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JPMorgan Investor Conservative Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited)

 

Investments

    Shares (000)      Value ($000)  
               

INVESTMENT COMPANIES — 98.0%

 

Alternative Assets — 4.4%

      

JPMorgan Realty Income Fund Class R6 Shares (a)

      5,601        89,338  

JPMorgan Strategic Income Opportunities Fund Class R6 Shares (a)

      6,948        80,323  

JPMorgan Unconstrained Debt Fund Class R6 Shares (a)

      4,418        44,488  
     

 

 

  

Total Alternative Assets

         214,149  
     

 

 

  

Fixed Income — 62.8%

      

JPMorgan Core Bond Fund Class R6 Shares (a)

      117,614        1,410,192  

JPMorgan Core Plus Bond Fund Class R6 Shares (a)

      66,505        567,952  

JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)

      5,995        47,361  

JPMorgan Government Bond Fund Class R6 Shares (a)

      4,714        51,615  

JPMorgan High Yield Fund Class R6 Shares (a)

      18,019        131,717  

JPMorgan Income Fund Class R6 Shares (a)

      29,160        277,022  

JPMorgan Inflation Managed Bond Fund Class R6 Shares (a)

      6,948        76,145  

JPMorgan Limited Duration Bond Fund Class R6 Shares (a)

      38,121        386,931  

JPMorgan Short Duration Core Plus Fund Class R6 Shares (a)

      12,540        123,271  
     

 

 

  

Total Fixed Income

         3,072,206  
     

 

 

  

International Equity — 8.5%

      

JPMorgan Emerging Markets Equity Fund Class R6 Shares (a)

      1,987        82,604  

JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)

      2,926        60,068  

JPMorgan Europe Dynamic Fund Class R6 Shares (a)

      1,160        35,444  

JPMorgan International Equity Fund Class R6 Shares (a)

      1,703        36,212  

JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a)

      9,738        200,695  
     

 

 

  

Total International Equity

         415,023  
     

 

 

  

U.S. Equity — 22.3%

      

JPMorgan Equity Income Fund Class R6 Shares (a)

      5,171        116,094  

JPMorgan Large Cap Growth Fund Class R6 Shares (a)

      2,022        138,592  

JPMorgan Large Cap Value Fund Class R6 Shares (a)

      3,093        59,596  

JPMorgan Market Expansion Enhanced Index Fund Class R6 Shares (a)

      6,286        79,640  

JPMorgan Mid Cap Growth Fund Class R6 Shares (a)

      973        54,997  

JPMorgan Small Cap Equity Fund Class R6 Shares (a)

      298        22,717  

JPMorgan Small Cap Value Fund Class R6 Shares (a)

      1,132        38,143  

JPMorgan U.S. Equity Fund Class R6 Shares (a)

      10,392        226,966  

JPMorgan U.S. GARP Equity Fund Class R6 Shares (a)

      1,584        117,269  

JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a)

      3,189        117,260  

JPMorgan Value Advantage Fund Class R6 Shares (a)

      2,812        120,853  
     

 

 

  

Total U.S. Equity

         1,092,127  
     

 

 

  

TOTAL INVESTMENT COMPANIES

(Cost $4,024,788)

         4,793,505  
  

 

 

  

SHORT-TERM INVESTMENTS — 2.0%

 

INVESTMENT COMPANIES — 2.0%

 

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)

(Cost $99,942)

      99,942        99,942  
     

 

 

  

Total Investments — 100.0%

(Cost $4,124,730)

 

 

      4,893,447  

Other Assets Less Liabilities — 0.0% (c)

 

      104  
  

 

 

  

Net Assets — 100.0%

 

      4,893,551  
  

 

 

  

 

Percentages indicated are based on net assets.

 

(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, 2021.

(c)

Amount rounds to less than 0.1% of net assets.

Detailed information about investment portfolios of the underlying funds 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.

JPMorgan Investor Conservative Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (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.

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.

Investments in open-end investment companies (“Underlying Funds”) are valued at each Underlying Fund’s net asset values per share as of the report date.

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)

    $ 4,893,447      $ –        $ –        $ 4,893,447  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

(a)

Please refer to the SOI for specifics of portfolio holdings.

B. Investment Transactions with Affiliates — The Fund invested in Underlying Funds, 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’ distributions may be reinvested into such Underlying Funds. Reinvestment amounts are included in the purchases at cost amounts in the table below.

 

    For the period ended September 30, 2021  

Security Description

   Value at
June 30,
2021		     Purchases
at Cost		     Proceeds
from Sales		     Net Realized
Gain (Loss)		     Change in
Unrealized
Appreciation/
(Depreciation)		     Value at
September 30,
2021		     Shares at
September 30,
2021		     Dividend
Income		     Capital Gain
Distributions		  

JPMorgan Core Bond Fund Class R6 Shares (a)

   $ 1,359,669     $ 57,786     $ —       $ —       $ (7,263 )    $ 1,410,192       117,614     $ 7,659     $ —    

JPMorgan Core Plus Bond Fund Class R6 Shares (a)

     551,771       18,890       —         —         (2,709 )      567,952       66,505       3,560       —    

JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)

     47,776       540       —         —         (955 )      47,361       5,995       539       —    

JPMorgan Emerging Markets Equity Fund Class R6 Shares (a)

     89,302       989       —         —         (7,687 )      82,604       1,987       —         —    

JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)

     64,351       1,482       —         —         (5,765 )      60,068       2,926       —         —    

JPMorgan Equity Income Fund Class R6 Shares (a)

     117,151       552       —         —         (1,609 )      116,094       5,171       552       —    

JPMorgan Europe Dynamic Fund Class R6 Shares (a)

     36,326       —         —         —         (882 )      35,444       1,160       —         —    

JPMorgan Government Bond Fund Class R6 Shares (a)

     46,731       5,136       —         —         (252 )      51,615       4,714       195       —    

JPMorgan High Yield Fund Class R6 Shares (a)

     130,480       1,592       —         —         (355 )      131,717       18,019       1,592       —    

JPMorgan Income Fund Class R6 Shares (a)

     276,066       2,693       —         —         (1,737 )      277,022       29,160       2,692       —    

JPMorgan Inflation Managed Bond Fund Class R6 Shares (a)

     74,982       544       —         —         619       76,145       6,948       544       —    

JPMorgan International Equity Fund Class R6 Shares (a)

     36,502       —         —         —         (290 )      36,212       1,703       —         —    

JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a)

     202,058       —         —         —         (1,363 )      200,695       9,738       —         —    

JPMorgan Large Cap Growth Fund Class R6 Shares (a)

     137,885       (1 )      —         —         708       138,592       2,022       —         —    

JPMorgan Large Cap Value Fund Class R6 Shares (a)

     62,174       229       —         —         (2,807 )      59,596       3,093       229       —    

JPMorgan Limited Duration Bond Fund Class R6 Shares (a)

     386,602       1,091       —         —         (762 )      386,931       38,121       1,091       —    

JPMorgan Market Expansion Enhanced Index Fund Class R6 Shares (a)

     81,023       —         —         —         (1,383 )      79,640       6,286       —         —    

JPMorgan Mid Cap Growth Fund Class R6 Shares (a)

     53,455       2,472       —         —         (930 )      54,997       973       —         —    

JPMorgan Realty Income Fund Class R6 Shares (a)

     108,652       337       21,834       5,239       (3,056 )      89,338       5,601       337       —    

JPMorgan Short Duration Core Plus Fund Class R6 Shares (a)

     120,554       2,965       —         —         (248 )      123,271       12,540       488       —    

JPMorgan Small Cap Equity Fund Class R6 Shares (a)

     21,086       1,977       —         —         (346 )      22,717       298       —         —    

JPMorgan Small Cap Value Fund Class R6 Shares (a)

     36,636       2,546       —         —         (1,039 )      38,143       1,132       76       —    

JPMorgan Strategic Income Opportunities Fund Class R6 Shares (a)

     80,067       186       —         —         70       80,323       6,948       186       —    

JPMorgan U.S. Equity Fund Class R6 Shares (a)

     225,007       407       —         —         1,552       226,966       10,392       407       —    

JPMorgan U.S. GARP Equity Fund Class R6 Shares (a)

     116,904       1       —         —         364       117,269       1,584       —         —    

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)

     113,834       80,514       94,406       —         —         99,942       99,942       8       —    

JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a)

     117,176       310       —         —         (226 )      117,260       3,189       310       —    

JPMorgan Unconstrained Debt Fund Class R6 Shares (a)

     44,356       264       —         —         (132 )      44,488       4,418       264       —    

JPMorgan Value Advantage Fund Class R6 Shares (a)

     121,387       —         —         —         (534 )      120,853       2,812       —         —    
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

      

 

 

    

 

 

  

Total

   $ 4,859,963     $ 183,502     $ 116,240     $ 5,239     $ (39,017 )    $ 4,893,447       $ 20,729     $ —    
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

      

 

 

    

 

 

  

 

(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, 2021.