0001752724-22-263432.txt : 20221123 0001752724-22-263432.hdr.sgml : 20221123 20221123110514 ACCESSION NUMBER: 0001752724-22-263432 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: 221414228 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 S000011871 JPMorgan SmartRetirement Income Fund C000032433 Class A JSRAX C000032434 Class C JSRCX C000032435 Class I JSRSX C000032436 Class R5 JSIIX C000070627 Class R2 JSIZX C000148425 Class R6 JSIYX C000169479 Class R3 JSIPX C000169480 Class R4 JSIQX NPORT-P 1 primary_doc.xml NPORT-P false 0001217286 XXXXXXXX S000011871 C000032434 C000070627 C000169480 C000032436 C000169479 C000032435 C000032433 C000148425 JPMorgan Trust I 811-21295 0001217286 549300DM5WZMCZZ70R78 277 Park Avenue New York 10172 800-480-4111 JPMorgan SmartRetirement Income Fund S000011871 549300VHPNL9AC9Z7316 2023-06-30 2022-09-30 N 1435521081.78 357141.59 1435163940.19 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 0.00000000 N 36.5% 1TRUSD0, 19.6% SP500GRUSD0, 9.8% EAFERNRUSD0, 7.7% 5273TRUSD0, 7.5% 63TRUSD0, 5% G0O1TRUSD0, 4.6% EMGLRNRUSD0, 3.3% EMBIGDTRUSD0, 2.4% RUMIDCAPGRUSD0, 2% RU2000GRUSD0, 1.6% RMZGRUSD0 IBXUSD002519 JPMorgan Small Cap Value Fund 549300V4YKXS0HHDUK18 JPMorgan Small Cap Value Fund, Class R6 4812C0225 299542.82300000 NS USD 7299858.60000000 0.508642838325 Long RF US N 1 N N N JPMorgan Realty Income ETF 549300R863426H3TN061 JPMorgan Realty Income ETF 46641Q126 335386.00000000 NS USD 14371290.10000000 1.001369230200 Long RF US N 1 N N N JPMorgan BetaBuilders U.S. Mid Cap Equity ETF 549300S2VYDS8QJGW220 JPMorgan BetaBuilders U.S. Mid Cap Equity ETF 46641Q340 485668.00000000 NS USD 32933147.08000000 2.294730668584 Long RF US N 1 N N N JPMorgan Emerging Markets Debt Fund 8KLDAXM5A9FOP50PQD10 JPMorgan Emerging Markets Debt Fund, Class R6 48121A134 3370514.79200000 NS USD 18403010.76000000 1.282293279857 Long RF US N 1 N N N N/A N/A MSCI Emerging Markets E-Mini Index N/A -610.00000000 NC USD 2958367.55000000 0.206134467788 N/A DE US N 1 ICE Clear US 549300HWWR1D8OTS2G29 Short MSCI Emerging Markets E-Mini Index US55353S1050 2022-12-16 -26596000.00000000 USD 2958367.55000000 N N N N/A N/A FTSE 100 Index N/A -48.00000000 NC 92603.16000000 0.006452444728 N/A DE GB N 1 ICE Clear Europe 5R6J7JCQRIPQR1EEP713 Short FTSE 100 Index GB0001383545 2022-12-16 -3283680.00000000 GBP 92603.16000000 N N N JPMorgan International Research Enhanced Equity ETF 549300O57YNNVO2LZJ82 JPMorgan International Research Enhanced Equity ETF 46641Q134 1812328.00000000 NS USD 78926884.40000000 5.499503031657 Long RF US N 1 N N N JPMorgan ActiveBuilders Emerging Markets Equity ETF 549300YT4VMRJKDB1P44 JPMorgan ActiveBuilders Emerging Markets Equity ETF 46641Q266 606814.00000000 NS USD 19333094.04000000 1.347100041925 Long RF US N 1 N N N JPMorgan Core Plus Bond Fund JW89OQCNJOLWVS3KT374 JPMorgan Core Plus Bond Fund, Class R6 4812C0134 18955691.95800000 NS USD 134395855.98000000 9.364495038957 Long RF US N 1 N N N JPMorgan Emerging Markets Research Enhanced Equity Fund 549300RH6H0TG40PHS83 JPMorgan Emerging Markets Research Enhanced Equity Fund, Class R6 46645V626 1640395.68400000 NS USD 22358593.17000000 1.557912134208 Long RF US N 1 N N N N/A N/A DJ US Real Estate Index N/A -261.00000000 NC USD 1322209.70000000 0.092129523531 N/A DE US N 1 CME Clearing House LCZ7XYGSLJUHFXXNXD88 Short DJ US Real Estate Index XC0006882473 2022-12-16 -8291970.00000000 USD 1322209.70000000 N N N JPMorgan Small Cap Equity Fund 549300RO68EY7ZS30I29 JPMorgan Small Cap Equity Fund, Class R6 48127B862 283784.76800000 NS USD 14552482.90000000 1.013994463801 Long RF US N 1 N N N JPMorgan High Yield Fund 15QB5UY3VV3GNSMNPX63 JPMorgan High Yield Fund, Class R6 4812C0126 10895888.92400000 NS USD 65702210.21000000 4.578028221730 Long RF US N 1 N N N JPMorgan Floating Rate Income Fund K21GU2WTRTI2PVQVCH83 JPMorgan Floating Rate Income Fund, Class R6 46637K257 1229101.60200000 NS USD 10176961.26000000 0.709114894473 Long RF US N 1 N N N United States of America 254900HROIFWPRGM1V77 U.S. Treasury Notes 91282CBG5 4695300.00000000 PA USD 4640935.19000000 0.323373174313 Long DBT UST US N 2 2023-01-31 Fixed 0.12500000 N N N N N N JPMorgan International Equity Fund HQ7PRYSQNFVGDT1BSL78 JPMorgan International Equity Fund, Class R6 48121L882 3787814.64600000 NS USD 54468774.61000000 3.795299831933 Long RF US N 1 N N N JPMorgan Inflation Managed Bond ETF 5493005532K2IEO31Z97 JPMorgan Inflation Managed Bond ETF 46654Q104 2387305.00000000 NS USD 108407520.05000000 7.553668052421 Long RF US N 1 N N N N/A N/A EURO STOXX 50 Index N/A -113.00000000 NC 65483.09000000 0.004562760264 N/A DE DE N 1 Eurex Clearing 529900LN3S50JPU47S06 Short EURO STOXX 50 Index EU0009658145 2022-12-16 -3698490.00000000 EUR 65483.09000000 N N N JPMorgan U.S. Government Money Market Fund 8I5DZWZKVSZI1NUHU748 JPMorgan U.S. Government Money Market Fund, Class IM 4812C2270 130384703.78000000 NS USD 130384703.78000000 9.085004167728 Long STIV RF US N 1 N N N JPMorgan U.S. Research Enhanced Equity Fund 549300VOOZNRR4HQN096 JPMorgan U.S. Research Enhanced Equity Fund, Class R6 4812A1837 4944731.21000000 NS USD 137315185.70000000 9.567909411228 Long RF US N 1 N N N JPMorgan Small Cap Growth Fund 549300O2OV2J830JXI18 JPMorgan Small Cap Growth Fund, Class R6 48121L825 421940.02500000 NS USD 7468338.44000000 0.520382252567 Long RF US N 1 N N N JPMorgan High Yield Research Enhanced ETF 549300UUJZT2ZWE64W88 JPMorgan High Yield Research Enhanced ETF 46641Q878 201484.00000000 NS USD 8540906.76000000 0.595117151485 Long RF US N 1 N N N JPMorgan Emerging Markets Equity Fund YGO3SVACG8PL3FXK2G86 JPMorgan Emerging Markets Equity Fund, Class R6 48121L122 907656.66900000 NS USD 23108938.79000000 1.610195054576 Long RF US N 1 N N N JPMorgan U.S. Equity Fund 549300O4STN5CE50YK08 JPMorgan U.S. Equity Fund, Class R6 48121L817 8063860.97200000 NS USD 135634141.55000000 9.450776859126 Long RF US N 1 N N N N/A N/A S&P 500 E-Mini Index N/A -77.00000000 NC USD 2022625.99000000 0.140933445536 N/A DE US N 1 CME Clearing House LCZ7XYGSLJUHFXXNXD88 Short S&P 500 E-Mini Index US78378X1072 2022-12-16 -13877325.00000000 USD 2022625.99000000 N N N N/A N/A MSCI EAFE E-Mini Index N/A -78.00000000 NC USD 677258.54000000 0.047190325859 N/A DE US N 1 ICE Clear US 549300HWWR1D8OTS2G29 Short MSCI EAFE E-Mini Index MSDUEAFE Index 2022-12-16 -6480240.00000000 USD 677258.54000000 N N N JPMorgan Core Bond Fund DQ695W4P67V7A4LC6I09 JPMorgan Core Bond Fund, Class R6 4812C0100 40124034.79100000 NS USD 404049030.35000000 28.15351048302 Long RF US N 1 N N N JPMorgan BetaBuilders MSCI US REIT ETF 549300UDD0DL9T2E4I67 JPMorgan BetaBuilders MSCI US REIT ETF 46641Q738 29558.00000000 NS USD 2316164.88000000 0.161386780641 Long RF 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_SR_INCOME.htm EDGAR HTML
JPMorgan SmartRetirement® Income 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 SmartRetirement® Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF September 30, 2022 (Unaudited)
 
INVESTMENTS
SHARES
(000)
VALUE
($000)
Investment Companies — 74.2%
Fixed Income — 46.2%
JPMorgan Core Bond Fund Class R6 Shares  (a)
 43,133
  434,347
JPMorgan Core Plus Bond Fund Class R6 Shares  (a)
 18,956
  134,396
JPMorgan Emerging Markets Debt Fund Class R6 Shares  (a)
  3,370
   18,403
JPMorgan Floating Rate Income Fund Class R6 Shares  (a)
  1,229
   10,177
JPMorgan High Yield Fund Class R6 Shares  (a)
 10,896
   65,702
Total Fixed Income
 
663,025
International Equity — 7.0%
JPMorgan Emerging Markets Equity Fund Class R6 Shares  (a)
    908
   23,109
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares  (a)
  1,640
   22,359
JPMorgan International Equity Fund Class R6 Shares  (a)
  3,788
   54,469
Total International Equity
 
99,937
U.S. Equity — 21.0%
JPMorgan Small Cap Equity Fund Class R6 Shares  (a)
284
14,550
JPMorgan Small Cap Growth Fund Class R6 Shares  * (a)
422
7,468
JPMorgan Small Cap Value Fund Class R6 Shares  (a)
299
7,300
JPMorgan U.S. Equity Fund Class R6 Shares  (a)
8,064
135,634
JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares  (a)
4,945
137,315
Total U.S. Equity
 
302,267
Total Investment Companies
(Cost $1,121,938)
 
1,065,229
Exchange-Traded Funds — 18.4%
Alternative Assets — 1.2%
JPMorgan BetaBuilders MSCI US REIT ETF  (a)
30
2,316
JPMorgan Realty Income ETF  (a)
335
14,371
Total Alternative Assets
 
16,687
Fixed Income — 8.1%
JPMorgan High Yield Research Enhanced ETF  (a)
201
8,541
JPMorgan Inflation Managed Bond ETF  (a)
2,359
107,119
Total Fixed Income
 
115,660
International Equity — 6.8%
JPMorgan ActiveBuilders Emerging Markets Equity ETF  (a)
607
19,333
JPMorgan International Research Enhanced Equity ETF  (a)
1,812
78,927
Total International Equity
 
98,260
U.S. Equity — 2.3%
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF  (a)
486
32,933
Total Exchange-Traded Funds
(Cost $289,313)
 
263,540
 
PRINCIPAL
AMOUNT
($000)
 
U.S. Treasury Obligations — 0.3%
U.S. Treasury Notes
0.13%, 1/31/2023 (b)(Cost $4,689)
4,695
4,641
JPMorgan SmartRetirement® Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF September 30, 2022 (Unaudited) (continued)
 INVESTMENTS
SHARES
(000)
VALUE
($000)
Short-Term Investments — 9.1%
Investment Companies — 9.1%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.73% (a) (c)
(Cost $130,385)
130,385
  130,385
Total Investments — 102.0%
(Cost $1,546,325)
 
1,463,795
Liabilities in Excess of Other Assets — (2.0)%
 
(28,231)
NET ASSETS — 100.0%
 
1,435,564
 
Percentages indicated are based on net assets.
 
Abbreviations
 
ETF
Exchange Traded Fund
REIT
Real Estate Investment Trust
 
*
Non-income producing security.
(a)
Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment
Management Inc.
(b)
All or a portion of this security is deposited with the broker as initial margin for futures contracts.
(c)
The rate shown is the current yield as of September 30, 2022.
Detailed information about investment portfolios of the underlying funds and ETFs can be found in shareholder reports filed with the Securities and Exchange Commission (SEC) by each such underlying fund semi-annually on Form N-CSR and in portfolio holdings filed quarterly on Form N-PORT, and are available for download from both the SEC’s as well as each respective underlying fund’s website. Detailed information about underlying J.P. Morgan Funds can also be found at www.jpmorganfunds.com or by calling 1-800-480-4111.
Futures contracts outstanding as of September 30, 2022 (amounts in thousands, except number of contracts):
 
DESCRIPTION
NUMBER OF
CONTRACTS
EXPIRATION DATE
TRADING CURRENCY
NOTIONAL
AMOUNT ($)
VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
Short Contracts
 
 
 
 
 
DJ US Real Estate Index
(261)
12/16/2022
USD
(8,292)
1,322
EURO STOXX 50 Index
(113)
12/16/2022
EUR
(3,625)
65
FTSE 100 Index
(48)
12/16/2022
GBP
(3,666)
93
MSCI EAFE E-Mini Index
(2)
12/16/2022
USD
(166)
18
MSCI Emerging Markets E-Mini Index
(537)
12/16/2022
USD
(23,413)
2,609
S&P 500 E-Mini Index
(43)
12/16/2022
USD
(7,750)
1,130
 
 
 
 
 
5,237
 
Abbreviations
 
EAFE
Europe, Australasia and Far East
EUR
Euro
FTSE
Financial Times and the London Stock Exchange
GBP
British Pound
MSCI
Morgan Stanley Capital International
USD
United States Dollar
JPMorgan SmartRetirement® Income 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.
Fixed income instruments are valued based on prices received from approved affiliated and unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”). The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.
Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values (“NAV”) of the Fund are calculated on a valuation date.  
Investments in open-end investment companies, excluding exchange-traded funds (“ETFs”) (“Underlying Funds”), are valued at each Underlying Fund’s NAV per share as of the report date.
Futures contracts are generally valued on the basis of available market quotations.
Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer-related events after the report date and prior to issuance of the report are not reflected herein.
The various inputs that are used in determining the valuation of the Fund's investments are summarized into the three broad levels listed below.
•
Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.
•
Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.
•
Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund's assumptions in determining the fair value of investments).
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments. 
The following table represents each valuation input as presented on the Schedule of Portfolio Investments: 
 
 
 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Investments in Securities
 
 
 
 
Exchange-Traded Funds
$263,540
$—
$—
$263,540
Investment Companies
1,065,229
—
—
1,065,229
JPMorgan SmartRetirement® Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF September 30, 2022 (Unaudited) (continued)
(Dollar values in thousands)
 
 
 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
U.S. Treasury Obligations
$—
$4,641
$—
$4,641
Short-Term Investments
 
 
 
 
Investment Companies
130,385
—
—
130,385
Total Investments in Securities
$1,459,154
$4,641
$—
$1,463,795
Appreciation in Other Financial Instruments
 
 
 
 
Futures Contracts
$5,237
$—
$—
$5,237
B. Investment Transactions with Affiliates — The Fund invested in Underlying Funds and ETFs 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 issuers. Underlying Funds’ and ETFs’ distributions may be reinvested into the Underlying Funds and ETFs. Reinvestment amounts are included in the purchases at cost amounts in the table below. 
 
For the period ended 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 ActiveBuilders Emerging
Markets Equity ETF  (a)
$22,179
$—
$—
$—
$(2,846)
$19,333
607
$—
$—
JPMorgan BetaBuilders MSCI US REIT ETF
 (a)
5,514
—
2,960
108
(346)
2,316
30
23
—
JPMorgan BetaBuilders U.S. Mid Cap
Equity ETF  (a)
35,647
2,551
4,666
(313)
(286)
32,933
486
141
—
JPMorgan Core Bond Fund Class R6
Shares  (a)
427,597
33,468
5,833
(553)
(20,332)
434,347
43,133
3,170
—
JPMorgan Core Plus Bond Fund Class R6
Shares  (a)
142,372
1,253
2,400
(240)
(6,589)
134,396
18,956
1,252
—
JPMorgan Emerging Markets Debt Fund
Class R6 Shares  (a)
27,265
290
7,864
(1,495)
207
18,403
3,370
290
—
JPMorgan Emerging Markets Equity Fund
Class R6 Shares  (a)
26,022
—
—
—
(2,913)
23,109
908
—
—
JPMorgan Emerging Markets Research
Enhanced Equity Fund Class R6 Shares
 (a)
25,771
—
—
—
(3,412)
22,359
1,640
—
—
JPMorgan Floating Rate Income Fund
Class R6 Shares  (a)
18,252
157
8,367
(751)
886
10,177
1,229
157
—
JPMorgan High Yield Fund Class R6 Shares
 (a)
68,792
1,077
2,903
(282)
(982)
65,702
10,896
1,077
—
JPMorgan High Yield Research Enhanced
ETF  (a)
8,788
—
—
—
(247)
8,541
201
134
—
JPMorgan Inflation Managed Bond ETF
 (a)
116,818
—
2,815
(81)
(6,803)
107,119
2,359
1,502
—
JPMorgan International Equity Fund
Class R6 Shares  (a)
60,302
—
—
—
(5,833)
54,469
3,788
—
—
JPMorgan International Research
Enhanced Equity ETF  (a)
90,561
—
3,179
(343)
(8,112)
78,927
1,812
—
—
JPMorgan Realty Income ETF  (a)
16,249
—
—
—
(1,878)
14,371
335
141
—
JPMorgan Small Cap Equity Fund Class R6
Shares  (a)
15,219
—
—
—
(669)
14,550
284
—
—
JPMorgan Small Cap Growth Fund
Class R6 Shares  (a) *
7,316
—
—
—
152
7,468
422
—
—
JPMorgan Small Cap Value Fund Class R6
Shares  (a)
7,503
28
—
—
(231)
7,300
299
28
—
JPMorgan SmartRetirement® Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF September 30, 2022 (Unaudited) (continued)
(Dollar values in thousands)
 
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 U.S. Equity Fund Class R6
Shares  (a)
$147,103
$5,228
$10,766
$(1,455)
$(4,476)
$135,634
8,064
$503
$—
JPMorgan U.S. Government Money Market
Fund Class IM Shares, 2.73%  (a) (b)
113,286
80,049
62,950
—
—
130,385
130,385
643
—
JPMorgan U.S. Research Enhanced Equity
Fund Class R6 Shares  (a)
147,052
4,720
7,903
(754)
(5,800)
137,315
4,945
518
—
Total
$1,529,608
$128,821
$122,606
$(6,159)
$(70,510)
$1,459,154
 
$9,579
$—
 
 
(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.
*
Non-income producing security.