JPMorgan Small Cap Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2020 (Unaudited)

Investments	Shares (000)		Value ($000)
COMMON STOCKS — 98.6%
Aerospace & Defense — 0.4%
Hexcel Corp.		290		10,772
Auto Components — 0.5%
Fox Factory Holding Corp. * (a)		343		14,392
Automobiles — 0.7%
Winnebago Industries, Inc.		659		18,314
Banks — 1.2%
First Financial Bankshares, Inc. (a)		830		22,288
Signature Bank		133		10,702
				32,990
Biotechnology — 15.0%
ACADIA Pharmaceuticals, Inc. *		561		23,695
Alector, Inc. * (a)		523		12,630
Amicus Therapeutics, Inc. *		2,831		26,155
Atara Biotherapeutics, Inc. *		986		8,389
Avrobio, Inc. * (a)		956		14,877
Biohaven Pharmaceutical Holding Co. Ltd. *		587		19,969
Blueprint Medicines Corp. * (a)		404		23,636
Bridgebio Pharma, Inc. * (a)		462		13,412
Coherus Biosciences, Inc. * (a)		1,758		28,515
FibroGen, Inc. * (a)		709		24,629
G1 Therapeutics, Inc. * (a)		701		7,731
Global Blood Therapeutics, Inc. * (a)		183		9,374
Halozyme Therapeutics, Inc. * (a)		1,977		35,560
Heron Therapeutics, Inc. * (a)		1,423		16,702
Homology Medicines, Inc. * (a)		928		14,422
Intercept Pharmaceuticals, Inc. * (a)		280		17,642
Natera, Inc. * (a)		1,162		34,696
Orchard Therapeutics plc, ADR (United Kingdom) *		47		355
REGENXBIO, Inc. * (a)		490		15,864
REVOLUTION Medicines, Inc. * (a)		270		5,916
Rubius Therapeutics, Inc. * (a)		690		3,070
Sage Therapeutics, Inc. *		205		5,879
Twist Bioscience Corp. * (a)		957		29,276
Viela Bio, Inc. * (a)		410		15,573
				407,967
Building Products — 4.9%
Advanced Drainage Systems, Inc.		1,316		38,754
Fortune Brands Home & Security, Inc.		149		6,460
Simpson Manufacturing Co., Inc.		648		40,142
Trex Co., Inc. * (a)		585		46,843
				132,199
Capital Markets — 1.3%
Evercore, Inc., Class A		415		19,095
Focus Financial Partners, Inc., Class A * (a)		720		16,573
				35,668
Commercial Services & Supplies — 2.7%
Brink’s Co. (The)		440		22,885
MSA Safety, Inc.		493		49,866
				72,751
Communications Equipment — 0.9%
Ciena Corp. *		615		24,480
Distributors — 1.4%
Pool Corp.		196		38,660
Diversified Consumer Services — 0.7%
Bright Horizons Family Solutions, Inc. *		159		16,169
OneSpaWorld Holdings Ltd. (Bahamas) (a)		740		3,005
				19,174
Electrical Equipment — 2.2%
Generac Holdings, Inc. *		645		60,110
Electronic Equipment, Instruments & Components — 0.8%
Littelfuse, Inc.		166		22,167
Entertainment — 0.8%
Glu Mobile, Inc. *		2,166		13,624
Sciplay Corp., Class A *		873		8,320
				21,944
Equity Real Estate Investment Trusts (REITs) — 2.9%
CubeSmart		652		17,459
EastGroup Properties, Inc.		221		23,124
National Health Investors, Inc.		259		12,813
Terreno Realty Corp.		490		25,353
				78,749
Food & Staples Retailing — 2.0%
Grocery Outlet Holding Corp. * (a)		778		26,711
Performance Food Group Co. *		1,129		27,900
				54,611
Food Products — 1.6%
Freshpet, Inc. *		681		43,503
Health Care Equipment & Supplies — 4.5%
Insulet Corp. *		115		19,084
iRhythm Technologies, Inc. * (a)		523		42,533
Nevro Corp. * (a)		440		43,942
Shockwave Medical, Inc. * (a)		513		17,006
				122,565
Health Care Providers & Services — 2.9%
Acadia Healthcare Co., Inc. * (a)		754		13,842
Amedisys, Inc. * (a)		353		64,801
				78,643
Health Care Technology — 3.2%
Evolent Health, Inc., Class A * (a)		1,582		8,592
Teladoc Health, Inc. *		503		77,946
				86,538
Hotels, Restaurants & Leisure — 3.2%
Boyd Gaming Corp.		1,461		21,066
Planet Fitness, Inc., Class A *		516		25,106
Red Rock Resorts, Inc., Class A		1,131		9,674
Texas Roadhouse, Inc.		708		29,256
				85,102

JPMorgan Small Cap Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Shares (000)		Value ($000)
Household Durables — 1.1%
Helen of Troy Ltd. *		102		14,653
TRI Pointe Group, Inc. *		1,662		14,579
				29,232
Industrial Conglomerates — 0.7%
Carlisle Cos., Inc.		151		18,930
Insurance — 1.2%
eHealth, Inc. * (a)		234		32,948
Internet & Direct Marketing Retail — 0.6%
Farfetch Ltd., Class A (United Kingdom) * (a)		1,370		10,821
RealReal, Inc. (The) * (a)		830		5,815
				16,636
IT Services — 3.5%
I3 Verticals, Inc., Class A * (a)		467		8,915
ManTech International Corp., Class A		693		50,348
MongoDB, Inc. * (a)		147		20,070
Wix.com Ltd. (Israel) *		164		16,514
				95,847
Life Sciences Tools & Services — 0.8%
10X Genomics, Inc., Class A * (a)		144		8,972
Adaptive Biotechnologies Corp. * (a)		199		5,540
Personalis, Inc. * (a)		737		5,945
				20,457
Machinery — 3.4%
Graco, Inc.		559		27,221
ITT, Inc.		551		24,994
John Bean Technologies Corp.		515		38,243
				90,458
Marine — 0.4%
Kirby Corp. *		244		10,610
Media — 1.3%
New York Times Co. (The), Class A		1,172		36,000
Multiline Retail — 0.6%
Ollie’s Bargain Outlet Holdings, Inc. * (a)		326		15,118
Pharmaceuticals — 3.2%
Horizon Therapeutics plc *		1,297		38,423
Optinose, Inc. *		1,190		5,344
Revance Therapeutics, Inc. * (a)		1,478		21,876
TherapeuticsMD, Inc. *		5,026		5,328
Tricida, Inc. *(a)		684		15,054
				86,025
Professional Services — 0.9%
FTI Consulting, Inc. *		209		25,078
Road & Rail — 1.4%
Lyft, Inc., Class A * (a)		305		8,185
Saia, Inc. * (a)		417		30,656
				38,841
Semiconductors & Semiconductor Equipment — 7.6%
Enphase Energy, Inc. * (a)		933		30,128
Entegris, Inc.		919		41,155
Inphi Corp. * (a)		610		48,273
MKS Instruments, Inc. (a)		450		36,662
Monolithic Power Systems, Inc.		129		21,542
Semtech Corp. *		573		21,483
SolarEdge Technologies, Inc. *(a)		82		6,751
				205,994
Software — 12.0%
Anaplan, Inc. * (a)		573		17,341
Bill.Com Holdings, Inc. * (a)		320		10,942
Blackline, Inc. *		203		10,698
Coupa Software, Inc. *		75		10,549
CyberArk Software Ltd. * (a)		300		25,698
Dynatrace, Inc. *		884		21,063
Elastic NV *		379		21,160
Envestnet, Inc. *		688		37,026
Everbridge, Inc. * (a)		197		20,925
Globant SA (Argentina) *		115		10,123
HubSpot, Inc. *		191		25,471
Medallia, Inc. * (a)		788		15,795
Proofpoint, Inc. *		255		26,160
Smartsheet, Inc., Class A * (a)		601		24,966
Zendesk, Inc. * (a)		272		17,419
Zscaler, Inc. * (a)		505		30,726
				326,062
Specialty Retail — 2.9%
Aaron’s, Inc.		240		5,468
Hudson Ltd., Class A *		2,011		10,097
Lithia Motors, Inc., Class A (a)		349		28,550
National Vision Holdings, Inc. *		1,788		34,725
				78,840
Textiles, Apparel & Luxury Goods — 0.4%
Wolverine World Wide, Inc.		740		11,248
Trading Companies & Distributors — 2.8%
Applied Industrial Technologies, Inc.		456		20,839
Rush Enterprises, Inc., Class A		731		23,339
SiteOne Landscape Supply, Inc. *		434		31,976
				76,154
TOTAL COMMON STOCKS (Cost $2,568,451)				2,675,777
	No. of Rights (000)
RIGHTS — 0.0%(b)
Biotechnology — 0.0%(b)
Clementia Pharmaceuticals, Inc. (Canada) *‡ (Cost $—)		927		—	(c)
		Shares (000)
SHORT-TERM INVESTMENTS — 11.3%
INVESTMENT COMPANIES — 3.0%
JPMorgan Prime Money Market Fund Class IM Shares, 1.13% (d) (e) (Cost $81,605)		81,613		81,621

JPMorgan Small Cap Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Shares (000)		Value ($000)
INVESTMENT OF CASH COLLATERAL FROM SECURITIES LOANED — 8.3%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.96% (d) (e)		180,016		179,981
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.35% (d) (e)		45,013		45,013
TOTAL INVESTMENT OF CASH COLLATERAL FROM SECURITIES LOANED (Cost $225,056)				224,994
TOTAL SHORT-TERM INVESTMENTS (Cost $306,661)				306,615
Total Investments — 109.9% (Cost $2,875,112)				2,982,392
Liabilities in Excess of Other Assets — (9.9)%				(267,688	)
Net Assets — 100.0%				2,714,704

Percentages indicated are based on net assets.

Abbreviations

ADR American Depositary Receipt

(a) The security or a portion of this security is on loan at March 31, 2020. The total value of securities on loan at March 31, 2020 is approximately $216,825,000.

(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 March 31, 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.

JPMorgan Small Cap Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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”) (amounts in thousands):

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Total Investments in Securities (a)	$	2,982,392	$	—	$	—	(b)	$	2,982,392

(a) All portfolio holdings designated as level 1 level 3 are disclosed individually on the SOI. Level 3 consists of rights. Please refer to the SOI for industry specifics of portfolio holdings.

(b) 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 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 Prime Money Market Fund Class IM Shares, 1.13% (a)(b)	$	24,541	$	1,196,491	$	1,139,373	$	(54	)	$	16		$	81,621		81,613	$	801	$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.96% (a)(b)		341,079		704,000		864,999		(5	)		(94	)		179,981		180,016		4,112		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.35% (a)(b)		75,263		746,559		776,809		—			—			45,013		45,013		621		—
Total	$	440,883	$	2,647,050	$	2,781,181	$	(59	)	$	(78	)	$	306,615			$	5,534	$	—

(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.