JPMorgan U.S. Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (Unaudited)

Investments	Shares (000)		Value ($000)
COMMON STOCKS — 97.4%
Aerospace & Defense — 4.3%
General Dynamics Corp.		166		40,150
Northrop Grumman Corp.		71		31,940
Raytheon Technologies Corp.		461		45,624
				117,714
Air Freight & Logistics — 1.2%
United Parcel Service, Inc., Class B		155		33,241
Airlines — 0.9%
Southwest Airlines Co.*		556		25,477
Banks — 10.3%
Bank of America Corp.		1,298		53,503
Citigroup, Inc.		766		40,915
Citizens Financial Group, Inc.		259		11,726
M&T Bank Corp.		102		17,241
PNC Financial Services Group, Inc. (The)		183		33,699
Truist Financial Corp.		687		38,932
US Bancorp		337		17,913
Wells Fargo & Co.		1,394		67,530
				281,459
Beverages — 1.0%
Monster Beverage Corp. *		104		8,278
PepsiCo, Inc.		116		19,409
				27,687
Biotechnology — 2.8%
AbbVie, Inc.		228		36,982
Amgen, Inc.		60		14,392
Biogen, Inc.*		17		3,582
Vertex Pharmaceuticals, Inc. *		83		21,530
				76,486
Building Products — 0.4%
Trane Technologies plc		65		9,877
Capital Markets — 7.4%
BlackRock, Inc.		70		53,241
Charles Schwab Corp. (The)		357		30,118
Goldman Sachs Group, Inc. (The)		90		29,572
Morgan Stanley		526		45,986
S&P Global, Inc.		43		17,515
T. Rowe Price Group, Inc.		175		26,453
				202,885
Chemicals — 2.5%
Air Products and Chemicals, Inc.		113		28,152
Axalta Coating Systems Ltd. *		1,330		32,683
DuPont de Nemours, Inc.		104		7,616
				68,451
Commercial Services & Supplies — 0.6%
Republic Services, Inc.		125		16,498
Construction Materials — 1.1%
Vulcan Materials Co.		159		29,169
Consumer Finance — 2.2%
American Express Co.		189		35,377
Capital One Financial Corp.		196		25,686
				61,063
Containers & Packaging — 0.3%
Ball Corp.		81		7,264
Diversified Financial Services — 2.1%
Berkshire Hathaway, Inc., Class B *		160		56,430
Electric Utilities — 1.7%
Entergy Corp.		77		9,043
NextEra Energy, Inc.		273		23,137
Xcel Energy, Inc.		203		14,680
				46,860
Electrical Equipment — 1.1%
Eaton Corp. plc		194		29,491
Entertainment — 0.7%
Walt Disney Co. (The) *		132		18,147
Equity Real Estate Investment Trusts (REITs) — 1.5%
AvalonBay Communities, Inc.		43		10,644
Host Hotels & Resorts, Inc.		889		17,276
Ventas, Inc.		225		13,877
				41,797
Food & Staples Retailing — 1.1%
Walmart, Inc.		198		29,538
Food Products — 0.9%
Mondelez International, Inc., Class A		399		25,059
Health Care Equipment & Supplies — 3.6%
Becton Dickinson and Co.		108		28,751
Boston Scientific Corp. *		384		17,003
Medtronic plc		309		34,310
Zimmer Biomet Holdings, Inc.		153		19,518
				99,582
Health Care Providers & Services — 5.2%
Anthem, Inc.		44		21,436
Cigna Corp.		139		33,221
Humana, Inc.		53		22,876
UnitedHealth Group, Inc.		126		64,047
				141,580
Hotels, Restaurants & Leisure — 1.8%
Booking Holdings, Inc. *		9		21,345
McDonald’s Corp.		108		26,686
				48,031
Household Durables — 0.4%
Newell Brands, Inc.		464		9,930
Household Products — 1.1%
Procter & Gamble Co. (The)		192		29,263
Insurance — 4.2%
Chubb Ltd.		137		29,278

JPMorgan U.S. Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (Unaudited) (continued)

Investments	Shares (000)		Value ($000)
Hartford Financial Services Group, Inc. (The)		361		25,947
Loews Corp.		195		12,634
Marsh & McLennan Cos., Inc.		74		12,670
MetLife, Inc.		313		21,983
Prudential Financial, Inc.		112		13,233
				115,745
Interactive Media & Services — 2.0%
Alphabet, Inc., Class C *		14		39,708
Meta Platforms, Inc., Class A *		66		14,698
				54,406
IT Services — 0.9%
Fidelity National Information Services, Inc.		87		8,762
International Business Machines Corp.		119		15,527
				24,289
Machinery — 2.7%
Dover Corp.		242		37,961
Parker-Hannifin Corp.		125		35,353
				73,314
Media — 1.5%
Comcast Corp., Class A		866		40,562
Multiline Retail — 0.8%
Dollar General Corp.		102		22,708
Multi-Utilities — 1.5%
CMS Energy Corp.		443		30,957
Public Service Enterprise Group, Inc.		138		9,658
				40,615
Oil, Gas & Consumable Fuels — 7.0%
Chevron Corp.		244		39,717
ConocoPhillips		762		76,246
EOG Resources, Inc.		407		48,552
Exxon Mobil Corp.		190		15,725
Valero Energy Corp.		103		10,410
				190,650
Pharmaceuticals — 5.4%
Bristol-Myers Squibb Co.		777		56,731
Eli Lilly & Co.		105		30,199
Johnson & Johnson		215		38,022
Merck & Co., Inc.		82		6,720
Pfizer, Inc.		328		16,956
				148,628
Road & Rail — 1.1%
CSX Corp.		814		30,477
Semiconductors & Semiconductor Equipment — 4.6%
Analog Devices, Inc.		249		41,162
Lam Research Corp.		22		11,570
NXP Semiconductors NV (China)		155		28,634
Texas Instruments, Inc.		243		44,615
				125,981
Software — 1.2%
Microsoft Corp.		110		33,798
Specialty Retail — 4.9%
AutoZone, Inc. *		16		32,709
Gap, Inc. (The)		305		4,296
Home Depot, Inc. (The)		99		29,653
Lowe’s Cos., Inc.		125		25,231
O’Reilly Automotive, Inc. *		20		13,425
TJX Cos., Inc. (The)		455		27,580
				132,894
Technology Hardware, Storage & Peripherals — 0.5%
Apple, Inc.		74		12,906
Textiles, Apparel & Luxury Goods — 1.0%
NIKE, Inc., Class B		204		27,388
Tobacco — 1.2%
Philip Morris International, Inc.		357		33,531
Wireless Telecommunication Services — 0.7%
T-Mobile US, Inc.*		152		19,522
TOTAL COMMON STOCKS (Cost $2,050,749)				2,660,393
SHORT-TERM INVESTMENTS — 3.2%
INVESTMENT COMPANIES — 3.2%
JPMorgan Prime Money Market Fund Class IM Shares, 0.32% (a) (b) (Cost $87,367)		87,358		87,376
Total Investments — 100.6% (Cost $2,138,116)				2,747,769
Liabilities in Excess of Other Assets — (0.6)%				(16,235	)
Net Assets — 100.0%				2,731,534

Percentages indicated are based on net assets.

JPMorgan U.S. Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (Unaudited) (continued)

(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, 2022.

*    Non-income producing security.

JPMorgan U.S. Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (Unaudited) (continued)

(Dollar values in thousands)

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.

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.

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

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

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

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

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

The following table represents each valuation input as presented on the Schedule of Portfolio Investments (“SOI”):

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	2,747,769	$	—	$	—	$	2,747,769

(a)   Please refer to the SOI for specifics of portfolio holdings.

B. Investment Transactions with Affiliates — The Fund invested in an Underlying Fund, which is advised by the Adviser. An issuer which is under common control with the Fund may be considered an affiliate. The Fund assumes the issuer listed in the table below to be an affiliated issuer. The Underlying Fund’s distributions may be reinvested into such Underlying Fund. Reinvestment amounts are included in the purchases at cost amount in the table below.

For the period ended March 31, 2022
Security Description	Value at June 30, 2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at March 31, 2022		Shares at March 31, 2022		Dividend Income		Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.32% (a) (b)	$	38,028	$	1,254,434	$	1,205,070	$	(24	)	$	8	$	87,376		87,358	$	37	$	—

(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, 2022.