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JPMorgan SmartRetirement Blend Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited)


Investments	Shares		Value ($)
INVESTMENT COMPANIES — 63.6%
Fixed Income — 49.3%
JPMorgan Core Bond Fund Class R6 Shares (a)		3,609,159		44,861,843
JPMorgan Corporate Bond Fund Class R6 Shares (a)		2,633,921		28,367,326
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		561,276		4,366,730
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		546,954		4,233,423
JPMorgan Floating Rate Income Fund Class R6 Shares (a)		831,558		7,143,082
JPMorgan High Yield Fund Class R6 Shares (a)		6,833,158		46,533,803
JPMorgan Income Fund Class R6 Shares (a)		1,082,501		9,969,839
JPMorgan Inflation Managed Bond Fund Class R6 Shares (a)		4,023,594		42,529,384
JPMorgan Managed Income Fund Class L Shares (a)		538,156		5,408,470
JPMorgan Short Duration Core Plus Fund Class R6 Shares (a)		8,452,919		82,669,549

Total Fixed Income				276,083,449

U.S. Equity — 14.3%
JPMorgan Equity Index Fund Class R6 Shares (a)		1,573,520		80,391,136

TOTAL INVESTMENT COMPANIES (Cost $335,715,259)				356,474,585

EXCHANGE-TRADED FUNDS — 23.3%
Alternative Assets — 1.2%
JPMorgan BetaBuilders MSCI US REIT ETF (a)		90,221		6,491,401

Fixed Income — 7.4%
JPMorgan U.S. Aggregate Bond ETF (a)		1,476,406		41,265,548

International Equity — 11.9%
iShares Core MSCI Emerging Markets ETF		307,539		16,238,059
JPMorgan BetaBuilders International Equity ETF (a)		1,048,275		50,547,821

Total International Equity				66,785,880

U.S. Equity — 2.8%
iShares Russell 2000 ETF		34,582		5,180,038
iShares Russell Mid-Cap ETF		185,709		10,655,982

Total U.S. Equity				15,836,020

TOTAL EXCHANGE-TRADED FUNDS (Cost $124,368,140)				130,378,849


	Principal Amount ($)
U.S. TREASURY OBLIGATIONS — 3.3%
U.S. Treasury Bonds
1.13%, 8/15/2040		974,000		955,737
1.38%, 8/15/2050		1,387,000		1,357,093
U.S. Treasury Notes
2.50%, 1/31/2021 (b)		5,358,000		5,399,441
0.13%, 9/30/2022		3,367,000		3,366,605
0.13%, 9/15/2023		3,815,000		3,811,424
0.25%, 8/31/2025		1,839,000		1,837,132
0.50%, 8/31/2027		1,350,000		1,353,164
0.63%, 8/15/2030		443,000		440,439

TOTAL U.S. TREASURY OBLIGATIONS (Cost $18,523,470)				18,521,035

MORTGAGE-BACKED SECURITIES — 2.7%
FHLMC UMBS, 20 Year
Pool # RB5085, 2.00%, 10/1/2040 (c)		120,000		124,121
FHLMC UMBS, 30 Year
Pool # QB4026, 2.50%, 10/1/2050		805,000		860,141
Pool # QB4045, 2.50%, 10/1/2050 (c)		535,000		562,742
FNMA UMBS, 30 Year
Pool # CA2826, 5.50%, 12/1/2048 (c)		911,954		1,029,068
Pool # BQ3996, 2.50%, 10/1/2050 (c)		410,000		431,871
FNMA/FHLMC UMBS, Single Family, 15 Year
TBA, 2.00%, 11/25/2035 (c)		1,300,000		1,350,266
FNMA/FHLMC UMBS, Single Family, 30 Year
TBA, 1.50%, 11/25/2050 (c)		263,599		264,575
TBA, 2.00%, 11/25/2050 (c)		9,078,921		9,362,901
GNMA II, Single Family, 30 Year
TBA, 2.00%, 11/15/2050 (c)		1,303,000		1,350,845

TOTAL MORTGAGE-BACKED SECURITIES (Cost $15,307,514)				15,336,530

CORPORATE BONDS — 2.5%
Aerospace & Defense — 0.1%
Boeing Co. (The)
2.50%, 3/1/2025		85,000		84,928
2.70%, 2/1/2027		175,000		170,584
Lockheed Martin Corp.
2.80%, 6/15/2050		82,000		85,176
Northrop Grumman Corp.
5.15%, 5/1/2040		62,000		83,201
Raytheon Technologies Corp.
2.25%, 7/1/2030		80,000		84,020
3.75%, 11/1/2046		43,000		49,146

				557,055

JPMorgan SmartRetirement Blend Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($)		Value ($)
Banks — 0.4%
Bank of America Corp.
4.00%, 1/22/2025		320,000		356,393
(ICE LIBOR USD 3 Month + 1.51%), 3.71%, 4/24/2028 (d)		260,000		293,572
(SOFR + 1.93%), 2.68%, 6/19/2041 (d)		235,000		239,681
Citigroup, Inc.
3.88%, 3/26/2025		279,000		306,929
(ICE LIBOR USD 3 Month + 1.17%), 3.88%, 1/24/2039 (d)		75,000		88,086
HSBC Holdings plc (United Kingdom)
(SOFR + 1.73%), 2.01%, 9/22/2028 (d)		345,000		341,311
Mitsubishi UFJ Financial Group, Inc. (Japan)
3.74%, 3/7/2029		170,000		195,115
Societe Generale SA (France)
4.25%, 4/14/2025 (e)		200,000		213,281
Wells Fargo & Co.
4.30%, 7/22/2027		310,000		354,471
(SOFR + 2.53%), 3.07%, 4/30/2041 (d)		85,000		88,191

				2,477,030

Beverages — 0.1%
Anheuser-Busch InBev Worldwide, Inc. (Belgium)
3.50%, 6/1/2030		145,000		164,861
3.75%, 7/15/2042		235,000		250,652
Keurig Dr Pepper, Inc.
3.20%, 5/1/2030		55,000		61,401
3.80%, 5/1/2050		50,000		57,391

				534,305

Biotechnology — 0.1%
AbbVie, Inc.
3.20%, 11/21/2029 (e)		95,000		104,456
4.05%, 11/21/2039 (e)		90,000		102,789
4.25%, 11/21/2049 (e)		75,000		88,586
Biogen, Inc.
2.25%, 5/1/2030		50,000		50,997
3.15%, 5/1/2050		45,000		44,299
Gilead Sciences, Inc.
2.60%, 10/1/2040		60,000		59,864

				450,991

Capital Markets — 0.2%
Brookfield Finance, Inc. (Canada)
3.50%, 3/30/2051		110,000		107,633
Goldman Sachs Group, Inc. (The)
4.25%, 10/21/2025		270,000		306,744
4.75%, 10/21/2045		55,000		72,206
Morgan Stanley
5.00%, 11/24/2025		380,000		445,727
(ICE LIBOR USD 3 Month + 1.43%), 4.46%, 4/22/2039 (d)		70,000		87,325

				1,019,635

Chemicals — 0.1%
DuPont de Nemours, Inc.
5.32%, 11/15/2038		55,000		69,931
Nutrien Ltd. (Canada)
5.00%, 4/1/2049		30,000		39,342
Nutrition & Biosciences, Inc.
2.30%, 11/1/2030 (e)		127,000		127,818
3.47%, 12/1/2050 (e)		65,000		65,124

				302,215

Consumer Finance — 0.1%
AerCap Ireland Capital DAC (Ireland)
3.15%, 2/15/2024		150,000		148,738
4.63%, 10/15/2027		150,000		145,473
Avolon Holdings Funding Ltd. (Ireland)
5.50%, 1/15/2023 (e)		90,000		90,848
5.50%, 1/15/2026 (e)		170,000		170,656
Park Aerospace Holdings Ltd. (Ireland)
5.25%, 8/15/2022 (e)		195,000		195,775
5.50%, 2/15/2024 (e)		70,000		70,438

				821,928

Diversified Financial Services — 0.1%
Hutchison Whampoa International 14 Ltd. (United Kingdom)
3.63%, 10/31/2024 (e)		204,000		223,137
National Rural Utilities Cooperative Finance Corp.
1.35%, 3/15/2031		55,000		54,722

				277,859

Diversified Telecommunication Services — 0.1%
AT&T, Inc.
2.30%, 6/1/2027		130,000		136,369
2.75%, 6/1/2031		168,000		176,651
3.50%, 6/1/2041		125,000		131,462
Verizon Communications, Inc.
3.15%, 3/22/2030		119,000		134,384
3.85%, 11/1/2042		148,000		175,426

				754,292

Electric Utilities — 0.2%
Appalachian Power Co.
Series Y, 4.50%, 3/1/2049		40,000		49,896
Baltimore Gas and Electric Co.
2.90%, 6/15/2050		40,000		40,868
Duke Energy Corp.
3.40%, 6/15/2029		85,000		95,367
Duke Energy Indiana LLC
Series YYY, 3.25%, 10/1/2049		30,000		33,398
Edison International
5.75%, 6/15/2027		45,000		49,663
Emera US Finance LP (Canada)
4.75%, 6/15/2046		45,000		54,128
Entergy Arkansas LLC
2.65%, 6/15/2051		20,000		20,131
Entergy Louisiana LLC
4.00%, 3/15/2033		35,000		43,789
Evergy, Inc.
2.90%, 9/15/2029		95,000		101,900
FirstEnergy Transmission LLC
4.55%, 4/1/2049 (e)		45,000		52,788
Fortis, Inc. (Canada)
3.06%, 10/4/2026		60,000		65,559

JPMorgan SmartRetirement Blend Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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


Investments	Principal Amount ($)		Value ($)
ITC Holdings Corp.
2.95%, 5/14/2030 (e)		30,000		32,238
Jersey Central Power & Light Co.
4.30%, 1/15/2026 (e)		44,000		50,291
Massachusetts Electric Co.
4.00%, 8/15/2046 (e)		20,000		23,855
PacifiCorp
4.15%, 2/15/2050		35,000		43,743
PPL Capital Funding, Inc.
4.00%, 9/15/2047		45,000		51,663
Southern California Edison Co.
Series 20C, 1.20%, 2/1/2026		45,000		44,749
Series C, 4.13%, 3/1/2048		30,000		32,794

				886,820

Entertainment — 0.0% (f)
Walt Disney Co. (The)
2.65%, 1/13/2031		82,000		88,275
3.50%, 5/13/2040		80,000		89,599

				177,874

Equity Real Estate Investment Trusts (REITs) — 0.1%
American Tower Corp.
1.88%, 10/15/2030		210,000		206,823
CubeSmart LP
2.00%, 2/15/2031		111,000		109,439
Equinix, Inc.
1.55%, 3/15/2028		70,000		69,931

				386,193

Food & Staples Retailing — 0.0% (f)
CVS Pass-Through Trust
Series 2014, 4.16%, 8/11/2036 (e)		40,380		42,263
Sysco Corp.
2.40%, 2/15/2030		131,000		132,051

				174,314

Food Products — 0.0% (f)
Mondelez International, Inc.
1.88%, 10/15/2032 (c)		60,000		59,859
Tyson Foods, Inc.
3.55%, 6/2/2027		89,000		100,499

				160,358

Gas Utilities — 0.0% (f)
Atmos Energy Corp.
1.50%, 1/15/2031		80,000		79,627
CenterPoint Energy Resources Corp.
1.75%, 10/1/2030		100,000		100,100

				179,727

Health Care Equipment & Supplies — 0.0% (f)
Abbott Laboratories
1.40%, 6/30/2030		25,000		25,099
Becton Dickinson and Co.
4.67%, 6/6/2047		20,000		24,645
Boston Scientific Corp.
4.00%, 3/1/2029		30,000		34,880
4.55%, 3/1/2039		30,000		37,507
Danaher Corp.
2.60%, 10/1/2050		60,000		58,452
DH Europe Finance II SARL
3.25%, 11/15/2039		25,000		27,702

				208,285

Health Care Providers & Services — 0.1%
CVS Health Corp.
3.25%, 8/15/2029		80,000		88,509
4.88%, 7/20/2035		70,000		88,917
2.70%, 8/21/2040		40,000		38,260
HCA, Inc.
5.25%, 6/15/2026		200,000		233,286
Quest Diagnostics, Inc.
2.80%, 6/30/2031		25,000		26,980

				475,952

Household Durables — 0.0% (f)
DR Horton, Inc.
1.40%, 10/15/2027		111,000		110,257

Independent Power and Renewable Electricity Producers — 0.0% (f)
Exelon Generation Co. LLC
3.25%, 6/1/2025		190,000		207,674
Southern Power Co.
5.15%, 9/15/2041		35,000		41,176

				248,850

IT Services — 0.0% (f)
International Business Machines Corp.
4.00%, 6/20/2042		146,000		174,767

Media — 0.2%
Charter Communications Operating LLC
2.80%, 4/1/2031		170,000		176,329
3.70%, 4/1/2051		70,000		69,183
Comcast Corp.
1.50%, 2/15/2031		271,000		266,679
3.25%, 11/1/2039		79,000		87,429
2.80%, 1/15/2051		131,000		131,270
Cox Communications, Inc.
1.80%, 10/1/2030 (e)		54,000		53,254
2.95%, 10/1/2050 (e)		47,000		45,115
Discovery Communications LLC
3.63%, 5/15/2030		80,000		88,916
ViacomCBS, Inc.
4.00%, 1/15/2026		48,000		53,872
4.38%, 3/15/2043		50,000		52,994

				1,025,041

Metals & Mining — 0.0% (f)
Vale Overseas Ltd. (Brazil)
3.75%, 7/8/2030		45,000		46,226

Multi-Utilities — 0.0% (f)
Consumers Energy Co.
3.25%, 8/15/2046		20,000		22,233

Oil, Gas & Consumable Fuels — 0.1%
BP Capital Markets America, Inc.
2.77%, 11/10/2050		45,000		41,147
MPLX LP
2.65%, 8/15/2030		90,000		88,186
4.50%, 4/15/2038		50,000		51,109
Tennessee Gas Pipeline Co. LLC
2.90%, 3/1/2030 (e)		85,000		87,980

				268,422

JPMorgan SmartRetirement Blend Income 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		25,000		24,318
6.45%, 9/15/2037		20,000		30,258
Bristol-Myers Squibb Co.
3.40%, 7/26/2029		45,000		52,284
4.13%, 6/15/2039		90,000		113,077
Eli Lilly and Co.
2.50%, 9/15/2060		55,000		51,780
Mylan NV
3.95%, 6/15/2026		45,000		50,554
Pfizer, Inc.
3.90%, 3/15/2039		35,000		42,435
Royalty Pharma plc
1.75%, 9/2/2027 (e)		20,000		19,983
3.30%, 9/2/2040 (e)		45,000		44,088
3.55%, 9/2/2050 (e)		25,000		24,125
Takeda Pharmaceutical Co. Ltd. (Japan)
3.03%, 7/9/2040		200,000		206,581
Upjohn, Inc.
3.85%, 6/22/2040 (e)		30,000		32,299
Zoetis, Inc.
3.00%, 5/15/2050		25,000		26,724

				718,506

Semiconductors & Semiconductor Equipment — 0.1%
Broadcom, Inc.
4.15%, 11/15/2030		233,000		261,586

Software — 0.1%
Oracle Corp.
2.95%, 4/1/2030		120,000		134,109
3.80%, 11/15/2037		114,000		133,530
VMware, Inc.
4.70%, 5/15/2030		74,000		87,547

				355,186

Specialty Retail — 0.0% (f)
AutoZone, Inc.
3.63%, 4/15/2025		85,000		94,765

Technology Hardware, Storage & Peripherals — 0.1%
Apple, Inc.
3.45%, 2/9/2045		115,000		136,261
2.55%, 8/20/2060		89,000		88,547
Dell International LLC
6.20%, 7/15/2030 (e)		145,000		173,864

				398,672

Thrifts & Mortgage Finance — 0.0% (f)
BPCE SA (France)
(SOFR + 1.52%), 1.65%, 10/6/2026 (d) (e)		250,000		250,042

Wireless Telecommunication Services — 0.1%
T-Mobile USA, Inc.
2.55%, 2/15/2031 (e)		215,000		222,757
3.00%, 2/15/2041 (e)		134,000		132,290

				355,047

TOTAL CORPORATE BONDS (Cost $14,260,882)				14,174,433

ASSET-BACKED SECURITIES — 0.1%
Octane Receivables Trust
Series 2020-1A, Class A, 1.71%, 2/20/2025 (e)		368,000		368,014
Progress Residential Trust
Series 2020-SFR3, Class A, 1.29%, 10/17/2027 (e)		180,000		179,997
Series 2020-SFR3, Class B, 1.50%, 10/17/2027 (e)		130,000		129,999

TOTAL ASSET-BACKED SECURITIES (Cost $677,963)				678,010


	Shares
SHORT-TERM INVESTMENTS — 8.4%
INVESTMENT COMPANIES — 8.4%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.06% (a) (g) (Cost $47,123,857)		47,123,857		47,123,857

Total Investments — 103.9% (Cost $555,977,085)				582,687,299
Liabilities in Excess of Other Assets — (3.9)%				(21,967,502	)

Net Assets — 100.0%				560,719,797

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)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of September 30, 2020.

(e)	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.

(f)	Amount rounds to less than 0.1% of net assets.

(g)	The rate shown is the current yield as of September 30, 2020.

JPMorgan SmartRetirement Blend Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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
EURO STOXX 50 Index		97			12/2020		EUR		3,618,814			(146,422	)
MSCI EAFE E-Mini Index		39			12/2020		USD		3,613,740			(98,246	)
MSCI Emerging Markets E-Mini Index		169			12/2020		USD		9,196,135			(81,260	)
Russell 2000 E-Mini Index		104			12/2020		USD		7,827,560			82,694
S&P 500 E-Mini Index		32			12/2020		USD		5,359,200			41,630
S&P Midcap 400 E-Mini Index		5			12/2020		USD		927,650			3,100
U.S. Treasury 10 Year Note		417			12/2020		USD		58,171,500			158,835

												(39,669	)

Short Contracts
Euro-Bund		(70	)		12/2020		EUR		(14,320,656	)		(66,752	)
FTSE 100 Index		(72	)		12/2020		GBP		(5,415,909	)		152,817

												86,065

												46,396

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

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.

JPMorgan SmartRetirement Blend Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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
Asset-Backed Securities	$	—		$	678,010	$	—	$	678,010
Corporate Bonds		—			14,174,433		—		14,174,433
Exchange-Traded Funds		130,378,849			—		—		130,378,849
Investment Companies		356,474,585			—		—		356,474,585
Mortgage-Backed Securities		—			15,336,530		—		15,336,530
U.S. Treasury Obligations		—			18,521,035		—		18,521,035
Short-Term Investments
Investment Companies		47,123,857			—		—		47,123,857

Total Investments in Securities	$	533,977,291		$	48,710,008	$	—	$	582,687,299

Appreciation in Other Financial Instruments
Futures Contracts	$	439,076		$	—	$	—	$	439,076

Depreciation in Other Financial Instruments
Futures Contracts	$	(392,680	)	$	—	$	—	$	(392,680	)

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)	$	49,095,529	$	—	$	794,471	$	7,036		$	2,239,727		$	50,547,821		1,048,275	$	255,548	$	—
JPMorgan BetaBuilders MSCI US REIT ETF (a)		8,021,701		—		1,644,101		(288,467	)		402,268			6,491,401		90,221		50,083		—
JPMorgan Core Bond Fund Class R6 Shares (a)		81,612,943		7,640,172		44,876,565		3,317,662			(2,832,369	)		44,861,843		3,609,159		432,270		—
JPMorgan Corporate Bond Fund Class R6 Shares (a)		25,163,704		3,040,442		—		—			163,180			28,367,326		2,633,921		178,726		—
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		4,238,697		39,433		—		—			88,600			4,366,730		561,276		39,433		—
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		4,144,546		35,037		—		—			53,840			4,233,423		546,954		35,038		—
JPMorgan Equity Index Fund Class R6 Shares (a)		71,171,112		6,009,439		2,441,313		136,132			5,515,766			80,391,136		1,573,520		496,455		—
JPMorgan Floating Rate Income Fund Class R6 Shares (a)		5,998,997		1,032,411		—		—			111,674			7,143,082		831,558		68,540		—
JPMorgan High Yield Fund Class R6 Shares (a)		35,509,485		11,002,532		996,244		(70,864	)		1,088,894			46,533,803		6,833,158		485,216		—
JPMorgan Income Fund Class R6 Shares (a)		9,038,263		772,533		—		—			159,043			9,969,839		1,082,501		120,725		—
JPMorgan Inflation Managed Bond Fund Class R6 Shares (a)		36,924,836		5,089,852		—		—			514,696			42,529,384		4,023,594		264,856		—
JPMorgan Managed Income Fund Class L Shares (a)		447,904		4,960,569		—		—			(3	)		5,408,470		538,156		10,491		—
JPMorgan Short Duration Core Plus Fund Class R6 Shares (a)		70,445,392		11,658,250		—		—			565,907			82,669,549		8,452,919		409,965		—
JPMorgan U.S. Aggregate Bond ETF (a)		34,081,878		7,262,470		—		—			(78,800	)		41,265,548		1,476,406		154,906		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.06% (a) (b)		21,682,142		116,551,811		91,110,096		—			—			47,123,857		47,123,857		5,910		—

Total	$	457,577,129	$	175,094,951	$	141,862,790	$	3,101,499		$	7,992,423		$	501,903,212			$	3,008,162	$	—

(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.