# EDGAR Filing Document

**Accession Number:** 0001217286
**File Stem:** 0002071691-26-012795
**Filing Date:** 2026-5
**Character Count:** 36488
**Document Hash:** 104b4bf0a65d7ee93e7e91767077686a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-26-012795.hdr.sgml**: 20260529

**ACCESSION NUMBER**: 0002071691-26-012795

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260529

**DATE AS OF CHANGE**: 20260529

**PERIOD START**: 20260630

**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:** 261043806

**BUSINESS ADDRESS:**
- **STREET 1:** 390 MADISON AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017
- **BUSINESS PHONE:** 800-480-4111

**MAIL ADDRESS:**
- **STREET 1:** 390 MADISON AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** JP MORGAN MUTUAL FUND SERIES
- **DATE OF NAME CHANGE:** 20030204

## Series and Classes Contracts Data

### JPMorgan SmartRetirement 2040 Fund (Series ID: S000011876)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000032453 | Class A      | SMTAX           |
| C000032454 | Class C      | SMTCX           |
| C000032455 | Class I      | SMTSX           |
| C000032456 | Class R5     | SMTIX           |
| C000070632 | Class R2     | SMTZX           |
| C000148429 | Class R6     | SMTYX           |
| C000169487 | Class R4     | SMTQX           |
| C000169488 | Class R3     | SMTPX           |

## Nport-Ex

**JPMorgan SmartRetirement® 2040 Fund**

**Schedule of Portfolio Investments as of March 31, 2026**

**(Unaudited)** 

---

| |
|:---|
| &nbsp;&nbsp; THE "UNAUDITED MUTUAL FUNDS HOLDINGS" LIST ("the <br> List") IS TO BE USED FOR REPORTING PURPOSES ONLY. IT IS <br> NOT TO BE REPRODUCED FOR USE AS ADVERTISING OR <br> SALES LITERATURE WITH THE GENERAL PUBLIC. The list is <br> submitted for the general information of the shareholders of the Fund. <br> It is not authorized for distribution to prospective investors in the Fund <br> unless preceded or accompanied by a prospectus. The list has been <br> created from the books and records of the Fund. Holdings are <br> available 60 days after the fund's fiscal quarter, using a trade date <br> accounting convention, by contacting the appropriate service center. <br> The list is subject to change without notice. The list is for <br> informational purposes only and is not intended as an offer or <br> solicitation with respect to the purchase or sale of any security.<br>|
| &nbsp;&nbsp; JPMorgan Asset Management is the marketing name for the asset <br> management business of J.P. Morgan Chase & Co.<br>|
| J.P. Morgan Distribution Services, Inc., member FINRA. |
|© J.P. Morgan Chase & Co., 2026. |

---

------

**JPMorgan SmartRetirement® 2040 Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF March 31, 2026 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **SHARES** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE** <br>**($000)**<br>|
| **Investment Companies — 71.5%** | **Investment Companies — 71.5%** | **Investment Companies — 71.5%** |
| **Fixed Income — 21.0%** | **Fixed Income — 21.0%** | **Fixed Income — 21.0%** |
| &nbsp;&nbsp;&nbsp; JPMorgan Core Bond Fund Class R6 Shares (a) | &nbsp;&nbsp;&nbsp;&nbsp; 14418 | &nbsp;&nbsp;&nbsp;&nbsp; 149226 |
| &nbsp;&nbsp;&nbsp; JPMorgan Core Plus Bond Fund Class R6 Shares (a) | &nbsp;&nbsp;&nbsp;&nbsp; 61803 | &nbsp;&nbsp;&nbsp;&nbsp; 448073 |
| &nbsp;&nbsp;&nbsp; JPMorgan Emerging Markets Debt Fund Class R6 Shares (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3367 | &nbsp;&nbsp;&nbsp;&nbsp; 21788 |
| &nbsp;&nbsp;&nbsp; JPMorgan High Yield Fund Class R6 Shares (a) | &nbsp;&nbsp;&nbsp;&nbsp; 14796 | &nbsp;&nbsp;&nbsp;&nbsp; 96024 |
| &nbsp;&nbsp;&nbsp; Total Fixed Income |  | &nbsp;&nbsp;&nbsp;&nbsp; 715111 |
| **International Equity — 9.0%** | **International Equity — 9.0%** | **International Equity — 9.0%** |
| &nbsp;&nbsp;&nbsp; JPMorgan Emerging Markets Equity Fund Class R6 Shares (a) | &nbsp;&nbsp;&nbsp;&nbsp; 559 | &nbsp;&nbsp;&nbsp;&nbsp; 24398 |
| &nbsp;&nbsp;&nbsp; JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3422 | &nbsp;&nbsp;&nbsp;&nbsp; 74869 |
| &nbsp;&nbsp;&nbsp; JPMorgan International Equity Fund Class R6 Shares (a) | &nbsp;&nbsp;&nbsp;&nbsp; 9352 | &nbsp;&nbsp;&nbsp;&nbsp; 208161 |
| &nbsp;&nbsp;&nbsp; Total International Equity |  | &nbsp;&nbsp;&nbsp;&nbsp; 307428 |
| **U.S. Equity — 41.5%** | **U.S. Equity — 41.5%** | **U.S. Equity — 41.5%** |
| &nbsp;&nbsp;&nbsp; JPMorgan Growth Advantage Fund Class R6 Shares \* (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8160 | &nbsp;&nbsp;&nbsp;&nbsp; 332361 |
| &nbsp;&nbsp;&nbsp; JPMorgan Small Cap Equity Fund Class R6 Shares (a) | &nbsp;&nbsp;&nbsp;&nbsp; 719 | &nbsp;&nbsp;&nbsp;&nbsp; 31771 |
| &nbsp;&nbsp;&nbsp; JPMorgan Small Cap Growth Fund Class R6 Shares (a) | &nbsp;&nbsp;&nbsp;&nbsp; 734 | &nbsp;&nbsp;&nbsp;&nbsp; 16375 |
| &nbsp;&nbsp;&nbsp; JPMorgan Small Cap Value Fund Class R6 Shares (a) | &nbsp;&nbsp;&nbsp;&nbsp; 544 | &nbsp;&nbsp;&nbsp;&nbsp; 16039 |
| &nbsp;&nbsp;&nbsp; JPMorgan U.S. Equity Fund Class R6 Shares (a) | &nbsp;&nbsp;&nbsp;&nbsp; 13771 | &nbsp;&nbsp;&nbsp;&nbsp; 343877 |
| &nbsp;&nbsp;&nbsp; JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a) | &nbsp;&nbsp;&nbsp;&nbsp; 7547 | &nbsp;&nbsp;&nbsp;&nbsp; 343523 |
| &nbsp;&nbsp;&nbsp; JPMorgan Value Advantage Fund Class R6 Shares (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8967 | &nbsp;&nbsp;&nbsp;&nbsp; 326047 |
| &nbsp;&nbsp;&nbsp; Total U.S. Equity |  | &nbsp;&nbsp;&nbsp;&nbsp; 1409993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investment Companies <br>(Cost $1,575,033)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 2432532 |
| **Exchange-Traded Funds — 27.0%** | **Exchange-Traded Funds — 27.0%** | **Exchange-Traded Funds — 27.0%** |
| **Alternative Assets — 1.6%** | **Alternative Assets — 1.6%** | **Alternative Assets — 1.6%** |
| &nbsp;&nbsp;&nbsp; JPMorgan BetaBuilders MSCI US REIT ETF (a) | &nbsp;&nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp;&nbsp;&nbsp; 13429 |
| &nbsp;&nbsp;&nbsp; JPMorgan Realty Income ETF (a) | &nbsp;&nbsp;&nbsp;&nbsp; 833 | &nbsp;&nbsp;&nbsp;&nbsp; 40040 |
| &nbsp;&nbsp;&nbsp; Total Alternative Assets |  | &nbsp;&nbsp;&nbsp;&nbsp; 53469 |
| **International Equity — 22.0%** | **International Equity — 22.0%** | **International Equity — 22.0%** |
| &nbsp;&nbsp;&nbsp; JPMorgan ActiveBuilders Emerging Markets Equity ETF (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1758 | &nbsp;&nbsp;&nbsp;&nbsp; 91477 |
| &nbsp;&nbsp;&nbsp; JPMorgan Global Select Equity ETF (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4126 | &nbsp;&nbsp;&nbsp;&nbsp; 269326 |
| &nbsp;&nbsp;&nbsp; JPMorgan International Research Enhanced Equity ETF (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5116 | &nbsp;&nbsp;&nbsp;&nbsp; 387467 |
| &nbsp;&nbsp;&nbsp; Total International Equity |  | &nbsp;&nbsp;&nbsp;&nbsp; 748270 |
| **U.S. Equity — 3.4%** | **U.S. Equity — 3.4%** | **U.S. Equity — 3.4%** |
| &nbsp;&nbsp;&nbsp; JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1079 | &nbsp;&nbsp;&nbsp;&nbsp; 116954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Exchange-Traded Funds <br>(Cost $655,659)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 918693 |
|  | &nbsp;&nbsp;&nbsp; **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>|  |
| **U.S. Treasury Obligations — 0.1%** | **U.S. Treasury Obligations — 0.1%** | **U.S. Treasury Obligations — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes <br>4.13%, 1/31/2027 (b) (Cost $3,853)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3837 | &nbsp;&nbsp;&nbsp;&nbsp; 3849 |

---

------

**JPMorgan SmartRetirement® 2040 Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF March 31, 2026 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | &nbsp;&nbsp;&nbsp; **SHARES** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE** <br>**($000)**<br>|
| **Short-Term Investments — 1.6%** | **Short-Term Investments — 1.6%** | **Short-Term Investments — 1.6%** |
| **Investment Companies — 1.6%** | **Investment Companies — 1.6%** | **Investment Companies — 1.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money Market Fund Class IM Shares, 3.60% (a) (c) <br>(Cost $54,602)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 54602 | &nbsp;&nbsp;&nbsp;&nbsp; 54602 |
| **Total Investments — 100.2%** <br>**(Cost $2,289,147)**<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; **3409676** |
| **Liabilities in Excess of Other Assets — (0.2)%** |  | &nbsp;&nbsp;&nbsp;&nbsp; **(7270)**<br>|
| **NET ASSETS — 100.0%** |  | &nbsp;&nbsp;&nbsp;&nbsp; **3402406** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<br>Percentages indicated are based on net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| ETF | Exchange Traded Fund |
| REIT | Real Estate Investment Trust |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* 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, 2026.

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.

**Futures contracts outstanding as of March 31, 2026 (amounts in thousands, except number of contracts):**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| MSCI ACWI Index | &nbsp;&nbsp;&nbsp;&nbsp; 172 | &nbsp;&nbsp;&nbsp;&nbsp; 06/19/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 8388 | &nbsp;&nbsp;&nbsp;&nbsp; (255)<br>|
| MSCI Emerging Markets Index | &nbsp;&nbsp;&nbsp;&nbsp; 832 | &nbsp;&nbsp;&nbsp;&nbsp; 06/19/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 60478 | &nbsp;&nbsp;&nbsp;&nbsp; (465)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (720)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| MSCI | Morgan Stanley Capital International |
| USD | United States Dollar |

---

------

**JPMorgan SmartRetirement® 2040 Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF March 31, 2026 (Unaudited) (continued)

(Dollar values in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**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 "1940 Act"), the Board is required to determine fair value for securities that do not have readily available market quotations. Pursuant to Rule 2a-5 under the 1940 Act (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.

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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp; $918693 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $918693 |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 2432532 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2432532 |

---

------

**JPMorgan SmartRetirement® 2040 Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF March 31, 2026 (Unaudited) (continued)

(Dollar values in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Level 1**<br> Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2**<br> Other significant<br> observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3**<br> Significant<br> unobservable inputs<br>| **Total** |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $3849 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $3849 |
| Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 54602 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 54602 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $3405827 | &nbsp;&nbsp;&nbsp;&nbsp; $3849 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $3409676 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $(720)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(720)<br>|

---

**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, 2026** | **For the period ended March 31, 2026** | **For the period ended March 31, 2026** | **For the period ended March 31, 2026** | **For the period ended March 31, 2026** | **For the period ended March 31, 2026** | **For the period ended March 31, 2026** | **For the period ended March 31, 2026** | **For the period ended March 31, 2026** | **For the period ended March 31, 2026** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2025** <br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**March 31,** <br>**2026**<br>| **Shares at** <br>**March 31,** <br>**2026**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan ActiveBuilders Emerging Markets <br> Equity ETF (a)<br>| $110546 | $6035 | $46456 | $10556 | $10796 | $91477 | 1758 | $3380 | $— |
| JPMorgan BetaBuilders MSCI US REIT ETF (a) | 16419 | 751 | 4380 | 220 | 419 | 13429 | 140 | 375 |  |
| &nbsp;&nbsp;&nbsp; JPMorgan BetaBuilders U.S. Mid Cap Equity ETF <br> (a)<br>| 141807 | 6014 | 46352 | 9119 | 6366 | 116954 | 1079 | 1441 |  |
| JPMorgan Core Bond Fund Class R6 Shares (a) | 177972 | 15357 | 44508 | (3762)<br>| 4167 | 149226 | 14418 | 5493 |  |
| &nbsp;&nbsp;&nbsp; JPMorgan Core Plus Bond Fund Class R6 <br> Shares (a)<br>| 533345 | 46625 | 133378 | (15841)<br>| 17322 | 448073 | 61803 | 19783 |  |
| &nbsp;&nbsp;&nbsp; JPMorgan Emerging Markets Debt Fund <br> Class R6 Shares (a)<br>| 25954 | 1840 | 6821 | 272 | 543 | 21788 | 3367 | 1241 |  |
| &nbsp;&nbsp;&nbsp; JPMorgan Emerging Markets Equity Fund <br> Class R6 Shares (a)<br>| 29788 | 2711 | 14520 | 3920 | 2499 | 24398 | 559 | 438 | 15 |
| &nbsp;&nbsp;&nbsp; JPMorgan Emerging Markets Research <br> Enhanced Equity Fund Class R6 Shares (a)<br>| 90749 | 9671 | 40126 | 9133 | 5442 | 74869 | 3422 | 3506 |  |
| JPMorgan Global Select Equity ETF (a) | 328050 | 14573 | 80345 | 15189 | (8141)<br>| 269326 | 4126 | 4083 |  |
| &nbsp;&nbsp;&nbsp; JPMorgan Growth Advantage Fund Class R6 <br> Shares (a) \*<br>| 403452 | 76821 | 110759 | 41932 | (79085)<br>| 332361 | 8160 |  | 41128 |
| JPMorgan High Yield Fund Class R6 Shares (a) | 114887 | 12567 | 30577 | (320)<br>| (533)<br>| 96024 | 14796 | 5486 |  |
| &nbsp;&nbsp;&nbsp; JPMorgan International Equity Fund Class R6 <br> Shares (a)<br>| 253108 | 35018 | 78887 | 8345 | (9423)<br>| 208161 | 9352 | 8049 | 9316 |
| &nbsp;&nbsp;&nbsp; JPMorgan International Research Enhanced <br> Equity ETF (a)<br>| 469983 | 49263 | 165807 | 37586 | (3558)<br>| 387467 | 5116 | 14642 |  |
| JPMorgan Realty Income ETF (a) | 49690 | 3181 | 13243 | 324 | 88 | 40040 | 833 | 910 |  |
| &nbsp;&nbsp;&nbsp; JPMorgan Securities Lending Money Market <br> Fund Agency SL Class Shares, 3.67% <br> (a) (b)<br>|  | 11585 | 11585 |  |  |  |  | 6 |  |
| &nbsp;&nbsp;&nbsp; JPMorgan Small Cap Equity Fund Class R6 <br> Shares (a)<br>| 26270 | 18158 | 7083 | (1103)<br>| (4471)<br>| 31771 | 719 | 162 | 4290 |
| &nbsp;&nbsp;&nbsp; JPMorgan Small Cap Growth Fund Class R6 <br> Shares (a)<br>| 25590 | 2738 | 12932 | 3752 | (2773)<br>| 16375 | 734 | 90 | 1453 |
| &nbsp;&nbsp;&nbsp; JPMorgan Small Cap Value Fund Class R6 <br> Shares (a)<br>| 25561 | 2573 | 14968 | 2328 | 545 | 16039 | 544 | 192 | 2090 |
| JPMorgan U.S. Equity Fund Class R6 Shares (a) | 420082 | 49194 | 111645 | 30338 | (44092)<br>| 343877 | 13771 | 2041 | 22090 |
| &nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money Market <br> Fund Class IM Shares, 3.60% (a) (b)<br>| 55457 | 282364 | 283219 |  |  | 54602 | 54602 | 1791 |  |

---

------

**JPMorgan SmartRetirement® 2040 Fund**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF March 31, 2026 (Unaudited) (continued)

(Dollar values in thousands)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For the period ended March 31, 2026** | **For the period ended March 31, 2026** | **For the period ended March 31, 2026** | **For the period ended March 31, 2026** | **For the period ended March 31, 2026** | **For the period ended March 31, 2026** | **For the period ended March 31, 2026** | **For the period ended March 31, 2026** | **For the period ended March 31, 2026** | **For the period ended March 31, 2026** |
| **Security Description** | **Value at**<br> **June 30,**<br> **2025** <br>| **Purchases at**<br> **Cost**<br>| **Proceeds from**<br> **Sales**<br>| **Net Realized**<br> **Gain (Loss)**<br>| **Change in**<br> **Unrealized**<br> **Appreciation/**<br> **(Depreciation)**<br>| **Value at**<br> **March 31,**<br> **2026**<br>| **Shares at**<br> **March 31,**<br> **2026**<br>| **Dividend**<br> **Income**<br>| **Capital Gain**<br> **Distributions**<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan U.S. Research Enhanced Equity Fund <br> Class R6 Shares (a)<br>| $420017 | $37555 | $117471 | $47392 | $(43970)<br>| $343523 | 7547 | $2854 | $19402 |
| &nbsp;&nbsp;&nbsp; JPMorgan Value Advantage Fund Class R6 <br> Shares (a)<br>| 402381 | 69214 | 120055 | (3028)<br>| (22465)<br>| 326047 | 8967 | 7129 | 43089 |
| **Total** | $4121108 | $753808 | $1495117 | $196352 | $(170324)<br>| $3405827 |  | $83092 | $142873 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(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, 2026.

\* Non-income producing security. 

------

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** JPMorgan Trust I

- **b. Investment Company Act file number:** 811-21295

- **c. CIK number of Registrant:** 0001217286

- **d. LEI of Registrant:** 549300DM5WZMCZZ70R78

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 390 Madison Avenue

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10017

  - **Telephone number:** 800-480-4111

**Item A.2. Information about the Series.**

- **a. Name of Series:** JPMorgan SmartRetirement 2040 Fund

- **b. EDGAR series identifier (if any):** S000011876

- **c. LEI of Series:** 549300FUD4TN9G6K7U44

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-06-30

- **b. Date as of which information is reported:** 2026-03-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $3410597255.96

**Total Liabilities:** $597228.56

**Net Assets:** $3410000027.40

**Cash Not Reported:** $466079.92

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000032453 | 2.25%                | 1.58%                | -5.43%               |
| Class ID C000070632 | 2.19%                | 1.55%                | -5.42%               |
| Class ID C000169488 | 2.25%                | 1.57%                | -5.43%               |
| Class ID C000169487 | 2.29%                | 1.58%                | -5.43%               |
| Class ID C000148429 | 2.27%                | 1.60%                | -5.42%               |
| Class ID C000032455 | 2.28%                | 1.57%                | -5.40%               |
| Class ID C000032454 | 2.19%                | 1.54%                | -5.48%               |
| Class ID C000032456 | 2.27%                | 1.60%                | -5.42%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $144576553.24            | $-73532689.38                              |
| Month 2  | $8553579.18              | $42163755.09                               |
| Month 3  | $15654087.15             | $-207774177.95                             |

**Designated Index Information**

- **Index Name:** 41.51% SP500GRUSD0, 19.7% EAFERNRUSD0, 18.38% 1TRUSD0, 7.29% EMGLRNRUSD0, 5.51% SP400GRUSD0, 3.01% RU2000GRUSD0, 2.37% 5273TRUSD0, 1.58% RMZGRUSD0, 0.65% EMBIGDTRUSD0

- **Index Identifier:** IBXUSD008750

### Schedule of Portfolio Investments

| Name                                                    | Title                                                             | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| JPMorgan Small Cap Value Fund                           | JPMorgan Small Cap Value Fund, Class R6                           | CUSIP: 4812C0225<br>LEI: 549300V4YKXS0HHDUK18 | Long             |  | RF                | US        |    533844 | NS      | $15743060.47  | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan U.S. Government Money Market Fund              | JPMorgan U.S. Government Money Market Fund, Class IM              | CUSIP: 4812C2270<br>LEI: 549300NQ5E5B7ZV4T516 | Long             | STIV             | RF                | US        |  54601738 | NS      | $54601738.39  | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Realty Income ETF                              | JPMorgan Realty Income ETF                                        | CUSIP: 46641Q126<br>LEI: 549300R863426H3TN061 | Long             |  | RF                | US        |    839478 | NS      | $40353707.46  | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan BetaBuilders U.S. Mid Cap Equity ETF           | JPMorgan BetaBuilders U.S. Mid Cap Equity ETF                     | CUSIP: 46641Q340<br>LEI: 549300S2VYDS8QJGW220 | Long             |  | RF                | US        |   1053698 | NS      | $114231400.18 | 3.35%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Emerging Markets Debt Fund                     | JPMorgan Emerging Markets Debt Fund, Class R6                     | CUSIP: 48121A134<br>LEI: 8KLDAXM5A9FOP50PQD10 | Long             |  | RF                | US        |   3500262 | NS      | $22646693.59  | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan International Research Enhanced Equity ETF     | JPMorgan International Research Enhanced Equity ETF               | CUSIP: 46641Q134<br>LEI: 549300O57YNNVO2LZJ82 | Long             |  | RF                | US        |   4925494 | NS      | $373056915.56 | 10.94%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                     | MSCI ACWI Index                                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       172 | NC      | $-255420.00   | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Global Select Equity ETF                       | JPMorgan Global Select Equity ETF                                 | CUSIP: 46654Q740<br>LEI: 5493000IA63JXH4YO068 | Long             |  | RF                | US        |   4082482 | NS      | $266463600.14 | 7.81%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan ActiveBuilders Emerging Markets Equity ETF     | JPMorgan ActiveBuilders Emerging Markets Equity ETF               | CUSIP: 46641Q266<br>LEI: 549300YT4VMRJKDB1P44 | Long             |  | RF                | US        |   1664322 | NS      | $86594673.66  | 2.54%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Core Plus Bond Fund                            | JPMorgan Core Plus Bond Fund, Class R6                            | CUSIP: 4812C0134<br>LEI: JW89OQCNJOLWVS3KT374 | Long             |  | RF                | US        |  65744387 | NS      | $476646808.37 | 13.98%            |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Emerging Markets Research Enhanced Equity Fund | JPMorgan Emerging Markets Research Enhanced Equity Fund, Class R6 | CUSIP: 46645V626<br>LEI: 549300RH6H0TG40PHS83 | Long             |  | RF                | US        |   3240543 | NS      | $70903089.79  | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Small Cap Equity Fund                          | JPMorgan Small Cap Equity Fund, Class R6                          | CUSIP: 48127B862<br>LEI: 549300RO68EY7ZS30I29 | Long             |  | RF                | US        |    704005 | NS      | $31124074.14  | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan High Yield Fund                                | JPMorgan High Yield Fund, Class R6                                | CUSIP: 4812C0126<br>LEI: 15QB5UY3VV3GNSMNPX63 | Long             |  | RF                | US        |  15849487 | NS      | $102863172.74 | 3.02%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan International Equity Fund                      | JPMorgan International Equity Fund, Class R6                      | CUSIP: 48121L882<br>LEI: HQ7PRYSQNFVGDT1BSL78 | Long             |  | RF                | US        |   9046423 | NS      | $201373385.71 | 5.91%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan U.S. Research Enhanced Equity Fund             | JPMorgan U.S. Research Enhanced Equity Fund, Class R6             | CUSIP: 4812A1837<br>LEI: 549300VOOZNRR4HQN096 | Long             |  | RF                | US        |   7509972 | NS      | $341853921.10 | 10.03%            |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Growth Advantage Fund                          | JPMorgan Growth Advantage Fund, Class R6                          | CUSIP: 46640W108<br>LEI: 549300WH8DD4YVIMGX89 | Long             |  | RF                | US        |   8080650 | NS      | $329124867.86 | 9.65%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Small Cap Growth Fund                          | JPMorgan Small Cap Growth Fund, Class R6                          | CUSIP: 48121L825<br>LEI: 549300O2OV2J830JXI18 | Long             |  | RF                | US        |    700195 | NS      | $15621357.61  | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Emerging Markets Equity Fund                   | JPMorgan Emerging Markets Equity Fund, Class R6                   | CUSIP: 48121L122<br>LEI: YGO3SVACG8PL3FXK2G86 | Long             |  | RF                | US        |    530674 | NS      | $23148016.72  | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan U.S. Equity Fund                               | JPMorgan U.S. Equity Fund, Class R6                               | CUSIP: 48121L817<br>LEI: 549300O4STN5CE50YK08 | Long             |  | RF                | US        |  13547491 | NS      | $338145376.51 | 9.92%             |  |  |  | No            |                  1 | On Loan: No      |
| United States of America                                | U.S. Treasury Notes                                               | CUSIP: 91282CMH1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3837000 | PA      | $3848840.75   | 0.11%             | 2027-01-31      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| N/A                                                     | MSCI Emerging Markets Index                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       786 | NC      | $-462837.42   | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Core Bond Fund                                 | JPMorgan Core Bond Fund, Class R6                                 | CUSIP: 4812C0100<br>LEI: DQ695W4P67V7A4LC6I09 | Long             |  | RF                | US        |  15348586 | NS      | $158857860.94 | 4.66%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan BetaBuilders MSCI US REIT ETF                  | JPMorgan BetaBuilders MSCI US REIT ETF                            | CUSIP: 46641Q738<br>LEI: 549300UDD0DL9T2E4I67 | Long             |  | RF                | US        |    140019 | NS      | $13398418.11  | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Value Advantage Fund                           | JPMorgan Value Advantage Fund, Class R6                           | CUSIP: 46641U382<br>LEI: 549300P7ZUUEK5GQXK57 | Long             |  | RF                | US        |   9011130 | NS      | $327644676.80 | 9.61%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-04-30

**Name of Applicant:** JPMorgan Trust I

**Signature:** Timothy J. Clemens

**Name of Signer:** Timothy J. Clemens

**Title:** Treasurer and Principal Financial Officer