J.P. Morgan Funds
STATEMENT OF ADDITIONAL INFORMATION
PART I
November 1, 2023
JPMORGAN TRUST I (“JPMT I”)
Fund Name
A
C
I
R2
R3
R4
R5
R6
JPMorgan SmartRetirement® Income Fund
JSRAX
JSRCX
JSRSX
JSIZX
JSIPX
JSIQX
JSIIX
JSIYX
JPMorgan SmartRetirement® 2020 Fund
JTTAX
JTTCX
JTTSX
JTTZX
JTTPX
JTTQX
JTTIX
JTTYX
JPMorgan SmartRetirement® 2025 Fund
JNSAX
JNSCX
JNSSX
JNSZX
JNSPX
JNSQX
JNSIX
JNSYX
JPMorgan SmartRetirement® 2030 Fund
JSMAX
JSMCX
JSMSX
JSMZX
JSMNX
JSMQX
JSMIX
JSMYX
JPMorgan SmartRetirement® 2035 Fund
SRJAX
SRJCX
SRJSX
SRJZX
SRJPX
SRJQX
SRJIX
SRJYX
JPMorgan SmartRetirement® 2040 Fund
SMTAX
SMTCX
SMTSX
SMTZX
SMTPX
SMTQX
SMTIX
SMTYX
JPMorgan SmartRetirement® 2045 Fund
JSAAX
JSACX
JSASX
JSAZX
JSAPX
JSAQX
JSAIX
JSAYX
JPMorgan SmartRetirement® 2050 Fund
JTSAX
JTSCX
JTSSX
JTSZX
JTSPX
JTSQX
JTSIX
JTSYX
JPMorgan SmartRetirement® 2055 Fund
JFFAX
JFFCX
JFFSX
JFFRX
JFFPX
JFFQX
JFFIX
JFFYX
JPMorgan SmartRetirement® 2060 Fund
JAKAX
JAKCX
JAKSX
JAKZX
JAKPX
JAKQX
JAKIX
JAKYX
 
JPMORGAN TRUST IV (“JPMT IV”)
Fund Name
A
C
I
R2
R3
R4
R5
R6
JPMorgan SmartRetirement® 2065 Fund
JSMEX
JSMHX
JSMJX
JSMKX
JSMPX
JSMLX
JSMMX
JSMOX
(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 2023, as supplemented from time to time (the “Prospectuses”). Additionally, this SAI incorporates by reference the audited financial statements included in the annual Shareholders Report and the unaudited financial statements included in the semi-annual Shareholder Report relating to the Funds dated June 30, 2023, (collectively “Financial Statements”). The Prospectuses and the Financial Statements, including the Independent Registered Public Accounting Firm’s Report, are available without charge upon request by contacting JPMorgan Distribution Services, Inc. (“JPMDS” or the “Distributor”), the Funds’ distributor, at 1111 Polaris Parkway, Columbus, OH 43240.
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 J.P. Morgan Funds. For more information about the Funds or the Financial Statements, simply write or call:
J.P. Morgan Funds Services
P.O. Box 219143
Kansas City, MO 64121-9143
1-800-480-4111
SAI-SR-1123

Part I

Table of Contents
1
1
1
1
2
5
5
5
11
11
12
12
12
13
15
15
15
15
18
19
20
20
20
20
20
20
20
21
22
22
24
24
25
25
25
25
25
26
26
26
26
27
27
27
27
28
PLEASE SEE PART II OF THIS SAI FOR ITS TABLE OF CONTENTS

GENERAL
The Trusts and the Funds
The Funds (with the exception of the JPMorgan SmartRetirement 2065 Fund) are series of JPMorgan Trust I (“JPMT I”), 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 2065 Fund is a series of JPMorgan Trust IV (“JPMT IV”), an open-end, management investment company formed as a statutory trust under the laws of the State of Delaware on November 11, 2015, as subsequently amended. In addition to the Funds, each Trust consists of other series representing separate investment funds (each a “JPMorgan Fund”).
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
A
Class
C
Class I
Class
R2
Class
R3
Class
R4
Class
R5
Class
R6
JPMorgan SmartRetirement Income Fund
X
X
X
X
X
X
X
X
JPMorgan SmartRetirement 2020 Fund
X
X
X
X
X
X
X
X
JPMorgan SmartRetirement 2025 Fund
X
X
X
X
X
X
X
X
JPMorgan SmartRetirement 2030 Fund
X
X
X
X
X
X
X
X
JPMorgan SmartRetirement 2035 Fund
X
X
X
X
X
X
X
X
JPMorgan SmartRetirement 2040 Fund
X
X
X
X
X
X
X
X
JPMorgan SmartRetirement 2045 Fund
X
X
X
X
X
X
X
X
JPMorgan SmartRetirement 2050 Fund
X
X
X
X
X
X
X
X
JPMorgan SmartRetirement 2055 Fund
X
X
X
X
X
X
X
X
JPMorgan SmartRetirement 2060 Fund
X
X
X
X
X
X
X
X
JPMorgan SmartRetirement 2065 Fund
X
X
X
X
X
X
X
X
The shares of the Funds are collectively referred to in this SAI as the “Shares.” This SAI applies only to Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6 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-Advisers” and, individually, as the “Sub-Adviser”.
The Funds are “funds of funds” that primarily invest in other mutual funds within the same group of investment companies. In addition to investing in mutual funds within the same group of investment companies, the Funds may invest in ETFs within the same group of investment companies (together with mutual funds within the same group of investment companies, J.P. Morgan Funds) and may, for limited purposes, also invest in passive ETFs that are managed by unaffiliated investment advisers (unaffiliated
Part I - 1

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.
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 JPMorgan SmartRetirement 2060 Fund is subject to regulation as a “commodity pool operator” as defined in the Commodity Exchange Act. The Adviser, with respect to the other Funds, 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 such 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 with respect to the 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 a Fund (including its investment objective) are non-fundamental, unless otherwise designated in the Fund’s Prospectuses or herein, and may be changed by the Trustees of the Funds without shareholder approval.
Except for the restriction on borrowings 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 and such Fund may continue to hold any securities affecting that percentage or rating policy. 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 U.S. 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 if such borrowing does not constitute “senior securities” under the 1940 Act or engage in economically similar transactions if those transactions comply with the applicable requirements of the SEC under the 1940 Act.
With respect to each Fund’s industry classifications, the Fund currently utilizes any one or more of the industry sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the Adviser. In the absence of such classification or if the Adviser determines in good faith based on its own information that the economic characteristics affecting a particular issuer make it more appropriate to be considered engaged in a different industry, the Adviser may classify an issuer accordingly. Accordingly, the composition of an industry or group of industries may change from time to time.  The policy also will be interpreted to give broad authority to the Adviser as to how to classify issuers within or among industries. The term industry will be interpreted to include a related group of industries.
Fundamental Investment Policies
1.
 
The Funds may not underwrite the securities of other issuers except to the extent that a Fund
may be deemed to be an underwriter under certain securities laws in the disposition of
“restricted securities;”
 
Part I - 2

2.
(a)
The Funds, except for the JPMorgan SmartRetirement 2060 Fund, may not purchase physical
commodities or contracts relating to physical commodities, except as permitted under the 1940
Act, or operate as a commodity pool, in each case as interpreted or modified by regulatory
authority having jurisdiction, from time to time;
 
 
(b)
The JPMorgan SmartRetirement 2060 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;
 
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 Funds’ investment
objectives and policies and to the extent permitted by applicable law;
 
5.
 
The Funds may not purchase securities of any issuer if such purchase would not be consistent
with the maintenance of the Fund’s status 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 securities of any issuer if, as a result more than 25% of a
Fund’s total assets would be invested in securities of one or more issuers whose principal
business activities are in the same industry. This policy does not apply to investments in other
registered investment companies in the same “group of investment companies” as that term is
defined in Section 12(d)(1)(G) of the 1940 Act, securities issued or guaranteed by the U.S.
government or any of its agencies or instrumentalities, or repurchase agreements secured
thereby, and futures and options transactions issued or guaranteed by the U.S. government or
any of its agencies or instrumentalities;
 
7.
 
The Funds may not issue senior securities (as defined in the 1940 Act) except with respect to
any permissible borrowings; and
 
8.
 
The Funds may not purchase or sell real estate; however, each Fund may, to the extent
consistent with its investment objective, purchase securities secured by real estate or interests
therein or securities issued by companies investing in real estate or interests therein.
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 Funds:
1.
May not purchase or sell interests in oil, gas or mineral leases.
The following investment policies have been adopted by JPMT IV with respect to the JPMorgan SmartRetirement 2065 Fund (the “Fund”). 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 the Fund, as such term is defined in “Additional Information” in Part II of this SAI. All other investment policies of the Fund (including its investment objective) are non-fundamental, unless otherwise designated in the Fund’s Prospectuses or herein, and may be changed by the Trustees of the Fund without shareholder approval.
Except for the restriction on borrowings 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
Part I - 3

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 the Fund will not be considered a violation and such Fund may continue to hold any securities affecting that percentage or rating policy. With respect to fundamental investment policy (3), the 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 the Fund and provided further, that in the event that such asset coverage shall at any time fall below 300%, the Fund shall, within three days (not including Sundays and holidays) thereafter or such longer period as the U.S. 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%. The Fund may also borrow money if such borrowing does not constitute “senior securities” under the 1940 Act or engage in economically similar transactions if those transactions comply with the applicable requirements of the SEC under the 1940 Act.
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 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.
Fundamental Investment Policies
1.
 
The Fund may not underwrite the securities of other issuers except to the extent that the Fund
may be deemed to be an underwriter under certain securities laws in the disposition of
“restricted securities;”
 
2.
 
The 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;
 
3.
 
The Fund may not borrow money, except to the extent permitted by applicable law;
 
4.
 
The Fund may make loans to other persons in accordance with the Fund’s investment
objectives and policies and to the extent permitted by applicable law;
 
5.
 
The Fund may not purchase securities of any issuer if such purchase would not be consistent
with the maintenance of the Fund’s status 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 Fund may not purchase the securities of any issuer if, as a result more than 25% of a
Fund’s total assets would be invested in securities of one or more issuers whose principal
business activities are in the same industry. This policy does not apply to investments in other
registered investment companies in the same “group of investment companies” as that term is
defined in Section 12(d)(1)(G) of the 1940 Act, securities issued or guaranteed by the U.S.
government or any of its agencies or instrumentalities, or repurchase agreements secured
thereby, and futures and options transactions issued or guaranteed by the U.S. government or
any of its agencies or instrumentalities;
 
7.
 
The Fund may not issue senior securities (as defined in the 1940 Act) except with respect to
any permissible borrowings; and
 
Part I - 4

8.
 
The Fund may not purchase or sell real estate; however, the Fund may, to the extent consistent
with its investment objective, purchase securities secured by real estate or interests therein or
securities issued by companies investing in real estate or interests therein.
Non-Fundamental Investment Policies.
The investment policies described below are non-fundamental policies of the Fund and may be changed by the Trustees of the Fund without shareholder approval. These non-fundamental investment policies provide that the Fund:
1.
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 (“NAV”) 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 the J.P. Morgan Funds invest, please see the Prospectuses and SAI for each of the applicable J.P. Morgan Funds, which may be obtained by calling 1-800-480-4111.
Direct Investments in Securities, Futures, and Other Instruments
Although the Funds mainly invest in the Underlying Funds, to the extent permitted by applicable law, the Funds may also invest in securities and other financial instruments, including derivatives, to gain exposure to, or to overweight or underweight its investments among various sectors or markets.
The following is a list of some of the securities and techniques which may be utilized by the Funds only to the extent permitted under current applicable law. These strategies and techniques may also be used by the Underlying Funds as discussed in the Underlying Funds’ Prospectuses and SAIs. For a more complete discussion, see the “Investment Strategies and Policies” section in Part II of this SAI and the Prospectuses and SAIs of the Underlying Funds.
FUND NAME
FUND CODE
JPMorgan SmartRetirement Income Fund
1
JPMorgan SmartRetirement 2020 Fund
2
JPMorgan SmartRetirement 2025 Fund
3
JPMorgan SmartRetirement 2030 Fund
4
JPMorgan SmartRetirement 2035 Fund
5
JPMorgan SmartRetirement 2040 Fund
6
JPMorgan SmartRetirement 2045 Fund
7
JPMorgan SmartRetirement 2050 Fund
8
JPMorgan SmartRetirement 2055 Fund
9
JPMorgan SmartRetirement 2060 Fund
10
JPMorgan SmartRetirement 2065 Fund
11
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.
1-11
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.
1-11
Asset-Backed
Securities
Auction Rate Securities: Auction rate municipal securities
and auction rate preferred securities issued by closed-end
investment companies.
1-11
Auction Rate
Securities
Part I - 5

Instrument
Fund Code
Part II
Section Reference
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.
1-11
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.
1-11
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.
1-11
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.
1-11
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.
1-11
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.
1-11
Commodity-Related
Pooled Investment
Vehicles
Common Stock: Shares of ownership of a company.
1-11
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.
1-11
Equity Securities,
Warrants and Rights
Convertible Securities: Bonds or preferred stock that can
convert to common stock including contingent convertible
securities.
1-11
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.
1-11
Debt Instruments
Part I - 6

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.
1-11
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.
1-11
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.
1-11
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.
1-11
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.
1-11
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.
1-11
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.
1-11
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.
1-11
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.
1-11
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.
1-11
Debt Instruments
Part I - 7

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.
1-11
Equity Securities,
Warrants and Rights
Interfund Lending: Involves lending money and borrowing
money for temporary purposes through a credit facility.
1-11
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.
1-11
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.
1-11
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.
1-11
Loans
Master Limited Partnership (“MLPs”): Limited
partnerships that are publicly traded on a securities
exchange.
1-11
Master Limited
Partnerships
Mortgages (Directly Held): Debt instruments secured by
real property.
1-11
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.
1-11
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.
1-11
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.
1-11
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.
1-11
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.
1-11
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.
1-11
Options and Futures
Transactions
Part I - 8

Instrument
Fund Code
Part II
Section Reference
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.
1-11
Equity Securities,
Warrants and Rights
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.
1-11
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.
1-11
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.
1-11
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.
1-11
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.
1-11
Miscellaneous
Investment
Strategies and Risks
Securities Lending: The lending of up to 331/3% 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”).
1-11
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.
1-11
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.
1-11
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.
1-11
Structured
Investments
Part I - 9

Instrument
Fund Code
Part II
Section Reference
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.
1-11
Swaps and Related
Swap Products
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.
1-11
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.
1-11
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”).
1-11
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.
1-11
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 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.
1-11
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”).
1-11
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.
1-11
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.
1-11
When-Issued
Securities, Delayed
Delivery Securities
and Forward
Commitments
Part I - 10

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.
1-11
Debt Instruments
*
Although the JPMorgan SmartRetirement Funds do not utilize these investments and strategies directly, such investments and strategies may be used by the Underlying Funds.
ADDITIONAL INFORMATION REGARDING FUND INVESTMENT PRACTICES
Each of the Funds uses a benchmark from the S&P Target Date Index Series as identified in the table below. The S&P Target Date Index Series is designed to reflect the exposure to various asset classes included in target date funds including U.S. large cap, U.S. mid cap, U.S. small cap, international equities, emerging markets, U.S. REITs, core fixed income, short term treasuries, and Treasury Inflation Protected Securities.
Name of Fund
Name of S&P Target Date Index
JPMorgan SmartRetirement Income Fund
S&P Target Date Retirement Income Index
JPMorgan SmartRetirement 2020 Fund
S&P Target Date 2020 Index
JPMorgan SmartRetirement 2025 Fund
S&P Target Date 2025 Index
JPMorgan SmartRetirement 2030 Fund
S&P Target Date 2030 Index
JPMorgan SmartRetirement 2035 Fund
S&P Target Date 2035 Index
JPMorgan SmartRetirement 2040 Fund
S&P Target Date 2040 Index
JPMorgan SmartRetirement 2045 Fund
S&P Target Date 2045 Index
JPMorgan SmartRetirement 2050 Fund
S&P Target Date 2050 Index
JPMorgan SmartRetirement 2055 Fund
S&P Target Date 2055 Index
JPMorgan SmartRetirement 2060 Fund
S&P Target Date 2060 Index
JPMorgan SmartRetirement 2065 Fund
S&P Target Date 2065+ Index
DIVERSIFICATION
JPMT I is a registered management investment company and the Funds (with the exception of the SmartRetirement 2065 Fund) are diversified series of JPMT I. JPMT IV is a registered management investment company. The JPMorgan SmartRetirement 2065 Fund intends to meet the diversification requirement of the 1940 Act. 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 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
2022
2023
JPMorgan SmartRetirement Income Fund
39%
17%
JPMorgan SmartRetirement 2020 Fund
35%
14%
Part I - 11

 
Fiscal Year Ended June
30,
Fund
2022
2023
JPMorgan SmartRetirement 2025 Fund
39%
16%
JPMorgan SmartRetirement 2030 Fund
42%
16%
JPMorgan SmartRetirement 2035 Fund
34%
18%
JPMorgan SmartRetirement 2040 Fund
36%
16%
JPMorgan SmartRetirement 2045 Fund
40%
16%
JPMorgan SmartRetirement 2050 Fund
42%
17%
JPMorgan SmartRetirement 2055 Fund
44%
20%
JPMorgan SmartRetirement 2060 Fund
47%
24%
JPMorgan SmartRetirement 2065 Fund1
N/A
31%
1
The Fund commenced operations on 11/1/22.
TRUSTEES
Standing Committees
As of the fiscal year ended June 30, 2023, 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, 2023:
Committee
Fiscal Year Ended
June 30, 2023
Audit and Valuation Committee
4
Compliance Committee
4
Governance Committee
4
Equity Committee
8
ETF Committee
4
Fixed Income Committee
6
Money Market and Alternative Products Committee
7
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
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. French
None
Over $100,000
Kathleen M. Gallagher
None
Over $100,000
Robert J. Grassi
None
Over $100,000
Frankie D. Hughes
None
Over $100,000
Raymond Kanner
None
Over $100,000
Thomas P. Lemke
None
Over $100,000
Lawrence R. Maffia
None
Over $100,000
Mary E. Martinez
None
Over $100,000
Part I - 12

Name of Trustee
Dollar Range of
Equity Securities
in the
JPMorgan
SmartRetirement
Funds
Aggregate
Dollar Range
of Equity
Securities
in All
Registered
Investment
Companies
Overseen by the
Trustee in
Family of
Investment
Companies1,2
Marilyn McCoy3
Over $100,000
Over $100,000
Dr. Robert A. Oden, Jr.
None
Over $100,000
Marian U. Pardo
None
Over $100,000
Emily A. Youssouf
None
Over $100,000
Interested Trustees
Robert Deutsch
None
Over $100,000
Nina O. Shenker
None
Over $100,000
1
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 (170 J.P. Morgan Funds).
2
For Mses. Gallagher and McCoy and Messrs. Finn, Fisher, Kanner and Oden, these amounts include deferred compensation balances, as of 12/31/22, 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.
3
Ms. McCoy’s ownership of equity securities is in the SmartRetirement 2025 Fund.
As of December 31, 2022, 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.
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 were 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 paid by a Fund and all funds in the Fund Complex for the calendar year ended December 31, 2022, is set forth below:
Name of Trustee
JPMorgan
SmartRetirement
Income Fund
JPMorgan
SmartRetirement
2020 Fund
JPMorgan
SmartRetirement
2025 Fund
JPMorgan
SmartRetirement
2030 Fund
JPMorgan
SmartRetirement
2035 Fund
Independent Trustees
 
 
 
 
 
John F. Finn
$2,167
$2,456
$3,125
$3,535
$3,211
Stephen P. Fisher
1,878
2,029
2,378
2,592
2,423
Gary L. French
1,796
1,907
2,165
2,323
2,198
Kathleen M. Gallagher
1,878
2,029
2,378
2,592
2,423
Robert J. Grassi
1,796
1,907
2,165
2,323
2,198
Frankie D. Hughes
1,796
1,907
2,165
2,323
2,198
Raymond Kanner
1,878
2,029
2,378
2,592
2,423
Part I - 13

Name of Trustee
JPMorgan
SmartRetirement
Income Fund
JPMorgan
SmartRetirement
2020 Fund
JPMorgan
SmartRetirement
2025 Fund
JPMorgan
SmartRetirement
2030 Fund
JPMorgan
SmartRetirement
2035 Fund
Thomas P. Lemke
$1,796
$1,907
$2,165
$2,323
$2,198
Lawrence R. Maffia
1,796
1,907
2,165
2,323
2,198
Mary E. Martinez
2,002
2,212
2,698
2,997
2,761
Marilyn McCoy
1,796
1,907
2,165
2,323
2,198
Dr. Robert A. Oden, Jr.
1,878
2,029
2,378
2,592
2,423
Marian U. Pardo
1,878
2,029
2,378
2,592
2,423
Emily A. Youssouf
1,796
1,907
2,165
2,323
2,198
Interested Trustees
 
 
 
 
 
Robert Deutsch
1,878
2,029
2,378
2,592
2,423
Nina O. Shenker9
1,796
1,907
2,165
2,323
2,198
Name of Trustee
JPMorgan
SmartRetirement
2040 Fund
JPMorgan
SmartRetirement
2045 Fund
JPMorgan
SmartRetirement
2050 Fund
JPMorgan
SmartRetirement
2055 Fund
JPMorgan
SmartRetirement
2060 Fund
Independent Trustees
 
 
 
 
 
John F. Finn
$3,237
$2,807
$2,710
$2,205
$1,743
Stephen P. Fisher
2,437
2,212
2,162
1,898
1,657
Gary L. French
2,208
2,042
2,005
1,810
1,632
Kathleen M. Gallagher
2,437
2,212
2,162
1,898
1,657
Robert J. Grassi
2,208
2,042
2,005
1,810
1,632
Frankie D. Hughes
2,208
2,042
2,005
1,810
1,632
Raymond Kanner
2,437
2,212
2,162
1,898
1,657
Thomas P. Lemke
2,208
2,042
2,005
1,810
1,632
Lawrence R. Maffia
2,208
2,042
2,005
1,810
1,632
Mary E. Martinez
2,780
2,467
2,397
2,029
1,694
Marilyn McCoy
2,208
2,042
2,005
1,810
1,632
Dr. Robert A. Oden, Jr.
2,437
2,212
2,162
1,898
1,657
Marian U. Pardo
2,437
2,212
2,162
1,898
1,657
Emily A. Youssouf
2,208
2,042
2,005
1,810
1,632
Interested Trustees
 
 
 
 
 
Robert Deutsch
2,437
2,212
2,162
1,898
1,657
Nina O. Shenker9
2,208
2,042
2,005
1,810
1,632
Name of Trustee
JPMorgan
SmartRetirement
2065 Fund
Total
Compensation
Paid From
Fund
Complex1
Independent Trustees
 
 
John F. Finn
$130
$620,000
Stephen P. Fisher
130
445,000
Gary L. French
130
395,0002
Kathleen M. Gallagher
130
445,0003
Robert J. Grassi
130
395,000
Frankie D. Hughes
130
395,000
Raymond Kanner
130
445,0004
Thomas P. Lemke
130
395,0005
Lawrence R. Maffia
130
395,000
Mary E. Martinez
130
520,000
Marilyn McCoy
130
395,0006
Dr. Robert A. Oden, Jr.
130
445,000
Marian U. Pardo
130
445,000
Emily A. Youssouf
130
395,0007
Interested Trustees
 
 
Robert Deutsch
130
445,0008
Nina O. Shenker9
130
395,0006
1
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 (170 J.P. Morgan Funds).
2
Includes $118,500 of Deferred Compensation.
Part I - 14

3
Includes $133,500 of Deferred Compensation.
4
Includes $445,000 of Deferred Compensation.
5
Includes $276,500 of Deferred Compensation.
6
Includes $395,000 of Deferred Compensation.
7
Includes $108,625 of Deferred Compensation.
8
Includes $163,167 of Deferred Compensation.
9
The compensation Ms. Shenker receives from the Funds is reimbursed by JPMIM.
For a more complete discussion, see the “Trustee Compensation” section in Part II of this SAI.
INVESTMENT ADVISER
Investment Advisory Fees
JPMIM does not charge an investment advisory fee for its services to the JPMorgan SmartRetirement Funds, although it and its affiliates receive investment advisory fees from the Underlying Funds. For a more complete discussion, see the “Investment Advisers and Sub-Advisers” section in Part II of this SAI.
PORTFOLIO MANAGERS
Portfolio Managers' Other Accounts Managed*
The following table shows information regarding 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, 2023:
 
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 Income Fund
 
 
 
 
Daniel Oldroyd
23
41,828,033
43
55,506,993
8
39,332,968
Silvia Trillo
24
42,034,799
43
55,506,993
6
20,488,760
Ove Fladberg
27
58,278,070
43
55,506,993
0
0
Anshul Mohan
4
17,781,974
0
0
0
0
Jeffrey A. Geller
38
74,694,792
49
57,929,229
19
31,195,332
JPMorgan SmartRetirement 2020 Fund
 
 
 
 
Daniel Oldroyd
23
41,387,931
43
55,506,993
8
39,332,968
Silvia Trillo
24
41,594,697
43
55,506,993
6
20,488,760
Ove Fladberg
27
57,837,968
43
55,506,993
0
0
Anshul Mohan
4
17,781,974
0
0
0
0
Jeffrey A. Geller
38
74,254,690
49
57,929,229
19
31,195,332
JPMorgan SmartRetirement 2025 Fund
 
 
 
 
Daniel Oldroyd
23
39,750,213
43
55,506,993
8
39,332,968
Silvia Trillo
24
39,956,978
43
55,506,993
6
20,488,760
Ove Fladberg
27
56,200,249
43
55,506,993
0
0
Anshul Mohan
4
17,781,974
0
0
0
0
Jeffrey A. Geller
38
72,616,972
49
57,929,229
19
31,195,332
JPMorgan SmartRetirement 2030 Fund
 
 
 
 
Daniel Oldroyd
23
38,507,981
43
55,506,993
8
39,332,968
Silvia Trillo
24
38,714,746
43
55,506,993
6
20,488,760
Ove Fladberg
27
54,958,017
43
55,506,993
0
0
Anshul Mohan
4
17,781,974
0
0
0
0
Jeffrey A. Geller
38
71,374,740
49
57,929,229
19
31,195,332
JPMorgan SmartRetirement 2035 Fund
 
 
 
 
Daniel Oldroyd
23
39,148,843
43
55,506,993
8
39,332,968
Silvia Trillo
24
39,355,609
43
55,506,993
6
20,488,760
Ove Fladberg
27
55,598,880
43
55,506,993
0
0
Anshul Mohan
4
17,781,974
0
0
0
0
Jeffrey A. Geller
38
72,015,602
49
57,929,229
19
31,195,332
JPMorgan SmartRetirement 2040 Fund
 
 
 
 
Daniel Oldroyd
23
39,073,448
43
55,506,993
8
39,332,968
Silvia Trillo
24
39,280,214
43
55,506,993
6
20,488,760
Ove Fladberg
27
55,523,485
43
55,506,993
0
0
Anshul Mohan
4
17,781,974
0
0
0
0
Part I - 15

 
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)
Jeffrey A. Geller
38
71,940,207
49
57,929,229
19
31,195,332
JPMorgan SmartRetirement 2045 Fund
 
 
 
 
Daniel Oldroyd
23
40,002,145
43
55,506,993
8
39,332,968
Silvia Trillo
24
40,208,910
43
55,506,993
6
20,488,760
Ove Fladberg
27
56,452,181
43
55,506,993
0
0
Anshul Mohan
4
17,781,974
0
0
0
0
Jeffrey A. Geller
38
72,868,904
49
57,929,229
19
31,195,332
JPMorgan SmartRetirement 2050 Fund
 
 
 
 
Daniel Oldroyd
23
40,339,937
43
55,506,993
8
39,332,968
Silvia Trillo
24
40,546,702
43
55,506,993
6
20,488,760
Ove Fladberg
27
56,789,973
43
55,506,993
0
0
Anshul Mohan
4
17,781,974
0
0
0
0
Jeffrey A. Geller
38
73,206,696
49
57,929,229
19
31,195,332
JPMorgan SmartRetirement 2055 Fund
 
 
 
 
Daniel Oldroyd
23
41,353,839
43
55,506,993
8
39,332,968
Silvia Trillo
24
41,560,605
43
55,506,993
6
20,488,760
Ove Fladberg
27
57,803,876
43
55,506,993
0
0
Anshul Mohan
4
17,781,974
0
0
0
0
Jeffrey A. Geller
38
74,220,598
49
57,929,229
19
31,195,332
JPMorgan SmartRetirement 2060 Fund
 
 
 
 
Daniel Oldroyd
23
42,435,383
43
55,506,993
8
39,332,968
Silvia Trillo
24
42,642,149
43
55,506,993
6
20,488,760
Ove Fladberg
27
58,885,420
43
55,506,993
0
0
Anshul Mohan
4
17,781,974
0
0
0
0
Jeffrey A. Geller
38
75,302,142
49
57,929,229
19
31,195,332
JPMorgan SmartRetirement 2065 Fund
 
 
 
 
Daniel Oldroyd
23
43,037,504
43
55,506,993
8
39,332,968
Silvia Trillo
24
43,244,269
43
55,506,993
6
20,488,760
Ove Fladberg
27
59,487,540
43
55,506,993
0
0
Anshul Mohan
4
17,781,974
0
0
0
0
Jeffrey A. Geller
38
75,904,263
49
57,929,229
19
31,195,332
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, 2023:
 
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 Income 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
Anshul Mohan
0
0
0
0
0
0
Jeffrey A. Geller
0
0
0
0
1
540,993
JPMorgan SmartRetirement 2020 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
Anshul Mohan
0
0
0
0
0
0
Jeffrey A. Geller
0
0
0
0
1
540,993
JPMorgan SmartRetirement 2025 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
Part I - 16

 
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)
Anshul Mohan
0
0
0
0
0
0
Jeffrey A. Geller
0
0
0
0
1
540,993
JPMorgan SmartRetirement 2030 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
Anshul Mohan
0
0
0
0
0
0
Jeffrey A. Geller
0
0
0
0
1
540,993
JPMorgan SmartRetirement 2035 Fund
 
 
 
 
Daniel Oldroyd
0
0
0
0
0
0
Silvia Trillo
0
0
0
0
0
0
Ove Fladberg</