NPORT-EX 2 HG_SRB2035.htm HTML

JPMorgan SmartRetirement® Blend 2035 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited)

 

Investments

    Shares (000)      Value ($000)  
               

INVESTMENT COMPANIES — 53.9%

 

Fixed Income — 17.6%

      

JPMorgan Core Plus Bond Fund Class R6 Shares (a)

      37,204        317,719  

JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)

      2,932        23,161  

JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)

      2,963        23,229  

JPMorgan High Yield Fund Class R6 Shares (a)

      5,551        40,575  

JPMorgan Income Fund Class R6 Shares (a)

      1,824        17,332  
     

 

 

  

Total Fixed Income

         422,016  
     

 

 

  

International Equity — 7.5%

      

JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)

      8,741        179,444  
     

 

 

  

U.S. Equity — 28.8%

      

JPMorgan Equity Index Fund Class R6 Shares (a)

      10,580        693,083  
     

 

 

  

TOTAL INVESTMENT COMPANIES

(Cost $1,076,189)

 

 

      1,294,543  
     

 

 

  

EXCHANGE-TRADED FUNDS — 40.2%

      

Alternative Assets — 4.4%

      

JPMorgan BetaBuilders MSCI US REIT ETF (a)

      1,095        105,265  
     

 

 

  

Fixed Income — 5.5%

      

JPMorgan High Yield Research Enhanced ETF (a)

      1,197        62,309  

JPMorgan U.S. Aggregate Bond ETF (a)

      1,268        68,826  
     

 

 

  

Total Fixed Income

         131,135  
     

 

 

  

International Equity — 22.0%

      

JPMorgan BetaBuilders International Equity ETF (a)

      8,965        527,582  
     

 

 

  

U.S. Equity — 8.3%

      

JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (a)

      1,179        103,412  

JPMorgan BetaBuilders U.S. Small Cap Equity ETF (a)

      1,108        71,128  

JPMorgan U.S. Value Factor ETF (a)

      682        24,229  
     

 

 

  

Total U.S. Equity

         198,769  
     

 

 

  

TOTAL EXCHANGE-TRADED FUNDS

(Cost $846,062)

 

 

      962,751  
     

 

 

  
        Principal
Amount
($000)		         

CORPORATE BONDS — 1.4%

      

Aerospace & Defense — 0.2%

      

BAE Systems plc (United Kingdom)

      

3.40%, 4/15/2030 (b)

      400        432  

Boeing Co. (The)

      

2.70%, 2/1/2027

      594        614  

L3Harris Technologies, Inc.

      

1.80%, 1/15/2031

      40        39  

Leidos, Inc.

      

2.30%, 2/15/2031

      7        7  

Northrop Grumman Corp.

      

5.15%, 5/1/2040

      37        48  

3.85%, 4/15/2045

      106        121  

Raytheon Technologies Corp.

      

2.25%, 7/1/2030

      80        81  

3.75%, 11/1/2046

      52        58  

2.82%, 9/1/2051

      70        66  
     

 

 

  
        1,466  
     

 

 

  

Automobiles — 0.0% (c)

      

Daimler Finance North America LLC (Germany)

      

1.45%, 3/2/2026 (b)

      150        151  

Hyundai Capital America

      

3.00%, 2/10/2027 (b)

      200        210  

2.38%, 10/15/2027 (b)

      198        201  
     

 

 

  
        562  
     

 

 

  

Banks — 0.4%

      

ABN AMRO Bank NV (Netherlands)

      

(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.80%), 1.54%, 6/16/2027 (b) (d)

      200        199  

AIB Group plc (Ireland)

      

4.75%, 10/12/2023 (b)

      400        430  

Australia & New Zealand Banking Group Ltd. (Australia)

      

4.40%, 5/19/2026 (b)

      200        224  

Banco Santander SA (Spain)

      

2.75%, 12/3/2030

      200        199  

Bank of America Corp.

      

4.00%, 1/22/2025

      338        368  

(SOFR + 1.01%), 1.20%, 10/24/2026 (d)

      106        105  

(ICE LIBOR USD 3 Month + 1.51%), 3.71%, 4/24/2028 (d)

      278        306  

(SOFR + 1.93%), 2.68%, 6/19/2041 (d)

      224        216  

Bank of Montreal (Canada)

      

(USD Swap Semi 5 Year + 1.28%), 4.34%, 10/5/2028 (d)

      62        66  

Barclays plc (United Kingdom)

      

3.65%, 3/16/2025

      400        430  

BNP Paribas SA (France)

      

(SOFR + 1.61%), 1.90%, 9/30/2028 (b) (d)

      200        199  

Citigroup, Inc.

      

3.88%, 3/26/2025

      290        314  

(SOFR + 0.77%), 1.12%, 1/28/2027 (d)

      200        197  

JPMorgan SmartRetirement® Blend 2035 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

 

Investments

    Principal
Amount
($000)		      Value ($000)  

(ICE LIBOR USD 3 Month + 1.15%), 3.52%, 10/27/2028 (d)

      100        109  

(ICE LIBOR USD 3 Month + 1.17%), 3.88%, 1/24/2039 (d)

      88        101  

Credit Agricole SA (France)

      

4.38%, 3/17/2025 (b)

      400        436  

HSBC Holdings plc (United Kingdom)

      

(SOFR + 1.29%), 1.59%, 5/24/2027 (d)

      200        199  

(SOFR + 1.73%), 2.01%, 9/22/2028 (d)

      400        400  

Lloyds Banking Group plc (United Kingdom)

      

(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.85%), 1.63%, 5/11/2027 (d)

      200        200  

Mitsubishi UFJ Financial Group, Inc. (Japan)

      

3.74%, 3/7/2029

      184        205  

NatWest Group plc (United Kingdom)

      

(ICE LIBOR USD 3 Month + 1.87%), 4.44%, 5/8/2030 (d)

      200        229  

Societe Generale SA (France)

      

4.25%, 4/14/2025 (b)

      400        432  

Standard Chartered plc (United Kingdom)

      

(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.17%), 1.32%, 10/14/2023 (b) (d)

      250        252  

Wells Fargo & Co.

      

4.30%, 7/22/2027

      344        391  

(SOFR + 2.53%), 3.07%, 4/30/2041 (d)

      18        18  

Westpac Banking Corp. (Australia)

      

2.96%, 11/16/2040

      44        44  
     

 

 

  
        6,269  
     

 

 

  

Beverages — 0.0% (c)

      

Anheuser-Busch InBev Worldwide, Inc. (Belgium)

      

3.75%, 7/15/2042

      378        407  

Keurig Dr Pepper, Inc.

      

3.20%, 5/1/2030

      60        65  

3.80%, 5/1/2050

      58        65  
     

 

 

  
        537  
     

 

 

  

Biotechnology — 0.0% (c)

      

AbbVie, Inc.

      

3.20%, 11/21/2029

      198        213  

4.05%, 11/21/2039

      392        450  

Amgen, Inc.

      

3.15%, 2/21/2040

      96        97  

Biogen, Inc.

      

2.25%, 5/1/2030

      52        52  

3.15%, 5/1/2050

      40        38  

Gilead Sciences, Inc.

      

1.65%, 10/1/2030

      90        86  

2.60%, 10/1/2040

      52        50  

Regeneron Pharmaceuticals, Inc.

      

1.75%, 9/15/2030

      88        84  
     

 

 

  
        1,070  
     

 

 

  

Building Products — 0.0% (c)

      

Masco Corp.

      

2.00%, 10/1/2030

      88        85  
     

 

 

  

Capital Markets — 0.2%

      

Brookfield Finance, Inc. (Canada)

      

3.50%, 3/30/2051

      114        119  

Credit Suisse Group AG (Switzerland)

      

4.28%, 1/9/2028 (b)

      500        556  

Deutsche Bank AG (Germany)

      

(SOFR + 1.87%), 2.13%, 11/24/2026 (d)

      300        305  

Goldman Sachs Group, Inc. (The)

      

(SOFR + 0.57%), 0.67%, 3/8/2024 (d)

      145        145  

4.25%, 10/21/2025

      290        320  

(SOFR + 0.80%), 1.43%, 3/9/2027 (d)

      75        75  

(ICE LIBOR USD 3 Month + 1.51%), 3.69%, 6/5/2028 (d)

      105        116  

(SOFR + 1.25%), 2.38%, 7/21/2032 (d)

      80        79  

(ICE LIBOR USD 3 Month + 1.37%), 4.02%, 10/31/2038 (d)

      70        80  

Morgan Stanley

      

5.00%, 11/24/2025

      400        458  

(ICE LIBOR USD 3 Month + 1.43%), 4.46%, 4/22/2039 (d)

      88        106  

(SOFR + 1.49%), 3.22%, 4/22/2042 (d)

      40        42  

UBS Group AG (Switzerland)

      

(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.00%), 2.09%, 2/11/2032 (b) (d)

      200        195  
     

 

 

  
        2,596  
     

 

 

  

Chemicals — 0.0% (c)

      

DuPont de Nemours, Inc.

      

5.32%, 11/15/2038

      70        90  

International Flavors & Fragrances, Inc.

      

3.47%, 12/1/2050 (b)

      66        69  

LYB International Finance III LLC

      

1.25%, 10/1/2025

      30        30  
     

 

 

  
        189  
     

 

 

  

Construction & Engineering — 0.0% (c)

      

Quanta Services, Inc.

      

2.35%, 1/15/2032

      75        73  
     

 

 

  

Construction Materials — 0.0% (c)

      

Martin Marietta Materials, Inc.

      

Series CB, 2.50%, 3/15/2030

      92        94  
     

 

 

  

Consumer Finance — 0.0% (c)

      

AerCap Ireland Capital DAC (Ireland)

      

4.63%, 10/15/2027

      300        334  

JPMorgan SmartRetirement® Blend 2035 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

 

Investments

    Principal
Amount
($000)		      Value ($000)  

Avolon Holdings Funding Ltd. (Ireland)

      

5.50%, 1/15/2026 (b)

      259        290  

2.53%, 11/18/2027 (b)

      369        364  

Capital One Financial Corp.

      

3.80%, 1/31/2028

      102        113  

General Motors Financial Co., Inc.

      

2.70%, 6/10/2031

      90        90  
     

 

 

  
        1,191  
     

 

 

  

Containers & Packaging — 0.0% (c)

      

Graphic Packaging International LLC

      

1.51%, 4/15/2026 (b)

      49        49  
     

 

 

  

Diversified Financial Services — 0.0% (c)

      

GE Capital International Funding Co. Unlimited Co.

      

4.42%, 11/15/2035

      400        479  

Hutchison Whampoa International 14 Ltd. (United Kingdom)

      

3.63%, 10/31/2024 (b)

      250        271  

Shell International Finance BV (Netherlands)

      

2.38%, 11/7/2029

      100        104  

3.13%, 11/7/2049

      52        54  
     

 

 

  
        908  
     

 

 

  

Diversified Telecommunication Services — 0.0% (c)

      

AT&T, Inc.

      

2.30%, 6/1/2027

      128        132  

2.75%, 6/1/2031

      168        174  

3.50%, 6/1/2041

      128        131  

3.55%, 9/15/2055

      50        49  

Verizon Communications, Inc.

      

2.10%, 3/22/2028

      60        61  

3.15%, 3/22/2030

      124        133  

2.65%, 11/20/2040

      44        41  

3.85%, 11/1/2042

      162        178  
     

 

 

  
        899  
     

 

 

  

Electric Utilities — 0.2%

      

Duke Energy Corp.

      

3.40%, 6/15/2029

      100        108  

Duke Energy Progress LLC

      

2.90%, 8/15/2051

      40        39  

Duquesne Light Holdings, Inc.

      

2.78%, 1/7/2032 (b)

      20        20  

Edison International

      

5.75%, 6/15/2027

      76        88  

Emera US Finance LP (Canada)

      

4.75%, 6/15/2046

      52        61  

Enel Finance International NV (Italy)

      

3.63%, 5/25/2027 (b)

      400        443  

Entergy Louisiana LLC

      

4.00%, 3/15/2033

      40        46  

Evergy, Inc.

      

2.90%, 9/15/2029

      96        101  

FirstEnergy Transmission LLC

      

4.55%, 4/1/2049 (b)

      44        51  

Fortis, Inc. (Canada)

      

3.06%, 10/4/2026

      70        75  

Indiana Michigan Power Co.

      

3.25%, 5/1/2051

      55        57  

ITC Holdings Corp.

      

2.95%, 5/14/2030 (b)

      30        31  

Jersey Central Power & Light Co.

      

4.30%, 1/15/2026 (b)

      44        48  

Massachusetts Electric Co.

      

4.00%, 8/15/2046 (b)

      13        14  

New England Power Co. (United Kingdom)

      

2.81%, 10/6/2050 (b)

      62        58  

NRG Energy, Inc.

      

2.45%, 12/2/2027 (b)

      118        120  

OGE Energy Corp.

      

0.70%, 5/26/2023

      30        30  

Oklahoma Gas and Electric Co.

      

0.55%, 5/26/2023

      35        35  

Pacific Gas and Electric Co.

      

1.37%, 3/10/2023

      115        115  

3.75%, 8/15/2042 (e)

      62        56  

Southern California Edison Co.

      

Series 20C, 1.20%, 2/1/2026

      40        39  

Series C, 4.13%, 3/1/2048

      30        33  
     

 

 

  
        1,668  
     

 

 

  

Electrical Equipment — 0.0% (c)

      

Eaton Corp.

      

4.15%, 11/2/2042

      70        82  
     

 

 

  

Energy Equipment & Services — 0.0% (c)

      

Baker Hughes a GE Co. LLC

      

3.34%, 12/15/2027

      66        72  

Schlumberger Holdings Corp.

      

4.00%, 12/21/2025 (b)

      66        73  
     

 

 

  
        145  
     

 

 

  

Entertainment — 0.0% (c)

      

Walt Disney Co. (The)

      

2.65%, 1/13/2031

      90        94  

3.50%, 5/13/2040

      84        93  
     

 

 

  
        187  
     

 

 

  

Equity Real Estate Investment Trusts (REITs) — 0.2%

      

Alexandria Real Estate Equities, Inc.

      

3.38%, 8/15/2031

      102        111  

American Tower Corp.

      

1.88%, 10/15/2030

      256        247  

3.10%, 6/15/2050

      27        26  

2.95%, 1/15/2051

      17        16  

Brixmor Operating Partnership LP

      

2.25%, 4/1/2028

      40        40  

2.50%, 8/16/2031

      20        20  

Corporate Office Properties LP

      

2.75%, 4/15/2031

      54        55  

Crown Castle International Corp.

      

3.10%, 11/15/2029

      96        101  

CubeSmart LP

      

2.00%, 2/15/2031

      102        99  

Digital Realty Trust LP

      

3.70%, 8/15/2027

      90        100  

Equinix, Inc.

      

2.90%, 11/18/2026

      70        74  

2.00%, 5/15/2028

      89        89  

Federal Realty Investment Trust

      

1.25%, 2/15/2026

      70        69  

JPMorgan SmartRetirement® Blend 2035 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

 

Investments

    Principal
Amount
($000)		      Value ($000)  

Healthcare Trust of America Holdings LP

      

2.00%, 3/15/2031

      88        84  

Healthpeak Properties, Inc.

      

2.88%, 1/15/2031

      96        100  

Life Storage LP

      

2.40%, 10/15/2031

      60        59  

Mid-America Apartments LP

      

3.60%, 6/1/2027

      105        116  

Office Properties Income Trust

      

2.65%, 6/15/2026

      60        61  

2.40%, 2/1/2027

      75        74  

Sabra Health Care LP

      

3.20%, 12/1/2031

      45        44  

Scentre Group Trust 1 (Australia)

      

3.63%, 1/28/2026 (b)

      158        171  

UDR, Inc.

      

2.10%, 8/1/2032

      88        84  

WP Carey, Inc.

      

4.25%, 10/1/2026

      26        29  

2.40%, 2/1/2031

      36        36  
     

 

 

  
        1,905  
     

 

 

  

Food & Staples Retailing — 0.0% (c)

      

7-Eleven, Inc.

      

0.63%, 2/10/2023 (b)

      120        120  

Alimentation Couche-Tard, Inc. (Canada)

      

2.95%, 1/25/2030 (b)

      96        100  

3.44%, 5/13/2041 (b)

      60        62  

3.63%, 5/13/2051 (b)

      65        67  

Kroger Co. (The)

      

3.95%, 1/15/2050

      58        66  

Sysco Corp.

      

2.40%, 2/15/2030

      132        134  
     

 

 

  
        549  
     

 

 

  

Food Products — 0.0% (c)

      

Bunge Ltd. Finance Corp.

      

2.75%, 5/14/2031

      75        76  

Conagra Brands, Inc.

      

1.38%, 11/1/2027

      90        88  

Mondelez International, Inc.

      

1.88%, 10/15/2032

      60        58  

Smithfield Foods, Inc.

      

3.00%, 10/15/2030 (b)

      118        118  
     

 

 

  
        340  
     

 

 

  

Gas Utilities — 0.0% (c)

      

Atmos Energy Corp.

      

0.63%, 3/9/2023

      20        20  

2.85%, 2/15/2052

      45        43  

CenterPoint Energy Resources Corp.

      

1.75%, 10/1/2030

      40        38  
     

 

 

  
        101  
     

 

 

  

Health Care Equipment & Supplies — 0.0% (c)

      

Becton Dickinson and Co.

      

3.79%, 5/20/2050

      52        58  

Boston Scientific Corp.

      

4.00%, 3/1/2029

      40        45  

4.55%, 3/1/2039

      36        44  

DH Europe Finance II SARL

      

3.25%, 11/15/2039

      30        32  

Zimmer Biomet Holdings, Inc.

      

3.55%, 3/20/2030

      102        112  
     

 

 

  
        291  
     

 

 

  

Health Care Providers & Services — 0.0% (c)

      

Anthem, Inc.

      

2.25%, 5/15/2030

      100        100  

Banner Health

      

1.90%, 1/1/2031

      100        99  

Children’s Hospital of Philadelphia (The)

      

Series 2020, 2.70%, 7/1/2050

      70        68  

CommonSpirit Health

      

2.78%, 10/1/2030

      74        76  

CVS Health Corp.

      

2.70%, 8/21/2040

      92        88  

HCA, Inc.

      

5.25%, 6/15/2026

      224        257  

3.50%, 7/15/2051

      50        50  

Piedmont Healthcare, Inc.

      

2.86%, 1/1/2052

      45        44  

Quest Diagnostics, Inc.

      

2.80%, 6/30/2031

      70        73  

Universal Health Services, Inc.

      

2.65%, 1/15/2032 (b)

      45        45  
     

 

 

  
        900  
     

 

 

  

Hotels, Restaurants & Leisure — 0.0% (c)

      

Starbucks Corp.

      

3.35%, 3/12/2050

      52        54  
     

 

 

  

Household Durables — 0.0% (c)

      

Lennar Corp.

      

5.00%, 6/15/2027

      155        179  

MDC Holdings, Inc.

      

3.97%, 8/6/2061

      55        53  
     

 

 

  
        232  
     

 

 

  

Household Products — 0.0% (c)

      

Kimberly-Clark Corp.

      

3.70%, 6/1/2043

      35        39  
     

 

 

  

Independent Power and Renewable Electricity Producers — 0.0% (c)

      

Alexander Funding Trust

      

1.84%, 11/15/2023 (b)

      198        202  

Exelon Generation Co. LLC

      

3.25%, 6/1/2025

      194        207  

5.75%, 10/1/2041

      40        49  

Southern Power Co.

      

5.15%, 9/15/2041

      74        90  
     

 

 

  
        548  
     

 

 

  

Industrial Conglomerates — 0.0% (c)

      

General Electric Co.

      

3.45%, 5/1/2027

      96        105  

Roper Technologies, Inc.

      

1.75%, 2/15/2031

      90        86  
     

 

 

  
        191  
     

 

 

  

Insurance — 0.0% (c)

      

American International Group, Inc.

      

3.40%, 6/30/2030

      66        72  

4.38%, 6/30/2050

      74        90  

JPMorgan SmartRetirement® Blend 2035 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

 

Investments

    Principal
Amount
($000)		      Value ($000)  

Athene Global Funding

      

2.75%, 6/25/2024 (b)

      92        97  

Brown & Brown, Inc.

      

2.38%, 3/15/2031

      92        92  

F&G Global Funding

      

1.75%, 6/30/2026 (b)

      40        40  

New York Life Insurance Co.

      

3.75%, 5/15/2050 (b)

      106        119  

Northwestern Mutual Global Funding

      

1.70%, 6/1/2028 (b)

      40        40  

Teachers Insurance & Annuity Association of America

      

3.30%, 5/15/2050 (b)

      96        101  
     

 

 

  
        651  
     

 

 

  

Internet & Direct Marketing Retail — 0.0% (c)

      

eBay, Inc.

      

2.60%, 5/10/2031

      160        163  
     

 

 

  

IT Services — 0.0% (c)

      

CGI, Inc. (Canada)

      

1.45%, 9/14/2026 (b)

      42        42  

2.30%, 9/14/2031 (b)

      75        72  

Global Payments, Inc.

      

3.20%, 8/15/2029

      30        32  
     

 

 

  
        146  
     

 

 

  

Life Sciences Tools & Services — 0.0% (c)

      

Thermo Fisher Scientific, Inc.

      

2.00%, 10/15/2031

      70        68  
     

 

 

  

Machinery — 0.0% (c)

      

Otis Worldwide Corp.

      

3.11%, 2/15/2040

      66        68  
     

 

 

  

Media — 0.0% (c)

      

Charter Communications Operating LLC

      

2.25%, 1/15/2029 (f)

      35        35  

2.80%, 4/1/2031

      162        162  

3.50%, 3/1/2042 (f)

      35        34  

3.70%, 4/1/2051

      96        93  

Comcast Corp.

      

1.50%, 2/15/2031

      200        190  

3.25%, 11/1/2039

      84        89  

Cox Communications, Inc.

      

1.80%, 10/1/2030 (b)

      60        58  

2.95%, 10/1/2050 (b)

      44        41  

Discovery Communications LLC

      

3.63%, 5/15/2030

      88        95  

ViacomCBS, Inc.

      

4.00%, 1/15/2026

      60        66  

4.38%, 3/15/2043

      52        59  

5.85%, 9/1/2043

      50        69  
     

 

 

  
        991  
     

 

 

  

Metals & Mining — 0.0% (c)

      

Anglo American Capital plc (South Africa)

      

3.63%, 9/11/2024 (b)

      400        429  

Glencore Funding LLC (Australia)

      

2.50%, 9/1/2030 (b)

      96        94  

Steel Dynamics, Inc.

      

1.65%, 10/15/2027

      60        59  

Teck Resources Ltd. (Canada)

      

6.25%, 7/15/2041

      40        53  

Vale Overseas Ltd. (Brazil)

      

3.75%, 7/8/2030

      96        99  
     

 

 

  
        734  
     

 

 

  

Multiline Retail — 0.0% (c)

      

Kohl’s Corp.

      

3.38%, 5/1/2031

      74        76  

Nordstrom, Inc.

      

4.25%, 8/1/2031

      80        81  
     

 

 

  
        157  
     

 

 

  

Multi—Utilities — 0.0% (c)

      

Berkshire Hathaway Energy Co.

      

2.85%, 5/15/2051

      44        42  

CenterPoint Energy, Inc.

      

1.45%, 6/1/2026

      44        44  

Consumers Energy Co.

      

3.25%, 8/15/2046

      30        31  

Puget Energy, Inc.

      

2.38%, 6/15/2028 (b)

      54        54  

San Diego Gas & Electric Co.

      

2.95%, 8/15/2051

      70        70  

WEC Energy Group, Inc.

      

1.38%, 10/15/2027

      44        43  
     

 

 

  
        284  
     

 

 

  

Oil, Gas & Consumable Fuels — 0.2%

      

BP Capital Markets America, Inc.

      

3.63%, 4/6/2030

      158        176  

2.77%, 11/10/2050

      44        41  

Cheniere Corpus Christi Holdings LLC

      

5.88%, 3/31/2025

      75        85  

Chevron Corp.

      

2.98%, 5/11/2040

      96        99  

Diamondback Energy, Inc.

      

3.25%, 12/1/2026

      96        103  

Enable Midstream Partners LP

      

3.90%, 5/15/2024 (e)

      190        201  

4.40%, 3/15/2027

      90        100  

5.00%, 5/15/2044 (e)

      105        115  

Energy Transfer LP

      

3.90%, 7/15/2026

      146        159  

Exxon Mobil Corp.

      

3.00%, 8/16/2039

      146        151  

Flex Intermediate Holdco LLC

      

3.36%, 6/30/2031 (b)

      40        41  

4.32%, 12/30/2039 (b)

      30        31  

Gray Oak Pipeline LLC

      

2.60%, 10/15/2025 (b)

      198        203  

HollyFrontier Corp.

      

2.63%, 10/1/2023

      22        23  

5.88%, 4/1/2026

      90        103  

MPLX LP

      

2.65%, 8/15/2030

      88        88  

4.50%, 4/15/2038

      52        58  

NGPL PipeCo LLC

      

3.25%, 7/15/2031 (b)

      40        41  

ONEOK, Inc.

      

2.20%, 9/15/2025

      88        90  

JPMorgan SmartRetirement® Blend 2035 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

 

Investments

    Principal
Amount
($000)		      Value ($000)  

Phillips 66 Partners LP

      

3.55%, 10/1/2026

      44        47  

Pioneer Natural Resources Co.

      

1.90%, 8/15/2030

      58        55  

Plains All American Pipeline LP

      

4.65%, 10/15/2025

      150        166  

Sabine Pass Liquefaction LLC

      

5.63%, 3/1/2025

      102        116  

Tennessee Gas Pipeline Co. LLC

      

2.90%, 3/1/2030 (b)

      88        91  

TotalEnergies Capital International SA (France)

      

2.99%, 6/29/2041

      96        98  

TransCanada PipeLines Ltd. (Canada)

      

4.10%, 4/15/2030

      102        116  
     

 

 

  
        2,597  
     

 

 

  

Pharmaceuticals — 0.0% (c)

      

Bristol-Myers Squibb Co.

      

2.35%, 11/13/2040

      260        247  

Royalty Pharma plc

      

1.75%, 9/2/2027

      20        20  

3.30%, 9/2/2040

      40        39  

3.55%, 9/2/2050

      26        26  

Takeda Pharmaceutical Co. Ltd. (Japan)

      

3.03%, 7/9/2040

      400        407  

Utah Acquisition Sub, Inc.

      

3.95%, 6/15/2026

      60        66  

Viatris, Inc.

      

3.85%, 6/22/2040 (b)

      96        103  
     

 

 

  
        908  
     

 

 

  

Professional Services — 0.0% (c)

      

IHS Markit Ltd.

      

4.25%, 5/1/2029

      70        80  
     

 

 

  

Road & Rail — 0.0% (c)

      

Kansas City Southern

      

4.70%, 5/1/2048

      37        46  

Penske Truck Leasing Co. LP

      

1.20%, 11/15/2025 (b)

      106        105  

Triton Container International Ltd. (Bermuda)

      

2.05%, 4/15/2026 (b)

      150        150  

Union Pacific Corp.

      

3.55%, 8/15/2039

      70        78  
     

 

 

  
        379  
     

 

 

  

Semiconductors & Semiconductor Equipment — 0.0% (c)

      

Analog Devices, Inc.

      

2.80%, 10/1/2041

      46        46  

Broadcom, Inc.

      

4.15%, 11/15/2030

      338        374  

3.19%, 11/15/2036 (b)

      18        18  

KLA Corp.

      

3.30%, 3/1/2050

      20        21  

Microchip Technology, Inc.

      

0.98%, 9/1/2024 (b)

      75        75  

NXP BV (China)

      

2.50%, 5/11/2031 (b)

      70        71  

3.25%, 5/11/2041 (b)

      75        77  

Xilinx, Inc.

      

2.38%, 6/1/2030

      45        46  
     

 

 

  
        728  
     

 

 

  

Software — 0.0% (c)

      

Citrix Systems, Inc.

      

1.25%, 3/1/2026

      15        15  

Oracle Corp.

      

2.30%, 3/25/2028

      25        26  

2.95%, 4/1/2030

      124        130  

3.80%, 11/15/2037

      124        133  

VMware, Inc.

      

1.40%, 8/15/2026

      83        83  

4.70%, 5/15/2030

      84        99  
     

 

 

  
        486  
     

 

 

  

Specialty Retail — 0.0% (c)

      

Lowe’s Cos., Inc.

      

1.70%, 9/15/2028

      66        65  

1.70%, 10/15/2030

      40        38  

3.70%, 4/15/2046

      102        112  

O’Reilly Automotive, Inc.

      

3.90%, 6/1/2029

      106        119  

Tractor Supply Co.

      

1.75%, 11/1/2030

      100        96  
     

 

 

  
        430  
     

 

 

  

Technology Hardware, Storage & Peripherals — 0.0% (c)

      

Apple, Inc.

      

3.45%, 2/9/2045

      128        142  

2.70%, 8/5/2051

      50        48  

Dell International LLC

      

6.20%, 7/15/2030

      246        315  
     

 

 

  
        505  
     

 

 

  

Thrifts & Mortgage Finance — 0.0% (c)

      

BPCE SA (France)

      

(SOFR + 1.52%), 1.65%, 10/6/2026 (b) (d)

      250        250  
     

 

 

  

Tobacco — 0.0% (c)

      

Altria Group, Inc.

      

2.45%, 2/4/2032

      70        67  

BAT Capital Corp. (United Kingdom)

      

2.26%, 3/25/2028

      92        91  

4.39%, 8/15/2037

      20        21  

3.73%, 9/25/2040

      96        93  
     

 

 

  
        272  
     

 

 

  

Trading Companies & Distributors — 0.0% (c)

      

Air Lease Corp.

      

2.88%, 1/15/2026

      50        52  

1.88%, 8/17/2026

      210        210  
     

 

 

  
        262  
     

 

 

  

Wireless Telecommunication Services — 0.0% (c)

      

T-Mobile USA, Inc.

      

2.55%, 2/15/2031

      212        213  

3.00%, 2/15/2041

      128        124  
     

 

 

  
        337  
     

 

 

  
TOTAL CORPORATE BONDS
(Cost $34,201)

 

      33,716  
     

 

 

  

JPMorgan SmartRetirement® Blend 2035 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

 

Investments

    Principal
Amount
($000)		      Value ($000)  
               

U.S. TREASURY OBLIGATIONS — 1.4%

 

U.S. Treasury Bonds

      

1.13%, 5/15/2040

      550        475  

1.13%, 8/15/2040

      737        634  

1.38%, 11/15/2040

      1,482        1,331  

1.88%, 2/15/2041

      775        758  

2.25%, 5/15/2041

      61        63  

2.25%, 8/15/2046

      195        201  

1.25%, 5/15/2050

      30        25  

1.38%, 8/15/2050

      2,020        1,705  

1.63%, 11/15/2050

      2,174        1,954  

1.88%, 2/15/2051

      165        157  

U.S. Treasury Notes

      

1.38%, 1/31/2022 (g)

      6,690        6,720  

0.13%, 1/15/2024

      4,386        4,363  

0.13%, 2/15/2024

      2,795        2,779  

0.50%, 2/28/2026

      4,267        4,195  

0.63%, 12/31/2027

      2,137        2,062  

1.13%, 2/29/2028

      1,225        1,217  

1.25%, 3/31/2028

      415        415  

1.00%, 7/31/2028

      305        299  

0.88%, 11/15/2030

      716        679  

1.13%, 2/15/2031

      1,375        1,332  

1.63%, 5/15/2031

      110        111  

U.S. Treasury STRIPS Bonds

      

1.01%, 8/15/2026 (h)

      515        489  

1.13%, 5/15/2027 (h)

      525        490  
     

 

 

  
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $32,788)

 

      32,454  
     

 

 

  

ASSET-BACKED SECURITIES — 0.8%

      

ACC Auto Trust

      

Series 2021-A, Class A, 1.08%, 4/15/2027 (b)

      158        158  

Series 2021-A, Class B, 1.79%, 4/15/2027 (b)

      185        186  

ACC Trust

      

Series 2021-1, Class B, 1.43%, 7/22/2024 (b)

      145        145  

Accelerated LLC

      

Series 2021-1H, Class B, 1.90%, 10/20/2040 (b)

      125        125  

Affirm Asset Securitization Trust

      

Series 2021-A, Class A, 0.88%, 8/15/2025 (b)

      220        220  

Ajax Mortgage Loan Trust

      

Series 2021-B, Class A, 2.24%, 6/25/2066 ‡ (b) (e)

      208        207  

Aligned Data Centers Issuer LLC

      

Series 2021-1A, Class A2, 1.94%, 8/15/2046 (b)

      170        171  

American Airlines Pass-Through Trust

      

Series 2016-2, Class AA, 3.20%, 6/15/2028

      136        137  

Series 2016-3, Class AA, 3.00%, 10/15/2028

      180        180  

Series 2019-1, Class AA, 3.15%, 2/15/2032

      138        139  

Business Jet Securities LLC

      

Series 2021-1A, Class A, 2.16%, 4/15/2036 (b)

      167        168  

Series 2021-1A, Class B, 2.92%, 4/15/2036 ‡ (b)

      225        226  

CarNow Auto Receivables Trust

      

Series 2021-1A, Class A, 0.97%, 10/15/2024 (b)

      211        211  

CF Hippolyta LLC

      

Series 2021-1A, Class A1, 1.53%, 3/15/2061 (b)

      243        244  

CPS Auto Receivables Trust

      

Series 2021-A, Class A, 0.35%, 1/16/2024 (b)

      60        60  

Series 2021-A, Class B, 0.61%, 2/18/2025 (b)

      135        135  

Series 2021-A, Class C, 0.83%, 9/15/2026 (b)

      450        450  

Series 2021-B, Class C, 1.23%, 3/15/2027 (b)

      140        140  

Credit Acceptance Auto Loan Trust

      

Series 2021-2A, Class A, 0.96%, 2/15/2030 (b)

      380        381  

Series 2021-3A, Class A, 1.00%, 5/15/2030 (b)

      250        250  

Credito Real USA Auto Receivables Trust

      

Series 2021-1A, Class A, 1.35%, 2/16/2027 (b)

      229        229  

Crossroads Asset Trust

      

Series 2021-A, Class A1, 0.37%, 12/20/2021 (b)

      5        5  

Series 2021-A, Class A2, 0.82%, 3/20/2024 (b)

      155        155  

Series 2021-A, Class B, 1.12%, 6/20/2025 ‡ (b)

      155        155  

DataBank Issuer

      

Series 2021-1A, Class A2, 2.06%, 2/27/2051 (b)

      265        264  

Diamond Resorts Owner Trust

      

Series 2021-1A, Class A, 1.51%, 11/21/2033 (b)

      131        131  

Drive Auto Receivables Trust

      

Series 2017-1, Class D, 3.84%, 3/15/2023

      3        3  

DT Auto Owner Trust

      

Series 2021-2A, Class C, 1.10%, 2/16/2027 (b)

      295        296  

Exeter Automobile Receivables Trust

      

Series 2021-1A, Class A3, 0.34%, 3/15/2024

      90        90  

JPMorgan SmartRetirement® Blend 2035 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

 

Investments

    Principal
Amount
($000)		      Value ($000)  

Series 2021-1A, Class B, 0.50%, 2/18/2025

      225        225  

Series 2021-1A, Class C, 0.74%, 1/15/2026

      350        351  

Series 2021-2A, Class C, 0.98%, 6/15/2026

      165        165  

FHF Trust

      

Series 2021-1A, Class A, 1.27%, 3/15/2027 (b)

      391        391  

Finance of America HECM Buyout

      

Series 2021-HB1, Class A, 0.88%, 2/25/2031 ‡ (b) (i)

      147        147  

Flagship Credit Auto Trust

      

Series 2021-2, Class A, 0.37%, 12/15/2026 (b)

      355        354  

Series 2021-1, Class B, 0.68%, 2/16/2027 (b)

      100        100  

FREED ABS Trust

      

Series 2021-1CP, Class A, 0.66%, 3/20/2028 (b)

      47        48  

Series 2021-2, Class A, 0.68%, 6/19/2028 (b)

      83        83  

Series 2021-2, Class B, 1.03%, 6/19/2028 ‡ (b)

      175        176  

GLS Auto Receivables Trust

      

Series 2021-2A, Class B, 0.77%, 9/15/2025 (b)

      205        205  

Hilton Grand Vacations Trust

      

Series 2017-AA, Class A, 2.66%, 12/26/2028 (b)

      22        23  

Lakeview CDO LLC

      

1.83%, 11/10/2032 ‡ (i)

      37        37  

2.33%, 11/10/2032 ‡ (i)

      100        100  

Lendingpoint Asset Securitization Trust

      

Series 2021-A, Class A, 1.00%, 12/15/2028 (b)

      374        374  

Series 2021-A, Class B, 1.46%, 12/15/2028 ‡ (b)

      100        100  

Series 2021-B, Class A, 1.11%, 2/15/2029 (b)

      330        330  

Series 2021-B, Class B, 1.68%, 2/15/2029 (b)

      120        120  

LL ABS Trust

      

Series 2021-1A, Class A, 1.07%, 5/15/2029 (b)

      130        130  

Mariner Finance Issuance Trust

      

Series 2021-AA, Class A, 1.86%, 3/20/2036 (b)

      195        197  

Marlette Funding Trust

      

Series 2021-1A, Class A, 0.60%, 6/16/2031 (b)

      75        75  

Series 2021-1A, Class B, 1.00%, 6/16/2031 ‡ (b)

      170        171  

Mercury Financial Credit Card Master Trust

      

Series 2021-1A, Class A, 1.54%, 3/20/2026 (b)

      235        236  

Series 2021-1A, Class B, 2.33%, 3/20/2026 (b)

      245        243  

Mission Lane Credit Card Master Trust

      

Series 2021-A, Class A, 1.59%, 9/15/2026 (b)

      195        195  

NMEF Funding LLC

      

Series 2021-A, Class B, 1.85%, 12/15/2027 ‡ (b)

      299        298  

NRZ Excess Spread-Collateralized Notes

      

Series 2021-FNT1, Class A, 2.98%, 3/25/2026 (b)

      295        296  

Series 2021-FNT2, Class A, 3.23%, 5/25/2026 (b)

      335        336  

Octane Receivables Trust

      

Series 2021-1A, Class A, 0.93%, 3/22/2027 (b)

      161        161  

Oportun Funding XIV LLC

      

Series 2021-A, Class A, 1.21%, 3/8/2028 (b)

      118        118  

Series 2021-A, Class B, 1.76%, 3/8/2028 ‡ (b)

      370        371  

Oportun Issuance Trust

      

Series 2021-B, Class A, 1.47%, 5/8/2031 (b)

      425        425  

Pagaya AI Debt Selection Trust

      

Series 2021-1, Class A, 1.18%, 11/15/2027 (b)

      594        596  

Series 2021-HG1, Class A, 1.22%, 1/16/2029 (b)

      362        362  

Series 2021-3, Class A, 1.15%, 5/15/2029 (b)

      348        348  

Pretium Mortgage Credit Partners I LLC

      

Series 2021-NPL1, Class A1, 2.24%, 9/27/2060 (b) (e)

      356        357  

Progress Residential Trust

      

Series 2021-SFR2, Class D, 2.20%, 4/19/2038 ‡ (b)

      453        452  

Regional Management Issuance Trust

      

Series 2021-1, Class A, 1.68%, 3/17/2031 (b)

      185        185  

Sierra Timeshare Receivables Funding LLC

      

Series 2021-1A, Class B, 1.34%, 11/20/2037 ‡ (b)

      187        187  

Theorem Funding Trust

      

Series 2021-1A, Class A, 1.21%, 12/15/2027 (b)

      349        349  

Tricolor Auto Securitization Trust

      

Series 2021-1A, Class B, 1.00%, 6/17/2024 (b)

      180        180  

Series 2021-1A, Class C, 1.33%, 9/16/2024 (b)

      180        180  

United Airlines Pass-Through Trust

      

Series 2019-2, Class B, 3.50%, 5/1/2028

      85        84  

Series 2016-2, Class A, 3.10%, 10/7/2028

      39        39  

Series 2018-1, Class A, 3.70%, 3/1/2030

      107        109  

JPMorgan SmartRetirement® Blend 2035 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

 

Investments

    Principal
Amount
($000)		      Value ($000)  

United Auto Credit Securitization Trust

      

Series 2021-1, Class C, 0.84%, 6/10/2026 (b)

      180        180  

Upstart Securitization Trust

      

Series 2021-1, Class A, 0.87%, 3/20/2031 (b)

      149        149  

US Auto Funding

      

Series 2021-1A, Class B, 1.49%, 3/17/2025 (b)

      105        105  

VCAT LLC

      

Series 2021-NPL2, Class A1, 2.12%, 3/27/2051 (b) (e)

      119        120  

Veros Auto Receivables Trust

      

Series 2021-1, Class A, 0.92%, 10/15/2026 (b)

      166        166  

VOLT XCII LLC

      

Series 2021-NPL1, Class A1, 1.89%, 2/27/2051 (b) (e)

      125        125  

VOLT XCIII LLC

      

Series 2021-NPL2, Class A1, 1.89%, 2/27/2051 (b) (e)

      413        414  

VOLT XCIV LLC

      

Series 2021-NPL3, Class A1, 2.24%, 2/27/2051 (b) (e)

      354        354  

VOLT XCIX LLC

      

Series 2021-NPL8, Class A1, 2.12%, 4/25/2051 (b) (e)

      276        277  

VOLT XCV LLC

      

Series 2021-NPL4, Class A1, 2.24%, 3/27/2051 (b) (e)

      255        255  

VOLT XCVI LLC

      

Series 2021-NPL5, Class A1, 2.12%, 3/27/2051 (b) (e)

      270        271  

VOLT XCVII LLC

      

Series 2021-NPL6, Class A1, 2.24%, 4/25/2051 (b) (e)

      341        341  

Westlake Automobile Receivables Trust

      

Series 2021-1A, Class C, 0.95%, 3/16/2026 (b)

      315        316  
     

 

 

  
TOTAL ASSET-BACKED SECURITIES
(Cost $18,319)

 

      18,343  
     

 

 

  

MORTGAGE-BACKED SECURITIES — 0.7%

      

FHLMC UMBS, 30 Year

      

Pool # ZL3032, 3.50%, 5/1/2042

      111        120  

Pool # QA6772, 3.50%, 1/1/2050

      832        900  

Pool # RA4224, 3.00%, 11/1/2050

      231        245  

Pool # QB8503, 2.50%, 2/1/2051

      262        270  

FNMA UMBS, 30 Year

      

Pool # BO1362, 4.00%, 6/1/2049

      132        143  

Pool # FM3118, 3.00%, 5/1/2050

      199        213  

Pool # BR4318, 3.00%, 1/1/2051

      401        422  

Pool # BQ8009, 4.00%, 2/1/2051

      630        701  

Pool # BQ8010, 4.00%, 2/1/2051

      661        723  

FNMA, Other

      

Pool # AM4660, 3.77%, 12/1/2025

      119        132  

Pool # BL2588, 2.97%, 8/1/2026

      290        312  

Pool # AM3010, 5.07%, 3/1/2028

      111        131  

Pool # AM5319, 4.34%, 1/1/2029

      97        111  

Pool # BL3774, 2.77%, 8/1/2031

      100        108  

Pool # BL3648, 2.85%, 8/1/2031

      100        109  

Pool # BL3700, 2.92%, 8/1/2031

      100        109  

Pool # BF0230, 5.50%, 1/1/2058

      326        389  

Pool # BF0497, 3.00%, 7/1/2060

      181        193  

FNMA/FHLMC UMBS, Single Family, 15 Year

      

TBA, 2.00%, 10/25/2036 (f)

      420        433  

FNMA/FHLMC UMBS, Single Family, 30 Year

      

TBA, 2.50%, 10/25/2051 (f)

      1,020        1,052  

TBA, 2.50%, 12/25/2051 (f)

      2,105        2,161  

GNMA II, 30 Year

      

Pool # 783525, 4.50%, 12/20/2031

      33        36  

Pool # 784602, 4.00%, 5/20/2038

      117        125  

Pool # BS8546, 2.50%, 12/20/2050

      366        383  

Pool # 785294, 3.50%, 1/20/2051

      392        431  

Pool # CA8452, 3.00%, 2/20/2051

      469        503  

Pool # CA9005, 3.00%, 2/20/2051

      405        437  

Pool # CB1543, 3.00%, 2/20/2051

      322        342  

Pool # CA3588, 3.50%, 2/20/2051

      307        331  

Pool # CB1536, 3.50%, 2/20/2051

      787        857  

Pool # CB1542, 3.00%, 3/20/2051

      404        430  

Pool # CB4433, 3.00%, 3/20/2051

      670        701  

JPMorgan SmartRetirement® Blend 2035 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

 

Investments

    Principal
Amount
($000)		      Value ($000)  

Pool # CC0070, 3.00%, 3/20/2051

      59        62  

Pool # CC8726, 3.00%, 3/20/2051

      74        81  

Pool # CC8738, 3.00%, 3/20/2051

      89        96  

Pool # CC8723, 3.50%, 3/20/2051

      793        861  

Pool # CC0088, 4.00%, 3/20/2051

      72        78  

Pool # CC0092, 4.00%, 3/20/2051

      86        93  

Pool # CC8727, 3.00%, 4/20/2051

      134        142  

Pool # CC8739, 3.00%, 4/20/2051

      312        335  

Pool # CC8740, 3.00%, 4/20/2051

      283        302  

Pool # CC8751, 3.00%, 4/20/2051

      64        69  

Pool # CE9911, 3.00%, 7/20/2051

      164        175  

Pool # CE9913, 3.00%, 7/20/2051

      90        96  

Pool # CE9914, 3.00%, 7/20/2051

      90        95  

Pool # CE9915, 3.00%, 7/20/2051

      179        190  

Pool # CA3563, 3.50%, 7/20/2051

      334        365  

Pool # CE2586, 3.50%, 7/20/2051

      364        396  
     

 

 

  

TOTAL MORTGAGE-BACKED SECURITIES

(Cost $17,067)

 

 

      16,989  
     

 

 

  

COLLATERALIZED MORTGAGE OBLIGATIONS — 0.3%

      

Bayview Finance LLC

      

0.00%, 7/12/2033 ‡

      247        247  

Bayview Financing Trust

      

Series 2021-2F, Class M1, 1.60%, 12/31/2049 ‡ (b) (i)

      17        17  

Bayview Opportunity Master Fund Trust

      

Series 2014-1SBC, 1.60%, 1/10/2031 ‡ (i)

      43        43  

Cascade MH Asset Trust

      

Series 2021-MH1, Class A1, 1.75%, 2/25/2046 (b)

      250        249  

CFMT LLC

      

Series 2021-HB5, Class A, 0.80%, 2/25/2031 (b) (i)

      243        243  

CSMC Trust

      

Series 2021-RPL1, Class A1, 1.67%, 9/27/2060 (b) (i)

      242        243  

FNMA Trust, Whole Loan

      

Series 2002-W8, Class A1, 6.50%, 6/25/2042

      97        110  

FNMA, Grantor Trust, Whole Loan

      

Series 2001-T12, Class A1, 6.50%, 8/25/2041

      208        235  

Series 2002-T4, Class A1, 6.50%, 12/25/2041

      23        27  

FNMA, REMIC

      

Series 2017-35, Class VA, 4.00%, 7/25/2028

      157        168  

Series 2018-72, Class VB, 3.50%, 10/25/2031

      351        377  

Series 2011-41, Class KA, 4.00%, 1/25/2041

      20        20  

Series 2019-7, Class CA, 3.50%, 11/25/2057

      490        521  

FNMA, REMIC Trust, Whole Loan

      

Series 2002-W3, Class A4, 6.50%, 11/25/2041

      196        224  

GNMA

      

Series 2015-H16, Class FG, 0.53%, 7/20/2065 (i)

      85        86  

Series 2021-H14, Class YD, 8.72%, 6/20/2071 (i)

      195        262  

Legacy Mortgage Asset Trust

      

Series 2021-GS1, Class A1, 1.89%, 10/25/2066 (b) (e)

      107        107  

LHOME Mortgage Trust

      

Series 2021-RTL1, Class A1, 2.09%, 9/25/2026 (b) (i)

      340        339  

PRPM LLC

      

Series 2021-2, Class A1, 2.12%, 3/25/2026 (b) (i)

      435        436  

Seasoned Credit Risk Transfer Trust

      

Series 2018-1, Class M60C, 3.50%, 5/25/2057

      265        281  

Series 2018-2, Class M55D, 4.00%, 11/25/2057

      428        463  

Series 2018-4, Class M55D, 4.00%, 3/25/2058

      70        75  

Series 2019-2, Class M55D, 4.00%, 8/25/2058

      370        402  

Series 2019-3, Class M55D, 4.00%, 10/25/2058

      368        401  

Towd Point Mortgage Trust

      

Series 2021-R1, Class A1, 2.92%, 11/30/2060 (b) (i)

      414        422  

ZH Trust

      

Series 2021-1, Class A, 2.25%, 2/18/2027 (b)

      100        100  

Series 2021-2, Class A, 2.35%, 10/17/2027 (b)

      225        225  
     

 

 

  

TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS

(Cost $6,280)

 

 

      6,323  
     

 

 

  

JPMorgan SmartRetirement® Blend 2035 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

 

Investments

    Principal
Amount
($000)		      Value ($000)  
               

COMMERCIAL MORTGAGE-BACKED SECURITIES — 0.1%

 

ACRE Commercial Mortgage Ltd. (Cayman Islands)

      

Series 2021-FL4, Class A, 0.92%, 12/18/2037 (b) (i)

      240        239  

Series 2021-FL4, Class AS, 1.19%, 12/18/2037 (b) (i)

      115        115  

BPR Trust

      

Series 2021-KEN, Class A, 1.33%, 2/15/2029 (b) (i)

      220        220  

FHLMC, Multi-Family Structured Credit Risk

      

Series 2021-MN2, Class M1, 1.85%, 7/25/2041 (b) (i)

      185        185  

FNMA ACES

      

Series 2021-M3, Class 1A1, 1.00%, 11/25/2033

      171        169  

Series 2021-M3, Class X1, IO, 2.12%, 11/25/2033 (i)

      881        118  

FREMF Mortgage Trust

      

Series 2016-K56, Class B, 4.08%, 6/25/2049 (b) (i)

      85        93  

Series 2016-K722, Class B, 3.99%, 7/25/2049 (b) (i)

      45        47  

Series 2016-K58, Class B, 3.87%, 9/25/2049 (b) (i)

      465        506  

SLG Office Trust

      

Series 2021-OVA, Class A, 2.59%, 7/15/2041 (b)

      195        202  
     

 

 

  

TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES

(Cost $1,900)

 

 

      1,894  
     

 

 

  

FOREIGN GOVERNMENT SECURITIES — 0.0% (c)

      

United Mexican States (Mexico)

      

2.66%, 5/24/2031

(Cost $399)

      400        386  
     

 

 

  
     Shares  (000)         

SHORT-TERM INVESTMENTS — 2.1%

      

INVESTMENT COMPANIES — 2.1%

      

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (j)

(Cost $50,339)

      50,339        50,339  
     

 

 

  

Total Investments — 100.9%

(Cost $2,083,544)

 

 

      2,417,738  

Liabilities in Excess of Other Assets — (0.9)%

 

      (21,955 ) 
     

 

 

  

Net Assets — 100.0%

 

      2,395,783  
     

 

 

  

 

Percentages indicated are based on net assets.

 

Abbreviations
ABS    Asset-Backed Securities
ACES    Alternative Credit Enhancement Securities
CDO    Collateralized Debt Obligations
CSMC    Credit Suisse Mortgage Trust
ETF    Exchange-Traded Fund
FHLMC    Federal Home Loan Mortgage Corp.
FNMA    Federal National Mortgage Association
GNMA    Government National Mortgage Association
ICE    Intercontinental Exchange
IO    Interest Only represents the right to receive the monthly interest payments on an underlying pool of mortgage loans. The principal amount shown represents the par value on the underlying pool. The yields on these securities are subject to accelerated principal paydowns as a result of prepayment or refinancing of the underlying pool of mortgage instruments. As a result, interest income may be reduced considerably.
LIBOR    London Interbank Offered Rate
REIT    Real Estate Investment Trust
REMIC    Real Estate Mortgage Investment Conduit
SOFR    Secured Overnight Financing Rate
STRIPS    Separate Trading of Registered Interest and Principal of Securities. The STRIPS Program lets investors hold and trade individual interest and principal components of eligible notes and bonds as separate securities.
TBA    To Be Announced; Security is subject to delayed delivery.
UMBS    Uniform Mortgage-Backed Securities
USD    United States Dollar
(a)    Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(b)    Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(c)    Amount rounds to less than 0.1% of net assets.
(d)    Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of September 30, 2021.
(e)    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 September 30, 2021.
(f)    All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(g)    All or a portion of this security is deposited with the broker as initial margin for futures contracts.
(h)    The rate shown is the effective yield as of September 30, 2021.
(i)    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 September 30, 2021.
(j)    The rate shown is the current yield as of September 30, 2021.
‡    Value determined using significant unobservable inputs.

JPMorgan SmartRetirement® Blend 2035 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

 

Detailed information about investment portfolios of the underlying funds and ETFs can be found in shareholder reports filed with the Securities and Exchange Commission (SEC) by each such underlying fund semi-annually on Form N-CSR and in portfolio holdings filed quarterly on Form N-PORT, and are available for download from both the SEC’s as well as the respective underlying fund’s website. Detailed information about underlying J.P. Morgan Funds can also be found at www.jpmorganfunds.com or by calling 1-800-480-4111.

Futures contracts outstanding as of September 30, 2021 (amounts in thousands, except number of contracts):

 

Description

    Number of
Contracts		     Expiration
Date		      Trading
Currency		      Notional Amount
($)		     Value and
Unrealized
Appreciation
(Depreciation) ($)		  

Long Contracts

 

EURO STOXX 50 Index

      254       12/2021        EUR        11,839       (396 ) 

FTSE 100 Index

      63       12/2021        GBP        5,978       1  

S&P 500 E-Mini Index

      348       12/2021        USD        74,864       (2,547 ) 
            

 

 

  
               (2,942 ) 
            

 

 

  

Short Contracts

             

U.S. Treasury 10 Year Note

      (249 )      12/2021        USD        (32,798 )      322  
            

 

 

  
               (2,620 ) 
            

 

 

  

 

Abbreviations
EUR    Euro
FTSE        Financial Times and the London Stock Exchange
GBP    British Pound
USD    United States Dollar

JPMorgan SmartRetirement® Blend 2035 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

(Dollar values in thousands)

 

A. Valuation of Investments — Investments are valued in accordance with U.S. generally accepted accounting principles (“GAAP”) and the Fund’s valuation policies set forth by, and under the supervision and responsibility of, the Board of Trustees of the Trust (the “Board”), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at their market value and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.

J.P. Morgan Investment Management Inc. (the “Administrator”) has established the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to assist the Board with the oversight and monitoring of the valuation of the Fund’s investments. The Administrator implements the valuation policies of the Fund’s investments, as directed by the Board. The AVC oversees and carries out the policies for the valuation of investments held in the Fund. This includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events, and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and, at least on a quarterly basis, with the AVC and the Board.

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

Fixed income instruments are valued based on prices received from Pricing Services. The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.

Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values (“NAV”) of the Fund are calculated on a valuation date.

Investments in open-end investment companies, excluding exchange-traded funds (“ETFs”) (“Underlying Funds”), are valued at each Underlying Fund’s NAV per share as of the report date.

Futures contracts are generally valued on the basis of available market quotations.

Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer-related events after the report date and prior to issuance of the report are not reflected herein.

The various inputs that are used in determining the valuation of the Fund’s investments are summarized into the three broad levels listed below.

 

•  

Level 1 – Unadjusted inputs using quoted prices in active markets for identical investments.

 

•  

Level 2 – Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.

 

•  

Level 3 – Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund’s assumptions in determining the fair value of investments).

JPMorgan SmartRetirement® Blend 2035 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF SEPTEMBER 30, 2021 (Unaudited) (continued)

(Dollar values in thousands)

 

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

           

Asset-Backed Securities

    $ —       $ 15,716      $ 2,627      $ 18,343  

Collateralized Mortgage Obligations

      —         6,016        307        6,323  

Commercial Mortgage-Backed Securities

      —         1,894        —          1,894  

Corporate Bonds

      —         33,716        —          33,716  

Exchange-Traded Funds

      962,751       —          —          962,751  

Foreign Government Securities

      —         386        —          386  

Investment Companies

      1,294,543       —          —          1,294,543  

Mortgage-Backed Securities

      —         16,989        —          16,989  

U.S. Treasury Obligations

      —         32,454        —          32,454  

Short-Term Investments

 

      

Investment Companies

      50,339       —          —          50,339  
  

 

 

    

 

 

     

 

 

     

 

 

  

Total Investments in Securities

    $ 2,307,633     $ 107,171      $ 2,934      $ 2,417,738  
  

 

 

    

 

 

     

 

 

     

 

 

  

Appreciation in Other Financial Instruments

 

      

Futures Contracts

    $ 323     $ —        $ —        $ 323  

Depreciation in Other Financial Instruments

 

      

Futures Contracts

      (2,943 )      —          —          (2,943 ) 
  

 

 

    

 

 

     

 

 

     

 

 

  

Total Net Appreciation/Depreciation in Other Financial Instruments

    $ (2,620 )    $ —        $ —        $ (2,620 ) 
  

 

 

    

 

 

     

 

 

     

 

 

  

B. Investment Transactions with Affiliates — The Fund invested in Underlying Funds and ETFs, which are advised by the Adviser. An issuer which is under common control with the Fund may be considered an affiliate. The Fund assumes the issuers listed in the table below to be affiliated issuers. Underlying Funds’ and ETFs’ distributions may be reinvested into such Underlying Funds and ETFs. Reinvestment amounts are included in the purchases at cost amounts in the table below.

 

For the period ended September 30, 2021

  

Security Description

    Value at
June 30,
2021		      Purchases
at Cost		      Proceeds
from Sales		      Net Realized
Gain (Loss)		     Change in
Unrealized
Appreciation/
(Depreciation)		     Value at
September 30,
2021		      Shares at
September 30,
2021		      Dividend
Income		     Capital Gain
Distributions		  

JPMorgan BetaBuilders International Equity ETF (a)

    $ 519,020      $ 16,980      $ —        $ —       $ (8,418 )    $ 527,582        8,965      $ 2,930     $ —    

JPMorgan BetaBuilders MSCI US REIT ETF (a)

      104,627        3,582        3,517        518       55       105,265        1,095        698       —    

JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (a)

      105,721        3,941        3,590        (35 )      (2,625 )      103,412        1,179        249       —    

JPMorgan BetaBuilders U.S. Small Cap Equity ETF (a)

      71,138        3,649        —          —         (3,659 )      71,128        1,108        210       —    

JPMorgan Core Plus Bond Fund Class R6 Shares (a)

      311,843        7,412        —          —         (1,536 )      317,719        37,204        2,010       —    

JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)

      23,365        263        —          —         (467 )      23,161        2,932        264       —    

JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)

      172,471        22,939        —          —         (15,966 )      179,444        8,741        —         —    

JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)

      23,390        426        —          —         (587 )      23,229        2,963        426       —    

JPMorgan Equity Index Fund Class R6 Shares (a)

      601,666        92,353        —          —         (936 )      693,083        10,580        2,154       —    

JPMorgan High Yield Fund Class R6 Shares (a)

      40,194        490        —          —         (109 )      40,575        5,551        490       —    

JPMorgan High Yield Research Enhanced ETF (a)

      55,973        6,628        —          —         (292 )      62,309        1,197        635       —    

JPMorgan Income Fund Class R6 Shares (a)

      17,272        169        —          —         (109 )      17,332        1,824        168       —    

JPMorgan Managed Income Fund Class L Shares (a)

      607        —          607        2       (2 )      —          —          —   (b)      —    

JPMorgan U.S. Aggregate Bond ETF (a)

      65,412        3,687        —          —         (273 )      68,826        1,268        224       —    

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (c)

      42,915        133,009        125,585        —         —         50,339        50,339        3       —    

JPMorgan U.S. Value Factor ETF (a)

      120,078        —          96,041        2,687       (2,495 )      24,229        682        390       —    
  

 

 

     

 

 

     

 

 

     

 

 

    

 

 

    

 

 

        

 

 

    

 

 

  

Total

    $ 2,275,692      $ 295,528      $ 229,340      $ 3,172     $ (37,419 )    $ 2,307,633         $ 10,851     $  —  
  

 

 

     

 

 

     

 

 

     

 

 

    

 

 

    

 

 

        

 

 

    

 

 

  

 

(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 September 30, 2021.