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.

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

SAI-SR-1123

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:

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.

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

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:

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%

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

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).

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.

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

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).

Includes $118,500 of Deferred Compensation.

Part I - 14

Includes $133,500 of Deferred Compensation.

Includes $445,000 of Deferred Compensation.

Includes $276,500 of Deferred Compensation.

Includes $395,000 of Deferred Compensation.

Includes $108,625 of Deferred Compensation.

Includes $163,167 of Deferred Compensation.

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