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NPORT-EX 2 HG_SRB2030.htm HTML

JPMorgan SmartRetirement Blend 2030 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited)


Investments	Shares		Value ($)
INVESTMENT COMPANIES — 61.3%
Fixed Income — 28.7%
JPMorgan Core Bond Fund Class R6 Shares (a)		10,290,735		127,913,832
JPMorgan Corporate Bond Fund Class R6 Shares (a)		5,392,961		58,082,195
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		1,124,827		8,751,158
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		1,109,536		8,587,806
JPMorgan High Yield Fund Class R6 Shares (a)		13,231,861		90,108,975
JPMorgan Income Fund Class R6 Shares (a)		747,495		6,884,427
JPMorgan Managed Income Fund Class L Shares (a)		77,058		774,429
JPMorgan Short Duration Core Plus Fund Class R6 Shares (a)		17,609,655		172,222,425

Total Fixed Income				473,325,247

International Equity — 6.5%
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		6,106,333		107,105,073

U.S. Equity — 26.1%
JPMorgan Equity Index Fund Class R6 Shares (a)		8,395,828		428,942,853

TOTAL INVESTMENT COMPANIES (Cost $917,614,314)				1,009,373,173

EXCHANGE-TRADED FUNDS — 26.9%
Alternative Assets — 3.0%
JPMorgan BetaBuilders MSCI US REIT ETF (a)		697,689		50,198,723

Fixed Income — 0.5%
JPMorgan U.S. Aggregate Bond ETF (a)		297,140		8,305,063

International Equity — 17.9%
JPMorgan BetaBuilders International Equity ETF (a)		6,107,605		294,508,713

U.S. Equity — 5.5%
iShares Russell 2000 ETF		240,216		35,981,955
iShares Russell Mid-Cap ETF		958,484		54,997,812

Total U.S. Equity				90,979,767

TOTAL EXCHANGE-TRADED FUNDS (Cost $432,109,088)				443,992,266


Investments	Principal Amount ($)		Value ($)
U.S. TREASURY OBLIGATIONS — 3.4%
U.S. Treasury Bonds
1.13%, 8/15/2040		2,810,000		2,757,313
1.38%, 8/15/2050		4,009,000		3,922,556
U.S. Treasury Notes
2.50%, 1/31/2021 (b)		17,409,000		17,543,648
0.13%, 9/30/2022		9,727,000		9,725,860
0.13%, 9/15/2023		11,030,000		11,019,659
0.25%, 8/31/2025		5,317,000		5,311,600
0.50%, 8/31/2027		3,903,000		3,912,148
0.63%, 8/15/2030		1,277,000		1,269,617

TOTAL U.S. TREASURY OBLIGATIONS (Cost $55,462,622)				55,462,401

MORTGAGE-BACKED SECURITIES — 2.7%
FHLMC UMBS, 20 Year
Pool # RB5085, 2.00%, 10/1/2040 (c)		340,000		351,676
FHLMC UMBS, 30 Year
Pool # QB4026, 2.50%, 10/1/2050		2,325,000		2,484,260
Pool # QB4045, 2.50%, 10/1/2050 (c)		1,540,000		1,619,854
FNMA UMBS, 30 Year
Pool # CA2826, 5.50%, 12/1/2048 (c)		2,631,926		2,969,922
Pool # BQ3996, 2.50%, 10/1/2050 (c)		1,180,000		1,242,945
FNMA/FHLMC UMBS, Single Family, 15 Year
TBA, 2.00%, 11/25/2035 (c)		3,755,000		3,900,192
FNMA/FHLMC UMBS, Single Family, 30 Year
TBA, 1.50%, 11/25/2050 (c)		760,299		763,113
TBA, 2.00%, 11/25/2050 (c)		26,253,670		27,074,861
GNMA II, Single Family, 30 Year
TBA, 2.00%, 11/15/2050 (c)		3,765,000		3,903,246

TOTAL MORTGAGE-BACKED SECURITIES (Cost $44,226,092)				44,310,069

CORPORATE BONDS — 2.5%
Aerospace & Defense — 0.1%
BAE Systems plc (United Kingdom)
3.40%, 4/15/2030 (d)		220,000		246,180
Boeing Co. (The)
2.50%, 3/1/2025		249,000		248,790
2.70%, 2/1/2027		501,000		488,357
Lockheed Martin Corp.
2.80%, 6/15/2050		230,000		238,910
Northrop Grumman Corp.
5.15%, 5/1/2040		178,000		238,866
Raytheon Technologies Corp.
2.25%, 7/1/2030		231,000		242,609
3.75%, 11/1/2046		125,000		142,865

				1,846,577

JPMorgan SmartRetirement Blend 2030 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($)		Value ($)
Banks — 0.5%
Bank of America Corp.
4.00%, 1/22/2025		930,000		1,035,767
(ICE LIBOR USD 3 Month + 1.51%), 3.71%, 4/24/2028 (e)		750,000		846,841
(SOFR + 1.93%), 2.68%, 6/19/2041 (e)		680,000		693,546
Citigroup, Inc.
3.88%, 3/26/2025		807,000		887,785
(ICE LIBOR USD 3 Month + 1.17%), 3.88%, 1/24/2039 (e)		217,000		254,861
HSBC Holdings plc (United Kingdom)
(SOFR + 1.73%), 2.01%, 9/22/2028 (e)		995,000		984,360
Mitsubishi UFJ Financial Group, Inc. (Japan)
3.74%, 3/7/2029		490,000		562,390
Societe Generale SA (France)
4.25%, 4/14/2025 (d)		580,000		618,515
UniCredit SpA (Italy)
6.57%, 1/14/2022 (d)		350,000		371,408
Wells Fargo & Co.
4.30%, 7/22/2027		900,000		1,029,108
(SOFR + 2.53%), 3.07%, 4/30/2041 (e)		245,000		254,199

				7,538,780

Beverages — 0.1%
Anheuser-Busch InBev Worldwide, Inc. (Belgium)
3.50%, 6/1/2030		420,000		477,528
3.75%, 7/15/2042		675,000		719,956
Keurig Dr Pepper, Inc.
3.20%, 5/1/2030		150,000		167,457
3.80%, 5/1/2050		145,000		166,435

				1,531,376

Biotechnology — 0.1%
AbbVie, Inc.
3.20%, 11/21/2029 (d)		280,000		307,870
4.05%, 11/21/2039 (d)		265,000		302,656
4.25%, 11/21/2049 (d)		210,000		248,042
Biogen, Inc.
2.25%, 5/1/2030		150,000		152,991
3.15%, 5/1/2050		130,000		127,976
Gilead Sciences, Inc.
2.60%, 10/1/2040		160,000		159,635

				1,299,170

Capital Markets — 0.2%
Brookfield Finance, Inc. (Canada)
3.50%, 3/30/2051		300,000		293,543
Goldman Sachs Group, Inc. (The)
4.25%, 10/21/2025		785,000		891,830
4.75%, 10/21/2045		160,000		210,053
Morgan Stanley
5.00%, 11/24/2025		1,100,000		1,290,261
(ICE LIBOR USD 3 Month + 1.43%), 4.46%, 4/22/2039 (e)		200,000		249,502

				2,935,189

Chemicals — 0.1%
DuPont de Nemours, Inc.
5.32%, 11/15/2038		160,000		203,436
Nutrien Ltd. (Canada)
5.00%, 4/1/2049		90,000		118,027
Nutrition & Biosciences, Inc.
2.30%, 11/1/2030 (d)		365,000		367,350
3.47%, 12/1/2050 (d)		185,000		185,354

				874,167

Consumer Finance — 0.1%
AerCap Ireland Capital DAC (Ireland)
3.15%, 2/15/2024		400,000		396,634
4.63%, 10/15/2027		380,000		368,533
Avolon Holdings Funding Ltd. (Ireland)
5.50%, 1/15/2023 (d)		260,000		262,450
5.50%, 1/15/2026 (d)		485,000		486,872
Park Aerospace Holdings Ltd. (Ireland)
5.25%, 8/15/2022 (d)		575,000		577,286
5.50%, 2/15/2024 (d)		195,000		196,219

				2,287,994

Diversified Financial Services — 0.1%
Hutchison Whampoa International 14 Ltd. (United Kingdom)
3.63%, 10/31/2024 (d)		587,000		642,066
National Rural Utilities Cooperative Finance Corp.
1.35%, 3/15/2031		145,000		144,267

				786,333

Diversified Telecommunication Services — 0.1%
AT&T, Inc.
2.30%, 6/1/2027		366,000		383,931
2.75%, 6/1/2031		484,000		508,923
3.50%, 6/1/2041		362,000		380,715
Verizon Communications, Inc.
3.15%, 3/22/2030		345,000		389,601
3.85%, 11/1/2042		426,000		504,942

				2,168,112

Electric Utilities — 0.2%
Appalachian Power Co.
Series Y, 4.50%, 3/1/2049		115,000		143,452
Baltimore Gas and Electric Co.
2.90%, 6/15/2050		120,000		122,605
Duke Energy Corp.
3.40%, 6/15/2029		245,000		274,881
Duke Energy Indiana LLC
Series YYY, 3.25%, 10/1/2049		95,000		105,760
Edison International
5.75%, 6/15/2027		125,000		137,952
Emera US Finance LP (Canada)
4.75%, 6/15/2046		130,000		156,371
Enel Finance International NV (Italy)
3.63%, 5/25/2027 (d)		200,000		222,285
Entergy Arkansas LLC
2.65%, 6/15/2051		60,000		60,392
Entergy Louisiana LLC
4.00%, 3/15/2033		100,000		125,112
Evergy, Inc.
2.90%, 9/15/2029		275,000		294,975
FirstEnergy Transmission LLC
4.55%, 4/1/2049 (d)		125,000		146,632

JPMorgan SmartRetirement Blend 2030 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($)		Value ($)
Fortis, Inc. (Canada)
3.06%, 10/4/2026		175,000		191,212
ITC Holdings Corp.
2.95%, 5/14/2030 (d)		85,000		91,342
Jersey Central Power & Light Co.
4.30%, 1/15/2026 (d)		127,000		145,157
Massachusetts Electric Co.
4.00%, 8/15/2046 (d)		60,000		71,566
PacifiCorp
4.15%, 2/15/2050		110,000		137,478
PPL Capital Funding, Inc.
4.00%, 9/15/2047		130,000		149,248
Southern California Edison Co.
Series 20C, 1.20%, 2/1/2026		130,000		129,274
Series C, 4.13%, 3/1/2048		80,000		87,450

				2,793,144

Entertainment — 0.0% (f)
Walt Disney Co. (The)
2.65%, 1/13/2031		237,000		255,138
3.50%, 5/13/2040		222,000		248,636

				503,774

Equity Real Estate Investment Trusts (REITs) — 0.1%
American Tower Corp.
1.88%, 10/15/2030		595,000		585,999
CubeSmart LP
2.00%, 2/15/2031		321,000		316,486
Equinix, Inc.
1.55%, 3/15/2028		200,000		199,803

				1,102,288

Food & Staples Retailing — 0.0%(f)
CVS Pass-Through Trust
Series 2014, 4.16%, 8/11/2036 (d)		121,139		126,789
Sysco Corp.
2.40%, 2/15/2030		380,000		383,049

				509,838

Food Products — 0.0% (f)
Mondelez International, Inc.
1.88%, 10/15/2032 (c)		180,000		179,577
Tyson Foods, Inc.
3.55%, 6/2/2027		258,000		291,335

				470,912

Gas Utilities — 0.0% (f)
Atmos Energy Corp.
1.50%, 1/15/2031		230,000		228,929
CenterPoint Energy Resources Corp.
1.75%, 10/1/2030		130,000		130,130

				359,059

Health Care Equipment & Supplies — 0.0% (f)
Abbott Laboratories
1.40%, 6/30/2030		75,000		75,296
Becton Dickinson and Co.
4.67%, 6/6/2047		60,000		73,935
Boston Scientific Corp.
4.00%, 3/1/2029		90,000		104,640
4.55%, 3/1/2039		80,000		100,019
Danaher Corp.
2.60%, 10/1/2050		172,000		167,563
DH Europe Finance II SARL
3.25%, 11/15/2039		70,000		77,565

				599,018

Health Care Providers & Services — 0.1%
CVS Health Corp.
3.25%, 8/15/2029		235,000		259,996
4.88%, 7/20/2035		205,000		260,399
2.70%, 8/21/2040		120,000		114,780
HCA, Inc.
5.25%, 6/15/2026		575,000		670,699
Quest Diagnostics, Inc.
2.80%, 6/30/2031		70,000		75,543

				1,381,417

Household Durables — 0.0% (f)
DR Horton, Inc.
1.40%, 10/15/2027		321,000		318,851

Independent Power and Renewable Electricity Producers — 0.0% (f)
Exelon Generation Co. LLC
3.25%, 6/1/2025		550,000		601,160
Southern Power Co.
5.15%, 9/15/2041		95,000		111,764

				712,924

IT Services — 0.0% (f)
International Business Machines Corp.
4.00%, 6/20/2042		424,000		507,543

Media — 0.2%
Charter Communications Operating LLC
2.80%, 4/1/2031		489,000		507,206
3.70%, 4/1/2051		205,000		202,607
Comcast Corp.
1.50%, 2/15/2031		784,000		771,500
3.25%, 11/1/2039		230,000		254,540
2.80%, 1/15/2051		380,000		380,784
Cox Communications, Inc.
1.80%, 10/1/2030 (d)		156,000		153,846
2.95%, 10/1/2050 (d)		132,000		126,706
Discovery Communications LLC
3.63%, 5/15/2030		230,000		255,632
ViacomCBS, Inc.
4.00%, 1/15/2026		137,000		153,760
4.38%, 3/15/2043		144,000		152,622

				2,959,203

Metals & Mining — 0.0% (f)
Vale Overseas Ltd. (Brazil)
3.75%, 7/8/2030		125,000		128,406

Multi-Utilities — 0.0% (f)
Consumers Energy Co.
3.25%, 8/15/2046		60,000		66,698

Oil, Gas & Consumable Fuels — 0.0% (f)
BP Capital Markets America, Inc.
2.77%, 11/10/2050		135,000		123,441
MPLX LP
2.65%, 8/15/2030		260,000		254,759
4.50%, 4/15/2038		140,000		143,108
Tennessee Gas Pipeline Co. LLC
2.90%, 3/1/2030 (d)		250,000		258,764

				780,072

JPMorgan SmartRetirement Blend 2030 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($)		Value ($)
Pharmaceuticals — 0.1%
AstraZeneca plc (United Kingdom)
1.38%, 8/6/2030		80,000		77,817
6.45%, 9/15/2037		50,000		75,646
Bristol-Myers Squibb Co.
3.40%, 7/26/2029		135,000		156,853
4.13%, 6/15/2039		265,000		332,948
Eli Lilly and Co.
2.50%, 9/15/2060		160,000		150,632
Mylan NV
3.95%, 6/15/2026		135,000		151,663
Pfizer, Inc.
3.90%, 3/15/2039		105,000		127,304
Royalty Pharma plc
1.75%, 9/2/2027 (d)		50,000		49,957
3.30%, 9/2/2040 (d)		140,000		137,164
3.55%, 9/2/2050 (d)		80,000		77,199
Takeda Pharmaceutical Co. Ltd. (Japan)
3.03%, 7/9/2040		400,000		413,163
Upjohn, Inc.
3.85%, 6/22/2040 (d)		80,000		86,129
Zoetis, Inc.
3.00%, 5/15/2050		70,000		74,827

				1,911,302

Semiconductors & Semiconductor Equipment — 0.1%
Broadcom, Inc.
4.15%, 11/15/2030		675,000		757,813
TSMC Global Ltd. (Taiwan)
1.38%, 9/28/2030 (d)		350,000		343,368

				1,101,181

Software — 0.1%
Oracle Corp.
2.95%, 4/1/2030		344,000		384,448
3.80%, 11/15/2037		324,000		379,505
VMware, Inc.
4.70%, 5/15/2030		215,000		254,358

				1,018,311

Specialty Retail — 0.0% (f)
AutoZone, Inc.
3.63%, 4/15/2025		242,000		269,800

Technology Hardware, Storage & Peripherals — 0.1%
Apple, Inc.
3.45%, 2/9/2045		325,000		385,087
2.55%, 8/20/2060		256,000		254,696
Dell International LLC
6.20%, 7/15/2030 (d)		420,000		503,606

				1,143,389

Thrifts & Mortgage Finance — 0.0% (f)
BPCE SA (France)
(SOFR + 1.52%), 1.65%, 10/6/2026 (d) (e)		399,000		399,068

Wireless Telecommunication Services — 0.1%
T-Mobile USA, Inc.
2.55%, 2/15/2031 (d)		622,000		644,442
3.00%, 2/15/2041 (d)		390,000		385,023

				1,029,465

TOTAL CORPORATE BONDS (Cost $41,584,599)				41,333,361

ASSET-BACKED SECURITIES — 0.1%
Octane Receivables Trust
Series 2020-1A, Class A, 1.71%, 2/20/2025 (d)		1,112,000		1,112,044
Progress Residential Trust
Series 2020-SFR3, Class A, 1.29%, 10/17/2027 (d)		515,000		514,990
Series 2020-SFR3, Class B, 1.50%, 10/17/2027 (d)		380,000		379,998

TOTAL ASSET-BACKED SECURITIES (Cost $2,006,889)				2,007,032


	Shares
SHORT-TERM INVESTMENTS — 6.9%
INVESTMENT COMPANIES — 6.9%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.06% (a) (g) (Cost $114,009,860)		114,009,860		114,009,860

Total Investments — 103.8% (Cost $1,607,013,464)				1,710,488,162
Liabilities in Excess of Other Assets — (3.8)%				(62,841,885	)

Net Assets — 100.0%				1,647,646,277

Percentages indicated are based on net assets.


Abbreviations

ETF		Exchange-Traded Fund
FHLMC		Federal Home Loan Mortgage Corp.
FNMA		Federal National Mortgage Association
GNMA		Government National Mortgage Association
ICE		Intercontinental Exchange
LIBOR		London Interbank Offered Rate
REIT		Real Estate Investment Trust
SOFR		Secured Overnight Financing Rate
TBA		To Be Announced; Security is subject to delayed delivery
UMBS		Uniform Mortgage-Backed Securities
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)		All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(d)		Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.

JPMorgan SmartRetirement Blend 2030 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


(e)		Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of September 30, 2020.
(f)		Amount rounds to less than 0.1% of net assets.
(g)		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.

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
DJ US Real Estate Index		20			12/2020		USD		626,600			(12,625	)
EURO STOXX 50 Index		293			12/2020		EUR		10,931,056			(442,286	)
MSCI EAFE E-Mini Index		170			12/2020		USD		15,752,200			(428,242	)
MSCI Emerging Markets E-Mini Index		373			12/2020		USD		20,296,795			(179,351	)
Russell 2000 E-Mini Index		262			12/2020		USD		19,719,430			208,323
S&P 500 E-Mini Index		275			12/2020		USD		46,055,625			357,762
S&P Midcap 400 E-Mini Index		61			12/2020		USD		11,317,330			37,846
U.S. Treasury 10 Year Note		1,029			12/2020		USD		143,545,500			378,222

												(80,351	)

Short Contracts
Euro-Bund		(203	)		12/2020		EUR		(41,529,903	)		(193,582	)
FTSE 100 Index		(211	)		12/2020		GBP		(15,871,621	)		447,847

												254,265

												173,914


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 2030 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.

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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
Asset-Backed Securities	$	—		$	2,007,032	$	—	$	2,007,032
Corporate Bonds		—			41,333,361		—		41,333,361
Exchange-Traded Funds		443,992,266			—		—		443,992,266
Investment Companies		1,009,373,173			—		—		1,009,373,173
Mortgage-Backed Securities		—			44,310,069		—		44,310,069
U.S. Treasury Obligations		—			55,462,401		—		55,462,401
Short-Term Investments
Investment Companies		114,009,860			—		—		114,009,860

Total Investments in Securities	$	1,567,375,299		$	143,112,863	$	—	$	1,710,488,162

Appreciation in Other Financial Instruments
Futures Contracts	$	1,430,000		$	—	$	—	$	1,430,000

Depreciation in Other Financial Instruments
Futures Contracts	$	(1,256,086	)	$	—	$	—	$	(1,256,086	)

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)	$	275,355,349	$	6,460,105	$	—	$	—		$	12,693,259		$	294,508,713		6,107,605	$	1,488,912	$	—
JPMorgan BetaBuilders MSCI US REIT ETF (a)		46,458,014		3,540,759		—		—			199,950			50,198,723		697,689		387,294		—
JPMorgan Core Bond Fund Class R6 Shares (a)		236,835,182		19,390,392		129,686,462		7,109,803			(5,735,083	)		127,913,832		10,290,735		1,244,538		—
JPMorgan Corporate Bond Fund Class R6 Shares (a)		50,224,543		7,544,144		—		—			313,508			58,082,195		5,392,961		362,409		—
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		8,494,572		79,026		—		—			177,560			8,751,158		1,124,827		79,027		—
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		94,247,010		10,009,692		6,036,279		(216,956	)		9,101,606			107,105,073		6,106,333		—		—
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		8,407,513		71,076		—		—			109,217			8,587,806		1,109,536		71,076		—
JPMorgan Equity Index Fund Class R6 Shares (a)		381,243,043		27,983,347		10,791,943		574,338			29,934,068			428,942,853		8,395,828		2,685,162		—
JPMorgan High Yield Fund Class R6 Shares (a)		64,344,078		23,909,189		—		—			1,855,708			90,108,975		13,231,861		912,405		—
JPMorgan Income Fund Class R6 Shares(a)		6,679,520		86,847		—		—			118,060			6,884,427		747,495		86,848		—
JPMorgan Managed Income Fund Class L Shares (a)		772,657		1,773		—		—			(1	)		774,429		77,058		1,773		—
JPMorgan Short Duration Core Plus Fund Class R6 Shares (a)		146,481,711		24,559,124		—		—			1,181,590			172,222,425		17,609,655		848,457		—
JPMorgan U.S. Aggregate Bond ETF (a)		6,072,807		2,266,377		—		—			(34,121	)		8,305,063		297,140		31,440		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.06% (a) (b)		36,711,334		288,383,397		211,084,871		—			—			114,009,860		114,009,860		11,456		—

Total	$	1,362,327,333	$	414,285,248	$	357,599,555	$	7,467,185		$	49,915,321		$	1,476,395,532			$	8,210,797	$	—

(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.