0001752724-23-270342.txt : 20231128 0001752724-23-270342.hdr.sgml : 20231128 20231128135854 ACCESSION NUMBER: 0001752724-23-270342 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20230930 FILED AS OF DATE: 20231128 DATE AS OF CHANGE: 20231128 PERIOD START: 20240630 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: 231444595 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 S000018067 JPMorgan SmartRetirement 2045 Fund C000050056 Class C JSACX C000050057 Class I JSASX C000050058 Class R5 JSAIX C000050059 Class A JSAAX C000070635 Class R2 JSAZX C000148432 Class R6 JSAYX C000169493 Class R3 JSAPX C000169494 Class R4 JSAQX NPORT-P 1 primary_doc.xml NPORT-P false 0001217286 XXXXXXXX S000018067 C000050057 C000148432 C000050056 C000169494 C000050058 C000050059 C000169493 C000070635 JPMorgan Trust I 811-21295 0001217286 549300DM5WZMCZZ70R78 277 Park Avenue New York 10172 800-480-4111 JPMorgan SmartRetirement 2045 Fund S000018067 5493001FFFGGJXMIFC77 2024-06-30 2023-09-30 N 2661769557.08 486455.38 2661283101.70 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 272492.96999999 N 44.66% SP500GRUSD0, 24.16% EAFERNRUSD0, 8.67% EMGLRNRUSD0, 7.04% 1TRUSD0, 6.4% SP400GRUSD0, 5.47% RU2000GRUSD0, 1.84% RMZGRUSD0, 1.39% 5273TRUSD0, 0.37% EMBIGDTRUSD0 IBXUSD002743 JPMorgan Small Cap Value Fund 549300V4YKXS0HHDUK18 JPMorgan Small Cap Value Fund, Class R6 4812C0225 784943.92000000 NS USD 18642418.10000000 0.700504883831 Long RF US N 1 N N N N/A N/A U.S. Treasury 10 Year Note N/A 935.00000000 NC USD -1879385.61000000 -0.07061952968 N/A DIR US N 1 CME Clearing House LCZ7XYGSLJUHFXXNXD88 Long United States of America U.S. Treasury 10 Year Note 2023-12-19 101009218.75000000 USD -1879385.61000000 N N N N/A N/A MSCI Emerging Markets E-Mini Index N/A 424.00000000 NC USD -718432.68000000 -0.02699572546 N/A DE US N 1 ICE Clear US 549300HWWR1D8OTS2G29 Long MSCI Emerging Markets E-Mini Index US55353S1050 2023-12-15 20258720.00000000 USD -718432.68000000 N N N JPMorgan Realty Income ETF 549300R863426H3TN061 JPMorgan Realty Income ETF 46641Q126 927893.00000000 NS USD 36141432.35000000 1.358045385209 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 1100742.00000000 NS USD 82874865.18000000 3.114094292601 Long RF US N 1 N N N JPMorgan Emerging Markets Debt Fund 8KLDAXM5A9FOP50PQD10 JPMorgan Emerging Markets Debt Fund, Class R6 48121A134 1858896.90600000 NS USD 10577123.40000000 0.397444503113 Long RF US N 1 N N N JPMorgan International Research Enhanced Equity ETF 549300O57YNNVO2LZJ82 JPMorgan International Research Enhanced Equity ETF 46641Q134 7723252.00000000 NS USD 419913211.24000000 15.77859984049 Long RF US N 1 N N N N/A N/A S&P 500 E-Mini Index N/A -158.00000000 NC USD 1454943.46000000 0.054670751077 N/A DE US N 1 CME Clearing House LCZ7XYGSLJUHFXXNXD88 Short S&P 500 E-Mini Index US78378X1072 2023-12-15 -34181325.00000000 USD 1454943.46000000 N N N JPMorgan ActiveBuilders Emerging Markets Equity ETF 549300YT4VMRJKDB1P44 JPMorgan ActiveBuilders Emerging Markets Equity ETF 46641Q266 2031606.00000000 NS USD 70151355.18000000 2.635997468108 Long RF US N 1 N N N JPMorgan Core Plus Bond Fund JW89OQCNJOLWVS3KT374 JPMorgan Core Plus Bond Fund, Class R6 4812C0134 21286873.34300000 NS USD 146453688.60000000 5.503123230536 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 5267052.61200000 NS USD 78689766.02000000 2.956835594444 Long RF US N 1 N N N JPMorgan Small Cap Equity Fund 549300RO68EY7ZS30I29 JPMorgan Small Cap Equity Fund, Class R6 48127B862 727142.66800000 NS USD 36560733.35000000 1.373800980686 Long RF US N 1 N N N JPMorgan High Yield Fund 15QB5UY3VV3GNSMNPX63 JPMorgan High Yield Fund, Class R6 4812C0126 3346730.45300000 NS USD 20582392.29000000 0.773401081487 Long RF US N 1 N N N JPMorgan International Equity Fund HQ7PRYSQNFVGDT1BSL78 JPMorgan International Equity Fund, Class R6 48121L882 12755190.50000000 NS USD 220537243.75000000 8.286876492362 Long RF US N 1 N N N JPMorgan U.S. Government Money Market Fund 8I5DZWZKVSZI1NUHU748 JPMorgan U.S. Government Money Market Fund, Class IM 4812C2270 39454906.03000000 NS USD 39454906.03000000 1.482552006766 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 9957582.05980000 NS USD 330790876.03000000 12.42975149162 Long RF US N 1 N N N JPMorgan Growth Advantage Fund 549300WH8DD4YVIMGX89 JPMorgan Growth Advantage Fund, Class R6 46640W108 11531534.89800000 NS USD 348713615.32000000 13.10321382558 Long RF US N 1 N N N JPMorgan Small Cap Growth Fund 549300O2OV2J830JXI18 JPMorgan Small Cap Growth Fund, Class R6 48121L825 984601.40600000 NS USD 17683441.25000000 0.664470504423 Long RF US N 1 N N N United States of America 254900HROIFWPRGM1V77 U.S. Treasury Notes 91282CDV0 5351000.00000000 PA USD 5271362.08000000 0.198075961051 Long DBT UST US N 2 2024-01-31 Fixed 0.87500000 N N N N N N N/A N/A MSCI EAFE E-Mini Index N/A -265.00000000 NC USD 966278.95000000 0.036308762092 N/A DE US N 1 ICE Clear US 549300HWWR1D8OTS2G29 Short MSCI EAFE E-Mini Index MSDUEAFE Index 2023-12-15 -27052525.00000000 USD 966278.95000000 N N N JPMorgan BetaBuilders USD High Yield Corporate Bond ETF 549300UUJZT2ZWE64W88 JPMorgan BetaBuilders USD High Yield Corporate Bond ETF 46641Q878 449052.00000000 NS USD 19704401.76000000 0.740409832663 Long RF US N 1 N N N JPMorgan Emerging Markets Equity Fund YGO3SVACG8PL3FXK2G86 JPMorgan Emerging Markets Equity Fund, Class R6 48121L122 861478.98700000 NS USD 23974960.21000000 0.900879737096 Long RF US N 1 N N N JPMorgan U.S. Equity Fund 549300O4STN5CE50YK08 JPMorgan U.S. Equity Fund, Class R6 48121L817 16876129.39500000 NS USD 326215581.21000000 12.25783085616 Long RF US N 1 N N N JPMorgan Core Bond Fund DQ695W4P67V7A4LC6I09 JPMorgan Core Bond Fund, Class R6 4812C0100 4977781.92700000 NS USD 48732485.07000000 1.831165013555 Long RF US N 1 N N N JPMorgan BetaBuilders MSCI US REIT ETF 549300UDD0DL9T2E4I67 JPMorgan BetaBuilders MSCI US REIT ETF 46641Q738 154312.00000000 NS USD 12002387.36000000 0.451000021468 Long RF US N 1 N N N JPMorgan Value Advantage Fund 549300P7ZUUEK5GQXK57 JPMorgan Value Advantage Fund, Class R6 46641U382 10096655.12700000 NS USD 347526869.47000000 13.05862083023 Long RF US N 1 N N N 2023-10-30 JPMorgan Trust I Timothy J. Clemens Timothy J. Clemens Treasurer and Principal Financial Officer XXXX NPORT-EX 2 JPMSR2045.htm EDGAR HTML
JPMorgan SmartRetirement® 2045 Fund
Schedule of Portfolio Investments as of September 30, 2023
(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., 2023.
JPMorgan SmartRetirement® 2045 Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF September 30, 2023  (Unaudited)
 
INVESTMENTS
SHARES
(000)
VALUE
($000)
Investment Companies — 69.4%
Fixed Income — 8.2%
JPMorgan Core Bond Fund Class R6 Shares  (a)
4,797
46,964
JPMorgan Core Plus Bond Fund Class R6 Shares  (a)
20,478
140,892
JPMorgan Emerging Markets Debt Fund Class R6 Shares  (a)
1,859
10,577
JPMorgan High Yield Fund Class R6 Shares  (a)
3,347
20,583
Total Fixed Income
219,016
International Equity — 11.2%
JPMorgan Emerging Markets Equity Fund Class R6 Shares  (a)
995
27,704
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares  (a)
5,437
81,223
JPMorgan International Equity Fund Class R6 Shares  (a)
10,900
188,457
Total International Equity
297,384
U.S. Equity — 50.0%
JPMorgan Growth Advantage Fund Class R6 Shares  * (a)
10,767
325,600
JPMorgan Small Cap Equity Fund Class R6 Shares  (a)
722
36,273
JPMorgan Small Cap Growth Fund Class R6 Shares  * (a)
1,012
18,183
JPMorgan Small Cap Value Fund Class R6 Shares  (a)
764
18,150
JPMorgan U.S. Equity Fund Class R6 Shares  (a)
14,676
283,689
JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares  (a)
9,838
326,810
JPMorgan Value Advantage Fund Class R6 Shares  (a)
9,416
324,081
Total U.S. Equity
1,332,786
Total Investment Companies
(Cost $1,444,254)
1,849,186
Exchange-Traded Funds — 28.7%
Alternative Assets — 1.9%
JPMorgan BetaBuilders MSCI US REIT ETF  (a)
158
12,298
JPMorgan Realty Income ETF  (a)
951
37,031
Total Alternative Assets
49,329
Fixed Income — 0.7%
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF  (a)
449
19,704
International Equity — 18.3%
JPMorgan ActiveBuilders Emerging Markets Equity ETF  (a)
2,009
69,365
JPMorgan International Research Enhanced Equity ETF  (a)
7,680
417,587
Total International Equity
486,952
International Funds — 4.6%
JPMorgan Global Select Equity ETF  * (a)
2,634
122,426
U.S. Equity — 3.2%
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF  (a)
1,131
85,149
Total Exchange-Traded Funds
(Cost $763,818)
763,560
 
PRINCIPAL
AMOUNT
($000)
U.S. Treasury Obligations — 0.2%
U.S. Treasury Notes
0.88%, 1/31/2024 (b) (Cost $5,284)
5,351
5,271
JPMorgan SmartRetirement® 2045 Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF September 30, 2023  (Unaudited) (continued)
 INVESTMENTS
SHARES
(000)
VALUE
($000)
Short-Term Investments — 1.5%
Investment Companies — 1.5%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.27% (a) (c)
(Cost $39,455)
39,455
39,455
Total Investments — 99.8%
(Cost $2,252,811)
2,657,472
Other Assets Less Liabilities — 0.2%
5,616
NET ASSETS — 100.0%
2,663,088
 
Percentages indicated are based on net assets.
 
Abbreviations
 
ETF
Exchange Traded Fund
REIT
Real Estate Investment Trust
USD
United States Dollar
 
*
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, 2023.
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, 2023 (amounts in thousands, except number of contracts):
 
DESCRIPTION
NUMBER OF
CONTRACTS
EXPIRATION DATE
TRADING CURRENCY
NOTIONAL
AMOUNT ($)
VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
Long Contracts
MSCI Emerging Markets E-Mini Index
419
12/15/2023
USD
20,020
(710
)
U.S. Treasury 10 Year Note
866
12/19/2023
USD
93,555
(1,736
)
 
(2,446
)
Short Contracts
MSCI EAFE E-Mini Index
(261
)
12/15/2023
USD
(26,644
)
952
S&P 500 E-Mini Index
(154
)
12/15/2023
USD
(33,316
)
1,418
 
2,370
 
(76
)
 
Abbreviations
 
EAFE
Europe, Australasia and Far East
MSCI
Morgan Stanley Capital International
USD
United States Dollar
JPMorgan SmartRetirement® 2045 Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF September 30, 2023 (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 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 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 (“SOI”): 
 
 
 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Investments in Securities
Exchange-Traded Funds
$763,560
$—
$—
$763,560
Investment Companies
1,849,186
—
—
1,849,186
JPMorgan SmartRetirement® 2045 Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF September 30, 2023 (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
$—
$5,271
$—
$5,271
Short-Term Investments
Investment Companies
39,455
—
—
39,455
Total Investments in Securities
$2,652,201
$5,271
$—
$2,657,472
Appreciation in Other Financial Instruments
Futures Contracts
$2,370
$—
$—
$2,370
Depreciation in Other Financial Instruments
Futures Contracts
(2,446
)
—
—
(2,446
)
Total Net Appreciation/ Depreciation in Other
Financial Instruments
$(76
)
$—
$—
$(76
)
B. Investment Transactions with Affiliates — The Fund invested in Underlying Funds and ETFs 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, 2023
Security Description
Value at
June 30,
2023
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
September 30,
2023
Shares at
September 30,
2023
Dividend
Income
Capital Gain
Distributions
JPMorgan ActiveBuilders Emerging
Markets Equity ETF  (a)
$79,345
$—
$6,265
$(664
)
$(3,051
)
$69,365
2,009
$—
$—
JPMorgan BetaBuilders MSCI US REIT ETF
 (a)
13,742
296
735
10
(1,015
)
12,298
158
113
—
JPMorgan BetaBuilders U.S. Mid Cap
Equity ETF  (a)
96,289
2,274
9,264
(27
)
(4,123
)
85,149
1,131
303
—
JPMorgan BetaBuilders USD High Yield
Corporate Bond ETF  (a)
20,032
—
—
—
(328
)
19,704
449
317
—
JPMorgan Core Bond Fund Class R6
Shares  (a)
50,236
478
1,770
(287
)
(1,693
)
46,964
4,797
478
—
JPMorgan Core Plus Bond Fund Class R6
Shares  (a)
150,997
1,594
5,562
(1,179
)
(4,958
)
140,892
20,478
1,593
—
JPMorgan Emerging Markets Debt Fund
Class R6 Shares  (a)
10,863
176
—
—
(462
)
10,577
1,859
176
—
JPMorgan Emerging Markets Equity Fund
Class R6 Shares  (a)
30,191
3,729
4,227
(159
)
(1,830
)
27,704
995
—
—
JPMorgan Emerging Markets Research
Enhanced Equity Fund Class R6 Shares
 (a)
92,205
2,533
10,595
(496
)
(2,424
)
81,223
5,437
—
—
JPMorgan Global Select Equity ETF  (a) *
—
122,304
—
—
122
122,426
2,634
—
—
JPMorgan Growth Advantage Fund
Class R6 Shares  (a) *
397,910
—
62,266
4,982
(15,026
)
325,600
10,767
—
—
JPMorgan High Yield Fund Class R6 Shares
 (a)
20,386
331
—
—
(134
)
20,583
3,347
331
—
JPMorgan International Equity Fund
Class R6 Shares  (a)
258,769
—
54,846
(7,437
)
(8,029
)
188,457
10,900
—
—
JPMorgan International Research
Enhanced Equity ETF  (a)
476,130
—
37,780
1,828
(22,591
)
417,587
7,680
—
—
JPMorgan Realty Income ETF  (a)
40,508
889
1,213
(200
)
(2,953
)
37,031
951
307
—
JPMorgan Small Cap Equity Fund Class R6
Shares  (a)
41,267
—
2,791
(195
)
(2,008
)
36,273
722
—
—
JPMorgan SmartRetirement® 2045 Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF September 30, 2023 (Unaudited) (continued)
(Dollar values in thousands)
 
For the period ended September 30, 2023
Security Description
Value at
June 30,
2023
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
September 30,
2023
Shares at
September 30,
2023
Dividend
Income
Capital Gain
Distributions
JPMorgan Small Cap Growth Fund
Class R6 Shares  (a) *
$21,656
$500
$2,310
$(1,051
)
$(612
)
$18,183
1,012
$—
$—
JPMorgan Small Cap Value Fund Class R6
Shares  (a)
20,685
138
1,911
(121
)
(641
)
18,150
764
138
—
JPMorgan U.S. Equity Fund Class R6
Shares  (a)
375,811
938
83,848
18,037
(27,249
)
283,689
14,676
938
—
JPMorgan U.S. Government Money Market
Fund Class IM Shares, 5.27%  (a) (b)
51,352
87,588
99,485
—
—
39,455
39,455
502
—
JPMorgan U.S. Research Enhanced Equity
Fund Class R6 Shares  (a)
375,253
1,093
40,258
1,516
(10,794
)
326,810
9,838
1,093
—
JPMorgan Value Advantage Fund Class R6
Shares  (a)
394,757
—
62,708
2,010
(9,978
)
324,081
9,416
—
—
Total
$3,018,384
$224,861
$487,834
$16,567
$(119,777
)
$2,652,201
$6,289
$—
 
 
(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, 2023.
*
Non-income producing security.