JPMorgan SmartSpending^SM 2050 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2020 (Unaudited)

Investments	Shares		Value ($)
INVESTMENT COMPANIES — 57.1%
Fixed Income — 43.1%
JPMorgan Core Bond Fund Class R6 Shares (a)		247,399		2,978,690
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		125,077		863,028
JPMorgan High Yield Fund Class R6 Shares (a)		91,474		568,053
JPMorgan Income Fund Class R6 Shares (a)		259,497		2,184,968
JPMorgan Inflation Managed Bond Fund Class R6 Shares (a)		205,933		2,040,791
JPMorgan Managed Income Fund Class L Shares (a)		14,716		145,832
JPMorgan Short Duration Core Plus Fund Class R6 Shares (a)		310,270		2,897,920
Total Fixed Income				11,679,282
U.S. Equity — 14.0%
JPMorgan Equity Index Fund Class R6 Shares (a)		96,221		3,786,299
TOTAL INVESTMENT COMPANIES (Cost $16,565,387)				15,465,581
EXCHANGE-TRADED FUNDS — 37.6%
Alternative Assets — 2.1%
JPMorgan BetaBuilders MSCI US REIT ETF (a)		8,901		574,649
Fixed Income — 19.1%
JPMorgan U.S. Aggregate Bond ETF (a)		191,991		5,183,757
International Equity — 13.0%
iShares Core MSCI EAFE ETF		52,742		2,631,298
iShares Core MSCI Emerging Markets ETF		22,051		892,404
Total International Equity				3,523,702
U.S. Equity — 3.4%
iShares Russell 2000 ETF		2,697		308,699
iShares Russell Mid-Cap ETF		13,903		600,192
Total U.S. Equity				908,891
TOTAL EXCHANGE-TRADED FUNDS (Cost $11,448,411)				10,190,999
	Principal Amount ($)
U.S. TREASURY OBLIGATIONS — 2.5%
U.S. Treasury Notes 2.50%, 1/31/2021 (b) (Cost $665,958)		658,000		671,160
	Shares
SHORT-TERM INVESTMENTS — 3.6%
INVESTMENT COMPANIES — 3.6%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.35% (a) (c) (Cost $976,825)		976,825		976,825
Total Investments — 100.8% (Cost $29,656,581)				27,304,565
Liabilities in Excess of Other Assets — (0.8)%				(224,950	)
Net Assets — 100.0%				27,079,615

Percentages indicated are based on net assets.

JPMorgan SmartSpending^SM 2050 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Abbreviations

EAFE	Europe, Australasia and Far East
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 March 31, 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.

Futures contracts outstanding as of March 31, 2020:

Description	Number of Contracts	Expiration Date		Trading Currency		Notional Amount ($)			Value and Unrealized Appreciation (Depreciation) ($)
Long Contracts
Australia 10 Year Bond	10		06/2020		AUD		926,407			26,901
Canada 10 Year Bond	11		06/2020		CAD		1,151,353			14,686
Long Gilt	3		06/2020		GBP		507,485			11,727
U.S. Treasury 10 Year Note	21		06/2020		USD		2,916,047			113,688
										167,002
Short Contracts
EURO STOXX 50 Index	(29)		06/2020		EUR		(864,058	)		(97,661	)
FTSE 100 Index	(6)		06/2020		GBP		(415,687	)		(26,778	)
MSCI Emerging Markets E-Mini Index	(6)		06/2020		USD		(253,380	)		(23,454	)
Russell 2000 E-Mini Index	(3)		06/2020		USD		(172,455	)		(14,691	)
S&P 500 E-Mini Index	(4)		06/2020		USD		(514,500	)		(27,621	)
										(190,205	)
										(23,203	)

Abbreviations

AUD	Australian Dollar
CAD	Canadian Dollar
EUR	Euro
FTSE	Financial Times and the London Stock Exchange
GBP	British Pound
MSCI	Morgan Stanley Capital International
USD	United States Dollar

JPMorgan SmartSpending 2050 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 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.

Certain foreign equity instruments, as well as certain derivatives with foreign equity reference obligations, are valued by applying an international fair value factor provided by an approved Pricing Service. The factors seek to adjust the local closing price for movements of local markets post-closing, but prior to the time the NAVs are calculated.

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 (“SOI”):

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	26,633,405		$	671,160		$	—	$	27,304,565
Appreciation in Other Financial Instruments
Futures Contracts (a)	$	167,002		$	—		$	—	$	167,002
Depreciation in Other Financial Instruments
Futures Contracts (a)	$	(65,766	)	$	(124,439	)	$	—	$	(190,205	)

(a) All portfolio holdings designated as level 1 and level 2 are disclosed individually on the SOI. Level 2 consists of foreign futures with equity reference obligations and U.S. Treasury Notes held as initial margin for futures contracts.

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 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 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 BetaBuilders MSCI US REIT ETF (a)	$	—	$	784,353	$	45,486	$	715		$	(164,933	)	$	574,649		8,901	$	8,926	$	533
JPMorgan Core Bond Fund Class R6 Shares (a)		6,289,086		1,462,535		4,934,416		224,034			(62,549	)		2,978,690		247,399		115,308		30,006
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		4,243,740		72,139		4,412,489		177,110			(80,500	)		—		—		23,624		—
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a)		—		1,043,654		1,022,383		(21,271	)		—			—		—		6,433		—
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		1,019,980		123,272		122,145		(6,146	)		(151,933	)		863,028		125,077		41,062		—
JPMorgan Equity Income Fund Class R6 Shares (a)		—		1,067,753		1,118,384		50,631			—			—		—		8,055		9,225
JPMorgan Equity Index Fund Class R6 Shares (a)		1,813,340		3,634,691		873,067		81,802			(870,467	)		3,786,299		96,221		39,910		2,569
JPMorgan Growth Advantage Fund Class R6 Shares (a)		574,999		—		571,572		166,251			(169,678	)		—		—		—		—
JPMorgan High Yield Fund Class R6 Shares (a)		2,768,070		90,577		2,030,548		(185,656	)		(74,390	)		568,053		91,474		90,577		—
JPMorgan Income Fund Class R6 Shares (a)		1,227,608		1,266,882		46,398		786			(263,910	)		2,184,968		259,497		72,886		539
JPMorgan Inflation Managed Bond Fund Class R6 Shares (a)		—		2,325,122		185,029		(6,887	)		(92,415	)		2,040,791		205,933		10,844		—
JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a)		1,069,700		388,509		1,451,853		96,513			(102,869	)		—		—		37,213		—
JPMorgan Managed Income Fund Class L Shares (a)		3,517,759		1,150,436		4,510,415		4,511			(16,459	)		145,832		14,716		40,462		1,851
JPMorgan Short Duration Core Plus Fund Class R6 Shares (a)		—		3,612,862		620,927		(5,372	)		(88,643	)		2,897,920		310,270		45,704		—
JPMorgan U.S. Aggregate Bond ETF (a)		—		6,093,388		903,503		5,031			(11,159	)		5,183,757		191,991		10,168		—
JPMorgan U.S. Equity Fund Class R6 Shares (a)		938,414		271,615		1,235,971		93,583			(67,641	)		—		—		5,556		74,989
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.35% (a) (b)		393,354		9,321,858		8,738,387		—			—			976,825		976,825		5,214		—
JPMorgan Value Advantage Fund Class R6 Shares (a)		545,423		—		530,897		29,513			(44,039	)		—		—		—		—
Total	$	24,401,473	$	32,709,646	$	33,353,870	$	705,148		$	(2,261,585	)	$	22,200,812			$	561,942	$	119,712

(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.