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JPMorgan SmartRetirement® Blend 2055 Fund

Schedule of Portfolio Investments as of March 31, 2024

(Unaudited)

THE “UNAUDITED MUTUAL FUNDS HOLDINGS” LIST (“the

List”) IS TO BE USED FOR REPORTING PURPOSES ONLY. IT IS

NOT TO BE REPRODUCED FOR USE AS ADVERTISING OR

SALES LITERATURE WITH THE GENERAL PUBLIC. The list is

submitted for the general information of the shareholders of the Fund.

It is not authorized for distribution to prospective investors in the Fund

unless preceded or accompanied by a prospectus. The list has been

created from the books and records of the Fund. Holdings are

available 60 days after the fund’s fiscal quarter, using a trade date

accounting convention, by contacting the appropriate service center.

The list is subject to change without notice. The list is for

informational purposes only and is not intended as an offer or

solicitation with respect to the purchase or sale of any security.

JPMorgan Asset Management is the marketing name for the asset

management business of J.P. Morgan Chase & Co.

J.P. Morgan Distribution Services, Inc., member FINRA.

JPMorgan SmartRetirement® Blend 2055 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF March 31, 2024 (Unaudited)

INVESTMENTS	SHARES (000)	VALUE ($000)
Investment Companies — 59.2%
Fixed Income — 6.5%
JPMorgan Core Bond Fund Class R6 Shares (a)	2,037	20,759
JPMorgan Core Plus Bond Fund Class R6 Shares (a)	5,788	41,497
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)	415	2,576
JPMorgan High Yield Fund Class R6 Shares (a)	708	4,552
Total Fixed Income		69,384
International Equity — 4.1%
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)	2,753	43,670
U.S. Equity — 48.6%
JPMorgan Equity Index Fund Class R6 Shares (a)	6,548	516,148
Total Investment Companies (Cost $466,947)		629,202
Exchange-Traded Funds — 38.5%
Alternative Assets — 1.8%
JPMorgan BetaBuilders MSCI US REIT ETF (a)	213	18,864
Fixed Income — 1.0%
JPMorgan BetaBuilders U.S. Aggregate Bond ETF (a)	150	6,887
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF (a)	93	4,310
Total Fixed Income		11,197
International Equity — 27.3%
JPMorgan BetaBuilders Emerging Markets Equity ETF (a)	900	45,430
JPMorgan BetaBuilders International Equity ETF (a)	4,066	244,496
Total International Equity		289,926
U.S. Equity — 8.4%
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (a)	638	58,967
JPMorgan BetaBuilders U.S. Small Cap Equity ETF (a)	475	29,864
Total U.S. Equity		88,831
Total Exchange-Traded Funds (Cost $344,145)		408,818
	PRINCIPAL AMOUNT ($000)
U.S. Treasury Obligations — 0.2%
U.S. Treasury Notes 4.13%, 1/31/2025 (b) (Cost $1,569)	1,582	1,568

JPMorgan SmartRetirement® Blend 2055 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF March 31, 2024 (Unaudited) (continued)

INVESTMENTS	SHARES (000)	VALUE ($000)
Short-Term Investments — 1.9%
Investment Companies — 1.9%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (a) (c) (Cost $20,668)	20,668	20,668
Total Investments — 99.8% (Cost $833,329)		1,060,256
Other Assets Less Liabilities — 0.2%		2,492
NET ASSETS — 100.0%		1,062,748

Percentages indicated are based on net assets.

Abbreviations
ETF	Exchange Traded Fund
REIT	Real Estate Investment Trust
USD	United States Dollar

(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 March 31, 2024.

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 each 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 March 31, 2024 (amounts in thousands, except number of contracts):

DESCRIPTION	NUMBER OF CONTRACTS	EXPIRATION DATE	TRADING CURRENCY	NOTIONAL AMOUNT ($)	VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
Russell 2000 E-Mini Index	73	06/21/2024	USD	7,832	126
S&P MidCap 400 E-Mini Index	35	06/21/2024	USD	10,768	255
					381

Abbreviations
USD	United States Dollar

JPMorgan SmartRetirement® Blend 2055 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF March 31, 2024 (Unaudited) (continued)

(Dollar values in thousands)

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.

Under Section 2(a)(41) of the Investment Company Act of 1940, the Board is required to determine fair value for securities that do not have readily available market quotations. Under SEC Rule 2a-5 (Good Faith Determinations of Fair Value), the Board may designate the performance of these fair valuation determinations to a valuation designee. The Board has designated the Adviser as the “Valuation Designee” to perform fair valuation determinations for the Funds on behalf of the Board subject to appropriate oversight by the Board. The Adviser, as Valuation Designee, leverages the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to help oversee and carry out the policies for the valuation of investments held in the Funds. The Adviser, as Valuation Designee, remains responsible for the valuation determinations.

This oversight by the AVC 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	$408,818	$—	$—	$408,818
Investment Companies	629,202	—	—	629,202

JPMorgan SmartRetirement® Blend 2055 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF March 31, 2024 (Unaudited) (continued)

(Dollar values in thousands)


	Level 1 Quoted prices	Level 2 Other significant observable inputs	Level 3 Significant unobservable inputs	Total
U.S. Treasury Obligations	$—	$1,568	$—	$1,568
Short-Term Investments
Investment Companies	20,668	—	—	20,668
Total Investments in Securities	$1,058,688	$1,568	$—	$1,060,256
Appreciation in Other Financial Instruments
Futures Contracts	$381	$—	$—	$381

B. Investment Transactions with Affiliates— The Fund invested in Underlying Funds and ETFs 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 purchases at cost amounts in the table below.


For the period ended March 31, 2024
Security Description	Value at June 30, 2023	Purchases at Cost	Proceeds from Sales	Net Realized Gain (Loss)	Change in Unrealized Appreciation/ (Depreciation)	Value at March 31, 2024	Shares at March 31, 2024	Dividend Income	Capital Gain Distributions
JPMorgan BetaBuilders Emerging Markets Equity ETF (a)	$36,739	$9,169	$1,887	$(153 )	$1,562	$45,430	900	$802	$—
JPMorgan BetaBuilders International Equity ETF (a)	210,654	33,003	19,811	(102 )	20,752	244,496	4,066	4,209	—
JPMorgan BetaBuilders MSCI US REIT ETF (a)	15,728	2,740	516	34	878	18,864	213	455	—
JPMorgan BetaBuilders U.S. Aggregate Bond ETF (a)	7,495	1,760	2,340	(229 )	201	6,887	150	247	—
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (a)	55,613	8,474	13,535	(95 )	8,510	58,967	638	539	—
JPMorgan BetaBuilders U.S. Small Cap Equity ETF (a)	47,383	5,983	27,187	(1,681 )	5,366	29,864	475	542	—
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF (a)	3,390	795	—	—	125	4,310	93	177	—
JPMorgan Core Bond Fund Class R6 Shares (a)	7,588	13,201	—	—	(30 )	20,759	2,037	326	—
JPMorgan Core Plus Bond Fund Class R6 Shares (a)	22,802	18,718	—	—	(23 )	41,497	5,788	951	—
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)	2,835	1,874	2,236	(415 )	518	2,576	415	123	—
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)	37,918	6,843	2,088	(130 )	1,127	43,670	2,753	1,207	—
JPMorgan Equity Index Fund Class R6 Shares (a)	372,940	83,853	14,620	(541 )	74,516	516,148	6,548	4,885	—
JPMorgan High Yield Fund Class R6 Shares (a)	3,437	2,379	1,444	(67 )	247	4,552	708	234	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (a) (b)	16,149	147,097	142,578	—	—	20,668	20,668	689	—
Total	$840,671	$335,889	$228,242	$(3,379 )	$113,749	$1,058,688		$15,386	$—


(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 March 31, 2024.