    

 

 

 
  Internet Software & Services — 0.9%   
  (h)    LinkedIn Corp., Class A (a)      107   
  2      Twitter, Inc. (a)      121   
    

 

 

 
       228   
    

 

 

 
  IT Services — 1.4%   
  1      MasterCard, Inc., Class A      60   
  2      Total System Services, Inc.      79   
  3      Vantiv, Inc., Class A (a)      94   
  4      VeriFone Systems, Inc. (a)      122   
    

 

 

 
       355   
    

 

 

 
  Semiconductors & Semiconductor Equipment — 3.6%   
  48      Advanced Micro Devices, Inc. (a)      129   
  3      Altera Corp.      148   
  2      Analog Devices, Inc.      145   
  7      Atmel Corp.      54   
  1      Linear Technology Corp.      45   
  6      Maxim Integrated Products, Inc.      207   
  6      NVIDIA Corp.      127   
  1      Xilinx, Inc.      52   
    

 

 

 
       907   
    

 

 

 
  Software — 1.7%   
  2      salesforce.com, Inc. (a)      156   
  3      Splunk, Inc. (a)      153   
  1      Workday, Inc., Class A (a)      110   
    

 

 

 
       419   
    

 

 

 
  Technology Hardware, Storage & Peripherals — 0.4%   
  2      Seagate Technology plc      97   
    

 

 

 
  Total Information Technology      2,046   
    

 

 

 
              Materials — 3.2%   
  Chemicals — 2.4%   
  1      Air Products & Chemicals, Inc.      83   
  2      Celanese Corp., Series A      139   
  1      Eastman Chemical Co.      58   
  (h)    Ecolab, Inc.      47   
  (h)    Monsanto Co.      47   
  2      OM Group, Inc.      52   
  1      Potash Corp. of Saskatchewan, Inc., (Canada)      25   
  1      Praxair, Inc.      120   
  (h)    Valspar Corp. (The)      37   
    

 

 

 
       608   
    

 

 

 
  Construction Materials — 0.2%   
  (h)    Vulcan Materials Co.      36   
    

 

 

 
  Containers & Packaging — 0.5%   
  1      Bemis Co., Inc.      41   
  1      MeadWestvaco Corp.      42   
  1      Packaging Corp. of America      48   
    

 

 

 
       131   
    

 

 

 
  Metals & Mining — 0.1%   
  1      Nucor Corp.      36   
    

 

 

 
  Total Materials      811   
    

 

 

 
              Telecommunication Services — 0.9%   
  Diversified Telecommunication Services — 0.3%   
  2      AT&T, Inc.      64   
    

 

 

 
  Wireless Telecommunication Services — 0.6%   
  25      Sprint Corp. (a)      119   
  1      T-Mobile US, Inc. (a)      39   
    

 

 

 
       158   
    

 

 

 
  Total Telecommunication Services      222   
    

 

 

 
              Utilities — 1.3%   
  Electric Utilities — 0.7%   
  1      FirstEnergy Corp.      38   
  3      Southern Co. (The)      146   
    

 

 

 
       184   
    

 

 

 
  Independent Power & Renewable Electricity Producers — 0.2%   
  2      NRG Energy, Inc.      41   
    

 

 

 
  Multi-Utilities — 0.2%   
  (h)    Dominion Resources, Inc.      26   
  1      SCANA Corp.      36   
    

 

 

 
       62   
    

 

 

 
  Water Utilities — 0.2%   
  1      Aqua America, Inc.      38   
    

 

 

 
  Total Utilities      325   
    

 

 

 
 

Total Securities Sold Short

(Proceeds $10,435)

   $ 10,979   
    

 

 

 

 

Percentages indicated are based on net assets.


JPMorgan U.S. Research Equity Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

(Amounts in thousands, except number of Futures contracts)

 

Futures Contracts

 

NUMBER OF
CONTRACTS

    

DESCRIPTION

   EXPIRATION
DATE
     NOTIONAL
VALUE AT
MARCH 31, 2015
     NET
UNREALIZED
APPRECIATION
(DEPRECIATION)
 
   Long Futures Outstanding         
  1       E-mini S&P 500      06/19/15       $ 103       $ 1   
           

 

 

 

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

 

ADR       American Depositary Receipt
(a)       Non-income producing security.
(b)       Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(h)       Amount rounds to less than one thousand (shares or dollars).
(j)       All or a portion of these securities are segregated for short sales.
(k)       All or a portion of this security is deposited with the broker as collateral for futures, centrally cleared swaps or with brokers as initial margin for future contracts or centrally cleared swaps.
(l)       The rate shown is the current yield as of March 31, 2015.
(n)       The rate shown is the effective yield at the date of purchase.

As of March 31, 2015, 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

   $ 5,936   

Aggregate gross unrealized depreciation

     (496
  

 

 

 

Net unrealized appreciation/depreciation

   $ 5,440   
  

 

 

 

Federal income tax cost of investments

   $ 31,215   
  

 

 

 

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 are 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.


JPMorgan U.S. Research Equity Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

 

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)

   $ 36,615      $ 40       $ —        $ 36,655   

Total Liabilities for Securities Sold Short (b)

   $ (10,979   $ —        $ —        $ (10,979

Appreciation in Other Financial Instruments

          

Futures Contracts

   $ 1      $ —        $ —        $ 1   
  

 

 

   

 

 

    

 

 

    

 

 

 

 

(a) All portfolio holdings designated as Level 1 and Level 2 are disclosed individually on the SOI. Level 2 consists of a U.S. Treasury Bill that is held for futures collateral. Please refer to the SOI for industry specifics of portfolio holdings.
(b) 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, 2015.


JPMorgan U.S. Small Company Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited)

(Amounts in thousands)

 

SHARES

    

SECURITY DESCRIPTION

   VALUE($)  

 

Common Stocks — 96.0%

  

 

            Consumer Discretionary — 13.0%

  
   Auto Components — 1.7%   
  396       Dana Holding Corp.      8,373   
  363       Stoneridge, Inc. (a)      4,103   
  89       Tower International, Inc. (a)      2,378   
     

 

 

 
        14,854   
     

 

 

 
   Distributors — 0.1%   
  121       VOXX International Corp. (a)      1,109   
     

 

 

 
   Diversified Consumer Services — 1.9%   
  147       Houghton Mifflin Harcourt Co. (a)      3,447   
  372       Regis Corp. (a)      6,081   
  130       Strayer Education, Inc. (a)      6,943   
     

 

 

 
        16,471   
     

 

 

 
   Hotels, Restaurants & Leisure — 1.9%   
  6       Bob Evans Farms, Inc.      264   
  37       Dave & Buster’s Entertainment, Inc. (a)      1,118   
  6       DineEquity, Inc.      621   
  48       Interval Leisure Group, Inc.      1,253   
  12       Isle of Capri Casinos, Inc. (a)      174   
  22       Jack in the Box, Inc.      2,101   
  33       Red Robin Gourmet Burgers, Inc. (a)      2,888   
  44       Ruby Tuesday, Inc. (a)      266   
  245       Sonic Corp.      7,779   
     

 

 

 
        16,464   
     

 

 

 
   Household Durables — 0.5%   
  42       CSS Industries, Inc.      1,257   
  55       Leggett & Platt, Inc.      2,535   
     

 

 

 
        3,792   
     

 

 

 
   Leisure Products — 0.2%   
  98       Nautilus, Inc. (a)      1,500   
     

 

 

 
   Media — 1.1%   
  336       Lee Enterprises, Inc. (a)      1,066   
  49       Nexstar Broadcasting Group, Inc., Class A      2,804   
  93       Radio One, Inc., Class D (a)      287   
  180       Sinclair Broadcast Group, Inc., Class A      5,666   
     

 

 

 
        9,823   
     

 

 

 
   Multiline Retail — 1.1%   
  59       Bon-Ton Stores, Inc. (The)      413   
  68       Dillard’s, Inc., Class A      9,283   
     

 

 

 
        9,696   
     

 

 

 
   Specialty Retail — 3.3%   
  17       ANN, Inc. (a)      710   
  209       Barnes & Noble, Inc. (a)      4,952   
  133       Children’s Place, Inc. (The)      8,531   
  22       Express, Inc. (a)      369   
  48       Guess?, Inc.      888   
  482       hhgregg, Inc. (a)      2,957   
  155       Outerwall, Inc.      10,275   
     

 

 

 
        28,682   
     

 

 

 
   Textiles, Apparel & Luxury Goods — 1.2%   
  254       Iconix Brand Group, Inc. (a)      8,566   
  51       Unifi, Inc. (a)      1,822   
     

 

 

 
        10,388   
     

 

 

 
   Total Consumer Discretionary      112,779   
     

 

 

 

 

            Consumer Staples — 2.9%

  
   Food & Staples Retailing — 1.0%   
  9       Ingles Markets, Inc., Class A      426   
  869       Rite Aid Corp. (a)      7,552   
  65       Smart & Final Stores, Inc. (a)      1,142   
     

 

 

 
        9,120   
     

 

 

 
   Food Products — 1.1%   
  48       B&G Foods, Inc.      1,407   
  107       Pilgrim’s Pride Corp.      2,415   
  78       Pinnacle Foods, Inc.      3,183   
  29       Sanderson Farms, Inc.      2,302   
  13       Seneca Foods Corp., Class A (a)      384   
     

 

 

 
        9,691   
     

 

 

 
   Personal Products — 0.6%   
  12       Herbalife Ltd. (a)      492   
  12       Inter Parfums, Inc.      375   
  9       Medifast, Inc. (a)      261   
  35       USANA Health Sciences, Inc. (a)      3,878   
     

 

 

 
        5,006   
     

 

 

 
   Tobacco — 0.2%   
  33       Universal Corp.      1,566   
     

 

 

 
   Total Consumer Staples      25,383   
     

 

 

 

 

            Energy — 3.3%

  
   Energy Equipment & Services — 1.1%   
  225       Basic Energy Services, Inc. (a)      1,559   
  72       Exterran Holdings, Inc.      2,427   
  170       Pioneer Energy Services Corp. (a)      922   
  69       SEACOR Holdings, Inc. (a)      4,821   
     

 

 

 
        9,729   
     

 

 

 
   Oil, Gas & Consumable Fuels — 2.2%   
  12       Adams Resources & Energy, Inc.      773   
  54       Alon USA Energy, Inc.      896   


JPMorgan U.S. Small Company Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

 

SHARES

    

SECURITY DESCRIPTION

   VALUE($)  

 

Common Stocks — continued

  

  

Oil, Gas & Consumable Fuels — continued

  
  684       Bill Barrett Corp. (a)      5,677   
  33       Cloud Peak Energy, Inc. (a)      194   
  50       Comstock Resources, Inc.      179   
  3       Isramco, Inc. (a)      380   
  39       Renewable Energy Group, Inc. (a)      358   
  130       REX American Resources Corp. (a)      7,887   
  48       Stone Energy Corp. (a)      697   
  245       VAALCO Energy, Inc. (a)      601   
  25       Western Refining, Inc.      1,240   
     

 

 

 
        18,882   
     

 

 

 
   Total Energy      28,611   
     

 

 

 

 

            Financials — 22.2%

  
  

Banks — 7.0%

  
  33       1st Source Corp.      1,067   
  62       BancFirst Corp.      3,769   
  140       BancorpSouth, Inc.      3,253   
  33       Banner Corp.      1,524   
  46       BBCN Bancorp, Inc.      667   
  144       Capital Bank Financial Corp., Class A (a)      3,987   
  55       Cathay General Bancorp      1,565   
  337       Central Pacific Financial Corp.      7,732   
  22       Chemical Financial Corp.      674   
  14       Citizens & Northern Corp.      291   
  35       City Holding Co.      1,641   
  37       CoBiz Financial, Inc.      460   
  237       CVB Financial Corp.      3,775   
  4       East West Bancorp, Inc.      151   
  378       First Commonwealth Financial Corp.      3,405   
  7       First Financial Bancorp      123   
  25       First Interstate BancSystem, Inc.      698   
  60       Flushing Financial Corp.      1,200   
  87       FNB Corp.      1,137   
  23       Guaranty Bancorp      395   
  22       MainSource Financial Group, Inc.      430   
  39       National Penn Bancshares, Inc.      420   
  152       OFG Bancorp, (Puerto Rico)      2,474   
  38       PacWest Bancorp      1,758   
  16       Sierra Bancorp      265   
  39       Simmons First National Corp., Class A      1,773   
  10       Southside Bancshares, Inc.      277   
  41       Southwest Bancorp, Inc.      722   
  74       Suffolk Bancorp      1,746   
  79       Susquehanna Bancshares, Inc.      1,087   
  141       TCF Financial Corp.      2,223   
  22       UMB Financial Corp.      1,137   
  217       Union Bankshares Corp.      4,822   
  13       Webster Financial Corp.      482   
  62       West Bancorporation, Inc.      1,229   
  17       Westamerica Bancorporation      743   
  133       Wilshire Bancorp, Inc.      1,323   
     

 

 

 
        60,425   
     

 

 

 
  

Capital Markets — 1.5%

  
  33       Arlington Asset Investment Corp., Class A      799   
  283       Cowen Group, Inc., Class A (a)      1,469   
  39       FBR & Co. (a)      901   
  20       Federated Investors, Inc., Class B      681   
  312       Investment Technology Group, Inc. (a)      9,454   
     

 

 

 
        13,304   
     

 

 

 
  

Consumer Finance — 0.9%

  
  6       Credit Acceptance Corp. (a)      1,170   
  59       Nelnet, Inc., Class A      2,801   
  56       World Acceptance Corp. (a)      4,106   
     

 

 

 
        8,077   
     

 

 

 
  

Diversified Financial Services — 0.0% (g)

  
  19       Marlin Business Services Corp.      385   
     

 

 

 
  

Insurance — 2.0%

  
  10       Ambac Financial Group, Inc. (a)      247   
  156       American Equity Investment Life Holding Co.      4,544   
  16       Aspen Insurance Holdings Ltd., (Bermuda)      751   
  267       CNO Financial Group, Inc.      4,599   
  13       Global Indemnity plc, (Ireland) (a)      358   
  30       Navigators Group, Inc. (The) (a)      2,366   
  33       Primerica, Inc.      1,690   
  48       ProAssurance Corp.      2,195   
  1       RenaissanceRe Holdings Ltd., (Bermuda)      53   
  9       Stewart Information Services Corp.      354   
     

 

 

 
        17,157   
     

 

 

 
  

Real Estate Investment Trusts (REITs) — 8.1%

  
  61       American Assets Trust, Inc.      2,623   
  200       Anworth Mortgage Asset Corp.      1,016   
  6       Ashford Hospitality Prime, Inc.      107   
  26       Ashford Hospitality Trust, Inc.      249   
  13       Associated Estates Realty Corp.      318   
  33       BioMed Realty Trust, Inc.      752   
  481       Capstead Mortgage Corp.      5,665   
  66       CBL & Associates Properties, Inc.      1,315   


JPMorgan U.S. Small Company Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

 

SHARES

    

SECURITY DESCRIPTION

   VALUE($)  

 

Common Stocks — continued

  

  

Real Estate Investment Trusts (REITs) — continued

  
  81       Chambers Street Properties      640   
  198       CoreSite Realty Corp.      9,634   
  17       Cousins Properties, Inc.      181   
  927       CYS Investments, Inc.      8,262   
  31       DCT Industrial Trust, Inc.      1,087   
  65       DiamondRock Hospitality Co.      913   
  36       EastGroup Properties, Inc.      2,183   
  39       EPR Properties      2,341   
  23       Equity LifeStyle Properties, Inc.      1,280   
  35       FelCor Lodging Trust, Inc.      400   
  24       First Industrial Realty Trust, Inc.      521   
  56       Franklin Street Properties Corp.      721   
  13       Gladstone Commercial Corp.      240   
  36       Home Properties, Inc.      2,515   
  66       Hospitality Properties Trust      2,191   
  104       LTC Properties, Inc.      4,789   
  25       National Retail Properties, Inc.      1,004   
  65       Pennsylvania Real Estate Investment Trust      1,508   
  35       Post Properties, Inc.      1,975   
  120       Potlatch Corp.      4,801   
  12       PS Business Parks, Inc.      963   
  32       RAIT Financial Trust      216   
  120       Ramco-Gershenson Properties Trust      2,230   
  32       Saul Centers, Inc.      1,813   
  309       Strategic Hotels & Resorts, Inc. (a)      3,841   
  22       Taubman Centers, Inc.      1,658   
     

 

 

 
        69,952   
     

 

 

 
  

Real Estate Management & Development — 1.0%

  
  84       Alexander & Baldwin, Inc.      3,619   
  286       Forestar Group, Inc. (a)      4,502   
  13       St. Joe Co. (The) (a)      239   
     

 

 

 
        8,360   
     

 

 

 
  

Thrifts & Mortgage Finance — 1.7%

  
  16       Astoria Financial Corp.      206   
  12       BankFinancial Corp.      156   
  44       Beneficial Bancorp, Inc. (a)      500   
  13       Capitol Federal Financial, Inc.      161   
  72       Charter Financial Corp.      825   
  144       MGIC Investment Corp. (a)      1,386   
  139       NMI Holdings, Inc., Class A (a)      1,037   
  584       Northfield Bancorp, Inc.      8,656   
  43       OceanFirst Financial Corp.      750   
  49       Walker & Dunlop, Inc. (a)      867   
     

 

 

 
        14,544   
     

 

 

 
   Total Financials      192,204   
     

 

 

 

 

            Health Care — 15.8%

  
  

Biotechnology — 6.4%

  
  123       ACADIA Pharmaceuticals, Inc. (a)      3,999   
  45       Adamas Pharmaceuticals, Inc. (a)      784   
  5       Agios Pharmaceuticals, Inc. (a)      424   
  46       Alnylam Pharmaceuticals, Inc. (a)      4,803   
  8       Applied Genetic Technologies Corp. (a)      166   
  30       Ardelyx, Inc. (a)      394   
  112       Arrowhead Research Corp. (a)      755   
  50       Atara Biotherapeutics, Inc. (a)      2,087   
  5       Auspex Pharmaceuticals, Inc. (a)      491   
  45       Avalanche Biotechnologies, Inc. (a)      1,811   
  79       Bellicum Pharmaceuticals, Inc. (a)      1,823   
  47       Calithera Biosciences, Inc. (a)      764   
  37       Cara Therapeutics, Inc. (a)      376   
  76       ChemoCentryx, Inc. (a)      577   
  39       Chimerix, Inc. (a)      1,485   
  68       Coherus Biosciences, Inc. (a)      2,064   
  22       Dicerna Pharmaceuticals, Inc. (a)      524   
  27       Eleven Biotherapeutics, Inc. (a)      242   
  31       FibroGen, Inc. (a)      966   
  74       Immune Design Corp. (a)      1,564   
  107       Infinity Pharmaceuticals, Inc. (a)      1,500   
  119       Invitae Corp. (a)      1,993   
  9       Karyopharm Therapeutics, Inc. (a)      272   
  11       Kite Pharma, Inc. (a)      606   
  48       MacroGenics, Inc. (a)      1,506   
  128       Merrimack Pharmaceuticals, Inc. (a)      1,518   
  67       Mirati Therapeutics, Inc. (a)      1,959   
  85       Neurocrine Biosciences, Inc. (a)      3,363   
  73       Prothena Corp. plc, (Ireland) (a)      2,765   
  48       PTC Therapeutics, Inc. (a)      2,921   
  5       Sage Therapeutics, Inc. (a)      246   
  33       Spark Therapeutics, Inc. (a)      2,557   
  24       Synageva BioPharma Corp. (a)      2,380   
  80       Tokai Pharmaceuticals, Inc. (a)      902   
  63       Trius Therapeutics, Inc. (a) (i)      (h) 
  10       Ultragenyx Pharmaceutical, Inc. (a)      621   
  56       Versartis, Inc. (a)      1,025   
  115       Xencor, Inc. (a)      1,760   
  309       XOMA Corp. (a)      1,125   


JPMorgan U.S. Small Company Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

 

SHARES

    

SECURITY DESCRIPTION

   VALUE($)  

 

Common Stocks — continued

  

  

Biotechnology — continued

  
  11       Zafgen, Inc. (a)      432   
     

 

 

 
        55,550   
     

 

 

 
  

Health Care Equipment & Supplies — 3.2%

  
  228       Accuray, Inc. (a)      2,121   
  71       CONMED Corp.      3,565   
  42       Cynosure, Inc., Class A (a)      1,279   
  22       Inogen, Inc. (a)      688   
  68       NuVasive, Inc. (a)      3,127   
  1       Roka Bioscience, Inc. (a)      2   
  242       SurModics, Inc. (a)      6,299   
  143       Thoratec Corp. (a)      6,003   
  169       Wright Medical Group, Inc. (a)      4,366   
     

 

 

 
        27,450   
     

 

 

 
  

Health Care Providers & Services — 2.5%

  
  7       Alliance HealthCare Services, Inc. (a)      153   
  105       Centene Corp. (a)      7,387   
  512       Cross Country Healthcare, Inc. (a)      6,075   
  27       Genesis Healthcare, Inc. (a)      189   
  33       HealthSouth Corp.      1,473   
  46       Landauer, Inc.      1,599   
  31       Molina Healthcare, Inc. (a)      2,059   
  68       Surgical Care Affiliates, Inc. (a)      2,324   
  5       Trupanion, Inc. (a)      36   
     

 

 

 
        21,295   
     

 

 

 
  

Health Care Technology — 1.4%

  
  254       Castlight Health, Inc., Class B (a)      1,971   
  159       HMS Holdings Corp. (a)      2,450   
  48       Inovalon Holdings, Inc., Class A (a)      1,447   
  159       MedAssets, Inc. (a)      2,989   
  358       Merge Healthcare, Inc. (a)      1,601   
  109       Quality Systems, Inc.      1,742   
     

 

 

 
        12,200   
     

 

 

 
  

Life Sciences Tools & Services — 0.4%

  
  40       Affymetrix, Inc. (a)      506   
  45       PAREXEL International Corp. (a)      3,091   
     

 

 

 
        3,597   
     

 

 

 
  

Pharmaceuticals — 1.9%

  
  79       Amphastar Pharmaceuticals, Inc. (a)      1,179   
  64       BioDelivery Sciences International, Inc. (a)      676   
  15       Egalet Corp. (a)      190   
  46       Flex Pharma, Inc. (a)      910   
  18       Lannett Co., Inc. (a)      1,246   
  6       Mallinckrodt plc (a)      709   
  43       Pacira Pharmaceuticals, Inc. (a)      3,829   
  31       Phibro Animal Health Corp., Class A      1,091   
  87       Prestige Brands Holdings, Inc. (a)      3,714   
  25       Revance Therapeutics, Inc. (a)      510   
  107       Sagent Pharmaceuticals, Inc. (a)      2,485   
  10       ZS Pharma, Inc. (a)      417   
     

 

 

 
        16,956   
     

 

 

 
   Total Health Care      137,048   
     

 

 

 

 

            Industrials — 12.8%

  
  

Aerospace & Defense — 1.8%

  
  303       AAR Corp.      9,308   
  81       Engility Holdings, Inc.      2,433   
  169       TASER International, Inc. (a)      4,075   
     

 

 

 
        15,816   
     

 

 

 
  

Air Freight & Logistics — 0.1%

  
  16       Park-Ohio Holdings Corp.      837   
     

 

 

 
  

Airlines — 1.1%

  
  143       Alaska Air Group, Inc.      9,484   
     

 

 

 
  

Building Products — 0.3%

  
  130       Gibraltar Industries, Inc. (a)      2,132   
  13       Trex Co., Inc. (a)      709   
     

 

 

 
        2,841   
     

 

 

 
  

Commercial Services & Supplies — 2.0%

  
  314       ACCO Brands Corp. (a)      2,608   
  68       Deluxe Corp.      4,711   
  23       G&K Services, Inc., Class A      1,690   
  204       United Stationers, Inc.      8,349   
     

 

 

 
        17,358   
     

 

 

 
  

Construction & Engineering — 1.4%

  
  137       Argan, Inc.      4,959   
  142       EMCOR Group, Inc.      6,575   
     

 

 

 
        11,534   
     

 

 

 
  

Electrical Equipment — 0.8%

  
  116       Polypore International, Inc. (a)      6,832   
     

 

 

 
  

Machinery — 2.0%

  
  29       Blount International, Inc.      372   
  208       Briggs & Stratton Corp.      4,270   
  269       Douglas Dynamics, Inc.      6,137   
  35       Hurco Cos., Inc.      1,143   
  15       Hyster-Yale Materials Handling, Inc.      1,063   
  78       Kadant, Inc.      4,104   
  6       Watts Water Technologies, Inc., Class A      319   
     

 

 

 
        17,408   
     

 

 

 


JPMorgan U.S. Small Company Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

 

SHARES

    

SECURITY DESCRIPTION

   VALUE($)  

 

Common Stocks — continued

  

  

Marine — 1.0%

  
  202       Matson, Inc.      8,529   
     

 

 

 
  

Professional Services — 1.0%

  
  84       Barrett Business Services, Inc.      3,588   
  18       CRA International, Inc. (a)      560   
  58       VSE Corp.      4,708   
     

 

 

 
        8,856   
     

 

 

 
  

Road & Rail — 1.0%

  
  74       ArcBest Corp.      2,789   
  22       Celadon Group, Inc.      585   
  4       PAM Transportation Services, Inc. (a)      200   
  78       Swift Transportation Co. (a)      2,030   
  117       USA Truck, Inc. (a)      3,240   
     

 

 

 
        8,844   
     

 

 

 
  

Trading Companies & Distributors — 0.3%

  
  48       Applied Industrial Technologies, Inc.      2,167   
     

 

 

 
   Total Industrials      110,506   
     

 

 

 

 

            Information Technology — 18.4%

  
  

Communications Equipment — 3.4%

  
  13       Arista Networks, Inc. (a)      917   
  92       Aruba Networks, Inc. (a)      2,260   
  569       Emulex Corp. (a)      4,537   
  634       Harmonic, Inc. (a)      4,697   
  170       InterDigital, Inc.      8,641   
  312       Polycom, Inc. (a)      4,180   
  130       Ubiquiti Networks, Inc.      3,842   
     

 

 

 
        29,074   
     

 

 

 
  

Electronic Equipment, Instruments & Components — 1.3%

  
  144       Benchmark Electronics, Inc. (a)      3,467   
  61       Coherent, Inc. (a)      3,937   
  22       Insight Enterprises, Inc. (a)      613   
  95       Sanmina Corp. (a)      2,303   
  62       Vishay Intertechnology, Inc.      854   
     

 

 

 
        11,174   
     

 

 

 
  

Internet Software & Services — 2.0%

  
  406       Bazaarvoice, Inc. (a)      2,293   
  222       Blucora, Inc. (a)      3,038   
  276       Demand Media, Inc. (a)      1,581   
  706       EarthLink Holdings Corp.      3,134   
  197       Intralinks Holdings, Inc. (a)      2,041   
  466       Marchex, Inc., Class B      1,901   
  117       Monster Worldwide, Inc. (a)      739   
  922       Unwired Planet, Inc. (a)      527   
  44       WebMD Health Corp. (a)      1,907   
     

 

 

 
        17,161   
     

 

 

 
  

IT Services — 2.9%

  
  22       EVERTEC, Inc., (Puerto Rico)      470   
  39       Heartland Payment Systems, Inc.      1,827   
  173       ManTech International Corp., Class A      5,882   
  74       MoneyGram International, Inc. (a)      635   
  226       NeuStar, Inc., Class A (a)      5,564   
  117       Science Applications International Corp.      5,993   
  139       Unisys Corp. (a)      3,219   
  35       Vantiv, Inc., Class A (a)      1,316   
     

 

 

 
        24,906   
     

 

 

 
  

Semiconductors & Semiconductor Equipment — 4.1%

  
  328       Brooks Automation, Inc.      3,812   
  58       DSP Group, Inc. (a)      691   
  477       Fairchild Semiconductor International, Inc. (a)      8,679   
  48       First Solar, Inc. (a)      2,858   
  205       Integrated Device Technology, Inc. (a)      4,106   
  35       OmniVision Technologies, Inc. (a)      920   
  2       Photronics, Inc. (a)      14   
  206       PMC-Sierra, Inc. (a)      1,915   
  121       Qorvo, Inc. (a)      9,670   
  403       Ultra Clean Holdings, Inc. (a)      2,880   
     

 

 

 
        35,545   
     

 

 

 
  

Software — 4.7%

  
  120       ACI Worldwide, Inc. (a)      2,597   
  298       Aspen Technology, Inc. (a)      11,462   
  388       AVG Technologies N.V., (Netherlands) (a)      8,409   
  113       EnerNOC, Inc. (a)      1,288   
  51       Fair Isaac Corp.      4,489   
  66       Manhattan Associates, Inc. (a)      3,361   
  14       Qualys, Inc. (a)      655   
  22       Rally Software Development Corp. (a)      347   
  291       Take-Two Interactive Software, Inc. (a)      7,405   
  71       TeleCommunication Systems, Inc., Class A (a)      274   
  27       Varonis Systems, Inc. (a)      690   
     

 

 

 
        40,977   
     

 

 

 
   Total Information Technology      158,837   
     

 

 

 

 

            Materials — 3.1%

  
  

Chemicals — 1.0%

  
  97       Minerals Technologies, Inc.      7,069   


JPMorgan U.S. Small Company Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

 

SHARES

    

SECURITY DESCRIPTION

   VALUE($)  

 

Common Stocks — continued

  

  

Chemicals — continued

  
  68       OM Group, Inc.      2,042   
     

 

 

 
        9,111   
     

 

 

 
  

Containers & Packaging — 1.0%

  
  541       Graphic Packaging Holding Co.      7,872   
  69       Myers Industries, Inc.      1,211   
     

 

 

 
        9,083   
     

 

 

 
  

Metals & Mining — 0.7%

  
  12       Ampco-Pittsburgh Corp.      201   
  20       Commercial Metals Co.      325   
  81       SunCoke Energy, Inc.      1,213   
  147       Worthington Industries, Inc.      3,920   
     

 

 

 
        5,659   
     

 

 

 
  

Paper & Forest Products — 0.4%

  
  26       Domtar Corp., (Canada)      1,197   
  118       Resolute Forest Products, Inc., (Canada) (a)      2,042   
     

 

 

 
        3,239   
     

 

 

 
   Total Materials      27,092   
     

 

 

 

 

            Telecommunication Services — 0.9%

  
  

Diversified Telecommunication Services — 0.9%

  
  75       Consolidated Communications Holdings, Inc.      1,532   
  69       FairPoint Communications, Inc. (a)      1,216   
  269       magicJack VocalTec Ltd., (Israel) (a)      1,837   
  584       Vonage Holdings Corp. (a)      2,867   
     

 

 

 
   Total Telecommunication Services      7,452   
     

 

 

 

 

            Utilities — 3.6%

  
  

Electric Utilities — 1.0%

  
  66       El Paso Electric Co.      2,566   
  49       PNM Resources, Inc.      1,431   
  131       Portland General Electric Co.      4,873   
     

 

 

 
        8,870   
     

 

 

 
  

Gas Utilities — 1.0%

  
  31       AGL Resources, Inc.      1,517   
  39       Laclede Group, Inc. (The)      1,998   
  63       New Jersey Resources Corp.      1,966   
  38       Piedmont Natural Gas Co., Inc.      1,384   
  33       Southwest Gas Corp.      1,931   
     

 

 

 
        8,796   
     

 

 

 
  

Independent Power & Renewable Electricity Producers — 0.8%

  
  441       Atlantic Power Corp.      1,240   
  85       Ormat Technologies, Inc.      3,213   
  166       Vivint Solar, Inc. (a)      2,014   
     

 

 

 
        6,467   
     

 

 

 
  

Multi-Utilities — 0.8%

  
  131       NorthWestern Corp.      7,068   
     

 

 

 
   Total Utilities      31,201   
     

 

 

 
  

Total Common Stocks

(Cost $710,997)

     831,113   
     

 

 

 

NUMBER OF
WARRANTS

             

 

Warrants— 0.0% (g)

  

 

            Financials — 0.0% (g)

  
   Consumer Finance — 0.0% (g)   
  – (h)      

Imperial Holdings, Inc., expiring 10/01/19 (a) (i)

(Cost $–)

     —     
     

 

 

 

SHARES

             

 

Short-Term Investment — 3.2%

  
   Investment Company — 3.2%   
  27,569      

JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.040% (b) (l)

(Cost $27,569)

     27,569   
     

 

 

 
  

Total Investments — 99.2%

(Cost $738,566)

     858,682   
   Other Assets in Excess of Liabilities — 0.8% (c)      6,586   
     

 

 

 
   NET ASSETS — 100.0%    $ 865,268   
     

 

 

 

 

 

Percentages indicated are based on net assets.


JPMorgan U.S. Small Company Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

 

Futures Contracts

 

NUMBER OF
CONTRACTS

    

DESCRIPTION

   EXPIRATION
DATE
     NOTIONAL
VALUE AT
MARCH

31, 2015
     NET
UNREALIZED
APPRECIATION
(DEPRECIATION)
 
   Long Futures Outstanding         
  233       E-mini Russell 2000      06/19/15       $ 29,099       $ 662   
           

 

 

 

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

 

(a)            Non-income producing security.
(b)            Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(c)            Included in this amount is cash segregated as collateral for futures contracts.
(g)            Amount rounds to less than 0.1%.
(h)            Amount rounds to less than one thousand (shares or dollars).
(i)           

Security has been deemed illiquid pursuant to procedures approved by

the Board of Trustees and may be difficult to sell.

(l)            The rate shown is the current yield as of March 31, 2015.

As of March 31, 2015, 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

   $ 146,317   

Aggregate gross unrealized depreciation

     (26,201
  

 

 

 

Net unrealized appreciation/depreciation

   $ 120,116   
  

 

 

 

Federal income tax cost of investments

   $ 738,566   
  

 

 

 

A. Valuation — The valuation of the 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 Funds 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.

A market-based approach is primarily used to value the Funds’ investments. Investments for which market quotations are not readily available are fair valued by approved pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”) or may be internally fair valued using methods set forth by the valuation policies approved by the Board. This may include related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used, had a ready market for the investments existed, and such differences could be material.

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 investment company’s NAV per share as of the report date.

Futures are generally valued on the basis of available market quotations.


JPMorgan U.S. Small Company Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

 

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 are 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 (amounts in thousands):

 

     Level 1
Quoted prices
     Level 2
Other significant observable

inputs
     Level 3
Significant unobservable
inputs
    Total  

Investments in Securities

  

 

Common Stocks

          

Consumer Discretionary

   $ 112,779       $ —         $ —        $ 112,779   

Consumer Staples

     25,383         —           —          25,383   

Energy

     28,611         —           —          28,611   

Financials

     192,204         —           —          192,204   

Health Care

     137,048         —           —   (a)      137,048   

Industrials

     110,506         —           —          110,506   

Information Technology

     158,837         —           —          158,837   

Materials

     27,092         —           —          27,092   

Telecommunication Services

     7,452         —           —          7,452   

Utilities

     31,201         —           —          31,201   
  

 

 

    

 

 

    

 

 

   

 

 

 

Total Common Stocks

     831,113         —           —   (a)      831,113   
  

 

 

    

 

 

    

 

 

   

 

 

 

Warrant

          

Financials

     —           —           —   (b)      —   (b) 

Short-Term Investment

          

Investment Company

     27,569         —           —          27,569   
  

 

 

    

 

 

    

 

 

   

 

 

 

Total Investments in Securities

   $ 858,682       $ —         $ —   (a)    $ 858,682   
  

 

 

    

 

 

    

 

 

   

 

 

 

Appreciation in Other Financial Instruments

          

Futures Contracts

   $ 662       $ —         $ —        $ 662   
  

 

 

    

 

 

    

 

 

   

 

 

 

 

(a) Amount rounds to less than $1,000.
(b) Value is zero.

There were no transfers among any levels during the period ended March 31, 2015.


JPMorgan Value Advantage Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited)

(Amounts in thousands)

 

SHARES

    

SECURITY DESCRIPTION

   VALUE($)  

 

Common Stocks — 91.6%

  

 

            Consumer Discretionary — 14.8%

  
   Distributors — 0.7%   
  782       Genuine Parts Co.      72,865   
     

 

 

 
   Hotels, Restaurants & Leisure — 0.7%   
  1,382       ClubCorp Holdings, Inc.      26,762   
  2,142       La Quinta Holdings, Inc. (a)      50,725   
     

 

 

 
        77,487   
     

 

 

 
   Internet & Catalog Retail — 1.0%   
  1,145       Expedia, Inc.      107,779   
     

 

 

 
   Media — 5.2%   
  857       CBS Corp. (Non-Voting), Class B      51,960   
  327       Charter Communications, Inc., Class A (a)      63,050   
  2,371       DISH Network Corp., Class A (a)      166,085   
  1,539       Entercom Communications Corp., Class A (a)      18,699   
  1,275       Gannett Co., Inc.      47,292   
  158       Media General, Inc. (a)      2,608   
  666       Omnicom Group, Inc.      51,911   
  714       Time Warner, Inc.      60,273   
  2,107       Time, Inc.      47,288   
  1,529       Twenty-First Century Fox, Inc., Class B      50,270   
     

 

 

 
        559,436   
     

 

 

 
   Multiline Retail — 1.7%   
  2,291       Kohl’s Corp.      179,255   
     

 

 

 
   Specialty Retail — 4.8%   
  152       AutoZone, Inc. (a)      103,497   
  1,158       Bed Bath & Beyond, Inc. (a)      88,905   
  3,052       Best Buy Co., Inc.      115,328   
  1,785       Gap, Inc. (The)      77,327   
  749       Home Depot, Inc. (The)      85,050   
  644       Tiffany & Co.      56,643   
     

 

 

 
        526,750   
     

 

 

 
   Textiles, Apparel & Luxury Goods — 0.7%   
  2,389       Hanesbrands, Inc.      80,049   
     

 

 

 
   Total Consumer Discretionary      1,603,621   
     

 

 

 

 

            Consumer Staples — 4.8%

  
   Beverages — 0.8%   
  1,055       Dr. Pepper Snapple Group, Inc.      82,763   
     

 

 

 
   Food & Staples Retailing — 1.6%   
  888       CVS Health Corp.      91,671   
  1,131       Kroger Co. (The)      86,702   
     

 

 

 
        178,373   
     

 

 

 
   Food Products — 1.2%   
  1,365       Post Holdings, Inc. (a)      63,951   
  761       TreeHouse Foods, Inc. (a)      64,665   
     

 

 

 
        128,616   
     

 

 

 
   Household Products — 1.2%   
  1,614       Procter & Gamble Co. (The)      132,276   
     

 

 

 
   Total Consumer Staples      522,028   
     

 

 

 

 

            Energy — 7.7%

  
   Oil, Gas & Consumable Fuels — 7.7%   
  2,945       CONSOL Energy, Inc.      82,139   
  1,293       Devon Energy Corp.      77,981   
  3,018       Exxon Mobil Corp.      256,504   
  1,126       Kinder Morgan, Inc.      47,360   
  1,034       Marathon Oil Corp.      26,998   
  536       Marathon Petroleum Corp.      54,901   
  2,311       PBF Energy, Inc., Class A      78,381   
  1,587       Phillips 66      124,730   
  3,812       Southwestern Energy Co. (a)      88,410   
     

 

 

 
   Total Energy      837,404   
     

 

 

 

 

            Financials — 31.6%

  
   Banks — 11.5%   
  10,127       Bank of America Corp.      155,853   
  2,427       Citigroup, Inc.      125,016   
  2,649       Citizens Financial Group, Inc.      63,908   
  3,959       Fifth Third Bancorp      74,620   
  1,107       First Republic Bank      63,220   
  429       M&T Bank Corp.      54,464   
  1,179       National Bank Holdings Corp., Class A      22,174   
  1,383       PNC Financial Services Group, Inc. (The)      128,988   
  2,416       SunTrust Banks, Inc.      99,274   
  2,628       U.S. Bancorp      114,756   
  6,399       Wells Fargo & Co.      348,089   
     

 

 

 
        1,250,362   
     

 

 

 
   Capital Markets — 3.1%   
  481       Ameriprise Financial, Inc.      62,960   
  1,756       Legg Mason, Inc.      96,904   
  774       Northern Trust Corp.      53,925   
  1,517       T. Rowe Price Group, Inc.      122,849   
     

 

 

 
        336,638   
     

 

 

 
   Consumer Finance — 2.6%   
  4,235       Ally Financial, Inc. (a)      88,842   
  2,414       Capital One Financial Corp.      190,271   
     

 

 

 
        279,113   
     

 

 

 


JPMorgan Value Advantage Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

 

SHARES

    

SECURITY DESCRIPTION

   VALUE($)  

 

Common Stocks — continued

  

   Insurance — 9.6%   
  109       Alleghany Corp. (a)      53,250   
  1,257       Allied World Assurance Co. Holdings AG, (Switzerland)      50,775   
  2,936       American International Group, Inc.      160,874   
  3,215       CNO Financial Group, Inc.      55,366   
  2,756       Hartford Financial Services Group, Inc. (The)      115,252   
  4,745       Loews Corp.      193,752   
  1,106       Marsh & McLennan Cos., Inc.      62,007   
  2,535       Old Republic International Corp.      37,874   
  1,283       Prudential Financial, Inc.      103,030   
  906       Travelers Cos., Inc. (The)      97,923   
  2,516       Unum Group      84,878   
  518       W.R. Berkley Corp.      26,184   
     

 

 

 
        1,041,165   
     

 

 

 
   Real Estate Investment Trusts (REITs) — 3.7%   
  2,571       American Homes 4 Rent, Class A      42,545   
  2,067       American Residential Properties, Inc. (a)      37,193   
  2,781       Brixmor Property Group, Inc.      73,844   
  602       EastGroup Properties, Inc. (m)      36,222   
  2,448       Excel Trust, Inc.      34,317   
  2,349       Kimco Realty Corp. (m)      63,060   
  1,969       Rayonier, Inc. (m)      53,096   
  2,018       Weyerhaeuser Co. (m)      66,890   
     

 

 

 
        407,167   
     

 

 

 
   Real Estate Management & Development — 0.6%   
  1,260       Brookfield Asset Management, Inc., (Canada), Class A      67,549   
     

 

 

 
   Thrifts & Mortgage Finance — 0.5%   
  5,139       Hudson City Bancorp, Inc.      53,858   
     

 

 

 
   Total Financials      3,435,852   
     

 

 

 
              Health Care — 8.8%   
   Health Care Providers & Services — 2.9%   
  1,051       Aetna, Inc.      111,942   
  587       HCA Holdings, Inc. (a)      44,160   
  480       National HealthCare Corp.      30,553   
  1,046       UnitedHealth Group, Inc.      123,779   
     

 

 

 
        310,434   
     

 

 

 
   Pharmaceuticals — 5.9%   
  1,900       Johnson & Johnson      191,170   
  2,846       Merck & Co., Inc.      163,605   
  7,068       Pfizer, Inc.      245,885   
  211       Valeant Pharmaceuticals International, Inc. (a)      41,949   
     

 

 

 
        642,609   
     

 

 

 
   Total Health Care      953,043   
     

 

 

 

 

            Industrials — 8.6%

  
   Aerospace & Defense — 2.0%   
  946       Honeywell International, Inc.      98,646   
  1,024       United Technologies Corp.      119,989   
     

 

 

 
        218,635   
     

 

 

 
   Airlines — 1.7%   
  2,816       Delta Air Lines, Inc.      126,594   
  808       United Continental Holdings, Inc. (a)      54,304   
     

 

 

 
        180,898   
     

 

 

 
   Industrial Conglomerates — 0.9%   
  1,101       Carlisle Cos., Inc.      101,997   
     

 

 

 
   Machinery — 2.0%   
  1,655       Dover Corp.      114,415   
  1,045       Illinois Tool Works, Inc.      101,482   
     

 

 

 
        215,897   
     

 

 

 
   Marine — 0.3%   
  436       Kirby Corp. (a)      32,699   
     

 

 

 
   Professional Services — 0.8%   
  901       Equifax, Inc.      83,784   
     

 

 

 
   Trading Companies & Distributors — 0.9%   
  419       W.W. Grainger, Inc.      98,852   
     

 

 

 
   Total Industrials      932,762   
     

 

 

 

 

            Information Technology — 4.9%

  
   Communications Equipment — 1.7%   
  4,073       Cisco Systems, Inc.      112,107   
  1,039       QUALCOMM, Inc.      72,075   
     

 

 

 
        184,182   
     

 

 

 
   Electronic Equipment, Instruments & Components — 0.4%   
  776       Arrow Electronics, Inc. (a)      47,464   
     

 

 

 
   Semiconductors & Semiconductor Equipment — 1.9%   
  1,078       Analog Devices, Inc.      67,914   
  577       KLA-Tencor Corp.      33,616   
  1,799       Texas Instruments, Inc.      102,893   
     

 

 

 
        204,423   
     

 

 

 
   Software — 0.4%   
  1,206       Microsoft Corp.      49,046   
     

 

 

 


JPMorgan Value Advantage Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

 

SHARES

    

SECURITY DESCRIPTION

   VALUE($)  

 

Common Stocks — continued

  
  

Technology Hardware, Storage & Peripherals — 0.5%

  
  1,679       Hewlett-Packard Co.      52,314   
     

 

 

 
   Total Information Technology      537,429   
     

 

 

 

 

            Materials — 3.7%

  
  

Chemicals — 0.7%

  
  1,654       Mosaic Co. (The)      76,174   
     

 

 

 
  

Construction Materials — 0.9%

  
  743       Martin Marietta Materials, Inc.      103,824   
     

 

 

 
  

Containers & Packaging — 1.6%

  
  1,178       Ball Corp.      83,193   
  1,347       Rock-Tenn Co., Class A      86,881   
     

 

 

 
        170,074   
     

 

 

 
  

Paper & Forest Products — 0.5%

  
  1,572       KapStone Paper & Packaging Corp.      51,631   
     

 

 

 
   Total Materials      401,703   
     

 

 

 

 

            Telecommunication Services — 1.1%

  
  

Diversified Telecommunication Services — 1.1%

  
  2,494       Verizon Communications, Inc.      121,294   
     

 

 

 

 

            Utilities — 5.6%

  
  

Electric Utilities — 4.7%

  
  1,474       American Electric Power Co., Inc.      82,913   
  1,220       Duke Energy Corp.      93,679   
  1,236       Edison International      77,209   
  1,081       Eversource Energy      54,607   
  1,030       NextEra Energy, Inc.      107,151   
  2,710       Xcel Energy, Inc.      94,331   
     

 

 

 
        509,890   
     

 

 

 
  

Multi-Utilities — 0.9%

  
  861       Sempra Energy      93,822   
     

 

 

 
   Total Utilities      603,712   
     

 

 

 
   Total Common Stocks
(Cost $8,149,880)
     9,948,848   
     

 

 

 

 

Short-Term Investment — 8.1%

  
  

Investment Company — 8.1%

  
  880,754       JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.040% (b) (l) (m)
(Cost $880,754)
     880,754   
     

 

 

 
  

Total Investments — 99.7%

(Cost $9,030,634)

     10,829,602   
  

Other Assets in Excess of Liabilities — 0.3%

     35,656   
     

 

 

 
  

NET ASSETS — 100.0%

   $ 10,865,258   
     

 

 

 

 

Percentages indicated are based on net assets.


JPMorgan Value Advantage Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

 

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS:

 

(a)

      Non-income producing security.

(b)

      Investment in affiliate. Money market fund 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, 2015.

(m)

      All or a portion of this security is reserved and/or pledged with the custodian for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, unfunded commitments and/or forward foreign currency exchange contracts.

As of March 31, 2015, 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

   $ 1,906,059   

Aggregate gross unrealized depreciation

     (107,091
  

 

 

 

Net unrealized appreciation/depreciation

   $ 1,798,968   
  

 

 

 

Federal income tax cost of investments

   $ 9,030,634   
  

 

 

 

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 are 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”) (amount in thousands):

 

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

Total Investments in Securities (a)

   $ 10,829,602       $ —      $ —      $ 10,829,602   
  

 

 

    

 

  

 

  

 

 

 

 

(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, 2015.


JPMorgan Hedged Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited)

(Amounts in thousands)

 

SHARES

   

SECURITY DESCRIPTION

   VALUE($)  

 

Common Stocks — 97.6%

  

 

          Consumer Discretionary — 13.1%

  
 

Auto Components — 0.2%

  
  6    

Johnson Controls, Inc. (m)

     321  
    

 

 

 
 

Automobiles — 0.6%

  
  30    

General Motors Co.

     1,110  
    

 

 

 
 

Hotels, Restaurants & Leisure — 1.0%

  
  9    

Royal Caribbean Cruises Ltd.

     721  
  11    

Starbucks Corp.

     1,042  
    

 

 

 
       1,763  
    

 

 

 
 

Household Durables — 0.7%

  
  6    

Harman International Industries, Inc.

     751  
  (h)   

NVR, Inc. (a)

     9  
  20    

PulteGroup, Inc.

     452  
  2    

Toll Brothers, Inc. (a)

     92  
    

 

 

 
       1,304  
    

 

 

 
 

Internet & Catalog Retail — 0.8%

  
  3    

Amazon.com, Inc. (a)

     1,255  
  2    

Expedia, Inc.

     179  
    

 

 

 
       1,434  
    

 

 

 
 

Media — 4.7%

  
  10    

CBS Corp. (Non-Voting), Class B (m)

     615  
  3    

Charter Communications, Inc., Class A (a)

     665  
  35    

Comcast Corp., Class A

     1,983  
  2    

DIRECTV (a)

     139  
  7    

DISH Network Corp., Class A (a)

     476  
  22    

Sirius XM Holdings, Inc. (a)

     85  
  2    

Time Warner Cable, Inc.

     362  
  27    

Time Warner, Inc.

     2,247  
  54    

Twenty-First Century Fox, Inc., Class A

     1,824  
    

 

 

 
       8,396  
    

 

 

 
 

Multiline Retail — 0.5%

  
  5    

Dollar General Corp. (a)

     369  
  6    

Target Corp. (m)

     455  
    

 

 

 
       824  
    

 

 

 
 

Specialty Retail — 3.7%

  
  1    

AutoZone, Inc. (a)

     955  
  8    

Best Buy Co., Inc.

     316  
  19    

Home Depot, Inc. (The)

     2,128  
  25    

Lowe’s Cos., Inc.

     1,825  
  2    

Tiffany & Co.

     163  
  17    

TJX Cos., Inc. (The)

     1,205  
    

 

 

 
       6,592  
    

 

 

 
 

Textiles, Apparel & Luxury Goods — 0.9%

  
  4    

lululemon athletica, Inc., (Canada) (a)

     270  
  1    

PVH Corp.

     83  
  3    

Ralph Lauren Corp.

     394  
  13    

V.F. Corp.

     944  
    

 

 

 
       1,691  
    

 

 

 
 

Total Consumer Discretionary

     23,435  
    

 

 

 

 

          Consumer Staples — 9.1%

  
 

Beverages — 2.7%

  
  35    

Coca-Cola Co. (The) (m)

     1,425  
  5    

Coca-Cola Enterprises, Inc.

     235  
  10    

Constellation Brands, Inc., Class A (a)

     1,150  
  4    

Dr. Pepper Snapple Group, Inc.

     299  
  8    

Molson Coors Brewing Co., Class B

     578  
  13    

PepsiCo, Inc.

     1,208  
    

 

 

 
       4,895  
    

 

 

 
 

Food & Staples Retailing — 1.7%

  
  7    

Costco Wholesale Corp.

     1,136  
  11    

CVS Health Corp. (m)

     1,175  
  6    

Kroger Co. (The) (m)

     450  
  4    

Wal-Mart Stores, Inc.

     335  
    

 

 

 
       3,096  
    

 

 

 
 

Food Products — 1.7%

  
  16    

Archer-Daniels-Midland Co. (m)

     744  
  5    

Hershey Co. (The) (m)

     494  
  47    

Mondelez International, Inc., Class A

     1,693  
    

 

 

 
       2,931  
    

 

 

 
 

Household Products — 1.8%

  
  9    

Kimberly-Clark Corp.

     915  
  28    

Procter & Gamble Co. (The)

     2,273  
    

 

 

 
       3,188  
    

 

 

 
 

Personal Products — 0.3%

  
  5    

Estee Lauder Cos., Inc. (The), Class A

     448  
    

 

 

 
 

Tobacco — 0.9%

  
  22    

Philip Morris International, Inc.

     1,675  
    

 

 

 
 

Total Consumer Staples

     16,233  
    

 

 

 

 

          Energy — 7.2%

  
 

Energy Equipment & Services — 1.4%

  
  9    

Baker Hughes, Inc.

     563  
  (h)   

Cameron International Corp. (a)

     (h) 
  2    

Ensco plc, (United Kingdom), Class A

     44  
  16    

Halliburton Co. (m)

     703  
  (h)   

National Oilwell Varco, Inc.

     (h) 
  (h)   

Rowan Cos. plc, Class A

     (h) 


JPMorgan Hedged Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

 

SHARES

    

SECURITY DESCRIPTION

   VALUE($)  

 

Common Stocks — continued

  
  

Energy Equipment & Services — continued

  
  14     

Schlumberger Ltd.

     1,206  
     

 

 

 
        2,516  
     

 

 

 
  

Oil, Gas & Consumable Fuels — 5.8%

  
  7     

Anadarko Petroleum Corp.

     559  
  2     

Cheniere Energy, Inc. (a)

     189  
  21     

Chevron Corp.

     2,232  
  1     

Cimarex Energy Co.

     88  
  3     

Devon Energy Corp.

     157  
  8     

EOG Resources, Inc.

     741  
  5     

EQT Corp.

     406  
  32     

Exxon Mobil Corp. (m)

     2,703  
  29     

Marathon Oil Corp.

     756  
  4     

Marathon Petroleum Corp.

     452  
  17     

Occidental Petroleum Corp.

     1,209  
  1     

Phillips 66

     100  
  2     

Pioneer Natural Resources Co.

     315  
  6     

Valero Energy Corp.

     396  
     

 

 

 
        10,303  
     

 

 

 
  

Total Energy

     12,819  
     

 

 

 

 

          Financials — 15.7%

  
  

Banks — 5.6%

  
  148     

Bank of America Corp.

     2,273  
  15     

BB&T Corp.

     592  
  47     

Citigroup, Inc.

     2,397  
  17     

KeyCorp

     243  
  2     

PNC Financial Services Group, Inc. (The)

     200  
  1     

SVB Financial Group (a)

     189  
  77     

Wells Fargo & Co.

     4,162  
     

 

 

 
        10,056  
     

 

 

 
  

Capital Markets — 3.3%

  
  1     

BlackRock, Inc.

     366  
  33     

Charles Schwab Corp. (The)

     1,009  
  3     

Goldman Sachs Group, Inc. (The)

     639  
  26     

Invesco Ltd.

     1,021  
  46     

Morgan Stanley

     1,632  
  16     

State Street Corp.

     1,179  
     

 

 

 
        5,846  
     

 

 

 
  

Consumer Finance — 0.3%

  
  7     

Capital One Financial Corp.

     520  
  2     

Navient Corp.

     46  
     

 

 

 
        566  
     

 

 

 
  

Diversified Financial Services — 1.4%

  
  13     

Berkshire Hathaway, Inc., Class B (a)

     1,830  
  3     

Intercontinental Exchange, Inc.

     605  
     

 

 

 
        2,435  
     

 

 

 
  

Insurance — 2.7%

  
  14     

ACE Ltd., (Switzerland)

     1,572  
  15     

American International Group, Inc. (m)

     846  
  3     

Hartford Financial Services Group, Inc. (The)

     109  
  5     

Marsh & McLennan Cos., Inc. (m)

     279  
  27     

MetLife, Inc.

     1,363  
  3     

Prudential Financial, Inc.

     203  
  15     

XL Group plc, (Ireland)

     560  
     

 

 

 
        4,932  
     

 

 

 
  

Real Estate Investment Trusts (REITs) — 2.4%

  
  5     

American Tower Corp. (m)

     499  
  4     

AvalonBay Communities, Inc. (m)

     697  
  2     

Boston Properties, Inc. (m)

     311  
  10     

Brixmor Property Group, Inc. (m)

     266  
  13     

DiamondRock Hospitality Co. (m)

     182  
  2     

Douglas Emmett, Inc. (m)

     55  
  4     

Highwoods Properties, Inc. (m)

     186  
  10     

Host Hotels & Resorts, Inc. (m)

     199  
  1     

LaSalle Hotel Properties (m)

     53  
  7     

Liberty Property Trust (m)

     242  
  2     

Mid-America Apartment Communities, Inc. (m)

     169  
  11     

Prologis, Inc. (m)

     488  
  1     

Public Storage (m)

     100  
  4     

Simon Property Group, Inc. (m)

     820  
  4     

Strategic Hotels & Resorts, Inc. (m) (a)

     53  
     

 

 

 
        4,320  
     

 

 

 
  

Total Financials

     28,155  
     

 

 

 

 

          Health Care — 14.9%

  
  

Biotechnology — 3.2%

  
  3     

Alexion Pharmaceuticals, Inc. (a)

     583  
  5     

Biogen, Inc. (a)

     2,107  
  15     

Celgene Corp. (a)

     1,702  
  9     

Gilead Sciences, Inc. (a)

     856  
  4     

Vertex Pharmaceuticals, Inc. (a)

     498  
     

 

 

 
        5,746  
     

 

 

 
  

Health Care Equipment & Supplies — 2.5%

  
  39     

Abbott Laboratories (m)

     1,810  
  4     

Becton, Dickinson and Co. (m)

     607  
  75     

Boston Scientific Corp. (a)

     1,329  


JPMorgan Hedged Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

 

SHARES

   

SECURITY DESCRIPTION

   VALUE($)  

 

Common Stocks — continued

  
      Health Care Equipment & Supplies — continued  
  9    

Stryker Corp.

     801  
    

 

 

 
       4,547  
    

 

 

 
 

Health Care Providers & Services — 3.2%

  
  7    

Aetna, Inc.

     698  
  1    

Cigna Corp. (m)

     144  
  1    

Express Scripts Holding Co. (a)

     92  
  8    

Humana, Inc. (m)

     1,492  
  8    

McKesson Corp.

     1,894  
  12    

UnitedHealth Group, Inc.

     1,395  
    

 

 

 
       5,715  
    

 

 

 
 

Health Care Technology — 0.1%

  
  1    

Cerner Corp. (a)

     90  
    

 

 

 
 

Life Sciences Tools & Services — 0.2%

  
  3    

Thermo Fisher Scientific, Inc.

     418  
    

 

 

 
 

Pharmaceuticals — 5.7%

  
  3    

Actavis plc (a)

     1,041  
  33    

Bristol-Myers Squibb Co.

     2,104  
  29    

Johnson & Johnson (m)

     2,953  
  29    

Merck & Co., Inc. (m)

     1,642  
  2    

Perrigo Co. plc, (Ireland)

     386  
  60    

Pfizer, Inc.

     2,093  
    

 

 

 
       10,219  
    

 

 

 
 

Total Health Care

     26,735  
    

 

 

 

 

          Industrials — 10.4%

  
 

Aerospace & Defense — 3.0%

  
  20    

Honeywell International, Inc. (m)

     2,050  
  5    

L-3 Communications Holdings, Inc.

     586  
  23    

United Technologies Corp.

     2,651  
    

 

 

 
       5,287  
    

 

 

 
 

Airlines — 0.8%

  
  13    

Delta Air Lines, Inc.

     569  
  12    

United Continental Holdings, Inc. (a)

     803  
    

 

 

 
       1,372  
    

 

 

 
 

Building Products — 0.3%

  
  2    

Fortune Brands Home & Security, Inc.

     97  
  15    

Masco Corp. (m)

     390  
    

 

 

 
       487  
    

 

 

 
 

Construction & Engineering — 0.6%

  
  18    

Fluor Corp. (m)

     1,015  
    

 

 

 
 

Electrical Equipment — 0.8%

  
  22    

Eaton Corp. plc

     1,482  
    

 

 

 
 

Industrial Conglomerates — 0.5%

  
  39    

General Electric Co. (m)

     964  
    

 

 

 
 

Machinery — 2.2%

  
  3    

Caterpillar, Inc. (m)

     234  
  6    

Cummins, Inc.

     890  
  3    

Ingersoll-Rand plc

     176  
  19    

PACCAR, Inc.

     1,209  
  3    

Pall Corp.

     345  
  7    

Parker-Hannifin Corp.

     853  
  (h)   

Snap-on, Inc.

     40  
  3    

SPX Corp.

     272  
    

 

 

 
       4,019  
    

 

 

 
 

Road & Rail — 2.2%

  
  3    

Canadian Pacific Railway Ltd., (Canada)

     492  
  30    

CSX Corp. (m)

     1,003  
  22    

Union Pacific Corp.

     2,386  
    

 

 

 
       3,881  
    

 

 

 
 

Total Industrials

     18,507  
    

 

 

 

 

          Information Technology — 19.5%

  
 

Communications Equipment — 1.3%

  
  47    

Cisco Systems, Inc.

     1,299  
  14    

QUALCOMM, Inc.

     997  
    

 

 

 
       2,296  
    

 

 

 
 

Electronic Equipment, Instruments & Components — 0.7%

  
  12    

Corning, Inc.

     278  
  13    

TE Connectivity Ltd., (Switzerland)

     906  
    

 

 

 
       1,184  
    

 

 

 
 

Internet Software & Services — 3.5%

  
  30    

Facebook, Inc., Class A (a)

     2,479  
  4    

Google, Inc., Class A (a)

     1,948  
  3    

Google, Inc., Class C (a)

     1,775  
    

 

 

 
       6,202  
    

 

 

 
 

IT Services — 3.0%

  
  19    

Accenture plc, (Ireland), Class A

     1,824  
  1    

Alliance Data Systems Corp. (a)

     381  
  16    

Cognizant Technology Solutions Corp., Class A (a)

     1,006  
  7    

Fidelity National Information Services, Inc.

     447  
  26    

Visa, Inc., Class A

     1,699  
  6    

Xerox Corp.

     73  
    

 

 

 
       5,430  
    

 

 

 
 

Semiconductors & Semiconductor Equipment — 2.8%

  
  11    

Applied Materials, Inc.

     256  
  12    

Avago Technologies Ltd., (Singapore)

     1,583  


JPMorgan Hedged Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

 

SHARES

   

SECURITY DESCRIPTION

   VALUE($)  

 

Common Stocks — continued

  
  Semiconductors & Semiconductor Equipment — continued   
  26     Broadcom Corp., Class A      1,130  
  5     Freescale Semiconductor Ltd. (a)      200  
  5     KLA-Tencor Corp.      270  
  17     Lam Research Corp.      1,192  
  9     Micron Technology, Inc. (a)      233  
  1     NXP Semiconductors N.V., (Netherlands) (a)      87  
    

 

 

 
       4,951  
    

 

 

 
  Software — 3.8%   
  19     Adobe Systems, Inc. (a)      1,440  
  90     Microsoft Corp.      3,640  
  42     Oracle Corp.      1,810  
    

 

 

 
       6,890  
    

 

 

 
  Technology Hardware, Storage & Peripherals — 4.4%   
  58     Apple, Inc. (m)      7,170  
  26     Hewlett-Packard Co. (m)      806  
    

 

 

 
       7,976  
    

 

 

 
  Total Information Technology      34,929  
    

 

 

 

 

          Materials — 2.6%

  
  Chemicals — 1.5%   
  5     Axiall Corp.      243  
  3     Dow Chemical Co. (The) (m)      148  
  13     E.I. du Pont de Nemours & Co. (m)      918  
  2     Monsanto Co.      265  
  23     Mosaic Co. (The)      1,052  
    

 

 

 
       2,626  
    

 

 

 
  Construction Materials — 0.2%   
  2     Martin Marietta Materials, Inc. (m)      296  
    

 

 

 
  Containers & Packaging — 0.3%   
  10     Crown Holdings, Inc. (a)      540  
  2     Sealed Air Corp.      70  
    

 

 

 
       610  
    

 

 

 
  Metals & Mining — 0.6%   
  62     Alcoa, Inc. (m)      796  
  15     United States Steel Corp.      357  
    

 

 

 
       1,153  
    

 

 

 
  Total Materials      4,685  
    

 

 

 

 

          Telecommunication Services — 1.4%

  
  Diversified Telecommunication Services — 1.4%   
  1     AT&T, Inc.      25  
  52     Verizon Communications, Inc. (m)      2,507  
    

 

 

 
  Total Telecommunication Services      2,532  
    

 

 

 

 

          Utilities — 3.7%

  
  Electric Utilities — 2.1%   
  19     Edison International      1,197  
  23     Exelon Corp.      776  
  12     NextEra Energy, Inc.      1,226  
  1     Pinnacle West Capital Corp. (m)      81  
  11     Xcel Energy, Inc.      367  
    

 

 

 
       3,647  
    

 

 

 
  Gas Utilities — 0.3%   
  5     AGL Resources, Inc.      259  
  (h)    National Fuel Gas Co.      (h) 
  13     Questar Corp.      307  
    

 

 

 
       566  
    

 

 

 
  Multi-Utilities — 1.3%   
  16     CenterPoint Energy, Inc.      325  
  17     CMS Energy Corp. (m)      598  
  11     NiSource, Inc.      491  
  18     PG&E Corp.      951  
    

 

 

 
       2,365  
    

 

 

 
  Total Utilities      6,578  
    

 

 

 
  Total Common Stocks
(Cost $165,810)
     174,608  
    

 

 

 

NUMBER OF
CONTRACTS

            

 

Options Purchased — 1.6%

  
  Put Option Purchased — 1.6%   
  1    

S&P 500 Index, Expiring 06/30/15 at $1,960.000, European Style

     2,934  
  (Cost $3,023)   
    

 

 

 

SHARES

            

 

Short-Term Investment — 1.9%

  
  Investment Company — 1.9%   
  3,431    

JPMorgan Prime Money Market Fund, Institutional Class Shares, 0.040% (b) (l) (m)

(Cost $3,431)

     3,431  
    

 

 

 
 

Total Investments — 101.1%

(Cost $172,264)

     180,973  
 

Liabilities in Excess of Other Assets — (1.1)% (c)

     (2,034
    

 

 

 
  NET ASSETS — 100.0%    $ 178,939  
    

 

 

 

 

Percentages indicated are based on net assets.


JPMorgan Hedged Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

(Amounts in thousands, except number of Futures and Options contracts)

 

Futures Contracts

 

NUMBER OF
CONTRACTS

  

DESCRIPTION

   EXPIRATION
DATE
     NOTIONAL
VALUE
AT MARCH
31, 2015
     NET
UNREALIZED
APPRECIATION
(DEPRECIATION)
 
   Long Futures Outstanding         

34

   E-mini S&P 500      06/19/15       $ 3,503      $ 11  
           

 

 

 

OPTIONS WRITTEN

Call Options Written

 

DESCRIPTION

   EXERCISE
PRICE
     EXPIRATION
DATE
     NUMBER OF
CONTRACTS
     VALUE  

S&P 500 Index, European Style

(Premiums received of $2,112.)

   $ 2,130.000         06/30/15         863       $ (2,175
           

 

 

 
Put Options Written            

DESCRIPTION

   EXERCISE
PRICE
     EXPIRATION
DATE
     NUMBER OF
CONTRACTS
     VALUE  

S&P 500 Index, European Style

(Premiums received of $489.)

   $ 1,665.000         06/30/15         863       $ (462
           

 

 

 

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS

 

(a)            Non-income producing security.
(b)            Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(c)            Included in this amount is cash segregated as collateral for futures contracts.
(h)            Amount rounds to less than one thousand (shares or dollars).
(l)            The rate shown is the current yield as of March 31, 2015.
(m)            All or a portion of this security is reserved and/or pledged with the custodian for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, unfunded commitments and/or forward foreign currency exchange contracts.

As of March 31, 2015, 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

   $ 12,201  

Aggregate gross unrealized depreciation

     (3,492 )
  

 

 

 

Net unrealized appreciation/depreciation

   $ 8,709  
  

 

 

 

Federal income tax cost of investments

   $ 172,264  
  

 

 

 


JPMorgan Hedged Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2015 (Unaudited) (continued)

(Amounts in thousands)

 

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 are 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)

   $ 180,973     $  —         $  —         $ 180,973  
  

 

 

   

 

 

    

 

 

    

 

 

 

Liabilities

          

Options Written

          

Call Options Written

   $ (2,175   $ —         $ —         $ (2,175

Put Options Written

     (462     —           —           (462
  

 

 

   

 

 

    

 

 

    

 

 

 

Total Liabilities

   $ (2,637   $ —         $ —         $ (2,637
  

 

 

   

 

 

    

 

 

    

 

 

 

Appreciation in Other Financial Instruments

          

Futures Contracts

   $ 11      $ —         $ —         $ 11   
  

 

 

   

 

 

    

 

 

    

 

 

 

 

(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, 2015.


ITEM 2. CONTROLS AND PROCEDURES.

 

  (a) The Registrant’s principal executive and principal financial officers have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant’s disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-Q is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-Q is accumulated and communicated to the Registrant’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

 

  (b) There were no changes in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal controls over financial reporting.

ITEM 3. EXHIBITS.

CERTIFICATIONS PURSUANT TO RULE 30a-2(a) UNDER THE INVESTMENT COMPANY ACT OF 1940 ARE ATTACHED HERETO.


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

JPMorgan Trust I
By:  

/s/ Robert L. Young

  Robert L. Young
  President and Principal Executive Officer
  May 28, 2015

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By:  

/s/ Robert L. Young

  Robert L. Young
  President and Principal Executive Officer
  May 28, 2015

 

By:  

/s/ Laura M. Del Prato

  Laura M. Del Prato
  Treasurer and Principal Financial Officer
  May 28, 2015