NPORT-EX 2 HG_SR2050.htm HTML

JPMorgan SmartRetirement® 2050 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (Unaudited)

 

Investments

    Shares (000)      Value ($000)  
               

INVESTMENT COMPANIES — 92.7%

 

Alternative Assets — 2.9%

      

JPMorgan Realty Income Fund Class R6 Shares (a)

      5,926        98,141  
     

 

 

  

Fixed Income — 6.7%

      

JPMorgan Core Bond Fund Class R6 Shares (a)

      4,040        45,001  

JPMorgan Core Plus Bond Fund Class R6 Shares (a)

      17,012        134,735  

JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)

      3,852        26,386  

JPMorgan High Yield Fund Class R6 Shares (a)

      3,066        21,155  
     

 

 

  

Total Fixed Income

         227,277  
     

 

 

  

International Equity — 32.5%

      

JPMorgan Emerging Markets Equity Fund Class R6 Shares (a)

      1,166        37,264  

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

      10,803        189,590  

JPMorgan International Equity Fund Class R6 Shares (a)

      13,713        254,102  

JPMorgan International Focus Fund Class R6 Shares (a)

      10,063        248,667  

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

      19,350        370,551  
     

 

 

  

Total International Equity

         1,100,174  
     

 

 

  

U.S. Equity — 50.6%

      

JPMorgan Growth Advantage Fund Class R6 Shares * (a)

      13,111        418,099  

JPMorgan Small Cap Equity Fund Class R6 Shares (a)

      592        36,882  

JPMorgan Small Cap Growth Fund Class R6 Shares * (a)

      828        18,358  

JPMorgan Small Cap Value Fund Class R6 Shares (a)

      618        18,361  

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

      18,892        399,367  

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

      11,531        403,012  

JPMorgan Value Advantage Fund Class R6 Shares (a)

      10,325        420,443  
     

 

 

  

Total U.S. Equity

         1,714,522  
     

 

 

  

TOTAL INVESTMENT COMPANIES

(Cost $2,562,649)

 

 

      3,140,114  
     

 

 

  

EXCHANGE-TRADED FUNDS — 6.1%

      

Alternative Assets — 1.1%

      

JPMorgan BetaBuilders MSCI US REIT ETF (a)

      345        36,671  
     

 

 

  

Fixed Income — 0.6%

      

JPMorgan High Yield Research Enhanced ETF (a)

      431        21,103  
     

 

 

  

International Equity — 1.6%

      

JPMorgan ActiveBuilders Emerging Markets Equity ETF (a)

      1,291        53,091  
     

 

 

  

U.S. Equity — 2.8%

      

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

      1,111        95,019  
     

 

 

  

TOTAL EXCHANGE-TRADED FUNDS

(Cost $190,797)

 

 

      205,884  
     

 

 

  
     Principal
Amount
($000)		         

U.S. TREASURY OBLIGATIONS — 0.4%

      

U.S. Treasury Notes 0.13%, 1/31/2023 (b)

(Cost $14,226)

      14,270        14,101  
     

 

 

  
     Shares (000)         

SHORT-TERM INVESTMENTS — 2.9%

      

INVESTMENT COMPANIES — 2.9%

      

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.26% (a) (c)

(Cost $98,968)

      98,968        98,968  
     

 

 

  

Total Investments — 102.1%

(Cost $2,866,640)

 

 

      3,459,067  

Liabilities in Excess of Other Assets — (2.1)%

 

      (71,375 ) 
     

 

 

  

Net Assets — 100.0%

 

      3,387,692  
     

 

 

  

 

Percentages indicated are based on net assets.

JPMorgan SmartRetirement® 2050 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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, 2022.

*

Non-income producing security.

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, 2022 (amounts in thousands, except number of contracts):

 

Description

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

Long Contracts

 

DJ US Real Estate Index

      328       06/2022        USD        13,668       423  

MSCI EAFE E-Mini Index

      223       06/2022        USD        23,910       405  

S&P 500 E-Mini Index

      337       06/2022        USD        76,356       5,086  
            

 

 

  
               5,914  
            

 

 

  

Short Contracts

             

MSCI Emerging Markets E-Mini Index

      (940 )      06/2022        USD        (52,880 )      (4,326 ) 

Russell 2000 E-Mini Index

      (2 )      06/2022        USD        (207 )      —   (a) 
               (4,326 ) 
            

 

 

  
               1,588  
            

 

 

  

Abbreviations

 

EAFE

Europe, Australasia and Far East

MSCI

Morgan Stanley Capital International

USD

United States Dollar

(a)

Amount rounds to less than one thousand.

JPMorgan SmartRetirement® 2050 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (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

    $ 205,884     $ —        $ —        $ 205,884  

Investment Companies

      3,140,114       —          —          3,140,114  

U.S. Treasury Obligations

      —         14,101        —          14,101  

Short-Term Investments

           

Investment Companies

      98,968       —          —          98,968  
  

 

 

    

 

 

     

 

 

     

 

 

  

Total Investments in Securities

    $ 3,444,966     $ 14,101      $ —        $ 3,459,067  
  

 

 

    

 

 

     

 

 

     

 

 

  

Appreciation in Other Financial Instruments

           

Futures Contracts

    $ 5,914     $ —        $ —        $ 5,914  

Depreciation in Other Financial Instruments

           

Futures Contracts

      (4,326 )      —          —          (4,326 ) 
  

 

 

    

 

 

     

 

 

     

 

 

  

Total Net Appreciation/Depreciation in Other Financial Instruments

    $ 1,588     $ —        $ —        $ 1,588  
  

 

 

    

 

 

     

 

 

     

 

 

  

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.

JPMorgan SmartRetirement® 2050 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MARCH 31, 2022 (Unaudited) (continued)

(Dollar values in thousands)

 

For the period ended March 31, 2022

Security Description

    Value at
June 30,
2021		      Purchases
at Cost		      Proceeds
from Sales		      Net Realized
Gain (Loss)		     Change in
Unrealized
Appreciation/
(Depreciation)		     Value at
March 31,
2022		      Shares at
March 31,
2022		      Dividend
Income		      Capital Gain
Distributions		  

JPMorgan ActiveBuilders Emerging Markets Equity ETF (a)

    $ —        $ 54,282      $ —        $ —       $ (1,191 )    $ 53,091        1,291      $ —        $ —    

JPMorgan BetaBuilders MSCI US REIT ETF (a)

      50,810        13,992        32,177        1,778       2,268       36,671        345        684        —    

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

      92,017        31,213        24,022        1,859       (6,048 )      95,019        1,111        621        —    

JPMorgan Core Bond Fund Class R6 Shares (a)

      58,444        1,233        10,687        (626 )      (3,363 )      45,001        4,040        848        385  

JPMorgan Core Plus Bond Fund Class R6 Shares (a)

      116,718        46,668        19,884        (1,036 )      (7,731 )      134,735        17,012        2,165        815  

JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)

      18,137        12,069        1,303        (56 )      (2,461 )      26,386        3,852        592        —    

JPMorgan Emerging Markets Equity Fund Class R6 Shares (a)

      —          38,171        —          —         (907 )      37,264        1,166        —          —    

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

      344,754        68,202        144,678        1,971       (80,659 )      189,590        10,803        8,908        8,520  

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

      18,159        676        16,067        (3,017 )      249       —          —          676        —    

JPMorgan Growth Advantage Fund Class R6 Shares * (a)

      301,307        205,781        34,913        6,586       (60,662 )      418,099        13,111        —          50,599  

JPMorgan High Yield Fund Class R6 Shares (a)

      69,083        8,490        52,776        1,387       (5,029 )      21,155        3,066        2,216        —    

JPMorgan High Yield Research Enhanced ETF (a)

      37,160        —          13,637        (869 )      (1,551 )      21,103        431        1,190        —    

JPMorgan Income Fund Class R6 Shares (a)

      29,657        677        29,094        (1,073 )      (167 )      —          —          727        —    

JPMorgan International Equity Fund Class R6 Shares (a)

      203,542        88,816        10,975        762       (28,043 )      254,102        13,713        4,331        8,870  

JPMorgan International Focus Fund Class R6 Shares (a)

      436,949        30,723        176,701        24,750       (67,054 )      248,667        10,063        7,738        —    

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

      308,500        115,806        30,723        1,964       (24,996 )      370,551        19,350        11,803        —    

JPMorgan Large Cap Value Fund Class R6 Shares (a)

      110,670        139        108,429        (6,811 )      4,431       —          —          139        —    

JPMorgan Realty Income Fund Class R6 Shares (a)

      154,767        11,452        75,246        13,843       (6,675 )      98,141        5,926        1,132        10,320  

JPMorgan Small Cap Equity Fund Class R6 Shares (a)

      42,292        9,476        6,468        (304 )      (8,114 )      36,882        592        158        6,843  

JPMorgan Small Cap Growth Fund Class R6 Shares * (a)

      12,251        16,590        5,521        236       (5,198 )      18,358        828        —          1,918  

JPMorgan Small Cap Value Fund Class R6 Shares (a)

      20,910        3,831        3,373        18       (3,025 )      18,361        618        106        2,950  

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

      415,918        59,815        70,294        16,605       (22,677 )      399,367        18,892        2,210        36,413  

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.26%  (a) (b)

      49,691        597,700        548,423        —         —         98,968        98,968        18        —    

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

      303,125        144,737        24,030        5,208       (26,028 )      403,012        11,531        2,780        42,716  

JPMorgan Value Advantage Fund Class R6 Shares (a)

      563,082        72,466        198,336        23,016       (39,785 )      420,443        10,325        5,121        47,614  
  

 

 

     

 

 

     

 

 

     

 

 

    

 

 

    

 

 

        

 

 

     

 

 

  

Total

    $ 3,757,943      $ 1,633,005      $ 1,637,757      $ 86,191     $ (394,416 )    $ 3,444,966         $ 54,163      $ 217,963  
  

 

 

     

 

 

     

 

 

     

 

 

    

 

 

    

 

 

        

 

 

     

 

 

  

 

(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, 2022.

*

Non-income producing security.