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NPORT-EX 2 HG_SRB2025.htm HTML

JPMorgan SmartRetirement Blend 2025 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited)


Investments	Shares		Value ($)
INVESTMENT COMPANIES — 65.0%
Fixed Income — 39.2%
JPMorgan Core Bond Fund Class R6 Shares (a)		11,544,279		143,495,386
JPMorgan Corporate Bond Fund Class R6 Shares (a)		6,136,637		66,091,577
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		1,186,215		9,228,754
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		1,170,281		9,057,975
JPMorgan Floating Rate Income Fund Class R6 Shares (a)		1,280,663		11,000,897
JPMorgan High Yield Fund Class R6 Shares (a)		13,400,436		91,256,971
JPMorgan Income Fund Class R6 Shares (a)		1,587,496		14,620,842
JPMorgan Inflation Managed Bond Fund Class R6 Shares (a)		3,304,847		34,932,236
JPMorgan Managed Income Fund Class L Shares (a)		81,559		819,665
JPMorgan Short Duration Core Plus Fund Class R6 Shares (a)		19,576,005		191,453,332

Total Fixed Income				571,957,635

International Equity — 5.3%
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		4,364,946		76,561,146

U.S. Equity — 20.5%
JPMorgan Equity Index Fund Class R6 Shares (a)		5,868,863		299,840,217

TOTAL INVESTMENT COMPANIES (Cost $877,328,495)				948,358,998

EXCHANGE-TRADED FUNDS — 21.3%
Alternative Assets — 2.3%
JPMorgan BetaBuilders MSCI US REIT ETF (a)		466,426		33,559,351

Fixed Income — 0.5%
JPMorgan U.S. Aggregate Bond ETF (a)		259,178		7,244,025

International Equity — 14.0%
JPMorgan BetaBuilders International Equity ETF (a)		4,234,890		204,206,396

U.S. Equity — 4.5%
iShares Russell 2000 ETF		195,908		29,345,059
iShares Russell Mid-Cap ETF		633,262		36,336,574

Total U.S. Equity				65,681,633

TOTAL EXCHANGE-TRADED FUNDS (Cost $304,598,911)				310,691,405


	Principal Amount ($)
U.S. TREASURY OBLIGATIONS — 4.0%
U.S. Treasury Bonds
1.13%, 8/15/2040		3,151,000		3,091,919
1.38%, 8/15/2050		4,492,000		4,395,141
U.S. Treasury Notes
2.50%, 1/31/2021 (b)		15,791,900		15,914,041
0.13%, 9/30/2022		10,896,000		10,894,723
0.13%, 9/15/2023		12,360,000		12,348,413
0.25%, 8/31/2025		5,958,000		5,951,949
0.50%, 8/31/2027		4,373,000		4,383,249
0.63%, 8/15/2030		1,432,000		1,423,721

TOTAL U.S. TREASURY OBLIGATIONS (Cost $58,412,614)				58,403,156

MORTGAGE-BACKED SECURITIES — 3.4%
FHLMC UMBS, 20 Year
Pool # RB5085, 2.00%, 10/1/2040 (c)		380,000		393,049
FHLMC UMBS, 30 Year
Pool # QB4026, 2.50%, 10/1/2050		2,599,698		2,777,774
Pool # QB4045, 2.50%, 10/1/2050 (c)		1,725,000		1,814,447
FNMA UMBS, 30 Year
Pool # CA2826, 5.50%, 12/1/2048 (c)		2,947,205		3,325,689
Pool # BQ3996, 2.50%, 10/1/2050 (c)		1,322,000		1,392,520
FNMA/FHLMC UMBS, Single Family, 15 Year
TBA, 2.00%, 11/25/2035 (c)		4,210,000		4,372,786
FNMA/FHLMC UMBS, Single Family, 30 Year
TBA, 1.50%, 11/25/2050 (c)		853,975		857,136
TBA, 2.00%, 11/25/2050 (c)		29,425,583		30,345,988
GNMA II, Single Family, 30 Year
TBA, 2.00%, 11/15/2050 (c)		4,218,000		4,372,880

TOTAL MORTGAGE-BACKED SECURITIES (Cost $49,558,167)				49,652,269

CORPORATE BONDS — 3.2%
Aerospace & Defense — 0.1%
BAE Systems plc (United Kingdom)
3.40%, 4/15/2030 (d)		250,000		279,750
Boeing Co. (The)
2.50%, 3/1/2025		276,000		275,768
2.70%, 2/1/2027		562,000		547,817
Lockheed Martin Corp.
2.80%, 6/15/2050		257,000		266,956
Northrop Grumman Corp.
5.15%, 5/1/2040		199,000		267,047
Raytheon Technologies Corp.
2.25%, 7/1/2030		259,000		272,016
3.75%, 11/1/2046		140,000		160,009

				2,069,363

JPMorgan SmartRetirement Blend 2025 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($)		Value ($)
Banks — 0.6%
Bank of America Corp.
4.00%, 1/22/2025		1,000,000		1,113,728
(ICE LIBOR USD 3 Month + 1.51%), 3.71%, 4/24/2028 (e)		840,000		948,462
(SOFR + 1.93%), 2.68%, 6/19/2041 (e)		765,000		780,238
Citigroup, Inc.
3.88%, 3/26/2025		904,000		994,496
(ICE LIBOR USD 3 Month + 1.17%), 3.88%, 1/24/2039 (e)		243,000		285,397
HSBC Holdings plc (United Kingdom)
(SOFR + 1.73%), 2.01%, 9/22/2028 (e)		1,115,000		1,103,077
Mitsubishi UFJ Financial Group, Inc. (Japan)
3.74%, 3/7/2029		550,000		631,254
Societe Generale SA (France)
4.25%, 4/14/2025 (d)		650,000		693,163
UniCredit SpA (Italy)
6.57%, 1/14/2022 (d)		350,000		371,408
Wells Fargo & Co.
4.30%, 7/22/2027		1,000,000		1,143,454
(SOFR + 2.53%), 3.07%, 4/30/2041 (e)		275,000		285,325

				8,350,002

Beverages — 0.1%
Anheuser-Busch InBev Worldwide, Inc. (Belgium)
3.50%, 6/1/2030		475,000		540,062
3.75%, 7/15/2042		760,000		810,617
Keurig Dr Pepper, Inc.
3.20%, 5/1/2030		172,000		192,018
3.80%, 5/1/2050		161,000		184,800

				1,727,497

Biotechnology — 0.1%
AbbVie, Inc.
3.20%, 11/21/2029 (d)		310,000		340,856
4.05%, 11/21/2039 (d)		295,000		336,919
4.25%, 11/21/2049 (d)		240,000		283,476
Biogen, Inc.
2.25%, 5/1/2030		170,000		173,390
3.15%, 5/1/2050		145,000		142,742
Gilead Sciences, Inc.
2.60%, 10/1/2040		180,000		179,590

				1,456,973

Capital Markets — 0.2%
Brookfield Finance, Inc. (Canada)
3.50%, 3/30/2051		320,000		313,112
Goldman Sachs Group, Inc. (The)
4.25%, 10/21/2025		880,000		999,759
4.75%, 10/21/2045		180,000		236,310
Morgan Stanley
5.00%, 11/24/2025		1,220,000		1,431,017
(ICE LIBOR USD 3 Month + 1.43%), 4.46%, 4/22/2039(e)		225,000		280,689

				3,260,887

Chemicals — 0.1%
DuPont de Nemours, Inc.
5.32%, 11/15/2038		180,000		228,866
Nutrien Ltd. (Canada)
5.00%, 4/1/2049		100,000		131,141
Nutrition & Biosciences, Inc.
2.30%, 11/1/2030 (d)		408,000		410,627
3.47%, 12/1/2050 (d)		210,000		210,401

				981,035

Consumer Finance — 0.2%
AerCap Ireland Capital DAC (Ireland)
3.15%, 2/15/2024		500,000		495,793
4.63%, 10/15/2027		425,000		412,174
Avolon Holdings Funding Ltd. (Ireland)
5.50%, 1/15/2023 (d)		290,000		292,732
5.50%, 1/15/2026 (d)		545,000		547,104
Park Aerospace Holdings Ltd. (Ireland)
5.25%, 8/15/2022 (d)		640,000		642,545
5.50%, 2/15/2024 (d)		220,000		221,375

				2,611,723

Diversified Financial Services — 0.1%
Hutchison Whampoa International 14 Ltd. (United Kingdom)
3.63%, 10/31/2024 (d)		658,000		719,727
National Rural Utilities Cooperative Finance Corp.
1.35%, 3/15/2031		165,000		164,166

				883,893

Diversified Telecommunication Services — 0.2%
AT&T, Inc.
2.30%, 6/1/2027		411,000		431,136
2.75%, 6/1/2031		542,000		569,909
3.50%, 6/1/2041		406,000		426,990
Verizon Communications, Inc.
3.15%, 3/22/2030		384,000		433,643
3.85%, 11/1/2042		478,000		566,578

				2,428,256

Electric Utilities — 0.2%
Appalachian Power Co.
Series Y, 4.50%, 3/1/2049		130,000		162,162
Baltimore Gas and Electric Co.
2.90%, 6/15/2050		135,000		137,931
Duke Energy Corp.
3.40%, 6/15/2029		275,000		308,540
Duke Energy Indiana LLC
Series YYY, 3.25%, 10/1/2049		105,000		116,892
Edison International
5.75%, 6/15/2027		140,000		154,506
Emera US Finance LP (Canada)
4.75%, 6/15/2046		145,000		174,414
Enel Finance International NV (Italy)
3.63%, 5/25/2027 (d)		215,000		238,956
Entergy Arkansas LLC
2.65%, 6/15/2051		65,000		65,425
Entergy Louisiana LLC
4.00%, 3/15/2033		115,000		143,879

JPMorgan SmartRetirement Blend 2025 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($)		Value ($)
Evergy, Inc.
2.90%, 9/15/2029		310,000		332,517
FirstEnergy Transmission LLC
4.55%, 4/1/2049 (d)		140,000		164,228
Fortis, Inc. (Canada)
3.06%, 10/4/2026		200,000		218,528
ITC Holdings Corp.
2.95%, 5/14/2030 (d)		95,000		102,088
Jersey Central Power & Light Co.
4.30%, 1/15/2026 (d)		141,000		161,159
Massachusetts Electric Co.
4.00%, 8/15/2046 (d)		70,000		83,494
PacifiCorp
4.15%, 2/15/2050		120,000		149,976
PPL Capital Funding, Inc.
4.00%, 9/15/2047		145,000		166,469
Southern California Edison Co.
Series 20C, 1.20%, 2/1/2026		145,000		144,191
Series C, 4.13%, 3/1/2048		90,000		98,381

				3,123,736

Entertainment — 0.0% (f)
Walt Disney Co. (The)
2.65%, 1/13/2031		265,000		285,281
3.50%, 5/13/2040		250,000		279,996

				565,277

Equity Real Estate Investment Trusts (REITs) — 0.1%
American Tower Corp.
1.88%, 10/15/2030		670,000		659,865
CubeSmart LP
2.00%, 2/15/2031		360,000		354,937
Equinix, Inc.
1.55%, 3/15/2028		225,000		224,778

				1,239,580

Food & Staples Retailing — 0.0% (f)
CVS Pass-Through Trust
Series 2014, 4.16%, 8/11/2036 (d)		137,291		143,694
Sysco Corp.
2.40%, 2/15/2030		430,000		433,450

				577,144

Food Products — 0.0% (f)
Mondelez International, Inc.
1.88%, 10/15/2032 (c)		200,000		199,530
Tyson Foods, Inc.
3.55%, 6/2/2027		290,000		327,469

				526,999

Gas Utilities — 0.0% (f)
Atmos Energy Corp.
1.50%, 1/15/2031		270,000		268,742
CenterPoint Energy Resources Corp.
1.75%, 10/1/2030		150,000		150,150

				418,892

Health Care Equipment & Supplies — 0.1%
Abbott Laboratories
1.40%, 6/30/2030		85,000		85,335
Becton Dickinson and Co.
4.67%, 6/6/2047		70,000		86,257
Boston Scientific Corp.
4.00%, 3/1/2029		100,000		116,267
4.55%, 3/1/2039		90,000		112,522
Danaher Corp.
2.60%, 10/1/2050		193,000		188,022
DH Europe Finance II SARL
3.25%, 11/15/2039		75,000		83,105

				671,508

Health Care Providers & Services — 0.1%
CVS Health Corp.
3.25%, 8/15/2029		260,000		287,655
4.88%, 7/20/2035		225,000		285,804
2.70%, 8/21/2040		135,000		129,127
HCA, Inc.
5.25%, 6/15/2026		640,000		746,517
Quest Diagnostics, Inc.
2.80%, 6/30/2031		80,000		86,335

				1,535,438

Household Durables — 0.0% (f)
DR Horton, Inc.
1.40%, 10/15/2027		360,000		357,590

Independent Power and Renewable Electricity Producers — 0.1%
Exelon Generation Co. LLC
3.25%, 6/1/2025		615,000		672,206
Southern Power Co.
5.15%, 9/15/2041		105,000		123,529

				795,735

IT Services — 0.0% (f)
International Business Machines Corp.
4.00%, 6/20/2042		472,000		565,001

Media — 0.2%
Charter Communications Operating LLC
2.80%, 4/1/2031		548,000		568,403
3.70%, 4/1/2051		230,000		227,315
Comcast Corp.
1.50%, 2/15/2031		880,000		865,970
3.25%, 11/1/2039		256,000		283,314
2.80%, 1/15/2051		426,000		426,879
Cox Communications, Inc.
1.80%, 10/1/2030 (d)		176,000		173,570
2.95%, 10/1/2050 (d)		148,000		142,064
Discovery Communications LLC
3.63%, 5/15/2030		258,000		286,752
ViacomCBS, Inc.
4.00%, 1/15/2026		153,000		171,717
4.38%, 3/15/2043		165,000		174,880

				3,320,864

Metals & Mining — 0.0% (f)
Vale Overseas Ltd. (Brazil)
3.75%, 7/8/2030		140,000		143,815

Multi-Utilities — 0.0% (f)
Consumers Energy Co.
3.25%, 8/15/2046		70,000		77,815

Oil, Gas & Consumable Fuels — 0.1%
BP Capital Markets America, Inc.
2.77%, 11/10/2050		150,000		137,156

JPMorgan SmartRetirement Blend 2025 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($)		Value ($)
MPLX LP
2.65%, 8/15/2030		295,000		289,054
4.50%, 4/15/2038		155,000		158,440
Tennessee Gas Pipeline Co. LLC
2.90%, 3/1/2030 (d)		280,000		289,816

				874,466

Pharmaceuticals — 0.2%
AstraZeneca plc (United Kingdom)
1.38%, 8/6/2030		90,000		87,545
6.45%, 9/15/2037		55,000		83,210
Bristol-Myers Squibb Co.
3.40%, 7/26/2029		150,000		174,281
4.13%, 6/15/2039		295,000		370,640
Eli Lilly and Co.
2.50%, 9/15/2060		180,000		169,461
Mylan NV
3.95%, 6/15/2026		155,000		174,131
Pfizer, Inc.
3.90%, 3/15/2039		120,000		145,490
Royalty Pharma plc
1.75%, 9/2/2027 (d)		60,000		59,948
3.30%, 9/2/2040 (d)		160,000		156,759
3.55%, 9/2/2050 (d)		90,000		86,849
Takeda Pharmaceutical Co. Ltd. (Japan)
3.03%, 7/9/2040		450,000		464,808
Upjohn, Inc.
3.85%, 6/22/2040 (d)		90,000		96,896
Zoetis, Inc.
3.00%, 5/15/2050		80,000		85,517

				2,155,535

Semiconductors & Semiconductor Equipment — 0.1%
Broadcom, Inc.
4.15%, 11/15/2030		756,000		848,750
TSMC Global Ltd. (Taiwan)
1.38%, 9/28/2030 (d)		370,000		362,989

				1,211,739

Software — 0.1%
Oracle Corp.
2.95%, 4/1/2030		386,000		431,386
3.80%, 11/15/2037		363,000		425,186
VMware, Inc.
4.70%, 5/15/2030		240,000		283,935

				1,140,507

Specialty Retail — 0.0% (f)
AutoZone, Inc.
3.63%, 4/15/2025		270,000		301,017

Technology Hardware, Storage & Peripherals — 0.1%
Apple, Inc.
3.45%, 2/9/2045		365,000		432,482
2.55%, 8/20/2060		288,000		286,533
Dell International LLC
6.20%, 7/15/2030 (d)		470,000		563,559

				1,282,574

Thrifts & Mortgage Finance — 0.0% (f)
BPCE SA (France)
(SOFR + 1.52%), 1.65%, 10/6/2026(d)(e)		447,000		447,076

Wireless Telecommunication Services — 0.1%
T-Mobile USA, Inc.
2.55%, 2/15/2031 (d)		695,000		720,076
3.00%, 2/15/2041 (d)		435,000		429,449

				1,149,525

TOTAL CORPORATE BONDS (Cost $46,532,774)				46,251,462

ASSET-BACKED SECURITIES — 0.1%
Ally Auto Receivables Trust
Series 2017-4, Class A3, 1.75%, 12/15/2021		49,177		49,219
Octane Receivables Trust
Series 2020-1A, Class A, 1.71%, 2/20/2025 (d)		1,224,000		1,224,048
Progress Residential Trust
Series 2020-SFR3, Class A, 1.29%, 10/17/2027 (d)		570,000		569,989
Series 2020-SFR3, Class B, 1.50%, 10/17/2027 (d)		420,000		419,997

TOTAL ASSET-BACKED SECURITIES (Cost $2,263,083)				2,263,253


	Shares
SHORT-TERM INVESTMENTS — 7.8%
INVESTMENT COMPANIES — 7.8%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.06% (a) (g) (Cost $113,681,290)		113,681,290		113,681,290

Total Investments — 104.8% (Cost $1,452,375,334)				1,529,301,833
Liabilities in Excess of Other Assets — (4.8)%				(69,475,761	)

Net Assets — 100.0%				1,459,826,072

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

JPMorgan SmartRetirement Blend 2025 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

(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.

(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		19			12/2020		USD		595,270			(11,994	)
EURO STOXX 50 Index		255			12/2020		EUR		9,513,377			(384,926	)
MSCI EAFE E-Mini Index		181			12/2020		USD		16,771,460			(455,949	)
MSCI Emerging Markets E-Mini Index		331			12/2020		USD		18,011,365			(159,160	)
Russell 2000 E-Mini Index		194			12/2020		USD		14,601,410			154,254
S&P 500 E-Mini Index		245			12/2020		USD		41,031,375			318,733
S&P Midcap 400 E-Mini Index		53			12/2020		USD		9,833,090			32,882
U.S. Treasury 10 Year Note		1,052			12/2020		USD		146,754,000			392,400

												(113,760	)

Short Contracts
Euro-Bund		(180	)		12/2020		EUR		(36,824,545	)		(171,649	)
FTSE 100 Index		(187	)		12/2020		GBP		(14,066,318	)		396,912

												225,263

												111,503

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 2025 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	$	—		$	2,263,253	$	—	$	2,263,253
Corporate Bonds		—			46,251,462		—		46,251,462
Exchange-Traded Funds		310,691,405			—		—		310,691,405
Investment Companies		948,358,998			—		—		948,358,998
Mortgage-Backed Securities		—			49,652,269		—		49,652,269
U.S. Treasury Obligations		—			58,403,156		—		58,403,156
Short-Term Investments
Investment Companies		113,681,290			—		—		113,681,290

Total Investments in Securities	$	1,372,731,693		$	156,570,140	$	—	$	1,529,301,833

Appreciation in Other Financial Instruments
Futures Contracts	$	1,295,181		$	—	$	—	$	1,295,181

Depreciation in Other Financial Instruments
Futures Contracts	$	(1,183,678	)	$	—	$	—	$	(1,183,678	)

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)	$	194,985,082	$	2,273,045	$	1,936,080	$	17,825		$	8,866,524		$	204,206,396		4,234,890	$	1,032,382	$	—
JPMorgan BetaBuilders MSCI US REIT ETF (a)		33,049,828		2,166,567		1,930,945		(455,385	)		729,286			33,559,351		466,426		242,188		—
JPMorgan Core Bond Fund Class R6 Shares (a)		264,512,042		22,696,171		145,278,996		8,677,128			(7,110,959	)		143,495,386		11,544,279		1,393,294		—
JPMorgan Corporate Bond Fund Class R6 Shares (a)		57,780,611		7,944,225		—		—			366,741			66,091,577		6,136,637		414,099		—
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		8,958,165		83,339		—		—			187,250			9,228,754		1,186,215		83,339		—
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		65,897,034		8,955,244		4,498,882		(161,699	)		6,369,449			76,561,146		4,364,946		—		—
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		8,867,811		74,968		—		—			115,196			9,057,975		1,170,281		74,968		—
JPMorgan Equity Index Fund Class R6 Shares (a)		258,960,331		27,497,008		7,145,266		531,547			19,996,597			299,840,217		5,868,863		1,868,263		—
JPMorgan Floating Rate Income Fund Class R6 Shares (a)		9,436,748		1,387,934		—		—			176,215			11,000,897		1,280,663		106,311		—
JPMorgan High Yield Fund Class R6 Shares (a)		67,368,664		21,958,055		—		—			1,930,252			91,256,971		13,400,436		934,443		—
JPMorgan Income Fund Class R6 Shares (a)		12,702,576		1,695,403		—		—			222,863			14,620,842		1,587,496		172,656		—
JPMorgan Inflation Managed Bond Fund Class R6 Shares (a)		28,978,598		5,542,969		—		—			410,669			34,932,236		3,304,847		215,178		—
JPMorgan Managed Income Fund Class L Shares (a)		817,789		1,876		—		—			—			819,665		81,559		1,876		—
JPMorgan Short Duration Core Plus Fund Class R6 Shares (a)		163,826,593		26,311,382		—		—			1,315,357			191,453,332		19,576,005		946,867		—
JPMorgan U.S. Aggregate Bond ETF (a)		5,294,068		1,979,751		—		—			(29,794	)		7,244,025		259,178		27,419		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.06% (a) (b)		32,926,726		306,682,411		225,927,847		—			—			113,681,290		113,681,290		10,553		—

Total	$	1,214,362,666	$	437,250,348	$	386,718,016	$	8,609,416		$	33,545,646		$	1,307,050,060			$	7,523,836	$	—

(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.