0001752724-22-263400.txt : 20221123 0001752724-22-263400.hdr.sgml : 20221123 20221123110447 ACCESSION NUMBER: 0001752724-22-263400 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20220930 FILED AS OF DATE: 20221123 DATE AS OF CHANGE: 20221123 PERIOD START: 20230630 FILER: COMPANY DATA: COMPANY CONFORMED NAME: JPMorgan Trust I CENTRAL INDEX KEY: 0001217286 IRS NUMBER: 331043149 STATE OF INCORPORATION: DE FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-21295 FILM NUMBER: 221414192 BUSINESS ADDRESS: STREET 1: 277 PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10172 BUSINESS PHONE: 800-480-4111 MAIL ADDRESS: STREET 1: 277 PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10172 FORMER COMPANY: FORMER CONFORMED NAME: JP MORGAN MUTUAL FUND SERIES DATE OF NAME CHANGE: 20030204 0001217286 S000001447 JPMorgan U.S. Equity Fund C000003854 Class A JUEAX C000007404 Class I JUESX C000007405 Class L JMUEX C000007566 Class C JUECX C000033526 Class R5 JUSRX C000070617 Class R2 JUEZX C000093771 Class R6 JUEMX C000173553 Class R3 JUEPX C000173554 Class R4 JUEQX NPORT-P 1 primary_doc.xml NPORT-P false 0001217286 XXXXXXXX S000001447 C000173553 C000093771 C000007405 C000070617 C000007404 C000033526 C000173554 C000003854 C000007566 JPMorgan Trust I 811-21295 0001217286 549300DM5WZMCZZ70R78 277 Park Avenue New York 10172 800-480-4111 JPMorgan U.S. Equity Fund S000001447 549300O4STN5CE50YK08 2023-06-30 2022-09-30 N 17940700654.49 30664168.42 17910036486.07 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 942569.94000000 N N/A N/A Eaton Corp. plc 549300VDIGTMXUNT7H71 Eaton Corp. plc N/A 3536468.00000000 NS USD 471623372.48000000 2.633290964241 Long EC CORP IE N 1 N N N Vulcan Materials Co. 549300Q8LSNHAVWBNI21 Vulcan Materials Co. 929160109 1205224.00000000 NS USD 190075877.04000000 1.061281350196 Long EC CORP US N 1 N N N Alphabet, Inc. 5493006MHB84DD0ZWV18 Alphabet, Inc., Class A 02079K305 11575203.00000000 NS USD 1107168166.95000000 6.181830884661 Long EC CORP US N 1 N N N Amazon.com, Inc. ZXTILKJKG63JELOEG630 Amazon.com, Inc. 023135106 6335783.00000000 NS USD 715943479.00000000 3.997442883808 Long EC CORP US N 1 N N N Northrop Grumman Corp. RIMU48P07456QXSO0R61 Northrop Grumman Corp. 666807102 693657.00000000 NS USD 326240760.24000000 1.821552739402 Long EC CORP US N 1 N N N Bristol-Myers Squibb Co. HLYYNH7UQUORYSJQCN42 Bristol-Myers Squibb Co. 110122108 6632258.00000000 NS USD 471487221.22000000 2.632530768916 Long EC CORP US N 1 N N N Boston Scientific Corp. Y6ZDD9FP4P8JSSJMW954 Boston Scientific Corp. 101137107 9737156.00000000 NS USD 377120051.88000000 2.105635307741 Long EC CORP US N 1 N N N Marriott International, Inc. 225YDZ14ZO8E1TXUSU86 Marriott International, Inc., Class A 571903202 640253.00000000 NS USD 89725055.42000000 0.500976396613 Long EC CORP US N 1 N N N Apple, Inc. HWUPKR0MPOU8FGXBT394 Apple, Inc. 037833100 6296561.00000000 NS USD 870184730.20000000 4.858642978627 Long EC CORP US N 1 N N N NextEra Energy, Inc. N/A NextEra Energy, Inc. 65339F101 7207709.00000000 NS USD 565156462.69000000 3.155529376668 Long EC CORP US N 1 N N N Uber Technologies, Inc. 549300B2FTG34FILDR98 Uber Technologies, Inc. 90353T100 6586733.00000000 NS USD 174548424.50000000 0.974584416038 Long EC CORP US N 1 N N N Mastercard, Inc. AR5L2ODV9HN37376R084 Mastercard, Inc., Class A 57636Q104 1664667.00000000 NS USD 473331414.78000000 2.642827752741 Long EC CORP US N 1 N N N Tesla, Inc. 54930043XZGB27CTOV49 Tesla, Inc. 88160R101 1311949.00000000 NS USD 347994472.25000000 1.943013753884 Long EC CORP US N 1 N N N Teradyne, Inc. C3X4YJ278QNZHRJULN75 Teradyne, Inc. 880770102 1906802.00000000 NS USD 143296170.30000000 0.800088656499 Long EC CORP US N 1 N N N Progressive Corp. (The) 529900TACNVLY9DCR586 Progressive Corp. (The) 743315103 1138549.00000000 NS USD 132310779.29000000 0.738752148232 Long EC CORP US N 1 N N N ASML Holding NV 724500Y6DUVHQD6OXN27 ASML Holding NV (Registered) N/A 205021.00000000 NS USD 85155472.35000000 0.475462305262 Long EC CORP NL N 1 N N N Trane Technologies plc 549300BURLR9SLYY2705 Trane Technologies plc N/A 1804997.00000000 NS USD 261381615.57000000 1.459414199258 Long EC CORP IE N 1 N N N Dollar General Corp. OPX52SQVOZI8IVSWYU66 Dollar General Corp. 256677105 1315553.00000000 NS USD 315548542.58000000 1.761853153260 Long EC CORP US N 1 N N N Deere & Co. PWFTNG3EI0Y73OXWDH08 Deere & Co. 244199105 1072406.00000000 NS USD 358065639.34000000 1.999245728050 Long EC CORP US N 1 N N N S&P Global, Inc. Y6X4K52KMJMZE7I7MY94 S&P Global, Inc. 78409V104 907040.00000000 NS USD 276964664.00000000 1.546421550929 Long EC CORP US N 1 N N N Meta Platforms, Inc. BQ4BKCS1HXDV9HN80Z93 Meta Platforms, Inc., Class A 30303M102 703628.00000000 NS USD 95468247.04000000 0.533043286172 Long EC CORP US N 1 N N N Xcel Energy, Inc. LGJNMI9GH8XIDG5RCM61 Xcel Energy, Inc. 98389B100 4816278.00000000 NS USD 308241792.00000000 1.721056192374 Long EC CORP US N 1 N N N US Bancorp N1GZ7BBF3NP8GI976H15 US Bancorp 902973304 3269338.00000000 NS USD 131819708.16000000 0.736010271461 Long EC CORP US N 1 N N N Wells Fargo & Co. PBLD0EJDB5FWOLXP3B76 Wells Fargo & Co. 949746101 8904651.00000000 NS USD 358145063.22000000 1.999689188230 Long EC CORP US N 1 N N N Morgan Stanley IGJSJL3JD5P30I6NJZ34 Morgan Stanley 617446448 4931781.00000000 NS USD 389660016.81000000 2.175651719710 Long EC CORP US N 1 N N N PPG Industries, Inc. 549300BKPEP01R3V6C59 PPG Industries, Inc. 693506107 2029757.00000000 NS USD 224673802.33000000 1.254457535609 Long EC CORP US N 1 N N N Advanced Micro Devices, Inc. R2I72C950HOYXII45366 Advanced Micro Devices, Inc. 007903107 4041882.00000000 NS USD 256093643.52000000 1.429889010662 Long EC CORP US N 1 N N N Vertex Pharmaceuticals, Inc. 54930015RAQRRZ5ZGJ91 Vertex Pharmaceuticals, Inc. 92532F100 543961.00000000 NS USD 157498467.94000000 0.879386639231 Long EC CORP US N 1 N N N Lowe's Cos., Inc. WAFCR4OKGSC504WU3E95 Lowe's Cos., Inc. 548661107 984330.00000000 NS USD 184867017.30000000 1.032197882141 Long EC CORP US N 1 N N N Coca-Cola Co. (The) UWJKFUJFZ02DKWI3RY53 Coca-Cola Co. (The) 191216100 6244219.00000000 NS USD 349801148.38000000 1.953101260581 Long EC CORP US N 1 N N N Norfolk Southern Corp. 54930036C8MWP850MI84 Norfolk Southern Corp. 655844108 1846536.00000000 NS USD 387126272.40000000 2.161504655231 Long EC CORP US N 1 N N N Ameriprise Financial, Inc. 6ZLKQF7QB6JAEKQS5388 Ameriprise Financial, Inc. 03076C106 817133.00000000 NS USD 205876659.35000000 1.149504410614 Long EC CORP US N 1 N N N Truist Financial Corp. 549300DRQQI75D2JP341 Truist Financial Corp. 89832Q109 10085139.00000000 NS USD 439106952.06000000 2.451736781226 Long EC CORP US N 1 N N N Verizon Communications, Inc. 2S72QS2UO2OESLG6Y829 Verizon Communications, Inc. 92343V104 8769212.00000000 NS USD 332966979.64000000 1.859108326769 Long EC CORP US N 1 N N N Microsoft Corp. INR2EJN1ERAN0W5ZP974 Microsoft Corp. 594918104 6311870.00000000 NS USD 1470034523.00000000 8.207881229853 Long EC CORP US N 1 N N N Prologis, Inc. 529900DFH19P073LZ636 Prologis, Inc. 74340W103 5083261.00000000 NS USD 516459317.60000000 2.883630739678 Long EC CORP US N 1 N N N NIKE, Inc. 787RXPR0UX0O0XUXPZ81 NIKE, Inc., Class B 654106103 1911817.00000000 NS USD 158910229.04000000 0.887269153044 Long EC CORP US N 1 N N N JPMorgan Prime Money Market Fund N/A JPMorgan Prime Money Market Fund, Class IM 46637K844 125732290.20000000 NS USD 125782583.12000000 0.702302215954 Long STIV RF US N 1 N N N Intuitive Surgical, Inc. 54930052SRG011710797 Intuitive Surgical, Inc. 46120E602 801400.00000000 NS USD 150214416.00000000 0.838716415328 Long EC CORP US N 1 N N N AbbVie, Inc. FR5LCKFTG8054YNNRU85 AbbVie, Inc. 00287Y109 4978988.00000000 NS USD 668229979.48000000 3.731036394033 Long EC CORP US N 1 N N N NXP Semiconductors NV 724500M9BY5293JDF951 NXP Semiconductors NV N/A 3562741.00000000 NS USD 525539924.91000000 2.934331961404 Long EC CORP NL N 1 N N N Baker Hughes Co. N/A Baker Hughes Co. 05722G100 13563115.00000000 NS USD 284282890.40000000 1.587282586616 Long EC CORP US N 1 N N N Regeneron Pharmaceuticals, Inc. 549300RCBFWIRX3HYQ56 Regeneron Pharmaceuticals, Inc. 75886F107 557153.00000000 NS USD 383805987.11000000 2.142965969994 Long EC CORP US N 1 N N N UnitedHealth Group, Inc. 549300GHBMY8T5GXDE41 UnitedHealth Group, Inc. 91324P102 1035551.00000000 NS USD 522994677.04000000 2.920120667798 Long EC CORP US N 1 N N N O'Reilly Automotive, Inc. 549300K2RLMQL149Q332 O'Reilly Automotive, Inc. 67103H107 174520.00000000 NS USD 122748642.00000000 0.685362322379 Long EC CORP US N 1 N N N McDonald's Corp. UE2136O97NLB5BYP9H04 McDonald's Corp. 580135101 2408332.00000000 NS USD 555698525.68000000 3.102721349072 Long EC CORP US N 1 N N N Leidos Holdings, Inc. 549300IUTGTP6EJP8124 Leidos Holdings, Inc. 525327102 1754263.00000000 NS USD 153445384.61000000 0.856756404317 Long EC CORP US N 1 N N N Pioneer Natural Resources Co. FY8JBF7CCL2VE4F1B628 Pioneer Natural Resources Co. 723787107 1676780.00000000 NS USD 363073173.40000000 2.027205101912 Long EC CORP US N 1 N N N Centene Corp. 549300Z7JJ4TQSQGT333 Centene Corp. 15135B101 2127064.00000000 NS USD 165506849.84000000 0.924101131612 Long EC CORP US N 1 N N N Eastman Chemical Co. FDPVHDGJ1IQZFK9KH630 Eastman Chemical Co. 277432100 2126867.00000000 NS USD 151113900.35000000 0.843738651607 Long EC CORP US N 1 N N N Snap, Inc. 549300JNC0L6VP8A2Q35 Snap, Inc., Class A 83304A106 3388034.00000000 NS USD 33270493.88000000 0.185764523181 Long EC CORP US N 1 N N N 2022-10-31 JPMorgan Trust I Timothy J. Clemens Timothy J. Clemens Treasurer and Principal Financial Officer XXXX NPORT-EX 2 JPM_USE.htm EDGAR HTML
JPMorgan U.S. Equity Fund
Schedule of Portfolio Investments as of September 30, 2022
(Unaudited) 
THE “UNAUDITED MUTUAL FUNDS HOLDINGS” LIST (“the
List”) IS TO BE USED FOR REPORTING PURPOSES ONLY. IT IS
NOT TO BE REPRODUCED FOR USE AS ADVERTISING OR
SALES LITERATURE WITH THE GENERAL PUBLIC. The list is
submitted for the general information of the shareholders of the Fund.
It is not authorized for distribution to prospective investors in the Fund
unless preceded or accompanied by a prospectus. The list has been
created from the books and records of the Fund. Holdings are
available 60 days after the fund’s fiscal quarter, using a trade date
accounting convention, by contacting the appropriate service center.
The list is subject to change without notice. The list is for
informational purposes only and is not intended as an offer or
solicitation with respect to the purchase or sale of any security.
JPMorgan Asset Management is the marketing name for the asset
management business of J.P. Morgan Chase & Co.
J.P. Morgan Distribution Services, Inc., member FINRA.
© J.P. Morgan Chase & Co., 2022.
JPMorgan U.S. Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF September 30, 2022 (Unaudited)
 
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — 99.4%
Aerospace & Defense — 1.8%
Northrop Grumman Corp.
    694
   326,241
Automobiles — 1.9%
Tesla, Inc. *
  1,312
   347,994
Banks — 5.2%
Truist Financial Corp.
 10,085
   439,107
US Bancorp
  3,269
   131,820
Wells Fargo & Co.
  8,905
   358,145
 
 
929,072
Beverages — 2.0%
Coca-Cola Co. (The)
  6,244
   349,801
Biotechnology — 6.8%
AbbVie, Inc.
4,979
668,230
Regeneron Pharmaceuticals, Inc. *
557
383,806
Vertex Pharmaceuticals, Inc. *
544
157,498
 
 
1,209,534
Building Products — 1.5%
Trane Technologies plc
1,805
261,382
Capital Markets — 4.9%
Ameriprise Financial, Inc.
817
205,876
Morgan Stanley
4,932
389,660
S&P Global, Inc.
907
276,965
 
 
872,501
Chemicals — 2.1%
Eastman Chemical Co.
2,127
151,114
PPG Industries, Inc.
2,030
224,674
 
 
375,788
Construction Materials — 1.1%
Vulcan Materials Co.
1,205
190,076
Diversified Telecommunication Services — 1.9%
Verizon Communications, Inc.
8,769
332,967
Electric Utilities — 4.9%
NextEra Energy, Inc.
7,329
574,626
Xcel Energy, Inc.
4,816
308,242
 
 
882,868
Electrical Equipment — 2.6%
Eaton Corp. plc
3,536
471,623
Energy Equipment & Services — 1.6%
Baker Hughes Co.
13,563
284,283
Equity Real Estate Investment Trusts (REITs) — 2.9%
Prologis, Inc.
5,083
516,459
JPMorgan U.S. Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF September 30, 2022 (Unaudited) (continued)
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — continued
Health Care Equipment & Supplies — 2.9%
Boston Scientific Corp. *
  9,737
   377,120
Intuitive Surgical, Inc. *
    802
   150,214
 
 
527,334
Health Care Providers & Services — 3.8%
Centene Corp. *
  2,127
   165,507
UnitedHealth Group, Inc.
  1,036
   522,995
 
 
688,502
Hotels, Restaurants & Leisure — 3.6%
Marriott International, Inc., Class A
    640
    89,725
McDonald's Corp.
  2,409
   555,699
 
 
645,424
Insurance — 0.7%
Progressive Corp. (The)
1,138
132,311
Interactive Media & Services — 6.9%
Alphabet, Inc., Class A *
11,575
1,107,168
Meta Platforms, Inc., Class A *
704
95,468
Snap, Inc., Class A *
3,388
33,271
 
 
1,235,907
Internet & Direct Marketing Retail — 4.0%
Amazon.com, Inc. *
6,336
715,943
IT Services — 2.6%
Mastercard, Inc., Class A
1,665
473,331
Machinery — 2.0%
Deere & Co.
1,072
358,066
Multiline Retail — 1.8%
Dollar General Corp.
1,316
315,549
Oil, Gas & Consumable Fuels — 2.0%
Pioneer Natural Resources Co.
1,677
363,073
Pharmaceuticals — 2.6%
Bristol-Myers Squibb Co.
6,632
471,487
Professional Services — 0.9%
Leidos Holdings, Inc.
1,754
153,445
Road & Rail — 3.1%
Norfolk Southern Corp.
1,846
387,126
Uber Technologies, Inc. *
6,587
174,549
 
 
561,675
Semiconductors & Semiconductor Equipment — 5.6%
Advanced Micro Devices, Inc. *
4,042
256,094
ASML Holding NV (Registered), NYRS (Netherlands)
205
85,155
NXP Semiconductors NV (China)
3,562
525,540
Teradyne, Inc.
1,907
143,296
 
 
1,010,085
JPMorgan U.S. Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF September 30, 2022 (Unaudited) (continued)
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — continued
Software — 8.2%
Microsoft Corp.
  6,312
 1,470,034
Specialty Retail — 1.7%
Lowe's Cos., Inc.
    984
   184,867
O'Reilly Automotive, Inc. *
    175
   122,749
 
 
307,616
Technology Hardware, Storage & Peripherals — 4.9%
Apple, Inc.
  6,297
   870,185
Textiles, Apparel & Luxury Goods — 0.9%
NIKE, Inc., Class B
  1,912
   158,910
Total Common Stocks
(Cost $13,534,341)
 
17,809,466
Short-Term Investments — 0.7%
Investment Companies — 0.7%
JPMorgan Prime Money Market Fund Class IM Shares, 3.02% (a) (b)
(Cost $125,747)
125,732
125,783
Total Investments — 100.1%
(Cost $13,660,088)
 
17,935,249
Liabilities in Excess of Other Assets — (0.1)%
 
(23,652)
NET ASSETS — 100.0%
 
17,911,597
 
Percentages indicated are based on net assets.
 
Abbreviations
 
NYRS
New York Registry Shares
 
*
Non-income producing security.
(a)
Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment
Management Inc.
(b)
The rate shown is the current yield as of September 30, 2022.
JPMorgan U.S. Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF September 30, 2022 (Unaudited) (continued)
(Dollar values in thousands)
A. Valuation of Investments — Investments are valued in accordance with U.S. generally accepted accounting principles (“GAAP”) and the Fund's valuation policies set forth by, and under the supervision and responsibility of, the Board of Trustees of the Trust (the “Board”), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at their market value and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.
Under the Section 2(a)(41) of the Investment Company Act of 1940, the Board is required to determine fair value for securities that do not have readily available market quotations. Under the SEC Rule 2a-5 (Good Faith Determinations of Fair Value), the Board may designate the performance of these fair valuation determinations to a valuation designee. The Board has designated the Adviser as the “Valuation Designee” to perform fair valuation determinations for the Funds on behalf of the Board subject to appropriate oversight by the Board. The Adviser, as Valuation Designee, leverages the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to help oversee and carry out the policies for the valuation of Investments held in the Funds. The Adviser, as Valuation Designee, remains responsible for the valuation determinations. 
This oversight by the AVC includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events, and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and, at least on a quarterly basis, with the AVC and the Board.
Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values (“NAV”) of the Fund are calculated on a valuation date.  
Investments in open-end investment companies (“Underlying Funds”) are valued at each Underlying Fund’s NAV per share as of the report date.
Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer-related events after the report date and prior to issuance of the report are not reflected herein.
The various inputs that are used in determining the valuation of the Fund's investments are summarized into the three broad levels listed below.
•
Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.
•
Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.
•
Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund's assumptions in determining the fair value of investments).
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments. 
The following table represents each valuation input as presented on the Schedule of Portfolio Investments ("SOI"): 
 
 
 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Total Investments in Securities (a)
$17,935,249
$—
$—
$17,935,249
 
 
(a)
Please refer to the SOI for specifics of portfolio holdings.
B. Investment Transactions with Affiliates — The Fund invested in Underlying Funds, which are advised by the Adviser. An issuer which is under common control with the Fund may be considered an affiliate. The Fund assumes the issuers listed in the table below to be affiliated
JPMorgan U.S. Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF September 30, 2022 (Unaudited) (continued)
(Dollar values in thousands)
issuers. Underlying Funds’ distributions may be reinvested into such Underlying Funds. Reinvestment amounts are included in the purchases at cost amounts in the table below. 
 
For the period ended September 30, 2022
Security Description
Value at
June 30,
2022
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
September 30,
2022
Shares at
September 30,
2022
Dividend
Income
Capital Gain
Distributions
JPMorgan Prime Money Market Fund
Class IM Shares, 3.02%  (a) (b)
$594,276
$1,267,659
$1,736,227
$68
$7
$125,783
125,732
$2,679
$—
JPMorgan U.S. Government Money Market
Fund Class IM Shares, 2.73%  (a) (b)
9
—
9
—
—
—
—
—
—
Total
$594,285
$1,267,659
$1,736,236
$68
$7
$125,783
 
$2,679
$—
 
 
(a)
Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan
Investment Management Inc.
(b)
The rate shown is the current yield as of September 30, 2022.