NPORT-EX 2 JPMSR2035.htm PART F EDGAR HTML
JPMorgan SmartRetirement® 2035 Fund
Schedule of Portfolio Investments as of March 31, 2024
(Unaudited) 
THE “UNAUDITED MUTUAL FUNDS HOLDINGS” LIST (“the
List”) IS TO BE USED FOR REPORTING PURPOSES ONLY. IT IS
NOT TO BE REPRODUCED FOR USE AS ADVERTISING OR
SALES LITERATURE WITH THE GENERAL PUBLIC. The list is
submitted for the general information of the shareholders of the Fund.
It is not authorized for distribution to prospective investors in the Fund
unless preceded or accompanied by a prospectus. The list has been
created from the books and records of the Fund. Holdings are
available 60 days after the fund’s fiscal quarter, using a trade date
accounting convention, by contacting the appropriate service center.
The list is subject to change without notice. The list is for
informational purposes only and is not intended as an offer or
solicitation with respect to the purchase or sale of any security.
JPMorgan Asset Management is the marketing name for the asset
management business of J.P. Morgan Chase & Co.
J.P. Morgan Distribution Services, Inc., member FINRA.
© J.P. Morgan Chase & Co., 2024.
JPMorgan SmartRetirement® 2035 Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2024 (Unaudited)
 
INVESTMENTS
SHARES
(000)
VALUE
($000)
Investment Companies — 74.1%
Fixed Income — 29.0%
JPMorgan Core Bond Fund Class R6 Shares (a)
23,526
239,729
JPMorgan Core Plus Bond Fund Class R6 Shares (a)
100,158
718,131
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)
5,307
32,957
JPMorgan High Yield Fund Class R6 Shares (a)
15,160
97,483
Total Fixed Income
 
1,088,300
International Equity — 7.9%
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a)
683
20,788
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)
4,630
73,431
JPMorgan International Equity Fund Class R6 Shares (a)
10,150
203,705
Total International Equity
 
297,924
U.S. Equity — 37.2%
JPMorgan Growth Advantage Fund Class R6 Shares * (a)
8,328
323,869
JPMorgan Small Cap Equity Fund Class R6 Shares (a)
369
21,145
JPMorgan Small Cap Growth Fund Class R6 Shares * (a)
919
20,425
JPMorgan Small Cap Value Fund Class R6 Shares (a)
735
20,905
JPMorgan U.S. Equity Fund Class R6 Shares (a)
14,398
341,802
JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a)
8,331
340,399
JPMorgan Value Advantage Fund Class R6 Shares (a)
8,380
325,999
Total U.S. Equity
 
1,394,544
Total Investment Companies
(Cost $2,083,577)
 
2,780,768
Exchange-Traded Funds — 24.4%
Alternative Assets — 1.4%
JPMorgan BetaBuilders MSCI US REIT ETF (a)
148
13,038
JPMorgan Realty Income ETF (a)
886
38,864
Total Alternative Assets
 
51,902
Fixed Income — 0.6%
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF (a)
506
23,372
International Equity — 12.3%
JPMorgan ActiveBuilders Emerging Markets Equity ETF (a)
2,296
84,139
JPMorgan International Research Enhanced Equity ETF (a)
6,049
378,800
Total International Equity
 
462,939
International Funds — 7.0%
JPMorgan Global Select Equity ETF (a)
4,594
263,727
U.S. Equity — 3.1%
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (a)
1,238
114,473
Total Exchange-Traded Funds
(Cost $794,189)
 
916,413
 
PRINCIPAL
AMOUNT
($000)
 
U.S. Treasury Obligations — 0.1%
U.S. Treasury Notes
4.13%, 1/31/2025 (b) (Cost $4,348)
4,378
4,343
JPMorgan SmartRetirement® 2035 Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2024 (Unaudited) (continued)
 INVESTMENTS
SHARES
(000)
VALUE
($000)
Short-Term Investments — 1.4%
Investment Companies — 1.4%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (a) (c)
(Cost $51,717)
51,717
51,717
Total Investments — 100.0%
(Cost $2,933,831)
 
3,753,241
Other Assets Less Liabilities — 0.0% ^
 
1,792
NET ASSETS — 100.0%
 
3,755,033
 
Percentages indicated are based on net assets.
 
Abbreviations
 
ETF
Exchange Traded Fund
REIT
Real Estate Investment Trust
USD
United States Dollar
 
^
Amount rounds to less than 0.1% of net assets.
*
Non-income producing security.
 
(a)
Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan
Investment Management Inc.
 
(b)
All or a portion of this security is deposited with the broker as initial margin for futures contracts.
 
(c)
The rate shown is the current yield as of March 31, 2024.
 
Detailed information about investment portfolios of the underlying funds and ETFs can be found in shareholder reports filed with the Securities and Exchange Commission (SEC) by each such underlying fund semi-annually on Form N-CSR and in portfolio holdings filed quarterly on Form N-PORT, and are available for download from both the SEC’s as well as each respective underlying fund’s website. Detailed information about underlying J.P. Morgan Funds can also be found at www.jpmorganfunds.com or by calling 1-800-480-4111.
Futures contracts outstanding as of March 31, 2024 (amounts in thousands, except number of contracts):
 
DESCRIPTION
NUMBER OF
CONTRACTS
EXPIRATION DATE
TRADING CURRENCY
NOTIONAL
AMOUNT ($)
VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
Long Contracts
 
 
 
 
 
MSCI Emerging Markets E-Mini Index
1,257
06/21/2024
USD
65,917
(73
)
 
Abbreviations
 
MSCI
Morgan Stanley Capital International
USD
United States Dollar
JPMorgan SmartRetirement® 2035 Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2024 (Unaudited) (continued)
(Dollar values in thousands)
A. Valuation of Investments— Investments are valued in accordance with U.S. generally accepted accounting principles (“GAAP”) and the Fund's valuation policies set forth by, and under the supervision and responsibility of, the Board of Trustees of the Trust (the “Board”), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at their market value and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.
Under Section 2(a)(41) of the Investment Company Act of 1940, the Board is required to determine fair value for securities that do not have readily available market quotations. Under SEC Rule 2a-5 (Good Faith Determinations of Fair Value), the Board may designate the performance of these fair valuation determinations to a valuation designee. The Board has designated the Adviser as the “Valuation Designee” to perform fair valuation determinations for the Funds on behalf of the Board subject to appropriate oversight by the Board. The Adviser, as Valuation Designee, leverages the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to help oversee and carry out the policies for the valuation of investments held in the Funds. The Adviser, as Valuation Designee, remains responsible for the valuation determinations.
This oversight by the AVC includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events, and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and, at least on a quarterly basis, with the AVC and the Board.
Fixed income instruments are valued based on prices received from approved affiliated and unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”). The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.
Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values (“NAV”) of the Fund are calculated on a valuation date.
Investments in open-end investment companies, excluding exchange-traded funds (“ETFs”) (“Underlying Funds”), are valued at each Underlying Fund’s NAV per share as of the report date.
Futures contracts are generally valued on the basis of available market quotations.
Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer-related events after the report date and prior to issuance of the report are not reflected herein.
The various inputs that are used in determining the valuation of the Fund's investments are summarized into the three broad levels listed below.
•
Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.
•
Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.
•
Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund's assumptions in determining the fair value of investments).
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.
The following table represents each valuation input as presented on the Schedule of Portfolio Investments: 
 
 
 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Investments in Securities
 
 
 
 
Exchange-Traded Funds
$916,413
$—
$—
$916,413
Investment Companies
2,780,768
—
—
2,780,768
JPMorgan SmartRetirement® 2035 Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2024 (Unaudited) (continued)
(Dollar values in thousands)
 
 
 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
U.S. Treasury Obligations
$—
$4,343
$—
$4,343
Short-Term Investments
 
 
 
 
Investment Companies
51,717
—
—
51,717
Total Investments in Securities
$3,748,898
$4,343
$—
$3,753,241
Depreciation in Other Financial Instruments
 
 
 
 
Futures Contracts
$(73
)
$—
$—
$(73
)
B. Investment Transactions with Affiliates— The Fund invested in Underlying Funds and ETFs advised by the Adviser. An issuer which is under common control with the Fund may be considered an affiliate. The Fund assumes the issuers listed in the table below to be affiliated issuers. Underlying Funds’ and ETFs’ distributions may be reinvested into the Underlying Funds and ETFs. Reinvestment amounts are included in the purchases at cost amounts in the table below. 
 
For the period ended March 31, 2024
Security Description
Value at
June 30,
2023
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
March 31,
2024
Shares at
March 31,
2024
Dividend
Income
Capital Gain
Distributions
JPMorgan ActiveBuilders Emerging Markets
Equity ETF  (a)
$73,959
$20,220
$10,965
$(1,414
)
$2,339
$84,139
2,296
$2,120
$—
JPMorgan BetaBuilders MSCI US REIT ETF  (a)
14,120
553
2,350
(65
)
780
13,038
148
346
—
JPMorgan BetaBuilders U.S. Mid Cap Equity
ETF  (a)
102,150
19,523
24,282
(66
)
17,148
114,473
1,238
1,030
—
(b)
JPMorgan BetaBuilders USD High Yield
Corporate Bond ETF  (a)
3,903
21,420
2,152
(350
)
551
23,372
506
277
—
JPMorgan Core Bond Fund Class R6 Shares
 (a)
282,832
28,216
71,526
(8,344
)
8,551
239,729
23,526
6,630
—
JPMorgan Core Plus Bond Fund Class R6
Shares  (a)
624,553
168,990
75,426
(12,558
)
12,572
718,131
100,158
20,161
—
JPMorgan Emerging Markets Debt Fund
Class R6 Shares  (a)
2,294
29,983
—
—
680
32,957
5,307
332
—
JPMorgan Emerging Markets Equity Fund
Class R6 Shares  (a)
11,502
9,794
1,215
(61
)
768
20,788
683
188
—
JPMorgan Emerging Markets Research
Enhanced Equity Fund Class R6 Shares  (a)
91,064
6,423
25,546
(1,631
)
3,121
73,431
4,630
2,559
—
JPMorgan Global Select Equity ETF  (a)
—
243,527
15,965
709
35,456
263,727
4,594
448
—
JPMorgan Growth Advantage Fund Class R6
Shares  (a) *
409,862
9,633
171,564
48,704
27,234
323,869
8,328
—
2,125
JPMorgan High Yield Fund Class R6 Shares
 (a)
94,320
39,587
40,797
(2,261
)
6,634
97,483
15,160
6,007
—
JPMorgan International Equity Fund Class R6
Shares  (a)
269,333
5,128
84,217
(10,554
)
24,015
203,705
10,150
5,128
—
JPMorgan International Research Enhanced
Equity ETF  (a)
500,580
29,552
187,657
10,282
26,043
378,800
6,049
12,893
—
JPMorgan Realty Income ETF  (a)
41,545
2,243
6,587
(673
)
2,336
38,864
886
842
—
JPMorgan Small Cap Equity Fund Class R6
Shares  (a)
43,241
3,447
27,057
1,347
167
21,145
369
441
1,314
JPMorgan Small Cap Growth Fund Class R6
Shares  (a) *
22,675
2,197
7,282
(1,811
)
4,646
20,425
919
—
—
JPMorgan Small Cap Value Fund Class R6
Shares  (a)
21,658
1,410
5,130
(337
)
3,304
20,905
735
274
29
JPMorgan U.S. Equity Fund Class R6 Shares
 (a)
386,072
12,839
112,672
29,332
26,231
341,802
14,398
2,502
3,498
JPMorgan SmartRetirement® 2035 Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2024 (Unaudited) (continued)
(Dollar values in thousands)
 
For the period ended March 31, 2024
Security Description
Value at
June 30,
2023
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
March 31,
2024
Shares at
March 31,
2024
Dividend
Income
Capital Gain
Distributions
JPMorgan U.S. Government Money Market
Fund Class IM Shares, 5.25%  (a) (c)
$90,443
$556,430
$595,156
$—
$—
$51,717
51,717
$3,079
$—
JPMorgan U.S. Research Enhanced Equity
Fund Class R6 Shares  (a)
386,004
9,333
117,040
18,813
43,289
340,399
8,331
3,287
460
JPMorgan Value Advantage Fund Class R6
Shares  (a)
404,970
37,833
148,361
14,242
17,315
325,999
8,380
6,875
19,628
Total
$3,877,080
$1,258,281
$1,732,947
$83,304
$263,180
$3,748,898
 
$75,419
$27,054
 
 
(a)
Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan
Investment Management Inc.
(b)
Amount rounds to less than one thousand.
(c)
The rate shown is the current yield as of March 31, 2024.
*
Non-income producing security.