UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number
(Exact name of registrant as specified in charter)
277 Park Avenue
New York, NY 10172
(Address of principal executive offices) (Zip code)
Gregory S. Samuels
277 Park Avenue
New York, NY 10172
(Name and Address of Agent for Service)
Registrant's telephone number, including area code:
Date of reporting period:
Item 1. Report to Stockholders.
a.) The following is a copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1).
b.) A copy of the notice transmitted to shareholders in reliance on Rule 30e-3 under the 1940 Act that contains disclosures specified by paragraph (c)(3) of that rule is included in the Annual Report. Not Applicable. Notices do not incorporate disclosures from the shareholder reports.
ANNUAL SHAREHOLDER REPORT | June 30, 2024 (Unaudited)
JPMorgan Preferred and Income Securities Fund
Class A Shares/Ticker: JPDAX
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Preferred and Income Securities Fund for the period July 1, 2023 to June 30, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
JPMorgan Preferred and Income Securities Fund
(Class A Shares) | $91 | 0.85% |
How did the Fund Perform?
The JPMorgan Preferred and Income Securities Fund’s Class A Shares, without a sales charge, returned 13.55% for the year ended June 30, 2024. The 75% ICE BofA US All Capital Securities Index / 25% Bloomberg Developed Mkt. USD Contingent Capital Index (the “Index”) returned 12.94%, the Bloomberg U.S. Aggregate Index returned 2.63% and the ICE BofA US All Capital Securities Index returned 11.68% for the year ended June 30, 2024.
The Fund’s underweight allocation to duration (expressed through an underweight allocation to longer-duration, fixed-for-life retail securities) positively contributed to performance relative to the Index as interest rates rose.
The Fund’s overweight allocation to Canadian bank capital securities detracted from performance relative to the Index.
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | 1 YEAR | | SINCE
INCEPTION | |
| JPMorgan Preferred and Income Securities Fund (Class A Shares) | March 31, 2022 | 9.32 | % | 0.59 | % |
| JPMorgan Preferred and Income Securities Fund (Class A Shares) - excluding sales charge | | 13.55 | | 2.31 | |
| Bloomberg U.S. Aggregate Index | | 2.63 | | (1.39 | ) |
| ICE BofA US All Capital Securities Index | | 11.68 | | 1.98 | |
| Preferred and Income Securities Composite Benchmark | | 12.94 | | 1.65 | |
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.
The graph illustrates comparative performance for $10,000 invested in Class A Shares of JPMorgan Preferred and Income Securities Fund and the Bloomberg U.S. Aggregate Index, ICE BofA US All Capital Securities Index and 75% ICE BofA US All Capital Securities Index / 25% Bloomberg Developed Market USD Contingent Capital Index from March 31, 2022 to June 30, 2024. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and includes a sales charge. The performance of the Bloomberg U.S. Aggregate Index, ICE BofA US All Capital Securities Index and 75% ICE BofA US All Capital Securities Index / 25% Bloomberg Developed Market USD Contingent Capital Index do not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Bloomberg U.S. Aggregate Index is an unmanaged index that represents securities that are SEC-registered, taxable and dollar denominated. The Index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. The ICE BofA US All Capital Securities Index is a subset of the ICE BofA Merrill Lynch U.S. Corporate Index including all fixed-to-floating rate, perpetual callable and capital securities. The ICE BofA Merrill Lynch Corporate Index tracks the performance of U.S. dollar denominated investment grade corporate debt publicly issued in the U.S. domestic market. 75% ICE BofA US All Capital Securities Index / 25% Bloomberg Developed Market USD Contingent Capital Index is a customized blend of unmanaged indices that includes 75% ICE BofA US All Capital Securities Index and 25% Bloomberg Developed Market USD Contingent Capital Index. Investors cannot invest directly in an index.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the applicable inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall have any liability or responsibility for injury or damages arising in connection therewith.
Source ICE Data Indices, LLC is used with permission. ICE® is a registered trademark of ICE Data Indices, LLC or its affiliates and BofA® is a registered trademark of Bank of America Corporation licensed by Bank of America Corporation and its affiliates ("BofA"), and may not be used without BofA's prior written approval. The index data referenced herein is the property of ICE Data Indices, LLC, its affiliates (“ICE Data”) and/or its third party suppliers and has been licensed for use by J.P. Morgan Investment Management, Inc. ICE Data and its Third Party Suppliers accept no liability in connection with the use of such index data or marks. See prospectus for a full copy of the Disclaimer.
| Fund net assets (000's) | $988,655 | |
| Total number of portfolio holdings | $132 | |
| Portfolio turnover rate | $36 | % |
| Total advisory fees paid (000's) | $3,436 | |
PORTFOLIO COMPOSITION - ASSET CLASS
(% of Total Investments)
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-800-480-4111.
ANNUAL SHAREHOLDER REPORT | June 30, 2024 (Unaudited)
JPMorgan Preferred and Income Securities Fund
Class C Shares/Ticker: JPDCX
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Preferred and Income Securities Fund for the period July 1, 2023 to June 30, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
JPMorgan Preferred and Income Securities Fund
(Class C Shares) | $144 | 1.35% |
How did the Fund Perform?
The JPMorgan Preferred and Income Securities Fund’s Class C Shares, without a sales charge, returned 13.00% for the year ended June 30, 2024. The 75% ICE BofA US All Capital Securities Index / 25% Bloomberg Developed Mkt. USD Contingent Capital Index (the “Index”) returned 12.94%, the Bloomberg U.S. Aggregate Index returned 2.63% and the ICE BofA US All Capital Securities Index returned 11.68% for the year ended June 30, 2024.
The Fund’s underweight allocation to duration (expressed through an underweight allocation to longer-duration, fixed-for-life retail securities) positively contributed to performance relative to the Index as interest rates rose.
The Fund’s overweight allocation to Canadian bank capital securities detracted from performance relative to the Index.
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | 1 YEAR | | SINCE
INCEPTION | |
| JPMorgan Preferred and Income Securities Fund (Class C Shares) | August 1, 2022 | 12.00 | % | 1.74 | % |
| JPMorgan Preferred and Income Securities Fund (Class C Shares) - excluding sales charge | | 13.00 | | 1.74 | |
| Bloomberg U.S. Aggregate Index | | 2.63 | | (1.39 | ) |
| ICE BofA US All Capital Securities Index | | 11.68 | | 1.98 | |
| Preferred and Income Securities Composite Benchmark | | 12.94 | | 1.65 | |
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.
Returns for Class C Shares prior to their inception date are based on the performance of Class A Shares. The actual returns for Class C Shares would have been different than those shown because Class C Shares have different expenses than Class A Shares.
The graph illustrates comparative performance for $10,000 invested in Class C Shares of JPMorgan Preferred and Income Securities Fund and the Bloomberg U.S. Aggregate Index, ICE BofA US All Capital Securities Index and 75% ICE BofA US All Capital Securities Index / 25% Bloomberg Developed Market USD Contingent Capital Index from March 31, 2022 to June 30, 2024. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Bloomberg U.S. Aggregate Index, ICE BofA US All Capital Securities Index and 75% ICE BofA US All Capital Securities Index / 25% Bloomberg Developed Market USD Contingent Capital Index do not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Bloomberg U.S. Aggregate Index is an unmanaged index that represents securities that are SEC-registered, taxable and dollar denominated. The Index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. The ICE BofA US All Capital Securities Index is a subset of the ICE BofA Merrill Lynch U.S. Corporate Index including all fixed-to-floating rate, perpetual callable and capital securities. The ICE BofA Merrill Lynch Corporate Index tracks the performance of U.S. dollar denominated investment grade corporate debt publicly issued in the U.S. domestic market. 75% ICE BofA US All Capital Securities Index / 25% Bloomberg Developed Market USD Contingent Capital Index is a customized blend of unmanaged indices that includes 75% ICE BofA US All Capital Securities Index and 25% Bloomberg Developed Market USD Contingent Capital Index. Investors cannot invest directly in an index.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the applicable inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall have any liability or responsibility for injury or damages arising in connection therewith.
Source ICE Data Indices, LLC is used with permission. ICE® is a registered trademark of ICE Data Indices, LLC or its affiliates and BofA® is a registered trademark of Bank of America Corporation licensed by Bank of America Corporation and its affiliates ("BofA"), and may not be used without BofA's prior written approval. The index data referenced herein is the property of ICE Data Indices, LLC, its affiliates (“ICE Data”) and/or its third party suppliers and has been licensed for use by J.P. Morgan Investment Management, Inc. ICE Data and its Third Party Suppliers accept no liability in connection with the use of such index data or marks. See prospectus for a full copy of the Disclaimer.
| Fund net assets (000's) | $988,655 | |
| Total number of portfolio holdings | $132 | |
| Portfolio turnover rate | $36 | % |
| Total advisory fees paid (000's) | $3,436 | |
PORTFOLIO COMPOSITION - ASSET CLASS
(% of Total Investments)
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-800-480-4111.
ANNUAL SHAREHOLDER REPORT | June 30, 2024 (Unaudited)
JPMorgan Preferred and Income Securities Fund
Class I Shares/Ticker: JPDIX
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Preferred and Income Securities Fund for the period July 1, 2023 to June 30, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
JPMorgan Preferred and Income Securities Fund
(Class I Shares) | $64 | 0.60% |
How did the Fund Perform?
The JPMorgan Preferred and Income Securities Fund’s Class I Shares returned 13.96% for the year ended June 30, 2024. The 75% ICE BofA US All Capital Securities Index / 25% Bloomberg Developed Mkt. USD Contingent Capital Index (the “Index”) returned 12.94%, the Bloomberg U.S. Aggregate Index returned 2.63% and the ICE BofA US All Capital Securities Index returned 11.68% for the year ended June 30, 2024.
The Fund’s underweight allocation to duration (expressed through an underweight allocation to longer-duration, fixed-for-life retail securities) positively contributed to performance relative to the Index as interest rates rose.
The Fund’s overweight allocation to Canadian bank capital securities detracted from performance relative to the Index.
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | 1 YEAR | | SINCE
INCEPTION | |
| JPMorgan Preferred and Income Securities Fund (Class I Shares) | March 31, 2022 | 13.96 | % | 2.57 | % |
| Bloomberg U.S. Aggregate Index | | 2.63 | | (1.39 | ) |
| ICE BofA US All Capital Securities Index | | 11.68 | | 1.98 | |
| Preferred and Income Securities Composite Benchmark | | 12.94 | | 1.65 | |
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.
The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of JPMorgan Preferred and Income Securities Fund and the Bloomberg U.S. Aggregate Index, ICE BofA US All Capital Securities Index and 75% ICE BofA US All Capital Securities Index / 25% Bloomberg Developed Market USD Contingent Capital Index from March 31, 2022 to June 30, 2024. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Bloomberg U.S. Aggregate Index, ICE BofA US All Capital Securities Index and 75% ICE BofA US All Capital Securities Index / 25% Bloomberg Developed Market USD Contingent Capital Index do not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Bloomberg U.S. Aggregate Index is an unmanaged index that represents securities that are SEC-registered, taxable and dollar denominated. The Index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. The ICE BofA US All Capital Securities Index is a subset of the ICE BofA Merrill Lynch U.S. Corporate Index including all fixed-to-floating rate, perpetual callable and capital securities. The ICE BofA Merrill Lynch Corporate Index tracks the performance of U.S. dollar denominated investment grade corporate debt publicly issued in the U.S. domestic market. 75% ICE BofA US All Capital Securities Index / 25% Bloomberg Developed Market USD Contingent Capital Index is a customized blend of unmanaged indices that includes 75% ICE BofA US All Capital Securities Index and 25% Bloomberg Developed Market USD Contingent Capital Index. Investors cannot invest directly in an index.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the applicable inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall have any liability or responsibility for injury or damages arising in connection therewith.
Source ICE Data Indices, LLC is used with permission. ICE® is a registered trademark of ICE Data Indices, LLC or its affiliates and BofA® is a registered trademark of Bank of America Corporation licensed by Bank of America Corporation and its affiliates ("BofA"), and may not be used without BofA's prior written approval. The index data referenced herein is the property of ICE Data Indices, LLC, its affiliates (“ICE Data”) and/or its third party suppliers and has been licensed for use by J.P. Morgan Investment Management, Inc. ICE Data and its Third Party Suppliers accept no liability in connection with the use of such index data or marks. See prospectus for a full copy of the Disclaimer.
| Fund net assets (000's) | $988,655 | |
| Total number of portfolio holdings | $132 | |
| Portfolio turnover rate | $36 | % |
| Total advisory fees paid (000's) | $3,436 | |
PORTFOLIO COMPOSITION - ASSET CLASS
(% of Total Investments)
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-800-480-4111.
ANNUAL SHAREHOLDER REPORT | June 30, 2024 (Unaudited)
JPMorgan Preferred and Income Securities Fund
Class R6 Shares/Ticker: JPDRX
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Preferred and Income Securities Fund for the period July 1, 2023 to June 30, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
JPMorgan Preferred and Income Securities Fund
(Class R6 Shares) | $59 | 0.55% |
How did the Fund Perform?
The JPMorgan Preferred and Income Securities Fund’s Class R6 Shares returned 14.01% for the year ended June 30, 2024. The 75% ICE BofA US All Capital Securities Index / 25% Bloomberg Developed Mkt. USD Contingent Capital Index (the “Index”) returned 12.94%, the Bloomberg U.S. Aggregate Index returned 2.63% and the ICE BofA US All Capital Securities Index returned 11.68% for the year ended June 30, 2024.
The Fund’s underweight allocation to duration (expressed through an underweight allocation to longer-duration, fixed-for-life retail securities) positively contributed to performance relative to the Index as interest rates rose.
The Fund’s overweight allocation to Canadian bank capital securities detracted from performance relative to the Index.
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | 1 YEAR | | SINCE
INCEPTION | |
| JPMorgan Preferred and Income Securities Fund (Class R6 Shares) | March 31, 2022 | 14.01 | % | 2.62 | % |
| Bloomberg U.S. Aggregate Index | | 2.63 | | (1.39 | ) |
| ICE BofA US All Capital Securities Index | | 11.68 | | 1.98 | |
| Preferred and Income Securities Composite Benchmark | | 12.94 | | 1.65 | |
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.
The graph illustrates comparative performance for $5,000,000 invested in Class R6 Shares of JPMorgan Preferred and Income Securities Fund and the Bloomberg U.S. Aggregate Index, ICE BofA US All Capital Securities Index and 75% ICE BofA US All Capital Securities Index / 25% Bloomberg Developed Market USD Contingent Capital Index from March 31, 2022 to June 30, 2024. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Bloomberg U.S. Aggregate Index, ICE BofA US All Capital Securities Index and 75% ICE BofA US All Capital Securities Index / 25% Bloomberg Developed Market USD Contingent Capital Index do not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Bloomberg U.S. Aggregate Index is an unmanaged index that represents securities that are SEC-registered, taxable and dollar denominated. The Index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. The ICE BofA US All Capital Securities Index is a subset of the ICE BofA Merrill Lynch U.S. Corporate Index including all fixed-to-floating rate, perpetual callable and capital securities. The ICE BofA Merrill Lynch Corporate Index tracks the performance of U.S. dollar denominated investment grade corporate debt publicly issued in the U.S. domestic market. 75% ICE BofA US All Capital Securities Index / 25% Bloomberg Developed Market USD Contingent Capital Index is a customized blend of unmanaged indices that includes 75% ICE BofA US All Capital Securities Index and 25% Bloomberg Developed Market USD Contingent Capital Index. Investors cannot invest directly in an index.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the applicable inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall have any liability or responsibility for injury or damages arising in connection therewith.
Source ICE Data Indices, LLC is used with permission. ICE® is a registered trademark of ICE Data Indices, LLC or its affiliates and BofA® is a registered trademark of Bank of America Corporation licensed by Bank of America Corporation and its affiliates ("BofA"), and may not be used without BofA's prior written approval. The index data referenced herein is the property of ICE Data Indices, LLC, its affiliates (“ICE Data”) and/or its third party suppliers and has been licensed for use by J.P. Morgan Investment Management, Inc. ICE Data and its Third Party Suppliers accept no liability in connection with the use of such index data or marks. See prospectus for a full copy of the Disclaimer.
| Fund net assets (000's) | $988,655 | |
| Total number of portfolio holdings | $132 | |
| Portfolio turnover rate | $36 | % |
| Total advisory fees paid (000's) | $3,436 | |
PORTFOLIO COMPOSITION - ASSET CLASS
(% of Total Investments)
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-800-480-4111.
ANNUAL SHAREHOLDER REPORT | June 30, 2024 (Unaudited)
JPMorgan Equity Premium Income Fund
Class A Shares/Ticker: JEPAX
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Equity Premium Income Fund for the period July 1, 2023 to June 30, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
JPMorgan Equity Premium Income Fund
(Class A Shares) | $89 | 0.85% |
How did the Fund Perform?
The JPMorgan Equity Premium Income Fund Class A Shares, without a sales charge, returned 9.97% for the year ended June 30, 2024. The S&P 500 Index (the “Index”) returned 24.56% and the ICE BofA 3-Month US Treasury Bill Index returned 5.42% for the year ended June 30, 2024.
The Fund captured 42% of the Index’s positive return with 53% of its volatility.
The Fund’s security selection in the consumer discretionary and health care sectors contributed to performance.
An underweight position in Apple and an overweight position in Trane Technologies were among the top contributors to performance.
The Fund’s security selection in the information technology and consumer staples sectors detracted from performance.
An underweight position in Nvidia and an overweight position in Bristol Myers Squibb were among the top detractors from performance.
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | 1 YEAR | | 5 YEAR | | SINCE
INCEPTION | |
| JPMorgan Equity Premium Income Fund (Class A Shares) | August 31, 2018 | 4.19 | % | 7.32 | % | 7.33 | % |
| JPMorgan Equity Premium Income Fund (Class A Shares) - excluding sales charge | | 9.97 | | 8.49 | | 8.32 | |
| S&P 500 Index | | 24.56 | | 15.05 | | 10.39 | |
| ICE BofA 3-Month US Treasury Bill Index | | 5.42 | | 2.17 | | 4.58 | |
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.
The graph illustrates comparative performance for $10,000 invested in Class A Shares of theJPMorgan Equity Premium Income Fund, the S&P 500 Index and the ICE BofA 3-Month US Treasury Bill Index from August 31, 2018 to June 30, 2024. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and includes a sales charge. The performance of the S&P 500 Index and the ICE BofA 3-Month US Treasury Bill Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmarks, if applicable. These expenses are not identical to the expenses incurred by the Fund. The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. The ICE BofA 3-Month US Treasury Bill Index is comprised of a single issue purchased at the beginning of the month and held for a full month. Each month the ICE BofA 3-Month US Treasury Bill Index is rebalanced and the issue selected is the outstanding Treasury Bill that matures closest to, but not beyond, 3 months from the rebalancing date. Investors cannot invest directly in an index.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
The S&P 500 Index (“Index”) is a product of S&P Dow Jones Indices LLC and/or its affiliates and have been licensed for use by the adviser. Copyright © 2023. S&P Dow Jones Indices LLC, a subsidiary of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC’s indices please visit www.spdji.com. S&P® is a registered trademark of Standard & Poor’s Financial Services LLC and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.
Source ICE Data Indices, LLC is used with permission. ICE® is a registered trademark of ICE Data Indices, LLC or its affiliates and BofA® is a registered trademark of Bank of America Corporation licensed by Bank of America Corporation and its affiliates ("BofA"), and may not be used without BofA's prior written approval. The index data referenced herein is the property of ICE Data Indices, LLC, its affiliates (“ICE Data”) and/or its third party suppliers and has been licensed for use by J.P. Morgan Investment Management, Inc. ICE Data and its Third Party Suppliers accept no liability in connection with the use of such index data or marks. See prospectus for a full copy of the Disclaimer.
| Fund net assets (000's) | $6,226,658 | |
| Total number of portfolio holdings | $131 | |
| Portfolio turnover rate | $176 | % |
| Total advisory fees paid (000's) | $14,847 | |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
| (a) | Equity-Linked Notes that are linked to the S&P 500 Index. |
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-800-480-4111.
ANNUAL SHAREHOLDER REPORT | June 30, 2024 (Unaudited)
JPMorgan Equity Premium Income Fund
Class C Shares/Ticker: JEPCX
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Equity Premium Income Fund for the period July 1, 2023 to June 30, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
JPMorgan Equity Premium Income Fund
(Class C Shares) | $141 | 1.35% |
How did the Fund Perform?
The JPMorgan Equity Premium Income Fund Class C Shares, without a sales charge, returned 9.42% for the year ended June 30, 2024. The S&P 500 Index (the “Index”) returned 24.56% and the ICE BofA 3-Month US Treasury Bill Index returned 5.42% for the year ended June 30, 2024.
The Fund captured 42% of the Index’s positive return with 53% of its volatility.
The Fund’s security selection in the consumer discretionary and health care sectors contributed to performance.
An underweight position in Apple and an overweight position in Trane Technologies were among the top contributors to performance.
The Fund’s security selection in the information technology and consumer staples sectors detracted from performance.
An underweight position in Nvidia and an overweight position in Bristol Myers Squibb were among the top detractors from performance.
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | 1 YEAR | | 5 YEAR | | SINCE
INCEPTION | |
| JPMorgan Equity Premium Income Fund (Class C Shares) | August 31, 2018 | 8.42 | % | 7.97 | % | 7.78 | % |
| JPMorgan Equity Premium Income Fund (Class C Shares) - excluding sales charge | | 9.42 | | 7.97 | | 7.78 | |
| S&P 500 Index | | 24.56 | | 15.05 | | 10.39 | |
| ICE BofA 3-Month US Treasury Bill Index | | 5.42 | | 2.17 | | 4.58 | |
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.
The graph illustrates comparative performance for $10,000 invested in Class C Shares of the JPMorgan Equity Premium Income Fund, the S&P 500 Index and the ICE BofA 3-Month US Treasury Bill Index from August 31, 2018 to June 30, 2024. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P 500 Index and the ICE BofA 3-Month US Treasury Bill Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmarks, if applicable. These expenses are not identical to the expenses incurred by the Fund. The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. The ICE BofA 3-Month US Treasury Bill Index is comprised of a single issue purchased at the beginning of the month and held for a full month. Each month the ICE BofA 3-Month US Treasury Bill Index is rebalanced and the issue selected is the outstanding Treasury Bill that matures closest to, but not beyond, 3 months from the rebalancing date. Investors cannot invest directly in an index.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
Because Class C Shares automatically convert to Class A Shares after 8 years, the 10 year average annual total return shown above for Class C Shares reflects Class A Share's performance for the period after conversion.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
The S&P 500 Index (“Index”) is a product of S&P Dow Jones Indices LLC and/or its affiliates and have been licensed for use by the adviser. Copyright © 2023. S&P Dow Jones Indices LLC, a subsidiary of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC’s indices please visit www.spdji.com. S&P® is a registered trademark of Standard & Poor’s Financial Services LLC and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.
Source ICE Data Indices, LLC is used with permission. ICE® is a registered trademark of ICE Data Indices, LLC or its affiliates and BofA® is a registered trademark of Bank of America Corporation licensed by Bank of America Corporation and its affiliates ("BofA"), and may not be used without BofA's prior written approval. The index data referenced herein is the property of ICE Data Indices, LLC, its affiliates (“ICE Data”) and/or its third party suppliers and has been licensed for use by J.P. Morgan Investment Management, Inc. ICE Data and its Third Party Suppliers accept no liability in connection with the use of such index data or marks. See prospectus for a full copy of the Disclaimer.
| Fund net assets (000's) | $6,226,658 | |
| Total number of portfolio holdings | $131 | |
| Portfolio turnover rate | $176 | % |
| Total advisory fees paid (000's) | $14,847 | |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
| (a) | Equity-Linked Notes that are linked to the S&P 500 Index. |
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-800-480-4111.
ANNUAL SHAREHOLDER REPORT | June 30, 2024 (Unaudited)
JPMorgan Equity Premium Income Fund
Class I Shares/Ticker: JEPIX
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Equity Premium Income Fund for the period July 1, 2023 to June 30, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
JPMorgan Equity Premium Income Fund
(Class I Shares) | $63 | 0.60% |
How did the Fund Perform?
The JPMorgan Equity Premium Income Fund Class I Shares returned 10.32% for the year ended June 30, 2024. The S&P 500 Index (the “Index”) returned 24.56% and the ICE BofA 3-Month US Treasury Bill Index returned 5.42% for the year ended June 30, 2024.
The Fund captured 42% of the Index’s positive return with 53% of its volatility.
The Fund’s security selection in the consumer discretionary and health care sectors contributed to performance.
An underweight position in Apple and an overweight position in Trane Technologies were among the top contributors to performance.
The Fund’s security selection in the information technology and consumer staples sectors detracted from performance.
An underweight position in Nvidia and an overweight position in Bristol Myers Squibb were among the top detractors from performance.
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | 1 YEAR | | 5 YEAR | | SINCE
INCEPTION | |
| JPMorgan Equity Premium Income Fund (Class I Shares) | August 31, 2018 | 10.32 | % | 8.78 | % | 8.59 | % |
| S&P 500 Index | | 24.56 | | 15.05 | | 10.39 | |
| ICE BofA 3-Month US Treasury Bill Index | | 5.42 | | 2.17 | | 4.58 | |
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.
The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Equity Premium Income Fund, the S&P 500 Index and the ICE BofA 3-Month US Treasury Bill Index from August 31, 2018 to June 30, 2024. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P 500 Index and the ICE BofA 3-Month US Treasury Bill Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmarks, if applicable. These expenses are not identical to the expenses incurred by the Fund. The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. The ICE BofA 3-Month US Treasury Bill Index is comprised of a single issue purchased at the beginning of the month and held for a full month. Each month the ICE BofA 3-Month US Treasury Bill Index is rebalanced and the issue selected is the outstanding Treasury Bill that matures closest to, but not beyond, 3 months from the rebalancing date. Investors cannot invest directly in an index.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
The S&P 500 Index (“Index”) is a product of S&P Dow Jones Indices LLC and/or its affiliates and have been licensed for use by the adviser. Copyright © 2023. S&P Dow Jones Indices LLC, a subsidiary of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC’s indices please visit www.spdji.com. S&P® is a registered trademark of Standard & Poor’s Financial Services LLC and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.
Source ICE Data Indices, LLC is used with permission. ICE® is a registered trademark of ICE Data Indices, LLC or its affiliates and BofA® is a registered trademark of Bank of America Corporation licensed by Bank of America Corporation and its affiliates ("BofA"), and may not be used without BofA's prior written approval. The index data referenced herein is the property of ICE Data Indices, LLC, its affiliates (“ICE Data”) and/or its third party suppliers and has been licensed for use by J.P. Morgan Investment Management, Inc. ICE Data and its Third Party Suppliers accept no liability in connection with the use of such index data or marks. See prospectus for a full copy of the Disclaimer.
| Fund net assets (000's) | $6,226,658 | |
| Total number of portfolio holdings | $131 | |
| Portfolio turnover rate | $176 | % |
| Total advisory fees paid (000's) | $14,847 | |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
| (a) | Equity-Linked Notes that are linked to the S&P 500 Index. |
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-800-480-4111.
ANNUAL SHAREHOLDER REPORT | June 30, 2024 (Unaudited)
JPMorgan Equity Premium Income Fund
Class R5 Shares/Ticker: JEPSX
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Equity Premium Income Fund for the period July 1, 2023 to June 30, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
JPMorgan Equity Premium Income Fund
(Class R5 Shares) | $47 | 0.45% |
How did the Fund Perform?
The JPMorgan Equity Premium Income Fund Class R5 Shares returned 10.48% for the year ended June 30, 2024. The S&P 500 Index (the “Index”) returned 24.56% and the ICE BofA 3-Month US Treasury Bill Index returned 5.42% for the year ended June 30, 2024.
The Fund captured 42% of the Index’s positive return with 53% of its volatility.
The Fund’s security selection in the consumer discretionary and health care sectors contributed to performance.
An underweight position in Apple and an overweight position in Trane Technologies were among the top contributors to performance.
The Fund’s security selection in the information technology and consumer staples sectors detracted from performance.
An underweight position in Nvidia and an overweight position in Bristol Myers Squibb were among the top detractors from performance.
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | 1 YEAR | | 5 YEAR | | SINCE
INCEPTION | |
| JPMorgan Equity Premium Income Fund (Class R5 Shares) | August 31, 2018 | 10.48 | % | 8.94 | % | 8.75 | % |
| S&P 500 Index | | 24.56 | | 15.05 | | 10.39 | |
| ICE BofA 3-Month US Treasury Bill Index | | 5.42 | | 2.17 | | 4.58 | |
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.
The graph illustrates comparative performance for $10,000 invested in Class R5 Shares of the JPMorgan Equity Premium Income Fund, the S&P 500 Index and the ICE BofA 3-Month US Treasury Bill Index from August 31, 2018 to June 30, 2024. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P 500 Index and the ICE BofA 3-Month US Treasury Bill Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmarks, if applicable. These expenses are not identical to the expenses incurred by the Fund. The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. The ICE BofA 3-Month US Treasury Bill Index is comprised of a single issue purchased at the beginning of the month and held for a full month. Each month the ICE BofA 3-Month US Treasury Bill Index is rebalanced and the issue selected is the outstanding Treasury Bill that matures closest to, but not beyond, 3 months from the rebalancing date. Investors cannot invest directly in an index.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
The S&P 500 Index (“Index”) is a product of S&P Dow Jones Indices LLC and/or its affiliates and have been licensed for use by the adviser. Copyright © 2023. S&P Dow Jones Indices LLC, a subsidiary of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC’s indices please visit www.spdji.com. S&P® is a registered trademark of Standard & Poor’s Financial Services LLC and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.
Source ICE Data Indices, LLC is used with permission. ICE® is a registered trademark of ICE Data Indices, LLC or its affiliates and BofA® is a registered trademark of Bank of America Corporation licensed by Bank of America Corporation and its affiliates ("BofA"), and may not be used without BofA's prior written approval. The index data referenced herein is the property of ICE Data Indices, LLC, its affiliates (“ICE Data”) and/or its third party suppliers and has been licensed for use by J.P. Morgan Investment Management, Inc. ICE Data and its Third Party Suppliers accept no liability in connection with the use of such index data or marks. See prospectus for a full copy of the Disclaimer.
| Fund net assets (000's) | $6,226,658 | |
| Total number of portfolio holdings | $131 | |
| Portfolio turnover rate | $176 | % |
| Total advisory fees paid (000's) | $14,847 | |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
| (a) | Equity-Linked Notes that are linked to the S&P 500 Index. |
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-800-480-4111.
ANNUAL SHAREHOLDER REPORT | June 30, 2024 (Unaudited)
JPMorgan Equity Premium Income Fund
Class R6 Shares/Ticker: JEPRX
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Equity Premium Income Fund for the period July 1, 2023 to June 30, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
JPMorgan Equity Premium Income Fund
(Class R6 Shares) | $36 | 0.35% |
How did the Fund Perform?
The JPMorgan Equity Premium Income Fund Class R6 Shares returned 10.51% for the year ended June 30, 2024. The S&P 500 Index (the “Index”) returned 24.56% and the ICE BofA 3-Month US Treasury Bill Index returned 5.42% for the year ended June 30, 2024.
The Fund captured 42% of the Index’s positive return with 53% of its volatility.
The Fund’s security selection in the consumer discretionary and health care sectors contributed to performance.
An underweight position in Apple and an overweight position in Trane Technologies were among the top contributors to performance.
The Fund’s security selection in the information technology and consumer staples sectors detracted from performance.
An underweight position in Nvidia and an overweight position in Bristol Myers Squibb were among the top detractors from performance.
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | 1 YEAR | | 5 YEAR | | SINCE
INCEPTION | |
| JPMorgan Equity Premium Income Fund (Class R6 Shares) | August 31, 2018 | 10.51 | % | 9.03 | % | 8.85 | % |
| S&P 500 Index | | 24.56 | | 15.05 | | 10.39 | |
| ICE BofA 3-Month US Treasury Bill Index | | 5.42 | | 2.17 | | 4.58 | |
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.
The graph illustrates comparative performance for $5,000,000 invested in Class R6 Shares of the JPMorgan Equity Premium Income Fund, the S&P 500 Index and the ICE BofA 3-Month US Treasury Bill Index from August 31, 2018 to June 30, 2024. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P 500 Index and the ICE BofA 3-Month US Treasury Bill Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmarks, if applicable. These expenses are not identical to the expenses incurred by the Fund. The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. The ICE BofA 3-Month US Treasury Bill Index is comprised of a single issue purchased at the beginning of the month and held for a full month. Each month the ICE BofA 3-Month US Treasury Bill Index is rebalanced and the issue selected is the outstanding Treasury Bill that matures closest to, but not beyond, 3 months from the rebalancing date. Investors cannot invest directly in an index.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
The S&P 500 Index (“Index”) is a product of S&P Dow Jones Indices LLC and/or its affiliates and have been licensed for use by the adviser. Copyright © 2023. S&P Dow Jones Indices LLC, a subsidiary of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC’s indices please visit www.spdji.com. S&P® is a registered trademark of Standard & Poor’s Financial Services LLC and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.
Source ICE Data Indices, LLC is used with permission. ICE® is a registered trademark of ICE Data Indices, LLC or its affiliates and BofA® is a registered trademark of Bank of America Corporation licensed by Bank of America Corporation and its affiliates ("BofA"), and may not be used without BofA's prior written approval. The index data referenced herein is the property of ICE Data Indices, LLC, its affiliates (“ICE Data”) and/or its third party suppliers and has been licensed for use by J.P. Morgan Investment Management, Inc. ICE Data and its Third Party Suppliers accept no liability in connection with the use of such index data or marks. See prospectus for a full copy of the Disclaimer.
| Fund net assets (000's) | $6,226,658 | |
| Total number of portfolio holdings | $131 | |
| Portfolio turnover rate | $176 | % |
| Total advisory fees paid (000's) | $14,847 | |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
| (a) | Equity-Linked Notes that are linked to the S&P 500 Index. |
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-800-480-4111.
ANNUAL SHAREHOLDER REPORT | June 30, 2024 (Unaudited)
JPMorgan Hedged Equity 2 Fund
Class A Shares/Ticker: JHDAX
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Hedged Equity 2 Fund for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
JPMorgan Hedged Equity 2 Fund
(Class A Shares) | $89 | 0.84% |
How did the Fund Perform?
The JPMorgan Hedged Equity 2 Fund Class A Shares, without a sales charge, returned 12.12% for the year ended June 30, 2024. The S&P 500 Index (the “Index”) returned 24.56% and the ICE BofA 3-Month US Treasury Bill Index returned 5.42% for the year ended June 30, 2024.
The Fund captured 50% of the Index’s positive return with 50% of its volatility.
The Fund’s security selection in the retail and media sectors contributed to performance.
Overweight positions in Nvidia and Trane Technologies were among the top contributors to performance.
The Fund’s security selection in the telecommunications and REITs sectors detracted from performance.
An underweight position in Broadcom and an overweight position in Bristol Myers Squibb were among the top detractors from performance.
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | 1 YEAR | | SINCE
INCEPTION | |
| JPMorgan Hedged Equity 2 Fund (Class A Shares) | February 26, 2021 | 6.25 | % | 5.45 | % |
| JPMorgan Hedged Equity 2 Fund (Class A Shares) - excluding sales charge | | 12.12 | | 7.16 | |
| S&P 500 Index | | 24.56 | | 10.39 | |
| ICE BofA 3-Month US Treasury Bill Index | | 5.42 | | 4.58 | |
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.
The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Hedged Equity 2 Fund, the S&P 500 Index and the ICE BofA 3-Month US Treasury Bill Index from February 26, 2021 to June 30, 2024. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and includes a sales charge. The performance of the S&P 500 Index and the ICE BofA 3-Month US Treasury Bill Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmarks, if applicable. These expenses are not identical to the expenses incurred by the Fund. The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. The ICE BofA 3-Month US Treasury Bill Index is comprised of a single issue purchased at the beginning of the month and held for a full month. Each month the ICE BofA 3-Month US Treasury Bill Index is rebalanced and the issue selected is the outstanding Treasury Bill that matures closest to, but not beyond, 3 months from the rebalancing date. Investors cannot invest directly in an index.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
The S&P 500 Index (“Index”) is a product of S&P Dow Jones Indices LLC and/or its affiliates and have been licensed for use by the adviser. Copyright © 2023. S&P Dow Jones Indices LLC, a subsidiary of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC’s indices please visit www.spdji.com. S&P® is a registered trademark of Standard & Poor’s Financial Services LLC and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.
Source ICE Data Indices, LLC is used with permission. ICE® is a registered trademark of ICE Data Indices, LLC or its affiliates and BofA® is a registered trademark of Bank of America Corporation licensed by Bank of America Corporation and its affiliates ("BofA"), and may not be used without BofA's prior written approval. The index data referenced herein is the property of ICE Data Indices, LLC, its affiliates (“ICE Data”) and/or its third party suppliers and has been licensed for use by J.P. Morgan Investment Management, Inc. ICE Data and its Third Party Suppliers accept no liability in connection with the use of such index data or marks. See prospectus for a full copy of the Disclaimer.
| Fund net assets (000's) | $4,752,540 | |
| Total number of portfolio holdings | $166 | |
| Portfolio turnover rate | $42 | % |
| Total advisory fees paid (000's) | $11,553 | |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
| (a) | Put Options Purchased |
| (b) | Amount rounds to less than 0.1%. |
Material changes to the Fund during the period
The Fund added “Technology Sector Risk” disclosure to its summary prospectus as of November 1, 2023. This disclosure was added in light of larger concentrations of portfolio securities in this sector.
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-800-480-4111.
ANNUAL SHAREHOLDER REPORT | June 30, 2024 (Unaudited)
JPMorgan Hedged Equity 2 Fund
Class C Shares/Ticker: JHDCX
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Hedged Equity 2 Fund for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
JPMorgan Hedged Equity 2 Fund
(Class C Shares) | $142 | 1.34% |
How did the Fund Perform?
The JPMorgan Hedged Equity 2 Fund Class C Shares, without a sales charge, returned 11.55% for the year ended June 30, 2024. The S&P 500 Index (the “Index”) returned 24.56% and the ICE BofA 3-Month US Treasury Bill Index returned 5.42% for the year ended June 30, 2024.
The Fund captured 50% of the Index’s positive return with 50% of its volatility.
The Fund’s security selection in the retail and media sectors contributed to performance.
Overweight positions in Nvidia and Trane Technologies were among the top contributors to performance.
The Fund’s security selection in the telecommunications and REITs sectors detracted from performance.
An underweight position in Broadcom and an overweight position in Bristol Myers Squibb were among the top detractors from performance.
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | 1 YEAR | | SINCE
INCEPTION | |
| JPMorgan Hedged Equity 2 Fund (Class C Shares) | February 26, 2021 | 10.55 | % | 6.64 | % |
| JPMorgan Hedged Equity 2 Fund (Class C Shares) - excluding sales charge | | 11.55 | | 6.64 | |
| S&P 500 Index | | 24.56 | | 10.39 | |
| ICE BofA 3-Month US Treasury Bill Index | | 5.42 | | 4.58 | |
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.
The graph illustrates comparative performance for $10,000 invested in Class C Shares of the JPMorgan Hedged Equity 2 Fund, the S&P 500 Index and the ICE BofA 3-Month US Treasury Bill Index from February 26, 2021 to June 30, 2024. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P 500 Index and the ICE BofA 3-Month US Treasury Bill Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmarks, if applicable. These expenses are not identical to the expenses incurred by the Fund. The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. The ICE BofA 3-Month US Treasury Bill Index is comprised of a single issue purchased at the beginning of the month and held for a full month. Each month the ICE BofA 3-Month US Treasury Bill Index is rebalanced and the issue selected is the outstanding Treasury Bill that matures closest to, but not beyond, 3 months from the rebalancing date. Investors cannot invest directly in an index.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
Because Class C Shares automatically convert to Class A Shares after 8 years, the 10 year average annual total return shown above for Class C Shares reflects Class A Share's performance for the period after conversion.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
The S&P 500 Index (“Index”) is a product of S&P Dow Jones Indices LLC and/or its affiliates and have been licensed for use by the adviser. Copyright © 2023. S&P Dow Jones Indices LLC, a subsidiary of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC’s indices please visit www.spdji.com. S&P® is a registered trademark of Standard & Poor’s Financial Services LLC and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.
Source ICE Data Indices, LLC is used with permission. ICE® is a registered trademark of ICE Data Indices, LLC or its affiliates and BofA® is a registered trademark of Bank of America Corporation licensed by Bank of America Corporation and its affiliates ("BofA"), and may not be used without BofA's prior written approval. The index data referenced herein is the property of ICE Data Indices, LLC, its affiliates (“ICE Data”) and/or its third party suppliers and has been licensed for use by J.P. Morgan Investment Management, Inc. ICE Data and its Third Party Suppliers accept no liability in connection with the use of such index data or marks. See prospectus for a full copy of the Disclaimer.
| Fund net assets (000's) | $4,752,540 | |
| Total number of portfolio holdings | $166 | |
| Portfolio turnover rate | $42 | % |
| Total advisory fees paid (000's) | $11,553 | |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
| (a) | Put Options Purchased |
| (b) | Amount rounds to less than 0.1%. |
Material changes to the Fund during the period
The Fund added “Technology Sector Risk” disclosure to its summary prospectus as of November 1, 2023. This disclosure was added in light of larger concentrations of portfolio securities in this sector.
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-800-480-4111.
ANNUAL SHAREHOLDER REPORT | June 30, 2024 (Unaudited)
JPMorgan Hedged Equity 2 Fund
Class I Shares/Ticker: JHQDX
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Hedged Equity 2 Fund for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
JPMorgan Hedged Equity 2 Fund
(Class I Shares) | $63 | 0.59% |
How did the Fund Perform?
The JPMorgan Hedged Equity 2 Fund Class I Shares returned 12.40% for the year ended June 30, 2024. The S&P 500 Index (the “Index”) returned 24.56% and the ICE BofA 3-Month US Treasury Bill Index returned 5.42% for the year ended June 30, 2024.
The Fund captured 50% of the Index’s positive return with 50% of its volatility.
The Fund’s security selection in the retail and media sectors contributed to performance.
Overweight positions in Nvidia and Trane Technologies were among the top contributors to performance.
The Fund’s security selection in the telecommunications and REITs sectors detracted from performance.
An underweight position in Broadcom and an overweight position in Bristol Myers Squibb were among the top detractors from performance.
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | 1 YEAR | | SINCE
INCEPTION | |
| JPMorgan Hedged Equity 2 Fund (Class I Shares) | February 26, 2021 | 12.40 | % | 7.44 | % |
| S&P 500 Index | | 24.56 | | 10.39 | |
| ICE BofA 3-Month US Treasury Bill Index | | 5.42 | | 4.58 | |
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.
The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Hedged Equity 2 Fund, the S&P 500 Index and the ICE BofA 3-Month US Treasury Bill Index from February 26, 2021 to June 30, 2024. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P 500 Index and the ICE BofA 3-Month US Treasury Bill Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmarks, if applicable. These expenses are not identical to the expenses incurred by the Fund. The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. The ICE BofA 3-Month US Treasury Bill Index is comprised of a single issue purchased at the beginning of the month and held for a full month. Each month the ICE BofA 3-Month US Treasury Bill Index is rebalanced and the issue selected is the outstanding Treasury Bill that matures closest to, but not beyond, 3 months from the rebalancing date. Investors cannot invest directly in an index.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
The S&P 500 Index (“Index”) is a product of S&P Dow Jones Indices LLC and/or its affiliates and have been licensed for use by the adviser. Copyright © 2023. S&P Dow Jones Indices LLC, a subsidiary of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC’s indices please visit www.spdji.com. S&P® is a registered trademark of Standard & Poor’s Financial Services LLC and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.
Source ICE Data Indices, LLC is used with permission. ICE® is a registered trademark of ICE Data Indices, LLC or its affiliates and BofA® is a registered trademark of Bank of America Corporation licensed by Bank of America Corporation and its affiliates ("BofA"), and may not be used without BofA's prior written approval. The index data referenced herein is the property of ICE Data Indices, LLC, its affiliates (“ICE Data”) and/or its third party suppliers and has been licensed for use by J.P. Morgan Investment Management, Inc. ICE Data and its Third Party Suppliers accept no liability in connection with the use of such index data or marks. See prospectus for a full copy of the Disclaimer.
| Fund net assets (000's) | $4,752,540 | |
| Total number of portfolio holdings | $166 | |
| Portfolio turnover rate | $42 | % |
| Total advisory fees paid (000's) | $11,553 | |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
| (a) | Put Options Purchased |
| (b) | Amount rounds to less than 0.1%. |
Material changes to the Fund during the period
The Fund added “Technology Sector Risk” disclosure to its summary prospectus as of November 1, 2023. This disclosure was added in light of larger concentrations of portfolio securities in this sector.
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-800-480-4111.
ANNUAL SHAREHOLDER REPORT | June 30, 2024 (Unaudited)
JPMorgan Hedged Equity 2 Fund
Class R5 Shares/Ticker: JHDFX
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Hedged Equity 2 Fund for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
JPMorgan Hedged Equity 2 Fund
(Class R5 Shares) | $47 | 0.45% |
How did the Fund Perform?
The JPMorgan Hedged Equity 2 Fund Class R5 Shares returned 12.56% for the year ended June 30, 2024. The S&P 500 Index (the “Index”) returned 24.56% and the ICE BofA 3-Month US Treasury Bill Index returned 5.42% for the year ended June 30, 2024.
The Fund captured 50% of the Index’s positive return with 50% of its volatility.
The Fund’s security selection in the retail and media sectors contributed to performance.
Overweight positions in Nvidia and Trane Technologies were among the top contributors to performance.
The Fund’s security selection in the telecommunications and REITs sectors detracted from performance.
An underweight position in Broadcom and an overweight position in Bristol Myers Squibb were among the top detractors from performance.
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | 1 YEAR | | SINCE
INCEPTION | |
| JPMorgan Hedged Equity 2 Fund (Class R5 Shares) | February 26, 2021 | 12.56 | % | 7.58 | % |
| S&P 500 Index | | 24.56 | | 10.39 | |
| ICE BofA 3-Month US Treasury Bill Index | | 5.42 | | 4.58 | |
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.
The graph illustrates comparative performance for $10,000 invested in Class R5 Shares of the JPMorgan Hedged Equity 2 Fund, the S&P 500 Index and the ICE BofA 3-Month US Treasury Bill Index from February 26, 2021 to June 30, 2024. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P 500 Index and the ICE BofA 3-Month US Treasury Bill Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmarks, if applicable. These expenses are not identical to the expenses incurred by the Fund. The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. The ICE BofA 3-Month US Treasury Bill Index is comprised of a single issue purchased at the beginning of the month and held for a full month. Each month the ICE BofA 3-Month US Treasury Bill Index is rebalanced and the issue selected is the outstanding Treasury Bill that matures closest to, but not beyond, 3 months from the rebalancing date. Investors cannot invest directly in an index.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
The S&P 500 Index (“Index”) is a product of S&P Dow Jones Indices LLC and/or its affiliates and have been licensed for use by the adviser. Copyright © 2023. S&P Dow Jones Indices LLC, a subsidiary of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC’s indices please visit www.spdji.com. S&P® is a registered trademark of Standard & Poor’s Financial Services LLC and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.
Source ICE Data Indices, LLC is used with permission. ICE® is a registered trademark of ICE Data Indices, LLC or its affiliates and BofA® is a registered trademark of Bank of America Corporation licensed by Bank of America Corporation and its affiliates ("BofA"), and may not be used without BofA's prior written approval. The index data referenced herein is the property of ICE Data Indices, LLC, its affiliates (“ICE Data”) and/or its third party suppliers and has been licensed for use by J.P. Morgan Investment Management, Inc. ICE Data and its Third Party Suppliers accept no liability in connection with the use of such index data or marks. See prospectus for a full copy of the Disclaimer.
| Fund net assets (000's) | $4,752,540 | |
| Total number of portfolio holdings | $166 | |
| Portfolio turnover rate | $42 | % |
| Total advisory fees paid (000's) | $11,553 | |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
| (a) | Put Options Purchased |
| (b) | Amount rounds to less than 0.1%. |
Material changes to the Fund during the period
The Fund added “Technology Sector Risk” disclosure to its summary prospectus as of November 1, 2023. This disclosure was added in light of larger concentrations of portfolio securities in this sector.
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-800-480-4111.
ANNUAL SHAREHOLDER REPORT | June 30, 2024 (Unaudited)
JPMorgan Hedged Equity 2 Fund
Class R6 Shares/Ticker: JHDRX
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Hedged Equity 2 Fund for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
JPMorgan Hedged Equity 2 Fund
(Class R6 Shares) | $36 | 0.34% |
How did the Fund Perform?
The JPMorgan Hedged Equity 2 Fund Class R6 Shares returned 12.67% for the year ended June 30, 2024. The S&P 500 Index (the “Index”) returned 24.56% and the ICE BofA 3-Month US Treasury Bill Index returned 5.42% for the year ended June 30, 2024.
The Fund captured 50% of the Index’s positive return with 50% of its volatility.
The Fund’s security selection in the retail and media sectors contributed to performance.
Overweight positions in Nvidia and Trane Technologies were among the top contributors to performance.
The Fund’s security selection in the telecommunications and REITs sectors detracted from performance.
An underweight position in Broadcom and an overweight position in Bristol Myers Squibb were among the top detractors from performance.
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | 1 YEAR | | SINCE
INCEPTION | |
| JPMorgan Hedged Equity 2 Fund (Class R6 Shares) | February 26, 2021 | 12.67 | % | 7.70 | % |
| S&P 500 Index | | 24.56 | | 10.39 | |
| ICE BofA 3-Month US Treasury Bill Index | | 5.42 | | 4.58 | |
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.
The graph illustrates comparative performance for $5,000,000 invested in Class R6 Shares of the JPMorgan Hedged Equity 2 Fund, the S&P 500 Index and the ICE BofA 3-Month US Treasury Bill Index from February 26, 2021 to June 30, 2024. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P 500 Index and the ICE BofA 3-Month US Treasury Bill Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmarks, if applicable. These expenses are not identical to the expenses incurred by the Fund. The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. The ICE BofA 3-Month US Treasury Bill Index is comprised of a single issue purchased at the beginning of the month and held for a full month. Each month the ICE BofA 3-Month US Treasury Bill Index is rebalanced and the issue selected is the outstanding Treasury Bill that matures closest to, but not beyond, 3 months from the rebalancing date. Investors cannot invest directly in an index.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
The S&P 500 Index (“Index”) is a product of S&P Dow Jones Indices LLC and/or its affiliates and have been licensed for use by the adviser. Copyright © 2023. S&P Dow Jones Indices LLC, a subsidiary of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC’s indices please visit www.spdji.com. S&P® is a registered trademark of Standard & Poor’s Financial Services LLC and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.
Source ICE Data Indices, LLC is used with permission. ICE® is a registered trademark of ICE Data Indices, LLC or its affiliates and BofA® is a registered trademark of Bank of America Corporation licensed by Bank of America Corporation and its affiliates ("BofA"), and may not be used without BofA's prior written approval. The index data referenced herein is the property of ICE Data Indices, LLC, its affiliates (“ICE Data”) and/or its third party suppliers and has been licensed for use by J.P. Morgan Investment Management, Inc. ICE Data and its Third Party Suppliers accept no liability in connection with the use of such index data or marks. See prospectus for a full copy of the Disclaimer.
| Fund net assets (000's) | $4,752,540 | |
| Total number of portfolio holdings | $166 | |
| Portfolio turnover rate | $42 | % |
| Total advisory fees paid (000's) | $11,553 | |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
| (a) | Put Options Purchased |
| (b) | Amount rounds to less than 0.1%. |
Material changes to the Fund during the period
The Fund added “Technology Sector Risk” disclosure to its summary prospectus as of November 1, 2023. This disclosure was added in light of larger concentrations of portfolio securities in this sector.
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-800-480-4111.
ANNUAL SHAREHOLDER REPORT | June 30, 2024 (Unaudited)
JPMorgan Hedged Equity 3 Fund
Class A Shares/Ticker: JHTAX
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Hedged Equity 3 Fund for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
JPMorgan Hedged Equity 3 Fund
(Class A Shares) | $92 | 0.84% |
How did the Fund Perform?
The JPMorgan Hedged Equity 3 Fund Class A Shares, without a sales charge, returned 17.64% for the year ended June 30, 2024. The S&P 500 Index (the “Index”) returned 24.56% and the ICE BofA 3-Month US Treasury Bill Index returned 5.42% for the year ended June 30, 2024.
The Fund captured 73% of the Index’s positive return with 65% of its volatility.
The Fund’s security selection in the retail and media sectors contributed to performance.
Overweight positions in Nvidia and Trane Technologies were among the top contributors to performance.
The Fund’s security selection in the telecommunications and REITs sectors detracted from performance.
An underweight position in Broadcom and an overweight position in Bristol Myers Squibb were among the top detractors from performance.
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | 1 YEAR | | SINCE
INCEPTION | |
| JPMorgan Hedged Equity 3 Fund (Class A Shares) | February 26, 2021 | 11.43 | % | 5.31 | % |
| JPMorgan Hedged Equity 3 Fund (Class A Shares) - excluding sales charge | | 17.64 | | 7.02 | |
| S&P 500 Index | | 24.56 | | 10.39 | |
| ICE BofA 3-Month US Treasury Bill Index | | 5.42 | | 4.58 | |
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.
The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Hedged Equity 3 Fund, the S&P 500 Index and the ICE BofA 3-Month US Treasury Bill Index from February 26, 2021 to June 30, 2024. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and includes a sales charge. The performance of the S&P 500 Index and the ICE BofA 3-Month US Treasury Bill Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmarks, if applicable. These expenses are not identical to the expenses incurred by the Fund. The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. The ICE BofA 3-Month US Treasury Bill Index is comprised of a single issue purchased at the beginning of the month and held for a full month. Each month the ICE BofA 3-Month US Treasury Bill Index is rebalanced and the issue selected is the outstanding Treasury Bill that matures closest to, but not beyond, 3 months from the rebalancing date. Investors cannot invest directly in an index.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
The S&P 500 Index (“Index”) is a product of S&P Dow Jones Indices LLC and/or its affiliates and have been licensed for use by the adviser. Copyright © 2023. S&P Dow Jones Indices LLC, a subsidiary of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC’s indices please visit www.spdji.com. S&P® is a registered trademark of Standard & Poor’s Financial Services LLC and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.
Source ICE Data Indices, LLC is used with permission. ICE® is a registered trademark of ICE Data Indices, LLC or its affiliates and BofA® is a registered trademark of Bank of America Corporation licensed by Bank of America Corporation and its affiliates ("BofA"), and may not be used without BofA's prior written approval. The index data referenced herein is the property of ICE Data Indices, LLC, its affiliates (“ICE Data”) and/or its third party suppliers and has been licensed for use by J.P. Morgan Investment Management, Inc. ICE Data and its Third Party Suppliers accept no liability in connection with the use of such index data or marks. See prospectus for a full copy of the Disclaimer.
| Fund net assets (000's) | $2,906,846 | |
| Total number of portfolio holdings | $166 | |
| Portfolio turnover rate | $56 | % |
| Total advisory fees paid (000's) | $6,581 | |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
Material changes to the Fund during the period
The Fund added “Technology Sector Risk” disclosure to its summary prospectus as of November 1, 2023. This disclosure was added in light of larger concentrations of portfolio securities in this sector.
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-800-480-4111.
ANNUAL SHAREHOLDER REPORT | June 30, 2024 (Unaudited)
JPMorgan Hedged Equity 3 Fund
Class C Shares/Ticker: JHTCX
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Hedged Equity 3 Fund for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
JPMorgan Hedged Equity 3 Fund
(Class C Shares) | $146 | 1.34% |
How did the Fund Perform?
The JPMorgan Hedged Equity 3 Fund Class C Shares, without a sales charge, returned 17.09% for the year ended June 30, 2024. The S&P 500 Index (the “Index”) returned 24.56% and the ICE BofA 3-Month US Treasury Bill Index returned 5.42% for the year ended June 30, 2024.
The Fund captured 73% of the Index’s positive return with 65% of its volatility.
The Fund’s security selection in the retail and media sectors contributed to performance.
Overweight positions in Nvidia and Trane Technologies were among the top contributors to performance.
The Fund’s security selection in the telecommunications and REITs sectors detracted from performance.
An underweight position in Broadcom and an overweight position in Bristol Myers Squibb were among the top detractors from performance.
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | 1 YEAR | | SINCE
INCEPTION | |
| JPMorgan Hedged Equity 3 Fund (Class C Shares) | February 26, 2021 | 16.09 | % | 6.51 | % |
| JPMorgan Hedged Equity 3 Fund (Class C Shares) - excluding sales charge | | 17.09 | | 6.51 | |
| S&P 500 Index | | 24.56 | | 10.39 | |
| ICE BofA 3-Month US Treasury Bill Index | | 5.42 | | 4.58 | |
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.
The graph illustrates comparative performance for $10,000 invested in Class C Shares of the JPMorgan Hedged Equity 3 Fund, the S&P 500 Index and the ICE BofA 3-Month US Treasury Bill Index from February 26, 2021 to June 30, 2024. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P 500 Index and the ICE BofA 3-Month US Treasury Bill Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmarks, if applicable. These expenses are not identical to the expenses incurred by the Fund. The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. The ICE BofA 3-Month US Treasury Bill Index is comprised of a single issue purchased at the beginning of the month and held for a full month. Each month the ICE BofA 3-Month US Treasury Bill Index is rebalanced and the issue selected is the outstanding Treasury Bill that matures closest to, but not beyond, 3 months from the rebalancing date. Investors cannot invest directly in an index.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
Because Class C Shares automatically convert to Class A Shares after 8 years, the 10 year average annual total return shown above for Class C Shares reflects Class A Share's performance for the period after conversion.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
The S&P 500 Index (“Index”) is a product of S&P Dow Jones Indices LLC and/or its affiliates and have been licensed for use by the adviser. Copyright © 2023. S&P Dow Jones Indices LLC, a subsidiary of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC’s indices please visit www.spdji.com. S&P® is a registered trademark of Standard & Poor’s Financial Services LLC and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.
Source ICE Data Indices, LLC is used with permission. ICE® is a registered trademark of ICE Data Indices, LLC or its affiliates and BofA® is a registered trademark of Bank of America Corporation licensed by Bank of America Corporation and its affiliates ("BofA"), and may not be used without BofA's prior written approval. The index data referenced herein is the property of ICE Data Indices, LLC, its affiliates (“ICE Data”) and/or its third party suppliers and has been licensed for use by J.P. Morgan Investment Management, Inc. ICE Data and its Third Party Suppliers accept no liability in connection with the use of such index data or marks. See prospectus for a full copy of the Disclaimer.
| Fund net assets (000's) | $2,906,846 | |
| Total number of portfolio holdings | $166 | |
| Portfolio turnover rate | $56 | % |
| Total advisory fees paid (000's) | $6,581 | |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
Material changes to the Fund during the period
The Fund added “Technology Sector Risk” disclosure to its summary prospectus as of November 1, 2023. This disclosure was added in light of larger concentrations of portfolio securities in this sector.
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-800-480-4111.
ANNUAL SHAREHOLDER REPORT | June 30, 2024 (Unaudited)
JPMorgan Hedged Equity 3 Fund
Class I Shares/Ticker: JHQTX
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Hedged Equity 3 Fund for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
JPMorgan Hedged Equity 3 Fund
(Class I Shares) | $64 | 0.59% |
How did the Fund Perform?
The JPMorgan Hedged Equity 3 Fund Class I Shares returned 17.97% for the year ended June 30, 2024. The S&P 500 Index (the “Index”) returned 24.56% and the ICE BofA 3-Month US Treasury Bill Index returned 5.42% for the year ended June 30, 2024.
The Fund captured 73% of the Index’s positive return with 65% of its volatility.
The Fund’s security selection in the retail and media sectors contributed to performance.
Overweight positions in Nvidia and Trane Technologies were among the top contributors to performance.
The Fund’s security selection in the telecommunications and REITs sectors detracted from performance.
An underweight position in Broadcom and an overweight position in Bristol Myers Squibb were among the top detractors from performance.
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | 1 YEAR | | SINCE
INCEPTION | |
| JPMorgan Hedged Equity 3 Fund (Class I Shares) | February 26, 2021 | 17.97 | % | 7.30 | % |
| S&P 500 Index | | 24.56 | | 10.39 | |
| ICE BofA 3-Month US Treasury Bill Index | | 5.42 | | 4.58 | |
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.
The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Hedged Equity 3 Fund, the S&P 500 Index and the ICE BofA 3-Month US Treasury Bill Index from February 26, 2021 to June 30, 2024. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P 500 Index and the ICE BofA 3-Month US Treasury Bill Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmarks, if applicable. These expenses are not identical to the expenses incurred by the Fund. The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. The ICE BofA 3-Month US Treasury Bill Index is comprised of a single issue purchased at the beginning of the month and held for a full month. Each month the ICE BofA 3-Month US Treasury Bill Index is rebalanced and the issue selected is the outstanding Treasury Bill that matures closest to, but not beyond, 3 months from the rebalancing date. Investors cannot invest directly in an index.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
The S&P 500 Index (“Index”) is a product of S&P Dow Jones Indices LLC and/or its affiliates and have been licensed for use by the adviser. Copyright © 2023. S&P Dow Jones Indices LLC, a subsidiary of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC’s indices please visit www.spdji.com. S&P® is a registered trademark of Standard & Poor’s Financial Services LLC and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.
Source ICE Data Indices, LLC is used with permission. ICE® is a registered trademark of ICE Data Indices, LLC or its affiliates and BofA® is a registered trademark of Bank of America Corporation licensed by Bank of America Corporation and its affiliates ("BofA"), and may not be used without BofA's prior written approval. The index data referenced herein is the property of ICE Data Indices, LLC, its affiliates (“ICE Data”) and/or its third party suppliers and has been licensed for use by J.P. Morgan Investment Management, Inc. ICE Data and its Third Party Suppliers accept no liability in connection with the use of such index data or marks. See prospectus for a full copy of the Disclaimer.
| Fund net assets (000's) | $2,906,846 | |
| Total number of portfolio holdings | $166 | |
| Portfolio turnover rate | $56 | % |
| Total advisory fees paid (000's) | $6,581 | |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
Material changes to the Fund during the period
The Fund added “Technology Sector Risk” disclosure to its summary prospectus as of November 1, 2023. This disclosure was added in light of larger concentrations of portfolio securities in this sector.
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-800-480-4111.
ANNUAL SHAREHOLDER REPORT | June 30, 2024 (Unaudited)
JPMorgan Hedged Equity 3 Fund
Class R5 Shares/Ticker: JHTGX
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Hedged Equity 3 Fund for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
JPMorgan Hedged Equity 3 Fund
(Class R5 Shares) | $49 | 0.45% |
How did the Fund Perform?
The JPMorgan Hedged Equity 3 Fund Class R5 Shares returned 18.10% for the year ended June 30, 2024. The S&P 500 Index (the “Index”) returned 24.56% and the ICE BofA 3-Month US Treasury Bill Index returned 5.42% for the year ended June 30, 2024.
The Fund captured 73% of the Index’s positive return with 65% of its volatility.
The Fund’s security selection in the retail and media sectors contributed to performance.
Overweight positions in Nvidia and Trane Technologies were among the top contributors to performance.
The Fund’s security selection in the telecommunications and REITs sectors detracted from performance.
An underweight position in Broadcom and an overweight position in Bristol Myers Squibb were among the top detractors from performance.
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | 1 YEAR | | SINCE
INCEPTION | |
| JPMorgan Hedged Equity 3 Fund (Class R5 Shares) | February 26, 2021 | 18.10 | % | 7.46 | % |
| S&P 500 Index | | 24.56 | | 10.39 | |
| ICE BofA 3-Month US Treasury Bill Index | | 5.42 | | 4.58 | |
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.
The graph illustrates comparative performance for $10,000 invested in Class R5 Shares of the JPMorgan Hedged Equity 3 Fund, the S&P 500 Index and the ICE BofA 3-Month US Treasury Bill Index from February 26, 2021 to June 30, 2024. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P 500 Index and the ICE BofA 3-Month US Treasury Bill Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmarks, if applicable. These expenses are not identical to the expenses incurred by the Fund. The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. The ICE BofA 3-Month US Treasury Bill Index is comprised of a single issue purchased at the beginning of the month and held for a full month. Each month the ICE BofA 3-Month US Treasury Bill Index is rebalanced and the issue selected is the outstanding Treasury Bill that matures closest to, but not beyond, 3 months from the rebalancing date. Investors cannot invest directly in an index.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
The S&P 500 Index (“Index”) is a product of S&P Dow Jones Indices LLC and/or its affiliates and have been licensed for use by the adviser. Copyright © 2023. S&P Dow Jones Indices LLC, a subsidiary of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC’s indices please visit www.spdji.com. S&P® is a registered trademark of Standard & Poor’s Financial Services LLC and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.
Source ICE Data Indices, LLC is used with permission. ICE® is a registered trademark of ICE Data Indices, LLC or its affiliates and BofA® is a registered trademark of Bank of America Corporation licensed by Bank of America Corporation and its affiliates ("BofA"), and may not be used without BofA's prior written approval. The index data referenced herein is the property of ICE Data Indices, LLC, its affiliates (“ICE Data”) and/or its third party suppliers and has been licensed for use by J.P. Morgan Investment Management, Inc. ICE Data and its Third Party Suppliers accept no liability in connection with the use of such index data or marks. See prospectus for a full copy of the Disclaimer.
| Fund net assets (000's) | $2,906,846 | |
| Total number of portfolio holdings | $166 | |
| Portfolio turnover rate | $56 | % |
| Total advisory fees paid (000's) | $6,581 | |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
Material changes to the Fund during the period
The Fund added “Technology Sector Risk” disclosure to its summary prospectus as of November 1, 2023. This disclosure was added in light of larger concentrations of portfolio securities in this sector.
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-800-480-4111.
ANNUAL SHAREHOLDER REPORT | June 30, 2024 (Unaudited)
JPMorgan Hedged Equity 3 Fund
Class R6 Shares/Ticker: JHTRX
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Hedged Equity 3 Fund for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
JPMorgan Hedged Equity 3 Fund
(Class R6 Shares) | $37 | 0.34% |
How did the Fund Perform?
The JPMorgan Hedged Equity 3 Fund Class R6 Shares returned 18.31% for the year ended June 30, 2024. The S&P 500 Index (the “Index”) returned 24.56% and the ICE BofA 3-Month US Treasury Bill Index returned 5.42% for the year ended June 30, 2024.
The Fund captured 73% of the Index’s positive return with 65% of its volatility.
The Fund’s security selection in the retail and media sectors contributed to performance.
Overweight positions in Nvidia and Trane Technologies were among the top contributors to performance.
The Fund’s security selection in the telecommunications and REITs sectors detracted from performance.
An underweight position in Broadcom and an overweight position in Bristol Myers Squibb were among the top detractors from performance.
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | 1 YEAR | | SINCE
INCEPTION | |
| JPMorgan Hedged Equity 3 Fund (Class R6 Shares) | February 26, 2021 | 18.31 | % | 7.58 | % |
| S&P 500 Index | | 24.56 | | 10.39 | |
| ICE BofA 3-Month US Treasury Bill Index | | 5.42 | | 4.58 | |
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.
The graph illustrates comparative performance for $5,000,000 invested in Class R6 Shares of the JPMorgan Hedged Equity 3 Fund, the S&P 500 Index and the ICE BofA 3-Month US Treasury Bill Index from February 26, 2021 to June 30, 2024. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P 500 Index and the ICE BofA 3-Month US Treasury Bill Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmarks, if applicable. These expenses are not identical to the expenses incurred by the Fund. The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. The ICE BofA 3-Month US Treasury Bill Index is comprised of a single issue purchased at the beginning of the month and held for a full month. Each month the ICE BofA 3-Month US Treasury Bill Index is rebalanced and the issue selected is the outstanding Treasury Bill that matures closest to, but not beyond, 3 months from the rebalancing date. Investors cannot invest directly in an index.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
The S&P 500 Index (“Index”) is a product of S&P Dow Jones Indices LLC and/or its affiliates and have been licensed for use by the adviser. Copyright © 2023. S&P Dow Jones Indices LLC, a subsidiary of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC’s indices please visit www.spdji.com. S&P® is a registered trademark of Standard & Poor’s Financial Services LLC and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.
Source ICE Data Indices, LLC is used with permission. ICE® is a registered trademark of ICE Data Indices, LLC or its affiliates and BofA® is a registered trademark of Bank of America Corporation licensed by Bank of America Corporation and its affiliates ("BofA"), and may not be used without BofA's prior written approval. The index data referenced herein is the property of ICE Data Indices, LLC, its affiliates (“ICE Data”) and/or its third party suppliers and has been licensed for use by J.P. Morgan Investment Management, Inc. ICE Data and its Third Party Suppliers accept no liability in connection with the use of such index data or marks. See prospectus for a full copy of the Disclaimer.
| Fund net assets (000's) | $2,906,846 | |
| Total number of portfolio holdings | $166 | |
| Portfolio turnover rate | $56 | % |
| Total advisory fees paid (000's) | $6,581 | |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
Material changes to the Fund during the period
The Fund added “Technology Sector Risk” disclosure to its summary prospectus as of November 1, 2023. This disclosure was added in light of larger concentrations of portfolio securities in this sector.
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-800-480-4111.
ANNUAL SHAREHOLDER REPORT | June 30, 2024 (Unaudited)
JPMorgan SmartRetirement® Blend 2065 Fund
Class I Shares/Ticker: JSBSX
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan SmartRetirement® Blend 2065 Fund for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
JPMorgan SmartRetirement® Blend 2065 Fund
(Class I Shares) | $37 | 0.34% |
How did the Fund Perform?
The JPMorgan SmartRetirement® Blend 2065 Fund's Class I Shares returned 16.18% for the year ended June 30, 2024. The MSCI ACWI Index (net total return) returned 19.38%, the S&P Target Date 2065+ Index (the “Index”) returned 16.96% and the JPMorgan SmartRetirement Blend 2065 Composite Benchmark returned 17.18% for the year ended June 30, 2024.
Relative to the Index, having more total equities versus fixed income was additive. Holding less U.S. REITs added value, while holding more U.S. small cap equity detracted. Diversification in fixed income, relative to the Index, was additive, as U.S. core fixed income underperformed both U.S. high yield and emerging markets debt.
Portfolio construction detracted over the last year. The U.S. core fixed income platform added value over the past year. Specifically, the JPMorgan Core Bond Fund and the JPMorgan Core Plus Bond Fund added value. Conversely, the emerging markets equity platform detracted. Specifically, the JPMorgan Emerging Markets Research Enhanced Equity Fund underperformed.
Active asset allocation detracted modestly over the year. As the adviser assessed the path of rates, transitioning economic cycle and uncertainty around the path for growth moving forward, it maintained its risk-off positioning via a diversified underweight to risk assets through January 2024. The Fund's positioning, prior to January, detracted value, as risk assets delivered positive returns despite the uncertainty and muted outlook. The Fund's neutral positioning since that time has served to temper the impact of that historical active asset allocation in more recent months, as the Fund's diversified glide path has been the primary driver of performance returns.
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | 1 YEAR | | SINCE
INCEPTION | |
| JPMorgan SmartRetirement® Blend 2065 Fund (Class I Shares) | November 1, 2022 | 16.18 | % | 19.22 | % |
| MSCI ACWI Index (net total return) | | 19.38 | | 22.79 | |
| S&P Target Date 2065+ Index | | 16.96 | | 20.01 | |
| JPMorgan SmartRetirement Blend 2065 Composite Benchmark | | 17.18 | | 20.60 | |
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.
The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan SmartRetirement® Blend 2065 Fund, the MSCI ACWI Index (net total return), the S&P Target Date 2065+ Index and the JPMorgan SmartRetirement Blend 2065 Composite Benchmark from November 1, 2022 to June 30, 2024. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The MSCI ACWI Index (net total return) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The performance of the S&P Target Date 2065+ Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the broad based securities market index, if applicable. On June 1, 2017, S&P Dow Jones Indices, the company that establishes the broad-based securities market index used by the Fund, changed the methodology used to calculate the S&P Target Date Retirement Indices. The S&P Target Date 2065+ Index was comprised of exchange-traded funds (ETFs), adjusted to remove the impact of ETF fees (i.e., gross return). Effective June 1, 2017, the S&P Target Date 2065+ Index is comprised of underlying indices of securities. Effective May 31, 2017, the prior version of the S&P Target Date 2065+ Index was discontinued. As a result, performance for the S&P Target Date 2065+ Index prior to June 1, 2017 was linked to an S&P Target Date Retirement Index that was comprised of ETFs and that was not adjusted to remove the impact of ETF fees (i.e., total return). The name of the Fund’s S&P Target Date Retirement Index did not change and there is no change in the Fund’s investment strategies as a result of the change. The JPMorgan SmartRetirement Blend 2065 Composite Benchmark is a customized benchmark of the following unmanaged market indexes: S&P 500 Index, S&P 400 Index, Russell 2000 Index, MSCI US REIT Index, MSCI EAFE Index (net total return), MSCI Emerging Markets Index (net total return), Bloomberg U.S. Aggregate Index, Bloomberg U.S. Treasury Inflation Notes: 1-10 Year Index, Bloomberg U.S. High Yield - 2% Issuer Cap Index, EMBI Global Diversified Index and FTSE 3-Month Treasury Bill Index. Each index is weighted to reflect the strategic asset class allocation of the JPMorgan SmartRetirement® Blend 2065 Fund and are adjusted over time to correspond to changes in the Fund's strategic asset class allocations. For performance commencing February 1, 2020 to August 31, 2021, the IA SBBI US 30 Day TBill TR USD Index represented the Money Market/Cash and Cash Equivalents component of the benchmark. For performance commencing February 1, 2020 to January 31, 2023, the Russell Midcap Index represented the U.S. Mid Cap Equity component of the benchmark. Investors cannot directly invest in an index.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the applicable inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
The S&P Target Date 2065+ Index, S&P 500 Index, S&P 400 Index (“Indexes”) are products of S&P Dow Jones Indices LLC and/or its affiliates and have been licensed for use by the adviser. Copyright © 2023. S&P Dow Jones Indices LLC, a subsidiary of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC’s indices please visit www.spdji.com. S&P® is a registered trademark of Standard & Poor’s Financial Services LLC and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast, or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)
Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall have any liability or responsibility for injury or damages arising in connection therewith.
Information has been obtained from sources believed to be reliable but J.P. Morgan does not warrant its completeness or accuracy. The Index is used with permission. The Index may not be copied, used, or distributed without J.P. Morgan's prior written approval. Copyright [2016], J.P. Morgan Chase & Co. All rights reserved.
The JPMorgan SmartRetirement® Blend Funds have been developed solely by JPMIM. The JPMorgan SmartRetirement® Blend Funds are not in any way connected to or sponsored, endorsed, sold or promoted by FTSE International Limited ("FTSE") or the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”) or Nareit. All rights in the FTSE 3-Month Treasury Bill Index (the “Index”) vest in FTSE and Nareit. "FTSE®" is a trade mark of the LSE Group and is used by FTSE International Limited ("FTSE") under licence. "NAREIT®" is a trade mark of the Nareit. The Index is calculated by FTSE. Neither FTSE, nor the LSE Group, nor Nareit accept any liability whatsoever to any person arising out of (a) the use of, reliance on or any error in the Index or (b) investment in or operation of the JPMorgan SmartRetirement® Blend Funds. FTSE, the LSE Group, and Nareit make no claim, prediction, warranty or representation either as to the results to be obtained from the JPMorgan SmartRetirement® Blend Funds or the suitability of the Index for the purpose to which it is being put by JPMIM.
| Fund net assets (000's) | $30,882 | |
| Total number of portfolio holdings | $17 | |
| Portfolio turnover rate | $13 | % |
| Total advisory fees paid (000's) | $0 | |
PORTFOLIO COMPOSITION - ASSET CLASS
(% of Total Investments)
Material changes to the Fund during the period
The following is a summary of certain changes to the Fund since June 30, 2023. For more complete information, you may review the Fund’s current prospectus and any applicable supplements at www.jpmorganfunds.com/funddocuments or upon request at 800-480-4111.
Effective January 31, 2024, the Fund’s Glidepath and Target Allocation were updated as part of the annual review process.
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-800-480-4111.
ANNUAL SHAREHOLDER REPORT | June 30, 2024 (Unaudited)
JPMorgan SmartRetirement® Blend 2065 Fund
Class R2 Shares/Ticker: JSBZX
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan SmartRetirement® Blend 2065 Fund for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
JPMorgan SmartRetirement® Blend 2065 Fund
(Class R2 Shares) | $90 | 0.84% |
How did the Fund Perform?
The JPMorgan SmartRetirement® Blend 2065 Fund's Class R2 Shares returned 15.62% for the year ended June 30, 2024. The MSCI ACWI Index (net total return) returned 19.38%, the S&P Target Date 2065+ Index (the “Index”) returned 16.96% and the JPMorgan SmartRetirement Blend 2065 Composite Benchmark returned 17.18% for the year ended June 30, 2024.
Relative to the Index, having more total equities versus fixed income was additive. Holding less U.S. REITs added value, while holding more U.S. small cap equity detracted. Diversification in fixed income, relative to the Index, was additive, as U.S. core fixed income underperformed both U.S. high yield and emerging markets debt.
Portfolio construction detracted over the last year. The U.S. core fixed income platform added value over the past year. Specifically, the JPMorgan Core Bond Fund and the JPMorgan Core Plus Bond Fund added value. Conversely, the emerging markets equity platform detracted. Specifically, the JPMorgan Emerging Markets Research Enhanced Equity Fund underperformed.
Active asset allocation detracted modestly over the year. As the adviser assessed the path of rates, transitioning economic cycle and uncertainty around the path for growth moving forward, it maintained its risk-off positioning via a diversified underweight to risk assets through January 2024. The Fund's positioning, prior to January, detracted value, as risk assets delivered positive returns despite the uncertainty and muted outlook. The Fund's neutral positioning since that time has served to temper the impact of that historical active asset allocation in more recent months, as the Fund's diversified glide path has been the primary driver of performance returns.
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | 1 YEAR | | SINCE
INCEPTION | |
| JPMorgan SmartRetirement® Blend 2065 Fund (Class R2 Shares) | November 1, 2022 | 15.62 | % | 18.65 | % |
| MSCI ACWI Index (net total return) | | 19.38 | | 22.79 | |
| S&P Target Date 2065+ Index | | 16.96 | | 20.01 | |
| JPMorgan SmartRetirement Blend 2065 Composite Benchmark | | 17.18 | | 20.60 | |
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.
The graph illustrates comparative performance for $10,000 invested in Class R2 Shares of the JPMorgan SmartRetirement® Blend 2065 Fund, the MSCI ACWI Index (net total return), the S&P Target Date 2065+ Index and the JPMorgan SmartRetirement Blend 2065 Composite Benchmark from November 1, 2022 to June 30, 2024. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The MSCI ACWI Index (net total return) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The performance of the S&P Target Date 2065+ Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the broad based securities market index, if applicable. On June 1, 2017, S&P Dow Jones Indices, the company that establishes the broad-based securities market index used by the Fund, changed the methodology used to calculate the S&P Target Date Retirement Indices. The S&P Target Date 2065+ Index was comprised of exchange-traded funds (ETFs), adjusted to remove the impact of ETF fees (i.e., gross return). Effective June 1, 2017, the S&P Target Date 2065+ Index is comprised of underlying indices of securities. Effective May 31, 2017, the prior version of the S&P Target Date 2065+ Index was discontinued. As a result, performance for the S&P Target Date 2065+ Index prior to June 1, 2017 was linked to an S&P Target Date Retirement Index that was comprised of ETFs and that was not adjusted to remove the impact of ETF fees (i.e., total return). The name of the Fund’s S&P Target Date Retirement Index did not change and there is no change in the Fund’s investment strategies as a result of the change. The JPMorgan SmartRetirement Blend 2065 Composite Benchmark is a customized benchmark of the following unmanaged market indexes: S&P 500 Index, S&P 400 Index, Russell 2000 Index, MSCI US REIT Index, MSCI EAFE Index (net total return), MSCI Emerging Markets Index (net total return), Bloomberg U.S. Aggregate Index, Bloomberg U.S. Treasury Inflation Notes: 1-10 Year Index, Bloomberg U.S. High Yield - 2% Issuer Cap Index, EMBI Global Diversified Index and FTSE 3-Month Treasury Bill Index. Each index is weighted to reflect the strategic asset class allocation of the JPMorgan SmartRetirement® Blend 2065 Fund and are adjusted over time to correspond to changes in the Fund's strategic asset class allocations. For performance commencing February 1, 2020 to August 31, 2021, the IA SBBI US 30 Day TBill TR USD Index represented the Money Market/Cash and Cash Equivalents component of the benchmark. For performance commencing February 1, 2020 to January 31, 2023, the Russell Midcap Index represented the U.S. Mid Cap Equity component of the benchmark. Investors cannot directly invest in an index.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the applicable inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
The S&P Target Date 2065+ Index, S&P 500 Index, S&P 400 Index (“Indexes”) are products of S&P Dow Jones Indices LLC and/or its affiliates and have been licensed for use by the adviser. Copyright © 2023. S&P Dow Jones Indices LLC, a subsidiary of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC’s indices please visit www.spdji.com. S&P® is a registered trademark of Standard & Poor’s Financial Services LLC and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast, or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)
Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall have any liability or responsibility for injury or damages arising in connection therewith.
Information has been obtained from sources believed to be reliable but J.P. Morgan does not warrant its completeness or accuracy. The Index is used with permission. The Index may not be copied, used, or distributed without J.P. Morgan's prior written approval. Copyright [2016], J.P. Morgan Chase & Co. All rights reserved.
The JPMorgan SmartRetirement® Blend Funds have been developed solely by JPMIM. The JPMorgan SmartRetirement® Blend Funds are not in any way connected to or sponsored, endorsed, sold or promoted by FTSE International Limited ("FTSE") or the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”) or Nareit. All rights in the FTSE 3-Month Treasury Bill Index (the “Index”) vest in FTSE and Nareit. "FTSE®" is a trade mark of the LSE Group and is used by FTSE International Limited ("FTSE") under licence. "NAREIT®" is a trade mark of the Nareit. The Index is calculated by FTSE. Neither FTSE, nor the LSE Group, nor Nareit accept any liability whatsoever to any person arising out of (a) the use of, reliance on or any error in the Index or (b) investment in or operation of the JPMorgan SmartRetirement® Blend Funds. FTSE, the LSE Group, and Nareit make no claim, prediction, warranty or representation either as to the results to be obtained from the JPMorgan SmartRetirement® Blend Funds or the suitability of the Index for the purpose to which it is being put by JPMIM.
| Fund net assets (000's) | $30,882 | |
| Total number of portfolio holdings | $17 | |
| Portfolio turnover rate | $13 | % |
| Total advisory fees paid (000's) | $0 | |
PORTFOLIO COMPOSITION - ASSET CLASS
(% of Total Investments)
Material changes to the Fund during the period
The following is a summary of certain changes to the Fund since June 30, 2023. For more complete information, you may review the Fund’s current prospectus and any applicable supplements at www.jpmorganfunds.com/funddocuments or upon request at 800-480-4111.
Effective January 31, 2024, the Fund’s Glidepath and Target Allocation were updated as part of the annual review process.
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-800-480-4111.
ANNUAL SHAREHOLDER REPORT | June 30, 2024 (Unaudited)
JPMorgan SmartRetirement® Blend 2065 Fund
Class R3 Shares/Ticker: JSBPX
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan SmartRetirement® Blend 2065 Fund for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
JPMorgan SmartRetirement® Blend 2065 Fund
(Class R3 Shares) | $63 | 0.59% |
How did the Fund Perform?
The JPMorgan SmartRetirement® Blend 2065 Fund's Class R3 Shares returned 15.93% for the year ended June 30, 2024. The MSCI ACWI Index (net total return) returned 19.38%, the S&P Target Date 2065+ Index (the “Index”) returned 16.96% and the JPMorgan SmartRetirement Blend 2065 Composite Benchmark returned 17.18% for the year ended June 30, 2024.
Relative to the Index, having more total equities versus fixed income was additive. Holding less U.S. REITs added value, while holding more U.S. small cap equity detracted. Diversification in fixed income, relative to the Index, was additive, as U.S. core fixed income underperformed both U.S. high yield and emerging markets debt.
Portfolio construction detracted over the last year. The U.S. core fixed income platform added value over the past year. Specifically, the JPMorgan Core Bond Fund and the JPMorgan Core Plus Bond Fund added value. Conversely, the emerging markets equity platform detracted. Specifically, the JPMorgan Emerging Markets Research Enhanced Equity Fund underperformed.
Active asset allocation detracted modestly over the year. As the adviser assessed the path of rates, transitioning economic cycle and uncertainty around the path for growth moving forward, it maintained its risk-off positioning via a diversified underweight to risk assets through January 2024. The Fund's positioning, prior to January, detracted value, as risk assets delivered positive returns despite the uncertainty and muted outlook. The Fund's neutral positioning since that time has served to temper the impact of that historical active asset allocation in more recent months, as the Fund's diversified glide path has been the primary driver of performance returns.
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | 1 YEAR | | SINCE
INCEPTION | |
| JPMorgan SmartRetirement® Blend 2065 Fund (Class R3 Shares) | November 1, 2022 | 15.93 | % | 18.95 | % |
| MSCI ACWI Index (net total return) | | 19.38 | | 22.79 | |
| S&P Target Date 2065+ Index | | 16.96 | | 20.01 | |
| JPMorgan SmartRetirement Blend 2065 Composite Benchmark | | 17.18 | | 20.60 | |
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.
The graph illustrates comparative performance for $10,000 invested in Class R3 Shares of the JPMorgan SmartRetirement® Blend 2065 Fund, the MSCI ACWI Index (net total return), the S&P Target Date 2065+ Index and the JPMorgan SmartRetirement Blend 2065 Composite Benchmark from November 1, 2022 to June 30, 2024. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The MSCI ACWI Index (net total return) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The performance of the S&P Target Date 2065+ Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the broad based securities market index, if applicable. On June 1, 2017, S&P Dow Jones Indices, the company that establishes the broad-based securities market index used by the Fund, changed the methodology used to calculate the S&P Target Date Retirement Indices. The S&P Target Date 2065+ Index was comprised of exchange-traded funds (ETFs), adjusted to remove the impact of ETF fees (i.e., gross return). Effective June 1, 2017, the S&P Target Date 2065+ Index is comprised of underlying indices of securities. Effective May 31, 2017, the prior version of the S&P Target Date 2065+ Index was discontinued. As a result, performance for the S&P Target Date 2065+ Index prior to June 1, 2017 was linked to an S&P Target Date Retirement Index that was comprised of ETFs and that was not adjusted to remove the impact of ETF fees (i.e., total return). The name of the Fund’s S&P Target Date Retirement Index did not change and there is no change in the Fund’s investment strategies as a result of the change. The JPMorgan SmartRetirement Blend 2065 Composite Benchmark is a customized benchmark of the following unmanaged market indexes: S&P 500 Index, S&P 400 Index, Russell 2000 Index, MSCI US REIT Index, MSCI EAFE Index (net total return), MSCI Emerging Markets Index (net total return), Bloomberg U.S. Aggregate Index, Bloomberg U.S. Treasury Inflation Notes: 1-10 Year Index, Bloomberg U.S. High Yield - 2% Issuer Cap Index, EMBI Global Diversified Index and FTSE 3-Month Treasury Bill Index. Each index is weighted to reflect the strategic asset class allocation of the JPMorgan SmartRetirement® Blend 2065 Fund and are adjusted over time to correspond to changes in the Fund's strategic asset class allocations. For performance commencing February 1, 2020 to August 31, 2021, the IA SBBI US 30 Day TBill TR USD Index represented the Money Market/Cash and Cash Equivalents component of the benchmark. For performance commencing February 1, 2020 to January 31, 2023, the Russell Midcap Index represented the U.S. Mid Cap Equity component of the benchmark. Investors cannot directly invest in an index.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the applicable inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
The S&P Target Date 2065+ Index, S&P 500 Index, S&P 400 Index (“Indexes”) are products of S&P Dow Jones Indices LLC and/or its affiliates and have been licensed for use by the adviser. Copyright © 2023. S&P Dow Jones Indices LLC, a subsidiary of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC’s indices please visit www.spdji.com. S&P® is a registered trademark of Standard & Poor’s Financial Services LLC and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast, or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)
Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall have any liability or responsibility for injury or damages arising in connection therewith.
Information has been obtained from sources believed to be reliable but J.P. Morgan does not warrant its completeness or accuracy. The Index is used with permission. The Index may not be copied, used, or distributed without J.P. Morgan's prior written approval. Copyright [2016], J.P. Morgan Chase & Co. All rights reserved.
The JPMorgan SmartRetirement® Blend Funds have been developed solely by JPMIM. The JPMorgan SmartRetirement® Blend Funds are not in any way connected to or sponsored, endorsed, sold or promoted by FTSE International Limited ("FTSE") or the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”) or Nareit. All rights in the FTSE 3-Month Treasury Bill Index (the “Index”) vest in FTSE and Nareit. "FTSE®" is a trade mark of the LSE Group and is used by FTSE International Limited ("FTSE") under licence. "NAREIT®" is a trade mark of the Nareit. The Index is calculated by FTSE. Neither FTSE, nor the LSE Group, nor Nareit accept any liability whatsoever to any person arising out of (a) the use of, reliance on or any error in the Index or (b) investment in or operation of the JPMorgan SmartRetirement® Blend Funds. FTSE, the LSE Group, and Nareit make no claim, prediction, warranty or representation either as to the results to be obtained from the JPMorgan SmartRetirement® Blend Funds or the suitability of the Index for the purpose to which it is being put by JPMIM.
| Fund net assets (000's) | $30,882 | |
| Total number of portfolio holdings | $17 | |
| Portfolio turnover rate | $13 | % |
| Total advisory fees paid (000's) | $0 | |
PORTFOLIO COMPOSITION - ASSET CLASS
(% of Total Investments)
Material changes to the Fund during the period
The following is a summary of certain changes to the Fund since June 30, 2023. For more complete information, you may review the Fund’s current prospectus and any applicable supplements at www.jpmorganfunds.com/funddocuments or upon request at 800-480-4111.
Effective January 31, 2024, the Fund’s Glidepath and Target Allocation were updated as part of the annual review process.
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-800-480-4111.
ANNUAL SHAREHOLDER REPORT | June 30, 2024 (Unaudited)
JPMorgan SmartRetirement® Blend 2065 Fund
Class R4 Shares/Ticker: JSBQX
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan SmartRetirement® Blend 2065 Fund for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
JPMorgan SmartRetirement® Blend 2065 Fund
(Class R4 Shares) | $36 | 0.34% |
How did the Fund Perform?
The JPMorgan SmartRetirement® Blend 2065 Fund's Class R4 Shares returned 16.18% for the year ended June 30, 2024. The MSCI ACWI Index (net total return) returned 19.38%, the S&P Target Date 2065+ Index (the “Index”) returned 16.96% and the JPMorgan SmartRetirement Blend 2065 Composite Benchmark returned 17.18% for the year ended June 30, 2024.
Relative to the Index, having more total equities versus fixed income was additive. Holding less U.S. REITs added value, while holding more U.S. small cap equity detracted. Diversification in fixed income, relative to the Index, was additive, as U.S. core fixed income underperformed both U.S. high yield and emerging markets debt.
Portfolio construction detracted over the last year. The U.S. core fixed income platform added value over the past year. Specifically, the JPMorgan Core Bond Fund and the JPMorgan Core Plus Bond Fund added value. Conversely, the emerging markets equity platform detracted. Specifically, the JPMorgan Emerging Markets Research Enhanced Equity Fund underperformed.
Active asset allocation detracted modestly over the year. As the adviser assessed the path of rates, transitioning economic cycle and uncertainty around the path for growth moving forward, it maintained its risk-off positioning via a diversified underweight to risk assets through January 2024. The Fund's positioning, prior to January, detracted value, as risk assets delivered positive returns despite the uncertainty and muted outlook. The Fund's neutral positioning since that time has served to temper the impact of that historical active asset allocation in more recent months, as the Fund's diversified glide path has been the primary driver of performance returns.
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | 1 YEAR | | SINCE
INCEPTION | |
| JPMorgan SmartRetirement® Blend 2065 Fund (Class R4 Shares) | November 1, 2022 | 16.18 | % | 19.22 | % |
| MSCI ACWI Index (net total return) | | 19.38 | | 22.79 | |
| S&P Target Date 2065+ Index | | 16.96 | | 20.01 | |
| JPMorgan SmartRetirement Blend 2065 Composite Benchmark | | 17.18 | | 20.60 | |
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.
The graph illustrates comparative performance for $10,000 invested in Class R4 Shares of the JPMorgan SmartRetirement® Blend 2065 Fund, the MSCI ACWI Index (net total return), the S&P Target Date 2065+ Index and the JPMorgan SmartRetirement Blend 2065 Composite Benchmark from November 1, 2022 to June 30, 2024. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The MSCI ACWI Index (net total return) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The performance of the S&P Target Date 2065+ Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the broad based securities market index, if applicable. On June 1, 2017, S&P Dow Jones Indices, the company that establishes the broad-based securities market index used by the Fund, changed the methodology used to calculate the S&P Target Date Retirement Indices. The S&P Target Date 2065+ Index was comprised of exchange-traded funds (ETFs), adjusted to remove the impact of ETF fees (i.e., gross return). Effective June 1, 2017, the S&P Target Date 2065+ Index is comprised of underlying indices of securities. Effective May 31, 2017, the prior version of the S&P Target Date 2065+ Index was discontinued. As a result, performance for the S&P Target Date 2065+ Index prior to June 1, 2017 was linked to an S&P Target Date Retirement Index that was comprised of ETFs and that was not adjusted to remove the impact of ETF fees (i.e., total return). The name of the Fund’s S&P Target Date Retirement Index did not change and there is no change in the Fund’s investment strategies as a result of the change. The JPMorgan SmartRetirement Blend 2065 Composite Benchmark is a customized benchmark of the following unmanaged market indexes: S&P 500 Index, S&P 400 Index, Russell 2000 Index, MSCI US REIT Index, MSCI EAFE Index (net total return), MSCI Emerging Markets Index (net total return), Bloomberg U.S. Aggregate Index, Bloomberg U.S. Treasury Inflation Notes: 1-10 Year Index, Bloomberg U.S. High Yield - 2% Issuer Cap Index, EMBI Global Diversified Index and FTSE 3-Month Treasury Bill Index. Each index is weighted to reflect the strategic asset class allocation of the JPMorgan SmartRetirement® Blend 2065 Fund and are adjusted over time to correspond to changes in the Fund's strategic asset class allocations. For performance commencing February 1, 2020 to August 31, 2021, the IA SBBI US 30 Day TBill TR USD Index represented the Money Market/Cash and Cash Equivalents component of the benchmark. For performance commencing February 1, 2020 to January 31, 2023, the Russell Midcap Index represented the U.S. Mid Cap Equity component of the benchmark. Investors cannot directly invest in an index.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the applicable inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
The S&P Target Date 2065+ Index, S&P 500 Index, S&P 400 Index (“Indexes”) are products of S&P Dow Jones Indices LLC and/or its affiliates and have been licensed for use by the adviser. Copyright © 2023. S&P Dow Jones Indices LLC, a subsidiary of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC’s indices please visit www.spdji.com. S&P® is a registered trademark of Standard & Poor’s Financial Services LLC and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast, or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)
Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall have any liability or responsibility for injury or damages arising in connection therewith.
Information has been obtained from sources believed to be reliable but J.P. Morgan does not warrant its completeness or accuracy. The Index is used with permission. The Index may not be copied, used, or distributed without J.P. Morgan's prior written approval. Copyright [2016], J.P. Morgan Chase & Co. All rights reserved.
The JPMorgan SmartRetirement® Blend Funds have been developed solely by JPMIM. The JPMorgan SmartRetirement® Blend Funds are not in any way connected to or sponsored, endorsed, sold or promoted by FTSE International Limited ("FTSE") or the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”) or Nareit. All rights in the FTSE 3-Month Treasury Bill Index (the “Index”) vest in FTSE and Nareit. "FTSE®" is a trade mark of the LSE Group and is used by FTSE International Limited ("FTSE") under licence. "NAREIT®" is a trade mark of the Nareit. The Index is calculated by FTSE. Neither FTSE, nor the LSE Group, nor Nareit accept any liability whatsoever to any person arising out of (a) the use of, reliance on or any error in the Index or (b) investment in or operation of the JPMorgan SmartRetirement® Blend Funds. FTSE, the LSE Group, and Nareit make no claim, prediction, warranty or representation either as to the results to be obtained from the JPMorgan SmartRetirement® Blend Funds or the suitability of the Index for the purpose to which it is being put by JPMIM.
| Fund net assets (000's) | $30,882 | |
| Total number of portfolio holdings | $17 | |
| Portfolio turnover rate | $13 | % |
| Total advisory fees paid (000's) | $0 | |
PORTFOLIO COMPOSITION - ASSET CLASS
(% of Total Investments)
Material changes to the Fund during the period
The following is a summary of certain changes to the Fund since June 30, 2023. For more complete information, you may review the Fund’s current prospectus and any applicable supplements at www.jpmorganfunds.com/funddocuments or upon request at 800-480-4111.
Effective January 31, 2024, the Fund’s Glidepath and Target Allocation were updated as part of the annual review process.
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-800-480-4111.
ANNUAL SHAREHOLDER REPORT | June 30, 2024 (Unaudited)
JPMorgan SmartRetirement® Blend 2065 Fund
Class R5 Shares/Ticker: JSMDX
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan SmartRetirement® Blend 2065 Fund for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
JPMorgan SmartRetirement® Blend 2065 Fund
(Class R5 Shares) | $20 | 0.19% |
How did the Fund Perform?
The JPMorgan SmartRetirement® Blend 2065 Fund's Class R5 Shares returned 16.41% for the year ended June 30, 2024. The MSCI ACWI Index (net total return) returned 19.38%, the S&P Target Date 2065+ Index (the “Index”) returned 16.96% and the JPMorgan SmartRetirement Blend 2065 Composite Benchmark returned 17.18% for the year ended June 30, 2024.
Relative to the Index, having more total equities versus fixed income was additive. Holding less U.S. REITs added value, while holding more U.S. small cap equity detracted. Diversification in fixed income, relative to the Index, was additive, as U.S. core fixed income underperformed both U.S. high yield and emerging markets debt.
Portfolio construction detracted over the last year. The U.S. core fixed income platform added value over the past year. Specifically, the JPMorgan Core Bond Fund and the JPMorgan Core Plus Bond Fund added value. Conversely, the emerging markets equity platform detracted. Specifically, the JPMorgan Emerging Markets Research Enhanced Equity Fund underperformed.
Active asset allocation detracted modestly over the year. As the adviser assessed the path of rates, transitioning economic cycle and uncertainty around the path for growth moving forward, it maintained its risk-off positioning via a diversified underweight to risk assets through January 2024. The Fund's positioning, prior to January, detracted value, as risk assets delivered positive returns despite the uncertainty and muted outlook. The Fund's neutral positioning since that time has served to temper the impact of that historical active asset allocation in more recent months, as the Fund's diversified glide path has been the primary driver of performance returns.
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | 1 YEAR | | SINCE
INCEPTION | |
| JPMorgan SmartRetirement® Blend 2065 Fund (Class R5 Shares) | November 1, 2022 | 16.41 | % | 19.42 | % |
| MSCI ACWI Index (net total return) | | 19.38 | | 22.79 | |
| S&P Target Date 2065+ Index | | 16.96 | | 20.01 | |
| JPMorgan SmartRetirement Blend 2065 Composite Benchmark | | 17.18 | | 20.60 | |
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.
The graph illustrates comparative performance for $10,000 invested in Class R5 Shares of the JPMorgan SmartRetirement® Blend 2065 Fund, the MSCI ACWI Index (net total return), the S&P Target Date 2065+ Index and the JPMorgan SmartRetirement Blend 2065 Composite Benchmark from November 1, 2022 to June 30, 2024. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The MSCI ACWI Index (net total return) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The performance of the S&P Target Date 2065+ Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the broad based securities market index, if applicable. On June 1, 2017, S&P Dow Jones Indices, the company that establishes the broad-based securities market index used by the Fund, changed the methodology used to calculate the S&P Target Date Retirement Indices. The S&P Target Date 2065+ Index was comprised of exchange-traded funds (ETFs), adjusted to remove the impact of ETF fees (i.e., gross return). Effective June 1, 2017, the S&P Target Date 2065+ Index is comprised of underlying indices of securities. Effective May 31, 2017, the prior version of the S&P Target Date 2065+ Index was discontinued. As a result, performance for the S&P Target Date 2065+ Index prior to June 1, 2017 was linked to an S&P Target Date Retirement Index that was comprised of ETFs and that was not adjusted to remove the impact of ETF fees (i.e., total return). The name of the Fund’s S&P Target Date Retirement Index did not change and there is no change in the Fund’s investment strategies as a result of the change. The JPMorgan SmartRetirement Blend 2065 Composite Benchmark is a customized benchmark of the following unmanaged market indexes: S&P 500 Index, S&P 400 Index, Russell 2000 Index, MSCI US REIT Index, MSCI EAFE Index (net total return), MSCI Emerging Markets Index (net total return), Bloomberg U.S. Aggregate Index, Bloomberg U.S. Treasury Inflation Notes: 1-10 Year Index, Bloomberg U.S. High Yield - 2% Issuer Cap Index, EMBI Global Diversified Index and FTSE 3-Month Treasury Bill Index. Each index is weighted to reflect the strategic asset class allocation of the JPMorgan SmartRetirement® Blend 2065 Fund and are adjusted over time to correspond to changes in the Fund's strategic asset class allocations. For performance commencing February 1, 2020 to August 31, 2021, the IA SBBI US 30 Day TBill TR USD Index represented the Money Market/Cash and Cash Equivalents component of the benchmark. For performance commencing February 1, 2020 to January 31, 2023, the Russell Midcap Index represented the U.S. Mid Cap Equity component of the benchmark. Investors cannot directly invest in an index.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the applicable inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
The S&P Target Date 2065+ Index, S&P 500 Index, S&P 400 Index (“Indexes”) are products of S&P Dow Jones Indices LLC and/or its affiliates and have been licensed for use by the adviser. Copyright © 2023. S&P Dow Jones Indices LLC, a subsidiary of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC’s indices please visit www.spdji.com. S&P® is a registered trademark of Standard & Poor’s Financial Services LLC and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast, or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)
Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall have any liability or responsibility for injury or damages arising in connection therewith.
Information has been obtained from sources believed to be reliable but J.P. Morgan does not warrant its completeness or accuracy. The Index is used with permission. The Index may not be copied, used, or distributed without J.P. Morgan's prior written approval. Copyright [2016], J.P. Morgan Chase & Co. All rights reserved.
The JPMorgan SmartRetirement® Blend Funds have been developed solely by JPMIM. The JPMorgan SmartRetirement® Blend Funds are not in any way connected to or sponsored, endorsed, sold or promoted by FTSE International Limited ("FTSE") or the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”) or Nareit. All rights in the FTSE 3-Month Treasury Bill Index (the “Index”) vest in FTSE and Nareit. "FTSE®" is a trade mark of the LSE Group and is used by FTSE International Limited ("FTSE") under licence. "NAREIT®" is a trade mark of the Nareit. The Index is calculated by FTSE. Neither FTSE, nor the LSE Group, nor Nareit accept any liability whatsoever to any person arising out of (a) the use of, reliance on or any error in the Index or (b) investment in or operation of the JPMorgan SmartRetirement® Blend Funds. FTSE, the LSE Group, and Nareit make no claim, prediction, warranty or representation either as to the results to be obtained from the JPMorgan SmartRetirement® Blend Funds or the suitability of the Index for the purpose to which it is being put by JPMIM.
| Fund net assets (000's) | $30,882 | |
| Total number of portfolio holdings | $17 | |
| Portfolio turnover rate | $13 | % |
| Total advisory fees paid (000's) | $0 | |
PORTFOLIO COMPOSITION - ASSET CLASS
(% of Total Investments)
Material changes to the Fund during the period
The following is a summary of certain changes to the Fund since June 30, 2023. For more complete information, you may review the Fund’s current prospectus and any applicable supplements at www.jpmorganfunds.com/funddocuments or upon request at 800-480-4111.
Effective January 31, 2024, the Fund’s Glidepath and Target Allocation were updated as part of the annual review process.
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-800-480-4111.
ANNUAL SHAREHOLDER REPORT | June 30, 2024 (Unaudited)
JPMorgan SmartRetirement® Blend 2065 Fund
Class R6 Shares/Ticker: JSBYX
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan SmartRetirement® Blend 2065 Fund for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
JPMorgan SmartRetirement® Blend 2065 Fund
(Class R6 Shares) | $9 | 0.09% |
How did the Fund Perform?
The JPMorgan SmartRetirement® Blend 2065 Fund's Class R6 Shares returned 16.49% for the year ended June 30, 2024. The MSCI ACWI Index (net total return) returned 19.38%, the S&P Target Date 2065+ Index (the “Index”) returned 16.96% and the JPMorgan SmartRetirement Blend 2065 Composite Benchmark returned 17.18% for the year ended June 30, 2024.
Relative to the Index, having more total equities versus fixed income was additive. Holding less U.S. REITs added value, while holding more U.S. small cap equity detracted. Diversification in fixed income, relative to the Index, was additive, as U.S. core fixed income underperformed both U.S. high yield and emerging markets debt.
Portfolio construction detracted over the last year. The U.S. core fixed income platform added value over the past year. Specifically, the JPMorgan Core Bond Fund and the JPMorgan Core Plus Bond Fund added value. Conversely, the emerging markets equity platform detracted. Specifically, the JPMorgan Emerging Markets Research Enhanced Equity Fund underperformed.
Active asset allocation detracted modestly over the year. As the adviser assessed the path of rates, transitioning economic cycle and uncertainty around the path for growth moving forward, it maintained its risk-off positioning via a diversified underweight to risk assets through January 2024. The Fund's positioning, prior to January, detracted value, as risk assets delivered positive returns despite the uncertainty and muted outlook. The Fund's neutral positioning since that time has served to temper the impact of that historical active asset allocation in more recent months, as the Fund's diversified glide path has been the primary driver of performance returns.
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | 1 YEAR | | SINCE
INCEPTION | |
| JPMorgan SmartRetirement® Blend 2065 Fund (Class R6 Shares) | November 1, 2022 | 16.49 | % | 19.52 | % |
| MSCI ACWI Index (net total return) | | 19.38 | | 22.79 | |
| S&P Target Date 2065+ Index | | 16.96 | | 20.01 | |
| JPMorgan SmartRetirement Blend 2065 Composite Benchmark | | 17.18 | | 20.60 | |
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.
The graph illustrates comparative performance for $5,000,000 invested in Class R6 Shares of the JPMorgan SmartRetirement® Blend 2065 Fund, the S&P Target Date 2065+ Index, the JPMorgan SmartRetirement Blend 2065 Composite Benchmark and the MSCI ACWI Index (net total return) from November 1, 2022 to June 30, 2024. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P Target Date 2065+ Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the broad based securities market index, if applicable. On June 1, 2017, S&P Dow Jones Indices, the company that establishes the broad-based securities market index used by the Fund, changed the methodology used to calculate the S&P Target Date Retirement Indices. The S&P Target Date 2065+ Index was comprised of exchange-traded funds (ETFs), adjusted to remove the impact of ETF fees (i.e., gross return). Effective June 1, 2017, the S&P Target Date 2065+ Index is comprised of underlying indices of securities. Effective May 31, 2017, the prior version of the S&P Target Date 2065+ Index was discontinued. As a result, performance for the S&P Target Date 2065+ Index prior to June 1, 2017 was linked to an S&P Target Date Retirement Index that was comprised of ETFs and that was not adjusted to remove the impact of ETF fees (i.e., total return). The name of the Fund’s S&P Target Date Retirement Index did not change and there is no change in the Fund’s investment strategies as a result of the change. The JPMorgan SmartRetirement Blend 2065 Composite Benchmark is a customized benchmark of the following unmanaged market indexes: S&P 500 Index, S&P 400 Index, Russell 2000 Index, MSCI US REIT Index, MSCI EAFE Index (net total return), MSCI Emerging Markets Index (net total return), Bloomberg U.S. Aggregate Index, Bloomberg U.S. Treasury Inflation Notes: 1-10 Year Index, Bloomberg U.S. High Yield - 2% Issuer Cap Index, EMBI Global Diversified Index and FTSE 3-Month Treasury Bill Index. Each index is weighted to reflect the strategic asset class allocation of the JPMorgan SmartRetirement® Blend 2065 Fund and are adjusted over time to correspond to changes in the Fund's strategic asset class allocations. For performance commencing February 1, 2020 to August 31, 2021, the IA SBBI US 30 Day TBill TR USD Index represented the Money Market/Cash and Cash Equivalents component of the benchmark. For performance commencing February 1, 2020 to January 31, 2023, the Russell Midcap Index represented the U.S. Mid Cap Equity component of the benchmark. The MSCI ACWI Index (net total return) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. Investors cannot directly invest in an index.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the applicable inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
The S&P Target Date 2065+ Index, S&P 500 Index, S&P 400 Index (“Indexes”) are products of S&P Dow Jones Indices LLC and/or its affiliates and have been licensed for use by the adviser. Copyright © 2023. S&P Dow Jones Indices LLC, a subsidiary of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC’s indices please visit www.spdji.com. S&P® is a registered trademark of Standard & Poor’s Financial Services LLC and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast, or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)
Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall have any liability or responsibility for injury or damages arising in connection therewith.
Information has been obtained from sources believed to be reliable but J.P. Morgan does not warrant its completeness or accuracy. The Index is used with permission. The Index may not be copied, used, or distributed without J.P. Morgan's prior written approval. Copyright [2016], J.P. Morgan Chase & Co. All rights reserved.
The JPMorgan SmartRetirement® Blend Funds have been developed solely by JPMIM. The JPMorgan SmartRetirement® Blend Funds are not in any way connected to or sponsored, endorsed, sold or promoted by FTSE International Limited ("FTSE") or the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”) or Nareit. All rights in the FTSE 3-Month Treasury Bill Index (the “Index”) vest in FTSE and Nareit. "FTSE®" is a trade mark of the LSE Group and is used by FTSE International Limited ("FTSE") under licence. "NAREIT®" is a trade mark of the Nareit. The Index is calculated by FTSE. Neither FTSE, nor the LSE Group, nor Nareit accept any liability whatsoever to any person arising out of (a) the use of, reliance on or any error in the Index or (b) investment in or operation of the JPMorgan SmartRetirement® Blend Funds. FTSE, the LSE Group, and Nareit make no claim, prediction, warranty or representation either as to the results to be obtained from the JPMorgan SmartRetirement® Blend Funds or the suitability of the Index for the purpose to which it is being put by JPMIM.
| Fund net assets (000's) | $30,882 | |
| Total number of portfolio holdings | $17 | |
| Portfolio turnover rate | $13 | % |
| Total advisory fees paid (000's) | $0 | |
PORTFOLIO COMPOSITION - ASSET CLASS
(% of Total Investments)
Material changes to the Fund during the period
The following is a summary of certain changes to the Fund since June 30, 2023. For more complete information, you may review the Fund’s current prospectus and any applicable supplements at www.jpmorganfunds.com/funddocuments or upon request at 800-480-4111.
Effective January 31, 2024, the Fund’s Glidepath and Target Allocation were updated as part of the annual review process.
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-800-480-4111.
ANNUAL SHAREHOLDER REPORT | June 30, 2024 (Unaudited)
JPMorgan SmartRetirement® 2065 Fund
Class A Shares/Ticker: JSMEX
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan SmartRetirement® 2065 Fund for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
JPMorgan SmartRetirement® 2065 Fund
(Class A Shares) | $48 | 0.44% |
How did the Fund Perform?
The JPMorgan SmartRetirement® 2065 Fund's Class A Shares, without a sales charge, returned 17.48% for the year ended June 30, 2024. The MSCI ACWI Index (net total return) returned 19.38%, the S&P Target Date 2065+ Index (the “Index”) returned 16.96% and the JPMorgan SmartRetirement 2065 Composite Benchmark returned 17.18% for the year ended June 30, 2024.
Relative to the Index, having more total equities versus fixed income was additive. Holding less U.S. REITs added value, while holding more U.S. small cap equity detracted. Diversification in fixed income, relative to the Index, was additive, as U.S. core fixed income underperformed both U.S. high yield and emerging markets debt.
Portfolio construction added significant value over the past year. The U.S. large cap, U.S. multi cap, and U.S. core fixed income platforms added value over the past year. Specifically, the JPMorgan U.S. Research Enhanced Equity Fund, JPMorgan U.S. Equity Fund, and the JPMorgan Global Select Equity ETF added value. Conversely, the emerging markets equity, U.S. small/mid cap equity and high yield platforms detracted. Specifically, the JPMorgan ActiveBuilders Emerging Markets Equity ETF, JPMorgan Emerging Markets Equity Fund, and JPMorgan International Developed Equity Fund underperformed.
Active asset allocation detracted modestly over the year. As the adviser assessed the path of rates, transitioning economic cycle and uncertainty around the path for growth moving forward, it maintained its risk-off positioning via a diversified underweight to risk assets through January 2024. The Fund's positioning, prior to January, detracted value, as risk assets delivered positive returns despite the uncertainty and muted outlook. The Fund's neutral positioning since that time has served to temper the impact of that historical active asset allocation in more recent months, as the Fund's diversified glide path has been the primary driver of performance returns.
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | 1 YEAR | | SINCE
INCEPTION | |
| JPMorgan SmartRetirement® 2065 Fund (Class A Shares) | November 1, 2022 | 12.18 | % | 16.92 | % |
| JPMorgan SmartRetirement® 2065 Fund (Class A Shares) - excluding sales charge | | 17.48 | | 20.22 | |
| MSCI ACWI Index (net total return) | | 19.38 | | 22.79 | |
| S&P Target Date 2065+ Index | | 16.96 | | 20.01 | |
| JPMorgan SmartRetirement 2065 Composite Benchmark | | 17.18 | | 20.60 | |
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.
The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan SmartRetirement® 2065 Fund, the MSCI ACWI (net total return), the S&P Target Date 2065+ Index and the JPMorgan SmartRetirement 2065 Composite Benchmark from November 1, 2022 to June 30, 2024. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and includes a sales charge. The performance of the MSCI ACWI (net total return) and the S&P Target Date 2065+ Index do not reflect the deduction of expenses or a sales charge associated with a mutual fund (except prior to June 1, 2017, the S&P Target Date 2065+ Index was previously adjusted to remove the impact of ETF fees) and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the broad based securities market index, if applicable. On June 1, 2017, S&P Dow Jones Indices, the company that establishes the broad-based securities market index used by the Fund, changed the methodology used to calculate the S&P Target Date Retirement Indices. The MSCI ACWI (net total return) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The S&P Target Date 2065+ Index was comprised of exchange-traded funds (ETFs), adjusted to remove the impact of ETF fees (i.e., gross return). Effective June 1, 2017, the S&P Target Date 2065+ Index is comprised of underlying indices of securities. Effective May 31, 2017, the prior version of the S&P Target Date 2065+ Index was discontinued. As a result, performance for the S&P Target Date 2065+ Index prior to June 1, 2017 was linked to an S&P Target Date Retirement Index that was comprised of ETFs and that was not adjusted to remove the impact of ETF fees (i.e., total return). The name of the Fund’s S&P Target Date Retirement Index did not change and there is no change in the Fund’s investment strategies as a result of the change. The JPMorgan SmartRetirement 2065 Composite Benchmark is a customized benchmark of the following unmanaged market indexes: S&P 500 Index, S&P 400 Index, Russell 2000 Index, MSCI US REIT Index, MSCI EAFE Index (net total return), MSCI Emerging Markets Index (net total return), Bloomberg U.S. Aggregate Index, Bloomberg U.S. Treasury Inflation Notes: 1-10 Year Index, Bloomberg U.S. High Yield - 2% Issuer Cap Index, EMBI Global Diversified Index and FTSE 3-Month Treasury Bill Index. Each index is weighted to reflect the strategic asset class allocation of the JPMorgan SmartRetirement 2065 Fund and are adjusted over time to correspond to changes in the Fund's strategic asset class allocations. For performance commencing February 1, 2020 to August 31, 2021, the IA SBBI US 30 Day TBill TR USD Index represented the Money Market/Cash and Cash Equivalents component of the benchmark. For performance commencing February 1, 2020 to January 31, 2023, the Russell Midcap Index represented the U.S. Mid Cap Equity component of the benchmark. The Index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. Investors cannot directly invest in an index.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
The S&P Target Date 2065+ Index, S&P 500 Index, S&P 400 Index (“Indexes”) are products of S&P Dow Jones Indices LLC and/or its affiliates and have been licensed for use by the adviser. Copyright © 2023. S&P Dow Jones Indices LLC, a subsidiary of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC’s indices please visit www.spdji.com. S&P® is a registered trademark of Standard & Poor’s Financial Services LLC and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.
Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast, or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall have any liability or responsibility for injury or damages arising in connection therewith.
Information has been obtained from sources believed to be reliable but J.P. Morgan does not warrant its completeness or accuracy. The Index is used with permission. The Index may not be copied, used, or distributed without J.P. Morgan's prior written approval. Copyright [2016], J.P. Morgan Chase & Co. All rights reserved.
The JPMorgan SmartRetirement Funds have been developed solely by JPMIM. The JPMorgan SmartRetirement Funds are not in any way connected to or sponsored, endorsed, sold or promoted by FTSE International Limited ("FTSE") or the London Stock Exchange Group plc and its group undertakings(collectively, the “LSE Group”) or Nareit. All rights in the FTSE 3-Month Treasury Bill Index (the “Index”) vest in FTSE and Nareit. "FTSE®" is a trade mark of the LSE Group and is used by FTSE International Limited ("FTSE") under licence. "NAREIT®" is a trade mark of the Nareit. The Index is calculated by FTSE. Neither FTSE, nor the LSE Group, nor Nareit accept any liability whatsoever to any person arising out of (a) the use of, reliance on or any error in the Index or(b) investment in or operation of the JPMorgan SmartRetirement Funds. FTSE, the LSE Group, and Nareit make no claim, prediction, warranty or representation either as to the results to be obtained from the JPMorgan SmartRetirement Funds or the suitability of the Index for the purpose to which it is being put by JPMIM.
| Fund net assets (000's) | $30,031 | |
| Total number of portfolio holdings | $24 | |
| Portfolio turnover rate | $18 | % |
| Total advisory fees paid (000's) | $0 | |
PORTFOLIO COMPOSITION - ASSET CLASS
(% of Total Investments)
Material changes to the Fund during the period
The following is a summary of certain changes to the Fund since June 30, 2023. For more complete information, you may review the Fund’s current prospectus and any applicable supplements at www.jpmorganfunds.com/funddocuments or upon request at 800-480-4111.
Effective January 31, 2024, the Fund’s Glidepath and Target Allocation were updated as part of the annual review process.
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-800-480-4111.
ANNUAL SHAREHOLDER REPORT | June 30, 2024 (Unaudited)
JPMorgan SmartRetirement® 2065 Fund
Class C Shares/Ticker: JSMHX
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan SmartRetirement® 2065 Fund for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
JPMorgan SmartRetirement® 2065 Fund
(Class C Shares) | $109 | 1.00% |
How did the Fund Perform?
The JPMorgan SmartRetirement® 2065 Fund's Class C Shares, without a sales charge, returned 16.81% for the year ended June 30, 2024. The MSCI ACWI Index (net total return) returned 19.38%, the S&P Target Date 2065+ Index (the “Index”) returned 16.96% and the JPMorgan SmartRetirement 2065 Composite Benchmark returned 17.18% for the year ended June 30, 2024.
Relative to the Index, having more total equities versus fixed income was additive. Holding less U.S. REITs added value, while holding more U.S. small cap equity detracted. Diversification in fixed income, relative to the Index, was additive, as U.S. core fixed income underperformed both U.S. high yield and emerging markets debt.
Portfolio construction added significant value over the past year. The U.S. large cap, U.S. multi cap, and U.S. core fixed income platforms added value over the past year. Specifically, the JPMorgan U.S. Research Enhanced Equity Fund, JPMorgan U.S. Equity Fund, and the JPMorgan Global Select Equity ETF added value. Conversely, the emerging markets equity, U.S. small/mid cap equity and high yield platforms detracted. Specifically, the JPMorgan ActiveBuilders Emerging Markets Equity ETF, JPMorgan Emerging Markets Equity Fund, and JPMorgan International Developed Equity Fund underperformed.
Active asset allocation detracted modestly over the year. As the adviser assessed the path of rates, transitioning economic cycle and uncertainty around the path for growth moving forward, it maintained its risk-off positioning via a diversified underweight to risk assets through January 2024. The Fund's positioning, prior to January, detracted value, as risk assets delivered positive returns despite the uncertainty and muted outlook. The Fund's neutral positioning since that time has served to temper the impact of that historical active asset allocation in more recent months, as the Fund's diversified glide path has been the primary driver of performance returns.
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | 1 YEAR | | SINCE
INCEPTION | |
| JPMorgan SmartRetirement® 2065 Fund (Class C Shares) | November 1, 2022 | 15.81 | % | 19.54 | % |
| JPMorgan SmartRetirement® 2065 Fund (Class C Shares) - excluding sales charge | | 16.81 | | 19.54 | |
| MSCI ACWI Index (net total return) | | 19.38 | | 22.79 | |
| S&P Target Date 2065+ Index | | 16.96 | | 20.01 | |
| JPMorgan SmartRetirement 2065 Composite Benchmark | | 17.18 | | 20.60 | |
The performance quoted is past performance and is not a guarantee of future results . Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.
The graph illustrates comparative performance for $10,000 invested in Class C Shares of the JPMorgan SmartRetirement® 2065 Fund, the MSCI ACWI (net total return), the S&P Target Date 2065+ Index and the JPMorgan SmartRetirement 2065 Composite Benchmark from November 1, 2022 to June 30, 2024. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI ACWI (net total return) and the S&P Target Date 2065+ Index do not reflect the deduction of expenses or a sales charge associated with a mutual fund (except prior to June 1, 2017, the S&P Target Date 2065+ Index was previously adjusted to remove the impact of ETF fees) and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the broad based securities market index, if applicable. On June 1, 2017, S&P Dow Jones Indices, the company that establishes the broad-based securities market index used by the Fund, changed the methodology used to calculate the S&P Target Date Retirement Indices. The MSCI ACWI (net total return) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The S&P Target Date 2065+ Index was comprised of exchange-traded funds (ETFs), adjusted to remove the impact of ETF fees (i.e., gross return). Effective June 1, 2017, the S&P Target Date 2065+ Index is comprised of underlying indices of securities. Effective May 31, 2017, the prior version of the S&P Target Date 2065+ Index was discontinued. As a result, performance for the S&P Target Date 2065+ Index prior to June 1, 2017 was linked to an S&P Target Date Retirement Index that was comprised of ETFs and that was not adjusted to remove the impact of ETF fees (i.e., total return). The name of the Fund’s S&P Target Date Retirement Index did not change and there is no change in the Fund’s investment strategies as a result of the change. The JPMorgan SmartRetirement 2065 Composite Benchmark is a customized benchmark of the following unmanaged market indexes: S&P 500 Index, S&P 400 Index, Russell 2000 Index, MSCI US REIT Index, MSCI EAFE Index (net total return), MSCI Emerging Markets Index (net total return), Bloomberg U.S. Aggregate Index, Bloomberg U.S. Treasury Inflation Notes: 1-10 Year Index, Bloomberg U.S. High Yield - 2% Issuer Cap Index, EMBI Global Diversified Index and FTSE 3-Month Treasury Bill Index. Each index is weighted to reflect the strategic asset class allocation of the JPMorgan SmartRetirement 2065 Fund and are adjusted over time to correspond to changes in the Fund's strategic asset class allocations. For performance commencing February 1, 2020 to August 31, 2021, the IA SBBI US 30 Day TBill TR USD Index represented the Money Market/Cash and Cash Equivalents component of the benchmark. For performance commencing February 1, 2020 to January 31, 2023, the Russell Midcap Index represented the U.S. Mid Cap Equity component of the benchmark. The Index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. Investors cannot directly invest in an index.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
The S&P Target Date 2065+ Index, S&P 500 Index, S&P 400 Index (“Indexes”) are products of S&P Dow Jones Indices LLC and/or its affiliates and have been licensed for use by the adviser. Copyright © 2023. S&P Dow Jones Indices LLC, a subsidiary of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC’s indices please visit www.spdji.com. S&P® is a registered trademark of Standard & Poor’s Financial Services LLC and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.
Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast, or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall have any liability or responsibility for injury or damages arising in connection therewith.
Information has been obtained from sources believed to be reliable but J.P. Morgan does not warrant its completeness or accuracy. The Index is used with permission. The Index may not be copied, used, or distributed without J.P. Morgan's prior written approval. Copyright [2016], J.P. Morgan Chase & Co. All rights reserved.
The JPMorgan SmartRetirement Funds have been developed solely by JPMIM. The JPMorgan SmartRetirement Funds are not in any way connected to or sponsored, endorsed, sold or promoted by FTSE International Limited ("FTSE") or the London Stock Exchange Group plc and its group undertakings(collectively, the “LSE Group”) or Nareit. All rights in the FTSE 3-Month Treasury Bill Index (the “Index”) vest in FTSE and Nareit. "FTSE®" is a trade mark of the LSE Group and is used by FTSE International Limited ("FTSE") under licence. "NAREIT®" is a trade mark of the Nareit. The Index is calculated by FTSE. Neither FTSE, nor the LSE Group, nor Nareit accept any liability whatsoever to any person arising out of (a) the use of, reliance on or any error in the Index or(b) investment in or operation of the JPMorgan SmartRetirement Funds. FTSE, the LSE Group, and Nareit make no claim, prediction, warranty or representation either as to the results to be obtained from the JPMorgan SmartRetirement Funds or the suitability of the Index for the purpose to which it is being put by JPMIM.
| Fund net assets (000's) | $30,031 | |
| Total number of portfolio holdings | $24 | |
| Portfolio turnover rate | $18 | % |
| Total advisory fees paid (000's) | $0 | |
PORTFOLIO COMPOSITION - ASSET CLASS
(% of Total Investments)
Material changes to the Fund during the period
The following is a summary of certain changes to the Fund since June 30, 2023. For more complete information, you may review the Fund’s current prospectus and any applicable supplements at www.jpmorganfunds.com/funddocuments or upon request at 800-480-4111.
Effective January 31, 2024, the Fund’s Glidepath and Target Allocation were updated as part of the annual review process.
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-800-480-4111.
ANNUAL SHAREHOLDER REPORT | June 30, 2024 (Unaudited)
JPMorgan SmartRetirement® 2065 Fund
Class I Shares/Ticker: JSMJX
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan SmartRetirement® 2065 Fund for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
JPMorgan SmartRetirement® 2065 Fund
(Class I Shares) | $28 | 0.25% |
How did the Fund Perform?
The JPMorgan SmartRetirement® 2065 Fund's Class I Shares returned 17.68% for the year ended June 30, 2024. The MSCI ACWI Index (net total return) returned 19.38%, the S&P Target Date 2065+ Index (the “Index”) returned 16.96% and the JPMorgan SmartRetirement 2065 Composite Benchmark returned 17.18% for the year ended June 30, 2024.
Relative to the Index, having more total equities versus fixed income was additive. Holding less U.S. REITs added value, while holding more U.S. small cap equity detracted. Diversification in fixed income, relative to the Index, was additive, as U.S. core fixed income underperformed both U.S. high yield and emerging markets debt.
Portfolio construction added significant value over the past year. The U.S. large cap, U.S. multi cap, and U.S. core fixed income platforms added value over the past year. Specifically, the JPMorgan U.S. Research Enhanced Equity Fund, JPMorgan U.S. Equity Fund, and the JPMorgan Global Select Equity ETF added value. Conversely, the emerging markets equity, U.S. small/mid cap equity and high yield platforms detracted. Specifically, the JPMorgan ActiveBuilders Emerging Markets Equity ETF, JPMorgan Emerging Markets Equity Fund, and JPMorgan International Developed Equity Fund underperformed.
Active asset allocation detracted modestly over the year. As the adviser assessed the path of rates, transitioning economic cycle and uncertainty around the path for growth moving forward, it maintained its risk-off positioning via a diversified underweight to risk assets through January 2024. The Fund's positioning, prior to January, detracted value, as risk assets delivered positive returns despite the uncertainty and muted outlook. The Fund's neutral positioning since that time has served to temper the impact of that historical active asset allocation in more recent months, as the Fund's diversified glide path has been the primary driver of performance returns.
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | 1 YEAR | | SINCE
INCEPTION | |
| JPMorgan SmartRetirement® 2065 Fund (Class I Shares) | November 1, 2022 | 17.68 | % | 20.45 | % |
| MSCI ACWI Index (net total return) | | 19.38 | | 22.79 | |
| S&P Target Date 2065+ Index | | 16.96 | | 20.01 | |
| JPMorgan SmartRetirement 2065 Composite Benchmark | | 17.18 | | 20.60 | |
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.
The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan SmartRetirement® 2065 Fund, the MSCI ACWI (net total return), the S&P Target Date 2065+ Index and the JPMorgan SmartRetirement 2065 Composite Benchmark from November 1, 2022 to June 30, 2024. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI ACWI (net total return) and the S&P Target Date 2065+ Index do not reflect the deduction of expenses or a sales charge associated with a mutual fund (except prior to June 1, 2017, the S&P Target Date 2065+ Index was previously adjusted to remove the impact of ETF fees) and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the broad based securities market index, if applicable. On June 1, 2017, S&P Dow Jones Indices, the company that establishes the broad-based securities market index used by the Fund, changed the methodology used to calculate the S&P Target Date Retirement Indices. The MSCI ACWI (net total return) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The S&P Target Date 2065+ Index was comprised of exchange-traded funds (ETFs), adjusted to remove the impact of ETF fees (i.e., gross return). Effective June 1, 2017, the S&P Target Date 2065+ Index is comprised of underlying indices of securities. Effective May 31, 2017, the prior version of the S&P Target Date 2065+ Index was discontinued. As a result, performance for the S&P Target Date 2065+ Index prior to June 1, 2017 was linked to an S&P Target Date Retirement Index that was comprised of ETFs and that was not adjusted to remove the impact of ETF fees (i.e., total return). The name of the Fund’s S&P Target Date Retirement Index did not change and there is no change in the Fund’s investment strategies as a result of the change. The JPMorgan SmartRetirement 2065 Composite Benchmark is a customized benchmark of the following unmanaged market indexes: S&P 500 Index, S&P 400 Index, Russell 2000 Index, MSCI US REIT Index, MSCI EAFE Index (net total return), MSCI Emerging Markets Index (net total return), Bloomberg U.S. Aggregate Index, Bloomberg U.S. Treasury Inflation Notes: 1-10 Year Index, Bloomberg U.S. High Yield - 2% Issuer Cap Index, EMBI Global Diversified Index and FTSE 3-Month Treasury Bill Index. Each index is weighted to reflect the strategic asset class allocation of the JPMorgan SmartRetirement 2065 Fund and are adjusted over time to correspond to changes in the Fund's strategic asset class allocations. For performance commencing February 1, 2020 to August 31, 2021, the IA SBBI US 30 Day TBill TR USD Index represented the Money Market/Cash and Cash Equivalents component of the benchmark. For performance commencing February 1, 2020 to January 31, 2023, the Russell Midcap Index represented the U.S. Mid Cap Equity component of the benchmark. The Index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. Investors cannot directly invest in an index.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
The S&P Target Date 2065+ Index, S&P 500 Index, S&P 400 Index (“Indexes”) are products of S&P Dow Jones Indices LLC and/or its affiliates and have been licensed for use by the adviser. Copyright © 2023. S&P Dow Jones Indices LLC, a subsidiary of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC’s indices please visit www.spdji.com. S&P® is a registered trademark of Standard & Poor’s Financial Services LLC and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.
Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast, or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall have any liability or responsibility for injury or damages arising in connection therewith.
Information has been obtained from sources believed to be reliable but J.P. Morgan does not warrant its completeness or accuracy. The Index is used with permission. The Index may not be copied, used, or distributed without J.P. Morgan's prior written approval. Copyright [2016], J.P. Morgan Chase & Co. All rights reserved.
The JPMorgan SmartRetirement Funds have been developed solely by JPMIM. The JPMorgan SmartRetirement Funds are not in any way connected to or sponsored, endorsed, sold or promoted by FTSE International Limited ("FTSE") or the London Stock Exchange Group plc and its group undertakings(collectively, the “LSE Group”) or Nareit. All rights in the FTSE 3-Month Treasury Bill Index (the “Index”) vest in FTSE and Nareit. "FTSE®" is a trade mark of the LSE Group and is used by FTSE International Limited ("FTSE") under licence. "NAREIT®" is a trade mark of the Nareit. The Index is calculated by FTSE. Neither FTSE, nor the LSE Group, nor Nareit accept any liability whatsoever to any person arising out of (a) the use of, reliance on or any error in the Index or(b) investment in or operation of the JPMorgan SmartRetirement Funds. FTSE, the LSE Group, and Nareit make no claim, prediction, warranty or representation either as to the results to be obtained from the JPMorgan SmartRetirement Funds or the suitability of the Index for the purpose to which it is being put by JPMIM.
| Fund net assets (000's) | $30,031 | |
| Total number of portfolio holdings | $24 | |
| Portfolio turnover rate | $18 | % |
| Total advisory fees paid (000's) | $0 | |
PORTFOLIO COMPOSITION - ASSET CLASS
(% of Total Investments)
Material changes to the Fund during the period
The following is a summary of certain changes to the Fund since June 30, 2023. For more complete information, you may review the Fund’s current prospectus and any applicable supplements at www.jpmorganfunds.com/funddocuments or upon request at 800-480-4111.
Effective January 31, 2024, the Fund’s Glidepath and Target Allocation were updated as part of the annual review process.
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-800-480-4111.
ANNUAL SHAREHOLDER REPORT | June 30, 2024 (Unaudited)
JPMorgan SmartRetirement® 2065 Fund
Class R2 Shares/Ticker: JSMKX
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan SmartRetirement® 2065 Fund for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
JPMorgan SmartRetirement® 2065 Fund
(Class R2 Shares) | $82 | 0.75% |
How did the Fund Perform?
The JPMorgan SmartRetirement® 2065 Fund's Class R2 Shares returned 17.13% for the year ended June 30, 2024. The MSCI ACWI Index (net total return) returned 19.38%, the S&P Target Date 2065+ Index (the “Index”) returned 16.96% and the JPMorgan SmartRetirement 2065 Composite Benchmark returned 17.18% for the year ended June 30, 2024.
Relative to the Index, having more total equities versus fixed income was additive. Holding less U.S. REITs added value, while holding more U.S. small cap equity detracted. Diversification in fixed income, relative to the Index, was additive, as U.S. core fixed income underperformed both U.S. high yield and emerging markets debt.
Portfolio construction added significant value over the past year. The U.S. large cap, U.S. multi cap, and U.S. core fixed income platforms added value over the past year. Specifically, the JPMorgan U.S. Research Enhanced Equity Fund, JPMorgan U.S. Equity Fund, and the JPMorgan Global Select Equity ETF added value. Conversely, the emerging markets equity, U.S. small/mid cap equity and high yield platforms detracted. Specifically, the JPMorgan ActiveBuilders Emerging Markets Equity ETF, JPMorgan Emerging Markets Equity Fund, and JPMorgan International Developed Equity Fund underperformed.
Active asset allocation detracted modestly over the year. As the adviser assessed the path of rates, transitioning economic cycle and uncertainty around the path for growth moving forward, it maintained its risk-off positioning via a diversified underweight to risk assets through January 2024. The Fund's positioning, prior to January, detracted value, as risk assets delivered positive returns despite the uncertainty and muted outlook. The Fund's neutral positioning since that time has served to temper the impact of that historical active asset allocation in more recent months, as the Fund's diversified glide path has been the primary driver of performance returns.
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | 1 YEAR | | SINCE
INCEPTION | |
| JPMorgan SmartRetirement® 2065 Fund (Class R2 Shares) | November 1, 2022 | 17.13 | % | 19.85 | % |
| MSCI ACWI Index (net total return) | | 19.38 | | 22.79 | |
| S&P Target Date 2065+ Index | | 16.96 | | 20.01 | |
| JPMorgan SmartRetirement 2065 Composite Benchmark | | 17.18 | | 20.60 | |
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.
The graph illustrates comparative performance for $10,000 invested in Class R2 Shares of the JPMorgan SmartRetirement® 2065 Fund, the MSCI ACWI (net total return)), the S&P Target Date 2065+ Index and the JPMorgan SmartRetirement 2065 Composite Benchmark from November 1, 2022 to June 30, 2024. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI ACWI (net total return)) and the S&P Target Date 2065+ Index do not reflect the deduction of expenses or a sales charge associated with a mutual fund (except prior to June 1, 2017, the S&P Target Date 2065+ Index was previously adjusted to remove the impact of ETF fees) and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the broad based securities market index, if applicable. On June 1, 2017, S&P Dow Jones Indices, the company that establishes the broad-based securities market index used by the Fund, changed the methodology used to calculate the S&P Target Date Retirement Indices. The MSCI ACWI (net total return)) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The S&P Target Date 2065+ Index was comprised of exchange-traded funds (ETFs), adjusted to remove the impact of ETF fees (i.e., gross return). Effective June 1, 2017, the S&P Target Date 2065+ Index is comprised of underlying indices of securities. Effective May 31, 2017, the prior version of the S&P Target Date 2065+ Index was discontinued. As a result, performance for the S&P Target Date 2065+ Index prior to June 1, 2017 was linked to an S&P Target Date Retirement Index that was comprised of ETFs and that was not adjusted to remove the impact of ETF fees (i.e., total return). The name of the Fund’s S&P Target Date Retirement Index did not change and there is no change in the Fund’s investment strategies as a result of the change. The JPMorgan SmartRetirement 2065 Composite Benchmark is a customized benchmark of the following unmanaged market indexes: S&P 500 Index, S&P 400 Index, Russell 2000 Index, MSCI US REIT Index, MSCI EAFE Index (net total return), MSCI Emerging Markets Index (net total return), Bloomberg U.S. Aggregate Index, Bloomberg U.S. Treasury Inflation Notes: 1-10 Year Index, Bloomberg U.S. High Yield - 2% Issuer Cap Index, EMBI Global Diversified Index and FTSE 3-Month Treasury Bill Index. Each index is weighted to reflect the strategic asset class allocation of the JPMorgan SmartRetirement 2065 Fund and are adjusted over time to correspond to changes in the Fund's strategic asset class allocations. For performance commencing February 1, 2020 to August 31, 2021, the IA SBBI US 30 Day TBill TR USD Index represented the Money Market/Cash and Cash Equivalents component of the benchmark. For performance commencing February 1, 2020 to January 31, 2023, the Russell Midcap Index represented the U.S. Mid Cap Equity component of the benchmark. The Index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. Investors cannot directly invest in an index.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
The S&P Target Date 2065+ Index, S&P 500 Index, S&P 400 Index (“Indexes”) are products of S&P Dow Jones Indices LLC and/or its affiliates and have been licensed for use by the adviser. Copyright © 2023. S&P Dow Jones Indices LLC, a subsidiary of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC’s indices please visit www.spdji.com. S&P® is a registered trademark of Standard & Poor’s Financial Services LLC and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.
Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast, or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall have any liability or responsibility for injury or damages arising in connection therewith.
Information has been obtained from sources believed to be reliable but J.P. Morgan does not warrant its completeness or accuracy. The Index is used with permission. The Index may not be copied, used, or distributed without J.P. Morgan's prior written approval. Copyright [2016], J.P. Morgan Chase & Co. All rights reserved.
The JPMorgan SmartRetirement Funds have been developed solely by JPMIM. The JPMorgan SmartRetirement Funds are not in any way connected to or sponsored, endorsed, sold or promoted by FTSE International Limited ("FTSE") or the London Stock Exchange Group plc and its group undertakings(collectively, the “LSE Group”) or Nareit. All rights in the FTSE 3-Month Treasury Bill Index (the “Index”) vest in FTSE and Nareit. "FTSE®" is a trade mark of the LSE Group and is used by FTSE International Limited ("FTSE") under licence. "NAREIT®" is a trade mark of the Nareit. The Index is calculated by FTSE. Neither FTSE, nor the LSE Group, nor Nareit accept any liability whatsoever to any person arising out of (a) the use of, reliance on or any error in the Index or(b) investment in or operation of the JPMorgan SmartRetirement Funds. FTSE, the LSE Group, and Nareit make no claim, prediction, warranty or representation either as to the results to be obtained from the JPMorgan SmartRetirement Funds or the suitability of the Index for the purpose to which it is being put by JPMIM.
| Fund net assets (000's) | $30,031 | |
| Total number of portfolio holdings | $24 | |
| Portfolio turnover rate | $18 | % |
| Total advisory fees paid (000's) | $0 | |
PORTFOLIO COMPOSITION - ASSET CLASS
(% of Total Investments)
Material changes to the Fund during the period
The following is a summary of certain changes to the Fund since June 30, 2023. For more complete information, you may review the Fund’s current prospectus and any applicable supplements at www.jpmorganfunds.com/funddocuments or upon request at 800-480-4111.
Effective January 31, 2024, the Fund’s Glidepath and Target Allocation were updated as part of the annual review process.
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-800-480-4111.
ANNUAL SHAREHOLDER REPORT | June 30, 2024 (Unaudited)
JPMorgan SmartRetirement® 2065 Fund
Class R3 Shares/Ticker: JSMPX
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan SmartRetirement® 2065 Fund for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
JPMorgan SmartRetirement® 2065 Fund
(Class R3 Shares) | $55 | 0.50% |
How did the Fund Perform?
The JPMorgan SmartRetirement® 2065 Fund's Class R3 Shares returned 17.42% for the year ended June 30, 2024. The MSCI ACWI Index (net total return) returned 19.38%, the S&P Target Date 2065+ Index (the “Index”) returned 16.96% and the JPMorgan SmartRetirement 2065 Composite Benchmark returned 17.18% for the year ended June 30, 2024.
Relative to the Index, having more total equities versus fixed income was additive. Holding less U.S. REITs added value, while holding more U.S. small cap equity detracted. Diversification in fixed income, relative to the Index, was additive, as U.S. core fixed income underperformed both U.S. high yield and emerging markets debt.
Portfolio construction added significant value over the past year. The U.S. large cap, U.S. multi cap, and U.S. core fixed income platforms added value over the past year. Specifically, the JPMorgan U.S. Research Enhanced Equity Fund, JPMorgan U.S. Equity Fund, and the JPMorgan Global Select Equity ETF added value. Conversely, the emerging markets equity, U.S. small/mid cap equity and high yield platforms detracted. Specifically, the JPMorgan ActiveBuilders Emerging Markets Equity ETF, JPMorgan Emerging Markets Equity Fund, and JPMorgan International Developed Equity Fund underperformed.
Active asset allocation detracted modestly over the year. As the adviser assessed the path of rates, transitioning economic cycle and uncertainty around the path for growth moving forward, it maintained its risk-off positioning via a diversified underweight to risk assets through January 2024. The Fund's positioning, prior to January, detracted value, as risk assets delivered positive returns despite the uncertainty and muted outlook. The Fund's neutral positioning since that time has served to temper the impact of that historical active asset allocation in more recent months, as the Fund's diversified glide path has been the primary driver of performance returns.
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | 1 YEAR | | SINCE
INCEPTION | |
| JPMorgan SmartRetirement® 2065 Fund (Class R3 Shares) | November 1, 2022 | 17.42 | % | 20.14 | % |
| MSCI ACWI Index (net total return) | | 19.38 | | 22.79 | |
| S&P Target Date 2065+ Index | | 16.96 | | 20.01 | |
| JPMorgan SmartRetirement 2065 Composite Benchmark | | 17.18 | | 20.60 | |
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.
The graph illustrates comparative performance for $10,000 invested in Class R3 Shares of the JPMorgan SmartRetirement® 2065 Fund, the MSCI ACWI (net total return), the S&P Target Date 2065+ Index and the JPMorgan SmartRetirement 2065 Composite Benchmark from November 1, 2022 to June 30, 2024. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI ACWI (net total return) and the S&P Target Date 2065+ Index do not reflect the deduction of expenses or a sales charge associated with a mutual fund (except prior to June 1, 2017, the S&P Target Date 2065+ Index was previously adjusted to remove the impact of ETF fees) and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the broad based securities market index, if applicable. On June 1, 2017, S&P Dow Jones Indices, the company that establishes the broad-based securities market index used by the Fund, changed the methodology used to calculate the S&P Target Date Retirement Indices. The MSCI ACWI (net total return) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The S&P Target Date 2065+ Index was comprised of exchange-traded funds (ETFs), adjusted to remove the impact of ETF fees (i.e., gross return). Effective June 1, 2017, the S&P Target Date 2065+ Index is comprised of underlying indices of securities. Effective May 31, 2017, the prior version of the S&P Target Date 2065+ Index was discontinued. As a result, performance for the S&P Target Date 2065+ Index prior to June 1, 2017 was linked to an S&P Target Date Retirement Index that was comprised of ETFs and that was not adjusted to remove the impact of ETF fees (i.e., total return). The name of the Fund’s S&P Target Date Retirement Index did not change and there is no change in the Fund’s investment strategies as a result of the change. The JPMorgan SmartRetirement 2065 Composite Benchmark is a customized benchmark of the following unmanaged market indexes: S&P 500 Index, S&P 400 Index, Russell 2000 Index, MSCI US REIT Index, MSCI EAFE Index (net total return), MSCI Emerging Markets Index (net total return), Bloomberg U.S. Aggregate Index, Bloomberg U.S. Treasury Inflation Notes: 1-10 Year Index, Bloomberg U.S. High Yield - 2% Issuer Cap Index, EMBI Global Diversified Index and FTSE 3-Month Treasury Bill Index. Each index is weighted to reflect the strategic asset class allocation of the JPMorgan SmartRetirement 2065 Fund and are adjusted over time to correspond to changes in the Fund's strategic asset class allocations. For performance commencing February 1, 2020 to August 31, 2021, the IA SBBI US 30 Day TBill TR USD Index represented the Money Market/Cash and Cash Equivalents component of the benchmark. For performance commencing February 1, 2020 to January 31, 2023, the Russell Midcap Index represented the U.S. Mid Cap Equity component of the benchmark. The Index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. Investors cannot directly invest in an index.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
The S&P Target Date 2065+ Index, S&P 500 Index, S&P 400 Index (“Indexes”) are products of S&P Dow Jones Indices LLC and/or its affiliates and have been licensed for use by the adviser. Copyright © 2023. S&P Dow Jones Indices LLC, a subsidiary of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC’s indices please visit www.spdji.com. S&P® is a registered trademark of Standard & Poor’s Financial Services LLC and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.
Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast, or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall have any liability or responsibility for injury or damages arising in connection therewith.
Information has been obtained from sources believed to be reliable but J.P. Morgan does not warrant its completeness or accuracy. The Index is used with permission. The Index may not be copied, used, or distributed without J.P. Morgan's prior written approval. Copyright [2016], J.P. Morgan Chase & Co. All rights reserved.
The JPMorgan SmartRetirement Funds have been developed solely by JPMIM. The JPMorgan SmartRetirement Funds are not in any way connected to or sponsored, endorsed, sold or promoted by FTSE International Limited ("FTSE") or the London Stock Exchange Group plc and its group undertakings(collectively, the “LSE Group”) or Nareit. All rights in the FTSE 3-Month Treasury Bill Index (the “Index”) vest in FTSE and Nareit. "FTSE®" is a trade mark of the LSE Group and is used by FTSE International Limited ("FTSE") under licence. "NAREIT®" is a trade mark of the Nareit. The Index is calculated by FTSE. Neither FTSE, nor the LSE Group, nor Nareit accept any liability whatsoever to any person arising out of (a) the use of, reliance on or any error in the Index or(b) investment in or operation of the JPMorgan SmartRetirement Funds. FTSE, the LSE Group, and Nareit make no claim, prediction, warranty or representation either as to the results to be obtained from the JPMorgan SmartRetirement Funds or the suitability of the Index for the purpose to which it is being put by JPMIM.
| Fund net assets (000's) | $30,031 | |
| Total number of portfolio holdings | $24 | |
| Portfolio turnover rate | $18 | % |
| Total advisory fees paid (000's) | $0 | |
PORTFOLIO COMPOSITION - ASSET CLASS
(% of Total Investments)
Material changes to the Fund during the period
The following is a summary of certain changes to the Fund since June 30, 2023. For more complete information, you may review the Fund’s current prospectus and any applicable supplements at www.jpmorganfunds.com/funddocuments or upon request at 800-480-4111.
Effective January 31, 2024, the Fund’s Glidepath and Target Allocation were updated as part of the annual review process.
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-800-480-4111.
ANNUAL SHAREHOLDER REPORT | June 30, 2024 (Unaudited)
JPMorgan SmartRetirement® 2065 Fund
Class R4 Shares/Ticker: JSMLX
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan SmartRetirement® 2065 Fund for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
JPMorgan SmartRetirement® 2065 Fund
(Class R4 Shares) | $28 | 0.25% |
How did the Fund Perform?
The JPMorgan SmartRetirement® 2065 Fund's Class R4 Shares returned 17.65% for the year ended June 30, 2024. The MSCI ACWI Index (net total return) returned 19.38%, the S&P Target Date 2065+ Index (the “Index”) returned 16.96% and the JPMorgan SmartRetirement 2065 Composite Benchmark returned 17.18% for the year ended June 30, 2024.
Relative to the Index, having more total equities versus fixed income was additive. Holding less U.S. REITs added value, while holding more U.S. small cap equity detracted. Diversification in fixed income, relative to the Index, was additive, as U.S. core fixed income underperformed both U.S. high yield and emerging markets debt.
Portfolio construction added significant value over the past year. The U.S. large cap, U.S. multi cap, and U.S. core fixed income platforms added value over the past year. Specifically, the JPMorgan U.S. Research Enhanced Equity Fund, JPMorgan U.S. Equity Fund, and the JPMorgan Global Select Equity ETF added value. Conversely, the emerging markets equity, U.S. small/mid cap equity and high yield platforms detracted. Specifically, the JPMorgan ActiveBuilders Emerging Markets Equity ETF, JPMorgan Emerging Markets Equity Fund, and JPMorgan International Developed Equity Fund underperformed.
Active asset allocation detracted modestly over the year. As the adviser assessed the path of rates, transitioning economic cycle and uncertainty around the path for growth moving forward, it maintained its risk-off positioning via a diversified underweight to risk assets through January 2024. The Fund's positioning, prior to January, detracted value, as risk assets delivered positive returns despite the uncertainty and muted outlook. The Fund's neutral positioning since that time has served to temper the impact of that historical active asset allocation in more recent months, as the Fund's diversified glide path has been the primary driver of performance returns.
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | 1 YEAR | | SINCE
INCEPTION | |
| JPMorgan SmartRetirement® 2065 Fund (Class R4 Shares) | November 1, 2022 | 17.65 | % | 20.43 | % |
| MSCI ACWI Index (net total return) | | 19.38 | | 22.79 | |
| S&P Target Date 2065+ Index | | 16.96 | | 20.01 | |
| JPMorgan SmartRetirement 2065 Composite Benchmark | | 17.18 | | 20.60 | |
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.
The graph illustrates comparative performance for $10,000 invested in Class R4 Shares of the JPMorgan SmartRetirement® 2065 Fund, the MSCI ACWI (net total return), the S&P Target Date 2065+ Index and the JPMorgan SmartRetirement 2065 Composite Benchmark from November 1, 2022 to June 30, 2024. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI ACWI (net total return) and the S&P Target Date 2065+ Index do not reflect the deduction of expenses or a sales charge associated with a mutual fund (except prior to June 1, 2017, the S&P Target Date 2065+ Index was previously adjusted to remove the impact of ETF fees) and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the broad based securities market index, if applicable. On June 1, 2017, S&P Dow Jones Indices, the company that establishes the broad-based securities market index used by the Fund, changed the methodology used to calculate the S&P Target Date Retirement Indices. The MSCI ACWI (net total return) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The S&P Target Date 2065+ Index was comprised of exchange-traded funds (ETFs), adjusted to remove the impact of ETF fees (i.e., gross return). Effective June 1, 2017, the S&P Target Date 2065+ Index is comprised of underlying indices of securities. Effective May 31, 2017, the prior version of the S&P Target Date 2065+ Index was discontinued. As a result, performance for the S&P Target Date 2065+ Index prior to June 1, 2017 was linked to an S&P Target Date Retirement Index that was comprised of ETFs and that was not adjusted to remove the impact of ETF fees (i.e., total return). The name of the Fund’s S&P Target Date Retirement Index did not change and there is no change in the Fund’s investment strategies as a result of the change. The JPMorgan SmartRetirement 2065 Composite Benchmark is a customized benchmark of the following unmanaged market indexes: S&P 500 Index, S&P 400 Index, Russell 2000 Index, MSCI US REIT Index, MSCI EAFE Index (net total return), MSCI Emerging Markets Index (net total return), Bloomberg U.S. Aggregate Index, Bloomberg U.S. Treasury Inflation Notes: 1-10 Year Index, Bloomberg U.S. High Yield - 2% Issuer Cap Index, EMBI Global Diversified Index and FTSE 3-Month Treasury Bill Index. Each index is weighted to reflect the strategic asset class allocation of the JPMorgan SmartRetirement 2065 Fund and are adjusted over time to correspond to changes in the Fund's strategic asset class allocations. For performance commencing February 1, 2020 to August 31, 2021, the IA SBBI US 30 Day TBill TR USD Index represented the Money Market/Cash and Cash Equivalents component of the benchmark. For performance commencing February 1, 2020 to January 31, 2023, the Russell Midcap Index represented the U.S. Mid Cap Equity component of the benchmark. The Index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. Investors cannot directly invest in an index.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
The S&P Target Date 2065+ Index, S&P 500 Index, S&P 400 Index (“Indexes”) are products of S&P Dow Jones Indices LLC and/or its affiliates and have been licensed for use by the adviser. Copyright © 2023. S&P Dow Jones Indices LLC, a subsidiary of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC’s indices please visit www.spdji.com. S&P® is a registered trademark of Standard & Poor’s Financial Services LLC and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.
Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast, or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall have any liability or responsibility for injury or damages arising in connection therewith.
Information has been obtained from sources believed to be reliable but J.P. Morgan does not warrant its completeness or accuracy. The Index is used with permission. The Index may not be copied, used, or distributed without J.P. Morgan's prior written approval. Copyright [2016], J.P. Morgan Chase & Co. All rights reserved.
The JPMorgan SmartRetirement Funds have been developed solely by JPMIM. The JPMorgan SmartRetirement Funds are not in any way connected to or sponsored, endorsed, sold or promoted by FTSE International Limited ("FTSE") or the London Stock Exchange Group plc and its group undertakings(collectively, the “LSE Group”) or Nareit. All rights in the FTSE 3-Month Treasury Bill Index (the “Index”) vest in FTSE and Nareit. "FTSE®" is a trade mark of the LSE Group and is used by FTSE International Limited ("FTSE") under licence. "NAREIT®" is a trade mark of the Nareit. The Index is calculated by FTSE. Neither FTSE, nor the LSE Group, nor Nareit accept any liability whatsoever to any person arising out of (a) the use of, reliance on or any error in the Index or(b) investment in or operation of the JPMorgan SmartRetirement Funds. FTSE, the LSE Group, and Nareit make no claim, prediction, warranty or representation either as to the results to be obtained from the JPMorgan SmartRetirement Funds or the suitability of the Index for the purpose to which it is being put by JPMIM.
| Fund net assets (000's) | $30,031 | |
| Total number of portfolio holdings | $24 | |
| Portfolio turnover rate | $18 | % |
| Total advisory fees paid (000's) | $0 | |
PORTFOLIO COMPOSITION - ASSET CLASS
(% of Total Investments)
Material changes to the Fund during the period
The following is a summary of certain changes to the Fund since June 30, 2023. For more complete information, you may review the Fund’s current prospectus and any applicable supplements at www.jpmorganfunds.com/funddocuments or upon request at 800-480-4111.
Effective January 31, 2024, the Fund’s Glidepath and Target Allocation were updated as part of the annual review process.
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-800-480-4111.
ANNUAL SHAREHOLDER REPORT | June 30, 2024 (Unaudited)
JPMorgan SmartRetirement® 2065 Fund
Class R5 Shares/Ticker: JSMMX
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan SmartRetirement® 2065 Fund for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
JPMorgan SmartRetirement® 2065 Fund
(Class R5 Shares) | $11 | 0.10% |
How did the Fund Perform?
The JPMorgan SmartRetirement® 2065 Fund's Class R5 Shares returned 17.89% for the year ended June 30, 2024. The MSCI ACWI Index (net total return) returned 19.38%, the S&P Target Date 2065+ Index (the “Index”) returned 16.96% and the JPMorgan SmartRetirement 2065 Composite Benchmark returned 17.18% for the year ended June 30, 2024.
Relative to the Index, having more total equities versus fixed income was additive. Holding less U.S. REITs added value, while holding more U.S. small cap equity detracted. Diversification in fixed income, relative to the Index, was additive, as U.S. core fixed income underperformed both U.S. high yield and emerging markets debt.
Portfolio construction added significant value over the past year. The U.S. large cap, U.S. multi cap, and U.S. core fixed income platforms added value over the past year. Specifically, the JPMorgan U.S. Research Enhanced Equity Fund, JPMorgan U.S. Equity Fund, and the JPMorgan Global Select Equity ETF added value. Conversely, the emerging markets equity, U.S. small/mid cap equity and high yield platforms detracted. Specifically, the JPMorgan ActiveBuilders Emerging Markets Equity ETF, JPMorgan Emerging Markets Equity Fund, and JPMorgan International Developed Equity Fund underperformed.
Active asset allocation detracted modestly over the year. As the adviser assessed the path of rates, transitioning economic cycle and uncertainty around the path for growth moving forward, it maintained its risk-off positioning via a diversified underweight to risk assets through January 2024. The Fund's positioning, prior to January, detracted value, as risk assets delivered positive returns despite the uncertainty and muted outlook. The Fund's neutral positioning since that time has served to temper the impact of that historical active asset allocation in more recent months, as the Fund's diversified glide path has been the primary driver of performance returns.
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | 1 YEAR | | SINCE
INCEPTION | |
| JPMorgan SmartRetirement® 2065 Fund (Class R5 Shares) | November 1, 2022 | 17.89 | % | 20.64 | % |
| MSCI ACWI Index (net total return) | | 19.38 | | 22.79 | |
| S&P Target Date 2065+ Index | | 16.96 | | 20.01 | |
| JPMorgan SmartRetirement 2065 Composite Benchmark | | 17.18 | | 20.60 | |
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.
The graph illustrates comparative performance for $10,000 invested in Class R5 Shares of the JPMorgan SmartRetirement® 2065 Fund, the MSCI ACWI (net total return), the S&P Target Date 2065+ Index and the JPMorgan SmartRetirement 2065 Composite Benchmark from November 1, 2022 to June 30, 2024. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI ACWI (net total return) and the S&P Target Date 2065+ Index do not reflect the deduction of expenses or a sales charge associated with a mutual fund (except prior to June 1, 2017, the S&P Target Date 2065+ Index was previously adjusted to remove the impact of ETF fees) and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the broad based securities market index, if applicable. On June 1, 2017, S&P Dow Jones Indices, the company that establishes the broad-based securities market index used by the Fund, changed the methodology used to calculate the S&P Target Date Retirement Indices. The MSCI ACWI (net total return) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The S&P Target Date 2065+ Index was comprised of exchange-traded funds (ETFs), adjusted to remove the impact of ETF fees (i.e., gross return). Effective June 1, 2017, the S&P Target Date 2065+ Index is comprised of underlying indices of securities. Effective May 31, 2017, the prior version of the S&P Target Date 2065+ Index was discontinued. As a result, performance for the S&P Target Date 2065+ Index prior to June 1, 2017 was linked to an S&P Target Date Retirement Index that was comprised of ETFs and that was not adjusted to remove the impact of ETF fees (i.e., total return). The name of the Fund’s S&P Target Date Retirement Index did not change and there is no change in the Fund’s investment strategies as a result of the change. The JPMorgan SmartRetirement 2065 Composite Benchmark is a customized benchmark of the following unmanaged market indexes: S&P 500 Index, S&P 400 Index, Russell 2000 Index, MSCI US REIT Index, MSCI EAFE Index (net total return), MSCI Emerging Markets Index (net total return), Bloomberg U.S. Aggregate Index, Bloomberg U.S. Treasury Inflation Notes: 1-10 Year Index, Bloomberg U.S. High Yield - 2% Issuer Cap Index, EMBI Global Diversified Index and FTSE 3-Month Treasury Bill Index. Each index is weighted to reflect the strategic asset class allocation of the JPMorgan SmartRetirement 2065 Fund and are adjusted over time to correspond to changes in the Fund's strategic asset class allocations. For performance commencing February 1, 2020 to August 31, 2021, the IA SBBI US 30 Day TBill TR USD Index represented the Money Market/Cash and Cash Equivalents component of the benchmark. For performance commencing February 1, 2020 to January 31, 2023, the Russell Midcap Index represented the U.S. Mid Cap Equity component of the benchmark. The Index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. Investors cannot directly invest in an index.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
The S&P Target Date 2065+ Index, S&P 500 Index, S&P 400 Index (“Indexes”) are products of S&P Dow Jones Indices LLC and/or its affiliates and have been licensed for use by the adviser. Copyright © 2023. S&P Dow Jones Indices LLC, a subsidiary of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC’s indices please visit www.spdji.com. S&P® is a registered trademark of Standard & Poor’s Financial Services LLC and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.
Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast, or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall have any liability or responsibility for injury or damages arising in connection therewith.
Information has been obtained from sources believed to be reliable but J.P. Morgan does not warrant its completeness or accuracy. The Index is used with permission. The Index may not be copied, used, or distributed without J.P. Morgan's prior written approval. Copyright [2016], J.P. Morgan Chase & Co. All rights reserved.
The JPMorgan SmartRetirement Funds have been developed solely by JPMIM. The JPMorgan SmartRetirement Funds are not in any way connected to or sponsored, endorsed, sold or promoted by FTSE International Limited ("FTSE") or the London Stock Exchange Group plc and its group undertakings(collectively, the “LSE Group”) or Nareit. All rights in the FTSE 3-Month Treasury Bill Index (the “Index”) vest in FTSE and Nareit. "FTSE®" is a trade mark of the LSE Group and is used by FTSE International Limited ("FTSE") under licence. "NAREIT®" is a trade mark of the Nareit. The Index is calculated by FTSE. Neither FTSE, nor the LSE Group, nor Nareit accept any liability whatsoever to any person arising out of (a) the use of, reliance on or any error in the Index or(b) investment in or operation of the JPMorgan SmartRetirement Funds. FTSE, the LSE Group, and Nareit make no claim, prediction, warranty or representation either as to the results to be obtained from the JPMorgan SmartRetirement Funds or the suitability of the Index for the purpose to which it is being put by JPMIM.
| Fund net assets (000's) | $30,031 | |
| Total number of portfolio holdings | $24 | |
| Portfolio turnover rate | $18 | % |
| Total advisory fees paid (000's) | $0 | |
PORTFOLIO COMPOSITION - ASSET CLASS
(% of Total Investments)
Material changes to the Fund during the period
The following is a summary of certain changes to the Fund since June 30, 2023. For more complete information, you may review the Fund’s current prospectus and any applicable supplements at www.jpmorganfunds.com/funddocuments or upon request at 800-480-4111.
Effective January 31, 2024, the Fund’s Glidepath and Target Allocation were updated as part of the annual review process.
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-800-480-4111.
ANNUAL SHAREHOLDER REPORT | June 30, 2024 (Unaudited)
JPMorgan SmartRetirement® 2065 Fund
Class R6 Shares/Ticker: JSMOX
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan SmartRetirement® 2065 Fund for the period of July 1, 2023 to June 30, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
JPMorgan SmartRetirement® 2065 Fund
(Class R6 Shares) | $0 | 0.00% |
How did the Fund Perform?
The JPMorgan SmartRetirement® 2065 Fund's Class R6 Shares returned 17.96% for the year ended June 30, 2024. The MSCI ACWI Index (net total return) returned 19.38%, the S&P Target Date 2065+ Index (the “Index”) returned 16.96% and the JPMorgan SmartRetirement 2065 Composite Benchmark returned 17.18% for the year ended June 30, 2024.
Relative to the Index, having more total equities versus fixed income was additive. Holding less U.S. REITs added value, while holding more U.S. small cap equity detracted. Diversification in fixed income, relative to the Index, was additive, as U.S. core fixed income underperformed both U.S. high yield and emerging markets debt.
Portfolio construction added significant value over the past year. The U.S. large cap, U.S. multi cap, and U.S. core fixed income platforms added value over the past year. Specifically, the JPMorgan U.S. Research Enhanced Equity Fund, JPMorgan U.S. Equity Fund, and the JPMorgan Global Select Equity ETF added value. Conversely, the emerging markets equity, U.S. small/mid cap equity and high yield platforms detracted. Specifically, the JPMorgan ActiveBuilders Emerging Markets Equity ETF, JPMorgan Emerging Markets Equity Fund, and JPMorgan International Developed Equity Fund underperformed.
Active asset allocation detracted modestly over the year. As the adviser assessed the path of rates, transitioning economic cycle and uncertainty around the path for growth moving forward, it maintained its risk-off positioning via a diversified underweight to risk assets through January 2024. The Fund's positioning, prior to January, detracted value, as risk assets delivered positive returns despite the uncertainty and muted outlook. The Fund's neutral positioning since that time has served to temper the impact of that historical active asset allocation in more recent months, as the Fund's diversified glide path has been the primary driver of performance returns.
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | 1 YEAR | | SINCE
INCEPTION | |
| JPMorgan SmartRetirement® 2065 Fund (Class R6 Shares) | November 1, 2022 | 17.96 | % | 20.74 | % |
| MSCI ACWI Index (net total return) | | 19.38 | | 22.79 | |
| S&P Target Date 2065+ Index | | 16.96 | | 20.01 | |
| JPMorgan SmartRetirement 2065 Composite Benchmark | | 17.18 | | 20.60 | |
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.
The graph illustrates comparative performance for $5,000,000 invested in Class R6 Shares of the JPMorgan SmartRetirement® 2065 Fund, the MSCI ACWI (net total return), the S&P Target Date 2065+ Index and the JPMorgan SmartRetirement 2065 Composite Benchmark from November 1, 2022 to June 30, 2024. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI ACWI (net total return) and the S&P Target Date 2065+ Index do not reflect the deduction of expenses or a sales charge associated with a mutual fund (except prior to June 1, 2017, the S&P Target Date 2065+ Index was previously adjusted to remove the impact of ETF fees) and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the broad based securities market index, if applicable. On June 1, 2017, S&P Dow Jones Indices, the company that establishes the broad-based securities market index used by the Fund, changed the methodology used to calculate the S&P Target Date Retirement Indices. The MSCI ACWI (net total return) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The S&P Target Date 2065+ Index was comprised of exchange-traded funds (ETFs), adjusted to remove the impact of ETF fees (i.e., gross return). Effective June 1, 2017, the S&P Target Date 2065+ Index is comprised of underlying indices of securities. Effective May 31, 2017, the prior version of the S&P Target Date 2065+ Index was discontinued. As a result, performance for the S&P Target Date 2065+ Index prior to June 1, 2017 was linked to an S&P Target Date Retirement Index that was comprised of ETFs and that was not adjusted to remove the impact of ETF fees (i.e., total return). The name of the Fund’s S&P Target Date Retirement Index did not change and there is no change in the Fund’s investment strategies as a result of the change. The JPMorgan SmartRetirement 2065 Composite Benchmark is a customized benchmark of the following unmanaged market indexes: S&P 500 Index, S&P 400 Index, Russell 2000 Index, MSCI US REIT Index, MSCI EAFE Index (net total return), MSCI Emerging Markets Index (net total return), Bloomberg U.S. Aggregate Index, Bloomberg U.S. Treasury Inflation Notes: 1-10 Year Index, Bloomberg U.S. High Yield - 2% Issuer Cap Index, EMBI Global Diversified Index and FTSE 3-Month Treasury Bill Index. Each index is weighted to reflect the strategic asset class allocation of the JPMorgan SmartRetirement 2065 Fund and are adjusted over time to correspond to changes in the Fund's strategic asset class allocations. For performance commencing February 1, 2020 to August 31, 2021, the IA SBBI US 30 Day TBill TR USD Index represented the Money Market/Cash and Cash Equivalents component of the benchmark. For performance commencing February 1, 2020 to January 31, 2023, the Russell Midcap Index represented the U.S. Mid Cap Equity component of the benchmark. The Index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. Investors cannot directly invest in an index.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
The S&P Target Date 2065+ Index, S&P 500 Index, S&P 400 Index (“Indexes”) are products of S&P Dow Jones Indices LLC and/or its affiliates and have been licensed for use by the adviser. Copyright © 2023. S&P Dow Jones Indices LLC, a subsidiary of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC’s indices please visit www.spdji.com. S&P® is a registered trademark of Standard & Poor’s Financial Services LLC and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.
Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast, or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall have any liability or responsibility for injury or damages arising in connection therewith.
Information has been obtained from sources believed to be reliable but J.P. Morgan does not warrant its completeness or accuracy. The Index is used with permission. The Index may not be copied, used, or distributed without J.P. Morgan's prior written approval. Copyright [2016], J.P. Morgan Chase & Co. All rights reserved.
The JPMorgan SmartRetirement Funds have been developed solely by JPMIM. The JPMorgan SmartRetirement Funds are not in any way connected to or sponsored, endorsed, sold or promoted by FTSE International Limited ("FTSE") or the London Stock Exchange Group plc and its group undertakings(collectively, the “LSE Group”) or Nareit. All rights in the FTSE 3-Month Treasury Bill Index (the “Index”) vest in FTSE and Nareit. "FTSE®" is a trade mark of the LSE Group and is used by FTSE International Limited ("FTSE") under licence. "NAREIT®" is a trade mark of the Nareit. The Index is calculated by FTSE. Neither FTSE, nor the LSE Group, nor Nareit accept any liability whatsoever to any person arising out of (a) the use of, reliance on or any error in the Index or(b) investment in or operation of the JPMorgan SmartRetirement Funds. FTSE, the LSE Group, and Nareit make no claim, prediction, warranty or representation either as to the results to be obtained from the JPMorgan SmartRetirement Funds or the suitability of the Index for the purpose to which it is being put by JPMIM.
| Fund net assets (000's) | $30,031 | |
| Total number of portfolio holdings | $24 | |
| Portfolio turnover rate | $18 | % |
| Total advisory fees paid (000's) | $0 | |
PORTFOLIO COMPOSITION - ASSET CLASS
(% of Total Investments)
Material changes to the Fund during the period
The following is a summary of certain changes to the Fund since June 30, 2023. For more complete information, you may review the Fund’s current prospectus and any applicable supplements at www.jpmorganfunds.com/funddocuments or upon request at 800-480-4111.
Effective January 31, 2024, the Fund’s Glidepath and Target Allocation were updated as part of the annual review process.
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-800-480-4111.
ITEM 2. CODE OF ETHICS.
Disclose whether, as of the end of the period covered by the report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, explain why it has not done so.
The registrant must briefly describe the nature of any amendment, during the period covered by the report, to a provision of its code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item. The registrant must file a copy of any such amendment as an exhibit pursuant to Item 13(a)(1), unless the registrant has elected to satisfy paragraph (f) of this Item by positing its code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by undertaking to provide its code of ethics to any person without charge, upon request, pursuant to paragraph (f)(3) of this Item.
If the registrant has, during the period covered by the report, granted a waiver, including an implicit waiver, from a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or third party, that relates to one or more items set forth in paragraph (b) of this Item, the registrant must briefly describe the nature of the waiver, the name of the person to whom the waiver was granted, and the date of the waiver.
The Registrant has adopted a code of ethics that applies to the Registrant’s principal executive officer and principal financial officer. There were no amendments to the code of ethics or waivers granted with respect to the code of ethics in the period covered by the report.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
(a) (1) Disclose that the registrant’s board of directors has determined that the registrant either:
(i) Has at least one audit committee financial expert serving on its audit committee; or
(ii) Does not have an audit committee financial expert serving on its audit committee.
The Registrant’s Board of Trustees has determined that the Registrant has at least one audit committee financial expert serving on its audit committee. The Securities and Exchange Commission has stated that the designation or identification of a person as an audit committee financial expert pursuant to this Item 3 of Form N-CSR does not impose on such person any duties, obligations or liabilities that are greater than the duties, obligations and liabilities imposed on such person as a member of the Audit Committee and the Board of Trustees in the absence of such designation or identification.
(2) If the registrant provides the disclosure required by paragraph (a)(1)(i) of this Item, it must disclose the name of the audit committee financial expert and whether that person is “independent.” In order to be considered “independent” for purposes of this Item, a member of an audit committee may not, other than in his or her capacity as a member of the audit committee, the board of directors, or any other board committee:
(i) Accept directly or indirectly any consulting, advisory, or other compensatory fee from the issuer; or
(ii) Be an “interested person” of the investment company as defined in Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).
The Audit committee financial experts are Gary L. French, Kathleen M. Gallagher, Raymond Kanner and Lawrence R. Maffia, each of whom is not an “interested person” of the Registrant and is also “independent” as defined by the U.S. Securities and Exchange Commission for the purposes of the audit committee financial expert determination.
(3) If the registrant provides the disclosure required by paragraph (a)(1)(ii) of this Item, it must explain why it does not have an audit committee financial expert.
Not applicable.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a) Disclose, under the caption Audit Fees, the aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years.
AUDIT FEES
2024 – $306,565
2023 – $301,484
(b) Disclose, under the caption Audit-Related Fees, the aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.
AUDIT-RELATED FEES
2024 – $42,373
2023 – $45,469
Audit-related fees consists of security count procedures performed as required under Rule 17f-2 of the Investment Company Act of 1940 during the Registrant’s fiscal year.
(c) Disclose, under the caption Tax Fees, the aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. Registrants shall describe the nature of the services comprising the fees disclosed under this category.
TAX FEES
2024 – $98,963
2023 – $93,233
The tax fees consist of fees billed in connection with preparing the federal regulated investment company income tax returns for the Registrant for the tax years ended June 30, 2024 and 2023, respectively.
For the last fiscal year, no tax fees were required to be approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X.
(d) Disclose, under the caption All Other Fees, the aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.
ALL OTHER FEES
2024 – Not applicable
2023 – Not applicable
(e) (1) Disclose the audit committee’s pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.
Pursuant to the Registrant’s Audit Committee Charter and written policies and procedures for the pre-approval of audit and non-audit services (the “Pre-approval Policy”), the Audit Committee pre-approves all audit and non-audit services performed by the Registrant’s independent public registered accounting firm for the Registrant. In addition, the Audit Committee pre-approves the auditor’s engagement for non-audit services with the Registrant’s investment adviser (not including a sub-adviser whose role is primarily portfolio management and is sub-contracted or overseen by another investment adviser) and any Service Affiliate in accordance with paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, if the engagement relates directly to the operations and financial reporting of the Registrant. Proposed services may be pre-approved either 1) without consideration of specific case-by-case services or 2) require the specific pre-approval of the Audit Committee. Therefore, initially the Pre-approval Policy listed a number of audit and non-audit services that have been approved by the Audit Committee, or which were not subject to pre-approval under the transition provisions of Sarbanes-Oxley Act of 2002 (the
“Pre-approval List”). The Audit Committee annually reviews and pre-approves the services included on the Pre-approval List that may be provided by the independent public registered accounting firm without obtaining additional specific pre-approval of individual services from the Audit Committee. The Audit Committee adds to, or subtracts from, the list of general pre-approved services from time to time, based on subsequent determinations. All other audit and non-audit services not on the Pre-approval List must be specifically pre-approved by the Audit Committee.
One or more members of the Audit Committee may be appointed as the Committee’s delegate for the purposes of considering whether to approve such services. Any pre-approvals granted by the delegate will be reported, for informational purposes only, to the Audit Committee at its next scheduled meeting. The Audit Committee’s responsibilities to pre-approve services performed by the independent public registered accounting firm are not delegated to management.
(2) Disclose the percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
2024 – 0.0%
2023 – 0.0%
(f) If greater than 50 percent, disclose the percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.
Not applicable – Less than 50%.
(g) Disclose the aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant.
The aggregate non-audit fees billed by the independent registered public accounting firm for services rendered to the Registrant, and rendered to Service Affiliates, for the last two calendar year ends were:
2023 – $35.0 million
2022 – $31.7 million
(h) Disclose whether the registrant’s audit committee of the board of directors has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.
The Registrant’s Audit Committee has considered whether the provision of the non-audit services that were rendered to Service Affiliates that were not pre-approved (not requiring pre-approval) is compatible with maintaining the independent public registered accounting firm’s independence. All services provided by the independent public registered accounting firm to the Registrant or to Service Affiliates that were required to be pre-approved were pre-approved as required.
(i) A registrant identified by the Commission pursuant to Section 104(i)(2)(A) of the Sarbanes-Oxley Act of 2002 (15 U.S.C. 7214(i)(2)(A)), as having retained, for the preparation of the audit report on its financial statements included in the Form NCSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board has determined it is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction must electronically submit to the Commission on a supplemental basis documentation that establishes that the registrant is not owned or controlled by a governmental entity in the foreign jurisdiction. The registrant must submit this documentation on or before the due date for this form. A registrant that is owned or controlled by a foreign governmental entity is not required to submit such documentation.
Not applicable.
(j) A registrant that is a foreign issuer, as defined in 17 CFR 240.3b-4, identified by the Commission pursuant to Section 104(i)(2)(A) of the Sarbanes-Oxley Act of 2002 (15 U.S.C. 7214(i)(2)(A)), as having retained, for the preparation of the audit report on its financial statements included in the Form N-CSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board has determined it is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction, for each year in which the registrant is so identified, must
provide the below disclosures. Also, any such identified foreign issuer that uses a variable-interest entity or any similar structure that results in additional foreign entities being consolidated in the financial statements of the registrant is required to provide the below disclosures for itself and its consolidated foreign operating entity or entities. A registrant must disclose:
| | (1) | That, for the immediately preceding annual financial statement period, a registered public accounting firm that the PCAOB was unable to inspect or investigate completely, because of a position taken by an authority in the foreign jurisdiction, issued an audit report for the registrant; |
| | (2) | The percentage of shares of the registrant owned by governmental entities in the foreign jurisdiction in which the registrant is incorporated or otherwise organized; |
| | (3) | Whether governmental entities in the applicable foreign jurisdiction with respect to that registered public accounting firm have a controlling financial interest with respect to the registrant; |
| | (4) | The name of each official of the Chinese Communist Party who is a member of the board of directors of the registrant or the operating entity with respect to the registrant; and |
| | (5) | Whether the articles of incorporation of the registrant (or equivalent organizing document) contains any charter of the Chinese Communist Party, including the text of any such charter. |
Not applicable.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
(a) If the registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act (17CFR 240.10A-3), state whether or not the registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)). If the registrant has such a committee, however designated, identify each committee member. If the entire board of directors is acting as the registrant’s audit committee as specified in Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)), so state.
(b) If applicable, provide the disclosure required by Rule 10A-3(d) under the Exchange Act (17CFR 240.10A-3(d)) regarding an exemption from the listing standards for all audit committees.
Not applicable.
ITEM 6. INVESTMENTS.
File Schedule I – Investments in securities of unaffiliated issuers as of the close of the reporting period as set forth in Section 210.12-12 of Regulation S-X, unless the schedule is included as part of the report to shareholders filed under Item 1 of this Form.
Included in Item 1.
ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES
Annual Report
J.P. Morgan Preferred and Income Securities Fund
June 30, 2024
JPMorgan Preferred and Income Securities Fund |
CONTENTS
Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money if you sell when the Fund’s share price is lower than when you invested.
Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of the Fund or the securities markets.
Prospective investors should refer to the Fund's prospectuses for a discussion of the Fund's investment objectives, strategies and risks. Call J.P. Morgan Funds Service Center at 1-800-480-4111 for a prospectus containing more complete information about the Fund, including management fees and other expenses. Please read it carefully before investing.
JPMorgan Preferred and Income Securities Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024
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Banco Bilbao Vizcaya Argentaria SA (Spain) (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.10%), 9.38%, 3/19/2029 (a) (b) (c) (d) | | |
Banco Santander SA (Spain) (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.30%), 9.63%, 5/21/2033 (a) (b) (c) (d) | | |
|
Series RR, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.76%), 4.38%, 1/27/2027 (b) (c) (d) | | |
Series TT, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.23%), 6.13%, 4/27/2027 (b) (c) (d) | | |
Series FF, (3-MONTH CME TERM SOFR + 3.19%), 5.88%, 3/15/2028 (b) (c) (d) | | |
Bank of Montreal (Canada) (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.45%), 7.70%, 5/26/2084 (a) (d) | | |
Bank of Nova Scotia (The) (Canada) (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.39%), 8.63%, 10/27/2027 (a) (b) (c) (d) | | |
Barclays plc (United Kingdom) |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.43%), 8.00%, 3/15/2029 (a) (b) (c) (d) | | |
(USD SOFR ICE Swap Rate 5 Year + 5.78%), 9.63%, 12/15/2029 (a) (b) (c) (d) | | |
|
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.97%), 9.25%, 11/17/2027 (a) (b) (c) (d) (e) | | |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.90%), 7.75%, 8/16/2029 (a) (b) (c) (d) (e) | | |
|
Series U, (SOFR + 3.81%), 5.00%, 9/12/2024 (b) (c) (d) | | |
Series P, (3-MONTH CME TERM SOFR + 4.17%), 5.95%, 5/15/2025 (b) (c) (d) | | |
Series W, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.60%), 4.00%, 12/10/2025 (b) (c) (d) | | |
Series X, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.42%), 3.88%, 2/18/2026 (b) (c) (d) | | |
| | |
|
|
Series Y, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.00%), 4.15%, 11/15/2026 (b) (c) (d) | | |
Series Z, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.21%), 7.38%, 5/15/2028 (b) (c) (d) | | |
Series AA, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.21%), 7.63%, 11/15/2028 (b) (c) (d) | | |
Series CC, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.69%), 7.13%, 8/15/2029 (b) (c) (d) | | |
Citizens Financial Group, Inc. Series G, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.22%), 4.00%, 10/6/2026 (b) (c) (d) | | |
Credit Agricole SA (France) (USD Swap Semi 5 Year + 6.19%), 8.13%, 12/23/2025 (a) (b) (c) (d) (e) | | |
|
Series H, (3-MONTH CME TERM SOFR + 3.29%), 8.60%, 8/5/2024 (b) (c) (d) | | |
Series J, (3-MONTH CME TERM SOFR + 3.39%), 8.69%, 8/5/2024 (b) (c) (d) | | |
Series L, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.22%), 4.50%, 9/30/2025 (b) (c) (d) | | |
HSBC Holdings plc (United Kingdom) |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.86%), 8.00%, 3/7/2028 (a) (b) (c) (d) | | |
(USD ICE Swap Rate 5 Year + 3.61%), 6.50%, 3/23/2028 (a) (b) (c) (d) | | |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.65%), 4.60%, 12/17/2030 (a) (b) (c) (d) | | |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.25%), 4.70%, 3/9/2031 (a) (b) (c) (d) | | |
Huntington Bancshares, Inc. |
Series G, (US Treasury Yield Curve Rate T Note Constant Maturity 7 Year + 4.05%), 4.45%, 10/15/2027 (b) (c) (d) | | |
Series F, (US Treasury Yield Curve Rate T Note Constant Maturity 10 Year + 4.95%), 5.63%, 7/15/2030 (b) (c) (d) | | |
ING Groep NV (Netherlands) |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.34%), 5.75%, 11/16/2026 (a) (b) (c) (d) | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Preferred and Income Securities Fund | |
JPMorgan Preferred and Income Securities Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024 (continued)
| | |
Corporate Bonds — continued |
|
(USD SOFR ICE Swap Rate 5 Year + 4.36%), 8.00%, 5/16/2030 (a) (b) (c) (d) (f) | | |
Intesa Sanpaolo SpA (Italy) |
| | |
| | |
KeyCorp (SOFRINDX + 2.42%), 6.40%, 3/6/2035 (d) | | |
Lloyds Banking Group plc (United Kingdom) (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.82%), 6.75%, 6/27/2026 (a) (b) (c) (d) | | |
NatWest Group plc (United Kingdom) |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.63%), 6.00%, 12/29/2025 (a) (b) (c) (d) | | |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.75%), 8.13%, 11/10/2033 (a) (b) (c) (d) | | |
Nordea Bank Abp (Finland) (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.11%), 6.63%, 3/26/2026 (a) (b) (c) (d) (e) | | |
PNC Financial Services Group, Inc. (The) Series T, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.60%), 3.40%, 9/15/2026 (b) (c) (d) | | |
Regions Financial Corp. Series D, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.43%), 5.75%, 6/15/2025 (b) (c) (d) | | |
Royal Bank of Canada (Canada) (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.89%), 7.50%, 5/2/2029 (a) (b) (c) (d) | | |
Skandinaviska Enskilda Banken AB (Sweden) (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.07%), 6.88%, 6/30/2027 (a) (b) (c) (d) (f) | | |
Societe Generale SA (France) |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.93%), 4.75%, 5/26/2026 (a) (b) (c) (d) (f) | | |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.39%), 9.38%, 11/22/2027 (a) (b) (c) (d) (e) | | |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.45%), 10.00%, 11/14/2028 (a) (b) (c) (d) (e) | | |
Standard Chartered plc (United Kingdom) (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.98%), 7.75%, 8/15/2027 (a) (b) (c) (d) (e) | | |
| | |
|
|
Sumitomo Mitsui Financial Group, Inc. (Japan) (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.28%), 6.60%, 6/5/2034 (a) (b) (c) (d) | | |
Svenska Handelsbanken AB (Sweden) (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.05%), 4.75%, 3/1/2031 (a) (b) (c) (d) (f) | | |
Toronto-Dominion Bank (The) (Canada) (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.08%), 8.13%, 10/31/2027 (a) (b) (c) (d) | | |
Truist Financial Corp. Series N, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.00%), 4.80%, 9/1/2024 (b) (c) (d) | | |
US Bancorp (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.54%), 3.70%, 1/15/2027 (b) (c) (d) | | |
|
Series BB, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.45%), 3.90%, 3/15/2026 (b) (c) (d) | | |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.61%), 7.63%, 9/15/2028 (b) (c) (d) | | |
| | |
|
Bank of New York Mellon Corp. (The) |
Series F, (3-MONTH CME TERM SOFR + 3.39%), 4.63%, 9/20/2026 (b) (c) (d) | | |
Series I, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.63%), 3.75%, 12/20/2026 (b) (c) (d) | | |
Charles Schwab Corp. (The) |
Series I, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.17%), 4.00%, 6/1/2026 (b) (c) (d) | | |
Series H, (US Treasury Yield Curve Rate T Note Constant Maturity 10 Year + 3.08%), 4.00%, 12/1/2030 (b) (c) (d) | | |
Goldman Sachs Group, Inc. (The) |
Series S, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.85%), 4.40%, 2/10/2025 (b) (c) (d) | | |
Series R, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.22%), 4.95%, 2/10/2025 (b) (c) (d) | | |
Series T, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.97%), 3.80%, 5/10/2026 (b) (c) (d) | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Preferred and Income Securities Fund | |
| | |
Corporate Bonds — continued |
Capital Markets — continued |
Series W, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.16%), 7.50%, 2/10/2029 (b) (c) (d) | | |
Series X, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.81%), 7.50%, 5/10/2029 (b) (c) (d) | | |
Morgan Stanley (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.43%), 5.95%, 1/19/2038 (d) | | |
State Street Corp. Series I, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.61%), 6.70%, 3/15/2029 (b) (c) (d) | | |
UBS Group AG (Switzerland) |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.75%), 9.25%, 11/13/2028 (a) (b) (c) (d) (e) | | |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.76%), 9.25%, 11/13/2033 (a) (b) (c) (d) (e) | | |
| | |
|
Ally Financial, Inc. Series B, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.87%), 4.70%, 5/15/2026 (b) (c) (d) | | |
American Express Co. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.85%), 3.55%, 9/15/2026 (b) (c) (d) | | |
Capital One Financial Corp. Series M, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.16%), 3.95%, 9/1/2026 (b) (c) (d) | | |
Discover Financial Services |
Series D, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.78%), 6.13%, 6/23/2025 (b) (c) (d) | | |
Series C, (3-MONTH CME TERM SOFR + 3.34%), 5.50%, 10/30/2027 (b) (c) (d) | | |
| | |
Electric Utilities — 5.0% |
Duke Energy Corp. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.39%), 4.88%, 9/16/2024 (b) (c) (d) | | |
Edison International Series B, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.90%), 5.00%, 12/15/2026 (b) (c) (d) | | |
Electricite de France SA (France) (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.41%), 9.13%, 3/15/2033 (b) (c) (d) (e) | | |
| | |
|
Electric Utilities — continued |
Emera, Inc. (Canada) Series 16-A, (3-MONTH SOFR + 5.44%), 6.75%, 6/15/2076 (d) | | |
Entergy Corp. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.67%), 7.13%, 12/1/2054 (d) | | |
NextEra Energy Capital Holdings, Inc. |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.46%), 6.75%, 6/15/2054 (d) | | |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.36%), 6.70%, 9/1/2054 (d) | | |
(3-MONTH SOFR + 3.16%), 5.65%, 5/1/2079 (d) | | |
PPL Capital Funding, Inc. Series A, (3-MONTH CME TERM SOFR + 2.93%), 8.26%, 3/30/2067 (d) | | |
Southern Co. (The) Series B, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.73%), 4.00%, 1/15/2051 (d) | | |
| | |
Financial Services — 2.1% |
Corebridge Financial, Inc. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.85%), 6.88%, 12/15/2052 (d) | | |
Equitable Holdings, Inc. Series B, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.74%), 4.95%, 9/15/2025 (b) (c) (d) | | |
Voya Financial, Inc. Series A, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.36%), 7.76%, 9/15/2028 (b) (c) (d) | | |
| | |
|
Allstate Corp. (The) (3-MONTH SOFR + 2.12%), 6.50%, 5/15/2057 (d) | | |
American International Group, Inc. Series A-9, (3-MONTH SOFR + 2.87%), 5.75%, 4/1/2048 (d) | | |
Markel Group, Inc. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.66%), 6.00%, 6/1/2025 (b) (c) (d) | | |
MetLife Capital Trust IV 7.88%, 12/15/2037 (e) | | |
|
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| | |
Nippon Life Insurance Co. (Japan) (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.59%), 5.95%, 4/16/2054 (d) (e) | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Preferred and Income Securities Fund | |
JPMorgan Preferred and Income Securities Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024 (continued)
| | |
Corporate Bonds — continued |
|
PartnerRe Finance B LLC (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.82%), 4.50%, 10/1/2050 (d) | | |
Prudential Financial, Inc. |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.23%), 6.00%, 9/1/2052 (d) | | |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.85%), 6.75%, 3/1/2053 (d) | | |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.40%), 6.50%, 3/15/2054 (d) | | |
| | |
|
Paramount Global (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.00%), 6.38%, 3/30/2062 (d) | | |
|
|
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.12%), 4.75%, 6/1/2050 (d) | | |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.90%), 3.75%, 12/1/2050 (d) | | |
|
Series C, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.20%), 4.35%, 1/15/2027 (b) (c) (d) | | |
Series B, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.51%), 7.00%, 6/1/2054 (d) | | |
Series A, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.39%), 6.88%, 2/1/2055 (d) | | |
NiSource, Inc. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.45%), 6.95%, 11/30/2054 (d) | | |
|
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.87%), 4.13%, 4/1/2052 (d) | | |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.79%), 6.88%, 10/1/2054 (d) | | |
| | |
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|
Oil, Gas & Consumable Fuels — 5.7% |
|
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.40%), 4.88%, 3/22/2030 (b) (c) (d) | | |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.15%), 6.45%, 12/1/2033 (b) (c) (d) | | |
|
Series 20-A, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.31%), 5.75%, 7/15/2080 (d) | | |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.42%), 7.63%, 1/15/2083 (d) | | |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.43%), 8.50%, 1/15/2084 (d) | | |
|
Series F, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.13%), 6.75%, 5/15/2025 (b) (c) (d) | | |
Series H, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.69%), 6.50%, 11/15/2026 (b) (c) (d) | | |
Series G, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.31%), 7.13%, 5/15/2030 (b) (c) (d) | | |
Transcanada Trust (Canada) |
Series 16-A, (3-MONTH SOFR + 4.64%), 5.88%, 8/15/2076 (d) | | |
(SOFR + 4.42%), 5.50%, 9/15/2079 (d) | | |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.99%), 5.60%, 3/7/2082 (d) | | |
| | |
Trading Companies & Distributors — 1.4% |
AerCap Holdings NV (Ireland) (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.54%), 5.88%, 10/10/2024 (b) (c) (d) | | |
|
Series B, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.08%), 4.65%, 6/15/2026 (b) (c) (d) | | |
Series C, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.15%), 4.13%, 12/15/2026 (b) (c) (d) | | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Preferred and Income Securities Fund | |
| | |
Corporate Bonds — continued |
Wireless Telecommunication Services — 1.4% |
Rogers Communications, Inc. (Canada) (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.59%), 5.25%, 3/15/2082 (d) (e) | | |
Vodafone Group plc (United Kingdom) (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.77%), 4.13%, 6/4/2081 (d) | | |
| | |
Total Corporate Bonds
(Cost $862,794) | | |
| | |
|
|
|
Series I, 6.38%, 10/15/2024 ($25 par value) (g) | | |
Series P, 6.50%, 10/15/2027 ($25 par value) (g) | | |
| | |
Electric Utilities — 1.3% |
SCE Trust VII Series M, 7.50%, 11/22/2028 ($25 par value) (g) | | |
SCE Trust VIII Series N, 6.95%, 5/13/2029 ($25 par value) (g) | | |
| | |
|
Allstate Corp. (The) Series J, 7.38%, 7/15/2028 ($25 par value) (g) | | |
Athene Holding Ltd. Series E, 7.75%, 12/30/2027 ($25 par value) (g) | | |
Lincoln National Corp. Series D, 9.00%, 12/1/2027 ($25 par value) (g) | | |
| | |
Total Preferred Stocks
(Cost $35,062) | | |
Exchange-Traded Funds — 0.4% |
|
Invesco Preferred ETF
(Cost $4,589) | | |
| | |
Short-Term Investments — 3.8% |
Investment Companies — 3.8% |
JPMorgan Prime Money Market Fund Class IM Shares, 5.39% (h) (i)
(Cost $37,312) | | |
Total Investments — 98.5%
(Cost $939,757) | | |
Other Assets Less Liabilities — 1.5% | | |
| | |
Percentages indicated are based on net assets. |
Amounts presented as a dash ("-") represent amounts that round to less than a thousand. |
| |
| Chicago Mercantile Exchange |
| |
| Intercontinental Exchange |
| Secured Overnight Financing Rate |
| Compounding index of the Secured Overnight Financing Rate |
| |
| 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 June 30, 2024 is $307,360 or 31.09% of the Fund’s net assets as of June 30, 2024. |
| Security is an interest bearing note with preferred security characteristics. |
| 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 June 30, 2024. |
| Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of June 30, 2024. |
| Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. |
| Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. |
| The date shown reflects the next call date on which the issuer may redeem the security at par value. The coupon rate for this security is based on par value and is in effect as of June 30, 2024. |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Preferred and Income Securities Fund | |
JPMorgan Preferred and Income Securities Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024 (continued)
| 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. |
| The rate shown is the current yield as of June 30, 2024. |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Preferred and Income Securities Fund | |
STATEMENT OF ASSETS AND LIABILITIESAS OF June 30, 2024
(Amounts in thousands, except per share amounts)
| JPMorgan
Preferred and Income
|
| |
Investments in non-affiliates, at value | |
Investments in affiliates, at value | |
Foreign currency, at value | |
| |
| |
| |
Interest from non-affiliates | |
Dividends from non-affiliates | |
Dividends from affiliates | |
| |
| |
| |
| |
Investment securities purchased | |
| |
| |
| |
| |
| |
| |
Custodian and accounting fees | |
Trustees’ and Chief Compliance Officer’s fees | |
| |
| |
| |
(a)
Amount rounds to less than one thousand.
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Preferred and Income Securities Fund | |
STATEMENT OF ASSETS AND LIABILITIESAS OF June 30, 2024 (continued)
(Amounts in thousands, except per share amounts)
| JPMorgan Preferred and Income |
| |
| |
Total distributable earnings (loss) | |
| |
| |
| |
| |
| |
| |
| |
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized): | |
| |
| |
| |
| |
| |
Class A — Redemption price per share | |
Class C — Offering price per share (b) | |
Class I — Offering and redemption price per share | |
Class R6 — Offering and redemption price per share | |
Class A maximum sales charge | |
Class A maximum public offering price per share
[net asset value per share/(100% – maximum sales charge)] | |
Cost of investments in non-affiliates | |
Cost of investments in affiliates | |
| |
(a)
Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.
(b)
Redemption price for Class C Shares varies based upon length of time the shares are held.
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Preferred and Income Securities Fund | |
STATEMENT OF OPERATIONSFOR THE YEAR ENDED June 30, 2024
(Amounts in thousands)
| JPMorgan
Preferred and Income
|
| |
Interest income from non-affiliates | |
Dividend income from non-affiliates | |
Dividend income from affiliates | |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
Custodian and accounting fees | |
| |
Trustees’ and Chief Compliance Officer’s fees | |
Printing and mailing costs | |
Registration and filing fees | |
Transfer agency fees (See Note 2.F.) | |
| |
| |
| |
Less expense reimbursements | |
| |
Net investment income (loss) | |
REALIZED/UNREALIZED GAINS (LOSSES): | |
Net realized gain (loss) on transactions from: | |
Investments in non-affiliates | |
Investments in affiliates | |
Foreign currency transactions | |
| |
Change in net unrealized appreciation/depreciation on: | |
Investments in non-affiliates | |
Investments in affiliates | |
Foreign currency translations | |
Change in net unrealized appreciation/depreciation | |
Net realized/unrealized gains (losses) | |
Change in net assets resulting from operations | |
(a)
Amount rounds to less than one thousand.
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Preferred and Income Securities Fund | |
STATEMENTS OF CHANGES IN NET ASSETSFOR THE PERIODS INDICATED
(Amounts in thousands)
| JPMorgan Preferred and Income Securities Fund |
| | Period Ended
June 30, 2023 (a) | |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | | | |
Net investment income (loss) | | | |
| | | |
Change in net unrealized appreciation/depreciation | | | |
Change in net assets resulting from operations | | | |
DISTRIBUTIONS TO SHAREHOLDERS: | | | |
| | | |
| | | |
| | | |
| | | |
Total distributions to shareholders | | | |
| | | |
Change in net assets resulting from capital transactions | | | |
| | | |
| | | |
| | | |
| | | |
(a)
The Fund changed its fiscal year end from the last day of February to June 30th.
(b)
Commencement of operations was March 31, 2022.
(c)
Commencement of offering of class of shares effective August 1, 2022.
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Preferred and Income Securities Fund | |
| JPMorgan Preferred and Income Securities Fund |
| | Period Ended June 30, 2023 (a) | |
| | | |
| | | |
Proceeds from shares issued | | | |
| | | |
| | | |
Change in net assets resulting from Class A capital transactions | | | |
| | | |
Proceeds from shares issued | | | |
| | | |
| | | |
Change in net assets resulting from Class C capital transactions | | | |
| | | |
Proceeds from shares issued | | | |
| | | |
| | | |
Change in net assets resulting from Class I capital transactions | | | |
| | | |
Proceeds from shares issued | | | |
| | | |
| | | |
Change in net assets resulting from Class R6 capital transactions | | | |
Total change in net assets resulting from capital transactions | | | |
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| | | |
(a)
The Fund changed its fiscal year end from the last day of February to June 30th.
(b)
Commencement of operations was March 31, 2022.
(c)
Commencement of offering of class of shares effective August 1, 2022.
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Preferred and Income Securities Fund | |
STATEMENTS OF CHANGES IN NET ASSETSFOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| JPMorgan Preferred and Income Securities Fund |
| | Period Ended June 30, 2023 (a) | |
SHARE TRANSACTIONS: (continued) | | | |
| | | |
| | | |
| | | |
| | | |
Change in Class R6 Shares | | | |
(a)
The Fund changed its fiscal year end from the last day of February to June 30th.
(b)
Commencement of operations was March 31, 2022.
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Preferred and Income Securities Fund | |
THIS PAGE IS INTENTIONALLY LEFT BLANK
FINANCIAL HIGHLIGHTSFOR THE PERIODS INDICATED
| Per share operating performance |
| | | |
| Net asset
value,
beginning
of period | Net
investment
income
(loss)(b) | Net realized
and unrealized
gains
(losses) on
investments | Total from
investment
operations | | Net asset
value,
end of
period |
JPMorgan Preferred and Income Securities Fund | | | | | | |
| | | | | | |
| | | | | | |
March 1, 2023 through June 30, 2023 (e) | | | | | | |
March 31, 2022 (g) through February 28, 2023 | | | | | | |
| | | | | | |
| | | | | | |
March 1, 2023 through June 30, 2023 (e) | | | | | | |
August 1, 2022 (h) through February 28, 2023 | | | | | | |
| | | | | | |
| | | | | | |
March 1, 2023 through June 30, 2023 (e) | | | | | | |
March 31, 2022 (g) through February 28, 2023 | | | | | | |
| | | | | | |
| | | | | | |
March 1, 2023 through June 30, 2023 (e) | | | | | | |
March 31, 2022 (g) through February 28, 2023 | | | | | | |
|
| Annualized for periods less than one year, unless otherwise noted. |
| Calculated based upon average shares outstanding. |
| Not annualized for periods less than one year. |
| Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
| The Fund changed its fiscal year end from the last day of February to June 30th. |
| Certain non-recurring expenses incurred by the Fund were not annualized for the period indicated. |
| Commencement of operations. |
| Commencement of offering of class of shares. |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Preferred and Income Securities Fund | |
|
| | Ratios to average net assets (a) | |
Total return
(excludes sales charge)(c)(d) | Net assets,
end of
period
(000's) | | Net
investment
income
(loss) | Expenses without
waivers and reimbursements | |
| | | | | |
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SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Preferred and Income Securities Fund | |
NOTES TO FINANCIAL STATEMENTSAS OF June 30, 2024
(Dollar values in thousands)
1. Organization
JPMorgan Trust IV (the "Trust”) was formed on November 11, 2015, as a Delaware statutory trust, pursuant to a Declaration of Trust dated November 11, 2015 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company.
The following is a separate fund of the Trust (the "Fund") covered by this report:
| | Diversification Classification |
JPMorgan Preferred and Income Securities Fund | Class A, Class C, Class I and Class R6 | |
Effective June 30, 2023, the Fund changed its fiscal year end from the last day of February to June 30th.
The investment objective of the Fund is to seek to provide a high level of current income and total return.
Class A Shares generally provide for a front-end sales charge while Class C Shares provide for a contingent deferred sales charge ("CDSC"). No sales charges are assessed with respect to Class I and Class R6 Shares. Certain Class A Shares, for which front-end sales charges have been waived, may be subject to a CDSC as described in the Fund's prospectus. Class C Shares automatically convert to Class A Shares after eight years. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different transfer agency, distribution and service fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements.
J.P. Morgan Investment Management Inc. (“JPMIM”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), acts as adviser (the “Adviser”) and administrator (the “Administrator”) to the Fund.
2. Significant Accounting Policies
The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The Fund is an investment company and, accordingly, follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 — Investment Companies, which is part of U.S. generally accepted accounting principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities, (ii) disclosure of contingent assets and liabilities at the date of the financial statements, and (iii) the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.
A. Valuation of Investments— Investments are valued in accordance with 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 1940 Act, 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 Fund 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 Fund. 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.
Fixed income instruments are valued based on prices received from approved affiliated and unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”). The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.
Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values (“NAV”) of the Fund is 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.
| J.P. Morgan Preferred and Income Securities Fund | |
Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer-related events after the report date and prior to issuance of the report are not reflected herein.
The various inputs that are used in determining the valuation of the Fund's investments are summarized into the three broad levels listed below.
•
Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.
•
Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.
•
Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund's assumptions in determining the fair value of investments).
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.
The following table represents each valuation input as presented on the Schedule of Portfolio Investments ("SOI"):
| | | | |
| | Level 2
Other significant
observable inputs | Level 3
Significant
unobservable inputs | |
Investments in Securities | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Total Investments in Securities | | | | |
B. Restricted Securities— Certain securities held by the Fund may be subject to legal or contractual restrictions on resale. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the NAVs of the Fund.
As of June 30, 2024, the Fund had no investments in restricted securities other than securities sold to the Fund under Rule 144A and/or Regulation S under the Securities Act.
C. Securities Lending — The Fund is authorized to engage in securities lending in order to generate additional income. The Fund is able to lend to approved borrowers. Citibank N.A. (“Citibank”) serves as lending agent for the Fund, pursuant to a Securities Lending Agency Agreement (the “Securities Lending Agency Agreement”). Securities loaned are collateralized by cash equal to at least 100% of the market value plus accrued interest on the securities lent, which is invested in an affiliated money market fund. The Fund retains the interest earned on cash collateral investments but is required to pay the borrower a rebate for the use of the cash collateral. In cases where the lent security is of high value to borrowers, there may be a negative rebate (i.e., a net payment from the borrower to the Fund). Upon termination of a loan, the Fund is required to return to the borrower an amount equal to the cash collateral, plus any rebate owed to the borrowers. The remaining maturities of the securities lending transactions are considered overnight and continuous. Loans are subject to termination by the Fund or the borrower at any time.
The net income earned on the securities lending (after payment of rebates and Citibank’s fee) is included on the Statement of Operations as Income from securities lending (net). The Fund also receives payments from the borrower during the period of the loan, equivalent to dividends and interest earned on the securities loaned, which are recorded as Dividend or Interest income, respectively, on the Statement of Operations.
Under the Securities Lending Agency Agreement, Citibank marks to market the loaned securities on a daily basis. In the event the cash received from the borrower is less than 102% of the value of the loaned securities (105% for loans of non-U.S. securities), Citibank requests additional cash from the borrower so as to maintain a collateralization level of at least 102% of the value of the loaned securities plus accrued interest (105% for loans of non-U.S. securities), subject to certain de minimis amounts.
The value of securities out on loan is recorded as an asset on the Statement of Assets and Liabilities. The value of the cash collateral received is recorded as a liability on the Statement of Assets and Liabilities and details of collateral investments are disclosed on the SOI.
The Fund bears the risk of loss associated with the collateral investments and is not entitled to additional collateral from the borrower to cover any such losses. To the extent that the value of the collateral investments declines below the amount owed to a borrower, the Fund may incur losses that exceed the amount it earned on lending the security. Upon termination of a loan, the Fund may use leverage (borrow money) to repay the borrower
| J.P. Morgan Preferred and Income Securities Fund | |
NOTES TO FINANCIAL STATEMENTSAS OF June 30, 2024 (continued)
(Dollar values in thousands)
for cash collateral posted if the Adviser does not believe that it is prudent to sell the collateral investments to fund the payment of this liability. Securities lending activity is subject to master netting arrangements.
Securities lending also involves counterparty risks, including the risk that the loaned securities may not be returned in a timely manner or at all. Subject to certain conditions, Citibank has agreed to indemnify the Fund from losses resulting from a borrower’s failure to return a loaned security.
The Fund did not lend out any securities during the year ended June 30, 2024.
D. Investment Transactions with Affiliates— The Fund invested in an Underlying Fund advised by the Adviser. An issuer which is under common control with the Fund may be considered an affiliate. For the purposes of the financial statements, the Fund assumes the issuer listed in the table below to be an affiliated issuer. The Underlying Fund's distributions may be reinvested into the Underlying Fund. Reinvestment amounts are included in the purchases at cost amounts in the table below.
|
For the year ended June 30, 2024 |
| | | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | | Capital Gain
Distributions |
JPMorgan Prime Money Market Fund Class IM Shares, 5.39% (a) (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. |
| The rate shown is the current yield as of June 30, 2024. |
E. Security Transactions and Investment Income— Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis.
Interest income is determined on the basis of coupon interest accrued using the effective interest method, which adjusts for amortization of premiums and accretion of discounts.
Dividend income, net of foreign taxes withheld, if any, is recorded on the ex-dividend date or when the Fund first learns of the dividend.
To the extent such information is publicly available, the Fund records distributions received in excess of income earned from underlying investments as a reduction of cost of investments and/or realized gain. Such amounts are based on estimates if actual amounts are not available and actual amounts of income, realized gain and return of capital may differ from the estimated amounts. The Fund adjusts the estimated amounts of the components of distributions (and consequently its net investment income) as necessary, once the issuers provide information about the actual composition of the distributions.
F. Allocation of Income and Expenses— Expenses directly attributable to the Fund are charged directly to the Fund, while the expenses attributable to more than one fund of the Trust are allocated among the applicable funds. Investment income, realized and unrealized gains and losses and expenses, other than class-specific expenses, are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day.
Transfer agency fees are class-specific expenses. The amount of the transfer agency fees charged to each share class of the Fund for the year ended June 30, 2024 are as follows:
| J.P. Morgan Preferred and Income Securities Fund | |
G. Federal Income Taxes— The Fund is treated as a separate taxable entity for Federal income tax purposes. The Fund's policy is to comply with the provisions of the Internal Revenue Code (the “Code”) applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Fund's tax positions for all open tax years and has determined that as of June 30, 2024, no liability for Federal income tax is required in the Fund's financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. The Fund's Federal tax returns for the prior three fiscal years, or since inception if shorter, remain subject to examination by the Internal Revenue Service.
H. Distributions to Shareholders— Distributions from net investment income, if any, are generally declared daily and paid at least monthly and are declared separately for each class. No class has preferential dividend rights; differences in per share rates are due to differences in separate class expenses. Net realized capital gains, if any, are distributed at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federal tax basis treatment.
The following amounts were reclassified within the capital accounts:
| | Accumulated
undistributed
(distributions in
excess of)
net investment
income | Accumulated
net realized
gains (losses) |
| | | |
The reclassifications for the Fund relate primarily to tax adjustments on certain investments.
3. Fees and Other Transactions with Affiliates
A. Investment Advisory Fee— Pursuant to an Investment Advisory Agreement, the Adviser manages the investments of the Fund and for such services is paid a fee. The investment advisory fee is accrued daily and paid monthly at an annual rate of 0.50% of the Fund's average daily net assets.
The Adviser waived investment advisory fees and/or reimbursed expenses as outlined in Note 3.F.
B. Administration Fee— Pursuant to an Administration Agreement, the Administrator provides certain administration services to the Fund. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.075% of the first $10 billion of the Fund's average daily net assets, plus 0.050% of the Fund's average daily net assets between $10 billion and $20 billion, plus 0.025% of the Fund's average daily net assets between $20 billion and $25 billion, plus 0.010% of the Fund's average daily net assets in excess of $25 billion. For the year ended June 30, 2024, the effective rate was 0.075% of the Fund's average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.
The Administrator waived administration fees as outlined in Note 3.F.
JPMorgan Chase Bank, N.A. ("JPMCB"), a wholly-owned subsidiary of JPMorgan, serves as the Fund's sub-administrator (the “Sub-administrator”). For its services as Sub-administrator, JPMCB receives a portion of the fees payable to the Administrator.
C. Distribution Fees— Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (“JPMDS”), an indirect, wholly-owned subsidiary of JPMorgan, serves as the Fund's principal underwriter and promotes and arranges for the sale of the Fund's shares.
The Board has adopted a Distribution Plan (the “Distribution Plan”) for Class A and Class C Shares of the Fund pursuant to Rule 12b-1 under the 1940 Act. Class I and Class R6 Shares of the Fund do not charge a distribution fee. The Distribution Plan provides that the Fund shall pay, with respect to the applicable share classes, distribution fees, including payments to JPMDS, at annual rates of the average daily net assets as shown in the table below:
The Distributor waived distribution fees as outlined in Note 3.F.
| J.P. Morgan Preferred and Income Securities Fund | |
NOTES TO FINANCIAL STATEMENTSAS OF June 30, 2024 (continued)
(Dollar values in thousands)
In addition, JPMDS is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the year ended June 30, 2024, JPMDS retained the following:
D. Service Fees— The Trust, on behalf of the Fund, has entered into a Shareholder Servicing Agreement with JPMDS under which JPMDS provides certain support services to fund shareholders. For performing these services, JPMDS receives a fee with respect to all share classes, except Class R6 Shares which do not charge a service fee, that is accrued daily and paid monthly equal to a percentage of the average daily net assets as shown in the table below:
JPMDS has entered into shareholder services contracts with affiliated and unaffiliated financial intermediaries who provide shareholder services and other related services to their clients or customers who invest in the Fund. Pursuant to such contracts, JPMDS will pay all or a portion of such fees earned to financial intermediaries for performing such services.
JPMDS waived service fees as outlined in Note 3.F.
E. Custodian and Accounting Fees— JPMCB provides portfolio custody and accounting services to the Fund. For performing these services, the Fund pays JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses. The amounts paid directly to JPMCB by the Fund for custody and accounting services are included in Custodian and accounting fees on the Statement of Operations.
Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the Statement of Operations.
Interest expense paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates on the Statement of Operations.
F. Waivers and Reimbursements—The Adviser, Administrator and/or JPMDS have contractually agreed to waive fees and/or reimburse the Fund to the extent that total annual operating expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, expenses related to trustee elections and extraordinary expenses) exceed the percentages of the Fund's respective average daily net assets as shown in the table below:
The expense limitation agreement was in effect for the year ended June 30, 2024 and are in place until at least October 31, 2024.
For the year ended June 30, 2024, the Fund's service providers waived fees and/or reimbursed expenses for the Fund as follows. None of these parties expect the Fund to repay any such waived fees and/or reimbursed expenses in future years.
Additionally, the Fund may invest in one or more money market funds advised by the Adviser (affiliated money market funds). The Adviser, Administrator and/or JPMDS, as shareholder servicing agent, have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the Fund’s investment in such affiliated money market fund, except for investments of securities lending cash collateral. None of these parties expect the Fund to repay any such waived fees and/or reimbursed expenses in future years.
The amounts of these waivers resulting from investments in these money market funds for the year ended June 30, 2024 was $22.
JPMIM voluntarily agreed to reimburse the Fund for the Trustee Fees paid to one of the interested Trustees. For the year ended June 30, 2024, the amount of this reimbursement was $1.
| J.P. Morgan Preferred and Income Securities Fund | |
G. Other— Certain officers of the Trust are affiliated with the Adviser, the Administrator and JPMDS. Such officers, with the exception of the Chief Compliance Officer, receive no compensation from the Fund for serving in their respective roles.
The Board designated and appointed a Chief Compliance Officer to the Fund pursuant to Rule 38a-1 under the 1940 Act. The Fund, along with affiliated funds, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the office of the Chief Compliance Officer. Such fees are included in Trustees’ and Chief Compliance Officer’s fees on the Statement of Operations.
The Trust adopted a Trustee Deferred Compensation Plan (the “Plan”) which allows the independent Trustees to defer the receipt of all or a portion of compensation related to performance of their duties as Trustees. The deferred fees are invested in various J.P. Morgan Funds until distribution in accordance with the Plan.
During the year ended June 30, 2024, the Fund purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.
The Securities and Exchange Commission ("SEC") has granted an exemptive order permitting the Fund to engage in principal transactions with J.P. Morgan Securities LLC, an affiliated broker, involving taxable money market instruments, subject to certain conditions.
4. Investment Transactions
During the year ended June 30, 2024, purchases and sales of investments (excluding short-term investments) were as follows:
| Purchases
(excluding
U.S. Government) | Sales
(excluding
U.S. Government) |
| | |
During the year ended June 30, 2024, there were no purchases or sales of U.S. Government securities.
5. Federal Income Tax Matters
For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at June 30, 2024 were as follows:
| | Gross
Unrealized
Appreciation | Gross
Unrealized
Depreciation | Net Unrealized
Appreciation
(Depreciation) |
| | | | |
The difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to tax adjustments on certain investments and wash sale loss deferrals.
The tax character of distributions paid during the year ended June 30, 2024 was as follows:
|
| Short-term gain distributions are treated as ordinary income for income tax purposes. |
The tax character of distributions paid during the period ended June 30, 2023 was as follows:
|
| Short-term gain distributions are treated as ordinary income for income tax purposes. |
| J.P. Morgan Preferred and Income Securities Fund | |
NOTES TO FINANCIAL STATEMENTSAS OF June 30, 2024 (continued)
(Dollar values in thousands)
As of June 30, 2024, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows:
| Current
Distributable
Ordinary
Income | Current
Distributable
Long-Term
Capital Gain
(Tax Basis Capital
Loss Carryover) | Unrealized
Appreciation
(Depreciation) |
| | | |
The cumulative timing differences primarily consist of tax adjustments on certain investments, dividends payable and wash sale loss deferrals.
As of June 30, 2024, the Fund had net capital loss carryforwards, which are available to offset future realized gains:
| Capital Loss Carryforward Character |
| |
| |
During the year ended June 30, 2024, the following Fund utilized capital loss carryforwards as follows:
The Fund relies upon an exemptive order granted by the SEC (the “Order”) permitting the establishment and operation of an Interfund Lending Facility (the “Facility”). The Facility allows the Fund to directly lend and borrow money to or from any other fund relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund's borrowing restrictions. The interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. The Order was granted to JPM II and may be relied upon by the Fund because the Fund and the series of JPM II are all investment companies in the same “group of investment companies” (as defined in Section 12(d)(1)(G) of the 1940 Act).
The Fund had no borrowings outstanding from another fund, or loans outstanding to another fund, during the year ended June 30, 2024.
The Trust and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Fund. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund's borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until October 29, 2024.
The Fund had no borrowings outstanding from the unsecured, uncommitted credit facility during the year ended June 30, 2024.
The Trust, along with certain other trusts for J.P. Morgan Funds (“Borrowers”), has entered into a joint syndicated senior unsecured revolving credit facility totaling $1.5 billion (“Credit Facility”) with various lenders and The Bank of New York Mellon, as administrative agent for the lenders. This Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Under the terms of the Credit Facility, a borrowing fund must have a minimum of $25 million in adjusted net asset value and not exceed certain adjusted net asset coverage ratios prior to and during the time in which any borrowings are outstanding. If a fund does not comply with the aforementioned requirements, the fund must remediate within three business days with respect to the $25 million minimum adjusted net asset value or within one business day with respect to certain asset coverage ratios or the administrative agent at the request of, or with the consent of, the lenders may terminate the Credit Facility and declare any outstanding borrowings to be due and payable immediately.
Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.00%, plus the greater on the day of the borrowing, of the federal funds effective rate, or the Adjusted Secured Overnight Financing Rate (SOFR). Effective August 6, 2024, the Credit Facility was amended and restated for a term of 364 days, unless extended.
The Fund did not utilize the Credit Facility during the year ended June 30, 2024.
| J.P. Morgan Preferred and Income Securities Fund | |
7. Risks, Concentrations and Indemnifications
In the normal course of business, the Fund enters into contracts that contain a variety of representations which provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be brought against the Fund. However, based on experience, the Fund expects the risk of loss to be remote.
As of June 30, 2024, the Fund had one individual shareholder and/or affiliated omnibus account, which owned 98.8% of the Fund's outstanding
shares.
Significant shareholder transactions by these shareholders may impact the Fund's performance and liquidity.
The Fund is subject to interest rate risk. Investments in bonds and other debt securities will change in value based on changes in interest rates. If rates increase, the value of these investments generally declines. Securities with greater interest rate sensitivity and longer maturities generally are subject to greater fluctuations in value. The Fund invests in variable and floating rate loans and other variable and floating rate securities. Although these investments are generally less sensitive to interest rate changes than fixed rate instruments, the value of floating rate loans and other securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates. The Fund may face a heightened level of interest rate risk due to certain changes in monetary policy. It is difficult to predict the pace at which central banks or monetary authorities may change interest rates or the timing, frequency, or magnitude of such changes. Any such changes could be sudden and could expose debt markets to significant volatility and reduced liquidity for Fund investments.
The Fund is subject to credit risk. The Fund's investments are subject to the risk that an issuer and/or a counterparty will fail to make payments when due or default completely. Prices of the Fund's investments may be adversely affected if any of the issuers or counterparties it is invested in are subject to an actual or perceived deterioration in their credit quality. Credit spreads may increase, which may reduce the market values of the Fund's securities. Credit spread risk is the risk that economic and market conditions or any actual or perceived credit deterioration may lead to an increase in the credit spreads (i.e. the difference in yield between two securities of similar maturity but different credit quality) and a decline in price of the issuer’s securities.
The Fund is subject to infectious disease epidemics/pandemics risk. The effects of any future pandemic or other global event to public health and business and market conditions, may have a significant negative impact on the performance of the Fund's investments, increase the Fund's volatility, exacerbate pre-existing political, social and economic risks to the Fund, and negatively impact broad segments of businesses and populations. In addition, governments, their regulatory agencies, or self-regulatory organizations have taken or may take actions in response to a pandemic or other global event that affect the instruments in which the Fund invests, or the issuers of such instruments, in ways that could have a significant negative impact on the Fund's investment performance. The ultimate impact of any pandemic or other global event and the extent to which the associated conditions and governmental responses impact the Fund will also depend on future developments, which are highly uncertain, difficult to accurately predict and subject to frequent changes.
The Fund may have elements of risk not typically associated with investments in the United States of America due to concentrated investments in a limited number of foreign countries or regions, which may vary throughout the year. Such concentrations may subject the Fund to additional risks resulting from political or economic conditions in such countries or regions and the possible imposition of adverse governmental laws or currency exchange restrictions could cause the securities and their markets to be less liquid and their prices to be more volatile than those of comparable U.S. securities.
As of June 30, 2024, the Fund had non-U.S. country allocations representing greater than 10% of total investments as follows:
The Fund invests in contingent convertible securities (“CoCos”) and is subject to additional risks from such investments. CoCos are hybrid debt securities that may be convertible into equity or may be written down if a pre-specified trigger event such as a decline in capital ratio below a prescribed threshold occurs. If such a trigger event occurs, the Fund may lose the principal amount invested on a permanent or temporary basis or the CoCo may be converted to equity. Even though the Fund does not invest in common stock as a principal investment strategy, the Fund will be subject to increased equity market risk in the event that such securities are converted to equity. In addition to being subject to a possible write-down upon the occurrence of a trigger event, CoCos may also be subject to a permanent write-down or conversion into equity (in whole or in part), if the applicable bank regulator or other public administrative authority having responsibility for managing the orderly dissolution of an institution has determined that the issuer is not viable. Coupon payments on CoCos may be discretionary and may be cancelled by the issuer. Holders of CoCos may suffer a loss of capital when comparable equity holders do not. As CoCos may be perpetual or have long-dated maturities, they may face greater
interest rate sensitivity and may be subject to greater fluctuations in value than securities with shorter maturity dates. Such securities also may be subject to prepayment risk due to optional or mandatory redemption provisions.
| J.P. Morgan Preferred and Income Securities Fund | |
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Trustees of JPMorgan Trust IV and Shareholders of JPMorgan Preferred and Income Securities Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of portfolio investments, of JPMorgan Preferred and Income Securities Fund (one of the funds constituting JPMorgan Trust IV, referred to hereafter as the “Fund”) as of June 30, 2024, the related statement of operations for the year ended June 30, 2024, the statement of changes in net assets for the year ended June 30, 2024, for the period March 1, 2023 through June 30, 2023, and for the period March 31, 2022 (commencement of operations) through February 28, 2023, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of June 30, 2024, the results of its operations for the year then ended, the changes in its net assets for the year ended June 30, 2024, for the period March 1, 2023 through June 30, 2023 and for the period March 31, 2022 (commencement of operations) through February 28, 2023, and the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of June 30, 2024 by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinion.
/s/ PricewaterhouseCoopers LLP
August 27, 2024
We have served as the auditor of one or more investment companies in the JPMorgan Funds complex since 1993.
| J.P. Morgan Preferred and Income Securities Fund | |
TAX LETTER(Unaudited)
(Dollar values in thousands)
Certain tax information for the J.P. Morgan Funds is required to be provided to shareholders based upon the Fund's income and distributions for the taxable year ended June 30, 2024. The information and distributions reported in this letter may differ from the information and taxable distributions reported to the shareholders for the calendar year ending December 31, 2024. The information necessary to complete your income tax returns for the calendar year ending December 31, 2024 will be provided under separate cover.
Dividends Received Deduction (DRD)
The Fund had 36.94%, or maximum allowable percentage, of ordinary income distributions eligible for the dividends received deduction for corporate shareholders for the fiscal year ended June 30, 2024.
Qualified Dividend Income (QDI)
The Fund had $32,185, or maximum allowable amount, of ordinary income distributions treated as qualified dividends for the fiscal year ended June 30, 2024.
| J.P. Morgan Preferred and Income Securities Fund | |
THIS PAGE IS INTENTIONALLY LEFT BLANK
THIS PAGE IS INTENTIONALLY LEFT BLANK
J.P. Morgan Funds are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the Fund.
Contact JPMorgan Distribution Services, Inc. at 1-800-480-4111 for a fund prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risk as well as charges and expenses of the mutual fund before investing. The prospectus contains this and other information about the mutual fund. Read the prospectus carefully before investing.
Investors may obtain information about the Securities Investor Protection Corporation (SIPC), including the SIPC brochure, by visiting www.sipc.org or by calling SIPC at 202-371-8300.
The Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC as an exhibit to its report on Form N-PORT. The Fund's Form N-PORT reports are available on the SEC’s website at http://www.sec.gov. The Fund's quarterly holdings can be found by visiting the J.P. Morgan Funds’ website at www.jpmorganfunds.com.
A description of the Fund's policies and procedures with respect to the disclosure of the Fund's holdings is available in the prospectuses and Statement of Additional Information.
A copy of proxy policies and procedures is available without charge upon request by calling 1-800-480-4111 and on the Fund's website at www.jpmorganfunds.com. A description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Fund to the Adviser. A copy of the Fund's voting record for the most recent 12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Fund's website at www.jpmorganfunds.com no later than August 31 of each year. The Fund's proxy voting record will include, among other things, a brief description of the matter voted on for each fund security, and will state how each vote was cast, for example, for or against the proposal.
J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.
© JPMorgan Chase & Co., 2024. All rights reserved. June 2024.
AN-FI-624
Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Proxy Disclosures for Open-End Management Investment Companies
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
Included in the Statement of Operations within the Fund’s Financial Statements.
Statement Regarding Basis for Approval of Investment Advisory Agreement and Subadvisory Agreement
Annual Report
J.P. Morgan Large Cap Funds
June 30, 2024
JPMorgan Equity Income Fund |
JPMorgan Equity Index Fund |
JPMorgan Equity Premium Income Fund |
JPMorgan Hedged Equity Fund |
JPMorgan Hedged Equity 2 Fund |
JPMorgan Hedged Equity 3 Fund |
JPMorgan Large Cap Growth Fund |
JPMorgan Large Cap Value Fund |
JPMorgan U.S. Applied Data Science Value Fund |
JPMorgan U.S. Equity Fund |
JPMorgan U.S. GARP Equity Fund |
JPMorgan U.S. Large Cap Core Plus Fund |
JPMorgan U.S. Research Enhanced Equity Fund |
JPMorgan U.S. Sustainable Leaders Fund |
|
CONTENTS
Investments in a Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money if you sell when a Fund’s share price is lower than when you invested.
Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of a Fund or the securities markets.
Prospective investors should refer to the Funds’ prospectuses for a discussion of the Funds’ investment objectives, strategies and risks. Call J.P. Morgan Funds Service Center at 1-800-480-4111 for a prospectus containing more complete information about a Fund, including management fees and other expenses. Please read it carefully before investing.
JPMorgan Equity Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024
| | |
|
Aerospace & Defense — 4.2% |
| | |
| | |
| | |
| | |
Air Freight & Logistics — 1.7% |
United Parcel Service, Inc., Class B | | |
|
| | |
PNC Financial Services Group, Inc. (The) | | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
|
| | |
|
| | |
| | |
| | |
Charles Schwab Corp. (The) | | |
| | |
| | |
| | |
|
Air Products and Chemicals, Inc. | | |
| | |
| | |
Commercial Services & Supplies — 0.6% |
| | |
|
| | |
Capital One Financial Corp. | | |
| | |
| | |
|
Consumer Staples Distribution & Retail — 2.4% |
| | |
| | |
| | |
Diversified Telecommunication Services — 0.6% |
Verizon Communications, Inc. | | |
Electric Utilities — 1.9% |
| | |
| | |
| | |
Electrical Equipment — 1.5% |
| | |
Electronic Equipment, Instruments & Components — 0.8% |
| | |
|
| | |
Mondelez International, Inc., Class A | | |
| | |
Ground Transportation — 3.0% |
| | |
| | |
| | |
Health Care Equipment & Supplies — 2.7% |
| | |
| | |
| | |
| | |
Health Care Providers & Services — 4.9% |
| | |
| | |
| | |
| | |
| | |
|
Alexandria Real Estate Equities, Inc. | | |
| | |
| | |
Hotels, Restaurants & Leisure — 1.2% |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
JPMorgan Equity Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024 (continued)
| | |
Common Stocks — continued |
Household Products — 1.5% |
Procter & Gamble Co. (The) | | |
|
| | |
|
| | |
| | |
Hartford Financial Services Group, Inc. (The) | | |
Marsh & McLennan Cos., Inc. | | |
| | |
| | |
Travelers Cos., Inc. (The) | | |
| | |
|
| | |
International Business Machines Corp. | | |
| | |
|
| | |
| | |
| | |
| | |
|
| | |
|
| | |
| | |
Public Service Enterprise Group, Inc. | | |
| | |
Oil, Gas & Consumable Fuels — 8.6% |
| | |
| | |
| | |
| | |
| | |
Personal Care Products — 0.5% |
| | |
|
| | |
| | |
| | |
| | |
|
Pharmaceuticals — continued |
| | |
| | |
| | |
|
AvalonBay Communities, Inc. | | |
Semiconductors & Semiconductor Equipment — 5.9% |
| | |
| | |
Microchip Technology, Inc. | | |
NXP Semiconductors NV (China) | | |
| | |
| | |
|
| | |
|
| | |
| | |
| | |
| | |
Technology Hardware, Storage & Peripherals — 1.2% |
| | |
Seagate Technology Holdings plc | | |
| | |
|
Philip Morris International, Inc. | | |
Total Common Stocks
(Cost $28,958,914) | | |
Short-Term Investments — 0.2% |
Investment Companies — 0.2% |
JPMorgan Prime Money Market Fund Class IM Shares, 5.39% (a) (b)
(Cost $75,282) | | |
Total Investments — 100.0%
(Cost $29,034,196) | | |
Other Assets Less Liabilities — 0.0% ^ | | |
| | |
Percentages indicated are based on net assets. |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
| |
| Real Estate Investment Trust |
| Amount rounds to less than 0.1% of net assets. |
| 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. | |
| The rate shown is the current yield as of June 30, 2024. | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
JPMorgan Equity Index Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024
| | |
|
Aerospace & Defense — 1.8% |
| | |
| | |
| | |
| | |
| | |
Huntington Ingalls Industries, Inc. | | |
L3Harris Technologies, Inc. | | |
| | |
| | |
| | |
| | |
| | |
| | |
Air Freight & Logistics — 0.4% |
CH Robinson Worldwide, Inc. | | |
Expeditors International of Washington, Inc. | | |
| | |
United Parcel Service, Inc., Class B | | |
| | |
Automobile Components — 0.1% |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
|
| | |
| | |
Citizens Financial Group, Inc. | | |
| | |
Huntington Bancshares, Inc. | | |
| | |
| | |
| | |
PNC Financial Services Group, Inc. (The) | | |
| | |
| | |
| | |
|
|
| | |
| | |
| | |
|
Brown-Forman Corp., Class B (b) | | |
| | |
Constellation Brands, Inc., Class A | | |
| | |
Molson Coors Beverage Co., Class B | | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
Regeneron Pharmaceuticals, Inc. * | | |
Vertex Pharmaceuticals, Inc. * | | |
| | |
|
| | |
| | |
| | |
| | |
|
| | |
| | |
Builders FirstSource, Inc. * | | |
| | |
Johnson Controls International plc | | |
| | |
| | |
| | |
|
Ameriprise Financial, Inc. | | |
Bank of New York Mellon Corp. (The) | | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | |
Common Stocks — continued |
Capital Markets — continued |
Cboe Global Markets, Inc. | | |
Charles Schwab Corp. (The) | | |
| | |
FactSet Research Systems, Inc. | | |
| | |
Goldman Sachs Group, Inc. (The) | | |
Intercontinental Exchange, Inc. | | |
| | |
| | |
MarketAxess Holdings, Inc. | | |
| | |
| | |
| | |
| | |
| | |
Raymond James Financial, Inc. | | |
| | |
| | |
T. Rowe Price Group, Inc. | | |
| | |
|
Air Products and Chemicals, Inc. | | |
| | |
| | |
CF Industries Holdings, Inc. | | |
| | |
| | |
| | |
| | |
| | |
| | |
International Flavors & Fragrances, Inc. | | |
| | |
LyondellBasell Industries NV, Class A | | |
| | |
| | |
Sherwin-Williams Co. (The) | | |
| | |
Commercial Services & Supplies — 0.6% |
| | |
| | |
| | |
| | |
| | |
|
Commercial Services & Supplies — continued |
| | |
| | |
| | |
Communications Equipment — 0.8% |
| | |
| | |
| | |
| | |
| | |
| | |
Construction & Engineering — 0.1% |
| | |
Construction Materials — 0.1% |
Martin Marietta Materials, Inc. | | |
| | |
| | |
|
| | |
Capital One Financial Corp. | | |
Discover Financial Services | | |
| | |
| | |
Consumer Staples Distribution & Retail — 1.9% |
| | |
| | |
| | |
| | |
| | |
| | |
Walgreens Boots Alliance, Inc. | | |
| | |
| | |
Containers & Packaging — 0.2% |
| | |
| | |
| | |
| | |
Packaging Corp. of America | | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
JPMorgan Equity Index Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024 (continued)
| | |
Common Stocks — continued |
|
| | |
| | |
| | |
| | |
Diversified Telecommunication Services — 0.7% |
| | |
Verizon Communications, Inc. | | |
| | |
Electric Utilities — 1.5% |
| | |
American Electric Power Co., Inc. | | |
Constellation Energy Corp. | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Pinnacle West Capital Corp. (b) | | |
| | |
| | |
| | |
| | |
Electrical Equipment — 0.7% |
| | |
| | |
| | |
| | |
| | |
| | |
Rockwell Automation, Inc. | | |
| | |
Electronic Equipment, Instruments & Components — 0.6% |
| | |
| | |
| | |
| | |
Keysight Technologies, Inc. * | | |
| | |
|
Electronic Equipment, Instruments & Components — continued |
| | |
Teledyne Technologies, Inc. * | | |
| | |
Zebra Technologies Corp., Class A * | | |
| | |
Energy Equipment & Services — 0.3% |
| | |
| | |
| | |
| | |
|
| | |
Live Nation Entertainment, Inc. * | | |
| | |
Take-Two Interactive Software, Inc. * | | |
| | |
Warner Bros Discovery, Inc. * | | |
| | |
Financial Services — 3.8% |
Berkshire Hathaway, Inc., Class B * | | |
| | |
Fidelity National Information Services, Inc. | | |
| | |
| | |
Jack Henry & Associates, Inc. | | |
Mastercard, Inc., Class A | | |
| | |
| | |
| | |
|
Archer-Daniels-Midland Co. | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Lamb Weston Holdings, Inc. | | |
McCormick & Co., Inc. (Non-Voting) | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | |
Common Stocks — continued |
Food Products — continued |
Mondelez International, Inc., Class A | | |
Tyson Foods, Inc., Class A | | |
| | |
|
| | |
Ground Transportation — 1.0% |
| | |
JB Hunt Transport Services, Inc. | | |
| | |
Old Dominion Freight Line, Inc. | | |
Uber Technologies, Inc. * | | |
| | |
| | |
Health Care Equipment & Supplies — 2.4% |
| | |
| | |
Baxter International, Inc. | | |
| | |
Boston Scientific Corp. * | | |
| | |
| | |
Edwards Lifesciences Corp. * | | |
GE HealthCare Technologies, Inc. | | |
| | |
IDEXX Laboratories, Inc. * | | |
| | |
Intuitive Surgical, Inc. * | | |
| | |
| | |
| | |
| | |
| | |
| | |
Zimmer Biomet Holdings, Inc. | | |
| | |
Health Care Providers & Services — 2.4% |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
Health Care Providers & Services — continued |
| | |
| | |
| | |
| | |
| | |
| | |
Molina Healthcare, Inc. * | | |
| | |
| | |
Universal Health Services, Inc., Class B | | |
| | |
|
Alexandria Real Estate Equities, Inc. | | |
Healthpeak Properties, Inc. | | |
| | |
| | |
| | |
Hotel & Resort REITs — 0.0% ^ |
Host Hotels & Resorts, Inc. | | |
Hotels, Restaurants & Leisure — 1.9% |
| | |
| | |
Caesars Entertainment, Inc. * | | |
| | |
Chipotle Mexican Grill, Inc. * | | |
| | |
| | |
| | |
Hilton Worldwide Holdings, Inc. | | |
| | |
Marriott International, Inc., Class A | | |
| | |
MGM Resorts International * | | |
Norwegian Cruise Line Holdings Ltd. * | | |
Royal Caribbean Cruises Ltd. * | | |
| | |
| | |
| | |
| | |
Household Durables — 0.3% |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
JPMorgan Equity Index Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024 (continued)
| | |
Common Stocks — continued |
Household Durables — continued |
| | |
Mohawk Industries, Inc. * | | |
| | |
| | |
| | |
Household Products — 1.2% |
Church & Dwight Co., Inc. | | |
| | |
| | |
| | |
Procter & Gamble Co. (The) | | |
| | |
Independent Power and Renewable Electricity Producers — 0.1% |
| | |
| | |
| | |
Industrial Conglomerates — 0.4% |
| | |
Honeywell International, Inc. | | |
| | |
|
| | |
|
| | |
| | |
American International Group, Inc. | | |
| | |
Arch Capital Group Ltd. * | | |
| | |
| | |
| | |
| | |
Cincinnati Financial Corp. | | |
| | |
| | |
Hartford Financial Services Group, Inc. (The) | | |
| | |
Marsh & McLennan Cos., Inc. | | |
| | |
Principal Financial Group, Inc. | | |
| | |
| | |
|
|
Prudential Financial, Inc. | | |
Travelers Cos., Inc. (The) | | |
| | |
| | |
| | |
Interactive Media & Services — 6.7% |
| | |
| | |
| | |
Meta Platforms, Inc., Class A | | |
| | |
|
| | |
Akamai Technologies, Inc. * | | |
Cognizant Technology Solutions Corp., Class A | | |
| | |
| | |
| | |
International Business Machines Corp. | | |
| | |
| | |
Leisure Products — 0.0% ^ |
| | |
Life Sciences Tools & Services — 1.2% |
Agilent Technologies, Inc. | | |
Bio-Rad Laboratories, Inc., Class A * | | |
| | |
Charles River Laboratories International, Inc. * | | |
| | |
| | |
Mettler-Toledo International, Inc. * | | |
| | |
Thermo Fisher Scientific, Inc. | | |
| | |
West Pharmaceutical Services, Inc. | | |
| | |
|
| | |
| | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | |
Common Stocks — continued |
|
| | |
| | |
Illinois Tool Works, Inc. | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Stanley Black & Decker, Inc. | | |
Westinghouse Air Brake Technologies Corp. | | |
| | |
| | |
|
Charter Communications, Inc., Class A * (b) | | |
| | |
| | |
| | |
Interpublic Group of Cos., Inc. (The) | | |
| | |
| | |
| | |
Paramount Global, Class B (b) | | |
| | |
|
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
Consolidated Edison, Inc. | | |
| | |
| | |
| | |
Public Service Enterprise Group, Inc. | | |
| | |
|
Multi-Utilities — continued |
| | |
| | |
| | |
|
| | |
Oil, Gas & Consumable Fuels — 3.4% |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Occidental Petroleum Corp. | | |
| | |
| | |
| | |
| | |
Williams Cos., Inc. (The) | | |
| | |
Passenger Airlines — 0.2% |
American Airlines Group, Inc. * (b) | | |
| | |
| | |
United Airlines Holdings, Inc. * | | |
| | |
Personal Care Products — 0.1% |
Estee Lauder Cos., Inc. (The), Class A | | |
| | |
| | |
|
| | |
| | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
JPMorgan Equity Index Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024 (continued)
| | |
Common Stocks — continued |
Pharmaceuticals — continued |
| | |
| | |
| | |
| | |
| | |
Professional Services — 0.6% |
Automatic Data Processing, Inc. | | |
Broadridge Financial Solutions, Inc. | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Real Estate Management & Development — 0.1% |
CBRE Group, Inc., Class A * | | |
| | |
| | |
|
AvalonBay Communities, Inc. | | |
| | |
| | |
Essex Property Trust, Inc. | | |
| | |
Mid-America Apartment Communities, Inc. | | |
| | |
| | |
|
Federal Realty Investment Trust | | |
| | |
| | |
| | |
Simon Property Group, Inc. | | |
| | |
Semiconductors & Semiconductor Equipment — 12.0% |
Advanced Micro Devices, Inc. * | | |
| | |
| | |
| | |
| | |
|
Semiconductors & Semiconductor Equipment — continued |
| | |
| | |
| | |
| | |
| | |
Microchip Technology, Inc. | | |
| | |
Monolithic Power Systems, Inc. | | |
| | |
NXP Semiconductors NV (China) | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
Cadence Design Systems, Inc. * | | |
Crowdstrike Holdings, Inc., Class A * | | |
| | |
| | |
| | |
| | |
| | |
| | |
Palo Alto Networks, Inc. * | | |
| | |
| | |
| | |
| | |
| | |
Tyler Technologies, Inc. * | | |
| | |
|
| | |
| | |
Digital Realty Trust, Inc. | | |
| | |
Extra Space Storage, Inc. | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | |
Common Stocks — continued |
Specialized REITs — continued |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
O'Reilly Automotive, Inc. * | | |
| | |
| | |
| | |
| | |
| | |
Technology Hardware, Storage & Peripherals — 7.0% |
| | |
Hewlett Packard Enterprise Co. | | |
| | |
| | |
Seagate Technology Holdings plc | | |
Super Micro Computer, Inc. * | | |
| | |
| | |
Textiles, Apparel & Luxury Goods — 0.4% |
| | |
Lululemon Athletica, Inc. * | | |
| | |
| | |
| | |
| | |
|
| | |
Philip Morris International, Inc. | | |
| | |
Trading Companies & Distributors — 0.3% |
| | |
| | |
|
Trading Companies & Distributors — continued |
| | |
| | |
| | |
|
American Water Works Co., Inc. | | |
Wireless Telecommunication Services — 0.2% |
| | |
Total Common Stocks
(Cost $4,065,284) | | |
| | |
|
Health Care Equipment & Supplies — 0.0% ^ |
ABIOMED, Inc., CVR ‡ *
(Cost $10) | | |
| | |
Short-Term Investments — 0.4% |
Investment Companies — 0.3% |
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 5.16% (c) (d)
(Cost $31,098) | | |
Investment of Cash Collateral from Securities Loaned — 0.1% |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.39% (c) (d) | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (c) (d) | | |
Total Investment of Cash Collateral from Securities Loaned
(Cost $12,475) | | |
Total Short-Term Investments
(Cost $43,573) | | |
Total Investments — 100.1%
(Cost $4,108,867) | | |
Liabilities in Excess of Other Assets — (0.1)% | | |
| | |
Percentages indicated are based on net assets. |
SEE NOTES TO FINANCIAL STATEMENTS.
JPMorgan Equity Index Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024 (continued)
| |
| |
| Real Estate Investment Trust |
| Amount rounds to less than 0.1% of net assets. |
| Value determined using significant unobservable inputs. | |
| Non-income producing security. | |
| Investment in affiliate. This security is included in an index in which the Fund, as an index fund, tracks. | |
| The security or a portion of this security is on loan at June 30, 2024. The total value of securities on loan at June 30, 2024 is $12,230. | |
| Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |
| The rate shown is the current yield as of June 30, 2024. | |
Futures contracts outstanding as of June 30, 2024 (amounts in thousands, except number of contracts):
| | | | | VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($) |
| | | | | |
| | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
JPMorgan Equity Premium Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024
| | |
|
Aerospace & Defense — 1.1% |
| | |
| | |
| | |
| | |
Air Freight & Logistics — 1.4% |
| | |
United Parcel Service, Inc., Class B | | |
| | |
|
| | |
|
| | |
| | |
| | |
| | |
|
| | |
Regeneron Pharmaceuticals, Inc. * | | |
Vertex Pharmaceuticals, Inc. * | | |
| | |
|
| | |
|
| | |
| | |
| | |
|
Ameriprise Financial, Inc. | | |
| | |
Intercontinental Exchange, Inc. | | |
| | |
|
| | |
| | |
LyondellBasell Industries NV, Class A | | |
| | |
| | |
|
Commercial Services & Supplies — 0.2% |
| | |
| | |
| | |
Communications Equipment — 0.2% |
| | |
|
| | |
Consumer Staples Distribution & Retail — 1.9% |
| | |
| | |
| | |
Electric Utilities — 2.8% |
| | |
| | |
| | |
| | |
Electrical Equipment — 1.5% |
| | |
| | |
| | |
| | |
Electronic Equipment, Instruments & Components — 0.3% |
Keysight Technologies, Inc. * | | |
Financial Services — 5.3% |
Berkshire Hathaway, Inc., Class B * | | |
| | |
| | |
Jack Henry & Associates, Inc. | | |
Mastercard, Inc., Class A | | |
| | |
| | |
|
Mondelez International, Inc., Class A | | |
Ground Transportation — 1.2% |
| | |
Old Dominion Freight Line, Inc. | | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
JPMorgan Equity Premium Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024 (continued)
| | |
Common Stocks — continued |
Health Care Equipment & Supplies — 2.3% |
| | |
Boston Scientific Corp. * | | |
| | |
| | |
| | |
Health Care Providers & Services — 1.7% |
| | |
| | |
| | |
|
| | |
Hotels, Restaurants & Leisure — 2.9% |
| | |
Chipotle Mexican Grill, Inc. * | | |
| | |
| | |
| | |
Household Products — 1.8% |
Church & Dwight Co., Inc. | | |
Procter & Gamble Co. (The) | | |
| | |
Industrial Conglomerates — 1.4% |
Honeywell International, Inc. | | |
|
| | |
|
| | |
| | |
| | |
| | |
Travelers Cos., Inc. (The) | | |
| | |
Interactive Media & Services — 3.2% |
| | |
Meta Platforms, Inc., Class A | | |
| | |
|
| | |
| | |
|
|
Cognizant Technology Solutions Corp., Class A | | |
| | |
| | |
Life Sciences Tools & Services — 1.6% |
| | |
Thermo Fisher Scientific, Inc. | | |
| | |
|
| | |
| | |
| | |
| | |
| | |
|
| | |
|
| | |
| | |
| | |
Public Service Enterprise Group, Inc. | | |
| | |
Oil, Gas & Consumable Fuels — 3.2% |
| | |
| | |
| | |
| | |
Personal Care Products — 0.2% |
| | |
|
| | |
| | |
| | |
| | |
| | |
Professional Services — 0.3% |
| | |
Semiconductors & Semiconductor Equipment — 5.6% |
| | |
ASML Holding NV (Registered), NYRS (Netherlands) | | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
| | |
Common Stocks — continued |
Semiconductors & Semiconductor Equipment — continued |
| | |
NXP Semiconductors NV (China) | | |
| | |
| | |
|
Cadence Design Systems, Inc. * | | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
|
| | |
Burlington Stores, Inc. * | | |
| | |
| | |
| | |
| | |
Technology Hardware, Storage & Peripherals — 1.1% |
| | |
Seagate Technology Holdings plc | | |
| | |
|
| | |
Philip Morris International, Inc. | | |
| | |
Trading Companies & Distributors — 0.5% |
| | |
| | |
| | |
Total Common Stocks
(Cost $4,322,696) | | |
| | |
Equity-Linked Notes — 13.6% |
Bank of Nova Scotia (The), ELN, 40.87%, 8/6/2024, (linked to S&P 500 Index) (Canada) (a) | | |
BNP Paribas, ELN, 37.76%, 7/23/2024, (linked to S&P 500 Index) (a) | | |
BNP Paribas, ELN, 41.46%, 7/5/2024, (linked to S&P 500 Index) (a) | | |
BNP Paribas, ELN, 42.30%, 7/16/2024, (linked to S&P 500 Index) (a) | | |
BNP Paribas, ELN, 43.50%, 7/9/2024, (linked to S&P 500 Index) (a) | | |
BofA Finance LLC, ELN, 35.60%, 7/8/2024, (linked to S&P 500 Index) (a) | | |
BofA Finance LLC, ELN, 39.10%, 7/26/2024, (linked to S&P 500 Index) (a) | | |
BofA Finance LLC, ELN, 39.50%, 7/19/2024, (linked to S&P 500 Index) (a) | | |
BofA Finance LLC, ELN, 42.94%, 7/12/2024, (linked to S&P 500 Index) (a) | | |
GS Finance Corp., ELN, 41.77%, 7/15/2024, (linked to S&P 500 Index) (a) | | |
Royal Bank of Canada, ELN, 41.92%, 8/2/2024, (linked to S&P 500 Index) (Canada) (a) | | |
Royal Bank of Canada, ELN, 42.28%, 8/5/2024, (linked to S&P 500 Index) (Canada) (a) | | |
Societe Generale SA, ELN, 39.41%, 7/22/2024, (linked to S&P 500 Index) (France) (a) | | |
Societe Generale SA, ELN, 39.97%, 7/29/2024, (linked to S&P 500 Index) (France) (a) | | |
Societe Generale SA, ELN, 43.44%, 7/30/2024, (linked to S&P 500 Index) (a) | | |
Total Equity-Linked Notes
(Cost $857,963) | | |
Total Investments — 99.5%
(Cost $5,180,659) | | |
Other Assets Less Liabilities — 0.5% | | |
| | |
Percentages indicated are based on net assets. |
| |
| |
| |
| Real Estate Investment Trust |
| Non-income producing security. |
| Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
JPMorgan Equity Premium Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024 (continued)
Futures contracts outstanding as of June 30, 2024 (amounts in thousands, except number of contracts):
| | | | | VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($) |
| | | | | |
| | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
JPMorgan Hedged Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024
| | |
|
Aerospace & Defense — 1.2% |
| | |
| | |
| | |
| | |
| | |
| | |
Air Freight & Logistics — 0.9% |
| | |
United Parcel Service, Inc., Class B | | |
| | |
Automobile Components — 0.1% |
| | |
|
| | |
|
Bank of America Corp. (a) | | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
|
| | |
| | |
BioMarin Pharmaceutical, Inc. * | | |
Neurocrine Biosciences, Inc. * | | |
Regeneron Pharmaceuticals, Inc. * | | |
Sarepta Therapeutics, Inc. * | | |
Vertex Pharmaceuticals, Inc. * | | |
| | |
|
| | |
|
| | |
| | |
|
Building Products — continued |
| | |
| | |
| | |
|
Ameriprise Financial, Inc. | | |
Charles Schwab Corp. (The) | | |
| | |
Goldman Sachs Group, Inc. (The) | | |
Intercontinental Exchange, Inc. | | |
| | |
| | |
|
| | |
| | |
| | |
LyondellBasell Industries NV, Class A | | |
| | |
| | |
Commercial Services & Supplies — 0.1% |
| | |
Communications Equipment — 0.1% |
| | |
Construction Materials — 0.1% |
Martin Marietta Materials, Inc. | | |
Consumer Staples Distribution & Retail — 0.8% |
Costco Wholesale Corp. (a) | | |
|
| | |
Electric Utilities — 2.0% |
| | |
| | |
| | |
| | |
| | |
Electrical Equipment — 0.6% |
| | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
JPMorgan Hedged Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024 (continued)
| | |
Common Stocks — continued |
Electronic Equipment, Instruments & Components — 0.2% |
| | |
| | |
| | |
Energy Equipment & Services — 0.1% |
| | |
|
| | |
Warner Music Group Corp., Class A | | |
| | |
Financial Services — 4.5% |
Berkshire Hathaway, Inc., Class B * (a) | | |
| | |
| | |
Fidelity National Information Services, Inc. | | |
Mastercard, Inc., Class A (a) | | |
| | |
| | |
|
Mondelez International, Inc., Class A (a) | | |
Ground Transportation — 1.2% |
| | |
Uber Technologies, Inc. * | | |
| | |
| | |
Health Care Equipment & Supplies — 2.0% |
Baxter International, Inc. | | |
| | |
Boston Scientific Corp. * | | |
| | |
| | |
| | |
| | |
Health Care Providers & Services — 2.4% |
| | |
| | |
| | |
| | |
UnitedHealth Group, Inc. (a) | | |
| | |
| | |
|
|
| | |
| | |
| | |
Hotels, Restaurants & Leisure — 2.9% |
| | |
Chipotle Mexican Grill, Inc. * | | |
| | |
Hilton Worldwide Holdings, Inc. | | |
| | |
Royal Caribbean Cruises Ltd. * | | |
| | |
| | |
Household Durables — 0.2% |
| | |
| | |
| | |
Household Products — 0.5% |
Church & Dwight Co., Inc. | | |
Procter & Gamble Co. (The) (a) | | |
| | |
Independent Power and Renewable Electricity Producers — 0.1% |
| | |
Industrial Conglomerates — 1.0% |
Honeywell International, Inc. (a) | | |
|
| | |
|
| | |
| | |
| | |
Principal Financial Group, Inc. | | |
| | |
Travelers Cos., Inc. (The) | | |
| | |
Interactive Media & Services — 6.7% |
Alphabet, Inc., Class A (a) | | |
| | |
Meta Platforms, Inc., Class A (a) | | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
| | |
Common Stocks — continued |
|
| | |
Cognizant Technology Solutions Corp., Class A | | |
| | |
Life Sciences Tools & Services — 1.3% |
| | |
Thermo Fisher Scientific, Inc. (a) | | |
| | |
|
| | |
| | |
| | |
| | |
|
Charter Communications, Inc., Class A * | | |
| | |
Liberty Media Corp-Liberty SiriusXM, Class A * | | |
| | |
|
| | |
|
| | |
Oil, Gas & Consumable Fuels — 3.5% |
| | |
| | |
| | |
| | |
| | |
| | |
Passenger Airlines — 0.1% |
| | |
Personal Care Products — 0.3% |
Estee Lauder Cos., Inc. (The), Class A | | |
| | |
| | |
|
Bristol-Myers Squibb Co. (a) | | |
| | |
| | |
|
Pharmaceuticals — continued |
| | |
| | |
| | |
Professional Services — 0.3% |
| | |
|
Equity LifeStyle Properties, Inc. | | |
Semiconductors & Semiconductor Equipment — 12.1% |
Advanced Micro Devices, Inc. * (a) | | |
| | |
| | |
| | |
| | |
| | |
NXP Semiconductors NV (China) | | |
| | |
Texas Instruments, Inc. (a) | | |
| | |
|
| | |
Cadence Design Systems, Inc. * | | |
| | |
| | |
| | |
| | |
| | |
|
Digital Realty Trust, Inc. | | |
| | |
| | |
|
| | |
| | |
| | |
Burlington Stores, Inc. * | | |
| | |
O'Reilly Automotive, Inc. * | | |
| | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
JPMorgan Hedged Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024 (continued)
| | |
Common Stocks — continued |
Technology Hardware, Storage & Peripherals — 7.5% |
| | |
Hewlett Packard Enterprise Co. | | |
Seagate Technology Holdings plc | | |
| | |
| | |
|
| | |
Philip Morris International, Inc. | | |
| | |
Trading Companies & Distributors — 0.2% |
| | |
Wireless Telecommunication Services — 0.3% |
| | |
Total Common Stocks
(Cost $10,871,001) | | |
| | |
|
Put Options Purchased — 0.8% |
| | |
9/30/2024 at USD 5,170.00, European Style | | |
Notional Amount: USD 19,640,254 | | |
Counterparty: Exchange-Traded *
(Cost $151,641) | | |
| | |
Short-Term Investments — 2.6% |
Investment Companies — 2.6% |
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 5.16% (b) (c)
(Cost $518,872) | | |
Total Investments — 100.5%
(Cost $11,541,514) | | |
Liabilities in Excess of Other Assets — (0.5)% | | |
| | |
Percentages indicated are based on net assets. |
| |
| Real Estate Investment Trust |
| |
| Non-income producing security. |
| All or a portion of the security is segregated for options written. |
| Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
| The rate shown is the current yield as of June 30, 2024. |
Futures contracts outstanding as of June 30, 2024 (amounts in thousands, except number of contracts):
| | | | | VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($) |
| | | | | |
| | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
Written Call Options Contracts as of June 30, 2024 (amounts in thousands, except number of contracts):
|
| | | | | | |
| | | | | | |
Written Put Options Contracts as of June 30, 2024 (amounts in thousands, except number of contracts):
|
| | | | | | |
| | | | | | |
Total Written Options Contracts (Premiums Received $156,317) | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
JPMorgan Hedged Equity 2 Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024
| | |
|
Aerospace & Defense — 1.2% |
| | |
| | |
| | |
| | |
| | |
| | |
Air Freight & Logistics — 1.0% |
| | |
United Parcel Service, Inc., Class B | | |
| | |
Automobile Components — 0.1% |
| | |
|
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
|
| | |
| | |
BioMarin Pharmaceutical, Inc. * | | |
Neurocrine Biosciences, Inc. * | | |
Regeneron Pharmaceuticals, Inc. * | | |
Sarepta Therapeutics, Inc. * | | |
Vertex Pharmaceuticals, Inc. * | | |
| | |
|
| | |
|
| | |
| | |
|
Building Products — continued |
| | |
| | |
| | |
|
Ameriprise Financial, Inc. | | |
Charles Schwab Corp. (The) | | |
| | |
Goldman Sachs Group, Inc. (The) | | |
Intercontinental Exchange, Inc. | | |
| | |
| | |
|
| | |
| | |
| | |
LyondellBasell Industries NV, Class A | | |
| | |
| | |
Commercial Services & Supplies — 0.1% |
| | |
Communications Equipment — 0.1% |
| | |
Construction Materials — 0.1% |
Martin Marietta Materials, Inc. | | |
Consumer Staples Distribution & Retail — 0.9% |
| | |
|
| | |
Electric Utilities — 2.1% |
| | |
| | |
| | |
| | |
| | |
Electrical Equipment — 0.6% |
| | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
| | |
Common Stocks — continued |
Electronic Equipment, Instruments & Components — 0.2% |
| | |
| | |
| | |
Energy Equipment & Services — 0.1% |
| | |
|
| | |
Warner Music Group Corp., Class A | | |
| | |
Financial Services — 4.7% |
Berkshire Hathaway, Inc., Class B * (a) | | |
| | |
| | |
Fidelity National Information Services, Inc. | | |
Mastercard, Inc., Class A (a) | | |
| | |
| | |
|
Mondelez International, Inc., Class A | | |
Ground Transportation — 1.2% |
| | |
Uber Technologies, Inc. * | | |
| | |
| | |
Health Care Equipment & Supplies — 2.1% |
Baxter International, Inc. | | |
| | |
Boston Scientific Corp. * | | |
| | |
| | |
| | |
| | |
Health Care Providers & Services — 2.5% |
| | |
| | |
| | |
| | |
UnitedHealth Group, Inc. (a) | | |
| | |
| | |
|
|
| | |
| | |
| | |
Hotels, Restaurants & Leisure — 3.0% |
| | |
Chipotle Mexican Grill, Inc. * | | |
| | |
Hilton Worldwide Holdings, Inc. | | |
| | |
Royal Caribbean Cruises Ltd. * | | |
| | |
| | |
Household Durables — 0.2% |
| | |
| | |
| | |
Household Products — 0.5% |
Church & Dwight Co., Inc. | | |
Procter & Gamble Co. (The) | | |
| | |
Independent Power and Renewable Electricity Producers — 0.1% |
| | |
Industrial Conglomerates — 1.0% |
Honeywell International, Inc. | | |
|
| | |
|
| | |
| | |
| | |
Principal Financial Group, Inc. | | |
| | |
Travelers Cos., Inc. (The) | | |
| | |
Interactive Media & Services — 7.1% |
| | |
| | |
Meta Platforms, Inc., Class A | | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
JPMorgan Hedged Equity 2 Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024 (continued)
| | |
Common Stocks — continued |
|
| | |
Cognizant Technology Solutions Corp., Class A | | |
| | |
Life Sciences Tools & Services — 1.4% |
| | |
Thermo Fisher Scientific, Inc. | | |
| | |
|
| | |
| | |
| | |
| | |
|
Charter Communications, Inc., Class A * | | |
| | |
Liberty Media Corp-Liberty SiriusXM, Class A * | | |
| | |
|
| | |
|
| | |
Oil, Gas & Consumable Fuels — 3.6% |
| | |
| | |
| | |
| | |
| | |
| | |
Passenger Airlines — 0.2% |
| | |
Personal Care Products — 0.3% |
Estee Lauder Cos., Inc. (The), Class A | | |
| | |
| | |
|
| | |
| | |
| | |
|
Pharmaceuticals — continued |
| | |
| | |
| | |
Professional Services — 0.3% |
| | |
|
Equity LifeStyle Properties, Inc. | | |
Semiconductors & Semiconductor Equipment — 12.7% |
Advanced Micro Devices, Inc. * | | |
| | |
| | |
| | |
| | |
| | |
NXP Semiconductors NV (China) | | |
| | |
| | |
| | |
|
| | |
Cadence Design Systems, Inc. * | | |
| | |
| | |
| | |
| | |
| | |
|
Digital Realty Trust, Inc. | | |
| | |
| | |
|
| | |
| | |
| | |
Burlington Stores, Inc. * | | |
| | |
O'Reilly Automotive, Inc. * | | |
| | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
| | |
Common Stocks — continued |
Technology Hardware, Storage & Peripherals — 7.8% |
| | |
Hewlett Packard Enterprise Co. | | |
Seagate Technology Holdings plc | | |
| | |
| | |
|
| | |
Philip Morris International, Inc. | | |
| | |
Trading Companies & Distributors — 0.2% |
| | |
Wireless Telecommunication Services — 0.3% |
| | |
Total Common Stocks
(Cost $3,365,694) | | |
| | |
Options Purchased — 0.0% ^ |
Put Options Purchased — 0.0% ^ |
| | |
7/31/2024 at USD 4,765.00, European Style | | |
Notional Amount: USD 4,922,077 | | |
Counterparty: Exchange-Traded *
(Cost $43,394) | | |
| | |
Short-Term Investments — 2.1% |
Investment Companies — 2.1% |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (b) (c)
(Cost $97,567) | | |
Total Investments — 103.6%
(Cost $3,506,655) | | |
Liabilities in Excess of Other Assets — (3.6)% | | |
| | |
Percentages indicated are based on net assets. |
| |
| Real Estate Investment Trust |
| |
| Amount rounds to less than 0.1% of net assets. |
| Non-income producing security. | |
| All or a portion of the security is segregated for options written. | |
| Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |
| The rate shown is the current yield as of June 30, 2024. | |
Futures contracts outstanding as of June 30, 2024 (amounts in thousands, except number of contracts):
| | | | | VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($) |
| | | | | |
| | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
JPMorgan Hedged Equity 2 Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024 (continued)
Written Call Options Contracts as of June 30, 2024 (amounts in thousands, except number of contracts):
|
| | | | | | |
| | | | | | |
Written Put Options Contracts as of June 30, 2024 (amounts in thousands, except number of contracts):
|
| | | | | | |
| | | | | | |
Total Written Options Contracts (Premiums Received $45,664) | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
JPMorgan Hedged Equity 3 Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024
| | |
|
Aerospace & Defense — 1.2% |
| | |
| | |
| | |
| | |
| | |
| | |
Air Freight & Logistics — 1.0% |
| | |
United Parcel Service, Inc., Class B | | |
| | |
Automobile Components — 0.1% |
| | |
|
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
|
| | |
| | |
BioMarin Pharmaceutical, Inc. * | | |
Neurocrine Biosciences, Inc. * | | |
Regeneron Pharmaceuticals, Inc. * | | |
Sarepta Therapeutics, Inc. * | | |
Vertex Pharmaceuticals, Inc. * | | |
| | |
|
| | |
|
| | |
| | |
|
Building Products — continued |
| | |
| | |
| | |
|
Ameriprise Financial, Inc. | | |
Charles Schwab Corp. (The) | | |
| | |
Goldman Sachs Group, Inc. (The) | | |
Intercontinental Exchange, Inc. | | |
| | |
| | |
|
| | |
| | |
| | |
LyondellBasell Industries NV, Class A | | |
| | |
| | |
Commercial Services & Supplies — 0.1% |
| | |
Communications Equipment — 0.1% |
| | |
Construction Materials — 0.1% |
Martin Marietta Materials, Inc. | | |
Consumer Staples Distribution & Retail — 0.9% |
| | |
|
| | |
Electric Utilities — 2.0% |
| | |
| | |
| | |
| | |
| | |
Electrical Equipment — 0.6% |
| | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
JPMorgan Hedged Equity 3 Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024 (continued)
| | |
Common Stocks — continued |
Electronic Equipment, Instruments & Components — 0.2% |
| | |
| | |
| | |
Energy Equipment & Services — 0.1% |
| | |
|
| | |
Warner Music Group Corp., Class A | | |
| | |
Financial Services — 4.6% |
Berkshire Hathaway, Inc., Class B * | | |
| | |
| | |
Fidelity National Information Services, Inc. | | |
Mastercard, Inc., Class A (a) | | |
| | |
| | |
|
Mondelez International, Inc., Class A | | |
Ground Transportation — 1.2% |
| | |
Uber Technologies, Inc. * | | |
| | |
| | |
Health Care Equipment & Supplies — 2.0% |
Baxter International, Inc. | | |
| | |
Boston Scientific Corp. * | | |
| | |
| | |
| | |
| | |
Health Care Providers & Services — 2.5% |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
|
| | |
| | |
| | |
Hotels, Restaurants & Leisure — 3.0% |
| | |
Chipotle Mexican Grill, Inc. * | | |
| | |
Hilton Worldwide Holdings, Inc. | | |
| | |
Royal Caribbean Cruises Ltd. * | | |
| | |
| | |
Household Durables — 0.2% |
| | |
| | |
| | |
Household Products — 0.5% |
Church & Dwight Co., Inc. | | |
Procter & Gamble Co. (The) | | |
| | |
Independent Power and Renewable Electricity Producers — 0.1% |
| | |
Industrial Conglomerates — 1.0% |
Honeywell International, Inc. | | |
|
| | |
|
| | |
| | |
| | |
Principal Financial Group, Inc. | | |
| | |
Travelers Cos., Inc. (The) | | |
| | |
Interactive Media & Services — 6.9% |
| | |
| | |
Meta Platforms, Inc., Class A | | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
| | |
Common Stocks — continued |
|
| | |
Cognizant Technology Solutions Corp., Class A | | |
| | |
Life Sciences Tools & Services — 1.4% |
| | |
Thermo Fisher Scientific, Inc. | | |
| | |
|
| | |
| | |
| | |
| | |
|
Charter Communications, Inc., Class A * | | |
| | |
Liberty Media Corp-Liberty SiriusXM, Class A * | | |
| | |
|
| | |
|
| | |
Oil, Gas & Consumable Fuels — 3.6% |
| | |
| | |
| | |
| | |
| | |
| | |
Passenger Airlines — 0.2% |
| | |
Personal Care Products — 0.3% |
Estee Lauder Cos., Inc. (The), Class A | | |
| | |
| | |
|
| | |
| | |
| | |
|
Pharmaceuticals — continued |
| | |
| | |
| | |
Professional Services — 0.3% |
| | |
|
Equity LifeStyle Properties, Inc. | | |
Semiconductors & Semiconductor Equipment — 12.5% |
Advanced Micro Devices, Inc. * | | |
| | |
| | |
| | |
| | |
| | |
NXP Semiconductors NV (China) | | |
| | |
| | |
| | |
|
| | |
Cadence Design Systems, Inc. * | | |
| | |
| | |
| | |
| | |
| | |
|
Digital Realty Trust, Inc. | | |
| | |
| | |
|
| | |
| | |
| | |
Burlington Stores, Inc. * | | |
| | |
O'Reilly Automotive, Inc. * | | |
| | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
JPMorgan Hedged Equity 3 Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024 (continued)
| | |
Common Stocks — continued |
Technology Hardware, Storage & Peripherals — 7.7% |
| | |
Hewlett Packard Enterprise Co. | | |
Seagate Technology Holdings plc | | |
| | |
| | |
|
| | |
Philip Morris International, Inc. | | |
| | |
Trading Companies & Distributors — 0.2% |
| | |
Wireless Telecommunication Services — 0.3% |
| | |
Total Common Stocks
(Cost $2,020,453) | | |
| | |
|
Put Options Purchased — 0.3% |
| | |
8/30/2024 at USD 4,995.00, European Style | | |
Notional Amount: USD 2,954,666 | | |
Counterparty: Exchange-Traded *
(Cost $20,399) | | |
| | |
Short-Term Investments — 1.6% |
Investment Companies — 1.6% |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (b) (c)
(Cost $46,578) | | |
Total Investments — 101.9%
(Cost $2,087,430) | | |
Liabilities in Excess of Other Assets — (1.9)% | | |
| | |
Percentages indicated are based on net assets. |
| |
| Real Estate Investment Trust |
| |
| Non-income producing security. |
| All or a portion of the security is segregated for options written. |
| Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
| The rate shown is the current yield as of June 30, 2024. |
Futures contracts outstanding as of June 30, 2024 (amounts in thousands, except number of contracts):
| | | | | VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($) |
| | | | | |
| | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
Written Call Options Contracts as of June 30, 2024 (amounts in thousands, except number of contracts):
|
| | | | | | |
| | | | | | |
Written Put Options Contracts as of June 30, 2024 (amounts in thousands, except number of contracts):
|
| | | | | | |
| | | | | | |
Total Written Options Contracts (Premiums Received $21,041) | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
JPMorgan Large Cap Growth Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024
| | |
|
Aerospace & Defense — 1.3% |
| | |
|
| | |
|
Celsius Holdings, Inc. * (a) | | |
| | |
| | |
|
Regeneron Pharmaceuticals, Inc. * | | |
|
| | |
MercadoLibre, Inc. (Brazil) * | | |
| | |
|
| | |
|
| | |
| | |
| | |
Communications Equipment — 1.2% |
| | |
Construction & Engineering — 0.6% |
| | |
Electrical Equipment — 2.2% |
| | |
Vertiv Holdings Co., Class A | | |
| | |
Electronic Equipment, Instruments & Components — 1.2% |
| | |
| | |
| | |
|
| | |
| | |
| | |
Financial Services — 2.3% |
| | |
Mastercard, Inc., Class A | | |
| | |
| | |
|
Ground Transportation — 1.5% |
Uber Technologies, Inc. * | | |
Health Care Equipment & Supplies — 1.9% |
Edwards Lifesciences Corp. * (a) | | |
Intuitive Surgical, Inc. * | | |
| | |
Health Care Providers & Services — 1.2% |
| | |
Hotels, Restaurants & Leisure — 3.9% |
| | |
| | |
Chipotle Mexican Grill, Inc. * | | |
DoorDash, Inc., Class A * | | |
Marriott International, Inc., Class A | | |
| | |
| | |
Household Durables — 1.1% |
| | |
Interactive Media & Services — 10.6% |
| | |
Meta Platforms, Inc., Class A | | |
| | |
|
| | |
Shopify, Inc., Class A (Canada) * | | |
| | |
Life Sciences Tools & Services — 0.0% ^ |
Thermo Fisher Scientific, Inc. | | |
|
Trade Desk, Inc. (The), Class A * | | |
|
| | |
Oil, Gas & Consumable Fuels — 0.6% |
| | |
| | |
| | |
|
| | |
Semiconductors & Semiconductor Equipment — 17.9% |
Advanced Micro Devices, Inc. * | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
| | |
Common Stocks — continued |
Semiconductors & Semiconductor Equipment — continued |
ASML Holding NV (Registered), NYRS (Netherlands) | | |
| | |
| | |
| | |
Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan) | | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
Palo Alto Networks, Inc. * | | |
| | |
| | |
| | |
| | |
|
| | |
Technology Hardware, Storage & Peripherals — 4.9% |
| | |
Trading Companies & Distributors — 0.6% |
| | |
Total Common Stocks
(Cost $50,087,436) | | |
Short-Term Investments — 4.1% |
Investment Companies — 4.0% |
JPMorgan Prime Money Market Fund Class IM Shares, 5.39% (b) (c)
(Cost $3,765,409) | | |
| | |
|
Investment of Cash Collateral from Securities Loaned — 0.1% |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.39% (b) (c) | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (b) (c) | | |
Total Investment of Cash Collateral from Securities Loaned
(Cost $106,077) | | |
Total Short-Term Investments
(Cost $3,871,486) | | |
Total Investments — 100.7%
(Cost $53,958,922) | | |
Liabilities in Excess of Other Assets — (0.7)% | | |
| | |
Percentages indicated are based on net assets. |
| |
| American Depositary Receipt |
| |
| Amount rounds to less than 0.1% of net assets. |
| Non-income producing security. | |
| The security or a portion of this security is on loan at June 30, 2024. The total value of securities on loan at June 30, 2024 is $94,162. | |
| 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. | |
| The rate shown is the current yield as of June 30, 2024. | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
JPMorgan Large Cap Value Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024
| | |
|
Aerospace & Defense — 0.4% |
| | |
Air Freight & Logistics — 1.2% |
| | |
|
| | |
| | |
| | |
First Citizens BancShares, Inc., Class A | | |
| | |
| | |
| | |
|
| | |
| | |
BioMarin Pharmaceutical, Inc. * | | |
Neurocrine Biosciences, Inc. * | | |
Regeneron Pharmaceuticals, Inc. * | | |
Vertex Pharmaceuticals, Inc. * | | |
| | |
|
| | |
|
| | |
| | |
| | |
| | |
|
Charles Schwab Corp. (The) | | |
| | |
Intercontinental Exchange, Inc. | | |
Jefferies Financial Group, Inc. | | |
| | |
| | |
|
| | |
Consumer Staples Distribution & Retail — 3.3% |
BJ's Wholesale Club Holdings, Inc. * | | |
Performance Food Group Co. * | | |
| | |
| | |
| | |
|
Containers & Packaging — 1.6% |
Graphic Packaging Holding Co. | | |
| | |
| | |
| | |
Electric Utilities — 1.6% |
| | |
| | |
| | |
Electrical Equipment — 3.5% |
| | |
| | |
| | |
| | |
| | |
Electronic Equipment, Instruments & Components — 1.2% |
| | |
Energy Equipment & Services — 0.5% |
| | |
|
Live Nation Entertainment, Inc. * | | |
Warner Bros Discovery, Inc. * | | |
Warner Music Group Corp., Class A | | |
| | |
Financial Services — 7.8% |
Berkshire Hathaway, Inc., Class B * | | |
| | |
| | |
Fidelity National Information Services, Inc. | | |
| | |
| | |
| | |
|
Archer-Daniels-Midland Co. | | |
| | |
Lamb Weston Holdings, Inc. | | |
Mondelez International, Inc., Class A | | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
| | |
Common Stocks — continued |
Ground Transportation — 1.3% |
| | |
Uber Technologies, Inc. * | | |
| | |
Health Care Equipment & Supplies — 0.8% |
Baxter International, Inc. | | |
| | |
| | |
Health Care Providers & Services — 6.6% |
| | |
| | |
| | |
| | |
|
| | |
Hotels, Restaurants & Leisure — 2.9% |
| | |
| | |
Royal Caribbean Cruises Ltd. * | | |
| | |
| | |
Household Durables — 1.6% |
Mohawk Industries, Inc. * | | |
| | |
| | |
Independent Power and Renewable Electricity Producers — 0.1% |
| | |
Industrial Conglomerates — 1.6% |
Honeywell International, Inc. | | |
|
| | |
| | |
Travelers Cos., Inc. (The) | | |
| | |
Life Sciences Tools & Services — 0.7% |
Thermo Fisher Scientific, Inc. | | |
|
Charter Communications, Inc., Class A * (a) | | |
| | |
|
|
| | |
Sirius XM Holdings, Inc. (a) | | |
| | |
|
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
Oil, Gas & Consumable Fuels — 7.3% |
| | |
| | |
| | |
Passenger Airlines — 0.6% |
| | |
|
| | |
| | |
| | |
|
Equity LifeStyle Properties, Inc. | | |
| | |
| | |
Semiconductors & Semiconductor Equipment — 3.0% |
| | |
Microchip Technology, Inc. | | |
NXP Semiconductors NV (China) | | |
Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan) | | |
| | |
|
| | |
|
| | |
Digital Realty Trust, Inc. | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
JPMorgan Large Cap Value Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024 (continued)
| | |
Common Stocks — continued |
Specialized REITs — continued |
| | |
| | |
| | |
|
| | |
Technology Hardware, Storage & Peripherals — 1.8% |
Hewlett Packard Enterprise Co. | | |
Seagate Technology Holdings plc | | |
| | |
Textiles, Apparel & Luxury Goods — 0.7% |
| | |
| | |
| | |
|
Philip Morris International, Inc. | | |
Trading Companies & Distributors — 0.8% |
AerCap Holdings NV (Ireland) | | |
Total Common Stocks
(Cost $3,722,948) | | |
Short-Term Investments — 3.1% |
Investment Companies — 3.0% |
JPMorgan Prime Money Market Fund Class IM Shares, 5.39% (b) (c)
(Cost $127,054) | | |
Investment of Cash Collateral from Securities Loaned — 0.1% |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.39% (b) (c) | | |
| | |
|
Investment of Cash Collateral from Securities Loaned — continued |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (b) (c) | | |
Total Investment of Cash Collateral from Securities Loaned
(Cost $3,210) | | |
Total Short-Term Investments
(Cost $130,264) | | |
Total Investments — 100.5%
(Cost $3,853,212) | | |
Liabilities in Excess of Other Assets — (0.5)% | | |
| | |
Percentages indicated are based on net assets. |
| |
| American Depositary Receipt |
| Real Estate Investment Trust |
| Non-income producing security. |
| The security or a portion of this security is on loan at June 30, 2024. The total value of securities on loan at June 30, 2024 is $3,059. |
| 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. |
| The rate shown is the current yield as of June 30, 2024. |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
JPMorgan U.S. Applied Data Science Value Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024
| | |
|
Aerospace & Defense — 1.7% |
| | |
| | |
| | |
Air Freight & Logistics — 0.9% |
United Parcel Service, Inc., Class B | | |
Automobile Components — 0.4% |
| | |
|
| | |
| | |
Citizens Financial Group, Inc. | | |
| | |
PNC Financial Services Group, Inc. (The) | | |
| | |
| | |
|
| | |
|
| | |
Regeneron Pharmaceuticals, Inc. * | | |
Vertex Pharmaceuticals, Inc. * | | |
| | |
|
Fortune Brands Innovations, Inc. | | |
| | |
| | |
|
| | |
Charles Schwab Corp. (The) | | |
| | |
| | |
| | |
|
Axalta Coating Systems Ltd. * | | |
| | |
| | |
| | |
|
| | |
Capital One Financial Corp. | | |
| | |
| | |
|
Consumer Staples Distribution & Retail — 1.5% |
| | |
| | |
| | |
Containers & Packaging — 0.5% |
| | |
Diversified Telecommunication Services — 1.5% |
Verizon Communications, Inc. | | |
Electric Utilities — 3.3% |
| | |
| | |
| | |
| | |
Electrical Equipment — 2.1% |
| | |
Electronic Equipment, Instruments & Components — 0.5% |
Teledyne Technologies, Inc. * | | |
|
| | |
Financial Services — 4.6% |
Berkshire Hathaway, Inc., Class B * | | |
| | |
| | |
Fidelity National Information Services, Inc. | | |
| | |
Mastercard, Inc., Class A | | |
| | |
|
Mondelez International, Inc., Class A | | |
Tyson Foods, Inc., Class A | | |
| | |
Ground Transportation — 2.7% |
| | |
| | |
Uber Technologies, Inc. * | | |
| | |
Health Care Equipment & Supplies — 2.5% |
Baxter International, Inc. | | |
Boston Scientific Corp. * | | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
JPMorgan U.S. Applied Data Science Value Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024 (continued)
| | |
Common Stocks — continued |
Health Care Providers & Services — 4.4% |
| | |
| | |
| | |
| | |
|
| | |
Hotel & Resort REITs — 0.5% |
Host Hotels & Resorts, Inc. | | |
Hotels, Restaurants & Leisure — 1.9% |
| | |
| | |
| | |
| | |
Household Durables — 0.3% |
| | |
Household Products — 1.5% |
Procter & Gamble Co. (The) | | |
Spectrum Brands Holdings, Inc. | | |
| | |
Industrial Conglomerates — 1.2% |
Honeywell International, Inc. | | |
|
| | |
|
| | |
| | |
Travelers Cos., Inc. (The) | | |
| | |
Interactive Media & Services — 1.1% |
Meta Platforms, Inc., Class A | | |
|
Cognizant Technology Solutions Corp., Class A | | |
Life Sciences Tools & Services — 1.4% |
Thermo Fisher Scientific, Inc. | | |
|
| | |
| | |
| | |
| | |
|
| | |
| | |
|
|
| | |
Public Service Enterprise Group, Inc. | | |
| | |
Oil, Gas & Consumable Fuels — 8.3% |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Personal Care Products — 0.4% |
| | |
|
| | |
| | |
Jazz Pharmaceuticals plc * | | |
| | |
| | |
| | |
Professional Services — 1.1% |
Booz Allen Hamilton Holding Corp. | | |
SS&C Technologies Holdings, Inc. | | |
| | |
Real Estate Management & Development — 0.7% |
CBRE Group, Inc., Class A * | | |
Semiconductors & Semiconductor Equipment — 4.4% |
Advanced Micro Devices, Inc. * | | |
| | |
| | |
NXP Semiconductors NV (China) | | |
| | |
| | |
|
| | |
|
Digital Realty Trust, Inc. | | |
|
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
| | |
Common Stocks — continued |
Specialty Retail — continued |
O'Reilly Automotive, Inc. * | | |
| | |
| | |
Technology Hardware, Storage & Peripherals — 1.2% |
Hewlett Packard Enterprise Co. | | |
Seagate Technology Holdings plc | | |
| | |
|
Philip Morris International, Inc. | | |
Total Common Stocks
(Cost $133,493) | | |
Short-Term Investments — 0.7% |
Investment Companies — 0.7% |
JPMorgan Prime Money Market Fund Class IM Shares, 5.39% (a) (b)
(Cost $1,157) | | |
Total Investments — 100.0%
(Cost $134,650) | | |
Other Assets Less Liabilities — 0.0% ^ | | |
| | |
Percentages indicated are based on net assets. |
Amounts presented as a dash ("-") represent amounts that round to less than a thousand. |
| |
| Real Estate Investment Trust |
| Amount rounds to less than 0.1% of net assets. |
| Non-income producing security. | |
| Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |
| The rate shown is the current yield as of June 30, 2024. | |
Futures contracts outstanding as of June 30, 2024 (amounts in thousands, except number of contracts):
| | | | | VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($) |
| | | | | |
| | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
JPMorgan U.S. Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024
| | |
|
Aerospace & Defense — 2.4% |
| | |
| | |
| | |
|
| | |
| | |
| | |
|
| | |
| | |
Regeneron Pharmaceuticals, Inc. * | | |
Vertex Pharmaceuticals, Inc. * | | |
| | |
|
| | |
|
| | |
| | |
| | |
|
Ameriprise Financial, Inc. | | |
| | |
| | |
Construction Materials — 1.9% |
| | |
|
| | |
Electric Utilities — 3.0% |
| | |
| | |
| | |
Electrical Equipment — 1.6% |
| | |
Energy Equipment & Services — 2.1% |
| | |
Financial Services — 3.1% |
| | |
| | |
|
Financial Services — continued |
| | |
Mastercard, Inc., Class A | | |
| | |
|
Mondelez International, Inc., Class A | | |
Ground Transportation — 2.1% |
| | |
Health Care Equipment & Supplies — 2.4% |
| | |
| | |
| | |
Health Care Providers & Services — 2.3% |
| | |
Hotels, Restaurants & Leisure — 2.4% |
Marriott International, Inc., Class A | | |
| | |
| | |
|
| | |
|
Travelers Cos., Inc. (The) | | |
Interactive Media & Services — 6.5% |
| | |
Meta Platforms, Inc., Class A | | |
| | |
Life Sciences Tools & Services — 1.0% |
| | |
|
| | |
Oil, Gas & Consumable Fuels — 2.5% |
| | |
|
| | |
Semiconductors & Semiconductor Equipment — 13.0% |
| | |
ASML Holding NV (Registered), NYRS (Netherlands) | | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
| | |
Common Stocks — continued |
Semiconductors & Semiconductor Equipment — continued |
| | |
NXP Semiconductors NV (China) | | |
| | |
|
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
Technology Hardware, Storage & Peripherals — 8.5% |
| | |
Seagate Technology Holdings plc | | |
| | |
Total Common Stocks
(Cost $17,257,438) | | |
| | |
Short-Term Investments — 0.9% |
Investment Companies — 0.9% |
JPMorgan Prime Money Market Fund Class IM Shares, 5.39% (a) (b)
(Cost $269,804) | | |
Total Investments — 100.3%
(Cost $17,527,242) | | |
Liabilities in Excess of Other Assets — (0.3)% | | |
| | |
Percentages indicated are based on net assets. |
| |
| |
| Real Estate Investment Trust |
| Non-income producing security. |
| 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. |
| The rate shown is the current yield as of June 30, 2024. |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
JPMorgan U.S. GARP Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024
| | |
|
Aerospace & Defense — 0.7% |
| | |
| | |
| | |
|
| | |
|
| | |
| | |
| | |
|
| | |
Neurocrine Biosciences, Inc. * | | |
Regeneron Pharmaceuticals, Inc. * | | |
Vertex Pharmaceuticals, Inc. * | | |
| | |
|
| | |
|
Builders FirstSource, Inc. * | | |
| | |
| | |
|
Ameriprise Financial, Inc. | | |
Charles Schwab Corp. (The) | | |
| | |
|
| | |
| | |
| | |
Commercial Services & Supplies — 0.5% |
| | |
Communications Equipment — 0.8% |
| | |
Construction & Engineering — 0.3% |
| | |
Consumer Staples Distribution & Retail — 1.3% |
| | |
| | |
| | |
| | |
|
Electric Utilities — 0.7% |
| | |
| | |
| | |
Electrical Equipment — 0.3% |
| | |
Energy Equipment & Services — 0.5% |
| | |
|
| | |
Warner Music Group Corp., Class A | | |
| | |
Financial Services — 3.7% |
| | |
Mastercard, Inc., Class A | | |
| | |
| | |
|
Mondelez International, Inc., Class A | | |
Ground Transportation — 2.0% |
| | |
Uber Technologies, Inc. * | | |
| | |
Health Care Equipment & Supplies — 0.8% |
Boston Scientific Corp. * | | |
| | |
| | |
Health Care Providers & Services — 1.9% |
| | |
| | |
| | |
| | |
| | |
Hotels, Restaurants & Leisure — 2.6% |
| | |
Chipotle Mexican Grill, Inc. * | | |
DoorDash, Inc., Class A * | | |
Hilton Worldwide Holdings, Inc. | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
| | |
Common Stocks — continued |
Hotels, Restaurants & Leisure — continued |
Royal Caribbean Cruises Ltd. * | | |
| | |
| | |
|
| | |
|
| | |
Arch Capital Group Ltd. * | | |
| | |
| | |
Interactive Media & Services — 10.7% |
| | |
| | |
Meta Platforms, Inc., Class A | | |
| | |
Life Sciences Tools & Services — 0.6% |
Thermo Fisher Scientific, Inc. | | |
|
| | |
|
Liberty Media Corp-Liberty SiriusXM * | | |
Oil, Gas & Consumable Fuels — 0.4% |
| | |
|
| | |
| | |
| | |
Professional Services — 0.4% |
| | |
Semiconductors & Semiconductor Equipment — 16.7% |
Advanced Micro Devices, Inc. * | | |
| | |
ASML Holding NV (Registered), NYRS (Netherlands) | | |
| | |
| | |
| | |
| | |
| | |
| | |
|
Semiconductors & Semiconductor Equipment — continued |
NXP Semiconductors NV (China) | | |
Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan) | | |
| | |
|
| | |
Cadence Design Systems, Inc. * | | |
Crowdstrike Holdings, Inc., Class A * | | |
| | |
| | |
| | |
| | |
Palo Alto Networks, Inc. * | | |
Procore Technologies, Inc. * | | |
| | |
| | |
| | |
|
Digital Realty Trust, Inc. | | |
|
| | |
| | |
Burlington Stores, Inc. * | | |
| | |
O'Reilly Automotive, Inc. * | | |
| | |
Technology Hardware, Storage & Peripherals — 9.2% |
| | |
Dell Technologies, Inc., Class C | | |
Hewlett Packard Enterprise Co. | | |
Seagate Technology Holdings plc | | |
| | |
Total Common Stocks
(Cost $669,007) | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
JPMorgan U.S. GARP Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024 (continued)
| | |
Short-Term Investments — 1.3% |
Investment Companies — 1.3% |
JPMorgan Prime Money Market Fund Class IM Shares, 5.39% (a) (b)
(Cost $19,422) | | |
Total Investments — 99.6%
(Cost $688,429) | | |
Other Assets Less Liabilities — 0.4% | | |
| | |
Percentages indicated are based on net assets. |
| |
| American Depositary Receipt |
| |
| Real Estate Investment Trust |
| Non-income producing security. |
| Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
| The rate shown is the current yield as of June 30, 2024. |
Futures contracts outstanding as of June 30, 2024 (amounts in thousands, except number of contracts):
| | | | | VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($) |
| | | | | |
| | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
JPMorgan U.S. Large Cap Core Plus Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024
| | |
|
|
Aerospace & Defense — 2.9% |
Howmet Aerospace, Inc. (a) | | |
| | |
| | |
| | |
Air Freight & Logistics — 0.2% |
| | |
|
Bank of America Corp. (a) | | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
|
| | |
| | |
BioMarin Pharmaceutical, Inc. * | | |
Neurocrine Biosciences, Inc. * | | |
Regeneron Pharmaceuticals, Inc. * | | |
Sarepta Therapeutics, Inc. * | | |
Vertex Pharmaceuticals, Inc. * | | |
| | |
|
| | |
|
| | |
| | |
| | |
|
Ameriprise Financial, Inc. | | |
Charles Schwab Corp. (The) (a) | | |
Goldman Sachs Group, Inc. (The) (a) | | |
Intercontinental Exchange, Inc. | | |
Raymond James Financial, Inc. | | |
| | |
| | |
|
|
|
| | |
| | |
| | |
Communications Equipment — 0.2% |
| | |
Construction Materials — 0.9% |
Martin Marietta Materials, Inc. | | |
| | |
| | |
Consumer Staples Distribution & Retail — 0.8% |
| | |
| | |
| | |
Electric Utilities — 2.9% |
| | |
| | |
| | |
| | |
| | |
Electrical Equipment — 1.0% |
| | |
| | |
| | |
Energy Equipment & Services — 0.2% |
| | |
| | |
| | |
|
Take-Two Interactive Software, Inc. * | | |
Warner Music Group Corp., Class A | | |
| | |
Financial Services — 6.4% |
| | |
Berkshire Hathaway, Inc., Class B * | | |
| | |
| | |
Fidelity National Information Services, Inc. | | |
| | |
Jack Henry & Associates, Inc. | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
JPMorgan U.S. Large Cap Core Plus Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024 (continued)
| | |
Long Positions — continued |
Common Stocks — continued |
Financial Services — continued |
Mastercard, Inc., Class A (a) | | |
| | |
| | |
|
| | |
Mondelez International, Inc., Class A (a) | | |
| | |
Ground Transportation — 2.6% |
Norfolk Southern Corp. (a) | | |
| | |
Uber Technologies, Inc. * | | |
| | |
| | |
| | |
Health Care Equipment & Supplies — 3.2% |
Boston Scientific Corp. * (a) | | |
Edwards Lifesciences Corp. * | | |
Intuitive Surgical, Inc. * | | |
| | |
| | |
| | |
Health Care Providers & Services — 2.8% |
| | |
| | |
| | |
UnitedHealth Group, Inc. (a) | | |
| | |
|
| | |
Hotels, Restaurants & Leisure — 4.7% |
| | |
Chipotle Mexican Grill, Inc. * | | |
| | |
DoorDash, Inc., Class A * | | |
Hilton Worldwide Holdings, Inc. | | |
| | |
Royal Caribbean Cruises Ltd. * | | |
| | |
| | |
| | |
|
|
Household Durables — 0.1% |
| | |
Household Products — 1.0% |
Church & Dwight Co., Inc. (a) | | |
Procter & Gamble Co. (The) (a) | | |
| | |
Industrial Conglomerates — 0.7% |
Honeywell International, Inc. (a) | | |
|
| | |
| | |
| | |
Principal Financial Group, Inc. | | |
Progressive Corp. (The) (a) | | |
RenaissanceRe Holdings Ltd. (Bermuda) | | |
Travelers Cos., Inc. (The) | | |
| | |
Interactive Media & Services — 7.3% |
| | |
Alphabet, Inc., Class A (a) | | |
Meta Platforms, Inc., Class A (a) | | |
| | |
Life Sciences Tools & Services — 1.5% |
| | |
Thermo Fisher Scientific, Inc. (a) | | |
| | |
|
| | |
| | |
| | |
| | |
| | |
|
Comcast Corp., Class A (a) | | |
| | |
| | |
|
| | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
| | |
Long Positions — continued |
Common Stocks — continued |
Multi-Utilities — continued |
| | |
Public Service Enterprise Group, Inc. | | |
| | |
Oil, Gas & Consumable Fuels — 4.9% |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Personal Care Products — 0.3% |
Estee Lauder Cos., Inc. (The), Class A | | |
|
Bristol-Myers Squibb Co. (a) | | |
Elanco Animal Health, Inc. * | | |
| | |
| | |
| | |
Professional Services — 0.4% |
| | |
|
American Homes 4 Rent, Class A | | |
Semiconductors & Semiconductor Equipment — 15.5% |
Advanced Micro Devices, Inc. * | | |
| | |
ASML Holding NV (Registered), NYRS (Netherlands) | | |
| | |
Microchip Technology, Inc. | | |
| | |
| | |
NXP Semiconductors NV (China) | | |
| | |
| | |
| | |
| | |
|
|
Semiconductors & Semiconductor Equipment — continued |
Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan) | | |
Texas Instruments, Inc. (a) | | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
Digital Realty Trust, Inc. | | |
| | |
| | |
|
| | |
| | |
Burlington Stores, Inc. * | | |
| | |
O'Reilly Automotive, Inc. * (a) | | |
| | |
| | |
Technology Hardware, Storage & Peripherals — 8.0% |
| | |
Hewlett Packard Enterprise Co. | | |
Seagate Technology Holdings plc | | |
| | |
| | |
Trading Companies & Distributors — 0.1% |
| | |
Wireless Telecommunication Services — 0.5% |
| | |
Total Common Stocks
(Cost $1,734,203) | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
JPMorgan U.S. Large Cap Core Plus Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024 (continued)
| | |
Long Positions — continued |
Short-Term Investments — 2.7% |
Investment Companies — 2.7% |
JPMorgan Prime Money Market Fund Class IM Shares, 5.39% (b) (c)(Cost $62,838) | | |
Total Long Positions
(Cost $1,797,041) | | |
Short Positions — (23.4)% |
|
Aerospace & Defense — (0.7)% |
| | |
Huntington Ingalls Industries, Inc. | | |
| | |
| | |
Air Freight & Logistics — (0.2)% |
Expeditors International of Washington, Inc. | | |
|
| | |
|
Huntington Bancshares, Inc. | | |
PNC Financial Services Group, Inc. (The) | | |
| | |
|
Molson Coors Beverage Co., Class B | | |
|
| | |
| | |
| | |
| | |
Building Products — (0.5)% |
Johnson Controls International plc | | |
Lennox International, Inc. | | |
| | |
|
Bank of New York Mellon Corp. (The) | | |
| | |
Coinbase Global, Inc., Class A * | | |
FactSet Research Systems, Inc. | | |
| | |
LPL Financial Holdings, Inc. | | |
| | |
| | |
|
|
Capital Markets — continued |
| | |
T. Rowe Price Group, Inc. | | |
| | |
Commercial Services & Supplies — (0.2)% |
| | |
Communications Equipment — (0.1)% |
| | |
Consumer Finance — (0.1)% |
| | |
Consumer Staples Distribution & Retail — (0.6)% |
| | |
| | |
Walgreens Boots Alliance, Inc. | | |
| | |
Containers & Packaging — (0.3)% |
| | |
| | |
| | |
Diversified Telecommunication Services — (0.3)% |
| | |
Verizon Communications, Inc. | | |
| | |
Electric Utilities — (1.5)% |
American Electric Power Co., Inc. | | |
| | |
| | |
| | |
| | |
Pinnacle West Capital Corp. | | |
| | |
| | |
Electrical Equipment — (0.1)% |
| | |
Energy Equipment & Services — (0.2)% |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
| | |
Short Positions — continued |
Common Stocks — continued |
|
| | |
| | |
| | |
Financial Services — (1.1)% |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
Health Care Equipment & Supplies — (0.3)% |
| | |
Zimmer Biomet Holdings, Inc. | | |
| | |
Health Care Providers & Services — (0.7)% |
| | |
| | |
| | |
| | |
Hotels, Restaurants & Leisure — (0.9)% |
| | |
Choice Hotels International, Inc. | | |
| | |
| | |
| | |
Household Products — (0.0)% ^ |
| | |
Industrial Conglomerates — (0.2)% |
| | |
|
| | |
| | |
|
|
|
American International Group, Inc. | | |
Arch Capital Group Ltd. * | | |
Hartford Financial Services Group, Inc. (The) | | |
Kinsale Capital Group, Inc. | | |
Marsh & McLennan Cos., Inc. | | |
| | |
| | |
|
| | |
International Business Machines Corp. | | |
| | |
Life Sciences Tools & Services — (0.5)% |
Agilent Technologies, Inc. | | |
| | |
| | |
| | |
|
| | |
| | |
Illinois Tool Works, Inc. | | |
| | |
Stanley Black & Decker, Inc. | | |
| | |
|
| | |
Interpublic Group of Cos., Inc. (The) | | |
| | |
Paramount Global, Class B | | |
| | |
|
| | |
|
| | |
| | |
| | |
Oil, Gas & Consumable Fuels — (0.8)% |
| | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
JPMorgan U.S. Large Cap Core Plus Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024 (continued)
| | |
Short Positions — continued |
Common Stocks — continued |
Oil, Gas & Consumable Fuels — continued |
Occidental Petroleum Corp. | | |
| | |
| | |
| | |
Passenger Airlines — (0.1)% |
| | |
|
| | |
| | |
| | |
Professional Services — (1.1)% |
Automatic Data Processing, Inc. | | |
| | |
| | |
| | |
| | |
| | |
| | |
Residential REITs — (0.1)% |
Essex Property Trust, Inc. | | |
|
| | |
Simon Property Group, Inc. | | |
| | |
Semiconductors & Semiconductor Equipment — (2.9)% |
| | |
| | |
| | |
| | |
| | |
| | |
Monolithic Power Systems, Inc. | | |
| | |
| | |
| | |
|
| | |
| | |
|
|
Specialty Retail — (0.1)% |
| | |
| | |
| | |
Technology Hardware, Storage & Peripherals — (0.2)% |
| | |
Textiles, Apparel & Luxury Goods — (0.3)% |
| | |
On Holding AG (Switzerland), Class A * | | |
| | |
Trading Companies & Distributors — (0.3)% |
| | |
Total Common Stocks
(Proceeds $(583,569)) | | |
Total Short Positions
(Proceeds $(583,569)) | | |
Total Investments — 99.7%
(Cost $1,213,472) | | |
Other Assets Less Liabilities — 0.3% | | |
| | |
Percentages indicated are based on net assets. |
Amounts presented as a dash ("-") represent amounts that round to less than a thousand. |
| |
| American Depositary Receipt |
| |
| Real Estate Investment Trust |
| Amount rounds to less than 0.1% of net assets. |
| Non-income producing security. | |
| All or a portion of this security is segregated as collateral for short sales. The total value of securities segregated as collateral is $781,936. | |
| Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |
| The rate shown is the current yield as of June 30, 2024. | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
Futures contracts outstanding as of June 30, 2024 (amounts in thousands, except number of contracts):
| | | | | VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($) |
| | | | | |
| | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
JPMorgan U.S. Research Enhanced Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024
| | |
|
Aerospace & Defense — 1.2% |
| | |
| | |
| | |
| | |
| | |
| | |
Air Freight & Logistics — 0.9% |
| | |
United Parcel Service, Inc., Class B | | |
| | |
Automobile Components — 0.1% |
| | |
|
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
|
| | |
| | |
BioMarin Pharmaceutical, Inc. * | | |
Neurocrine Biosciences, Inc. * | | |
Regeneron Pharmaceuticals, Inc. * | | |
Sarepta Therapeutics, Inc. * | | |
Vertex Pharmaceuticals, Inc. * | | |
| | |
|
| | |
|
| | |
| | |
|
Building Products — continued |
| | |
| | |
| | |
|
Ameriprise Financial, Inc. | | |
Charles Schwab Corp. (The) | | |
| | |
Goldman Sachs Group, Inc. (The) | | |
Intercontinental Exchange, Inc. | | |
| | |
| | |
|
| | |
| | |
| | |
LyondellBasell Industries NV, Class A | | |
| | |
| | |
Commercial Services & Supplies — 0.1% |
| | |
Communications Equipment — 0.1% |
| | |
Construction Materials — 0.1% |
Martin Marietta Materials, Inc. | | |
Consumer Staples Distribution & Retail — 0.9% |
| | |
|
| | |
Electric Utilities — 2.0% |
| | |
| | |
| | |
| | |
| | |
Electrical Equipment — 0.6% |
| | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
| | |
Common Stocks — continued |
Electronic Equipment, Instruments & Components — 0.2% |
| | |
| | |
| | |
Energy Equipment & Services — 0.1% |
| | |
|
| | |
Warner Music Group Corp., Class A | | |
| | |
Financial Services — 4.6% |
Berkshire Hathaway, Inc., Class B * | | |
| | |
| | |
Fidelity National Information Services, Inc. | | |
Mastercard, Inc., Class A | | |
| | |
| | |
|
Mondelez International, Inc., Class A | | |
Ground Transportation — 1.2% |
| | |
Uber Technologies, Inc. * | | |
| | |
| | |
Health Care Equipment & Supplies — 2.0% |
Baxter International, Inc. | | |
| | |
Boston Scientific Corp. * | | |
| | |
| | |
| | |
| | |
Health Care Providers & Services — 2.5% |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
|
| | |
| | |
| | |
Hotels, Restaurants & Leisure — 2.9% |
| | |
Chipotle Mexican Grill, Inc. * | | |
| | |
Hilton Worldwide Holdings, Inc. | | |
| | |
Royal Caribbean Cruises Ltd. * | | |
| | |
| | |
Household Durables — 0.2% |
| | |
| | |
| | |
Household Products — 0.5% |
Church & Dwight Co., Inc. | | |
Procter & Gamble Co. (The) | | |
| | |
Independent Power and Renewable Electricity Producers — 0.1% |
| | |
Industrial Conglomerates — 1.0% |
Honeywell International, Inc. | | |
|
| | |
|
| | |
| | |
| | |
Principal Financial Group, Inc. | | |
| | |
Travelers Cos., Inc. (The) | | |
| | |
Interactive Media & Services — 6.8% |
| | |
| | |
Meta Platforms, Inc., Class A | | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
JPMorgan U.S. Research Enhanced Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024 (continued)
| | |
Common Stocks — continued |
|
| | |
Cognizant Technology Solutions Corp., Class A | | |
| | |
Life Sciences Tools & Services — 1.4% |
| | |
Thermo Fisher Scientific, Inc. | | |
| | |
|
| | |
| | |
| | |
| | |
|
Charter Communications, Inc., Class A * | | |
| | |
Liberty Media Corp-Liberty SiriusXM, Class A * | | |
| | |
|
| | |
|
| | |
Oil, Gas & Consumable Fuels — 3.5% |
| | |
| | |
| | |
| | |
| | |
| | |
Passenger Airlines — 0.1% |
| | |
Personal Care Products — 0.3% |
Estee Lauder Cos., Inc. (The), Class A | | |
| | |
| | |
|
| | |
| | |
| | |
|
Pharmaceuticals — continued |
| | |
| | |
| | |
Professional Services — 0.3% |
| | |
|
Equity LifeStyle Properties, Inc. | | |
Semiconductors & Semiconductor Equipment — 12.3% |
Advanced Micro Devices, Inc. * | | |
| | |
| | |
| | |
| | |
| | |
NXP Semiconductors NV (China) | | |
| | |
| | |
| | |
|
| | |
Cadence Design Systems, Inc. * | | |
| | |
| | |
| | |
| | |
| | |
|
Digital Realty Trust, Inc. | | |
| | |
| | |
|
| | |
| | |
| | |
Burlington Stores, Inc. * | | |
| | |
O'Reilly Automotive, Inc. * | | |
| | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
| | |
Common Stocks — continued |
Technology Hardware, Storage & Peripherals — 7.6% |
| | |
Hewlett Packard Enterprise Co. | | |
Seagate Technology Holdings plc | | |
| | |
| | |
|
| | |
Philip Morris International, Inc. | | |
| | |
Trading Companies & Distributors — 0.2% |
| | |
Wireless Telecommunication Services — 0.3% |
| | |
Total Common Stocks
(Cost $5,080,142) | | |
Short-Term Investments — 2.1% |
Investment Companies — 2.1% |
JPMorgan Prime Money Market Fund Class IM Shares, 5.39% (a) (b)
(Cost $193,051) | | |
Total Investments — 100.6%
(Cost $5,273,193) | | |
Liabilities in Excess of Other Assets — (0.6)% | | |
| | |
Percentages indicated are based on net assets. |
| |
| Real Estate Investment Trust |
| Non-income producing security. |
| Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
| The rate shown is the current yield as of June 30, 2024. |
Futures contracts outstanding as of June 30, 2024 (amounts in thousands, except number of contracts):
| | | | | VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($) |
| | | | | |
| | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
JPMorgan U.S. Sustainable Leaders Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024
| | |
|
Automobile Components — 0.4% |
| | |
|
| | |
|
| | |
| | |
| | |
| | |
|
| | |
| | |
Regeneron Pharmaceuticals, Inc. * | | |
Vertex Pharmaceuticals, Inc. * | | |
| | |
|
| | |
|
| | |
|
Charles Schwab Corp. (The) | | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
Commercial Services & Supplies — 1.2% |
| | |
Communications Equipment — 0.7% |
| | |
Construction & Engineering — 0.6% |
| | |
Consumer Staples Distribution & Retail — 2.6% |
| | |
Containers & Packaging — 0.5% |
| | |
| | |
|
Diversified Telecommunication Services — 0.8% |
Verizon Communications, Inc. | | |
Electric Utilities — 2.8% |
| | |
| | |
| | |
| | |
Electrical Equipment — 1.1% |
| | |
Energy Equipment & Services — 1.6% |
| | |
|
| | |
| | |
| | |
Financial Services — 3.3% |
Mastercard, Inc., Class A | | |
|
| | |
Ground Transportation — 1.4% |
| | |
Health Care Equipment & Supplies — 2.9% |
Boston Scientific Corp. * | | |
| | |
| | |
| | |
Health Care Providers & Services — 2.8% |
| | |
| | |
| | |
|
| | |
|
Marsh & McLennan Cos., Inc. | | |
| | |
| | |
Travelers Cos., Inc. (The) | | |
| | |
Interactive Media & Services — 4.8% |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
| | |
Common Stocks — continued |
Life Sciences Tools & Services — 2.1% |
| | |
Thermo Fisher Scientific, Inc. | | |
| | |
|
| | |
| | |
| | |
|
| | |
| | |
| | |
Semiconductors & Semiconductor Equipment — 11.2% |
Advanced Micro Devices, Inc. * | | |
ASML Holding NV (Registered), NYRS (Netherlands) | | |
| | |
| | |
| | |
NXP Semiconductors NV (China) | | |
| | |
| | |
|
Cadence Design Systems, Inc. * | | |
Crowdstrike Holdings, Inc., Class A * | | |
| | |
| | |
| | |
Palo Alto Networks, Inc. * | | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
|
|
| | |
| | |
| | |
| | |
| | |
| | |
Technology Hardware, Storage & Peripherals — 7.4% |
| | |
Seagate Technology Holdings plc | | |
| | |
Total Common Stocks
(Cost $138,922) | | |
Short-Term Investments — 2.1% |
Investment Companies — 2.1% |
JPMorgan Prime Money Market Fund Class IM Shares, 5.39% (a) (b)
(Cost $4,615) | | |
Total Investments — 99.9%
(Cost $143,537) | | |
Other Assets Less Liabilities — 0.1% | | |
| | |
Percentages indicated are based on net assets. |
Amounts presented as a dash ("-") represent amounts that round to less than a thousand. |
| |
| |
| Real Estate Investment Trust |
| Non-income producing security. |
| Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
| The rate shown is the current yield as of June 30, 2024. |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
JPMorgan U.S. Sustainable Leaders Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024 (continued)
Futures contracts outstanding as of June 30, 2024 (amounts in thousands, except number of contracts):
| | | | | VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($) |
| | | | | |
| | | | | |
| Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024
| | |
|
Aerospace & Defense — 3.5% |
| | |
| | |
| | |
| | |
Air Freight & Logistics — 1.6% |
United Parcel Service, Inc., Class B | | |
|
| | |
| | |
PNC Financial Services Group, Inc. (The) | | |
| | |
| | |
| | |
|
| | |
|
| | |
Regeneron Pharmaceuticals, Inc. * | | |
Vertex Pharmaceuticals, Inc. * | | |
| | |
|
| | |
|
| | |
| | |
| | |
Charles Schwab Corp. (The) | | |
Goldman Sachs Group, Inc. (The) | | |
| | |
| | |
|
Air Products and Chemicals, Inc. | | |
Axalta Coating Systems Ltd. * | | |
| | |
Commercial Services & Supplies — 0.6% |
| | |
Construction Materials — 1.3% |
| | |
| | |
|
|
| | |
Capital One Financial Corp. | | |
| | |
Consumer Staples Distribution & Retail — 1.8% |
| | |
| | |
| | |
Containers & Packaging — 0.4% |
| | |
Electric Utilities — 2.1% |
| | |
| | |
| | |
| | |
Electrical Equipment — 1.6% |
| | |
|
| | |
Financial Services — 3.0% |
Berkshire Hathaway, Inc., Class B * | | |
| | |
| | |
|
Mondelez International, Inc., Class A | | |
Ground Transportation — 3.0% |
| | |
| | |
| | |
Health Care Equipment & Supplies — 3.1% |
| | |
Boston Scientific Corp. * | | |
| | |
Zimmer Biomet Holdings, Inc. | | |
| | |
Health Care Providers & Services — 4.7% |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024 (continued)
| | |
Common Stocks — continued |
Health Care Providers & Services — continued |
| | |
Universal Health Services, Inc., Class B | | |
| | |
|
| | |
Hotel & Resort REITs — 0.5% |
Host Hotels & Resorts, Inc. | | |
Hotels, Restaurants & Leisure — 1.4% |
| | |
| | |
| | |
Household Products — 1.3% |
Procter & Gamble Co. (The) | | |
|
| | |
Hartford Financial Services Group, Inc. (The) | | |
Marsh & McLennan Cos., Inc. | | |
| | |
| | |
Interactive Media & Services — 2.1% |
| | |
Meta Platforms, Inc., Class A | | |
| | |
|
International Business Machines Corp. | | |
Life Sciences Tools & Services — 0.4% |
Thermo Fisher Scientific, Inc. | | |
|
| | |
| | |
| | |
| | |
|
| | |
|
| | |
Public Service Enterprise Group, Inc. | | |
| | |
| | |
|
Oil, Gas & Consumable Fuels — 8.2% |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
|
AvalonBay Communities, Inc. | | |
Semiconductors & Semiconductor Equipment — 6.5% |
Advanced Micro Devices, Inc. * | | |
| | |
NXP Semiconductors NV (China) | | |
| | |
| | |
| | |
|
| | |
|
| | |
| | |
| | |
O'Reilly Automotive, Inc. * | | |
| | |
| | |
Textiles, Apparel & Luxury Goods — 0.4% |
| | |
|
Philip Morris International, Inc. | | |
Wireless Telecommunication Services — 0.5% |
| | |
Total Common Stocks
(Cost $4,354,168) | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
| | |
Short-Term Investments — 1.4% |
Investment Companies — 1.4% |
JPMorgan Prime Money Market Fund Class IM Shares, 5.39% (a) (b)
(Cost $81,551) | | |
Total Investments — 100.0%
(Cost $4,435,719) | | |
Other Assets Less Liabilities — 0.0% ^ | | |
| | |
Percentages indicated are based on net assets. |
| |
| Real Estate Investment Trust |
| Amount rounds to less than 0.1% of net assets. |
| Non-income producing security. | |
| 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. | |
| The rate shown is the current yield as of June 30, 2024. | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
STATEMENTS OF ASSETS AND LIABILITIESAS OF June 30, 2024
(Amounts in thousands, except per share amounts)
| JPMorgan
Equity Income
Fund | | JPMorgan
Equity Premium
Income Fund | |
| | | | |
Investments in non-affiliates, at value | | | | |
Investments in affiliates, at value | | | | |
Investments of cash collateral received from securities loaned, at value (See Note 2.C.) | | | | |
Options purchased, at value | | | | |
| | | | |
Deposits at broker for futures contracts | | | | |
| | | | |
Investment securities sold | | | | |
| | | | |
Interest from non-affiliates | | | | |
Dividends from non-affiliates | | | | |
Dividends from affiliates | | | | |
Securities lending income (See Note 2.C.) | | | | |
Variation margin on futures contracts | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Investment securities purchased | | | | |
Collateral received on securities loaned (See Note 2.C.) | | | | |
| | | | |
Variation margin on futures contracts | | | | |
Outstanding options written, at fair value | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Custodian and accounting fees | | | | |
Trustees’ and Chief Compliance Officer’s fees | | | | |
| | | | |
| | | | |
| | | | |
(a)
Amount rounds to less than one thousand.
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
| JPMorgan Equity Income Fund | | JPMorgan Equity Premium Income Fund | |
| | | | |
| | | | |
Total distributable earnings (loss) | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized): | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Class A — Redemption price per share | | | | |
Class C — Offering price per share (b) | | | | |
Class I — Offering and redemption price per share | | | | |
Class R2 — Offering and redemption price per share | | | | |
Class R3 — Offering and redemption price per share | | | | |
Class R4 — Offering and redemption price per share | | | | |
Class R5 — Offering and redemption price per share | | | | |
Class R6 — Offering and redemption price per share | | | | |
Class A maximum sales charge | | | | |
Class A maximum public offering price per share
[net asset value per share/(100% – maximum sales charge)] | | | | |
Cost of investments in non-affiliates | | | | |
Cost of investments in affiliates | | | | |
Cost of options purchased | | | | |
Investment securities on loan, at value (See Note 2.C.) | | | | |
Cost of investment of cash collateral (See Note 2.C.) | | | | |
Premiums received from options written | | | | |
(a)
Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.
(b)
Redemption price for Class C Shares varies based upon length of time the shares are held.
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
STATEMENTS OF ASSETS AND LIABILITIESAS OF June 30, 2024 (continued)
(Amounts in thousands, except per share amounts)
| JPMorgan
Hedged
Equity 2 Fund | JPMorgan
Hedged
Equity 3 Fund | JPMorgan
Large Cap
Growth Fund | |
| | | | |
Investments in non-affiliates, at value | | | | |
Investments in affiliates, at value | | | | |
Investments of cash collateral received from securities loaned, at value (See Note 2.C.) | | | | |
Options purchased, at value | | | | |
Restricted cash for exchange-traded options | | | | |
| | | | |
Deposits at broker for futures contracts | | | | |
| | | | |
Investment securities sold | | | | |
| | | | |
Interest from non-affiliates | | | | |
Dividends from non-affiliates | | | | |
Dividends from affiliates | | | | |
Securities lending income (See Note 2.C.) | | | | |
| | | | |
| | | | |
| | | | |
Investment securities purchased | | | | |
Collateral received on securities loaned (See Note 2.C.) | | | | |
| | | | |
Variation margin on futures contracts | | | | |
Outstanding options written, at fair value | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Custodian and accounting fees | | | | |
Trustees’ and Chief Compliance Officer’s fees | | | | |
| | | | |
| | | | |
| | | | |
(a)
Amount rounds to less than one thousand.
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
| JPMorgan Hedged Equity 2 Fund | JPMorgan Hedged Equity 3 Fund | JPMorgan Large Cap Growth Fund | |
| | | | |
| | | | |
Total distributable earnings (loss) | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized): | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Class A — Redemption price per share | | | | |
Class C — Offering price per share (b) | | | | |
Class I — Offering and redemption price per share | | | | |
Class R2 — Offering and redemption price per share | | | | |
Class R3 — Offering and redemption price per share | | | | |
Class R4 — Offering and redemption price per share | | | | |
Class R5 — Offering and redemption price per share | | | | |
Class R6 — Offering and redemption price per share | | | | |
Class A maximum sales charge | | | | |
Class A maximum public offering price per share
[net asset value per share/(100% – maximum sales charge)] | | | | |
Cost of investments in non-affiliates | | | | |
Cost of investments in affiliates | | | | |
Cost of options purchased | | | | |
Investment securities on loan, at value (See Note 2.C.) | | | | |
Cost of investment of cash collateral (See Note 2.C.) | | | | |
Premiums received from options written | | | | |
(a)
Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.
(b)
Redemption price for Class C Shares varies based upon length of time the shares are held.
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
STATEMENTS OF ASSETS AND LIABILITIESAS OF June 30, 2024 (continued)
(Amounts in thousands, except per share amounts)
| JPMorgan
U.S. Applied
Data Science
Value Fund | | JPMorgan
U.S. GARP
Equity Fund | JPMorgan
U.S. Large
Cap Core
|
| | | | |
Investments in non-affiliates, at value | | | | |
Investments in affiliates, at value | | | | |
| | | | |
Deposits at broker for futures contracts | | | | |
Deposits at broker for securities sold short | | | | |
| | | | |
Investment securities sold | | | | |
| | | | |
Dividends from non-affiliates | | | | |
Dividends from affiliates | | | | |
Securities lending income (See Note 2.C.) | | | | |
| | | | |
| | | | |
| | | | |
Securities sold short, at value | | | | |
Dividend expense to non-affiliates on securities sold short | | | | |
Investment securities purchased | | | | |
Interest expense to non-affiliates on securities sold short | | | | |
| | | | |
Variation margin on futures contracts | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Custodian and accounting fees | | | | |
Trustees’ and Chief Compliance Officer’s fees | | | | |
| | | | |
| | | | |
| | | | |
(a)
Amount rounds to less than one thousand.
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
| JPMorgan U.S. Applied Data Science Value Fund | | JPMorgan U.S. GARP Equity Fund | JPMorgan U.S. Large Cap Core |
| | | | |
| | | | |
Total distributable earnings (loss) | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized): | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Class A — Redemption price per share | | | | |
Class C — Offering price per share (b) | | | | |
Class I — Offering and redemption price per share | | | | |
Class L — Offering and redemption price per share | | | | |
Class R2 — Offering and redemption price per share | | | | |
Class R3 — Offering and redemption price per share | | | | |
Class R4 — Offering and redemption price per share | | | | |
Class R5 — Offering and redemption price per share | | | | |
Class R6 — Offering and redemption price per share | | | | |
Class A maximum sales charge | | | | |
Class A maximum public offering price per share
[net asset value per share/(100% – maximum sales charge)] | | | | |
Cost of investments in non-affiliates | | | | |
Cost of investments in affiliates | | | | |
Proceeds from securities sold short | | | | |
(a)
Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.
(b)
Redemption price for Class C Shares varies based upon length of time the shares are held.
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
STATEMENTS OF ASSETS AND LIABILITIESAS OF June 30, 2024 (continued)
(Amounts in thousands, except per share amounts)
| JPMorgan
U.S. Research
Enhanced
Equity Fund | JPMorgan
U.S. Sustainable
Leaders Fund | |
| | | |
Investments in non-affiliates, at value | | | |
Investments in affiliates, at value | | | |
| | | |
Deposits at broker for futures contracts | | | |
| | | |
Investment securities sold | | | |
| | | |
Dividends from non-affiliates | | | |
Dividends from affiliates | | | |
Securities lending income (See Note 2.C.) | | | |
| | | |
| | | |
| | | |
Investment securities purchased | | | |
| | | |
Variation margin on futures contracts | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Custodian and accounting fees | | | |
Trustees’ and Chief Compliance Officer’s fees | | | |
| | | |
| | | |
| | | |
(a)
Amount rounds to less than one thousand.
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
| JPMorgan U.S. Research Enhanced Equity Fund | JPMorgan U.S. Sustainable Leaders Fund | |
| | | |
| | | |
Total distributable earnings (loss) | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized): | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Class A — Redemption price per share | | | |
Class C — Offering price per share (b) | | | |
Class I — Offering and redemption price per share | | | |
Class R2 — Offering and redemption price per share | | | |
Class R3 — Offering and redemption price per share | | | |
Class R4 — Offering and redemption price per share | | | |
Class R5 — Offering and redemption price per share | | | |
Class R6 — Offering and redemption price per share | | | |
Class A maximum sales charge | | | |
Class A maximum public offering price per share
[net asset value per share/(100% – maximum sales charge)] | | | |
Cost of investments in non-affiliates | | | |
Cost of investments in affiliates | | | |
(a)
Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.
(b)
Redemption price for Class C Shares varies based upon length of time the shares are held.
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
STATEMENTS OF OPERATIONSFOR THE YEAR ENDED June 30, 2024
(Amounts in thousands)
| JPMorgan
Equity Income
Fund | | JPMorgan
Equity Premium
Income Fund | |
| | | | |
Interest income from non-affiliates | | | | |
Interest income from affiliates | | | | |
Dividend income from non-affiliates | | | | |
Dividend income from affiliates | | | | |
Income from securities lending (net) (See Note 2.C.) | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Custodian and accounting fees | | | | |
Interest expense to affiliates | | | | |
| | | | |
Trustees’ and Chief Compliance Officer’s fees | | | | |
Printing and mailing costs | | | | |
Registration and filing fees | | | | |
Transfer agency fees (See Note 2.K.) | | | | |
| | | | |
| | | | |
| | | | |
Less expense reimbursements | | | | |
| | | | |
Net investment income (loss) | | | | |
(a)
Amount rounds to less than one thousand.
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
| JPMorgan Equity Income Fund | | JPMorgan Equity Premium Income Fund | |
REALIZED/UNREALIZED GAINS (LOSSES): | | | | |
Net realized gain (loss) on transactions from: | | | | |
Investments in non-affiliates | | | | |
Investments in affiliates | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in net unrealized appreciation/depreciation on: | | | | |
Investments in non-affiliates | | | | |
Investments in affiliates | | | | |
| | | | |
| | | | |
| | | | |
Change in net unrealized appreciation/depreciation | | | | |
Net realized/unrealized gains (losses) | | | | |
Change in net assets resulting from operations | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
STATEMENTS OF OPERATIONSFOR THE YEAR ENDED June 30, 2024 (continued)
(Amounts in thousands)
| JPMorgan
Hedged
Equity 2 Fund | JPMorgan
Hedged
Equity 3 Fund | JPMorgan
Large Cap
Growth Fund | |
| | | | |
Interest income from non-affiliates | | | | |
Interest income from affiliates | | | | |
Dividend income from non-affiliates | | | | |
Dividend income from affiliates | | | | |
Income from securities lending (net) (See Note 2.C.) | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Custodian and accounting fees | | | | |
Interest expense to affiliates | | | | |
| | | | |
Trustees’ and Chief Compliance Officer’s fees | | | | |
Printing and mailing costs | | | | |
Registration and filing fees | | | | |
Transfer agency fees (See Note 2.K.) | | | | |
| | | | |
| | | | |
| | | | |
Less expense reimbursements | | | | |
| | | | |
Net investment income (loss) | | | | |
(a)
Amount rounds to less than one thousand.
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
| JPMorgan Hedged Equity 2 Fund | JPMorgan Hedged Equity 3 Fund | JPMorgan Large Cap Growth Fund | |
REALIZED/UNREALIZED GAINS (LOSSES): | | | | |
Net realized gain (loss) on transactions from: | | | | |
Investments in non-affiliates | | | | |
Investments in affiliates | | | | |
| | | | |
| | | | |
Foreign currency transactions | | | | |
| | | | |
| | | | |
Change in net unrealized appreciation/depreciation on: | | | | |
Investments in non-affiliates | | | | |
Investments in affiliates | | | | |
| | | | |
| | | | |
| | | | |
Change in net unrealized appreciation/depreciation | | | | |
Net realized/unrealized gains (losses) | | | | |
Change in net assets resulting from operations | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
STATEMENTS OF OPERATIONSFOR THE YEAR ENDED June 30, 2024 (continued)
(Amounts in thousands)
| JPMorgan
U.S. Applied
Data Science
Value Fund | | JPMorgan
U.S. GARP
Equity Fund | JPMorgan
U.S. Large
Cap Core
|
| | | | |
Interest income from non-affiliates | | | | |
Interest income from affiliates | | | | |
Dividend income from non-affiliates | | | | |
Dividend income from affiliates | | | | |
Income from securities lending (net) (See Note 2.C.) | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Custodian and accounting fees | | | | |
Interest expense to affiliates | | | | |
| | | | |
Trustees’ and Chief Compliance Officer’s fees | | | | |
Printing and mailing costs | | | | |
Registration and filing fees | | | | |
Transfer agency fees (See Note 2.K.) | | | | |
Dividend expense to non-affiliates on securities sold short | | | | |
Interest expense to non-affiliates on securities sold short | | | | |
| | | | |
| | | | |
| | | | |
Less expense reimbursements | | | | |
| | | | |
Net investment income (loss) | | | | |
(a)
Amount rounds to less than one thousand.
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
| JPMorgan U.S. Applied Data Science Value Fund | | JPMorgan U.S. GARP Equity Fund | JPMorgan U.S. Large Cap Core |
REALIZED/UNREALIZED GAINS (LOSSES): | | | | |
Net realized gain (loss) on transactions from: | | | | |
Investments in non-affiliates | | | | |
Investments in affiliates | | | | |
| | | | |
| | | | |
| | | | |
Change in net unrealized appreciation/depreciation on: | | | | |
Investments in non-affiliates | | | | |
Investments in affiliates | | | | |
| | | | |
| | | | |
Change in net unrealized appreciation/depreciation | | | | |
Net realized/unrealized gains (losses) | | | | |
Change in net assets resulting from operations | | | | |
(a)
Amount rounds to less than one thousand.
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
STATEMENTS OF OPERATIONSFOR THE YEAR ENDED June 30, 2024 (continued)
(Amounts in thousands)
| JPMorgan
U.S. Research
Enhanced
Equity Fund | JPMorgan
U.S. Sustainable
Leaders Fund | |
| | | |
Interest income from non-affiliates | | | |
Interest income from affiliates | | | |
Dividend income from non-affiliates | | | |
Dividend income from affiliates | | | |
Income from securities lending (net) (See Note 2.C.) | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Custodian and accounting fees | | | |
| | | |
Trustees’ and Chief Compliance Officer’s fees | | | |
Printing and mailing costs | | | |
Registration and filing fees | | | |
Transfer agency fees (See Note 2.K.) | | | |
| | | |
| | | |
| | | |
Less expense reimbursements | | | |
| | | |
Net investment income (loss) | | | |
(a)
Amount rounds to less than one thousand.
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
| JPMorgan U.S. Research Enhanced Equity Fund | JPMorgan U.S. Sustainable Leaders Fund | |
REALIZED/UNREALIZED GAINS (LOSSES): | | | |
Net realized gain (loss) on transactions from: | | | |
Investments in non-affiliates | | | |
Investments in affiliates | | | |
| | | |
| | | |
Change in net unrealized appreciation/depreciation on: | | | |
Investments in non-affiliates | | | |
Investments in affiliates | | | |
| | | |
Change in net unrealized appreciation/depreciation | | | |
Net realized/unrealized gains (losses) | | | |
Change in net assets resulting from operations | | | |
(a)
Amount rounds to less than one thousand.
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
STATEMENTS OF CHANGES IN NET ASSETSFOR THE PERIODS INDICATED
(Amounts in thousands)
| JPMorgan Equity Income Fund | JPMorgan Equity Index Fund |
| | | | |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | | | | |
Net investment income (loss) | | | | |
| | | | |
Change in net unrealized appreciation/depreciation | | | | |
Change in net assets resulting from operations | | | | |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Total distributions to shareholders | | | | |
| | | | |
Change in net assets resulting from capital transactions | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
| JPMorgan Equity Premium
Income Fund | JPMorgan Hedged Equity Fund |
| | | | |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | | | | |
Net investment income (loss) | | | | |
| | | | |
Change in net unrealized appreciation/depreciation | | | | |
Change in net assets resulting from operations | | | | |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Total distributions to shareholders | | | | |
| | | | |
Change in net assets resulting from capital transactions | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
STATEMENTS OF CHANGES IN NET ASSETSFOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| JPMorgan Hedged Equity 2 Fund | JPMorgan Hedged Equity 3 Fund |
| | | | |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | | | | |
Net investment income (loss) | | | | |
| | | | |
Change in net unrealized appreciation/depreciation | | | | |
Change in net assets resulting from operations | | | | |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Total distributions to shareholders | | | | |
| | | | |
Change in net assets resulting from capital transactions | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
(a)
Amount rounds to less than one thousand.
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
| JPMorgan Large Cap Growth Fund | JPMorgan Large Cap Value Fund |
| | | | |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | | | | |
Net investment income (loss) | | | | |
| | | | |
Change in net unrealized appreciation/depreciation | | | | |
Change in net assets resulting from operations | | | | |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Total distributions to shareholders | | | | |
| | | | |
Change in net assets resulting from capital transactions | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
STATEMENTS OF CHANGES IN NET ASSETSFOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| JPMorgan U.S. Applied
Data Science Value Fund | JPMorgan U.S. Equity Fund |
| | | | |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | | | | |
Net investment income (loss) | | | | |
| | | | |
Change in net unrealized appreciation/depreciation | | | | |
Change in net assets resulting from operations | | | | |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Total distributions to shareholders | | | | |
| | | | |
Change in net assets resulting from capital transactions | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
| JPMorgan U.S. GARP Equity Fund | JPMorgan U.S. Large Cap Core Plus Fund |
| | | | |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | | | | |
Net investment income (loss) | | | | |
| | | | |
Change in net unrealized appreciation/depreciation | | | | |
Change in net assets resulting from operations | | | | |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Total distributions to shareholders | | | | |
| | | | |
Change in net assets resulting from capital transactions | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
STATEMENTS OF CHANGES IN NET ASSETSFOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| JPMorgan U.S. Research
Enhanced Equity Fund | JPMorgan U.S. Sustainable Leaders Fund |
| | | | |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | | | | |
Net investment income (loss) | | | | |
| | | | |
Change in net unrealized appreciation/depreciation | | | | |
Change in net assets resulting from operations | | | | |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Total distributions to shareholders | | | | |
| | | | |
Change in net assets resulting from capital transactions | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
| |
| | |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | | |
Net investment income (loss) | | |
| | |
Change in net unrealized appreciation/depreciation | | |
Change in net assets resulting from operations | | |
DISTRIBUTIONS TO SHAREHOLDERS: | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Total distributions to shareholders | | |
| | |
Change in net assets resulting from capital transactions | | |
| | |
| | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
STATEMENTS OF CHANGES IN NET ASSETSFOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| JPMorgan Equity Income Fund | JPMorgan Equity Index Fund |
| | | | |
| | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class A capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class C capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class I capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class R2 capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class R3 capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class R4 capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class R5 capital transactions | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
| JPMorgan Equity Income Fund | JPMorgan Equity Index Fund |
| | | | |
CAPITAL TRANSACTIONS: (continued) | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class R6 capital transactions | | | | |
Total change in net assets resulting from capital transactions | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in Class R2 Shares | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in Class R3 Shares | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in Class R4 Shares | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
STATEMENTS OF CHANGES IN NET ASSETSFOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| JPMorgan Equity Income Fund | JPMorgan Equity Index Fund |
| | | | |
SHARE TRANSACTIONS: (continued) | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in Class R5 Shares | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in Class R6 Shares | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
| JPMorgan Equity Premium
Income Fund | JPMorgan Hedged Equity Fund |
| | | | |
| | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class A capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class C capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class I capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class R5 capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class R6 capital transactions | | | | |
Total change in net assets resulting from capital transactions | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
STATEMENTS OF CHANGES IN NET ASSETSFOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| JPMorgan Equity Premium Income Fund | JPMorgan Hedged Equity Fund |
| | | | |
SHARE TRANSACTIONS: (continued) | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in Class R5 Shares | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in Class R6 Shares | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
| JPMorgan Hedged Equity 2 Fund | JPMorgan Hedged Equity 3 Fund |
| | | | |
| | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class A capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class C capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class I capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class R5 capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class R6 capital transactions | | | | |
Total change in net assets resulting from capital transactions | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
(a)
Amount rounds to less than one thousand.
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
STATEMENTS OF CHANGES IN NET ASSETSFOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| JPMorgan Hedged Equity 2 Fund | JPMorgan Hedged Equity 3 Fund |
| | | | |
SHARE TRANSACTIONS: (continued) | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in Class R5 Shares | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in Class R6 Shares | | | | |
(a)
Amount rounds to less than one thousand.
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
| JPMorgan Large Cap Growth Fund | JPMorgan Large Cap Value Fund |
| | | | |
| | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class A capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class C capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class I capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class R2 capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class R3 capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class R4 capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class R5 capital transactions | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
STATEMENTS OF CHANGES IN NET ASSETSFOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| JPMorgan Large Cap Growth Fund | JPMorgan Large Cap Value Fund |
| | | | |
CAPITAL TRANSACTIONS: (continued) | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class R6 capital transactions | | | | |
Total change in net assets resulting from capital transactions | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in Class R2 Shares | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in Class R3 Shares | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in Class R4 Shares | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
| JPMorgan Large Cap Growth Fund | JPMorgan Large Cap Value Fund |
| | | | |
SHARE TRANSACTIONS: (continued) | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in Class R5 Shares | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in Class R6 Shares | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
STATEMENTS OF CHANGES IN NET ASSETSFOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| JPMorgan U.S. Applied
Data Science Value Fund | JPMorgan U.S. Equity Fund |
| | | | |
| | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class A capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class C capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class I capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class L capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class R2 capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class R3 capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class R4 capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class R5 capital transactions | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
| JPMorgan U.S. Applied Data Science Value Fund | JPMorgan U.S. Equity Fund |
| | | | |
CAPITAL TRANSACTIONS: (continued) | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class R6 capital transactions | | | | |
Total change in net assets resulting from capital transactions | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in Class R2 Shares | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in Class R3 Shares | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
STATEMENTS OF CHANGES IN NET ASSETSFOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| JPMorgan U.S. Applied Data Science Value Fund | JPMorgan U.S. Equity Fund |
| | | | |
SHARE TRANSACTIONS: (continued) | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in Class R4 Shares | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in Class R5 Shares | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in Class R6 Shares | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
| JPMorgan U.S. GARP Equity Fund | JPMorgan U.S. Large Cap Core Plus Fund |
| | | | |
| | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class A capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class C capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class I capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class R2 capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class R5 capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class R6 capital transactions | | | | |
Total change in net assets resulting from capital transactions | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
STATEMENTS OF CHANGES IN NET ASSETSFOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| JPMorgan U.S. GARP Equity Fund | JPMorgan U.S. Large Cap Core Plus Fund |
| | | | |
SHARE TRANSACTIONS: (continued) | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in Class R2 Shares | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in Class R5 Shares | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in Class R6 Shares | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
| JPMorgan U.S. Research
Enhanced Equity Fund | JPMorgan U.S. Sustainable Leaders Fund |
| | | | |
| | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class A capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class C capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class I capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class R6 capital transactions | | | | |
Total change in net assets resulting from capital transactions | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
(a)
Amount rounds to less than one thousand.
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
STATEMENTS OF CHANGES IN NET ASSETSFOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| JPMorgan U.S. Research Enhanced Equity Fund | JPMorgan U.S. Sustainable Leaders Fund |
| | | | |
SHARE TRANSACTIONS: (continued) | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in Class R6 Shares | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
| |
| | |
| | |
| | |
Proceeds from shares issued | | |
| | |
| | |
Change in net assets resulting from Class A capital transactions | | |
| | |
Proceeds from shares issued | | |
| | |
| | |
Change in net assets resulting from Class C capital transactions | | |
| | |
Proceeds from shares issued | | |
| | |
| | |
Change in net assets resulting from Class I capital transactions | | |
| | |
Proceeds from shares issued | | |
| | |
| | |
Change in net assets resulting from Class R2 capital transactions | | |
| | |
Proceeds from shares issued | | |
| | |
| | |
Change in net assets resulting from Class R3 capital transactions | | |
| | |
Proceeds from shares issued | | |
| | |
| | |
Change in net assets resulting from Class R4 capital transactions | | |
| | |
Proceeds from shares issued | | |
| | |
| | |
Change in net assets resulting from Class R5 capital transactions | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
STATEMENTS OF CHANGES IN NET ASSETSFOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| |
| | |
CAPITAL TRANSACTIONS: (continued) | | |
| | |
Proceeds from shares issued | | |
| | |
| | |
Change in net assets resulting from Class R6 capital transactions | | |
Total change in net assets resulting from capital transactions | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Change in Class R2 Shares | | |
| | |
| | |
| | |
| | |
Change in Class R3 Shares | | |
| | |
| | |
| | |
| | |
Change in Class R4 Shares | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
| |
| | |
SHARE TRANSACTIONS: (continued) | | |
| | |
| | |
| | |
| | |
Change in Class R5 Shares | | |
| | |
| | |
| | |
| | |
Change in Class R6 Shares | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
STATEMENT OF CASH FLOWSFOR THE YEAR ENDED June 30, 2024
(Amounts in thousands)
| JPMorgan
U.S. Large
Cap Core
Plus Fund |
INCREASE (DECREASE) IN CASH | |
Cash flows provided (used) by operating activities: | |
Net increase in net assets resulting from operations | |
Adjustments to reconcile net increase/decrease in net assets resulting
from operations to net cash provided (used) by operating activities: | |
Purchases of investment securities | |
Proceeds from disposition of investment securities | |
Covers of investment securities sold short | |
Proceeds from investment securities sold short | |
Purchases of short-term investments — affiliates, net | |
Change in unrealized (appreciation)/depreciation on investments in non-affiliates | |
Change in unrealized (appreciation)/depreciation on investment securities sold short | |
Net realized (gain)/loss on investments in non-affiliates | |
Net realized (gain)/loss on investments in affiliates | |
Net realized (gain)/loss on securities sold short | |
Increase in dividends receivable from affiliates | |
Increase in dividends receivable from non-affiliates | |
Decrease in variation margin receivable | |
Increase in dividend expense payable to non-affiliates on securities sold short | |
Increase in interest expense payable to non-affiliates on securities sold short | |
Increase in variation margin payable | |
Increase in investment advisory fees payable | |
Increase in administration fees payable | |
Increase in distribution fees payable | |
Increase in service fees payable | |
Increase in custodian and accounting fees payable | |
Decrease in other accrued expenses payable | |
Net cash provided (used) by operating activities | |
Cash flows provided (used) by financing activities: | |
Proceeds from shares issued | |
Payment for shares redeemed | |
Cash distributions paid to shareholders (net of reinvestments $154,990) | |
Net cash provided (used) by financing activities | |
| |
Net increase (decrease) in restricted and unrestricted cash and deposits at broker | |
Restricted and unrestricted cash and deposits at broker at beginning of year | |
Restricted and unrestricted cash and deposits at broker at end of year | |
Supplemental disclosure of cash flow information:For the year ended June 30, 2024 the Fund paid approximately $2,277 in interest expense.
For purposes of reporting the Statement of Cash Flows, the Fund considers all cash accounts that are not subject to withdrawal restrictions or penalties to be cash equivalents.
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
Reconciliation of restricted and unrestricted cash and deposits at broker at the end of period to the Statements of Assets and Liabilities:
| JPMorgan
U.S. Large
Cap Core
Plus Fund | JPMorgan
U.S. Large
Cap Core
Plus Fund |
| | |
| | |
| | |
| | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
FINANCIAL HIGHLIGHTSFOR THE PERIODS INDICATED
| Per share operating performance |
| | | |
| Net asset
value,
beginning
of period | Net
investment
income
(loss)(a) | Net realized
and unrealized
gains
(losses) on
investments | Total from
investment
operations | | | |
JPMorgan Equity Income Fund | | | | | | | |
| | | | | | | |
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|
| Calculated based upon average shares outstanding. |
| Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
| Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
| |
| | | Ratios to average net assets |
Net asset
value,
end of
period | Total return
(excludes
sales charge)(b) | Net assets,
end of
period
(000's) | | Net
investment
income
(loss) | Expenses without
waivers and reimbursements | |
| | | | | | |
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SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
FINANCIAL HIGHLIGHTSFOR THE PERIODS INDICATED
| Per share operating performance |
| | | |
| Net asset
value,
beginning
of period | Net
investment
income
(loss)(a) | Net realized
and unrealized
gains
(losses) on
investments | Total from
investment
operations | | | |
JPMorgan Equity Index Fund | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
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|
| Calculated based upon average shares outstanding. |
| Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
| Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
| Net expenses for Class R6 Shares are 0.044% for the year ended June 30, 2024, 0.045% for the year ended June 30, 2023, 0.045% for the year ended June 30, 2022, 0.044% for the year ended June 30, 2021, 0.044% for the year ended June 30, 2020. |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
| |
| | | Ratios to average net assets |
Net asset
value,
end of
period | Total return
(excludes
sales charge)(b) | Net assets,
end of
period
(000's) | | Net
investment
income
(loss) | Expenses without
waivers and reimbursements | |
| | | | | | |
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| | | | | | |
| | | | | | |
| | | | | | |
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SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
FINANCIAL HIGHLIGHTSFOR THE PERIODS INDICATED
| Per share operating performance |
| | | |
| Net asset
value,
beginning
of period | Net
investment
income
(loss)(a) | Net realized
and unrealized
gains
(losses) on
investments | Total from
investment
operations | | Net asset
value,
end of
period |
JPMorgan Equity Premium Income Fund | | | | | | |
| | | | | | |
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| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
|
| Calculated based upon average shares outstanding. |
| Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
| Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
|
| | Ratios to average net assets |
Total return
(excludes
sales charge)(b) | Net assets,
end of
period
(000's) | | Net
investment
income
(loss) | Expenses without
waivers and reimbursements | |
| | | | | |
| | | | | |
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| | | | | |
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SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
FINANCIAL HIGHLIGHTSFOR THE PERIODS INDICATED
| Per share operating performance |
| | | |
| Net asset
value,
beginning
of period | Net
investment
income
(loss)(a) | Net realized
and unrealized
gains
(losses) on
investments | Total from
investment
operations | | Net asset
value,
end of
period |
JPMorgan Hedged Equity Fund | | | | | | |
| | | | | | |
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| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
|
| Calculated based upon average shares outstanding. |
| Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
| Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
|
| | Ratios to average net assets |
Total return
(excludes
sales charge)(b) | Net assets,
end of
period
(000's) | | Net
investment
income
(loss) | Expenses without
waivers and reimbursements | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
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SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
FINANCIAL HIGHLIGHTSFOR THE PERIODS INDICATED
| Per share operating performance |
| | | |
| Net asset
value,
beginning
of period | Net
investment
income
(loss)(b) | Net realized
and unrealized
gains
(losses) on
investments | Total from
investment
operations | | | |
JPMorgan Hedged Equity 2 Fund | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
February 26, 2021 (f) through June 30, 2021 | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
February 26, 2021 (f) through June 30, 2021 | | | | | | | |
| | | | | | | |
| | | | | | | |
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| | | | | | | |
February 26, 2021 (f) through June 30, 2021 | | | | | | | |
| | | | | | | |
| | | | | | | |
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February 26, 2021 (f) through June 30, 2021 | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
February 26, 2021 (f) through June 30, 2021 | | | | | | | |
|
| Annualized for periods less than one year, unless otherwise noted. |
| Calculated based upon average shares outstanding. |
| Not annualized for periods less than one year. |
| Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
| Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
| Commencement of operations. |
| Certain non-recurring expenses incurred by the Fund were not annualized for the period indicated. |
| Amount rounds to less than $0.005. |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
| |
| | | Ratios to average net assets(a) |
Net asset
value,
end of
period | Total return
(excludes
sales charge)(c)(d) | Net assets,
end of
period
(000's) | | Net
investment
income
(loss) | Expenses without
waivers and reimbursements | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
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| | | | | | |
| | | | | | |
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SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
FINANCIAL HIGHLIGHTSFOR THE PERIODS INDICATED
| Per share operating performance |
| | | |
| Net asset
value,
beginning
of period | Net
investment
income
(loss)(b) | Net realized
and unrealized
gains
(losses) on
investments | Total from
investment
operations | | | |
JPMorgan Hedged Equity 3 Fund | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
February 26, 2021 (f) through June 30, 2021 | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
February 26, 2021 (f) through June 30, 2021 | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
February 26, 2021 (f) through June 30, 2021 | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
February 26, 2021 (f) through June 30, 2021 | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
February 26, 2021 (f) through June 30, 2021 | | | | | | | |
|
| Annualized for periods less than one year, unless otherwise noted. |
| Calculated based upon average shares outstanding. |
| Not annualized for periods less than one year. |
| Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
| Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
| Commencement of operations. |
| Certain non-recurring expenses incurred by the Fund were not annualized for the period indicated. |
| Amount rounds to less than $0.005. |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
| |
| | | Ratios to average net assets(a) |
Net asset
value,
end of
period | Total return
(excludes
sales charge)(c)(d) | Net assets,
end of
period
(000's) | | Net
investment
income
(loss) | Expenses without
waivers and reimbursements | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
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| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
FINANCIAL HIGHLIGHTSFOR THE PERIODS INDICATED
| Per share operating performance |
| | | |
| Net asset
value,
beginning
of period | Net
investment
income
(loss)(a) | Net realized
and unrealized
gains
(losses) on
investments | Total from
investment
operations | | | |
JPMorgan Large Cap Growth Fund | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
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| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
|
| Calculated based upon average shares outstanding. |
| Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
| Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
| Net investment income (loss) may appear disproportionate among the classes due to the timing of recognition of income and changes in the relative size of the classes. |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
| |
| | | Ratios to average net assets |
Net asset
value,
end of
period | Total return
(excludes
sales charge)(b) | Net assets,
end of
period
(000's) | | Net
investment
income
(loss) | Expenses without
waivers and reimbursements | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
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| | | | | | |
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| | | | | | |
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| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
FINANCIAL HIGHLIGHTSFOR THE PERIODS INDICATED
| Per share operating performance |
| | | |
| Net asset
value,
beginning
of period | Net
investment
income
(loss)(a) | Net realized
and unrealized
gains
(losses) on
investments | Total from
investment
operations | | | |
JPMorgan Large Cap Value Fund | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
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| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
|
| Calculated based upon average shares outstanding. |
| Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
| Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
| |
| | | Ratios to average net assets |
Net asset
value,
end of
period | Total return
(excludes
sales charge)(b) | Net assets,
end of
period
(000's) | | Net
investment
income
(loss) | Expenses without
waivers and reimbursements | |
| | | | | | |
| | | | | | |
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| | | | | | |
| | | | | | |
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SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
FINANCIAL HIGHLIGHTSFOR THE PERIODS INDICATED
| Per share operating performance |
| | | |
| Net asset
value,
beginning
of period | Net
investment
income
(loss)(a) | Net realized
and unrealized
gains
(losses) on
investments | Total from
investment
operations | | | |
JPMorgan U.S. Applied Data Science Value Fund | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
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| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
|
| Calculated based upon average shares outstanding. |
| Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
| Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
| Reflects special dividends paid out during the year by several of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $0.46, $0.30, $0.53, $0.38, $0.57 and $0.60 for Class A, Class C, Class I, Class R2, Class R5 and Class R6 Shares, respectively, and the net investment income (loss) ratio would have been 1.56%, 1.05%, 1.70%, 1.30%, 1.85% and 2.04% for Class A, Class C, Class I, Class R2, Class R5 and Class R6 Shares, respectively. |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
| |
| | | Ratios to average net assets |
Net asset
value,
end of
period | Total return
(excludes
sales charge)(b) | Net assets,
end of
period
(000's) | | Net
investment
income
(loss) | Expenses without
waivers and reimbursements | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
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| | | | | | |
| | | | | | |
| | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
FINANCIAL HIGHLIGHTSFOR THE PERIODS INDICATED
| Per share operating performance |
| | | |
| Net asset
value,
beginning
of period | Net
investment
income
(loss)(a) | Net realized
and unrealized
gains
(losses) on
investments | Total from
investment
operations | | | |
JPMorgan U.S. Equity Fund | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
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| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
| |
| | | Ratios to average net assets |
Net asset
value,
end of
period | Total return
(excludes
sales charge)(b) | Net assets,
end of
period
(000's) | | Net
investment
income
(loss) | Expenses without
waivers and reimbursements | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
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| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
FINANCIAL HIGHLIGHTSFOR THE PERIODS INDICATED (continued)
| Per share operating performance |
| | | |
| Net asset
value,
beginning
of period | Net
investment
income
(loss)(a) | Net realized
and unrealized
gains
(losses) on
investments | Total from
investment
operations | | | |
JPMorgan U.S. Equity Fund (continued) | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
|
| Calculated based upon average shares outstanding. |
| Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
| Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
| Amount rounds to less than $0.005. |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
| |
| | | Ratios to average net assets |
Net asset
value,
end of
period | Total return
(excludes
sales charge)(b) | Net assets,
end of
period
(000's) | | Net
investment
income
(loss) | Expenses without
waivers and reimbursements | |
|
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
FINANCIAL HIGHLIGHTSFOR THE PERIODS INDICATED
| Per share operating performance |
| | | |
| Net asset
value,
beginning
of period | Net
investment
income
(loss)(a) | Net realized
and unrealized
gains
(losses) on
investments | Total from
investment
operations | | | |
JPMorgan U.S. GARP Equity Fund | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
|
| Calculated based upon average shares outstanding. |
| Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
| Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
| Net investment income (loss) may appear disproportionate among the classes due to the timing of recognition of income and changes in the relative size of the classes. |
| Reflects special dividends paid out during the year by several of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $0.27, $(0.01), $0.41, $0.13, $0.49 and $0.55 for Class A, Class C, Class I, Class R2, Class R5 and Class R6 Shares, respectively, and the net investment income (loss) ratio would have been 0.48%, (0.02)%, 0.73%, 0.23%, 0.88% and 0.99% for Class A, Class C, Class I, Class R2, Class R5 and Class R6 Shares, respectively. |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
| |
| | | Ratios to average net assets |
Net asset
value,
end of
period | Total return
(excludes
sales charge)(b) | Net assets,
end of
period
(000's) | | Net
investment
income
(loss) | Expenses without
waivers and reimbursements | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
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| | | | | | |
| | | | | | |
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| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
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| | | | | | |
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| | | | | | |
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| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
FINANCIAL HIGHLIGHTSFOR THE PERIODS INDICATED
| Per share operating performance |
| | | |
| Net asset
value,
beginning
of period | Net
investment
income
(loss)(a) | Net realized
and unrealized
gains
(losses) on
investments | Total from
investment
operations | | | |
JPMorgan U.S. Large Cap Core Plus Fund | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
|
| Calculated based upon average shares outstanding. |
| Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
| Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
| |
| | | | | |
Net expenses (excluding dividend and interest expense for securities sold short) | | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
Expenses without waivers and reimbursements (excluding dividend and interest expense for securities sold short) | | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
|
| Net investment income (loss) may appear disproportionate among the classes due to the timing of recognition of income and changes in the relative size of the classes. |
| Interest expense on securities sold short is 0.14%. |
| Interest expense on securities sold short is 0.62%. |
| Interest expense on securities sold short is 0.16%. |
| Amount rounds to less than $0.005. |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
| |
| | | Ratios to average net assets |
Net asset
value,
end of
period | Total return
(excludes
sales charge)(b) | Net assets,
end of
period
(000's) | Net
expenses
(including dividend
and interest expense
for securities sold
short)(c)(d) | Net
investment
income
(loss) | Expenses without
waivers and reimbursements
(including dividend
and interest expense
for securities sold
short)(d) | Portfolio
turnover rate
(excluding securities
sold short) | Portfolio
turnover rate
(including securities
sold short) |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
FINANCIAL HIGHLIGHTSFOR THE PERIODS INDICATED
| Per share operating performance |
| | | |
| Net asset
value,
beginning
of period | Net
investment
income
(loss)(a) | Net realized
and unrealized
gains
(losses) on
investments | Total from
investment
operations | | | |
JPMorgan U.S. Research Enhanced Equity Fund | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
|
| Calculated based upon average shares outstanding. |
| Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
| Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
| |
| | | Ratios to average net assets |
Net asset
value,
end of
period | Total return
(excludes
sales charge)(b) | Net assets,
end of
period
(000's) | | Net
investment
income
(loss) | Expenses without
waivers and reimbursements | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
FINANCIAL HIGHLIGHTSFOR THE PERIODS INDICATED
| Per share operating performance |
| | | |
| Net asset
value,
beginning
of period | Net
investment
income
(loss)(b) | Net realized
and unrealized
gains
(losses) on
investments | Total from
investment
operations | | | |
JPMorgan U.S. Sustainable Leaders Fund | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
September 30, 2020 (f) through June 30, 2021 | | | | | | | |
|
| Annualized for periods less than one year, unless otherwise noted. |
| Calculated based upon average shares outstanding. |
| Not annualized for periods less than one year. |
| Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
| Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
| Commencement of offering of class of shares. |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
| |
| | | Ratios to average net assets(a) |
Net asset
value,
end of
period | Total return
(excludes
sales charge)(c)(d) | Net assets,
end of
period
(000's) | | Net
investment
income
(loss) | Expenses without
waivers and reimbursements | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
FINANCIAL HIGHLIGHTSFOR THE PERIODS INDICATED
| Per share operating performance |
| | | |
| Net asset
value,
beginning
of period | Net
investment
income
(loss)(a) | Net realized
and unrealized
gains
(losses) on
investments | Total from
investment
operations | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
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| Calculated based upon average shares outstanding. |
| Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
| Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
| |
| | | Ratios to average net assets |
Net asset
value,
end of
period | Total return
(excludes
sales charge)(b) | Net assets,
end of
period
(000's) | | Net
investment
income
(loss) | Expenses without
waivers and reimbursements | |
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SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Large Cap Funds | |
NOTES TO FINANCIAL STATEMENTSAS OF June 30, 2024
(Dollar values in thousands)
1. Organization
JPMorgan Trust I (“JPM I”), JPMorgan Trust II (“JPM II”) and JPMorgan Trust IV (“JPM IV”) (collectively, the “Trusts”) were formed on November 12, 2004 for JPM I and JPM II and November 11, 2015 for JPM IV, as Delaware statutory trusts, pursuant to Declarations of Trust dated November 5, 2004 and November 11, 2015, respectively, and are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as open-end management investment companies.
The following are 15 separate funds of the Trusts (each, a "Fund" and collectively, the "Funds") covered by this report:
| | | Diversification Classification |
JPMorgan Equity Income Fund | Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6 | | |
JPMorgan Equity Index Fund | Class A, Class C, Class I and Class R6 | | |
JPMorgan Equity Premium Income Fund | Class A, Class C, Class I, Class R5 and Class R6 | | |
JPMorgan Hedged Equity Fund | Class A, Class C, Class I, Class R5 and Class R6 | | |
JPMorgan Hedged Equity 2 Fund | Class A, Class C, Class I, Class R5 and Class R6 | | |
JPMorgan Hedged Equity 3 Fund | Class A, Class C, Class I, Class R5 and Class R6 | | |
JPMorgan Large Cap Growth Fund | Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6 | | |
JPMorgan Large Cap Value Fund | Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6 | | |
JPMorgan U.S. Applied Data Science Value Fund | Class A, Class C, Class I, Class R2, Class R5 and Class R6 | | |
JPMorgan U.S. Equity Fund | Class A, Class C, Class I, Class L, Class R2, Class R3, Class R4, Class R5 and Class R6 | | |
JPMorgan U.S. GARP Equity Fund | Class A, Class C, Class I, Class R2, Class R5 and Class R6 | | |
JPMorgan U.S. Large Cap Core Plus Fund | Class A, Class C, Class I, Class R2, Class R5 and Class R6 | | |
JPMorgan U.S. Research Enhanced Equity Fund | Class A, Class I and Class R6 | | |
JPMorgan U.S. Sustainable Leaders Fund | Class A, Class C, Class I and Class R6 | | |
| Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6 | | |
The investment objective of JPMorgan Equity Income Fund (“Equity Income Fund”) is to seek capital appreciation and current income.
The investment objective of JPMorgan Equity Index Fund ("Equity Index Fund") is to seek investment results that correspond to the aggregate price and dividend performance of securities in the Standard & Poor's 500 Composite Stock Price Index.
The investment objective of JPMorgan Equity Premium Income Fund (“Equity Premium Income Fund”) is to seek current income while maintaining prospects for capital appreciation.
The investment objective of JPMorgan Hedged Equity Fund (“Hedged Equity Fund”), JPMorgan Hedged Equity 2 Fund (“Hedged Equity 2 Fund”) and JPMorgan Hedged Equity 3 Fund (“Hedged Equity 3 Fund”) is to seek to provide capital appreciation.
The investment objective of JPMorgan Large Cap Growth Fund ("Large Cap Growth Fund") is to seek long-term capital appreciation.
The investment objective of JPMorgan Large Cap Value Fund (“Large Cap Value Fund”) is to seek capital appreciation with the incidental goal of achieving current income by investing primarily in equity securities.
The investment objective of JPMorgan U.S. Applied Data Science Value Fund (“U.S. Applied Data Science Value Fund”) and JPMorgan U.S. Sustainable Leaders Fund (“U.S. Sustainable Leaders Fund”) is to seek to provide long-term capital appreciation.
The investment objective of JPMorgan U.S. Equity Fund (“U.S. Equity Fund”) and JPMorgan U.S. Large Cap Core Plus Fund ("U.S. Large Cap Core Plus Fund") is to seek to provide high total return from a portfolio of selected equity securities.
The investment objective of JPMorgan U.S. GARP Equity Fund (“U.S. GARP Equity Fund”) is to seek to provide long-term capital growth.
The investment objective of JPMorgan U.S. Research Enhanced Equity Fund (“U.S. Research Enhanced Equity Fund”) is to seek to provide a consistently high total return from a broadly diversified portfolio of equity securities with risk characteristics similar to the Standard and Poor’s 500 Composite Stock Price Index.
The investment objective of JPMorgan U.S. Value Fund (“U.S. Value Fund”) is to seek to provide capital growth over the long-term and to earn income from dividends.
| J.P. Morgan Large Cap Funds | |
Class L Shares of U.S. Equity Fund and Class A Shares of U.S. Research Enhanced Equity Fund are publicly offered on a limited basis. Investors are not eligible to purchase Class L Shares of the Funds unless they meet certain requirements as described in the Funds’ prospectus.
JPMorgan Equity Income Fund is offered on a limited basis. Investors are not eligible to purchase shares of the Fund unless they meet certain requirements as described in the Fund’s prospectuses. Effective January 15, 2024, the Fund is no longer subject to a limited offering, and all limited offering disclosure relating to the Fund will be deleted.
Class A Shares generally provide for a front-end sales charge while Class C Shares provide for a contingent deferred sales charge ("CDSC"). No sales charges are assessed with respect to Class I, Class L, Class R2, Class R3, Class R4, Class R5 and Class R6 Shares. Certain Class A Shares, for which front-end sales charges have been waived, may be subject to a CDSC as described in the Funds' prospectus. Class C Shares automatically convert to Class A Shares after eight years. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different transfer agency, distribution and service fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements.
J.P. Morgan Investment Management Inc. (“JPMIM”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), acts as adviser (the “Adviser”) and administrator (the “Administrator”) to the Funds.
2. Significant Accounting Policies
The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The Funds are investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 — Investment Companies, which is part of U.S. generally accepted accounting principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities, (ii) disclosure of contingent assets and liabilities at the date of the financial statements, and (iii) the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.
A. Valuation of Investments— Investments are valued in accordance with GAAP and the Funds' valuation policies set forth by, and under the supervision and responsibility of, the Boards of Trustees of the Trusts (the "Boards"), 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 Boards.
Under Section 2(a)(41) of the 1940 Act, the Boards are 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 Boards may designate the performance of these fair valuation determinations to a valuation designee. The Boards have designated the Adviser as the “Valuation Designee” to perform fair valuation determinations for the Funds on behalf of the Boards subject to appropriate oversight by the Boards. 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 Boards.
A market-based approach is primarily used to value the Funds' 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 Boards. 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 approved affiliated and unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”). The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.
| J.P. Morgan Large Cap Funds | |
NOTES TO FINANCIAL STATEMENTSAS OF June 30, 2024 (continued)
(Dollar values in thousands)
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 Funds are calculated on a valuation date.
Investments in open-end investment companies (“Underlying Funds”) are valued at each Underlying Fund’s NAV per share as of the report date.
Futures contracts and options 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 Funds' 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 Funds' assumptions in determining the fair value of investments).
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.
The following tables represent each valuation input as presented on the Schedules of Portfolio Investments ("SOIs"):
| | | | |
| | Level 2
Other significant
observable inputs | Level 3
Significant
unobservable inputs | |
Total Investments in Securities (a) | | | | |
|
| Please refer to the SOI for specifics of portfolio holdings. |
| | | | |
| | Level 2
Other significant
observable inputs | Level 3
Significant
unobservable inputs | |
Investments in Securities | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Investment of Cash Collateral from Securities Loaned | | | | |
Total Short-Term Investments | | | | |
Total Investments in Securities | | | | |
Appreciation in Other Financial Instruments | | | | |
| | | | |
Equity Premium Income Fund | | | | |
| | Level 2
Other significant
observable inputs | Level 3
Significant
unobservable inputs | |
Investments in Securities | | | | |
| | | | |
| | | | |
Total Investments in Securities | | | | |
| J.P. Morgan Large Cap Funds | |
Equity Premium Income Fund (continued) | | | | |
| | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | |
Appreciation in Other Financial Instruments | | | | |
| | | | |
| | | | |
| | Level 2
Other significant
observable inputs | Level 3
Significant
unobservable inputs | |
Total Investments in Securities (a) | | | | |
Appreciation in Other Financial Instruments | | | | |
| | | | |
Depreciation in Other Financial Instruments | | | | |
| | | | |
| | | | |
| | | | |
Total Net Appreciation/ Depreciation in Other
Financial Instruments | | | | |
|
| Please refer to the SOI for specifics of portfolio holdings. |
| | | | |
| | Level 2
Other significant
observable inputs | Level 3
Significant
unobservable inputs | |
Total Investments in Securities (a) | | | | |
Appreciation in Other Financial Instruments | | | | |
| | | | |
Depreciation in Other Financial Instruments | | | | |
| | | | |
| | | | |
| | | | |
Total Net Appreciation/ Depreciation in Other
Financial Instruments | | | | |
|
| Please refer to the SOI for specifics of portfolio holdings. |
| | | | |
| | Level 2
Other significant
observable inputs | Level 3
Significant
unobservable inputs | |
Total Investments in Securities (a) | | | | |
Appreciation in Other Financial Instruments | | | | |
| | | | |
Depreciation in Other Financial Instruments | | | | |
| | | | |
| | | | |
| J.P. Morgan Large Cap Funds | |
NOTES TO FINANCIAL STATEMENTSAS OF June 30, 2024 (continued)
(Dollar values in thousands)
Hedged Equity 3 Fund (continued) | | | | |
| | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | |
| | | | |
Total Net Appreciation/ Depreciation in Other
Financial Instruments | | | | |
|
| Please refer to the SOI for specifics of portfolio holdings. |
| | | | |
| | Level 2
Other significant
observable inputs | Level 3
Significant
unobservable inputs | |
Total Investments in Securities (a) | | | | |
|
| Please refer to the SOI for specifics of portfolio holdings. |
| | | | |
| | Level 2
Other significant
observable inputs | Level 3
Significant
unobservable inputs | |
Total Investments in Securities (a) | | | | |
|
| Please refer to the SOI for specifics of portfolio holdings. |
U.S. Applied Data Science Value Fund | | | | |
| | Level 2
Other significant
observable inputs | Level 3
Significant
unobservable inputs | |
Total Investments in Securities (a) | | | | |
Appreciation in Other Financial Instruments | | | | |
| | | | |
|
| Please refer to the SOI for specifics of portfolio holdings. |
| | | | |
| | Level 2
Other significant
observable inputs | Level 3
Significant
unobservable inputs | |
Total Investments in Securities (a) | | | | |
|
| Please refer to the SOI for specifics of portfolio holdings. |
| | | | |
| | Level 2
Other significant
observable inputs | Level 3
Significant
unobservable inputs | |
Total Investments in Securities (a) | | | | |
| J.P. Morgan Large Cap Funds | |
U.S. GARP Equity Fund (continued) | | | | |
| | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | |
Appreciation in Other Financial Instruments | | | | |
| | | | |
|
| Please refer to the SOI for specifics of portfolio holdings. |
U.S. Large Cap Core Plus Fund | | | | |
| | Level 2
Other significant
observable inputs | Level 3
Significant
unobservable inputs | |
Total Investments in Securities (a) | | | | |
Total Liabilities in Securities Sold Short (a) | | | | |
Depreciation in Other Financial Instruments | | | | |
| | | | |
|
| Please refer to the SOI for specifics of portfolio holdings. |
U.S. Research Enhanced Equity Fund | | | | |
| | Level 2
Other significant
observable inputs | Level 3
Significant
unobservable inputs | |
Total Investments in Securities (a) | | | | |
Appreciation in Other Financial Instruments | | | | |
| | | | |
|
| Please refer to the SOI for specifics of portfolio holdings. |
U.S. Sustainable Leaders Fund | | | | |
| | Level 2
Other significant
observable inputs | Level 3
Significant
unobservable inputs | |
Total Investments in Securities (a) | | | | |
Depreciation in Other Financial Instruments | | | | |
| | | | |
|
| Please refer to the SOI for specifics of portfolio holdings. |
| Amount rounds to less than one thousand. |
| | | | |
| | Level 2
Other significant
observable inputs | Level 3
Significant
unobservable inputs | |
Total Investments in Securities (a) | | | | |
|
| Please refer to the SOI for specifics of portfolio holdings. |
| J.P. Morgan Large Cap Funds | |
NOTES TO FINANCIAL STATEMENTSAS OF June 30, 2024 (continued)
(Dollar values in thousands)
B. Restricted Securities— Certain securities held by the Funds may be subject to legal or contractual restrictions on resale. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the NAVs of the Funds.
As of June 30, 2024, the Funds had no investments in restricted securities other than securities sold to the Funds under Rule 144A and/or Regulation S under the Securities Act.
C. Securities Lending — The Funds are authorized to engage in securities lending in order to generate additional income. The Funds are able to lend to approved borrowers. Citibank N.A. (“Citibank”) serves as lending agent for the Funds, pursuant to a Securities Lending Agency Agreement (the “Securities Lending Agency Agreement”). Securities loaned are collateralized by cash equal to at least 100% of the market value plus accrued interest on the securities lent, which is invested in the Class IM Shares of the JPMorgan U.S. Government Money Market Fund, the Class IM Shares of the JPMorgan Prime Money Market Fund, and the Agency SL Class Shares of the JPMorgan Securities Lending Money Market Fund. The Funds retain the interest earned on cash collateral investments but are required to pay the borrower a rebate for the use of the cash collateral. In cases where the lent security is of high value to borrowers, there may be a negative rebate (i.e., a net payment from the borrower to the Funds). Upon termination of a loan, the Funds are required to return to the borrower an amount equal to the cash collateral, plus any rebate owed to the borrowers. The remaining maturities of the securities lending transactions are considered overnight and continuous. Loans are subject to termination by the Funds or the borrower at any time.
The net income earned on the securities lending (after payment of rebates and Citibank’s fee) is included on the Statements of Operations as Income from securities lending (net). The Funds also receive payments from the borrower during the period of the loan, equivalent to dividends and interest earned on the securities loaned, which are recorded as Dividend or Interest income, respectively, on the Statements of Operations.
Under the Securities Lending Agency Agreement, Citibank marks to market the loaned securities on a daily basis. In the event the cash received from the borrower is less than 102% of the value of the loaned securities (105% for loans of non-U.S. securities), Citibank requests additional cash from the borrower so as to maintain a collateralization level of at least 102% of the value of the loaned securities plus accrued interest (105% for loans of non-U.S. securities), subject to certain de minimis amounts.
The value of securities out on loan is recorded as an asset on the Statements of Assets and Liabilities. The value of the cash collateral received is recorded as a liability on the Statements of Assets and Liabilities and details of collateral investments are disclosed on the SOIs.
The Funds bear the risk of loss associated with the collateral investments and are not entitled to additional collateral from the borrower to cover any such losses. To the extent that the value of the collateral investments declines below the amount owed to a borrower, the Funds may incur losses that exceed the amount they earned on lending the security. Upon termination of a loan, the Funds may use leverage (borrow money) to repay the borrower for cash collateral posted if the Adviser does not believe that it is prudent to sell the collateral investments to fund the payment of this liability. Securities lending activity is subject to master netting arrangements.
The following table presents for each lending Fund, the value of the securities on loan with Citibank, net of amounts available for offset under the master netting arrangements and any related collateral received or posted by the Funds as of June 30, 2024.
| Investment Securities
on Loan, at value,
Presented on the
Statements of Assets
and Liabilities | Cash Collateral
Posted by Borrower* | Net Amount Due
to Counterparty
(not less than zero) |
| | | |
| | | |
| | | |
|
| Collateral posted reflects the value of securities on loan and does not include any additional amounts received from the borrower. |
Securities lending also involves counterparty risks, including the risk that the loaned securities may not be returned in a timely manner or at all. Subject to certain conditions, Citibank has agreed to indemnify the Funds from losses resulting from a borrower’s failure to return a loaned security.
| J.P. Morgan Large Cap Funds | |
JPMIM voluntarily waived investment advisory fees charged to the Funds to reduce the impact of the cash collateral investment in the JPMorgan U.S. Government Money Market Fund from 0.13% to 0.06%. For the year ended June 30, 2024, JPMIM waived fees associated with the Funds' investment in the JPMorgan U.S. Government Money Market Fund as follows:
| |
| |
Equity Premium Income Fund | |
| |
| |
| |
| |
| |
The above waiver is included in the determination of earnings on cash collateral investment and in the calculation of Citibank’s compensation and is included on the Statements of Operations as Income from securities lending (net).
Equity Income Fund, Equity Premium Income Fund, Hedged Equity Fund, Hedged Equity 2 Fund, Hedged Equity 3 Fund, U.S. Applied Data Science Value Fund, U.S. Equity Fund, U.S. GARP Equity Fund, U.S. Large Cap Core Plus Fund, U.S. Research Enhanced Equity Fund, U.S. Sustainable Leaders Fund and U.S. Value Fund did not have any securities out on loan at June 30, 2024. Hedged Equity Fund, Hedged Equity 2 Fund, Hedged Equity 3 Fund, U.S. Applied Data Science Value Fund, U.S. Large Cap Core Plus Fund, U.S. Research Enhanced Equity Fund and U.S. Sustainable Leaders Fund did not lend out any securities during the year ended June 30, 2024.
D. Investment Transactions with Affiliates— The Funds invested in Underlying Funds advised by the Adviser. An issuer which is under common control with a Fund may be considered an affiliate. For the purposes of the financial statements, the Funds assume the issuers listed in the tables below to be affiliated issuers. The Underlying Funds’ distributions may be reinvested into such Underlying Funds. Reinvestment amounts are included in the purchases at cost amounts in the tables below.
|
For the year ended June 30, 2024 |
| | | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | | Capital Gain
Distributions |
JPMorgan Prime Money Market Fund Class IM Shares, 5.39% (a) (b) | | | | | | | | | |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.39% (a) (b) | | | | | | | | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (a) (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. |
| The rate shown is the current yield as of June 30, 2024. |
| Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee). |
|
For the year ended June 30, 2024 |
| | | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | | Capital Gain
Distributions |
| | | | | | | | | |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.39% (b) (c) | | | | | | | | | |
| J.P. Morgan Large Cap Funds | |
NOTES TO FINANCIAL STATEMENTSAS OF June 30, 2024 (continued)
(Dollar values in thousands)
Equity Index Fund (continued) |
For the year ended June 30, 2024 |
| | | | | Change in Unrealized Appreciation/ (Depreciation) | | | | Capital Gain Distributions |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (b) (c) | | | | | | | | | |
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 5.16% (b) (c) | | | | | | | | | |
| | | | | | | | | |
|
| Investment in affiliate. This security is included in an index in which the Fund, as an index fund, tracks. |
| 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. |
| The rate shown is the current yield as of June 30, 2024. |
| Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee). |
Equity Premium Income Fund |
For the year ended June 30, 2024 |
| | | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | | Capital Gain
Distributions |
JPMorgan Prime Money Market Fund Class IM Shares, 5.39% (a) (b) | | | | | | | | | |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.39% (a) (b) | | | | | | | | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (a) (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. |
| The rate shown is the current yield as of June 30, 2024. |
| Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee). |
|
For the year ended June 30, 2024 |
| | | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | | Capital Gain
Distributions |
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 5.16% (a) (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. |
| The rate shown is the current yield as of June 30, 2024. |
| J.P. Morgan Large Cap Funds | |
|
For the year ended June 30, 2024 |
| | | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | | Capital Gain
Distributions |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (a) (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. |
| The rate shown is the current yield as of June 30, 2024. |
|
For the year ended June 30, 2024 |
| | | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | | Capital Gain
Distributions |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (a) (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. |
| The rate shown is the current yield as of June 30, 2024. |
|
For the year ended June 30, 2024 |
| | | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | | Capital Gain
Distributions |
JPMorgan Prime Money Market Fund Class IM Shares, 5.39% (a) (b) | | | | | | | | | |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.39% (a) (b) | | | | | | | | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (a) (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. |
| The rate shown is the current yield as of June 30, 2024. |
| Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee). |
|
For the year ended June 30, 2024 |
| | | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | | Capital Gain
Distributions |
JPMorgan Prime Money Market Fund Class IM Shares, 5.39% (a) (b) | | | | | | | | | |
| J.P. Morgan Large Cap Funds | |
NOTES TO FINANCIAL STATEMENTSAS OF June 30, 2024 (continued)
(Dollar values in thousands)
Large Cap Value Fund (continued) |
For the year ended June 30, 2024 |
| | | | | Change in Unrealized Appreciation/ (Depreciation) | | | | Capital Gain Distributions |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.39% (a) (b) | | | | | | | | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (a) (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. |
| The rate shown is the current yield as of June 30, 2024. |
| Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee). |
U.S. Applied Data Science Value Fund |
For the year ended June 30, 2024 |
| | | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | | Capital Gain
Distributions |
JPMorgan Prime Money Market Fund Class IM Shares, 5.39% (a) (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. |
| The rate shown is the current yield as of June 30, 2024. |
| Amount rounds to less than one thousand. |
|
For the year ended June 30, 2024 |
| | | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | | Capital Gain
Distributions |
JPMorgan Prime Money Market Fund Class IM Shares, 5.39% (a) (b) | | | | | | | | | |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.39% (a) (b) | | | | | | | | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (a) (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. |
| The rate shown is the current yield as of June 30, 2024. |
| Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee). |
| J.P. Morgan Large Cap Funds | |
|
For the year ended June 30, 2024 |
| | | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | | Capital Gain
Distributions |
JPMorgan Prime Money Market Fund Class IM Shares, 5.39% (a) (b) | | | | | | | | | |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.39% (a) (b) | | | | | | | | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (a) (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. |
| The rate shown is the current yield as of June 30, 2024. |
| Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee). |
U.S. Large Cap Core Plus Fund |
For the year ended June 30, 2024 |
| | | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | | Capital Gain
Distributions |
JPMorgan Prime Money Market Fund Class IM Shares, 5.39% (a) (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. |
| The rate shown is the current yield as of June 30, 2024. |
| Amount rounds to less than one thousand. |
U.S. Research Enhanced Equity Fund |
For the year ended June 30, 2024 |
| | | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | | Capital Gain
Distributions |
JPMorgan Prime Money Market Fund Class IM Shares, 5.39% (a) (b) | | | | | | | | | |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.39% (a) (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. |
| The rate shown is the current yield as of June 30, 2024. |
| Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee). |
| J.P. Morgan Large Cap Funds | |
NOTES TO FINANCIAL STATEMENTSAS OF June 30, 2024 (continued)
(Dollar values in thousands)
U.S. Sustainable Leaders Fund |
For the year ended June 30, 2024 |
| | | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | | Capital Gain
Distributions |
JPMorgan Prime Money Market Fund Class IM Shares, 5.39% (a) (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. |
| The rate shown is the current yield as of June 30, 2024. |
| Amount rounds to less than one thousand. |
|
For the year ended June 30, 2024 |
| | | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | | Capital Gain
Distributions |
JPMorgan Prime Money Market Fund Class IM Shares, 5.39% (a) (b) | | | | | | | | | |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.39% (a) (b) | | | | | | | | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (a) (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. |
| The rate shown is the current yield as of June 30, 2024. |
| Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee). |
E. Foreign Currency Translation — The books and records of the Funds are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the prevailing exchange rates of such currencies against the U.S. dollar. The market value of investment securities and other assets and liabilities are translated at the exchange rate as of the valuation date. Purchases and sales of investment securities, income and expenses are translated at the exchange rate prevailing on the respective dates of such transactions.
The Funds do not isolate the effect of changes in foreign exchange rates from changes in market prices on securities held. Accordingly, such changes are included within Change in net unrealized appreciation/depreciation on investments in non-affiliates on the Statements of Operations.
Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on each Fund's books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses are included in Net realized gain (loss) on foreign currency transactions on the Statements of Operations. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at year end and are included in Change in net unrealized appreciation/depreciation on foreign currency translations on the Statements of Operations.
F. Options— Hedged Equity Fund, Hedged Equity 2 Fund and Hedged Equity 3 Fund purchased and sold (“wrote”) put and call options on various instruments including options on indices to manage and hedge interest rate risks within their portfolios and also to gain long or short exposure to the underlying instrument, index, currency or rate. A purchaser of a put option has the right, but not the obligation, to sell the underlying instrument at an agreed upon price (“strike price”) to the option seller. A purchaser of a call option has the right, but not the obligation, to purchase the underlying instrument at the strike price from the option seller.
Options Purchased— Premiums paid by the Funds for options purchased are included on the Statements of Assets and Liabilities as Options purchased. The option is adjusted daily to reflect the current market value of the option and the change is recorded as Change in net unrealized appreciation/depreciation on options purchased on the Statements of Operations. If the option is allowed to expire, the Funds will lose the entire
| J.P. Morgan Large Cap Funds | |
premium they paid and record a realized loss for the premium amount. Premiums paid for options purchased which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) or cost basis of the underlying investment.
Options Written— Premiums received by the Funds for options written are included on the Statements of Assets and Liabilities as a liability. The amount of the liability is adjusted daily to reflect the current market value of the option written and the change in market value is recorded as Change in net unrealized appreciation/depreciation on options written on the Statements of Operations. Premiums received from options written that expire are treated as realized gains. If a written option is closed, the Funds record a realized gain or loss on options written based on whether the cost of the closing transaction exceeds the premium received. If a call option is exercised by the option buyer, the premium received by the Funds is added to the proceeds from the sale of the underlying security to the option buyer and compared to the cost of the closing transaction to determine whether there has been a realized gain or loss. If a put option is exercised by an option buyer, the premium received by the option seller reduces the cost basis of the purchased security.
The Funds pledge collateral to the counterparty in the form of securities for options written. Securities designated as collateral are denoted on the SOIs.
Written uncovered call options subject the Funds to unlimited risk of loss. Written covered call options limit the upside potential of a security above the strike price. Written put options subject the Funds to risk of loss if the value of the security declines below the exercise price minus the put premium.
The Funds are not subject to credit risk on options written as the counterparty has already performed its obligation by paying the premium at the inception of the contract.
The Funds’ exchange-traded option contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).
G. Futures Contracts— Equity Index Fund, Equity Premium Income Fund, Hedged Equity Fund, Hedged Equity 2 Fund, Hedged Equity 3 Fund, U.S. Applied Data Science Value Fund, U.S. Equity Fund, U.S. GARP Equity Fund, U.S. Large Cap Core Plus Fund, U.S. Research Enhanced Equity Fund and U.S. Sustainable Leaders Fund used index futures contracts to gain or reduce exposure to the stock market, or maintain liquidity or minimize transaction costs. The Funds also purchased futures contracts to invest incoming cash in the market or sold futures in response to cash outflows, thereby simulating an invested position in the underlying index while maintaining a cash balance for liquidity.
Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Funds are required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Funds periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as Change in net unrealized appreciation/depreciation on futures contracts on the Statements of Operations. Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported on the Statements of Operations at the closing or expiration of the futures contract. Securities deposited as initial margin are designated on the SOIs, while cash deposited, which is considered restricted, is recorded on the Statements of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statements of Assets and Liabilities.
The use of futures contracts exposes the Funds to equity price risk. The Funds may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subjects the Funds to risk of loss in excess of the amounts shown on the Statements of Assets and Liabilities, up to the notional amount of the futures contracts. Use of short futures contracts subjects the Funds to unlimited risk of loss. The Funds may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Funds' credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of positions.
| J.P. Morgan Large Cap Funds | |
NOTES TO FINANCIAL STATEMENTSAS OF June 30, 2024 (continued)
(Dollar values in thousands)
The Funds' futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).
The table below discloses the volume of the Funds' options and futures contracts activity during the year ended June 30, 2024. Please refer to the tables in the Summary of Derivatives Information for derivative-related gains and losses associated with volume activity (amounts in thousands, except number of contracts):
| | Equity Premium
Income Fund |
| | |
Average Notional Balance Long | | |
Average Notional Balance Short | | |
Ending Notional Balance Long | | |
Ending Notional Balance Short | | |
| | | |
| | | |
Average Notional Balance Long | | | |
Ending Notional Balance Long | | | |
| | | |
Average Number of Contracts Purchased | | | |
Average Number of Contracts Written | | | |
Ending Number of Contracts Purchased | | | |
Ending Number of Contracts Written | | | |
| U.S.
Applied Data
Science
Value Fund | | |
| | | |
Average Notional Balance Long | | | |
Ending Notional Balance Long | | | |
| U.S.
Large Cap
Core Plus
Fund | U.S.
Research
Enhanced
Equity
Fund | U.S.
Sustainable
Leaders
Fund |
| | | |
Average Notional Balance Long | | | |
Ending Notional Balance Long | | | |
The Funds' derivatives contracts held at June 30, 2024 are not accounted for as hedging instruments under GAAP.
H. Equity-Linked Notes— Equity Premium Income Fund invested in Equity-Linked Notes (“ELNs”). These are hybrid instruments which combine both debt and equity characteristics into a single note form. ELNs' values are linked to the performance of an underlying index. ELNs are unsecured debt obligations of an issuer and may not be publicly listed or traded on an exchange. ELNs are valued daily, under procedures adopted by the Board, based on values provided by an approved pricing source. These notes have a coupon which is accrued and recorded as interest income on the Statements of Operations. Changes in the market value of ELNs are recorded as Change in net unrealized appreciation or depreciation on the Statements of Operations. The Fund realizes a gain or loss when an ELN is sold or matures, which is recorded as Net realized gain (loss) on transactions from investments in non-affiliates on the Statements of Operations.
As of June 30, 2024, Equity Premium Income Fund had outstanding ELNs as listed on the SOIs.
I. Short Sales— U.S. Large Cap Core Plus Fund engaged in short sales as part of its normal investment activities. In a short sale, the Fund sells securities it does not own in anticipation of a decline in the market value of those securities. In order to deliver securities to the purchaser, the Fund borrows securities from a broker. To close out a short position, the Fund delivers the same securities to the broker.
The Fund is required to pledge cash or securities to the broker as collateral for the securities sold short. Collateral requirements are calculated daily based on the current market value of the short positions. Cash collateral deposited with the broker is recorded as Deposits at broker for securities
| J.P. Morgan Large Cap Funds | |
sold short, while cash collateral deposited at the Fund's custodian for the benefit of the broker is recorded as Restricted cash for securities sold short on the Statements of Assets and Liabilities. Securities segregated as collateral are denoted on the SOIs. The Fund may receive or pay the net of the following amounts: (i) a portion of the income from the investment of cash collateral; (ii) the broker’s fee on the borrowed securities (calculated daily based upon the market value of each borrowed security and a variable rate that is dependent on availability of the security); and (iii) a financing charge for the difference between the market value of the short position and cash collateral deposited with the broker. The net amounts of income or fees are included as interest income or interest expense on securities sold short on the Statements of Operations.
The Fund is obligated to pay the broker dividends declared on short positions when a position is open on the record date. Dividends on short positions are reported on ex-dividend date on the Statements of Operations as Dividend expense on securities sold short. The Fund is obligated to pay the broker interest accrued on short positions while the position is outstanding. Interest expense on short positions is reported as Interest expense to non-affiliates on securities sold short on the Statements of Operations. Liabilities for securities sold short are reported at market value on the Statements of Assets and Liabilities and the change in market value is recorded as Change in net unrealized appreciation/depreciation on the Statements of Operations. Short sale transactions may result in unlimited losses as the security’s price increases and the short position loses value. There is no upward limit on the price a borrowed security could attain. The Fund is also subject to risk of loss if the broker were to fail to perform its obligations under the contractual terms.
The Fund will record a realized loss if the price of the borrowed security increases between the date of the short sale and the date on which the Fund replaces the borrowed security. The Fund will record a realized gain if the price of the borrowed security declines between those dates.
As of June 30, 2024, U.S. Large Cap Core Plus Fund had outstanding short sales as listed on its SOI.
J. Security Transactions and Investment Income— Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis.
Interest income and interest expense on securities sold short, if any, is determined on the basis of coupon interest accrued using the effective interest method, which adjusts for amortization of premiums and accretion of discounts.
Dividend income and dividend expense on securities sold short, if any, is recorded on the ex-dividend date or when the Funds first learn of the dividend.
To the extent such information is publicly available, the Funds record distributions received in excess of income earned from underlying investments as a reduction of cost of investments and/or realized gain. Such amounts are based on estimates if actual amounts are not available and actual amounts of income, realized gain and return of capital may differ from the estimated amounts. The Funds adjust the estimated amounts of the components of distributions (and consequently their net investment income) as necessary, once the issuers provide information about the actual composition of the distributions.
K. Allocation of Income and Expenses— Expenses directly attributable to a Fund are charged directly to that Fund, while the expenses attributable to more than one fund of the Trusts are allocated among the applicable funds. Investment income, realized and unrealized gains and losses and expenses, other than class-specific expenses, are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day.
Transfer agency fees are class-specific expenses. The amount of the transfer agency fees charged to each share class of the Funds for the year ended June 30, 2024 are as follows:
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
Equity Premium Income Fund | | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| J.P. Morgan Large Cap Funds | |
NOTES TO FINANCIAL STATEMENTSAS OF June 30, 2024 (continued)
(Dollar values in thousands)
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
U.S. Applied Data Science Value Fund | | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
U.S. Large Cap Core Plus Fund | | | | | | | | | | |
| | | | | | | | | | |
U.S. Research Enhanced Equity Fund | | | | | | | | | | |
| | | | | | | | | | |
U.S. Sustainable Leaders Fund | | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
|
| Amount rounds to less than one thousand. |
L. Federal Income Taxes— Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund's policy is to comply with the provisions of the Internal Revenue Code (the “Code”) applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds' tax positions for all open tax years and has determined that as of June 30, 2024, no liability for Federal income tax is required in the Funds' financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each Fund's Federal tax returns for the prior three fiscal years, or since inception if shorter, remain subject to examination by the Internal Revenue Service.
M. Distributions to Shareholders— Distributions from net investment income, if any, are generally declared and paid at least quarterly, except for Large Cap Growth Fund, U.S. GARP Equity Fund, U.S. Large Cap Core Plus Fund and U.S. Sustainable Leaders Fund, for which distributions are generally declared and paid at least annually, Equity Income Fund, for which distributions are generally declared and paid at least monthly, and Equity Premium Income Fund, for which distributions are generally declared daily and paid at least monthly. Distributions are declared separately for each class. No class has preferential dividend rights; differences in per share rates are due to differences in separate class expenses. Net realized capital gains, if any, are distributed by each Fund at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federal tax basis treatment.
The following amounts were reclassified within the capital accounts:
| | Accumulated
undistributed
(distributions in
excess of)
net investment
income | Accumulated
net realized
gains (losses) |
| | | |
| | | |
| | | |
U.S. Applied Data Science Value Fund | | | |
| | | |
U.S. Large Cap Core Plus Fund | | | |
The reclassifications for the Funds relate primarily to tax adjustments on certain investments and tax equalization.
| J.P. Morgan Large Cap Funds | |
3. Fees and Other Transactions with Affiliates
A. Investment Advisory Fee — Pursuant to an Investment Advisory Agreement, the Adviser manages the investments of each Fund and for such services is paid a fee. The investment advisory fee is accrued daily and paid monthly at an annual rate based on each Fund's respective average daily net assets. The annual rate for each Fund is as follows:
| |
| |
| |
Equity Premium Income Fund | |
| |
| |
| |
| |
| |
U.S. Applied Data Science Value Fund | |
| |
| |
U.S. Large Cap Core Plus Fund | |
U.S. Research Enhanced Equity Fund | |
U.S. Sustainable Leaders Fund | |
| |
The Adviser waived investment advisory fees and/or reimbursed expenses as outlined in Note 3.F.
B. Administration Fee— Pursuant to an Administration Agreement, the Administrator provides certain administration services to each Fund. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.075% of the first $10 billion of each Fund's respective average daily net assets, plus 0.050% of each Fund's respective average daily net assets between $10 billion and $20 billion, plus 0.025% of each Fund's respective average daily net assets between $20 billion and $25 billion, plus 0.01% of each Fund's respective average daily net assets in excess of $25 billion. For the year ended June 30, 2024, the effective annualized rate for Equity Income Fund, Equity Index Fund, Equity Premium Income Fund, Hedged Equity Fund, Hedged Equity 2 Fund, Hedged Equity 3 Fund, Large Cap Growth Fund, Large Cap Value Fund, U.S. Applied Data Science Value Fund, U.S. Equity Fund, U.S. GARP Equity Fund, U.S. Large Cap Core Plus Fund, U.S. Research Enhanced Equity Fund, U.S. Sustainable Leaders Fund and U.S. Value Fund was 0.035%, 0.075%, 0.075%, 0.065%, 0.075%, 0.075%, 0.027%, 0.075%, 0.075%, 0.057%, 0.075%, 0.075%, 0.075%, 0.075% and 0.075%, respectively, of each Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.
The Administrator waived administration fees as outlined in Note 3.F.
JPMorgan Chase Bank, N.A. ("JPMCB"), a wholly-owned subsidiary of JPMorgan, serves as the Funds' sub-administrator (the “Sub-administrator”). For its services as Sub-administrator, JPMCB receives a portion of the fees payable to the Administrator.
C. Distribution Fees— Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (“JPMDS”), an indirect, wholly-owned subsidiary of JPMorgan, serves as each Fund's principal underwriter and promotes and arranges for the sale of each Fund's shares.
The Boards have adopted a Distribution Plan (the “Distribution Plan”) for Class A, Class C, Class R2 and Class R3 Shares of the Funds, as applicable, pursuant to Rule 12b-1 under the 1940 Act. Class I, Class L, Class R4, Class R5 and Class R6 Shares of the Funds do not charge a distribution fee. The Distribution Plan provides that each Fund shall pay, with respect to the applicable share classes, distribution fees, including payments to JPMDS, at annual rates of the average daily net assets as shown in the table below:
| | | | |
| | | | |
| | | | |
Equity Premium Income Fund | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
U.S. Applied Data Science Value Fund | | | | |
| J.P. Morgan Large Cap Funds | |
NOTES TO FINANCIAL STATEMENTSAS OF June 30, 2024 (continued)
(Dollar values in thousands)
| | | | |
| | | | |
| | | | |
U.S. Large Cap Core Plus Fund | | | | |
U.S. Research Enhanced Equity Fund | | | | |
U.S. Sustainable Leaders Fund | | | | |
| | | | |
In addition, JPMDS is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the year ended June 30, 2024, JPMDS retained the following:
| | |
| | |
| | |
Equity Premium Income Fund | | |
| | |
| | |
| | |
| | |
| | |
U.S. Applied Data Science Value Fund | | |
| | |
| | |
U.S. Large Cap Core Plus Fund | | |
U.S. Research Enhanced Equity Fund | | |
U.S. Sustainable Leaders Fund | | |
| | |
|
| Amount rounds to less than one thousand. |
D. Service Fees— The Trusts, on behalf of the Funds, have entered into a Shareholder Servicing Agreement with JPMDS under which JPMDS provides certain support services to fund shareholders. For performing these services, JPMDS receives a fee with respect to all share classes, except Class R6 Shares which do not charge a service fee, that is accrued daily and paid monthly equal to a percentage of the average daily net assets as shown in the table below:
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
Equity Premium Income Fund | | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
U.S. Applied Data Science Value Fund | | | | | | | | |
| | | | | | | | |
| | | | | | | | |
U.S. Large Cap Core Plus Fund | | | | | | | | |
U.S. Research Enhanced Equity Fund | | | | | | | | |
U.S. Sustainable Leaders Fund | | | | | | | | |
| | | | | | | | |
| J.P. Morgan Large Cap Funds | |
JPMDS has entered into shareholder services contracts with affiliated and unaffiliated financial intermediaries who provide shareholder services and other related services to their clients or customers who invest in the Funds. Pursuant to such contracts, JPMDS will pay all or a portion of such fees earned to financial intermediaries for performing such services.
JPMDS waived service fees as outlined in Note 3.F.
E. Custodian and Accounting Fees— JPMCB provides portfolio custody and accounting services to the Funds. For performing these services, the Funds pay JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses. The amounts paid directly to JPMCB by the Funds for custody and accounting services are included in Custodian and accounting fees on the Statements of Operations.
Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the Statements of Operations.
Interest expense paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates on the Statements of Operations.
F. Waivers and Reimbursements—The Adviser, Administrator and/or JPMDS have contractually agreed to waive fees and/or reimburse the Funds to the extent that total annual operating expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, expenses related to trustee elections and extraordinary expenses) exceed the percentages of the Funds' respective average daily net assets as shown in the table below:
| | | | | | | | |
| | | | | | | | |
Equity Premium Income Fund | | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
U.S. Applied Data Science Value Fund | | | | | | | | |
| | | | | | | | |
| | | | | | | | |
U.S. Large Cap Core Plus Fund | | | | | | | | |
U.S. Research Enhanced Equity Fund | | | | | | | | |
U.S. Sustainable Leaders Fund | | | | | | | | |
| | | | | | | | |
The expense limitation agreements were in effect for the year ended June 30, 2024 and the contractual expense limitation percentages in the table above are in place until at least October 31, 2024.
| J.P. Morgan Large Cap Funds | |
NOTES TO FINANCIAL STATEMENTSAS OF June 30, 2024 (continued)
(Dollar values in thousands)
For the year ended June 30, 2024, the Funds' service providers waived fees and/or reimbursed expenses for each of the Funds as follows. None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.
| | |
| | | | | Contractual
Reimbursements |
| | | | | |
| | | | | |
Equity Premium Income Fund | | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
U.S. Applied Data Science Value Fund | | | | | |
| | | | | |
| | | | | |
U.S. Large Cap Core Plus Fund | | | | | |
U.S. Research Enhanced Equity Fund | | | | | |
U.S. Sustainable Leaders Fund | | | | | |
| | | | | |
|
| Amount rounds to less than one thousand. |
Additionally, the Funds may invest in one or more money market funds advised by the Adviser (affiliated money market funds). The Adviser, Administrator and/or JPMDS, as shareholder servicing agent, have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the applicable Fund’s investment in such affiliated money market fund, except for investments of securities lending cash collateral. None of these parties expect the Funds to repay any such waived fees and/ or reimbursed expenses in future years.
The amounts of these waivers resulting from investments in these money market funds for the year ended June 30, 2024 were as follows:
| |
| |
| |
Equity Premium Income Fund | |
| |
| |
| |
| |
| |
U.S. Applied Data Science Value Fund | |
| |
| |
U.S. Large Cap Core Plus Fund | |
U.S. Research Enhanced Equity Fund | |
U.S. Sustainable Leaders Fund | |
| |
JPMIM voluntarily agreed to reimburse the Funds for the Trustee Fees paid to one of the interested Trustees. For the year ended June 30, 2024, the amount of these reimbursements were as follows:
| |
| |
| |
Equity Premium Income Fund | |
| J.P. Morgan Large Cap Funds | |
| |
| |
| |
| |
| |
| |
U.S. Applied Data Science Value Fund | |
| |
| |
U.S. Large Cap Core Plus Fund | |
U.S. Research Enhanced Equity Fund | |
U.S. Sustainable Leaders Fund | |
| |
G. Other— Certain officers of the Trusts are affiliated with the Adviser, the Administrator and JPMDS. Such officers, with the exception of the Chief Compliance Officer, receive no compensation from the Funds for serving in their respective roles.
The Boards designated and appointed a Chief Compliance Officer to the Funds pursuant to Rule 38a-1 under the 1940 Act. Each Fund, along with affiliated funds, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the office of the Chief Compliance Officer. Such fees are included in Trustees’ and Chief Compliance Officer’s fees on the Statements of Operations.
The Trusts adopted a Trustee Deferred Compensation Plan (the “Plan”) which allows the independent Trustees to defer the receipt of all or a portion of compensation related to performance of their duties as Trustees. The deferred fees are invested in various J.P. Morgan Funds until distribution in accordance with the Plan.
During the year ended June 30, 2024, Large Cap Value Fund purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.
The below Funds used related party broker-dealers during the year ended June 30, 2024, and incurred brokerage commissions with broker-dealers affiliated with the Adviser as follows:
| |
| |
Equity Premium Income Fund | |
| |
| |
| |
| |
U.S. Applied Data Science Value Fund | |
| |
| |
U.S. Research Enhanced Equity Fund | |
U.S. Sustainable Leaders Fund | |
| |
4. Investment Transactions
During the year ended June 30, 2024, purchases and sales of investments (excluding short-term investments) were as follows:
| Purchases
(excluding
U.S. Government) | Sales
(excluding
U.S. Government) | | Covers on
Securities
Sold Short |
| | | | |
| | | | |
Equity Premium Income Fund | | | | |
| | | | |
| | | | |
| J.P. Morgan Large Cap Funds | |
NOTES TO FINANCIAL STATEMENTSAS OF June 30, 2024 (continued)
(Dollar values in thousands)
| Purchases (excluding U.S. Government) | Sales (excluding U.S. Government) | | Covers on Securities Sold Short |
| | | | |
| | | | |
| | | | |
U.S. Applied Data Science Value Fund | | | | |
| | | | |
| | | | |
U.S. Large Cap Core Plus Fund | | | | |
U.S. Research Enhanced Equity Fund | | | | |
U.S. Sustainable Leaders Fund | | | | |
| | | | |
5. Federal Income Tax Matters
For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at June 30, 2024 were as follows:
| | Gross
Unrealized
Appreciation | Gross
Unrealized
Depreciation | Net Unrealized
Appreciation
(Depreciation) |
| | | | |
| | | | |
Equity Premium Income Fund | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
U.S. Applied Data Science Value Fund | | | | |
| | | | |
| | | | |
U.S. Large Cap Core Plus Fund * | | | | |
U.S. Research Enhanced Equity Fund | | | | |
U.S. Sustainable Leaders Fund | | | | |
| | | | |
|
| The tax cost includes the proceeds from short sales which may result in a net negative cost. |
The difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to certain derivatives and wash sale loss deferrals.
| J.P. Morgan Large Cap Funds | |
The tax character of distributions paid during the year ended June 30, 2024 was as follows:
| | Net
Long-Term
Capital Gains | |
| | | |
| | | |
Equity Premium Income Fund | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
U.S. Applied Data Science Value Fund | | | |
| | | |
| | | |
U.S. Large Cap Core Plus Fund | | | |
U.S. Research Enhanced Equity Fund | | | |
U.S. Sustainable Leaders Fund | | | |
| | | |
|
| Short-term gain distributions are treated as ordinary income for income tax purposes. |
The tax character of distributions paid during the year ended June 30, 2023 was as follows:
| | Net
Long-Term
Capital Gains | |
| | | |
| | | |
Equity Premium Income Fund | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
U.S. Applied Data Science Value Fund | | | |
| | | |
| | | |
U.S. Large Cap Core Plus Fund | | | |
U.S. Research Enhanced Equity Fund | | | |
U.S. Sustainable Leaders Fund | | | |
| | | |
|
| Short-term gain distributions are treated as ordinary income for income tax purposes. |
| J.P. Morgan Large Cap Funds | |
NOTES TO FINANCIAL STATEMENTSAS OF June 30, 2024 (continued)
(Dollar values in thousands)
As of June 30, 2024, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows:
| Current
Distributable
Ordinary
Income | Current
Distributable
Long-Term
Capital Gain
(Tax Basis Capital
Loss Carryover) | Unrealized
Appreciation
(Depreciation) |
| | | |
| | | |
Equity Premium Income Fund | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
U.S. Applied Data Science Value Fund | | | |
| | | |
| | | |
U.S. Large Cap Core Plus Fund | | | |
U.S. Research Enhanced Equity Fund | | | |
U.S. Sustainable Leaders Fund | | | |
| | | |
The cumulative timing differences primarily consist of certain derivatives, dividends payable, post-October capital loss deferrals and wash sale loss deferrals.
As of June 30, 2024, the following Funds had net capital loss carryforwards, which are available to offset future realized gains:
| Capital Loss Carryforward Character |
| | |
| | |
Equity Premium Income Fund | | |
| | |
| | |
| | |
| | |
U.S. Sustainable Leaders Fund | | |
Net capital losses (gains) incurred after October 31, and within the taxable year are deemed to arise on the first business day of the Funds' next taxable year. For the year ended June 30, 2024, the Funds deferred to July 1, 2024 the following net capital losses (gains) of:
| Net Capital Losses (Gains) |
| | |
| | |
Equity Premium Income Fund | | |
| | |
| | |
| | |
| | |
| J.P. Morgan Large Cap Funds | |
During the year ended June 30, 2024, the following Funds utilized capital loss carryforwards as follows:
| |
| | |
| | |
| | |
| | |
U.S. Sustainable Leaders Fund | | |
| | |
The Funds rely upon an exemptive order granted by the SEC (the “Order”) permitting the establishment and operation of an Interfund Lending Facility (the “Facility”). The Facility allows the Funds to directly lend and borrow money to or from any other fund relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund's borrowing restrictions. The interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. The Order was granted to JPM II and may be relied upon by the Funds because the Funds and the series of JPM II are all investment companies in the same “group of investment companies” (as defined in Section 12(d)(1)(G) of the 1940 Act).
The Funds had no borrowings outstanding from another fund as of June 30, 2024. Average borrowings from the Facility for the year ended June 30, 2024, were as follows:
The Trusts and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Funds. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund's borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until October 29, 2024.
The Funds had no borrowings outstanding from the unsecured, uncommitted credit facility during the year ended June 30, 2024.
The Trusts, along with certain other trusts for J.P. Morgan Funds (“Borrowers”), have entered into a joint syndicated senior unsecured revolving credit facility totaling $1.5 billion (“Credit Facility”) with various lenders and The Bank of New York Mellon, as administrative agent for the lenders. This Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Under the terms of the Credit Facility, a borrowing fund must have a minimum of $25 million in adjusted net asset value and not exceed certain adjusted net asset coverage ratios prior to and during the time in which any borrowings are outstanding. If a fund does not comply with the aforementioned requirements, the fund must remediate within three business days with respect to the $25 million minimum adjusted net asset value or within one business day with respect to certain asset coverage ratios or the administrative agent at the request of, or with the consent of, the lenders may terminate the Credit Facility and declare any outstanding borrowings to be due and payable immediately.
Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.00%, plus the greater on the day of the borrowing, of the federal funds effective rate, or the Adjusted Secured Overnight Financing Rate (SOFR). Effective August 6, 2024, the Credit Facility was amended and restated for a term of 364 days, unless extended.
The Funds did not utilize the Credit Facility during the year ended June 30, 2024.
7. Risks, Concentrations and Indemnifications
In the normal course of business, the Funds enter into contracts that contain a variety of representations which provide general indemnifications. Each Fund's maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be brought against each Fund. However, based on experience, the Funds expect the risk of loss to be remote.
| J.P. Morgan Large Cap Funds | |
NOTES TO FINANCIAL STATEMENTSAS OF June 30, 2024 (continued)
(Dollar values in thousands)
As of June 30, 2024, the Funds had individual shareholder and/or omnibus accounts each owning more than 10% of the respective Fund's outstanding shares as follows:
| Number of
Individual Shareholder
and/or Affiliated
Omnibus Accounts | | Number of
Individual Shareholder
and/or Non-Affiliated
Omnibus Accounts | |
| | | | |
| | | | |
Equity Premium Income Fund | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
U.S. Applied Data Science Value Fund | | | | |
| | | | |
| | | | |
U.S. Large Cap Core Plus Fund | | | | |
U.S. Research Enhanced Equity Fund | | | | |
U.S. Sustainable Leaders Fund | | | | |
| | | | |
As of June 30, 2024, J.P. Morgan Investor Funds, JPMorgan SmartRetirement Funds and JPMorgan SmartRetirement Blend Funds, which are affiliated fund of funds, each owned in the aggregate, shares representing more than 10% of the net assets of the Funds as follows:
| | JPMorgan
SmartRetirement
Funds | JPMorgan
SmartRetirement
Blend Funds |
| | | |
| | | |
| | | |
U.S. Research Enhanced Equity Fund | | | |
Equity Premium Income Fund’s investments in ELNs entail varying degrees of risks. The Fund is subject to loss of their full principal amount. In addition, the ELNs are subject to a stated maximum return which may limit the payment at maturity. The Fund may also be exposed to additional risks associated with structured notes including: counterparty credit risk related to the issuer’s ability to make payment at maturity; liquidity risk related to a lack of liquid market for these notes, preventing the Fund from trading or selling the notes easily; and a greater degree of market risk than other types of debt securities because the investor bears the risk associated with the underlying financial instruments.
The Funds are subject to infectious disease epidemics/pandemics risk. The effects of any future pandemic or other global event to public health and business and market conditions, may have a significant negative impact on the performance of a Fund's investments, increase a Fund's volatility, exacerbate pre-existing political, social and economic risks to the Funds, and negatively impact broad segments of businesses and populations. In addition, governments, their regulatory agencies, or self-regulatory organizations have taken or may take actions in response to a pandemic or other global event that affect the instruments in which the Funds invest, or the issuers of such instruments, in ways that could have a significant negative impact on a Fund’s investment performance. The ultimate impact of any pandemic or other global event and the extent to which the associated conditions and governmental responses impact a Fund will also depend on future developments, which are highly uncertain, difficult to accurately predict and subject to frequent changes.
| J.P. Morgan Large Cap Funds | |
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Trustees of JPMorgan Trust I, JPMorgan Trust II and JPMorgan Trust IV and Shareholders of JPMorgan Equity Income Fund, JPMorgan Equity Index Fund, JPMorgan Equity Premium Income Fund, JPMorgan Hedged Equity Fund, JPMorgan Hedged Equity 2 Fund, JPMorgan Hedged Equity 3 Fund, JPMorgan Large Cap Growth Fund, JPMorgan Large Cap Value Fund, JPMorgan U.S. Applied Data Science Value Fund, JPMorgan U.S. Equity Fund, JPMorgan U.S. GARP Equity Fund, JPMorgan U.S. Large Cap Core Plus Fund, JPMorgan U.S. Research Enhanced Equity Fund, JPMorgan U.S. Sustainable Leaders Fund and JPMorgan U.S. Value Fund
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of portfolio investments, of JPMorgan Hedged Equity Fund, JPMorgan U.S. Applied Data Science Value Fund, JPMorgan U.S. Equity Fund, JPMorgan U.S. GARP Equity Fund, JPMorgan U.S. Large Cap Core Plus Fund, JPMorgan U.S. Research Enhanced Equity Fund, JPMorgan U.S. Sustainable Leaders Fund and JPMorgan U.S. Value Fund (eight of the funds constituting JPMorgan Trust I), JPMorgan Equity Income Fund, JPMorgan Equity Index Fund, JPMorgan Large Cap Growth Fund and JPMorgan Large Cap Value Fund (four of the funds constituting JPMorgan Trust II) and JPMorgan Equity Premium Income Fund, JPMorgan Hedged Equity 2 Fund and JPMorgan Hedged Equity 3 Fund (three of the funds constituting JPMorgan Trust IV) (hereafter collectively referred to as the “Funds”) as of June 30, 2024, the related statements of operations for the year ended June 30, 2024, the statement of cash flows for JPMorgan U.S. Large Cap Core Plus Fund for the year ended June 30, 2024, the statements of changes in net assets for each of the two years in the period ended June 30, 2024, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of June 30, 2024, the results of each of their operations for the year then ended, for the JPMorgan U.S. Large Cap Core Plus Fund, the results of its cash flows for the year then ended, the changes in each of their net assets for each of the two years in the period ended June 30, 2024 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of June 30, 2024 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/ PricewaterhouseCoopers LLP
New York, New York
August 27, 2024
We have served as the auditor of one or more investment companies in the JPMorgan Funds complex since 1993.
| J.P. Morgan Large Cap Funds | |
TAX LETTER(Unaudited)
(Dollar values in thousands)
Certain tax information for the J.P. Morgan Funds is required to be provided to shareholders based upon the Funds’ income and distributions for the taxable year ended June 30, 2024. The information and distributions reported in this letter may differ from the information and taxable distributions reported to the shareholders for the calendar year ending December 31, 2024. The information necessary to complete your income tax returns for the calendar year ending December 31, 2024 will be provided under separate cover.
Dividends Received Deduction (DRD)
Each Fund listed below had the following percentage, or maximum allowable percentage, of ordinary income distributions eligible for the dividends received deduction for corporate shareholders for the fiscal year ended June 30, 2024:
| Dividends
Received
Deduction |
JPMorgan Equity Income Fund | |
JPMorgan Equity Index Fund | |
JPMorgan Equity Premium Income Fund | |
JPMorgan Hedged Equity Fund | |
JPMorgan Hedged Equity 2 Fund | |
JPMorgan Hedged Equity 3 Fund | |
JPMorgan Large Cap Growth Fund | |
JPMorgan Large Cap Value Fund | |
JPMorgan U.S. Applied Data Science Value Fund | |
JPMorgan U.S. Equity Fund | |
JPMorgan U.S. GARP Equity Fund | |
JPMorgan U.S. Large Cap Core Plus Fund | |
JPMorgan U.S. Research Enhanced Equity Fund | |
JPMorgan U.S. Sustainable Leaders Fund | |
| |
Each Fund listed below distributed the following amount, or maximum allowable amount, of long-term capital gain dividends for the fiscal year ended June 30, 2024:
| Long-Term
Capital Gain
Distribution |
JPMorgan Equity Income Fund | |
JPMorgan Large Cap Value Fund | |
JPMorgan U.S. Applied Data Science Value Fund | |
JPMorgan U.S. Equity Fund | |
JPMorgan U.S. GARP Equity Fund | |
JPMorgan U.S. Large Cap Core Plus Fund | |
JPMorgan U.S. Research Enhanced Equity Fund | |
Qualified Dividend Income (QDI)
Each Fund listed below had the following amount, or maximum allowable amount, of ordinary income distributions treated as qualified dividends for the fiscal year ended June 30, 2024:
| |
JPMorgan Equity Income Fund | |
JPMorgan Equity Index Fund | |
JPMorgan Equity Premium Income Fund | |
JPMorgan Hedged Equity Fund | |
JPMorgan Hedged Equity 2 Fund | |
JPMorgan Hedged Equity 3 Fund | |
JPMorgan Large Cap Growth Fund | |
JPMorgan Large Cap Value Fund | |
JPMorgan U.S. Applied Data Science Value Fund | |
JPMorgan U.S. Equity Fund | |
JPMorgan U.S. GARP Equity Fund | |
JPMorgan U.S. Large Cap Core Plus Fund | |
JPMorgan U.S. Research Enhanced Equity Fund | |
JPMorgan U.S. Sustainable Leaders Fund | |
| |
| J.P. Morgan Large Cap Funds | |
THIS PAGE IS INTENTIONALLY LEFT BLANK
THIS PAGE IS INTENTIONALLY LEFT BLANK
THIS PAGE IS INTENTIONALLY LEFT BLANK
J.P. Morgan Funds are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the Funds.
Contact JPMorgan Distribution Services, Inc. at 1-800-480-4111 for a fund prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risk as well as charges and expenses of the mutual fund before investing. The prospectus contains this and other information about the mutual fund. Read the prospectus carefully before investing.
Investors may obtain information about the Securities Investor Protection Corporation (SIPC), including the SIPC brochure, by visiting www.sipc.org or by calling SIPC at 202-371-8300.
Each Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC as an exhibit to its report on Form N-PORT. The Funds' Form N-PORT reports are available on the SEC’s website at http://www.sec.gov. Each Fund's quarterly holdings can be found by visiting the J.P. Morgan Funds’ website at www.jpmorganfunds.com.
A description of each Fund's policies and procedures with respect to the disclosure of each Fund's holdings is available in the prospectuses and Statement of Additional Information.
A copy of proxy policies and procedures is available without charge upon request by calling 1-800-480-4111 and on the Funds' website at www.jpmorganfunds.com. A description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Funds to the Adviser. A copy of the Funds' voting record for the most recent 12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Funds' website at www.jpmorganfunds.com no later than August 31 of each year. The Funds' proxy voting record will include, among other things, a brief description of the matter voted on for each fund security, and will state how each vote was cast, for example, for or against the proposal.
J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.
© JPMorgan Chase & Co., 2024. All rights reserved. June 2024.
AN-LCE-624
Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Proxy Disclosures for Open-End Management Investment Companies
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
Included in the Statement of Operations within the Fund’s Financial Statements.
Statement Regarding Basis for Approval of Investment Advisory Agreement and Subadvisory Agreement
Annual Report
J.P. Morgan SmartRetirement® Funds
June 30, 2024
JPMorgan SmartRetirement® Income Fund |
JPMorgan SmartRetirement® 2020 Fund |
JPMorgan SmartRetirement® 2025 Fund |
JPMorgan SmartRetirement® 2030 Fund |
JPMorgan SmartRetirement® 2035 Fund |
JPMorgan SmartRetirement® 2040 Fund |
JPMorgan SmartRetirement® 2045 Fund |
JPMorgan SmartRetirement® 2050 Fund |
JPMorgan SmartRetirement® 2055 Fund |
JPMorgan SmartRetirement® 2060 Fund |
JPMorgan SmartRetirement® 2065 Fund |
CONTENTS
Investments in a Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money if you sell when a Fund’s share price is lower than when you invested.
Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of a Fund or the securities markets.
Prospective investors should refer to the Funds’ prospectuses for a discussion of the Funds’ investment objectives, strategies and risks. Call J.P. Morgan Funds Service Center at 1-800-480-4111 for a prospectus containing more complete information about a Fund, including management fees and other expenses. Please read it carefully before investing.
JPMorgan SmartRetirement® Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024
| | |
Investment Companies — 73.9% |
|
JPMorgan Core Bond Fund Class R6 Shares (a) | | |
JPMorgan Core Plus Bond Fund Class R6 Shares (a) | | |
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a) | | |
JPMorgan High Yield Fund Class R6 Shares (a) | | |
| | |
International Equity — 4.9% |
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a) | | |
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a) | | |
JPMorgan International Equity Fund Class R6 Shares (a) | | |
Total International Equity | | |
|
JPMorgan Small Cap Equity Fund Class R6 Shares (a) | | |
JPMorgan Small Cap Growth Fund Class R6 Shares * (a) | | |
JPMorgan Small Cap Value Fund Class R6 Shares (a) | | |
JPMorgan U.S. Equity Fund Class R6 Shares (a) | | |
JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a) | | |
| | |
Total Investment Companies
(Cost $691,028) | | |
Exchange-Traded Funds — 21.6% |
Alternative Assets — 0.8% |
JPMorgan BetaBuilders MSCI US REIT ETF (a) | | |
JPMorgan Realty Income ETF (a) | | |
| | |
|
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF (a) | | |
JPMorgan Inflation Managed Bond ETF (a) | | |
| | |
International Equity — 11.6% |
JPMorgan ActiveBuilders Emerging Markets Equity ETF (a) | | |
JPMorgan Global Select Equity ETF (a) | | |
JPMorgan International Research Enhanced Equity ETF (a) | | |
Total International Equity | | |
| | |
|
|
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (a) | | |
Total Exchange-Traded Funds
(Cost $197,796) | | |
| | |
U.S. Treasury Obligations — 0.0% ^ |
U.S. Treasury Notes
4.13%, 1/31/2025 (Cost $327) | | |
| | |
Short-Term Investments — 4.3% |
Investment Companies — 4.3% |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (a) (b)
(Cost $45,236) | | |
Total Investments — 99.8%
(Cost $934,387) | | |
Other Assets Less Liabilities — 0.2% | | |
| | |
Percentages indicated are based on net assets. |
| |
| |
| Real Estate Investment Trust |
| |
| Amount rounds to less than 0.1% of net assets. |
| Non-income producing security. | |
| 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. | |
| The rate shown is the current yield as of June 30, 2024. | |
Detailed information about investment portfolios of the Underlying Funds, as defined in the Notes to Financial Statements, and ETFs can be found in the financial statements 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.
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan SmartRetirement® Funds | |
JPMorgan SmartRetirement® 2020 Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024
| | |
Investment Companies — 74.0% |
|
JPMorgan Core Bond Fund Class R6 Shares (a) | | |
JPMorgan Core Plus Bond Fund Class R6 Shares (a) | | |
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a) | | |
JPMorgan High Yield Fund Class R6 Shares (a) | | |
| | |
International Equity — 4.9% |
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a) | | |
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a) | | |
JPMorgan International Equity Fund Class R6 Shares (a) | | |
Total International Equity | | |
|
JPMorgan Small Cap Equity Fund Class R6 Shares (a) | | |
JPMorgan Small Cap Growth Fund Class R6 Shares * (a) | | |
JPMorgan Small Cap Value Fund Class R6 Shares (a) | | |
JPMorgan U.S. Equity Fund Class R6 Shares (a) | | |
JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a) | | |
| | |
Total Investment Companies
(Cost $836,282) | | |
Exchange-Traded Funds — 21.6% |
Alternative Assets — 0.8% |
JPMorgan BetaBuilders MSCI US REIT ETF (a) | | |
JPMorgan Realty Income ETF (a) | | |
| | |
|
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF (a) | | |
JPMorgan Inflation Managed Bond ETF (a) | | |
| | |
International Equity — 11.6% |
JPMorgan ActiveBuilders Emerging Markets Equity ETF (a) | | |
JPMorgan Global Select Equity ETF (a) | | |
JPMorgan International Research Enhanced Equity ETF (a) | | |
Total International Equity | | |
| | |
|
|
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (a) | | |
Total Exchange-Traded Funds
(Cost $235,725) | | |
| | |
U.S. Treasury Obligations — 0.0% ^ |
U.S. Treasury Notes
4.13%, 1/31/2025 (Cost $403) | | |
| | |
Short-Term Investments — 4.1% |
Investment Companies — 4.1% |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (a) (b)
(Cost $51,756) | | |
Total Investments — 99.7%
(Cost $1,124,166) | | |
Other Assets Less Liabilities — 0.3% | | |
| | |
Percentages indicated are based on net assets. |
| |
| |
| Real Estate Investment Trust |
| |
| Amount rounds to less than 0.1% of net assets. |
| Non-income producing security. | |
| 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. | |
| The rate shown is the current yield as of June 30, 2024. | |
Detailed information about investment portfolios of the Underlying Funds, as defined in the Notes to Financial Statements, and ETFs can be found in the financial statements 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.
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan SmartRetirement® Funds | |
JPMorgan SmartRetirement® 2025 Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024
| | |
Investment Companies — 75.0% |
|
JPMorgan Core Bond Fund Class R6 Shares (a) | | |
JPMorgan Core Plus Bond Fund Class R6 Shares (a) | | |
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a) | | |
JPMorgan High Yield Fund Class R6 Shares (a) | | |
| | |
International Equity — 5.6% |
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a) | | |
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a) | | |
JPMorgan International Equity Fund Class R6 Shares (a) | | |
Total International Equity | | |
|
JPMorgan Small Cap Equity Fund Class R6 Shares (a) | | |
JPMorgan Small Cap Growth Fund Class R6 Shares * (a) | | |
JPMorgan Small Cap Value Fund Class R6 Shares (a) | | |
JPMorgan U.S. Equity Fund Class R6 Shares (a) | | |
JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a) | | |
| | |
Total Investment Companies
(Cost $1,864,666) | | |
Exchange-Traded Funds — 22.4% |
Alternative Assets — 0.9% |
JPMorgan BetaBuilders MSCI US REIT ETF (a) | | |
JPMorgan Realty Income ETF (a) | | |
| | |
|
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF (a) | | |
JPMorgan Inflation Managed Bond ETF (a) | | |
| | |
International Equity — 13.1% |
JPMorgan ActiveBuilders Emerging Markets Equity ETF (a) | | |
JPMorgan Global Select Equity ETF (a) | | |
JPMorgan International Research Enhanced Equity ETF (a) | | |
Total International Equity | | |
| | |
|
|
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (a) | | |
Total Exchange-Traded Funds
(Cost $524,513) | | |
| | |
U.S. Treasury Obligations — 0.1% |
U.S. Treasury Notes
4.13%, 1/31/2025 (Cost $1,353) | | |
| | |
Short-Term Investments — 2.3% |
Investment Companies — 2.3% |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (a) (b)
(Cost $62,960) | | |
Total Investments — 99.8%
(Cost $2,453,492) | | |
Other Assets Less Liabilities — 0.2% | | |
| | |
Percentages indicated are based on net assets. |
| |
| |
| Real Estate Investment Trust |
| |
| Non-income producing security. |
| 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. |
| The rate shown is the current yield as of June 30, 2024. |
Detailed information about investment portfolios of the Underlying Funds, as defined in the Notes to Financial Statements, and ETFs can be found in the financial statements 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.
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan SmartRetirement® Funds | |
JPMorgan SmartRetirement® 2030 Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024
| | |
Investment Companies — 74.8% |
|
JPMorgan Core Bond Fund Class R6 Shares (a) | | |
JPMorgan Core Plus Bond Fund Class R6 Shares (a) | | |
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a) | | |
JPMorgan High Yield Fund Class R6 Shares (a) | | |
| | |
International Equity — 6.5% |
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a) | | |
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a) | | |
JPMorgan International Equity Fund Class R6 Shares (a) | | |
Total International Equity | | |
|
JPMorgan Small Cap Equity Fund Class R6 Shares (a) | | |
JPMorgan Small Cap Growth Fund Class R6 Shares * (a) | | |
JPMorgan Small Cap Value Fund Class R6 Shares (a) | | |
JPMorgan U.S. Equity Fund Class R6 Shares (a) | | |
JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a) | | |
| | |
Total Investment Companies
(Cost $2,669,885) | | |
Exchange-Traded Funds — 23.6% |
Alternative Assets — 1.2% |
JPMorgan BetaBuilders MSCI US REIT ETF (a) | | |
JPMorgan Realty Income ETF (a) | | |
| | |
|
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF (a) | | |
JPMorgan Inflation Managed Bond ETF (a) | | |
| | |
International Equity — 15.9% |
JPMorgan ActiveBuilders Emerging Markets Equity ETF (a) | | |
JPMorgan Global Select Equity ETF (a) | | |
JPMorgan International Research Enhanced Equity ETF (a) | | |
Total International Equity | | |
| | |
|
|
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (a) | | |
Total Exchange-Traded Funds
(Cost $819,430) | | |
| | |
U.S. Treasury Obligations — 0.1% |
U.S. Treasury Notes
4.13%, 1/31/2025 (b) (Cost $3,903) | | |
| | |
Short-Term Investments — 1.1% |
Investment Companies — 1.1% |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (a) (c)
(Cost $47,204) | | |
Total Investments — 99.6%
(Cost $3,540,422) | | |
Other Assets Less Liabilities — 0.4% | | |
| | |
Percentages indicated are based on net assets. |
| |
| |
| Real Estate Investment Trust |
| |
| Non-income producing security. |
| Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
| All or a portion of this security is deposited with the broker as initial margin for futures contracts. |
| The rate shown is the current yield as of June 30, 2024. |
Detailed information about investment portfolios of the Underlying Funds, as defined in the Notes to Financial Statements, and ETFs can be found in the financial statements filed with the Securities and Exchange Commission (SEC) by each such underlying fund semi-annually on Form N-CSR and in portfolio holdings filed quarterly on Form N-PORT, and are available for download from both the SEC’s as well as each respective underlying fund’s website. Detailed information about Underlying J.P. Morgan Funds can also be found at www.jpmorganfunds.com or by calling 1-800-480-4111.
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan SmartRetirement® Funds | |
Futures contracts outstanding as of June 30, 2024 (amounts in thousands, except number of contracts):
| | | | | VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($) |
| | | | | |
MSCI Emerging Markets E-Mini Index | | | | | |
| |
| Morgan Stanley Capital International |
| |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan SmartRetirement® Funds | |
JPMorgan SmartRetirement® 2035 Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024
| | |
Investment Companies — 73.6% |
|
JPMorgan Core Bond Fund Class R6 Shares (a) | | |
JPMorgan Core Plus Bond Fund Class R6 Shares (a) | | |
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a) | | |
JPMorgan High Yield Fund Class R6 Shares (a) | | |
| | |
International Equity — 8.0% |
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a) | | |
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a) | | |
JPMorgan International Equity Fund Class R6 Shares (a) | | |
Total International Equity | | |
|
JPMorgan Growth Advantage Fund Class R6 Shares * (a) | | |
JPMorgan Small Cap Equity Fund Class R6 Shares (a) | | |
JPMorgan Small Cap Growth Fund Class R6 Shares * (a) | | |
JPMorgan Small Cap Value Fund Class R6 Shares (a) | | |
JPMorgan U.S. Equity Fund Class R6 Shares (a) | | |
JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a) | | |
JPMorgan Value Advantage Fund Class R6 Shares (a) | | |
| | |
Total Investment Companies
(Cost $2,054,368) | | |
Exchange-Traded Funds — 24.6% |
Alternative Assets — 1.4% |
JPMorgan BetaBuilders MSCI US REIT ETF (a) | | |
JPMorgan Realty Income ETF (a) | | |
| | |
|
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF (a) | | |
International Equity — 19.5% |
JPMorgan ActiveBuilders Emerging Markets Equity ETF (a) | | |
JPMorgan Global Select Equity ETF (a) | | |
JPMorgan International Research Enhanced Equity ETF (a) | | |
Total International Equity | | |
| | |
|
|
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (a) | | |
Total Exchange-Traded Funds
(Cost $789,032) | | |
| | |
U.S. Treasury Obligations — 0.1% |
U.S. Treasury Notes
4.13%, 1/31/2025 (b) (Cost $4,357) | | |
| | |
Short-Term Investments — 1.6% |
Investment Companies — 1.6% |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (a) (c)
(Cost $59,300) | | |
Total Investments — 99.9%
(Cost $2,907,057) | | |
Other Assets Less Liabilities — 0.1% | | |
| | |
Percentages indicated are based on net assets. |
| |
| |
| Real Estate Investment Trust |
| |
| Non-income producing security. |
| Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
| All or a portion of this security is deposited with the broker as initial margin for futures contracts. |
| The rate shown is the current yield as of June 30, 2024. |
Detailed information about investment portfolios of the Underlying Funds, as defined in the Notes to Financial Statements, and ETFs can be found in the financial statements filed with the Securities and Exchange Commission (SEC) by each such underlying fund semi-annually on Form N-CSR and in portfolio holdings filed quarterly on Form N-PORT, and are available for download from both the SEC’s as well as each respective underlying fund’s website. Detailed information about Underlying J.P. Morgan Funds can also be found at www.jpmorganfunds.com or by calling 1-800-480-4111.
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan SmartRetirement® Funds | |
Futures contracts outstanding as of June 30, 2024 (amounts in thousands, except number of contracts):
| | | | | VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($) |
| | | | | |
MSCI Emerging Markets E-Mini Index | | | | | |
| |
| Morgan Stanley Capital International |
| |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan SmartRetirement® Funds | |
JPMorgan SmartRetirement® 2040 Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024
| | |
Investment Companies — 70.3% |
|
JPMorgan Core Bond Fund Class R6 Shares (a) | | |
JPMorgan Core Plus Bond Fund Class R6 Shares (a) | | |
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a) | | |
JPMorgan High Yield Fund Class R6 Shares (a) | | |
| | |
International Equity — 9.2% |
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a) | | |
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a) | | |
JPMorgan International Equity Fund Class R6 Shares (a) | | |
Total International Equity | | |
|
JPMorgan Growth Advantage Fund Class R6 Shares * (a) | | |
JPMorgan Small Cap Equity Fund Class R6 Shares (a) | | |
JPMorgan Small Cap Growth Fund Class R6 Shares * (a) | | |
JPMorgan Small Cap Value Fund Class R6 Shares (a) | | |
JPMorgan U.S. Equity Fund Class R6 Shares (a) | | |
JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a) | | |
JPMorgan Value Advantage Fund Class R6 Shares (a) | | |
| | |
Total Investment Companies
(Cost $1,782,563) | | |
Exchange-Traded Funds — 27.8% |
Alternative Assets — 1.6% |
JPMorgan BetaBuilders MSCI US REIT ETF (a) | | |
JPMorgan Realty Income ETF (a) | | |
| | |
|
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF (a) | | |
International Equity — 22.3% |
JPMorgan ActiveBuilders Emerging Markets Equity ETF (a) | | |
JPMorgan Global Select Equity ETF (a) | | |
JPMorgan International Research Enhanced Equity ETF (a) | | |
Total International Equity | | |
| | |
|
|
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (a) | | |
Total Exchange-Traded Funds
(Cost $909,408) | | |
| | |
U.S. Treasury Obligations — 0.1% |
U.S. Treasury Notes
4.13%, 1/31/2025 (b) (Cost $3,637) | | |
| | |
Short-Term Investments — 1.8% |
Investment Companies — 1.8% |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (a) (c)
(Cost $67,583) | | |
Total Investments — 100.0%
(Cost $2,763,191) | | |
Other Assets Less Liabilities — 0.0% ^ | | |
| | |
Percentages indicated are based on net assets. |
| |
| |
| Real Estate Investment Trust |
| |
| Amount rounds to less than 0.1% of net assets. |
| Non-income producing security. | |
| Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |
| All or a portion of this security is deposited with the broker as initial margin for futures contracts. | |
| The rate shown is the current yield as of June 30, 2024. | |
Detailed information about investment portfolios of the Underlying Funds, as defined in the Notes to Financial Statements, and ETFs can be found in the financial statements filed with the Securities and Exchange Commission (SEC) by each such underlying fund semi-annually on Form N-CSR and in portfolio holdings filed quarterly on Form N-PORT, and are available for download from both the SEC’s as well as each respective underlying fund’s website. Detailed information about Underlying J.P. Morgan Funds can also be found at www.jpmorganfunds.com or by calling 1-800-480-4111.
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan SmartRetirement® Funds | |
Futures contracts outstanding as of June 30, 2024 (amounts in thousands, except number of contracts):
| | | | | VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($) |
| | | | | |
MSCI Emerging Markets E-Mini Index | | | | | |
| |
| Morgan Stanley Capital International |
| |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan SmartRetirement® Funds | |
JPMorgan SmartRetirement® 2045 Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024
| | |
Investment Companies — 67.4% |
|
JPMorgan Core Bond Fund Class R6 Shares (a) | | |
JPMorgan Core Plus Bond Fund Class R6 Shares (a) | | |
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a) | | |
JPMorgan High Yield Fund Class R6 Shares (a) | | |
| | |
International Equity — 10.1% |
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a) | | |
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a) | | |
JPMorgan International Equity Fund Class R6 Shares (a) | | |
Total International Equity | | |
|
JPMorgan Growth Advantage Fund Class R6 Shares * (a) | | |
JPMorgan Small Cap Equity Fund Class R6 Shares (a) | | |
JPMorgan Small Cap Growth Fund Class R6 Shares * (a) | | |
JPMorgan Small Cap Value Fund Class R6 Shares (a) | | |
JPMorgan U.S. Equity Fund Class R6 Shares (a) | | |
JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a) | | |
JPMorgan Value Advantage Fund Class R6 Shares (a) | | |
| | |
Total Investment Companies
(Cost $1,307,113) | | |
Exchange-Traded Funds — 30.8% |
Alternative Assets — 1.8% |
JPMorgan BetaBuilders MSCI US REIT ETF (a) | | |
JPMorgan Realty Income ETF (a) | | |
| | |
|
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF (a) | | |
International Equity — 24.5% |
JPMorgan ActiveBuilders Emerging Markets Equity ETF (a) | | |
JPMorgan Global Select Equity ETF (a) | | |
JPMorgan International Research Enhanced Equity ETF (a) | | |
Total International Equity | | |
| | |
|
|
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (a) | | |
Total Exchange-Traded Funds
(Cost $775,571) | | |
| | |
U.S. Treasury Obligations — 0.1% |
U.S. Treasury Notes
4.13%, 1/31/2025 (b) (Cost $2,806) | | |
| | |
Short-Term Investments — 1.8% |
Investment Companies — 1.8% |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (a) (c)
(Cost $53,035) | | |
Total Investments — 100.1%
(Cost $2,138,525) | | |
Liabilities in Excess of Other Assets — (0.1)% | | |
| | |
Percentages indicated are based on net assets. |
| |
| |
| Real Estate Investment Trust |
| |
| Non-income producing security. |
| Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
| All or a portion of this security is deposited with the broker as initial margin for futures contracts. |
| The rate shown is the current yield as of June 30, 2024. |
Detailed information about investment portfolios of the Underlying Funds, as defined in the Notes to Financial Statements, and ETFs can be found in the financial statements filed with the Securities and Exchange Commission (SEC) by each such underlying fund semi-annually on Form N-CSR and in portfolio holdings filed quarterly on Form N-PORT, and are available for download from both the SEC’s as well as each respective underlying fund’s website. Detailed information about Underlying J.P. Morgan Funds can also be found at www.jpmorganfunds.com or by calling 1-800-480-4111.
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan SmartRetirement® Funds | |
Futures contracts outstanding as of June 30, 2024 (amounts in thousands, except number of contracts):
| | | | | VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($) |
| | | | | |
MSCI Emerging Markets E-Mini Index | | | | | |
| |
| Morgan Stanley Capital International |
| |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan SmartRetirement® Funds | |
JPMorgan SmartRetirement® 2050 Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024
| | |
Investment Companies — 66.2% |
|
JPMorgan Core Bond Fund Class R6 Shares (a) | | |
JPMorgan Core Plus Bond Fund Class R6 Shares (a) | | |
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a) | | |
JPMorgan High Yield Fund Class R6 Shares (a) | | |
| | |
International Equity — 10.6% |
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a) | | |
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a) | | |
JPMorgan International Equity Fund Class R6 Shares (a) | | |
Total International Equity | | |
|
JPMorgan Growth Advantage Fund Class R6 Shares * (a) | | |
JPMorgan Small Cap Equity Fund Class R6 Shares (a) | | |
JPMorgan Small Cap Growth Fund Class R6 Shares * (a) | | |
JPMorgan Small Cap Value Fund Class R6 Shares (a) | | |
JPMorgan U.S. Equity Fund Class R6 Shares (a) | | |
JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a) | | |
JPMorgan Value Advantage Fund Class R6 Shares (a) | | |
| | |
Total Investment Companies
(Cost $1,133,504) | | |
Exchange-Traded Funds — 32.0% |
Alternative Assets — 1.9% |
JPMorgan BetaBuilders MSCI US REIT ETF (a) | | |
JPMorgan Realty Income ETF (a) | | |
| | |
|
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF (a) | | |
International Equity — 25.7% |
JPMorgan ActiveBuilders Emerging Markets Equity ETF (a) | | |
JPMorgan Global Select Equity ETF (a) | | |
JPMorgan International Research Enhanced Equity ETF (a) | | |
Total International Equity | | |
| | |
|
|
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (a) | | |
Total Exchange-Traded Funds
(Cost $735,092) | | |
| | |
U.S. Treasury Obligations — 0.1% |
U.S. Treasury Notes
4.13%, 1/31/2025 (b) (Cost $2,261) | | |
| | |
Short-Term Investments — 1.9% |
Investment Companies — 1.9% |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (a) (c)
(Cost $50,997) | | |
Total Investments — 100.2%
(Cost $1,921,854) | | |
Liabilities in Excess of Other Assets — (0.2)% | | |
| | |
Percentages indicated are based on net assets. |
| |
| |
| Real Estate Investment Trust |
| |
| Non-income producing security. |
| Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
| All or a portion of this security is deposited with the broker as initial margin for futures contracts. |
| The rate shown is the current yield as of June 30, 2024. |
Detailed information about investment portfolios of the Underlying Funds, as defined in the Notes to Financial Statements, and ETFs can be found in the financial statements filed with the Securities and Exchange Commission (SEC) by each such underlying fund semi-annually on Form N-CSR and in portfolio holdings filed quarterly on Form N-PORT, and are available for download from both the SEC’s as well as each respective underlying fund’s website. Detailed information about Underlying J.P. Morgan Funds can also be found at www.jpmorganfunds.com or by calling 1-800-480-4111.
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan SmartRetirement® Funds | |
Futures contracts outstanding as of June 30, 2024 (amounts in thousands, except number of contracts):
| | | | | VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($) |
| | | | | |
MSCI Emerging Markets E-Mini Index | | | | | |
| |
| Morgan Stanley Capital International |
| |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan SmartRetirement® Funds | |
JPMorgan SmartRetirement® 2055 Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024
| | |
Investment Companies — 66.1% |
|
JPMorgan Core Bond Fund Class R6 Shares (a) | | |
JPMorgan Core Plus Bond Fund Class R6 Shares (a) | | |
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a) | | |
JPMorgan High Yield Fund Class R6 Shares (a) | | |
| | |
International Equity — 10.6% |
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a) | | |
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a) | | |
JPMorgan International Equity Fund Class R6 Shares (a) | | |
Total International Equity | | |
|
JPMorgan Growth Advantage Fund Class R6 Shares * (a) | | |
JPMorgan Small Cap Equity Fund Class R6 Shares (a) | | |
JPMorgan Small Cap Growth Fund Class R6 Shares * (a) | | |
JPMorgan Small Cap Value Fund Class R6 Shares (a) | | |
JPMorgan U.S. Equity Fund Class R6 Shares (a) | | |
JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a) | | |
JPMorgan Value Advantage Fund Class R6 Shares (a) | | |
| | |
Total Investment Companies
(Cost $782,403) | | |
Exchange-Traded Funds — 32.0% |
Alternative Assets — 1.9% |
JPMorgan BetaBuilders MSCI US REIT ETF (a) | | |
JPMorgan Realty Income ETF (a) | | |
| | |
|
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF (a) | | |
International Equity — 25.7% |
JPMorgan ActiveBuilders Emerging Markets Equity ETF (a) | | |
JPMorgan Global Select Equity ETF (a) | | |
JPMorgan International Research Enhanced Equity ETF (a) | | |
Total International Equity | | |
| | |
|
|
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (a) | | |
Total Exchange-Traded Funds
(Cost $466,112) | | |
| | |
U.S. Treasury Obligations — 0.1% |
U.S. Treasury Notes
4.13%, 1/31/2025 (b) (Cost $1,630) | | |
| | |
Short-Term Investments — 1.8% |
Investment Companies — 1.8% |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (a) (c)
(Cost $29,898) | | |
Total Investments — 100.0%
(Cost $1,280,043) | | |
Liabilities in Excess of Other Assets — (0.0)% ^ | | |
| | |
Percentages indicated are based on net assets. |
| |
| |
| Real Estate Investment Trust |
| |
| Amount rounds to less than 0.1% of net assets. |
| Non-income producing security. | |
| Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |
| All or a portion of this security is deposited with the broker as initial margin for futures contracts. | |
| The rate shown is the current yield as of June 30, 2024. | |
Detailed information about investment portfolios of the Underlying Funds, as defined in the Notes to Financial Statements, and ETFs can be found in the financial statements filed with the Securities and Exchange Commission (SEC) by each such underlying fund semi-annually on Form N-CSR and in portfolio holdings filed quarterly on Form N-PORT, and are available for download from both the SEC’s as well as each respective underlying fund’s website. Detailed information about Underlying J.P. Morgan Funds can also be found at www.jpmorganfunds.com or by calling 1-800-480-4111.
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan SmartRetirement® Funds | |
Futures contracts outstanding as of June 30, 2024 (amounts in thousands, except number of contracts):
| | | | | VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($) |
| | | | | |
MSCI Emerging Markets E-Mini Index | | | | | |
| |
| Morgan Stanley Capital International |
| |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan SmartRetirement® Funds | |
JPMorgan SmartRetirement® 2060 Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024
| | |
Investment Companies — 66.1% |
|
JPMorgan Core Bond Fund Class R6 Shares (a) | | |
JPMorgan Core Plus Bond Fund Class R6 Shares (a) | | |
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a) | | |
JPMorgan High Yield Fund Class R6 Shares (a) | | |
| | |
International Equity — 10.6% |
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a) | | |
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a) | | |
JPMorgan International Equity Fund Class R6 Shares (a) | | |
Total International Equity | | |
|
JPMorgan Growth Advantage Fund Class R6 Shares * (a) | | |
JPMorgan Small Cap Equity Fund Class R6 Shares (a) | | |
JPMorgan Small Cap Growth Fund Class R6 Shares * (a) | | |
JPMorgan Small Cap Value Fund Class R6 Shares (a) | | |
JPMorgan U.S. Equity Fund Class R6 Shares (a) | | |
JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a) | | |
JPMorgan Value Advantage Fund Class R6 Shares (a) | | |
| | |
Total Investment Companies
(Cost $354,162) | | |
Exchange-Traded Funds — 32.0% |
Alternative Assets — 1.9% |
JPMorgan BetaBuilders MSCI US REIT ETF (a) | | |
JPMorgan Realty Income ETF (a) | | |
| | |
|
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF (a) | | |
International Equity — 25.7% |
JPMorgan ActiveBuilders Emerging Markets Equity ETF (a) | | |
JPMorgan Global Select Equity ETF (a) | | |
JPMorgan International Research Enhanced Equity ETF (a) | | |
Total International Equity | | |
| | |
|
|
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (a) | | |
Total Exchange-Traded Funds
(Cost $188,679) | | |
| | |
U.S. Treasury Obligations — 0.1% |
U.S. Treasury Notes
4.13%, 1/31/2025 (b) (Cost $878) | | |
| | |
Short-Term Investments — 2.1% |
Investment Companies — 2.1% |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (a) (c)
(Cost $14,071) | | |
Total Investments — 100.3%
(Cost $557,790) | | |
Liabilities in Excess of Other Assets — (0.3)% | | |
| | |
Percentages indicated are based on net assets. |
| |
| |
| Real Estate Investment Trust |
| |
| Non-income producing security. |
| Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
| All or a portion of this security is deposited with the broker as initial margin for futures contracts. |
| The rate shown is the current yield as of June 30, 2024. |
Detailed information about investment portfolios of the Underlying Funds, as defined in the Notes to Financial Statements, and ETFs can be found in the financial statements filed with the Securities and Exchange Commission (SEC) by each such underlying fund semi-annually on Form N-CSR and in portfolio holdings filed quarterly on Form N-PORT, and are available for download from both the SEC’s as well as each respective underlying fund’s website. Detailed information about Underlying J.P. Morgan Funds can also be found at www.jpmorganfunds.com or by calling 1-800-480-4111.
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan SmartRetirement® Funds | |
Futures contracts outstanding as of June 30, 2024 (amounts in thousands, except number of contracts):
| | | | | VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($) |
| | | | | |
MSCI Emerging Markets E-Mini Index | | | | | |
| |
| Morgan Stanley Capital International |
| |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan SmartRetirement® Funds | |
JPMorgan SmartRetirement® 2065 Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024
| | |
Investment Companies — 65.7% |
|
JPMorgan Core Bond Fund Class R6 Shares (a) | | |
JPMorgan Core Plus Bond Fund Class R6 Shares (a) | | |
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a) | | |
JPMorgan High Yield Fund Class R6 Shares (a) | | |
| | |
International Equity — 10.6% |
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a) | | |
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a) | | |
JPMorgan International Equity Fund Class R6 Shares (a) | | |
Total International Equity | | |
|
JPMorgan Growth Advantage Fund Class R6 Shares * (a) | | |
JPMorgan Small Cap Equity Fund Class R6 Shares (a) | | |
JPMorgan Small Cap Growth Fund Class R6 Shares * (a) | | |
JPMorgan Small Cap Value Fund Class R6 Shares (a) | | |
JPMorgan U.S. Equity Fund Class R6 Shares (a) | | |
JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a) | | |
JPMorgan Value Advantage Fund Class R6 Shares (a) | | |
| | |
Total Investment Companies
(Cost $17,731) | | |
Exchange-Traded Funds — 32.0% |
Alternative Assets — 1.9% |
JPMorgan BetaBuilders MSCI US REIT ETF (a) | | |
JPMorgan Realty Income ETF (a) | | |
| | |
|
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF (a) | | |
International Equity — 25.7% |
JPMorgan ActiveBuilders Emerging Markets Equity ETF (a) | | |
JPMorgan Global Select Equity ETF (a) | | |
JPMorgan International Research Enhanced Equity ETF (a) | | |
Total International Equity | | |
| | |
|
|
SPDR S&P MidCap 400 ETF Trust | | |
Total Exchange-Traded Funds
(Cost $8,878) | | |
| | |
U.S. Treasury Obligations — 0.3% |
U.S. Treasury Notes
4.13%, 1/31/2025 (b) (Cost $87) | | |
| | |
Short-Term Investments — 2.6% |
Investment Companies — 2.6% |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (a) (c)
(Cost $781) | | |
Total Investments — 100.6%
(Cost $27,477) | | |
Liabilities in Excess of Other Assets — (0.6)% | | |
| | |
Percentages indicated are based on net assets. |
| |
| |
| Real Estate Investment Trust |
| Standard & Poor's Depositary Receipt |
| |
| Non-income producing security. |
| Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
| All or a portion of this security is deposited with the broker as initial margin for futures contracts. |
| The rate shown is the current yield as of June 30, 2024. |
Detailed information about investment portfolios of the Underlying Funds, as defined in the Notes to Financial Statements, and ETFs can be found in the financial statements filed with the Securities and Exchange Commission (SEC) by each such underlying fund semi-annually on Form N-CSR and in portfolio holdings filed quarterly on Form N-PORT, and are available for download from both the SEC’s as well as each respective underlying fund’s website. Detailed information about Underlying J.P. Morgan Funds can also be found at www.jpmorganfunds.com or by calling 1-800-480-4111.
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan SmartRetirement® Funds | |
Futures contracts outstanding as of June 30, 2024 (amounts in thousands, except number of contracts):
| | | | | VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($) |
| | | | | |
MSCI Emerging Markets E-Mini Index | | | | | |
| |
| Morgan Stanley Capital International |
| |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan SmartRetirement® Funds | |
STATEMENTS OF ASSETS AND LIABILITIESAS OF June 30, 2024
(Amounts in thousands, except per share amounts)
| JPMorgan
SmartRetirement®
Income Fund | JPMorgan
SmartRetirement®
2020 Fund | JPMorgan
SmartRetirement®
2025 Fund | |
| | | | |
Investments in non-affiliates, at value | | | | |
Investments in affiliates, at value | | | | |
| | | | |
| | | | |
Investment securities sold | | | | |
| | | | |
Interest from non-affiliates | | | | |
Dividends from affiliates | | | | |
Variation margin on futures contracts | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Investment securities purchased | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Custodian and accounting fees | | | | |
Trustees’ and Chief Compliance Officer’s fees | | | | |
| | | | |
| | | | |
| | | | |
(a)
Amount rounds to less than one thousand.
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan SmartRetirement® Funds | |
| JPMorgan SmartRetirement® Income Fund | JPMorgan SmartRetirement® 2020 Fund | JPMorgan SmartRetirement® 2025 Fund | |
| | | | |
| | | | |
Total distributable earnings (loss) | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized): | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Class A — Redemption price per share | | | | |
Class C — Offering price per share (b) | | | | |
Class I — Offering and redemption price per share | | | | |
Class R2 — Offering and redemption price per share | | | | |
Class R3 — Offering and redemption price per share | | | | |
Class R4 — Offering and redemption price per share | | | | |
Class R5 — Offering and redemption price per share | | | | |
Class R6 — Offering and redemption price per share | | | | |
Class A maximum sales charge | | | | |
Class A maximum public offering price per share
[net asset value per share/(100% – maximum sales charge)] | | | | |
Cost of investments in non-affiliates | | | | |
Cost of investments in affiliates | | | | |
(a)
Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.
(b)
Redemption price for Class C Shares varies based upon length of time the shares are held.
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan SmartRetirement® Funds | |
STATEMENTS OF ASSETS AND LIABILITIESAS OF June 30, 2024 (continued)
(Amounts in thousands, except per share amounts)
| JPMorgan
SmartRetirement®
2035 Fund | JPMorgan
SmartRetirement®
2040 Fund | JPMorgan
SmartRetirement®
2045 Fund | |
| | | | |
Investments in non-affiliates, at value | | | | |
Investments in affiliates, at value | | | | |
| | | | |
| | | | |
Investment securities sold | | | | |
| | | | |
Interest from non-affiliates | | | | |
Dividends from affiliates | | | | |
Variation margin on futures contracts | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Investment securities purchased | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Custodian and accounting fees | | | | |
Trustees’ and Chief Compliance Officer’s fees | | | | |
| | | | |
| | | | |
| | | | |
(a)
Amount rounds to less than one thousand.
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan SmartRetirement® Funds | |
| JPMorgan SmartRetirement® 2035 Fund | JPMorgan SmartRetirement® 2040 Fund | JPMorgan SmartRetirement® 2045 Fund | |
| | | | |
| | | | |
Total distributable earnings (loss) | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized): | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Class A — Redemption price per share | | | | |
Class C — Offering price per share (b) | | | | |
Class I — Offering and redemption price per share | | | | |
Class R2 — Offering and redemption price per share | | | | |
Class R3 — Offering and redemption price per share | | | | |
Class R4 — Offering and redemption price per share | | | | |
Class R5 — Offering and redemption price per share | | | | |
Class R6 — Offering and redemption price per share | | | | |
Class A maximum sales charge | | | | |
Class A maximum public offering price per share
[net asset value per share/(100% – maximum sales charge)] | | | | |
Cost of investments in non-affiliates | | | | |
Cost of investments in affiliates | | | | |
(a)
Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.
(b)
Redemption price for Class C Shares varies based upon length of time the shares are held.
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan SmartRetirement® Funds | |
STATEMENTS OF ASSETS AND LIABILITIESAS OF June 30, 2024 (continued)
(Amounts in thousands, except per share amounts)
| JPMorgan
SmartRetirement®
2055 Fund | JPMorgan
SmartRetirement®
2060 Fund | |
| | | |
Investments in non-affiliates, at value | | | |
Investments in affiliates, at value | | | |
| | | |
Foreign currency, at value | | | |
| | | |
Investment securities sold | | | |
| | | |
Interest from non-affiliates | | | |
Dividends from non-affiliates | | | |
Dividends from affiliates | | | |
Variation margin on futures contracts | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Investment securities purchased | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Custodian and accounting fees | | | |
Trustees’ and Chief Compliance Officer’s fees | | | |
| | | |
| | | |
| | | |
(a)
Amount rounds to less than one thousand.
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan SmartRetirement® Funds | |
| JPMorgan SmartRetirement® 2055 Fund | JPMorgan SmartRetirement® 2060 Fund | |
| | | |
| | | |
Total distributable earnings (loss) | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized): | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Class A — Redemption price per share | | | |
Class C — Offering price per share (b) | | | |
Class I — Offering and redemption price per share | | | |
Class R2 — Offering and redemption price per share | | | |
Class R3 — Offering and redemption price per share | | | |
Class R4 — Offering and redemption price per share | | | |
Class R5 — Offering and redemption price per share | | | |
Class R6 — Offering and redemption price per share | | | |
Class A maximum sales charge | | | |
Class A maximum public offering price per share
[net asset value per share/(100% – maximum sales charge)] | | | |
Cost of investments in non-affiliates | | | |
Cost of investments in affiliates | | | |
| | | |
(a)
Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.
(b)
Redemption price for Class C Shares varies based upon length of time the shares are held.
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan SmartRetirement® Funds | |
STATEMENTS OF OPERATIONSFOR THE YEAR ENDED June 30, 2024
(Amounts in thousands)
| JPMorgan
SmartRetirement®
Income Fund | JPMorgan
SmartRetirement®
2020 Fund | JPMorgan
SmartRetirement®
2025 Fund | |
| | | | |
Interest income from non-affiliates | | | | |
Interest income from affiliates | | | | |
Dividend income from affiliates | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Custodian and accounting fees | | | | |
Interest expense to affiliates | | | | |
| | | | |
Trustees’ and Chief Compliance Officer’s fees | | | | |
Printing and mailing costs | | | | |
Registration and filing fees | | | | |
Transfer agency fees (See Note 2.I.) | | | | |
| | | | |
| | | | |
| | | | |
Less expense reimbursements | | | | |
| | | | |
Net investment income (loss) | | | | |
(a)
Amount rounds to less than one thousand.
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan SmartRetirement® Funds | |
| JPMorgan SmartRetirement® Income Fund | JPMorgan SmartRetirement® 2020 Fund | JPMorgan SmartRetirement® 2025 Fund | |
REALIZED/UNREALIZED GAINS (LOSSES): | | | | |
Net realized gain (loss) on transactions from: | | | | |
Investments in non-affiliates | | | | |
Investments in affiliates | | | | |
| | | | |
Foreign currency transactions | | | | |
| | | | |
Distribution of capital gains received from investment company affiliates | | | | |
Change in net unrealized appreciation/depreciation on: | | | | |
Investments in non-affiliates | | | | |
Investments in affiliates | | | | |
| | | | |
Foreign currency translations | | | | |
Change in net unrealized appreciation/depreciation | | | | |
Net realized/unrealized gains (losses) | | | | |
Change in net assets resulting from operations | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan SmartRetirement® Funds | |
STATEMENTS OF OPERATIONSFOR THE YEAR ENDED June 30, 2024 (continued)
(Amounts in thousands)
| JPMorgan
SmartRetirement®
2035 Fund | JPMorgan
SmartRetirement®
2040 Fund | JPMorgan
SmartRetirement®
2045 Fund | |
| | | | |
Interest income from non-affiliates | | | | |
Interest income from affiliates | | | | |
Dividend income from affiliates | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Custodian and accounting fees | | | | |
Interest expense to affiliates | | | | |
| | | | |
Trustees’ and Chief Compliance Officer’s fees | | | | |
Printing and mailing costs | | | | |
Registration and filing fees | | | | |
Transfer agency fees (See Note 2.I.) | | | | |
| | | | |
| | | | |
| | | | |
Less expense reimbursements | | | | |
| | | | |
Net investment income (loss) | | | | |
(a)
Amount rounds to less than one thousand.
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan SmartRetirement® Funds | |
| JPMorgan SmartRetirement® 2035 Fund | JPMorgan SmartRetirement® 2040 Fund | JPMorgan SmartRetirement® 2045 Fund | |
REALIZED/UNREALIZED GAINS (LOSSES): | | | | |
Net realized gain (loss) on transactions from: | | | | |
Investments in non-affiliates | | | | |
Investments in affiliates | | | | |
| | | | |
Foreign currency transactions | | | | |
| | | | |
Distribution of capital gains received from investment company affiliates | | | | |
Change in net unrealized appreciation/depreciation on: | | | | |
Investments in non-affiliates | | | | |
Investments in affiliates | | | | |
| | | | |
Foreign currency translations | | | | |
Change in net unrealized appreciation/depreciation | | | | |
Net realized/unrealized gains (losses) | | | | |
Change in net assets resulting from operations | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan SmartRetirement® Funds | |
STATEMENTS OF OPERATIONSFOR THE YEAR ENDED June 30, 2024 (continued)
(Amounts in thousands)
| JPMorgan
SmartRetirement®
2055 Fund | JPMorgan
SmartRetirement®
2060 Fund | |
| | | |
Interest income from non-affiliates | | | |
Interest income from affiliates | | | |
Dividend income from non-affiliates | | | |
Dividend income from affiliates | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Custodian and accounting fees | | | |
Interest expense to affiliates | | | |
| | | |
Trustees’ and Chief Compliance Officer’s fees | | | |
Printing and mailing costs | | | |
Registration and filing fees | | | |
Transfer agency fees (See Note 2.I.) | | | |
Offering costs (See Note 2.G.) | | | |
| | | |
| | | |
| | | |
Less expense reimbursements | | | |
| | | |
Net investment income (loss) | | | |
(a)
Amount rounds to less than one thousand.
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan SmartRetirement® Funds | |
| JPMorgan SmartRetirement® 2055 Fund | JPMorgan SmartRetirement® 2060 Fund | |
REALIZED/UNREALIZED GAINS (LOSSES): | | | |
Net realized gain (loss) on transactions from: | | | |
Investments in non-affiliates | | | |
Investments in affiliates | | | |
| | | |
Foreign currency transactions | | | |
| | | |
Distribution of capital gains received from investment company affiliates | | | |
Change in net unrealized appreciation/depreciation on: | | | |
Investments in non-affiliates | | | |
Investments in affiliates | | | |
| | | |
Foreign currency translations | | | |
Change in net unrealized appreciation/depreciation | | | |
Net realized/unrealized gains (losses) | | | |
Change in net assets resulting from operations | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan SmartRetirement® Funds | |
STATEMENTS OF CHANGES IN NET ASSETSFOR THE PERIODS INDICATED
(Amounts in thousands)
| JPMorgan SmartRetirement® Income Fund | JPMorgan SmartRetirement® 2020 Fund |
| | | | |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | | | | |
Net investment income (loss) | | | | |
| | | | |
Distributions of capital gains received from investment company affiliates | | | | |
Change in net unrealized appreciation/depreciation | | | | |
Change in net assets resulting from operations | | | | |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Total distributions to shareholders | | | | |
| | | | |
Change in net assets resulting from capital transactions | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan SmartRetirement® Funds | |
| JPMorgan SmartRetirement® 2025 Fund | JPMorgan SmartRetirement® 2030 Fund |
| | | | |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | | | | |
Net investment income (loss) | | | | |
| | | | |
Distributions of capital gains received from investment company affiliates | | | | |
Change in net unrealized appreciation/depreciation | | | | |
Change in net assets resulting from operations | | | | |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Total distributions to shareholders | | | | |
| | | | |
Change in net assets resulting from capital transactions | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan SmartRetirement® Funds | |
STATEMENTS OF CHANGES IN NET ASSETSFOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| JPMorgan SmartRetirement® 2035 Fund | JPMorgan SmartRetirement® 2040 Fund |
| | | | |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | | | | |
Net investment income (loss) | | | | |
| | | | |
Distributions of capital gains received from investment company affiliates | | | | |
Change in net unrealized appreciation/depreciation | | | | |
Change in net assets resulting from operations | | | | |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Total distributions to shareholders | | | | |
| | | | |
Change in net assets resulting from capital transactions | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan SmartRetirement® Funds | |
| JPMorgan SmartRetirement® 2045 Fund | JPMorgan SmartRetirement® 2050 Fund |
| | | | |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | | | | |
Net investment income (loss) | | | | |
| | | | |
Distributions of capital gains received from investment company affiliates | | | | |
Change in net unrealized appreciation/depreciation | | | | |
Change in net assets resulting from operations | | | | |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Total distributions to shareholders | | | | |
| | | | |
Change in net assets resulting from capital transactions | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan SmartRetirement® Funds | |
STATEMENTS OF CHANGES IN NET ASSETSFOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| JPMorgan SmartRetirement® 2055 Fund | JPMorgan SmartRetirement® 2060 Fund |
| | | | |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | | | | |
Net investment income (loss) | | | | |
| | | | |
Distributions of capital gains received from investment company affiliates | | | | |
Change in net unrealized appreciation/depreciation | | | | |
Change in net assets resulting from operations | | | | |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Total distributions to shareholders | | | | |
| | | | |
Change in net assets resulting from capital transactions | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan SmartRetirement® Funds | |
| JPMorgan SmartRetirement® 2065 Fund |
| | |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | | |
Net investment income (loss) | | |
| | |
Distributions of capital gains received from investment company affiliates | | |
Change in net unrealized appreciation/depreciation | | |
Change in net assets resulting from operations | | |
DISTRIBUTIONS TO SHAREHOLDERS: | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Total distributions to shareholders | | |
| | |
Change in net assets resulting from capital transactions | | |
| | |
| | |
| | |
| | |
(a)
Commencement of operations was November 1, 2022.
(b)
Amount rounds to less than one thousand.
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan SmartRetirement® Funds | |
STATEMENTS OF CHANGES IN NET ASSETSFOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| JPMorgan SmartRetirement® Income Fund | JPMorgan SmartRetirement® 2020 Fund |
| | | | |
| | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class A capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class C capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class I capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class R2 capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class R3 capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class R4 capital transactions | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan SmartRetirement® Funds | |
| JPMorgan SmartRetirement® Income Fund | JPMorgan SmartRetirement® 2020 Fund |
| | | | |
CAPITAL TRANSACTIONS: (continued) | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class R5 capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class R6 capital transactions | | | | |
Total change in net assets resulting from capital transactions | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in Class R2 Shares | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in Class R3 Shares | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan SmartRetirement® Funds | |
STATEMENTS OF CHANGES IN NET ASSETSFOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| JPMorgan SmartRetirement® Income Fund | JPMorgan SmartRetirement® 2020 Fund |
| | | | |
SHARE TRANSACTIONS: (continued) | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in Class R4 Shares | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in Class R5 Shares | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in Class R6 Shares | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan SmartRetirement® Funds | |
| JPMorgan SmartRetirement® 2025 Fund | JPMorgan SmartRetirement® 2030 Fund |
| | | | |
| | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class A capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class C capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class I capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class R2 capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class R3 capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class R4 capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class R5 capital transactions | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan SmartRetirement® Funds | |
STATEMENTS OF CHANGES IN NET ASSETSFOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| JPMorgan SmartRetirement® 2025 Fund | JPMorgan SmartRetirement® 2030 Fund |
| | | | |
CAPITAL TRANSACTIONS: (continued) | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class R6 capital transactions | | | | |
Total change in net assets resulting from capital transactions | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in Class R2 Shares | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in Class R3 Shares | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in Class R4 Shares | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan SmartRetirement® Funds | |
| JPMorgan SmartRetirement® 2025 Fund | JPMorgan SmartRetirement® 2030 Fund |
| | | | |
SHARE TRANSACTIONS: (continued) | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in Class R5 Shares | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in Class R6 Shares | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan SmartRetirement® Funds | |
STATEMENTS OF CHANGES IN NET ASSETSFOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| JPMorgan SmartRetirement® 2035 Fund | JPMorgan SmartRetirement® 2040 Fund |
| | | | |
| | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class A capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class C capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class I capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class R2 capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class R3 capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class R4 capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class R5 capital transactions | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan SmartRetirement® Funds | |
| JPMorgan SmartRetirement® 2035 Fund | JPMorgan SmartRetirement® 2040 Fund |
| | | | |
CAPITAL TRANSACTIONS: (continued) | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class R6 capital transactions | | | | |
Total change in net assets resulting from capital transactions | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in Class R2 Shares | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in Class R3 Shares | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in Class R4 Shares | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan SmartRetirement® Funds | |
STATEMENTS OF CHANGES IN NET ASSETSFOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| JPMorgan SmartRetirement® 2035 Fund | JPMorgan SmartRetirement® 2040 Fund |
| | | | |
SHARE TRANSACTIONS: (continued) | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in Class R5 Shares | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in Class R6 Shares | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan SmartRetirement® Funds | |
| JPMorgan SmartRetirement® 2045 Fund | JPMorgan SmartRetirement® 2050 Fund |
| | | | |
| | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class A capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class C capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class I capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class R2 capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class R3 capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class R4 capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class R5 capital transactions | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan SmartRetirement® Funds | |
STATEMENTS OF CHANGES IN NET ASSETSFOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| JPMorgan SmartRetirement® 2045 Fund | JPMorgan SmartRetirement® 2050 Fund |
| | | | |
CAPITAL TRANSACTIONS: (continued) | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class R6 capital transactions | | | | |
Total change in net assets resulting from capital transactions | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in Class R2 Shares | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in Class R3 Shares | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in Class R4 Shares | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan SmartRetirement® Funds | |
| JPMorgan SmartRetirement® 2045 Fund | JPMorgan SmartRetirement® 2050 Fund |
| | | | |
SHARE TRANSACTIONS: (continued) | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in Class R5 Shares | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in Class R6 Shares | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan SmartRetirement® Funds | |
STATEMENTS OF CHANGES IN NET ASSETSFOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| JPMorgan SmartRetirement® 2055 Fund | JPMorgan SmartRetirement® 2060 Fund |
| | | | |
| | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class A capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class C capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class I capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class R2 capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class R3 capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class R4 capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class R5 capital transactions | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan SmartRetirement® Funds | |
| JPMorgan SmartRetirement® 2055 Fund | JPMorgan SmartRetirement® 2060 Fund |
| | | | |
CAPITAL TRANSACTIONS: (continued) | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class R6 capital transactions | | | | |
Total change in net assets resulting from capital transactions | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in Class R2 Shares | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in Class R3 Shares | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in Class R4 Shares | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan SmartRetirement® Funds | |
STATEMENTS OF CHANGES IN NET ASSETSFOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| JPMorgan SmartRetirement® 2055 Fund | JPMorgan SmartRetirement® 2060 Fund |
| | | | |
SHARE TRANSACTIONS: (continued) | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in Class R5 Shares | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in Class R6 Shares | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan SmartRetirement® Funds | |
| JPMorgan SmartRetirement® 2065 Fund |
| | |
| | |
| | |
Proceeds from shares issued | | |
| | |
| | |
Change in net assets resulting from Class A capital transactions | | |
| | |
Proceeds from shares issued | | |
| | |
| | |
Change in net assets resulting from Class C capital transactions | | |
| | |
Proceeds from shares issued | | |
| | |
| | |
Change in net assets resulting from Class I capital transactions | | |
| | |
Proceeds from shares issued | | |
| | |
| | |
Change in net assets resulting from Class R2 capital transactions | | |
| | |
Proceeds from shares issued | | |
| | |
| | |
Change in net assets resulting from Class R3 capital transactions | | |
| | |
Proceeds from shares issued | | |
| | |
Change in net assets resulting from Class R4 capital transactions | | |
| | |
Proceeds from shares issued | | |
| | |
| | |
Change in net assets resulting from Class R5 capital transactions | | |
(a)
Commencement of operations was November 1, 2022.
(b)
Amount rounds to less than one thousand.
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan SmartRetirement® Funds | |
STATEMENTS OF CHANGES IN NET ASSETSFOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| JPMorgan SmartRetirement® 2065 Fund |
| | |
CAPITAL TRANSACTIONS: (continued) | | |
| | |
Proceeds from shares issued | | |
| | |
| | |
Change in net assets resulting from Class R6 capital transactions | | |
Total change in net assets resulting from capital transactions | | |
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Change in Class R2 Shares | | |
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| | |
Change in Class R3 Shares | | |
| | |
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| | |
Change in Class R4 Shares | | |
(a)
Commencement of operations was November 1, 2022.
(b)
Amount rounds to less than one thousand.
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan SmartRetirement® Funds | |
| JPMorgan SmartRetirement® 2065 Fund |
| | |
SHARE TRANSACTIONS: (continued) | | |
| | |
| | |
| | |
| | |
Change in Class R5 Shares | | |
| | |
| | |
| | |
| | |
Change in Class R6 Shares | | |
(a)
Commencement of operations was November 1, 2022.
(b)
Amount rounds to less than one thousand.
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan SmartRetirement® Funds | |
FINANCIAL HIGHLIGHTSFOR THE PERIODS INDICATED
| Per share operating performance |
| | | |
| Net asset
value,
beginning
of period | Net
investment
income
(loss)(a)(b) | Net realized
and unrealized
gains
(losses) on
investments | Total from
investment
operations | | | |
JPMorgan SmartRetirement® Income Fund | | | | | | | |
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|
| Net investment income (loss) is affected by the timing of distributions from Underlying Funds. |
| Calculated based upon average shares outstanding. |
| Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
| Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
| Does not include expenses of Underlying Funds. |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan SmartRetirement® Funds | |
| |
| | | Ratios to average net assets |
Net asset
value,
end of
period | Total return
(excludes
sales charge)(c) | Net assets,
end of
period
(000's) | | Net
investment
income
(loss)(a) | Expenses without
waivers and reimbursements(e) | |
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SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan SmartRetirement® Funds | |
FINANCIAL HIGHLIGHTSFOR THE PERIODS INDICATED
| Per share operating performance |
| | | |
| Net asset
value,
beginning
of period | Net
investment
income
(loss)(a)(b) | Net realized
and unrealized
gains
(losses) on
investments | Total from
investment
operations | | | |
JPMorgan SmartRetirement® 2020 Fund | | | | | | | |
| | | | | | | |
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| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
|
| Net investment income (loss) is affected by the timing of distributions from Underlying Funds. |
| Calculated based upon average shares outstanding. |
| Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
| Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
| Does not include expenses of Underlying Funds. |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan SmartRetirement® Funds | |
| |
| | | Ratios to average net assets |
Net asset
value,
end of
period | Total return
(excludes
sales charge)(c) | Net assets,
end of
period
(000's) | | Net
investment
income
(loss)(a) | Expenses without
waivers and reimbursements(e) | |
| | | | | | |
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SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan SmartRetirement® Funds | |
FINANCIAL HIGHLIGHTSFOR THE PERIODS INDICATED
| Per share operating performance |
| | | |
| Net asset
value,
beginning
of period | Net
investment
income
(loss)(a)(b) | Net realized
and unrealized
gains
(losses) on
investments | Total from
investment
operations | | | |
JPMorgan SmartRetirement® 2025 Fund | | | | | | | |
| | | | | | | |
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| | | | | | | |
| | | | | | | |
| | | | | | | |
|
| Net investment income (loss) is affected by the timing of distributions from Underlying Funds. |
| Calculated based upon average shares outstanding. |
| Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
| Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
| Does not include expenses of Underlying Funds. |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan SmartRetirement® Funds | |
| |
| | | Ratios to average net assets |
Net asset
value,
end of
period | Total return
(excludes
sales charge)(c) | Net assets,
end of
period
(000's) | | Net
investment
income
(loss)(a) | Expenses without
waivers and reimbursements(e) | |
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SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan SmartRetirement® Funds | |
FINANCIAL HIGHLIGHTSFOR THE PERIODS INDICATED
| Per share operating performance |
| | | |
| Net asset
value,
beginning
of period | Net
investment
income
(loss)(a)(b) | Net realized
and unrealized
gains
(losses) on
investments | Total from
investment
operations | | | |
JPMorgan SmartRetirement® 2030 Fund | | | | | | | |
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| | | | | | | |
| | | | | | | |
| | | | | | | |
|
| Net investment income (loss) is affected by the timing of distributions from Underlying Funds. |
| Calculated based upon average shares outstanding. |
| Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
| Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
| Does not include expenses of Underlying Funds. |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan SmartRetirement® Funds | |
| |
| | | Ratios to average net assets |
Net asset
value,
end of
period | Total return
(excludes
sales charge)(c) | Net assets,
end of
period
(000's) | | Net
investment
income
(loss)(a) | Expenses without
waivers and reimbursements(e) | |
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SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan SmartRetirement® Funds | |
FINANCIAL HIGHLIGHTSFOR THE PERIODS INDICATED
| Per share operating performance |
| | | |
| Net asset
value,
beginning
of period | Net
investment
income
(loss)(a)(b) | Net realized
and unrealized
gains
(losses) on
investments | Total from
investment
operations | | | |
JPMorgan SmartRetirement® 2035 Fund | | | | | | | |
| | | | | | | |
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| | | | | | | |
| | | | | | | |
| | | | | | | |
|
| Net investment income (loss) is affected by the timing of distributions from Underlying Funds. |
| Calculated based upon average shares outstanding. |
| Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
| Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
| Does not include expenses of Underlying Funds. |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan SmartRetirement® Funds | |
| |
| | | Ratios to average net assets |
Net asset
value,
end of
period | Total return
(excludes
sales charge)(c) | Net assets,
end of
period
(000's) | | Net
investment
income
(loss)(a) | Expenses without
waivers and reimbursements(e) | |
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SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan SmartRetirement® Funds | |
FINANCIAL HIGHLIGHTSFOR THE PERIODS INDICATED
| Per share operating performance |
| | | |
| Net asset
value,
beginning
of period | Net
investment
income
(loss)(a)(b) | Net realized
and unrealized
gains
(losses) on
investments | Total from
investment
operations | | | |
JPMorgan SmartRetirement® 2040 Fund | | | | | | | |
| | | | | | | |
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| | | | | | | |
| | | | | | | |
| | | | | | | |
|
| Net investment income (loss) is affected by the timing of distributions from Underlying Funds. |
| Calculated based upon average shares outstanding. |
| Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
| Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
| Does not include expenses of Underlying Funds. |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan SmartRetirement® Funds | |
| |
| | | Ratios to average net assets |
Net asset
value,
end of
period | Total return
(excludes
sales charge)(c) | Net assets,
end of
period
(000's) | | Net
investment
income
(loss)(a) | Expenses without
waivers and reimbursements(e) | |
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SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan SmartRetirement® Funds | |
FINANCIAL HIGHLIGHTSFOR THE PERIODS INDICATED
| Per share operating performance |
| | | |
| Net asset
value,
beginning
of period | Net
investment
income
(loss)(a)(b) | Net realized
and unrealized
gains
(losses) on
investments | Total from
investment
operations | | | |
JPMorgan SmartRetirement® 2045 Fund | | | | | | | |
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|
| Net investment income (loss) is affected by the timing of distributions from Underlying Funds. |
| Calculated based upon average shares outstanding. |
| Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
| Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
| Does not include expenses of Underlying Funds. |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan SmartRetirement® Funds | |
| |
| | | Ratios to average net assets |
Net asset
value,
end of
period | Total return
(excludes
sales charge)(c) | Net assets,
end of
period
(000's) | | Net
investment
income
(loss)(a) | Expenses without
waivers and reimbursements(e) | |
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SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan SmartRetirement® Funds | |
FINANCIAL HIGHLIGHTSFOR THE PERIODS INDICATED
| Per share operating performance |
| | | |
| Net asset
value,
beginning
of period | Net
investment
income
(loss)(a)(b) | Net realized
and unrealized
gains
(losses) on
investments | Total from
investment
operations | | | |
JPMorgan SmartRetirement® 2050 Fund | | | | | | | |
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|
| Net investment income (loss) is affected by the timing of distributions from Underlying Funds. |
| Calculated based upon average shares outstanding. |
| Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
| Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
| Does not include expenses of Underlying Funds. |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan SmartRetirement® Funds | |
| |
| | | Ratios to average net assets |
Net asset
value,
end of
period | Total return
(excludes
sales charge)(c) | Net assets,
end of
period
(000's) | | Net
investment
income
(loss)(a) | Expenses without
waivers and reimbursements(e) | |
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SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan SmartRetirement® Funds | |
FINANCIAL HIGHLIGHTSFOR THE PERIODS INDICATED
| Per share operating performance |
| | | |
| Net asset
value,
beginning
of period | Net
investment
income
(loss)(a)(b) | Net realized
and unrealized
gains
(losses) on
investments | Total from
investment
operations | | | |
JPMorgan SmartRetirement® 2055 Fund | | | | | | | |
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|
| Net investment income (loss) is affected by the timing of distributions from Underlying Funds. |
| Calculated based upon average shares outstanding. |
| Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
| Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
| Does not include expenses of Underlying Funds. |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan SmartRetirement® Funds | |
| |
| | | Ratios to average net assets |
Net asset
value,
end of
period | Total return
(excludes
sales charge)(c) | Net assets,
end of
period
(000's) | | Net
investment
income
(loss)(a) | Expenses without
waivers and reimbursements(e) | |
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SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan SmartRetirement® Funds | |
FINANCIAL HIGHLIGHTSFOR THE PERIODS INDICATED
| Per share operating performance |
| | | |
| Net asset
value,
beginning
of period | Net
investment
income
(loss)(a)(b) | Net realized
and unrealized
gains
(losses) on
investments | Total from
investment
operations | | | |
JPMorgan SmartRetirement® 2060 Fund | | | | | | | |
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|
| Net investment income (loss) is affected by the timing of distributions from Underlying Funds. |
| Calculated based upon average shares outstanding. |
| Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
| Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
| Does not include expenses of Underlying Funds. |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan SmartRetirement® Funds | |
| |
| | | Ratios to average net assets |
Net asset
value,
end of
period | Total return
(excludes
sales charge)(c) | Net assets,
end of
period
(000's) | | Net
investment
income
(loss)(a) | Expenses without
waivers and reimbursements(e) | |
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SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan SmartRetirement® Funds | |
FINANCIAL HIGHLIGHTSFOR THE PERIODS INDICATED
| Per share operating performance |
| | | |
| Net asset
value,
beginning
of period | Net
investment
income
(loss)(b)(c) | Net realized
and unrealized
gains
(losses) on
investments | Total from
investment
operations | | | |
JPMorgan SmartRetirement® 2065 Fund | | | | | | | |
| | | | | | | |
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November 1, 2022 (i) through June 30, 2023 | | | | | | | |
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November 1, 2022 (i) through June 30, 2023 | | | | | | | |
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November 1, 2022 (i) through June 30, 2023 | | | | | | | |
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November 1, 2022 (i) through June 30, 2023 | | | | | | | |
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November 1, 2022 (i) through June 30, 2023 | | | | | | | |
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November 1, 2022 (i) through June 30, 2023 | | | | | | | |
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November 1, 2022 (i) through June 30, 2023 | | | | | | | |
| | | | | | | |
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November 1, 2022 (i) through June 30, 2023 | | | | | | | |
|
| Annualized for periods less than one year, unless otherwise noted. |
| Net investment income (loss) is affected by the timing of distributions from Underlying Funds. |
| Calculated based upon average shares outstanding. |
| Not annualized for periods less than one year. |
| Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
| Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
| Certain non-recurring expenses incurred by the Fund were not annualized for the period indicated. |
| Does not include expenses of Underlying Funds. |
| Commencement of operations. |
| Amount rounds to less than 0.005%. |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan SmartRetirement® Funds | |
| |
| | | Ratios to average net assets(a) |
Net asset
value,
end of
period | Total return
(excludes
sales charge)(d)(e) | Net assets,
end of
period
(000's) | | Net
investment
income
(loss)(b)(g) | Expenses without
waivers and reimbursements(g)(h) | |
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SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan SmartRetirement® Funds | |
NOTES TO FINANCIAL STATEMENTSAS OF June 30, 2024
(Dollar values in thousands)
1. Organization
JPMorgan Trust I (“JPM I") and JPMorgan Trust IV (“JPM IV") (collectively, the “Trusts”) were formed on November 12, 2004 and November 11, 2015, respectively, as Delaware statutory trusts, pursuant to Declarations of Trust dated November 5, 2004 and November 11, 2015, respectively, and are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as open-end management investment companies.
The following are 11 separate funds of the Trusts (each, a "Fund" and collectively, the "Funds") covered by this report:
| | | Diversification Classification |
JPMorgan SmartRetirement® Income Fund | Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6 | | |
JPMorgan SmartRetirement® 2020 Fund | Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6 | | |
JPMorgan SmartRetirement® 2025 Fund | Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6 | | |
JPMorgan SmartRetirement® 2030 Fund | Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6 | | |
JPMorgan SmartRetirement® 2035 Fund | Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6 | | |
JPMorgan SmartRetirement® 2040 Fund | Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6 | | |
JPMorgan SmartRetirement® 2045 Fund | Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6 | | |
JPMorgan SmartRetirement® 2050 Fund | Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6 | | |
JPMorgan SmartRetirement® 2055 Fund | Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6 | | |
JPMorgan SmartRetirement® 2060 Fund | Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6 | | |
JPMorgan SmartRetirement® 2065 Fund | Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6 | | |
JPMorgan SmartRetirement® Income Fund seeks current income and some capital appreciation. The remaining JPMorgan SmartRetirement® Funds each seek high total return with a shift to current income and some capital appreciation over time as each Fund approaches and passes its respective target retirement date.
Class A Shares generally provide for a front-end sales charge while Class C Shares provide for a contingent deferred sales charge ("CDSC"). No sales charges are assessed with respect to Class I, Class R2, Class R3, Class R4, Class R5 and Class R6 Shares. Certain Class A Shares, for which front-end sales charges have been waived, may be subject to a CDSC as described in the Funds' prospectus. Class C Shares automatically convert to Class A Shares after eight years. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different transfer agency, distribution and service fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements.
J.P. Morgan Investment Management Inc. (“JPMIM”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), acts as adviser (the “Adviser”) and administrator (the “Administrator”) to the Funds.
2. Significant Accounting Policies
The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The Funds are investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 — Investment Companies, which is part of U.S. generally accepted accounting principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities, (ii) disclosure of contingent assets and liabilities at the date of the financial statements, and (iii) the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.
| J.P. Morgan SmartRetirement® Funds | |
A. Valuation of Investments— Investments are valued in accordance with GAAP and the Funds' valuation policies set forth by, and under the supervision and responsibility of, the Board of Trustees of the Trusts (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 1940 Act, 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.
Fixed income instruments are valued based on prices received from approved affiliated and unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”). The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.
Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values (“NAV”) of the Funds 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 Funds' 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 Funds' assumptions in determining the fair value of investments).
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.
The following tables represent each valuation input as presented on the Schedules of Portfolio Investments ("SOIs"):
JPMorgan SmartRetirement® Income Fund | | | | |
| | Level 2
Other significant
observable inputs | Level 3
Significant
unobservable inputs | |
Investments in Securities | | | | |
| | | | |
| | | | |
U.S. Treasury Obligations | | | | |
| | | | |
| | | | |
Total Investments in Securities | | | | |
| J.P. Morgan SmartRetirement® Funds | |
NOTES TO FINANCIAL STATEMENTSAS OF June 30, 2024 (continued)
(Dollar values in thousands)
JPMorgan SmartRetirement® 2020 Fund | | | | |
| | Level 2
Other significant
observable inputs | Level 3
Significant
unobservable inputs | |
Investments in Securities | | | | |
| | | | |
| | | | |
U.S. Treasury Obligations | | | | |
| | | | |
| | | | |
Total Investments in Securities | | | | |
JPMorgan SmartRetirement® 2025 Fund | | | | |
| | Level 2
Other significant
observable inputs | Level 3
Significant
unobservable inputs | |
Investments in Securities | | | | |
| | | | |
| | | | |
U.S. Treasury Obligations | | | | |
| | | | |
| | | | |
Total Investments in Securities | | | | |
JPMorgan SmartRetirement® 2030 Fund | | | | |
| | Level 2
Other significant
observable inputs | Level 3
Significant
unobservable inputs | |
Investments in Securities | | | | |
| | | | |
| | | | |
U.S. Treasury Obligations | | | | |
| | | | |
| | | | |
Total Investments in Securities | | | | |
Appreciation in Other Financial Instruments | | | | |
| | | | |
JPMorgan SmartRetirement® 2035 Fund | | | | |
| | Level 2
Other significant
observable inputs | Level 3
Significant
unobservable inputs | |
Investments in Securities | | | | |
| | | | |
| | | | |
U.S. Treasury Obligations | | | | |
| | | | |
| | | | |
Total Investments in Securities | | | | |
| J.P. Morgan SmartRetirement® Funds | |
JPMorgan SmartRetirement® 2035 Fund (continued) | | | | |
| | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | |
Appreciation in Other Financial Instruments | | | | |
| | | | |
JPMorgan SmartRetirement® 2040 Fund | | | | |
| | Level 2
Other significant
observable inputs | Level 3
Significant
unobservable inputs | |
Investments in Securities | | | | |
| | | | |
| | | | |
U.S. Treasury Obligations | | | | |
| | | | |
| | | | |
Total Investments in Securities | | | | |
Appreciation in Other Financial Instruments | | | | |
| | | | |
JPMorgan SmartRetirement® 2045 Fund | | | | |
| | Level 2
Other significant
observable inputs | Level 3
Significant
unobservable inputs | |
Investments in Securities | | | | |
| | | | |
| | | | |
U.S. Treasury Obligations | | | | |
| | | | |
| | | | |
Total Investments in Securities | | | | |
Appreciation in Other Financial Instruments | | | | |
| | | | |
JPMorgan SmartRetirement® 2050 Fund | | | | |
| | Level 2
Other significant
observable inputs | Level 3
Significant
unobservable inputs | |
Investments in Securities | | | | |
| | | | |
| | | | |
U.S. Treasury Obligations | | | | |
| | | | |
| | | | |
Total Investments in Securities | | | | |
Appreciation in Other Financial Instruments | | | | |
| | | | |
| J.P. Morgan SmartRetirement® Funds | |
NOTES TO FINANCIAL STATEMENTSAS OF June 30, 2024 (continued)
(Dollar values in thousands)
JPMorgan SmartRetirement® 2055 Fund | | | | |
| | Level 2
Other significant
observable inputs | Level 3
Significant
unobservable inputs | |
Investments in Securities | | | | |
| | | | |
| | | | |
U.S. Treasury Obligations | | | | |
| | | | |
| | | | |
Total Investments in Securities | | | | |
Appreciation in Other Financial Instruments | | | | |
| | | | |
JPMorgan SmartRetirement® 2060 Fund | | | | |
| | Level 2
Other significant
observable inputs | Level 3
Significant
unobservable inputs | |
Investments in Securities | | | | |
| | | | |
| | | | |
U.S. Treasury Obligations | | | | |
| | | | |
| | | | |
Total Investments in Securities | | | | |
Appreciation in Other Financial Instruments | | | | |
| | | | |
JPMorgan SmartRetirement® 2065 Fund | | | | |
| | Level 2
Other significant
observable inputs | Level 3
Significant
unobservable inputs | |
Investments in Securities | | | | |
| | | | |
| | | | |
U.S. Treasury Obligations | | | | |
| | | | |
| | | | |
Total Investments in Securities | | | | |
Appreciation in Other Financial Instruments | | | | |
| | | | |
B. Restricted Securities— Certain securities held by the Funds may be subject to legal or contractual restrictions on resale. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the NAVs of the Funds.
As of June 30, 2024, the Funds had no investments in restricted securities including securities sold to the Funds under Rule 144A and/or Regulation S under the Securities Act.
| J.P. Morgan SmartRetirement® Funds | |
C. Investment Transactions with Affiliates— The Funds invested in Underlying Funds and ETFs advised by the Adviser. An issuer which is under common control with a Fund may be considered an affiliate. For the purposes of the financial statements, the Funds assume the issuers listed in the tables below to be affiliated issuers. The Underlying Funds’ and ETFs' distributions may be reinvested into such Underlying Funds and ETFs. Reinvestment amounts are included in the purchases at cost amounts in the tables below.
JPMorgan SmartRetirement® Income Fund |
For the year ended June 30, 2024 |
| | | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | | Capital Gain
Distributions |
JPMorgan ActiveBuilders Emerging Markets Equity ETF (a) | | | | | | | | | |
JPMorgan BetaBuilders MSCI US REIT ETF (a) | | | | | | | | | |
JPMorgan BetaBuilders U.S. Aggregate Bond ETF (a) | | | | | | | | | |
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (a) | | | | | | | | | |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF (a) | | | | | | | | | |
JPMorgan Core Bond Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Core Plus Bond Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Global Select Equity ETF (a) | | | | | | | | | |
JPMorgan High Yield Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Inflation Managed Bond ETF (a) | | | | | | | | | |
JPMorgan International Equity Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan International Research Enhanced Equity ETF (a) | | | | | | | | | |
JPMorgan Realty Income ETF (a) | | | | | | | | | |
JPMorgan Small Cap Equity Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Small Cap Growth Fund Class R6 Shares (a) * | | | | | | | | | |
JPMorgan Small Cap Value Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan U.S. Equity Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (a) (b) | | | | | | | | | |
JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (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. |
| The rate shown is the current yield as of June 30, 2024. |
| Non-income producing security. |
| J.P. Morgan SmartRetirement® Funds | |
NOTES TO FINANCIAL STATEMENTSAS OF June 30, 2024 (continued)
(Dollar values in thousands)
JPMorgan SmartRetirement® 2020 Fund |
For the year ended June 30, 2024 |
| | | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | | Capital Gain
Distributions |
JPMorgan ActiveBuilders Emerging Markets Equity ETF (a) | | | | | | | | | |
JPMorgan BetaBuilders MSCI US REIT ETF (a) | | | | | | | | | |
JPMorgan BetaBuilders U.S. Aggregate Bond ETF (a) | | | | | | | | | |
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (a) | | | | | | | | | |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF (a) | | | | | | | | | |
JPMorgan Core Bond Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Core Plus Bond Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Global Select Equity ETF (a) | | | | | | | | | |
JPMorgan High Yield Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Inflation Managed Bond ETF (a) | | | | | | | | | |
JPMorgan International Equity Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan International Research Enhanced Equity ETF (a) | | | | | | | | | |
JPMorgan Realty Income ETF (a) | | | | | | | | | |
JPMorgan Small Cap Equity Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Small Cap Growth Fund Class R6 Shares (a) * | | | | | | | | | |
JPMorgan Small Cap Value Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan U.S. Equity Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (a) (b) | | | | | | | | | |
JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (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. |
| The rate shown is the current yield as of June 30, 2024. |
| Non-income producing security. |
JPMorgan SmartRetirement® 2025 Fund |
For the year ended June 30, 2024 |
| | | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | | Capital Gain
Distributions |
JPMorgan ActiveBuilders Emerging Markets Equity ETF (a) | | | | | | | | | |
JPMorgan BetaBuilders MSCI US REIT ETF (a) | | | | | | | | | |
| J.P. Morgan SmartRetirement® Funds | |
JPMorgan SmartRetirement® 2025 Fund (continued) |
For the year ended June 30, 2024 |
| | | | | Change in Unrealized Appreciation/ (Depreciation) | | | | Capital Gain Distributions |
JPMorgan BetaBuilders U.S. Aggregate Bond ETF (a) | | | | | | | | | |
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (a) | | | | | | | | | |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF (a) | | | | | | | | | |
JPMorgan Core Bond Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Core Plus Bond Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Global Select Equity ETF (a) | | | | | | | | | |
JPMorgan High Yield Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Inflation Managed Bond ETF (a) | | | | | | | | | |
JPMorgan International Equity Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan International Research Enhanced Equity ETF (a) | | | | | | | | | |
JPMorgan Realty Income ETF (a) | | | | | | | | | |
JPMorgan Small Cap Equity Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Small Cap Growth Fund Class R6 Shares (a) * | | | | | | | | | |
JPMorgan Small Cap Value Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan U.S. Equity Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (a) (b) | | | | | | | | | |
JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (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. |
| The rate shown is the current yield as of June 30, 2024. |
| Non-income producing security. |
JPMorgan SmartRetirement® 2030 Fund |
For the year ended June 30, 2024 |
| | | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | | Capital Gain
Distributions |
JPMorgan ActiveBuilders Emerging Markets Equity ETF (a) | | | | | | | | | |
JPMorgan BetaBuilders MSCI US REIT ETF (a) | | | | | | | | | |
| J.P. Morgan SmartRetirement® Funds | |
NOTES TO FINANCIAL STATEMENTSAS OF June 30, 2024 (continued)
(Dollar values in thousands)
JPMorgan SmartRetirement® 2030 Fund (continued) |
For the year ended June 30, 2024 |
| | | | | Change in Unrealized Appreciation/ (Depreciation) | | | | Capital Gain Distributions |
JPMorgan BetaBuilders U.S. Aggregate Bond ETF (a) | | | | | | | | | |
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (a) | | | | | | | | | |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF (a) | | | | | | | | | |
JPMorgan Core Bond Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Core Plus Bond Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Global Select Equity ETF (a) | | | | | | | | | |
JPMorgan High Yield Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Inflation Managed Bond ETF (a) | | | | | | | | | |
JPMorgan International Equity Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan International Research Enhanced Equity ETF (a) | | | | | | | | | |
JPMorgan Realty Income ETF (a) | | | | | | | | | |
JPMorgan Small Cap Equity Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Small Cap Growth Fund Class R6 Shares (a) * | | | | | | | | | |
JPMorgan Small Cap Value Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan U.S. Equity Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (a) (b) | | | | | | | | | |
JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (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. |
| The rate shown is the current yield as of June 30, 2024. |
| Non-income producing security. |
JPMorgan SmartRetirement® 2035 Fund |
For the year ended June 30, 2024 |
| | | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | | Capital Gain
Distributions |
JPMorgan ActiveBuilders Emerging Markets Equity ETF (a) | | | | | | | | | |
| J.P. Morgan SmartRetirement® Funds | |
JPMorgan SmartRetirement® 2035 Fund (continued) |
For the year ended June 30, 2024 |
| | | | | Change in Unrealized Appreciation/ (Depreciation) | | | | Capital Gain Distributions |
JPMorgan BetaBuilders MSCI US REIT ETF (a) | | | | | | | | | |
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (a) | | | | | | | | | |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF (a) | | | | | | | | | |
JPMorgan Core Bond Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Core Plus Bond Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Global Select Equity ETF (a) | | | | | | | | | |
JPMorgan Growth Advantage Fund Class R6 Shares (a) * | | | | | | | | | |
JPMorgan High Yield Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan International Equity Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan International Research Enhanced Equity ETF (a) | | | | | | | | | |
JPMorgan Realty Income ETF (a) | | | | | | | | | |
JPMorgan Small Cap Equity Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Small Cap Growth Fund Class R6 Shares (a) * | | | | | | | | | |
JPMorgan Small Cap Value Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan U.S. Equity Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (a) (c) | | | | | | | | | |
JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Value Advantage Fund Class R6 Shares (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. |
| Amount rounds to less than one thousand. |
| The rate shown is the current yield as of June 30, 2024. |
| Non-income producing security. |
| J.P. Morgan SmartRetirement® Funds | |
NOTES TO FINANCIAL STATEMENTSAS OF June 30, 2024 (continued)
(Dollar values in thousands)
JPMorgan SmartRetirement® 2040 Fund |
For the year ended June 30, 2024 |
| | | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | | Capital Gain
Distributions |
JPMorgan ActiveBuilders Emerging Markets Equity ETF (a) | | | | | | | | | |
JPMorgan BetaBuilders MSCI US REIT ETF (a) | | | | | | | | | |
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (a) | | | | | | | | | |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF (a) | | | | | | | | | |
JPMorgan Core Bond Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Core Plus Bond Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Global Select Equity ETF (a) | | | | | | | | | |
JPMorgan Growth Advantage Fund Class R6 Shares (a) * | | | | | | | | | |
JPMorgan High Yield Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan International Equity Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan International Research Enhanced Equity ETF (a) | | | | | | | | | |
JPMorgan Realty Income ETF (a) | | | | | | | | | |
JPMorgan Small Cap Equity Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Small Cap Growth Fund Class R6 Shares (a) * | | | | | | | | | |
JPMorgan Small Cap Value Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan U.S. Equity Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (a) (c) | | | | | | | | | |
JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Value Advantage Fund Class R6 Shares (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. |
| Amount rounds to less than one thousand. |
| The rate shown is the current yield as of June 30, 2024. |
| Non-income producing security. |
| J.P. Morgan SmartRetirement® Funds | |
JPMorgan SmartRetirement® 2045 Fund |
For the year ended June 30, 2024 |
| | | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | | Capital Gain
Distributions |
JPMorgan ActiveBuilders Emerging Markets Equity ETF (a) | | | | | | | | | |
JPMorgan BetaBuilders MSCI US REIT ETF (a) | | | | | | | | | |
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (a) | | | | | | | | | |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF (a) | | | | | | | | | |
JPMorgan Core Bond Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Core Plus Bond Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Global Select Equity ETF (a) | | | | | | | | | |
JPMorgan Growth Advantage Fund Class R6 Shares (a) * | | | | | | | | | |
JPMorgan High Yield Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan International Equity Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan International Research Enhanced Equity ETF (a) | | | | | | | | | |
JPMorgan Realty Income ETF (a) | | | | | | | | | |
JPMorgan Small Cap Equity Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Small Cap Growth Fund Class R6 Shares (a) * | | | | | | | | | |
JPMorgan Small Cap Value Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan U.S. Equity Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (a) (c) | | | | | | | | | |
JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Value Advantage Fund Class R6 Shares (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. |
| Amount rounds to less than one thousand. |
| The rate shown is the current yield as of June 30, 2024. |
| Non-income producing security. |
| J.P. Morgan SmartRetirement® Funds | |
NOTES TO FINANCIAL STATEMENTSAS OF June 30, 2024 (continued)
(Dollar values in thousands)
JPMorgan SmartRetirement® 2050 Fund |
For the year ended June 30, 2024 |
| | | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | | Capital Gain
Distributions |
JPMorgan ActiveBuilders Emerging Markets Equity ETF (a) | | | | | | | | | |
JPMorgan BetaBuilders MSCI US REIT ETF (a) | | | | | | | | | |
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (a) | | | | | | | | | |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF (a) | | | | | | | | | |
JPMorgan Core Bond Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Core Plus Bond Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Global Select Equity ETF (a) | | | | | | | | | |
JPMorgan Growth Advantage Fund Class R6 Shares (a) * | | | | | | | | | |
JPMorgan High Yield Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan International Equity Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan International Research Enhanced Equity ETF (a) | | | | | | | | | |
JPMorgan Realty Income ETF (a) | | | | | | | | | |
JPMorgan Small Cap Equity Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Small Cap Growth Fund Class R6 Shares (a) * | | | | | | | | | |
JPMorgan Small Cap Value Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan U.S. Equity Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (a) (b) | | | | | | | | | |
JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Value Advantage Fund Class R6 Shares (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. |
| The rate shown is the current yield as of June 30, 2024. |
| Non-income producing security. |
| J.P. Morgan SmartRetirement® Funds | |
JPMorgan SmartRetirement® 2055 Fund |
For the year ended June 30, 2024 |
| | | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | | Capital Gain
Distributions |
JPMorgan ActiveBuilders Emerging Markets Equity ETF (a) | | | | | | | | | |
JPMorgan BetaBuilders MSCI US REIT ETF (a) | | | | | | | | | |
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (a) | | | | | | | | | |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF (a) | | | | | | | | | |
JPMorgan Core Bond Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Core Plus Bond Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Global Select Equity ETF (a) | | | | | | | | | |
JPMorgan Growth Advantage Fund Class R6 Shares (a) * | | | | | | | | | |
JPMorgan High Yield Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan International Equity Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan International Research Enhanced Equity ETF (a) | | | | | | | | | |
JPMorgan Realty Income ETF (a) | | | | | | | | | |
JPMorgan Small Cap Equity Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Small Cap Growth Fund Class R6 Shares (a) * | | | | | | | | | |
JPMorgan Small Cap Value Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan U.S. Equity Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (a) (b) | | | | | | | | | |
JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Value Advantage Fund Class R6 Shares (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. |
| The rate shown is the current yield as of June 30, 2024. |
| Non-income producing security. |
JPMorgan SmartRetirement® 2060 Fund |
For the year ended June 30, 2024 |
| | | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | | Capital Gain
Distributions |
JPMorgan ActiveBuilders Emerging Markets Equity ETF (a) | | | | | | | | | |
| J.P. Morgan SmartRetirement® Funds | |
NOTES TO FINANCIAL STATEMENTSAS OF June 30, 2024 (continued)
(Dollar values in thousands)
JPMorgan SmartRetirement® 2060 Fund (continued) |
For the year ended June 30, 2024 |
| | | | | Change in Unrealized Appreciation/ (Depreciation) | | | | Capital Gain Distributions |
JPMorgan BetaBuilders MSCI US REIT ETF (a) | | | | | | | | | |
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (a) | | | | | | | | | |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF (a) | | | | | | | | | |
JPMorgan Core Bond Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Core Plus Bond Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Global Select Equity ETF (a) | | | | | | | | | |
JPMorgan Growth Advantage Fund Class R6 Shares (a) * | | | | | | | | | |
JPMorgan High Yield Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan International Equity Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan International Research Enhanced Equity ETF (a) | | | | | | | | | |
JPMorgan Realty Income ETF (a) | | | | | | | | | |
JPMorgan Small Cap Equity Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Small Cap Growth Fund Class R6 Shares (a) * | | | | | | | | | |
JPMorgan Small Cap Value Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan U.S. Equity Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (a) (b) | | | | | | | | | |
JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Value Advantage Fund Class R6 Shares (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. |
| The rate shown is the current yield as of June 30, 2024. |
| Non-income producing security. |
JPMorgan SmartRetirement® 2065 Fund |
For the year ended June 30, 2024 |
| | | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | | Capital Gain
Distributions |
JPMorgan ActiveBuilders Emerging Markets Equity ETF (a) | | | | | | | | | |
JPMorgan BetaBuilders MSCI US REIT ETF (a) | | | | | | | | | |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF (a) | | | | | | | | | |
| J.P. Morgan SmartRetirement® Funds | |
JPMorgan SmartRetirement® 2065 Fund (continued) |
For the year ended June 30, 2024 |
| | | | | Change in Unrealized Appreciation/ (Depreciation) | | | | Capital Gain Distributions |
JPMorgan Core Bond Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Core Plus Bond Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Global Select Equity ETF (a) | | | | | | | | | |
JPMorgan Growth Advantage Fund Class R6 Shares (a) * | | | | | | | | | |
JPMorgan High Yield Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan International Equity Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan International Research Enhanced Equity ETF (a) | | | | | | | | | |
JPMorgan Realty Income ETF (a) | | | | | | | | | |
JPMorgan Small Cap Equity Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Small Cap Growth Fund Class R6 Shares (a) * | | | | | | | | | |
JPMorgan Small Cap Value Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan U.S. Equity Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (a) (c) | | | | | | | | | |
JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Value Advantage Fund Class R6 Shares (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. |
| Amount rounds to less than one thousand. |
| The rate shown is the current yield as of June 30, 2024. |
| Non-income producing security. |
D. Foreign Currency Translation — The books and records of the Funds are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the prevailing exchange rates of such currencies against the U.S. dollar. The market value of investment securities and other assets and liabilities are translated at the exchange rate as of the valuation date. Purchases and sales of investment securities, income and expenses are translated at the exchange rate prevailing on the respective dates of such transactions.
The Funds do not isolate the effect of changes in foreign exchange rates from changes in market prices on securities held. Accordingly, such changes are included within Change in net unrealized appreciation/depreciation on investments in non-affiliates on the Statements of Operations.
Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on each Fund's books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses are included in Net realized gain (loss) on foreign currency transactions on the Statements of Operations. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at year end and are included in Change in net unrealized appreciation/depreciation on foreign currency translations on the Statements of Operations.
E. Futures Contracts— The Funds used index, interest rate and treasury futures contracts to gain exposure to or to overweight or underweight allocations among various sectors or markets, or maintain liquidity or minimize transaction costs. The Funds also purchased futures contracts to invest incoming cash in the market or sold futures in response to cash outflows, thereby simulating an invested position in the underlying index while maintaining a cash balance for liquidity.
Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Funds are required to deposit
| J.P. Morgan SmartRetirement® Funds | |
NOTES TO FINANCIAL STATEMENTSAS OF June 30, 2024 (continued)
(Dollar values in thousands)
with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Funds periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as Change in net unrealized appreciation/depreciation on futures contracts on the Statements of Operations. Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported on the Statements of Operations at the closing or expiration of the futures contract. Securities deposited as initial margin are designated on the SOIs, while cash deposited, which is considered restricted, is recorded on the Statements of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statements of Assets and Liabilities.
The use of futures contracts exposes the Funds to equity price, foreign exchange and interest rate risks. The Funds may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subjects the Funds to risk of loss in excess of the amounts shown on the Statements of Assets and Liabilities, up to the notional amount of the futures contracts. Use of short futures contracts subjects the Funds to unlimited risk of loss. The Funds may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Funds' credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of positions.
The Funds' futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).
The table below discloses the volume of the Funds' futures contracts activity during the year ended June 30, 2024:
| JPMorgan
SmartRetirement®
Income Fund | JPMorgan
SmartRetirement®
2020 Fund | JPMorgan
SmartRetirement®
2025 Fund | JPMorgan
SmartRetirement®
2030 Fund | JPMorgan
SmartRetirement®
2035 Fund |
| | | | | |
Average Notional Balance Long | | | | | |
Average Notional Balance Short | | | | | |
Ending Notional Balance Long | | | | | |
| JPMorgan
SmartRetirement®
2040 Fund | JPMorgan
SmartRetirement®
2045 Fund | JPMorgan
SmartRetirement®
2050 Fund | JPMorgan
SmartRetirement®
2055 Fund | JPMorgan
SmartRetirement®
2060 Fund |
| | | | | |
Average Notional Balance Long | | | | | |
Average Notional Balance Short | | | | | |
Ending Notional Balance Long | | | | | |
| JPMorgan
SmartRetirement®
2065 Fund |
| |
Average Notional Balance Long | |
Ending Notional Balance Long | |
F. Summary of Derivatives Information—The following tables present the value of derivatives held as of June 30, 2024, by their primary underlying risk exposure and respective location on the Statements of Assets and Liabilities:
| JPMorgan
SmartRetirement®
2030 Fund | JPMorgan
SmartRetirement®
2035 Fund |
| | |
Unrealized Appreciation on Futures Contracts * | | |
Net Fair Value of Derivative Contracts: | | |
Unrealized Appreciation (Depreciation) on Futures Contracts * | | |
| J.P. Morgan SmartRetirement® Funds | |
| JPMorgan
SmartRetirement®
2040 Fund | JPMorgan
SmartRetirement®
2045 Fund | JPMorgan
SmartRetirement®
2050 Fund | JPMorgan
SmartRetirement®
2055 Fund | JPMorgan
SmartRetirement®
2060 Fund |
| | | | | |
Unrealized Appreciation on Futures Contracts * | | | | | |
Net Fair Value of Derivative Contracts: | | | | | |
Unrealized Appreciation (Depreciation) on Futures Contracts * | | | | | |
| JPMorgan
SmartRetirement®
2065 Fund |
| |
Unrealized Appreciation on Futures Contracts * | |
Net Fair Value of Derivative Contracts: | |
Unrealized Appreciation (Depreciation) on Futures Contracts * | |
|
| Includes cumulative appreciation/(depreciation) on futures contracts, if any, as reported on the SOIs. Only current day’s variation margin is reported within the Statements of Assets and Liabilities. |
The following tables present the effect of derivatives on the Statements of Operations for the year ended June 30, 2024, by primary underlying risk exposure:
| JPMorgan
SmartRetirement®
Income Fund | JPMorgan
SmartRetirement®
2020 Fund | JPMorgan
SmartRetirement®
2025 Fund | JPMorgan
SmartRetirement®
2030 Fund | JPMorgan
SmartRetirement®
2035 Fund |
Realized Gain (Loss) on Derivatives Recognized as a Result From Operations: |
|
| | | | | |
Interest Rate Risk Exposure: |
| | | | | |
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations: |
|
| | | | | |
Interest Rate Risk Exposure: |
| | | | | |
| JPMorgan
SmartRetirement®
2040 Fund | JPMorgan
SmartRetirement®
2045 Fund | JPMorgan
SmartRetirement®
2050 Fund | JPMorgan
SmartRetirement®
2055 Fund | JPMorgan
SmartRetirement®
2060 Fund | JPMorgan
SmartRetirement®
2065 Fund |
Realized Gain (Loss) on Derivatives Recognized as a Result From Operations: |
|
| | | | | | |
Interest Rate Risk Exposure: |
| | | | | | |
| J.P. Morgan SmartRetirement® Funds | |
NOTES TO FINANCIAL STATEMENTSAS OF June 30, 2024 (continued)
(Dollar values in thousands)
| JPMorgan SmartRetirement® 2040 Fund | JPMorgan SmartRetirement® 2045 Fund | JPMorgan SmartRetirement® 2050 Fund | JPMorgan SmartRetirement® 2055 Fund | JPMorgan SmartRetirement® 2060 Fund | JPMorgan SmartRetirement® 2065 Fund |
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations: |
|
| | | | | | |
Interest Rate Risk Exposure: |
| | | | | | |
G. Offering and Organization Costs— Total offering costs of $170 incurred in connection with the offering of shares of JPMorgan SmartRetirement® 2065 Fund are amortized on a straight line basis over 12 months from the date the Fund commenced operations. Costs paid in connection with the organization of the Fund , if any, are/were recorded as an expense at the time the Fund commenced operations. For the year ended June 30, 2024, total offering costs amortized were $58.
H. Security Transactions and Investment Income— Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis.
Interest income is determined on the basis of coupon interest accrued using the effective interest method, which adjusts for amortization of premiums and accretion of discounts.
Dividend income and distributions of net investment income and realized capital gains from the Underlying Funds and ETFs, if any, is recorded on the ex-dividend date or when the Funds first learn of the dividend.
I. Allocation of Income and Expenses— Expenses directly attributable to a Fund are charged directly to that Fund, while the expenses attributable to more than one fund of the Trusts are allocated among the applicable funds. Investment income, realized and unrealized gains and losses and expenses, other than class-specific expenses, are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day.
Transfer agency fees are class-specific expenses. The amount of the transfer agency fees charged to each share class of the Funds for the year ended June 30, 2024 are as follows:
| | | | | | | | | |
JPMorgan SmartRetirement® Income Fund | | | | | | | | | |
| | | | | | | | | |
JPMorgan SmartRetirement® 2020 Fund | | | | | | | | | |
| | | | | | | | | |
JPMorgan SmartRetirement® 2025 Fund | | | | | | | | | |
| | | | | | | | | |
JPMorgan SmartRetirement® 2030 Fund | | | | | | | | | |
| | | | | | | | | |
JPMorgan SmartRetirement® 2035 Fund | | | | | | | | | |
| | | | | | | | | |
JPMorgan SmartRetirement® 2040 Fund | | | | | | | | | |
| | | | | | | | | |
JPMorgan SmartRetirement® 2045 Fund | | | | | | | | | |
| | | | | | | | | |
JPMorgan SmartRetirement® 2050 Fund | | | | | | | | | |
| | | | | | | | | |
JPMorgan SmartRetirement® 2055 Fund | | | | | | | | | |
| | | | | | | | | |
JPMorgan SmartRetirement® 2060 Fund | | | | | | | | | |
| | | | | | | | | |
| J.P. Morgan SmartRetirement® Funds | |
| | | | | | | | | |
JPMorgan SmartRetirement® 2065 Fund | | | | | | | | | |
| | | | | | | | | |
|
| Amount rounds to less than one thousand. |
The Funds invested in Underlying Funds and ETFs and, as a result bear a portion of the expenses incurred by these Underlying Funds and ETFs. These expenses are not reflected in the expenses shown on the Statements of Operations and are not included in the ratios to average net assets shown in the Financial Highlights. Certain expenses of affiliated Underlying Funds and ETFs are waived as described in Note 3.F.
J. Federal Income Taxes— Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund's policy is to comply with the provisions of the Internal Revenue Code (the “Code”) applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds' tax positions for all open tax years and has determined that as of June 30, 2024, no liability for Federal income tax is required in the Funds' financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each Fund's Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.
K. Distributions to Shareholders— Distributions from net investment income, if any, are generally declared and paid at least annually and are declared separately for each class. No class has preferential dividend rights; differences in per share rates are due to differences in separate class expenses. Net realized capital gains, if any, are distributed by each Fund at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federal tax basis treatment.
The following amounts were reclassified within the capital accounts:
| | Accumulated
undistributed
(distributions in
excess of)
net investment
income | Accumulated
net realized
gains (losses) |
JPMorgan SmartRetirement® Income Fund | | | |
JPMorgan SmartRetirement® 2020 Fund | | | |
JPMorgan SmartRetirement® 2025 Fund | | | |
JPMorgan SmartRetirement® 2030 Fund | | | |
JPMorgan SmartRetirement® 2035 Fund | | | |
JPMorgan SmartRetirement® 2040 Fund | | | |
JPMorgan SmartRetirement® 2045 Fund | | | |
JPMorgan SmartRetirement® 2050 Fund | | | |
JPMorgan SmartRetirement® 2055 Fund | | | |
JPMorgan SmartRetirement® 2060 Fund | | | |
JPMorgan SmartRetirement® 2065 Fund | | | |
|
| Amount rounds to less than one thousand. |
The reclassifications for the Funds relate primarily to tax adjustments on certain investments and foreign currency gains or losses.
3. Fees and Other Transactions with Affiliates
A. Investment Advisory Fee— Pursuant to an Investment Advisory Agreement, the Adviser manages the investments of each Fund and receives no compensation for performing such services, although the Adviser and its affiliates receive investment advisory fees from the Underlying Funds.
The Adviser reimbursed expenses as outlined in Note 3.F.
| J.P. Morgan SmartRetirement® Funds | |
NOTES TO FINANCIAL STATEMENTSAS OF June 30, 2024 (continued)
(Dollar values in thousands)
B. Administration Fee— Pursuant to an Administration Agreement, the Administrator provides certain administration services to each Fund. The Administrator does not receive a separate fee for services to the Funds but does receive fees for services to the Underlying Funds.
JPMorgan Chase Bank, N.A. ("JPMCB"), a wholly-owned subsidiary of JPMorgan, serves as the Funds' sub-administrator (the “Sub-administrator”). For its services as Sub-administrator, JPMCB receives a portion of the fees payable to the Administrator.
C. Distribution Fees— Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (“JPMDS”), an indirect, wholly-owned subsidiary of JPMorgan, serves as each Fund's principal underwriter and promotes and arranges for the sale of each Fund's shares.
The Board has adopted a Distribution Plan (the “Distribution Plan”) for Class A, Class C, Class R2 and Class R3 Shares of the Funds, as applicable, pursuant to Rule 12b-1 under the 1940 Act. Class I, Class R4, Class R5 and Class R6 Shares of the Funds do not charge a distribution fee. The Distribution Plan provides that each Fund shall pay, with respect to the applicable share classes, distribution fees, including payments to JPMDS, at annual rates of the average daily net assets as shown in the table below:
In addition, JPMDS is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the year ended June 30, 2024, JPMDS retained the following:
| | |
JPMorgan SmartRetirement® Income Fund | | |
JPMorgan SmartRetirement® 2020 Fund | | |
JPMorgan SmartRetirement® 2025 Fund | | |
JPMorgan SmartRetirement® 2030 Fund | | |
JPMorgan SmartRetirement® 2035 Fund | | |
JPMorgan SmartRetirement® 2040 Fund | | |
JPMorgan SmartRetirement® 2045 Fund | | |
JPMorgan SmartRetirement® 2050 Fund | | |
JPMorgan SmartRetirement® 2055 Fund | | |
JPMorgan SmartRetirement® 2060 Fund | | |
JPMorgan SmartRetirement® 2065 Fund | | |
|
| Amount rounds to less than one thousand. |
D. Service Fees— The Trusts, on behalf of the Funds, have entered into a Shareholder Servicing Agreement with JPMDS under which JPMDS provides certain support services to fund shareholders. For performing these services, JPMDS receives a fee with respect to all share classes, except Class R6 Shares which do not charge a service fee, that is accrued daily and paid monthly equal to a percentage of the average daily net assets as shown in the table below:
JPMDS has entered into shareholder services contracts with affiliated and unaffiliated financial intermediaries who provide shareholder services and other related services to their clients or customers who invest in the Funds. Pursuant to such contracts, JPMDS will pay all or a portion of such fees earned to financial intermediaries for performing such services.
JPMDS waived service fees as outlined in Note 3.F.
E. Custodian and Accounting Fees— JPMCB provides portfolio custody and accounting services to the Funds. As part of its Administration Agreement, the Administrator pays fees and certain expenses for custody and fund accounting.
Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the Statements of Operations.
Interest expense paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates on the Statements of Operations.
| J.P. Morgan SmartRetirement® Funds | |
F. Waivers and Reimbursements—The Adviser, Administrator and/or JPMDS have contractually agreed to waive fees and/or reimburse the Funds to the extent that total annual operating expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, expenses related to trustee elections and extraordinary expenses) exceed the percentages of the Funds' respective average daily net assets as shown in the table below:
| | | | | | | | |
JPMorgan SmartRetirement® Income Fund | | | | | | | | |
JPMorgan SmartRetirement® 2020 Fund | | | | | | | | |
JPMorgan SmartRetirement® 2025 Fund | | | | | | | | |
JPMorgan SmartRetirement® 2030 Fund | | | | | | | | |
JPMorgan SmartRetirement® 2035 Fund | | | | | | | | |
JPMorgan SmartRetirement® 2040 Fund | | | | | | | | |
JPMorgan SmartRetirement® 2045 Fund | | | | | | | | |
JPMorgan SmartRetirement® 2050 Fund | | | | | | | | |
JPMorgan SmartRetirement® 2055 Fund | | | | | | | | |
JPMorgan SmartRetirement® 2060 Fund | | | | | | | | |
JPMorgan SmartRetirement® 2065 Fund | | | | | | | | |
The expense limitation agreements were in effect for the year ended June 30, 2024 and the contractual expense limitation percentages in the table above are in place until at least October 31, 2024.
The Underlying Funds and ETFs may impose separate advisory and service fees. To avoid charging a service fee at an effective rate above 0.25% for Class A, Class C, Class I, Class R2, Class R3 and Class R4 Shares and above 0.10% for Class R5 Shares, JPMDS will waive service fees with respect to the Funds in an amount equal to the weighted average pro-rata amount of service fees charged by the Underlying Funds and ETFs up to 0.25% for Class A, Class C, Class I, Class R2, Class R3, Class R4 Shares and up to 0.10% with respect to Class R5 Shares. The Funds’ shareholder servicing agent has contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees it collects from the affiliated money market funds on the Fund’s investment in such money market funds.
| J.P. Morgan SmartRetirement® Funds | |
NOTES TO FINANCIAL STATEMENTSAS OF June 30, 2024 (continued)
(Dollar values in thousands)
For the year ended June 30, 2024, the Funds' service providers waived fees and/or reimbursed expenses for each of the Funds as follows. None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.
| | |
| | Contractual
Reimbursements |
JPMorgan SmartRetirement® Income Fund | | |
JPMorgan SmartRetirement® 2020 Fund | | |
JPMorgan SmartRetirement® 2025 Fund | | |
JPMorgan SmartRetirement® 2030 Fund | | |
JPMorgan SmartRetirement® 2035 Fund | | |
JPMorgan SmartRetirement® 2040 Fund | | |
JPMorgan SmartRetirement® 2045 Fund | | |
JPMorgan SmartRetirement® 2050 Fund | | |
JPMorgan SmartRetirement® 2055 Fund | | |
JPMorgan SmartRetirement® 2060 Fund | | |
JPMorgan SmartRetirement® 2065 Fund | | |
JPMIM voluntarily agreed to reimburse the Funds for the Trustee Fees paid to one of the interested Trustees. For the year ended June 30, 2024, the amount of these reimbursements were as follows:
| |
JPMorgan SmartRetirement® Income Fund | |
JPMorgan SmartRetirement® 2020 Fund | |
JPMorgan SmartRetirement® 2025 Fund | |
JPMorgan SmartRetirement® 2030 Fund | |
JPMorgan SmartRetirement® 2035 Fund | |
JPMorgan SmartRetirement® 2040 Fund | |
JPMorgan SmartRetirement® 2045 Fund | |
JPMorgan SmartRetirement® 2050 Fund | |
JPMorgan SmartRetirement® 2055 Fund | |
JPMorgan SmartRetirement® 2060 Fund | |
JPMorgan SmartRetirement® 2065 Fund | |
G. Other— Certain officers of the Trusts are affiliated with the Adviser, the Administrator and JPMDS. Such officers, with the exception of the Chief Compliance Officer, receive no compensation from the Funds for serving in their respective roles.
The Board designated and appointed a Chief Compliance Officer to the Funds pursuant to Rule 38a-1 under the 1940 Act. Each Fund, along with affiliated funds, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the office of the Chief Compliance Officer. Such fees are included in Trustees’ and Chief Compliance Officer’s fees on the Statements of Operations.
The Trusts adopted a Trustee Deferred Compensation Plan (the “Plan”) which allows the independent Trustees to defer the receipt of all or a portion of compensation related to performance of their duties as Trustees. The deferred fees are invested in various J.P. Morgan Funds until distribution in accordance with the Plan.
The Securities and Exchange Commission ("SEC") has granted an exemptive order permitting the Funds to engage in principal transactions with J.P. Morgan Securities LLC, an affiliated broker, involving taxable money market instruments, subject to certain conditions.
4. Investment Transactions
During the year ended June 30, 2024, purchases and sales of investments (excluding short-term investments) were as follows:
| Purchases
(excluding
U.S. Government) | Sales
(excluding
U.S. Government) | Purchases
of U.S.
Government | |
JPMorgan SmartRetirement® Income Fund | | | | |
JPMorgan SmartRetirement® 2020 Fund | | | | |
JPMorgan SmartRetirement® 2025 Fund | | | | |
| J.P. Morgan SmartRetirement® Funds | |
| Purchases (excluding U.S. Government) | Sales (excluding U.S. Government) | Purchases of U.S. Government | |
JPMorgan SmartRetirement® 2030 Fund | | | | |
JPMorgan SmartRetirement® 2035 Fund | | | | |
JPMorgan SmartRetirement® 2040 Fund | | | | |
JPMorgan SmartRetirement® 2045 Fund | | | | |
JPMorgan SmartRetirement® 2050 Fund | | | | |
JPMorgan SmartRetirement® 2055 Fund | | | | |
JPMorgan SmartRetirement® 2060 Fund | | | | |
JPMorgan SmartRetirement® 2065 Fund | | | | |
5. Federal Income Tax Matters
For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at June 30, 2024 were as follows:
| | Gross
Unrealized
Appreciation | Gross
Unrealized
Depreciation | Net Unrealized
Appreciation
(Depreciation) |
JPMorgan SmartRetirement® Income Fund | | | | |
JPMorgan SmartRetirement® 2020 Fund | | | | |
JPMorgan SmartRetirement® 2025 Fund | | | | |
JPMorgan SmartRetirement® 2030 Fund | | | | |
JPMorgan SmartRetirement® 2035 Fund | | | | |
JPMorgan SmartRetirement® 2040 Fund | | | | |
JPMorgan SmartRetirement® 2045 Fund | | | | |
JPMorgan SmartRetirement® 2050 Fund | | | | |
JPMorgan SmartRetirement® 2055 Fund | | | | |
JPMorgan SmartRetirement® 2060 Fund | | | | |
JPMorgan SmartRetirement® 2065 Fund | | | | |
The difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to tax adjustments on certain investments and wash sale loss deferrals.
The tax character of distributions paid during the year ended June 30, 2024 was as follows:
| | Net
Long-Term
Capital Gains | |
JPMorgan SmartRetirement® Income Fund | | | |
JPMorgan SmartRetirement® 2020 Fund | | | |
JPMorgan SmartRetirement® 2025 Fund | | | |
JPMorgan SmartRetirement® 2030 Fund | | | |
JPMorgan SmartRetirement® 2035 Fund | | | |
JPMorgan SmartRetirement® 2040 Fund | | | |
JPMorgan SmartRetirement® 2045 Fund | | | |
JPMorgan SmartRetirement® 2050 Fund | | | |
JPMorgan SmartRetirement® 2055 Fund | | | |
JPMorgan SmartRetirement® 2060 Fund | | | |
JPMorgan SmartRetirement® 2065 Fund | | | |
|
| Short-term gain distributions are treated as ordinary income for income tax purposes. |
| J.P. Morgan SmartRetirement® Funds | |
NOTES TO FINANCIAL STATEMENTSAS OF June 30, 2024 (continued)
(Dollar values in thousands)
The tax character of distributions paid during the year ended June 30, 2023 was as follows:
| | Net
Long-Term
Capital Gains | |
JPMorgan SmartRetirement® Income Fund | | | |
JPMorgan SmartRetirement® 2020 Fund | | | |
JPMorgan SmartRetirement® 2025 Fund | | | |
JPMorgan SmartRetirement® 2030 Fund | | | |
JPMorgan SmartRetirement® 2035 Fund | | | |
JPMorgan SmartRetirement® 2040 Fund | | | |
JPMorgan SmartRetirement® 2045 Fund | | | |
JPMorgan SmartRetirement® 2050 Fund | | | |
JPMorgan SmartRetirement® 2055 Fund | | | |
JPMorgan SmartRetirement® 2060 Fund | | | |
JPMorgan SmartRetirement® 2065 Fund | | | |
|
| Short-term gain distributions are treated as ordinary income for income tax purposes. |
As of June 30, 2024, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows:
| Current
Distributable
Ordinary
Income | Current
Distributable
Long-Term
Capital Gain
(Tax Basis Capital
Loss Carryover) | Unrealized
Appreciation
(Depreciation) |
JPMorgan SmartRetirement® Income Fund | | | |
JPMorgan SmartRetirement® 2020 Fund | | | |
JPMorgan SmartRetirement® 2025 Fund | | | |
JPMorgan SmartRetirement® 2030 Fund | | | |
JPMorgan SmartRetirement® 2035 Fund | | | |
JPMorgan SmartRetirement® 2040 Fund | | | |
JPMorgan SmartRetirement® 2045 Fund | | | |
JPMorgan SmartRetirement® 2050 Fund | | | |
JPMorgan SmartRetirement® 2055 Fund | | | |
JPMorgan SmartRetirement® 2060 Fund | | | |
JPMorgan SmartRetirement® 2065 Fund | | | |
The cumulative timing differences primarily consist of post-October capital loss deferrals, tax adjustments on certain investments, dividends payable and wash sale loss deferrals.
As of June 30, 2024, the following Funds had net capital loss carryforwards, which are available to offset future realized gains:
| Capital Loss Carryforward Character |
| |
JPMorgan SmartRetirement® Income Fund | |
JPMorgan SmartRetirement® 2020 Fund | |
| J.P. Morgan SmartRetirement® Funds | |
Net capital losses (gains) and specified ordinary losses incurred after October 31 and within the taxable year are deemed to arise on the first business day of the Funds' next taxable year. For the year ended June 30, 2024, the following Funds deferred to July 1, 2024 the following net capital losses (gains) and specified ordinary losses of:
| Net Capital Losses (Gains) | |
| |
JPMorgan SmartRetirement® Income Fund | | |
JPMorgan SmartRetirement® 2020 Fund | | |
JPMorgan SmartRetirement® 2025 Fund | | |
JPMorgan SmartRetirement® 2030 Fund | | |
JPMorgan SmartRetirement® 2045 Fund | | |
JPMorgan SmartRetirement® 2065 Fund | | |
|
| Amount rounds to less than one thousand. |
During the year ended June 30, 2024, the Fund utilized capital loss carryforwards as follows:
| |
| | |
JPMorgan SmartRetirement® Income Fund | | |
JPMorgan SmartRetirement® 2020 Fund | | |
JPMorgan SmartRetirement® 2025 Fund | | |
JPMorgan SmartRetirement® 2030 Fund | | |
JPMorgan SmartRetirement® 2035 Fund | | |
JPMorgan SmartRetirement® 2040 Fund | | |
JPMorgan SmartRetirement® 2045 Fund | | |
JPMorgan SmartRetirement® 2050 Fund | | |
JPMorgan SmartRetirement® 2055 Fund | | |
JPMorgan SmartRetirement® 2060 Fund | | |
The Funds rely upon an exemptive order granted by the SEC (the “Order”) permitting the establishment and operation of an Interfund Lending Facility (the “Facility”). The Facility allows the Funds to directly lend and borrow money to or from any other fund relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund's borrowing restrictions. The interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. The Order was granted to JPMorgan Trust II and may be relied upon by the Funds because the Funds and the series of JPMorgan Trust II are all investment companies in the same “group of investment companies” (as defined in Section 12(d)(1)(G) of the 1940 Act).
The Funds had no borrowings outstanding from another fund, or loans outstanding to another fund, during the year ended June 30, 2024.
The Trusts and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Funds. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund's borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until October 29, 2024.
The Funds had no borrowings outstanding from the unsecured, uncommitted credit facility during the year ended June 30, 2024.
The Trusts, along with certain other trusts for J.P. Morgan Funds (“Borrowers”), have entered into a joint syndicated senior unsecured revolving credit facility totaling $1.5 billion (“Credit Facility”) with various lenders and The Bank of New York Mellon, as administrative agent for the lenders. This Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Under the terms of the Credit Facility, a borrowing fund must have a minimum of $25 million in adjusted net asset value and not exceed certain adjusted net asset coverage ratios prior to and during the time in which any borrowings are outstanding. If a fund does not comply with the aforementioned requirements, the fund must remediate within three business days with respect to the $25 million minimum adjusted net asset value or within one business day with respect to certain asset coverage ratios or
| J.P. Morgan SmartRetirement® Funds | |
NOTES TO FINANCIAL STATEMENTSAS OF June 30, 2024 (continued)
(Dollar values in thousands)
the administrative agent at the request of, or with the consent of, the lenders may terminate the Credit Facility and declare any outstanding borrowings to be due and payable immediately.
Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.00%, plus the greater on the day of the borrowing, of the federal funds effective rate, or the Adjusted Secured Overnight Financing Rate (SOFR). Effective August 6, 2024, the Credit Facility was amended and restated for a term of 364 days, unless extended.
The Funds did not utilize the Credit Facility during the year ended June 30, 2024.
7. Risks, Concentrations and Indemnifications
In the normal course of business, the Funds enter into contracts that contain a variety of representations which provide general indemnifications. Each Fund's maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be brought against each Fund. However, based on experience, the Funds expect the risk of loss to be remote.
As of June 30, 2024, the Funds had individual shareholder and/or omnibus accounts each owning more than 10% of the respective Fund's outstanding shares as follows:
| Number of
Individual Shareholder
and/or Non-Affiliated
Omnibus Accounts | |
JPMorgan SmartRetirement® Income Fund | | |
JPMorgan SmartRetirement® 2020 Fund | | |
JPMorgan SmartRetirement® 2025 Fund | | |
JPMorgan SmartRetirement® 2030 Fund | | |
JPMorgan SmartRetirement® 2035 Fund | | |
JPMorgan SmartRetirement® 2040 Fund | | |
JPMorgan SmartRetirement® 2045 Fund | | |
JPMorgan SmartRetirement® 2050 Fund | | |
JPMorgan SmartRetirement® 2055 Fund | | |
JPMorgan SmartRetirement® 2060 Fund | | |
JPMorgan SmartRetirement® 2065 Fund | | |
Significant shareholder transactions by these shareholders may impact the Funds' performance and liquidity.
As of June 30, 2024, the Funds owned in the aggregate, shares representing more than 10% of the net assets of the following Underlying Funds:
| |
JPMorgan Realty Income ETF | |
JPMorgan ActiveBuilders Emerging Markets Equity ETF | |
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF | |
JPMorgan Global Select Equity ETF | |
JPMorgan Inflation Managed Bond ETF | |
JPMorgan International Research Enhanced Equity ETF | |
JPMorgan International Equity Fund | |
JPMorgan U.S. Research Enhanced Equity Fund | |
JPMorgan Emerging Markets Research Enhanced Equity Fund | |
JPMorgan Emerging Markets Debt Fund | |
JPMorgan Value Advantage Fund | |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF | |
JPMorgan Core Plus Bond Fund | |
JPMorgan Small Cap Value Fund | |
| |
JPMorgan BetaBuilders MSCI US REIT ETF | |
Derivatives may be riskier than other types of investments because they may be more sensitive to changes in economic and market conditions and could result in losses that significantly exceed the Funds’ original investment. Many derivatives create leverage thereby causing the Funds to be
| J.P. Morgan SmartRetirement® Funds | |
more volatile than they would have been if they had not used derivatives. Derivatives also expose the Funds to counterparty risk (the risk that the derivative counterparty will not fulfill its contractual obligations), including credit risk of the derivative counterparty. The possible lack of a liquid secondary market for derivatives and the resulting inability of the Funds to sell or otherwise close a derivatives position could expose the Funds to losses and could make derivatives more difficult for the Funds to value accurately.
Each Fund invests in ETFs. ETFs are pooled investment vehicles whose ownership interests are purchased and sold on a securities exchange. ETFs may be structured as investment companies, depositary receipts or other pooled investment vehicles and may be passively or actively managed. Passively managed ETFs generally seek to track the performance of a particular market index, including broad-based market indexes, as well as indexes relating to particular sectors, markets, regions or industries. Actively managed ETFs do not seek to track the performance of a particular market index. The price movement of an index-based ETF may not track the underlying index and may result in a loss. In addition, ETFs may trade at a price below or above their NAV (also known as a discount or premium, respectively).
Because of the Funds’ investments in Underlying Funds and ETFs, the Funds indirectly pay a portion of the expenses incurred by the Underlying Funds and ETFs. As a result, the cost of investing in the Funds may be higher than the cost of investing in a mutual fund that invests directly in individual securities and financial instruments. The Funds are also subject to certain risks related to the Underlying Funds’ and ETFs’ investments in securities and financial instruments such as fixed income securities, including high yield, asset-backed and mortgage-related securities, equity securities, foreign and emerging markets securities, commodities and real estate securities. These securities are subject to risks specific to their structure, sector or market.
In addition, the Underlying Funds and ETFs may use derivative instruments in connection with their individual investment strategies including futures contracts, forward foreign currency exchange contracts, options, swaps and other derivatives, which are also subject to specific risks related to their structure, sector or market and may be riskier than investments in other types of securities.
Specific risks and concentrations present in the Underlying Funds and ETFs are disclosed within their individual financial statements and registration statements, as appropriate.
The Funds are subject to infectious disease epidemics/pandemics risk. The effects of any future pandemic or other global event to public health and business and market conditions, may have a significant negative impact on the performance of a Fund's investments, increase a Fund's volatility, exacerbate pre-existing political, social and economic risks to the Funds, and negatively impact broad segments of businesses and populations. In addition, governments, their regulatory agencies, or self-regulatory organizations have taken or may take actions in response to a pandemic or other global event that affect the instruments in which the Funds invest, or the issuers of such instruments, in ways that could have a significant negative impact on a Fund’s investment performance. The ultimate impact of any pandemic or other global event and the extent to which the associated conditions and governmental responses impact a Fund will also depend on future developments, which are highly uncertain, difficult to accurately predict and subject to frequent changes.
| J.P. Morgan SmartRetirement® Funds | |
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Trustees of JPMorgan Trust I and JPMorgan Trust IV and Shareholders of each of the eleven funds listed in the table below
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of portfolio investments, of each of the funds indicated in the table below (ten of the funds constituting JPMorgan Trust I and one of the funds constituting JPMorgan Trust IV, hereinafter collectively referred to as the “Funds”) as of June 30, 2024, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of June 30, 2024, the results of each of their operations and the changes in each of their net assets for each of the periods indicated in the table below, and each of the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.
JPMorgan SmartRetirement® Income Fund * |
JPMorgan SmartRetirement® 2020 Fund * |
JPMorgan SmartRetirement® 2025 Fund * |
JPMorgan SmartRetirement® 2030 Fund * |
JPMorgan SmartRetirement® 2035 Fund * |
JPMorgan SmartRetirement® 2040 Fund * |
JPMorgan SmartRetirement® 2045 Fund * |
JPMorgan SmartRetirement® 2050 Fund * |
JPMorgan SmartRetirement® 2055 Fund * |
JPMorgan SmartRetirement® 2060 Fund * |
JPMorgan SmartRetirement® 2065 Fund ** |
| Statement of operations for the year ended June 30, 2024 and statement of changes in net assets for the years ended June 30, 2024 and 2023. |
| Statement of operations for the year ended June 30, 2024 and statement of changes in net assets for the year ended June 30, 2024 and the period November 1, 2022 (commencement of operations) through June 30, 2023. |
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of June 30, 2024 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/ PricewaterhouseCoopers LLP
New York, New York
August 27, 2024
We have served as the auditor of one or more investment companies in the JPMorgan Funds complex since 1993.
| J.P. Morgan SmartRetirement® Funds | |
TAX LETTER(Unaudited)
(Dollar values in thousands)
Certain tax information for the J.P. Morgan Funds is required to be provided to shareholders based upon the Funds’ income and distributions for the taxable year ended June 30, 2024. The information and distributions reported in this letter may differ from the information and taxable distributions reported to the shareholders for the calendar year ending December 31, 2024. The information necessary to complete your income tax returns for the calendar year ending December 31, 2024 will be provided under separate cover.
Dividends Received Deduction (DRD)
Each Fund listed below had the following percentage, or maximum allowable percentage, of ordinary income distributions eligible for the dividends received deduction for corporate shareholders for the fiscal year ended June 30, 2024:
| Dividends
Received
Deduction |
JPMorgan SmartRetirement® Income Fund | |
JPMorgan SmartRetirement® 2020 Fund | |
JPMorgan SmartRetirement® 2025 Fund | |
JPMorgan SmartRetirement® 2030 Fund | |
JPMorgan SmartRetirement® 2035 Fund | |
JPMorgan SmartRetirement® 2040 Fund | |
JPMorgan SmartRetirement® 2045 Fund | |
JPMorgan SmartRetirement® 2050 Fund | |
JPMorgan SmartRetirement® 2055 Fund | |
JPMorgan SmartRetirement® 2060 Fund | |
JPMorgan SmartRetirement® 2065 Fund | |
Each Fund listed below distributed the following amount, or maximum allowable amount, of long-term capital gain dividends for the fiscal year ended June 30, 2024:
| Long-Term
Capital Gain
Distribution |
JPMorgan SmartRetirement® 2065 Fund | |
Qualified Dividend Income (QDI)
Each Fund listed below had the following amount, or maximum allowable amount, of ordinary income distributions treated as qualified dividends for the fiscal year ended June 30, 2024:
| |
JPMorgan SmartRetirement® Income Fund | |
JPMorgan SmartRetirement® 2020 Fund | |
JPMorgan SmartRetirement® 2025 Fund | |
JPMorgan SmartRetirement® 2030 Fund | |
JPMorgan SmartRetirement® 2035 Fund | |
JPMorgan SmartRetirement® 2040 Fund | |
JPMorgan SmartRetirement® 2045 Fund | |
JPMorgan SmartRetirement® 2050 Fund | |
JPMorgan SmartRetirement® 2055 Fund | |
JPMorgan SmartRetirement® 2060 Fund | |
JPMorgan SmartRetirement® 2065 Fund | |
Foreign Source Income and Foreign Tax Credit Pass Through
For the fiscal year ended June 30, 2024, the Funds intend to elect to pass through to shareholders taxes paid to foreign countries. Gross income and foreign tax expenses cannot be quantified until Underlying Funds complete reporting for the calendar year in progress. Amounts for the fiscal year ended June 30, 2024 will be disclosed in the semi-annual report for the period ended December 31, 2024.
| J.P. Morgan SmartRetirement® Funds | |
J.P. Morgan Funds are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the Funds.
Contact JPMorgan Distribution Services, Inc. at 1-800-480-4111 for a fund prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risk as well as charges and expenses of the mutual fund before investing. The prospectus contains this and other information about the mutual fund. Read the prospectus carefully before investing.
Investors may obtain information about the Securities Investor Protection Corporation (SIPC), including the SIPC brochure, by visiting www.sipc.org or by calling SIPC at 202-371-8300.
Each Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC as an exhibit to its report on Form N-PORT. The Funds' Form N-PORT reports are available on the SEC’s website at http://www.sec.gov. Each Fund's quarterly holdings can be found by visiting the J.P. Morgan Funds’ website at www.jpmorganfunds.com.
A description of each Fund's policies and procedures with respect to the disclosure of each Fund's holdings is available in the prospectuses and Statement of Additional Information.
A copy of proxy policies and procedures is available without charge upon request by calling 1-800-480-4111 and on the Funds' website at www.jpmorganfunds.com. A description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Funds to the Adviser. A copy of the Funds' voting record for the most recent 12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Funds' website at www.jpmorganfunds.com no later than August 31 of each year. The Funds' proxy voting record will include, among other things, a brief description of the matter voted on for each fund security, and will state how each vote was cast, for example, for or against the proposal.
J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.
© JPMorgan Chase & Co., 2024. All rights reserved. June 2024.
AN-SR-624
Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Proxy Disclosures for Open-End Management Investment Companies
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
Included in the Statement of Operations within the Fund’s Financial Statements.
Statement Regarding Basis for Approval of Investment Advisory Agreement and Subadvisory Agreement
Annual Report
JPMorgan SmartRetirement® Blend Funds
June 30, 2024
JPMorgan SmartRetirement® Blend Income Fund |
JPMorgan SmartRetirement® Blend 2020 Fund |
JPMorgan SmartRetirement® Blend 2025 Fund |
JPMorgan SmartRetirement® Blend 2030 Fund |
JPMorgan SmartRetirement® Blend 2035 Fund |
JPMorgan SmartRetirement® Blend 2040 Fund |
JPMorgan SmartRetirement® Blend 2045 Fund |
JPMorgan SmartRetirement® Blend 2050 Fund |
JPMorgan SmartRetirement® Blend 2055 Fund |
JPMorgan SmartRetirement® Blend 2060 Fund |
JPMorgan SmartRetirement® Blend 2065 Fund |
CONTENTS
Investments in a Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money if you sell when a Fund’s share price is lower than when you invested.
Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of a Fund or the securities markets. References to specific securities and their issuers are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations to purchase or sell such securities. Such views are not meant as investment advice and may not be relied on as an indication of trading intent on behalf of any Fund.
Prospective investors should refer to the Funds’ prospectuses for a discussion of the Funds’ investment objectives, strategies and risks. Call J.P. Morgan Funds Service Center at 1-800-480-4111 for a prospectus containing more complete information about a Fund, including management fees and other expenses. Please read it carefully before investing.
JPMorgan SmartRetirement® Blend Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024
| | |
Investment Companies — 41.7% |
|
JPMorgan Core Plus Bond Fund Class R6 Shares (a) | | |
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a) | | |
JPMorgan High Yield Fund Class R6 Shares (a) | | |
| | |
International Equity — 1.9% |
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a) | | |
|
JPMorgan Equity Index Fund Class R6 Shares (a) | | |
Total Investment Companies
(Cost $213,500) | | |
Exchange-Traded Funds — 27.4% |
Alternative Assets — 0.8% |
JPMorgan BetaBuilders MSCI US REIT ETF (a) | | |
|
JPMorgan BetaBuilders U.S. Aggregate Bond ETF (a) | | |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF (a) | | |
JPMorgan Inflation Managed Bond ETF (a) | | |
| | |
International Equity — 11.7% |
JPMorgan BetaBuilders Emerging Markets Equity ETF (a) | | |
JPMorgan BetaBuilders International Equity ETF (a) | | |
Total International Equity | | |
|
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (a) | | |
JPMorgan BetaBuilders U.S. Small Cap Equity ETF (a) | | |
| | |
Total Exchange-Traded Funds
(Cost $159,451) | | |
| | |
Mortgage-Backed Securities — 7.8% |
| | |
Pool # WN1157, 1.80%, 11/1/2028 | | |
Pool # WA1626, 3.45%, 8/1/2032 | | |
Pool # WN3225, 3.80%, 10/1/2034 | | |
| | |
|
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Pool # ZL3032, 3.50%, 5/1/2042 | | |
Pool # QA9530, 2.50%, 5/1/2050 | | |
Pool # QB4026, 2.50%, 10/1/2050 | | |
Pool # QB4045, 2.50%, 10/1/2050 | | |
Pool # QB4484, 2.50%, 10/1/2050 | | |
Pool # QB4542, 2.50%, 10/1/2050 | | |
Pool # RA4224, 3.00%, 11/1/2050 | | |
Pool # QB8503, 2.50%, 2/1/2051 | | |
Pool # QC9443, 2.50%, 10/1/2051 | | |
Pool # QD5778, 3.00%, 1/1/2052 | | |
Pool # QD7596, 2.50%, 2/1/2052 | | |
Pool # SD3952, 2.50%, 3/1/2052 | | |
Pool # QE1637, 4.00%, 5/1/2052 | | |
Pool # QE1832, 4.50%, 5/1/2052 | | |
Pool # QH9763, 6.00%, 1/1/2054 | | |
Pool # QH9845, 6.00%, 2/1/2054 | | |
| | |
Pool # CA2826, 5.50%, 12/1/2048 | | |
Pool # BK2113, 2.50%, 3/1/2050 | | |
Pool # CA5658, 2.50%, 5/1/2050 | | |
Pool # FM3118, 3.00%, 5/1/2050 | | |
Pool # BP8608, 2.50%, 6/1/2050 | | |
Pool # BP9250, 2.50%, 7/1/2050 | | |
Pool # CA6635, 2.50%, 8/1/2050 | | |
Pool # FP0059, 2.50%, 8/1/2050 | | |
Pool # BQ2894, 3.00%, 9/1/2050 | | |
Pool # BQ3996, 2.50%, 10/1/2050 | | |
Pool # BQ5243, 3.50%, 10/1/2050 | | |
Pool # CA7398, 3.50%, 10/1/2050 | | |
Pool # BP7667, 2.50%, 12/1/2050 | | |
Pool # CA8637, 4.00%, 1/1/2051 | | |
Pool # CB0189, 3.00%, 4/1/2051 | | |
Pool # CB0458, 2.50%, 5/1/2051 | | |
Pool # FM7916, 2.50%, 6/1/2051 | | |
Pool # FM7957, 2.50%, 7/1/2051 | | |
Pool # CB1301, 2.50%, 8/1/2051 | | |
Pool # FM8247, 2.50%, 8/1/2051 | | |
Pool # FS4624, 2.50%, 11/1/2051 | | |
Pool # FS2559, 3.00%, 12/1/2051 | | |
Pool # BU3079, 3.00%, 1/1/2052 | | |
Pool # BV4831, 3.00%, 2/1/2052 | | |
Pool # FS7749, 3.00%, 2/1/2052 | | |
Pool # BV0295, 3.50%, 2/1/2052 | | |
Pool # BV6743, 4.50%, 5/1/2052 | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
JPMorgan SmartRetirement® Blend Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024 (continued)
| | |
Mortgage-Backed Securities — continued |
Pool # BV9515, 6.00%, 6/1/2052 | | |
Pool # BY4714, 5.00%, 6/1/2053 | | |
Pool # BY9327, 6.00%, 11/1/2053 | | |
Pool # DA7753, 5.50%, 1/1/2054 | | |
Pool # DA0425, 6.00%, 2/1/2054 | | |
Pool # DA7754, 6.00%, 2/1/2054 | | |
Pool # CB8334, 5.50%, 4/1/2054 | | |
| | |
Pool # BS7576, 4.86%, 12/1/2027 | | |
Pool # AM3010, 5.07%, 3/1/2028 | | |
Pool # BL8639, 1.09%, 4/1/2028 | | |
Pool # BS6144, 3.97%, 1/1/2029 | | |
Pool # AM5319, 4.34%, 1/1/2029 | | |
Pool # BS8149, 4.97%, 9/1/2029 | | |
Pool # BS0448, 1.27%, 12/1/2029 | | |
Pool # BL9748, 1.60%, 12/1/2029 | | |
Pool # AN7593, 2.99%, 12/1/2029 | | |
Pool # BL9252, 1.37%, 3/1/2030 | | |
Pool # AN8285, 3.11%, 3/1/2030 | | |
Pool # BS0154, 1.28%, 4/1/2030 | | |
Pool # AM8544, 3.08%, 4/1/2030 | | |
Pool # BL9251, 1.45%, 10/1/2030 | | |
Pool # BL4885, 2.55%, 10/1/2030 | | |
Pool # AM4789, 4.18%, 11/1/2030 | | |
Pool # BL9891, 1.37%, 12/1/2030 | | |
Pool # BS0025, 1.38%, 12/1/2030 | | |
Pool # BL9494, 1.46%, 12/1/2030 | | |
Pool # BS7290, 5.64%, 2/1/2031 | | |
Pool # BS6203, 4.26%, 4/1/2031 | | |
Pool # BS8442, 4.74%, 4/1/2031 | | |
Pool # BS2915, 1.87%, 5/1/2031 | | |
Pool # BS6802, 4.93%, 6/1/2031 | | |
Pool # BS8688, 4.68%, 8/1/2031 | | |
Pool # BS8686, 4.68%, 11/1/2031 | | |
Pool # BS4563, 2.01%, 1/1/2032 | | |
Pool # BS5580, 3.68%, 1/1/2032 | | |
Pool # BM7037, 1.75%, 3/1/2032 (b) | | |
Pool # BS4654, 2.39%, 3/1/2032 | | |
Pool # BL5680, 2.44%, 3/1/2032 | | |
Pool # AN5952, 3.01%, 7/1/2032 | | |
Pool # AN5472, 3.09%, 7/1/2032 | | |
Pool # AN6149, 3.14%, 7/1/2032 | | |
Pool # BS5530, 3.30%, 7/1/2032 | | |
Pool # BS6095, 4.14%, 7/1/2032 | | |
Pool # BS6345, 3.91%, 8/1/2032 | | |
| | |
|
Pool # BZ0884, 5.37%, 9/1/2032 | | |
Pool # BM3226, 3.45%, 10/1/2032 (b) | | |
Pool # BS6822, 3.81%, 10/1/2032 | | |
Pool # BS8528, 4.31%, 10/1/2032 | | |
Pool # BS6872, 4.41%, 10/1/2032 | | |
Pool # BS6926, 4.51%, 10/1/2032 | | |
Pool # BS6928, 4.55%, 10/1/2032 | | |
Pool # BS6915, 4.60%, 10/1/2032 | | |
Pool # BS6954, 4.93%, 10/1/2032 | | |
Pool # BS6819, 4.12%, 11/1/2032 | | |
Pool # BS6985, 4.92%, 11/1/2032 | | |
Pool # BS7090, 4.45%, 12/1/2032 | | |
Pool # BS7113, 4.90%, 12/1/2032 | | |
Pool # AN7923, 3.33%, 1/1/2033 | | |
Pool # BS8428, 4.41%, 1/1/2033 | | |
Pool # BS7398, 4.74%, 2/1/2033 | | |
Pool # BS5357, 3.41%, 3/1/2033 | | |
Pool # AN9067, 3.51%, 5/1/2033 | | |
Pool # BS8416, 4.56%, 5/1/2033 | | |
Pool # AN9752, 3.65%, 7/1/2033 | | |
Pool # BS5511, 3.45%, 8/1/2033 | | |
Pool # AN9753, 3.65%, 8/1/2033 | | |
Pool # BS5127, 3.15%, 9/1/2033 | | |
Pool # BS4197, 2.14%, 12/1/2033 | | |
Pool # BL1012, 4.03%, 12/1/2033 | | |
Pool # BL0900, 4.08%, 2/1/2034 | | |
Pool # BZ0430, 4.32%, 2/1/2034 | | |
Pool # AN0375, 3.76%, 12/1/2035 | | |
Pool # AN4430, 3.61%, 1/1/2037 | | |
Pool # BF0105, 4.00%, 6/1/2056 (c) | | |
Pool # BF0107, 4.50%, 6/1/2056 (c) | | |
Pool # BF0118, 4.50%, 6/1/2056 (c) | | |
Pool # BF0125, 4.00%, 7/1/2056 (c) | | |
Pool # BF0189, 3.00%, 6/1/2057 (c) | | |
Pool # BF0219, 3.50%, 9/1/2057 | | |
Pool # BF0230, 5.50%, 1/1/2058 | | |
Pool # BF0497, 3.00%, 7/1/2060 | | |
Pool # BF0561, 3.00%, 9/1/2061 (c) | | |
Pool # BF0578, 2.50%, 12/1/2061 | | |
FNMA/FHLMC UMBS, Single Family, 30 Year TBA, 2.50%, 7/25/2054 (c) | | |
| | |
Pool # BY3432, 3.50%, 9/20/2050 | | |
Pool # BR3929, 3.50%, 10/20/2050 | | |
Pool # BW1726, 3.50%, 10/20/2050 | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
| | |
Mortgage-Backed Securities — continued |
Pool # BS8546, 2.50%, 12/20/2050 | | |
Pool # BR3928, 3.00%, 12/20/2050 | | |
Pool # BU7538, 3.00%, 12/20/2050 | | |
Pool # 785294, 3.50%, 1/20/2051 | | |
Pool # CA8452, 3.00%, 2/20/2051 | | |
Pool # CB1543, 3.00%, 2/20/2051 | | |
Pool # CA3588, 3.50%, 2/20/2051 | | |
Pool # CB1536, 3.50%, 2/20/2051 | | |
Pool # CB1542, 3.00%, 3/20/2051 | | |
Pool # CC0070, 3.00%, 3/20/2051 | | |
Pool # CC8726, 3.00%, 3/20/2051 | | |
Pool # CC8738, 3.00%, 3/20/2051 | | |
Pool # CC8723, 3.50%, 3/20/2051 | | |
Pool # CC0088, 4.00%, 3/20/2051 | | |
Pool # CC0092, 4.00%, 3/20/2051 | | |
Pool # CC8727, 3.00%, 4/20/2051 | | |
Pool # CC8739, 3.00%, 4/20/2051 | | |
Pool # CC8740, 3.00%, 4/20/2051 | | |
Pool # CC8751, 3.00%, 4/20/2051 | | |
Pool # CA3563, 3.50%, 7/20/2051 | | |
Pool # CE2586, 3.50%, 7/20/2051 | | |
Pool # CK1527, 3.50%, 12/20/2051 | | |
Pool # CJ8184, 3.50%, 1/20/2052 | | |
Pool # CK2660, 3.00%, 2/20/2052 | | |
Pool # CK2716, 3.50%, 2/20/2052 | | |
Pool # CI8525, 5.00%, 2/20/2052 | | |
Pool # CK8295, 5.00%, 3/20/2052 | | |
Pool # CN3127, 5.00%, 8/20/2052 | | |
Pool # CO4960, 5.00%, 8/20/2052 | | |
Pool # CU6748, 6.00%, 9/20/2053 | | |
Pool # DA2721, 5.50%, 3/20/2054 | | |
| | |
Pool # CV6672, 5.00%, 7/20/2062 | | |
Pool # CU1093, 5.50%, 6/20/2063 | | |
Pool # CV1712, 5.50%, 6/20/2063 | | |
Pool # CU1092, 6.00%, 6/20/2063 | | |
Pool # 785183, 2.93%, 10/20/2070 (b) | | |
Total Mortgage-Backed Securities
(Cost $54,867) | | |
|
Aerospace & Defense — 0.2% |
|
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Aerospace & Defense — continued |
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L3Harris Technologies, Inc. |
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|
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|
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|
General Motors Co. 6.80%, 10/1/2027 | | |
|
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| | |
| | |
|
ABN AMRO Bank NV (Netherlands) |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.55%), 6.58%, 10/13/2026 (d) (e) | | |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.65%), 6.34%, 9/18/2027 (d) (e) | | |
AIB Group plc (Ireland) (SOFR + 2.33%), 6.61%, 9/13/2029 (d) (e) | | |
ANZ New Zealand Int'l Ltd. (New Zealand) 5.36%, 8/14/2028 (d) | | |
Banco Santander SA (Spain) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.90%), 1.72%, 9/14/2027 (e) | | |
|
(SOFR + 1.01%), 1.20%, 10/24/2026 (e) | | |
(SOFR + 1.29%), 5.08%, 1/20/2027 (e) | | |
(SOFR + 1.05%), 2.55%, 2/4/2028 (e) | | |
(SOFR + 1.58%), 4.38%, 4/27/2028 (e) | | |
(SOFR + 1.63%), 5.20%, 4/25/2029 (e) | | |
(SOFR + 1.57%), 5.82%, 9/15/2029 (e) | | |
(SOFR + 1.33%), 2.97%, 2/4/2033 (e) | | |
(SOFR + 1.91%), 5.29%, 4/25/2034 (e) | | |
(SOFR + 1.84%), 5.87%, 9/15/2034 (e) | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
JPMorgan SmartRetirement® Blend Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024 (continued)
| | |
Corporate Bonds — continued |
|
(SOFR + 1.65%), 5.47%, 1/23/2035 (e) | | |
Bank of Ireland Group plc (Ireland) |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.65%), 6.25%, 9/16/2026 (d) (e) | | |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.10%), 2.03%, 9/30/2027 (d) (e) | | |
Bank of Montreal (Canada) 5.30%, 6/5/2026 | | |
Bank of Nova Scotia (The) (Canada) 4.85%, 2/1/2030 | | |
Barclays plc (United Kingdom) (SOFR + 2.98%), 6.22%, 5/9/2034 (e) | | |
|
(SOFR + 1.52%), 5.18%, 1/9/2030 (d) (e) | | |
(SOFR + 1.59%), 5.50%, 5/20/2030 (d) (e) | | |
(SOFR + 1.88%), 5.74%, 2/20/2035 (d) (e) | | |
|
(SOFR + 1.52%), 1.65%, 10/6/2026 (d) (e) | | |
(SOFR + 1.85%), 5.94%, 5/30/2035 (d) (e) | | |
Canadian Imperial Bank of Commerce (Canada) 5.26%, 4/8/2029 | | |
|
(3-MONTH CME TERM SOFR + 1.65%), 3.67%, 7/24/2028 (e) | | |
(SOFR + 1.36%), 5.17%, 2/13/2030 (e) | | |
(SOFR + 1.35%), 3.06%, 1/25/2033 (e) | | |
Credit Agricole SA (France) |
| | |
(SOFR + 0.89%), 1.25%, 1/26/2027 (d) (e) | | |
(SOFR + 1.69%), 5.34%, 1/10/2030 (d) (e) | | |
Federation des Caisses Desjardins du Quebec (Canada) |
| | |
| | |
Fifth Third Bancorp (SOFR + 1.84%), 5.63%, 1/29/2032 (e) | | |
HSBC Holdings plc (United Kingdom) (SOFR + 1.73%), 2.01%, 9/22/2028 (e) | | |
Intesa Sanpaolo SpA (Italy) Series XR, 3.25%, 9/23/2024 (d) | | |
Lloyds Banking Group plc (United Kingdom) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.85%), 1.63%, 5/11/2027 (e) | | |
Mitsubishi UFJ Financial Group, Inc. (Japan) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.75%), 1.54%, 7/20/2027 (e) | | |
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|
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Mizuho Financial Group, Inc. (Japan) |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.65%), 5.78%, 7/6/2029 (e) | | |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.08%), 5.38%, 7/10/2030 (c) (e) | | |
NatWest Group plc (United Kingdom) (3-MONTH SOFR + 1.75%), 4.89%, 5/18/2029 (e) | | |
NatWest Markets plc (United Kingdom) 5.41%, 5/17/2029 (d) | | |
PNC Financial Services Group, Inc. (The) (SOFR + 1.93%), 5.07%, 1/24/2034 (e) | | |
Santander Holdings USA, Inc. (SOFR + 2.50%), 6.17%, 1/9/2030 (e) | | |
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 (e) | | |
(SOFR + 2.75%), 6.83%, 11/21/2026 (e) | | |
(SOFR + 0.99%), 1.67%, 6/14/2027 (e) | | |
Societe Generale SA (France) |
| | |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.75%), 5.63%, 1/19/2030 (d) (e) | | |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.30%), 2.89%, 6/9/2032 (d) (e) | | |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.10%), 6.07%, 1/19/2035 (d) (e) | | |
Standard Chartered plc (United Kingdom) |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.20%), 7.02%, 2/8/2030 (d) (e) | | |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.45%), 5.91%, 5/14/2035 (d) (e) | | |
Sumitomo Mitsui Financial Group, Inc. (Japan) |
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Toronto-Dominion Bank (The) (Canada) 5.52%, 7/17/2028 | | |
|
(SOFR + 2.05%), 6.05%, 6/8/2027 (e) | | |
(SOFR + 2.45%), 7.16%, 10/30/2029 (e) | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
| | |
Corporate Bonds — continued |
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(SOFR + 1.85%), 5.12%, 1/26/2034 (e) | | |
(SOFR + 1.92%), 5.71%, 1/24/2035 (e) | | |
UniCredit SpA (Italy) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.20%), 1.98%, 6/3/2027 (d) (e) | | |
|
| | |
(SOFR + 1.74%), 5.57%, 7/25/2029 (e) | | |
(SOFR + 1.50%), 5.20%, 1/23/2030 (e) | | |
(SOFR + 1.99%), 5.56%, 7/25/2034 (e) | | |
(SOFR + 1.78%), 5.50%, 1/23/2035 (e) | | |
(SOFR + 2.13%), 4.61%, 4/25/2053 (e) | | |
Westpac New Zealand Ltd. (New Zealand) 5.20%, 2/28/2029 (d) | | |
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Constellation Brands, Inc. 4.50%, 5/9/2047 | | |
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Amgen, Inc. 3.00%, 1/15/2052 | | |
Gilead Sciences, Inc. 2.60%, 10/1/2040 | | |
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Broadline Retail — 0.0% ^ |
Amazon.com, Inc. 3.95%, 4/13/2052 | | |
Building Products — 0.0% ^ |
Masco Corp. 2.00%, 10/1/2030 | | |
|
Bank of New York Mellon Corp. (The) |
(SOFR + 1.60%), 6.32%, 10/25/2029 (e) | | |
(SOFR + 1.85%), 6.47%, 10/25/2034 (e) | | |
Brookfield Finance, Inc. (Canada) 3.50%, 3/30/2051 | | |
Deutsche Bank AG (Germany) |
(SOFR + 1.87%), 2.13%, 11/24/2026 (e) | | |
(SOFR + 1.22%), 2.31%, 11/16/2027 (e) | | |
| | |
Goldman Sachs Group, Inc. (The) |
| | |
(SOFR + 1.11%), 2.64%, 2/24/2028 (e) | | |
(SOFR + 1.77%), 6.48%, 10/24/2029 (e) | | |
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|
Capital Markets — continued |
Macquarie Group Ltd. (Australia) |
(SOFR + 1.07%), 1.34%, 1/12/2027 (d) (e) | | |
(SOFR + 1.53%), 2.87%, 1/14/2033 (d) (e) | | |
|
(SOFR + 1.73%), 5.12%, 2/1/2029 (e) | | |
(SOFR + 1.59%), 5.16%, 4/20/2029 (e) | | |
(SOFR + 1.63%), 5.45%, 7/20/2029 (e) | | |
(SOFR + 1.20%), 2.51%, 10/20/2032 (e) | | |
Nasdaq, Inc. 5.55%, 2/15/2034 | | |
Nomura Holdings, Inc. (Japan) |
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UBS Group AG (Switzerland) (USD SOFR ICE Swap Rate 1 Year + 1.34%), 5.62%, 9/13/2030 (d) (e) | | |
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|
DuPont de Nemours, Inc. 5.32%, 11/15/2038 | | |
LYB International Finance III LLC 1.25%, 10/1/2025 | | |
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Commercial Services & Supplies — 0.1% |
Element Fleet Management Corp. (Canada) 6.32%, 12/4/2028 (d) | | |
|
AerCap Ireland Capital DAC (Ireland) |
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American Express Co. (SOFR + 1.00%), 5.10%, 2/16/2028 (e) | | |
Avolon Holdings Funding Ltd. (Ireland) |
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Capital One Financial Corp. |
(SOFR + 1.91%), 5.70%, 2/1/2030 (e) | | |
(SOFR + 1.27%), 2.62%, 11/2/2032 (e) | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
JPMorgan SmartRetirement® Blend Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024 (continued)
| | |
Corporate Bonds — continued |
Consumer Finance — continued |
General Motors Financial Co., Inc. |
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Hyundai Capital Services, Inc. (South Korea) 5.13%, 2/5/2029 (d) | | |
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Consumer Staples Distribution & Retail — 0.1% |
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Alimentation Couche-Tard, Inc. (Canada) |
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| | |
| | |
Containers & Packaging — 0.0% ^ |
Graphic Packaging International LLC 1.51%, 4/15/2026 (d) | | |
Diversified Consumer Services — 0.0% ^ |
University of Miami Series 2022, 4.06%, 4/1/2052 | | |
Diversified REITs — 0.0% ^ |
Safehold GL Holdings LLC 2.85%, 1/15/2032 | | |
WP Carey, Inc. 2.40%, 2/1/2031 | | |
| | |
Diversified Telecommunication Services — 0.1% |
|
| | |
| | |
| | |
Sprint Capital Corp. 6.88%, 11/15/2028 | | |
Verizon Communications, Inc. |
| | |
| | |
| | |
Electric Utilities — 0.9% |
Baltimore Gas and Electric Co. |
| | |
| | |
| | |
|
Electric Utilities — continued |
Consumers 2023 Securitization Funding LLC Series A2, 5.21%, 9/1/2030 | | |
DTE Electric Co. Series B, 3.25%, 4/1/2051 | | |
Duke Energy Corp. 6.10%, 9/15/2053 | | |
Duke Energy Florida LLC 5.95%, 11/15/2052 | | |
Duke Energy Indiana LLC Series YYY, 3.25%, 10/1/2049 | | |
|
| | |
| | |
Emera US Finance LP (Canada) 4.75%, 6/15/2046 | | |
Entergy Arkansas LLC 2.65%, 6/15/2051 | | |
|
| | |
| | |
Entergy Mississippi LLC 5.00%, 9/1/2033 | | |
Evergy Metro, Inc. 4.95%, 4/15/2033 | | |
Evergy Missouri West Storm Funding I LLC Series A-1, 5.10%, 12/1/2038 | | |
Evergy Missouri West, Inc. 5.15%, 12/15/2027 (d) | | |
Evergy, Inc. 2.90%, 9/15/2029 | | |
Eversource Energy 3.38%, 3/1/2032 | | |
Fells Point Funding Trust 3.05%, 1/31/2027 (d) | | |
FirstEnergy Transmission LLC 4.55%, 4/1/2049 (d) | | |
Fortis, Inc. (Canada) 3.06%, 10/4/2026 | | |
|
| | |
| | |
Jersey Central Power & Light Co. 4.30%, 1/15/2026 (d) | | |
Massachusetts Electric Co. 4.00%, 8/15/2046 (d) | | |
MidAmerican Energy Co. 5.85%, 9/15/2054 | | |
Monongahela Power Co. 5.85%, 2/15/2034 (d) | | |
Nevada Power Co. 6.00%, 3/15/2054 | | |
New England Power Co. (United Kingdom) 2.81%, 10/6/2050 (d) | | |
NextEra Energy Capital Holdings, Inc. |
| | |
| | |
Northern States Power Co. 5.10%, 5/15/2053 | | |
|
| | |
| | |
Ohio Power Co. 5.00%, 6/1/2033 | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
| | |
Corporate Bonds — continued |
Electric Utilities — continued |
Pacific Gas and Electric Co. |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
PG&E Recovery Funding LLC Series A-3, 5.54%, 7/15/2047 | | |
PG&E Wildfire Recovery Funding LLC |
Series A-2, 4.26%, 6/1/2036 | | |
Series A-5, 5.10%, 6/1/2052 | | |
Public Service Co. of Oklahoma 5.25%, 1/15/2033 | | |
SCE Recovery Funding LLC Series A-1, 4.70%, 6/15/2040 | | |
Sierra Pacific Power Co. 5.90%, 3/15/2054 | | |
Sigeco Securitization I LLC Series A1, 5.03%, 11/15/2036 | | |
Southern California Edison Co. |
Series 20C, 1.20%, 2/1/2026 | | |
| | |
| | |
Series C, 4.13%, 3/1/2048 | | |
| | |
Southern Co. (The) 5.70%, 3/15/2034 | | |
Tampa Electric Co. 4.90%, 3/1/2029 | | |
|
| | |
| | |
Vistra Operations Co. LLC 6.00%, 4/15/2034 (d) | | |
| | |
|
Take-Two Interactive Software, Inc. |
| | |
| | |
| | |
Financial Services — 0.1% |
Corebridge Financial, Inc. 3.85%, 4/5/2029 | | |
Global Payments, Inc. 3.20%, 8/15/2029 | | |
National Rural Utilities Cooperative Finance Corp. 5.00%, 2/7/2031 | | |
| | |
|
Financial Services — continued |
NTT Finance Corp. (Japan) 5.14%, 7/2/2031 (d) | | |
Shell International Finance BV 3.13%, 11/7/2049 | | |
| | |
|
|
| | |
| | |
|
| | |
| | |
Kellanova 5.25%, 3/1/2033 | | |
|
| | |
| | |
Smithfield Foods, Inc. 3.00%, 10/15/2030 (d) | | |
Tyson Foods, Inc. 5.70%, 3/15/2034 | | |
| | |
|
Atmos Energy Corp. 2.85%, 2/15/2052 | | |
Southern California Gas Co. 6.35%, 11/15/2052 | | |
| | |
Ground Transportation — 0.1% |
Burlington Northern Santa Fe LLC 5.50%, 3/15/2055 | | |
Canadian Pacific Railway Co. (Canada) 4.70%, 5/1/2048 | | |
CSX Corp. 3.80%, 11/1/2046 | | |
|
| | |
| | |
Norfolk Southern Corp. 3.05%, 5/15/2050 | | |
Penske Truck Leasing Co. LP 6.05%, 8/1/2028 (d) | | |
Triton Container International Ltd. (Bermuda) 2.05%, 4/15/2026 (d) | | |
Union Pacific Corp. 3.55%, 8/15/2039 | | |
| | |
Health Care Equipment & Supplies — 0.0% ^ |
Boston Scientific Corp. 4.55%, 3/1/2039 | | |
DH Europe Finance II SARL 3.25%, 11/15/2039 | | |
| | |
Health Care Providers & Services — 0.2% |
AHS Hospital Corp. 5.02%, 7/1/2045 | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
JPMorgan SmartRetirement® Blend Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024 (continued)
| | |
Corporate Bonds — continued |
Health Care Providers & Services — continued |
Banner Health 1.90%, 1/1/2031 | | |
Bon Secours Mercy Health, Inc. Series 20-2, 3.21%, 6/1/2050 | | |
Cencora, Inc. 5.13%, 2/15/2034 | | |
Cigna Group (The) 5.13%, 5/15/2031 | | |
|
| | |
| | |
| | |
|
| | |
| | |
| | |
MedStar Health, Inc. Series 20A, 3.63%, 8/15/2049 | | |
MultiCare Health System 2.80%, 8/15/2050 | | |
MyMichigan Health Series 2020, 3.41%, 6/1/2050 | | |
PeaceHealth Obligated Group Series 2020, 3.22%, 11/15/2050 | | |
Piedmont Healthcare, Inc. 2.86%, 1/1/2052 | | |
|
| | |
| | |
West Virginia United Health System Obligated Group Series 2020, 3.13%, 6/1/2050 | | |
| | |
|
Alexandria Real Estate Equities, Inc. 5.25%, 5/15/2036 | | |
DOC DR LLC 2.63%, 11/1/2031 | | |
Healthcare Realty Holdings LP |
| | |
| | |
Healthpeak OP LLC 2.13%, 12/1/2028 | | |
Sabra Health Care LP 3.20%, 12/1/2031 | | |
| | |
Hotels, Restaurants & Leisure — 0.1% |
|
| | |
| | |
| | |
| | |
|
Independent Power and Renewable Electricity Producers — 0.0% ^ |
Constellation Energy Generation LLC 5.80%, 3/1/2033 | | |
Southern Power Co. 5.15%, 9/15/2041 | | |
| | |
Industrial Conglomerates — 0.0% ^ |
Honeywell International, Inc. 5.25%, 3/1/2054 | | |
|
Arthur J Gallagher & Co. 5.75%, 7/15/2054 | | |
Athene Global Funding 1.45%, 1/8/2026 (d) | | |
Berkshire Hathaway Finance Corp. 3.85%, 3/15/2052 | | |
Brown & Brown, Inc. 2.38%, 3/15/2031 | | |
CNA Financial Corp. 5.13%, 2/15/2034 | | |
CNO Global Funding 5.88%, 6/4/2027 (d) | | |
Corebridge Global Funding 5.90%, 9/19/2028 (d) | | |
Empower Finance 2020 LP (Canada) 3.08%, 9/17/2051 (d) | | |
F&G Annuities & Life, Inc. 6.50%, 6/4/2029 | | |
F&G Global Funding 5.88%, 6/10/2027 (d) | | |
Fidelity & Guaranty Life Holdings, Inc. 5.50%, 5/1/2025 (d) | | |
High Street Funding Trust I 4.11%, 2/15/2028 (d) | | |
Mutual of Omaha Cos. Global Funding 5.80%, 7/27/2026 (d) | | |
Nationwide Mutual Insurance Co. 8.25%, 12/1/2031 (d) | | |
New York Life Insurance Co. 3.75%, 5/15/2050 (d) | | |
Northwestern Mutual Global Funding |
| | |
| | |
Teachers Insurance & Annuity Association of America |
| | |
| | |
| | |
Interactive Media & Services — 0.0% ^ |
Meta Platforms, Inc. 5.60%, 5/15/2053 | | |
|
Otis Worldwide Corp. 3.11%, 2/15/2040 | | |
|
Charter Communications Operating LLC |
| | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
| | |
Corporate Bonds — continued |
|
| | |
|
| | |
| | |
| | |
Discovery Communications LLC 3.63%, 5/15/2030 | | |
| | |
|
Glencore Funding LLC (Australia) |
| | |
| | |
| | |
South32 Treasury Ltd. (Australia) 4.35%, 4/14/2032 (d) | | |
|
| | |
| | |
| | |
|
Berkshire Hathaway Energy Co. 2.85%, 5/15/2051 | | |
Consolidated Edison Co. of New York, Inc. 6.15%, 11/15/2052 | | |
Consumers Energy Co. 3.25%, 8/15/2046 | | |
|
| | |
| | |
Engie SA (France) 5.63%, 4/10/2034 (d) | | |
Public Service Enterprise Group, Inc. 5.45%, 4/1/2034 | | |
Southern Co. Gas Capital Corp. 5.75%, 9/15/2033 | | |
| | |
|
COPT Defense Properties LP 2.75%, 4/15/2031 | | |
Oil, Gas & Consumable Fuels — 0.4% |
Boardwalk Pipelines LP 4.45%, 7/15/2027 | | |
BP Capital Markets America, Inc. 2.77%, 11/10/2050 | | |
Cheniere Energy, Inc. 5.65%, 4/15/2034 (d) | | |
Columbia Pipelines Holding Co. LLC 5.68%, 1/15/2034 (d) | | |
Coterra Energy, Inc. 3.90%, 5/15/2027 | | |
|
| | |
| | |
|
Oil, Gas & Consumable Fuels — continued |
| | |
|
| | |
| | |
Enterprise Products Operating LLC 4.45%, 2/15/2043 | | |
Exxon Mobil Corp. 3.00%, 8/16/2039 | | |
Flex Intermediate Holdco LLC |
| | |
| | |
|
| | |
| | |
HF Sinclair Corp. 5.88%, 4/1/2026 | | |
|
| | |
| | |
|
| | |
| | |
NGPL PipeCo LLC 3.25%, 7/15/2031 (d) | | |
Northern Natural Gas Co. 5.63%, 2/1/2054 (d) | | |
|
| | |
| | |
TotalEnergies Capital International SA (France) 2.99%, 6/29/2041 | | |
TransCanada PipeLines Ltd. (Canada) 5.85%, 3/15/2036 | | |
| | |
Passenger Airlines — 0.0% ^ |
United Airlines Pass-Through Trust Series 2016-2, Class A Shares, 3.10%, 10/7/2028 | | |
Personal Care Products — 0.1% |
Haleon US Capital LLC 3.38%, 3/24/2029 | | |
Kenvue, Inc. 5.20%, 3/22/2063 | | |
| | |
|
AstraZeneca plc (United Kingdom) 6.45%, 9/15/2037 | | |
|
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
JPMorgan SmartRetirement® Blend Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024 (continued)
| | |
Corporate Bonds — continued |
Pharmaceuticals — continued |
| | |
Eli Lilly & Co. 5.00%, 2/9/2054 | | |
|
| | |
| | |
| | |
Pfizer Investment Enterprises Pte. Ltd. |
| | |
| | |
Takeda Pharmaceutical Co. Ltd. (Japan) |
| | |
| | |
Zoetis, Inc. 5.60%, 11/16/2032 | | |
| | |
Professional Services — 0.0% ^ |
Verisk Analytics, Inc. 5.75%, 4/1/2033 | | |
Residential REITs — 0.0% ^ |
Essex Portfolio LP 5.50%, 4/1/2034 | | |
|
| | |
| | |
| | |
|
Brixmor Operating Partnership LP |
| | |
| | |
|
| | |
| | |
Realty Income Corp. 1.80%, 3/15/2033 | | |
Scentre Group Trust 1 (Australia) 3.63%, 1/28/2026 (d) | | |
| | |
Semiconductors & Semiconductor Equipment — 0.1% |
Analog Devices, Inc. 2.80%, 10/1/2041 | | |
|
| | |
| | |
Intel Corp. 5.70%, 2/10/2053 | | |
KLA Corp. 3.30%, 3/1/2050 | | |
|
| | |
| | |
|
Semiconductors & Semiconductor Equipment — continued |
| | |
Texas Instruments, Inc. 5.05%, 5/18/2063 | | |
| | |
|
Intuit, Inc. 5.50%, 9/15/2053 | | |
|
| | |
| | |
|
| | |
| | |
| | |
|
|
| | |
| | |
Crown Castle, Inc. 5.80%, 3/1/2034 | | |
Equinix, Inc. 2.90%, 11/18/2026 | | |
|
| | |
| | |
| | |
Specialty Retail — 0.0% ^ |
AutoZone, Inc. 5.40%, 7/15/2034 | | |
Home Depot, Inc. (The) 3.63%, 4/15/2052 | | |
| | |
Technology Hardware, Storage & Peripherals — 0.0% ^ |
|
| | |
| | |
| | |
|
Altria Group, Inc. 2.45%, 2/4/2032 | | |
BAT Capital Corp. (United Kingdom) |
| | |
| | |
| | |
|
American Water Capital Corp. 5.45%, 3/1/2054 | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
| | |
Corporate Bonds — continued |
Wireless Telecommunication Services — 0.1% |
Rogers Communications, Inc. (Canada) |
| | |
| | |
|
| | |
| | |
| | |
Vodafone Group plc (United Kingdom) 5.75%, 6/28/2054 | | |
| | |
Total Corporate Bonds
(Cost $53,389) | | |
U.S. Treasury Obligations — 7.1% |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
U.S. Treasury STRIPS Bonds | | |
| | |
| | |
Total U.S. Treasury Obligations
(Cost $49,622) | | |
Asset-Backed Securities — 3.7% |
Accelerated LLC Series 2021-1H, Class B, 1.90%, 10/20/2040 (d) | | |
ACRE Commercial Mortgage Ltd. | | |
Series 2021-FL4, Class A, 6.28%, 12/18/2037 (b) (d) | | |
Series 2021-FL4, Class AS, 6.55%, 12/18/2037 (b) (d) | | |
Aligned Data Centers Issuer LLC Series 2021-1A, Class A2, 1.94%, 8/15/2046 (d) | | |
American Airlines Pass-Through Trust | | |
Series 2016-2, Class AA, 3.20%, 6/15/2028 | | |
Series 2016-3, Class AA, 3.00%, 10/15/2028 | | |
Series 2021-1, Class B, 3.95%, 7/11/2030 | | |
American Credit Acceptance Receivables Trust Series 2024-1, Class D, 5.86%, 5/13/2030 (d) | | |
| | |
Series 2020-SFR2, Class E1, 4.03%, 7/17/2037 (d) | | |
Series 2020-SFR3, Class E2, 2.76%, 9/17/2037 (d) | | |
Series 2020-SFR4, Class D, 2.01%, 11/17/2037 (d) | | |
Series 2020-SFR4, Class E2, 2.46%, 11/17/2037 (d) | | |
Series 2021-SFR2, Class E2, 2.58%, 8/17/2038 (d) | | |
Series 2024-SFR1, Class C, 4.29%, 7/17/2041 ‡ (c) (d) | | |
Series 2024-SFR1, Class D, 4.29%, 7/17/2041 (c) (d) | | |
Aqua Finance Trust Series 2020-AA, Class C, 3.97%, 7/17/2046 (d) | | |
Arivo Acceptance Auto Loan Receivables Trust Series 2021-1A, Class A, 1.19%, 1/15/2027 (d) | | |
Avis Budget Rental Car Funding AESOP LLC | | |
Series 2024-2A, Class B, 5.57%, 10/20/2028 (d) | | |
Series 2024-1A, Class A, 5.36%, 6/20/2030 (d) | | |
Bridgecrest Lending Auto Securitization Trust | | |
Series 2024-1, Class D, 6.03%, 11/15/2029 | | |
Series 2024-2, Class C, 6.07%, 2/15/2030 | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
JPMorgan SmartRetirement® Blend Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024 (continued)
| | |
Asset-Backed Securities — continued |
Business Jet Securities LLC | | |
Series 2021-1A, Class A, 2.16%, 4/15/2036 ‡ (d) | | |
Series 2021-1A, Class B, 2.92%, 4/15/2036 ‡ (d) | | |
Series 2022-1A, Class A, 4.46%, 6/15/2037 ‡ (d) | | |
BXG Receivables Note Trust Series 2020-A, Class A, 1.55%, 2/28/2036 (d) | | |
Carvana Auto Receivables Trust Series 2020-P1, Class C, 1.32%, 11/9/2026 | | |
Cascade MH Asset Trust Series 2021-MH1, Class A1, 1.75%, 2/25/2046 (d) | | |
Credit Acceptance Auto Loan Trust | | |
Series 2023-5A, Class B, 6.71%, 2/15/2034 (d) | | |
Series 2024-2A, Class C, 6.70%, 10/16/2034 (d) | | |
CVS Pass-Through Trust Series 2014, 4.16%, 8/11/2036 (d) | | |
DataBank Issuer Series 2021-1A, Class A2, 2.06%, 2/27/2051 (d) | | |
Delta Air Lines Pass-Through Trust Series 2020-1, Class A, 2.50%, 6/10/2028 | | |
Diamond Resorts Owner Trust | | |
Series 2021-1A, Class A, 1.51%, 11/21/2033 (d) | | |
Series 2021-1A, Class C, 2.70%, 11/21/2033 (d) | | |
Drive Auto Receivables Trust Series 2024-1, Class C, 5.43%, 11/17/2031 | | |
| | |
Series 2022-2A, Class D, 5.46%, 3/15/2028 (d) | | |
Series 2023-1A, Class C, 5.55%, 10/16/2028 (d) | | |
Series 2023-2A, Class D, 6.62%, 2/15/2029 (d) | | |
Elara HGV Timeshare Issuer LLC Series 2021-A, Class B, 1.74%, 8/27/2035 (d) | | |
Enterprise Fleet Financing LLC Series 2024-1, Class A3, 5.16%, 9/20/2030 (d) | | |
Exeter Automobile Receivables Trust | | |
Series 2022-5A, Class C, 6.51%, 12/15/2027 | | |
Series 2023-5A, Class C, 6.85%, 1/16/2029 | | |
Series 2024-1A, Class D, 5.84%, 6/17/2030 | | |
FHF Issuer Trust Series 2024-1A, Class A2, 5.69%, 2/15/2030 (d) | | |
| | |
Series 2021-1A, Class A, 1.27%, 3/15/2027 (d) | | |
Series 2023-1A, Class A2, 6.57%, 6/15/2028 (d) | | |
| | |
Series 2021-SFR2, Class E1, 2.26%, 9/17/2038 (d) | | |
Series 2022-SFR1, Class E1, 5.00%, 5/19/2039 (d) | | |
| | |
|
Flagship Credit Auto Trust Series 2020-4, Class C, 1.28%, 2/16/2027 (d) | | |
FMC GMSR Issuer Trust Series 2021-GT2, Class A, 3.85%, 10/25/2026 (b) (d) | | |
Foundation Finance Trust Series 2023-2A, Class A, 6.53%, 6/15/2049 (d) | | |
GLS Auto Select Receivables Trust Series 2024-3A, Class A2, 5.59%, 10/15/2029 (d) | | |
| | |
Series 2024-A, Class B, 5.84%, 3/15/2043 (d) | | |
Series 2024-A, Class C, 6.32%, 3/15/2043 (d) | | |
Home Partners of America Trust | | |
Series 2021-2, Class C, 2.40%, 12/17/2026 (d) | | |
Series 2021-3, Class D, 3.00%, 1/17/2041 (d) | | |
Huntington Bank Auto Credit-Linked Notes Series 2024-1, Class B1, 6.15%, 5/20/2032 (d) | | |
JetBlue Pass-Through Trust Series 2020-1, Class B, 7.75%, 11/15/2028 | | |
LAD Auto Receivables Trust Series 2023-4A, Class C, 6.76%, 3/15/2029 (d) | | |
Lendbuzz Securitization Trust Series 2021-1A, Class A, 1.46%, 6/15/2026 (d) | | |
Mariner Finance Issuance Trust Series 2021-AA, Class A, 1.86%, 3/20/2036 (d) | | |
| | |
Series 2021-2A, Class C, 2.23%, 5/20/2039 (d) | | |
Series 2024-1A, Class B, 5.51%, 2/20/2043 (d) | | |
NRZ Excess Spread-Collateralized Notes | | |
Series 2020-PLS1, Class A, 3.84%, 12/25/2025 (d) | | |
Series 2021-FNT1, Class A, 2.98%, 3/25/2026 (d) | | |
Series 2021-FNT2, Class A, 3.23%, 5/25/2026 (d) | | |
| | |
Series 2021-1A, Class A, 0.93%, 3/22/2027 (d) | | |
Series 2021-2A, Class C, 2.53%, 5/21/2029 (d) | | |
Series 2023-3A, Class B, 6.48%, 7/20/2029 (d) | | |
Series 2024-2A, Class C, 5.90%, 7/20/2032 (d) | | |
OneMain Financial Issuance Trust Series 2020-2A, Class D, 3.45%, 9/14/2035 (d) | | |
Oportun Funding XIV LLC Series 2021-A, Class A, 1.21%, 3/8/2028 (d) | | |
Oportun Issuance Trust Series 2021-B, Class A, 1.47%, 5/8/2031 (d) | | |
Pagaya AI Debt Selection Trust Series 2021-HG1, Class A, 1.22%, 1/16/2029 (d) | | |
Pagaya AI Technology in Housing Trust Series 2023-1, Class C, 3.60%, 10/25/2040 (d) | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
| | |
Asset-Backed Securities — continued |
PRET LLC Series 2021-RN4, Class A1, 2.49%, 10/25/2051 (b) (d) | | |
Pretium Mortgage Credit Partners I LLC | | |
Series 2021-NPL1, Class A1, 5.24%, 9/27/2060 (d) (f) | | |
Series 2021-NPL4, Class A1, 2.36%, 10/27/2060 (d) (f) | | |
Progress Residential Trust | | |
Series 2020-SFR3, Class A, 1.29%, 10/17/2027 (d) | | |
Series 2020-SFR3, Class B, 1.50%, 10/17/2027 (d) | | |
Series 2021-SFR2, Class D, 2.20%, 4/19/2038 (d) | | |
Series 2024-SFR1, Class E1, 3.85%, 2/17/2041 (d) | | |
Series 2024-SFR2, Class E1, 3.40%, 4/17/2041 (b) (d) | | |
PRPM LLC Series 2021-10, Class A1, 2.49%, 10/25/2026 (d) (f) | | |
Purchasing Power Funding LLC Series 2024-A, Class B, 6.43%, 8/15/2028 (d) | | |
Regional Management Issuance Trust Series 2021-1, Class A, 1.68%, 3/17/2031 (d) | | |
Republic Finance Issuance Trust | | |
Series 2020-A, Class A, 2.47%, 11/20/2030 (d) | | |
Series 2021-A, Class A, 2.30%, 12/22/2031 (d) | | |
Santander Consumer Auto Receivables Trust Series 2021-AA, Class B, 0.71%, 8/17/2026 (d) | | |
Santander Drive Auto Receivables Trust Series 2023-6, Class C, 6.40%, 3/17/2031 | | |
SCF Equipment Leasing LLC | | |
Series 2024-1A, Class D, 6.58%, 6/21/2033 (d) | | |
Series 2023-1A, Class C, 6.77%, 8/22/2033 (d) | | |
SFS Auto Receivables Securitization Trust Series 2024-1A, Class C, 5.51%, 1/20/2032 (d) | | |
Sierra Timeshare Receivables Funding LLC | | |
Series 2021-2A, Class B, 1.80%, 9/20/2038 (d) | | |
Series 2024-1A, Class C, 5.94%, 1/20/2043 (d) | | |
Stream Innovations Issuer Trust Series 2024-1A, Class A, 6.27%, 7/15/2044 (c) (d) | | |
Toyota Auto Loan Extended Note Trust Series 2023-1A, Class A, 4.93%, 6/25/2036 (d) | | |
Tricolor Auto Securitization Trust Series 2024-1A, Class B, 6.53%, 12/15/2027 (d) | | |
| | |
Series 2024-SFR2, Class A, 4.75%, 6/17/2040 (d) | | |
| | |
|
Series 2023-SFR2, Class C, 5.00%, 12/17/2040 (d) | | |
United Airlines Pass-Through Trust | | |
Series 2016-2, Class B, 3.65%, 10/7/2025 | | |
Series 2019-2, Class B, 3.50%, 5/1/2028 | | |
Series 2018-1, Class A, 3.70%, 3/1/2030 | | |
Upstart Pass-Through Trust Series 2021-ST2, Class A, 2.50%, 4/20/2027 (d) | | |
| | |
Series 2021-NPL1, Class A1, 5.29%, 12/26/2050 (d) (f) | | |
Series 2021-NPL2, Class A1, 5.11%, 3/27/2051 (d) (f) | | |
VOLT XCII LLC Series 2021-NPL1, Class A1, 4.89%, 2/27/2051 (d) (f) | | |
VOLT XCIII LLC Series 2021-NPL2, Class A1, 4.89%, 2/27/2051 (d) (f) | | |
VOLT XCIV LLC Series 2021-NPL3, Class A1, 5.24%, 2/27/2051 (d) (f) | | |
VOLT XCIX LLC Series 2021-NPL8, Class A1, 5.12%, 4/25/2051 (d) (f) | | |
VOLT XCV LLC Series 2021-NPL4, Class A1, 5.24%, 3/27/2051 (d) (f) | | |
VOLT XCVI LLC Series 2021-NPL5, Class A1, 5.12%, 3/27/2051 (d) (f) | | |
VOLT XCVII LLC Series 2021-NPL6, Class A1, 5.24%, 4/25/2051 (d) (f) | | |
| | |
Series 2022-1A, Class B, 2.29%, 8/20/2036 (d) | | |
Series 2024-1A, Class C, 7.06%, 1/20/2038 (d) | | |
Westlake Automobile Receivables Trust | | |
Series 2024-1A, Class A2A, 5.62%, 3/15/2027 (d) | | |
Series 2023-4A, Class C, 6.64%, 11/15/2028 (d) | | |
World Financial Network Credit Card Master Trust Series 2023-A, Class A, 5.02%, 3/15/2030 | | |
Total Asset-Backed Securities
(Cost $24,881) | | |
Collateralized Mortgage Obligations — 1.1% |
Connecticut Avenue Securities Trust Series 2023-R06, Class 1M2, 8.04%, 7/25/2043 (b) (d) | | |
CSMC Trust Series 2021-RPL1, Class A1, 4.05%, 9/27/2060 (b) (d) | | |
FHLMC Seasoned Credit Risk Transfer Trust | | |
Series 2018-1, Class M60C, 3.50%, 5/25/2057 | | |
Series 2019-1, Class M55D, 4.00%, 7/25/2058 | | |
Series 2019-2, Class M55D, 4.00%, 8/25/2058 | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
JPMorgan SmartRetirement® Blend Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024 (continued)
| | |
Collateralized Mortgage Obligations — continued |
Series 2020-3, Class M5TW, 3.00%, 5/25/2060 | | |
Series 2023-1, Class MT, 3.00%, 10/25/2062 | | |
| | |
Series 4065, Class QB, 3.00%, 6/15/2042 | | |
Series 4672, Class QB, 3.50%, 4/15/2047 | | |
Series 4910, Class LZ, 3.00%, 9/25/2049 | | |
Series 5171, Class NI, IO, 3.00%, 7/25/2051 | | |
FNMA Trust, Whole Loan Series 2002-W8, Class A1, 6.50%, 6/25/2042 | | |
FNMA, Grantor Trust, Whole Loan Series 2001-T12, Class A1, 6.50%, 8/25/2041 | | |
| | |
Series 2018-72, Class VB, 3.50%, 10/25/2031 | | |
Series 2018-56, Class VN, 3.50%, 5/25/2038 | | |
Series 2018-52, Class PZ, 4.00%, 7/25/2048 | | |
Series 2022-4, Class TA, 1.00%, 4/25/2051 | | |
Series 2018-75, Class UZ, 4.00%, 10/25/2058 | | |
FNMA, REMIC Trust, Whole Loan Series 2002-W3, Class A4, 6.50%, 11/25/2041 | | |
| | |
Series 2021-73, Class ZY, 3.00%, 4/20/2051 | | |
Series 2015-H11, Class FC, 5.99%, 5/20/2065 (b) | | |
Series 2021-H14, Class YD, 7.84%, 6/20/2071 (b) | | |
Legacy Mortgage Asset Trust Series 2021-GS1, Class A1, 4.89%, 10/25/2066 (d) (f) | | |
New Residential Mortgage Loan Trust Series 2024-RTL1, Class A1, 6.66%, 3/25/2039 (d) (f) | | |
Towd Point Mortgage Trust Series 2021-R1, Class A1, 2.92%, 11/30/2060 (b) (d) | | |
Total Collateralized Mortgage Obligations
(Cost $7,711) | | |
Commercial Mortgage-Backed Securities — 0.7% |
BXP Trust Series 2017-GM, Class A, 3.38%, 6/13/2039 (d) | | |
FHLMC, Multi-Family Structured Credit Risk Series 2021-MN2, Class M1, 7.14%, 7/25/2041 (b) (d) | | |
FHLMC, Multi-Family Structured Pass-Through Certificates | | |
Series K727, Class X1, IO, 0.71%, 7/25/2024 (b) | | |
Series K-1511, Class A1, 3.28%, 10/25/2030 | | |
Series K754, Class AM, 4.94%, 11/25/2030 (b) | | |
Series K-1510, Class A2, 3.72%, 1/25/2031 | | |
Series KJ45, Class A2, 4.66%, 1/25/2031 | | |
Series K-150, Class A2, 3.71%, 9/25/2032 (b) | | |
| | |
|
| | |
Series 2022-M1S, Class A2, 2.15%, 4/25/2032 (b) | | |
Series 2022-M2S, Class A1, 3.88%, 5/25/2032 (b) | | |
Series 2023-M8, Class A2, 4.62%, 3/25/2033 (b) | | |
Series 2024-M2, Class A2, 3.75%, 8/25/2033 | | |
Series 2021-M3, Class 1A1, 1.00%, 11/25/2033 | | |
Series 2021-M3, Class X1, IO, 2.03%, 11/25/2033 (b) | | |
| | |
Series 2017-KGX1, Class BFX, 3.71%, 10/25/2027 (b) (d) | | |
Series 2015-K48, Class C, 3.77%, 8/25/2048 (b) (d) | | |
Series 2016-K56, Class B, 4.09%, 6/25/2049 (b) (d) | | |
Series 2017-K728, Class C, 3.84%, 11/25/2050 (b) (d) | | |
Multi-Family Connecticut Avenue Securities Trust Series 2023-01, Class M7, 9.34%, 11/25/2053 (b) (d) | | |
SLG Office Trust Series 2021-OVA, Class A, 2.59%, 7/15/2041 (d) | | |
Total Commercial Mortgage-Backed Securities
(Cost $4,943) | | |
Foreign Government Securities — 0.1% |
Republic of Chile 2.55%, 1/27/2032 | | |
Republic of Peru 2.78%, 12/1/2060 | | |
| | |
| | |
| | |
Total Foreign Government Securities
(Cost $682) | | |
Municipal Bonds — 0.0% (i) ^ |
|
Texas Natural Gas Securitization Finance Corp., Customer Rate Relief Bonds Series 2023A-2, Rev., 5.17%, 4/1/2041 (Cost $65) | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
| | |
Short-Term Investments — 3.8% |
Investment Companies — 3.8% |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (a) (j)
(Cost $24,908) | | |
Total Investments — 101.0%
(Cost $594,019) | | |
Liabilities in Excess of Other Assets — (1.0)% | | |
| | |
Percentages indicated are based on net assets. |
| |
| Alternative Credit Enhancement Securities |
| Chicago Mercantile Exchange |
| Credit Suisse Mortgage Trust |
| |
| Federal Home Loan Mortgage Corp. |
| Federal National Mortgage Association |
| Government National Mortgage Association |
| Intercontinental Exchange |
| 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. |
| Real Estate Investment Trust |
| Real Estate Mortgage Investment Conduit |
| |
| Secured Overnight Financing Rate |
| 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. |
| To Be Announced; Security is subject to delayed delivery. |
| Uniform Mortgage-Backed Securities |
| |
| Amount rounds to less than 0.1% of net assets. |
| Value determined using significant unobservable inputs. | |
| 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. | |
| 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 June 30, 2024. | |
| All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment. | |
| Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. | |
| Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of June 30, 2024. | |
| 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 June 30, 2024. | |
| All or a portion of this security is deposited with the broker as initial margin for futures contracts. | |
| The rate shown is the effective yield as of June 30, 2024. | |
| The date shown represents the earliest of the prerefunded date, next put date or final maturity date. | |
| The rate shown is the current yield as of June 30, 2024. | |
SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
JPMorgan SmartRetirement® Blend Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024 (continued)
Detailed information about investment portfolios of the Underlying Funds, as defined in the Notes to Financial Statements, and ETFs can be found in the financial statements 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 June 30, 2024 (amounts in thousands, except number of contracts):
| | | | | VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($) |
| | | | | |
U.S. Treasury 5 Year Note | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
JPMorgan SmartRetirement® Blend 2020 Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024
| | |
Investment Companies — 41.2% |
|
JPMorgan Core Plus Bond Fund Class R6 Shares (a) | | |
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a) | | |
JPMorgan High Yield Fund Class R6 Shares (a) | | |
| | |
International Equity — 1.9% |
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a) | | |
|
JPMorgan Equity Index Fund Class R6 Shares (a) | | |
Total Investment Companies
(Cost $249,131) | | |
Exchange-Traded Funds — 27.1% |
Alternative Assets — 0.8% |
JPMorgan BetaBuilders MSCI US REIT ETF (a) | | |
|
JPMorgan BetaBuilders U.S. Aggregate Bond ETF (a) | | |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF (a) | | |
JPMorgan Inflation Managed Bond ETF (a) | | |
| | |
International Equity — 11.5% |
JPMorgan BetaBuilders Emerging Markets Equity ETF (a) | | |
JPMorgan BetaBuilders International Equity ETF (a) | | |
Total International Equity | | |
|
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (a) | | |
JPMorgan BetaBuilders U.S. Small Cap Equity ETF (a) | | |
| | |
Total Exchange-Traded Funds
(Cost $194,505) | | |
| | |
Mortgage-Backed Securities — 7.7% |
| | |
Pool # WN1157, 1.80%, 11/1/2028 | | |
Pool # WA1626, 3.45%, 8/1/2032 | | |
Pool # WN3225, 3.80%, 10/1/2034 | | |
| | |
|
| | |
Pool # ZL3032, 3.50%, 5/1/2042 | | |
Pool # QB4026, 2.50%, 10/1/2050 | | |
Pool # QB4484, 2.50%, 10/1/2050 | | |
Pool # QB4542, 2.50%, 10/1/2050 | | |
Pool # RA4224, 3.00%, 11/1/2050 | | |
Pool # QB8503, 2.50%, 2/1/2051 | | |
Pool # QC9443, 2.50%, 10/1/2051 | | |
Pool # SD3952, 2.50%, 3/1/2052 | | |
Pool # QE1637, 4.00%, 5/1/2052 | | |
Pool # QE1832, 4.50%, 5/1/2052 | | |
Pool # QH9763, 6.00%, 1/1/2054 | | |
Pool # QH9845, 6.00%, 2/1/2054 | | |
| | |
Pool # CA2826, 5.50%, 12/1/2048 | | |
Pool # FM3118, 3.00%, 5/1/2050 | | |
Pool # BP9250, 2.50%, 7/1/2050 | | |
Pool # BQ2894, 3.00%, 9/1/2050 | | |
Pool # BQ3996, 2.50%, 10/1/2050 | | |
Pool # BQ5243, 3.50%, 10/1/2050 | | |
Pool # CA7398, 3.50%, 10/1/2050 | | |
Pool # CA8637, 4.00%, 1/1/2051 | | |
Pool # CB0189, 3.00%, 4/1/2051 | | |
Pool # CB0458, 2.50%, 5/1/2051 | | |
Pool # FM7916, 2.50%, 6/1/2051 | | |
Pool # FM7957, 2.50%, 7/1/2051 | | |
Pool # CB1301, 2.50%, 8/1/2051 | | |
Pool # FM8247, 2.50%, 8/1/2051 | | |
Pool # FS2559, 3.00%, 12/1/2051 | | |
Pool # BU3079, 3.00%, 1/1/2052 | | |
Pool # CB2670, 3.00%, 1/1/2052 | | |
Pool # BV4831, 3.00%, 2/1/2052 | | |
Pool # BV0295, 3.50%, 2/1/2052 | | |
Pool # BV6743, 4.50%, 5/1/2052 | | |
Pool # BV9515, 6.00%, 6/1/2052 | | |
Pool # BY4714, 5.00%, 6/1/2053 | | |
Pool # DA7753, 5.50%, 1/1/2054 | | |
Pool # DA0425, 6.00%, 2/1/2054 | | |
Pool # DA7754, 6.00%, 2/1/2054 | | |
| | |
Pool # BS7317, 5.35%, 11/1/2027 | | |
Pool # BS7576, 4.86%, 12/1/2027 | | |
Pool # BS3939, 1.58%, 11/1/2028 | | |
Pool # BS6144, 3.97%, 1/1/2029 | | |
Pool # AM5319, 4.34%, 1/1/2029 | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
JPMorgan SmartRetirement® Blend 2020 Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024 (continued)
| | |
Mortgage-Backed Securities — continued |
Pool # BS4290, 1.95%, 10/1/2029 | | |
Pool # BS0448, 1.27%, 12/1/2029 | | |
Pool # BL9748, 1.60%, 12/1/2029 | | |
Pool # AN7593, 2.99%, 12/1/2029 | | |
Pool # BS7385, 4.83%, 12/1/2029 | | |
Pool # AN8285, 3.11%, 3/1/2030 | | |
Pool # AM8544, 3.08%, 4/1/2030 | | |
Pool # BL9251, 1.45%, 10/1/2030 | | |
Pool # AM4789, 4.18%, 11/1/2030 | | |
Pool # BL9891, 1.37%, 12/1/2030 | | |
Pool # BL9652, 1.56%, 12/1/2030 | | |
Pool # BS7290, 5.64%, 2/1/2031 | | |
Pool # BS6802, 4.93%, 6/1/2031 | | |
Pool # BS5580, 3.68%, 1/1/2032 | | |
Pool # BS4654, 2.39%, 3/1/2032 | | |
Pool # AN6149, 3.14%, 7/1/2032 | | |
Pool # BS5530, 3.30%, 7/1/2032 | | |
Pool # BS6822, 3.81%, 10/1/2032 | | |
Pool # BS8528, 4.31%, 10/1/2032 | | |
Pool # BS6954, 4.93%, 10/1/2032 | | |
Pool # BS6819, 4.12%, 11/1/2032 | | |
Pool # BS7090, 4.45%, 12/1/2032 | | |
Pool # AN7923, 3.33%, 1/1/2033 | | |
Pool # BS5357, 3.41%, 3/1/2033 | | |
Pool # AN9067, 3.51%, 5/1/2033 | | |
Pool # BS5511, 3.45%, 8/1/2033 | | |
Pool # BS5127, 3.15%, 9/1/2033 | | |
Pool # BL1012, 4.03%, 12/1/2033 | | |
Pool # BL0900, 4.08%, 2/1/2034 | | |
Pool # AN4430, 3.61%, 1/1/2037 | | |
Pool # BF0105, 4.00%, 6/1/2056 (b) | | |
Pool # BF0107, 4.50%, 6/1/2056 (b) | | |
Pool # BF0125, 4.00%, 7/1/2056 (b) | | |
Pool # BF0189, 3.00%, 6/1/2057 (b) | | |
Pool # BF0219, 3.50%, 9/1/2057 | | |
Pool # BF0230, 5.50%, 1/1/2058 | | |
Pool # BF0263, 3.50%, 5/1/2058 | | |
Pool # BF0497, 3.00%, 7/1/2060 | | |
Pool # BF0561, 3.00%, 9/1/2061 (b) | | |
Pool # BF0578, 2.50%, 12/1/2061 | | |
| | |
Pool # BY3432, 3.50%, 9/20/2050 | | |
Pool # BR3929, 3.50%, 10/20/2050 | | |
Pool # BW1726, 3.50%, 10/20/2050 | | |
Pool # BS8546, 2.50%, 12/20/2050 | | |
| | |
|
Pool # BR3928, 3.00%, 12/20/2050 | | |
Pool # BU7538, 3.00%, 12/20/2050 | | |
Pool # 785294, 3.50%, 1/20/2051 | | |
Pool # CA8452, 3.00%, 2/20/2051 | | |
Pool # CB1543, 3.00%, 2/20/2051 | | |
Pool # CA3588, 3.50%, 2/20/2051 | | |
Pool # CB1536, 3.50%, 2/20/2051 | | |
Pool # CB1542, 3.00%, 3/20/2051 | | |
Pool # CC0070, 3.00%, 3/20/2051 | | |
Pool # CC8726, 3.00%, 3/20/2051 | | |
Pool # CC8738, 3.00%, 3/20/2051 | | |
Pool # CC8723, 3.50%, 3/20/2051 | | |
Pool # CC0088, 4.00%, 3/20/2051 | | |
Pool # CC0092, 4.00%, 3/20/2051 | | |
Pool # CC8727, 3.00%, 4/20/2051 | | |
Pool # CC8739, 3.00%, 4/20/2051 | | |
Pool # CC8740, 3.00%, 4/20/2051 | | |
Pool # CC8751, 3.00%, 4/20/2051 | | |
Pool # CA3563, 3.50%, 7/20/2051 | | |
Pool # CE2586, 3.50%, 7/20/2051 | | |
Pool # CK1527, 3.50%, 12/20/2051 | | |
Pool # CJ8184, 3.50%, 1/20/2052 | | |
Pool # CK2716, 3.50%, 2/20/2052 | | |
Pool # CI8525, 5.00%, 2/20/2052 | | |
Pool # CK8295, 5.00%, 3/20/2052 | | |
Pool # CN3557, 4.50%, 5/20/2052 | | |
Pool # CN3127, 5.00%, 8/20/2052 | | |
Pool # CO4960, 5.00%, 8/20/2052 | | |
Pool # CU6748, 6.00%, 9/20/2053 | | |
| | |
Pool # CU1093, 5.50%, 6/20/2063 | | |
Pool # CU1092, 6.00%, 6/20/2063 | | |
Pool # 785183, 2.93%, 10/20/2070 (c) | | |
Total Mortgage-Backed Securities
(Cost $69,716) | | |
|
Aerospace & Defense — 0.3% |
|
| | |
| | |
| | |
L3Harris Technologies, Inc. |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
| | |
Corporate Bonds — continued |
Aerospace & Defense — continued |
|
| | |
| | |
|
| | |
| | |
| | |
|
ABN AMRO Bank NV (Netherlands) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.55%), 6.58%, 10/13/2026 (d) (e) | | |
Banco Santander SA (Spain) |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.90%), 1.72%, 9/14/2027 (e) | | |
| | |
|
(SOFR + 1.58%), 4.38%, 4/27/2028 (e) | | |
(SOFR + 1.63%), 5.20%, 4/25/2029 (e) | | |
(SOFR + 1.57%), 5.82%, 9/15/2029 (e) | | |
(SOFR + 1.91%), 5.29%, 4/25/2034 (e) | | |
(SOFR + 1.84%), 5.87%, 9/15/2034 (e) | | |
(SOFR + 1.65%), 5.47%, 1/23/2035 (e) | | |
Bank of Ireland Group plc (Ireland) |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.65%), 6.25%, 9/16/2026 (d) (e) | | |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.10%), 2.03%, 9/30/2027 (d) (e) | | |
Bank of Nova Scotia (The) (Canada) 4.85%, 2/1/2030 | | |
|
(SOFR + 1.52%), 5.18%, 1/9/2030 (d) (e) | | |
(SOFR + 1.59%), 5.50%, 5/20/2030 (d) (e) | | |
(SOFR + 1.88%), 5.74%, 2/20/2035 (d) (e) | | |
|
(SOFR + 1.52%), 1.65%, 10/6/2026 (d) (e) | | |
(SOFR + 1.85%), 5.94%, 5/30/2035 (d) (e) | | |
Canadian Imperial Bank of Commerce (Canada) 5.26%, 4/8/2029 | | |
|
(SOFR + 1.36%), 5.17%, 2/13/2030 (e) | | |
(SOFR + 1.35%), 3.06%, 1/25/2033 (e) | | |
| | |
|
|
Credit Agricole SA (France) |
(SOFR + 0.89%), 1.25%, 1/26/2027 (d) (e) | | |
(SOFR + 1.69%), 5.34%, 1/10/2030 (d) (e) | | |
Federation des Caisses Desjardins du Quebec (Canada) |
| | |
| | |
Fifth Third Bancorp (SOFR + 1.84%), 5.63%, 1/29/2032 (e) | | |
HSBC Holdings plc (United Kingdom) |
(SOFR + 1.73%), 2.01%, 9/22/2028 (e) | | |
(SOFR + 3.35%), 7.39%, 11/3/2028 (e) | | |
Lloyds Banking Group plc (United Kingdom) |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.85%), 1.63%, 5/11/2027 (e) | | |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.75%), 5.68%, 1/5/2035 (e) | | |
Mizuho Financial Group, Inc. (Japan) |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.65%), 5.78%, 7/6/2029 (e) | | |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.08%), 5.38%, 7/10/2030 (b) (e) | | |
NatWest Group plc (United Kingdom) (3-MONTH SOFR + 1.87%), 4.45%, 5/8/2030 (e) | | |
NatWest Markets plc (United Kingdom) 5.41%, 5/17/2029 (d) | | |
PNC Financial Services Group, Inc. (The) (SOFR + 1.93%), 5.07%, 1/24/2034 (e) | | |
Santander Holdings USA, Inc. (SOFR + 2.50%), 6.17%, 1/9/2030 (e) | | |
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 (e) | | |
(SOFR + 2.75%), 6.83%, 11/21/2026 (e) | | |
(SOFR + 0.99%), 1.67%, 6/14/2027 (e) | | |
(SOFR + 2.60%), 6.53%, 1/10/2029 (e) | | |
Societe Generale SA (France) |
| | |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.10%), 1.49%, 12/14/2026 (d) (e) | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
JPMorgan SmartRetirement® Blend 2020 Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024 (continued)
| | |
Corporate Bonds — continued |
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.75%), 5.63%, 1/19/2030 (d) (e) | | |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.30%), 2.89%, 6/9/2032 (d) (e) | | |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.10%), 6.07%, 1/19/2035 (d) (e) | | |
Standard Chartered plc (United Kingdom) |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.20%), 7.02%, 2/8/2030 (d) (e) | | |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.10%), 6.10%, 1/11/2035 (d) (e) | | |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.45%), 5.91%, 5/14/2035 (d) (e) | | |
Sumitomo Mitsui Financial Group, Inc. (Japan) 5.71%, 1/13/2030 | | |
Toronto-Dominion Bank (The) (Canada) 5.52%, 7/17/2028 | | |
|
(SOFR + 2.05%), 6.05%, 6/8/2027 (e) | | |
(SOFR + 2.45%), 7.16%, 10/30/2029 (e) | | |
(SOFR + 1.92%), 5.71%, 1/24/2035 (e) | | |
UniCredit SpA (Italy) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.20%), 1.98%, 6/3/2027 (d) (e) | | |
|
(SOFR + 1.74%), 5.57%, 7/25/2029 (e) | | |
(SOFR + 1.79%), 6.30%, 10/23/2029 (e) | | |
(SOFR + 1.50%), 5.20%, 1/23/2030 (e) | | |
(SOFR + 1.99%), 5.56%, 7/25/2034 (e) | | |
(SOFR + 2.06%), 6.49%, 10/23/2034 (e) | | |
(SOFR + 1.78%), 5.50%, 1/23/2035 (e) | | |
(SOFR + 2.53%), 3.07%, 4/30/2041 (e) | | |
(SOFR + 2.13%), 4.61%, 4/25/2053 (e) | | |
Westpac New Zealand Ltd. (New Zealand) 5.20%, 2/28/2029 (d) | | |
| | |
|
Constellation Brands, Inc. 4.50%, 5/9/2047 | | |
| | |
|
|
|
| | |
| | |
| | |
Amgen, Inc. 3.15%, 2/21/2040 | | |
Gilead Sciences, Inc. 2.60%, 10/1/2040 | | |
| | |
Building Products — 0.0% ^ |
Masco Corp. 2.00%, 10/1/2030 | | |
|
Bank of New York Mellon Corp. (The) |
(SOFR + 1.60%), 6.32%, 10/25/2029 (e) | | |
(SOFR + 1.85%), 6.47%, 10/25/2034 (e) | | |
Brookfield Finance, Inc. (Canada) 3.50%, 3/30/2051 | | |
Deutsche Bank AG (Germany) |
(SOFR + 1.87%), 2.13%, 11/24/2026 (e) | | |
(SOFR + 1.22%), 2.31%, 11/16/2027 (e) | | |
| | |
Goldman Sachs Group, Inc. (The) |
(SOFR + 1.11%), 2.64%, 2/24/2028 (e) | | |
(SOFR + 1.77%), 6.48%, 10/24/2029 (e) | | |
Macquarie Group Ltd. (Australia) |
(SOFR + 1.07%), 1.34%, 1/12/2027 (d) (e) | | |
(SOFR + 1.53%), 2.87%, 1/14/2033 (d) (e) | | |
|
(SOFR + 1.73%), 5.12%, 2/1/2029 (e) | | |
(SOFR + 1.59%), 5.16%, 4/20/2029 (e) | | |
(SOFR + 1.63%), 5.45%, 7/20/2029 (e) | | |
(SOFR + 1.88%), 5.42%, 7/21/2034 (e) | | |
(SOFR + 1.73%), 5.47%, 1/18/2035 (e) | | |
Nasdaq, Inc. 5.55%, 2/15/2034 | | |
Nomura Holdings, Inc. (Japan) 5.78%, 7/3/2034 | | |
UBS Group AG (Switzerland) (USD SOFR ICE Swap Rate 1 Year + 1.34%), 5.62%, 9/13/2030 (d) (e) | | |
| | |
|
DuPont de Nemours, Inc. 5.32%, 11/15/2038 | | |
Commercial Services & Supplies — 0.0% ^ |
Element Fleet Management Corp. (Canada) 6.32%, 12/4/2028 (d) | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
| | |
Corporate Bonds — continued |
|
AerCap Ireland Capital DAC (Ireland) |
| | |
| | |
| | |
| | |
Avolon Holdings Funding Ltd. (Ireland) |
| | |
| | |
| | |
| | |
| | |
| | |
Capital One Financial Corp. |
(SOFR + 1.91%), 5.70%, 2/1/2030 (e) | | |
(SOFR + 1.27%), 2.62%, 11/2/2032 (e) | | |
General Motors Financial Co., Inc. |
| | |
| | |
| | |
Hyundai Capital Services, Inc. (South Korea) 5.13%, 2/5/2029 (d) | | |
| | |
Consumer Staples Distribution & Retail — 0.1% |
7-Eleven, Inc. 1.80%, 2/10/2031 (d) | | |
Alimentation Couche-Tard, Inc. (Canada) |
| | |
| | |
| | |
| | |
Containers & Packaging — 0.0% ^ |
Graphic Packaging International LLC 1.51%, 4/15/2026 (d) | | |
Diversified Consumer Services — 0.0% ^ |
University of Miami Series 2022, 4.06%, 4/1/2052 | | |
Diversified REITs — 0.0% ^ |
Safehold GL Holdings LLC 2.85%, 1/15/2032 | | |
|
| | |
| | |
| | |
| | |
|
Diversified Telecommunication Services — 0.1% |
|
| | |
| | |
Sprint Capital Corp. 6.88%, 11/15/2028 | | |
Verizon Communications, Inc. 2.65%, 11/20/2040 | | |
| | |
Electric Utilities — 0.7% |
Consumers 2023 Securitization Funding LLC Series A2, 5.21%, 9/1/2030 | | |
DTE Electric Co. Series B, 3.25%, 4/1/2051 | | |
Duke Energy Corp. 6.10%, 9/15/2053 | | |
Duke Energy Indiana LLC Series YYY, 3.25%, 10/1/2049 | | |
|
| | |
| | |
Electricite de France SA (France) 5.95%, 4/22/2034 (d) | | |
Emera US Finance LP (Canada) 4.75%, 6/15/2046 | | |
Entergy Arkansas LLC 2.65%, 6/15/2051 | | |
|
| | |
| | |
Evergy Missouri West Storm Funding I LLC Series A-1, 5.10%, 12/1/2038 | | |
Evergy, Inc. 2.90%, 9/15/2029 | | |
Fells Point Funding Trust 3.05%, 1/31/2027 (d) | | |
FirstEnergy Transmission LLC 4.55%, 4/1/2049 (d) | | |
Fortis, Inc. (Canada) 3.06%, 10/4/2026 | | |
|
| | |
| | |
Massachusetts Electric Co. 4.00%, 8/15/2046 (d) | | |
New England Power Co. (United Kingdom) 2.81%, 10/6/2050 (d) | | |
NextEra Energy Capital Holdings, Inc. 5.55%, 3/15/2054 | | |
|
| | |
| | |
Pacific Gas and Electric Co. |
| | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
JPMorgan SmartRetirement® Blend 2020 Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024 (continued)
| | |
Corporate Bonds — continued |
Electric Utilities — continued |
| | |
| | |
PG&E Recovery Funding LLC Series A-3, 5.54%, 7/15/2047 | | |
PG&E Wildfire Recovery Funding LLC |
Series A-2, 4.26%, 6/1/2036 | | |
Series A-5, 5.10%, 6/1/2052 | | |
PNM Energy Transition Bond Co. I LLC Series A-2, 6.03%, 8/15/2048 | | |
SCE Recovery Funding LLC Series A-1, 4.70%, 6/15/2040 | | |
Sigeco Securitization I LLC Series A1, 5.03%, 11/15/2036 | | |
Southern California Edison Co. |
Series C, 4.13%, 3/1/2048 | | |
| | |
Southern Co. (The) 5.70%, 3/15/2034 | | |
Union Electric Co. 3.90%, 4/1/2052 | | |
Vistra Operations Co. LLC 6.00%, 4/15/2034 (d) | | |
| | |
|
Take-Two Interactive Software, Inc. 4.00%, 4/14/2032 | | |
Financial Services — 0.1% |
Corebridge Financial, Inc. 3.85%, 4/5/2029 | | |
|
| | |
| | |
NTT Finance Corp. (Japan) 5.14%, 7/2/2031 (d) | | |
Shell International Finance BV 3.13%, 11/7/2049 | | |
| | |
|
Bunge Ltd. Finance Corp. 2.75%, 5/14/2031 | | |
J M Smucker Co. (The) 6.20%, 11/15/2033 | | |
|
| | |
| | |
Kellanova 5.25%, 3/1/2033 | | |
|
| | |
| | |
| | |
|
Food Products — continued |
Smithfield Foods, Inc. 3.00%, 10/15/2030 (d) | | |
Tyson Foods, Inc. 5.70%, 3/15/2034 | | |
| | |
|
Atmos Energy Corp. 2.85%, 2/15/2052 | | |
CenterPoint Energy Resources Corp. 1.75%, 10/1/2030 | | |
| | |
Ground Transportation — 0.1% |
Canadian Pacific Railway Co. (Canada) 4.70%, 5/1/2048 | | |
CSX Corp. 3.80%, 11/1/2046 | | |
ERAC USA Finance LLC 5.20%, 10/30/2034 (d) | | |
Norfolk Southern Corp. 3.05%, 5/15/2050 | | |
Triton Container International Ltd. (Bermuda) 2.05%, 4/15/2026 (d) | | |
Union Pacific Corp. 3.55%, 8/15/2039 | | |
| | |
Health Care Equipment & Supplies — 0.0% ^ |
Boston Scientific Corp. 4.55%, 3/1/2039 | | |
DH Europe Finance II SARL 3.25%, 11/15/2039 | | |
| | |
Health Care Providers & Services — 0.3% |
Banner Health 1.90%, 1/1/2031 | | |
Bon Secours Mercy Health, Inc. Series 20-2, 3.21%, 6/1/2050 | | |
Cencora, Inc. 5.13%, 2/15/2034 | | |
Children's Hospital of Philadelphia (The) Series 2020, 2.70%, 7/1/2050 | | |
Cigna Group (The) 5.13%, 5/15/2031 | | |
|
| | |
| | |
| | |
|
| | |
| | |
MedStar Health, Inc. Series 20A, 3.63%, 8/15/2049 | | |
MultiCare Health System 2.80%, 8/15/2050 | | |
MyMichigan Health Series 2020, 3.41%, 6/1/2050 | | |
PeaceHealth Obligated Group Series 2020, 3.22%, 11/15/2050 | | |
Piedmont Healthcare, Inc. 2.86%, 1/1/2052 | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
| | |
Corporate Bonds — continued |
Health Care Providers & Services — continued |
|
| | |
| | |
West Virginia United Health System Obligated Group Series 2020, 3.13%, 6/1/2050 | | |
| | |
|
Alexandria Real Estate Equities, Inc. 5.25%, 5/15/2036 | | |
DOC DR LLC 2.63%, 11/1/2031 | | |
Healthcare Realty Holdings LP 2.00%, 3/15/2031 | | |
Sabra Health Care LP 3.20%, 12/1/2031 | | |
| | |
Hotels, Restaurants & Leisure — 0.0% ^ |
Starbucks Corp. 3.35%, 3/12/2050 | | |
Independent Power and Renewable Electricity Producers — 0.0% ^ |
Constellation Energy Generation LLC 5.80%, 3/1/2033 | | |
Southern Power Co. 5.15%, 9/15/2041 | | |
| | |
Industrial Conglomerates — 0.0% ^ |
Honeywell International, Inc. 5.25%, 3/1/2054 | | |
|
Arthur J Gallagher & Co. 5.75%, 7/15/2054 | | |
Athene Global Funding 1.45%, 1/8/2026 (d) | | |
Berkshire Hathaway Finance Corp. 3.85%, 3/15/2052 | | |
Brown & Brown, Inc. 2.38%, 3/15/2031 | | |
CNA Financial Corp. 5.13%, 2/15/2034 | | |
Empower Finance 2020 LP (Canada) 3.08%, 9/17/2051 (d) | | |
F&G Annuities & Life, Inc. 6.50%, 6/4/2029 | | |
F&G Global Funding 5.88%, 6/10/2027 (d) | | |
Fidelity & Guaranty Life Holdings, Inc. 5.50%, 5/1/2025 (d) | | |
Nationwide Mutual Insurance Co. 8.25%, 12/1/2031 (d) | | |
New York Life Insurance Co. 3.75%, 5/15/2050 (d) | | |
Northwestern Mutual Global Funding |
| | |
| | |
|
|
| | |
Teachers Insurance & Annuity Association of America 3.30%, 5/15/2050 (d) | | |
| | |
Interactive Media & Services — 0.0% ^ |
Meta Platforms, Inc. 5.60%, 5/15/2053 | | |
|
Otis Worldwide Corp. 3.11%, 2/15/2040 | | |
|
Charter Communications Operating LLC 3.70%, 4/1/2051 | | |
|
| | |
| | |
| | |
Discovery Communications LLC 3.63%, 5/15/2030 | | |
| | |
|
Glencore Funding LLC (Australia) |
| | |
| | |
South32 Treasury Ltd. (Australia) 4.35%, 4/14/2032 (d) | | |
Steel Dynamics, Inc. 5.38%, 8/15/2034 | | |
| | |
|
Berkshire Hathaway Energy Co. 2.85%, 5/15/2051 | | |
DTE Energy Co. 5.10%, 3/1/2029 | | |
| | |
|
COPT Defense Properties LP 2.75%, 4/15/2031 | | |
Oil, Gas & Consumable Fuels — 0.5% |
BP Capital Markets America, Inc. 2.77%, 11/10/2050 | | |
Cheniere Energy, Inc. 5.65%, 4/15/2034 (d) | | |
Columbia Pipelines Holding Co. LLC 5.68%, 1/15/2034 (d) | | |
Coterra Energy, Inc. 3.90%, 5/15/2027 | | |
Enbridge, Inc. (Canada) 5.63%, 4/5/2034 | | |
Energy Transfer LP 5.00%, 5/15/2044 (f) | | |
Exxon Mobil Corp. 3.00%, 8/16/2039 | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
JPMorgan SmartRetirement® Blend 2020 Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024 (continued)
| | |
Corporate Bonds — continued |
Oil, Gas & Consumable Fuels — continued |
Flex Intermediate Holdco LLC |
| | |
| | |
Galaxy Pipeline Assets Bidco Ltd. (United Arab Emirates) 2.94%, 9/30/2040 (d) | | |
|
| | |
| | |
|
| | |
| | |
|
| | |
| | |
NGPL PipeCo LLC 3.25%, 7/15/2031 (d) | | |
Northern Natural Gas Co. 5.63%, 2/1/2054 (d) | | |
Phillips 66 Co. 3.55%, 10/1/2026 | | |
TotalEnergies Capital International SA (France) 2.99%, 6/29/2041 | | |
TransCanada PipeLines Ltd. (Canada) 5.85%, 3/15/2036 | | |
| | |
Passenger Airlines — 0.0% ^ |
United Airlines Pass-Through Trust Series 2016-2, Class A Shares, 3.10%, 10/7/2028 | | |
Personal Care Products — 0.0% ^ |
Haleon US Capital LLC 4.00%, 3/24/2052 | | |
|
AstraZeneca plc (United Kingdom) 6.45%, 9/15/2037 | | |
|
| | |
| | |
| | |
Eli Lilly & Co. 5.00%, 2/9/2054 | | |
Pfizer Investment Enterprises Pte. Ltd. 5.30%, 5/19/2053 | | |
Takeda Pharmaceutical Co. Ltd. (Japan) |
| | |
| | |
Zoetis, Inc. 5.60%, 11/16/2032 | | |
| | |
| | |
|
Professional Services — 0.0% ^ |
Verisk Analytics, Inc. 5.75%, 4/1/2033 | | |
|
Essex Portfolio LP 5.50%, 4/1/2034 | | |
|
| | |
| | |
| | |
|
Brixmor Operating Partnership LP |
| | |
| | |
NNN REIT, Inc. 5.50%, 6/15/2034 | | |
Realty Income Corp. 1.80%, 3/15/2033 | | |
| | |
Semiconductors & Semiconductor Equipment — 0.2% |
Analog Devices, Inc. 2.80%, 10/1/2041 | | |
|
| | |
| | |
Intel Corp. 5.70%, 2/10/2053 | | |
KLA Corp. 3.30%, 3/1/2050 | | |
NXP BV (China) 3.25%, 5/11/2041 | | |
Texas Instruments, Inc. 5.05%, 5/18/2063 | | |
| | |
|
|
| | |
| | |
VMware LLC 4.70%, 5/15/2030 | | |
| | |
|
|
| | |
| | |
| | |
Crown Castle, Inc. 5.80%, 3/1/2034 | | |
|
| | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
| | |
Corporate Bonds — continued |
Specialty Retail — 0.0% ^ |
AutoZone, Inc. 5.40%, 7/15/2034 | | |
Home Depot, Inc. (The) 3.63%, 4/15/2052 | | |
| | |
|
BAT Capital Corp. (United Kingdom) |
| | |
| | |
| | |
Wireless Telecommunication Services — 0.1% |
Rogers Communications, Inc. (Canada) |
| | |
| | |
|
| | |
| | |
Vodafone Group plc (United Kingdom) 5.75%, 6/28/2054 | | |
| | |
Total Corporate Bonds
(Cost $65,355) | | |
U.S. Treasury Obligations — 6.1% |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Total U.S. Treasury Obligations
(Cost $55,176) | | |
Asset-Backed Securities — 4.5% |
Accelerated LLC Series 2021-1H, Class B, 1.90%, 10/20/2040 (d) | | |
ACRE Commercial Mortgage Ltd. | | |
Series 2021-FL4, Class A, 6.28%, 12/18/2037 (c) (d) | | |
Series 2021-FL4, Class AS, 6.55%, 12/18/2037 (c) (d) | | |
Aligned Data Centers Issuer LLC Series 2021-1A, Class A2, 1.94%, 8/15/2046 (d) | | |
American Airlines Pass-Through Trust | | |
Series 2016-2, Class AA, 3.20%, 6/15/2028 | | |
Series 2016-3, Class AA, 3.00%, 10/15/2028 | | |
Series 2021-1, Class B, 3.95%, 7/11/2030 | | |
| | |
Series 2020-SFR2, Class E1, 4.03%, 7/17/2037 (d) | | |
Series 2020-SFR3, Class E2, 2.76%, 9/17/2037 (d) | | |
Series 2020-SFR4, Class D, 2.01%, 11/17/2037 (d) | | |
Series 2020-SFR4, Class E2, 2.46%, 11/17/2037 (d) | | |
Series 2021-SFR2, Class E2, 2.58%, 8/17/2038 (d) | | |
Series 2024-SFR1, Class C, 4.29%, 7/17/2041 ‡ (b) (d) | | |
Series 2024-SFR1, Class D, 4.29%, 7/17/2041 (b) (d) | | |
Aqua Finance Trust Series 2020-AA, Class C, 3.97%, 7/17/2046 (d) | | |
Arivo Acceptance Auto Loan Receivables Trust Series 2021-1A, Class A, 1.19%, 1/15/2027 (d) | | |
Avis Budget Rental Car Funding AESOP LLC | | |
Series 2024-2A, Class B, 5.57%, 10/20/2028 (d) | | |
Series 2024-1A, Class A, 5.36%, 6/20/2030 (d) | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
JPMorgan SmartRetirement® Blend 2020 Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024 (continued)
| | |
Asset-Backed Securities — continued |
Bridgecrest Lending Auto Securitization Trust | | |
Series 2024-1, Class D, 6.03%, 11/15/2029 | | |
Series 2024-2, Class C, 6.07%, 2/15/2030 | | |
Business Jet Securities LLC | | |
Series 2021-1A, Class A, 2.16%, 4/15/2036 ‡ (d) | | |
Series 2021-1A, Class B, 2.92%, 4/15/2036 ‡ (d) | | |
Series 2022-1A, Class A, 4.46%, 6/15/2037 ‡ (d) | | |
BXG Receivables Note Trust Series 2020-A, Class A, 1.55%, 2/28/2036 (d) | | |
Carvana Auto Receivables Trust Series 2020-P1, Class C, 1.32%, 11/9/2026 | | |
Cascade MH Asset Trust Series 2021-MH1, Class A1, 1.75%, 2/25/2046 (d) | | |
Continental Finance Credit Card ABS Master Trust Series 2020-1A, Class A, 2.24%, 12/15/2028 (d) | | |
Credit Acceptance Auto Loan Trust | | |
Series 2023-5A, Class B, 6.71%, 2/15/2034 (d) | | |
Series 2024-2A, Class C, 6.70%, 10/16/2034 (d) | | |
CVS Pass-Through Trust Series 2014, 4.16%, 8/11/2036 (d) | | |
DataBank Issuer Series 2021-1A, Class A2, 2.06%, 2/27/2051 (d) | | |
Delta Air Lines Pass-Through Trust Series 2020-1, Class A, 2.50%, 6/10/2028 | | |
Diamond Resorts Owner Trust | | |
Series 2021-1A, Class A, 1.51%, 11/21/2033 (d) | | |
Series 2021-1A, Class C, 2.70%, 11/21/2033 (d) | | |
| | |
Series 2022-2A, Class D, 5.46%, 3/15/2028 (d) | | |
Series 2023-1A, Class C, 5.55%, 10/16/2028 (d) | | |
Elara HGV Timeshare Issuer LLC | | |
Series 2021-A, Class B, 1.74%, 8/27/2035 (d) | | |
Series 2021-A, Class C, 2.09%, 8/27/2035 (d) | | |
Enterprise Fleet Financing LLC Series 2024-1, Class A3, 5.16%, 9/20/2030 (d) | | |
Exeter Automobile Receivables Trust | | |
Series 2022-5A, Class C, 6.51%, 12/15/2027 | | |
Series 2023-5A, Class C, 6.85%, 1/16/2029 | | |
Series 2024-1A, Class D, 5.84%, 6/17/2030 | | |
FHF Issuer Trust Series 2024-1A, Class A2, 5.69%, 2/15/2030 (d) | | |
FHF Trust Series 2021-1A, Class A, 1.27%, 3/15/2027 (d) | | |
| | |
Series 2021-SFR2, Class E1, 2.26%, 9/17/2038 (d) | | |
| | |
|
Series 2022-SFR1, Class E1, 5.00%, 5/19/2039 (d) | | |
FMC GMSR Issuer Trust Series 2021-GT2, Class A, 3.85%, 10/25/2026 (c) (d) | | |
Foundation Finance Trust Series 2023-2A, Class A, 6.53%, 6/15/2049 (d) | | |
GLS Auto Select Receivables Trust Series 2024-3A, Class A2, 5.59%, 10/15/2029 (d) | | |
| | |
Series 2024-A, Class B, 5.84%, 3/15/2043 (d) | | |
Series 2024-A, Class C, 6.32%, 3/15/2043 (d) | | |
Home Partners of America Trust | | |
Series 2021-2, Class C, 2.40%, 12/17/2026 (d) | | |
Series 2021-3, Class D, 3.00%, 1/17/2041 (d) | | |
Huntington Bank Auto Credit-Linked Notes Series 2024-1, Class B1, 6.15%, 5/20/2032 (d) | | |
JetBlue Pass-Through Trust Series 2020-1, Class B, 7.75%, 11/15/2028 | | |
Lendbuzz Securitization Trust Series 2021-1A, Class A, 1.46%, 6/15/2026 (d) | | |
Mariner Finance Issuance Trust Series 2021-AA, Class A, 1.86%, 3/20/2036 (d) | | |
MMAF Equipment Finance LLC Series 2020-A, Class A5, 1.56%, 10/9/2042 (d) | | |
| | |
Series 2021-2A, Class C, 2.23%, 5/20/2039 (d) | | |
Series 2024-1A, Class B, 5.51%, 2/20/2043 (d) | | |
NRZ Excess Spread-Collateralized Notes | | |
Series 2020-PLS1, Class A, 3.84%, 12/25/2025 (d) | | |
Series 2021-FNT1, Class A, 2.98%, 3/25/2026 (d) | | |
Series 2021-FNT2, Class A, 3.23%, 5/25/2026 (d) | | |
| | |
Series 2021-1A, Class A, 0.93%, 3/22/2027 (d) | | |
Series 2021-2A, Class C, 2.53%, 5/21/2029 (d) | | |
Series 2024-2A, Class C, 5.90%, 7/20/2032 (d) | | |
OneMain Financial Issuance Trust Series 2020-2A, Class D, 3.45%, 9/14/2035 (d) | | |
Oportun Issuance Trust Series 2021-B, Class A, 1.47%, 5/8/2031 (d) | | |
Pagaya AI Debt Selection Trust Series 2021-HG1, Class A, 1.22%, 1/16/2029 (d) | | |
Pagaya AI Technology in Housing Trust Series 2023-1, Class C, 3.60%, 10/25/2040 (d) | | |
PRET LLC Series 2021-RN4, Class A1, 2.49%, 10/25/2051 (c) (d) | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
| | |
Asset-Backed Securities — continued |
Pretium Mortgage Credit Partners I LLC | | |
Series 2021-NPL1, Class A1, 5.24%, 9/27/2060 (d) (f) | | |
Series 2021-NPL4, Class A1, 2.36%, 10/27/2060 (d) (f) | | |
Progress Residential Trust | | |
Series 2020-SFR3, Class A, 1.29%, 10/17/2027 (d) | | |
Series 2020-SFR3, Class B, 1.50%, 10/17/2027 (d) | | |
Series 2021-SFR2, Class D, 2.20%, 4/19/2038 (d) | | |
Series 2024-SFR1, Class E1, 3.85%, 2/17/2041 (d) | | |
PRPM LLC Series 2021-10, Class A1, 2.49%, 10/25/2026 (d) (f) | | |
Purchasing Power Funding LLC Series 2024-A, Class B, 6.43%, 8/15/2028 (d) | | |
Regional Management Issuance Trust Series 2021-1, Class A, 1.68%, 3/17/2031 (d) | | |
Republic Finance Issuance Trust | | |
Series 2020-A, Class A, 2.47%, 11/20/2030 (d) | | |
Series 2021-A, Class A, 2.30%, 12/22/2031 (d) | | |
SCF Equipment Leasing LLC Series 2023-1A, Class C, 6.77%, 8/22/2033 (d) | | |
SFS Auto Receivables Securitization Trust Series 2024-1A, Class C, 5.51%, 1/20/2032 (d) | | |
Sierra Timeshare Receivables Funding LLC Series 2021-2A, Class B, 1.80%, 9/20/2038 (d) | | |
Stream Innovations Issuer Trust Series 2024-1A, Class A, 6.27%, 7/15/2044 (b) (d) | | |
Tricolor Auto Securitization Trust Series 2024-1A, Class B, 6.53%, 12/15/2027 (d) | | |
United Airlines Pass-Through Trust | | |
Series 2016-2, Class B, 3.65%, 10/7/2025 | | |
Series 2019-2, Class B, 3.50%, 5/1/2028 | | |
Series 2018-1, Class A, 3.70%, 3/1/2030 | | |
Upstart Pass-Through Trust Series 2021-ST2, Class A, 2.50%, 4/20/2027 (d) | | |
| | |
Series 2021-NPL1, Class A1, 5.29%, 12/26/2050 (d) (f) | | |
Series 2021-NPL2, Class A1, 5.11%, 3/27/2051 (d) (f) | | |
VOLT XCII LLC Series 2021-NPL1, Class A1, 4.89%, 2/27/2051 (d) (f) | | |
VOLT XCIII LLC Series 2021-NPL2, Class A1, 4.89%, 2/27/2051 (d) (f) | | |
| | |
|
VOLT XCIV LLC Series 2021-NPL3, Class A1, 5.24%, 2/27/2051 (d) (f) | | |
VOLT XCIX LLC Series 2021-NPL8, Class A1, 5.12%, 4/25/2051 (d) (f) | | |
VOLT XCV LLC Series 2021-NPL4, Class A1, 5.24%, 3/27/2051 (d) (f) | | |
VOLT XCVI LLC Series 2021-NPL5, Class A1, 5.12%, 3/27/2051 (d) (f) | | |
VOLT XCVII LLC Series 2021-NPL6, Class A1, 5.24%, 4/25/2051 (d) (f) | | |
| | |
Series 2022-1A, Class B, 2.29%, 8/20/2036 (d) | | |
Series 2024-1A, Class C, 7.06%, 1/20/2038 (d) | | |
Westlake Automobile Receivables Trust Series 2024-1A, Class A2A, 5.62%, 3/15/2027 (d) | | |
Total Asset-Backed Securities
(Cost $37,271) | | |
Collateralized Mortgage Obligations — 1.2% |
CSMC Trust Series 2021-RPL1, Class A1, 4.05%, 9/27/2060 (c) (d) | | |
FHLMC Seasoned Credit Risk Transfer Trust | | |
Series 2017-2, Class MA, 3.00%, 8/25/2056 | | |
Series 2018-1, Class MA, 3.00%, 5/25/2057 | | |
Series 2018-1, Class M60C, 3.50%, 5/25/2057 | | |
Series 2019-1, Class M55D, 4.00%, 7/25/2058 | | |
Series 2019-2, Class M55D, 4.00%, 8/25/2058 | | |
Series 2019-3, Class M55D, 4.00%, 10/25/2058 | | |
Series 2020-3, Class M5TW, 3.00%, 5/25/2060 | | |
Series 2020-3, Class TTW, 3.00%, 5/25/2060 | | |
| | |
Series 4646, Class BM, 4.00%, 12/15/2039 | | |
Series 5171, Class NI, IO, 3.00%, 7/25/2051 | | |
FNMA Trust, Whole Loan Series 2002-W8, Class A1, 6.50%, 6/25/2042 | | |
FNMA, Grantor Trust, Whole Loan Series 2001-T12, Class A1, 6.50%, 8/25/2041 | | |
| | |
Series 2018-72, Class VB, 3.50%, 10/25/2031 | | |
Series 2018-75, Class UZ, 4.00%, 10/25/2058 | | |
FNMA, REMIC Trust, Whole Loan Series 2002-W3, Class A4, 6.50%, 11/25/2041 | | |
| | |
Series 2015-H11, Class FC, 5.99%, 5/20/2065 (c) | | |
Series 2021-H14, Class YD, 7.84%, 6/20/2071 (c) | | |
Legacy Mortgage Asset Trust Series 2021-GS1, Class A1, 4.89%, 10/25/2066 (d) (f) | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
JPMorgan SmartRetirement® Blend 2020 Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024 (continued)
| | |
Collateralized Mortgage Obligations — continued |
New Residential Mortgage Loan Trust Series 2024-RTL1, Class A1, 6.66%, 3/25/2039 (d) (f) | | |
Towd Point Mortgage Trust Series 2021-R1, Class A1, 2.92%, 11/30/2060 (c) (d) | | |
Total Collateralized Mortgage Obligations
(Cost $11,034) | | |
Commercial Mortgage-Backed Securities — 0.9% |
BXP Trust Series 2017-GM, Class A, 3.38%, 6/13/2039 (d) | | |
FHLMC, Multi-Family Structured Credit Risk Series 2021-MN2, Class M1, 7.14%, 7/25/2041 (c) (d) | | |
FHLMC, Multi-Family Structured Pass-Through Certificates | | |
Series K727, Class X1, IO, 0.71%, 7/25/2024 (c) | | |
Series K-1511, Class A1, 3.28%, 10/25/2030 | | |
Series K152, Class A2, 3.08%, 1/25/2031 | | |
Series K-1510, Class A2, 3.72%, 1/25/2031 | | |
Series KJ45, Class A2, 4.66%, 1/25/2031 | | |
Series K-150, Class A2, 3.71%, 9/25/2032 (c) | | |
| | |
Series 2022-M1S, Class A2, 2.15%, 4/25/2032 (c) | | |
Series 2023-M8, Class A2, 4.62%, 3/25/2033 (c) | | |
Series 2024-M2, Class A2, 3.75%, 8/25/2033 | | |
Series 2021-M3, Class 1A1, 1.00%, 11/25/2033 | | |
Series 2021-M3, Class X1, IO, 2.03%, 11/25/2033 (c) | | |
| | |
Series 2017-KGX1, Class BFX, 3.71%, 10/25/2027 (c) (d) | | |
Series 2015-K48, Class C, 3.77%, 8/25/2048 (c) (d) | | |
Series 2016-K56, Class B, 4.09%, 6/25/2049 (c) (d) | | |
Series 2017-K728, Class C, 3.84%, 11/25/2050 (c) (d) | | |
Multi-Family Connecticut Avenue Securities Trust Series 2023-01, Class M7, 9.34%, 11/25/2053 (c) (d) | | |
SLG Office Trust Series 2021-OVA, Class A, 2.59%, 7/15/2041 (d) | | |
Total Commercial Mortgage-Backed Securities
(Cost $7,743) | | |
Foreign Government Securities — 0.1% |
Republic of Peru 2.78%, 12/1/2060 | | |
| | |
|
United Mexican States 3.50%, 2/12/2034 | | |
Total Foreign Government Securities
(Cost $491) | | |
Municipal Bonds — 0.0% (h) ^ |
|
Texas Natural Gas Securitization Finance Corp., Customer Rate Relief Bonds Series 2023A-2, Rev., 5.17%, 4/1/2041 (Cost $110) | | |
| | |
Short-Term Investments — 4.5% |
Investment Companies — 4.5% |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (a) (i)
(Cost $36,437) | | |
Total Investments — 100.5%
(Cost $726,969) | | |
Liabilities in Excess of Other Assets — (0.5)% | | |
| | |
Percentages indicated are based on net assets. |
| |
| |
| Alternative Credit Enhancement Securities |
| Credit Suisse Mortgage Trust |
| |
| Federal Home Loan Mortgage Corp. |
| Federal National Mortgage Association |
| Government National Mortgage Association |
| Intercontinental Exchange |
| 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. |
| Real Estate Investment Trust |
| Real Estate Mortgage Investment Conduit |
| |
| Secured Overnight Financing Rate |
| Uniform Mortgage-Backed Securities |
| |
| Amount rounds to less than 0.1% of net assets. |
| Value determined using significant unobservable inputs. | |
SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
| 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. | |
| All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment. | |
| 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 June 30, 2024. | |
| Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. | |
| Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of June 30, 2024. | |
| 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 June 30, 2024. | |
| All or a portion of this security is deposited with the broker as initial margin for futures contracts. | |
| The date shown represents the earliest of the prerefunded date, next put date or final maturity date. | |
| The rate shown is the current yield as of June 30, 2024. | |
Detailed information about investment portfolios of the Underlying Funds, as defined in the Notes to Financial Statements, and ETFs can be found in the financial statements 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 June 30, 2024 (amounts in thousands, except number of contracts):
| | | | | VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($) |
| | | | | |
U.S. Treasury 5 Year Note | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
JPMorgan SmartRetirement® Blend 2025 Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024
| | |
Investment Companies — 43.6% |
|
JPMorgan Core Plus Bond Fund Class R6 Shares (a) | | |
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a) | | |
JPMorgan High Yield Fund Class R6 Shares (a) | | |
| | |
International Equity — 2.2% |
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a) | | |
|
JPMorgan Equity Index Fund Class R6 Shares (a) | | |
Total Investment Companies
(Cost $624,167) | | |
Exchange-Traded Funds — 28.1% |
Alternative Assets — 0.9% |
JPMorgan BetaBuilders MSCI US REIT ETF (a) | | |
|
JPMorgan BetaBuilders U.S. Aggregate Bond ETF (a) | | |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF (a) | | |
JPMorgan Inflation Managed Bond ETF (a) | | |
| | |
International Equity — 13.1% |
JPMorgan BetaBuilders Emerging Markets Equity ETF (a) | | |
JPMorgan BetaBuilders International Equity ETF (a) | | |
Total International Equity | | |
|
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (a) | | |
JPMorgan BetaBuilders U.S. Small Cap Equity ETF (a) | | |
| | |
Total Exchange-Traded Funds
(Cost $473,689) | | |
| | |
U.S. Treasury Obligations — 7.3% |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
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| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
U.S. Treasury STRIPS Bonds | | |
| | |
| | |
| | |
Total U.S. Treasury Obligations
(Cost $149,316) | | |
Mortgage-Backed Securities — 7.1% |
| | |
Pool # WN1157, 1.80%, 11/1/2028 | | |
Pool # WA1626, 3.45%, 8/1/2032 | | |
Pool # WN3225, 3.80%, 10/1/2034 | | |
| | |
Pool # ZL3032, 3.50%, 5/1/2042 | | |
Pool # QA9530, 2.50%, 5/1/2050 | | |
Pool # QB1397, 2.50%, 7/1/2050 | | |
Pool # QB4026, 2.50%, 10/1/2050 | | |
Pool # QB4045, 2.50%, 10/1/2050 | | |
Pool # QB4484, 2.50%, 10/1/2050 | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
| | |
Mortgage-Backed Securities — continued |
Pool # QB4542, 2.50%, 10/1/2050 | | |
Pool # RA4224, 3.00%, 11/1/2050 | | |
Pool # QB8503, 2.50%, 2/1/2051 | | |
Pool # QC9443, 2.50%, 10/1/2051 | | |
Pool # QD4686, 4.00%, 1/1/2052 | | |
Pool # QD7596, 2.50%, 2/1/2052 | | |
Pool # RA6815, 2.50%, 2/1/2052 | | |
Pool # SD3952, 2.50%, 3/1/2052 | | |
Pool # QE1637, 4.00%, 5/1/2052 | | |
Pool # QE1832, 4.50%, 5/1/2052 | | |
Pool # QH9763, 6.00%, 1/1/2054 | | |
Pool # QH9845, 6.00%, 2/1/2054 | | |
| | |
Pool # CA2826, 5.50%, 12/1/2048 | | |
Pool # BK2113, 2.50%, 3/1/2050 | | |
Pool # CA5658, 2.50%, 5/1/2050 | | |
Pool # FM3118, 3.00%, 5/1/2050 | | |
Pool # BP8608, 2.50%, 6/1/2050 | | |
Pool # BP9250, 2.50%, 7/1/2050 | | |
Pool # FP0059, 2.50%, 8/1/2050 | | |
Pool # BQ2894, 3.00%, 9/1/2050 | | |
Pool # BK8152, 2.50%, 10/1/2050 | | |
Pool # BQ3996, 2.50%, 10/1/2050 | | |
Pool # BQ5243, 3.50%, 10/1/2050 | | |
Pool # CA7398, 3.50%, 10/1/2050 | | |
Pool # BP7667, 2.50%, 12/1/2050 | | |
Pool # BR4318, 3.00%, 1/1/2051 | | |
Pool # CA8637, 4.00%, 1/1/2051 | | |
Pool # CB0189, 3.00%, 4/1/2051 | | |
Pool # CB0458, 2.50%, 5/1/2051 | | |
Pool # BT0122, 2.50%, 6/1/2051 (d) | | |
Pool # FM7916, 2.50%, 6/1/2051 | | |
Pool # FM7957, 2.50%, 7/1/2051 | | |
Pool # CB1301, 2.50%, 8/1/2051 | | |
Pool # FM8247, 2.50%, 8/1/2051 | | |
Pool # CB1566, 2.50%, 9/1/2051 | | |
Pool # FM8659, 2.50%, 9/1/2051 (d) | | |
Pool # FS6514, 2.50%, 9/1/2051 | | |
Pool # FS4624, 2.50%, 11/1/2051 | | |
Pool # CB2313, 2.50%, 12/1/2051 | | |
Pool # FS2559, 3.00%, 12/1/2051 | | |
Pool # CB2637, 2.50%, 1/1/2052 | | |
Pool # BU3079, 3.00%, 1/1/2052 | | |
Pool # CB2670, 3.00%, 1/1/2052 | | |
Pool # BV4831, 3.00%, 2/1/2052 | | |
| | |
|
Pool # FS7749, 3.00%, 2/1/2052 | | |
Pool # BV0295, 3.50%, 2/1/2052 | | |
Pool # BV3950, 4.00%, 2/1/2052 | | |
Pool # BV6743, 4.50%, 5/1/2052 | | |
Pool # BY4714, 5.00%, 6/1/2053 | | |
Pool # BY4761, 5.00%, 6/1/2053 | | |
Pool # BY9327, 6.00%, 11/1/2053 | | |
Pool # DA7753, 5.50%, 1/1/2054 | | |
Pool # DA0425, 6.00%, 2/1/2054 | | |
Pool # DA7754, 6.00%, 2/1/2054 | | |
Pool # CB8334, 5.50%, 4/1/2054 | | |
Pool # DB6037, 5.50%, 5/1/2054 | | |
Pool # DB6039, 6.00%, 5/1/2054 | | |
| | |
Pool # BS7576, 4.86%, 12/1/2027 | | |
Pool # AM3010, 5.07%, 3/1/2028 | | |
Pool # BL8639, 1.09%, 4/1/2028 | | |
Pool # BS6144, 3.97%, 1/1/2029 | | |
Pool # AM5319, 4.34%, 1/1/2029 | | |
Pool # BS8149, 4.97%, 9/1/2029 | | |
Pool # BL4956, 2.41%, 11/1/2029 | | |
Pool # BS0448, 1.27%, 12/1/2029 | | |
Pool # BL9748, 1.60%, 12/1/2029 | | |
Pool # AN7593, 2.99%, 12/1/2029 | | |
Pool # BS7361, 4.76%, 1/1/2030 | | |
Pool # BL9252, 1.37%, 3/1/2030 | | |
Pool # AN8285, 3.11%, 3/1/2030 | | |
Pool # BS0154, 1.28%, 4/1/2030 | | |
Pool # AM8544, 3.08%, 4/1/2030 | | |
Pool # AN8990, 3.53%, 4/1/2030 | | |
Pool # BS7168, 4.57%, 6/1/2030 | | |
Pool # BL9251, 1.45%, 10/1/2030 | | |
Pool # AM4789, 4.18%, 11/1/2030 | | |
Pool # BL9891, 1.37%, 12/1/2030 | | |
Pool # BS0025, 1.38%, 12/1/2030 | | |
Pool # BL9494, 1.46%, 12/1/2030 | | |
Pool # BS8442, 4.74%, 4/1/2031 | | |
Pool # BS2915, 1.87%, 5/1/2031 | | |
Pool # BS7167, 4.64%, 7/1/2031 | | |
Pool # BS7437, 5.04%, 8/1/2031 | | |
Pool # BS4563, 2.01%, 1/1/2032 | | |
Pool # BS5580, 3.68%, 1/1/2032 | | |
Pool # BM6898, 2.15%, 2/1/2032 (e) | | |
Pool # BS4654, 2.39%, 3/1/2032 | | |
Pool # BL5680, 2.44%, 3/1/2032 | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
JPMorgan SmartRetirement® Blend 2025 Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024 (continued)
| | |
Mortgage-Backed Securities — continued |
Pool # AN5952, 3.01%, 7/1/2032 | | |
Pool # AN6149, 3.14%, 7/1/2032 | | |
Pool # BS5530, 3.30%, 7/1/2032 | | |
Pool # BS6095, 4.14%, 7/1/2032 | | |
Pool # BS6345, 3.91%, 8/1/2032 | | |
Pool # BZ0884, 5.37%, 9/1/2032 | | |
Pool # BM3226, 3.45%, 10/1/2032 (e) | | |
Pool # BS6822, 3.81%, 10/1/2032 | | |
Pool # BS8528, 4.31%, 10/1/2032 | | |
Pool # BS6872, 4.41%, 10/1/2032 | | |
Pool # BS6926, 4.51%, 10/1/2032 | | |
Pool # BS6928, 4.55%, 10/1/2032 | | |
Pool # BS6954, 4.93%, 10/1/2032 | | |
Pool # BS6819, 4.12%, 11/1/2032 | | |
Pool # BS7090, 4.45%, 12/1/2032 | | |
Pool # BS7113, 4.90%, 12/1/2032 | | |
Pool # AN7923, 3.33%, 1/1/2033 | | |
Pool # BS8428, 4.41%, 1/1/2033 | | |
Pool # BS7398, 4.74%, 2/1/2033 | | |
Pool # BS5357, 3.41%, 3/1/2033 | | |
Pool # AN9067, 3.51%, 5/1/2033 | | |
Pool # BS8416, 4.56%, 5/1/2033 | | |
Pool # BS5511, 3.45%, 8/1/2033 | | |
Pool # BS5127, 3.15%, 9/1/2033 | | |
Pool # BL1012, 4.03%, 12/1/2033 | | |
Pool # BL0900, 4.08%, 2/1/2034 | | |
Pool # BZ0430, 4.32%, 2/1/2034 | | |
Pool # BL7124, 1.93%, 6/1/2035 | | |
Pool # AN4430, 3.61%, 1/1/2037 | | |
Pool # BL6060, 2.46%, 4/1/2040 | | |
Pool # BF0107, 4.50%, 6/1/2056 (d) | | |
Pool # BF0219, 3.50%, 9/1/2057 | | |
Pool # BF0230, 5.50%, 1/1/2058 | | |
Pool # BF0334, 3.50%, 1/1/2059 (d) | | |
Pool # BF0497, 3.00%, 7/1/2060 | | |
Pool # BF0561, 3.00%, 9/1/2061 (d) | | |
Pool # BF0578, 2.50%, 12/1/2061 | | |
FNMA/FHLMC UMBS, Single Family, 30 Year TBA, 2.50%, 7/25/2054 (d) | | |
| | |
Pool # BY3432, 3.50%, 9/20/2050 | | |
Pool # BR3929, 3.50%, 10/20/2050 | | |
Pool # BW1726, 3.50%, 10/20/2050 | | |
Pool # BS8546, 2.50%, 12/20/2050 | | |
Pool # BR3928, 3.00%, 12/20/2050 | | |
| | |
|
Pool # BU7538, 3.00%, 12/20/2050 | | |
Pool # 785294, 3.50%, 1/20/2051 | | |
Pool # CA8452, 3.00%, 2/20/2051 | | |
Pool # CA9005, 3.00%, 2/20/2051 | | |
Pool # CB1543, 3.00%, 2/20/2051 | | |
Pool # CA3588, 3.50%, 2/20/2051 | | |
Pool # CB1536, 3.50%, 2/20/2051 | | |
Pool # CB1542, 3.00%, 3/20/2051 | | |
Pool # CC0070, 3.00%, 3/20/2051 | | |
Pool # CC8726, 3.00%, 3/20/2051 | | |
Pool # CC8738, 3.00%, 3/20/2051 | | |
Pool # CC8723, 3.50%, 3/20/2051 | | |
Pool # CC0088, 4.00%, 3/20/2051 | | |
Pool # CC0092, 4.00%, 3/20/2051 | | |
Pool # CC8727, 3.00%, 4/20/2051 | | |
Pool # CC8739, 3.00%, 4/20/2051 | | |
Pool # CC8740, 3.00%, 4/20/2051 | | |
Pool # CC8751, 3.00%, 4/20/2051 | | |
Pool # CA3563, 3.50%, 7/20/2051 | | |
Pool # CE2586, 3.50%, 7/20/2051 | | |
Pool # CK1527, 3.50%, 12/20/2051 | | |
Pool # CJ8184, 3.50%, 1/20/2052 | | |
Pool # CK2716, 3.50%, 2/20/2052 | | |
Pool # CK8295, 5.00%, 3/20/2052 | | |
Pool # MA8200, 4.00%, 8/20/2052 | | |
Pool # CN3127, 5.00%, 8/20/2052 | | |
Pool # CV0172, 6.50%, 7/20/2053 | | |
Pool # CU6748, 6.00%, 9/20/2053 | | |
Pool # DA2721, 5.50%, 3/20/2054 | | |
| | |
Pool # CV6672, 5.00%, 7/20/2062 | | |
Pool # CU1093, 5.50%, 6/20/2063 | | |
Pool # CV6673, 5.50%, 6/20/2063 | | |
Pool # CU1092, 6.00%, 6/20/2063 | | |
Pool # 785183, 2.93%, 10/20/2070 (e) | | |
Total Mortgage-Backed Securities
(Cost $148,280) | | |
|
Aerospace & Defense — 0.2% |
|
| | |
| | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
| | |
Corporate Bonds — continued |
Aerospace & Defense — continued |
| | |
L3Harris Technologies, Inc. |
| | |
| | |
|
| | |
| | |
|
| | |
| | |
| | |
| | |
|
General Motors Co. 6.80%, 10/1/2027 | | |
Hyundai Capital America 2.38%, 10/15/2027 (f) | | |
| | |
|
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) | | |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.65%), 6.34%, 9/18/2027 (f) (g) | | |
AIB Group plc (Ireland) (SOFR + 2.33%), 6.61%, 9/13/2029 (f) (g) | | |
ANZ New Zealand Int'l Ltd. (New Zealand) 5.36%, 8/14/2028 (f) | | |
Banco Santander SA (Spain) |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.90%), 1.72%, 9/14/2027 (g) | | |
| | |
|
(SOFR + 1.01%), 1.20%, 10/24/2026 (g) | | |
(SOFR + 1.29%), 5.08%, 1/20/2027 (g) | | |
(3-MONTH CME TERM SOFR + 1.77%), 3.71%, 4/24/2028 (g) | | |
(SOFR + 1.58%), 4.38%, 4/27/2028 (g) | | |
(SOFR + 1.63%), 5.20%, 4/25/2029 (g) | | |
(SOFR + 1.57%), 5.82%, 9/15/2029 (g) | | |
(SOFR + 1.33%), 2.97%, 2/4/2033 (g) | | |
(SOFR + 1.91%), 5.29%, 4/25/2034 (g) | | |
(SOFR + 1.65%), 5.47%, 1/23/2035 (g) | | |
| | |
|
|
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) | | |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.10%), 2.03%, 9/30/2027 (f) (g) | | |
(SOFR + 1.62%), 5.60%, 3/20/2030 (f) (g) | | |
Bank of New Zealand (New Zealand) 5.08%, 1/30/2029 (f) | | |
Bank of Nova Scotia (The) (Canada) 4.85%, 2/1/2030 | | |
Banque Federative du Credit Mutuel SA (France) |
| | |
| | |
Barclays plc (United Kingdom) |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.30%), 2.89%, 11/24/2032 (g) | | |
(SOFR + 2.98%), 6.22%, 5/9/2034 (g) | | |
|
(SOFR + 1.22%), 2.16%, 9/15/2029 (f) (g) | | |
(SOFR + 1.52%), 5.18%, 1/9/2030 (f) (g) | | |
(SOFR + 1.59%), 5.50%, 5/20/2030 (f) (g) | | |
(SOFR + 1.88%), 5.74%, 2/20/2035 (f) (g) | | |
|
(SOFR + 1.52%), 1.65%, 10/6/2026 (f) (g) | | |
(SOFR + 2.27%), 6.71%, 10/19/2029 (f) (g) | | |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.96%), 5.72%, 1/18/2030 (f) (g) | | |
(SOFR + 1.85%), 5.94%, 5/30/2035 (f) (g) | | |
CaixaBank SA (Spain) (SOFR + 2.08%), 6.68%, 9/13/2027 (f) (g) | | |
|
(3-MONTH CME TERM SOFR + 1.41%), 3.52%, 10/27/2028 (g) | | |
(SOFR + 1.36%), 5.17%, 2/13/2030 (g) | | |
(SOFR + 1.35%), 3.06%, 1/25/2033 (g) | | |
Credit Agricole SA (France) |
| | |
(SOFR + 0.89%), 1.25%, 1/26/2027 (f) (g) | | |
(SOFR + 1.86%), 6.32%, 10/3/2029 (f) (g) | | |
(SOFR + 1.69%), 5.34%, 1/10/2030 (f) (g) | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
JPMorgan SmartRetirement® Blend 2025 Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024 (continued)
| | |
Corporate Bonds — continued |
|
Danske Bank A/S (Denmark) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.40%), 5.71%, 3/1/2030 (f) (g) | | |
DNB Bank ASA (Norway) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.68%), 1.61%, 3/30/2028 (f) (g) | | |
Federation des Caisses Desjardins du Quebec (Canada) |
| | |
| | |
Fifth Third Bancorp (SOFR + 1.84%), 5.63%, 1/29/2032 (g) | | |
HSBC Holdings plc (United Kingdom) |
(SOFR + 1.73%), 2.01%, 9/22/2028 (g) | | |
(SOFR + 3.35%), 7.39%, 11/3/2028 (g) | | |
(SOFR + 1.29%), 2.21%, 8/17/2029 (g) | | |
Huntington National Bank (The) 5.65%, 1/10/2030 | | |
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) | | |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.38%), 5.46%, 1/5/2028 (g) | | |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.75%), 5.68%, 1/5/2035 (g) | | |
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) | | |
| | |
Mizuho Financial Group, Inc. (Japan) |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.67%), 1.23%, 5/22/2027 (g) | | |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.65%), 5.78%, 7/6/2029 (g) | | |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.08%), 5.38%, 7/10/2030 (d) (g) | | |
NatWest Group plc (United Kingdom) |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.85%), 7.47%, 11/10/2026 (g) | | |
| | |
|
|
(3-MONTH SOFR + 1.75%), 4.89%, 5/18/2029 (g) | | |
(3-MONTH SOFR + 1.91%), 5.08%, 1/27/2030 (g) | | |
(3-MONTH SOFR + 1.87%), 4.45%, 5/8/2030 (g) | | |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.50%), 5.78%, 3/1/2035 (g) | | |
NatWest Markets plc (United Kingdom) 5.41%, 5/17/2029 (f) | | |
Nordea Bank Abp (Finland) 5.38%, 9/22/2027 (f) | | |
PNC Financial Services Group, Inc. (The) (SOFR + 1.93%), 5.07%, 1/24/2034 (g) | | |
Santander Holdings USA, Inc. (SOFR + 2.50%), 6.17%, 1/9/2030 (g) | | |
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) | | |
(SOFR + 2.75%), 6.83%, 11/21/2026 (g) | | |
(SOFR + 0.99%), 1.67%, 6/14/2027 (g) | | |
(SOFR + 2.60%), 6.53%, 1/10/2029 (g) | | |
Skandinaviska Enskilda Banken AB (Sweden) 5.38%, 3/5/2029 (f) | | |
Societe Generale SA (France) |
| | |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.10%), 1.49%, 12/14/2026 (f) (g) | | |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.00%), 1.79%, 6/9/2027 (f) (g) | | |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.75%), 5.63%, 1/19/2030 (f) (g) | | |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.30%), 2.89%, 6/9/2032 (f) (g) | | |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.10%), 6.07%, 1/19/2035 (f) (g) | | |
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) | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
| | |
Corporate Bonds — continued |
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.05%), 5.69%, 5/14/2028 (f) (g) | | |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.20%), 7.02%, 2/8/2030 (f) (g) | | |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.10%), 6.10%, 1/11/2035 (f) (g) | | |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.45%), 5.91%, 5/14/2035 (f) (g) | | |
Sumitomo Mitsui Financial Group, Inc. (Japan) |
| | |
| | |
Toronto-Dominion Bank (The) (Canada) |
| | |
| | |
|
(SOFR + 2.05%), 6.05%, 6/8/2027 (g) | | |
(SOFR + 2.45%), 7.16%, 10/30/2029 (g) | | |
(SOFR + 1.85%), 5.12%, 1/26/2034 (g) | | |
(SOFR + 1.92%), 5.71%, 1/24/2035 (g) | | |
UniCredit SpA (Italy) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.20%), 1.98%, 6/3/2027 (f) (g) | | |
|
| | |
(SOFR + 1.74%), 5.57%, 7/25/2029 (g) | | |
(SOFR + 1.50%), 5.20%, 1/23/2030 (g) | | |
(SOFR + 1.99%), 5.56%, 7/25/2034 (g) | | |
(SOFR + 1.78%), 5.50%, 1/23/2035 (g) | | |
(SOFR + 2.53%), 3.07%, 4/30/2041 (g) | | |
(SOFR + 2.13%), 4.61%, 4/25/2053 (g) | | |
Westpac New Zealand Ltd. (New Zealand) 5.20%, 2/28/2029 (f) | | |
| | |
|
Constellation Brands, Inc. 4.50%, 5/9/2047 | | |
Keurig Dr Pepper, Inc. Series 10, 5.20%, 3/15/2031 | | |
| | |
|
|
| | |
| | |
|
Biotechnology — continued |
| | |
| | |
Amgen, Inc. 3.00%, 1/15/2052 | | |
Gilead Sciences, Inc. 2.60%, 10/1/2040 | | |
| | |
Broadline Retail — 0.0% ^ |
Amazon.com, Inc. 3.95%, 4/13/2052 | | |
Building Products — 0.0% ^ |
Masco Corp. 2.00%, 10/1/2030 | | |
|
Bank of New York Mellon Corp. (The) |
(SOFR + 1.60%), 6.32%, 10/25/2029 (g) | | |
(SOFR + 1.85%), 6.47%, 10/25/2034 (g) | | |
Brookfield Finance, Inc. (Canada) 3.50%, 3/30/2051 | | |
Deutsche Bank AG (Germany) |
(SOFR + 1.87%), 2.13%, 11/24/2026 (g) | | |
(SOFR + 1.22%), 2.31%, 11/16/2027 (g) | | |
(SOFR + 1.59%), 5.71%, 2/8/2028 (g) | | |
| | |
Goldman Sachs Group, Inc. (The) |
| | |
(SOFR + 0.79%), 1.09%, 12/9/2026 (g) | | |
(SOFR + 1.11%), 2.64%, 2/24/2028 (g) | | |
(SOFR + 1.77%), 6.48%, 10/24/2029 (g) | | |
Macquarie Group Ltd. (Australia) |
(SOFR + 1.07%), 1.34%, 1/12/2027 (f) (g) | | |
(SOFR + 1.53%), 2.87%, 1/14/2033 (f) (g) | | |
|
(SOFR + 1.73%), 5.12%, 2/1/2029 (g) | | |
(SOFR + 1.59%), 5.16%, 4/20/2029 (g) | | |
(SOFR + 1.20%), 2.51%, 10/20/2032 (g) | | |
(SOFR + 1.73%), 5.47%, 1/18/2035 (g) | | |
(SOFR + 1.49%), 3.22%, 4/22/2042 (g) | | |
Nasdaq, Inc. 5.55%, 2/15/2034 | | |
Nomura Holdings, Inc. (Japan) 5.78%, 7/3/2034 | | |
UBS Group AG (Switzerland) |
(SOFRINDX + 0.98%), 1.31%, 2/2/2027 (f) (g) | | |
(USD SOFR ICE Swap Rate 1 Year + 1.34%), 5.62%, 9/13/2030 (f) (g) | | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
JPMorgan SmartRetirement® Blend 2025 Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024 (continued)
| | |
Corporate Bonds — continued |
|
DuPont de Nemours, Inc. 5.32%, 11/15/2038 | | |
Nutrien Ltd. (Canada) 5.00%, 4/1/2049 | | |
| | |
Commercial Services & Supplies — 0.0% ^ |
Element Fleet Management Corp. (Canada) 6.32%, 12/4/2028 (f) | | |
|
AerCap Ireland Capital DAC (Ireland) |
| | |
| | |
| | |
| | |
| | |
American Express Co. (SOFR + 1.00%), 5.10%, 2/16/2028 (g) | | |
Avolon Holdings Funding Ltd. (Ireland) |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Capital One Financial Corp. |
| | |
(SOFR + 1.91%), 5.70%, 2/1/2030 (g) | | |
(SOFR + 1.27%), 2.62%, 11/2/2032 (g) | | |
General Motors Financial Co., Inc. |
| | |
| | |
| | |
Hyundai Capital Services, Inc. (South Korea) 5.13%, 2/5/2029 (f) | | |
| | |
Consumer Staples Distribution & Retail — 0.1% |
|
| | |
| | |
Alimentation Couche-Tard, Inc. (Canada) |
| | |
| | |
| | |
|
Consumer Staples Distribution & Retail — continued |
| | |
| | |
| | |
Containers & Packaging — 0.0% ^ |
Graphic Packaging International LLC 1.51%, 4/15/2026 (f) | | |
Diversified Consumer Services — 0.0% ^ |
University of Miami Series 2022, 4.06%, 4/1/2052 | | |
Diversified REITs — 0.0% ^ |
Safehold GL Holdings LLC 2.85%, 1/15/2032 | | |
WP Carey, Inc. 2.40%, 2/1/2031 | | |
| | |
Diversified Telecommunication Services — 0.1% |
|
| | |
| | |
| | |
Sprint Capital Corp. 6.88%, 11/15/2028 | | |
Verizon Communications, Inc. 2.65%, 11/20/2040 | | |
| | |
Electric Utilities — 0.8% |
Baltimore Gas and Electric Co. |
| | |
| | |
Consumers 2023 Securitization Funding LLC Series A2, 5.21%, 9/1/2030 | | |
DTE Electric Securitization Funding II LLC Series A-2, 6.09%, 9/1/2037 | | |
Duke Energy Corp. 6.10%, 9/15/2053 | | |
Duke Energy Indiana LLC Series YYY, 3.25%, 10/1/2049 | | |
Duke Energy Progress LLC 2.90%, 8/15/2051 | | |
Duke Energy Progress SC Storm Funding LLC Series A, 5.40%, 3/1/2044 | | |
Edison International 5.75%, 6/15/2027 | | |
Electricite de France SA (France) 5.95%, 4/22/2034 (f) | | |
Emera US Finance LP (Canada) 4.75%, 6/15/2046 | | |
Entergy Arkansas LLC 2.65%, 6/15/2051 | | |
|
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
| | |
Corporate Bonds — continued |
Electric Utilities — continued |
| | |
Evergy Missouri West Storm Funding I LLC Series A-1, 5.10%, 12/1/2038 | | |
Evergy Missouri West, Inc. 5.15%, 12/15/2027 (f) | | |
Evergy, Inc. 2.90%, 9/15/2029 | | |
Fells Point Funding Trust 3.05%, 1/31/2027 (f) | | |
FirstEnergy Transmission LLC 4.55%, 4/1/2049 (f) | | |
Fortis, Inc. (Canada) 3.06%, 10/4/2026 | | |
|
| | |
| | |
Jersey Central Power & Light Co. 4.30%, 1/15/2026 (f) | | |
Massachusetts Electric Co. 4.00%, 8/15/2046 (f) | | |
MidAmerican Energy Co. 5.85%, 9/15/2054 | | |
New England Power Co. (United Kingdom) 2.81%, 10/6/2050 (f) | | |
NextEra Energy Capital Holdings, Inc. 5.55%, 3/15/2054 | | |
|
| | |
| | |
Pacific Gas and Electric Co. |
| | |
| | |
| | |
| | |
| | |
| | |
PG&E Recovery Funding LLC Series A-3, 5.54%, 7/15/2047 | | |
PG&E Wildfire Recovery Funding LLC |
Series A-2, 4.26%, 6/1/2036 | | |
Series A-4, 5.21%, 12/1/2047 | | |
Series A-5, 5.10%, 6/1/2052 | | |
Public Service Co. of Oklahoma 5.25%, 1/15/2033 | | |
Public Service Electric and Gas Co. 5.45%, 3/1/2054 | | |
|
Series A-1, 4.70%, 6/15/2040 | | |
Series A-2, 5.11%, 12/15/2047 | | |
Sigeco Securitization I LLC Series A1, 5.03%, 11/15/2036 | | |
Southern California Edison Co. |
| | |
| | |
|
Electric Utilities — continued |
| | |
Series C, 4.13%, 3/1/2048 | | |
| | |
| | |
Southern Co. (The) 5.70%, 3/15/2034 | | |
Tampa Electric Co. 4.90%, 3/1/2029 | | |
|
| | |
| | |
Vistra Operations Co. LLC 6.00%, 4/15/2034 (f) | | |
| | |
|
Take-Two Interactive Software, Inc. |
| | |
| | |
| | |
| | |
Financial Services — 0.1% |
Corebridge Financial, Inc. 3.85%, 4/5/2029 | | |
|
| | |
| | |
Nationwide Building Society (United Kingdom) (3-MONTH SOFR + 1.45%), 4.30%, 3/8/2029 (f) (g) | | |
NTT Finance Corp. (Japan) 5.14%, 7/2/2031 (f) | | |
Shell International Finance BV 3.13%, 11/7/2049 | | |
| | |
|
Bunge Ltd. Finance Corp. 2.75%, 5/14/2031 | | |
J M Smucker Co. (The) 6.20%, 11/15/2033 | | |
|
| | |
| | |
Kellanova 5.25%, 3/1/2033 | | |
|
| | |
| | |
Smithfield Foods, Inc. 3.00%, 10/15/2030 (f) | | |
Tyson Foods, Inc. 5.70%, 3/15/2034 | | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
JPMorgan SmartRetirement® Blend 2025 Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024 (continued)
| | |
Corporate Bonds — continued |
|
Atmos Energy Corp. 2.85%, 2/15/2052 | | |
CenterPoint Energy Resources Corp. 1.75%, 10/1/2030 | | |
Southern California Gas Co. 6.35%, 11/15/2052 | | |
| | |
Ground Transportation — 0.1% |
Burlington Northern Santa Fe LLC 5.50%, 3/15/2055 | | |
Canadian Pacific Railway Co. (Canada) 4.70%, 5/1/2048 | | |
CSX Corp. 3.80%, 11/1/2046 | | |
ERAC USA Finance LLC 5.20%, 10/30/2034 (f) | | |
Norfolk Southern Corp. 3.05%, 5/15/2050 | | |
Penske Truck Leasing Co. LP 6.05%, 8/1/2028 (f) | | |
Triton Container International Ltd. (Bermuda) 2.05%, 4/15/2026 (f) | | |
Union Pacific Corp. 3.55%, 8/15/2039 | | |
| | |
Health Care Equipment & Supplies — 0.0% ^ |
Boston Scientific Corp. 4.55%, 3/1/2039 | | |
DH Europe Finance II SARL 3.25%, 11/15/2039 | | |
| | |
Health Care Providers & Services — 0.2% |
AHS Hospital Corp. 5.02%, 7/1/2045 | | |
Banner Health 1.90%, 1/1/2031 | | |
Bon Secours Mercy Health, Inc. Series 20-2, 3.21%, 6/1/2050 | | |
Cencora, Inc. 5.13%, 2/15/2034 | | |
Children's Hospital of Philadelphia (The) Series 2020, 2.70%, 7/1/2050 | | |
Cigna Group (The) 5.13%, 5/15/2031 | | |
|
| | |
| | |
| | |
Elevance Health, Inc. 2.25%, 5/15/2030 | | |
|
| | |
| | |
MedStar Health, Inc. Series 20A, 3.63%, 8/15/2049 | | |
MultiCare Health System 2.80%, 8/15/2050 | | |
MyMichigan Health Series 2020, 3.41%, 6/1/2050 | | |
| | |
|
Health Care Providers & Services — continued |
PeaceHealth Obligated Group Series 2020, 3.22%, 11/15/2050 | | |
Piedmont Healthcare, Inc. 2.86%, 1/1/2052 | | |
UnitedHealth Group, Inc. 5.88%, 2/15/2053 | | |
West Virginia United Health System Obligated Group Series 2020, 3.13%, 6/1/2050 | | |
| | |
|
Alexandria Real Estate Equities, Inc. 5.25%, 5/15/2036 | | |
DOC DR LLC 2.63%, 11/1/2031 | | |
Healthcare Realty Holdings LP |
| | |
| | |
Healthpeak OP LLC 2.13%, 12/1/2028 | | |
Sabra Health Care LP 3.20%, 12/1/2031 | | |
| | |
Hotels, Restaurants & Leisure — 0.0% ^ |
Starbucks Corp. 3.35%, 3/12/2050 | | |
Independent Power and Renewable Electricity Producers — 0.0% ^ |
Constellation Energy Generation LLC |
| | |
| | |
Southern Power Co. 5.15%, 9/15/2041 | | |
| | |
Industrial Conglomerates — 0.0% ^ |
Honeywell International, Inc. 5.25%, 3/1/2054 | | |
|
|
| | |
| | |
Arthur J Gallagher & Co. 5.75%, 7/15/2054 | | |
Berkshire Hathaway Finance Corp. 3.85%, 3/15/2052 | | |
Brown & Brown, Inc. 2.38%, 3/15/2031 | | |
CNA Financial Corp. 5.13%, 2/15/2034 | | |
Corebridge Global Funding 5.90%, 9/19/2028 (f) | | |
Empower Finance 2020 LP (Canada) 3.08%, 9/17/2051 (f) | | |
F&G Annuities & Life, Inc. 6.50%, 6/4/2029 | | |
F&G Global Funding 5.88%, 6/10/2027 (f) | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
| | |
Corporate Bonds — continued |
|
Fidelity & Guaranty Life Holdings, Inc. 5.50%, 5/1/2025 (f) | | |
High Street Funding Trust I 4.11%, 2/15/2028 (f) | | |
Nationwide Mutual Insurance Co. 8.25%, 12/1/2031 (f) | | |
New York Life Insurance Co. 3.75%, 5/15/2050 (f) | | |
Northwestern Mutual Global Funding |
| | |
| | |
Teachers Insurance & Annuity Association of America |
| | |
| | |
| | |
Interactive Media & Services — 0.0% ^ |
Meta Platforms, Inc. 5.60%, 5/15/2053 | | |
|
CGI, Inc. (Canada) 1.45%, 9/14/2026 | | |
|
Otis Worldwide Corp. 3.11%, 2/15/2040 | | |
|
Charter Communications Operating LLC |
| | |
| | |
| | |
|
| | |
| | |
| | |
Discovery Communications LLC 3.63%, 5/15/2030 | | |
| | |
|
Corp. Nacional del Cobre de Chile (Chile) 6.44%, 1/26/2036 (f) | | |
Glencore Funding LLC (Australia) |
| | |
| | |
South32 Treasury Ltd. (Australia) 4.35%, 4/14/2032 (f) | | |
Steel Dynamics, Inc. 1.65%, 10/15/2027 | | |
| | |
|
Berkshire Hathaway Energy Co. 2.85%, 5/15/2051 | | |
| | |
|
Multi-Utilities — continued |
DTE Energy Co. 5.10%, 3/1/2029 | | |
Engie SA (France) 5.63%, 4/10/2034 (f) | | |
NiSource, Inc. 5.20%, 7/1/2029 | | |
Public Service Enterprise Group, Inc. 5.45%, 4/1/2034 | | |
San Diego Gas & Electric Co. 2.95%, 8/15/2051 | | |
Southern Co. Gas Capital Corp. Series 21A, 3.15%, 9/30/2051 | | |
| | |
|
COPT Defense Properties LP 2.75%, 4/15/2031 | | |
Oil, Gas & Consumable Fuels — 0.4% |
Boardwalk Pipelines LP 4.45%, 7/15/2027 | | |
BP Capital Markets America, Inc. 2.77%, 11/10/2050 | | |
Cheniere Energy, Inc. 5.65%, 4/15/2034 (f) | | |
Columbia Pipelines Holding Co. LLC 5.68%, 1/15/2034 (f) | | |
Coterra Energy, Inc. 3.90%, 5/15/2027 | | |
|
| | |
| | |
Energy Transfer LP 5.00%, 5/15/2044 (h) | | |
Eni SpA (Italy) 5.95%, 5/15/2054 (f) | | |
Enterprise Products Operating LLC 4.45%, 2/15/2043 | | |
Exxon Mobil Corp. 3.00%, 8/16/2039 | | |
Flex Intermediate Holdco LLC |
| | |
| | |
Galaxy Pipeline Assets Bidco Ltd. (United Arab Emirates) 2.94%, 9/30/2040 (f) | | |
|
| | |
| | |
|
| | |
| | |
|
| | |
| | |
NGPL PipeCo LLC 3.25%, 7/15/2031 (f) | | |
Northern Natural Gas Co. 5.63%, 2/1/2054 (f) | | |
Ovintiv, Inc. 6.25%, 7/15/2033 | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
JPMorgan SmartRetirement® Blend 2025 Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024 (continued)
| | |
Corporate Bonds — continued |
Oil, Gas & Consumable Fuels — continued |
Phillips 66 Co. 3.55%, 10/1/2026 | | |
TotalEnergies Capital International SA (France) 2.99%, 6/29/2041 | | |
TransCanada PipeLines Ltd. (Canada) 5.85%, 3/15/2036 | | |
| | |
Passenger Airlines — 0.0% ^ |
United Airlines Pass-Through Trust Series 2016-2, Class A Shares, 3.10%, 10/7/2028 | | |
Personal Care Products — 0.0% ^ |
Haleon US Capital LLC 4.00%, 3/24/2052 | | |
|
AstraZeneca plc (United Kingdom) 6.45%, 9/15/2037 | | |
|
| | |
| | |
| | |
Eli Lilly & Co. 5.00%, 2/9/2054 | | |
|
| | |
| | |
| | |
Pfizer Investment Enterprises Pte. Ltd. 5.30%, 5/19/2053 | | |
Takeda Pharmaceutical Co. Ltd. (Japan) |
| | |
| | |
Zoetis, Inc. 5.60%, 11/16/2032 | | |
| | |
Professional Services — 0.0% ^ |
Verisk Analytics, Inc. 5.75%, 4/1/2033 | | |
Residential REITs — 0.0% ^ |
Essex Portfolio LP 5.50%, 4/1/2034 | | |
|
| | |
| | |
| | |
|
Brixmor Operating Partnership LP |
| | |
| | |
| | |
|
|
|
| | |
| | |
Realty Income Corp. 1.80%, 3/15/2033 | | |
| | |
Semiconductors & Semiconductor Equipment — 0.2% |
Analog Devices, Inc. 2.80%, 10/1/2041 | | |
|
| | |
| | |
Foundry JV Holdco LLC 6.25%, 1/25/2035 (f) | | |
Intel Corp. 5.70%, 2/10/2053 | | |
KLA Corp. 3.30%, 3/1/2050 | | |
NXP BV (China) 3.25%, 5/11/2041 | | |
Texas Instruments, Inc. 5.05%, 5/18/2063 | | |
TSMC Global Ltd. (Taiwan) 1.38%, 9/28/2030 (f) | | |
| | |
|
Intuit, Inc. 5.50%, 9/15/2053 | | |
|
| | |
| | |
Roper Technologies, Inc. 1.75%, 2/15/2031 | | |
|
| | |
| | |
| | |
|
|
| | |
| | |
| | |
Crown Castle, Inc. 5.80%, 3/1/2034 | | |
CubeSmart LP 2.00%, 2/15/2031 | | |
Equinix, Inc. 2.90%, 11/18/2026 | | |
|
| | |
| | |
| | |
Specialty Retail — 0.0% ^ |
Home Depot, Inc. (The) 3.63%, 4/15/2052 | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
| | |
Corporate Bonds — continued |
Technology Hardware, Storage & Peripherals — 0.1% |
Apple, Inc. 2.70%, 8/5/2051 | | |
Dell International LLC 6.20%, 7/15/2030 | | |
| | |
|
Altria Group, Inc. 2.45%, 2/4/2032 | | |
BAT Capital Corp. (United Kingdom) |
| | |
| | |
| | |
|
American Water Capital Corp. 5.45%, 3/1/2054 | | |
Wireless Telecommunication Services — 0.1% |
America Movil SAB de CV (Mexico) 2.88%, 5/7/2030 | | |
Rogers Communications, Inc. (Canada) |
| | |
| | |
|
| | |
| | |
Vodafone Group plc (United Kingdom) 5.75%, 6/28/2054 | | |
| | |
Total Corporate Bonds
(Cost $144,101) | | |
Asset-Backed Securities — 3.4% |
Accelerated LLC Series 2021-1H, Class B, 1.90%, 10/20/2040 (f) | | |
ACRE Commercial Mortgage Ltd. | | |
Series 2021-FL4, Class A, 6.28%, 12/18/2037 (e) (f) | | |
Series 2021-FL4, Class AS, 6.55%, 12/18/2037 (e) (f) | | |
Aligned Data Centers Issuer LLC Series 2021-1A, Class A2, 1.94%, 8/15/2046 (f) | | |
American Airlines Pass-Through Trust | | |
Series 2016-2, Class AA, 3.20%, 6/15/2028 | | |
Series 2016-3, Class AA, 3.00%, 10/15/2028 | | |
Series 2021-1, Class B, 3.95%, 7/11/2030 | | |
American Credit Acceptance Receivables Trust Series 2024-1, Class D, 5.86%, 5/13/2030 (f) | | |
| | |
|
| | |
Series 2020-SFR2, Class E1, 4.03%, 7/17/2037 (f) | | |
Series 2020-SFR3, Class E2, 2.76%, 9/17/2037 (f) | | |
Series 2020-SFR4, Class D, 2.01%, 11/17/2037 (f) | | |
Series 2020-SFR4, Class E2, 2.46%, 11/17/2037 (f) | | |
Series 2021-SFR2, Class E2, 2.58%, 8/17/2038 (f) | | |
Series 2024-SFR1, Class D, 4.29%, 7/17/2041 (d) (f) | | |
Aqua Finance Trust Series 2020-AA, Class C, 3.97%, 7/17/2046 (f) | | |
Arivo Acceptance Auto Loan Receivables Trust Series 2021-1A, Class A, 1.19%, 1/15/2027 (f) | | |
Avis Budget Rental Car Funding AESOP LLC | | |
Series 2024-2A, Class B, 5.57%, 10/20/2028 (f) | | |
Series 2024-1A, Class A, 5.36%, 6/20/2030 (f) | | |
Bridgecrest Lending Auto Securitization Trust | | |
Series 2024-1, Class D, 6.03%, 11/15/2029 | | |
Series 2024-2, Class C, 6.07%, 2/15/2030 | | |
Business Jet Securities LLC | | |
Series 2021-1A, Class A, 2.16%, 4/15/2036 ‡ (f) | | |
Series 2021-1A, Class B, 2.92%, 4/15/2036 ‡ (f) | | |
Series 2022-1A, Class A, 4.46%, 6/15/2037 ‡ (f) | | |
BXG Receivables Note Trust Series 2020-A, Class A, 1.55%, 2/28/2036 (f) | | |
Carvana Auto Receivables Trust Series 2020-P1, Class C, 1.32%, 11/9/2026 | | |
Cascade MH Asset Trust Series 2021-MH1, Class A1, 1.75%, 2/25/2046 (f) | | |
Continental Finance Credit Card ABS Master Trust Series 2020-1A, Class A, 2.24%, 12/15/2028 (f) | | |
Credit Acceptance Auto Loan Trust | | |
Series 2023-5A, Class B, 6.71%, 2/15/2034 (f) | | |
Series 2024-2A, Class C, 6.70%, 10/16/2034 (f) | | |
CVS Pass-Through Trust Series 2014, 4.16%, 8/11/2036 (f) | | |
DataBank Issuer Series 2021-1A, Class A2, 2.06%, 2/27/2051 (f) | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
JPMorgan SmartRetirement® Blend 2025 Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024 (continued)
| | |
Asset-Backed Securities — continued |
Delta Air Lines Pass-Through Trust Series 2020-1, Class A, 2.50%, 6/10/2028 | | |
Diamond Resorts Owner Trust | | |
Series 2021-1A, Class A, 1.51%, 11/21/2033 (f) | | |
Series 2021-1A, Class C, 2.70%, 11/21/2033 (f) | | |
Drive Auto Receivables Trust Series 2024-1, Class C, 5.43%, 11/17/2031 | | |
| | |
Series 2022-2A, Class D, 5.46%, 3/15/2028 (f) | | |
Series 2023-1A, Class C, 5.55%, 10/16/2028 (f) | | |
Series 2023-2A, Class D, 6.62%, 2/15/2029 (f) | | |
Elara HGV Timeshare Issuer LLC | | |
Series 2021-A, Class B, 1.74%, 8/27/2035 (f) | | |
Series 2021-A, Class C, 2.09%, 8/27/2035 (f) | | |
Enterprise Fleet Financing LLC Series 2024-1, Class A3, 5.16%, 9/20/2030 (f) | | |
Exeter Automobile Receivables Trust | | |
Series 2022-5A, Class C, 6.51%, 12/15/2027 | | |
Series 2023-5A, Class C, 6.85%, 1/16/2029 | | |
Series 2024-1A, Class D, 5.84%, 6/17/2030 | | |
FHF Issuer Trust Series 2024-1A, Class A2, 5.69%, 2/15/2030 (f) | | |
| | |
Series 2021-2A, Class A, 0.83%, 12/15/2026 (f) | | |
Series 2021-1A, Class A, 1.27%, 3/15/2027 (f) | | |
Series 2023-1A, Class A2, 6.57%, 6/15/2028 (f) | | |
| | |
Series 2021-SFR2, Class E1, 2.26%, 9/17/2038 (f) | | |
Series 2022-SFR1, Class E1, 5.00%, 5/19/2039 (f) | | |
Flagship Credit Auto Trust Series 2020-4, Class C, 1.28%, 2/16/2027 (f) | | |
FMC GMSR Issuer Trust Series 2021-GT2, Class A, 3.85%, 10/25/2026 (e) (f) | | |
Foundation Finance Trust Series 2023-2A, Class A, 6.53%, 6/15/2049 (f) | | |
GLS Auto Select Receivables Trust | | |
Series 2024-3A, Class A2, 5.59%, 10/15/2029 (f) | | |
Series 2024-1A, Class C, 5.69%, 3/15/2030 (f) | | |
| | |
|
GreatAmerica Leasing Receivables Funding LLC Series 2024-1, Class A4, 5.08%, 12/16/2030 (f) | | |
| | |
Series 2024-A, Class B, 5.84%, 3/15/2043 (f) | | |
Series 2024-A, Class C, 6.32%, 3/15/2043 (f) | | |
Home Partners of America Trust | | |
Series 2021-2, Class C, 2.40%, 12/17/2026 (f) | | |
Series 2021-3, Class D, 3.00%, 1/17/2041 (f) | | |
Huntington Bank Auto Credit-Linked Notes Series 2024-1, Class B1, 6.15%, 5/20/2032 (f) | | |
JetBlue Pass-Through Trust Series 2020-1, Class B, 7.75%, 11/15/2028 | | |
LAD Auto Receivables Trust Series 2023-4A, Class C, 6.76%, 3/15/2029 (f) | | |
Lendbuzz Securitization Trust Series 2021-1A, Class A, 1.46%, 6/15/2026 (f) | | |
Mariner Finance Issuance Trust Series 2021-AA, Class A, 1.86%, 3/20/2036 (f) | | |
| | |
Series 2021-2A, Class C, 2.23%, 5/20/2039 (f) | | |
Series 2021-1WA, Class B, 1.44%, 1/22/2041 (f) | | |
Series 2024-1A, Class B, 5.51%, 2/20/2043 (f) | | |
NRZ Excess Spread-Collateralized Notes | | |
Series 2020-PLS1, Class A, 3.84%, 12/25/2025 (f) | | |
Series 2021-FNT1, Class A, 2.98%, 3/25/2026 (f) | | |
Series 2021-FNT2, Class A, 3.23%, 5/25/2026 (f) | | |
| | |
Series 2021-1A, Class A, 0.93%, 3/22/2027 (f) | | |
Series 2021-2A, Class C, 2.53%, 5/21/2029 (f) | | |
Series 2023-3A, Class B, 6.48%, 7/20/2029 (f) | | |
Series 2024-2A, Class C, 5.90%, 7/20/2032 (f) | | |
OneMain Financial Issuance Trust Series 2020-2A, Class D, 3.45%, 9/14/2035 (f) | | |
| | |
Series 2024-1A, Class A, 6.33%, 4/8/2031 (f) | | |
Series 2021-B, Class A, 1.47%, 5/8/2031 (f) | | |
Pagaya AI Debt Selection Trust Series 2021-HG1, Class A, 1.22%, 1/16/2029 (f) | | |
Pagaya AI Technology in Housing Trust Series 2023-1, Class C, 3.60%, 10/25/2040 (f) | | |
PRET LLC Series 2021-RN4, Class A1, 2.49%, 10/25/2051 (e) (f) | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
| | |
Asset-Backed Securities — continued |
Pretium Mortgage Credit Partners I LLC | | |
Series 2021-NPL1, Class A1, 5.24%, 9/27/2060 (f) (h) | | |
Series 2021-NPL4, Class A1, 2.36%, 10/27/2060 (f) (h) | | |
Progress Residential Trust | | |
Series 2020-SFR3, Class A, 1.29%, 10/17/2027 (f) | | |
Series 2020-SFR3, Class B, 1.50%, 10/17/2027 (f) | | |
Series 2020-SFR2, Class D, 3.87%, 6/17/2037 (f) | | |
Series 2021-SFR2, Class D, 2.20%, 4/19/2038 (f) | | |
Series 2024-SFR1, Class E1, 3.85%, 2/17/2041 (f) | | |
Series 2024-SFR2, Class D, 3.40%, 4/17/2041 (e) (f) | | |
Series 2024-SFR2, Class E1, 3.40%, 4/17/2041 (e) (f) | | |
PRPM LLC Series 2021-10, Class A1, 2.49%, 10/25/2026 (f) (h) | | |
Purchasing Power Funding LLC Series 2024-A, Class B, 6.43%, 8/15/2028 (f) | | |
Regional Management Issuance Trust Series 2021-1, Class A, 1.68%, 3/17/2031 (f) | | |
Republic Finance Issuance Trust | | |
Series 2020-A, Class A, 2.47%, 11/20/2030 (f) | | |
Series 2021-A, Class A, 2.30%, 12/22/2031 (f) | | |
Santander Consumer Auto Receivables Trust Series 2021-AA, Class B, 0.71%, 8/17/2026 (f) | | |
SCF Equipment Leasing LLC | | |
Series 2022-2A, Class C, 6.50%, 8/20/2032 (f) | | |
Series 2024-1A, Class C, 5.82%, 9/20/2032 (f) | | |
Series 2024-1A, Class D, 6.58%, 6/21/2033 (f) | | |
Series 2023-1A, Class C, 6.77%, 8/22/2033 (f) | | |
SFS Auto Receivables Securitization Trust Series 2024-1A, Class C, 5.51%, 1/20/2032 (f) | | |
Sierra Timeshare Receivables Funding LLC | | |
Series 2021-1A, Class B, 1.34%, 11/20/2037 (f) | | |
Series 2021-2A, Class B, 1.80%, 9/20/2038 (f) | | |
Series 2024-1A, Class C, 5.94%, 1/20/2043 (f) | | |
Tricolor Auto Securitization Trust Series 2024-1A, Class B, 6.53%, 12/15/2027 (f) | | |
| | |
|
| | |
Series 2024-SFR2, Class A, 4.75%, 6/17/2040 (f) | | |
Series 2023-SFR2, Class C, 5.00%, 12/17/2040 (f) | | |
United Airlines Pass-Through Trust | | |
Series 2016-2, Class B, 3.65%, 10/7/2025 | | |
Series 2019-2, Class B, 3.50%, 5/1/2028 | | |
Series 2016-1, Class A, 3.45%, 7/7/2028 | | |
Series 2018-1, Class A, 3.70%, 3/1/2030 | | |
Upstart Pass-Through Trust Series 2021-ST2, Class A, 2.50%, 4/20/2027 (f) | | |
| | |
Series 2021-NPL1, Class A1, 5.29%, 12/26/2050 (f) (h) | | |
Series 2021-NPL2, Class A1, 5.11%, 3/27/2051 (f) (h) | | |
VOLT XCII LLC Series 2021-NPL1, Class A1, 4.89%, 2/27/2051 (f) (h) | | |
VOLT XCIII LLC Series 2021-NPL2, Class A1, 4.89%, 2/27/2051 (f) (h) | | |
VOLT XCIV LLC Series 2021-NPL3, Class A1, 5.24%, 2/27/2051 (f) (h) | | |
VOLT XCIX LLC Series 2021-NPL8, Class A1, 5.12%, 4/25/2051 (f) (h) | | |
VOLT XCV LLC Series 2021-NPL4, Class A1, 5.24%, 3/27/2051 (f) (h) | | |
VOLT XCVI LLC Series 2021-NPL5, Class A1, 5.12%, 3/27/2051 (f) (h) | | |
VOLT XCVII LLC Series 2021-NPL6, Class A1, 5.24%, 4/25/2051 (f) (h) | | |
| | |
Series 2022-1A, Class B, 2.29%, 8/20/2036 (f) | | |
Series 2024-1A, Class B, 6.56%, 1/20/2038 (f) | | |
Series 2024-1A, Class C, 7.06%, 1/20/2038 (f) | | |
Westlake Automobile Receivables Trust | | |
Series 2024-1A, Class A2A, 5.62%, 3/15/2027 (f) | | |
Series 2023-4A, Class C, 6.64%, 11/15/2028 (f) | | |
World Financial Network Credit Card Master Trust Series 2023-A, Class A, 5.02%, 3/15/2030 | | |
Total Asset-Backed Securities
(Cost $67,945) | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
JPMorgan SmartRetirement® Blend 2025 Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024 (continued)
| | |
Collateralized Mortgage Obligations — 1.0% |
Connecticut Avenue Securities Trust Series 2023-R06, Class 1M2, 8.04%, 7/25/2043 (e) (f) | | |
CSMC Trust Series 2021-RPL1, Class A1, 4.05%, 9/27/2060 (e) (f) | | |
FHLMC Seasoned Credit Risk Transfer Trust | | |
Series 2018-1, Class MA, 3.00%, 5/25/2057 | | |
Series 2018-1, Class M60C, 3.50%, 5/25/2057 | | |
Series 2019-1, Class MT, 3.50%, 7/25/2058 | | |
Series 2019-1, Class M55D, 4.00%, 7/25/2058 | | |
Series 2019-2, Class M55D, 4.00%, 8/25/2058 | | |
Series 2019-3, Class M55D, 4.00%, 10/25/2058 | | |
Series 2020-3, Class M5TW, 3.00%, 5/25/2060 | | |
Series 2020-3, Class TTW, 3.00%, 5/25/2060 | | |
Series 2022-1, Class MTU, 3.25%, 11/25/2061 | | |
| | |
Series 5171, Class NI, IO, 3.00%, 7/25/2051 | | |
Series 5225, Class QL, 4.00%, 5/25/2052 | | |
FNMA Trust, Whole Loan Series 2002-W8, Class A1, 6.50%, 6/25/2042 | | |
FNMA, Grantor Trust, Whole Loan Series 2001-T12, Class A1, 6.50%, 8/25/2041 | | |
| | |
Series 2018-72, Class VB, 3.50%, 10/25/2031 | | |
Series 2014-52, Class BW, 3.00%, 9/25/2044 | | |
Series 2020-54, Class MA, 1.50%, 8/25/2050 | | |
Series 2022-4, Class TA, 1.00%, 4/25/2051 | | |
Series 2022-46, Class GZ, 4.50%, 7/25/2052 | | |
Series 2018-75, Class UZ, 4.00%, 10/25/2058 | | |
FNMA, REMIC Trust, Whole Loan Series 2002-W3, Class A4, 6.50%, 11/25/2041 | | |
| | |
Series 2009-35, Class BZ, 6.00%, 5/16/2039 | | |
Series 2022-93, Class JZ, 4.50%, 5/20/2052 | | |
Series 2015-H11, Class FC, 5.99%, 5/20/2065 (e) | | |
Series 2021-H14, Class YD, 7.84%, 6/20/2071 (e) | | |
Legacy Mortgage Asset Trust Series 2021-GS1, Class A1, 4.89%, 10/25/2066 (f) (h) | | |
New Residential Mortgage Loan Trust Series 2024-RTL1, Class A1, 6.66%, 3/25/2039 (f) (h) | | |
| | |
|
Towd Point Mortgage Trust Series 2021-R1, Class A1, 2.92%, 11/30/2060 (e) (f) | | |
Total Collateralized Mortgage Obligations
(Cost $20,853) | | |
Commercial Mortgage-Backed Securities — 0.6% |
BXP Trust Series 2017-GM, Class A, 3.38%, 6/13/2039 (f) | | |
FHLMC, Multi-Family Structured Credit Risk | | |
Series 2021-MN2, Class M1, 7.14%, 7/25/2041 (e) (f) | | |
Series 2021-MN1, Class M1, 7.34%, 1/25/2051 (e) (f) | | |
FHLMC, Multi-Family Structured Pass-Through Certificates | | |
Series K727, Class X1, IO, 0.71%, 7/25/2024 (e) | | |
Series K-1511, Class A1, 3.28%, 10/25/2030 | | |
Series K754, Class AM, 4.94%, 11/25/2030 (e) | | |
Series K-1510, Class A2, 3.72%, 1/25/2031 | | |
Series K-150, Class A2, 3.71%, 9/25/2032 (e) | | |
| | |
Series 2018-M3, Class A2, 3.17%, 2/25/2030 (e) | | |
Series 2021-M11, Class A2, 1.51%, 3/25/2031 (e) | | |
Series 2022-M1S, Class A2, 2.15%, 4/25/2032 (e) | | |
Series 2023-M8, Class A2, 4.62%, 3/25/2033 (e) | | |
Series 2024-M2, Class A2, 3.75%, 8/25/2033 | | |
Series 2021-M3, Class 1A1, 1.00%, 11/25/2033 | | |
Series 2021-M3, Class X1, IO, 2.03%, 11/25/2033 (e) | | |
| | |
Series 2017-KGX1, Class BFX, 3.71%, 10/25/2027 (e) (f) | | |
Series 2015-K48, Class C, 3.77%, 8/25/2048 (e) (f) | | |
Series 2016-K56, Class B, 4.09%, 6/25/2049 (e) (f) | | |
Series 2017-K728, Class C, 3.84%, 11/25/2050 (e) (f) | | |
Multi-Family Connecticut Avenue Securities Trust Series 2023-01, Class M7, 9.34%, 11/25/2053 (e) (f) | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
| | |
Commercial Mortgage-Backed Securities — continued |
SLG Office Trust Series 2021-OVA, Class A, 2.59%, 7/15/2041 (f) | | |
Total Commercial Mortgage-Backed Securities
(Cost $12,243) | | |
Foreign Government Securities — 0.1% |
Kingdom of Saudi Arabia 2.25%, 2/2/2033 (f) | | |
Republic of Peru 2.78%, 12/1/2060 | | |
| | |
| | |
| | |
Total Foreign Government Securities
(Cost $1,283) | | |
Municipal Bonds — 0.0% (i) ^ |
|
Texas Natural Gas Securitization Finance Corp., Customer Rate Relief Bonds Series 2023A-2, Rev., 5.17%, 4/1/2041 (Cost $195) | | |
| | |
Short-Term Investments — 2.6% |
Investment Companies — 2.6% |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (a) (j)
(Cost $50,752) | | |
Total Investments — 100.7%
(Cost $1,692,824) | | |
Liabilities in Excess of Other Assets — (0.7)% | | |
| | |
Percentages indicated are based on net assets. |
| |
| |
| Alternative Credit Enhancement Securities |
| Chicago Mercantile Exchange |
| Credit Suisse Mortgage Trust |
| |
| Federal Home Loan Mortgage Corp. |
| Federal National Mortgage Association |
| Government National Mortgage Association |
| Intercontinental Exchange |
| 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. |
| Real Estate Investment Trust |
| Real Estate Mortgage Investment Conduit |
| |
| Secured Overnight Financing Rate |
| Compounding index of the Secured Overnight Financing Rate |
| 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. |
| To Be Announced; Security is subject to delayed delivery. |
| Uniform Mortgage-Backed Securities |
| |
| Amount rounds to less than 0.1% of net assets. |
| Value determined using significant unobservable inputs. | |
| 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. | |
| All or a portion of this security is deposited with the broker as initial margin for futures contracts. | |
| The rate shown is the effective yield as of June 30, 2024. | |
| All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment. | |
| 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 June 30, 2024. | |
| Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. | |
| Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of June 30, 2024. | |
| 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 June 30, 2024. | |
| The date shown represents the earliest of the prerefunded date, next put date or final maturity date. | |
| The rate shown is the current yield as of June 30, 2024. | |
Detailed information about investment portfolios of the Underlying Funds, as defined in the Notes to Financial Statements, and ETFs can be found in the financial statements filed with the Securities and Exchange Commission (SEC)
SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
JPMorgan SmartRetirement® Blend 2025 Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024 (continued)
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 June 30, 2024 (amounts in thousands, except number of contracts):
| | | | | VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($) |
| | | | | |
U.S. Treasury 2 Year Note | | | | | |
U.S. Treasury 5 Year Note | | | | | |
| | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
JPMorgan SmartRetirement® Blend 2030 Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024
| | |
Investment Companies — 47.7% |
|
JPMorgan Core Plus Bond Fund Class R6 Shares (a) | | |
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a) | | |
JPMorgan High Yield Fund Class R6 Shares (a) | | |
| | |
International Equity — 2.7% |
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a) | | |
|
JPMorgan Equity Index Fund Class R6 Shares (a) | | |
Total Investment Companies
(Cost $872,372) | | |
Exchange-Traded Funds — 27.8% |
Alternative Assets — 1.2% |
JPMorgan BetaBuilders MSCI US REIT ETF (a) | | |
|
JPMorgan BetaBuilders U.S. Aggregate Bond ETF (a) | | |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF (a) | | |
JPMorgan Inflation Managed Bond ETF (a) | | |
| | |
International Equity — 16.6% |
JPMorgan BetaBuilders Emerging Markets Equity ETF (a) | | |
JPMorgan BetaBuilders International Equity ETF (a) | | |
Total International Equity | | |
|
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (a) | | |
JPMorgan BetaBuilders U.S. Small Cap Equity ETF (a) | | |
| | |
Total Exchange-Traded Funds
(Cost $607,825) | | |
| | |
U.S. Treasury Obligations — 6.3% |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
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| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
U.S. Treasury STRIPS Bonds | | |
| | |
| | |
Total U.S. Treasury Obligations
(Cost $177,129) | | |
|
Aerospace & Defense — 0.2% |
|
| | |
| | |
| | |
| | |
L3Harris Technologies, Inc. |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
JPMorgan SmartRetirement® Blend 2030 Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024 (continued)
| | |
Corporate Bonds — continued |
Aerospace & Defense — continued |
| | |
Leidos, Inc. 5.75%, 3/15/2033 | | |
|
| | |
| | |
|
| | |
| | |
| | |
| | |
|
General Motors Co. 6.80%, 10/1/2027 | | |
|
| | |
| | |
| | |
|
ABN AMRO Bank NV (Netherlands) |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.55%), 6.58%, 10/13/2026 (d) (e) | | |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.65%), 6.34%, 9/18/2027 (d) (e) | | |
AIB Group plc (Ireland) (SOFR + 2.33%), 6.61%, 9/13/2029 (d) (e) | | |
ANZ New Zealand Int'l Ltd. (New Zealand) 5.36%, 8/14/2028 (d) | | |
Banco Santander SA (Spain) |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.90%), 1.72%, 9/14/2027 (e) | | |
| | |
|
(SOFR + 1.01%), 1.20%, 10/24/2026 (e) | | |
(SOFR + 1.29%), 5.08%, 1/20/2027 (e) | | |
(SOFR + 1.05%), 2.55%, 2/4/2028 (e) | | |
(3-MONTH CME TERM SOFR + 1.77%), 3.71%, 4/24/2028 (e) | | |
(SOFR + 1.58%), 4.38%, 4/27/2028 (e) | | |
(SOFR + 1.63%), 5.20%, 4/25/2029 (e) | | |
(SOFR + 1.57%), 5.82%, 9/15/2029 (e) | | |
(SOFR + 1.33%), 2.97%, 2/4/2033 (e) | | |
(SOFR + 1.91%), 5.29%, 4/25/2034 (e) | | |
| | |
|
|
(SOFR + 1.65%), 5.47%, 1/23/2035 (e) | | |
Bank of Ireland Group plc (Ireland) |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.65%), 6.25%, 9/16/2026 (d) (e) | | |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.10%), 2.03%, 9/30/2027 (d) (e) | | |
(SOFR + 1.62%), 5.60%, 3/20/2030 (d) (e) | | |
Bank of New Zealand (New Zealand) 5.08%, 1/30/2029 (d) | | |
Banque Federative du Credit Mutuel SA (France) |
| | |
| | |
Barclays plc (United Kingdom) |
(SOFR + 1.88%), 6.50%, 9/13/2027 (e) | | |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.30%), 2.89%, 11/24/2032 (e) | | |
|
(SOFR + 1.22%), 2.16%, 9/15/2029 (d) (e) | | |
(SOFR + 1.52%), 5.18%, 1/9/2030 (d) (e) | | |
(SOFR + 1.59%), 5.50%, 5/20/2030 (d) (e) | | |
(SOFR + 1.88%), 5.74%, 2/20/2035 (d) (e) | | |
|
(SOFR + 1.52%), 1.65%, 10/6/2026 (d) (e) | | |
(SOFR + 2.10%), 5.98%, 1/18/2027 (d) (e) | | |
(SOFR + 2.27%), 6.71%, 10/19/2029 (d) (e) | | |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.96%), 5.72%, 1/18/2030 (d) (e) | | |
(SOFR + 1.85%), 5.94%, 5/30/2035 (d) (e) | | |
CaixaBank SA (Spain) (SOFR + 2.08%), 6.68%, 9/13/2027 (d) (e) | | |
|
(3-MONTH CME TERM SOFR + 1.65%), 3.67%, 7/24/2028 (e) | | |
(3-MONTH CME TERM SOFR + 1.41%), 3.52%, 10/27/2028 (e) | | |
(SOFR + 1.36%), 5.17%, 2/13/2030 (e) | | |
(SOFR + 1.17%), 2.56%, 5/1/2032 (e) | | |
(SOFR + 1.35%), 3.06%, 1/25/2033 (e) | | |
Credit Agricole SA (France) |
| | |
(SOFR + 0.89%), 1.25%, 1/26/2027 (d) (e) | | |
(SOFR + 1.86%), 6.32%, 10/3/2029 (d) (e) | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
| | |
Corporate Bonds — continued |
|
(SOFR + 1.69%), 5.34%, 1/10/2030 (d) (e) | | |
Danske Bank A/S (Denmark) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.40%), 5.71%, 3/1/2030 (d) (e) | | |
DNB Bank ASA (Norway) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.68%), 1.61%, 3/30/2028 (d) (e) | | |
Federation des Caisses Desjardins du Quebec (Canada) |
| | |
| | |
Fifth Third Bancorp (SOFR + 1.84%), 5.63%, 1/29/2032 (e) | | |
HSBC Holdings plc (United Kingdom) |
(SOFR + 1.73%), 2.01%, 9/22/2028 (e) | | |
(SOFR + 3.35%), 7.39%, 11/3/2028 (e) | | |
(SOFR + 1.29%), 2.21%, 8/17/2029 (e) | | |
Huntington National Bank (The) 5.65%, 1/10/2030 | | |
Lloyds Banking Group plc (United Kingdom) |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.85%), 1.63%, 5/11/2027 (e) | | |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.38%), 5.46%, 1/5/2028 (e) | | |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.07%), 5.72%, 6/5/2030 (e) | | |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.75%), 5.68%, 1/5/2035 (e) | | |
Mitsubishi UFJ Financial Group, Inc. (Japan) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.75%), 1.54%, 7/20/2027 (e) | | |
Mizuho Financial Group, Inc. (Japan) |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.67%), 1.23%, 5/22/2027 (e) | | |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.65%), 5.78%, 7/6/2029 (e) | | |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.08%), 5.38%, 7/10/2030 (e) (f) | | |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.65%), 5.74%, 5/27/2031 (e) | | |
| | |
|
|
NatWest Group plc (United Kingdom) |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.85%), 7.47%, 11/10/2026 (e) | | |
(3-MONTH SOFR + 1.91%), 5.08%, 1/27/2030 (e) | | |
(3-MONTH SOFR + 1.87%), 4.45%, 5/8/2030 (e) | | |
NatWest Markets plc (United Kingdom) 5.41%, 5/17/2029 (d) | | |
Nordea Bank Abp (Finland) 5.38%, 9/22/2027 (d) | | |
PNC Financial Services Group, Inc. (The) (SOFR + 1.93%), 5.07%, 1/24/2034 (e) | | |
Santander Holdings USA, Inc. (SOFR + 2.50%), 6.17%, 1/9/2030 (e) | | |
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 (e) | | |
(SOFR + 2.75%), 6.83%, 11/21/2026 (e) | | |
(SOFR + 0.99%), 1.67%, 6/14/2027 (e) | | |
(SOFR + 2.60%), 6.53%, 1/10/2029 (e) | | |
Skandinaviska Enskilda Banken AB (Sweden) 5.38%, 3/5/2029 (d) | | |
Societe Generale SA (France) |
| | |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.10%), 1.49%, 12/14/2026 (d) (e) | | |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.00%), 1.79%, 6/9/2027 (d) (e) | | |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.75%), 5.63%, 1/19/2030 (d) (e) | | |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.30%), 2.89%, 6/9/2032 (d) (e) | | |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.10%), 6.07%, 1/19/2035 (d) (e) | | |
Standard Chartered plc (United Kingdom) |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.00%), 1.46%, 1/14/2027 (d) (e) | | |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.85%), 6.19%, 7/6/2027 (d) (e) | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
JPMorgan SmartRetirement® Blend 2030 Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024 (continued)
| | |
Corporate Bonds — continued |
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.05%), 5.69%, 5/14/2028 (d) (e) | | |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.20%), 7.02%, 2/8/2030 (d) (e) | | |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.10%), 6.10%, 1/11/2035 (d) (e) | | |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.45%), 5.91%, 5/14/2035 (d) (e) | | |
Sumitomo Mitsui Financial Group, Inc. (Japan) |
| | |
| | |
Toronto-Dominion Bank (The) (Canada) 5.52%, 7/17/2028 | | |
|
(SOFR + 2.05%), 6.05%, 6/8/2027 (e) | | |
(SOFR + 2.45%), 7.16%, 10/30/2029 (e) | | |
(SOFR + 1.85%), 5.12%, 1/26/2034 (e) | | |
(SOFR + 1.92%), 5.71%, 1/24/2035 (e) | | |
UniCredit SpA (Italy) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.20%), 1.98%, 6/3/2027 (d) (e) | | |
|
| | |
(SOFR + 1.07%), 5.71%, 4/22/2028 (e) | | |
(SOFR + 2.10%), 2.39%, 6/2/2028 (e) | | |
(SOFR + 1.74%), 5.57%, 7/25/2029 (e) | | |
(SOFR + 1.50%), 5.20%, 1/23/2030 (e) | | |
(SOFR + 1.99%), 5.56%, 7/25/2034 (e) | | |
(SOFR + 1.78%), 5.50%, 1/23/2035 (e) | | |
(SOFR + 2.13%), 4.61%, 4/25/2053 (e) | | |
Westpac New Zealand Ltd. (New Zealand) |
| | |
| | |
| | |
|
Constellation Brands, Inc. 4.50%, 5/9/2047 | | |
Keurig Dr Pepper, Inc. Series 10, 5.20%, 3/15/2031 | | |
| | |
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|
|
|
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|
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| | |
Gilead Sciences, Inc. 2.60%, 10/1/2040 | | |
| | |
Broadline Retail — 0.0% ^ |
Amazon.com, Inc. 3.95%, 4/13/2052 | | |
Building Products — 0.0% ^ |
Masco Corp. 2.00%, 10/1/2030 | | |
Trane Technologies Financing Ltd. 5.25%, 3/3/2033 | | |
| | |
|
Bank of New York Mellon Corp. (The) |
(SOFR + 1.60%), 6.32%, 10/25/2029 (e) | | |
(SOFR + 1.85%), 6.47%, 10/25/2034 (e) | | |
Brookfield Finance, Inc. (Canada) 3.50%, 3/30/2051 | | |
Deutsche Bank AG (Germany) |
(SOFR + 1.87%), 2.13%, 11/24/2026 (e) | | |
(SOFR + 1.22%), 2.31%, 11/16/2027 (e) | | |
(SOFR + 3.18%), 6.72%, 1/18/2029 (e) | | |
(SOFR + 3.04%), 3.55%, 9/18/2031 (e) | | |
Goldman Sachs Group, Inc. (The) |
| | |
(SOFR + 0.79%), 1.09%, 12/9/2026 (e) | | |
(SOFR + 1.11%), 2.64%, 2/24/2028 (e) | | |
(SOFR + 1.77%), 6.48%, 10/24/2029 (e) | | |
(SOFR + 1.27%), 5.73%, 4/25/2030 (e) | | |
Macquarie Group Ltd. (Australia) |
(SOFR + 1.07%), 1.34%, 1/12/2027 (d) (e) | | |
(SOFR + 1.53%), 2.87%, 1/14/2033 (d) (e) | | |
|
(SOFR + 1.73%), 5.12%, 2/1/2029 (e) | | |
(SOFR + 1.59%), 5.16%, 4/20/2029 (e) | | |
(SOFR + 1.26%), 5.66%, 4/18/2030 (e) | | |
(SOFR + 1.20%), 2.51%, 10/20/2032 (e) | | |
(SOFR + 1.73%), 5.47%, 1/18/2035 (e) | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
| | |
Corporate Bonds — continued |
Capital Markets — continued |
(SOFR + 1.49%), 3.22%, 4/22/2042 (e) | | |
Nasdaq, Inc. 5.55%, 2/15/2034 | | |
Nomura Holdings, Inc. (Japan) 5.78%, 7/3/2034 | | |
UBS Group AG (Switzerland) |
(SOFRINDX + 0.98%), 1.31%, 2/2/2027 (d) (e) | | |
(USD SOFR ICE Swap Rate 1 Year + 1.34%), 5.62%, 9/13/2030 (d) (e) | | |
| | |
|
DuPont de Nemours, Inc. 5.32%, 11/15/2038 | | |
LYB International Finance III LLC 1.25%, 10/1/2025 | | |
Nutrien Ltd. (Canada) 5.00%, 4/1/2049 | | |
| | |
Commercial Services & Supplies — 0.0% ^ |
Element Fleet Management Corp. (Canada) 6.32%, 12/4/2028 (d) | | |
|
AerCap Ireland Capital DAC (Ireland) |
| | |
| | |
| | |
| | |
American Express Co. (SOFR + 1.00%), 5.10%, 2/16/2028 (e) | | |
Avolon Holdings Funding Ltd. (Ireland) |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Capital One Financial Corp. |
| | |
(SOFR + 1.91%), 5.70%, 2/1/2030 (e) | | |
(SOFR + 1.27%), 2.62%, 11/2/2032 (e) | | |
General Motors Financial Co., Inc. |
| | |
| | |
| | |
| | |
|
Consumer Finance — continued |
| | |
Hyundai Capital Services, Inc. (South Korea) 5.13%, 2/5/2029 (d) | | |
| | |
Consumer Staples Distribution & Retail — 0.1% |
7-Eleven, Inc. 2.50%, 2/10/2041 (d) | | |
Alimentation Couche-Tard, Inc. (Canada) |
| | |
| | |
| | |
| | |
| | |
Containers & Packaging — 0.0% ^ |
Graphic Packaging International LLC 1.51%, 4/15/2026 (d) | | |
Diversified Consumer Services — 0.0% ^ |
University of Miami Series 2022, 4.06%, 4/1/2052 | | |
Diversified REITs — 0.0% ^ |
Safehold GL Holdings LLC 2.85%, 1/15/2032 | | |
|
| | |
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| | |
Diversified Telecommunication Services — 0.1% |
|
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| | |
NBN Co. Ltd. (Australia) 2.63%, 5/5/2031 (d) | | |
Verizon Communications, Inc. |
| | |
| | |
| | |
Electric Utilities — 0.7% |
Baltimore Gas and Electric Co. |
| | |
| | |
Consumers 2023 Securitization Funding LLC Series A2, 5.21%, 9/1/2030 | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
JPMorgan SmartRetirement® Blend 2030 Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024 (continued)
| | |
Corporate Bonds — continued |
Electric Utilities — continued |
DTE Electric Co. 5.40%, 4/1/2053 | | |
DTE Electric Securitization Funding II LLC Series A-2, 6.09%, 9/1/2037 | | |
Duke Energy Corp. 6.10%, 9/15/2053 | | |
Duke Energy Florida LLC 5.95%, 11/15/2052 | | |
Duke Energy Indiana LLC Series YYY, 3.25%, 10/1/2049 | | |
Duke Energy Progress LLC 2.90%, 8/15/2051 | | |
Duke Energy Progress SC Storm Funding LLC Series A, 5.40%, 3/1/2044 | | |
Duquesne Light Holdings, Inc. 2.78%, 1/7/2032 (d) | | |
Edison International 5.75%, 6/15/2027 | | |
Electricite de France SA (France) 5.95%, 4/22/2034 (d) | | |
Emera US Finance LP (Canada) 4.75%, 6/15/2046 | | |
Entergy Arkansas LLC 2.65%, 6/15/2051 | | |
|
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Evergy Metro, Inc. 4.95%, 4/15/2033 | | |
Evergy Missouri West Storm Funding I LLC Series A-1, 5.10%, 12/1/2038 | | |
Evergy Missouri West, Inc. 5.15%, 12/15/2027 (d) | | |
Fells Point Funding Trust 3.05%, 1/31/2027 (d) | | |
FirstEnergy Transmission LLC 4.55%, 4/1/2049 (d) | | |
Florida Power & Light Co. 5.30%, 4/1/2053 | | |
Fortis, Inc. (Canada) 3.06%, 10/4/2026 | | |
Indiana Michigan Power Co. 3.25%, 5/1/2051 | | |
|
| | |
| | |
Jersey Central Power & Light Co. 4.30%, 1/15/2026 (d) | | |
Massachusetts Electric Co. 4.00%, 8/15/2046 (d) | | |
MidAmerican Energy Co. 5.85%, 9/15/2054 | | |
New England Power Co. (United Kingdom) 2.81%, 10/6/2050 (d) | | |
NextEra Energy Capital Holdings, Inc. |
| | |
| | |
Northern States Power Co. 5.10%, 5/15/2053 | | |
|
| | |
| | |
|
Electric Utilities — continued |
| | |
Ohio Power Co. Series R, 2.90%, 10/1/2051 | | |
Pacific Gas and Electric Co. |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
PG&E Recovery Funding LLC Series A-3, 5.54%, 7/15/2047 | | |
PG&E Wildfire Recovery Funding LLC |
Series A-2, 4.26%, 6/1/2036 | | |
Series A-4, 5.21%, 12/1/2047 | | |
Series A-5, 5.10%, 6/1/2052 | | |
PNM Energy Transition Bond Co. I LLC Series A-2, 6.03%, 8/15/2048 | | |
PPL Electric Utilities Corp. 5.25%, 5/15/2053 | | |
Public Service Co. of Oklahoma Series K, 3.15%, 8/15/2051 | | |
Public Service Electric and Gas Co. 5.45%, 3/1/2054 | | |
|
Series A-1, 4.70%, 6/15/2040 | | |
Series A-2, 5.11%, 12/15/2047 | | |
Sigeco Securitization I LLC Series A1, 5.03%, 11/15/2036 | | |
Southern California Edison Co. |
Series 20C, 1.20%, 2/1/2026 | | |
| | |
| | |
Series C, 4.13%, 3/1/2048 | | |
| | |
| | |
| | |
Southern Co. (The) 5.70%, 3/15/2034 | | |
Tampa Electric Co. 4.90%, 3/1/2029 | | |
Tucson Electric Power Co. 5.50%, 4/15/2053 | | |
|
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
| | |
Corporate Bonds — continued |
Electric Utilities — continued |
| | |
Vistra Operations Co. LLC 6.00%, 4/15/2034 (d) | | |
| | |
|
Take-Two Interactive Software, Inc. |
| | |
| | |
| | |
| | |
Financial Services — 0.1% |
Corebridge Financial, Inc. 3.85%, 4/5/2029 | | |
|
| | |
| | |
National Rural Utilities Cooperative Finance Corp. 5.00%, 2/7/2031 | | |
Nationwide Building Society (United Kingdom) (3-MONTH SOFR + 1.45%), 4.30%, 3/8/2029 (d) (e) | | |
NTT Finance Corp. (Japan) 5.14%, 7/2/2031 (d) | | |
Shell International Finance BV 3.13%, 11/7/2049 | | |
| | |
|
|
| | |
| | |
|
| | |
| | |
Kellanova 5.25%, 3/1/2033 | | |
|
| | |
| | |
Smithfield Foods, Inc. 3.00%, 10/15/2030 (d) | | |
Tyson Foods, Inc. 5.70%, 3/15/2034 | | |
| | |
|
Atmos Energy Corp. 2.85%, 2/15/2052 | | |
CenterPoint Energy Resources Corp. 1.75%, 10/1/2030 | | |
Southern California Gas Co. 6.35%, 11/15/2052 | | |
| | |
| | |
|
Ground Transportation — 0.1% |
Burlington Northern Santa Fe LLC 5.50%, 3/15/2055 | | |
Canadian Pacific Railway Co. (Canada) 4.70%, 5/1/2048 | | |
CSX Corp. 3.80%, 11/1/2046 | | |
|
| | |
| | |
Norfolk Southern Corp. 3.05%, 5/15/2050 | | |
Penske Truck Leasing Co. LP 6.05%, 8/1/2028 (d) | | |
Triton Container International Ltd. (Bermuda) 2.05%, 4/15/2026 (d) | | |
|
| | |
| | |
| | |
Health Care Equipment & Supplies — 0.0% ^ |
Boston Scientific Corp. 4.55%, 3/1/2039 | | |
DH Europe Finance II SARL 3.25%, 11/15/2039 | | |
| | |
Health Care Providers & Services — 0.2% |
AHS Hospital Corp. 5.02%, 7/1/2045 | | |
Banner Health 1.90%, 1/1/2031 | | |
Beth Israel Lahey Health, Inc. Series L, 3.08%, 7/1/2051 | | |
Bon Secours Mercy Health, Inc. Series 20-2, 3.21%, 6/1/2050 | | |
Cencora, Inc. 5.13%, 2/15/2034 | | |
Children's Hospital of Philadelphia (The) Series 2020, 2.70%, 7/1/2050 | | |
Cigna Group (The) 5.13%, 5/15/2031 | | |
|
| | |
| | |
| | |
CVS Health Corp. 5.25%, 2/21/2033 | | |
Hackensack Meridian Health, Inc. Series 2020, 2.68%, 9/1/2041 | | |
|
| | |
| | |
| | |
MedStar Health, Inc. Series 20A, 3.63%, 8/15/2049 | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
JPMorgan SmartRetirement® Blend 2030 Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024 (continued)
| | |
Corporate Bonds — continued |
Health Care Providers & Services — continued |
MultiCare Health System 2.80%, 8/15/2050 | | |
MyMichigan Health Series 2020, 3.41%, 6/1/2050 | | |
PeaceHealth Obligated Group Series 2020, 3.22%, 11/15/2050 | | |
Piedmont Healthcare, Inc. 2.86%, 1/1/2052 | | |
UnitedHealth Group, Inc. 5.88%, 2/15/2053 | | |
West Virginia United Health System Obligated Group Series 2020, 3.13%, 6/1/2050 | | |
| | |
|
Alexandria Real Estate Equities, Inc. 5.25%, 5/15/2036 | | |
DOC DR LLC 2.63%, 11/1/2031 | | |
Healthcare Realty Holdings LP |
| | |
| | |
Healthpeak OP LLC 2.13%, 12/1/2028 | | |
Sabra Health Care LP 3.20%, 12/1/2031 | | |
| | |
Hotels, Restaurants & Leisure — 0.0% ^ |
|
| | |
| | |
| | |
| | |
Independent Power and Renewable Electricity Producers — 0.0% ^ |
Constellation Energy Generation LLC |
| | |
| | |
Southern Power Co. 5.15%, 9/15/2041 | | |
| | |
Industrial Conglomerates — 0.0% ^ |
Honeywell International, Inc. 5.25%, 3/1/2054 | | |
|
|
| | |
| | |
Arthur J Gallagher & Co. 5.75%, 7/15/2054 | | |
Athene Global Funding 2.50%, 1/14/2025 (d) | | |
Berkshire Hathaway Finance Corp. 3.85%, 3/15/2052 | | |
Brown & Brown, Inc. 2.38%, 3/15/2031 | | |
| | |
|
|
CNA Financial Corp. 5.13%, 2/15/2034 | | |
CNO Global Funding 5.88%, 6/4/2027 (d) | | |
Corebridge Global Funding 5.90%, 9/19/2028 (d) | | |
Empower Finance 2020 LP (Canada) 3.08%, 9/17/2051 (d) | | |
F&G Annuities & Life, Inc. 6.50%, 6/4/2029 | | |
F&G Global Funding 5.88%, 6/10/2027 (d) | | |
Fidelity & Guaranty Life Holdings, Inc. 5.50%, 5/1/2025 (d) | | |
High Street Funding Trust I 4.11%, 2/15/2028 (d) | | |
Jackson National Life Global Funding 3.05%, 4/29/2026 (d) | | |
Mutual of Omaha Cos. Global Funding 5.45%, 12/12/2028 (d) | | |
Nationwide Mutual Insurance Co. 8.25%, 12/1/2031 (d) | | |
New York Life Insurance Co. 3.75%, 5/15/2050 (d) | | |
Northwestern Mutual Global Funding |
| | |
| | |
Protective Life Global Funding 5.47%, 12/8/2028 (d) | | |
Teachers Insurance & Annuity Association of America |
| | |
| | |
| | |
Interactive Media & Services — 0.0% ^ |
Meta Platforms, Inc. 5.60%, 5/15/2053 | | |
|
CGI, Inc. (Canada) 1.45%, 9/14/2026 | | |
|
Otis Worldwide Corp. 3.11%, 2/15/2040 | | |
|
Charter Communications Operating LLC |
| | |
| | |
| | |
|
| | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
| | |
Corporate Bonds — continued |
|
| | |
Discovery Communications LLC 3.63%, 5/15/2030 | | |
| | |
|
Corp. Nacional del Cobre de Chile (Chile) 6.44%, 1/26/2036 (d) | | |
Glencore Funding LLC (Australia) |
| | |
| | |
South32 Treasury Ltd. (Australia) 4.35%, 4/14/2032 (d) | | |
Steel Dynamics, Inc. 1.65%, 10/15/2027 | | |
| | |
|
Berkshire Hathaway Energy Co. 2.85%, 5/15/2051 | | |
|
| | |
| | |
DTE Energy Co. 5.10%, 3/1/2029 | | |
Engie SA (France) 5.63%, 4/10/2034 (d) | | |
Public Service Enterprise Group, Inc. 5.45%, 4/1/2034 | | |
Puget Energy, Inc. 2.38%, 6/15/2028 | | |
San Diego Gas & Electric Co. 2.95%, 8/15/2051 | | |
Southern Co. Gas Capital Corp. Series 21A, 3.15%, 9/30/2051 | | |
WEC Energy Group, Inc. 1.38%, 10/15/2027 | | |
| | |
|
COPT Defense Properties LP 2.75%, 4/15/2031 | | |
Oil, Gas & Consumable Fuels — 0.3% |
Boardwalk Pipelines LP 4.45%, 7/15/2027 | | |
BP Capital Markets America, Inc. |
| | |
| | |
| | |
Cheniere Energy, Inc. 5.65%, 4/15/2034 (d) | | |
Columbia Pipelines Holding Co. LLC 5.68%, 1/15/2034 (d) | | |
Coterra Energy, Inc. 3.90%, 5/15/2027 | | |
|
| | |
| | |
| | |
|
Oil, Gas & Consumable Fuels — continued |
|
| | |
| | |
Eni SpA (Italy) 5.95%, 5/15/2054 (d) | | |
Enterprise Products Operating LLC 4.45%, 2/15/2043 | | |
Exxon Mobil Corp. 3.00%, 8/16/2039 | | |
Flex Intermediate Holdco LLC |
| | |
| | |
Galaxy Pipeline Assets Bidco Ltd. (United Arab Emirates) 2.94%, 9/30/2040 (d) | | |
|
| | |
| | |
HF Sinclair Corp. 5.88%, 4/1/2026 | | |
|
| | |
| | |
|
| | |
| | |
NGPL PipeCo LLC 3.25%, 7/15/2031 (d) | | |
Northern Natural Gas Co. 5.63%, 2/1/2054 (d) | | |
Ovintiv, Inc. 6.25%, 7/15/2033 | | |
Phillips 66 Co. 3.55%, 10/1/2026 | | |
TotalEnergies Capital International SA (France) 2.99%, 6/29/2041 | | |
TransCanada PipeLines Ltd. (Canada) 5.85%, 3/15/2036 | | |
Williams Cos., Inc. (The) 5.65%, 3/15/2033 | | |
| | |
Passenger Airlines — 0.0% ^ |
United Airlines Pass-Through Trust Series 2016-2, Class A Shares, 3.10%, 10/7/2028 | | |
Personal Care Products — 0.0% ^ |
Haleon US Capital LLC 4.00%, 3/24/2052 | | |
|
AstraZeneca plc (United Kingdom) 6.45%, 9/15/2037 | | |
|
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
JPMorgan SmartRetirement® Blend 2030 Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024 (continued)
| | |
Corporate Bonds — continued |
Pharmaceuticals — continued |
| | |
Eli Lilly & Co. 5.00%, 2/9/2054 | | |
|
| | |
| | |
| | |
Pfizer Investment Enterprises Pte. Ltd. 5.30%, 5/19/2053 | | |
Takeda Pharmaceutical Co. Ltd. (Japan) |
| | |
| | |
Utah Acquisition Sub, Inc. 3.95%, 6/15/2026 | | |
Zoetis, Inc. 5.60%, 11/16/2032 | | |
| | |
Professional Services — 0.0% ^ |
Verisk Analytics, Inc. 5.75%, 4/1/2033 | | |
Residential REITs — 0.0% ^ |
Essex Portfolio LP 5.50%, 4/1/2034 | | |
|
| | |
| | |
| | |
|
Brixmor Operating Partnership LP |
| | |
| | |
|
| | |
| | |
Realty Income Corp. 1.80%, 3/15/2033 | | |
Scentre Group Trust 1 (Australia) 3.63%, 1/28/2026 (d) | | |
| | |
Semiconductors & Semiconductor Equipment — 0.1% |
Analog Devices, Inc. 2.80%, 10/1/2041 | | |
|
| | |
| | |
Foundry JV Holdco LLC 6.25%, 1/25/2035 (d) | | |
Intel Corp. 5.70%, 2/10/2053 | | |
KLA Corp. 3.30%, 3/1/2050 | | |
| | |
|
Semiconductors & Semiconductor Equipment — continued |
|
| | |
| | |
Texas Instruments, Inc. 5.05%, 5/18/2063 | | |
| | |
|
|
| | |
| | |
| | |
Roper Technologies, Inc. 1.75%, 2/15/2031 | | |
|
| | |
| | |
| | |
|
|
| | |
| | |
| | |
Crown Castle, Inc. 5.80%, 3/1/2034 | | |
CubeSmart LP 2.00%, 2/15/2031 | | |
|
| | |
| | |
|
| | |
| | |
| | |
Specialty Retail — 0.0% ^ |
Home Depot, Inc. (The) 3.63%, 4/15/2052 | | |
Technology Hardware, Storage & Peripherals — 0.1% |
|
| | |
| | |
Dell International LLC 6.20%, 7/15/2030 | | |
| | |
|
Altria Group, Inc. 2.45%, 2/4/2032 | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
| | |
Corporate Bonds — continued |
|
BAT Capital Corp. (United Kingdom) |
| | |
| | |
| | |
|
American Water Capital Corp. 5.45%, 3/1/2054 | | |
Wireless Telecommunication Services — 0.1% |
America Movil SAB de CV (Mexico) 2.88%, 5/7/2030 | | |
Rogers Communications, Inc. (Canada) |
| | |
| | |
|
| | |
| | |
Vodafone Group plc (United Kingdom) 5.75%, 6/28/2054 | | |
| | |
Total Corporate Bonds
(Cost $164,900) | | |
Mortgage-Backed Securities — 5.7% |
| | |
Pool # WN1157, 1.80%, 11/1/2028 | | |
Pool # WA1626, 3.45%, 8/1/2032 | | |
Pool # WN3225, 3.80%, 10/1/2034 | | |
| | |
Pool # ZL3032, 3.50%, 5/1/2042 | | |
Pool # QA3570, 2.50%, 10/1/2049 | | |
Pool # QA6772, 3.50%, 1/1/2050 | | |
Pool # QA9530, 2.50%, 5/1/2050 | | |
Pool # QB1397, 2.50%, 7/1/2050 | | |
Pool # QB4026, 2.50%, 10/1/2050 | | |
Pool # QB4045, 2.50%, 10/1/2050 | | |
Pool # QB4484, 2.50%, 10/1/2050 | | |
Pool # QB4542, 2.50%, 10/1/2050 | | |
Pool # QB5092, 2.50%, 11/1/2050 | | |
Pool # RA4224, 3.00%, 11/1/2050 | | |
Pool # QB8503, 2.50%, 2/1/2051 | | |
Pool # QC9443, 2.50%, 10/1/2051 | | |
Pool # SD2841, 2.50%, 10/1/2051 | | |
Pool # QD5778, 3.00%, 1/1/2052 | | |
Pool # QD4686, 4.00%, 1/1/2052 | | |
| | |
|
Pool # QD7596, 2.50%, 2/1/2052 | | |
Pool # RA6815, 2.50%, 2/1/2052 | | |
Pool # RA6959, 2.50%, 3/1/2052 | | |
Pool # SD3952, 2.50%, 3/1/2052 | | |
Pool # QE1637, 4.00%, 5/1/2052 | | |
Pool # QE1832, 4.50%, 5/1/2052 | | |
Pool # QH9763, 6.00%, 1/1/2054 | | |
Pool # QH9845, 6.00%, 2/1/2054 | | |
FNMA UMBS, 20 Year Pool # MA4016, 2.50%, 5/1/2040 | | |
| | |
Pool # CA2826, 5.50%, 12/1/2048 | | |
Pool # BK2113, 2.50%, 3/1/2050 | | |
Pool # CA5658, 2.50%, 5/1/2050 | | |
Pool # FM3118, 3.00%, 5/1/2050 | | |
Pool # BP8608, 2.50%, 6/1/2050 | | |
Pool # BP9250, 2.50%, 7/1/2050 | | |
Pool # FM3778, 2.50%, 8/1/2050 | | |
Pool # FP0059, 2.50%, 8/1/2050 | | |
Pool # BQ2894, 3.00%, 9/1/2050 | | |
Pool # BQ3996, 2.50%, 10/1/2050 | | |
Pool # BQ5243, 3.50%, 10/1/2050 | | |
Pool # CA7398, 3.50%, 10/1/2050 | | |
Pool # BP7667, 2.50%, 12/1/2050 | | |
Pool # BR4318, 3.00%, 1/1/2051 | | |
Pool # CA8637, 4.00%, 1/1/2051 | | |
Pool # FM7082, 2.00%, 4/1/2051 | | |
Pool # FM6856, 2.50%, 4/1/2051 | | |
Pool # CB0189, 3.00%, 4/1/2051 | | |
Pool # CB0458, 2.50%, 5/1/2051 | | |
Pool # BT0122, 2.50%, 6/1/2051 (f) | | |
Pool # FM7916, 2.50%, 6/1/2051 | | |
Pool # CB1301, 2.50%, 8/1/2051 | | |
Pool # FM8247, 2.50%, 8/1/2051 | | |
Pool # CB1566, 2.50%, 9/1/2051 | | |
Pool # FM8659, 2.50%, 9/1/2051 (f) | | |
Pool # FS4624, 2.50%, 11/1/2051 | | |
Pool # CB2313, 2.50%, 12/1/2051 | | |
Pool # FS2559, 3.00%, 12/1/2051 | | |
Pool # CB2637, 2.50%, 1/1/2052 | | |
Pool # BU3079, 3.00%, 1/1/2052 | | |
Pool # CB2670, 3.00%, 1/1/2052 | | |
Pool # BV4831, 3.00%, 2/1/2052 | | |
Pool # FS7749, 3.00%, 2/1/2052 | | |
Pool # BV0295, 3.50%, 2/1/2052 | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
JPMorgan SmartRetirement® Blend 2030 Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024 (continued)
| | |
Mortgage-Backed Securities — continued |
Pool # BV3950, 4.00%, 2/1/2052 | | |
Pool # BV6743, 4.50%, 5/1/2052 | | |
Pool # BV9515, 6.00%, 6/1/2052 | | |
Pool # BY4714, 5.00%, 6/1/2053 | | |
Pool # BY4761, 5.00%, 6/1/2053 | | |
Pool # BY9327, 6.00%, 11/1/2053 | | |
Pool # DA7753, 5.50%, 1/1/2054 | | |
Pool # DA0425, 6.00%, 2/1/2054 | | |
Pool # DA7754, 6.00%, 2/1/2054 | | |
Pool # DA9487, 6.00%, 2/1/2054 | | |
Pool # CB8334, 5.50%, 4/1/2054 | | |
Pool # DB6037, 5.50%, 5/1/2054 | | |
| | |
Pool # BS7576, 4.86%, 12/1/2027 | | |
Pool # AM3010, 5.07%, 3/1/2028 | | |
Pool # BL8639, 1.09%, 4/1/2028 | | |
Pool # BS6144, 3.97%, 1/1/2029 | | |
Pool # AM5319, 4.34%, 1/1/2029 | | |
Pool # BS8149, 4.97%, 9/1/2029 | | |
Pool # BS7604, 5.16%, 10/1/2029 | | |
Pool # BS0448, 1.27%, 12/1/2029 | | |
Pool # BL9748, 1.60%, 12/1/2029 | | |
Pool # AN7593, 2.99%, 12/1/2029 | | |
Pool # AN8285, 3.11%, 3/1/2030 | | |
Pool # BS0154, 1.28%, 4/1/2030 | | |
Pool # AM8544, 3.08%, 4/1/2030 | | |
Pool # BS7168, 4.57%, 6/1/2030 | | |
Pool # BZ0896, 5.43%, 7/1/2030 | | |
Pool # BL9251, 1.45%, 10/1/2030 | | |
Pool # BS5985, 3.99%, 11/1/2030 | | |
Pool # AM4789, 4.18%, 11/1/2030 | | |
Pool # BL9891, 1.37%, 12/1/2030 | | |
Pool # BL9494, 1.46%, 12/1/2030 | | |
Pool # BS0596, 1.38%, 1/1/2031 | | |
Pool # BS7121, 5.15%, 3/1/2031 | | |
Pool # BS6203, 4.26%, 4/1/2031 | | |
Pool # BS8442, 4.74%, 4/1/2031 | | |
Pool # BS7813, 4.83%, 6/1/2031 | | |
Pool # BS7167, 4.64%, 7/1/2031 | | |
Pool # BS7437, 5.04%, 8/1/2031 | | |
Pool # BS5580, 3.68%, 1/1/2032 | | |
Pool # BS4654, 2.39%, 3/1/2032 | | |
Pool # BL5680, 2.44%, 3/1/2032 | | |
Pool # BS7642, 5.15%, 5/1/2032 | | |
Pool # AN5952, 3.01%, 7/1/2032 | | |
| | |
|
Pool # AN6149, 3.14%, 7/1/2032 | | |
Pool # BS5530, 3.30%, 7/1/2032 | | |
Pool # BS6345, 3.91%, 8/1/2032 | | |
Pool # BZ0884, 5.37%, 9/1/2032 | | |
Pool # BM3226, 3.45%, 10/1/2032 (h) | | |
Pool # BS6822, 3.81%, 10/1/2032 | | |
Pool # BS8528, 4.31%, 10/1/2032 | | |
Pool # BS6954, 4.93%, 10/1/2032 | | |
Pool # BS6819, 4.12%, 11/1/2032 | | |
Pool # BS7090, 4.45%, 12/1/2032 | | |
Pool # AN7923, 3.33%, 1/1/2033 | | |
Pool # BS8428, 4.41%, 1/1/2033 | | |
Pool # BS7398, 4.74%, 2/1/2033 | | |
Pool # BS5357, 3.41%, 3/1/2033 | | |
Pool # AN9067, 3.51%, 5/1/2033 | | |
Pool # BS8416, 4.56%, 5/1/2033 | | |
Pool # BS5511, 3.45%, 8/1/2033 | | |
Pool # BS5127, 3.15%, 9/1/2033 | | |
Pool # BL1012, 4.03%, 12/1/2033 | | |
Pool # BL0900, 4.08%, 2/1/2034 | | |
Pool # BZ0430, 4.32%, 2/1/2034 | | |
Pool # BL7124, 1.93%, 6/1/2035 | | |
Pool # BZ0217, 5.22%, 8/1/2035 | | |
Pool # AN0375, 3.76%, 12/1/2035 | | |
Pool # AN4430, 3.61%, 1/1/2037 | | |
Pool # BF0045, 4.50%, 3/1/2052 | | |
Pool # BF0109, 4.00%, 2/1/2056 | | |
Pool # BF0091, 3.50%, 5/1/2056 | | |
Pool # BF0108, 4.50%, 6/1/2056 | | |
Pool # BF0219, 3.50%, 9/1/2057 | | |
Pool # BF0230, 5.50%, 1/1/2058 | | |
Pool # BF0497, 3.00%, 7/1/2060 | | |
Pool # BF0561, 3.00%, 9/1/2061 (f) | | |
Pool # BF0578, 2.50%, 12/1/2061 | | |
Pool # BF0580, 3.50%, 12/1/2061 | | |
FNMA/FHLMC UMBS, Single Family, 30 Year TBA, 2.50%, 7/25/2054 (f) | | |
| | |
Pool # BY3432, 3.50%, 9/20/2050 | | |
Pool # BR3929, 3.50%, 10/20/2050 | | |
Pool # BW1726, 3.50%, 10/20/2050 | | |
Pool # BS8546, 2.50%, 12/20/2050 | | |
Pool # BR3928, 3.00%, 12/20/2050 | | |
Pool # BU7538, 3.00%, 12/20/2050 | | |
Pool # 785294, 3.50%, 1/20/2051 | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
| | |
Mortgage-Backed Securities — continued |
Pool # CA8452, 3.00%, 2/20/2051 | | |
Pool # CA9005, 3.00%, 2/20/2051 | | |
Pool # CB1543, 3.00%, 2/20/2051 | | |
Pool # CA3588, 3.50%, 2/20/2051 | | |
Pool # CB1536, 3.50%, 2/20/2051 | | |
Pool # CB1542, 3.00%, 3/20/2051 | | |
Pool # CB4433, 3.00%, 3/20/2051 | | |
Pool # CC0070, 3.00%, 3/20/2051 | | |
Pool # CC8726, 3.00%, 3/20/2051 | | |
Pool # CC8738, 3.00%, 3/20/2051 | | |
Pool # CC8723, 3.50%, 3/20/2051 | | |
Pool # CC0088, 4.00%, 3/20/2051 | | |
Pool # CC0092, 4.00%, 3/20/2051 | | |
Pool # CC8727, 3.00%, 4/20/2051 | | |
Pool # CC8739, 3.00%, 4/20/2051 | | |
Pool # CC8740, 3.00%, 4/20/2051 | | |
Pool # CC8751, 3.00%, 4/20/2051 | | |
Pool # CA3563, 3.50%, 7/20/2051 | | |
Pool # CE2586, 3.50%, 7/20/2051 | | |
Pool # CK1527, 3.50%, 12/20/2051 | | |
Pool # CJ8184, 3.50%, 1/20/2052 | | |
Pool # CK2660, 3.00%, 2/20/2052 | | |
Pool # CK2716, 3.50%, 2/20/2052 | | |
Pool # CK8295, 5.00%, 3/20/2052 | | |
Pool # CN3557, 4.50%, 5/20/2052 | | |
Pool # MA8200, 4.00%, 8/20/2052 | | |
Pool # CN3127, 5.00%, 8/20/2052 | | |
Pool # CU6748, 6.00%, 9/20/2053 | | |
Pool # DA2721, 5.50%, 3/20/2054 | | |
| | |
Pool # CT6280, 3.50%, 2/20/2062 | | |
Pool # CU1093, 5.50%, 6/20/2063 | | |
Pool # CV1712, 5.50%, 6/20/2063 | | |
Pool # CU1092, 6.00%, 6/20/2063 | | |
Pool # CT6283, 6.00%, 7/20/2063 | | |
Pool # CW0095, 6.00%, 7/20/2063 | | |
Pool # 785183, 2.93%, 10/20/2070 (h) | | |
Total Mortgage-Backed Securities
(Cost $159,651) | | |
Asset-Backed Securities — 2.8% |
Accelerated LLC Series 2021-1H, Class B, 1.90%, 10/20/2040 (d) | | |
ACRE Commercial Mortgage Ltd. | | |
Series 2021-FL4, Class A, 6.28%, 12/18/2037 (d) (h) | | |
| | |
|
Series 2021-FL4, Class AS, 6.55%, 12/18/2037 (d) (h) | | |
Aligned Data Centers Issuer LLC Series 2021-1A, Class A2, 1.94%, 8/15/2046 (d) | | |
American Airlines Pass-Through Trust | | |
Series 2016-2, Class AA, 3.20%, 6/15/2028 | | |
Series 2016-3, Class AA, 3.00%, 10/15/2028 | | |
Series 2021-1, Class B, 3.95%, 7/11/2030 | | |
American Credit Acceptance Receivables Trust | | |
Series 2023-1, Class D, 6.35%, 4/12/2029 (d) | | |
Series 2024-1, Class D, 5.86%, 5/13/2030 (d) | | |
AmeriCredit Automobile Receivables Trust Series 2020-3, Class C, 1.06%, 8/18/2026 | | |
| | |
Series 2020-SFR2, Class E1, 4.03%, 7/17/2037 (d) | | |
Series 2020-SFR3, Class E2, 2.76%, 9/17/2037 (d) | | |
Series 2020-SFR4, Class D, 2.01%, 11/17/2037 (d) | | |
Series 2020-SFR4, Class E2, 2.46%, 11/17/2037 (d) | | |
Series 2021-SFR2, Class E2, 2.58%, 8/17/2038 (d) | | |
Series 2024-SFR1, Class D, 4.29%, 7/17/2041 (d) (f) | | |
Aqua Finance Trust Series 2020-AA, Class C, 3.97%, 7/17/2046 (d) | | |
Arivo Acceptance Auto Loan Receivables Trust Series 2021-1A, Class A, 1.19%, 1/15/2027 (d) | | |
Avis Budget Rental Car Funding AESOP LLC | | |
Series 2024-2A, Class B, 5.57%, 10/20/2028 (d) | | |
Series 2024-1A, Class A, 5.36%, 6/20/2030 (d) | | |
Bridgecrest Lending Auto Securitization Trust | | |
Series 2024-1, Class D, 6.03%, 11/15/2029 | | |
Series 2024-2, Class C, 6.07%, 2/15/2030 | | |
Business Jet Securities LLC | | |
Series 2021-1A, Class A, 2.16%, 4/15/2036 ‡ (d) | | |
Series 2021-1A, Class B, 2.92%, 4/15/2036 ‡ (d) | | |
Series 2022-1A, Class A, 4.46%, 6/15/2037 ‡ (d) | | |
BXG Receivables Note Trust Series 2020-A, Class A, 1.55%, 2/28/2036 (d) | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
JPMorgan SmartRetirement® Blend 2030 Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024 (continued)
| | |
Asset-Backed Securities — continued |
CarMax Auto Owner Trust Series 2020-4, Class C, 1.30%, 8/17/2026 | | |
Carvana Auto Receivables Trust Series 2020-P1, Class C, 1.32%, 11/9/2026 | | |
Cascade MH Asset Trust Series 2021-MH1, Class A1, 1.75%, 2/25/2046 (d) | | |
Continental Finance Credit Card ABS Master Trust Series 2020-1A, Class A, 2.24%, 12/15/2028 (d) | | |
Credit Acceptance Auto Loan Trust | | |
Series 2023-5A, Class B, 6.71%, 2/15/2034 (d) | | |
Series 2024-2A, Class C, 6.70%, 10/16/2034 (d) | | |
CVS Pass-Through Trust Series 2014, 4.16%, 8/11/2036 (d) | | |
DataBank Issuer Series 2021-1A, Class A2, 2.06%, 2/27/2051 (d) | | |
Delta Air Lines Pass-Through Trust Series 2020-1, Class A, 2.50%, 6/10/2028 | | |
Diamond Resorts Owner Trust | | |
Series 2021-1A, Class A, 1.51%, 11/21/2033 (d) | | |
Series 2021-1A, Class C, 2.70%, 11/21/2033 (d) | | |
Drive Auto Receivables Trust Series 2024-1, Class C, 5.43%, 11/17/2031 | | |
| | |
Series 2022-2A, Class D, 5.46%, 3/15/2028 (d) | | |
Series 2023-1A, Class C, 5.55%, 10/16/2028 (d) | | |
Series 2023-2A, Class D, 6.62%, 2/15/2029 (d) | | |
Elara HGV Timeshare Issuer LLC | | |
Series 2021-A, Class B, 1.74%, 8/27/2035 (d) | | |
Series 2021-A, Class C, 2.09%, 8/27/2035 (d) | | |
Enterprise Fleet Financing LLC Series 2024-1, Class A3, 5.16%, 9/20/2030 (d) | | |
Exeter Automobile Receivables Trust | | |
Series 2022-5A, Class C, 6.51%, 12/15/2027 | | |
Series 2023-5A, Class C, 6.85%, 1/16/2029 | | |
Series 2024-1A, Class D, 5.84%, 6/17/2030 | | |
FHF Issuer Trust Series 2024-1A, Class A2, 5.69%, 2/15/2030 (d) | | |
| | |
Series 2021-2A, Class A, 0.83%, 12/15/2026 (d) | | |
Series 2021-1A, Class A, 1.27%, 3/15/2027 (d) | | |
| | |
|
Series 2023-1A, Class A2, 6.57%, 6/15/2028 (d) | | |
| | |
Series 2021-SFR2, Class E1, 2.26%, 9/17/2038 (d) | | |
Series 2022-SFR1, Class E1, 5.00%, 5/19/2039 (d) | | |
Flagship Credit Auto Trust | | |
Series 2020-4, Class C, 1.28%, 2/16/2027 (d) | | |
Series 2023-1, Class C, 5.43%, 5/15/2029 (d) | | |
FMC GMSR Issuer Trust Series 2021-GT2, Class A, 3.85%, 10/25/2026 (d) (h) | | |
Foundation Finance Trust Series 2023-2A, Class A, 6.53%, 6/15/2049 (d) | | |
GLS Auto Select Receivables Trust | | |
Series 2024-3A, Class A2, 5.59%, 10/15/2029 (d) | | |
Series 2024-1A, Class C, 5.69%, 3/15/2030 (d) | | |
Hilton Grand Vacations Trust Series 2024-1B, Class C, 6.62%, 9/15/2039 (d) | | |
| | |
Series 2022-A, Class B, 4.65%, 5/15/2041 (d) | | |
Series 2024-A, Class B, 5.84%, 3/15/2043 (d) | | |
Series 2024-A, Class C, 6.32%, 3/15/2043 (d) | | |
Home Partners of America Trust | | |
Series 2021-2, Class C, 2.40%, 12/17/2026 (d) | | |
Series 2021-3, Class D, 3.00%, 1/17/2041 (d) | | |
Huntington Bank Auto Credit-Linked Notes Series 2024-1, Class B1, 6.15%, 5/20/2032 (d) | | |
JetBlue Pass-Through Trust Series 2020-1, Class B, 7.75%, 11/15/2028 | | |
LAD Auto Receivables Trust Series 2023-4A, Class C, 6.76%, 3/15/2029 (d) | | |
Lendbuzz Securitization Trust | | |
Series 2021-1A, Class A, 1.46%, 6/15/2026 (d) | | |
Series 2024-1A, Class B, 6.58%, 9/15/2029 (d) | | |
Lendmark Funding Trust Series 2024-1A, Class B, 5.88%, 6/21/2032 (d) | | |
Mariner Finance Issuance Trust Series 2021-AA, Class A, 1.86%, 3/20/2036 (d) | | |
| | |
Series 2021-2A, Class C, 2.23%, 5/20/2039 (d) | | |
Series 2021-1WA, Class B, 1.44%, 1/22/2041 (d) | | |
Series 2024-1A, Class B, 5.51%, 2/20/2043 (d) | | |
Series 2024-1A, Class C, 6.20%, 2/20/2043 (d) | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
| | |
Asset-Backed Securities — continued |
NRZ Excess Spread-Collateralized Notes | | |
Series 2020-PLS1, Class A, 3.84%, 12/25/2025 (d) | | |
Series 2021-FNT1, Class A, 2.98%, 3/25/2026 (d) | | |
Series 2021-FNT2, Class A, 3.23%, 5/25/2026 (d) | | |
| | |
Series 2021-1A, Class A, 0.93%, 3/22/2027 (d) | | |
Series 2021-2A, Class C, 2.53%, 5/21/2029 (d) | | |
Series 2023-1A, Class C, 6.37%, 9/20/2029 (d) | | |
Series 2024-2A, Class C, 5.90%, 7/20/2032 (d) | | |
OneMain Direct Auto Receivables Trust | | |
Series 2022-1A, Class B, 5.07%, 6/14/2029 (d) | | |
Series 2023-1A, Class A, 5.41%, 11/14/2029 (d) | | |
OneMain Financial Issuance Trust Series 2020-2A, Class D, 3.45%, 9/14/2035 (d) | | |
Oportun Funding XIV LLC Series 2021-A, Class A, 1.21%, 3/8/2028 (d) | | |
| | |
Series 2024-1A, Class A, 6.33%, 4/8/2031 (d) | | |
Series 2021-B, Class A, 1.47%, 5/8/2031 (d) | | |
Pagaya AI Debt Selection Trust Series 2021-HG1, Class A, 1.22%, 1/16/2029 (d) | | |
Pagaya AI Technology in Housing Trust Series 2023-1, Class C, 3.60%, 10/25/2040 (d) | | |
PRET LLC Series 2021-RN4, Class A1, 2.49%, 10/25/2051 (d) (h) | | |
Pretium Mortgage Credit Partners I LLC | | |
Series 2021-NPL1, Class A1, 5.24%, 9/27/2060 (d) (g) | | |
Series 2021-NPL4, Class A1, 2.36%, 10/27/2060 (d) (g) | | |
Progress Residential Trust | | |
Series 2020-SFR3, Class A, 1.29%, 10/17/2027 (d) | | |
Series 2020-SFR3, Class B, 1.50%, 10/17/2027 (d) | | |
Series 2020-SFR2, Class D, 3.87%, 6/17/2037 (d) | | |
Series 2021-SFR2, Class D, 2.20%, 4/19/2038 (d) | | |
Series 2023-SFR1, Class D, 4.65%, 3/17/2040 (d) | | |
Series 2024-SFR1, Class E1, 3.85%, 2/17/2041 (d) | | |
| | |
|
Series 2024-SFR2, Class D, 3.40%, 4/17/2041 (d) (h) | | |
Series 2024-SFR2, Class E1, 3.40%, 4/17/2041 (d) (h) | | |
Series 2024-SFR3, Class C, 3.50%, 6/17/2041 (d) | | |
PRPM LLC Series 2021-10, Class A1, 2.49%, 10/25/2026 (d) (g) | | |
Purchasing Power Funding LLC Series 2024-A, Class B, 6.43%, 8/15/2028 (d) | | |
Reach Abs Trust Series 2024-1A, Class B, 6.29%, 2/18/2031 (d) | | |
Regional Management Issuance Trust Series 2021-1, Class A, 1.68%, 3/17/2031 (d) | | |
Republic Finance Issuance Trust | | |
Series 2020-A, Class A, 2.47%, 11/20/2030 (d) | | |
Series 2021-A, Class A, 2.30%, 12/22/2031 (d) | | |
Santander Consumer Auto Receivables Trust Series 2021-AA, Class B, 0.71%, 8/17/2026 (d) | | |
Santander Drive Auto Receivables Trust Series 2024-2, Class C, 5.84%, 6/17/2030 | | |
SCF Equipment Leasing LLC | | |
Series 2024-1A, Class C, 5.82%, 9/20/2032 (d) | | |
Series 2023-1A, Class C, 6.77%, 8/22/2033 (d) | | |
SFS Auto Receivables Securitization Trust Series 2024-1A, Class C, 5.51%, 1/20/2032 (d) | | |
Sierra Timeshare Receivables Funding LLC | | |
Series 2021-1A, Class B, 1.34%, 11/20/2037 (d) | | |
Series 2021-2A, Class B, 1.80%, 9/20/2038 (d) | | |
Series 2024-1A, Class C, 5.94%, 1/20/2043 (d) | | |
Tricolor Auto Securitization Trust Series 2024-1A, Class B, 6.53%, 12/15/2027 (d) | | |
| | |
Series 2024-SFR2, Class A, 4.75%, 6/17/2040 (d) | | |
Series 2023-SFR2, Class C, 5.00%, 12/17/2040 (d) | | |
United Airlines Pass-Through Trust | | |
Series 2016-2, Class B, 3.65%, 10/7/2025 | | |
Series 2019-2, Class B, 3.50%, 5/1/2028 | | |
Series 2018-1, Class A, 3.70%, 3/1/2030 | | |
Upstart Pass-Through Trust Series 2021-ST2, Class A, 2.50%, 4/20/2027 (d) | | |
| | |
Series 2021-NPL1, Class A1, 5.29%, 12/26/2050 (d) (g) | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
JPMorgan SmartRetirement® Blend 2030 Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024 (continued)
| | |
Asset-Backed Securities — continued |
Series 2021-NPL2, Class A1, 5.11%, 3/27/2051 (d) (g) | | |
VOLT XCII LLC Series 2021-NPL1, Class A1, 4.89%, 2/27/2051 (d) (g) | | |
VOLT XCIII LLC Series 2021-NPL2, Class A1, 4.89%, 2/27/2051 (d) (g) | | |
VOLT XCIV LLC Series 2021-NPL3, Class A1, 5.24%, 2/27/2051 (d) (g) | | |
VOLT XCIX LLC Series 2021-NPL8, Class A1, 5.12%, 4/25/2051 (d) (g) | | |
VOLT XCV LLC Series 2021-NPL4, Class A1, 5.24%, 3/27/2051 (d) (g) | | |
VOLT XCVI LLC Series 2021-NPL5, Class A1, 5.12%, 3/27/2051 (d) (g) | | |
VOLT XCVII LLC Series 2021-NPL6, Class A1, 5.24%, 4/25/2051 (d) (g) | | |
| | |
Series 2022-1A, Class B, 2.29%, 8/20/2036 (d) | | |
Series 2024-1A, Class B, 6.56%, 1/20/2038 (d) | | |
Series 2024-1A, Class C, 7.06%, 1/20/2038 (d) | | |
Westlake Automobile Receivables Trust | | |
Series 2024-1A, Class A2A, 5.62%, 3/15/2027 (d) | | |
Series 2023-4A, Class C, 6.64%, 11/15/2028 (d) | | |
Total Asset-Backed Securities
(Cost $74,088) | | |
Collateralized Mortgage Obligations — 1.1% |
CFMT LLC Series 2024-HB14, Class M1, 3.00%, 6/25/2034 ‡ (d) (h) | | |
Connecticut Avenue Securities Trust Series 2023-R06, Class 1M2, 8.04%, 7/25/2043 (d) (h) | | |
CSMC Trust Series 2021-RPL1, Class A1, 4.05%, 9/27/2060 (d) (h) | | |
FHLMC Seasoned Credit Risk Transfer Trust | | |
Series 2018-1, Class M60C, 3.50%, 5/25/2057 | | |
Series 2017-4, Class M45T, 4.50%, 6/25/2057 | | |
Series 2019-1, Class MT, 3.50%, 7/25/2058 | | |
Series 2019-1, Class M55D, 4.00%, 7/25/2058 | | |
Series 2019-2, Class M55D, 4.00%, 8/25/2058 | | |
Series 2019-3, Class M55D, 4.00%, 10/25/2058 | | |
Series 2019-4, Class M55D, 4.00%, 2/25/2059 | | |
Series 2020-1, Class M55G, 3.00%, 8/25/2059 | | |
Series 2020-3, Class M5TW, 3.00%, 5/25/2060 | | |
Series 2020-3, Class TTW, 3.00%, 5/25/2060 | | |
| | |
|
Series 2022-1, Class MTU, 3.25%, 11/25/2061 | | |
| | |
Series 4396, Class PZ, 3.00%, 6/15/2037 | | |
Series 4065, Class QB, 3.00%, 6/15/2042 | | |
Series 4941, Class KG, 2.00%, 12/15/2047 | | |
Series 5054, Class PB, 1.00%, 11/25/2050 | | |
Series 5171, Class NI, IO, 3.00%, 7/25/2051 | | |
Series 5225, Class QL, 4.00%, 5/25/2052 | | |
FNMA Trust, Whole Loan Series 2002-W8, Class A1, 6.50%, 6/25/2042 | | |
FNMA, Grantor Trust, Whole Loan Series 2001-T12, Class A1, 6.50%, 8/25/2041 | | |
| | |
Series 2018-72, Class VB, 3.50%, 10/25/2031 | | |
Series 2018-56, Class VN, 3.50%, 5/25/2038 | | |
Series 2014-52, Class BW, 3.00%, 9/25/2044 | | |
Series 2020-54, Class MA, 1.50%, 8/25/2050 | | |
Series 2021-3, Class ME, 1.00%, 2/25/2051 | | |
Series 2022-4, Class TA, 1.00%, 4/25/2051 | | |
Series 2022-46, Class GZ, 4.50%, 7/25/2052 | | |
Series 2019-7, Class CA, 3.50%, 11/25/2057 | | |
Series 2018-75, Class UZ, 4.00%, 10/25/2058 | | |
FNMA, REMIC Trust, Whole Loan Series 2002-W3, Class A4, 6.50%, 11/25/2041 | | |
| | |
Series 2004-47, Class PD, 6.00%, 6/16/2034 | | |
Series 2016-61, Class A, 2.00%, 9/20/2042 | | |
Series 2021-83, Class KB, 1.25%, 5/20/2051 | | |
Series 2022-93, Class JZ, 4.50%, 5/20/2052 | | |
Series 2014-H06, Class HB, 6.09%, 3/20/2064 (h) | | |
Series 2015-H11, Class FC, 5.99%, 5/20/2065 (h) | | |
Series 2015-H18, Class FA, 5.89%, 6/20/2065 (h) | | |
Series 2021-H14, Class YD, 7.84%, 6/20/2071 (h) | | |
Legacy Mortgage Asset Trust Series 2021-GS1, Class A1, 4.89%, 10/25/2066 (d) (g) | | |
New Residential Mortgage Loan Trust Series 2024-RTL1, Class A1, 6.66%, 3/25/2039 (d) (g) | | |
Ocwen Loan Investment Trust Series 2024-HB1, Class M1, 3.00%, 2/25/2037 ‡ (d) | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
| | |
Collateralized Mortgage Obligations — continued |
Towd Point Mortgage Trust Series 2021-R1, Class A1, 2.92%, 11/30/2060 (d) (h) | | |
Total Collateralized Mortgage Obligations
(Cost $30,467) | | |
Commercial Mortgage-Backed Securities — 0.5% |
BXP Trust Series 2017-GM, Class A, 3.38%, 6/13/2039 (d) | | |
FHLMC, Multi-Family Structured Credit Risk Series 2021-MN2, Class M1, 7.14%, 7/25/2041 (d) (h) | | |
FHLMC, Multi-Family Structured Pass-Through Certificates | | |
Series K727, Class X1, IO, 0.71%, 7/25/2024 (h) | | |
Series K-1511, Class A1, 3.28%, 10/25/2030 | | |
Series K754, Class AM, 4.94%, 11/25/2030 (h) | | |
Series K-1510, Class A2, 3.72%, 1/25/2031 | | |
Series K-150, Class A2, 3.71%, 9/25/2032 (h) | | |
| | |
Series 2017-M11, Class A2, 2.98%, 8/25/2029 | | |
Series 2020-M50, Class X1, IO, 1.93%, 10/25/2030 (h) | | |
Series 2021-M11, Class A2, 1.51%, 3/25/2031 (h) | | |
Series 2022-M3, Class A2, 1.76%, 11/25/2031 (h) | | |
Series 2022-M1S, Class A2, 2.15%, 4/25/2032 (h) | | |
Series 2022-M2S, Class A1, 3.88%, 5/25/2032 (h) | | |
Series 2023-M8, Class A2, 4.62%, 3/25/2033 (h) | | |
Series 2024-M2, Class A2, 3.75%, 8/25/2033 | | |
Series 2021-M3, Class 1A1, 1.00%, 11/25/2033 | | |
Series 2021-M3, Class X1, IO, 2.03%, 11/25/2033 (h) | | |
| | |
Series 2017-KGX1, Class BFX, 3.71%, 10/25/2027 (d) (h) | | |
Series 2015-K48, Class C, 3.77%, 8/25/2048 (d) (h) | | |
Series 2016-K56, Class B, 4.09%, 6/25/2049 (d) (h) | | |
Series 2016-K58, Class B, 3.87%, 9/25/2049 (d) (h) | | |
| | |
|
Series 2017-K728, Class C, 3.84%, 11/25/2050 (d) (h) | | |
Multi-Family Connecticut Avenue Securities Trust Series 2023-01, Class M7, 9.34%, 11/25/2053 (d) (h) | | |
SLG Office Trust Series 2021-OVA, Class A, 2.59%, 7/15/2041 (d) | | |
Total Commercial Mortgage-Backed Securities
(Cost $14,714) | | |
Foreign Government Securities — 0.0% ^ |
Kingdom of Saudi Arabia 2.25%, 2/2/2033 (d) | | |
Republic of Peru 2.78%, 12/1/2060 | | |
| | |
| | |
| | |
Total Foreign Government Securities
(Cost $1,271) | | |
Municipal Bonds — 0.0% (i) ^ |
|
Texas Natural Gas Securitization Finance Corp., Customer Rate Relief Bonds Series 2023A-2, Rev., 5.17%, 4/1/2041 (Cost $205) | | |
| | |
Short-Term Investments — 2.5% |
Investment Companies — 2.5% |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (a) (j)
(Cost $63,873) | | |
Total Investments — 100.3%
(Cost $2,166,495) | | |
Liabilities in Excess of Other Assets — (0.3)% | | |
| | |
Percentages indicated are based on net assets. |
| |
| |
| Alternative Credit Enhancement Securities |
| Chicago Mercantile Exchange |
| Credit Suisse Mortgage Trust |
| |
| Federal Home Loan Mortgage Corp. |
| Federal National Mortgage Association |
| Government National Mortgage Association |
SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
JPMorgan SmartRetirement® Blend 2030 Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024 (continued)
| Intercontinental Exchange |
| 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. |
| Real Estate Investment Trust |
| Real Estate Mortgage Investment Conduit |
| |
| Secured Overnight Financing Rate |
| Compounding index of the Secured Overnight Financing Rate |
| 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. |
| To Be Announced; Security is subject to delayed delivery. |
| Uniform Mortgage-Backed Securities |
| |
| Amount rounds to less than 0.1% of net assets. |
| Value determined using significant unobservable inputs. | |
| 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. | |
| All or a portion of this security is deposited with the broker as initial margin for futures contracts. | |
| The rate shown is the effective yield as of June 30, 2024. | |
| Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. | |
| Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of June 30, 2024. | |
| All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment. | |
| 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 June 30, 2024. | |
| 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 June 30, 2024. | |
| The date shown represents the earliest of the prerefunded date, next put date or final maturity date. | |
| The rate shown is the current yield as of June 30, 2024. | |
Detailed information about investment portfolios of the Underlying Funds, as defined in the Notes to Financial Statements, and ETFs can be found in the financial statements 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 June 30, 2024 (amounts in thousands, except number of contracts):
| | | | | VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($) |
| | | | | |
Russell 2000 E-Mini Index | | | | | |
S&P MidCap 400 E-Mini Index | | | | | |
U.S. Treasury 2 Year Note | | | | | |
U.S. Treasury 5 Year Note | | | | | |
| | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
JPMorgan SmartRetirement® Blend 2035 Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024
| | |
Investment Companies — 59.9% |
|
JPMorgan Core Plus Bond Fund Class R6 Shares (a) | | |
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a) | | |
JPMorgan High Yield Fund Class R6 Shares (a) | | |
| | |
International Equity — 3.3% |
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a) | | |
|
JPMorgan Equity Index Fund Class R6 Shares (a) | | |
Total Investment Companies
(Cost $1,287,986) | | |
Exchange-Traded Funds — 30.3% |
Alternative Assets — 1.4% |
JPMorgan BetaBuilders MSCI US REIT ETF (a) | | |
|
JPMorgan BetaBuilders U.S. Aggregate Bond ETF (a) | | |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF (a) | | |
| | |
International Equity — 20.1% |
JPMorgan BetaBuilders Emerging Markets Equity ETF (a) | | |
JPMorgan BetaBuilders International Equity ETF (a) | | |
Total International Equity | | |
|
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (a) | | |
JPMorgan BetaBuilders U.S. Small Cap Equity ETF (a) | | |
| | |
Total Exchange-Traded Funds
(Cost $722,766) | | |
| | |
U.S. Treasury Obligations — 2.3% |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
U.S. Treasury STRIPS Bonds
4.81%, 11/15/2040 (c) | | |
Total U.S. Treasury Obligations
(Cost $66,196) | | |
Mortgage-Backed Securities — 2.0% |
| | |
Pool # WN1157, 1.80%, 11/1/2028 | | |
Pool # WA1626, 3.45%, 8/1/2032 | | |
Pool # WN3225, 3.80%, 10/1/2034 | | |
Pool # WS4004, 4.40%, 9/1/2036 | | |
| | |
Pool # ZL3032, 3.50%, 5/1/2042 | | |
Pool # QA6772, 3.50%, 1/1/2050 | | |
Pool # QA9530, 2.50%, 5/1/2050 | | |
Pool # RA4224, 3.00%, 11/1/2050 | | |
Pool # QB8503, 2.50%, 2/1/2051 | | |
Pool # QC9443, 2.50%, 10/1/2051 | | |
Pool # QD7596, 2.50%, 2/1/2052 | | |
Pool # RA6815, 2.50%, 2/1/2052 | | |
Pool # SD3952, 2.50%, 3/1/2052 | | |
Pool # SD1373, 3.00%, 5/1/2052 | | |
Pool # QE1637, 4.00%, 5/1/2052 | | |
Pool # QE1832, 4.50%, 5/1/2052 | | |
Pool # QH9763, 6.00%, 1/1/2054 | | |
Pool # QH9845, 6.00%, 2/1/2054 | | |
Pool # QI5618, 6.50%, 5/1/2054 | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
JPMorgan SmartRetirement® Blend 2035 Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024 (continued)
| | |
Mortgage-Backed Securities — continued |
FNMA UMBS, 20 Year Pool # MA4016, 2.50%, 5/1/2040 | | |
| | |
Pool # BO1362, 4.00%, 6/1/2049 | | |
Pool # BK2113, 2.50%, 3/1/2050 | | |
Pool # CA5658, 2.50%, 5/1/2050 | | |
Pool # FM3118, 3.00%, 5/1/2050 | | |
Pool # BP8608, 2.50%, 6/1/2050 | | |
Pool # BP9250, 2.50%, 7/1/2050 | | |
Pool # CA6635, 2.50%, 8/1/2050 | | |
Pool # FP0059, 2.50%, 8/1/2050 | | |
Pool # BP7667, 2.50%, 12/1/2050 | | |
Pool # BR4318, 3.00%, 1/1/2051 | | |
Pool # BQ8009, 4.00%, 2/1/2051 | | |
Pool # BQ8010, 4.00%, 2/1/2051 | | |
Pool # CB0189, 3.00%, 4/1/2051 | | |
Pool # CB0458, 2.50%, 5/1/2051 | | |
Pool # FM7916, 2.50%, 6/1/2051 | | |
Pool # FM7957, 2.50%, 7/1/2051 | | |
Pool # CB1301, 2.50%, 8/1/2051 | | |
Pool # FM8247, 2.50%, 8/1/2051 | | |
Pool # CB1908, 2.50%, 10/1/2051 | | |
Pool # FM9491, 2.50%, 11/1/2051 | | |
Pool # FS4624, 2.50%, 11/1/2051 | | |
Pool # CB2094, 3.00%, 11/1/2051 | | |
Pool # CB2170, 3.00%, 11/1/2051 | | |
Pool # BU1805, 2.50%, 12/1/2051 | | |
Pool # CB2313, 2.50%, 12/1/2051 | | |
Pool # FS2559, 3.00%, 12/1/2051 | | |
Pool # CB2637, 2.50%, 1/1/2052 | | |
Pool # BU3079, 3.00%, 1/1/2052 | | |
Pool # CB2670, 3.00%, 1/1/2052 | | |
Pool # BV4831, 3.00%, 2/1/2052 | | |
Pool # FS7749, 3.00%, 2/1/2052 | | |
Pool # BV0295, 3.50%, 2/1/2052 | | |
Pool # CB3265, 3.00%, 4/1/2052 | | |
Pool # BV6743, 4.50%, 5/1/2052 | | |
Pool # BV9515, 6.00%, 6/1/2052 | | |
Pool # BY4714, 5.00%, 6/1/2053 | | |
Pool # BY9327, 6.00%, 11/1/2053 | | |
Pool # DA7753, 5.50%, 1/1/2054 | | |
Pool # DA0425, 6.00%, 2/1/2054 | | |
Pool # DA7754, 6.00%, 2/1/2054 | | |
Pool # DA9487, 6.00%, 2/1/2054 | | |
Pool # CB8334, 5.50%, 4/1/2054 | | |
| | |
|
Pool # DB3860, 6.00%, 4/1/2054 | | |
Pool # DB3983, 6.00%, 5/1/2054 | | |
Pool # DB3885, 6.50%, 5/1/2054 | | |
| | |
Pool # AM4660, 3.77%, 12/1/2025 | | |
Pool # BL2588, 2.97%, 8/1/2026 | | |
Pool # BS7317, 5.35%, 11/1/2027 | | |
Pool # BS7576, 4.86%, 12/1/2027 | | |
Pool # AM3010, 5.07%, 3/1/2028 | | |
Pool # BS6144, 3.97%, 1/1/2029 | | |
Pool # AM5319, 4.34%, 1/1/2029 | | |
Pool # BL1460, 3.74%, 2/1/2029 | | |
Pool # BS8149, 4.97%, 9/1/2029 | | |
Pool # BS4290, 1.95%, 10/1/2029 | | |
Pool # BL4956, 2.41%, 11/1/2029 | | |
Pool # BS7361, 4.76%, 1/1/2030 | | |
Pool # BL9252, 1.37%, 3/1/2030 | | |
Pool # BS0154, 1.28%, 4/1/2030 | | |
Pool # BZ0896, 5.43%, 7/1/2030 | | |
Pool # AM4789, 4.18%, 11/1/2030 | | |
Pool # BL9494, 1.46%, 12/1/2030 | | |
Pool # BL9652, 1.56%, 12/1/2030 | | |
Pool # BS6024, 3.96%, 2/1/2031 | | |
Pool # BS7290, 5.64%, 2/1/2031 | | |
Pool # BS7121, 5.15%, 3/1/2031 | | |
Pool # BS6203, 4.26%, 4/1/2031 | | |
Pool # BS8442, 4.74%, 4/1/2031 | | |
Pool # BS2915, 1.87%, 5/1/2031 | | |
Pool # BL2999, 3.15%, 6/1/2031 | | |
Pool # BS7813, 4.83%, 6/1/2031 | | |
Pool # BS6802, 4.93%, 6/1/2031 | | |
Pool # BL3774, 2.77%, 8/1/2031 | | |
Pool # BL3648, 2.85%, 8/1/2031 | | |
Pool # BL3700, 2.92%, 8/1/2031 | | |
Pool # BS5580, 3.68%, 1/1/2032 | | |
Pool # BS4654, 2.39%, 3/1/2032 | | |
Pool # BL5680, 2.44%, 3/1/2032 | | |
Pool # AN5952, 3.01%, 7/1/2032 | | |
Pool # AN6149, 3.14%, 7/1/2032 | | |
Pool # BS5530, 3.30%, 7/1/2032 | | |
Pool # BS8070, 5.35%, 7/1/2032 | | |
Pool # BS6345, 3.91%, 8/1/2032 | | |
Pool # BZ0884, 5.37%, 9/1/2032 | | |
Pool # BS6822, 3.81%, 10/1/2032 | | |
Pool # BS8528, 4.31%, 10/1/2032 | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
| | |
Mortgage-Backed Securities — continued |
Pool # BS6872, 4.41%, 10/1/2032 | | |
Pool # BS6928, 4.55%, 10/1/2032 | | |
Pool # BS6954, 4.93%, 10/1/2032 | | |
Pool # BS6819, 4.12%, 11/1/2032 | | |
Pool # BS7090, 4.45%, 12/1/2032 | | |
Pool # BS8428, 4.41%, 1/1/2033 | | |
Pool # BS5357, 3.41%, 3/1/2033 | | |
Pool # BS8416, 4.56%, 5/1/2033 | | |
Pool # AN9752, 3.65%, 7/1/2033 | | |
Pool # BS5511, 3.45%, 8/1/2033 | | |
Pool # BS5127, 3.15%, 9/1/2033 | | |
Pool # BZ0430, 4.32%, 2/1/2034 | | |
Pool # BL7124, 1.93%, 6/1/2035 | | |
Pool # BZ0217, 5.22%, 8/1/2035 | | |
Pool # AN0375, 3.76%, 12/1/2035 | | |
Pool # BF0045, 4.50%, 3/1/2052 | | |
Pool # BF0091, 3.50%, 5/1/2056 | | |
Pool # BF0108, 4.50%, 6/1/2056 | | |
Pool # BF0189, 3.00%, 6/1/2057 | | |
Pool # BF0219, 3.50%, 9/1/2057 | | |
Pool # BF0230, 5.50%, 1/1/2058 | | |
Pool # BF0497, 3.00%, 7/1/2060 | | |
Pool # BF0561, 3.00%, 9/1/2061 (d) | | |
Pool # BF0578, 2.50%, 12/1/2061 | | |
Pool # BF0580, 3.50%, 12/1/2061 | | |
FNMA/FHLMC UMBS, Single Family, 30 Year | | |
TBA, 2.50%, 7/25/2054 (d) | | |
TBA, 4.00%, 7/25/2054 (d) | | |
| | |
Pool # 783525, 4.50%, 12/20/2031 | | |
Pool # 784602, 4.00%, 5/20/2038 | | |
Pool # BS8546, 2.50%, 12/20/2050 | | |
Pool # 785294, 3.50%, 1/20/2051 | | |
Pool # CA8452, 3.00%, 2/20/2051 | | |
Pool # CA9005, 3.00%, 2/20/2051 | | |
Pool # CB1543, 3.00%, 2/20/2051 | | |
Pool # CA3588, 3.50%, 2/20/2051 | | |
Pool # CB1536, 3.50%, 2/20/2051 | | |
Pool # CB1542, 3.00%, 3/20/2051 | | |
Pool # CB4433, 3.00%, 3/20/2051 | | |
Pool # CC0070, 3.00%, 3/20/2051 | | |
Pool # CC8726, 3.00%, 3/20/2051 | | |
Pool # CC8738, 3.00%, 3/20/2051 | | |
Pool # CC8723, 3.50%, 3/20/2051 | | |
Pool # CC0088, 4.00%, 3/20/2051 | | |
| | |
|
Pool # CC0092, 4.00%, 3/20/2051 | | |
Pool # CC8727, 3.00%, 4/20/2051 | | |
Pool # CC8739, 3.00%, 4/20/2051 | | |
Pool # CC8740, 3.00%, 4/20/2051 | | |
Pool # CC8751, 3.00%, 4/20/2051 | | |
Pool # CE9911, 3.00%, 7/20/2051 | | |
Pool # CE9913, 3.00%, 7/20/2051 | | |
Pool # CE9914, 3.00%, 7/20/2051 | | |
Pool # CE9915, 3.00%, 7/20/2051 | | |
Pool # CA3563, 3.50%, 7/20/2051 | | |
Pool # CE2586, 3.50%, 7/20/2051 | | |
Pool # CK1527, 3.50%, 12/20/2051 | | |
Pool # CJ8184, 3.50%, 1/20/2052 | | |
Pool # CK2716, 3.50%, 2/20/2052 | | |
Pool # CK8295, 5.00%, 3/20/2052 | | |
Pool # CN3557, 4.50%, 5/20/2052 | | |
Pool # CN3127, 5.00%, 8/20/2052 | | |
Pool # CU6748, 6.00%, 9/20/2053 | | |
Pool # DA2721, 5.50%, 3/20/2054 | | |
Pool # DB0470, 5.50%, 3/20/2054 | | |
| | |
Pool # CT6280, 3.50%, 2/20/2062 | | |
Pool # CV6672, 5.00%, 7/20/2062 | | |
Pool # CU1093, 5.50%, 6/20/2063 | | |
Pool # CU1092, 6.00%, 6/20/2063 | | |
Pool # CT6283, 6.00%, 7/20/2063 | | |
Pool # CW0095, 6.00%, 7/20/2063 | | |
Total Mortgage-Backed Securities
(Cost $58,185) | | |
|
Aerospace & Defense — 0.1% |
|
| | |
| | |
| | |
L3Harris Technologies, Inc. |
| | |
| | |
Leidos, Inc. 5.75%, 3/15/2033 | | |
|
| | |
| | |
|
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
JPMorgan SmartRetirement® Blend 2035 Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024 (continued)
| | |
Corporate Bonds — continued |
Aerospace & Defense — continued |
| | |
| | |
| | |
| | |
|
Hyundai Capital America 2.38%, 10/15/2027 (e) | | |
|
ABN AMRO Bank NV (Netherlands) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.55%), 6.58%, 10/13/2026 (e) (f) | | |
AIB Group plc (Ireland) (SOFR + 2.33%), 6.61%, 9/13/2029 (e) (f) | | |
Banco Santander SA (Spain) 5.59%, 8/8/2028 | | |
|
(SOFR + 1.01%), 1.20%, 10/24/2026 (f) | | |
(3-MONTH CME TERM SOFR + 1.77%), 3.71%, 4/24/2028 (f) | | |
(SOFR + 1.58%), 4.38%, 4/27/2028 (f) | | |
(SOFR + 1.63%), 5.20%, 4/25/2029 (f) | | |
(SOFR + 1.57%), 5.82%, 9/15/2029 (f) | | |
(SOFR + 1.33%), 2.97%, 2/4/2033 (f) | | |
(SOFR + 1.91%), 5.29%, 4/25/2034 (f) | | |
(SOFR + 1.84%), 5.87%, 9/15/2034 (f) | | |
(SOFR + 1.65%), 5.47%, 1/23/2035 (f) | | |
Bank of Ireland Group plc (Ireland) (SOFR + 1.62%), 5.60%, 3/20/2030 (e) (f) | | |
Barclays plc (United Kingdom) |
(SOFR + 1.88%), 6.50%, 9/13/2027 (f) | | |
(SOFR + 2.42%), 6.04%, 3/12/2055 (f) | | |
|
(SOFR + 1.52%), 5.18%, 1/9/2030 (e) (f) | | |
(SOFR + 1.59%), 5.50%, 5/20/2030 (e) (f) | | |
(SOFR + 1.88%), 5.74%, 2/20/2035 (e) (f) | | |
|
(SOFR + 1.52%), 1.65%, 10/6/2026 (e) (f) | | |
| | |
(SOFR + 1.85%), 5.94%, 5/30/2035 (e) (f) | | |
|
(3-MONTH CME TERM SOFR + 1.41%), 3.52%, 10/27/2028 (f) | | |
(SOFR + 1.36%), 5.17%, 2/13/2030 (f) | | |
(SOFR + 1.35%), 3.06%, 1/25/2033 (f) | | |
| | |
|
|
Cooperatieve Rabobank UA (Netherlands) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.40%), 5.56%, 2/28/2029 (e) (f) | | |
Credit Agricole SA (France) |
| | |
(SOFR + 0.89%), 1.25%, 1/26/2027 (e) (f) | | |
(SOFR + 1.69%), 5.34%, 1/10/2030 (e) (f) | | |
Federation des Caisses Desjardins du Quebec (Canada) |
| | |
| | |
Fifth Third Bancorp (SOFR + 1.84%), 5.63%, 1/29/2032 (f) | | |
HSBC Holdings plc (United Kingdom) (SOFR + 1.73%), 2.01%, 9/22/2028 (f) | | |
Lloyds Banking Group plc (United Kingdom) |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.85%), 1.63%, 5/11/2027 (f) | | |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.07%), 5.72%, 6/5/2030 (f) | | |
Mizuho Financial Group, Inc. (Japan) |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.65%), 5.78%, 7/6/2029 (f) | | |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.08%), 5.38%, 7/10/2030 (d) (f) | | |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.65%), 5.74%, 5/27/2031 (f) | | |
NatWest Group plc (United Kingdom) (3-MONTH SOFR + 1.87%), 4.45%, 5/8/2030 (f) | | |
NatWest Markets plc (United Kingdom) 5.41%, 5/17/2029 (e) | | |
PNC Financial Services Group, Inc. (The) (SOFR + 1.93%), 5.07%, 1/24/2034 (f) | | |
Santander Holdings USA, Inc. (SOFR + 2.50%), 6.17%, 1/9/2030 (f) | | |
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 (f) | | |
(SOFR + 1.22%), 2.47%, 1/11/2028 (f) | | |
Skandinaviska Enskilda Banken AB (Sweden) 5.38%, 3/5/2029 (e) | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
| | |
Corporate Bonds — continued |
|
Societe Generale SA (France) |
| | |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.10%), 6.07%, 1/19/2035 (e) (f) | | |
Standard Chartered plc (United Kingdom) |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.05%), 5.69%, 5/14/2028 (e) (f) | | |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.20%), 7.02%, 2/8/2030 (e) (f) | | |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.45%), 5.91%, 5/14/2035 (e) (f) | | |
Toronto-Dominion Bank (The) (Canada) |
| | |
| | |
|
(SOFR + 2.05%), 6.05%, 6/8/2027 (f) | | |
(SOFR + 2.45%), 7.16%, 10/30/2029 (f) | | |
(SOFR + 1.85%), 5.12%, 1/26/2034 (f) | | |
(SOFR + 1.92%), 5.71%, 1/24/2035 (f) | | |
|
| | |
(SOFR + 1.07%), 5.71%, 4/22/2028 (f) | | |
(SOFR + 1.74%), 5.57%, 7/25/2029 (f) | | |
(SOFR + 1.50%), 5.20%, 1/23/2030 (f) | | |
(SOFR + 1.99%), 5.56%, 7/25/2034 (f) | | |
(SOFR + 1.78%), 5.50%, 1/23/2035 (f) | | |
(SOFR + 2.53%), 3.07%, 4/30/2041 (f) | | |
(SOFR + 2.13%), 4.61%, 4/25/2053 (f) | | |
Westpac New Zealand Ltd. (New Zealand) 5.20%, 2/28/2029 (e) | | |
| | |
|
Constellation Brands, Inc. 4.50%, 5/9/2047 | | |
Keurig Dr Pepper, Inc. Series 10, 5.20%, 3/15/2031 | | |
| | |
|
|
| | |
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| | |
|
Biotechnology — continued |
|
| | |
| | |
Gilead Sciences, Inc. 2.60%, 10/1/2040 | | |
| | |
Broadline Retail — 0.0% ^ |
Amazon.com, Inc. 3.95%, 4/13/2052 | | |
Building Products — 0.0% ^ |
Trane Technologies Financing Ltd. 5.25%, 3/3/2033 | | |
|
Bank of New York Mellon Corp. (The) |
(SOFR + 1.60%), 6.32%, 10/25/2029 (f) | | |
(SOFR + 1.85%), 6.47%, 10/25/2034 (f) | | |
Brookfield Finance, Inc. (Canada) 3.50%, 3/30/2051 | | |
Deutsche Bank AG (Germany) |
(SOFR + 1.87%), 2.13%, 11/24/2026 (f) | | |
(SOFR + 1.22%), 2.31%, 11/16/2027 (f) | | |
(SOFR + 1.32%), 2.55%, 1/7/2028 (f) | | |
(SOFR + 3.18%), 6.72%, 1/18/2029 (f) | | |
Goldman Sachs Group, Inc. (The) |
| | |
(SOFR + 1.11%), 2.64%, 2/24/2028 (f) | | |
(SOFR + 1.77%), 6.48%, 10/24/2029 (f) | | |
(SOFR + 1.27%), 5.73%, 4/25/2030 (f) | | |
Macquarie Group Ltd. (Australia) (SOFR + 1.53%), 2.87%, 1/14/2033 (e) (f) | | |
|
(SOFR + 1.73%), 5.12%, 2/1/2029 (f) | | |
(SOFR + 1.59%), 5.16%, 4/20/2029 (f) | | |
(SOFR + 1.63%), 5.45%, 7/20/2029 (f) | | |
(SOFR + 1.26%), 5.66%, 4/18/2030 (f) | | |
(SOFR + 1.20%), 2.51%, 10/20/2032 (f) | | |
(SOFR + 1.73%), 5.47%, 1/18/2035 (f) | | |
(SOFR + 1.49%), 3.22%, 4/22/2042 (f) | | |
Nasdaq, Inc. 5.55%, 2/15/2034 | | |
Nomura Holdings, Inc. (Japan) |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
JPMorgan SmartRetirement® Blend 2035 Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024 (continued)
| | |
Corporate Bonds — continued |
Capital Markets — continued |
State Street Corp. (SOFR + 1.57%), 4.82%, 1/26/2034 (f) | | |
UBS Group AG (Switzerland) (USD SOFR ICE Swap Rate 1 Year + 1.34%), 5.62%, 9/13/2030 (e) (f) | | |
| | |
|
DuPont de Nemours, Inc. 5.32%, 11/15/2038 | | |
EIDP, Inc. 4.80%, 5/15/2033 | | |
LYB International Finance III LLC 1.25%, 10/1/2025 | | |
Nutrien Ltd. (Canada) 4.90%, 3/27/2028 | | |
RPM International, Inc. 2.95%, 1/15/2032 | | |
| | |
Commercial Services & Supplies — 0.0% ^ |
Element Fleet Management Corp. (Canada) 6.32%, 12/4/2028 (e) | | |
Communications Equipment — 0.0% ^ |
Cisco Systems, Inc. 4.95%, 2/26/2031 | | |
|
AerCap Ireland Capital DAC (Ireland) |
| | |
| | |
American Express Co. (SOFR + 1.00%), 5.10%, 2/16/2028 (f) | | |
Avolon Holdings Funding Ltd. (Ireland) |
| | |
| | |
| | |
| | |
Capital One Financial Corp. |
| | |
(SOFR + 1.91%), 5.70%, 2/1/2030 (f) | | |
(SOFR + 1.27%), 2.62%, 11/2/2032 (f) | | |
General Motors Financial Co., Inc. |
| | |
| | |
| | |
| | |
Hyundai Capital Services, Inc. (South Korea) 5.13%, 2/5/2029 (e) | | |
| | |
| | |
|
Consumer Staples Distribution & Retail — 0.0% ^ |
7-Eleven, Inc. 1.80%, 2/10/2031 (e) | | |
Alimentation Couche-Tard, Inc. (Canada) |
| | |
| | |
| | |
| | |
| | |
Containers & Packaging — 0.0% ^ |
Graphic Packaging International LLC 1.51%, 4/15/2026 (e) | | |
Diversified Consumer Services — 0.0% ^ |
University of Miami Series 2022, 4.06%, 4/1/2052 | | |
Diversified REITs — 0.0% ^ |
Safehold GL Holdings LLC 2.85%, 1/15/2032 | | |
|
| | |
| | |
| | |
Diversified Telecommunication Services — 0.0% ^ |
|
| | |
| | |
| | |
Sprint Capital Corp. 6.88%, 11/15/2028 | | |
Verizon Communications, Inc. |
| | |
| | |
| | |
| | |
| | |
Electric Utilities — 0.2% |
AEP Transmission Co. LLC 5.40%, 3/15/2053 | | |
Baltimore Gas and Electric Co. |
| | |
| | |
Consumers 2023 Securitization Funding LLC Series A2, 5.21%, 9/1/2030 | | |
|
Series B, 3.25%, 4/1/2051 | | |
| | |
Duke Energy Corp. 6.10%, 9/15/2053 | | |
Duke Energy Florida LLC 5.95%, 11/15/2052 | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
| | |
Corporate Bonds — continued |
Electric Utilities — continued |
Duke Energy Progress LLC 2.90%, 8/15/2051 | | |
Duke Energy Progress SC Storm Funding LLC Series A, 5.40%, 3/1/2044 | | |
Duquesne Light Holdings, Inc. 2.78%, 1/7/2032 (e) | | |
Electricite de France SA (France) 5.95%, 4/22/2034 (e) | | |
Emera US Finance LP (Canada) 4.75%, 6/15/2046 | | |
Entergy Arkansas LLC 5.75%, 6/1/2054 | | |
|
| | |
| | |
Entergy Mississippi LLC 5.00%, 9/1/2033 | | |
Evergy Metro, Inc. 4.95%, 4/15/2033 | | |
Evergy Missouri West Storm Funding I LLC Series A-1, 5.10%, 12/1/2038 | | |
Evergy Missouri West, Inc. 5.15%, 12/15/2027 (e) | | |
Eversource Energy 3.38%, 3/1/2032 | | |
Fells Point Funding Trust 3.05%, 1/31/2027 (e) | | |
FirstEnergy Transmission LLC 4.55%, 4/1/2049 (e) | | |
Florida Power & Light Co. 5.30%, 4/1/2053 | | |
Indiana Michigan Power Co. 3.25%, 5/1/2051 | | |
ITC Holdings Corp. 5.40%, 6/1/2033 (e) | | |
Massachusetts Electric Co. 4.00%, 8/15/2046 (e) | | |
MidAmerican Energy Co. 5.85%, 9/15/2054 | | |
Monongahela Power Co. 5.85%, 2/15/2034 (e) | | |
Nevada Power Co. 6.00%, 3/15/2054 | | |
New England Power Co. (United Kingdom) 2.81%, 10/6/2050 (e) | | |
NextEra Energy Capital Holdings, Inc. 5.55%, 3/15/2054 | | |
Northern States Power Co. 5.10%, 5/15/2053 | | |
NRG Energy, Inc. 2.45%, 12/2/2027 (e) | | |
Ohio Power Co. 5.00%, 6/1/2033 | | |
Pacific Gas and Electric Co. |
| | |
| | |
| | |
| | |
PG&E Recovery Funding LLC Series A-3, 5.54%, 7/15/2047 | | |
PG&E Wildfire Recovery Funding LLC |
Series A-2, 4.26%, 6/1/2036 | | |
Series A-5, 5.10%, 6/1/2052 | | |
PPL Electric Utilities Corp. 5.25%, 5/15/2053 | | |
| | |
|
Electric Utilities — continued |
Public Service Co. of Oklahoma 5.25%, 1/15/2033 | | |
Public Service Electric and Gas Co. 5.45%, 3/1/2054 | | |
SCE Recovery Funding LLC Series A-1, 4.70%, 6/15/2040 | | |
Sierra Pacific Power Co. 5.90%, 3/15/2054 | | |
Sigeco Securitization I LLC Series A1, 5.03%, 11/15/2036 | | |
Southern California Edison Co. |
| | |
Series C, 4.13%, 3/1/2048 | | |
| | |
| | |
| | |
Southern Co. (The) 5.70%, 3/15/2034 | | |
Tampa Electric Co. 4.90%, 3/1/2029 | | |
Tucson Electric Power Co. 5.50%, 4/15/2053 | | |
|
| | |
| | |
| | |
Vistra Operations Co. LLC 6.00%, 4/15/2034 (e) | | |
| | |
|
Take-Two Interactive Software, Inc. |
| | |
| | |
| | |
| | |
Financial Services — 0.0% ^ |
Corebridge Financial, Inc. 3.65%, 4/5/2027 | | |
National Rural Utilities Cooperative Finance Corp. 5.00%, 2/7/2031 | | |
NTT Finance Corp. (Japan) 5.14%, 7/2/2031 (e) | | |
Shell International Finance BV 3.13%, 11/7/2049 | | |
| | |
|
|
| | |
| | |
JBS USA Holding Lux Sarl 3.00%, 5/15/2032 | | |
JBS USA Holding Lux SARL 6.75%, 3/15/2034 (e) | | |
Kellanova 5.25%, 3/1/2033 | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
JPMorgan SmartRetirement® Blend 2035 Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024 (continued)
| | |
Corporate Bonds — continued |
Food Products — continued |
|
| | |
| | |
Smithfield Foods, Inc. 3.00%, 10/15/2030 (e) | | |
Tyson Foods, Inc. 5.70%, 3/15/2034 | | |
| | |
|
Atmos Energy Corp. 2.85%, 2/15/2052 | | |
Southern California Gas Co. 6.35%, 11/15/2052 | | |
| | |
Ground Transportation — 0.0% ^ |
Burlington Northern Santa Fe LLC 5.50%, 3/15/2055 | | |
Canadian Pacific Railway Co. (Canada) 4.70%, 5/1/2048 | | |
|
| | |
| | |
Penske Truck Leasing Co. LP 6.05%, 8/1/2028 (e) | | |
Triton Container International Ltd. (Bermuda) 2.05%, 4/15/2026 (e) | | |
|
| | |
| | |
| | |
Health Care Equipment & Supplies — 0.0% ^ |
Boston Scientific Corp. 4.55%, 3/1/2039 | | |
DH Europe Finance II SARL 3.25%, 11/15/2039 | | |
| | |
Health Care Providers & Services — 0.1% |
AHS Hospital Corp. 5.02%, 7/1/2045 | | |
Banner Health 1.90%, 1/1/2031 | | |
Beth Israel Lahey Health, Inc. Series L, 3.08%, 7/1/2051 | | |
Cencora, Inc. 5.13%, 2/15/2034 | | |
Children's Hospital of Philadelphia (The) Series 2020, 2.70%, 7/1/2050 | | |
Cigna Group (The) 5.13%, 5/15/2031 | | |
CommonSpirit Health 2.78%, 10/1/2030 | | |
|
| | |
| | |
| | |
|
Health Care Providers & Services — continued |
|
| | |
| | |
| | |
Piedmont Healthcare, Inc. 2.86%, 1/1/2052 | | |
UnitedHealth Group, Inc. 5.88%, 2/15/2053 | | |
| | |
Health Care REITs — 0.0% ^ |
Alexandria Real Estate Equities, Inc. 5.25%, 5/15/2036 | | |
DOC DR LLC 2.63%, 11/1/2031 | | |
Healthcare Realty Holdings LP |
| | |
| | |
Sabra Health Care LP 3.20%, 12/1/2031 | | |
| | |
Hotels, Restaurants & Leisure — 0.0% ^ |
|
| | |
| | |
| | |
Independent Power and Renewable Electricity Producers — 0.0% ^ |
Constellation Energy Generation LLC |
| | |
| | |
| | |
Southern Power Co. 5.15%, 9/15/2041 | | |
| | |
Industrial Conglomerates — 0.0% ^ |
Honeywell International, Inc. 5.25%, 3/1/2054 | | |
Industrial REITs — 0.0% ^ |
Prologis LP 4.75%, 6/15/2033 | | |
|
|
| | |
| | |
Arthur J Gallagher & Co. 5.75%, 7/15/2054 | | |
Berkshire Hathaway Finance Corp. 3.85%, 3/15/2052 | | |
Brown & Brown, Inc. 2.38%, 3/15/2031 | | |
CNA Financial Corp. 5.13%, 2/15/2034 | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
| | |
Corporate Bonds — continued |
|
CNO Global Funding 5.88%, 6/4/2027 (e) | | |
Corebridge Global Funding 5.90%, 9/19/2028 (e) | | |
F&G Annuities & Life, Inc. 6.50%, 6/4/2029 | | |
|
| | |
| | |
Fidelity & Guaranty Life Holdings, Inc. 5.50%, 5/1/2025 (e) | | |
Jackson National Life Global Funding 3.05%, 4/29/2026 (e) | | |
Mutual of Omaha Cos. Global Funding 5.45%, 12/12/2028 (e) | | |
Nationwide Mutual Insurance Co. 8.25%, 12/1/2031 (e) | | |
New York Life Insurance Co. 3.75%, 5/15/2050 (e) | | |
Northwestern Mutual Global Funding |
| | |
| | |
Prudential Funding Asia plc (Hong Kong) 3.13%, 4/14/2030 | | |
Teachers Insurance & Annuity Association of America |
| | |
| | |
| | |
Interactive Media & Services — 0.0% ^ |
Meta Platforms, Inc. 5.60%, 5/15/2053 | | |
|
CGI, Inc. (Canada) 2.30%, 9/14/2031 | | |
|
Otis Worldwide Corp. 3.11%, 2/15/2040 | | |
|
Charter Communications Operating LLC |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
|
|
Glencore Funding LLC (Australia) |
| | |
| | |
| | |
South32 Treasury Ltd. (Australia) 4.35%, 4/14/2032 (e) | | |
| | |
|
Berkshire Hathaway Energy Co. 2.85%, 5/15/2051 | | |
Consolidated Edison Co. of New York, Inc. 6.15%, 11/15/2052 | | |
|
| | |
| | |
|
| | |
| | |
Engie SA (France) 5.63%, 4/10/2034 (e) | | |
NiSource, Inc. 5.20%, 7/1/2029 | | |
Public Service Enterprise Group, Inc. 5.45%, 4/1/2034 | | |
Puget Energy, Inc. 2.38%, 6/15/2028 | | |
San Diego Gas & Electric Co. 2.95%, 8/15/2051 | | |
Southern Co. Gas Capital Corp. 5.75%, 9/15/2033 | | |
| | |
|
COPT Defense Properties LP 2.75%, 4/15/2031 | | |
Oil, Gas & Consumable Fuels — 0.1% |
BP Capital Markets America, Inc. |
| | |
| | |
Cheniere Energy, Inc. 5.65%, 4/15/2034 (e) | | |
Columbia Pipelines Holding Co. LLC 5.68%, 1/15/2034 (e) | | |
|
| | |
| | |
|
| | |
| | |
Exxon Mobil Corp. 3.00%, 8/16/2039 | | |
Flex Intermediate Holdco LLC |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
JPMorgan SmartRetirement® Blend 2035 Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024 (continued)
| | |
Corporate Bonds — continued |
Oil, Gas & Consumable Fuels — continued |
| | |
Gray Oak Pipeline LLC 2.60%, 10/15/2025 (e) | | |
|
| | |
| | |
|
| | |
| | |
NGPL PipeCo LLC 3.25%, 7/15/2031 (e) | | |
Northern Natural Gas Co. 5.63%, 2/1/2054 (e) | | |
Ovintiv, Inc. 6.25%, 7/15/2033 | | |
Phillips 66 Co. 5.30%, 6/30/2033 | | |
Plains All American Pipeline LP 4.65%, 10/15/2025 | | |
TotalEnergies Capital International SA (France) 2.99%, 6/29/2041 | | |
TransCanada PipeLines Ltd. (Canada) 5.85%, 3/15/2036 | | |
Williams Cos., Inc. (The) 5.65%, 3/15/2033 | | |
| | |
Passenger Airlines — 0.0% ^ |
United Airlines Pass-Through Trust Series 2016-2, Class A Shares, 3.10%, 10/7/2028 | | |
Personal Care Products — 0.0% ^ |
Kenvue, Inc. 5.20%, 3/22/2063 | | |
|
Astrazeneca Finance LLC (United Kingdom) 4.85%, 2/26/2029 | | |
|
| | |
| | |
Eli Lilly & Co. 5.00%, 2/9/2054 | | |
|
| | |
| | |
Pfizer Investment Enterprises Pte. Ltd. |
| | |
| | |
Takeda Pharmaceutical Co. Ltd. (Japan) |
| | |
| | |
| | |
|
Pharmaceuticals — continued |
Utah Acquisition Sub, Inc. 3.95%, 6/15/2026 | | |
Zoetis, Inc. 5.60%, 11/16/2032 | | |
| | |
Professional Services — 0.0% ^ |
Verisk Analytics, Inc. 5.75%, 4/1/2033 | | |
Residential REITs — 0.0% ^ |
Essex Portfolio LP 5.50%, 4/1/2034 | | |
UDR, Inc. 2.10%, 8/1/2032 | | |
| | |
|
Brixmor Operating Partnership LP |
| | |
| | |
|
| | |
| | |
| | |
Semiconductors & Semiconductor Equipment — 0.1% |
Analog Devices, Inc. 2.80%, 10/1/2041 | | |
Broadcom, Inc. 3.19%, 11/15/2036 (e) | | |
Foundry JV Holdco LLC 6.25%, 1/25/2035 (e) | | |
Intel Corp. 5.70%, 2/10/2053 | | |
KLA Corp. 3.30%, 3/1/2050 | | |
Marvell Technology, Inc. 2.95%, 4/15/2031 | | |
|
| | |
| | |
| | |
QUALCOMM, Inc. 4.50%, 5/20/2052 | | |
Texas Instruments, Inc. 5.05%, 5/18/2063 | | |
| | |
|
Intuit, Inc. 5.50%, 9/15/2053 | | |
|
| | |
| | |
| | |
Roper Technologies, Inc. 1.75%, 2/15/2031 | | |
| | |
Specialized REITs — 0.0% ^ |
American Tower Corp. 1.88%, 10/15/2030 | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
| | |
Corporate Bonds — continued |
Specialized REITs — continued |
Crown Castle, Inc. 5.80%, 3/1/2034 | | |
CubeSmart LP 2.00%, 2/15/2031 | | |
Equinix, Inc. 2.00%, 5/15/2028 | | |
|
| | |
| | |
| | |
Specialty Retail — 0.0% ^ |
Home Depot, Inc. (The) 3.63%, 4/15/2052 | | |
Technology Hardware, Storage & Peripherals — 0.0% ^ |
Apple, Inc. 2.70%, 8/5/2051 | | |
|
Altria Group, Inc. 2.45%, 2/4/2032 | | |
BAT Capital Corp. (United Kingdom) |
| | |
| | |
| | |
|
American Water Capital Corp. 5.45%, 3/1/2054 | | |
Wireless Telecommunication Services — 0.0% ^ |
Rogers Communications, Inc. (Canada) |
| | |
| | |
|
| | |
| | |
| | |
Vodafone Group plc (United Kingdom) 5.75%, 6/28/2054 | | |
| | |
Total Corporate Bonds
(Cost $55,424) | | |
Asset-Backed Securities — 0.9% |
Accelerated LLC Series 2021-1H, Class B, 1.90%, 10/20/2040 (e) | | |
ACRE Commercial Mortgage Ltd. | | |
Series 2021-FL4, Class A, 6.28%, 12/18/2037 (e) (h) | | |
Series 2021-FL4, Class AS, 6.55%, 12/18/2037 (e) (h) | | |
Aligned Data Centers Issuer LLC Series 2021-1A, Class A2, 1.94%, 8/15/2046 (e) | | |
| | |
|
American Airlines Pass-Through Trust | | |
Series 2016-2, Class AA, 3.20%, 6/15/2028 | | |
Series 2016-3, Class AA, 3.00%, 10/15/2028 | | |
Series 2021-1, Class B, 3.95%, 7/11/2030 | | |
American Credit Acceptance Receivables Trust | | |
Series 2023-1, Class D, 6.35%, 4/12/2029 (e) | | |
Series 2024-1, Class D, 5.86%, 5/13/2030 (e) | | |
| | |
Series 2020-SFR2, Class E1, 4.03%, 7/17/2037 (e) | | |
Series 2020-SFR3, Class E2, 2.76%, 9/17/2037 (e) | | |
Series 2020-SFR4, Class E2, 2.46%, 11/17/2037 (e) | | |
Series 2021-SFR2, Class E2, 2.58%, 8/17/2038 (e) | | |
Series 2024-SFR1, Class D, 4.29%, 7/17/2041 (d) (e) | | |
Avis Budget Rental Car Funding AESOP LLC | | |
Series 2024-2A, Class B, 5.57%, 10/20/2028 (e) | | |
Series 2024-1A, Class A, 5.36%, 6/20/2030 (e) | | |
Bridgecrest Lending Auto Securitization Trust | | |
Series 2024-1, Class D, 6.03%, 11/15/2029 | | |
Series 2024-2, Class C, 6.07%, 2/15/2030 | | |
Business Jet Securities LLC | | |
Series 2021-1A, Class A, 2.16%, 4/15/2036 ‡ (e) | | |
Series 2021-1A, Class B, 2.92%, 4/15/2036 ‡ (e) | | |
Series 2022-1A, Class A, 4.46%, 6/15/2037 ‡ (e) | | |
CarMax Auto Owner Trust Series 2024-1, Class B, 5.17%, 8/15/2029 | | |
Cascade MH Asset Trust Series 2021-MH1, Class A1, 1.75%, 2/25/2046 (e) | | |
CFMT LLC Series 2024-HB13, Class A, 3.00%, 5/25/2034 ‡ (e) (h) | | |
Credit Acceptance Auto Loan Trust | | |
Series 2023-5A, Class B, 6.71%, 2/15/2034 (e) | | |
Series 2024-2A, Class C, 6.70%, 10/16/2034 (e) | | |
DataBank Issuer Series 2021-1A, Class A2, 2.06%, 2/27/2051 (e) | | |
Diamond Resorts Owner Trust | | |
Series 2021-1A, Class A, 1.51%, 11/21/2033 (e) | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
JPMorgan SmartRetirement® Blend 2035 Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024 (continued)
| | |
Asset-Backed Securities — continued |
Series 2021-1A, Class C, 2.70%, 11/21/2033 (e) | | |
Drive Auto Receivables Trust Series 2024-1, Class C, 5.43%, 11/17/2031 | | |
| | |
Series 2022-2A, Class D, 5.46%, 3/15/2028 (e) | | |
Series 2023-1A, Class C, 5.55%, 10/16/2028 (e) | | |
Series 2023-2A, Class D, 6.62%, 2/15/2029 (e) | | |
Elara HGV Timeshare Issuer LLC Series 2021-A, Class B, 1.74%, 8/27/2035 (e) | | |
Enterprise Fleet Financing LLC Series 2024-1, Class A3, 5.16%, 9/20/2030 (e) | | |
Exeter Automobile Receivables Trust | | |
Series 2022-5A, Class C, 6.51%, 12/15/2027 | | |
Series 2023-5A, Class C, 6.85%, 1/16/2029 | | |
Series 2024-1A, Class D, 5.84%, 6/17/2030 | | |
| | |
Series 2024-1A, Class A2, 5.69%, 2/15/2030 (e) | | |
Series 2024-1A, Class B, 6.26%, 3/15/2030 (e) | | |
| | |
Series 2021-1A, Class A, 1.27%, 3/15/2027 (e) | | |
Series 2023-1A, Class A2, 6.57%, 6/15/2028 (e) | | |
| | |
Series 2021-SFR2, Class E1, 2.26%, 9/17/2038 (e) | | |
Series 2022-SFR1, Class E1, 5.00%, 5/19/2039 (e) | | |
Flagship Credit Auto Trust Series 2023-1, Class C, 5.43%, 5/15/2029 (e) | | |
FMC GMSR Issuer Trust Series 2021-GT2, Class A, 3.85%, 10/25/2026 (e) (h) | | |
Ford Credit Auto Owner Trust Series 2024-1, Class A, 4.87%, 8/15/2036 (e) (g) | | |
Foundation Finance Trust Series 2023-2A, Class A, 6.53%, 6/15/2049 (e) | | |
GLS Auto Select Receivables Trust Series 2024-3A, Class A2, 5.59%, 10/15/2029 (e) | | |
GreatAmerica Leasing Receivables Funding LLC Series 2024-1, Class A4, 5.08%, 12/16/2030 (e) | | |
Hilton Grand Vacations Trust | | |
Series 2022-2A, Class B, 4.74%, 1/25/2037 (e) | | |
Series 2024-2A, Class B, 5.65%, 3/25/2038 (e) | | |
Series 2024-1B, Class B, 5.99%, 9/15/2039 (e) | | |
| | |
|
Series 2024-1B, Class C, 6.62%, 9/15/2039 (e) | | |
| | |
Series 2022-A, Class B, 4.65%, 5/15/2041 (e) | | |
Series 2024-A, Class B, 5.84%, 3/15/2043 (e) | | |
Series 2024-A, Class C, 6.32%, 3/15/2043 (e) | | |
Home Partners of America Trust | | |
Series 2021-2, Class C, 2.40%, 12/17/2026 (e) | | |
Series 2021-3, Class D, 3.00%, 1/17/2041 (e) | | |
JetBlue Pass-Through Trust Series 2020-1, Class B, 7.75%, 11/15/2028 | | |
Lendbuzz Securitization Trust | | |
Series 2021-1A, Class A, 1.46%, 6/15/2026 (e) | | |
Series 2024-1A, Class B, 6.58%, 9/15/2029 (e) | | |
Lendmark Funding Trust Series 2024-1A, Class B, 5.88%, 6/21/2032 (e) | | |
Mariner Finance Issuance Trust Series 2021-AA, Class A, 1.86%, 3/20/2036 (e) | | |
| | |
Series 2021-2A, Class C, 2.23%, 5/20/2039 (e) | | |
Series 2024-1A, Class B, 5.51%, 2/20/2043 (e) | | |
Series 2024-1A, Class C, 6.20%, 2/20/2043 (e) | | |
New Residential Mortgage Loan Trust Series 2022-SFR1, Class D, 3.30%, 2/17/2039 (e) | | |
NRZ Excess Spread-Collateralized Notes | | |
Series 2021-FNT1, Class A, 2.98%, 3/25/2026 (e) | | |
Series 2021-FNT2, Class A, 3.23%, 5/25/2026 (e) | | |
| | |
Series 2021-1A, Class A, 0.93%, 3/22/2027 (e) | | |
Series 2021-2A, Class C, 2.53%, 5/21/2029 (e) | | |
Series 2023-3A, Class B, 6.48%, 7/20/2029 (e) | | |
Series 2023-1A, Class C, 6.37%, 9/20/2029 (e) | | |
OneMain Direct Auto Receivables Trust | | |
Series 2019-1A, Class B, 3.95%, 11/14/2028 (e) | | |
Series 2022-1A, Class B, 5.07%, 6/14/2029 (e) | | |
Series 2023-1A, Class A, 5.41%, 11/14/2029 (e) | | |
| | |
Series 2021-A, Class A, 1.21%, 3/8/2028 (e) | | |
Series 2021-A, Class B, 1.76%, 3/8/2028 (e) | | |
Oportun Issuance Trust Series 2021-B, Class A, 1.47%, 5/8/2031 (e) | | |
Pagaya AI Debt Selection Trust Series 2021-HG1, Class A, 1.22%, 1/16/2029 (e) | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
| | |
Asset-Backed Securities — continued |
Pagaya AI Technology in Housing Trust Series 2023-1, Class C, 3.60%, 10/25/2040 (e) | | |
Post Road Equipment Finance LLC Series 2024-1A, Class C, 5.81%, 10/15/2030 (e) | | |
PRET LLC Series 2021-RN4, Class A1, 2.49%, 10/25/2051 (e) (h) | | |
Pretium Mortgage Credit Partners I LLC | | |
Series 2021-NPL1, Class A1, 5.24%, 9/27/2060 (e) (g) | | |
Series 2021-NPL4, Class A1, 2.36%, 10/27/2060 (e) (g) | | |
Progress Residential Trust | | |
Series 2024-SFR4, Class C, 3.33%, 7/9/2029 (d) (e) (h) | | |
Series 2021-SFR2, Class D, 2.20%, 4/19/2038 (e) | | |
Series 2023-SFR1, Class D, 4.65%, 3/17/2040 (e) | | |
Series 2024-SFR1, Class E1, 3.85%, 2/17/2041 (e) | | |
Series 2024-SFR2, Class D, 3.40%, 4/17/2041 (e) (h) | | |
Series 2024-SFR2, Class E1, 3.40%, 4/17/2041 (e) (h) | | |
Series 2024-SFR3, Class C, 3.50%, 6/17/2041 (e) | | |
Series 2024-SFR3, Class D, 3.50%, 6/17/2041 (e) | | |
PRPM LLC Series 2021-10, Class A1, 2.49%, 10/25/2026 (e) (g) | | |
Purchasing Power Funding LLC Series 2024-A, Class B, 6.43%, 8/15/2028 (e) | | |
Reach Abs Trust Series 2024-1A, Class B, 6.29%, 2/18/2031 (e) | | |
Regional Management Issuance Trust Series 2021-1, Class A, 1.68%, 3/17/2031 (e) | | |
Republic Finance Issuance Trust Series 2021-A, Class A, 2.30%, 12/22/2031 (e) | | |
Santander Drive Auto Receivables Trust | | |
Series 2023-1, Class C, 5.09%, 5/15/2030 | | |
Series 2024-2, Class C, 5.84%, 6/17/2030 | | |
| | |
Series 2024-B, Class A3, 5.56%, 11/22/2027 (e) | | |
Series 2024-A, Class A4, 5.24%, 1/22/2029 (e) | | |
SCF Equipment Leasing LLC | | |
Series 2022-2A, Class C, 6.50%, 8/20/2032 (e) | | |
Series 2024-1A, Class C, 5.82%, 9/20/2032 (e) | | |
| | |
|
Series 2023-1A, Class C, 6.77%, 8/22/2033 (e) | | |
SFS Auto Receivables Securitization Trust Series 2024-1A, Class C, 5.51%, 1/20/2032 (e) | | |
Sierra Timeshare Receivables Funding LLC | | |
Series 2021-1A, Class B, 1.34%, 11/20/2037 (e) | | |
Series 2021-2A, Class B, 1.80%, 9/20/2038 (e) | | |
Series 2022-2A, Class C, 6.36%, 6/20/2040 (e) | | |
Series 2024-1A, Class C, 5.94%, 1/20/2043 (e) | | |
Toyota Auto Loan Extended Note Trust Series 2023-1A, Class A, 4.93%, 6/25/2036 (e) | | |
Tricolor Auto Securitization Trust Series 2024-1A, Class B, 6.53%, 12/15/2027 (e) | | |
| | |
Series 2024-SFR2, Class A, 4.75%, 6/17/2040 (e) | | |
Series 2023-SFR2, Class C, 5.00%, 12/17/2040 (e) | | |
United Airlines Pass-Through Trust | | |
Series 2019-2, Class B, 3.50%, 5/1/2028 | | |
Series 2018-1, Class A, 3.70%, 3/1/2030 | | |
VCAT LLC Series 2021-NPL2, Class A1, 5.11%, 3/27/2051 (e) (g) | | |
VOLT XCII LLC Series 2021-NPL1, Class A1, 4.89%, 2/27/2051 (e) (g) | | |
VOLT XCIII LLC Series 2021-NPL2, Class A1, 4.89%, 2/27/2051 (e) (g) | | |
VOLT XCIV LLC Series 2021-NPL3, Class A1, 5.24%, 2/27/2051 (e) (g) | | |
VOLT XCIX LLC Series 2021-NPL8, Class A1, 5.12%, 4/25/2051 (e) (g) | | |
VOLT XCV LLC Series 2021-NPL4, Class A1, 5.24%, 3/27/2051 (e) (g) | | |
VOLT XCVI LLC Series 2021-NPL5, Class A1, 5.12%, 3/27/2051 (e) (g) | | |
VOLT XCVII LLC Series 2021-NPL6, Class A1, 5.24%, 4/25/2051 (e) (g) | | |
| | |
Series 2024-1A, Class B, 6.56%, 1/20/2038 (e) | | |
Series 2024-1A, Class C, 7.06%, 1/20/2038 (e) | | |
Westlake Automobile Receivables Trust | | |
Series 2024-1A, Class A2A, 5.62%, 3/15/2027 (e) | | |
Series 2023-1A, Class C, 5.74%, 8/15/2028 (e) | | |
Series 2023-4A, Class C, 6.64%, 11/15/2028 (e) | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
JPMorgan SmartRetirement® Blend 2035 Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024 (continued)
| | |
Asset-Backed Securities — continued |
World Financial Network Credit Card Master Trust Series 2023-A, Class A, 5.02%, 3/15/2030 | | |
Total Asset-Backed Securities
(Cost $26,916) | | |
Collateralized Mortgage Obligations — 0.4% |
Connecticut Avenue Securities Trust Series 2023-R06, Class 1M2, 8.04%, 7/25/2043 (e) (h) | | |
CSMC Trust Series 2021-RPL1, Class A1, 4.05%, 9/27/2060 (e) (h) | | |
FHLMC Seasoned Credit Risk Transfer Trust | | |
Series 2018-1, Class MT, 3.00%, 5/25/2057 | | |
Series 2018-1, Class M60C, 3.50%, 5/25/2057 | | |
Series 2018-3, Class M55D, 4.00%, 8/25/2057 (h) | | |
Series 2018-2, Class M55D, 4.00%, 11/25/2057 | | |
Series 2018-4, Class M55D, 4.00%, 3/25/2058 | | |
Series 2019-1, Class MT, 3.50%, 7/25/2058 | | |
Series 2019-1, Class M55D, 4.00%, 7/25/2058 | | |
Series 2019-2, Class M55D, 4.00%, 8/25/2058 | | |
Series 2019-3, Class MB, 3.50%, 10/25/2058 | | |
Series 2019-3, Class M55D, 4.00%, 10/25/2058 | | |
Series 2019-4, Class M55D, 4.00%, 2/25/2059 | | |
Series 2020-3, Class MT, 2.00%, 5/25/2060 | | |
Series 2022-1, Class MTU, 3.25%, 11/25/2061 | | |
| | |
Series 2893, Class PE, 5.00%, 11/15/2034 | | |
Series 3674, Class HZ, 5.50%, 5/15/2040 | | |
Series 4065, Class QB, 3.00%, 6/15/2042 | | |
Series 4116, Class UC, 2.50%, 10/15/2042 | | |
Series 4941, Class KG, 2.00%, 12/15/2047 | | |
Series 4941, Class IA, IO, 4.50%, 7/25/2049 | | |
Series 5054, Class PB, 1.00%, 11/25/2050 | | |
Series 5171, Class NI, IO, 3.00%, 7/25/2051 | | |
FNMA Trust, Whole Loan Series 2002-W8, Class A1, 6.50%, 6/25/2042 | | |
FNMA, Grantor Trust, Whole Loan | | |
Series 2001-T12, Class A1, 6.50%, 8/25/2041 | | |
Series 2002-T4, Class A1, 6.50%, 12/25/2041 | | |
| | |
Series 2017-35, Class VA, 4.00%, 7/25/2028 | | |
Series 2018-72, Class VB, 3.50%, 10/25/2031 | | |
Series 2018-56, Class VN, 3.50%, 5/25/2038 | | |
Series 2011-41, Class KA, 4.00%, 1/25/2041 | | |
| | |
|
Series 2011-126, Class JB, 2.50%, 12/25/2041 | | |
Series 2012-108, Class PL, 3.00%, 10/25/2042 | | |
Series 2022-4, Class TA, 1.00%, 4/25/2051 | | |
Series 2019-7, Class CA, 3.50%, 11/25/2057 | | |
Series 2018-75, Class UZ, 4.00%, 10/25/2058 | | |
FNMA, REMIC Trust, Whole Loan Series 2002-W3, Class A4, 6.50%, 11/25/2041 | | |
| | |
Series 2016-61, Class A, 2.00%, 9/20/2042 | | |
Series 2020-32, Class IA, IO, 3.99%, 3/16/2047 (h) | | |
Series 2019-85, Class QY, 3.00%, 7/20/2049 | | |
Series 2020-185, Class PE, 1.50%, 12/20/2050 | | |
Series 2021-83, Class KB, 1.25%, 5/20/2051 | | |
Series 2022-151, Class B, 4.25%, 9/20/2052 | | |
Series 2012-H31, Class FD, 5.78%, 12/20/2062 (h) | | |
Series 2024-57, Class PT, 4.50%, 4/20/2064 | | |
Series 2015-H16, Class FG, 5.88%, 7/20/2065 (h) | | |
Series 2016-H13, Class FT, 6.02%, 5/20/2066 (h) | | |
Series 2016-H26, Class FC, 6.44%, 12/20/2066 (h) | | |
Series 2021-H14, Class YD, 7.84%, 6/20/2071 (h) | | |
Legacy Mortgage Asset Trust Series 2021-GS1, Class A1, 4.89%, 10/25/2066 (e) (g) | | |
New Residential Mortgage Loan Trust Series 2024-RTL1, Class A1, 6.66%, 3/25/2039 (e) (g) | | |
Ocwen Loan Investment Trust Series 2024-HB1, Class M2, 3.00%, 2/25/2037 ‡ (e) | | |
Towd Point Mortgage Trust Series 2021-R1, Class A1, 2.92%, 11/30/2060 (e) (h) | | |
Total Collateralized Mortgage Obligations
(Cost $12,345) | | |
Commercial Mortgage-Backed Securities — 0.2% |
BXP Trust Series 2017-GM, Class A, 3.38%, 6/13/2039 (e) | | |
DBSG ALTA Mortgage Trust Series 2024-ALTA, Class A, 6.14%, 6/10/2037 (e) (h) | | |
FHLMC, Multi-Family Structured Credit Risk Series 2021-MN2, Class M1, 7.14%, 7/25/2041 (e) (h) | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
| | |
Commercial Mortgage-Backed Securities — continued |
FHLMC, Multi-Family Structured Pass-Through Certificates | | |
Series K727, Class X1, IO, 0.71%, 7/25/2024 (h) | | |
Series K136, Class A2, 2.13%, 11/25/2031 | | |
Series K140, Class A2, 2.25%, 1/25/2032 | | |
Series K-150, Class A2, 3.71%, 9/25/2032 (h) | | |
| | |
Series 2020-M38, Class X2, IO, 2.10%, 11/25/2028 (h) | | |
Series 2017-M11, Class A2, 2.98%, 8/25/2029 | | |
Series 2020-M50, Class A2, 1.20%, 10/25/2030 | | |
Series 2020-M50, Class X1, IO, 1.93%, 10/25/2030 (h) | | |
Series 2022-M3, Class A2, 1.76%, 11/25/2031 (h) | | |
Series 2022-M1S, Class A2, 2.15%, 4/25/2032 (h) | | |
Series 2022-M2S, Class A1, 3.88%, 5/25/2032 (h) | | |
Series 2024-M2, Class A2, 3.75%, 8/25/2033 | | |
Series 2021-M3, Class 1A1, 1.00%, 11/25/2033 | | |
Series 2021-M3, Class X1, IO, 2.03%, 11/25/2033 (h) | | |
| | |
Series 2017-KGX1, Class BFX, 3.71%, 10/25/2027 (e) (h) | | |
Series 2016-K56, Class B, 4.09%, 6/25/2049 (e) (h) | | |
Series 2016-K58, Class B, 3.87%, 9/25/2049 (e) (h) | | |
Series 2020-K737, Class B, 3.42%, 1/25/2053 (e) (h) | | |
Multi-Family Connecticut Avenue Securities Trust Series 2023-01, Class M7, 9.34%, 11/25/2053 (e) (h) | | |
SLG Office Trust Series 2021-OVA, Class A, 2.59%, 7/15/2041 (e) | | |
Total Commercial Mortgage-Backed Securities
(Cost $4,854) | | |
Foreign Government Securities — 0.0% ^ |
United Mexican States 6.00%, 5/7/2036
(Cost $199) | | |
| | |
Municipal Bonds — 0.0% (i) ^ |
|
Texas Natural Gas Securitization Finance Corp., Customer Rate Relief Bonds Series 2023A-2, Rev., 5.17%, 4/1/2041 (Cost $55) | | |
| | |
Short-Term Investments — 2.3% |
Investment Companies — 2.3% |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (a) (j)
(Cost $64,289) | | |
Total Investments — 100.2%
(Cost $2,299,215) | | |
Liabilities in Excess of Other Assets — (0.2)% | | |
| | |
Percentages indicated are based on net assets. |
| |
| |
| Alternative Credit Enhancement Securities |
| Chicago Mercantile Exchange |
| Credit Suisse Mortgage Trust |
| |
| Federal Home Loan Mortgage Corp. |
| Federal National Mortgage Association |
| Government National Mortgage Association |
| Intercontinental Exchange |
| 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. |
| Real Estate Investment Trust |
| Real Estate Mortgage Investment Conduit |
| |
| Secured Overnight Financing Rate |
| 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. |
| To Be Announced; Security is subject to delayed delivery. |
| Uniform Mortgage-Backed Securities |
| |
| Amount rounds to less than 0.1% of net assets. |
SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
JPMorgan SmartRetirement® Blend 2035 Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024 (continued)
| Value determined using significant unobservable inputs. | |
| 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. | |
| All or a portion of this security is deposited with the broker as initial margin for futures contracts. | |
| The rate shown is the effective yield as of June 30, 2024. | |
| All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment. | |
| Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. | |
| Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of June 30, 2024. | |
| 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 June 30, 2024. | |
| 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 June 30, 2024. | |
| The date shown represents the earliest of the prerefunded date, next put date or final maturity date. | |
| The rate shown is the current yield as of June 30, 2024. | |
Detailed information about investment portfolios of the Underlying Funds, as defined in the Notes to Financial Statements, and ETFs can be found in the financial statements 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 June 30, 2024 (amounts in thousands, except number of contracts):
| | | | | VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($) |
| | | | | |
Russell 2000 E-Mini Index | | | | | |
S&P MidCap 400 E-Mini Index | | | | | |
U.S. Treasury 5 Year Note | | | | | |
| | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
JPMorgan SmartRetirement® Blend 2040 Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024
| | |
Investment Companies — 64.4% |
|
JPMorgan Core Bond Fund Class R6 Shares (a) | | |
JPMorgan Core Plus Bond Fund Class R6 Shares (a) | | |
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a) | | |
JPMorgan High Yield Fund Class R6 Shares (a) | | |
| | |
International Equity — 3.7% |
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a) | | |
|
JPMorgan Equity Index Fund Class R6 Shares (a) | | |
Total Investment Companies
(Cost $1,225,989) | | |
Exchange-Traded Funds — 33.9% |
Alternative Assets — 1.6% |
JPMorgan BetaBuilders MSCI US REIT ETF (a) | | |
|
JPMorgan BetaBuilders U.S. Aggregate Bond ETF (a) | | |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF (a) | | |
| | |
International Equity — 23.3% |
JPMorgan BetaBuilders Emerging Markets Equity ETF (a) | | |
JPMorgan BetaBuilders International Equity ETF (a) | | |
Total International Equity | | |
|
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (a) | | |
JPMorgan BetaBuilders U.S. Small Cap Equity ETF (a) | | |
| | |
Total Exchange-Traded Funds
(Cost $734,599) | | |
| | |
U.S. Treasury Obligations — 0.1% |
U.S. Treasury Notes
4.13%, 1/31/2025 (b) (Cost $3,521) | | |
| | |
Short-Term Investments — 1.6% |
Investment Companies — 1.6% |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (a) (c)
(Cost $40,455) | | |
Total Investments — 100.0%
(Cost $2,004,564) | | |
Liabilities in Excess of Other Assets — (0.0)% ^ | | |
| | |
Percentages indicated are based on net assets. |
| |
| |
| Real Estate Investment Trust |
| |
| Amount rounds to less than 0.1% of net assets. |
| Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |
| All or a portion of this security is deposited with the broker as initial margin for futures contracts. | |
| The rate shown is the current yield as of June 30, 2024. | |
Detailed information about investment portfolios of the Underlying Funds, as defined in the Notes to Financial Statements, and ETFs can be found in the financial statements filed with the Securities and Exchange Commission (SEC) by each such underlying fund semi-annually on Form N-CSR and in portfolio holdings filed quarterly on Form N-PORT, and are available for download from both the SEC’s as well as each respective underlying fund’s website. Detailed information about Underlying J.P. Morgan Funds can also be found at www.jpmorganfunds.com or by calling 1-800-480-4111.
SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
JPMorgan SmartRetirement® Blend 2040 Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024 (continued)
Futures contracts outstanding as of June 30, 2024 (amounts in thousands, except number of contracts):
| | | | | VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($) |
| | | | | |
Russell 2000 E-Mini Index | | | | | |
S&P MidCap 400 E-Mini Index | | | | | |
| | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
JPMorgan SmartRetirement® Blend 2045 Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024
| | |
Investment Companies — 61.8% |
|
JPMorgan Core Bond Fund Class R6 Shares (a) | | |
JPMorgan Core Plus Bond Fund Class R6 Shares (a) | | |
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a) | | |
JPMorgan High Yield Fund Class R6 Shares (a) | | |
| | |
International Equity — 4.1% |
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a) | | |
|
JPMorgan Equity Index Fund Class R6 Shares (a) | | |
Total Investment Companies
(Cost $988,299) | | |
Exchange-Traded Funds — 36.5% |
Alternative Assets — 1.8% |
JPMorgan BetaBuilders MSCI US REIT ETF (a) | | |
|
JPMorgan BetaBuilders U.S. Aggregate Bond ETF (a) | | |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF (a) | | |
| | |
International Equity — 25.5% |
JPMorgan BetaBuilders Emerging Markets Equity ETF (a) | | |
JPMorgan BetaBuilders International Equity ETF (a) | | |
Total International Equity | | |
|
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (a) | | |
JPMorgan BetaBuilders U.S. Small Cap Equity ETF (a) | | |
| | |
Total Exchange-Traded Funds
(Cost $696,486) | | |
| | |
U.S. Treasury Obligations — 0.1% |
U.S. Treasury Notes
4.13%, 1/31/2025 (b) (Cost $3,015) | | |
| | |
Short-Term Investments — 1.5% |
Investment Companies — 1.5% |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (a) (c)
(Cost $32,832) | | |
Total Investments — 99.9%
(Cost $1,720,632) | | |
Other Assets Less Liabilities — 0.1% | | |
| | |
Percentages indicated are based on net assets. |
| |
| |
| Real Estate Investment Trust |
| |
| Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
| All or a portion of this security is deposited with the broker as initial margin for futures contracts. |
| The rate shown is the current yield as of June 30, 2024. |
Detailed information about investment portfolios of the Underlying Funds, as defined in the Notes to Financial Statements, and ETFs can be found in the financial statements filed with the Securities and Exchange Commission (SEC) by each such underlying fund semi-annually on Form N-CSR and in portfolio holdings filed quarterly on Form N-PORT, and are available for download from both the SEC’s as well as each respective underlying fund’s website. Detailed information about Underlying J.P. Morgan Funds can also be found at www.jpmorganfunds.com or by calling 1-800-480-4111.
SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
JPMorgan SmartRetirement® Blend 2045 Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024 (continued)
Futures contracts outstanding as of June 30, 2024 (amounts in thousands, except number of contracts):
| | | | | VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($) |
| | | | | |
Russell 2000 E-Mini Index | | | | | |
S&P MidCap 400 E-Mini Index | | | | | |
| | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
JPMorgan SmartRetirement® Blend 2050 Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024
| | |
Investment Companies — 60.7% |
|
JPMorgan Core Bond Fund Class R6 Shares (a) | | |
JPMorgan Core Plus Bond Fund Class R6 Shares (a) | | |
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a) | | |
JPMorgan High Yield Fund Class R6 Shares (a) | | |
| | |
International Equity — 4.2% |
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a) | | |
|
JPMorgan Equity Index Fund Class R6 Shares (a) | | |
Total Investment Companies
(Cost $766,865) | | |
Exchange-Traded Funds — 37.8% |
Alternative Assets — 1.9% |
JPMorgan BetaBuilders MSCI US REIT ETF (a) | | |
|
JPMorgan BetaBuilders U.S. Aggregate Bond ETF (a) | | |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF (a) | | |
| | |
International Equity — 26.7% |
JPMorgan BetaBuilders Emerging Markets Equity ETF (a) | | |
JPMorgan BetaBuilders International Equity ETF (a) | | |
Total International Equity | | |
|
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (a) | | |
JPMorgan BetaBuilders U.S. Small Cap Equity ETF (a) | | |
| | |
Total Exchange-Traded Funds
(Cost $582,057) | | |
| | |
U.S. Treasury Obligations — 0.1% |
U.S. Treasury Notes
4.13%, 1/31/2025 (b) (Cost $2,485) | | |
| | |
Short-Term Investments — 1.4% |
Investment Companies — 1.4% |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (a) (c)
(Cost $24,774) | | |
Total Investments — 100.0%
(Cost $1,376,181) | | |
Liabilities in Excess of Other Assets — (0.0)% ^ | | |
| | |
Percentages indicated are based on net assets. |
| |
| |
| Real Estate Investment Trust |
| |
| Amount rounds to less than 0.1% of net assets. |
| Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |
| All or a portion of this security is deposited with the broker as initial margin for futures contracts. | |
| The rate shown is the current yield as of June 30, 2024. | |
Detailed information about investment portfolios of the Underlying Funds, as defined in the Notes to Financial Statements, and ETFs can be found in the financial statements filed with the Securities and Exchange Commission (SEC) by each such underlying fund semi-annually on Form N-CSR and in portfolio holdings filed quarterly on Form N-PORT, and are available for download from both the SEC’s as well as each respective underlying fund’s website. Detailed information about Underlying J.P. Morgan Funds can also be found at www.jpmorganfunds.com or by calling 1-800-480-4111.
SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
JPMorgan SmartRetirement® Blend 2050 Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024 (continued)
Futures contracts outstanding as of June 30, 2024 (amounts in thousands, except number of contracts):
| | | | | VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($) |
| | | | | |
Russell 2000 E-Mini Index | | | | | |
S&P MidCap 400 E-Mini Index | | | | | |
| | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
JPMorgan SmartRetirement® Blend 2055 Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024
| | |
Investment Companies — 60.8% |
|
JPMorgan Core Bond Fund Class R6 Shares (a) | | |
JPMorgan Core Plus Bond Fund Class R6 Shares (a) | | |
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a) | | |
JPMorgan High Yield Fund Class R6 Shares (a) | | |
| | |
International Equity — 4.2% |
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a) | | |
|
JPMorgan Equity Index Fund Class R6 Shares (a) | | |
Total Investment Companies
(Cost $480,754) | | |
Exchange-Traded Funds — 37.3% |
Alternative Assets — 1.9% |
JPMorgan BetaBuilders MSCI US REIT ETF (a) | | |
|
JPMorgan BetaBuilders U.S. Aggregate Bond ETF (a) | | |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF (a) | | |
| | |
International Equity — 26.2% |
JPMorgan BetaBuilders Emerging Markets Equity ETF (a) | | |
JPMorgan BetaBuilders International Equity ETF (a) | | |
Total International Equity | | |
|
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (a) | | |
JPMorgan BetaBuilders U.S. Small Cap Equity ETF (a) | | |
| | |
Total Exchange-Traded Funds
(Cost $349,829) | | |
| | |
U.S. Treasury Obligations — 0.2% |
U.S. Treasury Notes
4.13%, 1/31/2025 (b) (Cost $1,573) | | |
| | |
Short-Term Investments — 1.7% |
Investment Companies — 1.7% |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (a) (c)
(Cost $19,026) | | |
Total Investments — 100.0%
(Cost $851,182) | | |
Liabilities in Excess of Other Assets — (0.0)% ^ | | |
| | |
Percentages indicated are based on net assets. |
| |
| |
| Real Estate Investment Trust |
| |
| Amount rounds to less than 0.1% of net assets. |
| Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |
| All or a portion of this security is deposited with the broker as initial margin for futures contracts. | |
| The rate shown is the current yield as of June 30, 2024. | |
Detailed information about investment portfolios of the Underlying Funds, as defined in the Notes to Financial Statements, and ETFs can be found in the financial statements filed with the Securities and Exchange Commission (SEC) by each such underlying fund semi-annually on Form N-CSR and in portfolio holdings filed quarterly on Form N-PORT, and are available for download from both the SEC’s as well as each respective underlying fund’s website. Detailed information about Underlying J.P. Morgan Funds can also be found at www.jpmorganfunds.com or by calling 1-800-480-4111.
SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
JPMorgan SmartRetirement® Blend 2055 Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024 (continued)
Futures contracts outstanding as of June 30, 2024 (amounts in thousands, except number of contracts):
| | | | | VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($) |
| | | | | |
Russell 2000 E-Mini Index | | | | | |
S&P MidCap 400 E-Mini Index | | | | | |
| | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
JPMorgan SmartRetirement® Blend 2060 Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024
| | |
Investment Companies — 60.6% |
|
JPMorgan Core Bond Fund Class R6 Shares (a) | | |
JPMorgan Core Plus Bond Fund Class R6 Shares (a) | | |
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a) | | |
JPMorgan High Yield Fund Class R6 Shares (a) | | |
| | |
International Equity — 4.2% |
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a) | | |
|
JPMorgan Equity Index Fund Class R6 Shares (a) | | |
Total Investment Companies
(Cost $276,832) | | |
Exchange-Traded Funds — 37.6% |
Alternative Assets — 1.9% |
JPMorgan BetaBuilders MSCI US REIT ETF (a) | | |
|
JPMorgan BetaBuilders U.S. Aggregate Bond ETF (a) | | |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF (a) | | |
| | |
International Equity — 26.6% |
JPMorgan BetaBuilders Emerging Markets Equity ETF (a) | | |
JPMorgan BetaBuilders International Equity ETF (a) | | |
Total International Equity | | |
|
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (a) | | |
JPMorgan BetaBuilders U.S. Small Cap Equity ETF (a) | | |
| | |
Total Exchange-Traded Funds
(Cost $194,706) | | |
| | |
U.S. Treasury Obligations — 0.2% |
U.S. Treasury Notes
4.13%, 1/31/2025 (b) (Cost $1,047) | | |
| | |
Short-Term Investments — 1.4% |
Investment Companies — 1.4% |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (a) (c)
(Cost $8,430) | | |
Total Investments — 99.8%
(Cost $481,015) | | |
Other Assets Less Liabilities — 0.2% | | |
| | |
Percentages indicated are based on net assets. |
| |
| |
| Real Estate Investment Trust |
| |
| Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
| All or a portion of this security is deposited with the broker as initial margin for futures contracts. |
| The rate shown is the current yield as of June 30, 2024. |
Detailed information about investment portfolios of the Underlying Funds, as defined in the Notes to Financial Statements, and ETFs can be found in the financial statements filed with the Securities and Exchange Commission (SEC) by each such underlying fund semi-annually on Form N-CSR and in portfolio holdings filed quarterly on Form N-PORT, and are available for download from both the SEC’s as well as each respective underlying fund’s website. Detailed information about Underlying J.P. Morgan Funds can also be found at www.jpmorganfunds.com or by calling 1-800-480-4111.
SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
JPMorgan SmartRetirement® Blend 2060 Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024 (continued)
Futures contracts outstanding as of June 30, 2024 (amounts in thousands, except number of contracts):
| | | | | VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($) |
| | | | | |
Russell 2000 E-Mini Index | | | | | |
S&P MidCap 400 E-Mini Index | | | | | |
| | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
JPMorgan SmartRetirement® Blend 2065 Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024
| | |
Investment Companies — 59.7% |
|
JPMorgan Core Bond Fund Class R6 Shares (a) | | |
JPMorgan Core Plus Bond Fund Class R6 Shares (a) | | |
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a) | | |
JPMorgan High Yield Fund Class R6 Shares (a) | | |
| | |
International Equity — 4.2% |
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a) | | |
|
JPMorgan Equity Index Fund Class R6 Shares (a) | | |
Total Investment Companies
(Cost $16,233) | | |
Exchange-Traded Funds — 37.3% |
Alternative Assets — 1.9% |
JPMorgan BetaBuilders MSCI US REIT ETF (a) | | |
|
JPMorgan BetaBuilders U.S. Aggregate Bond ETF (a) | | |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF (a) | | |
| | |
International Equity — 26.4% |
JPMorgan BetaBuilders Emerging Markets Equity ETF (a) | | |
JPMorgan BetaBuilders International Equity ETF (a) | | |
Total International Equity | | |
|
| | |
SPDR S&P MidCap 400 ETF Trust | | |
| | |
Total Exchange-Traded Funds
(Cost $10,911) | | |
| | |
U.S. Treasury Obligations — 0.2% |
U.S. Treasury Notes
4.13%, 1/31/2025 (b) (Cost $62) | | |
| | |
Short-Term Investments — 2.6% |
Investment Companies — 2.6% |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (a) (c)
(Cost $806) | | |
Total Investments — 99.8%
(Cost $28,012) | | |
Other Assets Less Liabilities — 0.2% | | |
| | |
Percentages indicated are based on net assets. |
| |
| |
| Real Estate Investment Trust |
| Standard & Poor's Depositary Receipt |
| |
| Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
| All or a portion of this security is deposited with the broker as initial margin for futures contracts. |
| The rate shown is the current yield as of June 30, 2024. |
Detailed information about investment portfolios of the Underlying Funds, as defined in the Notes to Financial Statements, and ETFs can be found in the financial statements filed with the Securities and Exchange Commission (SEC) by each such underlying fund semi-annually on Form N-CSR and in portfolio holdings filed quarterly on Form N-PORT, and are available for download from both the SEC’s as well as each respective underlying fund’s website. Detailed information about Underlying J.P. Morgan Funds can also be found at www.jpmorganfunds.com or by calling 1-800-480-4111.
SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
JPMorgan SmartRetirement® Blend 2065 Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF June 30, 2024 (continued)
Futures contracts outstanding as of June 30, 2024 (amounts in thousands, except number of contracts):
| | | | | VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($) |
| | | | | |
Russell 2000 E-Mini Index | | | | | |
S&P MidCap 400 E-Mini Index | | | | | |
| | | | | |
| Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
STATEMENTS OF ASSETS AND LIABILITIESAS OF June 30, 2024
(Amounts in thousands, except per share amounts)
| JPMorgan
SmartRetirement®
Blend Income Fund | JPMorgan
SmartRetirement®
Blend 2020 Fund | |
| | | |
Investments in non-affiliates, at value | | | |
Investments in affiliates, at value | | | |
| | | |
| | | |
Investment securities sold | | | |
Investment securities sold — delayed delivery securities | | | |
| | | |
Interest from non-affiliates | | | |
Dividends from affiliates | | | |
| | | |
| | | |
| | | |
| | | |
Investment securities purchased | | | |
Investment securities purchased — delayed delivery securities | | | |
| | | |
Variation margin on futures contracts | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Custodian and accounting fees | | | |
| | | |
| | | |
| | | |
(a)
Amount rounds to less than one thousand.
SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
STATEMENTS OF ASSETS AND LIABILITIESAS OF June 30, 2024 (continued)
(Amounts in thousands, except per share amounts)
| JPMorgan SmartRetirement® Blend Income Fund | JPMorgan SmartRetirement® Blend 2020 Fund | |
| | | |
| | | |
Total distributable earnings (loss) | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized): | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Class I — Offering and redemption price per share | | | |
Class R2 — Offering and redemption price per share | | | |
Class R3 — Offering and redemption price per share | | | |
Class R4 — Offering and redemption price per share | | | |
Class R5 — Offering and redemption price per share | | | |
Class R6 — Offering and redemption price per share | | | |
Cost of investments in non-affiliates | | | |
Cost of investments in affiliates | | | |
(a)
Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.
SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
| JPMorgan
SmartRetirement®
Blend 2030 Fund | JPMorgan
SmartRetirement®
Blend 2035 Fund | |
| | | |
Investments in non-affiliates, at value | | | |
Investments in affiliates, at value | | | |
| | | |
| | | |
Investment securities sold | | | |
Investment securities sold — delayed delivery securities | | | |
| | | |
Interest from non-affiliates | | | |
Dividends from affiliates | | | |
Variation margin on futures contracts | | | |
| | | |
| | | |
| | | |
Investment securities purchased | | | |
Investment securities purchased — delayed delivery securities | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Custodian and accounting fees | | | |
Trustees’ and Chief Compliance Officer’s fees | | | |
| | | |
| | | |
| | | |
(a)
Amount rounds to less than one thousand.
SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
STATEMENTS OF ASSETS AND LIABILITIESAS OF June 30, 2024 (continued)
(Amounts in thousands, except per share amounts)
| JPMorgan SmartRetirement® Blend 2030 Fund | JPMorgan SmartRetirement® Blend 2035 Fund | |
| | | |
| | | |
Total distributable earnings (loss) | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized): | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Class I — Offering and redemption price per share | | | |
Class R2 — Offering and redemption price per share | | | |
Class R3 — Offering and redemption price per share | | | |
Class R4 — Offering and redemption price per share | | | |
Class R5 — Offering and redemption price per share | | | |
Class R6 — Offering and redemption price per share | | | |
Cost of investments in non-affiliates | | | |
Cost of investments in affiliates | | | |
(a)
Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.
SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
| JPMorgan
SmartRetirement®
Blend 2045 Fund | JPMorgan
SmartRetirement®
Blend 2050 Fund | |
| | | |
Investments in non-affiliates, at value | | | |
Investments in affiliates, at value | | | |
| | | |
| | | |
| | | |
Interest from non-affiliates | | | |
Dividends from affiliates | | | |
Variation margin on futures contracts | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Custodian and accounting fees | | | |
Trustees’ and Chief Compliance Officer’s fees | | | |
| | | |
| | | |
| | | |
(a)
Amount rounds to less than one thousand.
SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
STATEMENTS OF ASSETS AND LIABILITIESAS OF June 30, 2024 (continued)
(Amounts in thousands, except per share amounts)
| JPMorgan SmartRetirement® Blend 2045 Fund | JPMorgan SmartRetirement® Blend 2050 Fund | |
| | | |
| | | |
Total distributable earnings (loss) | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized): | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Class I — Offering and redemption price per share | | | |
Class R2 — Offering and redemption price per share | | | |
Class R3 — Offering and redemption price per share | | | |
Class R4 — Offering and redemption price per share | | | |
Class R5 — Offering and redemption price per share | | | |
Class R6 — Offering and redemption price per share | | | |
Cost of investments in non-affiliates | | | |
Cost of investments in affiliates | | | |
(a)
Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.
SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
| JPMorgan
SmartRetirement®
Blend 2060 Fund | |
| | |
Investments in non-affiliates, at value | | |
Investments in affiliates, at value | | |
| | |
| | |
| | |
Interest from non-affiliates | | |
Dividends from non-affiliates | | |
Dividends from affiliates | | |
Variation margin on futures contracts | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Custodian and accounting fees | | |
Trustees’ and Chief Compliance Officer’s fees | | |
| | |
| | |
| | |
(a)
Amount rounds to less than one thousand.
SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
STATEMENTS OF ASSETS AND LIABILITIESAS OF June 30, 2024 (continued)
(Amounts in thousands, except per share amounts)
| JPMorgan SmartRetirement® Blend 2060 Fund | |
| | |
| | |
Total distributable earnings (loss) | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized): | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Class I — Offering and redemption price per share | | |
Class R2 — Offering and redemption price per share | | |
Class R3 — Offering and redemption price per share | | |
Class R4 — Offering and redemption price per share | | |
Class R5 — Offering and redemption price per share | | |
Class R6 — Offering and redemption price per share | | |
Cost of investments in non-affiliates | | |
Cost of investments in affiliates | | |
(a)
Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.
SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
STATEMENTS OF OPERATIONSFOR THE YEAR ENDED June 30, 2024
(Amounts in thousands)
| JPMorgan
SmartRetirement®
Blend Income Fund | JPMorgan
SmartRetirement®
Blend 2020 Fund | |
| | | |
Interest income from non-affiliates | | | |
Dividend income from affiliates | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Custodian and accounting fees | | | |
Interest expense to affiliates | | | |
| | | |
Trustees’ and Chief Compliance Officer’s fees | | | |
Printing and mailing costs | | | |
Registration and filing fees | | | |
Transfer agency fees (See Note 2.J.) | | | |
| | | |
| | | |
| | | |
Less expense reimbursements | | | |
| | | |
Net investment income (loss) | | | |
(a)
Amount rounds to less than one thousand.
SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
STATEMENTS OF OPERATIONSFOR THE YEAR ENDED June 30, 2024 (continued)
(Amounts in thousands)
| JPMorgan SmartRetirement® Blend Income Fund | JPMorgan SmartRetirement® Blend 2020 Fund | |
REALIZED/UNREALIZED GAINS (LOSSES): | | | |
Net realized gain (loss) on transactions from: | | | |
Investments in non-affiliates | | | |
Investments in affiliates | | | |
| | | |
Foreign currency transactions | | | |
| | | |
Change in net unrealized appreciation/depreciation on: | | | |
Investments in non-affiliates | | | |
Investments in affiliates | | | |
| | | |
Foreign currency translations | | | |
Change in net unrealized appreciation/depreciation | | | |
Net realized/unrealized gains (losses) | | | |
Change in net assets resulting from operations | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
| JPMorgan
SmartRetirement®
Blend 2030 Fund | JPMorgan
SmartRetirement®
Blend 2035 Fund | |
| | | |
Interest income from non-affiliates | | | |
Interest income from affiliates | | | |
Dividend income from affiliates | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Custodian and accounting fees | | | |
Interest expense to affiliates | | | |
| | | |
Trustees’ and Chief Compliance Officer’s fees | | | |
Printing and mailing costs | | | |
Registration and filing fees | | | |
Transfer agency fees (See Note 2.J.) | | | |
| | | |
| | | |
| | | |
Less expense reimbursements | | | |
| | | |
Net investment income (loss) | | | |
(a)
Amount rounds to less than one thousand.
SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
STATEMENTS OF OPERATIONSFOR THE YEAR ENDED June 30, 2024 (continued)
(Amounts in thousands)
| JPMorgan SmartRetirement® Blend 2030 Fund | JPMorgan SmartRetirement® Blend 2035 Fund | |
REALIZED/UNREALIZED GAINS (LOSSES): | | | |
Net realized gain (loss) on transactions from: | | | |
Investments in non-affiliates | | | |
Investments in affiliates | | | |
| | | |
Foreign currency transactions | | | |
| | | |
Change in net unrealized appreciation/depreciation on: | | | |
Investments in non-affiliates | | | |
Investments in affiliates | | | |
| | | |
Foreign currency translations | | | |
Change in net unrealized appreciation/depreciation | | | |
Net realized/unrealized gains (losses) | | | |
Change in net assets resulting from operations | | | |
(a)
Amount rounds to less than one thousand.
SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
| JPMorgan
SmartRetirement®
Blend 2045 Fund | JPMorgan
SmartRetirement®
Blend 2050 Fund | |
| | | |
Interest income from non-affiliates | | | |
Interest income from affiliates | | | |
Dividend income from affiliates | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Custodian and accounting fees | | | |
Interest expense to affiliates | | | |
| | | |
Trustees’ and Chief Compliance Officer’s fees | | | |
Printing and mailing costs | | | |
Registration and filing fees | | | |
Transfer agency fees (See Note 2.J.) | | | |
| | | |
| | | |
| | | |
Less expense reimbursements | | | |
| | | |
Net investment income (loss) | | | |
(a)
Amount rounds to less than one thousand.
SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
STATEMENTS OF OPERATIONSFOR THE YEAR ENDED June 30, 2024 (continued)
(Amounts in thousands)
| JPMorgan SmartRetirement® Blend 2045 Fund | JPMorgan SmartRetirement® Blend 2050 Fund | |
REALIZED/UNREALIZED GAINS (LOSSES): | | | |
Net realized gain (loss) on transactions from: | | | |
Investments in non-affiliates | | | |
Investments in affiliates | | | |
| | | |
Foreign currency transactions | | | |
| | | |
Change in net unrealized appreciation/depreciation on: | | | |
Investments in non-affiliates | | | |
Investments in affiliates | | | |
| | | |
Foreign currency translations | | | |
Change in net unrealized appreciation/depreciation | | | |
Net realized/unrealized gains (losses) | | | |
Change in net assets resulting from operations | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
| JPMorgan
SmartRetirement®
Blend 2060 Fund | |
| | |
Interest income from non-affiliates | | |
Interest income from affiliates | | |
Dividend income from non-affiliates | | |
Dividend income from affiliates | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Custodian and accounting fees | | |
Interest expense to affiliates | | |
| | |
Trustees’ and Chief Compliance Officer’s fees | | |
Printing and mailing costs | | |
Registration and filing fees | | |
Transfer agency fees (See Note 2.J.) | | |
Offering costs (See Note 2.H.) | | |
| | |
| | |
| | |
Less expense reimbursements | | |
| | |
Net investment income (loss) | | |
(a)
Amount rounds to less than one thousand.
SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
STATEMENTS OF OPERATIONSFOR THE YEAR ENDED June 30, 2024 (continued)
(Amounts in thousands)
| JPMorgan SmartRetirement® Blend 2060 Fund | |
REALIZED/UNREALIZED GAINS (LOSSES): | | |
Net realized gain (loss) on transactions from: | | |
Investments in non-affiliates | | |
Investments in affiliates | | |
| | |
Foreign currency transactions | | |
| | |
Change in net unrealized appreciation/depreciation on: | | |
Investments in non-affiliates | | |
Investments in affiliates | | |
| | |
Foreign currency translations | | |
Change in net unrealized appreciation/depreciation | | |
Net realized/unrealized gains (losses) | | |
Change in net assets resulting from operations | | |
(a)
Amount rounds to less than one thousand.
SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
STATEMENTS OF CHANGES IN NET ASSETSFOR THE PERIODS INDICATED
(Amounts in thousands)
| JPMorgan
SmartRetirement® Blend Income Fund | JPMorgan
SmartRetirement® Blend 2020 Fund |
| | | | |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | | | | |
Net investment income (loss) | | | | |
| | | | |
Distributions of capital gains received from investment company affiliates | | | | |
Change in net unrealized appreciation/depreciation | | | | |
Change in net assets resulting from operations | | | | |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Total distributions to shareholders | | | | |
| | | | |
Change in net assets resulting from capital transactions | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
(a)
Amount rounds to less than one thousand.
SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
STATEMENTS OF CHANGES IN NET ASSETSFOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| JPMorgan
SmartRetirement® Blend 2025 Fund | JPMorgan
SmartRetirement® Blend 2030 Fund |
| | | | |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | | | | |
Net investment income (loss) | | | | |
| | | | |
Distributions of capital gains received from investment company affiliates | | | | |
Change in net unrealized appreciation/depreciation | | | | |
Change in net assets resulting from operations | | | | |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Total distributions to shareholders | | | | |
| | | | |
Change in net assets resulting from capital transactions | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
| JPMorgan
SmartRetirement® Blend 2035 Fund | JPMorgan
SmartRetirement® Blend 2040 Fund |
| | | | |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | | | | |
Net investment income (loss) | | | | |
| | | | |
Distributions of capital gains received from investment company affiliates | | | | |
Change in net unrealized appreciation/depreciation | | | | |
Change in net assets resulting from operations | | | | |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Total distributions to shareholders | | | | |
| | | | |
Change in net assets resulting from capital transactions | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
STATEMENTS OF CHANGES IN NET ASSETSFOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| JPMorgan
SmartRetirement® Blend 2045 Fund | JPMorgan
SmartRetirement® Blend 2050 Fund |
| | | | |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | | | | |
Net investment income (loss) | | | | |
| | | | |
Distributions of capital gains received from investment company affiliates | | | | |
Change in net unrealized appreciation/depreciation | | | | |
Change in net assets resulting from operations | | | | |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Total distributions to shareholders | | | | |
| | | | |
Change in net assets resulting from capital transactions | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
(a)
Amount rounds to less than one thousand.
SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
| JPMorgan
SmartRetirement® Blend 2055 Fund | JPMorgan
SmartRetirement® Blend 2060 Fund |
| | | | |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | | | | |
Net investment income (loss) | | | | |
| | | | |
Distributions of capital gains received from investment company affiliates | | | | |
Change in net unrealized appreciation/depreciation | | | | |
Change in net assets resulting from operations | | | | |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Total distributions to shareholders | | | | |
| | | | |
Change in net assets resulting from capital transactions | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
(a)
Amount rounds to less than one thousand.
SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
STATEMENTS OF CHANGES IN NET ASSETSFOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| JPMorgan
SmartRetirement® Blend 2065 Fund |
| | |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | | |
Net investment income (loss) | | |
| | |
Distributions of capital gains received from investment company affiliates | | |
Change in net unrealized appreciation/depreciation | | |
Change in net assets resulting from operations | | |
DISTRIBUTIONS TO SHAREHOLDERS: | | |
| | |
| | |
| | |
| | |
| | |
| | |
Total distributions to shareholders | | |
| | |
Change in net assets resulting from capital transactions | | |
| | |
| | |
| | |
| | |
(a)
Commencement of operations was November 1, 2022.
(b)
Amount rounds to less than one thousand.
SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
| JPMorgan
SmartRetirement® Blend Income Fund | JPMorgan
SmartRetirement® Blend 2020 Fund |
| | | | |
| | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class I capital transactions | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class R2 capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class R3 capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class R4 capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class R5 capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class R6 capital transactions | | | | |
Total change in net assets resulting from capital transactions | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
(a)
Amount rounds to less than one thousand.
SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
STATEMENTS OF CHANGES IN NET ASSETSFOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| JPMorgan SmartRetirement® Blend Income Fund | JPMorgan SmartRetirement® Blend 2020 Fund |
| | | | |
SHARE TRANSACTIONS: (continued) | | | | |
| | | | |
| | | | |
Change in Class R2 Shares | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in Class R3 Shares | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in Class R4 Shares | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in Class R5 Shares | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in Class R6 Shares | | | | |
(a)
Amount rounds to less than one thousand.
SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
| JPMorgan
SmartRetirement® Blend 2025 Fund | JPMorgan
SmartRetirement® Blend 2030 Fund |
| | | | |
| | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class I capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class R2 capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class R3 capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class R4 capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class R5 capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class R6 capital transactions | | | | |
Total change in net assets resulting from capital transactions | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
STATEMENTS OF CHANGES IN NET ASSETSFOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| JPMorgan SmartRetirement® Blend 2025 Fund | JPMorgan SmartRetirement® Blend 2030 Fund |
| | | | |
SHARE TRANSACTIONS: (continued) | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in Class R2 Shares | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in Class R3 Shares | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in Class R4 Shares | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in Class R5 Shares | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in Class R6 Shares | | | | |
(a)
Amount rounds to less than one thousand.
SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
| JPMorgan
SmartRetirement® Blend 2035 Fund | JPMorgan
SmartRetirement® Blend 2040 Fund |
| | | | |
| | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class I capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class R2 capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class R3 capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class R4 capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class R5 capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class R6 capital transactions | | | | |
Total change in net assets resulting from capital transactions | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
STATEMENTS OF CHANGES IN NET ASSETSFOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| JPMorgan SmartRetirement® Blend 2035 Fund | JPMorgan SmartRetirement® Blend 2040 Fund |
| | | | |
SHARE TRANSACTIONS: (continued) | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in Class R2 Shares | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in Class R3 Shares | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in Class R4 Shares | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in Class R5 Shares | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in Class R6 Shares | | | | |
(a)
Amount rounds to less than one thousand.
SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
| JPMorgan
SmartRetirement® Blend 2045 Fund | JPMorgan
SmartRetirement® Blend 2050 Fund |
| | | | |
| | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class I capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class R2 capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class R3 capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class R4 capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class R5 capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class R6 capital transactions | | | | |
Total change in net assets resulting from capital transactions | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
(a)
Amount rounds to less than one thousand.
SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
STATEMENTS OF CHANGES IN NET ASSETSFOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| JPMorgan SmartRetirement® Blend 2045 Fund | JPMorgan SmartRetirement® Blend 2050 Fund |
| | | | |
SHARE TRANSACTIONS: (continued) | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in Class R2 Shares | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in Class R3 Shares | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in Class R4 Shares | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in Class R5 Shares | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in Class R6 Shares | | | | |
(a)
Amount rounds to less than one thousand.
SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
| JPMorgan
SmartRetirement® Blend 2055 Fund | JPMorgan
SmartRetirement® Blend 2060 Fund |
| | | | |
| | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class I capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class R2 capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class R3 capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class R4 capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class R5 capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class R6 capital transactions | | | | |
Total change in net assets resulting from capital transactions | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
(a)
Amount rounds to less than one thousand.
SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
STATEMENTS OF CHANGES IN NET ASSETSFOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| JPMorgan SmartRetirement® Blend 2055 Fund | JPMorgan SmartRetirement® Blend 2060 Fund |
| | | | |
SHARE TRANSACTIONS: (continued) | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in Class R2 Shares | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in Class R3 Shares | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in Class R4 Shares | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in Class R5 Shares | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in Class R6 Shares | | | | |
(a)
Amount rounds to less than one thousand.
SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
| JPMorgan
SmartRetirement® Blend 2065 Fund |
| | |
| | |
| | |
Proceeds from shares issued | | |
| | |
Change in net assets resulting from Class I capital transactions | | |
| | |
Proceeds from shares issued | | |
| | |
Change in net assets resulting from Class R2 capital transactions | | |
| | |
Proceeds from shares issued | | |
| | |
Change in net assets resulting from Class R3 capital transactions | | |
| | |
Proceeds from shares issued | | |
| | |
Change in net assets resulting from Class R4 capital transactions | | |
| | |
Proceeds from shares issued | | |
| | |
| | |
Change in net assets resulting from Class R5 capital transactions | | |
| | |
Proceeds from shares issued | | |
| | |
| | |
Change in net assets resulting from Class R6 capital transactions | | |
Total change in net assets resulting from capital transactions | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Change in Class R2 Shares | | |
(a)
Commencement of operations was November 1, 2022.
(b)
Amount rounds to less than one thousand.
SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
STATEMENTS OF CHANGES IN NET ASSETSFOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| JPMorgan SmartRetirement® Blend 2065 Fund |
| | |
SHARE TRANSACTIONS: (continued) | | |
| | |
| | |
| | |
Change in Class R3 Shares | | |
| | |
| | |
| | |
Change in Class R4 Shares | | |
| | |
| | |
| | |
| | |
Change in Class R5 Shares | | |
| | |
| | |
| | |
| | |
Change in Class R6 Shares | | |
(a)
Commencement of operations was November 1, 2022.
(b)
Amount rounds to less than one thousand.
SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
THIS PAGE IS INTENTIONALLY LEFT BLANK
FINANCIAL HIGHLIGHTSFOR THE PERIODS INDICATED
| Per share operating performance |
| | | |
| Net asset
value,
beginning
of period | Net
investment
income
(loss)(a)(b) | Net realized
and unrealized
gains
(losses) on
investments | Total from
investment
operations | | | |
JPMorgan SmartRetirement® Blend Income Fund | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
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| | | | | | | |
| | | | | | | |
| | | | | | | |
|
| Net investment income (loss) is affected by the timing of distributions from Underlying Funds. |
| Calculated based upon average shares outstanding. |
| Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
| Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
| Does not include expenses of Underlying Funds. |
SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
| |
| | | Ratios to average net assets |
Net asset
value,
end of
period | | Net assets,
end of
period
(000's) | | Net
investment
income
(loss)(a) | Expenses without
waivers and reimbursements(e) | |
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SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
FINANCIAL HIGHLIGHTSFOR THE PERIODS INDICATED
| Per share operating performance |
| | | |
| Net asset
value,
beginning
of period | Net
investment
income
(loss)(a)(b) | Net realized
and unrealized
gains
(losses) on
investments | Total from
investment
operations | | | |
JPMorgan SmartRetirement® Blend 2020 Fund | | | | | | | |
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|
| Net investment income (loss) is affected by the timing of distributions from Underlying Funds. |
| Calculated based upon average shares outstanding. |
| Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
| Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
| Does not include expenses of Underlying Funds. |
SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
| |
| | | Ratios to average net assets |
Net asset
value,
end of
period | | Net assets,
end of
period
(000's) | | Net
investment
income
(loss)(a) | Expenses without
waivers and reimbursements(e) | |
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SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
FINANCIAL HIGHLIGHTSFOR THE PERIODS INDICATED
| Per share operating performance |
| | | |
| Net asset
value,
beginning
of period | Net
investment
income
(loss)(a)(b) | Net realized
and unrealized
gains
(losses) on
investments | Total from
investment
operations | | | |
JPMorgan SmartRetirement® Blend 2025 Fund | | | | | | | |
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|
| Net investment income (loss) is affected by the timing of distributions from Underlying Funds. |
| Calculated based upon average shares outstanding. |
| Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
| Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
| Does not include expenses of Underlying Funds. |
SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
| |
| | | Ratios to average net assets |
Net asset
value,
end of
period | | Net assets,
end of
period
(000's) | | Net
investment
income
(loss)(a) | Expenses without
waivers and reimbursements(e) | |
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SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
FINANCIAL HIGHLIGHTSFOR THE PERIODS INDICATED
| Per share operating performance |
| | | |
| Net asset
value,
beginning
of period | Net
investment
income
(loss)(a)(b) | Net realized
and unrealized
gains
(losses) on
investments | Total from
investment
operations | | | |
JPMorgan SmartRetirement® Blend 2030 Fund | | | | | | | |
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| | | | | | | |
| | | | | | | |
| | | | | | | |
|
| Net investment income (loss) is affected by the timing of distributions from Underlying Funds. |
| Calculated based upon average shares outstanding. |
| Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
| Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
| Does not include expenses of Underlying Funds. |
SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
| |
| | | Ratios to average net assets |
Net asset
value,
end of
period | | Net assets,
end of
period
(000's) | | Net
investment
income
(loss)(a) | Expenses without
waivers and reimbursements(e) | |
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SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
FINANCIAL HIGHLIGHTSFOR THE PERIODS INDICATED
| Per share operating performance |
| | | |
| Net asset
value,
beginning
of period | Net
investment
income
(loss)(a)(b) | Net realized
and unrealized
gains
(losses) on
investments | Total from
investment
operations | | | |
JPMorgan SmartRetirement® Blend 2035 Fund | | | | | | | |
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| | | | | | | |
| | | | | | | |
| | | | | | | |
|
| Net investment income (loss) is affected by the timing of distributions from Underlying Funds. |
| Calculated based upon average shares outstanding. |
| Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
| Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
| Does not include expenses of Underlying Funds. |
SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
| |
| | | Ratios to average net assets |
Net asset
value,
end of
period | | Net assets,
end of
period
(000's) | | Net
investment
income
(loss)(a) | Expenses without
waivers and reimbursements(e) | |
| | | | | | |
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SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
FINANCIAL HIGHLIGHTSFOR THE PERIODS INDICATED
| Per share operating performance |
| | | |
| Net asset
value,
beginning
of period | Net
investment
income
(loss)(a)(b) | Net realized
and unrealized
gains
(losses) on
investments | Total from
investment
operations | | | |
JPMorgan SmartRetirement® Blend 2040 Fund | | | | | | | |
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| | | | | | | |
| | | | | | | |
| | | | | | | |
|
| Net investment income (loss) is affected by the timing of distributions from Underlying Funds. |
| Calculated based upon average shares outstanding. |
| Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
| Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
| Does not include expenses of Underlying Funds. |
SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
| |
| | | Ratios to average net assets |
Net asset
value,
end of
period | | Net assets,
end of
period
(000's) | | Net
investment
income
(loss)(a) | Expenses without
waivers and reimbursements(e) | |
| | | | | | |
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SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
FINANCIAL HIGHLIGHTSFOR THE PERIODS INDICATED
| Per share operating performance |
| | | |
| Net asset
value,
beginning
of period | Net
investment
income
(loss)(a)(b) | Net realized
and unrealized
gains
(losses) on
investments | Total from
investment
operations | | | |
JPMorgan SmartRetirement® Blend 2045 Fund | | | | | | | |
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| | | | | | | |
| | | | | | | |
| | | | | | | |
|
| Net investment income (loss) is affected by the timing of distributions from Underlying Funds. |
| Calculated based upon average shares outstanding. |
| Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
| Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
| Does not include expenses of Underlying Funds. |
SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
| |
| | | Ratios to average net assets |
Net asset
value,
end of
period | | Net assets,
end of
period
(000's) | | Net
investment
income
(loss)(a) | Expenses without
waivers and reimbursements(e) | |
| | | | | | |
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SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
FINANCIAL HIGHLIGHTSFOR THE PERIODS INDICATED
| Per share operating performance |
| | | |
| Net asset
value,
beginning
of period | Net
investment
income
(loss)(a)(b) | Net realized
and unrealized
gains
(losses) on
investments | Total from
investment
operations | | | |
JPMorgan SmartRetirement® Blend 2050 Fund | | | | | | | |
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| | | | | | | |
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| | | | | | | |
| | | | | | | |
| | | | | | | |
|
| Net investment income (loss) is affected by the timing of distributions from Underlying Funds. |
| Calculated based upon average shares outstanding. |
| Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
| Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
| Does not include expenses of Underlying Funds. |
SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
| |
| | | Ratios to average net assets |
Net asset
value,
end of
period | | Net assets,
end of
period
(000's) | | Net
investment
income
(loss)(a) | Expenses without
waivers and reimbursements(e) | |
| | | | | | |
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SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
FINANCIAL HIGHLIGHTSFOR THE PERIODS INDICATED
| Per share operating performance |
| | | |
| Net asset
value,
beginning
of period | Net
investment
income
(loss)(a)(b) | Net realized
and unrealized
gains
(losses) on
investments | Total from
investment
operations | | | |
JPMorgan SmartRetirement® Blend 2055 Fund | | | | | | | |
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| Net investment income (loss) is affected by the timing of distributions from Underlying Funds. |
| Calculated based upon average shares outstanding. |
| Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
| Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
| Does not include expenses of Underlying Funds. |
SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
| |
| | | Ratios to average net assets |
Net asset
value,
end of
period | | Net assets,
end of
period
(000's) | | Net
investment
income
(loss)(a) | Expenses without
waivers and reimbursements(e) | |
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SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
FINANCIAL HIGHLIGHTSFOR THE PERIODS INDICATED
| Per share operating performance |
| | | |
| Net asset
value,
beginning
of period | Net
investment
income
(loss)(a)(b) | Net realized
and unrealized
gains
(losses) on
investments | Total from
investment
operations | | | |
JPMorgan SmartRetirement® Blend 2060 Fund | | | | | | | |
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|
| Net investment income (loss) is affected by the timing of distributions from Underlying Funds. |
| Calculated based upon average shares outstanding. |
| Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
| Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
| Does not include expenses of Underlying Funds. |
SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
| |
| | | Ratios to average net assets |
Net asset
value,
end of
period | | Net assets,
end of
period
(000's) | | Net
investment
income
(loss)(a) | Expenses without
waivers and reimbursements(e) | |
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SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan SmartRetirement® Blend Funds | |
FINANCIAL HIGHLIGHTSFOR THE PERIODS INDICATED
| Per share operating performance |
| | | |
| Net asset
value,
beginning
of period | Net
investment
income
(loss)(b)(c) | Net realized
and unrealized
gains
(losses) on
investments | Total from
investment
operations | | Net asset
value,
end of
period |
JPMorgan SmartRetirement® Blend 2065 Fund | | | | | | |
| | | | | | |
| | | | | | |
November 1, 2022 (i) through June 30, 2023 | | | | | | |
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November 1, 2022 (i) through June 30, 2023 | | | | | | |
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November 1, 2022 (i) through June 30, 2023 | | | | | | |
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November 1, 2022 (i) through June 30, 2023 | | | | | | |
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November 1, 2022 (i) through June 30, 2023 | | | | | | |
| | | | | | |
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November 1, 2022 (i) through June 30, 2023 | | | | | | |
|
| Annualized for periods less than one year, unless otherwise noted. |
| Net investment income (loss) is affected by the timing of distributions from Underlying Funds. |
| Calculated based upon average shares outstanding. |
| Not annualized for periods less than one year. |
| Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
| Does not include expenses of Underlying Funds. |
| Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
| Certain non-recurring expenses incurred by the Fund were not annualized for the period indicated. |
| Commencement of operations. |
|
| | Ratios to average net assets(a) |
| Net assets,
end of
period
(000's) | | Net
investment
income
(loss)(b)(h) | Expenses without
waivers and reimbursements(f)(h) | |
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NOTES TO FINANCIAL STATEMENTSAS OF June 30, 2024
(Dollar values in thousands)
1. Organization
JPMorgan Trust I (“JPM I") and JPMorgan Trust IV (“JPM IV") (collectively, the “Trusts”) were formed on November 12, 2004 and November 11, 2015, respectively, as Delaware statutory trusts, pursuant to Declarations of Trust dated November 5, 2004 and November 11, 2015, respectively, and are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as open-end management investment companies.
The following are 11 separate funds of the Trusts (each, a "Fund" and collectively, the "Funds") covered by this report:
| | | Diversification Classification |
JPMorgan SmartRetirement® Blend Income Fund | Class I, Class R2, Class R3, Class R4, Class R5 and Class R6 | | |
JPMorgan SmartRetirement® Blend 2020 Fund | Class I, Class R2, Class R3, Class R4, Class R5 and Class R6 | | |
JPMorgan SmartRetirement® Blend 2025 Fund | Class I, Class R2, Class R3, Class R4, Class R5 and Class R6 | | |
JPMorgan SmartRetirement® Blend 2030 Fund | Class I, Class R2, Class R3, Class R4, Class R5 and Class R6 | | |
JPMorgan SmartRetirement® Blend 2035 Fund | Class I, Class R2, Class R3, Class R4, Class R5 and Class R6 | | |
JPMorgan SmartRetirement® Blend 2040 Fund | Class I, Class R2, Class R3, Class R4, Class R5 and Class R6 | | |
JPMorgan SmartRetirement® Blend 2045 Fund | Class I, Class R2, Class R3, Class R4, Class R5 and Class R6 | | |
JPMorgan SmartRetirement® Blend 2050 Fund | Class I, Class R2, Class R3, Class R4, Class R5 and Class R6 | | |
JPMorgan SmartRetirement® Blend 2055 Fund | Class I, Class R2, Class R3, Class R4, Class R5 and Class R6 | | |
JPMorgan SmartRetirement® Blend 2060 Fund | Class I, Class R2, Class R3, Class R4, Class R5 and Class R6 | | |
JPMorgan SmartRetirement® Blend 2065 Fund | Class I, Class R2, Class R3, Class R4, Class R5 and Class R6 | | |
JPMorgan SmartRetirement® Blend Income Fund seeks current income and some capital appreciation. The remaining JPMorgan SmartRetirement® Blend Funds each seek high total return with a shift to current income and some capital appreciation over time as each Fund approaches and passes its respective target retirement date.
All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different transfer agency, distribution and service fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements.
J.P. Morgan Investment Management Inc. (“JPMIM”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), acts as adviser (the “Adviser”) and administrator (the “Administrator”) to the Funds.
2. Significant Accounting Policies
The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The Funds are investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 — Investment Companies, which is part of U.S. generally accepted accounting principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities, (ii) disclosure of contingent assets and liabilities at the date of the financial statements, and (iii) the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.
A. Valuation of Investments— Investments are valued in accordance with GAAP and the Funds' valuation policies set forth by, and under the supervision and responsibility of, the Board of Trustees of the Trusts (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 1940 Act, 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
| JPMorgan SmartRetirement® Blend Funds | |
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 Funds' 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 Funds 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 Funds' 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 Funds' assumptions in determining the fair value of investments).
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.
The following tables represent each valuation input as presented on the Schedules of Portfolio Investments ("SOIs"):
JPMorgan SmartRetirement® Blend Income Fund | | | | |
| | Level 2
Other significant
observable inputs | Level 3
Significant
unobservable inputs | |
Investments in Securities | | | | |
| | | | |
Collateralized Mortgage Obligations | | | | |
Commercial Mortgage-Backed Securities | | | | |
| | | | |
| | | | |
Foreign Government Securities | | | | |
| JPMorgan SmartRetirement® Blend Funds | |
NOTES TO FINANCIAL STATEMENTSAS OF June 30, 2024 (continued)
(Dollar values in thousands)
JPMorgan SmartRetirement® Blend Income Fund (continued) | | | | |
| | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | |
| | | | |
Mortgage-Backed Securities | | | | |
| | | | |
U.S. Treasury Obligations | | | | |
| | | | |
| | | | |
Total Investments in Securities | | | | |
Appreciation in Other Financial Instruments | | | | |
| | | | |
JPMorgan SmartRetirement® Blend 2020 Fund | | | | |
| | Level 2
Other significant
observable inputs | Level 3
Significant
unobservable inputs | |
Investments in Securities | | | | |
| | | | |
Collateralized Mortgage Obligations | | | | |
Commercial Mortgage-Backed Securities | | | | |
| | | | |
| | | | |
Foreign Government Securities | | | | |
| | | | |
Mortgage-Backed Securities | | | | |
| | | | |
U.S. Treasury Obligations | | | | |
| | | | |
| | | | |
Total Investments in Securities | | | | |
Appreciation in Other Financial Instruments | | | | |
| | | | |
JPMorgan SmartRetirement® Blend 2025 Fund | | | | |
| | Level 2
Other significant
observable inputs | Level 3
Significant
unobservable inputs | |
Investments in Securities | | | | |
| | | | |
Collateralized Mortgage Obligations | | | | |
Commercial Mortgage-Backed Securities | | | | |
| | | | |
| | | | |
Foreign Government Securities | | | | |
| | | | |
Mortgage-Backed Securities | | | | |
| | | | |
U.S. Treasury Obligations | | | | |
| JPMorgan SmartRetirement® Blend Funds | |
JPMorgan SmartRetirement® Blend 2025 Fund (continued) | | | | |
| | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | |
| | | | |
| | | | |
Total Investments in Securities | | | | |
Appreciation in Other Financial Instruments | | | | |
| | | | |
JPMorgan SmartRetirement® Blend 2030 Fund | | | | |
| | Level 2
Other significant
observable inputs | Level 3
Significant
unobservable inputs | |
Investments in Securities | | | | |
| | | | |
Collateralized Mortgage Obligations | | | | |
Commercial Mortgage-Backed Securities | | | | |
| | | | |
| | | | |
Foreign Government Securities | | | | |
| | | | |
Mortgage-Backed Securities | | | | |
| | | | |
U.S. Treasury Obligations | | | | |
| | | | |
| | | | |
Total Investments in Securities | | | | |
Appreciation in Other Financial Instruments | | | | |
| | | | |
Depreciation in Other Financial Instruments | | | | |
| | | | |
Total Net Appreciation/ Depreciation in Other Financial Instruments | | | | |
JPMorgan SmartRetirement® Blend 2035 Fund | | | | |
| | Level 2
Other significant
observable inputs | Level 3
Significant
unobservable inputs | |
Investments in Securities | | | | |
| | | | |
Collateralized Mortgage Obligations | | | | |
Commercial Mortgage-Backed Securities | | | | |
| | | | |
| | | | |
Foreign Government Securities | | | | |
| | | | |
Mortgage-Backed Securities | | | | |
| | | | |
U.S. Treasury Obligations | | | | |
| JPMorgan SmartRetirement® Blend Funds | |
NOTES TO FINANCIAL STATEMENTSAS OF June 30, 2024 (continued)
(Dollar values in thousands)
JPMorgan SmartRetirement® Blend 2035 Fund (continued) | | | | |
| | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | |
| | | | |
| | | | |
Total Investments in Securities | | | | |
Appreciation in Other Financial Instruments | | | | |
| | | | |
Depreciation in Other Financial Instruments | | | | |
| | | | |
Total Net Appreciation/ Depreciation in Other Financial Instruments | | | | |
JPMorgan SmartRetirement® Blend 2040 Fund | | | | |
| | Level 2
Other significant
observable inputs | Level 3
Significant
unobservable inputs | |
Investments in Securities | | | | |
| | | | |
| | | | |
U.S. Treasury Obligations | | | | |
| | | | |
| | | | |
Total Investments in Securities | | | | |
Appreciation in Other Financial Instruments | | | | |
| | | | |
Depreciation in Other Financial Instruments | | | | |
| | | | |
Total Net Appreciation/ Depreciation in Other Financial Instruments | | | | |
JPMorgan SmartRetirement® Blend 2045 Fund | | | | |
| | Level 2
Other significant
observable inputs | Level 3
Significant
unobservable inputs | |
Investments in Securities | | | | |
| | | | |
| | | | |
U.S. Treasury Obligations | | | | |
| | | | |
| | | | |
Total Investments in Securities | | | | |
Appreciation in Other Financial Instruments | | | | |
| | | | |
| JPMorgan SmartRetirement® Blend Funds | |
JPMorgan SmartRetirement® Blend 2045 Fund (continued) | | | | |
| | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | |
Depreciation in Other Financial Instruments | | | | |
| | | | |
Total Net Appreciation/ Depreciation in Other Financial Instruments | | | | |
JPMorgan SmartRetirement® Blend 2050 Fund | | | | |
| | Level 2
Other significant
observable inputs | Level 3
Significant
unobservable inputs | |
Investments in Securities | | | | |
| | | | |
| | | | |
U.S. Treasury Obligations | | | | |
| | | | |
| | | | |
Total Investments in Securities | | | | |
Appreciation in Other Financial Instruments | | | | |
| | | | |
Depreciation in Other Financial Instruments | | | | |
| | | | |
Total Net Appreciation/ Depreciation in Other Financial Instruments | | | | |
JPMorgan SmartRetirement® Blend 2055 Fund | | | | |
| | Level 2
Other significant
observable inputs | Level 3
Significant
unobservable inputs | |
Investments in Securities | | | | |
| | | | |
| | | | |
U.S. Treasury Obligations | | | | |
| | | | |
| | | | |
Total Investments in Securities | | | | |
Appreciation in Other Financial Instruments | | | | |
| | | | |
Depreciation in Other Financial Instruments | | | | |
| | | | |
Total Net Appreciation/ Depreciation in Other Financial Instruments | | | | |
| JPMorgan SmartRetirement® Blend Funds | |
NOTES TO FINANCIAL STATEMENTSAS OF June 30, 2024 (continued)
(Dollar values in thousands)
JPMorgan SmartRetirement® Blend 2060 Fund | | | | |
| | Level 2
Other significant
observable inputs | Level 3
Significant
unobservable inputs | |
Investments in Securities | | | | |
| | | | |
| | | | |
U.S. Treasury Obligations | | | | |
| | | | |
| | | | |
Total Investments in Securities | | | | |
Appreciation in Other Financial Instruments | | | | |
| | | | |
Depreciation in Other Financial Instruments | | | | |
| | | | |
Total Net Appreciation/ Depreciation in Other Financial Instruments | | | | |
JPMorgan SmartRetirement® Blend 2065 Fund | | | | |
| | Level 2
Other significant
observable inputs | Level 3
Significant
unobservable inputs | |
Investments in Securities | | | | |
| | | | |
| | | | |
U.S. Treasury Obligations | | | | |
| | | | |
| | | | |
Total Investments in Securities | | | | |
Appreciation in Other Financial Instruments | | | | |
| | | | |
Depreciation in Other Financial Instruments | | | | |
| | | | |
Total Net Appreciation/ Depreciation in Other Financial Instruments | | | | |
|
| Amount rounds to less than one thousand. |
B. Restricted Securities— Certain securities held by the Funds may be subject to legal or contractual restrictions on resale. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the NAVs of the Funds.
As of June 30, 2024, the Funds had no investments in restricted securities other than securities sold to the Funds under Rule 144A and/or Regulation S under the Securities Act.
| JPMorgan SmartRetirement® Blend Funds | |
C. When-Issued Securities, Delayed Delivery Securities and Forward Commitments— JPMorgan SmartRetirement® Blend Income Fund, JPMorgan SmartRetirement® Blend 2020 Fund, JPMorgan SmartRetirement® Blend 2025 Fund, JPMorgan SmartRetirement® Blend 2030 Fund and JPMorgan SmartRetirement® Blend 2035 Fund purchased when-issued securities, including To-Be-Announced securities, and entered into contracts to purchase or sell securities for a fixed price that may be settled a month or more after the trade date, or purchased delayed delivery securities which generally settle seven days after the trade date. When-issued securities are securities that have been authorized, but not issued in the market. A forward commitment involves entering into a contract to purchase or sell securities for a fixed price at a future date that may be settled a month or more after the trade date. A delayed delivery security is agreed upon in advance between the buyer and the seller of the security and is generally delivered beyond seven days of the agreed upon date. The purchase of securities on a when-issued, delayed delivery or forward commitment basis involves the risk that the value of the security to be purchased declines before the settlement date. The sale of securities on a forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. The Funds may be exposed to credit risk if the counterparty fails to perform under the terms of the transaction. Interest income for securities purchased on a when-issued, delayed delivery or forward commitment basis is not accrued until the settlement date.
The Funds may be required to post or receive collateral for delayed delivery securities in the form of cash or securities under a Master Securities Forward Transaction Agreement with the counterparties (each, an “MSFTA”). The collateral requirements are generally calculated by netting the mark-to-market amount for a Fund's transactions under the MSFTA and comparing that amount to the value of the collateral pledged by a fund and the counterparty. Daily movement of cash collateral is subject to minimum threshold amounts. Collateral posted by a Fund is held in a segregated account at the Fund's custodian bank and is included on the Statements of Assets and Liabilities as Restricted cash. Collateral received by the Funds is held in a separate segregated account maintained by JPMorgan Chase Bank, N.A. ("JPMCB"), a wholly-owned subsidiary of JPMorgan. These amounts are not reflected on the Funds' Statements of Assets and Liabilities.
JPMorgan SmartRetirement® Blend Income Fund, JPMorgan SmartRetirement® Blend 2020 Fund, JPMorgan SmartRetirement® Blend 2025 Fund, JPMorgan SmartRetirement® Blend 2030 Fund and JPMorgan SmartRetirement® Blend 2035 Fund had when-issued securities, delayed delivery securities or forward commitments outstanding as of June 30, 2024, which are shown as a Receivable for Investment securities sold — delayed delivery securities and/or a Payable for Investment securities purchased — delayed delivery securities, respectively, on the Statements of Assets and Liabilities. The values of these securities held at June 30, 2024 are detailed on the SOIs, if any.
D. Investment Transactions with Affiliates— The Funds invested in Underlying Funds and ETFs advised by the Adviser. An issuer which is under common control with a Fund may be considered an affiliate. For the purposes of the financial statements, the Funds assume the issuers listed in the tables below to be affiliated issuers. The Underlying Funds’ and ETFs' distributions may be reinvested into such Underlying Funds and ETFs Reinvestment amounts are included in the purchases at cost amounts in the tables below.
JPMorgan SmartRetirement® Blend Income Fund |
For the year ended June 30, 2024 |
| | | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | | Capital Gain
Distributions |
JPMorgan BetaBuilders Emerging Markets Equity ETF (a) | | | | | | | | | |
JPMorgan BetaBuilders International Equity ETF (a) | | | | | | | | | |
JPMorgan BetaBuilders MSCI US REIT ETF (a) | | | | | | | | | |
JPMorgan BetaBuilders U.S. Aggregate Bond ETF (a) | | | | | | | | | |
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (a) | | | | | | | | | |
JPMorgan BetaBuilders U.S. Small Cap Equity ETF (a) | | | | | | | | | |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF (a) | | | | | | | | | |
JPMorgan Core Plus Bond Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Equity Index Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan High Yield Fund Class R6 Shares (a) | | | | | | | | | |
| JPMorgan SmartRetirement® Blend Funds | |
NOTES TO FINANCIAL STATEMENTSAS OF June 30, 2024 (continued)
(Dollar values in thousands)
JPMorgan SmartRetirement® Blend Income Fund (continued) |
For the year ended June 30, 2024 |
| | | | | Change in Unrealized Appreciation/ (Depreciation) | | | | Capital Gain Distributions |
JPMorgan Inflation Managed Bond ETF (a) | | | | | | | | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (a) (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. |
| The rate shown is the current yield as of June 30, 2024. |
JPMorgan SmartRetirement® Blend 2020 Fund |
For the year ended June 30, 2024 |
| | | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | | Capital Gain
Distributions |
JPMorgan BetaBuilders Emerging Markets Equity ETF (a) | | | | | | | | | |
JPMorgan BetaBuilders International Equity ETF (a) | | | | | | | | | |
JPMorgan BetaBuilders MSCI US REIT ETF (a) | | | | | | | | | |
JPMorgan BetaBuilders U.S. Aggregate Bond ETF (a) | | | | | | | | | |
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (a) | | | | | | | | | |
JPMorgan BetaBuilders U.S. Small Cap Equity ETF (a) | | | | | | | | | |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF (a) | | | | | | | | | |
JPMorgan Core Plus Bond Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Equity Index Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan High Yield Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Inflation Managed Bond ETF (a) | | | | | | | | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (a) (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. |
| The rate shown is the current yield as of June 30, 2024. |
| JPMorgan SmartRetirement® Blend Funds | |
JPMorgan SmartRetirement® Blend 2025 Fund |
For the year ended June 30, 2024 |
| | | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | | Capital Gain
Distributions |
JPMorgan BetaBuilders Emerging Markets Equity ETF (a) | | | | | | | | | |
JPMorgan BetaBuilders International Equity ETF (a) | | | | | | | | | |
JPMorgan BetaBuilders MSCI US REIT ETF (a) | | | | | | | | | |
JPMorgan BetaBuilders U.S. Aggregate Bond ETF (a) | | | | | | | | | |
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (a) | | | | | | | | | |
JPMorgan BetaBuilders U.S. Small Cap Equity ETF (a) | | | | | | | | | |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF (a) | | | | | | | | | |
JPMorgan Core Plus Bond Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Equity Index Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan High Yield Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Inflation Managed Bond ETF (a) | | | | | | | | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (a) (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. |
| The rate shown is the current yield as of June 30, 2024. |
JPMorgan SmartRetirement® Blend 2030 Fund |
For the year ended June 30, 2024 |
| | | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | | Capital Gain
Distributions |
JPMorgan BetaBuilders Emerging Markets Equity ETF (a) | | | | | | | | | |
JPMorgan BetaBuilders International Equity ETF (a) | | | | | | | | | |
JPMorgan BetaBuilders MSCI US REIT ETF (a) | | | | | | | | | |
JPMorgan BetaBuilders U.S. Aggregate Bond ETF (a) | | | | | | | | | |
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (a) | | | | | | | | | |
JPMorgan BetaBuilders U.S. Small Cap Equity ETF (a) | | | | | | | | | |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF (a) | | | | | | | | | |
JPMorgan Core Plus Bond Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a) | | | | | | | | | |
| JPMorgan SmartRetirement® Blend Funds | |
NOTES TO FINANCIAL STATEMENTSAS OF June 30, 2024 (continued)
(Dollar values in thousands)
JPMorgan SmartRetirement® Blend 2030 Fund (continued) |
For the year ended June 30, 2024 |
| | | | | Change in Unrealized Appreciation/ (Depreciation) | | | | Capital Gain Distributions |
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Equity Index Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan High Yield Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Inflation Managed Bond ETF (a) | | | | | | | | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (a) (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. |
| The rate shown is the current yield as of June 30, 2024. |
JPMorgan SmartRetirement® Blend 2035 Fund |
For the year ended June 30, 2024 |
| | | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | | Capital Gain
Distributions |
JPMorgan BetaBuilders Emerging Markets Equity ETF (a) | | | | | | | | | |
JPMorgan BetaBuilders International Equity ETF (a) | | | | | | | | | |
JPMorgan BetaBuilders MSCI US REIT ETF (a) | | | | | | | | | |
JPMorgan BetaBuilders U.S. Aggregate Bond ETF (a) | | | | | | | | | |
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (a) | | | | | | | | | |
JPMorgan BetaBuilders U.S. Small Cap Equity ETF (a) | | | | | | | | | |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF (a) | | | | | | | | | |
JPMorgan Core Plus Bond Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Equity Index Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan High Yield Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (a) (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. |
| The rate shown is the current yield as of June 30, 2024. |
| JPMorgan SmartRetirement® Blend Funds | |
JPMorgan SmartRetirement® Blend 2040 Fund |
For the year ended June 30, 2024 |
| | | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | | Capital Gain
Distributions |
JPMorgan BetaBuilders Emerging Markets Equity ETF (a) | | | | | | | | | |
JPMorgan BetaBuilders International Equity ETF (a) | | | | | | | | | |
JPMorgan BetaBuilders MSCI US REIT ETF (a) | | | | | | | | | |
JPMorgan BetaBuilders U.S. Aggregate Bond ETF (a) | | | | | | | | | |
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (a) | | | | | | | | | |
JPMorgan BetaBuilders U.S. Small Cap Equity ETF (a) | | | | | | | | | |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF (a) | | | | | | | | | |
JPMorgan Core Bond Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Core Plus Bond Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Equity Index Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan High Yield Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (a) (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. |
| The rate shown is the current yield as of June 30, 2024. |
JPMorgan SmartRetirement® Blend 2045 Fund |
For the year ended June 30, 2024 |
| | | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | | Capital Gain
Distributions |
JPMorgan BetaBuilders Emerging Markets Equity ETF (a) | | | | | | | | | |
JPMorgan BetaBuilders International Equity ETF (a) | | | | | | | | | |
JPMorgan BetaBuilders MSCI US REIT ETF (a) | | | | | | | | | |
JPMorgan BetaBuilders U.S. Aggregate Bond ETF (a) | | | | | | | | | |
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (a) | | | | | | | | | |
JPMorgan BetaBuilders U.S. Small Cap Equity ETF (a) | | | | | | | | | |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF (a) | | | | | | | | | |
JPMorgan Core Bond Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Core Plus Bond Fund Class R6 Shares (a) | | | | | | | | | |
| JPMorgan SmartRetirement® Blend Funds | |
NOTES TO FINANCIAL STATEMENTSAS OF June 30, 2024 (continued)
(Dollar values in thousands)
JPMorgan SmartRetirement® Blend 2045 Fund (continued) |
For the year ended June 30, 2024 |
| | | | | Change in Unrealized Appreciation/ (Depreciation) | | | | Capital Gain Distributions |
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Equity Index Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan High Yield Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (a) (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. |
| The rate shown is the current yield as of June 30, 2024. |
JPMorgan SmartRetirement® Blend 2050 Fund�� |
For the year ended June 30, 2024 |
| | | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | | Capital Gain
Distributions |
JPMorgan BetaBuilders Emerging Markets Equity ETF (a) | | | | | | | | | |
JPMorgan BetaBuilders International Equity ETF (a) | | | | | | | | | |
JPMorgan BetaBuilders MSCI US REIT ETF (a) | | | | | | | | | |
JPMorgan BetaBuilders U.S. Aggregate Bond ETF (a) | | | | | | | | | |
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (a) | | | | | | | | | |
JPMorgan BetaBuilders U.S. Small Cap Equity ETF (a) | | | | | | | | | |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF (a) | | | | | | | | | |
JPMorgan Core Bond Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Core Plus Bond Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Equity Index Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan High Yield Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (a) (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. |
| The rate shown is the current yield as of June 30, 2024. |
| JPMorgan SmartRetirement® Blend Funds | |
JPMorgan SmartRetirement® Blend 2055 Fund |
For the year ended June 30, 2024 |
| | | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | | Capital Gain
Distributions |
JPMorgan BetaBuilders Emerging Markets Equity ETF (a) | | | | | | | | | |
JPMorgan BetaBuilders International Equity ETF (a) | | | | | | | | | |
JPMorgan BetaBuilders MSCI US REIT ETF (a) | | | | | | | | | |
JPMorgan BetaBuilders U.S. Aggregate Bond ETF (a) | | | | | | | | | |
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (a) | | | | | | | | | |
JPMorgan BetaBuilders U.S. Small Cap Equity ETF (a) | | | | | | | | | |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF (a) | | | | | | | | | |
JPMorgan Core Bond Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Core Plus Bond Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Equity Index Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan High Yield Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (a) (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. |
| The rate shown is the current yield as of June 30, 2024. |
JPMorgan SmartRetirement® Blend 2060 Fund |
For the year ended June 30, 2024 |
| | | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | | Capital Gain
Distributions |
JPMorgan BetaBuilders Emerging Markets Equity ETF (a) | | | | | | | | | |
JPMorgan BetaBuilders International Equity ETF (a) | | | | | | | | | |
JPMorgan BetaBuilders MSCI US REIT ETF (a) | | | | | | | | | |
JPMorgan BetaBuilders U.S. Aggregate Bond ETF (a) | | | | | | | | | |
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (a) | | | | | | | | | |
JPMorgan BetaBuilders U.S. Small Cap Equity ETF (a) | | | | | | | | | |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF (a) | | | | | | | | | |
JPMorgan Core Bond Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Core Plus Bond Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a) | | | | | | | | | |
| JPMorgan SmartRetirement® Blend Funds | |
NOTES TO FINANCIAL STATEMENTSAS OF June 30, 2024 (continued)
(Dollar values in thousands)
JPMorgan SmartRetirement® Blend 2060 Fund (continued) |
For the year ended June 30, 2024 |
| | | | | Change in Unrealized Appreciation/ (Depreciation) | | | | Capital Gain Distributions |
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Equity Index Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan High Yield Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (a) (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. |
| The rate shown is the current yield as of June 30, 2024. |
JPMorgan SmartRetirement® Blend 2065 Fund |
For the year ended June 30, 2024 |
| | | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | | Capital Gain
Distributions |
JPMorgan BetaBuilders Emerging Markets Equity ETF (a) | | | | | | | | | |
JPMorgan BetaBuilders International Equity ETF (a) | | | | | | | | | |
JPMorgan BetaBuilders MSCI US REIT ETF (a) | | | | | | | | | |
JPMorgan BetaBuilders U.S. Aggregate Bond ETF (a) | | | | | | | | | |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF (a) | | | | | | | | | |
JPMorgan Core Bond Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Core Plus Bond Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Equity Index Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan High Yield Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (a) (c) | | | | | | | | | |
| | | | | | | | | |
|
| 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. |
| Amount rounds to less than one thousand. |
| The rate shown is the current yield as of June 30, 2024. |
E. Foreign Currency Translation — The books and records of the Funds are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the prevailing exchange rates of such currencies against the U.S. dollar. The market value of investment securities and other assets and liabilities are translated at the exchange rate as of the valuation date. Purchases and sales of investment securities, income and expenses are translated at the exchange rate prevailing on the respective dates of such transactions.
The Funds do not isolate the effect of changes in foreign exchange rates from changes in market prices on securities held. Accordingly, such changes are included within Change in net unrealized appreciation/depreciation on investments in non-affiliates on the Statements of Operations.
Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on each Fund's books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported
| JPMorgan SmartRetirement® Blend Funds | |
realized foreign currency gains and losses are included in Net realized gain (loss) on foreign currency transactions on the Statements of Operations. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at year end and are included in Change in net unrealized appreciation/depreciation on foreign currency translations on the Statements of Operations.
F. Futures Contracts— The Funds used treasury and index futures contracts to manage and hedge interest rate and equity price risks associated with portfolio investments. The Funds also purchased futures contracts to invest incoming cash in the market or sold futures in response to cash outflows, thereby simulating an invested position in the underlying index while maintaining a cash balance for liquidity.
Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Funds are required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Funds periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as Change in net unrealized appreciation/depreciation on futures contracts on the Statements of Operations. Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported on the Statements of Operations at the closing or expiration of the futures contract. Securities deposited as initial margin are designated on the SOIs, while cash deposited, which is considered restricted, is recorded on the Statements of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statements of Assets and Liabilities.
The use of futures contracts exposes the Funds to equity price and interest rate risks. The Funds may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subjects the Funds to risk of loss in excess of the amounts shown on the Statements of Assets and Liabilities, up to the notional amount of the futures contracts. Use of short futures contracts subjects the Funds to unlimited risk of loss. The Funds may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Funds' credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of positions.
The Funds' futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).
The table below discloses the volume of the Funds' futures contracts activity during the year ended June 30, 2024:
| JPMorgan
SmartRetirement®
Blend Income
Fund | JPMorgan
SmartRetirement®
Blend 2020
Fund | JPMorgan
SmartRetirement®
Blend 2025
Fund | JPMorgan
SmartRetirement®
Blend 2030
Fund |
| | | | |
Average Notional Balance Long | | | | |
Average Notional Balance Short | | | | |
Ending Notional Balance Long | | | | |
| JPMorgan
SmartRetirement®
Blend 2035
Fund | JPMorgan
SmartRetirement®
Blend 2040
Fund | JPMorgan
SmartRetirement®
Blend 2045
Fund | JPMorgan
SmartRetirement®
Blend 2050
Fund |
| | | | |
Average Notional Balance Long | | | | |
Average Notional Balance Short | | | | |
Ending Notional Balance Long | | | | |
| JPMorgan
SmartRetirement®
Blend 2055
Fund | JPMorgan
SmartRetirement®
Blend 2060
Fund | JPMorgan
SmartRetirement®
Blend 2065
Fund |
| | | |
Average Notional Balance Long | | | |
Average Notional Balance Short | | | |
Ending Notional Balance Long | | | |
| JPMorgan SmartRetirement® Blend Funds | |
NOTES TO FINANCIAL STATEMENTSAS OF June 30, 2024 (continued)
(Dollar values in thousands)
G. Summary of Derivatives Information— The following tables present the value of derivatives held as of June 30, 2024, by their primary underlying risk exposure and respective location on the Statements of Assets and Liabilities:
| JPMorgan
SmartRetirement®
Blend Income
Fund | JPMorgan
SmartRetirement®
Blend 2020
Fund | JPMorgan
SmartRetirement®
Blend 2025
Fund | JPMorgan
SmartRetirement®
Blend 2030
Fund | JPMorgan
SmartRetirement®
Blend 2035
Fund |
| | | | | |
Unrealized Appreciation on Futures Contracts * | | | | | |
Unrealized Depreciation on Futures Contracts * | | | | | |
Interest Rate Risk Exposure: | | | | | |
Unrealized Appreciation on Futures Contracts * | | | | | |
Net Fair Value of Derivative Contracts: | | | | | |
Unrealized Appreciation (Depreciation) on Futures Contracts * | | | | | |
| JPMorgan
SmartRetirement®
Blend 2040
Fund | JPMorgan
SmartRetirement®
Blend 2045
Fund | JPMorgan
SmartRetirement®
Blend 2050
Fund | JPMorgan
SmartRetirement®
Blend 2055
Fund | JPMorgan
SmartRetirement®
Blend 2060
Fund |
| | | | | |
Unrealized Appreciation on Futures Contracts * | | | | | |
Unrealized Depreciation on Futures Contracts * | | | | | |
Net Fair Value of Derivative Contracts: | | | | | |
Unrealized Appreciation (Depreciation) on Futures Contracts * | | | | | |
| JPMorgan
SmartRetirement®
Blend 2065
Fund |
| |
Unrealized Appreciation on Futures Contracts * | |
Unrealized Depreciation on Futures Contracts * | |
Net Fair Value of Derivative Contracts: | |
Unrealized Appreciation (Depreciation) on Futures Contracts * | |
|
| Includes cumulative appreciation/(depreciation) on futures contracts, if any, as reported on the SOIs. Only current day’s variation margin is reported within the Statements of Assets and Liabilities. |
| Amount rounds to less than one thousand. |
| JPMorgan SmartRetirement® Blend Funds | |
The following tables present the effect of derivatives on the Statements of Operations for the year ended June 30, 2024, by primary underlying risk exposure:
| JPMorgan
SmartRetirement®
Blend Income
Fund | JPMorgan
SmartRetirement®
Blend 2020
Fund | JPMorgan
SmartRetirement®
Blend 2025
Fund | JPMorgan
SmartRetirement®
Blend 2030
Fund | JPMorgan
SmartRetirement®
Blend 2035
Fund |
Realized Gain (Loss) on Derivatives Recognized as a Result From Operations: |
|
| | | | | |
Interest Rate Risk Exposure: |
| | | | | |
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations: |
|
| | | | | |
Interest Rate Risk Exposure: |
| | | | | |
| JPMorgan SmartRetirement® Blend Funds | |
NOTES TO FINANCIAL STATEMENTSAS OF June 30, 2024 (continued)
(Dollar values in thousands)
| JPMorgan
SmartRetirement®
Blend 2040
Fund | JPMorgan
SmartRetirement®
Blend 2045
Fund | JPMorgan
SmartRetirement®
Blend 2050
Fund | JPMorgan
SmartRetirement®
Blend 2055
Fund | JPMorgan
SmartRetirement®
Blend 2060
Fund |
Realized Gain (Loss) on Derivatives Recognized as a Result From Operations: |
|
| | | | | |
Interest Rate Risk Exposure: |
| | | | | |
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations: |
|
| | | | | |
Interest Rate Risk Exposure: |
| | | | | |
| JPMorgan
SmartRetirement®
Blend 2065
Fund |
Realized Gain (Loss) on Derivatives Recognized as a Result From Operations: |
|
| |
Interest Rate Risk Exposure: |
| |
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations: |
| |
|
| Amount rounds to less than one thousand. |
H. Offering and Organization Costs— Total offering costs of $131 incurred in connection with the offering of shares of JPMorgan SmartRetirement® Blend 2065 Fund are amortized on a straight line basis over 12 months from the date the Fund commenced operations. Costs paid in connection with the organization of the Fund, if any, are/were recorded as an expense at the time the Fund commenced operations. For the year ended June 30, 2024, total offering costs amortized were $45.
I. Security Transactions and Investment Income— Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis.
Interest income is determined on the basis of coupon interest accrued using the effective interest method, which adjusts for amortization of premiums and accretion of discounts.
Dividend income and distributions of net investment income and realized capital gains from the Underlying Funds and ETFs, if any, is recorded on the ex-dividend date or when the Funds first learn of the dividend.
To the extent such information is publicly available, the Funds record distributions received in excess of income earned from underlying investments as a reduction of cost of investments and/or realized gain. Such amounts are based on estimates if actual amounts are not available and actual amounts of income, realized gain and return of capital may differ from the estimated amounts. The Funds adjust the estimated amounts of the components of distributions (and consequently their net investment income) as necessary, once the issuers provide information about the actual composition of the distributions.
| JPMorgan SmartRetirement® Blend Funds | |
J. Allocation of Income and Expenses— Expenses directly attributable to a Fund are charged directly to that Fund, while the expenses attributable to more than one fund of the Trusts are allocated among the applicable funds. Investment income, realized and unrealized gains and losses and expenses, other than class-specific expenses, are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day.
Transfer agency fees are class-specific expenses. The amount of the transfer agency fees charged to each share class of the Funds for the year ended June 30, 2024 are as follows:
| | | | | | | |
JPMorgan SmartRetirement® Blend Income Fund | | | | | | | |
| | | | | | | |
JPMorgan SmartRetirement® Blend 2020 Fund | | | | | | | |
| | | | | | | |
JPMorgan SmartRetirement® Blend 2025 Fund | | | | | | | |
| | | | | | | |
JPMorgan SmartRetirement® Blend 2030 Fund | | | | | | | |
| | | | | | | |
JPMorgan SmartRetirement® Blend 2035 Fund | | | | | | | |
| | | | | | | |
JPMorgan SmartRetirement® Blend 2040 Fund | | | | | | | |
| | | | | | | |
JPMorgan SmartRetirement® Blend 2045 Fund | | | | | | | |
| | | | | | | |
JPMorgan SmartRetirement® Blend 2050 Fund | | | | | | | |
| | | | | | | |
JPMorgan SmartRetirement® Blend 2055 Fund | | | | | | | |
| | | | | | | |
JPMorgan SmartRetirement® Blend 2060 Fund | | | | | | | |
| | | | | | | |
JPMorgan SmartRetirement® Blend 2065 Fund | | | | | | | |
| | | | | | | |
|
| Amount rounds to less than one thousand. |
The Funds invested in Underlying Funds and, as a result bear a portion of the expenses incurred by these Underlying Funds and ETFs. These expenses are not reflected in the expenses shown on the Statements of Operations and are not included in the ratios to average net assets shown in the Financial Highlights. Certain expenses of affiliated Underlying Funds and ETFs are waived as described in Note 3.F.
| JPMorgan SmartRetirement® Blend Funds | |
NOTES TO FINANCIAL STATEMENTSAS OF June 30, 2024 (continued)
(Dollar values in thousands)
K. Federal Income Taxes— Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund's policy is to comply with the provisions of the Internal Revenue Code (the “Code”) applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds' tax positions for all open tax years and has determined that as of June 30, 2024, no liability for Federal income tax is required in the Funds' financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each Fund's Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.
L. Distributions to Shareholders— Distributions from net investment income, if any, are generally declared and paid at least annually and are declared separately for each class. Prior to January 1, 2022, distributions from net investment income, if any, were generally declared and paid at least quarterly and were declared separately for each class. No class has preferential dividend rights; differences in per share rates are due to differences in separate class expenses. Net realized capital gains, if any, are distributed by each Fund at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federal tax basis treatment.
The following amounts were reclassified within the capital accounts:
| | Accumulated
undistributed
(distributions in
excess of)
net investment
income | Accumulated
net realized
gains (losses) |
JPMorgan SmartRetirement® Blend Income Fund | | | |
JPMorgan SmartRetirement® Blend 2020 Fund | | | |
JPMorgan SmartRetirement® Blend 2025 Fund | | | |
JPMorgan SmartRetirement® Blend 2030 Fund | | | |
JPMorgan SmartRetirement® Blend 2035 Fund | | | |
JPMorgan SmartRetirement® Blend 2040 Fund | | | |
JPMorgan SmartRetirement® Blend 2045 Fund | | | |
JPMorgan SmartRetirement® Blend 2050 Fund | | | |
JPMorgan SmartRetirement® Blend 2055 Fund | | | |
JPMorgan SmartRetirement® Blend 2060 Fund | | | |
The reclassifications for the Funds relate primarily to tax adjustments on certain investments and foreign currency gains or losses.
3. Fees and Other Transactions with Affiliates
A. Investment Advisory Fee — Pursuant to an Investment Advisory Agreement, the Adviser manages the investments of each Fund and for such services is paid a fee. The investment advisory fee is accrued daily and paid monthly at an annual rate of 0.15% of each Fund’s respective average daily net assets.
The Adviser waived investment advisory fees and/or reimbursed expenses as outlined in Note 3.F.
B. Administration Fee— Pursuant to an Administration Agreement, the Administrator provides certain administration services to each Fund. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.075% of the first $10 billion of each Fund's respective average daily net assets, plus 0.050% of each Fund's respective average daily net assets between $10 billion and $20 billion, plus 0.025% of each Fund's respective average daily net assets between $20 billion and $25 billion, plus 0.010% of each Fund's respective average daily net assets in excess of $25 billion. For the year ended June 30, 2024, the effective rate was 0.075% of each Fund's average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.
The Administrator waived administration fees as outlined in Note 3.F.
JPMorgan Chase Bank, N.A. ("JPMCB"), a wholly-owned subsidiary of JPMorgan, serves as the Funds' sub-administrator (the “Sub-administrator”). For its services as Sub-administrator, JPMCB receives a portion of the fees payable to the Administrator.
C. Distribution Fees— Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (“JPMDS”), an indirect, wholly-owned subsidiary of JPMorgan, serves as each Fund's principal underwriter and promotes and arranges for the sale of each Fund's shares.
The Board has adopted a Distribution Plan (the “Distribution Plan”) for Class R2 and Class R3 Shares of the Funds, as applicable, pursuant to Rule 12b-1 under the 1940 Act. Class I, Class R4, Class R5 and Class R6 Shares of the Funds do not charge a distribution fee. The Distribution Plan
| JPMorgan SmartRetirement® Blend Funds | |
provides that each Fund shall pay, with respect to the applicable share classes, distribution fees, including payments to JPMDS, at annual rates of the average daily net assets as shown in the table below:
D. Service Fees— The Trusts, on behalf of the Funds, have entered into a Shareholder Servicing Agreement with JPMDS under which JPMDS provides certain support services to fund shareholders. For performing these services, JPMDS receives a fee with respect to all share classes, except Class R6 Shares which do not charge a service fee, that is accrued daily and paid monthly equal to a percentage of the average daily net assets as shown in the table below:
JPMDS has entered into shareholder services contracts with affiliated and unaffiliated financial intermediaries who provide shareholder services and other related services to their clients or customers who invest in the Funds. Pursuant to such contracts, JPMDS will pay all or a portion of such fees earned to financial intermediaries for performing such services.
JPMDS waived service fees as outlined in Note 3.F.
E. Custodian and Accounting Fees— JPMCB provides portfolio custody and accounting services to the Funds. For performing these services, the Funds pay JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses. The amounts paid directly to JPMCB by the Funds for custody and accounting services are included in Custodian and accounting fees on the Statements of Operations.
Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the Statements of Operations.
Interest expense paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates on the Statements of Operations.
F. Waivers and Reimbursements— The Adviser, Administrator and/or JPMDS have contractually agreed to waive fees and/or reimburse the Funds to the extent that total annual operating expenses (excluding dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, expenses related to trustee elections and extraordinary expenses incurred by the Funds and any Underlying Funds and ETFs and acquired fund fees incurred by any Underlying Funds and ETFs) exceed the percentages of the Funds’ respective average daily net assets as shown in the table below:
The expense limitation agreements were in effect for the year ended June 30, 2024 and the contractual expense limitation percentages in the table above are in place until at least October 31, 2024.
The Underlying Funds and ETFs may impose separate advisory and service fees. To avoid charging a service fee at an effective rate above 0.25% for Class I, Class R2, Class R3 and Class R4 Shares and above 0.10% for Class R5 Shares, JPMDS will waive service fees with respect to the Funds in an amount equal to the weighted average pro-rata amount of service fees charged by the affiliated Underlying Funds and ETFs. These waivers may be in addition to any waivers required to meet the Funds’ contractual expense limitations, but will not exceed the Funds’ service fees.
| JPMorgan SmartRetirement® Blend Funds | |
NOTES TO FINANCIAL STATEMENTSAS OF June 30, 2024 (continued)
(Dollar values in thousands)
For the year ended June 30, 2024, the Funds' service providers waived fees and/or reimbursed expenses for each of the Funds as follows. None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.
| | |
| | | | | Contractual
Reimbursements |
JPMorgan SmartRetirement® Blend Income Fund | | | | | |
JPMorgan SmartRetirement® Blend 2020 Fund | | | | | |
JPMorgan SmartRetirement® Blend 2025 Fund | | | | | |
JPMorgan SmartRetirement® Blend 2030 Fund | | | | | |
JPMorgan SmartRetirement® Blend 2035 Fund | | | | | |
JPMorgan SmartRetirement® Blend 2040 Fund | | | | | |
JPMorgan SmartRetirement® Blend 2045 Fund | | | | | |
JPMorgan SmartRetirement® Blend 2050 Fund | | | | | |
JPMorgan SmartRetirement® Blend 2055 Fund | | | | | |
JPMorgan SmartRetirement® Blend 2060 Fund | | | | | |
JPMorgan SmartRetirement® Blend 2065 Fund | | | | | |
|
| Amount rounds to less than one thousand. |
JPMIM voluntarily agreed to reimburse the Funds for the Trustee Fees paid to one of the interested Trustees. For the year ended June 30, 2024, the amount of these reimbursements were as follows:
| |
JPMorgan SmartRetirement® Blend Income Fund | |
JPMorgan SmartRetirement® Blend 2020 Fund | |
JPMorgan SmartRetirement® Blend 2025 Fund | |
JPMorgan SmartRetirement® Blend 2030 Fund | |
JPMorgan SmartRetirement® Blend 2035 Fund | |
JPMorgan SmartRetirement® Blend 2040 Fund | |
JPMorgan SmartRetirement® Blend 2045 Fund | |
JPMorgan SmartRetirement® Blend 2050 Fund | |
JPMorgan SmartRetirement® Blend 2055 Fund | |
JPMorgan SmartRetirement® Blend 2060 Fund | |
JPMorgan SmartRetirement® Blend 2065 Fund | |
G. Other— Certain officers of the Trusts are affiliated with the Adviser, the Administrator and JPMDS. Such officers, with the exception of the Chief Compliance Officer, receive no compensation from the Funds for serving in their respective roles.
The Board designated and appointed a Chief Compliance Officer to the Funds pursuant to Rule 38a-1 under the 1940 Act. Each Fund, along with affiliated funds, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the office of the Chief Compliance Officer. Such fees are included in Trustees’ and Chief Compliance Officer’s fees on the Statements of Operations.
The Trusts adopted a Trustee Deferred Compensation Plan (the “Plan”) which allows the independent Trustees to defer the receipt of all or a portion of compensation related to performance of their duties as Trustees. The deferred fees are invested in various J.P. Morgan Funds until distribution in accordance with the Plan.
During the year ended June 30, 2024, JPMorgan SmartRetirement Blend Income Fund, JPMorgan SmartRetirement Blend 2020 Fund, JPMorgan SmartRetirement Blend 2025 Fund, JPMorgan SmartRetirement Blend 2030 Fund and JPMorgan SmartRetirement Blend 2035 Fund purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.
The Securities and Exchange Commission ("SEC") has granted an exemptive order permitting the Funds to engage in principal transactions with J.P. Morgan Securities LLC, an affiliated broker, involving taxable money market instruments, subject to certain conditions.
| JPMorgan SmartRetirement® Blend Funds | |
4. Investment Transactions
During the year ended June 30, 2024, purchases and sales of investments (excluding short-term investments) were as follows:
| Purchases
(excluding
U.S. Government) | Sales
(excluding
U.S. Government) | Purchases
of U.S.
Government | |
JPMorgan SmartRetirement® Blend Income Fund | | | | |
JPMorgan SmartRetirement® Blend 2020 Fund | | | | |
JPMorgan SmartRetirement® Blend 2025 Fund | | | | |
JPMorgan SmartRetirement® Blend 2030 Fund | | | | |
JPMorgan SmartRetirement® Blend 2035 Fund | | | | |
JPMorgan SmartRetirement® Blend 2040 Fund | | | | |
JPMorgan SmartRetirement® Blend 2045 Fund | | | | |
JPMorgan SmartRetirement® Blend 2050 Fund | | | | |
JPMorgan SmartRetirement® Blend 2055 Fund | | | | |
JPMorgan SmartRetirement® Blend 2060 Fund | | | | |
JPMorgan SmartRetirement® Blend 2065 Fund | | | | |
5. Federal Income Tax Matters
For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at June 30, 2024 were as follows:
| | Gross
Unrealized
Appreciation | Gross
Unrealized
Depreciation | Net Unrealized
Appreciation
(Depreciation) |
JPMorgan SmartRetirement® Blend Income Fund | | | | |
JPMorgan SmartRetirement® Blend 2020 Fund | | | | |
JPMorgan SmartRetirement® Blend 2025 Fund | | | | |
JPMorgan SmartRetirement® Blend 2030 Fund | | | | |
JPMorgan SmartRetirement® Blend 2035 Fund | | | | |
JPMorgan SmartRetirement® Blend 2040 Fund | | | | |
JPMorgan SmartRetirement® Blend 2045 Fund | | | | |
JPMorgan SmartRetirement® Blend 2050 Fund | | | | |
JPMorgan SmartRetirement® Blend 2055 Fund | | | | |
JPMorgan SmartRetirement® Blend 2060 Fund | | | | |
JPMorgan SmartRetirement® Blend 2065 Fund | | | | |
The difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to certain derivatives and wash sale loss deferrals.
| JPMorgan SmartRetirement® Blend Funds | |
NOTES TO FINANCIAL STATEMENTSAS OF June 30, 2024 (continued)
(Dollar values in thousands)
The tax character of distributions paid during the year ended June 30, 2024 was as follows:
| | |
JPMorgan SmartRetirement® Blend Income Fund | | |
JPMorgan SmartRetirement® Blend 2020 Fund | | |
JPMorgan SmartRetirement® Blend 2025 Fund | | |
JPMorgan SmartRetirement® Blend 2030 Fund | | |
JPMorgan SmartRetirement® Blend 2035 Fund | | |
JPMorgan SmartRetirement® Blend 2040 Fund | | |
JPMorgan SmartRetirement® Blend 2045 Fund | | |
JPMorgan SmartRetirement® Blend 2050 Fund | | |
JPMorgan SmartRetirement® Blend 2055 Fund | | |
JPMorgan SmartRetirement® Blend 2060 Fund | | |
JPMorgan SmartRetirement® Blend 2065 Fund | | |
|
| Short-term gain distributions are treated as ordinary income for income tax purposes. |
The tax character of distributions paid during the year ended June 30, 2023 was as follows:
| | |
JPMorgan SmartRetirement® Blend Income Fund | | |
JPMorgan SmartRetirement® Blend 2020 Fund | | |
JPMorgan SmartRetirement® Blend 2025 Fund | | |
JPMorgan SmartRetirement® Blend 2030 Fund | | |
JPMorgan SmartRetirement® Blend 2035 Fund | | |
JPMorgan SmartRetirement® Blend 2040 Fund | | |
JPMorgan SmartRetirement® Blend 2045 Fund | | |
JPMorgan SmartRetirement® Blend 2050 Fund | | |
JPMorgan SmartRetirement® Blend 2055 Fund | | |
JPMorgan SmartRetirement® Blend 2060 Fund | | |
JPMorgan SmartRetirement® Blend 2065 Fund | | |
|
| Short-term gain distributions are treated as ordinary income for income tax purposes. |
| JPMorgan SmartRetirement® Blend Funds | |
As of June 30, 2024, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows:
| Current
Distributable
Ordinary
Income | Current
Distributable
Long-Term
Capital Gain
(Tax Basis Capital
Loss Carryover) | Unrealized
Appreciation
(Depreciation) |
JPMorgan SmartRetirement® Blend Income Fund | | | |
JPMorgan SmartRetirement® Blend 2020 Fund | | | |
JPMorgan SmartRetirement® Blend 2025 Fund | | | |
JPMorgan SmartRetirement® Blend 2030 Fund | | | |
JPMorgan SmartRetirement® Blend 2035 Fund | | | |
JPMorgan SmartRetirement® Blend 2040 Fund | | | |
JPMorgan SmartRetirement® Blend 2045 Fund | | | |
JPMorgan SmartRetirement® Blend 2050 Fund | | | |
JPMorgan SmartRetirement® Blend 2055 Fund | | | |
JPMorgan SmartRetirement® Blend 2060 Fund | | | |
JPMorgan SmartRetirement® Blend 2065 Fund | | | |
The cumulative timing differences primarily consist of certain derivatives, post-October capital loss deferrals, straddle loss deferrals and wash sale loss deferrals.
As of June 30, 2024, the following Funds had net capital loss carryforwards, which are available to offset future realized gains:
| Capital Loss Carryforward Character |
| | |
JPMorgan SmartRetirement® Blend Income Fund | | |
JPMorgan SmartRetirement® Blend 2020 Fund | | |
JPMorgan SmartRetirement® Blend 2025 Fund | | |
JPMorgan SmartRetirement® Blend 2030 Fund | | |
JPMorgan SmartRetirement® Blend 2035 Fund | | |
JPMorgan SmartRetirement® Blend 2040 Fund | | |
JPMorgan SmartRetirement® Blend 2045 Fund | | |
JPMorgan SmartRetirement® Blend 2050 Fund | | |
JPMorgan SmartRetirement® Blend 2055 Fund | | |
JPMorgan SmartRetirement® Blend 2060 Fund | | |
Net capital losses (gains) incurred after October 31 and within the taxable year are deemed to arise on the first business day of the Funds' next taxable year. For the year ended June 30, 2024, the following Funds deferred to July 1, 2024 the following net capital losses (gains) of:
| Net Capital Losses (Gains) |
| | |
JPMorgan SmartRetirement® Blend Income Fund | | |
JPMorgan SmartRetirement® Blend 2020 Fund | | |
JPMorgan SmartRetirement® Blend 2025 Fund | | |
JPMorgan SmartRetirement® Blend 2030 Fund | | |
JPMorgan SmartRetirement® Blend 2035 Fund | | |
| JPMorgan SmartRetirement® Blend Funds | |
NOTES TO FINANCIAL STATEMENTSAS OF June 30, 2024 (continued)
(Dollar values in thousands)
During the year ended June 30, 2024, the following Fund utilized capital loss carryforwards as follows:
| |
| |
JPMorgan SmartRetirement® Blend 2065 Fund | |
The Funds rely upon an exemptive order granted by the SEC (the “Order”) permitting the establishment and operation of an Interfund Lending Facility (the “Facility”). The Facility allows the Funds to directly lend and borrow money to or from any other fund relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund's borrowing restrictions. The interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. The Order was granted to JPMorgan Trust II and may be relied upon by the Funds because the Funds and the series of JPMorgan Trust II are all investment companies in the same “group of investment companies” (as defined in Section 12(d)(1)(G) of the 1940 Act).
The Funds had no borrowings outstanding from another fund, or loans outstanding to another fund, during the year ended June 30, 2024.
The Trusts and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Funds. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund's borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until October 29, 2024.
The Funds had no borrowings outstanding from the unsecured, uncommitted credit facility during the year ended June 30, 2024.
The Trusts, along with certain other trusts for J.P. Morgan Funds (“Borrowers”), have entered into a joint syndicated senior unsecured revolving credit facility totaling $1.5 billion (“Credit Facility”) with various lenders and The Bank of New York Mellon, as administrative agent for the lenders. This Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Under the terms of the Credit Facility, a borrowing fund must have a minimum of $25 million in adjusted net asset value and not exceed certain adjusted net asset coverage ratios prior to and during the time in which any borrowings are outstanding. If a fund does not comply with the aforementioned requirements, the fund must remediate within three business days with respect to the $25 million minimum adjusted net asset value or within one business day with respect to certain asset coverage ratios or the administrative agent at the request of, or with the consent of, the lenders may terminate the Credit Facility and declare any outstanding borrowings to be due and payable immediately.
Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.00%, plus the greater on the day of the borrowing, of the federal funds effective rate, or the Adjusted Secured Overnight Financing Rate (SOFR). Effective August 6, 2024, the Credit Facility was amended and restated for a term of 364 days, unless extended.
The Funds did not utilize the Credit Facility during the year ended June 30, 2024.
7. Risks, Concentrations and Indemnifications
In the normal course of business, the Funds enter into contracts that contain a variety of representations which provide general indemnifications. Each Fund's maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be brought against each Fund. However, based on experience, the Funds expect the risk of loss to be remote.
| JPMorgan SmartRetirement® Blend Funds | |
As of June 30, 2024, the following Funds had individual shareholder and/or omnibus accounts each owning more than 10% of the respective Fund's outstanding shares as follows:
| Number of
Individual Shareholder
and/or Non-Affiliated
Omnibus Accounts | |
JPMorgan SmartRetirement® Blend Income Fund | | |
JPMorgan SmartRetirement® Blend 2020 Fund | | |
JPMorgan SmartRetirement® Blend 2025 Fund | | |
JPMorgan SmartRetirement® Blend 2030 Fund | | |
JPMorgan SmartRetirement® Blend 2035 Fund | | |
JPMorgan SmartRetirement® Blend 2040 Fund | | |
JPMorgan SmartRetirement® Blend 2045 Fund | | |
JPMorgan SmartRetirement® Blend 2050 Fund | | |
JPMorgan SmartRetirement® Blend 2055 Fund | | |
JPMorgan SmartRetirement® Blend 2060 Fund | | |
JPMorgan SmartRetirement® Blend 2065 Fund | | |
Significant shareholder transactions by these shareholders may impact the Funds' performance and liquidity.
As of June 30, 2024, the Funds owned in the aggregate, shares representing more than 10% of the net assets of the following Underlying Funds and ETFs:
| |
JPMorgan BetaBuilders Emerging Markets Equity ETF | |
JPMorgan BetaBuilders U.S. Small Cap Equity ETF | |
JPMorgan BetaBuilders International Equity ETF | |
JPMorgan Equity Index Fund | |
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF | |
JPMorgan BetaBuilders MSCI US REIT ETF | |
JPMorgan Inflation Managed Bond ETF | |
JPMorgan Emerging Markets Research Enhanced Equity Fund | |
JPMorgan BetaBuilders U.S. Aggregate Bond ETF | |
JPMorgan Emerging Markets Debt Fund | |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF | |
The Funds are subject to risks associated with securities with contractual cash flows including asset-backed and mortgage-related securities such as collateralized mortgage obligations, mortgage pass-through securities and commercial mortgage-backed securities, including securities backed by sub-prime mortgage loans. The value, liquidity and related income of these securities are sensitive to changes in economic conditions, including real estate value, pre-payments, delinquencies and/or defaults, and may be adversely affected by shifts in the market’s perception of the issuers and changes in interest rates.
Because of the Funds’ investments in Underlying Funds and ETFs, the Funds indirectly pay a portion of the expenses incurred by the Underlying Funds and ETFs. As a result, the cost of investing in the Funds may be higher than the cost of investing in a mutual fund that invests directly in individual securities and financial instruments. The Funds are also subject to certain risks related to the Underlying Funds’ and ETFs’ investments in securities and financial instruments such as fixed income securities, including high yield, asset-backed and mortgage-related securities, equity securities, foreign and emerging markets securities, commodities and real estate securities. These securities are subject to risks specific to their structure, sector or market.
The Funds invest in ETFs. ETFs are pooled investment vehicles whose ownership interests are purchased and sold on a securities exchange. ETFs may be structured as investment companies, depositary receipts or other pooled investment vehicles and may be passively or actively managed. Passively managed ETFs generally seek to track the performance of a particular market index, including broad-based market indices, as well as indices relating to particular sectors, markets, regions or industries. Actively managed ETFs do not seek to track the performance of a particular market index. The price movement of an index-based ETF may not track the underlying index and may result in a loss. In addition, ETFs may trade at a price below or above their NAV (also known as a discount or premium, respectively).
| JPMorgan SmartRetirement® Blend Funds | |
NOTES TO FINANCIAL STATEMENTSAS OF June 30, 2024 (continued)
(Dollar values in thousands)
In addition, the Underlying Funds and ETFs may use derivative instruments in connection with their individual investment strategies including futures contracts, forward foreign currency exchange contracts, options, swaps and other derivatives, which are also subject to specific risks related to their structure, sector or market and may be riskier than investments in other types of securities.
Specific risks and concentrations present in the Underlying Funds and ETFs are disclosed within their individual financial statements and registration statements, as appropriate.
Derivatives may be riskier than other types of investments because they may be more sensitive to changes in economic and market conditions and could result in losses that significantly exceed the Funds’ original investment. Derivatives also expose the Funds to counterparty risk (the risk that the derivative counterparty will not fulfill its contractual obligations), including credit risk of the derivative counterparty. The possible lack of a liquid secondary market for derivatives and the resulting inability of the Funds to sell or otherwise close a derivatives position could expose the Funds to losses.
The Funds are subject to infectious disease epidemics/pandemics risk. The effects of any future pandemic or other global event to public health and business and market conditions, may have a significant negative impact on the performance of a Fund's investments, increase a Fund's volatility, exacerbate pre-existing political, social and economic risks to the Funds, and negatively impact broad segments of businesses and populations. In addition, governments, their regulatory agencies, or self-regulatory organizations have taken or may take actions in response to a pandemic or other global event that affect the instruments in which the Funds invest, or the issuers of such instruments, in ways that could have a significant negative impact on a Fund’s investment performance. The ultimate impact of any pandemic or other global event and the extent to which the associated conditions and governmental responses impact a Fund will also depend on future developments, which are highly uncertain, difficult to accurately predict and subject to frequent changes.
| JPMorgan SmartRetirement® Blend Funds | |
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Trustees of JPMorgan Trust I and JPMorgan Trust IV and Shareholders of each of the eleven funds listed in the table below
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of portfolio investments, of each of the funds indicated in the table below (ten of the funds constituting JPMorgan Trust I and one of the funds constituting JPMorgan Trust IV, hereinafter collectively referred to as the “Funds”) as of June 30, 2024, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of June 30, 2024, the results of each of their operations and the changes in each of their net assets for each of the periods indicated in the table below, and each of the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.
JPMorgan SmartRetirement® Blend Income Fund* |
JPMorgan SmartRetirement® Blend 2020 Fund* |
JPMorgan SmartRetirement® Blend 2025 Fund* |
JPMorgan SmartRetirement® Blend 2030 Fund* |
JPMorgan SmartRetirement® Blend 2035 Fund* |
JPMorgan SmartRetirement® Blend 2040 Fund* |
JPMorgan SmartRetirement® Blend 2045 Fund* |
JPMorgan SmartRetirement® Blend 2050 Fund* |
JPMorgan SmartRetirement® Blend 2055 Fund* |
JPMorgan SmartRetirement® Blend 2060 Fund* |
JPMorgan SmartRetirement® Blend 2065 Fund** |
* Statement of operations for the year ended June 30, 2024 and statement of changes in net assets for the years ended June 30, 2024 and 2023.
** Statement of operations for the year ended June 30, 2024 and statement of changes in net assets for the year ended June 30, 2024 and the period November 1, 2022 (commencement of operations) through June 30, 2023.
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of June 30, 2024 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/ PricewaterhouseCoopers LLP
New York, New York
August 27, 2024
We have served as the auditor of one or more investment companies in the JPMorgan Funds complex since 1993.
| JPMorgan SmartRetirement® Blend Funds | |
TAX LETTER(Unaudited)
(Dollar values in thousands)
Certain tax information for the J.P. Morgan Funds is required to be provided to shareholders based upon the Funds’ income and distributions for the taxable year ended June 30, 2024. The information and distributions reported in this letter may differ from the information and taxable distributions reported to the shareholders for the calendar year ending December 31, 2024. The information necessary to complete your income tax returns for the calendar year ending December 31, 2024 will be provided under separate cover.
Dividends Received Deduction (DRD)
Each Fund listed below had the following percentage, or maximum allowable percentage, of ordinary income distributions eligible for the dividends received deduction for corporate shareholders for the fiscal year ended June 30, 2024:
| Dividends
Received
Deduction |
JPMorgan SmartRetirement® Blend Income Fund | |
JPMorgan SmartRetirement® Blend 2020 Fund | |
JPMorgan SmartRetirement® Blend 2025 Fund | |
JPMorgan SmartRetirement® Blend 2030 Fund | |
JPMorgan SmartRetirement® Blend 2035 Fund | |
JPMorgan SmartRetirement® Blend 2040 Fund | |
JPMorgan SmartRetirement® Blend 2045 Fund | |
JPMorgan SmartRetirement® Blend 2050 Fund | |
JPMorgan SmartRetirement® Blend 2055 Fund | |
| Dividends Received Deduction |
JPMorgan SmartRetirement® Blend 2060 Fund | |
JPMorgan SmartRetirement® Blend 2065 Fund | |
Qualified Dividend Income (QDI)
Each Fund listed below had the following amount, or maximum allowable amount, of ordinary income distributions treated as qualified dividends for the fiscal year ended June 30, 2024:
| |
JPMorgan SmartRetirement® Blend Income Fund | |
JPMorgan SmartRetirement® Blend 2020 Fund | |
JPMorgan SmartRetirement® Blend 2025 Fund | |
JPMorgan SmartRetirement® Blend 2030 Fund | |
JPMorgan SmartRetirement® Blend 2035 Fund | |
JPMorgan SmartRetirement® Blend 2040 Fund | |
JPMorgan SmartRetirement® Blend 2045 Fund | |
JPMorgan SmartRetirement® Blend 2050 Fund | |
JPMorgan SmartRetirement® Blend 2055 Fund | |
JPMorgan SmartRetirement® Blend 2060 Fund | |
JPMorgan SmartRetirement® Blend 2065 Fund | |
| JPMorgan SmartRetirement® Blend Funds | |
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J.P. Morgan Funds are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the Funds.
Contact JPMorgan Distribution Services, Inc. at 1-800-480-4111 for a fund prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risk as well as charges and expenses of the mutual fund before investing. The prospectus contains this and other information about the mutual fund. Read the prospectus carefully before investing.
Investors may obtain information about the Securities Investor Protection Corporation (SIPC), including the SIPC brochure, by visiting www.sipc.org or by calling SIPC at 202-371-8300.
Each Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC as an exhibit to its report on Form N-PORT. The Funds' Form N-PORT reports are available on the SEC’s website at http://www.sec.gov. Each Fund's quarterly holdings can be found by visiting the J.P. Morgan Funds’ website at www.jpmorganfunds.com.
A description of each Fund's policies and procedures with respect to the disclosure of each Fund's holdings is available in the prospectuses and Statement of Additional Information.
A copy of proxy policies and procedures is available without charge upon request by calling 1-800-480-4111 and on the Funds' website at www.jpmorganfunds.com. A description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Funds to the Adviser. A copy of the Funds' voting record for the most recent 12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Funds' website at www.jpmorganfunds.com no later than August 31 of each year. The Funds' proxy voting record will include, among other things, a brief description of the matter voted on for each fund security, and will state how each vote was cast, for example, for or against the proposal.
J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.
© JPMorgan Chase & Co., 2024. All rights reserved. June 2024.
AN-SRB-624
Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Proxy Disclosures for Open-End Management Investment Companies
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
Included in the Statement of Operations within the Fund’s Financial Statements.
Statement Regarding Basis for Approval of Investment Advisory Agreement and Subadvisory Agreement
ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES
Refer to Item 7.
ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
Refer to Item 7.
ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.
Refer to Item 7.
ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.
Refer to Item 7.
ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
Not applicable.
ITEM 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
Describe any material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14A (17 CFR 240.14a-101), or this Item.
No material changes to report.
ITEM 16. CONTROLS AND PROCEDURES.
(a) Disclose the conclusions of the registrant’s principal executive and principal financial officers, or persons performing similar functions, regarding the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).
The Registrant’s principal executive and principal financial officers have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant’s disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the Registrant’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.
(b) Disclose any change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
There were no changes in the Registrant’s internal control over financial reporting that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.
Not applicable.
ITEM 19. EXHIBITS.
| | (a) | File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated. |
(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit.
Code of Ethics applicable to its Principal Executive and Principal Financial Officers pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 attached hereto.
(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2), exactly as set forth below:
Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 are attached hereto.
(1) Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.
Not applicable.
(2) Change in the registrant’s independent public accountant. Provide the information called for by Item 4 of Form 8-K under the Exchange Act (17 CFR 249.308). Unless otherwise specified by Item 4, or related to and necessary for a complete understanding of information not previously disclosed, the information should relate to events occurring during the reporting period.
Not applicable.
Certifications pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 are attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
JPMorgan Trust IV
| | |
| By: | | /s/ Brian S. Shlissel |
| | Brian S. Shlissel |
| | President and Principal Executive Officer |
| | September 6, 2024 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| | |
| By: | | /s/ Brian S. Shlissel |
| | Brian S. Shlissel |
| | President and Principal Executive Officer |
| | September 6, 2024 |
| |
| By: | | /s/ Timothy J. Clemens |
| | Timothy J. Clemens |
| | Treasurer and Principal Financial Officer |
| | September 6, 2024 |
