JPMorgan Large Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2020 (Unaudited)

Investments	Shares (000)		Value ($000)
COMMON STOCKS — 97.2%
Aerospace & Defense — 4.0%
Arconic, Inc.		559		8,974
General Dynamics Corp.		166		22,003
United Technologies Corp.		127		11,933
				42,910
Air Freight & Logistics — 0.6%
United Parcel Service, Inc., Class B		71		6,624
Airlines — 0.5%
Southwest Airlines Co.		155		5,516
Auto Components — 0.7%
Autoliv, Inc. (Sweden) (a)		165		7,601
Automobiles — 2.2%
General Motors Co.		1,142		23,727
Banks — 9.6%
Bank of America Corp.		1,478		31,386
Citigroup, Inc.		551		23,201
East West Bancorp, Inc.		223		5,738
Regions Financial Corp.		581		5,215
Wells Fargo & Co.		1,305		37,442
				102,982
Biotechnology — 1.5%
AbbVie, Inc.		119		9,036
Alexion Pharmaceuticals, Inc. *		80		7,138
				16,174
Building Products — 1.0%
Owens Corning		133		5,166
Trane Technologies plc		65		5,360
				10,526
Capital Markets — 6.6%
Ameriprise Financial, Inc.		175		17,924
BlackRock, Inc.		29		12,803
Charles Schwab Corp. (The)		344		11,575
Morgan Stanley		857		29,142
				71,444
Chemicals — 8.1%
Celanese Corp.		153		11,229
DuPont de Nemours, Inc.		275		9,360
Eastman Chemical Co.		227		10,588
FMC Corp.		553		45,134
Linde plc (United Kingdom)		35		6,055
Westlake Chemical Corp. (a)		111		4,252
				86,618
Diversified Financial Services — 4.0%
Berkshire Hathaway, Inc., Class B *		238		43,440
Electric Utilities — 1.0%
Edison International		201		10,991
Energy Equipment & Services — 0.3%
Baker Hughes Co.		312		3,274
Equity Real Estate Investment Trusts (REITs) — 4.8%
Healthpeak Properties, Inc.		307		7,332
JBG SMITH Properties		211		6,700
Realty Income Corp.		235		11,692
Ventas, Inc.		370		9,921
VEREIT, Inc.		1,227		6,001
Weingarten Realty Investors		710		10,240
				51,886
Food & Staples Retailing — 1.0%
BJ’s Wholesale Club Holdings, Inc. *		435		11,069
Food Products — 1.7%
Lamb Weston Holdings, Inc.		310		17,712
Health Care Equipment & Supplies — 6.1%
Becton Dickinson and Co.		160		36,809
Boston Scientific Corp. *		68		2,229
Zimmer Biomet Holdings, Inc.		264		26,715
				65,753
Health Care Providers & Services — 7.1%
Anthem, Inc.		120		27,336
Centene Corp. *		27		1,598
Cigna Corp.		139		24,699
CVS Health Corp.		149		8,822
McKesson Corp.		102		13,851
				76,306
Hotels, Restaurants & Leisure — 0.8%
InterContinental Hotels Group plc, ADR (United Kingdom) (a)		77		3,233
Royal Caribbean Cruises Ltd. (a)		164		5,285
				8,518
Household Durables — 0.3%
Lennar Corp., Class A		87		3,328
Insurance — 4.0%
American International Group, Inc.		439		10,653
Lincoln National Corp.		148		3,887
MetLife, Inc.		477		14,570
Prudential Financial, Inc.		274		14,266
				43,376
Interactive Media & Services — 0.6%
Alphabet, Inc., Class C *		5		6,163
IT Services — 2.0%
DXC Technology Co.		287		3,745
FleetCor Technologies, Inc. *		26		4,925
WEX, Inc. *		118		12,295
				20,965
Leisure Products — 0.1%
Brunswick Corp.		42		1,475
Machinery — 1.0%
Parker-Hannifin Corp.		54		7,057
Stanley Black & Decker, Inc.		41		4,130
				11,187
Media — 7.9%
Charter Communications, Inc., Class A *		50		21,597

JPMorgan Large Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Shares (000)		Value ($000)
Comcast Corp., Class A		1,536		52,818
Discovery, Inc., Class A * (a)		236		4,592
Interpublic Group of Cos., Inc. (The)		337		5,451
				84,458
Metals & Mining — 0.3%
Alcoa Corp. *		472		2,906
Multiline Retail — 0.3%
Dollar Tree, Inc. *		46		3,372
Oil, Gas & Consumable Fuels — 5.7%
Chevron Corp.		403		29,165
ConocoPhillips		181		5,587
Diamondback Energy, Inc.		328		8,583
ONEOK, Inc. (a)		111		2,417
Pioneer Natural Resources Co.		222		15,573
				61,325
Pharmaceuticals — 4.0%
Bristol-Myers Squibb Co.		485		27,050
Merck & Co., Inc.		202		15,519
				42,569
Real Estate Management & Development — 1.0%
Cushman & Wakefield plc *		909		10,669
Road & Rail — 0.5%
Norfolk Southern Corp.		38		5,592
Semiconductors & Semiconductor Equipment — 2.8%
First Solar, Inc. * (a)		133		4,803
Microchip Technology, Inc.		65		4,434
ON Semiconductor Corp. * (a)		1,703		21,188
				30,425
Specialty Retail — 3.1%
Best Buy Co., Inc.		276		15,704
Lowe’s Cos., Inc.		138		11,832
Murphy USA, Inc. *		67		5,635
				33,171
Textiles, Apparel & Luxury Goods — 0.2%
Levi Strauss & Co., Class A (a)		140		1,745
Tobacco — 1.8%
Philip Morris International, Inc.		260		18,948
TOTAL COMMON STOCKS (Cost $1,301,093)				1,044,745
	No. of Rights (000)
RIGHTS — 0.1%
Pharmaceuticals — 0.1%
Bristol-Myers Squibb Co., CVR, expiring 12/31/2020 * (Cost $457)		214		814
	Shares (000)
SHORT-TERM INVESTMENTS — 5.2%
INVESTMENT COMPANIES — 2.1%
JPMorgan Prime Money Market Fund Class IM Shares, 1.13% (b) (c) (Cost $22,589)		22,596		22,599
INVESTMENT OF CASH COLLATERAL FROM SECURITIES LOANED — 3.1%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.96% (b) (c)		15,691		15,688
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.35% (b) (c)		17,342		17,342
TOTAL INVESTMENT OF CASH COLLATERAL FROM SECURITIES LOANED (Cost $33,028)				33,030
TOTAL SHORT-TERM INVESTMENTS (Cost $55,617)				55,629
Total Investments — 102.5% (Cost $1,357,167)				1,101,188
Liabilities in Excess of Other Assets — (2.5)%				(26,407	)
Net Assets — 100.0%				1,074,781

Percentages indicated are based on net assets.

Abbreviations

ADR American Depositary Receipt

CVR Contingent Value Rights

(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 $26,694,000.

(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 March 31, 2020.

* Non-income producing security.

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.

JPMorgan Large Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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”) (amounts in thousands):

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	1,101,188	$	—	$	—	$	1,101,188

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

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)	$	11,520	$	812,150	$	801,069	$	(11	)	$	9	$	22,599		22,596	$	450	$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.96% (a) (b)		—		140,200		124,500		(14	)		2		15,688		15,691		111		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.35% (a) (b)		—		206,540		189,198		—			—		17,342		17,342		73		—
Total	$	11,520	$	1,158,890	$	1,114,767	$	(25	)	$	11	$	55,629			$	634	$	—

(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.