JPMorgan SmartRetirement® Blend 2025 Fund
Schedule of Portfolio Investments as of March 31, 2024
(Unaudited)
THE “UNAUDITED MUTUAL FUNDS HOLDINGS” LIST (“the List”) IS TO BE USED FOR REPORTING PURPOSES ONLY. IT IS NOT TO BE REPRODUCED FOR USE AS ADVERTISING OR SALES LITERATURE WITH THE GENERAL PUBLIC. The list is submitted for the general information of the shareholders of the Fund. It is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by a prospectus. The list has been created from the books and records of the Fund. Holdings are available 60 days after the fund’s fiscal quarter, using a trade date accounting convention, by contacting the appropriate service center. The list is subject to change without notice. The list is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security. |
JPMorgan Asset Management is the marketing name for the asset management business of J.P. Morgan Chase & Co. |
J.P. Morgan Distribution Services, Inc., member FINRA. |
© J.P. Morgan Chase & Co., 2024. |
JPMorgan SmartRetirement® Blend 2025 Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2024 (Unaudited)INVESTMENTS | SHARES (000) | VALUE ($000) |
Investment Companies — 42.3% | ||
Fixed Income — 16.4% | ||
JPMorgan Core Plus Bond Fund Class R6 Shares (a) | 27,253 | 195,403 |
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a) | 5,102 | 31,686 |
JPMorgan High Yield Fund Class R6 Shares (a) | 14,627 | 94,049 |
Total Fixed Income | 321,138 | |
International Equity — 2.1% | ||
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a) | 2,556 | 40,548 |
U.S. Equity — 23.8% | ||
JPMorgan Equity Index Fund Class R6 Shares (a) | 5,927 | 467,145 |
Total Investment Companies (Cost $632,246) | 828,831 | |
Exchange-Traded Funds — 28.3% | ||
Alternative Assets — 0.9% | ||
JPMorgan BetaBuilders MSCI US REIT ETF (a) | 198 | 17,505 |
Fixed Income — 9.2% | ||
JPMorgan BetaBuilders U.S. Aggregate Bond ETF (a) | 1,702 | 78,088 |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF (a) | 508 | 23,451 |
JPMorgan Inflation Managed Bond ETF (a) | 1,666 | 78,070 |
Total Fixed Income | 179,609 | |
International Equity — 13.3% | ||
JPMorgan BetaBuilders Emerging Markets Equity ETF (a) | 801 | 40,411 |
JPMorgan BetaBuilders International Equity ETF (a) | 3,653 | 219,659 |
Total International Equity | 260,070 | |
U.S. Equity — 4.9% | ||
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (a) | 679 | 62,791 |
JPMorgan BetaBuilders U.S. Small Cap Equity ETF (a) | 540 | 33,953 |
Total U.S. Equity | 96,744 | |
Total Exchange-Traded Funds (Cost $479,235) | 553,928 | |
PRINCIPAL AMOUNT ($000) | ||
U.S. Treasury Obligations — 7.5% | ||
U.S. Treasury Bonds | ||
1.13%, 5/15/2040 | 2,232 | 1,395 |
1.13%, 8/15/2040 | 10,449 | 6,468 |
3.38%, 8/15/2042 | 5,050 | 4,362 |
3.13%, 2/15/2043 | 940 | 779 |
3.88%, 2/15/2043 | 12,180 | 11,259 |
3.88%, 5/15/2043 | 325 | 300 |
1.38%, 8/15/2050 | 14,080 | 7,435 |
1.63%, 11/15/2050 | 1,836 | 1,037 |
3.00%, 8/15/2052 | 10,880 | 8,451 |
U.S. Treasury Notes | ||
4.13%, 1/31/2025 | 573 | 569 |
JPMorgan SmartRetirement® Blend 2025 Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2024 (Unaudited) (continued) INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
U.S. Treasury Obligations — continued | ||
4.00%, 12/15/2025 (b) | 335 | 331 |
4.00%, 2/15/2026 | 19,970 | 19,722 |
0.63%, 12/31/2027 | 2,720 | 2,374 |
3.63%, 3/31/2028 | 9,505 | 9,266 |
1.25%, 4/30/2028 | 2,990 | 2,651 |
1.00%, 7/31/2028 | 28,900 | 25,181 |
2.88%, 4/30/2029 | 4,495 | 4,216 |
3.25%, 6/30/2029 | 575 | 548 |
3.13%, 8/31/2029 | 5,401 | 5,113 |
3.88%, 9/30/2029 | 1,470 | 1,444 |
3.50%, 1/31/2030 | 3,830 | 3,686 |
3.63%, 3/31/2030 | 1,050 | 1,016 |
4.88%, 10/31/2030 | 4,000 | 4,145 |
2.88%, 5/15/2032 | 3,230 | 2,933 |
2.75%, 8/15/2032 | 3,956 | 3,548 |
3.50%, 2/15/2033 | 4,160 | 3,940 |
3.88%, 8/15/2033 | 12,495 | 12,163 |
U.S. Treasury STRIPS Bonds | ||
1.18%, 5/15/2027 (c) | 2,780 | 2,423 |
4.81%, 11/15/2040 (c) | 1,040 | 485 |
4.83%, 2/15/2041 (c) | 665 | 306 |
Total U.S. Treasury Obligations (Cost $157,471) | 147,546 | |
Mortgage-Backed Securities — 6.8% | ||
FHLMC Gold Pools, Other | ||
Pool # WA4424, 4.40%, 12/1/2027 | 1,265 | 1,244 |
Pool # WN1157, 1.80%, 11/1/2028 | 985 | 865 |
Pool # WA1626, 3.45%, 8/1/2032 | 1,171 | 1,073 |
Pool # WN3225, 3.80%, 10/1/2034 | 750 | 690 |
FHLMC UMBS, 30 Year | ||
Pool # ZL3032, 3.50%, 5/1/2042 | 531 | 489 |
Pool # QB1397, 2.50%, 7/1/2050 | 78 | 64 |
Pool # QB4026, 2.50%, 10/1/2050 | 1,681 | 1,419 |
Pool # QB4045, 2.50%, 10/1/2050 | 1,083 | 909 |
Pool # QB4484, 2.50%, 10/1/2050 | 685 | 577 |
Pool # QB4542, 2.50%, 10/1/2050 | 689 | 580 |
Pool # RA4224, 3.00%, 11/1/2050 | 274 | 238 |
Pool # QB8503, 2.50%, 2/1/2051 | 786 | 653 |
Pool # QC9443, 2.50%, 10/1/2051 | 673 | 562 |
Pool # QD4686, 4.00%, 1/1/2052 | 449 | 416 |
Pool # QE1637, 4.00%, 5/1/2052 | 281 | 266 |
Pool # QE1832, 4.50%, 5/1/2052 | 346 | 336 |
Pool # QH9763, 6.00%, 1/1/2054 | 472 | 477 |
Pool # QH9845, 6.00%, 2/1/2054 | 1,763 | 1,786 |
FNMA UMBS, 30 Year | ||
Pool # CA2826, 5.50%, 12/1/2048 | 806 | 813 |
Pool # FM3118, 3.00%, 5/1/2050 | 446 | 391 |
Pool # BP9250, 2.50%, 7/1/2050 | 1,317 | 1,104 |
JPMorgan SmartRetirement® Blend 2025 Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2024 (Unaudited) (continued) INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Mortgage-Backed Securities — continued | ||
Pool # BQ2894, 3.00%, 9/1/2050 | 1,020 | 893 |
Pool # BQ3996, 2.50%, 10/1/2050 | 666 | 558 |
Pool # BQ5243, 3.50%, 10/1/2050 | 381 | 346 |
Pool # CA7398, 3.50%, 10/1/2050 | 904 | 822 |
Pool # BR4318, 3.00%, 1/1/2051 | 141 | 123 |
Pool # CA8637, 4.00%, 1/1/2051 | 1,689 | 1,596 |
Pool # CB0189, 3.00%, 4/1/2051 | 318 | 276 |
Pool # CB0458, 2.50%, 5/1/2051 | 496 | 413 |
Pool # FM7916, 2.50%, 6/1/2051 | 428 | 357 |
Pool # FM7957, 2.50%, 7/1/2051 | 2,948 | 2,465 |
Pool # CB1301, 2.50%, 8/1/2051 | 761 | 634 |
Pool # FM8247, 2.50%, 8/1/2051 | 426 | 356 |
Pool # FS6514, 2.50%, 9/1/2051 | 450 | 376 |
Pool # CB2313, 2.50%, 12/1/2051 | 473 | 394 |
Pool # FS2559, 3.00%, 12/1/2051 | 1,438 | 1,247 |
Pool # CB2637, 2.50%, 1/1/2052 | 883 | 734 |
Pool # BU3079, 3.00%, 1/1/2052 | 466 | 403 |
Pool # CB2670, 3.00%, 1/1/2052 | 818 | 704 |
Pool # BV4831, 3.00%, 2/1/2052 | 441 | 379 |
Pool # BV0295, 3.50%, 2/1/2052 | 1,074 | 979 |
Pool # BV3950, 4.00%, 2/1/2052 | 510 | 475 |
Pool # BV6743, 4.50%, 5/1/2052 | 376 | 363 |
Pool # BY4714, 5.00%, 6/1/2053 | 985 | 961 |
Pool # BY4761, 5.00%, 6/1/2053 | 372 | 363 |
Pool # DA7753, 5.50%, 1/1/2054 | 500 | 498 |
Pool # DA0425, 6.00%, 2/1/2054 | 744 | 756 |
Pool # DA7754, 6.00%, 2/1/2054 | 1,783 | 1,806 |
FNMA, Other | ||
Pool # BS7576, 4.86%, 12/1/2027 | 628 | 631 |
Pool # AM3010, 5.07%, 3/1/2028 | 542 | 546 |
Pool # BL8639, 1.09%, 4/1/2028 | 762 | 664 |
Pool # BS6144, 3.97%, 1/1/2029 | 1,535 | 1,489 |
Pool # AM5319, 4.34%, 1/1/2029 | 486 | 477 |
Pool # BS8149, 4.97%, 9/1/2029 | 900 | 909 |
Pool # BL4956, 2.41%, 11/1/2029 | 1,248 | 1,115 |
Pool # BS0448, 1.27%, 12/1/2029 | 1,051 | 872 |
Pool # BL9748, 1.60%, 12/1/2029 | 439 | 374 |
Pool # AN7593, 2.99%, 12/1/2029 | 322 | 295 |
Pool # BS7361, 4.76%, 1/1/2030 | 1,880 | 1,887 |
Pool # BL9252, 1.37%, 3/1/2030 | 382 | 319 |
Pool # AN8285, 3.11%, 3/1/2030 | 329 | 303 |
Pool # BS0154, 1.28%, 4/1/2030 | 260 | 215 |
Pool # AM8544, 3.08%, 4/1/2030 | 138 | 127 |
Pool # AN8990, 3.53%, 4/1/2030 | 465 | 437 |
Pool # BS7168, 4.57%, 6/1/2030 | 684 | 680 |
Pool # BL9251, 1.45%, 10/1/2030 | 831 | 687 |
Pool # AM4789, 4.18%, 11/1/2030 | 249 | 242 |
Pool # BL9891, 1.37%, 12/1/2030 | 587 | 481 |
JPMorgan SmartRetirement® Blend 2025 Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2024 (Unaudited) (continued) INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Mortgage-Backed Securities — continued | ||
Pool # BS0025, 1.38%, 12/1/2030 | 1,114 | 922 |
Pool # BL9494, 1.46%, 12/1/2030 | 265 | 216 |
Pool # BS8442, 4.74%, 4/1/2031 | 1,073 | 1,075 |
Pool # BS2915, 1.87%, 5/1/2031 | 210 | 175 |
Pool # BS7167, 4.64%, 7/1/2031 | 1,655 | 1,647 |
Pool # BS7437, 5.04%, 8/1/2031 | 870 | 884 |
Pool # BS4563, 2.01%, 1/1/2032 | 255 | 212 |
Pool # BS5580, 3.68%, 1/1/2032 | 1,080 | 1,008 |
Pool # BM6898, 2.15%, 2/1/2032 (d) | 556 | 466 |
Pool # BS4654, 2.39%, 3/1/2032 | 866 | 741 |
Pool # BL5680, 2.44%, 3/1/2032 | 1,295 | 1,104 |
Pool # AN5952, 3.01%, 7/1/2032 | 348 | 313 |
Pool # AN6149, 3.14%, 7/1/2032 | 1,605 | 1,433 |
Pool # BS5530, 3.30%, 7/1/2032 | 1,676 | 1,513 |
Pool # BS6095, 4.14%, 7/1/2032 | 480 | 461 |
Pool # BS6345, 3.91%, 8/1/2032 | 510 | 480 |
Pool # BM3226, 3.44%, 10/1/2032 (d) | 1,372 | 1,269 |
Pool # BS6822, 3.81%, 10/1/2032 | 980 | 917 |
Pool # BS8528, 4.31%, 10/1/2032 | 1,785 | 1,730 |
Pool # BS6872, 4.41%, 10/1/2032 | 285 | 278 |
Pool # BS6926, 4.51%, 10/1/2032 | 355 | 351 |
Pool # BS6928, 4.55%, 10/1/2032 | 310 | 304 |
Pool # BS6954, 4.93%, 10/1/2032 | 782 | 792 |
Pool # BS6819, 4.12%, 11/1/2032 | 1,110 | 1,064 |
Pool # BS7090, 4.45%, 12/1/2032 | 1,039 | 1,020 |
Pool # BS7113, 4.90%, 12/1/2032 | 295 | 298 |
Pool # AN7923, 3.33%, 1/1/2033 | 640 | 577 |
Pool # BS8428, 4.41%, 1/1/2033 | 1,221 | 1,190 |
Pool # BS7398, 4.74%, 2/1/2033 | 845 | 843 |
Pool # BS5357, 3.41%, 3/1/2033 | 799 | 720 |
Pool # AN9067, 3.51%, 5/1/2033 | 345 | 315 |
Pool # BS8416, 4.56%, 5/1/2033 | 580 | 573 |
Pool # BS5511, 3.45%, 8/1/2033 | 1,068 | 967 |
Pool # BS5127, 3.15%, 9/1/2033 | 615 | 541 |
Pool # BL1012, 4.03%, 12/1/2033 | 335 | 318 |
Pool # BL0900, 4.08%, 2/1/2034 | 190 | 180 |
Pool # BZ0430, 4.32%, 2/1/2034 | 800 | 775 |
Pool # BL7124, 1.93%, 6/1/2035 | 696 | 550 |
Pool # AN4430, 3.61%, 1/1/2037 | 645 | 602 |
Pool # BL6060, 2.46%, 4/1/2040 | 595 | 424 |
Pool # BF0230, 5.50%, 1/1/2058 | 1,401 | 1,438 |
Pool # BF0497, 3.00%, 7/1/2060 | 667 | 558 |
Pool # BF0578, 2.50%, 12/1/2061 | 3,529 | 2,824 |
FNMA/FHLMC UMBS, Single Family, 30 Year | ||
TBA, 2.50%, 4/25/2054 (e) | 19,421 | 16,051 |
TBA, 5.50%, 4/25/2054 (e) | 1,500 | 1,493 |
TBA, 6.50%, 4/25/2054 (e) | 3,325 | 3,397 |
JPMorgan SmartRetirement® Blend 2025 Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2024 (Unaudited) (continued) INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Mortgage-Backed Securities — continued | ||
GNMA II, 30 Year | ||
Pool # BY3432, 3.50%, 9/20/2050 | 1,017 | 926 |
Pool # BR3929, 3.50%, 10/20/2050 | 516 | 469 |
Pool # BW1726, 3.50%, 10/20/2050 | 621 | 565 |
Pool # BS8546, 2.50%, 12/20/2050 | 1,565 | 1,305 |
Pool # BR3928, 3.00%, 12/20/2050 | 802 | 719 |
Pool # BU7538, 3.00%, 12/20/2050 | 541 | 485 |
Pool # 785294, 3.50%, 1/20/2051 | 1,505 | 1,351 |
Pool # CA8452, 3.00%, 2/20/2051 | 2,174 | 1,943 |
Pool # CA9005, 3.00%, 2/20/2051 | 492 | 450 |
Pool # CB1543, 3.00%, 2/20/2051 | 1,521 | 1,341 |
Pool # CA3588, 3.50%, 2/20/2051 | 1,551 | 1,410 |
Pool # CB1536, 3.50%, 2/20/2051 | 1,677 | 1,532 |
Pool # CB1542, 3.00%, 3/20/2051 | 952 | 840 |
Pool # CC0070, 3.00%, 3/20/2051 | 246 | 222 |
Pool # CC8726, 3.00%, 3/20/2051 | 299 | 264 |
Pool # CC8738, 3.00%, 3/20/2051 | 419 | 369 |
Pool # CC8723, 3.50%, 3/20/2051 | 2,058 | 1,873 |
Pool # CC0088, 4.00%, 3/20/2051 | 85 | 80 |
Pool # CC0092, 4.00%, 3/20/2051 | 201 | 190 |
Pool # CC8727, 3.00%, 4/20/2051 | 525 | 463 |
Pool # CC8739, 3.00%, 4/20/2051 | 1,373 | 1,210 |
Pool # CC8740, 3.00%, 4/20/2051 | 1,138 | 1,004 |
Pool # CC8751, 3.00%, 4/20/2051 | 264 | 233 |
Pool # CA3563, 3.50%, 7/20/2051 | 999 | 920 |
Pool # CE2586, 3.50%, 7/20/2051 | 1,431 | 1,302 |
Pool # CK1527, 3.50%, 12/20/2051 | 1,058 | 967 |
Pool # CJ8184, 3.50%, 1/20/2052 | 1,146 | 1,042 |
Pool # CK2716, 3.50%, 2/20/2052 | 861 | 772 |
Pool # CK8295, 5.00%, 3/20/2052 | 490 | 479 |
Pool # MA8200, 4.00%, 8/20/2052 | 313 | 293 |
Pool # CN3127, 5.00%, 8/20/2052 | 489 | 481 |
Pool # CV0172, 6.50%, 7/20/2053 | 754 | 791 |
Pool # CU6748, 6.00%, 9/20/2053 | 1,024 | 1,033 |
Pool # DA2721, 5.50%, 3/20/2054 | 425 | 425 |
GNMA II, Other | ||
Pool # CV6672, 5.00%, 7/20/2062 | 446 | 435 |
Pool # CU1093, 5.50%, 6/20/2063 | 869 | 862 |
Pool # CV6673, 5.50%, 6/20/2063 | 879 | 873 |
Pool # CU1092, 6.00%, 6/20/2063 | 835 | 836 |
Pool # 785183, 2.93%, 10/20/2070 (d) | 776 | 693 |
Total Mortgage-Backed Securities (Cost $144,912) | 133,436 | |
Corporate Bonds — 6.6% | ||
Aerospace & Defense — 0.2% | ||
Boeing Co. (The) | ||
2.75%, 2/1/2026 | 66 | 63 |
2.20%, 2/4/2026 | 85 | 80 |
JPMorgan SmartRetirement® Blend 2025 Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2024 (Unaudited) (continued) INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
Aerospace & Defense — continued | ||
2.70%, 2/1/2027 | 1,722 | 1,586 |
3.45%, 11/1/2028 | 200 | 183 |
L3Harris Technologies, Inc. | ||
5.25%, 6/1/2031 | 250 | 249 |
5.40%, 7/31/2033 | 206 | 207 |
Northrop Grumman Corp. | ||
5.15%, 5/1/2040 | 242 | 237 |
3.85%, 4/15/2045 | 220 | 177 |
RTX Corp. | ||
2.25%, 7/1/2030 | 422 | 360 |
5.15%, 2/27/2033 | 155 | 155 |
2.82%, 9/1/2051 | 385 | 245 |
3,542 | ||
Automobiles — 0.1% | ||
General Motors Co. 6.80%, 10/1/2027 | 400 | 419 |
Hyundai Capital America 2.38%, 10/15/2027 (f) | 835 | 757 |
1,176 | ||
Banks — 1.9% | ||
ABN AMRO Bank NV (Netherlands) | ||
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.55%), 6.58%, 10/13/2026 (f) (g) | 300 | 303 |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.65%), 6.34%, 9/18/2027 (f) (g) | 200 | 203 |
AIB Group plc (Ireland) (SOFR + 2.33%), 6.61%, 9/13/2029 (f) (g) | 200 | 209 |
ANZ New Zealand Int'l Ltd. (New Zealand) 5.36%, 8/14/2028 (f) | 210 | 212 |
Banco Santander SA (Spain) | ||
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.90%), 1.72%, 9/14/2027 (g) | 200 | 182 |
6.61%, 11/7/2028 | 600 | 634 |
Bank of America Corp. | ||
(SOFR + 1.01%), 1.20%, 10/24/2026 (g) | 592 | 554 |
(SOFR + 1.29%), 5.08%, 1/20/2027 (g) | 237 | 236 |
(3-MONTH CME TERM SOFR + 1.77%), 3.71%, 4/24/2028 (g) | 1,407 | 1,346 |
(SOFR + 1.58%), 4.38%, 4/27/2028 (g) | 305 | 298 |
(SOFR + 1.63%), 5.20%, 4/25/2029 (g) | 430 | 430 |
(SOFR + 1.57%), 5.82%, 9/15/2029 (g) | 460 | 472 |
(SOFR + 1.33%), 2.97%, 2/4/2033 (g) | 675 | 574 |
(SOFR + 1.91%), 5.29%, 4/25/2034 (g) | 390 | 389 |
(SOFR + 1.65%), 5.47%, 1/23/2035 (g) | 385 | 388 |
Bank of Ireland Group plc (Ireland) | ||
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.65%), 6.25%, 9/16/2026 (f) (g) | 226 | 227 |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.10%), 2.03%, 9/30/2027 (f) (g) | 215 | 197 |
(SOFR + 1.62%), 5.60%, 3/20/2030 (f) (g) | 210 | 210 |
Bank of Montreal (Canada) 5.72%, 9/25/2028 | 280 | 288 |
Bank of New Zealand (New Zealand) 5.08%, 1/30/2029 (f) | 250 | 250 |
Bank of Nova Scotia (The) (Canada) 4.85%, 2/1/2030 | 273 | 271 |
Banque Federative du Credit Mutuel SA (France) | ||
5.90%, 7/13/2026 (f) | 225 | 228 |
1.60%, 10/4/2026 (f) | 365 | 334 |
JPMorgan SmartRetirement® Blend 2025 Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2024 (Unaudited) (continued) INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
Banks — continued | ||
5.79%, 7/13/2028 (f) | 200 | 205 |
Barclays plc (United Kingdom) | ||
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.30%), 2.89%, 11/24/2032 (g) | 200 | 166 |
(SOFR + 2.98%), 6.22%, 5/9/2034 (g) | 280 | 289 |
BNP Paribas SA (France) | ||
(SOFR + 1.22%), 2.16%, 9/15/2029 (f) (g) | 364 | 318 |
(SOFR + 1.52%), 5.18%, 1/9/2030 (f) (g) | 675 | 675 |
(SOFR + 1.59%), 5.50%, 5/20/2030 (f) (g) | 285 | 286 |
(SOFR + 1.88%), 5.74%, 2/20/2035 (f) (g) | 510 | 514 |
BPCE SA (France) | ||
(SOFR + 1.52%), 1.65%, 10/6/2026 (f) (g) | 1,017 | 955 |
(SOFR + 2.27%), 6.71%, 10/19/2029 (f) (g) | 300 | 314 |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.96%), 5.72%, 1/18/2030 (f) (g) | 250 | 251 |
(SOFR + 1.73%), 3.12%, 10/19/2032 (f) (g) | 290 | 238 |
CaixaBank SA (Spain) (SOFR + 2.08%), 6.68%, 9/13/2027 (f) (g) | 255 | 261 |
Citigroup, Inc. | ||
(3-MONTH CME TERM SOFR + 1.41%), 3.52%, 10/27/2028 (g) | 502 | 473 |
(SOFR + 1.36%), 5.17%, 2/13/2030 (g) | 940 | 936 |
(SOFR + 1.35%), 3.06%, 1/25/2033 (g) | 940 | 799 |
Commonwealth Bank of Australia (Australia) 3.31%, 3/11/2041 (f) (h) | 290 | 211 |
Credit Agricole SA (France) | ||
4.38%, 3/17/2025 (f) | 500 | 492 |
(SOFR + 0.89%), 1.25%, 1/26/2027 (f) (g) | 657 | 609 |
(SOFR + 1.86%), 6.32%, 10/3/2029 (f) (g) | 250 | 259 |
(SOFR + 1.69%), 5.34%, 1/10/2030 (f) (g) | 520 | 519 |
Danske Bank A/S (Denmark) | ||
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.10%), 6.47%, 1/9/2026 (f) (g) | 200 | 201 |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.40%), 5.71%, 3/1/2030 (f) (g) | 200 | 201 |
DNB Bank ASA (Norway) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.68%), 1.61%, 3/30/2028 (f) (g) | 335 | 300 |
Federation des Caisses Desjardins du Quebec (Canada) | ||
5.70%, 3/14/2028 (f) | 200 | 203 |
5.25%, 4/26/2029 (f) | 529 | 528 |
Fifth Third Bancorp (SOFR + 1.84%), 5.63%, 1/29/2032 (g) | 416 | 416 |
HSBC Holdings plc (United Kingdom) | ||
(SOFR + 1.73%), 2.01%, 9/22/2028 (g) | 1,885 | 1,685 |
(SOFR + 3.35%), 7.39%, 11/3/2028 (g) | 245 | 261 |
(SOFR + 1.29%), 2.21%, 8/17/2029 (g) | 205 | 180 |
Huntington National Bank (The) 5.65%, 1/10/2030 | 337 | 339 |
Intesa Sanpaolo SpA (Italy) Series XR, 3.25%, 9/23/2024 (f) | 435 | 430 |
Lloyds Banking Group plc (United Kingdom) | ||
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.85%), 1.63%, 5/11/2027 (g) | 220 | 203 |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.38%), 5.46%, 1/5/2028 (g) | 255 | 255 |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.75%), 5.68%, 1/5/2035 (g) | 280 | 282 |
Mitsubishi UFJ Financial Group, Inc. (Japan) | ||
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.75%), 1.54%, 7/20/2027 (g) | 330 | 304 |
3.74%, 3/7/2029 | 934 | 888 |
JPMorgan SmartRetirement® Blend 2025 Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2024 (Unaudited) (continued) INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
Banks — continued | ||
Mizuho Financial Group, Inc. (Japan) | ||
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.67%), 1.23%, 5/22/2027 (g) | 230 | 211 |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.65%), 5.78%, 7/6/2029 (g) | 520 | 531 |
NatWest Group plc (United Kingdom) | ||
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.85%), 7.47%, 11/10/2026 (g) | 200 | 205 |
(3-MONTH SOFR + 1.75%), 4.89%, 5/18/2029 (g) | 200 | 196 |
(3-MONTH SOFR + 1.91%), 5.08%, 1/27/2030 (g) | 200 | 197 |
(3-MONTH SOFR + 1.87%), 4.45%, 5/8/2030 (g) | 210 | 200 |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.50%), 5.78%, 3/1/2035 (g) | 355 | 360 |
Nordea Bank Abp (Finland) 5.38%, 9/22/2027 (f) | 200 | 201 |
PNC Financial Services Group, Inc. (The) (SOFR + 1.93%), 5.07%, 1/24/2034 (g) | 264 | 256 |
Santander Holdings USA, Inc. (SOFR + 2.50%), 6.17%, 1/9/2030 (g) | 265 | 267 |
Santander UK Group Holdings plc (United Kingdom) | ||
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.25%), 1.53%, 8/21/2026 (g) | 500 | 471 |
(SOFR + 2.75%), 6.83%, 11/21/2026 (g) | 635 | 645 |
(SOFR + 0.99%), 1.67%, 6/14/2027 (g) | 230 | 210 |
(SOFR + 2.60%), 6.53%, 1/10/2029 (g) | 360 | 372 |
Skandinaviska Enskilda Banken AB (Sweden) 5.38%, 3/5/2029 (f) | 410 | 411 |
Societe Generale SA (France) | ||
4.25%, 4/14/2025 (f) | 850 | 833 |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.10%), 1.49%, 12/14/2026 (f) (g) | 320 | 297 |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.00%), 1.79%, 6/9/2027 (f) (g) | 270 | 247 |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.75%), 5.63%, 1/19/2030 (f) (g) | 328 | 327 |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.30%), 2.89%, 6/9/2032 (f) (g) | 625 | 514 |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.10%), 6.07%, 1/19/2035 (f) (g) | 214 | 215 |
Standard Chartered plc (United Kingdom) | ||
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.00%), 1.46%, 1/14/2027 (f) (g) | 200 | 185 |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.20%), 7.02%, 2/8/2030 (f) (g) | 250 | 264 |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.10%), 6.10%, 1/11/2035 (f) (g) | 300 | 308 |
Sumitomo Mitsui Financial Group, Inc. (Japan) | ||
5.52%, 1/13/2028 | 420 | 428 |
5.71%, 1/13/2030 | 420 | 433 |
Swedbank AB (Sweden) 6.14%, 9/12/2026 (f) | 260 | 263 |
Toronto-Dominion Bank (The) (Canada) | ||
5.16%, 1/10/2028 | 190 | 191 |
5.52%, 7/17/2028 | 70 | 72 |
Truist Financial Corp. | ||
(SOFR + 2.05%), 6.05%, 6/8/2027 (g) | 155 | 157 |
(SOFR + 2.45%), 7.16%, 10/30/2029 (g) | 205 | 219 |
(SOFR + 1.85%), 5.12%, 1/26/2034 (g) | 140 | 135 |
(SOFR + 1.92%), 5.71%, 1/24/2035 (g) | 171 | 172 |
UniCredit SpA (Italy) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.20%), 1.98%, 6/3/2027 (f) (g) | 200 | 185 |
Wells Fargo & Co. | ||
4.30%, 7/22/2027 | 1,701 | 1,657 |
(SOFR + 1.74%), 5.57%, 7/25/2029 (g) | 285 | 288 |
(SOFR + 1.50%), 5.20%, 1/23/2030 (g) | 80 | 80 |
(SOFR + 1.99%), 5.56%, 7/25/2034 (g) | 95 | 95 |
JPMorgan SmartRetirement® Blend 2025 Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2024 (Unaudited) (continued) INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
Banks — continued | ||
(SOFR + 1.78%), 5.50%, 1/23/2035 (g) | 110 | 110 |
(SOFR + 2.53%), 3.07%, 4/30/2041 (g) | 156 | 117 |
(SOFR + 2.13%), 4.61%, 4/25/2053 (g) | 320 | 283 |
Westpac Banking Corp. (Australia) | ||
2.96%, 11/16/2040 (h) | 70 | 49 |
3.13%, 11/18/2041 (h) | 224 | 158 |
Westpac New Zealand Ltd. (New Zealand) 5.20%, 2/28/2029 (f) | 540 | 540 |
37,436 | ||
Beverages — 0.0% ^ | ||
Constellation Brands, Inc. 4.50%, 5/9/2047 | 275 | 235 |
Keurig Dr Pepper, Inc. Series 10, 5.20%, 3/15/2031 | 280 | 281 |
516 | ||
Biotechnology — 0.1% | ||
AbbVie, Inc. | ||
2.95%, 11/21/2026 | 300 | 286 |
5.05%, 3/15/2034 | 590 | 598 |
4.05%, 11/21/2039 | 500 | 445 |
4.25%, 11/21/2049 | 240 | 208 |
Amgen, Inc. | ||
5.25%, 3/2/2033 | 255 | 257 |
3.00%, 1/15/2052 | 520 | 352 |
Gilead Sciences, Inc. 2.60%, 10/1/2040 | 288 | 203 |
2,349 | ||
Broadline Retail — 0.0% ^ | ||
Amazon.com, Inc. 3.95%, 4/13/2052 | 530 | 445 |
Building Products — 0.0% ^ | ||
Masco Corp. 2.00%, 10/1/2030 | 262 | 215 |
Capital Markets — 0.4% | ||
Bank of New York Mellon Corp. (The) | ||
(SOFR + 1.60%), 6.32%, 10/25/2029 (g) | 220 | 232 |
(SOFR + 1.85%), 6.47%, 10/25/2034 (g) | 190 | 207 |
Brookfield Finance, Inc. (Canada) 3.50%, 3/30/2051 | 278 | 200 |
Credit Suisse AG (Switzerland) | ||
7.95%, 1/9/2025 | 293 | 298 |
1.25%, 8/7/2026 | 370 | 337 |
Deutsche Bank AG (Germany) | ||
(SOFR + 1.87%), 2.13%, 11/24/2026 (g) | 517 | 488 |
(SOFR + 1.22%), 2.31%, 11/16/2027 (g) | 388 | 355 |
(SOFR + 1.59%), 5.71%, 2/8/2028 (g) | 325 | 325 |
Goldman Sachs Group, Inc. (The) | ||
4.25%, 10/21/2025 | 1,486 | 1,458 |
(SOFR + 0.79%), 1.09%, 12/9/2026 (g) | 1,295 | 1,203 |
(SOFR + 1.11%), 2.64%, 2/24/2028 (g) | 528 | 492 |
(SOFR + 1.77%), 6.48%, 10/24/2029 (g) | 250 | 263 |
JPMorgan SmartRetirement® Blend 2025 Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2024 (Unaudited) (continued) INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
Capital Markets — continued | ||
Macquarie Group Ltd. (Australia) | ||
(SOFR + 1.07%), 1.34%, 1/12/2027 (f) (g) | 470 | 436 |
(SOFR + 1.53%), 2.87%, 1/14/2033 (f) (g) | 250 | 208 |
Morgan Stanley | ||
(SOFR + 1.73%), 5.12%, 2/1/2029 (g) | 395 | 394 |
(SOFR + 1.59%), 5.16%, 4/20/2029 (g) | 355 | 355 |
(SOFR + 1.20%), 2.51%, 10/20/2032 (g) | 710 | 587 |
(SOFR + 1.73%), 5.47%, 1/18/2035 (g) | 132 | 133 |
(SOFR + 1.49%), 3.22%, 4/22/2042 (g) | 245 | 187 |
Nasdaq, Inc. 5.55%, 2/15/2034 | 90 | 91 |
UBS Group AG (Switzerland) (SOFRINDX + 0.98%), 1.31%, 2/2/2027 (f) (g) | 250 | 231 |
8,480 | ||
Chemicals — 0.0% ^ | ||
DuPont de Nemours, Inc. 5.32%, 11/15/2038 | 218 | 218 |
Nutrien Ltd. (Canada) 5.00%, 4/1/2049 | 121 | 110 |
328 | ||
Commercial Services & Supplies — 0.1% | ||
Element Fleet Management Corp. (Canada) | ||
1.60%, 4/6/2024 (f) | 145 | 145 |
6.32%, 12/4/2028 (f) | 530 | 547 |
692 | ||
Communications Equipment — 0.0% ^ | ||
Cisco Systems, Inc. 5.05%, 2/26/2034 | 185 | 187 |
Consumer Finance — 0.3% | ||
AerCap Ireland Capital DAC (Ireland) | ||
6.50%, 7/15/2025 | 275 | 278 |
2.45%, 10/29/2026 | 1,255 | 1,165 |
6.10%, 1/15/2027 | 290 | 295 |
3.00%, 10/29/2028 | 150 | 136 |
5.10%, 1/19/2029 | 175 | 174 |
American Express Co. (SOFR + 1.00%), 5.10%, 2/16/2028 (g) | 400 | 399 |
Avolon Holdings Funding Ltd. (Ireland) | ||
2.88%, 2/15/2025 (f) | 110 | 107 |
5.50%, 1/15/2026 (f) | 1,075 | 1,063 |
2.13%, 2/21/2026 (f) | 150 | 140 |
4.25%, 4/15/2026 (f) | 25 | 24 |
2.53%, 11/18/2027 (f) | 1,132 | 1,007 |
5.75%, 3/1/2029 (f) | 191 | 190 |
Capital One Financial Corp. | ||
3.80%, 1/31/2028 | 200 | 190 |
(SOFR + 1.91%), 5.70%, 2/1/2030 (g) | 180 | 182 |
(SOFR + 1.27%), 2.62%, 11/2/2032 (g) | 235 | 190 |
General Motors Financial Co., Inc. | ||
5.40%, 5/8/2027 | 185 | 185 |
JPMorgan SmartRetirement® Blend 2025 Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2024 (Unaudited) (continued) INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
Consumer Finance — continued | ||
5.75%, 2/8/2031 | 210 | 212 |
Hyundai Capital Services, Inc. (South Korea) 5.13%, 2/5/2029 (f) | 200 | 198 |
6,135 | ||
Consumer Staples Distribution & Retail — 0.1% | ||
7-Eleven, Inc. | ||
1.80%, 2/10/2031 (f) | 190 | 153 |
2.50%, 2/10/2041 (f) | 125 | 84 |
Alimentation Couche-Tard, Inc. (Canada) | ||
5.27%, 2/12/2034 (f) | 450 | 449 |
3.44%, 5/13/2041 (f) | 300 | 230 |
3.63%, 5/13/2051 (f) | 335 | 248 |
5.62%, 2/12/2054 (f) | 290 | 293 |
1,457 | ||
Containers & Packaging — 0.0% ^ | ||
Graphic Packaging International LLC 1.51%, 4/15/2026 (f) | 259 | 240 |
Diversified Consumer Services — 0.0% ^ | ||
University of Miami Series 2022, 4.06%, 4/1/2052 | 110 | 93 |
Diversified REITs — 0.0% ^ | ||
Safehold GL Holdings LLC 2.85%, 1/15/2032 | 406 | 330 |
WP Carey, Inc. 2.40%, 2/1/2031 | 183 | 152 |
482 | ||
Diversified Telecommunication Services — 0.1% | ||
AT&T, Inc. | ||
2.75%, 6/1/2031 | 185 | 160 |
3.50%, 6/1/2041 | 664 | 518 |
3.55%, 9/15/2055 | 398 | 278 |
Sprint Capital Corp. 6.88%, 11/15/2028 | 105 | 112 |
Verizon Communications, Inc. 2.65%, 11/20/2040 | 236 | 166 |
1,234 | ||
Electric Utilities — 0.7% | ||
Baltimore Gas and Electric Co. 5.40%, 6/1/2053 | 280 | 278 |
Consumers 2023 Securitization Funding LLC Series A2, 5.21%, 9/1/2030 | 786 | 796 |
DTE Electric Securitization Funding II LLC Series A-2, 6.09%, 9/1/2037 | 300 | 326 |
Duke Energy Corp. 6.10%, 9/15/2053 | 580 | 613 |
Duke Energy Indiana LLC Series YYY, 3.25%, 10/1/2049 | 123 | 87 |
Duke Energy Progress LLC 2.90%, 8/15/2051 | 170 | 110 |
Edison International 5.75%, 6/15/2027 | 265 | 269 |
Emera US Finance LP (Canada) 4.75%, 6/15/2046 | 253 | 208 |
Entergy Arkansas LLC 2.65%, 6/15/2051 | 88 | 54 |
Entergy Louisiana LLC | ||
4.00%, 3/15/2033 | 202 | 186 |
2.90%, 3/15/2051 | 80 | 51 |
5.70%, 3/15/2054 | 140 | 142 |
Evergy Missouri West Storm Funding I LLC Series A-1, 5.10%, 12/1/2038 | 630 | 635 |
JPMorgan SmartRetirement® Blend 2025 Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2024 (Unaudited) (continued) INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
Electric Utilities — continued | ||
Evergy Missouri West, Inc. 5.15%, 12/15/2027 (f) | 282 | 282 |
Evergy, Inc. 2.90%, 9/15/2029 | 512 | 457 |
Fells Point Funding Trust 3.05%, 1/31/2027 (f) | 560 | 525 |
FirstEnergy Transmission LLC 4.55%, 4/1/2049 (f) | 235 | 199 |
Fortis, Inc. (Canada) 3.06%, 10/4/2026 | 334 | 316 |
ITC Holdings Corp. | ||
2.95%, 5/14/2030 (f) | 156 | 137 |
5.40%, 6/1/2033 (f) | 500 | 500 |
Jersey Central Power & Light Co. 4.30%, 1/15/2026 (f) | 236 | 231 |
Massachusetts Electric Co. 4.00%, 8/15/2046 (f) | 118 | 92 |
MidAmerican Energy Co. 5.85%, 9/15/2054 | 120 | 128 |
New England Power Co. (United Kingdom) 2.81%, 10/6/2050 (f) | 328 | 204 |
NextEra Energy Capital Holdings, Inc. 5.55%, 3/15/2054 | 410 | 407 |
NRG Energy, Inc. | ||
2.00%, 12/2/2025 (f) | 115 | 108 |
2.45%, 12/2/2027 (f) | 410 | 369 |
Pacific Gas and Electric Co. | ||
3.45%, 7/1/2025 | 140 | 136 |
2.95%, 3/1/2026 | 831 | 793 |
6.40%, 6/15/2033 | 150 | 158 |
5.80%, 5/15/2034 | 400 | 404 |
3.75%, 8/15/2042 (i) | 86 | 64 |
4.30%, 3/15/2045 | 90 | 71 |
6.75%, 1/15/2053 | 125 | 136 |
PG&E Recovery Funding LLC Series A-3, 5.54%, 7/15/2047 | 200 | 206 |
PG&E Wildfire Recovery Funding LLC | ||
Series A-2, 4.26%, 6/1/2036 | 135 | 128 |
Series A-4, 5.21%, 12/1/2047 | 80 | 80 |
Series A-5, 5.10%, 6/1/2052 | 150 | 148 |
Public Service Co. of Oklahoma 5.25%, 1/15/2033 | 240 | 238 |
Public Service Electric and Gas Co. 5.45%, 3/1/2054 | 300 | 309 |
SCE Recovery Funding LLC | ||
Series A-1, 4.70%, 6/15/2040 | 183 | 177 |
Series A-2, 5.11%, 12/15/2047 | 80 | 78 |
Sigeco Securitization I LLC Series A1, 5.03%, 11/15/2036 | 181 | 180 |
Southern California Edison Co. | ||
Series 20C, 1.20%, 2/1/2026 | 232 | 215 |
5.85%, 11/1/2027 | 289 | 297 |
Series C, 4.13%, 3/1/2048 | 152 | 123 |
5.88%, 12/1/2053 | 134 | 138 |
5.75%, 4/15/2054 | 505 | 512 |
Southern Co. (The) 5.70%, 3/15/2034 | 295 | 304 |
Tampa Electric Co. 4.90%, 3/1/2029 | 362 | 362 |
Union Electric Co. | ||
5.20%, 4/1/2034 (e) | 360 | 361 |
3.90%, 4/1/2052 | 198 | 157 |
13,485 | ||
JPMorgan SmartRetirement® Blend 2025 Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2024 (Unaudited) (continued) INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
Entertainment — 0.1% | ||
Take-Two Interactive Software, Inc. | ||
3.70%, 4/14/2027 | 366 | 351 |
4.00%, 4/14/2032 | 1,000 | 924 |
1,275 | ||
Financial Services — 0.1% | ||
Corebridge Financial, Inc. 3.85%, 4/5/2029 | 120 | 112 |
Global Payments, Inc. | ||
3.20%, 8/15/2029 | 395 | 355 |
5.30%, 8/15/2029 | 71 | 71 |
National Rural Utilities Cooperative Finance Corp. 5.00%, 2/7/2031 | 120 | 119 |
Nationwide Building Society (United Kingdom) (3-MONTH SOFR + 1.45%), 4.30%, 3/8/2029 (f) (g) | 260 | 249 |
Shell International Finance BV (Netherlands) 3.13%, 11/7/2049 | 251 | 178 |
1,084 | ||
Food Products — 0.1% | ||
Bunge Ltd. Finance Corp. 2.75%, 5/14/2031 | 159 | 137 |
Campbell Soup Co. 5.40%, 3/21/2034 | 230 | 232 |
J M Smucker Co. (The) 6.20%, 11/15/2033 | 100 | 107 |
JBS USA LUX SA 6.75%, 3/15/2034 (f) | 270 | 284 |
Kellanova 5.25%, 3/1/2033 | 199 | 200 |
Kraft Heinz Foods Co. | ||
4.63%, 10/1/2039 | 250 | 227 |
4.38%, 6/1/2046 | 137 | 116 |
Smithfield Foods, Inc. 3.00%, 10/15/2030 (f) | 508 | 420 |
Tyson Foods, Inc. 5.70%, 3/15/2034 | 200 | 202 |
1,925 | ||
Gas Utilities — 0.0% ^ | ||
Atmos Energy Corp. 2.85%, 2/15/2052 | 245 | 159 |
CenterPoint Energy Resources Corp. 1.75%, 10/1/2030 | 238 | 195 |
Southern California Gas Co. 6.35%, 11/15/2052 | 150 | 165 |
519 | ||
Ground Transportation — 0.1% | ||
Canadian Pacific Railway Co. (Canada) 4.70%, 5/1/2048 | 192 | 171 |
CSX Corp. 3.80%, 11/1/2046 | 241 | 192 |
ERAC USA Finance LLC | ||
5.00%, 2/15/2029 (f) | 410 | 411 |
5.20%, 10/30/2034 (f) | 200 | 200 |
Norfolk Southern Corp. 3.05%, 5/15/2050 | 237 | 160 |
Penske Truck Leasing Co. LP 6.05%, 8/1/2028 (f) | 250 | 257 |
Triton Container International Ltd. (Bermuda) 2.05%, 4/15/2026 (f) | 800 | 738 |
Union Pacific Corp. 3.55%, 8/15/2039 | 345 | 288 |
2,417 | ||
JPMorgan SmartRetirement® Blend 2025 Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2024 (Unaudited) (continued) INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
Health Care Equipment & Supplies — 0.0% ^ | ||
Boston Scientific Corp. 4.55%, 3/1/2039 | 78 | 73 |
DH Europe Finance II SARL 3.25%, 11/15/2039 | 123 | 99 |
172 | ||
Health Care Providers & Services — 0.3% | ||
AHS Hospital Corp. 5.02%, 7/1/2045 | 140 | 136 |
Banner Health 1.90%, 1/1/2031 | 323 | 266 |
Bon Secours Mercy Health, Inc. Series 20-2, 3.21%, 6/1/2050 | 195 | 138 |
Cencora, Inc. 5.13%, 2/15/2034 | 770 | 769 |
Children's Hospital of Philadelphia (The) Series 2020, 2.70%, 7/1/2050 | 240 | 158 |
Cigna Group (The) 5.13%, 5/15/2031 | 600 | 601 |
CommonSpirit Health | ||
1.55%, 10/1/2025 | 85 | 80 |
2.78%, 10/1/2030 | 195 | 169 |
3.91%, 10/1/2050 | 80 | 63 |
Elevance Health, Inc. 2.25%, 5/15/2030 | 488 | 417 |
HCA, Inc. | ||
5.25%, 6/15/2026 | 1,104 | 1,101 |
5.50%, 6/15/2047 | 140 | 133 |
3.50%, 7/15/2051 | 125 | 86 |
MedStar Health, Inc. Series 20A, 3.63%, 8/15/2049 | 165 | 126 |
MultiCare Health System 2.80%, 8/15/2050 | 149 | 91 |
MyMichigan Health Series 2020, 3.41%, 6/1/2050 | 50 | 36 |
PeaceHealth Obligated Group Series 2020, 3.22%, 11/15/2050 | 175 | 120 |
Piedmont Healthcare, Inc. 2.86%, 1/1/2052 | 230 | 151 |
UnitedHealth Group, Inc. 5.88%, 2/15/2053 | 110 | 119 |
West Virginia United Health System Obligated Group Series 2020, 3.13%, 6/1/2050 | 375 | 245 |
5,005 | ||
Health Care REITs — 0.1% | ||
DOC DR LLC 2.63%, 11/1/2031 | 135 | 111 |
Healthcare Realty Holdings LP 2.00%, 3/15/2031 | 475 | 377 |
Healthpeak OP LLC 2.13%, 12/1/2028 | 334 | 294 |
Sabra Health Care LP 3.20%, 12/1/2031 | 215 | 179 |
961 | ||
Hotels, Restaurants & Leisure — 0.1% | ||
Starbucks Corp. | ||
4.90%, 2/15/2031 | 520 | 517 |
3.35%, 3/12/2050 | 251 | 179 |
696 | ||
Independent Power and Renewable Electricity Producers — 0.0% ^ | ||
Constellation Energy Generation LLC | ||
5.80%, 3/1/2033 | 211 | 217 |
5.75%, 10/1/2041 | 210 | 209 |
Southern Power Co. 5.15%, 9/15/2041 | 260 | 243 |
669 | ||
JPMorgan SmartRetirement® Blend 2025 Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2024 (Unaudited) (continued) INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
Industrial Conglomerates — 0.0% ^ | ||
Honeywell International, Inc. 5.25%, 3/1/2054 | 270 | 272 |
Insurance — 0.2% | ||
Aon North America, Inc. | ||
5.45%, 3/1/2034 | 350 | 354 |
5.75%, 3/1/2054 | 300 | 308 |
Arthur J Gallagher & Co. 5.75%, 7/15/2054 | 450 | 451 |
Athene Global Funding 2.50%, 1/14/2025 (f) | 141 | 137 |
Berkshire Hathaway Finance Corp. 3.85%, 3/15/2052 | 185 | 150 |
Brown & Brown, Inc. 2.38%, 3/15/2031 | 488 | 404 |
CNA Financial Corp. 5.13%, 2/15/2034 | 510 | 496 |
Corebridge Global Funding 5.90%, 9/19/2028 (f) | 180 | 184 |
Empower Finance 2020 LP (Canada) 3.08%, 9/17/2051 (f) | 352 | 237 |
Fidelity & Guaranty Life Holdings, Inc. 5.50%, 5/1/2025 (f) | 300 | 297 |
High Street Funding Trust I 4.11%, 2/15/2028 (f) | 150 | 141 |
Nationwide Mutual Insurance Co. 8.25%, 12/1/2031 (f) | 400 | 450 |
New York Life Insurance Co. 3.75%, 5/15/2050 (f) | 510 | 392 |
Northwestern Mutual Global Funding 1.70%, 6/1/2028 (f) | 200 | 175 |
Teachers Insurance & Annuity Association of America | ||
4.27%, 5/15/2047 (f) | 70 | 58 |
3.30%, 5/15/2050 (f) | 495 | 347 |
4,581 | ||
Interactive Media & Services — 0.0% ^ | ||
Meta Platforms, Inc. 5.60%, 5/15/2053 | 245 | 259 |
IT Services — 0.0% ^ | ||
CGI, Inc. (Canada) 1.45%, 9/14/2026 | 215 | 196 |
Machinery — 0.0% ^ | ||
Otis Worldwide Corp. | ||
5.25%, 8/16/2028 | 250 | 253 |
3.11%, 2/15/2040 | 290 | 223 |
476 | ||
Media — 0.1% | ||
Charter Communications Operating LLC | ||
2.80%, 4/1/2031 | 152 | 125 |
3.50%, 3/1/2042 | 115 | 77 |
3.70%, 4/1/2051 | 532 | 329 |
Comcast Corp. | ||
3.25%, 11/1/2039 | 431 | 338 |
2.80%, 1/15/2051 | 585 | 374 |
5.35%, 5/15/2053 | 745 | 739 |
Discovery Communications LLC 3.63%, 5/15/2030 | 210 | 188 |
2,170 | ||
Metals & Mining — 0.1% | ||
Corp. Nacional del Cobre de Chile (Chile) 6.44%, 1/26/2036 (f) | 200 | 206 |
Glencore Funding LLC (Australia) | ||
2.50%, 9/1/2030 (f) | 398 | 338 |
JPMorgan SmartRetirement® Blend 2025 Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2024 (Unaudited) (continued) INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
Metals & Mining — continued | ||
5.63%, 4/4/2034 (e) (f) | 230 | 231 |
South32 Treasury Ltd. (Australia) 4.35%, 4/14/2032 (f) | 280 | 253 |
Steel Dynamics, Inc. 1.65%, 10/15/2027 | 316 | 281 |
1,309 | ||
Multi-Utilities — 0.1% | ||
Berkshire Hathaway Energy Co. 2.85%, 5/15/2051 | 241 | 155 |
Consumers Energy Co. 3.25%, 8/15/2046 | 117 | 88 |
DTE Energy Co. 5.10%, 3/1/2029 | 600 | 598 |
Public Service Enterprise Group, Inc. 5.45%, 4/1/2034 | 200 | 200 |
San Diego Gas & Electric Co. 2.95%, 8/15/2051 | 370 | 249 |
Southern Co. Gas Capital Corp. Series 21A, 3.15%, 9/30/2051 | 170 | 111 |
WEC Energy Group, Inc. 1.38%, 10/15/2027 | 266 | 234 |
1,635 | ||
Office REITs — 0.0% ^ | ||
Alexandria Real Estate Equities, Inc. 5.25%, 5/15/2036 | 150 | 147 |
COPT Defense Properties LP 2.75%, 4/15/2031 | 295 | 244 |
391 | ||
Oil, Gas & Consumable Fuels — 0.3% | ||
Boardwalk Pipelines LP 4.45%, 7/15/2027 | 205 | 200 |
BP Capital Markets America, Inc. 2.77%, 11/10/2050 | 238 | 154 |
Cheniere Energy, Inc. 5.65%, 4/15/2034 (f) | 160 | 161 |
Columbia Pipelines Holding Co. LLC 5.68%, 1/15/2034 (f) | 148 | 147 |
Coterra Energy, Inc. 3.90%, 5/15/2027 | 155 | 149 |
Enbridge, Inc. (Canada) 5.70%, 3/8/2033 | 180 | 184 |
Energy Transfer LP | ||
3.90%, 7/15/2026 | 404 | 392 |
4.40%, 3/15/2027 | 475 | 465 |
5.00%, 5/15/2044 (i) | 565 | 500 |
Enterprise Products Operating LLC 4.45%, 2/15/2043 | 354 | 316 |
Exxon Mobil Corp. 3.00%, 8/16/2039 | 734 | 574 |
Flex Intermediate Holdco LLC | ||
3.36%, 6/30/2031 (f) | 195 | 158 |
4.32%, 12/30/2039 (f) | 135 | 98 |
Galaxy Pipeline Assets Bidco Ltd. (United Arab Emirates) 2.94%, 9/30/2040 (f) | 233 | 187 |
Gray Oak Pipeline LLC | ||
2.60%, 10/15/2025 (f) | 550 | 524 |
3.45%, 10/15/2027 (f) | 334 | 314 |
HF Sinclair Corp. 5.88%, 4/1/2026 | 123 | 124 |
Kinder Morgan, Inc. | ||
5.00%, 2/1/2029 | 229 | 228 |
7.80%, 8/1/2031 | 500 | 567 |
MPLX LP 4.50%, 4/15/2038 | 256 | 227 |
NGPL PipeCo LLC 3.25%, 7/15/2031 (f) | 210 | 179 |
Northern Natural Gas Co. 5.63%, 2/1/2054 (f) | 40 | 41 |
JPMorgan SmartRetirement® Blend 2025 Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2024 (Unaudited) (continued) INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
Oil, Gas & Consumable Fuels — continued | ||
Phillips 66 Co. 3.55%, 10/1/2026 | 245 | 237 |
TotalEnergies Capital International SA (France) 2.99%, 6/29/2041 | 495 | 374 |
6,500 | ||
Passenger Airlines — 0.0% ^ | ||
United Airlines Pass-Through Trust Series 2016-2, Class A Shares, 3.10%, 10/7/2028 | 678 | 603 |
Personal Care Products — 0.0% ^ | ||
Haleon US Capital LLC 4.00%, 3/24/2052 | 350 | 282 |
Pharmaceuticals — 0.2% | ||
Astrazeneca Finance LLC (United Kingdom) 5.00%, 2/26/2034 | 310 | 311 |
AstraZeneca plc (United Kingdom) 6.45%, 9/15/2037 | 55 | 62 |
Bristol-Myers Squibb Co. | ||
4.13%, 6/15/2039 | 295 | 261 |
5.55%, 2/22/2054 | 165 | 170 |
5.65%, 2/22/2064 | 250 | 257 |
Eli Lilly & Co. 5.00%, 2/9/2054 | 540 | 537 |
Merck & Co., Inc. | ||
2.35%, 6/24/2040 | 348 | 245 |
5.00%, 5/17/2053 | 35 | 34 |
5.15%, 5/17/2063 | 25 | 25 |
Pfizer Investment Enterprises Pte. Ltd. 5.30%, 5/19/2053 | 375 | 373 |
Takeda Pharmaceutical Co. Ltd. (Japan) 3.18%, 7/9/2050 | 400 | 279 |
Zoetis, Inc. 5.60%, 11/16/2032 | 289 | 300 |
2,854 | ||
Professional Services — 0.0% ^ | ||
Verisk Analytics, Inc. 5.75%, 4/1/2033 | 170 | 177 |
Residential REITs — 0.0% ^ | ||
Essex Portfolio LP 5.50%, 4/1/2034 | 100 | 100 |
UDR, Inc. | ||
2.10%, 8/1/2032 | 482 | 378 |
1.90%, 3/15/2033 | 65 | 49 |
527 | ||
Retail REITs — 0.0% ^ | ||
Brixmor Operating Partnership LP | ||
2.25%, 4/1/2028 | 180 | 160 |
2.50%, 8/16/2031 | 110 | 90 |
NNN REIT, Inc. 5.60%, 10/15/2033 | 100 | 101 |
Realty Income Corp. 1.80%, 3/15/2033 | 275 | 209 |
560 | ||
Semiconductors & Semiconductor Equipment — 0.1% | ||
Analog Devices, Inc. 2.80%, 10/1/2041 | 236 | 171 |
Broadcom, Inc. | ||
1.95%, 2/15/2028 (f) | 529 | 472 |
3.19%, 11/15/2036 (f) | 228 | 181 |
JPMorgan SmartRetirement® Blend 2025 Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2024 (Unaudited) (continued) INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
Semiconductors & Semiconductor Equipment — continued | ||
Intel Corp. | ||
5.63%, 2/10/2043 | 17 | 18 |
5.70%, 2/10/2053 | 190 | 196 |
KLA Corp. 3.30%, 3/1/2050 | 442 | 324 |
NXP BV (China) 3.25%, 5/11/2041 | 365 | 270 |
Texas Instruments, Inc. 5.05%, 5/18/2063 | 530 | 516 |
TSMC Global Ltd. (Taiwan) | ||
1.38%, 9/28/2030 (f) | 370 | 300 |
4.63%, 7/22/2032 (f) | 200 | 200 |
2,648 | ||
Software — 0.1% | ||
Intuit, Inc. 5.50%, 9/15/2053 | 70 | 73 |
Oracle Corp. | ||
3.80%, 11/15/2037 | 799 | 670 |
5.55%, 2/6/2053 | 160 | 157 |
Roper Technologies, Inc. 1.75%, 2/15/2031 | 277 | 223 |
VMware LLC | ||
1.40%, 8/15/2026 | 421 | 384 |
4.70%, 5/15/2030 | 415 | 404 |
1,911 | ||
Specialized REITs — 0.2% | ||
American Tower Corp. | ||
1.50%, 1/31/2028 | 205 | 179 |
5.20%, 2/15/2029 | 380 | 380 |
1.88%, 10/15/2030 | 1,190 | 965 |
Crown Castle, Inc. 5.80%, 3/1/2034 | 120 | 123 |
CubeSmart LP 2.00%, 2/15/2031 | 570 | 458 |
Equinix, Inc. 2.90%, 11/18/2026 | 360 | 338 |
Extra Space Storage LP | ||
5.90%, 1/15/2031 | 190 | 196 |
2.40%, 10/15/2031 | 305 | 251 |
2,890 | ||
Specialty Retail — 0.0% ^ | ||
Home Depot, Inc. (The) 3.63%, 4/15/2052 | 185 | 141 |
Technology Hardware, Storage & Peripherals — 0.1% | ||
Apple, Inc. | ||
3.45%, 2/9/2045 | 500 | 403 |
2.70%, 8/5/2051 | 295 | 195 |
Dell International LLC 6.20%, 7/15/2030 | 970 | 1,021 |
1,619 | ||
Tobacco — 0.1% | ||
Altria Group, Inc. 2.45%, 2/4/2032 | 375 | 304 |
BAT Capital Corp. (United Kingdom) | ||
2.26%, 3/25/2028 | 482 | 429 |
JPMorgan SmartRetirement® Blend 2025 Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2024 (Unaudited) (continued) INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
Tobacco — continued | ||
4.39%, 8/15/2037 | 265 | 223 |
3.73%, 9/25/2040 | 398 | 295 |
1,251 | ||
Trading Companies & Distributors — 0.0% ^ | ||
Air Lease Corp. 1.88%, 8/15/2026 | 479 | 442 |
Water Utilities — 0.0% ^ | ||
American Water Capital Corp. 5.45%, 3/1/2054 | 550 | 555 |
Wireless Telecommunication Services — 0.1% | ||
America Movil SAB de CV (Mexico) 2.88%, 5/7/2030 | 250 | 221 |
Rogers Communications, Inc. (Canada) | ||
3.80%, 3/15/2032 | 560 | 503 |
4.55%, 3/15/2052 | 160 | 135 |
T-Mobile USA, Inc. | ||
2.55%, 2/15/2031 | 670 | 571 |
5.15%, 4/15/2034 | 147 | 146 |
1,576 | ||
Total Corporate Bonds (Cost $141,055) | 129,040 | |
Asset-Backed Securities — 3.3% | ||
Accelerated LLC Series 2021-1H, Class B, 1.90%, 10/20/2040 (f) | 251 | 230 |
ACRE Commercial Mortgage Ltd. | ||
Series 2021-FL4, Class A, 6.27%, 12/18/2037 (d) (f) | 11 | 11 |
Series 2021-FL4, Class AS, 6.54%, 12/18/2037 (d) (f) | 575 | 565 |
Ajax Mortgage Loan Trust Series 2021-B, Class A, 2.24%, 6/25/2066 (f) (i) | 696 | 675 |
Aligned Data Centers Issuer LLC Series 2021-1A, Class A2, 1.94%, 8/15/2046 (f) | 870 | 791 |
American Airlines Pass-Through Trust | ||
Series 2016-2, Class AA, 3.20%, 6/15/2028 | 630 | 579 |
Series 2016-3, Class AA, 3.00%, 10/15/2028 | 440 | 400 |
Series 2021-1, Class B, 3.95%, 7/11/2030 | 809 | 744 |
American Credit Acceptance Receivables Trust Series 2024-1, Class D, 5.86%, 5/13/2030 (f) | 720 | 717 |
AMSR Trust | ||
Series 2020-SFR2, Class E1, 4.03%, 7/17/2037 (f) | 530 | 514 |
Series 2020-SFR3, Class E2, 2.76%, 9/17/2037 (f) | 220 | 207 |
Series 2020-SFR4, Class D, 2.01%, 11/17/2037 (f) | 810 | 758 |
Series 2020-SFR4, Class E2, 2.46%, 11/17/2037 (f) | 404 | 377 |
Series 2021-SFR2, Class E2, 2.58%, 8/17/2038 (f) | 340 | 306 |
Aqua Finance Trust Series 2020-AA, Class C, 3.97%, 7/17/2046 (f) | 325 | 289 |
Arivo Acceptance Auto Loan Receivables Trust Series 2021-1A, Class A, 1.19%, 1/15/2027 (f) | 18 | 18 |
Avis Budget Rental Car Funding AESOP LLC | ||
Series 2024-2A, Class B, 5.57%, 10/20/2028 (f) | 705 | 704 |
Series 2024-1A, Class A, 5.36%, 6/20/2030 (f) | 545 | 548 |
Bridgecrest Lending Auto Securitization Trust Series 2024-1, Class D, 6.03%, 11/15/2029 | 560 | 560 |
Business Jet Securities LLC | ||
Series 2020-1A, Class A, 2.98%, 11/15/2035 (f) | 325 | 316 |
Series 2021-1A, Class A, 2.16%, 4/15/2036 (f) | 436 | 408 |
JPMorgan SmartRetirement® Blend 2025 Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2024 (Unaudited) (continued) INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Asset-Backed Securities — continued | ||
Series 2021-1A, Class B, 2.92%, 4/15/2036 (f) | 697 | 646 |
Series 2022-1A, Class A, 4.46%, 6/15/2037 (f) | 518 | 499 |
BXG Receivables Note Trust Series 2020-A, Class A, 1.55%, 2/28/2036 (f) | 271 | 247 |
Carvana Auto Receivables Trust Series 2020-P1, Class C, 1.32%, 11/9/2026 | 445 | 414 |
Cascade MH Asset Trust Series 2021-MH1, Class A1, 1.75%, 2/25/2046 (f) | 954 | 820 |
Continental Finance Credit Card ABS Master Trust Series 2020-1A, Class A, 2.24%, 12/15/2028 (f) | 141 | 139 |
Credit Acceptance Auto Loan Trust Series 2023-5A, Class B, 6.71%, 2/15/2034 (f) | 560 | 567 |
CVS Pass-Through Trust Series 2014, 4.16%, 8/11/2036 (f) | 114 | 100 |
DataBank Issuer Series 2021-1A, Class A2, 2.06%, 2/27/2051 (f) | 525 | 481 |
Delta Air Lines Pass-Through Trust Series 2020-1, Class A, 2.50%, 6/10/2028 | 600 | 540 |
Diamond Resorts Owner Trust | ||
Series 2021-1A, Class A, 1.51%, 11/21/2033 (f) | 91 | 85 |
Series 2021-1A, Class C, 2.70%, 11/21/2033 (f) | 221 | 210 |
Drive Auto Receivables Trust Series 2024-1, Class C, 5.43%, 11/17/2031 | 330 | 330 |
DT Auto Owner Trust | ||
Series 2022-2A, Class D, 5.46%, 3/15/2028 (f) | 385 | 380 |
Series 2023-1A, Class C, 5.55%, 10/16/2028 (f) | 760 | 757 |
Series 2023-2A, Class D, 6.62%, 2/15/2029 (f) | 435 | 439 |
Elara HGV Timeshare Issuer LLC | ||
Series 2021-A, Class B, 1.74%, 8/27/2035 (f) | 250 | 230 |
Series 2021-A, Class C, 2.09%, 8/27/2035 (f) | 105 | 97 |
Enterprise Fleet Financing LLC Series 2024-1, Class A3, 5.16%, 9/20/2030 (f) | 350 | 349 |
Exeter Automobile Receivables Trust | ||
Series 2022-5A, Class C, 6.51%, 12/15/2027 | 515 | 518 |
Series 2023-5A, Class C, 6.85%, 1/16/2029 | 440 | 452 |
Series 2024-1A, Class D, 5.84%, 6/17/2030 | 545 | 544 |
FHF Issuer Trust Series 2024-1A, Class A2, 5.69%, 2/15/2030 (f) | 800 | 800 |
FHF Trust | ||
Series 2021-2A, Class A, 0.83%, 12/15/2026 (f) | 285 | 277 |
Series 2021-1A, Class A, 1.27%, 3/15/2027 (f) | 190 | 186 |
Series 2023-1A, Class A2, 6.57%, 6/15/2028 (f) | 584 | 587 |
FirstKey Homes Trust | ||
Series 2021-SFR2, Class E1, 2.26%, 9/17/2038 (f) | 1,215 | 1,092 |
Series 2022-SFR1, Class E1, 5.00%, 5/19/2039 (f) | 410 | 394 |
Flagship Credit Auto Trust Series 2020-4, Class C, 1.28%, 2/16/2027 (f) | 357 | 351 |
FMC GMSR Issuer Trust Series 2021-GT2, Class A, 3.85%, 10/25/2026 (d) (f) | 745 | 659 |
Foundation Finance Trust Series 2023-2A, Class A, 6.53%, 6/15/2049 (f) | 824 | 839 |
GLS Auto Select Receivables Trust Series 2024-1A, Class C, 5.69%, 3/15/2030 (f) | 195 | 195 |
GreatAmerica Leasing Receivables Series 2024-1, Class A4, 5.08%, 12/16/2030 (f) | 515 | 513 |
HINNT LLC | ||
Series 2024-A, Class B, 5.84%, 3/15/2043 (f) | 867 | 870 |
Series 2024-A, Class C, 6.32%, 3/15/2043 (f) | 1,037 | 1,041 |
Home Partners of America Trust | ||
Series 2021-2, Class C, 2.40%, 12/17/2026 (f) | 1,125 | 1,023 |
Series 2021-3, Class D, 3.00%, 1/17/2041 (f) | 659 | 574 |
JetBlue Pass-Through Trust Series 2020-1, Class B, 7.75%, 11/15/2028 | 320 | 327 |
LAD Auto Receivables Trust Series 2023-4A, Class C, 6.76%, 3/15/2029 (f) | 510 | 522 |
Lendbuzz Securitization Trust Series 2021-1A, Class A, 1.46%, 6/15/2026 (f) | 217 | 211 |
JPMorgan SmartRetirement® Blend 2025 Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2024 (Unaudited) (continued) INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Asset-Backed Securities — continued | ||
LL ABS Trust Series 2021-1A, Class A, 1.07%, 5/15/2029 (f) | 12 | 12 |
Mariner Finance Issuance Trust Series 2021-AA, Class A, 1.86%, 3/20/2036 (f) | 1,145 | 1,054 |
MVW LLC | ||
Series 2021-2A, Class C, 2.23%, 5/20/2039 (f) | 655 | 602 |
Series 2021-1WA, Class B, 1.44%, 1/22/2041 (f) | 93 | 86 |
Series 2024-1A, Class B, 5.51%, 2/20/2043 (f) | 375 | 375 |
NMEF Funding LLC Series 2021-A, Class B, 1.85%, 12/15/2027 (f) | 154 | 154 |
NRZ Excess Spread-Collateralized Notes | ||
Series 2020-PLS1, Class A, 3.84%, 12/25/2025 (f) | 381 | 365 |
Series 2021-FNT1, Class A, 2.98%, 3/25/2026 (f) | 316 | 298 |
Series 2021-FNT2, Class A, 3.23%, 5/25/2026 (f) | 843 | 793 |
Octane Receivables Trust | ||
Series 2021-1A, Class A, 0.93%, 3/22/2027 (f) | 76 | 75 |
Series 2021-2A, Class C, 2.53%, 5/21/2029 (f) | 945 | 886 |
Series 2023-3A, Class B, 6.48%, 7/20/2029 (f) | 485 | 489 |
OneMain Financial Issuance Trust Series 2020-2A, Class D, 3.45%, 9/14/2035 (f) | 295 | 262 |
Oportun Issuance Trust | ||
Series 2024-1A, Class A, 6.33%, 4/8/2031 (f) | 1,103 | 1,103 |
Series 2021-B, Class A, 1.47%, 5/8/2031 (f) | 2,235 | 2,120 |
Pagaya AI Debt Selection Trust Series 2021-HG1, Class A, 1.22%, 1/16/2029 (f) | 306 | 299 |
Pagaya AI Technology in Housing Trust Series 2023-1, Class C, 3.60%, 10/25/2040 (f) | 920 | 812 |
PRET LLC Series 2021-RN4, Class A1, 2.49%, 10/25/2051 (d) (f) | 1,007 | 984 |
Pretium Mortgage Credit Partners I LLC | ||
Series 2021-NPL1, Class A1, 5.24%, 9/27/2060 (f) (i) | 954 | 939 |
Series 2021-NPL4, Class A1, 2.36%, 10/27/2060 (f) (i) | 747 | 729 |
Progress Residential Trust | ||
Series 2020-SFR3, Class A, 1.29%, 10/17/2027 (f) | 564 | 529 |
Series 2020-SFR3, Class B, 1.50%, 10/17/2027 (f) | 420 | 393 |
Series 2020-SFR1, Class E, 3.03%, 4/17/2037 (f) | 855 | 823 |
Series 2020-SFR2, Class D, 3.87%, 6/17/2037 (f) | 315 | 306 |
Series 2021-SFR2, Class D, 2.20%, 4/19/2038 (f) | 2,393 | 2,207 |
Series 2024-SFR1, Class E1, 3.85%, 2/17/2041 (f) | 270 | 239 |
Series 2024-SFR2, Class D, 3.40%, 4/17/2041 (d) (e) (f) | 195 | 172 |
Series 2024-SFR2, Class E1, 3.40%, 4/17/2041 (d) (e) (f) | 310 | 266 |
PRPM LLC | ||
Series 2021-2, Class A1, 5.11%, 3/25/2026 (d) (f) | 483 | 478 |
Series 2021-10, Class A1, 2.49%, 10/25/2026 (f) (i) | 261 | 256 |
Purchasing Power Funding LLC Series 2024-A, Class B, 6.43%, 8/15/2028 (f) | 515 | 515 |
Regional Management Issuance Trust Series 2021-1, Class A, 1.68%, 3/17/2031 (f) | 913 | 884 |
Republic Finance Issuance Trust | ||
Series 2020-A, Class A, 2.47%, 11/20/2030 (f) | 311 | 307 |
Series 2021-A, Class A, 2.30%, 12/22/2031 (f) | 1,697 | 1,622 |
Santander Consumer Auto Receivables Trust Series 2021-AA, Class B, 0.71%, 8/17/2026 (f) | 535 | 515 |
SCF Equipment Leasing LLC | ||
Series 2022-2A, Class C, 6.50%, 8/20/2032 (f) | 775 | 789 |
Series 2023-1A, Class C, 6.77%, 8/22/2033 (f) | 620 | 651 |
SFS Auto Receivables Securitization Trust Series 2024-1A, Class C, 5.51%, 1/20/2032 (f) | 1,150 | 1,154 |
JPMorgan SmartRetirement® Blend 2025 Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2024 (Unaudited) (continued) INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Asset-Backed Securities — continued | ||
Sierra Timeshare Receivables Funding LLC | ||
Series 2021-1A, Class B, 1.34%, 11/20/2037 (f) | 138 | 130 |
Series 2021-2A, Class B, 1.80%, 9/20/2038 (f) | 151 | 142 |
Series 2024-1A, Class C, 5.94%, 1/20/2043 (f) | 440 | 438 |
Tricolor Auto Securitization Trust Series 2024-1A, Class B, 6.53%, 12/15/2027 (f) | 465 | 465 |
Tricon Residential Trust Series 2023-SFR2, Class C, 5.00%, 12/17/2040 (f) | 395 | 383 |
United Airlines Pass-Through Trust | ||
Series 2016-2, Class B, 3.65%, 10/7/2025 | 146 | 140 |
Series 2019-2, Class B, 3.50%, 5/1/2028 | 365 | 338 |
Series 2016-1, Class A, 3.45%, 7/7/2028 | 460 | 417 |
Series 2018-1, Class A, 3.70%, 3/1/2030 | 500 | 447 |
Upstart Pass-Through Trust Series 2021-ST2, Class A, 2.50%, 4/20/2027 (f) | 53 | 52 |
VCAT LLC | ||
Series 2021-NPL1, Class A1, 5.29%, 12/26/2050 (f) (i) | 130 | 129 |
Series 2021-NPL2, Class A1, 5.11%, 3/27/2051 (f) (i) | 257 | 254 |
VOLT XCII LLC Series 2021-NPL1, Class A1, 4.89%, 2/27/2051 (f) (i) | 273 | 266 |
VOLT XCIII LLC Series 2021-NPL2, Class A1, 4.89%, 2/27/2051 (f) (i) | 1,187 | 1,152 |
VOLT XCIV LLC Series 2021-NPL3, Class A1, 5.24%, 2/27/2051 (f) (i) | 1,006 | 983 |
VOLT XCIX LLC Series 2021-NPL8, Class A1, 5.12%, 4/25/2051 (f) (i) | 556 | 541 |
VOLT XCV LLC Series 2021-NPL4, Class A1, 5.24%, 3/27/2051 (f) (i) | 426 | 419 |
VOLT XCVI LLC Series 2021-NPL5, Class A1, 5.12%, 3/27/2051 (f) (i) | 756 | 740 |
VOLT XCVII LLC Series 2021-NPL6, Class A1, 5.24%, 4/25/2051 (f) (i) | 933 | 914 |
Westgate Resorts LLC Series 2022-1A, Class B, 2.29%, 8/20/2036 (f) | 247 | 237 |
Westlake Automobile Receivables Trust | ||
Series 2024-1A, Class A2A, 5.62%, 3/15/2027 (f) | 430 | 430 |
Series 2023-4A, Class C, 6.64%, 11/15/2028 (f) | 375 | 382 |
World Financial Network Credit Card Master Trust Series 2023-A, Class A, 5.02%, 3/15/2030 | 785 | 780 |
Total Asset-Backed Securities (Cost $65,983) | 63,744 | |
Collateralized Mortgage Obligations — 1.0% | ||
Connecticut Avenue Securities Trust Series 2023-R06, Class 1M2, 8.02%, 7/25/2043 (d) (f) | 655 | 678 |
CSMC Trust Series 2021-RPL1, Class A1, 4.04%, 9/27/2060 (d) (f) | 839 | 811 |
FHLMC, REMIC | ||
Series 5171, Class NI, IO, 3.00%, 7/25/2051 | 4,176 | 618 |
Series 5225, Class QL, 4.00%, 5/25/2052 | 825 | 669 |
FNMA Trust, Whole Loan Series 2002-W8, Class A1, 6.50%, 6/25/2042 | 368 | 379 |
FNMA, Grantor Trust, Whole Loan Series 2001-T12, Class A1, 6.50%, 8/25/2041 | 171 | 171 |
FNMA, REMIC | ||
Series 2018-72, Class VB, 3.50%, 10/25/2031 | 308 | 296 |
Series 2014-52, Class BW, 3.00%, 9/25/2044 | 790 | 654 |
Series 2020-54, Class MA, 1.50%, 8/25/2050 | 365 | 297 |
Series 2022-4, Class TA, 1.00%, 4/25/2051 | 820 | 641 |
Series 2022-46, Class GZ, 4.50%, 7/25/2052 | 736 | 627 |
Series 2018-75, Class UZ, 4.00%, 10/25/2058 | 2,242 | 2,035 |
FNMA, REMIC Trust, Whole Loan Series 2002-W3, Class A4, 6.50%, 11/25/2041 | 725 | 729 |
GNMA | ||
Series 2009-35, Class BZ, 6.00%, 5/16/2039 | 547 | 558 |
Series 2022-93, Class JZ, 4.50%, 5/20/2052 | 477 | 340 |
JPMorgan SmartRetirement® Blend 2025 Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2024 (Unaudited) (continued) INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Collateralized Mortgage Obligations — continued | ||
Series 2015-H11, Class FC, 5.99%, 5/20/2065 (d) | 446 | 444 |
Series 2021-H14, Class YD, 7.68%, 6/20/2071 (d) | 1,033 | 914 |
Legacy Mortgage Asset Trust Series 2021-GS1, Class A1, 4.89%, 10/25/2066 (f) (i) | 396 | 391 |
Seasoned Credit Risk Transfer Trust | ||
Series 2018-1, Class MA, 3.00%, 5/25/2057 | 551 | 505 |
Series 2018-1, Class M60C, 3.50%, 5/25/2057 | 907 | 826 |
Series 2019-1, Class MT, 3.50%, 7/25/2058 | 321 | 284 |
Series 2019-1, Class M55D, 4.00%, 7/25/2058 | 494 | 459 |
Series 2019-2, Class M55D, 4.00%, 8/25/2058 | 895 | 828 |
Series 2019-3, Class M55D, 4.00%, 10/25/2058 | 785 | 726 |
Series 2020-3, Class M5TW, 3.00%, 5/25/2060 | 1,144 | 1,023 |
Series 2020-3, Class TTW, 3.00%, 5/25/2060 | 1,036 | 943 |
Series 2022-1, Class MTU, 3.25%, 11/25/2061 | 320 | 275 |
Towd Point Mortgage Trust Series 2021-R1, Class A1, 2.92%, 11/30/2060 (d) (f) | 1,903 | 1,619 |
Total Collateralized Mortgage Obligations (Cost $20,414) | 18,740 | |
Commercial Mortgage-Backed Securities — 0.6% | ||
BXP Trust Series 2017-GM, Class A, 3.38%, 6/13/2039 (f) | 670 | 622 |
FHLMC, Multi-Family Structured Credit Risk | ||
Series 2021-MN2, Class M1, 7.12%, 7/25/2041 (d) (f) | 856 | 812 |
Series 2021-MN1, Class M1, 7.32%, 1/25/2051 (d) (f) | 152 | 149 |
FHLMC, Multi-Family Structured Pass-Through Certificates | ||
Series K727, Class X1, IO, 0.64%, 7/25/2024 (d) | 52,719 | 34 |
Series K-1511, Class A1, 3.28%, 10/25/2030 | 744 | 709 |
Series K754, Class AM, 4.94%, 11/25/2030 (d) | 570 | 576 |
Series K-1510, Class A2, 3.72%, 1/25/2031 | 295 | 277 |
Series K-150, Class A2, 3.71%, 9/25/2032 (d) | 815 | 760 |
FNMA ACES | ||
Series 2018-M3, Class A2, 3.07%, 2/25/2030 (d) | 323 | 298 |
Series 2021-M11, Class A2, 1.46%, 3/25/2031 (d) | 555 | 448 |
Series 2022-M1S, Class A2, 2.08%, 4/25/2032 (d) | 1,620 | 1,343 |
Series 2023-M8, Class A2, 4.47%, 3/25/2033 (d) | 780 | 767 |
Series 2024-M2, Class A2, 3.75%, 8/25/2033 | 2,215 | 2,045 |
Series 2021-M3, Class 1A1, 1.00%, 11/25/2033 | 48 | 47 |
Series 2021-M3, Class X1, IO, 1.92%, 11/25/2033 (d) | 1,397 | 111 |
FREMF Mortgage Trust | ||
Series 2017-KGX1, Class BFX, 3.59%, 10/25/2027 (d) (f) | 595 | 532 |
Series 2015-K48, Class C, 3.65%, 8/25/2048 (d) (f) | 50 | 48 |
Series 2016-K56, Class B, 3.95%, 6/25/2049 (d) (f) | 450 | 435 |
Series 2017-K728, Class C, 3.72%, 11/25/2050 (d) (f) | 230 | 226 |
Multi-Family Connecticut Avenue Securities Trust Series 2023-01, Class M7, 9.32%, 11/25/2053 (d) (f) | 734 | 748 |
SLG Office Trust Series 2021-OVA, Class A, 2.59%, 7/15/2041 (f) | 885 | 732 |
Total Commercial Mortgage-Backed Securities (Cost $12,318) | 11,719 | |
Foreign Government Securities — 0.0% ^ | ||
Kingdom of Saudi Arabia 2.25%, 2/2/2033 (f) | 200 | 161 |
Republic of Peru 2.78%, 12/1/2060 | 162 | 94 |
JPMorgan SmartRetirement® Blend 2025 Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2024 (Unaudited) (continued) INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Foreign Government Securities — continued | ||
United Mexican States | ||
3.50%, 2/12/2034 | 727 | 606 |
6.34%, 5/4/2053 | 200 | 198 |
Total Foreign Government Securities (Cost $1,282) | 1,059 | |
Municipal Bonds — 0.0% (j) ^ | ||
Texas — 0.0% ^ | ||
Texas Natural Gas Securitization Finance Corp., Customer Rate Relief Bonds Series 2023A-2, 5.17%, 4/1/2041 (Cost $195) | 195 | 198 |
SHARES (000) | ||
Short-Term Investments — 4.5% | ||
Investment Companies — 4.5% | ||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (a) (k) (Cost $87,855) | 87,855 | 87,855 |
Total Investments — 100.9% (Cost $1,742,966) | 1,976,096 | |
Liabilities in Excess of Other Assets — (0.9)% | (18,304 ) | |
NET ASSETS — 100.0% | 1,957,792 | |
Percentages indicated are based on net assets. |
Abbreviations | |
ABS | Asset-Backed Securities |
ACES | Alternative Credit Enhancement Securities |
CME | Chicago Mercantile Exchange |
CSMC | Credit Suisse Mortgage Trust |
ETF | Exchange Traded Fund |
FHLMC | Federal Home Loan Mortgage Corp. |
FNMA | Federal National Mortgage Association |
GNMA | Government National Mortgage Association |
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. |
REIT | Real Estate Investment Trust |
REMIC | Real Estate Mortgage Investment Conduit |
SOFR | Secured Overnight Financing Rate |
SOFRINDX | Compounding index of the Secured Overnight Financing Rate |
STRIPS | Separate Trading of Registered Interest and Principal of Securities. The STRIPS Program lets investors hold and trade individual interest and principal components of eligible notes and bonds as separate securities. |
TBA | To Be Announced; Security is subject to delayed delivery. |
UMBS | Uniform Mortgage-Backed Securities |
USD | United States Dollar |
^ | Amount rounds to less than 0.1% of 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) | All or a portion of this security is deposited with the broker as initial margin for futures contracts. | |
(c) | The rate shown is the effective yield as of March 31, 2024. | |
(d) | 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, 2024. | |
(e) | All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment. | |
JPMorgan SmartRetirement® Blend 2025 Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2024 (Unaudited) (continued)(f) | Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. | |
(g) | Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of March 31, 2024. | |
(h) | Contingent Capital security (“CoCo”). CoCos are hybrid debt securities that may be convertible into equity or may be written down if a pre-specified trigger event occurs. The total value of aggregate CoCo holdings at March 31, 2024 is $418 or 0.02% of the Fund’s net assets as of March 31, 2024. | |
(i) | Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of March 31, 2024. | |
(j) | The date shown represents the earliest of the prerefunded date, next put date or final maturity date. | |
(k) | The rate shown is the current yield as of March 31, 2024. |
Detailed information about investment portfolios of the underlying funds and ETFs can be found in shareholder reports filed with the Securities and Exchange Commission (SEC) by each such underlying fund semi-annually on Form N-CSR and in portfolio holdings filed quarterly on Form N-PORT, and are available for download from both the SEC’s as well as each respective underlying fund’s website. Detailed information about underlying J.P. Morgan Funds can also be found at www.jpmorganfunds.com or by calling 1-800-480-4111.
Futures contracts outstanding as of March 31, 2024 (amounts in thousands, except number of contracts):
DESCRIPTION | NUMBER OF CONTRACTS | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL AMOUNT ($) | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($) |
Long Contracts | |||||
U.S. Treasury 5 Year Note | 58 | 06/28/2024 | USD | 6,204 | 15 |
Abbreviations | |
USD | United States Dollar |
JPMorgan SmartRetirement® Blend 2025 Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2024 (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.
Under Section 2(a)(41) of the Investment Company Act of 1940, the Board is required to determine fair value for securities that do not have readily available market quotations. Under SEC Rule 2a-5 (Good Faith Determinations of Fair Value), the Board may designate the performance of these fair valuation determinations to a valuation designee. The Board has designated the Adviser as the “Valuation Designee” to perform fair valuation determinations for the Funds on behalf of the Board subject to appropriate oversight by the Board. The Adviser, as Valuation Designee, leverages the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to help oversee and carry out the policies for the valuation of investments held in the Funds. The Adviser, as Valuation Designee, remains responsible for the valuation determinations.
This oversight by the AVC 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 using prices supplied 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 SmartRetirement® Blend 2025 Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2024 (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 | $— | $63,744 | $— | $63,744 |
Collateralized Mortgage Obligations | — | 18,740 | — | 18,740 |
Commercial Mortgage-Backed Securities | — | 11,719 | — | 11,719 |
Corporate Bonds | — | 129,040 | — | 129,040 |
Exchange-Traded Funds | 553,928 | — | — | 553,928 |
Foreign Government Securities | — | 1,059 | — | 1,059 |
Investment Companies | 828,831 | — | — | 828,831 |
Mortgage-Backed Securities | — | 133,436 | — | 133,436 |
Municipal Bonds | — | 198 | — | 198 |
U.S. Treasury Obligations | — | 147,546 | — | 147,546 |
Short-Term Investments | ||||
Investment Companies | 87,855 | — | — | 87,855 |
Total Investments in Securities | $1,470,614 | $505,482 | $— | $1,976,096 |
Appreciation in Other Financial Instruments | ||||
Futures Contracts | $15 | $— | $— | $15 |
B. Investment Transactions with Affiliates— The Fund invested in Underlying Funds and ETFs 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 purchases at cost amounts in the table below.
For the period ended March 31, 2024 | |||||||||
Security Description | Value at June 30, 2023 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at March 31, 2024 | Shares at March 31, 2024 | Dividend Income | Capital Gain Distributions |
JPMorgan BetaBuilders Emerging Markets Equity ETF (a) | $39,071 | $1,327 | $1,399 | $15 | $1,397 | $40,411 | 801 | $798 | $— |
JPMorgan BetaBuilders International Equity ETF (a) | 248,867 | 5,229 | 54,736 | 6,255 | 14,044 | 219,659 | 3,653 | 4,448 | — |
JPMorgan BetaBuilders MSCI US REIT ETF (a) | 18,741 | — | 2,137 | 134 | 767 | 17,505 | 198 | 477 | — |
JPMorgan BetaBuilders U.S. Aggregate Bond ETF (a) | 206,261 | 15,015 | 141,992 | (11,960 ) | 10,764 | 78,088 | 1,702 | 4,687 | — |
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (a) | 63,130 | 1,485 | 11,632 | 1,185 | 8,623 | 62,791 | 679 | 664 | — |
JPMorgan BetaBuilders U.S. Small Cap Equity ETF (a) | 54,177 | 2,983 | 27,867 | (1,678 ) | 6,338 | 33,953 | 540 | 702 | — |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF (a) | 3,882 | 22,206 | 2,830 | (416 ) | 609 | 23,451 | 508 | 246 | — |
JPMorgan Core Plus Bond Fund Class R6 Shares (a) | 181,315 | 17,085 | 2,951 | (540 ) | 494 | 195,403 | 27,253 | 6,078 | — |
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a) | 4,848 | 26,130 | — | — | 708 | 31,686 | 5,102 | 416 | — |
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a) | 39,020 | 5,427 | 4,773 | (383 ) | 1,257 | 40,548 | 2,556 | 1,161 | — |
JPMorgan Equity Index Fund Class R6 Shares (a) | 445,301 | 23,361 | 76,508 | 7,324 | 67,667 | 467,145 | 5,927 | 4,990 | — |
JPMorgan High Yield Fund Class R6 Shares (a) | 94,414 | 40,293 | 44,736 | (4,062 ) | 8,140 | 94,049 | 14,627 | 5,883 | — |
JPMorgan SmartRetirement® Blend 2025 Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2024 (Unaudited) (continued)(Dollar values in thousands)For the period ended March 31, 2024 | |||||||||
Security Description | Value at June 30, 2023 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at March 31, 2024 | Shares at March 31, 2024 | Dividend Income | Capital Gain Distributions |
JPMorgan Inflation Managed Bond ETF (a) | $44,885 | $32,147 | $— | $— | $1,038 | $78,070 | 1,666 | $1,151 | $— |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (a) (b) | 38,256 | 335,213 | 285,614 | — | — | 87,855 | 87,855 | 2,100 | — |
Total | $1,482,168 | $527,901 | $657,175 | $(4,126 ) | $121,846 | $1,470,614 | $33,801 | $— | |
(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 March 31, 2024. |