JPMorgan Access Growth Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2020 (Unaudited)

Investments	Shares		Value ($)
EXCHANGE-TRADED FUNDS — 74.3%
Fixed Income — 10.3%
iShares 20+ Year Treasury Bond ETF		35,600		5,872,932
Vanguard Total International Bond ETF		648,200		36,467,732
Total Fixed Income				42,340,664
International Equity — 15.4%
iShares MSCI EAFE ETF		476,150		25,454,979
iShares MSCI Japan ETF		14,512		716,748
JPMorgan BetaBuilders Canada ETF (a)		611,500		11,624,615
JPMorgan BetaBuilders Developed Asia EX-Japan ETF (a)		80,400		1,513,128
JPMorgan BetaBuilders Europe ETF (a)		1,102,500		21,112,875
JPMorgan BetaBuilders Japan ETF (a)		165,000		3,377,550
Total International Equity				63,799,895
U.S. Equity — 48.6%
iShares Core S&P 500 ETF		358,200		92,558,880
SPDR S&P 500 ETF Trust		420,500		108,383,875
Total U.S. Equity				200,942,755
TOTAL EXCHANGE-TRADED FUNDS (Cost $285,137,692)				307,083,314
INVESTMENT COMPANIES — 19.1%
Alternative Assets — 4.3%
Blackstone Alternative Multi-Strategy Fund Class Y Shares		705,069		6,324,465
Marshall Wace UCITS Fund plc Class F Shares (Ireland) * (b)		45,529		6,804,018
Neuberger Berman Long Short Fund Class Institutional Shares *		326,435		4,534,178
Total Alternative Assets				17,662,661
Fixed Income — 13.7%
JPMorgan Core Bond Fund Class R6 Shares (a)		2,494,404		30,032,628
JPMorgan High Yield Fund Class R6 Shares (a)		1,960,784		12,176,471
JPMorgan Short Duration Bond Fund Class R6 Shares (a)		461,868		5,006,652
Lord Abbett Short Duration Income Fund Class F3 Shares		2,408,524		9,537,755
Total Fixed Income				56,753,506
U.S. Equity — 1.1%
BlackRock Event Driven Equity Fund Class Institutional Shares		508,701		4,669,879
TOTAL INVESTMENT COMPANIES (Cost $77,829,486)				79,086,046
COMMON STOCKS — 3.8%
Aerospace & Defense — 0.1%
Airbus SE (France)		2,031		130,962
Meggitt plc (United Kingdom)		10,419		37,453
Safran SA (France) *		2,478		219,544
				387,959
Air Freight & Logistics — 0.0% (c)
DSV Panalpina A/S (Denmark)		700		63,650
Auto Components — 0.0% (c)
Aisin Seiki Co. Ltd. (Japan)		200		4,898
Autoliv, Inc., SDR (Sweden)		512		24,088
Denso Corp. (Japan)		1,210		38,665
Magna International, Inc. (Canada)		1,434		45,773
Stanley Electric Co. Ltd. (Japan)		1,600		31,406
Sumitomo Rubber Industries Ltd. (Japan)		1,900		17,846
				162,676
Automobiles — 0.1%
Honda Motor Co. Ltd. (Japan)		1,000		22,377
Suzuki Motor Corp. (Japan)		2,500		59,528
Toyota Motor Corp. (Japan)		1,700		102,450
				184,355
Banks — 0.2%
ABN AMRO Bank NV, CVA (Netherlands) (d)		2,967		24,076
Australia & New Zealand Banking Group Ltd. (Australia)		3,026		31,735
BNP Paribas SA (France)		2,545		74,302
DBS Group Holdings Ltd. (Singapore)		2,100		27,401
DNB ASA (Norway)		7,880		87,791
Erste Group Bank AG (Austria)		844		15,452
HDFC Bank Ltd., ADR (India)		1,840		70,766
ING Groep NV (Netherlands)		6,909		35,402
Intesa Sanpaolo SpA (Italy)		16,386		26,514
Lloyds Banking Group plc (United Kingdom)		177,580		69,425
Mitsubishi UFJ Financial Group, Inc. (Japan)		9,600		35,919
National Bank of Canada (Canada)		1,591		61,490
Standard Chartered plc (United Kingdom)		3,107		17,178
Sumitomo Mitsui Trust Holdings, Inc. (Japan)		1,200		34,476
Svenska Handelsbanken AB, Class A (Sweden) *		11,073		91,320
United Overseas Bank Ltd. (Singapore)		3,400		46,648
				749,895
Beverages — 0.1%
Carlsberg A/S, Class B (Denmark)		1,801		202,756
Diageo plc (United Kingdom)		4,429		140,442
Kirin Holdings Co. Ltd. (Japan)		1,600		31,600
Pernod Ricard SA (France)		1,059		150,311
				525,109
Biotechnology — 0.1%
Ascendis Pharma A/S, ADR (Denmark) *		126		14,189
BeiGene Ltd., ADR (China) *		355		43,704
CSL Ltd. (Australia)		138		25,015
Galapagos NV (Belgium) *		721		141,588
Genmab A/S (Denmark) *		712		143,019
Grifols SA (Preference), Class B (Spain)		2,396		47,329
				414,844
Building Products — 0.0% (c)
Assa Abloy AB, Class B (Sweden)		1,779		33,212
Daikin Industries Ltd. (Japan)		100		12,071
				45,283

JPMorgan Access Growth Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2020 (Unaudited) (continued)

Investments	Shares		Value ($)
Capital Markets — 0.1%
Close Brothers Group plc (United Kingdom)		905		12,583
Deutsche Boerse AG (Germany)		179		24,592
Euronext NV (Netherlands) (d)		361		26,581
Hong Kong Exchanges & Clearing Ltd. (Hong Kong)		3,400		101,862
London Stock Exchange Group plc (United Kingdom)		2,957		264,521
Macquarie Group Ltd. (Australia)		743		39,571
Partners Group Holding AG (Switzerland)		26		17,801
XP, Inc., Class A (Brazil) *		272		5,247
				492,758
Chemicals — 0.2%
Air Liquide SA (France)		963		122,925
Asahi Kasei Corp. (Japan)		15,078		105,649
BASF SE (Germany)		874		40,852
Covestro AG (Germany) (d)		768		23,307
Givaudan SA (Registered) (Switzerland)		25		76,924
Johnson Matthey plc (United Kingdom)		1,847		40,697
Kansai Paint Co. Ltd. (Japan)		3,003		56,961
Shin-Etsu Chemical Co. Ltd. (Japan)		738		72,536
Tosoh Corp. (Japan)		600		6,781
Umicore SA (Belgium)		1,122		38,699
				585,331
Communications Equipment — 0.0% (c)
Telefonaktiebolaget LM Ericsson, Class B (Sweden) *		8,764		70,944
Containers & Packaging — 0.0% (c)
Amcor plc, CHDI		3,754		30,055
Diversified Financial Services — 0.0% (c)
Challenger Ltd. (Australia)		7,554		18,452
Element Fleet Management Corp. (Canada)		8,085		51,476
Mitsubishi UFJ Lease & Finance Co. Ltd. (Japan)		5,300		25,942
				95,870
Diversified Telecommunication Services — 0.1%
China Tower Corp. Ltd., Class H (China) (d)		362,000		80,437
Koninklijke KPN NV (Netherlands)		26,247		62,767
KT Corp. (South Korea)		1,048		16,962
Nippon Telegraph & Telephone Corp. (Japan)		9,400		224,816
Telecom Italia SpA (Italy)		45,893		17,931
				402,913
Electric Utilities — 0.1%
Enel SpA (Italy)		26,882		185,428
Iberdrola SA (Spain)		11,294		110,467
				295,895
Electrical Equipment — 0.1%
ABB Ltd. (Registered) (Switzerland)		3,301		57,375
Legrand SA (France)		535		34,123
Melrose Industries plc (United Kingdom)		22,311		24,793
Mitsubishi Electric Corp. (Japan)		7,200		87,957
Nidec Corp. (Japan)		1,314		67,716
Prysmian SpA (Italy)		1,912		30,357
				302,321
Electronic Equipment, Instruments & Components — 0.2%
Hamamatsu Photonics KK (Japan)		6,124		248,846
Keyence Corp. (Japan)		848		272,643
Murata Manufacturing Co. Ltd. (Japan)		1,967		97,789
Omron Corp. (Japan)		800		41,362
				660,640
Energy Equipment & Services — 0.0% (c)
Worley Ltd. (Australia)		4,834		17,938
Equity Real Estate Investment Trusts (REITs) — 0.0% (c)
Great Portland Estates plc (United Kingdom)		3,822		32,201
Scentre Group (Australia)		12,858		12,316
				44,517
Food & Staples Retailing — 0.0% (c)
Seven & i Holdings Co. Ltd. (Japan)		2,000		66,050
Welcia Holdings Co. Ltd. (Japan)		400		28,086
				94,136
Food Products — 0.2%
Danone SA (France)		2,003		128,189
Nestle SA (Registered) (Switzerland)		5,297		542,242
Wilmar International Ltd. (Singapore)		16,300		36,861
				707,292
Gas Utilities — 0.0% (c)
Beijing Enterprises Holdings Ltd. (China)		6,500		23,722
Health Care Equipment & Supplies — 0.2%
Alcon, Inc. (Switzerland) *		463		23,720
Asahi Intecc Co. Ltd. (Japan)		1,100		27,205
Elekta AB, Class B (Sweden)		3,521		28,705
GN Store Nord A/S (Denmark)		868		38,486
Hoya Corp. (Japan)		733		62,328
Koninklijke Philips NV (Netherlands)		3,679		151,050
Sartorius AG (Preference) (Germany)		303		72,440
Siemens Healthineers AG (Germany) (d)		1,295		50,060
Sonova Holding AG (Registered) (Switzerland)		240		42,795
Straumann Holding AG (Registered) (Switzerland)		81		59,219
Terumo Corp. (Japan)		3,780		129,508
				685,516
Health Care Providers & Services — 0.0% (c)
Fresenius SE & Co. KGaA (Germany)		1,580		58,828
Hotels, Restaurants & Leisure — 0.0% (c)
Compass Group plc (United Kingdom)		2,265		35,289
InterContinental Hotels Group plc (United Kingdom)		524		22,293
Wynn Macau Ltd. (Macau)		8,809		13,211
				70,793
Household Durables — 0.0% (c)
Panasonic Corp. (Japan)		5,000		37,852
Persimmon plc (United Kingdom)		1,487		35,151
Sony Corp. (Japan)		800		47,387
				120,390
Household Products — 0.1%
Reckitt Benckiser Group plc (United Kingdom)		1,475		112,359
Unicharm Corp. (Japan)		3,246		121,510
				233,869

JPMorgan Access Growth Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2020 (Unaudited) (continued)

Investments	Shares		Value ($)
Independent Power and Renewable Electricity Producers — 0.0% (c)
Electric Power Development Co. Ltd. (Japan)		1,800		36,075
Industrial Conglomerates — 0.1%
CK Hutchison Holdings Ltd. (United Kingdom)		5,464		36,418
DCC plc (United Kingdom)		604		37,721
Jardine Matheson Holdings Ltd. (Hong Kong)		1,003		50,483
Siemens AG (Registered) (Germany)		1,436		120,244
				244,866
Insurance — 0.3%
AIA Group Ltd. (Hong Kong)		35,469		317,612
Allianz SE (Registered) (Germany)		458		77,996
Aon plc		415		68,492
Aviva plc (United Kingdom)		8,575		28,192
AXA SA (France)		5,669		95,987
Direct Line Insurance Group plc (United Kingdom)		9,645		35,211
Muenchener Rueckversicherungs-Gesellschaft AG (Registered) (Germany)		411		82,640
PICC Property & Casualty Co. Ltd., Class H (China)		60,000		57,455
Ping An Insurance Group Co. of China Ltd., Class H (China)		4,000		39,065
RSA Insurance Group plc (United Kingdom)		4,164		21,729
Sampo OYJ, Class A (Finland)		1,999		57,669
Storebrand ASA (Norway)		7,600		30,306
Sun Life Financial, Inc. (Canada)		2,024		65,108
Tokio Marine Holdings, Inc. (Japan)		1,700		77,783
Zurich Insurance Group AG (Switzerland)		130		45,670
				1,100,915
Interactive Media & Services — 0.1%
Adevinta ASA (France) *		4,848		43,889
Baidu, Inc., ADR (China) *		168		16,933
JOYY, Inc., ADR (China) *		637		33,927
NAVER Corp. (South Korea)		191		26,555
Tencent Holdings Ltd. (China)		2,346		115,957
Z Holdings Corp. (Japan)		7,700		24,549
				261,810
Internet & Direct Marketing Retail — 0.0% (c)
Alibaba Group Holding Ltd., ADR (China) *		205		39,868
ASOS plc (United Kingdom) *		1,282		18,864
MercadoLibre, Inc. (Argentina) *		82		40,063
Prosus NV, ADR (China) *		924		12,650
Zalando SE (Germany) * (d)		858		32,338
				143,783
IT Services — 0.0% (c)
Amadeus IT Group SA (Spain)		685		32,242
Obic Co. Ltd. (Japan)		900		117,261
				149,503
Life Sciences Tools & Services — 0.0% (c)
Evotec SE (Germany) *		894		19,409
Machinery — 0.1%
KION Group AG (Germany)		550		23,671
Knorr-Bremse AG (Germany)		347		30,507
SMC Corp. (Japan)		509		213,395
THK Co. Ltd. (Japan)		1,900		38,282
				305,855
Media — 0.0% (c)
CyberAgent, Inc. (Japan)		1,100		42,631
Eutelsat Communications SA (France)		229		2,381
Nordic Entertainment Group AB, Class B (Sweden)		1,452		30,232
Stroeer SE & Co. KGaA (Germany)		436		22,404
WPP plc (United Kingdom)		5,663		38,502
				136,150
Metals & Mining — 0.1%
Antofagasta plc (Chile)		4,275		40,828
BHP Group Ltd. (Australia)		776		14,078
BHP Group plc (Australia)		2,855		44,309
IGO Ltd. (Australia)		12,863		33,044
Rio Tinto Ltd. (Australia)		410		21,123
Rio Tinto plc (Australia)		622		28,514
South32 Ltd. (Australia)		17,901		19,761
				201,657
Multi-Utilities — 0.0% (c)
Engie SA (France)		5,884		60,255
National Grid plc (United Kingdom)		4,689		54,787
				115,042
Oil, Gas & Consumable Fuels — 0.1%
Enbridge, Inc. (Canada)		2,633		76,672
Equinor ASA (Norway)		4,515		56,284
Royal Dutch Shell plc, Class B, ADR (Netherlands)		1,447		47,259
TOTAL SA (France)		3,653		137,641
				317,856
Paper & Forest Products — 0.0% (c)
Stora Enso OYJ, Class R (Finland)		4,546		45,455
Personal Products — 0.1%
L’Oreal SA (France)		892		230,859
Pola Orbis Holdings, Inc. (Japan)		700		12,869
Unilever plc (United Kingdom)		3,700		186,592
				430,320
Pharmaceuticals — 0.4%
Astellas Pharma, Inc. (Japan)		8,900		137,125
AstraZeneca plc (United Kingdom)		3,202		285,295
Bayer AG (Registered) (Germany)		1,681		96,319
Daiichi Sankyo Co. Ltd. (Japan)		700		48,074
GlaxoSmithKline plc, ADR (United Kingdom)		2,346		88,890
Hutchison China MediTech Ltd., ADR (Hong Kong) *		1,794		32,023
Ipsen SA (France)		366		18,761
Novartis AG (Registered) (Switzerland)		2,692		222,087
Novo Nordisk A/S, Class B (Denmark)		5,459		325,990
Otsuka Holdings Co. Ltd. (Japan)		1,600		62,429
Roche Holding AG (Switzerland)		616		198,193
Sanofi (France)		1,125		97,397
Shionogi & Co. Ltd. (Japan)		1,479		72,855
Takeda Pharmaceutical Co. Ltd., ADR (Japan)		1,747		26,519
				1,711,957
Professional Services — 0.1%
DKSH Holding AG (Switzerland)		965		47,632
Recruit Holdings Co. Ltd. (Japan)		2,700		69,745
RELX plc (United Kingdom)		4,746		101,291
TechnoPro Holdings, Inc. (Japan)		600		28,002

JPMorgan Access Growth Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2020 (Unaudited) (continued)

Investments	Shares		Value ($)
Teleperformance (France)		115		23,818
				270,488
Real Estate Management & Development — 0.0% (c)
Deutsche Wohnen SE (Germany)		544		20,617
Mitsui Fudosan Co. Ltd. (Japan)		3,700		64,064
				84,681
Road & Rail — 0.0% (c)
Canadian National Railway Co. (Canada)		563		43,706
Canadian National Railway Co. (Canada)		220		17,201
Central Japan Railway Co. (Japan)		300		48,081
				108,988
Semiconductors & Semiconductor Equipment — 0.2%
ASML Holding NV (Netherlands)		1,135		299,203
Broadcom, Inc.		235		55,719
NXP Semiconductors NV (Netherlands)		714		59,212
Renesas Electronics Corp. (Japan) *		3,100		11,027
Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan)		4,717		225,425
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)		13,000		117,030
Tokyo Electron Ltd. (Japan)		300		55,912
				823,528
Software — 0.1%
SAP SE (Germany)		2,809		313,619
Specialty Retail — 0.0% (c)
Industria de Diseno Textil SA (Spain)		765		19,824
Kingfisher plc (United Kingdom)		17,952		31,533
Nitori Holdings Co. Ltd. (Japan)		200		27,028
				78,385
Technology Hardware, Storage & Peripherals — 0.0% (c)
Samsung Electronics Co. Ltd. (South Korea)		2,850		110,812
Samsung Electronics Co. Ltd., GDR (South Korea) (d)		19		15,647
				126,459
Textiles, Apparel & Luxury Goods — 0.1%
Burberry Group plc (United Kingdom)		1,818		29,551
China Hongxing Sports Ltd. (China) * ‡		755,000		1
EssilorLuxottica SA (France)		1,233		130,543
Hermes International (France)		60		40,825
Kering SA (France)		342		178,323
LVMH Moet Hennessy Louis Vuitton SE (France)		351		128,730
Moncler SpA (Italy)		1,426		51,819
Samsonite International SA (d)		15,600		14,607
				574,399
Tobacco — 0.0% (c)
British American Tobacco plc (United Kingdom)		4,755		161,980
Trading Companies & Distributors — 0.0% (c)
Ashtead Group plc (United Kingdom)		957		20,685
Bunzl plc (United Kingdom)		1,146		22,939
Mitsubishi Corp. (Japan)		1,800		38,074
Sumitomo Corp. (Japan)		4,300		49,038
				130,736
Wireless Telecommunication Services — 0.1%
SoftBank Group Corp. (Japan)		3,478		123,130
Vodafone Group plc (United Kingdom)		40,810		56,458
Vodafone Group plc, ADR (United Kingdom)		3,966		54,612
				234,200
TOTAL COMMON STOCKS (Cost $13,248,617)				15,655,615
SHORT-TERM INVESTMENTS — 2.8%
INVESTMENT COMPANIES — 2.8%
JPMorgan Prime Money Market Fund Class Institutional Shares, 1.07% (a) (e) (Cost $11,573,244)		11,575,262		11,575,262
Total Investments — 100.0% (Cost $387,789,039)				413,400,237
Other Assets Less Liabilities — 0.0% (c) (f)				63,896
Net Assets — 100.0%				413,464,133

Percentages indicated are based on net assets.

JPMorgan Access Growth Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2020 (Unaudited) (continued)

PORTFOLIO COMPOSITION BY COUNTRY**
United States	91.8	%
Ireland	1.7
Others (each less than 1.0%)	3.7
Short-Term Investments	2.8

** Percentages indicated are based on total investments as of March 31, 2020.

Abbreviations
ADR	American Depositary Receipt
CHDI	Clearing House Electronic Subregister System (CHESS) Depository Interest
CVA	Dutch Certification
EAFE	Europe, Australasia and Far East
ETF	Exchange-Traded Fund
GDR	Global Depositary Receipt
OYJ	Public Limited Company
Preference	A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.
SDR	Swedish Depositary Receipt
SPDR	Standard & Poor’s Depository Receipts
UCITS	Undertakings for Collective Investment in Transferable Securities
(a)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(b)	The fund’s investment objective is to provide absolute return and is generally subject to a two day redemption notice period.
(c)	Amount rounds to less than 0.1% of net assets.
(d)	Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(e)	The rate shown is the current yield as of March 31, 2020.
(f)	A portion of the Fund’s cash is held by the subsidiary.
*	Non-income producing security.
‡	Value determined using significant unobservable inputs.

Detailed information about investment portfolios of certain underlying funds and ETFs 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 portfolio holdings filed quarterly on Form N-PORT, and are available for download from both the SEC’s as well as the 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.

Access Growth Fund CS Ltd. (the “Subsidiary”), a Cayman Islands exempted company, was incorporated on March 11, 2013 and is currently a wholly-owned subsidiary of the Fund. 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. All significant intercompany balances and transactions have been eliminated in consolidation.

A. Valuation of Investments — Investments are valued 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 of the Trust (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 their market value 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.

J.P. Morgan Investment Management Inc. (the “Administrator”) has established the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to assist the Board with the oversight and monitoring of the valuation of the Fund’s investments. The Administrator implements the valuation policies of the Fund’s investments, as directed by the Board. The AVC oversees and carries out the policies for the

JPMorgan Access Growth Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2020 (Unaudited) (continued)

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 affiliated and/or unaffiliated 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 the use of related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for 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 are valued by applying international fair value factors 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 excluding exchange-traded funds (“ETFs”) (“Underlying Funds”), are valued at each Underlying Fund’s NAV per share as of the report date.

Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer-related events after the report date and prior to issuance of the report are not reflected herein.

The various inputs that are used in determining the valuation of the Fund’s investments are summarized into the three broad levels listed below.

• Level 1 – Unadjusted inputs using quoted prices in active markets for identical investments.

• Level 2 – Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.

• Level 3 – Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund’s assumptions in determining the fair value of investments).

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.

The following table represents each valuation input as presented on the 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
Aerospace & Defense	$	—	$	387,959	$	—	$	387,959
Air Freight & Logistics		—		63,650		—		63,650
Auto Components		45,773		116,903		—		162,676
Automobiles		—		184,355		—		184,355
Banks		132,256		617,639		—		749,895
Beverages		—		525,109		—		525,109
Biotechnology		57,893		356,951		—		414,844
Building Products		—		45,283		—		45,283
Capital Markets		5,247		487,511		—		492,758
Chemicals		—		585,331		—		585,331
Communications Equipment		—		70,944		—		70,944
Containers & Packaging		—		30,055		—		30,055
Diversified Financial Services		51,476		44,394		—		95,870
Diversified Telecommunication Services		—		402,913		—		402,913
Electric Utilities		—		295,895		—		295,895
Electrical Equipment		—		302,321		—		302,321
Electronic Equipment, Instruments & Components		—		660,640		—		660,640
Energy Equipment & Services		—		17,938		—		17,938
Equity Real Estate Investment Trusts (REITs)		—		44,517		—		44,517
Food & Staples Retailing		28,086		66,050		—		94,136
Food Products		—		707,292		—		707,292
Gas Utilities		—		23,722		—		23,722
Health Care Equipment & Supplies		—		685,516		—		685,516
Health Care Providers & Services		—		58,828		—		58,828
Hotels, Restaurants & Leisure		—		70,793		—		70,793
Household Durables		—		120,390		—		120,390
Household Products		—		233,869		—		233,869
Independent Power and Renewable Electricity Producers		—		36,075		—		36,075
Industrial Conglomerates		—		244,866		—		244,866
Insurance		133,600		967,315		—		1,100,915
Interactive Media & Services		50,860		210,950		—		261,810
Internet & Direct Marketing Retail		92,581		51,202		—		143,783
IT Services		—		149,503		—		149,503
Life Sciences Tools & Services		—		19,409		—		19,409

JPMorgan Access Growth Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2020 (Unaudited) (continued)

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant  unobservable inputs		Total
Machinery	$	—	$	305,855	$	—	$	305,855
Media		—		136,150		—		136,150
Metals & Mining		—		201,657		—		201,657
Multi-Utilities		—		115,042		—		115,042
Oil, Gas & Consumable Fuels		123,931		193,925		—		317,856
Paper & Forest Products		—		45,455		—		45,455
Personal Products		—		430,320		—		430,320
Pharmaceuticals		147,432		1,564,525		—		1,711,957
Professional Services		—		270,488		—		270,488
Real Estate Management & Development		—		84,681		—		84,681
Road & Rail		60,907		48,081		—		108,988
Semiconductors & Semiconductor Equipment		340,356		483,172		—		823,528
Software		—		313,619		—		313,619
Specialty Retail		—		78,385		—		78,385
Technology Hardware, Storage & Peripherals		—		126,459		—		126,459
Textiles, Apparel & Luxury Goods		—		574,398		1		574,399
Tobacco		—		161,980		—		161,980
Trading Companies & Distributors		—		130,736		—		130,736
Wireless Telecommunication Services		54,612		179,588		—		234,200
Total Common Stocks		1,325,010		14,330,604		1		15,655,615
Exchange-Traded Funds		307,083,314		—		—		307,083,314
Investment Companies		72,282,028		—		—		72,282,028
Short-Term Investments
Investment Companies		11,575,262		—		—		11,575,262
Total Investments in Securities	$	392,265,614	$	14,330,604	$	1	$	406,596,219

As of March 31, 2020, certain Investment Companies with a fair value of $6,804,018 have not been categorized in the fair value hierarchy as the Investment Company was measured using the NAV per share as a practical expedient.

B. Investment Transactions with Affiliates — The Fund invested in Underlying Funds and ETFs which are advised by the Adviser. An issuer which is under common control with the Fund may be considered an affiliate. The Fund assumes the issuers listed in the table below to be affiliated issuers. Underlying Funds’ and ETFs’ distributions may be reinvested into the Underlying Funds and ETFs. Reinvestment amounts are included in the purchase cost amounts in the table below. Included in the purchases and sales amounts in the table below are exchanges between certain share classes of the Underlying Funds.

For the period ended March 31, 2020
Security Description	Value at June 30, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at March 31, 2020		Shares at March 31, 2020		Dividend Income		Capital Gain Distributions
JPMorgan BetaBuilders Canada ETF (a)	$	15,214,120	$	—	$	—	$	—		$	(3,589,505	)	$	11,624,615		611,500	$	296,981	$	—
JPMorgan BetaBuilders Developed Asia EX-Japan ETF (a)		1,044,110		1,000,422		—		—			(531,404	)		1,513,128		80,400		58,314		—
JPMorgan BetaBuilders Europe ETF (a)		19,333,020		7,703,412		—		—			(5,923,557	)		21,112,875		1,102,500		405,209		—
JPMorgan BetaBuilders Japan ETF (a)		1,722,155		2,001,798		—		—			(346,403	)		3,377,550		165,000		93,337		—
JPMorgan Core Bond Fund Class R6 Shares (a)		28,139,117		3,600,000		2,300,000		58,835			534,676			30,032,628		2,494,404		595,857		133,089
JPMorgan Equity Focus Fund Class I Shares (a)		3,302,979		—		3,337,820		—			34,841			—		—		—		—
JPMorgan Equity Focus Fund Class R6 Shares (a)		—		3,337,820		2,551,256		131,047			(917,611	)		—		—		26,518		539,708
JPMorgan Equity Income Fund Class R6 Shares (a)		3,701,202		—		3,185,369		(589,286	)		73,453			—		—		50,602		39,711
JPMorgan Global Research Enhanced Index Fund Class R6 Shares (a)		7,359,202		—		7,549,642		2,200,292			(2,009,852	)		—		—		—		393
JPMorgan High Yield Fund Class R6 Shares (a)		—		12,000,000		—		—			176,471			12,176,471		1,960,784		—		—
JPMorgan Mortgage-Backed Securities Fund Class R6 Shares (a)		4,930,928		—		4,970,132		165,526			(126,322	)		—		—		27,316		—
JPMorgan Prime Money Market Fund Class Institutional Shares, 1.07% (a) (b)		7,534,117		116,853,120		112,810,978		(2,353	)		1,356			11,575,262		11,575,262		92,888		—
JPMorgan Short Duration Bond Fund Class R6 Shares (a)		5,025,127		—		—		—			(18,475	)		5,006,652		461,868		91,496		—
JPMorgan U.S. Large Cap Core Plus Fund Class R6 Shares(a)		3,575,436		2,196,616		4,868,184		(1,601,887	)		698,019			—		—		18,425		712,514
Total	$	100,881,513	$	148,693,188	$	141,573,381	$	362,174		$	(11,944,313	)	$	96,419,181			$	1,756,943	$	1,425,415

(a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.

(b) The rate shown is the current yield as of March 31, 2020.