NPORT-EX 2 HG_2050.htm HTML

JPMorgan SmartRetirement® 2050 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2021 (Unaudited)

 

Investments

    Shares (000)      Value ($000)  

INVESTMENT COMPANIES — 91.8%

      

Alternative Assets — 3.9%

      

JPMorgan Realty Income Fund Class R6 Shares (a)

      10,527        149,689  
     

 

 

  

Fixed Income — 7.8%

      

JPMorgan Core Bond Fund Class R6 Shares (a)

      4,773        56,750  

JPMorgan Core Plus Bond Fund Class R6 Shares (a)

      9,140        77,325  

JPMorgan Corporate Bond Fund Class R6 Shares (a)

      3,550        36,777  

JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)

      2,224        17,417  

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

      2,244        17,459  

JPMorgan High Yield Fund Class R6 Shares (a)

      11,023        79,258  

JPMorgan Income Fund Class R6 Shares (a)

      1,469        13,945  
     

 

 

  

Total Fixed Income

         298,931  
     

 

 

  

International Equity — 33.8%

      

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

      15,884        343,731  

JPMorgan International Equity Fund Class R6 Shares (a)

      10,074        204,405  

JPMorgan International Focus Fund Class R6 Shares (a)

      16,483        439,112  

JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a)

      15,521        304,981  
     

 

 

  

Total International Equity

         1,292,229  
     

 

 

  

U.S. Equity — 46.3%

      

JPMorgan Growth Advantage Fund Class R6 Shares (a)

      10,387        347,133  

JPMorgan Small Cap Equity Fund Class R6 Shares (a)

      548        40,669  

JPMorgan Small Cap Growth Fund Class R6 Shares (a)

      701        21,377  

JPMorgan Small Cap Value Fund Class R6 Shares (a)

      774        25,542  

JPMorgan U.S. Equity Fund Class R6 Shares (a)

      20,420        410,855  

JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a)

      12,014        407,383  

JPMorgan Value Advantage Fund Class R6 Shares (a)

      12,567        509,464  
     

 

 

  

Total U.S. Equity

         1,762,423  
     

 

 

  

TOTAL INVESTMENT COMPANIES

(Cost $2,633,780)

         3,503,272  
     

 

 

  

EXCHANGE-TRADED FUNDS — 4.6%

      

Alternative Assets — 1.4%

      

JPMorgan BetaBuilders MSCI US REIT ETF (a)

      614        52,724  
     

 

 

  

Fixed Income — 1.0%

      

JPMorgan High Yield Research Enhanced ETF (a)

      710        36,620  
     

 

 

  

U.S. Equity — 2.2%

      

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

      1,023        87,679  
     

 

 

  

TOTAL EXCHANGE-TRADED FUNDS

(Cost $165,754)

         177,023  
     

 

 

  
      Principal
Amount
($000)		         

U.S. TREASURY OBLIGATIONS — 0.5%

      

U.S. Treasury Notes 1.38%, 1/31/2022 (b)

(Cost $19,165)

      18,962        19,167  
     

 

 

  
      Shares (000)         

SHORT-TERM INVESTMENTS — 1.9%

      

INVESTMENT COMPANIES — 1.9%

      

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.04% (a) (c)

(Cost $71,986)

      71,986        71,986  
     

 

 

  

Total Investments — 98.8%

(Cost $2,890,685)

         3,771,448  

Other Assets Less Liabilities — 1.2%

         47,129  
     

 

 

  

Net Assets — 100.0%

         3,818,577  
     

 

 

  

 

Percentages indicated are based on net assets.

JPMorgan SmartRetirement® 2050 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2021 (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, 2021.

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 March 31, 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

      838       06/2021        EUR        38,031       857  

FTSE 100 Index

      205       06/2021        GBP        18,876       (103 ) 

MSCI EAFE E-Mini Index

      842       06/2021        USD        92,296       (131 ) 

MSCI Emerging Markets E-Mini Index

      87       06/2021        USD        5,757       4  

Russell 2000 E-Mini Index

      558       06/2021        USD        62,030       (3,090 ) 

S&P 500 E-Mini Index

      174       06/2021        USD        34,541       296  

TOPIX Index

      213       06/2021        JPY        37,781       783  
            

 

 

  
               (1,384 ) 
            

 

 

  

Short Contracts

 

Long Gilt

      (529 )      06/2021        GBP        (93,048 )      98  
            

 

 

  
               (1,286 ) 
            

 

 

  

 

Abbreviations
EAFE    Europe, Australasia and Far East
EUR    Euro
FTSE    Financial Times and the London Stock Exchange
GBP    British Pound
JPY    Japanese Yen
MSCI    Morgan Stanley Capital International
TOPIX    Tokyo Stock Price Index
USD    United States Dollar

JPMorgan SmartRetirement® 2050 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 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.

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

    $ 177,023     $ —        $ —        $ 177,023  

Investment Companies

      3,503,272       —          —          3,503,272  

U.S. Treasury Obligations

      —         19,167        —          19,167  

Short-Term Investments

 

      

Investment Companies

      71,986       —          —          71,986  
  

 

 

    

 

 

     

 

 

     

 

 

  

Total Investments in Securities

    $ 3,752,281     $ 19,167      $ —        $ 3,771,448  
  

 

 

    

 

 

     

 

 

     

 

 

  

Appreciation in Other Financial Instruments

 

      

Futures Contracts

    $ 2,038     $ —        $ —        $ 2,038  

Depreciation in Other Financial Instruments

 

      

Futures Contracts

      (3,324 )      —          —          (3,324 ) 
  

 

 

    

 

 

     

 

 

     

 

 

  

Total Net Appreciation/Depreciation in Other Financial Instruments

    $ (1,286 )    $ —        $ —        $ (1,286 ) 
  

 

 

    

 

 

     

 

 

     

 

 

  

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 purchase cost amounts in the table below.

 

For the period ended March 31, 2021

  

Security Description

    Value at
June 30,
2020		      Purchases
at Cost		      Proceeds
from Sales		      Net
Realized
Gain (Loss)		     Change in
Unrealized
Appreciation/
(Depreciation)		     Value at
March 31,
2021		      Shares at
March 31,
2021		      Dividend
Income		      Capital Gain
Distributions		  

JPMorgan BetaBuilders MSCI US REIT ETF (a)

    $ 39,127      $ 27,705      $ 19,049      $ (3,809 )    $ 8,750     $ 52,724        614      $ 726      $ —    

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

      —          80,992        5,666        110       12,243       87,679        1,023        235        —    

JPMorgan Core Bond Fund Class R6 Shares (a)

      52,224        7,567        658        (15 )      (2,368 )      56,750        4,773        955        950  

JPMorgan Core Plus Bond Fund Class R6 Shares (a)

      134,848        19,597        75,197        3,269       (5,192 )      77,325        9,140        1,946        1,299  

JPMorgan Corporate Bond Fund Class R6 Shares (a)

      34,256        3,725        —          —         (1,204 )      36,777        3,550        669        533  

JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)

      7,458        10,206        —          —         (247 )      17,417        2,224        301        —    

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

      306,777        11,048        75,496        8,428       92,974       343,731        15,884        5,313        —    

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

      7,025        10,777        —          —         (343 )      17,459        2,244        285        —    

JPMorgan Growth Advantage Fund Class R6 Shares (a)

      397,921        57,512        201,546        51,591       41,655       347,133        10,387        1,633        44,938  

JPMorgan High Yield Fund Class R6 Shares (a)

      83,823        61,855        76,809        1,286       9,103       79,258        11,023        4,356        —    

JPMorgan High Yield Research Enhanced ETF (a)

      —          36,899        —          —         (279 )      36,620        710        174        —    

JPMorgan Income Fund Class R6 Shares (a)

      —          13,945        —          —         —         13,945        1,469        —          —    

JPMorgan International Advantage Fund Class R6 Shares (a)

      192,402        18,500        251,952        31,553       9,497       —          —          5,069        8  

JPMorgan International Equity Fund Class R6 Shares (a)

      —          211,128        5,642        (50 )      (1,031 )      204,405        10,074        —          —    

JPMorgan International Focus Fund Class R6 Shares (a)

      375,389        27,125        54,957        6,417       85,138       439,112        16,483        4,548        —    

JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a)

      349,654        22,374        142,344        3,871       71,426       304,981        15,521        7,686        —    

JPMorgan Managed Income Fund Class L Shares (a)

      2,806        14        2,814        4       (10 )      —          —          14        1  

JPMorgan Realty Income Fund Class R6 Shares (a)

      125,630        22,177        19,556        (441 )      21,879       149,689        10,527        1,400        4,645  

JPMorgan Small Cap Equity Fund Class R6 Shares (a)

      34,643        1,272        8,286        1,695       11,345       40,669        548        226        1,046  

JPMorgan Small Cap Growth Fund Class R6 Shares (a)

      23,340        1,582        11,172        4,917       2,710       21,377        701        58        1,524  

JPMorgan Small Cap Value Fund Class R6 Shares (a)

      16,853        5,767        9,245        390       11,777       25,542        774        199        —    

JPMorgan U.S. Equity Fund Class R6 Shares (a)

      382,232        26,129        82,783        10,166       75,111       410,855        20,420        2,979        23,150  

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.04% (a) (b)

      112,213        844,300        884,527        —         —         71,986        71,986        36        —    

JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a)

      325,935        95,726        97,370        13,433       69,659       407,383        12,014        3,845        8,542  

JPMorgan Value Advantage Fund Class R6 Shares (a)

      394,603        144,341        154,913        (12,993 )      138,426       509,464        12,567        6,566        5,251  
  

 

 

     

 

 

     

 

 

     

 

 

    

 

 

    

 

 

        

 

 

     

 

 

  

Total

    $ 3,399,159      $ 1,762,263      $ 2,179,982      $ 119,822     $ 651,019     $ 3,752,281         $ 49,219      $ 91,887  
  

 

 

     

 

 

     

 

 

     

 

 

    

 

 

    

 

 

        

 

 

     

 

 

  

 

(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, 2021.