JPMorgan Trust IV NPORT-P JPMorgan SmartSpending 2020 Fund (Mar 2021 report)

JPMorgan SmartSpending^SM 2020 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2021 (Unaudited)

Investments	Shares (000)		Value ($000)
INVESTMENT COMPANIES — 45.4%
Fixed Income — 31.3%
JPMorgan Corporate Bond Fund Class R6 Shares (a)		130		1,350
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		63		493
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		64		495
JPMorgan Floating Rate Income Fund Class R6 Shares (a)		39		344
JPMorgan High Yield Fund Class R6 Shares (a)		135		969
JPMorgan Income Fund Class R6 Shares (a)		61		577
JPMorgan Inflation Managed Bond Fund Class R6 Shares (a)		191		2,053
JPMorgan Short Duration Core Plus Fund Class R6 Shares (a)		229		2,252
Total Fixed Income				8,533
U.S. Equity — 14.1%
JPMorgan Equity Index Fund Class R6 Shares (a)		64		3,849
TOTAL INVESTMENT COMPANIES (Cost $11,477)				12,382
EXCHANGE-TRADED FUNDS — 24.6%
Alternative Assets — 1.9%
JPMorgan BetaBuilders MSCI US REIT ETF (a)		6		511
Fixed Income — 6.4%
JPMorgan High Yield Research Enhanced ETF (a)		24		1,242
JPMorgan U.S. Aggregate Bond ETF (a)		18		477
Total Fixed Income				1,719
International Equity — 12.6%
iShares Core MSCI Emerging Markets ETF		14		873
JPMorgan BetaBuilders International Equity ETF (a)		45		2,579
Total International Equity				3,452
U.S. Equity — 3.7%
iShares Russell 2000 ETF		2		435
iShares Russell Mid-Cap ETF		8		572
Total U.S. Equity				1,007
TOTAL EXCHANGE-TRADED FUNDS (Cost $5,652)				6,689
	Principal Amount ($000)
CORPORATE BONDS — 7.9%
Aerospace & Defense — 0.3%
Boeing Co. (The)
1.17%, 2/4/2023		5		5
1.43%, 2/4/2024		5		5
2.70%, 2/1/2027		29		29
3.45%, 11/1/2028		2		2
Leidos, Inc. 2.30%, 2/15/2031 (b)		15		14
Northrop Grumman Corp. 3.85%, 4/15/2045		7		8
Raytheon Technologies Corp. 2.25%, 7/1/2030		9		9
				72
Automobiles — 0.3%
General Motors Co. 6.80%, 10/1/2027		13		16
Hyundai Capital America
1.15%, 11/10/2022 (b)		15		15
2.65%, 2/10/2025 (b)		4		4
1.30%, 1/8/2026 (b)		5		5
2.38%, 10/15/2027 (b)		13		13
1.80%, 1/10/2028 (b)		5		5
Nissan Motor Acceptance Corp. 2.80%, 1/13/2022 (b)		20		20
				78
Banks — 0.9%
Bank of America Corp.
4.00%, 1/22/2025		33		37
(ICE LIBOR USD 3 Month + 1.51%), 3.71%, 4/24/2028 (c)		16		18
(SOFR + 1.93%), 2.68%, 6/19/2041 (c)		15		14
Bank of Montreal (Canada) (USD Swap Semi 5 Year + 1.28%), 4.34%, 10/5/2028 (c)		16		17
Citigroup, Inc.
3.88%, 3/26/2025		29		32
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.42%), 3.88%, 2/18/2026 (c)(d)(e)		5		5
(SOFR + 0.77%), 1.12%, 1/28/2027 (c)		5		5
(ICE LIBOR USD 3 Month + 1.17%), 3.88%, 1/24/2039 (c)		7		8
HSBC Holdings plc (United Kingdom) 6.10%, 1/14/2042		10		14
KeyCorp 2.25%, 4/6/2027		15		15
Mitsubishi UFJ Financial Group, Inc. (Japan) 3.74%, 3/7/2029		17		18

JPMorgan SmartSpending^SM 2020 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Wells Fargo & Co.
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.45%), 3.90%, 3/15/2026 (c)(d)(e)		5		5
4.10%, 6/3/2026		14		16
(SOFR + 2.53%), 3.07%, 4/30/2041 (c)		16		15
				219
Beverages — 0.2%
Anheuser-Busch InBev Worldwide, Inc. (Belgium)
3.50%, 6/1/2030		17		18
3.75%, 7/15/2042		25		26
Keurig Dr Pepper, Inc. 3.20%, 5/1/2030		10		11
				55
Biotechnology — 0.2%
AbbVie, Inc. 2.95%, 11/21/2026		2		2
3.20%, 11/21/2029		5		5
4.05%, 11/21/2039		29		32
Amgen, Inc. 3.15%, 2/21/2040		7		7
Gilead Sciences, Inc. 2.60%, 10/1/2040		15		14
Regeneron Pharmaceuticals, Inc. 1.75%, 9/15/2030		6		6
				66
Building Products — 0.0% (f)
Masco Corp. 2.00%, 10/1/2030		6		6
Capital Markets — 0.5%
Charles Schwab Corp. (The)
Series I, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.17%), 4.00%, 6/1/2026 (c)(d)(e)		5		5
Series H, (US Treasury Yield Curve Rate T Note Constant Maturity 10 Year + 3.08%), 4.00%, 12/1/2030 (c)(d)(e)		5		5
Goldman Sachs Group, Inc. (The)
(SOFR + 0.57%), 0.67%, 3/8/2024 (c)		12		12
4.25%, 10/21/2025		47		52
(SOFR + 0.80%), 1.43%, 3/9/2027 (c)		5		5
(ICE LIBOR USD 3 Month + 1.51%), 3.69%, 6/5/2028 (c)		5		5
Macquarie Group Ltd. (Australia)
(SOFR + 1.07%), 1.34%, 1/12/2027 (b)(c)		10		10
Morgan Stanley
(SOFR + 0.46%), 0.53%, 1/25/2024 (c)		5		5
3.95%, 4/23/2027		16		18
(ICE LIBOR USD 3 Month + 1.43%), 4.46%, 4/22/2039 (c)		18		21
				138
Chemicals — 0.2%
LYB International Finance III LLC 1.25%, 10/1/2025		15		15
Nutrition & Biosciences, Inc. 2.30%, 11/1/2030 (b)		9		9
3.47%, 12/1/2050 (b)		16		15
PPG Industries, Inc. 1.20%, 3/15/2026		5		5
				44
Construction Materials — 0.0% (f)
Martin Marietta Materials, Inc. Series CB, 2.50%, 3/15/2030		6		6
Consumer Finance — 0.2%
Avolon Holdings Funding Ltd. (Ireland)
5.50%, 1/15/2023 (b)		2		2
5.50%, 1/15/2026 (b)		16		18
2.13%, 2/21/2026 (b)		5		5
4.25%, 4/15/2026 (b)		5		5
Capital One Financial Corp. 3.80%, 1/31/2028		10		11
General Motors Financial Co., Inc. 1.25%, 1/8/2026		8		8
Park Aerospace Holdings Ltd. (Ireland)
5.25%, 8/15/2022 (b)		5		5
4.50%, 3/15/2023 (b)		5		5
5.50%, 2/15/2024 (b)		5		6
				65
Containers & Packaging — 0.0% (f)
Graphic Packaging International LLC 1.51%, 4/15/2026 (b)		6		6
Diversified Financial Services — 0.0% (f)
Shell International Finance BV (Netherlands) 2.38%, 11/7/2029		9		9
Diversified Telecommunication Services — 0.2%
AT&T, Inc.
2.75%, 6/1/2031		19		18
3.50%, 6/1/2041		9		9
3.55%, 9/15/2055 (b)		5		5
Verizon Communications, Inc.
3.15%, 3/22/2030		16		17
2.65%, 11/20/2040		6		5
3.85%, 11/1/2042		10		11
				65

JPMorgan SmartSpending^SM 2020 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Electric Utilities — 0.7%
Duke Energy Corp. 3.40%, 6/15/2029		17		18
Edison International 5.75%, 6/15/2027		4		5
Emera US Finance LP (Canada) 4.75%, 6/15/2046		18		20
Evergy, Inc. 2.90%, 9/15/2029		16		16
Jersey Central Power & Light Co. 4.30%, 1/15/2026 (b)		7		8
New England Power Co. (United Kingdom) 2.81%, 10/6/2050 (b)		6		5
NRG Energy, Inc.
2.00%, 12/2/2025 (b)		5		5
2.45%, 12/2/2027 (b)		33		34
Pacific Gas and Electric Co.
(ICE LIBOR USD 3 Month + 1.38%), 1.57%, 11/15/2021 (c)		7		7
3.75%, 8/15/2042 (g)		5		5
4.30%, 3/15/2045		1		1
PacifiCorp 4.15%, 2/15/2050		19		21
Southern California Edison Co. Series 20C, 1.20%, 2/1/2026		12		12
				157
Electrical Equipment — 0.0% (f)
Eaton Corp. 4.15%, 11/2/2042		7		8
Energy Equipment & Services — 0.1%
Baker Hughes a GE Co. LLC 3.34%, 12/15/2027		7		7
Schlumberger Holdings Corp. 4.00%, 12/21/2025 (b)		7		8
				15
Entertainment — 0.0% (f)
Walt Disney Co. (The) 3.50%, 5/13/2040		10		11
Equity Real Estate Investment Trusts (REITs) — 0.5%
Alexandria Real Estate Equities, Inc. 3.38%, 8/15/2031		7		7
American Tower Corp.
1.50%, 1/31/2028		5		5
1.88%, 10/15/2030		26		25
3.10%, 6/15/2050		10		10
2.95%, 1/15/2051		5		4
Brixmor Operating Partnership LP 2.25%, 4/1/2028		10		10
Corporate Office Properties LP 2.75%, 4/15/2031		5		5
Crown Castle International Corp. 3.10%, 11/15/2029		7		7
CubeSmart LP 2.00%, 2/15/2031		9		8
Equinix, Inc. 2.90%, 11/18/2026		9		9
Healthcare Trust of America Holdings LP 2.00%, 3/15/2031		6		6
Healthpeak Properties, Inc. 2.88%, 1/15/2031		6		6
Mid-America Apartments LP 3.60%, 6/1/2027		2		2
Scentre Group Trust 1 (Australia) 3.63%, 1/28/2026 (b)		15		16
UDR, Inc. 2.10%, 8/1/2032		6		6
WP Carey, Inc. 2.40%, 2/1/2031		15		14
				140
Food & Staples Retailing — 0.2%
7-Eleven, Inc.
0.63%, 2/10/2023 (b)		15		15
0.95%, 2/10/2026 (b)		2		2
1.30%, 2/10/2028 (b)		2		2
2.50%, 2/10/2041 (b)		3		3
Alimentation Couche-Tard, Inc. (Canada) 2.95%, 1/25/2030 (b)		6		6
Sysco Corp. 2.40%, 2/15/2030		13		13
				41
Food Products — 0.1%
Conagra Brands, Inc. 1.38%, 11/1/2027		15		14
Smithfield Foods, Inc. 3.00%, 10/15/2030 (b)		13		13
Tyson Foods, Inc. 3.55%, 6/2/2027		10		11
				38
Gas Utilities — 0.1%
Atmos Energy Corp.
0.63%, 3/9/2023		5		5
1.50%, 1/15/2031		15		13
CenterPoint Energy Resources Corp. 1.75%, 10/1/2030		15		14
				32
Health Care Equipment & Supplies — 0.1%
Becton Dickinson and Co. 4.67%, 6/6/2047		19		23
Zimmer Biomet Holdings, Inc. 3.55%, 3/20/2030		7		7
				30
Health Care Providers & Services — 0.2%
Anthem, Inc. 2.25%, 5/15/2030		6		6
CVS Health Corp.
4.88%, 7/20/2035		5		6
2.70%, 8/21/2040		14		13
HCA, Inc. 5.25%, 6/15/2026		17		19

JPMorgan SmartSpending^SM 2020 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
MedStar Health, Inc. Series 20A, 3.63%, 8/15/2049		5		5
West Virginia United Health System Obligated Group Series 2020, 3.13%, 6/1/2050		20		19
				68
Household Durables — 0.0% (f)
DR Horton, Inc. 1.40%, 10/15/2027		9		9
Lennar Corp. 4.50%, 4/30/2024		2		2
				11
Independent Power and Renewable Electricity Producers — 0.3%
Alexander Funding Trust 1.84%, 11/15/2023 (b)		8		8
Exelon Generation Co. LLC 3.25%, 6/1/2025		32		34
Southern Power Co. 5.15%, 9/15/2041		29		33
				75
Industrial Conglomerates — 0.1%
General Electric Co. 3.45%, 5/1/2027		18		19
Roper Technologies, Inc. 1.75%, 2/15/2031		6		6
				25
Insurance — 0.2%
American International Group, Inc. 4.38%, 6/30/2050		8		9
Athene Global Funding
0.95%, 1/8/2024 (b)		10		10
2.75%, 6/25/2024 (b)		6		6
1.45%, 1/8/2026 (b)		10		10
Brown & Brown, Inc. 2.38%, 3/15/2031		6		6
Empower Finance 2020 LP (Canada) 3.08%, 9/17/2051 (b)		7		7
New York Life Insurance Co. 3.75%, 5/15/2050 (b)		7		7
Teachers Insurance & Annuity Association of America 3.30%, 5/15/2050 (b)		6		6
				61
IT Services — 0.0% (f)
International Business Machines Corp. 4.00%, 6/20/2042		3		3
Leisure Products — 0.0% (f)
Hasbro, Inc. 3.90%, 11/19/2029		5		5
Machinery — 0.0% (f)
Otis Worldwide Corp. 3.11%, 2/15/2040		7		7
Media — 0.5%
Charter Communications Operating LLC
2.80%, 4/1/2031		19		18
3.50%, 6/1/2041		5		5
Comcast Corp.
1.50%, 2/15/2031		18		17
3.25%, 11/1/2039		16		16
Cox Communications, Inc. 1.80%, 10/1/2030 (b)		15		14
Discovery Communications LLC 3.63%, 5/15/2030		10		11
ViacomCBS, Inc.
4.38%, 3/15/2043		10		11
5.85%, 9/1/2043		25		32
				124
Metals & Mining — 0.1%
Glencore Funding LLC (Australia) 2.50%, 9/1/2030 (b)		8		8
Steel Dynamics, Inc. 1.65%, 10/15/2027		6		6
Vale Overseas Ltd. (Brazil) 3.75%, 7/8/2030		4		4
				18
Multiline Retail — 0.1%
Dollar General Corp. 4.13%, 4/3/2050		7		8
Kohl’s Corp.
9.50%, 5/15/2025		2		3
3.38%, 5/1/2031		6		6
Nordstrom, Inc. 4.25%, 8/1/2031 (b)		9		8
				25
Multi-Utilities — 0.1%
WEC Energy Group, Inc. 1.38%, 10/15/2027		15		14
Oil, Gas & Consumable Fuels — 0.7%
BP Capital Markets America, Inc. 2.77%, 11/10/2050		15		13
Chevron USA, Inc. 3.25%, 10/15/2029		5		5
Cimarex Energy Co. 3.90%, 5/15/2027		5		5
ConocoPhillips 3.75%, 10/1/2027 (b)		7		8
Diamondback Energy, Inc. 3.25%, 12/1/2026		8		8
Enterprise Products Operating LLC 4.45%, 2/15/2043		7		8
Exxon Mobil Corp. 3.00%, 8/16/2039		9		9
Gray Oak Pipeline LLC
2.60%, 10/15/2025 (b)		15		15
3.45%, 10/15/2027 (b)		5		5
HollyFrontier Corp. 2.63%, 10/1/2023		6		6
MPLX LP 2.65%, 8/15/2030		15		15
ONEOK, Inc. 2.20%, 9/15/2025		2		2

JPMorgan SmartSpending^SM 2020 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Pioneer Natural Resources Co. 1.90%, 8/15/2030		6		6
Plains All American Pipeline LP 4.65%, 10/15/2025		9		10
Sabine Pass Liquefaction LLC 5.63%, 3/1/2025		7		8
Sunoco Logistics Partners Operations LP 3.90%, 7/15/2026		9		10
Tennessee Gas Pipeline Co. LLC 2.90%, 3/1/2030 (b)		15		15
Total Capital International SA (France) 2.99%, 6/29/2041		6		6
TransCanada PipeLines Ltd. (Canada) 4.10%, 4/15/2030		7		8
				162
Pharmaceuticals — 0.2%
Bristol-Myers Squibb Co. 3.40%, 7/26/2029		2		2
Royalty Pharma plc 3.30%, 9/2/2040 (b)		15		14
Utah Acquisition Sub, Inc. 3.95%, 6/15/2026		17		20
Viatris, Inc. 3.85%, 6/22/2040 (b)		16		16
				52
Professional Services — 0.0% (f)
IHS Markit Ltd. 4.25%, 5/1/2029		10		11
Road & Rail — 0.0% (f)
Kansas City Southern 4.70%, 5/1/2048		3		4
Semiconductors & Semiconductor Equipment — 0.1%
Broadcom, Inc.
1.95%, 2/15/2028 (b)		8		8
4.15%, 11/15/2030		21		22
Microchip Technology, Inc. 0.97%, 2/15/2024 (b)		5		5
				35
Software — 0.1%
Citrix Systems, Inc. 1.25%, 3/1/2026		5		5
Oracle Corp. 3.80%, 11/15/2037		17		17
VMware, Inc. 4.70%, 5/15/2030		10		12
				34
Specialty Retail — 0.1%
AutoZone, Inc. 3.63%, 4/15/2025		9		10
Lowe’s Cos., Inc. 3.70%, 4/15/2046		7		7
O’Reilly Automotive, Inc. 3.90%, 6/1/2029		7		8
				25
Technology Hardware, Storage & Peripherals — 0.1%
Dell International LLC 6.20%, 7/15/2030 (b)		15		19
Tobacco—0.1%
Altria Group, Inc. 2.45%, 2/4/2032		10		10
BAT Capital Corp. (United Kingdom)
2.26%, 3/25/2028		12		11
3.73%, 9/25/2040		4		4
				25
Trading Companies & Distributors — 0.0% (f)
Air Lease Corp. 3.38%, 7/1/2025		5		5
Wireless Telecommunication Services — 0.1%
Rogers Communications, Inc. (Canada) 3.70%, 11/15/2049		7		7
T-Mobile USA, Inc.
2.55%, 2/15/2031 (b)		15		15
3.00%, 2/15/2041 (b)		9		8
				30
TOTAL CORPORATE BONDS (Cost $2,237)				2,139
MORTGAGE-BACKED SECURITIES — 7.3%
FHLMC UMBS, 30 Year
Pool # ZL3032, 3.50%, 5/1/2042		8		8
Pool # QB4026, 2.50%, 10/1/2050		19		21
Pool # QB4045, 2.50%, 10/1/2050		15		15
Pool # QB4484, 2.50%, 10/1/2050		7		7
Pool # QB4542, 2.50%, 10/1/2050		6		6
Pool # RA4224, 3.00%, 11/1/2050		5		5
Pool # QB8503, 2.50%, 2/1/2051		15		16
FNMA UMBS, 30 Year
Pool # CA2826, 5.50%, 12/1/2048		17		19
Pool # FM3118, 3.00%, 5/1/2050		9		9
Pool # BQ2894, 3.00%, 9/1/2050		10		10
Pool # BQ3996, 2.50%, 10/1/2050		10		10
Pool # BQ5243, 3.50%, 10/1/2050		5		5
Pool # CA7398, 3.50%, 10/1/2050		14		15
Pool # CA8637, 4.00%, 1/1/2051		35		39

JPMorgan SmartSpending^SM 2020 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
FNMA, Other
Pool # AN2009, 2.70%, 7/1/2026		20		21
Pool # BL8639, 1.09%, 4/1/2028		5		5
Pool # BL5457, 2.57%, 7/1/2029		5		5
Pool # BS0448, 1.27%, 12/1/2029		20		19
Pool # BL9748, 1.60%, 12/1/2029		5		5
Pool # AN7593, 2.99%, 12/1/2029		5		5
Pool # AN8285, 3.11%, 3/1/2030		5		5
Pool # AM8544, 3.08%, 4/1/2030		5		5
Pool # BL9045, 1.58%, 7/1/2030		10		10
Pool # BL9251, 1.45%, 10/1/2030		15		14
Pool # BL9891, 1.37%, 12/1/2030		10		10
Pool # AN6149, 3.14%, 7/1/2032		15		16
Pool # BM3226, 3.44%, 10/1/2032 (h)		30		32
Pool # AN7923, 3.33%, 1/1/2033		10		11
Pool # AN9067, 3.51%, 5/1/2033		5		6
Pool # BL1012, 4.03%, 12/1/2033		5		6
Pool # BL0900, 4.08%, 2/1/2034		5		6
Pool # AN4430, 3.61%, 1/1/2037		4		5
FNMA/FHLMC UMBS, Single Family, 15 Year TBA, 2.00%, 5/25/2036 (i)		15		15
FNMA/FHLMC UMBS, Single Family, 30 Year TBA, 2.00%, 6/25/2051 (i)		599		596
GNMA II, 30 Year
Pool # BY3432, 3.50%, 9/20/2050		10		11
Pool # BR3929, 3.50%, 10/20/2050		10		11
Pool # BW1726, 3.50%, 10/20/2050		20		22
Pool # BS8546, 2.50%, 12/20/2050		30		31
Pool # BR3928, 3.00%, 12/20/2050		15		16
Pool # BU7538, 3.00%, 12/20/2050		10		11
Pool # MA7136, 2.50%, 1/20/2051		527		544
Pool # 785294, 3.50%, 1/20/2051		30		33
Pool # CA8452, 3.00%, 2/20/2051		35		37
Pool # CB1543, 3.00%, 2/20/2051		25		27
Pool # CA3588, 3.50%, 2/20/2051		23		26
Pool # CB1536, 3.50%, 2/20/2051		30		33
3.00%, 3/20/2051		10		11
Pool # CB1542, 3.00%, 3/20/2051		20		21
Pool # CB4433, 3.00%, 3/20/2051		30		31
Pool # CC0070, 3.00%, 3/20/2051		5		5
Pool # CC8723, 3.50%, 3/20/2051		30		33
Pool # CC0088, 4.00%, 3/20/2051		5		5
Pool # CC0092, 4.00%, 3/20/2051		5		5
3.00%, 4/20/2051		55		59
GNMA II, Other
Pool # 785183, 2.93%, 10/20/2070 (h)		20		22
TOTAL MORTGAGE-BACKED SECURITIES (Cost $2,000)				1,976
U.S. TREASURY OBLIGATIONS — 7.2%
U.S. Treasury Bonds
1.13%, 8/15/2040		1		1
1.38%, 11/15/2040		15		13
1.63%, 11/15/2050		49		40
U.S. Treasury Notes
1.38%, 1/31/2022 (j)		193		195
0.13%, 9/30/2022		391		391
0.13%, 9/15/2023		362		361
1.75%, 7/31/2024		355		370
0.25%, 8/31/2025		228		223
0.38%, 11/30/2025		160		157
0.50%, 8/31/2027		102		97
0.63%, 11/30/2027		125		119
0.63%, 8/15/2030		2		2
0.88%, 11/15/2030		5		5
TOTAL U.S. TREASURY OBLIGATIONS (Cost $2,005)				1,974
ASSET-BACKED SECURITIES — 2.3%
American Airlines Pass-Through Trust Series 2016-2, Class AA, 3.20%, 6/15/2028		20		20

JPMorgan SmartSpending^SM 2020 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Series 2016-3, Class AA, 3.00%, 10/15/2028		21		21
Series 2019-1, Class AA, 3.15%, 2/15/2032		13		13
American Credit Acceptance Receivables Trust
Series 2021-1, Class A, 0.35%, 5/13/2024 (b)		23		23
Series 2021-1, Class B, 0.61%, 3/13/2025 (b)		5		5
Series 2020-4, Class C, 1.31%, 12/14/2026 (b)		10		10
AmeriCredit Automobile Receivables Trust
Series 2018-3, Class D, 4.04%, 11/18/2024		10		11
Series 2020-3, Class B, 0.76%, 12/18/2025		10		10
Series 2020-3, Class C, 1.06%, 8/18/2026		5		5
CarMax Auto Owner Trust
Series 2019-3, Class C, 2.60%, 6/16/2025		10		10
Series 2020-4, Class C, 1.30%, 8/17/2026		5		5
Carvana Auto Receivables Trust
Series 2019-4A, Class D, 3.07%, 7/15/2025 (b)		30		31
Series 2020-P1, Class C, 1.32%, 11/9/2026		10		10
Drive Auto Receivables Trust Series 2020-1, Class D, 2.70%, 5/17/2027		30		31
DT Auto Owner Trust
Series 2021-1A, Class A, 0.35%, 1/15/2025 (b)		13		13
Series 2021-1A, Class C, 0.84%, 10/15/2026 (b)		10		10
Exeter Automobile Receivables Trust
Series 2021-1A, Class A3, 0.34%, 3/15/2024		10		10
Series 2021-1A, Class B, 0.50%, 2/18/2025		20		20
FHF Trust Series 2021-1A, Class A, 1.27%, 3/15/2027 (b)		35		35
First Investors Auto Owner Trust
Series 2017-2A, Class C, 3.00%, 8/15/2023 (b)		16		16
Series 2018-1A, Class C, 3.69%, 6/17/2024 (b)		23		24
Series 2021-1A, Class A, 0.45%, 3/16/2026 (b)		9		9
Series 2021-1A, Class B, 0.89%, 3/15/2027 (b)		10		10
Flagship Credit Auto Trust
Series 2021-1, Class A, 0.31%, 6/16/2025 (b)		14		14
Series 2021-1, Class B, 0.68%, 2/16/2027 (b)		10		10
Series 2020-4, Class C, 1.28%, 2/16/2027 (b)		10		10
GLS Auto Receivables Issuer Trust Series 2020-4A, Class B, 0.87%, 12/16/2024 (b)		10		10
GLS Auto Receivables Trust Series 2018-2A, Class B, 3.71%, 3/15/2023 (b)		10		10
GM Financial Consumer Automobile Receivables Trust Series 2018-1, Class A4, 2.46%, 7/17/2023		2		2
Nissan Auto Receivables Owner Trust Series 2019-B, Class A3, 2.50%, 11/15/2023		1		1
Pagaya AI Debt Selection Trust Series 2021-1, Class A, 1.18%, 11/15/2027 (b)		100		101
Prestige Auto Receivables Trust Series 2020-1A, Class C, 1.31%, 11/16/2026 (b)		10		10
Santander Consumer Auto Receivables Trust
Series 2021-AA, Class A3, 0.33%, 10/15/2025 (b)		10		10
Series 2021-AA, Class B, 0.71%, 8/17/2026 (b)		10		10
Santander Drive Auto Receivables Trust
Series 2019-3, Class D, 2.68%, 10/15/2025		11		11
Series 2020-4, Class C, 1.01%, 1/15/2026		5		5
United Airlines Pass-Through Trust
Series 2016-2, Class B, 3.65%, 10/7/2025		4		3
Series 2019-2, Class B, 3.50%, 5/1/2028		7		7
Series 2016-2, Class A, 3.10%, 10/7/2028		4		4
Series 2018-1, Class A, 3.70%, 3/1/2030		9		9
United Auto Credit Securitization Trust Series 2021-1, Class C, 0.84%, 6/10/2026 (b)		15		15
Westlake Automobile Receivables Trust
Series 2020-3A, Class C, 1.24%, 11/17/2025 (b)		10		10
Series 2020-3A, Class D, 1.65%, 2/17/2026 (b)		10		10
Series 2021-1A, Class C, 0.95%, 3/16/2026 (b)		25		25
TOTAL ASSET-BACKED SECURITIES (Cost $637)				639
COLLATERALIZED MORTGAGE OBLIGATIONS — 0.4%
FNMA, REMIC Series 2019-7, Class CA, 3.50%, 11/25/2057		45		47

JPMorgan SmartSpending^SM 2020 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2021 (Unaudited) (continued)

Investments	Principal Amount ($000)		Value ($000)
Seasoned Credit Risk Transfer Trust
Series 2020-3, Class M5TW, 3.00%, 5/25/2060 ‡		14		15
Series 2020-3, Class TTW, 3.00%, 5/25/2060 ‡		18		19
VOLT XCVII LLC Series 2021-NPL6, Class A1, 2.24%, 4/25/2051 (b) (g)		30		30
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $112)				111
COMMERCIAL MORTGAGE-BACKED SECURITIES — 0.3%
ACRE Commercial Mortgage Ltd. (Cayman Islands)
Series 2021-FL4, Class A, 0.94%, 12/18/2037 (b) (h)		15		15
Series 2021-FL4, Class AS, 1.21%, 12/18/2037 (b) (h)		10		10
BPR Trust Series 2021-KEN, Class A, 1.36%, 2/15/2029 (b) (h)		15		15
FHLMC, Multi-Family Structured Pass-Through Certificates
Series K-1511, Class A1, 3.28%, 10/25/2030		10		10
Series K-1510, Class A2, 3.72%, 1/25/2031		5		6
FNMA ACES
Series 2021-M3, Class 1A1, 1.00%, 11/25/2033		5		5
Series 2021-M3, Class X1, IO, 2.01%, 11/25/2033 (h)		100		14
KKR Industrial Portfolio Trust Series 2021-KDIP, Class B, 0.91%, 12/15/2037 ‡ (b) (h)		10		10
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $86)				85
	Shares (000)
SHORT-TERM INVESTMENTS — 6.0%
INVESTMENT COMPANIES — 6.0%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.04% (a) (k) (Cost $1,630)		1,630		1,630
Total Investments — 101.4% (Cost $25,836)				27,625
Liabilities in Excess of Other Assets — (1.4)%				(380	)
Net Assets — 100.0%				27,245

Percentages indicated are based on net assets.

JPMorgan SmartSpending^SM 2020 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2021 (Unaudited) (continued)

Abbreviations

ACES	Alternative Credit Enhancement Securities
ETF	Exchange-Traded Fund
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
ICE	Intercontinental Exchange
IO	Interest Only represents the right to receive the monthly interest payments on an underlying pool of mortgage loans. The principal amount shown represents the par value on the underlying pool. The yields on these securities are subject to accelerated principal paydowns as a result of prepayment or refinancing of the underlying pool of mortgage instruments. As a result, interest income may be reduced considerably.
LIBOR	London Interbank Offered Rate
REIT	Real Estate Investment Trust
REMIC	Real Estate Mortgage Investment Conduit
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)	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(c)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of March 31, 2021.
(d)	Security is perpetual and thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of March 31, 2021.
(e)	Security is an interest bearing note with preferred security characteristics.
(f)	Amount rounds to less than 0.1% of net assets.
(g)	Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of March 31, 2021.
(h)	Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of March 31, 2021.
(i)	All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(j)	All or a portion of this security is deposited with the broker as initial margin for futures contracts.
(k)	The rate shown is the current yield as of March 31, 2021.
‡	Value determined using significant unobservable inputs.

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.

JPMorgan SmartSpending^SM 2020 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2021 (Unaudited) (continued)

Futures contracts outstanding as of March 31, 2021 (amounts in thousands, except number of contracts):

Description	Number of Contracts	Expiration Date		Trading Currency		Notional Amount ($)			Value and Unrealized Appreciation (Depreciation) ($)
Long Contracts
EURO STOXX 50 Index	5		06/2021		EUR		227			5
FTSE 100 Index	1		06/2021		GBP		92			(1	)
Russell 1000 E-Mini Index	11		06/2021		USD		821			(2	)
Russell 2000 E-Mini Index	1		06/2021		USD		111			(6	)
TOPIX Index	1		06/2021		JPY		177			3
U.S. Treasury 10 Year Note	6		06/2021		USD		786			(15	)
										(16	)
Short Contracts
Long Gilt	(2)		06/2021		GBP		(352	)		–(a	)
S&P 500 E-Mini Index	(4)		06/2021		USD		(794	)		(1	)
										(1	)
										(17	)

Abbreviations

EUR	Euro
FTSE	Financial Times and the London Stock Exchange
GBP	British Pound
JPY	Japanese Yen
TOPIX	Tokyo Stock Price Index
USD	United States Dollar

(a) Amount rounds to less than one thousand.

JPMorgan SmartSpending^SM 2020 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 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.

A market-based approach is primarily used to value the Fund’s investments. Investments for which market quotations are not readily available are fair valued by approved affiliated and/or unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”) or may be internally fair valued using methods set forth by the valuation policies approved by the Board. This may include the use of related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and such differences could be material.

Fixed income instruments are valued based on prices received from 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.

JPMorgan SmartSpending^SM 2020 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2021 (Unaudited) (continued)

(Dollar values in thousands)

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	$	—		$	639	$	—	$	639
Collateralized Mortgage Obligations		—			77		34		111
Commercial Mortgage-Backed Securities		—			75		10		85
Corporate Bonds		—			2,139		—		2,139
Exchange-Traded Funds		6,689			—		—		6,689
Investment Companies		12,382			—		—		12,382
Mortgage-Backed Securities		—			1,976		—		1,976
U.S. Treasury Obligations		—			1,974		—		1,974
Short-Term Investments
Investment Companies		1,630			—		—		1,630
Total Investments in Securities	$	20,701		$	6,880	$	44	$	27,625
Appreciation in Other Financial Instruments
Futures Contracts	$	8		$	—	$	—	$	8
Depreciation in Other Financial Instruments
Futures Contracts		(25	)		—		—		(25	)
Total Net Appreciation/Depreciation in Other Financial Instruments	$	(17	)	$	—	$	—	$	(17	)

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 such Underlying Funds and ETFs. Reinvestment amounts are included in the purchase cost amounts in the table below.

	For the period ended March 31, 2021
Security Description	Value at July 1, 2020 (a)		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at March 31, 2021		Shares at March 31, 2021		Dividend Income		Capital Gain Distributions
JPMorgan BetaBuilders International Equity ETF (b)	$	—	$	2,499	$	474	$	65		$	489		$	2,579		45	$	35	$	—
JPMorgan BetaBuilders MSCI US REIT ETF (b)		—		580		132		9			54			511		6		9		—
JPMorgan Core Bond Fund Class R6 Shares (b)		—		2,010		2,021		11			—			—		—		10		—
JPMorgan Corporate Bond Fund Class R6 Shares (b)		—		1,398		—		—			(48	)		1,350		130		24		20
JPMorgan Emerging Markets Debt Fund Class R6 Shares (b)		—		516		—		—			(23	)		493		63		3		—
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (b)		—		495		—		—			—	(c)		495		64		11		—
JPMorgan Equity Index Fund Class R6 Shares (b)		—		3,833		920		131			805			3,849		64		51		—
JPMorgan Floating Rate Income Fund Class R6 Shares (b)		—		344		—		—			—	(c)		344		39		2		—
JPMorgan High Yield Fund Class R6 Shares (b)		—		2,382		1,577		95			69			969		135		62		—
JPMorgan High Yield Research Enhanced ETF (b)		—		1,361		118		—	(c)		(1	)		1,242		24		11		1
JPMorgan Income Fund Class R6 Shares (b)		—		739		191		8			21			577		61		21		1
JPMorgan Inflation Managed Bond Fund Class R6 Shares (b)		—		1,996		—		—			57			2,053		191		30		—
JPMorgan Short Duration Core Plus Fund Class R6 Shares (b)		—		2,870		652		9			25			2,252		229		35		4
JPMorgan U.S. Aggregate Bond ETF (b)		—		5,247		4,745		(11	)		(14	)		477		18		29		3
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.04% (b) (d)		—		18,480		16,850		—			—			1,630		1,630		1		—
Total	$	—	$	44,750	$	27,680	$	317		$	1,434		$	18,821			$	334	$	29

(a) Commencement of operations was July 1, 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) Amount rounds to less than one thousand.

(d) The rate shown is the current yield as of March 31, 2021.