NPORT-EX 2 JPMSR2055.htm EDGAR HTML
JPMorgan SmartRetirement® 2055 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® 2055 Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2025 (Unaudited)
 
INVESTMENTS
SHARES
(000)
VALUE
($000)
Investment Companies — 66.9%
Fixed Income — 8.0%
JPMorgan Core Bond Fund Class R6 Shares (a)
3,018
31,151
JPMorgan Core Plus Bond Fund Class R6 Shares (a)
12,895
93,362
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)
731
4,530
JPMorgan High Yield Fund Class R6 Shares (a)
2,529
16,334
Total Fixed Income
145,377
International Equity — 10.5%
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a)
546
17,175
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)
2,729
46,085
JPMorgan International Equity Fund Class R6 Shares (a)
6,266
127,581
Total International Equity
190,841
U.S. Equity — 48.4%
JPMorgan Growth Advantage Fund Class R6 Shares * (a)
5,315
204,033
JPMorgan Small Cap Equity Fund Class R6 Shares (a)
262
13,349
JPMorgan Small Cap Growth Fund Class R6 Shares (a)
648
12,740
JPMorgan Small Cap Value Fund Class R6 Shares (a)
505
12,902
JPMorgan U.S. Equity Fund Class R6 Shares (a)
9,118
214,827
JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a)
5,203
214,686
JPMorgan Value Advantage Fund Class R6 Shares (a)
5,426
206,035
Total U.S. Equity
878,572
Total Investment Companies
(Cost $907,185)
1,214,790
Exchange-Traded Funds — 31.3%
Alternative Assets — 1.8%
JPMorgan BetaBuilders MSCI US REIT ETF (a)
90
8,477
JPMorgan Realty Income ETF (a)
527
25,378
Total Alternative Assets
33,855
International Equity — 25.5%
JPMorgan ActiveBuilders Emerging Markets Equity ETF (a)
1,534
58,708
JPMorgan Global Select Equity ETF (a)
2,835
167,068
JPMorgan International Research Enhanced Equity ETF (a)
3,716
236,766
Total International Equity
462,542
U.S. Equity — 4.0%
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (a)
799
72,023
Total Exchange-Traded Funds
(Cost $485,649)
568,420
 
PRINCIPAL
AMOUNT
($000)
U.S. Treasury Obligations — 0.1%
U.S. Treasury Notes
4.25%, 1/31/2026 (b) (Cost $1,194)
1,194
1,195
JPMorgan SmartRetirement® 2055 Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2025 (Unaudited) (continued)
INVESTMENTS 
SHARES
(000)
VALUE
($000)
Short-Term Investments — 1.8%
Investment Companies — 1.8%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 4.31% (a) (c)
(Cost $31,666)
31,666
31,666
Total Investments — 100.1%
(Cost $1,425,694)
1,816,071
Liabilities in Excess of Other Assets — (0.1)%
(986
)
NET ASSETS — 100.0%
1,815,085
 
Percentages indicated are based on net assets.
 
Abbreviations
 
ETF
Exchange Traded Fund
REIT
Real Estate Investment Trust
 
*
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, 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
MSCI Emerging Markets Index
570
06/20/2025
USD
31,666
(535
)
 
Abbreviations
 
MSCI
Morgan Stanley Capital International
USD
United States Dollar
JPMorgan SmartRetirement® 2055 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 value ("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.
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
$568,420
$—
$—
$568,420
Investment Companies
1,214,790
—
—
1,214,790
JPMorgan SmartRetirement® 2055 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
$—
$1,195
$—
$1,195
Short-Term Investments
Investment Companies
31,666
—
—
31,666
Total Investments in Securities
$1,814,876
$1,195
$—
$1,816,071
Depreciation in Other Financial Instruments
Futures Contracts
$(535
)
$—
$—
$(535
)
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 ActiveBuilders Emerging Markets
Equity ETF  (a)
$55,423
$15,125
$12,093
$125
$128
$58,708
1,534
$1,414
$—
JPMorgan BetaBuilders MSCI US REIT ETF  (a)
7,947
971
1,066
115
510
8,477
90
181
—
(b)
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF
 (a)
67,897
12,996
10,834
1,034
930
72,023
799
737
—
JPMorgan BetaBuilders USD High Yield
Corporate Bond ETF  (a)
7,398
828
8,260
(808
)
842
—
—
442
—
JPMorgan Core Bond Fund Class R6 Shares  (a)
28,662
3,489
1,625
(171
)
796
31,151
3,018
938
—
JPMorgan Core Plus Bond Fund Class R6
Shares  (a)
86,000
10,789
4,934
(736
)
2,243
93,362
12,895
3,389
—
JPMorgan Emerging Markets Debt Fund
Class R6 Shares  (a)
4,108
539
178
(13
)
74
4,530
731
224
—
JPMorgan Emerging Markets Equity Fund
Class R6 Shares  (a)
16,160
2,397
1,434
8
44
17,175
546
277
—
JPMorgan Emerging Markets Research
Enhanced Equity Fund Class R6 Shares  (a)
43,482
6,501
4,546
85
563
46,085
2,729
1,089
—
JPMorgan Global Select Equity ETF  (a)
156,758
19,852
5,226
(88
)
(4,228
)
167,068
2,835
1,008
2,203
JPMorgan Growth Advantage Fund Class R6
Shares  (a) *
189,886
51,008
20,324
196
(16,733
)
204,033
5,315
—
10,925
JPMorgan High Yield Fund Class R6 Shares  (a)
7,429
9,041
226
(5
)
95
16,334
2,529
443
—
JPMorgan International Equity Fund Class R6
Shares  (a)
120,573
23,366
19,175
20
2,797
127,581
6,266
4,067
—
JPMorgan International Research Enhanced
Equity ETF  (a)
224,407
40,498
32,425
(353
)
4,639
236,766
3,716
6,982
—
JPMorgan Realty Income ETF  (a)
23,780
3,168
3,838
(187
)
2,455
25,378
527
421
—
JPMorgan Small Cap Equity Fund Class R6
Shares  (a)
12,606
3,473
1,801
135
(1,064
)
13,349
262
68
1,069
JPMorgan Small Cap Growth Fund Class R6
Shares  (a)
12,071
3,337
1,772
131
(1,027
)
12,740
648
105
—
JPMorgan Small Cap Value Fund Class R6
Shares  (a)
11,672
3,684
1,656
111
(909
)
12,902
505
104
668
JPMorgan U.S. Equity Fund Class R6 Shares  (a)
199,598
43,222
17,467
1,391
(11,917
)
214,827
9,118
1,119
11,169
JPMorgan U.S. Government Money Market
Fund Class IM Shares, 4.31%  (a) (c)
29,898
176,744
174,976
—
—
31,666
31,666
1,133
—
JPMorgan SmartRetirement® 2055 Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2025 (Unaudited) (continued)
(Dollar values in thousands)
 
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 U.S. Research Enhanced Equity Fund
Class R6 Shares  (a)
$199,449
$35,179
$11,850
$748
$(8,840
)
$214,686
5,203
$1,726
$10,270
JPMorgan Value Advantage Fund Class R6
Shares  (a)
192,082
40,107
28,512
2,249
109
206,035
5,426
3,445
15,535
Total
$1,697,286
$506,314
$364,218
$3,987
$(28,493
)
$1,814,876
$29,312
$51,839
 
 
(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.
*
Non-income producing security.