0001752724-25-124230.txt : 20250528 0001752724-25-124230.hdr.sgml : 20250528 20250528115038 ACCESSION NUMBER: 0001752724-25-124230 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20250331 FILED AS OF DATE: 20250528 DATE AS OF CHANGE: 20250528 PERIOD START: 20250630 FILER: COMPANY DATA: COMPANY CONFORMED NAME: JPMorgan Trust I CENTRAL INDEX KEY: 0001217286 ORGANIZATION NAME: EIN: 331043149 STATE OF INCORPORATION: DE FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-21295 FILM NUMBER: 25992547 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 S000011871 JPMorgan SmartRetirement Income Fund C000032433 Class A JSRAX C000032434 Class C JSRCX C000032435 Class I JSRSX C000032436 Class R5 JSIIX C000070627 Class R2 JSIZX C000148425 Class R6 JSIYX C000169479 Class R3 JSIPX C000169480 Class R4 JSIQX NPORT-P 1 primary_doc.xml NPORT-P false 0001217286 XXXXXXXX S000011871 C000032434 C000070627 C000169480 C000032436 C000169479 C000032435 C000032433 C000148425 JPMorgan Trust I 811-21295 0001217286 549300DM5WZMCZZ70R78 277 Park Avenue New York 10172 800-480-4111 JPMorgan SmartRetirement Income Fund S000011871 549300VHPNL9AC9Z7316 2025-06-30 2025-03-31 N 1003514268.95 256700.87 1003257568.08 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 168259.24000000 N 41.6% 1TRUSD0, 21.15% SP500GRUSD0, 10% EAFERNRUSD0, 6.6% 5273TRUSD0, 5% 63TRUSD0, 5% SBMMTB3TRUSD0, 3.7% EMGLRNRUSD0, 2.8% SP400GRUSD0, 1.8% EMBIGDTRUSD0, 1.55% RU2000GRUSD0, 0.8% RMZGRUSD0 IBXUSD006819 JPMorgan Small Cap Value Fund 549300V4YKXS0HHDUK18 JPMorgan Small Cap Value Fund, Class R6 4812C0225 193798.83800000 NS USD 4949622.32000000 0.493355094193 Long RF US N 1 N N N JPMorgan Realty Income ETF 549300R863426H3TN061 JPMorgan Realty Income ETF 46641Q126 124518.00000000 NS USD 6001767.60000000 0.598227991590 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 299594.00000000 NS USD 26999411.28000000 2.691174444033 Long RF US N 1 N N N JPMorgan Emerging Markets Debt Fund 8KLDAXM5A9FOP50PQD10 JPMorgan Emerging Markets Debt Fund, Class R6 48121A134 2927992.85900000 NS USD 18153555.73000000 1.809461130180 Long RF US N 1 N N N JPMorgan International Research Enhanced Equity ETF 549300O57YNNVO2LZJ82 JPMorgan International Research Enhanced Equity ETF 46641Q134 888582.00000000 NS USD 56620445.04000000 5.643659897662 Long RF US N 1 N N N JPMorgan Global Select Equity ETF 5493000IA63JXH4YO068 JPMorgan Global Select Equity ETF 46654Q740 671284.00000000 NS USD 39565478.96000000 3.943701021435 Long RF US N 1 N N N JPMorgan ActiveBuilders Emerging Markets Equity ETF 549300YT4VMRJKDB1P44 JPMorgan ActiveBuilders Emerging Markets Equity ETF 46641Q266 449510.00000000 NS USD 17198252.60000000 1.714241003226 Long RF US N 1 N N N JPMorgan Core Plus Bond Fund JW89OQCNJOLWVS3KT374 JPMorgan Core Plus Bond Fund, Class R6 4812C0134 14738837.01200000 NS USD 106709179.97000000 10.63626962458 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 669250.30100000 NS USD 11303637.58000000 1.126693477292 Long RF US N 1 N N N JPMorgan Small Cap Equity Fund 549300RO68EY7ZS30I29 JPMorgan Small Cap Equity Fund, Class R6 48127B862 100391.39600000 NS USD 5107914.23000000 0.509132887955 Long RF US N 1 N N N JPMorgan High Yield Fund 15QB5UY3VV3GNSMNPX63 JPMorgan High Yield Fund, Class R6 4812C0126 8270670.19000000 NS USD 53428529.43000000 5.325504748720 Long RF US N 1 N N N JPMorgan International Equity Fund HQ7PRYSQNFVGDT1BSL78 JPMorgan International Equity Fund, Class R6 48121L882 1523155.26400000 NS USD 31011441.18000000 3.091074731621 Long RF US N 1 N N N JPMorgan Inflation Managed Bond ETF 5493005532K2IEO31Z97 JPMorgan Inflation Managed Bond ETF 46654Q104 1073143.00000000 NS USD 51650372.59000000 5.148266430608 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 47041485.53000000 NS USD 47041485.53000000 4.688874225990 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 2176553.15600000 NS USD 89804583.22000000 8.951298856570 Long RF US N 1 N N N JPMorgan Small Cap Growth Fund 549300O2OV2J830JXI18 JPMorgan Small Cap Growth Fund, Class R6 48121L825 241035.50400000 NS USD 4743578.72000000 0.472817636360 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 288777.00000000 NS USD 13298180.85000000 1.325500177930 Long RF US N 1 N N N JPMorgan Emerging Markets Equity Fund YGO3SVACG8PL3FXK2G86 JPMorgan Emerging Markets Equity Fund, Class R6 48121L122 240051.28200000 NS USD 7547212.31000000 0.752270658116 Long RF US N 1 N N N JPMorgan U.S. Equity Fund 549300O4STN5CE50YK08 JPMorgan U.S. Equity Fund, Class R6 48121L817 3799906.11500000 NS USD 89525788.07000000 8.923509866098 Long RF US N 1 N N N JPMorgan Core Bond Fund DQ695W4P67V7A4LC6I09 JPMorgan Core Bond Fund, Class R6 4812C0100 31062362.92900000 NS USD 320563585.43000000 31.95227184216 Long RF US N 1 N N N JPMorgan BetaBuilders MSCI US REIT ETF 549300UDD0DL9T2E4I67 JPMorgan BetaBuilders MSCI US REIT ETF 46641Q738 21033.00000000 NS USD 1977312.33000000 0.197089201508 Long RF US N 1 N N N 2025-04-30 JPMorgan Trust I Timothy J. Clemens Timothy J. Clemens Treasurer and Principal Financial Officer XXXX NPORT-EX 2 JPMSRINC.htm EDGAR HTML
JPMorgan SmartRetirement® Income Fund
Schedule of Portfolio Investments as of March 31, 2025
(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., 2025.
JPMorgan SmartRetirement® Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2025 (Unaudited)
 
INVESTMENTS
SHARES
(000)
VALUE
($000)
Investment Companies — 74.9%
Fixed Income — 50.0%
JPMorgan Core Bond Fund Class R6 Shares (a)
30,373
313,450
JPMorgan Core Plus Bond Fund Class R6 Shares (a)
14,423
104,424
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)
2,906
18,019
JPMorgan High Yield Fund Class R6 Shares (a)
10,244
66,175
Total Fixed Income
502,068
International Equity — 4.9%
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a)
235
7,391
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)
656
11,083
JPMorgan International Equity Fund Class R6 Shares (a)
1,503
30,592
Total International Equity
49,066
U.S. Equity — 20.0%
JPMorgan Small Cap Equity Fund Class R6 Shares (a)
104
5,292
JPMorgan Small Cap Growth Fund Class R6 Shares (a)
257
5,061
JPMorgan Small Cap Value Fund Class R6 Shares (a)
201
5,126
JPMorgan U.S. Equity Fund Class R6 Shares (a)
3,928
92,546
JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a)
2,242
92,493
Total U.S. Equity
200,518
Total Investment Companies
(Cost $664,058)
751,652
Exchange-Traded Funds — 20.1%
Alternative Assets — 0.8%
JPMorgan BetaBuilders MSCI US REIT ETF (a)
22
2,023
JPMorgan Realty Income ETF (a)
126
6,065
Total Alternative Assets
8,088
Fixed Income — 5.0%
JPMorgan Inflation Managed Bond ETF (a)
1,042
50,154
International Equity — 11.5%
JPMorgan ActiveBuilders Emerging Markets Equity ETF (a)
482
18,462
JPMorgan Global Select Equity ETF (a)
680
40,059
JPMorgan International Research Enhanced Equity ETF (a)
891
56,747
Total International Equity
115,268
U.S. Equity — 2.8%
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (a)
311
28,035
Total Exchange-Traded Funds
(Cost $170,641)
201,545
JPMorgan SmartRetirement® Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2025 (Unaudited) (continued)
INVESTMENTS
SHARES
(000)
VALUE
($000)
Short-Term Investments — 4.7%
Investment Companies — 4.7%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 4.31% (a) (b)
(Cost $47,041)
47,041
47,041
Total Investments — 99.7%
(Cost $881,740)
1,000,238
Other Assets in Excess of Liabilities — 0.3%
2,706
NET ASSETS — 100.0%
1,002,944
 
Percentages indicated are based on net assets.
 
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)
The rate shown is the current yield as of March 31, 2025.
Detailed information about investment portfolios of the Underlying Funds, as defined in the Notes to Financial Statements, and ETFs can be found in the financial statements 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.
JPMorgan SmartRetirement® Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2025 (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 Securities and Exchange Commission 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 Fund 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 Fund. 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.
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
Total Investments in Securities (a)
$1,000,238
$—
$—
$1,000,238
 
 
(a)
Please refer to the SOI for specifics of portfolio holdings.
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
JPMorgan SmartRetirement® Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2025 (Unaudited) (continued)
(Dollar values in thousands)
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, 2025
Security Description
Value at
June 30,
2024
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
March 31,
2025
Shares at
March 31,
2025
Dividend
Income
Capital Gain
Distributions
JPMorgan ActiveBuilders Emerging Markets
Equity ETF  (a)
$19,671
$2,305
$3,665
$94
$57
$18,462
482
$461
$—
JPMorgan BetaBuilders MSCI US REIT ETF  (a)
2,184
199
545
60
125
2,023
22
45
—
(b)
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF
 (a)
29,772
4,839
7,690
1,620
(506
)
28,035
311
295
—
JPMorgan BetaBuilders USD High Yield
Corporate Bond ETF  (a)
13,897
49
14,035
14
75
—
—
763
—
JPMorgan Core Bond Fund Class R6 Shares  (a)
332,312
11,395
37,231
(3,150
)
10,124
313,450
30,373
9,973
—
JPMorgan Core Plus Bond Fund Class R6
Shares  (a)
110,831
4,433
12,754
(1,152
)
3,066
104,424
14,423
4,007
—
JPMorgan Emerging Markets Debt Fund
Class R6 Shares  (a)
19,020
942
2,252
37
272
18,019
2,906
942
—
JPMorgan Emerging Markets Equity Fund
Class R6 Shares  (a)
7,822
590
1,049
287
(259
)
7,391
235
123
—
JPMorgan Emerging Markets Research
Enhanced Equity Fund Class R6 Shares  (a)
11,802
887
1,781
(476
)
651
11,083
656
271
—
JPMorgan Global Select Equity ETF  (a)
42,367
2,975
4,409
350
(1,224
)
40,059
680
250
547
JPMorgan High Yield Fund Class R6 Shares  (a)
56,066
16,656
7,308
113
648
66,175
10,244
3,029
—
JPMorgan Inflation Managed Bond ETF  (a)
52,882
138
4,446
(19
)
1,599
50,154
1,042
1,519
—
JPMorgan International Equity Fund Class R6
Shares  (a)
32,550
3,013
5,702
986
(255
)
30,592
1,503
1,010
—
JPMorgan International Research Enhanced
Equity ETF  (a)
60,579
6,094
11,016
479
611
56,747
891
1,733
—
JPMorgan Realty Income ETF  (a)
6,441
498
1,533
488
171
6,065
126
105
—
JPMorgan Small Cap Equity Fund Class R6
Shares  (a)
5,641
1,310
1,341
406
(724
)
5,292
104
28
439
JPMorgan Small Cap Growth Fund Class R6
Shares  (a)
5,375
1,140
1,138
393
(709
)
5,061
257
43
—
JPMorgan Small Cap Value Fund Class R6
Shares  (a)
5,344
1,291
1,252
135
(392
)
5,126
201
44
275
JPMorgan U.S. Equity Fund Class R6 Shares  (a)
96,850
15,383
15,858
4,975
(8,804
)
92,546
3,928
503
4,984
JPMorgan U.S. Government Money Market
Fund Class IM Shares, 4.31%  (a) (c)
45,236
119,243
117,438
—
—
47,041
47,041
1,661
—
JPMorgan U.S. Research Enhanced Equity Fund
Class R6 Shares  (a)
96,781
14,231
15,530
2,401
(5,390
)
92,493
2,242
774
4,583
Total
$1,053,423
$207,611
$267,973
$8,041
$(864
)
$1,000,238
$27,579
$10,828
 
 
(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)
Amount rounds to less than one thousand.
(c)
The rate shown is the current yield as of March 31, 2025.