JPMorgan Value Advantage Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited)

Investments	Shares (000)		Value ($000)
COMMON STOCKS — 97.6%
Aerospace & Defense — 1.7%
General Dynamics Corp.		470		65,090
Raytheon Technologies Corp.		1,421		81,745
				146,835
Airlines — 0.4%
Southwest Airlines Co.		941		35,291
Banks — 12.7%
Bank of America Corp.		12,366		297,884
Citigroup, Inc.		1,644		70,883
Citizens Financial Group, Inc.		3,154		79,741
Fifth Third Bancorp		1,973		42,074
First Republic Bank		147		15,984
M&T Bank Corp.		940		86,594
PNC Financial Services Group, Inc. (The)		1,555		170,952
Truist Financial Corp.		2,783		105,883
US Bancorp(a)		2,094		75,063
Wells Fargo & Co.		5,578		131,142
				1,076,200
Beverages — 0.5%
Keurig Dr Pepper, Inc.		1,514		41,777
Biotechnology — 2.2%
AbbVie, Inc.		1,369		119,928
Amgen, Inc.		241		61,125
				181,053
Building Products — 0.4%
Trane Technologies plc		295		35,732
Capital Markets — 4.0%
Charles Schwab Corp. (The)(a)		2,591		93,860
Invesco Ltd.		2,365		26,990
Morgan Stanley		1,930		93,317
Northern Trust Corp.		786		61,250
T. Rowe Price Group, Inc.		502		64,320
				339,737
Communications Equipment — 1.3%
Cisco Systems, Inc.		1,493		58,829
CommScope Holding Co., Inc. *		5,173		46,556
				105,385
Construction Materials — 1.3%
Martin Marietta Materials, Inc.		480		112,920
Consumer Finance — 2.6%
American Express Co.		731		73,293
Capital One Financial Corp.		2,040		146,615
				219,908
Containers & Packaging — 3.2%
Ball Corp.		799		66,402
Graphic Packaging Holding Co.		4,341		61,171
Packaging Corp. of America		714		77,807
Westrock Co.		1,730		60,117
				265,497
Diversified Financial Services — 2.6%
Berkshire Hathaway, Inc., Class B *		1,020		217,092
Diversified Telecommunication Services — 2.1%
Verizon Communications, Inc.		2,995		178,177
Electric Utilities — 5.8%
American Electric Power Co., Inc.		1,365		111,571
Duke Energy Corp.		506		44,854
Edison International		799		40,622
Entergy Corp.		462		45,550
NextEra Energy, Inc.		436		120,986
Xcel Energy, Inc.		1,743		120,316
				483,899
Electronic Equipment, Instruments & Components — 0.6%
Arrow Electronics, Inc. *		638		50,163
Equity Real Estate Investment Trusts (REITs) — 6.5%
American Homes 4 Rent, Class A		2,108		60,038
Boston Properties, Inc.		254		20,404
Brixmor Property Group, Inc.		3,535		41,324
EastGroup Properties, Inc.		268		34,660
Federal Realty Investment Trust		524		38,446
Kimco Realty Corp.		3,807		42,870
Mid-America Apartment Communities, Inc.		635		73,668
Outfront Media, Inc.		1,537		22,365
Public Storage		421		93,677
Rayonier, Inc.		2,387		63,110
Weyerhaeuser Co.		2,087		59,533
				550,095
Food & Staples Retailing — 1.1%
Sysco Corp.		625		38,856
Walgreens Boots Alliance, Inc.		1,539		55,288
				94,144
Food Products — 0.9%
Post Holdings, Inc. *		867		74,601
Health Care Equipment & Supplies — 1.0%
Medtronic plc		827		85,980
Health Care Providers & Services — 2.5%
AmerisourceBergen Corp.		643		62,320
Cigna Corp.		154		26,021
HCA Healthcare, Inc.		265		33,083
UnitedHealth Group, Inc.		287		89,551
				210,975
Hotels, Restaurants & Leisure — 0.5%
Las Vegas Sands Corp.		839		39,152
Household Durables — 1.1%
Mohawk Industries, Inc. *		434		42,335
Newell Brands, Inc.		3,015		51,741
				94,076
Household Products — 2.5%
Energizer Holdings, Inc.(a)		1,670		65,370
Procter & Gamble Co. (The)		1,055		146,612
				211,982
Industrial Conglomerates — 1.8%
Carlisle Cos., Inc.		401		49,035
Honeywell International, Inc.		618		101,782
				150,817

JPMorgan Value Advantage Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

Investments	Shares (000)		Value ($000)
Insurance — 7.2%
Alleghany Corp.		96		49,805
American International Group, Inc.		1,340		36,901
Chubb Ltd.		574		66,612
CNA Financial Corp.		554		16,602
Fairfax Financial Holdings Ltd. (Canada)		163		47,871
Hartford Financial Services Group, Inc. (The)		1,496		55,145
Loews Corp.		4,645		161,425
Marsh & McLennan Cos., Inc.		359		41,159
Travelers Cos., Inc. (The)		1,199		129,706
				605,226
Interactive Media & Services — 0.8%
Alphabet, Inc., Class C *		43		63,781
Internet & Direct Marketing Retail — 0.7%
Booking Holdings, Inc. *		34		57,650
Machinery — 3.2%
Dover Corp.		1,016		110,097
Illinois Tool Works, Inc.		237		45,747
ITT, Inc.		849		50,158
Middleby Corp. (The) *		447		40,064
Otis Worldwide Corp.		425		26,546
				272,612
Media — 4.0%
Charter Communications, Inc., Class A *		136		85,090
Discovery, Inc., Class C *		2,439		47,797
DISH Network Corp., Class A *		1,790		51,961
Liberty Media Corp.-Liberty SiriusXM, Class C *		897		29,679
Nexstar Media Group, Inc., Class A(a)		744		66,939
ViacomCBS, Inc. (a)		1,853		51,905
				333,371
Multiline Retail — 0.5%
Kohl’s Corp.		1,377		25,507
Nordstrom, Inc.(a)		1,679		20,008
				45,515
Oil, Gas & Consumable Fuels — 6.1%
Cabot Oil & Gas Corp.		1,899		32,972
Chevron Corp.		550		39,593
ConocoPhillips		2,943		96,659
Diamondback Energy, Inc.		401		12,087
EQT Corp.		2,722		35,199
Equitrans Midstream Corp.		4,981		42,138
Kinder Morgan, Inc.		5,792		71,414
Marathon Petroleum Corp.		2,130		62,480
Phillips 66		1,164		60,362
Williams Cos., Inc. (The)		2,981		58,583
				511,487
Personal Products — 0.2%
Coty, Inc., Class A		4,721		12,746
Pharmaceuticals — 6.1%
Bristol-Myers Squibb Co.		2,526		152,305
Johnson & Johnson		1,092		162,639
Merck & Co., Inc.		865		71,722
Pfizer, Inc.		3,359		123,272
				509,938
Real Estate Management & Development — 0.8%
CBRE Group, Inc., Class A *		1,505		70,704
Semiconductors & Semiconductor Equipment — 2.5%
Analog Devices, Inc.		773		90,287
Texas Instruments, Inc.		826		117,882
				208,169
Software — 0.7%
Microsoft Corp.		281		59,107
Specialty Retail — 3.6%
AutoZone, Inc. *		89		104,284
Best Buy Co., Inc.		746		83,076
Home Depot, Inc. (The)		222		61,740
Murphy USA, Inc. *		421		53,966
				303,066
Textiles, Apparel & Luxury Goods — 1.1%
Columbia Sportswear Co.(a)		616		53,548
Ralph Lauren Corp.		571		38,777
				92,325
Wireless Telecommunication Services — 0.8%
T-Mobile US, Inc. *		579		66,169
TOTAL COMMON STOCKS (Cost $6,733,959)				8,213,354
	No. of Rights  (000)
RIGHTS — 0.0% (b)
Media — 0.0% (b)
Media General, Inc., CVR * ‡ (Cost $ — )		2,982		—	(c)
	Shares (000)
SHORT-TERM INVESTMENTS — 3.7%
INVESTMENT COMPANIES — 2.3%
JPMorgan Prime Money Market Fund Class IM Shares, 0.23% (d) (e) (Cost $191,363)		191,212		191,346
INVESTMENT OF CASH COLLATERAL FROM SECURITIES LOANED — 1.4%
JPMorgan Securities Lending Money Market Fund
Agency SL Class Shares, 0.29% (d) (e)		102,067		102,087

JPMorgan Value Advantage Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

Investments	Shares (000)		Value ($000)
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.06% (d) (e)		16,488		16,488
TOTAL INVESTMENT OF CASH COLLATERAL FROM SECURITIES LOANED (Cost $118,585)				118,575
TOTAL SHORT-TERM INVESTMENTS (Cost $309,948)				309,921
Total Investments — 101.3% (Cost $7,043,907)				8,523,275
Liabilities in Excess of Other Assets — (1.3)%				(108,085	)
Net Assets — 100.0%				8,415,190

Percentages indicated are based on net assets.

Abbreviations
CVR	Contingent Value Rights
(a)	The security or a portion of this security is on loan at September 30, 2020. The total value of securities on loan at September 30, 2020 is approximately $113,804,000.
(b)	Amount rounds to less than 0.1% of net assets.
(c)	Amount rounds to less than one thousand.
(d)	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.
(e)	The rate shown is the current yield as of September 30, 2020.
*	Non-income producing security.
‡	Value determined using significant unobservable inputs.

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 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.

Investments in open-end investment companies (“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.

JPMorgan Value Advantage Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)

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

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

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

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

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

The following table represents each valuation input as presented on the Schedule of Portfolio Investments (amounts in thousands):

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Investments in Securities
Common Stocks	$	8,213,354	$	—	$	—		$	8,213,354
Rights		—		—		—	(a)		—	(a)
Short-Term Investments
Investment Companies		191,346		—		—			191,346
Investment of cash collateral from securities loaned		118,575		—		—			118,575
Total Short-Term Investments		309,921		—		—			309,921
Total Investments in Securities	$	8,523,275	$	—	$	—	(a)	$	8,523,275

(a) Amount rounds to less than one thousand.

B. Investment Transactions with Affiliates — The Fund invested in Underlying Funds 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’ distributions may be reinvested into the Underlying Funds. Reinvestment amounts are included in the purchase cost amounts in the table below. Amounts in the table below are in thousands.

For the period ended September 30, 2020
Security Description	Value at June 30, 2020		Purchases at Cost		Proceeds from Sales		Net Realized Gain  (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at September 30, 2020		Shares at September 30, 2020		Dividend Income		Capital  Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.23%(a)(b)	$	193,827	$	916,032	$	918,465	$	(35	)	$	(13	)	$	191,346		191,212	$	158	$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.29%(a)(b)		139,126		202,984		240,000		(13	)		(10	)		102,087		102,067		159		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.06%(a)(b)		15,136		130,166		128,814		—			—			16,488		16,488		6		—
Total	$	348,089	$	1,249,182	$	1,287,279	$	(48	)	$	(23	)	$	309,921			$	323	$	—

(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 September 30, 2020.