JPMorgan Trust IV

J.P. Morgan Funds

STATEMENT OF ADDITIONAL INFORMATION, PART I

November 1, 2022, as Supplemented December 2, 2022

JPMORGAN TRUST I (“JPMT I”)

Fund Name	I	R2	R3	R4	R5	R6
JPMorgan SmartRetirement® Blend Income Fund	JIJSX	JIRBX	JITLX	JITKX	JIBBX	JIYBX
JPMorgan SmartRetirement® Blend 2020 Fund	JSSRX	JIORX	JSTKX	JSTLX	JBSRX	JSYRX
JPMorgan SmartRetirement® Blend 2025 Fund	JBSSX	JBRSX	JBTUX	JBTBX	JBBSX	JBYSX
JPMorgan SmartRetirement® Blend 2030 Fund	JRBEX	JRBRX	JUTPX	JUTUX	JRBBX	JRBYX
JPMorgan SmartRetirement® Blend 2035 Fund	JPSRX	JPRRX	JPTLX	JPTKX	JPBRX	JPYRX
JPMorgan SmartRetirement® Blend 2040 Fund	JOBEX	JOBRX	JNTEX	JNTNX	JOBBX	JOBYX
JPMorgan SmartRetirement® Blend 2045 Fund	JMSSX	JNARX	JNTOX	JNTLX	JMBRX	JMYAX
JPMorgan SmartRetirement® Blend 2050 Fund	JNEAX	JNNRX	JNTKX	JNTPX	JNABX	JNYAX
JPMorgan SmartRetirement® Blend 2055 Fund	JPTBX	JTRBX	JTTUX	JTTLX	JTBBX	JTYBX
JPMorgan SmartRetirement® Blend 2060 Fund	JACSX	JATPX	JATQX	JATUX	JAABX	JAAYX

JPMORGAN TRUST IV (“JPMT IV”)

Fund Name	I	R2	R3	R4	R5	R6
JPMorgan SmartRetirement® Blend 2015 Fund (formerly, JPMorgan SmartSpendingSM 2015 Fund)	JTQDX	JTQEX	JTQFX	JTQGX	JTQHX	JTQJX
JPMorgan SmartRetirement® Blend 2065 Fund	JSBXS	JSBZX	JSBPX	JSBQX	JSMDX	JSBYX

(each a “Fund” and collectively, the “Funds”)

This Statement of Additional Information (“SAI”) is not a prospectus but contains additional information which should be read in conjunction with the prospectuses for the Funds, dated November 1, 2022, as supplemented from time to time (the “Prospectuses”). Additionally, this SAI incorporates by reference the financial statements dated June 30, 2022 included in the annual Shareholder Reports relating to the Funds (collectively, “Financial Statements”). The Prospectuses and the Financial Statements, including the Independent Registered Public Accounting Firm’s Reports, are available without charge upon request by contacting JPMorgan Distribution Services, Inc. (“JPMDS” or the “Distributor”), the Funds’ distributor, at 1111 Polaris Parkway, Columbus, Ohio 43240.

J.P. Morgan Funds Services
P.O. Box 219143
Kansas City, MO 64121-9143
1-800-480-4111

SAI-SRB-1122-2

GENERAL

The Trusts and the Funds

The Funds (other than the JPMorgan SmartRetirement Blend 2015 Fund and JPMorgan SmartRetirement Blend 2065 Fund) are series of JPMorgan Trust I (“JPMT I” or the “Trust”), an open-end, management investment company formed as a statutory trust under the laws of the State of Delaware on November 12, 2004, pursuant to a Declaration of Trust dated November 5, 2004, as subsequently amended.

The JPMorgan SmartRetirement Blend 2015 Fund and JPMorgan SmartRetirement Blend 2065 Fund are series of JPMorgan Trust IV (“JPMT IV” and, collectively with JPMT I, the “Trusts”), an open-end, management investment company formed as a statutory trust under the laws of the State of Delaware on November 11, 2015, pursuant to a Declaration of Trust dated November 11, 2015, as subsequently amended.

Share Classes

Shares in the Funds of the Trusts are generally offered in multiple classes. The following chart shows the share classes offered by each of the Funds as of the date of this SAI:

Fund	Class I	Class R2	Class R3	Class R4	Class R5	Class R6
JPMorgan SmartRetirement Blend Income Fund	X	X	X	X	X	X
JPMorgan SmartRetirement Blend 2015 Fund	X	X	X	X	X	X
JPMorgan SmartRetirement Blend 2020 Fund	X	X	X	X	X	X
JPMorgan SmartRetirement Blend 2025 Fund	X	X	X	X	X	X
JPMorgan SmartRetirement Blend 2030 Fund	X	X	X	X	X	X
JPMorgan SmartRetirement Blend 2035 Fund	X	X	X	X	X	X
JPMorgan SmartRetirement Blend 2040 Fund	X	X	X	X	X	X
JPMorgan SmartRetirement Blend 2045 Fund	X	X	X	X	X	X
JPMorgan SmartRetirement Blend 2050 Fund	X	X	X	X	X	X
JPMorgan SmartRetirement Blend 2055 Fund	X	X	X	X	X	X
JPMorgan SmartRetirement Blend 2060 Fund	X	X	X	X	X	X
JPMorgan SmartRetirement Blend 2065 Fund	X	X	X	X	X	X

The shares of the Funds are collectively referred to in this SAI as the “Shares.”

Miscellaneous

This SAI describes the financial history, investment strategies and policies, management and operation of each of the Funds in order to enable investors to select the Fund or Funds which best suit their needs.

This SAI provides additional information with respect to the Funds and should be read in conjunction with the relevant Fund’s current Prospectuses. Capitalized terms not otherwise defined herein have the meanings accorded to them in the applicable Prospectus. The Funds’ executive offices are located at 277 Park Avenue, New York, NY 10172.

This SAI is divided into two Parts – Part I and Part II. Part I of this SAI contains information that is particular to each Fund. Part II of this SAI contains information that generally applies to the Funds and other series representing separate investment funds or portfolios of JPMT I, JPMorgan Trust II (“JPMT II”), JPMorgan Trust IV (“JPMT IV”), J.P. Morgan Mutual Fund Investment Trust (“JPMMFIT”), J.P. Morgan Fleming Mutual Fund Group, Inc. (“JPMFMFG”) and Undiscovered Managers Funds (“UMF”), (each a “J.P. Morgan Fund,” and together with the Funds, the “J.P. Morgan Funds”). Throughout this SAI, JPMT I, JPMT II, JPMT IV, JPMMFIT, JPMFMFG and UMF are each referred to as a “Trust” and collectively, as the “Trusts.” Each Trust’s Board of Trustees, or Board of Directors in the case of JPMFMFG, is referred to herein as the “Board of Trustees” and each trustee or director is referred to as a “Trustee.”

The Funds are advised by J.P. Morgan Investment Management Inc. (“JPMIM”). Certain other of the J.P. Morgan Funds are sub-advised by J.P. Morgan Private Investments Inc. (“JPMPI”), or Fuller & Thaler Asset Management, Inc. (“Fuller & Thaler”). JPMIM is also referred to herein as the “Adviser.” JPMPI and Fuller & Thaler are also referred to herein as the “Sub-Adviser.”

Each SmartRetirement Blend Funds are “funds of funds” that invest their assets in a diversified group of other mutual funds and exchange-traded funds (“ETFs”) within the same group of investment companies (i.e., J.P. Morgan Funds) and will, for limited purposes, also invest in passive ETFs that are

Part I - 1

managed by unaffiliated investment advisers (unaffiliated passive ETFs) (collectively with the J.P. Morgan Funds, the underlying funds). A passive ETF is a registered investment company that seeks to track the performance of a particular market index. These indices include not only broad-based market indices but more specific indices as well, including those relating to particular sectors, markets, factors, regions or industries. In addition, the Funds may invest directly in securities and other financial instruments, including derivatives.

Investments in the Funds are not deposits or obligations of, or guaranteed or endorsed by, JPMorgan Chase Bank, N.A. (“JPMorgan Chase Bank”), an affiliate of the Adviser, or any other bank. Shares of the Funds are not federally insured or guaranteed by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other governmental agency. An investment in a Fund is subject to risk that may cause the value of the investment to fluctuate, and when the investment is redeemed, the value may be higher or lower than the amount originally invested by the investor.

The Adviser, with respect to each Fund, has filed a notice of eligibility with the National Futures Association (“NFA”) claiming an exclusion from the definition of the term Commodity Pool Operator (“CPO”) with respect to the Fund’s operations. Therefore, each Fund and the Adviser with respect to each such Fund are not subject to registration or regulation as a commodity pool or CPO under the Commodity Exchange Act, as amended. Changes to a Fund’s investment strategies or investments may cause the Fund to lose the benefits of this exclusion and may trigger additional CFTC requirements. If the Adviser or a Fund becomes subject to these requirements, as well as related NFA rules, the Fund may incur additional compliance and other expenses.

INVESTMENT POLICIES

The following investment policies have been adopted by JPMT I and JPMT IV with respect to the applicable Funds. The investment policies listed below under the heading “Fundamental Investment Policies” are “fundamental” policies which, under the Investment Company Act of 1940, as amended (the “1940 Act”), may not be changed without the vote of a majority of the outstanding voting securities of a Fund, as such term is defined in “Additional Information” in Part II of this SAI. All other investment policies of the Funds are non-fundamental, unless otherwise designated in the Prospectuses or herein, and may be changed by the Trustees of the Funds without shareholder approval.

Except for the restriction on borrowing set forth in the fundamental investment policy (3) below, the percentage limitations contained in the policies below apply at the time of purchase of the securities. If a percentage or rating restriction on investment or use of assets set forth in a fundamental investment policy or a non-fundamental investment policy or in a Prospectus is adhered to at the time of investment, later changes in percentage resulting from any cause other than actions by a Fund will not be considered a violation. With respect to fundamental investment policy (3), a Fund may borrow from any bank, provided that immediately after any such borrowing there is an asset coverage of at least 300% for all borrowings by a Fund and provided further, that in the event that such asset coverage shall at any time fall below 300%, a Fund shall, within three days (not including Sundays and holidays) thereafter or such longer period as the Securities and Exchange Commission (“SEC”) may prescribe by rules and regulations, reduce the amount of its borrowings to such an extent that the asset coverage of such borrowing shall be at least 300%. A Fund may also borrow money or engage in economically similar transactions if those transactions do not constitute “senior securities” under the 1940 Act. Under current pronouncements, certain Fund positions (e.g., reverse repurchase agreements) are excluded from the definition of “senior security” so long as a Fund maintains adequate coverage, through segregation of assets or otherwise. Similarly, a short sale will not be considered a senior security if a Fund takes certain steps contemplated by SEC staff pronouncements, such as ensuring the short sale transaction is adequately covered. If the value of a Fund’s holdings of illiquid securities at any time exceeds the percentage limitation applicable at the time of acquisition due to subsequent fluctuations in value or other reasons, a Fund’s Adviser will consider what actions, if any, are appropriate to maintain adequate liquidity.

For purposes of fundamental investment policies regarding industry concentration, “to concentrate” generally means to invest more than 25% of a Fund’s total assets, taken at market value at the time of investment. These fundamental investment policies regarding industry concentration do not apply to securities issued by other investment companies, securities issued or guaranteed by the U.S. government, any state or territory of the U.S., its agencies, instrumentalities, or political subdivisions, or repurchase agreements secured thereby. For the purposes of the fundamental investment policy regarding industry concentration, the Fund currently utilizes any one or more of the industry and/or sub-industry classifications used by one or more widely recognized market indexes or rating group indexes, and/or as

Part I - 2

defined by the Adviser. The Adviser may classify and re-classify companies in a particular industry or sub-industry and define and re-define industries and sub-industries in any reasonable manner, consistent with SEC guidance. Accordingly, the composition of an industry or group of industries may change from time to time. The policy will be interpreted to give broad authority to the Adviser as to how to classify issuers. For purposes of fundamental investment policies regarding industry concentration, “group of industries” means a group of related industries, as determined in good faith by the Adviser or Sub-Adviser, as the case may be, based on published classifications or other sources.

Fundamental Investment Policies

(1) (a) The JPMorgan SmartRetirement Blend Income Fund, the JPMorgan SmartRetirement Blend 2020 Fund, JPMorgan SmartRetirement Blend 2025 Fund, JPMorgan SmartRetirement Blend 2030 Fund, JPMorgan SmartRetirement Blend 2035 Fund, JPMorgan SmartRetirement Blend 2040 Fund, JPMorgan SmartRetirement Blend 2045 Fund, JPMorgan SmartRetirement Blend 2050 Fund, JPMorgan SmartRetirement Blend 2055 Fund, JPMorgan SmartRetirement Blend 2060 Fund and JPMorgan SmartRetirement Blend 2065 Fund may not underwrite the securities of other issuers except to the extent that the Fund, in disposing of portfolio securities, may be deemed an underwriter under certain securities laws;

(b) The JPMorgan SmartRetirement Blend 2015 Fund may not underwrite the securities of other issuers, except to the extent that the Fund may be deemed an underwriter under certain securities laws in the disposition of “restricted securities”;

(2) (a) The JPMorgan SmartRetirement Blend Income Fund, the JPMorgan SmartRetirement Blend 2020 Fund, JPMorgan SmartRetirement Blend 2025 Fund, JPMorgan SmartRetirement Blend 2030 Fund, JPMorgan SmartRetirement Blend 2035 Fund, JPMorgan SmartRetirement Blend 2040 Fund, JPMorgan SmartRetirement Blend 2045 Fund, JPMorgan SmartRetirement Blend 2050 Fund, JPMorgan SmartRetirement Blend 2055 Fund, JPMorgan SmartRetirement Blend 2060 Fund and JPMorgan SmartRetirement Blend 2065 Fund may not purchase or sell commodities or commodity contracts except as may be permitted by the 1940 Act or unless acquired as a result of ownership of securities or other instruments issued by persons that purchase or sell commodities or commodities contracts; but this shall not prevent the Fund from purchasing, selling and entering into financial futures contracts (including futures contracts on indices of securities, interest rates and currencies), options on financial futures contracts (including futures contracts on indices of securities, interest rates and currencies), warrants, swaps, forward contracts, foreign currency spot and forward contracts or other derivative instruments including derivatives related to physical commodities;

(b) The JPMorgan SmartRetirement Blend 2015 Fund may purchase and sell commodities to the maximum extent permitted by law;

(3) The Funds may not borrow money, except to the extent permitted by applicable law;

(4) The Funds may make loans to other persons in accordance with the Fund’s investment objective and policies and to the extent permitted by applicable law;

(5)

The Funds may not make any investment inconsistent with its classification as a diversified company under the 1940 Act, or the rules or regulations thereunder, as such statute, rules or regulations may be amended from time to time;

(6) The Funds may not purchase the security which would cause the Fund to concentrate its investments in the securities of issuers primarily engaged in any particular industry or group of industries;

(7) The Funds may not issue senior securities, except permitted under the 1940 Act or any rule, order or interpretation thereunder; and

(8) The Funds may not invest directly in real estate unless it is acquired as a result of ownership of securities or other instruments. This restriction shall not prevent a Fund from investing in securities or other instruments (a) issued by companies that invest, deal or otherwise engage in transactions in real estate, or (b) backed or secured by real estate or interests in real estate.

Non-Fundamental Investment Policies.

The investment policies described below are non-fundamental policies of the Funds and may be changed by the Trustees of the Funds without shareholder approval. These non-fundamental investment policies provide that The JPMorgan SmartRetirement Blend Income Fund, the JPMorgan SmartRetirement Blend 2020 Fund, JPMorgan SmartRetirement Blend 2025 Fund, JPMorgan SmartRetirement Blend 2030

Part I - 3

Fund, JPMorgan SmartRetirement Blend 2035 Fund, JPMorgan SmartRetirement Blend 2040 Fund, JPMorgan SmartRetirement Blend 2045 Fund, JPMorgan SmartRetirement Blend 2050 Fund, JPMorgan SmartRetirement Blend 2055 Fund, JPMorgan SmartRetirement Blend 2060 Fund and JPMorgan SmartRetirement Blend 2065 Fund may not purchase or sell interests in oil, gas or mineral leases.

INVESTMENT PRACTICES

Investments in Underlying Funds

The Funds’ investments are concentrated in the Underlying Funds. As a result, each Fund’s net asset value is impacted by the performance and risk of the Underlying Funds. The main risks associated with the Funds’ investments in the Underlying Funds are described in the Prospectuses. The Funds’ may invest in Underlying Funds that are J.P. Morgan Funds. For a complete discussion of the investments and risks of the J.P. Morgan Funds, including risks associated with the types of securities in which a particular J.P. Morgan Fund invests, please see the Prospectuses and SAI for the applicable J.P. Morgan Fund, which may be obtained by calling 1-800-480-4111 or by visiting the Funds’ website at www.jpmorganfunds.com.

Direct Investments in Securities, Futures, and Other Instruments

Although the Funds invest in Underlying Funds, to the extent permitted by applicable law, the Funds may also invest in securities and other financial instruments, including derivatives.

The Funds have filed a notice under the Commodity Exchange Act under Regulation 4.5 and are operated by a person that has claimed an exclusion from the definition of the term “commodity pool operator” under the Commodity Exchange Act and, therefore, is not subject to registration or regulation as a pool operator under the Commodity Exchange Act. Certain other Funds may rely on no action relief issued by the CFTC.

The following is a list of some of the securities and techniques which may be utilized by the Funds. In addition, the strategies and techniques listed below may be used by the Underlying Funds even if the Funds do not utilize such securities and techniques directly.

For a more complete discussion, see the “Investment Strategies and Policies” section in Part II of this SAI and, with respect to Underlying Funds that are J.P. Morgan Funds, the Prospectuses and SAIs of such Underlying Funds.

FUND NAME	FUND CODE
JPMorgan SmartRetirement Blend Income Fund	1
JPMorgan SmartRetirement Blend 2015 Fund	2
JPMorgan SmartRetirement Blend 2020 Fund	3
JPMorgan SmartRetirement Blend 2025 Fund	4
JPMorgan SmartRetirement Blend 2030 Fund	5
JPMorgan SmartRetirement Blend 2035 Fund	6
JPMorgan SmartRetirement Blend 2040 Fund	7
JPMorgan SmartRetirement Blend 2045 Fund	8
JPMorgan SmartRetirement Blend 2050 Fund	9
JPMorgan SmartRetirement Blend 2055 Fund	10
JPMorgan SmartRetirement Blend 2060 Fund	11
JPMorgan SmartRetirement Blend 2065 Fund	12

Instrument	Fund Code	Part II Section Reference
Adjustable Rate Mortgage Loans (“ARMs”): Loans in a mortgage pool which provide for a fixed initial mortgage interest rate for a specified period of time, after which the rate may be subject to periodic adjustments.	1-12	Mortgage-Related Securities
Asset-Backed Securities: Securities secured by company receivables, home equity loans, truck and auto loans, leases, and credit card receivables or other securities backed by other types of receivables or other assets.	1-12	Asset-Backed Securities

Part I - 4

Instrument	Fund Code	Part II Section Reference
Auction Rate Securities: Auction rate municipal securities and auction rate preferred securities issued by closed-end investment companies.	1-12	Auction Rate Securities
Bank Obligations: Bankers’ acceptances, certificates of deposit and time deposits. Bankers’ acceptances are bills of exchange or time drafts drawn on and accepted by a commercial bank. Maturities are generally six months or less. Certificates of deposit are negotiable certificates issued by a bank for a specified period of time and earning a specified return. Time deposits are non-negotiable receipts issued by a bank in exchange for the deposit of funds.	1-12	Bank Obligations
Borrowings: A Fund may borrow for temporary purposes and/or for investment purposes. Such a practice will result in leveraging of a Fund’s assets and may cause a Fund to liquidate portfolio positions when it would not be advantageous to do so. A Fund must maintain continuous asset coverage of 300% of the amount borrowed, with the exception for borrowings not in excess of 5% of the Fund’s total assets made for temporary administrative purposes.	1-12	Miscellaneous Investment Strategies and Risks
Brady Bonds: Securities created through the exchange of existing commercial bank loans to public and private entities in certain emerging markets for new bonds in connection with debt restructurings.	1-12	Foreign Investments (including Foreign Currencies)
Call and Put Options: A call option gives the buyer the right to buy, and obligates the seller of the option to sell, a security at a specified price at a future date. A put option gives the buyer the right to sell, and obligates the seller of the option to buy a security at a specified price at a future date. A Fund will sell only covered call and secured put options.	1-12	Options and Futures Transactions
Commercial Paper: Secured and unsecured short-term promissory notes issued by corporations and other entities. Maturities generally vary from a few days to nine months.	1-12	Commercial Paper
Commodity-Linked Derivatives: Securities whose value derives from the price of a commodity, including commodity futures and commodity options.	*	Miscellaneous Investment Strategies and Risks
Commodity-Related Pooled Investment Vehicles: Ownership interests in grantor trusts and other pooled investment vehicles that hold tangible assets such as gold, silver or other commodities or invest in commodities futures. Grantor trusts are typically traded on an exchange.	1-12	Commodity-Related Pooled Investment Vehicles
Common Stock: Shares of ownership of a company.	1-12	Equity Securities, Warrants and Rights
Common Stock Warrants and Rights: Securities, typically issued with preferred stock or bonds, that give the holder the right to buy a proportionate amount of common stock at a specified price.	1-12	Equity Securities, Warrants and Rights
Convertible Securities: Bonds or preferred stock that can convert to common stock including contingent convertible securities.	1-12	Convertible Securities
Corporate Debt Securities: May include bonds and other debt securities of domestic and foreign issuers, including obligations of industrial, utility, banking and other corporate issuers.	1-12	Debt Instruments

Part I - 5

Instrument	Fund Code	Part II Section Reference
Credit Default Swaps (“CDSs”): A swap agreement between two parties pursuant to which one party pays the other a fixed periodic coupon for the specified life of the agreement. The other party makes no payment unless a credit event, relating to a predetermined reference asset, occurs. If such an event occurs, the party will then make a payment to the first party, and the swap will terminate.	1-12	Swaps and Related Swap Products
Custodial Receipts: A Fund may acquire securities in the form of custodial receipts that evidence ownership of future interest payments, principal payments or both on certain U.S. Treasury notes or bonds in connection with programs sponsored by banks and brokerage firms. These are not considered to be U.S. government securities. These notes and bonds are held in custody by a bank on behalf of the owners of the receipts.	1-12	Custodial Receipts
Demand Features: Securities that are subject to puts and standby commitments to purchase the securities at a fixed price (usually with accrued interest) within a fixed period of time following demand by a Fund.	1-12	Demand Features
Emerging Market Securities: Securities issued by issuers or governments in countries with emerging economies or securities markets which may be undergoing significant evolution or rapid development.	1-12	Foreign Investments (including Foreign Currencies)
Exchange Traded Funds (“ETFs”): Ownership interest in unit investment trusts, depositary receipts, and other pooled investment vehicles that hold a portfolio of securities or stocks designed to track the price performance and dividend yield of a particular broad-based, sector or international index. ETFs include a wide range of investments.	1-12	Investment Company Securities and Exchange Traded Funds
Exchange Traded Notes (“ETNs”): Senior, unsubordinated debt securities whose returns are linked to the performance of a particular market benchmark or strategy minus applicable fees.	1-12	Miscellaneous Investment Strategies and Risks
Foreign Currency Transactions: Strategies used to hedge against currency risks, for other risk management purposes or to increase income or gain to a Fund. These strategies may consist of use of any of the following: options on currencies, currency futures, options on such futures, forward foreign currency transactions (including non- deliverable forwards (“NDFs”)), forward rate agreements and currency swaps, caps and floors.	1-12	Foreign Investments (including Foreign Currencies)
Foreign Investments: Equity and debt securities (e.g., bonds and commercial paper) of foreign entities and obligations of foreign branches of U.S. banks and foreign banks. Foreign securities may also include American Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDRs”), European Depositary Receipts (“EDRs”) and American Depositary Securities (“ADS”).	1-12	Foreign Investments (including Foreign Currencies)
High Yield/High Risk Securities/Junk Bonds: Securities that are generally rated below investment grade by the primary rating agencies or are unrated but deemed by a Fund’s adviser to be of comparable quality.	1-12	Debt Instruments
Inflation-Linked Debt Securities: Fixed and floating rate debt securities of varying maturities issued by the U.S. government as well as securities issued by other entities such as corporations, foreign governments and foreign issuers.	1-12	Debt Instruments

Part I - 6

Instrument	Fund Code	Part II Section Reference
Initial Public Offerings (“IPOs”): A transaction in which a previously private company makes its first sale of stock to the public.	1-12	Equity Securities, Warrants and Rights
Interfund Lending: Involves lending money and borrowing money for temporary purposes through a credit facility.	1-12	Miscellaneous Investment Strategies and Risks
Inverse Floating Rate Instruments: Leveraged variable debt instruments with interest rates that reset in the opposite direction from the market rate of interest to which the inverse floater is indexed.	1-12	Inverse Floaters and Interest Rate Caps
Investment Company Securities: Shares of other investment companies, including money market funds for which the adviser and/or its affiliates serve as investment adviser or administrator. The adviser will waive certain fees when investing in funds for which it serves as investment adviser, to the extent required by law or by contract.	1-12	Investment Company Securities and Exchange Traded Funds
Loan Assignments and Participations: Assignments of, or participations in, all or a portion of loans to corporations or to governments, including governments of lesser developed countries.	1-12	Loans
Master Limited Partnership: Limited partnerships that are publicly traded on a securities exchange.	1-12	Master Limited Partnerships
Mortgages (Directly Held): Debt instruments secured by real property.	1-12	Mortgage-Related Securities
Mortgage-Backed Securities: Debt obligations secured by real estate loans and pools of loans such as collateralized mortgage obligations (“CMOs”), commercial mortgage- backed securities (“CMBSs”) and other asset-backed structures.	1-12	Mortgage-Related Securities
Mortgage Dollar Rolls: A transaction in which a Fund sells securities for delivery in a current month and simultaneously contracts with the same party to repurchase similar but not identical securities on a specified future date.	1-12	Mortgage-Related Securities
Municipal Securities: Securities issued by a state or political subdivision to obtain funds for various public purposes. Municipal securities include, among others, private activity bonds and industrial development bonds, as well as general obligation notes, tax anticipation notes, bond anticipation notes, revenue anticipation notes, other short-term tax- exempt obligations, municipal leases, obligations of municipal housing authorities and single family revenue bonds.	1-12	Municipal Securities
New Financial Products: New options and futures contracts and other financial products continue to be developed and a Fund may invest in such options, contracts and products.	1-12	Miscellaneous Investment Strategies and Risks
Obligations of Supranational Agencies: Obligations which are chartered to promote economic development and are supported by various governments and governmental agencies.	1-12	Foreign Investments (including Foreign Currencies)
Options and Futures Transactions: A Fund may purchase and sell (a) exchange traded and over-the-counter put and call options on securities, indexes of securities and futures contracts on securities and indexes of securities and (b) futures contracts on securities and indexes of securities.	1-12	Options and Futures Transactions
Preferred Stock: A class of stock that generally pays a dividend at a specified rate and has preference over common stock in the payment of dividends and in liquidation.	1-12	Equity Securities, Warrants and Rights

Part I - 7

Instrument	Fund Code	Part II Section Reference
Private Placements, Restricted Securities and Other Unregistered Securities: Securities not registered under the Securities Act of 1933, such as privately placed commercial paper and Rule 144A securities.	1-12	Miscellaneous Investment Strategies and Risks
Real Estate Investment Trusts (“REITs”): Pooled investment vehicles which invest primarily in income producing real estate or real estate related loans or interest.	1-12	Real Estate Investment Trusts
Repurchase Agreements: The purchase of a security and the simultaneous commitment to return the security to the seller at an agreed upon price on an agreed upon date. This is treated as a loan.	1-12	Repurchase Agreements
Reverse Repurchase Agreements: The sale of a security and the simultaneous commitment to buy the security back at an agreed upon price on an agreed upon date. This is treated as a borrowing by a Fund.	1-12	Reverse Repurchase Agreements
Securities Issued in Connection with Reorganizations and Corporate Restructurings: In connection with reorganizing or restructuring of an issuer, an issuer may issue common stock or other securities to holders of its debt securities.	1-12	Miscellaneous Investment Strategies and Risks
Securities Lending: The lending of up to 33 1∕3% of a Fund’s total assets. In return, the Fund will receive cash, other securities, and/or letters of credit as collateral.	*	Securities Lending
Short Selling: A Fund sells a security it does not own in anticipation of a decline in the market value of the security. To complete the transaction, a Fund must borrow the security to make delivery to the buyer. A Fund is obligated to replace the security borrowed by purchasing it subsequently at the market price at the time of replacement.	*	Short Selling
Short-Term Funding Agreements: Agreements issued by banks and highly rated U.S. insurance companies such as Guaranteed Investment Contracts (“GICs”) and Bank Investment Contracts (“BICs”).	1-12	Short-Term Funding Agreements
Sovereign Obligations: Investments in debt obligations issued or guaranteed by a foreign sovereign government or its agencies, authorities or political subdivisions.	1-12	Foreign Investments (including Foreign Currencies)
Stripped Mortgage-Backed Securities: Derivative multi- class mortgage securities which are usually structured with two classes of shares that receive different proportions of the interest and principal from a pool of mortgage assets. These include Interest-Only (“IO”) and Principal-Only (“PO”) securities issued outside a Real Estate Mortgage Investment Conduit (“REMIC”) or CMO structure.	1-12	Mortgage-Related Securities
Structured Investments: A security having a return tied to an underlying index or other security or asset class. Structured investments generally are individually negotiated agreements and may be traded over-the-counter. Structured investments are organized and operated to restructure the investment characteristics of the underlying index, commodity, currency or financial instrument.	1-12	Structured Investments
Swaps and Related Swap Products: Swaps involve an exchange of obligations by two parties. Caps and floors entitle a purchaser to a principal amount from the seller of the cap or floor to the extent that a specified index exceeds or falls below a predetermined interest rate or amount. A Fund may enter into these transactions to manage its exposure to changing interest rates and other factors.	1-12	Swaps and Related Swap Products

Part I - 8

Instrument	Fund Code	Part II Section Reference
Synthetic Variable Rate Instruments: Instruments that generally involve the deposit of a long-term tax exempt bond in a custody or trust arrangement and the creation of a mechanism to adjust the long-term interest rate on the bond to a variable short-term rate and a right (subject to certain conditions) on the part of the purchaser to tender it periodically to a third party at par.	1-12	Swaps and Related Swap Products
Temporary Defensive Positions: To respond to unusual circumstances a Fund may invest in cash and cash equivalents for temporary defensive purposes.	1-12	Miscellaneous Investment Strategies and Risks
Treasury Receipts: A Fund may purchase interests in separately traded interest and principal component parts of U.S. Treasury obligations that are issued by banks or brokerage firms and that are created by depositing U.S. Treasury notes and U.S. Treasury bonds into a special account at a custodian bank. Receipts include Treasury Receipts (“TRs”), Treasury Investment Growth Receipts (“TIGRs”), and Certificates of Accrual on Treasury Securities (“CATS”).	1-12	Treasury Receipts
Trust Preferreds: Securities with characteristics of both subordinated debt and preferred stock. Trust preferreds are generally long term securities that make periodic fixed or variable interest payments.	1-12	Trust Preferred Securities
U.S. Government Agency Securities: Securities issued by agencies and instrumentalities of the U.S. government. These include all types of securities issued by the Government National Mortgage Association (“Ginnie Mae”), the Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“Freddie Mac”), including funding notes, subordinated benchmark notes, CMOs and REMICs.	1-12	Mortgage-Related Securities
U.S. Government Obligations: May include direct obligations of the U.S. Treasury, including Treasury bills, notes and bonds, all of which are backed as to principal and interest payments by the full faith and credit of the United States, and separately traded principal and interest component parts of such obligations that are transferable through the Federal book-entry system known as Separate Trading of Registered Interest and Principal of Securities (“STRIPS”) and Coupons Under Book Entry Safekeeping (“CUBES”).	1-12	U.S. Government Obligations
Variable and Floating Rate Instruments: Obligations with interest rates which are reset daily, weekly, quarterly or some other frequency and which may be payable to a Fund on demand or at the expiration of a specified term.	1-12	Debt Instruments
When-Issued Securities, Delayed Delivery Securities and Forward Commitments: Purchase or contract to purchase securities at a fixed price for delivery at a future date.	1-12	When-Issued Securities, Delayed Delivery Securities and Forward Commitments

Part I - 9

Instrument	Fund Code	Part II Section Reference
Zero-Coupon, Pay-in-Kind and Deferred Payment Securities: Zero-coupon securities are securities that are sold at a discount to par value and on which interest payments are not made during the life of the security. Pay- in-kind securities are securities that have interest payable by delivery of additional securities. Deferred payment securities are zero-coupon debt securities which convert on a specified date to interest bearing debt securities.	1-12	Debt Instruments

Although the JPMorgan SmartRetirement Blend Funds do not utilize these investments and strategies directly, such investments and strategies may be used by the Underlying Funds.

DIVERSIFICATION

JPMT I and JPMT IV are each a registered management investment company and the Funds are diversified series of JPMT I and JPMT IV, as applicable. For a more complete discussion, see the “Diversification” section in Part II of this SAI.

PORTFOLIO TURNOVER

A portfolio turnover rate is, in summary, the percentage computed by dividing the lesser of a Fund’s purchases or sales of securities (excluding short-term securities) by the average market value of the Fund. The Adviser intends to manage each Fund’s assets by buying and selling securities to help attain its investment objective. A rate of 100% indicates that the equivalent of all of a Fund’s assets have been sold and reinvested in a year. High portfolio turnover may affect the amount, timing and character of distributions, and, as a result, may increase the amount of taxes payable by shareholders. Higher portfolio turnover also results in higher transaction costs. To the extent that net short-term capital gains are realized by a Fund, any distributions resulting from such gains are considered ordinary income for federal income tax purposes. For a more complete discussion, see the “Distributions and Tax Matters” section in Part II of this SAI.

The table below sets forth the Funds' portfolio turnover rate for the two most recently completed fiscal years:

	Fiscal Year Ended June 30,
Fund	2021	2022
JPMorgan SmartRetirement Blend Income Fund	116%	54%
JPMorgan SmartRetirement Blend 2015 Fund	107%	58%
JPMorgan SmartRetirement Blend 2020 Fund	127%	56%
JPMorgan SmartRetirement Blend 2025 Fund	107%	50%
JPMorgan SmartRetirement Blend 2030 Fund	94%	49%
JPMorgan SmartRetirement Blend 2035 Fund	50%	32%
JPMorgan SmartRetirement Blend 2040 Fund	41%	30%
JPMorgan SmartRetirement Blend 2045 Fund	36%	26%
JPMorgan SmartRetirement Blend 2050 Fund	35%	30%
JPMorgan SmartRetirement Blend 2055 Fund	38%	30%
JPMorgan SmartRetirement Blend 2060 Fund	34%	21%

TRUSTEES

Effective January 1, 2022, the Boards of Trustees/Directors of JPMorgan Trust I, JPMorgan Trust II, JPMorgan Trust IV, J.P. Morgan Fleming Mutual Fund Group, Inc., J.P. Morgan Institutional Trust, J.P. Morgan Insurance Trust, J.P. Morgan Mutual Fund Investment Trust and Undiscovered Managers Funds (the “Mutual Fund Board”) were unified with the Board of Trustees of J.P. Morgan Exchange-Traded Fund Trust (the “ETF Board”). As a result, the Board members of the Mutual Fund Board became Board members of the ETF Board, and the Board members of the ETF Board became Board members of the Mutual Fund Board. The unified Board is referred to herein as the “Unified J.P. Morgan Funds Board.”

Part I - 10

Standing Committees

As of the fiscal year ended June 30, 2022, there were seven standing committees of the Board of Trustees: (i) the Audit and Valuation Committee, (ii) the Compliance Committee, (iii) the Governance Committee, (iv) the Equity Committee, (v) the ETF Committee, (vi) the Fixed Income Committee, and (vii) the Money Market and Alternative Products Committee. The following table shows how often each Committee met during the fiscal year ended June 30, 2022:

Committee	Fiscal Year Ended June 30, 2022
Audit and Valuation Committee	4
Compliance Committee	5
Governance Committee	7
Equity Committee	5
ETF Committee*	2
Fixed Income Committee	5
Money Market and Alternative Products Committee	6

Effective January 13, 2022.

For a more complete discussion, see the “Trustees” section in Part II of this SAI.

Ownership of Securities

The following table shows the dollar range of each Trustee’s beneficial ownership of equity securities in the Funds and each Trustee’s aggregate dollar range of ownership in the J.P. Morgan Funds as of December 31, 2022:

Name of Trustee	Dollar Range of Equity Securities in the JPMorgan SmartRetirement Blend Funds	Aggregate Dollar Range of Equity Securities in All Registered Investment Companies Overseen by the Trustee in Family of Investment Companies1,2
Independent Trustees
John F. Finn	None	Over $100,000
Stephen P. Fisher	None	Over $100,000
Gary L. French3	None	Over $100,000
Kathleen M. Gallagher	None	Over $100,000
Robert J. Grassi3	None	Over $100,000
Frankie D. Hughes	None	Over $100,000
Raymond Kanner	None	Over $100,000
Thomas P. Lemke3	None	Over $100,000
Lawrence R. Maffia3	None	Over $100,000
Mary E. Martinez4	Over $100,000	Over $100,000
Marilyn McCoy	None	Over $100,000
Dr. Robert A. Oden, Jr.	None	Over $100,000
Marian U. Pardo	None	Over $100,000
Emily A. Youssouf3	None	$10,001– $50,000
Interested Trustees
Robert Deutsch3	None	Over $100,000
Nina O. Shenker3	None	None

A Family of Investment Companies means any two or more registered investment companies that share the same investment adviser or principal underwriter and hold themselves out to investors as related companies for purposes of investment and investor services. The Family of Investment Companies for which the Board of Trustees currently serves includes nine registered investment companies (166 J.P. Morgan Funds).

For Mses. Gallagher and McCoy and Messrs. Finn, Fisher, Kanner and Oden, these amounts include deferred compensation balances, as of 12/31/21, through participation in the J.P. Morgan Funds’ Deferred Compensation Plan for Eligible Trustees. For a more complete discussion, see the “Trustee Compensation” section in Part II of this SAI.

Mses. Shenker and Youssouf and Messrs. Deutsch, French, Grassi, Lemke and Maffia became Trustees of the Mutual Fund Board effective 1/1/22.

Part I - 11

Ms. Martinez’s ownership of equity securities is in the SmartRetirement Blend 2035 Fund and the SmartRetirement Blend 2045 Fund.

Except as noted below, as of December 31, 2021, none of the Independent Trustees or their immediate family members owned securities of the Adviser or JPMDS or a person (other than a registered investment company) directly or indirectly controlling, controlled by or under common control with the Adviser or JPMDS. As of December 31, 2021, Mr. Finn’s spouse and a family trust unknowingly owned 93 shares of JPMorgan Chase & Co. common stock, the indirect parent of JPMIM, in discretionary accounts fully managed by investment managers under the direction of a financial adviser. As of the date of this SAI, all such shares have been sold.

Trustee Compensation

Effective January 1, 2023, the Trustees are paid an annual fee of $420,000 (with any new trustees receiving a pro rata portion of the base fee depending on when each became a trustee) and are reimbursed for expenses incurred in connection with service as a Trustee. Committee chairs who are not already receiving an additional fee are each paid $65,000 annually in addition to their base fee. In addition to the base fee, the Chair of the Board of Trustees receives $240,000 annually and is reimbursed expenses in the amount of $4,000 per month. The Chair receives no additional compensation for service as committee chair. In addition to the base fee, the Vice Chair of the Board of Trustees receives $140,000 annually. Prior to January 1, 2023, the Trustees were paid an annual fee of $395,000 (with any new trustees receiving a pro rata portion of the base fee depending on when each became a trustee) and reimbursed for expenses incurred in connection with service as a Trustee. Committee chairs who are not already receiving an additional fee were each paid $50,000 annually in addition to their base fee. In addition to the base fee, the Chair of the Board received $225,000 annually and was reimbursed expenses in the amount of $4,000 per month. The Chair received no additional compensation for service as committee chair. In addition to the base fee, the Vice Chair of the Board received $125,000 annually.

For funds that are series of the J.P. Morgan Exchange-Traded Fund Trust and which have a unitary management fee, Trustee compensation for the Funds is paid from the management fee by JPMIM. For all other funds, Trustee compensation is paid by the fund. Aggregate Trustee compensation for each Trustee by a Fund and all funds in the Fund Complex for the calendar year ended December 31, 2021, is set forth below:

Name of Trustee	JPMorgan SmartRetirement Blend Income Fund	JPMorgan SmartRetirement Blend 2015 Fund	JPMorgan SmartRetirement Blend 2020 Fund	JPMorgan SmartRetirement Blend 2025 Fund	JPMorgan SmartRetirement Blend 2030 Fund
Independent Trustees
John F. Finn	$2,554	$2,302	$2,798	$3,068	$3,179
Stephen P. Fisher	2,416	2,297	2,532	2,660	2,713
Gary L. French2	0	0	0	0	0
Kathleen M. Gallagher	2,406	2,296	2,512	2,632	2,681
Robert J. Grassi2	0	0	0	0	0
Dennis P. Harrington4	2,387	2,296	2,476	2,572	2,611
Frankie D. Hughes	2,377	2,295	2,456	2,543	2,580
Raymond Kanner	2,416	2,297	2,532	2,660	2,713
Thomas P. Lemke2	0	0	0	0	0
Lawrence R. Maffia2	0	0	0	0	0
Mary E. Martinez	2,476	2,299	2,646	2,837	2,916
Marilyn McCoy	2,377	2,295	2,456	2,543	2,580
Mitchell M. Merin7	2,377	2,295	2,456	2,543	2,580
Dr. Robert A. Oden, Jr.	2,416	2,297	2,532	2,660	2,713
Marian U. Pardo	2,416	2,297	2,532	2,660	2,713
Emily A. Youssouf2	0	0	0	0	0
Interested Trustees
Robert Deutsch2	0	0	0	0	0
Nina O. Shenker2	0	0	0	0	0

Name of Trustee	JPMorgan SmartRetirement Blend 2035 Fund	JPMorgan SmartRetirement Blend 2040 Fund	JPMorgan SmartRetirement Blend 2045 Fund	JPMorgan SmartRetirement Blend 2050 Fund	JPMorgan SmartRetirement Blend 2055 Fund
Independent Trustees
John F. Finn	$3,089	$3,012	$2,857	$2,728	$2,522
Stephen P. Fisher	2,670	2,634	2,560	2,499	2,401
Gary L. French2	0	0	0	0	0

Part I - 12

Name of Trustee	JPMorgan SmartRetirement Blend 2035 Fund	JPMorgan SmartRetirement Blend 2040 Fund	JPMorgan SmartRetirement Blend 2045 Fund	JPMorgan SmartRetirement Blend 2050 Fund	JPMorgan SmartRetirement Blend 2055 Fund
Kathleen M. Gallagher	$2,643	$2,608	$2,540	$2,484	$2,393
Robert J. Grassi2	0	0	0	0	0
Dennis P. Harrington4	2,578	2,551	2,495	2,448	2,374
Frankie D. Hughes	2,551	2,526	2,475	2,433	2,367
Raymond Kanner	2,670	2,634	2,560	2,499	2,401
Thomas P. Lemke2	0	0	0	0	0
Lawrence R. Maffia2	0	0	0	0	0
Mary E. Martinez	2,855	2,799	2,691	2,599	2,455
Marilyn McCoy	2,551	2,526	2,475	2,433	2,367
Mitchell M. Merin7	2,551	2,526	2,475	2,433	2,367
Dr. Robert A. Oden, Jr.	2,670	2,634	2,560	2,499	2,401
Marian U. Pardo	2,670	2,634	2,560	2,499	2,401
Emily A. Youssouf2	0	0	0	0	0
Interested Trustees
Robert Deutsch2	0	0	0	0	0
Nina O. Shenker2	0	0	0	0	0

Name of Trustee	JPMorgan SmartRetirement Blend 2060 Fund	Total Compensation Paid From Fund Complex1
Independent Trustees
John F. Finn	$2,356	$620,000
Stephen P. Fisher	2,322	445,000
Gary L. French2	0	157,500
Kathleen M. Gallagher	2,320	432,5003
Robert J. Grassi2	0	156,000
Dennis P. Harrington4	2,315	407,500
Frankie D. Hughes	2,313	395,000
Raymond Kanner	2,322	445,0005
Thomas P. Lemke2	0	158,000
Lawrence R. Maffia2	0	156,000
Mary E. Martinez	2,338	520,000
Marilyn McCoy	2,313	395,0006
Mitchell M. Merin7	2,313	395,000
Dr. Robert A. Oden, Jr.	2,322	445,000
Marian U. Pardo	2,322	445,000
Emily A. Youssouf2	0	156,000
Interested Trustees
Robert Deutsch2	0	150,000
Nina O. Shenker2	0	0

A Fund Complex means two or more registered investment companies that (i) hold themselves out to investors as related companies for purposes of investment and investor services or (ii) have a common investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies. The J.P. Morgan Funds Complex for which the Board of Trustees currently serves includes nine registered investment companies (166 J.P. Morgan Funds).

Ms. Youssouf and Messrs. Deutsch, French, Grassi, Lemke and Maffia became Trustees of the Mutual Fund Board effective 1/1/22 and prior to this date were memebers of the ETF Board. As a result, their total compensation for the calendar year ended 12/31/21 reflects compensation received for their service on the ETF Board. Ms. Shenker became a Trustee of the Unified J.P. Morgan Funds Board effective 1/1/22, and received no compensation from the Fund Complex for the calendar year ended 12/31/21. The compensation Ms. Shenker receives from the Funds beginning 1/1/22 will be reimbursed by JPMIM.

Includes $129,750 of Deferred Compensation.

Mr. Harrington retired as Trustee of the Mutual Fund Board, effective 7/31/21. Mr. Harrington served as a consultant to the Mutual Fund Board until 12/31/21, and, in that role, received a fee equivalent to the pro rata portion, for that period, of the annual base fee payable to Trustees of the Mutual Fund Board.

Includes $445,000 of Deferred Compensation.

Includes $395,000 of Deferred Compensation.

Mr. Merin retired as Trustee of the Trusts, effective 2/1/21. Mr. Merin served as a consultant to the Board of Trustees until 12/31/21 and, in that role, received a fee equivalent to the pro rata portion, for that period, of the annual base fee payable to Trustees of the Mutual Fund Board.

For a more complete discussion, see the “Trustee Compensation” section in Part II of this SAI.

Part I - 13

INVESTMENT ADVISER

Investment Advisory Fees

The table below sets forth the investment advisory fees paid by the following Funds to JPMIM (waived amounts are in parentheses), respectively, as applicable with respect to the fiscal years indicated (amounts in thousands):

	Fiscal Year Ended
	June 30, 2020		June 30, 2021		June 30, 2022
Fund	Paid	Waived	Paid	Waived	Paid	Waived
JPMorgan SmartRetirement Blend Income Fund	$—	$(1,197)	$—	$(1,174)	$—	$(1,036)
JPMorgan SmartRetirement Blend 2015 Fund	—	(95)	—	(55)	—	(45)
JPMorgan SmartRetirement Blend 2020 Fund	—	(2,359)	—	(2,274)	—	(1,918)
JPMorgan SmartRetirement Blend 2025 Fund	—	(3,123)	—	(3,253)	—	(3,201)
JPMorgan SmartRetirement Blend 2030 Fund	125	(3,279)	—	(3,690)	—	(3,744)
JPMorgan SmartRetirement Blend 2035 Fund	318	(2,397)	—	(3,131)	—	(3,472)
JPMorgan SmartRetirement Blend 2040 Fund	592	(1,945)	—	(2,890)	—	(3,115)
JPMorgan SmartRetirement Blend 2045 Fund	563	(1,351)	194	(2,001)	—	(2,498)
JPMorgan SmartRetirement Blend 2050 Fund	412	(1,080)	135	(1,598)	—	(1,914)
JPMorgan SmartRetirement Blend 2055 Fund	143	(648)	18	(909)	—	(1,035)
JPMorgan SmartRetirement Blend 2060 Fund	—	(145)	—	(232)	—	(335)

PORTFOLIO MANAGERS

Portfolio Managers' Other Accounts Managed*

The following table shows information regarding all of the other accounts for which advisory fees are not based on the performance of the accounts that are managed by each portfolio manager as of June 30, 2022.

	Non-Performance Based Fee Advisory Accounts
	Registered Investment Companies		Other Pooled Investment Vehicles		Other Accounts
	Number of Accounts	Total Assets ($thousands)	Number of Accounts	Total Assets ($thousands)	Number of Accounts	Total Assets ($thousands)
JPMorgan SmartRetirement Blend Income Fund
Jeffrey A. Geller	35	$77,791,243	46	$52,176,809	18	$13,643,145
Daniel Oldroyd	22	42,918,843	40	49,609,054	6	17,651,706
Silvia Trillo	23	43,131,623	40	49,609,054	4	1,103,594
Ove Fladberg	24	58,464,413	39	49,469,068	0	0
JPMorgan SmartRetirement Blend 2015 Fund
Daniel Oldroyd	22	43,467,895	40	49,609,054	6	17,651,706
Silvia Trillo	23	43,680,675	40	49,609,054	4	1,103,594
Ove Fladberg	24	59,013,465	39	49,469,068	0	0
Jeffrey A. Geller	35	78,340,295	46	52,176,809	18	13,643,145
JPMorgan SmartRetirement Blend 2020 Fund
Jeffrey A. Geller	35	77,327,859	46	52,176,809	18	13,643,145
Daniel Oldroyd	22	42,455,459	40	49,609,054	6	17,651,706
Silvia Trillo	23	42,668,239	40	49,609,054	4	1,103,594
Ove Fladberg	24	58,001,029	39	49,469,068	0	0
JPMorgan SmartRetirement Blend 2025 Fund
Jeffrey A. Geller	35	76,530,777	46	52,176,809	18	13,643,145
Daniel Oldroyd	22	41,658,377	40	49,609,054	6	17,651,706
Silvia Trillo	23	41,871,157	40	49,609,054	4	1,103,594
Ove Fladberg	24	57,203,947	39	49,469,068	0	0

Part I - 14

	Non-Performance Based Fee Advisory Accounts
	Registered Investment Companies		Other Pooled Investment Vehicles		Other Accounts
	Number of Accounts	Total Assets ($thousands)	Number of Accounts	Total Assets ($thousands)	Number of Accounts	Total Assets ($thousands)
JPMorgan SmartRetirement Blend 2030 Fund
Jeffrey A. Geller	35	$76,173,489	46	52,176,809	18	$13,643,145
Daniel Oldroyd	22	41,301,089	40	$49,609,054	6	17,651,706
Silvia Trillo	23	41,513,869	40	49,609,054	4	1,103,594
Ove Fladberg	24	56,486,659	39	49,469,068	0	0
JPMorgan SmartRetirement Blend 2035 Fund
Jeffrey A. Geller	35	76,304,563	46	52,176,809	18	13,643,145
Daniel Oldroyd	22	41,432,162	40	49,609,054	6	17,651,706
Silvia Trillo	23	41,644,943	40	49,609,054	4	1,103,594
Ove Fladberg	24	56,977,733	39	49,469,068	0	0
JPMorgan SmartRetirement Blend 2040 Fund
Jeffrey A. Geller	35	76,546,249	46	52,176,809	18	13,643,145
Daniel Oldroyd	22	41,673,849	40	49,609,054	6	17,651,706
Silvia Trillo	23	41,886,629	40	49,609,054	4	1,103,594
Ove Fladberg	24	57,219,419	39	49,469,068	0	0
JPMorgan SmartRetirement Blend 2045 Fund
Jeffrey A. Geller	35	76,897,264	46	52,176,809	18	13,643,145
Daniel Oldroyd	22	42,024,864	40	49,609,054	6	17,651,706
Silvia Trillo	23	42,237,644	40	49,609,054	4	1,103,594
Ove Fladberg	24	57,570,434	39	49,469,068	0	0
JPMorgan SmartRetirement Blend 2050 Fund
Jeffrey A. Geller	35	77,252,442	46	52,176,809	18	13,643,145
Daniel Oldroyd	22	42,380,042	40	49,609,054	6	17,651,706
Silvia Trillo	23	42,592,822	40	49,609,054	4	1,103,594
Ove Fladberg	24	57,925,612	39	49,469,068	0	0
JPMorgan SmartRetirement Blend 2055 Fund
Jeffrey A. Geller	35	77,746,172	46	52,176,809	18	13,643,145
Daniel Oldroyd	22	42,873,772	40	49,609,054	6	17,651,706
Silvia Trillo	23	43,086,552	40	49,609,054	4	1,103,594
Ove Fladberg	24	58,419,342	39	49,469,068	0	0
JPMorgan SmartRetirement Blend 2060 Fund
Jeffrey A. Geller	35	78,128,005	46	52,176,809	18	13,643,145
Daniel Oldroyd	22	43,255,604	40	49,609,054	6	17,651,706
Silvia Trillo	23	43,468,385	40	49,609,054	4	1,103,594
Ove Fladberg	24	58,801,174	39	49,469,068	0	0
JPMorgan SmartRetirement Blend 2065 Fund
Daniel Oldroyd	23	43,494,493	40	49,609,054	6	17,651,706
Silvia Trillo	24	43,707,273	40	49,609,054	4	1,103,594
Ove Fladberg	25	59,040,063	39	49,469,068	0	0
Jeffrey A. Geller	36	78,366,894	46	52,176,809	18	13,643,145

Part I - 15

The following table shows information regarding the other accounts managed by each portfolio manager that have advisory fees wholly or partly based on performance as of June 30, 2022.

	Non-Performance Based Fee Advisory Accounts
	Registered Investment Companies		Other Pooled Investment Vehicles		Other Accounts
	Number of Accounts	Total Assets ($thousands)	Number of Accounts	Total Assets ($thousands)	Number of Accounts	Total Assets ($thousands)
JPMorgan SmartRetirement Blend Income Fund
Jeffrey A. Geller	0	$0	0	$0	1	$326,449
Daniel Oldroyd	0	0	0	0	0	0
Silvia Trillo	0	0	0	0	0	0
Ove Fladberg	0	0	0	0	0	0
JPMorgan SmartRetirement Blend 2015 Fund
Daniel Oldroyd	0	0	0	0	0	0
Silvia Trillo	0	0	0	0	0	0
Ove Fladberg	0	0	0	0	0	0
Jeffrey A. Geller	0	0	0	0	1	326,449
JPMorgan SmartRetirement Blend 2020 Fund
Jeffrey A. Geller	0	0	0	0	1	326,449
Daniel Oldroyd	0	0	0	0	0	0
Silvia Trillo	0	0	0	0	0	0
Ove Fladberg	0	0	0	0	0	0
JPMorgan SmartRetirement Blend 2025 Fund
Jeffrey A. Geller	0	0	0	0	1	326,449
Daniel Oldroyd	0	0	0	0	0	0
Silvia Trillo	0	0	0	0	0	0
Ove Fladberg	0	0	0	0	0	0
JPMorgan SmartRetirement Blend 2030 Fund
Jeffrey A. Geller	0	0	0	0	1	326,449
Daniel Oldroyd	0	0	0	0	0	0
Silvia Trillo	0	0	0	0	0	0
Ove Fladberg	0	0	0	0	0	0
JPMorgan SmartRetirement Blend 2035 Fund
Jeffrey A. Geller	0	0	0	0	1	326,449
Daniel Oldroyd	0	0	0	0	0	0
Silvia Trillo	0	0	0	0	0	0
Ove Fladberg	0	0	0	0	0	0
JPMorgan SmartRetirement Blend 2040 Fund
Jeffrey A. Geller	0	0	0	0	1	326,449
Daniel Oldroyd	0	0	0	0	0	0
Silvia Trillo	0	0	0	0	0	0
Ove Fladberg	0	0	0	0	0	0
JPMorgan SmartRetirement Blend 2045 Fund
Jeffrey A. Geller	0	0	0	0	1	326,449
Daniel Oldroyd	0	0	0	0	0	0
Silvia Trillo	0	0	0	0	0	0
Ove Fladberg	0	0	0	0	0	0
JPMorgan SmartRetirement Blend 2050 Fund
Jeffrey A. Geller	0	0	0	0	1	326,449

Part I - 16