JPMorgan SmartRetirement Blend 2020 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited)

Investments	Shares		Value ($)
INVESTMENT COMPANIES — 65.3%
Fixed Income — 49.6%
JPMorgan Core Bond Fund Class R6 Shares (a)		8,862,175		110,156,836
JPMorgan Corporate Bond Fund Class R6 Shares (a)		4,975,793		53,589,285
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		1,034,080		8,045,144
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		1,020,255		7,896,770
JPMorgan Floating Rate Income Fund Class R6 Shares (a)		1,254,975		10,780,234
JPMorgan High Yield Fund Class R6 Shares (a)		12,854,276		87,537,619
JPMorgan Income Fund Class R6 Shares (a)		1,750,204		16,119,379
JPMorgan Inflation Managed Bond Fund Class R6 Shares (a)		6,679,275		70,599,941
JPMorgan Managed Income Fund Class L Shares (a)		1,034,803		10,399,772
JPMorgan Short Duration Core Plus Fund Class R6 Shares (a)		15,750,337		154,038,300
Total Fixed Income				529,163,280
U.S. Equity — 15.7%
JPMorgan Equity Index Fund Class R6 Shares (a)		3,284,220		167,790,812
TOTAL INVESTMENT COMPANIES (Cost $656,441,524)				696,954,092
EXCHANGE-TRADED FUNDS — 19.5%
Alternative Assets — 1.3%
JPMorgan BetaBuilders MSCI US REIT ETF (a)		197,112		14,182,208
Fixed Income — 2.0%
JPMorgan U.S. Aggregate Bond ETF (a)		769,424		21,505,401
International Equity — 12.9%
iShares Core MSCI Emerging Markets ETF		596,894		31,516,003
JPMorgan BetaBuilders International Equity ETF (a)		2,197,996		105,987,367
Total International Equity				137,503,370
U.S. Equity — 3.3%
iShares Russell 2000 ETF		94,119		14,098,085
iShares Russell Mid-Cap ETF		375,254		21,532,075
Total U.S. Equity				35,630,160
TOTAL EXCHANGE-TRADED FUNDS (Cost $199,064,125)				208,821,139
	Principal Amount ($)
U.S. TREASURY OBLIGATIONS — 4.0%
U.S. Treasury Bonds
1.13%, 8/15/2040		2,403,000		2,357,944
1.38%, 8/15/2050		3,420,000		3,346,256
U.S. Treasury Notes
2.50%, 1/31/2021 (b)		10,006,300		10,083,693
0.13%, 9/30/2022		8,301,000		8,300,027
0.13%, 9/15/2023		9,415,000		9,406,173
0.25%, 8/31/2025		4,535,000		4,530,394
0.50%, 8/31/2027		3,329,000		3,336,802
0.63%, 8/15/2030		1,091,000		1,084,693
TOTAL U.S. TREASURY OBLIGATIONS (Cost $42,460,102)				42,445,982
MORTGAGE-BACKED SECURITIES — 3.5%
FHLMC UMBS, 20 Year
Pool # RB5085, 2.00%, 10/1/2040 (c)		290,000		299,959
FHLMC UMBS, 30 Year
Pool # QB4026, 2.50%, 10/1/2050		1,980,000		2,115,628
Pool # QB4045, 2.50%, 10/1/2050 (c)		1,315,000		1,383,187
FNMA UMBS, 30 Year
Pool # CA2826, 5.50%, 12/1/2048 (c)		2,245,016		2,533,324
Pool # BQ3996, 2.50%, 10/1/2050 (c)		1,010,000		1,063,877
FNMA/FHLMC UMBS, Single Family, 15 Year
TBA, 2.00%, 11/25/2035 (c)		3,205,000		3,328,926
FNMA/FHLMC UMBS, Single Family, 30 Year
TBA, 1.50%, 11/25/2050 (c)		649,195		651,598
TBA, 2.00%, 11/25/2050 (c)		22,410,484		23,111,463
GNMA II, Single Family, 30 Year
TBA, 2.00%, 11/15/2050 (c)		3,213,000		3,330,977
TOTAL MORTGAGE-BACKED SECURITIES (Cost $37,747,282)				37,818,939
CORPORATE BONDS — 3.3%
Aerospace & Defense — 0.2%
BAE Systems plc (United Kingdom)
3.40%, 4/15/2030 (d)		200,000		223,800
Boeing Co. (The)
2.50%, 3/1/2025		210,000		209,824
2.70%, 2/1/2027		428,000		417,199
Lockheed Martin Corp.
2.80%, 6/15/2050		196,000		203,593
Northrop Grumman Corp.
5.15%, 5/1/2040		151,000		202,634
Raytheon Technologies Corp.
2.25%, 7/1/2030		197,000		206,900
3.75%, 11/1/2046		107,000		122,292
				1,586,242

JPMorgan SmartRetirement Blend 2020 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		790,000		879,845
(ICE LIBOR USD 3 Month + 1.51%), 3.71%, 4/24/2028 (e)		640,000		722,638
(SOFR + 1.93%), 2.68%, 6/19/2041 (e)		580,000		591,553
Citigroup, Inc.
3.88%, 3/26/2025		688,000		756,873
(ICE LIBOR USD 3 Month + 1.17%), 3.88%, 1/24/2039 (e)		185,000		217,278
HSBC Holdings plc (United Kingdom)
(SOFR + 1.73%), 2.01%, 9/22/2028 (e)		850,000		840,910
Mitsubishi UFJ Financial Group, Inc. (Japan)
3.74%, 3/7/2029		420,000		482,049
Societe Generale SA (France)
4.25%, 4/14/2025 (d)		500,000		533,202
UniCredit SpA (Italy)
6.57%, 1/14/2022 (d)		350,000		371,408
Wells Fargo & Co.
4.30%, 7/22/2027		765,000		874,742
(SOFR + 2.53%), 3.07%, 4/30/2041 (e)		210,000		217,885
				6,488,383
Beverages — 0.1%
Anheuser-Busch InBev Worldwide, Inc. (Belgium)
3.50%, 6/1/2030		360,000		409,310
3.75%, 7/15/2042		580,000		618,629
Keurig Dr Pepper, Inc.
3.20%, 5/1/2030		130,000		145,130
3.80%, 5/1/2050		124,000		142,330
				1,315,399
Biotechnology — 0.1%
AbbVie, Inc.
3.20%, 11/21/2029 (d)		240,000		263,889
4.05%, 11/21/2039 (d)		225,000		256,972
4.25%, 11/21/2049 (d)		180,000		212,607
Biogen, Inc.
2.25%, 5/1/2030		130,000		132,592
3.15%, 5/1/2050		110,000		108,287
Gilead Sciences, Inc.
2.60%, 10/1/2040		140,000		139,681
				1,114,028
Capital Markets — 0.2%
Brookfield Finance, Inc. (Canada)
3.50%, 3/30/2051		270,000		264,189
Goldman Sachs Group, Inc. (The)
4.25%, 10/21/2025		670,000		761,180
4.75%, 10/21/2045		140,000		183,796
Morgan Stanley
5.00%, 11/24/2025		930,000		1,090,857
(ICE LIBOR USD 3 Month + 1.43%), 4.46%, 4/22/2039 (e)		175,000		218,314
				2,518,336
Chemicals — 0.1%
DuPont de Nemours, Inc.
5.32%, 11/15/2038		135,000		171,649
Nutrien Ltd. (Canada)
5.00%, 4/1/2049		75,000		98,356
Nutrition & Biosciences, Inc.
2.30%, 11/1/2030 (d)		312,000		314,009
3.47%, 12/1/2050 (d)		160,000		160,306
				744,320
Consumer Finance — 0.2%
AerCap Ireland Capital DAC (Ireland)
3.15%, 2/15/2024		300,000		297,475
4.63%, 10/15/2027		325,000		315,192
Avolon Holdings Funding Ltd. (Ireland)
5.50%, 1/15/2023 (d)		220,000		222,073
5.50%, 1/15/2026 (d)		410,000		411,583
Park Aerospace Holdings Ltd. (Ireland)
5.25%, 8/15/2022 (d)		490,000		491,948
5.50%, 2/15/2024 (d)		170,000		171,063
				1,909,334
Diversified Financial Services — 0.1%
Hutchison Whampoa International 14 Ltd. (United Kingdom)
3.63%, 10/31/2024 (d)		501,000		547,999
National Rural Utilities Cooperative Finance Corp.
1.35%, 3/15/2031		130,000		129,342
				677,341
Diversified Telecommunication Services — 0.2%
AT&T, Inc.
2.30%, 6/1/2027		313,000		328,334
2.75%, 6/1/2031		415,000		436,370
3.50%, 6/1/2041		309,000		324,975
Verizon Communications, Inc.
3.15%, 3/22/2030		293,000		330,879
3.85%, 11/1/2042		365,000		432,638
				1,853,196
Electric Utilities — 0.2%
Appalachian Power Co.
Series Y, 4.50%, 3/1/2049		100,000		124,740
Baltimore Gas and Electric Co.
2.90%, 6/15/2050		105,000		107,280
Duke Energy Corp.
3.40%, 6/15/2029		210,000		235,612
Duke Energy Indiana LLC
Series YYY, 3.25%, 10/1/2049		80,000		89,061
Edison International
5.75%, 6/15/2027		105,000		115,880
Emera US Finance LP (Canada)
4.75%, 6/15/2046		110,000		132,314
Enel Finance International NV (Italy)
3.63%, 5/25/2027(d)		200,000		222,284
Entergy Arkansas LLC
2.65%, 6/15/2051		50,000		50,327
Entergy Louisiana LLC
4.00%, 3/15/2033		85,000		106,345

JPMorgan SmartRetirement Blend 2020 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($)		Value ($)
Evergy, Inc.
2.90%, 9/15/2029		235,000		252,069
FirstEnergy Transmission LLC
4.55%, 4/1/2049 (d)		105,000		123,171
Fortis, Inc. (Canada)
3.06%, 10/4/2026		150,000		163,896
ITC Holdings Corp.
2.95%, 5/14/2030 (d)		75,000		80,596
Jersey Central Power & Light Co.
4.30%, 1/15/2026 (d)		108,000		123,441
Massachusetts Electric Co.
4.00%, 8/15/2046 (d)		55,000		65,603
PacifiCorp
4.15%, 2/15/2050		90,000		112,482
PPL Capital Funding, Inc.
4.00%, 9/15/2047		110,000		126,286
Southern California Edison Co.
Series 20C, 1.20%, 2/1/2026		110,000		109,386
Series C, 4.13%, 3/1/2048		70,000		76,519
				2,417,292
Entertainment — 0.0%(f)
Walt Disney Co. (The)
2.65%, 1/13/2031		201,000		216,383
3.50%, 5/13/2040		190,000		212,797
				429,180
Equity Real Estate Investment Trusts (REITs) — 0.1%
American Tower Corp.
1.88%, 10/15/2030		510,000		502,285
CubeSmart LP
2.00%, 2/15/2031		274,000		270,147
Equinix, Inc.
1.55%, 3/15/2028		175,000		174,828
				947,260
Food & Staples Retailing — 0.0%(f)
CVS Pass-Through Trust
Series 2014, 4.16%, 8/11/2036 (d)		104,987		109,884
Sysco Corp.
2.40%, 2/15/2030		330,000		332,648
				442,532
Food Products — 0.0%(f)
Mondelez International, Inc.
1.88%, 10/15/2032 (c)		150,000		149,648
Tyson Foods, Inc.
3.55%, 6/2/2027		220,000		248,425
				398,073
Gas Utilities — 0.0%(f)
Atmos Energy Corp.
1.50%, 1/15/2031		210,000		209,022
CenterPoint Energy Resources Corp.
1.75%, 10/1/2030		110,000		110,110
				319,132
Health Care Equipment & Supplies — 0.1%
Abbott Laboratories
1.40%, 6/30/2030		65,000		65,257
Becton Dickinson and Co.
4.67%, 6/6/2047		50,000		61,612
Boston Scientific Corp.
4.00%, 3/1/2029		75,000		87,200
4.55%, 3/1/2039		70,000		87,517
Danaher Corp.
2.60%, 10/1/2050		147,000		143,208
DH Europe Finance II SARL
3.25%, 11/15/2039		60,000		66,484
				511,278
Health Care Providers & Services — 0.1%
CVS Health Corp.
3.25%, 8/15/2029		200,000		221,273
4.88%, 7/20/2035		170,000		215,941
2.70%, 8/21/2040		100,000		95,650
HCA, Inc.
5.25%, 6/15/2026		490,000		571,552
Quest Diagnostics, Inc.
2.80%, 6/30/2031		60,000		64,751
				1,169,167
Household Durables — 0.0%(f)
DR Horton, Inc.
1.40%, 10/15/2027		274,000		272,166
Independent Power and Renewable Electricity Producers — 0.1%
Exelon Generation Co. LLC
3.25%, 6/1/2025		470,000		513,719
Southern Power Co.
5.15%, 9/15/2041		80,000		94,117
				607,836
IT Services — 0.0%(f)
International Business Machines Corp.
4.00%, 6/20/2042		360,000		430,933
Media — 0.2%
Charter Communications Operating LLC
2.80%, 4/1/2031		417,000		432,526
3.70%, 4/1/2051		175,000		172,957
Comcast Corp.
1.50%, 2/15/2031		669,000		658,334
3.25%, 11/1/2039		195,000		215,805
2.80%, 1/15/2051		325,000		325,671
Cox Communications, Inc.
1.80%, 10/1/2030 (d)		134,000		132,150
2.95%, 10/1/2050 (d)		113,000		108,467
Discovery Communications LLC
3.63%, 5/15/2030		199,000		221,177
ViacomCBS, Inc.
4.00%, 1/15/2026		117,000		131,313
4.38%, 3/15/2043		123,000		130,365
				2,528,765
Metals & Mining — 0.0%(f)
Vale Overseas Ltd. (Brazil)
3.75%, 7/8/2030		105,000		107,861
Multi-Utilities — 0.0%(f)
Consumers Energy Co.
3.25%, 8/15/2046		55,000		61,140
Oil, Gas & Consumable Fuels — 0.1%
BP Capital Markets America, Inc.
2.77%, 11/10/2050		115,000		105,153

JPMorgan SmartRetirement Blend 2020 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($)		Value ($)
MPLX LP
2.65%, 8/15/2030		225,000		220,465
4.50%, 4/15/2038		120,000		122,664
Tennessee Gas Pipeline Co. LLC
2.90%, 3/1/2030 (d)		215,000		222,537
				670,819
Pharmaceuticals — 0.2%
AstraZeneca plc (United Kingdom)
1.38%, 8/6/2030		70,000		68,090
6.45%, 9/15/2037		45,000		68,081
Bristol-Myers Squibb Co.
3.40%, 7/26/2029		115,000		133,615
4.13%, 6/15/2039		225,000		282,692
Eli Lilly and Co.
2.50%, 9/15/2060		135,000		127,096
Mylan NV
3.95%, 6/15/2026		115,000		129,194
Pfizer, Inc.
3.90%, 3/15/2039		90,000		109,118
Royalty Pharma plc
1.75%, 9/2/2027 (d)		45,000		44,961
3.30%, 9/2/2040 (d)		105,000		102,873
3.55%, 9/2/2050 (d)		70,000		67,549
Takeda Pharmaceutical Co. Ltd. (Japan)
3.03%, 7/9/2040		345,000		356,353
Upjohn, Inc.
3.85%, 6/22/2040 (d)		70,000		75,363
Zoetis, Inc.
3.00%, 5/15/2050		60,000		64,138
				1,629,123
Semiconductors & Semiconductor Equipment — 0.1%
Broadcom, Inc.
4.15%, 11/15/2030		576,000		646,667
TSMC Global Ltd. (Taiwan)
1.38%, 9/28/2030 (d)		280,000		274,694
				921,361
Software — 0.1%
Oracle Corp.
2.95%, 4/1/2030		295,000		329,686
3.80%, 11/15/2037		276,000		323,282
VMware, Inc.
4.70%, 5/15/2030		183,000		216,500
				869,468
Specialty Retail — 0.0% (f)
AutoZone, Inc.
3.63%, 4/15/2025		195,000		217,401
Technology Hardware, Storage & Peripherals — 0.1%
Apple, Inc.
3.45%, 2/9/2045		279,000		330,582
2.55%, 8/20/2060		219,000		217,885
Dell International LLC
6.20%, 7/15/2030 (d)		357,000		428,065
				976,532
Thrifts & Mortgage Finance — 0.0% (f)
BPCE SA (France)
(SOFR + 1.52%), 1.65%, 10/6/2026 (d) (e)		350,000		350,059
Wireless Telecommunication Services — 0.1%
T-Mobile USA, Inc.
2.55%, 2/15/2031 (d)		530,000		549,122
3.00%, 2/15/2041 (d)		333,000		328,751
				877,873
TOTAL CORPORATE BONDS (Cost $35,576,537)				35,361,830
ASSET-BACKED SECURITIES — 0.2%
Octane Receivables Trust
Series 2020-1A, Class A, 1.71%, 2/20/2025 (d)		904,000		904,035
Progress Residential Trust
Series 2020-SFR3, Class A, 1.29%, 10/17/2027 (d)		440,000		439,992
Series 2020-SFR3, Class B, 1.50%, 10/17/2027 (d)		310,000		309,998
TOTAL ASSET-BACKED SECURITIES (Cost $1,653,909)				1,654,025
	Shares
SHORT-TERM INVESTMENTS — 8.9%
INVESTMENT COMPANIES — 8.9%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.06% (a) (g) (Cost $95,018,215)		95,018,215		95,018,215
Total Investments — 104.7% (Cost $1,067,961,694)				1,118,074,222
Liabilities in Excess of Other Assets — (4.7)%				(50,155,465	)
Net Assets — 100.0%				1,067,918,757

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 2020 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
EURO STOXX 50 Index		185			12/2020		EUR		6,901,862			(279,259	)
MSCI EAFE E-Mini Index		88			12/2020		USD		8,154,080			(221,678	)
MSCI Emerging Markets E-Mini Index		365			12/2020		USD		19,861,475			(175,508	)
Russell 2000 E-Mini Index		158			12/2020		USD		11,891,870			125,629
S&P 500 E-Mini Index		61			12/2020		USD		10,215,975			79,359
S&P Midcap 400 E-Mini Index		11			12/2020		USD		2,040,830			6,823
U.S. Treasury 10 Year Note		801			12/2020		USD		111,739,500			302,747
												(161,887	)
Short Contracts
Euro-Bund		(131	)		12/2020		EUR		(26,800,085	)		(124,922	)
FTSE 100 Index		(136	)		12/2020		GBP		(10,230,050	)		288,663
												163,741
												1,854

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 2020 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.

• 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	$	—		$	1,654,025	$	—	$	1,654,025
Corporate Bonds		—			35,361,830		—		35,361,830
Exchange-Traded Funds		208,821,139			—		—		208,821,139
Investment Companies		696,954,092			—		—		696,954,092
Mortgage-Backed Securities		—			37,818,939		—		37,818,939
U.S. Treasury Obligations		—			42,445,982		—		42,445,982
Short-Term Investments
Investment Companies		95,018,215			—		—		95,018,215
Total Investments in Securities	$	1,000,793,446		$	117,280,776	$	—	$	1,118,074,222
Appreciation in Other Financial Instruments
Futures Contracts	$	803,221		$	—	$	—	$	803,221
Depreciation in Other Financial Instruments
Futures Contracts	$	(801,367	)	$	—	$	—	$	(801,367	)

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)	$	102,762,863	$	1,593,596	$	3,046,139	$	42,122		$	4,634,925		$	105,987,367		2,197,996	$	527,785	$	—
JPMorgan BetaBuilders MSCI US REIT ETF (a)		17,547,252		—		3,614,487		(632,619	)		882,062			14,182,208		197,112		109,419		—
JPMorgan Core Bond Fund Class R6 Shares (a)		202,592,104		17,016,505		110,659,702		6,959,288			(5,751,359	)		110,156,836		8,862,175		1,066,912		—
JPMorgan Corporate Bond Fund Class R6 Shares (a)		48,096,651		5,175,490		—		—			317,144			53,589,285		4,975,793		339,157		—
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		7,809,258		72,651		—		—			163,235			8,045,144		1,034,080		72,651		—
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		7,730,984		65,358		—		—			100,428			7,896,770		1,020,255		65,357		—
JPMorgan Equity Index Fund Class R6 Shares (a)		139,700,544		16,933,952		—		—			11,156,316			167,790,812		3,284,220		1,035,530		—
JPMorgan Floating Rate Income Fund Class R6 Shares (a)		9,426,751		1,176,972		—		—			176,511			10,780,234		1,254,975		104,861		—
JPMorgan High Yield Fund Class R6 Shares (a)		67,798,181		19,224,920		1,446,232		(111,250	)		2,072,000			87,537,619		12,854,276		916,468		—
JPMorgan Income Fund Class R6 Shares (a)		14,330,864		1,536,678		—		—			251,837			16,119,379		1,750,204		192,946		—
JPMorgan Inflation Managed Bond Fund Class R6 Shares (a)		62,178,274		7,559,886		—		—			861,781			70,599,941		6,679,275		441,214		—
JPMorgan Managed Income Fund Class L Shares (a)		811,532		9,588,246		—		—			(6	)		10,399,772		1,034,803		20,154		—
JPMorgan Short Duration Core Plus Fund Class R6 Shares (a)		134,308,755		18,653,108		—		—			1,076,437			154,038,300		15,750,337		769,010		—
JPMorgan U.S. Aggregate Bond ETF (a)		18,643,326		2,890,314		—		—			(28,239	)		21,505,401		769,424		81,584		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.06% (a) (b)		45,431,750		227,579,472		177,993,007		—			—			95,018,215		95,018,215		10,647		—
Total	$	879,169,089	$	329,067,148	$	296,759,567	$	6,257,541		$	15,913,072		$	933,647,283			$	5,753,695	$	—

(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.