0001752724-23-122152.txt : 20230526 0001752724-23-122152.hdr.sgml : 20230526 20230526140127 ACCESSION NUMBER: 0001752724-23-122152 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20230331 FILED AS OF DATE: 20230526 DATE AS OF CHANGE: 20230526 PERIOD START: 20230630 FILER: COMPANY DATA: COMPANY CONFORMED NAME: JPMorgan Trust I CENTRAL INDEX KEY: 0001217286 IRS NUMBER: 331043149 STATE OF INCORPORATION: DE FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-21295 FILM NUMBER: 23967030 BUSINESS ADDRESS: STREET 1: 277 PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10172 BUSINESS PHONE: 800-480-4111 MAIL ADDRESS: STREET 1: 277 PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10172 FORMER COMPANY: FORMER CONFORMED NAME: JP MORGAN MUTUAL FUND SERIES DATE OF NAME CHANGE: 20030204 0001217286 S000037370 JPMorgan SmartRetirement* Blend 2050 Fund C000115364 Class I JNEAX C000115365 Class R2 JNNRX C000115366 Class R5 JNABX C000115367 Class R6 JNYAX C000186799 Class R3 JNTKX C000186800 Class R4 JNTPX NPORT-P 1 primary_doc.xml NPORT-P false 0001217286 XXXXXXXX S000037370 C000115365 C000186800 C000186799 C000115364 C000115367 C000115366 JPMorgan Trust I 811-21295 0001217286 549300DM5WZMCZZ70R78 277 Park Avenue New York 10172 800-480-4111 JPMorgan SmartRetirement Blend 2050 Fund S000037370 549300UCB8Q238S7CG04 2023-06-30 2023-03-31 N 1308231941.18 280227.16 1307951714.02 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 349503.94000000 N 46% SP500GRUSD0, 24.9% EAFERNRUSD0, 8.95% EMGLRNRUSD0, 6.6% SP400GRUSD0, 5.65% RU2000GRUSD0, 4.8% 1TRUSD0, 1.9% RMZGRUSD0, 0.85% 5273TRUSD0, 0.35% EMBIGDTRUSD0 IBXUSD002744 N/A N/A MSCI EAFE E-Mini Index N/A -92.00000000 NC USD -319030.44000000 -0.02439160685 N/A DE US N 1 ICE Clear US 549300HWWR1D8OTS2G29 Short MSCI EAFE E-Mini Index MSDUEAFE Index 2023-06-16 -9642520.00000000 USD -319030.44000000 N N N JPMorgan BetaBuilders U.S. Mid Cap Equity ETF 549300S2VYDS8QJGW220 JPMorgan BetaBuilders U.S. Mid Cap Equity ETF 46641Q340 1111591.00000000 NS USD 83813961.40000000 6.408031772243 Long RF US N 1 N N N JPMorgan Emerging Markets Debt Fund 8KLDAXM5A9FOP50PQD10 JPMorgan Emerging Markets Debt Fund, Class R6 48121A134 747217.96100000 NS USD 4416058.15000000 0.337631588587 Long RF US N 1 N N N JPMorgan Equity Index Fund 549300FO80ME045UVK10 JPMorgan Equity Index Fund, Class R6 4812C2213 9447557.12700000 NS USD 582347421.31000000 44.52361773510 Long RF US N 1 N N N JPMorgan U.S. Aggregate Bond ETF 549300Y7I30NRICF3S33 JPMorgan U.S. Aggregate Bond ETF 46641Q241 262590.00000000 NS USD 12328600.50000000 0.942588351530 Long RF US N 1 N N N JPMorgan Core Plus Bond Fund JW89OQCNJOLWVS3KT374 JPMorgan Core Plus Bond Fund, Class R6 4812C0134 5083439.62100000 NS USD 37159943.63000000 2.841079164596 Long RF US N 1 N N N JPMorgan Emerging Markets Research Enhanced Equity Fund 549300RH6H0TG40PHS83 JPMorgan Emerging Markets Research Enhanced Equity Fund, Class R6 46645V626 7672130.53900000 NS USD 118227531.61000000 9.039135798570 Long RF US N 1 N N N N/A N/A MSCI Emerging Markets E-Mini Index N/A -444.00000000 NC USD -674521.08000000 -0.05157079368 N/A DE US N 1 ICE Clear US 549300HWWR1D8OTS2G29 Short MSCI Emerging Markets E-Mini Index US55353S1050 2023-06-16 -22102320.00000000 USD -674521.08000000 N N N N/A N/A EURO STOXX 50 Index N/A -71.00000000 NC -99225.63000000 -0.00758633739 N/A DE DE N 1 Eurex Clearing 529900LN3S50JPU47S06 Short EURO STOXX 50 Index EU0009658145 2023-06-16 -3030990.00000000 EUR -99225.63000000 N N N JPMorgan High Yield Fund 15QB5UY3VV3GNSMNPX63 JPMorgan High Yield Fund, Class R6 4812C0126 877912.22900000 NS USD 5451834.94000000 0.416822339965 Long RF US N 1 N N N N/A N/A S&P 500 E-Mini Index N/A 78.00000000 NC USD 703646.36000000 0.053797579257 N/A DE US N 1 CME Clearing House LCZ7XYGSLJUHFXXNXD88 Long S&P 500 E-Mini Index US78378X1072 2023-06-16 16129425.00000000 USD 703646.36000000 N N N JPMorgan U.S. Government Money Market Fund 8I5DZWZKVSZI1NUHU748 JPMorgan U.S. Government Money Market Fund, Class IM 4812C2270 24008144.21000000 NS USD 24008144.21000000 1.835552792404 Long STIV RF US N 1 N N N United States of America 254900HROIFWPRGM1V77 U.S. Treasury Notes 91282CDV0 3736000.00000000 PA USD 3617936.57000000 0.276610866534 Long DBT UST US N 2 2024-01-31 Fixed 0.87500000 N N N N N N JPMorgan BetaBuilders USD High Yield Corporate Bond ETF 549300UUJZT2ZWE64W88 JPMorgan BetaBuilders USD High Yield Corporate Bond ETF 46641Q878 121917.00000000 NS USD 5477730.81000000 0.418802219629 Long RF US N 1 N N N JPMorgan BetaBuilders International Equity ETF 549300BU8GZGI7U5FB20 JPMorgan BetaBuilders International Equity ETF 46641Q373 6067613.00000000 NS USD 326801636.18000000 24.98575694171 Long RF US N 1 N N N JPMorgan BetaBuilders U.S. Small Cap Equity ETF 549300LKK9I7ORHNOS29 JPMorgan BetaBuilders U.S. Small Cap Equity ETF 46641Q290 1254972.00000000 NS USD 68119880.16000000 5.208134171148 Long RF US N 1 N N N JPMorgan Core Bond Fund DQ695W4P67V7A4LC6I09 JPMorgan Core Bond Fund, Class R6 4812C0100 1194671.90700000 NS USD 12400694.39000000 0.948100320300 Long RF US N 1 N N N JPMorgan BetaBuilders MSCI US REIT ETF 549300UDD0DL9T2E4I67 JPMorgan BetaBuilders MSCI US REIT ETF 46641Q738 271642.00000000 NS USD 22516405.38000000 1.721501270929 Long RF US N 1 N N N 2023-05-01 JPMorgan Trust I Timothy J. Clemens Timothy J. Clemens Treasurer and Principal Financial Officer XXXX NPORT-EX 2 JPMSRB2050.htm FOR VALIDATION PURPOSES ONLY - [501437.JPMSRB2050]
JPMorgan SmartRetirement® Blend 2050 Fund
Schedule of Portfolio Investments as of March 31, 2023
(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., 2023.
JPMorgan SmartRetirement® Blend 2050 Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2023 (Unaudited)
 
INVESTMENTS
SHARES
(000)
VALUE
($000)
Investment Companies — 57.4%
Fixed Income — 4.6%
JPMorgan Core Bond Fund Class R6 Shares  (a)
1,283
13,318
JPMorgan Core Plus Bond Fund Class R6 Shares  (a)
5,474
40,012
JPMorgan Emerging Markets Debt Fund Class R6 Shares  (a)
820
4,846
JPMorgan High Yield Fund Class R6 Shares  (a)
950
5,901
Total Fixed Income
64,077
International Equity — 8.8%
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares  (a)
8,018
123,558
U.S. Equity — 44.0%
JPMorgan Equity Index Fund Class R6 Shares  (a)
10,002
616,505
Total Investment Companies
(Cost $701,277)
804,140
Exchange-Traded Funds — 40.3%
Alternative Assets — 1.9%
JPMorgan BetaBuilders MSCI US REIT ETF  (a)
324
26,850
Fixed Income — 1.4%
JPMorgan BetaBuilders U.S. Aggregate Bond ETF  (a)
282
13,259
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF  (a)
132
5,941
Total Fixed Income
19,200
International Equity — 24.7%
JPMorgan BetaBuilders International Equity ETF  (a)
6,418
345,657
U.S. Equity — 12.3%
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF  (a)
1,232
92,878
JPMorgan BetaBuilders U.S. Small Cap Equity ETF  (a)
1,469
79,760
Total U.S. Equity
172,638
Total Exchange-Traded Funds
(Cost $535,988)
564,345
 
PRINCIPAL
AMOUNT
($000)
U.S. Treasury Obligations — 0.3%
U.S. Treasury Notes
0.88%, 1/31/2024 (b) (Cost $3,624)
3,736
3,618
 
SHARES
(000)
Short-Term Investments — 1.7%
Investment Companies — 1.7%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 4.68% (a) (c)
(Cost $24,008)
24,008
24,008
Total Investments — 99.7%
(Cost $1,264,897)
1,396,111
Other Assets Less Liabilities — 0.3%
3,608
NET ASSETS — 100.0%
1,399,719
 
JPMorgan SmartRetirement® Blend 2050 Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2023 (Unaudited) (continued)
Percentages indicated are based on net assets.
 
Abbreviations
 
ETF
Exchange Traded Fund
REIT
Real Estate Investment Trust
USD
United States Dollar
 
(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, 2023.
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 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.
Futures contracts outstanding as of March 31, 2023 (amounts in thousands, except number of contracts):
 
DESCRIPTION
NUMBER OF
CONTRACTS
EXPIRATION DATE
TRADING CURRENCY
NOTIONAL
AMOUNT ($)
VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
Long Contracts
S&P 500 E-Mini Index
85
06/16/2023
USD
17,577
703
Short Contracts
EURO STOXX 50 Index
(76)
06/16/2023
EUR
(3,519)
(99)
MSCI EAFE E-Mini Index
(99)
06/16/2023
USD
(10,376)
(319)
MSCI Emerging Markets E-Mini Index
(485)
06/16/2023
USD
(24,143)
(675)
 
(1,093)
 
(390)
 
Abbreviations
 
EAFE
Europe, Australasia and Far East
EUR
Euro
MSCI
Morgan Stanley Capital International
USD
United States Dollar
JPMorgan SmartRetirement® Blend 2050 Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2023 (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 SEC 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 Funds 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 Funds. 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.
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
$564,345
$—
$—
$564,345
Investment Companies
804,140
—
—
804,140
JPMorgan SmartRetirement® Blend 2050 Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2023 (Unaudited) (continued)
(Dollar values in thousands)
 
 
 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
U.S. Treasury Obligations
$—
$3,618
$—
$3,618
Short-Term Investments
Investment Companies
24,008
—
—
24,008
Total Investments in Securities
$1,392,493
$3,618
$—
$1,396,111
Appreciation in Other Financial Instruments
Futures Contracts
$703
$—
$—
$703
Depreciation in Other Financial Instruments
Futures Contracts
(1,093)
—
—
(1,093)
Total Net Appreciation/ Depreciation in Other
Financial Instruments
$(390)
$—
$—
$(390)
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 purchases at cost amounts in the table below. 
 
For the period ended March 31, 2023
Security Description
Value at
June 30,
2022
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
March 31,
2023
Shares at
March 31,
2023
Dividend
Income
Capital Gain
Distributions
JPMorgan BetaBuilders International Equity
ETF  (a)
$246,534
$92,268
$29,630
$(2,382)
$38,867
$345,657
6,418
$2,625
$—
JPMorgan BetaBuilders MSCI US REIT ETF  (a)
41,183
7,723
21,533
1,164
(1,687)
26,850
324
891
—
JPMorgan BetaBuilders U.S. Aggregate Bond
ETF  (a)
10,817
2,646
—
—
(204)
13,259
282
213
—
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF
 (a)
60,280
34,647
6,096
(837)
4,884
92,878
1,232
811
—
JPMorgan BetaBuilders U.S. Small Cap Equity
ETF  (a)
51,204
29,814
4,493
(656)
3,891
79,760
1,469
635
—
JPMorgan BetaBuilders USD High Yield
Corporate Bond ETF  (a)
4,835
1,131
159
(30)
164
5,941
132
218
—
JPMorgan Core Bond Fund Class R6 Shares  (a)
10,809
2,696
—
—
(187)
13,318
1,283
264
1
JPMorgan Core Plus Bond Fund Class R6
Shares  (a)
32,389
8,165
—
—
(542)
40,012
5,474
928
—
JPMorgan Emerging Markets Debt Fund
Class R6 Shares  (a)
3,897
888
—
—
61
4,846
820
200
—
JPMorgan Emerging Markets Research
Enhanced Equity Fund Class R6 Shares  (a)
124,287
36,281
37,837
(8,040)
8,867
123,558
8,018
3,009
—
JPMorgan Equity Index Fund Class R6 Shares
 (a)
488,211
131,475
45,131
(6,283)
48,233
616,505
10,002
6,594
106
JPMorgan High Yield Fund Class R6 Shares  (a)
4,833
1,246
211
(19)
52
5,901
950
248
—
JPMorgan U.S. Government Money Market
Fund Class IM Shares, 4.68%  (a) (b)
26,791
246,524
249,307
—
—
24,008
24,008
672
—
Total
$1,106,070
$595,504
$394,397
$(17,083)
$102,399
$1,392,493
$17,308
$107
 
 
(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, 2023.