JPMorgan SmartRetirement 2050 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited)

Investments	Shares		Value ($)
INVESTMENT COMPANIES — 95.5%
Alternative Assets — 3.8%
JPMorgan Realty Income Fund Class R6 Shares (a)		10,849,703		134,970,309
Fixed Income — 9.9%
JPMorgan Core Bond Fund Class R6 Shares (a)		4,243,551		52,747,345
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		12,536,849		110,324,272
JPMorgan Corporate Bond Fund Class R6 Shares (a)		3,225,505		34,738,684
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		987,548		7,683,122
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		927,113		7,175,854
JPMorgan High Yield Fund Class R6 Shares (a)		19,630,919		133,686,562
JPMorgan Managed Income Fund Class L Shares (a)		279,810		2,812,089
Total Fixed Income				349,167,928
International Equity — 36.7%
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		19,209,548		336,935,468
JPMorgan International Advantage Fund Class R6 Shares (a)		11,116,919		205,440,657
JPMorgan International Focus Fund Class R6 Shares (a)		16,735,065		385,910,595
JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a)		22,122,962		369,453,458
Total International Equity				1,297,740,178
U.S. Equity — 45.1%
JPMorgan Growth Advantage Fund Class R6 Shares * (a)		14,424,101		450,176,186
JPMorgan Small Cap Equity Fund Class R6 Shares (a)		643,080		36,436,922
JPMorgan Small Cap Growth Fund Class R6 Shares (a)		837,259		21,199,395
JPMorgan Small Cap Value Fund Class R6 Shares (a)		1,104,075		22,379,591
JPMorgan U.S. Equity Fund Class R6 Shares (a)		21,436,288		383,066,462
JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a)		11,096,912		323,253,038
JPMorgan Value Advantage Fund Class R6 Shares (a)		11,729,586		359,159,932
Total U.S. Equity				1,595,671,526
TOTAL INVESTMENT COMPANIES (Cost $2,920,148,295)				3,377,549,941
	Principal Amount ($)
U.S. TREASURY OBLIGATIONS — 1.3%
U.S. Treasury Notes 2.50%, 1/31/2021 (b) (Cost $46,715,398)		46,516,200		46,875,974
	Shares
EXCHANGE-TRADED FUNDS — 0.8%
Alternative Assets — 0.8%
JPMorgan BetaBuilders MSCI US REIT ETF (a) (Cost $33,573,171)		379,737		27,322,077
SHORT-TERM INVESTMENTS — 2.7%
INVESTMENT COMPANIES — 2.7%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.06% (a) (c) (Cost $96,489,866)		96,489,866		96,489,866
Total Investments — 100.3% (Cost $3,096,926,730)				3,548,237,858
Liabilities in Excess of Other Assets — (0.3)%				(11,108,872	)
Net Assets — 100.0%				3,537,128,986

Percentages indicated are based on net assets.

JPMorgan SmartRetirement 2050 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		1,637			12/2020		EUR		61,072,147			(2,471,067	)
MSCI Emerging Markets E-Mini Index		1,136			12/2020		USD		61,815,440			(546,233	)
Russell 2000 E-Mini Index		714			12/2020		USD		53,739,210			567,718
S&P 500 E-Mini Index		628			12/2020		USD		105,174,300			816,998
S&P Midcap 400 E-Mini Index		455			12/2020		USD		84,416,150			282,301
U.S. Treasury 10 Year Note		982			12/2020		USD		136,989,000			297,226
												(1,053,057	)
Short Contracts
DJ US Real Estate Index		(538	)		12/2020		USD		(16,855,540	)		331,802
Euro-Bund		(554	)		12/2020		EUR		(113,337,764	)		(528,297	)
FTSE 100 Index		(937	)		12/2020		GBP		(70,482,033	)		1,988,788
												1,792,293
												739,236

Abbreviations
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 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.

JPMorgan SmartRetirement 2050 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 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 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	$	27,322,077		$	—	$	—	$	27,322,077
Investment Companies		3,377,549,941			—		—		3,377,549,941
U.S. Treasury Obligations		—			46,875,974		—		46,875,974
Short-Term Investments
Investment Companies		96,489,866			—		—		96,489,866
Total Investments in Securities	$	3,501,361,884		$	46,875,974	$	—	$	3,548,237,858
Appreciation in Other Financial Instruments
Futures Contracts	$	4,284,833		$	—	$	—	$	4,284,833
Depreciation in Other Financial Instruments
Futures Contracts	$	(3,545,597	)	$	—	$	—	$	(3,545,597	)

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)	$	39,127,073	$	—	$	12,213,416	$	(2,785,179	)	$	3,193,599		$	27,322,077		379,737	$	252,425	$	—
JPMorgan Core Bond Fund Class R6 Shares (a)		52,223,876		313,245		—		—			210,224			52,747,345		4,243,551		313,245		—
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		134,848,460		843,153		26,664,126		874,661			422,124			110,324,272		12,536,849		843,153		—
JPMorgan Corporate Bond Fund Class R6 Shares (a)		34,256,020		228,231		—		—			254,433			34,738,684		3,225,505		228,230		—
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		7,457,851		69,381		—		—			155,890			7,683,122		987,548		69,382		—
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		306,776,478		—		—		—			30,158,990			336,935,468		19,209,548		—		—
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		7,025,204		59,390		—		—			91,260			7,175,854		927,113		59,391		—
JPMorgan Growth Advantage Fund Class R6 Shares * (a)		397,920,752		10,940,798		16,725,608		2,947,926			55,092,318			450,176,186		14,424,101		—		—
JPMorgan High Yield Fund Class R6 Shares (a)		83,822,641		47,173,105		—		—			2,690,816			133,686,562		19,630,919		1,348,493		—
JPMorgan International Advantage Fund Class R6 Shares (a)		192,401,606		13,431,503		9,882,031		(1,099,348	)		10,588,927			205,440,657		11,116,919		—		—
JPMorgan International Focus Fund Class R6 Shares (a)		375,389,377		—		22,452,951		1,560,501			31,413,668			385,910,595		16,735,065		—		—
JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a)		349,654,177		8,690,163		—		—			11,109,118			369,453,458		22,122,962		—		—
JPMorgan Managed Income Fund Class L Shares (a)		2,805,655		6,436		—		—			(2	)		2,812,089		279,810		6,437		—
JPMorgan Realty Income Fund Class R6 Shares (a)		125,630,072		7,622,542		—		—			1,717,695			134,970,309		10,849,703		516,323		—
JPMorgan Small Cap Equity Fund Class R6 Shares (a)		34,642,728		—		—		—			1,794,194			36,436,922		643,080		—		—
JPMorgan Small Cap Growth Fund Class R6 Shares (a)		23,339,800		—		5,543,182		2,626,177			776,600			21,199,395		837,259		—		—
JPMorgan Small Cap Value Fund Class R6 Shares (a)		16,853,374		5,640,164		—		—			(113,947	)		22,379,591		1,104,075		72,162		—
JPMorgan U.S. Equity Fund Class R6 Shares (a)		382,232,389		1,002,514		37,356,095		5,616,025			31,571,629			383,066,462		21,436,288		1,002,514		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.06% (a) (b)		112,212,873		212,139,782		227,862,789		—			—			96,489,866		96,489,866		22,291		—
JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a)		325,935,410		12,672,169		44,562,589		10,165,598			19,042,450			323,253,038		11,096,912		1,731,358		—
JPMorgan Value Advantage Fund Class R6 Shares (a)		394,603,057		—		48,517,257		(8,163,713	)		21,237,845			359,159,932		11,729,586		—		—
Total	$	3,399,158,873	$	320,832,576	$	451,780,044	$	11,742,648		$	221,407,831		$	3,501,361,884			$	6,465,404	$	—

(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.