JPMorgan SmartRetirement® Blend 2045 Fund
Schedule of Portfolio Investments as of March 31, 2025
(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., 2025.
JPMorgan SmartRetirement® Blend 2045 Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2025 (Unaudited)
 
INVESTMENTS
SHARES
(000)
VALUE
($000)
Investment Companies — 63.2%
Fixed Income — 12.6%
JPMorgan Core Bond Fund Class R6 Shares (a)
6,164
63,615
JPMorgan Core Plus Bond Fund Class R6 Shares (a)
26,325
190,589
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)
1,441
8,932
JPMorgan High Yield Fund Class R6 Shares (a)
5,058
32,676
Total Fixed Income
295,812
International Equity — 4.0%
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)
5,605
94,671
U.S. Equity — 46.6%
JPMorgan Equity Index Fund Class R6 Shares (a)
12,999
1,094,669
Total Investment Companies
(Cost $1,066,318)
1,485,152
Exchange-Traded Funds — 35.2%
Alternative Assets — 1.8%
JPMorgan BetaBuilders MSCI US REIT ETF (a)
443
41,634
International Equity — 25.7%
JPMorgan BetaBuilders Emerging Markets Equity ETF (a)
1,798
94,697
JPMorgan BetaBuilders International Equity ETF (a)
8,300
510,514
Total International Equity
605,211
U.S. Equity — 7.7%
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (a)
1,337
120,484
JPMorgan BetaBuilders U.S. Small Cap Equity ETF (a)
1,005
60,820
Total U.S. Equity
181,304
Total Exchange-Traded Funds
(Cost $686,352)
828,149
 
PRINCIPAL
AMOUNT
($000)
U.S. Treasury Obligations — 0.1%
U.S. Treasury Notes
4.25%, 1/31/2026 (b) (Cost $2,983)
2,982
2,985
 
SHARES
(000)
Short-Term Investments — 2.3%
Investment Companies — 2.3%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 4.31% (a) (c)
(Cost $53,571)
53,571
53,571
Total Investments — 100.8%
(Cost $1,809,224)
2,369,857
Liabilities in Excess of Other Assets — (0.8)%
(18,783
)
NET ASSETS — 100.0%
2,351,074
 
Percentages indicated are based on net assets.
 
JPMorgan SmartRetirement® Blend 2045 Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2025 (Unaudited) (continued)
Abbreviations
 
ETF
Exchange Traded Fund
REIT
Real Estate Investment Trust
 
(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, 2025.
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 March 31, 2025 (amounts in thousands, except number of contracts):
 
DESCRIPTION
NUMBER OF
CONTRACTS
EXPIRATION DATE
TRADING CURRENCY
NOTIONAL
AMOUNT ($)
VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
Long Contracts
Russell 2000 E-Mini Index
173
06/20/2025
USD
17,534
(489
)
S&P MidCap 400 E-Mini Index
80
06/20/2025
USD
23,510
(317
)
 
(806
)
 
Abbreviations
 
USD
United States Dollar
JPMorgan SmartRetirement® Blend 2045 Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2025 (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 Securities and Exchange Commission 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 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
$828,149
$—
$—
$828,149
Investment Companies
1,485,152
—
—
1,485,152
JPMorgan SmartRetirement® Blend 2045 Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2025 (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
$—
$2,985
$—
$2,985
Short-Term Investments
Investment Companies
53,571
—
—
53,571
Total Investments in Securities
$2,366,872
$2,985
$—
$2,369,857
Depreciation in Other Financial Instruments
Futures Contracts
$(806
)
$—
$—
$(806
)
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, 2025
Security Description
Value at
June 30,
2024
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
March 31,
2025
Shares at
March 31,
2025
Dividend
Income
Capital Gain
Distributions
JPMorgan BetaBuilders Emerging Markets
Equity ETF  (a)
$92,320
$15,837
$13,822
$(173
)
$535
$94,697
1,798
$1,963
$—
JPMorgan BetaBuilders International Equity
ETF  (a)
475,788
81,591
67,584
443
20,276
510,514
8,300
9,500
—
JPMorgan BetaBuilders MSCI US REIT ETF  (a)
39,625
4,465
5,593
596
2,541
41,634
443
915
—
(b)
JPMorgan BetaBuilders U.S. Aggregate Bond
ETF  (a)
22,903
3,350
26,620
(1,074
)
1,441
—
—
767
—
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF
 (a)
111,018
25,714
20,056
1,954
1,854
120,484
1,337
1,267
—
JPMorgan BetaBuilders U.S. Small Cap Equity
ETF  (a)
55,829
18,509
13,820
1,783
(1,481
)
60,820
1,005
595
—
JPMorgan BetaBuilders USD High Yield
Corporate Bond ETF  (a)
14,644
1,966
16,679
(922
)
991
—
—
878
—
JPMorgan Core Bond Fund Class R6 Shares  (a)
69,003
10,255
17,142
(2,362
)
3,861
63,615
6,164
2,278
—
JPMorgan Core Plus Bond Fund Class R6
Shares  (a)
138,082
60,599
10,501
(2,062
)
4,471
190,589
26,325
5,490
—
JPMorgan Emerging Markets Debt Fund
Class R6 Shares  (a)
8,056
1,392
639
(48
)
171
8,932
1,441
437
—
JPMorgan Emerging Markets Research
Enhanced Equity Fund Class R6 Shares  (a)
90,317
19,905
16,702
(49
)
1,200
94,671
5,605
2,317
—
JPMorgan Equity Index Fund Class R6 Shares
 (a)
1,055,587
106,007
98,469
10,141
21,403
1,094,669
12,999
10,683
—
JPMorgan High Yield Fund Class R6 Shares  (a)
14,769
18,905
1,186
(26
)
214
32,676
5,058
879
—
JPMorgan U.S. Government Money Market
Fund Class IM Shares, 4.31%  (a) (c)
32,832
176,383
155,644
—
—
53,571
53,571
1,421
—
Total
$2,220,773
$544,878
$464,457
$8,201
$57,477
$2,366,872
$39,390
$—
(b)
 
 
(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, 2025.