NPORT-EX 2 JPMICGF.htm EDGAR HTML
JPMorgan Investor Conservative Growth 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 Investor Conservative Growth Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2025 (Unaudited)
 
INVESTMENTS
SHARES
(000)
VALUE
($000)
Investment Companies — 86.5%
Alternative Assets — 1.0%
JPMorgan Unconstrained Debt Fund Class R6 Shares (a)
4,176
40,591
Fixed Income — 62.9%
JPMorgan Core Bond Fund Class R6 Shares (a)
130,082
1,342,440
JPMorgan Core Plus Bond Fund Class R6 Shares (a)
82,255
595,527
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)
6,661
41,298
JPMorgan Government Bond Fund Class R6 Shares (a)
4,593
44,142
JPMorgan High Yield Fund Class R6 Shares (a)
17,805
115,022
JPMorgan Income Fund Class R6 Shares (a)
30,704
262,521
JPMorgan Short Duration Core Plus Fund Class R6 Shares (a)
8,745
81,678
Total Fixed Income
2,482,628
International Equity — 3.6%
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a)
1,237
38,890
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)
2,248
37,965
JPMorgan Europe Dynamic Fund Class R6 Shares (a)
674
23,361
JPMorgan International Equity Fund Class R6 Shares (a)
2,125
43,263
Total International Equity
143,479
U.S. Equity — 19.0%
JPMorgan Equity Income Fund Class R6 Shares (a)
3,614
88,499
JPMorgan Large Cap Growth Fund Class R6 Shares (a)
1,457
112,579
JPMorgan Large Cap Value Fund Class R6 Shares (a)
3,225
63,373
JPMorgan Mid Cap Growth Fund Class R6 Shares * (a)
1,109
52,084
JPMorgan Small Cap Equity Fund Class R6 Shares (a)
343
17,467
JPMorgan Small Cap Value Fund Class R6 Shares (a)
697
17,808
JPMorgan U.S. Equity Fund Class R6 Shares (a)
5,919
139,465
JPMorgan U.S. GARP Equity Fund Class R6 Shares (a)
1,212
91,985
JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a)
1,934
79,783
JPMorgan Value Advantage Fund Class R6 Shares (a)
2,313
87,811
Total U.S. Equity
750,854
Total Investment Companies
(Cost $3,170,221)
3,417,552
Exchange-Traded Funds — 12.7%
Fixed Income — 5.8%
JPMorgan Limited Duration Bond ETF (a)
4,444
231,069
International Equity — 6.0%
JPMorgan Global Select Equity ETF (a)
960
56,571
JPMorgan International Research Enhanced Equity ETF (a)
2,814
179,303
Total International Equity
235,874
U.S. Equity — 0.9%
JPMorgan Small & Mid Cap Enhanced Equity ETF (a)
601
33,675
Total Exchange-Traded Funds
(Cost $421,505)
500,618
JPMorgan Investor Conservative Growth Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
(000)
VALUE
($000)
Short-Term Investments — 0.9%
Investment Companies — 0.9%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 4.31% (a) (b)
(Cost $35,825)
35,825
35,825
Total Investments — 100.1%
(Cost $3,627,551)
3,953,995
Liabilities in Excess of Other Assets — (0.1)%
(5,446
)
NET ASSETS — 100.0%
3,948,549
 
Percentages indicated are based on net assets.
 
Abbreviations
 
ETF
Exchange Traded Fund
 
*
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)
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.
JPMorgan Investor Conservative Growth 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.
Investments in open-end investment companies, excluding exchange-traded funds (“ETFs”) (“Underlying Funds”), are valued at each Underlying Fund’s net asset values per share as of the report date.
Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer-related events after the report date and prior to issuance of the report are not reflected herein.
The various inputs that are used in determining the valuation of the Fund's investments are summarized into the three broad levels listed below.
•
Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.
•
Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.
•
Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund's assumptions in determining the fair value of investments).
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.
The following table represents each valuation input as presented on the Schedule of Portfolio Investments (“SOI”): 
 
 
 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Total Investments in Securities (a)
$3,953,995
$—
$—
$3,953,995
 
 
(a)
Please refer to the SOI for specifics of portfolio holdings.
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
JPMorgan Investor Conservative Growth Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2025 (Unaudited) (continued)
(Dollar values in thousands)
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 Core Bond Fund Class R6 Shares
 (a)
$1,292,692
$108,550
$86,802
$(14,077
)
$42,077
$1,342,440
130,082
$40,862
$—
JPMorgan Core Plus Bond Fund Class R6
Shares  (a)
571,792
52,931
39,241
(7,320
)
17,365
595,527
82,255
21,876
—
JPMorgan Emerging Markets Debt Fund
Class R6 Shares  (a)
38,720
2,030
—
—
548
41,298
6,661
2,029
—
JPMorgan Emerging Markets Equity Fund
Class R6 Shares  (a)
38,222
600
—
—
68
38,890
1,237
600
—
JPMorgan Emerging Markets Research
Enhanced Equity Fund Class R6 Shares  (a)
38,491
855
1,973
133
459
37,965
2,248
855
—
JPMorgan Equity Income Fund Class R6
Shares  (a)
88,131
6,615
8,331
1,636
448
88,499
3,614
1,388
5,228
JPMorgan Europe Dynamic Fund Class R6
Shares  (a)
23,206
831
1,998
597
725
23,361
674
830
—
JPMorgan Global Select Equity ETF  (a)
33,010
24,951
—
—
(1,390
)
56,571
960
247
539
JPMorgan Government Bond Fund Class R6
Shares  (a)
42,121
981
—
—
1,040
44,142
4,593
982
—
JPMorgan High Yield Fund Class R6 Shares
 (a)
111,673
6,321
4,356
(444
)
1,828
115,022
17,805
6,321
—
JPMorgan Income Fund Class R6 Shares  (a)
253,753
11,837
7,939
(879
)
5,749
262,521
30,704
11,831
—
JPMorgan International Equity Fund Class R6
Shares  (a)
39,034
3,172
—
—
1,057
43,263
2,125
1,192
—
JPMorgan International Research Enhanced
Equity ETF  (a)
162,960
21,250
9,537
618
4,012
179,303
2,814
4,622
—
JPMorgan Large Cap Growth Fund Class R6
Shares  (a)
118,184
8,060
12,727
3,765
(4,703
)
112,579
1,457
254
1,155
JPMorgan Large Cap Value Fund Class R6
Shares  (a)
57,349
10,269
3,178
158
(1,225
)
63,373
3,225
727
5,670
JPMorgan Limited Duration Bond ETF  (a)
227,514
—
—
—
3,555
231,069
4,444
7,609
—
JPMorgan Mid Cap Growth Fund Class R6
Shares  (a) *
54,257
3,882
1,205
14
(4,864
)
52,084
1,109
—
3,882
JPMorgan Short Duration Core Plus Fund
Class R6 Shares  (a)
77,506
2,462
—
—
1,710
81,678
8,745
2,462
—
JPMorgan Small & Mid Cap Enhanced Equity
ETF  (a)
35,893
—
2,026
642
(834
)
33,675
601
364
—
JPMorgan Small Cap Equity Fund Class R6
Shares  (a)
17,987
1,714
786
(114
)
(1,334
)
17,467
343
103
1,611
JPMorgan Small Cap Value Fund Class R6
Shares  (a)
18,594
1,229
786
143
(1,372
)
17,808
697
162
1,068
JPMorgan U.S. Equity Fund Class R6 Shares
 (a)
145,932
22,570
23,497
8,509
(14,049
)
139,465
5,919
768
7,669
JPMorgan U.S. GARP Equity Fund Class R6
Shares  (a)
97,411
8,507
6,747
3,346
(10,532
)
91,985
1,212
354
5,374
JPMorgan U.S. Government Money Market
Fund Class IM Shares, 4.31%  (a) (b)
44,902
413,589
422,666
—
—
35,825
35,825
1,687
—
JPMorgan U.S. Research Enhanced Equity
Fund Class R6 Shares  (a)
85,051
10,174
13,138
3,768
(6,072
)
79,783
1,934
675
3,991
JPMorgan Investor Conservative Growth 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 Unconstrained Debt Fund Class R6
Shares  (a)
$38,686
$1,467
$—
$—
$438
$40,591
4,176
$1,468
$—
JPMorgan Value Advantage Fund Class R6
Shares  (a)
86,974
8,709
8,730
1,717
(859
)
87,811
2,313
1,581
7,128
Total
$3,840,045
$733,556
$655,663
$2,212
$33,845
$3,953,995
$111,849
$43,315
 
 
(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)
The rate shown is the current yield as of March 31, 2025.
*
Non-income producing security.