JPMorgan Trust IV NPORT-P JPMorgan SmartSpending 2020 Fund (Sep 2020 report)

JPMorgan SmartSpending 2020 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2020 (Unaudited)

Investments	Shares		Value ($)
INVESTMENT COMPANIES — 54.3%
Fixed Income — 39.8%
JPMorgan Core Bond Fund Class R6 Shares (a)		86,787		1,078,767
JPMorgan Corporate Bond Fund Class R6 Shares (a)		117,369		1,264,065
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		46,069		356,576
JPMorgan High Yield Fund Class R6 Shares (a)		334,315		2,276,688
JPMorgan Income Fund Class R6 Shares (a)		69,857		643,379
JPMorgan Inflation Managed Bond Fund Class R6 Shares (a)		181,106		1,914,290
JPMorgan Short Duration Core Plus Fund Class R6 Shares (a)		280,638		2,744,637
Total Fixed Income				10,278,402
U.S. Equity — 14.5%
JPMorgan Equity Index Fund Class R6 Shares (a)		73,111		3,735,241
TOTAL INVESTMENT COMPANIES (Cost $13,637,391)				14,013,643
EXCHANGE-TRADED FUNDS — 36.7%
Alternative Assets — 1.4%
JPMorgan BetaBuilders MSCI US REIT ETF (a)		4,907		353,059
Fixed Income — 19.0%
JPMorgan U.S. Aggregate Bond ETF (a)		175,309		4,899,886
International Equity — 13.0%
iShares Core MSCI Emerging Markets ETF		16,656		879,437
JPMorgan BetaBuilders International Equity ETF (a)		51,515		2,484,053
Total International Equity				3,363,490
U.S. Equity — 3.3%
iShares Russell 2000 ETF		2,174		325,643
iShares Russell Mid-Cap ETF		9,475		543,676
Total U.S. Equity				869,319
TOTAL EXCHANGE-TRADED FUNDS (Cost $9,275,998)				9,485,754
	Principal Amount ($)
U.S. TREASURY OBLIGATIONS — 1.7%
U.S. Treasury Bonds
1.13%, 8/15/2040		5,000		4,906
1.38%, 8/15/2050		26,000		25,440
U.S. Treasury Notes
2.50%, 1/31/2021 (b)		230,000		231,779
0.13%, 9/30/2022		73,000		72,991
0.13%, 9/15/2023		45,000		44,958
0.25%, 8/31/2025		29,000		28,970
0.50%, 8/31/2027		22,000		22,052
TOTAL U.S. TREASURY OBLIGATIONS (Cost $431,424)				431,096
CORPORATE BONDS — 1.3%
Aerospace & Defense — 0.0% (c)
Boeing Co. (The) 2.70%, 2/1/2027		5,000		4,874
Lockheed Martin Corp. 2.80%, 6/15/2050		2,000		2,077
Raytheon Technologies Corp. 2.25%, 7/1/2030		3,000		3,151
				10,102
Banks — 0.2%
Bank of America Corp.
4.00%, 1/22/2025		10,000		11,137
(ICE LIBOR USD 3 Month + 1.51%), 3.71%, 4/24/2028 (d)		5,000		5,646
(SOFR + 1.93%), 2.68%, 6/19/2041 (d)		5,000		5,099
Citigroup, Inc.
3.88%, 3/26/2025		5,000		5,500
(ICE LIBOR USD 3 Month + 1.17%), 3.88%, 1/24/2039 (d)		2,000		2,349
HSBC Holdings plc (United Kingdom) 6.10%, 1/14/2042		2,000		2,863
Mitsubishi UFJ Financial Group, Inc. (Japan) 3.74%, 3/7/2029		5,000		5,739
Wells Fargo & Co. (SOFR + 2.53%), 3.07%, 4/30/2041 (d)		5,000		5,188
				43,521
Beverages — 0.1%
Anheuser-Busch InBev Worldwide, Inc. (Belgium)
3.50%, 6/1/2030		5,000		5,685
3.75%, 7/15/2042		5,000		5,333
Keurig Dr Pepper, Inc. 3.20%, 5/1/2030		3,000		3,349
				14,367
Biotechnology — 0.1%
AbbVie, Inc. 4.05%, 11/21/2039 (e)		5,000		5,710
Gilead Sciences, Inc. 2.60%, 10/1/2040		5,000		4,989
				10,699
Capital Markets — 0.1%
Goldman Sachs Group, Inc. (The) 4.25%, 10/21/2025		10,000		11,361
Morgan Stanley (ICE LIBOR USD 3 Month + 1.43%), 4.46%, 4/22/2039 (d)		5,000		6,238
				17,599

JPMorgan SmartSpending 2020 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($)		Value ($)
Chemicals — 0.0% (c)
Nutrition & Biosciences, Inc.
2.30%, 11/1/2030 (e)		3,000		3,019
3.47%, 12/1/2050 (e)		5,000		5,010
				8,029
Consumer Finance — 0.0% (c)
Park Aerospace Holdings Ltd. (Ireland)
5.25%, 8/15/2022 (e)		5,000		5,020
5.50%, 2/15/2024 (e)		5,000		5,031
				10,051
Diversified Financial Services — 0.0% (c)
National Rural Utilities Cooperative Finance Corp. 1.35%, 3/15/2031		5,000		4,975
Diversified Telecommunication Services — 0.1%
AT&T, Inc.
2.75%, 6/1/2031		6,000		6,309
3.50%, 6/1/2041		3,000		3,155
Verizon Communications, Inc.
3.15%, 3/22/2030		5,000		5,646
3.85%, 11/1/2042		3,000		3,556
				18,666
Electric Utilities — 0.1%
Duke Energy Corp. 3.40%, 6/15/2029		5,000		5,610
Emera US Finance LP (Canada) 4.75%, 6/15/2046		5,000		6,014
Evergy, Inc. 2.90%, 9/15/2029		5,000		5,363
Jersey Central Power & Light Co. 4.30%, 1/15/2026 (e)		2,000		2,286
PacifiCorp 4.15%, 2/15/2050		5,000		6,249
Southern California Edison Co. Series 20C, 1.20%, 2/1/2026		4,000		3,978
				29,500
Entertainment — 0.0% (c)
Walt Disney Co. (The) 3.50%, 5/13/2040		3,000		3,360
Equity Real Estate Investment Trusts (REITs) — 0.1%
American Tower Corp. 1.88%, 10/15/2030		5,000		4,924
CubeSmart LP 2.00%, 2/15/2031		3,000		2,958
Equinix, Inc. 1.55%, 3/15/2028		3,000		2,997
				10,879
Food & Staples Retailing — 0.0% (c)
Sysco Corp. 2.40%, 2/15/2030		4,000		4,032
Food Products — 0.0% (c)
Mondelez International, Inc. 1.88%, 10/15/2032 (f)		5,000		4,988
Tyson Foods, Inc. 3.55%, 6/2/2027		3,000		3,388
				8,376
Gas Utilities — 0.0% (c)
Atmos Energy Corp. 1.50%, 1/15/2031		5,000		4,977
CenterPoint Energy Resources Corp. 1.75%, 10/1/2030		5,000		5,005
				9,982
Health Care Equipment & Supplies — 0.0% (c)
Becton Dickinson and Co. 4.67%, 6/6/2047		5,000		6,161
Health Care Providers & Services — 0.1%
CVS Health Corp. 4.88%, 7/20/2035		5,000		6,351
HCA, Inc. 5.25%, 6/15/2026		5,000		5,832
				12,183
Household Durables — 0.0% (c)
DR Horton, Inc. 1.40%, 10/15/2027		3,000		2,980
Independent Power and Renewable Electricity Producers — 0.1%
Exelon Generation Co. LLC 3.25%, 6/1/2025		10,000		10,930
Southern Power Co. 5.15%, 9/15/2041		5,000		5,883
				16,813
IT Services — 0.0% (c)
International Business Machines Corp. 4.00%, 6/20/2042		3,000		3,591
Media — 0.1%
Charter Communications Operating LLC 2.80%, 4/1/2031		6,000		6,223
Comcast Corp.
1.50%, 2/15/2031		6,000		5,904
3.25%, 11/1/2039		5,000		5,534
2.80%, 1/15/2051		3,000		3,006
Cox Communications, Inc. 1.80%, 10/1/2030 (e)		5,000		4,931
Discovery Communications LLC 3.63%, 5/15/2030		3,000		3,334
ViacomCBS, Inc. 4.38%, 3/15/2043		3,000		3,180
				32,112
Oil, Gas & Consumable Fuels — 0.1%
BP Capital Markets America, Inc. 2.77%, 11/10/2050		5,000		4,572
MPLX LP 2.65%, 8/15/2030		5,000		4,899

JPMorgan SmartSpending 2020 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Principal Amount ($)		Value ($)
Tennessee Gas Pipeline Co. LLC 2.90%, 3/1/2030 (e)		5,000		5,175
				14,646
Pharmaceuticals — 0.1%
Bristol-Myers Squibb Co. 4.13%, 6/15/2039		5,000		6,282
Mylan NV 3.95%, 6/15/2026		5,000		5,617
Royalty Pharma plc 3.30%, 9/2/2040 (e)		5,000		4,899
Upjohn, Inc. 3.85%, 6/22/2040 (e)		5,000		5,383
				22,181
Semiconductors & Semiconductor Equipment — 0.0% (c)
Broadcom, Inc. 4.15%, 11/15/2030		5,000		5,613
Software — 0.0% (c)
Oracle Corp. 3.80%, 11/15/2037		5,000		5,857
VMware, Inc. 4.70%, 5/15/2030		3,000		3,549
				9,406
Specialty Retail — 0.0% (c)
AutoZone, Inc. 3.63%, 4/15/2025		3,000		3,345
Technology Hardware, Storage & Peripherals — 0.0% (c)
Apple, Inc. 3.45%, 2/9/2045		4,000		4,740
Dell International LLC 6.20%, 7/15/2030 (e)		3,000		3,597
				8,337
Wireless Telecommunication Services — 0.0% (c)
T-Mobile USA, Inc.
2.55%, 2/15/2031 (e)		5,000		5,180
3.00%, 2/15/2041 (e)		3,000		2,962
				8,142
TOTAL CORPORATE BONDS (Cost $351,961)				349,648
MORTGAGE-BACKED SECURITIES — 1.3%
FHLMC UMBS, 20 Year Pool # RB5085, 2.00%, 10/1/2040 (f)		5,000		5,172
FHLMC UMBS, 30 Year
Pool # QB4026, 2.50%, 10/1/2050		20,000		21,370
Pool # QB4045, 2.50%, 10/1/2050 (f)		15,000		15,778
FNMA UMBS, 30 Year
Pool # CA2826, 5.50%, 12/1/2048 (f)		20,117		22,700
Pool # BQ3996, 2.50%, 10/1/2050 (f)		10,000		10,533
FNMA/FHLMC UMBS, Single Family, 15 Year TBA, 2.00%, 11/25/2035(f)		25,000		25,967
FNMA/FHLMC UMBS, Single Family, 30 Year
TBA, 1.50%, 11/25/2050 (f)		6,536		6,560
TBA, 2.00%, 11/25/2050 (f)		192,091		198,100
GNMA II, Single Family, 30 Year TBA, 2.00%, 11/15/2050 (f)		27,000		27,991
TOTAL MORTGAGE-BACKED SECURITIES (Cost $333,557)				334,171
ASSET-BACKED SECURITIES — 0.2%
Ally Auto Receivables Trust Series 2017-4, Class A3, 1.75%, 12/15/2021		8,432		8,439
Americredit Automobile Receivables Trust Series 2018-3, Class D, 4.04%, 11/18/2024		10,000		10,571
Carmax Auto Owner Trust Series 2018-4, Class A2A, 3.11%, 2/15/2022		2,300		2,303
Drive Auto Receivables Trust Series 2019-2, Class A3, 3.04%, 3/15/2023		2,688		2,694
GM Financial Automobile Leasing Trust Series 2019-2, Class A2A, 2.67%, 6/21/2021		3,880		3,885
GM Financial Consumer Automobile Receivables Trust Series 2018-1, Class A4, 2.46%, 7/17/2023		2,000		2,041
Honda Auto Receivables Owner Trust Series 2017-3, Class A3, 1.79%, 9/20/2021		3,116		3,121
Nissan Auto Receivables Owner Trust Series 2019-B, Class A3, 2.50%, 11/15/2023		1,000		1,025
Santander Drive Auto Receivables Trust Series 2019-3, Class D, 2.68%, 10/15/2025		11,000		11,315
World Omni Auto Receivables Trust Series 2019-A, Class A2, 3.02%, 4/15/2022		2,897		2,900
TOTAL ASSET-BACKED SECURITIES (Cost $47,857)				48,294

JPMorgan SmartSpending 2020 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

Investments	Shares		Value ($)
SHORT-TERM INVESTMENTS — 6.4%
INVESTMENT COMPANIES — 6.4%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.06% (a) (g) (Cost $1,654,197)		1,654,197		1,654,197
Total Investments — 101.9% (Cost $25,732,385)				26,316,803
Liabilities in Excess of Other Assets — (1.9)%				(493,589	)
Net Assets — 100.0%				25,823,214

Percentages indicated are based on net assets.

JPMorgan SmartSpending 2020 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

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

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)	Amount rounds to less than 0.1% of net assets.
(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)	All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(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		5			12/2020		EUR		186,537			(7,543	)
MSCI Emerging Markets E-Mini Index		6			12/2020		USD		326,490			(2,834	)
Russell 2000 E-Mini Index		4			12/2020		USD		301,060			3,179
S&P 500 E-Mini Index		1			12/2020		USD		167,475			1,301
U.S. Treasury 10 Year Note		16			12/2020		USD		2,232,000			5,318
												(579	)
Short Contracts
Euro-Bund		(3	)		12/2020		EUR		(613,742	)		(2,861	)
FTSE 100 Index		(3	)		12/2020		GBP		(225,663	)		6,366
												3,505
												2,926

Abbreviations

EUR	Euro
FTSE	Financial Times and the London Stock Exchange
GBP	British Pound
MSCI	Morgan Stanley Capital International
USD	United States Dollar

JPMorgan SmartSpending 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	$	—		$	48,294	$	—	$	48,294
Corporate Bonds		—			349,648		—		349,648
Exchange-Traded Funds		9,485,754			—		—		9,485,754
Investment Companies		14,013,643			—		—		14,013,643
Mortgage-Backed Securities		—			334,171		—		334,171
U.S. Treasury Obligations		—			431,096		—		431,096
Short-Term Investments
Investment Companies		1,654,197			—		—		1,654,197
Total Investments in Securities	$	25,153,594		$	1,163,209	$	—	$	26,316,803
Appreciation in Other Financial Instruments
Futures Contracts	$	16,164		$	—	$	—	$	16,164
Depreciation in Other Financial Instruments
Futures Contracts	$	(13,238	)	$	—	$	—	$	(13,238	)

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 July 2, 2020 (a)		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 (b)	$	—	$	2,452,694	$	64,343	$	760	$	94,942		$	2,484,053		51,515	$	12,558	$	—
JPMorgan BetaBuilders MSCI US REIT ETF (b)		—		358,913		—		—		(5,854	)		353,059		4,907		2,724		—
JPMorgan Core Bond Fund Class R6 Shares (b)		—		2,010,205		943,269		7,532		4,299			1,078,767		86,787		10,205		—
JPMorgan Corporate Bond Fund Class R6 Shares (b)		—		1,258,305		—		—		5,760			1,264,065		117,369		8,305		—
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (b)		—		352,955		—		—		3,621			356,576		46,069		2,951		—
JPMorgan Equity Index Fund Class R6 Shares (b)		—		3,777,926		328,195		31,808		253,702			3,735,241		73,111		23,111		—
JPMorgan High Yield Fund Class R6 Shares (b)		—		2,224,343		—		—		52,345			2,276,688		334,315		24,560		—
JPMorgan Income Fund Class R6 Shares (b)		—		633,034		—		—		10,345			643,379		69,857		8,030		—
JPMorgan Inflation Managed Bond Fund Class R6 Shares (b)		—		1,887,291		—		—		26,999			1,914,290		181,106		12,295		—
JPMorgan Short Duration Core Plus Fund Class R6 Shares (b)		—		2,725,455		—		—		19,182			2,744,637		280,638		14,290		—
JPMorgan U.S. Aggregate Bond ETF (b)		—		4,900,769		—		—		(883	)		4,899,886		175,309		13,290		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.06% (b) (c)		—		10,196,840		8,542,643		—		—			1,654,197		1,654,197		409		—
Total	$	—	$	32,778,730	$	9,878,450	$	40,100	$	464,458		$	23,404,838			$	132,728	$	—

(a) Commencement of operations was July 2, 2020.

(b) 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.

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