JPMorgan SmartSpending 2050 Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF SEPTEMBER 30, 2019 (Unaudited)
Investments | Shares | Value ($) | ||||||
INVESTMENT COMPANIES — 75.9% |
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Fixed Income — 59.8% | ||||||||
JPMorgan Core Bond Fund Class R6 Shares (a) | 530,264 | 6,363,167 | ||||||
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a) | 125,650 | 1,036,611 | ||||||
JPMorgan High Yield Fund Class R6 Shares (a) | 299,434 | 2,158,918 | ||||||
JPMorgan Income Fund Class R6 Shares (a) | 225,338 | 2,172,263 | ||||||
JPMorgan Managed Income Fund Class L Shares (a) | 307,544 | 3,090,819 | ||||||
JPMorgan Short Duration Core Plus Fund Class R6 Shares (a) | 368,514 | 3,537,735 | ||||||
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Total Fixed Income | 18,359,513 | |||||||
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International Equity — 4.0% | ||||||||
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a) | 5,269 | 156,275 | ||||||
JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a) | 60,367 | 1,061,852 | ||||||
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Total International Equity | 1,218,127 | |||||||
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U.S. Equity — 12.1% | ||||||||
JPMorgan Equity Income Fund Class R6 Shares (a) | 47,251 | 874,139 | ||||||
JPMorgan Equity Index Fund Class R6 Shares (a) | 41,975 | 1,909,014 | ||||||
JPMorgan U.S. Equity Fund Class R6 Shares (a) | 58,926 | 945,763 | ||||||
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Total U.S. Equity | 3,728,916 | |||||||
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TOTAL INVESTMENT COMPANIES (Cost $22,483,256) | 23,306,556 | |||||||
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EXCHANGE-TRADED FUNDS — 21.8% | ||||||||
Alternative Assets — 1.9% | ||||||||
JPMorgan BetaBuilders MSCI US REIT ETF (a) | 6,309 | 568,252 | ||||||
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Fixed Income — 16.9% | ||||||||
iShares Core U.S. Aggregate Bond ETF | 20,289 | 2,296,106 | ||||||
iShares TIPS Bond ETF | 24,825 | 2,886,899 | ||||||
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Total Fixed Income | 5,183,005 | |||||||
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International Equity — 1.7% | ||||||||
iShares Core MSCI EAFE ETF | 8,700 | 531,309 | ||||||
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U.S. Equity — 1.3% | ||||||||
iShares Russell 2000 ETF | 1,737 | 262,877 | ||||||
iShares Russell Mid-Cap ETF | 2,323 | 129,972 | ||||||
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Total U.S. Equity | 392,849 | |||||||
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TOTAL EXCHANGE-TRADED FUNDS (Cost $6,441,131) | 6,675,415 | |||||||
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| Principal Amount ($) | ||||||||
U.S. TREASURY OBLIGATIONS — 1.3% |
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U.S. Treasury Notes 2.00%, 1/31/2020 (b) (Cost $404,267) | 405,000 | 405,111 | ||||||
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SHORT-TERM INVESTMENTS —1.4% |
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INVESTMENT COMPANIES —1.4% |
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JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.00% (a) (c) (Cost $427,081) | 427,081 | 427,081 | ||||||
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Total Investments — 100.4% (Cost $29,755,735) | 30,814,163 | |||||||
Liabilities in Excess of Other Assets — (0.4)% | (121,358 | ) | ||||||
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Net Assets — 100.0% |
| 30,692,805 | ||||||
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Percentages indicated are based on net assets.
JPMorgan SmartSpending 2050 Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF SEPTEMBER 30, 2019 (Unaudited) (continued)
Abbreviations
| EAFE | Europe, Australasia and Far East | |||
| ETF | Exchange Traded Fund | |||
| REIT | Real Estate Investment Trust | |||
| TIPS | Treasury Inflation Protected Security | |||
| (a) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |||
| (b) | All or a portion of this security is deposited with the broker as initial margin for futures contracts. | |||
| (c) | The rate shown is the current yield as of September 30, 2019. |
Detailed information about investment portfolios of the underlying funds can be found in shareholder reports filed with the Securities and Exchange Commission (SEC) by each such underlying fund semi-annually on Form N-CSR and in portfolio holdings filed quarterly on Form N-PORT, and are available for download from both the SEC’s as well as each respective underlying fund’s website. Detailed information about underlying J.P. Morgan Funds can also be found at www.jpmorganfunds.com or by calling1-800-480-4111.
Futures contracts outstanding as of September 30, 2019:
Description | Number of Contracts | Expiration Date | Trading Currency | Notional Amount ($) | Value and Unrealized Appreciation (Depreciation) ($) | |||||||||||||
Long Contracts |
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S&P/TSX 60 Index | 2 | 12/2019 | CAD | 300,955 | (442 | ) | ||||||||||||
U.S. Treasury 10 Year Note | 18 | 12/2019 | USD | 2,345,625 | (12,516 | ) | ||||||||||||
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| (12,958 | ) | |||||||||||||||||
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Short Contracts |
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EURO STOXX 50 Index | (16) | 12/2019 | EUR | (619,529 | ) | (8,618 | ) | |||||||||||
SPI 200 Index | (2) | 12/2019 | AUD | (225,568 | ) | (303 | ) | |||||||||||
TOPIX Index | (2) | 12/2019 | JPY | (295,954 | ) | (6,404 | ) | |||||||||||
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| (15,325 | ) | |||||||||||||||||
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| (28,283 | ) | |||||||||||||||||
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Abbreviations
| AUD | Australian Dollar | |
| CAD | Canadian Dollar | |
| EUR | Euro | |
| JPY | Japanese Yen | |
| SPI | Australian Securities Exchange | |
| TOPIX | Tokyo Stock Price Index | |
| TSX | Toronto Stock Exchange | |
| USD | United States Dollar |
A. Valuation of Investments - The valuation of investments is 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.
JPMorgan SmartSpending 2050 Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF SEPTEMBER 30, 2019 (Unaudited) (continued)
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.
Certain foreign equity instruments, as well as certain derivatives with equity reference obligations, are valued by applying an international fair value factor provided by an approved Pricing Service. The factors seek to adjust the local closing price for movements of local markets post closing, but prior to the time the NAVs are calculated.
Investments in open-end investment companies excluding exchange traded funds (“ETFs”) (the “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 Funds’ 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 Schedules 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) | $ | 30,409,052 | $ | 405,111 | $ | — | $ | 30,814,163 | ||||||||
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Depreciation in Other Financial Instruments | ||||||||||||||||
Futures Contracts (a) | $ | (19,665 | ) | $ | (8,618 | ) | $ | — | $ | (28,283 | ) | |||||
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| (a) | All portfolio holdings designated as level 1 and level 2 are disclosed individually on the SOI. Level 2 consists of U.S. Treasury Notes held as initial margin for futures contracts. |
There were no transfers into and out of level 3 for the period ended September 30, 2019.
JPMorgan SmartSpending 2050 Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF SEPTEMBER 30, 2019 (Unaudited) (continued)
B. Investment Transactions with Affiliates -The Fund invested in Underlying Funds which are advised by the Adviser or its affiliates. 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’ distributions may be reinvested into the Underlying Funds. Reinvestment amounts are included in the purchase cost amounts in the table below.
| For the period ended September 30, 2019 | ||||||||||||||||||||||||||||||||||||
Security Description | Value at June 30, 2019 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at September 30, 2019 | Shares at September 30, 2019 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan BetaBuilders MSCI US REIT ETF (a) | $ | — | $ | 544,246 | $ | — | $ | — | $ | 24,006 | $ | 568,252 | 6,309 | $ | 2,732 | $ | — | |||||||||||||||||||
JPMorgan Core Bond Fund Class R6 Shares (a) | 6,289,086 | 95,147 | 134,436 | 6,647 | 106,723 | 6,363,167 | 530,264 | 46,163 | — | |||||||||||||||||||||||||||
JPMorgan Core Plus Bond Fund Class R6 Shares (a) | 4,243,740 | 72,140 | 4,412,490 | 177,110 | (80,500 | ) | — | — | 23,624 | — | ||||||||||||||||||||||||||
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a) | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a) | — | 153,904 | — | — | 2,371 | 156,275 | 5,269 | — | — | |||||||||||||||||||||||||||
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a) | 1,019,980 | 11,711 | — | — | 4,920 | 1,036,611 | 125,650 | 11,711 | — | |||||||||||||||||||||||||||
JPMorgan Equity Income Fund Class R6 Shares (a) | — | 850,088 | — | — | 24,051 | 874,139 | 47,251 | 1,802 | — | |||||||||||||||||||||||||||
JPMorgan Equity Index Fund Class R6 Shares (a) | 1,813,340 | 191,922 | 119,355 | 22,426 | 681 | 1,909,014 | 41,975 | 10,894 | — | |||||||||||||||||||||||||||
JPMorgan Floating Rate Income Fund Class R6 Shares (a) | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
JPMorgan Growth Advantage Fund Class R6 Shares (a) | 574,999 | — | 571,572 | 166,251 | (169,678 | ) | — | — | — | — | ||||||||||||||||||||||||||
JPMorgan High Yield Fund Class R6 Shares (a) | 2,768,070 | 37,563 | 641,848 | (4,365 | ) | (502 | ) | 2,158,918 | 299,434 | 37,563 | — | |||||||||||||||||||||||||
JPMorgan Income Fund Class R6 Shares (a) | 1,227,608 | 933,036 | — | — | 11,619 | 2,172,263 | 225,338 | 19,816 | — | |||||||||||||||||||||||||||
JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a) | 1,069,700 | — | — | — | (7,848 | ) | 1,061,852 | 60,367 | — | — | ||||||||||||||||||||||||||
JPMorgan Managed Income Fund Class L Shares (a) | 3,517,759 | 491,512 | 918,459 | 3,862 | (3,855 | ) | 3,090,819 | 307,544 | 18,993 | — | ||||||||||||||||||||||||||
JPMorgan Short Duration Core Plus Fund Class R6 Shares (a) | — | 3,548,760 | — | — | (11,025 | ) | 3,537,735 | 368,514 | 7,241 | — | ||||||||||||||||||||||||||
JPMorgan U.S. Equity Fund Class R6 Shares (a) | 938,414 | 2,653 | — | — | 4,696 | 945,763 | 58,926 | 2,652 | — | |||||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.00% (a) (b) | 393,354 | 470,482 | 436,755 | — | — | 427,081 | 427,081 | 2,188 | — | |||||||||||||||||||||||||||
JPMorgan Value Advantage Fund Class R6 Shares (a) | 545,423 | — | 530,897 | 29,513 | (44,039 | ) | — | — | — | — | ||||||||||||||||||||||||||
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Total | $ | 24,401,473 | $ | 7,403,164 | $ | 7,765,812 | $ | 401,444 | $ | (138,380 | ) | $ | 24,301,889 | $ | 185,379 | $ | — | |||||||||||||||||||
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| (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 September 30, 2019. |
