JPMorgan Equity Premium Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2019 (Unaudited)

Investments	Shares		Value ($)
COMMON STOCKS — 81.9%
Aerospace & Defense — 3.2%
General Dynamics Corp.		4,510		824,113
Northrop Grumman Corp.		1,356		508,215
United Technologies Corp.		5,602		764,785
				2,097,113
Banks — 0.6%
BB&T Corp.		7,996		426,747
Beverages — 2.8%
Coca-Cola Co. (The)		16,239		884,051
PepsiCo, Inc.		6,793		931,320
				1,815,371
Building Products — 0.4%
Allegion plc		2,517		260,887
Capital Markets — 2.1%
CME Group, Inc.		2,306		487,350
Intercontinental Exchange, Inc.		9,444		871,398
				1,358,748
Chemicals — 2.0%
Air Products & Chemicals, Inc.		1,220		270,669
Celanese Corp.		4,235		517,898
Linde plc (United Kingdom)		2,827		547,647
				1,336,214
Commercial Services & Supplies — 1.2%
Waste Management, Inc.		7,062		812,130
Consumer Finance — 0.8%
American Express Co.		4,278		506,002
Containers & Packaging — 0.2%
Silgan Holdings, Inc.		5,248		157,624
Diversified Financial Services — 1.1%
Berkshire Hathaway, Inc., Class B *		3,410		709,348
Diversified Telecommunication Services — 1.2%
Verizon Communications, Inc.		13,439		811,178
Electric Utilities — 7.4%
American Electric Power Co., Inc.		9,967		933,808
Edison International		8,443		636,771
Entergy Corp.		6,139		720,473
Exelon Corp.		15,300		739,143
NextEra Energy, Inc.		3,848		896,546
Xcel Energy, Inc.		14,419		935,649
				4,862,390
Electrical Equipment — 1.3%
Eaton Corp. plc		9,996		831,167
Entertainment — 0.7%
Walt Disney Co. (The)		3,327		433,575
Equity Real Estate Investment Trusts (REITs) — 4.1%
Boston Properties, Inc.		4,067		527,327
Equity LifeStyle Properties, Inc.		1,414		188,911
Equity Residential		3,253		280,604
National Retail Properties, Inc.		9,280		523,392
Prologis, Inc.		4,700		400,534
Public Storage		2,149		527,085
VICI Properties, Inc.		12,122		274,563
				2,722,416
Food & Staples Retailing — 0.6%
Costco Wholesale Corp.		1,487		428,420
Food Products — 2.5%
General Mills, Inc.		7,881		434,401
Hershey Co. (The)		2,111		327,184
Mondelez International, Inc., Class A		16,530		914,439
				1,676,024
Health Care Equipment & Supplies — 1.8%
Becton Dickinson and Co.		1,747		441,921
Medtronic plc		5,025		545,816
Zimmer Biomet Holdings, Inc.		1,342		184,216
				1,171,953
Health Care Providers & Services — 1.7%
Cigna Corp.		2,184		331,509
UnitedHealth Group, Inc.		3,743		813,429
				1,144,938
Hotels, Restaurants & Leisure — 2.9%
Darden Restaurants, Inc.		2,632		311,155
McDonald’s Corp.		3,834		823,198
Yum! Brands, Inc.		7,126		808,302
				1,942,655
Household Products — 1.9%
Kimberly-Clark Corp.		2,033		288,787
Procter & Gamble Co. (The)		7,523		935,711
				1,224,498
Industrial Conglomerates — 1.3%
Honeywell International, Inc.		5,010		847,692
Insurance — 7.5%
Allstate Corp. (The)		7,911		859,767
Arthur J Gallagher & Co.		6,015		538,764
Axis Capital Holdings Ltd.		10,711		714,638
Chubb Ltd.		5,395		870,969
Everest Re Group Ltd.		2,339		622,384
Hartford Financial Services Group, Inc. (The)		14,047		851,389
MetLife, Inc.		10,283		484,946
				4,942,857
Interactive Media & Services — 1.3%
Alphabet, Inc., Class A *		705		860,904
IT Services — 6.3%
Accenture plc, Class A		4,593		883,463
Automatic Data Processing, Inc.		5,089		821,466
Fiserv, Inc. *		7,959		824,473
International Business Machines Corp.		2,634		383,036
Leidos Holdings, Inc.		4,841		415,745
Mastercard, Inc., Class A		1,259		341,907
Visa, Inc., Class A		2,858		491,605
				4,161,695
Life Sciences Tools & Services — 0.7%
Thermo Fisher Scientific, Inc.		1,497		436,031

JPMorgan Equity Premium Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2019 (Unaudited) (continued)

Investments	Shares		Value ($)
Machinery — 1.6%
Cummins, Inc.		1,875		305,006
Ingersoll-Rand plc		5,833		718,684
				1,023,690
Media — 1.2%
Comcast Corp., Class A		17,868		805,489
Multi-Utilities — 2.6%
CMS Energy Corp.		13,691		875,540
Sempra Energy		5,771		851,857
				1,727,397
Oil, Gas & Consumable Fuels — 2.7%
Chevron Corp.		6,758		801,499
ONEOK, Inc.		9,204		678,243
TC Energy Corp. (Canada)		6,146		318,301
				1,798,043
Pharmaceuticals — 4.6%
Eli Lilly & Co.		7,384		825,753
Johnson & Johnson		6,021		778,997
Merck & Co., Inc.		9,620		809,812
Pfizer, Inc.		16,367		588,066
				3,002,628
Road & Rail — 1.9%
Norfolk Southern Corp.		4,103		737,145
Union Pacific Corp.		2,994		484,968
				1,222,113
Semiconductors & Semiconductor Equipment — 1.2%
Analog Devices, Inc.		7,134		797,082
Software — 1.9%
Microsoft Corp.		6,456		897,578
Oracle Corp.		5,993		329,795
				1,227,373
Specialty Retail — 4.8%
Advance Auto Parts, Inc.		2,531		418,627
AutoZone, Inc. *		703		762,488
Home Depot, Inc. (The)		2,450		568,449
Ross Stores, Inc.		4,924		540,901
TJX Cos., Inc. (The)		15,101		841,730
				3,132,195
Textiles, Apparel & Luxury Goods — 0.3%
NIKE, Inc., Class B		1,898		178,260
Tobacco — 1.5%
Altria Group, Inc.		10,199		417,139
Philip Morris International, Inc.		7,330		556,567
				973,706
TOTAL COMMON STOCKS (Cost $48,940,273)				53,866,553
	Principal Amount  ($)
EQUITY-LINKED NOTES — 15.4%
Barclays Bank plc, ELN, 56.10%, 10/4/2019, (linked to S&P 500 Index) (a)		836		2,337,225
BMO Capital Markets Corp., ELN, 42.48%, 10/18/2019, (linked to S&P 500 Index) (a)		906		2,706,421
Credit Suisse AG, ELN, 51.00%, 10/11/2019, (linked to S&P 500 Index) (a)		963		2,780,052
HSBC Bank USA, NA, ELN, 37.00%, 10/25/2019, (linked to S&P 500 Index) (a)		765		2,302,948
TOTAL EQUITY-LINKED NOTES (Cost $10,196,043)				10,126,646
	Shares
EXCHANGE-TRADED FUNDS — 0.8%
International Equity — 0.8%
iShares Edge MSCI Min Vol USA ETF (Cost $541,044)		8,431		540,427
SHORT-TERM INVESTMENTS — 2.5%
INVESTMENT COMPANIES — 2.5%
JPMorgan Prime Money Market Fund Class IM Shares, 2.17% (b) (c) (Cost $1,666,194)		1,665,694		1,666,194
Total Investments — 100.6% (Cost $61,343,554)				66,199,820
Liabilities in Excess of Other Assets — (0.6)%				(397,204	)
Net Assets — 100.0%				65,802,616

Percentages indicated are based on net assets.

JPMorgan Equity Premium Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2019 (Unaudited) (continued)

Abbreviations
ELN	Equity-Linked Note
ETF	Exchange-Traded Fund
(a)	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(b)	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.
(c)	The rate shown is the current yield as of September 30, 2019.
*	Non-income producing security.

A. Valuation of Investments — The valuation of investments is in accordance with U.S. generally accepted accounting principles (“GAAP”) and the Fund’s valuation policies set forth by and under the supervision and responsibility of the Board of Trustees 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.

Fixed income instruments are valued based on prices received from approved affiliated and unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “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.

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 (“SOI”):

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	56,073,174	$	10,126,646	$	—	$	66,199,820

(a) Portfolio holdings designated as level 1 and level 2 are disclosed individually on the SOI. Level 2 consists of equity-linked notes. Please refer to the SOI for asset class specifics of portfolio holdings.

There were no transfers into and out of level 3 for the period ended September 30, 2019.

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 the Underlying Fund. Reinvestment amounts are included in the purchase cost amount in the table below.

	For the period ended September 30, 2019
Security Description	Value at June 30, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at September 30, 2019		Shares at September 30, 2019		Dividend Income		Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 2.17% (a) (b)	$	—	$	15,335,505	$	13,669,277	$	(34	)	$	—	$	1,666,194		1,665,694	$	4,566	$	—

(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, 2019.