JPMorgan SmartRetirement Blend 2020 Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF SEPTEMBER 30, 2020 (Unaudited)
Investments |
Shares | Value ($) | ||||||
INVESTMENT COMPANIES 65.3% |
| |||||||
Fixed Income 49.6% |
||||||||
JPMorgan Core Bond Fund Class R6 Shares (a) |
8,862,175 | 110,156,836 | ||||||
JPMorgan Corporate Bond Fund Class R6 Shares (a) |
4,975,793 | 53,589,285 | ||||||
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a) |
1,034,080 | 8,045,144 | ||||||
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a) |
1,020,255 | 7,896,770 | ||||||
JPMorgan Floating Rate Income Fund Class R6 Shares (a) |
1,254,975 | 10,780,234 | ||||||
JPMorgan High Yield Fund Class R6 Shares (a) |
12,854,276 | 87,537,619 | ||||||
JPMorgan Income Fund Class R6 Shares (a) |
1,750,204 | 16,119,379 | ||||||
JPMorgan Inflation Managed Bond Fund Class R6 Shares (a) |
6,679,275 | 70,599,941 | ||||||
JPMorgan Managed Income Fund Class L Shares (a) |
1,034,803 | 10,399,772 | ||||||
JPMorgan Short Duration Core Plus Fund Class R6 Shares (a) |
15,750,337 | 154,038,300 | ||||||
|
|
|||||||
Total Fixed Income |
529,163,280 | |||||||
|
|
|||||||
U.S. Equity 15.7% |
||||||||
JPMorgan Equity Index Fund Class R6 Shares (a) |
3,284,220 | 167,790,812 | ||||||
|
|
|||||||
TOTAL INVESTMENT COMPANIES (Cost $656,441,524) |
|
696,954,092 | ||||||
|
|
|||||||
EXCHANGE-TRADED FUNDS 19.5% |
| |||||||
Alternative Assets 1.3% |
||||||||
JPMorgan BetaBuilders MSCI US REIT ETF (a) |
197,112 | 14,182,208 | ||||||
|
|
|||||||
Fixed Income 2.0% |
||||||||
JPMorgan U.S. Aggregate Bond ETF (a) |
769,424 | 21,505,401 | ||||||
|
|
|||||||
International Equity 12.9% |
||||||||
iShares Core MSCI Emerging Markets ETF |
596,894 | 31,516,003 | ||||||
JPMorgan BetaBuilders International Equity ETF (a) |
2,197,996 | 105,987,367 | ||||||
|
|
|||||||
Total International Equity |
137,503,370 | |||||||
|
|
|||||||
U.S. Equity 3.3% |
||||||||
iShares Russell 2000 ETF |
94,119 | 14,098,085 | ||||||
iShares Russell Mid-Cap ETF |
375,254 | 21,532,075 | ||||||
|
|
|||||||
Total U.S. Equity |
35,630,160 | |||||||
|
|
|||||||
TOTAL EXCHANGE-TRADED FUNDS (Cost $199,064,125) |
|
208,821,139 | ||||||
|
|
|||||||
Principal Amount ($) |
||||||||
U.S. TREASURY OBLIGATIONS 4.0% |
| |||||||
U.S. Treasury Bonds |
|
|||||||
1.13%, 8/15/2040 |
2,403,000 | 2,357,944 | ||||||
1.38%, 8/15/2050 |
3,420,000 | 3,346,256 | ||||||
U.S. Treasury Notes |
|
|||||||
2.50%, 1/31/2021 (b) |
10,006,300 | 10,083,693 | ||||||
0.13%, 9/30/2022 |
8,301,000 | 8,300,027 | ||||||
0.13%, 9/15/2023 |
9,415,000 | 9,406,173 | ||||||
0.25%, 8/31/2025 |
4,535,000 | 4,530,394 | ||||||
0.50%, 8/31/2027 |
3,329,000 | 3,336,802 | ||||||
0.63%, 8/15/2030 |
1,091,000 | 1,084,693 | ||||||
|
|
|||||||
TOTAL U.S. TREASURY OBLIGATIONS (Cost $42,460,102) |
|
42,445,982 | ||||||
|
|
|||||||
MORTGAGE-BACKED SECURITIES 3.5% |
| |||||||
FHLMC UMBS, 20 Year |
||||||||
Pool # RB5085, 2.00%, 10/1/2040 (c) |
290,000 | 299,959 | ||||||
FHLMC UMBS, 30 Year |
||||||||
Pool # QB4026, 2.50%, 10/1/2050 |
1,980,000 | 2,115,628 | ||||||
Pool # QB4045, 2.50%, 10/1/2050 (c) |
1,315,000 | 1,383,187 | ||||||
FNMA UMBS, 30 Year |
||||||||
Pool # CA2826, 5.50%, 12/1/2048 (c) |
2,245,016 | 2,533,324 | ||||||
Pool # BQ3996, 2.50%, 10/1/2050 (c) |
1,010,000 | 1,063,877 | ||||||
FNMA/FHLMC UMBS, Single Family, 15 Year |
||||||||
TBA, 2.00%, 11/25/2035 (c) |
3,205,000 | 3,328,926 | ||||||
FNMA/FHLMC UMBS, Single Family, 30 Year |
||||||||
TBA, 1.50%, 11/25/2050 (c) |
649,195 | 651,598 | ||||||
TBA, 2.00%, 11/25/2050 (c) |
22,410,484 | 23,111,463 | ||||||
GNMA II, Single Family, 30 Year |
||||||||
TBA, 2.00%, 11/15/2050 (c) |
3,213,000 | 3,330,977 | ||||||
|
|
|||||||
TOTAL MORTGAGE-BACKED SECURITIES (Cost $37,747,282) |
|
37,818,939 | ||||||
|
|
|||||||
CORPORATE BONDS 3.3% |
| |||||||
Aerospace & Defense 0.2% |
| |||||||
BAE Systems plc (United Kingdom) |
||||||||
3.40%, 4/15/2030 (d) |
200,000 | 223,800 | ||||||
Boeing Co. (The) |
||||||||
2.50%, 3/1/2025 |
210,000 | 209,824 | ||||||
2.70%, 2/1/2027 |
428,000 | 417,199 | ||||||
Lockheed Martin Corp. |
||||||||
2.80%, 6/15/2050 |
196,000 | 203,593 | ||||||
Northrop Grumman Corp. |
||||||||
5.15%, 5/1/2040 |
151,000 | 202,634 | ||||||
Raytheon Technologies Corp. |
||||||||
2.25%, 7/1/2030 |
197,000 | 206,900 | ||||||
3.75%, 11/1/2046 |
107,000 | 122,292 | ||||||
|
|
|||||||
1,586,242 | ||||||||
|
|
JPMorgan SmartRetirement Blend 2020 Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)
Investments |
Principal Amount ($) |
Value ($) | ||||||
Banks 0.6% |
| |||||||
Bank of America Corp. |
||||||||
4.00%, 1/22/2025 |
790,000 | 879,845 | ||||||
(ICE LIBOR USD 3 Month + 1.51%), 3.71%, 4/24/2028 (e) |
640,000 | 722,638 | ||||||
(SOFR + 1.93%), 2.68%, 6/19/2041 (e) |
580,000 | 591,553 | ||||||
Citigroup, Inc. |
||||||||
3.88%, 3/26/2025 |
688,000 | 756,873 | ||||||
(ICE LIBOR USD 3 Month + 1.17%), 3.88%, 1/24/2039 (e) |
185,000 | 217,278 | ||||||
HSBC Holdings plc (United Kingdom) |
||||||||
(SOFR + 1.73%), 2.01%, 9/22/2028 (e) |
850,000 | 840,910 | ||||||
Mitsubishi UFJ Financial Group, Inc. (Japan) |
||||||||
3.74%, 3/7/2029 |
420,000 | 482,049 | ||||||
Societe Generale SA (France) |
||||||||
4.25%, 4/14/2025 (d) |
500,000 | 533,202 | ||||||
UniCredit SpA (Italy) |
||||||||
6.57%, 1/14/2022 (d) |
350,000 | 371,408 | ||||||
Wells Fargo & Co. |
||||||||
4.30%, 7/22/2027 |
765,000 | 874,742 | ||||||
(SOFR + 2.53%), 3.07%, 4/30/2041 (e) |
210,000 | 217,885 | ||||||
|
|
|||||||
6,488,383 | ||||||||
|
|
|||||||
Beverages 0.1% |
| |||||||
Anheuser-Busch InBev Worldwide, Inc. (Belgium) |
||||||||
3.50%, 6/1/2030 |
360,000 | 409,310 | ||||||
3.75%, 7/15/2042 |
580,000 | 618,629 | ||||||
Keurig Dr Pepper, Inc. |
||||||||
3.20%, 5/1/2030 |
130,000 | 145,130 | ||||||
3.80%, 5/1/2050 |
124,000 | 142,330 | ||||||
|
|
|||||||
1,315,399 | ||||||||
|
|
|||||||
Biotechnology 0.1% |
| |||||||
AbbVie, Inc. |
||||||||
3.20%, 11/21/2029 (d) |
240,000 | 263,889 | ||||||
4.05%, 11/21/2039 (d) |
225,000 | 256,972 | ||||||
4.25%, 11/21/2049 (d) |
180,000 | 212,607 | ||||||
Biogen, Inc. |
||||||||
2.25%, 5/1/2030 |
130,000 | 132,592 | ||||||
3.15%, 5/1/2050 |
110,000 | 108,287 | ||||||
Gilead Sciences, Inc. |
||||||||
2.60%, 10/1/2040 |
140,000 | 139,681 | ||||||
|
|
|||||||
1,114,028 | ||||||||
|
|
|||||||
Capital Markets 0.2% |
| |||||||
Brookfield Finance, Inc. (Canada) |
||||||||
3.50%, 3/30/2051 |
270,000 | 264,189 | ||||||
Goldman Sachs Group, Inc. (The) |
||||||||
4.25%, 10/21/2025 |
670,000 | 761,180 | ||||||
4.75%, 10/21/2045 |
140,000 | 183,796 | ||||||
Morgan Stanley |
||||||||
5.00%, 11/24/2025 |
930,000 | 1,090,857 | ||||||
(ICE LIBOR USD 3 Month + 1.43%), 4.46%, 4/22/2039 (e) |
175,000 | 218,314 | ||||||
|
|
|||||||
2,518,336 | ||||||||
|
|
|||||||
Chemicals 0.1% |
| |||||||
DuPont de Nemours, Inc. |
||||||||
5.32%, 11/15/2038 |
135,000 | 171,649 | ||||||
Nutrien Ltd. (Canada) |
||||||||
5.00%, 4/1/2049 |
75,000 | 98,356 | ||||||
Nutrition & Biosciences, Inc. |
||||||||
2.30%, 11/1/2030 (d) |
312,000 | 314,009 | ||||||
3.47%, 12/1/2050 (d) |
160,000 | 160,306 | ||||||
|
|
|||||||
744,320 | ||||||||
|
|
|||||||
Consumer Finance 0.2% |
| |||||||
AerCap Ireland Capital DAC (Ireland) |
||||||||
3.15%, 2/15/2024 |
300,000 | 297,475 | ||||||
4.63%, 10/15/2027 |
325,000 | 315,192 | ||||||
Avolon Holdings Funding Ltd. (Ireland) |
||||||||
5.50%, 1/15/2023 (d) |
220,000 | 222,073 | ||||||
5.50%, 1/15/2026 (d) |
410,000 | 411,583 | ||||||
Park Aerospace Holdings Ltd. (Ireland) |
||||||||
5.25%, 8/15/2022 (d) |
490,000 | 491,948 | ||||||
5.50%, 2/15/2024 (d) |
170,000 | 171,063 | ||||||
|
|
|||||||
1,909,334 | ||||||||
|
|
|||||||
Diversified Financial Services 0.1% |
| |||||||
Hutchison Whampoa International 14 Ltd. (United Kingdom) |
||||||||
3.63%, 10/31/2024 (d) |
501,000 | 547,999 | ||||||
National Rural Utilities Cooperative Finance Corp. |
||||||||
1.35%, 3/15/2031 |
130,000 | 129,342 | ||||||
|
|
|||||||
677,341 | ||||||||
|
|
|||||||
Diversified Telecommunication Services 0.2% |
| |||||||
AT&T, Inc. |
||||||||
2.30%, 6/1/2027 |
313,000 | 328,334 | ||||||
2.75%, 6/1/2031 |
415,000 | 436,370 | ||||||
3.50%, 6/1/2041 |
309,000 | 324,975 | ||||||
Verizon Communications, Inc. |
||||||||
3.15%, 3/22/2030 |
293,000 | 330,879 | ||||||
3.85%, 11/1/2042 |
365,000 | 432,638 | ||||||
|
|
|||||||
1,853,196 | ||||||||
|
|
|||||||
Electric Utilities 0.2% |
| |||||||
Appalachian Power Co. |
||||||||
Series Y, 4.50%, 3/1/2049 |
100,000 | 124,740 | ||||||
Baltimore Gas and Electric Co. |
||||||||
2.90%, 6/15/2050 |
105,000 | 107,280 | ||||||
Duke Energy Corp. |
||||||||
3.40%, 6/15/2029 |
210,000 | 235,612 | ||||||
Duke Energy Indiana LLC |
||||||||
Series YYY, 3.25%, 10/1/2049 |
80,000 | 89,061 | ||||||
Edison International |
||||||||
5.75%, 6/15/2027 |
105,000 | 115,880 | ||||||
Emera US Finance LP (Canada) |
||||||||
4.75%, 6/15/2046 |
110,000 | 132,314 | ||||||
Enel Finance International NV (Italy) |
||||||||
3.63%, 5/25/2027(d) |
200,000 | 222,284 | ||||||
Entergy Arkansas LLC |
||||||||
2.65%, 6/15/2051 |
50,000 | 50,327 | ||||||
Entergy Louisiana LLC |
||||||||
4.00%, 3/15/2033 |
85,000 | 106,345 |
JPMorgan SmartRetirement Blend 2020 Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)
Investments |
Principal Amount ($) |
Value ($) | ||||||
Evergy, Inc. |
||||||||
2.90%, 9/15/2029 |
235,000 | 252,069 | ||||||
FirstEnergy Transmission LLC |
||||||||
4.55%, 4/1/2049 (d) |
105,000 | 123,171 | ||||||
Fortis, Inc. (Canada) |
||||||||
3.06%, 10/4/2026 |
150,000 | 163,896 | ||||||
ITC Holdings Corp. |
||||||||
2.95%, 5/14/2030 (d) |
75,000 | 80,596 | ||||||
Jersey Central Power & Light Co. |
||||||||
4.30%, 1/15/2026 (d) |
108,000 | 123,441 | ||||||
Massachusetts Electric Co. |
||||||||
4.00%, 8/15/2046 (d) |
55,000 | 65,603 | ||||||
PacifiCorp |
||||||||
4.15%, 2/15/2050 |
90,000 | 112,482 | ||||||
PPL Capital Funding, Inc. |
||||||||
4.00%, 9/15/2047 |
110,000 | 126,286 | ||||||
Southern California Edison Co. |
||||||||
Series 20C, 1.20%, 2/1/2026 |
110,000 | 109,386 | ||||||
Series C, 4.13%, 3/1/2048 |
70,000 | 76,519 | ||||||
|
|
|||||||
2,417,292 | ||||||||
|
|
|||||||
Entertainment 0.0%(f) |
| |||||||
Walt Disney Co. (The) |
||||||||
2.65%, 1/13/2031 |
201,000 | 216,383 | ||||||
3.50%, 5/13/2040 |
190,000 | 212,797 | ||||||
|
|
|||||||
429,180 | ||||||||
|
|
|||||||
Equity Real Estate Investment Trusts (REITs) 0.1% |
| |||||||
American Tower Corp. |
||||||||
1.88%, 10/15/2030 |
510,000 | 502,285 | ||||||
CubeSmart LP |
||||||||
2.00%, 2/15/2031 |
274,000 | 270,147 | ||||||
Equinix, Inc. |
||||||||
1.55%, 3/15/2028 |
175,000 | 174,828 | ||||||
|
|
|||||||
947,260 | ||||||||
|
|
|||||||
Food & Staples Retailing 0.0%(f) |
| |||||||
CVS Pass-Through Trust |
||||||||
Series 2014, 4.16%, 8/11/2036 (d) |
104,987 | 109,884 | ||||||
Sysco Corp. |
||||||||
2.40%, 2/15/2030 |
330,000 | 332,648 | ||||||
|
|
|||||||
442,532 | ||||||||
|
|
|||||||
Food Products 0.0%(f) |
| |||||||
Mondelez International, Inc. |
||||||||
1.88%, 10/15/2032 (c) |
150,000 | 149,648 | ||||||
Tyson Foods, Inc. |
||||||||
3.55%, 6/2/2027 |
220,000 | 248,425 | ||||||
|
|
|||||||
398,073 | ||||||||
|
|
|||||||
Gas Utilities 0.0%(f) |
| |||||||
Atmos Energy Corp. |
||||||||
1.50%, 1/15/2031 |
210,000 | 209,022 | ||||||
CenterPoint Energy Resources Corp. |
||||||||
1.75%, 10/1/2030 |
110,000 | 110,110 | ||||||
|
|
|||||||
319,132 | ||||||||
|
|
|||||||
Health Care Equipment & Supplies 0.1% |
| |||||||
Abbott Laboratories |
||||||||
1.40%, 6/30/2030 |
65,000 | 65,257 | ||||||
Becton Dickinson and Co. |
||||||||
4.67%, 6/6/2047 |
50,000 | 61,612 | ||||||
Boston Scientific Corp. |
||||||||
4.00%, 3/1/2029 |
75,000 | 87,200 | ||||||
4.55%, 3/1/2039 |
70,000 | 87,517 | ||||||
Danaher Corp. |
||||||||
2.60%, 10/1/2050 |
147,000 | 143,208 | ||||||
DH Europe Finance II SARL |
||||||||
3.25%, 11/15/2039 |
60,000 | 66,484 | ||||||
|
|
|||||||
511,278 | ||||||||
|
|
|||||||
Health Care Providers & Services 0.1% |
| |||||||
CVS Health Corp. |
||||||||
3.25%, 8/15/2029 |
200,000 | 221,273 | ||||||
4.88%, 7/20/2035 |
170,000 | 215,941 | ||||||
2.70%, 8/21/2040 |
100,000 | 95,650 | ||||||
HCA, Inc. |
||||||||
5.25%, 6/15/2026 |
490,000 | 571,552 | ||||||
Quest Diagnostics, Inc. |
||||||||
2.80%, 6/30/2031 |
60,000 | 64,751 | ||||||
|
|
|||||||
1,169,167 | ||||||||
|
|
|||||||
Household Durables 0.0%(f) |
| |||||||
DR Horton, Inc. |
||||||||
1.40%, 10/15/2027 |
274,000 | 272,166 | ||||||
|
|
|||||||
Independent Power and Renewable Electricity Producers 0.1% |
| |||||||
Exelon Generation Co. LLC |
||||||||
3.25%, 6/1/2025 |
470,000 | 513,719 | ||||||
Southern Power Co. |
||||||||
5.15%, 9/15/2041 |
80,000 | 94,117 | ||||||
|
|
|||||||
607,836 | ||||||||
|
|
|||||||
IT Services 0.0%(f) |
| |||||||
International Business Machines Corp. |
||||||||
4.00%, 6/20/2042 |
360,000 | 430,933 | ||||||
|
|
|||||||
Media 0.2% |
| |||||||
Charter Communications Operating LLC |
||||||||
2.80%, 4/1/2031 |
417,000 | 432,526 | ||||||
3.70%, 4/1/2051 |
175,000 | 172,957 | ||||||
Comcast Corp. |
||||||||
1.50%, 2/15/2031 |
669,000 | 658,334 | ||||||
3.25%, 11/1/2039 |
195,000 | 215,805 | ||||||
2.80%, 1/15/2051 |
325,000 | 325,671 | ||||||
Cox Communications, Inc. |
||||||||
1.80%, 10/1/2030 (d) |
134,000 | 132,150 | ||||||
2.95%, 10/1/2050 (d) |
113,000 | 108,467 | ||||||
Discovery Communications LLC |
||||||||
3.63%, 5/15/2030 |
199,000 | 221,177 | ||||||
ViacomCBS, Inc. |
||||||||
4.00%, 1/15/2026 |
117,000 | 131,313 | ||||||
4.38%, 3/15/2043 |
123,000 | 130,365 | ||||||
|
|
|||||||
2,528,765 | ||||||||
|
|
|||||||
Metals & Mining 0.0%(f) |
| |||||||
Vale Overseas Ltd. (Brazil) |
||||||||
3.75%, 7/8/2030 |
105,000 | 107,861 | ||||||
|
|
|||||||
Multi-Utilities 0.0%(f) |
| |||||||
Consumers Energy Co. |
||||||||
3.25%, 8/15/2046 |
55,000 | 61,140 | ||||||
|
|
|||||||
Oil, Gas & Consumable Fuels 0.1% |
| |||||||
BP Capital Markets America, Inc. |
||||||||
2.77%, 11/10/2050 |
115,000 | 105,153 |
JPMorgan SmartRetirement Blend 2020 Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)
Investments |
Principal Amount ($) |
Value ($) | ||||||
MPLX LP |
||||||||
2.65%, 8/15/2030 |
225,000 | 220,465 | ||||||
4.50%, 4/15/2038 |
120,000 | 122,664 | ||||||
Tennessee Gas Pipeline Co. LLC |
||||||||
2.90%, 3/1/2030 (d) |
215,000 | 222,537 | ||||||
|
|
|||||||
670,819 | ||||||||
|
|
|||||||
Pharmaceuticals 0.2% |
| |||||||
AstraZeneca plc (United Kingdom) |
||||||||
1.38%, 8/6/2030 |
70,000 | 68,090 | ||||||
6.45%, 9/15/2037 |
45,000 | 68,081 | ||||||
Bristol-Myers Squibb Co. |
||||||||
3.40%, 7/26/2029 |
115,000 | 133,615 | ||||||
4.13%, 6/15/2039 |
225,000 | 282,692 | ||||||
Eli Lilly and Co. |
||||||||
2.50%, 9/15/2060 |
135,000 | 127,096 | ||||||
Mylan NV |
||||||||
3.95%, 6/15/2026 |
115,000 | 129,194 | ||||||
Pfizer, Inc. |
||||||||
3.90%, 3/15/2039 |
90,000 | 109,118 | ||||||
Royalty Pharma plc |
||||||||
1.75%, 9/2/2027 (d) |
45,000 | 44,961 | ||||||
3.30%, 9/2/2040 (d) |
105,000 | 102,873 | ||||||
3.55%, 9/2/2050 (d) |
70,000 | 67,549 | ||||||
Takeda Pharmaceutical Co. Ltd. (Japan) |
||||||||
3.03%, 7/9/2040 |
345,000 | 356,353 | ||||||
Upjohn, Inc. |
||||||||
3.85%, 6/22/2040 (d) |
70,000 | 75,363 | ||||||
Zoetis, Inc. |
||||||||
3.00%, 5/15/2050 |
60,000 | 64,138 | ||||||
|
|
|||||||
1,629,123 | ||||||||
|
|
|||||||
Semiconductors & Semiconductor Equipment 0.1% |
| |||||||
Broadcom, Inc. |
||||||||
4.15%, 11/15/2030 |
576,000 | 646,667 | ||||||
TSMC Global Ltd. (Taiwan) |
||||||||
1.38%, 9/28/2030 (d) |
280,000 | 274,694 | ||||||
|
|
|||||||
921,361 | ||||||||
|
|
|||||||
Software 0.1% |
| |||||||
Oracle Corp. |
||||||||
2.95%, 4/1/2030 |
295,000 | 329,686 | ||||||
3.80%, 11/15/2037 |
276,000 | 323,282 | ||||||
VMware, Inc. |
||||||||
4.70%, 5/15/2030 |
183,000 | 216,500 | ||||||
|
|
|||||||
869,468 | ||||||||
|
|
|||||||
Specialty Retail 0.0% (f) |
| |||||||
AutoZone, Inc. |
||||||||
3.63%, 4/15/2025 |
195,000 | 217,401 | ||||||
|
|
|||||||
Technology Hardware, Storage & Peripherals 0.1% |
| |||||||
Apple, Inc. |
||||||||
3.45%, 2/9/2045 |
279,000 | 330,582 | ||||||
2.55%, 8/20/2060 |
219,000 | 217,885 | ||||||
Dell International LLC |
||||||||
6.20%, 7/15/2030 (d) |
357,000 | 428,065 | ||||||
|
|
|||||||
976,532 | ||||||||
|
|
|||||||
Thrifts & Mortgage Finance 0.0% (f) |
| |||||||
BPCE SA (France) |
||||||||
(SOFR + 1.52%), 1.65%, 10/6/2026 (d) (e) |
350,000 | 350,059 | ||||||
|
|
|||||||
Wireless Telecommunication Services 0.1% |
| |||||||
T-Mobile USA, Inc. |
||||||||
2.55%, 2/15/2031 (d) |
530,000 | 549,122 | ||||||
3.00%, 2/15/2041 (d) |
333,000 | 328,751 | ||||||
|
|
|||||||
877,873 | ||||||||
|
|
|||||||
TOTAL CORPORATE BONDS (Cost $35,576,537) |
|
35,361,830 | ||||||
|
|
|||||||
ASSET-BACKED SECURITIES 0.2% |
| |||||||
Octane Receivables Trust |
||||||||
Series 2020-1A, Class A, 1.71%, 2/20/2025 (d) |
904,000 | 904,035 | ||||||
Progress Residential Trust |
||||||||
Series 2020-SFR3, Class A, 1.29%, 10/17/2027 (d) |
440,000 | 439,992 | ||||||
Series 2020-SFR3, Class B, 1.50%, 10/17/2027 (d) |
310,000 | 309,998 | ||||||
|
|
|||||||
TOTAL ASSET-BACKED SECURITIES (Cost $1,653,909) |
|
1,654,025 | ||||||
|
|
|||||||
Shares | ||||||||
SHORT-TERM INVESTMENTS 8.9% |
| |||||||
INVESTMENT COMPANIES 8.9% |
| |||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.06% (a) (g) |
95,018,215 | 95,018,215 | ||||||
|
|
|||||||
Total Investments 104.7% |
|
1,118,074,222 | ||||||
Liabilities in Excess of Other Assets (4.7)% |
|
(50,155,465 | ) | |||||
|
|
|||||||
Net Assets 100.0% |
|
1,067,918,757 | ||||||
|
|
Percentages indicated are based on net assets.
Abbreviations
| ||
ETF | Exchange-Traded Fund | |
FHLMC | Federal Home Loan Mortgage Corp. | |
FNMA | Federal National Mortgage Association | |
GNMA | Government National Mortgage Association | |
ICE | Intercontinental Exchange | |
LIBOR | London Interbank Offered Rate | |
REIT | Real Estate Investment Trust | |
SOFR | Secured Overnight Financing Rate | |
TBA | To Be Announced; Security is subject to delayed delivery | |
UMBS | Uniform Mortgage-Backed Securities | |
USD | United States Dollar |
JPMorgan SmartRetirement Blend 2020 Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)
(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) | All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment. | |
(d) | Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. | |
(e) | Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of September 30, 2020. | |
(f) | Amount rounds to less than 0.1% of net assets. | |
(g) | The rate shown is the current yield as of September 30, 2020. |
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 SECs as well as the respective underlying funds 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 September 30, 2020:
Description |
Number of Contracts |
Expiration Date |
Trading Currency |
Notional Amount ($) |
Value and Unrealized Appreciation (Depreciation) ($) |
|||||||||||||||
Long Contracts |
| |||||||||||||||||||
EURO STOXX 50 Index |
185 | 12/2020 | EUR | 6,901,862 | (279,259 | ) | ||||||||||||||
MSCI EAFE E-Mini Index |
88 | 12/2020 | USD | 8,154,080 | (221,678 | ) | ||||||||||||||
MSCI Emerging Markets E-Mini Index |
365 | 12/2020 | USD | 19,861,475 | (175,508 | ) | ||||||||||||||
Russell 2000 E-Mini Index |
158 | 12/2020 | USD | 11,891,870 | 125,629 | |||||||||||||||
S&P 500 E-Mini Index |
61 | 12/2020 | USD | 10,215,975 | 79,359 | |||||||||||||||
S&P Midcap 400 E-Mini Index |
11 | 12/2020 | USD | 2,040,830 | 6,823 | |||||||||||||||
U.S. Treasury 10 Year Note |
801 | 12/2020 | USD | 111,739,500 | 302,747 | |||||||||||||||
|
|
|||||||||||||||||||
(161,887 | ) | |||||||||||||||||||
|
|
|||||||||||||||||||
Short Contracts |
| |||||||||||||||||||
Euro-Bund |
(131 | ) | 12/2020 | EUR | (26,800,085 | ) | (124,922 | ) | ||||||||||||
FTSE 100 Index |
(136 | ) | 12/2020 | GBP | (10,230,050 | ) | 288,663 | |||||||||||||
|
|
|||||||||||||||||||
163,741 | ||||||||||||||||||||
|
|
|||||||||||||||||||
1,854 | ||||||||||||||||||||
|
|
Abbreviations
| ||
EAFE | Europe, Australasia and Far East | |
EUR | Euro | |
FTSE | Financial Times and the London Stock Exchange | |
GBP | British Pound | |
MSCI | Morgan Stanley Capital International | |
USD | United States Dollar |
JPMorgan SmartRetirement Blend 2020 Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF SEPTEMBER 30, 2020 (Unaudited) (continued)
A. Valuation of Investments Investments are valued in accordance with U.S. generally accepted accounting principles (GAAP) and the Funds 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 Funds investments. The Administrator implements the valuation policies of the Funds 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 Funds 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 Funds assumptions in determining the fair value of investments). |
A financial instruments 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 |
||||||||||||||||
Asset-Backed Securities |
$ | | $ | 1,654,025 | $ | | $ | 1,654,025 | ||||||||
Corporate Bonds |
| 35,361,830 | | 35,361,830 | ||||||||||||
Exchange-Traded Funds |
208,821,139 | | | 208,821,139 | ||||||||||||
Investment Companies |
696,954,092 | | | 696,954,092 | ||||||||||||
Mortgage-Backed Securities |
| 37,818,939 | | 37,818,939 | ||||||||||||
U.S. Treasury Obligations |
| 42,445,982 | | 42,445,982 | ||||||||||||
Short-Term Investments |
||||||||||||||||
Investment Companies |
95,018,215 | | | 95,018,215 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Investments in Securities |
$ | 1,000,793,446 | $ | 117,280,776 | $ | | $ | 1,118,074,222 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Appreciation in Other Financial Instruments |
|
|||||||||||||||
Futures Contracts |
$ | 803,221 | $ | | $ | | $ | 803,221 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Depreciation in Other Financial Instruments |
|
|||||||||||||||
Futures Contracts |
$ | (801,367 | ) | $ | | $ | | $ | (801,367 | ) | ||||||
|
|
|
|
|
|
|
|
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 the Underlying Funds and ETFs. Reinvestment amounts are included in the purchase cost amounts in the table below.
For the period ended September 30, 2020 |
||||||||||||||||||||||||||||||||||||
Security Description |
Value at June 30, 2020 |
Purchases at Cost |
Proceeds from Sales |
Net Realized Gain (Loss) |
Change in Unrealized Appreciation/ (Depreciation) |
Value at September 30, 2020 |
Shares at September 30, 2020 |
Dividend Income |
Capital Gain Distributions |
|||||||||||||||||||||||||||
JPMorgan BetaBuilders International Equity ETF (a) |
$ | 102,762,863 | $ | 1,593,596 | $ | 3,046,139 | $ | 42,122 | $ | 4,634,925 | $ | 105,987,367 | 2,197,996 | $ | 527,785 | $ | | |||||||||||||||||||
JPMorgan BetaBuilders MSCI US REIT ETF (a) |
17,547,252 | | 3,614,487 | (632,619 | ) | 882,062 | 14,182,208 | 197,112 | 109,419 | | ||||||||||||||||||||||||||
JPMorgan Core Bond Fund Class R6 Shares (a) |
202,592,104 | 17,016,505 | 110,659,702 | 6,959,288 | (5,751,359 | ) | 110,156,836 | 8,862,175 | 1,066,912 | | ||||||||||||||||||||||||||
JPMorgan Corporate Bond Fund Class R6 Shares (a) |
48,096,651 | 5,175,490 | | | 317,144 | 53,589,285 | 4,975,793 | 339,157 | | |||||||||||||||||||||||||||
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a) |
7,809,258 | 72,651 | | | 163,235 | 8,045,144 | 1,034,080 | 72,651 | | |||||||||||||||||||||||||||
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a) |
7,730,984 | 65,358 | | | 100,428 | 7,896,770 | 1,020,255 | 65,357 | | |||||||||||||||||||||||||||
JPMorgan Equity Index Fund Class R6 Shares (a) |
139,700,544 | 16,933,952 | | | 11,156,316 | 167,790,812 | 3,284,220 | 1,035,530 | | |||||||||||||||||||||||||||
JPMorgan Floating Rate Income Fund Class R6 Shares (a) |
9,426,751 | 1,176,972 | | | 176,511 | 10,780,234 | 1,254,975 | 104,861 | | |||||||||||||||||||||||||||
JPMorgan High Yield Fund Class R6 Shares (a) |
67,798,181 | 19,224,920 | 1,446,232 | (111,250 | ) | 2,072,000 | 87,537,619 | 12,854,276 | 916,468 | | ||||||||||||||||||||||||||
JPMorgan Income Fund Class R6 Shares (a) |
14,330,864 | 1,536,678 | | | 251,837 | 16,119,379 | 1,750,204 | 192,946 | | |||||||||||||||||||||||||||
JPMorgan Inflation Managed Bond Fund Class R6 Shares (a) |
62,178,274 | 7,559,886 | | | 861,781 | 70,599,941 | 6,679,275 | 441,214 | | |||||||||||||||||||||||||||
JPMorgan Managed Income Fund Class L Shares (a) |
811,532 | 9,588,246 | | | (6 | ) | 10,399,772 | 1,034,803 | 20,154 | | ||||||||||||||||||||||||||
JPMorgan Short Duration Core Plus Fund Class R6 Shares (a) |
134,308,755 | 18,653,108 | | | 1,076,437 | 154,038,300 | 15,750,337 | 769,010 | | |||||||||||||||||||||||||||
JPMorgan U.S. Aggregate Bond ETF (a) |
18,643,326 | 2,890,314 | | | (28,239 | ) | 21,505,401 | 769,424 | 81,584 | | ||||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.06% (a) (b) |
45,431,750 | 227,579,472 | 177,993,007 | | | 95,018,215 | 95,018,215 | 10,647 | | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Total |
$ | 879,169,089 | $ | 329,067,148 | $ | 296,759,567 | $ | 6,257,541 | $ | 15,913,072 | $ | 933,647,283 | $ | 5,753,695 | $ | | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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, 2020. |