JPMorgan SmartRetirement 2035 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited)

Investments	Shares		Value ($)
INVESTMENT COMPANIES — 95.8%
Alternative Assets — 3.1%
JPMorgan Realty Income Fund Class R6 Shares (a)		13,818,356		171,900,350
Fixed Income — 26.0%
JPMorgan Core Bond Fund Class R6 Shares (a)		22,042,607		273,989,611
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		71,086,886		625,564,596
JPMorgan Corporate Bond Fund Class R6 Shares (a)		17,802,566		191,733,638
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		3,101,114		24,126,668
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		3,057,469		23,664,810
JPMorgan High Yield Fund Class R6 Shares (a)		41,618,851		283,424,377
JPMorgan Managed Income Fund Class L Shares (a)		313,700		3,152,689
Total Fixed Income				1,425,656,389
International Equity — 30.2%
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		24,099,357		422,702,715
JPMorgan International Advantage Fund Class R6 Shares (a)		14,757,004		272,709,443
JPMorgan International Focus Fund Class R6 Shares (a)		21,719,525		500,852,242
JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a)		27,671,248		462,109,843
Total International Equity				1,658,374,243
U.S. Equity — 36.5%
JPMorgan Growth Advantage Fund Class R6 Shares * (a)		18,381,470		573,685,667
JPMorgan Small Cap Equity Fund Class R6 Shares (a)		991,481		56,177,291
JPMorgan Small Cap Growth Fund Class R6 Shares (a)		1,200,404		30,394,224
JPMorgan Small Cap Value Fund Class R6 Shares (a)		1,104,170		22,381,524
JPMorgan U.S. Equity Fund Class R6 Shares (a)		27,820,168		497,146,400
JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a)		13,033,971		379,679,582
JPMorgan Value Advantage Fund Class R6 Shares (a)		14,588,497		446,699,772
Total U.S. Equity				2,006,164,460
TOTAL INVESTMENT COMPANIES (Cost $4,517,189,006)				5,262,095,442
	Principal Amount ($)
U.S. TREASURY OBLIGATIONS — 1.3%
U.S. Treasury Notes 2.50%, 1/31/2021 (b) (Cost $71,019,710)		70,738,800		71,285,921
	Shares
EXCHANGE-TRADED FUNDS — 0.8%
Alternative Assets — 0.8%
JPMorgan BetaBuilders MSCI US REIT ETF (a) (Cost $55,080,277)		622,984		44,823,699
SHORT-TERM INVESTMENTS — 1.7%
INVESTMENT COMPANIES — 1.7%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.06% (a) (c) (Cost $92,727,624)		92,727,624		92,727,624
Total Investments — 99.6% (Cost $4,736,016,617)				5,470,932,686
Other Assets Less Liabilities — 0.4%				24,372,600
Net Assets — 100.0%				5,495,305,286

Percentages indicated are based on net assets.

JPMorgan SmartRetirement 2035 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Abbreviations
ETF	Exchange-Traded Fund
REIT	Real Estate Investment Trust

(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)	All or a portion of this security is deposited with the broker as initial margin for futures contracts.
(c)	The rate shown is the current yield as of September 30, 2020.
*	Non-income producing security.

Detailed information about investment portfolios of the underlying funds and ETFs can be found in shareholder reports filed with the Securities and Exchange Commission (SEC) by each such underlying fund semi-annually on Form N-CSR and in portfolio holdings filed quarterly on Form N-PORT, and are available for download from both the SEC’s as well as the respective underlying fund’s website. Detailed information about underlying J.P. Morgan Funds can also be found at www.jpmorganfunds.com or by calling 1-800-480-4111.

Futures contracts outstanding as of September 30, 2020:

Description	Number  of Contracts			Expiration Date		Trading Currency		Notional  Amount ($)			Value and Unrealized Appreciation (Depreciation) ($)
Long Contracts
EURO STOXX 50 Index		2,568			12/2020		EUR		95,805,299			(3,876,417	)
MSCI Emerging Markets E-Mini Index		1,917			12/2020		USD		104,313,555			(901,144	)
Russell 2000 E-Mini Index		1,114			12/2020		USD		83,845,210			885,766
S&P 500 E-Mini Index		943			12/2020		USD		157,928,925			1,226,796
S&P Midcap 400 E-Mini Index		557			12/2020		USD		103,340,210			345,589
U.S. Treasury 10 Year Note		1,454			12/2020		USD		202,833,000			467,212
												(1,852,198	)
Short Contracts
DJ US Real Estate Index		(1,250	)		12/2020		USD		(39,162,500	)		770,925
Euro-Bund		(877	)		12/2020		EUR		(179,417,364	)		(836,311	)
FTSE 100 Index		(1,480	)		12/2020		GBP		(111,327,011	)		3,141,315
MSCI EAFE E-Mini Index		(10	)		12/2020		USD		(926,600	)		24,959
												3,100,888
												1,248,690

Abbreviations
EAFE	Europe, Australasia and Far East
EUR	Euro
FTSE	Financial Times and the London Stock Exchange
GBP	British Pound
MSCI	Morgan Stanley Capital International
USD	United States Dollar

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.

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

JPMorgan SmartRetirement 2035 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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.

Futures contracts are generally valued on the basis of available market quotations.

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:

	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Exchange-Traded Funds	$	44,823,699		$	—	$	—	$	44,823,699
Investment Companies		5,262,095,442			—		—		5,262,095,442
U.S. Treasury Obligations		—			71,285,921		—		71,285,921
Short-Term Investments
Investment Companies		92,727,624			—		—		92,727,624
Total Investments in Securities	$	5,399,646,765		$	71,285,921	$	—	$	5,470,932,686
Appreciation in Other Financial Instruments
Futures Contracts	$	6,862,562		$	—	$	—	$	6,862,562
Depreciation in Other Financial Instruments
Futures Contracts	$	(5,613,872	)	$	—	$	—	$	(5,613,872	)

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

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 BetaBuilders MSCI US REIT ETF (a)	$	44,437,449	$	—	$	—	$	—		$	386,250		$	44,823,699		622,984	$	345,825	$	—
JPMorgan Core Bond Fund Class R6 Shares (a)		272,451,362		11,038,912		10,507,850		(94,239	)		1,101,426			273,989,611		22,042,607		1,670,314		—
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		659,266,487		28,790,531		68,564,602		1,446,993			4,625,187			625,564,596		71,086,886		4,375,606		—
JPMorgan Corporate Bond Fund Class R6 Shares (a)		192,990,317		9,996,318		12,638,250		31,980			1,353,273			191,733,638		17,802,566		1,303,199		—
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		23,419,267		217,875		—		—			489,526			24,126,668		3,101,114		217,874		—
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		431,455,802		—		52,041,297		(410,267	)		43,698,477			422,702,715		24,099,357		—		—
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		23,167,989		195,860		—		—			300,961			23,664,810		3,057,469		195,860		—
JPMorgan Growth Advantage Fund Class R6 Shares * (a)		519,890,643		—		21,962,704		3,577,026			72,180,702			573,685,667		18,381,470		—		—
JPMorgan High Yield Fund Class R6 Shares (a)		206,046,935		70,867,624		—		—			6,509,818			283,424,377		41,618,851		2,979,626		—
JPMorgan International Advantage Fund Class R6 Shares (a)		269,369,637		—		9,774,814		(847,082	)		13,961,702			272,709,443		14,757,004		—		—
JPMorgan International Focus Fund Class R6 Shares (a)		490,383,287		—		32,760,614		2,901,841			40,327,728			500,852,242		21,719,525		—		—
JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a)		466,890,548		—		19,906,273		(1,915,851	)		17,041,419			462,109,843		27,671,248		—		—
JPMorgan Managed Income Fund Class L Shares (a)		3,145,476		7,216		—		—			(3	)		3,152,689		313,700		7,216		—
JPMorgan Realty Income Fund Class R6 Shares (a)		168,632,472		657,598		—		—			2,610,280			171,900,350		13,818,356		657,598		—
JPMorgan Small Cap Equity Fund Class R6 Shares (a)		53,411,060		—		—		—			2,766,231			56,177,291		991,481		—		—
JPMorgan Small Cap Growth Fund Class R6 Shares (a)		26,660,968		—		—		—			3,733,256			30,394,224		1,200,404		—		—
JPMorgan Small Cap Value Fund Class R6 Shares (a)		21,924,491		72,168		—		—			384,865			22,381,524		1,104,170		72,168		—
JPMorgan U.S. Equity Fund Class R6 Shares (a)		504,930,056		1,301,070		56,676,738		9,228,539			38,363,473			497,146,400		27,820,168		1,301,070		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.06% (a) (b)		89,152,834		360,098,896		356,524,106		—			—			92,727,624		92,727,624		25,030		—
JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a)		386,179,966		2,104,821		43,598,336		12,370,014			22,623,117			379,679,582		13,033,971		2,104,821		—
JPMorgan Value Advantage Fund Class R6 Shares(a)		515,861,721		—		88,282,037		(12,761,597	)		31,881,685			446,699,772		14,588,497		—		—
Total	$	5,369,668,767	$	485,348,889	$	773,237,621	$	13,527,357		$	304,339,373		$	5,399,646,765			$	15,256,207	$	—

(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.

* Non-income producing security.