0001752724-24-127584.txt : 20240530 0001752724-24-127584.hdr.sgml : 20240530 20240530093432 ACCESSION NUMBER: 0001752724-24-127584 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20240331 FILED AS OF DATE: 20240530 DATE AS OF CHANGE: 20240530 PERIOD START: 20240630 FILER: COMPANY DATA: COMPANY CONFORMED NAME: JPMorgan Trust I CENTRAL INDEX KEY: 0001217286 ORGANIZATION NAME: IRS NUMBER: 331043149 STATE OF INCORPORATION: DE FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-21295 FILM NUMBER: 241001563 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 S000011875 JPMorgan SmartRetirement 2030 Fund C000032449 Class A JSMAX C000032450 Class C JSMCX C000032451 Class I JSMSX C000032452 Class R5 JSMIX C000070631 Class R2 JSMZX C000148428 Class R6 JSMYX C000169485 Class R3 JSMNX C000169486 Class R4 JSMQX NPORT-P 1 primary_doc.xml NPORT-P false 0001217286 XXXXXXXX S000011875 C000148428 C000032451 C000032449 C000169486 C000169485 C000032452 C000032450 C000070631 JPMorgan Trust I 811-21295 0001217286 549300DM5WZMCZZ70R78 277 Park Avenue New York 10172 800-480-4111 JPMorgan SmartRetirement 2030 Fund S000011875 549300EZCMXW7K0N0I07 2024-06-30 2024-03-31 N 4252375959.66 739723.13 4251636236.53 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 199610.98000000 N 34.47% 1TRUSD0, 30.81% SP500GRUSD0, 14.57% EAFERNRUSD0, 5.38% EMGLRNRUSD0, 4.59% 5273TRUSD0, 4.06% SP400GRUSD0, 2.23% RU2000GRUSD0, 1.5% 63TRUSD0, 1.24% EMBIGDTRUSD0, 1.15% RMZGRUSD0 IBXUSD006817 JPMorgan Small Cap Value Fund 549300V4YKXS0HHDUK18 JPMorgan Small Cap Value Fund, Class R6 4812C0225 1131923.64100000 NS USD 32214546.82000000 0.757697625756 Long RF US N 1 N N N JPMorgan Realty Income ETF 549300R863426H3TN061 JPMorgan Realty Income ETF 46641Q126 829867.00000000 NS USD 36389667.95000000 0.855897963173 Long RF US N 1 N N N JPMorgan BetaBuilders U.S. Mid Cap Equity ETF 549300S2VYDS8QJGW220 JPMorgan BetaBuilders U.S. Mid Cap Equity ETF 46641Q340 1926042.00000000 NS USD 178062582.90000000 4.188095429474 Long RF US N 1 N N N JPMorgan Emerging Markets Debt Fund 8KLDAXM5A9FOP50PQD10 JPMorgan Emerging Markets Debt Fund, Class R6 48121A134 8512313.03500000 NS USD 52861463.95000000 1.243320477321 Long RF US N 1 N N N JPMorgan International Research Enhanced Equity ETF 549300O57YNNVO2LZJ82 JPMorgan International Research Enhanced Equity ETF 46641Q134 5642051.00000000 NS USD 353305233.62000000 8.309865048764 Long RF US N 1 N N N N/A N/A MSCI Emerging Markets E-Mini Index N/A 1433.00000000 NC USD -83129.56000000 -0.00195523688 N/A DE US N 1 ICE Clear US 549300HWWR1D8OTS2G29 Long MSCI Emerging Markets E-Mini Index US55353S1050 2024-06-21 75146520.00000000 USD -83129.56000000 N N N United States of America 254900HROIFWPRGM1V77 U.S. Treasury Notes 91282CGG0 3662100.00000000 PA USD 3632297.76000000 0.085432938236 Long DBT UST US N 2 2025-01-31 Fixed 4.12500000 N N N N N N JPMorgan Global Select Equity ETF 5493000IA63JXH4YO068 JPMorgan Global Select Equity ETF 46654Q740 4327868.00000000 NS USD 248462901.88000000 5.843936029738 Long RF US N 1 N N N JPMorgan ActiveBuilders Emerging Markets Equity ETF 549300YT4VMRJKDB1P44 JPMorgan ActiveBuilders Emerging Markets Equity ETF 46641Q266 1958017.00000000 NS USD 71761323.05000000 1.687851901191 Long RF US N 1 N N N JPMorgan Core Plus Bond Fund JW89OQCNJOLWVS3KT374 JPMorgan Core Plus Bond Fund, Class R6 4812C0134 50578826.69100000 NS USD 362650187.37000000 8.529661692458 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 4357557.97800000 NS USD 69110869.53000000 1.625512289508 Long RF US N 1 N N N JPMorgan Small Cap Equity Fund 549300RO68EY7ZS30I29 JPMorgan Small Cap Equity Fund, Class R6 48127B862 569154.65700000 NS USD 32561337.93000000 0.765854276295 Long RF US N 1 N N N JPMorgan High Yield Fund 15QB5UY3VV3GNSMNPX63 JPMorgan High Yield Fund, Class R6 4812C0126 24215681.35200000 NS USD 155706831.09000000 3.662280177033 Long RF US N 1 N N N JPMorgan International Equity Fund HQ7PRYSQNFVGDT1BSL78 JPMorgan International Equity Fund, Class R6 48121L882 9645480.90600000 NS USD 193584801.78000000 4.553183551234 Long RF US N 1 N N N JPMorgan Inflation Managed Bond ETF 5493005532K2IEO31Z97 JPMorgan Inflation Managed Bond ETF 46654Q104 1357622.00000000 NS USD 63618166.92000000 1.496321965962 Long RF US N 1 N N N JPMorgan U.S. Government Money Market Fund 8I5DZWZKVSZI1NUHU748 JPMorgan U.S. Government Money Market Fund, Class IM 4812C2270 67604645.24000000 NS USD 67604645.24000000 1.590085357235 Long STIV RF US N 1 N N N JPMorgan U.S. Research Enhanced Equity Fund 549300VOOZNRR4HQN096 JPMorgan U.S. Research Enhanced Equity Fund, Class R6 4812A1837 14153548.99800000 NS USD 578314012.06000000 13.60215173375 Long RF US N 1 N N N JPMorgan Small Cap Growth Fund 549300O2OV2J830JXI18 JPMorgan Small Cap Growth Fund, Class R6 48121L825 1415953.32500000 NS USD 31462482.88000000 0.740008813775 Long RF US N 1 N N N JPMorgan BetaBuilders USD High Yield Corporate Bond ETF 549300UUJZT2ZWE64W88 JPMorgan BetaBuilders USD High Yield Corporate Bond ETF 46641Q878 819534.00000000 NS USD 37854275.46000000 0.890346053944 Long RF US N 1 N N N JPMorgan Emerging Markets Equity Fund YGO3SVACG8PL3FXK2G86 JPMorgan Emerging Markets Equity Fund, Class R6 48121L122 458374.81400000 NS USD 13952929.34000000 0.328177872323 Long RF US N 1 N N N JPMorgan U.S. Equity Fund 549300O4STN5CE50YK08 JPMorgan U.S. Equity Fund, Class R6 48121L817 23926556.27800000 NS USD 568016446.04000000 13.35994930985 Long RF US N 1 N N N JPMorgan Core Bond Fund DQ695W4P67V7A4LC6I09 JPMorgan Core Bond Fund, Class R6 4812C0100 106800706.06300000 NS USD 1088299194.78000000 25.59718504206 Long RF US N 1 N N N JPMorgan BetaBuilders MSCI US REIT ETF 549300UDD0DL9T2E4I67 JPMorgan BetaBuilders MSCI US REIT ETF 46641Q738 138297.00000000 NS USD 12236518.56000000 0.287807278874 Long RF US N 1 N N N 2024-04-30 JPMorgan Trust I Timothy J. Clemens Timothy J. Clemens Treasurer and Principal Financial Officer XXXX NPORT-EX 2 JPMSR2030.htm PART F EDGAR HTML
JPMorgan SmartRetirement® 2030 Fund
Schedule of Portfolio Investments as of March 31, 2024
(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., 2024.
JPMorgan SmartRetirement® 2030 Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2024 (Unaudited)
 
INVESTMENTS
SHARES
(000)
VALUE
($000)
Investment Companies — 75.1%
Fixed Income — 39.5%
JPMorgan Core Bond Fund Class R6 Shares (a)
107,914
1,099,641
JPMorgan Core Plus Bond Fund Class R6 Shares (a)
51,056
366,070
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)
8,512
52,861
JPMorgan High Yield Fund Class R6 Shares (a)
24,215
155,707
Total Fixed Income
 
1,674,279
International Equity — 6.4%
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a)
458
13,953
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)
4,358
69,111
JPMorgan International Equity Fund Class R6 Shares (a)
9,468
190,034
Total International Equity
 
273,098
U.S. Equity — 29.2%
JPMorgan Small Cap Equity Fund Class R6 Shares (a)
569
32,561
JPMorgan Small Cap Growth Fund Class R6 Shares * (a)
1,416
31,463
JPMorgan Small Cap Value Fund Class R6 Shares (a)
1,132
32,203
JPMorgan U.S. Equity Fund Class R6 Shares (a)
24,016
570,132
JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a)
13,923
568,887
Total U.S. Equity
 
1,235,246
Total Investment Companies
(Cost $2,769,903)
 
3,182,623
Exchange-Traded Funds — 23.4%
Alternative Assets — 1.1%
JPMorgan BetaBuilders MSCI US REIT ETF (a)
138
12,236
JPMorgan Realty Income ETF (a)
830
36,390
Total Alternative Assets
 
48,626
Fixed Income — 2.4%
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF (a)
819
37,854
JPMorgan Inflation Managed Bond ETF (a)
1,358
63,618
Total Fixed Income
 
101,472
International Equity — 10.0%
JPMorgan ActiveBuilders Emerging Markets Equity ETF (a)
1,958
71,762
JPMorgan International Research Enhanced Equity ETF (a)
5,642
353,305
Total International Equity
 
425,067
International Funds — 5.8%
JPMorgan Global Select Equity ETF (a)
4,271
245,168
U.S. Equity — 4.1%
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (a)
1,863
172,208
Total Exchange-Traded Funds
(Cost $838,529)
 
992,541
 
PRINCIPAL
AMOUNT
($000)
 
U.S. Treasury Obligations — 0.1%
U.S. Treasury Notes
4.13%, 1/31/2025 (b) (Cost $3,637)
3,662
3,632
JPMorgan SmartRetirement® 2030 Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2024 (Unaudited) (continued)
 INVESTMENTS
SHARES
(000)
VALUE
($000)
Short-Term Investments — 1.6%
Investment Companies — 1.6%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (a) (c)
(Cost $67,605)
67,605
67,605
Total Investments — 100.2%
(Cost $3,679,674)
 
4,246,401
Liabilities in Excess of Other Assets — (0.2)%
 
(8,053
)
NET ASSETS — 100.0%
 
4,238,348
 
Percentages indicated are based on net assets.
 
Abbreviations
 
ETF
Exchange Traded Fund
REIT
Real Estate Investment Trust
USD
United States Dollar
 
*
Non-income producing 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 March 31, 2024.
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, 2024 (amounts in thousands, except number of contracts):
 
DESCRIPTION
NUMBER OF
CONTRACTS
EXPIRATION DATE
TRADING CURRENCY
NOTIONAL
AMOUNT ($)
VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
Long Contracts
 
 
 
 
 
MSCI Emerging Markets E-Mini Index
1,433
06/21/2024
USD
75,147
(83
)
 
Abbreviations
 
MSCI
Morgan Stanley Capital International
USD
United States Dollar
JPMorgan SmartRetirement® 2030 Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2024 (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
$992,541
$—
$—
$992,541
Investment Companies
3,182,623
—
—
3,182,623
JPMorgan SmartRetirement® 2030 Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2024 (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
$—
$3,632
$—
$3,632
Short-Term Investments
 
 
 
 
Investment Companies
67,605
—
—
67,605
Total Investments in Securities
$4,242,769
$3,632
$—
$4,246,401
Depreciation in Other Financial Instruments
 
 
 
 
Futures Contracts
$(83
)
$—
$—
$(83
)
B. Investment Transactions with Affiliates— The Fund invested in Underlying Funds and ETFs 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, 2024
Security Description
Value at
June 30,
2023
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
March 31,
2024
Shares at
March 31,
2024
Dividend
Income
Capital Gain
Distributions
JPMorgan ActiveBuilders Emerging Markets
Equity ETF  (a)
$72,541
$8,390
$9,618
$(1,539
)
$1,988
$71,762
1,958
$2,070
$—
JPMorgan BetaBuilders MSCI US REIT ETF  (a)
13,768
282
2,497
(68
)
751
12,236
138
334
—
JPMorgan BetaBuilders U.S. Aggregate Bond
ETF  (a)
14,917
—
14,908
(142
)
133
—
—
365
—
JPMorgan BetaBuilders U.S. Mid Cap Equity
ETF  (a)
192,296
16,982
65,168
8,976
19,122
172,208
1,863
1,897
—
JPMorgan BetaBuilders USD High Yield
Corporate Bond ETF  (a)
3,808
33,383
—
—
663
37,854
819
853
—
JPMorgan Core Bond Fund Class R6 Shares
 (a)
1,125,184
185,966
209,969
(29,329
)
27,789
1,099,641
107,914
29,704
—
JPMorgan Core Plus Bond Fund Class R6
Shares  (a)
355,665
57,876
47,232
(5,602
)
5,363
366,070
51,056
11,243
—
JPMorgan Emerging Markets Debt Fund
Class R6 Shares  (a)
8,571
43,105
—
—
1,185
52,861
8,512
711
—
JPMorgan Emerging Markets Equity Fund
Class R6 Shares  (a)
40,949
666
26,761
4,267
(5,168
)
13,953
458
667
—
JPMorgan Emerging Markets Research
Enhanced Equity Fund Class R6 Shares  (a)
84,878
6,830
23,823
(10,192
)
11,418
69,111
4,358
2,498
—
JPMorgan Global Select Equity ETF  (a)
—
233,867
23,370
1,049
33,622
245,168
4,271
433
—
JPMorgan High Yield Fund Class R6 Shares
 (a)
218,281
30,139
100,385
(8,478
)
16,150
155,707
24,215
10,381
—
JPMorgan Inflation Managed Bond ETF  (a)
8,621
54,188
—
—
809
63,618
1,358
299
—
JPMorgan International Equity Fund Class R6
Shares  (a)
262,541
4,983
90,618
20,950
(7,822
)
190,034
9,468
4,983
—
JPMorgan International Research Enhanced
Equity ETF  (a)
481,113
10,875
172,796
10,651
23,462
353,305
5,642
12,470
—
JPMorgan Realty Income ETF  (a)
40,585
1,311
7,102
9
1,587
36,390
830
816
—
JPMorgan Small Cap Equity Fund Class R6
Shares  (a)
84,594
16,666
70,616
287
1,630
32,561
569
852
2,536
JPMorgan Small Cap Growth Fund Class R6
Shares  (a) *
38,558
5,260
16,698
918
3,425
31,463
1,416
—
—
JPMorgan Small Cap Value Fund Class R6
Shares  (a)
42,417
2,318
17,637
589
4,516
32,203
1,132
526
56
JPMorgan U.S. Equity Fund Class R6 Shares
 (a)
680,510
13,122
223,670
65,170
35,000
570,132
24,016
4,459
6,548
JPMorgan SmartRetirement® 2030 Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2024 (Unaudited) (continued)
(Dollar values in thousands)
 
For the period ended March 31, 2024
Security Description
Value at
June 30,
2023
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
March 31,
2024
Shares at
March 31,
2024
Dividend
Income
Capital Gain
Distributions
JPMorgan U.S. Government Money Market
Fund Class IM Shares, 5.25%  (a) (b)
$105,097
$651,249
$688,741
$—
$—
$67,605
67,605
$3,847
$—
JPMorgan U.S. Research Enhanced Equity
Fund Class R6 Shares  (a)
636,925
14,098
179,656
6,815
90,705
568,887
13,923
5,246
686
Total
$4,511,819
$1,391,556
$1,991,265
$64,331
$266,328
$4,242,769
 
$94,654
$9,826
 
 
(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, 2024.
*
Non-income producing security.