JPMorgan SmartRetirement Blend 2055 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited)

Investments	Shares		Value ($)
INVESTMENT COMPANIES — 56.1%
Fixed Income — 9.0%
JPMorgan Core Bond Fund Class R6 Shares (a)		431,427		5,362,643
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		1,444,150		12,708,517
JPMorgan Corporate Bond Fund Class R6 Shares (a)		389,445		4,194,318
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		98,466		766,065
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		92,380		715,021
JPMorgan High Yield Fund Class R6 Shares (a)		1,941,763		13,223,403
JPMorgan Managed Income Fund Class L Shares (a)		17,803		178,923
Total Fixed Income				37,148,890
International Equity — 9.2%
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		2,166,683		38,003,616
U.S. Equity — 37.9%
JPMorgan Equity Index Fund Class R6 Shares (a)		3,045,894		155,614,712
TOTAL INVESTMENT COMPANIES (Cost $202,938,513)				230,767,218
EXCHANGE-TRADED FUNDS — 39.5%
Alternative Assets — 4.7%
JPMorgan BetaBuilders MSCI US REIT ETF (a)		267,850		19,271,808
Fixed Income — 0.4%
JPMorgan U.S. Aggregate Bond ETF (a)		49,998		1,397,444
International Equity — 26.3%
JPMorgan BetaBuilders International Equity ETF (a)		2,244,002		108,205,777
U.S. Equity — 8.1%
iShares Russell 2000 ETF		85,805		12,852,731
iShares Russell Mid-Cap ETF		355,846		20,418,443
Total U.S. Equity				33,271,174
TOTAL EXCHANGE-TRADED FUNDS (Cost $159,439,731)				162,146,203
	Principal Amount ($)
U.S. TREASURY OBLIGATIONS — 1.2%
U.S. Treasury Notes 2.50%, 1/31/2021 (b) (Cost $4,914,260)		4,890,000		4,927,821
	Shares
SHORT-TERM INVESTMENTS — 3.7%
INVESTMENT COMPANIES — 3.7%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.06% (a) (c) (Cost $15,313,905)		15,313,905		15,313,905
Total Investments — 100.5% (Cost $382,606,409)				413,155,147
Liabilities in Excess of Other Assets — (0.5)%				(2,190,359	)
Net Assets — 100.0%				410,964,788

Percentages indicated are based on net assets.

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.

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.

JPMorgan SmartRetirement Blend 2055 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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		74			12/2020		EUR		2,760,744			(111,704	)
MSCI EAFE E-Mini Index		36			12/2020		USD		3,335,760			(90,687	)
MSCI Emerging Markets E-Mini Index		93			12/2020		USD		5,060,595			(44,716	)
Russell 2000 E-Mini Index		81			12/2020		USD		6,096,465			64,406
S&P 500 E-Mini Index		75			12/2020		USD		12,560,625			97,570
S&P Midcap 400 E-Mini Index		11			12/2020		USD		2,040,830			6,823
U.S. Treasury 10 Year Note		82			12/2020		USD		11,439,000			28,906
												(49,402	)
Short Contracts
Euro-Bund		(47	)		12/2020		EUR		(9,615,298	)		(44,819	)
FTSE 100 Index		(52	)		12/2020		GBP		(3,911,489	)		110,368
												65,549
												16,147

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

JPMorgan SmartRetirement Blend 2055 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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.

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	$	162,146,203		$	—	$	—	$	162,146,203
Investment Companies		230,767,218			—		—		230,767,218
U.S. Treasury Obligations		—			4,927,821		—		4,927,821
Short-Term Investments
Investment Companies		15,313,905			—		—		15,313,905
Total Investments in Securities	$	408,227,326		$	4,927,821	$	—	$	413,155,147
Appreciation in Other Financial Instruments
Futures Contracts	$	308,073		$	—	$	—	$	308,073
Depreciation in Other Financial Instruments
Futures Contracts	$	(291,926	)	$	—	$	—	$	(291,926	)

B. Investment Transactions with Affiliates — The Fund invested in Underlying Funds and ETFs 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 ETFs’ distributions may be reinvested into the Underlying Funds and ETFs. 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 International Equity ETF (a)	$	95,796,222	$	8,059,449	$	—	$	—		$	4,350,106		$	108,205,777		2,244,002	$	547,042	$	—
JPMorgan BetaBuilders MSCI US REIT ETF (a)		16,039,549		3,172,859		—		—			59,400			19,271,808		267,850		143,976		—
JPMorgan Core Bond Fund Class R6 Shares (a)		5,309,423		31,847		—		—			21,373			5,362,643		431,427		31,847		—
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		12,510,496		83,321		—		—			114,700			12,708,517		1,444,150		83,322		—
JPMorgan Corporate Bond Fund Class R6 Shares (a)		3,387,420		785,959		—		—			20,939			4,194,318		389,445		24,094		—
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		743,603		6,919		—		—			15,543			766,065		98,466		6,918		—
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		33,258,666		2,634,497		1,084,335		(18,269	)		3,213,057			38,003,616		2,166,683		—		—
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		700,010		5,917		—		—			9,094			715,021		92,380		5,918		—
JPMorgan Equity Index Fund Class R6 Shares (a)		132,331,002		12,616,395		—		—			10,667,315			155,614,712		3,045,894		990,846		—
JPMorgan High Yield Fund Class R6 Shares (a)		7,683,143		5,321,161		—		—			219,099			13,223,403		1,941,763		123,108		—
JPMorgan Managed Income Fund Class L Shares (a)		178,514		409		—		—			—			178,923		17,803		410		—
JPMorgan U.S. Aggregate Bond ETF (a)		1,398,944		—		—		—			(1,500	)		1,397,444		49,998		5,844		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.06% (a) (b)		12,617,403		40,577,483		37,880,981		—			—			15,313,905		15,313,905		3,061		—
Total	$	321,954,395	$	73,296,216	$	38,965,316	$	(18,269	)	$	18,689,126		$	374,956,152			$	1,966,386	$	—

(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.