UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-21295

JPMorgan Trust I

(Exact name of registrant as specified in charter)

270 Park Avenue

New York, NY 10017

(Address of principal executive offices) (Zip code)

Noah D. Greenhill, Esq.

270 Park Avenue

New York, NY 10017

(Name and Address of Agent for Service)

Registrant’s telephone number, including area code: (800) 480-4111

Date of fiscal year end: June 30

Date of reporting period: July 1, 2018 through December 31, 2018

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. Section 3507.

ITEM 1. REPORTS TO STOCKHOLDERS.

The following is a copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1).

Semi-Annual Report

JPMorgan Access Funds

December 31, 2018 (Unaudited)

JPMorgan Access Balanced Fund

JPMorgan Access Growth Fund

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Funds’ website www.jpmorganfunds.com and you will be notified by mail each time a report is posted and provided with a website to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action.

You may elect to receive shareholder reports and other communications from the Funds electronically anytime by contacting your financial intermediary (such as a broker dealer, bank, or retirement plan) or, if you are a direct investor, by going to www.jpmorganfunds.com/edelivery.

You may elect to receive paper copies of all future reports free of charge. Contact your financial intermediary or, if you invest directly with the Funds, email us at funds.website.support@jpmorganfunds.com or call 1-800-480-4111. Your election to receive paper reports will apply to all funds held within your account(s).

CONTENTS

CEO’s Letter	1
Market Overview	2
Fund Commentaries:
JPMorgan Access Balanced Fund	3
JPMorgan Access Growth Fund	7
Consolidated Schedules of Portfolio Investments	11
Consolidated Financial Statements	24
Consolidated Financial Highlights	30
Notes to Consolidated Financial Statements	34
Schedule of Shareholder Expenses	45
Board Approval of Investment Advisory Agreement	46
Tax Letter	50

Investments in a Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money if you sell when a Fund’s share price is lower than when you invested.

Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of a Fund or the securities markets. References to specific securities and their issuers are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations to purchase or sell such securities. Such views are not meant as investment advice and may not be relied on as an indication of trading intent on behalf of any Fund.

Prospective investors should refer to the Funds’ prospectus for a discussion of the Funds’ investment objectives, strategies and risks. Call J.P. Morgan Funds Service Center at 1-800-480-4111 for a prospectus containing more complete information about a Fund, including management fees and other expenses. Please read it carefully before investing.

CEO’S LETTER

February 14, 2019 (Unaudited)

Dear Shareholder,

While the U.S. economy largely outperformed other leading economies during the second half of 2018, record corporate profits and historically low unemployment were overshadowed in December by a sell-off in equity markets, unsettled global trade tensions and a political impasse that led to the temporary shutdown of large parts of the federal government.

  “Overall, economists generally remained optimistic about the fundamental strength of the U.S. economy at the end of 2018.” — George C.W. Gatch

The second longest U.S. economic expansion on record extended through the third and fourth quarters of 2018. Gross domestic product advanced 3.4% in the third quarter of 2018, and was on pace to grow by about 3% for the full year 2018. In September, the U.S. jobless rate dipped to 3.7% — its lowest level in nearly 50 years — and stood at 3.9% at the end of the year. In response, the U.S. Federal Reserve raised interest rates in September and again in December.

U.S. aggregate corporate revenues and earnings reached record high levels in the second and third quarters of 2018. Though some profit growth was attributed to the temporary benefits of late-2017 tax cut legislation, the outlook for U.S. corporate earnings remained generally positive at the end of the year.

Equity prices in the U.S. largely rose during the third quarter of 2018. The S&P 500 Index hit record highs in August and remained elevated in September. However, early October saw a sharp sell-off in financial markets and the worst December for

the S&P 500 Index since 1931 erased all gains seen in the prior five months.

By the end of 2018, investors were confronted with several worrying developments. Leading economies, particularly China and the European Union, showed significant signs of slowing in the latter half of the year. While U.S.-China trade tariffs had little clear direct impact on the U.S. economy in 2018, a continuation or acceleration of protectionist policies could begin to hinder growth. Though the federal government shutdown ended subsequent to the end of the reporting period, the solution was a short-term budget agreement that failed to alleviate concerns about the possibility of future shutdowns.

Overall, economists generally remained optimistic about the fundamental strength of the U.S. economy at the end of 2018. While U.S. corporate profits and gross domestic product are expected to grow in the year ahead, the extent to which U.S. financial markets benefit remains to be seen, given the length of the current economic expansion.

We believe investors who maintain a patient approach and a well-diversified portfolio may be best positioned to navigate current market conditions. We look forward to managing your investment needs for years to come. Should you have any questions, please visit www.jpmorganfunds.com or contact the J.P. Morgan Funds Service Center at 1-800-480-4111.

Sincerely yours,

George C.W. Gatch

CEO, Global Funds Management

J.P. Morgan Asset Management

DECEMBER 31, 2018 JPMORGAN ACCESS FUNDS 1

JPMorgan Access Funds

MARKET OVERVIEW

SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited)

U.S. equity markets posted negative returns for the reporting period, though they generally outperformed equities in both developed markets and emerging markets. Global bond markets generally had a lackluster performance in the second half of 2018.

U.S. equity prices were largely supported by strong corporate earnings and revenue, low interest rates and an expanding domestic economy. In August, U.S. equity prices returned to record highs and remained elevated through September. Share prices fell sharply and market volatility spiked in early October, then prices rebounded slightly in November before plummeting again in December, erasing gains made over the previous five months.

In Europe, equity markets came under pressure from slowing economic growth, political tensions within the European Union (the “EU”) and uncertainty about Britain’s planned exit from the EU. Emerging markets equity prices fell as rising U.S. interest rates and signs that U.S.-China trade tariffs were curbing demand from Chinese manufacturers. Emerging markets debt generally provided small but positive returns during the reporting period.

2 JPMORGAN ACCESS FUNDS DECEMBER 31, 2018

JPMorgan Access Balanced Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*		(5.49)%
Bloomberg Barclays Global Aggregate Index – Hedged USD		1.69%
MSCI World Index (net of foreign withholding taxes)		(9.10)%
Access Balanced Composite Benchmark		(4.59)%
Net Assets as of 12/31/2018	$	516,665,290

INVESTMENT OBJECTIVE**

The JPMorgan Access Balanced Fund (the “Fund”) seeks total return.

WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?

As the Fund invests in fixed income and equity asset classes, its performance is compared to broad based fixed income and equity benchmarks, as well as a blended composite benchmark. The Fund’s Class I Shares underperformed the Bloomberg Barclays Global Aggregate Index – Hedged USD, its broad based fixed income benchmark, but outperformed the MSCI World Index (net of foreign withholding taxes), its broad based equity benchmark, for the six months ended December 31, 2018.

The Fund’s underweight allocation to core fixed income drove its underperformance relative to the Bloomberg Barclays Global Aggregate Index – Hedged USD. The Fund’s overweight allocation to U.S. equity led to its outperformance relative to the MSCI World Index.

During the reporting period, the Fund’s Class I shares underperformed the Fund’s composite benchmark, which consists of the MSCI World Index (net of foreign withholding taxes) (55%), Bloomberg Barclays Global Aggregate Index – Hedged USD (40%) and HFRX Global Hedge Fund Index (5%).

The Fund’s overweight allocation to U.S. equity and its overweight allocation to extended credit – mostly consisting of

below-investment-grade bonds (also known as junk bonds) and emerging market debt — were leading contributors to performance relative to the composite benchmark. The Fund’s underweight allocation to core fixed income and its overweight allocation to European equity were leading detractors from performance relative to the composite benchmark.

To implement the Fund managers’ tactical asset allocation decisions, the Fund invested in J.P. Morgan Funds, as well as third party investment companies (which may or may not be registered under the Investment Company Act of 1940, as amended) and exchange-traded funds.

HOW WAS THE FUND POSITIONED?

The Fund is a multi-asset class portfolio that focuses on both traditional and liquid alternative investments across the global marketplace. The portfolio management team managed the Fund using a tactical approach to asset allocation across global markets, seeking opportunities in sectors and regions based on valuations and the potential for longer-term growth. The Fund invested its assets in a combination of domestic and international equity, fixed income and liquid alternative assets.

Relative to the MSCI World Index, the Fund’s portfolio managers employed an overweight position in developed market equity, in both the U.S. and international markets, during the reporting period. Within fixed income, the portfolio managers favored an underweight position in core bonds.

DECEMBER 31, 2018 JPMORGAN ACCESS FUNDS 3

JPMorgan Access Balanced Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited) (continued)

TOP TEN HOLDINGS OF THE PORTFOLIO***
	1.	SPDR S&P 500 ETF Trust	23.9	%
	2.	iShares Core S&P 500 ETF	11.4
	3.	Vanguard Total International Bond ETF	10.6
	4.	iShares MSCI EAFE ETF	10.1
	5.	JPMorgan Core Bond Fund Class R6 Shares	5.7
	6.	JPMorgan Core Plus Bond Fund Class R6 Shares	4.0
	7.	JPMorgan Corporate Bond Fund Class R6 Shares	4.0
	8.	JPMorgan Short Duration Bond Fund Class R6 Shares	2.1
	9.	Oakmark International Fund Institutional Class Shares	2.0
	10.	iShares MSCI Japan ETF	2.0

PORTFOLIO COMPOSITION BY ASSET CLASS***
U.S. Equity	38.9	%
Fixed Income	33.8
International Equity	20.9
Alternative Assets	5.0
Short-Term Investments	1.4

* The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

** The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.

*** Percentages indicated are based on total investments as of December 31, 2018. The Fund’s portfolio composition is subject to change.

4 JPMORGAN ACCESS FUNDS DECEMBER 31, 2018

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2018
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			SINCE INCEPTION
CLASS A SHARES	September 30, 2009
With Sales Charge**			(9.83	)%		(10.38	)%		1.06	%		3.24	%
Without Sales Charge			(5.60	)		(6.17	)		2.00			3.76
CLASS C SHARES	January 4, 2010
With CDSC***			(6.81	)		(7.58	)		1.50			3.26
Without CDSC			(5.81	)		(6.58	)		1.50			3.26
CLASS I SHARES	September 30, 2009		(5.49	)		(5.89	)		2.27			4.03
CLASS L SHARES	September 30, 2009		(5.43	)		(5.75	)		2.42			4.19

* Not annualized.

** Sales Charge for Class A Shares is 4.50%.

*** Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter.

LIFE OF FUND PERFORMANCE (9/30/09 TO 12/31/18)

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.

The Fund commenced operations on September 30, 2009.

Returns for Class C Shares prior to its inception date are based on the performance of the Class A Shares. The actual returns of Class C Shares would have been lower than those shown because Class C Shares have higher expenses than Class A Shares.

The graph illustrates comparative performance for $1,000,000 invested in the Class I Shares of the JPMorgan Access Balanced Fund, Bloomberg Barclays Global Aggregate Index — Hedged USD, the MSCI World Index (net of foreign withholding taxes), the S&P 500 Index and the Access Balanced Composite Benchmark from September 30, 2009 to December 31, 2018. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Bloomberg Barclays Global Aggregate Index — Hedged USD and the Access Balanced Composite Benchmark does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmarks, if applicable. The performance of the MSCI World Index (net of foreign withholding taxes) does not reflect the deduction of expenses associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if

applicable. The dividend is reinvested after deduction of withholding tax, applying the rate to non-resident individuals who do not benefit from double taxation treaties. The performance of the S&P 500 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gains of the securities included in the benchmark, if applicable. The Bloomberg Barclays Global Aggregate Index provides a broad-based measure of the global investment-grade fixed income markets. The three major components of this index are the U.S. Aggregate, the Pan-European Aggregate, and the Asian-Pacific Aggregate Indices. The index also includes Eurodollar and Euro-Yen corporate bonds, Canadian government, agency and corporate securities, and USD investment grade 144A securities. Constituents must be rated investment-grade (Baa3/BBB- or higher) by at least two of the following ratings agencies: Moody’s, S&P, Fitch. If only two of the three agencies rate the security, the lower rating is used to determine index eligibility. If only one of the three agencies rates a security, the rating must be investment-grade. Unrated non-U.S. bonds may use an implied issuer rating to determine index eligibility when not rated by an agency. The MSCI World Index (net of foreign withholding taxes) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. Since January 1, 2018, the Access Balanced Composite Benchmark is a composite benchmark comprised of unmanaged indexes that corresponds to the Fund’s model allocation and that consists of the MSCI World Index (net of foreign withholding taxes) (55%), Bloomberg Barclays Global Aggregate Index Hedged (40%) and HFRX Global Hedge Fund Index (5%). From July 1, 2016 until December 31, 2017, the Access Balanced Composite Benchmark was a composite benchmark comprised of the MSCI World Index (net of foreign withholding taxes) (55%), Bloomberg Barclays

DECEMBER 31, 2018 JPMORGAN ACCESS FUNDS 5

JPMorgan Access Balanced Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited) (continued)

Global Aggregate Index (35%), Bloomberg Barclays T-Bill 1-3 Month Index (5%), and HFRX Global Hedge Fund Index (5%). From April 1, 2013 until June 30, 2016, the Access Balanced Composite Benchmark was a composite benchmark comprised of the MSCI World Index (net of foreign withholding taxes) (50%), Bloomberg Barclays U.S. Aggregate Index (35%), Citigroup 3-Month Treasury Bill Index (5%), Bloomberg Commodity Index (5%) and HFRX Global Hedge Fund Index (5%). From July 1, 2011 until March 31, 2013, the Access Balanced Composite Benchmark was a composite benchmark comprised of the MSCI World Index (net of foreign withholding taxes) (50%), Bloomberg Barclays U.S. Aggregate Index (35%) and Citigroup 3-Month Treasury Bill Index (15%). From the inception date of September 30, 2009 to June 30, 2011, the Access Balanced Composite Benchmark was a composite benchmark comprised of the MSCI World Index (net of foreign withholding taxes) (55%), Bloomberg Barclays Capital U.S. Aggregate Index (35%) and Citigroup 3-Month Treasury Bill Index (10%). Investors cannot invest directly in an index.

Class I Shares have a $1,000,000 minimum initial investment.

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

6 JPMORGAN ACCESS FUNDS DECEMBER 31, 2018

JPMorgan Access Growth Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*		(7.48)%
MSCI World Index (net of foreign withholding taxes)		(9.10)%
Bloomberg Barclays Global Aggregate Index – Hedged USD		1.69%
Access Growth Composite Benchmark		(6.76)%
Net Assets as of 12/31/2018	$	472,639,113

INVESTMENT OBJECTIVE**

The JPMorgan Access Growth Fund (the “Fund”) seeks capital appreciation.

WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?

As the Fund invests in fixed income and equity asset classes, its performance is compared to broad-based fixed income and equity benchmarks, as well as a blended composite benchmark. The Fund’s Class I Shares outperformed the MSCI World Index (net of foreign withholding taxes), its broad based equity benchmark, and underperformed the Bloomberg Barclays Global Aggregate Index – Hedged USD, its broad based fixed income benchmark, for the six months ended December 31, 2018.

The Fund’s underweight allocation to core fixed income drove its underperformance relative to the Bloomberg Barclays Global Aggregate Index – Hedged USD. The Fund’s allocation to U.S. equity led to its outperformance relative to the MSCI World Index.

For the reporting period, the Fund’s Class I shares underperformed the Fund’s composite benchmark, which consists of the MSCI World Index (net of foreign withholding taxes) (75%), Bloomberg Barclays Global Aggregate Index – Hedged USD (20%), and HFRX Global Hedge Fund Index (5%).

The Fund’s security selection in non-U.S. developed market equities and its underweight allocation to core fixed income were leading detractors from performance relative to the composite benchmark. The Fund’s overweight allocation to U.S. equity was a leading contributor to performance relative to the composite benchmark.

To implement the Fund managers’ tactical asset allocation decisions, the Fund invested in J.P. Morgan Funds, as well as third party investment companies (which may or may not be registered under the Investment Company Act of 1940, as amended) and exchange-traded funds.

HOW WAS THE FUND POSITIONED?

The Fund is a multi-asset class portfolio that focuses on both traditional and liquid alternative investments across the global marketplace. The portfolio management team managed the Fund using a tactical approach to asset allocation across global markets, seeking opportunities in sectors and regions based on valuations and the potential for longer-term growth. The Fund invested its assets in a combination of domestic and international equity, fixed income and liquid alternative assets.

Relative to the MSCI World Index, the Fund’s portfolio managers employed an overweight position in developed market equity, in both the U.S. and international markets, during the reporting period. Within fixed income, the Fund’s portfolio managers favored an underweight position in core bonds.

DECEMBER 31, 2018 JPMORGAN ACCESS FUNDS 7

JPMorgan Access Growth Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited) (continued)

TOP TEN HOLDINGS OF THE PORTFOLIO***
	1.	SPDR S&P 500 ETF Trust	28.3	%
	2.	iShares Core S&P 500 ETF	15.1
	3.	iShares MSCI EAFE ETF	12.9
	4.	Vanguard Total International Bond ETF	5.3
	5.	JPMorgan Global Research Enhanced Index Fund Class R6 Shares	5.2
	6.	JPMorgan Core Bond Fund Class R6 Shares	3.4
	7.	Oakmark International Fund Institutional Class Shares	2.3
	8.	JPMorgan Corporate Bond Fund Class R6 Shares	2.0
	9.	Lord Abbett Short Duration Income Fund Class F3	2.0
	10.	iShares MSCI Japan ETF	1.9

PORTFOLIO COMPOSITION BY ASSET CLASS***
U.S. Equity	47.5	%
International Equity	31.4
Fixed Income	14.5
Alternative Assets	5.1
Short-Term Investments	1.5

* The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

** The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.

*** Percentages indicated are based on total investments as of December 31, 2018. The Fund’s portfolio composition is subject to change.

8 JPMORGAN ACCESS FUNDS DECEMBER 31, 2018

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2018
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			SINCE INCEPTION
CLASS A SHARES	September 30, 2009
With Sales Charge**			(11.75	)%		(12.15	)%		1.24	%		3.99	%
Without Sales Charge			(7.61	)		(8.02	)		2.17			4.51
CLASS C SHARES	January 4, 2010
With CDSC***			(8.79	)		(9.41	)		1.69			4.02
Without CDSC			(7.79	)		(8.41	)		1.69			4.02
CLASS I SHARES	September 30, 2009		(7.48	)		(7.74	)		2.46			4.79
CLASS L SHARES	September 30, 2009		(7.41	)		(7.65	)		2.61			4.95

* Not annualized.

** Sales Charge for Class A Shares is 4.50%.

*** Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter.

LIFE OF FUND PERFORMANCE (9/30/09 TO 12/31/18)

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.

The Fund commenced operations on September 30, 2009.

Returns for Class C Shares prior to its inception date are based on the performance of the Class A Shares. The actual returns of Class C Shares would have been lower than those shown because Class C Shares have higher expenses than Class A Shares.

The graph illustrates comparative performance for $1,000,000 invested in the Class I Shares of the JPMorgan Access Growth Fund, Bloomberg Barclays Global Aggregate Index — Hedged USD, the MSCI World Index (net of foreign withholding taxes), the S&P 500 Index and the Access Growth Composite Benchmark from September 30, 2009 to December 31, 2018. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Bloomberg Barclays Global Aggregate Index — Hedged USD and the Access Growth Composite Benchmark does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmarks, if applicable. The performance of the MSCI World Index (net of foreign withholding taxes) does not reflect the deduction of expenses associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The

dividend is reinvested after deduction of withholding tax, applying the rate to non-resident individuals who do not benefit from double taxation treaties. The performance of the S&P 500 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gains of the securities included in the benchmark, if applicable. The Bloomberg Barclays Global Aggregate Index provides a broad-based measure of the global investment-grade fixed income markets. The three major components of this index are the U.S. Aggregate, the Pan-European Aggregate, and the Asian-Pacific Aggregate Indices. The index also includes Eurodollar and Euro-Yen corporate bonds, Canadian government, agency and corporate securities, and USD investment grade 144A securities. Constituents must be rated investment-grade (Baa3/BBB- or higher) by at least two of the following ratings agencies: Moody’s, S&P, Fitch. If only two of the three agencies rate the security, the lower rating is used to determine index eligibility. If only one of the three agencies rates a security, the rating must be investment-grade. Unrated non-U.S. bonds may use an implied issuer rating to determine index eligibility when not rated by an agency. The MSCI World Index (net of foreign withholding taxes) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. Since January 1, 2018, the Access Growth Composite Benchmark is a composite benchmark comprised of unmanaged indexes that corresponds to the Fund’s model allocation and that consists of the MSCI World Index (net of foreign withholding taxes) (75%), Bloomberg Barclays Global Aggregate Index Hedged (20%) and HFRX Global Hedge Fund Index (5%). From July 1, 2016 until December 31, 2017, the Access Growth Composite Benchmark was a composite benchmark comprised of the MSCI World Index (net of foreign withholding taxes) (75%), Bloomberg Barclays

DECEMBER 31, 2018 JPMORGAN ACCESS FUNDS 9

JPMorgan Access Growth Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited) (continued)

Global Aggregate Index (15%), Bloomberg Barclays T-Bill 1-3 Month Index (5%), and HFRX Global Hedge Fund Index (5%). From April 1, 2013 until June 30, 2016, the Access Growth Composite Benchmark was a composite benchmark comprised of the MSCI World Index (net of foreign withholding taxes) (70%), Bloomberg Barclays U.S. Aggregate Index (15%), Citigroup 3-Month Treasury Bill Index (5%), Bloomberg Commodity Index (5%) and HFRX Global Hedge Fund Index (5%). From July 1, 2011 until March 31, 2013, the Access Growth Composite Benchmark was a composite benchmark comprised of the MSCI World Index (net of foreign withholding taxes) (70%), Bloomberg Barclays U.S. Aggregate Index (20%) and Citigroup 3-Month Treasury Bill Index (10%). From the inception date of September 30, 2009 to June 30, 2011, the Access Growth Composite Benchmark was a composite benchmark comprised of the MSCI World Index (net of foreign withholding taxes) (75%), Bloomberg Barclays Capital U.S. Aggregate Index (15%) and Citigroup 3-Month Treasury Bill Index (10%). Investors cannot invest directly in an index.

Class I Shares have a $1,000,000 minimum initial investment.

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

10 JPMORGAN ACCESS FUNDS DECEMBER 31, 2018

JPMorgan Access Balanced Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited)

INVESTMENTS	SHARES		VALUE($)
Exchange Traded Funds — 61.9%
Fixed Income — 13.2%
iShares TIPS Bond ETF		46,700		5,114,117
Vanguard Short-Term Bond ETF		102,500		8,053,425
Vanguard Total International Bond ETF		1,017,950		55,223,787
Total Fixed Income				68,391,329
International Equity — 13.2%
iShares MSCI EAFE ETF		888,440		52,222,503
iShares MSCI Japan ETF		201,250		10,201,363
JPMorgan BetaBuilders Canada ETF (b)		178,600		3,689,876
JPMorgan BetaBuilders Europe ETF (b)		93,500		1,997,160
Total International Equity				68,110,902
U.S. Equity — 35.5%
iShares Core S&P 500 ETF		235,500		59,254,155
SPDR S&P 500 ETF Trust		496,100		123,985,312
Total U.S. Equity				183,239,467
Total Exchange Traded Funds (Cost $292,124,508)				319,741,698
Investment Companies — 31.6%
Alternative Assets — 5.0%
Blackstone Alternative Multi-Strategy Fund Class Y Shares		752,587		7,729,069
Boston Partners Global Long/Short Fund Class Institutional Shares *		219,827		2,314,776
CRM Long/Short Opportunities Fund Class Institutional Shares *		283,317		2,632,016
Equinox IPM Systematic Macro Fund Class I Shares		491,172		4,906,811
Marshall Wace UCITS Fund plc Class F Shares (Ireland) * (a)		58,199		8,562,189
Total Alternative Assets				26,144,861
Fixed Income — 20.7%
Goldman Sachs Emerging Markets Debt Fund Class Institutional Shares		440,469		5,025,747
JPMorgan Core Bond Fund Class R6 Shares (b)		2,606,416		29,400,376
JPMorgan Core Plus Bond Fund Class R6 Shares (b)		2,598,749		20,841,964
JPMorgan Corporate Bond Fund Class R6 Shares (b)		2,237,778		20,677,068
JPMorgan High Yield Fund Class R6 Shares (b)		743,259		5,046,726
JPMorgan Short Duration Bond Fund Class R6 Shares (b)		998,567		10,684,669
JPMorgan Unconstrained Debt Fund Class R6 Shares (b)		564,160		5,336,954

INVESTMENTS	SHARES		VALUE($)
Fixed Income — continued
Lord Abbett Short Duration Income Fund Class F3 Shares		2,410,803		9,980,723
Total Fixed Income				106,994,227
International Equity — 2.4%
JPMorgan Global Research Enhanced Index Fund Class R6 Shares (b)		99,959		1,835,252
Oakmark International Fund Class Institutional Shares		499,680		10,213,455
Total International Equity				12,048,707
U.S. Equity — 3.5%
JPMorgan Equity Focus Fund Class I Shares (b)		217,362		5,616,591
JPMorgan Equity Income Fund Class R6 Shares (b)		429,818		6,812,612
JPMorgan U.S. Large Cap Core Plus Fund Class R6 Shares (b)		237,167		5,656,425
Total U.S. Equity				18,085,628
Total Investment Companies (Cost $170,670,735)				163,273,423
Common Stocks — 5.5%
Aerospace & Defense — 0.2%
Airbus SE (France)		4,154		396,042
Meggitt plc (United Kingdom)		17,143		102,978
Safran SA (France)		3,604		432,246
				931,266
Airlines — 0.0% (c)
Ryanair Holdings plc, ADR (Ireland) *		605		43,161
Auto Components — 0.1%
Aisin Seiki Co. Ltd. (Japan)		1,100		37,814
Autoliv, Inc., SDR (Sweden)		877		62,197
Denso Corp. (Japan)		1,100		48,694
Magna International, Inc. (Canada)		2,320		105,444
Stanley Electric Co. Ltd. (Japan)		2,000		55,949
Sumitomo Rubber Industries Ltd. (Japan)		2,100		24,723
Veoneer, Inc., SDR (Sweden) *		1,009		25,799
Veoneer, Inc. (Sweden) *		27		636
				361,256
Automobiles — 0.1%
Bayerische Motoren Werke AG (Germany)		885		71,778
Honda Motor Co. Ltd. (Japan)		1,800		47,421
Suzuki Motor Corp. (Japan)		1,900		95,782
Toyota Motor Corp. (Japan)		3,400		196,814
				411,795

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

DECEMBER 31, 2018 JPMORGAN ACCESS FUNDS 11

JPMorgan Access Balanced Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Banks — 0.5%
ABN AMRO Group NV, CVA (Netherlands) (d)		6,392		150,416
Australia & New Zealand Banking Group Ltd. (Australia)		6,931		119,758
Barclays plc, ADR (United Kingdom)		2,139		16,128
BNP Paribas SA (France)		5,731		258,816
Commerzbank AG (Germany)		3,090		20,518
Danske Bank A/S (Denmark)		3,451		68,511
DBS Group Holdings Ltd. (Singapore)		10,200		177,376
DNB ASA (Norway)		13,192		211,754
Erste Group Bank AG (Austria) *		1,848		61,275
HDFC Bank Ltd., ADR (India)		1,855		192,159
ING Groep NV (Netherlands)		12,384		133,210
Intesa Sanpaolo SpA (Italy)		30,962		68,941
KBC Group NV (Belgium)		1,230		79,137
Lloyds Banking Group plc (United Kingdom)		156,329		103,049
Mitsubishi UFJ Financial Group, Inc. (Japan)		26,000		127,599
National Bank of Canada (Canada)		2,545		104,488
Nordea Bank Abp (Finland)		16,429		138,303
Standard Chartered plc (United Kingdom)		9,664		75,105
Sumitomo Mitsui Trust Holdings, Inc. (Japan)		2,300		83,759
Svenska Handelsbanken AB, Class A (Sweden)		23,279		258,995
United Overseas Bank Ltd. (Singapore)		4,000		72,360
				2,521,657
Beverages — 0.2%
Carlsberg A/S, Class B (Denmark)		3,077		327,329
Diageo plc (United Kingdom)		11,207		400,475
Kirin Holdings Co. Ltd. (Japan)		2,200		45,873
Pernod Ricard SA (France)		2,376		389,951
				1,163,628
Biotechnology — 0.1%
BeiGene Ltd., ADR (China) *		400		56,104
CSL Ltd. (Australia)		373		48,720
Genmab A/S (Denmark) *		941		154,720
Grifols SA (Preference), Class B (Spain)		3,164		58,266
Shire plc, ADR		446		77,622
				395,432
Building Products — 0.0% (c)
Assa Abloy AB, Class B (Sweden)		9,586		171,654
Capital Markets — 0.1%
Close Brothers Group plc (United Kingdom)		1,031		18,921
Deutsche Boerse AG (Germany)		1,060		126,729
GAM Holding AG (Switzerland) *		3,243		12,787
Hong Kong Exchanges & Clearing Ltd. (Hong Kong)		3,900		112,743

INVESTMENTS	SHARES		VALUE($)
Capital Markets — continued
London Stock Exchange Group plc (United Kingdom)		5,760		298,832
Macquarie Group Ltd. (Australia)		1,372		105,090
				675,102
Chemicals — 0.2%
Air Liquide SA (France)		1,543		191,603
Asahi Kasei Corp. (Japan)		22,330		229,181
BASF SE (Germany)		1,473		102,600
Covestro AG (Germany) (d)		1,017		50,367
Givaudan SA (Registered) (Switzerland)		48		111,296
Johnson Matthey plc (United Kingdom)		2,493		89,014
Kansai Paint Co. Ltd. (Japan)		5,400		103,720
Shin-Etsu Chemical Co. Ltd. (Japan)		1,500		115,249
Tosoh Corp. (Japan)		1,200		15,565
Umicore SA (Belgium)		1,939		77,376
				1,085,971
Communications Equipment — 0.0% (c)
Telefonaktiebolaget LM Ericsson, Class B (Sweden)		6,462		57,201
Containers & Packaging — 0.0% (c)
Amcor Ltd. (Australia)		12,032		112,348
Diversified Financial Services — 0.1%
Challenger Ltd. (Australia)		14,260		95,337
Element Fleet Management Corp. (Canada)		13,707		69,378
Mitsubishi UFJ Lease & Finance Co. Ltd. (Japan)		10,100		48,410
				213,125
Diversified Telecommunication Services — 0.1%
China Tower Corp. Ltd., Class H (China) * (d)		426,000		80,557
Koninklijke KPN NV (Netherlands)		28,061		81,966
KT Corp. (South Korea)		2,052		58,985
Nippon Telegraph & Telephone Corp. (Japan)		6,100		248,876
Telecom Italia SpA (Italy)		78,896		37,840
Telefonica Deutschland Holding AG (Germany)		25,719		101,228
Telefonica SA (Spain)		8,699		73,223
Telstra Corp. Ltd. (Australia)		7,744		15,541
				698,216
Electric Utilities — 0.1%
Enel SpA (Italy)		33,305		193,077
Iberdrola SA (Spain)		20,690		166,138
SSE plc (United Kingdom)		1,831		25,286
				384,501

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

12 JPMORGAN ACCESS FUNDS DECEMBER 31, 2018

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Electrical Equipment — 0.1%
ABB Ltd. (Registered) (Switzerland)		5,586		106,671
Legrand SA (France)		1,013		57,268
Melrose Industries plc (United Kingdom)		22,639		47,295
Mitsubishi Electric Corp. (Japan)		13,300		146,667
Nidec Corp. (Japan)		1,070		121,067
Prysmian SpA (Italy)		2,904		56,503
				535,471
Electronic Equipment, Instruments & Components — 0.2%
Hamamatsu Photonics KK (Japan)		9,435		316,191
Keyence Corp. (Japan)		775		391,721
Largan Precision Co. Ltd. (Taiwan)		1,000		104,345
Murata Manufacturing Co. Ltd. (Japan)		1,489		200,642
Murata Manufacturing Co. Ltd. (Japan)		400		53,900
Omron Corp. (Japan)		1,500		54,378
				1,121,177
Energy Equipment & Services — 0.0% (c)
Ensco plc, Class A		12,525		44,589
WorleyParsons Ltd. (Australia)		6,967		55,958
				100,547
Equity Real Estate Investment Trusts (REITs) — 0.0% (c)
Great Portland Estates plc (United Kingdom)		4,874		40,971
Scentre Group (Australia)		24,022		66,041
Unibail-Rodamco-Westfield (France)		383		59,267
				166,279
Food & Staples Retailing — 0.0% (c)
Seven & i Holdings Co. Ltd. (Japan)		2,900		126,020
Food Products — 0.2%
Danone SA (France)		2,424		170,850
MEIJI Holdings Co. Ltd. (Japan)		600		48,898
Nestle SA (Registered) (Switzerland)		9,642		782,572
Wilmar International Ltd. (Singapore)		29,900		68,472
				1,070,792
Gas Utilities — 0.0% (c)
Beijing Enterprises Holdings Ltd. (China)		9,500		50,373
Health Care Equipment & Supplies — 0.1%
Elekta AB, Class B (Sweden)		5,556		65,973
GN Store Nord A/S (Denmark)		1,948		72,990
Hoya Corp. (Japan)		2,300		138,690
Koninklijke Philips NV (Netherlands)		5,991		210,041
Siemens Healthineers AG (Germany) * (d)		1,351		56,454
Sonova Holding AG (Registered) (Switzerland)		339		55,747
Straumann Holding AG (Registered) (Switzerland)		35		22,105
				622,000

INVESTMENTS	SHARES		VALUE($)
Health Care Providers & Services — 0.0% (c)
Fresenius SE & Co. KGaA (Germany)		2,391		115,567
Miraca Holdings, Inc. (Japan)		1,100		24,829
				140,396
Hotels, Restaurants & Leisure — 0.1%
Compass Group plc (United Kingdom)		4,290		90,283
Huazhu Group Ltd., ADR (China)		1,200		34,356
InterContinental Hotels Group plc (United Kingdom)		2,305		124,684
Wynn Macau Ltd. (Macau)		19,835		43,178
				292,501
Household Durables — 0.0% (c)
Panasonic Corp. (Japan)		9,400		84,444
Persimmon plc (United Kingdom)		3,021		74,395
Sony Corp. (Japan)		1,300		62,672
				221,511
Household Products — 0.1%
Reckitt Benckiser Group plc (United Kingdom)		2,115		161,959
Unicharm Corp. (Japan)		4,300		139,071
				301,030
Independent Power and Renewable Electricity Producers — 0.0% (c)
Electric Power Development Co. Ltd. (Japan)		3,200		75,936
Industrial Conglomerates — 0.2%
CK Hutchison Holdings Ltd. (Hong Kong)		12,596		120,899
DCC plc (United Kingdom)		1,177		89,782
Jardine Matheson Holdings Ltd. (Hong Kong)		3,855		268,419
Rheinmetall AG (Germany)		1,200		106,415
Sembcorp Industries Ltd. (Singapore)		9,800		18,258
Siemens AG (Registered) (Germany)		2,227		248,537
				852,310
Insurance — 0.4%
AIA Group Ltd. (Hong Kong)		74,385		617,902
Aon plc		420		61,051
Aviva plc (United Kingdom)		16,178		77,428
AXA SA (France)		6,848		147,793
Direct Line Insurance Group plc (United Kingdom)		26,229		106,620
Muenchener Rueckversicherungs-Gesellschaft AG (Registered) (Germany)		730		159,212
Ping An Insurance Group Co. of China Ltd., Class H (China)		10,500		92,631
Prudential plc (United Kingdom)		13,561		242,152
RSA Insurance Group plc (United Kingdom)		6,214		40,781
Sampo OYJ, Class A (Finland)		4,351		192,835
Storebrand ASA (Norway)		12,941		92,319
Sun Life Financial, Inc. (Canada)		3,820		126,727

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

DECEMBER 31, 2018 JPMORGAN ACCESS FUNDS 13

JPMorgan Access Balanced Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Insurance — continued
Tokio Marine Holdings, Inc. (Japan)		3,100		147,277
Zurich Insurance Group AG (Switzerland) *		416		124,005
				2,228,733
Interactive Media & Services — 0.1%
Baidu, Inc., ADR (China) *		303		48,056
NAVER Corp. (South Korea) *		280		30,687
Tencent Holdings Ltd. (China)		1,800		72,144
Yahoo Japan Corp. (Japan)		13,000		32,340
YY, Inc., ADR (China) *		979		58,603
				241,830
Internet & Direct Marketing Retail — 0.1%
Alibaba Group Holding Ltd., ADR (China) *		592		81,145
MercadoLibre, Inc. (Argentina)		520		152,282
Zalando SE (Germany) * (d)		1,229		31,756
				265,183
IT Services — 0.0% (c)
Infosys Ltd., ADR (India)		7,400		70,448
Machinery — 0.1%
Knorr-Bremse AG (Germany) *		635		57,200
Kubota Corp. (Japan)		4,200		59,698
SMC Corp. (Japan)		1,240		373,330
THK Co. Ltd. (Japan)		3,900		72,859
				563,087
Media — 0.1%
CyberAgent, Inc. (Japan)		1,200		46,389
Eutelsat Communications SA (France)		3,079		60,660
JCDecaux SA (France)		3,295		92,574
Modern Times Group MTG AB, Class B (Sweden)		3,483		115,415
Naspers Ltd., Class N, ADR (South Africa)		1,785		70,784
SES SA, FDR (Luxembourg)		4,760		91,136
Stroeer SE & Co. KGaA (Germany)		949		45,996
WPP plc (United Kingdom)		8,504		92,549
				615,503
Metals & Mining — 0.1%
Antofagasta plc (Chile)		6,263		62,639
BHP Group Ltd. (Australia)		1,122		27,120
BHP Group plc (Australia)		4,540		95,935
Independence Group NL (Australia)		20,689		55,665
Rio Tinto Ltd. (Australia)		756		41,842
Rio Tinto plc (Australia)		935		44,779
South32 Ltd. (Australia)		19,282		45,868
Sumitomo Metal Mining Co. Ltd. (Japan)		1,900		50,881
				424,729

INVESTMENTS	SHARES		VALUE($)
Multiline Retail — 0.0% (c)
Lojas Renner SA (Brazil) *		5,067		55,432
Ryohin Keikaku Co. Ltd. (Japan)		215		52,198
				107,630
Multi-Utilities — 0.0% (c)
E.ON SE (Germany)		3,848		37,985
Engie SA (France)		9,432		135,518
National Grid plc (United Kingdom)		9,047		88,510
				262,013
Oil, Gas & Consumable Fuels — 0.2%
Enbridge, Inc. (Canada)		2,490		77,352
Equinor ASA (Norway)		3,797		80,542
Royal Dutch Shell plc, Class B (Netherlands)		8,335		249,196
Royal Dutch Shell plc, Class B, ADR (Netherlands)		2,758		165,314
TOTAL SA (France)		6,091		321,271
				893,675
Paper & Forest Products — 0.0% (c)
Stora Enso OYJ, Class R (Finland)		5,988		69,423
Personal Products — 0.2%
Kose Corp. (Japan)		300		47,123
L’Oreal SA (France)		1,655		378,704
Pola Orbis Holdings, Inc. (Japan)		1,400		37,728
Unilever plc (United Kingdom)		5,970		313,442
				776,997
Pharmaceuticals — 0.5%
Astellas Pharma, Inc. (Japan)		12,300		157,153
AstraZeneca plc (United Kingdom)		6,220		464,298
Bayer AG (Registered) (Germany)		2,769		192,581
GlaxoSmithKline plc, ADR (United Kingdom)		4,000		152,840
Hutchison China MediTech Ltd., ADR (Hong Kong) *		2,600		60,034
Novartis AG (Registered) (Switzerland)		4,919		421,284
Novo Nordisk A/S, Class B (Denmark)		9,561		439,109
Roche Holding AG (Switzerland)		1,172		290,959
Sanofi (France)		1,930		167,427
Shionogi & Co. Ltd. (Japan)		1,100		62,783
				2,408,468
Professional Services — 0.1%
DKSH Holding AG (Switzerland)		1,929		133,369
Recruit Holdings Co. Ltd. (Japan)		3,000		72,476
RELX plc (United Kingdom)		8,060		166,201
				372,046

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

14 JPMORGAN ACCESS FUNDS DECEMBER 31, 2018

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Real Estate Management & Development — 0.0% (c)
Mitsui Fudosan Co. Ltd. (Japan)		3,500		77,741
Road & Rail — 0.0% (c)
Canadian National Railway Co. (Canada)		655		48,542
Central Japan Railway Co. (Japan)		500		105,494
DSV A/S (Denmark)		1,460		96,422
				250,458
Semiconductors & Semiconductor Equipment — 0.2%
ASML Holding NV (Netherlands)		2,116		331,492
Broadcom, Inc. (Netherlands)		561		142,651
NXP Semiconductors NV (Netherlands)		1,066		78,116
Renesas Electronics Corp. (Japan) *		5,500		24,981
Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan)		8,415		310,598
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)		27,000		196,053
Tokyo Electron Ltd. (Japan)		600		67,545
				1,151,436
Software — 0.1%
SAP SE (Germany)		2,924		290,206
Specialty Retail — 0.0% (c)
BCA Marketplace plc (United Kingdom)		61,355		171,862
Kingfisher plc (United Kingdom)		30,686		80,682
				252,544
Technology Hardware, Storage & Peripherals — 0.1%
Samsung Electronics Co. Ltd. (South Korea)		5,173		180,081
Samsung Electronics Co. Ltd., GDR (South Korea) (d)		75		53,353
				233,434
Textiles, Apparel & Luxury Goods — 0.2%
Burberry Group plc (United Kingdom)		4,366		95,873
China Hongxing Sports Ltd. (China) ‡		743,000		1
EssilorLuxottica SA (France)		2,461		311,951
Hermes International (France)		100		55,556
Kering SA (France)		492		230,487
LVMH Moet Hennessy Louis Vuitton SE (France)		832		243,590
Moncler SpA (Italy)		2,368		78,801
Samsonite International SA * (d)		45,900		130,394
				1,146,653
Tobacco — 0.0% (c)
Imperial Brands plc (United Kingdom)		3,219		97,702

INVESTMENTS	SHARES		VALUE($)
Trading Companies & Distributors — 0.1%
Mitsubishi Corp. (Japan)		3,800		104,183
Sumitomo Corp. (Japan)		11,300		160,333
				264,516
Wireless Telecommunication Services — 0.1%
NTT DOCOMO, Inc. (Japan)		3,690		82,911
SoftBank Group Corp. (Japan)		4,285		280,664
Vodafone Group plc, ADR (United Kingdom)		7,581		146,162
Vodafone Group plc (United Kingdom)		60,604		117,832
				627,569
Total Common Stocks (Cost $24,106,372)				28,594,680
Short-Term Investments — 1.4%
Investment Companies — 1.4%
JPMorgan Prime Money Market Fund Class Institutional Shares, 2.55% (b) (e) (Cost $7,093,096)		7,092,402		7,093,111
Total Investments — 100.4% (Cost $493,994,711)				518,702,912
Liabilities in Excess of Other Assets — (0.4%) (f)				(2,037,622	)
NET ASSETS — 100.0%				516,665,290

Percentages indicated are based on net assets.

PORTFOLIO COMPOSITION BY COUNTRY*
United States	91.5	%
Ireland	1.7
Japan	1.1
Others (each less than 1.0%)	4.3
Short-Term Investments	1.4

* Percentages indicated are based on total investments as of December 31, 2018.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

DECEMBER 31, 2018 JPMORGAN ACCESS FUNDS 15

JPMorgan Access Balanced Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

Abbreviations

ADR	American Depositary Receipt
CVA	Dutch Certification
EAFE	Europe, Australasia and Far East
ETF	Exchange Traded Fund
FDR	Fiduciary Depositary Receipt
GDR	Global Depositary Receipt
MSCI	Morgan Stanley Capital International
OYJ	Public Limited Company
Preference	A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.
SDR	Swedish Depositary Receipt
SPDR	Standard & Poor’s Depository Receipts
TIPS	Treasury Inflation Protected Security
UCITS	Undertakings for Collective Investment in Transferable Securities
(a)	The fund’s investment objective is to provide absolute return and is generally subject to a two day redemption notice period.

(b)	Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(c)	Amount rounds to less than 0.1% of net assets.
(d)	Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(e)	The rate shown is the current yield as of December 31, 2018.
(f)	A portion of the Fund’s cash is held by the subsidiary.
*	Non-income producing security.
‡	Value determined using significant unobservable inputs.

Detailed information about investment portfolios of the underlying funds 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 certified portfolio holdings filed quarterly on Form N-Q, 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.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

16 JPMORGAN ACCESS FUNDS DECEMBER 31, 2018

JPMorgan Access Growth Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited)

INVESTMENTS	SHARES		VALUE($)
Exchange Traded Funds — 65.7%
Fixed Income — 5.5%
Vanguard Short-Term Bond ETF		12,900		1,013,553
Vanguard Total International Bond ETF		465,100		25,231,675
Total Fixed Income				26,245,228
International Equity — 16.6%
iShares MSCI EAFE ETF		1,038,250		61,028,335
iShares MSCI Japan ETF		181,012		9,175,498
JPMorgan BetaBuilders Canada ETF (b)		401,100		8,286,726
Total International Equity				78,490,559
U.S. Equity — 43.6%
iShares Core S&P 500 ETF		285,200		71,759,172
SPDR S&P 500 ETF Trust		538,000		134,456,960
Total U.S. Equity				206,216,132
Total Exchange Traded Funds (Cost $277,457,975)				310,951,919
Investment Companies — 25.7%
Alternative Assets — 5.1%
Blackstone Alternative Multi-Strategy Fund Class Y Shares		658,514		6,762,935
Boston Partners Global Long/Short Fund Class Institutional Shares *		221,453		2,331,895
CRM Long/Short Opportunities Fund Class Institutional Shares *		259,177		2,407,753
Equinox IPM Systematic Macro Fund Class I Shares		482,179		4,816,966
Marshall Wace UCITS Fund plc Class F Shares (Ireland) * (a)		55,063		8,100,848
Total Alternative Assets				24,420,397
Fixed Income — 9.0%
JPMorgan Core Bond Fund Class R6 Shares (b)		1,438,212		16,223,026
JPMorgan Corporate Bond Fund Class R6 Shares (b)		1,038,050		9,591,578
JPMorgan Short Duration Bond Fund Class R6 Shares (b)		694,643		7,432,680
Lord Abbett Short Duration Income Fund Class F3 Shares		2,290,321		9,481,928
Total Fixed Income				42,729,212
International Equity — 7.6%
JPMorgan Global Research Enhanced Index Fund Class R6 Shares (b)		1,340,819		24,617,445
Oakmark International Fund Class Institutional Shares		532,840		10,891,240
Total International Equity				35,508,685

INVESTMENTS	SHARES		VALUE($)
U.S. Equity — 4.0%
JPMorgan Equity Focus Fund Class I Shares (b)		220,240		5,690,958
JPMorgan Equity Income Fund Class R6 Shares (b)		430,839		6,828,798
JPMorgan U.S. Large Cap Core Plus Fund Class R6 Shares (b)		249,360		5,947,247
Total U.S. Equity				18,467,003
Total Investment Companies (Cost $122,463,166)				121,125,297
Common Stocks — 7.5%
Aerospace & Defense — 0.2%
Airbus SE (France)		5,188		494,623
Meggitt plc (United Kingdom)		21,064		126,532
Safran SA (France)		4,499		539,588
				1,160,743
Airlines — 0.0% (c)
Ryanair Holdings plc, ADR (Ireland) *		615		43,874
Auto Components — 0.1%
Aisin Seiki Co. Ltd. (Japan)		1,400		48,126
Autoliv, Inc., SDR (Sweden)		980		69,501
Denso Corp. (Japan)		1,100		48,695
Magna International, Inc. (Canada)		2,852		129,624
Stanley Electric Co. Ltd. (Japan)		2,200		61,544
Sumitomo Rubber Industries Ltd. (Japan)		2,700		31,787
Veoneer, Inc., SDR (Sweden) *		992		25,364
Veoneer, Inc. (Sweden) *		41		966
				415,607
Automobiles — 0.1%
Bayerische Motoren Werke AG (Germany)		1,087		88,161
Honda Motor Co. Ltd. (Japan)		2,200		57,959
Suzuki Motor Corp. (Japan)		2,300		115,947
Toyota Motor Corp. (Japan)		4,200		243,124
				505,191
Banks — 0.7%
ABN AMRO Group NV, CVA (Netherlands) (d)		7,411		174,395
Australia & New Zealand Banking Group Ltd. (Australia)		8,505		146,955
Barclays plc, ADR (United Kingdom)		2,746		20,705
BNP Paribas SA (France)		6,839		308,854
Commerzbank AG (Germany)		4,019		26,687
Danske Bank A/S (Denmark)		4,240		84,174
DBS Group Holdings Ltd. (Singapore)		12,800		222,590
DNB ASA (Norway)		15,367		246,666
Erste Group Bank AG (Austria) *		2,271		75,301

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

DECEMBER 31, 2018 JPMORGAN ACCESS FUNDS 17

JPMorgan Access Growth Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Banks — continued
HDFC Bank Ltd., ADR (India)		2,770		286,944
ING Groep NV (Netherlands)		14,563		156,648
Intesa Sanpaolo SpA (Italy)		38,042		84,705
KBC Group NV (Belgium)		1,610		103,586
Lloyds Banking Group plc (United Kingdom)		197,375		130,106
Mitsubishi UFJ Financial Group, Inc. (Japan)		33,400		163,916
National Bank of Canada (Canada)		3,152		129,409
Nordea Bank Abp (Finland)		20,015		168,490
Standard Chartered plc (United Kingdom)		11,874		92,281
Sumitomo Mitsui Trust Holdings, Inc. (Japan)		2,800		101,968
Svenska Handelsbanken AB, Class A (Sweden)		27,852		309,872
United Overseas Bank Ltd. (Singapore)		4,800		86,832
				3,121,084
Beverages — 0.3%
Carlsberg A/S, Class B (Denmark)		3,847		409,240
Diageo plc (United Kingdom)		13,117		468,728
Kirin Holdings Co. Ltd. (Japan)		3,000		62,555
Pernod Ricard SA (France)		2,966		486,782
				1,427,305
Biotechnology — 0.1%
BeiGene Ltd., ADR (China) *		400		56,104
CSL Ltd. (Australia)		451		58,908
Genmab A/S (Denmark) *		1,591		261,593
Grifols SA (Preference), Class B (Spain)		3,611		66,498
Shire plc, ADR		598		104,076
				547,179
Building Products — 0.0% (c)
Assa Abloy AB, Class B (Sweden)		10,607		189,937
Capital Markets — 0.2%
Close Brothers Group plc (United Kingdom)		1,266		23,234
Deutsche Boerse AG (Germany)		1,280		153,031
GAM Holding AG (Switzerland) *		3,539		13,955
Hong Kong Exchanges & Clearing Ltd. (Hong Kong)		4,900		141,652
London Stock Exchange Group plc (United Kingdom)		7,180		372,502
Macquarie Group Ltd. (Australia)		1,733		132,741
				837,115
Chemicals — 0.3%
Air Liquide SA (France)		1,771		219,915
Asahi Kasei Corp. (Japan)		27,405		281,268
BASF SE (Germany)		1,870		130,252
Covestro AG (Germany) (d)		1,101		54,526

INVESTMENTS	SHARES		VALUE($)
Chemicals — continued
Givaudan SA (Registered) (Switzerland)		51		118,252
Johnson Matthey plc (United Kingdom)		2,911		103,939
Kansai Paint Co. Ltd. (Japan)		7,000		134,451
Shin-Etsu Chemical Co. Ltd. (Japan)		1,400		107,566
Tosoh Corp. (Japan)		1,400		18,160
Umicore SA (Belgium)		2,383		95,094
				1,263,423
Communications Equipment — 0.0% (c)
Telefonaktiebolaget LM Ericsson, Class B (Sweden)		7,940		70,285
Containers & Packaging — 0.0% (c)
Amcor Ltd. (Australia)		14,312		133,638
Diversified Financial Services — 0.0% (c)
Challenger Ltd. (Australia)		17,545		117,299
Element Fleet Management Corp. (Canada)		17,605		89,108
Mitsubishi UFJ Lease & Finance Co. Ltd. (Japan)		12,400		59,434
				265,841
Diversified Telecommunication Services — 0.2%
China Tower Corp. Ltd., Class H (China) * (d)		532,000		100,602
Koninklijke KPN NV (Netherlands)		35,044		102,364
KT Corp. (South Korea)		2,360		67,838
Nippon Telegraph & Telephone Corp. (Japan)		7,500		305,995
Telecom Italia SpA (Italy)		96,937		46,493
Telefonica Deutschland Holding AG (Germany)		32,180		126,658
Telefonica SA (Spain)		10,688		89,965
Telstra Corp. Ltd. (Australia)		9,907		19,882
				859,797
Electric Utilities — 0.1%
Enel SpA (Italy)		40,395		234,180
Iberdrola SA (Spain)		23,995		192,677
SSE plc (United Kingdom)		2,163		29,870
				456,727
Electrical Equipment — 0.1%
ABB Ltd. (Registered) (Switzerland)		6,532		124,736
Legrand SA (France)		1,245		70,383
Melrose Industries plc (United Kingdom)		29,331		61,275
Mitsubishi Electric Corp. (Japan)		16,600		183,058
Nidec Corp. (Japan)		1,315		148,788
Prysmian SpA (Italy)		3,568		69,423
				657,663

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

18 JPMORGAN ACCESS FUNDS DECEMBER 31, 2018

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Electronic Equipment, Instruments & Components — 0.3%
Hamamatsu Photonics KK (Japan)		11,685		391,595
Keyence Corp. (Japan)		910		459,956
Largan Precision Co. Ltd. (Taiwan)		1,000		104,345
Murata Manufacturing Co. Ltd. (Japan)		1,868		251,712
Murata Manufacturing Co. Ltd. (Japan)		500		67,375
Omron Corp. (Japan)		1,900		68,879
				1,343,862
Energy Equipment & Services — 0.0% (c)
Ensco plc, Class A		14,905		53,062
WorleyParsons Ltd. (Australia)		8,553		68,696
				121,758
Equity Real Estate Investment Trusts (REITs) — 0.1%
Great Portland Estates plc (United Kingdom)		5,989		50,344
Scentre Group (Australia)		29,515		81,142
Unibail — Rodamco-Westfield (France)		423		65,457
				196,943
Food & Staples Retailing — 0.0% (c)
Seven & i Holdings Co. Ltd. (Japan)		3,600		156,438
Food Products — 0.3%
Danone SA (France)		3,320		234,002
MEIJI Holdings Co. Ltd. (Japan)		700		57,048
Nestle SA (Registered) (Switzerland)		11,972		971,681
Wilmar International Ltd. (Singapore)		36,700		84,045
				1,346,776
Gas Utilities — 0.0% (c)
Beijing Enterprises Holdings Ltd. (China)		11,500		60,978
Health Care Equipment & Supplies — 0.2%
Elekta AB, Class B (Sweden)		6,826		81,053
GN Store Nord A/S (Denmark)		2,394		89,701
Hoya Corp. (Japan)		2,700		162,810
Koninklijke Philips NV (Netherlands)		7,401		259,475
Siemens Healthineers AG (Germany) * (d)		1,660		69,366
Sonova Holding AG (Registered) (Switzerland)		469		77,125
Straumann Holding AG (Registered) (Switzerland)		48		30,315
				769,845
Health Care Providers & Services — 0.0% (c)
Fresenius SE & Co. KGaA (Germany)		3,039		146,887
Miraca Holdings, Inc. (Japan)		1,500		33,858
				180,745

INVESTMENTS	SHARES		VALUE($)
Hotels, Restaurants & Leisure — 0.1%
Compass Group plc (United Kingdom)		5,349		112,569
Huazhu Group Ltd., ADR (China)		1,600		45,808
InterContinental Hotels Group plc (United Kingdom)		2,785		150,648
Wynn Macau Ltd. (Macau)		19,675		42,830
				351,855
Household Durables — 0.0% (c)
Panasonic Corp. (Japan)		12,000		107,801
Persimmon plc (United Kingdom)		4,055		99,858
Sony Corp. (Japan)		1,600		77,135
				284,794
Household Products — 0.1%
Reckitt Benckiser Group plc (United Kingdom)		2,640		202,162
Unicharm Corp. (Japan)		5,300		171,412
				373,574
Independent Power and Renewable Electricity Producers — 0.0% (c)
Electric Power Development Co. Ltd. (Japan)		3,900		92,547
Industrial Conglomerates — 0.2%
CK Hutchison Holdings Ltd. (Hong Kong)		15,464		148,427
DCC plc (United Kingdom)		1,432		109,233
Jardine Matheson Holdings Ltd. (Hong Kong)		4,860		338,396
Rheinmetall AG (Germany)		1,500		133,018
Sembcorp Industries Ltd. (Singapore)		13,000		24,221
Siemens AG (Registered) (Germany)		2,789		311,257
				1,064,552
Insurance — 0.6%
AIA Group Ltd. (Hong Kong)		93,025		772,741
Aon plc		550		79,948
Aviva plc (United Kingdom)		18,684		89,422
AXA SA (France)		8,320		179,562
Direct Line Insurance Group plc (United Kingdom)		32,227		131,001
Muenchener Rueckversicherungs-Gesellschaft AG (Registered) (Germany)		933		203,486
Ping An Insurance Group Co. of China Ltd., Class H (China)		13,000		114,686
Prudential plc (United Kingdom)		16,432		293,417
RSA Insurance Group plc (United Kingdom)		7,635		50,107
Sampo OYJ, Class A (Finland)		4,745		210,297
Storebrand ASA (Norway)		14,898		106,280
Sun Life Financial, Inc. (Canada)		4,800		159,238
Tokio Marine Holdings, Inc. (Japan)		3,700		175,782
Zurich Insurance Group AG (Switzerland) *		475		141,592
				2,707,559

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

DECEMBER 31, 2018 JPMORGAN ACCESS FUNDS 19

JPMorgan Access Growth Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Interactive Media & Services — 0.1%
Baidu, Inc., ADR (China) *		396		62,806
NAVER Corp. (South Korea) *		337		36,934
Tencent Holdings Ltd. (China)		2,200		88,177
Yahoo Japan Corp. (Japan)		16,000		39,803
YY, Inc., ADR (China) *		1,268		75,902
				303,622
Internet & Direct Marketing Retail — 0.1%
Alibaba Group Holding Ltd., ADR (China) *		728		99,787
MercadoLibre, Inc. (Argentina)		545		159,603
Zalando SE (Germany) * (d)		1,139		29,430
				288,820
IT Services — 0.0% (c)
Infosys Ltd., ADR (India)		9,500		90,440
Machinery — 0.2%
Knorr-Bremse AG (Germany) *		821		73,955
Kubota Corp. (Japan)		4,500		63,962
SMC Corp. (Japan)		1,585		477,200
THK Co. Ltd. (Japan)		5,000		93,409
				708,526
Media — 0.1%
CyberAgent, Inc. (Japan)		1,500		57,986
Eutelsat Communications SA (France)		3,531		69,565
JCDecaux SA (France)		4,470		125,586
Modern Times Group MTG AB, Class B (Sweden)		4,235		140,334
Naspers Ltd., Class N, ADR (South Africa)		1,770		70,189
SES SA, FDR (Luxembourg)		6,576		125,905
Stroeer SE & Co. KGaA (Germany)		1,166		56,514
WPP plc (United Kingdom)		10,005		108,884
				754,963
Metals & Mining — 0.1%
Antofagasta plc (Chile)		8,088		80,892
BHP Group Ltd. (Australia)		1,378		33,308
BHP Group plc (Australia)		5,731		121,102
Independence Group NL (Australia)		25,372		68,264
Rio Tinto Ltd. (Australia)		929		51,416
Rio Tinto plc (Australia)		1,395		66,810
South32 Ltd. (Australia)		27,087		64,435
Sumitomo Metal Mining Co. Ltd. (Japan)		2,400		64,271
				550,498
Multiline Retail — 0.0% (c)
Lojas Renner SA (Brazil) *		6,355		69,523
Ryohin Keikaku Co. Ltd. (Japan)		380		92,257
				161,780

INVESTMENTS	SHARES		VALUE($)
Multi-Utilities — 0.1%
E.ON SE (Germany)		4,728		46,672
Engie SA (France)		11,420		164,082
National Grid plc (United Kingdom)		10,936		106,990
				317,744
Oil, Gas & Consumable Fuels — 0.3%
Enbridge, Inc. (Canada)		3,110		96,612
Equinor ASA (Norway)		4,334		91,933
Royal Dutch Shell plc, Class B (Netherlands)		9,625		287,764
Royal Dutch Shell plc, Class B, ADR (Netherlands)		3,490		209,191
TOTAL SA (France)		7,740		408,247
				1,093,747
Paper & Forest Products — 0.0% (c)
Stora Enso OYJ, Class R (Finland)		8,012		92,889
Personal Products — 0.2%
Kose Corp. (Japan)		400		62,831
L’Oreal SA (France)		2,065		472,522
Pola Orbis Holdings, Inc. (Japan)		1,700		45,812
Unilever plc (United Kingdom)		7,453		391,304
				972,469
Pharmaceuticals — 0.6%
Astellas Pharma, Inc. (Japan)		15,500		198,038
AstraZeneca plc (United Kingdom)		7,765		579,626
Bayer AG (Registered) (Germany)		3,409		237,092
GlaxoSmithKline plc, ADR (United Kingdom)		4,650		177,676
Hutchison China MediTech Ltd., ADR (Hong Kong) *		3,400		78,506
Novartis AG (Registered) (Switzerland)		6,316		540,929
Novo Nordisk A/S, Class B (Denmark)		11,916		547,267
Roche Holding AG (Switzerland)		1,441		357,741
Sanofi (France)		2,289		198,571
Shionogi & Co. Ltd. (Japan)		1,400		79,906
				2,995,352
Professional Services — 0.1%
DKSH Holding AG (Switzerland)		2,409		166,556
Recruit Holdings Co. Ltd. (Japan)		3,900		94,219
RELX plc (United Kingdom)		10,070		207,648
				468,423
Real Estate Management & Development — 0.0% (c)
Mitsui Fudosan Co. Ltd. (Japan)		4,400		97,732
Road & Rail — 0.1%
Canadian National Railway Co. (Canada)		1,015		75,222
Central Japan Railway Co. (Japan)		600		126,592
DSV A/S (Denmark)		2,225		146,944
				348,758

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

20 JPMORGAN ACCESS FUNDS DECEMBER 31, 2018

INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued
Semiconductors & Semiconductor Equipment — 0.3%
ASML Holding NV (Netherlands)		2,506		392,589
Broadcom, Inc. (Netherlands)		711		180,793
NXP Semiconductors NV (Netherlands)		1,359		99,588
Renesas Electronics Corp. (Japan) *		7,800		35,427
Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan)		10,500		387,555
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)		34,000		246,882
Tokyo Electron Ltd. (Japan)		800		90,059
				1,432,893
Software — 0.1%
SAP SE (Germany)		3,661		363,353
Specialty Retail — 0.1%
BCA Marketplace plc (United Kingdom)		81,090		227,141
Kingfisher plc (United Kingdom)		40,511		106,516
				333,657
Technology Hardware, Storage & Peripherals — 0.1%
Samsung Electronics Co. Ltd. (South Korea)		6,117		212,943
Samsung Electronics Co. Ltd., GDR (South Korea) (d)		105		74,694
				287,637
Textiles, Apparel & Luxury Goods — 0.3%
Burberry Group plc (United Kingdom)		5,364		117,788
China Hongxing Sports Ltd. (China) ‡		755,000		1
EssilorLuxottica SA (France)		2,975		377,105
Hermes International (France)		95		52,778
Kering SA (France)		617		289,045
LVMH Moet Hennessy Louis Vuitton SE (France)		1,110		324,981
Moncler SpA (Italy)		3,021		100,532
Samsonite International SA * (d)		63,365		180,009
				1,442,239
Tobacco — 0.0% (c)
Imperial Brands plc (United Kingdom)		4,199		127,447
Trading Companies & Distributors — 0.1%
Mitsubishi Corp. (Japan)		4,900		134,341
Sumitomo Corp. (Japan)		13,900		197,224
				331,565
Wireless Telecommunication Services — 0.2%
NTT DOCOMO, Inc. (Japan)		4,615		103,695
SoftBank Group Corp. (Japan)		5,350		350,421
Vodafone Group plc, ADR (United Kingdom)		8,900		171,592
Vodafone Group plc (United Kingdom)		75,685		147,154
				772,862
Total Common Stocks (Cost $30,290,685)				35,345,051

INVESTMENTS	SHARES		VALUE($)
Short-Term Investments — 1.5%
Investment Companies — 1.5%
JPMorgan Prime Money Market Fund Class Institutional Shares, 2.55% (b) (e) (Cost $6,883,195)		6,882,573		6,883,262
Total Investments — 100.4% (Cost $437,095,021)				474,305,529
Liabilities in Excess of Other Assets — (0.4%) (f)				(1,666,416	)
NET ASSETS — 100.0%				472,639,113

Percentages indicated are based on net assets.

PORTFOLIO COMPOSITION BY COUNTRY*
United States	89.4	%
Ireland	1.7
Japan	1.5
United Kingdom	1.1
France	1.1
Others (each less than 1.0%)	3.7
Short-Term Investments	1.5

* Percentages indicated are based on total investments as of December 31, 2018.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

DECEMBER 31, 2018 JPMORGAN ACCESS FUNDS 21

JPMorgan Access Growth Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

Abbreviations

ADR	American Depositary Receipt
CVA	Dutch Certification
EAFE	Europe, Australasia and Far East
ETF	Exchange Traded Fund
FDR	Fiduciary Depositary Receipt
GDR	Global Depositary Receipt
MSCI	Morgan Stanley Capital International
OYJ	Public Limited Company
Preference	A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.
SDR	Swedish Depositary Receipt
SPDR	Standard & Poor’s Depository Receipts
UCITS	Undertakings for Collective Investment in Transferable Securities
(a)	The fund’s investment objective is to provide absolute return and is generally subject to a two day redemption notice period.

(b)	Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(c)	Amount rounds to less than 0.1% of net assets.
(d)	Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(e)	The rate shown is the current yield as of December 31, 2018.
(f)	A portion of the Fund’s cash is held by the subsidiary.
*	Non-income producing security.
‡	Value determined using significant unobservable inputs.

Detailed information about investment portfolios of the underlying funds 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 certified portfolio holdings filed quarterly on Form N-Q, 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.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

22 JPMORGAN ACCESS FUNDS DECEMBER 31, 2018

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DECEMBER 31, 2018 JPMORGAN ACCESS FUNDS 23

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2018 (Unaudited)

	JPMorgan Access Balanced Fund		JPMorgan Access Growth Fund
ASSETS:
Investments in non-affiliates, at value	$	394,014,128	$	382,803,809
Investments in affiliates, at value		124,688,784		91,501,720
Cash		170,059		163,327
Foreign currency, at value		46,848		58,029
Receivables:
Investment securities sold		3,612		4,818
Fund shares sold		52,919		76,927
Dividends from non-affiliates		815,193		898,017
Dividends from affiliates		15,279		15,541
Tax reclaims		115,118		146,623
Total Assets		519,921,940		475,668,811
LIABILITIES:
Payables:
Distributions		751		7,783
Investment securities purchased		40,374		55,016
Fund shares redeemed		2,800,191		2,562,512
Accrued liabilities:
Investment advisory fees		169,349		165,389
Administration fees		36,317		33,635
Distribution fees		2,035		717
Service fees		62,076		62,653
Custodian and accounting fees		23,635		29,204
Trustees’ and Chief Compliance Officer’s fees		6,659		6,584
Other		115,263		106,205
Total Liabilities		3,256,650		3,029,698
Net Assets	$	516,665,290	$	472,639,113

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

24 JPMORGAN ACCESS FUNDS DECEMBER 31, 2018

	JPMorgan Access Balanced Fund			JPMorgan Access Growth Fund
NET ASSETS:
Paid-in-Capital	$	493,877,086		$	434,539,442
Total distributable earnings (loss) (a)		22,788,204			38,099,671
Total Net Assets	$	516,665,290		$	472,639,113
Net Assets:
Class A	$	759,162		$	641,935
Class C		2,594,759			888,158
Class I		140,051,322			169,527,659
Class L		373,260,047			301,581,361
Total	$	516,665,290		$	472,639,113
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		51,822			41,015
Class C		178,120			57,672
Class I		9,547,587			10,822,343
Class L		25,473,356			19,251,538
Net Asset Value (b):
Class A — Redemption price per share	$	14.65		$	15.65
Class C — Offering price per share (c)		14.57			15.40
Class I — Offering and redemption price per share		14.67			15.66
Class L — Offering and redemption price per share		14.65			15.67
Class A maximum sales charge		4.50	%		4.50	%
Class A maximum public offering price per share
[net asset value per share/(100% — maximum sales charge)]	$	15.34		$	16.39
Cost of investments in non-affiliates	$	363,485,066		$	344,858,465
Cost of investments in affiliates		130,509,645			92,236,556
Cost of foreign currency		46,661			57,670

(a) Total distributable earnings have been aggregated to conform to the current presentation requirements for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 8.

(b) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

(c) Redemption price for Class C Shares varies based upon length of time the shares are held.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

DECEMBER 31, 2018 JPMORGAN ACCESS FUNDS 25

CONSOLIDATED STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited)

	JPMorgan Access Balanced Fund			JPMorgan Access Growth Fund
INVESTMENT INCOME:
Dividend income from non-affiliates	$	5,092,655		$	4,583,598
Dividend income from affiliates		2,562,674			1,996,404
Interest income from non-affiliates		65			—
Interest income from affiliates		471			411
Foreign taxes withheld		(18,364	)		(21,950	)
Total investment income		7,637,501			6,558,463
EXPENSES:
Investment advisory fees		2,132,520			2,017,269
Administration fees		230,598			218,138
Distribution fees:
Class A		741			903
Class C		12,735			3,772
Service fees:
Class A		741			903
Class C		4,245			1,257
Class I		195,451			243,383
Class L		204,134			170,724
Custodian and accounting fees		54,960			48,557
Interest expense to affiliates		288			230
Professional fees		78,370			76,770
Trustees’ and Chief Compliance Officer’s fees		17,139			17,083
Printing and mailing costs		13,910			12,570
Registration and filing fees		49,423			49,514
Transfer agency fees (See Note 2.F.)		3,248			4,498
Other		6,268			5,459
Total expenses		3,004,771			2,871,030
Less fees waived		(1,069,808	)		(945,030	)
Net expenses		1,934,963			1,926,000
Net investment income (loss)		5,702,538			4,632,463
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(1,497,235	)		(3,381,431	)
Investments in affiliates		3,056,535			2,787,856
Foreign currency transactions		(3,499	)		(4,239	)
Net realized gain (loss)		1,555,801			(597,814	)
Distributions of capital gains received from investment company non-affiliates		663,788			689,225
Distributions of capital gains received from investment company affiliates		2,553,630			4,554,498
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(31,764,168	)		(34,341,586	)
Investments in affiliates		(9,224,401	)		(13,804,935	)
Foreign currency translations		1,336			1,061
Change in net unrealized appreciation/depreciation		(40,987,233	)		(48,145,460	)
Net realized/unrealized gains (losses)		(36,214,014	)		(43,499,551	)
Change in net assets resulting from operations	$	(30,511,476	)	$	(38,867,088	)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

26 JPMORGAN ACCESS FUNDS DECEMBER 31, 2018

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

	JPMorgan Access Balanced Fund						JPMorgan Access Growth Fund
	Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018			Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	5,702,538		$	9,260,585		$	4,632,463		$	7,349,855
Net realized gain (loss)		1,555,801			26,942,251			(597,814	)		24,661,682
Distributions of capital gains received from investment company non-affiliates		663,788			581,497			689,225			783,186
Distributions of capital gains received from investment company affiliates		2,553,630			2,833,577			4,554,498			3,379,342
Change in net unrealized appreciation/depreciation		(40,987,233	)		(2,209,805	)		(48,145,460	)		7,068,199
Change in net assets resulting from operations		(30,511,476	)		37,408,105			(38,867,088	)		43,242,264
DISTRIBUTIONS TO SHAREHOLDERS: (a)
Class A		(32,262	)		(52,750	)		(36,593	)		(54,273	)
Class C		(166,732	)		(208,240	)		(48,985	)		(66,279	)
Class I		(8,157,996	)		(10,894,976	)		(10,020,740	)		(15,019,566	)
Class L		(22,104,407	)		(28,638,329	)		(18,158,205	)		(24,776,068	)
Total distributions to shareholders		(30,461,397	)		(39,794,295	)		(28,264,523	)		(39,916,186	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		2,590,192			(47,216,976	)		(3,840,199	)		(17,609,711	)
NET ASSETS:
Change in net assets		(58,382,681	)		(49,603,166	)		(70,971,810	)		(14,283,633	)
Beginning of period		575,047,971			624,651,137			543,610,923			557,894,556
End of period	$	516,665,290		$	575,047,971		$	472,639,113		$	543,610,923

(a) The prior period distributions have been reclassified to conform to current period presentation for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 8. Prior period balances were as follows:

	JPMorgan Access Balanced Fund			JPMorgan Access Growth Fund
Class A
From net investment income	$	(11,099	)	$	(8,906	)
From net realized gains		(41,651	)		(45,367	)
Class C
From net investment income		(36,092	)		(8,831	)
From net realized gains		(172,148	)		(57,448	)
Class I
From net investment income		(2,888,270	)		(3,166,773	)
From net realized gains		(8,006,706	)		(11,852,793	)
Class L
From net investment income		(8,057,863	)		(5,712,634	)
From net realized gains		(20,580,466	)		(19,063,434	)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

DECEMBER 31, 2018 JPMORGAN ACCESS FUNDS 27

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

	JPMorgan Access Balanced Fund						JPMorgan Access Growth Fund
	Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018			Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	215,570		$	—		$	—		$	211,365
Distributions reinvested		32,262			52,750			36,593			54,273
Cost of shares redeemed		(10,892	)		(462,874	)		(52,036	)		(144,042	)
Change in net assets resulting from Class A capital transactions	$	236,940		$	(410,124	)	$	(15,443	)	$	121,596
Class C
Proceeds from shares issued	$	—		$	—		$	—		$	32,300
Distributions reinvested		166,732			208,240			48,985			66,279
Cost of shares redeemed		(630,221	)		(470,940	)		(80,903	)		(319,767	)
Change in net assets resulting from Class C capital transactions	$	(463,489	)	$	(262,700	)	$	(31,918	)	$	(221,188	)
Class I
Proceeds from shares issued	$	1,652,065		$	10,985,897		$	2,425,743		$	7,514,228
Distributions reinvested		8,152,257			10,388,532			10,017,333			14,579,400
Cost of shares redeemed		(14,150,327	)		(34,966,681	)		(17,598,423	)		(43,663,990	)
Change in net assets resulting from Class I capital transactions	$	(4,346,005	)	$	(13,592,252	)	$	(5,155,347	)	$	(21,570,362	)
Class L
Proceeds from shares issued	$	23,972,673		$	25,518,756		$	10,696,085		$	32,724,381
Distributions reinvested		22,104,407			27,165,861			18,118,091			23,947,573
Cost of shares redeemed		(38,914,334	)		(85,636,517	)		(27,451,667	)		(52,611,711	)
Change in net assets resulting from Class L capital transactions	$	7,162,746		$	(32,951,900	)	$	1,362,509		$	4,060,243
Total change in net assets resulting from capital transactions	$	2,590,192		$	(47,216,976	)	$	(3,840,199	)	$	(17,609,711	)
SHARE TRANSACTIONS:
Class A
Issued		14,692			—			—			11,286
Reinvested		2,149			3,173			2,271			3,001
Redeemed		(725	)		(27,876	)		(2,985	)		(7,909	)
Change in Class A Shares		16,116			(24,703	)		(714	)		6,378
Class C
Issued		—			—			—			1,806
Reinvested		11,189			12,596			3,100			3,721
Redeemed		(42,981	)		(28,403	)		(4,583	)		(17,476	)
Change in Class C Shares		(31,792	)		(15,807	)		(1,483	)		(11,949	)
Class I
Issued		99,674			653,638			136,873			406,991
Reinvested		541,020			624,309			619,672			805,457
Redeemed		(873,715	)		(2,089,120	)		(1,019,100	)		(2,392,765	)
Change in Class I Shares		(233,021	)		(811,173	)		(262,555	)		(1,180,317	)
Class L
Issued		1,506,848			1,528,845			653,203			1,786,152
Reinvested		1,467,628			1,634,031			1,120,010			1,322,585
Redeemed		(2,471,041	)		(5,111,612	)		(1,639,482	)		(2,883,837	)
Change in Class L Shares		503,435			(1,948,736	)		133,731			224,900

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

28 JPMORGAN ACCESS FUNDS DECEMBER 31, 2018

THIS PAGE IS INTENTIONALLY LEFT BLANK

DECEMBER 31, 2018 JPMORGAN ACCESS FUNDS 29

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

	Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)(c)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Access Balanced Fund
Class A
Six Months Ended December 31, 2018 (Unaudited)	$	16.43	$	0.14	$	(1.06	)	$	(0.92	)	$	(0.15	)	$	(0.71	)	$	(0.86	)
Year Ended June 30, 2018		16.52		0.18		0.77			0.95			(0.23	)		(0.81	)		(1.04	)
Year Ended June 30, 2017		15.14		0.17		1.40			1.57			(0.19	)		—			(0.19	)
Year Ended June 30, 2016		16.33		0.19		(0.63	)		(0.44	)		(0.28	)		(0.47	)		(0.75	)
Year Ended June 30, 2015		17.49		0.11		(0.24	)		(0.13	)		(0.16	)		(0.87	)		(1.03	)
Year Ended June 30, 2014		16.37		0.15		1.79			1.94			(0.18	)		(0.64	)		(0.82	)
Class C
Six Months Ended December 31, 2018 (Unaudited)		16.33		0.08		(1.03	)		(0.95	)		(0.10	)		(0.71	)		(0.81	)
Year Ended June 30, 2018		16.44		0.11		0.76			0.87			(0.17	)		(0.81	)		(0.98	)
Year Ended June 30, 2017		15.07		0.11		1.38			1.49			(0.12	)		—			(0.12	)
Year Ended June 30, 2016		16.25		0.09		(0.61	)		(0.52	)		(0.19	)		(0.47	)		(0.66	)
Year Ended June 30, 2015		17.43		0.02		(0.24	)		(0.22	)		(0.09	)		(0.87	)		(0.96	)
Year Ended June 30, 2014		16.33		0.06		1.79			1.85			(0.11	)		(0.64	)		(0.75	)
Class I
Six Months Ended December 31, 2018 (Unaudited)		16.44		0.16		(1.05	)		(0.89	)		(0.17	)		(0.71	)		(0.88	)
Year Ended June 30, 2018		16.54		0.24		0.76			1.00			(0.29	)		(0.81	)		(1.10	)
Year Ended June 30, 2017		15.16		0.23		1.39			1.62			(0.24	)		—			(0.24	)
Year Ended June 30, 2016		16.35		0.22		(0.62	)		(0.40	)		(0.32	)		(0.47	)		(0.79	)
Year Ended June 30, 2015		17.51		0.16		(0.25	)		(0.09	)		(0.20	)		(0.87	)		(1.07	)
Year Ended June 30, 2014		16.38		0.16		1.83			1.99			(0.22	)		(0.64	)		(0.86	)
Class L
Six Months Ended December 31, 2018 (Unaudited)		16.43		0.17		(1.06	)		(0.89	)		(0.18	)		(0.71	)		(0.89	)
Year Ended June 30, 2018		16.52		0.26		0.77			1.03			(0.31	)		(0.81	)		(1.12	)
Year Ended June 30, 2017		15.15		0.26		1.37			1.63			(0.26	)		—			(0.26	)
Year Ended June 30, 2016		16.34		0.24		(0.62	)		(0.38	)		(0.34	)		(0.47	)		(0.81	)
Year Ended June 30, 2015		17.50		0.18		(0.25	)		(0.07	)		(0.22	)		(0.87	)		(1.09	)
Year Ended June 30, 2014		16.38		0.28		1.74			2.02			(0.26	)		(0.64	)		(0.90	)

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Calculated based upon average shares outstanding.

(c) Net investment income (loss) is affected by the timing of distributions from Underlying Funds.

(d) Not annualized for periods less than one year.

(e) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(f) Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(g) Does not include expenses of Underlying Funds.

SEE NOTES TO FINANCIAL STATEMENTS.

30 JPMORGAN ACCESS FUNDS DECEMBER 31, 2018

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (d)(e)			Net assets, end of period		Net expenses (f)(g)			Net investment income (loss) (c)			Expenses without waivers, reimbursements and earnings credits (g)			Portfolio turnover rate (d)
$	14.65		(5.66	)%	$	759,162		1.06	%		1.65	%		1.43	%		12	%
	16.43		5.77			586,609		1.07			1.09			1.44			26
	16.52		10.37			997,894		1.02			1.09			1.46			33
	15.14		(2.62	)		1,978,218		1.02			1.22			1.50			29
	16.33		(0.58	)		1,940,818		1.12			0.66			1.61			57
	17.49		12.08			3,118,118		1.13			0.87			1.66			91
	14.57		(5.87	)		2,594,759		1.54			1.03			1.91			12
	16.33		5.25			3,427,701		1.54			0.67			1.91			26
	16.44		9.89			3,709,864		1.51			0.70			1.95			33
	15.07		(3.09	)		5,187,943		1.50			0.62			1.98			29
	16.25		(1.09	)		6,922,123		1.62			0.15			2.11			57
	17.43		11.49			11,716,644		1.63			0.34			2.16			91
	14.67		(5.49	)		140,051,322		0.78			1.89			1.16			12
	16.44		6.03			160,835,084		0.79			1.42			1.16			26
	16.54		10.73			175,172,082		0.74			1.44			1.18			33
	15.16		(2.36	)		247,656,863		0.72			1.40			1.20			29
	16.35		(0.35	)		344,160,437		0.85			0.93			1.34			57
	17.51		12.38			444,024,857		0.88			0.95			1.41			91
	14.65		(5.49	)		373,260,047		0.63			2.06			1.01			12
	16.43		6.27			410,198,577		0.63			1.57			1.00			26
	16.52		10.85			444,771,297		0.59			1.61			1.03			33
	15.15		(2.21	)		500,206,132		0.57			1.55			1.05			29
	16.34		(0.20	)		699,091,716		0.70			1.08			1.19			57
	17.50		12.55			816,858,215		0.73			1.62			1.25			91

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 JPMORGAN ACCESS FUNDS 31

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)(c)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Access Growth Fund
Class A
Six Months Ended December 31, 2018 (Unaudited)	$	17.92	$	0.12		$	(1.47	)	$	(1.35	)	$	(0.13	)	$	(0.79	)	$	(0.92	)
Year Ended June 30, 2018		17.83		0.19			1.16			1.35			(0.22	)		(1.04	)		(1.26	)
Year Ended June 30, 2017		15.84		0.10			2.05			2.15			(0.16	)		—			(0.16	)
Year Ended June 30, 2016		17.22		0.12			(0.83	)		(0.71	)		(0.21	)		(0.46	)		(0.67	)
Year Ended June 30, 2015		18.67		0.07			(0.27	)		(0.20	)		(0.13	)		(1.12	)		(1.25	)
Year Ended June 30, 2014		17.00		0.09			2.49			2.58			(0.15	)		(0.76	)		(0.91	)
Class C
Six Months Ended December 31, 2018 (Unaudited)		17.65		0.08			(1.45	)		(1.37	)		(0.09	)		(0.79	)		(0.88	)
Year Ended June 30, 2018		17.59		0.07			1.18			1.25			(0.15	)		(1.04	)		(1.19	)
Year Ended June 30, 2017		15.65		0.02			2.03			2.05			(0.11	)		—			(0.11	)
Year Ended June 30, 2016		17.04		0.04			(0.83	)		(0.79	)		(0.14	)		(0.46	)		(0.60	)
Year Ended June 30, 2015		18.52		(0.02	)		(0.26	)		(0.28	)		(0.08	)		(1.12	)		(1.20	)
Year Ended June 30, 2014		16.89		(0.01	)		2.47			2.46			(0.07	)		(0.76	)		(0.83	)
Class I
Six Months Ended December 31, 2018 (Unaudited)		17.94		0.15			(1.48	)		(1.33	)		(0.16	)		(0.79	)		(0.95	)
Year Ended June 30, 2018		17.84		0.22			1.19			1.41			(0.27	)		(1.04	)		(1.31	)
Year Ended June 30, 2017		15.87		0.19			2.02			2.21			(0.24	)		—			(0.24	)
Year Ended June 30, 2016		17.27		0.17			(0.86	)		(0.69	)		(0.25	)		(0.46	)		(0.71	)
Year Ended June 30, 2015		18.69		0.12			(0.26	)		(0.14	)		(0.16	)		(1.12	)		(1.28	)
Year Ended June 30, 2014		17.02		0.11			2.50			2.61			(0.18	)		(0.76	)		(0.94	)
Class L
Six Months Ended December 31, 2018 (Unaudited)		17.94		0.16			(1.47	)		(1.31	)		(0.17	)		(0.79	)		(0.96	)
Year Ended June 30, 2018		17.85		0.25			1.18			1.43			(0.30	)		(1.04	)		(1.34	)
Year Ended June 30, 2017		15.87		0.23			2.02			2.25			(0.27	)		—			(0.27	)
Year Ended June 30, 2016		17.27		0.20			(0.86	)		(0.66	)		(0.28	)		(0.46	)		(0.74	)
Year Ended June 30, 2015		18.69		0.15			(0.27	)		(0.12	)		(0.18	)		(1.12	)		(1.30	)
Year Ended June 30, 2014		17.02		0.22			2.43			2.65			(0.22	)		(0.76	)		(0.98	)

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Calculated based upon average shares outstanding.

(c) Net investment income (loss) is affected by the timing of distributions from Underlying Funds.

(d) Not annualized for periods less than one year.

(e) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(f) Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(g) Does not include expenses of Underlying Funds.

SEE NOTES TO FINANCIAL STATEMENTS.

32 JPMORGAN ACCESS FUNDS DECEMBER 31, 2018

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (d)(e)			Net assets, end of period		Net expenses (f)(g)			Net investment income (loss) (c)			Expenses without waivers, reimbursements and earnings credits (g)			Portfolio turnover rate (d)
$	15.65		(7.61	)%	$	641,935		1.09	%		1.36	%		1.44	%		11	%
	17.92		7.55			747,949		1.13			1.03			1.48			27
	17.83		13.64			630,482		1.08			0.58			1.49			34
	15.84		(4.07	)		3,006,756		1.05			0.74			1.48			30
	17.22		(0.86	)		6,468,814		1.16			0.42			1.62			67
	18.67		15.45			13,138,908		1.17			0.50			1.66			104
	15.40		(7.84	)		888,158		1.57			0.87			1.92			11
	17.65		7.09			1,044,204		1.57			0.41			1.92			27
	17.59		13.14			1,250,992		1.57			0.13			1.97			34
	15.65		(4.60	)		4,474,251		1.55			0.25			1.98			30
	17.04		(1.28	)		7,483,257		1.66			(0.12	)		2.13			67
	18.52		14.84			15,399,069		1.67			(0.06	)		2.16			104
	15.66		(7.53	)		169,527,659		0.81			1.63			1.16			11
	17.94		7.93			198,850,277		0.81			1.21			1.16			27
	17.84		14.01			218,861,239		0.79			1.13			1.20			34
	15.87		(3.90	)		313,659,670		0.78			1.06			1.21			30
	17.27		(0.52	)		416,947,169		0.90			0.67			1.36			67
	18.69		15.68			548,955,778		0.92			0.59			1.41			104
	15.67		(7.40	)		301,581,361		0.66			1.78			1.01			11
	17.94		8.03			342,968,493		0.66			1.37			1.01			27
	17.85		14.26			337,151,843		0.64			1.35			1.04			34
	15.87		(3.75	)		352,351,886		0.63			1.21			1.06			30
	17.27		(0.41	)		480,555,232		0.75			0.82			1.21			67
	18.69		15.89			542,687,646		0.77			1.23			1.26			104

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 JPMORGAN ACCESS FUNDS 33

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2018 (Unaudited)

1. Organization

JPMorgan Trust I (the “Trust”) was formed on November 12, 2004, as a Delaware statutory trust, pursuant to a Declaration of Trust dated November 5, 2004 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company.

The following are 2 separate funds of the Trust (each, a “Fund” and collectively, the “Funds”) covered by this report:

	Classes Offered	Diversified/Non-Diversified
JPMorgan Access Balanced Fund	Class A, Class C, Class I and Class L	Diversified
JPMorgan Access Growth Fund	Class A, Class C, Class I and Class L	Diversified

The investment objective of the JPMorgan Access Balanced Fund (“Access Balanced Fund”) is to seek total return.

The investment objective of the JPMorgan Access Growth Fund (“Access Growth Fund”) is to seek capital appreciation.

All share classes are publicly offered on a limited basis. Investors are not eligible to purchase shares of the Funds unless they meet certain requirements as described in the Share Classes’ prospectus.

Class A Shares generally provide for a front-end sales charge while Class C Shares provide for a contingent deferred sales charge (“CDSC”). No sales charges are assessed with respect to Class I and Class L Shares. Certain Class A Shares, for which front-end sales charges have been waived, may be subject to a CDSC as described in the Funds’ prospectus. Beginning on November 14, 2017, Class C Shares automatically convert to Class A Shares after ten years. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different transfer agency, distribution and service fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements.

J.P. Morgan Investment Management Inc. (“JPMIM”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), acts as Adviser (the “Adviser”) and Administrator (the “Administrator”) to the Funds.

Basis for Consolidation for the Funds

Access Balanced Fund CS Ltd. and Access Growth Fund CS Ltd. (collectively, the “Subsidiaries”), each a Cayman Islands exempted company, were incorporated on March 11, 2013 and are currently each a wholly-owned subsidiary of the Access Balanced Fund and Access Growth Fund, respectively. The Subsidiaries act as investment vehicles for each Fund to effect certain investments consistent with each Fund’s investment objectives and policies as described in each Fund’s prospectus. The Consolidated Schedules of Portfolio Investments (“CSOIs”) include positions of each Fund and its Subsidiary. The consolidated financial statements include the accounts of each Fund and its Subsidiary. Subsequent references to the Funds within the Notes to Consolidated Financial Statements collectively refer to the Funds and their Subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Funds in the preparation of their consolidated financial statements. The Funds are investment companies and, thus, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification Topic 946 — Investment Companies, which is part of U.S. generally accepted accounting principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

A. Valuation of Investments — The valuation of investments is in accordance with GAAP and the Funds’ valuation policies set forth by and under the supervision and responsibility of the Board of Trustees (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.

The Administrator has established the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to assist the Board with the oversight and monitoring of the valuation of the Funds’ investments. The Administrator implements the valuation policies of the Funds’ investments, as directed by the Board. The AVC oversees and carries out the policies for the valuation of investments held in the Funds. This 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.

A market-based approach is primarily used to value the Funds’ investments. Investments for which market quotations are not readily available are fair valued by approved affiliated and unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”) or may be internally fair valued using methods set forth by the valuation policies approved by the Board. This may include related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for the investment to determine the fair value of the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments.

34 JPMORGAN ACCESS FUNDS DECEMBER 31, 2018

Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used, had a ready market for the investments existed, and such differences could be material.

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 Funds are calculated on a valuation date. Certain foreign equity instruments shall be valued by applying international fair value factors provided by approved Pricing Services. The factors seek to adjust the local closing price for movements of local markets post closing, but prior to the time the NAVs are calculated. Investments in open-end investment companies, including J.P Morgan Funds, excluding exchange traded funds (“ETFs”), (the “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 Funds’ 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 Funds’ 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 tables represent each valuation input by sector as presented on the CSOIs:

Access Balanced Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Aerospace & Defense	$	—	$	931,266	$	—	$	931,266
Auto Components		106,080		255,176		—		361,256
Automobiles		—		411,795		—		411,795
Banks		312,775		2,208,882		—		2,521,657
Beverages		—		1,163,628		—		1,163,628
Biotechnology		133,726		261,706		—		395,432
Building Products		—		171,654		—		171,654
Capital Markets		—		675,102		—		675,102
Chemicals		—		1,085,971		—		1,085,971
Communications Equipment		—		57,201		—		57,201
Containers & Packaging		—		112,348		—		112,348
Diversified Financial Services		69,378		143,747		—		213,125
Diversified Telecommunication Services		58,985		639,231		—		698,216
Electric Utilities		—		384,501		—		384,501
Electrical Equipment		—		535,471		—		535,471
Electronic Equipment, Instruments & Components		—		1,121,177		—		1,121,177
Energy Equipment & Services		44,589		55,958		—		100,547
Equity Real Estate Investment Trusts (REITs)		—		166,279		—		166,279
Food & Staples Retailing		—		126,020		—		126,020
Food Products		—		1,070,792		—		1,070,792
Gas Utilities		—		50,373		—		50,373
Health Care Equipment & Supplies		—		622,000		—		622,000
Health Care Providers & Services		—		140,396		—		140,396
Hotels, Restaurants & Leisure		34,356		258,145		—		292,501
Household Durables		—		221,511		—		221,511
Household Products		—		301,030		—		301,030
Independent Power and Renewable Electricity Producers		—		75,936		—		75,936

DECEMBER 31, 2018 JPMORGAN ACCESS FUNDS 35

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

Access Balanced Fund (continued)
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Industrial Conglomerates	$	—	$	852,310	$	—	$	852,310
Insurance		187,778		2,040,955		—		2,228,733
Interactive Media & Services		106,659		135,171		—		241,830
Internet & Direct Marketing Retail		233,427		31,756		—		265,183
Machinery		57,200		505,887		—		563,087
Media		70,784		544,719		—		615,503
Metals & Mining		—		424,729		—		424,729
Multiline Retail		55,432		52,198		—		107,630
Multi-Utilities		—		262,013		—		262,013
Oil, Gas & Consumable Fuels		242,666		651,009		—		893,675
Paper & Forest Products		—		69,423		—		69,423
Personal Products		—		776,997		—		776,997
Pharmaceuticals		212,874		2,195,594		—		2,408,468
Professional Services		—		372,046		—		372,046
Real Estate Management & Development		—		77,741		—		77,741
Road & Rail		48,542		201,916		—		250,458
Semiconductors & Semiconductor Equipment		531,365		620,071		—		1,151,436
Software		—		290,206		—		290,206
Specialty Retail		—		252,544		—		252,544
Technology Hardware, Storage & Peripherals		—		233,434		—		233,434
Textiles, Apparel & Luxury Goods		—		1,146,652		1		1,146,653
Tobacco		—		97,702		—		97,702
Trading Companies & Distributors		—		264,516		—		264,516
Wireless Telecommunication Services		146,162		481,407		—		627,569
Other Common Stocks		113,609		—		—		113,609
Total Common Stocks		2,766,387		25,828,292		1		28,594,680
Exchange-Traded Funds		314,054,662		—		—		314,054,662
Investment Companies		160,398,270		—		—		160,398,270
Short-Term Investments
Investment Companies		7,093,111		—		—		7,093,111
Total Investments in Securities	$	484,312,430	$	25,828,292	$	1	$	510,140,723

Access Growth Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Aerospace & Defense	$	—	$	1,160,743	$	—	$	1,160,743
Auto Components		130,590		285,017		—		415,607
Automobiles		—		505,191		—		505,191
Banks		437,058		2,684,026		—		3,121,084
Beverages		—		1,427,305		—		1,427,305
Biotechnology		160,180		386,999		—		547,179
Building Products		—		189,937		—		189,937
Capital Markets		—		837,115		—		837,115
Chemicals		—		1,263,423		—		1,263,423
Communications Equipment		—		70,285		—		70,285
Containers & Packaging		—		133,638		—		133,638
Diversified Financial Services		89,108		176,733		—		265,841
Diversified Telecommunication Services		67,838		791,959		—		859,797
Electric Utilities		—		456,727		—		456,727
Electrical Equipment		—		657,663		—		657,663
Electronic Equipment, Instruments & Components		—		1,343,862		—		1,343,862

36 JPMORGAN ACCESS FUNDS DECEMBER 31, 2018

Access Growth Fund (continued)
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Energy Equipment & Services	$	53,062	$	68,696	$	—	$	121,758
Equity Real Estate Investment Trusts (REITs)		—		196,943		—		196,943
Food & Staples Retailing		—		156,438		—		156,438
Food Products		—		1,346,776		—		1,346,776
Gas Utilities		—		60,978		—		60,978
Health Care Equipment & Supplies		—		769,845		—		769,845
Health Care Providers & Services		—		180,745		—		180,745
Hotels, Restaurants & Leisure		45,808		306,047		—		351,855
Household Durables		—		284,794		—		284,794
Household Products		—		373,574		—		373,574
Independent Power and Renewable Electricity Producers		—		92,547		—		92,547
Industrial Conglomerates		—		1,064,552		—		1,064,552
Insurance		239,186		2,468,373		—		2,707,559
Interactive Media & Services		138,708		164,914		—		303,622
Internet & Direct Marketing Retail		259,390		29,430		—		288,820
Machinery		73,955		634,571		—		708,526
Media		70,189		684,774		—		754,963
Metals & Mining		—		550,498		—		550,498
Multiline Retail		69,523		92,257		—		161,780
Multi-Utilities		—		317,744		—		317,744
Oil, Gas & Consumable Fuels		305,803		787,944		—		1,093,747
Paper & Forest Products		—		92,889		—		92,889
Personal Products		—		972,469		—		972,469
Pharmaceuticals		256,182		2,739,170		—		2,995,352
Professional Services		—		468,423		—		468,423
Real Estate Management & Development		—		97,732		—		97,732
Road & Rail		75,222		273,536		—		348,758
Semiconductors & Semiconductor Equipment		667,936		764,957		—		1,432,893
Software		—		363,353		—		363,353
Specialty Retail		—		333,657		—		333,657
Technology Hardware, Storage & Peripherals		—		287,637		—		287,637
Textiles, Apparel & Luxury Goods		—		1,442,238		1		1,442,239
Tobacco		—		127,447		—		127,447
Trading Companies & Distributors		—		331,565		—		331,565
Wireless Telecommunication Services		171,592		601,270		—		772,862
Other Common Stocks		134,314		—		—		134,314
Total Common Stocks		3,445,644		31,899,406		1		35,345,051
Exchange-Traded Funds		302,665,193		—		—		302,665,193
Investment Companies		121,311,175		—		—		121,311,175
Short-Term Investments
Investment Companies		6,883,262		—		—		6,883,262
Total Investments in Securities	$	434,305,274	$	31,899,406	$	1	$	466,204,681

As of December 31, 2018, certain Investment Companies with a fair value of $8,562,189 and $8,100,848 have not been categorized in the fair value hierarchy as these Investment Companies were measured using the NAV per share as a practical expedient for the Access Balanced Fund and Access Growth Fund, respectively.

There were no transfers among any levels during the six months ended December 31, 2018.

B. Restricted Securities — Certain securities held by the Funds may be subject to legal or contractual restrictions on resale. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the net asset value of the Funds.

As of December 31, 2018, the Funds had no investments in restricted securities other than securities sold to the Funds under Rule 144A and/or Regulation S under the Securities Act.

DECEMBER 31, 2018 JPMORGAN ACCESS FUNDS 37

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

C. Investment Transactions with Affiliates — The Funds invested in Underlying Funds which are advised by the Adviser. An issuer which is under common control with a Fund may be considered an affiliate. For the purposes of the financial statements, the Funds assume the issuers listed in the tables below to be affiliated issuers. Underlying Funds’ distributions may be reinvested into the Underlying Funds. Reinvestment amounts are included in the purchase cost amounts in the tables below. Included in the purchases and sales amounts in the tables below are exchanges between certain share classes of the Underlying Funds. Such exchanges are not treated as purchases and sales for the purpose of recognizing realized gains (losses) or portfolio turnover.

Access Balanced Fund

For the six months ended December 31, 2018
Security Description	Value at June 30, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2018		Shares at December 31, 2018		Dividend Income		Capital Gain Distributions
JPMorgan BetaBuilders Canada ETF Shares (a)	$	—	$	4,017,128	$	—	$	—		$	(327,252	)	$	3,689,876		178,600	$	35,891	$	—
JPMorgan BetaBuilders Europe ETF Shares (a)		—		2,000,696		—		—			(3,536	)		1,997,160		93,500		6,584		—
JPMorgan Core Bond Fund Class R6 Shares (a)		37,189,005		—		7,699,999		(398,991	)		310,361			29,400,376		2,606,416		529,416		29,604
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		34,573,123		—		13,500,000		(531,130	)		299,971			20,841,964		2,598,749		489,802		—
JPMorgan Corporate Bond Fund Class R6 Shares (a)		23,001,275		—		1,800,000		(204,241	)		(319,966	)		20,677,068		2,237,778		632,247		—
JPMorgan Equity Focus Fund Class I Shares (a)		7,477,575		—		499,999		160,939			(1,521,924	)		5,616,591		217,362		81,048		808,950
JPMorgan Equity Income Fund Class R6 Shares (a)		7,832,118		—		500,000		(21,715	)		(497,791	)		6,812,612		429,818		104,354		199,504
JPMorgan Global Research Enhanced Index Fund Class R6 Shares (a)		18,748,006		—		16,000,001		4,116,678			(5,029,431	)		1,835,252		99,959		60,705		539,171
JPMorgan High Yield Fund Class R6 Shares (a)		5,874,631		—		500,001		27,181			(355,085	)		5,046,726		743,259		178,645		—
JPMorgan Prime Money Market Fund Class Institutional Shares, 2.55% (a)(b)		8,058,593		74,300,844		75,265,428		62			(960	)		7,093,111		7,092,402		71,279		—
JPMorgan Short Duration Bond Fund Class R6 Shares (a)		10,852,650		1,000,000		1,199,999		—			32,018			10,684,669		998,567		118,489		—
JPMorgan U.S. Large Cap Core Plus Fund Class R6 Shares (a)		7,766,876		—		500,000		(50,361	)		(1,560,090	)		5,656,425		237,167		39,230		976,401
JPMorgan Unconstrained Debt Fund Class R6 Shares (a)		11,729,557		—		6,100,000		(41,887	)		(250,716	)		5,336,954		564,160		214,984		—
Total	$	173,103,409	$	81,318,668	$	123,565,427	$	3,056,535		$	(9,224,401	)	$	124,688,784			$	2,562,674	$	2,553,630

Access Growth Fund

For the six months ended December 31, 2018
Security Description	Value at June 30, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2018		Shares at December 31, 2018		Dividend Income		Capital Gain Distributions
JPMorgan BetaBuilders Canada ETF Shares (a)	$	—	$	9,039,219	$	—	$	—		$	(752,493	)	$	8,286,726	$	401,100		80,605	$	—
JPMorgan Core Bond Fund Class R6 Shares (a)		16,870,249		5,400,000		6,000,000		(257,182	)		209,959			16,223,026		1,438,212		268,325		16,178
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		13,829,750		—		13,687,294		(344,763	)		202,307			—		—		155,211		—
JPMorgan Corporate Bond Fund Class R6 Shares (a)		9,819,949		—		—		—			(228,371	)		9,591,578		1,038,050		280,917		—

38 JPMORGAN ACCESS FUNDS DECEMBER 31, 2018

Access Growth Fund (continued)
For the six months ended December 31, 2018
Security Description	Value at June 30, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2018		Shares at December 31, 2018		Dividend Income		Capital Gain Distributions
JPMorgan Equity Focus Fund Class I Shares (a)	$	7,077,061	$	—	$	—	$	—		$	(1,386,103	)	$	5,690,958	$	220,240		82,121	$	819,661
JPMorgan Equity Income Fund Class R6 Shares (a)		7,367,346		—		—		—			(538,548	)		6,828,798		430,839		100,493		199,978
JPMorgan Global Research Enhanced Index Fund Class R6 Shares (a)		46,364,488		—		15,500,001		3,395,639			(9,642,681	)		24,617,445		1,340,819		814,280		2,492,079
JPMorgan Prime Money Market Fund Class Institutional Shares, 2.55% (a)(b)		10,429,343		59,576,163		63,120,983		(204	)		(1,057	)		6,883,262		6,882,573		80,703		—
JPMorgan Short Duration Bond Fund Class R6 Shares (a)		9,415,596		—		1,999,999		(5,634	)		22,717			7,432,680		694,643		92,502		—
JPMorgan U.S. Large Cap Core Plus Fund Class R6 Shares (a)		7,637,912		—		—		—			(1,690,665	)		5,947,247		249,360		41,247		1,026,602
Total	$	128,811,694	$	74,015,382	$	100,308,277	$	2,787,856		$	(13,804,935	)	$	91,501,720			$	1,996,404	$	4,554,498

(a) Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.

(b) The rate shown is the current yield as of December 31, 2018.

D. Foreign Currency Translation — The books and records of the Funds are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the prevailing exchange rates of such currencies against the U.S. dollar. The market value of investment securities and other assets and liabilities are translated at the exchange rate as of the valuation date. Purchases and sales of investment securities, income and expenses are translated at the exchange rate prevailing on the respective dates of such transactions.

The Funds do not isolate the effect of changes in foreign exchange rates from changes in market prices on securities held. Accordingly, such changes are included within Change in net unrealized appreciation/depreciation on investments on the Consolidated Statements of Operations (“CSOPs”).

Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Funds’ books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses are included in Net realized gain (loss) on foreign currency transactions on the CSOPs. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at period end and are included in Change in net unrealized appreciation/depreciation on foreign currency translations on the CSOPs.

E. Security Transactions and Investment Income — Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis. Interest income is determined on the basis of coupon interest accrued using the effective interest method which adjusts for amortization of premiums and accretion of discounts. Dividend income net of foreign taxes withheld, if any, and distributions of net investment income and realized capital gains from the Underlying Funds and ETFs, if any, are recorded on the ex-dividend date or when a Fund first learns of the dividend.

F. Allocation of Income and Expenses — Expenses directly attributable to a fund are charged directly to that fund, while the expenses attributable to more than one fund of the Trust are allocated among the respective funds. In calculating the NAV of each class, investment income, realized and unrealized gains and losses and expenses, other than class-specific expenses, are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day.

Transfer agency fees are class-specific expenses. The amount of the transfer agency fees charged to each class of the Funds for the six months ended December 31, 2018 are as follows:

	Class A		Class C		Class I		Class L		Total
Access Balanced Fund
Transfer agency fees	$	70	$	54	$	1,492	$	1,632	$	3,248
Access Growth Fund
Transfer agency fees		115		36		3,066		1,281		4,498

DECEMBER 31, 2018 JPMORGAN ACCESS FUNDS 39

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

The Funds invested in Underlying Funds and ETFs and, as a result, bear a portion of the expenses incurred by these Underlying Funds and ETFs. These expenses are not reflected in the expenses shown on the CSOPs and are not included in the ratios to average net assets shown in the Consolidated Financial Highlights. Certain expenses of affiliated Underlying Funds are waived as described in Note 3.F.

G. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code (the “Code”), applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of December 31, 2018, no liability for income tax is required in the Funds’ financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each of the Funds’ Federal tax returns for the prior three fiscal years remains subject to examination by the Internal Revenue Service.

For Federal income tax purposes, taxable income of each Fund and its Subsidiary are separately calculated. Each Subsidiary is classified as a controlled foreign corporation under the Code and its taxable income, including net gains, is included as ordinary income in the calculation of the respective Fund’s taxable income. Net losses of each Subsidiary are not deductible by the respective Fund either in the current period or carried forward to future periods.

H. Foreign Taxes — The Funds may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Funds will accrue such taxes and recoveries as applicable, based upon their current interpretation of tax rules and regulations that exist in the markets in which they invest. When a capital gain tax is determined to apply, the Fund records an estimated deferred tax liability in an amount that would be payable if the securities were disposed of on the valuation date.

I. Distributions to Shareholders — Distributions from net investment income, if any, are generally declared and paid at least quarterly and are declared separately for each class. No class has preferential dividend rights; differences in per share rates are due to differences in separate class expenses. Net realized capital gains, if any, are distributed by each Fund at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federal tax-basis treatment.

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to an Investment Advisory Agreement, each Fund’s assets are allocated to sub-advisers and the Adviser is responsible for monitoring and coordinating the overall management of the Funds and for such services is paid a fee. The fee is accrued daily and paid monthly at an annual rate of 0.75% of each Fund’s average daily net assets. The Adviser and J.P. Morgan Private Investments Inc. (“JPMPI”), sub-adviser to the Funds and a wholly-owned subsidiary of JPMorgan, have agreed to contractually waive the investment advisory fee and the sub-advisory fee, respectively, for each Fund by 0.30% through October 31, 2019.

The Subsidiaries have entered into separate contracts with the Adviser and its affiliates to provide investment advisory and other services to the Subsidiaries. The fee for services to the Subsidiaries is accrued daily and paid monthly at an annual rate of 0.75% of each Subsidiary’s respective average daily net assets. The Adviser has agreed to waive the advisory fees that it receives from each Fund in an amount equal to the advisory fees paid to the Adviser by the Subsidiaries. This waiver will continue in effect so long as each Fund invests in its Subsidiaries and may not be terminated without approval by the Funds’ Board.

JPMPI, Capital Guardian Trust Company — Personal Investment Management Division (“Capital Guardian”) and T. Rowe Price Associates, Inc. (“T. Rowe Price”) are sub-advisers for the Funds. Each sub-adviser is responsible for the day-to-day investment decisions of its portion of the Funds. The allocation of the assets of each Fund is determined by the Adviser, subject to review of the Board. The Adviser monitors and evaluates the sub-advisers to help assure that they are managing the Funds in a manner consistent with the Funds’ investment objectives and restrictions and applicable laws and guidelines.

Under the terms of the Sub-advisory Agreements for each Fund, the Adviser pays JPMPI a monthly sub-advisory fee at the annual rate of 0.70% of the portion of each Fund’s average daily net assets managed by JPMPI.

At December 31, 2018, the allocation of assets for each Fund was as follows:

	Access Balanced Fund			Access Growth Fund
JPMPI		94.2	%		92.2	%
Capital Guardian		2.9			3.9
T.Rowe Price		2.9			3.9

The Funds and the Adviser have obtained an exemptive order of the Securities and Exchange Commission (“SEC”) granting exemptions from certain provisions of the 1940 Act, pursuant to which the Adviser is permitted, subject to the supervision and approval of the Funds’ Trustees, to enter into and materially amend sub-advisory agreements with non-affiliated sub-advisers without such agreements being approved by the shareholders of the Funds. As such, the Funds and Adviser may hire, terminate, or replace non-affiliated sub-advisers without shareholder approval, including,

40 JPMORGAN ACCESS FUNDS DECEMBER 31, 2018

without limitation, the replacement or reinstatement of any sub-advisers with respect to which a sub-advisory agreement has automatically terminated as a result of an assignment. Shareholders will be notified of any changes in sub-advisers.

The Adviser waived Investment Advisory fees and/or reimbursed expenses as outlined in Note 3.F.

B. Administration Fees — Pursuant to an Administration Agreement, the Administrator provides certain administration services to the Funds and its Subsidiaries. In consideration of these services during the six months ended December 31, 2018, the Administrator received a fee that was accrued daily and paid monthly at an annual rate of 0.15% of the first $25 billion of the average daily net assets of all funds in the J.P. Morgan Funds Complex covered by the Administration Agreement (excluding certain funds of funds and money market funds) and 0.075% of the average daily net assets in excess of $25 billion of all such funds. For the six months ended December 31, 2018, the effective annualized rate was 0.08% of each Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements. In consideration for services rendered to the Subsidiaries, the Administrator receives a fee accrued daily and paid monthly at an effective annualized rate of 0.10% of average daily net assets of the Subsidiaries.

Effective January 1, 2019, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.075% of the first $10 billion of each Fund’s respective average daily net assets, 0.050% of each Fund’s respective average daily net assets between $10 billion and $20 billion, 0.025% of each Fund’s respective average daily net assets between $20 billion and $25 billion and 0.01% of each Fund’s respective average daily net assets in excess of $25 billion.

JPMorgan Chase Bank, N.A. (“JPMCB”), a wholly-owned subsidiary of JPMorgan, serves as the Funds’ sub-administrator (the “Sub-administrator”). For its services as Sub-administrator, JPMCB receives a portion of the fees payable to the Administrator.

C. Distribution Fees — Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (“JPMDS”), an indirect, wholly-owned subsidiary of JPMorgan, serves as the Trust’s principal underwriter and promotes and arranges for the sale of each Fund’s shares.

The Board has adopted a Distribution Plan (the “Distribution Plan”) for Class A and Class C Shares of the Funds in accordance with Rule 12b-1 under the 1940 Act. Class I and Class L Shares do not charge a distribution fee. The Distribution Plan provides that each Fund shall pay distribution fees, including payments to JPMDS, at annual rates of the average daily net assets as shown in the table below:

Class A			Class C
	0.25	%		0.75	%

In addition, JPMDS is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class C Shares and certain Class A Shares for which front-end sales charges have been waived.

D. Service Fees — The Trust, on behalf of the Funds, has entered into a Shareholder Servicing Agreement with JPMDS under which JPMDS provides certain support services to the shareholders. For performing these services, JPMDS receives a fee that is accrued daily and paid monthly equal to a percentage of the average daily net assets as shown in the table below:

	Class A			Class C			Class I			Class L
Access Balanced Fund		0.25	%		0.25	%		0.25	%		0.10	%
Access Growth Fund		0.25			0.25			0.25			0.10

JPMDS has entered into shareholder services contracts with affiliated and unaffiliated financial intermediaries who provide shareholder services and other related services to their clients or customers who invest in the Funds under which JPMDS will pay all or a portion of such fees earned to financial intermediaries for performing such services.

JPMDS waived service fees as outlined in Note 3.F.

E. Custodian and Accounting Fees — JPMCB provides portfolio custody and accounting services to the Funds. For performing these services, the Funds pay JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses. The amounts paid directly to JPMCB by the Funds for custody and accounting services are included in Custodian and accounting fees on the CSOPs. Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the CSOPs. Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the CSOPs.

Interest expense paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates on the CSOPs.

F. Waivers and Reimbursements — The Adviser has contractually agreed to waive fees and/or reimburse the Funds to the extent that total annual operating expenses of the Fund, inclusive of the Subsidiary (excluding acquired fund fees and expenses other than certain underlying fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation and extraordinary expenses) exceed the percentages of the Funds’ respective average daily net assets as shown in the table below:

	Class A			Class C			Class I			Class L
Access Balanced Fund		1.55	%		2.05	%		1.30	%		1.15	%
Access Growth Fund		1.55			2.05			1.30			1.15

The expense limitation agreements were in effect for the six months ended December 31, 2018 and are in place until at least October 31, 2019.

DECEMBER 31, 2018 JPMORGAN ACCESS FUNDS 41

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

The Underlying Funds may impose separate investment advisory and service fees. To avoid charging an investment advisory fee and a service fee at an effective rate above 0.75% for investment advisory and 0.25% for shareholder servicing on affiliated investments for Class A, Class C and Class I Shares and 0.10% for shareholder servicing on affiliated investments for Class L Shares, the Adviser and JPMDS have contractually agreed to waive investment advisory and service fees with respect to the Funds in an amount equal to the weighted average pro-rata amount of affiliated investment advisory fees not to exceed 0.45% during the period and affiliated service fees charged by the affiliated Underlying Funds. These contractual waivers are in place until at least October 31, 2019. These waivers may be in addition to any waivers required to meet the Funds’ contractual expense limitations, but will not exceed the Funds’ service fees.

For the six months ended December 31, 2018, the Funds’ service providers waived fees and/or reimbursed expenses for each of the Funds as follows. None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.

	Contractual Waivers
	Investment Advisory Fess		Service Fees		Total
Access Balanced Fund	$	1,060,295	$	9,513	$	1,069,808
Access Growth Fund		935,991		9,039		945,030

G. Other — Certain officers of the Trust are affiliated with the Adviser, the Administrator and JPMDS. Such officers, with the exception of the Chief Compliance Officer, receive no compensation from the Funds for serving in their respective roles.

The Board appointed a Chief Compliance Officer to the Funds in accordance with Federal securities regulations. Each Fund, along with other affiliated funds, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the Office of the Chief Compliance Officer. Such fees are included in Trustees’ and Chief Compliance Officer’s fees on the CSOPs.

Under the terms of a Service Agreement, JPMIM and its affiliates perform various non-advisory services on behalf of JPMPI in support of JPMPI’s management of the Funds. JPMPI pays JPMIM a fee for these services.

The Trust adopted a Trustee Deferred Compensation Plan (the “Plan”) which allows the Independent Trustees to defer the receipt of all or a portion of compensation related to performance of their duties as Trustees. The deferred fees are invested in various J.P. Morgan Funds until distribution in accordance with the Plan.

During the six months ended December 31, 2018, the Funds purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.

The Funds may use related party broker-dealers. For the six months ended December 31, 2018, the Funds did not incur any brokerage commissions with broker-dealers affiliated with the Adviser.

The SEC has granted an exemptive order permitting the Funds to engage in principal transactions with J.P. Morgan Securities, Inc., an affiliated broker, involving taxable money market instruments, subject to certain conditions.

The SEC has granted an exemptive order permitting the Funds to invest in certain instruments in addition to Underlying Funds and securities.

4. Investment Transactions

During the six months ended December 31, 2018, purchases and sales of investments (excluding short-term investments) were as follows:

	Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
Access Balanced Fund	$	69,359,638	$	85,908,425
Access Growth Fund		57,121,103		75,200,876

During the six months ended December 31, 2018, there were no purchases or sales of U.S. Government securities.

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments, including the Subsidiaries, held at December 31, 2018 were as follows:

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Access Balanced Fund	$	493,994,711	$	40,105,445	$	15,397,244	$	24,708,201
Access Growth Fund		437,095,021		48,469,239		11,258,731		37,210,508

As of June 30, 2018, the Funds did not have any net capital loss carryforwards.

42 JPMORGAN ACCESS FUNDS DECEMBER 31, 2018

6. Borrowings

The Funds rely upon an exemptive order granted by the SEC (the “Order”) permitting the establishment and operation of an Interfund Lending Facility (the “Facility”). The Facility allows the Funds to directly lend and borrow money to or from any other fund relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund’s borrowing restrictions. The Interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. The Order was granted to JPMorgan Trust II and may be relied upon by the Funds because the Funds and the series of JPMorgan Trust II are all investment companies in the same “group of investment companies” (as defined in Section 12(d)(1)(G) of the 1940 Act).

The Trust and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Funds. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund’s borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until November 4, 2019.

The Funds had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility during the six months ended December 31, 2018.

The Trust, along with certain other trusts (“Borrowers”), has entered into a joint syndicated senior unsecured revolving credit facility totaling $1.5 billion (“Credit Facility”) with various lenders and The Bank of New York Mellon, as administrative agent for the lenders. This Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Under the terms of the Credit Facility, a borrowing fund must have a minimum of $25,000,000 in adjusted net asset value and not exceed certain adjusted net asset coverage ratios prior to and during the time in which any borrowings are outstanding. If a fund does not comply with the aforementioned requirements, the fund must remediate within three business days with respect to the $25,000,000 minimum adjusted net asset value or within one business day with respect to certain asset coverage ratios or the administrative agent at the request of, or with the consent of, the lenders may terminate the Credit Facility and declare any outstanding borrowings to be due and payable immediately.

Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.00% plus the greater of the federal funds effective rate or one month LIBOR. The annual commitment fee to maintain the Credit Facility is 0.15% and is incurred on the unused portion of the Credit Facility and is allocated to all participating funds pro rata based on their respective net assets. Effective August 14, 2018, this agreement has been amended and restated for a term of 364 days, unless extended.

The Funds did not utilize the Credit Facility during the six months ended December 31, 2018.

7. Risks, Concentrations and Indemnifications

In the normal course of business, the Funds enter into contracts that contain a variety of representations which provide general indemnifications. Each Fund’s maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be brought against each Fund. However, based on experience, the Funds expect the risk of loss to be remote.

As of December 31, 2018, the Funds each had one affiliated omnibus account which owned more than 10% of the respective Fund’s outstanding shares as follows:

Access Balanced Fund	98.0	%
Access Growth Fund	98.1

By investing in a subsidiary, each Fund is indirectly exposed to the risks associated with its Subsidiary’s investments. The derivatives and other investments, if any, held by the Subsidiaries are generally similar to those that are permitted to be held by each Fund and are subject to the same risks that apply to similar investments if held directly by the Funds.

Because of the Funds’ investments in Underlying Funds and ETFs, the Funds indirectly pay a portion of the expenses incurred by the Underlying Funds and ETFs. As a result, the cost of investing in the Funds may be higher than the cost of investing in a mutual fund that invests directly in individual securities and financial instruments. The Funds are also subject to certain risks related to the Underlying Funds’ and ETFs’ investments in securities and financial instruments such as fixed income securities including high yield (commonly known as “junk bonds”), asset-backed and mortgage-related securities, equity securities, foreign and emerging markets securities, commodities; and real estate securities. These securities are subject to risks specific to their structure, sector or market.

Each Fund invests in unaffiliated ETFs. ETFs are pooled investment vehicles whose ownership interests are purchased and sold on a securities exchange. ETFs may be structured as investment companies, depositary receipts or other pooled investment vehicles and may be passively or actively managed. Passively managed ETFs generally seek to track the performance of a particular market index, including broad-based market indexes, as well as indexes relating to particular sectors, markets, regions or industries. Actively managed ETFs do not seek to track the

DECEMBER 31, 2018 JPMORGAN ACCESS FUNDS 43

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

performance of a particular market index. The price movement of an index-based ETF may not track the underlying index and may result in a loss. In addition, ETFs may trade at a price below or above their NAV (also known as a discount or premium, respectively).

In addition, the Underlying Funds and ETFs may use derivative instruments in connection with their individual investment strategies including futures contracts, forward foreign currency exchange contracts, options, swaps and other derivatives, which are also subject to specific risks related to their structure, sector or market and may be riskier than investments in other types of securities.

Specific risks and concentrations present in the Underlying Funds and ETFs are disclosed within their individual financial statements and registration statements, as appropriate.

8. New Accounting Pronouncements

In August 2018, the Financial Accounting Standard Board (“FASB”) issued Accounting Standard Update (“ASU”) 2018-13 (“ASU 2018-13”) Fair Value Measurement (Topic 820): Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement, which adds, removes, and modifies certain aspects of the fair value disclosure. ASU 2018-13 amendments are the result of a broader disclosure project, FASB Concepts Statement Conceptual Framework for Financial Reporting — Chapter 8: Notes to Financial Statements, to improve the effectiveness of the fair value disclosure requirements. ASU 2018-13 is effective for the fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019; early adoption is permitted. We have evaluated the implications of these changes and the amendments are included in the financial statements, which had no effect to the Funds’ net assets or results of operation.

In August 2018, the SEC adopted their Disclosure Update and Simplification Rule (the “Rule”). The Rule is part of the SEC’s overall project to improve disclosure effectiveness by amending certain disclosure requirements that have become redundant, duplicative, overlapping, outdated, or superseded in light of other SEC disclosure requirements, U.S. GAAP, or changes in the information environment. The amendments are intended to facilitate the disclosure of information to investors and simplify compliance without significantly altering the total mix of information provided to investors. We have evaluated the implications of these changes and the amendments are included in the financial statements, which had no effect on the Funds’ net assets or results of operation.

44 JPMORGAN ACCESS FUNDS DECEMBER 31, 2018

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, redemption fees and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds (not including expenses of the Underlying Funds and ETFs) to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, July 1, 2018 and continued to hold your shares at the end of the reporting period, December 31, 2018.

Actual Expenses

For each Class of each Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads), redemption fees and expenses of the Underlying Funds. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

	Beginning Account Value July 1, 2018		Ending Account Value December 31, 2018		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Access Balanced Fund
Class A
Actual	$	1,000.00	$	943.40	$	5.19		1.06	%
Hypothetical		1,000.00		1,019.86		5.40		1.06
Class C
Actual		1,000.00		941.30		7.54		1.54
Hypothetical		1,000.00		1,017.44		7.83		1.54
Class I
Actual		1,000.00		945.10		3.82		0.78
Hypothetical		1,000.00		1,021.27		3.97		0.78
Class L
Actual		1,000.00		945.10		3.09		0.63
Hypothetical		1,000.00		1,022.03		3.21		0.63
JPMorgan Access Growth Fund
Class A
Actual		1,000.00		923.90		5.29		1.09
Hypothetical		1,000.00		1,019.71		5.55		1.09
Class C
Actual		1,000.00		921.60		7.60		1.57
Hypothetical		1,000.00		1,017.29		7.98		1.57
Class I
Actual		1,000.00		924.70		3.93		0.81
Hypothetical		1,000.00		1,021.12		4.13		0.81
Class L
Actual		1,000.00		926.00		3.20		0.66
Hypothetical		1,000.00		1,021.88		3.36		0.66

* Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

DECEMBER 31, 2018 JPMORGAN ACCESS FUNDS 45

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited)

The Board of Trustees has established various standing committees composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment committees (money market and alternative products, equity, and fixed income) meet regularly throughout the year and consider factors that are relevant to their annual consideration of investment advisory agreements at each meeting. They also meet for the specific purpose of considering investment advisory agreement annual renewals. The Board of Trustees held meetings in person in June and August 2018, at which the Trustees considered the continuation of the investment advisory agreement with JPMIM and the sub-advisory agreements with JPMPI, Capital Guardian Trust Company and T. Rowe Price Associates, Inc., for each Fund whose semi-annual report is contained herein (each an “Advisory Agreement” and collectively, the “Advisory Agreements”). At the June meeting, the Board’s investment committees met to review and consider performance, expense and related information for each Fund and the other J.P. Morgan Funds overseen by the Board in which each Fund may invest (“Underlying Funds”). Each investment committee reported to the full Board, which then considered the investment committee’s preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not “interested persons” (as defined in the 1940 Act) of any party to the Advisory Agreements or any of their affiliates, approved the continuation of each Advisory Agreement on August 15, 2018.

As part of their review of the Advisory Agreements, the Trustees considered and reviewed performance and other information about the Funds and Underlying Funds received from the Adviser. This information includes the Funds’ and Underlying Funds’ performance as compared to the performance of Funds’ and Underlying Funds’ peers and benchmarks and analyses by the Adviser of the Funds’ and Underlying Funds’ performance. In addition, the Trustees have engaged an independent management consulting firm (“independent consultant”) to report on the performance of certain J.P. Morgan Funds at each of the Trustees’ regular meetings. In addition, in preparation for the June and August meetings, the Trustees requested, received and evaluated extensive materials from the Adviser, including, with respect to the Funds and/or Underlying Funds, performance and expense information compiled by Broadridge, using data from Lipper Inc., independent providers of investment company data (together, “Broadridge/Lipper”). The Trustees’ independent consultant also provided additional analyses of the performance of the Funds and/or Underlying Funds as compared to the Funds’ and/or Underlying Funds’ objectives and peers. Before voting on the Advisory Agreements, the Trustees reviewed the Advisory Agreements with representatives of the Adviser, counsel to the Trust and

independent legal counsel and received a memorandum from independent legal counsel to the Trustees discussing the legal standards for their consideration of the Advisory Agreements. The Trustees also discussed the Advisory Agreements in executive sessions with independent legal counsel at which no representatives of the Adviser or sub-advisers were present.

A summary of the material factors evaluated by the Trustees in determining whether to approve each Advisory Agreement is provided below. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. The Trustees considered information provided with respect to the Funds and Underlying Funds throughout the year, as well as materials furnished specifically in connection with the annual review process. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions.

After considering and weighing the factors and information they had received, the Trustees found that the compensation to be received by the Adviser from each Fund and by the sub-advisers from the Adviser under the applicable Advisory Agreements was fair and reasonable under the circumstances and determined that the continuance of the Advisory Agreements was in the best interests of each Fund and its shareholders.

Nature, Extent and Quality of Services Provided by the Adviser and Sub-Advisers

The Trustees received and considered information regarding the nature, extent and quality of the services provided to each Fund under the applicable Advisory Agreements. The Trustees took into account information furnished throughout the year at Trustee meetings, as well as the materials furnished specifically in connection with this annual review process. The Trustees considered the background and experience of the Adviser’s and sub-advisers’ senior management and the expertise of, and the amount of attention given to each Fund by, investment personnel of the Adviser and sub-advisers. In addition, the Trustees reviewed the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of each Fund and the infrastructure supporting the team, including personnel changes. The Trustees also considered information provided by the Adviser and JPMorgan Distribution Services, Inc. (“JPMDS”) about the structure and distribution strategy of each Fund. The Trustees also reviewed information relating to the Adviser’s and sub-advisers’ risk governance model and reports showing the Adviser’s and sub-advisers’ compliance structure and ongoing compliance processes. The Trustees also considered the quality of the administrative services provided by the Adviser in its role as administrator.

The Trustees also considered their knowledge of the nature and quality of the services provided by the Adviser and its affiliates and sub-advisers to the Funds gained from their experience as

46 JPMORGAN ACCESS FUNDS DECEMBER 31, 2018

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited) (continued)

Trustees of the J.P. Morgan Funds. In addition, they considered the overall reputation and capabilities of the Adviser and its affiliates and sub-advisers, the commitment of the Adviser and sub-advisers to provide high quality service to the Funds, their overall confidence in the Adviser’s and sub-advisers’ integrity and the Adviser’s and sub-advisers’ responsiveness to questions or concerns raised by them, including the Adviser’s and sub-advisers’ willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to each Fund. In addition, the Trustees considered the different roles and responsibilities performed by the Adviser and sub-advisers under the applicable Advisory Agreements, including the Adviser’s monitoring and evaluating of the sub-advisers to help ensure that the sub-advisers are managing the Funds consistently with their investment objectives and restrictions.

Based upon these considerations and other factors, the Trustees concluded that they were satisfied with the nature, extent and quality of the investment advisory services provided to the Funds by the Adviser and sub-advisers.

Costs of Services Provided and Profitability to the Adviser and its Affiliates

The Trustees received and considered information regarding the profitability to the Adviser and its affiliates in providing services to each Fund. The Trustees reviewed and discussed this information. The Trustees recognized that this information is not audited and represents the Adviser’s determination of its and its affiliates’ revenues from the contractual services provided to the Funds, less expenses of providing such services. Expenses include direct and indirect costs and are calculated using an allocation methodology developed by the Adviser. The Trustees also recognized that it is difficult to make comparisons of profitability from fund investment advisory contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the fact that publicly-traded fund managers’ operating profits and net income are net of distribution and marketing expenses. Based upon their review, the Trustees concluded that the profitability to the Adviser under each Advisory Agreement was not unreasonable in light of the services and benefits provided to each Fund.

The Trustees also considered that JPMDS, an affiliate of the Adviser and JPMPI, and the Adviser earn fees from the Funds for providing shareholder and administrative services, respectively. These fees were shown separately in the profitability analysis presented to the Trustees. The Trustees also considered the payments of Rule 12b-1 fees to JPMDS, which also acts as the Funds’ distributor and that these fees are in turn generally paid to financial intermediaries that sell the

Funds, including financial intermediaries that are affiliates of the Adviser and/or sub-advisers. The Trustees also considered the fees paid to JPMorgan Chase Bank, N.A. (“JPMCB”) for custody and fund accounting, and other related services.

Fall-Out Benefits

The Trustees reviewed information regarding potential “fall-out” or ancillary benefits received by the Adviser and sub-advisers and/or their affiliates as a result of their relationship with the J.P. Morgan Funds, including the benefits received by the Adviser and its affiliates in connection with each Fund’s investments in the Underlying Funds in which each Fund invests. The Trustees also reviewed the Adviser’s allocation of fund brokerage for the J.P. Morgan Funds complex, including allocations to brokers who provide research to the Adviser and/or sub-advisers.

Economies of Scale

The Trustees considered the extent to which the Funds may benefit from economies of scale. The Trustees considered that there may not be a direct relationship between economies of scale realized by the Funds and those realized by the Adviser as assets increase. The Trustees considered the extent to which each Fund was priced to scale and whether it would be appropriate to add advisory fee breakpoints, but noted that each Fund has implemented fee waivers and contractual expense limitations (“Fee Caps”) which allow each Fund’s shareholders to share potential economies of scale from a Fund’s inception and that the fees remain competitive with peer funds. The Trustees also considered that the Adviser has added or enhanced services to the Funds over time, noting the Adviser’s substantial investments in its business in support of the Funds, including investments in trading systems and technology (including cybersecurity improvements), attraction and retention of key talent, additions to analyst and portfolio management teams, and regulatory support enhancements. The Trustees concluded that the current fee structure was reasonable in light of the Fee Caps that the Adviser has in place that serve to limit the overall net expense ratios of each Fund at competitive levels. The Trustees concluded that the Funds’ shareholders received the benefits of potential economies of scale through the Fee Caps and the Adviser’s reinvestment in its operations to serve the Funds and their shareholders.

Independent Written Evaluation of the Fund’s Chief Compliance Officer

The Trustees noted that, upon their direction, the Chief Compliance Officer for the Funds had prepared an independent written evaluation in order to assist the Trustees in determining the reasonableness of the proposed management fees. The Trustees considered the written evaluation in determining whether to continue the Advisory Agreements.

DECEMBER 31, 2018 JPMORGAN ACCESS FUNDS 47

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited) (continued)

Fees Relative to Adviser’s Other Clients

The Trustees received and considered information about the nature and extent of investment advisory services and fee rates offered to other clients of the Adviser, including institutional separate accounts and/or funds sub-advised by the Adviser, for investment management styles substantially similar to that of each Fund. The Trustees considered the complexity of investment management for registered mutual funds relative to the Adviser’s other clients and noted differences in the regulatory, legal and other risks and responsibilities of providing services to the different clients. The Trustees considered that serving as an adviser to a registered mutual fund involves greater responsibilities and risks than acting as a sub-adviser and observed that sub-advisory fees may be lower than those charged by the Adviser to each Fund. The Trustees also noted that the adviser, not the mutual fund, pays the sub-advisory fee and that many responsibilities related to the advisory function are retained by the primary adviser. The Trustees concluded that the fee rates charged to each Fund in comparison to those charged to the Adviser’s other clients were reasonable.

Investment Performance

The Trustees received and considered absolute and/or relative performance information for the Funds in a report prepared by Broadridge/Lipper. The Trustees considered the total return performance information, which included the ranking of the Funds within a performance universe made up of funds with the same Broadridge/Lipper investment classification and objective (the “Universe”), as well as a subset of funds within the Universe (the “Peer Group”), by total return for the applicable one-, three-, and five-year periods. The Trustees reviewed a description of Broadridge/Lipper’s methodology for selecting mutual funds in each Fund’s Peer Group and Universe. The Broadridge/Lipper materials provided to the Trustees highlighted information with respect to certain representative classes to assist the Trustees in their review. As part of this review, the Trustees also reviewed each Fund’s performance against its benchmark and considered the performance information provided for the Funds at regular Board meetings by the Adviser and the Trustees’ independent consultant and also considered the special analysis prepared by the Trustees’ independent consultant. The Trustees also engaged with the Adviser to consider what steps might be taken to improve performance, as applicable. The Broadridge/Lipper performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to each Fund’s performance for certain representative classes are summarized below:

The Trustees noted that the Access Balanced Fund’s performance for Class A shares was in the third, fourth and fourth quintiles based upon the Peer Group, and in the third, fourth and fifth quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2017, respectively.

The Trustees noted that the performance for Class I shares was in the third quintile based upon the Peer Group for the one-year period ended December 31, 2017, and in the second, fourth and fifth quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2017, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and JPMPI and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory under the circumstances. The Trustees requested, however, that the Fund’s Adviser provide additional Fund performance information to be reviewed with members of the Board’s money market and alternative products committee at each of its regularly scheduled meetings over the course of the next year.

The Trustees noted that the Access Growth Fund’s performance for Class A shares was in the second, third and fifth quintiles based upon the Peer Group, and in the second, fourth and fifth quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2017, respectively. The Trustees noted that the performance for Class I shares was in the third, fourth and fifth quintiles based upon the Peer Group, and in the second, fourth and fifth quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2017, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and JPMPI and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory under the circumstances. The Trustees requested, however, that the Fund’s Adviser provide additional Fund performance information to be reviewed with members of the Board’s money market and alternative products committee at each of its regularly scheduled meetings over the course of the next year.

Advisory Fees and Expense Ratios

The Trustees considered the contractual advisory fee rate and administration fee rate paid by each Fund to the Adviser and compared the combined rate to the information prepared by Broadridge/Lipper concerning management fee rates paid by other funds in the same Broadridge/Lipper category as each Fund. The Trustees also considered that the fees paid by the Adviser to the sub-advisers is out of the advisory fee. The Trustees recognized that Broadridge/Lipper reported each Fund’s management fee rate as the combined contractual advisory fee and administration fee rates. The Trustees also reviewed information about other expenses and the expense ratios for each Fund, including, as appropriate, information about the sub-advisory fees. The Trustees considered the Fee Caps currently in place for each Fund, the net advisory fee rate

48 JPMORGAN ACCESS FUNDS DECEMBER 31, 2018

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited) (continued)

after taking into account any waivers and/or reimbursements, and where deemed appropriate by the Trustees, additional waivers and/or reimbursements. The Trustees recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The Trustees’ determinations as a result of the review of each Fund’s advisory fees and expense ratios for certain representative classes are summarized below:

The Trustees noted that the Access Balanced Fund’s net advisory fee for Class A shares was in the first and third quintiles based upon the Peer Group and Universe, respectively, and that actual total expenses for Class A shares were in the fifth quintile based upon both the Peer Group and Universe. The Trustees noted that the net advisory fee for Class I shares was in the fourth quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class I shares were in the second and fourth quintiles based upon the Peer Group and Universe, respectively. After considering the factors identified

above, in light of this information, the Trustees concluded that the advisory fee paid by the Fund to the Adviser and the sub-advisory fees paid by the Adviser to the sub-advisers were satisfactory in light of the services provided to the Fund.

The Trustees noted that the Access Growth Fund’s net advisory fee and actual total expenses for Class A shares were in the third and fifth quintiles, respectively, based upon both the Peer Group and Universe. The Trustees noted that the net advisory fee for Class I shares was in the fifth and fourth quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class I shares were in the second and fourth quintiles based upon the Peer Group and Universe, respectively. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee paid by the Fund to the Adviser and the sub-advisory fees paid by the Adviser to the sub-advisers were satisfactory in light of the services provided to the Fund.

DECEMBER 31, 2018 JPMORGAN ACCESS FUNDS 49

TAX LETTER

(Unaudited)

Certain tax information for the J.P. Morgan Funds is required to be provided to shareholders based upon the Funds’ income and distributions for the taxable year ended June 30, 2018. The information and distributions reported in this letter may differ from the information and taxable distributions reported to the shareholders for the calendar year ending December 31, 2018. The information necessary to complete your income tax returns for the calendar year ending December 31, 2018 will be provided under separate cover.

Foreign Source Income and Foreign Tax Credit Pass Through

For the fiscal year ended June 30, 2018, the Funds elected to pass through to shareholders taxes paid to foreign countries. Gross income and foreign tax expenses were as follows or amounts as finally determined:

	Total Foreign Source Income		Total Foreign Tax Credit
JPMorgan Access Balanced Fund	$	3,323,479	$	202,208
JPMorgan Access Growth Fund		3,145,784		237,465

50 JPMORGAN ACCESS FUNDS DECEMBER 31, 2018

J.P. Morgan Funds are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the funds.

Contact JPMorgan Distribution Services, Inc. at 1-800-480-4111 for a fund prospectus. You can also visit us at www.jpmorganaccessfunds.com. Investors should carefully consider the investment objectives and risk as well as charges and expenses of the mutual fund before investing. The prospectus contains this and other information about the mutual fund. Read the prospectus carefully before investing.

Investors may obtain information about the Securities Investor Protection Corporation (SIPC), including the SIPC brochure by visiting www.sipc.org or by calling SIPC at 202-371-8300.

Each Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC on Form N-Q. The Funds’ Forms N-Q are available on the SEC’s website at http://www.sec.gov. Shareholders may request the Form N-Q without charge by calling 1-800-480-4111 or by visiting the Funds’ website at www.jpmorganaccessfunds.com.

A description of each Fund’s policies and procedures with respect to the disclosure of each Fund’s holdings is available in the prospectuses and Statement of Additional Information.

A copy of proxy policies and procedures is available without charge upon request by calling 1-800-480-4111 and on the Funds website at www.jpmorganaccessfunds.com. A description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Funds to the Adviser. A copy of the Funds’ voting record for the most recent 12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Funds’ website at www.jpmorganaccessfunds.com no later than August 31 of each year. The Funds’ proxy voting record will include, among other things, a brief description of the matter voted on for each fund security, and will state how each vote was cast, for example, for or against the proposal.

J.P. Morgan Asset Management is the marketing name for the asset management businesses of JPMorgan Chase & Co. Those businesses include, but are not limited to, J.P. Morgan Investment Management Inc., Security Capital Research & Management Incorporated and J.P. Morgan Alternative Asset Management, Inc.

^© JPMorgan Chase & Co., 2018. All rights reserved. December 2018. SAN-ACCESS-1218

Semi-Annual Report

J.P. Morgan Intrepid Funds

December 31, 2018 (Unaudited)

JPMorgan Intrepid America Fund

JPMorgan Intrepid Growth Fund

JPMorgan Intrepid Mid Cap Fund

JPMorgan Intrepid Sustainable Equity Fund

JPMorgan Intrepid Value Fund

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Funds’ website www.jpmorganfunds.com and you will be notified by mail each time a report is posted and provided with a website to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action.

You may elect to receive shareholder reports and other communications from the Funds electronically anytime by contacting your financial intermediary (such as a broker dealer, bank, or retirement plan) or, if you are a direct investor, by going to www.jpmorganfunds.com/edelivery.

You may elect to receive paper copies of all future reports free of charge. Contact your financial intermediary or, if you invest directly with the Funds, email us at funds.website.support@jpmorganfunds.com or call 1-800-480-4111. Your election to receive paper reports will apply to all funds held within your account(s).

CONTENTS

CEO’s Letter	1
Market Overview	2
Fund Commentaries:
JPMorgan Intrepid America Fund	3
JPMorgan Intrepid Growth Fund	5
JPMorgan Intrepid Mid Cap Fund	7
JPMorgan Intrepid Sustainable Equity Fund	9
JPMorgan Intrepid Value Fund	11
Schedules of Portfolio Investments	13
Financial Statements	28
Financial Highlights	44
Notes to Financial Statements	54
Schedule of Shareholder Expenses	65
Board Approval of Investment Advisory Agreements	68

Investments in a Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money if you sell when a Fund’s share price is lower than when you invested.

Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of a Fund or the securities markets. References to specific securities and their issuers are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations to purchase or sell such securities. Such views are not meant as investment advice and may not be relied on as an indication of trading intent on behalf of any Fund.

Prospective investors should refer to the Funds’ prospectuses for a discussion of the Funds’ investment objectives, strategies and risks. Call J.P. Morgan Funds Service Center at 1–800–480–4111 for a prospectus containing more complete information about a Fund, including management fees and other expenses. Please read it carefully before investing.

CEO’S LETTER

February 14, 2019 (Unaudited)

Dear Shareholder,

While the U.S. economy largely outperformed other leading economies during the second half of 2018, record corporate profits and historically low unemployment were overshadowed in December by a sell-off in equity markets, unsettled global trade tensions and a political impasse that led to the temporary shutdown of large parts of the federal government.

  “Overall, economists generally remained optimistic about the fundamental strength of the U.S. economy at the end of 2018.” — George C.W. Gatch

The second longest U.S. economic expansion on record extended through the third and fourth quarters of 2018. Gross domestic product advanced 3.4% in the third quarter of 2018, and was on pace to grow by about 3% for the full year 2018. In September, the U.S. jobless rate dipped to 3.7% - its lowest level in nearly 50 years - and stood at 3.9% at the end of the year. In response, the U.S. Federal Reserve raised interest rates in September and again in December.

U.S. aggregate corporate revenues and earnings reached record high levels in the second and third quarters of 2018. Though some profit growth was attributed to the temporary benefits of late-2017 tax cut legislation, the outlook for U.S. corporate earnings remained generally positive at the end of the year.

Equity prices in the U.S. largely rose during the third quarter of 2018. The S&P 500 Index hit record highs in August and remained elevated in September. However, early October saw a sharp sell-off in financial markets and the worst December for

the S&P 500 Index since 1931 erased all gains seen in the prior five months.

By the end of 2018, investors were confronted with several worrying developments. Leading economies, particularly China and the European Union, showed significant signs of slowing in the latter half of the year. While U.S.-China trade tariffs had little clear direct impact on the U.S. economy in 2018, a continuation or acceleration of protectionist policies could begin to hinder growth. Though the federal government shutdown ended subsequent to the end of the reporting period, the solution was a short-term budget agreement that failed to alleviate concerns about the possibility of future shutdowns.

Overall, economists generally remained optimistic about the fundamental strength of the U.S. economy at the end of 2018. While U.S. corporate profits and gross domestic product are expected to grow in the year ahead, the extent to which U.S. financial markets benefit remains to be seen, given the length of the current economic expansion.

We believe investors who maintain a patient approach and a well-diversified portfolio may be best positioned to navigate current market conditions. We look forward to managing your investment needs for years to come. Should you have any questions, please visit www.jpmorganfunds.com or contact the J.P. Morgan Funds Service Center at 1-800-480-4111.

Sincerely yours,

George C.W. Gatch

CEO, Global Funds Management

J.P. Morgan Asset Management

DECEMBER 31, 2018 J.P. MORGAN INTREPID FUNDS 1

J.P. Morgan Intrepid Funds

MARKET OVERVIEW

SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited)

U.S. equity prices were largely supported by strong corporate earnings and revenue, low interest rates and an expanding domestic economy. In August, U.S. equity prices reached record highs and remained elevated through September. However, share prices fell sharply and market volatility spiked in early October, then rebounded slightly in November before plummeting again in December, erasing gains made over the previous five months.

Overall, U.S. large cap equity outperformed mid cap and small cap equity and growth stocks outperformed value stocks. For the six months ended December 31, 2018, the S&P 500 Index returned -6.85%.

Intrepid Investment Philosophy and Process

The JPMorgan Behavioral Finance Team employs a philosophy that is rooted in behavioral finance, a field of study that emphasizes the importance of human psychology in financial markets. Behavioral finance examines how investor behavior can be affected by emotional biases and reactions. The field theorizes that inefficiencies arise in the stock market because investors are consistently irrational in making many investment decisions.

The Team aims to capitalize on these market inefficiencies by targeting high quality, attractively valued stocks of companies that it believes have positive momentum characteristics, and looks to sell these stocks when they no longer exhibit these criteria. A disciplined quantitative ranking methodology is utilized to identify attractive stocks in each sector, a process that is combined with qualitative research and value-added trading.

The Intrepid Sustainable Equity Fund also incorporates environmental, social and corporate governance (ESG) practices into its investment process. In managing the Fund, the adviser identifies companies that, in the adviser’s opinion, generally approach ESG practices in a thoughtful manner while also having attractive value, quality and momentum characteristics. The Fund seeks to invest in companies that, on a combined basis, appear attractive when considering all of these financial and sustainability characteristics.

During the reporting period, the Funds were managed and positioned in accordance with these investment philosophies and processes.

2 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2018

JPMorgan Intrepid America Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*		(9.20)%
S&P 500 Index		(6.85)%
Net Assets as of 12/31/2018 (In Thousands)	$	3,485,212

INVESTMENT OBJECTIVE**

The JPMorgan Intrepid America Fund (the “Fund”) seeks to provide long-term capital growth.

WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?

The Fund’s Class I Shares underperformed the S&P 500 Index (the “Benchmark”) for the six months ended December 31, 2018. The Fund’s security selection in the consumer discretionary and health care sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the information technology and industrials sectors was a leading contributor to relative performance.

Leading individual detractors from the Fund’s relative performance included its overweight position in Applied Materials Inc. and Capri Holdings Ltd. and its underweight position in Berkshire Hathaway Inc. Shares of Applied Materials, a maker of semiconductor manufacturing equipment, fell after the company forecast weaker-than-expected earnings and revenue for the fourth quarter of 2018 amid a slowdown in demand. Shares of Capri Holdings (formerly Michael Kors Holdings Ltd.), an apparel designer, fell after the company reported lower-than-expected sales and forecast lower-than-expected earnings and revenue in 2019. Shares of Berkshire Hathaway, an investment company not held by the Fund, rose after the company reported strong earnings growth in the second quarter of 2018, amid gains in insurance and rail traffic, and a lower effective tax rate.

Leading individual contributors to the Fund’s relative performance included its underweight positions in Facebook Inc. and Nvidia Corp. and its overweight position in VMware Inc. Shares of Facebook, a social media provider not held in the Fund, fell after the company reported mixed results for the second quarter of 2018. Shares of Nvidia, a semiconductors manufacturer not held in the Fund, fell after the company reported weaker-than-expected results for the third quarter of 2018 amid a decline in demand for graphic card semiconductors. Shares of VMware, a provider of cloud computing software not held in the Benchmark, rose after the company reported better-than-expected results for the third quarter of 2018 and raised its 2019 earnings forecast.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Microsoft Corp.	4.5	%
	2.	Alphabet, Inc., Class C	3.4
	3.	Boeing Co. (The)	2.9
	4.	Amgen, Inc.	2.6
	5.	Anthem, Inc.	2.3
	6.	Citigroup, Inc.	2.2
	7.	Apple, Inc.	2.2
	8.	Humana, Inc.	2.1
	9.	Bank of America Corp.	1.9
	10.	eBay, Inc.	1.9

PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	17.9	%
Health Care	14.8
Financials	13.3
Consumer Discretionary	10.7
Industrials	9.2
Communication Services	9.0
Energy	6.1
Consumer Staples	5.9
Utilities	3.4
Real Estate	2.6
Materials	1.7
Investment of cash collateral from securities loaned	1.1
Short-Term Investments	4.3

* The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

** The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.

*** Percentages indicated are based on total investments as of December 31, 2018. The Fund’s portfolio composition is subject to change.

DECEMBER 31, 2018 J.P. MORGAN INTREPID FUNDS 3

JPMorgan Intrepid America Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2018
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 19, 2005
With Sales Charge**			(14.09	)%		(11.67	)%		6.14	%		11.96	%
Without Sales Charge			(9.34	)		(6.78	)		7.29			12.57
CLASS C SHARES	February 19, 2005
With CDSC***			(10.54	)		(8.22	)		6.76			12.01
Without CDSC			(9.54	)		(7.22	)		6.76			12.01
CLASS I SHARES	February 28, 2003		(9.20	)		(6.52	)		7.59			12.86
CLASS R2 SHARES	November 3, 2008		(9.43	)		(7.00	)		7.03			12.29
CLASS R5 SHARES	May 15, 2006		(9.14	)		(6.41	)		7.77			13.07
CLASS R6 SHARES	November 2, 2015		(9.11	)		(6.31	)		7.84			13.11

* Not annualized.

** Sales Charge for Class A Shares is 5.25%.

*** Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter.

TEN YEAR PERFORMANCE (12/31/08 TO 12/31/18)

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.

Returns for Class R6 Shares prior to their inception date are based on the performance of Class R5 Shares. The actual returns for Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class R5 Shares.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Intrepid America Fund, the S&P 500 Index, the Lipper Large-Cap Core Funds Index and the Lipper Multi-Cap Core Funds Index from December 31, 2008 to December 31, 2018. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P 500 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The

performance of the Lipper Large-Cap Core Funds Index and the Lipper Multi-Cap Core Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. The Lipper Large-Cap Core Funds Index and the Lipper Multi-Cap Core Funds Index are indexes based on the total returns of certain mutual funds within the Fund’s designated categories as determined by Lipper, Inc. Investors cannot invest directly in an index.

Class I Shares have a $1,000,000 minimum initial investment.

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

4 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2018

JPMorgan Intrepid Growth Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*		(8.96)%
Russell 1000 Growth Index		(8.17)%
Net Assets as of 12/31/2018 (In Thousands)	$	1,046,255

INVESTMENT OBJECTIVE**

The JPMorgan Intrepid Growth Fund (the “Fund”) seeks to provide long-term capital growth.

WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?

The Fund’s Class I Shares underperformed the Russell 1000 Growth Index (the “Benchmark”) for the six months ended December 31, 2018. The Fund’s security selection in the consumer discretionary and health care sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the information technology and communication services sectors was a leading contributor to relative performance.

Leading individual detractors from the Fund’s relative performance included the Fund’s overweight positions in Applied Materials Inc., Tenet Healthcare Corp. and Align Technology Inc. Shares of Applied Materials, a maker of semiconductor manufacturing equipment, fell after the company forecast weaker-than-expected earnings and revenue for the fourth quarter of 2018 amid a slowdown in demand. Shares of Tenet Healthcare, an operator of hospitals and other health care facilities not held in the Benchmark, fell after the company forecast fourth quarter 2018 results that were below analysts’ expectations and after a U.S. District judge ruled the U.S. Affordable Care Act unconstitutional, though the ruling was stayed pending appeal. Shares of Align Technology, a maker of dental devices, fell after the company forecast weakness in revenue and earnings for the fourth quarter of 2018.

Leading individual contributors to relative performance included the Fund’s underweight positions in Facebook Inc. and Nvidia Corp. and its overweight position in VMware Inc. Shares of Facebook, a social media provider not held in the Fund, fell after the company reported mixed results for the second quarter of 2018. Shares of Nvidia, a semiconductors manufacturer not held in the Fund, fell after the company reported weaker-than-expected results for the third quarter of 2018 amid a decline in demand for graphics card semiconductors. Shares of VMware, a provider of cloud computing software, rose after the company reported better-than-expected results for the third quarter of 2018 and raised its forecast for 2019 earnings.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Microsoft Corp.	7.4	%
	2.	Apple, Inc.	5.0
	3.	Alphabet, Inc., Class C	4.7
	4.	Amazon.com, Inc.	4.4
	5.	Visa, Inc., Class A	3.6
	6.	Boeing Co. (The)	3.4
	7.	Amgen, Inc.	2.7
	8.	Alphabet, Inc., Class A	2.6
	9.	Humana, Inc.	2.1
	10.	eBay, Inc.	1.9

PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	30.7	%
Consumer Discretionary	15.2
Health Care	13.4
Communication Services	12.0
Industrials	11.1
Consumer Staples	5.8
Financials	2.8
Real Estate	2.1
Energy	1.9
Materials	1.2
Utilities	0.5
Investment of cash collateral from securities loaned	1.5
Short-Term Investments	1.8

* The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

** The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.

*** Percentages indicated are based on total investments as of December 31, 2018. The Fund’s portfolio composition is subject to change.

DECEMBER 31, 2018 J.P. MORGAN INTREPID FUNDS 5

JPMorgan Intrepid Growth Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2018
	INCEPTION DATE OF CLASS	6 MONTH*	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 19, 2005
With Sales Charge**		(13.84)%		(8.82	)%		8.39	%		13.72	%
Without Sales Charge		(9.07)		(3.78	)		9.57			14.33
CLASS C SHARES	February 19, 2005
With CDSC***		(10.30)		(5.26	)		9.03			13.76
Without CDSC		(9.30)		(4.26	)		9.03			13.76
CLASS I SHARES	February 28, 2003	(8.96)		(3.53	)		9.84			14.62
CLASS R2 SHARES	November 3, 2008	(9.18)		(4.01	)		9.30			14.04
CLASS R5 SHARES	May 15, 2006	(8.90)		(3.39	)		10.05			14.84
CLASS R6 SHARES	November 2, 2015	(8.83)		(3.27	)		10.10			14.86

* Not annualized.

** Sales Charge for Class A Shares is 5.25%.

*** Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter.

TEN YEAR PERFORMANCE (12/31/08 TO 12/31/18)

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.

Returns for Class R6 Shares prior to their inception date are based on the performance of Class R5 Shares. The actual returns for Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class R5 Shares.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Intrepid Growth Fund, the Russell 1000 Growth Index, the Lipper Large-Cap Growth Funds Index and the Lipper Multi-Cap Growth Funds Index from December 31, 2008 to December 31, 2018. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Russell 1000 Growth Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Large-Cap Growth

Funds Index and the Lipper Multi-Cap Growth Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The Russell 1000 Growth Index is an unmanaged index which measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. The Lipper Large-Cap Growth Funds Index and the Lipper Multi-Cap Growth Funds Index are indexes based on the total returns of certain mutual funds within the Fund’s designated categories as determined by Lipper, Inc. Investors cannot invest directly in an index.

Class I Shares have a $1,000,000 minimum initial investment.

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

6 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2018

JPMorgan Intrepid Mid Cap Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*	(12.54)%
Russell Midcap Index	(11.14)%
Net Assets as of 12/31/2018 (In Thousands)	$526,121

INVESTMENT OBJECTIVE**

The JPMorgan Intrepid Mid Cap Fund (the “Fund”) seeks long-term capital growth by investing primarily in equity securities of companies with intermediate capitalizations.

WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?

The Fund’s Class I Shares underperformed the Russell Midcap Index (the “Benchmark”) for the six months ended December 31, 2018. The Fund’s security selection in the software & services and retail sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the media and energy sectors was a leading contributor to relative performance.

Leading individual detractors from relative performance included the Fund’s overweight positions in Conduent Inc., DXC Technology Co. and Urban Outfitters Inc. Shares of Conduent, a provider of business process services, fell after the company reported lower-than-expected revenue for the third quarter of 2018. Shares of DXC Technology, a consulting and outsourcing company, fell after the company’s head of Americas operations left the company amid a drop in revenue. Shares of Urban Outfitters, an apparel retailer, fell after the company forecast weakness in third quarter sales.

Leading individual contributors to relative performance included the Fund’s overweight positions in Tribune Media Co., NRG Energy Inc. and Popular Inc. Shares of Tribune Media, a television broadcaster, rose after the company agreed to be acquired by Nexstar Media Group Inc. for an estimated $6.4 billion. Shares of NRG Energy, an electric utility, rose after the company posted better-than-expected earnings for the second quarter of 2018. Shares of Popular, a Puerto Rico-based bank holding company not held in the Benchmark, rose after the company reported strong results for the second and third quarters of 2018 and after the company unveiled a $125 million share repurchase plan.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Vistra Energy Corp.	2.1	%
	2.	Tribune Media Co., Class A	2.0
	3.	NRG Energy, Inc.	2.0
	4.	Ingersoll-Rand plc	1.9
	5.	Centene Corp.	1.9
	6.	Sabre Corp.	1.9
	7.	Symantec Corp.	1.8
	8.	LPL Financial Holdings, Inc.	1.7
	9.	Popular, Inc. (Puerto Rico)	1.6
	10.	Equity Commonwealth	1.6

PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	17.2	%
Industrials	16.6
Financials	11.3
Health Care	11.2
Consumer Discretionary	9 .4
Real Estate	8 .5
Utilities	6 .9
Materials	4 .5
Communication Services	4 .4
Consumer Staples	4 .3
Energy	3 .7
Others (each less than 1.0%)	0 .5
Short-Term Investments	1 .5

* The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

** The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.

*** Percentages indicated are based on total investments as of December 31, 2018. The Fund’s portfolio composition is subject to change.

DECEMBER 31, 2018 J.P. MORGAN INTREPID FUNDS 7

JPMorgan Intrepid Mid Cap Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2018
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	May 1, 1992
With Sales Charge**			(17.25	)%		(16.49	)%		3.36	%		11.73	%
Without Sales Charge			(12.67	)		(11.86	)		4.48			12.33
CLASS C SHARES	March 22, 1999
With CDSC***			(13.86	)		(13.27	)		3.87			11.64
Without CDSC			(12.86	)		(12.27	)		3.87			11.64
CLASS I SHARES	June 1, 1991		(12.54	)		(11.62	)		4.75			12.62
CLASS R3 SHARES	September 9, 2016		(12.69	)		(11.88	)		4.47			12.33
CLASS R4 SHARES	September 9, 2016		(12.53	)		(11.61	)		4.74			12.62
CLASS R6 SHARES	November 2, 2015		(12.44	)		(11.41	)		4.91			12.71

* Not annualized.

** Sales Charge for Class A Shares is 5.25%.

*** Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter.

TEN YEAR PERFORMANCE (12/31/08 TO 12/31/18)

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.

Returns for Class R3 Shares prior to their inception date are based on the performance of Class A Shares. The actual returns for Class R3 Shares would have been similar to those shown because Class R3 Shares have similar expenses to those of Class A Shares.

Returns for Class R4 and Class R6 Shares prior to their inception dates are based on the performance of Class I Shares. The actual returns for Class R4 Shares would have been similar to those shown for Class I Shares because Class R4 Shares have similar expenses to Class I Shares. The actual returns for Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class I Shares.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Intrepid Mid Cap Fund, the Russell Midcap Index and the Lipper Mid-Cap Core Funds Index from December 31, 2008 to December 31, 2018. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales

charge. The performance of the Russell Midcap Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Mid-Cap Core Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The Russell Midcap Index is an unmanaged index which measures the performance of the 800 smallest companies of the Russell 1000 Index. The Lipper Mid-Cap Core Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

Class I Shares have a $1,000,000 minimum initial investment.

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

8 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2018

JPMorgan Intrepid Sustainable Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*	(6.11)%
S&P 500 Index	(6.85)%
Net Assets as of 12/31/2018 (In Thousands)	$22,834

INVESTMENT OBJECTIVE**

The JPMorgan Intrepid Sustainable Equity Fund (the “Fund”) seeks to provide long-term capital appreciation.

WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?

The Fund’s Class I Shares outperformed the S&P 500 Index (the “Benchmark”) for the six months ended December 31, 2018. The Fund’s security selection in the information technology and communication services sectors was a leading contributor to performance relative to the Benchmark, while the Fund’s security selection in the energy and financials sectors was a leading detractor from relative performance.

Leading individual contributors to performance relative to the Benchmark included the Fund’s overweight positions in Microsoft Corp. and Verizon Communications Inc. and its underweight position in Facebook Inc. Shares of Microsoft, a provider of software, services and devices, rose after the company’s earnings outperformed industry peers and forecast strong earnings growth for the first quarter of 2019. Shares of Verizon Communications, a provider of wireless communications products and services, rose after the company reported better-than-expected earnings for the third quarter of 2018. Shares of Facebook, a social media provider not held in the Fund, fell after the company reported mixed results for the second quarter of 2018.

Leading individual detractors from performance relative to the Benchmark included the Fund’s overweight positions in Citigroup Inc. and United Rentals Inc. and its underweight position in Berkshire Hathaway Inc. Shares of Citigroup, a banking and financial services company, fell after the company reported lower-than-expected revenue for the third quarter of 2018. Shares of United Rentals, an equipment rental company, fell after the company’s reported mixed results for the third quarter of 2018. Shares of Berkshire Hathaway, an investment company that was not held by the Fund, rose after the company reported strong earnings growth in the second quarter of 2018 amid gains in insurance and railroad traffic, and a lower effective tax rate.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Microsoft Corp.	6.6	%
	2.	Apple, Inc.	3.1
	3.	Verizon Communications, Inc.	3.0
	4.	Cisco Systems, Inc.	2.9
	5.	Amazon.com, Inc.	2.9
	6.	Citigroup, Inc.	2.8
	7.	Amgen, Inc.	2.7
	8.	PepsiCo, Inc.	2.6
	9.	Alphabet, Inc., Class C	2.5
	10.	Anthem, Inc.	2.5

PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	20.2	%
Health Care	16.1
Financials	14.8
Consumer Discretionary	10.6
Communication Services	9.8
Industrials	9.7
Consumer Staples	6.0
Energy	5.2
Utilities	3.0
Materials	1.9
Real Estate	0.8
Short-Term Investments	1.9

* The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

** The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.

*** Percentages indicated are based on total investments as of December 31, 2018. The Fund’s portfolio composition is subject to change.

DECEMBER 31, 2018 J.P. MORGAN INTREPID FUNDS 9

JPMorgan Intrepid Sustainable Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2018
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 19, 2005
With Sales Charge**			(11.15	)%		(10.02	)%		6.23	%		12.49	%
Without Sales Charge			(6.22	)		(5.03	)		7.38			13.10
CLASS C SHARES	February 19, 2005
With CDSC***			(7.46	)		(6.50	)		6.85			12.53
Without CDSC			(6.46	)		(5.50	)		6.85			12.53
CLASS I SHARES	February 28, 2003		(6.11	)		(4.78	)		7.65			13.38

* Not annualized.

** Sales Charge for Class A Shares is 5.25%.

*** Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter.

TEN YEAR PERFORMANCE (12/31/08 TO 12/31/18)

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Intrepid Sustainable Equity Fund, the S&P 500 Index and the Lipper Large-Cap Core Funds Index from December 31, 2008 to December 31, 2018. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P 500 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Large-Cap Core Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. The Lipper Large-Cap Core Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

Class I Shares have a $1,000,000 minimum initial investment.

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

Effective November 1, 2016, the Fund changed its investment strategies. Although past performance is not necessarily an indication of how the Fund will perform in the future, in view of these changes, the Fund’s performance record prior to this date might be less relevant for investors considering whether to purchase shares of the Fund.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

10 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2018

JPMorgan Intrepid Value Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*	(9.27)%
Russell 1000 Value Index	(6.69)%
Net Assets as of 12/31/2018 (In Thousands)	$979,320

INVESTMENT OBJECTIVE**

The JPMorgan Intrepid Value Fund (the “Fund”) seeks to provide long-term capital appreciation.

WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?

The Fund’s Class I Shares underperformed the Russell 1000 Value Index (the “Benchmark”) for the six months ended December 31, 2018. The Fund’s security selection in the information technology and financials sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the energy and industrials sector was a leading contributor to performance.

Leading individual detractors from relative performance included the Fund’s underweight position in Berkshire Hathaway Inc. and its overweight positions in Applied Materials Inc. and Tenet Healthcare Inc. Shares of Berkshire Hathaway, an investment company not held by the Fund, rose after the company reported strong earnings growth in the second quarter of 2018 amid gains in insurance and railroad traffic and a lower effective tax rate. Shares of Applied Materials, a maker of semiconductor manufacturing equipment that was not held in the Benchmark, fell after the company forecast weaker-than-expected earnings and revenue for the fourth quarter of 2018 amid a slowdown in demand. Shares of Tenet Healthcare, an operator of hospitals and other health care facilities not held in the Benchmark, fell after the company forecast fourth quarter 2018 results that were below analysts’ expectations and after a U.S. District judge ruled the U.S. Affordable Care Act unconstitutional, though the ruling was stayed pending appeal.

Leading individual contributors to relative performance included the Fund’s overweight positions in ConocoPhillips and Boeing Co. and its underweight position in General Electric Co. Shares of ConocoPhillips, an integrated oil and natural gas producer, rose after the Organization of Petroleum Exporting Countries held off further increases in oil production in the third quarter of 2018, which helped to lift global oil prices. Shares of Boeing, a commercial aircraft manufacturer not held in the Benchmark, rose as the company outperformed its peers during the reporting period. Shares of General Electric, an industrial conglomerate not held in the Fund, fell after the company reported lower-than-expected earnings for the third quarter of 2018 and reduced its quarterly dividend.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Bank of America Corp.	3.1	%
	2.	Pfizer, Inc.	2.9
	3.	Citigroup, Inc.	2.8
	4.	ConocoPhillips	2.6
	5.	Verizon Communications, Inc.	2.5
	6.	Travelers Cos., Inc. (The)	2.4
	7.	Amgen, Inc.	2.2
	8.	Boeing Co. (The)	2.0
	9.	Humana, Inc.	1.9
	10.	Chevron Corp.	1.8

PORTFOLIO COMPOSITION BY SECTOR***
Financials	20.7	%
Health Care	14.6
Energy	9.8
Information Technology	9.5
Industrials	7.6
Consumer Staples	6.6
Consumer Discretionary	6.6
Communication Services	6.2
Utilities	6.1
Real Estate	5.4
Materials	3.1
Investment of cash collateral from securities loaned	3.2
Short-Term Investments	0.6

* The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

** The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.

*** Percentages indicated are based on total investments as of December 31, 2018. The Fund’s portfolio composition is subject to change.

DECEMBER 31, 2018 J.P. MORGAN INTREPID FUNDS 11

JPMorgan Intrepid Value Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2018
	INCEPTION DATE OF CLASS	6 MONTH*	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 19, 2005
With Sales Charge**		(14.12)%		(13.35	)%		3.77	%		10.29	%
Without Sales Charge		(9.37)		(8.55	)		4.90			10.88
CLASS C SHARES	February 19, 2005
With CDSC***		(10.59)		(9.98	)		4.38			10.33
Without CDSC		(9.59)		(8.98	)		4.38			10.33
CLASS I SHARES	February 28, 2003	(9.27)		(8.34	)		5.08			11.08
CLASS R2 SHARES	November 3, 2008	(9.49)		(8.77	)		4.62			10.59
CLASS R5 SHARES	May 15, 2006	(9.17)		(8.17	)		5.28			11.30
CLASS R6 SHARES	November 30, 2010	(9.11)		(8.06	)		5.35			11.35

* Not annualized.

** Sales Charge for Class A Shares is 5.25%.

*** Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter.

TEN YEAR PERFORMANCE (12/31/08 TO 12/31/18)

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.

Returns for Class R6 Shares prior to their inception date are based on the performance of Class R5 Shares. The actual returns for Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class R5 Shares.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Intrepid Value Fund, the Russell 1000 Value Index, the Lipper Large-Cap Value Funds Index and the Lipper Multi-Cap Value Funds Index from December 31, 2008 to December 31, 2018. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Russell 1000 Value Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Large-Cap Value Funds Index

and the Lipper Multi-Cap Value Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The Russell 1000 Value Index is an unmanaged index which measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. Lipper Large-Cap Value Funds Index and the Lipper Multi-Cap Value Funds Index are indexes based on the total returns of certain mutual funds within the Fund’s designated categories as determined by Lipper, Inc. Investors cannot invest directly in an index.

Class I Shares have a $1,000,000 minimum initial investment.

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

12 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2018

JPMorgan Intrepid America Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 97.1%
Aerospace & Defense — 3.7%
Boeing Co. (The)		316		101,878
TransDigm Group, Inc. *		79		26,864
				128,742
Air Freight & Logistics — 0.1%
Expeditors International of Washington, Inc.		29		1,941
Airlines — 1.4%
Delta Air Lines, Inc.		309		15,441
United Continental Holdings, Inc. *		397		33,258
				48,699
Automobiles — 0.8%
General Motors Co.		836		27,954
Banks — 5.1%
Bank of America Corp.		2,807		69,155
Citigroup, Inc.		1,536		79,954
M&T Bank Corp.		33		4,737
Regions Financial Corp.		1,705		22,806
				176,652
Beverages — 2.1%
Molson Coors Brewing Co., Class B		460		25,837
PepsiCo, Inc.		413		45,628
				71,465
Biotechnology — 6.0%
AbbVie, Inc.		475		43,763
Amgen, Inc.		477		92,905
Celgene Corp. *		246		15,772
Gilead Sciences, Inc.		882		55,182
				207,622
Capital Markets — 0.4%
Ameriprise Financial, Inc.		135		14,038
Chemicals — 1.2%
CF Industries Holdings, Inc.		597		25,953
Huntsman Corp.		802		15,467
				41,420
Communications Equipment — 1.9%
Cisco Systems, Inc.		880		38,126
Palo Alto Networks, Inc. *		148		27,951
				66,077
Consumer Finance — 4.5%
American Express Co.		637		60,700
Capital One Financial Corp.		501		37,878
Credit Acceptance Corp. *		76		28,947

INVESTMENTS	SHARES (000)		VALUE ($000)
Consumer Finance — continued
Discover Financial Services		55		3,220
Synchrony Financial		1,122		26,318
				157,063
Diversified Consumer Services — 0.8%
H&R Block, Inc.		1,105		28,024
Diversified Telecommunication Services — 2.4%
AT&T, Inc.		1,239		35,367
Verizon Communications, Inc.		835		46,915
				82,282
Electric Utilities — 1.4%
Exelon Corp.		857		38,637
NextEra Energy, Inc.		58		10,099
				48,736
Entertainment — 0.9%
Take-Two Interactive Software, Inc. *		90		9,267
World Wrestling Entertainment, Inc., Class A (a)		291		21,714
				30,981
Equity Real Estate Investment Trusts (REITs) — 1.9%
American Tower Corp.		85		13,446
AvalonBay Communities, Inc.		113		19,668
Medical Properties Trust, Inc.		1,776		28,550
Ryman Hospitality Properties, Inc.		87		5,829
				67,493
Food & Staples Retailing — 1.0%
Walgreens Boots Alliance, Inc.		494		33,728
Food Products — 1.8%
Archer-Daniels-Midland Co.		392		16,040
General Mills, Inc.		309		12,032
Pilgrim’s Pride Corp. *		710		11,011
Post Holdings, Inc. *		280		24,965
				64,048
Health Care Equipment & Supplies — 0.6%
DexCom, Inc. *		162		19,360
Health Care Providers & Services — 7.9%
Anthem, Inc.		306		80,391
Centene Corp. *		121		13,928
HCA Healthcare, Inc.		196		24,405
Humana, Inc.		258		73,883
McKesson Corp.		184		20,283
Molina Healthcare, Inc. *		204		23,697
Tenet Healthcare Corp. *		706		12,106
WellCare Health Plans, Inc. *		107		25,213
				273,906

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 J.P. MORGAN INTREPID FUNDS 13

JPMorgan Intrepid America Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Hotels, Restaurants & Leisure — 1.4%
Dunkin’ Brands Group, Inc.		389		24,968
Marriott Vacations Worldwide Corp.		351		24,728
				49,696
Household Durables — 0.4%
PulteGroup, Inc.		530		13,777
Household Products — 0.4%
Energizer Holdings, Inc.		276		12,475
Independent Power and Renewable Electricity Producers — 2.1%
AES Corp.		1,454		21,030
NRG Energy, Inc.		768		30,421
Vistra Energy Corp. *		907		20,768
				72,219
Insurance — 3.7%
Allstate Corp. (The) (a)		275		22,740
Everest Re Group Ltd.		103		22,516
First American Financial Corp.		63		2,826
Lincoln National Corp.		463		23,741
Progressive Corp. (The)		175		10,528
Travelers Cos., Inc. (The)		380		45,457
				127,808
Interactive Media & Services — 5.4%
Alphabet, Inc., Class A *		38		39,813
Alphabet, Inc., Class C *		118		122,616
Twitter, Inc. *		884		25,418
				187,847
Internet & Direct Marketing Retail — 5.3%
Amazon.com, Inc. *		40		59,628
Booking Holdings, Inc. *		17		28,420
eBay, Inc. *		2,452		68,839
Expedia Group, Inc.		238		26,777
				183,664
IT Services — 0.4%
DXC Technology Co.		292		15,545
Machinery — 2.0%
Allison Transmission Holdings, Inc.		668		29,345
Caterpillar, Inc.		323		40,980
				70,325
Media — 0.6%
Comcast Corp., Class A		493		16,800
Omnicom Group, Inc.		64		4,673
				21,473

INVESTMENTS	SHARES (000)		VALUE ($000)
Metals & Mining — 0.5%
Freeport-McMoRan, Inc.		1,369		14,109
Newmont Mining Corp.		119		4,120
				18,229
Multiline Retail — 0.8%
Kohl’s Corp.		410		27,206
Oil, Gas & Consumable Fuels — 6.3%
Chevron Corp.		209		22,770
ConocoPhillips		1,096		68,361
HollyFrontier Corp. (a)		413		21,102
Marathon Petroleum Corp.		414		24,448
PBF Energy, Inc., Class A		522		17,037
Peabody Energy Corp.		762		23,232
Valero Energy Corp.		569		42,650
				219,600
Personal Products — 0.8%
Herbalife Nutrition Ltd. *		503		29,640
Pharmaceuticals — 0.8%
Allergan plc		113		15,077
Bristol-Myers Squibb Co.		113		5,884
Pfizer, Inc.		181		7,896
				28,857
Professional Services — 0.4%
Robert Half International, Inc.		255		14,563
Real Estate Management & Development — 0.7%
CBRE Group, Inc., Class A *		628		25,150
Road & Rail — 0.5%
CSX Corp.		178		11,084
Union Pacific Corp.		57		7,893
				18,977
Semiconductors & Semiconductor Equipment — 3.3%
Applied Materials, Inc.		1,624		53,160
KLA-Tencor Corp.		139		12,475
Lam Research Corp.		181		24,620
Micron Technology, Inc. *		164		5,216
QUALCOMM, Inc.		367		20,903
				116,374
Software — 8.6%
Citrix Systems, Inc.		269		27,521
Fortinet, Inc. *		305		21,453
Microsoft Corp.		1,570		159,484
Oracle Corp.		680		30,693
VMware, Inc., Class A (a)		440		60,351
				299,502

SEE NOTES TO FINANCIAL STATEMENTS.

14 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2018

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Specialty Retail — 0.7%
Urban Outfitters, Inc. *		746		24,764
Technology Hardware, Storage & Peripherals — 4.1%
Apple, Inc.		488		76,946
HP, Inc.		1,783		36,470
NetApp, Inc.		392		23,385
Western Digital Corp.		141		5,216
				142,017
Textiles, Apparel & Luxury Goods — 0.7%
Hanesbrands, Inc.		1,280		16,032
Tapestry, Inc.		297		10,031
				26,063
Trading Companies & Distributors — 1.3%
HD Supply Holdings, Inc. *		493		18,486
United Rentals, Inc. *		205		21,049
WW Grainger, Inc.		17		4,701
				44,236
Total Common Stocks (Cost $3,029,828)				3,380,238
Short-Term Investments — 4.4%
Investment Companies — 4.4%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.40% (b) (c) (Cost $154,290)		154,290		154,290

INVESTMENTS	SHARES (000)		VALUE ($000)
Investment of Cash Collateral from Securities Loaned — 1.1%
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.60% (b) (c)		33,503		33,500
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (b) (c)		6,353		6,353
Total Investment of Cash Collateral from Securities Loaned (Cost $39,853)				39,853
Total Investments — 102.6% (Cost $3,223,971)				3,574,381
Liabilities in Excess of Other Assets — (2.6%)				(89,169	)
NET ASSETS — 100.0%				3,485,212

Percentages indicated are based on net assets.

(a)	The security or a portion of this security is on loan at December 31, 2018. The total value of securities on loan at December 31, 2018 is approximately $39,302,000.
(b)	Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(c)	The rate shown is the current yield as of December 31, 2018.
*	Non-income producing security.

Futures contracts outstanding as of December 31, 2018 (amounts in thousands, except number of contracts):
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
S&P 500 E-Mini Index		800		03/2019		USD		100,120		168
										168

Abbreviations
USD	United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 J.P. MORGAN INTREPID FUNDS 15

JPMorgan Intrepid Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 97.4%
Aerospace & Defense — 3.6%
Boeing Co. (The)		111		35,636
TransDigm Group, Inc. *		7		2,245
				37,881
Air Freight & Logistics — 0.3%
Expeditors International of Washington, Inc.		52		3,527
Airlines — 1.3%
Delta Air Lines, Inc.		75		3,753
United Continental Holdings, Inc. *		121		10,157
				13,910
Auto Components — 0.3%
Lear Corp.		27		3,330
Beverages — 2.3%
Molson Coors Brewing Co., Class B		117		6,571
PepsiCo, Inc.		154		17,025
				23,596
Biotechnology — 6.8%
AbbVie, Inc.		74		6,822
Amgen, Inc.		147		28,684
Celgene Corp. *		33		2,083
Gilead Sciences, Inc.		217		13,598
Loxo Oncology, Inc. *		39		5,435
Vertex Pharmaceuticals, Inc. *		91		15,013
				71,635
Capital Markets — 0.8%
Moody’s Corp.		3		462
MSCI, Inc.		55		8,065
				8,527
Chemicals — 0.7%
CF Industries Holdings, Inc.		135		5,887
Westlake Chemical Corp.		17		1,138
				7,025
Communications Equipment — 1.6%
Cisco Systems, Inc.		55		2,361
F5 Networks, Inc. *		36		5,817
Palo Alto Networks, Inc. *		46		8,570
				16,748
Consumer Finance — 1.2%
Credit Acceptance Corp. *		23		8,930
FirstCash, Inc.		50		3,610
				12,540

INVESTMENTS	SHARES (000)		VALUE ($000)
Diversified Consumer Services — 0.7%
H&R Block, Inc.(a)		304		7,715
Entertainment — 1.6%
Netflix, Inc. *		26		6,906
Take-Two Interactive Software, Inc. *		22		2,254
World Wrestling Entertainment, Inc., Class A (a)		100		7,435
				16,595
Equity Real Estate Investment Trusts (REITs) — 1.4%
AvalonBay Communities, Inc.		23		4,055
Medical Properties Trust, Inc.		258		4,155
Ryman Hospitality Properties, Inc.		103		6,876
				15,086
Food & Staples Retailing — 0.6%
Walgreens Boots Alliance, Inc.		86		5,849
Food Products — 1.9%
General Mills, Inc.		203		7,893
Pilgrim’s Pride Corp. *		246		3,820
Post Holdings, Inc. * (a)		93		8,245
				19,958
Health Care Equipment & Supplies — 0.7%
DexCom, Inc. *		60		7,140
Health Care Providers & Services — 5.4%
Anthem, Inc.		57		14,944
Humana, Inc.		77		22,173
Molina Healthcare, Inc. *		66		7,694
Tenet Healthcare Corp. * (a)		217		3,723
WellCare Health Plans, Inc. *		32		7,484
				56,018
Health Care Technology — 0.3%
Veeva Systems, Inc., Class A *		34		3,037
Hotels, Restaurants & Leisure — 1.7%
Dunkin’ Brands Group, Inc.		111		7,092
Marriott Vacations Worldwide Corp.		98		6,938
Wendy’s Co. (The) (a)		221		3,456
				17,486
Household Durables — 0.5%
PulteGroup, Inc.		202		5,242
Independent Power and Renewable Electricity Producers — 0.5%
NRG Energy, Inc.		128		5,061
Insurance — 0.8%
Allstate Corp. (The)		10		826
Everest Re Group Ltd. (a)		3		653

SEE NOTES TO FINANCIAL STATEMENTS.

16 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2018

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Insurance — continued
First American Financial Corp.		93		4,165
Lincoln National Corp.		34		1,760
Progressive Corp. (The)		24		1,454
				8,858
Interactive Media & Services — 10.1%
Alphabet, Inc., Class A *		26		27,064
Alphabet, Inc., Class C *		48		49,295
Facebook, Inc., Class A *		42		5,532
IAC/InterActiveCorp *		44		7,981
TripAdvisor, Inc. *		153		8,226
Twitter, Inc. *		262		7,536
				105,634
Internet & Direct Marketing Retail — 8.8%
Amazon.com, Inc. *		31		46,711
Booking Holdings, Inc. *		10		17,913
eBay, Inc. *		708		19,860
Expedia Group, Inc.		68		7,694
				92,178
IT Services — 6.2%
DXC Technology Co.		150		7,986
GoDaddy, Inc., Class A *		90		5,886
Mastercard, Inc., Class A		20		3,848
Sabre Corp.		87		1,873
VeriSign, Inc. *		54		7,978
Visa, Inc., Class A		285		37,643
				65,214
Life Sciences Tools & Services — 0.3%
Waters Corp. *		16		3,037
Machinery — 2.4%
Allison Transmission Holdings, Inc.		185		8,141
Caterpillar, Inc.		97		12,338
Deere & Co.		28		4,132
				24,611
Media — 0.4%
Omnicom Group, Inc. (a)		20		1,487
Sirius XM Holdings, Inc. (a)		540		3,082
				4,569
Metals & Mining — 0.5%
Freeport -McMoRan, Inc.		517		5,329
Multiline Retail — 0.7%
Kohl’s Corp.		117		7,755

INVESTMENTS	SHARES (000)		VALUE ($000)
Oil, Gas & Consumable Fuels — 1.9%
ConocoPhillips		126		7,825
Marathon Petroleum Corp.		17		1,003
PBF Energy, Inc., Class A		62		2,012
Peabody Energy Corp.		220		6,700
Valero Energy Corp.		30		2,212
				19,752
Personal Products — 1.2%
Herbalife Nutrition Ltd. *		143		8,436
Nu Skin Enterprises, Inc., Class A		61		3,747
				12,183
Professional Services — 0.7%
Robert Half International, Inc.		131		7,510
Real Estate Management & Development — 0.7%
CBRE Group, Inc., Class A *		176		7,051
Road & Rail — 0.6%
Avis Budget Group, Inc. *		27		602
Union Pacific Corp.		37		5,156
				5,758
Semiconductors & Semiconductor Equipment — 3.3%
Applied Materials, Inc.		551		18,023
KLA-Tencor Corp.		50		4,430
Lam Research Corp.		64		8,660
Maxim Integrated Products, Inc. (a)		19		956
Micron Technology, Inc. *		91		2,891
				34,960
Software — 13.5%
Adobe, Inc. *		87		19,705
Citrix Systems, Inc.		84		8,617
Fortinet, Inc. *		116		8,135
Microsoft Corp.		772		78,397
Oracle Corp.		151		6,836
VMware, Inc., Class A (a)		142		19,417
				141,107
Specialty Retail — 1.3%
Burlington Stores, Inc. *		38		6,214
Urban Outfitters, Inc. *		225		7,480
				13,694
Technology Hardware, Storage & Peripherals — 6.2%
Apple, Inc.		335		52,867
HP, Inc.		190		3,885
NetApp, Inc.		118		7,047
Western Digital Corp.		42		1,556
				65,355

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 J.P. MORGAN INTREPID FUNDS 17

JPMorgan Intrepid Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Textiles, Apparel & Luxury Goods — 1.3%
Hanesbrands, Inc.		676		8,468
Ralph Lauren Corp.		18		1,811
Tapestry, Inc.		84		2,848
				13,127
Trading Companies & Distributors — 2.3%
HD Supply Holdings, Inc. *		229		8,607
United Rentals, Inc. *		70		7,136
WW Grainger, Inc.		29		8,160
				23,903
Total Common Stocks (Cost $801,848)				1,019,491
Short-Term Investments — 1.8%
Investment Companies — 1.8%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.40% (b) (c) (Cost $18,780)		18,780		18,780

INVESTMENTS	SHARES (000)		VALUE ($000)
Investment of Cash Collateral from Securities Loaned — 1.5%
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.60% (b) (c)		11,001		11,000
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (b) (c)		4,795		4,795
Total Investment of Cash Collateral from Securities Loaned (Cost $15,795)				15,795
Total Investments — 100.7% (Cost $836,423)				1,054,066
Liabilities in Excess of Other Assets — (0.7%)				(7,811	)
NET ASSETS — 100.0%				1,046,255

Percentages indicated are based on net assets.

Abbreviations
MSCI	Morgan Stanley Capital International
(a)	The security or a portion of this security is on loan at December 31, 2018. The total value of securities on loan at December 31, 2018 is approximately $14,187,000.
(b)	Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(c)	The rate shown is the current yield as of December 31, 2018.
*	Non-income producing security.

Futures contracts outstanding as of December 31, 2018 (amounts in thousands, except number of contracts):
DESCRIPTION	NUMBER OF CONTRACTS	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
S&P 500 E-Mini Index	212		03/2019		USD		26,532		(214	)
									(214	)

Abbreviations
USD	United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

18 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2018

JPMorgan Intrepid Mid Cap Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 98.9%
Aerospace & Defense — 2.0%
HEICO Corp., Class A		22		1,386
Huntington Ingalls Industries, Inc.		28		5,313
Spirit AeroSystems Holdings, Inc., Class A		30		2,184
Teledyne Technologies, Inc. *		8		1,615
				10,498
Air Freight & Logistics — 0.2%
CH Robinson Worldwide, Inc.		10		858
Airlines — 1.1%
United Continental Holdings, Inc. *		69		5,735
Banks — 3.2%
East West Bancorp, Inc.		24		1,062
KeyCorp		100		1,479
Popular, Inc. (Puerto Rico)		185		8,736
Regions Financial Corp.		94		1,255
SVB Financial Group *		17		3,210
Synovus Financial Corp.		33		1,046
				16,788
Biotechnology — 1.6%
Alkermes plc *		43		1,254
Alnylam Pharmaceuticals, Inc. *		19		1,407
BioMarin Pharmaceutical, Inc. *		1		119
Exelixis, Inc. *		55		1,086
Incyte Corp. *		32		2,022
Moderna, Inc. * (a)		173		2,647
				8,535
Building Products — 1.2%
Masco Corp.		208		6,070
Capital Markets — 3.4%
E* TRADE Financial Corp.		9		404
Lazard Ltd., Class A		20		738
LPL Financial Holdings, Inc.		150		9,171
MSCI, Inc.		44		6,428
Raymond James Financial, Inc.		18		1,332
				18,073
Chemicals — 1.9%
Cabot Corp.		87		3,719
Eastman Chemical Co.		3		234
Huntsman Corp.		208		4,016
Westlake Chemical Corp.		32		2,137
				10,106

INVESTMENTS	SHARES (000)		VALUE ($000)
Commercial Services & Supplies — 1.5%
KAR Auction Services, Inc.		164		7,836
Communications Equipment — 0.9%
CommScope Holding Co., Inc. *		83		1,362
F5 Networks, Inc. *		21		3,354
				4,716
Construction & Engineering — 1.8%
AECOM *		191		5,051
Jacobs Engineering Group, Inc.		76		4,460
				9,511
Consumer Finance — 0.2%
Discover Financial Services		8		460
Synchrony Financial		20		467
				927
Containers & Packaging — 1.3%
Avery Dennison Corp.		7		638
Berry Global Group, Inc. *		98		4,663
Westrock Co.		39		1,457
				6,758
Diversified Consumer Services — 0.4%
frontdoor, Inc. *		32		856
ServiceMaster Global Holdings, Inc. *		36		1,326
				2,182
Diversified Telecommunication Services — 0.8%
CenturyLink, Inc.		269		4,081
Electric Utilities — 0.0% (b)
FirstEnergy Corp.		5		188
Electrical Equipment — 0.8%
GrafTech International Ltd.		165		1,891
Regal Beloit Corp.		31		2,193
				4,084
Electronic Equipment, Instruments & Components — 2.5%
CDW Corp.		29		2,318
Coherent, Inc. *		11		1,124
Dolby Laboratories, Inc., Class A		95		5,869
Jabil, Inc.		159		3,929
				13,240
Energy Equipment & Services — 0.2%
Baker Hughes a GE Co.		45		978
Entertainment — 1.6%
Activision Blizzard, Inc.		29		1,350

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 J.P. MORGAN INTREPID FUNDS 19

JPMorgan Intrepid Mid Cap Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Entertainment — continued
Take-Two Interactive Software, Inc. *		61		6,290
Viacom, Inc., Class B		22		553
				8,193
Equity Real Estate Investment Trusts (REITs) — 8.3%
American Homes 4 Rent, Class A		59		1,167
Brixmor Property Group, Inc.		23		344
Camden Property Trust		7		643
CoreSite Realty Corp.		3		227
Corporate Office Properties Trust		69		1,445
Douglas Emmett, Inc.		13		430
Equinix, Inc.		20		7,016
Equity Commonwealth		287		8,617
Equity LifeStyle Properties, Inc.		19		1,826
Gaming and Leisure Properties, Inc.		155		5,011
Host Hotels & Resorts, Inc.		123		2,049
Hudson Pacific Properties, Inc.		68		1,976
Invitation Homes, Inc.		136		2,731
Mid-America Apartment Communities, Inc.		9		858
Park Hotels & Resorts, Inc.		15		390
Regency Centers Corp.		18		1,027
Retail Properties of America, Inc., Class A		110		1,188
SBA Communications Corp. *		3		534
Sun Communities, Inc.		17		1,739
VICI Properties, Inc.		147		2,755
Weyerhaeuser Co.		76		1,668
				43,641
Food Products — 3.1%
Archer-Daniels-Midland Co.		77		3,151
Ingredion, Inc.		55		4,981
Pilgrim’s Pride Corp. *		182		2,817
Tyson Foods, Inc., Class A		102		5,436
				16,385
Gas Utilities — 1.4%
National Fuel Gas Co.		13		665
UGI Corp.		125		6,666
				7,331
Health Care Equipment & Supplies — 3.2%
Hill-Rom Holdings, Inc.		61		5,357
Hologic, Inc. *		53		2,183
STERIS plc		3		321
Teleflex, Inc.		5		1,318
Zimmer Biomet Holdings, Inc.		75		7,758
				16,937

INVESTMENTS	SHARES (000)			VALUE ($000)
Health Care Providers & Services — 5.0%
AmerisourceBergen Corp.		64			4,732
Cardinal Health, Inc.		45			1,989
Centene Corp. *		88			10,169
DaVita, Inc. *		93			4,786
Premier, Inc., Class A *		126			4,721
					26,397
Hotels, Restaurants & Leisure — 1.5%
Chipotle Mexican Grill, Inc. *		5			2,116
Extended Stay America, Inc.		311			4,816
Vail Resorts, Inc.		4			822
					7,754
Household Durables — 0.2%
NVR, Inc. *		—	(c)		1,097
Independent Power and Renewable Electricity Producers — 4.8%
AES Corp.		253			3,661
NRG Energy, Inc.		263			10,403
Vistra Energy Corp. *		494			11,306
					25,370
Insurance — 3.5%
American Financial Group, Inc.		31			2,770
American National Insurance Co.		2			255
Arch Capital Group Ltd. *		20			525
Aspen Insurance Holdings Ltd. (Bermuda)		14			567
Assurant, Inc.		4			380
Assured Guaranty Ltd.		20			762
Everest Re Group Ltd.		11			2,482
Fidelity National Financial, Inc.		21			665
First American Financial Corp.		65			2,915
Hanover Insurance Group, Inc. (The)		29			3,421
Hartford Financial Services Group, Inc. (The)		18			818
Lincoln National Corp.		19			954
Old Republic International Corp.		19			381
Progressive Corp. (The)		29			1,725
					18,620
Internet & Direct Marketing Retail — 0.3%
Expedia Group, Inc.		6			619
Qurate Retail, Inc. *		53			1,029
					1,648
IT Services — 7.1%
Black Knight, Inc. *		64			2,880
Conduent, Inc. *		339			3,606
DXC Technology Co.		102			5,402

SEE NOTES TO FINANCIAL STATEMENTS.

20 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2018

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
IT Services — continued
Fidelity National Information Services, Inc.		22		2,277
Genpact Ltd.		18		481
Sabre Corp.		460		9,961
Square, Inc., Class A *		26		1,481
Total System Services, Inc.		48		3,861
VeriSign, Inc. *		11		1,631
Worldpay, Inc. *		76		5,816
				37,396
Life Sciences Tools & Services — 0.2%
Agilent Technologies, Inc.		14		958
Machinery — 3.6%
Allison Transmission Holdings, Inc.		49		2,160
Crane Co.		54		3,890
Gardner Denver Holdings, Inc. *		20		415
Ingersoll-Rand plc		112		10,200
Timken Co. (The)		66		2,452
				19,117
Media — 2.1%
DISH Network Corp., Class A *		22		542
Tribune Media Co., Class A		237		10,769
				11,311
Metals & Mining — 0.9%
Freeport-McMoRan, Inc.		53		550
Steel Dynamics, Inc.		141		4,236
				4,786
Mortgage Real Estate Investment Trusts (REITs) — 1.1%
Two Harbors Investment Corp.		440		5,647
Multiline Retail — 1.5%
Dollar General Corp.		38		4,150
Kohl’s Corp.		40		2,634
Macy’s, Inc.		34		1,001
				7,785
Multi-Utilities — 0.7%
CenterPoint Energy, Inc.		47		1,330
CMS Energy Corp.		44		2,204
				3,534
Oil, Gas & Consumable Fuels — 3.6%
Cimarex Energy Co.		4		274
Devon Energy Corp.		139		3,131
Marathon Oil Corp.		360		5,158
Marathon Petroleum Corp.		42		2,490

INVESTMENTS	SHARES (000)		VALUE ($000)
Oil, Gas & Consumable Fuels — continued
Murphy Oil Corp.		22		508
Noble Energy, Inc.		3		58
ONEOK, Inc.		34		1,845
PBF Energy, Inc., Class A		81		2,653
Valero Energy Corp.		14		1,012
Williams Cos., Inc. (The)		34		752
WPX Energy, Inc. *		76		865
				18,746
Paper & Forest Products — 0.4%
Domtar Corp.		65		2,269
Personal Products — 1.2%
Herbalife Nutrition Ltd. *		90		5,276
Nu Skin Enterprises, Inc., Class A		17		1,067
				6,343
Pharmaceuticals — 1.2%
Elanco Animal Health, Inc. * (a)		66		2,065
Mylan NV *		94		2,579
Nektar Therapeutics *		32		1,045
Perrigo Co. plc		20		783
				6,472
Professional Services — 2.7%
IHS Markit Ltd. *		117		5,588
ManpowerGroup, Inc.		70		4,549
TransUnion		68		3,874
				14,011
Real Estate Management & Development — 0.3%
CBRE Group, Inc., Class A *		44		1,754
Road & Rail — 1.1%
Landstar System, Inc.		11		1,014
Schneider National, Inc., Class B		252		4,711
				5,725
Semiconductors & Semiconductor Equipment — 3.8%
KLA-Tencor Corp.		21		1,843
Lam Research Corp.		50		6,822
Marvell Technology Group Ltd.		483		7,823
ON Semiconductor Corp. *		207		3,421
Teradyne, Inc.		6		201
				20,110
Software — 2.2%
Nuance Communications, Inc. *		150		1,984
Symantec Corp.		518		9,782
				11,766

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 J.P. MORGAN INTREPID FUNDS 21

JPMorgan Intrepid Mid Cap Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Specialty Retail — 3.4%
Advance Auto Parts, Inc.		40		6,314
AutoZone, Inc. *		2		1,677
Best Buy Co., Inc.		101		5,344
Urban Outfitters, Inc. *		136		4,518
				17,853
Technology Hardware, Storage & Peripherals — 0.8%
Dell Technologies, Inc., Class C *		20		988
NCR Corp. *		67		1,539
NetApp, Inc.		21		1,265
Western Digital Corp.		15		551
				4,343
Textiles, Apparel & Luxury Goods — 2.2%
Columbia Sportswear Co.		57		4,818
Lululemon Athletica, Inc. *		2		231
Michael Kors Holdings Ltd. *		77		2,928
PVH Corp.		3		251
Tapestry, Inc.		94		3,159
				11,387
Trading Companies & Distributors — 0.9%
HD Supply Holdings, Inc. *		59		2,210
WESCO International, Inc. *		49		2,366
				4,576
Total Common Stocks (Cost $482,099)				520,426

INVESTMENTS	SHARES (000)		VALUE ($000)
Short-Term Investments — 1.5%
Investment Companies — 1.5%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.40% (d) (e) (Cost $7,866)		7,866		7,866
Investment of Cash Collateral from Securities Loaned — 0.5%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (d) (e) (Cost $2,705)		2,705		2,705
Total Investments — 100.9% (Cost $492,670)				530,997
Liabilities in Excess of Other Assets — (0.9%)				(4,876	)
NET ASSETS — 100.0%				526,121

Percentages indicated are based on net assets.

Abbreviations
MSCI	Morgan Stanley Capital International
(a)	The security or a portion of this security is on loan at December 31, 2018. The total value of securities on loan at December 31, 2018 is approximately $2,801,000.
(b)	Amount rounds to less than 0.1% of net assets.
(c)	Amount rounds to less than one thousand.
(d)	Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(e)	The rate shown is the current yield as of December 31, 2018.
*	Non-income producing security.

Futures contracts outstanding as of December 31, 2018 (amounts in thousands, except number of contracts):
DESCRIPTION	NUMBER OF CONTRACTS	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
S&P Midcap 400 E-Mini Index	43		03/2019		USD		7,154		(173	)
									(173	)

Abbreviations
USD	United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

22 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2018

JPMorgan Intrepid Sustainable Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 98.0%
Aerospace & Defense — 2.4%
Boeing Co. (The)		2		545
Airlines — 1.2%
Delta Air Lines, Inc.		5		271
Banks — 6.4%
Bank of America Corp.		21		510
Citigroup, Inc.		12		631
PNC Financial Services Group, Inc. (The)		3		322
				1,463
Beverages — 2.6%
PepsiCo, Inc.		5		601
Biotechnology — 6.2%
AbbVie, Inc.		2		145
Amgen, Inc.		3		620
Biogen, Inc. *		1		209
Gilead Sciences, Inc.		7		438
				1,412
Capital Markets — 2.2%
Bank of New York Mellon Corp. (The)		6		279
Northern Trust Corp.		3		215
				494
Chemicals — 0.9%
Axalta Coating Systems Ltd. *		9		205
Communications Equipment — 2.9%
Cisco Systems, Inc.		15		662
Consumer Finance — 2.3%
American Express Co.		6		537
Containers & Packaging — 1.0%
Ball Corp.		5		219
Diversified Consumer Services — 0.8%
H&R Block, Inc.		7		180
Diversified Telecommunication Services — 3.7%
AT&T, Inc.		5		147
Verizon Communications, Inc.		12		690
				837
Electric Utilities — 3.0%
Exelon Corp.		8		351
NextEra Energy, Inc.		2		345
				696
Energy Equipment & Services — 2.5%
Baker Hughes a GE Co.		6		130
Halliburton Co.		3		81

INVESTMENTS	SHARES (000)			VALUE ($000)
Energy Equipment & Services — continued
National Oilwell Varco, Inc.		8			209
TechnipFMC plc (United Kingdom)		8			159
					579
Entertainment — 2.0%
Electronic Arts, Inc. *		1			76
Walt Disney Co. (The)		4			386
					462
Equity Real Estate Investment Trusts (REITs) — 0.8%
Prologis, Inc.		3			182
Food & Staples Retailing — 1.8%
Walgreens Boots Alliance, Inc.		6			413
Health Care Equipment & Supplies — 2.2%
Abbott Laboratories		7			494
Health Care Providers & Services — 6.5%
Anthem, Inc.		2			566
Cigna Corp.		1			262
Humana, Inc.		2			536
WellCare Health Plans, Inc. *		—	(a)		113
					1,477
Hotels, Restaurants & Leisure — 1.1%
Chipotle Mexican Grill, Inc. *		—	(a)		194
Dunkin’ Brands Group, Inc.		1			63
					257
Household Products — 1.6%
Procter & Gamble Co. (The)		4			368
Insurance — 3.9%
Allstate Corp. (The)		3			269
Hartford Financial Services Group, Inc. (The)		5			215
Lincoln National Corp.		3			166
Travelers Cos., Inc. (The)		2			242
					892
Interactive Media & Services — 4.1%
Alphabet, Inc., Class A *		—	(a)		355
Alphabet, Inc., Class C *		1			580
					935
Internet & Direct Marketing Retail — 4.0%
Amazon.com, Inc. *		—	(a)		661
eBay, Inc. *		9			252
					913

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 J.P. MORGAN INTREPID FUNDS 23

JPMorgan Intrepid Sustainable Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

INVESTMENTS	SHARES (000)			VALUE ($000)
Common Stocks — continued
IT Services — 2.0%
Accenture plc, Class A		3			465
Machinery — 3.7%
Allison Transmission Holdings, Inc.		4			186
Caterpillar, Inc.		2			226
Ingersoll-Rand plc		2			191
Xylem, Inc.		4			235
					838
Multiline Retail — 1.0%
Target Corp.		3			224
Oil, Gas & Consumable Fuels — 2.7%
ConocoPhillips		2			125
Phillips 66		3			239
Valero Energy Corp.		3			252
					616
Pharmaceuticals — 1.3%
Bristol-Myers Squibb Co.		3			146
Eli Lilly & Co.		1			141
					287
Road & Rail — 1.5%
CSX Corp.		5			340
Semiconductors & Semiconductor Equipment — 2.8%
Applied Materials, Inc.		13			412
KLA-Tencor Corp.		—	(a)		9
Lam Research Corp.		2			217
					638
Software — 7.4%
Adobe, Inc.*		1			181
Microsoft Corp.		15			1,511
					1,692

INVESTMENTS	SHARES (000)		VALUE ($000)
Specialty Retail — 2.1%
Best Buy Co., Inc.		3		161
Home Depot, Inc. (The)		2		323
				484
Technology Hardware, Storage & Peripherals — 5.0%
Apple, Inc.		4		696
HP, Inc.		7		153
NetApp, Inc.		5		301
				1,150
Textiles, Apparel & Luxury Goods — 1.5%
Hanesbrands, Inc.		4		45
NIKE, Inc., Class B		4		310
				355
Trading Companies & Distributors — 0.9%
United Rentals, Inc. *		2		209
Total Common Stocks (Cost $20,523)				22,392
Short-term Investments — 1.9%
Investment Companies — 1.9%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.40% (b) (c) (Cost $425)		425		425
Total Investments — 99.9% (Cost $20,948)				22,817
Other Assets Less Liabilities — 0.1%				17
NET ASSETS — 100.0%				22,834

Percentages indicated are based on net assets.

(a)	Amount rounds to less than one thousand.
(b)	Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(c)	The rate shown is the current yield as of December 31, 2018.
*	Non-income producing security.

Futures contracts outstanding as of December 31, 2018 (amounts in thousands, except number of contracts):
DESCRIPTION	NUMBER OF CONTRACTS	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
S&P 500 E-Mini Index	3		03/2019		USD		375		2
									2

Abbreviations
USD	United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

24 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2018

JPMorgan Intrepid Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 96.8%
Aerospace & Defense — 2.0%
Boeing Co. (The)		62		19,866
Airlines — 1.6%
Delta Air Lines, Inc.		130		6,478
United Continental Holdings, Inc. *		105		8,800
				15,278
Automobiles — 1.5%
General Motors Co.		439		14,698
Banks — 10.1%
Bank of America Corp.		1,255		30,911
CIT Group, Inc.		163		6,234
Citigroup, Inc.		536		27,883
Citizens Financial Group, Inc.		203		6,047
Fifth Third Bancorp		250		5,883
M&T Bank Corp.		51		7,328
Popular, Inc. (Puerto Rico)		155		7,314
Regions Financial Corp.		522		6,980
				98,580
Beverages — 1.8%
Molson Coors Brewing Co., Class B		131		7,363
PepsiCo, Inc.		93		10,252
				17,615
Biotechnology — 4.7%
AbbVie, Inc.		136		12,547
Amgen, Inc.		113		21,948
Celgene Corp.*		26		1,673
Gilead Sciences, Inc.		152		9,501
				45,669
Capital Markets — 1.3%
Ameriprise Financial, Inc.		51		5,344
Goldman Sachs Group, Inc. (The)		43		7,158
Morgan Stanley		16		618
				13,120
Chemicals — 1.2%
CF Industries Holdings, Inc.		142		6,161
Huntsman Corp.		270		5,205
				11,366
Communications Equipment — 1.5%
Cisco Systems, Inc.		348		15,092
Construction & Engineering — 0.3%
EMCOR Group, Inc.		54		3,205

INVESTMENTS	SHARES (000)		VALUE ($000)
Consumer Finance — 2.4%
American Express Co.		77		7,330
Capital One Financial Corp.		11		801
Credit Acceptance Corp. *		23		8,728
Discover Financial Services		110		6,506
				23,365
Diversified Consumer Services — 0.7%
H&R Block, Inc. (a)		293		7,436
Diversified Telecommunication Services — 3.3%
CenturyLink, Inc.		455		6,895
Verizon Communications, Inc.		446		25,057
				31,952
Electric Utilities — 3.8%
Entergy Corp.		91		7,849
Exelon Corp.		317		14,288
NextEra Energy, Inc.		50		8,604
OGE Energy Corp.		158		6,188
				36,929
Equity Real Estate Investment Trusts (REITs) — 4.0%
GEO Group, Inc. (The)		121		2,380
Hospitality Properties Trust		101		2,410
Life Storage, Inc.		57		5,300
Medical Properties Trust, Inc.		496		7,974
Piedmont Office Realty Trust, Inc., Class A (a)		334		5,691
SL Green Realty Corp.		89		7,046
Spirit Realty Capital, Inc.		242		8,526
				39,327
Food & Staples Retailing — 1.4%
Walgreens Boots Alliance, Inc.		32		2,180
Walmart, Inc.		120		11,141
				13,321
Food Products — 1.5%
Pilgrim’s Pride Corp. *		439		6,815
Tyson Foods, Inc., Class A		145		7,738
				14,553
Health Care Equipment & Supplies — 0.5%
Hologic, Inc. *		120		4,948
Health Care Providers & Services — 6.3%
AmerisourceBergen Corp.		48		3,541
Anthem, Inc.		61		16,099
Centene Corp. *		61		7,022
HCA Healthcare, Inc.		40		5,003

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 J.P. MORGAN INTREPID FUNDS 25

JPMorgan Intrepid Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Health Care Providers & Services — continued
Humana, Inc.		66		18,994
Tenet Healthcare Corp. * (a)		188		3,215
WellCare Health Plans, Inc.*		32		7,579
				61,453
Hotels, Restaurants & Leisure — 1.3%
Dunkin’ Brands Group, Inc. (a)		66		4,257
International Game Technology plc		311		4,543
Wendy’s Co. (The)		263		4,107
				12,907
Household Durables — 0.6%
Toll Brothers, Inc.		192		6,329
Household Products — 1.2%
Energizer Holdings, Inc.		167		7,544
Procter & Gamble Co. (The)		47		4,302
				11,846
Independent Power and Renewable Electricity Producers — 2.4%
AES Corp.		515		7,444
NRG Energy, Inc.		200		7,924
Vistra Energy Corp.*		353		8,082
				23,450
Insurance — 6.8%
Allstate Corp. (The) (a)		203		16,741
Everest Re Group Ltd. (a)		38		8,318
First American Financial Corp.		19		830
Lincoln National Corp. (a)		139		7,153
MetLife, Inc.		51		2,102
Primerica, Inc.		60		5,833
Prudential Financial, Inc.		24		1,990
Travelers Cos., Inc. (The)		198		23,699
				66,666
Interactive Media & Services — 1.3%
Alphabet, Inc., Class C *		10		10,356
TripAdvisor, Inc. *		41		2,228
				12,584
Internet & Direct Marketing Retail — 0.9%
eBay, Inc. *		316		8,881
IT Services — 1.5%
DXC Technology Co.		133		7,050
Sabre Corp.		335		7,243
				14,293

INVESTMENTS	SHARES (000)		VALUE ($000)
Machinery — 2.3%
Allison Transmission Holdings, Inc.		178		7,794
Caterpillar, Inc.		118		15,032
				22,826
Media — 1.7%
Comcast Corp., Class A		389		13,228
Sirius XM Holdings, Inc. (a)		609		3,479
				16,707
Metals & Mining — 1.2%
Freeport-McMoRan, Inc.		486		5,010
Newmont Mining Corp.		42		1,466
Steel Dynamics, Inc.		185		5,548
				12,024
Mortgage Real Estate Investment Trusts (REITs) — 0.3%
Chimera Investment Corp.		147		2,627
Oil, Gas & Consumable Fuels — 9.9%
Chevron Corp.		160		17,358
ConocoPhillips		406		25,302
Devon Energy Corp.		74		1,657
HollyFrontier Corp.		87		4,452
Marathon Oil Corp.		82		1,172
Marathon Petroleum Corp.		272		16,062
PBF Energy, Inc., Class A		158		5,172
Peabody Energy Corp.		170		5,178
Phillips 66		49		4,256
Valero Energy Corp.		217		16,276
				96,885
Paper & Forest Products — 0.7%
Domtar Corp.		188		6,604
Personal Products — 0.8%
Herbalife Nutrition Ltd. *		137		8,088
Pharmaceuticals — 3.2%
Allergan plc		17		2,205
Endo International plc *		129		943
Pfizer, Inc.		646		28,186
				31,334
Professional Services — 0.7%
Robert Half International, Inc.		121		6,933
Real Estate Management & Development — 1.4%
CBRE Group, Inc., Class A *		193		7,740
Jones Lang LaSalle, Inc.		50		6,279
				14,019

SEE NOTES TO FINANCIAL STATEMENTS.

26 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2018

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Semiconductors & Semiconductor Equipment — 3.1%
Applied Materials, Inc.		302		9,888
KLA-Tencor Corp.		1		125
Lam Research Corp.		59		8,034
Micron Technology, Inc. *		46		1,450
QUALCOMM, Inc.		190		10,838
				30,335
Software — 1.4%
Citrix Systems, Inc.		66		6,752
VMware, Inc., Class A (a)		54		7,460
				14,212
Specialty Retail — 0.9%
Foot Locker, Inc.		88		4,661
Urban Outfitters, Inc. *		126		4,193
				8,854
Technology Hardware, Storage & Peripherals — 2.0%
HP, Inc.		462		9,452
NetApp, Inc.		103		6,152
Seagate Technology plc		70		2,694
Western Digital Corp.		39		1,449
				19,747
Textiles, Apparel & Luxury Goods — 0.6%
Hanesbrands, Inc.		483		6,053
Trading Companies & Distributors — 0.7%
United Rentals, Inc. *		64		6,531
Total Common Stocks (Cost $888,229)				948,508

INVESTMENTS	SHARES (000)		VALUE ($000)
Short-Term Investments — 0.6%
Investment Companies — 0.6%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.40% (b) (c) (Cost $5,692)		5,692		5,692
Investment of Cash Collateral from Securities Loaned — 3.2%
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.60% (b) (c)		25,003		25,000
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (b) (c)		6,468		6,468
Total Investment of Cash Collateral from Securities Loaned (Cost $31,468)				31,468
Total Investments — 100.6% (Cost $925,389)				985,668
Liabilities in Excess of Other Assets — (0.6%)				(6,348	)
NET ASSETS — 100.0%				979,320

Percentages indicated are based on net assets.

(a)	The security or a portion of this security is on loan at December 31, 2018. The total value of securities on loan at December 31, 2018 is approximately $29,893,000.
(b)	Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(c)	The rate shown is the current yield as of December 31, 2018.
*	Non-income producing security.

Futures contracts outstanding as of December 31, 2018 (amounts in thousands, except number of contracts):
Description	NUMBER OF CONTRACTS	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
S&P 500 E-Mini Index	266		03/2019		USD		33,290		(37	)
									(37	)

Abbreviations
USD	United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 J.P. MORGAN INTREPID FUNDS 27

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2018 (Unaudited)

(Amounts in thousands, except per share amounts)

	JPMorgan Intrepid America Fund			JPMorgan Intrepid Growth Fund			JPMorgan Intrepid Mid Cap Fund
ASSETS:
Investments in non-affiliates, at value	$	3,380,238		$	1,019,491		$	520,426
Investments in affiliates, at value		154,290			18,780			7,866
Investment of cash collateral received from securities loaned, at value (Note 2.C.)		39,853			15,795			2,705
Cash		—			—			9
Deposits at broker for futures contracts		7,024			812			483
Receivables:
Due from custodian		—			—			419
Investment securities sold		69,968			23,726			1,287
Fund shares sold		372			900			1,455
Dividends from non-affiliates		2,935			649			796
Dividends from affiliates		148			32			18
Securities lending income (Note 2.C.)		4			14			13
Variation margin on futures contracts		711			61			80
Total Assets		3,655,543			1,080,260			535,557
LIABILITIES:
Payables:
Investment securities purchased		128,755			16,078			2,303
Collateral received on securities loaned (Note 2.C.)		39,853			15,795			2,705
Fund shares redeemed		431			1,668			3,906
Accrued liabilities:
Investment advisory fees		931			270			267
Administration fees		57			—	(a)		10
Distribution fees		67			57			80
Service fees		87			76			101
Custodian and accounting fees		29			12			8
Trustees’ and Chief Compliance Officer’s fees		—	(a)		—	(a)		—
Audit fees		11			10			11
Registration fees		3			4			4
Other		107			35			41
Total Liabilities		170,331			34,005			9,436
Net Assets	$	3,485,212		$	1,046,255		$	526,121

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

28 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2018

	JPMorgan Intrepid America Fund			JPMorgan Intrepid Growth Fund			JPMorgan Intrepid Mid Cap Fund
NET ASSETS:
Paid-in-Capital	$	3,149,464		$	831,699		$	472,097
Total distributable earnings (loss) (a)		335,748			214,556			54,024
Total Net Assets	$	3,485,212		$	1,046,255		$	526,121
Net Assets:
Class A	$	239,146		$	90,199		$	195,789
Class C		3,938			33,003			45,100
Class I		98,055			184,172			202,685
Class R2		1,874			37,700			—
Class R3		—			—			14,531
Class R4		—			—			1,110
Class R5		5,520			179,145			—
Class R6		3,136,679			522,036			66,906
Total	$	3,485,212		$	1,046,255		$	526,121
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		7,470			1,876			12,388
Class C		123			699			3,545
Class I		2,971			3,770			12,023
Class R2		60			802			—
Class R3		—			—			925
Class R4		—			—			66
Class R5		168			3,720			—
Class R6		97,219			10,846			3,970
Net Asset Value (b):
Class A — Redemption price per share	$	32.01		$	48.08		$	15.80
Class C — Offering price per share (c)		31.85			47.21			12.72
Class I — Offering and redemption price per share		33.01			48.86			16.86
Class R2 — Offering and redemption price per share		31.23			47.00			—
Class R3 — Offering and redemption price per share		—			—			15.71
Class R4 — Offering and redemption price per share		—			—			16.80
Class R5 — Offering and redemption price per share		32.89			48.16			—
Class R6 — Offering and redemption price per share		32.26			48.13			16.85
Class A maximum sales charge		5.25	%		5.25	%		5.25	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	33.78		$	50.74		$	16.68
Cost of investments in non-affiliates	$	3,029,828		$	801,848		$	482,099
Cost of investments in affiliates		154,290			18,780			7,866
Investment securities on loan, at value		39,302			14,187			2,801
Cost of investment of cash collateral		39,853			15,795			2,705

(a) Total distributable earnings have been aggregated to conform to the current presentation requirements for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 8.

(b) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

(c) Redemption price for Class C Shares varies based upon length of time the shares are held.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 J.P. MORGAN INTREPID FUNDS 29

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

(Amounts in thousands, except per share amounts)

	JPMorgan Intrepid Sustainable Equity Fund			JPMorgan Intrepid Value Fund
ASSETS:
Investments in non-affiliates, at value	$	22,392		$	948,508
Investments in affiliates, at value		425			5,692
Investment of cash collateral received from securities loaned, at value (Note 2.C.)		—			31,468
Deposits at broker for futures contracts		65			400
Receivables:
Due from custodian		55			—
Investment securities sold		46			31,193
Fund shares sold		26			844
Dividends from non-affiliates		15			1,494
Dividends from affiliates		1			32
Securities lending income (Note 2.C.)		—			18
Variation margin on futures contracts		3			172
Due from adviser		1			—
Total Assets		23,029			1,019,821
LIABILITIES:
Payables:
Due to custodian		—			29
Investment securities purchased		117			3,204
Collateral received on securities loaned (Note 2.C.)		—			31,468
Fund shares redeemed		22			5,108
Accrued liabilities:
Investment advisory fees		—			253
Administration fees		—	(a)		12
Distribution fees		4			31
Service fees		—			181
Custodian and accounting fees		7			10
Trustees’ and Chief Compliance Officer’s fees		—	(a)		—
Audit fees		11			11
Legal fees		11			—
Registration fees		17			42
Other		6			152
Total Liabilities		195			40,501
Net Assets	$	22,834		$	979,320

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

30 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2018

	JPMorgan Intrepid Sustainable Equity Fund			JPMorgan Intrepid Value Fund
NET ASSETS:
Paid-in-Capital	$	20,344		$	935,829
Total distributable earnings (loss) (a)		2,490			43,491
Total Net Assets	$	22,834		$	979,320
Net Assets:
Class A	$	9,100		$	71,926
Class C		2,773			18,522
Class I		10,961			697,768
Class R2		—			4,370
Class R5		—			71,653
Class R6		—			115,081
Total	$	22,834		$	979,320
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		255			2,610
Class C		79			683
Class I		305			25,161
Class R2		—			160
Class R5		—			2,575
Class R6		—			4,134
Net Asset Value (b):
Class A — Redemption price per share	$	35.71		$	27.56
Class C — Offering price per share (c)		35.05			27.11
Class I — Offering and redemption price per share		35.92			27.73
Class R2 — Offering and redemption price per share		—			27.30
Class R5 — Offering and redemption price per share		—			27.83
Class R6 — Offering and redemption price per share		—			27.84
Class A maximum sales charge		5.25	%		5.25	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	37.69		$	29.09
Cost of investments in non-affiliates	$	20,523		$	888,229
Cost of investments in affiliates		425			5,692
Investment securities on loan, at value		—			29,893
Cost of investment of cash collateral		—			31,468

(a) Total distributable earnings have been aggregated to conform to the current presentation requirements for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 8.

(b) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

(c) Redemption price for Class C Shares varies based upon length of time the shares are held.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 J.P. MORGAN INTREPID FUNDS 31

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited)

(Amounts in thousands)

	JPMorgan Intrepid America Fund			JPMorgan Intrepid Growth Fund			JPMorgan Intrepid Mid Cap Fund
INVESTMENT INCOME:
Interest income from affiliates	$	—	(a)		—	(a)		—	(a)
Dividend income from non-affiliates		41,222			9,242			5,664
Dividend income from affiliates		830			270			107
Income from securities lending (net)		5			23			13
Total investment income		42,057			9,535			5,784
EXPENSES:
Investment advisory fees		8,257			2,973			2,344
Administration fees		1,674			482			293
Distribution fees:
Class A		484			130			358
Class C		18			142			219
Class R2		5			105			—
Class R3		—			—			19
Service fees:
Class A		484			130			358
Class C		6			47			73
Class I		145			261			345
Class R2		3			53			—
Class R3		—			—			19
Class R4		—			—			1
Class R5		3			103			—
Custodian and accounting fees		58			20			21
Professional fees		47			33			27
Trustees’ and Chief Compliance Officer’s fees		21			15			14
Printing and mailing costs		95			25			30
Registration and filing fees		57			52			55
Transfer agency fees (See Note 2.F.)		23			41			32
Other		31			11			9
Total expenses		11,411			4,623			4,217
Less fees waived		(3,320	)		(1,655	)		(527	)
Less expense reimbursements		(8	)		(5	)		(2	)
Net expenses		8,083			2,963			3,688
Net investment income (loss)		33,974			6,572			2,096
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		163,413			33,663			54,842
Futures contracts		(8,887	)		(1,285	)		(1,922	)
Net realized gain (loss)		154,526			32,378			52,920
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(549,328	)		(140,451	)		(134,216	)
Futures contracts		425			(75	)		(140	)
Change in net unrealized appreciation/depreciation		(548,903	)		(140,526	)		(134,356	)
Net realized/unrealized gains (losses)		(394,377	)		(108,148	)		(81,436	)
Change in net assets resulting from operations	$	(360,403	)	$	(101,576	)	$	(79,340	)

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

32 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2018

	JPMorgan Intrepid Sustainable Equity Fund			JPMorgan Intrepid Value Fund
INVESTMENT INCOME:
Interest income from affiliates	$	—			—	(a)
Dividend income from non-affiliates		237			13,276
Dividend income from affiliates		8			302
Income from securities lending (net)		—			35
Total investment income		245			13,613
EXPENSES:
Investment advisory fees		60			2,256
Administration fees		10			457
Distribution fees:
Class A		13			108
Class C		12			87
Class R2		—			13
Service fees:
Class A		13			108
Class C		4			29
Class I		13			999
Class R2		—			7
Class R5		—			46
Custodian and accounting fees		12			19
Professional fees		28			32
Trustees’ and Chief Compliance Officer’s fees		13			14
Printing and mailing costs		1			25
Registration and filing fees		24			70
Transfer agency fees (See Note 2.F.)		2			25
Other		4			10
Total expenses		209			4,305
Less fees waived		(101	)		(1,024	)
Less expense reimbursements		(14	)		(9	)
Net expenses		94			3,272
Net investment income (loss)		151			10,341
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		1,285			25,913
Futures contracts		(93	)		(1,179	)
Net realized gain (loss)		1,192			24,734
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(2,911	)		(138,183	)
Futures contracts		2			841
Change in net unrealized appreciation/depreciation		(2,909	)		(137,342	)
Net realized/unrealized gains (losses)		(1,717	)		(112,608	)
Change in net assets resulting from operations	$	(1,566	)	$	(102,267	)

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 J.P. MORGAN INTREPID FUNDS 33

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	JPMorgan Intrepid America Fund						JPMorgan Intrepid Growth Fund
	Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018			Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	33,974		$	64,578		$	6,572		$	8,774
Net realized gain (loss)		154,526			416,447			32,378			136,463
Change in net unrealized appreciation/depreciation		(548,903	)		233,270			(140,526	)		82,031
Change in net assets resulting from operations		(360,403	)		714,295			(101,576	)		227,268
DISTRIBUTIONS TO SHAREHOLDERS: (a)
Class A		(46,815	)		(10,767	)		(10,076	)		(505	)
Class C		(588	)		(491	)		(3,578	)		—
Class I		(17,140	)		(7,471	)		(20,749	)		(1,170	)
Class R2		(276	)		(257	)		(4,245	)		(12	)
Class R5		(843	)		(539	)		(20,788	)		(1,822	)
Class R6		(480,090	)		(467,263	)		(60,741	)		(5,125	)
Total distributions to shareholders		(545,752	)		(486,788	)		(120,177	)		(8,634	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		340,824			(259,821	)		98,414			(68,163	)
NET ASSETS:
Change in net assets		(565,331	)		(32,314	)		(123,339	)		150,471
Beginning of period		4,050,543			4,082,857			1,169,594			1,019,123
End of period	$	3,485,212		$	4,050,543		$	1,046,255		$	1,169,594

(a) The prior period distributions have been reclassified to conform to current period presentation for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 8. Prior period balances were as follows:

	JPMorgan Intrepid America Fund			JPMorgan Intrepid Growth Fund
Class A
From net investment income	$	(1,172	)	$	(505	)
From net realized gains		(9,595	)		—
Class C
From net realized gains		(491	)		—
Class I
From net investment income		(610	)		(1,170	)
From net realized gains		(6,861	)		—
Class R2
From net investment income		(15	)		(12	)
From net realized gains		(242	)		—
Class R5
From net investment income		(71	)		(1,822	)
From net realized gains		(468	)		—
Class R6
From net investment income		(64,689	)		(5,125	)
From net realized gains		(402,574	)		—

SEE NOTES TO FINANCIAL STATEMENTS.

34 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2018

	JPMorgan Intrepid Mid Cap Fund						JPMorgan Intrepid Sustainable Equity Fund
	Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018			Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	2,096		$	7,332		$	151		$	285
Net realized gain (loss)		52,920			102,707			1,192			1,537
Change in net unrealized appreciation/depreciation		(134,356	)		(9,650	)		(2,909	)		343
Change in net assets resulting from operations		(79,340	)		100,389			(1,566	)		2,165
DISTRIBUTIONS TO SHAREHOLDERS: (a)
Class A		(46,279	)		(25,014	)		(747	)		(593	)
Class C		(12,486	)		(5,686	)		(214	)		(226	)
Class I		(46,107	)		(22,563	)		(880	)		(481	)
Class R3		(3,226	)		(1,038	)		—			—
Class R4		(191	)		(9	)		—			—
Class R6		(13,230	)		(17,271	)		—			—
Total distributions to shareholders		(121,519	)		(71,581	)		(1,841	)		(1,300	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(89,543	)		(102,024	)		4,295			3,037
NET ASSETS:
Change in net assets		(290,402	)		(73,216	)		888			3,902
Beginning of period		816,523			889,739			21,946			18,044
End of period	$	526,121		$	816,523		$	22,834		$	21,946

(a) The prior period distributions have been reclassified to conform to current period presentation for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 8. Prior period balances were as follows:

	JPMorgan Intrepid Mid Cap Fund			JPMorgan Intrepid Sustainable Equity Fund
Class A
From net investment income	$	(2,004	)	$	(109	)
From net realized gains		(23,010	)		(484	)
Class C
From net investment income		(32	)		(18	)
From net realized gains		(5,654	)		(208	)
Class I
From net investment income		(2,355	)		(102	)
From net realized gains		(20,208	)		(379	)
Class R3
From net investment income		(103	)		—
From net realized gains		(935	)		—
Class R4
From net investment income		(1	)		—
From net realized gains		(8	)		—
Class R6
From net investment income		(2,366	)		—
From net realized gains		(14,905	)		—

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 J.P. MORGAN INTREPID FUNDS 35

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Intrepid Value Fund
	Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	10,341		$	18,700
Net realized gain (loss)		24,734			127,733
Change in net unrealized appreciation/depreciation		(137,342	)		(7,903	)
Change in net assets resulting from operations		(102,267	)		138,530
DISTRIBUTIONS TO SHAREHOLDERS: (a)
Class A		(9,449	)		(14,409	)
Class C		(2,489	)		(3,802	)
Class I		(90,307	)		(103,517	)
Class R2		(552	)		(2,926	)
Class R5		(10,066	)		(13,231	)
Class R6		(13,794	)		(23,984	)
Total distributions to shareholders		(126,657	)		(161,869	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		110,381			(111,642	)
NET ASSETS:
Change in net assets		(118,543	)		(134,981	)
Beginning of period		1,097,863			1,232,844
End of period	$	979,320		$	1,097,863

(a) The prior period distributions have been reclassified to conform to current period presentation for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 8. Prior period balances were as follows:

	JPMorgan Intrepid Value Fund
Class A
From net investment income	$	(1,401)
From net realized gains		(13,008	)
Class C
From net investment income		(343	)
From net realized gains		(3,459	)
Class I
From net investment income		(12,174	)
From net realized gains		(91,343	)
Class R2
From net investment income		(234	)
From net realized gains		(2,692	)
Class R5
From net investment income		(1,696	)
From net realized gains		(11,535	)
Class R6
From net investment income		(2,924	)
From net realized gains		(21,060	)

SEE NOTES TO FINANCIAL STATEMENTS.

36 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2018

	JPMorgan Intrepid America Fund						JPMorgan Intrepid Growth Fund
	Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018			Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	115,152		$	355,797		$	13,888		$	30,048
Distributions reinvested		46,624			10,595			6,926			308
Cost of shares redeemed		(183,840	)		(75,779	)		(15,851	)		(36,549	)
Change in net assets resulting from Class A capital transactions	$	(22,064	)	$	290,613		$	4,963		$	(6,193	)
Class C
Proceeds from shares issued	$	369		$	268		$	3,896		$	5,393
Distributions reinvested		548			458			2,906			—
Cost of shares redeemed		(652	)		(7,072	)		(4,271	)		(18,709	)
Change in net assets resulting from Class C capital transactions	$	265		$	(6,346	)	$	2,531		$	(13,316	)
Class I
Proceeds from shares issued	$	47,785		$	56,178		$	28,043		$	25,110
Distributions reinvested		16,892			7,177			19,170			1,069
Cost of shares redeemed		(31,541	)		(192,805	)		(20,413	)		(49,004	)
Change in net assets resulting from Class I capital transactions	$	33,136		$	(129,450	)	$	26,800		$	(22,825	)
Class R2
Proceeds from shares issued	$	361		$	443		$	7,088		$	42,516
Distributions reinvested		90			91			3,834			3
Cost of shares redeemed		(353	)		(1,855	)		(5,880	)		(8,188	)
Change in net assets resulting from Class R2 capital transactions	$	98		$	(1,321	)	$	5,042		$	34,331
Class R5
Proceeds from shares issued	$	1,833		$	1,187		$	13,506		$	37,471
Distributions reinvested		498			334			19,502			1,534
Cost of shares redeemed		(1,063	)		(752	)		(17,100	)		(69,349	)
Change in net assets resulting from Class R5 capital transactions	$	1,268		$	769		$	15,908		$	(30,344	)
Class R6
Proceeds from shares issued	$	10,776		$	269,386		$	21,633		$	137,691
Distributions reinvested		480,065			467,260			56,881			5,125
Cost of shares redeemed		(162,720	)		(1,150,732	)		(35,344	)		(172,632	)
Change in net assets resulting from Class R6 capital transactions	$	328,121		$	(414,086	)	$	43,170		$	(29,816	)
Total change in net assets resulting from capital transactions	$	340,824		$	(259,821	)	$	98,414		$	(68,163	)

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 J.P. MORGAN INTREPID FUNDS 37

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Intrepid America Fund						JPMorgan Intrepid Growth Fund
	Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018			Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018
SHARE TRANSACTIONS:
Class A
Issued		2,712			8,663			247			539
Reinvested		1,373			265			136			6
Redeemed		(4,967	)		(1,851	)		(270	)		(647	)
Change in Class A Shares		(882	)		7,077			113			(102	)
Class C
Issued		9			6			71			99
Reinvested		16			12			58			—
Redeemed		(17	)		(170	)		(75	)		(351	)
Change in Class C Shares		8			(152	)		54			(252	)
Class I
Issued		1,102			1,331			476			442
Reinvested		482			175			371			19
Redeemed		(869	)		(4,665	)		(355	)		(898	)
Change in Class I Shares		715			(3,159	)		492			(437	)
Class R2
Issued		10			12			124			738
Reinvested		3			2			77			—	(a)
Redeemed		(9	)		(47	)		(102	)		(146	)
Change in Class R2 Shares		4			(33	)		99			592
Class R5
Issued		44			29			229			664
Reinvested		14			8			383			27
Redeemed		(26	)		(18	)		(289	)		(1,235	)
Change in Class R5 Shares		32			19			323			(544	)
Class R6
Issued		257			6,583			374			2,543
Reinvested		14,006			11,580			1,116			91
Redeemed		(3,917	)		(27,858	)		(572	)		(3,065	)
Change in Class R6 Shares		10,346			(9,695	)		918			(431	)

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

38 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2018

	JPMorgan Intrepid Mid Cap Fund						JPMorgan Intrepid Sustainable Equity Fund
	Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018			Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	18,912		$	64,235		$	1,187		$	2,195
Distributions reinvested		40,963			22,481			719			573
Cost of shares redeemed		(101,247	)		(86,519	)		(956	)		(1,593	)
Change in net assets resulting from Class A capital transactions	$	(41,372	)	$	197		$	950		$	1,175
Class C
Proceeds from shares issued	$	3,244		$	6,057		$	257		$	273
Distributions reinvested		11,150			4,798			197			209
Cost of shares redeemed		(12,761	)		(31,724	)		(576	)		(2,534	)
Change in net assets resulting from Class C capital transactions	$	1,633		$	(20,869	)	$	(122	)	$	(2,052	)
Class I
Proceeds from shares issued	$	28,738		$	76,578		$	4,767		$	4,981
Distributions reinvested		39,134			19,557			879			463
Cost of shares redeemed		(83,981	)		(120,847	)		(2,179	)		(1,530	)
Change in net assets resulting from Class I capital transactions	$	(16,109	)	$	(24,712	)	$	3,467		$	3,914
Class R3
Proceeds from shares issued	$	4,074		$	6,268		$	—		$	—
Distributions reinvested		2,914			989			—			—
Cost of shares redeemed		(918	)		(2,523	)		—			—
Change in net assets resulting from Class R3 capital transactions	$	6,070		$	4,734		$	—		$	—
Class R4
Proceeds from shares issued	$	282		$	1,277		$	—		$	—
Distributions reinvested		191			9			—			—
Cost of shares redeemed		(204	)		(105	)		—			—
Change in net assets resulting from Class R4 capital transactions	$	269		$	1,181		$	—		$	—
Class R6
Proceeds from shares issued	$	18,738		$	69,523		$	—		$	—
Distributions reinvested		12,629			17,215			—			—
Cost of shares redeemed		(71,401	)		(149,293	)		—			—
Change in net assets resulting from Class R6 capital transactions	$	(40,034	)	$	(62,555	)	$	—		$	—
Total change in net assets resulting from capital transactions	$	(89,543	)	$	(102,024	)	$	4,295		$	3,037

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 J.P. MORGAN INTREPID FUNDS 39

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Intrepid Mid Cap Fund						JPMorgan Intrepid Sustainable Equity Fund
	Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018			Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018
SHARE TRANSACTIONS:
Class A
Issued		943			2,794			29			53
Reinvested		2,426			1,000			19			14
Redeemed		(4,782	)		(3,785	)		(23	)		(39	)
Change in Class A Shares		(1,413	)		9			25			28
Class C
Issued		203			313			7			6
Reinvested		821			253			5			5
Redeemed		(752	)		(1,618	)		(14	)		(62	)
Change in Class C Shares		272			(1,052	)		(2	)		(51	)
Class I
Issued		1,340			3,189			117			119
Reinvested		2,168			824			23			11
Redeemed		(3,849	)		(5,013	)		(56	)		(36	)
Change in Class I Shares		(341	)		(1,000	)		84			94
Class R3
Issued		187			275			—			—
Reinvested		173			44			—			—
Redeemed		(44	)		(111	)		—			—
Change in Class R3 Shares		316			208			—			—
Class R4
Issued		16			51			—			—
Reinvested		11			—	(a)		—			—
Redeemed		(9	)		(4	)		—			—
Change in Class R4 Shares		18			47			—			—
Class R6
Issued		876			2,860			—			—
Reinvested		699			724			—			—
Redeemed		(2,911	)		(6,187	)		—			—
Change in Class R6 Shares		(1,336	)		(2,603	)		—			—

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

40 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2018

	JPMorgan Intrepid Value Fund
	Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	8,065		$	19,635
Distributions reinvested		8,704			13,421
Cost of shares redeemed		(14,230	)		(40,025	)
Change in net assets resulting from Class A capital transactions	$	2,539		$	(6,969	)
Class C
Proceeds from shares issued	$	715		$	1,990
Distributions reinvested		2,370			3,617
Cost of shares redeemed		(3,712	)		(17,911	)
Change in net assets resulting from Class C capital transactions	$	(627	)	$	(12,304	)
Class I
Proceeds from shares issued	$	95,159		$	195,675
Distributions reinvested		90,086			102,090
Cost of shares redeemed		(96,342	)		(396,689	)
Change in net assets resulting from Class I capital transactions	$	88,903		$	(98,924	)
Class R2
Proceeds from shares issued	$	731		$	7,759
Distributions reinvested		314			2,532
Cost of shares redeemed		(1,492	)		(23,607	)
Change in net assets resulting from Class R2 capital transactions	$	(447	)	$	(13,316	)
Class R5
Proceeds from shares issued	$	7,730		$	16,647
Distributions reinvested		10,066			13,231
Cost of shares redeemed		(18,765	)		(23,522	)
Change in net assets resulting from Class R5 capital transactions	$	(969	)	$	6,356
Class R6
Proceeds from shares issued	$	17,832		$	63,524
Distributions reinvested		13,786			23,588
Cost of shares redeemed		(10,636	)		(73,597	)
Change in net assets resulting from Class R6 capital transactions	$	20,982		$	13,515
Total change in net assets resulting from capital transactions	$	110,381		$	(111,642	)

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 J.P. MORGAN INTREPID FUNDS 41

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Intrepid Value Fund
	Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018
SHARE TRANSACTIONS:
Class A
Issued		235			536
Reinvested		298			392
Redeemed		(425	)		(1,124	)
Change in Class A Shares		108			(196	)
Class C
Issued		23			57
Reinvested		83			107
Redeemed		(118	)		(493	)
Change in Class C Shares		(12	)		(329	)
Class I
Issued		2,747			5,456
Reinvested		3,060			2,964
Redeemed		(2,906	)		(11,003	)
Change in Class I Shares		2,901			(2,583	)
Class R2
Issued		22			220
Reinvested		11			74
Redeemed		(42	)		(683	)
Change in Class R2 Shares		(9	)		(389	)
Class R5
Issued		225			463
Reinvested		340			383
Redeemed		(597	)		(647	)
Change in Class R5 Shares		(32	)		199
Class R6
Issued		570			1,778
Reinvested		466			683
Redeemed		(313	)		(2,083	)
Change in Class R6 Shares		723			378

SEE NOTES TO FINANCIAL STATEMENTS.

42 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2018

THIS PAGE IS INTENTIONALLY LEFT BLANK

DECEMBER 31, 2018 J.P. MORGAN INTREPID FUNDS 43

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

	Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Intrepid America Fund
Class A
Six Months Ended December 31, 2018 (Unaudited)	$	41.04	$	0.22	$	(3.80	)	$	(3.58	)	$	(0.33	)	$	(5.12	)	$	(5.45	)
Year Ended June 30, 2018		39.06		0.35		6.41			6.76			(0.48	)		(4.30	)		(4.78	)
Year Ended June 30, 2017		34.75		0.28		5.30			5.58			(0.27	)		(1.00	)		(1.27	)
Year Ended June 30, 2016		38.08		0.34		(1.15	)		(0.81	)		(0.27	)		(2.25	)		(2.52	)
Year Ended June 30, 2015		37.28		0.44		2.57			3.01			(0.38	)		(1.83	)		(2.21	)
Year Ended June 30, 2014		29.76		0.30		7.49			7.79			(0.27	)		—			(0.27	)
Class C
Six Months Ended December 31, 2018 (Unaudited)		40.76		0.14		(3.77	)		(3.63	)		(0.16	)		(5.12	)		(5.28	)
Year Ended June 30, 2018		38.59		0.25		6.22			6.47			—			(4.30	)		(4.30	)
Year Ended June 30, 2017		34.37		0.09		5.24			5.33			(0.11	)		(1.00	)		(1.11	)
Year Ended June 30, 2016		37.74		0.18		(1.15	)		(0.97	)		(0.15	)		(2.25	)		(2.40	)
Year Ended June 30, 2015		36.99		0.22		2.57			2.79			(0.21	)		(1.83	)		(2.04	)
Year Ended June 30, 2014		29.53		0.13		7.42			7.55			(0.09	)		—			(0.09	)
Class I
Six Months Ended December 31, 2018 (Unaudited)		42.22		0.31		(3.94	)		(3.63	)		(0.46	)		(5.12	)		(5.58	)
Year Ended June 30, 2018		39.87		0.66		6.35			7.01			(0.36	)		(4.30	)		(4.66	)
Year Ended June 30, 2017		35.48		0.39		5.41			5.80			(0.41	)		(1.00	)		(1.41	)
Year Ended June 30, 2016		38.49		0.39		(1.09	)		(0.70	)		(0.06	)		(2.25	)		(2.31	)
Year Ended June 30, 2015		37.61		0.53		2.61			3.14			(0.43	)		(1.83	)		(2.26	)
Year Ended June 30, 2014		30.00		0.38		7.56			7.94			(0.33	)		—			(0.33	)
Class R2
Six Months Ended December 31, 2018 (Unaudited)		40.14		0.20		(3.73	)		(3.53	)		(0.26	)		(5.12	)		(5.38	)
Year Ended June 30, 2018		38.18		0.36		6.14			6.50			(0.24	)		(4.30	)		(4.54	)
Year Ended June 30, 2017		34.01		0.19		5.17			5.36			(0.19	)		(1.00	)		(1.19	)
Year Ended June 30, 2016		37.45		0.27		(1.15	)		(0.88	)		(0.31	)		(2.25	)		(2.56	)
Year Ended June 30, 2015		36.82		0.33		2.55			2.88			(0.42	)		(1.83	)		(2.25	)
Year Ended June 30, 2014		29.43		0.21		7.40			7.61			(0.22	)		—			(0.22	)
Class R5
Six Months Ended December 31, 2018 (Unaudited)		42.11		0.35		(3.94	)		(3.59	)		(0.51	)		(5.12	)		(5.63	)
Year Ended June 30, 2018		39.91		0.62		6.47			7.09			(0.59	)		(4.30	)		(4.89	)
Year Ended June 30, 2017		35.53		0.46		5.40			5.86			(0.48	)		(1.00	)		(1.48	)
Year Ended June 30, 2016		38.41		0.41		(1.04	)		(0.63	)		—			(2.25	)		(2.25	)
Year Ended June 30, 2015		37.54		0.60		2.61			3.21			(0.51	)		(1.83	)		(2.34	)
Year Ended June 30, 2014		29.94		0.46		7.54			8.00			(0.40	)		—			(0.40	)
Class R6
Six Months Ended December 31, 2018 (Unaudited)		41.44		0.36		(3.88	)		(3.52	)		(0.54	)		(5.12	)		(5.66	)
Year Ended June 30, 2018		39.34		0.66		6.37			7.03			(0.63	)		(4.30	)		(4.93	)
Year Ended June 30, 2017		35.03		0.49		5.33			5.82			(0.51	)		(1.00	)		(1.51	)
November 2, 2015 (f) through June 30, 2016		39.15		0.41		(1.77	)		(1.36	)		(0.51	)		(2.25	)		(2.76	)

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Calculated based upon average shares outstanding.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(e) Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(f) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

44 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2018

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	32.01		(9.34	)%	$	239,146		0.84	%		1.07	%		1.00	%		47	%
	41.04		17.77			342,761		0.86			0.85			1.01			80
	39.06		16.27			49,774		1.03			0.76			1.08			95
	34.75		(2.08	)		57,303		1.04			0.96			1.15			70
	38.08		8.27			184,225		1.03			1.16			1.11			49
	37.28		26.26			97,155		1.04			0.90			1.05			67
	31.85		(9.54	)		3,938		1.34			0.70			1.51			47
	40.76		17.17			4,698		1.42			0.63			1.51			80
	38.59		15.69			10,306		1.53			0.25			1.57			95
	34.37		(2.55	)		12,599		1.54			0.50			1.62			70
	37.74		7.72			14,978		1.53			0.58			1.56			49
	36.99		25.62			8,774		1.54			0.39			1.55			67
	33.01		(9.20	)		98,055		0.59			1.47			0.75			47
	42.22		18.06			95,252		0.66			1.59			0.75			80
	39.87		16.58			215,888		0.76			1.03			0.77			95
	35.48		(1.77	)		246,679		0.74			1.04			0.75			70
	38.49		8.56			1,492,209		0.75			1.37			0.76			49
	37.61		26.56			1,514,180		0.79			1.14			0.80			67
	31.23		(9.43	)		1,874		1.09			0.98			1.30			47
	40.14		17.47			2,239		1.15			0.90			1.26			80
	38.18		15.98			3,394		1.27			0.52			1.41			95
	34.01		(2.30	)		4,584		1.29			0.78			1.46			70
	37.45		8.01			2,923		1.28			0.88			1.35			49
	36.82		25.93			166		1.29			0.64			1.30			67
	32.89		(9.14	)		5,520		0.44			1.63			0.60			47
	42.11		18.26			5,718		0.48			1.47			0.60			80
	39.91		16.75			4,681		0.59			1.20			0.63			95
	35.53		(1.57	)		3,920		0.54			1.08			0.55			70
	38.41		8.76			2,015,302		0.55			1.56			0.55			49
	37.54		26.84			1,363,358		0.58			1.35			0.59			67
	32.26		(9.11	)		3,136,679		0.34			1.72			0.50			47
	41.44		18.38			3,599,875		0.39			1.59			0.49			80
	39.34		16.91			3,798,814		0.49			1.30			0.49			95
	35.03		(3.39	)		3,341,467		0.49			1.78			0.50			70

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 J.P. MORGAN INTREPID FUNDS 45

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Intrepid Growth Fund
Class A
Six Months Ended December 31, 2018 (Unaudited)	$	59.09	$	0.23		$	(5.30	)	$	(5.07	)	$	(0.30	)	$	(5.64	)	$	(5.94	)
Year Ended June 30, 2018		48.60		0.23			10.51			10.74			(0.25	)		—			(0.25	)
Year Ended June 30, 2017		40.37		0.22			8.27			8.49			(0.26	)		—			(0.26	)
Year Ended June 30, 2016		40.99		0.27			(0.63	)		(0.36	)		(0.26	)		—			(0.26	)
Year Ended June 30, 2015		37.05		0.25			3.88			4.13			(0.19	)		—			(0.19	)
Year Ended June 30, 2014		29.36		0.18	(f)		7.64			7.82			(0.13	)		—			(0.13	)
Class C
Six Months Ended December 31, 2018 (Unaudited)		58.00		0.08			(5.19	)		(5.11	)		(0.04	)		(5.64	)		(5.68	)
Year Ended June 30, 2018		47.72		(0.04	)		10.32			10.28			—			—			—
Year Ended June 30, 2017		39.63		—	(g)		8.13			8.13			(0.04	)		—			(0.04	)
Year Ended June 30, 2016		40.26		0.07			(0.61	)		(0.54	)		(0.09	)		—			(0.09	)
Year Ended June 30, 2015		36.45		0.05			3.81			3.86			(0.05	)		—			(0.05	)
Year Ended June 30, 2014		28.93		0.01	(f)		7.52			7.53			(0.01	)		—			(0.01	)
Class I
Six Months Ended December 31, 2018 (Unaudited)		60.04		0.31			(5.40	)		(5.09	)		(0.45	)		(5.64	)		(6.09	)
Year Ended June 30, 2018		49.34		0.38			10.68			11.06			(0.36	)		—			(0.36	)
Year Ended June 30, 2017		40.99		0.34			8.40			8.74			(0.39	)		—			(0.39	)
Year Ended June 30, 2016		41.27		0.29			(0.55	)		(0.26	)		(0.02	)		—			(0.02	)
Year Ended June 30, 2015		37.23		0.32			3.93			4.25			(0.21	)		—			(0.21	)
Year Ended June 30, 2014		29.52		0.26	(f)		7.69			7.95			(0.24	)		—			(0.24	)
Class R2
Six Months Ended December 31, 2018 (Unaudited)		57.95		0.16			(5.20	)		(5.04	)		(0.27	)		(5.64	)		(5.91	)
Year Ended June 30, 2018		47.66		0.09			10.31			10.40			(0.11	)		—			(0.11	)
Year Ended June 30, 2017		39.66		0.11			8.12			8.23			(0.23	)		—			(0.23	)
Year Ended June 30, 2016		40.39		0.19			(0.63	)		(0.44	)		(0.29	)		—			(0.29	)
Year Ended June 30, 2015		36.49		0.12			3.85			3.97			(0.07	)		—			(0.07	)
Year Ended June 30, 2014		28.91		0.09	(f)		7.54			7.63			(0.05	)		—			(0.05	)
Class R5
Six Months Ended December 31, 2018 (Unaudited)		59.32		0.35			(5.34	)		(4.99	)		(0.53	)		(5.64	)		(6.17	)
Year Ended June 30, 2018		48.76		0.46			10.56			11.02			(0.46	)		—			(0.46	)
Year Ended June 30, 2017		40.51		0.42			8.29			8.71			(0.46	)		—			(0.46	)
Year Ended June 30, 2016		41.12		0.45			(0.62	)		(0.17	)		(0.44	)		—			(0.44	)
Year Ended June 30, 2015		37.09		0.41			3.91			4.32			(0.29	)		—			(0.29	)
Year Ended June 30, 2014		29.41		0.33	(f)		7.65			7.98			(0.30	)		—			(0.30	)
Class R6
Six Months Ended December 31, 2018 (Unaudited)		59.32		0.38			(5.34	)		(4.96	)		(0.59	)		(5.64	)		(6.23	)
Year Ended June 30, 2018		48.74		0.51			10.56			11.07			(0.49	)		—			(0.49	)
Year Ended June 30, 2017		40.50		0.44			8.29			8.73			(0.49	)		—			(0.49	)
November 2, 2015 (i) through June 30, 2016		42.20		0.36			(1.60	)		(1.24	)		(0.46	)		—			(0.46	)

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Calculated based upon average shares outstanding.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(e) Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(f) Reflects special dividends paid out during the period by several of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $0.17, $0.00, $0.26, $0.09 and $0.32 for Class A, Class C, Class I, Class R2 and Class R5 Shares, respectively, and the net investment income (loss) ratio would have been 0.51%, 0.01%, 0.76%, 0.26% and 0.96% for Class A, Class C, Class I, Class R2 and Class R5 Shares, respectively.

(g) Amount rounds to less than $0.005.

(h) Amount rounds to less than 0.005%.

(i) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

46 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2018

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	48.08		(9.07	)%	$	90,199		0.84	%		0.76	%		1.12	%		37	%
	59.09		22.13			104,167		0.86			0.42			1.11			69
	48.60		21.12			90,633		0.92			0.50			1.20			68
	40.37		(0.88	)		90,529		0.93			0.66			1.23			70
	40.99		11.16			106,573		0.96			0.62			1.16			64
	37.05		26.68			33,563		1.16			0.54	(f)		1.17			67
	47.21		(9.31	)		33,003		1.34			0.26			1.61			37
	58.00		21.54			37,416		1.36			(0.08	)		1.61			69
	47.72		20.52			42,811		1.41			0.00	(h)		1.67			68
	39.63		(1.35	)		48,717		1.42			0.19			1.71			70
	40.26		10.60			49,309		1.46			0.12			1.66			64
	36.45		26.05			19,566		1.65			0.03	(f)		1.67			67
	48.86		(8.96	)		184,172		0.59			1.02			0.86			37
	60.04		22.45			196,798		0.61			0.67			0.86			69
	49.34		21.43			183,265		0.68			0.75			0.89			68
	40.99		(0.63	)		151,419		0.68			0.70			0.88			70
	41.27		11.43			708,276		0.74			0.80			0.87			64
	37.23		27.00			597,963		0.91			0.79	(f)		0.92			67
	47.00		(9.20	)		37,700		1.09			0.53			1.49			37
	57.95		21.84			40,763		1.10			0.16			1.37			69
	47.66		20.82			5,277		1.17			0.26			1.68			68
	39.66		(1.10	)		4,207		1.17			0.50			1.76			70
	40.39		10.87			1,205		1.22			0.31			1.45			64
	36.49		26.41			601		1.41			0.28	(f)		1.42			67
	48.16		(8.90	)		179,145		0.44			1.17			0.71			37
	59.32		22.66			201,539		0.45			0.83			0.71			69
	48.76		21.65			192,164		0.48			0.94			0.72			68
	40.51		(0.42	)		205,213		0.47			1.13			0.74			70
	41.12		11.66			189,466		0.54			1.02			0.70			64
	37.09		27.23			124,489		0.71			0.98	(f)		0.72			67
	48.13		(8.85	)		522,036		0.34			1.27			0.61			37
	59.32		22.78			588,911		0.36			0.92			0.61			69
	48.74		21.70			504,973		0.43			0.99			0.61			68
	40.50		(2.94	)		488,138		0.42			1.38			0.61			70

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 J.P. MORGAN INTREPID FUNDS 47

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Intrepid Mid Cap Fund
Class A
Six Months Ended December 31, 2018 (Unaudited)	$	22.76	$	0.05		$	(2.67	)	$	(2.62	)	$	(0.08	)	$	(4.26	)	$	(4.34	)
Year Ended June 30, 2018		22.11		0.15			2.29			2.44			(0.13	)		(1.66	)		(1.79	)
Year Ended June 30, 2017		19.48		0.08			2.62			2.70			(0.07	)		—	(f)		(0.07	)
Year Ended June 30, 2016		21.82		0.15			(0.64	)		(0.49	)		(0.13	)		(1.72	)		(1.85	)
Year Ended June 30, 2015		24.11		0.08			1.18			1.26			(0.09	)		(3.46	)		(3.55	)
Year Ended June 30, 2014		18.79		0.08	(g)		5.41			5.49			(0.07	)		(0.10	)		(0.17	)
Class C
Six Months Ended December 31, 2018 (Unaudited)		19.23		—	(f)		(2.22	)		(2.22	)		(0.03	)		(4.26	)		(4.29	)
Year Ended June 30, 2018		18.90		0.04			1.96			2.00			(0.01	)		(1.66	)		(1.67	)
Year Ended June 30, 2017		16.72		(0.04	)		2.24			2.20			(0.02	)		—	(f)		(0.02	)
Year Ended June 30, 2016		19.07		0.03			(0.58	)		(0.55	)		(0.08	)		(1.72	)		(1.80	)
Year Ended June 30, 2015		21.56		(0.06	)		1.06			1.00			(0.03	)		(3.46	)		(3.49	)
Year Ended June 30, 2014		16.87		(0.05	)(g)		4.84			4.79			—			(0.10	)		(0.10	)
Class I
Six Months Ended December 31, 2018 (Unaudited)		24.01		0.09			(2.84	)		(2.75	)		(0.14	)		(4.26	)		(4.40	)
Year Ended June 30, 2018		23.22		0.22			2.41			2.63			(0.18	)		(1.66	)		(1.84	)
Year Ended June 30, 2017		20.43		0.14			2.75			2.89			(0.10	)		—	(f)		(0.10	)
Year Ended June 30, 2016		22.77		0.19			(0.64	)		(0.45	)		(0.17	)		(1.72	)		(1.89	)
Year Ended June 30, 2015		24.97		0.14			1.24			1.38			(0.12	)		(3.46	)		(3.58	)
Year Ended June 30, 2014		19.45		0.14	(g)		5.60			5.74			(0.12	)		(0.10	)		(0.22	)
Class R3
Six Months Ended December 31, 2018 (Unaudited)		22.70		0.06			(2.67	)		(2.61	)		(0.12	)		(4.26	)		(4.38	)
Year Ended June 30, 2018		22.08		0.13			2.32			2.45			(0.17	)		(1.66	)		(1.83	)
September 9, 2016 (h) through June 30, 2017		19.97		0.11			2.09			2.20			(0.09	)		—	(f)		(0.09	)
Class R4
Six Months Ended December 31, 2018 (Unaudited)		23.95		0.09			(2.83	)		(2.74	)		(0.15	)		(4.26	)		(4.41	)
Year Ended June 30, 2018		23.20		0.19			2.44			2.63			(0.22	)		(1.66	)		(1.88	)
September 9, 2016 (h) through June 30, 2017		20.95		0.12			2.24			2.36			(0.11	)		—	(f)		(0.11	)
Class R6
Six Months Ended December 31, 2018 (Unaudited)		24.04		0.11			(2.84	)		(2.73	)		(0.20	)		(4.26	)		(4.46	)
Year Ended June 30, 2018		23.25		0.27			2.42			2.69			(0.24	)		(1.66	)		(1.90	)
Year Ended June 30, 2017		20.42		0.19			2.76			2.95			(0.12	)		—	(f)		(0.12	)
November 2, 2015 (h) through June 30, 2016		22.41		0.20			(0.29	)		(0.09	)		(0.18	)		(1.72	)		(1.90	)

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Calculated based upon average shares outstanding.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(e) Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(f) Amount rounds to less than $0.005.

(g) Reflects special dividends paid out during the period by several of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $0.04, $(0.08) and $0.10 for Class A, Class C and Class I Shares, respectively, and the net investment income (loss) ratio would have been 0.20%, (0.42)% and 0.45% for Class A, Class C, and Class I Shares, respectively.

(h) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

48 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2018

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	15.80		(12.67	)%	$	195,789		1.14	%		0.46	%		1.29	%		35	%
	22.76		11.18			314,171		1.14			0.65			1.29			62
	22.11		13.91			304,927		1.14			0.40			1.38			70
	19.48		(1.71	)		311,724		1.15			0.77			1.44			78
	21.82		5.64			377,893		1.14			0.33			1.37			66
	24.11		29.30			193,342		1.16			0.38	(g)		1.32			64
	12.72		(12.91	)		45,100		1.64			(0.01	)		1.78			35
	19.23		10.69			62,925		1.64			0.18			1.78			62
	18.90		13.20			81,761		1.74			(0.21	)		1.87			70
	16.72		(2.35	)		89,071		1.79			0.15			1.96			78
	19.07		5.02			87,191		1.78			(0.31	)		1.87			66
	21.56		28.43			49,796		1.79			(0.25	)(g)		1.82			64
	16.86		(12.54	)		202,685		0.89			0.73			1.03			35
	24.01		11.47			296,876		0.89			0.91			1.02			62
	23.22		14.17			310,316		0.89			0.65			1.11			70
	20.43		(1.48	)		258,866		0.90			0.93			1.13			78
	22.77		5.97			510,465		0.89			0.58			1.07			66
	24.97		29.61			348,077		0.91			0.62	(g)		1.08			64
	15.71		(12.64	)		14,531		1.14			0.56			1.28			35
	22.70		11.22			13,823		1.14			0.59			1.27			62
	22.08		11.07			8,854		1.15			0.64			1.34			70
	16.80		(12.53	)		1,110		0.89			0.74			1.03			35
	23.95		11.46			1,157		0.89			0.80			1.11			62
	23.20		11.30			22		0.90			0.67			1.11			70
	16.85		(12.44	)		66,906		0.64			0.91			0.78			35
	24.04		11.73			127,571		0.64			1.11			0.77			62
	23.25		14.52			183,859		0.65			0.86			0.77			70
	20.42		0.12			304,934		0.65			1.53			0.78			78

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 J.P. MORGAN INTREPID FUNDS 49

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Intrepid Sustainable Equity Fund
Class A
Six Months Ended December 31, 2018 (Unaudited)	$	41.28	$	0.26		$	(2.69	)	$	(2.43	)	$	(0.41	)	$	(2.73	)	$	(3.14	)
Year Ended June 30, 2018		39.35		0.58			4.05			4.63			(0.48	)		(2.22	)		(2.70	)
Year Ended June 30, 2017		33.20		0.29			6.20			6.49			(0.34	)		—			(0.34	)
Year Ended June 30, 2016		34.01		0.62	(f)		(0.87	)(f)		(0.25	)		(0.56	)		—			(0.56	)
Year Ended June 30, 2015		31.93		0.28			2.02			2.30			(0.22	)		—			(0.22	)
Year Ended June 30, 2014		25.54		0.20			6.37			6.57			(0.18	)		—			(0.18	)
Class C
Six Months Ended December 31, 2018 (Unaudited)		40.44		0.15			(2.63	)		(2.48	)		(0.18	)		(2.73	)		(2.91	)
Year Ended June 30, 2018		38.51		0.41			3.92			4.33			(0.18	)		(2.22	)		(2.40	)
Year Ended June 30, 2017		32.48		0.11			6.06			6.17			(0.14	)		—			(0.14	)
Year Ended June 30, 2016		33.29		0.44	(f)		(0.85	)(f)		(0.41	)		(0.40	)		—			(0.40	)
Year Ended June 30, 2015		31.38		0.12			1.98			2.10			(0.19	)		—			(0.19	)
Year Ended June 30, 2014		25.14		0.05			6.26			6.31			(0.07	)		—			(0.07	)
Class I
Six Months Ended December 31, 2018 (Unaudited)		41.56		0.31			(2.71	)		(2.40	)		(0.51	)		(2.73	)		(3.24	)
Year Ended June 30, 2018		39.59		0.66			4.10			4.76			(0.57	)		(2.22	)		(2.79	)
Year Ended June 30, 2017		33.40		0.38			6.25			6.63			(0.44	)		—			(0.44	)
Year Ended June 30, 2016		34.22		0.68	(f)		(0.86	)(f)		(0.18	)		(0.64	)		—			(0.64	)
Year Ended June 30, 2015		32.07		0.37			2.04			2.41			(0.26	)		—			(0.26	)
Year Ended June 30, 2014		25.65		0.28			6.39			6.67			(0.25	)		—			(0.25	)

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Calculated based upon average shares outstanding.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(e) Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(f) The amount reflects an out of period adjustment related to a corporate action involving two of the Fund’s holdings. Had the Fund not recorded the out of period adjustment, the net investment income (loss) per share would have been $0.33, $0.15 and $0.38, for Class A, Class C and Class I Shares, respectively, the net realized and unrealized gains (losses) on investment per share would have been $(0.58), $(0.56) and $(0.56) for Class A, Class C and Class I Shares, respectively, and the net investment income (loss) ratio would have been 0.99%, 0.47% and 1.14% for Class A, Class C and Class I Shares, respectively.

SEE NOTES TO FINANCIAL STATEMENTS.

50 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2018

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	35.71		(6.22	)%	$	9,100		0.83	%		1.20	%		1.80	%		42	%
	41.28		11.88			9,497		0.90			1.41			1.92			38
	39.35		19.64			7,943		1.08			0.80			2.29			53
	33.20		(0.72	)		8,760		1.15			1.90	(f)		1.95			31
	34.01		7.22			10,933		1.15			0.85			1.87			35
	31.93		25.78			9,466		1.17			0.68			2.19			49
	35.05		(6.48	)		2,773		1.33			0.71			2.29			42
	40.44		11.35			3,277		1.42			1.01			2.45			38
	38.51		19.02			5,063		1.58			0.30			2.79			53
	32.48		(1.21	)		6,131		1.65			1.38	(f)		2.46			31
	33.29		6.71			6,874		1.65			0.36			2.36			35
	31.38		25.13			3,709		1.66			0.19			2.66			49
	35.92		(6.11	)		10,961		0.58			1.45			1.53			42
	41.56		12.16			9,172		0.64			1.59			1.63			38
	39.59		19.95			5,038		0.83			1.04			2.03			53
	33.40		(0.48	)		4,148		0.90			2.05	(f)		1.65			31
	34.22		7.51			4,833		0.90			1.10			1.59			35
	32.07		26.10			3,438		0.91			0.95			1.90			49

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 J.P. MORGAN INTREPID FUNDS 51

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Intrepid Value Fund
Class A
Six Months Ended December 31, 2018 (Unaudited)	$	34.53	$	0.27	$	(3.32	)	$	(3.05	)	$	(0.28	)	$	(3.64	)	$	(3.92	)
Year Ended June 30, 2018		35.54		0.53		4.10			4.63			(0.55	)		(5.09	)		(5.64	)
Year Ended June 30, 2017		31.20		0.47		4.66			5.13			(0.52	)		(0.27	)		(0.79	)
Year Ended June 30, 2016		35.66		0.53		(2.95	)		(2.42	)		(0.49	)		(1.55	)		(2.04	)
Year Ended June 30, 2015		37.13		0.46		1.38			1.84			(0.44	)		(2.87	)		(3.31	)
Year Ended June 30, 2014		29.76		0.40		7.36			7.76			(0.39	)		—			(0.39	)
Class C
Six Months Ended December 31, 2018 (Unaudited)		34.06		0.18		(3.26	)		(3.08	)		(0.23	)		(3.64	)		(3.87	)
Year Ended June 30, 2018		35.14		0.35		4.05			4.40			(0.39	)		(5.09	)		(5.48	)
Year Ended June 30, 2017		30.87		0.30		4.60			4.90			(0.36	)		(0.27	)		(0.63	)
Year Ended June 30, 2016		35.29		0.36		(2.91	)		(2.55	)		(0.32	)		(1.55	)		(1.87	)
Year Ended June 30, 2015		36.80		0.27		1.37			1.64			(0.28	)		(2.87	)		(3.15	)
Year Ended June 30, 2014		29.52		0.23		7.28			7.51			(0.23	)		—			(0.23	)
Class I
Six Months Ended December 31, 2018 (Unaudited)		34.71		0.32		(3.35	)		(3.03	)		(0.31	)		(3.64	)		(3.95	)
Year Ended June 30, 2018		35.69		0.62		4.11			4.73			(0.62	)		(5.09	)		(5.71	)
Year Ended June 30, 2017		31.34		0.53		4.67			5.20			(0.58	)		(0.27	)		(0.85	)
Year Ended June 30, 2016		35.80		0.57		(2.95	)		(2.38	)		(0.53	)		(1.55	)		(2.08	)
Year Ended June 30, 2015		37.25		0.51		1.40			1.91			(0.49	)		(2.87	)		(3.36	)
Year Ended June 30, 2014		29.85		0.45		7.38			7.83			(0.43	)		—			(0.43	)
Class R2
Six Months Ended December 31, 2018 (Unaudited)		34.26		0.23		(3.30	)		(3.07	)		(0.25	)		(3.64	)		(3.89	)
Year Ended June 30, 2018		35.33		0.46		4.03			4.49			(0.47	)		(5.09	)		(5.56	)
Year Ended June 30, 2017		31.04		0.38		4.62			5.00			(0.44	)		(0.27	)		(0.71	)
Year Ended June 30, 2016		35.48		0.44		(2.92	)		(2.48	)		(0.41	)		(1.55	)		(1.96	)
Year Ended June 30, 2015		37.02		0.35		1.40			1.75			(0.42	)		(2.87	)		(3.29	)
Year Ended June 30, 2014		29.69		0.31		7.33			7.64			(0.31	)		—			(0.31	)
Class R5
Six Months Ended December 31, 2018 (Unaudited)		34.80		0.34		(3.34	)		(3.00	)		(0.33	)		(3.64	)		(3.97	)
Year Ended June 30, 2018		35.78		0.66		4.13			4.79			(0.68	)		(5.09	)		(5.77	)
Year Ended June 30, 2017		31.42		0.59		4.69			5.28			(0.65	)		(0.27	)		(0.92	)
Year Ended June 30, 2016		35.88		0.64		(2.95	)		(2.31	)		(0.60	)		(1.55	)		(2.15	)
Year Ended June 30, 2015		37.33		0.59		1.39			1.98			(0.56	)		(2.87	)		(3.43	)
Year Ended June 30, 2014		29.91		0.52		7.40			7.92			(0.50	)		—			(0.50	)
Class R6
Six Months Ended December 31, 2018 (Unaudited)		34.80		0.37		(3.35	)		(2.98	)		(0.34	)		(3.64	)		(3.98	)
Year Ended June 30, 2018		35.78		0.69		4.13			4.82			(0.71	)		(5.09	)		(5.80	)
Year Ended June 30, 2017		31.42		0.61		4.69			5.30			(0.67	)		(0.27	)		(0.94	)
Year Ended June 30, 2016		35.89		0.66		(2.97	)		(2.31	)		(0.61	)		(1.55	)		(2.16	)
Year Ended June 30, 2015		37.33		0.61		1.39			2.00			(0.57	)		(2.87	)		(3.44	)
Year Ended June 30, 2014		29.91		0.47		7.46			7.93			(0.51	)		—			(0.51	)

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Calculated based upon average shares outstanding.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(e) Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

SEE NOTES TO FINANCIAL STATEMENTS.

52 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2018

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	27.56		(9.37	)%	$	71,926		0.82	%		1.58	%		1.02	%		35	%
	34.53		13.39			86,400		0.83			1.48			1.02			68
	35.54		16.55			95,891		0.83			1.41			1.16			81
	31.20		(6.70	)		240,808		0.83			1.64			1.18			66
	35.66		5.24			173,149		0.86			1.26			1.13			52
	37.13		26.17			114,036		0.94			1.19			1.17			49
	27.11		(9.59	)		18,522		1.32			1.07			1.52			35
	34.06		12.84			23,686		1.33			1.00			1.53			68
	35.14		15.97			35,999		1.32			0.89			1.59			81
	30.87		(7.16	)		42,788		1.33			1.12			1.62			66
	35.29		4.72			53,413		1.36			0.76			1.62			52
	36.80		25.50			35,963		1.44			0.69			1.67			49
	27.73		(9.27	)		697,768		0.58			1.84			0.76			35
	34.71		13.65			772,556		0.62			1.71			0.76			68
	35.69		16.72			886,602		0.68			1.56			0.90			81
	31.34		(6.56	)		1,224,039		0.68			1.77			0.91			66
	35.80		5.41			1,424,101		0.71			1.39			0.90			52
	37.25		26.35			1,214,765		0.79			1.34			0.92			49
	27.30		(9.49	)		4,370		1.08			1.30			1.83			35
	34.26		13.04			5,781		1.12			1.28			1.52			68
	35.33		16.24			19,693		1.10			1.12			1.59			81
	31.04		(6.91	)		17,721		1.08			1.39			1.75			66
	35.48		4.98			14,237		1.09			0.97			1.43			52
	37.02		25.82			1,346		1.19			0.92			1.42			49
	27.83		(9.17	)		71,653		0.43			1.95			0.61			35
	34.80		13.80			90,714		0.45			1.82			0.62			68
	35.78		16.97			86,134		0.48			1.73			0.61			81
	31.42		(6.35	)		85,624		0.48			1.98			0.61			66
	35.88		5.60			83,859		0.51			1.59			0.63			52
	37.33		26.60			80,008		0.59			1.53			0.72			49
	27.84		(9.11	)		115,081		0.33			2.11			0.51			35
	34.80		13.90			118,726		0.37			1.90			0.52			68
	35.78		17.03			108,525		0.43			1.79			0.52			81
	31.42		(6.33	)		86,255		0.43			2.07			0.51			66
	35.89		5.67			39,024		0.46			1.65			0.55			52
	37.33		26.66			19,495		0.54			1.41			0.67			49

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 J.P. MORGAN INTREPID FUNDS 53

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2018 (Unaudited)

1. Organization

JPMorgan Trust I (“JPM I”) and JPMorgan Trust II (“JPM II”) (collectively, the “Trusts”) were formed on November 12, 2004, as Delaware statutory trusts, pursuant to Declarations of Trust dated November 5, 2004 and are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as open-end management investment companies.

The following are 5 separate funds of the Trusts (each, a “Fund” and collectively, the “Funds”) covered by this report:

	Classes Offered	Trust	Diversified/Non-Diversified
JPMorgan Intrepid America Fund	Class A, Class C, Class I, Class R2, Class R5 and Class R6	JPM I	Diversified
JPMorgan Intrepid Growth Fund	Class A, Class C, Class I, Class R2, Class R5 and Class R6	JPM I	Diversified
JPMorgan Intrepid Mid Cap Fund	Class A, Class C, Class I, Class R3, Class R4 and Class R6	JPM II	Diversified
JPMorgan Intrepid Sustainable Equity Fund	Class A, Class C and Class I	JPM I	Diversified
JPMorgan Intrepid Value Fund	Class A, Class C, Class I, Class R2, Class R5 and Class R6	JPM I	Diversified

The investment objective of both the JPMorgan Intrepid America Fund (“Intrepid America Fund”) and the JPMorgan Intrepid Growth Fund (“Intrepid Growth Fund”) is to seek to provide long-term capital growth.

The investment objective of the JPMorgan Intrepid Mid Cap Fund (“Intrepid Mid Cap Fund”) is to seek long-term capital growth by investing primarily in equity securities of companies with intermediate capitalizations.

The investment objective of both the JPMorgan Intrepid Sustainable Equity Fund (“Intrepid Sustainable Equity Fund”) and the JPMorgan Intrepid Value Fund (“Intrepid Value Fund”) is to seek to provide long-term capital appreciation.

Class A Shares generally provide for a front-end sales charge while Class C Shares provide for a contingent deferred sales charge (“CDSC”). No sales charges are assessed with respect to Class I, Class R2, Class R3, Class R4, Class R5 and Class R6 Shares. Certain Class A Shares, for which front-end sales charges have been waived, may be subject to a CDSC as described in the Funds’ prospectus. Beginning on November 14, 2017, Class C Shares automatically convert to Class A Shares after ten years. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different transfer agency, distribution and service fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements.

J.P. Morgan Investment Management Inc. (“JPMIM”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), acts as Adviser (the “Adviser”) and Administrator (the “Administrator”) to the Funds.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The Funds are investment companies and, thus, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification Topic 946 — Investment Companies, which is part of U.S. generally accepted accounting principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

A. Valuation of Investments — The valuation of investments is in accordance with GAAP and the Funds’ valuation policies set forth by and under the supervision and responsibility of the Boards of Trustees (the “Boards”), 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 Boards.

The Administrator has established the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to assist the Boards with the oversight and monitoring of the valuation of the Funds’ investments. The Administrator implements the valuation policies of the Funds’ investments, as directed by the Boards. The AVC oversees and carries out the policies for the valuation of investments held in the Funds. This 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 Boards.

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 Funds are calculated on a valuation date. Investments in open-end investment companies (the “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.

54 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2018

The various inputs that are used in determining the valuation of the Funds’ 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 Funds’ 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 tables represent each valuation input as presented on the Schedules of Portfolio Investments (“SOIs”) (amounts in thousands):

Intrepid America Fund

	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	3,574,381		$	—	$	—	$	3,574,381
Appreciation in Other Financial Instruments
Futures Contracts	$	168		$	—	$	—	$	168
Intrepid Growth Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	1,054,066		$	—	$	—	$	1,054,066
Depreciation in Other Financial Instruments
Futures Contracts	$	(214	)	$	—	$	—	$	(214	)
Intrepid Mid Cap Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	530,997		$	—	$	—	$	530,997
Depreciation in Other Financial Instruments
Futures Contracts	$	(173	)	$	—	$	—	$	(173	)
Intrepid Sustainable Equity Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	22,817		$	—	$	—	$	22,817
Appreciation in Other Financial Instruments
Futures Contracts	$	2		$	—	$	—	$	2
Intrepid Value Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	985,668		$	—	$	—	$	985,668
Depreciation in Other Financial Instruments
Futures Contracts	$	(37	)	$	—	$	—	$	(37	)

(a) All portfolio holdings designated as level 1 are disclosed individually on the SOIs. Please refer to the SOIs for industry specifics of portfolio holdings.

DECEMBER 31, 2018 J.P. MORGAN INTREPID FUNDS 55

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

There were no transfers among any levels during the six months ended December 31, 2018.

B. Futures Contracts — The Funds used index futures contracts to gain or reduce exposure to the stock market, maintain liquidity or minimize transaction costs. The Funds also bought futures contracts to invest incoming cash in the market or sold futures in response to cash outflows, thereby simulating an invested position in the underlying index while maintaining a cash balance for liquidity.

Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Funds are required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Funds periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as Change in net unrealized appreciation/depreciation on the Statements of Operations. Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported on the Statements of Operations at the closing or expiration of the futures contract. Securities deposited as initial margin are designated on the SOIs and cash deposited, which is considered restricted, is recorded on the Statements of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statements of Assets and Liabilities.

The use of futures contracts exposes the Funds to equity price risk. The Funds may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subjects the Funds to risk of loss in excess of the amounts shown on the Statements of Assets and Liabilities, up to the notional amount of the futures contracts. Use of short futures contracts subjects the Funds to unlimited risk of loss. The Funds may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Funds’ credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of positions.

The table below discloses the volume of the Funds’ futures contracts activity during the six months ended December 31, 2018 (amounts in thousands):

	Intrepid America Fund		Intrepid Growth Fund		Intrepid Mid Cap Fund		Intrepid Sustainable Equity Fund			Intrepid Value Fund
Futures Contracts — Equity:
Average Notional Balance Long	$	83,460	$	26,692	$	9,346	$	533	(a)	$	35,302
Ending Notional Balance Long		100,120		26,532		7,154		375			33,290

(a) For the period November 1, 2018 through December 31, 2018.

The Funds’ futures contracts are not subject to master netting agreements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).

C. Securities Lending — Effective October 5, 2018, the Funds became authorized to engage in securities lending in order to generate additional income. The Funds are able to lend to approved borrowers. Citibank N.A. (“Citibank”) serves as lending agent for the Funds, pursuant to a Securities Lending Agency Agreement (the “Securities Lending Agency Agreement”). Securities loaned are collateralized by cash equal to at least 100% of the market value plus accrued interest on the securities lent, which is invested in the IM Shares of JPMorgan U.S. Government Money Market Fund and the Agency SL Shares of the JPMorgan Securities Lending Money Market Fund. The Funds retain loan fees and the interest on cash collateral investments but are required to pay the borrower a rebate for the use of cash collateral. In cases where the lent security is of high value to borrowers, there may be a negative rebate (i.e., a net payment from the borrower to the Funds). Upon termination of a loan, the Funds are required to return to the borrower an amount equal to the cash collateral, plus any rebate owed to the borrowers. The remaining maturities of the securities lending transactions are considered overnight and continuous. Loans are subject to termination by the Funds or the borrower at any time.

The net income earned on the securities lending (after payment of rebates and Citibank’s fee) is included on the Statements of Operations as Income from securities lending (net). The Funds also receive payments from the borrower during the period of the loan, equivalent to dividends and interest earned on the securities loaned, which are recorded as Dividend or Interest income, respectively, on the Statements of Operations (amounts in thousands).

	Dividend Income
Intrepid America Fund	$	60
Intrepid Growth Fund		71
Intrepid Mid Cap Fund		4
Intrepid Value Fund		77

Under the Securities Lending Agency Agreement, Citibank marks to market the loaned securities on a daily basis. In the event the cash received from the borrower is less than 102% of the value of the loaned securities (105% for loans of non-U.S. securities), Citibank requests additional cash

56 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2018

from the borrower so as to maintain a collateralization level of at least 102% of the value of the loaned securities plus accrued interest (105% for loans of non-U.S. securities).

The value of securities out on loan is recorded as an asset on the Statements of Assets and Liabilities. The value of the cash collateral received is recorded as a liability on the Statements of Assets and Liabilities and details of Collateral Investments are disclosed on the SOIs. At December 31, 2018, the value of outstanding securities on loan and the value of Collateral investments were as follows (amounts in thousands):

	Value of Securities on Loan		Cash Collateral Posted by Borrower			Total value of Collateral Investments
Intrepid America Fund	$	39,302	$	39,853		$	39,853
Intrepid Growth Fund		14,187		15,795			15,795
Intrepid Mid Cap Fund		2,801		2,705	*		2,705
Intrepid Value Fund		29,893		31,468			31,468

* Subsequent to December 31, 2018, additional collateral was received from borrowers.

The Funds bear the risk of loss associated with the Collateral Investments and are not entitled to additional collateral from the borrower to cover any such losses. To the extent that the value of the Collateral Investments declines below the amount owed to a borrower, the Funds may incur losses that exceed the amount they earned on lending the security. Upon termination of a loan, the Funds may use leverage (borrow money) to repay the borrower for cash collateral posted if the Adviser does not believe that it is prudent to sell the Collateral Investments to fund the payment of this liability.

The following table presents the Funds’ value of the securities on loan with Citibank, net of amounts available for offset under the master netting arrangements and any related collated received or posted by the Funds as of December 31, 2018 (amounts in thousands).

	Investment Securities on Loan, at value, Presented on the Statement of Assets and Liabilities		Cash Collateral Posted by Borrower			Net Amount Due to Counterparty (not less than zero)
Intrepid America Fund	$	39,302	$	(39,302	)	$	—
Intrepid Growth Fund		14,187		(14,187	)		—
Intrepid Mid Cap Fund		2,801		(2,705	)*		96
Intrepid Value Fund		29,893		(29,893	)		—

* Subsequent to December 31, 2018, additional collateral was received from borrowers.

Securities lending also involves counterparty risks, including the risk that the loaned securities may not be returned in a timely manner or at all. Subject to certain conditions, Citibank has agreed to indemnify the Funds from losses resulting from a borrower’s failure to return a loaned security.

JPMIM voluntarily waived investment advisory fees charged to the Funds to reduce the impact of the investment in the JPMorgan U.S. Government Money Market Fund from 0.16% to 0.06%. JPMIM waived fees associated with the Funds’ investment in JPMorgan U.S. Government Money Market Fund as follows (amounts in thousands):

Intrepid America Fund	$	1
Intrepid Growth Fund		1
Intrepid Mid Cap Fund		—	(a)
Intrepid Value Fund		1

(a) Amount rounds to less than one thousand.

The above waiver is included in the determination of earnings on cash collateral investment and in the calculation of Citibank’s compensation and is included in the Statements of Operations as Income from securities lending (net).

Intrepid Sustainable Equity Fund did not lend out any securities during the period ended December 31, 2018.

D. Investment Transactions with Affiliates — The Funds invested in Underlying Funds which are advised by the Adviser or its affiliates. An issuer which is under common control with the Funds may be considered an affiliate. For the purposes of the financial statements, the Funds assume the issuers listed in the table below to be affiliated issuers. Underlying Funds’ distributions may be reinvested into the Underlying Funds. Reinvestment amounts are included in the purchase cost amounts in the table below. Amounts in the tables below are in thousands.

DECEMBER 31, 2018 J.P. MORGAN INTREPID FUNDS 57

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

Intrepid America Fund

For the six months ended December 31, 2018
Security Description	Value at June 30, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at December 31, 2018		Shares at December 31, 2018		Dividend Income			Capital Gain Distributions
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.60% (a) (b)	$	—	$	70,000	$	36,500	$	—	$	—	$	33,500		33,503	$	43	*	$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (a) (b)		—		63,701		57,348		—		—		6,353		6,353		17	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.40% (a) (b)		99,912		724,948		670,570		—		—		154,290		154,290		830			—
Total	$	99,912	$	858,649	$	764,418	$	—	$	—	$	194,143			$	890		$	—

Intrepid Growth Fund

For the six months ended December 31, 2018
Security Description	Value at June 30, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at December 31, 2018		Shares at December 31, 2018		Dividend Income			Capital Gain Distributions
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.60% (a) (b)	$	—	$	54,000	$	43,000	$	—	$	—	$	11,000		11,001	$	50	*	$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (a) (b)		—		31,197		26,402		—		—		4,795		4,795		21	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.40% (a) (b)		27,874		154,768		163,862		—		—		18,780		18,780		270			—
Total	$	27,874	$	239,965	$	233,264	$	—	$	—	$	34,575			$	341		$	—

Intrepid Mid Cap Fund

For the six months ended December 31, 2018
Security Description	Value at June 30, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at December 31, 2018		Shares at December 31, 2018		Dividend Income			Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (a) (b)	$	—	$	7,460	$	4,755	$	—	$	—	$	2,705		2,705	$	4	*	$	—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.40% (a) (b)		7,288		182,362		181,784		—		—		7,866		7,866		107			—
Total	$	7,288	$	189,822	$	186,539	$	—	$	—	$	10,571			$	111		$	—

58 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2018

Intrepid Sustainable Equity Fund

For the six months ended December 31, 2018
Security Description	Value at June 30, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at December 31, 2018		Shares at December 31, 2018		Dividend Income		Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.40% (a) (b)	$	976	$	5,630	$	6,181	$	—	$	—	$	425		425	$	8	$	—

Intrepid Value Fund

For the six months ended December 31, 2018
Security Description	Value at June 30, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at December 31, 2018		Shares at December 31, 2018		Dividend Income			Capital Gain Distributions
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.60% (a) (b)	$	—	$	48,000	$	23,000	$	—	$	—	$	25,000		25,003	$	55	*	$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (a) (b)		—		37,300		30,832		—		—		6,468		6,468		22	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.40% (a) (b)		47,528		111,051		152,887		—		—		5,692		5,692		302			—
Total	$	47,528	$	196,351	$	206,719	$	—	$	—	$	37,160			$	379		$	—

(a) Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.

(b) The rate shown is the current yield as of December 31, 2018.

* Amount is included on the Statements of Operations as Income from securities lending (net).

E. Security Transactions and Investment Income — Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis. Interest income is determined on the basis of coupon interest accrued using the effective interest method which adjusts for amortization of premiums and accretion of discounts. Dividend income, net of foreign taxes withheld, if any, is recorded on the ex-dividend date or when a Fund first learns of the dividend.

To the extent such information is publicly available, the Funds record distributions received in excess of income earned from underlying investments as a reduction of cost of investments and/or realized gain. Such amounts are based on estimates if actual amounts are not available and actual amounts of income, realized gain and return of capital may differ from the estimated amounts. The Funds adjust the estimated amounts of the components of distributions (and consequently their net investment income) as necessary once the issuers provide information about the actual composition of the distributions.

F. Allocation of Income and Expenses — Expenses directly attributable to a fund are charged directly to that fund, while the expenses attributable to more than one fund of the Trusts are allocated among the respective funds. In calculating the NAV of each class, investment income, realized and unrealized gains and losses and expenses, other than class-specific expenses, are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day.

DECEMBER 31, 2018 J.P. MORGAN INTREPID FUNDS 59

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

Transfer agency fees are class-specific expenses. The amount of the transfer agency fees charged to each class of the Funds for the six months ended December 31, 2018 are as follows (amounts in thousands):

	Class A		Class C			Class I			Class R2		Class R3			Class R4			Class R5			Class R6		Total
Intrepid America Fund
Transfer agency fees	$	7	$	—	(a)	$	2		$	1		n/a			n/a		$	—	(a)	$	13	$	23
Intrepid Growth Fund
Transfer agency fees		6		1			3			28		n/a			n/a			1			2		41
Intrepid Mid Cap Fund
Transfer agency fees		25		1			4			n/a		—	(a)		—	(a)		n/a			2		32
Intrepid Sustainable Equity Fund
Transfer agency fees		2		—	(a)		—	(a)		n/a		n/a			n/a			n/a			n/a		2
Intrepid Value Fund
Transfer agency fees		2		1			5			15		n/a			n/a			1			1		25

(a) Amount rounds to less than one thousand.

G. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code (the “Code”), applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of December 31 2018, no liability for income tax is required in the Funds’ financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each of the Funds’ Federal tax returns for the prior three fiscal years remains subject to examination by the Internal Revenue Service.

H. Distributions to Shareholders — Distributions from net investment income, if any, are generally declared and paid at least annually, except for the Intrepid Value Fund, for which distributions are generally declared and paid at least quarterly. Distributions are declared separately for each class. No class has preferential dividend rights; differences in per share rates are due to differences in separate class expenses. Net realized capital gains, if any, are distributed by each Fund at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federal tax-basis treatment.

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to an Investment Advisory Agreement, the Adviser supervises the investments of each Fund and for such services is paid a fee. The fee is accrued daily and paid monthly based on each Fund’s respective average daily net assets. The annual rate for each Fund is as follows:

Intrepid America Fund	0.40	%
Intrepid Growth Fund	0.50
Intrepid Mid Cap Fund	0.65
Intrepid Sustainable Equity Fund	0.50
Intrepid Value Fund	0.40

The Adviser waived Investment Advisory fees and/or reimbursed expenses as outlined in Note 3.F.

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator provides certain administration services to the Funds. In consideration of these services during the six months ended December 31, 2018, the Administrator received a fee that was accrued daily and paid monthly at an annual rate of 0.15% of the first $25 billion of the average daily net assets of all funds in the J.P. Morgan Funds Complex covered by the Administration Agreement (excluding certain funds of funds and money market funds) and 0.075% of the average daily net assets in excess of $25 billion of all such funds. For the six months ended December 31, 2018, the effective rate was 0.08% of each Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

The Administrator waived Administration fees as outlined in Note 3.F.

Effective January 1, 2019, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.075% of the first $10 billion of each Fund’s respective average daily net assets, 0.050% of each Fund’s respective average daily net assets between $10 billion and $20 billion, 0.025% of each Fund’s respective average daily net assets between $20 billion and $25 billion and 0.01% of the each Fund’s respective average daily net assets in excess of $25 billion.

JPMorgan Chase Bank, N.A. (“JPMCB”), a wholly-owned subsidiary of JPMorgan, serves as the Funds’ sub-administrator (the “Sub-administrator”). For its services as Sub-administrator, JPMCB receives a portion of the fees payable to the Administrator.

60 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2018

C. Distribution Fees — Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (“JPMDS”), an indirect, wholly-owned subsidiary of JPMorgan, serves as the Trusts’ principal underwriter and promotes and arranges for the sale of each Fund’s shares.

The Boards have adopted a Distribution Plan (the “Distribution Plan”) for Class A, Class C, Class R2 and Class R3 Shares of the Funds, as applicable, in accordance with Rule 12b-1 under the 1940 Act. Class I, Class R4, Class R5 and Class R6 Shares do not charge a distribution fee. The Distribution Plan provides that each Fund shall pay distribution fees, including payments to JPMDS, at annual rates of the average daily net assets as shown in the table below:

	Class A			Class C			Class R2			Class R3
Intrepid America Fund		0.25	%		0.75	%		0.50	%		n/a
Intrepid Growth Fund		0.25			0.75			0.50			n/a
Intrepid Mid Cap Fund		0.25			0.75			n/a			0.25	%
Intrepid Sustainable Equity Fund		0.25			0.75			n/a			n/a
Intrepid Value Fund		0.25			0.75			0.50			n/a

In addition, JPMDS is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the six months ended December 31, 2018, JPMDS retained the following (amounts in thousands):

	Front-End Sales Charge		CDSC
Intrepid America Fund	$	2	$	—
Intrepid Growth Fund		8		—
Intrepid Mid Cap Fund		6		—	(a)
Intrepid Sustainable Equity Fund		2		—
Intrepid Value Fund		2		—

(a) Amount rounds to less than one thousand.

D. Service Fees — The Trusts, on behalf of the Funds, have entered into Shareholder Servicing Agreements with JPMDS under which JPMDS provides certain support services to the shareholders. For performing these services, JPMDS receives a fee, except for Class R6 Shares which do not charge a service fee, that is accrued daily and paid monthly equal to a percentage of the average daily net assets as shown in the table below:

	Class A			Class C			Class I			Class R2			Class R3			Class R4			Class R5
Intrepid America Fund		0.25	%		0.25	%		0.25	%		0.25	%		n/a			n/a			0.10	%
Intrepid Growth Fund		0.25			0.25			0.25			0.25			n/a			n/a			0.10
Intrepid Mid Cap Fund		0.25			0.25			0.25			n/a			0.25	%		0.25	%		n/a
Intrepid Sustainable Equity Fund		0.25			0.25			0.25			n/a			n/a			n/a			n/a
Intrepid Value Fund		0.25			0.25			0.25			0.25			n/a			n/a			0.10

JPMDS has entered into shareholder services contracts with affiliated and unaffiliated financial intermediaries who provide shareholder services and other related services to their clients or customers who invest in the Funds under which JPMDS will pay all or a portion of such fees earned to financial intermediaries for performing such services.

JPMDS waived service fees as outlined in Note 3.F.

E. Custodian and Accounting Fees — JPMCB provides portfolio custody and accounting services to the Funds. For performing these services, the Funds pay JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses. The amounts paid directly to JPMCB by the Funds for custody and accounting services are included in Custodian and accounting fees on the Statements of Operations. Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the Statements of Operations. Prior to March 1, 2018, payments to the custodian were reduced by credits earned by each Fund, based on uninvested cash balances held by the custodian. Such earnings credits, if any, are presented separately on the Statements of Operations.

Interest expense paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates on the Statements of Operations.

DECEMBER 31, 2018 J.P. MORGAN INTREPID FUNDS 61

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

F. Waivers and Reimbursements — The Adviser, Administrator and/or JPMDS have contractually agreed to waive fees and/or reimburse the Funds to the extent that total annual operating expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation and extraordinary expenses) exceed the percentages of each Fund’s respective average daily net assets as shown in the table below:

	Class A			Class C			Class I			Class R2			Class R3			Class R4			Class R5			Class R6
Intrepid America Fund		0.84	%		1.34	%		0.59	%		1.09	%		n/a			n/a			0.44	%		0.34	%
Intrepid Growth Fund		0.84			1.34			0.59			1.09			n/a			n/a			0.44			0.34
Intrepid Mid Cap Fund		1.14			1.64			0.89			n/a			1.14	%		0.89	%		n/a			0.64
Intrepid Sustainable Equity Fund		0.84			1.34			0.59			n/a			n/a			n/a			n/a			n/a
Intrepid Value Fund		0.83			1.33			0.59			1.09			n/a			n/a			0.44			0.34

The expense limitation agreements were in effect for the six months ended December 31, 2018 and are in place until at least October 31, 2019.

For the six months ended December 31, 2018, the Funds’ service providers waived fees and/or reimbursed expenses for each of the Funds as follows (amounts in thousands). None of these parties expect the Funds to repay any such waived fees and reimbursed expenses in future years.

	Contractual Waivers
	Investment Advisory Fees		Administration Fees		Service Fees		Total		Contractual Reimbursements
Intrepid America Fund	$	1,936	$	1,290	$	10	$	3,236	$	8
Intrepid Growth Fund		1,112		482		32		1,626		5
Intrepid Mid Cap Fund		292		194		29		515		2
Intrepid Sustainable Equity Fund		60		10		30		100		14
Intrepid Value Fund		583		389		15		987		9

Additionally, the Funds may invest in one or more money market funds advised by the Adviser or its affiliates (affiliated money market funds). The Adviser, Administrator and/or JPMDS, as shareholder servicing agent, have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the applicable Fund’s investment in such affiliated money market fund.

The amounts of waivers resulting from investments in these money market funds for the six months ended December 31, 2018 were as follows (amounts in thousands):

Intrepid America Fund	$	84
Intrepid Growth Fund		29
Intrepid Mid Cap Fund		12
Intrepid Sustainable Equity Fund		1
Intrepid Value Fund		37

G. Other — Certain officers of the Trusts are affiliated with the Adviser, the Administrator and JPMDS. Such officers, with the exception of the Chief Compliance Officer, receive no compensation from the Funds for serving in their respective roles.

The Boards appointed a Chief Compliance Officer to the Funds in accordance with Federal securities regulations. Each Fund, along with other affiliated funds, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the Office of the Chief Compliance Officer. Such fees are included in Trustees’ and Chief Compliance Officer’s fees on the Statements of Operations.

The Trusts adopted a Trustee Deferred Compensation Plan (the “Plan”) which allows the Independent Trustees to defer the receipt of all or a portion of compensation related to performance of their duties as Trustees. The deferred fees are invested in various J.P. Morgan Funds until distribution in accordance with the Plan.

During the six months ended December 31, 2018, Intrepid America Fund, Intrepid Growth Fund, Intrepid Mid Cap Fund and Intrepid Value Fund purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.

The Funds may use related party broker-dealers. For the six months ended December 31, 2018, the Funds did not incur any brokerage commissions with broker-dealers affiliated with the Adviser.

The Securities and Exchange Commission (“SEC”) has granted an exemptive order permitting the Funds to engage in principal transactions with J.P. Morgan Securities, Inc., an affiliated broker, involving taxable money market instruments, subject to certain conditions.

62 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2018

4. Investment Transactions

During the six months ended December 31, 2018, purchases and sales of investments (excluding short-term investments) were as follows (amounts in thousands):

	Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
Intrepid America Fund	$	1,874,167	$	2,067,372
Intrepid Growth Fund		426,385		441,597
Intrepid Mid Cap Fund		248,182		460,361
Intrepid Sustainable Equity Fund		12,613		9,576
Intrepid Value Fund		389,001		372,129

During the six months ended December 31, 2018, there were no purchases or sales of U.S. Government securities.

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at December 31, 2018 were as follows (amounts in thousands):

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Intrepid America Fund	$	3,223,971	$	519,268	$	168,690	$	350,578
Intrepid Growth Fund		836,423		255,741		38,312		217,429
Intrepid Mid Cap Fund		492,670		83,411		45,257		38,154
Intrepid Sustainable Equity Fund		20,948		3,016		1,145		1,871
Intrepid Value Fund		925,389		128,006		67,764		60,242

As of June 30, 2018, the Funds did not have any net capital loss carryforwards.

6. Borrowings

The Funds rely upon an exemptive order granted by the SEC (the “Order”) permitting the establishment and operation of an Interfund Lending Facility (the “Facility”). The Facility allows the Funds to directly lend and borrow money to or from any other fund relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund’s borrowing restrictions. The Interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. The Order was granted to JPM II and may be relied upon by the Funds because the Funds and the series of JPM II are all investment companies in the same “group of investment companies” (as defined in Section 12(d)(1)(G) of the 1940 Act).

The Trusts and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Funds. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund’s borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until November 4, 2019.

The Funds had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility during the six months ended December 31, 2018.

The Trusts, along with certain other trusts (“Borrowers”), have entered into a joint syndicated senior unsecured revolving credit facility totaling $1.5 billion (“Credit Facility”) with various lenders and The Bank of New York Mellon, as administrative agent for the lenders. This Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Under the terms of the Credit Facility, a borrowing fund must have a minimum of $25,000,000 in adjusted net asset value and not exceed certain adjusted net asset coverage ratios prior to and during the time in which any borrowings are outstanding. If a fund does not comply with the aforementioned requirements, the fund must remediate within three business days with respect to the $25,000,000 minimum adjusted net asset value or within one business day with respect to certain asset coverage ratios or the administrative agent at the request of, or with the consent of, the lenders may terminate the Credit Facility and declare any outstanding borrowings to be due and payable immediately.

Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.00% plus the greater of the federal funds effective rate or one month LIBOR. The annual commitment fee to maintain the Credit Facility is 0.15% and is incurred on the unused portion of the Credit Facility and is allocated to all participating funds pro rata based on their respective net assets. Effective August 14, 2018, this agreement has been amended and restated for a term of 364 days, unless extended.

The Funds did not utilize the Credit Facility during the six months ended December 31, 2018.

DECEMBER 31, 2018 J.P. MORGAN INTREPID FUNDS 63

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

7. Risks, Concentrations and Indemnifications

In the normal course of business, the Funds enter into contracts that contain a variety of representations which provide general indemnifications. Each Fund’s maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be brought against each Fund. However, based on experience, the Funds expect the risk of loss to be remote.

As of December 31, 2018, the Funds had omnibus accounts which owned more than 10% of the respective Fund’s outstanding shares as follows:

	Number of Affiliated Omnibus Accounts		% of the Fund			Number of Non-Affiliated Omnibus Accounts		% of the Fund
Intrepid Mid Cap Fund		2		17.2	%		4		15.5	%
Intrepid Sustainable Equity Fund		2		19.4			6		36.6
Intrepid Value Fund		—		—			3		58.8

As of December 31, 2018, J.P. Morgan Investor Funds and JPMorgan Smart Retirement Funds, which are affiliated funds of funds, owned in the aggregate, shares representing more than 10% of the net assets of the Funds as follows:

	JPMorgan Investor Funds			JPMorgan Smart Retirement Funds
Intrepid America Fund		28.1	%		61.5	%
Intrepid Growth Fund		40.7			—

Significant shareholder transactions by these shareholders may impact the Funds’ performance.

8. New Accounting Pronouncements

In August 2018, the Financial Accounting Standard Board (“FASB”) issued Accounting Standard Update (“ASU”) 2018-13 (“ASU 2018-13”) Fair Value Measurement (Topic 820): Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement, which adds, removes, and modifies certain aspects of the fair value disclosure. ASU 2018-13 amendments are the result of a broader disclosure project, FASB Concepts Statement Conceptual Framework for Financial Reporting — Chapter 8: Notes to Financial Statements, to improve the effectiveness of the fair value disclosure requirements. ASU 2018-13 is effective for the fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019; early adoption is permitted. We have evaluated the implications of these changes and the amendments are included in the financial statements, which had no effect to the Funds’ net assets or results of operation.

In August 2018, the SEC adopted their Disclosure Update and Simplification Rule (the “Rule”). The Rule is part of the SEC’s overall project to improve disclosure effectiveness by amending certain disclosure requirements that have become redundant, duplicative, overlapping, outdated, or superseded in light of other SEC disclosure requirements, U.S. GAAP, or changes in the information environment. The amendments are intended to facilitate the disclosure of information to investors and simplify compliance without significantly altering the total mix of information provided to investors. We have evaluated the implications of these changes and the amendments are included in the financial statements, which had no effect on the Funds’ net assets or results of operation.

64 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2018

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, July 1, 2018, and continued to hold your shares at the end of the reporting period, December 31, 2018.

Actual Expenses

For each Class of each Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

	Beginning Account Value July 1, 2018		Ending Account Value December 31, 2018		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Intrepid America Fund
Class A
Actual	$	1,000.00	$	906.60	$	4.04		0.84	%
Hypothetical		1,000.00		1,020.97		4.28		0.84
Class C
Actual		1,000.00		904.60		6.43		1.34
Hypothetical		1,000.00		1,018.45		6.82		1.34
Class I
Actual		1,000.00		908.00		2.84		0.59
Hypothetical		1,000.00		1,022.23		3.01		0.59
Class R2
Actual		1,000.00		905.70		5.24		1.09
Hypothetical		1,000.00		1,019.71		5.55		1.09
Class R5
Actual		1,000.00		908.60		2.12		0.44
Hypothetical		1,000.00		1,022.99		2.24		0.44
Class R6
Actual		1,000.00		908.90		1.64		0.34
Hypothetical		1,000.00		1,023.49		1.73		0.34
JPMorgan Intrepid Growth Fund
Class A
Actual		1,000.00		909.30		4.04		0.84
Hypothetical		1,000.00		1,020.97		4.28		0.84
Class C
Actual		1,000.00		906.90		6.44		1.34
Hypothetical		1,000.00		1,018.45		6.82		1.34
Class I
Actual		1,000.00		910.40		2.84		0.59
Hypothetical		1,000.00		1,022.23		3.01		0.59

DECEMBER 31, 2018 J.P. MORGAN INTREPID FUNDS 65

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment

	Beginning Account Value July 1, 2018		Ending Account Value December 31, 2018		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Intrepid Growth Fund (continued)
Class R2
Actual	$	1,000.00	$	908.00	$	5.24		1.09	%
Hypothetical		1,000.00		1,019.71		5.55		1.09
Class R5
Actual		1,000.00		911.00		2.12		0.44
Hypothetical		1,000.00		1,022.99		2.24		0.44
Class R6
Actual		1,000.00		911.50		1.64		0.34
Hypothetical		1,000.00		1,023.49		1.73		0.34
JPMorgan Intrepid Mid Cap Fund
Class A
Actual		1,000.00		873.30		5.38		1.14
Hypothetical		1,000.00		1,019.46		5.80		1.14
Class C
Actual		1,000.00		870.90		7.73		1.64
Hypothetical		1,000.00		1,016.94		8.34		1.64
Class I
Actual		1,000.00		874.60		4.21		0.89
Hypothetical		1,000.00		1,020.72		4.53		0.89
Class R3
Actual		1,000.00		873.60		5.38		1.14
Hypothetical		1,000.00		1,019.46		5.80		1.14
Class R4
Actual		1,000.00		874.70		4.21		0.89
Hypothetical		1,000.00		1,020.72		4.53		0.89
Class R6
Actual		1,000.00		875.60		3.03		0.64
Hypothetical		1,000.00		1,021.98		3.26		0.64
JPMorgan Intrepid Sustainable Equity Fund
Class A
Actual		1,000.00		937.80		4.05		0.83
Hypothetical		1,000.00		1,021.02		4.23		0.83
Class C
Actual		1,000.00		935.20		6.49		1.33
Hypothetical		1,000.00		1,018.50		6.77		1.33
Class I
Actual		1,000.00		938.90		2.83		0.58
Hypothetical		1,000.00		1,022.28		2.96		0.58
JPMorgan Intrepid Value Fund
Class A
Actual		1,000.00		906.30		3.94		0.82
Hypothetical		1,000.00		1,021.07		4.18		0.82
Class C
Actual		1,000.00		904.10		6.34		1.32
Hypothetical		1,000.00		1,018.55		6.72		1.32
Class I
Actual		1,000.00		907.30		2.79		0.58
Hypothetical		1,000.00		1,022.28		2.96		0.58
Class R2
Actual		1,000.00		905.10		5.19		1.08
Hypothetical		1,000.00		1,019.76		5.50		1.08

66 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2018

	Beginning Account Value July 1, 2018		Ending Account Value December 31, 2018		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Intrepid Value Fund (continued)
Class R5
Actual	$	1,000.00	$	908.30	$	2.07		0.43	%
Hypothetical		1,000.00		1,023.04		2.19		0.43
Class R6
Actual		1,000.00		908.90		1.59		0.33
Hypothetical		1,000.00		1,023.54		1.68		0.33

* Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

DECEMBER 31, 2018 J.P. MORGAN INTREPID FUNDS 67

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited)

The Board of Trustees has established various standing committees composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment committees (money market and alternative products, equity, and fixed income) meet regularly throughout the year and consider factors that are relevant to their annual consideration of investment advisory agreements at each meeting. They also meet for the specific purpose of considering investment advisory agreement annual renewals. The Board of Trustees held meetings in person in June and August 2018, at which the Trustees considered the continuation of the investment advisory agreements for each Fund whose semi-annual report is contained herein (each an “Advisory Agreement” and collectively, the “Advisory Agreements”). At the June meeting, the Board’s investment committees met to review and consider performance, expense and related information for the J.P. Morgan Funds. Each investment committee reported to the full Board, which then considered the investment committee’s preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not “interested persons” (as defined in the 1940 Act) of any party to the Advisory Agreements or any of their affiliates, approved the continuation of each Advisory Agreement on August 15, 2018.

As part of their review of the Advisory Agreements, the Trustees considered and reviewed performance and other information about the Funds received from the Adviser. This information includes the Funds’ performance as compared to the performance of their peers and benchmarks and analyses by the Adviser of the Funds’ performance. In addition, the Trustees have engaged an independent management consulting firm (“independent consultant”) to report on the performance of certain J.P. Morgan Funds at each of the Trustees’ regular meetings. In addition, in preparation for the June and August meetings, the Trustees requested, received and evaluated extensive materials from the Adviser, including performance and expense information compiled by Broadridge, using data from Lipper Inc., independent providers of investment company data (together, “Broadridge/Lipper”). The Trustees’ independent consultant also provided additional analyses of the performance of the Funds as compared to the Funds’ objectives and peer groups. Before voting on the Advisory Agreements, the Trustees reviewed the Advisory Agreements with representatives of the Adviser, counsel to the Trusts and independent legal counsel and received a memorandum from independent legal counsel to the Trustees discussing the legal standards for their consideration of the Advisory Agreements. The Trustees also discussed the Advisory Agreements in executive sessions with independent legal counsel at which no representatives of the Adviser were present.

A summary of the material factors evaluated by the Trustees in determining whether to approve each Advisory Agreement is provided below. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. The Trustees considered information provided with respect to the Funds throughout the year, as well as materials furnished specifically in connection with the annual review process. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions.

After considering and weighing the factors and information they had received, the Trustees found that the compensation to be received by the Adviser from each Fund under the applicable Advisory Agreement was fair and reasonable under the circumstances and determined that the continuance of the Advisory Agreements was in the best interests of each Fund and its shareholders.

Nature, Extent and Quality of Services Provided by the Adviser

The Trustees received and considered information regarding the nature, extent and quality of the services provided to each Fund under the applicable Advisory Agreement. The Trustees took into account information furnished throughout the year at Trustee meetings, as well as the materials furnished specifically in connection with this annual review process. The Trustees considered the background and experience of the Adviser’s senior management and the expertise of, and the amount of attention given to each Fund by, investment personnel of the Adviser. In addition, the Trustees reviewed the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of each Fund and the infrastructure supporting the team, including personnel changes. The Trustees also considered information provided by the Adviser and JPMorgan Distribution Services, Inc. (“JPMDS”) about the structure and distribution strategy of each Fund. The Trustees reviewed information relating to the Adviser’s risk governance model and reports showing the Adviser’s compliance structure and ongoing compliance processes. The Trustees also considered the quality of the administrative services provided by the Adviser in its role as administrator.

The Trustees also considered their knowledge of the nature and quality of the services provided by the Adviser and its affiliates to the Funds gained from their experience as Trustees of the J.P. Morgan Funds. In addition, they considered the overall reputation and capabilities of the Adviser and its affiliates, the commitment of the Adviser to provide high quality service to the Funds, their overall confidence in the Adviser’s integrity and the Adviser’s responsiveness to questions or concerns raised by them, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to each Fund.

68 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2018

Based upon these considerations and other factors, the Trustees concluded that they were satisfied with the nature, extent and quality of the investment advisory services provided to the Funds by the Adviser.

Costs of Services Provided and Profitability to the Adviser and its Affiliates

The Trustees received and considered information regarding the profitability to the Adviser and its affiliates in providing services to each Fund. The Trustees reviewed and discussed this information. The Trustees recognized that this information is not audited and represents the Adviser’s determination of its and its affiliates’ revenues from the contractual services provided to the Funds, less expenses of providing such services. Expenses include direct and indirect costs and are calculated using an allocation methodology developed by the Adviser. The Trustees also recognized that it is difficult to make comparisons of profitability from fund investment advisory contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the fact that publicly-traded fund managers’ operating profits and net income are net of distribution and marketing expenses. Based upon their review, the Trustees concluded that the profitability to the Adviser under each Advisory Agreement was not unreasonable in light of the services and benefits provided to each Fund.

The Trustees also considered that JPMDS, an affiliate of the Adviser, and the Adviser earn fees from the Funds for providing shareholder and administrative services, respectively. These fees were shown separately in the profitability analysis presented to the Trustees. The Trustees also considered the payments of Rule 12b-1 fees to JPMDS, which also acts as the Funds’ distributor and that these fees are in turn generally paid to financial intermediaries that sell the Funds, including financial intermediaries that are affiliates of the Adviser. The Trustees also considered the fees paid to JPMorgan Chase Bank, N.A. (“JPMCB”) for custody and fund accounting, and other related services.

Fall-Out Benefits

The Trustees reviewed information regarding potential “fall-out” or ancillary benefits received by the Adviser and its affiliates as a result of their relationship with the Funds. The Trustees also reviewed the Adviser’s allocation of fund brokerage for the J.P. Morgan Funds complex, including allocations to brokers who provide research to the Adviser.

Economies of Scale

The Trustees considered the extent to which the Funds may benefit from economies of scale. The Trustees considered that there may not be a direct relationship between economies of

scale realized by the Funds and those realized by the Adviser as assets increase. The Trustees considered the extent to which each Fund was priced to scale and whether it would be appropriate to add advisory fee breakpoints, but noted that each Fund has implemented fee waivers and contractual expense limitations (“Fee Caps”) which allow each Fund’s shareholders to share potential economies of scale from a Fund’s inception and that the fees remain competitive with peer funds. The Trustees also considered that the Adviser has added or enhanced services to the Funds over time, noting the Adviser’s substantial investments in its business in support of the Funds, including investments in trading systems and technology (including cybersecurity improvements), attraction and retention of key talent, additions to analyst and portfolio management teams, and regulatory support enhancements. The Trustees concluded that the current fee structure was reasonable in light of the Fee Caps that the Adviser has in place that serve to limit the overall net expense ratios of each Fund at competitive levels. The Trustees concluded that the Funds’ shareholders received the benefits of potential economies of scale through the Fee Caps and the Adviser’s reinvestment in its operations to serve the Funds and their shareholders.

Independent Written Evaluation of the Funds’ Senior/Chief Compliance Officer

The Trustees noted that, upon their direction, the Senior Officer for the Intrepid Mid Cap Fund had prepared an independent written evaluation in order to assist the Trustees in determining the reasonableness of the proposed management fees. In determining whether to continue the Advisory Agreements, the Trustees considered the Senior Officer’s report.

The Trustees noted that, upon their direction, the Chief Compliance Officer for the, Intrepid America Fund, Intrepid Growth Fund, Intrepid Sustainable Equity Fund and Intrepid Value Fund had prepared an independent written evaluation in order to assist the Trustees in determining the reasonableness of the proposed management fees. The Trustees considered the written evaluation in determining whether to continue the Advisory Agreements.

Fees Relative to Adviser’s Other Clients

The Trustees received and considered information about the nature and extent of investment advisory services and fee rates offered to other clients of the Adviser, including institutional separate accounts and/or funds sub-advised by the Adviser, for investment management styles substantially similar to that of each Fund. The Trustees considered the complexity of investment management for registered mutual funds relative to the Adviser’s other clients and noted differences in the regulatory, legal and other risks and responsibilities of providing services to the different clients. The Trustees considered that serving as an adviser to a registered mutual fund involves greater responsibilities and risks than acting as a sub-adviser and

DECEMBER 31, 2018 J.P. MORGAN INTREPID FUNDS 69

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

observed that sub-advisory fees may be lower than those charged by the Adviser to each Fund. The Trustees also noted that the adviser, not the mutual fund, pays the sub-advisory fee and that many responsibilities related to the advisory function are retained by the primary adviser. The Trustees concluded that the fee rates charged to each Fund in comparison to those charged to the Adviser’s other clients were reasonable.

Investment Performance

The Trustees received and considered absolute and/or relative performance information for the Funds in a report prepared by Broadridge/Lipper. The Trustees considered the total return performance information, which included the ranking of the Funds within a performance universe made up of funds with the same Broadridge/Lipper investment classification and objective (the “Universe”), as well as a subset of funds within the Universe (the “Peer Group”), by total return for applicable one-, three- and five-year periods. The Trustees reviewed a description of Broadridge/Lipper’s methodology for selecting mutual funds in each Fund’s Peer Group and Universe. The Broadridge/Lipper materials provided to the Trustees highlighted information with respect to certain representative classes to assist the Trustees in their review. As part of this review, the Trustees also reviewed each Fund’s performance against its benchmark and considered the performance information provided for the Funds at regular Board meetings by the Adviser and the Trustees’ independent consultant and also considered the special analysis prepared by the Trustees’ independent consultant. The Trustees also engaged with the Adviser to consider what steps might be taken to improve performance, as applicable. The Broadridge/Lipper performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to each Fund’s performance for certain representative classes are summarized below:

The Trustees noted that the Intrepid America Fund’s performance for Class A shares was in the first quintile based upon the Peer Group, for each of the one-, three-, and five-year periods ended December 31, 2017, and in the first, third and second quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2017, respectively. The Trustees noted that the performance for Class I shares was in the second, second and first quintiles based upon the Peer Group, and in the first, second and first quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2017, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted that the Intrepid Growth Fund’s performance for both Class A and Class I shares was in the second, first

and first quintiles based upon the Peer Group, and in the second, second and first quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2017, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted that the Intrepid Mid Cap Fund’s performance for Class A shares was in the second, fourth, and second quintiles based upon both the Peer Group and Universe for the one-, three-, and five-year periods ended December 31, 2017, respectively. The Trustees noted that the performance for Class I shares was in the second, fourth and first quintiles based upon both the Peer Group and Universe, for the one-, three-, and five-year periods ended December 31, 2017, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory under the circumstances.

The Trustees noted that the Intrepid Sustainable Equity Fund’s performance for Class A shares was in the second quintile based upon the Peer Group, for the one-year period ended December 31, 2017, and in the third, third and second quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2017, respectively. The Trustees noted that the performance for Class I shares was in the first quintile based upon the Peer Group for the one-year period ended December 31, 2017, and in the third, third and second quintiles based upon the Universe for the one-, three-, and five-year periods ended December 31, 2017, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser, and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted that the Intrepid Value Fund’s performance for Class A shares was in the third, fifth and third quintiles based upon the Peer Group, and in the second, fifth and third quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2017, respectively. The Trustees noted that the performance for Class I shares was in the second, fifth and fourth quintiles based upon the Peer Group, and in the second, fourth and third quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2017, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation

70 J.P. MORGAN INTREPID FUNDS DECEMBER 31, 2018

prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory under the circumstances.

Advisory Fees and Expense Ratios

The Trustees considered the contractual advisory fee rate and administration fee rate paid by each Fund to the Adviser and compared the combined rate to the information prepared by Broadridge/Lipper concerning management fee rates paid by other funds in the same Broadridge/Lipper category as each Fund. The Trustees recognized that Broadridge/Lipper reported each Fund’s management fee rate as the combined contractual advisory fee and administration fee rates. The Trustees also reviewed information about other expenses and the expense ratios for each Fund. The Trustees considered the Fee Caps currently in place for each Fund, the net advisory fee rate after taking into account any waivers and/or reimbursements, and where deemed appropriate by the Trustees, additional waivers and/or reimbursements. The Trustees recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The Trustees’ determinations as a result of the review of each Fund’s advisory fees and expense ratios for certain representative classes are summarized below:

The Trustees noted that the Intrepid America Fund’s net advisory fee and actual total expenses for both Class A and Class I shares were in the first quintile based upon both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fees were satisfactory in light of the services provided to the Fund.

The Trustees noted that the Intrepid Growth Fund’s net advisory fee and actual total expenses for both Class A and Class I

shares were in the first quintile based upon both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.

The Trustees noted that the Intrepid Mid Cap Fund’s net advisory fee for both Class A and Class I shares were in the first and second quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the actual total expenses for both Class A and Class I shares were in the first and second quintiles based upon the Peer Group and Universe, respectively. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.

The Trustees noted that the Intrepid Sustainable Equity Fund’s net advisory fee and actual total expenses for Class A shares were in the first quintile based upon both the Peer Group and Universe. The Trustees noted that the net advisory fee for Class I shares was in the first quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class I shares were in the first and second quintiles based upon the Peer Group and Universe, respectively. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.

The Trustees noted that the Intrepid Value Fund’s net advisory fee and actual total expenses for both Class A and Class I shares were in the first quintile based upon both the Peer Group and the Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.

DECEMBER 31, 2018 J.P. MORGAN INTREPID FUNDS 71

J.P. Morgan Funds are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the funds.

Contact JPMorgan Distribution Services, Inc. at 1-800-480-4111 for a fund prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risk as well as charges and expenses of the mutual fund before investing. The prospectus contains this and other information about the mutual fund. Read the prospectus carefully before investing.

Investors may obtain information about the Securities Investor Protection Corporation (SIPC), including the SIPC brochure, by visiting www.sipc.org or by calling SIPC at 202-371-8300.

Each Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC on Form N-Q. The Funds’ Forms N-Q are available on the SEC’s website at http://www.sec.gov. Shareholders may request the Form N-Q without charge by calling 1-800-480-4111 or by visiting the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

A description of each Fund’s policies and procedures with respect to the disclosure of each Fund’s holdings is available in the prospectuses and Statement of Additional Information.

A copy of proxy policies and procedures is available without charge upon request by calling 1-800-480-4111 and on the Funds’ website at www.jpmorganfunds.com. A description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Funds to the Adviser. A copy of the Funds’ voting record for the most recent 12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Funds’ website at www.jpmorganfunds.com no later than August 31 of each year. The Funds’ proxy voting record will include, among other things, a brief description of the matter voted on for each fund security, and will state how each vote was cast, for example, for or against the proposal.

J.P. Morgan Asset Management is the marketing name for the asset management businesses of JPMorgan Chase & Co. Those businesses include, but are not limited to, J.P. Morgan Investment Management Inc., Security Capital Research & Management Incorporated and J.P. Morgan Alternative Asset Management, Inc.

^© JPMorgan Chase & Co., 2018. All rights reserved. December 2018. SAN-INT-1218

Semi-Annual Report

J.P. Morgan Equity Funds

December 31, 2018 (Unaudited)

JPMorgan U.S. Large Cap Core Plus Fund

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website www.jpmorganfunds.com and you will be notified by mail each time a report is posted and provided with a website to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action.

You may elect to receive shareholder reports and other communications from the Fund electronically anytime by contacting your financial intermediary (such as a broker dealer, bank, or retirement plan) or, if you are a direct investor, by going to www.jpmorganfunds.com/edelivery.

You may elect to receive paper copies of all future reports free of charge. Contact your financial intermediary or, if you invest directly with the Fund, email us at funds.website.support@jpmorganfunds.com or call 1-800-480-4111. Your election to receive paper reports will apply to all funds held within your account(s).

CONTENTS

CEO’s Letter	1
Fund Commentary	2
Schedule of Portfolio Investments	5
Financial Statements	12
Financial Highlights	20
Notes to Financial Statements	22
Schedule of Shareholder Expenses	29
Board Approval of Investment Advisory Agreement	30

Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money if you sell when the Fund’s share price is lower than when you invested.

Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of the Fund or the securities markets. References to specific securities and their issuers are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations to purchase or sell such securities. Such views are not meant as investment advice and may not be relied on as an indication of trading intent on behalf of the Fund.

Prospective investors should refer to the Fund’s prospectuses for a discussion of the Fund’s investment objective, strategies and risks. Call J.P. Morgan Funds Service Center at 1-800-480-4111 for a prospectus containing more complete information about the Fund, including management fees and other expenses. Please read it carefully before investing.

CEO’S LETTER

February 14, 2019 (Unaudited)

Dear Shareholder,

While the U.S. economy largely outperformed other leading economies during the second half of 2018, record corporate profits and historically low unemployment were overshadowed in December by a sell-off in equity markets, unsettled global trade tensions and a political impasse that led to the temporary shutdown of large parts of the federal government.

  “Overall, economists generally remained optimistic about the fundamental strength of the U.S. economy at the end of 2018.” — George C.W. Gatch

The second longest U.S. economic expansion on record extended through the third and fourth quarters of 2018. Gross domestic product advanced 3.4% in the third quarter of 2018, and was on pace to grow by about 3% for the full year 2018. In September, the U.S. jobless rate dipped to 3.7% - its lowest level in nearly 50 years - and stood at 3.9% at the end of the year. In response, the U.S. Federal Reserve raised interest rates in September and again in December.

U.S. aggregate corporate revenues and earnings reached record high levels in the second and third quarters of 2018. Though some profit growth was attributed to the temporary benefits of late-2017 tax cut legislation, the outlook for U.S. corporate earnings remained generally positive at the end of the year.

Equity prices in the U.S. largely rose during the third quarter of 2018. The S&P 500 Index hit record highs in August and remained elevated in September. However, early October saw a sharp sell-off in financial markets and the worst December for

the S&P 500 Index since 1931 erased all gains seen in the prior five months.

By the end of 2018, investors were confronted with several worrying developments. Leading economies, particularly China and the European Union, showed significant signs of slowing in the latter half of the year. While U.S.-China trade tariffs had little clear direct impact on the U.S. economy in 2018, a continuation or acceleration of protectionist policies could begin to hinder growth. Though the federal government shutdown ended subsequent to the end of the reporting period, the solution was a short-term budget agreement that failed to alleviate concerns about the possibility of future shutdowns.

Overall, economists generally remained optimistic about the fundamental strength of the U.S. economy at the end of 2018. While U.S. corporate profits and gross domestic product are expected to grow in the year ahead, the extent to which U.S. financial markets benefit remains to be seen, given the length of the current economic expansion.

We believe investors who maintain a patient approach and a well-diversified portfolio may be best positioned to navigate current market conditions. We look forward to managing your investment needs for years to come. Should you have any questions, please visit www.jpmorganfunds.com or contact the J.P. Morgan Funds Service Center at 1-800-480-4111.

Sincerely yours,

George C.W. Gatch

CEO, Global Funds Management

J.P. Morgan Asset Management

DECEMBER 31, 2018 J.P. MORGAN EQUITY FUNDS 1

JPMorgan U.S. Large Cap Core Plus Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*		(8.91)%
S&P 500 Index		(6.85)%
Net Assets as of 12/31/2018 (In Thousands)	$	6,842,883

INVESTMENT OBJECTIVE**

The JPMorgan U.S. Large Cap Core Plus Fund (the “Fund”) seeks to provide a high total return from a portfolio of selected equity securities.

HOW DID THE MARKETS PERFORM?

U.S. equity markets posted negative returns for the reporting period, though they generally outperformed equities in both developed markets and emerging markets.

For the first half of the reporting period, U.S. equity prices were largely supported by strong corporate earnings and revenue, low interest rates and an expanding domestic economy. In August, U.S. equity prices reached record highs and remained elevated through September. However, share prices fell sharply and market volatility spiked in early October, then rebounded slightly in November before plummeting again in December, erasing gains made over the previous five months.

Overall, U.S. large cap stocks outperformed both mid cap and small cap stocks, while value stocks underperformed growth stocks for the six months ended December 31, 2018.

WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?

The Fund’s Class I Shares underperformed the S&P 500 Index (the “Benchmark”) for the six months ended December 31, 2018. The Fund’s security selection in the financials sector and its underweight position and security selection in the consumer staples sector were leading detractors from performance relative to the Benchmark. The Fund’s security selection in the industrials and consumer discretionary sectors was a leading contributor to relative performance.

Leading individual detractors from relative performance included the Fund’s overweight long positions in Nvidia Corp., PVH Corp. and Parsley Energy Inc. Shares of Nvidia, a semiconductors manufacturer, fell after the company reported

weaker-than-expected results for the third quarter of 2018 amid a decline in demand for specialty semiconductors. Shares of PVH, the parent company of the Calvin Klein and Tommy Hilfiger apparel brands, fell amid investor disappointment with the company’s results for the third quarter of 2018. Shares of Parsley Energy, an oil and natural gas producer, fell as petroleum prices declined toward the end of the reporting period.

Leading individual contributors to relative performance included the Fund’s overweight long position in AutoZone Inc. and its short positions in Schlumberger Ltd. and General Electric Co. Shares of AutoZone, an automotive parts retailer, rose after the company reported better-than-expected quarterly earnings and sales. Shares of Schlumberger, an oilfield services company, fell as petroleum prices declined toward the end of the reporting period. Shares of General Electric, an industrial conglomerate, fell amid continued investor concerns about the company’s ability to restructure and shed underperforming operations.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers employed a bottom-up fundamental approach to stock selection, researching companies to determine their underlying value and potential for future earnings growth. Overall, the Fund’s portfolio managers aimed to take advantage of mispriced stocks that appeared attractive relative to fair value for long positions, and looked for overvalued stocks in which to take short positions. The long-to-short exposure ratio at the end of the reporting period was 125% to 25%.

* The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

** The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.

2 J.P. MORGAN EQUITY FUNDS DECEMBER 31, 2018

TOP TEN LONG POSITIONS OF THE PORTFOLIO*
	1.	Microsoft Corp.	4.0	%
	2.	Amazon.com, Inc.	3.0
	3.	Pfizer, Inc.	2.5
	4.	Apple, Inc.	2.3
	5.	Alphabet, Inc., Class A	2.2
	6.	Texas Instruments, Inc.	1.9
	7.	DowDuPont, Inc.	1.9
	8.	Alphabet, Inc., Class C	1.8
	9.	Broadcom, Inc.	1.8
	10.	Marathon Petroleum Corp.	1.7

TOP TEN SHORT POSITIONS OF THE PORTFOLIO**
	1.	Exxon Mobil Corp.	4.2	%
	2.	Southern Co. (The)	3.1
	3.	Albemarle Corp.	2.2
	4.	Omnicom Group, Inc.	2.0
	5.	eBay, Inc.	1.9
	6.	Lockheed Martin Corp.	1.8
	7.	Stryker Corp.	1.8
	8.	Schlumberger Ltd.	1.7
	9.	Walmart, Inc.	1.7
	10.	LyondellBasell Industries NV, Class A	1.7

LONG POSITION PORTFOLIO COMPOSITION BY SECTOR*
Information Technology	18.5	%
Health Care	16.3
Communication Services	11.0
Consumer Discretionary	10.6
Industrials	10.5
Financials	10.2
Energy	7.5
Consumer Staples	5.0
Utilities	3.8
Materials	3.8
Real Estate	2.2
Short-Term Investments	0.6

SHORT POSITION PORTFOLIO COMPOSITION BY SECTOR**
Industrials	13.7	%
Energy	12.7
Health Care	11.2
Consumer Discretionary	10.0
Information Technology	9.1
Consumer Staples	8.8
Utilities	7.5
Financials	7.4
Real Estate	7.2
Materials	6.9
Communication Services	5.5

* Percentages indicated are based on total long investments as of December 31, 2018. The Fund’s portfolio composition is subject to change.

** Percentages indicated are based on total short investments as of December 31, 2018. The Fund’s portfolio composition is subject to change.

DECEMBER 31, 2018 J.P. MORGAN EQUITY FUNDS 3

JPMorgan U.S. Large Cap Core Plus Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2018

	INCEPTION DATE OF CLASS	6 MONTH*	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	November 1, 2005
With Sales Charge**		(13.82)%		(12.36	)%		5.75	%		12.19	%
Without Sales Charge		(9.04)		(7.51	)		6.90			12.80
CLASS C SHARES	November 1, 2005
With CDSC***		(10.26)		(8.94	)		6.37			12.23
Without CDSC		(9.26)		(7.94	)		6.37			12.23
CLASS I SHARES	November 1, 2005	(8.91)		(7.24	)		7.17			13.08
CLASS R2 SHARES	November 3, 2008	(9.18)		(7.80	)		6.61			12.50
CLASS R5 SHARES	May 15, 2006	(8.89)		(7.19	)		7.35			13.28
CLASS R6 SHARES	November 1, 2017	(8.86)		(7.10	)		7.37			13.29

* Not annualized.

** Sales Charge for Class A Shares is 5.25%.

*** Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter.

TEN YEAR PERFORMANCE (12/31/08 TO 12/31/18)

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.

Returns for Class R6 Shares prior to its inception date are based on the performance of Class R5 Shares. The actual returns of Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class R5 Shares.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan U.S. Large Cap Core Plus Fund, the S&P 500 Index and the Lipper Alternative Active Extension Funds Average from December 31, 2008 to December 31, 2018. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P 500 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if

applicable. The performance of the Lipper Alternative Active Extension Funds Average includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. Investors cannot directly invest in an index. The Lipper Alternative Active Extension Funds Average is an average based on total returns of all mutual funds within the Fund’s designated category as determined by Lipper, Inc.

Class I Shares have a $1,000,000 minimum initial investment.

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

4 J.P. MORGAN EQUITY FUNDS DECEMBER 31, 2018

JPMorgan U.S. Large Cap Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Long Positions — 125.2%
Common Stocks — 124.4%
Aerospace & Defense — 3.9%
General Dynamics Corp. (a)		878		137,985
Northrop Grumman Corp. (a)		359		87,858
United Technologies Corp.		402		42,755
				268,598
Air Freight & Logistics — 0.1%
FedEx Corp.		41		6,687
Airlines — 0.5%
Delta Air Lines, Inc.		634		31,641
Auto Components — 0.6%
Aptiv plc (a)		704		43,322
Banks — 6.8%
Bank of America Corp. (a)		5,314		130,948
Citigroup, Inc.		1,238		64,434
First Republic Bank		365		31,746
KeyCorp		4,628		68,404
SunTrust Banks, Inc.		658		33,171
SVB Financial Group *		204		38,682
Wells Fargo & Co.		2,180		100,435
				467,820
Beverages — 2.9%
Coca-Cola Co. (The) (a)		2,123		100,510
Constellation Brands, Inc., Class A		39		6,279
PepsiCo, Inc. (a)		826		91,248
				198,037
Biotechnology — 2.9%
Alexion Pharmaceuticals, Inc. *		311		30,317
Biogen, Inc. * (a)		195		58,738
Celgene Corp. *		448		28,712
Gilead Sciences, Inc.		357		22,322
Incyte Corp. *		54		3,433
Vertex Pharmaceuticals, Inc. *		320		53,081
				196,603
Building Products — 0.3%
Allegion plc		265		21,129
Capital Markets — 2.4%
Ameriprise Financial, Inc.		285		29,720
Intercontinental Exchange, Inc.		413		31,099
Morgan Stanley (a)		2,639		104,646
				165,465

INVESTMENTS	SHARES (000)		VALUE ($000)
Chemicals — 4.4%
DowDuPont, Inc.		2,991		159,980
FMC Corp.		225		16,648
Linde plc (United Kingdom)		626		97,635
PPG Industries, Inc.		273		27,919
				302,182
Commercial Services & Supplies — 0.6%
Waste Management, Inc.		452		40,181
Consumer Finance — 0.4%
American Express Co.		299		28,512
Containers & Packaging — 0.3%
Ball Corp.		406		18,667
Diversified Financial Services — 1.0%
Berkshire Hathaway, Inc., Class B * (a)		330		67,378
Diversified Telecommunication Services — 2.0%
AT&T, Inc.		3,042		86,811
Verizon Communications, Inc. (a)		926		52,083
				138,894
Electric Utilities — 4.2%
American Electric Power Co., Inc.		179		13,369
Evergy, Inc.		1,109		62,938
Exelon Corp.		598		26,952
NextEra Energy, Inc. (a)		787		136,794
Xcel Energy, Inc.		948		46,701
				286,754
Electronic Equipment, Instruments & Components — 0.1%
TE Connectivity Ltd.		98		7,436
Entertainment — 2.3%
Electronic Arts, Inc. *		1,044		82,398
Netflix, Inc. *		141		37,704
Walt Disney Co. (The) (a)		326		35,789
				155,891
Equity Real Estate Investment Trusts (REITs) — 2.7%
AvalonBay Communities, Inc.		129		22,504
Brixmor Property Group, Inc.		802		11,788
JBG SMITH Properties		346		12,041
Mid-America Apartment Communities, Inc.		85		8,170
Prologis, Inc.		881		51,730
Ventas, Inc.		424		24,821
Vornado Realty Trust		903		56,032
				187,086

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 J.P. MORGAN EQUITY FUNDS 5

JPMorgan U.S. Large Cap Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Long Positions — continued
Common Stocks — continued
Food Products — 1.3%
Mondelez International, Inc., Class A (a)		2,238		89,587
Health Care Equipment & Supplies — 5.1%
Boston Scientific Corp. * (a)		3,538		125,032
Danaher Corp.		223		22,996
Medtronic plc (a)		794		72,233
Zimmer Biomet Holdings, Inc. (a)		1,259		130,616
				350,877
Health Care Providers & Services — 5.6%
Anthem, Inc.		309		81,151
Cigna Corp.		522		99,091
UnitedHealth Group, Inc. (a)		553		137,886
Universal Health Services, Inc., Class B		559		65,129
				383,257
Hotels, Restaurants & Leisure — 1.9%
Royal Caribbean Cruises Ltd.		666		65,106
Yum! Brands, Inc.		704		64,756
				129,862
Household Products — 1.1%
Procter & Gamble Co. (The)		829		76,159
Industrial Conglomerates — 2.0%
Honeywell International, Inc.		1,007		133,022
Insurance — 2.1%
Allstate Corp. (The)		756		62,482
Axis Capital Holdings Ltd.		219		11,294
Lincoln National Corp.		1,017		52,193
Willis Towers Watson plc		135		20,521
				146,490
Interactive Media & Services — 5.9%
Alphabet, Inc., Class A * (a)		181		188,762
Alphabet, Inc., Class C * (a)		151		156,522
Facebook, Inc., Class A * (a)		444		58,197
				403,481
Internet & Direct Marketing Retail — 3.9%
Amazon.com, Inc.* (a)		169		254,132
Expedia Group, Inc.		131		14,786
				268,918
IT Services — 7.2%
Automatic Data Processing, Inc. (a)		675		88,495
Fidelity National Information Services, Inc.		526		53,952
First Data Corp., Class A *		1,169		19,760

INVESTMENTS	SHARES (000)		VALUE ($000)
IT Services — continued
Fiserv, Inc. *		595		43,736
Mastercard, Inc., Class A (a)		601		113,442
PayPal Holdings, Inc. *		566		47,614
Visa, Inc., Class A		772		101,923
WEX, Inc. *		161		22,501
				491,423
Machinery — 2.8%
Caterpillar, Inc. (a)		429		54,524
Ingersoll-Rand plc		310		28,267
Parker-Hannifin Corp.		283		42,234
Stanley Black & Decker, Inc.		556		66,532
				191,557
Media — 3.0%
Charter Communications, Inc., Class A *		247		70,385
Comcast Corp., Class A		2,060		70,148
Discovery, Inc., Class A *		1,984		49,077
Discovery, Inc., Class C *		627		14,462
				204,072
Multiline Retail — 1.0%
Dollar General Corp.		210		22,684
Dollar Tree, Inc. *		466		42,068
				64,752
Multi-Utilities — 0.5%
Public Service Enterprise Group, Inc.		476		24,755
Sempra Energy		107		11,526
				36,281
Oil, Gas & Consumable Fuels — 9.4%
Chevron Corp.		398		43,335
Diamondback Energy, Inc.		605		56,101
EOG Resources, Inc. (a)		731		63,723
Marathon Petroleum Corp. (a)		2,518		148,559
Occidental Petroleum Corp. (a)		2,357		144,677
ONEOK, Inc.		176		9,504
Parsley Energy, Inc., Class A *		3,044		48,649
Pioneer Natural Resources Co. (a)		889		116,984
TransCanada Corp. (Canada)		322		11,507
				643,039
Pharmaceuticals — 6.8%
Bristol-Myers Squibb Co.		428		22,230
Eli Lilly & Co.		475		54,943
Johnson & Johnson (a)		548		70,661
Merck & Co., Inc.		1,347		102,950

SEE NOTES TO FINANCIAL STATEMENTS.

6 J.P. MORGAN EQUITY FUNDS DECEMBER 31, 2018

INVESTMENTS	SHARES (000)		VALUE ($000)
Long Positions — continued
Common Stocks — continued
Pharmaceuticals — continued
Pfizer, Inc.(a)		4,972		217,013
				467,797
Road & Rail — 2.8%
Norfolk Southern Corp. (a)		620		92,708
Union Pacific Corp. (a)		733		101,271
				193,979
Semiconductors & Semiconductor Equipment — 5.8%
Broadcom, Inc. (a)		602		153,130
NVIDIA Corp. (a)		580		77,378
Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan)		100		3,705
Texas Instruments, Inc. (a)		1,695		160,141
				394,354
Software — 7.2%
Adobe, Inc. *		107		24,308
Anaplan, Inc. *		367		9,729
Microsoft Corp. (a)		3,334		338,679
salesforce.com, Inc. * (a)		786		107,645
ServiceNow, Inc. *		59		10,550
				490,911
Specialty Retail — 5.3%
AutoZone, Inc. * (a)		136		113,825
Best Buy Co., Inc.		180		9,547
Home Depot, Inc. (The) (a)		586		100,651
Lowe’s Cos., Inc.		337		31,129
O’Reilly Automotive, Inc. *		55		18,932
Ross Stores, Inc.		1,086		90,390
				364,474
Technology Hardware, Storage & Peripherals — 2.9%
Apple, Inc. (a)		1,254		197,885
Textiles, Apparel & Luxury Goods — 0.6%
PVH Corp.		418		38,895
Tobacco — 1.0%
Philip Morris International, Inc.		1,021		68,191
Trading Companies & Distributors — 0.2%
HD Supply Holdings, Inc. *		386		14,476
Wireless Telecommunication Services — 0.6%
T-Mobile US, Inc. *		599		38,105
Total Common Stocks (Cost $6,757,034)				8,514,127

INVESTMENTS	SHARES (000)			VALUE ($000)
Short-Term Investments — 0.8%
Investment Companies — 0.8%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.40% (b) (c) (Cost $54,676)		54,676			54,676
Total Long Positions (Cost $6,811,710)					8,568,803
Short Positions — (25.1)%
Common Stocks — (25.1)%
Aerospace & Defense — (1.1)%
Huntington Ingalls Industries, Inc.		(84	)		(15,931	)
Lockheed Martin Corp.		(119	)		(31,257	)
Raytheon Co.		(123	)		(18,912	)
Textron, Inc.		(265	)		(12,210	)
					(78,310	)
Air Freight & Logistics — (0.2)%
CH Robinson Worldwide, Inc.		(133	)		(11,143	)
Expeditors International of Washington, Inc.		(51	)		(3,441	)
					(14,584	)
Auto Components — (0.3)%
Autoliv, Inc. (Sweden)		(260	)		(18,227	)
Garrett Motion, Inc. (Switzerland) *		(311	)		(3,836	)
					(22,063	)
Automobiles — (0.2)%
Tesla, Inc. *		(37	)		(12,371	)
Banks — (1.1)%
Associated Banc-Corp.		(434	)		(8,590	)
BancorpSouth Bank		(580	)		(15,150	)
Bank of Hawaii Corp.		(90	)		(6,089	)
Commerce Bancshares, Inc.		(300	)		(16,907	)
Cullen/Frost Bankers, Inc.		(76	)		(6,691	)
First Hawaiian, Inc.		(168	)		(3,777	)
People’s United Financial, Inc.		(1,422	)		(20,521	)
					(77,725	)
Beverages — (0.1)%
Brown-Forman Corp., Class B		(91	)		(4,317	)
Biotechnology — (0.3)%
AbbVie, Inc.		(216	)		(19,892	)
Building Products — (0.4)%
Johnson Controls International plc		(845	)		(25,050	)
Capital Markets — (0.2)%
T. Rowe Price Group, Inc.		(125	)		(11,508	)

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 J.P. MORGAN EQUITY FUNDS 7

JPMorgan U.S. Large Cap Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

INVESTMENTS	SHARES (000)			VALUE ($000)
Short Positions — continued
Common Stocks — continued
Chemicals — (1.2)%
Albemarle Corp.		(485	)		(37,359	)
LyondellBasell Industries NV, Class A		(345	)		(28,709	)
Scotts Miracle-Gro Co. (The)		(53	)		(3,256	)
Valvoline, Inc.		(589	)		(11,404	)
					(80,728	)
Construction Materials — (0.2)%
Martin Marietta Materials, Inc.		(20	)		(3,406	)
Vulcan Materials Co.		(74	)		(7,308	)
					(10,714	)
Consumer Finance — (0.1)%
Synchrony Financial		(299	)		(7,008	)
Containers & Packaging — (0.2)%
Sonoco Products Co.		(289	)		(15,344	)
Electric Utilities — (1.2)%
Duke Energy Corp.		(169	)		(14,550	)
Eversource Energy		(229	)		(14,883	)
Southern Co. (The)		(1,219	)		(53,528	)
					(82,961	)
Electrical Equipment — (0.7)%
Acuity Brands, Inc.		(149	)		(17,180	)
Emerson Electric Co.		(175	)		(10,444	)
Hubbell, Inc.		(127	)		(12,585	)
Sensata Technologies Holding plc *		(164	)		(7,351	)
					(47,560	)
Energy Equipment & Services — (1.1)%
Baker Hughes a GE Co.		(1,231	)		(26,462	)
Halliburton Co.		(237	)		(6,306	)
Helmerich & Payne, Inc.		(189	)		(9,057	)
National Oilwell Varco, Inc.		(229	)		(5,888	)
Schlumberger Ltd.		(808	)		(29,137	)
					(76,850	)
Entertainment — (0.2)%
Viacom, Inc., Class B		(605	)		(15,547	)
Equity Real Estate Investment Trusts (REITs) — (1.8)%
Alexandria Real Estate Equities, Inc.		(101	)		(11,613	)
American Tower Corp.		(46	)		(7,235	)
Apartment Investment & Management Co., Class A		(92	)		(4,028	)
Crown Castle International Corp.		(181	)		(19,620	)
Extra Space Storage, Inc.		(110	)		(9,964	)
Realty Income Corp.		(363	)		(22,914	)
Simon Property Group, Inc.		(139	)		(23,372	)
UDR, Inc.		(100	)		(3,974	)

INVESTMENTS	SHARES (000)			VALUE ($000)
Equity Real Estate Investment Trusts (REITs) — continued
Welltower, Inc.		(295	)		(20,461	)
					(123,181	)
Food & Staples Retailing — (1.0)%
Kroger Co. (The)		(880	)		(24,199	)
Walgreens Boots Alliance, Inc.		(250	)		(17,093	)
Walmart, Inc.		(310	)		(28,862	)
					(70,154	)
Food Products — (0.3)%
Campbell Soup Co.		(102	)		(3,351	)
General Mills, Inc.		(266	)		(10,367	)
Kellogg Co.		(109	)		(6,223	)
					(19,941	)
Gas Utilities — (0.1)%
National Fuel Gas Co.		(205	)		(10,485	)
Health Care Equipment & Supplies — (1.3)%
Baxter International, Inc.		(412	)		(27,109	)
Dentsply Sirona, Inc.		(213	)		(7,908	)
Stryker Corp.		(193	)		(30,203	)
Varian Medical Systems, Inc. *		(233	)		(26,357	)
					(91,577	)
Health Care Providers & Services — (0.9)%
Cardinal Health, Inc.		(559	)		(24,948	)
Henry Schein, Inc. *		(298	)		(23,377	)
Patterson Cos., Inc.		(636	)		(12,496	)
					(60,821	)
Health Care Technology — (0.3)%
Cerner Corp.*		(371	)		(19,448	)
Hotels, Restaurants & Leisure — (0.2)%
Chipotle Mexican Grill, Inc. *		(20	)		(8,777	)
Marriott International, Inc., Class A		(31	)		(3,360	)
					(12,137	)
Household Products — (0.8)%
Church & Dwight Co., Inc.		(2	)		(160	)
Clorox Co. (The)		(179	)		(27,568	)
Colgate-Palmolive Co.		(429	)		(25,527	)
					(53,255	)
Insurance — (0.4)%
Arch Capital Group Ltd. *		(269	)		(7,186	)
RenaissanceRe Holdings Ltd. (Bermuda)		(39	)		(5,193	)
Torchmark Corp.		(131	)		(9,799	)
Unum Group		(307	)		(9,029	)
					(31,207	)

SEE NOTES TO FINANCIAL STATEMENTS.

8 J.P. MORGAN EQUITY FUNDS DECEMBER 31, 2018

INVESTMENTS	SHARES (000)			VALUE ($000)
Short Positions — continued
Common Stocks — continued
Internet & Direct Marketing Retail — (0.5)%
eBay, Inc. *		(1,152	)		(32,342	)
IT Services — (0.5)%
Global Payments, Inc.		(138	)		(14,183	)
Paychex, Inc.		(233	)		(15,150	)
Western Union Co. (The)		(211	)		(3,599	)
					(32,932	)
Leisure Products — (0.1)%
Mattel, Inc. *		(541	)		(5,402	)
Machinery — (0.5)%
Donaldson Co., Inc.		(163	)		(7,079	)
Illinois Tool Works, Inc.		(198	)		(25,084	)
					(32,163	)
Media — (1.2)%
AMC Networks, Inc., Class A *		(389	)		(21,374	)
Interpublic Group of Cos., Inc. (The)		(1,146	)		(23,641	)
Omnicom Group, Inc.		(470	)		(34,391	)
					(79,406	)
Multiline Retail — (0.2)%
Kohl’s Corp.		(248	)		(16,443	)
Multi-Utilities — (0.4)%
Dominion Energy, Inc.		(352	)		(25,188	)
Oil, Gas & Consumable Fuels — (2.0)%
Apache Corp.		(720	)		(18,887	)
Enbridge, Inc. (Canada)		(549	)		(17,059	)
Equitrans Midstream Corp. *		(403	)		(8,074	)
Exxon Mobil Corp.		(1,058	)		(72,177	)
Hess Corp.		(243	)		(9,841	)
Murphy Oil Corp.		(310	)		(7,260	)
Phillips 66		(81	)		(6,947	)
					(140,245	)
Paper & Forest Products — (0.2)%
Domtar Corp.		(335	)		(11,758	)
Personal Products — (0.0)% (d)
Coty, Inc., Class A		(522	)		(3,424	)
Professional Services — (0.3)%
Robert Half International, Inc.		(355	)		(20,291	)
Road & Rail — (0.2)%
JB Hunt Transport Services, Inc.		(107	)		(9,935	)
Werner Enterprises, Inc.		(225	)		(6,649	)
					(16,584	)

INVESTMENTS	SHARES (000)			VALUE ($000)
Semiconductors & Semiconductor Equipment — (0.9)%
Applied Materials, Inc.		(245	)		(8,030	)
Lam Research Corp.		(194	)		(26,377	)
Marvell Technology Group Ltd.		(13	)		(208	)
Maxim Integrated Products, Inc.		(68	)		(3,462	)
Qorvo, Inc. *		(231	)		(14,003	)
Skyworks Solutions, Inc.		(107	)		(7,177	)
					(59,257	)
Software — (0.2)%
Citrix Systems, Inc.		(112	)		(11,466	)
Specialty Retail — (0.5)%
AutoNation, Inc. *		(262	)		(9,343	)
Bed Bath & Beyond, Inc.		(564	)		(6,383	)
CarMax, Inc. *		(290	)		(18,215	)
					(33,941	)
Technology Hardware, Storage & Peripherals — (0.8)%
Hewlett Packard Enterprise Co.		(749	)		(9,888	)
HP, Inc.		(645	)		(13,196	)
Seagate Technology plc		(476	)		(18,351	)
Western Digital Corp.		(310	)		(11,457	)
					(52,892	)
Textiles, Apparel & Luxury Goods — (0.5)%
Carter’s, Inc.		(81	)		(6,575	)
Hanesbrands, Inc.		(1,130	)		(14,163	)
VF Corp.		(229	)		(16,302	)
					(37,040	)
Water Utilities — (0.2)%
American Water Works Co., Inc.		(82	)		(7,435	)
Aqua America, Inc.		(100	)		(3,422	)
					(10,857	)
Total Common Stocks (Proceeds $(2,051,784))					(1,716,369	)
Total Short Positions (Proceeds $(2,051,784))					(1,716,369	)
Total Investments — 100.1% (Cost $4,759,926)					6,852,434
Liabilities in Excess of Other Assets — (0.1%)					(9,551	)
NET ASSETS — 100.0%					6,842,883

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 J.P. MORGAN EQUITY FUNDS 9

JPMorgan U.S. Large Cap Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

Abbreviations

ADR	American Depositary Receipt
(a)	All or a portion of this security is segregated as collateral for short sales. The total value of securities segregated as collateral is approximately $2,362,308,000.
(b)	Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(c)	The rate shown is the current yield as of December 31, 2018.
(d)	Amount rounds to less than 0.1% of net assets.
*	Non-income producing security.

Futures contracts outstanding as of December 31, 2018 (amounts in thousands, except number of contracts):
DESCRIPTION	NUMBER OF CONTRACTS	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
S&P 500 E-Mini Index	101		03/2019		USD		12,640		376
									376

Abbreviations

USD United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

10 J.P. MORGAN EQUITY FUNDS DECEMBER 31, 2018

THIS PAGE IS INTENTIONALLY LEFT BLANK

DECEMBER 31, 2018 J.P. MORGAN EQUITY FUNDS 11

STATEMENT OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2018 (Unaudited)

(Amounts in thousands, except per share amounts)

	JPMorgan U.S. Large Cap Core Plus Fund
ASSETS:
Investments in non-affiliates, at value	$	8,514,127
Investments in affiliates, at value		54,676
Cash		258
Deposits at broker for futures contracts		2,440
Receivables:
Investment securities sold		13,342
Fund shares sold		25,460
Dividends from non-affiliates		10,044
Dividends from affiliates		153
Variation margin on futures contracts		147
Total Assets		8,620,647
LIABILITIES:
Payables:
Securities sold short, at value		1,716,369
Dividend expense to non-affiliates on securities sold short		3,502
Investment securities purchased		10,182
Interest expense to non-affiliates on securities sold short		948
Fund shares redeemed		41,132
Accrued liabilities:
Investment advisory fees		3,989
Administration fees		256
Distribution fees		224
Service fees		770
Custodian and accounting fees		122
Trustees’ and Chief Compliance Officer’s fees		—	(a)
Other		270
Total Liabilities		1,777,764
Net Assets	$	6,842,883

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

12 J.P. MORGAN EQUITY FUNDS DECEMBER 31, 2018

	JPMorgan U.S. Large Cap Core Plus Fund
NET ASSETS:
Paid-in-Capital	$	4,905,655
Total distributable earnings (loss) (a)		1,937,228
Total Net Assets	$	6,842,883
Net Assets:
Class A	$	619,938
Class C		124,362
Class I		4,907,181
Class R2		5,375
Class R5		109,586
Class R6		1,076,441
Total	$	6,842,883
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		26,466
Class C		5,630
Class I		206,546
Class R2		237
Class R5		4,590
Class R6		45,136
Net Asset Value (b):
Class A — Redemption price per share	$	23.42
Class C — Offering price per share (c)		22.09
Class I — Offering and redemption price per share		23.76
Class R2 — Offering and redemption price per share		22.71
Class R5 — Offering and redemption price per share		23.88
Class R6 — Offering and redemption price per share		23.85
Class A maximum sales charge		5.25	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	24.72
Cost of investments in non-affiliates	$	6,757,034
Cost of investments in affiliates		54,676
Proceeds from securities sold short		2,051,784

(a) Total distributable earnings have been aggregated to conform to the current presentation requirements for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 8.

(b) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

(c) Redemption price for Class C Shares varies based upon length of time the shares are held.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 J.P. MORGAN EQUITY FUNDS 13

STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited)

(Amounts in thousands)

	JPMorgan U.S. Large Cap Core Plus Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	14
Interest income from affiliates		—	(a)
Dividend income from non-affiliates		93,442
Dividend income from affiliates		842
Total investment income		94,298
EXPENSES:
Investment advisory fees		34,844
Administration fees		3,623
Distribution fees:
Class A		933
Class C		580
Class R2		15
Service fees:
Class A		933
Class C		193
Class I		7,754
Class R2		8
Class R5		63
Custodian and accounting fees		243
Professional fees		109
Trustees’ and Chief Compliance Officer’s fees		27
Printing and mailing costs		201
Registration and filing fees		115
Transfer agency fees (See Note 2.G.)		80
Other		62
Dividend expense to non-affiliates on securities sold short		30,533
Interest expense to non-affiliates on securities sold short		6,501
Total expenses		86,817
Less fees waived		(11,669	)
Net expenses		75,148
Net investment income (loss)		19,150
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		341,446
Futures contracts		(4,597	)
Securities sold short		(12,686	)
Net realized gain (loss)		324,163
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(1,288,075	)
Futures contracts		351
Securities sold short		242,208
Change in net unrealized appreciation/depreciation		(1,045,516	)
Net realized/unrealized gains (losses)		(721,353	)
Change in net assets resulting from operations	$	(702,203	)

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

14 J.P. MORGAN EQUITY FUNDS DECEMBER 31, 2018

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	JPMorgan U.S. Large Cap Core Plus Fund
	Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	19,150		$	22,951
Net realized gain (loss)		324,163			1,328,180
Change in net unrealized appreciation/depreciation		(1,045,516	)		(170,779	)
Change in net assets resulting from operations		(702,203	)		1,180,352
DISTRIBUTIONS TO SHAREHOLDERS: (a)
Class A		(96,383	)		(103,489	)
Class C		(20,837	)		(23,856	)
Class I		(784,212	)		(794,977	)
Class R2		(839	)		(836	)
Class R5		(16,031	)		(16,620	)
Class R6 (b)		(193,852	)		(251,239	)
Total distributions to shareholders		(1,112,154	)		(1,191,017	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(371,383	)		(202,590	)
NET ASSETS:
Change in net assets		(2,185,740	)		(213,255	)
Beginning of period		9,028,623			9,241,878
End of period	$	6,842,883		$	9,028,623

(a) The prior period distributions have been reclassified to conform to current period presentation for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 8. Prior period balances were as follows:

Class A
From net realized gains	$(103,489)
Class C
From net realized gains	(23,856)
Class I
From net investment income	(5,329)
From net realized gains	(789,648)
Class R2
From net realized gains	(836)
Class R5
From net investment income	(379)
From net realized gains	(16,241)
Class R6 (b)
From net investment income	(7,053)
From net realized gains	(244,186)

(b) Commencement of offering of class of shares effective November 1, 2017.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 J.P. MORGAN EQUITY FUNDS 15

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (CONTINUED)

(Amounts in thousands)

	JPMorgan U.S. Large Cap Core Plus Fund
	Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	73,531		$	152,196
Distributions reinvested		94,468			101,567
Cost of shares redeemed		(165,808	)		(269,078	)
Change in net assets resulting from Class A capital transactions	$	2,191		$	(15,315	)
Class C
Proceeds from shares issued	$	9,884		$	14,610
Distributions reinvested		17,995			20,635
Cost of shares redeemed		(28,202	)		(76,640	)
Change in net assets resulting from Class C capital transactions	$	(323	)	$	(41,395	)
Class I
Proceeds from shares issued	$	519,129		$	942,669
Distributions reinvested		739,627			743,582
Cost of shares redeemed		(1,233,587	)		(3,753,341	)
Change in net assets resulting from Class I capital transactions	$	25,169		$	(2,067,090	)
Class R2
Proceeds from shares issued	$	642		$	1,855
Distributions reinvested		532			469
Cost of shares redeemed		(963	)		(1,954	)
Change in net assets resulting from Class R2 capital transactions	$	211		$	370
Class R5
Proceeds from shares issued	$	12,176		$	21,497
Distributions reinvested		15,977			16,608
Cost of shares redeemed		(18,613	)		(83,469	)
Change in net assets resulting from Class R5 capital transactions	$	9,540		$	(45,364	)
Class R6 (a)
Proceeds from shares issued	$	18,370		$	2,206,431
Distributions reinvested		166,828			224,242
Cost of shares redeemed		(593,369	)		(464,469	)
Change in net assets resulting from Class R6 capital transactions	$	(408,171	)	$	1,966,204
Total change in net assets resulting from capital transactions	$	(371,383	)	$	(202,590	)

(a) Commencement of offering of class of shares effective November 1, 2017.

SEE NOTES TO FINANCIAL STATEMENTS.

16 J.P. MORGAN EQUITY FUNDS DECEMBER 31, 2018

	JPMorgan U.S. Large Cap Core Plus Fund
	Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018
SHARE TRANSACTIONS:
Class A
Issued		2,540			4,946
Reinvested		3,825			3,475
Redeemed		(5,567	)		(8,817	)
Change in Class A Shares		798			(396	)
Class C
Issued		379			501
Reinvested		773			740
Redeemed		(1,060	)		(2,586	)
Change in Class C Shares		92			(1,345	)
Class I
Issued		17,776			30,549
Reinvested		29,468			25,111
Redeemed		(42,917	)		(116,782	)
Change in Class I Shares		4,327			(61,122	)
Class R2
Issued		25			63
Reinvested		22			16
Redeemed		(33	)		(65	)
Change in Class R2 Shares		14			14
Class R5
Issued		458			689
Reinvested		633			557
Redeemed		(615	)		(2,602	)
Change in Class R5 Shares		476			(1,356	)
Class R6 (a)
Issued		622			66,258
Reinvested		6,614			7,523
Redeemed		(20,697	)		(15,184	)
Change in Class R6 Shares		(13,461	)		58,597

(a) Commencement of offering of class of shares effective November 1, 2017.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 J.P. MORGAN EQUITY FUNDS 17

STATEMENT OF CASH FLOWS

FOR THE SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited)

(Amounts in thousands)

	JPMorgan U.S. Large Cap Core Plus Fund
INCREASE (DECREASE) IN CASH
Cash flows provided (used) by operating activities:
Net increase in net assets resulting from operations		$ (702,203	)
Adjustments to reconcile net increase / decrease in net assets resulting from operations to net cash provided (used) by operating activities:
Purchase of investment securities		(5,334,104	)
Proceeds from disposition of investment securities		6,928,621
Covers of investment securities sold short		(2,656,920	)
Proceeds from investment securities sold short		2,447,253
Proceeds of short-term investments — affiliates, net		72,038
Change in unrealized (appreciation) / depreciation on investments		1,288,075
Change in unrealized (appreciation) / depreciation on investment securities sold short		(242,208	)
Net realized (gain) / loss on investments		(341,446	)
Net realized (gain) / loss on investments securities sold short		12,686
Increase in dividends receivable from non-affiliates		(1,277	)
Increase dividends from affiliates		(54	)
Increase in variation margin receivable		(114	)
Decrease in dividend expense to non-affiliates on securities sold short		(475	)
Decrease in interest expense to non-affiliates on securities sold short		(25	)
Decrease in investment advisory fees payable		(1,040	)
Increase in administration fees payable		256
Decrease in service fees payable		(113	)
Decrease in distribution fees payable		(43	)
Increase in custodian and accounting fees payable		30
Decrease in trustees’ and chief compliance office fees payable		(4	)
Decrease in other accrued expenses payable		53
Net cash provided (used) by operating activities		1,468,986
Cash flows provided (used) by financing activities:
Decrease in due to custodian		(1	)
Proceeds from shares issued		612,258
Payment for shares redeemed		(2,003,730	)
Cash distributions paid to shareholders (net of reinvestments of $1,035,427)		(76,727	)
Net cash provided (used) by financing activities		(1,468,200	)
Cash:
Net increase (decrease) in unrestricted and restricted cash and deposits at broker		786
Restricted and unrestricted cash and deposits at broker at beginning of period		1,912
Restricted and unrestricted cash and deposits at broker at end of period	$	2,698

Supplemental disclosure of cash flow information:

For the period ended December 31, 2018, the Fund paid approximately $6,526 in interest expense for securities sold short.

For purposes of reporting the Statement of Cash Flows, the Fund considers all cash accounts that are not subject to withdrawal restrictions or penalties to be cash equivalents.

Reconciliation of restricted and unrestricted cash and deposits at broker at the end of period to the Statement of Assets and Liabilities:

	June 30, 2018		December 31, 2018
Cash	$	—	$	258
Deposits at broker:
Futures contracts		1,910		2,440
Securities sold short		2		—
	$	1,912	$	2,698

SEE NOTES TO FINANCIAL STATEMENTS.

18 J.P. MORGAN EQUITY FUNDS DECEMBER 31, 2018

THIS PAGE IS INTENTIONALLY LEFT BLANK

DECEMBER 31, 2018 J.P. MORGAN EQUITY FUNDS 19

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and  unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan U.S. Large Cap Core Plus Fund
Class A
Six Months Ended December 31, 2018 (Unaudited)	$	30.10	$	0.03	(f)	$	(2.54	)	$	(2.51	)	$	(0.05	)	$	(4.12	)	$	(4.17	)
Year Ended June 30, 2018		30.35		—	(f)(g)		3.87			3.87			—			(4.12	)		(4.12	)
Year Ended June 30, 2017		26.06		—	(f)(g)		5.54			5.54			(0.01	)		(1.24	)		(1.25	)
Year Ended June 30, 2016		29.81		0.04	(f)		(1.37	)		(1.33	)		—	(g)		(2.42	)		(2.42	)
Year Ended June 30, 2015		29.50		0.06			2.49			2.55			(0.11	)		(2.13	)		(2.24	)
Year Ended June 30, 2014		25.37		0.05	(f)(i)		6.44			6.49			(0.05	)		(2.31	)		(2.36	)
Class C
Six Months Ended December 31, 2018 (Unaudited)		28.65		(0.05	)(f)		(2.39	)		(2.44	)		—			(4.12	)		(4.12	)
Year Ended June 30, 2018		29.21		(0.15	)(f)		3.71			3.56			—			(4.12	)		(4.12	)
Year Ended June 30, 2017		25.23		(0.14	)(f)		5.36			5.22			—			(1.24	)		(1.24	)
Year Ended June 30, 2016		29.07		(0.10	)(f)		(1.32	)		(1.42	)		—			(2.42	)		(2.42	)
Year Ended June 30, 2015		28.85		(0.09	)		2.44			2.35			—			(2.13	)		(2.13	)
Year Ended June 30, 2014		24.93		(0.09	)(f)(i)		6.32			6.23			—			(2.31	)		(2.31	)
Class I
Six Months Ended December 31, 2018 (Unaudited)		30.51		0.07	(f)		(2.58	)		(2.51	)		(0.12	)		(4.12	)		(4.24	)
Year Ended June 30, 2018		30.66		0.08	(f)		3.92			4.00			(0.03	)		(4.12	)		(4.15	)
Year Ended June 30, 2017		26.32		0.08	(f)		5.59			5.67			(0.09	)		(1.24	)		(1.33	)
Year Ended June 30, 2016		30.07		0.10	(f)		(1.37	)		(1.27	)		(0.06	)		(2.42	)		(2.48	)
Year Ended June 30, 2015		29.74		0.13			2.52			2.65			(0.19	)		(2.13	)		(2.32	)
Year Ended June 30, 2014		25.55		0.12	(f)(i)		6.50			6.62			(0.12	)		(2.31	)		(2.43	)
Class R2
Six Months Ended December 31, 2018 (Unaudited)		29.31		(0.02	)(f)		(2.46	)		(2.48	)		—			(4.12	)		(4.12	)
Year Ended June 30, 2018		29.74		(0.09	)(f)		3.78			3.69			—			(4.12	)		(4.12	)
Year Ended June 30, 2017		25.61		(0.07	)(f)		5.44			5.37			—			(1.24	)		(1.24	)
Year Ended June 30, 2016		29.40		(0.03	)(f)		(1.34	)		(1.37	)		—			(2.42	)		(2.42	)
Year Ended June 30, 2015		29.14		(0.01	)		2.46			2.45			(0.06	)		(2.13	)		(2.19	)
Year Ended June 30, 2014		25.11		(0.02	)(f)(i)		6.37			6.35			(0.01	)		(2.31	)		(2.32	)
Class R5
Six Months Ended December 31, 2018 (Unaudited)		30.65		0.07	(f)		(2.58	)		(2.51	)		(0.14	)		(4.12	)		(4.26	)
Year Ended June 30, 2018		30.81		0.11	(f)		3.93			4.04			(0.08	)		(4.12	)		(4.20	)
Year Ended June 30, 2017		26.44		0.13	(f)		5.62			5.75			(0.14	)		(1.24	)		(1.38	)
Year Ended June 30, 2016		30.21		0.18	(f)		(1.40	)		(1.22	)		(0.13	)		(2.42	)		(2.55	)
Year Ended June 30, 2015		29.86		0.18			2.55			2.73			(0.25	)		(2.13	)		(2.38	)
Year Ended June 30, 2014		25.64		0.18	(f)(i)		6.51			6.69			(0.16	)		(2.31	)		(2.47	)
Class R6
Six Months Ended December 31, 2018 (Unaudited)		30.63		0.09	(f)		(2.58	)		(2.49	)		(0.17	)		(4.12	)		(4.29	)
November 1, 2017 (j) through June 30, 2018		32.99		0.09	(f)		1.79			1.88			(0.12	)		(4.12	)		(4.24	)

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Not annualized for periods less than one year.

(c) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(d) Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% or unless otherwise noted.

(e) The net expenses and expenses without waivers, reimbursements and earnings credits (excluding dividend and interest expense for securities sold short) for Class A are 1.10% and 1.38% for the six months ended December 31, 2018, 1.15% and 1.40% for the year ended June 30, 2018, 1.25% and 1.43% for the year ended June 30, 2017, 1.26% and 1.49% for the year ended June 30, 2016, 1.30% and 1.66% for the year ended June 30, 2015 and 1.29% and 1.63% for the year ended June 30, 2014; for Class C are 1.60% and 1.89% for the six months ended December 31, 2018, 1.65% and 1.90% for the year ended June 30, 2018, 1.75% and 1.94% for the year ended June 30, 2017, 1.76% and 2.00% for the year ended June 30, 2016, 1.80% and 2.15% for the year ended June 30, 2015 and 1.79% and 2.12% for the year ended June 30, 2014; for Class I are 0.85% and 1.13% for the six months ended December 31, 2018, 0.90% and 1.15% for the year ended June 30, 2018, 0.98% and 1.16% for the year ended June 30, 2017, 1.00% and 1.21% for the year ended June 30, 2016, 1.05% and 1.38% for the year ended June 30, 2015 and 1.04% and 1.38% for the year ended June 30, 2014; for Class R2 are 1.45% and 1.66% for the six months ended December 31, 2018, 1.47% and 1.67% for the year ended June 30, 2018, 1.50% and 1.76% for the year ended June 30, 2017, 1.51% and 1.84% for the year ended June 30, 2016, 1.55% and 1.97% for the year ended June 30, 2015 and 1.54% and 1.88% for the year ended June 30, 2014; for Class R5 are 0.80% and 0.99% for the six months ended December 31, 2018, 0.79% and 1.00% for the year ended June 30, 2018, 0.80% and 0.96% for the year ended June 30, 2017, 0.80% and 0.97% for the year ended June 30, 2016, 0.85% and 1.17% for the year ended June 30, 2015 and 0.85% and 1.18% for the year ended June 30, 2014; for Class R6 are 0.70% and 0.88% for the six months ended December 31, 2018, 0.70% and 0.90% for the period ended June 30, 2018, respectively.

(f) Calculated based upon average shares outstanding.

(g) Amount rounds to less than $0.005.

(h) Amount rounds to less than 0.005%.

(i) Reflects special dividends paid out during the period by several of the Fund’s holdings. Had the Fund not received the special dividends the net investment income (loss) per share would have been $0.05, $(0.09), $0.12, ($0.02) and $0.17 for Class A, Class C, Class I, Class R2 and Class R5 Shares, respectively, and the net investment income (loss) ratio would have been 0.17%, (0.34)%, 0.42%, (0.09)% and 0.62% for Class A, Class C, Class I, Class R2 and Class R5 Shares, respectively.

(j) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

20 J.P. MORGAN EQUITY FUNDS DECEMBER 31, 2018

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (b)(c)			Net assets, end of period (000’s)		Net expenses (including dividend and interest expense for securities sold short) (d)(e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits (including dividend and interest expense for securities sold short) (e)			Portfolio turnover rate (excluding securities sold short) (b)			Portfolio turnover rate (including securities sold short) (b)
$	23.42		(9.04	)%	$	619,938		1.93	%		0.18	%		2.21	%		48	%		72	%
	30.10		13.16			772,656		2.01			0.01			2.26			110			161
	30.35		21.64			791,067		2.20			0.00	(h)		2.39			94			131
	26.06		(4.52	)		890,217		2.21			0.14			2.44			88			127
	29.81		9.05			943,586		2.33			0.18			2.69			94			127
	29.50		26.73			955,036		2.14			0.19	(i)		2.48			90			122
	22.09		(9.26	)		124,362		2.43			(0.31	)		2.72			48			72
	28.65		12.58			158,677		2.50			(0.50	)		2.75			110			161
	29.21		21.05			201,031		2.70			(0.50	)		2.89			94			131
	25.23		(4.98	)		212,879		2.71			(0.37	)		2.95			88			127
	29.07		8.51			263,257		2.83			(0.31	)		3.18			94			127
	28.85		26.09			264,106		2.64			(0.32	)(i)		2.97			90			122
	23.76		(8.91	)		4,907,181		1.68			0.44			1.96			48			72
	30.51		13.46			6,169,553		1.75			0.27			2.00			110			161
	30.66		21.95			8,075,047		1.94			0.27			2.12			94			131
	26.32		(4.28	)		8,175,603		1.95			0.38			2.16			88			127
	30.07		9.32			10,354,676		2.08			0.45			2.41			94			127
	29.74		27.05			9,277,524		1.89			0.44	(i)		2.23			90			122
	22.71		(9.18	)		5,375		2.28			(0.17	)		2.49			48			72
	29.31		12.81			6,528		2.31			(0.30	)		2.52			110			161
	29.74		21.33			6,207		2.45			(0.24	)		2.71			94			131
	25.61		(4.74	)		5,987		2.46			(0.11	)		2.79			88			127
	29.40		8.79			5,821		2.58			(0.05	)		3.00			94			127
	29.14		26.41			5,273		2.39			(0.07	)(i)		2.73			90			122
	23.88		(8.89	)		109,586		1.63			0.48			1.82			48			72
	30.65		13.57			126,084		1.65			0.37			1.85			110			161
	30.81		22.18			168,526		1.76			0.47			1.92			94			131
	26.44		(4.07	)		591,379		1.75			0.73			1.92			88			127
	30.21		9.54			301,894		1.88			0.65			2.20			94			127
	29.86		27.29			263,148		1.70			0.64	(i)		2.03			90			122
	23.85		(8.83	)		1,076,441		1.53			0.57			1.71			48			72
	30.63		6.10			1,795,125		1.54			0.44			1.74			110			161

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 J.P. MORGAN EQUITY FUNDS 21

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2018 (Unaudited)

1. Organization

JPMorgan Trust I (the “Trust”) was formed on November 12, 2004, as a Delaware statutory trust, pursuant to a Declaration of Trust dated November 5, 2004 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company.

The following is a separate fund of the Trust (the “Fund”) covered by this report:

	Classes Offered	Diversified/Non-Diversified
JPMorgan U.S. Large Cap Core Plus Fund	Class A, Class C, Class I, Class R2, Class R5 and Class R6*	Diversified

* Class R6 commenced operations on November 1, 2017.

The investment objective of the Fund is to seek to provide a high total return from a portfolio of selected equity securities.

Class A Shares generally provide for a front-end sales charge while Class C Shares provide for a contingent deferred sales charge (“CDSC”). No sales charges are assessed with respect to Class I, Class R2, Class R5 and Class R6 Shares. Certain Class A Shares, for which front-end sales charges have been waived, may be subject to a CDSC as described in the Fund’s prospectus. Beginning on November 14, 2017, Class C Shares automatically convert to Class A Shares after ten years. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different transfer agency, distribution and service fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements.

J.P. Morgan Investment Management Inc. (“JPMIM”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), acts as Adviser (the “Adviser”) and Administrator (the “Administrator”) to the Fund.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The Fund is an investment company and, thus, follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification Topic 946 — Investment Companies, which is part of U.S. generally accepted accounting principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

A. Valuation of Investments — The valuation of investments is in accordance with GAAP and the Fund’s valuation policies set forth by and under the supervision and responsibility of the Board of Trustees (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.

The Administrator has established the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to assist the Board with the oversight and monitoring of the valuation of the Fund’s investments. The Administrator implements the valuation policies of the Fund’s investments, as directed by the Board. The AVC oversees and carries out the policies for the valuation of investments held in the Fund. This 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 is calculated on a valuation date. Investments in open-end investment companies (the “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.

22 J.P. MORGAN EQUITY FUNDS DECEMBER 31, 2018

The following table represents each valuation input as presented on the Schedule of Portfolio Investments (“SOI”) (amounts in thousands):

	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	8,568,803		$	—	$	—	$	8,568,803
Total Liabilities for Securities Sold Short (a)	$	(1,716,369	)	$	—	$	—	$	(1,716,369	)
Appreciation in Other Financial Instruments
Futures Contracts (a)	$	376		$	—	$	—	$	376

(a) All portfolio holdings designated as level 1 are disclosed individually on the SOI. Please refer to the SOI for industry specifics of portfolio holdings.

There were no transfers among any levels during the six months ended December 31, 2018.

B. Futures Contracts — The Fund used index futures contracts to gain or reduce exposure to the stock market, maintain liquidity or minimize transaction costs. The Fund also bought futures contracts to invest incoming cash in the market or sold futures in response to cash outflows, thereby simulating an invested position in the underlying index while maintaining cash balance for liquidity.

Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Fund is required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Fund periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as Change in net unrealized appreciation/depreciation on the Statement of Operations. Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported on the Statement of Operations at the closing or expiration of the futures contract. Securities deposited as initial margin are designated on the SOI, while cash deposited, which is considered restricted, is recorded on the Statement of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statement of Assets and Liabilities.

The use of futures contracts exposes the Fund to equity price risk. The Fund may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subjects the Fund to risk of loss in excess of the amounts shown on the Statement of Assets and Liabilities, up to the notional amount of the futures contracts. Use of short futures contracts subjects the Fund to unlimited risk of loss. The Fund may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Fund’s credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of positions.

The table below discloses the volume of the Fund’s futures contracts activity during the six months ended December 31, 2018 (amounts in thousands):

Futures Contracts — Equity
Average Notional Balance Long	$	25,492
Ending Notional Balance Long		12,640

The Fund’s futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).

C. Short Sales — The Fund engages in short sales as part of its normal investment activities. In a short sale, the Fund sells securities it does not own in anticipation of a decline in the market value of those securities. In order to deliver securities to the purchaser, the Fund borrows securities from a broker. To close out a short position, the Fund delivers the same securities to the broker.

The Fund is required to pledge cash or securities to the broker as collateral for the securities sold short. Collateral requirements are calculated daily based on the current market value of the short positions. Cash collateral deposited with the broker is recorded as Deposits at broker for securities sold short, while cash collateral deposited at the Fund’s custodian for the benefit of the broker is recorded as Restricted cash for securities sold short on the Statement of Assets and Liabilities. Securities segregated as collateral are denoted on the SOI. The Fund may receive or pay the net of the following amounts: (i) a portion of the income from the investment of cash collateral; (ii) the broker’s fee on the borrowed securities (calculated daily based upon the market value of each borrowed security and a variable rate that is dependent on availability of the security); and (iii) a financing charge for the difference between the market value of the short position and cash collateral deposited with the broker. The net amounts of income or fees are included as Interest income or Interest expense on securities sold short on the Statement of Operations.

DECEMBER 31, 2018 J.P. MORGAN EQUITY FUNDS 23

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

The Fund is obligated to pay the broker dividends declared on short positions when a position is open on the record date. Dividends on short positions are reported on ex-dividend date on the Statement of Operations as Dividend expense on securities sold short. Liabilities for securities sold short are reported at market value on the Statement of Assets and Liabilities and the change in market value is recorded as Change in net unrealized appreciation (depreciation) on the Statement of Operations. Short sale transactions may result in unlimited losses as the security’s price increases and the short position loses value. There is no upward limit on the price a borrowed security could attain. The Fund is also subject to risk of loss if the broker were to fail to perform its obligations under the contractual terms.

The Fund will record a realized loss if the price of the borrowed security increases between the date of the short sale and the date on which the Fund replaces the borrowed security. The Fund will record a realized gain if the price of the borrowed security declines between those dates.

As of December 31, 2018, the Fund had outstanding short sales as listed on the SOI.

D. Securities Lending — Effective October 5, 2018, the Fund became authorized to engage in securities lending in order to generate additional income. The Fund is able to lend to approved borrowers. Citibank N.A. (“Citibank”) serves as lending agent for the Fund, pursuant to a Securities Lending Agency Agreement (the “Securities Lending Agency Agreement”). Securities loaned are collateralized by cash equal to at least 100% of the market value plus accrued interest on the securities lent, which is invested in an affiliated money market fund. The Fund retains loan fees and the interest on cash collateral investments but is required to pay the borrower a rebate for the use of cash collateral. In cases where the lent security is of high value to borrowers, there may be a negative rebate (i.e., a net payment from the borrower to the Fund). Upon termination of a loan, the Fund is required to return to the borrower an amount equal to the cash collateral, plus any rebate owed to the borrowers. The remaining maturities of the securities lending transactions are considered overnight and continuous. Loans are subject to termination by the Fund or the borrower at any time.

The net income earned on the securities lending (after payment of rebates and Citibank’s fee) is included on the Statement of Operations as Income from securities lending (net). The Fund also receives payments from the borrower during the period of the loan, equivalent to dividends and interest earned on the securities loaned, which are recorded as Dividend or Interest income, respectively, on the Statement of Operations.

Under the Securities Lending Agency Agreement, Citibank marks to market the loaned securities on a daily basis. In the event the cash received from the borrower is less than 102% of the value of the loaned securities (105% for loans of non-U.S. securities), Citibank requests additional cash from the borrower so as to maintain a collateralization level of at least 102% of the value of the loaned securities plus accrued interest (105% for loans of non-U.S. securities).

The value of securities out on loan is recorded as an asset on the Statement of Assets and Liabilities. The value of the cash collateral received is recorded as a liability on the Statement of Assets and Liabilities and details of Collateral Investments are disclosed on the SOI.

The Fund bears the risk of loss associated with the Collateral Investments and is not entitled to additional collateral from the borrower to cover any such losses. To the extent that the value of the Collateral Investments declines below the amount owed to a borrower, the Fund may incur losses that exceed the amount it earned on lending the security. Upon termination of a loan, the Fund may use leverage (borrow money) to repay the borrower for cash collateral posted if the Adviser does not believe that it is prudent to sell the Collateral Investments to fund the payment of this liability. Securities lending activity is subject to master netting arrangements.

Securities lending also involves counterparty risks, including the risk that the loaned securities may not be returned in a timely manner or at all. Subject to certain conditions, Citibank has agreed to indemnify the Fund from losses resulting from a borrower’s failure to return a loaned security.

The Fund did not lend out any securities during the period October 5, 2018 through December 31, 2018.

E. Investment Transactions with Affiliates — The Fund invested in an Underlying Fund which is advised by the Adviser or its affiliates. An issuer which is under common control with the Fund may be considered an affiliate. For the purposes of the financial statements, the Fund assumes the issuer listed in the table below to be an affiliated issuer. The Underlying Fund’s distributions may be reinvested into the Underlying Fund. Reinvestment amounts are included in the purchase cost amount in the table below. Amounts in the table below are in thousands.

For the six months ended December 31, 2018
Security Description	Value at June 30, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at December 31, 2018		Shares at December 31, 2018		Dividend Income		Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.40% (a)(b)	$	126,714	$	1,306,438	$	1,378,476	$	—	$	—	$	54,676		54,676	$	842	$	—

(a) Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.

(b) The rate shown is the current yield as of December 31, 2018.

24 J.P. MORGAN EQUITY FUNDS DECEMBER 31, 2018

F. Security Transactions and Investment Income — Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis. Interest income is determined on the basis of coupon interest accrued using the effective interest method which adjusts for amortization of premiums and accretion of discounts. Dividend income net of foreign taxes withheld, if any, and dividend expense on securities sold short are recorded on the ex-dividend date or when the Fund first learns of the dividend.

To the extent such information is publicly available, the Fund records distributions received in excess of income earned from underlying investments as a reduction of cost of investments and/or realized gain. Such amounts are based on estimates if actual amounts are not available and actual amounts of income, realized gain and return of capital may differ from the estimated amounts. The Fund adjusts the estimated amounts of the components of distributions (and consequently its net investment income) as necessary once the issuers provide information about the actual composition of the distributions.

G. Allocation of Income and Expenses — Expenses directly attributable to a fund are charged directly to that fund, while the expenses attributable to more than one fund of the Trust are allocated among the respective funds. In calculating the NAV of each class, investment income, realized and unrealized gains and losses and expenses, other than class-specific expenses, are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day.

Transfer agency fees are class-specific expenses. The amount of the transfer agency fees charged to each class of the Fund for the six months ended December 31, 2018 are as follows (amounts in thousands):

	Class A		Class C		Class I		Class R2		Class R5		Class R6		Total
Transfer agency fees	$	18	$	5	$	44	$	1	$	5	$	7	$	80

H. Federal Income Taxes — The Fund is treated as a separate taxable entity for Federal income tax purposes. The Fund’s policy is to comply with the provisions of the Internal Revenue Code (the “Code”), applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Fund’s tax positions for all open tax years and has determined that as of December 31, 2018, no liability for income tax is required in the Fund’s financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. The Fund’s Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

I. Distributions to Shareholders — Distributions from net investment income, if any, are generally declared and paid at least annually and are declared separately for each class. No class has preferential dividend rights; differences in per share rates are due to differences in separate class expenses. Net realized capital gains, if any, are distributed by the Fund at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federal tax-basis treatment.

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to an Investment Advisory Agreement, the Adviser supervises the investments of the Fund and for such services is paid a fee. The fee is accrued daily and paid monthly at an annual rate of 0.70% of the Fund’s respective average daily net assets. Prior to November 19, 2018, the Investment Advisory fee was accrued daily and paid monthly at an annual rate of 0.80% of the Fund’s average daily net assets.

The Adviser waived Investment Advisory fees and/or reimbursed expenses as outlined in Note 3.F.

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator provides certain administration services to the Fund. In consideration of these services during the six months ended December 31, 2018, the Administrator received a fee that was accrued daily and paid monthly at an annual rate of 0.15% of the first $25 billion of the average daily net assets of all funds in the J.P. Morgan Funds Complex covered by the Administration Agreement (excluding certain funds of funds and money market funds) and 0.075% of the average daily net assets in excess of $25 billion of all such funds. For the six months ended December 31, 2018, the effective annualized rate was 0.08% of the Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

The Administrator waived Administration fees as outlined in Note 3.F.

Effective January 1, 2019, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.075% of the first $10 billion of the Fund’s average daily net assets, 0.050% of the Fund’s average daily net assets between $10 billion and $20 billion, 0.025% of the Fund’s average daily net assets between $20 billion and $25 billion and 0.01% of the Fund’s daily average net assets in excess of $25 billion.

JPMorgan Chase Bank, N.A. (“JPMCB”), a wholly-owned subsidiary of JPMorgan, serves as the Fund’s sub-administrator (the “Sub-administrator”). For its services as Sub-administrator, JPMCB receives a portion of the fees payable to the Administrator.

C. Distribution Fees — Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (“JPMDS”), an indirect, wholly-owned subsidiary of JPMorgan, serves as the Trust’s principal underwriter and promotes and arranges for the sale of the Fund’s shares. The Board has adopted a

DECEMBER 31, 2018 J.P. MORGAN EQUITY FUNDS 25

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

Distribution Plan (the “Distribution Plan”) for Class A, Class C and Class R2 Shares of the Fund, as applicable, in accordance with Rule 12b-1 under the 1940 Act. Class I, Class R5 and Class R6 Shares do not charge a distribution fee. The Distribution Plan provides that the Fund shall pay distribution fees, including payments to JPMDS, at annual rates of 0.25%, 0.75% and 0.50% of the average daily net assets of Class A, Class C and Class R2 Shares, respectively.

In addition, JPMDS is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the six months ended December 31, 2018, JPMDS retained the following (amounts in thousands):

Front-End Sales Charge	CDSC
$6	$	—	(a)

(a) Amount rounds to less than one thousand.

D. Service Fees — The Trust, on behalf of the Fund, has entered into a Shareholder Service Agreement with JPMDS under which JPMDS provides certain support services to the shareholders. For performing these services, JPMDS receives a fee, except for Class R6 Shares which do not charge a service fee, that is accrued daily and paid monthly equal to a percentage of the average daily net assets as shown in the table below:

Class A			Class C			Class I			Class R2			Class R5
	0.25	%		0.25	%		0.25	%		0.25	%		0.10	%

JPMDS has entered into shareholder services contracts with affiliated and unaffiliated financial intermediaries who provide shareholder services and other related services to their clients or customers who invest in the Fund under which JPMDS will pay all or a portion of such fees earned to financial intermediaries for performing such services.

JPMDS waived service fees as outlined in Note 3.F.

E. Custodian and Accounting Fees — JPMCB provides portfolio custody and accounting services to the Fund. For performing these services, the Fund pays JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses. The amounts paid directly to JPMCB by the Fund for custody and accounting services are included in Custodian and accounting fees on the Statement of Operations. Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the Statement of Operations. Prior to March 1, 2018, payments to the custodian were reduced by credits earned by the Fund, based on uninvested cash balances held by the custodian. Such earnings credits, if any, are presented separately on the Statement of Operations.

Interest expense paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates on the Statement of Operations.

F. Waivers and Reimbursements — The Adviser, Administrator and/or JPMDS have contractually agreed to waive fees and/or reimburse the Fund to the extent that total annual operating expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation and extraordinary expenses) exceed the percentages of the Fund’s respective average daily net assets as shown in the table below:

Class A			Class C			Class I			Class R2			Class R5			Class R6
	1.10	%		1.60	%		0.85	%		1.45	%		0.80	%		0.70	%

The expense limitation agreement was in effect for the six months ended December 31, 2018 and is in place until at least October 31, 2019.

For the six months ended December 31, 2018, the Fund’s service providers waived fees and/or reimbursed expenses for the Fund as follows (amounts in thousands). None of these parties expect the Fund to repay any such waived fees and reimbursed expenses in future years.

Contractual Waivers
Investment Advisory Fees		Administration Fees		Service Fees		Total
$	4,791	$	3,193	$	3,597	$	11,581

Additionally, the Fund may invest in one or more money market funds advised by the Adviser or its affiliates (affiliated money market funds). The Adviser, Administrator and/or JPMDS, as shareholder servicing agent, have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the applicable Fund’s investment in such affiliated money market fund.

The amount of waivers resulting from investments in these money market funds for the six months ended December 31, 2018 was approximately $88,000.

G. Other — Certain officers of the Trust are affiliated with the Adviser, the Administrator and JPMDS. Such officers, with the exception of the Chief Compliance Officer, receive no compensation from the Fund for serving in their respective roles.

The Board appointed a Chief Compliance Officer to the Fund in accordance with Federal securities regulations. The Fund, along with other affiliated funds, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the Office of the Chief Compliance Officer. Such fees are included in Trustees’ and Chief Compliance Officer’s fees on the Statement of Operations.

26 J.P. MORGAN EQUITY FUNDS DECEMBER 31, 2018

The Trust adopted a Trustee Deferred Compensation Plan (the “Plan”) which allows the Independent Trustees to defer the receipt of all or a portion of compensation related to performance of their duties as Trustees. The deferred fees are invested in various J.P. Morgan Funds until distribution in accordance with the Plan.

During the six months ended December 31, 2018, the Fund purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.

The Fund may use related party broker-dealers. For the six months ended December 31, 2018, the Funds did not incur any brokerage commissions with broker-dealers affiliated with the Adviser.

The Securities and Exchange Commission (“SEC”) has granted an exemptive order permitting the Fund to engage in principal transactions with J.P. Morgan Securities, Inc., an affiliated broker, involving taxable money market instruments, subject to certain conditions.

4. Investment Transactions

During the six months ended December 31, 2018, purchases and sales of investments (excluding short-term investments) were as follows (amounts in thousands):

Purchases (excluding U.S. Government)	Sales (excluding U.S. Government)		Securities Sold Short		Covers on Securities Sold Short
$5,239,357	$	6,919,978	$	2,386,282	$	2,637,242

During the six months ended December 31, 2018, there were no purchases or sales of U.S. Government securities.

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at December 31, 2018 were as follows (amounts in thousands):

Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	4,759,926	$	2,447,018	$	354,134	$	2,092,884

Net capital losses incurred after October 31 within the taxable year are deemed to arise on the first business day of the Fund’s next taxable year. For the year ended June 30, 2018, the Fund deferred to July 1, 2018 the following capital losses of (amounts in thousands):

Net Capital Losses
Short-Term		Long-Term
$	116,342	$	—

6. Borrowings

The Fund relies upon an exemptive order granted by the SEC (the “Order”) permitting the establishment and operation of an Interfund Lending Facility (the “Facility”). The Facility allows the Fund to directly lend and borrow money to or from any other fund relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. The Interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. The Order was granted to JPMorgan Trust II and may be relied upon by the Fund because the Fund and the series of JPMorgan Trust II are all investment companies in the same “group of investment companies” (as defined in Section 12(d)(1)(G) of the 1940 Act).

The Trust and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Fund. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until November 4, 2019.

The Fund had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility during the six months ended December 31, 2018.

The Trust, along with certain other trusts (“Borrowers”), has entered into a joint syndicated senior unsecured revolving credit facility totaling $1.5 billion (“Credit Facility”) with various lenders and The Bank of New York Mellon, as administrative agent for the lenders. This Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Under the terms of the Credit Facility, a borrowing fund must have a minimum of $25,000,000 in adjusted net asset value and not exceed certain adjusted net asset coverage ratios prior to and during the time in which any borrowings are outstanding. If a fund does not comply with the aforementioned requirements, the fund must remediate within three business days with respect to the $25,000,000 minimum adjusted net asset value or within one business day with respect to certain asset coverage ratios or the administrative agent

DECEMBER 31, 2018 J.P. MORGAN EQUITY FUNDS 27

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

at the request of, or with the consent of, the lenders may terminate the Credit Facility and declare any outstanding borrowings to be due and payable immediately.

Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.00% plus the greater of the federal funds effective rate or one month LIBOR. The annual commitment fee to maintain the Credit Facility is 0.15% and is incurred on the unused portion of the Credit Facility and is allocated to all participating funds pro rata based on their respective net assets. Effective August 14, 2018, this agreement has been amended and restated for a term of 364 days, unless extended.

The Fund did not utilize the Credit Facility during the six months ended December 31, 2018.

7. Risks, Concentrations and Indemnifications

In the normal course of business, the Fund enters into contracts that contain a variety of representations which provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be brought against the Fund. However, based on experience, the Fund expects the risk of loss to be remote.

As of December 31, 2018, the Fund had omnibus accounts which owned more than 10% of the respective Fund’s outstanding shares as follows:

Number of Affiliated Omnibus Account		% of the Fund			Number of Non-Affiliated Omnibus Account		% of the Fund
	4		17.7	%		7		48.2	%

Significant shareholder transactions by these shareholders may impact the Fund’s performance.

As of December 31, 2018, the Fund pledged a significant portion of its assets for securities sold short to Scotiabank.

8. New Accounting Pronouncements

In August 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-18 (“ASU 2016-18”) Statement of Cash Flows (Topic 230) Restricted Cash, which clarifies guidance on the classification of certain cash receipts and cash payments on the Statement of Cash Flows. ASU 2016-18 is effective for the fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. Management has evaluated the implications of these changes and the amendments are included in the financial statements.

In August 2018, the FASB issued ASU 2018-13 Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement, which adds, removes, and modifies certain aspects of the fair value disclosure. ASU 2018-13 amendments are the result of a broader disclosure project, FASB Concepts Statement Conceptual Framework for Financial Reporting — Chapter 8: Notes to Financial Statements, to improve the effectiveness of the fair value disclosure requirements. ASU 2018-13 is effective for the fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019; early adoption is permitted. We have evaluated the implications of these changes and the amendments are included in the financial statements, which had no effect to the Fund’s net assets or results of operation.

In August 2018, the SEC adopted their Disclosure Update and Simplification Rule (the “Rule”). The Rule is part of the SEC’s overall project to improve disclosure effectiveness by amending certain disclosure requirements that have become redundant, duplicative, overlapping, outdated, or superseded in light of other SEC disclosure requirements, U.S. GAAP, or changes in the information environment. The amendments are intended to facilitate the disclosure of information to investors and simplify compliance without significantly altering the total mix of information provided to investors. We have evaluated the implications of these changes and the amendments are included in the financial statements, which had no effect on the Fund’s net assets or results of operation.

28 J.P. MORGAN EQUITY FUNDS DECEMBER 31, 2018

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, July 1, 2018, and continued to hold your shares at the end of the reporting period, December 31, 2018.

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

	Beginning Account Value July 1, 2018		Ending Account Value December 31, 2018		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan U.S. Large Cap Core Plus Fund
Class A
Actual	$	1,000.00	$	909.60	$	9.29		1.93	%
Hypothetical		1,000.00		1,015.48		9.80		1.93
Class C
Actual		1,000.00		907.40		11.68		2.43
Hypothetical		1,000.00		1,012.96		12.33		2.43
Class I
Actual		1,000.00		910.90		8.09		1.68
Hypothetical		1,000.00		1,016.74		8.54		1.68
Class R2
Actual		1,000.00		908.20		10.97		2.28
Hypothetical		1,000.00		1,013.71		11.57		2.28
Class R5
Actual		1,000.00		911.10		7.85		1.63
Hypothetical		1,000.00		1,016.99		8.29		1.63
Class R6
Actual		1,000.00		911.70		7.37		1.53
Hypothetical		1,000.00		1,017.49		7.78		1.53

* Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

DECEMBER 31, 2018 J.P. MORGAN EQUITY FUNDS 29

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited)

The Board of Trustees has established various standing committees composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment committees (money market and alternative products, equity, and fixed income) meet regularly throughout the year and consider factors that are relevant to their annual consideration of investment advisory agreements at each meeting. They also meet for the specific purpose of considering investment advisory agreement annual renewals. The Board of Trustees held meetings in person in June and August 2018, at which the Trustees considered the continuation of the investment advisory agreement for the Fund whose semi-annual report is contained herein (the “Advisory Agreement”). At the June meeting, the Board’s investment committees met to review and consider performance, expense and related information for the J.P. Morgan Funds. Each investment committee reported to the full Board, which then considered the investment committee’s preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not “interested persons” (as defined in the 1940 Act) of any party to the Advisory Agreement or any of their affiliates, approved the continuation of the Advisory Agreement on August 15, 2018.

As part of their review of the Advisory Agreement, the Trustees considered and reviewed performance and other information received about the Fund from the Adviser. This information includes the Fund’s performance as compared to the performance of its peers and benchmarks and analyses by the Adviser of the Fund’s performance. In addition, the Trustees have engaged an independent management consulting firm (“independent consultant”) to report on the performance of certain J.P. Morgan Funds at each of the Trustees’ regular meetings. In addition, in preparation for the June and August meetings, the Trustees requested, received and evaluated extensive materials from the Adviser, including performance and expense information compiled by Broadridge, using data from Lipper Inc., independent providers of investment company data (together, “Broadridge/Lipper”). The Trustees’ independent consultant also provided additional analyses of the performance of the Fund as compared to the Fund’s objectives and peer groups. Before voting on the Advisory Agreement, the Trustees reviewed the Advisory Agreement with representatives of the Adviser, counsel to the Trust and independent legal counsel and received a memorandum from independent legal counsel to the Trustees discussing the legal standards for their consideration of the Advisory Agreement. The Trustees also discussed the Advisory Agreement in executive sessions with independent legal counsel at which no representatives of the Adviser were present.

A summary of the material factors evaluated by the Trustees in determining whether to approve the Advisory Agreement is provided below. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. The Trustees considered information provided with respect to the Fund throughout the year, as well as materials furnished specifically in connection with the annual review process. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions.

After considering and weighing the factors and information they had received, the Trustees found that the compensation to be received by the Adviser from the Fund under the Advisory Agreement was fair and reasonable under the circumstances and determined that the continuance of the Advisory Agreement was in the best interests of the Fund and its shareholders.

Nature, Extent and Quality of Services Provided by the Adviser

The Trustees received and considered information regarding the nature, extent and quality of services provided to the Fund under the Advisory Agreement. The Trustees took into account information furnished throughout the year at Trustee meetings, as well as the materials furnished specifically in connection with this annual review process. The Trustees considered the background and experience of the Adviser’s senior management and the expertise of, and the amount of attention given to the Fund by, investment personnel of the Adviser. In addition, the Trustees reviewed the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of the Fund and the infrastructure supporting the team, including personnel changes. The Trustees also considered information provided by the Adviser and JPMorgan Distribution Services, Inc. (“JPMDS”) about the structure and distribution strategy of the Fund. The Trustees reviewed information relating to the Adviser’s risk governance model and reports showing the Adviser’s compliance structure and ongoing compliance processes. The Trustees also considered the quality of the administrative services provided by the Adviser in its role as administrator.

The Trustees also considered their knowledge of the nature and quality of the services provided by the Adviser and its affiliates to the Fund gained from their experience as Trustees of the J.P. Morgan Funds. In addition, they considered the overall reputation and capabilities of the Adviser and its affiliates, the commitment of the Adviser to provide high quality service to the Funds, their overall confidence in the Adviser’s integrity and the Adviser’s responsiveness to questions or concerns raised by them, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to the Fund.

30 J.P. MORGAN EQUITY FUNDS DECEMBER 31, 2018

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited) (continued)

Based upon these considerations and other factors, the Trustees concluded that they were satisfied with the nature, extent and quality of the investment advisory services provided to the Fund by the Adviser.

Costs of Services Provided and Profitability to the Adviser and its Affiliates

The Trustees received and considered information regarding the profitability to the Adviser and its affiliates in providing services to the Fund. The Trustees reviewed and discussed this information. The Trustees recognized that this information is not audited and represents the Adviser’s determination of its and its affiliates’ revenues from the contractual services provided to the Fund, less expenses of providing such services. Expenses include direct and indirect costs and are calculated using an allocation methodology developed by the Adviser. The Trustees also recognized that it is difficult to make comparisons of profitability from fund investment advisory contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the fact that publicly-traded fund managers’ operating profits and net income are net of distribution and marketing expenses. Based upon their review, the Trustees concluded that the profitability to the Adviser under the Advisory Agreement was not unreasonable in light of the services and benefits provided to the Fund.

The Trustees also considered that JPMDS, an affiliate of the Adviser, and the Adviser earn fees from the Fund for providing shareholder and administrative services, respectively. These fees were shown separately in the profitability analysis presented to the Trustees. The Trustees also considered the payments of Rule 12b-1 fees to JPMDS, which also acts as the Fund’s distributor and that these fees are in turn generally paid to financial intermediaries that sell the Fund, including financial intermediaries that are affiliates of the Adviser. The Trustees also considered the fees paid to JPMorgan Chase Bank, N.A. (“JPMCB”) for custody and fund accounting and other related services.

Fall-Out Benefits

The Trustees reviewed information regarding potential “fall-out” or ancillary benefits received by the Adviser and its affiliates as a result of their relationship with the Fund. The Trustees also reviewed the Adviser’s allocation of fund brokerage for the J.P. Morgan Funds complex, including allocations to brokers who provide research to the Adviser.

Economies of Scale

The Trustees considered the extent to which the Fund may benefit from economies of scale. The Trustees considered that there may not be a direct relationship between economies of

scale realized by the Fund and those realized by the Adviser as assets increase. The Trustees considered the extent to which the Fund was priced to scale and whether it would be appropriate to add advisory fee breakpoints, but noted that the Fund has implemented fee waivers and contractual expense limitations (“Fee Caps”) which allow the Fund’s shareholders to share potential economies of scale from the Fund’s inception and that the fees remain competitive with peer funds. The Trustees also considered that the Adviser added or enhanced services to the Fund over time, noting the Adviser’s substantial investments in its business in support of the Fund, including investments in trading systems and technology (including cybersecurity improvements), attraction and retention of key talent, additions to analyst and portfolio management teams, and regulatory support enhancements. The Trustees concluded that the current fee structure was reasonable in light of the Fee Caps that the Adviser has in place that serve to limit the overall net expense ratios of the Fund at competitive levels. The Trustees concluded that the Fund’s shareholders received the benefits of potential economies of scale through the Fee Caps and the Adviser’s reinvestment in its operations to serve the Fund and its shareholders.

Independent Written Evaluation of the Fund’s Chief Compliance Officer

The Trustees noted that, upon their direction, the Chief Compliance Officer for the Fund had prepared an independent written evaluation in order to assist the Trustees in determining the reasonableness of the proposed management fees. The Trustees considered the written evaluation in determining whether to continue the Advisory Agreements.

Fees Relative to Adviser’s Other Clients

The Trustees received and considered information about the nature and extent of investment advisory services and fee rates offered to other clients of the Adviser, including institutional separate accounts and/or funds sub-advised by the Adviser, and for investment management styles substantially similar to that of the Fund. The Trustees considered the complexity of investment management for registered mutual funds relative to the Adviser’s other clients and noted differences in the regulatory, legal and other risks and responsibilities of providing services to the different clients. The Trustees considered that serving as an adviser to a registered mutual fund involves greater responsibilities and risks than acting as a sub-adviser and observed that sub-advisory fees may be lower than those charged by the Adviser to the Fund. The Trustees also noted that the adviser, not the mutual fund, pays the sub-advisory fee and that many responsibilities related to the advisory function are retained by the primary adviser. The Trustees concluded that the fee rates charged to the Fund in comparison to those charged to the Adviser’s other clients were reasonable.

DECEMBER 31, 2018 J.P. MORGAN EQUITY FUNDS 31

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited) (continued)

Investment Performance

The Trustees received and considered absolute and/or relative performance information for the Fund in a report prepared by Broadridge/Lipper. The Trustees considered the total return performance information, which included the ranking of the Fund within a performance universe made up of funds with the same Broadridge/Lipper investment classification and objective (the “Universe”), as well as a subset of funds within the Universe (the “Peer Group”), by total return for applicable one-, three- and five-year periods. The Trustees reviewed a description of Broadridge/Lipper’s methodology for selecting mutual funds in the Fund’s Peer Group and Universe. The Broadridge/Lipper materials provided to the Trustees highlighted information with respect to certain representative classes to assist the Trustees in their review. As part of this review, the Trustees also reviewed the Fund’s performance against its benchmark and considered the performance information provided for the Funds at regular Board meetings by the Adviser and the Trustees’ independent consultant and also considered the special analysis prepared by the Trustees’ independent consultant. The Trustees also engaged with the Adviser to consider what steps might be taken to improve performance, as applicable. The Broadridge/Lipper performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to the Fund’s performance for certain representative classes are summarized below:

The Trustees noted that the U.S. Large Cap Core Plus Fund’s performance for both Class A and Class I shares was in the third quintile based upon the Universe for each of the one-, three-, and five-year periods ended December 31, 2017. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis prepared by the independent consultant. Based upon these discussions, and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

Advisory Fees and Expense Ratios

The Trustees considered the contractual advisory fee rate and administration fee rate paid by the Fund to the Adviser and compared the combined rate to the information prepared by Broadridge/Lipper concerning management fee rates paid by other funds in the same Broadridge/Lipper category as each Fund. The Trustees recognized that Broadridge/Lipper reported the Fund’s management fee rate as the combined contractual advisory fee and administration fee rates. The Trustees also reviewed information about other expenses and the expense ratios for the Fund. The Trustees considered the Fee Caps currently in place for the Fund and considered the net advisory fee rate after taking into account any waivers and/or reimbursements, and where deemed appropriate by the Trustees, additional waivers and/or reimbursements. The Trustees recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The Trustees’ determinations as a result of the review of the Fund’s advisory fees and expense ratios for certain representative classes are summarized below:

The Trustees noted that the U.S. Large Cap Core Plus Fund’s net advisory fee for Class A shares was in the second quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class A shares were in the second and first quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class I shares was in the first and second quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses were in the first quintile upon both the Peer Group and Universe. After considering all of the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.

32 J.P. MORGAN EQUITY FUNDS DECEMBER 31, 2018

J.P. Morgan Funds are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the funds.

Contact JPMorgan Distribution Services, Inc. at 1-800-480-4111 for a fund prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risk as well as charges and expenses of the mutual fund before investing. The prospectus contains this and other information about the mutual fund. Read the prospectus carefully before investing.

Investors may obtain information about the Securities Investor Protection Corporation (SIPC), including the SIPC brochure, by visiting www.sipc.org or by calling SIPC at 202-371-8300.

The Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC on Form N-Q. The Fund’s Forms N-Q are available on the SEC’s website at http://www.sec.gov. Shareholders may request the Form N-Q without charge by calling 1-800-480-4111 or by visiting the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

A description of the Fund’s policies and procedures with respect to the disclosure of the Fund’s holdings is available in the prospectuses and Statement of Additional Information.

A copy of proxy policies and procedures is available without charge upon request by calling 1-800-480-4111 and on the Fund’s website at www.jpmorganfunds.com. A description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Fund to the Adviser. A copy of the Fund’s voting record for the most recent 12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Fund’s website at www.jpmorganfunds.com no later than August 31 of each year. The Fund’s proxy voting record will include, among other things, a brief description of the matter voted on for each fund security, and will state how each vote was cast, for example, for or against the proposal.

J.P. Morgan Asset Management is the marketing name for the asset management businesses of JPMorgan Chase & Co. Those businesses include, but are not limited to, J.P. Morgan Investment Management Inc., Security Capital Research & Management Incorporated and J.P. Morgan Alternative Asset Management, Inc.

^© JPMorgan Chase & Co., 2018. All rights reserved. December 2018. SAN-PLUS-1218

Semi-Annual Report

J.P. Morgan Funds

December 31, 2018 (Unaudited)

JPMorgan Diversified Fund

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website www.jpmorganfunds.com and you will be notified by mail each time a report is posted and provided with a website to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action.

You may elect to receive shareholder reports and other communications from the Fund electronically anytime by contacting your financial intermediary (such as a broker dealer, bank, or retirement plan) or, if you are a direct investor, by going to www.jpmorganfunds.com/edelivery.

You may elect to receive paper copies of all future reports free of charge. Contact your financial intermediary or, if you invest directly with the Fund, email us at funds.website.support@jpmorganfunds.com or call 1-800-480-4111. Your election to receive paper reports will apply to all funds held within your account(s).

CONTENTS

CEO’s Letter	1
Fund Commentary	2
Schedule of Portfolio Investments	5
Financial Statements	58
Financial Highlights	64
Notes to Financial Statements	66
Schedule of Shareholder Expenses	80
Board Approval of Investment Advisory Agreement	81

Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money if you sell when the Fund’s share price is lower than when you invested.

Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of the Fund or the securities markets. References to specific securities and their issuers are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations to purchase or sell such securities. Such views are not meant as investment advice and may not be relied on as an indication of trading intent on behalf of the Fund.

Prospective investors should refer to the Fund’s prospectuses for a discussion of the Fund’s investment objective, strategies and risks. Call J.P. Morgan Funds Service Center at 1-800-480-4111 for a prospectus containing more complete information about the Fund, including management fees and other expenses. Please read it carefully before investing.

CEO’S LETTER

February 14, 2019 (Unaudited)

Dear Shareholder,

While the U.S. economy largely outperformed other leading economies during the second half of 2018, record corporate profits and historically low unemployment were overshadowed in December by a sell-off in equity markets, unsettled global trade tensions and a political impasse that led to the temporary shutdown of large parts of the federal government.

  “Overall, economists generally remained optimistic about the fundamental strength of the U.S. economy at the end of 2018.” — George C.W. Gatch

The second longest U.S. economic expansion on record extended through the third and fourth quarters of 2018. Gross domestic product advanced 3.4% in the third quarter of 2018, and was on pace to grow by about 3% for the full year 2018. In September, the U.S. jobless rate dipped to 3.7% - its lowest level in nearly 50 years - and stood at 3.9% at the end of the year. In response, the U.S. Federal Reserve raised interest rates in September and again in December.

U.S. aggregate corporate revenues and earnings reached record high levels in the second and third quarters of 2018. Though some profit growth was attributed to the temporary benefits of late-2017 tax cut legislation, the outlook for U.S. corporate earnings remained generally positive at the end of the year.

Equity prices in the U.S. largely rose during the third quarter of 2018. The S&P 500 Index hit record highs in August and remained elevated in September. However, early October saw a sharp sell-off in financial markets and the worst December for

the S&P 500 Index since 1931 erased all gains seen in the prior five months.

By the end of 2018, investors were confronted with several worrying developments. Leading economies, particularly China and the European Union, showed significant signs of slowing in the latter half of the year. While U.S.-China trade tariffs had little clear direct impact on the U.S. economy in 2018, a continuation or acceleration of protectionist policies could begin to hinder growth. Though the federal government shutdown ended subsequent to the end of the reporting period, the solution was a short-term budget agreement that failed to alleviate concerns about the possibility of future shutdowns.

Overall, economists generally remained optimistic about the fundamental strength of the U.S. economy at the end of 2018. While U.S. corporate profits and gross domestic product are expected to grow in the year ahead, the extent to which U.S. financial markets benefit remains to be seen, given the length of the current economic expansion.

We believe investors who maintain a patient approach and a well-diversified portfolio may be best positioned to navigate current market conditions. We look forward to managing your investment needs for years to come. Should you have any questions, please visit www.jpmorganfunds.com or contact the J.P. Morgan Funds Service Center at 1-800-480-4111.

Sincerely yours,

George C.W. Gatch

CEO, Global Funds Management

J.P. Morgan Asset Management

DECEMBER 31, 2018 J.P. MORGAN FUNDS 1

JPMorgan Diversified Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class L Shares)*		(6.63)%
MSCI World Index (net of foreign withholding taxes)		(9.10)%
Diversified Composite Benchmark**		(4.77)%
Net Assets as of 12/31/2018 (In Thousands)	$	1,037,358

INVESTMENT OBJECTIVE***

The JPMorgan Diversified Fund (the “Fund”) seeks to provide a high total return from a diversified portfolio of equity and fixed income investments.

HOW DID THE MARKETS PERFORM?

U.S. equity markets posted negative returns for the reporting period, though they generally outperformed equities in both developed markets and emerging markets. Global bond markets generally had a lackluster performance in the second half of 2018.

U.S. equity prices were largely supported by strong corporate earnings and revenue, low interest rates and an expanding domestic economy. In August, U.S. equity prices returned to record highs and remained elevated through September. Share prices fell sharply and market volatility spiked in early October, then prices rebounded slightly in November before plummeting again in December, erasing gains made over the previous five months.

In Europe, equity markets came under pressure from slowing economic growth, political tensions within the European Union (the “EU”) and uncertainty about Britain’s planned exit from the EU. Emerging markets equity prices fell as rising U.S. interest rates and signs that U.S.-China trade tariffs were curbing demand from Chinese manufacturers. Emerging markets debt generally provided small but positive returns during the reporting period.

WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?

The Fund’s Class L Shares outperformed the MSCI World Index (net of foreign withholding taxes) (the “World Index”) and underperformed the Diversified Composite Benchmark (the “Composite Benchmark”), which consists of 60% MSCI World Index and 40% Bloomberg Barclays U.S. Aggregate Bond Index for the six months ended December 31, 2018.

During the reporting period, fixed income investments generally outperformed equity markets and the Fund’s allocation to fixed income securities contributed to performance relative to the World Index.

Within equity, the Fund’s tactical overweight allocation to large cap domestic equity was the largest detractor from performance relative to the Composite Benchmark. The Fund’s underweight allocation to international developed markets and emerging markets contributed to performance relative to the Composite Benchmark.

Within fixed income, an underweight allocation to core fixed income and a tactical underweight allocation to international fixed income were the largest detractors from relative performance. The Fund’s allocations to non-agency and agency mortgage-backed securities, along with the Fund’s allocation to floating rate fixed income, were the largest contributors to relative performance.

HOW WAS THE FUND POSITIONED?

The Fund targeted a long-term strategic asset allocation consisting of the following asset classes: U.S. large-cap equity, U.S. small-cap equity, real estate investment trusts, international equity (including emerging markets equity) and U.S. and international fixed income. The Fund invested in individual securities and underlying J.P. Morgan funds to implement its long-term strategic asset allocation and short-to-intermediate term tactical adjustments.

During the reporting period, the Fund had an opportunistic allocation to non-agency mortgage-backed securities and agency mortgage-backed securities. The Fund used futures to more easily implement the portfolio managers’ short-to-intermediate term tactical asset allocation views. The Fund also employed futures to manage a transition of its equity exposure from an overweight to an underweight position during the reporting period. At the end of the period, the Fund was positioned with and bias toward U.S. large cap equity and an underweight to international equity markets.

2 J.P. MORGAN FUNDS DECEMBER 31, 2018

TOP TEN HOLDINGS OF THE PORTFOLIO****
	1.	JPMorgan Core Plus Bond Fund Class R6 Shares	6.1	%
	2.	JPMorgan Floating Rate Income Fund Class R6 Shares	4.1
	3.	JPMorgan Emerging Markets Equity Fund Class R6 Shares	3.7
	4.	JPMorgan Managed Income Fund Class L Shares	2.7
	5.	JPMorgan Mid Cap Equity Fund Class R6 Shares	2.0
	6.	Microsoft Corp.	1.1
	7.	U.S. Treasury Notes 1.13%, 01/31/19	1.1
	8.	Amazon.com, Inc.	0.9
	9.	Apple, Inc.	0.7
	10.	UnitedHealth Group, Inc.	0.6

PORTFOLIO COMPOSITION BY ASSET CLASS****
Common Stocks	52.0	%
Investment Companies	18.6
Corporate Bonds	9.4
Collateralized Mortgage Obligations	8.0
Asset-Backed Securities	4.3
U.S. Treasury Obligations	2.5
Mortgage-Backed Securities	2.0
Commercial Mortgage-Backed Securities	1.2
Others (each less than 1.0%)	0.2
Short-Term Investments	1.8

* The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

** The Diversified Composite Benchmark is comprised of unmanaged indices that correspond to the Fund’s model allocation and consists of the MSCI World Index (net of foreign withholding taxes) (60%) and the Bloomberg Barclays U.S. Aggregate Bond Index (40%).

*** The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.

**** Percentages indicated are based on total investments as of December 31, 2018. The Fund’s portfolio composition is subject to change.

DECEMBER 31, 2018 J.P. MORGAN FUNDS 3

JPMorgan Diversified Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2018
	INCEPTION DATE OF CLASS		6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES		March 24, 2003
With Sales Charge**				(10.98	)%		(12.42	)%		2.70	%		8.14	%
Without Sales Charge				(6.79	)		(8.32	)		3.65			8.64
CLASS C SHARES		March 24, 2003
With CDSC***				(8.02	)		(9.73	)		3.13			8.10
Without CDSC				(7.02	)		(8.73	)		3.13			8.10
CLASS I SHARES		September 10, 2001		(6.70	)		(8.04	)		3.91			8.93
CLASS L SHARES		September 10, 1993		(6.63	)		(7.90	)		4.13			9.17
CLASS R6 SHARES		November 1, 2017		(6.59	)		(7.83	)		4.16			9.18

* Not annualized.

** Sales Charge for Class A Shares is 4.50%.

*** Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter.

TEN YEAR PERFORMANCE (12/31/08 TO 12/31/18)

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.

Returns for Class R6 Shares prior to their inception date are based on the performance of Class L Shares. The actual returns for Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class L Shares.

The graph illustrates comparative performance for $3,000,000 invested in Class L Shares of the JPMorgan Diversified Fund, the MSCI World Index, the Diversified Composite Benchmark and the Lipper Mixed-Asset Target Allocation Growth Funds Index from December 31, 2008 to December 31, 2018. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI World Index and the Diversified Composite Benchmark does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Mixed-Asset Target Allocation Growth Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The MSCI World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. The Diversified Composite Benchmark is comprised of the

MSCI World Index (60%) and the Bloomberg Barclays U.S. Aggregate Bond Index (40%). The Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged index that represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. The Lipper Mixed-Asset Target Allocation Growth Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

Class L Shares have a $3,000,000 minimum initial investment.

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the U.S. can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the U.S. and other nations.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

4 J.P. MORGAN FUNDS DECEMBER 31, 2018

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited)

INVESTMENTS	SHARES (000)			VALUE ($000)
Common Stocks — 51.5%
Aerospace & Defense — 0.9%
Airbus SE (France)		11			1,021
Boeing Co. (The)		5			1,761
Dassault Aviation SA (France)		—	(a)		169
General Dynamics Corp.		15			2,355
Huntington Ingalls Industries, Inc.		—	(a)		30
L3 Technologies, Inc.		—	(a)		5
Lockheed Martin Corp.		1			155
Meggitt plc (United Kingdom)		9			56
Northrop Grumman Corp.		8			1,859
Raytheon Co.		—	(a)		45
Safran SA (France)		6			764
Textron, Inc.		1			32
Thales SA (France)		4			462
TransDigm Group, Inc. *		—	(a)		10
United Technologies Corp.		8			808
					9,532
Air Freight & Logistics — 0.1%
Cia de Distribucion Integral Logista Holdings SA (Spain)		2			44
Deutsche Post AG (Registered) (Germany)		10			270
Yamato Holdings Co. Ltd. (Japan)		9			252
					566
Airlines — 0.4%
AirAsia Group Bhd. (Malaysia)		55			39
American Airlines Group, Inc.		—	(a)		9
Delta Air Lines, Inc.		36			1,783
Deutsche Lufthansa AG (Registered) (Germany)		7			153
International Consolidated Airlines Group SA (United Kingdom)		55			436
Japan Airlines Co. Ltd. (Japan)		8			280
Qantas Airways Ltd. (Australia)		93			379
Ryanair Holdings plc, ADR (Ireland) *		5			334
Southwest Airlines Co.		12			551
United Continental Holdings, Inc. *		1			105
					4,069
Auto Components — 0.2%
Aptiv plc		—	(a)		21
BorgWarner, Inc.		1			22
Bridgestone Corp. (Japan)		21			813
Continental AG (Germany)		4			544
Delphi Technologies plc		1			11
FCC Co. Ltd. (Japan)		2			38
Hankook Tire Co. Ltd. (South Korea) *		2			62

INVESTMENTS	SHARES (000)			VALUE ($000)
Auto Components — continued
Huayu Automotive Systems Co. Ltd., Class A (China)		12			33
LCI Industries		4			251
Mando Corp. (South Korea) *		2			63
Nexteer Automotive Group Ltd. (China)		32			46
NGK Spark Plug Co. Ltd. (Japan)		13			257
Sumitomo Electric Industries Ltd. (Japan)		17			228
Toyota Boshoku Corp. (Japan)		5			68
TS Tech Co. Ltd. (Japan)		4			99
					2,556
Automobiles — 0.7%
Astra International Tbk. PT (Indonesia)		371			212
Bajaj Auto Ltd. (India)		1			52
Daimler AG (Registered) (Germany)		11			560
Eicher Motors Ltd. (India)		—	(a)		62
Fiat Chrysler Automobiles NV (United Kingdom) *		27			382
Ford Motor Co.		12			93
Ford Otomotiv Sanayi A/S (Turkey)		5			46
Geely Automobile Holdings Ltd. (China)		96			169
General Motors Co.		3			90
Harley-Davidson, Inc.		1			31
Honda Motor Co. Ltd. (Japan)		44			1,162
Hyundai Motor Co. (South Korea)		1			147
Kia Motors Corp. (South Korea) *		4			115
Mahindra & Mahindra Ltd. (India)		13			149
Maruti Suzuki India Ltd. (India)		2			198
Peugeot SA (France)		22			460
Renault SA (France)		6			380
SAIC Motor Corp. Ltd., Class A (China)		20			78
Suzuki Motor Corp. (Japan)		2			76
Tesla, Inc. *		2			797
Tofas Turk Otomobil Fabrikasi A/S (Turkey)		16			52
Toyota Motor Corp. (Japan)		29			1,696
					7,007
Banks — 4.3%
ABN AMRO Group NV, CVA (Netherlands) (b)		18			412
Associated Banc-Corp.		11			208
Australia & New Zealand Banking Group Ltd. (Australia)		32			554
Axis Bank Ltd. (India) *		15			130
Banco Bradesco SA (Preference) (Brazil)		26			255
Banco Santander Chile (Chile)		526			39
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand, Class B (Mexico)		60			75

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 J.P. MORGAN FUNDS 5

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Banks — continued
Banco Santander SA (Spain)		58		263
Bancolombia SA (Colombia)		13		121
Bank Central Asia Tbk. PT (Indonesia)		133		241
Bank of America Corp.		173		4,254
Bank of China Ltd., Class H (China)		821		354
Bank of the Philippine Islands (Philippines)		46		82
Bank Rakyat Indonesia Persero Tbk. PT (Indonesia)		421		107
Bankia SA (Spain)		91		265
BankUnited, Inc.		8		241
BB&T Corp.		1		45
BNP Paribas SA (France)		23		1,045
BOC Hong Kong Holdings Ltd. (China)		98		364
Cadence BanCorp		9		146
Capitec Bank Holdings Ltd. (South Africa)		2		129
China Construction Bank Corp., Class H (China)		920		753
China Merchants Bank Co. Ltd., Class H (China)		64		230
Chongqing Rural Commercial Bank Co. Ltd., Class H (China)		109		58
CIMB Group Holdings Bhd. (Malaysia)		28		39
Citigroup, Inc.		21		1,107
Citizens Financial Group, Inc.		28		829
Comerica, Inc.		1		102
Commerce Bancshares, Inc.		4		215
Commonwealth Bank of Australia (Australia)		2		121
Credicorp Ltd. (Peru)		1		224
CTBC Financial Holding Co. Ltd. (Taiwan)		311		205
Cullen/Frost Bankers, Inc.		1		73
DBS Group Holdings Ltd. (Singapore)		108		1,876
DNB ASA (Norway)		28		454
E.Sun Financial Holding Co. Ltd. (Taiwan)		234		153
East West Bancorp, Inc.		16		699
Erste Group Bank AG (Austria) *		14		462
Fifth Third Bancorp		19		448
First Financial Bancorp		9		214
First Hawaiian, Inc.		10		221
First Horizon National Corp.		19		247
First Interstate BancSystem, Inc., Class A		2		76
First Republic Bank		10		896
Great Western Bancorp, Inc.		5		166
Grupo Financiero Banorte SAB de CV, Class O (Mexico)		48		233
Hana Financial Group, Inc. (South Korea)		5		175
Hang Seng Bank Ltd. (Hong Kong)		21		459
HDFC Bank Ltd., ADR (India)		8		839

INVESTMENTS	SHARES (000)			VALUE ($000)
Banks — continued
HSBC Holdings plc (United Kingdom)		96			794
Huntington Bancshares, Inc.		79			946
IBERIABANK Corp.		3			223
IndusInd Bank Ltd. (India)		5			121
Industrial & Commercial Bank of China Ltd., Class H (China)		712			507
Industrial Bank of Korea (South Korea)		7			94
ING Groep NV (Netherlands)		92			992
Israel Discount Bank Ltd., Class A (Israel)		37			113
Itau Unibanco Holding SA, ADR (Brazil)		112			1,026
Kasikornbank PCL (Thailand)		34			191
KB Financial Group, Inc. (South Korea)		6			233
KBC Group NV (Belgium)		4			271
KeyCorp		72			1,066
Komercni banka A/S (Czech Republic)		3			100
Lloyds Banking Group plc (United Kingdom)		299			197
M&T Bank Corp.		8			1,143
Mega Financial Holding Co. Ltd. (Taiwan)		95			80
Mitsubishi UFJ Financial Group, Inc. (Japan)		173			848
Mizuho Financial Group, Inc. (Japan)		233			360
Moneta Money Bank A/S (Czech Republic) (b)		23			75
National Australia Bank Ltd. (Australia)		4			69
OTP Bank Nyrt. (Hungary)		5			214
Oversea-Chinese Banking Corp. Ltd. (Singapore)		69			571
People’s United Financial, Inc.		—	(a)		6
Ping An Bank Co. Ltd., Class A (China)		71			97
PNC Financial Services Group, Inc. (The)		12			1,397
Postal Savings Bank of China Co. Ltd., Class H (China) (b)		183			96
Public Bank Bhd. (Malaysia)		37			222
Qatar National Bank QPSC (Qatar)		2			87
Regions Financial Corp.		8			103
Resona Holdings, Inc. (Japan)		33			157
Sberbank of Russia PJSC, ADR (Russia)		26			280
Sberbank of Russia PJSC, ADR (Russia)		5			50
Security Bank Corp. (Philippines)		10			30
Shinhan Financial Group Co. Ltd. (South Korea)		6			217
Siam Commercial Bank PCL (The) (Thailand)		45			186
Standard Chartered plc (United Kingdom)		140			1,090
Sumitomo Mitsui Financial Group, Inc. (Japan)		53			1,757
SunTrust Banks, Inc.		46			2,306
SVB Financial Group *		5			913
Svenska Handelsbanken AB, Class A (Sweden)		46			515
UniCredit SpA (Italy)		4			48

SEE NOTES TO FINANCIAL STATEMENTS.

6 J.P. MORGAN FUNDS DECEMBER 31, 2018

INVESTMENTS	SHARES (000)			VALUE ($000)
Common Stocks — continued
Banks — continued
United Overseas Bank Ltd. (Singapore)		29			516
US Bancorp		19			859
Wells Fargo & Co.		51			2,337
Western Alliance Bancorp *		5			204
Westpac Banking Corp. (Australia)		6			115
Wintrust Financial Corp.		4			236
Woori Bank (South Korea)		7			93
					45,055
Beverages — 1.0%
Ambev SA (Brazil)		28			110
Anheuser-Busch InBev SA/NV (Belgium)		10			627
Asahi Group Holdings Ltd. (Japan)		23			880
Cia Cervecerias Unidas SA, ADR (Chile)		2			47
Coca-Cola Co. (The)		60			2,855
Coca-Cola European Partners plc (United Kingdom)		10			457
Constellation Brands, Inc., Class A		—	(a)		23
Cott Corp.		8			115
Diageo plc (United Kingdom)		42			1,507
Fomento Economico Mexicano SAB de CV, ADR (Mexico)		3			227
Heineken NV (Netherlands)		2			196
Keurig Dr Pepper, Inc.		13			334
Kirin Holdings Co. Ltd. (Japan)		15			309
Kweichow Moutai Co. Ltd., Class A (China)		1			69
Molson Coors Brewing Co., Class B		8			437
Monster Beverage Corp. *		—	(a)		14
PepsiCo, Inc.		2			247
Pernod Ricard SA (France)		8			1,339
Royal Unibrew A/S (Denmark)		3			204
					9,997
Biotechnology — 0.6%
AbbVie, Inc.		3			264
Alexion Pharmaceuticals, Inc. *		4			357
Amgen, Inc.		1			150
Biogen, Inc. *		4			1,228
Celgene Corp. *		2			132
CSL Ltd. (Australia)		2			233
Exact Sciences Corp. *		9			575
Exelixis, Inc. *		25			487
Gilead Sciences, Inc.		1			49
Intercept Pharmaceuticals, Inc. *		4			388
Regeneron Pharmaceuticals, Inc. *		—	(a)		22
Sage Therapeutics, Inc. *		2			188

INVESTMENTS	SHARES (000)			VALUE ($000)
Biotechnology — continued
Shire plc		4			224
Spark Therapeutics, Inc. *		6			218
Vertex Pharmaceuticals, Inc. *		10			1,676
					6,191
Building Products — 0.3%
Allegion plc		—	(a)		9
Daikin Industries Ltd. (Japan)		12			1,254
Fortune Brands Home & Security, Inc.		15			561
Lennox International, Inc.		5			1,145
Masco Corp.		—	(a)		11
USG Corp.		6			239
					3,219
Capital Markets — 1.5%
3i Group plc (United Kingdom)		56			551
Ameriprise Financial, Inc.		8			818
B3 SA — Brasil Bolsa Balcao (Brazil)		31			217
Bank of New York Mellon Corp. (The)		1			59
BlackRock, Inc.		1			509
Charles Schwab Corp. (The)		38			1,585
Credit Suisse Group AG (Registered) (Switzerland) *		31			342
Deutsche Bank AG (Registered) (Germany)		9			76
Deutsche Boerse AG (Germany)		6			768
E*TRADE Financial Corp.		2			73
Eaton Vance Corp.		5			160
Euronext NV (Netherlands) (b)		4			206
FactSet Research Systems, Inc.		1			202
Flow Traders (Netherlands) (b)		2			70
Focus Financial Partners, Inc., Class A *		4			103
Goldman Sachs Group, Inc. (The)		1			122
Hong Kong Exchanges & Clearing Ltd. (Hong Kong)		17			489
IG Group Holdings plc (United Kingdom)		10			75
Intercontinental Exchange, Inc.		1			41
Invesco Ltd.		18			307
Lazard Ltd., Class A		5			195
London Stock Exchange Group plc (United Kingdom)		8			414
Macquarie Group Ltd. (Australia)		8			631
Moelis & Co., Class A		4			128
Moody’s Corp.		—	(a)		18
Morgan Stanley		70			2,757
Morningstar, Inc.		2			193
Moscow Exchange MICEX-RTS PJSC (Russia) *		46			53

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 J.P. MORGAN FUNDS 7

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

INVESTMENTS	SHARES (000)			VALUE ($000)
Common Stocks — continued
Capital Markets — continued
MSCI, Inc.		—	(a)		5
Nasdaq, Inc.		10			787
Northern Trust Corp.		6			516
Partners Group Holding AG (Switzerland)		1			401
S&P Global, Inc.		6			992
SBI Holdings, Inc. (Japan)		11			211
State Street Corp.		1			33
T. Rowe Price Group, Inc.		11			986
Tokai Tokyo Financial Holdings, Inc. (Japan)		9			38
UBS Group AG (Registered) (Switzerland) *		62			770
Yuanta Financial Holding Co. Ltd. (Taiwan)		256			129
					16,030
Chemicals — 0.9%
AdvanSix, Inc. *		8			196
Air Liquide SA (France)		7			818
Akzo Nobel NV (Netherlands)		5			423
Arkema SA (France)		2			161
Asahi Kasei Corp. (Japan)		16			162
BASF SE (Germany)		2			170
Celanese Corp.		—	(a)		14
CF Industries Holdings, Inc.		2			76
Chr Hansen Holding A/S (Denmark)		2			195
Covestro AG (Germany) (b)		6			287
Daicel Corp. (Japan)		32			326
DowDuPont, Inc.		3			147
Eastman Chemical Co.		16			1,175
Evonik Industries AG (Germany)		7			179
FMC Corp.		—	(a)		27
Formosa Chemicals & Fibre Corp. (Taiwan)		36			123
Formosa Plastics Corp. (Taiwan)		67			220
GCP Applied Technologies, Inc. *		10			234
KH Neochem Co. Ltd. (Japan)		3			65
LG Chem Ltd. (South Korea) *		1			164
Linde plc (United Kingdom)		—	(a)		19
Linde plc (United Kingdom)		4			669
Lotte Chemical Corp. (South Korea) *		—	(a)		43
LyondellBasell Industries NV, Class A		1			114
Mitsubishi Chemical Holdings Corp. (Japan)		23			170
Mitsubishi Gas Chemical Co., Inc. (Japan)		6			96
Mosaic Co. (The)		3			83
Nan Ya Plastics Corp. (Taiwan)		83			204
Nitto Denko Corp. (Japan)		5			246
Petronas Chemicals Group Bhd. (Malaysia)		65			145
PPG Industries, Inc.		—	(a)		22

INVESTMENTS	SHARES (000)			VALUE ($000)
Chemicals — continued
PQ Group Holdings, Inc. *		16			231
Quaker Chemical Corp.		2			327
Sasol Ltd. (South Africa)		7			220
Sherwin-Williams Co. (The)		—	(a)		28
Shin-Etsu Chemical Co. Ltd. (Japan)		8			584
Sumitomo Bakelite Co. Ltd. (Japan)		2			69
Tokai Carbon Co. Ltd. (Japan)		15			164
Tokuyama Corp. (Japan)		4			97
Toray Industries, Inc. (Japan)		38			271
Ube Industries Ltd. (Japan)		1			22
UPL Ltd. (India)		5			49
Valvoline, Inc.		15			289
					9,324
Commercial Services & Supplies — 0.4%
Advanced Disposal Services, Inc. *		8			194
Brady Corp., Class A		9			400
BrightView Holdings, Inc. *		15			155
China Everbright International Ltd. (China)		118			106
Copart, Inc. *		15			732
Greentown Service Group Co. Ltd. (China) (b)		52			40
Herman Miller, Inc.		5			156
KAR Auction Services, Inc.		6			286
MSA Safety, Inc.		2			198
Pitney Bowes, Inc.		5			27
US Ecology, Inc.		3			182
Waste Connections, Inc.		30			2,191
					4,667
Communications Equipment — 0.3%
Arista Networks, Inc. *		3			545
Cisco Systems, Inc.		30			1,303
CommScope Holding Co., Inc. *		22			359
F5 Networks, Inc. *		—	(a)		49
Juniper Networks, Inc.		—	(a)		11
Motorola Solutions, Inc.		1			110
Nokia OYJ (Finland)		25			147
Palo Alto Networks, Inc. *		4			740
					3,264
Construction & Engineering — 0.2%
ACS Actividades de Construccion y Servicios SA (Spain)		12			460
China Railway Group Ltd., Class H (China)		95			86
China State Construction International Holdings Ltd. (China)		38			30

SEE NOTES TO FINANCIAL STATEMENTS.

8 J.P. MORGAN FUNDS DECEMBER 31, 2018

INVESTMENTS	SHARES (000)			VALUE ($000)
Common Stocks — continued
Construction & Engineering — continued
CIMIC Group Ltd. (Australia)		6			184
Daelim Industrial Co. Ltd. (South Korea) *		1			82
Eiffage SA (France)		4			302
HDC Hyundai Development Co-Engineering & Construction (South Korea) *		1			37
Jacobs Engineering Group, Inc.		—	(a)		9
Kumagai Gumi Co. Ltd. (Japan)		2			51
Kyowa Exeo Corp. (Japan)		4			86
Larsen & Toubro Ltd. (India)		9			182
Quanta Services, Inc.		1			25
Shimizu Corp. (Japan)		11			89
Taisei Corp. (Japan)		7			283
Vinci SA (France)		5			441
Willscot Corp. *		18			169
					2,516
Construction Materials — 0.3%
CRH plc (Ireland)		5			139
Imerys SA (France)		1			57
LafargeHolcim Ltd. (Registered) (Switzerland) *		15			607
LafargeHolcim Ltd. (Registered) (Switzerland) *		2			83
Martin Marietta Materials, Inc.		6			1,058
Siam Cement PCL (The) (Thailand)		10			137
UltraTech Cement Ltd. (India)		3			152
Vulcan Materials Co.		6			552
					2,785
Consumer Finance — 0.3%
Ally Financial, Inc.		12			265
American Express Co.		8			765
Capital One Financial Corp.		21			1,619
Discover Financial Services		—	(a)		26
Shriram Transport Finance Co. Ltd. (India)		6			103
Synchrony Financial		3			74
					2,852
Containers & Packaging — 0.6%
AptarGroup, Inc.		7			624
Avery Dennison Corp.		8			725
Ball Corp.		39			1,795
Crown Holdings, Inc. *		26			1,088
Graphic Packaging Holding Co.		40			424
International Paper Co.		1			21
Packaging Corp. of America		6			474
Westrock Co.		26			981
					6,132

INVESTMENTS	SHARES (000)			VALUE ($000)
Distributors — 0.1%
Genuine Parts Co.		4			420
LKQ Corp. *		21			490
Pool Corp.		4			652
					1,562
Diversified Consumer Services — 0.0% (c)
H&R Block, Inc.		1			21
Kroton Educacional SA (Brazil)		40			91
ServiceMaster Global Holdings, Inc. *		5			195
					307
Diversified Financial Services — 0.2%
Ayala Corp. (Philippines)		4			70
Berkshire Hathaway, Inc., Class B *		3			513
Chailease Holding Co. Ltd. (Taiwan)		46			145
EXOR NV (Netherlands)		5			245
Far East Horizon Ltd. (China)		95			96
FirstRand Ltd. (South Africa)		53			239
Fubon Financial Holding Co. Ltd. (Taiwan)		114			175
Jefferies Financial Group, Inc.		—	(a)		3
Mitsubishi UFJ Lease & Finance Co. Ltd. (Japan)		16			74
ORIX Corp. (Japan)		18			263
Plus500 Ltd. (Israel)		4			76
					1,899
Diversified Telecommunication Services — 0.9%
AT&T, Inc.		62			1,777
CenturyLink, Inc.		1			9
China Unicom Hong Kong Ltd. (China)		128			136
Deutsche Telekom AG (Registered) (Germany)		30			505
Frontier Communications Corp.		3			7
LG Uplus Corp. (South Korea) *		9			136
Nippon Telegraph & Telephone Corp. (Japan)		20			812
Orange SA (France)		52			847
Sunrise Communications Group AG (Switzerland) (b)		2			164
Telecom Italia SpA (Italy) *		295			164
Telefonica Brasil SA (Preference) (Brazil)		14			172
Telefonica SA (Spain)		28			235
Telekomunikasi Indonesia Persero Tbk. PT (Indonesia)		744			194
Telenor ASA (Norway)		27			527
Verizon Communications, Inc.		57			3,197
					8,882

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 J.P. MORGAN FUNDS 9

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

INVESTMENTS	SHARES (000)			VALUE ($000)
Common Stocks — continued
Electric Utilities — 1.1%
American Electric Power Co., Inc.		14			1,051
CLP Holdings Ltd. (Hong Kong)		43			480
Duke Energy Corp.		6			479
Edison International		6			365
Endesa SA (Spain)		22			505
Enel SpA (Italy)		124			718
Entergy Corp.		1			81
Eversource Energy		8			504
Exelon Corp.		4			166
FirstEnergy Corp.		2			89
Iberdrola SA (Spain)		105			842
Kansai Electric Power Co., Inc. (The) (Japan)		19			283
Korea Electric Power Corp. (South Korea)		3			83
Kyushu Electric Power Co., Inc. (Japan)		5			64
NextEra Energy, Inc.		17			2,909
PG&E Corp. *		2			48
Portland General Electric Co.		8			365
PPL Corp.		3			91
Red Electrica Corp. SA (Spain)		13			293
Southern Co. (The)		2			89
Tenaga Nasional Bhd. (Malaysia)		36			118
Verbund AG (Austria)		2			77
Xcel Energy, Inc.		41			2,034
					11,734
Electrical Equipment — 0.4%
ABB Ltd. (Registered) (Switzerland)		24			452
AMETEK, Inc.		—	(a)		13
Bharat Heavy Electricals Ltd. (India)		114			119
Eaton Corp. plc		12			833
Emerson Electric Co.		1			62
Fuji Electric Co. Ltd. (Japan)		7			200
Generac Holdings, Inc. *		4			214
Hubbell, Inc.		—	(a)		17
Mabuchi Motor Co. Ltd. (Japan)		11			328
Nidec Corp. (Japan)		6			622
Rockwell Automation, Inc.		—	(a)		75
Schneider Electric SE (France)		15			1,040
					3,975
Electronic Equipment, Instruments & Components — 0.5%
AAC Technologies Holdings, Inc. (China)		10			58
Amphenol Corp., Class A		7			596
Arrow Electronics, Inc. *		10			684
Corning, Inc.		24			719

INVESTMENTS	SHARES (000)			VALUE ($000)
Electronic Equipment, Instruments & Components — continued
Delta Electronics, Inc. (Taiwan)		44			185
Hitachi Ltd. (Japan)		18			483
Hon Hai Precision Industry Co. Ltd. (Taiwan) *		69			159
Japan Aviation Electronics Industry Ltd. (Japan)		4			47
Jenoptik AG (Germany)		2			58
Keyence Corp. (Japan)		2			960
Keysight Technologies, Inc. *		—	(a)		15
Largan Precision Co. Ltd. (Taiwan)		2			209
Samsung SDI Co. Ltd. (South Korea)		1			190
Sunny Optical Technology Group Co. Ltd. (China)		15			133
TE Connectivity Ltd.		—	(a)		21
V Technology Co. Ltd. (Japan)		1			56
Zebra Technologies Corp., Class A *		3			526
					5,099
Energy Equipment & Services — 0.1%
China Oilfield Services Ltd., Class H (China)		42			36
Core Laboratories NV		3			204
Halliburton Co.		2			62
National Oilwell Varco, Inc.		1			27
Patterson-UTI Energy, Inc.		24			249
Schlumberger Ltd.		2			82
					660
Entertainment — 0.6%
Capcom Co. Ltd. (Japan)		10			196
CD Projekt SA (Poland) *		2			74
Cinemark Holdings, Inc.		10			347
Electronic Arts, Inc. *		—	(a)		31
NCSoft Corp. (South Korea) *		—	(a)		189
NetEase, Inc., ADR (China)		—	(a)		107
Netflix, Inc. *		13			3,393
Nintendo Co. Ltd. (Japan)		1			372
Spotify Technology SA *		5			576
Take-Two Interactive Software, Inc. *		6			599
Twenty-First Century Fox, Inc., Class A		1			49
Twenty-First Century Fox, Inc., Class B		1			24
Viacom, Inc., Class B		1			32
Walt Disney Co. (The)		3			281
					6,270
Equity Real Estate Investment Trusts (REITs) — 3.8%
Alexandria Real Estate Equities, Inc.		—	(a)		14
American Campus Communities, Inc.		13			519
American Homes 4 Rent, Class A		26			511

SEE NOTES TO FINANCIAL STATEMENTS.

10 J.P. MORGAN FUNDS DECEMBER 31, 2018

INVESTMENTS	SHARES (000)			VALUE ($000)
Common Stocks — continued
Equity Real Estate Investment Trusts (REITs) — continued
American Tower Corp.		1			88
Apartment Investment & Management Co., Class A		—	(a)		9
AvalonBay Communities, Inc.		7			1,228
Boston Properties, Inc.		4			400
Brandywine Realty Trust		47			607
Brixmor Property Group, Inc.		79			1,161
CorePoint Lodging, Inc.		14			167
CoreSite Realty Corp.		6			551
Cousins Properties, Inc.		46			361
Crown Castle International Corp.		—	(a)		45
CubeSmart		9			251
Dexus (Australia)		43			320
Digital Realty Trust, Inc.		13			1,391
Douglas Emmett, Inc.		23			785
Duke Realty Corp.		19			503
EastGroup Properties, Inc.		8			722
Empire State Realty Trust, Inc., Class A		20			284
Equinix, Inc.		3			911
Equity LifeStyle Properties, Inc.		12			1,137
Equity Residential		24			1,583
Essex Property Trust, Inc.		5			1,125
Extra Space Storage, Inc.		—	(a)		14
Federal Realty Investment Trust		10			1,195
Fibra Uno Administracion SA de CV (Mexico)		28			31
Goodman Group (Australia)		41			304
Growthpoint Properties Ltd. (South Africa)		62			101
HCP, Inc.		52			1,466
Healthcare Trust of America, Inc., Class A		30			768
Highwoods Properties, Inc.		16			634
Host Hotels & Resorts, Inc.		18			306
Hyprop Investments Ltd. (South Africa)		7			39
Invitation Homes, Inc.		19			376
Iron Mountain, Inc.		15			489
JBG SMITH Properties		8			279
Kimco Realty Corp.		33			486
Liberty Property Trust		12			504
Macerich Co. (The)		—	(a)		7
Mid-America Apartment Communities, Inc.		22			2,081
National Retail Properties, Inc.		10			488
Outfront Media, Inc.		36			645
Park Hotels & Resorts, Inc.		18			460
Pebblebrook Hotel Trust		2			60
Prologis, Inc.		70			4,107
Public Storage		13			2,731

INVESTMENTS	SHARES (000)			VALUE ($000)
Equity Real Estate Investment Trusts (REITs) — continued
Rayonier, Inc.		16			434
Realty Income Corp.		—	(a)		21
Redefine Properties Ltd. (South Africa)		124			84
Regency Centers Corp.		—	(a)		11
Rexford Industrial Realty, Inc.		13			378
RLJ Lodging Trust		32			532
Saul Centers, Inc.		3			118
SBA Communications Corp. *		—	(a)		25
Simon Property Group, Inc.		—	(a)		65
SL Green Realty Corp.		—	(a)		9
Sunstone Hotel Investors, Inc.		22			291
Terreno Realty Corp.		16			556
UDR, Inc.		—	(a)		13
Ventas, Inc.		26			1,529
VEREIT, Inc.		99			705
Vornado Realty Trust		6			345
Weingarten Realty Investors		18			445
Welltower, Inc.		6			421
Weyerhaeuser Co.		20			435
WP Carey, Inc.		15			983
					39,644
Food & Staples Retailing — 0.5%
BGF retail Co. Ltd. (South Korea) *		1			151
Bid Corp. Ltd. (South Africa)		8			152
BIM Birlesik Magazalar A/S (Turkey)		5			89
BJ’s Wholesale Club Holdings, Inc. *		9			205
Casey’s General Stores, Inc.		—	(a)		17
Cencosud SA (Chile)		24			43
Clicks Group Ltd. (South Africa)		8			109
Coles Group Ltd. (Australia) *		17			137
Costco Wholesale Corp.		—	(a)		23
Dino Polska SA (Poland) * (b)		4			97
Koninklijke Ahold Delhaize NV (Netherlands)		27			670
Kroger Co. (The)		13			356
Metcash Ltd. (Australia)		54			94
Performance Food Group Co. *		15			498
Pick n Pay Stores Ltd. (South Africa)		9			43
Raia Drogasil SA (Brazil) *		8			120
Seven & i Holdings Co. Ltd. (Japan)		14			595
Shoprite Holdings Ltd. (South Africa)		9			123
SPAR Group Ltd. (The) (South Africa)		8			109
Sysco Corp.		1			83
Tesco plc (United Kingdom)		85			205

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 J.P. MORGAN FUNDS 11

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

INVESTMENTS	SHARES (000)			VALUE ($000)
Common Stocks — continued
Food & Staples Retailing — continued
Walgreens Boots Alliance, Inc.		15			1,008
Wal-Mart de Mexico SAB de CV (Mexico)		77			197
Walmart, Inc.		2			164
X5 Retail Group NV, GDR (Russia) (b)		3			86
					5,374
Food Products — 0.7%
Archer-Daniels-Midland Co.		2			69
Austevoll Seafood ASA (Norway)		5			63
Conagra Brands, Inc.		1			12
General Mills, Inc.		1			44
Guangdong Haid Group Co. Ltd., Class A (China)		14			47
Hershey Co. (The)		—	(a)		6
Inner Mongolia Yili Industrial Group Co. Ltd., Class A (China)		12			39
JM Smucker Co. (The)		1			55
Kellogg Co.		—	(a)		8
Lamb Weston Holdings, Inc.		—	(a)		11
Leroy Seafood Group ASA (Norway)		17			129
Marine Harvest ASA (Norway)		7			157
Mondelez International, Inc., Class A		42			1,675
Nestle SA (Registered) (Switzerland)		52			4,211
Post Holdings, Inc. *		8			715
Salmar ASA (Norway)		5			258
Tyson Foods, Inc., Class A		1			74
Uni-President Enterprises Corp. (Taiwan)		51			116
Universal Robina Corp. (Philippines)		26			64
					7,753
Gas Utilities — 0.0% (c)
ENN Energy Holdings Ltd. (China)		18			156
Tokyo Gas Co. Ltd. (Japan)		7			185
					341
Health Care Equipment & Supplies — 0.6%
Abbott Laboratories		1			42
ABIOMED, Inc. *		—	(a)		85
Align Technology, Inc. *		—	(a)		30
Baxter International, Inc.		2			135
Boston Scientific Corp. *		38			1,339
DexCom, Inc. *		5			642
Edwards Lifesciences Corp. *		—	(a)		29
Hologic, Inc. *		1			31
ICU Medical, Inc. *		1			298
Intuitive Surgical, Inc. *		3			1,552
Koninklijke Philips NV (Netherlands)		5			160

INVESTMENTS	SHARES (000)			VALUE ($000)
Health Care Equipment & Supplies — continued
Medtronic plc		7			642
Olympus Corp. (Japan)		3			76
Smith & Nephew plc (United Kingdom)		15			290
Varian Medical Systems, Inc. *		—	(a)		24
West Pharmaceutical Services, Inc.		4			383
					5,758
Health Care Providers & Services — 1.3%
Acadia Healthcare Co., Inc. *		13			332
Alfresa Holdings Corp. (Japan)		5			117
AmerisourceBergen Corp.		6			423
Anthem, Inc.		—	(a)		27
Cardinal Health, Inc.		2			92
Centene Corp. *		5			607
Cigna Corp.		11			2,158
CVS Health Corp.		22			1,448
DaVita, Inc. *		—	(a)		20
Encompass Health Corp.		6			358
Fresenius Medical Care AG & Co. KGaA (Germany)		6			364
HCA Healthcare, Inc.		3			365
HealthEquity, Inc. *		3			167
Humana, Inc.		—	(a)		36
Laboratory Corp. of America Holdings *		—	(a)		6
McKesson Corp.		1			106
Medipal Holdings Corp. (Japan)		3			66
Molina Healthcare, Inc. *		3			295
Netcare Ltd. (South Africa)		31			56
Premier, Inc., Class A *		6			217
Ship Healthcare Holdings, Inc. (Japan)		1			44
Sinopharm Group Co. Ltd., Class H (China)		32			136
Tenet Healthcare Corp. *		1			21
Tivity Health, Inc. *		6			150
UnitedHealth Group, Inc.		25			6,310
					13,921
Health Care Technology — 0.2%
Evolent Health, Inc., Class A *		21			416
Medidata Solutions, Inc. *		3			224
Teladoc Health, Inc. *		11			554
Veeva Systems, Inc., Class A *		7			634
					1,828
Hotels, Restaurants & Leisure — 0.5%
Accor SA (France)		13			568
Brinker International, Inc.		6			266

SEE NOTES TO FINANCIAL STATEMENTS.

12 J.P. MORGAN FUNDS DECEMBER 31, 2018

INVESTMENTS	SHARES (000)			VALUE ($000)
Common Stocks — continued
Hotels, Restaurants & Leisure — continued
Carnival Corp.		1			26
Darden Restaurants, Inc.		1			58
Genting Malaysia Bhd. (Malaysia)		37			27
Hilton Worldwide Holdings, Inc.		17			1,205
InterContinental Hotels Group plc (United Kingdom)		6			338
Jollibee Foods Corp. (Philippines)		22			120
Marriott International, Inc., Class A		—	(a)		31
McDonald’s Corp.		—	(a)		69
Norwegian Cruise Line Holdings Ltd. *		1			25
Papa John’s International, Inc.		1			41
Royal Caribbean Cruises Ltd.		12			1,177
Sands China Ltd. (Macau)		105			457
Sodexo SA (France)		4			396
Starbucks Corp.		3			165
Whitbread plc (United Kingdom)		3			173
Wyndham Destinations, Inc.		—	(a)		18
Yum China Holdings, Inc. (China)		4			146
Yum! Brands, Inc.		—	(a)		39
					5,345
Household Durables — 0.3%
Barratt Developments plc (United Kingdom)		68			402
Berkeley Group Holdings plc (United Kingdom)		5			221
Bovis Homes Group plc (United Kingdom)		7			80
DR Horton, Inc.		—	(a)		4
Haier Electronics Group Co. Ltd. (Hong Kong) *		23			56
Hangzhou Robam Appliances Co. Ltd., Class A (China)		21			61
Lennar Corp., Class A		25			996
Midea Group Co. Ltd., Class A (China)		7			38
Newell Brands, Inc.		2			40
Panasonic Corp. (Japan)		31			281
Persimmon plc (United Kingdom)		7			162
Redrow plc (United Kingdom)		39			242
Sony Corp. (Japan)		15			742
Taylor Wimpey plc (United Kingdom)		108			189
Tupperware Brands Corp.		—	(a)		15
Whirlpool Corp.		—	(a)		22
					3,551
Household Products — 0.3%
Church & Dwight Co., Inc.		—	(a)		9
Clorox Co. (The)		2			318
Colgate-Palmolive Co.		1			52
Energizer Holdings, Inc.		9			401

INVESTMENTS	SHARES (000)			VALUE ($000)
Household Products — continued
Henkel AG & Co. KGaA (Preference) (Germany)		4			392
Kimberly-Clark Corp.		1			114
Procter & Gamble Co. (The)		13			1,230
Unicharm Corp. (Japan)		4			116
					2,632
Independent Power and Renewable Electricity Producers — 0.1%
AES Corp.		1			10
China Longyuan Power Group Corp. Ltd., Class H (China)		157			107
China Resources Power Holdings Co. Ltd. (China)		58			112
Electric Power Development Co. Ltd. (Japan)		4			104
Engie Brasil Energia SA (Brazil)		15			126
ERG SpA (Italy)		5			88
NRG Energy, Inc.		3			114
					661
Industrial Conglomerates — 0.4%
3M Co.		—	(a)		49
Alfa SAB de CV, Class A (Mexico)		69			82
Carlisle Cos., Inc.		4			446
CK Hutchison Holdings Ltd. (Hong Kong)		36			341
Fosun International Ltd. (China)		43			63
General Electric Co.		1			4
Honeywell International, Inc.		18			2,352
LG Corp. (South Korea) *		2			155
Shanghai Industrial Holdings Ltd. (China)		15			30
Siemens AG (Registered) (Germany)		3			291
SK Holdings Co. Ltd. (South Korea)		1			140
					3,953
Insurance — 2.2%
Aflac, Inc.		1			32
Ageas (Belgium)		10			449
AIA Group Ltd. (Hong Kong)		235			1,950
Alleghany Corp.		1			322
Allianz SE (Registered) (Germany)		9			1,887
Allstate Corp. (The)		1			102
American International Group, Inc.		19			768
Aon plc		—	(a)		31
Arthur J Gallagher & Co.		7			546
ASR Nederland NV (Netherlands)		11			426
Assicurazioni Generali SpA (Italy)		23			390
Aviva plc (United Kingdom)		156			745
AXA SA (France)		33			722
Brighthouse Financial, Inc. *		—	(a)		15

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 J.P. MORGAN FUNDS 13

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

INVESTMENTS	SHARES (000)			VALUE ($000)
Common Stocks — continued
Insurance — continued
China Life Insurance Co. Ltd. (Taiwan)		132			120
China Life Insurance Co. Ltd., Class H (China)		102			216
Chubb Ltd.		5			647
Dai-ichi Life Holdings, Inc. (Japan)		14			220
Everest Re Group Ltd.		—	(a)		27
Fairfax Financial Holdings Ltd. (Canada)		1			379
Hannover Rueck SE (Germany)		2			255
Hartford Financial Services Group, Inc. (The)		27			1,214
Kinsale Capital Group, Inc.		3			172
Legal & General Group plc (United Kingdom)		248			731
Lincoln National Corp.		1			28
Loews Corp.		31			1,393
Marsh & McLennan Cos., Inc.		8			648
MetLife, Inc.		3			119
Muenchener Rueckversicherungs-Gesellschaft AG (Registered) (Germany)		2			421
NN Group NV (Netherlands)		3			133
PICC Property & Casualty Co. Ltd., Class H (China)		134			137
Ping An Insurance Group Co. of China Ltd., Class H (China)		124			1,089
ProAssurance Corp.		4			174
Progressive Corp. (The)		19			1,151
Prudential Financial, Inc.		4			292
Prudential plc (United Kingdom)		67			1,197
RLI Corp.		3			209
Sampo OYJ, Class A (Finland)		5			210
Samsung Fire & Marine Insurance Co. Ltd. (South Korea) *		1			128
Sanlam Ltd. (South Africa)		26			141
Sompo Holdings, Inc. (Japan)		7			228
Swiss Re AG (Switzerland)		4			412
T&D Holdings, Inc. (Japan)		25			288
Tokio Marine Holdings, Inc. (Japan)		9			447
Topdanmark A/S (Denmark)		2			110
Travelers Cos., Inc. (The)		8			900
Unum Group		6			171
Zurich Insurance Group AG (Switzerland) *		1			183
					22,575
Interactive Media & Services — 1.3%
Alphabet, Inc., Class A *		5			4,944
Alphabet, Inc., Class C *		5			4,691
Baidu, Inc., ADR (China) *		2			302
Facebook, Inc., Class A *		7			931
NAVER Corp. (South Korea) *		2			231

INVESTMENTS	SHARES (000)			VALUE ($000)
Interactive Media & Services — continued
Tencent Holdings Ltd. (China)		58			2,317
TripAdvisor, Inc. *		—	(a)		20
Weibo Corp., ADR (China) *		2			121
					13,557
Internet & Direct Marketing Retail — 1.2%
Alibaba Group Holding Ltd., ADR (China) *		12			1,607
Amazon.com, Inc. *		6			9,567
Booking Holdings, Inc. *		—	(a)		108
Ctrip.com International Ltd., ADR (China) *		4			121
Expedia Group, Inc.		4			455
GrubHub, Inc. *		2			125
JD.com, Inc., ADR (China) *		1			30
Wayfair, Inc., Class A *		4			323
					12,336
IT Services — 1.7%
Accenture plc, Class A		11			1,499
Alliance Data Systems Corp.		—	(a)		51
Amadeus IT Group SA (Spain)		4			291
Automatic Data Processing, Inc.		—	(a)		59
Broadridge Financial Solutions, Inc.		—	(a)		13
CANCOM SE (Germany)		2			60
Capgemini SE (France)		12			1,144
Cielo SA (Brazil)		27			61
Cognizant Technology Solutions Corp., Class A		2			104
Computacenter plc (United Kingdom)		3			41
Computershare Ltd. (Australia)		23			282
CoreLogic, Inc. *		6			207
DXC Technology Co.		1			74
Fiserv, Inc. *		—	(a)		26
Fujitsu Ltd. (Japan)		4			262
Global Payments, Inc.		11			1,107
GoDaddy, Inc., Class A *		14			904
HCL Technologies Ltd. (India)		10			144
Infosys Ltd., ADR (India)		15			145
International Business Machines Corp.		1			88
InterXion Holding NV (Netherlands) *		6			332
Mastercard, Inc., Class A		25			4,787
Nihon Unisys Ltd. (Japan)		3			74
Nomura Research Institute Ltd. (Japan)		4			163
Otsuka Corp. (Japan)		8			217
PayPal Holdings, Inc. *		15			1,244
Square, Inc., Class A *		3			140
Tata Consultancy Services Ltd. (India)		11			290

SEE NOTES TO FINANCIAL STATEMENTS.

14 J.P. MORGAN FUNDS DECEMBER 31, 2018

INVESTMENTS	SHARES (000)			VALUE ($000)
Common Stocks — continued
IT Services — continued
Visa, Inc., Class A		27			3,543
Worldpay, Inc. *		6			496
					17,848
Leisure Products — 0.1%
Acushnet Holdings Corp.		11			229
Brunswick Corp.		7			321
Malibu Boats, Inc., Class A *		2			58
Tomy Co. Ltd. (Japan)		5			53
					661
Life Sciences Tools & Services — 0.3%
Agilent Technologies, Inc.		1			91
Gerresheimer AG (Germany)		1			57
Illumina, Inc. *		3			1,023
IQVIA Holdings, Inc. *		—	(a)		8
Samsung Biologics Co. Ltd. (South Korea) * (b)		—	(a)		102
Syneos Health, Inc. *		4			156
Thermo Fisher Scientific, Inc.		5			1,086
Wuxi Biologics Cayman, Inc. (China) * (b)		13			83
					2,606
Machinery — 1.3%
Alstom SA (France) *		10			397
Altra Industrial Motion Corp.		6			151
Atlas Copco AB, Class A (Sweden) *		18			435
Cargotec OYJ, Class B (Finland)		5			140
Caterpillar, Inc.		15			1,875
China Conch Venture Holdings Ltd. (China)		37			110
Cummins, Inc.		1			94
Deere & Co.		3			489
DMG Mori Co. Ltd. (Japan)		23			258
Douglas Dynamics, Inc.		5			195
Dover Corp.		9			608
Epiroc AB, Class A (Sweden) *		23			215
FANUC Corp. (Japan)		3			501
Fortive Corp.		—	(a)		13
Gates Industrial Corp. plc *		12			157
Hyundai Heavy Industries Holdings Co. Ltd. (South Korea) *		—	(a)		73
Illinois Tool Works, Inc.		6			728
Ingersoll-Rand plc		—	(a)		15
Komatsu Ltd. (Japan)		21			454
Kubota Corp. (Japan)		38			544
Lincoln Electric Holdings, Inc.		4			279
Makita Corp. (Japan)		15			543

INVESTMENTS	SHARES (000)			VALUE ($000)
Machinery — continued
Middleby Corp. (The) *		3			263
Nordson Corp.		3			405
Oshkosh Corp.		7			438
PACCAR, Inc.		2			92
Parker-Hannifin Corp.		5			683
Pentair plc (United Kingdom)		1			28
RBC Bearings, Inc. *		3			389
Sandvik AB (Sweden)		31			438
SMC Corp. (Japan)		2			662
Snap-on, Inc.		—	(a)		24
Stabilus SA (Germany)		1			41
Stanley Black & Decker, Inc.		9			1,067
Toro Co. (The)		11			590
Volvo AB, Class B (Sweden)		24			320
Wartsila OYJ Abp (Finland)		16			255
					13,969
Marine — 0.0% (c)
MISC Bhd. (Malaysia)		28			45
Media — 0.8%
Cable One, Inc.		—	(a)		16
CBS Corp. (Non-Voting), Class B		10			451
Charter Communications, Inc., Class A *		8			2,284
Comcast Corp., Class A		6			193
Discovery, Inc., Class C *		18			412
DISH Network Corp., Class A *		41			1,035
Entercom Communications Corp., Class A		51			293
EW Scripps Co. (The), Class A		2			38
I-CABLE Communications Ltd. (Hong Kong) *		11			—	(a)
ITV plc (United Kingdom)		175			279
JCDecaux SA (France)		7			204
Naspers Ltd., Class N (South Africa)		4			895
Nexstar Media Group, Inc., Class A		8			657
Nine Entertainment Co. Holdings Ltd. (Australia)		54			52
Omnicom Group, Inc.		1			82
Pearson plc (United Kingdom)		45			543
SES SA, FDR (Luxembourg)		12			239
TEGNA, Inc.		2			17
WPP plc (United Kingdom)		45			489
					8,179
Metals & Mining — 0.8%
Alrosa PJSC (Russia)		90			127
Alumina Ltd. (Australia)		143			231
Anglo American plc (South Africa)		6			124

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 J.P. MORGAN FUNDS 15

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

INVESTMENTS	SHARES (000)			VALUE ($000)
Common Stocks — continued
Metals & Mining — continued
AngloGold Ashanti Ltd. (South Africa)		11			134
ArcelorMittal (Luxembourg)		28			577
Baoshan Iron & Steel Co. Ltd., Class A (China)		77			73
BHP Group Ltd. (Australia)		81			1,952
BlueScope Steel Ltd. (Australia)		35			269
Evraz plc (Russia)		39			236
Freeport-McMoRan, Inc.		8			81
Gerdau SA (Preference) (Brazil)		14			52
Glencore plc (Switzerland)		158			587
Grupo Mexico SAB de CV, Series B (Mexico)		63			131
Hindalco Industries Ltd. (India)		25			83
Hoa Phat Group JSC (Vietnam) *		—	(a)		—	(a)
Jastrzebska Spolka Weglowa SA (Poland) *		2			32
JSW Steel Ltd. (India)		21			92
Magnitogorsk Iron & Steel Works PJSC, GDR (Russia) (b)		5			39
MMC Norilsk Nickel PJSC, ADR (Russia)		12			216
Nucor Corp.		—	(a)		10
Outokumpu OYJ (Finland)		52			190
POSCO (South Korea)		1			231
Regis Resources Ltd. (Australia)		34			116
Rio Tinto Ltd. (Australia)		10			530
Rio Tinto plc (Australia)		19			929
Severstal PJSC, GDR (Russia) (b)		5			63
South32 Ltd. (Australia)		211			501
St Barbara Ltd. (Australia)		31			104
Vale SA, ADR (Brazil)		29			381
					8,091
Multiline Retail — 0.3%
Dollar General Corp.		1			122
Kohl’s Corp.		10			673
Lojas Renner SA (Brazil) *		16			177
Marui Group Co. Ltd. (Japan)		13			248
Next plc (United Kingdom)		7			350
Nordstrom, Inc.		14			660
Target Corp.		1			58
Wesfarmers Ltd. (Australia)		17			376
					2,664
Multi-Utilities — 0.2%
A2A SpA (Italy)		136			244
Ameren Corp.		—	(a)		6
CenterPoint Energy, Inc.		1			41
Dominion Energy, Inc.		1			44

INVESTMENTS	SHARES (000)			VALUE ($000)
Multi-Utilities — continued
DTE Energy Co.		—	(a)		9
NiSource, Inc.		11			284
NorthWestern Corp.		6			343
RWE AG (Germany)		33			723
SCANA Corp.		1			26
					1,720
Oil, Gas & Consumable Fuels — 2.8%
Apache Corp.		2			53
BP plc (United Kingdom)		91			573
Chevron Corp.		7			748
China Petroleum & Chemical Corp., Class H (China)		228			163
China Shenhua Energy Co. Ltd., Class H (China)		72			156
CNOOC Ltd. (China)		212			327
CNX Resources Corp. *		1			13
Coal India Ltd. (India)		33			113
Concho Resources, Inc. *		12			1,190
ConocoPhillips		16			970
Devon Energy Corp.		1			23
Diamondback Energy, Inc.		13			1,205
Eni SpA (Italy)		35			554
EOG Resources, Inc.		20			1,760
EQT Corp.		15			284
Equinor ASA (Norway)		9			189
Equitrans Midstream Corp. *		12			234
Exxon Mobil Corp.		21			1,399
Galp Energia SGPS SA (Portugal)		14			225
Gazprom PJSC, ADR (Russia)		19			85
HollyFrontier Corp.		—	(a)		24
Idemitsu Kosan Co. Ltd. (Japan)		3			91
JXTG Holdings, Inc. (Japan)		51			267
Kinder Morgan, Inc.		59			913
LUKOIL PJSC, ADR (Russia)		5			376
Lundin Petroleum AB (Sweden)		19			483
Marathon Oil Corp.		—	(a)		4
Marathon Petroleum Corp.		26			1,545
MOL Hungarian Oil & Gas plc (Hungary)		10			114
Neste OYJ (Finland)		7			549
Novatek PJSC, GDR (Russia) (b)		1			125
Occidental Petroleum Corp.		25			1,543
OMV AG (Austria)		7			307
ONEOK, Inc.		—	(a)		15
Parsley Energy, Inc., Class A *		31			491
PBF Energy, Inc., Class A		5			170

SEE NOTES TO FINANCIAL STATEMENTS.

16 J.P. MORGAN FUNDS DECEMBER 31, 2018

INVESTMENTS	SHARES (000)			VALUE ($000)
Common Stocks — continued
Oil, Gas & Consumable Fuels — continued
PetroChina Co. Ltd., Class H (China)		340			211
Petroleo Brasileiro SA (Preference) (Brazil)		64			376
Petronet LNG Ltd. (India)		33			105
Phillips 66		6			477
Pioneer Natural Resources Co.		11			1,482
Polski Koncern Naftowy ORLEN SA (Poland)		4			130
PTT Exploration & Production PCL (Thailand)		17			59
PTT PCL (Thailand)		106			150
Range Resources Corp.		2			14
Reliance Industries Ltd., GDR (India) (d)		7			229
Repsol SA (Spain)		11			176
Rosneft Oil Co. PJSC, GDR (Russia) (b)		9			53
Royal Dutch Shell plc, Class A (Netherlands)		82			2,414
Royal Dutch Shell plc, Class B (Netherlands)		63			1,871
Showa Shell Sekiyu KK (Japan)		7			98
SK Innovation Co. Ltd. (South Korea)		—	(a)		76
S-Oil Corp. (South Korea)		1			116
Southwestern Energy Co. *		4			13
Tatneft PJSC, ADR (Russia)		1			79
Tatneft PJSC, ADR (Russia)		—	(a)		13
Thai Oil PCL (Thailand)		34			69
TOTAL SA (France)		40			2,107
Ultrapar Participacoes SA (Brazil)		10			132
United Tractors Tbk. PT (Indonesia)		18			35
Whitehaven Coal Ltd. (Australia)		95			289
Williams Cos., Inc. (The)		30			670
					28,725
Paper & Forest Products — 0.1%
Oji Holdings Corp. (Japan)		29			149
Stora Enso OYJ, Class R (Finland)		18			210
UPM-Kymmene OYJ (Finland)		17			421
					780
Personal Products — 0.3%
Coty, Inc., Class A		40			263
Kao Corp. (Japan)		7			540
L’Oreal SA (France)		2			412
Marico Ltd. (India)		24			126
Unilever NV, CVA (United Kingdom)		37			2,017
Unilever plc (United Kingdom)		2			97
					3,455
Pharmaceuticals — 3.3%
Allergan plc		6			752
Astellas Pharma, Inc. (Japan)		25			322

INVESTMENTS	SHARES (000)			VALUE ($000)
Pharmaceuticals — continued
AstraZeneca plc (United Kingdom)		13			997
Bayer AG (Registered) (Germany)		12			862
Bristol-Myers Squibb Co.		2			108
Catalent, Inc. *		24			738
CSPC Pharmaceutical Group Ltd. (China)		58			83
Eli Lilly & Co.		1			156
Galenica AG (Switzerland) (b)		1			64
GlaxoSmithKline plc (United Kingdom)		135			2,567
Jazz Pharmaceuticals plc *		5			602
Jiangsu Hengrui Medicine Co. Ltd., Class A (China)		9			69
Johnson & Johnson		34			4,391
Kaken Pharmaceutical Co. Ltd. (Japan)		1			49
Kyowa Hakko Kirin Co. Ltd. (Japan)		9			178
Mallinckrodt plc *		1			12
Merck & Co., Inc.		44			3,368
Mylan NV *		—	(a)		5
Nektar Therapeutics *		5			176
Novartis AG (Registered) (Switzerland)		43			3,647
Novo Nordisk A/S, Class B (Denmark)		41			1,870
Otsuka Holdings Co. Ltd. (Japan)		10			413
Pfizer, Inc.		142			6,192
Piramal Enterprises Ltd. (India)		2			82
Prestige Consumer Healthcare, Inc. *		7			204
Revance Therapeutics, Inc. *		11			212
Richter Gedeon Nyrt. (Hungary)		5			95
Roche Holding AG (Switzerland)		15			3,768
Sanofi (France)		11			938
Shionogi & Co. Ltd. (Japan)		4			240
Sino Biopharmaceutical Ltd. (Hong Kong)		101			66
Sumitomo Dainippon Pharma Co. Ltd. (Japan)		4			140
Teva Pharmaceutical Industries Ltd., ADR (Israel)		8			127
TherapeuticsMD, Inc. *		55			208
UCB SA (Belgium)		5			436
Zoetis, Inc.		1			67
					34,204
Professional Services — 0.2%
51job, Inc., ADR (China) *		2			103
Intertrust NV (Netherlands) (b)		3			46
Recruit Holdings Co. Ltd. (Japan)		15			355
RELX plc (United Kingdom)		36			743
Robert Half International, Inc.		—	(a)		10
Verisk Analytics, Inc. *		—	(a)		38
Wolters Kluwer NV (Netherlands)		9			541
					1,836

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 J.P. MORGAN FUNDS 17

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

INVESTMENTS	SHARES (000)			VALUE ($000)
Common Stocks — continued
Real Estate Management & Development — 0.5%
Aroundtown SA (Germany)		18			148
Ayala Land, Inc. (Philippines)		162			125
CBRE Group, Inc., Class A *		35			1,393
China Overseas Land & Investment Ltd. (China)		160			552
China Resources Land Ltd. (China)		48			185
China Vanke Co. Ltd., Class H (China)		46			156
CK Asset Holdings Ltd. (Hong Kong)		127			929
Country Garden Holdings Co. Ltd. (China)		139			169
Cushman & Wakefield plc *		11			157
Emaar Properties PJSC (United Arab Emirates)		75			84
Fabege AB (Sweden)		18			239
Hemfosa Fastigheter AB (Sweden)		6			45
HFF, Inc., Class A		5			171
LEG Immobilien AG (Germany)		2			162
Mitsui Fudosan Co. Ltd. (Japan)		33			733
Nomura Real Estate Holdings, Inc. (Japan)		7			130
Nyfosa AB (Sweden) *		2			9
Open House Co. Ltd. (Japan)		3			114
					5,501
Road & Rail — 0.5%
Central Japan Railway Co. (Japan)		4			802
CSX Corp.		2			93
Knight-Swift Transportation Holdings, Inc.		10			254
Landstar System, Inc.		3			264
National Express Group plc (United Kingdom)		6			28
Norfolk Southern Corp.		18			2,682
Old Dominion Freight Line, Inc.		4			473
Sankyu, Inc. (Japan)		2			81
Tokyu Corp. (Japan)		26			418
Union Pacific Corp.		1			143
West Japan Railway Co. (Japan)		3			198
					5,436
Semiconductors & Semiconductor Equipment — 1.5%
Advantest Corp. (Japan)		14			291
Analog Devices, Inc.		23			1,996
Applied Materials, Inc.		19			625
ASML Holding NV (Netherlands)		9			1,371
Broadcom, Inc.		1			235
Cabot Microelectronics Corp.		2			231
Globalwafers Co. Ltd. (Taiwan)		11			101
Infineon Technologies AG (Germany)		16			323
Intel Corp.		6			269
KLA-Tencor Corp.		—	(a)		6

INVESTMENTS	SHARES (000)			VALUE ($000)
Semiconductors & Semiconductor Equipment — continued
Lam Research Corp.		—	(a)		30
Maxim Integrated Products, Inc.		—	(a)		14
MediaTek, Inc. (Taiwan)		17			127
Micron Technology, Inc. *		2			57
NVIDIA Corp.		19			2,565
Power Integrations, Inc.		2			106
Qorvo, Inc. *		—	(a)		28
QUALCOMM, Inc.		7			426
Renesas Electronics Corp. (Japan) *		56			256
Siltronic AG (Germany)		3			254
SK Hynix, Inc. (South Korea)		3			188
Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan)		58			2,113
Texas Instruments, Inc.		29			2,766
Tokyo Electron Ltd. (Japan)		3			360
Universal Display Corp.		2			204
Vanguard International Semiconductor Corp. (Taiwan)		51			99
Win Semiconductors Corp. (Taiwan)		17			66
Xilinx, Inc.		6			530
					15,637
Software — 2.4%
Adobe, Inc. *		4			937
Aspen Technology, Inc. *		3			224
Autodesk, Inc. *		—	(a)		22
Blackbaud, Inc.		3			174
Cadence Design Systems, Inc. *		—	(a)		17
Cision Ltd. *		19			224
Citrix Systems, Inc.		1			108
Cornerstone OnDemand, Inc. *		4			182
DocuSign, Inc. *		7			300
Fair Isaac Corp. *		3			499
Fortinet, Inc. *		—	(a)		12
Guidewire Software, Inc. *		3			218
Instructure, Inc. *		4			151
Intuit, Inc.		5			925
Kingdee International Software Group Co. Ltd. (China)		91			80
Microsoft Corp.		116			11,808
Oracle Corp.		6			250
Q2 Holdings, Inc. *		5			251
Red Hat, Inc. *		2			377
SailPoint Technologies Holding, Inc. *		25			598
salesforce.com, Inc. *		26			3,591

SEE NOTES TO FINANCIAL STATEMENTS.

18 J.P. MORGAN FUNDS DECEMBER 31, 2018

INVESTMENTS	SHARES (000)			VALUE ($000)
Common Stocks — continued
Software — continued
SAP SE (Germany)		19			1,922
ServiceNow, Inc. *		6			1,063
Software AG (Germany)		1			44
Splunk, Inc. *		7			707
Symantec Corp.		2			29
Tableau Software, Inc., Class A *		2			203
Tyler Technologies, Inc. *		1			214
					25,130
Specialty Retail — 1.1%
Advance Auto Parts, Inc.		—	(a)		70
AutoZone, Inc. *		4			3,018
Best Buy Co., Inc.		7			367
Dixons Carphone plc (United Kingdom)		96			148
Foot Locker, Inc.		—	(a)		16
Home Depot, Inc. (The)		4			694
Industria de Diseno Textil SA (Spain)		41			1,042
JB Hi-Fi Ltd. (Australia)		4			56
K’s Holdings Corp. (Japan)		9			88
Lowe’s Cos., Inc.		1			119
Mr Price Group Ltd. (South Africa)		10			166
Murphy USA, Inc. *		6			461
O’Reilly Automotive, Inc. *		5			1,745
Ross Stores, Inc.		32			2,624
Signet Jewelers Ltd.		—	(a)		8
Tiffany & Co.		4			358
TJX Cos., Inc. (The)		1			58
Tractor Supply Co.		8			670
Ulta Beauty, Inc. *		—	(a)		5
Urban Outfitters, Inc. *		—	(a)		15
Via Varejo SA (Brazil)		30			34
					11,762
Technology Hardware, Storage & Peripherals — 1.1%
Apple, Inc.		46			7,213
Asustek Computer, Inc. (Taiwan)		13			85
BOE Technology Group Co. Ltd., Class A (China)		78			30
Brother Industries Ltd. (Japan)		12			173
Catcher Technology Co. Ltd. (Taiwan)		15			110
Chicony Electronics Co. Ltd. (Taiwan)		20			41
Focus Media Information Technology Co. Ltd., Class A (China)		38			29
FUJIFILM Holdings Corp. (Japan)		8			299
Hewlett Packard Enterprise Co.		25			330
HP, Inc.		1			30

INVESTMENTS	SHARES (000)			VALUE ($000)
Technology Hardware, Storage & Peripherals — continued
Logitech International SA (Registered) (Switzerland)		8			259
NetApp, Inc.		1			78
Quanta Computer, Inc. (Taiwan)		68			116
Samsung Electronics Co. Ltd. (South Korea)		65			2,279
Seagate Technology plc		—	(a)		4
Western Digital Corp.		—	(a)		3
					11,079
Textiles, Apparel & Luxury Goods — 0.8%
adidas AG (Germany)		4			822
ANTA Sports Products Ltd. (China)		34			163
Burberry Group plc (United Kingdom)		47			1,031
Carter’s, Inc.		3			217
CCC SA (Poland)		1			77
Cie Financiere Richemont SA (Registered) (Switzerland)		14			903
Columbia Sportswear Co.		4			369
EssilorLuxottica SA (France)		5			581
Fossil Group, Inc. *		—	(a)		—	(a)
HUGO BOSS AG (Germany)		4			267
Kering SA (France)		1			631
Lululemon Athletica, Inc. *		6			730
LVMH Moet Hennessy Louis Vuitton SE (France)		3			799
Michael Kors Holdings Ltd. *		—	(a)		15
NIKE, Inc., Class B		1			108
PVH Corp.		11			1,064
Ralph Lauren Corp.		—	(a)		48
Shenzhou International Group Holdings Ltd. (China)		13			148
Tapestry, Inc.		1			27
VF Corp.		—	(a)		18
					8,018
Thrifts & Mortgage Finance — 0.1%
Aareal Bank AG (Germany)		2			48
Housing Development Finance Corp. Ltd. (India)		17			488
					536
Tobacco — 0.2%
Altria Group, Inc.		2			122
British American Tobacco plc (United Kingdom)		18			587
Imperial Brands plc (United Kingdom)		16			492
ITC Ltd. (India)		54			220
Japan Tobacco, Inc. (Japan)		13			318
KT&G Corp. (South Korea)		2			186
Philip Morris International, Inc.		2			122

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 J.P. MORGAN FUNDS 19

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

INVESTMENTS	SHARES (000)			VALUE ($000)
Common Stocks — continued
Tobacco — continued
Swedish Match AB (Sweden)		11			415
					2,462
Trading Companies & Distributors — 0.5%
AerCap Holdings NV (Ireland) *		8			304
Applied Industrial Technologies, Inc.		4			226
Ashtead Group plc (United Kingdom)		16			324
BOC Aviation Ltd. (Singapore) (b)		11			79
Brenntag AG (Germany)		7			312
Ferguson plc		15			955
Howden Joinery Group plc (United Kingdom)		8			47
ITOCHU Corp. (Japan)		21			358
Marubeni Corp. (Japan)		41			289
Mitsubishi Corp. (Japan)		27			746
Mitsui & Co. Ltd. (Japan)		21			318
Sojitz Corp. (Japan)		35			119
Sumitomo Corp. (Japan)		15			207
United Rentals, Inc. *		1			56
WW Grainger, Inc.		2			664
					5,004
Transportation Infrastructure — 0.0% (c)
DP World Ltd. (United Arab Emirates)		4			60
Grupo Aeroportuario del Pacifico SAB de CV, Class B (Mexico)		17			137
Grupo Aeroportuario del Sureste SAB de CV, Class B (Mexico)		7			107
Shanghai International Airport Co. Ltd., Class A (China)		8			60
					364
Water Utilities — 0.0% (c)
American Water Works Co., Inc.		—	(a)		20
Wireless Telecommunication Services — 0.3%
America Movil SAB de CV, Series L (Mexico)		227			161
Bharti Airtel Ltd. (India)		5			22
China Mobile Ltd. (China)		37			353
KDDI Corp. (Japan)		16			385
Mobile TeleSystems PJSC, ADR (Russia)		15			104
MTN Group Ltd. (South Africa)		7			40
NTT DOCOMO, Inc. (Japan)		15			346
SK Telecom Co. Ltd. (South Korea)		—	(a)		113
SoftBank Group Corp. (Japan)		1			46
Taiwan Mobile Co. Ltd. (Taiwan)		13			45
TIM Participacoes SA (Brazil) *		20			60
Turkcell Iletisim Hizmetleri A/S (Turkey)		46			105

INVESTMENTS	SHARES (000)		VALUE ($000)
Wireless Telecommunication Services — continued
Vodacom Group Ltd. (South Africa)		17		160
Vodafone Group plc (United Kingdom)		575		1,118
				3,058
Total Common Stocks (Cost $460,571)				534,169
Investment Companies — 18.5%
Fixed Income — 12.8%
JPMorgan Core Plus Bond Fund Class R6 Shares (e)		7,759		62,225
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (e)		15		113
JPMorgan Floating Rate Income Fund Class R6 Shares (e)		4,760		42,599
JPMorgan Managed Income Fund Class L Shares (e)		2,776		27,762
Total Fixed Income				132,699
International Equity — 3.7%
JPMorgan Emerging Markets Equity Fund Class R6 Shares (e)		1,545		38,525
U.S. Equity — 2.0%
JPMorgan Mid Cap Equity Fund Class R6 Shares (e)		490		20,326
Total Investment Companies (Cost $180,566)				191,550
	PRINCIPAL AMOUNT ($000)
Corporate Bonds — 9.3%
Aerospace & Defense — 0.2%
Arconic, Inc.
5.13%, 10/1/2024		24		23
5.90%, 2/1/2027		225		215
5.95%, 2/1/2037		80		74
Bombardier, Inc. (Canada)
6.00%, 10/15/2022 (d)		24		22
7.50%, 12/1/2024 (d)		370		349
7.50%, 3/15/2025 (d)		105		99
BWX Technologies, Inc. 5.38%, 7/15/2026 (d)		20		19
Kratos Defense & Security Solutions, Inc. 6.50%, 11/30/2025 (d)		20		21
Lockheed Martin Corp. 3.55%, 1/15/2026		100		99
Northrop Grumman Corp. 2.93%, 1/15/2025		200		190
Precision Castparts Corp. 4.20%, 6/15/2035		150		148

SEE NOTES TO FINANCIAL STATEMENTS.

20 J.P. MORGAN FUNDS DECEMBER 31, 2018

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Aerospace & Defense — continued
TransDigm, Inc.
6.50%, 5/15/2025		100		95
6.38%, 6/15/2026		234		218
Triumph Group, Inc.
4.88%, 4/1/2021		70		63
7.75%, 8/15/2025		125		110
United Technologies Corp.
3.95%, 8/16/2025		100		100
5.40%, 5/1/2035		40		42
				1,887
Air Freight & Logistics — 0.0% (c)
XPO Logistics, Inc. 6.50%, 6/15/2022 (d)		119		118
Airlines — 0.0% (c)
United Continental Holdings, Inc. 5.00%, 2/1/2024		80		78
Auto Components — 0.2%
Adient Global Holdings Ltd. 4.88%, 8/15/2026 (d)		200		153
Allison Transmission, Inc. 5.00%, 10/1/2024 (d)		100		96
American Axle & Manufacturing, Inc.
6.25%, 4/1/2025		415		378
6.25%, 3/15/2026		159		143
6.50%, 4/1/2027		128		114
Cooper-Standard Automotive, Inc. 5.63%, 11/15/2026 (d)		145		127
Dana Financing Luxembourg SARL 6.50%, 6/1/2026 (d)		30		29
Dana, Inc. 6.00%, 9/15/2023		180		179
Delphi Technologies plc 5.00%, 10/1/2025 (d)		165		139
Goodyear Tire & Rubber Co. (The)
5.13%, 11/15/2023		50		49
5.00%, 5/31/2026		58		52
4.88%, 3/15/2027		76		67
Icahn Enterprises LP
6.00%, 8/1/2020		45		45
6.38%, 12/15/2025		130		125
IHO Verwaltungs GmbH (Germany) 4.50% (cash), 9/15/2023 (d) (f)		200		183
JB Poindexter & Co., Inc. 7.13%, 4/15/2026 (d)		45		42
Tenneco, Inc. 5.00%, 7/15/2026		110		85
				2,006

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Automobiles — 0.0% (c)
Daimler Finance North America LLC (Germany) 8.50%, 1/18/2031		102		139
General Motors Co. 6.60%, 4/1/2036		50		49
				188
Banks — 0.4%
Australia & New Zealand Banking Group Ltd. (Australia) 2.63%, 11/9/2022		250		243
Bank of America Corp.
(ICE LIBOR USD 3 Month + 1.16%), 3.12%, 1/20/2023 (g)		60		59
(ICE LIBOR USD 3 Month + 0.79%), 3.00%, 12/20/2023 (g)		141		137
Series AA, (ICE LIBOR USD 3 Month + 3.90%), 6.10%, 3/17/2025 (g) (h) (i)		70		69
Series L, 3.95%, 4/21/2025		100		97
(ICE LIBOR USD 3 Month + 1.58%), 3.82%, 1/20/2028 (g)		300		291
Barclays plc (United Kingdom)
3.68%, 1/10/2023		200		192
5.20%, 5/12/2026		200		192
Citigroup, Inc.
(ICE LIBOR USD 3 Month + 4.07%), 5.95%, 1/30/2023 (g) (h) (i)		70		64
(ICE LIBOR USD 3 Month + 1.56%), 3.89%, 1/10/2028 (g)		250		240
6.68%, 9/13/2043		27		32
Commonwealth Bank of Australia (Australia) 4.50%, 12/9/2025 (d)		200		196
Cooperatieve Rabobank UA (Netherlands) 2.75%, 1/10/2023		300		290
HSBC Holdings plc (United Kingdom) 4.25%, 3/14/2024		300		298
Lloyds Banking Group plc (United Kingdom) 3.75%, 1/11/2027		200		184
Mitsubishi UFJ Financial Group, Inc. (Japan)
3.00%, 2/22/2022		59		58
3.78%, 3/2/2025		200		200
PNC Financial Services Group, Inc. (The) 3.90%, 4/29/2024		297		294
Regions Financial Corp. 3.80%, 8/14/2023		200		200
Royal Bank of Scotland Group plc (United Kingdom) 5.13%, 5/28/2024		370		359
Sumitomo Mitsui Financial Group, Inc. (Japan) 3.10%, 1/17/2023		207		203
SunTrust Banks, Inc. 2.50%, 5/1/2019		97		97
US Bancorp Series V, 2.38%, 7/22/2026		66		60

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 J.P. MORGAN FUNDS 21

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Banks — continued
Wells Fargo & Co. 3.00%, 4/22/2026		200		187
Westpac Banking Corp. (Australia) 2.75%, 1/11/2023		200		194
				4,436
Beverages — 0.1%
Anheuser-Busch Cos. LLC (Belgium) 4.70%, 2/1/2036 (d)		300		279
Keurig Dr Pepper, Inc. 4.42%, 5/25/2025 (d)		75		75
Molson Coors Brewing Co. 2.25%, 3/15/2020		100		99
				453
Biotechnology — 0.0% (c)
Baxalta, Inc. 3.60%, 6/23/2022		10		10
Celgene Corp. 3.95%, 10/15/2020		100		101
Gilead Sciences, Inc.
3.70%, 4/1/2024		20		20
3.50%, 2/1/2025		10		10
				141
Building Products — 0.1%
American Woodmark Corp. 4.88%, 3/15/2026 (d)		115		102
CRH America Finance, Inc. (Ireland) 3.40%, 5/9/2027 (d)		200		184
James Hardie International Finance DAC (Ireland) 4.75%, 1/15/2025 (d)		200		182
JELD-WEN, Inc.
4.63%, 12/15/2025 (d)		50		44
4.88%, 12/15/2027 (d)		35		29
Johnson Controls International plc 5.00%, 3/30/2020		125		128
Masonite International Corp. 5.75%, 9/15/2026 (d)		85		80
PGT Escrow Issuer, Inc. 6.75%, 8/1/2026 (d)		81		80
Standard Industries, Inc.
6.00%, 10/15/2025 (d)		75		72
4.75%, 1/15/2028 (d)		160		134
Summit Materials LLC 5.13%, 6/1/2025 (d)		65		59
USG Corp. 4.88%, 6/1/2027 (d)		15		15
				1,109
Capital Markets — 0.2%
Bank of New York Mellon Corp. (The) 2.60%, 2/7/2022		100		98
Blackstone Holdings Finance Co. LLC 4.45%, 7/15/2045 (d)		44		41

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Capital Markets — continued
Brookfield Finance, Inc. (Canada) 4.70%, 9/20/2047		50		46
Credit Suisse USA, Inc. (Switzerland) 7.13%, 7/15/2032		100		126
Deutsche Bank AG (Germany)
3.13%, 1/13/2021		115		111
3.30%, 11/16/2022		150		139
Goldman Sachs Group, Inc. (The)
(ICE LIBOR USD 3 Month + 1.20%), 3.27%, 9/29/2025 (g)		121		113
4.25%, 10/21/2025		36		35
3.50%, 11/16/2026		150		139
3.85%, 1/26/2027		200		188
Intercontinental Exchange, Inc. 4.00%, 10/15/2023		94		96
Invesco Finance plc 3.75%, 1/15/2026		62		60
LPL Holdings, Inc. 5.75%, 9/15/2025 (d)		65		61
Macquarie Group Ltd. (Australia) 6.25%, 1/14/2021 (d)		80		84
Morgan Stanley
5.00%, 11/24/2025		100		102
3.88%, 1/27/2026		250		244
4.35%, 9/8/2026		150		146
MSCI, Inc. 5.38%, 5/15/2027 (d)		70		69
Nomura Holdings, Inc. (Japan) 6.70%, 3/4/2020		47		49
UBS AG (Switzerland) 2.45%, 12/1/2020 (d)		200		196
				2,143
Chemicals — 0.2%
Ashland LLC 4.75%, 8/15/2022 (j)		130		128
Chemours Co. (The)
6.63%, 5/15/2023		90		91
7.00%, 5/15/2025		42		42
Cornerstone Chemical Co. 6.75%, 8/15/2024 (d)		25		22
CVR Partners LP 9.25%, 6/15/2023 (d)		271		282
Dow Chemical Co. (The)
4.13%, 11/15/2021		19		19
3.00%, 11/15/2022		19		19
FXI Holdings, Inc. 7.88%, 11/1/2024 (d)		102		87
Gates Global LLC 6.00%, 7/15/2022 (d)		98		96
GCP Applied Technologies, Inc. 5.50%, 4/15/2026 (d)		125		122
Hexion, Inc. 6.63%, 4/15/2020		70		56

SEE NOTES TO FINANCIAL STATEMENTS.

22 J.P. MORGAN FUNDS DECEMBER 31, 2018

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Chemicals — continued
INEOS Group Holdings SA (Luxembourg) 5.63%, 8/1/2024 (d)		480		424
International Flavors & Fragrances, Inc. 4.45%, 9/26/2028		8		8
Koppers, Inc. 6.00%, 2/15/2025 (d)		25		22
Mosaic Co. (The) 5.63%, 11/15/2043		30		31
NOVA Chemicals Corp. (Canada)
4.88%, 6/1/2024 (d)		188		170
5.25%, 6/1/2027 (d)		65		57
Nufarm Australia Ltd. (Australia) 5.75%, 4/30/2026 (d)		7		6
Nutrien Ltd. (Canada)
3.63%, 3/15/2024		50		48
3.38%, 3/15/2025		22		21
Rain CII Carbon LLC 7.25%, 4/1/2025 (d)		125		113
Scotts Miracle-Gro Co. (The)
6.00%, 10/15/2023		90		90
5.25%, 12/15/2026		45		41
Sherwin-Williams Co. (The) 3.30%, 2/1/2025		50		48
Trinseo Materials Operating SCA 5.38%, 9/1/2025 (d)		155		136
Tronox Finance plc 5.75%, 10/1/2025 (d)		40		32
Tronox, Inc. 6.50%, 4/15/2026 (d)		38		32
Venator Finance SARL 5.75%, 7/15/2025 (d)		140		112
WR Grace & Co.-Conn 5.63%, 10/1/2024 (d)		30		30
				2,385
Commercial Services & Supplies — 0.2%
ACCO Brands Corp. 5.25%, 12/15/2024 (d)		110		98
ADT Security Corp. (The) 4.13%, 6/15/2023		320		293
Aramark Services, Inc. 5.00%, 2/1/2028 (d)		145		135
Brink’s Co. (The) 4.63%, 10/15/2027 (d)		40		37
Covanta Holding Corp. 5.88%, 7/1/2025		50		46
Garda World Security Corp. (Canada)
7.25%, 11/15/2021 (d)		20		19
8.75%, 5/15/2025 (d)		320		291
Harland Clarke Holdings Corp. 8.38%, 8/15/2022 (d)		50		46
Nielsen Co. Luxembourg SARL (The)
5.50%, 10/1/2021 (d)		25		25
5.00%, 2/1/2025 (d)		140		131
Nielsen Finance LLC 5.00%, 4/15/2022 (d)		130		124
Prime Security Services Borrower LLC 9.25%, 5/15/2023 (d)		215		222
Republic Services, Inc. 5.50%, 9/15/2019		150		152
				1,619

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Communications Equipment — 0.1%
CommScope Technologies LLC
6.00%, 6/15/2025 (d)		364		331
5.00%, 3/15/2027 (d)		135		110
Nokia OYJ (Finland) 4.38%, 6/12/2027		61		57
Plantronics, Inc. 5.50%, 5/31/2023 (d)		50		46
				544
Construction & Engineering — 0.0% (c)
AECOM
5.88%, 10/15/2024		30		30
5.13%, 3/15/2027		218		186
MasTec, Inc. 4.88%, 3/15/2023		70		68
Tutor Perini Corp. 6.88%, 5/1/2025 (d)		165		153
				437
Construction Materials — 0.1%
Cemex SAB de CV (Mexico) 7.75%, 4/16/2026 (d)		600		631
Martin Marietta Materials, Inc. 3.45%, 6/1/2027		78		72
US Concrete, Inc. 6.38%, 6/1/2024		60		55
				758
Consumer Finance — 0.2%
Ally Financial, Inc.
4.63%, 5/19/2022		630		620
5.75%, 11/20/2025		70		70
8.00%, 11/1/2031		60		66
Capital One Financial Corp. 4.20%, 10/29/2025		175		169
Curo Group Holdings Corp. 8.25%, 9/1/2025 (d)		85		67
FirstCash, Inc. 5.38%, 6/1/2024 (d)		55		53
Ford Motor Credit Co. LLC
3.34%, 3/28/2022		200		189
4.69%, 6/9/2025		200		185
General Motors Financial Co., Inc.
4.25%, 5/15/2023		120		117
4.00%, 1/15/2025		145		136
5.25%, 3/1/2026		110		108
John Deere Capital Corp. 3.65%, 10/12/2023		85		86
Springleaf Finance Corp.
8.25%, 10/1/2023		180		185
7.13%, 3/15/2026		81		72
Synchrony Financial 4.25%, 8/15/2024		100		92
				2,215

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 J.P. MORGAN FUNDS 23

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Containers & Packaging — 0.2%
Ardagh Packaging Finance plc (Ireland) 6.00%, 2/15/2025 (d)		600		554
Ball Corp. 5.25%, 7/1/2025		40		40
Berry Global, Inc. 4.50%, 2/15/2026 (d)		65		59
BWAY Holding Co. 5.50%, 4/15/2024 (d)		105		99
Crown Americas LLC 4.25%, 9/30/2026		85		76
Intertape Polymer Group, Inc. (Canada) 7.00%, 10/15/2026 (d)		39		39
Owens-Brockway Glass Container, Inc.
5.88%, 8/15/2023 (d)		50		50
5.38%, 1/15/2025 (d)		50		48
Reynolds Group Issuer, Inc. 5.75%, 10/15/2020		422		420
Sealed Air Corp. 5.13%, 12/1/2024 (d)		55		54
WRKCo, Inc. 3.00%, 9/15/2024 (d)		100		94
				1,533
Distributors — 0.0% (c)
Global Partners LP
6.25%, 7/15/2022		40		38
7.00%, 6/15/2023		40		38
				76
Diversified Consumer Services — 0.0% (c)
Graham Holdings Co. 5.75%, 6/1/2026 (d)		27		27
Service Corp. International 7.50%, 4/1/2027		95		103
Sotheby’s 4.88%, 12/15/2025 (d)		60		54
				184
Diversified Financial Services — 0.1%
ACE Cash Express, Inc. 12.00%, 12/15/2022 (d)		81		71
CNG Holdings, Inc. 9.38%, 5/15/2020 (d)		110		103
Refinitiv US Holdings, Inc.
6.25%, 5/15/2026 (d)		61		59
8.25%, 11/15/2026 (d)		23		21
Travelport Corporate Finance plc 6.00%, 3/15/2026 (d)		53		53
Vantiv LLC 4.38%, 11/15/2025 (d)		200		183
Verscend Escrow Corp. 9.75%, 8/15/2026 (d)		14		13
				503
Diversified Telecommunication Services — 0.7%
Altice France SA (France) 7.38%, 5/1/2026 (d)		585		537

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Diversified Telecommunication Services — continued
AT&T, Inc.
3.95%, 1/15/2025		50		49
3.40%, 5/15/2025		20		19
4.90%, 8/15/2037		150		140
British Telecommunications plc (United Kingdom) 9.63%, 12/15/2030 (j)		100		135
CCO Holdings LLC
5.88%, 4/1/2024 (d)		175		174
5.38%, 5/1/2025 (d)		50		48
5.75%, 2/15/2026 (d)		845		828
5.50%, 5/1/2026 (d)		400		384
5.13%, 5/1/2027 (d)		630		587
5.00%, 2/1/2028 (d)		115		106
CenturyLink, Inc.
Series S, 6.45%, 6/15/2021		80		80
Series T, 5.80%, 3/15/2022		60		57
Series Y, 7.50%, 4/1/2024		5		5
5.63%, 4/1/2025		285		251
Cincinnati Bell, Inc.
7.00%, 7/15/2024 (d)		115		95
8.00%, 10/15/2025 (d)		50		41
Embarq Corp. 8.00%, 6/1/2036		320		290
Frontier Communications Corp.
10.50%, 9/15/2022		12		8
7.13%, 1/15/2023		55		31
7.63%, 4/15/2024		19		10
11.00%, 9/15/2025		477		297
8.50%, 4/1/2026 (d)		145		127
Intelsat Jackson Holdings SA (Luxembourg)
5.50%, 8/1/2023		460		400
8.00%, 2/15/2024 (d)		255		263
8.50%, 10/15/2024 (d)		341		331
9.75%, 7/15/2025 (d)		120		120
Intelsat Luxembourg SA (Luxembourg)
7.75%, 6/1/2021		11		10
8.13%, 6/1/2023		57		44
Level 3 Financing, Inc.
5.13%, 5/1/2023		95		92
5.38%, 1/15/2024		305		290
5.38%, 5/1/2025		50		47
Qwest Capital Funding, Inc. 7.75%, 2/15/2031		15		12
Sprint Capital Corp. 8.75%, 3/15/2032		483		510
Telecom Italia Capital SA (Italy)
6.38%, 11/15/2033		145		131
7.72%, 6/4/2038		95		94

SEE NOTES TO FINANCIAL STATEMENTS.

24 J.P. MORGAN FUNDS DECEMBER 31, 2018

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Diversified Telecommunication Services — continued
Telefonica Emisiones SA (Spain) 5.13%, 4/27/2020		102		104
Verizon Communications, Inc.
4.33%, 9/21/2028		100		100
4.40%, 11/1/2034		100		97
5.25%, 3/16/2037		91		95
Virgin Media Secured Finance plc (United Kingdom) 5.25%, 1/15/2026 (d)		200		183
Windstream Services LLC
9.00%, 6/30/2025 (d)		345		234
8.63%, 10/31/2025 (d)		60		53
				7,509
Electric Utilities — 0.2%
Alabama Power Co. Series 13-A, 3.55%, 12/1/2023		61		62
DTE Electric Co. 3.38%, 3/1/2025		140		138
Duke Energy Progress LLC 4.10%, 3/15/2043		150		146
Electricite de France SA (France) 2.15%, 1/22/2019 (d)		80		80
Entergy Arkansas LLC 3.50%, 4/1/2026		100		99
Evergy, Inc. 4.85%, 6/1/2021		35		36
Fortis, Inc. (Canada) 3.06%, 10/4/2026		250		228
Kansas City Power & Light Co. 5.30%, 10/1/2041		54		61
Kentucky Utilities Co. 3.30%, 10/1/2025		50		49
Nevada Power Co. 5.45%, 5/15/2041		34		39
NextEra Energy Operating Partners LP 4.50%, 9/15/2027 (d)		85		76
Pacific Gas & Electric Co. 3.25%, 6/15/2023		75		66
PECO Energy Co. 4.80%, 10/15/2043		100		106
Pennsylvania Electric Co. 3.25%, 3/15/2028 (d)		75		70
PPL Electric Utilities Corp. 4.75%, 7/15/2043		42		45
Public Service Co. of New Hampshire 3.50%, 11/1/2023		30		30
Southern California Edison Co. 6.65%, 4/1/2029		100		111
Southwestern Electric Power Co. Series J, 3.90%, 4/1/2045		50		45
Terraform Global Operating LLC 6.13%, 3/1/2026 (d)		63		59
Virginia Electric & Power Co.
2.95%, 1/15/2022		150		149
4.00%, 1/15/2043		75		71

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Electric Utilities — continued
Vistra Operations Co. LLC 5.50%, 9/1/2026 (d)		145		140
Wisconsin Electric Power Co. 3.10%, 6/1/2025		165		161
				2,067
Electrical Equipment — 0.0% (c)
Energizer Gamma Acquisition, Inc. 6.38%, 7/15/2026 (d)		40		37
Sensata Technologies BV 5.63%, 11/1/2024 (d)		55		54
Vertiv Group Corp. 9.25%, 10/15/2024 (d)		292		268
				359
Electronic Equipment, Instruments & Components — 0.0% (c)
Anixter, Inc. 6.00%, 12/1/2025 (d)		40		40
Arrow Electronics, Inc. 4.50%, 3/1/2023		100		101
CDW LLC
5.50%, 12/1/2024		45		45
5.00%, 9/1/2025		155		148
				334
Energy Equipment & Services — 0.1%
Calfrac Holdings LP (Canada) 8.50%, 6/15/2026 (d)		55		39
CSI Compressco LP 7.50%, 4/1/2025 (d)		25		23
Diamond Offshore Drilling, Inc. 7.88%, 8/15/2025		34		28
Ensco plc
8.00%, 1/31/2024		20		17
5.20%, 3/15/2025		46		31
7.75%, 2/1/2026		10		7
5.75%, 10/1/2044		6		3
Halliburton Co. 8.75%, 2/15/2021		125		138
Nabors Industries, Inc. 5.75%, 2/1/2025		148		112
Noble Holding International Ltd.
7.95%, 4/1/2025 (j)		23		17
7.88%, 2/1/2026 (d)		60		51
5.25%, 3/15/2042		24		14
Precision Drilling Corp. (Canada)
6.50%, 12/15/2021		5		4
7.75%, 12/15/2023		105		97
7.13%, 1/15/2026 (d)		46		40
Rowan Cos., Inc. 7.38%, 6/15/2025		18		15
SESI LLC 7.75%, 9/15/2024		21		17
Shelf Drilling Holdings Ltd. (United Arab Emirates) 8.25%, 2/15/2025 (d)		97		83

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 J.P. MORGAN FUNDS 25

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Energy Equipment & Services — continued
Transocean Guardian Ltd. 5.88%, 1/15/2024 (d)		70		67
Transocean Pontus Ltd. 6.13%, 8/1/2025 (d)		105		101
Transocean Proteus Ltd. 6.25%, 12/1/2024 (d)		4		4
Transocean, Inc.
9.00%, 7/15/2023 (d)		45		45
7.25%, 11/1/2025 (d)		90		78
7.50%, 1/15/2026 (d)		175		154
7.50%, 4/15/2031		59		45
6.80%, 3/15/2038		65		43
9.35%, 12/15/2041 (j)		87		72
Unit Corp. 6.63%, 5/15/2021		33		30
USA Compression Partners LP 6.88%, 4/1/2026 (d)		15		14
Weatherford International LLC 9.88%, 3/1/2025 (d)		16		10
Weatherford International Ltd.
4.50%, 4/15/2022		10		6
8.25%, 6/15/2023		9		6
9.88%, 2/15/2024		15		9
7.00%, 3/15/2038		35		18
6.75%, 9/15/2040		2		1
5.95%, 4/15/2042		41		21
				1,460
Entertainment — 0.1%
21st Century Fox America, Inc. 6.75%, 1/9/2038		50		66
AMC Entertainment Holdings, Inc.
5.75%, 6/15/2025		179		157
5.88%, 11/15/2026		17		15
6.13%, 5/15/2027		57		49
Cinemark USA, Inc. 4.88%, 6/1/2023		51		49
Live Nation Entertainment, Inc. 4.88%, 11/1/2024 (d)		110		104
Netflix, Inc.
5.75%, 3/1/2024		50		51
4.88%, 4/15/2028		270		246
5.88%, 11/15/2028 (d)		87		85
Viacom, Inc.
3.88%, 4/1/2024		11		11
(ICE LIBOR USD 3 Month + 3.90%), 5.87%, 2/28/2057 (g)		104		95
(ICE LIBOR USD 3 Month + 3.90%), 6.25%, 2/28/2057 (g)		41		38

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Entertainment — continued
WMG Acquisition Corp.
5.63%, 4/15/2022 (d)		173		173
4.88%, 11/1/2024 (d)		55		52
5.50%, 4/15/2026 (d)		99		94
				1,285
Equity Real Estate Investment Trusts (REITs) — 0.3%
American Tower Corp. 3.50%, 1/31/2023		40		39
Crown Castle International Corp. 4.45%, 2/15/2026		240		239
CyrusOne LP 5.38%, 3/15/2027		43		42
Duke Realty LP 3.63%, 4/15/2023		84		84
EPR Properties 4.50%, 6/1/2027		62		60
Equinix, Inc.
5.75%, 1/1/2025		15		15
5.88%, 1/15/2026		312		314
ERP Operating LP 4.63%, 12/15/2021		158		163
ESH Hospitality, Inc. 5.25%, 5/1/2025 (d)		160		149
GEO Group, Inc. (The) 5.88%, 10/15/2024		210		185
GLP Capital LP
5.25%, 6/1/2025		75		74
5.75%, 6/1/2028		75		76
Goodman US Finance Three LLC (Australia) 3.70%, 3/15/2028 (d)		52		50
Iron Mountain, Inc. 4.88%, 9/15/2027 (d)		220		192
Liberty Property LP 4.40%, 2/15/2024		50		51
MGM Growth Properties Operating Partnership LP
5.63%, 5/1/2024		120		119
4.50%, 1/15/2028		15		13
National Retail Properties, Inc. 3.60%, 12/15/2026		51		49
Realty Income Corp. 3.65%, 1/15/2028		50		48
RHP Hotel Properties LP 5.00%, 4/15/2021		250		248
SBA Communications Corp. 4.88%, 9/1/2024		41		39
Scentre Group Trust 1 (Australia) 3.50%, 2/12/2025 (d)		250		242
Senior Housing Properties Trust 4.75%, 2/15/2028		150		142
Simon Property Group LP
2.50%, 9/1/2020		17		17
3.38%, 12/1/2027		100		96
Uniti Group LP
6.00%, 4/15/2023 (d)		155		140
8.25%, 10/15/2023		70		61
7.13%, 12/15/2024 (d)		25		21

SEE NOTES TO FINANCIAL STATEMENTS.

26 J.P. MORGAN FUNDS DECEMBER 31, 2018

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Equity Real Estate Investment Trusts (REITs) — continued
Ventas Realty LP 4.13%, 1/15/2026		123		122
VEREIT Operating Partnership LP 4.60%, 2/6/2024		100		101
VICI Properties 1 LLC 8.00%, 10/15/2023		182		196
Welltower, Inc. 4.50%, 1/15/2024		50		51
				3,438
Food & Staples Retailing — 0.1%
Albertsons Cos. LLC
6.63%, 6/15/2024		405		375
5.75%, 3/15/2025		90		79
Kroger Co. (The) 5.40%, 7/15/2040		25		26
New Albertsons LP 8.70%, 5/1/2030		135		113
Rite Aid Corp. 6.13%, 4/1/2023 (d)		195		154
Sysco Corp. 3.75%, 10/1/2025		56		55
				802
Food Products — 0.2%
B&G Foods, Inc. 5.25%, 4/1/2025		42		39
Campbell Soup Co. 3.95%, 3/15/2025		200		192
Cargill, Inc. 3.30%, 3/1/2022 (d)		100		100
Conagra Brands, Inc. 3.20%, 1/25/2023		114		110
Dole Food Co., Inc. 7.25%, 6/15/2025 (d)		80		74
JBS USA LUX SA
5.75%, 6/15/2025 (d)		480		460
6.75%, 2/15/2028 (d)		28		28
Kraft Heinz Foods Co. 6.88%, 1/26/2039		100		112
Mead Johnson Nutrition Co. (United Kingdom) 4.13%, 11/15/2025		38		39
Nestle Holdings, Inc. 3.50%, 9/24/2025 (d)		150		151
Pilgrim’s Pride Corp.
5.75%, 3/15/2025 (d)		53		50
5.88%, 9/30/2027 (d)		105		95
Post Holdings, Inc.
5.50%, 3/1/2025 (d)		60		57
5.75%, 3/1/2027 (d)		95		89
5.63%, 1/15/2028 (d)		163		150
TreeHouse Foods, Inc. 6.00%, 2/15/2024 (d)		85		84
Tyson Foods, Inc. 3.90%, 9/28/2023		100		100
				1,930
Gas Utilities — 0.0% (c)
AmeriGas Partners LP
5.63%, 5/20/2024		5		5
5.50%, 5/20/2025		102		93

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Gas Utilities — continued
5.88%, 8/20/2026		60		55
5.75%, 5/20/2027		39		34
CenterPoint Energy Resources Corp. 4.50%, 1/15/2021		86		88
Southern Natural Gas Co. LLC 4.80%, 3/15/2047 (d)		31		30
				305
Health Care Equipment & Supplies — 0.1%
Avantor, Inc. 6.00%, 10/1/2024 (d)		65		64
DJO Finance LLC 8.13%, 6/15/2021 (d)		180		185
Hill-Rom Holdings, Inc.
5.75%, 9/1/2023 (d)		125		125
5.00%, 2/15/2025 (d)		15		14
Hologic, Inc. 4.38%, 10/15/2025 (d)		115		107
Kinetic Concepts, Inc. 7.88%, 2/15/2021 (d)		90		91
Mallinckrodt International Finance SA
5.63%, 10/15/2023 (d)		185		141
5.50%, 4/15/2025 (d)		60		41
Teleflex, Inc. 4.88%, 6/1/2026		32		31
Zimmer Biomet Holdings, Inc.
3.70%, 3/19/2023		35		35
3.55%, 4/1/2025		50		47
				881
Health Care Providers & Services — 0.6%
Acadia Healthcare Co., Inc. 5.63%, 2/15/2023		90		85
Aetna, Inc. 4.75%, 3/15/2044		30		29
Anthem, Inc.
3.35%, 12/1/2024		100		98
4.10%, 3/1/2028		140		137
Centene Corp.
6.13%, 2/15/2024		38		39
4.75%, 1/15/2025		110		105
Community Health Systems, Inc.
6.88%, 2/1/2022		95		43
6.25%, 3/31/2023		109		99
8.63%, 1/15/2024 (d)		135		133
8.13%, 6/30/2024 (d)		168		123
DaVita, Inc.
5.13%, 7/15/2024		183		172
5.00%, 5/1/2025		190		172
Encompass Health Corp. 5.75%, 11/1/2024		230		228
Envision Healthcare Corp. 8.75%, 10/15/2026 (d)		288		249

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 J.P. MORGAN FUNDS 27

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Health Care Providers & Services — continued
Express Scripts Holding Co. 3.50%, 6/15/2024		240		233
HCA, Inc.
7.50%, 2/15/2022		100		106
5.88%, 5/1/2023		415		420
5.38%, 2/1/2025		430		419
5.25%, 4/15/2025		85		85
5.88%, 2/15/2026		1,175		1,169
5.25%, 6/15/2026		10		10
5.38%, 9/1/2026		116		113
5.63%, 9/1/2028		120		116
MPH Acquisition Holdings LLC 7.13%, 6/1/2024 (d)		170		158
NVA Holdings, Inc. 6.88%, 4/1/2026 (d)		60		54
Polaris Intermediate Corp. 8.50% (cash), 12/1/2022 (d) (f)		94		86
Team Health Holdings, Inc. 6.38%, 2/1/2025 (d)		180		147
Tenet Healthcare Corp.
4.50%, 4/1/2021		145		141
4.38%, 10/1/2021		25		24
7.50%, 1/1/2022 (d)		110		112
8.13%, 4/1/2022		76		76
6.75%, 6/15/2023		576		541
4.63%, 7/15/2024		380		353
5.13%, 5/1/2025		176		164
7.00%, 8/1/2025		75		69
WellCare Health Plans, Inc. 5.25%, 4/1/2025		46		44
				6,352
Health Care Technology — 0.0% (c)
IQVIA, Inc. 5.00%, 10/15/2026 (d)		200		191
Hotels, Restaurants & Leisure — 0.4%
1011778 BC ULC (Canada) 4.25%, 5/15/2024 (d)		29		27
Boyd Gaming Corp.
6.88%, 5/15/2023		110		111
6.38%, 4/1/2026		110		107
6.00%, 8/15/2026		86		80
Boyne USA, Inc. 7.25%, 5/1/2025 (d)		104		107
CCM Merger, Inc. 6.00%, 3/15/2022 (d)		60		61
Constellation Merger Sub, Inc. 8.50%, 9/15/2025 (d)		45		40
Downstream Development Authority of the Quapaw Tribe of Oklahoma 10.50%, 2/15/2023 (d)		100		99

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Hotels, Restaurants & Leisure — continued
Eldorado Resorts, Inc.
6.00%, 4/1/2025		66		63
6.00%, 9/15/2026 (d)		23		22
Enterprise Development Authority (The) 12.00%, 7/15/2024 (d)		160		146
Gateway Casinos & Entertainment Ltd. (Canada) 8.25%, 3/1/2024 (d)		118		120
Golden Nugget, Inc. 8.75%, 10/1/2025 (d)		150		144
Hilton Domestic Operating Co., Inc.
4.25%, 9/1/2024		15		14
5.13%, 5/1/2026 (d)		104		100
Hilton Grand Vacations Borrower LLC 6.13%, 12/1/2024		45		45
Hilton Worldwide Finance LLC
4.63%, 4/1/2025		85		80
4.88%, 4/1/2027		20		19
International Game Technology plc 6.25%, 1/15/2027 (d)		200		192
IRB Holding Corp. 6.75%, 2/15/2026 (d)		112		98
Jack Ohio Finance LLC
6.75%, 11/15/2021 (d)		205		207
10.25%, 11/15/2022 (d)		90		96
Marriott Ownership Resorts, Inc. 6.50%, 9/15/2026 (d)		159		153
McDonald’s Corp. 4.88%, 7/15/2040		50		51
MGM Resorts International
5.75%, 6/15/2025		85		82
4.63%, 9/1/2026		765		687
Sabre GLBL, Inc. 5.25%, 11/15/2023 (d)		225		222
Scientific Games International, Inc.
10.00%, 12/1/2022		77		78
5.00%, 10/15/2025 (d)		100		89
Seminole Hard Rock Entertainment, Inc. 5.88%, 5/15/2021 (d)		100		100
Six Flags Entertainment Corp.
4.88%, 7/31/2024 (d)		65		61
5.50%, 4/15/2027 (d)		25		24
Stars Group Holdings BV (Canada) 7.00%, 7/15/2026 (d)		88		86
Station Casinos LLC 5.00%, 10/1/2025 (d)		69		62
VOC Escrow Ltd. 5.00%, 2/15/2028 (d)		49		45
Wyndham Destinations, Inc.
5.40%, 4/1/2024		17		16
6.35%, 10/1/2025 (j)		10		10
5.75%, 4/1/2027		18		16

SEE NOTES TO FINANCIAL STATEMENTS.

28 J.P. MORGAN FUNDS DECEMBER 31, 2018

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Hotels, Restaurants & Leisure — continued
Wynn Las Vegas LLC 5.50%, 3/1/2025 (d)		225		210
				3,970
Household Durables — 0.1%
Lennar Corp. 4.75%, 5/30/2025		170		159
Mattamy Group Corp. (Canada) 6.50%, 10/1/2025 (d)		25		22
New Home Co., Inc. (The) 7.25%, 4/1/2022		60		55
Tempur Sealy International, Inc.
5.63%, 10/15/2023		268		259
5.50%, 6/15/2026		41		37
Toll Brothers Finance Corp. 4.35%, 2/15/2028		45		39
				571
Household Products — 0.1%
Central Garden & Pet Co.
6.13%, 11/15/2023		150		150
5.13%, 2/1/2028		80		71
Energizer Holdings, Inc. 5.50%, 6/15/2025 (d)		145		131
Kronos Acquisition Holdings, Inc. (Canada) 9.00%, 8/15/2023 (d)		55		42
Spectrum Brands Holdings, Inc. 7.75%, 1/15/2022		165		167
Spectrum Brands, Inc.
6.13%, 12/15/2024		59		57
5.75%, 7/15/2025		163		155
				773
Independent Power and Renewable Electricity Producers — 0.1%
Calpine Corp.
5.88%, 1/15/2024 (d)		130		128
5.75%, 1/15/2025		115		105
5.25%, 6/1/2026 (d)		45		41
Clearway Energy Operating LLC
5.75%, 10/15/2025 (d)		5		4
5.00%, 9/15/2026		60		54
NRG Energy, Inc.
6.63%, 1/15/2027		40		40
5.75%, 1/15/2028		205		197
Talen Energy Supply LLC 6.50%, 6/1/2025		108		77
Vistra Energy Corp. 5.88%, 6/1/2023		135		135
				781
Industrial Conglomerates — 0.0% (c)
General Electric Co. 6.75%, 3/15/2032		61		64
Roper Technologies, Inc.
3.00%, 12/15/2020		31		31

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Industrial Conglomerates — continued
3.80%, 12/15/2026		100		97
				192
Insurance — 0.2%
Allstate Corp. (The) 3.15%, 6/15/2023		61		61
Alterra Finance LLC 6.25%, 9/30/2020		160		167
American International Group, Inc. 3.75%, 7/10/2025		100		96
AmWINS Group, Inc. 7.75%, 7/1/2026 (d)		42		40
Aon Corp. 6.25%, 9/30/2040		28		33
Assurant, Inc. 4.20%, 9/27/2023		120		120
Athene Holding Ltd. 4.13%, 1/12/2028		145		132
Chubb INA Holdings, Inc. 2.88%, 11/3/2022		65		64
CNA Financial Corp.
3.95%, 5/15/2024		17		17
4.50%, 3/1/2026		13		13
CNO Financial Group, Inc. 5.25%, 5/30/2025		45		43
Fidelity & Guaranty Life Holdings, Inc. 5.50%, 5/1/2025 (d)		36		34
Guardian Life Global Funding 2.50%, 5/8/2022 (d)		100		97
Liberty Mutual Group, Inc.
4.25%, 6/15/2023 (d)		100		101
7.80%, 3/15/2037 (d)		45		49
MetLife, Inc. 3.00%, 3/1/2025		100		96
Pacific Life Insurance Co. (ICE LIBOR USD 3 Month + 2.80%), 4.30%, 10/24/2067 (d) (g)		50		44
Protective Life Global Funding 2.62%, 8/22/2022 (d)		150		146
Prudential Insurance Co. of America (The) 8.30%, 7/1/2025 (d)		250		308
Teachers Insurance & Annuity Association of America 4.27%, 5/15/2047 (d)		200		192
Torchmark Corp. 4.55%, 9/15/2028		25		25
Travelers Property Casualty Corp. 7.75%, 4/15/2026		75		93
				1,971
Interactive Media & Services — 0.0% (c)
Rackspace Hosting, Inc. 8.63%, 11/15/2024 (d)		116		90
IT Services — 0.2%
Alliance Data Systems Corp. 5.38%, 8/1/2022 (d)		130		127
Banff Merger Sub, Inc. 9.75%, 9/1/2026 (d)		99		91

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 J.P. MORGAN FUNDS 29

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
IT Services — continued
Booz Allen Hamilton, Inc. 5.13%, 5/1/2025 (d)		50		47
Cogent Communications Group, Inc. 5.38%, 3/1/2022 (d)		190		188
DXC Technology Co. 4.25%, 4/15/2024		69		68
Exela Intermediate LLC 10.00%, 7/15/2023 (d)		110		105
First Data Corp.
5.38%, 8/15/2023 (d)		225		221
5.75%, 1/15/2024 (d)		600		586
Gartner, Inc. 5.13%, 4/1/2025 (d)		110		107
GCI LLC 6.88%, 4/15/2025		180		175
Western Union Co. (The) 3.60%, 3/15/2022		10		10
Zayo Group LLC
6.00%, 4/1/2023		45		43
6.38%, 5/15/2025		365		339
5.75%, 1/15/2027 (d)		30		27
				2,134
Leisure Products — 0.1%
Mattel, Inc.
3.15%, 3/15/2023		35		29
6.75%, 12/31/2025 (d)		272		242
Vista Outdoor, Inc. 5.88%, 10/1/2023		210		191
				462
Life Sciences Tools & Services — 0.0% (c)
Thermo Fisher Scientific, Inc. 3.20%, 8/15/2027		100		93
Machinery — 0.1%
ATS Automation Tooling Systems, Inc. (Canada) 6.50%, 6/15/2023 (d)		30		30
EnPro Industries, Inc. 5.75%, 10/15/2026 (d)		66		64
Novelis Corp.
6.25%, 8/15/2024 (d)		134		126
5.88%, 9/30/2026 (d)		50		44
RBS Global, Inc. 4.88%, 12/15/2025 (d)		30		27
SPX FLOW, Inc. 5.63%, 8/15/2024 (d)		195		184
Stevens Holding Co., Inc. 6.13%, 10/1/2026 (d)		34		34
Tennant Co. 5.63%, 5/1/2025		73		69
Terex Corp. 5.63%, 2/1/2025 (d)		95		88
TriMas Corp. 4.88%, 10/15/2025 (d)		65		60
Wabash National Corp. 5.50%, 10/1/2025 (d)		65		56
Welbilt, Inc. 9.50%, 2/15/2024		70		75
				857

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Media — 0.8%
Altice Financing SA (Luxembourg)
6.63%, 2/15/2023 (d)		250		240
7.50%, 5/15/2026 (d)		200		182
Altice Luxembourg SA (Luxembourg)
7.75%, 5/15/2022 (d)		200		182
7.63%, 2/15/2025 (d)		200		149
AMC Networks, Inc.
5.00%, 4/1/2024		90		85
4.75%, 8/1/2025		105		96
CBS Radio, Inc. 7.25%, 11/1/2024 (d)		105		98
Clear Channel Worldwide Holdings, Inc.
Series B, 7.63%, 3/15/2020		420		409
Series A, 6.50%, 11/15/2022		40		40
Series B, 6.50%, 11/15/2022		890		890
Comcast Corp.
3.00%, 2/1/2024		146		143
3.38%, 2/15/2025		96		94
4.00%, 11/1/2049		39		35
4.05%, 11/1/2052		97		87
Cox Communications, Inc. 4.60%, 8/15/2047 (d)		39		35
CSC Holdings LLC
5.25%, 6/1/2024		35		32
6.63%, 10/15/2025 (d)		200		202
10.88%, 10/15/2025 (d)		200		225
5.50%, 5/15/2026 (d)		275		259
5.38%, 2/1/2028 (d)		160		147
Discovery Communications LLC 4.38%, 6/15/2021		47		48
DISH DBS Corp.
5.88%, 7/15/2022		220		202
5.00%, 3/15/2023		110		92
5.88%, 11/15/2024		1,110		894
7.75%, 7/1/2026		185		153
Gray Escrow, Inc. 7.00%, 5/15/2027 (d)		100		97
Gray Television, Inc.
5.13%, 10/15/2024 (d)		85		79
5.88%, 7/15/2026 (d)		85		79
iHeartCommunications, Inc. 9.00%, 12/15/2019 (k)		310		208
Meredith Corp. 6.88%, 2/1/2026 (d)		70		68
Nexstar Broadcasting, Inc.
6.13%, 2/15/2022 (d)		25		25
5.88%, 11/15/2022		50		50
5.63%, 8/1/2024 (d)		125		117

SEE NOTES TO FINANCIAL STATEMENTS.

30 J.P. MORGAN FUNDS DECEMBER 31, 2018

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Media — continued
Outfront Media Capital LLC 5.63%, 2/15/2024		50		49
Quebecor Media, Inc. (Canada) 5.75%, 1/15/2023		105		106
Sinclair Television Group, Inc.
5.63%, 8/1/2024 (d)		100		94
5.88%, 3/15/2026 (d)		12		11
5.13%, 2/15/2027 (d)		118		104
Sirius XM Radio, Inc.
6.00%, 7/15/2024 (d)		590		591
5.38%, 4/15/2025 (d)		135		128
5.38%, 7/15/2026 (d)		55		51
5.00%, 8/1/2027 (d)		15		14
TEGNA, Inc. 6.38%, 10/15/2023		215		216
Time Warner Cable LLC 7.30%, 7/1/2038		125		136
Time Warner Entertainment Co. LP 8.38%, 7/15/2033		150		183
Univision Communications, Inc.
5.13%, 5/15/2023 (d)		35		31
5.13%, 2/15/2025 (d)		90		79
UPCB Finance IV Ltd. (Netherlands) 5.38%, 1/15/2025 (d)		365		341
Videotron Ltd. (Canada)
5.38%, 6/15/2024 (d)		75		74
5.13%, 4/15/2027 (d)		200		189
				8,139
Metals & Mining — 0.2%
AK Steel Corp.
7.50%, 7/15/2023		10		10
6.38%, 10/15/2025		51		39
7.00%, 3/15/2027		56		44
Alcoa Nederland Holding BV 6.75%, 9/30/2024 (d)		400		406
BHP Billiton Finance USA Ltd. (Australia) 5.00%, 9/30/2043		34		37
Big River Steel LLC 7.25%, 9/1/2025 (d)		22		22
Cleveland-Cliffs, Inc.
4.88%, 1/15/2024 (d)		25		23
5.75%, 3/1/2025		21		19
Coeur Mining, Inc. 5.88%, 6/1/2024		25		22
Commercial Metals Co.
4.88%, 5/15/2023		25		24
5.38%, 7/15/2027		24		21
FMG Resources August 2006 Pty. Ltd. (Australia)
4.75%, 5/15/2022 (d)		37		35
5.13%, 5/15/2024 (d)		25		23

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Metals & Mining — continued
Freeport-McMoRan, Inc.
3.55%, 3/1/2022		52		49
3.88%, 3/15/2023		239		221
4.55%, 11/14/2024		250		231
5.40%, 11/14/2034		45		35
5.45%, 3/15/2043		60		46
Hecla Mining Co. 6.88%, 5/1/2021		22		22
Hudbay Minerals, Inc. (Canada)
7.25%, 1/15/2023 (d)		35		35
7.63%, 1/15/2025 (d)		20		19
Kaiser Aluminum Corp. 5.88%, 5/15/2024		22		21
Northwest Acquisitions ULC 7.13%, 11/1/2022 (d)		23		23
Steel Dynamics, Inc.
4.13%, 9/15/2025		53		49
5.00%, 12/15/2026		32		30
Teck Resources Ltd. (Canada)
6.13%, 10/1/2035		48		46
6.00%, 8/15/2040		45		42
5.40%, 2/1/2043		26		22
United States Steel Corp.
6.88%, 8/15/2025		13		12
6.25%, 3/15/2026		51		45
Vale Overseas Ltd. (Brazil) 6.25%, 8/10/2026		161		174
				1,847
Multiline Retail — 0.0% (c)
Neiman Marcus Group Ltd. LLC
8.00%, 10/15/2021 (d)		242		100
8.75% (cash), 10/15/2021 (d) (f)		205		86
				186
Multi-Utilities — 0.0% (c)
CMS Energy Corp. 3.45%, 8/15/2027		200		193
Consolidated Edison Co. of New York, Inc. 3.80%, 5/15/2028		75		76
NiSource, Inc.
2.65%, 11/17/2022		92		88
4.80%, 2/15/2044		65		63
Southern Co. Gas Capital Corp. 5.88%, 3/15/2041		18		20
				440

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 J.P. MORGAN FUNDS 31

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Oil, Gas & Consumable Fuels — 0.9%
Andeavor Logistics LP
Series A, (ICE LIBOR USD 3 Month + 4.65%), 6.87%, 2/15/2023 (g) (h) (i)		70		62
4.25%, 12/1/2027		40		38
Antero Midstream Partners LP 5.38%, 9/15/2024		155		144
Antero Resources Corp. 5.13%, 12/1/2022		73		69
APT Pipelines Ltd. (Australia) 4.25%, 7/15/2027 (d)		61		59
Baytex Energy Corp. (Canada) 5.63%, 6/1/2024 (d)		25		22
Blue Racer Midstream LLC 6.13%, 11/15/2022 (d)		175		169
BP Capital Markets America, Inc. 3.12%, 5/4/2026		250		238
Buckeye Partners LP (ICE LIBOR USD 3 Month + 4.02%), 6.37%, 1/22/2078 (g)		80		65
California Resources Corp.
5.50%, 9/15/2021		10		7
8.00%, 12/15/2022 (d)		93		63
Callon Petroleum Co.
6.13%, 10/1/2024		28		26
6.38%, 7/1/2026		14		13
Canadian Natural Resources Ltd. (Canada) 6.45%, 6/30/2033		150		168
Carrizo Oil & Gas, Inc. 6.25%, 4/15/2023		88		81
Cenovus Energy, Inc. (Canada)
3.80%, 9/15/2023		50		48
6.75%, 11/15/2039		100		98
Cheniere Corpus Christi Holdings LLC
5.88%, 3/31/2025		152		151
5.13%, 6/30/2027		50		47
Cheniere Energy Partners LP
5.25%, 10/1/2025		35		32
5.63%, 10/1/2026 (d)		36		34
Chesapeake Energy Corp.
(ICE LIBOR USD 3 Month + 3.25%), 5.69%, 4/15/2019 (g)		25		25
6.63%, 8/15/2020		22		21
7.00%, 10/1/2024		83		72
8.00%, 1/15/2025		91		80
8.00%, 6/15/2027		155		130
CITGO Petroleum Corp. 6.25%, 8/15/2022 (d)		60		58
CNOOC Nexen Finance 2014 ULC (China) 4.25%, 4/30/2024		200		203

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Oil, Gas & Consumable Fuels — continued
CNX Midstream Partners LP 6.50%, 3/15/2026 (d)		20		19
Covey Park Energy LLC 7.50%, 5/15/2025 (d)		95		82
Crestwood Midstream Partners LP
6.25%, 4/1/2023		78		75
5.75%, 4/1/2025		50		46
DCP Midstream LP Series A, (ICE LIBOR USD 3 Month + 5.15%), 7.38%, 12/15/2022 (g) (h) (i)		67		60
DCP Midstream Operating LP
3.88%, 3/15/2023		52		49
5.38%, 7/15/2025		31		30
6.75%, 9/15/2037 (d)		55		54
Delek Logistics Partners LP 6.75%, 5/15/2025		49		47
Denbury Resources, Inc.
9.25%, 3/31/2022 (d)		25		23
7.50%, 2/15/2024 (d)		43		35
Diamondback Energy, Inc.
4.75%, 11/1/2024 (d)		18		17
5.38%, 5/31/2025		40		39
Ecopetrol SA (Colombia) 5.38%, 6/26/2026		116		117
Encana Corp. (Canada)
7.38%, 11/1/2031		50		59
6.63%, 8/15/2037		35		37
Energy Transfer LP
4.25%, 3/15/2023		38		37
5.88%, 1/15/2024		27		27
5.50%, 6/1/2027		5		5
Energy Transfer Operating LP
4.05%, 3/15/2025		95		90
Series B, (ICE LIBOR USD 3 Month + 4.16%), 6.63%, 2/15/2028 (g) (h) (i)		52		43
EnLink Midstream Partners LP
Series C, (ICE LIBOR USD 3 Month + 4.11%), 6.00%, 12/15/2022 (g) (h) (i)		125		91
4.40%, 4/1/2024		112		105
4.15%, 6/1/2025		40		36
4.85%, 7/15/2026		63		57
5.60%, 4/1/2044		25		21
Enterprise Products Operating LLC
3.90%, 2/15/2024		33		33
3.70%, 2/15/2026		51		50
5.10%, 2/15/2045		150		151

SEE NOTES TO FINANCIAL STATEMENTS.

32 J.P. MORGAN FUNDS DECEMBER 31, 2018

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Oil, Gas & Consumable Fuels — continued
Series D, (ICE LIBOR USD 3 Month + 2.99%), 4.88%, 8/16/2077 (g)		26		21
(ICE LIBOR USD 3 Month + 2.57%), 5.38%, 2/15/2078 (g)		49		41
EP Energy LLC
9.38%, 5/1/2024(d)		30		13
8.00%, 11/29/2024 (d)		115		86
8.00%, 2/15/2025 (d)		127		53
7.75%, 5/15/2026 (d)		459		406
Extraction Oil & Gas, Inc. 5.63%, 2/1/2026 (d)		5		4
Genesis Energy LP
6.75%, 8/1/2022		27		27
6.00%, 5/15/2023		40		37
5.63%, 6/15/2024		40		34
Gulfport Energy Corp.
6.63%, 5/1/2023		55		52
6.38%, 5/15/2025		20		18
6.38%, 1/15/2026		10		8
Halcon Resources Corp. 6.75%, 2/15/2025		85		62
Hilcorp Energy I LP
5.00%, 12/1/2024 (d)		51		45
6.25%, 11/1/2028 (d)		52		46
Holly Energy Partners LP 6.00%, 8/1/2024 (d)		55		54
Jagged Peak Energy LLC 5.88%, 5/1/2026 (d)		40		37
Laredo Petroleum, Inc. 5.63%, 1/15/2022		5		4
Magellan Midstream Partners LP 5.15%, 10/15/2043		25		25
Martin Midstream Partners LP 7.25%, 2/15/2021		50		47
Matador Resources Co. 5.88%, 9/15/2026		62		57
MEG Energy Corp. (Canada)
6.38%, 1/30/2023 (d)		26		25
7.00%, 3/31/2024 (d)		215		205
6.50%, 1/15/2025 (d)		118		120
MPLX LP 3.38%, 3/15/2023		63		61
Newfield Exploration Co. 5.38%, 1/1/2026		55		54
NGPL PipeCo LLC 4.88%, 8/15/2027 (d)		25		24
Noble Energy, Inc. 4.95%, 8/15/2047		100		87
Northern Oil and Gas, Inc. 9.50%(Blend (cash 8.50% + PIK 1.00%)), 5/15/2023 (f)		36		35
NuStar Logistics LP 5.63%, 4/28/2027		62		58
Oasis Petroleum, Inc.
6.88%, 3/15/2022		26		25
6.88%, 1/15/2023		80		74
6.25%, 5/1/2026 (d)		229		192

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Oil, Gas & Consumable Fuels — continued
ONEOK Partners LP 4.90%, 3/15/2025		200		203
Parsley Energy LLC
5.38%, 1/15/2025 (d)		30		28
5.25%, 8/15/2025 (d)		70		63
5.63%, 10/15/2027 (d)		35		32
PBF Holding Co. LLC 7.25%, 6/15/2025		79		74
PBF Logistics LP 6.88%, 5/15/2023		32		31
Peabody Energy Corp. 6.00%, 3/31/2022 (d)		31		30
Petroleos Mexicanos (Mexico)
4.88%, 1/18/2024		29		27
6.88%, 8/4/2026		117		114
5.35%, 2/12/2028		92		80
Phillips 66 3.90%, 3/15/2028		105		101
Plains All American Pipeline LP
Series B, (ICE LIBOR USD 3 Month + 4.11%), 6.13%, 11/15/2022 (g) (h) (i)		75		63
3.85%, 10/15/2023		20		20
QEP Resources, Inc.
5.38%, 10/1/2022		48		43
5.63%, 3/1/2026		37		31
Range Resources Corp. 4.88%, 5/15/2025		100		82
SemGroup Corp.
5.63%, 7/15/2022		25		23
5.63%, 11/15/2023		34		31
6.38%, 3/15/2025		15		14
7.25%, 3/15/2026		51		48
Seven Generations Energy Ltd. (Canada) 5.38%, 9/30/2025 (d)		52		47
SM Energy Co.
5.00%, 1/15/2024		96		84
5.63%, 6/1/2025		120		104
6.75%, 9/15/2026		30		27
6.63%, 1/15/2027		89		79
Southwestern Energy Co.
6.20%, 1/23/2025		97		87
7.50%, 4/1/2026		45		42
7.75%, 10/1/2027		35		33
Summit Midstream Holdings LLC
5.50%, 8/15/2022		23		22
5.75%, 4/15/2025		86		79
Suncor Energy, Inc. (Canada) 5.95%, 12/1/2034		50		56
Sunoco Logistics Partners Operations LP 5.50%, 2/15/2020		240		245

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 J.P. MORGAN FUNDS 33

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Oil, Gas & Consumable Fuels — continued
Sunoco LP
4.88%, 1/15/2023		58		56
5.50%, 2/15/2026		65		62
5.88%, 3/15/2028		10		9
Tallgrass Energy Partners LP
5.50%, 9/15/2024 (d)		59		58
5.50%, 1/15/2028 (d)		105		101
Targa Resources Partners LP
4.25%, 11/15/2023		220		204
6.75%, 3/15/2024		65		66
5.13%, 2/1/2025		50		47
5.88%, 4/15/2026 (d)		90		88
5.38%, 2/1/2027		43		40
5.00%, 1/15/2028		80		72
TerraForm Power Operating LLC 5.00%, 1/31/2028 (d)		150		132
TransMontaigne Partners LP 6.13%, 2/15/2026		27		24
Ultra Resources, Inc.
6.88%, 4/15/2022 ‡ (d)		250		153
7.13%, 4/15/2025 ‡ (d)		131		73
W&T Offshore, Inc. 9.75%, 11/1/2023 (d)		61		53
Whiting Petroleum Corp.
5.75%, 3/15/2021		140		133
6.63%, 1/15/2026		79		68
WildHorse Resource Development Corp. 6.88%, 2/1/2025		110		104
Williams Cos., Inc. (The) 4.85%, 3/1/2048		71		65
WPX Energy, Inc.
5.25%, 9/15/2024		145		131
5.75%, 6/1/2026		66		60
				9,737
Paper & Forest Products — 0.0% (c)
Clearwater Paper Corp. 5.38%, 2/1/2025 (d)		86		78
Personal Products — 0.0% (c)
Coty, Inc. 6.50%, 4/15/2026 (d)		155		133
Prestige Brands, Inc. 6.38%, 3/1/2024 (d)		40		39
Revlon Consumer Products Corp. 6.25%, 8/1/2024		77		41
				213
Pharmaceuticals — 0.2%
Advanz Pharma Corp. (Canada) 8.00%, 9/6/2024		40		37

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Pharmaceuticals — continued
Allergan, Inc. 2.80%, 3/15/2023		80		77
Bausch Health Cos., Inc.
5.50%, 3/1/2023 (d)		25		23
5.88%, 5/15/2023 (d)		844		781
7.00%, 3/15/2024 (d)		156		157
6.13%, 4/15/2025 (d)		540		471
5.50%, 11/1/2025 (d)		16		15
9.00%, 12/15/2025 (d)		260		259
Catalent Pharma Solutions, Inc. 4.88%, 1/15/2026 (d)		44		42
Elanco Animal Health, Inc.
4.27%, 8/28/2023 (d)		40		40
4.90%, 8/28/2028 (d)		40		41
Endo Dac
6.00%, 7/15/2023 (d)		200		153
6.00%, 2/1/2025 (d) (j)		325		233
Shire Acquisitions Investments Ireland DAC 3.20%, 9/23/2026		50		45
Valeant Pharmaceuticals International, Inc.
9.25%, 4/1/2026 (d)		49		49
8.50%, 1/31/2027 (d)		82		79
				2,502
Professional Services — 0.0% (c)
Jaguar Holding Co. II 6.38%, 8/1/2023 (d)		69		66
Real Estate Management & Development — 0.0% (c)
Kennedy-Wilson, Inc. 5.88%, 4/1/2024		39		37
Ontario Teachers’ Cadillac Fairview Properties Trust (Canada) 3.88%, 3/20/2027 (d)		200		199
				236
Road & Rail — 0.2%
AerCap Global Aviation Trust (Ireland) (ICE LIBOR USD 3 Month + 4.30%), 6.50%, 6/15/2045 (d) (g)		200		194
Ashtead Capital, Inc. (United Kingdom) 4.13%, 8/15/2025 (d)		200		183
Avis Budget Car Rental LLC
6.38%, 4/1/2024 (d)		335		320
5.25%, 3/15/2025 (d)		89		77
Avolon Holdings Funding Ltd. (Ireland)
5.50%, 1/15/2023 (d)		102		99
5.13%, 10/1/2023 (d)		19		18
Canadian Pacific Railway Co. (Canada) 7.13%, 10/15/2031		63		79

SEE NOTES TO FINANCIAL STATEMENTS.

34 J.P. MORGAN FUNDS DECEMBER 31, 2018

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Road & Rail — continued
DAE Funding LLC (United Arab Emirates) 4.00%, 8/1/2020 (d)		85		83
ERAC USA Finance LLC 4.50%, 8/16/2021 (d)		35		36
Herc Rentals, Inc. 7.75%, 6/1/2024 (d)		144		150
Hertz Corp. (The)
7.38%, 1/15/2021		46		45
7.63%, 6/1/2022 (d)		242		228
5.50%, 10/15/2024 (d)		338		247
Park Aerospace Holdings Ltd. (Ireland) 5.50%, 2/15/2024 (d)		80		77
Penske Truck Leasing Co. LP
2.50%, 6/15/2019 (d)		35		35
4.20%, 4/1/2027 (d)		160		156
Ryder System, Inc.
2.45%, 9/3/2019		83		82
2.50%, 5/11/2020		113		112
				2,221
Semiconductors & Semiconductor Equipment — 0.1%
Amkor Technology, Inc. 6.38%, 10/1/2022		190		190
Analog Devices, Inc.
2.95%, 1/12/2021		120		119
3.13%, 12/5/2023		37		36
Broadcom Corp. 3.63%, 1/15/2024		151		143
Entegris, Inc. 4.63%, 2/10/2026 (d)		80		74
MagnaChip Semiconductor Corp. (South Korea) 6.63%, 7/15/2021 (j)		100		89
Qorvo, Inc. 5.50%, 7/15/2026 (d)		20		19
Sensata Technologies UK Financing Co. plc 6.25%, 2/15/2026 (d)		200		201
				871
Software — 0.2%
ACI Worldwide, Inc. 5.75%, 8/15/2026 (d)		75		74
Camelot Finance SA 7.88%, 10/15/2024 (d)		78		75
Fair Isaac Corp. 5.25%, 5/15/2026 (d)		36		35
Genesys Telecommunications Laboratories, Inc. 10.00%, 11/30/2024 (d)		88		92
Infor Software Parent LLC 7.13% (cash), 5/1/2021 (d) (f)		65		63
Infor US, Inc.
5.75%, 8/15/2020 (d)		45		45
6.50%, 5/15/2022		550		532
Microsoft Corp. 4.10%, 2/6/2037		217		223
Nuance Communications, Inc. 5.63%, 12/15/2026		75		71

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Software — continued
Open Text Corp. (Canada) 5.88%, 6/1/2026 (d)		70		69
Oracle Corp. 2.65%, 7/15/2026		300		278
Solera LLC 10.50%, 3/1/2024 (d)		54		58
Symantec Corp. 5.00%, 4/15/2025 (d)		77		72
				1,687
Specialty Retail — 0.1%
Advance Auto Parts, Inc. 4.50%, 12/1/2023		30		31
L Brands, Inc. 6.75%, 7/1/2036		86		70
O’Reilly Automotive, Inc. 3.60%, 9/1/2027		62		59
Party City Holdings, Inc. 6.63%, 8/1/2026 (d)		88		80
Penske Automotive Group, Inc. 5.50%, 5/15/2026		118		110
PetSmart, Inc.
7.13%, 3/15/2023 (d)		243		142
5.88%, 6/1/2025 (d)		165		119
8.88%, 6/1/2025 (d)		80		46
Staples, Inc. 8.50%, 9/15/2025 (d)		385		347
				1,004
Technology Hardware, Storage & Peripherals — 0.1%
Apple, Inc.
3.25%, 2/23/2026		150		146
3.35%, 2/9/2027		75		73
2.90%, 9/12/2027		75		71
Dell International LLC 7.13%, 6/15/2024 (d)		165		168
Diebold Nixdorf, Inc. 8.50%, 4/15/2024		135		81
Western Digital Corp. 4.75%, 2/15/2026		197		171
				710
Textiles, Apparel & Luxury Goods — 0.0% (c)
Hanesbrands, Inc.
4.63%, 5/15/2024 (d)		40		38
4.88%, 5/15/2026 (d)		70		63
				101
Thrifts & Mortgage Finance — 0.1%
Ladder Capital Finance Holdings LLLP 5.25%, 10/1/2025 (d)		60		53
Nationstar Mortgage Holdings, Inc.
8.13%, 7/15/2023 (d)		26		25
9.13%, 7/15/2026 (d)		93		91
Nationstar Mortgage LLC 6.50%, 6/1/2022		90		88
Quicken Loans, Inc. 5.25%, 1/15/2028 (d)		170		150
Radian Group, Inc. 4.50%, 10/1/2024		90		82
				489

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 J.P. MORGAN FUNDS 35

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Corporate Bonds — continued
Tobacco — 0.0% (c)
BAT Capital Corp. (United Kingdom) 4.39%, 8/15/2037		68		56
Trading Companies & Distributors — 0.1%
Ahern Rentals, Inc. 7.38%, 5/15/2023 (d)		105		84
Aircastle Ltd. 4.40%, 9/25/2023		30		30
H&E Equipment Services, Inc. 5.63%, 9/1/2025		80		73
United Rentals North America, Inc.
5.88%, 9/15/2026		210		198
6.50%, 12/15/2026		130		128
5.50%, 5/15/2027		335		311
4.88%, 1/15/2028		95		83
WESCO Distribution, Inc. 5.38%, 6/15/2024		45		42
				949
Water Utilities — 0.0% (c)
American Water Capital Corp. 6.59%, 10/15/2037		100		127
Wireless Telecommunication Services — 0.3%
America Movil SAB de CV (Mexico) 5.00%, 3/30/2020		100		102
Hughes Satellite Systems Corp. 5.25%, 8/1/2026		185		169
Intelsat Connect Finance SA (Luxembourg) 9.50%, 2/15/2023 (d)		124		107
Rogers Communications, Inc. (Canada) 3.63%, 12/15/2025		76		74
Sprint Communications, Inc. 7.00%, 3/1/2020 (d)		57		58
Sprint Corp.
7.25%, 9/15/2021		204		209
7.13%, 6/15/2024		468		464
7.63%, 2/15/2025		1,020		1,020
7.63%, 3/1/2026		78		77
T-Mobile USA, Inc.
6.50%, 1/15/2024 ‡		170		—
6.38%, 3/1/2025		142		144
6.38%, 3/1/2025 ‡		200		—
6.50%, 1/15/2026		544		555
6.50%, 1/15/2026 ‡		544		—	(a)
4.50%, 2/1/2026		41		38
4.75%, 2/1/2028		280		253
4.75%, 2/1/2028 ‡		210		—
United States Cellular Corp. 6.70%, 12/15/2033		45		44

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Wireless Telecommunication Services — continued
Vodafone Group plc (United Kingdom)
6.15%, 2/27/2037		50		53
5.00%, 5/30/2038		28		26
Wind Tre SpA (Italy) 5.00%, 1/20/2026 (d)		200		164
				3,557
Total Corporate Bonds (Cost $103,230)				96,836
Collateralized Mortgage Obligations — 7.9%
Alternative Loan Trust
Series 2005-20CB, Class 4A1, 5.25%, 7/25/2020		52		52
Series 2004-27CB, Class A1, 6.00%, 12/25/2034		318		313
Series 2005-3CB, Class 1A4, 5.25%, 3/25/2035		11		11
Series 2005-21CB, Class A17, 6.00%, 6/25/2035		381		360
Angel Oak Mortgage Trust I LLC Series 2018-3, Class A1, 3.65%, 9/25/2048 (d) (l)		954		955
Banc of America Alternative Loan Trust
Series 2004-6, Class 4A1, 5.00%, 7/25/2019		21		21
Series 2006-5, Class 3A1, 6.00%, 6/25/2046		78		77
BCAP LLC Trust Series 2007-AA2, Class 2A12, 5.50%, 4/25/2037		1,214		943
Bear Stearns ALT-A Trust
Series 2004-6, Class 1A, 3.15%, 7/25/2034 (l)		26		26
Series 2005-4, Class 23A2, 4.03%, 5/25/2035 (l)		327		330
Series 2005-7, Class 12A3, 3.19%, 8/25/2035 (l)		60		59
CHL Mortgage Pass-Through Trust
Series 2005-HYB3, Class 2A1A, 3.79%, 6/20/2035 (l)		499		501
Series 2006-HYB1, Class 2A2C, 3.66%, 3/20/2036 (l)		626		570
Series 2006-HYB2, Class 2A1B, 3.79%, 4/20/2036 (l)		649		592
Series 2006-21, Class A14, 6.00%, 2/25/2037		91		77
Citigroup Mortgage Loan Trust, Inc.
Series 2003-1, Class 3A4, 5.25%, 9/25/2033		8		8

SEE NOTES TO FINANCIAL STATEMENTS.

36 J.P. MORGAN FUNDS DECEMBER 31, 2018

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2005-4, Class A, 4.47%, 8/25/2035 (l)		204			205
Series 2005-11, Class A2A, 4.82%, 10/25/2035 (l)		170			172
COLT Mortgage Loan Trust Series 2018-2, Class A1, 3.47%, 7/27/2048 (d) (l)		457			455
CSFB Mortgage-Backed Pass-Through Certificates Series 2003-27, Class 5A4, 5.25%, 11/25/2033		19			20
CVS Pass-Through Trust 8.35%, 7/10/2031 (d)		153			185
Deephaven Residential Mortgage Trust Series 2018-3A, Class A1, 3.79%, 8/25/2058 (d) (l)		463			463
Deutsche Alt-A Securities Mortgage Loan Trust Series 2006-AF1, Class A4, 2.81%, 4/25/2036 (l)		674			633
Ellington Financial Mortgage Trust Series 2018-1, Class A1FX, 4.14%, 10/25/2058 (d) (l)		485			484
FHLMC — GNMA Series 31, Class Z, 8.00%, 4/25/2024		63			68
FHLMC REMIC
Series 2764, Class OE, 4.50%, 3/15/2019		—	(a)		—	(a)
Series 2783, Class AT, 4.00%, 4/15/2019		1			1
Series 2809, Class UC, 4.00%, 6/15/2019		—	(a)		—	(a)
Series 2877, Class AD, 4.00%, 10/15/2019		5			5
Series 2910, Class BE, 4.50%, 12/15/2019		—	(a)		—	(a)
Series 1087, Class I, 8.50%, 6/15/2021		1			1
Series 1136, Class H, 6.00%, 9/15/2021		1			1
Series 2595, Class HO, 4.50%, 3/15/2023		6			6
Series 2033, Class K, 6.05%, 8/15/2023		27			29
Series 2685, Class DT, 5.00%, 10/15/2023		52			53
Series 2686, Class GC, 5.00%, 10/15/2023		18			18
Series 1617, Class PM, 6.50%, 11/15/2023		27			28
Series 2756, Class NA, 5.00%, 2/15/2024		28			29
Series 2773, Class CD, 4.50%, 4/15/2024		19			19
Series 1710, Class GH, 8.00%, 4/15/2024		23			25
Series 3532, Class EB, 4.00%, 5/15/2024		85			86
Series 3534, Class MB, 4.00%, 5/15/2024		86			87
Series 1732, Class K, 6.50%, 5/15/2024		17			18
Series 2989, Class TG, 5.00%, 6/15/2025		29			30
Series 2988, Class TY, 5.50%, 6/15/2025		46			48
Series 3710, Class GB, 4.00%, 8/15/2025		133			136
Series 3816, Class HA, 3.50%, 11/15/2025		391			399
Series 3102, Class CE, 5.50%, 1/15/2026		72			74
Series 3121, Class JD, 5.50%, 3/15/2026		22			23

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 3845, Class QY, 4.00%, 4/15/2026		400		415
Series 1843, Class Z, 7.00%, 4/15/2026		25		27
Series 3898, Class KH, 3.50%, 6/15/2026		328		334
Series 3962, Class KD, 3.00%, 10/15/2026		175		175
Series 4064, Class AY, 3.00%, 6/15/2027		351		346
Series 3703, Class DY, 4.00%, 8/15/2030		480		496
Series 3755, Class MU, 4.00%, 11/15/2030		114		121
Series 2378, Class BD, 5.50%, 11/15/2031		70		75
Series 2455, Class GK, 6.50%, 5/15/2032		47		52
Series 2457, Class PE, 6.50%, 6/15/2032		16		18
Series 2473, Class JZ, 6.50%, 7/15/2032		43		47
Series 4119, Class KE, 1.75%, 10/15/2032		55		52
Series 2575, Class PE, 5.50%, 2/15/2033		64		69
Series 2586, Class WG, 4.00%, 3/15/2033		169		175
Series 4203, Class BN, 3.00%, 4/15/2033		212		209
Series 4238, Class UY, 3.00%, 8/15/2033		550		540
Series 2673, Class PE, 5.50%, 9/15/2033		60		66
Series 2764, Class UG, 5.00%, 3/15/2034		192		206
Series 2802, Class CD, 5.25%, 5/15/2034		440		471
Series 2922, Class GA, 5.50%, 5/15/2034		5		5
Series 3929, Class MC, 1.75%, 12/15/2034		107		105
Series 2901, Class KB, 5.00%, 12/15/2034		91		98
Series 2935, Class HJ, 5.00%, 2/15/2035		80		87
Series 3077, Class TO, PO, 4/15/2035		16		15
Series 2960, Class JH, 5.50%, 4/15/2035		218		237
Series 3017, Class ML, 5.00%, 8/15/2035		475		514
Series 3151, Class UC, 5.50%, 8/15/2035		4		5
Series 3200, PO, 8/15/2036		8		7
Series 3212, Class BK, 5.50%, 9/15/2036		15		17
Series 3213, Class PE, 6.00%, 9/15/2036		52		59
Series 4279, Class JA, 3.00%, 2/15/2037		212		212
Series 3279, Class PE, 5.50%, 2/15/2037		27		30
Series 3413, Class B, 5.50%, 4/15/2037		50		53
Series 3605, Class NC, 5.50%, 6/15/2037		172		188
Series 4031, Class AB, 5.50%, 6/15/2037		183		201
Series 3405, Class PE, 5.00%, 1/15/2038		115		124
Series 3662, Class QB, 5.00%, 3/15/2038		76		81
Series 3523, Class EX, 5.00%, 4/15/2039		100		106
Series 3902, Class MA, 4.50%, 7/15/2039		8		8
Series 3553, Class PG, 5.50%, 7/15/2039		225		240
Series 4219, Class JA, 3.50%, 8/15/2039		148		150
Series 3564, Class NB, 5.00%, 8/15/2039		187		207
Series 3827, Class BM, 5.50%, 8/15/2039		127		131
Series 3622, Class WA, 5.50%, 9/15/2039		43		47
Series 3748, Class D, 4.00%, 11/15/2039		112		116

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 J.P. MORGAN FUNDS 37

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 3768, Class MB, 4.00%, 12/15/2039		146		151
Series 3910, Class CT, 4.00%, 12/15/2039		362		373
Series 3795, Class PD, 4.50%, 1/15/2040		150		157
Series 3737, Class PA, 2.00%, 4/15/2040		221		218
Series 3653, Class HJ, 5.00%, 4/15/2040		60		65
Series 3662, Class PJ, 5.00%, 4/15/2040		130		140
Series 4199, Class FB, 2.76%, 5/15/2040 (l)		2,649		2,657
Series 3677, Class KB, 4.50%, 5/15/2040		175		184
Series 3811, Class PA, 5.00%, 9/15/2040		85		89
Series 4454, Class DA, 3.00%, 1/15/2041		187		185
Series 3842, Class PH, 4.00%, 4/15/2041		26		27
Series 3859, Class JB, 5.00%, 5/15/2041		165		175
Series 3852, Class TP, IF, 5.50%, 5/15/2041 (l)		68		73
Series 4097, Class DC, 1.50%, 6/15/2041		109		103
Series 3873, Class MJ, 4.00%, 6/15/2041		173		178
Series 3895, Class BF, 2.96%, 7/15/2041 (l)		126		127
Series 4565, Class DM, 3.00%, 2/15/2042		318		319
Series 4034, Class PJ, 2.00%, 3/15/2042		181		176
Series 4026, Class HB, 3.50%, 4/15/2042		141		142
Series 4026, Class MQ, 4.00%, 4/15/2042		254		267
Series 4068, Class PE, 3.00%, 6/15/2042		320		304
Series 4180, Class ME, 2.50%, 10/15/2042		64		63
Series 4494, Class KA, 3.75%, 10/15/2042		2,320		2,369
Series 4566, Class CA, 3.00%, 1/15/2043		233		233
Series 4661, Class AC, 4.00%, 4/15/2043		1,917		1,980
Series 4217, Class F, 2.81%, 6/15/2043 (l)		339		338
Series 4800, Class PA, 3.50%, 7/15/2043		945		958
Series 4384, Class LB, 3.50%, 8/15/2043		350		354
Series 4243, Class AE, 4.00%, 8/15/2043		192		200
Series 4471, Class JB, 3.50%, 9/15/2043		800		807
Series 4764, Class NK, 3.50%, 9/15/2043		2,682		2,725
Series 4685, Class PA, 3.00%, 11/15/2044		1,602		1,601
Series 4631, Class G, 2.50%, 7/15/2045		419		408
Series 4592, Class WT, 5.50%, 6/15/2046		128		140
Series 3688, Class GT, 7.35%, 11/15/2046 (l)		42		48
Series 4648, Class FA, 2.96%, 1/15/2047 (l)		2,374		2,375
Series 4735, Class FB, 2.81%, 12/15/2047 (l)		1,912		1,915
FHLMC STRIPS
Series 263, Class F5, 2.96%, 6/15/2042 (l)		119		119
Series 284, Class 300, 3.00%, 10/15/2042		243		241

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
FHLMC Structured Pass-Through Securities Certificates Series T-54, Class 2A, 6.50%, 2/25/2043		83			95
FNMA REMIC
Series 1990-7, Class B, 8.50%, 1/25/2020		1			1
Series 1990-35, Class E, 9.50%, 4/25/2020		—	(a)		—	(a)
Series 1990-76, Class G, 7.00%, 7/25/2020		1			1
Series 1990-106, Class J, 8.50%, 9/25/2020		3			3
Series 1991-73, Class A, 8.00%, 7/25/2021		1			1
Series 1992-112, Class GB, 7.00%, 7/25/2022		13			13
Series G92-35, Class E, 7.50%, 7/25/2022		10			11
Series 1992-195, Class C, 7.50%, 10/25/2022		5			6
Series 2008-65, Class CD, 4.50%, 8/25/2023		21			21
Series 2003-78, Class B, 5.00%, 8/25/2023		36			37
Series 1993-226, Class PK, 6.00%, 12/25/2023		218			231
Series 2005-18, Class EG, 5.00%, 3/25/2025		16			16
Series 2011-40, Class KA, 3.50%, 3/25/2026		147			149
Series 2011-99, Class CV, 4.50%, 3/25/2026		78			81
Series 1998-37, Class VZ, 6.00%, 6/17/2028		25			26
Series 1998-66, Class B, 6.50%, 12/25/2028		49			51
Series 2014-1, Class DU, 2.50%, 2/25/2029		200			191
Series 2009-15, Class AC, 5.50%, 3/25/2029		54			58
Series 2009-60, Class DE, 5.00%, 8/25/2029		89			94
Series 2011-33, Class GD, 3.50%, 4/25/2031		350			356
Series 2011-43, Class B, 3.50%, 5/25/2031		375			383
Series 2014-3, Class AM, 2.50%, 1/25/2032		114			112
Series 2002-55, Class PG, 5.50%, 9/25/2032		57			62
Series 2002-82, Class PE, 6.00%, 12/25/2032		59			65

SEE NOTES TO FINANCIAL STATEMENTS.

38 J.P. MORGAN FUNDS DECEMBER 31, 2018

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2012-147, Class WN, 4.50%, 1/25/2033		156		166
Series 2003-21, Class OU, 5.50%, 3/25/2033		14		15
Series 2003-29, Class BY, 5.50%, 4/25/2033		213		235
Series 2003-48, Class GH, 5.50%, 6/25/2033		182		198
Series 2003-58, Class AD, 3.25%, 7/25/2033		15		15
Series 2003-63, Class PE, 3.50%, 7/25/2033		7		7
Series 2013-94, Class CV, 3.50%, 7/25/2033		318		325
Series 2003-67, Class KE, 5.00%, 7/25/2033		87		93
Series 2003-110, Class WA, 4.00%, 8/25/2033		17		17
Series 2014-58, Class VM, 4.00%, 8/25/2033		250		262
Series 2013-101, Class E, 3.00%, 10/25/2033		250		244
Series 2004-36, Class PC, 5.50%, 2/25/2034		6		6
Series 2014-56, Class VH, 3.50%, 9/25/2034		200		202
Series 2004-92, Class TB, 5.50%, 12/25/2034		100		112
Series 2005-5, Class CK, 5.00%, 1/25/2035		51		54
Series 2005-29, Class WC, 4.75%, 4/25/2035		35		36
Series 2005-23, Class TG, 5.00%, 4/25/2035		3		3
Series 2005-68, Class BC, 5.25%, 6/25/2035		19		19
Series 2009-22, Class EG, 5.00%, 7/25/2035		14		14
Series 2005-58, Class EP, 5.50%, 7/25/2035		34		36
Series 2013-133, Class NA, 3.00%, 5/25/2036		206		205
Series 2009-71, Class JT, 6.00%, 6/25/2036		267		294
Series 2009-19, Class TD, 5.00%, 8/25/2036		122		134
Series 2009-19, Class PW, 4.50%, 10/25/2036		192		201
Series 2007-13, Class H, 5.50%, 3/25/2037		32		35

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2007-30, Class MB, 4.25%, 4/25/2037		379		394
Series 2009-50, Class PT, 5.76%, 5/25/2037 (l)		35		39
Series 2007-65, Class KI, IF, IO, 4.11%, 7/25/2037 (l)		15		2
Series 2007-61, Class PE, 5.50%, 7/25/2037		316		345
Series 2007-84, Class P, 5.00%, 8/25/2037		133		141
Series 2009-86, Class OT, PO, 10/25/2037		41		36
Series 2013-74, Class HP, 3.00%, 10/25/2037		369		364
Series 2013-83, Class CA, 3.50%, 10/25/2037		120		121
Series 2011-22, Class MA, 6.50%, 4/25/2038		44		46
Series 2008-61, Class GB, 5.50%, 7/25/2038		92		97
Series 2011-111, Class EA, 5.00%, 12/25/2038		13		13
Series 2011-104, Class KY, 4.00%, 3/25/2039		468		477
Series 2009-37, Class KI, IF, IO, 3.49%, 6/25/2039 (l)		10		1
Series 2009-73, Class HJ, 6.00%, 9/25/2039		195		214
Series 2014-67, Class GA, 3.00%, 10/25/2039		191		190
Series 2010-9, Class PE, 4.50%, 10/25/2039		77		80
Series 2009-80, Class KH, 5.00%, 10/25/2039		236		255
Series 2009-86, Class IP, IO, 5.50%, 10/25/2039		13		2
Series 2009-112, Class ST, IF, IO, 3.74%, 1/25/2040 (l)		52		7
Series 2010-35, Class SB, IF, IO, 3.91%, 4/25/2040 (l)		21		3
Series 2010-45, Class BL, 4.50%, 5/25/2040		400		414
Series 2010-64, Class DM, 5.00%, 6/25/2040		85		90
Series 2010-85, Class NJ, 4.50%, 8/25/2040		157		166
Series 2010-103, Class PJ, 4.50%, 9/25/2040		200		214
Series 2010-137, Class XP, 4.50%, 10/25/2040		283		297

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 J.P. MORGAN FUNDS 39

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2010-141, Class AL, 4.00%, 12/25/2040		234		243
Series 2011-113, Class MC, 4.00%, 12/25/2040		167		169
Series 2014-2, Class PX, 4.50%, 1/25/2041		200		217
Series 2011-41, Class KL, 4.00%, 5/25/2041		450		456
Series 2011-53, Class DT, 4.50%, 6/25/2041		234		249
Series 2012-29, Class PA, 4.00%, 7/25/2041		143		145
Series 2012-137, Class CF, 2.81%, 8/25/2041 (l)		72		72
Series 2012-16, Class GC, 2.50%, 11/25/2041		935		908
Series 2011-114, Class B, 3.50%, 11/25/2041		266		272
Series 2011-112, Class PB, 4.00%, 11/25/2041		325		339
Series 2011-126, Class KB, 4.00%, 12/25/2041		500		525
Series 2011-132, Class PE, 4.50%, 12/25/2041		450		474
Series 2012-20, Class TD, 4.50%, 2/25/2042		152		160
Series 2012-50, Class HB, 4.00%, 3/25/2042		102		106
Series 2012-83, Class TN, 5.00%, 8/25/2042		141		151
Series 2012-136, Class DL, 3.50%, 12/25/2042		200		204
Series 2013-31, Class NC, 3.00%, 4/25/2043		215		210
Series 2016-59, Class CA, 3.50%, 9/25/2043		456		463
Series 2013-104, Class CY, 5.00%, 10/25/2043		328		362
Series 2017-14, Class DA, 3.00%, 2/25/2045		453		448
Series 2016-95, Class UH, 3.50%, 2/25/2045		860		875
Series 2016-5, Class KB, 2.50%, 2/25/2046		310		274
Series 2016-25, Class FL, 3.01%, 5/25/2046 (l)		674		675
Series 2016-64, Class FA, 3.01%, 9/25/2046 (l)		551		556
Series 2008-22, Class AB, 5.00%, 4/25/2048		445		472

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2011-85, Class KP, 7.00%, 9/25/2051		97		112
Series 2017-41, Class ME, 3.00%, 5/25/2053		4,678		4,664
FNMA STRIPS Series 293, Class 1, PO, 12/25/2024		12		11
FNMA, Connecticut Avenue Securities
Series 2018-C05, Class 1M2, 4.86%, 1/25/2031 (l)		750		731
Series 2018-C06, Class 1M2, 4.51%, 3/25/2031 (l)		625		600
GNMA
Series 2002-22, Class CD, 6.50%, 5/17/2031		70		69
Series 2003-62, Class BG, 5.00%, 7/20/2033		68		73
Series 2003-65, Class AL, 5.50%, 8/20/2033		358		396
Series 2003-66, Class HD, 5.50%, 8/20/2033		102		110
Series 2004-16, Class AE, 5.50%, 2/20/2034		389		427
Series 2004-16, Class EC, 5.50%, 2/20/2034		145		163
Series 2005-13, Class AE, 5.00%, 9/20/2034		60		62
Series 2005-11, Class PL, 5.00%, 2/20/2035		211		228
Series 2005-13, Class BG, 5.00%, 2/20/2035		176		193
Series 2005-48, Class CY, 5.00%, 6/20/2035		137		148
Series 2006-1, Class LE, 5.50%, 6/20/2035		83		91
Series 2005-54, Class JE, 5.00%, 7/20/2035		248		269
Series 2006-7, Class ND, 5.50%, 8/20/2035		459		503
Series 2006-50, Class JD, 5.00%, 9/20/2036		260		294
Series 2006-69, Class MB, 5.50%, 12/20/2036		133		142
Series 2008-20, Class HC, 5.75%, 6/16/2037		133		139
Series 2007-35, Class NE, 6.00%, 6/16/2037		130		149
Series 2007-33, Class LE, 5.50%, 6/20/2037		88		96
Series 2007-79, Class BL, 5.75%, 8/20/2037		102		111

SEE NOTES TO FINANCIAL STATEMENTS.

40 J.P. MORGAN FUNDS DECEMBER 31, 2018

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Collateralized Mortgage Obligations — continued
Series 2009-106, Class ST, IF, IO, 3.53%, 2/20/2038 (l)		106		15
Series 2008-23, Class YA, 5.25%, 3/20/2038		26		28
Series 2008-26, Class JP, 5.25%, 3/20/2038		79		86
Series 2008-33, Class PB, 5.50%, 4/20/2038		135		146
Series 2008-68, Class PQ, 5.50%, 4/20/2038		14		15
Series 2008-62, Class SA, IF, IO, 3.68%, 7/20/2038 (l)		22		3
Series 2008-63, Class PE, 5.50%, 7/20/2038		242		267
Series 2008-58, Class ZT, 6.50%, 7/20/2038		120		148
Series 2008-76, Class US, IF, IO, 3.43%, 9/20/2038 (l)		37		5
Series 2008-76, Class PD, 5.75%, 9/20/2038		168		189
Series 2011-97, Class WA, 6.11%, 11/20/2038 (l)		44		50
Series 2008-95, Class DS, IF, IO, 4.83%, 12/20/2038 (l)		55		7
Series 2009-42, Class CD, 5.00%, 6/20/2039		282		309
Series 2009-47, Class LT, 5.00%, 6/20/2039		436		476
Series 2009-72, Class SM, IF, IO, 3.79%, 8/16/2039 (l)		36		5
Series 2010-158, Class EP, 4.50%, 12/16/2040		205		218
Series 2010-157, Class OP, PO, 12/20/2040		75		61
Series 2017-162, Class PL, 3.00%, 10/20/2047		590		544
Series 2015-H20, Class FA, 2.78%, 8/20/2065 (l)		170		171
Series 2015-H26, Class FG, 2.83%, 10/20/2065 (l)		415		417
GSR Mortgage Loan Trust
Series 2004-6F, Class 2A4, 5.50%, 5/25/2034		15		16
Series 2004-8F, Class 2A3, 6.00%, 9/25/2034		5		5
Homeward Opportunities Fund I Trust
Series 2018-1, Class A1, 3.77%, 6/25/2048 (d) (l)		442		441
Series 2018-2, Class A1, 3.98%, 11/25/2058 (d) (l)		1,500		1,500

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Impac CMB Trust
Series 2004-9, Class 1A1, 3.27%, 1/25/2035 (l)		555			546
Series 2005-5, Class A4, 3.27%, 8/25/2035 (l)		375			337
Series 2005-8, Class 1AM, 3.21%, 2/25/2036 (l)		778			735
Series 2007-A, Class M3, 4.76%, 5/25/2037 ‡ (d) (l)		705			666
JP Morgan Mortgage Trust
Series 2006-A2, Class 5A3, 4.61%, 11/25/2033 (l)		33			34
Series 2007-A1, Class 5A5, 4.33%, 7/25/2035 (l)		23			24
LSTAR Securities Investment Ltd. (Cayman Islands) Series 2017-7, Class A, 4.10%, 10/1/2022 (d) (l)		162			161
MASTR Adjustable Rate Mortgages Trust Series 2004-3, Class 3A2, 3.81%, 4/25/2034 (l)		210			210
MASTR Alternative Loan Trust
Series 2004-5, Class 5A1, 4.75%, 6/25/2019		—	(a)		—	(a)
Series 2004-6, Class 8A1, 5.50%, 7/25/2034		224			228
Series 2004-6, Class 7A1, 6.00%, 7/25/2034		262			266
Series 2005-6, Class 1A2, 5.50%, 12/25/2035		324			303
MASTR Asset Securitization Trust Series 2003-11, Class 8A1, 5.50%, 12/25/2033		9			9
Merrill Lynch Mortgage Investors Trust
Series 2003-F, Class A1, 3.15%, 10/25/2028 (l)		19			19
Series 2004-B, Class A1, 3.01%, 5/25/2029 (l)		26			25
Series 2005-A5, Class A9, 3.98%, 6/25/2035 (l)		127			127
Morgan Stanley Mortgage Loan Trust Series 2004-3, Class 4A, 5.63%, 4/25/2034 (l)		36			38
PHH Mortgage Trust Series 2008-CIM2, Class 5A1, 6.00%, 7/25/2038		3			3
Prime Mortgage Trust Series 2004-2, Class A2, 4.75%, 11/25/2019		2			2
Provident Funding Mortgage Loan Trust Series 2005-2, Class 2A1A, 4.27%, 10/25/2035 (l)		46			46

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 J.P. MORGAN FUNDS 41

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Collateralized Mortgage Obligations — continued
RALI Trust Series 2004-QS3, Class CB, 5.00%, 3/25/2019		—	(a)		—	(a)
Residential Asset Securitization Trust
Series 2004-A6, Class A1, 5.00%, 8/25/2019		64			63
Series 2006-A8, Class 3A1, 6.00%, 8/25/2036		455			370
SACO I, Inc. Series 1997-2, Class 1A5, 7.00%, 8/25/2036 (d)		35			35
Sequoia Mortgage Trust
Series 2004-11, Class A1, 3.07%, 12/20/2034 (l)		44			43
Series 2007-3, Class 1A1, 2.67%, 7/20/2036 (l)		323			306
Starwood Mortgage Residential Trust Series 2018-IMC1, Class A1, 3.79%, 3/25/2048 (d) (l)		873			869
Structured Asset Mortgage Investments II Trust
Series 2003-AR4, Class A1, 3.17%, 1/19/2034 (l)		20			19
Series 2005-AR2, Class 2A1, 2.97%, 5/25/2045 (l)		111			108
Structured Asset Securities Corp. Series 2003-37A, Class 2A, 4.42%, 12/25/2033 (l)		7			7
Thornburg Mortgage Securities Trust Series 2004-4, Class 3A, 4.00%, 12/25/2044 (l)		35			35
Vendee Mortgage Trust Series 2003-2, Class Z, 5.00%, 5/15/2033		405			434
Verus Securitization Trust Series 2018-2, Class A1, 3.68%, 6/1/2058 (d) (l)		651			650
WaMu Mortgage Pass-Through Certificates Trust
Series 2003-AR9, Class 1A6, 4.33%, 9/25/2033 (l)		14			14
Series 2005-AR3, Class A1, 3.67%, 3/25/2035 (l)		328			321
Series 2005-AR10, Class 1A4, 4.13%, 9/25/2035 (l)		346			346
Series 2007-HY3, Class 3A3, 3.57%, 3/25/2037 (l)		460			439
Series 2005-AR8, Class 2AB2, 3.35%, 7/25/2045 (l)		1,351			1,352
Series 2006-AR17, Class 1A1A, 2.86%, 12/25/2046 (l)		547			536
Wells Fargo Mortgage-Backed Securities Trust
Series 2004-N, Class A6, 4.60%, 8/25/2034 (l)		223			226

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2004-P, Class 2A1, 4.64%, 9/25/2034 (l)		59		61
Series 2004-EE, Class 3A1, 4.57%, 12/25/2034 (l)		7		7
Series 2006-AR2, Class 2A3, 4.61%, 3/25/2036 (l)		46		47
Total Collateralized Mortgage Obligations (Cost $81,536)				81,612
Asset-Backed Securities — 4.2%
ABFC Trust Series 2003-OPT1, Class M1, 3.54%, 2/25/2033 ‡ (l)		671		674
ACE Securities Corp. Home Equity Loan Trust
Series 2004-OP1, Class M3, 4.38%, 4/25/2034 (l)		432		405
Series 2004-HE3, Class M3, 3.59%, 11/25/2034 ‡ (l)		150		150
Air Canada Pass-Through Trust (Canada)
Series 2013-1, Class A, 4.13%, 5/15/2025 (d)		27		26
Series 2017-1, Class AA, 3.30%, 1/15/2030 (d)		142		136
Ally Auto Receivables Trust
Series 2017-2, Class A3, 1.78%, 8/16/2021		233		231
Series 2017-3, Class A3, 1.74%, 9/15/2021		201		199
Series 2018-1, Class A3, 2.35%, 6/15/2022		200		198
American Airlines Pass-Through Trust
Series 2011-1, Class A, 5.25%, 1/31/2021		10		10
Series 2013-2, Class A, 4.95%, 1/15/2023		133		135
Series 2017-1, Class AA, 3.65%, 2/15/2029		46		46
American Credit Acceptance Receivables Trust Series 2018-1, Class A, 2.72%, 3/10/2021 (d)		49		49
American Express Credit Account Master Trust
Series 2017-1, Class A, 1.93%, 9/15/2022		240		237
AmeriCredit Automobile Receivables Trust
Series 2017-1, Class A3, 1.87%, 8/18/2021		53		52
Series 2017-2, Class A3, 1.98%, 12/20/2021		72		71
Series 2017-3, Class A3, 1.90%, 3/18/2022		91		90
Series 2017-4, Class A3, 2.04%, 7/18/2022		117		116
Series 2018-1, Class A3, 3.07%, 12/19/2022		115		115

SEE NOTES TO FINANCIAL STATEMENTS.

42 J.P. MORGAN FUNDS DECEMBER 31, 2018

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — continued
Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates
Series 2002-2, Class M3, 5.16%, 8/25/2032 ‡ (l)		279		277
Series 2003-9, Class M2, 5.00%, 9/25/2033 ‡ (l)		344		333
Ameriquest Mortgage Securities, Inc. Asset-Backed Securities
Series 2003-10, Class M1, 3.56%, 12/25/2033 ‡ (l)		292		287
Series 2003-10, Class M2, 5.06%, 12/25/2033 ‡ (l)		221		218
Series 2004-R1, Class M1, 3.30%, 2/25/2034 ‡ (l)		218		219
Argent Securities, Inc. Asset-Backed Pass-Through Certificates
Series 2004-W3, Class A3, 3.33%, 2/25/2034 (l)		84		81
Series 2004-W1, Class M3, 4.39%, 3/25/2034 ‡ (l)		481		469
Series 2004-W7, Class M9, 4.35%, 5/25/2034 ‡ (d) (l)		252		223
Series 2004-W6, Class M4, 5.36%, 5/25/2034 ‡ (l)		609		608
Ascentium Equipment Receivables Trust Series 2017-1A, Class A3, 2.29%, 6/10/2021 (d)		73		72
Asset-Backed Securities Corp. Home Equity Loan Trust
Series 2003-HE7, Class M1, 3.43%, 12/15/2033 ‡ (l)		1,781		1,780
Series 2004-HE1, Class M1, 3.51%, 1/15/2034 ‡ (l)		456		452
AXIS Equipment Finance Receivables IV LLC Series 2016-1A, Class A, 2.21%, 11/20/2021 (d)		30		29
Bear Stearns Asset-Backed Securities Trust Series 2004-2, Class M1, 3.52%, 8/25/2034 ‡ (l)		325		315
BMW Vehicle Lease Trust
Series 2017-1, Class A3, 1.98%, 5/20/2020		173		173
Series 2017-2, Class A3, 2.07%, 10/20/2020		95		94
Series 2018-1, Class A3, 3.26%, 7/20/2021		20		20
British Airways Pass-Through Trust (United Kingdom) Series 2018-1, Class AA, 3.80%, 9/20/2031 (d)		119		117

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Business Jet Securities LLC Series 2018-1, Class A, 4.34%, 2/15/2033 (d)		235		236
Cabela’s Credit Card Master Note Trust Series 2015-2, Class A1, 2.25%, 7/17/2023		62		61
CarMax Auto Owner Trust
Series 2017-1, Class A3, 1.98%, 11/15/2021		229		227
Series 2017-3, Class A3, 1.97%, 4/15/2022		124		123
Series 2017-4, Class A3, 2.11%, 10/17/2022		91		90
Series 2018-1, Class A3, 2.48%, 11/15/2022		219		217
Series 2018-2, Class A3, 2.98%, 1/17/2023		45		45
CDC Mortgage Capital Trust
Series 2003-HE1, Class M1, 3.86%, 8/25/2033 (l)		219		219
Series 2003-HE3, Class M2, 5.13%, 11/25/2033 ‡ (l)		4		4
Chase Funding Loan Acquisition Trust Series 2004-OPT1, Class M2, 4.01%, 6/25/2034 ‡ (l)		278		276
CHEC Loan Trust Series 2004-2, Class M3, 3.76%, 4/25/2034 ‡ (l)		220		214
Citibank Credit Card Issuance Trust Series 2016-A1, Class A1, 1.75%, 11/19/2021		250		247
Citifinancial Mortgage Securities, Inc. Series 2004-1, Class AF4, 5.07%, 4/25/2034 ‡ (j)		1,230		1,250
CNH Equipment Trust
Series 2017-A, Class A3, 2.07%, 5/16/2022		240		238
Series 2017-B, Class A3, 1.86%, 9/15/2022		113		111
Series 2017-C, Class A3, 2.08%, 2/15/2023		150		148
Consumer Loan Underlying Bond Credit Trust Series 2017-NP2, Class A, 2.55%, 1/16/2024 (d)		1		1
Continental Airlines Pass-Through Trust Series 2007-1, Class A, 5.98%, 4/19/2022		68		71
Countrywide Asset-Backed Certificates
Series 2004-SD2, Class M1, 3.13%, 6/25/2033 ‡ (d) (l)		249		247
Series 2003-BC6, Class M2, 4.23%, 10/25/2033 ‡ (l)		43		43

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 J.P. MORGAN FUNDS 43

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — continued
Series 2004-BC1, Class M3, 4.61%, 10/25/2033 ‡ (l)		20		20
Series 2005-12, Class M2, 3.00%, 2/25/2036 ‡ (l)		750		744
CPS Auto Receivables Trust Series 2018-D, Class A, 3.06%, 1/17/2022 (d)		92		91
Credit Acceptance Auto Loan Trust Series 2018-2A, Class A, 3.47%, 5/17/2027 (d)		250		250
Credit-Based Asset Servicing & Securitization LLC
Series 2003-CB5, Class M2, 4.64%, 11/25/2033 ‡ (l)		209		203
Series 2004-CB4, Class A5, 6.78%, 5/25/2035 (j)		616		614
Series 2004-CB6, Class M3, 4.42%, 7/25/2035 ‡ (l)		228		223
CWABS, Inc. Asset-Backed Certificates Trust
Series 2003-BC1, Class A1, 3.31%, 3/25/2033 ‡ (l)		221		218
Series 2003-5, Class MF2, 5.14%, 11/25/2033 ‡ (l)		200		198
Series 2004-5, Class M3, 4.23%, 7/25/2034 ‡ (l)		329		330
Series 2004-6, Class M2, 3.48%, 10/25/2034 ‡ (l)		306		303
Dell Equipment Finance Trust Series 2017-1, Class A3, 2.14%, 4/22/2022 (d)		80		79
Delta Air Lines Pass-Through Trust
Series 2011-1, Class A, 5.30%, 4/15/2019		6		7
Series 2010-2, Class A, 4.95%, 5/23/2019		2		2
Drive Auto Receivables Trust Series 2017-3, Class B, 2.30%, 5/17/2021		80		80
DT Auto Owner Trust
Series 2017-2A, Class B, 2.44%, 2/15/2021 (d)		40		40
Series 2017-3A, Class B, 2.40%, 5/17/2021 (d)		54		54
Series 2018-1A, Class A, 2.59%, 5/17/2021 (d)		110		110
Series 2018-2A, Class A, 2.84%, 9/15/2021 (d)		119		119
Series 2018-3A, Class A, 3.02%, 2/15/2022 (d)		184		183
Equity One Mortgage Pass-Through Trust Series 2003-1, Class M1, 4.86%, 8/25/2033 ‡ (l)		766		776

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Exeter Automobile Receivables Trust Series 2018-1A, Class A, 2.21%, 5/17/2021 (d)		87		87
Fifth Third Auto Trust Series 2015-1, Class A3, 1.42%, 3/16/2020		2		2
First Franklin Mortgage Loan Trust Series 2006-FF8, Class IIA3, 2.66%, 7/25/2036 ‡ (l)		125		124
First Investors Auto Owner Trust Series 2017-2A, Class A2, 2.27%, 7/15/2022 (d)		107		106
Flagship Credit Auto Trust
Series 2017-3, Class A, 1.88%, 10/15/2021 (d)		52		51
Series 2018-2, Class A, 2.97%, 10/17/2022 (d)		101		101
Series 2017-2, Class B, 2.57%, 4/15/2023 (d)		80		80
Ford Credit Auto Lease Trust
Series 2017-A, Class A3, 1.88%, 4/15/2020		171		171
Series 2017-B, Class A3, 2.03%, 12/15/2020		92		91
Ford Credit Auto Owner Trust Series 2017-A, Class A3, 1.67%, 6/15/2021		139		138
Fremont Home Loan Trust
Series 2003-B, Class M2, 4.94%, 12/25/2033 ‡ (l)		27		26
Series 2004-A, Class M1, 3.33%, 1/25/2034 ‡ (l)		860		846
Series 2005-1, Class M4, 3.53%, 6/25/2035 ‡ (l)		1,733		1,733
GM Financial Automobile Leasing Trust
Series 2017-1, Class A3, 2.06%, 5/20/2020		154		153
Series 2017-3, Class A3, 2.01%, 11/20/2020		40		40
Series 2018-1, Class A4, 2.68%, 12/20/2021		151		150
GM Financial Consumer Automobile Series 2017-1A, Class A3, 1.78%, 10/18/2021 (d)		126		125
GM Financial Consumer Automobile Receivables Trust Series 2018-1, Class A3, 2.32%, 7/18/2022		108		107
GSAMP Trust
Series 2004-AR2, Class M1, 3.35%, 8/25/2034 ‡ (l)		493		494
Series 2004-NC2, Class B2, 5.88%, 10/25/2034 ‡ (d) (l)		527		405

SEE NOTES TO FINANCIAL STATEMENTS.

44 J.P. MORGAN FUNDS DECEMBER 31, 2018

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — continued
Hero Funding (Cayman Islands) Series 2017-3A, Class A2, 3.95%, 9/20/2048 (d)		177		181
Home Equity Asset Trust
Series 2002-1, Class M2, 4.41%, 11/25/2032 ‡ (l)		324		306
Series 2004-3, Class M1, 3.36%, 8/25/2034 ‡ (l)		390		384
Series 2004-6, Class M2, 3.41%, 12/25/2034 ‡ (l)		91		89
Series 2007-2, Class 2A2, 2.69%, 7/25/2037 ‡ (l)		71		71
Home Equity Mortgage Loan Asset-Backed Trust Series 2004-B, Class M3, 3.71%, 11/25/2034 ‡ (l)		231		228
Honda Auto Receivables Owner Trust
Series 2016-3, Class A3, 1.16%, 5/18/2020		65		65
Series 2017-3, Class A3, 1.79%, 9/20/2021		60		59
Hyundai Auto Lease Securitization Trust Series 2018-B, Class A4, 3.20%, 6/15/2022 (d)		127		127
Hyundai Auto Receivables Trust
Series 2015-C, Class A3, 1.46%, 2/18/2020		3		3
Series 2017-A, Class A3, 1.76%, 8/16/2021		169		167
Series 2017-B, Class A3, 1.77%, 1/18/2022		200		197
John Deere Owner Trust Series 2017-B, Class A3, 1.82%, 10/15/2021		71		70
Long Beach Mortgage Loan Trust
Series 2001-2, Class M1, 3.07%, 7/25/2031 ‡ (l)		301		304
Series 2003-4, Class M2, 5.13%, 8/25/2033 ‡ (l)		56		58
MASTR Asset-Backed Securities Trust Series 2004-OPT1, Class M2, 4.16%, 2/25/2034 ‡ (l)		63		62
Mercedes-Benz Auto Lease Trust Series 2018-A, Class A3, 2.41%, 2/16/2021		184		183
Merrill Lynch Mortgage Investors Trust
Series 2002-NC1, Class M1, 3.56%, 5/25/2033 ‡ (l)		511		504
Series 2003-OPT1, Class M1, 3.48%, 7/25/2034 (l)		74		72
Series 2004-HE1, Class M2, 4.76%, 4/25/2035 ‡ (l)		275		264

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Series 2005-NC1, Class M2, 3.59%, 10/25/2035 ‡ (l)		411		406
Series 2005-FM1, Class M1, 3.23%, 5/25/2036 (l)		294		289
MFA LLC Series 2018-NPL1, Class A1, 3.88%, 5/25/2048 (d) (j)		286		282
Morgan Stanley ABS Capital I, Inc. Trust
Series 2004-NC2, Class M2, 4.31%, 12/25/2033 ‡ (l)		112		107
Series 2005-HE1, Class M3, 3.29%, 12/25/2034 ‡ (l)		319		304
Series 2005-HE1, Class M4, 3.59%, 12/25/2034 ‡ (l)		186		172
Morgan Stanley Dean Witter Capital I, Inc. Trust
Series 2002-AM3, Class A3, 3.49%, 2/25/2033 ‡ (l)		308		300
Series 2002-AM3, Class M1, 3.93%, 2/25/2033 ‡ (l)		117		117
New Century Home Equity Loan Trust
Series 2003-5, Class M1, 5.08%, 11/25/2033 (j)		218		219
Series 2003-6, Class M1, 3.59%, 1/25/2034 ‡ (l)		413		413
Series 2004-4, Class M1, 3.27%, 2/25/2035 ‡ (l)		552		545
Series 2005-1, Class M1, 3.18%, 3/25/2035 ‡ (l)		234		233
NextGear Floorplan Master Owner Trust Series 2017-1A, Class A2, 2.54%, 4/18/2022 (d)		141		140
Nissan Auto Lease Trust
Series 2017-A, Class A3, 1.91%, 4/15/2020		126		126
Series 2017-B, Class A3, 2.05%, 9/15/2020		114		113
Nissan Auto Receivables Owner Trust
Series 2015-C, Class A3, 1.37%, 5/15/2020		11		12
Series 2017-C, Class A3, 2.12%, 4/18/2022		139		137
NovaStar Mortgage Funding Trust
Series 2003-2, Class M2, 5.28%, 9/25/2033 ‡ (l)		383		380
Series 2003-3, Class M1, 3.63%, 12/25/2033 ‡ (l)		135		134
Option One Mortgage Acceptance Corp. Asset-Backed Certificates
Series 2003-4, Class M1, 3.53%, 7/25/2033 ‡ (l)		565		548
Series 2003-5, Class A3, 3.41%, 8/25/2033 ‡ (l)		362		354

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 J.P. MORGAN FUNDS 45

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Asset-Backed Securities — continued
Option One Mortgage Loan Trust Series 2004-2, Class M2, 4.08%, 5/25/2034 ‡ (l)		645		600
Park Place Securities, Inc. Asset-Backed Pass-Through Certificates
Series 2004-WWF1, Class M4, 4.16%, 12/25/2034 ‡ (l)		1,286		1,296
Series 2005-WCH1, Class M4, 3.75%, 1/25/2036 ‡ (l)		500		499
Pretium Mortgage Credit Partners I LLC
Series 2017-NPL5, Class A1, 3.33%, 12/30/2032 (d) (l)		534		528
Series 2018-NPL2, Class A1, 3.70%, 3/27/2033 ‡ (d) (j)		602		594
Prosper Marketplace Issuance Trust Series 2017-2A, Class A, 2.41%, 9/15/2023 (d)		4		4
RAMP Trust
Series 2005-RS6, Class M4, 3.48%, 6/25/2035 ‡ (l)		500		499
Series 2006-EFC1, Class M1, 2.90%, 2/25/2036 ‡ (l)		1,233		1,233
Series 2006-RZ3, Class M1, 2.86%, 8/25/2036 ‡ (l)		1,000		984
Renaissance Home Equity Loan Trust
Series 2003-2, Class A, 3.20%, 8/25/2033 ‡ (l)		548		536
Series 2003-2, Class M1, 3.55%, 8/25/2033 ‡ (l)		1,056		1,037
Santander Drive Auto Receivables Trust
Series 2017-2, Class A3, 1.87%, 12/15/2020		21		21
Series 2018-1, Class A3, 2.32%, 8/16/2021		130		129
Santander Retail Auto Lease Trust Series 2018-A, Class A3, 2.93%, 5/20/2021 (d)		280		280
Saxon Asset Securities Trust
Series 2000-2, Class MF2, 8.66%, 7/25/2030 ‡ (j)		74		60
Series 2003-1, Class AF6, 4.65%, 6/25/2033 (j)		5		5
Series 2003-2, Class M2, 4.94%, 6/25/2033 ‡ (l)		139		140
Series 2003-3, Class M1, 3.29%, 12/25/2033 ‡ (l)		434		419
Series 2004-2, Class MV2, 4.12%, 8/25/2035 ‡ (l)		353		353

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
SoFi Consumer Loan Program LLC Series 2016-2, Class A, 3.09%, 10/27/2025 (d)		26		26
Sofi Professional Loan Program LLC Series 2017-B, Class A1FX, 1.83%, 5/25/2040 (d)		24		24
Specialty Underwriting & Residential Finance Trust Series 2003-BC4, Class M1, 3.41%, 11/25/2034 ‡ (l)		308		302
Spirit Airlines Pass-Through Trust Series 2017-1, Class AA, 3.38%, 2/15/2030		60		57
Structured Asset Investment Loan Trust
Series 2003-BC3, Class M1, 3.93%, 4/25/2033 ‡ (l)		39		39
Series 2003-BC11, Class M1, 3.48%, 10/25/2033 ‡ (l)		216		216
Series 2004-6, Class M2, 4.46%, 7/25/2034 ‡ (l)		22		22
Series 2004-7, Class M1, 3.56%, 8/25/2034 ‡ (l)		51		50
Series 2004-7, Class M2, 3.63%, 8/25/2034 ‡ (l)		276		268
Series 2004-8, Class M2, 3.44%, 9/25/2034 ‡ (l)		261		256
Structured Asset Securities Corp. Trust Series 2005-SC1, Class 1A1, 2.78%, 5/25/2031 ‡ (d) (l)		119		95
Toyota Auto Receivables Owner Trust Series 2017-A, Class A3, 1.73%, 2/16/2021		49		48
United Airlines Pass-Through Trust
Series 2016-2, Class AA, 2.88%, 10/7/2028		95		87
Series 2018-1, Class AA, 3.50%, 3/1/2030		171		168
Series 2018-1, Class A, 3.70%, 3/1/2030		161		157
Wells Fargo Home Equity Asset-Backed Securities Trust Series 2004-2, Class M8A, 7.01%, 10/25/2034 ‡ (d) (l)		194		181
Westlake Automobile Receivables Trust
Series 2017-2A, Class A2A, 1.80%, 7/15/2020 (d)		26		26
Series 2018-1A, Class A2A, 2.24%, 12/15/2020 (d)		238		238
World Financial Network Credit Card Master Trust
Series 2017-A, Class A, 2.12%, 3/15/2024		224		221
Series 2018-A, Class A, 3.07%, 12/16/2024		496		494

SEE NOTES TO FINANCIAL STATEMENTS.

46 J.P. MORGAN FUNDS DECEMBER 31, 2018

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Asset-Backed Securities — continued
World Omni Auto Receivables Trust
Series 2015-B, Class A3, 1.49%, 12/15/2020		16			16
Series 2017-B, Class A3, 1.95%, 2/15/2023		104			102
World Omni Automobile Lease Securitization Trust
Series 2017-A, Class A3, 2.13%, 4/15/2020		175			174
Series 2018-A, Class A3, 2.83%, 7/15/2021		178			177
Total Asset-Backed Securities (Cost $42,558)					43,835
U.S. Treasury Obligations — 2.5%
U.S. Treasury Bonds
5.50%, 8/15/2028		250			309
5.38%, 2/15/2031		75			95
2.75%, 8/15/2042		3,500			3,357
2.75%, 11/15/2042		2,650			2,538
3.75%, 11/15/2043		2,487			2,814
U.S. Treasury Notes
1.13%, 1/31/2019 (m)		10,967			10,957
2.50%, 5/31/2020		800			799
1.50%, 2/28/2023		1,500			1,441
2.50%, 5/15/2024		144			144
2.00%, 6/30/2024		223			217
2.25%, 11/15/2024		700			688
2.00%, 2/15/2025		2,000			1,935
2.88%, 5/31/2025		235			239
1.50%, 8/15/2026		237			219
2.25%, 2/15/2027		23			22
2.88%, 5/15/2028		75			76
Total U.S. Treasury Obligations (Cost $25,695)					25,850
Mortgage-Backed Securities — 2.0%
FHLMC Gold Pools, 15 Year, Single Family
Pool # G13603, 5.50%, 2/1/2024		10			10
Pool # G16255, 2.50%, 7/1/2032		1,729			1,688
Pool # V61825, 3.00%, 11/1/2032		495			493
Pool # G16407, 2.50%, 1/1/2033		1,735			1,693
FHLMC Gold Pools, 30 Year, Single Family
Pool # C00401, 8.00%, 4/1/2025		1			1
Pool # C80313, 8.00%, 5/1/2025		—	(a)		1
Pool # D69343, 7.00%, 2/1/2026		2			2
Pool # C00460, 7.50%, 5/1/2026		2			2

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Pool # C00472, 8.50%, 7/1/2026		3			3
Pool # C00542, 7.50%, 8/1/2027		2			2
Pool # A51176, 6.00%, 8/1/2036		66			73
Pool # A57681, 6.00%, 12/1/2036		6			6
Pool # G05405, 5.50%, 2/1/2039		67			72
Pool # G06493, 4.50%, 5/1/2041		125			131
FNMA, 15 Year, Single Family
Pool # 725414, 4.50%, 5/1/2019		—	(a)		—	(a)
Pool # 745048, 5.00%, 10/1/2019		—	(a)		—	(a)
Pool # 735208, 6.00%, 10/1/2019		1			1
Pool # 995381, 6.00%, 1/1/2024		13			14
Pool # 890395, 3.50%, 2/1/2026		1,587			1,607
FNMA, 20 Year, Single Family
Pool # 929142, 5.50%, 2/1/2028		57			60
Pool # BM3923, 3.50%, 3/1/2038		776			785
FNMA, 30 Year, Single Family
Pool # 124555, 8.00%, 11/1/2022		5			6
Pool # 250085, 8.00%, 6/1/2024		1			1
Pool # 250114, 9.00%, 8/1/2024		5			5
Pool # 337115, 6.50%, 2/1/2026		2			2
Pool # 346269, 7.00%, 5/1/2026		5			5
Pool # AL0045, 6.00%, 12/1/2032		26			28
Pool # 702901, 6.00%, 5/1/2033		45			50
Pool # 729379, 6.00%, 8/1/2033		4			5
Pool # 735503, 6.00%, 4/1/2035		32			35
Pool # 888460, 6.50%, 10/1/2036		47			54
Pool # 888890, 6.50%, 10/1/2037		10			11
Pool # 949320, 7.00%, 10/1/2037		4			4
Pool # 995149, 6.50%, 10/1/2038		40			46
Pool # 994410, 7.00%, 11/1/2038		22			26
Pool # BE8354, 4.00%, 3/1/2048		593			606
FNMA, Other
Pool # AD0851, 4.37%, 2/1/2020		137			139
Pool # AM3370, 1.74%, 5/1/2020		190			187
Pool # AM3165, 3.05%, 10/1/2020		138			138
Pool # 465973, 3.59%, 10/1/2020		89			91
Pool # 465721, 4.04%, 10/1/2020		400			408
Pool # 466430, 3.37%, 11/1/2020		189			191
Pool # 466854, 3.70%, 12/1/2020		128			130
Pool # 467757, 4.33%, 4/1/2021		266			274
Pool # 468066, 4.30%, 6/1/2021		459			474
Pool # 469384, 3.11%, 10/1/2021		92			93
Pool # 469873, 3.03%, 12/1/2021		87			87
Pool # AL2044, 3.82%, 5/1/2022		151			155
Pool # 471580, 2.84%, 6/1/2022		220			220

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 J.P. MORGAN FUNDS 47

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Mortgage-Backed Securities — continued
Pool # 471513, 2.90%, 6/1/2022		87		88
Pool # AM2285, 2.41%, 1/1/2023		223		220
Pool # AM2697, 2.53%, 3/1/2023		178		177
Pool # AL3594, 2.71%, 4/1/2023		173		172
Pool # AM3301, 2.35%, 5/1/2023		177		174
Pool # AM3999, 3.76%, 8/1/2023		369		384
Pool # AM4539, 3.86%, 11/1/2023		400		417
Pool # AM4871, 3.94%, 12/1/2025		462		484
Pool # AN0754, 3.08%, 1/1/2026		440		441
Pool # AN3076, 2.46%, 10/1/2026		400		380
Pool # AM8529, 3.03%, 4/1/2027		350		343
Pool # AN5182, 3.39%, 4/1/2027		352		356
Pool # AM8595, 2.83%, 5/1/2027		500		486
Pool # AN0502, 3.35%, 1/1/2028		295		296
Pool # AN2069, 2.35%, 8/1/2028		270		251
Pool # AN2466, 2.57%, 8/1/2028		450		427
Pool # AM6756, 3.57%, 10/1/2029		279		285
Pool # AM6760, 3.57%, 10/1/2029		279		285
Pool # AN7845, 3.08%, 12/1/2029		550		528
Pool # AN8281, 3.19%, 2/1/2030		190		184
Pool # AN8572, 3.55%, 4/1/2030		200		200
Pool # AN3747, 2.87%, 2/1/2032		290		269
Pool # AN6122, 3.06%, 8/1/2032		520		489
Pool # AN8095, 3.24%, 1/1/2033		430		411
GNMA I, 30 Year, Single Family
Pool # 323423, 8.50%, 6/15/2022		8		8
Pool # 780708, 8.50%, 12/15/2022		2		2
Pool # 376038, 8.00%, 4/15/2024		3		3
Pool # 401860, 7.50%, 6/15/2025		8		8
Pool # 413007, 7.00%, 8/15/2025		8		8
Pool # 416192, 6.50%, 4/15/2026		2		2
Pool # 424185, 6.50%, 4/15/2026		8		9
Pool # 375344, 7.00%, 5/15/2026		24		24
Pool # 451932, 8.00%, 9/15/2027		8		9
Pool # 430634, 6.50%, 3/15/2028		7		8
GNMA II, 30 Year, Single Family
Pool # 2083, 8.50%, 9/20/2025		5		5
Pool # 2619, 8.00%, 7/20/2028		2		2
Pool # MA5597, 5.00%, 11/20/2048		2,475		2,580
Total Mortgage-Backed Securities (Cost $20,514)				20,530
Commercial Mortgage-Backed Securities — 1.2%
BB-UBS Trust Series 2012-SHOW, Class A, 3.43%, 11/5/2036 (d)		100		100

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
BX Commercial Mortgage Trust Series 2018-BIOA, Class D, 3.78%, 3/15/2037 ‡ (d) (l)		500		490
DBGS Mortgage Trust Series 2018-5BP, Class B, 3.29%, 6/15/2033 ‡ (d) (l)		750		735
FHLMC Multifamily Structured Pass-Through Certificates
Series KJ02, Class A2, 2.60%, 9/25/2020		29		29
Series KJ18, Class A2, 3.07%, 8/25/2022		388		390
Series KF12, Class A, 3.05%, 9/25/2022 (l)		100		100
Series KJ11, Class A2, 2.93%, 1/25/2023		226		227
Series K038, Class A2, 3.39%, 3/25/2024		129		131
Series K727, Class AM, 3.04%, 7/25/2024		250		252
Series K049, Class A2, 3.01%, 7/25/2025		250		249
Series K060, Class A2, 3.30%, 10/25/2026		400		402
Series K066, Class A2, 3.12%, 6/25/2027		218		216
Series K070, Class A2, 3.30%, 11/25/2027 (l)		364		363
Series K072, Class A2, 3.44%, 12/25/2027		118		119
Series K075, Class X3, IO, 2.13%, 5/25/2028 (l)		2,250		347
FNMA ACES
Series 2013-M7, Class A2, 2.28%, 12/27/2022		180		177
Series 2013-M13, Class A2, 2.54%, 4/25/2023 (l)		311		309
Series 2014-M1, Class A2, 3.21%, 7/25/2023 (l)		466		473
Series 2014-M2, Class A2, 3.51%, 12/25/2023 (l)		348		356
Series 2014-M13, Class A2, 3.02%, 8/25/2024 (l)		255		255
Series 2017-M12, Class A2, 3.08%, 6/25/2027 (l)		411		404
Series 2017-M13, Class A2, 2.94%, 9/25/2027 (l)		275		267
Series 2018-M9, Class APT2, 3.12%, 4/25/2028 (l)		100		99
Series 2018-M3, Class A2, 3.09%, 2/25/2030 (l)		288		277
FREMF Mortgage Trust
Series 2017-KF40, Class B, 5.05%, 11/25/2027 ‡ (d) (l)		720		738
Series 2013-K32, Class B, 3.54%, 10/25/2046 (d) (l)		1,025		1,024
Series 2015-K44, Class B, 3.68%, 1/25/2048 (d) (l)		200		195
Series 2016-K722, Class B, 3.84%, 7/25/2049 (d) (l)		220		223

SEE NOTES TO FINANCIAL STATEMENTS.

48 J.P. MORGAN FUNDS DECEMBER 31, 2018

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Commercial Mortgage-Backed Securities — continued
LB Commercial Mortgage Trust Series 2007-C3, Class AJ, 6.09%, 7/15/2044 (l)		100		101
LB-UBS Commercial Mortgage Trust Series 2007-C6, Class AJ, 6.28%, 7/15/2040 (l)		250		252
ML-CFC Commercial Mortgage Trust Series 2006-4, Class XC, IO, 0.60%, 12/12/2049 ‡ (d) (l)		61		—	(a)
Morgan Stanley Bank of America Merrill Lynch Trust Series 2014-C14, Class A3, 3.67%, 2/15/2047		250		252
Morgan Stanley Capital I Trust
Series 2006-HQ10, Class AJ, 5.39%, 11/12/2041 (l)		9		9
Series 2007-T27, Class C, 5.95%, 6/11/2042 ‡ (d) (l)		1,000		1,042
Series 2007-HQ11, Class X, IO, 0.33%, 2/12/2044 ‡ (d) (l)		98		1
UBS-Barclays Commercial Mortgage Trust Series 2013-C6, Class A4, 3.24%, 4/10/2046		114		114
Velocity Commercial Capital Loan Trust Series 2018-2, Class A, 4.05%, 10/26/2048 (d) (l)		724		730
VNDO Mortgage Trust Series 2013-PENN, Class A, 3.81%, 12/13/2029 (d)		250		252
WFRBS Commercial Mortgage Trust
Series 2011-C3, Class A4, 4.38%, 3/15/2044 (d)		500		510
Series 2012-C6, Class A4, 3.44%, 4/15/2045		200		201
Total Commercial Mortgage-Backed Securities (Cost $12,454)				12,411
Loan Assignments — 0.1% (n)
Communications Equipment — 0.0% (c)
Avaya, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.25%; ICE LIBOR USD 2 Month + 4.25%), 6.70%, 12/15/2024 (g)		198		191
Diversified Telecommunication Services — 0.0% (c)
Securus Technologies Holdings, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 4.50%), 7.02%, 11/1/2024(g) (o)		45		43
Securus Technologies Holdings, Inc., 2nd Lien Term Loan (ICE LIBOR USD 1 Month + 8.25%), 10.77%, 11/1/2025 (g)		20		19
				62

INVESTMENTS	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Food & Staples Retailing — 0.0% (c)
Moran Foods LLC, Term Loan B (ICE LIBOR USD 3 Month + 6.00%), 8.80%, 12/5/2023(g)		163		80
Media — 0.0% (c)
UFC Holdings LLC, 1st Lien Guaranteed Senior Secured Term Loan (ICE LIBOR USD 1 Month + 3.25%), 5.78%, 8/18/2023 (g) (o)		30		29
UFC Holdings LLC, 2nd Lien Guaranteed Senior Secured Term Loan (ICE LIBOR USD 1 Month + 7.50%), 10.02%, 8/18/2024 (g) (o)		7		7
				36
Multiline Retail — 0.0% (c)
Neiman Marcus Group Ltd. LLC, Other Term Loan (ICE LIBOR USD 1 Month + 3.25%), 5.63%, 10/25/2020 (g)		50		42
Oil, Gas & Consumable Fuels — 0.1%
California Resources Corp., Senior Secured First Out (ICE LIBOR USD 1 Month + 4.75%), 7.26%, 12/31/2022 (g)		302		292
Encino Acquisition Partners Holdings, 2nd Lien Term Loan (ICE LIBOR USD 1 Month + 6.75%), 9.27%, 10/29/2025 (g)		37		35
Gulf Finance LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 5.25%), 7.89%, 8/25/2023 (g)		52		40
MEG Energy Corp., 1st Lien Term B Loan (ICE LIBOR USD 1 Month + 3.50%), 6.03%, 12/31/2023 (g) (o)		24		24
Ultra Resources, Inc., Term Loan (ICE LIBOR USD 3 Month + 4.00%), 5.47%, 4/12/2024 (g)		204		181
				572
Total Loan Assignments (Cost $1,111)				983
Foreign Government Securities — 0.1%
Republic of Colombia (Colombia) 7.38%, 9/18/2037		150		182
Republic of Peru (Peru) 5.63%, 11/18/2050		20		24
United Mexican States (Mexico)
4.00%, 10/2/2023		86		85
3.75%, 1/11/2028		200		187
5.55%, 1/21/2045		143		145
Total Foreign Government Securities (Cost $638)				623

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 J.P. MORGAN FUNDS 49

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT ($000)			VALUE ($000)
Municipal Bonds — 0.0% (c) (p)
New York — 0.0% (c)
Other Revenue — 0.0% (c)
New York State Dormitory Authority, State Personal Income Tax, General Purpose Series D, Rev., 5.60%, 3/15/2040		35			42
Transportation — 0.0% (c)
Port Authority of New York & New Jersey, Consolidated, 164th Series
Series 164, Rev., 5.65%, 11/1/2040		150			184
Total New York					226
Ohio — 0.0% (c)
Other Revenue — 0.0% (c)
American Municipal Power, Inc., Meldahl Hydroelectric Project Series B, Rev., 7.50%, 2/15/2050		210			297
Total Municipal Bonds (Cost $394)					523
U.S. Government Agency Securities — 0.0% (c)
Resolution Funding Corp. STRIPS 1.75%, 7/15/2020 (q)		250			240
Tennessee Valley Authority
4.63%, 9/15/2060		44			54
Total U.S. Government Agency Securities (Cost $287)					294
Convertible Bonds — 0.0% (c)
Media — 0.0% (c)
DISH Network Corp.
3.38%, 8/15/2026 (Cost $76)		70			56
	NO. OF RIGHTS (000)
Rights — 0.0% (c)
Media — 0.0% (c)
Media General, Inc., CVR * ‡ (Cost $— )		23			1
	NO. OF WARRANTS (000)
Warrants — 0.0%
Consumer Finance — 0.0%
Emergent Capital, Inc.expiring 10/1/2019, price 10.75 * (Cost $ — )		—	(a)		—

Investments	SHARES (000)		VALUE ($000)
Short-Term Investments — 1.7%
Investment Companies — 1.7%
JPMorgan Prime Money Market Fund Class Institutional Shares, 2.55% (e) (r)		871		871
JPMorgan Prime Money Market Fund, IM Shares Class IM Shares, 2.61% (e) (r)		17,314		17,316
Total Investment Companies (Cost $18,187)				18,187
Total Investments — 99.0% (Cost $947,817)				1,027,460
Other Assets Less Liabilities — 1.0%				9,898
NET ASSETS — 100.0%				1,037,358

Percentages indicated are based on net assets.

PORTFOLIO COMPOSITION BY COUNTRY*
United States	78.7	%
Japan	3.5
United Kingdom	2.6
France	1.8
Switzerland	1.7
China	1.4
Germany	1.3
Netherlands	1.1
Others (each less than 1.0%)	7.9

*   Percentages indicated are based upon total investments as of December 31, 2018.

Abbreviations
ABS	Asset-backed securities
ACES	Alternative Credit Enhancement Securities
ADR	American Depositary Receipt
CVA	Dutch Certification
FDR	Finnish Depository Receipt
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GDR	Global Depositary Receipt
GNMA	Government National Mortgage Association
ICE	Intercontinental Exchange
IF	Inverse Floaters represent securities that pay interest at a rate that increases (decreases) with a decline (incline) in a specified index. The interest rate shown is the rate in effect as of December 31, 2018. The rate may be subject to a cap and floor.
IO	Interest Only represents the right to receive the monthly interest payments on an underlying pool of mortgage loans. The principal amount shown represents the par value on the underlying pool. The yields on these securities are subject to accelerated principal paydowns as a result of prepayment or refinancing of the

SEE NOTES TO FINANCIAL STATEMENTS.

50 J.P. MORGAN FUNDS DECEMBER 31, 2018

	underlying pool of mortgage instruments. As a result, interest income may be reduced considerably.
JSC	Joint Stock Company
LIBOR	London Interbank Offered Rate
MSCI	Morgan Stanley Capital International
OYJ PJSC	Public Limited Company Public Joint Stock Company
PO	Principal Only represents the right to receive the principal portion only on an underlying pool of mortgage loans. The market value of these securities is extremely volatile in response to changes in market interest rates. As prepayments on the underlying mortgages of these securities increase, the yield on these securities increases.
Preference	A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.
PT	Limited liability company
REMIC	Real Estate Mortgage Investment Conduit
Rev.	Revenue
SCA	Limited partnership with share capital
SGPS	Holding company
STRIPS	Separate Trading of Registered Interest and Principal of Securities. The STRIPS Program lets investors hold and trade individual interest and principal components of eligible notes and bonds as separate securities.
USD	United States Dollar
(a)	Amount rounds to less than one thousand.
(b)	Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(c)	Amount rounds to less than 0.1% of net assets.
(d)	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the investment adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration.
(e)	Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.

(f)	Security has the ability to pay in kind (“PIK”) or pay income in cash. When applicable, separate rates of such payments are disclosed.
(g)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of December 31, 2018.
(h)	Security is perpetual and thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of December 31, 2018.
(i)	Security is an interest bearing note with preferred security characteristics.
(j)	Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of December 31, 2018.
(k)	Defaulted security.
(l)	Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of December 31, 2018.
(m)	All or a portion of this security is deposited with the broker as initial margin for futures contracts.
(n)	Loan assignments are presented by obligor. Each series or loan tranche underlying each obligor may have varying terms.
(o)	All or a portion of this security is unsettled as of December 31, 2018. Unless otherwise indicated, the coupon rate is undetermined. The coupon rate shown may not be accrued for the entire position.
(p)	The date shown represents the earliest of the prerefunded date, next put date or final maturity date.
(q)	The rate shown is the effective yield as of December 31, 2018.
(r)	The rate shown is the current yield as of December 31, 2018.
*	Non-income producing security.
‡	Value determined using significant unobservable inputs.

Detailed information about investment portfolios of the underlying funds 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 certified portfolio holdings filed quarterly on Form N-Q, 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 calling1-800-480-4111.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 J.P. MORGAN FUNDS 51

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

Futures contracts outstanding as of December 31, 2018 (amounts in thousands, except number of contracts):
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
EURO STOXX 50 Index		22		03/2019		EUR		748			(15	)
Foreign Exchange JPY/USD		318		03/2019		USD		36,477			1,197
FTSE 100 Index		4		03/2019		GBP		340			1
MSCI EAFE E-Mini Index		303		03/2019		USD		26,025			(126	)
S&P 500 E-Mini Index		491		03/2019		USD		61,449			(2,932	)
TOPIX Index		1		03/2019		JPY		130			(14	)
U.S. Treasury 10 Year Note		729		03/2019		USD		88,972			660
U.S. Treasury 5 Year Note		894		03/2019		USD		102,510			1,603
											374
Short Contracts
Hang Seng Index		(68)		01/2019		HKD		(11,220	)		(257	)
EURO STOXX 50 Index		(629)		03/2019		EUR		(21,398	)		788
Euro-Bund		(187)		03/2019		EUR		(35,039	)		(232	)
MSCI Emerging Markets E-Mini Index		(212)		03/2019		USD		(10,249	)		178
Russell 2000 E-Mini Index		(53)		03/2019		USD		(3,577	)		133
S&P/TSX 60 Index		(85)		03/2019		CAD		(10,632	)		370
SPI 200 Index		(111)		03/2019		AUD		(10,883	)		(92	)
											888
											1,262

Abbreviations
AUD	Australian Dollar
CAD	Canadian Dollar
EAFE	Europe, Australasia, and Far East
EUR	Euro
FTSE	Financial Times and the London Stock Exchange
GBP	British Pound
HKD	Hong Kong Dollar
JPY	Japanese Yen
MSCI	Morgan Stanley Capital International
SPI	Australian Securities Exchange
TOPIX	Tokyo Stock Price Index
TSX	Toronto Stock Exchange
USD	United States Dollar

Forward foreign currency exchange contracts outstanding as of December 31, 2018 (amounts in thousands):
CURRENCY PURCHASED		CURRENCY SOLD		COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION) ($)
CHF	8,205	CAD	11,181	Citibank, NA		1/18/2019		167
CHF	426	CAD	568	Goldman Sachs International		1/18/2019		18
CHF	705	NOK	6,049	BNP Paribas		1/18/2019		18
CHF	8,323	NOK	72,806	Goldman Sachs International		1/18/2019		53
CHF	8,561	USD	8,619	Goldman Sachs International		1/18/2019		103

SEE NOTES TO FINANCIAL STATEMENTS.

52 J.P. MORGAN FUNDS DECEMBER 31, 2018

CURRENCY PURCHASED		CURRENCY SOLD		COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION) ($)
CHF	451	USD	449	Merrill Lynch International		1/18/2019		10
CHF	473	USD	473	National Australia Bank Ltd.		1/18/2019		9
CHF	1,048	USD	1,061	Union Bank of Switzerland AG		1/18/2019		7
CNY	35,049	USD	5,046	Goldman Sachs International**		1/18/2019		60
CNY	4,572	USD	658	HSBC Bank, NA**		1/18/2019		8
CNY	2,675	USD	389	Merrill Lynch International**		1/18/2019		1
CZK	59,822	USD	2,646	Goldman Sachs International		1/18/2019		19
EUR	7,105	AUD	11,440	HSBC Bank, NA		1/18/2019		91
EUR	525	CAD	800	Goldman Sachs International		1/18/2019		16
EUR	6,642	GBP	5,888	Goldman Sachs International		1/18/2019		110
EUR	7,195	NOK	68,804	Goldman Sachs International		1/18/2019		291
EUR	6,837	NZD	11,512	Citibank, NA		1/18/2019		115
EUR	624	USD	712	Barclays Bank plc		1/18/2019		3
EUR	508	USD	580	BNP Paribas		1/18/2019		2
EUR	3,441	USD	3,920	Citibank, NA		1/18/2019		28
EUR	7,195	USD	8,182	Goldman Sachs International		1/18/2019		73
EUR	1,871	USD	2,143	State Street Corp.		1/18/2019		4
EUR	1,131	USD	1,285	TD Bank Financial Group		1/18/2019		12
GBP	1,027	USD	1,302	Goldman Sachs International		1/18/2019		8
GBP	4,241	USD	5,369	HSBC Bank, NA		1/18/2019		41
HUF	1,442,110	EUR	4,450	Citibank, NA		1/18/2019		47
HUF	115,636	USD	409	BNP Paribas		1/18/2019		4
HUF	397,306	USD	1,409	Credit Suisse International		1/18/2019		11
HUF	734,742	USD	2,594	Goldman Sachs International		1/18/2019		31
IDR	73,363,092	USD	5,054	Citibank, NA**		1/18/2019		30
IDR	67,329,604	USD	4,568	Goldman Sachs International**		1/18/2019		97
INR	198,566	USD	2,748	Citibank, NA**		1/18/2019		104
INR	607,996	USD	8,326	Goldman Sachs International**		1/18/2019		407
INR	15,054	USD	211	Merrill Lynch International**		1/18/2019		6
JPY	74,025	NOK	5,549	Merrill Lynch International		1/18/2019		34
JPY	56,785	USD	512	Barclays Bank plc		1/18/2019		7
JPY	2,135,152	USD	19,008	Goldman Sachs International		1/18/2019		498
JPY	71,205	USD	634	National Australia Bank Ltd.		1/18/2019		16
JPY	76,686	USD	685	State Street Corp.		1/18/2019		16
KRW	3,377,150	USD	3,033	Goldman Sachs International**		1/18/2019		1
KRW	6,279,336	USD	5,564	Goldman Sachs International**		1/18/2019		77
MXN	28,406	USD	1,442	Citibank, NA		1/18/2019		1
MXN	74,963	USD	3,705	Credit Suisse International		1/18/2019		101
MXN	61,091	USD	3,061	Goldman Sachs International		1/18/2019		41
MXN	34,678	USD	1,720	HSBC Bank, NA		1/18/2019		40
NOK	66,367	CAD	10,305	Goldman Sachs International		1/18/2019		130
NZD	11,834	AUD	11,139	Goldman Sachs International		1/18/2019		97
NZD	1,935	USD	1,299	Credit Suisse International		1/18/2019		—	(a)
PHP	140,651	USD	2,670	Citibank, NA**		1/18/2019		7
PHP	596,255	USD	11,215	Goldman Sachs International**		1/18/2019		137
PLN	19,653	EUR	4,524	Citibank, NA		1/18/2019		62
PLN	5,063	USD	1,347	Citibank, NA		1/18/2019		6
PLN	20,553	USD	5,435	Credit Suisse International		1/18/2019		59
PLN	14,923	USD	3,969	Goldman Sachs International		1/18/2019		20
RON	11,278	USD	2,769	Citibank, NA		1/18/2019		6
RON	4,116	USD	1,011	Credit Suisse International		1/18/2019		2
RON	23,647	USD	5,780	Goldman Sachs International		1/18/2019		39
SEK	68,855	EUR	6,704	Credit Suisse International		1/18/2019		88
SEK	36,676	EUR	3,571	Goldman Sachs International		1/18/2019		47

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 J.P. MORGAN FUNDS 53

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

CURRENCY PURCHASED		CURRENCY SOLD		COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION) ($)
SEK	10,074	USD	1,113	Barclays Bank plc		1/18/2019		25
SEK	70,007	USD	7,825	Citibank, NA		1/18/2019		84
SEK	82,618	USD	9,195	Goldman Sachs International		1/18/2019		138
THB	183,754	USD	5,608	Credit Suisse International		1/18/2019		37
THB	179,441	USD	5,446	HSBC Bank, NA		1/18/2019		66
TRY	16,743	USD	3,073	Barclays Bank plc		1/18/2019		62
TRY	51,426	USD	9,076	Citibank, NA		1/18/2019		556
TRY	7,084	USD	1,313	Credit Suisse International		1/18/2019		13
TRY	11,339	USD	2,042	Goldman Sachs International		1/18/2019		81
TWD	54,124	USD	1,759	Goldman Sachs International**		1/18/2019		14
TWD	13,429	USD	438	Merrill Lynch International**		1/18/2019		2
USD	596	AUD	846	Barclays Bank plc		1/18/2019		1
USD	14,611	AUD	20,238	Citibank, NA		1/18/2019		351
USD	3,371	BRL	12,859	Goldman Sachs International**		1/18/2019		57
USD	1,259	BRL	4,810	Merrill Lynch International**		1/18/2019		19
USD	8,169	CAD	10,787	BNP Paribas		1/18/2019		264
USD	1,324	CAD	1,791	Citibank, NA		1/18/2019		11
USD	8,066	CAD	10,791	Goldman Sachs International		1/18/2019		159
USD	572	CAD	769	Merrill Lynch International		1/18/2019		8
USD	5,049	CLP	3,384,819	Citibank, NA**		1/18/2019		171
USD	5,976	CLP	4,030,383	Goldman Sachs International**		1/18/2019		167
USD	197	COP	622,965	Citibank, NA**		1/18/2019		6
USD	2,626	COP	8,455,530	Goldman Sachs International**		1/18/2019		25
USD	29,220	EUR	25,403	Goldman Sachs International		1/18/2019		78
USD	6,815	GBP	5,182	HSBC Bank, NA		1/18/2019		205
USD	361	GBP	283	Merrill Lynch International		1/18/2019		1
USD	15,364	ILS	56,150	Barclays Bank plc		1/18/2019		329
USD	1,027	ILS	3,756	Citibank, NA		1/18/2019		22
USD	589	ILS	2,193	Credit Suisse International		1/18/2019		2
USD	589	NOK	5,000	Barclays Bank plc		1/18/2019		10
USD	1,823	NOK	15,527	Goldman Sachs International		1/18/2019		26
USD	1,261	NOK	10,793	TD Bank Financial Group		1/18/2019		12
USD	7,588	NZD	11,080	Credit Suisse International		1/18/2019		149
USD	2,533	NZD	3,710	Goldman Sachs International		1/18/2019		42
USD	2,490	NZD	3,642	HSBC Bank, NA		1/18/2019		45
USD	24,242	NZD	35,743	National Australia Bank Ltd.		1/18/2019		244
USD	1,320	PHP	69,260	Goldman Sachs International**		1/18/2019		1
USD	3,852	PLN	14,396	Citibank, NA		1/18/2019		4
USD	5,851	RUB	390,068	Citibank, NA**		1/18/2019		265
USD	502	TRY	2,673	Citibank, NA		1/18/2019		2
USD	643	TRY	3,419	HSBC Bank, NA		1/18/2019		2
USD	4,118	TWD	125,603	Goldman Sachs International**		1/18/2019		5
USD	2,455	ZAR	34,720	Credit Suisse International		1/18/2019		46
ZAR	17,825	USD	1,232	Citibank, NA		1/18/2019		4
ZAR	10,695	USD	739	Credit Suisse International		1/18/2019		3
Total unrealized appreciation								7,350
AUD	10,691	EUR	6,758	HSBC Bank, NA		1/18/2019		(221	)
AUD	11,847	NZD	12,464	Credit Suisse International		1/18/2019		(21	)
AUD	11,219	NZD	12,053	Goldman Sachs International		1/18/2019		(188	)
AUD	3,853	USD	2,809	Citibank, NA		1/18/2019		(94	)
AUD	5,292	USD	3,812	Credit Suisse International		1/18/2019		(83	)
AUD	25,562	USD	18,435	Goldman Sachs International		1/18/2019		(425	)
AUD	6,962	USD	5,033	HSBC Bank, NA		1/18/2019		(128	)

SEE NOTES TO FINANCIAL STATEMENTS.

54 J.P. MORGAN FUNDS DECEMBER 31, 2018

CURRENCY PURCHASED		CURRENCY SOLD		COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION) ($)
BRL	11,185	USD	2,935	Goldman Sachs International**		1/18/2019		(52	)
CAD	11,475	CHF	8,545	Goldman Sachs International		1/18/2019		(298	)
CAD	10,159	NOK	64,756	Goldman Sachs International		1/18/2019		(49	)
CAD	8,449	USD	6,407	Goldman Sachs International		1/18/2019		(216	)
CAD	10,114	USD	7,653	HSBC Bank, NA		1/18/2019		(241	)
CAD	3,228	USD	2,431	Morgan Stanley		1/18/2019		(66	)
CAD	1,507	USD	1,126	Royal Bank of Canada		1/18/2019		(22	)
CAD	23,295	USD	17,807	TD Bank Financial Group		1/18/2019		(737	)
CHF	3,814	USD	3,892	Goldman Sachs International		1/18/2019		(6	)
CLP	850,205	USD	1,256	Goldman Sachs International**		1/18/2019		(31	)
CLP	765,726	USD	1,130	Goldman Sachs International**		1/18/2019		(26	)
CLP	3,777,453	USD	5,483	Merrill Lynch International**		1/18/2019		(38	)
EUR	4,588	HUF	1,477,121	Citibank, NA		1/18/2019		(13	)
EUR	4,766	PLN	20,527	State Street Corp.		1/18/2019		(19	)
EUR	6,674	SEK	68,575	Citibank, NA		1/18/2019		(90	)
EUR	4,551	USD	5,226	HSBC Bank, NA		1/18/2019		(5	)
EUR	691	USD	796	National Australia Bank Ltd.		1/18/2019		(3	)
EUR	524	USD	607	Royal Bank of Canada		1/18/2019		(5	)
GBP	12,446	EUR	14,029	Goldman Sachs International		1/18/2019		(219	)
GBP	3,154	EUR	3,598	HSBC Bank, NA		1/18/2019		(105	)
GBP	3,990	USD	5,134	HSBC Bank, NA		1/18/2019		(44	)
ILS	40,798	USD	11,009	Goldman Sachs International		1/18/2019		(85	)
NOK	66,350	CHF	7,727	Goldman Sachs International		1/18/2019		(193	)
NOK	68,347	GBP	6,223	Credit Suisse International		1/18/2019		(28	)
NOK	4,273	JPY	56,442	Deutsche Bank AG		1/18/2019		(21	)
NOK	72,897	SEK	77,307	Citibank, NA		1/18/2019		(297	)
NOK	116,579	USD	13,710	Goldman Sachs International		1/18/2019		(217	)
NOK	149,801	USD	18,039	Morgan Stanley		1/18/2019		(702	)
NZD	12,168	AUD	11,654	Goldman Sachs International		1/18/2019		(42	)
NZD	7,769	EUR	4,646	Citibank, NA		1/18/2019		(114	)
NZD	3,424	EUR	2,035	Goldman Sachs International		1/18/2019		(36	)
NZD	766	NOK	4,458	BNP Paribas		1/18/2019		(2	)
NZD	6,651	USD	4,519	Citibank, NA		1/18/2019		(54	)
NZD	17,144	USD	11,845	Goldman Sachs International		1/18/2019		(334	)
NZD	13,222	USD	8,974	HSBC Bank, NA		1/18/2019		(96	)
NZD	695	USD	474	National Australia Bank Ltd.		1/18/2019		(8	)
NZD	12,427	USD	8,454	State Street Corp.		1/18/2019		(111	)
RUB	236,169	USD	3,526	Citibank, NA**		1/18/2019		(145	)
RUB	614,626	USD	9,080	Goldman Sachs International**		1/18/2019		(278	)
RUB	35,343	USD	532	Goldman Sachs International**		1/18/2019		(26	)
USD	1,590	BRL	6,251	Citibank, NA**		1/18/2019		(21	)
USD	1,282	BRL	4,991	Goldman Sachs International**		1/18/2019		(4	)
USD	7,941	CHF	7,893	Credit Suisse International		1/18/2019		(101	)
USD	7,779	CHF	7,714	Goldman Sachs International		1/18/2019		(81	)
USD	3,972	CHF	3,928	HSBC Bank, NA		1/18/2019		(30	)
USD	20,812	CHF	20,715	Union Bank of Switzerland AG		1/18/2019		(294	)
USD	989	CLP	687,969	Merrill Lynch International**		1/18/2019		(3	)
USD	11,247	CNY	78,000	Goldman Sachs International**		1/18/2019		(116	)
USD	1,263	EUR	1,106	Citibank, NA		1/18/2019		(5	)
USD	4,531	EUR	3,966	Goldman Sachs International		1/18/2019		(19	)
USD	1,198	EUR	1,058	State Street Corp.		1/18/2019		(16	)
USD	2,568	GBP	2,013	Goldman Sachs International		1/18/2019		—	(a)
USD	1,486	HUF	425,992	Citibank, NA		1/18/2019		(36	)
USD	7,043	IDR	104,045,935	Citibank, NA**		1/18/2019		(166	)

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 J.P. MORGAN FUNDS 55

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

CURRENCY PURCHASED		CURRENCY SOLD		COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION) ($)
USD	4,350	IDR	63,952,718	Goldman Sachs International**		1/18/2019		(81	)
USD	2,374	IDR	34,769,355	Goldman Sachs International**		1/18/2019		(35	)
USD	342	IDR	4,983,083	Merrill Lynch International**		1/18/2019		(3	)
USD	1,163	ILS	4,381	Credit Suisse International		1/18/2019		(10	)
USD	968	ILS	3,646	Goldman Sachs International		1/18/2019		(9	)
USD	4,766	INR	346,073	Citibank, NA**		1/18/2019		(206	)
USD	1,543	INR	111,494	Goldman Sachs International**		1/18/2019		(59	)
USD	5,194	JPY	585,136	Citibank, NA		1/18/2019		(152	)
USD	26,225	JPY	2,959,825	Goldman Sachs International		1/18/2019		(815	)
USD	1,282	JPY	143,961	National Australia Bank Ltd.		1/18/2019		(33	)
USD	2,765	KRW	3,111,793	Citibank, NA**		1/18/2019		(30	)
USD	7,099	KRW	7,996,712	Goldman Sachs International**		1/18/2019		(84	)
USD	5,149	MXN	104,844	Citibank, NA		1/18/2019		(174	)
USD	1,292	MXN	26,352	Credit Suisse International		1/18/2019		(46	)
USD	6,428	MXN	131,741	Goldman Sachs International		1/18/2019		(261	)
USD	906	NOK	7,933	Merrill Lynch International		1/18/2019		(12	)
USD	2,595	NOK	22,584	TD Bank Financial Group		1/18/2019		(19	)
USD	8,262	PHP	439,268	Citibank, NA**		1/18/2019		(101	)
USD	3,900	PHP	205,744	Goldman Sachs International**		1/18/2019		(17	)
USD	428	PHP	22,634	Merrill Lynch International**		1/18/2019		(3	)
USD	1,412	PLN	5,380	Citibank, NA		1/18/2019		(26	)
USD	2,036	PLN	7,691	Goldman Sachs International		1/18/2019		(19	)
USD	4,334	RON	17,871	Goldman Sachs International		1/18/2019		(64	)
USD	12,665	SEK	113,006	Citibank, NA		1/18/2019		(102	)
USD	2,574	SEK	23,267	Credit Suisse International		1/18/2019		(54	)
USD	1,564	SEK	14,056	Goldman Sachs International		1/18/2019		(24	)
USD	2,564	SEK	23,064	HSBC Bank, NA		1/18/2019		(41	)
USD	7,568	SEK	68,197	TD Bank Financial Group		1/18/2019		(136	)
USD	2,791	THB	91,948	Citibank, NA		1/18/2019		(33	)
USD	5,552	THB	181,951	Credit Suisse International		1/18/2019		(38	)
USD	614	THB	20,152	Goldman Sachs International		1/18/2019		(5	)
USD	5,050	THB	166,770	HSBC Bank, NA		1/18/2019		(72	)
USD	321	THB	10,568	Union Bank of Switzerland AG		1/18/2019		(3	)
USD	1,707	TRY	9,381	Citibank, NA		1/18/2019		(50	)
USD	1,762	TRY	9,491	Credit Suisse International		1/18/2019		(15	)
USD	2,962	TRY	16,343	Goldman Sachs International		1/18/2019		(98	)
USD	3,616	TWD	111,404	Citibank, NA**		1/18/2019		(33	)
USD	5,921	TWD	181,649	Goldman Sachs International**		1/18/2019		(29	)
USD	4,148	TWD	127,814	Goldman Sachs International**		1/18/2019		(38	)
ZAR	39,739	USD	2,814	Credit Suisse International		1/18/2019		(57	)
ZAR	70,609	USD	5,149	TD Bank Financial Group		1/18/2019		(250	)
Total unrealized depreciation								(10,463	)
Net unrealized depreciation								(3,113	)

SEE NOTES TO FINANCIAL STATEMENTS.

56 J.P. MORGAN FUNDS DECEMBER 31, 2018

Abbreviations

AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CHF	Swiss Franc
CLP	Chile Peso
CNY	China yuan
COP	Colombian Peso
CZK	Czech Republic Krona
EUR	Euro
GBP	British Pound
HUF	Hungarian Forint
IDR	Indonesian Rupiah
ILS	Israeli Shekel
INR	India Rupee
JPY	Japanese Yen
KRW	Korean Republic Won

MXN	Mexican Peso
NOK	Norwegian Krone
NZD	New Zealand Dollar
PHP	Philippines Peso
PLN	Polish Zloty
RON	Romanian Leu
RUB	Russian Ruble
SEK	Swedish Krona
THB	Thai Baht
TRY	New Turkish Lira
TWD	Taiwan Dollar
USD	United States Dollar
ZAR	South African Rand
(a)	Amount rounds to less than one thousand.
**	Non-deliverable forward.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 J.P. MORGAN FUNDS 57

STATEMENT OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2018 (Unaudited)

(Amounts in thousands, except per share amounts)

	JPMorgan Diversified Fund
ASSETS:
Investments in non-affiliates, at value	$	817,723
Investments in affiliates, at value		209,737
Cash		2,968
Foreign currency, at value		320
Deposits at broker for futures contracts		364
Receivables:
Investment securities sold		11,312
Fund shares sold		368
Interest and dividends from non-affiliates		3,002
Dividends from affiliates		63
Tax reclaims		488
Variation margin on futures contracts		4,239
Unrealized appreciation on forward foreign currency exchange contracts		7,350
Total Assets		1,057,934
LIABILITIES:
Payables:
Distributions		134
Investment securities purchased		6,392
Fund shares redeemed		2,813
Unrealized depreciation on forward foreign currency exchange contracts		10,463
Accrued liabilities:
Investment advisory fees		325
Administration fees		50
Distribution fees		36
Service fees		49
Custodian and accounting fees		138
Deferred foreign capital gains tax		18
Other		158
Total Liabilities		20,576
Net Assets	$	1,037,358

SEE NOTES TO FINANCIAL STATEMENTS.

58 J.P. MORGAN FUNDS DECEMBER 31, 2018

	JPMorgan Diversified Fund
NET ASSETS:
Paid-in-Capital	$	975,648
Total distributable earnings (loss) (a)		61,710
Total Net Assets	$	1,037,358
Net Assets:
Class A	$	110,940
Class C		18,614
Class I		67,629
Class L		217,454
Class R6		622,721
Total	$	1,037,358
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		7,561
Class C		1,279
Class I		4,581
Class L		14,757
Class R6		42,269
Net Asset Value (b):
Class A — Redemption price per share	$	14.67
Class C — Offering price per share (c)		14.56
Class I — Offering and redemption price per share		14.76
Class L — Offering and redemption price per share		14.74
Class R6 — Offering and redemption price per share		14.73
Class A maximum sales charge		4.50	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	15.36
Cost of investments in non-affiliates	$	749,064
Cost of investments in affiliates		198,753
Cost of foreign currency		250

(a) Total distributable earnings have been aggregated to conform to the current presentation requirements for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 8.

(b) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

(c) Redemption price for Class C Shares varies based upon length of time the shares are held.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 J.P. MORGAN FUNDS 59

STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited)

(Amounts in thousands)

	JPMorgan Diversified Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	6,901
Interest income from affiliates		11
Dividend income from non-affiliates		6,979
Dividend income from affiliates		3,672
Foreign taxes withheld		(222	)
Total investment income		17,341
EXPENSES:
Investment advisory fees		3,427
Administration fees		505
Distribution fees:
Class A		154
Class C		82
Service fees:
Class A		154
Class C		27
Class I		96
Class L		136
Custodian and accounting fees		308
Interest expense to affiliates		4
Professional fees		68
Trustees’ and Chief Compliance Officer’s fees		15
Printing and mailing costs		29
Registration and filing fees		50
Transfer agency fees (See Note 2.K.)		34
Other		28
Total expenses		5,117
Less fees waived		(1,435	)
Less expense reimbursements		(1	)
Net expenses		3,681
Net investment income (loss)		13,660
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		7,911	(a)
Investments in affiliates		(1,021	)
Futures contracts		(10,420	)
Foreign currency transactions		(103	)
Forward foreign currency exchange contracts		1,440
Net realized gain (loss)		(2,193	)
Distributions of capital gains received from investment company affiliates		2,242
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(82,580	)(b)
Investments in affiliates		(11,235	)
Futures contracts		2,751
Foreign currency translations		67
Forward foreign currency exchange contracts		(4,036	)
Change in net unrealized appreciation/depreciation		(95,033	)
Net realized/unrealized gains (losses)		(94,984	)
Change in net assets resulting from operations	$	(81,324	)

(a) Net of foreign capital gains tax of approximately $(2,000).

(b) Net of change in foreign capital gains tax of approximately $(15,000).

SEE NOTES TO FINANCIAL STATEMENTS.

60 J.P. MORGAN FUNDS DECEMBER 31, 2018

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	JPMorgan Diversified Fund
	Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	13,660		$	29,699
Net realized gain (loss)		(2,193	)		115,391
Distributions of capital gains received from investment company affiliates		2,242			2,666
Change in net unrealized appreciation/depreciation		(95,033	)		(46,446	)
Change in net assets resulting from operations		(81,324	)		101,310
DISTRIBUTIONS TO SHAREHOLDERS: (a)
Class A		(10,031	)		(8,695	)
Class C		(1,700	)		(1,526	)
Class I		(6,194	)		(5,406	)
Class L		(20,756	)		(30,191	)
Class R6 (b)		(59,690	)		(64,780	)
Total distributions to shareholders		(98,371	)		(110,598	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(45,028	)		(137,742	)
NET ASSETS:
Change in net assets		(224,723	)		(147,030	)
Beginning of period		1,262,081			1,409,111
End of period	$	1,037,358		$	1,262,081

(a) The prior period distributions have been reclassified to conform to current period presentation for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 8. Prior period balances were as follows:

Class A
From net investment income	$  (2,401)
From net realized gains	(6,294)
Class C
From net investment income	(339)
From net realized gains	(1,187)
Class I
From net investment income	(1,663)
From net realized gains	(3,743)
Class L
From net investment income	(12,124)
From net realized gains	(18,067)
Class R6 (b)
From net investment income	(16,559)
From net realized gains	(48,221)

(b) Commencement of offering of class of shares effective November 1, 2017.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 J.P. MORGAN FUNDS 61

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Diversified Fund
	Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	3,217		$	18,211
Distributions reinvested		9,656			8,398
Cost of shares redeemed		(10,344	)		(21,036	)
Change in net assets resulting from Class A capital transactions	$	2,529		$	5,573
Class C
Proceeds from shares issued	$	1,133		$	2,984
Distributions reinvested		1,576			1,409
Cost of shares redeemed		(3,594	)		(13,174	)
Change in net assets resulting from Class C capital transactions	$	(885	)	$	(8,781	)
Class I
Proceeds from shares issued	$	1,405		$	11,864
Distributions reinvested		6,071			5,047
Cost of shares redeemed		(8,685	)		(14,579	)
Change in net assets resulting from Class I capital transactions	$	(1,209	)	$	2,332
Class L
Proceeds from shares issued	$	10,825		$	159,322
Distributions reinvested		19,701			28,709
Cost of shares redeemed		(55,878	)		(1,144,771	)
Change in net assets resulting from Class L capital transactions	$	(25,352	)	$	(956,740	)
Class R6 (a)
Proceeds from shares issued	$	96,949		$	1,145,128
Distributions reinvested		59,690			64,780
Cost of shares redeemed		(176,750	)		(390,034	)
Change in net assets resulting from Class R6 capital transactions	$	(20,111	)	$	819,874
Total change in net assets resulting from capital transactions	$	(45,028	)	$	(137,742	)

SEE NOTES TO FINANCIAL STATEMENTS.

62 J.P. MORGAN FUNDS DECEMBER 31, 2018

	JPMorgan Diversified Fund
	Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018
SHARE TRANSACTIONS:
Class A
Issued		194			1,011
Reinvested		641			476
Redeemed		(618	)		(1,181	)
Change in Class A Shares		217			306
Class C
Issued		69			169
Reinvested		106			80
Redeemed		(221	)		(741	)
Change in Class C Shares		(46	)		(492	)
Class I
Issued		82			657
Reinvested		400			285
Redeemed		(512	)		(815	)
Change in Class I Shares		(30	)		127
Class L
Issued		637			8,746
Reinvested		1,299			1,615
Redeemed		(3,396	)		(61,964	)
Change in Class L Shares		(1,460	)		(51,603	)
Class R6 (a)
Issued		5,544			61,918
Reinvested		3,933			3,658
Redeemed		(10,662	)		(22,122	)
Change in Class R6 Shares		(1,185	)		43,454

(a) Commencement of offering of class of shares effective November 1, 2017.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 J.P. MORGAN FUNDS 63

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

			Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)(c)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Diversified Fund
Class A
Six Months Ended December 31, 2018 (Unaudited)	$	17.24	$	0.15	$	(1.30	)	$	(1.15	)	$	(0.14	)	$	(1.28	)	$	(1.42	)
Year Ended June 30, 2018		17.31		0.29		0.85			1.14			(0.33	)		(0.88	)		(1.21	)
Year Ended June 30, 2017		15.68		0.26		1.71			1.97			(0.29	)		(0.05	)		(0.34	)
Year Ended June 30, 2016		16.63		0.24		(0.54	)		(0.30	)		(0.23	)		(0.42	)		(0.65	)
Year Ended June 30, 2015		17.20		0.23		0.32			0.55			(0.26	)		(0.86	)		(1.12	)
Year Ended June 30, 2014		15.60		0.26		2.34			2.60			(0.30	)		(0.70	)		(1.00	)
Class C
Six Months Ended December 31, 2018 (Unaudited)		17.12		0.11		(1.29	)		(1.18	)		(0.10	)		(1.28	)		(1.38	)
Year Ended June 30, 2018		17.19		0.19		0.86			1.05			(0.24	)		(0.88	)		(1.12	)
Year Ended June 30, 2017		15.57		0.18		1.69			1.87			(0.20	)		(0.05	)		(0.25	)
Year Ended June 30, 2016		16.52		0.16		(0.54	)		(0.38	)		(0.15	)		(0.42	)		(0.57	)
Year Ended June 30, 2015		17.11		0.15		0.30			0.45			(0.18	)		(0.86	)		(1.04	)
Year Ended June 30, 2014		15.53		0.18		2.33			2.51			(0.23	)		(0.70	)		(0.93	)
Class I
Six Months Ended December 31, 2018 (Unaudited)		17.34		0.18		(1.32	)		(1.14	)		(0.16	)		(1.28	)		(1.44	)
Year Ended June 30, 2018		17.40		0.33		0.86			1.19			(0.37	)		(0.88	)		(1.25	)
Year Ended June 30, 2017		15.76		0.31		1.71			2.02			(0.33	)		(0.05	)		(0.38	)
Year Ended June 30, 2016		16.71		0.28		(0.54	)		(0.26	)		(0.27	)		(0.42	)		(0.69	)
Year Ended June 30, 2015		17.28		0.27		0.31			0.58			(0.29	)		(0.86	)		(1.15	)
Year Ended June 30, 2014		15.66		0.32		2.35			2.67			(0.35	)		(0.70	)		(1.05	)
Class L
Six Months Ended December 31, 2018 (Unaudited)		17.31		0.19		(1.30	)		(1.11	)		(0.18	)		(1.28	)		(1.46	)
Year Ended June 30, 2018		17.37		0.33		0.90			1.23			(0.41	)		(0.88	)		(1.29	)
Year Ended June 30, 2017		15.73		0.35		1.71			2.06			(0.37	)		(0.05	)		(0.42	)
Year Ended June 30, 2016		16.69		0.32		(0.55	)		(0.23	)		(0.31	)		(0.42	)		(0.73	)
Year Ended June 30, 2015		17.25		0.32		0.32			0.64			(0.34	)		(0.86	)		(1.20	)
Year Ended June 30, 2014		15.64		0.35		2.34			2.69			(0.38	)		(0.70	)		(1.08	)
Class R6
Six Months Ended December 31, 2018 (Unaudited)		17.31		0.20		(1.32	)		(1.12	)		(0.18	)		(1.28	)		(1.46	)
November 1, 2017 (h) through June 30, 2018		18.37		0.27		(0.13	)		0.14			(0.32	)		(0.88	)		(1.20	)

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Net investment income (loss) is affected by timing of distributions from Underlying Funds.

(c) Calculated based upon average shares outstanding.

(d) Not annualized for periods less than one year.

(e) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(f) Does not include expenses of Underlying Funds.

(g) Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(h) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

64 J.P. MORGAN FUNDS DECEMBER 31, 2018

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (d)(e)			Net assets, end of period (000’s)		Net expenses (f)(g)			Net investment income (loss) (b)			Expenses without waivers, reimbursements and earnings credits (f)			Portfolio turnover rate (d)
$	14.67		(6.79	)%	$	110,940		0.99	%		1.81	%		1.25	%		34	%
	17.24		6.53			126,634		1.00			1.61			1.27			93
	17.31		12.72			121,832		1.00			1.61			1.30			72
	15.68		(1.70	)		136,865		1.01			1.52			1.31			57
	16.63		3.40			150,561		1.00			1.37			1.25			49
	17.20		17.10			153,904		1.04			1.59			1.24			58
	14.56		(7.02	)		18,614		1.49			1.30			1.73			34
	17.12		6.02			22,682		1.51			1.07			1.71			93
	17.19		12.16			31,241		1.51			1.10			1.75			72
	15.57		(2.22	)		34,731		1.52			1.01			1.77			57
	16.52		2.87			38,224		1.51			0.87			1.74			49
	17.11		16.53			29,994		1.55			1.12			1.74			58
	14.76		(6.70	)		67,629		0.74			2.05			0.97			34
	17.34		6.81			79,957		0.75			1.86			0.96			93
	17.40		13.00			78,033		0.75			1.87			0.99			72
	15.76		(1.45	)		83,684		0.76			1.78			1.00			57
	16.71		3.63			85,893		0.75			1.60			0.99			49
	17.28		17.46			111,022		0.79			1.90			0.99			58
	14.74		(6.56	)		217,454		0.56			2.22			0.81			34
	17.31		7.01			280,711		0.54			1.86			0.80			93
	17.37		13.30			1,178,005		0.51			2.11			0.81			72
	15.73		(1.27	)		1,104,613		0.52			2.02			0.81			57
	16.69		3.96			1,115,749		0.51			1.86			0.82			49
	17.25		17.67			916,735		0.55			2.10			0.84			58
	14.73		(6.59	)		622,721		0.49			2.29			0.71			34
	17.31		0.71			752,097		0.49			2.34			0.69			93

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 J.P. MORGAN FUNDS 65

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2018 (Unaudited)

1. Organization

JPMorgan Trust I (the “Trust”) was formed on November 12, 2004, as a Delaware statutory trust, pursuant to a Declaration of Trust dated November 5, 2004 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company.

The following is a separate fund of the Trust (the “Fund”) covered by this report:

	Classes Offered	Diversified/Non-Diversified
JPMorgan Diversified Fund	Class A, Class C, Class I, Class L and Class R6*	Diversified

* Class R6 Shares commenced operations on November 1, 2017.

The investment objective of the Fund is to seek to provide a high total return from a diversified portfolio of equity and fixed income investments.

Effective as of the close of business on December 1, 2016, Class L Shares of the Fund are publicly offered only on a limited basis. Investors are not eligible to purchase Class L Shares of the Fund unless they meet certain requirements as described in the Fund’s prospectuses.

Class A Shares generally provide for a front-end sales charge while Class C Shares provide for a contingent deferred sales charge (“CDSC”). No sales charges are assessed with respect to Class I, Class L and Class R6 Shares. Certain Class A Shares, for which front-end sales charges have been waived, may be subject to a CDSC as described in the Fund’s prospectus. Beginning on November 14, 2017, Class C Shares automatically convert to Class A Shares after ten years. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different transfer agency, distribution and service fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements.

J.P. Morgan Investment Management Inc. (“JPMIM”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), acts as Adviser (the “Adviser”) and Administrator (the “Administrator”) to the Fund.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The Fund is an investment company and, thus, follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification Topic 946 — Investment Companies, which is part of U.S. generally accepted accounting principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

A. Valuation of Investments — The valuation of investments is in accordance with GAAP and the Fund’s valuation policies set forth by and under the supervision and responsibility of the Board of Trustees (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.

The Administrator has established the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to assist the Board with the oversight and monitoring of the valuation of the Fund’s investments. The Administrator implements the valuation policies of the Fund’s investments, as directed by the Board. The AVC oversees and carries out the policies for the valuation of investments held in the Fund. This 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.

A market-based approach is primarily used to value the Fund’s investments. Investments for which market quotations are not readily available are fair valued by approved affiliated and unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”) or may be internally fair valued using methods set forth by the valuation policies approved by the Board. This may include related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for the investment to determine the fair value of the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used, had a ready market for the investments existed, and such differences could be material.

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. Certain foreign equity instruments, as well as certain derivatives with equity reference obligations, are valued by applying international fair value factors provided by approved Pricing Services. The factors seek to adjust the local closing price for movements of local markets post closing, but prior to the time the NAVs are calculated. Investments in open-end investment companies, including J.P. Morgan Funds, excluding exchange traded funds (“ETFs”) (the “Underlying Funds”) are valued at each Underlying Fund’s NAV per share as of the report date.

66 J.P. MORGAN FUNDS DECEMBER 31, 2018

Fixed income instruments are valued based on prices received from 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.

Futures contracts are generally valued on the basis of available market quotations. Forward foreign currency exchange contracts are valued utilizing market quotations from approved Pricing Services.

See the table on “Quantitative Information about Level 3 Fair Value Measurements” for information on the valuation techniques and inputs used to value level 3 securities held by the Fund at December 31, 2018.

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”) (amounts in thousands):

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Aerospace & Defense	$	7,229	$	2,303	$	—	$	9,532
Air Freight & Logistics		—		566		—		566
Airlines		2,782		1,287		—		4,069
Auto Components		305		2,251		—		2,556
Automobiles		1,011		5,996		—		7,007
Banks		24,788		20,267		—		45,055
Beverages		4,866		5,131		—		9,997
Biotechnology		5,734		457		—		6,191
Building Products		1,965		1,254		—		3,219
Capital Markets		10,859		5,171		—		16,030
Chemicals		3,651		5,673		—		9,324
Commercial Services & Supplies		4,521		146		—		4,667
Communications Equipment		3,117		147		—		3,264
Construction & Engineering		203		2,313		—		2,516
Construction Materials		1,747		1,038		—		2,785
Consumer Finance		2,749		103		—		2,852
Diversified Financial Services		612		1,287		—		1,899
Diversified Telecommunication Services		5,162		3,720		—		8,882
Electric Utilities		8,271		3,463		—		11,734
Electrical Equipment		1,214		2,761		—		3,975
Electronic Equipment, Instruments & Components		2,561		2,538		—		5,099
Energy Equipment & Services		624		36		—		660
Entertainment		5,439		831		—		6,270
Equity Real Estate Investment Trusts (REITs)		38,835		809		—		39,644
Food & Staples Retailing		2,894		2,480		—		5,374
Food Products		2,669		5,084		—		7,753
Gas Utilities		—		341		—		341

DECEMBER 31, 2018 J.P. MORGAN FUNDS 67

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Health Care Equipment & Supplies	$	5,232	$	526	$	—		$	5,758
Health Care Providers & Services		13,138		783		—			13,921
Hotels, Restaurants & Leisure		3,266		2,079		—			5,345
Household Durables		1,077		2,474		—			3,551
Household Products		2,124		508		—			2,632
Independent Power and Renewable Electricity Producers		250		411		—			661
Industrial Conglomerates		2,933		1,020		—			3,953
Insurance		9,340		13,235		—			22,575
Interactive Media & Services		11,009		2,548		—			13,557
IT Services		14,881		2,967		—			17,848
Leisure Products		608		53		—			661
Life Sciences Tools & Services		2,364		242		—			2,606
Machinery		8,583		5,386		—			13,969
Marine		—		45		—			45
Media		5,478		2,701		—			8,179
Metals & Mining		845		7,246		—			8,091
Multiline Retail		1,690		974		—			2,664
Multi-Utilities		753		967		—			1,720
Oil, Gas & Consumable Fuels		15,889		12,836		—			28,725
Paper & Forest Products		—		780		—			780
Personal Products		263		3,192		—			3,455
Pharmaceuticals		17,318		16,886		—			34,204
Professional Services		151		1,685		—			1,836
Real Estate Management & Development		1,730		3,771		—			5,501
Road & Rail		3,937		1,499		—			5,436
Semiconductors & Semiconductor Equipment		12,201		3,436		—			15,637
Software		23,084		2,046		—			25,130
Specialty Retail		10,262		1,500		—			11,762
Technology Hardware, Storage & Peripherals		7,658		3,421		—			11,079
Textiles, Apparel & Luxury Goods		2,596		5,422		—			8,018
Thrifts & Mortgage Finance		—		536		—			536
Tobacco		244		2,218		—			2,462
Trading Companies & Distributors		1,250		3,754		—			5,004
Transportation Infrastructure		304		60		—			364
Wireless Telecommunication Services		325		2,733		—			3,058
Other Common Stocks		22,185		—		—			22,185
Total Common Stocks		346,776		187,393		—			534,169
Debt Securities
Asset-Backed Securities		—		13,191		30,644			43,835
Collateralized Mortgage Obligations		—		80,946		666			81,612
Commercial Mortgage-Backed Securities		—		9,405		3,006			12,411
Convertible Bonds
Other Convertible Bonds		—		56		—			56
Corporate Bonds
Oil, Gas & Consumable Fuels		—		9,511		226			9,737
Wireless Telecommunication Services		—		3,557		—	(a)		3,557
Other Corporate Bonds		—		83,542		—			83,542
Total Corporate Bonds		—		96,610		226			96,836
Foreign Government Securities		—		623		—			623
Mortgage-Backed Securities		—		20,530		—			20,530
Municipal Bonds		—		523		—			523
U.S. Government Agency Securities		—		294		—			294
U.S. Treasury Obligations		—		25,850		—			25,850
Investment Companies		191,550		—		—			191,550

68 J.P. MORGAN FUNDS DECEMBER 31, 2018

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Loan Assignments
Other Loan Assignments	$	—		$	983		$	—	$	983
Rights
Media		—			—			1		1
Warrants
Other Warrants		—			—	(b)		—		—	(b)
Short-Term Investments
Investment Companies		18,187			—			—		18,187
Total Investments in Securities	$	556,513		$	436,404		$	34,543	$	1,027,460
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	7,350		$	—	$	7,350
Futures Contracts		4,141			789			—		4,930
Total Appreciation in Other Financial Instruments	$	4,141		$	8,139		$	—	$	12,280
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	(10,463	)	$	—	$	(10,463	)
Futures Contracts		(3,290	)		(378	)		—		(3,668	)
Total Depreciation in Other Financial Instruments	$	(3,290	)	$	(10,841	)	$	—	$	(14,131	)

(a) Amount rounds to less than one thousand.

(b) Value is zero.

There were no significant transfers among any levels for the six months ended December 31, 2018.

The following is a summary of investments for which significant unobservable inputs (level 3) were used in determining fair value (amounts in thousands):

	Balance as of June 30, 2018			Realized gain (loss)			Change in unrealized appreciation (depreciation)			Net accretion (amortization)			Purchases1			Sales2			Transfers into Level 3		Transfers out of Level 3			Balance as of December 31, 2018
Investments in Securities:
Asset-Backed Securities	$	31,242		$	276		$	(358	)	$	51		$	2,639		$	(4,825	)	$	1,707	$	(88	)	$	30,644
Collateralized Mortgage Obligation		714			14			19			2			—			(83	)		—		—			666
Commercial Mortgage-Backed Securities		1,771			—	(a)		(7	)		(1	)		—	(a)		(60	)		1,500		(197	)		3,006
Corporate Bonds — Building Products		135			(3	)		1			—	(a)		—			(133	)		—		—			—
Corporate Bonds — Capital Markets		83			—			—			—			—			—			—		(83	)		—
Corporate Bonds — Distributors		40			—			—			—			—			—			—		(40	)		—
Corporate Bonds — Independent Power and Renewable Electricity Producers		42			—			—			—			—			—			—		(42	)		—
Corporate Bonds — Oil, Gas & Consumable Fuels		—			—			(117	)		3			340			—			—		—			226
Corporate Bonds — Wireless Telecommunication Services		—	(a)		—			—			—			—			—			—		—			—	(a)
Right — Media		1			—			—			—			—			—			—		—			1
	$	34,028		$	287		$	(462	)	$	55		$	2,979		$	(5,101	)	$	3,207	$	(450	)	$	34,543

¹  Purchases include all purchases of securities and securities received in corporate actions.

²  Sales include all sales of securities, maturities, paydowns and securities tendered in corporate actions.

(a) Amount rounds to less than one thousand.

The changes in net unrealized appreciation (depreciation) attributable to securities owned at December 31, 2018, which were valued using significant unobservable inputs (level 3) amounted to approximately $(424,000).

DECEMBER 31, 2018 J.P. MORGAN FUNDS 69

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

Quantitative Information about Level 3 Fair Value Measurements #

(Amounts in thousands)

	Fair Value at December 31, 2018		Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
	$	30,644	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 27.00% (6.98%)
				Constant Default Rate		0.00% - 9.17% (3.30%)
				Yield (Discount Rate of Cash Flows)		2.63% - 10.51% (4.34%)
Asset-Backed Securities		30,644
		3,004	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 100.00% (0.00%)
				Yield (Discount Rate of Cash Flows)		3.92% - 6.87% (4.54%)
Commercial Mortgage-Backed Securities		3,004
		666	Discounted Cash Flow	Constant Prepayment Rate		13.00% (13.00%)
				Constant Default Rate		4.70% (4.70%)
				Yield (Discount Rate of Cash Flows)		6.73% (6.73%)
Collateralized Mortgage Obligations		666
		1	Pending Distribution Amount	Expected Recovery		$0.049 ($0.049)
Rights		1
Total	$	34,315

# The table above does not include certain level 3 investments that are valued by brokers and pricing services. At December 31, 2018, the value of these investments was approximately $228,000. The inputs for these investments are not readily available or cannot be reasonably estimated and generally are those inputs described in Note 2.A.

The significant unobservable inputs used in the fair value measurement of the Fund’s investments are listed above. Generally, a change in the assumptions used in any input in isolation may be accompanied by a change in another input. Significant changes in any of the unobservable inputs may significantly impact the fair value measurement. The impact is based on the relationship between each unobservable input and the fair value measurement. Significant increases (decreases) in the yield and default rate may decrease (increase) the fair value measurement. A significant change in the prepayment rate (Constant Prepayment Rate or PSA Prepayment Model) may decrease or increase the fair value measurement.

B. Restricted Securities — Certain securities held by the Fund may be subject to legal or contractual restrictions on resale. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the net asset value of the Fund.

As of December 31, 2018, the Fund had no investments in restricted securities other than securities sold to the Fund under Rule 144A and/or Regulation S under the Securities Act.

C. Loan Assignments — The Fund may invest in debt instruments that are interests in amounts owed to lenders or lending syndicates (a “Lender”) by corporate, governmental, or other borrowers (a “Borrower”). A loan is often administered by a bank or other financial institution (the “Agent”) that acts as Agent for all holders. The Agent administers the terms of the loan, as specified in the loan agreement. The Fund invests in loan assignments of all or a portion of the loans. When a fund purchases a loan assignment, the Fund has direct rights against the Borrower on a loan, provided, however, the Fund’s rights may be more limited than the Lender from which it acquired the assignment and the Fund may be able to enforce its rights only through the Agent. As a result, a fund assumes the credit risk of the Borrower as well as any other persons interpositioned between the Fund and the Borrower (“Intermediate Participants”). A fund may incur certain costs and delays in realizing payment on a loan assignment or suffer a loss of principal and/or interest if assets or interests held by the Agent or other Intermediate Participants are determined to be subject to the claims of the Agent’s or other Intermediate Participant’s creditors. In addition, it is unclear whether loan assignments and other forms of direct indebtedness offer securities law protections against fraud and misrepresentation. Also, because JPMIM may wish to invest in publicly traded securities of a Borrower, it may not have access to material non-public information regarding the Borrower to which other investors have access. Although certain loan assignments are secured by collateral, a fund could experience delays or limitations in realizing the value on such collateral or have its interest subordinated to other indebtedness of the Borrower. Loan assignments are vulnerable to market conditions such that economic conditions or other events may reduce the demand for assignments and certain assignments which were liquid, when purchased, may become illiquid and they may be difficult to value. In addition, the settlement period for loans is uncertain as there is no standardized settlement schedule applicable to such investments. Therefore, a fund may not receive the proceeds from a sale of such investments for a period after the sale.

Certain loan assignments are also subject to the risks associated with high yield securities described under Note 7.

70 J.P. MORGAN FUNDS DECEMBER 31, 2018

D. Unfunded Commitments — The Fund has entered into commitments to buy and sell investments including commitments to buy loan assignments to settle on future dates as part of their normal investment activities. Unfunded commitments may include revolving loan facilities which may obligate the Fund to provide cash to the borrower on demand. Unfunded commitments are generally traded and priced as part of a related loan assignment (Note 2.C.). The value of the unfunded portion of the investment is determined using a pro-rata allocation, based on its par value relative to the par value of the entire investment. The unrealized appreciation/depreciation from unfunded commitments is reported on the Statement of Assets and Liabilities. Credit risk exists on these commitments to the extent of any difference between the sales price and current value of the underlying securities sold. Market risk exists on these commitments to buy to the same extent as if the securities were owned on a settled basis and gains and losses are recorded and reported in the same manner. The Fund may receive an ongoing commitment fee based on the undrawn portion of the underlying loan facility, which is recorded as a component of Interest income from non-affiliates on the Statement of Operations.

At December 31, 2018, the Fund did not have any outstanding unfunded loan commitments.

E. Futures Contracts — The Fund used treasury, index and other financial futures contracts to gain or reduce exposure to the stock and bond markets, maintain liquidity or minimize transactions costs. The Fund also bought futures contracts to invest incoming cash in the market or sold futures in response to cash outflows, thereby simulating an invested position in the underlying index while maintaining a cash balance for liquidity.

Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Fund is required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Fund periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as Change in net unrealized appreciation/depreciation on the Statement of Operations. Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported on the Statement of Operations at the closing or expiration of the futures contract. Securities deposited as initial margin are designated on the SOI and cash deposited, which is considered restricted, is recorded on the Statement of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statement of Assets and Liabilities.

The use of futures contracts exposes the Fund to equity price risk, foreign exchange risk and interest rate risk. The Fund may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subjects the Fund to risk of loss in excess of the amounts shown on the Statement of Assets and Liabilities, up to the notional amount of the futures contracts. Use of short futures contracts subjects the Fund to unlimited risk of loss. The Fund may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Fund’s credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of positions.

The table below discloses the volume of the Fund’s futures contracts activity during the six months ended December 31, 2018 (amounts in thousands):

Futures Contracts:
Equity
Average Notional Balance Long	$	105,141
Average Notional Balance Short		48,022
Ending Notional Balance Long		88,692
Ending Notional Balance Short		67,959
Foreign Exchange
Average Notional Balance Long		36,477	(a)
Ending Notional Balance Long		36,477
Interest Rate
Average Notional Balance Long		168,104
Average Notional Balance Short		73,390
Ending Notional Balance Long		191,482
Ending Notional Balance Short		35,039

(a) For the period December 1, 2018 through December 31, 2018.

The Fund’s future contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).

F. Forward Foreign Currency Exchange Contracts — The Fund may be exposed to foreign currency risks associated with some or all of the portfolio investments and used forward foreign currency exchange contracts to hedge or manage certain of these exposures as part of the investment strategy. The Fund also bought forward foreign currency exchange contracts to gain exposure to currencies. Forward foreign currency exchange

DECEMBER 31, 2018 J.P. MORGAN FUNDS 71

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in U.S. dollar without the delivery of foreign currency.

The values of the forward foreign currency exchange contracts are adjusted daily based on the applicable exchange rate of the underlying currency. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract settlement date. When the forward foreign currency exchange contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time the contract was opened and the value at the time it was closed. The Fund also records a realized gain or loss when a forward foreign currency exchange contract offsets another forward foreign currency exchange contract with the same counterparty upon settlement.

The Fund’s forward foreign currency exchange contracts are subject to master netting arrangements (the right to close out all transactions with a counterparty and net amounts owed or due across transactions).

The Fund may be required to post or receive collateral for non-deliverable forward foreign currency exchange contracts.

The table below discloses the volume of the Fund’s forward foreign currency exchange contracts activity during the six months ended December 31, 2018 (amounts in thousands):

Forward Foreign Currency Exchange Contracts:
Average Settlement Value Purchased	$	350,101
Average Settlement Value Sold		280,689
Ending Settlement Value Purchased		590,277
Ending Settlement Value Sold		394,354

G. Summary of Derivatives Information — The following table presents the value of derivatives held as of December 31, 2018, by their primary underlying risk exposure and respective location on the Statement of Assets and Liabilities (amounts in thousands):

Derivative Contracts	Statement of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)			Forward Foreign Currency Exchange Contracts			Total
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation	$	2,263		$	—		$	2,263
Foreign exchange contracts	Receivables, Net Assets — Unrealized Appreciation		1,197			7,350			8,547
Equity contracts	Receivables, Net Assets — Unrealized Appreciation		1,470			—			1,470
Total		$	4,930		$	7,350		$	12,280
Gross Liabilities:
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation	$	(232	)	$	—		$	(232	)
Foreign exchange contracts	Payables		—			(10,463	)		(10,463	)
Equity contracts	Payables, Net Assets — Unrealized Depreciation		(3,436	)		—			(3,436	)
Total		$	(3,668	)	$	(10,463	)	$	(14,131	)

(a) This amount represents the cumulative appreciation (depreciation) of futures contracts as reported on the SOI. The Statement of Assets and Liabilities only reflects the current day variation margin receivable/payable from/to brokers.

The Fund is party to various derivative contracts governed by International Swaps and Derivatives Association master agreements (“ISDA agreements”). The Fund’s ISDA agreements, which are separately negotiated with each dealer counterparty, may contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Fund in the event the Fund’s net assets decline over time by a pre-determined percentage or fall below a pre-determined floor. The ISDA agreements may also contain provisions allowing, absent other conditions, the Fund to exercise rights, to the extent not otherwise waived, against a counterparty (e.g., decline in a counterparty’s credit rating below a specified level). Such rights for both a counterparty and the Fund often include the ability to terminate (i.e., close out) open contracts at prices which may favor a counterparty, which could have an adverse effect on the Fund. The ISDA agreements give the Fund and a counterparty the right, upon an event of default, to close out all transactions traded under such agreements and to net amounts owed or due across all transactions and offset such net payable or receivable with collateral posted to a segregated account by one party to the other.

72 J.P. MORGAN FUNDS DECEMBER 31, 2018

The following tables present the Fund’s gross derivative assets and liabilities by counterparty net of amounts available for offset under netting arrangements and any related collateral received or posted by the Fund as of December 31, 2018 (amounts in thousands):

Counterparty	Gross Amount of Derivative Assets Subject to Netting Arrangements Presented on the Statement of Assets and Liabilities (a)		Derivatives Available for offset			Collateral Received		Net Amount Due From Counterparty (Not less than zero)
Barclays Bank plc	$	437	$	—		$	—	$	437
BNP Paribas		288		(2	)		—		286
Citibank, NA		2,049		(1,942	)		—		107
Credit Suisse International		511		(453	)		—		58
Goldman Sachs International		3,166		(3,166	)		—		—
HSBC Bank, NA		498		(498	)		—		—
Merrill Lynch International		81		(59	)		—		22
National Australia Bank Ltd.		269		(44	)		—		225
State Street Corp.		20		(20	)		—		—
TD Bank Financial Group		24		(24	)		—		—
Union Bank of Switzerland AG		7		(7	)		—		—
	$	7,350	$	(6,215	)	$	—	$	1,135

Counterparty	Gross Amount of Derivative Liabilities Subject to Netting Arrangements Presented on the Statement of Assets and Liabilities (a)		Derivatives Available for Offset			Collateral Posted		Net Amount Due To Counterparty (Not less than zero)
BNP Paribas	$	2	$	(2	)	$	—	$	—
Citibank, NA		1,942		(1,942	)		—		—
Credit Suisse International		453		(453	)		—		—
Deutsche Bank AG		21		—			—		21
Goldman Sachs International		4,579		(3,166	)		—		1,413
HSBC Bank, NA		983		(498	)		—		485
Merrill Lynch International		59		(59	)		—		—
Morgan Stanley		768		—			—		768
National Australia Bank Ltd.		44		(44	)		—		—
Royal Bank of Canada		27		—			—		27
State Street Corp.		146		(20	)		—		126
TD Bank Financial Group		1,142		(24	)		—		1,118
Union Bank of Switzerland AG		297		(7	)		—		290
	$	10,463	$	(6,215	)	$	—	$	4,248

(a) For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities subject to master netting arrangements on the Statement of Assets and Liabilities.

The following tables present the effect of derivatives on the Statement of Operations for the six months ended December 31, 2018, by primary underlying risk exposure (amounts in thousands):

Amount of Realized Gain (Loss) on Derivatives Recognized in Statement of Operations
Derivative Contracts	Futures Contracts			Forward Foreign Currency Exchange Contracts		Total
Interest rate contracts	$	(2,260	)	$	—	$	(2,260	)
Foreign exchange contracts		(221	)		1,440		1,219
Equity contracts		(7,939	)		—		(7,939	)
Total	$	(10,420	)	$	1,440	$	(8,980	)

DECEMBER 31, 2018 J.P. MORGAN FUNDS 73

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statement of Operations
Derivative Contracts	Futures Contracts		Forward Foreign Currency Exchange Contracts			Total
Interest rate contracts	$	682	$	—		$	682
Foreign exchange contracts		1,197		(4,036	)		(2,839	)
Equity contracts		872		—			872
Total	$	2,751	$	(4,036	)	$	(1,285	)

The Fund’s derivatives contracts held at December 31, 2018 are not accounted for as hedging instruments under GAAP.

H. Investment Transactions with Affiliates — The Fund invested in Underlying Funds which are advised by the Adviser or its affiliates. An issuer which is under common control with the Fund may be considered an affiliate. For the purposes of the financial statements, the Fund assumes the issuers listed in the table below to be affiliated issuers. Underlying Funds’ distributions may be reinvested into the Underlying Funds. Reinvestment amounts are included in the purchase cost amounts in the table below. Amounts in the table below are in thousands.

For the six months ended December 31, 2018
Security Description	Value at June 30, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2018		Shares at December 31, 2018		Dividend Income		Capital Gain Distributions
JPMorgan Core Plus Bond Fund Class R6 Shares (a)	$	78,477	$	43,238	$	58,985	$	(1,178	)	$	673		$	62,225		7,759	$	1,453	$	—
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a)		43,093		3,960		3,880		(231	)		(4,417	)		38,525		1,545		401		—
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		25,073		208		25,250		(757	)		839			113		15		208		—
JPMorgan Floating Rate Income Fund Class R6 Shares (a)		38,240		11,099		4,768		(144	)		(1,828	)		42,599		4,760		1,092		—
JPMorgan Managed Income Fund Class L Shares (a)		—		41,300		13,527		(14	)		3			27,762		2,776		97		5
JPMorgan Mid Cap Equity Fund Class R6 Shares (a)		27,773		4,391		6,636		1,303			(6,505	)		20,326		490		174		2,237
JPMorgan Prime Money Market Fund Class Institutional Shares, 2.55% (a) (b)		—		1,538		667		—			—			871		871		2		—
JPMorgan Prime Money Market Fund, IM Shares Class IM Shares, 2.61% (a) (b)		—		92,380		75,064		—			—			17,316		17,314		58		—
JPMorgan U.S. Government Money Market Fund Class IM Shares (a)		13,988		164,787		178,775		—			—			—		—		174		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares (a)		1,394		2,485		3,879		—			—			—		—		13		—
Total	$	228,038	$	365,386	$	371,431	$	(1,021	)	$	(11,235	)	$	209,737			$	3,672	$	2,242

(a) Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.

(b) The rate shown is the current yield as of December 31, 2018.

I. Foreign Currency Translation — The books and records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the prevailing exchange rates of such currencies against the U.S. dollar. The market value of investment securities and other assets and liabilities are translated at the exchange rate as of the valuation date. Purchases and sales of investment securities, income and expenses are translated at the exchange rate prevailing on the respective dates of such transactions.

The Fund does not isolate the effect of changes in foreign exchange rates from changes in market prices on securities held. Accordingly, such changes are included within Change in net unrealized appreciation/depreciation on investments on the Statement of Operations.

Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Fund’s books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses are included in Net realized gain (loss) on foreign currency transactions on the Statement of Operations. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other

74 J.P. MORGAN FUNDS DECEMBER 31, 2018

assets and liabilities denominated in foreign currencies, which are held at period end and are included in Change in net unrealized appreciation/depreciation on foreign currency translations on the Statement of Operations.

J. Security Transactions and Investment Income — Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis. Interest income is determined on the basis of coupon interest accrued using the effective interest method which adjusts for amortization of premiums and accretion of discounts. Dividend income net of foreign taxes withheld, if any, and distributions of net investment income and realized capital gains from the Underlying Funds, if any, are recorded on the ex-dividend date or when the Fund first learns of the dividend. Certain Funds may receive other income from investment in loan assignments and/or unfunded commitments, including amendment fees, consent fees and commitment fees. These fees are recorded as income when received by the Fund. These amounts are included in Interest Income from non-affiliates on the Statement of Operations.

To the extent such information is publicly available, the Fund records distributions received in excess of income earned from underlying investments as a reduction of cost of investments and/or realized gain. Such amounts are based on estimates if actual amounts are not available and actual amounts of income, realized gain and return of capital may differ from the estimated amounts. The Fund adjusts the estimated amounts of the components of distributions (and consequently its net investment income) as necessary once the issuers provide information about the actual composition of the distributions.

K. Allocation of Income and Expenses — Expenses directly attributable to a fund are charged directly to that fund, while the expenses attributable to more than one fund of the Trust are allocated among the respective funds. In calculating the NAV of each class, investment income, realized and unrealized gains and losses and expenses, other than class-specific expenses, are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day.

Transfer agency fees are class-specific. The amount of the transfer agency fees charged to each class of the Fund for the six months ended December 31, 2018 are as follows (amounts in thousands):

	Class A		Class C		Class I		Class L		Class R6		Total
Transfer agency fees	$	24	$	1	$	3	$	2	$	4	$	34

The Fund invested in Underlying Funds and, as a result, bears a portion of the expenses incurred by these Underlying Funds. These expenses are not reflected in the expenses shown on the Statement of Operations and are not included in the ratio to average net assets shown on the Financial Highlights. Certain expenses of affiliated Underlying Funds are waived as described in Note 3.F.

L. Federal Income Taxes — The Fund is treated as a separate taxable entity for Federal income tax purposes. The Fund’s policy is to comply with the provisions of the Internal Revenue Code (the “Code”), applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Fund’s tax positions for all open tax years and has determined that as of December 31, 2018, no liability for income tax is required in the Fund’s financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. The Fund’s Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

M. Foreign Taxes — The Fund may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests. When a capital gain tax is determined to apply, the Fund records an estimated deferred tax liability in an amount that would be payable if the securities were disposed of on the valuation date.

N. Distributions to Shareholders — Distributions from net investment income, if any, are generally declared and paid quarterly and are declared separately for each class. No class has preferential dividend rights; differences in per share rates are due to differences in separate class expenses. Net realized capital gains, if any, are distributed at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federal tax-basis treatment.

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to an Investment Advisory Agreement, the Adviser supervises the investments of the Fund and for such services is paid a fee. The fee is accrued daily and paid monthly at an annual rate of 0.55% of the Fund’s average daily net assets.

The Adviser waived Investment Advisory fees and/or reimbursed expenses as outlined in Note 3.F.

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator provides certain administration services to the Fund. In consideration of these services during the six months ended December 31, 2018, the Administrator received a fee that was accrued daily and paid monthly at an annual rate of 0.15% of the first $25 billion of the average daily net assets of all funds in the J.P. Morgan Funds Complex covered by the Administration Agreement (excluding certain funds of funds and money market funds) and 0.075% of the average daily net assets in excess of $25 billion of all such funds. For the six months ended December 31, 2018, the effective annualized rate was 0.08% of the Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

DECEMBER 31, 2018 J.P. MORGAN FUNDS 75

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

The Administrator waived Administration fees as outlined in Note 3.F.

Effective January 1, 2019, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.075% of the first $10 billion of the Fund’s average daily net assets, 0.050% of the Fund’s average daily net assets between $10 billion and $20 billion, 0.025% of the Fund’s average daily net assets between $20 billion and $25 billion and 0.01% of the Fund’s daily average net assets in excess of $25 billion.

JPMorgan Chase Bank, N.A. (“JPMCB”), a wholly-owned subsidiary of JPMorgan, serves as the Fund’s sub-administrator (the “Sub-administrator”). For its services as Sub-administrator, JPMCB receives a portion of the fees payable to the Administrator.

C. Distribution Fees — Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (“JPMDS”), an indirect, wholly-owned subsidiary of JPMorgan, serves as the Trust’s principal underwriter and promotes and arranges for the sale of the Fund’s shares. The Board has adopted a Distribution Plan (the “Distribution Plan”) for Class A and Class C Shares of the Fund in accordance with Rule 12b-1 under the 1940 Act. The Class I, Class L and Class R6 Shares do not charge a distribution fee. The Distribution Plan provides that the Fund shall pay distribution fees, including payments to JPMDS, at annual rates of 0.25% and 0.75% of the average daily net assets of Class A and Class C Shares, respectively.

In addition, JPMDS is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the six months ended December 31, 2018, JPMDS retained the following (amounts in thousands):

Front-End Sales Charge		CDSC
$	2	$	—

D. Service Fees — The Trust, on behalf of the Fund, has entered into a Shareholder Servicing Agreement with JPMDS under which JPMDS provides certain support services to the shareholders. For performing these services, JPMDS receives a fee, except for Class R6 Shares which do not charge a service fee, that is accrued daily and paid monthly equal to a percentage of the average daily net assets as shown in the table below:

Class A			Class C			Class I			Class L
	0.25	%		0.25	%		0.25	%		0.10	%

JPMDS has entered into shareholder services contracts with affiliated and unaffiliated financial intermediaries who provide shareholder services and other related services to their clients or customers who invest in the Fund under which JPMDS will pay all or a portion of such fees earned to financial intermediaries for performing such services.

JPMDS waived service fees as outlined in Note 3.F.

E. Custodian and Accounting Fees — JPMCB provides portfolio custody and accounting services to the Fund. For performing these services, the Fund pays JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses. The amounts paid directly to JPMCB by the Fund for custody and accounting services are included in Custodian and accounting fees on the Statement of Operations. Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the Statement of Operations. Prior to March 1, 2018, payments to the custodian were reduced by credits earned by the Fund, based on uninvested cash balances held by the custodian. Such earnings credits, if any, are presented separately on the Statement of Operations.

Interest expense paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates on the Statement of Operations.

F. Waivers and Reimbursements — The Adviser, Administrator and/or JPMDS have contractually agreed to waive fees and/or reimburse the Fund to the extent that total annual operating expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation and extraordinary expenses) exceed the percentages of the Fund’s respective average daily net assets as shown in the table below:

Class A			Class C			Class I			Class L			Class R6
	1.08	%		1.58	%		0.83	%		0.65	%		0.58	%

The expense limitation agreements were in effect for the six months ended December 31, 2018 and are in place until at least October 31, 2019.

For the six months ended December 31, 2018, the Fund’s service providers waived fees and/or reimbursed expenses for the Fund as follows (amounts in thousands). None of these parties expect the Fund to repay any such waived fees and reimbursed expenses in future years.

Contractual Waivers
Investment Advisory Fees		Service Fees		Total		Contractual Reimbursements
$	811	$	69	$	880	$	1

76 J.P. MORGAN FUNDS DECEMBER 31, 2018

In addition, the Fund’s service providers have voluntarily waived fees during the six months ended December 31, 2018. However, the Fund’s service providers are under no obligation to do so and may discontinue such voluntary waivers at any time. Amounts in the table below are in thousands.

Voluntary Waivers
Investment Advisory Fees		Administration Fees		Total
$	356	$	181	$	537

Additionally, the Fund may invest in one or more money market funds advised by the Adviser or its affiliates (affiliated money market funds). The Adviser, Administrator and/or JPMDS, as shareholder servicing agent, have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the Fund’s investment in such affiliated money market fund.

The amount of waivers resulting from investments in these money market funds for the six months ended December 31, 2018, was approximately $18,000.

The Underlying Funds may impose separate advisory and service fees. The Fund’s Adviser and/or JPMDS have agreed to waive the Fund’s fees in the weighted average pro-rata amount of the advisory and service fees charged by the Underlying Funds. These waivers may be in addition to any waivers required to meet the Fund’s contractual expense limitations, but will not exceed the Fund’s advisory fee and/or services fees.

G. Other — Certain officers of the Trust are affiliated with the Adviser, the Administrator and JPMDS. Such officers, with the exception of the Chief Compliance Officer, receive no compensation from the Fund for serving in their respective roles.

The Board appointed a Chief Compliance Officer to the Fund in accordance with Federal securities regulations. The Fund, along with other affiliated funds, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the Office of the Chief Compliance Officer. Such fees are included in Trustees’ and Chief Compliance Officer’s fees on the Statement of Operations.

The Trust adopted a Trustee Deferred Compensation Plan (the “Plan”) which allows the Independent Trustees to defer the receipt of all or a portion of compensation related to performance of their duties as Trustees. The deferred fees are invested in various J.P. Morgan Funds until distribution in accordance with the Plan.

During the six months ended December 31, 2018, the Fund purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.

The Fund may use related party broker-dealers. For the six months ended December 31, 2018, the Fund did not incur any brokerage commissions with broker-dealers affiliated with the Adviser.

The Securities and Exchange Commission (“SEC”) has granted an exemptive order permitting the Fund to engage in principal transactions with J.P. Morgan Securities, Inc., an affiliated broker, involving taxable money market instruments, subject to certain conditions.

4. Investment Transactions

During the six months ended December 31 2018, purchases and sales of investments (excluding short-term investments) were as follows (amounts in thousands):

Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)		Purchases of U.S. Government		Sales of U.S. Government
$	385,629	$	518,967	$	18,793	$	22,052

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at December 31, 2018 were as follows (amounts in thousands):

Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	947,817	$	131,384	$	53,592	$	77,792

As of June 30, 2018, the Fund did not have any net capital loss carryforward.

6. Borrowings

The Fund relies upon an exemptive order granted by the SEC (the “Order”) permitting the establishment and operation of an Interfund Lending Facility (the “Facility”). The Facility allows the Fund to directly lend and borrow money to or from any other fund relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing

DECEMBER 31, 2018 J.P. MORGAN FUNDS 77

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

restrictions. The Interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. The Order was granted to JPMorgan Trust II and may be relied upon by the Fund because the Fund and the series of JPMorgan Trust II are both investment companies in the same “group of investment companies” (as defined in Section 12(d)(1)(G) of the 1940 Act).

The Trust and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Fund. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until November 4, 2019.

The Fund had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility at December 31, 2018. Average borrowings from the Facility during the six months ended December 31, 2018, were as follows (amounts in thousands, except number of days outstanding):

Average Borrowings		Average Interest Rate Paid			Number of Days Outstanding		Interest Paid
$	32,679		2.96	%		1	$	3

The Trust, along with certain other trusts (“Borrowers”), has entered into a joint syndicated senior unsecured revolving credit facility totaling $1.5 billion (“Credit Facility”) with various lenders and The Bank of New York Mellon, as administrative agent for the lenders. This Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Under the terms of the Credit Facility, a borrowing fund must have a minimum of $25,000,000 in adjusted net asset value and not exceed certain adjusted net asset coverage ratios prior to and during the time in which any borrowings are outstanding. If a fund does not comply with the aforementioned requirements, the fund must remediate within three business days with respect to the $25,000,000 minimum adjusted net asset value or within one business day with respect to certain asset coverage ratios or the administrative agent at the request of, or with the consent of, the lenders may terminate the Credit Facility and declare any outstanding borrowings to be due and payable immediately.

Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.00% plus the greater of the federal funds effective rate or one month LIBOR. The annual commitment fee to maintain the Credit Facility is 0.15% and is incurred on the unused portion of the Credit Facility and is allocated to all participating funds pro rata based on their respective net assets. Effective August 14, 2018, this agreement has been amended and restated for a term of 364 days, unless extended.

The Fund did not utilize the Credit Facility during the six months ended December 31, 2018.

7. Risks, Concentrations and Indemnifications

In the normal course of business, the Fund enters into contracts that contain a variety of representations which provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be brought against the Fund. However, based on experience, the Fund expects the risk of loss to be remote.

As of December 31, 2018, the Fund had five affiliated omnibus accounts and two non-affiliated individual accounts which owned 14.6% in aggregate and 29.0% of the Fund’s outstanding shares, respectively.

Significant shareholder transactions by these shareholders may impact the Fund’s performance.

Because of the Fund’s investments in the Underlying Funds, the Fund indirectly pays a portion of the expenses incurred by the Underlying Funds. As a result, the cost of investing in the Fund may be higher than the cost of investing in a mutual fund that invests directly in individual securities and financial instruments. The Fund is also subject to certain risks related to the Underlying Funds’ investments in securities and financial instruments such as fixed income securities, including high yield, asset-backed and mortgage-related securities, equity securities, foreign and emerging markets securities, and real estate securities. These securities are subject to risks specific to their structure, sector or market.

In addition, the Underlying Funds may use derivative instruments in connection with their individual investment strategies including futures, forward foreign currency exchange contracts, options, swaps and other derivatives, which are also subject to specific risks related to their structure, sector or market and may be riskier than investments in other types of securities.

Specific risks and concentrations present in the affiliated Underlying Funds are disclosed within their individual financial statements and registration statements, as appropriate.

The Fund is subject to interest rate and credit risk. The value of debt securities may decline as interest rates increase. The Fund could lose money if the issuer of a fixed income security is unable to pay interest or repay principal when it is due. The Fund invests in floating rate loans and other floating rate debt securities. Although these investments are generally less sensitive to interest rate changes than other fixed rate instruments, the value of floating rate loans and other floating rate investments may decline if their interest rates do not rise as quickly, or as much, as general interest rates. Many factors can cause interest rates to rise. Some examples include central bank monetary policy, rising inflation rates and general economic conditions. Given that the Federal Reserve has been raising interest rates and may continue to do so, the Fund may face a heightened level of interest rate risk. The ability of the issuers of debt to meet their obligations may be affected by the economic and political developments in a specific industry or region.

78 J.P. MORGAN FUNDS DECEMBER 31, 2018

The Fund is subject to risks associated with securities with contractual cash flows including asset-backed and mortgage-related securities such as collateralized mortgage obligations, mortgage pass-through securities and commercial mortgage-backed securities, including securities backed by sub-prime mortgage loans. The value, liquidity and related income of these securities are sensitive to changes in economic conditions, including real estate value, prepayments, delinquencies and/or defaults, and may be adversely affected by shifts in the market’s perception of the issuers and changes in interest rates.

The Fund may have elements of risk not typically associated with investments in the United States of America due to concentrated investments in a limited number of countries or regions, which may vary throughout the year depending on the Fund. Such concentrations may subject the Fund to additional risks resulting from political or economic conditions in such countries or regions and the possible imposition of adverse governmental laws or currency exchange restrictions could cause the securities and their markets to be less liquid and their prices to be more volatile than those of comparable U.S. securities.

The Fund invests in preferred securities. These securities are typically issued by corporations, generally in the form of interest bearing notes with preferred security characteristics and may include provisions that permit the issuer, in its discretion, to defer or omit distributions for a certain period of time.

8. New Accounting Pronouncement

In March 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2017-08 (“ASU 2017-08”) Premium Amortization on Purchased Callable Debt Securities, which shortens the premium amortization period for purchased non-contingently callable debt securities. ASU 2017-08 requires that the premium be amortized to the earliest call date, for purchased non-contingently callable debt securities. ASU 2017-08 is effective for the fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. We have evaluated the implications of these changes and the amendments will have no effect on the Fund’s net assets or results of operations.

In August 2018, the FASB issued ASU 2018-13 Fair Value Measurement (Topic 820): Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement, which adds, removes, and modifies certain aspects of the fair value disclosure. ASU 2018-13 amendments are the result of a broader disclosure project, FASB Concepts Statement Conceptual Framework for Financial Reporting — Chapter 8: Notes to Financial Statements, to improve the effectiveness of the fair value disclosure requirements. ASU 2018-13 is effective for the fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019; early adoption is permitted. We have evaluated the implications of these changes and the amendments are included in the financial statements, which had no effect to the Fund’s net assets or results of operation.

In August 2018, the SEC adopted their Disclosure Update and Simplification Rule (the “Rule”). The Rule is part of the SEC’s overall project to improve disclosure effectiveness by amending certain disclosure requirements that have become redundant, duplicative, overlapping, outdated, or superseded in light of other SEC disclosure requirements, U.S. GAAP, or changes in the information environment. The amendments are intended to facilitate the disclosure of information to investors and simplify compliance without significantly altering the total mix of information provided to investors. We have evaluated the implications of these changes and the amendments are included in the financial statements, which had no effect on the Fund’s net assets or results of operation.

DECEMBER 31, 2018 J.P. MORGAN FUNDS 79

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund (not including expenses of the Underlying Funds) and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, July 1, 2018, and continued to hold your shares at the end of the reporting period, December 31, 2018.

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees, and expenses of the Underlying Funds. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

	Beginning Account Value July 1, 2018		Ending Account Value December 31, 2018		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Diversified Fund
Class A
Actual	$	1,000.00	$	932.10	$	4.82		0.99	%
Hypothetical		1,000.00		1,020.21		5.04		0.99
Class C
Actual		1,000.00		929.80		7.25		1.49
Hypothetical		1,000.00		1,017.69		7.58		1.49
Class I
Actual		1,000.00		933.00		3.61		0.74
Hypothetical		1,000.00		1,021.48		3.77		0.74
Class L
Actual		1,000.00		934.40		2.73		0.56
Hypothetical		1,000.00		1,022.38		2.85		0.56
Class R6
Actual		1,000.00		934.10		2.39		0.49
Hypothetical		1,000.00		1,022.74		2.50		0.49

* Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

80 J.P. MORGAN FUNDS DECEMBER 31, 2018

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited)

The Board of Trustees has established various standing committees composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment committees (money market and alternative products, equity, and fixed income) meet regularly throughout the year and consider factors that are relevant to their annual consideration of investment advisory agreements at each meeting. They also meet for the specific purpose of considering investment advisory agreement annual renewals. The Board of Trustees held meetings in person in June and August 2018 at which the Trustees considered the continuation of the investment advisory agreement for the Fund whose semi-annual report is contained herein (the “Advisory Agreement”). At the June meeting, the Board’s investment committees met to review and consider performance, expense and related information for the Fund and the other J.P. Morgan Funds overseen by the Board in which the Fund may invest (“Underlying Funds”). Each investment committee reported to the full Board, which then considered the investment committee’s preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not “interested persons” (as defined in the 1940 Act) of any party to the Advisory Agreement or any of their affiliates, approved the continuation of the Advisory Agreement on August 15, 2018.

As part of their review of the Advisory Agreement, the Trustees considered and reviewed performance and other information about the Fund and Underlying Funds received from the Adviser. This information includes the Fund’s and Underlying Funds’ performance as compared to the performance of the Fund’s and Underlying Funds’ peers and benchmarks and analyses by the Adviser of the Fund’s and Underlying Funds’ performance. In addition, the Trustees have engaged an independent management consulting firm (“independent consultant”) to report on the performance of certain J.P. Morgan Funds at each of the Trustees’ regular meetings. In addition, in preparation for the June and August meetings, the Trustees requested, received and evaluated extensive materials from the Adviser, including, with respect to the Fund and/or Underlying Funds, performance and expense information compiled by Broadridge, using data from Lipper Inc., independent providers of investment company data (together, “Broadridge/Lipper”). The Trustees’ independent consultant also provided additional analyses of the performance of the Fund and/or Underlying Funds as compared to the Fund’s and/or Underlying Funds’ objectives and peer groups. Before voting on the Advisory Agreement, the Trustees reviewed the Advisory Agreement with representatives of the Adviser, counsel to the Trust and independent legal counsel and received a memorandum from independent legal counsel to the Trustees discussing the legal standards for their consideration of the Advisory

Agreement. The Trustees also discussed the Advisory Agreement in executive sessions with independent legal counsel at which no representatives of the Adviser were present.

A summary of the material factors evaluated by the Trustees in determining whether to approve the Advisory Agreement is provided below. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. The Trustees considered information provided with respect to the Fund and Underlying Funds throughout the year, as well as materials furnished specifically in connection with the annual review process. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions.

After considering and weighing the factors and information they had received, the Trustees found that the compensation to be received by the Adviser from the Fund under the Advisory Agreement was fair and reasonable under the circumstances and determined that the continuance of the Advisory Agreement was in the best interests of the Fund and its shareholders.

Nature, Extent and Quality of Services Provided by the Adviser

The Trustees received and considered information regarding the nature, extent and quality of services provided to the Fund under the Advisory Agreement. The Trustees took into account information furnished throughout the year at Trustee meetings, as well as the materials furnished specifically in connection with this annual review process. The Trustees considered the background and experience of the Adviser’s senior management and the expertise of, and the amount of attention given to the Fund by, investment personnel of the Adviser. In addition, the Trustees reviewed the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of the Fund and the infrastructure supporting the team, including personnel changes. The Trustees also considered information provided by the Adviser and JPMorgan Distribution Services, Inc. (“JPMDS”) about the structure and distribution strategy of the Fund. The Trustees reviewed information relating to the Adviser’s risk governance model and reports showing the Adviser’s compliance structure and ongoing compliance processes. The Trustees also considered the quality of the administrative services provided by the Adviser in its role as administrator.

The Trustees also considered their knowledge of the nature and quality of the services provided by the Adviser and its affiliates to the Fund and Underlying Funds gained from their experience as Trustees of the J.P. Morgan Funds. In addition, they considered the overall reputation and capabilities of the Adviser and its affiliates, the commitment of the Adviser to provide high quality service to the Fund and Underlying Funds, their overall confidence in the Adviser’s integrity and the Adviser’s responsiveness to questions or concerns raised by them, including the Adviser’s willingness to consider and implement

DECEMBER 31, 2018 J.P. MORGAN FUNDS 81

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited) (continued)

organizational and operational changes designed to improve investment results and the services provided to the Fund and Underlying Funds.

Based upon these considerations and other factors, the Trustees concluded that they were satisfied with the nature, extent and quality of the investment advisory services provided to the Fund by the Adviser.

Costs of Services Provided and Profitability to the Adviser and its Affiliates

The Trustees received and considered information regarding the profitability to the Adviser and its affiliates in providing services to the Fund and Underlying Funds. The Trustees reviewed and discussed this information. The Trustees recognized that this information is not audited and represents the Adviser’s determination of its and its affiliates’ revenues from the contractual services provided to the Fund, less expenses of providing such services. Expenses include direct and indirect costs and are calculated using an allocation methodology developed by the Adviser. The Trustees also recognized that it is difficult to make comparisons of profitability from fund investment advisory contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the fact that publicly-traded fund managers’ operating profits and net income are net of distribution and marketing expenses. Based upon their review, the Trustees concluded that the profitability to the Adviser under the Advisory Agreement was not unreasonable in light of the services and benefits provided to the Fund.

The Trustees also considered that JPMDS, an affiliate of the Adviser, and the Adviser earn fees from the Fund and/or Underlying Funds for providing shareholder and administrative services, respectively. These fees were shown separately in the profitability analysis presented to the Trustees. The Trustees also considered the payments of Rule 12b-1 fees to JPMDS, which also acts as the Fund’s distributor and that these fees are in turn generally paid to financial intermediaries that sell the Fund, including financial intermediaries that are affiliates of the Adviser. The Trustees also considered the fees paid to JPMorgan Chase Bank, N.A. (“JPMCB”) for custody and fund accounting and other related services for the Fund and/or Underlying Funds.

Fall-Out Benefits

The Trustees reviewed information regarding potential “fall-out” or ancillary benefits received by the Adviser and its affiliates as a result of their relationship with the J.P. Morgan Funds, including the benefits received by the Adviser and its affiliates in connection with the Fund’s investments in the

Underlying Funds. The Trustees also reviewed the Adviser’s allocation of fund brokerage for the J.P. Morgan Funds complex, including allocations to brokers who provide research to the Adviser.

Economies of Scale

The Trustees considered the extent to which the Fund may benefit from economies of scale. The Trustees considered that there may not be a direct relationship between economies of scale realized by the Fund and those realized by the Adviser as assets increase. The Trustees considered the extent to which the Fund was priced to scale and whether it would be appropriate to add advisory fee breakpoints, but noted that the Fund has implemented fee waivers and contractual expense limitations (“Fee Caps”) which allows the Fund’s shareholders to share potential economies of scale from the Fund’s inception and that the fees remain competitive with peer funds. The Trustees also considered that the Adviser has added or enhanced services to the Fund over time, noting the Adviser’s substantial investments in its business in support of the Fund, including investments in trading systems and technology (including cybersecurity improvements), attraction and retention of key talent, additions to analyst and portfolio management teams, and regulatory support enhancements. The Trustees concluded that the current fee structure was reasonable in light of the Fee Caps that the Adviser has in place that serve to limit the overall net expense ratios of the Fund at competitive levels. The Trustees concluded that the Fund’s shareholders received the benefits of potential economies of scale through the Fee Caps and the Adviser’s reinvestment in its operations to serve the Fund and its shareholders.

Independent Written Evaluation of the Fund’s Senior Officer

The Trustees noted that, upon their direction, the Senior Officer for the Fund had prepared an independent written evaluation in order to assist the Trustees in determining the reasonableness of the proposed management fees. The Trustees considered the written evaluation in determining whether to continue the Advisory Agreement.

Fees Relative to Adviser’s Other Clients

The Trustees received and considered information about the nature and extent of investment advisory services and fee rates offered to other clients of the Adviser, including institutional separate accounts and/or funds sub-advised by the Adviser, for investment management styles substantially similar to that of the Fund. The Trustees considered the complexity of investment management for registered mutual funds relative to the Adviser’s other clients and noted differences in the regulatory, legal and other risks and responsibilities of providing services to the different clients. The Trustees considered that serving as an adviser to a registered mutual fund involves greater responsibilities and risks than acting as a sub-adviser and

82 J.P. MORGAN FUNDS DECEMBER 31, 2018

observed that sub-advisory fees may be lower than those charged by the Adviser to the Fund. The Trustees also noted that the adviser, not the mutual fund, pays the sub-advisory fee and that many responsibilities related to the advisory function are retained by the primary adviser. The Trustees concluded that the fee rates charged to the Fund in comparison to those charged to the Adviser’s other clients were reasonable.

Investment Performance

The Trustees received and considered absolute and/or relative performance information for the Fund in a report prepared by Broadridge/Lipper. The Trustees considered the total return performance information, which included the ranking of the Fund within a performance universe made up of funds with the same Broadridge/Lipper investment classification and objective (the “Universe”), as well as a subset of funds within the Universe (the “Peer Group”), by total return for applicable one-, three- and five-year periods. The Trustees reviewed a description of Broadridge/Lipper’s methodology for selecting mutual funds in the Fund’s Peer Group and Universe. The Broadridge/Lipper materials provided to the Trustees highlighted information with respect to certain representative classes to assist the Trustees in their review. As part of this review, the Trustees also reviewed the Fund’s performance against its benchmark and considered the performance information provided for the Fund at regular Board meetings by the Adviser and the Trustees’ independent consultant and also considered the special analysis prepared by the Trustees’ independent consultant. The Trustees also engaged with the Adviser to consider what steps might be taken to improve performance, as applicable. The Broadridge/Lipper performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to the Fund’s performance for certain representative classes are summarized below:

The Trustees noted that the Fund’s performance for Class A shares was in the first, second and fifth quintiles based upon the Peer Group, and in the second, third and fourth quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2017, respectively. The Trustees noted that the performance for the Class I shares was in the first, first and third quintiles based upon the Peer Group, and in the second, third and third quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31,

2017, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory under the circumstances.

Advisory Fees and Expense Ratios

The Trustees considered the contractual advisory fee rate and administration fee rate paid by the Fund to the Adviser and compared the combined rate to the information prepared by Broadridge/Lipper concerning management fee rates paid by other funds in the same Broadridge/Lipper category as the Fund. The Trustees recognized that Broadridge/Lipper reported the Fund’s management fee rate as the combined contractual advisory fee and administration fee rates. The Trustees also reviewed information about other expenses and the expense ratios for the Fund. The Trustees considered the Fee Caps currently in place for the Fund and considered the net advisory fee rate after taking into account any waivers and/or reimbursements, and where deemed appropriate by the Trustees, additional waivers and/or reimbursements. The Trustees recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The Trustees’ determinations as a result of the review of the Fund’s advisory fees and expense ratios for certain representative classes are summarized below:

The Trustees noted that the Fund’s net advisory fee and actual total expenses for Class A shares were in the first quintile based upon both the Peer Group and Universe. The Trustees noted that the net advisory fee for Class I shares was in the first and second quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class I shares were in the first and second quintiles based upon the Peer Group and Universe, respectively. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund and that such fees would be for services provided in addition to, rather than duplicative of, services provided under the advisory agreements of the Underlying Funds in which the Fund may invest.

DECEMBER 31, 2018 J.P. MORGAN FUNDS 83

J.P. Morgan Funds are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the funds.

Contact JPMorgan Distribution Services, Inc. at 1-800-480-4111 for a fund prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risk as well as charges and expenses of the mutual fund before investing. The prospectus contains this and other information about the mutual fund. Read the prospectus carefully before investing.

Investors may obtain information about the Securities Investor Protection Corporation (SIPC), including the SIPC brochure, by visiting www.sipc.org or by calling SIPC at 202-371-8300.

The Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC on Form N-Q. The Fund’s Forms N-Q are available on the SEC’s website at http://www.sec.gov. Shareholders may request the Form N-Q without charge by calling 1-800-480-4111 or by visiting the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

A description of the Fund’s policies and procedures with respect to the disclosure of the Fund’s holdings is available in the prospectuses and Statement of Additional Information.

A copy of proxy policies and procedures is available without charge upon request by calling 1-800-480-4111 and on the Fund’s website at www.jpmorganfunds.com. A description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Fund to the Adviser. A copy of the Fund’s voting record for the most recent 12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Fund’s website at www.jpmorganfunds.com no later than August 31 of each year. The Fund’s proxy voting record will include, among other things, a brief description of the matter voted on for each fund security, and will state how each vote was cast, for example, for or against the proposal.

J.P. Morgan Asset Management is the marketing name for the asset management businesses of JPMorgan Chase & Co. Those businesses include, but are not limited to, J.P. Morgan Investment Management Inc., Security Capital Research & Management Incorporated and J.P. Morgan Alternative Asset Management, Inc.

^© JPMorgan Chase & Co., 2018.  All rights reserved. December 2018. SAN-DIV-1218

Semi-Annual Report

J.P. Morgan Large Cap Funds

December 31, 2018 (Unaudited)

JPMorgan Equity Focus Fund

JPMorgan Equity Income Fund

JPMorgan Growth and Income Fund

JPMorgan Hedged Equity Fund

JPMorgan Large Cap Growth Fund

JPMorgan Large Cap Value Fund

JPMorgan U.S. Equity Fund

JPMorgan U.S. Research Enhanced Equity Fund

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Funds’ website www.jpmorganfunds.com and you will be notified by mail each time a report is posted and provided with a website to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action.

You may elect to receive shareholder reports and other communications from the Funds electronically anytime by contacting your financial intermediary (such as a broker dealer, bank, or retirement plan) or, if you are a direct investor, by going to www.jpmorganfunds.com/edelivery.

You may elect to receive paper copies of all future reports free of charge. Contact your financial intermediary or, if you invest directly with the Funds, email us at funds.website.support@jpmorganfunds.com or call 1-800-480-4111. Your election to receive paper reports will apply to all funds held within your account(s).

CONTENTS

CEO’s Letter	1
Market Overview	2
Fund Commentaries:
JPMorgan Equity Focus Fund	3
JPMorgan Equity Income Fund	5
JPMorgan Growth and Income Fund	7
JPMorgan Hedged Equity Fund	9
JPMorgan Large Cap Growth Fund	11
JPMorgan Large Cap Value Fund	13
JPMorgan U.S. Equity Fund.	15
JPMorgan U.S. Research Enhanced Equity Fund	17
Schedules of Portfolio Investments	19
Financial Statements	44
Financial Highlights	62
Notes to Financial Statements	78
Schedule of Shareholder Expenses	93
Board Approval of Investment Advisory Agreements	97

Investments in a Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money if you sell when a Fund’s share price is lower than when you invested.

Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of a Fund or the securities markets. References to specific securities and their issuers are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations to purchase or sell such securities. Such views are not meant as investment advice and may not be relied on as an indication of trading intent on behalf of any Fund.

Prospective investors should refer to the Funds’ prospectuses for a discussion of the Funds’ investment objectives, strategies and risks. Call J.P. Morgan Funds Service Center at 1-800-480-4111 for a prospectus containing more complete information about a Fund, including management fees and other expenses. Please read it carefully before investing.

CEO’S LETTER

February 14, 2019 (Unaudited)

Dear Shareholder,

While the U.S. economy largely outperformed other leading economies during the second half of 2018, record corporate profits and historically low unemployment were overshadowed in December by a sell-off in equity markets, unsettled global trade tensions and a political impasse that led to the temporary shutdown of large parts of the federal government.

  “Overall, economists generally remained optimistic about the fundamental strength of the U.S. economy at the end of 2018.” — George C.W. Gatch

The second longest U.S. economic expansion on record extended through the third and fourth quarters of 2018. Gross domestic product advanced 3.4% in the third quarter of 2018, and was on pace to grow by about 3% for the full year 2018. In September, the U.S. jobless rate dipped to 3.7% - its lowest level in nearly 50 years - and stood at 3.9% at the end of the year. In response, the U.S. Federal Reserve raised interest rates in September and again in December.

U.S. aggregate corporate revenues and earnings reached record high levels in the second and third quarters of 2018. Though some profit growth was attributed to the temporary benefits of late-2017 tax cut legislation, the outlook for U.S. corporate earnings remained generally positive at the end of the year.

Equity prices in the U.S. largely rose during the third quarter of 2018. The S&P 500 Index hit record highs in August and remained elevated in September. However, early October saw a sharp sell-off in financial markets and the worst December for

the S&P 500 Index since 1931 erased all gains seen in the prior five months.

By the end of 2018, investors were confronted with several worrying developments. Leading economies, particularly China and the European Union, showed significant signs of slowing in the latter half of the year. While U.S.-China trade tariffs had little clear direct impact on the U.S. economy in 2018, a continuation or acceleration of protectionist policies could begin to hinder growth. Though the federal government shutdown ended subsequent to the end of the reporting period, the solution was a short-term budget agreement that failed to alleviate concerns about the possibility of future shutdowns.

Overall, economists generally remained optimistic about the fundamental strength of the U.S. economy at the end of 2018. While U.S. corporate profits and gross domestic product are expected to grow in the year ahead, the extent to which U.S. financial markets benefit remains to be seen, given the length of the current economic expansion.

We believe investors who maintain a patient approach and a well-diversified portfolio may be best positioned to navigate current market conditions. We look forward to managing your investment needs for years to come. Should you have any questions, please visit www.jpmorganfunds.com or contact the J.P. Morgan Funds Service Center at 1-800-480-4111.

Sincerely yours,

George C.W. Gatch

CEO, Global Funds Management

J.P. Morgan Asset Management

DECEMBER 31, 2018 J.P. MORGAN LARGE CAP FUNDS 1

J.P. Morgan Large Cap Funds

MARKET OVERVIEW

SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited)

U.S. equity prices were largely supported by strong corporate earnings and revenue, low interest rates and an expanding domestic economy. In August, U.S. equity prices reached record highs and remained elevated through September. However, share prices fell sharply and market volatility spiked in early October, then rebounded slightly in November before plummeting again in December, erasing gains made over the previous five months.

Overall, U.S. large cap equity outperformed mid cap and small cap equity and growth stocks outperformed value stocks. For the six months ended December 31, 2018, the S&P 500 returned -6.85% and the Russell 1000 Index returned -7.42%.

2 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2018

JPMorgan Equity Focus Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*		(7.53)%
S&P 500 Index		(6.85)%
Net Assets as of 12/31/2018 (In Thousands)	$	103,043

INVESTMENT OBJECTIVE**

The JPMorgan Equity Focus Fund (the “Fund”) seeks long term capital appreciation.

WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?

The Fund’s Class I Shares underperformed the S&P 500 Index (the “Benchmark”) for the six months ended December 31, 2018. The Fund’s security selection in the financial services sector and its underweight position in the health care sector were leading detractors from performance relative to the Benchmark, while the Fund’s security selection in the materials & processing sector and the producer durables sector was a leading contributor to relative performance.

Leading individual detractors from relative performance included the Fund’s overweight positions in American International Group Inc., Nvidia Corp. and WestRock Co. Shares of American International Group, a property and casualty insurer, fell after the company reported a quarterly loss due to catastrophe costs from incidents in Japan and from the U.S. impact of Hurricane Florence. Shares of Nvidia, a semiconductors manufacturer, fell after the company reported weaker-than-expected results for the third quarter of 2018 amid a decline in demand for its specialty semiconductors. Shares of WestRock, a paper and packaging company, fell amid investor concerns about excess capacity in containerboard products and production delays at its Florida paper mill due to Hurricane Michael.

Leading individual contributors to relative performance included the Fund’s overweight positions in Ball Corp., AutoZone Inc. and its underweight position in Facebook Inc. Shares of Ball, a metal packaging maker, rose after the company reaffirmed its 2019 forecast. Shares of AutoZone, an automotive parts retailer, rose after the company reported better-than-expected earnings and sales for its fiscal first quarter at stores open more than one year. Shares of Facebook, a social media provider not held in the Fund, fell after the company reported mixed results for the second quarter of 2018 and issued a disappointing forecast.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers employed a bottom-up fundamental approach to stock selection. As a result of this approach

to stock selection, the Fund’s largest overweight positions were in the financial services and technology sectors and the Fund’s smallest positions were in the utilities and consumer staples sectors.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Microsoft Corp.	5.3	%
	2.	Alphabet, Inc., Class C	4.6
	3.	UnitedHealth Group, Inc.	4.5
	4.	Amazon.com, Inc.	4.3
	5.	AutoZone, Inc.	3.9
	6.	Ball Corp.	3.8
	7.	Delta Air Lines, Inc.	3.8
	8.	Apple, Inc.	3.8
	9.	Kinder Morgan, Inc.	3.4
	10.	Mastercard, Inc., Class A	3.2

PORTFOLIO COMPOSITION BY SECTOR***
Financials	17.1	%
Information Technology	16.9
Consumer Discretionary	10.9
Health Care	10.4
Industrials	9.3
Materials	8.4
Communication Services	7.9
Energy	6.6
Real Estate	5.5
Utilities	2.8
Consumer Staples	2.5
Investment of cash collateral from securities loaned	0.2
Short-Term Investments	1.5

* The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

** The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.

*** Percentages indicated are based on total investments as of December 31, 2018. The Fund’s portfolio composition is subject to change.

DECEMBER 31, 2018 J.P. MORGAN LARGE CAP FUNDS 3

JPMorgan Equity Focus Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2018
	INCEPTION DATE OF CLASS		6 MONTH*			1 YEAR			5 YEAR			SINCE INCEPTION
CLASS A SHARES		July 29, 2011
With Sales Charge**				(12.50	)%		(10.01	)%		6.25	%		10.44	%
Without Sales Charge				(7.66	)		(5.04	)		7.41			11.25
CLASS C SHARES		July 29, 2011
With CDSC***				(8.89	)		(6.46	)		6.88			10.70
Without CDSC				(7.89	)		(5.46	)		6.88			10.70
CLASS I SHARES		July 29, 2011		(7.53	)		(4.77	)		7.68			11.53
CLASS R6 SHARES		October 1, 2018		(7.49	)		(4.73	)		7.69			11.54

* Not annualized.

** Sales Charge for Class A Shares is 5.25%.

*** Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter.

LIFE OF FUND PERFORMANCE (7/29/11 TO 12/31/18)

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date, month-end performance information please call 1-800-480-4111.

The Fund commenced operations on July 29, 2011.

Returns for Class R6 Shares prior to their inception date are based on the performance of Class I Shares. The actual returns of Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class I Shares.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Equity Focus Fund, the S&P 500 Index, the Lipper Large-Cap Core Funds Index and the Lipper Multi-Cap Growth Funds Index from July 29, 2011 to December 31, 2018. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P 500 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of securities included in the benchmark, if applicable. The performance of the Lipper Large-Cap Core Funds Index and the Lipper

Multi-Cap Growth Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. The Lipper Large-Cap Core Funds Index and the Lipper Multi-Cap Growth Funds Index are indexes based on the total returns of certain mutual funds within designated categories as determined by Lipper, Inc. Investors cannot invest directly in an index.

Class I Shares have a $1,000,000 minimum initial investment.

Subsequent to the inception date of the Fund and through July 31, 2013, the Fund did not experience any shareholder activity. If such shareholder activity had occurred, the Fund’s performance may have been impacted.

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

4 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2018

JPMorgan Equity Income Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*		(3.55)%
Russell 1000 Value Index		(6.69)%
Net Assets as of 12/31/2018 (In Thousands)	$	17,893,771

INVESTMENT OBJECTIVE**

The JPMorgan Equity Income Fund (the “Fund”) seeks capital appreciation and current income.

WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?

The Fund’s Class I Shares outperformed the Russell 1000 Value Index (the “Benchmark”) for the six months ended December 31, 2018. The Fund’s security selection in the energy and industrials sectors was a leading contributor to performance relative to the Benchmark, while the Fund’s security selection in the consumer staples sector and its underweight position in the utilities sector were leading detractors from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in Eli Lilly & Co. and Merck & Co. and its underweight position in General Electric Co. Shares of Eli Lilly, a pharmaceutical company, rose after the company reported better-than-expected earnings for the third quarter of 2018 and raised its forecast for the full year 2018. Shares of Merck, a pharmaceutical and health care products company, rose after the company raised its quarterly dividend by 15% and unveiled a $10 billion stock repurchase program. Shares of General Electric, an industrial conglomerate not held in the Fund, fell after the company reported lower-than-expected earnings for the third quarter of 2018 and reduced its quarterly dividend.

Leading individual detractors from relative performance included the Fund’s overweight allocations to Occidental Petroleum Corp., BlackRock Inc. and Texas Instruments Inc. Shares of Occidental Petroleum, an oil and natural gas producer, fell as petroleum prices fell sharply late in the reporting period. Shares of BlackRock, an investment management company, fell amid an increase in financial market volatility and a sell-off in equity markets in the fourth quarter of 2018. Shares of Texas Instruments, a semiconductor maker, fell amid a global slowdown in demand for semiconductors.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers’ focus remained on stock selection, as they believed that quality companies trading at attractive valuations have the greatest potential to outperform in the long term. As the Fund aimed to purchase stocks with

above average dividend yields, the research process was designed to identify companies with predictable and durable business models deemed capable of generating sustainable free cash flow.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Chevron Corp.	3.2	%
	2.	Merck & Co., Inc.	3.1
	3.	CME Group, Inc.	2.8
	4.	Bank of America Corp.	2.8
	5.	Microsoft Corp.	2.3
	6.	ConocoPhillips	2.2
	7.	Pfizer, Inc.	2.0
	8.	PNC Financial Services Group, Inc. (The)	1.9
	9.	Eli Lilly & Co.	1.9
	10.	Comcast Corp., Class A	1.8

PORTFOLIO COMPOSITION BY SECTOR***
Financials	24.3	%
Health Care	14.4
Industrials	10.0
Information Technology	9.0
Energy	8.0
Consumer Discretionary	7.9
Consumer Staples	6.8
Utilities	4.8
Materials	4.8
Communication Services	3.6
Real Estate	3.0
Short-Term Investments	3.4

* The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

** The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.

*** Percentages indicated are based on total investments as of December 31, 2018. The Fund’s portfolio composition is subject to change.

DECEMBER 31, 2018 J.P. MORGAN LARGE CAP FUNDS 5

JPMorgan Equity Income Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2018
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 18, 1992
With Sales Charge**			(8.78	)%		(9.77	)%		6.05	%		11.50	%
Without Sales Charge			(3.74	)		(4.77	)		7.19			12.10
CLASS C SHARES	November 4, 1997
With CDSC***			(4.90	)		(6.16	)		6.66			11.54
Without CDSC			(3.90	)		(5.16	)		6.66			11.54
CLASS I SHARES	July 2, 1987		(3.55	)		(4.46	)		7.46			12.39
CLASS R2 SHARES	February 28, 2011		(3.81	)		(4.98	)		6.93			11.85
CLASS R3 SHARES	September 9, 2016		(3.68	)		(4.70	)		7.20			12.10
CLASS R4 SHARES	September 9, 2016		(3.55	)		(4.47	)		7.46			12.39
CLASS R5 SHARES	February 28, 2011		(3.47	)		(4.33	)		7.67			12.56
CLASS R6 SHARES	January 31, 2012		(3.43	)		(4.24	)		7.76			12.61

* Not annualized.

** Sales Charge for Class A Shares is 5.25%.

*** Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter.

TEN YEAR PERFORMANCE (12/31/08/ TO 12/31/18)

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.

Returns for Class R2, Class R4, and Class R5 Shares prior to their inception dates are based on the performance of Class I Shares. With respect to Class R2 Shares, prior class performance has been adjusted to reflect the differences in expenses between classes. The actual returns for Class R4 Shares would have been similar to those shown because Class R4 Shares had similar expenses to Class I Shares. The actual returns for Class R5 Shares would have been different than those shown because Class R5 Shares have different expenses than Class I Shares.

Returns for Class R3 Shares prior to their inception date are based on the performance of Class A Shares. The actual returns for Class R3 Shares would have been similar than those shown because Class R3 Shares currently have the same expenses as Class A Shares.

Returns for Class R6 Shares prior to their inception date are based on the performance of Class R5 Shares and, prior to February 28, 2011, Class I Shares. The actual returns for Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class R5 and Class I Shares.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Equity Income Fund, the Russell 1000 Value Index and the Lipper Equity Income Funds Index from December 31, 2008 to December 31, 2018.

The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Russell 1000 Value Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Equity Income Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The Russell 1000 Value Index is an unmanaged index which measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. The Lipper Equity Income Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

Class I Shares have a $1,000,000 minimum initial investment.

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

6 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2018

JPMorgan Growth and Income Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*		(7.36)%
Russell 1000 Value Index		(6.69)%
Net Assets as of 12/31/2018 (In Thousands)	$	575,599

INVESTMENT OBJECTIVE**

The JPMorgan Growth and Income Fund (the “Fund”) seeks to provide capital growth over the long term and earn income from dividends.

WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?

The Fund’s Class A Shares, without a sales charge, underperformed the Russell 1000 Value Index (the “Benchmark”) for the six months ended December 31, 2018. The Fund’s security selection in the financials and consumer staples sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the industrials and consumer discretionary sectors was a leading contributor to relative performance.

Leading individual detractors from relative performance included the Fund’s overweight positions T. Rowe Price Group Inc. and BlackRock Inc. and its underweight position in Procter & Gamble Inc. Shares of T. Rowe Price Group and BlackRock, both investment management providers, fell amid increased market volatility and a sell-off in U.S. equity markets in the fourth quarter of 2018. Shares of Procter & Gamble, a consumer products company not held in the Fund, rose after the company reported better-than-expected earnings and sales for its fiscal first quarter.

Leading individual contributors to relative performance included the Fund’s underweight positions General Electric Co., Exxon Mobil Corp. and Schlumberger Ltd. Shares of General Electric, an industrial conglomerate not held in the Fund, fell after the company reported lower-than-expected earnings for the third quarter of 2018 and reduced its quarterly dividend. Shares of Exxon Mobil, an integrated oil and natural gas company, fell as petroleum prices declined sharply toward the end of the reporting period. Shares of Schlumberger, an oilfield services company not held in the Fund, fell as petroleum prices declined sharply toward the end of the reporting period.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers focused on stock selection and aimed to invest in undervalued companies with durable franchises, strong management and the ability to grow their intrinsic value per share. The portfolio managers employed a bottom-up approach to security selection and fundamental research.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Bank of America Corp.	3.0	%
	2.	Merck & Co., Inc.	2.9
	3.	Home Depot, Inc. (The)	2.6
	4.	Microsoft Corp.	2.4
	5.	Berkshire Hathaway, Inc., Class B	2.2
	6.	Chevron Corp.	2.1
	7.	Morgan Stanley	2.0
	8.	Bristol-Myers Squibb Co.	1.9
	9.	BlackRock, Inc.	1.9
	10.	3M Co.	1.9

PORTFOLIO COMPOSITION BY SECTOR***
Financials	26.6	%
Health Care	14.8
Industrials	10.0
Energy	9.5
Information Technology	8.0
Consumer Discretionary	7.3
Consumer Staples	5.7
Communication Services	4.8
Utilities	3.7
Materials	3.6
Real Estate	3.5
Short-Term Investments	2.5

* The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

** The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.

*** Percentages indicated are based on total investments as of December 31, 2018. The Fund’s portfolio composition is subject to change.

DECEMBER 31, 2018 J.P. MORGAN LARGE CAP FUNDS 7

JPMorgan Growth and Income Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2018
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	September 23, 1987
With Sales Charge**			(12.23	)%		(12.55	)%		5.51	%		11.42	%
Without Sales Charge			(7.36	)		(7.71	)		6.65			12.02
CLASS C SHARES	January 2, 1998
With CDSC***			(8.60	)		(9.18	)		6.11			11.46
Without CDSC			(7.60	)		(8.18	)		6.11			11.46
CLASS I SHARES	January 25, 1996		(7.24	)		(7.49	)		6.91			12.33
CLASS R2 SHARES	November 2, 2015		(7.48	)		(7.94	)		6.48			11.93
CLASS R3 SHARES	July 31, 2017		(7.36	)		(7.71	)		6.66			12.02
CLASS R4 SHARES	July 31, 2017		(7.24	)		(7.47	)		6.91			12.33
CLASS R5 SHARES	November 2, 2015		(7.19	)		(7.35	)		7.03			12.39
CLASS R6 SHARES	November 2, 2015		(7.14	)		(7.25	)		7.08			12.41

* Not annualized.

** Sales Charge for Class A Shares is 5.25%.

*** Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter.

TEN YEAR PERFORMANCE (12/31/08 TO 12/31/18)

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.

Returns for Class R2 Shares prior to their inception date are based on the performance of Class A Shares. The actual returns of Class R2 Shares would have been lower than those shown because Class R2 Shares have higher expenses than Class A Shares.

Returns for Class R3 Shares prior to their inception date are based on the performance of the Class A Shares. The actual returns of Class R3 Shares would have been similar to those shown because Class R3 Shares have similar expenses to Class A Shares.

Returns for Class R4 Shares prior to their inception date are based on the performance of the Class I Shares. The actual returns of Class R4 Shares would have been similar to those shown because Class R4 Shares have similar expenses to Class I Shares.

Returns for Class R5 and Class R6 Shares prior to their inception date are based on the performance of Class I Shares. The actual returns of Class R5 and Class R6 Shares would have been different than those shown because Class R5 and Class R6 Shares have different expenses than Class I Shares.

The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Growth and Income Fund, the Russell 1000 Value Index, the Lipper Large-Cap Value Funds Index and the Lipper Large-Cap Core Funds

Index from December 31, 2008 to December 31, 2018. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and includes a sales charge. The performance of the Russell 1000 Value Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmarks, if applicable. The performance of the Lipper Large-Cap Value Funds Index and the Lipper Large-Cap Core Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The Russell 1000 Value Index is an unmanaged index, which measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. The Lipper Large-Cap Value Funds Index and the Lipper Large-Cap Core Funds Index are indexes based on the total returns of certain mutual funds within designated categories as determined by Lipper, Inc. Investors cannot invest directly in an index.

Class A Shares have a $1,000 minimum initial investment and carry a 5.25% sales charge.

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

8 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2018

JPMorgan Hedged Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*		(1.85)%
S&P 500 Index		(6.85)%
Net Assets as of 12/31/2018 (In Thousands)	$	3,339,856

INVESTMENT OBJECTIVE**

The JPMorgan Hedged Equity Fund (the “Fund”) seeks to provide capital appreciation.

WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?

The Fund’s Class I Shares outperformed the S&P 500 Index (the “Benchmark”) for the six months ended December 31, 2018. The Fund’s options hedge allowed the Fund to generally perform as designed, delivering returns with less volatility than the Benchmark during the reporting period. The Fund captured 27% of the Benchmark’s total return with about 46% of the Benchmark’s volatility during the six month reporting period.

The Fund’s security selection in the industrial cyclical and technology sectors was a leading contributor to performance relative to the Benchmark, while the Fund’s security selection in the financials and basic materials sectors was a leading detractor from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in AutoZone Inc. and Microsoft Corp. and its underweight position in General Electric Co. Shares of AutoZone, an automotive parts retailer, rose after the company reported better-than-expected earnings and sales for its fiscal first quarter at stores open more than one year. Shares of Microsoft, a provider of software and technology services, rose as investors sought protection from market volatility in large cap stocks. Shares of General Electric, an industrial conglomerate not held in the Fund, fell after the company reported lower-than-expected earnings for the third quarter of 2018 and reduced its quarterly dividend.

Leading individual detractors from relative performance included the Fund’s overweight positions in PVH Corp. and Nvidia Corp. and its underweight position in 21^st Century Fox Inc. Shares of PVH, the parent company of the Calvin Klein and Tommy Hilfiger apparel brands, fell amid investor disappointment with the company’s results for the third quarter of 2018. Shares of Nvidia, a semiconductors manufacturer, fell after the company reported weaker-than-expected results for the third quarter of 2018 amid a decline in demand for its specialty semiconductors. Shares of 21^st Century Fox, television broadcaster and film production company, rose ahead of the company’s planned $71.3 billion acquisition by Walt Disney Co.

HOW WAS THE FUND POSITIONED?

The Fund used an enhanced index strategy that invests primarily in common stocks of large capitalization U.S. companies, while systematically purchasing and selling exchange-traded

index put options and selling exchange-traded index call options. The option overlay is known as a “Put/Spread Collar” strategy. The combination of the diversified portfolio of equity securities, downside protection from index put options and income from index call options provided the Fund with a portion of the returns associated with equity market investments while exposing the Fund to less risk than traditional long-only equity strategies.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Microsoft Corp.	4.3	%
	2.	Apple, Inc.	3.2
	3.	Amazon.com, Inc.	3.0
	4.	S&P 500 Index 3/29/2019	2.2
	5.	Alphabet, Inc., Class A	1.7
	6.	Berkshire Hathaway, Inc., Class B	1.6
	7.	Alphabet, Inc., Class C	1.6
	8.	UnitedHealth Group, Inc.	1.5
	9.	Pfizer, Inc.	1.5
	10.	Bank of America Corp.	1.5

PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	19.1	%
Health Care	14.7
Financials	12.5
Consumer Discretionary	10.5
Communication Services	9.8
Industrials	8.8
Consumer Staples	5.6
Energy	5.0
Utilities	3.1
Materials	2.5
Put Options Purchased	2.2
Real Estate	2.1
Short-Term Investments	4.1

* The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

** The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.

*** Percentages indicated are based on total investments as of December 31, 2018. The Fund’s portfolio composition is subject to change.

DECEMBER 31, 2018 J.P. MORGAN LARGE CAP FUNDS 9

JPMorgan Hedged Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2018
	INCEPTION DATE OF CLASS		6 MONTH*			1 YEAR			5 YEAR			SINCE INCEPTION
CLASS A SHARES		December 13, 2013
With Sales Charge**				(7.06	)%		(6.13	)%		4.40	%		4.71	%
Without Sales Charge				(1.89	)		(0.92	)		5.53			5.83
CLASS C SHARES		December 13, 2013
With CDSC***				(3.21	)		(2.46	)		5.00			5.30
Without CDSC				(2.21	)		(1.46	)		5.00			5.30
CLASS I SHARES		December 13, 2013		(1.85	)		(0.71	)		5.79			6.09
CLASS R5 SHARES		December 13, 2013		(1.69	)		(0.51	)		6.00			6.30
CLASS R6 SHARES		December 13, 2013		(1.67	)		(0.42	)		6.05			6.35

* Not annualized.

** Sales Charge for Class A Shares is 5.25%.

*** Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter.

LIFE OF FUND PERFORMANCE (12/13/13 TO 12/31/18)

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.

The Fund commenced operations on December 13, 2013.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Hedged Equity Fund, the S&P 500 Index, the ICE BofAML 3-Month U.S. Treasury Bill Index and the Lipper Alternative Long/Short Equity Funds Average from December 13, 2013 to December 31, 2018. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P 500 Index and the ICE BofAML 3-Month U.S. Treasury Bill Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmarks, if applicable. The performance of the Lipper Alternative Long/Short Equity Funds Average includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. The ICE BofAML 3-Month U.S.

Treasury Bill Index is comprised of a single issue purchased at the beginning of the month and held for a full month. Each month the ICE BofAML 3-Month U.S. Treasury Bill Index is rebalanced and the issue selected is the outstanding Treasury Bill that matures closest to, but not beyond, 3 months from the rebalancing date. Investors cannot invest directly in an index. The Lipper Alternative Long/Short Equity Funds Average is an average based on the total returns of all mutual funds within the Fund’s designated category as determined by Lipper, Inc.

Class I Shares have a $1,000,000 minimum initial investment.

Subsequent to the inception date of the Fund and through May 30, 2014, the Fund did not experience any shareholder activity. If such shareholder activity had occurred, the Fund’s performance may have been impacted.

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

10 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2018

JPMorgan Large Cap Growth Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*		(11.22)%
Russell 1000 Growth Index		(8.17)%
Net Assets as of 12/31/2018 (In Thousands)	$	12,533,294

INVESTMENT OBJECTIVE**

The JPMorgan Large Cap Growth Fund (the “Fund”) seeks long-term capital appreciation.

WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?

The Fund’s Class I Shares underperformed the Russell 1000 Growth Index (the “Benchmark”) for the six months ended December 31, 2018. The Fund’s security selection in the technology and consumer discretionary sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s overweight position in the health care sector and its underweight position in the energy sector, where the Fund had no holdings, were leading contributors to relative performance.

Leading individual detractors from relative performance included the Fund’s overweight positions in Netflix.com Inc., Electronic Arts Inc. and Activision Blizzard Inc. Shares of Netflix, an online entertainment provider, fell amid investor concerns about increasing competition for subscribers and rising costs of entertainment content. Shares of Electronic Arts, a maker of digital interactive games and entertainment, fell after the company reduced its 2019 revenue and earnings forecast and delayed the launch of a significant game. Shares of Activision Blizzard, a provider of digital interactive entertainment, fell after the company reported lower-than-expected earnings for the third quarter of 2018 and a weaker-than-expected earnings forecast for the fourth quarter of 2018.

Leading individual contributors to relative performance included the Fund’s underweight position in Facebook Inc. and its overweight positions in Intuitive Surgical Inc. and ServiceNow Inc. Shares of Facebook, a social media provider, fell after the company reported mixed results for the second quarter of 2018 and issued a disappointing forecast. Shares of Intuitive Surgical, a surgical robotics company, rose after the company reported better-than-expected earnings and revenue for the third quarter of 2018. Shares of ServiceNow, a provider of cloud computing technology, rose after the company reported better-than-expected earnings and revenue for the third quarter of 2018 and raised its earnings forecast.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers utilized a bottom-up approach to stock selection, rigorously researching individual companies

in an effort to construct portfolios of stocks that have strong fundamentals and positive price momentum. The Fund’s portfolio managers sought to invest in companies with attractive fundamentals that, in their view, possessed the potential to significantly exceed expectations for a prolonged period of time.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Amazon.com, Inc.	6.3	%
	2.	Apple, Inc.	5.0
	3.	Microsoft Corp.	4.7
	4.	Alphabet, Inc., Class C	4.6
	5.	Mastercard, Inc., Class A	4.5
	6.	Intuitive Surgical, Inc.	3.1
	7.	Netflix, Inc.	3.1
	8.	Boeing Co. (The)	3.0
	9.	PayPal Holdings, Inc.	3.0
	10.	ServiceNow, Inc.	2.8

PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	34.9	%
Health Care	17.9
Consumer Discretionary	15.1
Communication Services	10.7
Industrials	8.5
Consumer Staples	4.1
Financials	4.1
Investment of cash collateral from securities loaned	2.6
Materials	1.0
Real Estate	0.6
Short-Term Investments	0.5

* The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

** The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.

*** Percentages indicated are based on total investments as of December 31, 2018. The Fund’s portfolio composition is subject to change.

DECEMBER 31, 2018 J.P. MORGAN LARGE CAP FUNDS 11

JPMorgan Large Cap Growth Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2018
	INCEPTION DATE OF CLASS	6 MONTH*		1 YEAR		5 YEAR		10 YEAR
CLASS A SHARES	February 22, 1994
With Sales Charge**		(15.99	)%	(5.19	)%	8.71	%	14.29	%
Without Sales Charge		(11.33	)	0.05		9.89		14.91
CLASS C SHARES	November 4, 1997
With CDSC***		(12.55	)	(1.43	)	9.35		14.32
Without CDSC		(11.55	)	(0.43	)	9.35		14.32
CLASS I SHARES	February 28, 1992	(11.22	)	0.32		10.10		15.14
CLASS R2 SHARES	November 3, 2008	(11.44	)	(0.19	)	9.62		14.63
CLASS R3 SHARES	September 9, 2016	(11.33	)	0.05		9.86		14.92
CLASS R4 SHARES	September 9, 2016	(11.22	)	0.29		10.09		15.13
CLASS R5 SHARES	April 14, 2009	(11.13	)	0.47		10.30		15.35
CLASS R6 SHARES	November 30, 2010	(11.10	)	0.57		10.40		15.42

* Not annualized.

** Sales Charge for Class A Shares is 5.25%.

*** Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter.

TEN YEAR PERFORMANCE (12/31/08 TO 12/31/18)

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.

Returns for Class R3, Class R4 and Class R5 Shares prior to their inception dates are based on the performance of Class I Shares. With respect to Class R3 Shares, prior class performance has been adjusted to reflect the differences in expenses between classes. The actual returns for Class R4 Shares would have been similar to those shown because Class R4 Shares had similar expenses to Class I Shares. The actual returns for Class R5 Shares would have been different than those shown because Class R5 Shares have different expenses than Class I Shares.

Returns for Class R6 Shares prior to their inception date are based on the performance of Class R5 Shares and, prior to April 14, 2009, Class I Shares. The actual returns for Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class R5 and Class I Shares.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Large Cap Growth Fund, the Russell 1000 Growth Index and the Lipper Large-Cap Growth Funds Index from December 31, 2008 to December 31, 2018. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales

charge. The performance of the Russell 1000 Growth Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Large-Cap Growth Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The Russell 1000 Growth Index is an unmanaged index which measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. The Lipper Large-Cap Growth Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

Class I Shares have a $1,000,000 minimum initial investment.

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

12 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2018

JPMorgan Large Cap Value Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*		(11.99)%
Russell 1000 Value Index		(6.69)%
Net Assets as of 12/31/2018 (In Thousands)	$	1,397,068

INVESTMENT OBJECTIVE**

The JPMorgan Large Cap Value Fund (the “Fund”) seeks capital appreciation with the incidental goal of achieving current income by investing primarily in equity securities.

WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?

The Fund’s Class I Shares underperformed the Russell 1000 Value Index (the “Benchmark”) for the six months ended December 31, 2018. The Fund’s security selection in the basic materials and insurance sectors was a leading detractor from relative performance, while the Fund’s overweight position in the health services sector and its security selection in the industrial cyclical sector were leading contributors to relative performance.

Leading individual detractors from relative performance included the Fund’s overweight positions in Lennar Corp. and Lincoln National Corp. and its underweight position in Procter & Gamble Co. Shares of Lennar, a homebuilder, fell amid a broader sell-off in the homebuilder sector due to weakness in new home sales. Shares of Lincoln National, an insurance and financial services provider, fell after the company reported lower-than-expected earnings for the second quarter of 2018. Shares of Procter & Gamble, a consumer products company, rose after the company reported better-than-expected earnings and sales for its fiscal first quarter.

Leading individual contributors to performance relative to the Benchmark included the Fund’s underweight position in General Electric Co. and its overweight positions in Cigna Corp. and Delta Air Lines Inc. Shares of General Electric, an industrial conglomerate not held in the Fund, fell after the company reported lower-than-expected earnings for the third quarter of 2018 and reduced its quarterly dividend. Shares of Cigna, a health insurance provider, rose after the company reported better-than-expected earnings and revenue for the third quarter of 2018 and raised its sales and profit forecast for the full year 2018. Shares of Delta Air Lines rose after the company issued an positive forecast for earnings and revenue for the fourth quarter of 2018.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio manager combined a bottom-up fundamental approach to security selection with a systematic

valuation process. Overall, the Fund’s portfolio manager looked to take advantage of mispriced stocks that he believed appeared attractive relative to their fair value.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Bank of America Corp.	3.9	%
	2.	Cigna Corp.	3.5
	3.	Comcast Corp., Class A	3.2
	4.	Pfizer, Inc.	3.0
	5.	Lennar Corp., Class A	2.7
	6.	CVS Health Corp.	2.7
	7.	FMC Corp.	2.6
	8.	Lincoln National Corp.	2.5
	9.	Morgan Stanley	2.4
	10.	Berkshire Hathaway, Inc., Class B	2.3

PORTFOLIO COMPOSITION BY SECTOR***
Financials	23.2	%
Health Care	15.2
Energy	11.8
Communication Services	10.8
Consumer Discretionary	10.5
Materials	8.8
Industrials	7.6
Information Technology	3.3
Consumer Staples	1.9
Real Estate	1.7
Investment of cash collateral from securities loaned	1.2
Short-Term Investments	4.0

* The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

** The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.

*** Percentages indicated are based on total investments as of December 31, 2018. The Fund’s portfolio composition is subject to change.

DECEMBER 31, 2018 J.P. MORGAN LARGE CAP FUNDS 13

JPMorgan Large Cap Value Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2018
	INCEPTION DATE OF CLASS	6 MONTH*	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 18, 1992
With Sales Charge**		(16.70)%		(19.85	)%		5.14	%		11.08	%
Without Sales Charge		(12.07)		(15.43	)		6.27			11.68
CLASS C SHARES	March 22, 1999
With CDSC***		(13.28)		(16.85	)		5.74			11.13
Without CDSC		(12.28)		(15.85	)		5.74			11.13
CLASS I SHARES	March 1, 1991	(11.99)		(15.24	)		6.46			11.87
CLASS R2 SHARES	November 3, 2008	(12.21)		(15.67	)		5.98			11.39
CLASS R3 SHARES	October 1, 2018	(12.00)		(15.26	)		6.45			11.87
CLASS R4 SHARES	October 1, 2018	(11.98)		(15.35	)		6.29			11.69
CLASS R5 SHARES	May 15, 2006	(11.89)		(15.06	)		6.66			12.11
CLASS R6 SHARES	November 30, 2010	(11.81)		(14.96	)		6.73			12.16

* Not annualized.

** Sales Charge for Class A Shares is 5.25%.

*** Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter.

TEN YEAR PERFORMANCE (12/31/08 TO 12/31/18)

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.

Returns for Class R3 Shares prior to their inception date are based on the performance of Class A Shares. The actual returns of Class R3 Shares would have been similar to those shown because Class R3 Shares have similar expenses to Class A Shares.

Returns for Class R4 Shares prior to their inception date are based on the performance of Class I Shares. The actual returns for Class R4 Shares would have been similar to those shown because Class R4 Shares have similar expenses than Class I Shares.

Returns for Class R6 Shares prior to their inception date are based on the per- formance of Class R5 Shares. The actual returns for Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class R5 Shares.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Large Cap Value Fund, the Russell 1000 Value Index and the Lipper Large-Cap Value Funds Index from December 31, 2008 to December 31, 2018. The performance of the Fund assumes reinvestment of all

dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Russell 1000 Value Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Large-Cap Value Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The Russell 1000 Value Index is an unmanaged index which measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. The Lipper Large-Cap Value Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

Class I Shares have a $1,000,000 minimum initial investment.

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

14 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2018

JPMorgan U.S. Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class L Shares)*		(7.69)%
S&P 500 Index		(6.85)%
Net Assets as of 12/31/2018 (In Thousands)	$	12,431,545

INVESTMENT OBJECTIVE**

The JPMorgan U.S. Equity Fund (the “Fund”) seeks to provide high total return from a portfolio of selected equity securities.

WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?

The Fund’s Class L Shares underperformed the S&P 500 Index (the “Benchmark”) for the six months ended December 31, 2018. The Fund’s security selection in the semiconductors & hardware sector and in the energy sector was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the pharmaceutical/medical technology and media sectors was a leading contributor to relative performance.

Leading individual detractors from relative performance included the Fund’s overweight positions in Nvidia Corp. and PVH Corp. and its underweight position in Berkshire Hathaway Inc. Shares of Nvidia, a semiconductors manufacturer, fell after the company reported weaker-than-expected results for the third quarter of 2018 amid a decline in demand for specialty semiconductors. Shares of PVH, the parent company of the Calvin Klein and Tommy Hilfiger apparel brands, fell amid investor disappointment with the company’s results for the third quarter of 2018. Shares of Berkshire Hathaway, an investment company not held by the Fund, rose amid analysts’ expectations for further growth in earnings in 2019.

Leading individual contributors to relative performance included the Fund’s overweight positions in AutoZone Inc., Pfizer Inc. and Walt Disney Co. Shares of AutoZone, an automotive parts retailer, rose after the company reported better-than-expected quarterly earnings and sales for its fiscal first quarter at stores open more than one year. Shares of Pfizer, a pharmaceutical and health care products company, rose after the company announced a plan with GlaxoSmithKline PLC to combine their consumer health care subsidiaries. Shares of Walt Disney, an entertainment and media company, rose after the company reported better-than-expected earnings and revenue for its fiscal fourth quarter of 2018.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers employed a bottom-up fundamental approach to stock selection, researching companies to determine what they believed to be their underlying value and

potential for future earnings growth. As a result of this approach to stock selection, the Fund’s largest overweight positions relative to the Benchmark for the six months ended December 31, 2018 were in the media and regional business sectors, while the Fund’s largest underweight positions were in the retail and financial sectors.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Microsoft Corp.	5.2	%
	2.	Amazon.com, Inc.	3.9
	3.	Alphabet, Inc., Class A	3.3
	4.	Pfizer, Inc.	3.1
	5.	Apple, Inc.	2.5
	6.	UnitedHealth Group, Inc.	2.3
	7.	Coca-Cola Co. (The)	2.2
	8.	Johnson & Johnson	2.0
	9.	Norfolk Southern Corp.	2.0
	10.	General Dynamics Corp.	1.9

PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	20.0	%
Health Care	17.5
Communication Services	11.5
Consumer Discretionary	10.9
Industrials	10.9
Financials	10.0
Energy	5.8
Consumer Staples	4.5
Utilities	3.0
Materials	2.6
Real Estate	2.0
Investment of cash collateral from securities loaned	0.5
Short-Term Investments	0.8

* The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

** The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.

*** Percentages indicated are based on total investments as of December 31, 2018. The Fund’s portfolio composition is subject to change.

DECEMBER 31, 2018 J.P. MORGAN LARGE CAP FUNDS 15

JPMorgan U.S. Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2018
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	September 10, 2001
With Sales Charge**			(12.72	)%		(11.21	)%		6.25	%		12.31	%
Without Sales Charge			(7.90	)		(6.29	)		7.40			12.91
CLASS C SHARES	September 10, 2001
With CDSC***			(9.09	)		(7.76	)		6.87			12.34
Without CDSC			(8.09	)		(6.76	)		6.87			12.34
CLASS I SHARES	September 10, 2001		(7.74	)		(6.07	)		7.62			13.13
CLASS L SHARES	September 17, 1993		(7.69	)		(5.95	)		7.77			13.31
CLASS R2 SHARES	November 3, 2008		(8.04	)		(6.60	)		7.12			12.61
CLASS R3 SHARES	September 9, 2016		(7.91	)		(6.30	)		7.38			12.90
CLASS R4 SHARES	September 9, 2016		(7.81	)		(6.13	)		7.62			13.12
CLASS R5 SHARES	May 15, 2006		(7.68	)		(5.88	)		7.83			13.34
CLASS R6 SHARES	November 30, 2010		(7.65	)		(5.86	)		7.89			13.40

* Not annualized.

** Sales Charge for Class A Shares is 5.25%.

*** Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter.

TEN YEAR PERFORMANCE (12/31/08 TO 12/31/18)

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.

Returns for Class R6 Shares prior to their inception date are based on the performance of Class R5 Shares. The actual returns for Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class R5 Shares.

Returns for Class R4 Shares prior to their inception date are based on the performance of Class I Shares. The actual returns for Class R4 Shares would have been similar to those shown because Class R4 Shares have similar expenses than Class I Shares.

Returns for Class R6 Shares prior to their inception date are based on the performance of Class R5 Shares. The actual returns for Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class R5 Shares.

The graph illustrates comparative performance for $3,000,000 invested in Class L Shares of the JPMorgan U.S. Equity Fund, the S&P 500 Index and the Lipper Large-Cap Core Funds Index from December 31, 2008 to December 31, 2018. The performance of the Fund assumes reinvestment of all dividends and

capital gain distributions, if any, and does not include a sales charge. The performance of the S&P 500 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Large-Cap Core Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. The Lipper Large-Cap Core Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

Class L Shares have a $3,000,000 minimum initial investment.

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

16 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2018

JPMorgan U.S. Research Enhanced Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class L Shares)*		(7.15)%
S&P 500 Index		(6.85)%
Net Assets as of 12/31/2018 (In Thousands)	$	5,681,009

INVESTMENT OBJECTIVE**

The JPMorgan U.S. Research Enhanced Equity Fund (the “Fund”) seeks to provide a consistently high total return from a broadly diversified portfolio of equity securities with risk characteristics similar to the S&P 500 Index.

WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?

The Fund’s Class L Shares underperformed the S&P 500 Index (the “Benchmark”) for the six months ended December 31, 2018. The Fund’s security selection in the financials and basic materials sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the industrial cyclical and technology sectors was a leading contributor to relative performance.

Leading individual detractors from relative performance included the Fund’s overweight positions in PVH Corp. and Nvidia Corp. and its underweight position 21^st Century Fox Inc. Shares of PVH, the parent company of the Calvin Klein and Tommy Hilfiger apparel brands, fell amid investor disappointment with the company’s results for the third quarter of 2018. Shares of Nvidia, a semiconductors manufacturer, fell after the company reported weaker-than-expected results for the third quarter of 2018 amid a decline in demand for its specialty semiconductors. Shares of 21^st Century Fox, television broadcaster and film production company, rose ahead of the company’s planned $71.3 billion acquisition by Walt Disney Co.

Leading individual contributors to relative performance included the Fund’s underweight position in General Electric Co. and its overweight positions in AutoZone Inc. and Microsoft Corp. Shares of General Electric, an industrial conglomerate not held in the Fund, fell after the company reported lower-than-expected earnings for the third quarter of 2018 and reduced its quarterly dividend. Shares of AutoZone, an automotive parts retailer, rose after the company reported better-than-expected quarterly earnings and sales for its fiscal first quarter at stores open more than one year. Shares of Microsoft, a provider of software and technology services, rose as investors sought protection from market volatility in large cap stocks.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers attempted to construct the portfolio so that stock selection was the principal source of potential excess return. The Fund’s portfolio managers sought investment opportunities in companies that they believed were attractive based on valuation and strong fundamentals.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Microsoft Corp.	4.6	%
	2.	Apple, Inc.	3.4
	3.	Amazon.com, Inc.	3.2
	4.	Alphabet, Inc., Class A	1.8
	5.	Berkshire Hathaway, Inc., Class B	1.7
	6.	Alphabet, Inc., Class C	1.7
	7.	UnitedHealth Group, Inc.	1.6
	8.	Pfizer, Inc.	1.6
	9.	Bank of America Corp.	1.5
	10.	Chevron Corp.	1.4

PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	20.1	%
Health Care	15.5
Financials	13.2
Consumer Discretionary	11.1
Communication Services	10.4
Industrials	9.3
Consumer Staples	5.9
Energy	5.3
Utilities	3.3
Materials	2.6
Real Estate	2.2
Short-Term Investments	1.1

* The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

** The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.

*** Percentages indicated are based on total investments as of December 31, 2018. The Fund’s portfolio composition is subject to change.

DECEMBER 31, 2018 J.P. MORGAN LARGE CAP FUNDS 17

JPMorgan U.S. Research Enhanced Equity Fund

FUND COMMENTARY

six MONTHS ENDED DECEMBER 31, 2018 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2018
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	September 28, 2001
With Sales Charge**			(12.15	)%		(10.83	)%		5.81	%		12.11	%
Without Sales Charge			(7.29	)		(5.87	)		6.96			12.71
CLASS I SHARES	September 10, 2001		(7.14	)		(5.57	)		7.22			13.00
CLASS L SHARES	January 3, 1997		(7.15	)		(5.59	)		7.31			13.13
CLASS R6 SHARES	March 24, 2003		(7.09	)		(5.50	)		7.43			13.25

* Not annualized.

** Sales Charge for Class A Shares is 5.25%.

TEN YEAR PERFORMANCE (12/31/08 TO 12/31/18)

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.

The graph illustrates comparative performance for $3,000,000 invested in Class L Shares of the JPMorgan U.S. Research Enhanced Equity Fund, the S&P 500 Index and the Lipper Large-Cap Core Funds Index from December 31, 2008 to December 31, 2018. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P 500 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Large-Cap Core Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to

the expenses incurred by the Fund. The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. The Lipper Large-Cap Core Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

Class L Shares have a $3,000,000 minimum initial investment.

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

18 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2018

JPMorgan Equity Focus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 98.4%
Airlines — 3.8%
Delta Air Lines, Inc.		79		3,942
Automobiles — 1.2%
Tesla, Inc. *		4		1,228
Banks — 3.1%
Wells Fargo & Co.		68		3,155
Biotechnology — 1.4%
Vertex Pharmaceuticals, Inc. *		8		1,402
Building Products — 1.2%
Lennox International, Inc.		6		1,276
Capital Markets — 5.0%
Charles Schwab Corp. (The)		37		1,542
S&P Global, Inc.		9		1,557
T. Rowe Price Group, Inc.		23		2,094
				5,193
Commercial Services & Supplies — 2.0%
Waste Connections, Inc.		27		2,007
Construction Materials — 3.0%
Martin Marietta Materials, Inc. (a)		18		3,111
Consumer Finance — 3.8%
Ally Financial, Inc.		44		991
Capital One Financial Corp.		39		2,927
				3,918
Containers & Packaging — 5.4%
Ball Corp.		86		3,950
Packaging Corp. of America		19		1,567
				5,517
Electric Utilities — 2.8%
Xcel Energy, Inc.		58		2,864
Entertainment — 1.4%
Spotify Technology SA *		13		1,419
Equity Real Estate Investment Trusts (REITs) — 5.5%
Federal Realty Investment Trust		28		3,290
Public Storage		12		2,415
				5,705
Food & Staples Retailing — 2.5%
Walgreens Boots Alliance, Inc.		38		2,614
Health Care Equipment & Supplies — 1.7%
Intuitive Surgical, Inc. *		4		1,750
Health Care Providers & Services — 4.5%
UnitedHealth Group, Inc.		19		4,658

INVESTMENTS	SHARES (000)		VALUE ($000)
Insurance — 5.2%
American International Group, Inc.		58		2,291
Loews Corp.		68		3,073
				5,364
Interactive Media & Services — 4.6%
Alphabet, Inc., Class C *		5		4,774
Internet & Direct Marketing Retail — 4.3%
Amazon.com, Inc. *		3		4,476
IT Services — 3.2%
Mastercard, Inc., Class A		18		3,307
Machinery — 2.3%
Parker-Hannifin Corp.		8		1,263
Stanley Black & Decker, Inc.		9		1,067
				2,330
Media — 1.9%
DISH Network Corp., Class A *		78		1,937
Multiline Retail — 1.5%
Kohl’s Corp.		24		1,579
Oil, Gas & Consumable Fuels — 6.6%
Concho Resources, Inc. *		15		1,500
Kinder Morgan, Inc.		227		3,489
Marathon Petroleum Corp.		31		1,816
				6,805
Pharmaceuticals — 2.8%
Pfizer, Inc.		67		2,923
Semiconductors & Semiconductor Equipment — 1.1%
NVIDIA Corp.		9		1,175
Software — 8.9%
Microsoft Corp.		54		5,454
salesforce.com, Inc. *		14		1,968
ServiceNow, Inc. *		10		1,734
				9,156
Specialty Retail — 3.9%
AutoZone, Inc. *		5		3,970
Technology Hardware, Storage & Peripherals — 3.8%
Apple, Inc.		24		3,862
Total Common Stocks (Cost $81,613)				101,417

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 J.P. MORGAN LARGE CAP FUNDS 19

JPMorgan Equity Focus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Short-Term Investments — 1.5%
Investment Companies — 1.5%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.40% (b) (c) (Cost $1,575)		1,575		1,575
Investment of Cash Collateral from Securities Loaned — 0.3%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (b) (c) (Cost $258)		258		258
Total Investments — 100.2% (Cost $83,446)				103,250
Liabilities in Excess of Other Assets — (0.2%)				(207	)
NET ASSETS — 100.0%				103,043

Percentages indicated are based on net assets.

(a)	The security or a portion of this security is on loan at December 31, 2018. The total value of securities on loan at December 31, 2018 is approximately $258,000.
(b)	Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(c)	The rate shown is the current yield as of December 31, 2018.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

20 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2018

JPMorgan Equity Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 97.7%
Aerospace & Defense — 1.5%
General Dynamics Corp.		1,715		269,569
Banks — 9.0%
Bank of America Corp.		20,750		511,271
BB&T Corp.		3,954		171,288
Cullen/Frost Bankers, Inc.		1,112		97,758
M&T Bank Corp.		459		65,734
PNC Financial Services Group, Inc. (The)		2,993		349,951
US Bancorp		3,980		181,867
Wells Fargo & Co.		4,968		228,920
				1,606,789
Beverages — 1.6%
Coca-Cola Co. (The)		3,337		158,003
PepsiCo, Inc.		1,227		135,583
				293,586
Biotechnology — 0.7%
Gilead Sciences, Inc.		2,072		129,611
Capital Markets — 6.4%
BlackRock, Inc.		842		330,763
CME Group, Inc.		2,738		515,136
Northern Trust Corp.		1,381		115,430
T. Rowe Price Group, Inc.		1,985		183,299
				1,144,628
Chemicals — 4.8%
Air Products & Chemicals, Inc.		1,877		300,488
DowDuPont, Inc.		4,563		244,031
PPG Industries, Inc.		2,441		249,554
RPM International, Inc.		1,163		68,337
				862,410
Commercial Services & Supplies — 0.8%
Republic Services, Inc.		1,958		141,184
Consumer Finance — 1.4%
Capital One Financial Corp.		1,696		128,218
Discover Financial Services		1,981		116,836
				245,054
Distributors — 0.6%
Genuine Parts Co.		1,091		104,804
Diversified Telecommunication Services — 1.8%
Verizon Communications, Inc.		5,695		320,170
Electric Utilities — 2.4%
NextEra Energy, Inc.		1,443		250,785
Xcel Energy, Inc.		3,751		184,788
				435,573

INVESTMENTS	SHARES (000)		VALUE ($000)
Equity Real Estate Investment Trusts (REITs) — 3.0%
Alexandria Real Estate Equities, Inc.		479		55,227
AvalonBay Communities, Inc.		950		165,400
Boston Properties, Inc.		687		77,298
Simon Property Group, Inc.		797		133,953
Vornado Realty Trust		1,685		104,537
				536,415
Food & Staples Retailing — 0.5%
Walmart, Inc.		997		92,900
Food Products — 1.4%
Kraft Heinz Co. (The)		887		38,187
Mondelez International, Inc., Class A		5,323		213,085
				251,272
Health Care Equipment & Supplies — 3.0%
Abbott Laboratories		1,586		114,705
Becton Dickinson and Co.		901		203,025
Medtronic plc		2,367		215,262
				532,992
Health Care Providers & Services — 1.0%
CVS Health Corp.		2,645		173,322
Hotels, Restaurants & Leisure — 3.2%
Las Vegas Sands Corp.		1,552		80,788
McDonald’s Corp.		1,765		313,460
Starbucks Corp.		1,807		116,347
Wyndham Hotels & Resorts, Inc.		1,369		62,113
				572,708
Household Products — 0.9%
Procter & Gamble Co. (The)		1,812		166,536
Industrial Conglomerates — 1.7%
3M Co.		737		140,421
Honeywell International, Inc.		1,186		156,681
				297,102
Insurance — 7.8%
Arthur J Gallagher & Co.		1,802		132,820
Chubb Ltd.		1,259		162,595
Cincinnati Financial Corp.		554		42,897
Hartford Financial Services Group, Inc. (The)		5,707		253,698
Marsh & McLennan Cos., Inc.		486		38,751
MetLife, Inc.		4,687		192,469
Progressive Corp. (The)		1,445		87,147
Prudential Financial, Inc.		2,269		185,031
Travelers Cos., Inc. (The)		2,505		299,995
				1,395,403

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 J.P. MORGAN LARGE CAP FUNDS 21

JPMorgan Equity Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
IT Services — 2.3%
Accenture plc, Class A		820		115,565
Automatic Data Processing, Inc.		928		121,655
Fidelity National Information Services, Inc.		1,730		177,406
				414,626
Leisure Products — 0.7%
Hasbro, Inc.		1,581		128,432
Machinery — 5.0%
Deere & Co.		315		47,038
Dover Corp.		3,415		242,282
Illinois Tool Works, Inc.		2,096		265,491
Parker-Hannifin Corp.		993		148,143
Stanley Black & Decker, Inc.		1,638		196,194
				899,148
Media — 1.9%
Comcast Corp., Class A		9,823		334,475
Multiline Retail — 0.7%
Target Corp.		1,992		131,646
Multi-Utilities — 2.5%
CMS Energy Corp.		3,115		154,672
DTE Energy Co.		300		33,066
NiSource, Inc.		5,255		133,209
Public Service Enterprise Group, Inc.		2,257		117,501
				438,448
Oil, Gas & Consumable Fuels — 8.1%
Chevron Corp.		5,251		571,242
ConocoPhillips		6,259		390,279
Exxon Mobil Corp.		1,499		102,225
Occidental Petroleum Corp.		4,884		299,771
Valero Energy Corp.		1,216		91,186
				1,454,703
Pharmaceuticals — 10.0%
Bristol-Myers Squibb Co.		4,076		211,848
Eli Lilly & Co.		2,943		340,588
Johnson & Johnson		2,358		304,242
Merck & Co., Inc.		7,364		562,663
Pfizer, Inc.		8,256		360,388
				1,779,729
Road & Rail — 1.1%
Norfolk Southern Corp.		1,311		196,058

INVESTMENTS	SHARES (000)		VALUE ($000)
Semiconductors & Semiconductor Equipment — 3.3%
Analog Devices, Inc.		3,293		282,614
Texas Instruments, Inc.		3,296		311,456
				594,070
Software — 2.3%
Microsoft Corp.		4,084		414,782
Specialty Retail — 2.3%
Home Depot, Inc. (The)		1,932		331,985
Tiffany & Co.		1,077		86,718
				418,703
Technology Hardware, Storage & Peripherals — 1.2%
Apple, Inc.		1,332		210,075
Textiles, Apparel & Luxury Goods — 0.4%
VF Corp.		975		69,577
Tobacco — 2.4%
Altria Group, Inc.		5,053		249,552
Philip Morris International, Inc.		2,658		177,466
				427,018
Total Common Stocks (Cost $14,340,757)				17,483,518
Short-Term Investments — 3.5%
Investment Companies — 3.5%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.40% (a) (b) (Cost $619,587)		619,587		619,587
Total Investments — 101.2% (Cost $14,960,344)				18,103,105
Liabilities in Excess of Other Assets — (1.2%)				(209,334	)
NET ASSETS — 100.0%				17,893,771

Percentages indicated are based on net assets.

(a)	Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(b)	The rate shown is the current yield as of December 31, 2018.

SEE NOTES TO FINANCIAL STATEMENTS.

22 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2018

JPMorgan Growth and Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 97.1%
Aerospace & Defense — 1.4%
General Dynamics Corp.		28		4,402
United Technologies Corp.		37		3,929
				8,331
Banks — 11.0%
Bank of America Corp.		693		17,073
BB&T Corp.		123		5,341
Citigroup, Inc.		92		4,777
Citizens Financial Group, Inc.		88		2,607
Cullen/Frost Bankers, Inc.		37		3,228
M&T Bank Corp.		38		5,367
PNC Financial Services Group, Inc. (The)		63		7,401
SunTrust Banks, Inc.		116		5,861
US Bancorp		127		5,813
Wells Fargo & Co.		131		6,032
				63,500
Beverages — 0.3%
Molson Coors Brewing Co., Class B		36		2,016
Biotechnology — 0.9%
Gilead Sciences, Inc.		86		5,392
Capital Markets — 6.8%
BlackRock, Inc.		28		11,117
Charles Schwab Corp. (The)		70		2,907
Goldman Sachs Group, Inc. (The)		32		5,312
Morgan Stanley		289		11,467
T. Rowe Price Group, Inc.		93		8,586
				39,389
Chemicals — 2.5%
Air Products & Chemicals, Inc.		27		4,337
DowDuPont, Inc.		186		9,926
				14,263
Consumer Finance — 1.7%
Capital One Financial Corp.		63		4,777
Discover Financial Services		83		4,896
				9,673
Containers & Packaging — 1.1%
Ball Corp.		51		2,322
Sealed Air Corp.		110		3,822
				6,144
Distributors — 0.8%
Genuine Parts Co.		46		4,407
Diversified Financial Services — 2.2%
Berkshire Hathaway, Inc., Class B *		61		12,455

INVESTMENTS	SHARES (000)		VALUE ($000)
Diversified Telecommunication Services — 1.5%
Verizon Communications, Inc.		151		8,473
Electric Utilities — 1.4%
NextEra Energy, Inc.		24		4,189
Xcel Energy, Inc.		78		3,863
				8,052
Entertainment — 1.3%
Walt Disney Co. (The)		68		7,467
Equity Real Estate Investment Trusts (REITs) — 3.5%
AvalonBay Communities, Inc.		22		3,846
Crown Castle International Corp.		22		2,390
Simon Property Group, Inc.		24		3,998
Ventas, Inc.		91		5,338
Vornado Realty Trust		71		4,398
				19,970
Food & Staples Retailing — 0.9%
Walmart, Inc.		55		5,086
Food Products — 0.8%
Mondelez International, Inc., Class A		110		4,391
Health Care Equipment & Supplies — 1.8%
Becton Dickinson and Co.		26		5,836
Medtronic plc		51		4,630
				10,466
Health Care Providers & Services — 3.7%
AmerisourceBergen Corp.		35		2,634
CVS Health Corp.		116		7,593
Humana, Inc.		16		4,469
UnitedHealth Group, Inc.		27		6,751
				21,447
Hotels, Restaurants & Leisure — 0.6%
Royal Caribbean Cruises Ltd.		35		3,452
Household Products — 1.2%
Colgate-Palmolive Co.		116		6,910
Industrial Conglomerates — 3.8%
3M Co.		57		10,918
Honeywell International, Inc.		81		10,741
				21,659
Insurance — 4.7%
Chubb Ltd.		52		6,752
Hartford Financial Services Group, Inc. (The)		225		10,014
Loews Corp.		57		2,604
MetLife, Inc.		84		3,441

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 J.P. MORGAN LARGE CAP FUNDS 23

JPMorgan Growth and Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Insurance — Continued
Prudential Financial, Inc.		54		4,412
				27,223
Interactive Media & Services — 1.4%
Alphabet, Inc., Class C *		8		8,149
IT Services — 0.9%
Fidelity National Information Services, Inc.		52		5,322
Machinery — 3.3%
Dover Corp.		50		3,534
Parker-Hannifin Corp.		60		9,008
Stanley Black & Decker, Inc.		57		6,789
				19,331
Media — 0.6%
Comcast Corp., Class A		75		2,544
DISH Network Corp., Class A *		39		971
				3,515
Multiline Retail — 1.0%
Target Corp.		87		5,737
Multi-Utilities — 2.3%
CMS Energy Corp.		173		8,565
NiSource, Inc.		83		2,099
Public Service Enterprise Group, Inc.		50		2,602
				13,266
Oil, Gas & Consumable Fuels — 9.5%
Chevron Corp.		111		12,076
ConocoPhillips		146		9,108
EOG Resources, Inc.		48		4,208
Exxon Mobil Corp.		46		3,122
Marathon Petroleum Corp.		37		2,183
Occidental Petroleum Corp.		124		7,605
Phillips 66		44		3,799
Pioneer Natural Resources Co.		22		2,946
Valero Energy Corp.		69		5,136
Williams Cos., Inc. (The)		193		4,260
				54,443
Pharmaceuticals — 8.3%
Bristol-Myers Squibb Co.		214		11,145
Eli Lilly & Co.		52		6,029
Johnson & Johnson		44		5,665
Merck & Co., Inc.		217		16,594
Pfizer, Inc.		188		8,215
				47,648

INVESTMENTS	SHARES (000)		VALUE ($000)
Road & Rail — 0.7%
CSX Corp.		31		1,907
Kansas City Southern		20		1,890
				3,797
Semiconductors & Semiconductor Equipment — 3.5%
Analog Devices, Inc.		93		7,982
Applied Materials, Inc.		99		3,244
Texas Instruments, Inc.		94		8,855
				20,081
Software — 2.4%
Microsoft Corp.		134		13,590
Specialty Retail — 3.6%
AutoZone, Inc. *		7		5,625
Home Depot, Inc. (The)		87		14,983
				20,608
Technology Hardware, Storage & Peripherals — 1.2%
Apple, Inc.		44		6,940
Textiles, Apparel & Luxury Goods — 1.3%
NIKE, Inc., Class B		104		7,733
Tobacco — 2.5%
Altria Group, Inc.		170		8,391
Philip Morris International, Inc.		92		6,109
				14,500
Trading Companies & Distributors — 0.7%
Watsco, Inc.		31		4,341
Total Common Stocks (Cost $421,473)				559,167
Short-Term Investments — 2.5%
Investment Companies — 2.5%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.40% (a) (b) (Cost $14,319)		14,319		14,319
Total Investments — 99.6% (Cost $435,792)				573,486
Other Assets Less Liabilities — 0.4%				2,113
NET ASSETS — 100.0%				575,599

Percentages indicated are based on net assets.

(a)	Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(b)	The rate shown is the current yield as of December 31, 2018.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

24 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2018

JPMorgan Hedged Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 99.6%
Aerospace & Defense — 2.0%
Boeing Co. (The)		44		14,168
General Dynamics Corp. (a)		164		25,849
Northrop Grumman Corp. (a)		47		11,625
United Technologies Corp. (a)		149		15,877
				67,519
Airlines — 0.4%
Delta Air Lines, Inc.		230		11,491
United Continental Holdings, Inc. *		38		3,214
				14,705
Auto Components — 0.4%
Aptiv plc		62		3,795
BorgWarner, Inc.		70		2,437
Magna International, Inc. (Canada)		182		8,285
				14,517
Automobiles — 0.2%
Ford Motor Co.		792		6,061
Banks — 4.9%
Bank of America Corp. (a)		2,114		52,085
Citigroup, Inc.		613		31,905
Citizens Financial Group, Inc.		129		3,836
Huntington Bancshares, Inc.		400		4,773
KeyCorp (a)		1,130		16,702
Regions Financial Corp.		375		5,023
SunTrust Banks, Inc.		300		15,151
Wells Fargo & Co. (a)		753		34,679
				164,154
Beverages — 2.9%
Coca-Cola Co. (The) (a)		888		42,055
Constellation Brands, Inc., Class A		11		1,814
Molson Coors Brewing Co., Class B (a)		245		13,751
PepsiCo, Inc. (a)		340		37,613
				95,233
Biotechnology — 2.4%
AbbVie, Inc. (a)		89		8,247
Alexion Pharmaceuticals, Inc. *		98		9,543
Amgen, Inc.		47		9,062
Biogen, Inc. *		47		14,228
Celgene Corp. *		158		10,096
Gilead Sciences, Inc.		245		15,313
Vertex Pharmaceuticals, Inc. *		88		14,599
				81,088

INVESTMENTS	SHARES (000)		VALUE ($000)
Building Products — 0.3%
Masco Corp.		365		10,685
Capital Markets — 3.4%
Bank of New York Mellon Corp. (The)		69		3,244
BlackRock, Inc.		9		3,453
Charles Schwab Corp. (The) (a)		332		13,805
CME Group, Inc.		58		10,890
Goldman Sachs Group, Inc. (The)		62		10,360
Intercontinental Exchange, Inc.		216		16,276
Morgan Stanley (a)		732		29,019
State Street Corp. (a)		66		4,151
T. Rowe Price Group, Inc. (a)		123		11,376
TD Ameritrade Holding Corp.		245		11,994
				114,568
Chemicals — 2.0%
Celanese Corp.		96		8,611
DowDuPont, Inc. (a)		708		37,855
Eastman Chemical Co.		215		15,709
Linde plc (United Kingdom)		39		6,040
				68,215
Commercial Services & Supplies — 0.1%
Cintas Corp.		10		1,661
Communications Equipment — 0.4%
Cisco Systems, Inc.		225		9,741
Motorola Solutions, Inc.		16		1,862
				11,603
Consumer Finance — 0.8%
American Express Co.		53		5,064
Capital One Financial Corp.		280		21,163
				26,227
Containers & Packaging — 0.4%
Avery Dennison Corp.		47		4,238
Packaging Corp. of America		21		1,730
Westrock Co.		220		8,303
				14,271
Diversified Consumer Services — 0.1%
H&R Block, Inc.		64		1,636
Diversified Financial Services — 1.7%
Berkshire Hathaway, Inc., Class B * (a)		284		58,059
Diversified Telecommunication Services — 1.6%
AT&T, Inc. (a)		374		10,684
Verizon Communications, Inc. (a)		759		42,652
				53,336

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 J.P. MORGAN LARGE CAP FUNDS 25

JPMorgan Hedged Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Electric Utilities — 2.6%
Evergy, Inc.		46		2,607
Exelon Corp.		548		24,733
NextEra Energy, Inc. (a)		202		35,091
PG&E Corp. *		46		1,089
Xcel Energy, Inc.		466		22,950
				86,470
Electrical Equipment — 0.7%
Eaton Corp. plc (a)		320		21,981
Electronic Equipment, Instruments & Components — 0.1%
TE Connectivity Ltd.		54		4,055
Entertainment — 2.2%
Electronic Arts, Inc. *		170		13,393
Netflix, Inc. *		82		21,846
Walt Disney Co. (The) (a)		356		39,026
				74,265
Equity Real Estate Investment Trusts (REITs) — 2.2%
AvalonBay Communities, Inc.		88		15,388
Digital Realty Trust, Inc.		25		2,618
Equinix, Inc.		14		4,911
Equity Residential		67		4,446
Federal Realty Investment Trust		60		7,092
Host Hotels & Resorts, Inc.		273		4,551
Prologis, Inc.		306		17,957
Ventas, Inc.		79		4,631
Vornado Realty Trust		192		11,891
				73,485
Food Products — 0.9%
Mondelez International, Inc., Class A (a)		760		30,417
Health Care Equipment & Supplies — 3.5%
Becton Dickinson and Co. (a)		46		10,423
Boston Scientific Corp. * (a)		959		33,891
Danaher Corp.		94		9,719
Intuitive Surgical, Inc. *		13		6,173
Medtronic plc		354		32,158
Zimmer Biomet Holdings, Inc.		224		23,196
				115,560
Health Care Providers & Services — 3.5%
Anthem, Inc.		70		18,329
Cigna Corp.		163		30,911
CVS Health Corp.		224		14,686
UnitedHealth Group, Inc. (a)		215		53,576
				117,502

INVESTMENTS	SHARES (000)		VALUE ($000)
Hotels, Restaurants & Leisure — 0.9%
Hilton Worldwide Holdings, Inc.		146		10,490
Royal Caribbean Cruises Ltd.		34		3,335
Yum! Brands, Inc.		181		16,617
				30,442
Household Durables — 0.2%
Lennar Corp., Class A		196		7,669
Household Products — 0.5%
Procter & Gamble Co. (The)		192		17,677
Industrial Conglomerates — 1.0%
Honeywell International, Inc.		263		34,773
Insurance — 2.5%
Allstate Corp. (The)		57		4,735
American International Group, Inc.		462		18,216
Everest Re Group Ltd.		21		4,658
Hartford Financial Services Group, Inc. (The)		286		12,724
Lincoln National Corp.		201		10,315
Marsh & McLennan Cos., Inc.		59		4,666
MetLife, Inc. (a)		423		17,376
Principal Financial Group, Inc.		77		3,419
Prudential Financial, Inc.		75		6,106
				82,215
Interactive Media & Services — 4.3%
Alphabet, Inc., Class A * (a)		58		60,158
Alphabet, Inc., Class C * (a)		56		57,901
Facebook, Inc., Class A * (a)		204		26,752
				144,811
Internet & Direct Marketing Retail — 3.8%
Amazon.com, Inc. * (a)		72		107,706
Booking Holdings, Inc. *		4		7,303
Expedia Group, Inc.		112		12,608
				127,617
IT Services — 4.4%
Accenture plc, Class A (a)		27		3,831
Alliance Data Systems Corp.		33		4,981
Automatic Data Processing, Inc.		249		32,598
Fidelity National Information Services, Inc. (a)		202		20,742
First Data Corp., Class A *		155		2,619
Mastercard, Inc., Class A		53		9,970
PayPal Holdings, Inc. *		328		27,584
Visa, Inc., Class A (a)		336		44,302
				146,627

SEE NOTES TO FINANCIAL STATEMENTS.

26 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2018

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Life Sciences Tools & Services — 0.7%
Agilent Technologies, Inc.		51		3,471
Illumina, Inc. *		24		7,147
Thermo Fisher Scientific, Inc.		62		13,806
				24,424
Machinery — 2.7%
Caterpillar, Inc.		154		19,631
Cummins, Inc.		73		9,782
Deere & Co.		48		7,135
Ingersoll-Rand plc (a)		139		12,721
PACCAR, Inc. (a)		265		15,138
Snap-on, Inc.		74		10,727
Stanley Black & Decker, Inc.		118		14,177
				89,311
Media — 1.9%
Charter Communications, Inc., Class A * (a)		80		22,738
Comcast Corp., Class A (a)		901		30,684
Discovery, Inc., Class A * (a)		255		6,300
DISH Network Corp., Class A *		94		2,352
				62,074
Metals & Mining — 0.2%
Freeport-McMoRan, Inc.		309		3,189
Newmont Mining Corp.		75		2,615
				5,804
Multiline Retail — 0.9%
Dollar General Corp.		182		19,660
Dollar Tree, Inc. *		72		6,465
Macy’s, Inc.		161		4,789
				30,914
Multi-Utilities — 0.8%
Ameren Corp.		69		4,522
Public Service Enterprise Group, Inc.		77		4,018
Sempra Energy		155		16,749
				25,289
Oil, Gas & Consumable Fuels — 5.3%
Chevron Corp. (a)		420		45,679
Concho Resources, Inc. *		36		3,744
Diamondback Energy, Inc.		149		13,796
EOG Resources, Inc. (a)		286		24,931
Exxon Mobil Corp. (a)		215		14,647
Marathon Petroleum Corp. (a)		397		23,446
Occidental Petroleum Corp. (a)		321		19,718
ONEOK, Inc.		205		11,072

INVESTMENTS	SHARES (000)		VALUE ($000)
Oil, Gas & Consumable Fuels — continued
Parsley Energy, Inc., Class A *		94		1,497
Pioneer Natural Resources Co. (a)		145		19,035
				177,565
Personal Products — 0.3%
Estee Lauder Cos., Inc. (The), Class A		86		11,190
Pharmaceuticals — 5.5%
Allergan plc		66		8,878
Bristol-Myers Squibb Co.		220		11,414
Eli Lilly & Co.		228		26,357
Johnson & Johnson (a)		327		42,157
Merck & Co., Inc. (a)		472		36,087
Mylan NV*		83		2,284
Nektar Therapeutics *		30		994
Pfizer, Inc. (a)		1,224		53,446
Zoetis, Inc.		21		1,785
				183,402
Road & Rail — 2.0%
Norfolk Southern Corp. (a)		197		29,443
Union Pacific Corp. (a)		275		38,039
				67,482
Semiconductors & Semiconductor Equipment — 4.0%
Analog Devices, Inc. (a)		423		36,340
Broadcom, Inc.		82		20,818
Intel Corp.		150		7,020
Microchip Technology, Inc.		33		2,371
Micron Technology, Inc. *		74		2,346
NVIDIA Corp. (a)		169		22,604
Texas Instruments, Inc. (a)		441		41,634
				133,133
Software — 7.4%
Adobe, Inc.*		90		20,339
Microsoft Corp. (a)		1,521		154,462
Oracle Corp. (a)		513		23,161
salesforce.com, Inc. * (a)		270		36,976
Workday, Inc., Class A *		68		10,913
				245,851
Specialty Retail — 4.3%
Advance Auto Parts, Inc.		43		6,842
AutoZone, Inc. * (a)		32		26,877
Best Buy Co., Inc.		208		10,996
Home Depot, Inc. (The) (a)		236		40,622
Lowe’s Cos., Inc.		150		13,875

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 J.P. MORGAN LARGE CAP FUNDS 27

JPMorgan Hedged Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Specialty Retail — Continued
O’Reilly Automotive, Inc. *		46		15,729
Ross Stores, Inc.		321		26,698
Tiffany & Co.		10		772
				142,411
Technology Hardware, Storage & Peripherals — 4.1%
Apple, Inc. (a)		715		112,778
Hewlett Packard Enterprise Co.		957		12,638
HP, Inc. (a)		533		10,914
				136,330
Textiles, Apparel & Luxury Goods — 0.3%
NIKE, Inc., Class B		10		767
PVH Corp.		105		9,776
				10,543
Tobacco — 1.3%
Altria Group, Inc.		257		12,699
Philip Morris International, Inc. (a)		461		30,782
				43,481
Trading Companies & Distributors — 0.1%
HD Supply Holdings, Inc. *		93		3,485
United Rentals, Inc. *		10		1,025
				4,510
Wireless Telecommunication Services — 0.5%
T-Mobile US, Inc. *		238		15,127
Total Common Stocks (Cost $3,376,984)				3,327,945

INVESTMENTS	NO. OF CONTRACTS		VALUE ($000)
Options Purchased — 2.4%
Put Options Purchased — 2.4%
Index Funds — 2.4%
S&P 500 Index 3/29/2019 at USD 2,365.00, European Style Notional Amount: USD 3,443,409 Exchange Traded * (Cost $87,677)		13,736		79,257
	SHARES (000)
Short-Term Investments — 4.4%
Investment Companies — 4.4%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.40% (b) (c) (Cost $145,694)		145,694		145,694
Total Investments — 106.4% (Cost $3,610,355)				3,552,896
Liabilities in Excess of Other Assets — (6.4%)				(213,040	)
NET ASSETS — 100.0%				3,339,856

Percentages indicated are based on net assets.

Abbreviations
USD	United States Dollar
(a)	All or a portion of the security is segregated for options written.
(b)	Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(c)	The rate shown is the current yield as of December 31, 2018.
*	Non-income producing security.

Futures contracts outstanding as of December 31, 2018 (amounts in thousands, except number of contracts):
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
S&P 500 E-Mini Index		906		03/2019		USD		113,386		(260	)
										(260	)

Abbreviations

USD United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

28 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2018

Written Call Options Contracts as of December 31, 2018 (amounts in thousands, except number of contracts):

DESCRIPTION

COUNTERPARTY

NUMBER OF CONTRACTS

NOTIONAL AMOUNT

EXERCISE PRICE

EXPIRATION DATE

VALUE ($)

S&P 500 Index

Exchange Traded

13,736

USD 3,443,409

USD 2,605

3/29/2019

(77,608

)

(77,608

)

Written Put Options Contracts as of December 31, 2018 (amounts in thousands, except number of contracts):

DESCRIPTION

COUNTERPARTY

NUMBER OF CONTRACTS

NOTIONAL AMOUNT

EXERCISE PRICE

EXPIRATION DATE

VALUE ($)

S&P 500 Index

Exchange Traded

13,736

USD 3,443,409

USD 1,990

3/29/2019

(12,981

)

(12,981

)

Total Written Options Contracts (Premiums Received $84,806)

(90,589

)

Abbreviations

USD United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 J.P. MORGAN LARGE CAP FUNDS 29

JPMorgan Large Cap Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 99.4%
Aerospace & Defense — 3.1%
Boeing Co. (The)		1,192		384,549
Airlines — 0.7%
Delta Air Lines, Inc.		327		16,317
Southwest Airlines Co.		1,491		69,295
				85,612
Automobiles — 0.6%
Tesla, Inc. * (a)		224		74,614
Banks — 0.2%
SVB Financial Group *		155		29,457
Beverages — 1.5%
Constellation Brands, Inc., Class A		509		81,793
Monster Beverage Corp. *		2,279		112,150
				193,943
Biotechnology — 1.6%
Regeneron Pharmaceuticals, Inc. *		39		14,417
Vertex Pharmaceuticals, Inc. *		1,151		190,779
				205,196
Capital Markets — 4.0%
Charles Schwab Corp. (The)		3,247		134,841
Intercontinental Exchange, Inc.		1,239		93,328
S&P Global, Inc.		1,575		267,638
				495,807
Chemicals — 1.0%
Ecolab, Inc.		86		12,672
Sherwin-Williams Co. (The)		297		116,779
				129,451
Electrical Equipment — 0.3%
Rockwell Automation, Inc.		269		40,539
Electronic Equipment, Instruments & Components — 0.4%
Amphenol Corp., Class A		571		46,238
Entertainment — 4.3%
Activision Blizzard, Inc.		2,535		118,055
Electronic Arts, Inc. *		235		18,510
Netflix, Inc.*		1,484		397,288
				533,853
Equity Real Estate Investment Trusts (REITs) — 0.7%
Equinix, Inc.		232		81,917
Food & Staples Retailing — 1.1%
Costco Wholesale Corp.		658		134,021

INVESTMENTS	SHARES (000)		VALUE ($000)
Health Care Equipment & Supplies — 9.8%
ABIOMED, Inc. *		289		94,067
Becton Dickinson and Co.		722		162,613
Boston Scientific Corp. *		8,759		309,529
DexCom, Inc. *		2,179		261,092
Intuitive Surgical, Inc. *		832		398,306
				1,225,607
Health Care Providers & Services — 2.7%
UnitedHealth Group, Inc.		1,350		336,318
Health Care Technology — 0.7%
Veeva Systems, Inc., Class A *		1,054		94,143
Industrial Conglomerates — 2.8%
Honeywell International, Inc.		863		113,980
Roper Technologies, Inc.		903		240,694
				354,674
Interactive Media & Services — 6.7%
Alphabet, Inc., Class C *		572		592,330
Facebook, Inc., Class A *		395		51,718
Match Group, Inc. (a)		2,691		115,107
Twitter, Inc. *		2,889		83,030
				842,185
Internet & Direct Marketing Retail — 9.3%
Amazon.com, Inc. *		536		805,214
Booking Holdings, Inc. *		35		60,440
GrubHub, Inc. * (a)		1,205		92,571
MercadoLibre, Inc. (Argentina) (a)		468		136,907
Wayfair, Inc., Class A * (a)		755		68,047
				1,163,179
IT Services — 13.6%
Mastercard, Inc., Class A		3,041		573,741
PayPal Holdings, Inc. *		4,508		379,099
Shopify, Inc., Class A (Canada) * (a)		537		74,389
Square, Inc., Class A *		1,967		110,352
Visa, Inc., Class A (a)		2,674		352,847
Worldpay, Inc. *		2,876		219,836
				1,710,264
Life Sciences Tools & Services — 3.5%
Illumina, Inc.*		851		255,173
Thermo Fisher Scientific, Inc.		801		179,225
				434,398
Personal Products — 1.6%
Estee Lauder Cos., Inc. (The), Class A		1,541		200,419

SEE NOTES TO FINANCIAL STATEMENTS.

30 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2018

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Professional Services — 1.0%
CoStar Group, Inc. *		357		120,262
Road & Rail — 0.9%
Norfolk Southern Corp.		767		114,682
Semiconductors & Semiconductor Equipment — 3.9%
Advanced Micro Devices, Inc. * (a)		3,640		67,202
Applied Materials, Inc.		3,258		106,674
NVIDIA Corp.		1,373		183,358
Texas Instruments, Inc.		1,443		136,382
				493,616
Software — 12.6%
Adobe, Inc. *		342		77,374
Atlassian Corp. plc, Class A *		1,141		101,535
Microsoft Corp.		5,979		607,267
salesforce.com, Inc. *		2,551		349,342
ServiceNow, Inc. *		1,982		352,904
Trade Desk, Inc. (The), Class A * (a)		837		97,154
				1,585,576
Specialty Retail — 3.9%
Home Depot, Inc. (The)		1,609		276,482
Ross Stores, Inc.		2,549		212,108
				488,590
Technology Hardware, Storage & Peripherals — 5.2%
Apple, Inc.		4,094		645,758
Textiles, Apparel & Luxury Goods — 1.7%
Lululemon Athletica, Inc. *		1,741		211,674
Total Common Stocks (Cost $8,040,848)				12,456,542

INVESTMENTS	SHARES (000)		VALUE ($000)
Short-Term Investments — 0.5%
Investment Companies — 0.5%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.40% (b) (c) (Cost $59,117)		59,117		59,117
Investment of Cash Collateral from Securities Loaned — 2.6%
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.60% (b) (c)		275,528		275,500
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (b) (c)		52,074		52,074
Total Investment of Cash Collateral from Securities Loaned (Cost $327,574)				327,574
Total Investments — 102.5% (Cost $8,427,539)				12,843,233
Liabilities in Excess of Other Assets — (2.5%)				(309,939	)
NET ASSETS — 100.0%				12,533,294

Percentages indicated are based on net assets.

(a)	The security or a portion of this security is on loan at December 31, 2018. The total value of securities on loan at December 31, 2018 is approximately $321,421,000.
(b)	Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(c)	The rate shown is the current yield as of December 31, 2018.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 J.P. MORGAN LARGE CAP FUNDS 31

JPMorgan Large Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 95.7%
Aerospace & Defense — 1.2%
General Dynamics Corp.		109		17,104
Airlines — 1.9%
Southwest Airlines Co.		556		25,848
Auto Components — 2.1%
American Axle & Manufacturing Holdings, Inc. *		456		5,056
BorgWarner, Inc.		227		7,900
Delphi Technologies plc		544		7,787
Lear Corp.		45		5,554
Visteon Corp. * (a)		54		3,255
				29,552
Automobiles — 0.5%
General Motors Co.		223		7,453
Banks — 12.9%
Bank of America Corp.		2,236		55,097
Cathay General Bancorp		99		3,309
Citigroup, Inc.		280		14,578
Citizens Financial Group, Inc.		516		15,350
Comerica, Inc.		98		6,732
East West Bancorp, Inc.		158		6,895
First Republic Bank		70		6,057
Huntington Bancshares, Inc.		529		6,303
IBERIABANK Corp.		87		5,586
KeyCorp		1,786		26,399
Regions Financial Corp.		434		5,807
SVB Financial Group *		47		8,907
Wells Fargo & Co.		422		19,426
				180,446
Biotechnology — 1.0%
Alexion Pharmaceuticals, Inc. *		52		5,014
Biogen, Inc. *		12		3,641
Gilead Sciences, Inc.		90		5,605
				14,260
Building Products — 0.2%
Owens Corning		62		2,709
Capital Markets — 3.1%
Morgan Stanley		848		33,603
State Street Corp.		163		10,287
				43,890
Chemicals — 6.7%
Celanese Corp.		227		20,423
DowDuPont, Inc.		253		13,506
Eastman Chemical Co.		324		23,710

INVESTMENTS	SHARES (000)		VALUE ($000)
Chemicals — continued
FMC Corp.		492		36,403
				94,042
Consumer Finance — 0.3%
Ally Financial, Inc.		186		4,219
Containers & Packaging — 1.6%
Avery Dennison Corp.		64		5,749
Crown Holdings, Inc. * (a)		392		16,296
				22,045
Diversified Financial Services — 2.3%
Berkshire Hathaway, Inc., Class B *		156		31,852
Diversified Telecommunication Services — 0.9%
Verizon Communications, Inc.		233		13,122
Electrical Equipment — 1.6%
Eaton Corp. plc		324		22,266
Entertainment — 0.7%
Electronic Arts, Inc. *		115		9,059
Equity Real Estate Investment Trusts (REITs) — 1.7%
American Campus Communities, Inc.		96		3,953
Brixmor Property Group, Inc.		343		5,034
Mid-America Apartment Communities, Inc.		81		7,723
Prologis, Inc.		116		6,806
				23,516
Food Products — 1.5%
Mondelez International, Inc., Class A		517		20,703
Health Care Equipment & Supplies — 2.1%
Boston Scientific Corp. *		170		6,022
Medtronic plc		37		3,384
Zimmer Biomet Holdings, Inc.		192		19,945
				29,351
Health Care Providers & Services — 6.7%
Cigna Corp.		262		49,797
CVS Health Corp.		580		37,995
Universal Health Services, Inc., Class B		55		6,422
				94,214
Hotels, Restaurants & Leisure — 1.3%
Caesars Entertainment Corp. * (a)		1,347		9,145
International Game Technology plc (a)		177		2,592
Royal Caribbean Cruises Ltd.		69		6,699
				18,436
Household Durables — 2.8%
Lennar Corp., Class A		986		38,606

SEE NOTES TO FINANCIAL STATEMENTS.

32 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2018

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Insurance — 4.8%
American International Group, Inc.		163		6,432
Athene Holding Ltd., Class A *		356		14,164
Hartford Financial Services Group, Inc. (The)		107		4,765
Lincoln National Corp.		684		35,070
Principal Financial Group, Inc.		133		5,879
				66,310
Interactive Media & Services — 1.0%
Alphabet, Inc., Class A *		13		13,375
Internet & Direct Marketing Retail — 1.4%
Expedia Group, Inc.		179		20,142
Machinery — 2.9%
Ingersoll-Rand plc		57		5,200
PACCAR, Inc.		431		24,645
Stanley Black & Decker, Inc.		85		10,130
				39,975
Media — 6.1%
Altice USA, Inc., Class A		612		10,110
Charter Communications, Inc., Class A *		104		29,580
Comcast Corp., Class A		1,327		45,191
				84,881
Metals & Mining — 0.6%
United States Steel Corp.		459		8,363
Multiline Retail — 0.8%
Dollar Tree, Inc. *		115		10,396
Oil, Gas & Consumable Fuels — 11.9%
Chevron Corp.		242		26,327
Concho Resources, Inc. *		113		11,595
Diamondback Energy, Inc.		231		21,386
EOG Resources, Inc.		64		5,555
Marathon Petroleum Corp.		413		24,383
Occidental Petroleum Corp.		487		29,886
Parsley Energy, Inc., Class A *		127		2,034
Pioneer Natural Resources Co.		223		29,263
TransCanada Corp. (Canada)		437		15,601
				166,030
Pharmaceuticals — 5.5%
Bristol-Myers Squibb Co.		156		8,093
Johnson & Johnson		52		6,724
Merck & Co., Inc.		270		20,623
Pfizer, Inc.		958		41,812
				77,252

INVESTMENTS	SHARES (000)		VALUE ($000)
Semiconductors & Semiconductor Equipment — 3.0%
Analog Devices, Inc.		178		15,295
NXP Semiconductors NV (Netherlands)		248		18,203
Texas Instruments, Inc.		94		8,873
				42,371
Software — 0.3%
LogMeIn, Inc.		54		4,437
Specialty Retail — 0.5%
Best Buy Co., Inc.		97		5,153
Tiffany & Co. (a)		29		2,311
				7,464
Textiles, Apparel & Luxury Goods — 1.1%
PVH Corp.		96		8,876
Tapestry, Inc.		195		6,568
				15,444
Tobacco — 0.4%
Philip Morris International, Inc.		89		5,962
Wireless Telecommunication Services — 2.3%
T-Mobile US, Inc. *		499		31,730
Total Common Stocks (Cost $1,426,907)				1,336,825
	NO. OF WARRANTS (000)
Warrants — 0.0%
Consumer Finance — 0.0%
Emergent Capital, Inc. expiring 10/1/2019, price 10.75 * (Cost $— )		36		—	(b)
	SHARES (000)
Short-Term Investments — 4.0%
Investment Companies — 4.0%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.40% (c) (d) (Cost $56,173)		56,173		56,173

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 J.P. MORGAN LARGE CAP FUNDS 33

JPMorgan Large Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Investment of Cash Collateral from Securities Loaned — 1.2%
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.60% (c) (d)		5,001		5,000
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (c) (d)		11,408		11,408
Total Investment of Cash Collateral from Securities Loaned (Cost $16,408)				16,408
Total Investments — 100.9% (Cost $1,499,488)				1,409,406
Liabilities in Excess of Other Assets — (0.9%)				(12,338	)
NET ASSETS — 100.0%				1,397,068

Percentages indicated are based on net assets.

(a)	The security or a portion of this security is on loan at December 31, 2018. The total value of securities on loan at December 31, 2018 is approximately $16,076,000.
(b)	Amount rounds to less than one thousand.
(c)	Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(d)	The rate shown is the current yield as of December 31, 2018.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

34 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2018

JPMorgan U.S. Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 99.2%
Aerospace & Defense — 3.5%
General Dynamics Corp. (a)		1,549		243,447
Northrop Grumman Corp.		717		175,623
United Technologies Corp.		173		18,432
				437,502
Air Freight & Logistics — 0.1%
United Parcel Service, Inc., Class B		159		15,467
Airlines — 0.2%
Delta Air Lines, Inc.		516		25,751
Auto Components — 0.2%
Aptiv plc		102		6,278
BorgWarner, Inc.		452		15,695
				21,973
Banks — 5.8%
Bank of America Corp.		8,111		199,855
Citigroup, Inc.		1,114		58,018
First Republic Bank		72		6,259
Huntington Bancshares, Inc.		5,732		68,328
KeyCorp		7,699		113,787
SunTrust Banks, Inc.		2,383		120,187
SVB Financial Group *		481		91,411
Wells Fargo & Co.		1,385		63,806
				721,651
Beverages — 2.5%
Coca-Cola Co. (The)		5,900		279,342
Molson Coors Brewing Co., Class B		240		13,478
PepsiCo, Inc.		163		17,990
				310,810
Biotechnology — 2.0%
Alexion Pharmaceuticals, Inc. *		442		43,005
Biogen, Inc. *		276		83,198
Celgene Corp. *		78		5,003
Gilead Sciences, Inc.		361		22,568
Vertex Pharmaceuticals, Inc. *		589		97,603
				251,377
Building Products — 0.0% (b)
Allegion plc		52		4,166
Capital Markets — 2.8%
Ameriprise Financial, Inc.		791		82,601
Bank of New York Mellon Corp. (The)		556		26,176
Charles Schwab Corp. (The)		574		23,850
Intercontinental Exchange, Inc.		63		4,727
Morgan Stanley		5,204		206,344
				343,698

INVESTMENTS	SHARES (000)		VALUE ($000)
Chemicals — 1.6%
DowDuPont, Inc.		1,113		59,507
Eastman Chemical Co.		1,392		101,778
Linde plc (United Kingdom)		201		31,391
PPG Industries, Inc.		48		4,863
				197,539
Commercial Services & Supplies — 0.1%
Waste Management, Inc.		81		7,190
Consumer Finance — 0.0% (b)
American Express Co.		46		4,341
Containers & Packaging — 1.1%
Crown Holdings, Inc. * (a)		2,219		92,246
Westrock Co.		1,031		38,949
				131,195
Diversified Financial Services — 0.1%
Berkshire Hathaway, Inc., Class B *		65		13,284
Diversified Telecommunication Services — 2.4%
AT&T, Inc.		5,730		163,543
Verizon Communications, Inc.		2,462		138,401
				301,944
Electric Utilities — 2.9%
Evergy, Inc.		114		6,498
NextEra Energy, Inc.		1,320		229,511
Xcel Energy, Inc.		2,436		120,004
				356,013
Electrical Equipment — 0.7%
Eaton Corp. plc		1,258		86,352
Entertainment — 1.9%
Electronic Arts, Inc. *		512		40,437
Netflix, Inc. *		721		192,869
Walt Disney Co. (The)		64		7,056
				240,362
Equity Real Estate Investment Trusts (REITs) — 2.0%
AvalonBay Communities, Inc.		107		18,620
Brixmor Property Group, Inc.		484		7,104
Prologis, Inc.		2,983		175,135
Ventas, Inc.		256		14,983
Vornado Realty Trust		544		33,766
				249,608
Food Products — 1.6%
Kraft Heinz Co. (The)		374		16,110
Mondelez International, Inc., Class A		4,539		181,689
				197,799

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 J.P. MORGAN LARGE CAP FUNDS 35

JPMorgan U.S. Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Health Care Equipment & Supplies — 2.9%
Becton Dickinson and Co.		97		21,775
Boston Scientific Corp. *		4,697		165,989
Danaher Corp.		44		4,534
Intuitive Surgical, Inc. *		128		61,074
Medtronic plc		540		49,154
Zimmer Biomet Holdings, Inc.		535		55,445
				357,971
Health Care Providers & Services — 5.0%
Anthem, Inc.		37		9,783
Cigna Corp.		1,093		207,634
CVS Health Corp.		1,654		108,342
UnitedHealth Group, Inc.		1,150		286,382
Universal Health Services, Inc., Class B		132		15,392
				627,533
Hotels, Restaurants & Leisure — 1.2%
Royal Caribbean Cruises Ltd.		1,230		120,291
Yum! Brands, Inc.		275		25,241
				145,532
Household Durables — 0.4%
Lennar Corp., Class A		1,302		50,979
Household Products — 0.1%
Procter & Gamble Co. (The)		141		12,976
Industrial Conglomerates — 1.4%
Honeywell International, Inc.		1,302		172,056
Insurance — 1.3%
Allstate Corp. (The) (a)		357		29,504
American International Group, Inc.		538		21,187
Arthur J Gallagher & Co. (a)		593		43,695
Hartford Financial Services Group, Inc. (The)		943		41,912
Lincoln National Corp.		486		24,946
Willis Towers Watson plc		27		4,046
				165,290
Interactive Media & Services — 4.7%
Alphabet, Inc., Class A *		398		416,038
Alphabet, Inc., Class C *		131		135,871
Facebook, Inc., Class A *		239		31,288
				583,197
Internet & Direct Marketing Retail — 3.9%
Amazon.com, Inc. *		327		490,754
IT Services — 5.4%
Accenture plc, Class A		779		109,858
Alliance Data Systems Corp.		100		15,021

INVESTMENTS	SHARES (000)		VALUE ($000)
IT Services — continued
Automatic Data Processing, Inc.		350		45,918
Fidelity National Information Services, Inc.		97		9,948
First Data Corp., Class A *		635		10,740
Fiserv, Inc. *		80		5,908
Mastercard, Inc., Class A		1,206		227,473
PayPal Holdings, Inc. *		585		49,220
Visa, Inc., Class A		1,427		188,271
WEX, Inc. *		29		4,016
				666,373
Life Sciences Tools & Services — 0.6%
Thermo Fisher Scientific, Inc.		327		73,219
Machinery — 2.4%
Caterpillar, Inc.		1,349		171,391
Deere & Co.		108		16,145
Ingersoll-Rand plc		207		18,854
Parker-Hannifin Corp.		56		8,327
Stanley Black & Decker, Inc.		668		80,007
				294,724
Media — 2.2%
Charter Communications, Inc., Class A *		563		160,347
Comcast Corp., Class A		1,302		44,340
Discovery, Inc., Class A * (a)		212		5,242
Discovery, Inc., Class C *		2,089		48,219
DISH Network Corp., Class A *		741		18,494
				276,642
Multiline Retail — 0.2%
Dollar Tree, Inc. *		341		30,780
Multi-Utilities — 0.2%
Public Service Enterprise Group, Inc.		68		3,544
Sempra Energy		187		20,269
				23,813
Oil, Gas & Consumable Fuels — 5.8%
Chevron Corp.		261		28,393
Concho Resources, Inc. *		611		62,788
Diamondback Energy, Inc.		1,032		95,709
EOG Resources, Inc.		1,475		128,601
Marathon Petroleum Corp.		2,015		118,880
Occidental Petroleum Corp.		1,226		75,245
Parsley Energy, Inc., Class A *		3,391		54,181
Pioneer Natural Resources Co.		1,223		160,820
				724,617
Pharmaceuticals — 7.0%
Bristol-Myers Squibb Co.		84		4,383

SEE NOTES TO FINANCIAL STATEMENTS.

36 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2018

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Pharmaceuticals — continued
Eli Lilly & Co.		350		40,458
Johnson & Johnson		1,960		252,939
Merck & Co., Inc.		2,342		178,981
Nektar Therapeutics *		417		13,701
Pfizer, Inc.		8,735		381,303
				871,765
Road & Rail — 2.4%
Norfolk Southern Corp.		1,660		248,284
Union Pacific Corp.		355		49,018
				297,302
Semiconductors & Semiconductor Equipment — 5.0%
Analog Devices, Inc.		1,767		151,665
Broadcom, Inc.		179		45,589
NVIDIA Corp.		1,371		183,017
NXP Semiconductors NV (Netherlands)		239		17,528
Texas Instruments, Inc.		2,212		209,078
Universal Display Corp. (a)		174		16,322
				623,199
Software — 7.2%
Adobe, Inc. *		21		4,792
Microsoft Corp.		6,356		645,569
salesforce.com, Inc. *		1,693		231,956
Workday, Inc., Class A * (a)		50		8,051
				890,368
Specialty Retail — 4.2%
AutoZone, Inc. *		206		173,001
Best Buy Co., Inc.		167		8,834
Home Depot, Inc. (The)		487		83,677
Lowe’s Cos., Inc.		52		4,801
O’Reilly Automotive, Inc. *		302		104,002
Ross Stores, Inc.		1,734		144,257
				518,572
Technology Hardware, Storage & Peripherals — 2.6%
Apple, Inc.		2,019		318,465
Textiles, Apparel & Luxury Goods — 0.8%
PVH Corp.		1,135		105,516
Tobacco — 0.4%
Philip Morris International, Inc.		686		45,770
Trading Companies & Distributors — 0.1%
HD Supply Holdings, Inc. *		445		16,698

INVESTMENTS	SHARES (000)		VALUE ($000)
Wireless Telecommunication Services — 0.3%
T-Mobile US, Inc. *		514		32,685
Total Common Stocks (Cost $9,941,740)				12,334,818
	NO. OF WARRANTS (000)
Warrants — 0.0% (b)
Consumer Finance — 0.0% (b)
Emergent Capital, Inc. expiring 10/1/2019, price 10.75 * (Cost $ —)		24		—	(c)
	SHARES (000)
Short-Term Investments — 0.8%
Investment Companies — 0.8%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.40% (d) (e) (Cost $97,255)		97,255		97,255
Investment of Cash Collateral from Securities Loaned — 0.5%
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.60% (d) (e)		55,006		55,000
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (d) (e)		8,960		8,960
Total Investment Of Cash Collateral From Securities Loaned (Cost $63,960)				63,960
Total Investments — 100.5% (Cost $10,102,955)				12,496,033
Liabilities in Excess of Other Assets — (0.5%)				(64,488	)
NET ASSETS — 100.0%				12,431,545

Percentages indicated are based on net assets.

(a)	The security or a portion of this security is on loan at December 31, 2018. The total value of securities on loan at December 31, 2018 is approximately $63,241,000.
(b)	Amount rounds to less than 0.1% of net assets.
(c)	Amount rounds to less than one thousand.
(d)	Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(e)	The rate shown is the current yield as of December 31, 2018.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 J.P. MORGAN LARGE CAP FUNDS 37

JPMorgan U.S. Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

Futures contracts outstanding as of December 31, 2018 (amounts in thousands, except number of contracts):
DESCRIPTION	NUMBER OF CONTRACTS	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
S&P 500 E-Mini Index	357		03/2019		USD		44,679		655
									655

Abbreviations

USD United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

38 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2018

JPMorgan U.S. Research Enhanced Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 98.9%
Aerospace & Defense — 2.0%
Boeing Co. (The)		74		23,933
General Dynamics Corp.		278		43,667
Northrop Grumman Corp.		80		19,641
United Technologies Corp.		252		26,823
				114,064
Airlines — 0.4%
Delta Air Lines, Inc.		389		19,412
United Continental Holdings, Inc. *		65		5,431
				24,843
Auto Components — 0.4%
Aptiv plc		104		6,411
BorgWarner, Inc.		119		4,117
Magna International, Inc. (Canada)		308		13,998
				24,526
Automobiles — 0.2%
Ford Motor Co.		1,338		10,239
Banks — 4.9%
Bank of America Corp.		3,571		87,992
Citigroup, Inc.		1,035		53,900
Citizens Financial Group, Inc.		218		6,480
Huntington Bancshares, Inc.		676		8,063
KeyCorp		1,909		28,217
Regions Financial Corp.		634		8,486
SunTrust Banks, Inc.		507		25,595
Wells Fargo & Co.		1,271		58,586
				277,319
Beverages — 2.8%
Coca-Cola Co. (The)		1,500		71,047
Constellation Brands, Inc., Class A		19		3,064
Molson Coors Brewing Co., Class B		414		23,230
PepsiCo, Inc.		575		63,542
				160,883
Biotechnology — 2.4%
AbbVie, Inc.		151		13,933
Alexion Pharmaceuticals, Inc. *		166		16,123
Amgen, Inc.		79		15,309
Biogen, Inc. *		80		24,037
Celgene Corp. *		266		17,056
Gilead Sciences, Inc.		414		25,869
Vertex Pharmaceuticals, Inc. *		149		24,664
				136,991

INVESTMENTS	SHARES (000)		VALUE ($000)
Building Products — 0.3%
Masco Corp.		617		18,051
Capital Markets — 3.4%
Bank of New York Mellon Corp. (The)		116		5,479
Charles Schwab Corp. (The)		562		23,321
CME Group, Inc.		98		18,398
Goldman Sachs Group, Inc. (The)		105		17,502
Intercontinental Exchange, Inc.		365		27,497
Morgan Stanley		1,236		49,024
State Street Corp.		111		7,013
T. Rowe Price Group, Inc.		271		25,059
TD Ameritrade Holding Corp.		414		20,263
				193,556
Chemicals — 2.0%
Celanese Corp.		162		14,547
DowDuPont, Inc.		1,196		63,951
Eastman Chemical Co.		363		26,539
Linde plc (United Kingdom)		65		10,205
				115,242
Commercial Services & Supplies — 0.1%
Cintas Corp.		17		2,805
Communications Equipment — 0.3%
Cisco Systems, Inc.		380		16,456
Motorola Solutions, Inc.		27		3,146
				19,602
Consumer Finance — 0.8%
American Express Co.		90		8,555
Capital One Financial Corp.		473		35,752
				44,307
Containers & Packaging — 0.4%
Avery Dennison Corp.		80		7,159
Packaging Corp. of America		35		2,921
Westrock Co.		371		14,027
				24,107
Diversified Consumer Services — 0.1%
H&R Block, Inc.		109		2,763
Diversified Financial Services — 1.7%
Berkshire Hathaway, Inc., Class B *		480		98,084
Diversified Telecommunication Services — 1.6%
AT&T, Inc.		632		18,050
Verizon Communications, Inc.		1,282		72,054
				90,104

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 J.P. MORGAN LARGE CAP FUNDS 39

JPMorgan U.S. Research Enhanced Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Electric Utilities — 2.6%
Evergy, Inc.		78		4,405
Exelon Corp.		926		41,783
NextEra Energy, Inc.		341		59,283
PG&E Corp. *		78		1,841
Xcel Energy, Inc.		787		38,770
				146,082
Electrical Equipment — 0.7%
Eaton Corp. plc		541		37,134
Electronic Equipment, Instruments & Components — 0.1%
TE Connectivity Ltd.		91		6,849
Entertainment — 2.2%
Electronic Arts, Inc. *		287		22,627
Netflix, Inc. *		138		36,905
Walt Disney Co. (The)		601		65,928
				125,460
Equity Real Estate Investment Trusts (REITs) — 2.2%
AvalonBay Communities, Inc.		149		25,994
Digital Realty Trust, Inc.		42		4,423
Equinix, Inc.		24		8,299
Equity Residential		114		7,512
Federal Realty Investment Trust		101		11,980
Host Hotels & Resorts, Inc.		461		7,688
Prologis, Inc.		517		30,336
Ventas, Inc.		134		7,824
Vornado Realty Trust		324		20,089
				124,145
Food Products — 0.9%
Mondelez International, Inc., Class A		1,284		51,386
Health Care Equipment & Supplies — 3.4%
Becton Dickinson and Co.		78		17,609
Boston Scientific Corp. *		1,620		57,254
Danaher Corp.		159		16,419
Intuitive Surgical, Inc. *		22		10,431
Medtronic plc		597		54,328
Zimmer Biomet Holdings, Inc.		378		39,187
				195,228
Health Care Providers & Services — 3.5%
Anthem, Inc.		118		30,964
Cigna Corp.		275		52,220
CVS Health Corp.		379		24,811
UnitedHealth Group, Inc.		363		90,510
				198,505

INVESTMENTS	SHARES (000)		VALUE ($000)
Hotels, Restaurants & Leisure — 0.9%
Hilton Worldwide Holdings, Inc.		247		17,722
Royal Caribbean Cruises Ltd.		58		5,633
Yum! Brands, Inc.		305		28,072
				51,427
Household Durables — 0.2%
Lennar Corp., Class A		331		12,956
Household Products — 0.5%
Procter & Gamble Co. (The)		325		29,863
Industrial Conglomerates — 1.0%
Honeywell International, Inc.		445		58,743
Insurance — 2.4%
Allstate Corp. (The)		97		7,999
American International Group, Inc.		781		30,773
Everest Re Group Ltd.		36		7,870
Hartford Financial Services Group, Inc. (The)		484		21,496
Lincoln National Corp.		340		17,425
Marsh & McLennan Cos., Inc.		99		7,883
MetLife, Inc.		715		29,355
Principal Financial Group, Inc.		131		5,777
Prudential Financial, Inc.		126		10,315
				138,893
Interactive Media & Services — 4.3%
Alphabet, Inc., Class A *		97		101,633
Alphabet, Inc., Class C *		94		97,824
Facebook, Inc., Class A *		345		45,193
				244,650
Internet & Direct Marketing Retail — 3.8%
Amazon.com, Inc. *		121		181,948
Booking Holdings, Inc. *		7		12,350
Expedia Group, Inc.		189		21,300
				215,598
IT Services — 4.4%
Accenture plc, Class A		46		6,472
Alliance Data Systems Corp.		56		8,415
Automatic Data Processing, Inc.		420		55,071
Fidelity National Information Services, Inc.		342		35,041
First Data Corp., Class A *		262		4,425
Mastercard, Inc., Class A		89		16,843
PayPal Holdings, Inc. *		554		46,600
Visa, Inc., Class A		567		74,843
				247,710

SEE NOTES TO FINANCIAL STATEMENTS.

40 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2018

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Life Sciences Tools & Services — 0.7%
Agilent Technologies, Inc.		87		5,864
Illumina, Inc. *		40		12,072
Thermo Fisher Scientific, Inc.		104		23,324
				41,260
Machinery — 2.7%
Caterpillar, Inc.		261		33,165
Cummins, Inc.		124		16,527
Deere & Co.		81		12,053
Ingersoll-Rand plc		236		21,490
PACCAR, Inc.		448		25,574
Snap-on, Inc.		125		18,122
Stanley Black & Decker, Inc.		200		23,951
				150,882
Media — 1.8%
Charter Communications, Inc., Class A *		135		38,414
Comcast Corp., Class A		1,522		51,837
Discovery, Inc., Class A *		430		10,644
DISH Network Corp., Class A *		159		3,973
				104,868
Metals & Mining — 0.2%
Freeport-McMoRan, Inc.		523		5,388
Newmont Mining Corp.		127		4,417
				9,805
Multiline Retail — 0.9%
Dollar General Corp.		307		33,212
Dollar Tree, Inc. *		121		10,921
Macy’s, Inc.		272		8,091
				52,224
Multi-Utilities — 0.8%
Ameren Corp.		117		7,641
Public Service Enterprise Group, Inc.		130		6,787
Sempra Energy		262		28,296
				42,724
Oil, Gas & Consumable Fuels — 5.3%
Chevron Corp.		709		77,169
Concho Resources, Inc. *		62		6,325
Diamondback Energy, Inc.		251		23,307
EOG Resources, Inc.		483		42,118
Exxon Mobil Corp.		363		24,745
Marathon Petroleum Corp.		671		39,609
Occidental Petroleum Corp.		543		33,312
ONEOK, Inc.		347		18,705

INVESTMENTS	SHARES (000)		VALUE ($000)
Oil, Gas & Consumable Fuels — continued
Parsley Energy, Inc., Class A *		158		2,530
Pioneer Natural Resources Co.		245		32,158
				299,978
Personal Products — 0.3%
Estee Lauder Cos., Inc. (The), Class A		145		18,905
Pharmaceuticals — 5.5%
Allergan plc		112		14,998
Bristol-Myers Squibb Co.		371		19,282
Eli Lilly & Co.		385		44,526
Johnson & Johnson		552		71,219
Merck & Co., Inc.		798		60,964
Mylan NV *		141		3,859
Nektar Therapeutics *		51		1,680
Pfizer, Inc.		2,069		90,291
Zoetis, Inc.		35		3,016
				309,835
Road & Rail — 2.0%
Norfolk Southern Corp.		333		49,740
Union Pacific Corp.		465		64,263
				114,003
Semiconductors & Semiconductor Equipment — 4.0%
Analog Devices, Inc.		715		61,391
Broadcom, Inc.		138		35,169
Intel Corp.		253		11,859
Microchip Technology, Inc.		56		4,006
Micron Technology, Inc. *		125		3,964
NVIDIA Corp.		286		38,188
Texas Instruments, Inc.		744		70,335
				224,912
Software — 7.3%
Adobe, Inc. *		152		34,359
Microsoft Corp.		2,569		260,944
Oracle Corp.		867		39,129
salesforce.com, Inc. *		456		62,467
Workday, Inc., Class A *		115		18,435
				415,334
Specialty Retail — 4.2%
Advance Auto Parts, Inc.		73		11,558
AutoZone, Inc.*		54		45,404
Best Buy Co., Inc.		351		18,576
Home Depot, Inc. (The)		399		68,625
Lowe’s Cos., Inc.		254		23,441

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 J.P. MORGAN LARGE CAP FUNDS 41

JPMorgan U.S. Research Enhanced Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Specialty Retail — continued
O’Reilly Automotive, Inc. *		77		26,572
Ross Stores, Inc.		542		45,103
				239,279
Technology Hardware, Storage & Peripherals — 4.1%
Apple, Inc.		1,208		190,525
Hewlett Packard Enterprise Co.		1,616		21,351
HP, Inc.		901		18,437
				230,313
Textiles, Apparel & Luxury Goods — 0.3%
PVH Corp.		206		19,102
Tobacco — 1.3%
Altria Group, Inc.		434		21,453
Philip Morris International, Inc.		779		52,003
				73,456
Trading Companies & Distributors — 0.1%
HD Supply Holdings, Inc. *		157		5,887
United Rentals, Inc. *		17		1,733
				7,620
Wireless Telecommunication Services — 0.5%
T-Mobile US, Inc. *		402		25,555
Total Common Stocks (Cost $4,497,108)				5,622,170

INVESTMENTS	SHARES (000)		VALUE ($000)
Short-Term Investments — 1.1%
Investment Companies — 1.1%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.40% (a) (b) (Cost $60,054)		60,054		60,054
Total Investments — 100.0% (Cost $4,557,162)				5,682,224
Liabilities in Excess of Other Assets — 0.0% (c)				(1,215	)
NET ASSETS — 100.0%				5,681,009

Percentages indicated are based on net assets.

(a)	Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(b)	The rate shown is the current yield as of December 31, 2018.
(c)	Amount rounds to less than 0.1% of net assets.
*	Non-income producing security.

Futures contracts outstanding as of December 31, 2018 (amounts in thousands, except number of contracts):
DESCRIPTION	NUMBER OF CONTRACTS	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
S&P 500 E-Mini Index	499		03/2019		USD		62,450		(1,481)
									(1,481	)

Abbreviations

USD United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

42 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2018

THIS PAGE IS INTENTIONALLY LEFT BLANK

DECEMBER 31, 2018 J.P. MORGAN LARGE CAP FUNDS 43

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2018 (Unaudited)

(Amounts in thousands, except per share amounts)

	JPMorgan Equity Focus Fund			JPMorgan Equity Income Fund			JPMorgan Growth and Income Fund		JPMorgan Hedged Equity Fund
ASSETS:
Investments in non-affiliates, at value	$	101,417		$	17,483,518		$	559,167	$	3,327,945
Investments in affiliates, at value		1,575			619,587			14,319		145,694
Investment of cash collateral received from securities loaned, at value (Note 2.D.)		258			—			—		—
Options purchased, at value		—			—			—		79,257
Cash		1			—			—		115
Deposits at broker for futures contracts		—			—			—		3,724
Receivables:
Investment securities sold		—			—			—		399,106
Fund shares sold		85			87,871			1,907		33,866
Dividends from non-affiliates		69			41,463			1,026		4,153
Dividends from affiliates		6			1,023			30		151
Securities lending income (Note 2.D.)		—	(a)		—			—		—
Variation margin on futures contracts		—			—			—		2,271
Due from Administrator		7			—			—		—
Other assets		25			—			—		55
Total Assets		103,443			18,233,462			576,449		3,996,337
LIABILITIES:
Payables:
Investment securities purchased		—			267,660			—		454,743
Collateral received on securities loaned (Note 2.D.)		258			—			—		—
Fund shares redeemed		58			59,990			343		109,391
Outstanding options written, at fair value		—			—			—		90,589
Accrued liabilities:
Investment advisory fees		36			6,017			169		679
Administration fees		—			1,243			23		220
Distribution fees		3			1,473			110		118
Service fees		26			2,485			99		653
Custodian and accounting fees		7			107			8		29
Trustees’ and Chief Compliance Officer’s fees		—	(a)		—	(a)		—		1
Transfer agency fees		2			188			83		17
Other		10			528			15		41
Total Liabilities		400			339,691			850		656,481
Net Assets	$	103,043		$	17,893,771		$	575,599	$	3,339,856

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

44 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2018

	JPMorgan Equity Focus Fund			JPMorgan Equity Income Fund			JPMorgan Growth and Income Fund			JPMorgan Hedged Equity Fund
NET ASSETS:
Paid-in-Capital	$	70,451		$	14,713,093		$	433,402		$	3,316,819
Total distributable earnings (loss) (a)		32,592			3,180,678			142,197			23,037
Total Net Assets	$	103,043		$	17,893,771		$	575,599		$	3,339,856
Net Assets:
Class A	$	4,885		$	2,782,171		$	438,578		$	237,105
Class C		2,620			1,254,082			22,614			114,693
Class I		95,521			6,911,610			80,431			2,738,488
Class R2		—			81,279			90			—
Class R3		—			103,172			20			—
Class R4		—			33,539			21			—
Class R5		—			1,098,903			51			104
Class R6		17			5,629,015			33,794			249,466
Total	$	103,043		$	17,893,771		$	575,599		$	3,339,856
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		191			178,618			10,059			12,573
Class C		106			82,140			579			6,118
Class I		3,697			436,073			1,746			144,870
Class R2		—			5,243			2			—
Class R3		—			6,629			—	(b)		—
Class R4		—			2,117			1			—
Class R5		—			69,286			1			6
Class R6		1			355,167			728			13,173
Net Asset Value (c):
Class A — Redemption price per share	$	25.49		$	15.58		$	43.60		$	18.86
Class C — Offering price per share (d)		24.59			15.27			39.06			18.75
Class I — Offering and redemption price per share		25.84			15.85			46.07			18.90
Class R2 — Offering and redemption price per share		—			15.50			43.75			—
Class R3 — Offering and redemption price per share		—			15.56			46.05			—
Class R4 — Offering and redemption price per share		—			15.84			46.07			—
Class R5 — Offering and redemption price per share		—			15.86			46.39			18.94
Class R6 — Offering and redemption price per share		25.70			15.85			46.40			18.94
Class A maximum sales charge		5.25	%		5.25	%		5.25	%		5.25	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	26.90		$	16.44		$	46.02		$	19.91
Cost of investments in non-affiliates	$	81,613		$	14,340,757		$	421,473		$	3,376,984
Cost of investments in affiliates		1,575			619,587			14,319			145,694
Cost of options purchased		—			—			—			87,677
Investment securities on loan, at value		258			—			—			—
Cost of investment of cash collateral		258			—			—			—
Premiums received from options written		—			—			—			84,806

(a) Total distributable earnings have been aggregated to conform to the current presentation requirements for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 8.

(b) Amount rounds to less than one thousand.

(c) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

(d) Redemption price for Class C Shares varies based upon length of time the shares are held.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 J.P. MORGAN LARGE CAP FUNDS 45

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

(Amounts in thousands, except per share amounts)

	JPMorgan Large Cap Growth Fund			JPMorgan Large Cap Value Fund			JPMorgan U.S. Equity Fund		JPMorgan U.S. Research Enhanced Equity Fund
ASSETS:
Investments in non-affiliates, at value	$	12,456,542		$	1,336,825		$	12,334,818	$	5,622,170
Investments in affiliates, at value		59,117			56,173			97,255		60,054
Investment of cash collateral received from securities loaned, at value (Note 2.D.)		327,574			16,408			63,960		—
Cash		1			6			116		13
Deposits at broker for futures contracts		—			—			2,356		2,970
Receivables:
Investment securities sold		81,980			241			44,353		6,121
Fund shares sold		50,933			9,806			20,513		3,496
Dividends from non-affiliates		740			3,030			11,964		8,023
Dividends from affiliates		152			80			199		103
Securities lending income (Note 2.D.)		74			3			11		—
Variation margin on futures contracts		—			—			303		378
Other assets		—			19			—		—
Total Assets		12,977,113			1,422,591			12,575,848		5,703,328
LIABILITIES:
Payables:
Investment securities purchased		32,026			3,327			34,832		6,172
Collateral received on securities loaned (Note 2.D.)		327,574			16,408			63,960		—
Fund shares redeemed		76,437			5,039			38,630		14,562
Accrued liabilities:
Investment advisory fees		4,445			423			4,011		960
Administration fees		236			60			655		216
Distribution fees		806			86			541		48
Service fees		1,419			117			862		69
Custodian and accounting fees		83			14			113		51
Trustees’ and Chief Compliance Officer’s fees		—	(a)		—	(a)		5		—
Transfer agency fees		170			30			135		35
Other		623			19			559		206
Total Liabilities		443,819			25,523			144,303		22,319
Net Assets	$	12,533,294		$	1,397,068		$	12,431,545	$	5,681,009

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

46 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2018

	JPMorgan Large Cap Growth Fund			JPMorgan Large Cap Value Fund			JPMorgan U.S. Equity Fund			JPMorgan U.S. Research Enhanced Equity Fund
NET ASSETS:
Paid-in-Capital	$	7,901,182		$	1,540,988		$	10,053,917		$	4,591,197
Total distributable earnings (loss) (a)		4,632,112			(143,920	)		2,377,628			1,089,812
Total Net Assets	$	12,533,294		$	1,397,068		$	12,431,545		$	5,681,009
Net Assets:
Class A	$	2,030,387		$	172,613		$	1,105,083		$	205,826
Class C		447,111			56,755			263,338			—
Class I		3,765,015			297,290			1,346,955			209,914
Class L		—			—			1,452,696			395,612
Class R2		133,048			18,570			225,147			—
Class R3		16,757			17			82,746			—
Class R4		5,974			11,126			15,006			—
Class R5		690,027			25,675			802,299			—
Class R6		5,444,975			815,022			7,138,275			4,869,657
Total	$	12,533,294		$	1,397,068		$	12,431,545		$	5,681,009
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		62,164			13,985			82,356			8,817
Class C		17,686			4,807			20,326			—
Class I		113,816			24,526			100,086			8,904
Class L		—			—			107,762			16,807
Class R2		4,225			1,518			16,948			—
Class R3		510			1			6,189			—
Class R4		181			901			1,116			—
Class R5		20,405			2,096			59,493			—
Class R6		159,833			66,984			528,318			206,795
Net Asset Value (b):
Class A — Redemption price per share	$	32.66		$	12.34		$	13.42		$	23.34
Class C — Offering price per share (c)		25.28			11.81			12.96			—
Class I — Offering and redemption price per share		33.08			12.12			13.46			23.58
Class L — Offering and redemption price per share		—			—			13.48			23.54
Class R2 — Offering and redemption price per share		31.49			12.23			13.28			—
Class R3 — Offering and redemption price per share		32.84			12.12			13.37			—
Class R4 — Offering and redemption price per share		33.07			12.35			13.44			—
Class R5 — Offering and redemption price per share		33.82			12.25			13.49			—
Class R6 — Offering and redemption price per share		34.07			12.17			13.51			23.55
Class A maximum sales charge		5.25	%		5.25	%		5.25	%		5.25	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	34.47		$	13.02		$	14.16		$	24.63
Cost of investments in non-affiliates	$	8,040,848		$	1,426,907		$	9,941,740		$	4,497,108
Cost of investments in affiliates		59,117			56,173			97,255			60,054
Investment securities on loan, at value		321,421			16,076			63,241			—
Cost of investment of cash collateral		327,574			16,408			63,960			—

(a) Total distributable earnings have been aggregated to conform to the current presentation requirements for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 8.

(b) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

(c) Redemption price for Class C Shares varies based upon length of time the shares are held.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 J.P. MORGAN LARGE CAP FUNDS 47

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited)

(Amounts in thousands)

	JPMorgan Equity Focus Fund			JPMorgan Equity Income Fund			JPMorgan Growth and Income Fund			JPMorgan Hedged Equity Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	—	(a)	$	—	(a)	$	—	(a)	$	21
Interest income from affiliates		—	(a)		—			—			—	(a)
Dividend income from non-affiliates		1,628			273,518			8,664			26,523
Dividend income from affiliates		72			5,923			205			702
Income from securities lending (net)		—	(a)		—			—			—
Total investment income		1,700			279,441			8,869			27,246
EXPENSES:
Investment advisory fees		696			36,994			1,273			3,611
Administration fees		94			7,500			258			1,171
Distribution fees:
Class A		6			3,819			614			334
Class C		11			5,050			90			356
Class R2		—			210			—	(a)		—
Class R3		—			129			—	(a)		—
Service fees:
Class A		6			3,819			614			334
Class C		4			1,683			30			118
Class I		280			8,689			107			2,944
Class R2		—			105			—	(a)		—
Class R3		—			129			—	(a)		—
Class R4		—			34			—	(a)		—
Class R5		—			580			—	(a)		—	(a)
Custodian and accounting fees		13			222			17			67
Professional fees		28			117			31			64
Trustees’ and Chief Compliance Officer’s fees		13			48			14			19
Printing and mailing costs		24			485			10			70
Registration and filing fees		25			213			69			170
Transfer agency fees (See Note 2.G.)		3			291			87			26
Other		7			153			6			18
Total expenses		1,210			70,270			3,220			9,302
Less fees waived		(217	)		(709	)		(390	)		(223	)
Less expense reimbursements		—			—			(1	)		(4	)
Net expenses		993			69,561			2,829			9,075
Net investment income (loss)		707			209,880			6,040			18,171
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		18,361			341,378			10,106			(6,773	)
Options purchased		—			—			—			220,447
Futures contracts		—			—			—			(10,467	)
Options written		—			—			—			(35,013	)
Net realized gain (loss)		18,361			341,378			10,106			168,194
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(28,940	)		(1,243,895	)		(62,392	)		(254,140	)
Options purchased		—			—			—			(8,906	)
Futures contracts		—			—			—			(257	)
Options written		—			—			—			(6,819	)
Change in net unrealized appreciation/depreciation		(28,940	)		(1,243,895	)		(62,392	)		(270,122	)
Net realized/unrealized gains (losses)		(10,579	)		(902,517	)		(52,286	)		(101,928	)
Change in net assets resulting from operations	$	(9,872	)	$	(692,637	)	$	(46,246	)	$	(83,757	)

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

48 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2018

	JPMorgan Large Cap Growth Fund			JPMorgan Large Cap Value Fund			JPMorgan U.S. Equity Fund			JPMorgan U.S. Research Enhanced Equity Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	—		$	—	(a)	$	—	(a)	$	55
Interest income from affiliates		—	(a)		—	(a)		—	(a)		—	(a)
Dividend income from non-affiliates		48,029			17,715			123,573			61,776
Dividend income from affiliates		2,858			353			1,298			463
Income from securities lending (net)		141			11			26			—
Total investment income		51,028			18,079			124,897			62,294
EXPENSES:
Investment advisory fees		36,436			3,420			29,974			8,371
Administration fees		5,910			693			6,077			2,716
Distribution fees:
Class A		3,051			274			1,649			331
Class C		2,010			261			1,159			—
Class R2		382			50			659			—
Class R3 (b)		17			—	(a)		94			—
Service fees:
Class A		3,051			274			1,649			331
Class C		670			87			386			—
Class I		5,514			477			1,961			319
Class L		—			—			860			230
Class R2		191			25			330			—
Class R3 (b)		17			—	(a)		93			—
Class R4 (b)		8			1			17			—
Class R5		406			14			467			—
Custodian and accounting fees		176			27			218			92
Interest expense to affiliates		—			1			—			—
Professional fees		102			38			107			64
Trustees’ and Chief Compliance Officer’s fees		41			16			38			24
Printing and mailing costs		258			60			309			163
Registration and filing fees		48			66			165			55
Transfer agency fees (See Note 2.G.)		208			44			196			49
Other		123			16			163			50
Total expenses		58,619			5,844			46,571			12,795
Less fees waived		(11,546	)		(665	)		(4,278	)		(3,626	)
Less expense reimbursements		(19	)		(5	)		(41	)		(24	)
Net expenses		47,054			5,174			42,252			9,145
Net investment income (loss)		3,974			12,905			82,645			53,149
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		1,074,866			(35,787	)		505,465			263,640
Futures contracts		—			—			(8,267	)		(702	)
Net realized gain (loss)		1,074,866			(35,787	)		497,198			262,938
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(2,686,636	)		(169,788	)		(1,591,138	)		(733,926	)
Futures contracts		—			—			1,901			(50	)
Change in net unrealized appreciation/depreciation		(2,686,636	)		(169,788	)		(1,589,237	)		(733,976	)
Net realized/unrealized gains (losses)		(1,611,770	)		(205,575	)		(1,092,039	)		(471,038	)
Change in net assets resulting from operations	$	(1,607,796	)	$	(192,670	)	$	(1,009,394	)	$	(417,889	)

(a) Amount rounds to less than one thousand.

(b) Commencement of offering of class of shares effective October 1, 2018 for JPMorgan Large Cap Value Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 J.P. MORGAN LARGE CAP FUNDS 49

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	JPMorgan Equity Focus Fund						JPMorgan Equity Income Fund
	Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018			Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	707		$	1,117		$	209,880		$	290,322
Net realized gain (loss)		18,361			10,273			341,378			305,643
Change in net unrealized appreciation/depreciation		(28,940	)		18,485			(1,243,895	)		913,007
Change in net assets resulting from operations		(9,872	)		29,875			(692,637	)		1,508,972
DISTRIBUTIONS TO SHAREHOLDERS: (a)
Class A		(681	)		(186	)		(113,978	)		(76,031	)
Class C		(399	)		(170	)		(48,747	)		(28,299	)
Class I		(14,230	)		(10,710	)		(277,332	)		(150,432	)
Class R2		—			—			(3,206	)		(1,994	)
Class R3		—			—			(4,123	)		(1,758	)
Class R4		—			—			(1,014	)		(453	)
Class R5		—			—			(45,868	)		(29,159	)
Class R6 (b)		(2	)		—			(234,289	)		(133,346	)
Total distributions to shareholders		(15,312	)		(11,066	)		(728,557	)		(421,472	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(125,143	)		47,717			2,060,470			1,214,083
NET ASSETS:
Change in net assets		(150,327	)		66,526			639,276			2,301,583
Beginning of period		253,370			186,844			17,254,495			14,952,912
End of period	$	103,043		$	253,370		$	17,893,771		$	17,254,495

(a) The prior period distributions have been reclassified to conform to current period presentation for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 8. Prior period balances were as follows:

	JPMorgan Equity Focus Fund			JPMorgan Equity Income Fund
Class A
From net investment income	$	(1	)	$	(46,891	)
From net realized gains		(185	)		(29,140	)
Class C
From net investment income		—			(15,879	)
From net realized gains		(170	)		(12,420	)
Class I
From net investment income		(511	)		(99,810	)
From net realized gains		(10,199	)		(50,622	)
Class R2
From net investment income		—			(1,158	)
From net realized gains		—			(836	)
Class R3
From net investment income		—			(1,008	)
From net realized gains		—			(750	)
Class R4
From net investment income		—			(300	)
From net realized gains		—			(153	)
Class R5
From net investment income		—			(19,165	)
From net realized gains		—			(9,994	)
Class R6 (b)
From net investment income		—			(91,009	)
From net realized gains		—			(42,337	)

(b) Commencement of offering of class of shares effective October 1, 2018 for JPMorgan Equity Focus Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

50 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2018

	JPMorgan Growth and Income Fund						JPMorgan Hedged Equity Fund
	Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018			Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	6,040		$	7,601		$	18,171		$	17,706
Net realized gain (loss)		10,106			36,587			168,194			(52,720	)
Change in net unrealized appreciation/depreciation		(62,392	)		20,167			(270,122	)		131,026
Change in net assets resulting from operations		(46,246	)		64,355			(83,757	)		96,012
DISTRIBUTIONS TO SHAREHOLDERS: (a)
Class A		(25,415	)		(25,010	)		(1,375	)		(1,774	)
Class C		(1,337	)		(1,315	)		(406	)		(200	)
Class I		(4,357	)		(4,029	)		(16,045	)		(14,219	)
Class R2		(5	)		(1	)		—			—
Class R3 (b)		(1	)		(1	)		—			—
Class R4 (b)		(1	)		(1	)		—			—
Class R5		(2	)		(3	)		(1	)		(1	)
Class R6		(1,938	)		(501	)		(1,316	)		(485	)
Total distributions to shareholders		(33,056	)		(30,861	)		(19,143	)		(16,679	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		44,138			37,564			1,014,364			1,585,763
NET ASSETS:
Change in net assets		(35,164	)		71,058			911,464			1,665,096
Beginning of period		610,763			539,705			2,428,392			763,296
End of period	$	575,599		$	610,763		$	3,339,856		$	2,428,392

(a) The prior period distributions have been reclassified to conform to current period presentation for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 8. Prior period balances were as follows:

	JPMorgan Growth and Income Fund			JPMorgan Hedged Equity Fund
Class A
From net investment income	$	(5,773	)	$	(1,774	)
From net realized gains		(19,237	)		—
Class C
From net investment income		(226	)		(200	)
From net realized gains		(1,089	)		—
Class I
From net investment income		(1,045	)		(14,219	)
From net realized gains		(2,984	)		—
Class R2
From net investment income		—	(a)		—
From net realized gains		(1	)		—
Class R3 (b)
From net investment income		—	(a)		—
From net realized gains		(1	)		—
Class R4 (b)
From net investment income		—	(a)		—
From net realized gains		(1	)		—
Class R5
From net investment income		(1	)		(1	)
From net realized gains		(2	)		—
Class R6
From net investment income		(304	)		(485	)
From net realized gains		(197	)		—

(a) Amount rounds to less than one thousand.

(b) Commencement of offering of class of shares effective July 31, 2017 for JPMorgan Growth and Income Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 J.P. MORGAN LARGE CAP FUNDS 51

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Large Cap Growth Fund						JPMorgan Large Cap Value Fund
	Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018			Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	3,974		$	716		$	12,905		$	17,087
Net realized gain (loss)		1,074,866			1,428,027			(35,787	)		104,778
Change in net unrealized appreciation/depreciation		(2,686,636	)		1,838,302			(169,788	)		(52,694	)
Change in net assets resulting from operations		(1,607,796	)		3,267,045			(192,670	)		69,171
DISTRIBUTIONS TO SHAREHOLDERS: (a)
Class A		(290,662	)		(341,736	)		(13,539	)		(20,288	)
Class C		(80,926	)		(78,411	)		(4,530	)		(4,929	)
Class I		(537,464	)		(495,445	)		(24,234	)		(26,336	)
Class R2		(19,576	)		(20,556	)		(1,392	)		(937	)
Class R3 (b)		(2,356	)		(239	)		(1	)		—
Class R4 (b)		(823	)		(1,429	)		(1	)		—
Class R5		(94,352	)		(107,511	)		(2,036	)		(2,015	)
Class R6		(744,597	)		(610,039	)		(63,381	)		(68,722	)
Total distributions to shareholders		(1,770,756	)		(1,655,366	)		(109,114	)		(123,227	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		1,561,259			462,204			46,500			654,144
NET ASSETS:
Change in net assets		(1,817,293	)		2,073,883			(255,284	)		600,088
Beginning of period		14,350,587			12,276,704			1,652,352			1,052,264
End of period	$	12,533,294		$	14,350,587		$	1,397,068		$	1,652,352

(a) The prior period distributions have been reclassified to conform to current period presentation for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 8. Prior period balances were as follows:

	JPMorgan Large Cap Growth Fund			JPMorgan Large Cap Value Fund
Class A
From net investment income	$	—		$	(1,957	)
From net realized gains		(341,736	)		(18,331	)
Class C
From net investment income		—			(250	)
From net realized gains		(78,411	)		(4,679	)
Class I
From net investment income		—			(3,416	)
From net realized gains		(495,445	)		(22,920	)
Class R2
From net investment income		—			(82	)
From net realized gains		(20,556	)		(855	)
Class R3 (b)
From net realized gains		(239	)		—
Class R4 (b)
From net realized gains		(1,429	)		—
Class R5
From net investment income		—			(276	)
From net realized gains		(107,511	)		(1,739	)
Class R6
From net investment income		—			(10,517	)
From net realized gains		(610,039	)		(58,205	)

(b) Commencement of offering of class of shares effective October 1, 2018 for JPMorgan Large Cap Value Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

52 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2018

	JPMorgan U.S. Equity Fund						JPMorgan U.S. Research Enhanced Equity Fund
	Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018			Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	82,645		$	158,433		$	53,149		$	107,440
Net realized gain (loss)		497,198			1,679,988			262,938			652,092
Change in net unrealized appreciation/depreciation		(1,589,237	)		109,913			(733,976	)		214,392
Change in net assets resulting from operations		(1,009,394	)		1,948,334			(417,889	)		973,924
DISTRIBUTIONS TO SHAREHOLDERS: (a)
Class A		(140,746	)		(113,310	)		(26,718	)		(3,827	)
Class C		(34,378	)		(23,352	)		—			—
Class I		(172,108	)		(122,404	)		(25,681	)		(3,737	)
Class L		(190,194	)		(146,714	)		(48,182	)		(9,307	)
Class R2		(27,923	)		(21,453	)		—			—
Class R3		(9,826	)		(4,039	)		—			—
Class R4		(1,849	)		(504	)		—			—
Class R5		(100,828	)		(78,990	)		—			—
Class R6		(893,543	)		(778,839	)		(595,238	)		(86,761	)
Total distributions to shareholders		(1,571,395	)		(1,289,605	)		(695,819	)		(103,632	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(45,763	)		102,375			57,627			(1,539,735	)
NET ASSETS:
Change in net assets		(2,626,552	)		761,104			(1,056,081	)		(669,443	)
Beginning of period		15,058,097			14,296,993			6,737,090			7,406,533
End of period	$	12,431,545		$	15,058,097		$	5,681,009		$	6,737,090

(a) The prior period distributions have been reclassified to conform to current period presentation for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 8. Prior period balances were as follows:

	JPMorgan U.S. Equity Fund			JPMorgan U.S. Research Enhanced Equity Fund
Class A
From net investment income	$	(9,388	)	$	(3,827	)
From net realized gains		(103,922	)		—
Class C
From net investment income		(716	)		—
From net realized gains		(22,636	)		—
Class I
From net investment income		(13,503	)		(3,737	)
From net realized gains		(108,901	)		—
Class L
From net investment income		(17,778	)		(9,307	)
From net realized gains		(128,936	)		—
Class R2
From net investment income		(1,146	)		—
From net realized gains		(20,307	)		—
Class R3
From net investment income		(344	)		—
From net realized gains		(3,695	)		—
Class R4
From net investment income		(64	)		—
From net realized gains		(440	)		—
Class R5
From net investment income		(10,060	)		—
From net realized gains		(68,930	)		—
Class R6
From net investment income		(104,163	)		(86,761	)
From net realized gains		(674,676	)		—

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 J.P. MORGAN LARGE CAP FUNDS 53

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Equity Focus Fund						JPMorgan Equity Income Fund
	Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018			Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	1,946		$	1,177		$	341,130		$	525,531
Distributions reinvested		681			186			108,763			71,651
Cost of shares redeemed		(724	)		(971	)		(475,606	)		(975,605	)
Change in net assets resulting from Class A capital transactions	$	1,903		$	392		$	(25,713	)	$	(378,423	)
Class C
Proceeds from shares issued	$	307		$	529		$	136,461		$	158,580
Distributions reinvested		399			170			43,156			25,015
Cost of shares redeemed		(462	)		(1,305	)		(130,015	)		(358,771	)
Change in net assets resulting from Class C capital transactions	$	244		$	(606	)	$	49,602		$	(175,176	)
Class I
Proceeds from shares issued	$	20,232		$	81,292		$	1,677,432		$	1,983,704
Distributions reinvested		14,130			10,677			247,425			131,986
Cost of shares redeemed		(161,674	)		(44,038	)		(777,223	)		(2,734,993	)
Change in net assets resulting from Class I capital transactions	$	(127,312	)	$	47,931		$	1,147,634		$	(619,303	)
Class R2
Proceeds from shares issued	$	—		$	—		$	16,904		$	18,053
Distributions reinvested		—			—			2,884			1,710
Cost of shares redeemed		—			—			(12,386	)		(33,335	)
Change in net assets resulting from Class R2 capital transactions	$	—		$	—		$	7,402		$	(13,572	)
Class R3
Proceeds from shares issued	$	—		$	—		$	30,159		$	82,515
Distributions reinvested		—			—			3,739			1,736
Cost of shares redeemed		—			—			(13,351	)		(19,935	)
Change in net assets resulting from Class R3 capital transactions	$	—		$	—		$	20,547		$	64,316
Class R4
Proceeds from shares issued	$	—		$	—		$	25,416		$	29,460
Distributions reinvested		—			—			1,014			452
Cost of shares redeemed		—			—			(14,557	)		(8,782	)
Change in net assets resulting from Class R4 capital transactions	$	—		$	—		$	11,873		$	21,130
Class R5
Proceeds from shares issued	$	—		$	—		$	186,482		$	468,882
Distributions reinvested		—			—			42,826			26,960
Cost of shares redeemed		—			—			(141,158	)		(382,098	)
Change in net assets resulting from Class R5 capital transactions	$	—		$	—		$	88,150		$	113,744
Class R6 (a)
Proceeds from shares issued	$	20		$	—		$	1,076,227		$	2,906,484
Distributions reinvested		2			—			220,528			124,146
Cost of shares redeemed		—	(b)		—			(535,780	)		(829,263	)
Change in net assets resulting from Class R6 capital transactions	$	22		$	—		$	760,975		$	2,201,367
Total change in net assets resulting from capital transactions	$	(125,143	)	$	47,717		$	2,060,470		$	1,214,083

(a) Commencement of offering of class of shares effective October 1, 2018 for JPMorgan Equity Focus Fund.

(b) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

54 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2018

	JPMorgan Equity Focus Fund						JPMorgan Equity Income Fund
	Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018			Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018
SHARE TRANSACTIONS:
Class A
Issued		63			38			20,108			31,499
Reinvested		25			6			6,585			4,281
Redeemed		(25	)		(32	)		(27,833	)		(58,701	)
Change in Class A Shares		63			12			(1,140	)		(22,921	)
Class C
Issued		10			17			8,234			9,654
Reinvested		15			6			2,672			1,521
Redeemed		(17	)		(43	)		(7,776	)		(22,050	)
Change in Class C Shares		8			(20	)		3,130			(10,875	)
Class I
Issued		615			2,578			97,021			116,951
Reinvested		511			345			14,729			7,758
Redeemed		(5,093	)		(1,399	)		(45,320	)		(165,937	)
Change in Class I Shares		(3,967	)		1,524			66,430			(41,228	)
Class R2
Issued		—			—			992			1,087
Reinvested		—			—			176			103
Redeemed		—			—			(724	)		(1,990	)
Change in Class R2 Shares		—			—			444			(800	)
Class R3
Issued		—			—			1,754			4,897
Reinvested		—			—			227			103
Redeemed		—			—			(783	)		(1,179	)
Change in Class R3 Shares		—			—			1,198			3,821
Class R4
Issued		—			—			1,503			1,791
Reinvested		—			—			60			27
Redeemed		—			—			(818	)		(530	)
Change in Class R4 Shares		—			—			745			1,288
Class R5
Issued		—			—			10,663			27,638
Reinvested		—			—			2,543			1,584
Redeemed		—			—			(8,058	)		(22,367	)
Change in Class R5 Shares		—			—			5,148			6,855
Class R6 (a)
Issued		1			—			62,056			174,849
Reinvested		—	(b)		—			13,112			7,288
Redeemed		—	(b)		—			(30,796	)		(48,541	)
Change in Class R6 Shares		1			—			44,372			133,596

(a) Commencement of offering of class of shares effective October 1, 2018 for JPMorgan Equity Focus Fund.

(b) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 J.P. MORGAN LARGE CAP FUNDS 55

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Growth and Income Fund						JPMorgan Hedged Equity Fund
	Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018			Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	32,484		$	63,584		$	86,171		$	245,722
Distributions reinvested		24,706			24,233			1,364			1,770
Cost of shares redeemed		(34,293	)		(85,887	)		(120,916	)		(115,928	)
Change in net assets resulting from Class A capital transactions	$	22,897		$	1,930		$	(33,381	)	$	131,564
Class C
Proceeds from shares issued	$	5,286		$	3,673		$	46,669		$	56,798
Distributions reinvested		1,155			1,171			405			200
Cost of shares redeemed		(3,724	)		(11,728	)		(10,024	)		(7,913	)
Change in net assets resulting from Class C capital transactions	$	2,717		$	(6,884	)	$	37,050		$	49,085
Class I
Proceeds from shares issued	$	21,433		$	34,111		$	1,469,316		$	1,593,492
Distributions reinvested		3,946			3,841			15,017			13,345
Cost of shares redeemed		(11,720	)		(28,585	)		(607,930	)		(320,018	)
Change in net assets resulting from Class I capital transactions	$	13,659		$	9,367		$	876,403		$	1,286,819
Class R2
Proceeds from shares issued	$	59		$	15		$	—		$	—
Distributions reinvested		5			1			—			—
Cost of shares redeemed		—	(a)		—			—			—
Change in net assets resulting from Class R2 capital transactions	$	64		$	16		$	—		$	—
Class R3 (b)
Proceeds from shares issued	$	—		$	20		$	—		$	—
Distributions reinvested		1			1			—			—
Change in net assets resulting from Class R3 capital transactions	$	1		$	21		$	—		$	—
Class R4 (b)
Proceeds from shares issued	$	—		$	20		$	—		$	—
Distributions reinvested		1			1			—			—
Change in net assets resulting from Class R4 capital transactions	$	1		$	21		$	—		$	—
Class R5
Proceeds from shares issued	$	15		$	6		$	38		$	152
Distributions reinvested		2			3			1			1
Cost of shares redeemed		(1	)		(6	)		(54	)		(72	)
Change in net assets resulting from Class R5 capital transactions	$	16		$	3		$	(15	)	$	81
Class R6
Proceeds from shares issued	$	7,465		$	34,075		$	152,532		$	128,229
Distributions reinvested		1,851			501			257			199
Cost of shares redeemed		(4,533	)		(1,486	)		(18,482	)		(10,214	)
Change in net assets resulting from Class R6 capital transactions	$	4,783		$	33,090		$	134,307		$	118,214
Total change in net assets resulting from capital transactions	$	44,138		$	37,564		$	1,014,364		$	1,585,763

(a) Amount rounds to less than one thousand.

(b) Commencement of offering of class of shares effective July 31, 2017 for JPMorgan Growth and Income Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

56 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2018

	JPMorgan Growth and Income Fund						JPMorgan Hedged Equity Fund
	Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018			Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018
SHARE TRANSACTIONS:
Class A
Issued		652			1,271			4,423			12,948
Reinvested		535			485			71			93
Redeemed		(695	)		(1,688	)		(6,227	)		(6,071	)
Change in Class A Shares		492			68			(1,733	)		6,970
Class C
Issued		121			81			2,425			2,990
Reinvested		28			26			21			11
Redeemed		(83	)		(259	)		(520	)		(415	)
Change in Class C Shares		66			(152	)		1,926			2,586
Class I
Issued		414			649			75,536			83,305
Reinvested		81			73			775			699
Redeemed		(232	)		(543	)		(31,480	)		(16,636	)
Change in Class I Shares		263			179			44,831			67,368
Class R2
Issued		1			—	(a)		—			—
Reinvested		—	(a)		—	(a)		—			—
Redeemed		—	(a)		—			—			—
Change in Class R2 Shares		1			—	(a)		—			—
Class R3 (b)
Issued		—			—	(a)		—			—
Reinvested		—	(a)		—	(a)		—			—
Change in Class R3 Shares		—	(a)		—	(a)		—			—
Class R4 (b)
Issued		—			—	(a)		—			—
Reinvested		1			—	(a)		—			—
Change in Class R4 Shares		1			—	(a)		—			—
Class R5
Issued		—	(a)		—	(a)		3			8
Reinvested		—	(a)		—	(a)		—	(a)		—	(a)
Redeemed		—	(a)		—	(a)		(3	)		(4	)
Change in Class R5 Shares		—	(a)		—	(a)		—	(a)		4
Class R6
Issued		137			615			7,849			6,591
Reinvested		38			10			13			10
Redeemed		(87	)		(28	)		(943	)		(527	)
Change in Class R6 Shares		88			597			6,919			6,074

(a) Amount rounds to less than one thousand.

(b) Commencement of offering of class of shares effective July 31, 2017 for JPMorgan Growth and Income Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 J.P. MORGAN LARGE CAP FUNDS 57

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Large Cap Growth Fund						JPMorgan Large Cap Value Fund
	Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018			Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	288,455		$	495,076		$	26,356		$	130,775
Net assets acquired in Fund reorganization (See Note 9)		—			63,247			—			—
Distributions reinvested		268,247			311,846			13,140			19,806
Cost of shares redeemed		(454,326	)		(1,174,028	)		(66,155	)		(123,251	)
Change in net assets resulting from Class A capital transactions	$	102,376		$	(303,859	)	$	(26,659	)	$	27,330
Class C
Proceeds from shares issued	$	65,610		$	80,665		$	8,130		$	38,428
Net assets acquired in Fund reorganization (See Note 9)		—			13,553			—			—
Distributions reinvested		64,190			59,885			4,424			4,755
Cost of shares redeemed		(75,539	)		(152,863	)		(12,446	)		(19,452	)
Change in net assets resulting from Class C capital transactions	$	54,261		$	1,240		$	108		$	23,731
Class I
Proceeds from shares issued	$	704,283		$	1,263,343		$	111,991		$	345,159
Net assets acquired in Fund reorganization (See Note 9)		—			66,379			—			—
Distributions reinvested		499,924			437,623			24,115			25,985
Cost of shares redeemed		(830,290	)		(2,608,344	)		(150,157	)		(138,314	)
Change in net assets resulting from Class I capital transactions	$	373,917		$	(840,999	)	$	(14,051	)	$	232,830
Class R2
Proceeds from shares issued	$	39,070		$	46,028		$	5,889		$	13,920
Distributions reinvested		15,016			14,353			1,235			689
Cost of shares redeemed		(42,297	)		(68,572	)		(1,592	)		(3,779	)
Change in net assets resulting from Class R2 capital transactions	$	11,789		$	(8,191	)	$	5,532		$	10,830
Class R3 (a)
Proceeds from shares issued	$	14,853		$	5,967		$	20		$	—
Distributions reinvested		1,370			198			1			—
Cost of shares redeemed		(1,184	)		(985	)		—			—
Change in net assets resulting from Class R3 capital transactions	$	15,039		$	5,180		$	21		$	—
Class R4 (a)
Proceeds from shares issued	$	1,368		$	16,616		$	11,171		$	—
Distributions reinvested		823			1,429			1			—
Cost of shares redeemed		(532	)		(13,174	)		(196	)		—
Change in net assets resulting from Class R4 capital transactions	$	1,659		$	4,871		$	10,976		$	—
Class R5
Proceeds from shares issued	$	114,373		$	167,961		$	13,467		$	21,564
Net assets acquired in Fund reorganization (See Note 9)		—			201,731			—			—
Distributions reinvested		89,822			99,180			2,021			1,993
Cost of shares redeemed		(123,751	)		(578,359	)		(7,395	)		(9,689	)
Change in net assets resulting from Class R5 capital transactions	$	80,444		$	(109,487	)	$	8,093		$	13,868
Class R6
Proceeds from shares issued	$	885,472		$	2,125,161		$	269,036		$	374,045
Distributions reinvested		723,675			540,060			63,224			68,661
Cost of shares redeemed		(687,373	)		(951,772	)		(269,780	)		(97,151	)
Change in net assets resulting from Class R6 capital transactions	$	921,774		$	1,713,449		$	62,480		$	345,555
Total change in net assets resulting from capital transactions	$	1,561,259		$	462,204		$	46,500		$	654,144

(a) Commencement of offering of class of shares effective October 1, 2018 for JPMorgan Large Cap Value Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

58 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2018

	JPMorgan Large Cap Growth Fund						JPMorgan Large Cap Value Fund
	Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018			Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018
SHARE TRANSACTIONS:
Class A
Issued		7,054			12,491			1,773			8,302
Shares issued in connection with Fund reorganization (See Note 9)		—			1,736			—			—
Reinvested		7,726			8,728			1,000			1,278
Redeemed		(11,094	)		(28,909	)		(4,441	)		(7,816	)
Change in Class A Shares		3,686			(5,954	)		(1,668	)		1,764
Class C
Issued		2,119			2,540			581			2,535
Shares issued in connection with Fund reorganization (See Note 9)		—			460			—			—
Reinvested		2,388			2,073			353			319
Redeemed		(2,441	)		(4,716	)		(912	)		(1,285	)
Change in Class C Shares		2,066			357			22			1,569
Class I
Issued		17,104			30,824			7,627			22,191
Shares issued in connection with Fund reorganization (See Note 9)		—			1,807			—			—
Reinvested		14,219			12,149			1,864			1,706
Redeemed		(20,496	)		(65,821	)		(10,423	)		(9,034	)
Change in Class I Shares		10,827			(21,041	)		(932	)		14,863
Class R2
Issued		1,008			1,202			393			896
Reinvested		449			413			95			45
Redeemed		(1,040	)		(1,769	)		(107	)		(244	)
Change in Class R2 Shares		417			(154	)		381			697
Class R3 (a)
Issued		341			154			1			—
Reinvested		39			6			—	(b)		—
Redeemed		(31	)		(25	)		—			—
Change in Class R3 Shares		349			135			1			—
Class R4 (a)
Issued		32			414			917			—
Reinvested		23			40			—	(b)		—
Redeemed		(12	)		(327	)		(16	)		—
Change in Class R4 Shares		43			127			901			—
Class R5
Issued		2,653			4,139			890			1,379
Shares issued in connection with Fund reorganization (See Note 9)		—			5,397			—			—
Reinvested		2,499			2,706			155			130
Redeemed		(2,816	)		(14,647	)		(495	)		(628	)
Change in Class R5 Shares		2,336			(2,405	)		550			881
Class R6
Issued		20,453			52,207			17,929			24,088
Reinvested		19,983			14,648			4,861			4,491
Redeemed		(16,275	)		(23,114	)		(18,118	)		(6,224	)
Change in Class R6 Shares		24,161			43,741			4,672			22,355

(a) Commencement of offering of class of shares effective October 1, 2018 for JPMorgan Large Cap Value Fund.

(b) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 J.P. MORGAN LARGE CAP FUNDS 59

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan U.S. Equity Fund						JPMorgan U.S. Research Enhanced Equity Fund
	Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018			Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	104,053		$	214,993		$	18,358		$	52,738
Distributions reinvested		128,130			101,906			26,601			3,815
Cost of shares redeemed		(234,490	)		(408,599	)		(75,062	)		(247,174	)
Change in net assets resulting from Class A capital transactions	$	(2,307	)	$	(91,700	)	$	(30,103	)	$	(190,621	)
Class C
Proceeds from shares issued	$	30,510		$	53,665		$	—		$	—
Distributions reinvested		32,699			22,181			—			—
Cost of shares redeemed		(43,646	)		(105,361	)		—			—
Change in net assets resulting from Class C capital transactions	$	19,563		$	(29,515	)	$	—		$	—
Class I
Proceeds from shares issued	$	242,370		$	475,037		$	33,769		$	41,680
Distributions reinvested		167,071			118,776			25,042			3,308
Cost of shares redeemed		(297,809	)		(415,816	)		(77,137	)		(93,153	)
Change in net assets resulting from Class I capital transactions	$	111,632		$	177,997		$	(18,326	)	$	(48,165	)
Class L
Proceeds from shares issued	$	198,290		$	312,658		$	32,634		$	88,724
Distributions reinvested		161,283			127,665			30,407			7,140
Cost of shares redeemed		(271,550	)		(2,240,979	)		(67,633	)		(544,996	)
Change in net assets resulting from Class L capital transactions	$	88,023		$	(1,800,656	)	$	(4,592	)	$	(449,132	)
Class R2
Proceeds from shares issued	$	18,238		$	41,736		$	—		$	—
Distributions reinvested		26,288			19,822			—			—
Cost of shares redeemed		(38,487	)		(67,632	)		—			—
Change in net assets resulting from Class R2 capital transactions	$	6,039		$	(6,074	)	$	—		$	—
Class R3
Proceeds from shares issued	$	34,191		$	41,120		$	—		$	—
Distributions reinvested		8,775			4,029			—			—
Cost of shares redeemed		(3,702	)		(10,051	)		—			—
Change in net assets resulting from Class R3 capital transactions	$	39,264		$	35,098		$	—		$	—
Class R4
Proceeds from shares issued	$	9,477		$	10,245		$	—		$	—
Distributions reinvested		1,849			504			—			—
Cost of shares redeemed		(3,631	)		(1,318	)		—			—
Change in net assets resulting from Class R4 capital transactions	$	7,695		$	9,431		$	—		$	—
Class R5
Proceeds from shares issued	$	42,736		$	119,546		$	—		$	—
Distributions reinvested		90,844			70,680			—			—
Cost of shares redeemed		(104,446	)		(181,128	)		—			—
Change in net assets resulting from Class R5 capital transactions	$	29,134		$	9,098		$	—		$	—
Class R6
Proceeds from shares issued	$	469,693		$	2,759,027		$	144,304		$	834,134
Distributions reinvested		891,913			777,436			595,128			86,745
Cost of shares redeemed		(1,706,412	)		(1,737,767	)		(628,784	)		(1,772,696	)
Change in net assets resulting from Class R6 capital transactions	$	(344,806	)	$	1,798,696		$	110,648		$	(851,817	)
Total change in net assets resulting from capital transactions	$	(45,763	)	$	102,375		$	57,627		$	(1,539,735	)

SEE NOTES TO FINANCIAL STATEMENTS.

60 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2018

	JPMorgan U.S. Equity Fund						JPMorgan U.S. Research Enhanced Equity Fund
	Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018			Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018
SHARE TRANSACTIONS:
Class A
Issued		6,451			13,038			640			1,931
Reinvested		8,951			6,310			1,071			139
Redeemed		(14,421	)		(24,809	)		(2,720	)		(8,885	)
Change in Class A Shares		981			(5,461	)		(1,009	)		(6,815	)
Class C
Issued		1,950			3,347			—			—
Reinvested		2,372			1,416			—			—
Redeemed		(2,901	)		(6,567	)		—			—
Change in Class C Shares		1,421			(1,804	)		—			—
Class I
Issued		15,137			28,752			1,142			1,498
Reinvested		11,627			7,333			998			119
Redeemed		(18,814	)		(25,267	)		(2,635	)		(3,348	)
Change in Class I Shares		7,950			10,818			(495	)		(1,731	)
Class L
Issued		12,103			18,949			1,223			3,285
Reinvested		11,205			7,871			1,214			259
Redeemed		(17,150	)		(139,241	)		(2,320	)		(19,517	)
Change in Class L Shares		6,158			(112,421	)		117			(15,973	)
Class R2
Issued		1,154			2,553			—			—
Reinvested		1,858			1,239			—			—
Redeemed		(2,323	)		(4,154	)		—			—
Change in Class R2 Shares		689			(362	)		—			—
Class R3
Issued		2,061			2,508			—			—
Reinvested		616			250			—			—
Redeemed		(226	)		(610	)		—			—
Change in Class R3 Shares		2,451			2,148			—			—
Class R4
Issued		569			621			—			—
Reinvested		129			31			—			—
Redeemed		(220	)		(79	)		—			—
Change in Class R4 Shares		478			573			—			—
Class R5
Issued		2,681			7,233			—			—
Reinvested		6,305			4,355			—			—
Redeemed		(6,250	)		(10,982	)		—			—
Change in Class R5 Shares		2,736			606			—			—
Class R6
Issued		29,210			170,342			5,051			29,946
Reinvested		61,720			47,843			23,732			3,129
Redeemed		(102,148	)		(103,956	)		(21,914	)		(62,298	)
Change in Class R6 Shares		(11,218	)		114,229			6,869			(29,223	)

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 J.P. MORGAN LARGE CAP FUNDS 61

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Equity Focus Fund
Class A
Six Months Ended December 31, 2018 (Unaudited)	$	31.83	$	0.08		$	(2.29	)	$	(2.21	)	$	(0.41	)	$	(3.72	)	$	(4.13	)
Year Ended June 30, 2018		29.09		0.08			4.23			4.31			(0.01	)		(1.56	)		(1.57	)
Year Ended June 30, 2017		23.73		(0.01	)		5.70			5.69			(0.01	)		(0.32	)		(0.33	)
Year Ended June 30, 2016		24.78		(0.01	)		(0.38	)		(0.39	)		—	(f)		(0.66	)		(0.66	)
Year Ended June 30, 2015		23.56		(0.02	)		1.42			1.40			(0.02	)		(0.16	)		(0.18	)
Year Ended June 30, 2014		19.18		(0.02	)		4.86			4.84			—			(0.46	)		(0.46	)
Class C
Six Months Ended December 31, 2018 (Unaudited)		30.75		(0.01	)		(2.19	)		(2.20	)		(0.24	)		(3.72	)		(3.96	)
Year Ended June 30, 2018		28.28		(0.08	)		4.11			4.03			—			(1.56	)		(1.56	)
Year Ended June 30, 2017		23.18		(0.14	)		5.56			5.42			—			(0.32	)		(0.32	)
Year Ended June 30, 2016		24.34		(0.13	)		(0.37	)		(0.50	)		—			(0.66	)		(0.66	)
Year Ended June 30, 2015		23.24		(0.13	)		1.39			1.26			—			(0.16	)		(0.16	)
Year Ended June 30, 2014		19.01		(0.15	)		4.84			4.69			—			(0.46	)		(0.46	)
Class I
Six Months Ended December 31, 2018 (Unaudited)		32.13		0.10			(2.30	)		(2.20	)		(0.37	)		(3.72	)		(4.09	)
Year Ended June 30, 2018		29.34		0.16			4.27			4.43			(0.08	)		(1.56	)		(1.64	)
Year Ended June 30, 2017		23.92		0.06			5.75			5.81			(0.07	)		(0.32	)		(0.39	)
Year Ended June 30, 2016		24.95		0.06			(0.39	)		(0.33	)		(0.04	)		(0.66	)		(0.70	)
Year Ended June 30, 2015		23.67		0.04			1.44			1.48			(0.04	)		(0.16	)		(0.20	)
Year Ended June 30, 2014		19.22		0.04			4.87			4.91			—	(f)		(0.46	)		(0.46	)
Class R6
October 1, 2018 (g) through December 31, 2018 (Unaudited)		34.55		0.08			(4.68	)		(4.60	)		(0.53	)		(3.72	)		(4.25	)

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Calculated based upon average shares outstanding.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(e) Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(f) Amount rounds to less than $0.005.

(g) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

62 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2018

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	25.49		(7.66	)%	$	4,885		1.09	%		0.48	%		1.35	%		18	%
	31.83		15.02			4,077		1.11			0.26			1.31			34
	29.09		24.09			3,362		1.17			(0.02	)		1.37			84
	23.73		(1.60	)		1,937		1.24			(0.03	)		1.55			45
	24.78		5.98			1,452		1.24			(0.07	)		1.42			52
	23.56		25.43			423		1.24			(0.10	)		2.11			76
	24.59		(7.89	)		2,620		1.59			(0.04	)		1.81			18
	30.75		14.45			3,017		1.61			(0.26	)		1.80			34
	28.28		23.49			3,331		1.66			(0.51	)		1.86			84
	23.18		(2.10	)		1,268		1.74			(0.54	)		1.96			45
	24.34		5.44			873		1.74			(0.54	)		1.93			52
	23.24		24.86			133		1.74			(0.67	)		2.82			76
	25.84		(7.53	)		95,521		0.84			0.62			1.03			18
	32.13		15.31			246,276		0.86			0.52			1.03			34
	29.34		24.43			180,151		0.92			0.23			1.10			84
	23.92		(1.37	)		136,284		0.99			0.24			1.11			45
	24.95		6.26			81,179		0.99			0.15			1.12			52
	23.67		25.75			72,064		0.99			0.19			1.51			76
	25.70		(13.97	)		17		0.59			1.05			0.85			18

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 J.P. MORGAN LARGE CAP FUNDS 63

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Equity Income Fund
Class A
Six Months Ended December 31, 2018 (Unaudited)	$	16.82	$	0.18	(e)	$	(0.77	)	$	(0.59	)	$	(0.19	)	$	(0.46	)	$	(0.65	)
Year Ended June 30, 2018		15.67		0.26	(e)		1.29			1.55			(0.25	)		(0.15	)		(0.40	)
Year Ended June 30, 2017		14.01		0.24	(e)		1.75			1.99			(0.24	)		(0.09	)		(0.33	)
Year Ended June 30, 2016		13.77		0.25	(e)		0.35			0.60			(0.25	)		(0.11	)		(0.36	)
Year Ended June 30, 2015		13.66		0.25			0.39			0.64			(0.25	)		(0.28	)		(0.53	)
Year Ended June 30, 2014		11.62		0.21	(e)		2.26			2.47			(0.21	)		(0.22	)		(0.43	)
Class C
Six Months Ended December 31, 2018 (Unaudited)		16.50		0.13	(e)		(0.75	)		(0.62	)		(0.15	)		(0.46	)		(0.61	)
Year Ended June 30, 2018		15.41		0.17	(e)		1.26			1.43			(0.19	)		(0.15	)		(0.34	)
Year Ended June 30, 2017		13.80		0.16	(e)		1.72			1.88			(0.18	)		(0.09	)		(0.27	)
Year Ended June 30, 2016		13.58		0.18	(e)		0.35			0.53			(0.20	)		(0.11	)		(0.31	)
Year Ended June 30, 2015		13.49		0.18			0.38			0.56			(0.19	)		(0.28	)		(0.47	)
Year Ended June 30, 2014		11.49		0.15	(e)		2.23			2.38			(0.16	)		(0.22	)		(0.38	)
Class I
Six Months Ended December 31, 2018 (Unaudited)		17.10		0.20	(e)		(0.78	)		(0.58	)		(0.21	)		(0.46	)		(0.67	)
Year Ended June 30, 2018		15.92		0.31	(e)		1.31			1.62			(0.29	)		(0.15	)		(0.44	)
Year Ended June 30, 2017		14.23		0.28	(e)		1.77			2.05			(0.27	)		(0.09	)		(0.36	)
Year Ended June 30, 2016		13.97		0.28	(e)		0.37			0.65			(0.28	)		(0.11	)		(0.39	)
Year Ended June 30, 2015		13.85		0.29			0.40			0.69			(0.29	)		(0.28	)		(0.57	)
Year Ended June 30, 2014		11.77		0.25	(e)		2.29			2.54			(0.24	)		(0.22	)		(0.46	)
Class R2
Six Months Ended December 31, 2018 (Unaudited)		16.74		0.16	(e)		(0.77	)		(0.61	)		(0.17	)		(0.46	)		(0.63	)
Year Ended June 30, 2018		15.62		0.21	(e)		1.28			1.49			(0.22	)		(0.15	)		(0.37	)
Year Ended June 30, 2017		13.97		0.20	(e)		1.75			1.95			(0.21	)		(0.09	)		(0.30	)
Year Ended June 30, 2016		13.74		0.21	(e)		0.35			0.56			(0.22	)		(0.11	)		(0.33	)
Year Ended June 30, 2015		13.64		0.22			0.39			0.61			(0.23	)		(0.28	)		(0.51	)
Year Ended June 30, 2014		11.61		0.18	(e)		2.25			2.43			(0.18	)		(0.22	)		(0.40	)
Class R3
Six Months Ended December 31, 2018 (Unaudited)		16.80		0.17	(e)		(0.76	)		(0.59	)		(0.19	)		(0.46	)		(0.65	)
Year Ended June 30, 2018		15.66		0.27	(e)		1.27			1.54			(0.25	)		(0.15	)		(0.40	)
September 9, 2016 (f) through June 30, 2017		14.06		0.19	(e)		1.71			1.90			(0.21	)		(0.09	)		(0.30	)
Class R4
Six Months Ended December 31, 2018 (Unaudited)		17.09		0.20	(e)		(0.78	)		(0.58	)		(0.21	)		(0.46	)		(0.67	)
Year Ended June 30, 2018		15.92		0.32	(e)		1.29			1.61			(0.29	)		(0.15	)		(0.44	)
September 9, 2016 (f) through June 30, 2017		14.28		0.29	(e)		1.67			1.96			(0.23	)		(0.09	)		(0.32	)
Class R5
Six Months Ended December 31, 2018 (Unaudited)		17.11		0.22	(e)		(0.79	)		(0.57	)		(0.22	)		(0.46	)		(0.68	)
Year Ended June 30, 2018		15.93		0.34	(e)		1.30			1.64			(0.31	)		(0.15	)		(0.46	)
Year Ended June 30, 2017		14.23		0.31	(e)		1.78			2.09			(0.30	)		(0.09	)		(0.39	)
Year Ended June 30, 2016		13.98		0.31	(e)		0.35			0.66			(0.30	)		(0.11	)		(0.41	)
Year Ended June 30, 2015		13.85		0.31			0.41			0.72			(0.31	)		(0.28	)		(0.59	)
Year Ended June 30, 2014		11.78		0.27	(e)		2.29			2.56			(0.27	)		(0.22	)		(0.49	)
Class R6
Six Months Ended December 31, 2018 (Unaudited)		17.10		0.22	(e)		(0.78	)		(0.56	)		(0.23	)		(0.46	)		(0.69	)
Year Ended June 30, 2018		15.92		0.35	(e)		1.31			1.66			(0.33	)		(0.15	)		(0.48	)
Year Ended June 30, 2017		14.22		0.32	(e)		1.78			2.10			(0.31	)		(0.09	)		(0.40	)
Year Ended June 30, 2016		13.97		0.33	(e)		0.34			0.67			(0.31	)		(0.11	)		(0.42	)
Year Ended June 30, 2015		13.84		0.33			0.40			0.73			(0.32	)		(0.28	)		(0.60	)
Year Ended June 30, 2014		11.77		0.28	(e)		2.28			2.56			(0.27	)		(0.22	)		(0.49	)

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Not annualized for periods less than one year.

(c) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(d) Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(e) Calculated based upon average shares outstanding.

(f) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

64 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2018

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (b)(c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (excluding securities sold short) (b)
$	15.58		(3.68	)%	$	2,782,171		1.00	%		2.07	%		1.01	%		11	%
	16.82		9.94			3,022,879		1.00			1.55			1.01			20
	15.67		14.34			3,176,361		1.04			1.59			1.08			14
	14.01		4.45			3,370,383		1.04			1.83			1.11			20
	13.77		4.71			3,014,937		1.04			1.83			1.09			22
	13.66		21.60			2,360,750		1.04			1.68			1.06			20
	15.27		(3.90	)		1,254,082		1.49			1.55			1.50			11
	16.50		9.35			1,303,731		1.50			1.05			1.50			20
	15.41		13.74			1,385,115		1.54			1.09			1.55			14
	13.80		4.01			1,304,007		1.54			1.33			1.58			20
	13.58		4.18			1,160,002		1.54			1.32			1.56			22
	13.49		20.95			805,494		1.54			1.19			1.56			20
	15.85		(3.55	)		6,911,610		0.74			2.26			0.75			11
	17.10		10.22			6,320,979		0.74			1.81			0.75			20
	15.92		14.57			6,542,906		0.78			1.84			0.79			14
	14.23		4.75			4,679,200		0.79			2.07			0.81			20
	13.97		4.96			4,639,250		0.79			2.08			0.80			22
	13.85		21.94			3,467,542		0.79			1.92			0.81			20
	15.50		(3.81	)		81,279		1.25			1.81			1.26			11
	16.74		9.59			80,330		1.26			1.29			1.26			20
	15.62		14.08			87,437		1.29			1.34			1.39			14
	13.97		4.20			77,230		1.29			1.59			1.45			20
	13.74		4.44			56,522		1.29			1.59			1.39			22
	13.64		21.27			28,733		1.29			1.44			1.31			20
	15.56		(3.68	)		103,172		0.99			2.01			1.00			11
	16.80		9.90			91,267		0.99			1.61			0.99			20
	15.66		13.62			25,209		1.03			1.55			1.05			14
	15.84		(3.55	)		33,539		0.74			2.22			0.75			11
	17.09		10.18			23,451		0.74			1.90			0.75			20
	15.92		13.85			1,340		0.78			2.28			0.83			14
	15.86		(3.47	)		1,098,903		0.58			2.45			0.60			11
	17.11		10.38			1,097,476		0.59			1.98			0.60			20
	15.93		14.84			912,746		0.58			2.05			0.63			14
	14.23		4.89			722,424		0.59			2.28			0.64			20
	13.98		5.23			520,660		0.59			2.27			0.63			22
	13.85		22.06			307,700		0.59			2.11			0.61			20
	15.85		(3.43	)		5,629,015		0.49			2.53			0.50			11
	17.10		10.49			5,314,382		0.49			2.08			0.50			20
	15.92		14.95			2,821,798		0.50			2.13			0.50			14
	14.22		4.98			1,913,077		0.50			2.43			0.50			20
	13.97		5.31			861,809		0.51			2.35			0.51			22
	13.84		22.14			551,378		0.54			2.20			0.56			20

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 J.P. MORGAN LARGE CAP FUNDS 65

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Growth and Income Fund
Class A
Six Months Ended December 31, 2018 (Unaudited)	$	49.77	$	0.47	$	(4.01	)	$	(3.54	)	$	(0.49	)	$	(2.14	)	$	(2.63	)
Year Ended June 30, 2018		46.85		0.64		4.98			5.62			(0.62	)		(2.08	)		(2.70	)
Year Ended June 30, 2017		42.75		0.57		6.31			6.88			(0.57	)		(2.21	)		(2.78	)
Year Ended June 30, 2016		45.46		0.59		(0.27	)		0.32			(0.55	)		(2.48	)		(3.03	)
Year Ended June 30, 2015		44.70		0.59		1.72			2.31			(0.56	)		(0.99	)		(1.55	)
Year Ended June 30, 2014		36.53		0.47		8.17			8.64			(0.47	)		—			(0.47	)
Class C
Six Months Ended December 31, 2018 (Unaudited)		44.91		0.31		(3.60	)		(3.29	)		(0.42	)		(2.14	)		(2.56	)
Year Ended June 30, 2018		42.54		0.35		4.51			4.86			(0.41	)		(2.08	)		(2.49	)
Year Ended June 30, 2017		39.07		0.31		5.76			6.07			(0.39	)		(2.21	)		(2.60	)
Year Ended June 30, 2016		41.83		0.35		(0.25	)		0.10			(0.38	)		(2.48	)		(2.86	)
Year Ended June 30, 2015		41.31		0.32		1.59			1.91			(0.40	)		(0.99	)		(1.39	)
Year Ended June 30, 2014		33.83		0.25		7.55			7.80			(0.32	)		—			(0.32	)
Class I
Six Months Ended December 31, 2018 (Unaudited)		52.41		0.54		(4.21	)		(3.67	)		(0.53	)		(2.14	)		(2.67	)
Year Ended June 30, 2018		49.21		0.81		5.21			6.02			(0.74	)		(2.08	)		(2.82	)
Year Ended June 30, 2017		44.77		0.72		6.62			7.34			(0.69	)		(2.21	)		(2.90	)
Year Ended June 30, 2016		47.45		0.73		(0.27	)		0.46			(0.66	)		(2.48	)		(3.14	)
Year Ended June 30, 2015		46.58		0.73		1.79			2.52			(0.66	)		(0.99	)		(1.65	)
Year Ended June 30, 2014		38.03		0.58		8.52			9.10			(0.55	)		—			(0.55	)
Class R2
Six Months Ended December 31, 2018 (Unaudited)		49.98		0.31		(3.93	)		(3.62	)		(0.47	)		(2.14	)		(2.61	)
Year Ended June 30, 2018		47.06		0.53		4.99			5.52			(0.52	)		(2.08	)		(2.60	)
Year Ended June 30, 2017		42.94		0.46		6.33			6.79			(0.46	)		(2.21	)		(2.67	)
November 2, 2015 (f) through June 30, 2016		45.92		0.40		(0.70	)		(0.30	)		(0.20	)		(2.48	)		(2.68	)
Class R3
Six Months Ended December 31, 2018 (Unaudited)		52.41		0.50		(4.24	)		(3.74	)		(0.48	)		(2.14	)		(2.62	)
July 31, 2017 (f) through June 30, 2018		49.99		0.68		4.46			5.14			(0.64	)		(2.08	)		(2.72	)
Class R4
Six Months Ended December 31, 2018 (Unaudited)		52.41		0.56		(4.23	)		(3.67	)		(0.53	)		(2.14	)		(2.67	)
July 31, 2017 (f) through June 30, 2018		49.99		0.79		4.46			5.25			(0.75	)		(2.08	)		(2.83	)
Class R5
Six Months Ended December 31, 2018 (Unaudited)		52.74		0.61		(4.26	)		(3.65	)		(0.56	)		(2.14	)		(2.70	)
Year Ended June 30, 2018		49.50		0.91		5.23			6.14			(0.82	)		(2.08	)		(2.90	)
Year Ended June 30, 2017		45.01		0.83		6.65			7.48			(0.78	)		(2.21	)		(2.99	)
November 2, 2015 (f) through June 30, 2016		47.95		0.62		(0.73	)		(0.11	)		(0.35	)		(2.48	)		(2.83	)
Class R6
Six Months Ended December 31, 2018 (Unaudited)		52.75		0.63		(4.27	)		(3.64	)		(0.57	)		(2.14	)		(2.71	)
Year Ended June 30, 2018		49.50		1.04		5.16			6.20			(0.87	)		(2.08	)		(2.95	)
Year Ended June 30, 2017		45.01		0.81		6.69			7.50			(0.80	)		(2.21	)		(3.01	)
November 2, 2015 (f) through June 30, 2016		47.95		0.63		(0.72	)		(0.09	)		(0.37	)		(2.48	)		(2.85	)

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Calculated based upon average shares outstanding.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(e) Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(f) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

66 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2018

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	43.60		(7.36	)%	$	438,578		0.93	%		1.87	%		1.06	%		11	%
	49.77		12.04			476,090		0.97			1.29			1.08			32
	46.85		16.34			445,078		1.03			1.26			1.10			28
	42.75		1.02			422,151		1.06			1.38			1.13			39
	45.46		5.24			434,573		1.10			1.30			1.10			39
	44.70		23.74			419,465		1.13			1.16			1.15			42
	39.06		(7.58	)		22,614		1.43			1.34			1.54			11
	44.91		11.45			23,034		1.47			0.77			1.55			32
	42.54		15.76			28,290		1.53			0.76			1.59			28
	39.07		0.54			25,541		1.56			0.89			1.62			39
	41.83		4.68			24,647		1.62			0.77			1.63			39
	41.31		23.12			14,619		1.64			0.66			1.65			42
	46.07		(7.24	)		80,431		0.68			2.04			0.79			11
	52.41		12.29			77,737		0.72			1.55			0.79			32
	49.21		16.64			64,148		0.78			1.50			0.83			28
	44.77		1.28			40,068		0.81			1.64			0.86			39
	47.45		5.48			36,099		0.88			1.53			0.88			39
	46.58		24.05			27,124		0.89			1.39			0.90			42
	43.75		(7.48	)		90		1.18			1.24			2.41			11
	49.98		11.76			41		1.21			1.06			1.49			32
	47.06		16.04			23		1.28			1.01			2.06			28
	42.94		(0.40	)		20		1.28			1.44			3.72			39
	46.05		(7.36	)		20		0.93			1.87			1.73			11
	52.41		10.33			22		0.94			1.42			1.12			32
	46.07		(7.24	)		21		0.68			2.12			1.50			11
	52.41		10.56			22		0.71			1.64			0.87			32
	46.39		(7.17	)		51		0.53			2.26			1.00			11
	52.74		12.48			43		0.55			1.72			0.80			32
	49.50		16.88			37		0.59			1.72			1.23			28
	45.01		0.05			20		0.59			2.14			3.02			39
	46.40		(7.14	)		33,794		0.43			2.37			0.53			11
	52.75		12.59			33,774		0.44			1.95			0.52			32
	49.50		16.94			2,129		0.53			1.66			0.55			28
	45.01		0.08			20		0.53			2.19			2.96			39

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 J.P. MORGAN LARGE CAP FUNDS 67

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Return of capital			Total distributions
JPMorgan Hedged Equity Fund
Class A
Six Months Ended December 31, 2018 (Unaudited)	$	19.43	$	0.10	(e)	$	(0.57	)	$	(0.47	)	$	(0.10	)	$	—		$	(0.10	)
Year Ended June 30, 2018		18.24		0.18	(e)		1.15			1.33			(0.14	)		—			(0.14	)
Year Ended June 30, 2017		16.23		0.19	(e)		2.01			2.20			(0.19	)		—			(0.19	)
Year Ended June 30, 2016		16.47		0.20	(e)		(0.28	)		(0.08	)		(0.16	)		—			(0.16	)
Year Ended June 30, 2015		15.74		0.19	(e)		0.67			0.86			(0.13	)		—			(0.13	)
December 13, 2013 (g) through June 30, 2014		15.00		0.07			0.84			0.91			(0.07	)		(0.10	)		(0.17	)
Class C
Six Months Ended December 31, 2018 (Unaudited)		19.33		0.05	(e)		(0.56	)		(0.51	)		(0.07	)		—			(0.07	)
Year Ended June 30, 2018		18.16		0.08	(e)		1.15			1.23			(0.06	)		—			(0.06	)
Year Ended June 30, 2017		16.17		0.10	(e)		2.01			2.11			(0.12	)		—			(0.12	)
Year Ended June 30, 2016		16.43		0.13	(e)		(0.29	)		(0.16	)		(0.10	)		—			(0.10	)
Year Ended June 30, 2015		15.76		0.10	(e)		0.67			0.77			(0.10	)		—			(0.10	)
December 13, 2013 (g) through June 30, 2014		15.00		0.05			0.83			0.88			(0.02	)		(0.10	)		(0.12	)
Class I
Six Months Ended December 31, 2018 (Unaudited)		19.47		0.13	(e)		(0.58	)		(0.45	)		(0.12	)		—			(0.12	)
Year Ended June 30, 2018		18.27		0.23	(e)		1.16			1.39			(0.19	)		—			(0.19	)
Year Ended June 30, 2017		16.26		0.23	(e)		2.01			2.24			(0.23	)		—			(0.23	)
Year Ended June 30, 2016		16.50		0.25	(e)		(0.28	)		(0.03	)		(0.21	)		—			(0.21	)
Year Ended June 30, 2015		15.76		0.23	(e)		0.66			0.89			(0.15	)		—			(0.15	)
December 13, 2013 (g) through June 30, 2014		15.00		0.10			0.84			0.94			(0.08	)		(0.10	)		(0.18	)
Class R5
Six Months Ended December 31, 2018 (Unaudited)		19.50		0.14	(e)		(0.57	)		(0.43	)		(0.13	)		—			(0.13	)
Year Ended June 30, 2018		18.30		0.26	(e)		1.16			1.42			(0.22	)		—			(0.22	)
Year Ended June 30, 2017		16.28		0.26	(e)		2.02			2.28			(0.26	)		—			(0.26	)
Year Ended June 30, 2016		16.51		0.24	(e)		(0.24	)		—	(h)		(0.23	)		—			(0.23	)
Year Ended June 30, 2015		15.76		0.26	(e)		0.66			0.92			(0.17	)		—			(0.17	)
December 13, 2013 (g) through June 30, 2014		15.00		0.13			0.82			0.95			(0.09	)		(0.10	)		(0.19	)
Class R6
Six Months Ended December 31, 2018 (Unaudited)		19.49		0.16	(e)		(0.57	)		(0.41	)		(0.14	)		—			(0.14	)
Year Ended June 30, 2018		18.29		0.27	(e)		1.16			1.43			(0.23	)		—			(0.23	)
Year Ended June 30, 2017		16.28		0.25	(e)		2.03			2.28			(0.27	)		—			(0.27	)
Year Ended June 30, 2016		16.52		0.27	(e)		(0.27	)		—	(h)		(0.24	)		—			(0.24	)
Year Ended June 30, 2015		15.76		0.27	(e)		0.67			0.94			(0.18	)		—			(0.18	)
December 13, 2013 (g) through June 30, 2014		15.00		0.13			0.83			0.96			(0.10	)		(0.10	)		(0.20	)

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Not annualized for periods less than one year.

(c) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(d) Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(e) Calculated based upon average shares outstanding.

(f) Certain non-recurring expenses incurred by the Fund were not annualized for the year ended June 30, 2015 and for the period ended June 30, 2014.

(g) Commencement of operations.

(h) Amount rounds to less than $0.005.

SEE NOTES TO FINANCIAL STATEMENTS.

68 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2018

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (b)(c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (b)
$	18.86		(2.41	)%	$	237,105		0.85	%		0.99	%		0.86	%		22	%
	19.43		7.33			277,898		0.84			0.92			0.87			44
	18.24		13.60			133,789		0.84			1.06			1.05			31
	16.23		(0.43	)		71,417		0.85			1.27			1.11			57
	16.47		5.45			93,007		0.85	(f)		1.14	(f)		1.21	(f)		42
	15.74		6.11			569		0.85	(f)		0.96	(f)		16.65	(f)		36
	18.75		(2.62	)		114,693		1.35			0.54			1.37			22
	19.33		6.79			81,030		1.34			0.42			1.38			44
	18.16		13.07			29,168		1.34			0.55			1.45			31
	16.17		(0.95	)		9,867		1.35			0.80			1.52			57
	16.43		4.85			3,405		1.35	(f)		0.59	(f)		1.65	(f)		42
	15.76		5.87			53		1.35	(f)		0.56	(f)		10.04	(f)		36
	18.90		(2.32	)		2,738,488		0.60			1.29			0.61			22
	19.47		7.63			1,947,444		0.59			1.17			0.62			44
	18.27		13.86			597,013		0.59			1.30			0.69			31
	16.26		(0.17	)		158,820		0.60			1.54			0.74			57
	16.50		5.66			105,397		0.60	(f)		1.39	(f)		0.91	(f)		42
	15.76		6.28			4,307		0.60	(f)		1.30	(f)		9.91	(f)		36
	18.94		(2.20	)		104		0.41			1.43			0.70			22
	19.50		7.81			123		0.39			1.37			0.67			44
	18.30		14.10			37		0.40			1.51			1.08			31
	16.28		0.07			25		0.40			1.49			2.16			57
	16.51		5.86			442		0.40	(f)		1.58	(f)		0.82	(f)		42
	15.76		6.37			53		0.40	(f)		1.51	(f)		9.10	(f)		36
	18.94		(2.13	)		249,466		0.35			1.58			0.37			22
	19.49		7.87			121,897		0.34			1.42			0.42			44
	18.29		14.09			3,289		0.34			1.41			0.42			31
	16.28		0.07			74		0.35			1.66			1.40			57
	16.52		5.96			443		0.35	(f)		1.63	(f)		0.77	(f)		42
	15.76		6.39			53		0.35	(f)		1.56	(f)		9.05	(f)		36

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 J.P. MORGAN LARGE CAP FUNDS 69

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Large Cap Growth Fund
Class A
Six Months Ended December 31, 2018 (Unaudited)	$	42.44	$	(0.05	)	$	(4.45	)	$	(4.50	)	$	—		$	(5.28	)	$	(5.28	)
Year Ended June 30, 2018		38.23		(0.10	)		9.92			9.82			—			(5.61	)		(5.61	)
Year Ended June 30, 2017		32.93		(0.07	)		8.51			8.44			—			(3.14	)		(3.14	)
Year Ended June 30, 2016		36.82		(0.06	)		(2.23	)		(2.29	)		—			(1.60	)		(1.60	)
Year Ended June 30, 2015		32.49		(0.10	)		5.05			4.95			—			(0.62	)		(0.62	)
Year Ended June 30, 2014		26.01		(0.10	)		6.58			6.48			—			—			—
Class C
Six Months Ended December 31, 2018 (Unaudited)		34.20		(0.12	)		(3.52	)		(3.64	)		—			(5.28	)		(5.28	)
Year Ended June 30, 2018		31.95		(0.25	)		8.11			7.86			—			(5.61	)		(5.61	)
Year Ended June 30, 2017		28.15		(0.20	)		7.14			6.94			—			(3.14	)		(3.14	)
Year Ended June 30, 2016		31.86		(0.20	)		(1.91	)		(2.11	)		—			(1.60	)		(1.60	)
Year Ended June 30, 2015		28.33		(0.24	)		4.39			4.15			—			(0.62	)		(0.62	)
Year Ended June 30, 2014		22.79		(0.22	)		5.76			5.54			—			—			—
Class I
Six Months Ended December 31, 2018 (Unaudited)		42.86		—	(f)		(4.50	)		(4.50	)		—			(5.28	)		(5.28	)
Year Ended June 30, 2018		38.47		(0.01	)		10.01			10.00			—			(5.61	)		(5.61	)
Year Ended June 30, 2017		33.08		(0.02	)		8.55			8.53			—			(3.14	)		(3.14	)
Year Ended June 30, 2016		36.92		(0.01	)		(2.23	)		(2.24	)		—			(1.60	)		(1.60	)
Year Ended June 30, 2015		32.52		(0.04	)		5.06			5.02			—			(0.62	)		(0.62	)
Year Ended June 30, 2014		25.99		(0.05	)		6.58			6.53			—			—			—
Class R2
Six Months Ended December 31, 2018 (Unaudited)		41.17		(0.10	)		(4.30	)		(4.40	)		—			(5.28	)		(5.28	)
Year Ended June 30, 2018		37.33		(0.20	)		9.65			9.45			—			(5.61	)		(5.61	)
Year Ended June 30, 2017		32.31		(0.16	)		8.32			8.16			—			(3.14	)		(3.14	)
Year Ended June 30, 2016		36.24		(0.15	)		(2.18	)		(2.33	)		—			(1.60	)		(1.60	)
Year Ended June 30, 2015		32.07		(0.18	)		4.97			4.79			—			(0.62	)		(0.62	)
Year Ended June 30, 2014		25.74		(0.18	)		6.51			6.33			—			—			—
Class R3
Six Months Ended December 31, 2018 (Unaudited)		42.64		(0.04	)		(4.48	)		(4.52	)		—			(5.28	)		(5.28	)
Year Ended June 30, 2018		38.39		(0.08	)		9.94			9.86			—			(5.61	)		(5.61	)
September 9, 2016 (g) through June 30, 2017		33.97		(0.06	)		7.62			7.56			—			(3.14	)		(3.14	)
Class R4
Six Months Ended December 31, 2018 (Unaudited)		42.85		—	(f)		(4.50	)		(4.50	)		—			(5.28	)		(5.28	)
Year Ended June 30, 2018		38.47		0.01			9.98			9.99			—			(5.61	)		(5.61	)
September 9, 2016 (g) through June 30, 2017		33.97		0.04			7.60			7.64			—			(3.14	)		(3.14	)
Class R5
Six Months Ended December 31, 2018 (Unaudited)		43.65		0.04			(4.59	)		(4.55	)		—			(5.28	)		(5.28	)
Year Ended June 30, 2018		39.04		0.06			10.16			10.22			—			(5.61	)		(5.61	)
Year Ended June 30, 2017		33.46		0.05			8.67			8.72			—			(3.14	)		(3.14	)
Year Ended June 30, 2016		37.25		0.06			(2.25	)		(2.19	)		—			(1.60	)		(1.60	)
Year Ended June 30, 2015		32.75		0.03			5.09			5.12			—			(0.62	)		(0.62	)
Year Ended June 30, 2014		26.12		0.01			6.62			6.63			—			—			—
Class R6
Six Months Ended December 31, 2018 (Unaudited)		43.95		0.06			(4.63	)		(4.57	)		(0.03	)		(5.28	)		(5.31	)
Year Ended June 30, 2018		39.23		0.10			10.23			10.33			—			(5.61	)		(5.61	)
Year Ended June 30, 2017		33.58		0.09			8.70			8.79			—			(3.14	)		(3.14	)
Year Ended June 30, 2016		37.34		0.10			(2.26	)		(2.16	)		—			(1.60	)		(1.60	)
Year Ended June 30, 2015		32.80		0.06			5.10			5.16			—			(0.62	)		(0.62	)
Year Ended June 30, 2014		26.15		0.02			6.63			6.65			—			—			—

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Calculated based upon average shares outstanding.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(e) Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(f) Amount rounds to less than $0.005.

(g) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

70 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2018

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	32.66		(11.33	)%	$	2,030,387		0.94	%		(0.24	)%		1.10	%		27	%
	42.44		28.45			2,481,816		0.97			(0.25	)		1.11			24
	38.23		27.50			2,462,957		1.05			(0.19	)		1.25			22
	32.93		(6.45	)		4,251,242		1.04			(0.17	)		1.27			43
	36.82		15.40			4,670,460		1.06			(0.28	)		1.21			19
	32.49		24.91			5,044,428		1.10			(0.34	)		1.19			39
	25.28		(11.55	)		447,111		1.44			(0.74	)		1.60			27
	34.20		27.83			534,199		1.47			(0.75	)		1.60			24
	31.95		26.79			487,702		1.55			(0.69	)		1.67			22
	28.15		(6.90	)		559,238		1.55			(0.67	)		1.69			43
	31.86		14.83			600,404		1.56			(0.78	)		1.68			19
	28.33		24.31			523,972		1.59			(0.85	)		1.69			39
	33.08		(11.22	)		3,765,015		0.69			0.02			0.84			27
	42.86		28.77			4,413,908		0.74			(0.03	)		0.85			24
	38.47		27.65			4,771,428		0.89			(0.05	)		0.90			22
	33.08		(6.29	)		4,161,010		0.89			(0.04	)		0.93			43
	36.92		15.60			5,515,626		0.90			(0.12	)		0.92			19
	32.52		25.13			5,037,737		0.93			(0.18	)		0.94			39
	31.49		(11.44	)		133,048		1.19			(0.48	)		1.35			27
	41.17		28.11			156,775		1.24			(0.52	)		1.35			24
	37.33		27.14			147,902		1.31			(0.46	)		1.47			22
	32.31		(6.67	)		192,560		1.30			(0.43	)		1.55			43
	36.24		15.10			242,550		1.31			(0.53	)		1.49			19
	32.07		24.59			222,421		1.35			(0.60	)		1.44			39
	32.84		(11.33	)		16,757		0.94			(0.19	)		1.10			27
	42.64		28.43			6,865		0.96			(0.21	)		1.10			24
	38.39		24.05			992		1.12			(0.20	)		1.20			22
	33.07		(11.22	)		5,974		0.69			0.02			0.84			27
	42.85		28.74			5,930		0.73			0.02			0.85			24
	38.47		24.31			440		0.89			0.12			1.07			22
	33.82		(11.13	)		690,027		0.54			0.16			0.69			27
	43.65		28.93			788,766		0.59			0.14			0.70			24
	39.04		27.92			799,190		0.70			0.15			0.72			22
	33.46		(6.10	)		1,209,521		0.69			0.17			0.73			43
	37.25		15.80			1,394,419		0.70			0.08			0.74			19
	32.75		25.38			1,400,112		0.73			0.02			0.74			39
	34.07		(11.10	)		5,444,975		0.44			0.27			0.59			27
	43.95		29.08			5,962,328		0.48			0.24			0.60			24
	39.23		28.03			3,606,093		0.60			0.25			0.60			22
	33.58		(6.00	)		3,330,565		0.60			0.28			0.60			43
	37.34		15.90			3,220,191		0.62			0.17			0.62			19
	32.80		25.43			2,709,590		0.68			0.07			0.69			39

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 J.P. MORGAN LARGE CAP FUNDS 71

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Large Cap Value Fund
Class A
Six Months Ended December 31, 2018 (Unaudited)	$	15.11	$	0.09	$	(1.86	)	$	(1.77	)	$	(0.09	)	$	(0.91	)	$	(1.00	)
Year Ended June 30, 2018		15.48		0.15		0.89			1.04			(0.13	)		(1.28	)		(1.41	)
Year Ended June 30, 2017		12.71		0.15		3.42			3.57			(0.14	)		(0.66	)		(0.80	)
Year Ended June 30, 2016		15.02		0.17		(0.59	)		(0.42	)		(0.16	)		(1.73	)		(1.89	)
Year Ended June 30, 2015		16.63		0.17		0.94			1.11			(0.17	)		(2.55	)		(2.72	)
Year Ended June 30, 2014		13.99		0.17		3.16			3.33			(0.18	)		(0.51	)		(0.69	)
Class C
Six Months Ended December 31, 2018 (Unaudited)		14.51		0.05		(1.77	)		(1.72	)		(0.07	)		(0.91	)		(0.98	)
Year Ended June 30, 2018		14.93		0.06		0.86			0.92			(0.06	)		(1.28	)		(1.34	)
Year Ended June 30, 2017		12.30		0.07		3.30			3.37			(0.08	)		(0.66	)		(0.74	)
Year Ended June 30, 2016		14.60		0.10		(0.58	)		(0.48	)		(0.09	)		(1.73	)		(1.82	)
Year Ended June 30, 2015		16.25		0.08		0.92			1.00			(0.10	)		(2.55	)		(2.65	)
Year Ended June 30, 2014		13.70		0.09		3.08			3.17			(0.11	)		(0.51	)		(0.62	)
Class I
Six Months Ended December 31, 2018 (Unaudited)		14.85		0.11		(1.82	)		(1.71	)		(0.11	)		(0.91	)		(1.02	)
Year Ended June 30, 2018		15.24		0.18		0.87			1.05			(0.16	)		(1.28	)		(1.44	)
Year Ended June 30, 2017		12.53		0.17		3.37			3.54			(0.17	)		(0.66	)		(0.83	)
Year Ended June 30, 2016		14.79		0.15		(0.54	)		(0.39	)		(0.14	)		(1.73	)		(1.87	)
Year Ended June 30, 2015		16.42		0.19		0.92			1.11			(0.19	)		(2.55	)		(2.74	)
Year Ended June 30, 2014		13.82		0.19		3.11			3.30			(0.19	)		(0.51	)		(0.70	)
Class R2
Six Months Ended December 31, 2018 (Unaudited)		14.99		0.07		(1.84	)		(1.77	)		(0.08	)		(0.91	)		(0.99	)
Year Ended June 30, 2018		15.39		0.11		0.86			0.97			(0.09	)		(1.28	)		(1.37	)
Year Ended June 30, 2017		12.64		0.10		3.41			3.51			(0.10	)		(0.66	)		(0.76	)
Year Ended June 30, 2016		14.96		0.14		(0.60	)		(0.46	)		(0.13	)		(1.73	)		(1.86	)
Year Ended June 30, 2015		16.58		0.13		0.94			1.07			(0.14	)		(2.55	)		(2.69	)
Year Ended June 30, 2014		13.95		0.13		3.14			3.27			(0.13	)		(0.51	)		(0.64	)
Class R3
October 1, 2018 (f) through December 31, 2018 (Unaudited)		15.63		0.05		(2.60	)		(2.55	)		(0.05	)		(0.91	)		(0.96	)
Class R4
October 1, 2018 (f) through December 31, 2018 (Unaudited)		15.90		0.05		(2.63	)		(2.58	)		(0.06	)		(0.91	)		(0.97	)
Class R5
Six Months Ended December 31, 2018 (Unaudited)		14.99		0.12		(1.84	)		(1.72	)		(0.11	)		(0.91	)		(1.02	)
Year Ended June 30, 2018		15.37		0.21		0.88			1.09			(0.19	)		(1.28	)		(1.47	)
Year Ended June 30, 2017		12.63		0.20		3.39			3.59			(0.19	)		(0.66	)		(0.85	)
Year Ended June 30, 2016		14.93		0.21		(0.58	)		(0.37	)		(0.20	)		(1.73	)		(1.93	)
Year Ended June 30, 2015		16.54		0.22		0.94			1.16			(0.22	)		(2.55	)		(2.77	)
Year Ended June 30, 2014		13.92		0.19		3.16			3.35			(0.22	)		(0.51	)		(0.73	)
Class R6
Six Months Ended December 31, 2018 (Unaudited)		14.90		0.13		(1.83	)		(1.70	)		(0.12	)		(0.91	)		(1.03	)
Year Ended June 30, 2018		15.28		0.22		0.88			1.10			(0.20	)		(1.28	)		(1.48	)
Year Ended June 30, 2017		12.56		0.20		3.38			3.58			(0.20	)		(0.66	)		(0.86	)
Year Ended June 30, 2016		14.86		0.24		(0.60	)		(0.36	)		(0.21	)		(1.73	)		(1.94	)
Year Ended June 30, 2015		16.48		0.25		0.91			1.16			(0.23	)		(2.55	)		(2.78	)
Year Ended June 30, 2014		13.87		0.22		3.13			3.35			(0.23	)		(0.51	)		(0.74	)

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Calculated based upon average shares outstanding.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(e) Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(f) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

72 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2018

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	12.34		(12.07	)%	$	172,613		0.93	%		1.18	%		1.03	%		77	%
	15.11		6.52			236,470		0.93			0.92			1.04			130
	15.48		28.47			215,017		0.92			1.01			1.08			145
	12.71		(2.51	)		96,373		0.93			1.27			1.12			219
	15.02		7.44			93,078		0.93			1.07			1.05			143
	16.63		24.46			92,161		0.93			1.11			1.06			168
	11.81		(12.22	)		56,755		1.44			0.69			1.52			77
	14.51		5.94			69,445		1.44			0.42			1.52			130
	14.93		27.72			48,028		1.44			0.50			1.57			145
	12.30		(2.98	)		17,041		1.45			0.75			1.62			219
	14.60		6.88			14,307		1.45			0.55			1.55			143
	16.25		23.78			11,646		1.44			0.59			1.56			168
	12.12		(11.93	)		297,290		0.69			1.43			0.76			77
	14.85		6.74			378,058		0.70			1.19			0.77			130
	15.24		28.61			161,494		0.79			1.15			0.80			145
	12.53		(2.34	)		23,373		0.77			1.07			0.77			219
	14.79		7.56			634,301		0.77			1.22			0.77			143
	16.42		24.62			662,936		0.79			1.24			0.80			168
	12.23		(12.16	)		18,570		1.19			0.96			1.28			77
	14.99		6.14			17,046		1.21			0.68			1.30			130
	15.39		28.11			6,775		1.23			0.71			1.43			145
	12.64		(2.78	)		3,462		1.20			1.05			1.57			219
	14.96		7.21			1,074		1.20			0.82			1.40			143
	16.58		24.07			455		1.20			0.83			1.30			168
	12.12		(16.61	)		17		0.94			1.39			1.01			77
	12.35		(16.56	)		11,126		0.68			1.70			0.77			77
	12.25		(11.83	)		25,675		0.54			1.61			0.62			77
	14.99		6.90			23,166		0.55			1.33			0.63			130
	15.37		28.82			10,218		0.59			1.35			0.62			145
	12.63		(2.15	)		4,155		0.59			1.52			0.60			219
	14.93		7.83			4,443		0.58			1.41			0.59			143
	16.54		24.81			4,433		0.57			1.30			0.59			168
	12.17		(11.81	)		815,022		0.44			1.68			0.51			77
	14.90		7.04			928,167		0.46			1.41			0.52			130
	15.28		28.90			610,732		0.51			1.43			0.52			145
	12.56		(2.06	)		565,542		0.51			1.90			0.52			219
	14.86		7.85			4,145		0.53			1.54			0.53			143
	16.48		24.89			50,923		0.54			1.48			0.55			168

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 J.P. MORGAN LARGE CAP FUNDS 73

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan U.S. Equity Fund
Class A
Six Months Ended December 31, 2018 (Unaudited)	$	16.48	$	0.06	(e)	$	(1.25	)	$	(1.19	)	$	(0.08	)	$	(1.79	)	$	(1.87	)
Year Ended June 30, 2018		15.80		0.11	(e)		1.94			2.05			(0.11	)		(1.26	)		(1.37	)
Year Ended June 30, 2017		13.76		0.11	(e)		2.57			2.68			(0.11	)		(0.53	)		(0.64	)
Year Ended June 30, 2016		14.75		0.12	(e)		(0.30	)		(0.18	)		(0.11	)		(0.70	)		(0.81	)
Year Ended June 30, 2015		14.92		0.13			1.10			1.23			(0.13	)		(1.27	)		(1.40	)
Year Ended June 30, 2014		12.80		0.11	(e)		3.09			3.20			(0.11	)		(0.97	)		(1.08	)
Class C
Six Months Ended December 31, 2018 (Unaudited)		15.99		0.02	(e)		(1.21	)		(1.19	)		(0.05	)		(1.79	)		(1.84	)
Year Ended June 30, 2018		15.37		0.03	(e)		1.89			1.92			(0.04	)		(1.26	)		(1.30	)
Year Ended June 30, 2017		13.41		0.04	(e)		2.49			2.53			(0.04	)		(0.53	)		(0.57	)
Year Ended June 30, 2016		14.40		0.05	(e)		(0.30	)		(0.25	)		(0.04	)		(0.70	)		(0.74	)
Year Ended June 30, 2015		14.61		0.07			1.06			1.13			(0.07	)		(1.27	)		(1.34	)
Year Ended June 30, 2014		12.56		0.04	(e)		3.03			3.07			(0.05	)		(0.97	)		(1.02	)
Class I
Six Months Ended December 31, 2018 (Unaudited)		16.51		0.08	(e)		(1.25	)		(1.17	)		(0.09	)		(1.79	)		(1.88	)
Year Ended June 30, 2018		15.83		0.15	(e)		1.94			2.09			(0.15	)		(1.26	)		(1.41	)
Year Ended June 30, 2017		13.79		0.14	(e)		2.57			2.71			(0.14	)		(0.53	)		(0.67	)
Year Ended June 30, 2016		14.78		0.13	(e)		(0.29	)		(0.16	)		(0.13	)		(0.70	)		(0.83	)
Year Ended June 30, 2015		14.94		0.16			1.11			1.27			(0.16	)		(1.27	)		(1.43	)
Year Ended June 30, 2014		12.80		0.13	(e)		3.10			3.23			(0.12	)		(0.97	)		(1.09	)
Class L
Six Months Ended December 31, 2018 (Unaudited)		16.53		0.09	(e)		(1.25	)		(1.16	)		(0.10	)		(1.79	)		(1.89	)
Year Ended June 30, 2018		15.85		0.17	(e)		1.94			2.11			(0.17	)		(1.26	)		(1.43	)
Year Ended June 30, 2017		13.80		0.16	(e)		2.58			2.74			(0.16	)		(0.53	)		(0.69	)
Year Ended June 30, 2016		14.79		0.16	(e)		(0.30	)		(0.14	)		(0.15	)		(0.70	)		(0.85	)
Year Ended June 30, 2015		14.96		0.19			1.09			1.28			(0.18	)		(1.27	)		(1.45	)
Year Ended June 30, 2014		12.82		0.16	(e)		3.10			3.26			(0.15	)		(0.97	)		(1.12	)
Class R2
Six Months Ended December 31, 2018 (Unaudited)		16.34		0.04	(e)		(1.25	)		(1.21	)		(0.06	)		(1.79	)		(1.85	)
Year Ended June 30, 2018		15.68		0.07	(e)		1.92			1.99			(0.07	)		(1.26	)		(1.33	)
Year Ended June 30, 2017		13.66		0.07	(e)		2.55			2.62			(0.07	)		(0.53	)		(0.60	)
Year Ended June 30, 2016		14.66		0.08	(e)		(0.31	)		(0.23	)		(0.07	)		(0.70	)		(0.77	)
Year Ended June 30, 2015		14.84		0.10			1.09			1.19			(0.10	)		(1.27	)		(1.37	)
Year Ended June 30, 2014		12.74		0.07	(e)		3.08			3.15			(0.08	)		(0.97	)		(1.05	)
Class R3
Six Months Ended December 31, 2018 (Unaudited)		16.43		0.06	(e)		(1.25	)		(1.19	)		(0.08	)		(1.79	)		(1.87	)
Year Ended June 30, 2018		15.76		0.11	(e)		1.93			2.04			(0.11	)		(1.26	)		(1.37	)
September 9, 2016 (f) through June 30, 2017		14.11		0.08	(e)		2.24			2.32			(0.14	)		(0.53	)		(0.67	)
Class R4
Six Months Ended December 31, 2018 (Unaudited)		16.50		0.09	(e)		(1.27	)		(1.18	)		(0.09	)		(1.79	)		(1.88	)
Year Ended June 30, 2018		15.82		0.16	(e)		1.93			2.09			(0.15	)		(1.26	)		(1.41	)
September 9, 2016 (f) through June 30, 2017		14.15		0.13	(e)		2.22			2.35			(0.15	)		(0.53	)		(0.68	)
Class R5
Six Months Ended December 31, 2018 (Unaudited)		16.54		0.10	(e)		(1.26	)		(1.16	)		(0.10	)		(1.79	)		(1.89	)
Year Ended June 30, 2018		15.85		0.18	(e)		1.95			2.13			(0.18	)		(1.26	)		(1.44	)
Year Ended June 30, 2017		13.81		0.17	(e)		2.57			2.74			(0.17	)		(0.53	)		(0.70	)
Year Ended June 30, 2016		14.80		0.18	(e)		(0.31	)		(0.13	)		(0.16	)		(0.70	)		(0.86	)
Year Ended June 30, 2015		14.96		0.19			1.11			1.30			(0.19	)		(1.27	)		(1.46	)
Year Ended June 30, 2014		12.82		0.16	(e)		3.11			3.27			(0.16	)		(0.97	)		(1.13	)
Class R6
Six Months Ended December 31, 2018 (Unaudited)		16.56		0.10	(e)		(1.26	)		(1.16	)		(0.10	)		(1.79	)		(1.89	)
Year Ended June 30, 2018		15.87		0.19	(e)		1.95			2.14			(0.19	)		(1.26	)		(1.45	)
Year Ended June 30, 2017		13.82		0.18	(e)		2.58			2.76			(0.18	)		(0.53	)		(0.71	)
Year Ended June 30, 2016		14.82		0.18	(e)		(0.31	)		(0.13	)		(0.17	)		(0.70	)		(0.87	)
Year Ended June 30, 2015		14.98		0.20			1.10			1.30			(0.19	)		(1.27	)		(1.46	)
Year Ended June 30, 2014		12.83		0.17	(e)		3.11			3.28			(0.16	)		(0.97	)		(1.13	)

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Not annualized for periods less than one year.

(c) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(d) Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(e) Calculated based upon average shares outstanding.

(f) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

74 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2018

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (b)(c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (b)
$	13.42		(7.90	)%	$	1,105,083		0.94	%		0.73	%		1.00	%		48	%
	16.48		13.20			1,340,858		0.94			0.69			1.01			97
	15.80		19.86			1,371,821		0.94			0.75			1.10			86
	13.76		(1.15	)		1,446,878		0.94			0.85			1.14			83
	14.75		8.70			1,399,208		0.95			0.92			1.10			79
	14.92		25.90			1,172,752		0.97			0.77			1.05			73
	12.96		(8.09	)		263,338		1.44			0.23			1.50			48
	15.99		12.66			302,297		1.44			0.19			1.50			97
	15.37		19.23			318,369		1.44			0.25			1.55			86
	13.41		(1.66	)		294,744		1.44			0.35			1.59			83
	14.40		8.15			253,608		1.45			0.41			1.57			79
	14.61		25.30			175,265		1.47			0.28			1.55			73
	13.46		(7.74	)		1,346,955		0.69			0.99			0.75			48
	16.51		13.44			1,521,535		0.71			0.92			0.75			97
	15.83		20.05			1,287,300		0.76			0.93			0.81			86
	13.79		(1.00	)		1,066,145		0.76			0.94			0.81			83
	14.78		8.92			2,375,538		0.77			1.08			0.79			79
	14.94		26.21			2,288,734		0.79			0.94			0.80			73
	13.48		(7.69	)		1,452,696		0.55			1.13			0.60			48
	16.53		13.56			1,679,995		0.57			1.05			0.60			97
	15.85		20.27			3,391,256		0.61			1.07			0.67			86
	13.80		(0.83	)		3,704,104		0.61			1.18			0.68			83
	14.79		9.01			4,932,896		0.62			1.25			0.66			79
	14.96		26.41			4,178,050		0.64			1.12			0.65			73
	13.28		(8.04	)		225,147		1.19			0.48			1.25			48
	16.34		12.88			265,675		1.21			0.42			1.25			97
	15.68		19.58			260,589		1.20			0.48			1.40			86
	13.66		(1.47	)		205,224		1.19			0.60			1.48			83
	14.66		8.45			178,272		1.20			0.67			1.41			79
	14.84		25.61			126,549		1.22			0.53			1.30			73
	13.37		(7.91	)		82,746		0.94			0.74			1.00			48
	16.43		13.18			61,413		0.95			0.69			1.00			97
	15.76		16.83			25,050		1.00			0.67			1.03			86
	13.44		(7.81	)		15,006		0.69			1.06			0.76			48
	16.50		13.48			10,531		0.70			0.94			0.75			97
	15.82		16.99			1,030		0.75			1.03			0.81			86
	13.49		(7.68	)		802,299		0.54			1.13			0.60			48
	16.54		13.66			938,744		0.54			1.08			0.60			97
	15.85		20.24			890,105		0.56			1.12			0.62			86
	13.81		(0.77	)		910,033		0.56			1.27			0.63			83
	14.80		9.13			496,102		0.57			1.30			0.62			79
	14.96		26.45			441,628		0.59			1.16			0.60			73
	13.51		(7.65	)		7,138,275		0.44			1.23			0.50			48
	16.56		13.75			8,937,049		0.46			1.17			0.50			97
	15.87		20.37			6,751,473		0.50			1.19			0.50			86
	13.82		(0.78	)		4,755,359		0.50			1.33			0.50			83
	14.82		9.17			2,976,379		0.51			1.35			0.52			79
	14.98		26.57			2,392,416		0.54			1.21			0.55			73

DECEMBER 31, 2018 J.P. MORGAN LARGE CAP FUNDS 75

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Return of capital			Total distributions
JPMorgan U.S. Research Enhanced Equity Fund
Class A
Six Months Ended December 31, 2018 (Unaudited)	$	28.37	$	0.18	$	(2.08	)	$	(1.90	)	$	(0.20	)	$	(2.93	)	$	—		$	(3.13	)
Year Ended June 30, 2018		25.40		0.31		2.96			3.27			(0.30	)		—			—			(0.30	)
Year Ended June 30, 2017		21.74		0.28		3.72			4.00			(0.32	)		—			(0.02	)		(0.34	)
Year Ended June 30, 2016		23.99		0.26		(1.32	)		(1.06	)		(0.22	)		(0.97	)		—			(1.19	)
Year Ended June 30, 2015		23.73		0.20		1.85			2.05			(0.19	)		(1.60	)		—			(1.79	)
Year Ended June 30, 2014		20.27		0.23		4.79			5.02			(0.21	)		(1.35	)		—			(1.56	)
Class I
Six Months Ended December 31, 2018 (Unaudited)		28.61		0.22		(2.09	)		(1.87	)		(0.23	)		(2.93	)		—			(3.16	)
Year Ended June 30, 2018		25.62		0.39		2.98			3.37			(0.38	)		—			—			(0.38	)
Year Ended June 30, 2017		21.92		0.35		3.76			4.11			(0.39	)		—			(0.02	)		(0.41	)
Year Ended June 30, 2016		24.18		0.32		(1.34	)		(1.02	)		(0.27	)		(0.97	)		—			(1.24	)
Year Ended June 30, 2015		23.88		0.26		1.87			2.13			(0.23	)		(1.60	)		—			(1.83	)
Year Ended June 30, 2014		20.39		0.28		4.82			5.10			(0.26	)		(1.35	)		—			(1.61	)
Class L
Six Months Ended December 31, 2018 (Unaudited)		28.57		0.22		(2.09	)		(1.87	)		(0.23	)		(2.93	)		—			(3.16	)
Year Ended June 30, 2018		25.58		0.38		2.98			3.36			(0.37	)		—			—			(0.37	)
Year Ended June 30, 2017		21.89		0.35		3.75			4.10			(0.39	)		—			(0.02	)		(0.41	)
Year Ended June 30, 2016		24.15		0.35		(1.33	)		(0.98	)		(0.31	)		(0.97	)		—			(1.28	)
Year Ended June 30, 2015		23.85		0.29		1.89			2.18			(0.28	)		(1.60	)		—			(1.88	)
Year Ended June 30, 2014		20.36		0.32		4.81			5.13			(0.29	)		(1.35	)		—			(1.64	)
Class R6
Six Months Ended December 31, 2018 (Unaudited)		28.57		0.23		(2.08	)		(1.85	)		(0.24	)		(2.93	)		—			(3.17	)
Year Ended June 30, 2018		25.59		0.41		2.97			3.38			(0.40	)		—			—			(0.40	)
Year Ended June 30, 2017		21.90		0.38		3.75			4.13			(0.42	)		—			(0.02	)		(0.44	)
Year Ended June 30, 2016		24.16		0.37		(1.33	)		(0.96	)		(0.33	)		(0.97	)		—			(1.30	)
Year Ended June 30, 2015		23.85		0.32		1.89			2.21			(0.30	)		(1.60	)		—			(1.90	)
Year Ended June 30, 2014		20.36		0.34		4.81			5.15			(0.31	)		(1.35	)		—			(1.66	)

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Calculated based upon average shares outstanding.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(e) Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

SEE NOTES TO FINANCIAL STATEMENTS.

76 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2018

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	23.34		(7.29	)%	$	205,826		0.60	%		1.26	%		0.86	%		22	%
	28.37		12.92			278,766		0.60			1.13			0.85			45
	25.40		18.52			422,719		0.69			1.19			0.96			40
	21.74		(4.30	)		497,934		0.85			1.20			1.02			122
	23.99		9.04			483,296		0.85			0.84			0.97			144
	23.73		25.73			206,635		0.85			1.02			0.86			113
	23.58		(7.14	)		209,914		0.35			1.51			0.60			22
	28.61		13.19			268,898		0.35			1.39			0.60			45
	25.62		18.85			285,141		0.43			1.45			0.69			40
	21.92		(4.08	)		260,494		0.60			1.45			0.69			122
	24.18		9.34			260,618		0.60			1.09			0.64			144
	23.88		26.00			82,899		0.59			1.28			0.61			113
	23.54		(7.15	)		395,612		0.35			1.51			0.45			22
	28.57		13.20			476,809		0.35			1.38			0.44			45
	25.58		18.86			835,535		0.40			1.47			0.49			40
	21.89		(3.94	)		824,559		0.45			1.59			0.50			122
	24.15		9.53			796,919		0.45			1.21			0.51			144
	23.85		26.20			389,507		0.45			1.42			0.46			113
	23.55		(7.09	)		4,869,657		0.25			1.61			0.35			22
	28.57		13.28			5,712,617		0.25			1.50			0.34			45
	25.59		19.00			5,863,138		0.28			1.60			0.34			40
	21.90		(3.83	)		6,638,591		0.34			1.69			0.35			122
	24.16		9.67			6,205,582		0.35			1.33			0.36			144
	23.85		26.31			3,598,945		0.35			1.52			0.36			113

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 J.P. MORGAN LARGE CAP FUNDS 77

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2018 (Unaudited)

1. Organization

JPMorgan Trust I (“JPM I”) and JPMorgan Trust II (“JPM II”) (collectively, the “Trusts”) were formed on November 12, 2004, as Delaware statutory trusts, pursuant to Declarations of Trust dated November 5, 2004 and are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as open-end management investment companies.

The following are 8 separate funds of the Trusts (each, a “Fund” and collectively, the “Funds”) covered by this report:

	Classes Offered	Trust	Diversified/Non-Diversified
JPMorgan Equity Focus Fund	Class A, Class C, Class I and Class R6*	JPM I	Non-Diversified
JPMorgan Equity Income Fund	Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6	JPM II	Diversified
JPMorgan Growth and Income Fund	Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6	JPM I	Diversified
JPMorgan Hedged Equity Fund	Class A, Class C, Class I, Class R5 and Class R6	JPM I	Diversified
JPMorgan Large Cap Growth Fund	Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6	JPM II	Diversified
JPMorgan Large Cap Value Fund	Class A, Class C, Class I, Class R2, Class R3**, Class R4**, Class R5 and Class R6	JPM II	Diversified
JPMorgan U.S. Equity Fund	Class A, Class C, Class I, Class L^, Class R2, Class R3, Class R4, Class R5 and Class R6	JPM I	Diversified
JPMorgan U.S. Research Enhanced Equity Fund	Class A^^, Class I, Class L^ and Class R6	JPM I	Diversified

* Class R6 commenced operations on October 1, 2018 for Equity Focus Fund.

** Class R3 and Class R4 commenced operations on October 1, 2018 for Large Cap Value Fund.

^ Effective December 1, 2016, Class L is publicly offered on a limited basis for U.S. Equity Fund and U.S. Research Enhanced Equity Fund.

^^ Class A Shares are publicly offered on a limited basis for U.S. Research Enhanced Equity Fund.

The investment objective of JPMorgan Equity Focus Fund (“Equity Focus Fund”) and JPMorgan Large Cap Growth Fund (“Large Cap Growth Fund”) is to seek long-term capital appreciation.

The investment objective of JPMorgan Equity Income Fund (“Equity Income Fund”) is to seek capital appreciation and current income.

The investment objective of JPMorgan Growth and Income Fund (“Growth and Income Fund”) is to seek to provide capital growth over the long-term and to earn income from dividends.

The investment objective of JPMorgan Hedged Equity Fund (“Hedged Equity Fund”) is to seek to provide capital appreciation.

The investment objective of JPMorgan Large Cap Value Fund (“Large Cap Value Fund”) is to seek capital appreciation with the incidental goal of achieving current income by investing primarily in equity securities.

The investment objective of JPMorgan U.S. Equity Fund (“U.S. Equity Fund”) is to seek to provide high total return from a portfolio of selected equity securities.

The investment objective of JPMorgan U.S. Research Enhanced Equity Fund (“U.S. Research Enhanced Equity Fund”) is to seek to provide a consistently high total return from a broadly diversified portfolio of equity securities with risk characteristics similar to the Standard and Poor’s 500 Composite Stock Price Index.

Large Cap Growth Fund acquired all the assets and liabilities of the JPMorgan Dynamic Growth Fund (“Dynamic Growth Fund”) in a reorganization on October 27, 2017. Please refer to Note 9 discussing the merger.

Class L Shares for the U.S. Equity fund and U.S. Research Enhanced Equity Fund are publicly offered on a limited basis. Investors are not eligible to purchase shares of the funds unless they meet certain requirements as described in Funds’ prospectuses.

Class A Shares generally provide for a front-end sales charge while Class C Shares provide for a contingent deferred sales charge (“CDSC”). No sales charges are assessed with respect to Class I, Class L, Class R2, Class R3, Class R4, Class R5 and Class R6 Shares. Certain Class A Shares, for which front-end sales charges have been waived, may be subject to a CDSC as described in the Funds’ prospectuses. Beginning on November 14, 2017, Class C Shares automatically convert to Class A Shares after ten years. All classes of shares have equal rights to earnings, assets and voting privileges, except that each class may bear different transfer agency, distribution and service fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements.

Class A Shares for the U.S. Research Enhanced Equity Fund are publicly offered on a limited basis. Investors are not eligible to purchase shares of the Fund unless they meet certain requirements as described in the Fund’s prospectus.

J.P. Morgan Investment Management Inc. (“JPMIM”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), acts as Adviser (the “Adviser”) and Administrator (the “Administrator”) to the Funds.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The Funds are investment companies and, thus, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board

78 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2018

Accounting Standards Codification Topic 946 — Investment Companies, which is part of U.S. generally accepted accounting principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

A. Valuation of Investments — The valuation of investments is in accordance with GAAP and the Funds’ valuation policies set forth by and under the supervision and responsibility of the Boards of Trustees (the “Boards”), 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 Boards.

The Administrator has established the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to assist the Boards with the oversight and monitoring of the valuation of the Funds’ investments. The Administrator implements the valuation policies of the Funds’ investments, as directed by the Boards. The AVC oversees and carries out the policies for the valuation of investments held in the Funds. This 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 Boards.

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 Funds are calculated on a valuation date. Investments in open-end investment companies (the “Underlying Funds”) are valued at each Underlying Fund’s NAV per share as of the report date.

Fixed income instruments are valued based on prices received from 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.

Futures contracts and options 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 Funds’ 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 Funds’ 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 tables represent each valuation input as presented on the Schedules of Portfolio Investments (“SOIs”) (amounts in thousands):

Equity Focus Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	103,250	$	—	$	—	$	103,250

Equity Income Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	18,103,105	$	—	$	—	$	18,103,105

DECEMBER 31, 2018 J.P. MORGAN LARGE CAP FUNDS 79

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

Growth and Income Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	573,486		$	—		$	—	$	573,486
Hedged Equity Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	3,552,896		$	—		$	—	$	3,552,896
Depreciation in Other Financial Instruments
Futures Contracts (a)	$	(260	)	$	—		$	—	$	(260	)
Options Written (a)
Call Option Written		(77,608	)		—			—		(77,608	)
Put Option Written		(12,981	)		—			—		(12,981	)
Total Depreciation in Other Financial Instruments	$	(90,849	)	$	—		$	—	$	(90,849	)
Large Cap Growth Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	12,843,233		$	—		$	—	$	12,843,233
Large Cap Value Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Total Investments in Securities (b)	$	1,409,406		$	—	(c)	$	—	$	1,409,406
U.S. Equity Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Total Investments in Securities (b)	$	12,496,033		$	—	(c)	$	—	$	12,496,033
Appreciation in Other Financial Instruments
Futures Contracts (a)	$	655		$	—		$	—	$	655
U.S. Research Enhanced Equity Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	5,682,224		$	—		$	—	$	5,682,224
Depreciation in Other Financial Instruments
Futures Contracts (a)	$	(1,481	)	$	—		$	—	$	(1,481	)

(a) All portfolio holdings designated as level 1 are disclosed individually on the SOIs. Please refer to the SOIs for industry specifics of portfolio holdings.

(b) All portfolio holdings designated as level 1 and level 2 are disclosed individually on the SOIs. Level 2 consists of a warrant. Please refer to the SOIs for industry specifics of portfolio holdings.

(c) Amount rounds to less than one thousand.

There were no transfers among any levels during the six months ended December 31, 2018.

80 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2018

B. Futures Contracts — Hedged Equity Fund, U.S. Equity Fund and U.S. Research Enhanced Equity Fund used index futures contracts to gain or reduce exposure to the stock market, maintain liquidity or minimize transaction costs. The Funds also bought futures contracts to invest incoming cash in the market or sold futures in response to cash outflows, thereby simulating an invested position in the underlying index while maintaining a cash balance for liquidity.

Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Funds are required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Funds periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as Change in net unrealized appreciation/depreciation on the Statements of Operations. Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported on the Statements of Operations at the closing or expiration of the futures contract. Securities deposited as initial margin are designated on the SOIs and cash deposited, which is considered restricted, is recorded on the Statements of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statements of Assets and Liabilities.

The use of futures contracts exposes the Funds to equity price risk. The Funds may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subjects the Funds to risk of loss in excess of the amounts shown on the Statements of Assets and Liabilities, up to the notional amount of the futures contracts. Use of short futures contracts subjects the Funds to unlimited risk of loss. The Funds may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Funds’ credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of positions.

The table below discloses the volume of the Funds’ futures contracts activity during the six months ended December 31, 2018 (amounts in thousands):

	Hedged Equity Fund		U.S. Equity Fund		U.S. Research Enhanced Equity Fund
Futures Contracts — Equity:
Average Notional Balance Long	$	42,071	$	68,269	$	52,035
Ending Notional Balance Long		113,386		44,679		62,450

The Funds’ futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).

C. Options — Hedged Equity Fund purchased and sold (“wrote”) put and call options on indices to manage and hedge equity risk within its portfolio. A purchaser of a put option has the right, but not the obligation, to sell the underlying instrument at an agreed upon price (“strike price”) to the option seller. A purchaser of a call option has the right, but not the obligation, to purchase the underlying instrument at the strike price from the option seller.

Options Purchased — Premiums paid by the Fund for options purchased are included on the Statements of Assets and Liabilities as options purchased. The option is adjusted daily to reflect the current market value of the option and the change is recorded as Change in net unrealized appreciation/depreciation on options purchased on the Statements of Operations. If the option is allowed to expire, the Fund will lose the entire premium it paid and records a loss for the premium amount. Premiums paid for options purchased which are exercised or closed are added to the amounts paid or will offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) or cost basis of the underlying investment.

Options Written — Premiums received by the Fund for options written are included on the Statements of Assets and Liabilities as a liability. The amount of the liability is adjusted daily to reflect the current market value of the option written and the change in market value is recorded as Change in net unrealized appreciation/depreciation on options written on the Statements of Operations. Premiums received from options written that expire are treated as realized gains. If a written option is closed, the Fund records a realized gain or loss on options written based on whether the cost of the closing transaction exceeds the premium received. If a call option is exercised by the option buyer, the premium received by the Fund is added to the proceeds from the sale of the underlying security to the option buyer and compared to the cost of the closing transaction to determine whether there has been a realized gain or loss. If a put option is exercised by an option buyer, the premium received by the option seller reduces the cost basis of the purchased security.

The Fund pledges collateral to the counterparty in the form of securities for options written. Securities designated as collateral are denoted on the SOI.

DECEMBER 31, 2018 J.P. MORGAN LARGE CAP FUNDS 81

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

Written uncovered call options subject the Fund to unlimited risk of loss. Written covered call options limit the upside potential of a security above the strike price. Written put options subject the Fund to risk of loss if the value of the security declines below the exercise price minus the put premium.

The Fund is not subject to credit risk on options written as the counterparty has already performed its obligation by paying the premium at the inception of the contract.

The Fund’s exchange-traded option contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).

The Fund may be required to post or receive collateral for over the counter options. Cash collateral posted by the Fund is considered restricted.

The table below discloses the volume of the Fund’s options contracts activity during the six months ended December 31, 2018:

Exchange-Traded Options:
Average Number of Contracts Purchased	10,505
Average Number of Contracts Written	21,010
Ending Number of Contracts Purchased	13,736
Ending Number of Contracts Written	27,472

D. Securities Lending — Effective October 5, 2018, the Funds became authorized to engage in securities lending in order to generate additional income. The Funds are able to lend to approved borrowers. Citibank N.A. (“Citibank”) serves as lending agent for the Funds, pursuant to a Securities Lending Agency Agreement (the “Securities Lending Agency Agreement”). Securities loaned are collateralized by cash equal to at least 100% of the market value plus accrued interest on the securities lent, which is invested in the IM Shares of JPMorgan U.S. Government Money Market Fund and the Agency SL Shares of the JPMorgan Securities Lending Money Market Fund. The Funds retain loan fees and the interest on cash collateral investments but are required to pay the borrower a rebate for the use of cash collateral. In cases where the lent security is of high value to borrowers, there may be a negative rebate (i.e., a net payment from the borrower to the Funds). Upon termination of a loan, the Funds are required to return to the borrower an amount equal to the cash collateral, plus any rebate owed to the borrowers. The remaining maturities of the securities lending transactions are considered overnight and continuous. Loans are subject to termination by the Funds or the borrower at any time.

The net income earned on the securities lending (after payment of rebates and Citibank’s fee) is included on the Statements of Operations as Income from securities lending (net). The Funds also receive payments from the borrower during the period of the loan, equivalent to dividends and interest earned on the securities loaned, which are recorded as Dividend or Interest income, respectively, on the Statements of Operations (amounts in thousands).

	Dividend Income
Equity Focus Fund	$	2
Large Cap Growth Fund		1,046
Large Cap Value Fund		62
U.S. Equity Fund		178

Under the Securities Lending Agency Agreement, Citibank marks to market the loaned securities on a daily basis. In the event the cash received from the borrower is less than 102% of the value of the loaned securities (105% for loans of non-U.S. securities), Citibank requests additional cash from the borrower so as to maintain a collateralization level of at least 102% of the value of the loaned securities plus accrued interest (105% for loans of non-U.S. securities).

The value of securities out on loan is recorded as an asset on the Statements of Assets and Liabilities. The value of the cash collateral received is recorded as a liability on the Statements of Assets and Liabilities and details of Collateral Investments are disclosed on the SOIs. At December 31, 2018, the value of outstanding securities on loan and the value of Collateral investments were as follows (amounts in thousands):

	Value of Securities on Loan		Cash Collateral Posted by Borrower		Total value of Collateral Investments
Equity Focus Fund	$	258	$	258	$	258
Large Cap Growth Fund		321,421		327,574		327,574
Large Cap Value Fund		16,076		16,408		16,408
U.S. Equity Fund		63,241		63,960		63,960

The Funds bear the risk of loss associated with the Collateral Investments and are not entitled to additional collateral from the borrower to cover any such losses. To the extent that the value of the Collateral Investments declines below the amount owed to a borrower, the Funds may incur losses that exceed the amount they earned on lending the security. Upon termination of a loan, the Funds may use leverage (borrow money) to

82 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2018

repay the borrower for cash collateral posted if the Adviser does not believe that it is prudent to sell the Collateral Investments to fund the payment of this liability.

The following table presents the Funds’ value of the securities on loan with Citibank, net of amounts available for offset under the master netting arrangements and any related collated received or posted by the Funds as of December 31, 2018 (amounts in thousands).

	Investment Securities on Loan, at value, Presented on the Statement of Assets and Liabilities		Cash Collateral Posted by Borrower			Net Amount Due to Counterparty (not less than zero)
Equity Focus Fund	$	258	$	(258	)	$	—
Large Cap Growth Fund		321,421		(321,421	)		—
Large Cap Value Fund		16,076		(16,076	)		—
U.S. Equity Fund		63,241		(63,241	)		—

Securities lending also involves counterparty risks, including the risk that the loaned securities may not be returned in a timely manner or at all. Subject to certain conditions, Citibank has agreed to indemnify the Funds from losses resulting from a borrower’s failure to return a loaned security.

JPMIM voluntarily waived investment advisory fees charged to the Funds to reduce the impact of the investment in the JPMorgan U.S. Government Money Market Fund from 0.16% to 0.06%. JPMIM waived fees associated with the Funds’ investment in JPMorgan U.S. Government Money Market Fund as follows (amounts in thousands):

Equity Focus Fund	$	—	(a)
Large Cap Growth Fund		10
Large Cap Value Fund		1
U.S. Equity Fund		2

(a) Amount rounds to less than one thousand.

The above waiver is included in the determination of earnings on cash collateral investment and in the calculation of Citibank’s compensation and is included in the Statements of Operations as Income from securities lending (net).

Equity Income Fund, Growth and Income Fund, Hedged Equity Fund and U.S. Research Enhanced Equity Fund did not lend out any securities during the period ended December 31, 2018.

E. Investment Transactions with Affiliates —The Funds invested in Underlying Funds which are advised by the Adviser or its affiliates. An issuer which is under common control with the Funds may be considered an affiliate. For the purposes of the financial statements, the Funds assume the issuers listed in the table below to be affiliated issuers. Underlying Funds’ distributions may be reinvested into the Underlying Funds. Reinvestment amounts are included in the purchase cost amounts in the table below. Amounts in the tables below are in thousands.

Equity Focus Fund

For the six months ended December 31, 2018
Security Description	Value at June 30, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at December 31, 2018		Shares at December 31, 2018		Dividend Income			Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (a)(b)	$	—	$	4,364	$	4,106	$	—	$	—	$	258		258	$	2	*	$	—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.40% (a)(b)		10,204		37,701		46,330		—		—		1,575		1,575		72			—
Total	$	10,204	$	42,065	$	50,436	$	—	$	—	$	1,833			$	74		$	—

DECEMBER 31, 2018 J.P. MORGAN LARGE CAP FUNDS 83

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

Equity Income Fund

For the six months ended December 31, 2018
Security Description	Value at June 30, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at December 31, 2018		Shares at December 31, 2018		Dividend Income		Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.40% (a)(b)	$	608,619	$	2,068,860	$	2,057,892	$	—	$	—	$	619,587		619,587	$	5,923	$	—

Growth and Income Fund

For the six months ended December 31, 2018
Security Description	Value at June 30, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at December 31, 2018		Shares at December 31, 2018		Dividend Income		Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.40% (a)(b)	$	27,866	$	61,923	$	75,470	$	—	$	—	$	14,319		14,319	$	205	$	—

Hedged Equity Fund

For the six months ended December 31, 2018
Security Description	Value at June 30, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at December 31, 2018		Shares at December 31, 2018		Dividend Income		Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.40% (a)(b)	$	92,778	$	1,059,648	$	1,006,732	$	—	$	—	$	145,694		145,694	$	702	$	—

Large Cap Growth Fund

For the six months ended December 31, 2018
Security Description	Value at June 30, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at December 31, 2018		Shares at December 31, 2018		Dividend Income			Capital Gain Distributions
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.60% (a)(b)	$	—	$	534,500	$	259,000	$	—	$	—	$	275,500		275,528	$	805	*	$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (a)(b)		—		294,410		242,336		—		—		52,074		52,074		241	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.40% (a)(b)		255,806		1,800,748		1,997,437		—		—		59,117		59,117		2,858			—
Total	$	255,806	$	2,629,658	$	2,498,773	$	—	$	—	$	386,691			$	3,904		$	—

84 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2018

Large Cap Value Fund

For the six months ended December 31, 2018
Security Description	Value at June 30, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at December 31, 2018		Shares at December 31, 2018		Dividend Income			Capital Gain Distributions
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.60% (a)(b)	$	—	$	44,000	$	39,000	$	—	$	—	$	5,000		5,001	$	41	*	$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (a)(b)		—		40,554		29,146		—		—		11,408		11,408		22	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.40% (a)(b)		90,740		511,882		546,449		—		—		56,173		56,173		353			—
Total	$	90,740	$	596,436	$	614,595	$	—	$	—	$	72,581			$	416		$	—

U.S. Equity Fund

For the six months ended December 31, 2018
Security Description	Value at June 30, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at December 31, 2018		Shares at December 31, 2018		Dividend Income			Capital Gain Distributions
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.60% (a)(b)	$	—	$	155,000	$	100,000	$	—	$	—	$	55,000		55,006	$	130	*	$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (a)(b)		—		89,889		80,929		—		—		8,960		8,960		48	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.40% (a)(b)		152,987		1,597,078		1,652,810		—		—		97,255		97,255		1,298			—
Total	$	152,987	$	1,841,967	$	1,833,739	$	—	$	—	$	161,215			$	1,476		$	—

U.S. Research Enhanced Equity Fund

For the six months ended December 31, 2018
Security Description	Value at June 30, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at December 31, 2018		Shares at December 31, 2018		Dividend Income		Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.40% (a)(b)	$	106,088	$	354,235	$	400,269	$	—	$	—	$	60,054		60,054	$	463	$	—

(a) Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.

(b) The rate shown is the current yield as of December 31, 2018.

  * Amount is included on the Statements of Operations as Income from securities lending (net).

DECEMBER 31, 2018 J.P. MORGAN LARGE CAP FUNDS 85

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

F. Security Transactions and Investment Income — Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis. Interest income is determined on the basis of coupon interest accrued using the effective interest method which adjusts for amortization of premiums and accretion of discounts. Dividend income net of foreign taxes withheld, if any, is recorded on the ex-dividend date or when a Fund first learns of the dividend.

To the extent such information is publicly available, the Funds record distributions received in excess of income earned from underlying investments as a reduction of cost of investments and/or realized gain. Such amounts are based on estimates if actual amounts are not available and actual amounts of income, realized gain and return of capital may differ from the estimated amounts. The Funds adjust the estimated amounts of the components of distributions (and consequently their net investment income) as necessary once the issuers provide information about the actual composition of the distributions.

G. Allocation of Income and Expenses — Expenses directly attributable to a fund are charged directly to that fund, while the expenses attributable to more than one fund of the Trusts are allocated among the respective funds. In calculating the NAV of each class, investment income, realized and unrealized gains and losses and expenses, other than class-specific expenses, are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day.

Transfer agency fees are class-specific expenses. The amount of the transfer agency fees charged to each class of the Funds for the six months ended December 31, 2018 are as follows (amounts in thousands):

	Class A		Class C			Class I		Class L		Class R2		Class R3			Class R4			Class R5			Class R6			Total
Equity Focus Fund
Transfer agency fees	$	1	$	—	(a)	$	2		n/a		n/a		n/a			n/a			n/a			n/a		$	3
Equity Income Fund
Transfer agency fees		162		35			37		n/a	$	6	$	1		$	—	(a)	$	8		$	42			291
Growth and Income Fund
Transfer agency fees		81		2			3		n/a		1		—	(a)		—	(a)		—	(a)		—	(a)		87
Hedged Equity Fund
Transfer agency fees		4		3			14		n/a		n/a		n/a			n/a			—	(a)		5			26
Large Cap Growth Fund
Transfer agency fees		127		11			29		n/a		5		—	(a)		—	(a)		7			29			208
Large Cap Value Fund
Transfer agency fees		26		2			3		n/a		2		n/a			n/a			2			9			44
U.S. Equity Fund
Transfer agency fees		48		7			18	$	71		3		1			1			6			41			196
U.S. Research Enhanced Equity Fund
Transfer agency fees		15		n/a			4		6		n/a		n/a			n/a			n/a			24			49

(a) Amount rounds to less than one thousand.

H. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code (the “Code”), applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of December 31, 2018, no liability for income tax is required in the Funds’ financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each of the Funds’ Federal tax returns for the prior three fiscal years remains subject to examination by the Internal Revenue Service.

I. Foreign Taxes — The Funds may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Funds will accrue such taxes and recoveries as applicable, based upon their current interpretation of tax rules and regulations that exist in the markets in which they invest. When a capital gain tax is determined to apply, the Fund records an estimated deferred tax liability in an amount that would be payable if the securities were disposed of on the valuation date.

J. Distributions to Shareholders — Distributions from net investment income, if any, are generally declared and paid quarterly, except for Equity Focus Fund and Large Cap Growth Fund, for which distributions are generally declared and paid annually, and Equity Income Fund, for which distributions are generally declared and paid monthly. Distributions are declared separately for each class. No class has preferential dividend rights; differences in per share rates are due to differences in separate class expenses. Net realized capital gains, if any, are distributed by each Fund at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federal tax-basis treatment.

86 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2018

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to an Investment Advisory Agreement, the Adviser supervises the investments of each Fund and for such services is paid a fee. The fee is accrued daily and paid monthly based on each Fund’s average daily net assets. The annual rate for each Fund is as follows:

Equity Focus Fund	0.60	%
Equity Income Fund	0.40
Growth and Income Fund	0.40
Hedged Equity Fund	0.25
Large Cap Growth Fund	0.50
Large Cap Value Fund	0.40
U.S. Equity Fund	0.40
U.S. Research Enhanced Equity Fund	0.25

The Adviser waived Investment Advisory fees and/or reimbursed expenses as outlined in Note 3.F.

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator provides certain administration services to the Funds. In consideration of these services during the six months ended December 31, 2018, the Administrator received a fee that was accrued daily and paid monthly at an annual rate of 0.15% of the first $25 billion of the average daily net assets of all funds in the J.P. Morgan Funds Complex covered by the Administration Agreements (excluding certain funds of funds and money market funds) and 0.075% of the average daily net assets in excess of $25 billion of all such funds. For the six months ended December 31, 2018, the effective rate was 0.08% of each Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

The Administrator waived Administration fees as outlined in Note 3.F.

Effective January 1, 2019, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.075% of the first $10 billion of each Fund’s respective average daily net assets, 0.050% of each Fund’s respective average daily net assets between $10 billion and $20 billion, 0.025% of each Fund’s respective average daily net assets between $20 billion and $25 billion and 0.01% of each Fund’s respective average daily net assets in excess of $25 billion.

JPMorgan Chase Bank, N.A. (“JPMCB”), a wholly-owned subsidiary of JPMorgan, serves as the Funds’ sub-administrator (the “Sub-administrator”). For its services as Sub-administrator, JPMCB receives a portion of the fees payable to the Administrator.

C. Distribution Fees — Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (“JPMDS”), an indirect, wholly-owned subsidiary of JPMorgan, serves as the Trusts’ principal underwriter and promotes and arranges for the sale of each Fund’s shares.

The Boards have adopted a Distribution Plan (the “Distribution Plan”) for Class A, Class C, Class R2 and Class R3 Shares of the Funds, as applicable, in accordance with Rule 12b-1 under the 1940 Act. The Class I, Class L, Class R4, Class R5 and Class R6 do not charge a distribution fee. The Distribution Plan provides that each Fund shall pay distribution fees, including payments to JPMDS, at annual rates of the average daily net assets as shown in the table below:

	Class A			Class C			Class R2			Class R3
Equity Focus Fund		0.25	%		0.75	%		n/a			n/a
Equity Income Fund		0.25			0.75			0.50	%		0.25	%
Growth and Income Fund		0.25			0.75			0.50			0.25
Hedged Equity Fund		0.25			0.75			n/a			n/a
Large Cap Growth Fund		0.25			0.75			0.50			0.25
Large Cap Value Fund		0.25			0.75			0.50			0.25
U.S. Equity Fund		0.25			0.75			0.50			0.25
U.S. Research Enhanced Equity Fund		0.25			n/a			n/a			n/a

In addition, JPMDS is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the six months ended December 31, 2018, JPMDS retained the following (amounts in thousands):

	Front-End Sales Charge		CDSC
Equity Focus Fund	$	2	$	—
Equity Income Fund		322		—	(a)
Growth and Income Fund		17		—	(a)
Hedged Equity Fund		51		1
Large Cap Growth Fund		179		—	(a)
Large Cap Value Fund		9		—	(a)
U.S. Equity Fund		49		—	(a)
U.S. Research Enhanced Equity Fund		1		—

(a) Amount rounds to less than one thousand.

DECEMBER 31, 2018 J.P. MORGAN LARGE CAP FUNDS 87

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

D. Service Fees — The Trusts, on behalf of the Funds, have entered into Shareholder Servicing Agreements with JPMDS under which JPMDS provides certain support services to the shareholders. For performing these services, JPMDS receives a fee, except for Class R6 Shares which do not charge a service fee, that is accrued daily and paid monthly equal to a percentage of the average daily net assets as shown in the table below:

	Class A			Class C			Class I			Class L			Class R2			Class R3			Class R4			Class R5
Equity Focus Fund		0.25	%		0.25	%		0.25	%		n/a			n/a			n/a			n/a			n/a
Equity Income Fund		0.25			0.25			0.25			n/a			0.25	%		0.25	%		0.25	%		0.10	%
Growth and Income Fund		0.25			0.25			0.25			n/a			0.25			0.25			0.25			0.10
Hedged Equity Fund		0.25			0.25			0.25			n/a			n/a			n/a			n/a			0.10
Large Cap Growth Fund		0.25			0.25			0.25			n/a			0.25			0.25			0.25			0.10
Large Cap Value Fund		0.25			0.25			0.25			n/a			0.25			0.25			0.25			0.10
U.S. Equity Fund		0.25			0.25			0.25			0.10	%		0.25			0.25			0.25			0.10
U.S. Research Enhanced Equity Fund		0.25			n/a			0.25			0.10			n/a			n/a			n/a			n/a

JPMDS has entered into shareholder services contracts with affiliated and unaffiliated financial intermediaries who provide shareholder services and other related services to their clients or customers who invest in the Funds under which JPMDS will pay all or a portion of such fees earned to financial intermediaries for performing such services.

JPMDS waived service fees as outlined in Note 3.F.

E. Custodian and Accounting Fees — JPMCB provides portfolio custody and accounting services to the Funds. For performing these services, the Funds pay JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses. The amounts paid directly to JPMCB by the Funds for custody and accounting services are included in Custodian and accounting fees on the Statements of Operations. Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the Statements of Operations. Prior to March 1, 2018, payments to the custodian were reduced by credits earned by each Fund, based on uninvested cash balances held by the custodian. Such earnings credits, if any, are presented separately on the Statements of Operations.

Interest expense paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates on the Statements of Operations.

F. Waivers and Reimbursements — The Adviser, Administrator and/or JPMDS have contractually agreed to waive fees and/or reimburse the Funds to the extent that total annual operating expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation and extraordinary expenses) exceed the percentages of the Funds’ respective average daily net assets as shown in the table below:

	Class A			Class C			Class I			Class L			Class R2			Class R3			Class R4			Class R5			Class R6
Equity Focus Fund		1.10	%		1.60	%		0.85	%		n/a			n/a			n/a			n/a			n/a			0.60	%
Equity Income Fund		1.04			1.54			0.79			n/a			1.29	%		1.04	%		0.79	%		0.59	%		0.54
Growth and Income Fund		0.94			1.44			0.69			n/a			1.19			0.94			0.69			0.54			0.44
Hedged Equity Fund		0.85			1.35			0.60			n/a			n/a			n/a			n/a			0.45	*		0.35
Large Cap Growth Fund		0.94			1.44			0.69			n/a			1.19			0.94			0.69			0.54			0.44
Large Cap Value Fund		0.93			1.44			0.69			n/a			1.19			0.94			0.69			0.54			0.44
U.S. Equity Fund		0.94			1.44			0.69			0.61	%		1.19			0.94			0.69			0.54			0.44
U.S. Research Enhanced Equity Fund		0.60			n/a			0.35			0.45			n/a			n/a			n/a			n/a			0.25

* Effective November 1, 2018, the contractual expense limitation increased from 0.40% to 0.45% for Class R5 Shares of the Hedged Equity Fund and will be in place until at least October 31, 2019.

Except as noted above, the expense limitation agreements were in effect for the six months ended December 31, 2018 and the contractual expense limitation percentages in the table above are in place until at least October 31, 2019.

For the six months ended December 31, 2018, the Funds’ service providers waived fees and/or reimbursed expenses for each of the Funds as follows (amounts in thousands). None of these parties expect the Funds to repay any such waived fees and reimbursed expenses in future years.

	Contractual Waivers
	Investment Advisory Fees		Administration Fees		Service Fees		Total		Contractual Reimbursements
Equity Focus Fund	$	125	$	80	$	3	$	208	$	—
Equity Income Fund		25		—		33		58		—
Growth and Income Fund		169		113		84		366		1
Hedged Equity Fund		87		58		11		156		4
Large Cap Growth Fund		6,639		4,410		166		11,215		19
Large Cap Value Fund		351		232		42		625		5
U.S. Equity Fund		2,434		1,609		83		4,126		41
U.S. Research Enhanced Equity Fund		1,894		1,263		409		3,566		24

88 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2018

Additionally, the Funds may invest in one or more money market funds advised by the Adviser or its affiliates (affiliated money market funds). The Adviser, Administrator and/or JPMDS, as shareholder servicing agent, have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the applicable Fund’s investment in such affiliated money market fund.

The amounts of waivers resulting from investments in these money market funds for the six months ended December 31, 2018 were as follows (amounts in thousands):

Equity Focus Fund	$	9
Equity Income Fund		651
Growth and Income Fund		24
Hedged Equity Fund		67
Large Cap Growth Fund		331
Large Cap Value Fund		40
U.S. Equity Fund		152
U.S. Research Enhanced Equity Fund		60

G. Other — Certain officers of the Trusts are affiliated with the Adviser, the Administrator and JPMDS. Such officers, with the exception of the Chief Compliance Officer, receive no compensation from the Funds for serving in their respective roles.

The Boards appointed a Chief Compliance Officer to the Funds in accordance with Federal securities regulations. Each Fund, along with other affiliated funds, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the Office of the Chief Compliance Officer. Such fees are included in Trustees’ and Chief Compliance Officer’s fees on the Statements of Operations.

The Trusts adopted a Trustee Deferred Compensation Plan (the “Plan”) which allows the Independent Trustees to defer the receipt of all or a portion of compensation related to performance of their duties as Trustees. The deferred fees are invested in various J.P. Morgan Funds until distribution in accordance with the Plan.

During the six months ended December 31, 2018, the Hedged Equity Fund purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.

The Funds may use related party broker-dealers. For the six months ended December 31, 2018, the Funds did not incur any brokerage commissions with broker-dealers affiliated with the Adviser.

The Securities and Exchange Commission (“SEC”) has granted an exemptive order permitting the Funds to engage in principal transactions with J.P. Morgan Securities, Inc., an affiliated broker, involving taxable money market instruments, subject to certain conditions.

4. Investment Transactions

During the six months ended December 31, 2018, purchases and sales of investments (excluding short-term investments) were as follows (amounts in thousands):

	Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
Equity Focus Fund	$	39,612	$	170,630
Equity Income Fund		3,797,658		1,992,550
Growth and Income Fund		92,689		65,542
Hedged Equity Fund		1,816,468		622,481
Large Cap Growth Fund		3,787,717		3,795,309
Large Cap Value Fund		1,263,469		1,355,661
U.S. Equity Fund		7,045,352		8,515,350
U.S. Research Enhanced Equity Fund		1,464,177		2,035,283

During the six months ended December 31, 2018, there were no purchases or sales of U.S. Government securities.

DECEMBER 31, 2018 J.P. MORGAN LARGE CAP FUNDS 89

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at December 31, 2018 were as follows (amounts in thousands):

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Equity Focus Fund	$	83,446	$	22,672	$	2,868	$	19,804
Equity Income Fund		14,960,344		3,529,515		386,754		3,142,761
Growth and Income Fund		435,792		155,092		17,398		137,694
Hedged Equity Fund		3,525,549		163,729		227,231		(63,502	)
Large Cap Growth Fund		8,427,539		4,591,837		176,143		4,415,694
Large Cap Value Fund		1,499,488		54,715		144,797		(90,082	)
U.S. Equity Fund		10,102,955		3,011,074		617,341		2,393,733
U.S. Research Enhanced Equity Fund		4,557,162		1,397,424		273,843		1,123,581

As of June 30, 2018, the following Fund had net capital loss carryforwards (amounts in thousands):

	Capital Loss Carryforward Character
	Short-Term		Long-Term
Hedged Equity Fund	$	15,829	$	25,716

6. Borrowings

The Funds rely upon an exemptive order granted by the SEC (the “Order”) permitting the establishment and operation of an Interfund Lending Facility (the “Facility”). The Facility allows the Funds to directly lend and borrow money to or from any other fund relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund’s borrowing restrictions. The Interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. The Order was granted to JPM II and may be relied upon by the Funds because the Funds and the series of JPM II are all investment companies in the same “group of investment companies” (as defined in Section 12(d)(1)(G) of the 1940 Act).

The Trusts and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Funds. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund’s borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until November 4, 2019.

The Funds had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility at December 31, 2018. Average borrowings from the Facility for the six months ended December 31, 2018, were as follows:

	Average Borrowings		Average Interest Rate Paid			Number of Days Outstanding		Interest Paid
Large Cap Value Fund	$	2,513		2.93	%		3	$	1

Interest expense paid as a result of borrowings from another fund or from the unsecured, uncommitted credit facility is included in Interest expense to affiliates on the Statements of Operations.

The Trusts, along with certain other trusts (“Borrowers”), have entered into a joint syndicated senior unsecured revolving credit facility totaling $1.5 billion (“Credit Facility”) with various lenders and The Bank of New York Mellon, as administrative agent for the lenders. This Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Under the terms of the Credit Facility, a borrowing fund must have a minimum of $25,000,000 in adjusted net asset value and not exceed certain adjusted net asset coverage ratios prior to and during the time in which any borrowings are outstanding. If a fund does not comply with the aforementioned requirements, the fund must remediate within three business days with respect to the $25,000,000 minimum adjusted net asset value or within one business day with respect to certain asset coverage ratios or the administrative agent at the request of, or with the consent of, the lenders may terminate the Credit Facility and declare any outstanding borrowings to be due and payable immediately.

Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.00% plus the greater of the federal funds effective rate or one month LIBOR. The annual commitment fee to maintain the Credit Facility is 0.15% and is incurred on the unused portion of the Credit Facility and is allocated to all participating funds pro rata based on their respective net assets. Effective August 14, 2018, this agreement has been amended and restated for a term of 364 days, unless extended.

90 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2018

The Funds had no borrowings outstanding from the Credit Facility at December 31, 2018. Average borrowings from the Credit Facility for, or at any time during the six months ended December 31, 2018 were as follows (amounts in thousands):

	Average Borrowings		Average Interest Rate Paid			Number of Days Outstanding		Interest Paid
U.S. Equity Fund	$	114,500		3.38	%		1	$	11

7. Risks, Concentrations and Indemnifications

In the normal course of business, the Funds enter into contracts that contain a variety of representations which provide general indemnifications. Each Fund’s maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be brought against each Fund. However, based on experience, the Funds expect the risk of loss to be remote.

As of December 31, 2018, the Funds had omnibus accounts which owned more than 10% of the respective Fund’s outstanding shares as follows:

	Number of Affiliated Omnibus Accounts		% of the Fund			Number of Non-Affiliated Omnibus Accounts		% of the Fund
Equity Focus Fund		3		87.6	%		—		—
Equity Income Fund		4		13.5			10		13.0	%
Growth and Income Fund		4		20.0			1		10.4
Hedged Equity Fund		—		—			6		36.6
Large Cap Growth Fund		—		—			6		17.5

As of December 31, JPMorgan Investor Funds and JPMorgan SmartRetirement Funds, which are affiliated funds of funds, owned in the aggregate shares representing more than 10% of the net assets of the following Funds:

	J.P. Morgan Investor Funds			JPMorgan SmartRetirement Funds
Large Cap Value Fund		35.5	%		n/a
U.S. Equity Fund		n/a			23.6	%
U.S. Research Enhanced Equity Fund		n/a			65.7

Significant shareholder transactions by these shareholders may impact the Funds’ performance.

8. New Accounting Pronouncements

In August 2018, the Financial Accounting Standard Board (“FASB”) issued Accounting Standard Update (“ASU”) 2018-13 (“ASU 2018-13”) Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement, which adds, removes, and modifies certain aspects of the fair value disclosure. ASU 2018-13 amendments are the result of a broader disclosure project, FASB Concepts Statement Conceptual Framework for Financial Reporting — Chapter 8: Notes to Financial Statements, to improve the effectiveness of the fair value disclosure requirements. ASU 2018-13 is effective for the fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019; early adoption is permitted. We have evaluated the implications of these changes and the amendments are included in the financial statements, which had no effect to the Funds’ net assets or results of operation.

In August 2018, the SEC adopted their Disclosure Update and Simplification Rule (the “Rule”). The Rule is part of the SEC’s overall project to improve disclosure effectiveness by amending certain disclosure requirements that have become redundant, duplicative, overlapping, outdated, or superseded in light of other SEC disclosure requirements, U.S. GAAP, or changes in the information environment. The amendments are intended to facilitate the disclosure of information to investors and simplify compliance without significantly altering the total mix of information provided to investors. We have evaluated the implications of these changes and the amendments are included in the financial statements, which had no effect on the Funds’ net assets or results of operation.

9. Business Combinations

On June 21, 2017, the Boards of the JPM I and JPM II approved the Plan of Reorganization of Dynamic Growth Fund (the “Target Fund”), a fund of JPM I, into Large Cap Growth Fund (the “Acquiring Fund”), a fund of JPM II. The purpose of the transaction was to combine two portfolios with comparable investment objectives and strategies. The reorganization was effective after the close of business on October 27, 2017. The Acquiring Fund acquired all of the assets and liabilities of the Target Fund as shown in the table below. The transaction was structured to qualify as a tax-free reorganization under the Code. Pursuant to the Agreement and Plan of Reorganization, Class A, Class C, Class I and Class R5 shareholders of the Target Fund received a number of shares of the corresponding class in the Acquiring Fund, with a value equal to their holdings in the Target Fund as of the close of business on the date of the reorganization. The investment portfolio of the Target Fund, with a fair value of approximately $341,560,000 and identified cost of approximately $192,181,000 as of the date of the reorganization, was the principal asset acquired by the Acquiring Fund. For financial statement purposes, assets received and shares issued by the Acquiring Fund were recorded at fair value; however, the cost basis of the investments received from the Target Fund was carried forward to align ongoing reporting of the Acquiring Fund’s realized and

DECEMBER 31, 2018 J.P. MORGAN LARGE CAP FUNDS 91

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

unrealized gains and losses with amounts distributable to shareholders for tax purposes. As of October 27, 2017, the Target Fund did not have capital loss carryforwards.

The following is a summary of Shares Outstanding, Net Assets, Net Asset Value Per Share and Net Unrealized Appreciation (Depreciation) immediately before and after the reorganization (amounts in thousands, except per share amounts):

	Shares Outstanding		Net Assets		Net Asset Value Per Share		Net Unrealized Appreciation (Depreciation)
Target Fund
Dynamic Growth Fund							$	149,379
Class A		2,009	$	63,247	$	31.49
Class C		455		13,553		29.77
Class I		2,050		66,379		32.38
Class R5		6,103		201,731		33.05
Acquiring Fund
Large Cap Growth Fund							$	5,901,927
Class A		69,657	$	2,537,876	$	36.43
Class C		16,450		484,595		29.46
Class I		99,881		3,668,798		36.73
Class R2		4,222		149,495		35.41
Class R3		49		1,798		36.61
Class R4		294		10,813		36.73
Class R5		22,117		826,666		37.38
Class R6		123,754		4,653,365		37.60
Post Reorganization
Large Cap Growth Fund							$	6,051,306
Class A		71,393	$	2,601,123	$	36.43
Class C		16,910		498,148		29.46
Class I		101,688		3,735,177		36.73
Class R2		4,222		149,495		35.41
Class R3		49		1,798		36.61
Class R4		294		10,813		36.73
Class R5		27,514		1,028,397		37.38
Class R6		123,754		4,653,365		37.60

Expenses related to the reorganization were incurred by the Acquiring Fund. The Adviser, the Administrator and the Distributor waived their fees and/or reimbursed the Fund in an amount sufficient to offset costs incurred by the Fund relating to the reorganization, excluding brokerage fees and brokerage expenses related to the disposition and acquisition of Fund assets associated with the reorganization.

Assuming the reorganization had been completed on July 1, 2017, the beginning of the annual reporting period, the pro forma results of operations for the year ended June 30, 2018, are as follows:

Net investment income (loss)	$	345
Net realized/unrealized gains (losses)		3,304,329
Change in net assets resulting from operations	$	3,304,674

Because the combined investment portfolios have been managed as a single integrated portfolio since the reorganization was completed, it is not practicable to separate the amounts of revenue and earnings of the Target Fund that have been included on the Statements of Operations since October 27, 2017.

92 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2018

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, July 1, 2018 and continued to hold your shares at the end of the reporting period, December 31, 2018.

Actual Expenses

For each Class of each Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

	Beginning Account Value July 1, 2018		Ending Account Value December 31, 2018		Expenses Paid During the Period		Annualized Expense Ratio
JPMorgan Equity Focus Fund
Class A
Actual*	$	1,000.00	$	923.40	$	5.28		1.09	%
Hypothetical*		1,000.00		1,019.71		5.55		1.09
Class C
Actual*		1,000.00		921.10		7.70		1.59
Hypothetical*		1,000.00		1,017.19		8.08		1.59
Class I
Actual*		1,000.00		924.70		4.08		0.84
Hypothetical*		1,000.00		1,020.97		4.28		0.84
Class R6
Actual**		1,000.00		860.30		1.37		0.59
Hypothetical*		1,000.00		1,022.23		3.01		0.59
JPMorgan Equity Income Fund
Class A
Actual*		1,000.00		963.20		4.95		1.00
Hypothetical*		1,000.00		1,020.16		5.09		1.00
Class C
Actual*		1,000.00		961.00		7.36		1.49
Hypothetical*		1,000.00		1,017.69		7.58		1.49
Class I
Actual*		1,000.00		964.50		3.66		0.74
Hypothetical*		1,000.00		1,021.48		3.77		0.74
Class R2
Actual*		1,000.00		961.90		6.18		1.25
Hypothetical*		1,000.00		1,018.90		6.36		1.25
Class R3
Actual*		1,000.00		963.20		4.90		0.99
Hypothetical*		1,000.00		1,020.21		5.04		0.99

DECEMBER 31, 2018 J.P. MORGAN LARGE CAP FUNDS 93

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment

	Beginning Account Value July 1, 2018		Ending Account Value December 31, 2018		Expenses Paid During the Period		Annualized Expense Ratio
JPMorgan Equity Income Fund (continued)
Class R4
Actual*	$	1,000.00	$	964.50	$	3.66		0.74	%
Hypothetical*		1,000.00		1,021.48		3.77		0.74
Class R5
Actual*		1,000.00		965.30		2.87		0.58
Hypothetical*		1,000.00		1,022.28		2.96		0.58
Class R6
Actual*		1,000.00		965.70		2.43		0.49
Hypothetical*		1,000.00		1,022.74		2.50		0.49
JPMorgan Growth and Income Fund
Class A
Actual*		1,000.00		926.40		4.52		0.93
Hypothetical*		1,000.00		1,020.52		4.74		0.93
Class C
Actual*		1,000.00		924.20		6.94		1.43
Hypothetical*		1,000.00		1,018.00		7.27		1.43
Class I
Actual*		1,000.00		927.60		3.30		0.68
Hypothetical*		1,000.00		1,021.78		3.47		0.68
Class R2
Actual*		1,000.00		925.20		5.73		1.18
Hypothetical*		1,000.00		1,019.26		6.01		1.18
Class R3
Actual*		1,000.00		926.40		4.52		0.93
Hypothetical*		1,000.00		1,020.52		4.74		0.93
Class R4
Actual*		1,000.00		927.60		3.30		0.68
Hypothetical*		1,000.00		1,021.78		3.47		0.68
Class R5
Actual*		1,000.00		928.30		2.58		0.53
Hypothetical*		1,000.00		1,022.53		2.70		0.53
Class R6
Actual*		1,000.00		928.60		2.09		0.43
Hypothetical*		1,000.00		1,023.04		2.19		0.43
JPMorgan Hedged Equity Fund
Class A
Actual*		1,000.00		975.90		4.23		0.85
Hypothetical*		1,000.00		1,020.92		4.33		0.85
Class C
Actual*		1,000.00		973.80		6.72		1.35
Hypothetical*		1,000.00		1,018.40		6.87		1.35
Class I
Actual*		1,000.00		976.80		2.99		0.60
Hypothetical*		1,000.00		1,022.18		3.06		0.60
Class R5
Actual*		1,000.00		978.00		2.04		0.41
Hypothetical*		1,000.00		1,023.14		2.09		0.41
Class R6
Actual*		1,000.00		978.70		1.75		0.35
Hypothetical*		1,000.00		1,023.44		1.79		0.35

94 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2018

	Beginning Account Value July 1, 2018		Ending Account Value December 31, 2018		Expenses Paid During the Period		Annualized Expense Ratio
JPMorgan Large Cap Growth Fund
Class A
Actual*	$	1,000.00	$	886.70	$	4.47		0.94	%
Hypothetical*		1,000.00		1,020.47		4.79		0.94
Class C
Actual*		1,000.00		884.50		6.84		1.44
Hypothetical*		1,000.00		1,017.95		7.32		1.44
Class I
Actual*		1,000.00		887.80		3.28		0.69
Hypothetical*		1,000.00		1,021.73		3.52		0.69
Class R2
Actual*		1,000.00		885.60		5.66		1.19
Hypothetical*		1,000.00		1,019.21		6.06		1.19
Class R3
Actual*		1,000.00		886.70		4.47		0.94
Hypothetical*		1,000.00		1,020.47		4.79		0.94
Class R4
Actual*		1,000.00		887.80		3.28		0.69
Hypothetical*		1,000.00		1,021.73		3.52		0.69
Class R5
Actual*		1,000.00		888.70		2.57		0.54
Hypothetical*		1,000.00		1,022.48		2.75		0.54
Class R6
Actual*		1,000.00		889.00		2.09		0.44
Hypothetical*		1,000.00		1,022.99		2.24		0.44
JPMorgan Large Cap Value Fund
Class A
Actual*		1,000.00		879.30		4.41		0.93
Hypothetical*		1,000.00		1,020.52		4.74		0.93
Class C
Actual*		1,000.00		877.80		6.82		1.44
Hypothetical*		1,000.00		1,017.95		7.32		1.44
Class I
Actual*		1,000.00		880.70		3.27		0.69
Hypothetical*		1,000.00		1,021.73		3.52		0.69
Class R2
Actual*		1,000.00		878.40		5.63		1.19
Hypothetical*		1,000.00		1,019.21		6.06		1.19
Class R3
Actual**		1,000.00		833.90		2.15		0.94
Hypothetical*		1,000.00		1,020.47		4.79		0.94
Class R4
Actual**		1,000.00		834.40		1.55		0.68
Hypothetical*		1,000.00		1,021.78		3.47		0.68
Class R5
Actual*		1,000.00		881.70		2.56		0.54
Hypothetical*		1,000.00		1,022.48		2.75		0.54
Class R6
Actual*		1,000.00		881.90		2.09		0.44
Hypothetical*		1,000.00		1,022.99		2.24		0.44

DECEMBER 31, 2018 J.P. MORGAN LARGE CAP FUNDS 95

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment

	Beginning Account Value July 1, 2018		Ending Account Value December 31, 2018		Expenses Paid During the Period		Annualized Expense Ratio
JPMorgan U.S. Equity Fund
Class A
Actual*	$	1,000.00	$	921.00	$	4.55		0.94	%
Hypothetical*		1,000.00		1,020.47		4.79		0.94
Class C
Actual*		1,000.00		919.10		6.97		1.44
Hypothetical*		1,000.00		1,017.95		7.32		1.44
Class I
Actual*		1,000.00		922.60		3.34		0.69
Hypothetical*		1,000.00		1,021.73		3.52		0.69
Class L
Actual*		1,000.00		923.10		2.67		0.55
Hypothetical*		1,000.00		1,022.43		2.80		0.55
Class R2
Actual*		1,000.00		919.60		5.76		1.19
Hypothetical*		1,000.00		1,019.21		6.06		1.19
Class R3
Actual*		1,000.00		920.90		4.55		0.94
Hypothetical*		1,000.00		1,020.47		4.79		0.94
Class R4
Actual*		1,000.00		921.90		3.34		0.69
Hypothetical*		1,000.00		1,021.73		3.52		0.69
Class R5
Actual*		1,000.00		923.20		2.62		0.54
Hypothetical*		1,000.00		1,022.48		2.75		0.54
Class R6
Actual*		1,000.00		923.50		2.13		0.44
Hypothetical*		1,000.00		1,022.99		2.24		0.44
JPMorgan U.S. Research Enhanced Equity Fund
Class A
Actual*		1,000.00		927.10		2.91		0.60
Hypothetical*		1,000.00		1,022.18		3.06		0.60
Class I
Actual*		1,000.00		928.60		1.70		0.35
Hypothetical*		1,000.00		1,023.44		1.79		0.35
Class L
Actual*		1,000.00		928.50		1.70		0.35
Hypothetical*		1,000.00		1,023.44		1.79		0.35
Class R6
Actual*		1,000.00		929.10		1.22		0.25
Hypothetical*		1,000.00		1,023.95		1.28		0.25

* Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

** Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 92/365 (to reflect the actual period). Commencement of operations was October 1, 2018.

96 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2018

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited)

The Board of Trustees has established various standing committees composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment committees (money market and alternative products, equity, and fixed income) meet regularly throughout the year and consider factors that are relevant to their annual consideration of investment advisory agreements at each meeting. They also meet for the specific purpose of considering investment advisory agreement annual renewals. The Board of Trustees held meetings in person in June and August 2018, at which the Trustees considered the continuation of the investment advisory agreements for each Fund whose semi-annual report is contained herein (each an “Advisory Agreement” and collectively, the “Advisory Agreements”). At the June meeting, the Board’s investment committees met to review and consider performance, expense and related information for the J.P. Morgan Funds. Each investment committee reported to the full Board, which then considered the investment committee’s preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not “interested persons” (as defined in the 1940 Act) of any party to the Advisory Agreements or any of their affiliates, approved the continuation of each Advisory Agreement on August 15, 2018.

As part of their review of the Advisory Agreements, the Trustees considered and reviewed performance and other information about the Funds received from the Adviser. This information includes the Funds’ performance as compared to the performance of their peers and benchmarks and analyses by the Adviser of the Funds’ performance. In addition, the Trustees have engaged an independent management consulting firm (“independent consultant”) to report on the performance of certain J.P. Morgan Funds at each of the Trustees’ regular meetings. In addition, in preparation for the June and August meetings, the Trustees requested, received and evaluated extensive materials from the Adviser, including performance and expense information compiled by Broadridge, using data from Lipper Inc., independent providers of investment company data (together, “Broadridge/Lipper”). The Trustees’ independent consultant also provided additional analyses of the performance of the Funds as compared to the Funds’ objectives and peer groups. Before voting on the Advisory Agreements, the Trustees reviewed the Advisory Agreements with representatives of the Adviser, counsel to the Trusts and independent legal counsel and received a memorandum from independent legal counsel discussing the legal standards for their consideration of the Advisory Agreements. The Trustees also discussed the Advisory Agreements in executive sessions with independent legal counsel at which no representatives of the Adviser were present.

A summary of the material factors evaluated by the Trustees in determining whether to approve each Advisory Agreement is provided below. Each Trustee attributed different weights to the various factors, and no factor alone was considered determinative. The Trustees considered information provided with respect to the Funds throughout the year, as well as materials furnished specifically in connection with the annual review process. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions.

After considering and weighing the factors and information they had received, the Trustees found that the compensation to be received by the Adviser from each Fund under the applicable Advisory Agreement was fair and reasonable under the circumstances and determined that the continuance of each Advisory Agreement was in the best interests of each Fund and its shareholders.

Nature, Extent and Quality of Services Provided by the Adviser

The Trustees received and considered information regarding the nature, extent and quality of the services provided to each Fund under the applicable Advisory Agreement. The Trustees took into account information furnished throughout the year at Trustee meetings, as well as the materials furnished specifically in connection with this annual review process. The Trustees considered the background and experience of the Adviser’s senior management and the expertise of, and the amount of attention given to each Fund by, investment personnel of the Adviser. In addition, the Trustees reviewed the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of each Fund and the infrastructure supporting the team, including personnel changes. The Trustees also considered information provided by the Adviser and JPMorgan Distribution Services, Inc. (“JPMDS”) about the structure and distribution strategy of each Fund. The Trustees reviewed information relating to the Adviser’s risk governance model and reports showing the Adviser’s compliance structure and ongoing compliance processes. The Trustees also considered quality of the administrative services provided by the Adviser in its role as administrator.

The Trustees also considered their knowledge of the nature and quality of the services provided by the Adviser and its affiliates to the Funds gained from their experience as Trustees of the J.P. Morgan Funds. In addition, they considered the overall reputation and capabilities of the Adviser and its affiliates, the commitment of the Adviser to provide high quality service to the Funds, their overall confidence in the Adviser’s integrity and the Adviser’s responsiveness to questions or concerns raised by them, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to each Fund.

DECEMBER 31, 2018 J.P. MORGAN LARGE CAP FUNDS 97

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

Based upon these considerations and other factors, the Trustees concluded that they were satisfied with the nature, extent and quality of the investment advisory services provided to the Funds by the Adviser.

Costs of Services Provided and Profitability to the Adviser and its Affiliates

The Trustees received and considered information regarding the profitability to the Adviser and its affiliates in providing services to each Fund. The Trustees reviewed and discussed this information. The Trustees recognized that this information is not audited and represents the Adviser’s determination of its and its affiliates’ revenues from the contractual services provided to the Funds, less expenses of providing such services. Expenses include direct and indirect costs and are calculated using an allocation methodology developed by the Adviser. The Trustees also recognized that it is difficult to make comparisons of profitability from fund investment advisory contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the fact that publicly-traded fund managers’ operating profits and net income are net of distribution and marketing expenses. Based upon their review, the Trustees concluded that the profitability to the Adviser under each Advisory Agreement was not unreasonable in light of the services and benefits provided to each Fund.

The Trustees also considered that JPMDS, an affiliate of the Adviser, and the Adviser earn fees from the Funds for providing shareholder and administrative services, respectively. These fees were shown separately in the profitability analysis presented to the Trustees. The Trustees also considered the payments of Rule 12b-1 fees to JPMDS, which also acts as the Funds’ distributor and that these fees are in turn generally paid to financial intermediaries that sell the Funds, including financial intermediaries that are affiliates of the Adviser. The Trustees also considered the fees paid to JPMorgan Chase Bank, N.A. (“JPMCB”) for custody and fund accounting, and other related services.

Fall-Out Benefits

The Trustees reviewed information regarding potential “fall-out” or ancillary benefits received by the Adviser and its affiliates as a result of their relationship with the Funds. The Trustees also reviewed the Adviser’s allocation of fund brokerage for the J.P. Morgan Funds complex, including allocations to brokers who provide research to the Adviser.

Economies of Scale

The Trustees considered the extent to which the Funds may benefit from economies of scale. The Trustees considered that there may not be a direct relationship between economies of

scale realized by the Funds and those realized by the Adviser as assets increase. The Trustees considered the extent to which the Funds were priced to scale and whether it would be appropriate to add advisory fee breakpoints, but noted that each Fund has implemented fee waivers and contractual expense limitations (“Fee Caps”) which allow each Fund’s shareholders to share potential economies of scale from a Fund’s inception and that the fees remain competitive with peer funds. The Trustees also considered that the Adviser has added or enhanced services to the Funds over time, noting the Adviser’s substantial investments in its business in support of the Funds, including investments in trading systems and technology (including cybersecurity improvements), attraction and retention of key talent, additions to analyst and portfolio management teams, and regulatory support enhancements. The Trustees concluded that the current fee structure was reasonable in light of the Fee Caps that the Adviser has in place that serve to limit the overall net expense ratios of each Fund at competitive levels. The Trustees concluded that the Funds’ shareholders received the benefits of potential economies of scale through the Fee Caps and the Adviser’s reinvestment in its operations to serve the Funds and their shareholders.

Independent Written Evaluation of the Funds’ Senior/Chief Compliance Officer

The Trustees noted that, upon their direction, the Senior Officer for the Equity Income Fund, Large Cap Growth Fund, Large Cap Value Fund and U.S. Equity Fund had prepared an independent written evaluation in order to assist the Trustees in determining the reasonableness of the proposed management fees. In determining whether to continue the Advisory Agreements, the Trustees considered the Senior Officer’s report.

The Trustees noted that, upon their direction, the Chief Compliance Officer for the Equity Focus Fund, Growth and Income Fund, Hedged Equity Fund and U.S. Research Enhanced Equity Fund had prepared an independent written evaluation in order to assist the Trustees in determining the reasonableness of the proposed management fees. The Trustees considered the written evaluation in determining whether to continue the Advisory Agreements.

Fees Relative to Adviser’s Other Clients

The Trustees received and considered information about the nature and extent of investment advisory services and fee rates offered to other clients of the Adviser, including institutional separate accounts and/or funds sub-advised by the Adviser, for investment management styles substantially similar to that of each Fund. The Trustees considered the complexity of investment management for registered mutual funds relative to the Adviser’s other clients and noted differences in the regulatory, legal and other risks and responsibilities of providing services to the different clients. The Trustees considered that serving as an adviser to a registered mutual fund involves greater

98 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2018

responsibilities and risks than acting as a sub-adviser and observed that sub-advisory fees may be lower than those charged by the Adviser to each Fund. The Trustees also noted that the adviser, not the mutual fund, pays the sub-advisory fee and that many responsibilities related to the advisory function are retained by the primary adviser. The Trustees concluded that the fee rates charged to each Fund in comparison to those charged to the Adviser’s other clients were reasonable.

Investment Performance

The Trustees received and considered absolute and/or relative performance information for the Funds in a report prepared by Broadridge/Lipper. The Trustees considered the total return performance information, which included the ranking of the Funds within a performance universe made up of funds with the same Broadridge/Lipper investment classification and objective (the “Universe”), as well as a subset of funds within the Universe (the “Peer Group”), by total return for applicable one-, three- and five-year periods. The Trustees reviewed a description of Broadridge/Lipper’s methodology for selecting mutual funds in each Fund’s Peer Group and Universe. The Broadridge/Lipper materials provided to the Trustees highlighted information with respect to certain representative classes to assist the Trustees in their review. As part of this review, the Trustees also reviewed each Fund’s performance against its benchmark and considered the performance information provided for the Funds at regular Board meetings by the Adviser and the Trustees’ independent consultant and also considered the special analysis prepared by the Trustees’ independent consultant. The Trustees also engaged with the Adviser to consider what steps might be taken to improve performance, as applicable. The Broadridge/Lipper performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to each Fund’s performance for certain representative classes are summarized below:

The Trustees noted that the Equity Focus Fund’s performance for Class A shares was in the fourth, second and second quintiles based upon both the Peer Group and Universe, for the one- three-, and five-year periods ended December 31, 2017, respectively. The Trustees noted that the performance for Class I shares was in the fifth, first and first quintiles based upon the Peer Group, and in the fourth, second and second quintiles based upon the Universe, for the one- three-, and five-year periods ended December 31, 2017, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory under the circumstances.

The Trustees noted that the Equity Income Fund’s performance for Class A shares was in the third, third and second quintiles

based upon the Peer Group, and in the second, second and first quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2017, respectively. The Trustees noted that the performance for Class I shares was in the second, second and first quintiles based upon both the Peer Group and Universe, for the one-, three-, and five-year periods ended December 31, 2017, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted that the Growth and Income Fund’s performance for Class A shares was in the fourth, first and first quintiles based upon the Peer Group, and in the second, second and first quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2017, respectively. The Trustees noted that the performance for Class I shares was in the second, third and second quintiles based upon the Peer Group, and in the second, first and first quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2017, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory under the circumstances.

The Trustees noted that the Hedged Equity Fund’s performance for Class A shares was in the second quintile based upon both the Peer Group and Universe, for the one- and three-year periods ended December 31, 2017. The Trustees noted that the performance for Class I shares was in the second and third quintiles based upon the Peer Group, and in the second quintile based upon the Universe, for the one- and three-year periods ended December 31, 2017, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted that the Large Cap Growth Fund’s performance for Class A shares was in the first, second and second quintiles based upon both the Peer Group and Universe for the one-, three-, and five-year periods ended December 31, 2017, respectively. The Trustees noted that the performance for Class I shares was in the first, third and third quintiles based upon the Peer Group, and in the first, second and second quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2017, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance

DECEMBER 31, 2018 J.P. MORGAN LARGE CAP FUNDS 99

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted that the Large Cap Value Fund’s performance for Class A shares was in the first quintile based upon the Peer Group for each of the one-, three-, and five-year periods ended December 31, 2017, and in the second, first and first quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2017, respectively. The Trustees noted that the performance for Class I shares was in the first quintile based upon both the Peer Group and Universe for each of the one, three, and five-year periods ended December 31, 2017. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted that the U.S. Equity Fund’s performance for Class A shares was in the third, third and first quintiles based upon both the Peer Group and Universe, for the one-, three-, and five-year periods ended December 31, 2017, respectively. The Trustees noted that the performance for Class I shares was in the third, second and first quintiles based upon both the Peer Group and Universe, for the one-, three-, and five-year periods ended December 31, 2017, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted that the U.S. Research Enhanced Equity Fund’s performance for Class A shares was in the third, fifth and third quintiles based upon the Peer Group, and in the third, fourth and third quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2017, respectively. The Trustees noted that the performance for Class I shares was in the third, fifth and third quintiles based upon the Peer Group, and in the third, fourth and second quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2017, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory under the circumstances.

Advisory Fees and Expense Ratios

The Trustees considered the contractual advisory fee rate and administration fee rate paid by each Fund to the Adviser and

compared the combined rate to the information prepared by Broadridge/Lipper concerning management fee rates paid by other funds in the same Broadridge/Lipper category as each Fund. The Trustees recognized that Broadridge/Lipper reported each Fund’s management fee rate as the combined contractual advisory fee and administration fee rates. The Trustees also reviewed information about other expenses and the expense ratios for each Fund. The Trustees considered the Fee Caps currently in place for each Fund, the net advisory fee rate after taking into account any waivers and/or reimbursements, and where deemed appropriate by the Trustees, additional waivers and/or reimbursements. The Trustees recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The Trustees’ determinations as a result of the review of each Fund’s advisory fees and expense ratios for certain representative classes are summarized below:

The Trustees noted that the Equity Focus Fund’s net advisory fee for Class A shares was in the first quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class A shares were in the first and second quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class I shares was in the first and second quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class I shares were in the first and third quintiles based upon the Peer Group and Universe, respectively. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.

The Trustees noted that the Equity Income Fund’s net advisory fee for Class A shares was in the third and first quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class A shares were in the fifth and second quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class I shares was in the first and second quintiles based upon the Peer Group and Universe, respectively, and that total actual expenses for Class I shares were in the first and second quintiles based upon the Peer Group and Universe, respectively. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.

The Trustees noted that the Growth and Income Fund’s net advisory fee and actual total expenses for Class A shares were in the first quintile based upon both the Peer Group and Universe. The Trustees noted that the net advisory fee for Class I shares was in the second and first quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class I shares were in the second quintile based upon both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded

100 J.P. MORGAN LARGE CAP FUNDS DECEMBER 31, 2018

that the advisory fee was satisfactory in light of the services provided to the Fund.

The Trustees noted that the Hedged Equity Fund’s net advisory fee and actual total expenses for both Class A and Class I shares were in the first quintile based upon both the Peer Groups and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.

The Trustees noted that the Large Cap Growth Fund’s net advisory fee for Class A shares was in the first quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class A shares were in the second and first quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee and actual total expenses for Class I shares were in the first quintile based upon both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.

The Trustees noted that the Large Cap Value Fund’s net advisory fee and actual total expenses for Class A shares were in the first quintile based upon both the Peer Group and Universe. The Trustees noted that the net advisory fee for Class I shares was in the first quintile based upon both the Peer Group and

Universe, and that the actual total expenses for Class I shares were in the first and second quintiles based upon the Peer Group and Universe, respectively. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.

The Trustees noted that the U.S. Equity Fund’s net advisory fee and actual total expenses for Class A shares were in the first and second quintiles, respectively, based upon both the Peer Group and Universe. The Trustees noted that the net advisory fee for Class I shares was in the second quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class I shares were in the second and third quintiles based upon the Peer Group and Universe, respectively. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.

The Trustees noted that the U.S. Research Enhanced Equity Fund’s net advisory fee and actual total expenses for Class A and Class I shares were in the first quintile based upon both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.

DECEMBER 31, 2018 J.P. MORGAN LARGE CAP FUNDS 101

J.P. Morgan Funds are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the funds.

Contact JPMorgan Distribution Services, Inc. at 1-800-480-4111 for a fund prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risk as well as charges and expenses of the mutual fund before investing. The prospectus contains this and other information about the mutual fund. Read the prospectus carefully before investing.

Investors may obtain information about the Securities Investor Protection Corporation (SIPC), including the SIPC brochure, by visiting www.sipc.org or by calling SIPC at 202-371-8300.

Each Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC on Form N-Q. The Funds’ Forms N-Q are available on the SEC’s website at http://www.sec.gov. Shareholders may request the Form N-Q without charge by calling 1-800-480-4111 or by visiting the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

A description of each Fund’s policies and procedures with respect to the disclosure of each Fund’s holdings is available in the prospectuses and Statement of Additional Information.

A copy of proxy policies and procedures is available without charge upon request by calling 1-800-480-4111 and on the Funds’ website at www.jpmorganfunds.com. A description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Funds to the Adviser. A copy of the Funds’ voting record for the most recent 12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Funds’ website at www.jpmorganfunds.com no later than August 31 of each year. The Funds’ proxy voting record will include, among other things, a brief description of the matter voted on for each fund security, and will state how each vote was cast, for example, for or against the proposal.

J.P. Morgan Asset Management is the marketing name for the asset management businesses of JPMorgan Chase & Co. Those businesses include, but are not limited to, J.P. Morgan Investment Management Inc., Security Capital Research & Management Incorporated and J.P. Morgan Alternative Asset Management, Inc.

^© JPMorgan Chase & Co., 2018. All rights reserved. December 2018. SAN-LCE-1218

Semi-Annual Report

J.P. Morgan Mid Cap/Multi-Cap Funds

December 31, 2018 (Unaudited)

JPMorgan Growth Advantage Fund

JPMorgan Mid Cap Equity Fund

JPMorgan Mid Cap Growth Fund

JPMorgan Mid Cap Value Fund

JPMorgan Value Advantage Fund

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Funds’ website www.jpmorganfunds.com and you will be notified by mail each time a report is posted and provided with a website to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action.

You may elect to receive shareholder reports and other communications from the Funds electronically anytime by contacting your financial intermediary (such as a broker dealer, bank, or retirement plan) or, if you are a direct investor, by going to www.jpmorganfunds.com/edelivery.

You may elect to receive paper copies of all future reports free of charge. Contact your financial intermediary or, if you invest directly with the Funds, email us at funds.website.support@jpmorganfunds.com or call 1-800-480-4111. Your election to receive paper reports will apply to all funds held within your account(s).

CONTENTS

CEO’s Letter	1
Market Overview	2
Fund Commentaries:
JPMorgan Growth Advantage Fund	3
JPMorgan Mid Cap Equity Fund	5
JPMorgan Mid Cap Growth Fund	7
JPMorgan Mid Cap Value Fund	9
JPMorgan Value Advantage Fund	11
Schedules of Portfolio Investments	13
Financial Statements	28
Financial Highlights	44
Notes to Financial Statements	54
Schedule of Shareholder Expenses	65
Board Approval of Investment Advisory Agreements	68

Investments in a Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money if you sell when a Fund’s share price is lower than when you invested.

Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of a Fund or the securities markets. References to specific securities and their issuers are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations to purchase or sell such securities. Such views are not meant as investment advice and may not be relied on as an indication of trading intent on behalf of any Fund.

Prospective investors should refer to the Funds’ prospectuses for a discussion of the Funds’ investment objectives, strategies and risks. Call J.P. Morgan Funds Service Center at 1-800-480-4111 for a prospectus containing more complete information about a Fund, including management fees and other expenses. Please read it carefully before investing.

CEO’S LETTER

February 14, 2019 (Unaudited)

Dear Shareholder,

While the U.S. economy largely outperformed other leading economies during the second half of 2018, record corporate profits and historically low unemployment were overshadowed in December by a sell-off in equity markets, unsettled global trade tensions and a political impasse that led to the temporary shutdown of large parts of the federal government.

  “Overall, economists generally remained optimistic about the fundamental strength of the U.S. economy at the end of 2018.” — George C.W. Gatch

The second longest U.S. economic expansion on record extended through the third and fourth quarters of 2018. Gross domestic product advanced 3.4% in the third quarter of 2018, and was on pace to grow by about 3% for the full year 2018. In September, the U.S. jobless rate dipped to 3.7% - its lowest level in nearly 50 years - and stood at 3.9% at the end of the year. In response, the U.S. Federal Reserve raised interest rates in September and again in December.

U.S. aggregate corporate revenues and earnings reached record high levels in the second and third quarters of 2018. Though some profit growth was attributed to the temporary benefits of late-2017 tax cut legislation, the outlook for U.S. corporate earnings remained generally positive at the end of the year.

Equity prices in the U.S. largely rose during the third quarter of 2018. The S&P 500 Index hit record highs in August and remained elevated in September. However, early October saw a sharp sell-off in financial markets and the worst December for

the S&P 500 Index since 1931 erased all gains seen in the prior five months.

By the end of 2018, investors were confronted with several worrying developments. Leading economies, particularly China and the European Union, showed significant signs of slowing in the latter half of the year. While U.S.-China trade tariffs had little clear direct impact on the U.S. economy in 2018, a continuation or acceleration of protectionist policies could begin to hinder growth. Though the federal government shutdown ended subsequent to the end of the reporting period, the solution was a short-term budget agreement that failed to alleviate concerns about the possibility of future shutdowns.

Overall, economists generally remained optimistic about the fundamental strength of the U.S. economy at the end of 2018. While U.S. corporate profits and gross domestic product are expected to grow in the year ahead, the extent to which U.S. financial markets benefit remains to be seen, given the length of the current economic expansion.

We believe investors who maintain a patient approach and a well-diversified portfolio may be best positioned to navigate current market conditions. We look forward to managing your investment needs for years to come. Should you have any questions, please visit www.jpmorganfunds.com or contact the J.P. Morgan Funds Service Center at 1-800-480-4111.

Sincerely yours,

George C.W. Gatch

CEO, Global Funds Management

J.P. Morgan Asset Management

DECEMBER 31, 2018 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 1

J.P. Morgan Mid Cap/Multi-Cap Funds

MARKET OVERVIEW

SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited)

U.S. equity prices were largely supported by strong corporate earnings and revenue, low interest rates and an expanding domestic economy. In August, U.S. equity prices reached record highs and remained elevated through September. However, share prices fell sharply and market volatility spiked in early October, then rebounded slightly in November before plummeting again in December, erasing gains made over the previous five months.

Overall, U.S. large cap equity outperformed mid cap and small cap equity and growth stocks outperformed value stocks. For the six months ended December 31, 2018, the S&P 500 returned -6.85% and the Russell Midcap Index returned -11.14%.

2 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2018

JPMorgan Growth Advantage Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*	(10.96)%
Russell 3000 Growth Index	(8.90)%
Net Assets as of 12/31/2018 (In Thousands)	$7,769,612

INVESTMENT OBJECTIVE**

The JPMorgan Growth Advantage Fund (the “Fund”) seeks to provide long-term capital growth.

WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?

The Fund’s Class A Shares, without a sales charge, underperformed the Russell 3000 Growth Index (the “Benchmark”) for the six months ended December 31, 2018. The Fund’s security selection in the consumer discretionary and health care sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the producer durables and materials & processing sectors was a leading contributor to relative performance.

Leading individual detractors from relative performance included the Fund’s overweight positions in Electronic Arts Inc., Nvidia Corp. and East West Bancorp Inc. Shares of Electronic Arts, a maker of digital interactive games and entertainment, fell after the company reduced its 2019 revenue and earnings forecast and delayed the launch of a significant game. The Fund eliminated its position in the stock during the reporting period. Shares of Nvidia, a semiconductor manufacturer, fell after the company reported weaker-than-expected results for the third quarter of 2018 amid a decline in demand for its specialty semiconductors. Shares of East West Bancorp, a Chinese-American bank, fell amid investor concerns about U.S.-China trade tariffs and a weaker outlook for bank profit margins.

Leading individual contributors to relative performance included the Fund’s overweight positions Lennox International Inc., UnitedHealth Group Inc. and Waste Connections Inc. Shares of Lennox International, a provider of heating, ventilation and air conditioning systems, rose after the company raised its forecast for 2019 earnings. Shares of UnitedHealth Group, a health insurance provider, rose after the company reported better-than-expected earnings and revenue for the third quarter of 2018. Shares of Waste Connections, a provider of solid waste collection, transfer and disposal services not held in the Benchmark, rose after the company reported better-than-expected earnings and revenue for the third quarter of 2018.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers utilized a bottom-up approach to stock selection, researching individual companies across market capitalizations in an effort to construct portfolios of stocks that have strong fundamentals. The Fund’s portfolio managers sought to invest in high quality companies with durable franchises that, in their view, possessed the ability to generate strong future earnings growth.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Microsoft Corp.	5.8	%
	2.	Amazon.com, Inc.	5.6
	3.	Alphabet, Inc., Class C	5.5
	4.	Apple, Inc.	5.0
	5.	UnitedHealth Group, Inc.	3.9
	6.	Waste Connections, Inc.	2.8
	7.	Mastercard, Inc., Class A	2.4
	8.	Visa, Inc., Class A	2.3
	9.	Boeing Co. (The)	2.0
	10.	salesforce.com, Inc.	1.9

PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	34.9	%
Health Care	15.9
Consumer Discretionary	12.9
Industrials	12.9
Communication Services	9.3
Financials	6.9
Materials	2.3
Investment of cash collateral from securities loaned	1.7
Energy	1.5
Real Estate	0.8
Short-Term Investments	0.9

* The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

** The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.

*** Percentages indicated are based on total investments as of December 31, 2018. The Fund’s portfolio composition is subject to change.

DECEMBER 31, 2018 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 3

JPMorgan Growth Advantage Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2018
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	October 29, 1999
With Sales Charge**			(15.62	)%		(6.80	)%		8.65	%		15.21	%
Without Sales Charge			(10.96	)		(1.63	)		9.83			15.83
CLASS C SHARES	May 1, 2006
With CDSC***			(12.18	)		(3.14	)		9.28			15.24
Without CDSC			(11.18	)		(2.14	)		9.28			15.24
CLASS I SHARES	May 1, 2006		(10.82	)		(1.39	)		10.05			16.07
CLASS R2 SHARES	July 31, 2017		(11.07	)		(1.89	)		9.55			15.55
CLASS R3 SHARES	May 31, 2017		(10.95	)		(1.63	)		9.84			15.85
CLASS R4 SHARES	May 31, 2017		(10.82	)		(1.34	)		10.09			16.13
CLASS R5 SHARES	January 8, 2009		(10.77	)		(1.22	)		10.24			16.29
CLASS R6 SHARES	December 23, 2013		(10.71	)		(1.12	)		10.36			16.34

* Not annualized.

** Sales Charge for Class A Shares is 5.25%.

*** Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter.

TEN YEAR PERFORMANCE (12/31/08 TO 12/31/18)

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.

Returns for Class R2 and Class R3 Shares prior to their inception dates are based on the performance of Class A Shares. The actual returns for Class R2 Shares would have been lower than those shown because Class R2 Shares have higher expenses than Class A Shares. The actual returns for Class R3 Shares would have been similar to those shown because Class R3 Shares have similar expenses to Class A Shares.

Returns for Class R4 and Class R5 Shares prior to their inception dates are based on the performance of Class I Shares. The actual returns of Class R4 Shares would have been similar to those shown because Class R4 Shares have similar expenses to Class I Shares. The actual returns of Class R5 Shares would have been different than those shown because Class R5 Shares have different expenses than Class I Shares.

Returns for Class R6 Shares prior to their inception date are based on the performance of Class R5 Shares from January 8, 2009 to December 22, 2013 and Class I Shares prior to January 8, 2009. The actual returns of Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class R5 and Class I Shares.

The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Growth Advantage Fund, the Russell 3000 Growth Index and the Lipper Multi-Cap Growth Funds Index from December 31, 2008 to

December 31, 2018. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and includes a sales charge. The performance of the Russell 3000 Growth Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Multi-Cap Growth Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The Russell 3000 Growth Index is an unmanaged index which measures the performance of those Russell 3000 companies (largest 3000 U.S. companies) with higher price-to-book ratios and higher forecasted growth values. The Lipper Multi-Cap Growth Funds Index is an index based on total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

Class A Shares have a $1,000 minimum initial investment and carry a 5.25% sales charge.

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

4 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2018

JPMorgan Mid Cap Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*	(10.90)%
Russell Midcap Index	(11.14)%
Net Assets as of 12/31/2018 (In Thousands)	$2,417,474

INVESTMENT OBJECTIVE**

The JPMorgan Mid Cap Equity Fund (the “Fund”) seeks long-term capital growth.

WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?

The Fund’s Class I Shares outperformed the Russell Midcap Index (the “Benchmark”) for the six months ended December 31, 2018. The Fund’s security selection in the energy sector and the materials & processing sector was a leading contributor to performance relative to the Benchmark, while the Fund’s security selection in the technology and consumer staples sectors was a leading detractor from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in Ball Corp., O’Reilly Automotive Inc. and Red Hat Inc. Shares of Ball, a metal packaging maker, rose after the company reaffirmed its 2019 forecast. Shares of O’Reilly Automotive, an automotive parts retailer, rose amid a healthy environment for the auto parts sector and investor expectations that the company will perform well in the later stages of the economic expansion. Shares of Red Hat, a provider of open source software, rose after IBM Corp. agreed to acquire the company for an estimated $34 billion.

Leading individual detractors from relative performance included the Fund’s overweight positions in EQT Inc., Mohawk Industries Inc. and Electronic Arts Inc. Shares of EQT, a natural gas production and transmission company, fell after the company reported higher operating expenses and lower-than-expected results for the third quarter of 2018. Shares of Mohawk Industries, a maker of commercial and residential flooring, fell amid a slump in the U.S. housing sector. Shares of Electronic Arts, a maker of digital interactive games and entertainment not held in the Benchmark, fell after the company reduced its 2019 revenue and earnings forecast and delayed the launch of a significant game.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers employed a bottom-up approach to stock selection, constructing a portfolio based on company fundamentals, quantitative screening and proprietary

fundamental analysis. The Fund’s portfolio managers sought to identify dominant franchises with predictable business models they deemed capable of achieving, in their view, sustained growth, as well as undervalued companies with the potential to grow their intrinsic value per share.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Waste Connections, Inc.	1.4	%
	2.	Hilton Worldwide Holdings, Inc.	1.4
	3.	Ross Stores, Inc.	1.3
	4.	O’Reilly Automotive, Inc.	1.3
	5.	Ball Corp.	1.3
	6.	Amphenol Corp., Class A	1.3
	7.	ServiceNow, Inc.	1.2
	8.	CBRE Group, Inc., Class A	1.1
	9.	CMS Energy Corp.	1.0
	10.	Global Payments, Inc.	1.0

PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	20.1	%
Consumer Discretionary	14.9
Financials	14.0
Health Care	12.3
Industrials	11.3
Real Estate	6.5
Utilities	4.9
Materials	4.3
Energy	3.5
Consumer Staples	2.7
Communication Services	2.0
Investment of cash collateral from securities loaned	1.9
Short-Term Investments	1.6

* The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

** The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.

*** Percentages indicated are based on total investments as of December 31, 2018. The Fund’s portfolio composition is subject to change.

DECEMBER 31, 2018 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 5

JPMorgan Mid Cap Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2018
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	November 2, 2009
With Sales Charge**			(15.69	)%		(13.32	)%		4.71	%		12.59	%
Without Sales Charge			(11.01	)		(8.51	)		5.85			13.20
CLASS C SHARES	November 2, 2009
With CDSC***			(12.21	)		(9.96	)		5.33			12.69
Without CDSC			(11.21	)		(8.96	)		5.33			12.69
CLASS I SHARES	January 1, 1997		(10.90	)		(8.29	)		6.19			13.55
CLASS R2 SHARES	March 14, 2014		(11.11	)		(8.73	)		5.60			13.07
CLASS R5 SHARES	March 14, 2014		(10.82	)		(8.13	)		6.31			13.61
CLASS R6 SHARES	March 14, 2014		(10.77	)		(8.04	)		6.38			13.65

* Not annualized.

** Sales Charge for Class A Shares is 5.25%.

*** Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter.

TEN YEAR PERFORMANCE (12/31/08 TO 12/31/18)

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.

Returns for Class A and Class C Shares prior to their inception dates are based on the performance of Class I Shares. The actual returns of Class A and Class C Shares would have been lower than those shown because Class A and Class C Shares have higher expenses than Class I Shares.

Returns for Class R2 Shares prior to their inception date are based on the performance of Class A Shares from November 2, 2009 to March 13, 2014 and Class I Shares prior to November 2, 2009. The actual returns of Class R2 Shares would have been lower than those shown because Class R2 Shares have higher expenses than Class A and Class I Shares.

Returns for Class R5 and Class R6 Shares prior to their inception dates are based on the performance of Class I Shares. The actual returns of Class R5 and Class R6 Shares would have been different because Class R5 and Class R6 Shares have different expenses than Class I Shares.

The graph illustrates comparative performance for $1,000,000 invested in the Class I Shares of JPMorgan Mid Cap Equity Fund, the Russell Midcap Index, the Lipper Multi-Cap Core Funds Index and the Lipper Multi-Cap Growth Funds Index from December 31, 2008 to December 31, 2018. The performance of the

Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Russell Midcap Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Mid-Cap Core Funds Index and the Lipper Multi-Cap Growth Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The Russell Midcap Index is an unmanaged index which measures the performance of the 800 smallest companies in the Russell 1000 Index. The Lipper Mid-Cap Core Funds Index and the Lipper Multi-Cap Growth Funds Index are indices based on total returns of certain mutual funds within designated categories as determined by Lipper, Inc. Investors cannot invest directly in an index.

Class I Shares have a $1,000,000 minimum initial investment.

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

6 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2018

JPMorgan Mid Cap Growth Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*	(10.54)%
Russell Midcap Growth Index	(9.63)%
Net Assets as of 12/31/2018 (In Thousands)	$3,526,662

INVESTMENT OBJECTIVE**

The JPMorgan Mid Cap Growth Fund (the “Fund”) seeks growth of capital.

WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?

The Fund’s Class I Shares underperformed the Russell Midcap Growth Index (the “Benchmark”) for the six months ended December 31, 2018. The Fund’s security selection in the technology sector and its lack of a position in the consumer staples sector were leading detractors from performance relative to the Benchmark, while the Fund’s security selection in the health care and financial services sectors was a leading contributor to relative performance.

Leading individual detractors from relative performance included the Fund’s overweight positions in Electronic Arts Inc. and Red Rock Resorts Inc. and its underweight position in Advanced Micro Devices Inc. Shares of Electronic Arts, a maker of digital interactive games and entertainment not held in the Benchmark, fell after the company reduced its 2019 revenue and earnings forecast and delayed the launch of a significant game. The Fund eliminated its holdings of Electronic Arts during the reporting period. Shares of Red Rock Resorts, a casino and entertainment properties operator not held in the Benchmark, fell amid higher-than-expected construction costs at its Palms project and general industry weakness in per-room revenue. Shares of Advanced Micro Devices, a maker of semiconductors, rose after the company reported better-than-expected results for the third quarter of 2018 and shifted production to smaller, faster processing units.

Leading individual contributors to relative performance included the Fund’s overweight positions in O’Reilly Automotive Inc., DexCom Inc. and Red Hat Inc. Shares of O’Reilly Automotive, an automotive parts retailer, rose amid a healthy environment for the auto parts sector and investor expectations that the company will perform well in the later stages of the economic expansion. Shares of DexCom, a medical device maker, rose after the company reported better-than-expected revenue and strong demand for its blood glucose monitoring devices. Shares of Red Hat, a provider of open source software, rose after IBM Corp. agreed to acquire the company for an estimated $34 billion.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers utilized a bottom-up approach to stock selection, researching individual companies in an effort to construct a portfolio of stocks that have strong fundamentals. The Fund’s portfolio managers sought to invest in high quality companies with durable franchises that, in their view, possessed the ability to generate strong future earnings growth.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Waste Connections, Inc.	2.7	%
	2.	Ross Stores, Inc.	2.7
	3.	O’Reilly Automotive, Inc.	2.6
	4.	ServiceNow, Inc.	2.4
	5.	Global Payments, Inc.	1.9
	6.	Lennox International, Inc.	1.7
	7.	Red Hat, Inc.	1.6
	8.	Palo Alto Networks, Inc.	1.6
	9.	Fiserv, Inc.	1.5
	10.	GoDaddy, Inc., Class A	1.5

PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	32.1	%
Health Care	17.7
Consumer Discretionary	16.4
Industrials	15.0
Financials	6.7
Investment of cash collateral from securities loaned	3.6
Materials	3.6
Communication Services	2.4
Energy	1.1
Real Estate	1.0
Short-Term Investments	0.4

* The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

** The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.

*** Percentages indicated are based on total investments as of December 31, 2018. The Fund’s portfolio composition is subject to change.

DECEMBER 31, 2018 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 7

JPMorgan Mid Cap Growth Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2018
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 18, 1992
With Sales Charge**			(15.38	)%		(10.40	)%		5.55	%		13.69	%
Without Sales Charge			(10.69	)		(5.44	)		6.69			14.30
CLASS C SHARES	November 4, 1997
With CDSC***			(11.90	)		(6.92	)		6.17			13.72
Without CDSC			(10.90	)		(5.92	)		6.17			13.72
CLASS I SHARES	March 2, 1989		(10.54	)		(5.16	)		7.03			14.65
CLASS R2 SHARES	June 19, 2009		(10.80	)		(5.70	)		6.49			14.10
CLASS R3 SHARES	September 9, 2016		(10.66	)		(5.43	)		6.70			14.30
CLASS R4 SHARES	September 9, 2016		(10.55	)		(5.20	)		6.97			14.59
CLASS R5 SHARES	November 1, 2011		(10.48	)		(5.02	)		7.17			14.77
CLASS R6 SHARES	November 1, 2011		(10.46	)		(4.97	)		7.23			14.81

* Not annualized.

** Sales Charge for Class A Shares is 5.25%.

*** Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter.

TEN YEAR PERFORMANCE (12/31/08 TO 12/31/18)

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.

Returns for the Class R2, Class R3, Class R4, Class R5 and Class R6 Shares prior to their inception dates are based on the performance of Class I Shares. Prior performance for Class R2, Class R3 and Class R4 Shares has been adjusted to reflect the differences in expenses between classes. The actual returns of Class R5 and Class R6 Shares would have been different than those shown because Class R5 and Class R6 Shares have different expenses than Class I Shares.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Mid Cap Growth Fund, the Russell Midcap Growth Index and the Lipper Mid-Cap Growth Funds Index from December 31, 2008 to December 31, 2018. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Russell Midcap Growth Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital

gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Mid-Cap Growth Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The Russell Midcap Growth Index is an unmanaged index which measures the performance of those Russell Midcap companies with higher price-to-book ratios and higher forecasted growth values. The Lipper Mid-Cap Growth Funds Index is an index based on total returns of certain mutual funds within designated categories as determined by Lipper, Inc. Investors cannot invest directly in an index.

Class I Shares have a $1,000,000 minimum initial investment.

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

8 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2018

JPMorgan Mid Cap Value Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class L Shares)*	(11.50)%
Russell Midcap Value Index	(12.15)%
Net Assets as of 12/31/2018 (In Thousands)	$15,024,150

INVESTMENT OBJECTIVE**

The JPMorgan Mid Cap Value Fund (the “Fund”) seeks growth from capital appreciation.

WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?

The Fund’s Class L Shares outperformed the Russell Midcap Value Index (the “Benchmark”) for the six months ended December 31, 2018. The Fund’s security selection in the energy and materials sectors was a leading contributor to performance relative to the Benchmark, while the Fund’s security selection in the real estate and consumer staples sectors was a leading detractor from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in Ball Corp. and AutoZone Inc. and an underweight position in Western Digital Co. Shares of Ball, a metal packaging maker, rose after the company reaffirmed its 2019 forecast. Shares of AutoZone, an automotive parts retailer, rose after the company reported better-than-expected earnings and sales for its fiscal first quarter. Shares of Western Digital, a maker of data storage devices not held in the Fund, fell after the company reported lower-than-expected earnings and revenue for its fiscal first quarter.

Leading individual detractors from relative performance included the Fund’s overweight positions EQT Corp., Mohawk Industries Inc. and PVH Corp. Shares of EQT, a natural gas production and transmission company, fell after the company reported higher operating expenses and lower-than-expected results for the third quarter of 2018. Shares of Mohawk Industries, a maker of commercial and residential flooring, fell amid a slump in the U.S. housing sector. Shares of PVH, the parent company of the Calvin Klein and Tommy Hilfiger apparel brands, fell amid investor disappointment with the company’s results for the third quarter of 2018.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers utilized a bottom-up approach to stock selection and sought to identify durable franchises possessing the ability to generate, in their view, sustainable levels of free cash flow.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	CMS Energy Corp.	2.1	%
	2.	WEC Energy Group, Inc.	2.0
	3.	Xcel Energy, Inc.	2.0
	4.	Diamondback Energy, Inc.	1.9
	5.	Loews Corp.	1.9
	6.	M&T Bank Corp.	1.8
	7.	Ball Corp.	1.7
	8.	Williams Cos., Inc. (The)	1.7
	9.	AutoZone, Inc.	1.5
	10.	T. Rowe Price Group, Inc.	1.4

PORTFOLIO COMPOSITION BY SECTOR***
Financials	21.9	%
Consumer Discretionary	13.4
Real Estate	11.8
Utilities	9.9
Information Technology	7.8
Industrials	7.6
Health Care	6.8
Energy	6.0
Consumer Staples	5.5
Materials	5.0
Communication Services	1.7
Investment of cash collateral from securities loaned	0.7
Short-Term Investments	1.9

* The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

** The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.

*** Percentages indicated are based on total investments as of December 31, 2018. The Fund’s portfolio composition is subject to change.

DECEMBER 31, 2018 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 9

JPMorgan Mid Cap Value Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2018
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	April 30, 2001
With Sales Charge**			(16.34	)%		(16.70	)%		3.66	%		11.51	%
Without Sales Charge			(11.71	)		(12.09	)		4.79			12.11
CLASS C SHARES	April 30, 2001
With CDSC***			(12.93	)		(13.51	)		4.26			11.55
Without CDSC			(11.93	)		(12.51	)		4.26			11.55
CLASS I SHARES	October 31, 2001		(11.60	)		(11.86	)		5.04			12.39
CLASS L SHARES	November 13, 1997		(11.50	)		(11.65	)		5.30			12.67
CLASS R2 SHARES	November 3, 2008		(11.83	)		(12.32	)		4.51			11.82
CLASS R3 SHARES	September 9, 2016		(11.71	)		(12.09	)		4.79			12.11
CLASS R4 SHARES	September 9, 2016		(11.60	)		(11.84	)		5.04			12.39
CLASS R5 SHARES	September 9, 2016		(11.53	)		(11.73	)		5.25			12.64
CLASS R6 SHARES	September 9, 2016		(11.50	)		(11.66	)		5.29			12.67

* Not annualized.

** Sales Charge for Class A Shares is 5.25%.

*** Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter.

TEN YEAR PERFORMANCE (12/31/08 TO 12/31/18)

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.

Returns for Class R3 Shares prior to their inception dates are based on the performance of Class A Shares. The actual returns of Class R3 Shares would have been lower than those shown because Class R3 Shares have higher expenses than Class A Shares.

Returns for the Class R4 Shares prior to their inception date are based on the performance of Class I Shares. The actual returns of Class R4 Shares would have been lower because Class R4 Shares have higher expenses than Class I Shares.

Returns for the Class R5 and R6 Shares prior to their inception dates are based on the performance of Class L Shares. The actual returns of Class R5 Shares would have been lower than those shown because Class R5 Shares have higher expenses than Class L Shares. The actual returns for Class R6 Shares would have been similar to those shown because Class R6 Shares have similar expenses to Class L Shares.

The graph illustrates comparative performance for $3,000,000 invested in Class L Shares of the JPMorgan Mid Cap Value Fund, the Russell Midcap Value Index, the Lipper Mid-Cap Value Funds Index and the Lipper Mid-Cap Core Funds Index from December 31, 2008 to December 31, 2018. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and

does not include a sales charge. The performance of the Russell Midcap Value Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Mid-Cap Value Funds Index and the Lipper Mid-Cap Core Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The Russell Midcap Value Index is an unmanaged index which measures the performance of those Russell Midcap companies with lower price-to-book ratios and lower forecasted growth values. The Lipper Mid-Cap Value Funds Index and the Lipper Mid-Cap Core Funds Index are indices based on total returns of certain mutual funds within designated categories as determined by Lipper, Inc. Investors cannot invest directly in an index.

Class L Shares have a $3,000,000 minimum initial investment.

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

10 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2018

JPMorgan Value Advantage Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class L Shares)*		(8.03)%
Russell 3000 Value Index		(7.51)%
Net Assets as of 12/31/2018 (In Thousands)	$	9,877,347

INVESTMENT OBJECTIVE**

The JPMorgan Value Advantage Fund (the “Fund”) seeks to provide long-term total return from a combination of income and capital gains.

WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?

The Fund’s Class L Shares underperformed the Russell 3000 Value Index (the “Benchmark”) for the six months ended December 31, 2018. The Fund’s security selection in the financials and communications services sectors was a leading detractor from relative performance, while the Fund’s security selection in the energy and industrials sectors was a leading contributor to relative performance.

Leading individual detractors from relative performance included the Fund’s overweight positions in Capital One Financial Corp., Dish Network Corp. and EQT Corp. Shares of Capital One Financial, a credit card and financial services provider, fell after the company reported third quarter 2018 revenue in line with analysts’ estimates. Shares of Dish Network, a subscription television service, fell after the company reported lower-than-expected revenue and a decline in subscriptions for the third quarter of 2018. Shares of EQT, a natural gas production and transmission company, fell after the company reported higher operating expenses and lower-than-expected results for the third quarter of 2018.

Leading individual contributors to performance relative to the Benchmark included the Fund’s overweight position in Ball Corp. and its underweight positions in General Electric Co. and Schlumberger Ltd. Shares of Ball, a metal packaging maker, rose after the company reaffirmed its 2019 forecast. Shares of General Electric, an industrial conglomerate not held in the Fund, fell after the company reported lower-than-expected earnings for the third quarter of 2018 and reduced its quarterly dividend. Shares of Schlumberger, an oilfield services company not held in the Fund, fell as petroleum prices declined toward the end of the reporting period.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers utilized a bottom-up approach to stock selection and sought to identify durable franchises

possessing the ability to generate, in the portfolio managers’ view, significant levels of free cash flow.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Bank of America Corp.	3.1	%
	2.	Pfizer, Inc.	3.1
	3.	Wells Fargo & Co.	2.7
	4.	Merck & Co., Inc.	2.1
	5.	Capital One Financial Corp.	1.9
	6.	Loews Corp.	1.8
	7.	Johnson & Johnson	1.7
	8.	PNC Financial Services Group, Inc. (The)	1.7
	9.	Verizon Communications, Inc.	1.7
	10.	Ball Corp.	1.6

PORTFOLIO COMPOSITION BY SECTOR***
Financials	29.0	%
Health Care	10.1
Energy	8.5
Consumer Discretionary	7.8
Real Estate	7.4
Information Technology	6.8
Industrials	6.7
Consumer Staples	5.8
Utilities	5.7
Communication Services	5.6
Materials	4.9
Investment of cash collateral from securities loaned	0.8
Short-Term Investments	0.9

* The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

** The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.

*** Percentages indicated are based on total investments as of December 31, 2018. The Fund’s portfolio composition is subject to change.

DECEMBER 31, 2018 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 11

JPMorgan Value Advantage Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2018
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 28, 2005
With Sales Charge**			(13.06	)%		(14.18	)%		4.17	%		12.11	%
Without Sales Charge			(8.24	)		(9.42	)		5.30			12.71
CLASS C SHARES	February 28, 2005
With CDSC***			(9.45	)		(10.86	)		4.77			12.14
Without CDSC			(8.45	)		(9.86	)		4.77			12.14
CLASS I SHARES	February 28, 2005		(8.12	)		(9.19	)		5.56			12.99
CLASS L SHARES	February 28, 2005		(8.03	)		(9.05	)		5.80			13.27
CLASS R2 SHARES	July 31, 2017		(8.34	)		(9.64	)		5.03			12.43
CLASS R3 SHARES	September 9, 2016		(8.25	)		(9.41	)		5.29			12.71
CLASS R4 SHARES	September 9, 2016		(8.13	)		(9.18	)		5.56			12.99
CLASS R5 SHARES	September 9, 2016		(8.06	)		(9.06	)		5.78			13.26
CLASS R6 SHARES	September 9, 2016		(7.99	)		(8.97	)		5.83			13.28

* Not annualized.

** Sales Charge for Class A Shares is 5.25%.

*** Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter.

TEN YEAR PERFORMANCE (12/31/08 TO 12/31/18)

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.

Returns for Class R2 and Class R3 Shares prior to their inception date are based on the performance of Class A Shares. The actual returns of Class R2 Shares would have been lower than those shown because Class R2 Shares have higher expenses than Class A Shares. Returns for Class R3 Shares would have been similar to those shown because Class R3 Shares have similar expenses to Class A Shares.

Returns for the Class R4 Shares prior to their inception date are based on the performance of Class I Shares. The actual returns of Class R4 Shares would have been similar to those shown because Class R4 Shares have similar expenses to Class I Shares.

Returns for the Class R5 and Class R6 Shares prior to their inception dates are based on the performance of Class L Shares. The actual returns for Class R5 and Class R6 Shares would have been different to those shown because Class R5 and Class R6 Shares have different expenses to Class L Shares.

The graph illustrates comparative performance for $3,000,000 invested in Class L Shares of the JPMorgan Value Advantage Fund, the Russell 3000 Value Index and the Lipper Multi-Cap Value Funds Index from December 31, 2008 to

December 31, 2018. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Russell 3000 Value Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Multi-Cap Value Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The Russell 3000 Value Index is an unmanaged index which measures the performance of those Russell 3000 companies (largest 3000 U.S. companies) with lower price-to-book ratios and lower forecasted growth values. The Lipper Multi-Cap Value Funds Index is an index based on total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

Class L Shares have a $3,000,000 minimum initial investment.

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

12 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2018

JPMorgan Growth Advantage Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 99.2%
Aerospace & Defense — 2.0%
Boeing Co. (The)		479		154,510
Airlines — 0.6%
Delta Air Lines, Inc.		996		49,715
Automobiles — 1.0%
Tesla, Inc. * (a)		243		80,837
Banks — 1.6%
East West Bancorp, Inc.		1,629		70,902
First Republic Bank		604		52,487
				123,389
Biotechnology — 3.9%
Biogen, Inc. *		129		38,939
Exact Sciences Corp. * (a)		925		58,336
Exelixis, Inc. *		2,510		49,370
Intercept Pharmaceuticals, Inc. *		390		39,308
Sage Therapeutics, Inc. *		199		19,033
Spark Therapeutics, Inc. * (a)		565		22,130
Vertex Pharmaceuticals, Inc. *		464		76,823
				303,939
Building Products — 1.9%
Fortune Brands Home & Security, Inc.		908		34,510
Lennox International, Inc.		531		116,127
				150,637
Capital Markets — 4.1%
BlackRock, Inc.		132		51,656
Charles Schwab Corp. (The)		2,279		94,651
Nasdaq, Inc.		978		79,804
S&P Global, Inc.		531		90,187
				316,298
Commercial Services & Supplies — 3.8%
Copart, Inc. *		1,531		73,156
Waste Connections, Inc. (a)		2,994		222,286
				295,442
Communications Equipment — 1.7%
Arista Networks, Inc. *		257		54,182
Palo Alto Networks, Inc. *		398		75,039
				129,221
Construction Materials — 0.7%
Vulcan Materials Co.		561		55,417
Containers & Packaging — 1.6%
Avery Dennison Corp.		790		71,002
Ball Corp.		1,202		55,286
				126,288

INVESTMENTS	SHARES (000)		VALUE ($000)
Distributors — 0.6%
LKQ Corp. *		2,096		49,726
Electronic Equipment, Instruments & Components — 2.4%
Amphenol Corp., Class A		723		58,586
Corning, Inc.		2,359		71,250
Zebra Technologies Corp., Class A *		335		53,358
				183,194
Entertainment — 3.1%
Netflix, Inc. *		464		124,221
Spotify Technology SA *		515		58,452
Take-Two Interactive Software, Inc. *		591		60,791
				243,464
Health Care Equipment & Supplies — 1.9%
DexCom, Inc. *		543		65,087
Intuitive Surgical, Inc. *		167		80,028
				145,115
Health Care Providers & Services — 5.2%
Acadia Healthcare Co., Inc. * (a)		1,309		33,642
Centene Corp. *		517		59,633
UnitedHealth Group, Inc.		1,254		312,471
				405,746
Health Care Technology — 2.1%
Evolent Health, Inc., Class A * (a)		2,175		43,391
Teladoc Health, Inc. * (a)		1,132		56,113
Veeva Systems, Inc., Class A *		720		64,302
				163,806
Hotels, Restaurants & Leisure — 0.8%
Hilton Worldwide Holdings, Inc.		876		62,878
Insurance — 1.3%
Progressive Corp. (The)		1,720		103,786
Interactive Media & Services — 6.4%
Alphabet, Inc., Class C *		419		433,408
Facebook, Inc., Class A *		468		61,298
				494,706
Internet & Direct Marketing Retail — 6.1%
Amazon.com, Inc. *		295		442,631
Wayfair, Inc., Class A * (a)		364		32,753
				475,384
IT Services — 9.7%
Global Payments, Inc.		1,088		112,216
GoDaddy, Inc., Class A *		1,397		91,684
Mastercard, Inc., Class A		1,014		191,197
PayPal Holdings, Inc. *		1,291		108,552

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 13

JPMorgan Growth Advantage Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
IT Services — continued
Square, Inc., Class A *		254		14,219
Visa, Inc., Class A		1,391		183,541
Worldpay, Inc. *		658		50,314
				751,723
Life Sciences Tools & Services — 1.2%
Illumina, Inc. *		308		92,259
Machinery — 3.4%
Deere & Co.		333		49,599
Nordson Corp.		344		41,092
Oshkosh Corp.		724		44,376
Parker-Hannifin Corp.		456		67,933
Stanley Black & Decker, Inc.		525		62,840
				265,840
Oil, Gas & Consumable Fuels — 1.5%
Concho Resources, Inc. *		595		61,170
EOG Resources, Inc.		679		59,233
				120,403
Pharmaceuticals — 1.9%
Catalent, Inc. *		1,327		41,370
Jazz Pharmaceuticals plc *		493		61,050
Revance Therapeutics, Inc. * (a)		1,079		21,712
TherapeuticsMD, Inc. *		5,626		21,437
				145,569
Real Estate Management & Development — 0.9%
CBRE Group, Inc., Class A *		1,700		68,056
Road & Rail — 0.6%
Old Dominion Freight Line, Inc. (a)		388		47,920
Semiconductors & Semiconductor Equipment — 2.5%
Applied Materials, Inc.		1,811		59,299
NVIDIA Corp.		609		81,301
Xilinx, Inc.		607		51,724
				192,324
Software — 14.3%
Adobe, Inc. *		329		74,501
DocuSign, Inc. * (a)		758		30,369
Fair Isaac Corp. *		270		50,565
Intuit, Inc.		451		88,779
Microsoft Corp.		4,550		462,133
Red Hat, Inc. *		194		34,109
SailPoint Technologies Holding, Inc. * (a)		1,746		41,007
salesforce.com, Inc. *		1,101		150,859
ServiceNow, Inc. *		605		107,791

INVESTMENTS	SHARES (000)		VALUE ($000)
Software — continued
Splunk, Inc. *		684		71,749
				1,111,862
Specialty Retail — 3.6%
O’Reilly Automotive, Inc. *		233		80,091
Ross Stores, Inc.		1,592		132,479
Tractor Supply Co.		815		67,962
				280,532
Technology Hardware, Storage & Peripherals — 5.1%
Apple, Inc.		2,492		393,017
Textiles, Apparel & Luxury Goods — 1.0%
Lululemon Athletica, Inc. *		609		74,012
Trading Companies & Distributors — 0.7%
WW Grainger, Inc. (a)		205		57,911
Total Common Stocks (Cost $5,371,661)				7,714,926
Short-Term Investments — 0.9%
Investment Companies — 0.9%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.40% (b) (c) (Cost $67,534)		67,534		67,534
Investment of Cash Collateral from Securities Loaned — 1.8%
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.60% (b) (c)		112,011		112,000
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (b) (c)		26,088		26,088
Total Investment of Cash Collateral from Securities Loaned (Cost $138,088)				138,088
Total Investments — 101.9% (Cost $5,577,283)				7,920,548
Liabilities in Excess of Other Assets — (1.9%)				(150,936	)
NET ASSETS — 100.0%				7,769,612

Percentages indicated are based on net assets.

(a)	The security or a portion of this security is on loan at December 31, 2018. The total value of securities on loan at December 31, 2018 is approximately $135,257,000.
(b)	Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(C)	The rate shown is the current yield as of December 31, 2018.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

14 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2018

JPMorgan Mid Cap Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 98.5%
Aerospace & Defense — 0.8%
Curtiss-Wright Corp.		56		5,678
HEICO Corp., Class A		213		13,445
				19,123
Auto Components — 0.9%
Aptiv plc		209		12,868
BorgWarner, Inc.		247		8,579
				21,447
Automobiles — 0.3%
Tesla, Inc. * (a)		24		7,887
Banks — 4.8%
Citizens Financial Group, Inc.		377		11,197
Comerica, Inc.		82		5,654
East West Bancorp, Inc.		260		11,325
Fifth Third Bancorp		692		16,272
First Republic Bank		226		19,638
Huntington Bancshares, Inc.		754		8,988
M&T Bank Corp.		149		21,349
SunTrust Banks, Inc.		340		17,128
Zions Bancorp		110		4,494
				116,045
Beverages — 0.8%
Constellation Brands, Inc., Class A		59		9,512
Keurig Dr Pepper, Inc.		194		4,976
Molson Coors Brewing Co., Class B		98		5,531
				20,019
Biotechnology — 2.6%
Agios Pharmaceuticals, Inc. * (a)		109		5,040
Alnylam Pharmaceuticals, Inc. * (a)		48		3,485
BioMarin Pharmaceutical, Inc. *		85		7,263
Exact Sciences Corp. *		182		11,465
Exelixis, Inc. *		569		11,184
Intercept Pharmaceuticals, Inc. *		55		5,533
Moderna, Inc. * (a)		217		3,306
Sage Therapeutics, Inc. * (a)		55		5,278
Spark Therapeutics, Inc. *		91		3,570
Vertex Pharmaceuticals, Inc. *		46		7,557
				63,681
Building Products — 1.4%
Fortune Brands Home & Security, Inc.		355		13,469
Lennox International, Inc.		96		20,954
				34,423

INVESTMENTS	SHARES (000)		VALUE ($000)
Capital Markets — 4.5%
Ameriprise Financial, Inc.		170		17,770
Invesco Ltd.		334		5,597
Nasdaq, Inc.		177		14,430
Northern Trust Corp.		151		12,644
Raymond James Financial, Inc.		148		10,981
S&P Global, Inc.		112		19,101
T. Rowe Price Group, Inc.		183		16,924
TD Ameritrade Holding Corp.		237		11,623
				109,070
Chemicals — 0.5%
Sherwin-Williams Co. (The)		28		11,033
Commercial Services & Supplies — 2.1%
Copart, Inc. *		318		15,194
Waste Connections, Inc.		464		34,422
				49,616
Communications Equipment — 1.6%
Arista Networks, Inc. *		64		13,440
CommScope Holding Co., Inc. *		291		4,766
Palo Alto Networks, Inc. *		104		19,581
				37,787
Construction Materials — 1.1%
Martin Marietta Materials, Inc.		49		8,495
Vulcan Materials Co.		178		17,557
				26,052
Consumer Finance — 0.4%
Ally Financial, Inc.		460		10,426
Containers & Packaging — 2.9%
Avery Dennison Corp.		183		16,457
Ball Corp.		694		31,909
Silgan Holdings, Inc.		457		10,798
Westrock Co.		255		9,645
				68,809
Distributors — 0.8%
Genuine Parts Co.		92		8,857
LKQ Corp. *		428		10,161
				19,018
Diversified Consumer Services — 0.6%
Bright Horizons Family Solutions, Inc. *		124		13,842
Electric Utilities — 1.7%
Edison International		89		5,080
Evergy, Inc.		220		12,478

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 15

JPMorgan Mid Cap Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Electric Utilities — continued
Xcel Energy, Inc.		488		24,029
				41,587
Electrical Equipment — 1.3%
Acuity Brands, Inc.		101		11,633
AMETEK, Inc.		186		12,580
Hubbell, Inc.		61		6,056
				30,269
Electronic Equipment, Instruments & Components — 4.0%
Amphenol Corp., Class A		381		30,893
Arrow Electronics, Inc. *		226		15,562
CDW Corp.		168		13,581
Corning, Inc.		440		13,295
Keysight Technologies, Inc. *		184		11,431
Zebra Technologies Corp., Class A *		73		11,656
				96,418
Entertainment — 1.2%
Electronic Arts, Inc. *		85		6,699
Spotify Technology SA *		85		9,659
Take-Two Interactive Software, Inc. *		127		13,022
				29,380
Equity Real Estate Investment Trusts (REITs) — 5.5%
American Campus Communities, Inc.		164		6,789
American Homes 4 Rent, Class A		332		6,596
AvalonBay Communities, Inc.		89		15,527
Boston Properties, Inc.		122		13,692
Brixmor Property Group, Inc.		594		8,726
Essex Property Trust, Inc.		37		9,105
Federal Realty Investment Trust		104		12,244
JBG SMITH Properties		139		4,851
Kimco Realty Corp.		486		7,113
Outfront Media, Inc.		444		8,054
Rayonier, Inc.		332		9,185
Regency Centers Corp.		124		7,299
Vornado Realty Trust		199		12,355
Weyerhaeuser Co.		254		5,542
WP Carey, Inc.		76		4,993
				132,071
Food & Staples Retailing — 0.4%
Kroger Co. (The)		363		9,992
Food Products — 0.8%
Conagra Brands, Inc.		437		9,336
Post Holdings, Inc. *		118		10,525
				19,861

INVESTMENTS	SHARES (000)		VALUE ($000)
Gas Utilities — 0.5%
National Fuel Gas Co.		249		12,737
Health Care Equipment & Supplies — 2.7%
DexCom, Inc. *		143		17,107
Edwards Lifesciences Corp. *		63		9,704
Insulet Corp. * (a)		111		8,820
ResMed, Inc.		142		16,158
Zimmer Biomet Holdings, Inc.		140		14,516
				66,305
Health Care Providers & Services —4.6%
Acadia Healthcare Co., Inc. * (a)		203		5,219
AmerisourceBergen Corp.		269		19,995
Centene Corp. *		136		15,659
Cigna Corp.		82		15,612
Henry Schein, Inc. *		107		8,365
Humana, Inc.		25		7,282
Laboratory Corp. of America Holdings *		90		11,409
Universal Health Services, Inc., Class B		106		12,301
WellCare Health Plans, Inc. *		67		15,700
				111,542
Health Care Technology — 1.0%
Teladoc Health, Inc. * (a)		194		9,607
Veeva Systems, Inc., Class A *		167		14,943
				24,550
Hotels, Restaurants & Leisure — 2.1%
Hilton Worldwide Holdings, Inc.		467		33,516
Red Rock Resorts, Inc., Class A (a)		358		7,277
Vail Resorts, Inc.		41		8,728
				49,521
Household Durables — 0.8%
Mohawk Industries, Inc. *		110		12,844
Newell Brands, Inc.		397		7,371
				20,215
Household Products — 0.3%
Energizer Holdings, Inc.		145		6,539
Industrial Conglomerates — 0.4%
Carlisle Cos., Inc.		92		9,256
Insurance — 4.5%
Alleghany Corp.		13		8,318
Hartford Financial Services Group, Inc. (The)		371		16,480
Lincoln National Corp.		142		7,261
Loews Corp.		503		22,891
Marsh & McLennan Cos., Inc.		145		11,549

SEE NOTES TO FINANCIAL STATEMENTS.

16 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2018

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Insurance — continued
Principal Financial Group, Inc.		136		5,994
Progressive Corp. (The)		396		23,909
Unum Group		166		4,888
WR Berkley Corp.		103		7,579
				108,869
Interactive Media & Services — 0.3%
Match Group, Inc.		173		7,414
Internet & Direct Marketing Retail — 1.3%
Expedia Group, Inc.		148		16,723
GrubHub, Inc. * (a)		99		7,604
Wayfair, Inc., Class A * (a)		82		7,342
				31,669
IT Services — 5.3%
Booz Allen Hamilton Holding Corp.		292		13,178
Fiserv, Inc. *		263		19,357
Gartner, Inc. *		74		9,447
Global Payments, Inc.		236		24,349
GoDaddy, Inc., Class A *		294		19,305
Jack Henry & Associates, Inc.		94		11,931
Okta, Inc. * (a)		101		6,444
Shopify, Inc., Class A (Canada) *		45		6,286
Square, Inc., Class A *		166		9,300
Worldpay, Inc. *		117		8,950
				128,547
Life Sciences Tools & Services — 0.4%
Illumina, Inc. *		35		10,432
Machinery — 3.5%
Fortive Corp.(a)		177		11,969
IDEX Corp.		88		11,062
Middleby Corp. (The) *		82		8,456
Nordson Corp.		84		10,073
Oshkosh Corp.		117		7,167
Parker-Hannifin Corp.		79		11,752
Snap-on, Inc.		101		14,650
Stanley Black & Decker, Inc.		85		10,202
				85,331
Media — 0.5%
CBS Corp. (Non-Voting), Class B		161		7,024
DISH Network Corp., Class A *		245		6,121
				13,145
Multiline Retail — 0.9%
Kohl’s Corp.		224		14,852

INVESTMENTS	SHARES (000)		VALUE ($000)
Multiline Retail — continued
Nordstrom, Inc.		171		7,989
				22,841
Multi-Utilities — 2.7%
CMS Energy Corp.		509		25,285
Sempra Energy		142		15,362
WEC Energy Group, Inc.		350		24,270
				64,917
Oil, Gas & Consumable Fuels — 3.6%
Cabot Oil & Gas Corp.		298		6,661
Concho Resources, Inc. *		134		13,784
Diamondback Energy, Inc.		249		23,103
EQT Corp.		419		7,906
Equitrans Midstream Corp. *		386		7,719
PBF Energy, Inc., Class A		223		7,294
Williams Cos., Inc. (The)		915		20,173
				86,640
Personal Products — 0.4%
Coty, Inc., Class A		655		4,299
Edgewell Personal Care Co. *		160		5,977
				10,276
Pharmaceuticals — 1.1%
Catalent, Inc. *		250		7,807
Elanco Animal Health, Inc. * (a)		132		4,159
Jazz Pharmaceuticals plc *		125		15,520
				27,486
Professional Services — 0.7%
Verisk Analytics, Inc. *		145		15,811
Real Estate Management & Development — 1.2%
CBRE Group, Inc., Class A *		646		25,882
Cushman & Wakefield plc *		222		3,217
				29,099
Road & Rail — 0.5%
Old Dominion Freight Line, Inc.		89		10,929
Semiconductors & Semiconductor Equipment — 3.0%
Advanced Micro Devices, Inc. *		445		8,215
Analog Devices, Inc.		155		13,271
Lam Research Corp.		104		14,161
Marvell Technology Group Ltd.		587		9,509
Microchip Technology, Inc. (a)		150		10,817
Xilinx, Inc.		196		16,651
				72,624

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 17

JPMorgan Mid Cap Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Software — 6.7%
Autodesk, Inc. * (a)		148		19,073
DocuSign, Inc. *		125		5,010
Fair Isaac Corp. *		52		9,687
Intuit, Inc.		49		9,547
Paycom Software, Inc. *		93		11,327
Proofpoint, Inc. *		118		9,881
Red Hat, Inc. *		115		20,163
ServiceNow, Inc. *		167		29,752
Splunk, Inc. *		160		16,765
Synopsys, Inc. *		236		19,862
Tyler Technologies, Inc. *		56		10,332
				161,399
Specialty Retail — 6.0%
AutoZone, Inc. *		21		17,631
Best Buy Co., Inc.		184		9,748
Gap, Inc. (The)		422		10,875
National Vision Holdings, Inc. *		130		3,673
O’Reilly Automotive, Inc. *		96		32,884
Ross Stores, Inc.		399		33,205
Tiffany & Co.		132		10,591
Tractor Supply Co.		211		17,614
Ulta Beauty, Inc. *		35		8,496
				144,717
Textiles, Apparel & Luxury Goods — 1.5%
Lululemon Athletica, Inc. *		132		16,004
PVH Corp.		113		10,491
Ralph Lauren Corp.		92		9,538
				36,033
Trading Companies & Distributors — 1.0%
MSC Industrial Direct Co., Inc., Class A		139		10,676
WW Grainger, Inc.		48		13,665
				24,341
Total Common Stocks (Cost $1,876,921)				2,381,041

INVESTMENTS	SHARES (000)		VALUE ($000)
Short-Term Investments — 1.6%
Investment Companies — 1.6%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.40% (b) (c) (Cost $39,324)		39,324		39,324
Investment of Cash Collateral from Securities Loaned — 2.0%
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.60% (b) (c)		40,004		40,000
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (b) (c)		7,708		7,708
Total Investment of Cash Collateral from Securities Loaned (Cost $47,708)				47,708
Total Investments — 102.1% (Cost $1,963,953)				2,468,073
Liabilities in Excess of Other Assets — (2.1%)				(50,599	)
NET ASSETS — 100.0%				2,417,474

Percentages indicated are based on net assets.

(a)	The security or a portion of this security is on loan at December 31, 2018. The total value of securities on loan at December 31, 2018 is approximately $47,406,000.
(b)	Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(c)	The rate shown is the current yield as of December 31, 2018.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

18 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2018

JPMorgan Mid Cap Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 100.3%
Aerospace & Defense — 1.6%
Curtiss-Wright Corp.		164		16,717
HEICO Corp., Class A		629		39,623
				56,340
Auto Components — 1.1%
Aptiv plc		616		37,921
Automobiles — 0.7%
Tesla, Inc. * (a)		69		23,096
Banks — 1.6%
East West Bancorp, Inc.		766		33,364
First Republic Bank		285		24,775
				58,139
Biotechnology — 5.3%
Agios Pharmaceuticals, Inc. * (a)		321		14,806
Alnylam Pharmaceuticals, Inc. * (a)		141		10,273
BioMarin Pharmaceutical, Inc. *		251		21,398
Exact Sciences Corp. *		536		33,790
Exelixis, Inc. *		1,675		32,955
Intercept Pharmaceuticals, Inc. *		162		16,295
Moderna, Inc. * (a)		636		9,712
Sage Therapeutics, Inc. *		162		15,547
Spark Therapeutics, Inc. *		269		10,521
Vertex Pharmaceuticals, Inc. *		134		22,270
				187,567
Building Products — 2.3%
Fortune Brands Home & Security, Inc.		489		18,592
Lennox International, Inc.		283		61,857
				80,449
Capital Markets — 4.3%
Ameriprise Financial, Inc.		188		19,590
Nasdaq, Inc.		521		42,515
S&P Global, Inc.		330		56,136
TD Ameritrade Holding Corp.		700		34,254
				152,495
Commercial Services & Supplies — 4.1%
Copart, Inc. *		937		44,770
Waste Connections, Inc. (a)		1,361		101,083
				145,853
Communications Equipment — 2.8%
Arista Networks, Inc. *		188		39,510
Palo Alto Networks, Inc. *		306		57,695
				97,205

INVESTMENTS	SHARES (000)		VALUE ($000)
Construction Materials — 1.5%
Vulcan Materials Co.		523		51,718
Containers & Packaging — 2.3%
Avery Dennison Corp.		540		48,490
Ball Corp.		691		31,782
				80,272
Distributors — 0.8%
LKQ Corp. *		1,262		29,940
Diversified Consumer Services — 1.2%
Bright Horizons Family Solutions, Inc. *		366		40,780
Electronic Equipment, Instruments & Components — 3.6%
Amphenol Corp., Class A		675		54,692
Corning, Inc.		1,297		39,173
Zebra Technologies Corp., Class A *		216		34,362
				128,227
Entertainment — 2.5%
Electronic Arts, Inc. *		250		19,736
Spotify Technology SA *		251		28,466
Take-Two Interactive Software, Inc. *		373		38,365
				86,567
Health Care Equipment & Supplies — 4.3%
DexCom, Inc. *		421		50,400
Edwards Lifesciences Corp. *		186		28,504
Insulet Corp. * (a)		327		25,914
ResMed, Inc.		418		47,609
				152,427
Health Care Providers & Services — 3.6%
Acadia Healthcare Co., Inc. * (a)		596		15,329
AmerisourceBergen Corp.		262		19,500
Centene Corp. *		399		45,993
WellCare Health Plans, Inc. *		195		46,132
				126,954
Health Care Technology — 2.1%
Teladoc Health, Inc. * (a)		571		28,299
Veeva Systems, Inc., Class A *		493		44,040
				72,339
Hotels, Restaurants & Leisure — 2.8%
Hilton Worldwide Holdings, Inc.		728		52,259
Red Rock Resorts, Inc., Class A (a)		1,053		21,393
Vail Resorts, Inc.		122		25,657
				99,309

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 19

JPMorgan Mid Cap Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Insurance — 1.0%
Progressive Corp. (The)		599		36,113
Internet & Direct Marketing Retail — 1.2%
GrubHub, Inc. * (a)		292		22,406
Wayfair, Inc., Class A * (a)		240		21,630
				44,036
IT Services — 9.7%
Booz Allen Hamilton Holding Corp.		859		38,706
Fiserv, Inc. * (a)		776		57,043
Gartner, Inc. *		217		27,713
Global Payments, Inc.		696		71,748
GoDaddy, Inc., Class A *		867		56,892
Okta, Inc. *		297		18,936
Shopify, Inc., Class A (Canada) *		133		18,469
Square, Inc., Class A *		489		27,406
Worldpay, Inc. *		344		26,272
				343,185
Life Sciences Tools & Services — 0.9%
Illumina, Inc. *		103		30,766
Machinery — 4.3%
Fortive Corp. (a)		520		35,156
Nordson Corp.		249		29,683
Oshkosh Corp.		343		21,029
Parker-Hannifin Corp.		232		34,630
Stanley Black & Decker, Inc.		251		30,067
				150,565
Oil, Gas & Consumable Fuels — 1.2%
Concho Resources, Inc. *		395		40,604
Pharmaceuticals — 2.3%
Catalent, Inc. *		738		23,005
Elanco Animal Health, Inc. * (a)		389		12,249
Jazz Pharmaceuticals plc * (a)		368		45,576
				80,830
Professional Services — 1.3%
Verisk Analytics, Inc. *		427		46,593
Real Estate Management & Development — 1.1%
CBRE Group, Inc., Class A *		961		38,480
Road & Rail — 0.9%
Old Dominion Freight Line, Inc.		261		32,194
Semiconductors & Semiconductor Equipment — 5.0%
Advanced Micro Devices, Inc. *		1,311		24,207
Lam Research Corp.		306		41,639

INVESTMENTS	SHARES (000)		VALUE ($000)
Semiconductors & Semiconductor Equipment — continued
Marvell Technology Group Ltd.		1,727		27,954
Microchip Technology, Inc. (a)		443		31,875
Xilinx, Inc.		574		48,913
				174,588
Software — 12.5%
Autodesk, Inc. *		437		56,203
DocuSign, Inc. * (a)		368		14,765
Fair Isaac Corp. *		153		28,555
Intuit, Inc.		143		28,071
Paycom Software, Inc. * (a)		273		33,392
Proofpoint, Inc. *		347		29,116
Red Hat, Inc. *		337		59,243
ServiceNow, Inc. *		492		87,685
Splunk, Inc. * (a)		471		49,388
Synopsys, Inc. *		274		23,090
Tyler Technologies, Inc. *		164		30,419
				439,927
Specialty Retail — 8.0%
National Vision Holdings, Inc. *		383		10,789
O’Reilly Automotive, Inc. *		281		96,848
Ross Stores, Inc.		1,176		97,850
Tractor Supply Co.		622		51,908
Ulta Beauty, Inc. *		102		24,965
				282,360
Textiles, Apparel & Luxury Goods — 1.3%
Lululemon Athletica, Inc. *		387		47,051
Trading Companies & Distributors — 1.1%
WW Grainger, Inc. (a)		142		40,123
Total Common Stocks (Cost $2,992,453)				3,535,013
Short-Term Investments — 0.4%
Investment Companies — 0.4%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.40% (b) (c) (Cost $15,690)		15,690		15,690

SEE NOTES TO FINANCIAL STATEMENTS.

20 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2018

INVESTMENTS	SHARES (000)		VALUE ($000)
Investment of Cash Collateral from Securities Loaned — 3.8%
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.60% (b) (c)		114,011		114,000
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (b) (c)		19,998		19,998
Total Investment of Cash Collateral from Securities Loaned (Cost $133,998)				133,998
Total Investments — 104.5% (Cost $3,142,141)				3,684,701
Liabilities in Excess of Other Assets — (4.5%)				(158,039	)
NET ASSETS — 100.0%				3,526,662

Percentages indicated are based on net assets.

(a)	The security or a portion of this security is on loan at December 31, 2018. The total value of securities on loan at December 31, 2018 is approximately $132,610,000.
(b)	Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(c)	The rate shown is the current yield as of December 31, 2018.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 21

JPMorgan Mid Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 99.6%
Auto Components — 0.7%
BorgWarner, Inc.		3,136		108,947
Banks — 8.1%
Citizens Financial Group, Inc.		4,781		142,140
Comerica, Inc.		1,046		71,864
Fifth Third Bancorp		8,775		206,487
First Republic Bank		1,640		142,518
Huntington Bancshares, Inc. (a)		9,575		114,134
M&T Bank Corp.		1,892		270,853
SunTrust Banks, Inc.		4,309		217,336
Zions Bancorp		1,403		57,152
				1,222,484
Beverages — 1.6%
Constellation Brands, Inc., Class A		751		120,774
Keurig Dr Pepper, Inc.		2,467		63,261
Molson Coors Brewing Co., Class B		1,099		61,697
				245,732
Building Products — 0.6%
Fortune Brands Home & Security, Inc.		2,394		90,962
Capital Markets — 4.9%
Ameriprise Financial, Inc.		1,353		141,182
Invesco Ltd.		4,250		71,143
Northern Trust Corp.		1,920		160,485
Raymond James Financial, Inc.		1,873		139,405
T. Rowe Price Group, Inc.		2,393		220,951
				733,166
Chemicals — 0.9%
Sherwin-Williams Co. (The)		356		140,055
Communications Equipment — 0.4%
CommScope Holding Co., Inc. *		3,714		60,865
Construction Materials — 0.7%
Martin Marietta Materials, Inc. (a)		628		107,888
Consumer Finance — 0.9%
Ally Financial, Inc.		5,841		132,364
Containers & Packaging — 3.5%
Ball Corp.		5,818		267,526
Silgan Holdings, Inc.		5,803		137,078
Westrock Co.		3,243		122,470
				527,074
Distributors — 0.7%
Genuine Parts Co.		1,171		112,469

INVESTMENTS	SHARES (000)		VALUE ($000)
Electric Utilities — 3.5%
Edison International		1,138		64,586
Evergy, Inc.		2,790		158,375
Xcel Energy, Inc.		6,187		304,831
				527,792
Electrical Equipment — 2.6%
Acuity Brands, Inc.		1,285		147,665
AMETEK, Inc.		2,359		159,674
Hubbell, Inc.		775		76,961
				384,300
Electronic Equipment, Instruments & Components — 4.5%
Amphenol Corp., Class A		1,933		156,583
Arrow Electronics, Inc. *		2,864		197,477
CDW Corp.		2,127		172,359
Keysight Technologies, Inc. *		2,338		145,117
				671,536
Equity Real Estate Investment Trusts (REITs) — 10.8%
American Campus Communities, Inc.		2,084		86,250
American Homes 4 Rent, Class A		4,222		83,801
AvalonBay Communities, Inc.		1,132		197,030
Boston Properties, Inc.		1,544		173,764
Brixmor Property Group, Inc.		7,543		110,814
Essex Property Trust, Inc.		471		115,603
Federal Realty Investment Trust		1,317		155,418
JBG SMITH Properties		1,772		61,688
Kimco Realty Corp. (a)		6,168		90,358
Outfront Media, Inc.		5,817		105,398
Rayonier, Inc.		4,212		116,626
Regency Centers Corp.		1,580		92,718
Vornado Realty Trust		2,528		156,823
Weyerhaeuser Co.		3,223		70,447
				1,616,738
Food & Staples Retailing — 0.8%
Kroger Co. (The)		4,613		126,860
Food Products — 1.7%
Conagra Brands, Inc.		5,535		118,221
Post Holdings, Inc. * (a)		1,499		133,629
				251,850
Gas Utilities — 1.1%
National Fuel Gas Co. (a)		3,159		161,664
Health Care Equipment & Supplies — 1.2%
Zimmer Biomet Holdings, Inc.		1,776		184,221

SEE NOTES TO FINANCIAL STATEMENTS.

22 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2018

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Health Care Providers & Services — 5.8%
AmerisourceBergen Corp.		2,281		169,733
Cigna Corp.		1,043		198,108
Henry Schein, Inc. * (a)		1,353		106,239
Humana, Inc.		323		92,487
Laboratory Corp. of America Holdings *		1,146		144,826
Universal Health Services, Inc., Class B		1,339		156,122
				867,515
Hotels, Restaurants & Leisure — 1.3%
Hilton Worldwide Holdings, Inc.		2,790		200,299
Household Durables — 1.7%
Mohawk Industries, Inc. *		1,394		163,015
Newell Brands, Inc. (a)		5,037		93,629
				256,644
Household Products — 0.6%
Energizer Holdings, Inc.		1,840		83,077
Industrial Conglomerates — 0.8%
Carlisle Cos., Inc.		1,169		117,541
Insurance — 8.2%
Alleghany Corp.		170		105,662
Hartford Financial Services Group, Inc. (The)		4,705		209,134
Lincoln National Corp.		1,798		92,233
Loews Corp.		6,380		290,404
Marsh & McLennan Cos., Inc.		1,838		146,613
Principal Financial Group, Inc.		1,725		76,181
Progressive Corp. (The)		2,451		147,882
Unum Group		2,115		62,149
WR Berkley Corp.		1,302		96,267
				1,226,525
Interactive Media & Services — 0.6%
Match Group, Inc. (a)		2,202		94,174
Internet & Direct Marketing Retail — 1.4%
Expedia Group, Inc.		1,884		212,192
IT Services — 1.0%
Jack Henry & Associates, Inc.		1,197		151,439
Machinery — 2.9%
IDEX Corp.		1,112		140,442
Middleby Corp. (The) *		1,045		107,383
Snap-on, Inc.		1,280		185,913
				433,738
Media — 1.1%
CBS Corp. (Non-Voting), Class B		2,041		89,232

INVESTMENTS	SHARES (000)		VALUE ($000)
Media — continued
DISH Network Corp., Class A *		3,115		77,783
				167,015
Mortgage Real Estate Investment Trusts (REITs) — 0.3%
Starwood Property Trust, Inc. (a)		2,319		45,713
Multiline Retail — 1.9%
Kohl’s Corp.		2,841		188,472
Nordstrom, Inc.		2,177		101,463
				289,935
Multi-Utilities — 5.5%
CMS Energy Corp.		6,460		320,759
Sempra Energy		1,802		194,938
WEC Energy Group, Inc.		4,445		307,888
				823,585
Oil, Gas & Consumable Fuels — 6.2%
Cabot Oil & Gas Corp.		3,786		84,619
Diamondback Energy, Inc.		3,162		293,089
EQT Corp.		5,316		100,412
Equitrans Midstream Corp. * (a)		4,897		98,044
PBF Energy, Inc., Class A		2,836		92,660
Williams Cos., Inc. (The)		11,608		255,945
				924,769
Personal Products — 0.9%
Coty, Inc., Class A		8,337		54,689
Edgewell Personal Care Co. * (a)		2,033		75,947
				130,636
Real Estate Management & Development — 1.4%
CBRE Group, Inc., Class A *		4,048		162,067
Cushman & Wakefield plc * (a)		2,831		40,967
				203,034
Semiconductors & Semiconductor Equipment — 1.1%
Analog Devices, Inc.		1,962		168,436
Software — 1.0%
Synopsys, Inc. *		1,810		152,455
Specialty Retail — 4.1%
AutoZone, Inc. *		267		223,761
Best Buy Co., Inc.		2,337		123,767
Gap, Inc. (The)		5,359		138,048
Tiffany & Co. (a)		1,670		134,464
				620,040
Textiles, Apparel & Luxury Goods — 1.7%
PVH Corp.		1,474		137,021

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 23

JPMorgan Mid Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Textiles, Apparel & Luxury Goods — continued
Ralph Lauren Corp.		1,171		121,101
				258,122
Trading Companies & Distributors — 0.9%
MSC Industrial Direct Co., Inc., Class A		1,762		135,525
Total Common Stocks (Cost $11,042,473)				14,969,376
Short-Term Investments — 1.9%
Investment Companies — 1.9%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.40% (b) (c) (Cost $286,144)		286,144		286,144
Investment of Cash Collateral from Securities Loaned — 0.7%
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.60% (b) (c)		89,009		89,000
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (b) (c)		14,483		14,483
Total Investment of Cash Collateral from Securities Loaned (Cost $103,483)				103,483
Total Investments — 102.2% (Cost $11,432,100)				15,359,003
Liabilities in Excess of Other Assets — (2.2%)				(334,853	)
NET ASSETS — 100.0%				15,024,150

Percentages indicated are based on net assets.

(a)	The security or a portion of this security is on loan at December 31, 2018. The total value of securities on loan at December 31, 2018 is approximately $101,814,000.
(b)	Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(c)	The rate shown is the current yield as of December 31, 2018.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

24 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2018

JPMorgan Value Advantage Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 99.5%
Aerospace & Defense — 1.0%
United Technologies Corp.		910		96,872
Airlines — 2.2%
Delta Air Lines, Inc.		3,023		150,832
Southwest Airlines Co.		1,464		68,056
				218,888
Banks — 14.2%
Bank of America Corp.		12,743		313,978
Citigroup, Inc.		2,049		106,673
Citizens Financial Group, Inc.		3,057		90,882
Fifth Third Bancorp		2,423		57,014
First Republic Bank		554		48,174
M&T Bank Corp.		1,017		145,537
PNC Financial Services Group, Inc. (The)		1,430		167,226
SunTrust Banks, Inc.		2,163		109,100
US Bancorp		2,195		100,320
Wells Fargo & Co.		5,795		267,039
				1,405,943
Beverages — 0.9%
Keurig Dr Pepper, Inc.		1,657		42,490
Molson Coors Brewing Co., Class B		857		48,149
				90,639
Capital Markets — 4.1%
Charles Schwab Corp. (The)		1,833		76,141
Invesco Ltd.		2,329		38,994
Morgan Stanley		2,423		96,089
Northern Trust Corp.		757		63,240
T. Rowe Price Group, Inc.		1,383		127,645
				402,109
Chemicals — 0.2%
AdvanSix, Inc. *		1,021		24,858
Communications Equipment — 1.7%
Cisco Systems, Inc.		2,850		123,508
CommScope Holding Co., Inc. *		2,787		45,684
				169,192
Construction Materials — 1.4%
Martin Marietta Materials, Inc. (a)		784		134,673
Consumer Finance — 3.3%
Ally Financial, Inc.		1,488		33,707
American Express Co.		1,022		97,408
Capital One Financial Corp.		2,560		193,540
				324,655

INVESTMENTS	SHARES (000)		VALUE ($000)
Containers & Packaging — 3.3%
Ball Corp.		3,444		158,358
Graphic Packaging Holding Co. (a)		5,071		53,957
Packaging Corp. of America		723		60,358
Westrock Co.		1,564		59,052
				331,725
Distributors — 0.5%
Genuine Parts Co.		530		50,924
Diversified Telecommunication Services — 1.7%
Verizon Communications, Inc.		2,959		166,354
Electric Utilities — 5.4%
American Electric Power Co., Inc.		1,740		130,019
Duke Energy Corp.		707		60,978
Edison International		733		41,585
Eversource Energy		962		62,543
NextEra Energy, Inc.		645		112,199
Xcel Energy, Inc.		2,612		128,715
				536,039
Electronic Equipment, Instruments & Components — 0.9%
Arrow Electronics, Inc. *		1,262		87,009
Equity Real Estate Investment Trusts (REITs) — 6.6%
American Homes 4 Rent, Class A		2,680		53,192
Brixmor Property Group, Inc.		4,814		70,712
CorePoint Lodging, Inc.		1,733		21,228
EastGroup Properties, Inc.		527		48,332
Federal Realty Investment Trust		497		58,701
Kimco Realty Corp. (a)		4,166		61,028
Mid-America Apartment Communities, Inc.		1,035		99,016
Outfront Media, Inc.		3,250		58,892
Public Storage		476		96,367
Rayonier, Inc.		1,992		55,158
Weyerhaeuser Co.		1,319		28,834
				651,460
Food & Staples Retailing — 1.6%
Kroger Co. (The)		1,648		45,308
Walgreens Boots Alliance, Inc.		1,647		112,526
				157,834
Food Products — 0.9%
Post Holdings, Inc. *		1,021		91,028
Health Care Equipment & Supplies — 0.5%
Medtronic plc		593		53,939
Health Care Providers & Services — 1.9%
AmerisourceBergen Corp.		672		50,027

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 25

JPMorgan Value Advantage Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Health Care Providers & Services — continued
HCA Healthcare, Inc.		341		42,380
UnitedHealth Group, Inc.		367		91,436
				183,843
Hotels, Restaurants & Leisure — 1.1%
Brinker International, Inc. (a)		770		33,854
Hilton Worldwide Holdings, Inc.		1,003		72,030
				105,884
Household Products — 2.1%
Clorox Co. (The) (a)		263		40,477
Energizer Holdings, Inc.		1,122		50,666
Procter & Gamble Co. (The)		1,229		112,927
				204,070
Industrial Conglomerates — 1.7%
Carlisle Cos., Inc.		564		56,664
Honeywell International, Inc.		832		109,874
				166,538
Insurance — 7.8%
Alleghany Corp.		66		41,012
American International Group, Inc.		2,479		97,704
Chubb Ltd.		637		82,319
Fairfax Financial Holdings Ltd. (Canada)		109		48,184
Hartford Financial Services Group, Inc. (The)		1,888		83,925
Loews Corp.		3,896		177,355
Marsh & McLennan Cos., Inc.		975		77,720
Prudential Financial, Inc.		386		31,466
Travelers Cos., Inc. (The)		911		109,077
Unum Group		740		21,738
				770,500
Internet & Direct Marketing Retail — 0.6%
Expedia Group, Inc.		494		55,614
Machinery — 1.9%
Dover Corp.		974		69,120
Illinois Tool Works, Inc.		669		84,778
Middleby Corp. (The) *		325		33,429
				187,327
Media — 4.0%
CBS Corp. (Non-Voting), Class B		1,251		54,697
Charter Communications, Inc., Class A *		426		121,451
DISH Network Corp., Class A *		3,999		99,863
Entercom Communications Corp., Class A (a)		6,516		37,209
Nexstar Media Group, Inc., Class A		1,063		83,609
				396,829

INVESTMENTS	SHARES (000)		VALUE ($000)
Multiline Retail — 1.7%
Kohl’s Corp.		1,292		85,713
Nordstrom, Inc.		1,801		83,963
				169,676
Multi-Utilities — 0.4%
NiSource, Inc. (a)		1,422		36,058
Oil, Gas & Consumable Fuels — 8.6%
Chevron Corp.		590		64,230
ConocoPhillips		1,675		104,428
Diamondback Energy, Inc.		457		42,345
EQT Corp. (a)		1,914		36,157
Equitrans Midstream Corp. *		1,485		29,728
Exxon Mobil Corp.		2,063		140,677
Kinder Morgan, Inc.		6,784		104,332
Marathon Petroleum Corp.		1,256		74,141
Occidental Petroleum Corp.		1,478		90,738
PBF Energy, Inc., Class A		659		21,541
Phillips 66		653		56,237
Williams Cos., Inc. (The)		3,737		82,390
				846,944
Personal Products — 0.3%
Coty, Inc., Class A		5,088		33,378
Pharmaceuticals — 7.8%
Allergan plc		660		88,267
Johnson & Johnson		1,319		170,271
Merck & Co., Inc.		2,685		205,172
Pfizer, Inc.		7,121		310,832
				774,542
Real Estate Management & Development — 0.9%
CBRE Group, Inc., Class A *		2,255		90,278
Semiconductors & Semiconductor Equipment — 2.7%
Analog Devices, Inc.		893		76,646
QUALCOMM, Inc.		953		54,208
Texas Instruments, Inc.		1,442		136,285
				267,139
Software — 1.2%
Microsoft Corp.		1,133		115,040
Specialty Retail — 3.5%
AutoZone, Inc. *		171		143,569
Best Buy Co., Inc.		845		44,745
Home Depot, Inc. (The)		318		54,556
Murphy USA, Inc. *		766		58,677

SEE NOTES TO FINANCIAL STATEMENTS.

26 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2018

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Specialty Retail — continued
Tiffany & Co. (a)		558		44,924
				346,471
Technology Hardware, Storage & Peripherals — 0.4%
Hewlett Packard Enterprise Co.		2,915		38,510
Textiles, Apparel & Luxury Goods —0.5%
Columbia Sportswear Co. (a)		559		46,984
Total Common Stocks (Cost $8,164,982)				9,829,766
	No. of Rights (000)
Rights — 0.0% (b)
Media — 0.0% (b)
Media General, Inc., CVR * ‡ (Cost $—)		2,982		146
	SHARES (000)
Short-Term Investments — 0.9%
Investment Companies — 0.9%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.40% (c) (d) (Cost $89,301)		89,301		89,301
Investment of Cash Collateral from Securities Loaned — 0.8%
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.60% (c) (d)		63,006		63,000
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (c) (d)		12,166		12,166
Total Investment of Cash Collateral from Securities Loaned (Cost $75,166)				75,166
Total Investments — 101.2% (Cost $8,329,449)				9,994,379
Liabilities in Excess of Other Assets — (1.2%)				(117,032	)
NET ASSETS — 100.0%				9,877,347

Percentages indicated are based on net assets.

Abbreviations

CVR	ContingentValue Rights
(a)	The security or a portion of this security is on loan at December 31, 2018. The total value of securities on loan at December 31, 2018 is approximately $73,853,000.
(b)	Amount rounds to less than 0.1% of net assets.
(c)	Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(d)	The rate shown is the current yield as of December 31, 2018.
*	Non-income producing security.
‡	Value determined using significant unobservable inputs.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 27

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2018 (Unaudited)

(Amounts in thousands, except per share amounts)

	JPMorgan Growth Advantage Fund			JPMorgan Mid Cap Equity Fund			JPMorgan Mid Cap Growth Fund
ASSETS:
Investments in non-affiliates, at value	$	7,714,926		$	2,381,041		$	3,535,013
Investments in affiliates, at value		67,534			39,324			15,690
Investment of cash collateral received from securities loaned, at value (Note 2.B.)		138,088			47,708			133,998
Receivables:
Due from custodian		—			1,328			—
Investment securities sold		281			—			—
Fund shares sold		15,464			3,265			4,867
Dividends from non-affiliates		938			2,243			848
Dividends from affiliates		188			147			130
Securities lending income (Note 2.B.)		28			21			60
Total Assets		7,937,447			2,475,077			3,690,606
LIABILITIES:
Payables:
Due to custodian		—	(a)		—			25
Investment securities purchased		—			1,971			1,888
Collateral received on securities loaned (Note 2.B.)		138,088			47,708			133,998
Fund shares redeemed		23,681			6,160			24,973
Accrued liabilities:
Investment advisory fees		3,937			1,222			1,949
Administration fees		256			80			231
Distribution fees		762			92			242
Service fees		831			140			348
Custodian and accounting fees		51			18			26
Trustees’ and Chief Compliance Officer’s fees		—			—	(a)		—
Other		229			212			264
Total Liabilities		167,835			57,603			163,944
Net Assets	$	7,769,612		$	2,417,474		$	3,526,662

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

28 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2018

	JPMorgan Growth Advantage Fund			JPMorgan Mid Cap Equity Fund			JPMorgan Mid Cap Growth Fund
NET ASSETS:
Paid-in-Capital	$	5,423,404		$	1,930,821		$	3,046,243
Total distributable earnings (loss) (a)		2,346,208			486,653			480,419
Total Net Assets	$	7,769,612		$	2,417,474		$	3,526,662
Net Assets:
Class A	$	1,501,771		$	354,294		$	810,019
Class C		660,694			21,438			68,402
Class I		1,638,415			268,432			949,095
Class R2		49			416			34,025
Class R3		321			—			24,148
Class R4		13,470			—			13,809
Class R5		100,007			5,279			268,818
Class R6		3,854,885			1,767,615			1,358,346
Total	$	7,769,612		$	2,417,474		$	3,526,662
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		84,879			8,662			31,764
Class C		43,017			547			3,478
Class I		89,636			6,464			31,997
Class R2		3			10			1,222
Class R3		18			—			821
Class R4		737			—			466
Class R5		5,364			127			8,945
Class R6		205,499			42,573			44,986
Net Asset Value (b):
Class A — Redemption price per share	$	17.69		$	40.90		$	25.50
Class C — Offering price per share (c)		15.36			39.22			19.67
Class I — Offering and redemption price per share		18.28			41.53			29.66
Class R2 — Offering and redemption price per share		17.62			40.50			27.83
Class R3 — Offering and redemption price per share		17.70			—			29.43
Class R4 — Offering and redemption price per share		18.28			—			29.62
Class R5 — Offering and redemption price per share		18.65			41.51			30.05
Class R6 — Offering and redemption price per share		18.76			41.52			30.19
Class A maximum sales charge		5.25	%		5.25	%		5.25	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	18.67		$	43.17		$	26.91
Cost of investments in non-affiliates	$	5,371,661		$	1,876,921		$	2,992,453
Cost of investments in affiliates		67,534			39,324			15,690
Investment securities on loan, at value		135,257			47,406			132,610
Cost of investment of cash collateral		138,088			47,708			133,998

(a) Total distributable earnings have been aggregated to conform to the current presentation requirements for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 8.

(b) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

(c) Redemption price for Class C Shares varies based upon length of time the shares are held.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 29

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2018 (Unaudited)(continued)

(Amounts in thousands, except per share amounts)

	JPMorgan Mid Cap Value Fund		JPMorgan Value Advantage Fund
ASSETS:
Investments in non-affiliates, at value	$	14,969,376	$	9,829,912
Investments in affiliates, at value		286,144		89,301
Investment of cash collateral received from securities loaned, at value (Note 2.B.)		103,483		75,166
Receivables:
Fund shares sold		38,379		21,175
Interest and dividends from non-affiliates		25,360		12,782
Dividends from affiliates		782		253
Securities lending income (Note 2.B.)		48		13
Total Assets		15,423,572		10,028,602
LIABILITIES:
Payables:		—		—
Collateral received on securities loaned (Note 2.B.)		103,483		75,166
Fund shares redeemed		283,621		68,276
Accrued liabilities:
Investment advisory fees		8,526		5,138
Administration fees		965		347
Distribution fees		493		578
Service fees		1,183		1,063
Custodian and accounting fees		116		76
Trustees’ and Chief Compliance Officer’s fees		13		1
Other		1,022		610
Total Liabilities		399,422		151,255
Net Assets	$	15,024,150	$	9,877,347

SEE NOTES TO FINANCIAL STATEMENTS.

30 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2018

	JPMorgan Mid Cap Value Fund			JPMorgan Value Advantage Fund
NET ASSETS:
Paid-in-Capital	$	11,014,246		$	8,195,257
Total distributable earnings (loss) (a)		4,009,904			1,682,090
Total Net Assets	$	15,024,150		$	9,877,347
Net Assets:
Class A	$	1,514,797		$	1,113,086
Class C		164,325			498,528
Class I		2,323,938			2,224,973
Class L		9,701,063			2,388,550
Class R2		68,776			36
Class R3		61,548			1,763
Class R4		22,364			15,703
Class R5		73,299			6,310
Class R6		1,094,040			3,628,398
Total	$	15,024,150		$	9,877,347
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		46,982			36,603
Class C		5,305			16,431
Class I		71,306			72,833
Class L		294,128			78,189
Class R2		2,228			1
Class R3		1,925			59
Class R4		690			516
Class R5		2,225			207
Class R6		33,189			118,920
Net Asset Value (b):
Class A — Redemption price per share	$	32.24		$	30.41
Class C — Offering price per share (c)		30.98			30.34
Class I — Offering and redemption price per share		32.59			30.55
Class L — Offering and redemption price per share		32.98			30.55
Class R2 — Offering and redemption price per share		30.86			30.26
Class R3 — Offering and redemption price per share		31.97			30.08
Class R4 — Offering and redemption price per share		32.43			30.42
Class R5 — Offering and redemption price per share		32.95			30.49
Class R6 — Offering and redemption price per share		32.96			30.51
Class A maximum sales charge		5.25	%		5.25	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	34.03		$	32.09
Cost of investments in non-affiliates	$	11,042,473		$	8,164,982
Cost of investments in affiliates		286,144			89,301
Investment securities on loan, at value		101,814			73,853
Cost of investment of cash collateral		103,483			75,166

(a) Total distributable earnings have been aggregated to conform to the current presentation requirements for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 8.

(b) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

(c) Redemption price for Class C Shares varies based upon length of time the shares are held.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 31

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited)

(Amounts in thousands)

	JPMorgan Growth Advantage Fund			JPMorgan Mid Cap Equity Fund			JPMorgan Mid Cap Growth Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	1		$	—	(a)	$	1
Interest income from affiliates		—	(a)		—	(a)		—	(a)
Dividend income from non-affiliates		26,231			21,390			10,729
Dividend income from affiliates		2,606			917			1,290
Income from securities lending (net)		74			28			82
Total investment income		28,912			22,335			12,102
EXPENSES:
Investment advisory fees		29,064			8,935			13,067
Administration fees		3,626			1,115			1,630
Distribution fees:
Class A		2,171			508			1,170
Class C		2,859			99			304
Class R2		—	(a)		1			100
Class R3		—	(a)		—			35
Service fees:
Class A		2,171			508			1,170
Class C		953			33			101
Class I		2,349			393			1,420
Class R2		—	(a)		1			50
Class R3		—	(a)		—			35
Class R4		16			—			19
Class R5		58			3			156
Custodian and accounting fees		112			38			59
Interest expense to affiliates		—			1			—
Professional fees		71			41			45
Trustees’ and Chief Compliance Officer’s fees		30			17			21
Printing and mailing costs		220			48			121
Registration and filing fees		177			80			81
Transfer agency fees (See Note 2.E.)		117			26			197
Other		77			21			36
Total expenses		44,071			11,868			19,817
Less fees waived		(5,166	)		(1,621	)		(940	)
Less expense reimbursements		(12	)		—			(8	)
Net expenses		38,893			10,247			18,869
Net investment income (loss)		(9,981	)		12,088			(6,767	)
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from investments in non-affiliates		323,813			68,104			26,218
Change in net unrealized appreciation/depreciation on investments in non-affiliates		(1,279,138	)		(373,677	)		(444,145	)
Net realized/unrealized gains (losses)		(955,325	)		(305,573	)		(417,927	)
Change in net assets resulting from operations	$	(965,306	)	$	(293,485	)	$	(424,694	)

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

32 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2018

	JPMorgan Mid Cap Value Fund			JPMorgan Value Advantage Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	—	(a)	$	—	(a)
Interest income from affiliates		—	(a)		—	(a)
Dividend income from non-affiliates		234,395			162,477
Dividend income from affiliates		6,229			2,637
Income from securities lending (net)		99			23
Total investment income		240,723			165,137
EXPENSES:
Investment advisory fees		58,889			37,442
Administration fees		7,348			4,672
Distribution fees:
Class A		2,303			1,635
Class C		751			2,177
Class R2		203			—	(a)
Class R3		86			2
Service fees:
Class A		2,303			1,635
Class C		251			726
Class I		3,593			3,073
Class L		5,867			1,553
Class R2		101			—	(a)
Class R3		86			2
Class R4		25			22
Class R5		42			3
Custodian and accounting fees		231			151
Professional fees		106			88
Trustees’ and Chief Compliance Officer’s fees		38			34
Printing and mailing costs		427			226
Registration and filing fees		233			214
Transfer agency fees (See Note 2.E.)		440			118
Other		169			89
Total expenses		83,492			53,862
Less fees waived		(6,713	)		(6,432	)
Less expense reimbursements		(97	)		(12	)
Net expenses		76,682			47,418
Net investment income (loss)		164,041			117,719
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		421,731			244,627
Investments in affiliates		—	(a)		—
Net realized gain (loss)		421,731			244,627
Change in net unrealized appreciation/depreciation on investments in non-affiliates		(2,622,701	)		(1,231,117	)
Net realized/unrealized gains (losses)		(2,200,970	)		(986,490	)
Change in net assets resulting from operations	$	(2,036,929	)	$	(868,771	)

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 33

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	JPMorgan Growth Advantage Fund						JPMorgan Mid Cap Equity Fund
	Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018			Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	(9,981	)	$	(24,732	)	$	12,088		$	11,549
Net realized gain (loss)		323,813			694,039			68,104			280,150
Change in net unrealized appreciation/depreciation		(1,279,138	)		1,184,781			(373,677	)		63,890
Change in net assets resulting from operations		(965,306	)		1,854,088			(293,485	)		355,589
DISTRIBUTIONS TO SHAREHOLDERS: (a)
Class A		(137,182	)		(69,162	)		(41,313	)		(21,659	)
Class C		(69,324	)		(29,276	)		(2,590	)		(1,665	)
Class I		(147,315	)		(52,479	)		(31,866	)		(20,261	)
Class R2 (b)		(5	)		(1	)		(47	)		(22	)
Class R3		(27	)		(11	)		—			—
Class R4		(957	)		(1	)		—			—
Class R5		(8,804	)		(4,273	)		(621	)		(317	)
Class R6		(334,548	)		(165,239	)		(209,503	)		(126,390	)
Total distributions to shareholders		(698,162	)		(320,442	)		(285,940	)		(170,314	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		741,493			60,031			263,191			(260,045	)
NET ASSETS:
Change in net assets		(921,975	)		1,593,677			(316,234	)		(74,770	)
Beginning of period		8,691,587			7,097,910			2,733,708			2,808,478
End of period	$	7,769,612		$	8,691,587		$	2,417,474		$	2,733,708

(a) The prior period distributions have been reclassified to conform to current period presentation for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 8. Prior period balances were as follows:

	JPMorgan Growth Advantage Fund			JPMorgan Mid Cap Equity Fund
Class A
From net realized gains	$	(69,162	)	$	(21,659	)
Class C
From net realized gains		(29,276	)		(1,665	)
Class I
From net investment income		—			(521	)
From net realized gains		(52,479	)		(19,740	)
Class R2 (b)
From net realized gains		(1	)		(22	)
Class R3
From net realized gains		(11	)		—
Class R4
From net realized gains		(1	)		—
Class R5
From net investment income		—			(17	)
From net realized gains		(4,273	)		(300	)
Class R6
From net investment income		—			(7,565	)
From net realized gains		(165,239	)		(118,825	)

(b) Commencement of offering of class of shares effective July 31, 2017 for JPMorgan Growth Advantage Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

34 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2018

	JPMorgan Mid Cap Growth Fund						JPMorgan Mid Cap Value Fund
	Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018			Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	(6,767	)	$	(12,093	)	$	164,041		$	165,452
Net realized gain (loss)		26,218			321,274			421,731			714,557
Change in net unrealized appreciation/depreciation		(444,145	)		272,913			(2,622,701	)		323,839
Change in net assets resulting from operations		(424,694	)		582,094			(2,036,929	)		1,203,848
DISTRIBUTIONS TO SHAREHOLDERS: (a)
Class A		(64,068	)		(64,175	)		(113,824	)		(50,500	)
Class C		(6,859	)		(6,964	)		(11,787	)		(4,819	)
Class I		(66,577	)		(64,653	)		(180,706	)		(76,469	)
Class L		—			—			(790,206	)		(339,034	)
Class R2		(2,466	)		(2,500	)		(5,220	)		(1,965	)
Class R3		(1,655	)		(102	)		(4,506	)		(1,355	)
Class R4		(921	)		(242	)		(1,721	)		(385	)
Class R5		(18,376	)		(16,962	)		(5,681	)		(2,165	)
Class R6		(90,888	)		(63,898	)		(86,808	)		(19,369	)
Total distributions to shareholders		(251,810	)		(219,496	)		(1,200,459	)		(496,061	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		285,922			466,368			(22,313	)		(826,948	)
NET ASSETS:
Change in net assets		(390,582	)		828,966			(3,259,701	)		(119,161	)
Beginning of period		3,917,244			3,088,278			18,283,851			18,403,012
End of period	$	3,526,662		$	3,917,244		$	15,024,150		$	18,283,851

(a) The prior period distributions have been reclassified to conform to current period presentation for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 8. Prior period balances were as follows:

	JPMorgan Mid Cap Growth Fund			JPMorgan Mid Cap Value Fund
Class A
From net investment income	$	—		$	(10,151	)
From net realized gains		(64,175	)		(40,349	)
Class C
From net realized gains		(6,964	)		(4,819	)
Class I
From net investment income		—			(21,474	)
From net realized gains		(64,653	)		(54,995	)
Class L
From net investment income		—			(115,010	)
From net realized gains		—			(224,024	)
Class R2
From net investment income		—			(285	)
From net realized gains		(2,500	)		(1,680	)
Class R3
From net investment income		—			(401	)
From net realized gains		(102	)		(954	)
Class R4
From net investment income		—			(124	)
From net realized gains		(242	)		(261	)
Class R5
From net investment income		—			(715	)
From net realized gains		(16,962	)		(1,450	)
Class R6
From net investment income		—			(6,725	)
From net realized gains		(63,898	)		(12,644	)

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 35

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Value Advantage Fund
	Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	117,719		$	153,657
Net realized gain (loss)		244,627			371,543
Change in net unrealized appreciation/depreciation		(1,231,117	)		415,090
Change in net assets resulting from operations		(868,771	)		940,290
DISTRIBUTIONS TO SHAREHOLDERS: (a)
Class A		(75,407	)		(26,776	)
Class C		(31,120	)		(7,814	)
Class I		(161,614	)		(50,925	)
Class L		(175,343	)		(90,228	)
Class R2 (b)		(3	)		—	(c)
Class R3		(122	)		(17	)
Class R4		(1,103	)		(43	)
Class R5		(452	)		(115	)
Class R6		(263,786	)		(77,658	)
Total distributions to shareholders		(708,950	)		(253,576	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		70,831			(360,503	)
NET ASSETS:
Change in net assets		(1,506,890	)		326,211
Beginning of period		11,384,237			11,058,026
End of period	$	9,877,347		$	11,384,237

(a) The prior period distributions have been reclassified to conform to current period presentation for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 8. Prior period balances were as follows:

	JPMorgan Value Advantage Fund
Class A
From net investment income	$	(12,114	)
From net realized gains		(14,662	)
Class C
From net investment income		(1,306	)
From net realized gains		(6,508	)
Class I
From net investment income		(27,074	)
From net realized gains		(23,851	)
Class L
From net investment income		(51,294	)
From net realized gains		(38,934	)
Class R2 (b)
From net investment income		—	(c)
From net realized gains		—	(c)
Class R3
From net investment income		(9	)
From net realized gains		(8	)
Class R4
From net investment income		(24	)
From net realized gains		(19	)
Class R5
From net investment income		(65	)
From net realized gains		(50	)
Class R6
From net investment income		(44,453	)
From net realized gains		(33,205	)

(b) Commencement of offering of class of shares effective July 31, 2017.

(c) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

36 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2018

	JPMorgan Growth Advantage Fund						JPMorgan Mid Cap Equity Fund
	Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018			Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	214,101		$	385,379		$	49,447		$	69,668
Distributions reinvested		134,593			67,889			41,253			21,589
Cost of shares redeemed		(248,175	)		(604,708	)		(53,826	)		(90,548	)
Change in net assets resulting from Class A capital transactions	$	100,519		$	(151,440	)	$	36,874		$	709
Class C
Proceeds from shares issued	$	92,928		$	167,812		$	1,008		$	2,589
Distributions reinvested		66,057			27,785			2,589			1,665
Cost of shares redeemed		(83,772	)		(179,201	)		(4,470	)		(8,820	)
Change in net assets resulting from Class C capital transactions	$	75,213		$	16,396		$	(873	)	$	(4,566	)
Class I
Proceeds from shares issued	$	425,158		$	820,383		$	24,303		$	67,824
Distributions reinvested		135,181			48,329			31,662			19,948
Cost of shares redeemed		(315,905	)		(1,088,919	)		(48,681	)		(567,749	)
Change in net assets resulting from Class I capital transactions	$	244,434		$	(220,207	)	$	7,284		$	(479,977	)
Class R2 (a)
Proceeds from shares issued	$	17		$	40		$	34		$	75
Distributions reinvested		5			1			40			19
Cost of shares redeemed		(4	)		(2	)		(2	)		(284	)
Change in net assets resulting from Class R2 capital transactions	$	18		$	39		$	72		$	(190	)
Class R3
Proceeds from shares issued	$	92		$	379		$	—		$	—
Distributions reinvested		27			11			—			—
Cost of shares redeemed		—	(b)		(187	)		—			—
Change in net assets resulting from Class R3 capital transactions	$	119		$	203		$	—		$	—
Class R4
Proceeds from shares issued	$	3,974		$	12,768		$	—		$	—
Distributions reinvested		957			1			—			—
Cost of shares redeemed		(1,045	)		(1,127	)		—			—
Change in net assets resulting from Class R4 capital transactions	$	3,886		$	11,642		$	—		$	—
Class R5
Proceeds from shares issued	$	12,640		$	22,793		$	—		$	4,460
Distributions reinvested		8,802			4,273			621			317
Cost of shares redeemed		(13,023	)		(31,002	)		(595	)		(361	)
Change in net assets resulting from Class R5 capital transactions	$	8,419		$	(3,936	)	$	26		$	4,416
Class R6
Proceeds from shares issued	$	412,977		$	1,307,512		$	136,277		$	659,956
Distributions reinvested		333,918			165,238			209,472			126,386
Cost of shares redeemed		(438,010	)		(1,065,416	)		(125,941	)		(566,779	)
Change in net assets resulting from Class R6 capital transactions	$	308,885		$	407,334		$	219,808		$	219,563
Total change in net assets resulting from capital transactions	$	741,493		$	60,031		$	263,191		$	(260,045	)

(a) Commencement of offering of class of shares effective July 31, 2017 for JPMorgan Growth Advantage Fund.

(b) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 37

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Growth Advantage Fund						JPMorgan Mid Cap Equity Fund
	Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018			Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018
SHARE TRANSACTIONS:
Class A
Issued		10,056			19,063			997			1,371
Reinvested		7,186			3,464			952			435
Redeemed		(11,716	)		(29,518	)		(1,100	)		(1,784	)
Change in Class A Shares		5,526			(6,991	)		849			22
Class C
Issued		4,896			9,329			21			52
Reinvested		4,060			1,603			63			35
Redeemed		(4,604	)		(10,165	)		(94	)		(180	)
Change in Class C Shares		4,352			767			(10	)		(93	)
Class I
Issued		19,146			39,183			475			1,338
Reinvested		6,986			2,400			719			396
Redeemed		(14,904	)		(55,106	)		(961	)		(11,347	)
Change in Class I Shares		11,228			(13,523	)		233			(9,613	)
Class R2 (a)
Issued		1			2			1			3
Reinvested		—	(b)		—	(b)		1			—	(b)
Redeemed		—	(b)		—	(b)		(1	)		(6	)
Change in Class R2 Shares		1			2			1			(3	)
Class R3
Issued		5			20			—			—
Reinvested		1			—	(b)		—			—
Redeemed		—	(b)		(9	)		—			—
Change in Class R3 Shares		6			11			—			—
Class R4
Issued		196			587			—			—
Reinvested		50			—	(b)		—			—
Redeemed		(46	)		(51	)		—			—
Change in Class R4 Shares		200			536			—			—
Class R5
Issued		546			1,072			—			88
Reinvested		446			209			14			6
Redeemed		(586	)		(1,457	)		(11	)		(7	)
Change in Class R5 Shares		406			(176	)		3			87
Class R6
Issued		18,215			63,769			2,657			13,118
Reinvested		16,814			8,033			4,754			2,502
Redeemed		(19,598	)		(49,818	)		(2,445	)		(10,935	)
Change in Class R6 Shares		15,431			21,984			4,966			4,685

(a) Commencement of offering of class of shares effective July 31, 2017 for JPMorgan Growth Advantage Fund.

(b) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

38 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2018

	JPMorgan Mid Cap Growth Fund						JPMorgan Mid Cap Value Fund
	Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018			Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	56,848		$	118,397		$	118,629		$	363,088
Distributions reinvested		61,839			61,743			101,730			45,299
Cost of shares redeemed		(81,894	)		(251,332	)		(357,388	)		(671,647	)
Change in net assets resulting from Class A capital transactions	$	36,793		$	(71,192	)	$	(137,029	)	$	(263,260	)
Class C
Proceeds from shares issued	$	8,903		$	14,077		$	11,161		$	7,880
Distributions reinvested		6,348			6,179			10,374			4,180
Cost of shares redeemed		(14,693	)		(35,034	)		(37,393	)		(263,384	)
Change in net assets resulting from Class C capital transactions	$	558		$	(14,778	)	$	(15,858	)	$	(251,324	)
Class I
Proceeds from shares issued	$	115,935		$	339,754		$	413,271		$	751,430
Distributions reinvested		63,129			61,456			166,354			70,707
Cost of shares redeemed		(187,907	)		(427,645	)		(747,800	)		(851,133	)
Change in net assets resulting from Class I capital transactions	$	(8,843	)	$	(26,435	)	$	(168,175	)	$	(28,996	)
Class L
Proceeds from shares issued	$	—		$	—		$	961,927		$	1,968,939
Distributions reinvested		—			—			713,339			306,493
Cost of shares redeemed		—			—			(1,659,990	)		(3,432,839	)
Change in net assets resulting from Class L capital transactions	$	—		$	—		$	15,276		$	(1,157,407	)
Class R2
Proceeds from shares issued	$	6,220		$	14,239		$	7,637		$	17,627
Distributions reinvested		2,347			2,362			4,936			1,815
Cost of shares redeemed		(6,333	)		(17,165	)		(11,347	)		(25,651	)
Change in net assets resulting from Class R2 capital transactions	$	2,234		$	(564	)	$	1,226		$	(6,209	)
Class R3
Proceeds from shares issued	$	4,397		$	27,693		$	16,804		$	51,385
Distributions reinvested		1,655			102			4,297			1,347
Cost of shares redeemed		(3,935	)		(1,822	)		(9,500	)		(10,294	)
Change in net assets resulting from Class R3 capital transactions	$	2,117		$	25,973		$	11,601		$	42,438
Class R4
Proceeds from shares issued	$	3,101		$	14,393		$	8,478		$	18,175
Distributions reinvested		921			242			1,720			385
Cost of shares redeemed		(1,935	)		(897	)		(1,306	)		(4,544	)
Change in net assets resulting from Class R4 capital transactions	$	2,087		$	13,738		$	8,892		$	14,016
Class R5
Proceeds from shares issued	$	45,206		$	79,191		$	8,248		$	70,982
Distributions reinvested		17,215			15,915			5,681			2,165
Cost of shares redeemed		(57,457	)		(59,057	)		(9,664	)		(21,198	)
Change in net assets resulting from Class R5 capital transactions	$	4,964		$	36,049		$	4,265		$	51,949
Class R6
Proceeds from shares issued	$	311,844		$	649,363		$	348,686		$	924,565
Distributions reinvested		90,442			63,657			82,670			18,935
Cost of shares redeemed		(156,274	)		(209,443	)		(173,867	)		(171,655	)
Change in net assets resulting from Class R6 capital transactions	$	246,012		$	503,577		$	257,489		$	771,845
Total change in net assets resulting from capital transactions	$	285,922		$	466,368		$	(22,313	)	$	(826,948	)

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 39

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Mid Cap Growth Fund						JPMorgan Mid Cap Value Fund
	Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018			Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018
SHARE TRANSACTIONS:
Class A
Issued		1,861			3,941			3,164			9,353
Reinvested		2,301			2,145			2,966			1,153
Redeemed		(2,719	)		(8,462	)		(9,276	)		(17,242	)
Change in Class A Shares		1,443			(2,376	)		(3,146	)		(6,736	)
Class C
Issued		381			586			334			210
Reinvested		306			271			315			111
Redeemed		(613	)		(1,457	)		(1,032	)		(7,079	)
Change in Class C Shares		74			(600	)		(383	)		(6,758	)
Class I
Issued		3,302			9,954			11,025			19,096
Reinvested		2,019			1,861			4,798			1,778
Redeemed		(5,511	)		(12,666	)		(19,721	)		(21,586	)
Change in Class I Shares		(190	)		(851	)		(3,898	)		(712	)
Class L
Issued		—			—			24,439			49,400
Reinvested		—			—			20,337			7,611
Redeemed		—			—			(43,991	)		(86,072	)
Change in Class L Shares		—			—			785			(29,061	)
Class R2
Issued		185			437			207			472
Reinvested		80			75			150			48
Redeemed		(192	)		(526	)		(310	)		(686	)
Change in Class R2 Shares		73			(14	)		47			(166	)
Class R3
Issued		125			799			436			1,326
Reinvested		53			3			127			34
Redeemed		(113	)		(51	)		(244	)		(265	)
Change in Class R3 Shares		65			751			319			1,095
Class R4
Issued		86			419			221			464
Reinvested		30			7			50			10
Redeemed		(55	)		(25	)		(33	)		(115	)
Change in Class R4 Shares		61			401			238			359
Class R5
Issued		1,249			2,258			206			1,800
Reinvested		544			477			162			54
Redeemed		(1,588	)		(1,695	)		(247	)		(534	)
Change in Class R5 Shares		205			1,040			121			1,320
Class R6
Issued		8,635			18,762			8,664			23,270
Reinvested		2,842			1,899			2,355			471
Redeemed		(4,430	)		(6,005	)		(4,551	)		(4,290	)
Change in Class R6 Shares		7,047			14,656			6,468			19,451

SEE NOTES TO FINANCIAL STATEMENTS.

40 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2018

	JPMorgan Value Advantage Fund
	Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	117,960		$	302,187
Distributions reinvested		70,886			25,163
Cost of shares redeemed		(248,814	)		(497,550	)
Change in net assets resulting from Class A capital transactions	$	(59,968	)	$	(170,200	)
Class C
Proceeds from shares issued	$	30,813		$	58,391
Distributions reinvested		28,076			7,029
Cost of shares redeemed		(75,187	)		(261,978	)
Change in net assets resulting from Class C capital transactions	$	(16,298	)	$	(196,558	)
Class I
Proceeds from shares issued	$	697,056		$	844,644
Distributions reinvested		145,394			44,769
Cost of shares redeemed		(545,909	)		(897,538	)
Change in net assets resulting from Class I capital transactions	$	296,541		$	(8,125	)
Class L
Proceeds from shares issued	$	424,278		$	1,135,519
Distributions reinvested		161,936			85,647
Cost of shares redeemed		(1,081,321	)		(1,811,163	)
Change in net assets resulting from Class L capital transactions	$	(495,107	)	$	(589,997	)
Class R2 (a)
Proceeds from shares issued	$	6		$	38
Distributions reinvested		2			—	(b)
Cost of shares redeemed		(6	)		(1	)
Change in net assets resulting from Class R2 capital transactions	$	2		$	37
Class R3
Proceeds from shares issued	$	849		$	793
Distributions reinvested		109			14
Cost of shares redeemed		(13	)		(103	)
Change in net assets resulting from Class R3 capital transactions	$	945		$	704
Class R4
Proceeds from shares issued	$	1,291		$	19,694
Distributions reinvested		1,103			43
Cost of shares redeemed		(1,447	)		(2,597	)
Change in net assets resulting from Class R4 capital transactions	$	947		$	17,140
Class R5
Proceeds from shares issued	$	1,314		$	6,381
Distributions reinvested		452			115
Cost of shares redeemed		(532	)		(1,014	)
Change in net assets resulting from Class R5 capital transactions	$	1,234		$	5,482
Class R6
Proceeds from shares issued	$	321,398		$	1,235,372
Distributions reinvested		263,676			77,658
Cost of shares redeemed		(242,539	)		(732,016	)
Change in net assets resulting from Class R6 capital transactions	$	342,535		$	581,014
Total change in net assets resulting from capital transactions	$	70,831		$	(360,503	)

(a) Commencement of offering of class of shares effective July 31, 2017.

(b) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 41

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Value Advantage Fund
	Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018
SHARE TRANSACTIONS:
Class A
Issued		3,379			8,673
Reinvested		2,205			704
Redeemed		(7,031	)		(14,215	)
Change in Class A Shares		(1,447	)		(4,838	)
Class C
Issued		893			1,674
Reinvested		875			198
Redeemed		(2,145	)		(7,551	)
Change in Class C Shares		(377	)		(5,679	)
Class I
Issued		19,534			24,044
Reinvested		4,502			1,245
Redeemed		(15,701	)		(25,207	)
Change in Class I Shares		8,335			82
Class L
Issued		11,852			32,262
Reinvested		5,015			2,380
Redeemed		(30,100	)		(51,546	)
Change in Class L Shares		(13,233	)		(16,904	)
Class R2 (a)
Issued		—	(b)		1
Reinvested		—	(b)		—	(b)
Redeemed		—	(b)		—	(b)
Change in Class R2 Shares		—	(b)		1
Class R3
Issued		24			22
Reinvested		3			1
Redeemed		—	(b)		(3	)
Change in Class R3 Shares		27			20
Class R4
Issued		36			558
Reinvested		34			1
Redeemed		(40	)		(74	)
Change in Class R4 Shares		30			485
Class R5
Issued		36			186
Reinvested		14			3
Redeemed		(15	)		(29	)
Change in Class R5 Shares		35			160
Class R6
Issued		8,940			35,495
Reinvested		8,179			2,160
Redeemed		(6,893	)		(20,295	)
Change in Class R6 Shares		10,226			17,360

(a) Commencement of offering of class of shares effective July 31, 2017.

(b) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

42 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2018

THIS PAGE IS INTENTIONALLY LEFT BLANK

DECEMBER 31, 2017 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 43

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net realized gain
JPMorgan Growth Advantage Fund
Class A
Six Months Ended December 31, 2018 (Unaudited)	$	21.73	$	(0.05	)	$	(2.23	)	$	(2.28	)		$(1.76	)
Year Ended June 30, 2018		17.95		(0.12	)		4.74			4.62			(0.84	)
Year Ended June 30, 2017		14.42		(0.09	)		3.62			3.53			—
Year Ended June 30, 2016		15.74		(0.08	)		(0.71	)		(0.79	)		(0.53	)
Year Ended June 30, 2015		14.24		(0.10	)		2.17			2.07			(0.57	)
Year Ended June 30, 2014		11.43		(0.07	)		3.52			3.45			(0.64	)
Class C
Six Months Ended December 31, 2018 (Unaudited)		19.16		(0.09	)		(1.95	)		(2.04	)		(1.76	)
Year Ended June 30, 2018		15.99		(0.19	)		4.20			4.01			(0.84	)
Year Ended June 30, 2017		12.91		(0.15	)		3.23			3.08			—
Year Ended June 30, 2016		14.22		(0.14	)		(0.64	)		(0.78	)		(0.53	)
Year Ended June 30, 2015		12.98		(0.15	)		1.96			1.81			(0.57	)
Year Ended June 30, 2014		10.51		(0.12	)		3.23			3.11			(0.64	)
Class I
Six Months Ended December 31, 2018 (Unaudited)		22.36		(0.03	)		(2.29	)		(2.32	)		(1.76	)
Year Ended June 30, 2018		18.40		(0.07	)		4.87			4.80			(0.84	)
Year Ended June 30, 2017		14.75		(0.05	)		3.70			3.65			—
Year Ended June 30, 2016		16.06		(0.06	)		(0.72	)		(0.78	)		(0.53	)
Year Ended June 30, 2015		14.50		(0.07	)		2.20			2.13			(0.57	)
Year Ended June 30, 2014		11.60		(0.04	)		3.58			3.54			(0.64	)
Class R2
Six Months Ended December 31, 2018 (Unaudited)		21.68		(0.08	)		(2.22	)		(2.30	)		(1.76	)
July 31, 2017 (f) through June 30, 2018		18.47		(0.14	)		4.19			4.05			(0.84	)
Class R3
Six Months Ended December 31, 2018 (Unaudited)		21.74		(0.05	)		(2.23	)		(2.28	)		(1.76	)
Year Ended June 30, 2018		17.96		(0.11	)		4.73			4.62			(0.84	)
May 31, 2017 (f) through June 30, 2017		17.85		(0.01	)		0.12			0.11			—
Class R4
Six Months Ended December 31, 2018 (Unaudited)		22.36		(0.03	)		(2.29	)		(2.32	)		(1.76	)
Year Ended June 30, 2018		18.40		(0.03	)		4.83			4.80			(0.84	)
May 31, 2017 (f) through June 30, 2017		18.29		—	(g)		0.11			0.11			—
Class R5
Six Months Ended December 31, 2018 (Unaudited)		22.76		(0.01	)		(2.34	)		(2.35	)		(1.76	)
Year Ended June 30, 2018		18.69		(0.04	)		4.95			4.91			(0.84	)
Year Ended June 30, 2017		14.96		(0.03	)		3.76			3.73			—
Year Ended June 30, 2016		16.25		(0.03	)		(0.73	)		(0.76	)		(0.53	)
Year Ended June 30, 2015		14.63		(0.04	)		2.23			2.19			(0.57	)
Year Ended June 30, 2014		11.68		(0.02	)		3.61			3.59			(0.64	)
Class R6
Six Months Ended December 31, 2018 (Unaudited)		22.87		—	(g)		(2.35	)		(2.35	)		(1.76	)
Year Ended June 30, 2018		18.76		(0.02	)		4.97			4.95			(0.84	)
Year Ended June 30, 2017		15.00		(0.01	)		3.77			3.76			—
Year Ended June 30, 2016		16.27		(0.01	)		(0.73	)		(0.74	)		(0.53	)
Year Ended June 30, 2015		14.64		(0.03	)		2.23			2.20			(0.57	)
December 23, 2013 (f) through June 30, 2014		13.86		(0.01	)		0.79			0.78			—

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Calculated based upon average shares outstanding.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(e) Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(f) Commencement of offering of class of shares.

(g) Amount rounds to less than $0.005.

SEE NOTES TO FINANCIAL STATEMENTS.

44 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2018

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	17.69		(10.96	)%	$	1,501,771		1.13	%		(0.49	)%		1.25	%		20	%
	21.73		26.22			1,724,681		1.16			(0.57	)		1.25			31
	17.95		24.48			1,550,092		1.24			(0.56	)		1.32			34
	14.42		(5.07	)		1,643,136		1.25			(0.55	)		1.35			46
	15.74		14.99			1,174,260		1.24			(0.65	)		1.35			46
	14.24		30.69			717,564		1.24			(0.51	)		1.31			62
	15.36		(11.18	)		660,694		1.64			(0.99	)		1.75			20
	19.16		25.60			740,817		1.66			(1.07	)		1.76			31
	15.99		23.86			605,999		1.74			(1.06	)		1.82			34
	12.91		(5.55	)		594,190		1.75			(1.04	)		1.85			46
	14.22		14.43			321,500		1.74			(1.14	)		1.84			46
	12.98		30.12			144,229		1.74			(1.01	)		1.81			62
	18.28		(10.82	)		1,638,415		0.88			(0.23	)		1.00			20
	22.36		26.56			1,753,505		0.92			(0.32	)		1.00			31
	18.40		24.75			1,691,899		1.00			(0.31	)		1.04			34
	14.75		(4.91	)		922,981		1.08			(0.41	)		1.09			46
	16.06		15.14			1,219,501		1.09			(0.48	)		1.09			46
	14.50		31.03			975,175		1.05			(0.30	)		1.06			62
	17.62		(11.07	)		49		1.39			(0.73	)		1.97			20
	21.68		22.39			43		1.41			(0.77	)		1.59			31
	17.70		(10.95	)		321		1.13			(0.47	)		1.35			20
	21.74		26.20			266		1.15			(0.53	)		1.28			31
	17.96		0.62			20		1.25			(0.55	)		1.25			34
	18.28		(10.82	)		13,470		0.88			(0.24	)		1.00			20
	22.36		26.56			12,005		0.88			(0.16	)		1.00			31
	18.40		0.60			20		0.99			(0.29	)		1.00			34
	18.65		(10.77	)		100,007		0.73			(0.09	)		0.85			20
	22.76		26.74			112,830		0.77			(0.18	)		0.85			31
	18.69		24.93			95,952		0.85			(0.17	)		0.88			34
	14.96		(4.72	)		82,358		0.89			(0.20	)		0.90			46
	16.25		15.42			58,686		0.86			(0.25	)		0.87			46
	14.63		31.25			1,453,864		0.85			(0.11	)		0.86			62
	18.76		(10.71	)		3,854,885		0.63			0.01			0.75			20
	22.87		26.86			4,347,440		0.67			(0.07	)		0.75			31
	18.76		25.07			3,153,928		0.74			(0.06	)		0.75			34
	15.00		(4.59	)		2,720,935		0.76			(0.07	)		0.76			46
	16.27		15.48			2,414,333		0.76			(0.17	)		0.77			46
	14.64		5.63			271,958		0.80			(0.15	)		0.82			62

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 45

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
	Investment operations					Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income
JPMorgan Mid Cap Equity Fund
Class A
Six Months Ended December 31, 2018 (Unaudited)	$	51.57	$	0.12		$	(5.52	)	$	(5.40	)		$(0.13)
Year Ended June 30, 2018		48.53		—	(f)		5.89			5.89			—
Year Ended June 30, 2017		42.95		(0.02	)		7.02			7.00			(0.05	)
Year Ended June 30, 2016		47.12		(0.01	)		(2.02	)		(2.03	)		(0.03	)
Year Ended June 30, 2015		44.91		(0.03	)		4.32			4.29			(0.02	)
Year Ended June 30, 2014		38.10		(0.04	)		10.25			10.21			(0.02	)
Class C
Six Months Ended December 31, 2018 (Unaudited)		49.66		0.01			(5.31	)		(5.30	)		—
Year Ended June 30, 2018		47.05		(0.24	)		5.70			5.46			—
Year Ended June 30, 2017		41.85		(0.25	)		6.82			6.57			—
Year Ended June 30, 2016		46.16		(0.23	)		(1.97	)		(2.20	)		—
Year Ended June 30, 2015		44.21		(0.25	)		4.23			3.98			—
Year Ended June 30, 2014		37.71		(0.24	)		10.12			9.88			—
Class I
Six Months Ended December 31, 2018 (Unaudited)		52.32		0.21			(5.63	)		(5.42	)		(0.23	)
Year Ended June 30, 2018		49.13		0.14			5.97			6.11			(0.07	)
Year Ended June 30, 2017		43.41		0.14			7.09			7.23			(0.14	)
Year Ended June 30, 2016		47.47		0.11			(1.99	)		(1.88	)		(0.07	)
Year Ended June 30, 2015		45.15		0.13			4.34			4.47			(0.09	)
Year Ended June 30, 2014		38.22		0.11			10.30			10.41			(0.10	)
Class R2
Six Months Ended December 31, 2018 (Unaudited)		51.08		0.05			(5.46	)		(5.41	)		(0.03	)
Year Ended June 30, 2018		48.21		(0.14	)		5.86			5.72			—
Year Ended June 30, 2017		42.75		(0.14	)		6.98			6.84			(0.01	)
Year Ended June 30, 2016		46.98		(0.13	)		(1.99	)		(2.12	)		—
Year Ended June 30, 2015		44.87		(0.14	)		4.30			4.16			—
March 14, 2014 (g) through June 30, 2014		42.92		(0.05	)		2.01			1.96			(0.01	)
Class R5
Six Months Ended December 31, 2018 (Unaudited)		52.35		0.25			(5.64	)		(5.39	)		(0.31	)
Year Ended June 30, 2018		49.17		0.24			5.94			6.18			(0.15	)
Year Ended June 30, 2017		43.43		0.18			7.11			7.29			(0.18	)
Year Ended June 30, 2016		47.49		0.18			(2.03	)		(1.85	)		(0.10	)
Year Ended June 30, 2015		45.15		0.20			4.33			4.53			(0.13	)
March 14, 2014 (g) through June 30, 2014		43.14		0.04			2.02			2.06			(0.05	)
Class R6
Six Months Ended December 31, 2018 (Unaudited)		52.39		0.26			(5.63	)		(5.37	)		(0.36	)
Year Ended June 30, 2018		49.18		0.27			5.96			6.23			(0.17	)
Year Ended June 30, 2017		43.44		0.21			7.09			7.30			(0.19	)
Year Ended June 30, 2016		47.49		0.20			(2.02	)		(1.82	)		(0.12	)
Year Ended June 30, 2015		45.15		0.20			4.34			4.54			(0.14	)
March 14, 2014 (g) through June 30, 2014		43.14		0.04			2.02			2.06			(0.05	)

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Calculated based upon average shares outstanding.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(e) Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(f) Amount rounds to less than $0.005.

(g) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

46 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2018

			Ratios/Supplemental data
													Ratios to average net assets (a)
Net realized gain			Total distributions			Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
	$ (5.14	)		$(5.27	)	$	40.90		(11.01	)%	$	354,294		1.13	%		0.48	%		1.26	%		17	%
	(2.85	)		(2.85	)		51.57		12.37			402,897		1.17			0.01			1.25			31
	(1.37	)		(1.42	)		48.53		16.61			378,055		1.24			(0.05	)		1.37			38
	(2.11	)		(2.14	)		42.95		(4.17	)		335,424		1.25			(0.03	)		1.43			39
	(2.06	)		(2.08	)		47.12		9.99			232,320		1.24			(0.06	)		1.44			41
	(3.38	)		(3.40	)		44.91		27.96			156,016		1.24			(0.08	)		1.41			47
	(5.14	)		(5.14	)		39.22		(11.23	)		21,438		1.63			0.05			1.76			17
	(2.85	)		(2.85	)		49.66		11.83			27,666		1.67			(0.50	)		1.76			31
	(1.37	)		(1.37	)		47.05		16.01			30,596		1.74			(0.56	)		1.92			38
	(2.11	)		(2.11	)		41.85		(4.64	)		32,045		1.75			(0.54	)		1.96			39
	(2.03	)		(2.03	)		46.16		9.44			25,597		1.74			(0.56	)		1.91			41
	(3.38	)		(3.38	)		44.21		27.34			20,018		1.74			(0.57	)		1.93			47
	(5.14	)		(5.37	)		41.53		(10.88	)		268,432		0.88			0.80			1.00			17
	(2.85	)		(2.92	)		52.32		12.68			326,026		0.89			0.26			1.00			31
	(1.37	)		(1.51	)		49.13		17.01			778,378		0.89			0.30			1.08			38
	(2.11	)		(2.18	)		43.41		(3.81	)		622,440		0.90			0.25			1.20			39
	(2.06	)		(2.15	)		47.47		10.35			1,773,929		0.89			0.29			1.16			41
	(3.38	)		(3.48	)		45.15		28.45			1,773,321		0.89			0.27			1.18			47
	(5.14	)		(5.17	)		40.50		(11.12	)		416		1.38			0.21			1.58			17
	(2.85	)		(2.85	)		51.08		12.09			443		1.43			(0.28	)		1.57			31
	(1.37	)		(1.38	)		48.21		16.30			600		1.49			(0.31	)		1.69			38
	(2.11	)		(2.11	)		42.75		(4.38	)		688		1.50			(0.30	)		1.81			39
	(2.05	)		(2.05	)		46.98		9.71			823		1.49			(0.31	)		1.69			41
	—			(0.01	)		44.87		4.56			688		1.47			(0.41	)		1.60			47
	(5.14	)		(5.45	)		41.51		(10.82	)		5,279		0.73			0.97			0.86			17
	(2.85	)		(3.00	)		52.35		12.83			6,499		0.75			0.47			0.85			31
	(1.37	)		(1.55	)		49.17		17.14			1,804		0.79			0.40			0.87			38
	(2.11	)		(2.21	)		43.43		(3.73	)		2,840		0.80			0.42			0.91			39
	(2.06	)		(2.19	)		47.49		10.49			1,636		0.79			0.43			0.88			41
	—			(0.05	)		45.15		4.77			91		0.78			0.27			0.91			47
	(5.14	)		(5.50	)		41.52		(10.77	)		1,767,615		0.63			0.99			0.75			17
	(2.85	)		(3.02	)		52.39		12.93			1,970,177		0.67			0.51			0.75			31
	(1.37	)		(1.56	)		49.18		17.18			1,619,045		0.74			0.45			0.75			38
	(2.11	)		(2.23	)		43.44		(3.66	)		1,370,912		0.74			0.46			0.77			39
	(2.06	)		(2.20	)		47.49		10.53			1,268,988		0.74			0.45			0.80			41
	—			(0.05	)		45.15		4.78			823,036		0.73			0.34			0.86			47

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 47

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net realized gain
JPMorgan Mid Cap Growth Fund
Class A
Six Months Ended December 31, 2018 (Unaudited)	$	30.84	$	(0.10	)	$	(3.09	)	$	(3.19	)	$	(2.15	)
Year Ended June 30, 2018		27.99		(0.19	)		5.18			4.99			(2.14	)
Year Ended June 30, 2017		23.43		(0.14	)		4.71			4.57			(0.01	)
Year Ended June 30, 2016		27.71		(0.15	)		(2.67	)		(2.82	)		(1.46	)
Year Ended June 30, 2015		27.49		(0.18	)		3.19			3.01			(2.79	)
Year Ended June 30, 2014		22.99		(0.13	)(f)		7.42			7.29			(2.79	)
Class C
Six Months Ended December 31, 2018 (Unaudited)		24.37		(0.14	)		(2.41	)		(2.55	)		(2.15	)
Year Ended June 30, 2018		22.64		(0.27	)		4.14			3.87			(2.14	)
Year Ended June 30, 2017		19.05		(0.22	)		3.82			3.60			(0.01	)
Year Ended June 30, 2016		22.93		(0.22	)		(2.20	)		(2.42	)		(1.46	)
Year Ended June 30, 2015		23.35		(0.26	)		2.63			2.37			(2.79	)
Year Ended June 30, 2014		19.97		(0.22	)(f)		6.39			6.17			(2.79	)
Class I
Six Months Ended December 31, 2018 (Unaudited)		35.44		(0.06	)		(3.57	)		(3.63	)		(2.15	)
Year Ended June 30, 2018		31.79		(0.10	)		5.89			5.79			(2.14	)
Year Ended June 30, 2017		26.52		(0.07	)		5.35			5.28			(0.01	)
Year Ended June 30, 2016		31.06		(0.09	)		(2.99	)		(3.08	)		(1.46	)
Year Ended June 30, 2015		30.39		(0.11	)		3.57			3.46			(2.79	)
Year Ended June 30, 2014		25.08		(0.06	)(f)		8.16			8.10			(2.79	)
Class R2
Six Months Ended December 31, 2018 (Unaudited)		33.49		(0.15	)		(3.36	)		(3.51	)		(2.15	)
Year Ended June 30, 2018		30.31		(0.28	)		5.60			5.32			(2.14	)
Year Ended June 30, 2017		25.41		(0.21	)		5.12			4.91			(0.01	)
Year Ended June 30, 2016		29.96		(0.18	)		(2.91	)		(3.09	)		(1.46	)
Year Ended June 30, 2015		29.54		(0.24	)		3.45			3.21			(2.79	)
Year Ended June 30, 2014		24.56		(0.20	)(f)		7.97			7.77			(2.79	)
Class R3
Six Months Ended December 31, 2018 (Unaudited)		35.23		(0.11	)		(3.54	)		(3.65	)		(2.15	)
Year Ended June 30, 2018		31.71		(0.19	)		5.85			5.66			(2.14	)
September 9, 2016 (g) through June 30, 2017		27.06		(0.13	)		4.79			4.66			(0.01	)
Class R4
Six Months Ended December 31, 2018 (Unaudited)		35.40		(0.07	)		(3.56	)		(3.63	)		(2.15	)
Year Ended June 30, 2018		31.77		(0.12	)		5.89			5.77			(2.14	)
September 9, 2016 (g) through June 30, 2017		27.06		(0.06	)		4.78			4.72			(0.01	)
Class R5
Six Months Ended December 31, 2018 (Unaudited)		35.85		(0.03	)		(3.62	)		(3.65	)		(2.15	)
Year Ended June 30, 2018		32.09		(0.06	)		5.96			5.90			(2.14	)
Year Ended June 30, 2017		26.74		(0.03	)		5.39			5.36			(0.01	)
Year Ended June 30, 2016		31.26		(0.03	)		(3.03	)		(3.06	)		(1.46	)
Year Ended June 30, 2015		30.52		(0.07	)		3.60			3.53			(2.79	)
Year Ended June 30, 2014		25.15		(0.02	)(f)		8.18			8.16			(2.79	)
Class R6
Six Months Ended December 31, 2018 (Unaudited)		36.00		(0.02	)		(3.64	)		(3.66	)		(2.15	)
Year Ended June 30, 2018		32.20		(0.04	)		5.98			5.94			(2.14	)
Year Ended June 30, 2017		26.82		(0.02	)		5.41			5.39			(0.01	)
Year Ended June 30, 2016		31.33		(0.02	)		(3.03	)		(3.05	)		(1.46	)
Year Ended June 30, 2015		30.57		(0.06	)		3.61			3.55			(2.79	)
Year Ended June 30, 2014		25.17		—	(f)(h)		8.19			8.19			(2.79	)

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Calculated based upon average shares outstanding.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(e) Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(f) Reflects special dividends paid out during the period by several of the Fund’s holdings. Had the Fund not received the special dividends the net investment income (loss) per share would have been $(0.14), $(0.23), $(0.06), $(0.20), $(0.02) and $(0.01) and for Class A, Class C, Class I, Class R2, Class R5 and Class R6 Shares, respectively, and the net investment income (loss) ratio would have been (0.53)%, (1.03)%, (0.22)%, (0.73)%, (0.08)%, (0.03)% for Class A, Class C, Class I, Class R2, Class R5 and Class R6 Shares, respectively.

(g) Commencement of offering of class of shares.

(h) Amount rounds to less than $0.005.

SEE NOTES TO FINANCIAL STATEMENTS.

48 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2018

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	25.50		(10.69	)%	$	810,019		1.23	%		(0.63	)%		1.28	%		26	%
	30.84		18.39			934,982		1.23			(0.62	)		1.30			56
	27.99		19.52			915,226		1.23			(0.56	)		1.36			41
	23.43		(10.29	)		949,148		1.24			(0.59	)		1.40			56
	27.71		12.37			984,262		1.23			(0.68	)		1.35			57
	27.49		33.44			765,310		1.24			(0.51	)(f)		1.37			69
	19.67		(10.90	)		68,402		1.73			(1.14	)		1.76			26
	24.37		17.76			82,939		1.73			(1.12	)		1.76			56
	22.64		18.92			90,640		1.73			(1.06	)		1.85			41
	19.05		(10.70	)		96,729		1.74			(1.08	)		1.90			56
	22.93		11.78			75,494		1.73			(1.19	)		1.86			57
	23.35		32.85			41,047		1.73			(1.01	)(f)		1.86			69
	29.66		(10.54	)		949,095		0.92			(0.32	)		1.00			26
	35.44		18.72			1,140,704		0.92			(0.30	)		1.00			56
	31.79		19.92			1,050,151		0.92			(0.25	)		1.08			41
	26.52		(10.01	)		929,489		0.93			(0.31	)		1.13			56
	31.06		12.68			1,562,284		0.92			(0.37	)		1.12			57
	30.39		33.91			1,254,748		0.93			(0.20	)(f)		1.12			69
	27.83		(10.80	)		34,025		1.48			(0.88	)		1.55			26
	33.49		18.06			38,486		1.48			(0.87	)		1.57			56
	30.31		19.34			35,242		1.42			(0.74	)		1.69			41
	25.41		(10.42	)		32,092		1.40			(0.71	)		1.71			56
	29.96		12.18			9,868		1.39			(0.85	)		1.64			57
	29.54		33.25			1,852		1.40			(0.71	)(f)		1.59			69
	29.43		(10.66	)		24,148		1.23			(0.63	)		1.25			26
	35.23		18.34			26,638		1.23			(0.54	)		1.26			56
	31.71		17.24			152		1.23			(0.54	)		1.42			41
	29.62		(10.55	)		13,809		0.98			(0.38	)		1.00			26
	35.40		18.66			14,320		0.98			(0.33	)		1.01			56
	31.77		17.46			129		0.98			(0.23	)		1.10			41
	30.05		(10.48	)		268,818		0.78			(0.18	)		0.85			26
	35.85		18.89			313,336		0.78			(0.16	)		0.85			56
	32.09		20.06			247,068		0.78			(0.10	)		0.89			41
	26.74		(9.87	)		224,498		0.79			(0.13	)		0.91			56
	31.26		12.87			164,713		0.78			(0.25	)		0.87			57
	30.52		34.06			27,454		0.79			(0.06	)(f)		0.92			69
	30.19		(10.46	)		1,358,346		0.73			(0.13	)		0.75			26
	36.00		18.95			1,365,839		0.73			(0.11	)		0.76			56
	32.20		20.11			749,670		0.73			(0.06	)		0.76			41
	26.82		(9.82	)		619,527		0.73			(0.06	)		0.77			56
	31.33		12.92			265,905		0.73			(0.19	)		0.78			57
	30.57		34.16			86,150		0.74			(0.01	)(f)		0.86			69

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 49

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Mid Cap Value Fund
Class A
Six Months Ended December 31, 2018 (Unaudited)	$	39.24	$	0.31		$	(4.77	)	$	(4.46	)	$	(0.38	)	$	(2.16	)	$	(2.54	)
Year Ended June 30, 2018		37.80		0.20			2.14			2.34			(0.18	)		(0.72	)		(0.90	)
Year Ended June 30, 2017		35.41		0.17			4.60			4.77			(0.14	)		(2.24	)		(2.38	)
Year Ended June 30, 2016		36.98		0.19			0.33			0.52			(0.14	)		(1.95	)		(2.09	)
Year Ended June 30, 2015		37.25		0.20			2.52			2.72			(0.20	)		(2.79	)		(2.99	)
Year Ended June 30, 2014		31.68		0.15	(f)		7.02			7.17			(0.15	)		(1.45	)		(1.60	)
Class C
Six Months Ended December 31, 2018 (Unaudited)		37.68		0.20			(4.57	)		(4.37	)		(0.17	)		(2.16	)		(2.33	)
Year Ended June 30, 2018		36.35		(0.02	)		2.07			2.05			—			(0.72	)		(0.72	)
Year Ended June 30, 2017		34.17		(0.02	)		4.44			4.42			—			(2.24	)		(2.24	)
Year Ended June 30, 2016		35.79		0.01			0.32			0.33			—			(1.95	)		(1.95	)
Year Ended June 30, 2015		36.19		0.01			2.44			2.45			(0.06	)		(2.79	)		(2.85	)
Year Ended June 30, 2014		30.84		(0.03	)(f)		6.83			6.80			—	(g)		(1.45	)		(1.45	)
Class I
Six Months Ended December 31, 2018 (Unaudited)		39.70		0.35			(4.82	)		(4.47	)		(0.48	)		(2.16	)		(2.64	)
Year Ended June 30, 2018		38.24		0.30			2.16			2.46			(0.28	)		(0.72	)		(1.00	)
Year Ended June 30, 2017		35.79		0.27			4.66			4.93			(0.24	)		(2.24	)		(2.48	)
Year Ended June 30, 2016		37.36		0.28			0.33			0.61			(0.23	)		(1.95	)		(2.18	)
Year Ended June 30, 2015		37.61		0.28			2.55			2.83			(0.29	)		(2.79	)		(3.08	)
Year Ended June 30, 2014		31.95		0.23	(f)		7.10			7.33			(0.22	)		(1.45	)		(1.67	)
Class L
Six Months Ended December 31, 2018 (Unaudited)		40.21		0.38			(4.87	)		(4.49	)		(0.58	)		(2.16	)		(2.74	)
Year Ended June 30, 2018		38.70		0.40			2.20			2.60			(0.37	)		(0.72	)		(1.09	)
Year Ended June 30, 2017		36.19		0.36			4.71			5.07			(0.32	)		(2.24	)		(2.56	)
Year Ended June 30, 2016		37.76		0.37			0.33			0.70			(0.32	)		(1.95	)		(2.27	)
Year Ended June 30, 2015		37.99		0.40			2.56			2.96			(0.40	)		(2.79	)		(3.19	)
Year Ended June 30, 2014		32.26		0.32	(f)		7.17			7.49			(0.31	)		(1.45	)		(1.76	)
Class R2
Six Months Ended December 31, 2018 (Unaudited)		37.64		0.22			(4.54	)		(4.32	)		(0.30	)		(2.16	)		(2.46	)
Year Ended June 30, 2018		36.33		0.10			2.05			2.15			(0.12	)		(0.72	)		(0.84	)
Year Ended June 30, 2017		34.14		0.07			4.43			4.50			(0.07	)		(2.24	)		(2.31	)
Year Ended June 30, 2016		35.73		0.10			0.32			0.42			(0.06	)		(1.95	)		(2.01	)
Year Ended June 30, 2015		36.14		0.10			2.43			2.53			(0.15	)		(2.79	)		(2.94	)
Year Ended June 30, 2014		30.81		0.06	(f)		6.82			6.88			(0.10	)		(1.45	)		(1.55	)
Class R3
Six Months Ended December 31, 2018 (Unaudited)		38.97		0.25			(4.68	)		(4.43	)		(0.41	)		(2.16	)		(2.57	)
Year Ended June 30, 2018		37.67		0.21			2.11			2.32			(0.30	)		(0.72	)		(1.02	)
September 9, 2016 (h) through June 30, 2017		35.78		0.26			4.15			4.41			(0.28	)		(2.24	)		(2.52	)
Class R4
Six Months Ended December 31, 2018 (Unaudited)		39.56		0.32			(4.78	)		(4.46	)		(0.51	)		(2.16	)		(2.67	)
Year Ended June 30, 2018		38.16		0.33			2.13			2.46			(0.34	)		(0.72	)		(1.06	)
September 9, 2016 (h) through June 30, 2017		36.18		0.38			4.15			4.53			(0.31	)		(2.24	)		(2.55	)
Class R5
Six Months Ended December 31, 2018 (Unaudited)		40.15		0.36			(4.86	)		(4.50	)		(0.54	)		(2.16	)		(2.70	)
Year Ended June 30, 2018		38.67		0.38			2.17			2.55			(0.35	)		(0.72	)		(1.07	)
September 9, 2016 (h) through June 30, 2017		36.60		0.36			4.28			4.64			(0.33	)		(2.24	)		(2.57	)
Class R6
Six Months Ended December 31, 2018 (Unaudited)		40.19		0.33			(4.82	)		(4.49	)		(0.58	)		(2.16	)		(2.74	)
Year Ended June 30, 2018		38.69		0.43			2.16			2.59			(0.37	)		(0.72	)		(1.09	)
September 9, 2016 (h) through June 30, 2017		36.60		0.32			4.34			4.66			(0.33	)		(2.24	)		(2.57	)

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Calculated based upon average shares outstanding.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(e) Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(f) Reflects special dividends paid out during the period by several of the Fund’s holdings. Had the Fund not received the special dividends the net investment income (loss) per share would have been $0.14, $(0.03), $0.23, $0.32 and $0.05 for Class A, Class C, Class I, Class L and Class R2 Shares, respectively and the net investment income (loss) ratio would have been 0.41%, (0.10)%, 0.66%, 0.90% and 0.16% for Class A, Class C, Class I, Class L and Class R2 Shares, respectively.

(g) Amount rounds to less than $0.005.

(h) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

50 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2018

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	32.24		(11.71	)%	$	1,514,797		1.23	%		1.57	%		1.25	%		7	%
	39.24		6.20			1,967,162		1.23			0.51			1.26			13
	37.80		13.83			2,149,689		1.23			0.45			1.36			23
	35.41		1.85			2,302,567		1.24			0.54			1.41			20
	36.98		7.68			2,623,772		1.23			0.53			1.38			18
	37.25		23.25			3,404,974		1.23			0.42	(f)		1.37			25
	30.98		(11.93	)		164,325		1.74			1.09			1.75			7
	37.68		5.65			214,331		1.74			(0.06	)		1.75			13
	36.35		13.27			452,351		1.74			(0.06	)		1.80			23
	34.17		1.35			549,619		1.75			0.03			1.83			20
	35.79		7.12			595,385		1.74			0.03			1.84			18
	36.19		22.63			608,283		1.74			(0.09	)(f)		1.87			25
	32.59		(11.60	)		2,323,938		0.98			1.74			1.00			7
	39.70		6.44			2,985,882		0.98			0.77			1.00			13
	38.24		14.15			2,902,646		0.98			0.72			1.07			23
	35.79		2.11			2,332,160		0.99			0.80			1.11			20
	37.36		7.92			2,347,703		0.98			0.75			1.10			18
	37.61		23.59			2,967,759		0.98			0.67	(f)		1.12			25
	32.98		(11.50	)		9,701,063		0.74			1.91			0.85			7
	40.21		6.73			11,795,588		0.74			1.00			0.86			13
	38.70		14.39			12,478,637		0.74			0.96			0.91			23
	36.19		2.35			10,313,629		0.75			1.04			0.94			20
	37.76		8.19			10,320,516		0.74			1.05			0.94			18
	37.99		23.88			8,581,992		0.74			0.92	(f)		0.97			25
	30.86		(11.83	)		68,776		1.49			1.18			1.51			7
	37.64		5.93			82,108		1.49			0.26			1.51			13
	36.33		13.53			85,287		1.49			0.21			1.65			23
	34.14		1.61			66,167		1.50			0.29			1.75			20
	35.73		7.38			71,697		1.49			0.28			1.71			18
	36.14		22.94			71,958		1.49			0.17	(f)		1.62			25
	31.97		(11.71	)		61,548		1.24			1.29			1.27			7
	38.97		6.17			62,576		1.24			0.55			1.25			13
	37.67		12.70			19,262		1.24			0.87			1.35			23
	32.43		(11.60	)		22,364		0.99			1.63			1.00			7
	39.56		6.45			17,859		0.99			0.83			1.00			13
	38.16		12.89			3,537		0.99			1.26			1.10			23
	32.95		(11.53	)		73,299		0.83			1.79			0.85			7
	40.15		6.61			84,457		0.84			0.96			0.85			13
	38.67		13.06			30,334		0.84			1.18			1.02			23
	32.96		(11.50	)		1,094,040		0.73			1.63			0.75			7
	40.19		6.71			1,073,888		0.74			1.08			0.75			13
	38.69		13.13			281,269		0.74			1.05			0.75			23

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 51

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Value Advantage Fund
Class A
Six Months Ended December 31, 2018 (Unaudited)	$	35.38	$	0.32		$	(3.14	)	$	(2.82	)	$	(0.46	)	$	(1.69	)	$	(2.15	)
Year Ended June 30, 2018		33.40		0.35	(f)		2.26			2.61			(0.28	)		(0.35	)		(0.63	)
Year Ended June 30, 2017		28.66		0.27			4.77			5.04			(0.30	)		—			(0.30	)
Year Ended June 30, 2016		29.84		0.27			(0.99	)		(0.72	)		(0.17	)		(0.29	)		(0.46	)
Year Ended June 30, 2015		29.15		0.19			1.47			1.66			(0.26	)		(0.71	)		(0.97	)
Year Ended June 30, 2014		24.64		0.34			5.03			5.37			(0.16	)		(0.70	)		(0.86	)
Class C
Six Months Ended December 31, 2018 (Unaudited)		35.20		0.23			(3.12	)		(2.89	)		(0.28	)		(1.69	)		(1.97	)
Year Ended June 30, 2018		33.20		0.18	(f)		2.24			2.42			(0.07	)		(0.35	)		(0.42	)
Year Ended June 30, 2017		28.52		0.11			4.74			4.85			(0.17	)		—			(0.17	)
Year Ended June 30, 2016		29.72		0.14			(0.99	)		(0.85	)		(0.06	)		(0.29	)		(0.35	)
Year Ended June 30, 2015		29.08		0.04			1.47			1.51			(0.16	)		(0.71	)		(0.87	)
Year Ended June 30, 2014		24.61		0.20			5.02			5.22			(0.05	)		(0.70	)		(0.75	)
Class I
Six Months Ended December 31, 2018 (Unaudited)		35.60		0.34			(3.14	)		(2.80	)		(0.56	)		(1.69	)		(2.25	)
Year Ended June 30, 2018		33.62		0.44	(f)		2.28			2.72			(0.39	)		(0.35	)		(0.74	)
Year Ended June 30, 2017		28.86		0.35			4.80			5.15			(0.39	)		—			(0.39	)
Year Ended June 30, 2016		29.99		0.33			(0.98	)		(0.65	)		(0.19	)		(0.29	)		(0.48	)
Year Ended June 30, 2015		29.27		0.27			1.48			1.75			(0.32	)		(0.71	)		(1.03	)
Year Ended June 30, 2014		24.72		0.42			5.03			5.45			(0.20	)		(0.70	)		(0.90	)
Class L
Six Months Ended December 31, 2018 (Unaudited)		35.62		0.41			(3.19	)		(2.78	)		(0.60	)		(1.69	)		(2.29	)
Year Ended June 30, 2018		33.63		0.50	(f)		2.29			2.79			(0.45	)		(0.35	)		(0.80	)
Year Ended June 30, 2017		28.86		0.41			4.82			5.23			(0.46	)		—			(0.46	)
Year Ended June 30, 2016		30.06		0.43			(1.02	)		(0.59	)		(0.32	)		(0.29	)		(0.61	)
Year Ended June 30, 2015		29.31		0.34			1.50			1.84			(0.38	)		(0.71	)		(1.09	)
Year Ended June 30, 2014		24.74		0.48			5.04			5.52			(0.25	)		(0.70	)		(0.95	)
Class R2
Six Months Ended December 31, 2018 (Unaudited)		35.22		0.30			(3.15	)		(2.85	)		(0.42	)		(1.69	)		(2.11	)
July 31, 2017 (g) through June 30, 2018		34.04		0.25	(f)		1.64			1.89			(0.36	)		(0.35	)		(0.71	)
Class R3
Six Months Ended December 31, 2018 (Unaudited)		35.11		0.27			(3.07	)		(2.80	)		(0.54	)		(1.69	)		(2.23	)
Year Ended June 30, 2018		33.24		0.35	(f)		2.26			2.61			(0.39	)		(0.35	)		(0.74	)
September 9, 2016 (g) through June 30, 2017		29.33		0.29			4.06			4.35			(0.44	)		—			(0.44	)
Class R4
Six Months Ended December 31, 2018 (Unaudited)		35.47		0.35			(3.14	)		(2.79	)		(0.57	)		(1.69	)		(2.26	)
Year Ended June 30, 2018		33.55		0.51	(f)		2.20			2.71			(0.44	)		(0.35	)		(0.79	)
September 9, 2016 (g) through June 30, 2017		29.56		0.27			4.18			4.45			(0.46	)		—			(0.46	)
Class R5
Six Months Ended December 31, 2018 (Unaudited)		35.57		0.35			(3.12	)		(2.77	)		(0.62	)		(1.69	)		(2.31	)
Year Ended June 30, 2018		33.59		0.50	(f)		2.28			2.78			(0.45	)		(0.35	)		(0.80	)
September 9, 2016 (g) through June 30, 2017		29.57		0.30			4.20			4.50			(0.48	)		—			(0.48	)
Class R6
Six Months Ended December 31, 2018 (Unaudited)		35.60		0.39			(3.14	)		(2.75	)		(0.65	)		(1.69	)		(2.34	)
Year Ended June 30, 2018		33.61		0.54	(f)		2.26			2.80			(0.46	)		(0.35	)		(0.81	)
September 9, 2016 (g) through June 30, 2017		29.57		0.36			4.17			4.53			(0.49	)		—			(0.49	)

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Calculated based upon average shares outstanding.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(e) Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(f) Net investment income (loss) may appear disproportionate among the classes due to the timing of recognition of income and changes in the relative size of the classes.

(g) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

52 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2018

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	30.41		(8.24	)%	$	1,113,086		1.14	%		1.79	%		1.25	%		9	%
	35.38		7.81			1,346,080		1.17			1.01	(f)		1.25			23
	33.40		17.60			1,432,370		1.24			0.85			1.36			24
	28.66		(2.34	)		2,045,698		1.24			0.98			1.43			26
	29.84		5.78			2,440,061		1.24			0.64			1.41			17
	29.15		22.19			1,701,250		1.24			1.26			1.33			36
	30.34		(8.48	)		498,528		1.64			1.28			1.75			9
	35.20		7.27			591,602		1.67			0.51	(f)		1.75			23
	33.20		17.02			746,521		1.74			0.34			1.81			24
	28.52		(2.82	)		728,800		1.74			0.49			1.85			26
	29.72		5.26			701,023		1.73			0.14			1.83			17
	29.08		21.58			402,880		1.74			0.74			1.83			36
	30.55		(8.12	)		2,224,973		0.89			1.90			1.00			9
	35.60		8.07			2,296,056		0.92			1.26	(f)		1.00			23
	33.62		17.89			2,165,577		0.99			1.09			1.04			24
	28.86		(2.10	)		1,414,635		0.99			1.16			1.05			26
	29.99		6.05			3,095,251		0.99			0.89			1.05			17
	29.27		22.49			2,546,808		0.99			1.53			1.08			36
	30.55		(8.06	)		2,388,550		0.74			2.26			0.85			9
	35.62		8.29			3,255,993		0.74			1.42	(f)		0.85			23
	33.63		18.17			3,643,327		0.75			1.32			0.87			24
	28.86		(1.87	)		5,901,818		0.74			1.50			0.88			26
	30.06		6.36			5,058,172		0.74			1.15			0.90			17
	29.31		22.77			3,042,506		0.74			1.77			0.93			36
	30.26		(8.36	)		36		1.39			1.69			2.12			9
	35.22		5.54			38		1.41			0.78	(f)		1.61			23
	30.08		(8.25	)		1,763		1.14			1.53			1.27			9
	35.11		7.82			1,132		1.15			1.01	(f)		1.28			23
	33.24		14.87			385		1.24			1.09			1.36			24
	30.42		(8.13	)		15,703		0.89			1.96			1.00			9
	35.47		8.07			17,231		0.89			1.43	(f)		1.00			23
	33.55		15.10			34		1.00			1.05			1.08			24
	30.49		(8.06	)		6,310		0.74			1.92			0.85			9
	35.57		8.25			6,114		0.76			1.41	(f)		0.88			23
	33.59		15.27			422		0.83			1.14			0.89			24
	30.51		(7.99	)		3,628,398		0.64			2.16			0.75			9
	35.60		8.31			3,869,991		0.67			1.52	(f)		0.75			23
	33.61		15.35			3,069,390		0.74			1.39			0.75			24

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 53

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2018 (Unaudited)

1. Organization

JPMorgan Trust I (“JPM I”) and JPMorgan Trust II (“JPM II”) were formed on November 12, 2004, as Delaware statutory trusts, pursuant to Declarations of Trust dated November 5, 2004 and are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as open-end management investment companies.

J.P. Morgan Mutual Fund Investment Trust (“JPMMFIT”), an open-end management investment company, was organized as a Massachusetts business trust on September 23, 1997.

J.P. Morgan Fleming Mutual Fund Group, Inc. (“JPMFMFG”, and with JPM I, JPM II and JPMMFIT, collectively, the “Trusts”), an open-end management investment company, was organized as a Maryland corporation on August 19, 1997.

The following are 5 separate funds of the Trusts (each, a “Fund” and collectively, the “Funds”) covered by this report:

	Classes Offered	Trust	Diversified/Non-Diversified
JPMorgan Growth Advantage Fund	Class A, Class C, Class I, Class R2*, Class R3, Class R4, Class R5 and Class R6	JPMMFIT	Diversified
JPMorgan Mid Cap Equity Fund	Class A, Class C, Class I, Class R2, Class R5 and Class R6	JPM I	Diversified
JPMorgan Mid Cap Growth Fund	Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6	JPM II	Diversified
JPMorgan Mid Cap Value Fund	Class A, Class C, Class I, Class L, Class R2, Class R3, Class R4, Class R5 and Class R6	JPMFMFG	Diversified
JPMorgan Value Advantage Fund	Class A, Class C, Class I, Class L, Class R2*, Class R3, Class R4, Class R5 and Class R6	JPM I	Diversified

* Class R2 Shares commenced operations on July 31, 2017 for JPMorgan Growth Advantage Fund and JPMorgan Value Advantage Fund.

The investment objective of JPMorgan Growth Advantage Fund (“Growth Advantage Fund”) and JPMorgan Mid Cap Equity Fund (“Mid Cap Equity Fund”) is to seek to provide long-term capital growth.

The investment objective of JPMorgan Mid Cap Growth Fund (“Mid Cap Growth Fund”) is to seek growth of capital.

The investment objective of JPMorgan Mid Cap Value Fund (“Mid Cap Value Fund”) is to seek growth from capital appreciation.

The investment objective of JPMorgan Value Advantage Fund (“Value Advantage Fund”) is to seek to provide long-term total return from a combination of income and capital gains.

Class L Shares of the Mid Cap Value Fund and the Value Advantage Fund are publicly offered only on a limited basis. Investors are not eligible to purchase Class L Shares of these Funds unless they meet certain requirements as described in the Funds’ prospectuses.

Class A Shares generally provide for a front-end sales charge while Class C Shares provide for a contingent deferred sales charge (“CDSC”). No sales charges are assessed with respect to Class I, Class L, Class R2, Class R3, Class R4, Class R5 and Class R6 Shares. Certain Class A Shares, for which front-end sales charges have been waived, may be subject to a CDSC as described in the Funds’ prospectuses. Beginning on November 14, 2017, Class C Shares automatically convert to Class A Shares after ten years. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different transfer agency, distribution and service fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements.

J.P. Morgan Investment Management Inc. (“JPMIM”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), acts as Adviser (the “Adviser”) and Administrator (the “Administrator”) to the Funds.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The Funds are investment companies and, thus, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification Topic 946 — Investment Companies, which is part of U.S. generally accepted accounting principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

A. Valuation of Investments — The valuation of investments is in accordance with GAAP and the Funds’ valuation policies set forth by and under the supervision and responsibility of the Boards of Trustees (the “Boards”), 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 Boards.

The Administrator has established the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to assist the Boards with the oversight and monitoring of the valuation of the Funds’ investments. The Administrator implements the valuation policies of the Funds’ investments, as

54 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2018

directed by the Boards. The AVC oversees and carries out the policies for the valuation of investments held in the Funds. This 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 Boards.

A market-based approach is primarily used to value the Funds’ investments. Investments for which market quotations are not readily available are fair valued by approved affiliated and unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”) or may be internally fair valued using methods set forth by the valuation policies approved by the Boards. This may include related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for the investment to determine the fair value of the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used, had a ready market for the investments existed, and such differences could be material.

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 Funds are calculated on a valuation date. Investments in open-end investment companies (the “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 Funds’ 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 Funds’ 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 tables represent each valuation input as presented on the Schedules of Portfolio Investments (“SOIs”) (amounts in thousands):

Growth Advantage Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	7,920,548	$	—	$	—	$	7,920,548
Mid Cap Equity Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	2,468,073	$	—	$	—	$	2,468,073
Mid Cap Growth Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	3,684,701	$	—	$	—	$	3,684,701
Mid Cap Value Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	15,359,003	$	—		$—	$	15,359,003

DECEMBER 31, 2018 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 55

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

Value Advantage Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (b)	$	9,994,233	$	—	$	146	$	9,994,379

(a) All portfolio holdings designated as level 1 are disclosed individually on the SOIs. Please refer to the SOIs for industry specifics of portfolio holdings.

(b) All portfolio holdings designated as level 1 and level 3 are disclosed individually on the SOIs. Level 3 consists of rights. Please refer to the SOIs for industry specifics of portfolio holdings.

There were no transfers among any levels for the six months ended December 31, 2018.

B. Securities Lending — Effective October 5, 2018, the Funds became authorized to engage in securities lending in order to generate additional income. The Funds are able to lend to approved borrowers. Citibank N.A. (“Citibank”) serves as lending agent for the Funds, pursuant to a Securities Lending Agency Agreement (the “Securities Lending Agency Agreement”). Securities loaned are collateralized by cash equal to at least 100% of the market value plus accrued interest on the securities lent, which is invested in the IM Shares of JPMorgan U.S. Government Money Market Fund and the Agency SL Shares of the JPMorgan Securities Lending Money Market Fund. The Funds retain loan fees and the interest on cash collateral investments but are required to pay the borrower a rebate for the use of cash collateral. In cases where the lent security is of high value to borrowers, there may be a negative rebate (i.e., a net payment from the borrower to the Funds). Upon termination of a loan, the Funds are required to return to the borrower an amount equal to the cash collateral, plus any rebate owed to the borrowers. The remaining maturities of the securities lending transactions are considered overnight and continuous. Loans are subject to termination by the Funds or the borrower at any time.

The net income earned on the securities lending (after payment of rebates and Citibank’s fee) is included on the Statements of Operations as Income from securities lending (net). The Funds also receive payments from the borrower during the period of the loan, equivalent to dividends and interest earned on the securities loaned, which are recorded as Dividend or Interest income, respectively, on the Statements of Operations (amounts in thousands).

	Dividend Income
Growth Advantage Fund	$	592
Mid Cap Equity Fund		169
Mid Cap Growth Fund		461
Mid Cap Value Fund		568
Value Advantage Fund		214

Under the Securities Lending Agency Agreement, Citibank marks to market the loaned securities on a daily basis. In the event the cash received from the borrower is less than 102% of the value of the loaned securities (105% for loans of non-U.S. securities), Citibank requests additional cash from the borrower so as to maintain a collateralization level of at least 102% of the value of the loaned securities plus accrued interest (105% for loans of non-U.S. securities).

The value of securities out on loan is recorded as an asset on the Statements of Assets and Liabilities. The value of the cash collateral received is recorded as a liability on the Statements of Assets and Liabilities and details of Collateral Investments are disclosed on the SOIs. At December 31, 2018, the value of outstanding securities on loan and the value of Collateral investments were as follows (amounts in thousands):

	Value of Securities on Loan		Cash Collateral Posted by Borrower		Total value of Collateral Investments
Growth Advantage Fund	$	135,257	$	138,088	$	138,088
Mid Cap Equity Fund		47,406		47,708		47,708
Mid Cap Growth Fund		132,610		133,998		133,998
Mid Cap Value Fund		101,814		103,483		103,483
Value Advantage Fund		73,853		75,166		75,166

The Funds bear the risk of loss associated with the Collateral Investments and are not entitled to additional collateral from the borrower to cover any such losses. To the extent that the value of the Collateral Investments declines below the amount owed to a borrower, the Funds may incur losses that exceed the amount they earned on lending the security. Upon termination of a loan, the Funds may use leverage (borrow money) to repay the borrower for cash collateral posted if the Adviser does not believe that it is prudent to sell the Collateral Investments to fund the payment of this liability.

56 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2018

The following table presents the Funds’ value of the securities on loan with Citibank, net of amounts available for offset under the master netting arrangements and any related collated received or posted by the Funds as of December 31, 2018 (amounts in thousands).

	Investment Securities on Loan, at value, Presented on the Statements of Assets and Liabilities		Cash Collateral Posted by Borrower			Net Amount Due to Counterparty (not less than zero)
Growth Advantage Fund	$	135,257	$	(135,257	)	$	—
Mid Cap Equity Fund		47,406		(47,406	)		—
Mid Cap Growth Fund		132,610		(132,610	)		—
Mid Cap Value Fund		101,814		(101,814	)		—
Value Advantage Fund		73,853		(73,853	)		—

Securities lending also involves counterparty risks, including the risk that the loaned securities may not be returned in a timely manner or at all. Subject to certain conditions, Citibank has agreed to indemnify the Funds from losses resulting from a borrower’s failure to return a loaned security.

JPMIM voluntarily waived investment advisory fees charged to the Funds to reduce the impact of the investment in the JPMorgan U.S. Government Money Market Fund from 0.16% to 0.06%. JPMIM waived fees associated with the Funds’ investment in JPMorgan U.S. Government Money Market Fund as follows (amounts in thousands):

Growth Advantage Fund	$	6
Mid Cap Equity Fund		2
Mid Cap Growth Fund		5
Mid Cap Value Fund		6
Value Advantage Fund		2

The above waiver is included in the determination of earnings on cash collateral investment and in the calculation of Citibank’s compensation and is included on the Statements of Operations as Income from securities lending (net).

C. Investment Transactions with Affiliates — The Funds invested in Underlying Funds which are advised by the Adviser or its affiliates. An issuer which is under common control with the Funds may be considered an affiliate. For the purposes of the financial statements, the Funds assume the issuers listed in the table below to be affiliated issuers. Underlying Funds’ distributions may be reinvested into the Underlying Funds. Reinvestment amounts are included in the purchase cost amounts in the tables below. Amounts in the tables below are in thousands.

Growth Advantage Fund

For the six months ended December 31, 2018
Security Description	Value at June 30, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at December 31, 2018		Shares at December 31, 2018		Dividend Income			Capital Gain Distributions
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.60% (a)(b)	$	—	$	281,000	$	169,000	$	—	$	—	$	112,000		112,011	$	446	*	$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (a)(b)		—		220,791		194,703		—		—		26,088		26,088		146	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.40% (a)(b)		218,911		977,746		1,129,123		—		—		67,534		67,534		2,606			—
Total	$	218,911	$	1,479,537	$	1,492,826	$	—	$	—	$	205,622			$	3,198		$	—

DECEMBER 31, 2018 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 57

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

Mid Cap Equity Fund

For the six months ended December 31, 2018
Security Description	Value at June 30, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at December 31, 2018		Shares at December 31, 2018		Dividend Income			Capital Gain Distributions
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.60% (a)(b)	$	—	$	90,000	$	50,000	$	—	$	—	$	40,000		40,004	$	125	*	$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (a)(b)		—		71,460		63,752		—		—		7,708		7,708		44	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.40% (a)(b)		80,883		313,222		354,781		—		—		39,324		39,324		917			—
Total	$	80,883	$	474,682	$	468,533	$	—	$	—	$	87,032			$	1,086		$	—

Mid Cap Growth Fund

For the six months ended December 31, 2018
Security Description	Value at June 30, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at December 31, 2018		Shares at December 31, 2018		Dividend Income			Capital Gain Distributions
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.60% (a)(b)	$	—	$	216,000	$	102,000	$	—	$	—	$	114,000		114,011	$	351	*	$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (a)(b)		—		149,108		129,110		—		—		19,998		19,998		110	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.40% (a)(b)		114,331		465,906		564,547		—		—		15,690		15,690		1,290			—
Total	$	114,331	$	831,014	$	795,657	$	—	$	—	$	149,688			$	1,751		$	—

Mid Cap Value Fund

For the six months ended December 31, 2018
Security Description	Value at June 30, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at December 31, 2018		Shares at December 31, 2018		Dividend Income			Capital Gain Distributions
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.60% (a)(b)	$	—	$	387,000	$	298,000	$	—		$	—	$	89,000		89,009	$	428	*	$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (a)(b)		—		244,810		230,327		—			—		14,483		14,483		140	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.40% (a)(b)		511,256		960,010		1,185,122		—	(c)		—		286,144		286,144		6,229			—
Total	$	511,256	$	1,591,820	$	1,713,449	$	—	(c)	$	—	$	389,627			$	6,797		$	—

58 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2018

Value Advantage Fund

For the six months ended December 31, 2018
Security Description	Value at June 30, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at December 31, 2018		Shares at December 31, 2018		Dividend Income			Capital Gain Distributions
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.60% (a)(b)	$	—	$	122,000	$	59,000	$	—	$	—	$	63,000		63,006	$	157	*	$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (a)(b)		—		87,845		75,679		—		—		12,166		12,166		57	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.40% (a)(b)		253,654		1,015,309		1,179,662		—		—		89,301		89,301		2,637			—
Total	$	253,654	$	1,225,154	$	1,314,341	$	—	$	—	$	164,467			$	2,851		$	—

(a) Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.

(b) The rate shown is the current yield as of December 31, 2018.

(c) Amount rounds to less than one thousand.

* Amount is included on the Statements of Operations as Income from securities lending (net).

D. Security Transactions and Investment Income — Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis. Interest income is determined on the basis of coupon interest accrued using the effective interest method which adjusts for amortization of premiums and accretion of discounts. Dividend income, net of foreign taxes withheld, if any, and dividend expense on securities sold short, are recorded on the ex-dividend date or when a Fund first learns of the dividend.

To the extent such information is publicly available, the Funds record distributions received in excess of income earned from underlying investments as a reduction of cost of investments and/or realized gain. Such amounts are based on estimates if actual amounts are not available and actual amounts of income, realized gain and return of capital may differ from the estimated amounts. The Funds adjust the estimated amounts of the components of distributions (and consequently their net investment income) as necessary once the issuers provide information about the actual composition of the distributions.

E. Allocation of Income and Expenses — Expenses directly attributable to a fund are charged directly to that fund, while the expenses attributable to more than one fund of the Trusts are allocated among the respective funds. In calculating the NAV of each class, investment income, realized and unrealized gains and losses and expenses, other than class-specific expenses, are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day.

Transfer agency fees are class-specific expenses. The amount of the transfer agency fees charged to each class of the Funds for the six months ended December 31, 2018 are as follows (amounts in thousands):

	Class A		Class C		Class I		Class L		Class R2			Class R3			Class R4			Class R5			Class R6		Total
Growth Advantage Fund
Transfer agency fees	$	51	$	23	$	22		n/a	$	—	(a)	$	—	(a)	$	—	(a)	$	2		$	19	$	117
Mid Cap Equity Fund
Transfer agency fees		12		1		4		n/a		—	(a)		n/a			n/a			—	(a)		9		26
Mid Cap Growth Fund
Transfer agency fees		142		4		17		n/a		11			—	(a)		—	(a)		2			21		197
Mid Cap Value Fund
Transfer agency fees		58		4		20	$	338		5			7			—	(a)		—	(a)		8		440
Value Advantage Fund
Transfer agency fees		39		20		18		29		—	(a)		—	(a)		—	(a)		—	(a)		12		118

(a) Amount rounds to less than one thousand.

DECEMBER 31, 2018 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 59

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

F. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code (the “Code”), applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of December 31, 2018, no liability for income tax is required in the Funds’ financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each of the Funds’ Federal tax returns for the prior three fiscal years remains subject to examination by the Internal Revenue Service.

G. Distributions to Shareholders — Distributions from net investment income, if any, are generally declared and paid at least annually. Distributions are declared separately for each class of each Fund. No class has preferential dividend rights; differences in per share rates are due to differences in separate class expenses. Net realized capital gains, if any, are distributed by each Fund at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federal tax-basis treatment.

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to Investment Advisory Agreements, the Adviser supervises the investments of each Fund and for such services is paid a fee. The fee is accrued daily and paid monthly based on each Fund’s respective average daily net assets. The annual rate for each Fund is as follows:

Growth Advantage Fund	0.65	%
Mid Cap Equity Fund	0.65
Mid Cap Growth Fund	0.65
Mid Cap Value Fund	0.65
Value Advantage Fund	0.65

The Adviser waived Investment Advisory fees and/or reimbursed expenses as outlined in Note 3.F.

B. Administration Fee — Pursuant to Administration Agreements, the Administrator provides certain administration services to the Funds. In consideration of these services during the six months ended December 31, 2018, the Administrator received a fee that was accrued daily and paid monthly at an annual rate of 0.15% of the first $25 billion of the average daily net assets of all funds in the J.P. Morgan Funds Complex covered by the Administration Agreement (excluding certain funds of funds and money market funds) and 0.075% of the average daily net assets in excess of $25 billion of all such funds. For the six months ended December 31, 2018, the effective annualized rate was 0.08% of each Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

The Administrator waived Administration fees as outlined in Note 3.F.

Effective January 1, 2019, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.075% of the first $10 billion of each Fund’s respective average daily net assets, 0.050% of each Fund’s respective average daily net assets between $10 billion and $20 billion, 0.025% of each Fund’s respective average daily net assets between $20 billion and $25 billion and 0.01% of each Fund’s respective average daily net assets in excess of $25 billion.

JPMorgan Chase Bank, N.A. (“JPMCB”), a wholly-owned subsidiary of JPMorgan, serves as the Funds’ sub-administrator (the “Sub-administrator”). For its services as Sub-administrator, JPMCB receives a portion of the fees payable to the Administrator.

C. Distribution Fees — Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (“JPMDS”), an indirect, wholly-owned subsidiary of JPMorgan, serves as the Trusts’ principal underwriter and promotes and arranges for the sale of each Fund’s shares.

The Boards have adopted a Distribution Plan (the “Distribution Plan”) for Class A, Class C, Class R2 and Class R3 Shares of the Funds, as applicable, in accordance with Rule 12b-1 under the 1940 Act. Class I, Class L, Class R4, Class R5 and Class R6 Shares do not charge a distribution fee. The Distribution Plan provides that each Fund shall pay distribution fees, including payments to JPMDS, at annual rates of the average daily net assets as shown in the table below:

	Class A			Class C			Class R2			Class R3
Growth Advantage Fund		0.25	%		0.75	%		0.50	%		0.25	%
Mid Cap Equity Fund		0.25			0.75			0.50			n/a
Mid Cap Growth Fund		0.25			0.75			0.50			0.25
Mid Cap Value Fund		0.25			0.75			0.50			0.25
Value Advantage Fund		0.25			0.75			0.50			0.25

60 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2018

In addition, JPMDS is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the six months ended December 31, 2018, JPMDS retained the following (amounts in thousands):

	Front-End Sales Charge		CDSC
Growth Advantage Fund	$	273	$	10
Mid Cap Equity Fund		66		—
Mid Cap Growth Fund		50		—	(a)
Mid Cap Value Fund		11		—	(a)
Value Advantage Fund		89		—	(a)

(a) Amount rounds to less than one thousand.

D. Service Fees — The Trusts, on behalf of the Funds, have entered into a Shareholder Servicing Agreement with JPMDS under which JPMDS provides certain support services to the shareholders. For performing these services, JPMDS receives a fee, except for Class R6 Shares which do not charge a service fee, that is accrued daily and paid monthly equal to a percentage of the average daily net assets as shown in the table below:

	Class A			Class C			Class I			Class L			Class R2			Class R3			Class R4			Class R5
Growth Advantage Fund		0.25	%		0.25	%		0.25	%		n/a			0.25	%		0.25	%		0.25	%		0.10	%
Mid Cap Equity Fund		0.25			0.25			0.25			n/a			0.25			n/a			n/a			0.10
Mid Cap Growth Fund		0.25			0.25			0.25			n/a			0.25			0.25			0.25			0.10
Mid Cap Value Fund		0.25			0.25			0.25			0.10	%		0.25			0.25			0.25			0.10
Value Advantage Fund		0.25			0.25			0.25			0.10			0.25			0.25			0.25			0.10

JPMDS has entered into shareholder services contracts with affiliated and unaffiliated financial intermediaries who provide shareholder services and other related services to their clients or customers who invest in the Funds under which JPMDS will pay all or a portion of such fees earned to financial intermediaries for performing such services.

JPMDS waived service fees as outlined in Note 3.F.

E. Custodian and Accounting Fees — JPMCB provides portfolio custody and accounting services to the Funds. For performing these services, the Funds pay JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses. The amounts paid directly to JPMCB by the Funds for custody and accounting services are included in Custodian and accounting fees on the Statements of Operations. Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the Statements of Operations. Prior to March 1, 2018, payments to the custodian were reduced by credits earned by each Fund, based on uninvested cash balances held by the custodian. Such earnings credits, if any, are presented separately on the Statements of Operations.

Interest expense paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates on the Statements of Operations.

F. Waivers and Reimbursements — The Adviser, Administrator and/or JPMDS have contractually agreed to waive fees and/or reimburse the Funds to the extent that total annual operating expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation and extraordinary expenses) exceed the percentages of the Funds’ respective average daily net assets as shown in the table below:

	Class A			Class C			Class I			Class L			Class R2			Class R3			Class R4			Class R5			Class R6
Growth Advantage Fund		1.14	%		1.64	%		0.89	%		n/a			1.39	%		1.14	%		0.89	%		0.74	%		0.64	%
Mid Cap Equity Fund		1.14			1.64			0.89			n/a			1.39			n/a			n/a			0.74			0.64
Mid Cap Growth Fund		1.24			1.74			0.93			n/a			1.49			1.24			0.99			0.79			0.74
Mid Cap Value Fund		1.24			1.75			0.99			0.75	%		1.50			1.25			1.00			0.85			0.73	*
Value Advantage Fund		1.14			1.64			0.89			0.75			1.39			1.14			0.89			0.74			0.64

* Prior to November 1, 2018, the contractual expense limitation for Class R6 Shares of Mid Cap Value Fund was 0.75%. The contractual expense percentages in the table above are in place until at least October 31, 2019.

Except as noted above, the expense limitation agreements were in effect for the six months ended December 31, 2018 and the contractual expense limitation percentages in the table above are in place until at least October 31, 2019.

DECEMBER 31, 2018 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 61

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

For the six months ended December 31, 2018, the Funds’ service providers waived fees and/or reimbursed expenses for each of the Funds as follows (amounts in thousands). None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.

	Contractual Waivers
	Investment Advisory Fees		Administration Fees		Service Fees		Total		Contractual Reimbursements
Growth Advantage Fund	$	2,862	$	1,908	$	91	$	4,861	$	12
Mid Cap Equity Fund		906		604		13		1,523		—
Mid Cap Growth Fund		131		84		575		790		8
Mid Cap Value Fund		221		143		5,664		6,028		97
Value Advantage Fund		3,623		2,416		76		6,115		12

Additionally, the Funds may invest in one or more money market funds advised by the Adviser or its affiliates (affiliated money market funds). The Adviser, Administrator and/or JPMDS, as shareholder servicing agent, have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the applicable Fund’s investment in such affiliated money market fund.

The amount of waivers resulting from investments in these money market funds for the six months ended December 31, 2018 was as follows (amounts in thousands):

Growth Advantage Fund	$	305
Mid Cap Equity Fund		98
Mid Cap Growth Fund		150
Mid Cap Value Fund		685
Value Advantage Fund		317

G. Other — Certain officers of the Trusts are affiliated with the Adviser, the Administrator and JPMDS. Such officers, with the exception of the Chief Compliance Officer, receive no compensation from the Funds for serving in their respective roles.

The Boards appointed a Chief Compliance Officer to the Funds in accordance with Federal securities regulations. Each Fund, along with other affiliated funds, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the Office of the Chief Compliance Officer. Such fees are included in Trustees’ and Chief Compliance Officer’s fees on the Statements of Operations.

The Trusts adopted a Trustee Deferred Compensation Plan (the “Plan”) which allows the Independent Trustees to defer the receipt of all or a portion of compensation related to performance of their duties as Trustees. The deferred fees are invested in various J.P. Morgan Funds until distribution in accordance with the Plan.

During the six months ended December 31, 2018, Growth Advantage Fund, Mid Cap Equity Fund, Mid Cap Growth Fund and Mid Cap Value Fund purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.

The Funds may use related party broker-dealers. For the six months ended December 31, 2018, the Funds did not incur any brokerage commissions with broker-dealers affiliated with the Adviser.

The Securities and Exchange Commission (“SEC”) has granted an exemptive order permitting the Funds to engage in principal transactions with J.P. Morgan Securities, Inc., an affiliated broker, involving taxable money market instruments, subject to certain conditions.

4. Investment Transactions

During the six months ended December 31, 2018, purchases and sales of investments (excluding short-term investments and transfers in-kind) were as follows (amounts in thousands):

	Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
Growth Advantage Fund	$	2,004,154	$	1,745,429
Mid Cap Equity Fund		504,155		458,019
Mid Cap Growth Fund		1,178,578		998,632
Mid Cap Value Fund		1,217,379		1,628,658
Value Advantage Fund		954,437		1,240,799

During the six months ended December 31, 2018, there were no purchases or sales of U.S. Government securities.

62 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2018

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at December 31, 2018 were as follows (amounts in thousands):

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Growth Advantage Fund	$	5,577,283	$	2,546,106	$	202,841	$	2,343,265
Mid Cap Equity Fund		1,963,953		637,589		133,469		504,120
Mid Cap Growth Fund		3,142,141		752,863		210,303		542,560
Mid Cap Value Fund		11,432,100		4,879,740		952,837		3,926,903
Value Advantage Fund		8,329,449		2,223,555		558,625		1,664,930

Late year ordinary losses incurred after December 31 as well as net capital losses incurred after October 31 and within the taxable year are deemed to arise on the first business day of the Funds’ next taxable year. For the year ended June 30, 2018, the following Funds deferred to July 1, 2018 late year ordinary losses and post-October capital losses of (amounts in thousands):

	Late Year Ordinary Loss Deferral
Growth Advantage Fund	$	10,229
Mid Cap Growth Fund		6,257

6. Borrowings

The Funds rely upon an exemptive order granted by the SEC (the “Order”) permitting the establishment and operation of an Interfund Lending Facility (the “Facility”). The Facility allows the Funds to directly lend and borrow money to or from any other fund relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund’s borrowing restrictions. The Interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. The Order was granted to JPM II and may be relied upon by the Funds because the Funds and the series of JPM II are all investment companies in the same “group of investment companies” (as defined in Section 12(d)(1)(G) of the 1940 Act).

The Trusts and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Funds. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund’s borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until November 4, 2019.

The Funds had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility at December 31, 2018. Average borrowings from the Facility during the six months ended December 31, 2018, were as follows (amounts in thousands, except number of days outstanding):

	Average Borrowings		Average Interest Rate Paid			Number of Days Outstanding		Interest Paid
Mid Cap Equity Fund	$	13,588		2.71	%		1	$	1

The Trusts, along with certain other trusts (“Borrowers”), have entered into a joint syndicated senior unsecured revolving credit facility totaling $1.5 billion (“Credit Facility”) with various lenders and The Bank of New York Mellon, as administrative agent for the lenders. This Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Under the terms of the Credit Facility, a borrowing fund must have a minimum of $25,000,000 in adjusted net asset value and not exceed certain adjusted net asset coverage ratios prior to and during the time in which any borrowings are outstanding. If a fund does not comply with the aforementioned requirements, the fund must remediate within three business days with respect to the $25,000,000 minimum adjusted net asset value or within one business day with respect to certain asset coverage ratios or the administrative agent at the request of, or with the consent of, the lenders may terminate the Credit Facility and declare any outstanding borrowings to be due and payable immediately.

Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.00% plus the greater of the federal funds effective rate or one month LIBOR. The annual commitment fee to maintain the Credit Facility is 0.15% and is incurred on the unused portion of the Credit Facility and is allocated to all participating funds pro rata based on their respective net assets. Effective August 14, 2018, this agreement has been amended and restated for a term of 364 days, unless extended.

DECEMBER 31, 2018 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 63

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

The Funds had no borrowings outstanding from the Credit Facility at December 31, 2018. Average borrowings from the Credit Facility for, or at any time during the six months ended December 31, 2018 were as follows (amounts in thousands):

	Average Borrowings		Average Interest Rate Paid			Number of Days Outstanding		Interest Paid
Growth Advantage Fund	$	10,500		3.38	%		1	$	1
Value Advantage Fund	$	27,500		3.38	%		1	$	3

7. Risks, Concentrations and Indemnifications

In the normal course of business, the Funds enter into contracts that contain a variety of representations which provide general indemnifications. Each Fund’s maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be brought against each Fund. However, based on experience, the Funds expect the risk of loss to be remote.

As of December 31, 2018, the Funds had omnibus accounts which owned more than 10% of the respective Fund’s outstanding shares as follows:

	Number of Affiliated Omnibus Accounts		% of the Fund			Number of Non-affiliated Omnibus Accounts		% of the Fund
Growth Advantage Fund		4		12.1	%		3		15.1	%
Mid Cap Equity Fund		—		—			4		23.3
Mid Cap Growth Fund		—		—			7		15.8
Mid Cap Value Fund		—		—			8		33.0
Value Advantage Fund		—		—			6		22.0

As of December 31, 2018, the JPMorgan SmartRetirement Funds, which are affiliated funds of funds, owned in the aggregate, shares representing more than 10% of the net assets of the following Funds:

	JPMorgan SmartRetirement Funds
Growth Advantage Fund		28.3	%
Mid Cap Equity Fund		48.0
Value Advantage Fund		22.0

Significant shareholder transactions by these shareholders may impact the Funds’ performance.

8. New Accounting Pronouncements

In August 2018, the Financial Accounting Standard Board (“FASB”) issued Accounting Standard Update (“ASU”) 2018-13 (“ASU 2018-13”) Fair Value Measurement (Topic 820): Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement, which adds, removes, and modifies certain aspects of the fair value disclosure. ASU 2018-13 amendments are the result of a broader disclosure project, FASB Concepts Statement Conceptual Framework for Financial Reporting — Chapter 8: Notes to Financial Statements, to improve the effectiveness of the fair value disclosure requirements. ASU 2018-13 is effective for the fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019; early adoption is permitted. We have evaluated the implications of these changes and the amendments are included in the financial statements, which had no effect to the Funds’ net assets or results of operation.

In August 2018, the SEC adopted their Disclosure Update and Simplification Rule (the “Rule”). The Rule is part of the SEC’s overall project to improve disclosure effectiveness by amending certain disclosure requirements that have become redundant, duplicative, overlapping, outdated, or superseded in light of other SEC disclosure requirements, U.S. GAAP, or changes in the information environment. The amendments are intended to facilitate the disclosure of information to investors and simplify compliance without significantly altering the total mix of information provided to investors. We have evaluated the implications of these changes and the amendments are included in the financial statements, which had no effect on the Funds’ net assets or results of operation.

64 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2018

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, July 1, 2018, and continued to hold your shares at the end of the reporting period, December 31, 2018.

Actual Expenses

For each Class of each Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

	Beginning Account Value July 1, 2018		Ending Account Value December 31, 2018		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Growth Advantage Fund
Class A
Actual	$	1,000.00	$	890.40	$	5.38		1.13	%
Hypothetical		1,000.00		1,019.51		5.75		1.13
Class C
Actual		1,000.00		888.20		7.81		1.64
Hypothetical		1,000.00		1,016.94		8.34		1.64
Class I
Actual		1,000.00		891.80		4.20		0.88
Hypothetical		1,000.00		1,020.77		4.48		0.88
Class R2
Actual		1,000.00		889.30		6.62		1.39
Hypothetical		1,000.00		1,018.20		7.07		1.39
Class R3
Actual		1,000.00		890.50		5.38		1.13
Hypothetical		1,000.00		1,019.51		5.75		1.13
Class R4
Actual		1,000.00		891.80		4.20		0.88
Hypothetical		1,000.00		1,020.77		4.48		0.88
Class R5
Actual		1,000.00		892.30		3.48		0.73
Hypothetical		1,000.00		1,021.53		3.72		0.73
Class R6
Actual		1,000.00		892.90		3.01		0.63
Hypothetical		1,000.00		1,022.03		3.21		0.63

DECEMBER 31, 2018 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 65

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment

	Beginning Account Value July 1, 2018		Ending Account Value December 31, 2018		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Mid Cap Equity Fund
Class A
Actual	$	1,000.00	$	889.90	$	5.38		1.13	%
Hypothetical		1,000.00		1,019.51		5.75		1.13
Class C
Actual		1,000.00		887.70		7.76		1.63
Hypothetical		1,000.00		1,016.99		8.29		1.63
Class I
Actual		1,000.00		891.20		4.19		0.88
Hypothetical		1,000.00		1,020.77		4.48		0.88
Class R2
Actual		1,000.00		888.80		6.57		1.38
Hypothetical		1,000.00		1,018.25		7.02		1.38
Class R5
Actual		1,000.00		891.80		3.48		0.73
Hypothetical		1,000.00		1,021.53		3.72		0.73
Class R6
Actual		1,000.00		892.30		3.00		0.63
Hypothetical		1,000.00		1,022.03		3.21		0.63
JPMorgan Mid Cap Growth Fund
Class A
Actual		1,000.00		893.10		5.87		1.23
Hypothetical		1,000.00		1,019.00		6.26		1.23
Class C
Actual		1,000.00		891.00		8.25		1.73
Hypothetical		1,000.00		1,016.48		8.79		1.73
Class I
Actual		1,000.00		894.60		4.39		0.92
Hypothetical		1,000.00		1,020.57		4.69		0.92
Class R2
Actual		1,000.00		892.00		7.06		1.48
Hypothetical		1,000.00		1,017.74		7.53		1.48
Class R3
Actual		1,000.00		893.40		5.87		1.23
Hypothetical		1,000.00		1,019.00		6.26		1.23
Class R4
Actual		1,000.00		894.50		4.68		0.98
Hypothetical		1,000.00		1,020.27		4.99		0.98
Class R5
Actual		1,000.00		895.20		3.73		0.78
Hypothetical		1,000.00		1,021.27		3.97		0.78
Class R6
Actual		1,000.00		895.40		3.49		0.73
Hypothetical		1,000.00		1,021.53		3.72		0.73
JPMorgan Mid Cap Value Fund
Class A
Actual		1,000.00		882.90		5.84		1.23
Hypothetical		1,000.00		1,019.00		6.26		1.23
Class C
Actual		1,000.00		880.70		8.25		1.74
Hypothetical		1,000.00		1,016.43		8.84		1.74
Class I
Actual		1,000.00		884.00		4.65		0.98
Hypothetical		1,000.00		1,020.27		4.99		0.98

66 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2018

	Beginning Account Value July 1, 2018		Ending Account Value December 31, 2018		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Mid Cap Value Fund (continued)
Class L
Actual	$	1,000.00	$	885.00	$	3.52		0.74	%
Hypothetical		1,000.00		1,021.48		3.77		0.74
Class R2
Actual		1,000.00		881.70		7.07		1.49
Hypothetical		1,000.00		1,017.69		7.58		1.49
Class R3
Actual		1,000.00		882.90		5.88		1.24
Hypothetical		1,000.00		1,018.95		6.31		1.24
Class R4
Actual		1,000.00		884.00		4.70		0.99
Hypothetical		1,000.00		1,020.21		5.04		0.99
Class R5
Actual		1,000.00		884.70		3.94		0.83
Hypothetical		1,000.00		1,021.02		4.23		0.83
Class R6
Actual		1,000.00		885.00		3.47		0.73
Hypothetical		1,000.00		1,021.53		3.72		0.73
JPMorgan Value Advantage Fund
Class A
Actual		1,000.00		917.60		5.51		1.14
Hypothetical		1,000.00		1,019.46		5.80		1.14
Class C
Actual		1,000.00		915.20		7.92		1.64
Hypothetical		1,000.00		1,016.94		8.34		1.64
Class I
Actual		1,000.00		918.80		4.30		0.89
Hypothetical		1,000.00		1,020.72		4.53		0.89
Class L
Actual		1,000.00		919.40		3.58		0.74
Hypothetical		1,000.00		1,021.48		3.77		0.74
Class R2
Actual		1,000.00		916.40		6.71		1.39
Hypothetical		1,000.00		1,018.20		7.07		1.39
Class R3
Actual		1,000.00		917.50		5.51		1.14
Hypothetical		1,000.00		1,019.46		5.80		1.14
Class R4
Actual		1,000.00		918.70		4.30		0.89
Hypothetical		1,000.00		1,020.72		4.53		0.89
Class R5
Actual		1,000.00		919.40		3.58		0.74
Hypothetical		1,000.00		1,021.48		3.77		0.74
Class R6
Actual		1,000.00		920.10		3.10		0.64
Hypothetical		1,000.00		1,021.98		3.26		0.64

  * Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

DECEMBER 31, 2018 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 67

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited)

The Board of Trustees has established various standing committees composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment committees (money market and alternative products, equity, and fixed income) meet regularly throughout the year and consider factors that are relevant to their annual consideration of investment advisory agreements at each meeting. They also meet for the specific purpose of considering investment advisory agreement annual renewals. The Board of Trustees held meetings in person in June and August 2018, at which the Trustees considered the continuation of the investment advisory agreements for each Fund whose semi-annual report is contained herein (each an “Advisory Agreement” and collectively, the “Advisory Agreements”). At the June meeting, the Board’s investment committees met to review and consider performance, expense and related information for the J.P. Morgan Funds. Each investment committee reported to the full Board, which then considered the investment committee’s preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not “interested persons” (as defined in the 1940 Act) of any party to the Advisory Agreements or any of their affiliates, approved the continuation of each Advisory Agreement on August 15, 2018.

As part of their review of the Advisory Agreements, the Trustees considered and reviewed performance and other information about the Funds received from the Adviser. This information includes the Funds’ performance as compared to the performance of their peers and benchmarks and analyses by the Adviser of the Funds’ performance. In addition, the Trustees have engaged an independent management consulting firm (“independent consultant”) to report on the performance of certain J.P. Morgan Funds at each of the Trustees’ regular meetings. In addition, in preparation for the June and August meetings, the Trustees requested, received and evaluated extensive materials from the Adviser, including performance and expense information compiled by Broadridge, using data from Lipper Inc., independent providers of investment company data (together, “Broadridge/Lipper”). The Trustees’ independent consultant also provided additional analyses of the performance of the Funds as compared to the Funds’ objectives and peer groups. Before voting on the Advisory Agreements, the Trustees reviewed the Advisory Agreements with representatives of the Adviser, counsel to the Trusts and independent legal counsel and received a memorandum from independent legal counsel to the Trustees discussing the legal standards for their consideration of the Advisory Agreements. The Trustees also discussed the Advisory Agreements in executive sessions with independent legal counsel at which no representatives of the Adviser were present.

A summary of the material factors evaluated by the Trustees in determining whether to approve each Advisory Agreement is provided below. Each Trustee attributed different weights to the various factors, and no factor alone was considered determinative. The Trustees considered information provided with respect to the Funds throughout the year, as well as materials furnished specifically in connection with the annual review process. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions.

After considering and weighing the factors and information they had received, the Trustees found that the compensation to be received by the Adviser from each Fund under the applicable Advisory Agreement was fair and reasonable under the circumstances and determined and that the continuance of each Advisory Agreement was in the best interests of each Fund and its shareholders.

Nature, Extent and Quality of Services Provided by the Adviser

The Trustees received and considered information regarding the nature, extent and quality of the services provided to each Fund under the applicable Advisory Agreement. The Trustees took into account information furnished throughout the year at Trustee meetings, as well as the materials furnished specifically in connection with this annual review process. The Trustees considered the background and experience of the Adviser’s senior management and the expertise of, and the amount of attention given to each Fund by, investment personnel of the Adviser. In addition, the Trustees reviewed the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of each Fund and the infrastructure supporting the team, including personnel changes. The Trustees also considered information provided by the Adviser and JPMorgan Distribution Services, Inc. (“JPMDS”) about the structure and distribution strategy of each Fund. The Trustees reviewed information relating to the Adviser’s risk governance model and reports showing the Adviser’s compliance structure and ongoing compliance processes. The Trustees also considered the quality of the administrative services provided by the Adviser in its role as administrator.

The Trustees also considered their knowledge of the nature and quality of the services provided by the Adviser and its affiliates to the Funds gained from their experience as Trustees of the J.P. Morgan Funds. In addition, they considered the overall reputation and capabilities of the Adviser and its affiliates, the commitment of the Adviser to provide high quality service to the Funds, their overall confidence in the Adviser’s integrity and the Adviser’s responsiveness to questions or concerns raised by them, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to each Fund.

68 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2018

Based upon these considerations and other factors, the Trustees concluded that they were satisfied with the nature, extent and quality of the investment advisory services provided to the Funds by the Adviser.

Costs of Services Provided and Profitability to the Adviser and its Affiliates

The Trustees received and considered information regarding the profitability to the Adviser and its affiliates in providing services to each Fund. The Trustees reviewed and discussed this information. The Trustees recognized that this information is not audited and represents the Adviser’s determination of its and its affiliates’ revenues from the contractual services provided to the Funds, less expenses of providing such services. Expenses include direct and indirect costs and are calculated using an allocation methodology developed by the Adviser. The Trustees also recognized that it is difficult to make comparisons of profitability from fund investment advisory contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the fact that publicly-traded fund managers’ operating profits and net income are net of distribution and marketing expenses. Based upon their review, the Trustees concluded that the profitability to the Adviser under each Advisory Agreement was not unreasonable in light of the services and benefits provided to each Fund.

The Trustees also considered that JPMDS, an affiliate of the Adviser, and the Adviser earn fees from the Funds for providing shareholder and administrative services, respectively. These fees were shown separately in the profitability analysis presented to the Trustees. The Trustees also considered the payments of Rule 12b-1 fees to JPMDS, which also acts as the Funds’ distributor and that these fees are in turn generally paid to financial intermediaries that sell the Funds, including financial intermediaries that are affiliates of the Adviser. The Trustees also considered the fees paid to JPMorgan Chase Bank, N.A. (“JPMCB”) for custody and fund accounting, and other related services.

Fall-Out Benefits

The Trustees reviewed information regarding potential “fall-out” or ancillary benefits received by the Adviser and its affiliates as a result of their relationship with the Funds. The Trustees also reviewed the Adviser’s allocation of fund brokerage for the J.P. Morgan Funds complex, including allocations to brokers who provide research to the Adviser.

Economies of Scale

The Trustees considered the extent to which the Funds may benefit from economies of scale. The Trustees considered that there may not be a direct relationship between economies of

scale realized by the Funds and those realized by the Adviser as assets increase. The Trustees considered the extent to which the Funds were priced to scale and whether it would be appropriate to add advisory fee breakpoints, but noted that each Fund has implemented fee waivers and contractual expense limitations (“Fee Caps”) which allow each Fund’s shareholders to share potential economies of scale from a Fund’s inception and that the fees remain competitive with peer funds. The Trustees also considered that the Adviser has added or enhanced services to the Funds over time, noting the Adviser’s substantial investments in its business in support of the Funds, including investments in trading systems and technology (including cybersecurity improvements), attraction and retention of key talent, additions to analyst and portfolio management teams, and regulatory support enhancements. The Trustees concluded that the current fee structure was reasonable in light of the Fee Caps that the Adviser has in place that serve to limit the overall net expense ratios of each Fund at competitive levels. The Trustees concluded that the Funds’ shareholders received the benefits of potential economies of scale through the Fee Caps and the Adviser’s reinvestment in its operations to serve the Funds and their shareholders.

Independent Written Evaluation of the Funds’ Senior/Chief Compliance Officer

The Trustees noted that, upon their direction, the Senior Officer for the Mid Cap Growth Fund and Mid Cap Value Fund had prepared an independent written evaluation in order to assist the Trustees in determining the reasonableness of the proposed management fees. In determining whether to continue the Advisory Agreements, the Trustees considered the Senior Officer’s report.

The Trustees noted that, upon their direction, the Chief Compliance Officer for the Growth Advantage Fund, Mid Cap Equity Fund, and Value Advantage Fund had prepared an independent written evaluation in order to assist the Trustees in determining the reasonableness of the proposed management fees. The Trustees considered the written evaluation in determining whether to continue the Advisory Agreements.

Fees Relative to Adviser’s Other Clients

The Trustees received and considered information about the nature and extent of investment advisory services and fee rates offered to other clients of the Adviser, including institutional separate accounts and/or funds sub-advised by the Adviser, for investment management styles substantially similar to that of each Fund. The Trustees considered the complexity of investment management for registered mutual funds relative to the Adviser’s other clients and noted differences in the regulatory, legal and other risks and responsibilities of providing services to the different clients. The Trustees considered that serving as an adviser to a registered mutual fund involves greater responsibilities and risks than acting as a sub-adviser and

DECEMBER 31, 2018 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 69

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

observed that sub-advisory fees may be lower than those charged by the Adviser to each Fund. The Trustees also noted that the adviser, not the mutual fund, pays the sub-advisory fee and that many responsibilities related to the advisory function are retained by the primary adviser. The Trustees concluded that the fee rates charged to each Fund in comparison to those charged to the Adviser’s other clients were reasonable.

Investment Performance

The Trustees received and considered absolute and/or relative performance information for the Funds in a report prepared by Broadridge/Lipper. The Trustees considered the total return performance information, which included the ranking of the Funds within a performance universe made up of funds with the same Broadridge/Lipper investment classification and objective (the “Universe”), as well as a subset of funds within the Universe (the “Peer Group”), by total return for applicable one-, three- and five-year periods. The Trustees reviewed a description of Broadridge/Lipper’s methodology for selecting mutual funds in each Fund’s Peer Group and Universe. The Broadridge/Lipper materials provided to the Trustees highlighted information with respect to certain representative classes to assist the Trustees in their review. As part of this review, the Trustees also reviewed each Fund’s performance against its benchmark and considered the performance information provided for the Funds at regular Board meetings by the Adviser and the Trustees’ independent consultant and also considered the special analysis prepared by the Trustees’ independent consultant. The Trustees also engaged with the Adviser to consider what steps might be taken to improve performance, as applicable. The Broadridge/Lipper performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to each Fund’s performance for certain representative classes are summarized below:

The Trustees noted that the Growth Advantage Fund’s performance for Class A and Class I shares was in the first quintile based upon both the Peer Group and Universe, for each of the one-, three-, and five-year periods ended December 31, 2017. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted that the Mid Cap Equity Fund’s performance for Class A shares was in the first, second and first quintiles based upon the Peer Group, and in the first, third and second quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2017, respectively. The Trustees noted that the performance for Class I shares was in the first, second and first quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31,

2017, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted that the Mid Cap Growth Fund’s performance for Class A shares was in the third, fourth and third quintiles based upon the Peer Group, and in the second, fourth and second quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2017, respectively. The Trustees noted that the performance for Class I shares was in the third quintile based upon the Peer Group for each of the one-, three-, and five-year periods ended December 31, 2017, and in the second, fourth and second quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2017, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory under the circumstances.

The Trustees noted that the Mid Cap Value Fund’s performance for Class A shares was in the third, third and second quintiles based upon the Peer Group, and in the fourth, fourth and third quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2017, respectively. The Trustees noted that the performance for Class I shares was in the third, third and first quintiles based upon the Peer Group, and in the fourth, third and third quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2017, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory under the circumstances. The Trustees requested, however, that the Fund’s Adviser provide additional Fund performance information to be reviewed with the members of the Board’s equity committee at each of its regularly scheduled meetings over the course of the next year.

The Trustees noted that the Value Advantage Fund’s performance for Class A shares was in the third, second and third quintiles based upon the Peer Group, and in the fourth, third and third quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2017, respectively. The Trustees noted that the performance for Class I shares was in the third quintile based upon the Peer Group for each of the one-, three-, and five-year periods ended December 31, 2017, and in the fourth, third and third quintiles based upon the Universe, for the one-, three-, and five-year periods ended

70 J.P. MORGAN MID CAP/MULTI-CAP FUNDS DECEMBER 31, 2018

December 31, 2017, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory under the circumstances.

Advisory Fees and Expense Ratios

The Trustees considered the contractual advisory fee rate and administration fee rate paid by each Fund to the Adviser and compared the combined rate to the information prepared by Broadridge/Lipper concerning management fee rates paid by other funds in the same Broadridge/Lipper category as each Fund. The Trustees recognized that Broadridge/Lipper reported each Fund’s management fee rate as the combined contractual advisory fee and administration fee rates. The Trustees also reviewed information about other expenses and the expense ratios for each Fund. The Trustees considered the Fee Caps currently in place for each Fund, the net advisory fee rate after taking into account any waivers and/or reimbursements, and where deemed appropriate by the Trustees, additional waivers and/or reimbursements. The Trustees recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The Trustees’ determinations as a result of the review of each Fund’s advisory fees and expense ratios for certain representative classes are summarized below:

The Trustees noted that the Growth Advantage Fund’s net advisory fee for Class A shares was in the third and second quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class A shares were in the fifth and second quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class I shares was in the third quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class I shares were in the second and third quintiles based upon the Peer Group and Universe, respectively. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.

The Trustees noted that the Mid Cap Equity Fund’s net advisory fee and actual total expenses for Class A shares were in the

second quintile based upon both the Peer Group and Universe. The Trustees noted that the net advisory fee and actual total expenses for Class I shares were in the second quintile based upon the Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.

The Trustees noted that the Mid Cap Growth Fund’s net advisory fee for Class A shares was in the third quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class A shares were in the fourth and third quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class I Shares was in the third quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class I shares were in the second and third quintiles based upon the Peer Group and Universe, respectively. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.

The Trustees noted that the Mid Cap Value Fund’s net advisory fee and actual total expenses for Class A shares was in the fifth and third quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class I shares was in the third quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class I shares were in the first and third quintiles based upon the Peer Group and Universe, respectively. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.

The Trustees noted that the Value Advantage Fund’s net advisory fee Class A shares was in the third quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class A shares were in the fifth and third quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee and actual total expenses for Class I shares were in the third quintile based upon both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.

DECEMBER 31, 2018 J.P. MORGAN MID CAP/MULTI-CAP FUNDS 71

J.P. Morgan Funds are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the funds.

Contact JPMorgan Distribution Services, Inc. at 1-800-480-4111 for a fund prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risk as well as charges and expenses of the mutual fund before investing. The prospectus contains this and other information about the mutual fund. Read the prospectus carefully before investing.

Investors may obtain information about the Securities Investor Protection Corporation (SIPC), including the SIPC brochure, by visiting www.sipc.org or by calling SIPC at 202-371-8300.

Each Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC on Form N-Q. The Funds’ Forms N-Q are available on the SEC’s website at http://www.sec.gov. Shareholders may request the Form N-Q without charge by calling 1-800-480-4111 or by visiting the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

A description of each Fund’s policies and procedures with respect to the disclosure of each Fund’s holdings is available in the prospectuses and Statement of Additional Information.

A copy of proxy policies and procedures is available without charge upon request by calling 1-800-480-4111 and on the Funds’ website at www.jpmorganfunds.com. A description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Funds to the Adviser. A copy of the Funds’ voting record for the most recent 12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Funds’ website at www.jpmorganfunds.com no later than August 31 of each year. The Funds’ proxy voting record will include, among other things, a brief description of the matter voted on for each fund security, and will state how each vote was cast, for example, for or against the proposal.

J.P. Morgan Asset Management is the marketing name for the asset management businesses of JPMorgan Chase & Co. Those businesses include, but are not limited to, J.P. Morgan Investment Management Inc., Security Capital Research & Management Incorporated and J.P. Morgan Alternative Asset Management, Inc.

^© JPMorgan Chase & Co., 2018. All rights reserved. December 2018. SAN-MC-1218

Semi-Annual Report

J.P. Morgan Small Cap Funds

December 31, 2018 (Unaudited)

JPMorgan Small Cap Blend Fund

JPMorgan Small Cap Core Fund

JPMorgan Small Cap Equity Fund

JPMorgan Small Cap Growth Fund

JPMorgan Small Cap Value Fund

JPMorgan U.S. Small Company Fund

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Funds’ website www.jpmorganfunds.com and you will be notified by mail each time a report is posted and provided with a website to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action.

You may elect to receive shareholder reports and other communications from the Funds electronically anytime by contacting your financial intermediary (such as a broker dealer, bank, or retirement plan) or, if you are a direct investor, by going to www.jpmorganfunds.com/edelivery.

You may elect to receive paper copies of all future reports free of charge. Contact your financial intermediary or, if you invest directly with the Funds, email us at funds.website.support@jpmorganfunds.com or call 1-800-480-4111. Your election to receive paper reports will apply to all funds held within your account(s).

CONTENTS

CEO’s Letter	1
Market Overview	2
Fund Commentaries:
JPMorgan Small Cap Blend Fund	3
JPMorgan Small Cap Core Fund	5
JPMorgan Small Cap Equity Fund	7
JPMorgan Small Cap Growth Fund	9
JPMorgan Small Cap Value Fund	11
JPMorgan U.S. Small Company Fund	13
Schedules of Portfolio Investments	15
Financial Statements	46
Financial Highlights	62
Notes to Financial Statements	74
Schedule of Shareholder Expenses	86
Board Approval of Investment Advisory Agreements	90

Investments in a Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money if you sell when a Fund’s share price is lower than when you invested.

Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of a Fund or the securities markets. References to specific securities and their issuers are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations to purchase or sell such securities. Such views are not meant as investment advice and may not be relied on as an indication of trading intent on behalf of any Fund.

Prospective investors should refer to the Funds’ prospectuses for a discussion of the Funds’ investment objectives, strategies and risks. Call J.P. Morgan Funds Service Center at 1-800-480-4111 for a prospectus containing more complete information about a Fund, including management fees and other expenses. Please read it carefully before investing.

CEO’S LETTER

February 14, 2019 (Unaudited)

Dear Shareholder,

While the U.S. economy largely outperformed other leading economies during the second half of 2018, record corporate profits and historically low unemployment were overshadowed in December by a sell-off in equity markets, unsettled global trade tensions and a political impasse that led to the temporary shutdown of large parts of the federal government.

  “Overall, economists generally remained optimistic about the fundamental strength of the U.S. economy at the end of 2018.” — George C.W. Gatch

The second longest U.S. economic expansion on record extended through the third and fourth quarters of 2018. Gross domestic product advanced 3.4% in the third quarter of 2018, and was on pace to grow by about 3% for the full year 2018. In September, the U.S. jobless rate dipped to 3.7% - its lowest level in nearly 50 years - and stood at 3.9% at the end of the year. In response, the U.S. Federal Reserve raised interest rates in September and again in December.

U.S. aggregate corporate revenues and earnings reached record high levels in the second and third quarters of 2018. Though some profit growth was attributed to the temporary benefits of late-2017 tax cut legislation, the outlook for U.S. corporate earnings remained generally positive at the end of the year.

Equity prices in the U.S. largely rose during the third quarter of 2018. The S&P 500 Index hit record highs in August and remained elevated in September. However, early October saw a sharp sell-off in financial markets and the worst December for

the S&P 500 Index since 1931 erased all gains seen in the prior five months.

By the end of 2018, investors were confronted with several worrying developments. Leading economies, particularly China and the European Union, showed significant signs of slowing in the latter half of the year. While U.S.-China trade tariffs had little clear direct impact on the U.S. economy in 2018, a continuation or acceleration of protectionist policies could begin to hinder growth. Though the federal government shutdown ended subsequent to the end of the reporting period, the solution was a short-term budget agreement that failed to alleviate concerns about the possibility of future shutdowns.

Overall, economists generally remained optimistic about the fundamental strength of the U.S. economy at the end of 2018. While U.S. corporate profits and gross domestic product are expected to grow in the year ahead, the extent to which U.S. financial markets benefit remains to be seen, given the length of the current economic expansion.

We believe investors who maintain a patient approach and a well-diversified portfolio may be best positioned to navigate current market conditions. We look forward to managing your investment needs for years to come. Should you have any questions, please visit www.jpmorganfunds.com or contact the J.P. Morgan Funds Service Center at 1-800-480-4111.

Sincerely yours,

George C.W. Gatch

CEO, Global Funds Management

J.P. Morgan Asset Management

DECEMBER 31, 2018 J.P. MORGAN SMALL CAP FUNDS 1

J.P. Morgan Small Cap Funds

MARKET OVERVIEW

SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited)

U.S. equity prices were largely supported by strong corporate earnings and revenue, low interest rates and an expanding domestic economy. In August, U.S. equity prices reached record highs and remained elevated through September. However, share prices fell sharply and market volatility spiked in early October, then rebounded slightly in November before plummeting again in December, erasing gains made over the previous five months.

Overall, U.S. large cap equity outperformed mid cap and small cap equity and growth stocks outperformed value stocks. For the six months ended December 31, 2018, the S&P 500 returned (6.85)% and the Russell 2000 Index returned (17.35)%.

2 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2018

JPMorgan Small Cap Blend Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*	(16.33)%
Russell 2000 Index	(17.35)%
Net Assets as of 12/31/2018 (In Thousands)	$212,971

INVESTMENT OBJECTIVE**

The JPMorgan Small Cap Blend Fund (the “Fund”) seeks capital growth over the long term.

WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?

The Fund’s Class A Shares, without a sales charge, outperformed the Russell 2000 Index (the “Benchmark”) for the six months ended December 31, 2018. The Fund’s security selection and overweight position in the information technology sector and its underweight position in the energy sector were leading contributors to performance relative to the Benchmark, while the Fund’s security selection in the financials and communications sectors was a leading detractor from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in Amedisys Inc., Elastic NV and Okta Inc. Shares of Amedisys, a home health care and hospice care provider, rose after the company reported better-than-expected results for the second and third quarters of 2018. Shares of Elastic, a provider of open source search and data analytics services not held in the Benchmark, rose following its fourth quarter 2018 initial public stock offering and after the company reported strong revenue growth in its first quarterly report to shareholders. Shares of Okta, a provider of security identify and access management software not held in the Benchmark, rose after the company reported growth in subscription revenue and higher-than-expected free cash flow margins in the second quarter of 2018 and after the company raised its full-year 2018 revenue forecast.

Leading individual detractors from performance relative included the Fund’s overweight positions in OptiNose Inc., Boyd Gaming Corp. and Texas Capital Bancshares Inc. Shares of OptiNose, a specialty pharmaceutical company, fell amid negative investor reaction to the company’s move to a “zero co-pay” strategy for its products. Shares of Boyd Gaming, a casinos and gaming company, fell after the company reported lower-than-expected earnings for the third quarter of 2018. Shares of Texas Capital Bancshares, a bank not held in the Benchmark, fell after the company reported lower-than-expected earnings and revenue for the third quarter of 2018.

HOW WAS THE FUND POSITIONED?

During the reporting period, 2018, the Fund’s portfolio managers utilized a bottom-up approach to stock selection, researching

individual companies in an effort to construct portfolios of stocks that have strong fundamentals. The Fund’s portfolio managers preferred to invest in high quality companies with durable franchises that, in their view, possessed the ability to generate consistent earnings. With the effectiveness of the investment strategy change, the portfolio managers positioned the Fund to invest in small cap companies across both growth and value styles.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Advanced Disposal Services, Inc.	1.0	%
	2.	Envestnet, Inc.	1.0
	3.	Performance Food Group Co.	1.0
	4.	Wolverine World Wide, Inc.	0.9
	5.	Ollie’s Bargain Outlet Holdings, Inc.	0.9
	6.	Entegris, Inc.	0.9
	7.	Trex Co., Inc.	0.8
	8.	ITT, Inc.	0.8
	9.	Inphi Corp.	0.8
	10.	Hudson Ltd., Class A	0.8

PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	18.3	%
Industrials	15.9
Health Care	13.6
Consumer Discretionary	11.7
Financials	10.9
Investment of cash collateral from securities loaned	10.6
Real Estate	4.2
Communication Services	3.4
Utilities	2.9
Consumer Staples	2.4
Materials	1.9
Energy	1.9
Short-Term Investments	2.3

* The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

** The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.

*** Percentages indicated are based on total investments as of December 31, 2018. The Fund’s portfolio composition is subject to change.

DECEMBER 31, 2018 J.P. MORGAN SMALL CAP FUNDS 3

JPMorgan Small Cap Blend Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2018
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	May 19, 1997
With Sales Charge**			(20.73	)%		(8.72	)%		6.26	%		13.81	%
Without Sales Charge			(16.33	)		(3.67	)		7.42			14.42
CLASS C SHARES	January 7, 1998
With CDSC***			(17.57	)		(5.19	)		6.87			13.83
Without CDSC			(16.57	)		(4.19	)		6.87			13.83
CLASS I SHARES	April 5, 1999		(16.22	)		(3.43	)		7.69			14.78
CLASS R6 SHARES	July 2, 2018		(16.12	)		(3.19	)		7.97			15.13

* Not annualized.

** Sales Charge for Class A Shares is 5.25%.

*** Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter.

TEN YEAR PERFORMANCE (12/31/08 TO 12/31/18)

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.

Returns for Class R6 Shares prior to their inception dates are based on the performance of Class I Shares. The actual returns for Class R6 Shares would have been different than those shown because Class R6 have different expenses than Class I Shares.

The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Small Cap Blend Fund, the Russell 2000 Index and the Lipper Small-Cap Core Funds Index from December 31, 2008 to December 31, 2018. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and includes a sales charge. The performance of the Russell 2000 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Small-Cap Core Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The Russell 2000 Index is an unmanaged index

which measures the performance of the 2000 smallest stocks (on the basis of capitalization) in the Russell 3000 Index. The Lipper Small-Cap Core Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

Effective June 1, 2018 (“the Effective Date”), the Fund’s investment strategies changed. Although past performance is not necessarily an indication of how the Fund will perform in the future, in view of these changes, the Fund’s performance record prior to this date might be less relevant for investors considering whether to purchase shares of the Fund.

Class A Shares have a $1,000 minimum initial investment and carry a 5.25% sales charge.

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

4 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2018

JPMorgan Small Cap Core Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class R5 Shares)*	(18.49)%
Russell 2000 Index	(17.35)%
Net Assets as of 12/31/2018 (In Thousands)	$287,036

INVESTMENT OBJECTIVE**

The JPMorgan Small Cap Core Fund (the “Fund”) seeks capital growth over the long term.

WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?

The Fund’s Class R5 Shares underperformed the Russell 2000 Index (the “Benchmark”) for the six months ended December 31, 2018. The Fund’s security selection in the industrial cyclical and media sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the software & services sector and the systems hardware sector was a leading contributor to relative performance.

Leading individual detractors from relative performance included the Fund’s overweight positions in Tenet Healthcare Corp., Cooper Standard Holdings Inc. and Acco Brands Corp. Shares of Tenet Healthcare, an operator of hospitals and other health care facilities, fell after the company forecast fourth quarter 2018 results that were below analysts’ expectations and after a U.S. District judge ruled the U.S. Affordable Care Act unconstitutional, though the ruling was stayed pending appeal. Shares of Cooper Standard, a maker of automotive components, fell after the company reported lower-than-expected results for the third quarter of 2018 amid challenging market conditions, particularly in Asia and Europe. Shares of Acco Brands, a maker of office products, fell after the company reported lower-than-expected earnings and revenue for the third quarter of 2018 and lowered its earnings forecast for the full year 2018.

Leading individual contributors to relative performance included the Fund’s overweight positions in Renewable Energy Group Inc., Molina Healthcare Inc. and Helen of Troy Corp. Shares of Renewable Energy Group, a producer of biofuel and renewable chemicals, rose after the company reported better-than-expected revenue and cash flow. Shares of Molina Healthcare, a health insurance provider not held in the Benchmark, rose after the company reported better-than-expected results for the second quarter of 2018 and raised its full year 2018 forecast amid continued growth. Shares of Helen of Troy, a maker of personal care products and household appliances, rose after the company reported better-than-expected sales for its fiscal second quarter and raised its revenue and earnings forecast for the full fiscal year.

HOW WAS THE FUND POSITIONED?

In accordance with its investment process, the Fund’s portfolio managers take limited sector bets and construct the Fund so

that stock selection is typically the primary driver of the Fund’s relative performance versus the Benchmark. The Fund’s portfolio managers employ a bottom-up approach to stock selection, using quantitative screening and proprietary analysis to construct a portfolio of companies that they believe are attractively valued and possess strong momentum. During the reporting period, the Fund was managed and positioned in accordance with this investment process.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Helen of Troy Ltd.	1.1	%
	2.	First BanCorp (Puerto Rico)	1.0
	3.	Tech Data Corp.	1.0
	4.	Fabrinet (Thailand)	1.0
	5.	Integer Holdings Corp.	0.9
	6.	Travelport Worldwide Ltd.	0.9
	7.	Cornerstone OnDemand, Inc.	0.9
	8.	TCF Financial Corp.	0.9
	9.	Bank of NT Butterfield & Son Ltd. (The) (Bermuda)	0.9
	10.	FirstCash, Inc.	0.9

PORTFOLIO COMPOSITION BY SECTOR***
Industrials	16.0	%
Financials	15.2
Health Care	14.8
Information Technology	13.9
Consumer Discretionary	8.9
Real Estate	7.5
Investment of cash collateral from securities loaned	6.1
Materials	3.6
Energy	3.2
Utilities	2.6
Communication Services	2.1
Consumer Staples	2.0
Short-Term Investments	4.1

* The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

** The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.

*** Percentages indicated are based on total investments as of December 31, 2018. The Fund’s portfolio composition is subject to change.

DECEMBER 31, 2018 J.P. MORGAN SMALL CAP FUNDS 5

JPMorgan Small Cap Core Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2018
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	May 31, 2016
With Sales Charge**			(22.88	)%		(16.82	)%		3.54	%		11.76	%
Without Sales Charge			(18.60	)		(12.20	)		4.66			12.36
CLASS C SHARES	May 31, 2016
With CDSC***			(19.79	)		(13.64	)		4.40			12.22
Without CDSC			(18.79	)		(12.64	)		4.40			12.22
CLASS I SHARES	January 3, 2017		(18.49	)		(11.99	)		4.82			12.45
CLASS R2 SHARES	July 31, 2017		(18.68	)		(12.41	)		4.18			11.71
CLASS R3 SHARES	July 31, 2017		(18.58	)		(12.20	)		4.44			11.99
CLASS R4 SHARES	July 31, 2017		(18.49	)		(11.97	)		4.70			12.27
CLASS R5 SHARES	January 1, 1997		(18.42	)		(11.82	)		4.91			12.49
CLASS R6 SHARES	May 31, 2016		(18.39	)		(11.76	)		4.94			12.51

* Not annualized.

** Sales Charge for Class A Shares is 5.25%.

*** Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter.

TEN YEAR PERFORMANCE (12/31/08 TO 12/31/18)

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.

Returns for Class A, Class C, Class I, Class R2, Class R3, Class R4 and Class R6 Shares prior to their inception dates are based on the performance of Class R5 Shares. The actual returns of Class A, Class C, Class I, Class R2, Class R3 and Class R4 Shares would have been lower than those shown because these classes have higher expenses than Class R5 Shares. The actual returns of the Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class R5 Shares.

The graph illustrates comparative performance for $10,000 invested in Class R5 Shares of the JPMorgan Small Cap Core Fund, the Russell 2000 Index and the Lipper Small-Cap Core Funds Index from December 31, 2008 to December 31, 2018. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Russell 2000 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to

reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Small-Cap Core Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The Russell 2000 Index is an unmanaged index which measures the performance of the 2000 smallest stocks (on the basis of capitalization) in the Russell 3000 Index. The Lipper Small-Cap Core Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

Class R5 Shares have no minimum initial investment.

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

6 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2018

JPMorgan Small Cap Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*	(14.07)%
Russell 2000 Index	(17.35)%
Net Assets as of 12/31/2018 (In Thousands)	$5,573,546

INVESTMENT OBJECTIVE**

The JPMorgan Small Cap Equity Fund (the “Fund”) seeks capital growth over the long term.

WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?

The Fund’s Class A Shares, without a sales charge, outperformed the Russell 2000 Index (the “Benchmark”) for the six months ended December 31, 2018. The Fund’s security selection in the materials & processing sector and the health care sector was a leading contributor to performance relative to the Benchmark, while the Fund’ security selection in the financial services sector and its underweight position in the utilities sector were leading detractors from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in National Retail Properties Inc., Aptargroup Inc. and Brady Corp. Shares of National Retail Properties, a retail sector real estate investment trust not held in the Benchmark, rose as investors sought the defensive characteristics of the company amid financial market volatility in the fourth quarter of 2018. Shares of Aptargroup, a maker of consumer product dispensers not held in the Benchmark, rose on news that it would acquire CSP Technologies. Shares of Brady, a maker of specialty materials and product identification systems, rose after the company reported better-than-expected quarterly earnings and revenue and raised its 2019 forecast.

Leading individual detractors from relative performance included the Fund’s overweight positions in Core Laboratories NV, SRC Energy Inc. and Patterson-UTI Energy Inc. Shares of Core Laboratories, a provider of analytics and services to petroleum and natural gas producers not held in the Benchmark, fell due to delays in international development activity and a decline in global oil prices. Shares of SRC Energy, and oil and gas exploration company, fell after the company reported lower-than-expected results for the second quarter of 2018 and reduced its production forecast. Shares of Patterson-UTI Energy, a provider of oil and gas drilling services not held in the Benchmark, fell due to a decline in global oil prices.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers employed a bottom-up approach to stock selection, constructing portfolios based on company fundamentals and proprietary analysis. The Fund’s

portfolio managers looked for companies that, in their view, had leading competitive advantages, predictable and durable business models, and sustainable free cash flow generation with management teams committed to increasing intrinsic value.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Pool Corp.	2.8	%
	2.	AptarGroup, Inc.	2.6
	3.	Toro Co. (The)	2.5
	4.	Performance Food Group Co.	2.1
	5.	National Retail Properties, Inc.	2.1
	6.	Brady Corp., Class A	1.7
	7.	West Pharmaceutical Services, Inc.	1.6
	8.	RBC Bearings, Inc.	1.6
	9.	Portland General Electric Co.	1.6
	10.	Encompass Health Corp.	1.5

PORTFOLIO COMPOSITION BY SECTOR***
Industrials	20.2	%
Financials	16.8
Health Care	11.7
Information Technology	10.6
Consumer Discretionary	9.2
Real Estate	7.8
Materials	7.8
Consumer Staples	3.4
Utilities	3.1
Investment of cash collateral from securities loaned	2.8
Communication Services	2.0
Energy	1.9
Short-Term Investments	2.7

* The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

** The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.

*** Percentages indicated are based on total investments as of December 31, 2018. The Fund’s portfolio composition is subject to change.

DECEMBER 31, 2018 J.P. MORGAN SMALL CAP FUNDS 7

JPMorgan Small Cap Equity Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2018
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	December 20, 1994
With Sales Charge**			(18.59	)%		(14.00	)%		4.86	%		13.19	%
Without Sales Charge			(14.07	)		(9.24	)		6.00			13.81
CLASS C SHARES	February 19, 2005
With CDSC***			(15.29	)		(10.69	)		5.47			13.24
Without CDSC			(14.29	)		(9.69	)		5.47			13.24
CLASS I SHARES	May 7, 1996		(13.96	)		(8.99	)		6.31			14.14
CLASS R2 SHARES	November 3, 2008		(14.17	)		(9.45	)		5.74			13.52
CLASS R3 SHARES	September 9, 2016		(14.07	)		(9.23	)		6.01			13.81
CLASS R4 SHARES	September 9, 2016		(13.97	)		(9.01	)		6.30			14.14
CLASS R5 SHARES	May 15, 2006		(13.87	)		(8.83	)		6.52			14.37
CLASS R6 SHARES	May 31, 2016		(13.84	)		(8.77	)		6.55			14.38

* Not annualized.

** Sales Charge for Class A Shares is 5.25%.

*** Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter.

TEN YEAR PERFORMANCE (12/31/08 TO 12/31/18)

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.

Returns for Class R3 Shares prior to their inception date are based on the performance of Class A Shares. The actual returns of Class R3 Shares would have been different than those shown because Class R3 Shares had different expenses than Class A Shares at time of launch.

Returns for Class R4 Shares prior to their inception date are based on the performance of the Class I Shares. The actual returns for Class R4 Shares would have been similar to those shown because Class R4 Shares have similar expenses to Class I Shares.

Returns for Class R6 Shares prior to their inception date are based on the performance of the Class R5 Shares. The actual returns of Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class R5 Shares.

The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Small Cap Equity Fund, the Russell 2000 Index and the Lipper Small-Cap Core Funds Index from December 31, 2008 to December 31, 2018. The performance of the Fund assumes reinvestment of all dividends and capital

gain distributions, if any, and includes a sales charge. The performance of the Russell 2000 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Small-Cap Core Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The Russell 2000 Index is an unmanaged index which measures the performance of the 2000 smallest stocks (on the basis of capitalization) in the Russell 3000 Index. The Lipper Small-Cap Core Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

Class A Shares have a $1,000 minimum initial investment and carry a 5.25% sales charge.

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

8 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2018

JPMorgan Small Cap Growth Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*		(17.00)%
Russell 2000 Growth Index		(17.33)%
Net Assets as of 12/31/2018 (In Thousands)	$	2,059,146

INVESTMENT OBJECTIVE**

The JPMorgan Small Cap Growth Fund (the “Fund”) seeks long-term capital growth primarily by investing in a portfolio of equity securities of small-capitalization and emerging growth companies.

WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?

The Fund’s Class A Shares, without a sales charge, outperformed the Russell 2000 Growth Index (the “Benchmark”) for the six months ended December 31, 2018. The Fund’s security selection in the materials & processing sector and its security selection and overweight position in the technology sector were leading contributors to performance relative to the Benchmark. The Fund’s underweight position and security selection in the financial service sector and its security selection in the consumer discretionary sector were leading detractors from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in Amedisys Inc., Okta Inc. and Ciena Corp. Shares of Amedisys, a home health care and hospice care provider, rose after the company reported better-than-expected results for the second and third quarters of 2018. Shares of Okta, a provider of security identify and access management software not held in the Benchmark, rose after the company reported growth in subscription revenue and higher-than-expected free cash flow margins in the second quarter of 2018 and after the company raised its full-year 2018 revenue forecast. Shares of Ciena, a provider of network and communications infrastructure not held in the Benchmark, rose following several quarters of revenue growth and better-than-expected margins.

Leading individual detractors from relative performance included the Fund’s overweight positions in OptiNose Inc., Floor & Décor Holdings Inc. and Texas Capital Bancshares Inc. Shares of OptiNose, a specialty pharmaceutical company, fell amid negative investor reaction to the company’s move to a “zero co-pay” strategy for its products. Shares of Floor & Décor Holdings, a retailer of hard surface flooring that was not held in the Benchmark, fell after the company issued a weak sales forecast amid decelerating demand in the housing market. Shares of Texas Capital Bancshares, a bank that was not held in the Benchmark, fell after the company reported lower-than-expected earnings and revenue for the third quarter of 2018.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers utilized a bottom-up approach to stock selection, researching individual companies in an effort to construct portfolios of stocks that have strong fundamentals. The Fund’s portfolio managers preferred to invest in high quality companies with durable franchises that, in their view, possessed the ability to generate strong future earnings growth.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Advanced Disposal Services, Inc.	1.8	%
	2.	Envestnet, Inc.	1.7
	3.	Performance Food Group Co.	1.7
	4.	Wolverine World Wide, Inc.	1.6
	5.	Ollie’s Bargain Outlet Holdings, Inc.	1.6
	6.	Entegris, Inc.	1.6
	7.	Trex Co., Inc.	1.5
	8.	Inphi Corp.	1.4
	9.	Hudson Ltd., Class A	1.4
	10.	Teladoc Health, Inc.	1.4

PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	26.1	%
Health Care	21.9
Industrials	17.5
Consumer Discretionary	15.3
Investment of cash collateral from securities loaned	6.6
Consumer Staples	3.1
Financials	2.8
Communication Services	2.8
Real Estate	1.5
Others (each less than 1.0%)	1.5
Short-Term Investments	0.9

* The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

** The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.

*** Percentages indicated are based on total investments as of December 31, 2018. The Fund’s portfolio composition is subject to change.

DECEMBER 31, 2018 J.P. MORGAN SMALL CAP FUNDS 9

JPMorgan Small Cap Growth Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2018
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	July 1, 1991
With Sales Charge**			(21.35	)%		(9.81	)%		6.02	%		14.82	%
Without Sales Charge			(17.00	)		(4.82	)		7.17			15.43
CLASS C SHARES	November 4, 1997
With CDSC***			(18.26	)		(6.30	)		6.61			14.83
Without CDSC			(17.26	)		(5.30	)		6.61			14.83
CLASS I SHARES	March 26, 1996		(16.94	)		(4.61	)		7.43			15.73
CLASS L SHARES	February 19, 2005		(16.83	)		(4.41	)		7.60			15.90
CLASS R2 SHARES	November 3, 2008		(17.09	)		(5.05	)		6.90			15.14
CLASS R3 SHARES	July 31, 2017		(17.00	)		(4.82	)		7.17			15.43
CLASS R4 SHARES	July 31, 2017		(16.91	)		(4.63	)		7.43			15.72
CLASS R5 SHARES	September 9, 2016		(16.83	)		(4.47	)		7.59			15.90
CLASS R6 SHARES	November 30, 2010		(16.82	)		(4.38	)		7.69			15.99

* Not annualized.

** Sales Charge for Class A Shares is 5.25%.

*** Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter.

TEN YEAR PERFORMANCE (12/31/08 TO 12/31/18)

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.

Returns for Class R3 Shares prior to their inception date are based on the performance of Class A Shares. Prior performance for Class R3 Shares has been adjusted to reflect the differences in expenses between classes.

Returns for Class R4 Shares prior to their inception date are based on the performance of Class I Shares. Prior performance for Class R4 Shares has been adjusted to reflect the differences in expenses between classes.

Returns for Class R5 and Class R6 Shares prior to their inception dates are based on the performance of Class L Shares. The actual returns for Class R5 and Class R6 Shares would have been different than those shown because Class R5 and Class R6 Shares have different expenses than Class L Shares.

The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Small Cap Growth Fund, the Russell 2000 Growth Index and the Lipper Small-Cap Growth Funds Index from December 31, 2008 to December 31, 2018. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and includes a sales charge. The

performance of the Russell 2000 Growth Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Small-Cap Growth Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The Russell 2000 Growth Index is an unmanaged index which measures the performance of those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values. The Lipper Small-Cap Growth Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

Class A Shares have a $1,000 minimum initial investment and carry a 5.25% sales charge.

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

10 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2018

JPMorgan Small Cap Value Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*		(18.60)%
Russell 2000 Value Index		(17.36)%
Net Assets as of 12/31/2018 (In Thousands)	$	1,470,401

INVESTMENT OBJECTIVE**

The JPMorgan Small Cap Value Fund (the “Fund”) seeks long-term capital growth primarily by investing in equity securities of small-capitalization companies.

WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?

The Fund’s Class I Shares underperformed the Russell 2000 Value Index (the “Benchmark”) for the six months ended December 31, 2018. The Fund’s security selection in the industrial cyclical and real estate investment trust sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the finance and basic materials sectors was a leading contributor to relative performance.

Leading individual detractors from relative performance included the Fund’s overweight positions in Acco Brands Corp., Penn National Gaming Inc. and Dillard’s Inc. Shares of Acco Brands, a maker of office products, fell after the company reported lower-than-expected earnings and revenue for the third quarter of 2018 and lowered its earnings forecast for the full year 2018. Shares of Penn National Gaming, a casino and racetrack operator, fell after the company reported lower-than-expected earnings and revenue for the third quarter of 2018 and issued a fourth quarter 2018 forecast that was below analysts’ expectations. Shares of Dillard’s, a retail chain, fell after the company reported elevated inventory growth.

Leading individual contributors to relative performance included the Fund’s overweight positions in Xperi Corp., FTI Consulting Inc. and K12 Inc. Shares of Xperi, a semiconductor manufacturer, rose after the company raised its earnings forecast for the fourth quarter and the full year 2018 following the settlement of litigation with Samsung Electronics Co. Shares of FTI Consulting, a provider of business advisory services, rose after the company reported better-than-expected earnings and revenue for the second quarter of 2018 and raised its forecast for the full year 2018. Shares of K12, a provider of educations products and technologies, rose after the company reported better-than-expected quarterly earnings and revenue for its fiscal first quarter.

HOW WAS THE FUND POSITIONED?

In accordance with Fund’s investment process, its portfolio managers take limited sector bets and construct the Fund so that stock selection is typically the primary driver of the Fund’s relative performance versus the Benchmark. The Fund’s portfolio

managers use a quantitative ranking methodology to identify stocks in each sector that, in their view, trade at attractive levels. Through bottom-up fundamental research, they seek companies that they believe have attractive valuations, exhibit high earnings quality and have management teams that make effective capital deployment decisions. During the reporting period, the Fund was managed and positioned in accordance with this investment process.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Tech Data Corp.	1.3	%
	2.	Pebblebrook Hotel Trust	1.2
	3.	GEO Group, Inc. (The)	1.1
	4.	Westamerica Bancorp	1.1
	5.	Abercrombie & Fitch Co., Class A	1.1
	6.	KB Home	1.0
	7.	FTI Consulting, Inc.	1.0
	8.	Beneficial Bancorp, Inc.	1.0
	9.	EMCOR Group, Inc.	1.0
	10.	Xperi Corp.	1.0

PORTFOLIO COMPOSITION BY SECTOR***
Financials	25.6	%
Industrials	11.5
Information Technology	10.9
Consumer Discretionary	9.9
Real Estate	9.7
Utilities	6.5
Investment of cash collateral from securities loaned	6.2
Health Care	5.1
Energy	4.7
Materials	3.5
Communication Services	1.9
Consumer Staples	1.7
Short-Term Investments	2.8

* The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

** The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.

*** Percentages indicated are based on total investments as of December 31, 2018. The Fund’s portfolio composition is subject to change.

DECEMBER 31, 2018 J.P. MORGAN SMALL CAP FUNDS 11

JPMorgan Small Cap Value Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2018
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	January 27, 1995
With Sales Charge**			(22.98	)%		(18.77	)%		0.80	%		9.83	%
Without Sales Charge			(18.71	)		(14.27	)		1.90			10.42
CLASS C SHARES	March 22, 1999
With CDSC***			(19.87	)		(15.67	)		1.31			9.76
Without CDSC			(18.87	)		(14.67	)		1.31			9.76
CLASS I SHARES	January 27, 1995		(18.60	)		(14.04	)		2.15			10.69
CLASS R2 SHARES	November 3, 2008		(18.79	)		(14.48	)		1.63			10.13
CLASS R3 SHARES	September 9, 2016		(18.72	)		(14.27	)		1.88			10.40
CLASS R4 SHARES	September 9, 2016		(18.59	)		(14.05	)		2.13			10.67
CLASS R5 SHARES	May 15, 2006		(18.53	)		(13.93	)		2.27			10.81
CLASS R6 SHARES	February 22, 2005		(18.50	)		(13.85	)		2.38			10.89

* Not annualized.

** Sales Charge for Class A Shares is 5.25%.

*** Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter.

TEN YEAR PERFORMANCE (12/31/08 TO 12/31/18)

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.

Returns for Class R3 Shares prior to their inception date are based on the performance of Class A Shares. Prior performance for Class R3 Shares has been adjusted to reflect the differences in expenses between classes.

Returns for Class R4 Shares prior to their inception date are based on the performance of Class I Shares. Prior performance for Class R4 Shares has been adjusted to reflect the differences in expenses between classes.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Small Cap Value Fund, the Russell 2000 Value Index and the Lipper Small-Cap Value Funds Index from December 31, 2008 to December 31, 2018. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Russell 2000 Value Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has

been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Small-Cap Value Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The Russell 2000 Value Index is an unmanaged index which measures the performance of those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values. The Lipper Small-Cap Value Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

Class I Shares have a $1,000,000 minimum initial investment.

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

12 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2018

JPMorgan U.S. Small Company Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class L Shares)*		(18.01)%
Russell 2000 Index		(17.35)%
Net Assets as of 12/31/2018 (In Thousands)	$	1,332,085

INVESTMENT OBJECTIVE**

The JPMorgan U.S. Small Company Fund (the “Fund”) seeks to provide high total return from a portfolio of small company stocks.

WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?

The Fund’s Class L Shares underperformed the Russell 2000 Index (the “Benchmark”) for the six months ended December 31, 2018. The Fund’s security selection in the industrial cyclical and telecommunications sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the finance and pharmaceutical sectors was a leading contributor to relative performance.

Leading individual detractors from relative performance included the Fund’s overweight positions in Acco Brands Corp., Tenet Healthcare Corp. and Rambus Inc. Shares of Acco Brands, a maker of office products, fell after the company reported lower-than-expected earnings and revenue for the third quarter of 2018 and lowered its earnings forecast for the full year 2018. Shares of Tenet Healthcare, an operator of hospitals and other health care facilities, fell after the company forecast fourth quarter 2018 results that were below analysts’ expectations and after a U.S. District judge ruled the U.S. Affordable Care Act unconstitutional, though the ruling was stayed pending appeal. Shares of Rambus, a maker of semiconductors and related products, fell after the company reported lower-than-expected earnings and revenue for the third quarter of 2018 and forecast a flat outlook for 2019.

Leading individual contributors to relative performance included the Fund’s overweight positions in Mallinckrodt PLC, Molina Healthcare Inc. and Integer Holdings Corp. Shares of Mallinckrodt, a specialty pharmaceuticals company, rose after the company reported better-than-expected revenue and earnings for the third quarter of 2018 and raised its earnings forecast for the full year 2018. Shares of Molina Healthcare, a health insurance provider not held in the Benchmark, rose after the company reported better-than-expected results for the second quarter of 2018 and raised its full year 2018 forecast amid continued growth. Shares of Integer Holdings, a medical device manufacturer, rose after the company reported better-than-expected earnings and revenue for the third quarter of 2018 and raised its full year 2018 forecast.

HOW WAS THE FUND POSITIONED?

In accordance with its investment process, the Fund’s portfolio managers take limited sector bets and construct the Fund so that stock selection is typically the primary driver of the Fund’s

relative performance versus the Benchmark. The Fund’s portfolio managers use a quantitative ranking methodology to identify stocks in each sector that, in their view, trade at attractive levels. Through bottom-up fundamental research, they seek companies that they believe have attractive valuations, exhibit high earnings quality and have management teams that make effective capital deployment decisions. During the reporting period, the Fund was managed and positioned in accordance with this investment process.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Brinker International, Inc.	1.2	%
	2.	EMCOR Group, Inc.	1.2
	3.	Integer Holdings Corp.	1.2
	4.	Banner Corp.	1.2
	5.	KB Home	1.1
	6.	Aspen Technology, Inc.	1.0
	7.	Fair Isaac Corp.	1.0
	8.	Darling Ingredients, Inc.	1.0
	9.	Abercrombie & Fitch Co., Class A	0.9
	10.	RH	0.9

PORTFOLIO COMPOSITION BY SECTOR***
Health Care	15.4	%
Financials	14.9
Information Technology	14.6
Industrials	13.2
Consumer Discretionary	13.0
Investment of cash collateral from securities loaned	7.6
Real Estate	5.8
Energy	3.3
Materials	3.0
Communication Services	2.9
Utilities	2.8
Consumer Staples	1.8
Short-Term Investments	1.7

* The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

** The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.

*** Percentages indicated are based on total investments as of December 31, 2018. The Fund’s portfolio composition is subject to change.

DECEMBER 31, 2018 J.P. MORGAN SMALL CAP FUNDS 13

JPMorgan U.S. Small Company Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2018
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	November 1, 2007
With Sales Charge**			(22.47	)%		(17.01	)%		2.46	%		12.07	%
Without Sales Charge			(18.16	)		(12.44	)		3.57			12.67
CLASS C SHARES	November 1, 2007
With CDSC***			(19.40	)		(13.90	)		3.04			12.10
Without CDSC			(18.40	)		(12.90	)		3.04			12.10
CLASS I SHARES	September 10, 2001		(18.04	)		(12.17	)		3.84			12.95
CLASS L SHARES	November 4, 1993		(18.01	)		(12.08	)		4.01			13.15
CLASS R2 SHARES	November 1, 2011		(18.26	)		(12.67	)		3.31			12.48
CLASS R3 SHARES	September 9, 2016		(18.20	)		(12.45	)		3.56			12.67
CLASS R4 SHARES	September 9, 2016		(18.12	)		(12.28	)		3.83			12.94
CLASS R5 SHARES	September 9, 2016		(17.99	)		(12.05	)		4.01			13.15
CLASS R6 SHARES	November 1, 2011		(17.94	)		(11.97	)		4.11			13.22

* Not annualized.

** Sales Charge for Class A Shares is 5.25%.

*** Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter.

TEN YEAR PERFORMANCE (12/31/08 TO 12/31/18)

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.

Returns for Class R4 Shares prior to their inception date are based on the performance of the Class I Shares. The actual returns for Class R4 Shares would have been similar to those shown because Class R4 Shares have similar expenses to Class I Shares.

Returns for Class R2 and Class R3 shares prior to their inception dates are based on the performance of the Class A Shares. The actual returns of Class R2 Shares would have been lower than those shown because Class R2 Shares have higher expenses than Class A Shares. The actual returns for Class R3 Shares would have been similar to those shown because Class R3 Shares have similar expenses to Class A Shares.

Returns for Class R5 and Class R6 Shares prior to their inception dates are based on the performance of the Class L Shares. The actual returns of Class R5 Shares would have been lower than those shown because Class R5 Shares have higher expenses than Class L Shares. The actual returns of Class R6 Shares would have been different than these shown because Class R6 Shares have different expenses than Class L Shares.

The graph illustrates comparative performance for $3,000,000 invested in Class L Shares of the JPMorgan U.S. Small Company Fund, the Russell 2000 Index and the

Lipper Small-Cap Core Funds Index from December 31, 2008 to December 31, 2018. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Russell 2000 Index does not reflect the deduction of expenses associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Small-Cap Core Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The Russell 2000 Index is an unmanaged index which measures the performance of the 2000 smallest stocks (on the basis of capitalization) in the Russell 3000 Index. The Lipper Small-Cap Core Funds Index is an index based on the total returns of certain mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index.

Class L Shares have a $3,000,000 minimum initial investment.

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

14 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2018

JPMorgan Small Cap Blend Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 97.6%
Aerospace & Defense — 1.5%
Curtiss-Wright Corp.		5		460
HEICO Corp. (a)		13		1,039
Hexcel Corp.		20		1,153
National Presto Industries, Inc.		5		532
				3,184
Auto Components — 0.4%
Cooper-Standard Holdings, Inc.*		5		304
LCI Industries		3		215
Tower International, Inc.		16		370
				889
Automobiles — 0.3%
Winnebago Industries, Inc.		30		732
Banks — 6.9%
1st Source Corp.		20		807
BancFirst Corp.		9		449
Camden National Corp.		22		807
City Holding Co.		9		577
Community Trust Bancorp, Inc.		23		911
First Busey Corp.		32		785
First Commonwealth Financial Corp.		74		895
First Financial Bancorp		34		802
First Merchants Corp.		17		585
Heritage Commerce Corp.		41		466
Heritage Financial Corp.		31		916
Independent Bank Corp.		19		390
Independent Bank Corp.		6		437
Lakeland Bancorp, Inc.		26		391
Mercantile Bank Corp.		15		413
NBT Bancorp, Inc.		16		537
Park National Corp.		7		619
S&T Bancorp, Inc.		25		955
Sandy Spring Bancorp, Inc.		25		774
Signature Bank		4		426
Texas Capital Bancshares, Inc.*		10		502
Tompkins Financial Corp.		8		589
Trustmark Corp. (a)		23		650
				14,683
Beverages — 0.4%
Primo Water Corp.*		57		803
Biotechnology — 6.7%
ACADIA Pharmaceuticals, Inc.* (a)		18		288
Adverum Biotechnologies, Inc.*		107		338
Atara Biotherapeutics, Inc.* (a)		30		1,027

INVESTMENTS	SHARES (000)		VALUE ($000)
Biotechnology — continued
Avrobio, Inc.*		21		347
Bellicum Pharmaceuticals, Inc.*		73		214
Biohaven Pharmaceutical Holding Co. Ltd.*		35		1,295
Clementia Pharmaceuticals, Inc. (Canada)*		54		640
Coherus Biosciences, Inc.* (a)		74		671
Exact Sciences Corp.* (a)		16		1,013
FibroGen, Inc.*		25		1,141
G1 Therapeutics, Inc.* (a)		24		466
Global Blood Therapeutics, Inc.* (a)		8		310
Halozyme Therapeutics, Inc.*		93		1,357
Homology Medicines, Inc.* (a)		51		1,135
Intercept Pharmaceuticals, Inc.*		6		578
Portola Pharmaceuticals, Inc.* (a)		15		301
REGENXBIO, Inc.* (a)		21		876
Rubius Therapeutics, Inc.* (a)		12		195
Sage Therapeutics, Inc.*		5		514
Spark Therapeutics, Inc.* (a)		21		823
Twist Bioscience Corp.*		29		667
				14,196
Building Products — 3.6%
Advanced Drainage Systems, Inc.		67		1,621
American Woodmark Corp.*		6		334
CSW Industrials, Inc.*		11		548
Lennox International, Inc.		9		1,863
Simpson Manufacturing Co., Inc. (a)		14		758
Trex Co., Inc.*		34		2,020
Universal Forest Products, Inc.		18		461
				7,605
Capital Markets — 1.6%
Evercore, Inc., Class A		21		1,523
LPL Financial Holdings, Inc.		14		857
PennantPark Investment Corp.		105		670
WisdomTree Investments, Inc.		38		251
				3,301
Chemicals — 2.2%
Ferro Corp.*		74		1,158
Innophos Holdings, Inc.		26		638
Innospec, Inc.		12		753
Quaker Chemical Corp. (a)		3		592
Sensient Technologies Corp. (a)		13		706
Stepan Co.		10		740
				4,587

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 J.P. MORGAN SMALL CAP FUNDS 15

JPMorgan Small Cap Blend Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Commercial Services & Supplies — 2.7%
Advanced Disposal Services, Inc.*		104		2,483
Brady Corp., Class A		19		804
Deluxe Corp.		12		469
Kimball International, Inc., Class B		27		383
MSA Safety, Inc.		12		1,096
UniFirst Corp.		4		572
				5,807
Communications Equipment — 1.8%
Ciena Corp.*		48		1,614
EchoStar Corp., Class A*		12		441
NETGEAR, Inc.* (a)		14		721
Quantenna Communications, Inc.*		76		1,098
				3,874
Construction & Engineering — 0.2%
Comfort Systems USA, Inc.		12		524
Distributors — 0.7%
Pool Corp. (a)		11		1,594
Diversified Consumer Services — 0.8%
Bright Horizons Family Solutions, Inc.*		16		1,798
Diversified Telecommunication Services — 0.5%
Cincinnati Bell, Inc.* (a)		70		544
Vonage Holdings Corp.*		57		497
				1,041
Electric Utilities — 0.7%
El Paso Electric Co.		12		626
Portland General Electric Co.		20		922
				1,548
Electrical Equipment — 0.5%
EnerSys		9		732
nVent Electric plc (United Kingdom)		17		382
				1,114
Electronic Equipment, Instruments & Components — 1.5%
ePlus, Inc.*		8		571
Littelfuse, Inc. (a)		8		1,344
SYNNEX Corp. (a)		11		870
Tech Data Corp.*		6		491
				3,276
Energy Equipment & Services — 0.1%
Forum Energy Technologies, Inc.* (a)		53		220

INVESTMENTS	SHARES (000)		VALUE ($000)
Entertainment — 1.5%
Cinemark Holdings, Inc.		9		319
Glu Mobile, Inc.*		119		959
World Wrestling Entertainment, Inc., Class A (a)		25		1,860
				3,138
Equity Real Estate Investment Trusts (REITs) — 4.4%
American Campus Communities, Inc.		19		767
American Homes 4 Rent, Class A		37		735
Brixmor Property Group, Inc.		48		698
CubeSmart		24		700
Equity Commonwealth		24		722
Highwoods Properties, Inc.		32		1,242
JBG SMITH Properties		21		728
Rayonier, Inc.		25		692
Rexford Industrial Realty, Inc.		22		662
RLJ Lodging Trust		39		645
Sunstone Hotel Investors, Inc.		53		694
Terreno Realty Corp.		13		441
Washington (a)		24		553
				9,279
Food & Staples Retailing — 1.1%
Performance Food Group Co.*		74		2,375
Food Products — 0.8%
Flowers Foods, Inc. (a)		28		512
Freshpet, Inc.* (a)		36		1,149
				1,661
Gas Utilities — 1.3%
Chesapeake Utilities Corp.		9		764
ONE Gas, Inc.		13		1,037
Southwest Gas Holdings, Inc. (a)		12		918
				2,719
Health Care Equipment & Supplies — 2.4%
GenMark Diagnostics, Inc.* (a)		81		392
Insulet Corp.* (a)		18		1,409
iRhythm Technologies, Inc.* (a)		20		1,411
LivaNova plc*		9		779
Nevro Corp.*		21		836
TransEnterix, Inc.*		131		297
				5,124
Health Care Providers & Services — 2.2%
Acadia Healthcare Co., Inc.*		26		656
Amedisys, Inc.*		16		1,886
Encompass Health Corp. (a)		11		679
Ensign Group, Inc. (The)		11		431

SEE NOTES TO FINANCIAL STATEMENTS.

16 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2018

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Health Care Providers & Services — continued
Providence Service Corp. (The)*		12		720
Tivity Health, Inc.*		16		391
				4,763
Health Care Technology — 1.5%
Evolent Health, Inc., Class A* (a)		68		1,353
Teladoc Health, Inc.* (a)		39		1,939
				3,292
Hotels, Restaurants & Leisure — 3.4%
Boyd Gaming Corp. (a)		74		1,532
Cheesecake Factory, Inc. (The) (a)		15		666
Cracker Barrel Old Country Store, Inc. (a)		4		575
Jack in the Box, Inc.		6		480
Planet Fitness, Inc., Class A*		19		1,036
Red Rock Resorts, Inc., Class A (a)		44		897
Ruth’s Hospitality Group, Inc.		16		364
Texas Roadhouse, Inc.		28		1,665
				7,215
Household Durables — 0.6%
Helen of Troy Ltd.*		5		656
TRI Pointe Group, Inc.* (a)		56		610
				1,266
Insurance — 1.6%
Argo Group International Holdings Ltd.		3		211
James River Group Holdings Ltd.		7		267
Old Republic International Corp.		34		693
Safety Insurance Group, Inc.		7		552
Selective Insurance Group, Inc.		17		1,060
Third Point Reinsurance Ltd. (Bermuda)*		55		530
				3,313
Interactive Media & Services — 0.3%
Cars.com, Inc.*		28		602
Internet & Direct Marketing Retail — 0.9%
Farfetch Ltd., Class A (United Kingdom)*		44		785
GrubHub, Inc.* (a)		7		540
Liberty Expedia Holdings, Inc., Class A*		13		508
				1,833
IT Services — 3.0%
CSG Systems International, Inc.		22		705
ManTech International Corp., Class A		17		890
MAXIMUS, Inc.		12		785
MongoDB, Inc.* (a)		3		276

INVESTMENTS	SHARES (000)		VALUE ($000)
IT Services — continued
Okta, Inc.*		25		1,626
Science Applications International Corp.		11		707
Sykes Enterprises, Inc.*		19		472
Wix.com Ltd. (Israel)* (a)		10		907
				6,368
Leisure Products — 0.2%
Callaway Golf Co.		34		515
Machinery — 4.7%
Alamo Group, Inc. (a)		8		651
Blue Bird Corp.* (a)		32		573
Crane Co.		8		608
Graco, Inc.		34		1,406
Hillenbrand, Inc.		15		569
ITT, Inc.		42		2,007
John Bean Technologies Corp.		17		1,251
Kadant, Inc.		8		611
Mueller Industries, Inc.		21		499
Oshkosh Corp.		17		1,021
Standex International Corp.		7		492
Woodward, Inc.		4		326
				10,014
Marine — 0.4%
Kirby Corp.* (a)		14		939
Media — 1.6%
Cable One, Inc.		1		682
Emerald Expositions Events, Inc.		30		369
Hemisphere Media Group, Inc.*		35		430
John Wiley & Sons, Inc., Class A		10		470
Liberty Latin America Ltd., Class C (Chile)*		29		422
MSG Networks, Inc., Class A*		21		496
New York Times Co. (The), Class A		22		486
				3,355
Multiline Retail — 1.1%
Big Lots, Inc. (a)		5		145
Ollie’s Bargain Outlet Holdings, Inc.* (a)		33		2,188
				2,333
Multi-Utilities — 0.3%
Unitil Corp.		15		739
Oil, Gas & Consumable Fuels — 2.0%
Antero Midstream GP LP (a)		40		446
Callon Petroleum Co.*		67		433
Centennial Resource Development, Inc., Class A* (a)		63		697

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 J.P. MORGAN SMALL CAP FUNDS 17

JPMorgan Small Cap Blend Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Oil, Gas & Consumable Fuels — continued
CNX Resources Corp.*		45		512
Delek US Holdings, Inc.		17		541
Matador Resources Co.*		22		334
PDC Energy, Inc.*		7		218
Peabody Energy Corp.		8		257
SemGroup Corp., Class A		30		411
WildHorse Resource Development Corp.*		28		396
				4,245
Personal Products — 0.4%
Inter Parfums, Inc.		12		764
Pharmaceuticals — 2.4%
Horizon Pharma plc*		88		1,716
Nektar Therapeutics*		12		409
Optinose, Inc.*		49		301
Prestige Consumer Healthcare, Inc.*		9		274
Revance Therapeutics, Inc.* (a)		46		927
TherapeuticsMD, Inc.*		211		806
Tricida, Inc.* (a)		27		625
				5,058
Professional Services — 0.4%
Insperity, Inc.		4		363
Korn/Ferry International		12		491
				854
Real Estate Management & Development — 0.3%
RE/MAX Holdings, Inc., Class A		22		671
Road & Rail — 1.0%
Marten Transport Ltd.		37		602
Saia, Inc.*		26		1,477
				2,079
Semiconductors & Semiconductor Equipment — 3.8%
Cabot Microelectronics Corp.		4		424
Entegris, Inc.		78		2,176
Inphi Corp.* (a)		61		1,969
MKS Instruments, Inc.		22		1,428
Monolithic Power Systems, Inc.		15		1,694
Versum Materials, Inc.		17		471
				8,162
Software — 10.3%
2U, Inc.* (a)		17		862
Anaplan, Inc.*		32		840
Cloudera, Inc.* (a)		110		1,218
Elastic NV* (a)		12		828

INVESTMENTS	SHARES (000)		VALUE ($000)
Software — continued
Envestnet, Inc.*		48		2,381
HubSpot, Inc.* (a)		15		1,881
Instructure, Inc.* (a)		30		1,111
LogMeIn, Inc.		5		408
New Relic, Inc.*		9		696
Nutanix, Inc., Class A*		20		820
Paycom Software, Inc.*		11		1,394
Pluralsight, Inc., Class A* (a)		39		923
Progress Software Corp.		21		748
Proofpoint, Inc.*		15		1,216
RingCentral, Inc., Class A*		18		1,506
SailPoint Technologies Holding, Inc.* (a)		68		1,588
Smartsheet, Inc., Class A*		35		877
Zendesk, Inc.*		30		1,756
Zscaler, Inc.* (a)		23		918
				21,971
Specialty Retail — 2.7%
Floor & Decor Holdings, Inc., Class A* (a)		19		480
Hudson Ltd., Class A* (a)		114		1,955
Lithia Motors, Inc., Class A (a)		16		1,212
National Vision Holdings, Inc.*		61		1,717
Williams-Sonoma, Inc. (a)		8		404
				5,768
Textiles, Apparel & Luxury Goods — 1.9%
Carter’s, Inc.		7		550
Columbia Sportswear Co. (a)		8		708
Movado Group, Inc.		17		538
Wolverine World Wide, Inc.		69		2,194
				3,990
Thrifts & Mortgage Finance — 2.3%
Axos Financial, Inc.* (a)		20		508
First Defiance Financial Corp.		28		693
Meridian Bancorp, Inc.		54		780
TrustCo Bank Corp.		114		784
Washington Federal, Inc. (a)		32		854
Waterstone Financial, Inc.		27		454
WSFS Financial Corp.		19		720
				4,793
Trading Companies & Distributors — 2.8%
Applied Industrial Technologies, Inc.		36		1,952
H&E Equipment Services, Inc.		37		755
MSC Industrial Direct Co., Inc., Class A		5		384
Rush Enterprises, Inc., Class A		48		1,665

SEE NOTES TO FINANCIAL STATEMENTS.

18 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2018

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Trading Companies & Distributors — continued
SiteOne Landscape Supply, Inc.* (a)		20		1,109
				5,865
Water Utilities — 0.9%
American States Water Co.		13		903
Middlesex Water Co.		18		935
				1,838
Total Common Stocks (Cost $194,230)				207,677
Short-Term Investments — 2.5%
Investment Companies — 2.5%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.40% (b) (c) (Cost $5,375)		5,375		5,375
Investment of Cash Collateral from Securities Loaned — 11.8%
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.60% (b) (c)		19,002		19,000
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (b) (c)		6,185		6,185
Total Investment of Cash Collateral from Securities Loaned (Cost $25,185)				25,185
Total Investments — 111.9% (Cost $224,790)				238,237
Liabilities in Excess of Other Assets — (11.9%)				(25,266	)
NET ASSETS — 100.0%				212,971

Percentages indicated are based on net assets.

(a)	The security or a portion of this security is on loan at December 31, 2018. The total value of securities on loan at December 31, 2018 is approximately $24,891,000.
(b)	Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(c)	The rate shown is the current yield as of December 31, 2018.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 J.P. MORGAN SMALL CAP FUNDS 19

JPMorgan Small Cap Core Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 96.1%
Aerospace & Defense — 0.9%
AAR Corp.		21		786
Engility Holdings, Inc.*		17		474
Moog, Inc., Class A		4		333
Vectrus, Inc.*		45		982
				2,575
Air Freight & Logistics — 0.1%
Forward Air Corp.		3		154
Airlines — 0.6%
Hawaiian Holdings, Inc.		13		340
SkyWest, Inc.		32		1,432
				1,772
Auto Components — 1.7%
American Axle & Manufacturing Holdings, Inc.*		108		1,203
Cooper-Standard Holdings, Inc.*		22		1,364
Dana, Inc.		22		294
Modine Manufacturing Co.*		7		76
Stoneridge, Inc.*		2		51
Tenneco, Inc., Class A		65		1,786
Tower International, Inc.		6		153
				4,927
Banks — 9.6%
Bancorp, Inc. (The)*		61		489
Bank of NT Butterfield & Son Ltd. (The) (Bermuda)		88		2,765
Cathay General Bancorp		10		346
Central Valley Community Bancorp		4		76
Community Trust Bancorp, Inc.		2		72
East West Bancorp, Inc.		39		1,683
Enterprise Financial Services Corp.		2		75
Fidelity Southern Corp.		18		475
Financial Institutions, Inc.		23		601
First BanCorp (Puerto Rico)		366		3,150
First Business Financial Services, Inc.		6		117
First Community Bancshares, Inc.		7		229
First Financial Bancorp		7		173
First Merchants Corp.		46		1,576
Fulton Financial Corp. (a)		65		1,012
Hancock Whitney Corp.		49		1,701
Hanmi Financial Corp.		43		851
IBERIABANK Corp.		7		433
NBT Bancorp, Inc.		4		140
Northeast Bancorp		5		85
Pacific Mercantile Bancorp*		6		44
PacWest Bancorp		31		1,043

INVESTMENTS	SHARES (000)		VALUE ($000)
Banks — continued
Popular, Inc. (Puerto Rico)		55		2,596
Premier Financial Bancorp, Inc.		3		49
Shore Bancshares, Inc.		8		116
Sierra Bancorp		4		90
TCF Financial Corp.		143		2,777
Towne Bank		2		58
TriCo Bancshares		5		185
TriState Capital Holdings, Inc.*		9		177
Umpqua Holdings Corp.		101		1,609
United Community Banks, Inc.		23		489
Wintrust Financial Corp.		34		2,254
				27,536
Biotechnology — 5.8%
Acorda Therapeutics, Inc.*		12		189
Aduro Biotech, Inc.*		78		207
Akebia Therapeutics, Inc.* (a)		44		243
Allena Pharmaceuticals, Inc.*		33		179
AMAG Pharmaceuticals, Inc.*		43		647
Amicus Therapeutics, Inc.* (a)		74		707
AnaptysBio, Inc.*		8		517
Aptinyx, Inc.* (a)		1		17
Arrowhead Pharmaceuticals, Inc.* (a)		48		591
Audentes Therapeutics, Inc.*		19		401
Bellicum Pharmaceuticals, Inc.*		121		354
Bluebird Bio, Inc.* (a)		5		496
Blueprint Medicines Corp.* (a)		11		571
Cara Therapeutics, Inc.*		22		281
Catalyst Pharmaceuticals, Inc.*		155		297
Coherus Biosciences, Inc.*		48		430
Concert Pharmaceuticals, Inc.*		24		305
Dynavax Technologies Corp.* (a)		43		392
Esperion Therapeutics, Inc.* (a)		11		511
FibroGen, Inc.*		16		727
Forty Seven, Inc.* (a)		18		283
Gritstone Oncology, Inc.* (a)		11		165
Heron Therapeutics, Inc.* (a)		32		835
Homology Medicines, Inc.* (a)		29		639
Insmed, Inc.* (a)		34		440
Jounce Therapeutics, Inc.*		30		102
Loxo Oncology, Inc.*		9		1,254
Mersana Therapeutics, Inc.*		25		103
Principia Biopharma, Inc.*		1		33
Ra Pharmaceuticals, Inc.*		40		724
Radius Health, Inc.*		4		61

SEE NOTES TO FINANCIAL STATEMENTS.

20 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2018

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Biotechnology — continued
Rhythm Pharmaceuticals, Inc.*		19		508
Sage Therapeutics, Inc.*		7		675
Sarepta Therapeutics, Inc.* (a)		7		786
Selecta Biosciences, Inc.*		52		138
Spark Therapeutics, Inc.* (a)		13		493
Sutro Biopharma, Inc.*		9		78
Syros Pharmaceuticals, Inc.*		68		377
Twist Bioscience Corp.* (a)		16		362
Xencor, Inc.*		14		513
Y-mAbs Therapeutics, Inc.* (a)		3		55
				16,686
Building Products — 0.6%
Insteel Industries, Inc.		3		70
Masonite International Corp.*		7		323
Universal Forest Products, Inc.		48		1,233
				1,626
Capital Markets — 1.8%
BGC Partners, Inc., Class A		105		542
Blucora, Inc.*		70		1,870
BrightSphere Investment Group plc		55		590
Houlihan Lokey, Inc.		10		383
INTL. FCStone, Inc.* (a)		2		69
Investment Technology Group, Inc.		47		1,424
Pzena Investment Management, Inc., Class A		9		74
Stifel Financial Corp.		2		87
				5,039
Chemicals — 1.5%
AdvanSix, Inc.*		16		392
FutureFuel Corp.		23		370
OMNOVA Solutions, Inc.*		19		136
Rayonier Advanced Materials, Inc.		7		73
Stepan Co.		14		999
Trinseo SA		54		2,481
				4,451
Commercial Services & Supplies — 2.5%
ABM Industries, Inc.		18		578
ACCO Brands Corp.		230		1,557
Essendant, Inc.		64		811
Herman Miller, Inc.		3		106
Kimball International, Inc., Class B		15		219
Knoll, Inc.		38		628
LSC Communications, Inc.		67		471
Quad/Graphics, Inc.		111		1,366

INVESTMENTS	SHARES (000)		VALUE ($000)
Commercial Services & Supplies — continued
Steelcase, Inc., Class A		34		498
UniFirst Corp.		7		1,044
VSE Corp.		2		48
				7,326
Communications Equipment — 0.6%
Ciena Corp.*		51		1,712
Construction & Engineering — 2.3%
EMCOR Group, Inc.		30		1,796
HC2 Holdings, Inc.* (a)		121		319
KBR, Inc.		143		2,168
MasTec, Inc.* (a)		41		1,671
Sterling Construction Co., Inc.*		25		273
Tutor Perini Corp.*		17		267
				6,494
Consumer Finance — 1.4%
Enova International, Inc.*		15		292
FirstCash, Inc.		38		2,713
Green Dot Corp., Class A*		15		1,161
				4,166
Containers & Packaging — 0.1%
Berry Global Group, Inc.*		4		186
Distributors — 0.2%
Core-Mark Holding Co., Inc.		21		495
Diversified Consumer Services — 0.5%
K12, Inc.*		27		679
Strategic Education, Inc.		2		200
Weight Watchers International, Inc.*		13		489
				1,368
Diversified Financial Services — 0.0% (b)
Marlin Business Services Corp.		4		83
Diversified Telecommunication Services — 0.2%
Ooma, Inc.*		40		550
Electric Utilities — 1.4%
IDACORP, Inc.		7		681
MGE Energy, Inc.		5		274
PNM Resources, Inc.		10		419
Portland General Electric Co.		42		1,947
Spark Energy, Inc., Class A (a)		97		721
				4,042
Electrical Equipment — 0.8%
Atkore International Group, Inc.*		27		532
Bloom Energy Corp., Class A* (a)		2		21

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 J.P. MORGAN SMALL CAP FUNDS 21

JPMorgan Small Cap Core Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Electrical Equipment — continued
EnerSys		8		590
Generac Holdings, Inc.*		14		715
Regal Beloit Corp.		5		317
				2,175
Electronic Equipment, Instruments & Components — 5.0%
Fabrinet (Thailand)*		60		3,063
Insight Enterprises, Inc.*		32		1,289
KEMET Corp.		89		1,556
Kimball Electronics, Inc.*		32		500
Littelfuse, Inc.		3		562
Methode Electronics, Inc.		61		1,410
Sanmina Corp.*		75		1,802
Tech Data Corp.*		38		3,127
Vishay Intertechnology, Inc.		43		782
Vishay Precision Group, Inc.*		12		366
				14,457
Energy Equipment & Services — 0.9%
Exterran Corp.*		33		582
FTS International, Inc.*		48		340
Matrix Service Co.*		33		590
McDermott International, Inc.* (a)		34		225
Nine Energy Service, Inc.* (a)		26		582
RigNet, Inc.*		27		345
				2,664
Equity Real Estate Investment Trusts (REITs) — 7.3%
American Assets Trust, Inc.		15		611
Americold Realty Trust		63		1,614
Armada Hoffler Properties, Inc.		102		1,441
Ashford Hospitality Trust, Inc.		13		53
Chatham Lodging Trust		12		208
Chesapeake Lodging Trust		14		330
CoreCivic, Inc.		41		724
CorEnergy Infrastructure Trust, Inc. (a)		1		36
CorePoint Lodging, Inc.		62		764
CoreSite Realty Corp.		7		643
Cousins Properties, Inc.		264		2,086
DiamondRock Hospitality Co.		45		409
First Industrial Realty Trust, Inc.		56		1,606
GEO Group, Inc. (The)		102		2,004
Getty Realty Corp.		33		976
Highwoods Properties, Inc.		9		360
Hudson Pacific Properties, Inc.		7		207
InfraREIT, Inc.*		12		261

INVESTMENTS	SHARES (000)		VALUE ($000)
Equity Real Estate Investment Trusts (REITs) — continued
Jernigan Capital, Inc.		18		351
Pebblebrook Hotel Trust		6		168
Preferred Apartment Communities, Inc., Class A		28		394
PS Business Parks, Inc.		1		144
Retail Opportunity Investments Corp.		35		562
Rexford Industrial Realty, Inc.		19		551
RLJ Lodging Trust		27		449
Sun Communities, Inc.		4		357
Sunstone Hotel Investors, Inc.		90		1,177
Tier REIT, Inc.		31		629
Xenia Hotels & Resorts, Inc.		105		1,811
				20,926
Food & Staples Retailing — 1.1%
BJ’s Wholesale Club Holdings, Inc.*		43		944
Performance Food Group Co.*		38		1,217
SpartanNash Co.		40		690
US Foods Holding Corp.*		12		389
				3,240
Food Products — 0.5%
Dean Foods Co.		45		171
Pilgrim’s Pride Corp.*		36		558
Sanderson Farms, Inc. (a)		4		437
TreeHouse Foods, Inc.*		3		162
				1,328
Gas Utilities — 0.7%
New Jersey Resources Corp. (a)		17		792
Southwest Gas Holdings, Inc. (a)		16		1,247
				2,039
Health Care Equipment & Supplies — 3.4%
Axonics Modulation Technologies, Inc.*		37		565
CONMED Corp.		4		270
FONAR Corp.*		7		146
Globus Medical, Inc., Class A*		7		307
Haemonetics Corp.*		27		2,702
Inogen, Inc.*		8		975
Integer Holdings Corp.*		38		2,898
Lantheus Holdings, Inc.*		53		834
Masimo Corp.*		4		440
OraSure Technologies, Inc.*		52		609
SI-BONE, Inc.*		3		71
				9,817

SEE NOTES TO FINANCIAL STATEMENTS.

22 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2018

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Health Care Providers & Services — 4.2%
Addus HomeCare Corp.* (a)		29		1,948
American Renal Associates Holdings, Inc.* (a)		17		196
Cross Country Healthcare, Inc.*		43		317
Encompass Health Corp.		28		1,715
Guardant Health, Inc.* (a)		4		150
HealthEquity, Inc.*		6		346
Molina Healthcare, Inc.*		22		2,583
Owens & Minor, Inc.		125		791
RadNet, Inc.*		39		396
Tenet Healthcare Corp.* (a)		98		1,678
Triple-S Management Corp., Class B (Puerto Rico)*		46		797
WellCare Health Plans, Inc.*		5		1,124
				12,041
Health Care Technology — 0.1%
HMS Holdings Corp.*		13		369
Hotels, Restaurants & Leisure — 0.6%
Marriott Vacations Worldwide Corp.		9		656
Penn National Gaming, Inc.*		15		285
Ruth’s Hospitality Group, Inc.		26		595
Texas Roadhouse, Inc.		3		161
				1,697
Household Durables — 2.2%
Hamilton Beach Brands Holding Co., Class A		4		105
Helen of Troy Ltd.* (a)		25		3,225
Hooker Furniture Corp.		12		303
KB Home		42		806
Lifetime Brands, Inc.		18		177
Taylor Morrison Home Corp., Class A*		110		1,744
				6,360
Household Products — 0.3%
Central Garden & Pet Co., Class A*		31		981
Independent Power and Renewable Electricity Producers — 0.7%
Atlantic Power Corp.*		60		130
Clearway Energy, Inc., Class A		6		97
Clearway Energy, Inc., Class C		88		1,516
Vistra Energy Corp.*		12		280
				2,023
Insurance — 2.2%
American Equity Investment Life Holding Co.		52		1,462
CNO Financial Group, Inc.		68		1,014
FedNat Holding Co.		14		277
First American Financial Corp.		15		652

INVESTMENTS	SHARES (000)		VALUE ($000)
Insurance — continued
HCI Group, Inc.		8		400
Heritage Insurance Holdings, Inc. (a)		5		71
National General Holdings Corp.		7		170
Selective Insurance Group, Inc.		5		294
Stewart Information Services Corp.		20		848
Third Point Reinsurance Ltd. (Bermuda)*		72		694
United Fire Group, Inc.		5		293
Universal Insurance Holdings, Inc.		4		151
				6,326
Interactive Media & Services — 0.2%
QuinStreet, Inc.* (a)		32		511
Internet & Direct Marketing Retail — 0.6%
Groupon, Inc.*		104		331
Liberty Expedia Holdings, Inc., Class A*		33		1,291
				1,622
IT Services — 2.9%
CACI International, Inc., Class A*		7		1,051
Limelight Networks, Inc.*		309		724
ManTech International Corp., Class A		24		1,260
MAXIMUS, Inc.		3		176
Perspecta, Inc.		20		336
Travelport Worldwide Ltd. (a)		183		2,860
Unisys Corp.* (a)		102		1,189
Virtusa Corp.*		16		699
				8,295
Leisure Products — 0.1%
YETI Holdings, Inc.* (a)		13		196
Machinery — 3.9%
Barnes Group, Inc.		4		228
Columbus McKinnon Corp.		25		748
Federal Signal Corp.		20		405
Global Brass & Copper Holdings, Inc.		65		1,633
Greenbrier Cos., Inc. (The)		7		263
Hillenbrand, Inc.		42		1,578
Hurco Cos., Inc.		2		82
Hyster-Yale Materials Handling, Inc.		5		316
Kadant, Inc.		10		780
Meritor, Inc.*		143		2,418
Milacron Holdings Corp.*		46		546
Park-Ohio Holdings Corp.		5		151
SPX FLOW, Inc.*		14		432
Standex International Corp.		1		97
TriMas Corp.*		12		340

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 J.P. MORGAN SMALL CAP FUNDS 23

JPMorgan Small Cap Core Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Machinery — continued
Wabash National Corp.		91		1,194
				11,211
Media — 1.9%
Beasley Broadcast Group, Inc., Class A		12		46
Entravision Communications Corp., Class A		148		431
Gannett Co., Inc.		122		1,038
Gray Television, Inc.*		49		722
Liberty Latin America Ltd., Class A (Chile)*		63		917
Nexstar Media Group, Inc., Class A		3		238
Sinclair Broadcast Group, Inc., Class A (a)		65		1,714
TEGNA, Inc.		21		231
				5,337
Metals & Mining — 0.7%
Cleveland-Cliffs, Inc. (a)		61		470
Commercial Metals Co.		24		386
Ramaco Resources, Inc.*		26		131
Ryerson Holding Corp.*		18		113
Warrior Met Coal, Inc.		38		909
				2,009
Mortgage Real Estate Investment Trusts (REITs) — 0.4%
Cherry Hill Mortgage Investment Corp.		12		204
Redwood Trust, Inc. (a)		55		835
				1,039
Oil, Gas & Consumable Fuels — 2.5%
Abraxas Petroleum Corp.*		203		221
Arch Coal, Inc., Class A (a)		9		780
CVR Energy, Inc.		9		317
Delek US Holdings, Inc.		78		2,537
Denbury Resources, Inc.* (a)		365		624
Peabody Energy Corp.		26		786
Renewable Energy Group, Inc.* (a)		45		1,157
REX American Resources Corp.*		1		41
W&T Offshore, Inc.* (a)		203		836
				7,299
Paper & Forest Products — 1.5%
Boise Cascade Co.		17		408
Louisiana-Pacific Corp.		71		1,573
Schweitzer-Mauduit International, Inc.		40		998
Verso Corp., Class A*		63		1,400
				4,379
Personal Products — 0.1%
USANA Health Sciences, Inc.*		2		197

INVESTMENTS	SHARES (000)		VALUE ($000)
Pharmaceuticals — 2.2%
Aclaris Therapeutics, Inc.*		31		232
Arvinas, Inc.*		1		10
Assembly Biosciences, Inc.*		14		305
Dermira, Inc.* (a)		74		531
Endo International plc*		110		800
Horizon Pharma plc*		80		1,569
Lannett Co., Inc.*		63		310
Mallinckrodt plc*		29		460
Medicines Co. (The)* (a)		4		73
Menlo Therapeutics, Inc.*		71		293
Phibro Animal Health Corp., Class A		13		415
Revance Therapeutics, Inc.*		6		129
TherapeuticsMD, Inc.* (a)		126		479
WaVe Life Sciences Ltd.* (a)		19		799
				6,405
Professional Services — 3.9%
Acacia Research Corp.*		16		48
Barrett Business Services, Inc.		33		1,861
CBIZ, Inc.*		38		747
CRA International, Inc.		6		258
ICF International, Inc.		1		95
Insperity, Inc.		22		2,062
Kelly Services, Inc., Class A (a)		2		42
Kforce, Inc.		4		114
Korn/Ferry International		8		297
TriNet Group, Inc.*		40		1,670
TrueBlue, Inc.*		63		1,395
Upwork, Inc.* (a)		25		446
WageWorks, Inc.*		76		2,061
				11,096
Real Estate Management & Development — 0.8%
Cushman & Wakefield plc* (a)		64		930
Marcus & Millichap, Inc.*		26		893
Newmark Group, Inc., Class A		50		399
				2,222
Road & Rail — 1.0%
ArcBest Corp.		68		2,318
Covenant Transportation Group, Inc., Class A*		6		108
Schneider National, Inc., Class B		13		241
Universal Logistics Holdings, Inc.		2		44
YRC Worldwide, Inc.*		16		50
				2,761

SEE NOTES TO FINANCIAL STATEMENTS.

24 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2018

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Semiconductors & Semiconductor Equipment — 2.0%
Advanced Energy Industries, Inc.*		17		718
Alpha & Omega Semiconductor Ltd.*		36		369
Cirrus Logic, Inc.*		39		1,281
Cohu, Inc.		39		619
Cypress Semiconductor Corp.		82		1,038
Ichor Holdings Ltd.*		27		439
Rambus, Inc.*		65		500
Rudolph Technologies, Inc.*		9		182
Ultra Clean Holdings, Inc.*		70		596
				5,742
Software — 3.9%
Anaplan, Inc.*		29		756
Bottomline Technologies de, Inc.*		8		365
CommVault Systems, Inc.*		40		2,364
Cornerstone OnDemand, Inc.*		57		2,859
Elastic NV* (a)		18		1,251
Imperva, Inc.*		22		1,231
MicroStrategy, Inc., Class A*		3		441
QAD, Inc., Class A		4		138
SailPoint Technologies Holding, Inc.* (a)		31		723
SPS Commerce, Inc.*		5		395
SVMK, Inc.* (a)		56		687
				11,210
Specialty Retail — 2.8%
America’s Car-Mart, Inc.*		2		138
Asbury Automotive Group, Inc.*		3		207
Caleres, Inc.		35		985
Conn’s, Inc.*		13		236
DSW, Inc., Class A		26		652
Express, Inc.* (a)		24		122
Five Below, Inc.*		6		573
Group 1 Automotive, Inc.		9		469
Office Depot, Inc.		704		1,817
Party City Holdco, Inc.* (a)		31		313
RH* (a)		8		994
Signet Jewelers Ltd.		5		172
Tilly’s, Inc., Class A		60		647
Zumiez, Inc.*		37		703
				8,028
Technology Hardware, Storage & Peripherals — 0.5%
Immersion Corp.*		161		1,442

INVESTMENTS	SHARES (000)		VALUE ($000)
Textiles, Apparel & Luxury Goods — 0.7%
Deckers Outdoor Corp.*		16		1,996
Fossil Group, Inc.*		7		109
				2,105
Thrifts & Mortgage Finance — 0.8%
BankFinancial Corp.		5		81
HomeStreet, Inc.*		12		255
MGIC Investment Corp.*		78		817
OceanFirst Financial Corp.		15		340
PennyMac Financial Services, Inc. (a)		11		238
Radian Group, Inc.		11		178
Walker & Dunlop, Inc.		11		483
				2,392
Tobacco — 0.1%
Turning Point Brands, Inc.		14		373
Trading Companies & Distributors — 0.8%
Applied Industrial Technologies, Inc.		11		588
MRC Global, Inc.*		87		1,066
NOW, Inc.*		27		317
Rush Enterprises, Inc., Class A		5		155
Veritiv Corp.*		9		220
				2,346
Water Utilities — 0.0% (b)
Consolidated Water Co. Ltd. (Cayman Islands)		3		37
Total Common Stocks (Cost $272,620)				275,885
	NO. OF WARRANTS (000)
Warrants — 0.0%
Consumer Finance — 0.0%
Emergent Capital, Inc. expiring 10/1/2019, price 10.75* (Cost $—)		2		—
	SHARES (000)
Short-Term Investments — 4.4%
Investment Companies — 4.4%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.40% (c) (d) (Cost $12,615)		12,615		12,615

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 J.P. MORGAN SMALL CAP FUNDS 25

JPMorgan Small Cap Core Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Investment of Cash Collateral from Securities Loaned — 6.5%
JPMorgan Securities Lending Money Market Fund Class Agency SL, 2.60% (c) (d)		14,001		14,000
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (c) (d)		4,684		4,684
Total Investment of Cash Collateral from Securities Loaned (Cost $18,684)				18,684
Total Investments — 107.0% (Cost $303,919)				307,184
Liabilities in Excess of Other Assets — (7.0%)				(20,148	)
NET ASSETS — 100.0%				287,036

Percentages indicated are based on net assets.

Abbreviations
REIT	Real Estate Investment Trust
(a)	The security or a portion of this security is on loan at December 31, 2018. The total value of securities on loan at December 31, 2018 is approximately $18,427,000.
(b)	Amount rounds to less than 0.1% of net assets.
(c)	Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(d)	The rate shown is the current yield as of December 31, 2018.
*	Non-income producing security.

Futures contracts outstanding as of December 31, 2018 (amounts in thousands, except number of contracts):
DESCRIPTION	NUMBER OF CONTRACTS	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
Russell 2000 E-Mini Index	164		03/2019		USD		11,067		(271	)
									(271	)

Abbreviations
USD	United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

26 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2018

JPMorgan Small Cap Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 97.4%
Auto Components — 1.0%
LCI Industries		875		58,449
Banks — 10.8%
Associated Banc-Corp.		2,560		50,663
BankUnited, Inc.		2,021		60,506
Cadence BanCorp		2,226		37,360
Commerce Bancshares, Inc.		950		53,528
Cullen/Frost Bankers, Inc.		204		17,942
First Financial Bancorp		2,162		51,279
First Hawaiian, Inc.		2,381		53,603
First Horizon National Corp.		4,443		58,469
First Interstate BancSystem, Inc., Class A		426		15,569
Great Western Bancorp, Inc.		1,304		40,737
IBERIABANK Corp.		881		56,655
Western Alliance Bancorp*		1,230		48,561
Wintrust Financial Corp.		835		55,502
				600,374
Beverages — 0.5%
Cott Corp. (a)		1,871		26,083
Building Products — 1.9%
Fortune Brands Home & Security, Inc.		1,270		48,257
USG Corp. (a)		1,373		58,588
				106,845
Capital Markets — 4.2%
Eaton Vance Corp.		1,093		38,461
FactSet Research Systems, Inc. (a)		240		48,064
Focus Financial Partners, Inc., Class A*		908		23,908
Lazard Ltd., Class A (a)		1,315		48,533
Moelis & Co., Class A (a)		905		31,129
Morningstar, Inc.		392		43,047
				233,142
Chemicals — 4.7%
GCP Applied Technologies, Inc.* (a)		2,296		56,374
PQ Group Holdings, Inc.*		3,794		56,196
Quaker Chemical Corp.		445		79,133
Valvoline, Inc.		3,601		69,675
				261,378
Commercial Services & Supplies — 6.7%
Advanced Disposal Services, Inc.*		2,006		48,023
Brady Corp., Class A		2,269		98,616
BrightView Holdings, Inc.*		2,879		29,395
Herman Miller, Inc.		1,239		37,467
KAR Auction Services, Inc.		1,471		70,193

INVESTMENTS	SHARES (000)		VALUE ($000)
Commercial Services & Supplies — continued
MSA Safety, Inc.		504		47,484
US Ecology, Inc.		701		44,149
				375,327
Construction & Engineering — 0.7%
Willscot Corp.* (a)		3,925		36,972
Containers & Packaging — 3.3%
AptarGroup, Inc.		1,606		151,102
Crown Holdings, Inc.* (a)		789		32,800
				183,902
Distributors — 2.8%
Pool Corp. (a)		1,065		158,277
Diversified Consumer Services — 0.8%
ServiceMaster Global Holdings, Inc.*		1,239		45,522
Electric Utilities — 1.7%
Portland General Electric Co.		2,028		92,961
Electrical Equipment — 1.0%
Generac Holdings, Inc.*		1,083		53,828
Energy Equipment & Services — 2.0%
Core Laboratories NV (a)		825		49,223
Patterson-UTI Energy, Inc. (a)		5,870		60,752
				109,975
Entertainment — 1.5%
Cinemark Holdings, Inc.		2,382		85,270
Equity Real Estate Investment Trusts (REITs) — 6.7%
CubeSmart		2,107		60,438
EastGroup Properties, Inc.		903		82,857
National Retail Properties, Inc. (a)		2,464		119,514
Outfront Media, Inc.		2,859		51,809
RLJ Lodging Trust		3,434		56,322
				370,940
Food & Staples Retailing — 3.0%
BJ’s Wholesale Club Holdings, Inc.*		2,162		47,901
Performance Food Group Co.*		3,748		120,949
				168,850
Health Care Equipment & Supplies — 3.0%
ICU Medical, Inc.*		314		72,165
West Pharmaceutical Services, Inc. (a)		962		94,323
				166,488

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 J.P. MORGAN SMALL CAP FUNDS 27

JPMorgan Small Cap Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Health Care Providers & Services — 5.1%
Encompass Health Corp.		1,432		88,329
HealthEquity, Inc.*		615		36,678
Molina Healthcare, Inc.*		609		70,835
Premier, Inc., Class A*		1,404		52,454
Tivity Health, Inc.*		1,447		35,895
				284,191
Health Care Technology — 1.0%
Medidata Solutions, Inc.* (a)		804		54,227
Hotels, Restaurants & Leisure — 0.5%
Monarch Casino & Resort, Inc.* (a)		611		23,289
Papa John’s International, Inc. (a)		167		6,630
				29,919
Insurance — 2.4%
Kinsale Capital Group, Inc.		693		38,483
ProAssurance Corp. (a)		1,087		44,071
RLI Corp. (a)		727		50,181
				132,735
Internet & Direct Marketing Retail — 0.5%
GrubHub, Inc.* (a)		385		29,609
IT Services — 0.9%
CoreLogic, Inc.*		1,455		48,620
Leisure Products — 2.7%
Acushnet Holdings Corp.		2,895		60,990
Brunswick Corp.		1,619		75,224
Malibu Boats, Inc., Class A*		408		14,185
				150,399
Life Sciences Tools & Services — 0.7%
Syneos Health, Inc.*		967		38,055
Machinery — 7.3%
Altra Industrial Motion Corp.		1,435		36,080
Douglas Dynamics, Inc.		996		35,742
Gates Industrial Corp. plc* (a)		2,698		35,727
Lincoln Electric Holdings, Inc.		842		66,414
RBC Bearings, Inc.* (a)		718		94,175
Toro Co. (The)		2,524		141,038
				409,176
Media — 0.5%
EW Scripps Co. (The), Class A		1,831		28,803
Multi-Utilities — 1.5%
NorthWestern Corp.		1,393		82,799

INVESTMENTS	SHARES (000)		VALUE ($000)
Pharmaceuticals — 2.3%
Catalent, Inc.*		2,562		79,877
Prestige Consumer Healthcare, Inc.* (a)		1,591		49,134
				129,011
Real Estate Management & Development — 1.4%
Cushman & Wakefield plc* (a)		2,549		36,885
HFF, Inc., Class A		1,236		40,971
				77,856
Road & Rail — 2.2%
Knight-Swift Transportation Holdings, Inc. (a)		2,394		60,010
Landstar System, Inc.		657		62,891
				122,901
Semiconductors & Semiconductor Equipment — 1.5%
Cabot Microelectronics Corp.		598		57,006
Power Integrations, Inc.		419		25,535
				82,541
Software — 8.6%
Aspen Technology, Inc.*		645		53,004
Blackbaud, Inc.		664		41,755
Cision Ltd.*		4,610		53,938
Cornerstone OnDemand, Inc.*		850		42,862
Guidewire Software, Inc.*		671		53,856
Instructure, Inc.* (a)		1,003		37,638
Q2 Holdings, Inc.*		1,295		64,184
SailPoint Technologies Holding, Inc.* (a)		1,333		31,306
Tableau Software, Inc., Class A*		416		49,927
Tyler Technologies, Inc.*		277		51,470
				479,940
Textiles, Apparel & Luxury Goods — 1.0%
Carter’s, Inc.		661		53,958
Trading Companies & Distributors — 1.0%
Applied Industrial Technologies, Inc.		994		53,605
Total Common Stocks (Cost $4,468,905)				5,422,928
Short-Term Investments — 2.7%
Investment Companies — 2.7%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.40% (b) (c) (Cost $152,021)		152,021		152,021

SEE NOTES TO FINANCIAL STATEMENTS.

28 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2018

INVESTMENTS	SHARES (000)		VALUE ($000)
Investment of Cash Collateral from Securities Loaned — 2.8%
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.60% (b) (c)		133,013		133,000
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (b) (c)		24,951		24,951
Total Investment of Cash Collateral from Securities Loaned (Cost $157,951)				157,951
Total Investments — 102.9% (Cost $4,778,877)				5,732,900
Liabilities in Excess of Other Assets — (2.9%)				(159,354	)
NET ASSETS - 100.0%				5,573,546

Percentages indicated are based on net assets.

(a)	The security or a portion of this security is on loan at December 31, 2018. The total value of securities on loan at December 31, 2018 is approximately $137,012,000.
(b)	Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(c)	The rate shown is the current yield as of December 31, 2018.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 J.P. MORGAN SMALL CAP FUNDS 29

JPMorgan Small Cap Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 99.2%
Aerospace & Defense — 1.7%
HEICO Corp.		216		16,733
Hexcel Corp.		324		18,572
				35,305
Automobiles — 0.6%
Winnebago Industries, Inc. (a)		487		11,786
Banks — 0.7%
Signature Bank		67		6,848
Texas Capital Bancshares, Inc.*		158		8,070
				14,918
Beverages — 0.6%
Primo Water Corp.*		922		12,916
Biotechnology — 11.1%
ACADIA Pharmaceuticals, Inc.* (a)		286		4,631
Adverum Biotechnologies, Inc.*		1,723		5,429
Atara Biotherapeutics, Inc.* (a)		476		16,529
Avrobio, Inc.* (a)		335		5,579
Bellicum Pharmaceuticals, Inc.* (a)		1,178		3,439
Biohaven Pharmaceutical Holding Co. Ltd.*		564		20,844
Clementia Pharmaceuticals, Inc. (Canada)*		875		10,292
Coherus Biosciences, Inc.* (a)		1,194		10,803
Exact Sciences Corp.* (a)		259		16,314
FibroGen, Inc.*		397		18,374
G1 Therapeutics, Inc.*		392		7,498
Global Blood Therapeutics, Inc.* (a)		121		4,972
Halozyme Therapeutics, Inc.*		1,494		21,856
Homology Medicines, Inc.* (a)		817		18,271
Intercept Pharmaceuticals, Inc.*		92		9,302
Portola Pharmaceuticals, Inc.* (a)		248		4,835
REGENXBIO, Inc.* (a)		336		14,092
Rubius Therapeutics, Inc.* (a)		194		3,123
Sage Therapeutics, Inc.*		86		8,267
Spark Therapeutics, Inc.* (a)		338		13,244
Twist Bioscience Corp.* (a)		465		10,732
				228,426
Building Products — 4.3%
Advanced Drainage Systems, Inc.		1,077		26,111
Lennox International, Inc.		137		30,012
Trex Co., Inc.*		548		32,537
				88,660
Capital Markets — 1.9%
Evercore, Inc., Class A		343		24,531
PennantPark Investment Corp.		1,692		10,778

INVESTMENTS	SHARES (000)		VALUE ($000)
Capital Markets — continued
WisdomTree Investments, Inc.		605		4,023
				39,332
Chemicals — 0.9%
Ferro Corp.*		1,189		18,644
Commercial Services & Supplies — 2.8%
Advanced Disposal Services, Inc.*		1,671		39,995
MSA Safety, Inc.		187		17,649
				57,644
Communications Equipment — 2.1%
Ciena Corp.*		767		26,003
Quantenna Communications, Inc.*		1,232		17,673
				43,676
Distributors — 1.2%
Pool Corp. (a)		173		25,679
Diversified Consumer Services — 1.4%
Bright Horizons Family Solutions, Inc.*		260		28,964
Diversified Telecommunication Services — 0.4%
Vonage Holdings Corp.*		915		7,988
Electronic Equipment, Instruments & Components — 1.1%
Littelfuse, Inc. (a)		126		21,642
Energy Equipment & Services — 0.2%
Forum Energy Technologies, Inc.* (a)		855		3,532
Entertainment — 2.2%
Glu Mobile, Inc.* (a)		1,913		15,442
World Wrestling Entertainment, Inc., Class A (a)		401		29,960
				45,402
Equity Real Estate Investment Trusts (REITs) — 1.1%
CubeSmart		393		11,268
Highwoods Properties, Inc.		273		10,559
				21,827
Food & Staples Retailing — 1.9%
Performance Food Group Co.*		1,186		38,264
Food Products — 0.9%
Freshpet, Inc.* (a)		575		18,497
Health Care Equipment & Supplies — 4.0%
GenMark Diagnostics, Inc.*		1,298		6,306
Insulet Corp.* (a)		286		22,686
iRhythm Technologies, Inc.* (a)		327		22,730
LivaNova plc*		137		12,540
Nevro Corp.*		346		13,453

SEE NOTES TO FINANCIAL STATEMENTS.

30 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2018

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Health Care Equipment & Supplies — continued
TransEnterix, Inc.*		2,108		4,765
				82,480
Health Care Providers & Services — 2.0%
Acadia Healthcare Co., Inc.* (a)		411		10,562
Amedisys, Inc.*		259		30,378
				40,940
Health Care Technology — 2.6%
Evolent Health, Inc., Class A* (a)		1,138		22,693
Teladoc Health, Inc.* (a)		630		31,228
				53,921
Hotels, Restaurants & Leisure — 4.0%
Boyd Gaming Corp.		1,187		24,673
Planet Fitness, Inc., Class A*		311		16,680
Red Rock Resorts, Inc., Class A (a)		711		14,435
Texas Roadhouse, Inc. (a)		449		26,819
				82,607
Household Durables — 0.5%
TRI Pointe Group, Inc.* (a)		898		9,811
Internet & Direct Marketing Retail — 1.0%
Farfetch Ltd., Class A (United Kingdom)* (a)		713		12,634
GrubHub, Inc.* (a)		113		8,678
				21,312
IT Services — 2.9%
ManTech International Corp., Class A		274		14,320
MongoDB, Inc.* (a)		53		4,436
Okta, Inc.*		411		26,196
Wix.com Ltd. (Israel)* (a)		162		14,592
				59,544
Machinery — 4.1%
Graco, Inc.		541		22,632
ITT, Inc.		525		25,331
John Bean Technologies Corp.		281		20,150
Oshkosh Corp.		268		16,443
				84,556
Marine — 0.7%
Kirby Corp.* (a)		224		15,121
Media — 0.4%
New York Times Co. (The), Class A		351		7,818
Multiline Retail — 1.7%
Ollie’s Bargain Outlet Holdings, Inc.* (a)		530		35,244

INVESTMENTS	SHARES (000)		VALUE ($000)
Oil, Gas & Consumable Fuels — 0.5%
Centennial Resource Development, Inc., Class A* (a)		1,018		11,222
Pharmaceuticals — 3.8%
Horizon Pharma plc*		1,414		27,636
Nektar Therapeutics*		200		6,576
Optinose, Inc.*		780		4,835
Revance Therapeutics, Inc.* (a)		795		16,006
TherapeuticsMD, Inc.*		3,403		12,967
Tricida, Inc.* (a)		427		10,059
				78,079
Real Estate Management & Development — 0.5%
RE/MAX Holdings, Inc., Class A		351		10,798
Road & Rail — 1.2%
Saia, Inc.*		426		23,790
Semiconductors & Semiconductor Equipment — 5.7%
Entegris, Inc.		1,256		35,045
Inphi Corp.* (a)		986		31,711
MKS Instruments, Inc.		356		23,000
Monolithic Power Systems, Inc.		235		27,291
				117,047
Software — 16.3%
2U, Inc.* (a)		279		13,877
Anaplan, Inc.*		509		13,519
Cloudera, Inc.* (a)		1,774		19,620
Elastic NV* (a)		186		13,321
Envestnet, Inc.*		780		38,358
HubSpot, Inc.* (a)		241		30,294
Instructure, Inc.* (a)		477		17,886
New Relic, Inc.*		138		11,193
Nutanix, Inc., Class A*		317		13,192
Paycom Software, Inc.* (a)		183		22,454
Pluralsight, Inc., Class A* (a)		631		14,858
Proofpoint, Inc.*		234		19,588
RingCentral, Inc., Class A*		294		24,254
SailPoint Technologies Holding, Inc.*		1,089		25,582
Smartsheet, Inc., Class A*		568		14,109
Zendesk, Inc.*		484		28,280
Zscaler, Inc.* (a)		377		14,779
				335,164
Specialty Retail — 4.2%
Floor & Decor Holdings, Inc., Class A* (a)		298		7,711
Hudson Ltd., Class A*		1,836		31,490
Lithia Motors, Inc., Class A		256		19,522

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 J.P. MORGAN SMALL CAP FUNDS 31

JPMorgan Small Cap Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Specialty Retail — continued
National Vision Holdings, Inc.*		982		27,661
				86,384
Textiles, Apparel & Luxury Goods — 1.7%
Wolverine World Wide, Inc.		1,108		35,335
Thrifts & Mortgage Finance — 0.4%
Axos Financial, Inc.* (a)		324		8,171
Trading Companies & Distributors — 3.9%
Applied Industrial Technologies, Inc.		442		23,814
H&E Equipment Services, Inc.		595		12,155
Rush Enterprises, Inc., Class A		778		26,814
SiteOne Landscape Supply, Inc.* (a)		323		17,860
				80,643
Total Common Stocks (Cost $1,859,781)				2,043,089
Short-Term Investments — 1.0%
Investment Companies — 1.0%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.40% (b) (c) (Cost $19,836)		19,836		19,836
Investment of Cash Collateral from Securities Loaned — 7.1%
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.60% (b) (c)		125,013		125,000
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (b) (c)		21,444		21,444
Total Investment of Cash Collateral from Securities Loaned (Cost $146,444)				146,444
Total Investments — 107.3% (Cost $2,026,061)				2,209,369
Liabilities in Excess of Other Assets — (7.3%)				(150,223	)
NET ASSETS — 100.0%				2,059,146

Percentages indicated are based on net assets.

(a)	The security or a portion of this security is on loan at December 31, 2018. The total value of securities on loan at December 31, 2018 is approximately $145,272,000.
(b)	Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(c)	The rate shown is the current yield as of December 31, 2018.
*	Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.

32 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2018

JPMorgan Small Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 96.3%
Aerospace & Defense — 0.7%
Curtiss-Wright Corp.		43		4,350
Moog, Inc., Class A		80		6,199
				10,549
Air Freight & Logistics — 0.0% (a)
Echo Global Logistics, Inc.*		16		320
Auto Components — 1.1%
Cooper-Standard Holdings, Inc.*		7		453
Stoneridge, Inc.*		144		3,547
Tenneco, Inc., Class A		366		10,014
Tower International, Inc.		62		1,485
				15,499
Banks — 15.4%
1st Source Corp.		101		4,062
American National Bankshares, Inc.		6		170
BancFirst Corp.		117		5,848
BancorpSouth Bank		72		1,893
Bank of Hawaii Corp.		152		10,260
Banner Corp.		142		7,578
Bryn Mawr Bank Corp.		29		991
Cadence BanCorp		16		265
Cathay General Bancorp		192		6,448
Central Pacific Financial Corp.		417		10,164
Central Valley Community Bancorp		23		425
Century Bancorp, Inc., Class A		8		535
Citizens & Northern Corp.		18		476
City Holding Co.		135		9,118
Community Bank System, Inc. (b)		127		7,381
Community Trust Bancorp, Inc.		114		4,514
East West Bancorp, Inc.		11		494
Enterprise Financial Services Corp.		197		7,428
FCB Financial Holdings, Inc., Class A*		229		7,700
Financial Institutions, Inc.		65		1,665
First Bancorp		28		924
First BanCorp (Puerto Rico)		1,129		9,709
First Citizens BancShares, Inc., Class A		8		2,979
First Commonwealth Financial Corp.		1,132		13,679
First Community Bancshares, Inc.		56		1,769
First Financial Bankshares, Inc. (b)		71		4,067
First Financial Corp.		19		775
First Hawaiian, Inc.		88		1,983
First Interstate BancSystem, Inc., Class A		92		3,369
Flushing Financial Corp.		136		2,932
Glacier Bancorp, Inc. (b)		198		7,829

INVESTMENTS	SHARES (000)		VALUE ($000)
Banks — continued
Great Southern Bancorp, Inc.		34		1,583
Great Western Bancorp, Inc.		96		2,984
Hancock Whitney Corp.		24		839
Hope Bancorp, Inc.		598		7,094
Independent Bank Corp.		51		1,074
Investors Bancorp, Inc. (b)		907		9,437
Lakeland Financial Corp.		39		1,562
Mercantile Bank Corp.		18		500
OFG Bancorp (Puerto Rico)(b)		237		3,896
Preferred Bank (b)		16		711
Republic Bancorp, Inc., Class A		18		709
S&T Bancorp, Inc.		20		772
South State Corp.		7		405
Stock Yards Bancorp, Inc.		18		581
Tompkins Financial Corp.		21		1,553
TriState Capital Holdings, Inc.* (b)		24		463
Trustmark Corp. (b)		331		9,396
UMB Financial Corp.		208		12,651
Umpqua Holdings Corp.		550		8,746
Washington Trust Bancorp, Inc.		35		1,683
Webster Financial Corp.		104		5,131
West Bancorp, Inc.		12		228
Westamerica Bancorp (b)		306		17,055
				226,483
Biotechnology — 1.4%
Acorda Therapeutics, Inc.*		31		481
AMAG Pharmaceuticals, Inc.* (b)		228		3,468
Arcus Biosciences, Inc.* (b)		308		3,321
Enanta Pharmaceuticals, Inc.*		33		2,302
Epizyme, Inc.*		230		1,418
Fate Therapeutics, Inc.*		283		3,626
Five Prime Therapeutics, Inc.*		150		1,394
Iovance Biotherapeutics, Inc.*		269		2,377
Tocagen, Inc.* (b)		239		1,965
				20,352
Building Products — 0.2%
Armstrong Flooring, Inc.*		132		1,563
Masonite International Corp.*		17		766
				2,329
Capital Markets — 1.1%
Arlington Asset Investment Corp., Class A (b)		40		293
Associated Capital Group, Inc., Class A (b)		10		366
Donnelley Financial Solutions, Inc.*		168		2,361

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 J.P. MORGAN SMALL CAP FUNDS 33

JPMorgan Small Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Capital Markets — continued
GAMCO Investors, Inc., Class A		18		299
Oppenheimer Holdings, Inc., Class A		14		350
Stifel Financial Corp. (b)		196		8,118
Virtus Investment Partners, Inc.		49		3,884
				15,671
Chemicals — 1.0%
FutureFuel Corp.		157		2,490
Minerals Technologies, Inc.		87		4,461
Trinseo SA		172		7,870
				14,821
Commercial Services & Supplies — 1.3%
ACCO Brands Corp.		1,266		8,580
Ennis, Inc.		78		1,496
Essendant, Inc.		202		2,536
Quad/Graphics, Inc.		254		3,126
VSE Corp.		109		3,257
				18,995
Communications Equipment — 1.1%
Comtech Telecommunications Corp.		33		806
Infinera Corp.*		675		2,693
InterDigital, Inc.		1		47
NETGEAR, Inc.* (b)		58		2,997
NetScout Systems, Inc.* (b)		424		10,026
				16,569
Construction & Engineering — 1.7%
Argan, Inc.		33		1,256
EMCOR Group, Inc.		251		14,982
KBR, Inc.		221		3,353
MYR Group, Inc.*		161		4,547
Sterling Construction Co., Inc.*		11		120
Tutor Perini Corp.*		52		831
				25,089
Consumer Finance — 0.3%
Nelnet, Inc., Class A		85		4,423
Containers & Packaging — 0.2%
Graphic Packaging Holding Co.		136		1,450
Myers Industries, Inc.		51		769
				2,219
Distributors — 0.0% (a)
Weyco Group, Inc.		6		178

INVESTMENTS	SHARES (000)		VALUE ($000)
Diversified Consumer Services — 0.9%
Houghton Mifflin Harcourt Co.*		547		4,846
K12, Inc.*		364		9,026
				13,872
Diversified Financial Services — 0.1%
Marlin Business Services Corp.		30		672
Diversified Telecommunication Services — 0.4%
Consolidated Communications Holdings, Inc. (b)		256		2,529
Frontier Communications Corp. (b)		1,164		2,771
Windstream Holdings, Inc.* (b)		452		944
				6,244
Electric Utilities — 1.8%
El Paso Electric Co.		240		12,011
Portland General Electric Co.		301		13,796
Spark Energy, Inc., Class A(b)		87		650
				26,457
Electrical Equipment — 0.2%
Bloom Energy Corp., Class A* (b)		13		132
Powell Industries, Inc.		111		2,786
				2,918
Electronic Equipment, Instruments & Components — 3.2%
Bel Fuse, Inc., Class B		184		3,393
Benchmark Electronics, Inc. (b)		447		9,472
Fabrinet (Thailand)*		91		4,679
Insight Enterprises, Inc.*		125		5,102
OSI Systems, Inc.*		68		4,977
Tech Data Corp.*		242		19,757
				47,380
Energy Equipment & Services — 1.3%
Archrock, Inc.		563		4,216
Dawson Geophysical Co.*		13		43
FTS International, Inc.*		404		2,869
Matrix Service Co.*		136		2,437
Natural Gas Services Group, Inc.*		41		679
Nine Energy Service, Inc.* (b)		42		942
Noble Corp. plc* (b)		1,204		3,156
SEACOR Holdings, Inc.*		16		577
Unit Corp.*		169		2,416
US Silica Holdings, Inc. (b)		207		2,107
				19,442
Equity Real Estate Investment Trusts (REITs) — 10.3%
Alexander & Baldwin, Inc.*		186		3,411
American Assets Trust, Inc.		221		8,878

SEE NOTES TO FINANCIAL STATEMENTS.

34 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2018

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Equity Real Estate Investment Trusts (REITs) — continued
Ashford Hospitality Trust, Inc.		831		3,325
Bluerock Residential Growth REIT, Inc.		5		48
Braemar Hotels & Resorts, Inc.		274		2,448
CBL & Associates Properties, Inc. (b)		336		645
Cedar Realty Trust, Inc.		255		801
City Office, Inc.		45		458
CorEnergy Infrastructure Trust, Inc. (b)		72		2,374
CoreSite Realty Corp.		77		6,725
DiamondRock Hospitality Co.		1,018		9,245
Franklin Street Properties Corp.		308		1,919
GEO Group, Inc. (The)		878		17,287
Getty Realty Corp.		136		3,989
Gladstone Commercial Corp.		68		1,217
Hersha Hospitality Trust		111		1,950
Highwoods Properties, Inc.		28		1,072
Hospitality Properties Trust		148		3,532
Industrial Logistics Properties Trust		34		667
InfraREIT, Inc.*		331		6,962
Kite Realty Group Trust		113		1,591
LTC Properties, Inc.		40		1,646
Mack-Cali Realty Corp.		394		7,716
Pebblebrook Hotel Trust		650		18,413
Pennsylvania (b)		413		2,451
Piedmont Office Realty Trust, Inc., Class A		796		13,569
PotlatchDeltic Corp.		101		3,180
Preferred Apartment Communities, Inc., Class A		184		2,591
PS Business Parks, Inc.		40		5,214
RLJ Lodging Trust		79		1,292
Saul Centers, Inc.		11		519
Select Income		68		497
STAG Industrial, Inc.		65		1,622
Sunstone Hotel Investors, Inc.		467		6,079
Urstadt Biddle Properties, Inc., Class A		72		1,388
Washington (b)		9		195
Washington Prime Group, Inc. (b)		608		2,953
Xenia Hotels & Resorts, Inc.		184		3,163
				151,032
Food & Staples Retailing — 0.2%
BJ’s Wholesale Club Holdings, Inc.*		58		1,294
Rite Aid Corp.* (b)		3,022		2,140
				3,434
Food Products — 0.7%
Darling Ingredients, Inc.*		509		9,785
Dean Foods Co.		55		208
				9,993

INVESTMENTS	SHARES (000)		VALUE ($000)
Gas Utilities — 2.0%
Northwest Natural Holding Co.		208		12,564
Southwest Gas Holdings, Inc. (b)		140		10,702
Spire, Inc.		84		6,245
				29,511
Health Care Equipment & Supplies — 0.2%
AngioDynamics, Inc.*		138		2,780
FONAR Corp.*		37		749
				3,529
Health Care Providers & Services — 2.3%
American Renal Associates Holdings, Inc.*		313		3,609
Brookdale Senior Living, Inc.* (b)		312		2,091
Community Health Systems, Inc.* (b)		897		2,528
Cross Country Healthcare, Inc.*		215		1,574
Magellan Health, Inc.*		51		2,873
Owens & Minor, Inc. (b)		573		3,625
Patterson Cos., Inc. (b)		421		8,279
Triple-S Management Corp., Class B (Puerto Rico)*		545		9,477
				34,056
Health Care Technology — 0.3%
Allscripts Healthcare Solutions, Inc.* (b)		395		3,807
NantHealth, Inc.* (b)		234		127
				3,934
Hotels, Restaurants & Leisure — 1.5%
Brinker International, Inc. (b)		338		14,878
Penn National Gaming, Inc.*		358		6,740
Speedway Motorsports, Inc.		38		617
				22,235
Household Durables — 2.2%
Hamilton Beach Brands Holding Co., Class A		54		1,262
Helen of Troy Ltd.* (b)		26		3,411
Hovnanian Enterprises, Inc., Class A* (b)		2,386		1,632
KB Home		807		15,404
Sonos, Inc.* (b)		399		3,913
TRI Pointe Group, Inc.* (b)		576		6,290
				31,912
Independent Power and Renewable Electricity Producers — 1.3%
Atlantic Power Corp.*		1,922		4,171
Clearway Energy, Inc., Class A		381		6,438
Clearway Energy, Inc., Class C		497		8,573
				19,182

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 J.P. MORGAN SMALL CAP FUNDS 35

JPMorgan Small Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Insurance — 4.6%
Ambac Financial Group, Inc.*		92		1,590
American Equity Investment Life Holding Co.		101		2,832
Argo Group International Holdings Ltd.		70		4,695
CNO Financial Group, Inc.		761		11,318
Global Indemnity Ltd. (Cayman Islands)		11		391
Hallmark Financial Services, Inc.*		68		728
HCI Group, Inc.		31		1,596
Heritage Insurance Holdings, Inc. (b)		559		8,230
Horace Mann Educators Corp.		70		2,610
MBIA, Inc.* (b)		1,102		9,829
Navigators Group, Inc. (The)		54		3,766
Primerica, Inc.		94		9,146
ProAssurance Corp. (b)		120		4,847
Third Point Reinsurance Ltd. (Bermuda)*		366		3,528
Universal Insurance Holdings, Inc.		52		1,987
				67,093
Interactive Media & Services — 0.2%
Liberty TripAdvisor Holdings, Inc., Class A*		225		3,574
Internet & Direct Marketing Retail — 0.7%
Liberty Expedia Holdings, Inc., Class A*		249		9,723
IT Services — 0.6%
Perficient, Inc.*		201		4,474
Perspecta, Inc.		153		2,635
Unisys Corp.* (b)		168		1,954
				9,063
Leisure Products — 0.1%
YETI Holdings, Inc.*		68		1,014
Machinery — 2.1%
AGCO Corp.		89		4,932
Briggs & Stratton Corp.		142		1,863
Douglas Dynamics, Inc.		228		8,165
EnPro Industries, Inc.		19		1,154
Graham Corp.		24		546
Harsco Corp.*		204		4,050
Hurco Cos., Inc.		42		1,503
LB Foster Co., Class A*		31		491
Wabash National Corp.		654		8,549
				31,253
Marine — 0.2%
Costamare, Inc. (Monaco)		587		2,577

INVESTMENTS	SHARES (000)		VALUE ($000)
Media — 1.3%
Gannett Co., Inc. (b)		1,025		8,741
Hemisphere Media Group, Inc.*		317		3,853
MSG Networks, Inc., Class A*		18		430
New Media Investment Group, Inc. (b)		253		2,929
Tribune Publishing Co.*		217		2,461
WideOpenWest, Inc.* (b)		134		958
				19,372
Metals & Mining — 1.5%
Kaiser Aluminum Corp.		40		3,536
SunCoke Energy, Inc.*		354		3,030
Warrior Met Coal, Inc.		312		7,520
Worthington Industries, Inc.		217		7,574
				21,660
Mortgage Real Estate Investment Trusts (REITs) — 2.2%
AG Mortgage Investment Trust, Inc.		87		1,392
ARMOUR Residential REIT, Inc.		110		2,249
Capstead Mortgage Corp. (b)		948		6,322
Cherry Hill Mortgage Investment Corp.		233		4,082
Dynex Capital, Inc.		365		2,085
Invesco Mortgage Capital, Inc.		558		8,081
Two Harbors Investment Corp. (b)		637		8,176
				32,387
Multiline Retail — 0.2%
Dillard’s, Inc., Class A (b)		54		3,245
Multi-Utilities — 1.2%
Avista Corp. (b)		231		9,804
NorthWestern Corp.		122		7,258
Unitil Corp.		20		1,013
				18,075
Oil, Gas & Consumable Fuels — 3.7%
Arch Coal, Inc., Class A (b)		132		10,938
CVR Energy, Inc.		54		1,845
Denbury Resources, Inc.* (b)		1,891		3,233
EP Energy Corp., Class A*		1,631		1,142
Gulfport Energy Corp.*		1,407		9,218
Midstates Petroleum Co., Inc.*		61		458
NACCO Industries, Inc., Class A		44		1,488
PDC Energy, Inc.*		52		1,536
Peabody Energy Corp.		221		6,724
Renewable Energy Group, Inc.* (b)		267		6,867
REX American Resources Corp.*		96		6,545
W&T Offshore, Inc.*		969		3,991
				53,985

SEE NOTES TO FINANCIAL STATEMENTS.

36 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2018

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Paper & Forest Products — 1.1%
Boise Cascade Co.		69		1,637
Domtar Corp.		92		3,235
Louisiana-Pacific Corp.		17		371
Schweitzer-Mauduit International, Inc.		210		5,271
Verso Corp., Class A*		217		4,861
				15,375
Personal Products — 0.7%
Edgewell Personal Care Co.*		287		10,712
Pharmaceuticals — 1.2%
Endo International plc*		538		3,924
Intra-Cellular Therapies, Inc.* (b)		123		1,404
Mallinckrodt plc*		226		3,563
Medicines Co. (The)* (b)		197		3,771
Prestige Consumer Healthcare, Inc.*		151		4,660
				17,322
Professional Services — 3.4%
Acacia Research Corp.*		490		1,460
Barrett Business Services, Inc.		104		5,961
CRA International, Inc.		25		1,072
FTI Consulting, Inc.*		229		15,287
Huron Consulting Group, Inc.*		173		8,892
Navigant Consulting, Inc.		583		14,026
TrueBlue, Inc.* (b)		171		3,803
				50,501
Real Estate Management & Development — 0.0% (a)
Cushman & Wakefield plc*		13		188
Road & Rail — 0.9%
ArcBest Corp.		295		10,089
Covenant Transportation Group, Inc., Class A*		40		772
YRC Worldwide, Inc.*		727		2,290
				13,151
Semiconductors & Semiconductor Equipment — 3.9%
Amkor Technology, Inc.*		696		4,565
Cirrus Logic, Inc.*		429		14,224
Cohu, Inc.		25		395
NeoPhotonics Corp.*		154		998
Rambus, Inc.*		1,279		9,812
Synaptics, Inc.* (b)		238		8,868
Veeco Instruments, Inc.*		381		2,820
Xperi Corp. (b)		813		14,944
				56,626

INVESTMENTS	SHARES (000)		VALUE ($000)
Software — 2.7%
ACI Worldwide, Inc.*		234		6,477
Fair Isaac Corp.*		65		12,080
MicroStrategy, Inc., Class A*		97		12,392
Progress Software Corp.		118		4,196
Synchronoss Technologies, Inc.*		168		1,034
TiVo Corp.		412		3,879
				40,058
Specialty Retail — 3.0%
Abercrombie & Fitch Co., Class A (b)		826		16,563
Cato Corp. (The), Class A		138		1,965
Chico’s FAS, Inc. (b)		175		981
Conn’s, Inc.* (b)		99		1,861
Express, Inc.* (b)		513		2,621
Hibbett Sports, Inc.*		278		3,968
Murphy USA, Inc.*		111		8,530
Office Depot, Inc.		1,063		2,743
Sally Beauty Holdings, Inc.*		240		4,099
Signet Jewelers Ltd. (b)		43		1,350
				44,681
Textiles, Apparel & Luxury Goods — 0.8%
Deckers Outdoor Corp.*		63		8,099
Movado Group, Inc.		112		3,551
				11,650
Thrifts & Mortgage Finance — 3.5%
BankFinancial Corp.		125		1,863
Beneficial Bancorp, Inc.		1,064		15,202
First Defiance Financial Corp.		64		1,564
Meridian Bancorp, Inc.		289		4,138
Northfield Bancorp, Inc.		580		7,859
Oritani Financial Corp.		26		378
Radian Group, Inc.		103		1,687
Territorial Bancorp, Inc.		15		382
United Community Financial Corp.		40		350
United Financial Bancorp, Inc.		90		1,324
Washington Federal, Inc.		555		14,821
Waterstone Financial, Inc.		82		1,379
WSFS Financial Corp.		18		694
				51,641
Tobacco — 0.1%
Vector Group Ltd. (b)		193		1,880
Trading Companies & Distributors — 1.5%
BMC Stock Holdings, Inc.*		55		847
DXP Enterprises, Inc.*		127		3,530

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 J.P. MORGAN SMALL CAP FUNDS 37

JPMorgan Small Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Trading Companies & Distributors — continued
MRC Global, Inc.*		451		5,510
Nexeo Solutions, Inc.* (b)		103		885
NOW, Inc.*		345		4,010
Titan Machinery, Inc.*		348		4,580
Veritiv Corp.*		84		2,095
				21,457
Water Utilities — 0.5%
American States Water Co.		115		7,716
Total Common Stocks (Cost $1,387,902)				1,415,279
	NO. OF WARRANTS (000)
Warrants — 0.0%
Consumer Finance — 0.0%
Emergent Capital, Inc. expiring 10/1/2019, price 10.75* (Cost $—)		3		—
Short-Term Investments — 3.0%
Investment Companies — 3.0%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.40% (c) (d) (Cost $44,230)		44,230		44,230

INVESTMENTS	SHARES (000)		VALUE ($000)
Investment of Cash Collateral from Securities Loaned — 6.6%
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.60% (c) (d)		86,009		86,000
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (c) (d)		10,998		10,998
Total Investment of Cash Collateral from Securities Loaned (Cost $96,998)				96,998
Total Investments — 105.9% (Cost $1,529,130)				1,556,507
Liabilities in Excess of Other Assets — (5.9%)				(86,106	)
NET ASSETS — 100.0%				1,470,401

Percentages indicated are based on net assets.

Abbreviations
REIT	Real Estate Investment Trust
(a)	Amount rounds to less than 0.1% of net assets.
(b)	The security or a portion of this security is on loan at December 31, 2018. The total value of securities on loan at December 31, 2018 is approximately $92,921,000.
(c)	Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(d)	The rate shown is the current yield as of December 31, 2018.
*	Non-income producing security.

Futures contracts outstanding as of December 31, 2018 (amounts in thousands, except number of contracts):
DESCRIPTION	NUMBER OF CONTRACTS	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
Russell 2000 E-Mini Index	558		03/2019		USD		37,654		(761	)
									(761	)

Abbreviations
USD	United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

38 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2018

JPMorgan U.S. Small Company Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 98.8%
Aerospace & Defense — 0.4%
Curtiss-Wright Corp.		34		3,513
Moog, Inc., Class A		29		2,262
				5,775
Air Freight & Logistics — 0.0% (a)
Echo Global Logistics, Inc.*		15		313
Auto Components — 0.9%
Stoneridge, Inc.*		307		7,575
Tenneco, Inc., Class A		178		4,867
				12,442
Banks — 8.3%
1st Source Corp.		49		1,996
BancFirst Corp.		151		7,525
BancorpSouth Bank		203		5,296
Banner Corp.		325		17,360
Cadence BanCorp		13		221
Cathay General Bancorp		79		2,656
Central Pacific Financial Corp.		246		5,983
Central Valley Community Bancorp		18		347
Citizens & Northern Corp.		20		536
City Holding Co.		51		3,413
CVB Financial Corp.		327		6,619
East West Bancorp, Inc.		3		128
Enterprise Financial Services Corp.		47		1,754
FCB Financial Holdings, Inc., Class A*		243		8,170
First Commonwealth Financial Corp.		331		3,998
First Community Bancshares, Inc.		22		696
First Hawaiian, Inc.		72		1,625
First Interstate BancSystem, Inc., Class A		50		1,839
Flushing Financial Corp.		67		1,445
Great Western Bancorp, Inc.		25		766
Guaranty Bancorp		33		691
Hope Bancorp, Inc.		162		1,918
Independent Bank Corp.		94		1,980
Independent Bank Corp.		10		731
Investors Bancorp, Inc.		222		2,312
National Bank Holdings Corp., Class A		18		570
OFG Bancorp (Puerto Rico)		29		479
PacWest Bancorp		54		1,797
People’s United Financial, Inc.		110		1,593
Simmons First National Corp., Class A		94		2,269
TCF Financial Corp.		204		3,968
Trustmark Corp. (b)		70		1,982
UMB Financial Corp.		49		2,988

INVESTMENTS	SHARES (000)		VALUE ($000)
Banks — continued
Union Bankshares Corp.		40		1,118
Webster Financial Corp.		47		2,336
West Bancorp, Inc.		32		618
Westamerica Bancorp (b)		190		10,590
				110,313
Biotechnology — 7.1%
ACADIA Pharmaceuticals, Inc.* (b)		267		4,319
Achillion Pharmaceuticals, Inc.*		824		1,311
Aimmune Therapeutics, Inc.*		110		2,636
Alder Biopharmaceuticals, Inc.* (b)		211		2,159
AMAG Pharmaceuticals, Inc.* (b)		156		2,364
Amicus Therapeutics, Inc.* (b)		337		3,231
Aptinyx, Inc.* (b)		134		2,213
Arena Pharmaceuticals, Inc.*		103		4,002
Athenex, Inc.* (b)		269		3,414
Biohaven Pharmaceutical Holding Co. Ltd.*		126		4,648
Bluebird Bio, Inc.* (b)		17		1,716
Clovis Oncology, Inc.* (b)		127		2,277
CytomX Therapeutics, Inc.*		115		1,742
Eagle Pharmaceuticals, Inc.*		27		1,104
Flexion Therapeutics, Inc.* (b)		119		1,344
Forty Seven, Inc.* (b)		121		1,905
Global Blood Therapeutics, Inc.* (b)		120		4,926
Gritstone Oncology, Inc.* (b)		50		779
Homology Medicines, Inc.* (b)		138		3,081
La Jolla Pharmaceutical Co.* (b)		110		1,033
Mersana Therapeutics, Inc.*		129		528
Myriad Genetics, Inc.*		138		3,997
Natera, Inc.*		133		1,859
NewLink Genetics Corp.*		401		609
Novavax, Inc.* (b)		1,679		3,089
Principia Biopharma, Inc.*		124		3,383
Puma Biotechnology, Inc.* (b)		80		1,618
REGENXBIO, Inc.*		71		2,978
Sangamo Therapeutics, Inc.*		66		761
Sarepta Therapeutics, Inc.* (b)		30		3,241
Selecta Biosciences, Inc.*		244		648
Seres Therapeutics, Inc.* (b)		343		1,549
Solid Biosciences, Inc.* (b)		108		2,881
Spark Therapeutics, Inc.* (b)		54		2,106
Sutro Biopharma, Inc.*		40		363
Synlogic, Inc.* (b)		220		1,540
TG Therapeutics, Inc.* (b)		238		976
Twist Bioscience Corp.* (b)		72		1,658

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 J.P. MORGAN SMALL CAP FUNDS 39

JPMorgan U.S. Small Company Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Biotechnology — continued
Vanda Pharmaceuticals, Inc.* (b)		171		4,479
Voyager Therapeutics, Inc.*		182		1,713
Xencor, Inc.*		130		4,708
Y-mAbs Therapeutics, Inc.* (b)		12		244
				95,132
Building Products — 1.2%
Continental Building Products, Inc.*		365		9,292
CSW Industrials, Inc.*		42		2,045
Masonite International Corp.*		93		4,183
				15,520
Capital Markets — 0.9%
BrightSphere Investment Group plc		52		553
Donnelley Financial Solutions, Inc.*		110		1,539
Evercore, Inc., Class A		16		1,131
Houlihan Lokey, Inc.		133		4,887
Stifel Financial Corp.		64		2,645
Virtus Investment Partners, Inc.		17		1,311
				12,066
Chemicals — 1.6%
FutureFuel Corp.		180		2,861
Minerals Technologies, Inc.		85		4,364
OMNOVA Solutions, Inc.*		285		2,088
PolyOne Corp.		38		1,098
Sensient Technologies Corp. (b)		30		1,681
Trinseo SA		214		9,783
				21,875
Commercial Services & Supplies — 1.6%
ACCO Brands Corp.		1,060		7,188
Deluxe Corp.		98		3,763
Ennis, Inc.		277		5,330
Essendant, Inc.		60		751
HNI Corp.		28		999
Interface, Inc.		60		854
VSE Corp.		84		2,506
				21,391
Communications Equipment — 1.1%
Infinera Corp.*		393		1,568
InterDigital, Inc.		19		1,256
NetScout Systems, Inc.*		507		11,971
				14,795

INVESTMENTS	SHARES (000)		VALUE ($000)
Construction & Engineering — 1.9%
EMCOR Group, Inc.		294		17,531
MasTec, Inc.* (b)		105		4,251
MYR Group, Inc.*		98		2,755
Sterling Construction Co., Inc.*		16		174
Tutor Perini Corp.*		15		235
				24,946
Consumer Finance — 0.6%
Credit Acceptance Corp.*		9		3,321
Green Dot Corp., Class A*		42		3,348
Nelnet, Inc., Class A		12		649
				7,318
Containers & Packaging — 0.2%
Graphic Packaging Holding Co.		175		1,857
Myers Industries, Inc.		29		435
				2,292
Distributors — 0.0% (a)
Weyco Group, Inc.		11		312
Diversified Consumer Services — 0.8%
Houghton Mifflin Harcourt Co.*		779		6,899
K12, Inc.*		153		3,801
				10,700
Diversified Telecommunication Services — 0.6%
Frontier Communications Corp. (b)		1,230		2,926
Vonage Holdings Corp.*		414		3,618
Windstream Holdings, Inc.* (b)		568		1,188
				7,732
Electric Utilities — 1.3%
El Paso Electric Co.		96		4,792
PNM Resources, Inc.		71		2,901
Portland General Electric Co.		166		7,630
Spark Energy, Inc., Class A (b)		249		1,852
				17,175
Electrical Equipment — 1.1%
Bloom Energy Corp., Class A* (b)		11		111
Generac Holdings, Inc.*		257		12,763
Powell Industries, Inc.		83		2,086
				14,960
Electronic Equipment, Instruments & Components — 2.7%
Bel Fuse, Inc., Class B		20		367
Benchmark Electronics, Inc. (b)		287		6,070
ePlus, Inc.*		78		5,537
OSI Systems, Inc.*		101		7,418

SEE NOTES TO FINANCIAL STATEMENTS.

40 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2018

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Electronic Equipment, Instruments & Components — continued
Tech Data Corp.*		147		12,034
Vishay Intertechnology, Inc.		222		3,991
				35,417
Energy Equipment & Services — 0.7%
Archrock, Inc.		259		1,939
Dawson Geophysical Co.*		11		36
FTS International, Inc.*		125		891
Matrix Service Co.*		36		653
Natural Gas Services Group, Inc.*		49		802
Nine Energy Service, Inc.*		18		404
SEACOR Holdings, Inc.*		40		1,491
Unit Corp.*		113		1,609
US Silica Holdings, Inc. (b)		129		1,313
				9,138
Entertainment — 0.1%
Eros International plc (India)* (b)		224		1,859
Equity Real Estate Investment Trusts (REITs) — 6.3%
Alexander & Baldwin, Inc.*		41		753
American Assets Trust, Inc.		88		3,515
Ashford Hospitality Trust, Inc.		587		2,346
CBL & Associates Properties, Inc. (b)		95		182
City Office, Inc.		26		264
CorEnergy Infrastructure Trust, Inc. (b)		50		1,659
CoreSite Realty Corp.		126		11,026
CubeSmart		63		1,808
DiamondRock Hospitality Co.		536		4,865
EastGroup Properties, Inc.		41		3,761
Equity LifeStyle Properties, Inc.		24		2,331
First Industrial Realty Trust, Inc.		47		1,351
Franklin Street Properties Corp.		81		502
GEO Group, Inc. (The)		417		8,219
Gladstone Commercial Corp.		18		328
Hersha Hospitality Trust		152		2,671
Highwoods Properties, Inc.		35		1,354
Hospitality Properties Trust		96		2,283
InfraREIT, Inc.*		9		185
LTC Properties, Inc.		42		1,769
Mack-Cali Realty Corp.		84		1,653
National Retail Properties, Inc. (b)		12		572
Pebblebrook Hotel Trust		470		13,300
Pennsylvania		49		292
Piedmont Office Realty Trust, Inc., Class A		304		5,182
PotlatchDeltic Corp.		38		1,214

INVESTMENTS	SHARES (000)		VALUE ($000)
Equity Real Estate Investment Trusts (REITs) — continued
PS Business Parks, Inc.		24		3,105
RLJ Lodging Trust		53		866
RPT Realty		173		2,063
Saul Centers, Inc.		46		2,167
Taubman Centers, Inc.		31		1,410
Xenia Hotels & Resorts, Inc.		40		679
				83,675
Food & Staples Retailing — 0.1%
BJ’s Wholesale Club Holdings, Inc.*		83		1,846
Food Products — 1.3%
Darling Ingredients, Inc.*		725		13,953
Dean Foods Co.		241		918
Post Holdings, Inc.*		23		2,050
Seneca Foods Corp., Class A*		19		528
				17,449
Gas Utilities — 0.4%
Northwest Natural Holding Co.		24		1,451
Southwest Gas Holdings, Inc. (b)		48		3,649
				5,100
Health Care Equipment & Supplies — 2.8%
AngioDynamics, Inc.*		280		5,639
Axonics Modulation Technologies, Inc.*		12		181
Integer Holdings Corp.*		229		17,464
Lantheus Holdings, Inc.*		74		1,161
Meridian Bioscience, Inc. (b)		206		3,575
NuVasive, Inc.*		95		4,703
Orthofix Medical, Inc.*		45		2,383
SI-BONE, Inc.*		16		336
Utah Medical Products, Inc.		18		1,487
				36,929
Health Care Providers & Services — 3.8%
Amedisys, Inc.*		43		5,083
Civitas Solutions, Inc.*		324		5,673
Community Health Systems, Inc.* (b)		290		818
Cross Country Healthcare, Inc.*		374		2,744
Guardant Health, Inc.*		18		669
Molina Healthcare, Inc.*		53		6,195
Owens & Minor, Inc.		297		1,877
Patterson Cos., Inc. (b)		132		2,589
Quorum Health Corp.* (b)		581		1,680
RadNet, Inc.*		126		1,279
Surgery Partners, Inc.* (b)		132		1,291

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 J.P. MORGAN SMALL CAP FUNDS 41

JPMorgan U.S. Small Company Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Health Care Providers & Services — continued
Tenet Healthcare Corp.* (b)		447		7,662
Tivity Health, Inc.*		295		7,324
Triple-S Management Corp., Class B (Puerto Rico)*		323		5,611
				50,495
Health Care Technology — 0.3%
Allscripts Healthcare Solutions, Inc.* (b)		464		4,476
Hotels, Restaurants & Leisure — 2.6%
Bloomin’ Brands, Inc.		492		8,804
Brinker International, Inc. (b)		405		17,829
Penn National Gaming, Inc.*		366		6,886
Speedway Motorsports, Inc.		78		1,269
				34,788
Household Durables — 2.5%
Hamilton Beach Brands Holding Co., Class A		71		1,673
Hovnanian Enterprises, Inc., Class A* (b)		1,834		1,254
KB Home		837		15,977
Sonos, Inc.* (b)		216		2,124
Taylor Morrison Home Corp., Class A*		705		11,213
TRI Pointe Group, Inc.*		114		1,250
				33,491
Independent Power and Renewable Electricity Producers — 0.6%
Atlantic Power Corp.*		1,668		3,619
Clearway Energy, Inc., Class A		88		1,491
Clearway Energy, Inc., Class C		192		3,314
				8,424
Insurance — 2.6%
Ambac Financial Group, Inc.*		15		252
American Equity Investment Life Holding Co.		9		241
CNO Financial Group, Inc.		280		4,166
First American Financial Corp.		32		1,424
Global Indemnity Ltd. (Cayman Islands)		19		678
Kemper Corp.		29		1,912
Kinsale Capital Group, Inc.		77		4,284
MBIA, Inc.* (b)		479		4,274
Navigators Group, Inc. (The)		49		3,426
Primerica, Inc.		81		7,924
ProAssurance Corp. (b)		59		2,397
Third Point Reinsurance Ltd. (Bermuda)*		100		967
Universal Insurance Holdings, Inc.		57		2,146
				34,091
Interactive Media & Services — 0.8%
Care.com, Inc.*		96		1,858
Liberty TripAdvisor Holdings, Inc., Class A*		237		3,764

INVESTMENTS	SHARES (000)		VALUE ($000)
Interactive Media & Services — continued
Yelp, Inc.*		158		5,518
				11,140
Internet & Direct Marketing Retail — 1.3%
Liberty Expedia Holdings, Inc., Class A*		240		9,367
Overstock.com, Inc.* (b)		343		4,658
Shutterfly, Inc.*		72		2,910
				16,935
IT Services — 2.0%
Brightcove, Inc.*		339		2,384
CACI International, Inc., Class A*		18		2,564
Endurance International Group Holdings, Inc.*		209		1,390
Euronet Worldwide, Inc.* (b)		24		2,457
NIC, Inc.		215		2,686
Perficient, Inc.*		311		6,932
Science Applications International Corp.		108		6,867
Switch, Inc., Class A (b)		45		311
Unisys Corp.* (b)		36		420
				26,011
Leisure Products — 0.1%
YETI Holdings, Inc.* (b)		60		892
Life Sciences Tools & Services — 0.5%
Luminex Corp. (b)		77		1,770
Medpace Holdings, Inc.*		90		4,785
				6,555
Machinery — 3.2%
Actuant Corp., Class A		197		4,127
Briggs & Stratton Corp.		189		2,467
Douglas Dynamics, Inc.		230		8,237
FreightCar America, Inc.*		35		236
Graham Corp.		33		763
Harsco Corp.*		141		2,796
Hillenbrand, Inc.		182		6,918
Kadant, Inc.		66		5,376
LB Foster Co., Class A*		22		344
Meritor, Inc.*		163		2,758
Wabash National Corp.		705		9,225
				43,247
Media — 1.6%
Entravision Communications Corp., Class A		223		649
Gannett Co., Inc. (b)		810		6,905
Hemisphere Media Group, Inc.*		215		2,610
MSG Networks, Inc., Class A*		40		935

SEE NOTES TO FINANCIAL STATEMENTS.

42 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2018

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Media — continued
New Media Investment Group, Inc. (b)		118		1,363
Sinclair Broadcast Group, Inc., Class A (b)		199		5,247
Tribune Publishing Co.*		173		1,965
WideOpenWest, Inc.*		161		1,150
				20,824
Metals & Mining — 1.3%
Kaiser Aluminum Corp.		52		4,628
SunCoke Energy, Inc.*		43		367
Warrior Met Coal, Inc.		259		6,237
Worthington Industries, Inc.		160		5,561
				16,793
Mortgage Real Estate Investment Trusts (REITs) — 1.1%
Capstead Mortgage Corp.		491		3,272
Cherry Hill Mortgage Investment Corp.		102		1,782
Dynex Capital, Inc.		40		226
Invesco Mortgage Capital, Inc.		180		2,606
Two Harbors Investment Corp.		482		6,194
				14,080
Multiline Retail — 0.2%
Dillard’s, Inc., Class A (b)		51		3,076
Oil, Gas & Consumable Fuels — 2.9%
Adams Resources & Energy, Inc.		14		522
Arch Coal, Inc., Class A (b)		54		4,448
CVR Energy, Inc.		37		1,283
Denbury Resources, Inc.*		972		1,662
Dorian LPG Ltd.*		6		33
EP Energy Corp., Class A*		644		451
Gulfport Energy Corp.*		925		6,057
NACCO Industries, Inc., Class A		52		1,753
PDC Energy, Inc.*		36		1,083
Peabody Energy Corp.		121		3,676
Renewable Energy Group, Inc.* (b)		239		6,136
REX American Resources Corp.*		103		7,002
W&T Offshore, Inc.* (b)		1,204		4,959
				39,065
Paper & Forest Products — 0.2%
Domtar Corp.		38		1,318
Verso Corp., Class A*		74		1,664
				2,982
Personal Products — 0.6%
Edgewell Personal Care Co.*		44		1,625
Herbalife Nutrition Ltd.*		33		1,951
Medifast, Inc.		12		1,550

INVESTMENTS	SHARES (000)		VALUE ($000)
Personal Products — continued
USANA Health Sciences, Inc.*		19		2,237
				7,363
Pharmaceuticals — 2.2%
Arvinas, Inc.*		4		52
Cymabay Therapeutics, Inc.* (b)		264		2,077
Endo International plc*		551		4,020
Horizon Pharma plc*		267		5,225
Lannett Co., Inc.* (b)		109		540
Mallinckrodt plc*		100		1,586
Menlo Therapeutics, Inc.*		93		381
MyoKardia, Inc.*		81		3,963
Paratek Pharmaceuticals, Inc.* (b)		270		1,383
Prestige Consumer Healthcare, Inc.*		177		5,450
Reata Pharmaceuticals, Inc., Class A* (b)		71		3,961
resTORbio, Inc.* (b)		68		586
				29,224
Professional Services — 3.0%
Acacia Research Corp.*		353		1,052
Barrett Business Services, Inc.		161		9,196
Huron Consulting Group, Inc.*		196		10,072
Navigant Consulting, Inc.		396		9,529
TrueBlue, Inc.*		149		3,322
Upwork, Inc.* (b)		113		2,048
WageWorks, Inc.*		184		5,000
				40,219
Real Estate Management & Development — 0.0% (a)
Cushman & Wakefield plc* (b)		9		136
Road & Rail — 0.7%
ArcBest Corp.		207		7,085
Covenant Transportation Group, Inc., Class A*		28		532
Schneider National, Inc., Class B		48		892
YRC Worldwide, Inc.*		171		538
				9,047
Semiconductors & Semiconductor Equipment — 3.8%
Advanced Energy Industries, Inc.*		24		1,017
Amkor Technology, Inc.*		636		4,169
Cirrus Logic, Inc.*		228		7,575
Cohu, Inc.		192		3,084
Entegris, Inc.		131		3,665
NeoPhotonics Corp.*		133		862
Rambus, Inc.*		1,622		12,444
Synaptics, Inc.* (b)		172		6,386

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 J.P. MORGAN SMALL CAP FUNDS 43

JPMorgan U.S. Small Company Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued
Semiconductors & Semiconductor Equipment — continued
Xperi Corp.		586		10,782
				49,984
Software — 6.4%
ACI Worldwide, Inc.*		408		11,281
Anaplan, Inc.*		130		3,440
Aspen Technology, Inc.*		181		14,875
Box, Inc., Class A* (b)		71		1,190
Cloudera, Inc.* (b)		161		1,781
CommVault Systems, Inc.*		28		1,660
Domo, Inc., Class B* (b)		195		3,834
Elastic NV* (b)		79		5,647
Fair Isaac Corp.*		77		14,399
Manhattan Associates, Inc.*		40		1,707
MicroStrategy, Inc., Class A*		16		2,095
Progress Software Corp.		326		11,562
Proofpoint, Inc.*		36		3,009
SPS Commerce, Inc.*		43		3,534
Synchronoss Technologies, Inc.*		256		1,572
Telenav, Inc.*		76		307
TiVo Corp.		159		1,495
Zix Corp.*		369		2,117
				85,505
Specialty Retail — 3.8%
Abercrombie & Fitch Co., Class A (b)		678		13,598
American Eagle Outfitters, Inc.		305		5,892
Asbury Automotive Group, Inc.*		76		5,053
Conn’s, Inc.* (b)		43		816
Murphy USA, Inc.*		60		4,629
RH* (b)		113		13,540
Signet Jewelers Ltd.		12		394
Sleep Number Corp.*		200		6,346
				50,268
Technology Hardware, Storage & Peripherals — 0.1%
Electronics For Imaging, Inc.* (b)		30		741
Textiles, Apparel & Luxury Goods — 1.7%
Crocs, Inc.*		239		6,212
Deckers Outdoor Corp.* (b)		96		12,296
Wolverine World Wide, Inc.		145		4,624
				23,132

INVESTMENTS	SHARES (000)			VALUE ($000)
Thrifts & Mortgage Finance — 2.8%
BankFinancial Corp.		80			1,197
Beneficial Bancorp, Inc.		603			8,618
Capitol Federal Financial, Inc.		18			227
First Defiance Financial Corp.		36			882
Meridian Bancorp, Inc.		485			6,947
MGIC Investment Corp.*		208			2,173
NMI Holdings, Inc., Class A*		97			1,724
Northfield Bancorp, Inc.		492			6,663
Radian Group, Inc.		54			887
Washington Federal, Inc.		320			8,539
					37,857
Trading Companies & Distributors — 1.3%
Applied Industrial Technologies, Inc.		42			2,277
DXP Enterprises, Inc.*		123			3,435
MRC Global, Inc.*		412			5,039
NOW, Inc.*		226			2,632
Titan Machinery, Inc.*		297			3,899
Veritiv Corp.*		25			619
					17,901
Water Utilities — 0.8%
American States Water Co.		156			10,425
Total Common Stocks (Cost $1,311,349)					1,315,637
	NO. OF WARRANTS (000)
Warrants — 0.0%
Consumer Finance — 0.0%
Emergent Capital, Inc. expiring 10/1/2019, price 10.75* (Cost $ — )		—	(c)		—
	SHARES (000)
Short-Term Investments — 1.9%
Investment Companies — 1.9%
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.40% (d) (e) (Cost $25,354)		25,354			25,354

SEE NOTES TO FINANCIAL STATEMENTS.

44 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2018

INVESTMENTS	SHARES (000)		VALUE ($000)
Investment of Cash Collateral from Securities Loaned — 8.2%
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.60% (d) (e)		92,009		92,000
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (d) (e)		17,798		17,798
Total Investment of Cash Collateral from Securities Loaned (Cost $109,798)				109,798
Total Investments — 108.9% (Cost $1,446,501)				1,450,789
Liabilities in Excess of Other Assets — (8.9%)				(118,704	)
NET ASSETS — 100.0%				1,332,085

Percentages indicated are based on net assets.

(a)	Amount rounds to less than 0.1% of net assets.
(b)	The security or a portion of this security is on loan at December 31, 2018. The total value of securities on loan at December 31, 2018 is approximately $107,364,000.
(c)	Amount rounds to less than one thousand.
(d)	Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(e)	The rate shown is the current yield as of December 31, 2018.
*	Non-income producing security.

Futures contracts outstanding as of December 31, 2018 (amounts in thousands, except number of contracts):
DESCRIPTION	NUMBER OF CONTRACTS	EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)		VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
Russell 2000 E-Mini Index	282		03/2019		USD		19,029		747
									747

Abbreviations
USD	United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 J.P. MORGAN SMALL CAP FUNDS 45

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2018 (Unaudited)

(Amounts in thousands, except per share amounts)

	JPMorgan Small Cap Blend Fund			JPMorgan Small Cap Core Fund			JPMorgan Small Cap Equity Fund
ASSETS:
Investments in non-affiliates, at value	$	207,677		$	275,885		$	5,422,928
Investments in affiliates, at value		5,375			12,615			152,021
Investment of cash collateral received from securities loaned, at value (Note 2.C.)		25,185			18,684			157,951
Cash		—	(a)		14			1,329
Deposits at broker for futures contracts		—			628			—
Receivables:
Investment securities sold		—			1,240			30,388
Fund shares sold		3,564			254			8,154
Dividends from non-affiliates		166			376			7,572
Dividends from affiliates		9			18			411
Securities lending income (Note 2.C.)		6			10			34
Variation margin on futures contracts		—			87			—
Total Assets		241,982			309,811			5,780,788
LIABILITIES:
Payables:
Investment securities purchased		1,723			2,084			2,770
Collateral received on securities loaned (Note 2.C.)		25,185			18,684			157,951
Fund shares redeemed		1,893			1,709			41,243
Accrued liabilities:
Investment advisory fees		100			148			3,193
Administration fees		3			12			391
Distribution fees		40			2			255
Service fees		44			14			795
Custodian and accounting fees		4			11			40
Trustees’ and Chief Compliance Officer’s fees		—	(a)		—	(a)		—
Other		19			111			604
Total Liabilities		29,011			22,775			207,242
Net Assets	$	212,971		$	287,036		$	5,573,546

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

46 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2018

	JPMorgan Small Cap Blend Fund			JPMorgan Small Cap Core Fund			JPMorgan Small Cap Equity Fund
NET ASSETS:
Paid-in-Capital	$	208,928		$	283,326		$	4,630,820
Total distributable earnings (loss) (a)		4,043			3,710			942,726
Total Net Assets	$	212,971		$	287,036		$	5,573,546
Net Assets:
Class A	$	80,951		$	4,381		$	780,128
Class C		35,706			1,975			106,059
Class I		96,297			15,288			2,405,067
Class R2		—			92			9,427
Class R3		—			200			1,966
Class R4		—			1,406			496
Class R5		—			189,100			1,067,138
Class R6		17			74,594			1,203,265
Total	$	212,971		$	287,036		$	5,573,546
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		4,928			102			18,649
Class C		3,326			46			3,492
Class I		4,888			354			49,378
Class R2		—			2			230
Class R3		—			5			47
Class R4		—			33			10
Class R5		—			4,366			21,867
Class R6		1			1,725			24,669
Net Asset Value (b):
Class A — Redemption price per share	$	16.43		$	43.03		$	41.83
Class C — Offering price per share (c)		10.74			42.52			30.37
Class I — Offering and redemption price per share		19.70			43.21			48.71
Class R2 — Offering and redemption price per share		—			43.11			40.99
Class R3 — Offering and redemption price per share		—			43.21			41.57
Class R4 — Offering and redemption price per share		—			43.24			48.64
Class R5 — Offering and redemption price per share		—			43.31			48.80
Class R6 — Offering and redemption price per share		19.73			43.24			48.78
Class A maximum sales charge		5.25	%		5.25	%		5.25	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	17.34		$	45.41		$	44.15
Cost of investments in non-affiliates	$	194,230		$	272,620		$	4,468,905
Cost of investments in affiliates		5,375			12,615			152,021
Investment securities on loan, at value		24,891			18,427			137,012
Cost of investment of cash collateral		25,185			18,684			157,951

(a) Total distributable earnings have been aggregated to conform to the current presentation requirements for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 8.

(b) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

(c) Redemption price for Class C Shares varies based upon length of time the shares are held

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 J.P. MORGAN SMALL CAP FUNDS 47

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

(Amounts in thousands, except per share amounts)

	JPMorgan Small Cap Growth Fund		JPMorgan Small Cap Value Fund			JPMorgan U.S. Small Company Fund
ASSETS:
Investments in non-affiliates, at value	$	2,043,089	$	1,415,279		$	1,315,637
Investments in affiliates, at value		19,836		44,230			25,354
Investment of cash collateral received from Securities loaned (Note 2.C.)		146,444		96,998			109,798
Cash		—		29			37
Deposits at broker for futures contracts		—		3,542			1,980
Receivables:
Due from custodian		—		798			1,902
Investment securities sold		—		17,765			13,650
Fund shares sold		7,534		20,145			6,519
Dividends from non-affiliates		822		3,010			1,353
Dividends from affiliates		35		98			41
Securities lending income (Note 2.C.)		50		38			50
Variation margin on futures contracts		—		154			76
Prepaid expenses		78		—			—
Total Assets		2,217,888		1,602,086			1,476,397
LIABILITIES:
Payables:
Investment securities purchased		—		18,202			19,905
Collateral received on securities loaned (Note 2.C.)		146,444		96,998			109,798
Fund shares redeemed		10,685		15,085			13,354
Accrued liabilities:
Investment advisory fees		1,143		824			722
Administration fees		131		95			98
Distribution fees		103		80			78
Service fees		156		128			160
Custodian and accounting fees		14		20			17
Trustees’ and Chief Compliance Officer’s fees		—		—	(a)		—
Other		66		253			180
Total Liabilities		158,742		131,685			144,312
Net Assets	$	2,059,146	$	1,470,401		$	1,332,085

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

48 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2018

	JPMorgan Small Cap Growth Fund			JPMorgan Small Cap Value Fund			JPMorgan U.S. Small Company Fund
NET ASSETS:
Paid-in-Capital	$	1,898,756		$	1,440,427		$	1,360,369
Total distributable earnings (loss) (a)		160,390			29,974			(28,284	)
Total Net Assets	$	2,059,146		$	1,470,401		$	1,332,085
Net Assets:
Class A	$	280,661		$	217,136		$	146,042
Class C		43,450			19,104			30,721
Class I		192,982			263,397			285,849
Class L		404,852			—			396,282
Class R2		25,896			33,913			42,697
Class R3		749			12,643			19,334
Class R4		741			366			5,828
Class R5		28,549			86,760			9,721
Class R6		1,081,266			837,082			395,611
Total	$	2,059,146		$	1,470,401		$	1,332,085
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		20,919			10,157			10,209
Class C		4,661			1,115			2,271
Class I		12,854			11,514			19,478
Class L		26,076			—			27,048
Class R2		2,009			1,605			3,055
Class R3		56			592			1,360
Class R4		55			16			399
Class R5		1,838			3,789			665
Class R6		68,858			36,504			26,991
Net Asset Value (b):
Class A — Redemption price per share	$	13.42		$	21.38		$	14.31
Class C — Offering price per share (c)		9.32			17.12			13.53
Class I — Offering and redemption price per share		15.01			22.88			14.68
Class L — Offering and redemption price per share		15.53			—			14.65
Class R2 — Offering and redemption price per share		12.89			21.13			13.98
Class R3 — Offering and redemption price per share		13.42			21.34			14.22
Class R4 — Offering and redemption price per share		13.47			22.85			14.60
Class R5 — Offering and redemption price per share		15.53			22.90			14.62
Class R6 — Offering and redemption price per share		15.70			22.93			14.66
Class A maximum sales charge		5.25	%		5.25	%		5.25	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	14.16		$	22.56		$	15.10
Cost of investments in non-affiliates	$	1,859,781		$	1,387,902		$	1,311,349
Cost of investments in affiliates		19,836			44,230			25,354
Investment securities on loan, at value		145,272			92,921			107,364
Cost of investment of cash collateral		146,444			96,998			109,798

(a) Total distributable earnings have been aggregated to conform to the current presentation requirements for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 8.

(b) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

(c) Redemption price for Class C Shares varies based upon length of time the shares are held.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 J.P. MORGAN SMALL CAP FUNDS 49

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited)

(Amounts in thousands)

	JPMorgan Small Cap Blend Fund			JPMorgan Small Cap Core Fund			JPMorgan Small Cap Equity Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	—		$	5		$	—
Interest income from affiliates		—	(a)		—	(a)		—	(a)
Dividend income from non-affiliates		1,204			1,998			45,077
Dividend income from affiliates		58			113			2,891
Income from securities lending (net)		16			24			83
Total investment income		1,278			2,140			48,051
EXPENSES:
Investment advisory fees		776			1,047			22,126
Administration fees		97			131			2,761
Distribution fees:
Class A		112			6			1,300
Class C		150			9			511
Class R2		—			—	(a)		29
Class R3		—			—	(a)		3
Service fees:
Class A		112			6			1,300
Class C		50			3			170
Class I		137			20			3,644
Class R2		—			—	(a)		14
Class R3		—			—	(a)		3
Class R4		—			2			1
Class R5		—			110			635
Custodian and accounting fees		21			25			91
Professional fees		44			28			62
Trustees’ and Chief Compliance Officer’s fees		13			13			26
Printing and mailing costs		9			10			154
Registration and filing fees		37			77			179
Transfer agency fees (See Note 2.F.)		11			6			82
Other		7			8			48
Total expenses		1,576			1,501			33,139
Less fees waived		(137	)		(206	)		(916	)
Less expense reimbursements		—			—	(a)		(4	)
Net expenses		1,439			1,295			32,219
Net investment income (loss)		(161	)		845			15,832
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		3,742			13,299			202,199
Futures contracts		—			(2,127	)		—
Net realized gain (loss)		3,742			11,172			202,199
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(45,496	)		(75,789	)		(1,153,583	)
Futures contracts		—			(201	)		—
Change in net unrealized appreciation/depreciation		(45,496	)		(75,990	)		(1,153,583	)
Net realized/unrealized gains (losses)		(41,754	)		(64,818	)		(951,384	)
Change in net assets resulting from operations	$	(41,915	)	$	(63,973	)	$	(935,552	)

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

50 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2018

	JPMorgan Small Cap Growth Fund			JPMorgan Small Cap Value Fund			JPMorgan U.S. Small Company Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	—		$	21		$	20
Interest income from affiliates		—	(a)		—	(a)		—	(a)
Dividend income from non-affiliates		5,123			16,131			9,844
Dividend income from affiliates		354			540			481
Non-cash dividend income from non-affiliates		—			967			—
Income from securities lending (net)		173			88			98
Total investment income		5,650			17,747			10,443
EXPENSES:
Investment advisory fees		7,768			5,926			5,108
Administration fees		969			739			690
Distribution fees:
Class A		432			365			242
Class C		190			92			155
Class R2		77			106			127
Class R3		1			17			25
Service fees:
Class A		432			365			242
Class C		63			31			52
Class I		330			402			495
Class L		242			—			266
Class R2		38			53			63
Class R3		1			17			25
Class R4		1			1			7
Class R5		16			64			5
Custodian and accounting fees		44			41			39
Professional fees		37			34			36
Trustees’ and Chief Compliance Officer’s fees		17			16			16
Printing and mailing costs		79			51			35
Registration and filing fees		100			77			111
Transfer agency fees (See Note 2.F.)		35			64			40
Other		21			20			17
Total expenses		10,893			8,481			7,796
Less fees waived		(266	)		(265	)		(56	)
Less expense reimbursements		(6	)		(11	)		—
Net expenses		10,621			8,205			7,740
Net investment income (loss)		(4,971	)		9,542			2,703
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		22,113			139,565			47,310
Futures contracts		—			(13,877	)		(8,475	)
Net realized gain (loss)		22,113			125,688			38,835
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(451,783	)		(477,930	)		(355,209	)
Futures contracts		—			(520	)		1,986
Change in net unrealized appreciation/depreciation		(451,783	)		(478,450	)		(353,223	)
Net realized/unrealized gains (losses)		(429,670	)		(352,762	)		(314,388	)
Change in net assets resulting from operations	$	(434,641	)	$	(343,220	)	$	(311,685	)

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 J.P. MORGAN SMALL CAP FUNDS 51

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	JPMorgan Small Cap Blend Fund						JPMorgan Small Cap Core Fund
	Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018			Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	(161	)	$	(1,589	)	$	845		$	1,237
Net realized gain (loss)		3,742			67,803			11,172			18,718
Change in net unrealized appreciation/depreciation		(45,496	)		(5,489	)		(75,990	)		24,496
Change in net assets resulting from operations		(41,915	)		60,725			(63,973	)		44,451
DISTRIBUTIONS TO SHAREHOLDERS: (a)
Class A		(22,374	)		(8,120	)		(352	)		(252	)
Class C		(12,520	)		(5,253	)		(172	)		(108	)
Class I		(24,328	)		(8,033	)		(1,269	)		(1,875	)
Class R2 (b)		—			—			(3	)		(2	)
Class R3 (b)		—			—			(2	)		(2	)
Class R4 (b)		—			—			(114	)		(2	)
Class R5		—			—			(16,043	)		(15,677	)
Class R6 (d)		(4	)		—			(6,241	)		(2,907	)
Total distributions to shareholders		(59,226	)		(21,406	)		(24,196	)		(20,825	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		95,355			9,046			61,385			79,449
NET ASSETS:
Change in net assets		(5,786	)		48,365			(26,784	)		103,075
Beginning of period		218,757			170,392			313,820			210,745
End of period	$	212,971		$	218,757		$	287,036		$	313,820

(a) The prior period distributions have been reclassified to conform to current period presentation for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 8. Prior period balances were as follows:

	JPMorgan Small Cap Blend Fund			JPMorgan Small Cap Core Fund
Class A
From net investment income	$	—		$	(1	)
From net realized gains		(8,120	)		(251	)
Class C
From net realized gains		(5,253	)		(108	)
Class I
From net investment income		—			(74	)
From net realized gains		(8,033	)		(1,801	)
Class R2 (b)
From net investment income		—			—	(c)
From net realized gains		—			(2	)
Class R3 (b)
From net investment income		—			—	(c)
From net realized gains		—			(2	)
Class R4 (b)
From net investment income		—			—	(c)
From net realized gains		—			(2	)
Class R5
From net investment income		—			(626	)
From net realized gains		—			(15,051	)
Class R6
From net investment income		—			(134	)
From net realized gains		—			(2,773	)

(b) Commencement of offering of class of shares effective July 31, 2017 for JPMorgan Small Cap Core Fund.

(c) Amount rounds to less than one thousand.

(d) Commencement of offering of class of shares effective July 2, 2018 for JPMorgan Small Cap Blend Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

52 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2018

	JPMorgan Small Cap Equity Fund						JPMorgan Small Cap Growth Fund
	Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018			Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	15,832		$	30,506		$	(4,971	)	$	(7,870	)
Net realized gain (loss)		202,199			239,434			22,113			300,478
Change in net unrealized appreciation/depreciation		(1,153,583	)		609,763			(451,783	)		197,385
Change in net assets resulting from operations		(935,552	)		879,703			(434,641	)		489,993
DISTRIBUTIONS TO SHAREHOLDERS: (a)
Class A		(61,854	)		(62,632	)		(37,004	)		(17,975	)
Class C		(11,312	)		(10,709	)		(8,359	)		(2,339	)
Class I		(172,497	)		(134,911	)		(25,203	)		(11,269	)
Class L		—			—			(48,328	)		(23,301	)
Class R2		(723	)		(785	)		(3,487	)		(2,118	)
Class R3 (b)		(155	)		(139	)		(93	)		(2	)
Class R4 (b)		(50	)		(4	)		(91	)		(2	)
Class R5		(79,273	)		(66,108	)		(3,229	)		(152	)
Class R6		(85,443	)		(74,342	)		(122,202	)		(54,605	)
Total distributions to shareholders		(411,307	)		(349,630	)		(247,996	)		(111,763	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		92,166			9,723			551,871			495,754
NET ASSETS:
Change in net assets		(1,254,693	)		539,796			(130,766	)		873,984
Beginning of period		6,828,239			6,288,443			2,189,912			1,315,928
End of period	$	5,573,546		$	6,828,239		$	2,059,146		$	2,189,912

(a) The prior period distributions have been reclassified to conform to current period presentation for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 8. Prior period balances were as follows:

	JPMorgan Small Cap Equity Fund			JPMorgan Small Cap Growth Fund
Class A
From net investment income	$	(2,285	)	$	—
From net realized gains		(60,347	)		(17,975	)
Class C
From net realized gains		(10,709	)		(2,339	)
Class I
From net investment income		(10,544	)		—
From net realized gains		(124,367	)		(11,269	)
Class L
From net realized gains		—			(23,301	)
Class R2
From net investment income		(5	)		—
From net realized gains		(780	)		(2,118	)
Class R3 (b)
From net investment income		(15	)		—
From net realized gains		(124	)		(2	)
Class R4 (b)
From net investment income		—	(c)		—
From net realized gains		(4	)		(2	)
Class R5
From net investment income		(7,451	)		—
From net realized gains		(58,657	)		(152	)
Class R6
From net investment income		(9,002	)		—
From net realized gains		(65,340	)		(54,605	)

(b) Commencement of offering of class of shares effective July 31, 2017 for JPMorgan Small Cap Growth Fund.

(c) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 J.P. MORGAN SMALL CAP FUNDS 53

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Small Cap Value Fund						JPMorgan U.S. Small Company Fund
	Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018			Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	9,542		$	20,141		$	2,703		$	5,467
Net realized gain (loss)		125,688			115,617			38,835			144,995
Change in net unrealized appreciation/depreciation		(478,450	)		84,422			(353,223	)		111,286
Change in net assets resulting from operations		(343,220	)		220,180			(311,685	)		261,748
DISTRIBUTIONS TO SHAREHOLDERS: (a)
Class A		(32,649	)		(26,130	)		(17,753	)		(13,966	)
Class C		(3,540	)		(2,152	)		(3,937	)		(3,080	)
Class I		(36,659	)		(23,178	)		(34,817	)		(25,766	)
Class L		—			—			(50,872	)		(44,432	)
Class R2		(5,129	)		(3,737	)		(5,054	)		(3,249	)
Class R3		(1,857	)		(786	)		(2,105	)		(872	)
Class R4		(52	)		(6	)		(678	)		(270	)
Class R5		(14,851	)		(8,334	)		(1,146	)		(18	)
Class R6		(116,147	)		(65,775	)		(45,521	)		(23,782	)
Total distributions to shareholders		(210,884	)		(130,098	)		(161,883	)		(115,435	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		96,223			(277,003	)		26,807			(119,140	)
NET ASSETS:
Change in net assets		(457,881	)		(186,921	)		(446,761	)		27,173
Beginning of period		1,928,282			2,115,203			1,778,846			1,751,673
End of period	$	1,470,401		$	1,928,282		$	1,332,085		$	1,778,846

(a) The prior period distributions have been reclassified to conform to current period presentation for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 8. Prior period balances were as follows:

	JPMorgan Small Cap Value Fund			JPMorgan U.S. Small Company Fund
Class A
From net investment income	$	(3,065	)	$	—
From net realized gains		(23,065	)		(13,966	)
Class C
From net investment income		(167	)		—
From net realized gains		(1,985	)		(3,080	)
Class I
From net investment income		(3,303	)		(744	)
From net realized gains		(19,875	)		(25,022	)
Class L
From net investment income		—			(2,189	)
From net realized gains		—			(42,243	)
Class R2
From net investment income		(338	)		—
From net realized gains		(3,399	)		(3,249	)
Class R3
From net investment income		(100	)		(26	)
From net realized gains		(686	)		(846	)
Class R4
From net investment income		(1	)		(15	)
From net realized gains		(5	)		(255	)
Class R5
From net investment income		(1,348	)		(1	)
From net realized gains		(6,986	)		(17	)
Class R6
From net investment income		(11,435	)		(1,594	)
From net realized gains		(54,340	)		(22,188	)

SEE NOTES TO FINANCIAL STATEMENTS.

54 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2018

	JPMorgan Small Cap Blend Fund						JPMorgan Small Cap Core Fund
	Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018			Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	28,630		$	15,940		$	1,660		$	2,760
Distributions reinvested		17,078			5,772			351			252
Cost of shares redeemed		(12,449	)		(17,025	)		(867	)		(922	)
Change in net assets resulting from Class A capital transactions	$	33,259		$	4,687		$	1,144		$	2,090
Class C
Proceeds from shares issued	$	19,851		$	11,682		$	1,195		$	795
Distributions reinvested		1,178			349			172			108
Cost of shares redeemed		(6,555	)		(14,448	)		(531	)		(223	)
Change in net assets resulting from Class C capital transactions	$	14,474		$	(2,417	)	$	836		$	680
Class I
Proceeds from shares issued	$	66,345		$	49,518		$	11,281		$	33,484
Distributions reinvested		24,212			7,882			1,268			1,875
Cost of shares redeemed		(42,959	)		(50,624	)		(8,078	)		(23,067	)
Change in net assets resulting from Class I capital transactions	$	47,598		$	6,776		$	4,471		$	12,292
Class R2 (a)
Proceeds from shares issued	$	—		$	—		$	76		$	20
Distributions reinvested		—			—			3			2
Cost of shares redeemed		—			—			—	(b)		—
Change in net assets resulting from Class R2 capital transactions	$	—		$	—		$	79		$	22
Class R3 (a)
Proceeds from shares issued	$	—		$	—		$	181		$	20
Distributions reinvested		—			—			2			2
Cost of shares redeemed		—			—			(1	)		—
Change in net assets resulting from Class R3 capital transactions	$	—		$	—		$	182		$	22
Class R4 (a)
Proceeds from shares issued	$	—		$	—		$	401		$	1,555
Distributions reinvested		—			—			114			2
Cost of shares redeemed		—			—			(220	)		(107	)
Change in net assets resulting from Class R4 capital transactions	$	—		$	—		$	295		$	1,450
Class R5
Proceeds from shares issued	$	—		$	—		$	31,929		$	51,871
Distributions reinvested		—			—			15,379			14,939
Cost of shares redeemed		—			—			(23,886	)		(49,890	)
Change in net assets resulting from Class R5 capital transactions	$	—		$	—		$	23,422		$	16,920
Class R6 (c)
Proceeds from shares issued	$	20		$	—		$	34,536		$	46,416
Distributions reinvested		4			—			6,240			2,907
Cost of shares redeemed		—	(b)		—			(9,820	)		(3,350	)
Change in net assets resulting from Class R6 capital transactions	$	24		$	—		$	30,956		$	45,973
Total change in net assets resulting from capital transactions	$	95,355		$	9,046		$	61,385		$	79,449

(a) Commencement of offering of class of shares effective July 31, 2017 for JPMorgan Small Cap Core Fund.

(b) Amount rounds to less than one thousand.

(c) Commencement of offering of class of shares effective July 2, 2018 for JPMorgan Small Cap Blend Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 J.P. MORGAN SMALL CAP FUNDS 55

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Small Cap Blend Fund						JPMorgan Small Cap Core Fund
	Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018			Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018
SHARE TRANSACTIONS:
Class A
Issued		1,298			656			29			51
Reinvested		976			255			8			5
Redeemed		(557	)		(705	)		(16	)		(17	)
Change in Class A Shares		1,717			206			21			39
Class C
Issued		1,551			657			21			14
Reinvested		103			21			3			2
Redeemed		(363	)		(787	)		(10	)		(4	)
Change in Class C Shares		1,291			(109	)		14			12
Class I
Issued		2,389			1,801			215			598
Reinvested		1,154			305			27			35
Redeemed		(1,692	)		(1,787	)		(159	)		(429	)
Change in Class I Shares		1,851			319			83			204
Class R2 (a)
Issued		—			—			2			—	(b)
Reinvested		—			—			—	(b)		—	(b)
Redeemed		—			—			—	(b)		—
Change in Class R2 Shares		—			—			2			—	(b)
Class R3 (a)
Issued		—			—			5			—	(b)
Reinvested		—			—			—	(b)		—	(b)
Redeemed		—			—			—	(b)		—
Change in Class R3 Shares		—			—			5			—	(b)
Class R4 (a)
Issued		—			—			8			29
Reinvested		—			—			2			—	(b)
Redeemed		—			—			(4	)		(2	)
Change in Class R4 Shares		—			—			6			27
Class R5
Issued		—			—			583			952
Reinvested		—			—			329			281
Redeemed		—			—			(432	)		(904	)
Change in Class R5 Shares		—			—			480			329
Class R6 (c)
Issued		1			—			634			840
Reinvested		—	(b)		—			134			55
Redeemed		—	(b)		—			(195	)		(62	)
Change in Class R6 Shares		1			—			573			833

(a) Commencement of offering of class of shares effective July 31, 2017 for JPMorgan Small Cap Core Fund.

(b) Amount rounds to less than one thousand.

(c) Commencement of offering of class of shares effective July 2, 2018 for JPMorgan Small Cap Blend Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

56 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2018

	JPMorgan Small Cap Equity Fund						JPMorgan Small Cap Growth Fund
	Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018			Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	109,965		$	261,260		$	94,455		$	143,219
Distributions reinvested		57,371			58,136			34,925			16,796
Cost of shares redeemed		(285,425	)		(442,597	)		(88,668	)		(73,782	)
Change in net assets resulting from Class A capital transactions	$	(118,089	)	$	(123,201	)	$	40,712		$	86,233
Class C
Proceeds from shares issued	$	3,337		$	6,912		$	20,329		$	27,470
Distributions reinvested		11,037			10,428			8,141			2,267
Cost of shares redeemed		(21,462	)		(54,198	)		(9,684	)		(12,373	)
Change in net assets resulting from Class C capital transactions	$	(7,088	)	$	(36,858	)	$	18,786		$	17,364
Class I
Proceeds from shares issued	$	434,908		$	728,118		$	139,008		$	214,425
Distributions reinvested		161,114			127,579			22,035			10,622
Cost of shares redeemed		(478,051	)		(923,843	)		(167,304	)		(107,938	)
Change in net assets resulting from Class I capital transactions	$	117,971		$	(68,146	)	$	(6,261	)	$	117,109
Class L
Proceeds from shares issued	$	—		$	—		$	180,100		$	174,119
Distributions reinvested		—			—			42,498			21,436
Cost of shares redeemed		—			—			(115,548	)		(208,654	)
Change in net assets resulting from Class L capital transactions	$	—		$	—		$	107,050		$	(13,099	)
Class R2
Proceeds from shares issued	$	2,462		$	4,488		$	3,706		$	7,304
Distributions reinvested		442			397			3,392			2,045
Cost of shares redeemed		(3,294	)		(6,823	)		(3,974	)		(7,260	)
Change in net assets resulting from Class R2 capital transactions	$	(390	)	$	(1,938	)	$	3,124		$	2,089
Class R3 (a)
Proceeds from shares issued	$	448		$	3,244		$	473		$	430
Distributions reinvested		131			138			93			2
Cost of shares redeemed		(661	)		(1,138	)		(51	)		(42	)
Change in net assets resulting from Class R3 capital transactions	$	(82	)	$	2,244		$	515		$	390
Class R4 (a)
Proceeds from shares issued	$	430		$	634		$	173		$	698
Distributions reinvested		49			4			91			2
Cost of shares redeemed		(436	)		(89	)		(14	)		(40	)
Change in net assets resulting from Class R4 capital transactions	$	43		$	549		$	250		$	660
Class R5
Proceeds from shares issued	$	156,083		$	199,217		$	12,349		$	27,789
Distributions reinvested		72,102			60,149			3,229			152
Cost of shares redeemed		(156,740	)		(374,064	)		(6,346	)		(1,442	)
Change in net assets resulting from Class R5 capital transactions	$	71,445		$	(114,698	)	$	9,232		$	26,499
Class R6
Proceeds from shares issued	$	170,220		$	631,942		$	399,353		$	505,197
Distributions reinvested		84,729			74,202			120,678			54,603
Cost of shares redeemed		(226,593	)		(354,373	)		(141,568	)		(301,291	)
Change in net assets resulting from Class R6 capital transactions	$	28,356		$	351,771		$	378,463		$	258,509
Total change in net assets resulting from capital transactions	$	92,166		$	9,723		$	551,871		$	495,754

(a) Commencement of offering of class of shares effective July 31, 2017 for JPMorgan Small Cap Growth Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 J.P. MORGAN SMALL CAP FUNDS 57

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Small Cap Equity Fund						JPMorgan Small Cap Growth Fund
	Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018			Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018
SHARE TRANSACTIONS:
Class A
Issued		2,125			5,187			5,312			8,439
Reinvested		1,280			1,180			2,442			1,070
Redeemed		(5,647	)		(8,823	)		(5,150	)		(4,457	)
Change in Class A Shares		(2,242	)		(2,456	)		2,604			5,052
Class C
Issued		88			183			1,570			2,182
Reinvested		339			283			819			196
Redeemed		(591	)		(1,432	)		(911	)		(1,007	)
Change in Class C Shares		(164	)		(966	)		1,478			1,371
Class I
Issued		7,319			12,557			6,971			11,500
Reinvested		3,090			2,241			1,377			615
Redeemed		(8,433	)		(16,281	)		(8,667	)		(5,782	)
Change in Class I Shares		1,976			(1,483	)		(319	)		6,333
Class L
Issued		—			—			8,979			9,322
Reinvested		—			—			2,570			1,206
Redeemed		—			—			(6,199	)		(11,497	)
Change in Class L Shares		—			—			5,350			(969	)
Class R2
Issued		49			91			226			448
Reinvested		10			8			247			135
Redeemed		(65	)		(137	)		(234	)		(451	)
Change in Class R2 Shares		(6	)		(38	)		239			132
Class R3 (a)
Issued		8			66			28			26
Reinvested		3			3			7			—	(b)
Redeemed		(13	)		(22	)		(3	)		(2	)
Change in Class R3 Shares		(2	)		47			32			24
Class R4 (a)
Issued		7			11			11			41
Reinvested		1			—	(b)		6			—	(b)
Redeemed		(8	)		(2	)		(1	)		(2	)
Change in Class R4 Shares		—	(b)		9			16			39
Class R5
Issued		2,621			3,448			592			1,360
Reinvested		1,380			1,052			195			8
Redeemed		(2,816	)		(6,519	)		(316	)		(72	)
Change in Class R5 Shares		1,185			(2,019	)		471			1,296
Class R6
Issued		3,020			11,211			19,458			26,133
Reinvested		1,623			1,298			7,213			3,044
Redeemed		(3,877	)		(6,135	)		(7,213	)		(15,867	)
Change in Class R6 Shares		766			6,374			19,458			13,310

(a) Commencement of offering of class of shares effective July 31, 2017 for JPMorgan Small Cap Growth Fund.

(b) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

58 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2018

	JPMorgan Small Cap Value Fund						JPMorgan U.S. Small Company Fund
	Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018			Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	22,747		$	60,386		$	19,089		$	44,296
Distributions reinvested		30,237			23,733			16,222			12,503
Cost of shares redeemed		(86,687	)		(280,733	)		(46,381	)		(109,587	)
Change in net assets resulting from Class A capital transactions	$	(33,703	)	$	(196,614	)	$	(11,070	)	$	(52,788	)
Class C
Proceeds from shares issued	$	1,016		$	2,007		$	3,230		$	6,012
Distributions reinvested		3,322			2,038			3,767			2,725
Cost of shares redeemed		(2,881	)		(19,425	)		(10,620	)		(16,485	)
Change in net assets resulting from Class C capital transactions	$	1,457		$	(15,380	)	$	(3,623	)	$	(7,748	)
Class I
Proceeds from shares issued	$	64,797		$	110,534		$	57,583		$	100,489
Distributions reinvested		36,621			23,006			33,312			24,711
Cost of shares redeemed		(76,589	)		(156,637	)		(133,216	)		(113,460	)
Change in net assets resulting from Class I capital transactions	$	24,829		$	(23,097	)	$	(42,321	)	$	11,740
Class L
Proceeds from shares issued	$	—		$	—		$	65,366		$	99,730
Distributions reinvested		—			—			43,991			40,197
Cost of shares redeemed		—			—			(120,696	)		(346,397	)
Change in net assets resulting from Class L capital transactions	$	—		$	—		$	(11,339	)	$	(206,470	)
Class R2
Proceeds from shares issued	$	4,930		$	15,183		$	12,442		$	15,072
Distributions reinvested		4,764			3,488			3,913			2,439
Cost of shares redeemed		(7,869	)		(35,329	)		(8,418	)		(23,258	)
Change in net assets resulting from Class R2 capital transactions	$	1,825		$	(16,658	)	$	7,937		$	(5,747	)
Class R3
Proceeds from shares issued	$	3,891		$	9,713		$	7,080		$	8,039
Distributions reinvested		1,852			786			2,049			870
Cost of shares redeemed		(1,288	)		(11,467	)		(1,307	)		(1,973	)
Change in net assets resulting from Class R3 capital transactions	$	4,455		$	(968	)	$	7,822		$	6,936
Class R4
Proceeds from shares issued	$	372		$	55		$	2,019		$	5,108
Distributions reinvested		52			6			678			270
Cost of shares redeemed		(23	)		(1	)		(778	)		(677	)
Change in net assets resulting from Class R4 capital transactions	$	401		$	60		$	1,919		$	4,701
Class R5
Proceeds from shares issued	$	16,893		$	34,935		$	6,279		$	6,329
Distributions reinvested		14,134			7,845			958			18
Cost of shares redeemed		(36,454	)		(48,118	)		(836	)		(398	)
Change in net assets resulting from Class R5 capital transactions	$	(5,427	)	$	(5,338	)	$	6,401		$	5,949
Class R6
Proceeds from shares issued	$	81,029		$	210,275		$	68,547		$	189,990
Distributions reinvested		116,147			65,764			45,073			23,112
Cost of shares redeemed		(94,790	)		(295,047	)		(42,539	)		(88,815	)
Change in net assets resulting from Class R6 capital transactions	$	102,386		$	(19,008	)	$	71,081		$	124,287
Total change in net assets resulting from capital transactions	$	96,223		$	(277,003	)	$	26,807		$	(119,140	)

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 J.P. MORGAN SMALL CAP FUNDS 59

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Small Cap Value Fund						JPMorgan U.S. Small Company Fund
	Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018			Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018
SHARE TRANSACTIONS:
Class A
Issued		850			2,050			1,039			2,384
Reinvested		1,303			822			1,049			690
Redeemed		(3,044	)		(9,593	)		(2,595	)		(5,894	)
Change in Class A Shares		(891	)		(6,721	)		(507	)		(2,820	)
Class C
Issued		46			81			189			337
Reinvested		179			85			257			157
Redeemed		(137	)		(783	)		(615	)		(924	)
Change in Class C Shares		88			(617	)		(169	)		(430	)
Class I
Issued		2,239			3,529			3,192			5,279
Reinvested		1,474			752			2,098			1,332
Redeemed		(2,631	)		(5,046	)		(7,419	)		(5,956	)
Change in Class I Shares		1,082			(765	)		(2,129	)		655
Class L
Issued		—			—			3,660			5,276
Reinvested		—			—			2,772			2,166
Redeemed		—			—			(7,038	)		(18,304	)
Change in Class L Shares		—			—			(606	)		(10,862	)
Class R2
Issued		178			522			673			827
Reinvested		208			122			259			137
Redeemed		(285	)		(1,223	)		(463	)		(1,270	)
Change in Class R2 Shares		101			(579	)		469			(306	)
Class R3
Issued		132			325			392			434
Reinvested		80			27			133			48
Redeemed		(46	)		(385	)		(71	)		(106	)
Change in Class R3 Shares		166			(33	)		454			376
Class R4
Issued		12			2			109			266
Reinvested		2			—	(a)		43			15
Redeemed		(1	)		—	(a)		(42	)		(35	)
Change in Class R4 Shares		13			2			110			246
Class R5
Issued		561			1,124			326			335
Reinvested		568			256			61			1
Redeemed		(1,416	)		(1,535	)		(46	)		(20	)
Change in Class R5 Shares		(287	)		(155	)		341			316
Class R6
Issued		2,855			6,791			3,726			10,065
Reinvested		4,659			2,143			2,839			1,243
Redeemed		(3,212	)		(9,407	)		(2,292	)		(4,637	)
Change in Class R6 Shares		4,302			(473	)		4,273			6,671

(a) Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.

60 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2018

THIS PAGE IS INTENTIONALLY LEFT BLANK

DECEMBER 31, 2018 J.P. MORGAN SMALL CAP FUNDS 61

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net realized gain
JPMorgan Small Cap Blend Fund
Class A
Six Months Ended December 31, 2018 (Unaudited)	$	26.65	$	(0.02	)(f)	$	(3.96	)	$	(3.98	)	$	(6.24	)
Year Ended June 30, 2018		22.03		(0.20	)		7.54			7.34			(2.72	)
Year Ended June 30, 2017		19.14		(0.16	)		6.24			6.08			(3.19	)
Year Ended June 30, 2016		26.04		(0.16	)		(3.52	)		(3.68	)		(3.22	)
Year Ended June 30, 2015		25.11		(0.20	)		3.17			2.97			(2.04	)
Year Ended June 30, 2014		23.10		(0.24	)		4.44			4.20			(2.19	)
Class C
Six Months Ended December 31, 2018 (Unaudited)		19.89		(0.06	)(f)		(2.85	)		(2.91	)		(6.24	)
Year Ended June 30, 2018		17.12		(0.24	)		5.73			5.49			(2.72	)
Year Ended June 30, 2017		15.58		(0.21	)		4.94			4.73			(3.19	)
Year Ended June 30, 2016		21.97		(0.22	)		(2.95	)		(3.17	)		(3.22	)
Year Ended June 30, 2015		21.61		(0.28	)		2.68			2.40			(2.04	)
Year Ended June 30, 2014		20.25		(0.32	)		3.87			3.55			(2.19	)
Class I
Six Months Ended December 31, 2018 (Unaudited)		30.53		0.01	(f)		(4.60	)		(4.59	)		(6.24	)
Year Ended June 30, 2018		24.83		(0.15	)		8.57			8.42			(2.72	)
Year Ended June 30, 2017		21.17		(0.12	)		6.97			6.85			(3.19	)
Year Ended June 30, 2016		28.34		(0.14	)		(3.81	)		(3.95	)		(3.22	)
Year Ended June 30, 2015		27.08		(0.15	)		3.45			3.30			(2.04	)
Year Ended June 30, 2014		24.70		(0.19	)		4.76			4.57			(2.19	)
Class R6
July 2, 2018 (g) through December 31, 2018 (Unaudited)		30.73		0.05	(f)		(4.81	)		(4.76	)		(6.24	)

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Calculated based upon average shares outstanding.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(e) Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(f) Net investment income (loss) may appear disproportionate among the classes due to the timing of recognition of income and changes in the relative size of the classes.

(g) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

62 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2018

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	16.43		(16.36	)%	$	80,951		1.24	%		(0.16	)%(f)		1.36	%		31	%
	26.65		35.55			85,586		1.24			(0.81	)		1.36			89
	22.03		34.99			66,189		1.25			(0.78	)		1.48			41
	19.14		(14.42	)		55,583		1.25			(0.76	)		1.51			56
	26.04		13.02			73,175		1.25			(0.82	)		1.44			48
	25.11		18.56			86,997		1.33			(0.95	)		1.38			65
	10.74		(16.54	)		35,706		1.74			(0.67	)(f)		1.85			31
	19.89		34.88			40,470		1.74			(1.31	)		1.83			89
	17.12		34.25			36,707		1.74			(1.28	)		2.04			41
	15.58		(14.80	)		32,734		1.75			(1.27	)		2.12			56
	21.97		12.46			50,162		1.75			(1.32	)		2.02			48
	21.61		17.93			55,458		1.83			(1.45	)		1.88			65
	19.70		(16.27	)		96,297		0.99			0.09	(f)		1.09			31
	30.53		35.91			92,701		0.99			(0.56	)		1.08			89
	24.83		35.29			67,496		1.00			(0.53	)		1.18			41
	21.17		(14.19	)		64,589		1.00			(0.57	)		1.09			56
	28.34		13.30			386,459		1.00			(0.57	)		1.11			48
	27.08		18.87			417,048		1.06			(0.69	)		1.13			65
	19.73		(16.72	)		17		0.74			0.33	(f)		0.84			31

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 J.P. MORGAN SMALL CAP FUNDS 63

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Small Cap Core Fund
Class A
Six Months Ended December 31, 2018 (Unaudited)	$	57.16	$	0.02	(e)(f)	$	(10.38	)	$	(10.36	)	$	(0.02	)	$	(3.75	)	$	(3.77	)
Year Ended June 30, 2018		52.32		0.04	(e)(f)		9.19			9.23			(0.01	)		(4.38	)		(4.39	)
Year Ended June 30, 2017		45.88		(0.04	)(e)		11.81			11.77			(0.20	)		(5.13	)		(5.33	)
May 31, 2016 (g) through June 30, 2016		45.81		0.02	(e)(f)		0.05			0.07			—			—			—
Class C
Six Months Ended December 31, 2018 (Unaudited)		56.67		(0.10	)(e)(f)		(10.30	)		(10.40	)		—			(3.75	)		(3.75	)
Year Ended June 30, 2018		52.14		(0.24	)(e)(f)		9.15			8.91			—			(4.38	)		(4.38	)
Year Ended June 30, 2017		45.86		(0.24	)(e)		11.74			11.50			(0.09	)		(5.13	)		(5.22	)
May 31, 2016 (g) through June 30, 2016		45.81		—	(e)(f)(h)		0.05			0.05			—			—			—
Class I
Six Months Ended December 31, 2018 (Unaudited)		57.44		0.10	(e)(f)		(10.46	)		(10.36	)		(0.12	)		(3.75	)		(3.87	)
Year Ended June 30, 2018		52.58		0.17	(e)(f)		9.24			9.41			(0.17	)		(4.38	)		(4.55	)
January 3, 2017 (g) through June 30, 2017		50.44		0.07	(e)		2.07			2.14			—			—			—
Class R2
Six Months Ended December 31, 2018 (Unaudited)		57.32		(0.02	)(e)(f)		(10.44	)		(10.46	)		—			(3.75	)		(3.75	)
July 31, 2017 (g) through June 30, 2018		53.24		(0.08	)(e)(f)		8.58			8.50			(0.04	)		(4.38	)		(4.42	)
Class R3
Six Months Ended December 31, 2018 (Unaudited)		57.40		0.20	(e)(f)		(10.62	)		(10.42	)		(0.02	)		(3.75	)		(3.77	)
July 31, 2017 (g) through June 30, 2018		53.24		0.05	(e)(f)		8.58			8.63			(0.09	)		(4.38	)		(4.47	)
Class R4
Six Months Ended December 31, 2018 (Unaudited)		57.48		0.09	(e)(f)		(10.46	)		(10.37	)		(0.12	)		(3.75	)		(3.87	)
July 31, 2017 (g) through June 30, 2018		53.24		0.18	(e)(f)		8.58			8.76			(0.14	)		(4.38	)		(4.52	)
Class R5
Six Months Ended December 31, 2018 (Unaudited)		57.63		0.15	(e)(f)		(10.51	)		(10.36	)		(0.21	)		(3.75	)		(3.96	)
Year Ended June 30, 2018		52.64		0.26	(e)(f)		9.28			9.54			(0.17	)		(4.38	)		(4.55	)
Year Ended June 30, 2017		45.90		0.20	(e)		11.83			12.03			(0.16	)		(5.13	)		(5.29	)
Year Ended June 30, 2016		56.18		0.15	(e)(f)		(5.25	)		(5.10	)		(0.32	)		(4.86	)		(5.18	)
Year Ended June 30, 2015		58.70		0.37	(e)		3.20			3.57			(0.10	)		(5.99	)		(6.09	)
Year Ended June 30, 2014		48.11		0.15	(i)		13.44			13.59			(0.27	)		(2.73	)		(3.00	)
Class R6
Six Months Ended December 31, 2018 (Unaudited)		57.55		0.17	(e)(f)		(10.49	)		(10.32	)		(0.24	)		(3.75	)		(3.99	)
Year Ended June 30, 2018		52.57		0.33	(e)(f)		9.23			9.56			(0.20	)		(4.38	)		(4.58	)
Year Ended June 30, 2017		45.90		0.29	(e)		11.76			12.05			(0.25	)		(5.13	)		(5.38	)
May 31, 2016 (g) through June 30, 2016		45.81		0.04	(e)(f)		0.05			0.09			—			—			—

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Not annualized for periods less than one year.

(c) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(d) Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(e) Calculated based upon average shares outstanding.

(f) Net investment income (loss) may appear disproportionate among the classes due to the timing of recognition of income and changes in the relative size of the classes.

(g) Commencement of offering of class of shares.

(h) Amount rounds to less than $0.005.

(i) Reflects special dividends paid out during the period by one of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $0.09 and the net investment income (loss) ratio would have been 0.17% for Class R5 Shares.

SEE NOTES TO FINANCIAL STATEMENTS.

64 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2018

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (b)(c)			Net assets, end of period (000’s)		Net expenses (d)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings  credits			Portfolio turnover rate (b)
$	43.03		(18.62	)%	$	4,381		1.23	%		0.09	%(f)		1.35	%		31	%
	57.16		18.37			4,624		1.24			0.07	(f)		1.41			39
	52.32		26.29			2,203		1.24			(0.07	)		1.45			61
	45.88		0.15			23		1.25			0.56	(f)		1.39			58
	42.52		(18.85	)		1,975		1.74			(0.38	)(f)		1.85			31
	56.67		17.79			1,816		1.74			(0.45	)(f)		1.90			39
	52.14		25.68			1,017		1.74			(0.47	)		1.96			61
	45.86		0.11			20		1.74			0.06	(f)		1.89			58
	43.21		(18.52	)		15,288		0.98			0.36	(f)		1.10			31
	57.44		18.64			15,557		0.99			0.32	(f)		1.12			39
	52.58		4.24			3,545		0.99			0.26			1.21			61
	43.11		(18.74	)		92		1.49			0.06	(f)		2.04			31
	57.32		16.67			24		1.49			(0.15	)(f)		1.72			39
	43.21		(18.64	)		200		1.24			0.76	(f)		2.07			31
	57.40		16.94			24		1.24			0.10	(f)		1.46			39
	43.24		(18.52	)		1,406		0.98			0.33	(f)		1.10			31
	57.48		17.21			1,536		0.99			0.36	(f)		1.11			39
	43.31		(18.46	)		189,100		0.79			0.53	(f)		0.93			31
	57.63		18.88			223,933		0.79			0.48	(f)		0.97			39
	52.64		26.87			187,198		0.79			0.40			1.11			61
	45.90		(8.97	)		164,573		0.80			0.30	(f)		1.16			58
	56.18		7.01			815,652		0.80			0.66			1.13			56
	58.70		28.95			703,307		0.79			0.28	(i)		1.12			51
	43.24		(18.41	)		74,594		0.73			0.62	(f)		0.83			31
	57.55		18.95			66,306		0.74			0.59	(f)		0.86			39
	52.57		26.94			16,782		0.74			0.56			0.98			61
	45.90		0.20			20		0.74			1.06	(f)		0.88			58

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 J.P. MORGAN SMALL CAP FUNDS 65

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Small Cap Equity Fund
Class A
Six Months Ended December 31, 2018 (Unaudited)	$	52.43	$	0.04	(f)	$	(7.19	)	$	(7.15	)	$	(0.06	)	$	(3.39	)	$	(3.45	)
Year Ended June 30, 2018		48.63		0.10			6.67			6.77			(0.10	)		(2.87	)		(2.97	)
Year Ended June 30, 2017		41.68		0.11			8.21			8.32			(0.12	)		(1.25	)		(1.37	)
Year Ended June 30, 2016		44.68		0.13	(f)		0.08			0.21			(0.14	)		(3.07	)		(3.21	)
Year Ended June 30, 2015		46.56		0.08			2.98			3.06			(0.08	)		(4.86	)		(4.94	)
Year Ended June 30, 2014		39.94		0.10	(g)		8.97			9.07			(0.07	)		(2.38	)		(2.45	)
Class C
Six Months Ended December 31, 2018 (Unaudited)		39.12		(0.06	)(f)		(5.30	)		(5.36	)		—			(3.39	)		(3.39	)
Year Ended June 30, 2018		37.07		(0.12	)		5.04			4.92			—			(2.87	)		(2.87	)
Year Ended June 30, 2017		32.21		(0.09	)		6.31			6.22			(0.11	)		(1.25	)		(1.36	)
Year Ended June 30, 2016		35.32		(0.06	)(f)		0.02			(0.04	)		—			(3.07	)		(3.07	)
Year Ended June 30, 2015		37.96		(0.12	)		2.34			2.22			—			(4.86	)		(4.86	)
Year Ended June 30, 2014		33.06		(0.10	)(g)		7.38			7.28			—			(2.38	)		(2.38	)
Class I
Six Months Ended December 31, 2018 (Unaudited)		60.52		0.13	(f)		(8.35	)		(8.22	)		(0.20	)		(3.39	)		(3.59	)
Year Ended June 30, 2018		55.69		0.26			7.67			7.93			(0.23	)		(2.87	)		(3.10	)
Year Ended June 30, 2017		47.50		0.28			9.37			9.65			(0.21	)		(1.25	)		(1.46	)
Year Ended June 30, 2016		50.31		0.25	(f)		0.17			0.42			(0.16	)		(3.07	)		(3.23	)
Year Ended June 30, 2015		51.78		0.24			3.36			3.60			(0.21	)		(4.86	)		(5.07	)
Year Ended June 30, 2014		44.14		0.26	(g)		9.94			10.20			(0.18	)		(2.38	)		(2.56	)
Class R2
Six Months Ended December 31, 2018 (Unaudited)		51.44		(0.02	)(f)		(7.04	)		(7.06	)		—			(3.39	)		(3.39	)
Year Ended June 30, 2018		47.81		(0.03	)		6.55			6.52			(0.02	)		(2.87	)		(2.89	)
Year Ended June 30, 2017		41.08		—	(h)		8.08			8.08			(0.10	)		(1.25	)		(1.35	)
Year Ended June 30, 2016		44.04		0.01	(f)		0.10			0.11			—			(3.07	)		(3.07	)
Year Ended June 30, 2015		45.99		(0.04	)		2.95			2.91			—			(4.86	)		(4.86	)
Year Ended June 30, 2014		39.52		(0.01	)(g)		8.86			8.85			—			(2.38	)		(2.38	)
Class R3
Six Months Ended December 31, 2018 (Unaudited)		52.13		0.04	(f)		(7.15	)		(7.11	)		(0.06	)		(3.39	)		(3.45	)
Year Ended June 30, 2018		48.54		0.12			6.63			6.75			(0.29	)		(2.87	)		(3.16	)
September 9, 2016 (j) through June 30, 2017		43.22		0.12			6.68			6.80			(0.23	)		(1.25	)		(1.48	)
Class R4
Six Months Ended December 31, 2018 (Unaudited)		60.42		0.13	(f)		(8.34	)		(8.21	)		(0.18	)		(3.39	)		(3.57	)
Year Ended June 30, 2018		55.64		0.33			7.59			7.92			(0.27	)		(2.87	)		(3.14	)
September 9, 2016 (j) through June 30, 2017		49.28		0.23			7.63			7.86			(0.25	)		(1.25	)		(1.50	)
Class R5
Six Months Ended December 31, 2018 (Unaudited)		60.69		0.19	(f)		(8.38	)		(8.19	)		(0.31	)		(3.39	)		(3.70	)
Year Ended June 30, 2018		55.84		0.37			7.70			8.07			(0.35	)		(2.87	)		(3.22	)
Year Ended June 30, 2017		47.57		0.36			9.42			9.78			(0.26	)		(1.25	)		(1.51	)
Year Ended June 30, 2016		50.43		0.36	(f)		0.15			0.51			(0.30	)		(3.07	)		(3.37	)
Year Ended June 30, 2015		51.88		0.34			3.37			3.71			(0.30	)		(4.86	)		(5.16	)
Year Ended June 30, 2014		44.21		0.36	(g)		9.96			10.32			(0.27	)		(2.38	)		(2.65	)
Class R6
Six Months Ended December 31, 2018 (Unaudited)		60.68		0.21	(f)		(8.38	)		(8.17	)		(0.34	)		(3.39	)		(3.73	)
Year Ended June 30, 2018		55.83		0.41			7.69			8.10			(0.38	)		(2.87	)		(3.25	)
Year Ended June 30, 2017		47.57		0.46			9.34			9.80			(0.29	)		(1.25	)		(1.54	)
May 31, 2016 (j) through June 30, 2016		47.04		0.06	(f)		0.47			0.53			—			—			—

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Calculated based upon average shares outstanding.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(e) Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(f) Net investment income (loss) may appear disproportionate among the classes due to the timing of recognition of income and changes in the relative size of the classes.

(g) Reflects special dividends paid out during the period by several of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $(0.04), $(0.21), $0.10, $(0.15) and $0.20 for Class A, Class C, Class I, Class R2 and Class R5 Shares, respectively, and the net investment income (loss) ratio would have been (0.09)%, (0.59)%, 0.21%, (0.34)% and 0.41% for Class A, Class C, Class I, Class R2 and Class R5 Class Shares, respectively.

(h) Amount rounds to less than $0.005.

(i) Amount rounds to less than 0.005%.

(j) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

66 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2018

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	41.83		(14.07	)%	$	780,128		1.23	%		0.17	%(f)		1.26	%		15	%
	52.43		14.33			1,095,395		1.24			0.19			1.26			17
	48.63		20.14			1,135,394		1.29			0.24			1.35			21
	41.68		1.10			736,629		1.29			0.31	(f)		1.38			32
	44.68		7.49			674,619		1.29			0.17			1.39			20
	46.56		23.27			738,967		1.29			0.23	(g)		1.37			30
	30.37		(14.29	)		106,059		1.73			(0.33	)(f)		1.75			15
	39.12		13.76			143,030		1.74			(0.32	)		1.76			17
	37.07		19.53			171,352		1.79			(0.25	)		1.84			21
	32.21		0.63			70,176		1.79			(0.20	)(f)		1.85			32
	35.32		6.92			35,783		1.79			(0.33	)		1.87			20
	37.96		22.67			39,824		1.79			(0.26	)(g)		1.87			30
	48.71		(13.96	)		2,405,067		0.98			0.44	(f)		1.00			15
	60.52		14.61			2,868,739		0.98			0.45			1.00			17
	55.69		20.50			2,722,213		0.99			0.54			1.07			21
	47.50		1.41			1,261,772		0.99			0.54	(f)		1.14			32
	50.31		7.81			1,435,112		0.99			0.48			1.14			20
	51.78		23.65			1,443,768		0.99			0.53	(g)		1.12			30
	40.99		(14.17	)		9,427		1.48			(0.08	)(f)		1.52			15
	51.44		14.02			12,133		1.49			(0.06	)		1.52			17
	47.81		19.85			13,078		1.53			0.00	(i)		1.73			21
	41.08		0.85			5,313		1.54			0.03	(f)		1.72			32
	44.04		7.23			3,446		1.54			(0.08	)		1.73			20
	45.99		22.95			3,883		1.54			(0.02	)(g)		1.62			30
	41.57		(14.07	)		1,966		1.23			0.17	(f)		1.25			15
	52.13		14.33			2,542		1.23			0.24			1.30			17
	48.54		15.92			104		1.24			0.32			1.36			21
	48.64		(13.97	)		496		0.98			0.45	(f)		1.03			15
	60.42		14.61			624		0.98			0.57			1.07			17
	55.64		16.14			60		0.99			0.55			1.14			21
	48.80		(13.87	)		1,067,138		0.79			0.63	(f)		0.85			15
	60.69		14.83			1,255,251		0.79			0.64			0.85			17
	55.84		20.74			1,267,593		0.79			0.68			0.86			21
	47.57		1.62			1,349,107		0.79			0.78	(f)		0.86			32
	50.43		8.03			1,244,878		0.79			0.68			0.89			20
	51.88		23.90			1,177,534		0.79			0.73	(g)		0.92			30
	48.78		(13.84	)		1,203,265		0.73			0.68	(f)		0.75			15
	60.68		14.89			1,450,525		0.73			0.71			0.75			17
	55.83		20.80			978,649		0.74			0.85			0.76			21
	47.57		1.13			25,933		0.73			1.60	(f)		0.75			32

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 J.P. MORGAN SMALL CAP FUNDS 67

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net realized gain
JPMorgan Small Cap Growth Fund
Class A
Six Months Ended December 31, 2018 (Unaudited)	$	18.45	$	(0.07	)(f)	$	(2.95	)	$	(3.02	)	$	(2.01	)
Year Ended June 30, 2018		14.81		(0.14	)(f)		5.11			4.97			(1.33	)
Year Ended June 30, 2017		11.43		(0.10	)		3.94			3.84			(0.46	)
Year Ended June 30, 2016		14.50		(0.09	)		(1.94	)		(2.03	)		(1.04	)
Year Ended June 30, 2015		13.96		(0.11	)(f)		1.77			1.66			(1.12	)
Year Ended June 30, 2014		13.00		(0.12	)		2.52			2.40			(1.44	)
Class C
Six Months Ended December 31, 2018 (Unaudited)		13.55		(0.08	)(f)		(2.14	)		(2.22	)		(2.01	)
Year Ended June 30, 2018		11.23		(0.16	)(f)		3.81			3.65			(1.33	)
Year Ended June 30, 2017		8.82		(0.13	)		3.00			2.87			(0.46	)
Year Ended June 30, 2016		11.50		(0.12	)		(1.52	)		(1.64	)		(1.04	)
Year Ended June 30, 2015		11.36		(0.14	)(f)		1.40			1.26			(1.12	)
Year Ended June 30, 2014		10.87		(0.16	)		2.09			1.93			(1.44	)
Class I
Six Months Ended December 31, 2018 (Unaudited)		20.35		(0.05	)(f)		(3.28	)		(3.33	)		(2.01	)
Year Ended June 30, 2018		16.18		(0.11	)(f)		5.61			5.50			(1.33	)
Year Ended June 30, 2017		12.42		(0.07	)		4.29			4.22			(0.46	)
Year Ended June 30, 2016		15.61		(0.07	)		(2.08	)		(2.15	)		(1.04	)
Year Ended June 30, 2015		14.91		(0.08	)(f)		1.90			1.82			(1.12	)
Year Ended June 30, 2014		13.77		(0.09	)		2.67			2.58			(1.44	)
Class L
Six Months Ended December 31, 2018 (Unaudited)		20.95		(0.04	)(f)		(3.37	)		(3.41	)		(2.01	)
Year Ended June 30, 2018		16.60		(0.08	)(f)		5.76			5.68			(1.33	)
Year Ended June 30, 2017		12.72		(0.05	)		4.39			4.34			(0.46	)
Year Ended June 30, 2016		15.93		(0.05	)		(2.12	)		(2.17	)		(1.04	)
Year Ended June 30, 2015		15.17		(0.06	)(f)		1.94			1.88			(1.12	)
Year Ended June 30, 2014		13.96		(0.07	)		2.72			2.65			(1.44	)
Class R2
Six Months Ended December 31, 2018 (Unaudited)		17.84		(0.09	)(f)		(2.85	)		(2.94	)		(2.01	)
Year Ended June 30, 2018		14.39		(0.17	)(f)		4.95			4.78			(1.33	)
Year Ended June 30, 2017		11.15		(0.13	)		3.83			3.70			(0.46	)
Year Ended June 30, 2016		14.20		(0.12	)		(1.89	)		(2.01	)		(1.04	)
Year Ended June 30, 2015		13.73		(0.14	)(f)		1.73			1.59			(1.12	)
Year Ended June 30, 2014		12.84		(0.16	)		2.49			2.33			(1.44	)
Class R3
Six Months Ended December 31, 2018 (Unaudited)		18.45		(0.06	)(f)		(2.96	)		(3.02	)		(2.01	)
July 31, 2017 (g) through June 30, 2018		15.17		(0.13	)(f)		4.74			4.61			(1.33	)
Class R4
Six Months Ended December 31, 2018 (Unaudited)		18.50		(0.05	)(f)		(2.97	)		(3.02	)		(2.01	)
July 31, 2017 (g) through June 30, 2018		15.17		(0.09	)(f)		4.75			4.66			(1.33	)
Class R5
Six Months Ended December 31, 2018 (Unaudited)		20.96		(0.04	)(f)		(3.38	)		(3.42	)		(2.01	)
Year Ended June 30, 2018		16.60		(0.07	)(f)		5.76			5.69			(1.33	)
September 9, 2016 (g) through June 30, 2017		13.75		(0.04	)		3.35			3.31			(0.46	)
Class R6
Six Months Ended December 31, 2018 (Unaudited)		21.16		(0.03	)(f)		(3.42	)		(3.45	)		(2.01	)
Year Ended June 30, 2018		16.73		(0.06	)(f)		5.82			5.76			(1.33	)
Year Ended June 30, 2017		12.80		(0.04	)		4.43			4.39			(0.46	)
Year Ended June 30, 2016		16.01		(0.03	)		(2.14	)		(2.17	)		(1.04	)
Year Ended June 30, 2015		15.23		(0.05	)(f)		1.95			1.90			(1.12	)
Year Ended June 30, 2014		14.00		(0.06	)		2.73			2.67			(1.44	)

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Calculated based upon average shares outstanding.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(e) Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(f) Net investment income (loss) may appear disproportionate among the classes due to the timing of recognition of income and changes in the relative size of the classes.

(g) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

68 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2018

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	13.42		(17.05	)%	$	280,661		1.24	%		(0.77	)%(f)		1.27	%		24	%
	18.45		35.14			337,933		1.24			(0.83	)(f)		1.29			58
	14.81		34.36			196,403		1.24			(0.75	)		1.40			42
	11.43		(14.17	)		179,093		1.25			(0.77	)		1.50			47
	14.50		13.04			266,805		1.25			(0.82	)(f)		1.42			50
	13.96		18.94			282,408		1.25			(0.86	)		1.37			58
	9.32		(17.32	)		43,450		1.74			(1.26	)(f)		1.76			24
	13.55		34.56			43,116		1.74			(1.32	)(f)		1.77			58
	11.23		33.51			20,352		1.74			(1.25	)		1.85			42
	8.82		(14.50	)		18,218		1.75			(1.27	)		1.91			47
	11.50		12.47			26,297		1.75			(1.32	)(f)		1.87			50
	11.36		18.29			28,035		1.75			(1.36	)		1.87			58
	15.01		(16.98	)		192,982		0.99			(0.53	)(f)		1.01			24
	20.35		35.45			268,082		0.99			(0.57	)(f)		1.02			58
	16.18		34.69			110,644		1.00			(0.50	)		1.12			42
	12.42		(13.92	)		102,174		1.00			(0.52	)		1.18			47
	15.61		13.29			157,631		1.00			(0.57	)(f)		1.16			50
	14.91		19.20			156,585		1.00			(0.62	)		1.12			58
	15.53		(16.87	)		404,852		0.84			(0.36	)(f)		0.86			24
	20.95		35.65			434,286		0.84			(0.43	)(f)		0.86			58
	16.60		34.82			360,044		0.85			(0.35	)		0.93			42
	12.72		(13.76	)		271,369		0.85			(0.35	)		0.96			47
	15.93		13.47			279,248		0.85			(0.42	)(f)		0.95			50
	15.17		19.46			302,087		0.85			(0.46	)		0.97			58
	12.89		(17.18	)		25,896		1.49			(1.02	)(f)		1.51			24
	17.84		34.83			31,569		1.49			(1.08	)(f)		1.52			58
	14.39		33.96			23,569		1.49			(1.00	)		1.70			42
	11.15		(14.34	)		21,276		1.50			(1.01	)		1.85			47
	14.20		12.74			28,364		1.50			(1.07	)(f)		1.72			50
	13.73		18.62			31,119		1.50			(1.11	)		1.62			58
	13.42		(17.05	)		749		1.24			(0.73	)(f)		1.31			24
	18.45		31.93			446		1.23			(0.80	)(f)		1.28			58
	13.47		(17.00	)		741		0.99			(0.51	)(f)		1.01			24
	18.50		32.28			726		0.99			(0.53	)(f)		1.17			58
	15.53		(16.91	)		28,549		0.84			(0.36	)(f)		0.86			24
	20.96		35.71			28,656		0.84			(0.37	)(f)		0.88			58
	16.60		24.72			1,186		0.82			(0.31	)		0.84			42
	15.70		(16.90	)		1,081,266		0.74			(0.26	)(f)		0.76			24
	21.16		35.86			1,045,098		0.74			(0.32	)(f)		0.76			58
	16.73		34.99			603,730		0.75			(0.25	)		0.76			42
	12.80		(13.69	)		445,008		0.75			(0.25	)		0.77			47
	16.01		13.55			486,724		0.75			(0.31	)(f)		0.79			50
	15.23		19.55			355,032		0.75			(0.36	)		0.87			58

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 J.P. MORGAN SMALL CAP FUNDS 69

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Small Cap Value Fund
Class A
Six Months Ended December 31, 2018 (Unaudited)	$	30.42	$	0.10	(f)	$	(5.52	)	$	(5.42	)	$	(0.16	)	$	(3.46	)	$	(3.62	)
Year Ended June 30, 2018		29.18		0.20	(f)		3.01			3.21			(0.23	)		(1.74	)		(1.97	)
Year Ended June 30, 2017		24.64		0.11	(f)		4.58			4.69			(0.13	)		(0.02	)		(0.15	)
Year Ended June 30, 2016		26.65		0.17			(0.94	)		(0.77	)		(0.15	)		(1.09	)		(1.24	)
Year Ended June 30, 2015		27.98		0.22			(0.01	)		0.21			(0.20	)		(1.34	)		(1.54	)
Year Ended June 30, 2014		23.77		0.12	(g)		4.87			4.99			(0.11	)		(0.67	)		(0.78	)
Class C
Six Months Ended December 31, 2018 (Unaudited)		25.21		0.02	(f)		(4.53	)		(4.51	)		(0.12	)		(3.46	)		(3.58	)
Year Ended June 30, 2018		24.55		0.04	(f)		2.50			2.54			(0.14	)		(1.74	)		(1.88	)
Year Ended June 30, 2017		20.82		(0.05	)(f)		3.87			3.82			(0.07	)		(0.02	)		(0.09	)
Year Ended June 30, 2016		22.77		0.02			(0.82	)		(0.80	)		(0.06	)		(1.09	)		(1.15	)
Year Ended June 30, 2015		24.19		0.05			(0.02	)		0.03			(0.11	)		(1.34	)		(1.45	)
Year Ended June 30, 2014		20.73		(0.03	)(g)		4.22			4.19			(0.06	)		(0.67	)		(0.73	)
Class I
Six Months Ended December 31, 2018 (Unaudited)		32.25		0.15	(f)		(5.88	)		(5.73	)		(0.18	)		(3.46	)		(3.64	)
Year Ended June 30, 2018		30.80		0.30	(f)		3.18			3.48			(0.29	)		(1.74	)		(2.03	)
Year Ended June 30, 2017		25.97		0.20	(f)		4.81			5.01			(0.16	)		(0.02	)		(0.18	)
Year Ended June 30, 2016		28.00		0.23			(0.97	)		(0.74	)		(0.20	)		(1.09	)		(1.29	)
Year Ended June 30, 2015		29.31		0.31			(0.02	)		0.29			(0.26	)		(1.34	)		(1.60	)
Year Ended June 30, 2014		24.86		0.20	(g)		5.09			5.29			(0.17	)		(0.67	)		(0.84	)
Class R2
Six Months Ended December 31, 2018 (Unaudited)		30.13		0.07	(f)		(5.48	)		(5.41	)		(0.13	)		(3.46	)		(3.59	)
Year Ended June 30, 2018		28.94		0.12	(f)		2.98			3.10			(0.17	)		(1.74	)		(1.91	)
Year Ended June 30, 2017		24.48		0.04	(f)		4.53			4.57			(0.09	)		(0.02	)		(0.11	)
Year Ended June 30, 2016		26.49		0.11			(0.94	)		(0.83	)		(0.09	)		(1.09	)		(1.18	)
Year Ended June 30, 2015		27.83		0.16			(0.02	)		0.14			(0.14	)		(1.34	)		(1.48	)
Year Ended June 30, 2014		23.67		0.07	(g)		4.83			4.90			(0.07	)		(0.67	)		(0.74	)
Class R3
Six Months Ended December 31, 2018 (Unaudited)		30.38		0.11	(f)		(5.53	)		(5.42	)		(0.16	)		(3.46	)		(3.62	)
Year Ended June 30, 2018		29.14		0.20	(f)		3.01			3.21			(0.23	)		(1.74	)		(1.97	)
September 9, 2016 (h) through June 30, 2017		25.89		0.12	(f)		3.31			3.43			(0.16	)		(0.02	)		(0.18	)
Class R4
Six Months Ended December 31, 2018 (Unaudited)		32.21		0.15	(f)		(5.87	)		(5.72	)		(0.18	)		(3.46	)		(3.64	)
Year Ended June 30, 2018		30.77		0.32	(f)		3.14			3.46			(0.28	)		(1.74	)		(2.02	)
September 9, 2016 (h) through June 30, 2017		27.30		0.18	(f)		3.49			3.67			(0.18	)		(0.02	)		(0.20	)
Class R5
Six Months Ended December 31, 2018 (Unaudited)		32.26		0.17	(f)		(5.87	)		(5.70	)		(0.20	)		(3.46	)		(3.66	)
Year Ended June 30, 2018		30.80		0.35	(f)		3.17			3.52			(0.32	)		(1.74	)		(2.06	)
Year Ended June 30, 2017		25.97		0.23	(f)		4.81			5.04			(0.19	)		(0.02	)		(0.21	)
Year Ended June 30, 2016		28.01		0.26			(0.98	)		(0.72	)		(0.23	)		(1.09	)		(1.32	)
Year Ended June 30, 2015		29.31		0.34			(0.02	)		0.32			(0.28	)		(1.34	)		(1.62	)
Year Ended June 30, 2014		24.85		0.23	(g)		5.09			5.32			(0.19	)		(0.67	)		(0.86	)
Class R6
Six Months Ended December 31, 2018 (Unaudited)		32.30		0.19	(f)		(5.89	)		(5.70	)		(0.21	)		(3.46	)		(3.67	)
Year Ended June 30, 2018		30.83		0.38	(f)		3.18			3.56			(0.35	)		(1.74	)		(2.09	)
Year Ended June 30, 2017		25.99		0.27	(f)		4.82			5.09			(0.23	)		(0.02	)		(0.25	)
Year Ended June 30, 2016		28.03		0.31			(1.00	)		(0.69	)		(0.26	)		(1.09	)		(1.35	)
Year Ended June 30, 2015		29.33		0.37			(0.02	)		0.35			(0.31	)		(1.34	)		(1.65	)
Year Ended June 30, 2014		24.87		0.24	(g)		5.09			5.33			(0.20	)		(0.67	)		(0.87	)

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Calculated based upon average shares outstanding.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(e) Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(f) Net investment income (loss) may appear disproportionate among the classes due to the timing of recognition of income and changes in the relative size of the classes.

(g) Reflects special dividends paid out during the period by one of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $0.11, $(0.05), $0.18, $0.05, $0.22 and $0.23 for Class A, Class C, Class I, Class R2, Class R5 and Class R6 Shares, respectively, and the net investment income (loss) ratio would have been 0.41%, (0.20)%, 0.66%, 0.20%, 0.79% and 0.82% for Class A, Class C, Class I, Class R2, Class R5 and Class R6 Shares, respectively.

(h) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

70 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2018

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	21.38		(18.71	)%	$	217,136		1.24	%		0.68	%(f)		1.27	%		27	%
	30.42		11.41			336,054		1.24			0.67	(f)		1.30			39
	29.18		19.01			518,464		1.24			0.39	(f)		1.44			41
	24.64		(2.54	)		551,313		1.25			0.69			1.53			46
	26.65		1.04			618,977		1.24			0.84			1.44			38
	27.98		21.24			516,950		1.24			0.46	(g)		1.40			40
	17.12		(18.92	)		19,104		1.74			0.21	(f)		1.77			27
	25.21		10.80			25,885		1.75			0.14	(f)		1.78			39
	24.55		18.32			40,349		1.85			(0.21	)(f)		1.86			41
	20.82		(3.12	)		41,161		1.86			0.07			1.94			46
	22.77		0.42			49,815		1.85			0.23			1.89			38
	24.19		20.45			52,909		1.84			(0.15	)(g)		1.89			40
	22.88		(18.60	)		263,397		0.99			0.97	(f)		1.01			27
	32.25		11.70			336,366		0.99			0.96	(f)		1.01			39
	30.80		19.30			344,875		0.99			0.67	(f)		1.11			41
	25.97		(2.28	)		263,436		1.00			0.88			1.18			46
	28.00		1.27			495,605		0.99			1.10			1.14			38
	29.31		21.52			404,848		0.99			0.71	(g)		1.15			40
	21.13		(18.82	)		33,913		1.49			0.47	(f)		1.63			27
	30.13		11.12			45,300		1.52			0.41	(f)		1.63			39
	28.94		18.68			60,282		1.52			0.14	(f)		1.75			41
	24.48		(2.78	)		47,309		1.50			0.45			1.91			46
	26.49		0.77			48,675		1.49			0.59			1.76			38
	27.83		20.95			47,939		1.49			0.25	(g)		1.66			40
	21.34		(18.72	)		12,643		1.24			0.76	(f)		1.29			27
	30.38		11.42			12,948		1.25			0.67	(f)		1.29			39
	29.14		13.24			13,390		1.27			0.53	(f)		1.28			41
	22.85		(18.59	)		366		0.99			0.99	(f)		1.04			27
	32.21		11.65			102		1.01			1.03	(f)		1.27			39
	30.77		13.44			39		1.06			0.75	(f)		1.10			41
	22.90		(18.53	)		86,760		0.84			1.13	(f)		0.86			27
	32.26		11.85			131,506		0.84			1.11	(f)		0.87			39
	30.80		19.43			130,338		0.88			0.77	(f)		0.89			41
	25.97		(2.21	)		96,674		0.90			1.04			0.93			46
	28.01		1.39			103,149		0.91			1.19			0.93			38
	29.31		21.67			79,792		0.90			0.85	(g)		0.95			40
	22.93		(18.50	)		837,082		0.74			1.22	(f)		0.76			27
	32.30		11.97			1,040,121		0.74			1.21	(f)		0.76			39
	30.83		19.59			1,007,466		0.76			0.90	(f)		0.76			41
	25.99		(2.07	)		753,439		0.77			1.21			0.77			46
	28.03		1.49			554,522		0.79			1.32			0.81			38
	29.33		21.71			453,645		0.85			0.87	(g)		0.90			40

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 J.P. MORGAN SMALL CAP FUNDS 71

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan U.S. Small Company Fund
Class A
Six Months Ended December 31, 2018 (Unaudited)	$	19.60	$	—	(f)(g)	$	(3.43	)	$	(3.43	)	$	—		$	(1.86	)	$	(1.86	)
Year Ended June 30, 2018		18.10		—	(f)(g)		2.69			2.69			—			(1.19	)		(1.19	)
Year Ended June 30, 2017		15.09		—	(f)(g)		3.02			3.02			(0.01	)		—	(f)		(0.01	)
Year Ended June 30, 2016		16.96		0.02			(1.20	)		(1.18	)		(0.02	)		(0.67	)		(0.69	)
Year Ended June 30, 2015		16.25		0.03			1.22			1.25			—			(0.54	)		(0.54	)
Year Ended June 30, 2014		13.17		(0.01	)(i)		3.39			3.38			(0.01	)		(0.29	)		(0.30	)
Class C
Six Months Ended December 31, 2018 (Unaudited)		18.70		(0.05	)(g)		(3.26	)		(3.31	)		—			(1.86	)		(1.86	)
Year Ended June 30, 2018		17.40		(0.09	)(g)		2.58			2.49			—			(1.19	)		(1.19	)
Year Ended June 30, 2017		14.57		(0.08	)(g)		2.91			2.83			—			—	(f)		—	(f)
Year Ended June 30, 2016		16.46		(0.05	)		(1.17	)		(1.22	)		—			(0.67	)		(0.67	)
Year Ended June 30, 2015		15.86		(0.05	)		1.19			1.14			—			(0.54	)		(0.54	)
Year Ended June 30, 2014		12.91		(0.08	)(i)		3.32			3.24			—			(0.29	)		(0.29	)
Class I
Six Months Ended December 31, 2018 (Unaudited)		20.05		0.03	(g)		(3.52	)		(3.49	)		(0.02	)		(1.86	)		(1.88	)
Year Ended June 30, 2018		18.47		0.05	(g)		2.75			2.80			(0.03	)		(1.19	)		(1.22	)
Year Ended June 30, 2017		15.40		0.04	(g)		3.08			3.12			(0.05	)		—	(f)		(0.05	)
Year Ended June 30, 2016		17.29		0.06			(1.22	)		(1.16	)		(0.06	)		(0.67	)		(0.73	)
Year Ended June 30, 2015		16.53		0.08			1.24			1.32			(0.02	)		(0.54	)		(0.56	)
Year Ended June 30, 2014		13.37		0.03	(i)		3.45			3.48			(0.03	)		(0.29	)		(0.32	)
Class L
Six Months Ended December 31, 2018 (Unaudited)		20.05		0.04	(g)		(3.53	)		(3.49	)		(0.05	)		(1.86	)		(1.91	)
Year Ended June 30, 2018		18.46		0.08	(g)		2.76			2.84			(0.06	)		(1.19	)		(1.25	)
Year Ended June 30, 2017		15.39		0.08	(g)		3.08			3.16			(0.09	)		—	(f)		(0.09	)
Year Ended June 30, 2016		17.28		0.10			(1.24	)		(1.14	)		(0.08	)		(0.67	)		(0.75	)
Year Ended June 30, 2015		16.51		0.11			1.24			1.35			(0.04	)		(0.54	)		(0.58	)
Year Ended June 30, 2014		13.35		0.06	(i)		3.44			3.50			(0.05	)		(0.29	)		(0.34	)
Class R2
Six Months Ended December 31, 2018 (Unaudited)		19.22		(0.02	)(g)		(3.36	)		(3.38	)		—			(1.86	)		(1.86	)
Year Ended June 30, 2018		17.81		(0.05	)(g)		2.65			2.60			—			(1.19	)		(1.19	)
Year Ended June 30, 2017		14.88		(0.04	)(g)		2.97			2.93			—			—	(f)		—	(f)
Year Ended June 30, 2016		16.77		(0.01	)		(1.19	)		(1.20	)		(0.02	)		(0.67	)		(0.69	)
Year Ended June 30, 2015		16.12		(0.01	)		1.20			1.19			—			(0.54	)		(0.54	)
Year Ended June 30, 2014		13.09		(0.05	)(i)		3.38			3.33			(0.01	)		(0.29	)		(0.30	)
Class R3
Six Months Ended December 31, 2018 (Unaudited)		19.50		—	(f)(g)		(3.42	)		(3.42	)		—	(f)		(1.86	)		(1.86	)
Year Ended June 30, 2018		18.03		0.01	(g)		2.68			2.69			(0.03	)		(1.19	)		(1.22	)
September 9, 2016 (j) through June 30, 2017		16.02		0.04	(g)		2.04			2.08			(0.07	)		—	(f)		(0.07	)
Class R4
Six Months Ended December 31, 2018 (Unaudited)		19.98		0.03	(g)		(3.52	)		(3.49	)		(0.03	)		(1.86	)		(1.89	)
Year Ended June 30, 2018		18.44		0.05	(g)		2.75			2.80			(0.07	)		(1.19	)		(1.26	)
September 9, 2016 (j) through June 30, 2017		16.36		0.13	(g)		2.04			2.17			(0.09	)		—	(f)		(0.09	)
Class R5
Six Months Ended December 31, 2018 (Unaudited)		20.01		0.04	(g)		(3.51	)		(3.47	)		(0.06	)		(1.86	)		(1.92	)
Year Ended June 30, 2018		18.45		0.08	(g)		2.74			2.82			(0.07	)		(1.19	)		(1.26	)
September 9, 2016 (j) through June 30, 2017		16.35		0.07	(g)		2.13			2.20			(0.10	)		—	(f)		(0.10	)
Class R6
Six Months Ended December 31, 2018 (Unaudited)		20.07		0.05	(g)		(3.53	)		(3.48	)		(0.07	)		(1.86	)		(1.93	)
Year Ended June 30, 2018		18.48		0.10	(g)		2.76			2.86			(0.08	)		(1.19	)		(1.27	)
Year Ended June 30, 2017		15.40		0.10	(g)		3.08			3.18			(0.10	)		—	(f)		(0.10	)
Year Ended June 30, 2016		17.29		0.11			(1.23	)		(1.12	)		(0.10	)		(0.67	)		(0.77	)
Year Ended June 30, 2015		16.52		0.12			1.24			1.36			(0.05	)		(0.54	)		(0.59	)
Year Ended June 30, 2014		13.35		0.06	(i)		3.46			3.52			(0.06	)		(0.29	)		(0.35	)

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Calculated based upon average shares outstanding.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(e) Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(f) Amount rounds to less than $0.005.

(g) Net investment income (loss) may appear disproportionate among the classes due to the timing of recognition of income and changes in the relative size of the classes.

(h) Amount rounds to less than 0.005%.

(i) Reflects special dividends paid out during the period by one of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income(loss) per share would have been $(0.02), $(0.09), $0.02, $0.05, $(0.05), and $0.06 for Class A, Class C, Class I, Class L, Class R2 and Class R6 Shares, respectively, and the net investment income (loss) ratio would have been (0.12)%, (0.61)%, 0.13%, 0.34%, (0.36)% and 0.38% for Class A, Class C, Class I, Class L, Class R2 and Class R6 Class Shares, respectively.

(j) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

72 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2018

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)
$	14.31		(18.20	)%	$	146,042		1.22	%		0.01	%(g)		1.22	%		27	%
	19.60		15.40			210,050		1.22			0.00	(g)(h)		1.23			52
	18.10		20.04			244,958		1.25			(0.01	)(g)		1.35			53
	15.09		(6.86	)		226,309		1.26			0.15			1.44			49
	16.96		7.98			240,064		1.25			0.21			1.40			56
	16.25		25.86			126,858		1.25			(0.08	)(i)		1.34			51
	13.53		(18.44	)		30,721		1.72			(0.51	)(g)		1.73			27
	18.70		14.85			45,633		1.73			(0.50	)(g)		1.73			52
	17.40		19.43			49,946		1.75			(0.51	)(g)		1.85			53
	14.57		(7.35	)		45,932		1.76			(0.34	)		1.91			49
	16.46		7.47			45,202		1.75			(0.28	)		1.88			56
	15.86		25.27			22,539		1.75			(0.57	)(i)		1.84			51
	14.68		(18.09	)		285,849		0.96			0.26	(g)		0.97			27
	20.05		15.73			433,317		0.96			0.27	(g)		0.97			52
	18.47		20.29			387,043		1.01			0.25	(g)		1.05			53
	15.40		(6.63	)		289,631		1.00			0.42			1.11			49
	17.29		8.25			246,645		1.00			0.45			1.11			56
	16.53		26.21			160,279		1.00			0.17	(i)		1.09			51
	14.65		(18.09	)		396,282		0.81			0.42	(g)		0.81			27
	20.05		15.95			554,361		0.81			0.42	(g)		0.82			52
	18.46		20.50			711,139		0.82			0.43	(g)		0.87			53
	15.39		(6.48	)		587,279		0.82			0.63			0.90			49
	17.28		8.49			352,036		0.82			0.64			0.94			56
	16.51		26.42			216,698		0.82			0.39	(i)		0.94			51
	13.98		(18.30	)		42,697		1.47			(0.23	)(g)		1.48			27
	19.22		15.13			49,715		1.48			(0.25	)(g)		1.48			52
	17.81		19.70			51,511		1.50			(0.24	)(g)		1.69			53
	14.88		(7.09	)		34,326		1.51			(0.05	)		1.75			49
	16.77		7.66			17,846		1.50			(0.04	)		1.66			56
	16.12		25.66			9,785		1.50			(0.32	)(i)		1.59			51
	14.22		(18.24	)		19,334		1.21			0.04	(g)		1.22			27
	19.50		15.49			17,655		1.21			0.04	(g)		1.21			52
	18.03		13.01			9,560		1.23			0.25	(g)		1.24			53
	14.60		(18.16	)		5,828		0.97			0.28	(g)		0.98			27
	19.98		15.73			5,773		1.01			0.28	(g)		1.04			52
	18.44		13.24			794		1.00			0.89	(g)		1.07			53
	14.62		(18.03	)		9,721		0.81			0.46	(g)		0.81			27
	20.01		15.83			6,491		0.85			0.43	(g)		0.86			52
	18.45		13.44			145		0.83			0.51	(g)		0.90			53
	14.66		(18.03	)		395,611		0.71			0.53	(g)		0.72			27
	20.07		16.05			455,851		0.71			0.53	(g)		0.72			52
	18.48		20.64			296,577		0.72			0.55	(g)		0.72			53
	15.40		(6.39	)		139,835		0.73			0.71			0.74			49
	17.29		8.54			69,755		0.73			0.73			0.76			56
	16.52		26.54			45,604		0.75			0.42	(i)		0.84			51

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 J.P. MORGAN SMALL CAP FUNDS 73

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2018 (Unaudited)

1. Organization

JPMorgan Trust I (“JPM I”) and JPMorgan Trust II (“JPM II”) (collectively, the “Trusts”) were formed on November 12, 2004, as Delaware statutory trusts, pursuant to Declarations of Trust dated November 5, 2004 and are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as open-end management investment companies.

The following are 6 separate funds of the Trusts (each, a “Fund” and collectively, the “Funds”) covered by this report:

	Classes Offered	Trust	Diversified/Non-Diversified
JPMorgan Small Cap Blend Fund	Class A, Class C, Class I and Class R6*	JPM I	Diversified
JPMorgan Small Cap Core Fund	Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6	JPM I	Diversified
JPMorgan Small Cap Equity Fund	Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6	JPM I	Diversified
JPMorgan Small Cap Growth Fund	Class A, Class C, Class I, Class L, Class R2, Class R3, Class R4, Class R5 and Class R6	JPM II	Diversified
JPMorgan Small Cap Value Fund	Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6	JPM II	Diversified
JPMorgan U.S. Small Company Fund	Class A, Class C, Class I, Class L, Class R2, Class R3, Class R4, Class R5 and Class R6	JPM I	Diversified

* Class R6 commenced operations on July 2, 2018 for JPMorgan Small Cap Blend Fund.

The investment objectives of JPMorgan Small Cap Blend Fund (“Small Cap Blend Fund”), JPMorgan Small Cap Core Fund (“Small Cap Core Fund”) and JPMorgan Small Cap Equity Fund (“Small Cap Equity Fund”) are to seek capital growth over the long term.

The investment objective of JPMorgan Small Cap Growth Fund (“Small Cap Growth Fund”) is to seek long-term capital growth primarily by investing in a portfolio of equity securities of small-capitalization and emerging growth companies.

The investment objective of JPMorgan Small Cap Value Fund (“Small Cap Value Fund”) is to seek long-term capital growth primarily by investing in equity securities of small-capitalization companies.

The investment objective of JPMorgan U.S. Small Company Fund (“U.S. Small Company Fund”) is to seek to provide high total return from a portfolio of small company stocks.

Class L Shares for the Small Cap Growth Fund and U.S. Small Company Fund are publicly offered on a limited basis. Investors are not eligible to purchase shares of the Funds unless they meet certain requirements as described in the Funds’ prospectuses.

All share classes of the Small Cap Equity Fund are publicly offered only on a limited basis. Investors are not eligible to purchase shares of the Fund unless they meet certain requirements as described in the Fund’s prospectuses.

Class A Shares generally provide for a front-end sales charge while Class C Shares provide for a contingent deferred sales charge (“CDSC”). No sales charges are assessed with respect to Class I, Class L, Class R2, Class R3, Class R4, Class R5 and Class R6 Shares. Certain Class A Shares, for which front-end sales charges have been waived, may be subject to a CDSC as described in the Funds’ prospectus. Beginning on November 14, 2017, Class C Shares automatically convert to Class A Shares after ten years. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different transfer agency, distribution and service fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements.

J.P. Morgan Investment Management Inc. (“JPMIM”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), acts as Adviser (the “Adviser”) and Administrator (the “Administrator”) to the Funds.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The Funds are investment companies and, thus, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification Topic 946 — Investment Companies, which is part of U.S. generally accepted accounting principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

A. Valuation of Investments — The valuation of investments is in accordance with GAAP and the Funds’ valuation policies set forth by and under the supervision and responsibility of the Boards of Trustees (the “Boards”), 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 Boards.

The Administrator has established the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to assist the Boards with the oversight and monitoring of the valuation of the Funds’ investments. The Administrator implements the valuation policies of the Funds’ investments, as directed by the Boards. The AVC oversees and carries out the policies for the valuation of investments held in the Funds. This includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security

74 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2018

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 Boards.

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 Funds are calculated on a valuation date. Investments in open-end investment companies (the “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 Funds’ 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 Funds’ 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 tables represent each valuation input as presented on the Schedules of Portfolio Investments (“SOIs”) (amounts in thousands):

Small Cap Blend Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	238,237		$	—		$	—	$	238,237
Small Cap Core Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Total Investments in Securities (b)	$	307,184		$	—	(c)	$	—	$	307,184
Depreciation in Other Financial Instruments
Futures Contracts (a)	$	(271	)	$	—		$	—	$	(271	)
Small Cap Equity Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	5,732,900		$	—		$	—	$	5,732,900
Small Cap Growth Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	2,209,369		$	—		$	—	$	2,209,369
Small Cap Value Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Total Investments in Securities (b)	$	1,556,507		$	—	(c)	$	—	$	1,556,507
Depreciation in Other Financial Instruments
Futures Contracts (a)	$	(761	)	$	—		$	—	$	(761	)

DECEMBER 31, 2018 J.P. MORGAN SMALL CAP FUNDS 75

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

U.S. Small Company Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Total Investments in Securities (b)	$	1,450,789	$	—	(c)	$	—	$	1,450,789
Appreciation in Other Financial Instruments
Futures Contracts (a)	$	747	$	—		$	—	$	747

(a) All portfolio holdings designated as level 1 are disclosed individually on the SOIs. Please refer to the SOIs for asset class specifics of portfolio holdings.

(b) All portfolio holdings designated as level 1 and level 2 are disclosed individually on the SOIs. Level 2 consists of a warrant. Please refer to the SOIs for industry specifics of portfolio holdings.

(c) Value is zero.

There were no transfers among any levels during the six months ended December 31, 2018.

B. Futures Contracts — Small Cap Core Fund, Small Cap Value Fund and U.S. Small Company Fund used index futures contracts to gain or reduce exposure to the stock market, maintain liquidity or minimize transaction costs. The Funds buy futures contracts to invest incoming cash in the market or sell futures in response to cash outflows, thereby simulating an invested position in the underlying index while maintaining a cash balance for liquidity.

Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Funds are required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Funds periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as Change in net unrealized appreciation/depreciation on the Statements of Operations. Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported on the Statements of Operations at the closing or expiration of the futures contract. Securities deposited as initial margin are designated on the SOIs and cash deposited, which is considered restricted, is recorded on the Statements of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statements of Assets and Liabilities.

The use of futures contracts exposes the Funds to equity price risk. The Funds may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subjects the Funds to risk of loss in excess of the amounts shown on the Statements of Assets and Liabilities, up to the notional amount of the futures contracts. Use of short futures contracts subjects the Funds to unlimited risk of loss. The Funds may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Funds’ credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of positions.

The table below discloses the volume of the Funds’ futures contracts activity during the six month ended December 31, 2018 (amounts in thousands):

	Small Cap Core Fund		Small Cap Value Fund		U.S. Small Company Fund
Futures Contracts — Equity:
Average Notional Balance Long	$	10,826	$	53,598	$	51,316
Ending Notional Balance Long		11,067		37,654		19,029

The Funds’ futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).

C. Securities Lending — Effective October 5, 2018, the Funds became authorized to engage in securities lending in order to generate additional income. The Funds are able to lend to approved borrowers. Citibank N.A. (“Citibank”) serves as lending agent for the Funds, pursuant to a Securities Lending Agency Agreement (the “Securities Lending Agency Agreement”). Securities loaned are collateralized by cash equal to at least 100% of the market value plus accrued interest on the securities lent, which is invested in the IM Shares of JPMorgan U.S. Government Money Market Fund and the Agency SL Shares of the JPMorgan Securities Lending Money Market Fund. The Funds retain loan fees and the interest on cash collateral investments but are required to pay the borrower a rebate for the use of cash collateral. In cases where the lent security is of high value to borrowers, there may be a negative rebate (i.e., a net payment from the borrower to the Funds). Upon termination of a loan, the Funds are required to return to the borrower an amount equal to the cash collateral, plus any rebate owed to the borrowers. The remaining maturities of the securities lending transactions are considered overnight and continuous. Loans are subject to termination by the Funds or the borrower at any time.

76 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2018

The net income earned on the securities lending (after payment of rebates and Citibank’s fee) is included on the Statements of Operations as Income from securities lending (net). The Funds also receive payments from the borrower during the period of the loan, equivalent to dividends and interest earned on the securities loaned, which are recorded as Dividend or Interest income, respectively, on the Statements of Operations (amounts in thousands).

	Dividend Income
Small Cap Blend Fund	$	74
Small Cap Core Fund		51
Small Cap Equity Fund		563
Small Cap Growth Fund		583
Small Cap Value Fund		311
U.S. Small Company Fund		316

Under the Securities Lending Agency Agreement, Citibank marks to market the loaned securities on a daily basis. In the event the cash received from the borrower is less than 102% of the value of the loaned securities (105% for loans of non-U.S. securities), Citibank requests additional cash from the borrower so as to maintain a collateralization level of at least 102% of the value of the loaned securities plus accrued interest (105% for loans of non-U.S. securities).

The value of securities out on loan is recorded as an asset on the Statements of Assets and Liabilities. The value of the cash collateral received is recorded as a liability on the Statements of Assets and Liabilities and details of Collateral Investments are disclosed on the SOIs. At December 31, 2018, the value of outstanding securities on loan and the value of Collateral investments were as follows (amounts in thousands):

	Value of Securities on Loan		Cash Collateral Posted by Borrower		Total value of Collateral Investments
Small Cap Blend Fund	$	24,891	$	25,185	$	25,185
Small Cap Core Fund		18,427		18,684		18,684
Small Cap Equity Fund		137,012		157,951		157,951
Small Cap Growth Fund		145,272		146,444		146,444
Small Cap Value Fund		92,921		96,998		96,998
U.S. Small Company Fund		107,364		109,798		109,798

The Funds bear the risk of loss associated with the Collateral Investments and are not entitled to additional collateral from the borrower to cover any such losses. To the extent that the value of the Collateral Investments declines below the amount owed to a borrower, the Funds may incur losses that exceed the amount they earned on lending the security. Upon termination of a loan, the Funds may use leverage (borrow money) to repay the borrower for cash collateral posted if the Adviser does not believe that it is prudent to sell the Collateral Investments to fund the payment of this liability.

The following table presents the Funds’ value of the securities on loan with Citibank, net of amounts available for offset under the master netting arrangements and any related collated received or posted by the Funds as of December 31, 2018 (amounts in thousands).

	Investment Securities on Loan, at value, Presented on the Statement of Assets and Liabilities		Cash Collateral Posted by Borrower			Net Amount Due to Counterparty (not less than zero)
Small Cap Blend Fund	$	24,891	$	(24,891	)	$	—
Small Cap Core Fund		18,427		(18,427	)		—
Small Cap Equity Fund		137,012		(137,012	)		—
Small Cap Growth Fund		145,272		(145,272	)		—
Small Cap Value Fund		92,921		(92,921	)		—
U.S. Small Company Fund		107,364		(107,364	)		—

Securities lending also involves counterparty risks, including the risk that the loaned securities may not be returned in a timely manner or at all. Subject to certain conditions, Citibank has agreed to indemnify the Funds from losses resulting from a borrower’s failure to return a loaned security.

DECEMBER 31, 2018 J.P. MORGAN SMALL CAP FUNDS 77

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

JPMIM voluntarily waived investment advisory fees charged to the Funds to reduce the impact of the investment in the JPMorgan U.S. Government Money Market Fund from 0.16% to 0.06%. JPMIM waived fees associated with the Funds’ investment in JPMorgan U.S. Government Money Market Fund as follows (amounts in thousands):

Small Cap Blend Fund	$	1
Small Cap Core Fund		1
Small Cap Equity Fund		6
Small Cap Growth Fund		6
Small Cap Value Fund		3
U.S. Small Company Fund		3

The above waiver is included in the determination of earnings on cash collateral investment and in the calculation of Citibank’s compensation and is included on the Statements of Operations as Income from securities lending (net).

D. Investment Transactions with Affiliates — The Funds invested in Underlying Funds which are advised by the Adviser or its affiliates. An issuer which is under common control with a fund may be considered an affiliate. For the purposes of the financial statements, the Funds assume the issuers listed in the tables below to be affiliated issuers. Underlying Funds’ distributions may be reinvested into the Underlying Funds. Reinvestment amounts are included in the purchase cost amounts in the table below. Amounts in the tables below are in thousands.

Small Cap Blend Fund

For the six months ended December 31, 2018
Security Description	Value at June 30, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at December 31, 2018		Shares at December 31, 2018		Dividend Income			Capital Gain Distributions
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.60% (a) (b)	$	—	$	22,000	$	3,000	$	—	$	—	$	19,000		19,002	$	51	*	$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (a) (b)		—		28,790		22,605		—		—		6,185		6,185		23	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.40% (a) (b)		5,211		54,905		54,741		—		—		5,375		5,375		58			—
Total	$	5,211	$	105,695	$	80,346	$	—	$	—	$	30,560			$	132		$	—

Small Cap Core Fund

For the six months ended December 31, 2018
Security Description	Value at June 30, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at December 31, 2018		Shares at December 31, 2018		Dividend Income			Capital Gain Distributions
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.60% (a) (b)	$	—	$	14,000	$	—	$	—	$	—	$	14,000		14,001	$	33	*	$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (a) (b)		—		21,692		17,008		—		—		4,684		4,684		18	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.40% (a) (b)		11,474		63,302		62,161		—		—		12,615		12,615		113			—
Total	$	11,474	$	98,994	$	79,169	$	—	$	—	$	31,299			$	164		$	—

78 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2018

Small Cap Equity Fund

For the six months ended December 31, 2018
Security Description	Value at June 30, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at December 31, 2018		Shares at December 31, 2018		Dividend Income			Capital Gain Distributions
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.60% (a) (b)	$	—	$	237,000	$	104,000	$	—	$	—	$	133,000		133,013	$	422	*	$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (a) (b)		—		155,446		130,495		—		—		24,951		24,951		141	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.40% (a) (b)		354,263		573,642		775,884		—		—		152,021		152,021		2,891			—
Total	$	354,263	$	966,088	$	1,010,379	$	—	$	—	$	309,972			$	3,454		$	—

Small Cap Growth Fund

For the six months ended December 31, 2018
Security Description	Value at June 30, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at December 31, 2018		Shares at December 31, 2018		Dividend Income			Capital Gain Distributions
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.60% (a) (b)	$	—	$	235,000	$	110,000	$	—	$	—	$	125,000		125,013	$	446	*	$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (a) (b)		—		130,609		109,165		—		—		21,444		21,444		137	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.40% (a) (b)		52,237		535,043		567,444		—		—		19,836		19,836		354			—
Total	$	52,237	$	900,652	$	786,609	$	—	$	—	$	166,280			$	937		$	—

Small Cap Value Fund

For the six months ended December 31, 2018
Security Description	Value at June 30, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at December 31, 2018		Shares at December 31, 2018		Dividend Income			Capital Gain Distributions
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.60% (a) (b)	$	—	$	127,000	$	41,000	$	—	$	—	$	86,000		86,009	$	237	*	$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (a) (b)		—		81,433		70,435		—		—		10,998		10,998		74	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.40% (a) (b)		25,875		228,189		209,834		—		—		44,230		44,230		540			—
Total	$	25,875	$	436,622	$	321,269	$	—	$	—	$	141,228			$	851		$	—

DECEMBER 31, 2018 J.P. MORGAN SMALL CAP FUNDS 79

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

U.S. Small Company Fund

For the six months ended December 31, 2018
Security Description	Value at June 30, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at December 31, 2018		Shares at December 31, 2018		Dividend Income			Capital Gain Distributions
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.60% (a) (b)	$	—	$	122,000	$	30,000	$	—	$	—	$	92,000		92,009	$	241	*	$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (a) (b)		—		82,018		64,220		—		—		17,798		17,798		75	*		—
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.40% (a) (b)		65,468		214,844		254,958		—		—		25,354		25,354		481			—
Total	$	65,468	$	418,862	$	349,178	$	—	$	—	$	135,152			$	797		$	—

(a) Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.

(b) The rate shown is the current yield as of December 31, 2018.

  * Amount is included in the Statements of Operations as Income from securities lending (net).

E. Security Transactions and Investment Income — Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis. Interest income is determined on the basis of coupon interest accrued using the effective interest method which adjusts for amortization of premiums and accretion of discounts. Dividend income net of foreign taxes withheld, if any, is recorded on the ex-dividend date or when a Fund first learns of the dividend.

To the extent such information is publicly available, the Funds record distributions received in excess of income earned from underlying investments as a reduction of cost of investments and/or realized gain. Such amounts are based on estimates if actual amounts are not available and actual amounts of income, realized gain and return of capital may differ from the estimated amounts. The Funds adjust the estimated amounts of the components of distributions (and consequently their net investment income) as necessary once the issuers provide information about the actual composition of the distributions.

F. Allocation of Income and Expenses — Expenses directly attributable to a fund are charged directly to that fund, while the expenses attributable to more than one fund of the Trusts are allocated among the respective funds. In calculating the NAV of each class, investment income, realized and unrealized gains and losses and expenses, other than class-specific expenses, are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day.

Transfer agency fees are class-specific expenses. The amount of the transfer agency fees charged to each class of the Funds for the six months ended December 31, 2018 are as follows (amounts in thousands):

	Class A		Class C			Class I		Class L		Class R2			Class R3			Class R4			Class R5			Class R6			Total
Small Cap Blend Fund
Transfer agency fees	$	9	$	1		$	1		n/a		n/a			n/a			n/a			n/a			n/a		$	11
Small Cap Core Fund
Transfer agency fees		1		—	(a)		1		n/a	$	—	(a)	$	—	(a)	$	—	(a)	$	4		$	—	(a)		6
Small Cap Equity Fund
Transfer agency fees		33		4			29		n/a		1			—	(a)		—	(a)		9			6			82
Small Cap Growth Fund
Transfer agency fees		22		1			4	$	2		1			—	(a)		—	(a)		—	(a)		5			35
Small Cap Value Fund
Transfer agency fees		12		2			5		n/a		25			2			—	(a)		2			16			64
U.S. Small Company Fund
Transfer agency fees		11		4			6		5		4			—	(a)		1			—	(a)		9			40

(a) Amount rounds to less than one thousand.

80 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2018

G. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code (the “Code”), applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of December 31, 2018, no liability for income tax is required in the Funds’ financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each of the Funds’ Federal tax returns for the prior three fiscal years remains subject to examination by the Internal Revenue Service.

H. Distributions to Shareholders — Distributions from net investment income, if any, are generally declared and paid at least annually, except for Small Cap Value Fund, which are generally declared and paid quarterly. Distributions are declared separately for each class. No class has preferential dividend rights; differences in per share rates are due to differences in separate class expenses. Net realized capital gains, if any, are distributed by each Fund at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federal tax-basis treatment.

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to Investment Advisory Agreements, the Adviser supervises the investments of each Fund and for such services is paid a fee. The fee is accrued daily and paid monthly based on each Fund’s respective average daily net assets. The annual rate for each Fund is as follows:

Small Cap Blend Fund	0.65	%
Small Cap Core Fund	0.65
Small Cap Equity Fund	0.65
Small Cap Growth Fund	0.65
Small Cap Value Fund	0.65
U.S. Small Company Fund	0.60

The Adviser waived Investment Advisory fees and/or reimbursed expenses as outlined in Note 3.F.

B. Administration Fee — Pursuant to Administration Agreements, the Administrator provides certain administration services to the Funds. In consideration of these services during the six months ended December 31, 2018, the Administrator received a fee that was accrued daily and paid monthly at an annual rate of 0.15% of the first $25 billion of the average daily net assets of all funds in the J.P. Morgan Funds Complex covered by the Administration Agreement (excluding certain funds of funds and money market funds) and 0.075% of the average daily net assets in excess of $25 billion of all such funds. For the six months ended December 31, 2018, the effective annualized rate was 0.08% of each Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

The Administrator waived Administration fees as outlined in Note 3.F.

Effective January 1, 2019, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.075% of the first $10 billion of each Fund’s respective average daily net assets, 0.050% of each Fund’s respective average daily net assets between $10 billion and $20 billion, 0.025% of each Fund’s respective average daily net assets between $20 billion and $25 billion and 0.01% of each Fund’s respective average daily net assets in excess of $25 billion.

JPMorgan Chase Bank, N.A. (“JPMCB”), a wholly-owned subsidiary of JPMorgan, serves as the Funds’ sub-administrator (the “Sub-administrator”). For its services as Sub-administrator, JPMCB receives a portion of the fees payable to the Administrator.

C. Distribution Fees — Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (“JPMDS”), an indirect, wholly-owned subsidiary of JPMorgan, serves as the Trusts’ principal underwriter and promotes and arranges for the sale of each Fund’s shares.

The Boards have adopted a Distribution Plan (the “Distribution Plan”) for Class A, Class C, Class R2 and Class R3 Shares of the Funds, as applicable, in accordance with Rule 12b-1 under the 1940 Act. Class I, Class L, Class R4, Class R5 and Class R6 Shares do not charge a distribution fee. The Distribution Plan provides that each Fund shall pay distribution fees, including payments to JPMDS, at annual rates of the average daily net assets as shown in the table below:

	Class A			Class C			Class R2			Class R3
Small Cap Blend Fund		0.25	%		0.75	%		n/a			n/a
Small Cap Core Fund		0.25			0.75			0.50	%		0.25	%
Small Cap Equity Fund		0.25			0.75			0.50			0.25
Small Cap Growth Fund		0.25			0.75			0.50			0.25
Small Cap Value Fund		0.25			0.75			0.50			0.25
U.S. Small Company Fund		0.25			0.75			0.50			0.25

DECEMBER 31, 2018 J.P. MORGAN SMALL CAP FUNDS 81

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

In addition, JPMDS is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the six months ended December 31, 2018, JPMDS retained the following (amounts in thousands):

	Front-End Sales Charge		CDSC
Small Cap Blend Fund	$	26	$	—
Small Cap Core Fund		2		—
Small Cap Equity Fund		6		—	(a)
Small Cap Growth Fund		91		—	(a)
Small Cap Value Fund		4		—
U.S. Small Company Fund		4		—	(a)

(a) Amount rounds to less than one thousand.

D. Service Fees — The Trusts, on behalf of the Funds, have entered into a Shareholder Servicing Agreement with JPMDS under which JPMDS provides certain support services to the shareholders. For performing these services, JPMDS receives a fee, except for Class R6 Shares which do not charge a service fee, that is accrued daily and paid monthly equal to a percentage of the average daily net assets as shown in the table below:

	Class A			Class C			Class I			Class L			Class R2			Class R3			Class R4			Class R5
Small Cap Blend Fund		0.25	%		0.25	%		0.25	%		n/a			n/a			n/a			n/a			n/a
Small Cap Core Fund		0.25			0.25			0.25			n/a			0.25	%		0.25	%		0.25	%		0.10	%
Small Cap Equity Fund		0.25			0.25			0.25			n/a			0.25			0.25			0.25			0.10
Small Cap Growth Fund		0.25			0.25			0.25			0.10	%		0.25			0.25			0.25			0.10
Small Cap Value Fund		0.25			0.25			0.25			n/a			0.25			0.25			0.25			0.10
U.S. Small Company Fund		0.25			0.25			0.25			0.10			0.25			0.25			0.25			0.10

JPMDS has entered into shareholder services contracts with affiliated and unaffiliated financial intermediaries who provide shareholder services and other related services to their clients or customers who invest in the Funds under which JPMDS will pay all or a portion of such fees earned to financial intermediaries for performing such services.

JPMDS waived service fees as outlined in Note 3.F.

E. Custodian and Accounting Fees — JPMCB provides portfolio custody and accounting services to the Funds. For performing these services, the Funds pay JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses. The amounts paid directly to JPMCB by the Funds for custody and accounting services are included in Custodian and accounting fees on the Statements of Operations. Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the Statements of Operations. Prior to March 1, 2018, payments to the custodian were reduced by credits earned by each Fund, based on uninvested cash balances held by the custodian. Such earnings credits, if any, are presented separately on the Statements of Operations.

Interest expense paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates on the Statements of Operations.

F. Waivers and Reimbursements — The Adviser, Administrator and/or JPMDS have contractually agreed to waive fees and/or reimburse the Funds to the extent that total annual operating expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation and extraordinary expenses) exceed the percentages of the Funds’ respective average daily net assets as shown in the table below:

	Class A			Class C			Class I			Class L			Class R2			Class R3			Class R4			Class R5			Class R6
Small Cap Blend Fund		1.24	%		1.74	%		0.99	%		n/a			n/a			n/a			n/a			n/a			0.74	%
Small Cap Core Fund		1.24			1.74			0.99			n/a			1.49	%		1.24	%		0.99	%		0.80	%		0.74
Small Cap Equity Fund		1.24			1.74			0.99			n/a			1.49			1.24			0.99			0.80			0.74
Small Cap Growth Fund		1.24			1.74			0.99			0.85	%		1.49			1.24			0.99			0.84			0.74
Small Cap Value Fund		1.24			1.74			0.99			n/a			1.49			1.24			0.99			0.84			0.74
U.S. Small Company Fund		1.26			1.76			1.01			0.83			1.51			1.26			1.01			0.86			0.76

The expense limitation agreements were in effect for the six months ended December 31, 2018. The contractual expense limitation percentages are in place until at least October 31, 2019.

For the six months ended December 31, 2018, the Funds’ service providers waived fees and/or reimbursed expenses for each of the Funds as follows (amounts in thousands). None of these parties expect the Funds to repay any such waived fees and reimbursed expenses in future years.

82 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2018

	Contractual Waivers
	Investment Advisory Fees		Administration Fees		Service Fees		Total		Contractual Reimbursements
Small Cap Blend Fund	$	72	$	48	$	11	$	131	$	—
Small Cap Core Fund		87		58		49		194		—	(a)
Small Cap Equity Fund		161		107		321		589		4
Small Cap Growth Fund		116		75		28		219		6
Small Cap Value Fund		102		66		44		212		11

(a) Amount rounds to less than one thousand.

Additionally, the Funds may invest in one or more money market funds advised by the Adviser or its affiliates (affiliated money market funds). The Adviser, Administrator and/or JPMDS, as shareholder servicing agent, have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the applicable Fund’s investment in such affiliated money market fund.

The amount of waivers resulting from investments in these money market funds for the six months ended December 31, 2018 was as follows (amounts in thousands):

Small Cap Blend Fund	$	6
Small Cap Core Fund		12
Small Cap Equity Fund		327
Small Cap Growth Fund		47
Small Cap Value Fund		53
U.S. Small Company Fund		56

G. Other — Certain officers of the Trusts are affiliated with the Adviser, the Administrator and JPMDS. Such officers, with the exception of the Chief Compliance Officer, receive no compensation from the Funds for serving in their respective roles.

The Boards appointed a Chief Compliance Officer to the Funds in accordance with Federal securities regulations. Each Fund, along with other affiliated funds, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the Office of the Chief Compliance Officer. Such fees are included in Trustees’ and Chief Compliance Officer’s fees on the Statements of Operations.

The Trusts adopted a Trustee Deferred Compensation Plan (the “Plan”) which allows the Independent Trustees to defer the receipt of all or a portion of compensation related to performance of their duties as Trustees. The deferred fees are invested in various J.P. Morgan Funds until distribution in accordance with the Plan.

During the six months ended December 31, 2018, the Funds purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.

The Funds may use related party broker-dealers. For the six months ended December 31, 2018, the Funds did not incur any brokerage commissions with broker-dealers affiliated with the Adviser.

The Securities and Exchange Commission (“SEC”) has granted an exemptive order permitting the Funds to engage in principal transactions with J.P. Morgan Securities, Inc., an affiliated broker, involving taxable money market instruments, subject to certain conditions.

4. Investment Transactions

During the six months ended December 31, 2018, purchases and sales of investments (excluding short-term investments and transfers in-kind) were as follows (amounts in thousands):

	Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
Small Cap Blend Fund	$	108,174	$	72,594
Small Cap Core Fund		129,714		95,514
Small Cap Equity Fund		984,038		1,117,874
Small Cap Growth Fund		872,676		551,822
Small Cap Value Fund		462,949		622,858
U.S. Small Company Fund		439,140		525,717

During the six months ended December 31, 2018, there were no purchases or sales of U.S. Government securities.

DECEMBER 31, 2018 J.P. MORGAN SMALL CAP FUNDS 83

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at December 31, 2018 were as follows (amounts in thousands):

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Small Cap Blend Fund	$	224,790	$	38,506	$	25,059	$	13,447
Small Cap Core Fund		303,919		41,678		38,684		2,994
Small Cap Equity Fund		4,778,877		1,287,535		333,512		954,023
Small Cap Growth Fund		2,026,061		402,188		218,880		183,308
Small Cap Value Fund		1,529,130		240,913		214,297		26,616
U.S. Small Company Fund		1,446,501		191,892		186,857		5,035

As of June 30, 2018, the Funds did not have any capital loss carryforwards.

6. Borrowings

The Funds rely upon an exemptive order granted by the SEC (the “Order”) permitting the establishment and operation of an Interfund Lending Facility (the “Facility”). The Facility allows the Funds to directly lend and borrow money to or from any other fund relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund’s borrowing restrictions. The Interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. The Order was granted to JPM II and may be relied upon by the Funds because the Funds and the series of JPM II are all investment companies in the same “group of investment companies” (as defined in Section 12(d)(1)(G) of the 1940 Act).

The Trusts and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Funds. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund’s borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until November 4, 2019.

The Funds had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility during the six months ended December 31, 2018.

The Trusts, along with certain other trusts (“Borrowers”), have entered into a joint syndicated senior unsecured revolving credit facility totaling $1.5 billion (“Credit Facility”) with various lenders and The Bank of New York Mellon, as administrative agent for the lenders. This Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Under the terms of the Credit Facility, a borrowing fund must have a minimum of $25,000,000 in adjusted net asset value and not exceed certain adjusted net asset coverage ratios prior to and during the time in which any borrowings are outstanding. If a fund does not comply with the aforementioned requirements, the fund must remediate within three business days with respect to the $25,000,000 minimum adjusted net asset value or within one business day with respect to certain asset coverage ratios or the administrative agent at the request of, or with the consent of, the lenders may terminate the Credit Facility and declare any outstanding borrowings to be due and payable immediately.

Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.00% plus the greater of the federal funds effective rate or one month LIBOR. The annual commitment fee to maintain the Credit Facility is 0.15% and is incurred on the unused portion of the Credit Facility and is allocated to all participating funds pro rata based on their respective net assets. Effective August 14, 2018, this agreement has been amended and restated for a term of 364 days, unless extended.

The Funds did not utilize the Credit Facility during the six months ended December 31, 2018.

7. Risks, Concentrations and Indemnifications

In the normal course of business, the Funds enter into contracts that contain a variety of representations which provide general indemnifications. Each Fund’s maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be brought against each Fund. However, based on experience, the Funds expect the risk of loss to be remote.

84 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2018

As of December 31, 2018, the Funds had non-affiliated omnibus accounts which owned more than 10% of the respective Fund’s outstanding shares as follows:

	Number of Non-Affiliated Omnibus Accounts		% of the Fund
Small Cap Blend Fund		3		55.5	%
Small Cap Core Fund		1		12.2
Small Cap Equity Fund		1		10.3
Small Cap Growth Fund		1		13.4

As of December 31, 2018, the JPMorgan SmartRetirement Funds, which are affiliated funds of funds, owned in the aggregate, shares representing more than 10% of the net assets of the following Funds:

	JPMorgan SmartRetirement Funds
Small Cap Growth Fund		12.7	%
Small Cap Value Fund		19.7

Significant shareholder transactions by these shareholders may impact the Funds’ performance.

Because the Funds may invest a significant portion of their assets in REITs, the Funds may be subject to certain risks similar to those associated with direct investments in real estate. REITs may be affected by changes in the value of their underlying properties and by defaults by tenants. REITs depend generally on their ability to generate cash flow to make distributions to shareholders, and certain REITs have self-liquidation provisions by which mortgages held may be paid in full and distributions of capital returns may be made at any time.

Derivatives may be riskier than other types of investments because they may be more sensitive to changes in economic and market conditions and could result in losses that significantly exceed the Funds’ original investment. Derivatives also expose the Funds to counterparty risk (the risk that the derivative counterparty will not fulfill its contractual obligations), including credit risk of the derivative counterparty.

8. New Accounting Pronouncements

In August 2018, the Financial Accounting Standard Board (“FASB”) issued Accounting Standard Update (“ASU”) 2018-13 (“ASU 2018-13”) Fair Value Measurement (Topic 820): Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement, which adds, removes, and modifies certain aspects of the fair value disclosure. ASU 2018-13 amendments are the result of a broader disclosure project, FASB Concepts Statement Conceptual Framework for Financial Reporting — Chapter 8: Notes to Financial Statements, to improve the effectiveness of the fair value disclosure requirements. ASU 2018-13 is effective for the fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019; early adoption is permitted. We have evaluated the implications of these changes and the amendments are included in the financial statements, which had no effect to the Funds’ net assets or results of operation.

In August 2018, the SEC adopted their Disclosure Update and Simplification Rule (the “Rule”). The Rule is part of the SEC’s overall project to improve disclosure effectiveness by amending certain disclosure requirements that have become redundant, duplicative, overlapping, outdated, or superseded in light of other SEC disclosure requirements, U.S. GAAP, or changes in the information environment. The amendments are intended to facilitate the disclosure of information to investors and simplify compliance without significantly altering the total mix of information provided to investors. We have evaluated the implications of these changes and the amendments are included in the financial statements, which had no effect on the Funds’ net assets or results of operation.

DECEMBER 31, 2018 J.P. MORGAN SMALL CAP FUNDS 85

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, July 1, 2018, and continued to hold your shares at the end of the reporting period, December 31, 2018.

Actual Expenses

For each Class of each Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During the period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of each Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

	Beginning Account Value July 1, 2018		Ending Account Value December 31, 2018		Expenses Paid During the Period		Annualized Expense Ratio
JPMorgan Small Cap Blend Fund
Class A
Actual*	$	1,000.00	$	836.40	$	5.74		1.24	%
Hypothetical*		1,000.00		1,018.95		6.31		1.24
Class C
Actual*		1,000.00		834.60		8.05		1.74
Hypothetical*		1,000.00		1,016.43		8.84		1.74
Class I
Actual*		1,000.00		837.30		4.58		0.99
Hypothetical*		1,000.00		1,020.21		5.04		0.99
Class R6
Actual**		1,000.00		832.80		3.38		0.74
Hypothetical*		1,000.00		1,021.48		3.77		0.74
JPMorgan Small Cap Core Fund
Class A
Actual*		1,000.00		813.80		5.62		1.23
Hypothetical*		1,000.00		1,019.00		6.26		1.23
Class C
Actual*		1,000.00		811.50		7.94		1.74
Hypothetical*		1,000.00		1,016.43		8.84		1.74
Class I
Actual*		1,000.00		814.80		4.48		0.98
Hypothetical*		1,000.00		1,020.27		4.99		0.98
Class R2
Actual*		1,000.00		812.60		6.81		1.49
Hypothetical*		1,000.00		1,017.69		7.58		1.49
Class R3
Actual*		1,000.00		813.60		5.67		1.24
Hypothetical*		1,000.00		1,018.95		6.31		1.24

86 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2018

	Beginning Account Value July 1, 2018		Ending Account Value December 31, 2018		Expenses Paid During the Period		Annualized Expense Ratio
JPMorgan Small Cap Core Fund (continued)
Class R4
Actual*	$	1,000.00	$	814.80	$	4.48		0.98	%
Hypothetical*		1,000.00		1,020.27		4.99		0.98
Class R5
Actual*		1,000.00		815.40		3.61		0.79
Hypothetical*		1,000.00		1,021.22		4.02		0.79
Class R6
Actual*		1,000.00		815.70		3.34		0.73
Hypothetical*		1,000.00		1,021.53		3.72		0.73
JPMorgan Small Cap Equity Fund
Class A
Actual*		1,000.00		859.30		5.76		1.23
Hypothetical*		1,000.00		1,019.00		6.26		1.23
Class C
Actual*		1,000.00		857.10		8.10		1.73
Hypothetical*		1,000.00		1,016.48		8.79		1.73
Class I
Actual*		1,000.00		860.40		4.60		0.98
Hypothetical*		1,000.00		1,020.27		4.99		0.98
Class R2
Actual*		1,000.00		858.30		6.93		1.48
Hypothetical*		1,000.00		1,017.74		7.53		1.48
Class R3
Actual*		1,000.00		859.30		5.76		1.23
Hypothetical*		1,000.00		1,019.00		6.26		1.23
Class R4
Actual*		1,000.00		860.30		4.60		0.98
Hypothetical*		1,000.00		1,020.27		4.99		0.98
Class R5
Actual*		1,000.00		861.30		3.71		0.79
Hypothetical*		1,000.00		1,021.22		4.02		0.79
Class R6
Actual*		1,000.00		861.60		3.43		0.73
Hypothetical*		1,000.00		1,021.53		3.72		0.73
JPMorgan Small Cap Growth Fund
Class A
Actual*		1,000.00		829.50		5.72		1.24
Hypothetical*		1,000.00		1,018.95		6.31		1.24
Class C
Actual*		1,000.00		826.80		8.01		1.74
Hypothetical*		1,000.00		1,016.43		8.84		1.74
Class I
Actual*		1,000.00		830.20		4.57		0.99
Hypothetical*		1,000.00		1,020.21		5.04		0.99
Class L
Actual*		1,000.00		831.30		3.88		0.84
Hypothetical*		1,000.00		1,020.97		4.28		0.84
Class R2
Actual*		1,000.00		828.20		6.87		1.49
Hypothetical*		1,000.00		1,017.69		7.58		1.49
Class R3
Actual*		1,000.00		829.50		5.72		1.24
Hypothetical*		1,000.00		1,018.95		6.31		1.24

DECEMBER 31, 2018 J.P. MORGAN SMALL CAP FUNDS 87

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment

	Beginning Account Value July 1, 2018		Ending Account Value December 31, 2018		Expenses Paid During the Period		Annualized Expense Ratio
JPMorgan Small Cap Growth Fund (continued)
Class R4
Actual*	$	1,000.00	$	830.00	$	4.57		0.99	%
Hypothetical*		1,000.00		1,020.21		5.04		0.99
Class R5
Actual*		1,000.00		830.90		3.88		0.84
Hypothetical*		1,000.00		1,020.97		4.28		0.84
Class R6
Actual*		1,000.00		831.00		3.42		0.74
Hypothetical*		1,000.00		1,021.48		3.77		0.74
JPMorgan Small Cap Value Fund
Class A
Actual*		1,000.00		812.90		5.67		1.24
Hypothetical*		1,000.00		1,018.95		6.31		1.24
Class C
Actual*		1,000.00		810.80		7.94		1.74
Hypothetical*		1,000.00		1,016.43		8.84		1.74
Class I
Actual*		1,000.00		814.00		4.53		0.99
Hypothetical*		1,000.00		1,020.21		5.04		0.99
Class R2
Actual*		1,000.00		811.80		6.80		1.49
Hypothetical*		1,000.00		1,017.69		7.58		1.49
Class R3
Actual*		1,000.00		812.80		5.67		1.24
Hypothetical*		1,000.00		1,018.95		6.31		1.24
Class R4
Actual*		1,000.00		814.10		4.53		0.99
Hypothetical*		1,000.00		1,020.21		5.04		0.99
Class R5
Actual*		1,000.00		814.70		3.84		0.84
Hypothetical*		1,000.00		1,020.97		4.28		0.84
Class R6
Actual*		1,000.00		815.00		3.39		0.74
Hypothetical*		1,000.00		1,021.48		3.77		0.74
JPMorgan U.S. Small Company Fund
Class A
Actual*		1,000.00		818.00		5.59		1.22
Hypothetical*		1,000.00		1,019.06		6.21		1.22
Class C
Actual*		1,000.00		815.60		7.87		1.72
Hypothetical*		1,000.00		1,016.53		8.74		1.72
Class I
Actual*		1,000.00		819.10		4.40		0.96
Hypothetical*		1,000.00		1,020.37		4.89		0.96
Class L
Actual*		1,000.00		819.10		3.71		0.81
Hypothetical*		1,000.00		1,021.12		4.13		0.81
Class R2
Actual*		1,000.00		817.00		6.73		1.47
Hypothetical*		1,000.00		1,017.80		7.48		1.47
Class R3
Actual*		1,000.00		817.60		5.54		1.21
Hypothetical*		1,000.00		1,019.11		6.16		1.21

88 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2018

	Beginning Account Value July 1, 2018		Ending Account Value December 31, 2018		Expenses Paid During the Period		Annualized Expense Ratio
JPMorgan U.S. Small Company Fund (continued)
Class R4
Actual*	$	1,000.00	$	818.40	$	4.45		0.97	%
Hypothetical*		1,000.00		1,020.32		4.94		0.97
Class R5
Actual*		1,000.00		819.70		3.72		0.81
Hypothetical*		1,000.00		1,021.12		4.13		0.81
Class R6
Actual*		1,000.00		819.70		3.26		0.71
Hypothetical*		1,000.00		1,021.63		3.62		0.71

  * Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

** Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the actual period). Commencement of operations was July 2, 2018.

DECEMBER 31, 2018 J.P. MORGAN SMALL CAP FUNDS 89

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited)

The Board of Trustees has established various standing committees composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment committees (money market and alternative products, equity, and fixed income) meet regularly throughout the year and consider factors that are relevant to their annual consideration of investment advisory agreements at each meeting. They also meet for the specific purpose of considering investment advisory agreement annual renewals. The Board of Trustees held meetings in person in June and August 2018, at which the Trustees considered the continuation of the investment advisory agreements for each Fund whose semi-annual report is contained herein (each an “Advisory Agreement” and collectively, the “Advisory Agreements”). At the June meeting, the Board’s investment committees met to review and consider performance, expense and related information for the J.P. Morgan Funds. Each investment committee reported to the full Board, which then considered the investment committee’s preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not “interested persons” (as defined in the 1940 Act) of any party to the Advisory Agreements or any of their affiliates, approved the continuation of each Advisory Agreement on August 15, 2018.

As part of their review of the Advisory Agreements, the Trustees considered and reviewed performance and other information about the Funds received from the Adviser. This information includes the Funds’ performance as compared to the performance of their peers and benchmarks and analyses by the Adviser of the Funds’ performance. In addition, the Trustees have engaged an independent management consulting firm (“independent consultant”) to report on the performance of certain J.P. Morgan Funds at each of the Trustees’ regular meetings. In addition, in preparation for the June and August meetings, the Trustees requested, received and evaluated extensive materials from the Adviser, including performance and expense information compiled by Broadridge, using data from Lipper Inc., independent providers of investment company data (together, “Broadridge/Lipper”). The Trustees’ independent consultant also provided additional analyses of the performance of the Funds as compared to the Funds’ objectives and peer groups. Before voting on the Advisory Agreements, the Trustees reviewed the Advisory Agreements with representatives of the Adviser, counsel to the Trusts and independent legal counsel and received a memorandum from independent legal counsel to the Trustees discussing the legal standards for their consideration of the Advisory Agreements. The Trustees also discussed the Advisory Agreements in executive sessions with independent legal counsel at which no representatives of the Adviser were present.

A summary of the material factors evaluated by the Trustees in determining whether to approve each Advisory Agreement is provided below. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. The Trustees considered information provided with respect to the Funds throughout the year, as well as materials furnished specifically in connection with the annual review process. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions.

After considering and weighing the factors and information they had received, the Trustees found that the compensation to be received by the Adviser from each Fund under the applicable Advisory Agreement was fair and reasonable under the circumstances and determined that the continuance of each Advisory Agreement was in the best interests of each Fund and its shareholders.

Nature, Extent and Quality of Services Provided by the Adviser

The Trustees received and considered information regarding the nature, extent and quality of the services provided to each Fund under the applicable Advisory Agreement. The Trustees took into account information furnished throughout the year at Trustee meetings, as well as the materials furnished specifically in connection with this annual review process. The Trustees considered the background and experience of the Adviser’s senior management and the expertise of, and the amount of attention given to each Fund by, investment personnel of the Adviser. In addition, the Trustees reviewed the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of each Fund and the infrastructure supporting the team, including personnel changes. The Trustees also considered information provided by the Adviser and JPMorgan Distribution Services, Inc. (“JPMDS”) about the structure and distribution strategy of each Fund. The Trustees reviewed information relating to the Adviser’s risk governance model and reports showing the Adviser’s compliance structure and ongoing compliance processes. The Trustees also considered the quality of the administrative services provided by the Adviser in its role as administrator.

The Trustees also considered their knowledge of the nature and quality of the services provided by the Adviser and its affiliates to the Funds gained from their experience as Trustees of the J.P. Morgan Funds. In addition, they considered the overall reputation and capabilities of the Adviser and its affiliates, the commitment of the Adviser to provide high quality service to the Funds, their overall confidence in the Adviser’s integrity and the Adviser’s responsiveness to questions or concerns raised by them, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to each Fund.

90 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2018

Based upon these considerations and other factors, the Trustees concluded that they were satisfied with the nature, extent and quality of the investment advisory services provided to the Funds by the Adviser.

Costs of Services Provided and Profitability to the Adviser and its Affiliates

The Trustees received and considered information regarding the profitability to the Adviser and its affiliates in providing services to each Fund. The Trustees reviewed and discussed this information. The Trustees recognized that this information is not audited and represents the Adviser’s determination of its and its affiliates’ revenues from the contractual services provided to the Funds, less expenses of providing such services. Expenses include direct and indirect costs and are calculated using an allocation methodology developed by the Adviser. The Trustees also recognized that it is difficult to make comparisons of profitability from fund investment advisory contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the fact that publicly-traded fund managers’ operating profits and net income are net of distribution and marketing expenses. Based upon their review, the Trustees concluded that the profitability to the Adviser under each Advisory Agreement was not unreasonable in light of the services and benefits provided to each Fund.

The Trustees also considered that JPMDS, an affiliate of the Adviser, and the Adviser earn fees from the Funds for providing shareholder and administrative services, respectively. These fees were shown separately in the profitability analysis presented to the Trustees. The Trustees also considered the payments of Rule 12b-1 fees to JPMDS, which also acts as the Funds’ distributor and that these fees are in turn generally paid to financial intermediaries that sell the Funds, including financial intermediaries that are affiliates of the Adviser. The Trustees also considered the fees paid to JPMorgan Chase Bank, N.A. (“JPMCB”) for custody and fund accounting, and other related services.

Fall-Out Benefits

The Trustees reviewed information regarding potential “fall-out” or ancillary benefits received by the Adviser and its affiliates as a result of their relationship with the Funds. The Trustees also reviewed the Adviser’s allocation of fund brokerage for the J.P. Morgan Funds complex, including allocations to brokers who provide research to the Adviser.

Economies of Scale

The Trustees considered the extent to which the Funds may benefit from economies of scale. The Trustees considered that there may not be a direct relationship between economies of

scale realized by the Funds and those realized by the Adviser as assets increase. The Trustees considered the extent to which the Funds were priced to scale and whether it would be appropriate to add advisory fee breakpoints, but noted that each Fund has implemented fee waivers and contractual expense limitations (“Fee Caps”) which allow each Fund’s shareholders to share potential economies of scale from a Fund’s inception and that the fees remain competitive with peer funds. The Trustees also considered that the Adviser has added or enhanced services to the Funds over time, noting the Adviser’s substantial investments in its business in support of the Funds, including investments in trading systems and technology (including cybersecurity improvements), attraction and retention of key talent, additions to analyst and portfolio management teams, and regulatory support enhancements. The Trustees concluded that the current fee structure was reasonable in light of the Fee Caps that the Adviser has in place that serve to limit the overall net expense ratios of each Fund at competitive levels. The Trustees concluded that the Funds’ shareholders received the benefits of potential economies of scale through the Fee Caps and the Adviser’s reinvestment in its operations to serve the Funds and their shareholders.

Independent Written Evaluation of the Funds’ Senior/Chief Compliance Officer

The Trustees noted that, upon their direction, the Senior Officer for the Small Cap Growth Fund and Small Cap Value Fund had prepared an independent written evaluation in order to assist the Trustees in determining the reasonableness of the proposed management fees. In determining whether to continue the Advisory Agreements, the Trustees considered the Senior Officer’s report.

The Trustees noted that, upon their direction, the Chief Compliance Officer for the Small Cap Blend Fund, Small Cap Core Fund, Small Cap Equity Fund, and U.S. Small Company Fund had prepared an independent written evaluation in order to assist the Trustees in determining the reasonableness of the proposed management fees. The Trustees considered the written evaluation in determining whether to continue the Advisory Agreements.

Fees Relative to Adviser’s Other Clients

The Trustees received and considered information about the nature and extent of investment advisory services and fee rates offered to other clients of the Adviser, including institutional separate accounts and/or funds sub-advised by the Adviser, for investment management styles substantially similar to that of each Fund. The Trustees considered the complexity of investment management for registered mutual funds relative to the Adviser’s other clients and noted differences in the regulatory, legal and other risks and responsibilities of providing services to the different clients. The Trustees considered that serving as an adviser to a registered mutual fund involves greater

DECEMBER 31, 2018 J.P. MORGAN SMALL CAP FUNDS 91

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

responsibilities and risks than acting as a sub-adviser and observed that sub-advisory fees may be lower than those charged by the Adviser to each Fund. The Trustees also noted that the adviser, not the mutual fund, pays the sub-advisory fee and that many responsibilities related to the advisory function are retained by the primary adviser. The Trustees concluded that the fee rates charged to each Fund in comparison to those charged to the Adviser’s other clients were reasonable.

Investment Performance

The Trustees received and considered absolute and/or relative performance information for the Funds in a report prepared by Broadridge/Lipper. The Trustees considered the total return performance information, which included the ranking of the Funds within a performance universe made up of funds with the same Broadridge/Lipper investment classification and objective (the “Universe”), as well as a subset of funds within the Universe (the “Peer Group”), by total return for applicable one-, three- and five-year periods. The Trustees reviewed a description of Broadridge/Lipper’s methodology for selecting mutual funds in each Fund’s Peer Group and Universe. The Broadridge/Lipper materials provided to the Trustees highlighted information with respect to certain representative classes to assist the Trustees in their review. As part of this review, the Trustees also reviewed each Fund’s performance against its benchmark and considered the performance information provided for the Funds at regular Board meetings by the Adviser and the Trustees’ independent consultant and also considered the special analysis prepared by the Trustees’ independent consultant. The Trustees also engaged with the Adviser to consider what steps might be taken to improve performance, as applicable. The Broadridge/Lipper performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to each Fund’s performance for certain representative classes are summarized below:

The Trustees noted that the Small Cap Blend Fund’s performance for Class A shares was in the first quintile based upon both the Peer Group and Universe for each of the one-, three-, and five-year periods ended December 31, 2017. The Trustees noted that the performance for Class I shares was also in the first quintile based upon both the Peer Group and Universe for each of the one-, three-, and five-year periods ended December 31, 2017. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted that the Small Cap Core Fund’s performance for Class A Shares was in the first quintile based upon the Peer Group and in the second quintile based upon the Universe

for the one-year period ended December 31, 2017. The Trustees noted that the performance for Class R5 shares was in the first, second and first quintiles based upon the Peer Group, and in the second, third and first quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2017, respectively . The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted that the Small Cap Equity Fund’s performance for Class A shares was in the first quintiles based upon the Peer Group, and in the second, first and first quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2017, respectively. The Trustees noted that the performance for Class I Shares was in the first, first, and third quintiles based upon the Peer Group, and in the first quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2017, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted that the Small Cap Growth Fund’s performance for both Class A and Class I shares was in the first quintiles based upon both the Peer Group and the Universe, for the one-, three- and five-year periods ended December 31, 2017, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted that the Small Cap Value Fund’s performance for Class A shares was in the fifth quintile based upon the Peer Group for each of the one-, three-, and five-year periods ended December 31, 2017, and in the fifth, fourth and fourth quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2017, respectively. The Trustees noted that the performance for Class I shares was in the fifth, fourth and first quintiles based upon the Peer Group for the one-, three-, and five-year periods ended December 31, 2017, respectively, and in the fifth, fourth and fourth quintile based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2017, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory under

92 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2018

the circumstances. They requested, however, that the Adviser provide additional Fund performance information to be reviewed with the members of the Equity Committee at each of their regular meetings over the course of the next year.

The Trustees noted that the U.S. Small Company Fund’s performance for Class A shares was in fifth, fifth and third quintiles based upon the Peer Group, and in the fifth, fourth and third quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2017, respectively. The Trustees noted that the performance for Class I shares was in fourth, fifth and second quintiles based upon the Peer Group, and in the fifth, fourth and second quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2017, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory under the circumstances. They requested, however, that the Adviser provide additional Fund performance information to be reviewed with the members of the equity committee at each of their regular meetings over the course of the next year.

Advisory Fees and Expense Ratios

The Trustees considered the contractual advisory fee rate and administration fee rate paid by each Fund to the Adviser and compared the combined rate to the information prepared by Broadridge/Lipper concerning management fee rates paid by other funds in the same Broadridge/Lipper category as each Fund. The Trustees recognized that Broadridge/Lipper reported each Fund’s management fee rate as the combined contractual advisory fee and administration fee rates. The Trustees also reviewed information about other expenses and the expense ratios for each Fund. The Trustees considered the Fee Caps currently in place for each Fund, the net advisory fee rate after taking into account any waivers and/or reimbursements, and, where deemed appropriate by the Trustees, additional waivers and/or reimbursements. The Trustees recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The Trustees’ determinations as a result of the review of each Fund’s advisory fees and expense ratios for certain representative classes are summarized below:

The Trustees noted that the Small Cap Blend Fund’s net advisory fee for Class A shares was in the third quintile based upon the Peer Group and in the second quintile based upon the Universe, and that the actual total expenses for Class A shares were in the second quintile based upon both the Peer Group and Universe; and Class I shares were in the first and third quintiles based upon the Peer Group and Universe, respectively. After considering the factors identified above, in

light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.

The Trustees noted that the Small Cap Core Fund’s net advisory fee for Class A shares was in the first quintile based upon both the Peer Group and in the second quintile based upon the Universe, and that the actual total expenses for Class A shares were in the second quintiles based upon both the Peer Group and Universe. The Trustees noted that the net advisory fee and actual total expenses for Class R5 shares were in the first quintile based upon both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.

The Trustees noted that the Small Cap Equity Fund’s net advisory fee for Class A shares was in the first quintile based upon the Peer Group and in the second quintile based upon the Universe, and that the actual total expenses for Class A shares were in the third and second quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class I shares was in the second quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class I shares were in the second and third quintiles based upon the Peer Group and Universe, respectively. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.

The Trustees noted that the Small Cap Growth Fund’s net advisory fee for Class A shares was in the second quintile based upon both the Peer Group and Universe, and that actual total expenses were in the third and second quintiles, based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class I shares was in the second quintile based upon both the Peer Group and Universe, respectively, and that actual total expenses were in the second and third quintiles based upon the Peer Group and Universe, respectively. After considering the factors identified above, in light of this information, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.

The Trustees noted that the Small Cap Value Fund’s net advisory fee for Class A shares was in the second quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class A shares were in the third and second quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class I shares was in the first and second quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class I shares were in the first and third quintiles based upon the Peer Group and Universe, respectively. After considering the factors identified above, in

DECEMBER 31, 2018 J.P. MORGAN SMALL CAP FUNDS 93

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

(Unaudited) (continued)

light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.

The Trustees noted that the U.S. Small Company Fund’s net advisory fee for Class A shares was in the first and second quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class A shares were in the second and first quintiles based upon the Peer Group and

Universe, respectively. The Trustees noted that the net advisory fee for Class I shares was in the first quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class I shares were in the second quintile based upon both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.

94 J.P. MORGAN SMALL CAP FUNDS DECEMBER 31, 2018

J.P. Morgan Funds are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the funds.

Contact JPMorgan Distribution Services, Inc. at 1-800-480-4111 for a fund prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risk as well as charges and expenses of the mutual fund before investing. The prospectus contains this and other information about the mutual fund. Read the prospectus carefully before investing.

Investors may obtain information about the Securities Investor Protection Corporation (SIPC), including the SIPC brochure, by visiting www.sipc.org or by calling SIPC at 202-371-8300.

Each Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC on Form N-Q. The Funds’ Forms N-Q are available on the SEC’s website at http://www.sec.gov. Shareholders may request the Form N-Q without charge by calling 1-800-480-4111 or by visiting the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

A description of each Fund’s policies and procedures with respect to the disclosure of each Fund’s holdings is available in the prospectuses and Statement of Additional Information.

A copy of proxy policies and procedures is available without charge upon request by calling 1-800-480-4111 and on the Funds’ website at www.jpmorganfunds.com. A description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Funds to the Adviser. A copy of the Funds’ voting record for the most recent 12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Funds’ website at www.jpmorganfunds.com no later than August 31 of each year. The Funds’ proxy voting record will include, among other things, a brief description of the matter voted on for each fund security, and will state how each vote was cast, for example, for or against the proposal.

J.P. Morgan Asset Management is the marketing name for the asset management businesses of JPMorgan Chase & Co. Those businesses include, but are not limited to, J.P. Morgan Investment Management Inc., Security Capital Research & Management Incorporated and J.P. Morgan Alternative Asset Management, Inc.

^© JPMorgan Chase & Co., 2018. All rights reserved. December 2018. SAN-SC-1218

Semi-Annual Report

JPMorgan SmartRetirement^® Funds

December 31, 2018 (Unaudited)

JPMorgan SmartRetirement^® Income Fund

JPMorgan SmartRetirement^® 2020 Fund

JPMorgan SmartRetirement^® 2025 Fund

JPMorgan SmartRetirement^® 2030 Fund

JPMorgan SmartRetirement^® 2035 Fund

JPMorgan SmartRetirement^® 2040 Fund

JPMorgan SmartRetirement^® 2045 Fund

JPMorgan SmartRetirement^® 2050 Fund

JPMorgan SmartRetirement^® 2055 Fund

JPMorgan SmartRetirement^® 2060 Fund

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Funds’ website www.jpmorganfunds.com and you will be notified by mail each time a report is posted and provided with a website to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action.

You may elect to receive shareholder reports and other communications from the Funds electronically anytime by contacting your financial intermediary (such as a broker dealer, bank, or retirement plan) or, if you are a direct investor, by going to www.jpmorganfunds.com/edelivery.

You may elect to receive paper copies of all future reports free of charge. Contact your financial intermediary or, if you invest directly with the Funds, email us at funds.website.support@jpmorganfunds.com or call 1-800-480-4111. Your election to receive paper reports will apply to all funds held within your account(s).

CONTENTS

CEO’s Letter	1
Fund Facts	2
Funds Commentary	4
Schedules of Portfolio Investments	25
Financial Statements	46
Financial Highlights	70
Notes to Financial Statements	108
Schedule of Shareholder Expenses	136
Board Approval of Investment Advisory Agreement	142
Tax Letter	147

Investments in a Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money if you sell when a Fund’s share price is lower than when you invested.

Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of a Fund or the securities markets. References to specific securities and their issuers are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations to purchase or sell such securities. Such views are not meant as investment advice and may not be relied on as an indication of trading intent on behalf of any Fund.

Prospective investors should refer to the Funds’ prospectuses for a discussion of the Funds’ investment objectives, strategies and risks. Call J.P. Morgan Funds Service Center at 1-800-480-4111 for a prospectus containing more complete information about a Fund, including management fees and other expenses. Please read it carefully before investing.

CEO’S LETTER

February 14, 2019 (Unaudited)

Dear Shareholder,

While the U.S. economy largely outperformed other leading economies during the second half of 2018, record corporate profits and historically low unemployment were overshadowed in December by a sell-off in equity markets, unsettled global trade tensions and a political impasse that led to the temporary shutdown of large parts of the federal government.

  “Overall, economists generally remained optimistic about the fundamental strength of the U.S. economy at the end of 2018.” — George C.W. Gatch

The second longest U.S. economic expansion on record extended through the third and fourth quarters of 2018. Gross domestic product advanced 3.4% in the third quarter of 2018, and was on pace to grow by about 3% for the full year 2018. In September, the U.S. jobless rate dipped to 3.7% — its lowest level in nearly 50 years — and stood at 3.9% at the end of the year. In response, the U.S. Federal Reserve raised interest rates in September and again in December.

U.S. aggregate corporate revenues and earnings reached record high levels in the second and third quarters of 2018. Though some profit growth was attributed to the temporary benefits of late-2017 tax cut legislation, the outlook for U.S. corporate earnings remained generally positive at the end of the year.

Equity prices in the U.S. largely rose during the third quarter of 2018. The S&P 500 Index hit record highs in August and remained elevated in September. However, early October saw a sharp sell-off in financial markets and the worst December for

the S&P 500 Index since 1931 erased all gains seen in the prior five months.

By the end of 2018, investors were confronted with several worrying developments. Leading economies, particularly China and the European Union, showed significant signs of slowing in the latter half of the year. While U.S.-China trade tariffs had little clear direct impact on the U.S. economy in 2018, a continuation or acceleration of protectionist policies could begin to hinder growth. Though the federal government shutdown ended subsequent to the end of the reporting period, the solution was a short-term budget agreement that failed to alleviate concerns about the possibility of future shutdowns.

Overall, economists generally remained optimistic about the fundamental strength of the U.S. economy at the end of 2018. While U.S. corporate profits and gross domestic product are expected to grow in the year ahead, the extent to which U.S. financial markets benefit remains to be seen, given the length of the current economic expansion.

We believe investors who maintain a patient approach and a well-diversified portfolio may be best positioned to navigate current market conditions. We look forward to managing your investment needs for years to come. Should you have any questions, please visit www.jpmorganfunds.com or contact the J.P. Morgan Funds Service Center at 1-800-480-4111.

Sincerely yours,

George C.W. Gatch

CEO, Global Funds Management

J.P. Morgan Asset Management

DECEMBER 31, 2018 JPMORGAN SMARTRETIREMENT FUNDS 1

JPMorgan SmartRetirement^® Funds

FUND FACTS

SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited)

Fund	Fund Return*			Broad Based Securities Market Index Return			Broad Based Securities Market Index Name	Fund Net Assets as of December 31, 2018
JPMorgan SmartRetirement® Income Fund		(3.45	)%		(2.43	)%	S&P Target Date Retirement Income Index	$	3,481,085,381
JPMorgan SmartRetirement® 2020 Fund		(4.33	)%		(4.31	)%	S&P Target Date 2020 Index	$	6,048,869,169
JPMorgan SmartRetirement® 2025 Fund		(5.63	)%		(5.30	)%	S&P Target Date 2025 Index	$	7,068,392,183
JPMorgan SmartRetirement® 2030 Fund		(6.70	)%		(6.40	)%	S&P Target Date 2030 Index	$	7,672,678,326
JPMorgan SmartRetirement® 2035 Fund		(7.66	)%		(7.40	)%	S&P Target Date 2035 Index	$	5,873,646,225
JPMorgan SmartRetirement® 2040 Fund		(8.45	)%		(8.03	)%	S&P Target Date 2040 Index	$	5,778,727,855
JPMorgan SmartRetirement® 2045 Fund		(8.72	)%		(8.39	)%	S&P Target Date 2045 Index	$	3,995,238,428
JPMorgan SmartRetirement® 2050 Fund		(8.73	)%		(8.64	)%	S&P Target Date 2050 Index	$	3,506,152,779
JPMorgan SmartRetirement® 2055 Fund		(8.74	)%		(8.69	)%	S&P Target Date 2055 Index	$	1,491,751,021
JPMorgan SmartRetirement® 2060 Fund		(8.68	)%		(8.73	)%	S&P Target Date 2060+ Index	$	106,248,850

* Returns for the JPMorgan SmartRetirement 2025 Fund, JPMorgan SmartRetirement 2035 Fund, JPMorgan SmartRetirement 2055 Fund and JPMorgan SmartRetirement 2060 Fund are based on Class I Shares. The remaining JPMorgan SmartRetirement Funds’ returns are based on Class R5 Shares.

2 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2018

Portfolio Composition by Asset Class*

JPMorgan SmartRetirement® Income Fund
Fixed Income	62.5	%
U.S. Equity	18.0
International Equity	13.4
Alternative Assets	2.1
Short-Term Investments	3.5
U.S. Treasury Obligations	0.5
JPMorgan SmartRetirement® 2020 Fund
Fixed Income	54.8	%
U.S. Equity	23.0
International Equity	17.1
Alternative Assets	2.6
Short-Term Investments	2.2
U.S. Treasury Obligations	0.3
JPMorgan SmartRetirement® 2025 Fund
Fixed Income	44.4	%
U.S. Equity	28.1
International Equity	22.1
Alternative Assets	3.4
Short-Term Investments	1.5
U.S. Treasury Obligations	0.5
JPMorgan SmartRetirement® 2030 Fund
Fixed Income	34.8	%
U.S. Equity	33.8
International Equity	26.2
Alternative Assets	3.9
Short-Term Investments	0.7
U.S. Treasury Obligations	0.6
JPMorgan SmartRetirement® 2035 Fund
U.S. Equity	37.6	%
International Equity	28.9
Fixed Income	26.5
Alternative Assets	4.5
Short-Term Investments	1.5
U.S. Treasury Obligations	1.0
JPMorgan SmartRetirement® 2040 Fund
U.S. Equity	41.6	%
International Equity	31.8
Fixed Income	19.0
Alternative Assets	4.9
Short-Term Investments	1.7
U.S. Treasury Obligations	1.0

JPMorgan SmartRetirement® 2045 Fund
U.S. Equity	42.8	%
International Equity	33.3
Fixed Income	15.9
Alternative Assets	5.1
Short-Term Investments	1.9
U.S. Treasury Obligations	1.0
JPMorgan SmartRetirement® 2050 Fund
U.S. Equity	42.8	%
International Equity	32.9
Fixed Income	16.2
Alternative Assets	5.0
Short-Term Investments	2.1
U.S. Treasury Obligations	1.0
JPMorgan SmartRetirement® 2055 Fund
U.S. Equity	43.0	%
International Equity	32.4
Fixed Income	16.5
Alternative Assets	5.1
Short-Term Investments	2.1
U.S. Treasury Obligations	0.9
JPMorgan SmartRetirement® 2060 Fund
U.S. Equity	42.6	%
International Equity	31.5
Fixed Income	15.7
Alternative Assets	4.9
Short-Term Investments	4.6
U.S. Treasury Obligations	0.7

* The percentages indicated are based on total investments as of December 31, 2018. Each Fund’s portfolio composition is subject to change.

DECEMBER 31, 2018 JPMORGAN SMARTRETIREMENT FUNDS 3

JPMorgan SmartRetirement^® Funds

FUNDS COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited)

INVESTMENT OBJECTIVES*

The JPMorgan SmartRetirement^® Income Fund seeks current income and some capital appreciation. The remaining JPMorgan SmartRetirement^® Funds each seek high total return with a shift to current income and some capital appreciation over time as each Fund approaches and passes its respective target retirement date.

HOW DID THE MARKET PERFORM?

U.S. equity markets posted negative returns for the reporting period, though they generally outperformed equities in both developed markets and emerging markets. Global bond markets generally had a lackluster performance in the second half of 2018.

U.S. equity prices were largely supported by strong corporate earnings and revenue, low interest rates and an expanding domestic economy. In August, U.S. equity prices returned to record highs and remained elevated through September. However, share prices fell sharply and market volatility spiked in early October, then prices rebounded slightly in November before plummeting again in December, erasing gains made over the previous five months.

In Europe, equity markets came under pressure from slowing economic growth, political tensions within the European Union (the “EU”) and uncertainty about Britain’s planned exit from the EU. Emerging market equity prices fell as rising U.S. interest rates and signs that U.S.-China trade tariffs were curbing demand from Chinese manufacturers. Notably, emerging market bonds rebounded slightly during the second half of 2018.

Overall, U.S. large cap equity outperformed mid cap and small cap equity and growth stocks outperformed value stocks. Within fixed income, investment grade corporate bonds outperformed high yield bonds (also known as junk bonds) during the reporting period.

WHAT WERE THE MAIN DRIVERS OF THE FUNDS’ PERFORMANCE?

Nine of the JPMorgan SmartRetirement Funds (Class I Shares or Class R5 Shares) (the “Funds”) underperformed their respective S&P Target Date indexes (the “benchmarks”) for the six months

ended December 31, 2018. The JPMorgan SmartRetirement 2060 Fund outperformed its benchmark for the reporting period.

In terms of manager selection, the Funds’ investments in the JPMorgan International Advantage Fund (formerly the JPMorgan Intrepid International Fund) and the JPMorgan Emerging Economies Fund detracted from relative performance.

The Funds’ higher strategic allocations to global — rather than U.S. — equity, detracted from performance. Conversely, the Funds’ lower overall allocations to equity contributed positively to performance. From a tactical perspective, the Funds’ overweight allocations to U.S. large cap equity detracted from performance, while the Funds’ underweight allocations to European equity helped performance.

Strategic asset allocation involves setting long-term target allocations to various asset classes and periodically rebalancing the portfolio in accordance with those targets. Tactical asset allocation generally involves a more active trading approach and seeks to take advantage of short-to-intermediate term investment opportunities

HOW WERE THE FUNDS POSITIONED?

The Funds invested in underlying J.P. Morgan Funds to implement the Funds’ portfolio managers’ asset allocation decisions. The Funds’ portfolio managers used a systematic screening and selection process to choose the underlying funds in their construction of the portfolios. Relative to their respective benchmarks, the Funds invested across a broader range of asset classes.

The Funds’ portfolio managers believed that this diversification would help shield the Funds from market volatility and contribute to the Funds’ long-term risk-adjusted returns. In addition, they sought to invest in asset classes that have had historically lower correlations to the broader fixed income and equity markets. The Funds’ portfolio managers also used futures contracts to help manage cash flows and implement tactical asset allocations.

* The adviser seeks to achieve each Fund’s objective. There can be no guarantee it will be achieved.

4 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2018

JPMorgan SmartRetirement^® Income Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2018
	INCEPTION DATE OF CLASS	6 MONTH*	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	May 15, 2006
With Sales Charge**		(7.91)%		(9.01	)%		1.88	%		5.84	%
Without Sales Charge		(3.56)		(4.70	)		2.83			6.33
CLASS C SHARES	May 15, 2006
With CDSC***		(4.88)		(6.33	)		2.16			5.66
Without CDSC		(3.88)		(5.33	)		2.16			5.66
CLASS I SHARES	May 15, 2006	(3.50)		(4.63	)		2.93			6.45
CLASS R2 SHARES	November 3, 2008	(3.79)		(5.15	)		2.48			6.02
CLASS R3 SHARES	September 9, 2016	(3.65)		(4.93	)		2.73			6.28
CLASS R4 SHARES	September 9, 2016	(3.47)		(4.66	)		2.90			6.44
CLASS R5 SHARES	May 15, 2006	(3.45)		(4.54	)		3.05			6.60
CLASS R6 SHARES	November 3, 2014	(3.40)		(4.44	)		3.12			6.63

* Not annualized.

** Sales Charge for Class A Shares is 4.50%.

*** Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year period and 0% CDSC thereafter.

TEN YEAR PERFORMANCE (12/31/08 TO 12/31/18)

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.

Returns for Class R3 Shares prior to their inception date are based on the performance of Class A Shares. The actual returns for Class R3 Shares would have been different than those shown because Class R3 Shares have different expenses than Class A Shares. Returns for Class R4 Shares prior to their inception date are based on the performance of Class I Shares. The actual returns for Class R4 Shares would have been different than those shown because Class R4 Shares have different expenses than Class I Shares. Returns for Class R6 Shares prior to their inception date are based on the performance of Class R5 Shares. The actual returns for Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class R5 Shares.

The graph illustrates comparative performance for $10,000 invested in Class R5 Shares of the JPMorgan SmartRetirement Income Fund, the S&P Target Date Retirement Income Index and the Lipper Mixed-Asset Target Today Funds Average from December 31, 2008 to December 31, 2018. The performance of

the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P Target Date Retirement Income Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund (except prior to June 1, 2017, the S&P Target Date Retirement Income Index was previously adjusted to remove the impact of ETF fees) and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the broad based securities market index, if applicable. The performance of the Lipper Mixed-Asset Target Today Funds Average includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. On June 1, 2017, S&P Dow Jones Indices, the company that establishes the broad-based securities market index used by the Fund, changed the methodology used to calculate the S&P Target Date Retirement Indices. The S&P Target Date Retirement Income Index was comprised of exchange traded funds (ETFs), adjusted to remove the impact of ETF fees (i.e., gross return). Effective June 1, 2017, the S&P Target Date Retirement Income Index is comprised of underlying indices of securities. Effective May 31, 2017, the prior version of the S&P Target Date Retirement Income Index was discontinued. As a result, performance for the S&P Target Date Retirement Income Index prior to June 1, 2017 was linked to an S&P Target Date Retirement Index that was comprised of ETFs and that was not adjusted to remove the impact of ETF fees (i.e., total return). The name of the Fund’s S&P Target Date Retirement Index did not change and there is no change in the Fund’s

DECEMBER 31, 2018 JPMORGAN SMARTRETIREMENT FUNDS 5

JPMorgan SmartRetirement^® Income Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited) (continued)

investment strategies as a result of the change. Investors cannot directly invest in an index. The Lipper Mixed-Asset Target Today Funds Average is an average based on the total returns of all mutual funds within the Fund’s designated category as determined by Lipper, Inc.

Class R5 Shares do not have a minimum initial investment.

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimburse-

ments, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

6 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2018

JPMorgan SmartRetirement^® 2020 Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2018
	INCEPTION DATE OF CLASS	6 MONTH*	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	May 15, 2006
With Sales Charge**		(8.72)%		(9.82	)%		2.73	%		8.07	%
Without Sales Charge		(4.43)		(5.57	)		3.68			8.56
CLASS C SHARES	May 15, 2006
With CDSC***		(5.73)		(7.17	)		3.00			7.87
Without CDSC		(4.73)		(6.17	)		3.00			7.87
CLASS I SHARES	May 15, 2006	(4.39)		(5.46	)		3.79			8.69
CLASS R2 SHARES	November 3, 2008	(4.69)		(5.97	)		3.34			8.26
CLASS R3 SHARES	September 9, 2016	(4.54)		(5.74	)		3.59			8.52
CLASS R4 SHARES	September 9, 2016	(4.41)		(5.51	)		3.75			8.67
CLASS R5 SHARES	May 15, 2006	(4.33)		(5.35	)		3.91			8.84
CLASS R6 SHARES	November 3, 2014	(4.33)		(5.30	)		3.98			8.88

* Not annualized.

** Sales Charge for Class A Shares is 4.50%.

*** Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year period and 0% CDSC thereafter.

TEN YEAR PERFORMANCE (12/31/08 TO 12/31/18)

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.

Returns for Class R3 Shares prior to their inception date are based on the performance of Class A Shares. The actual returns for Class R3 Shares would have been different than those shown because Class R3 Shares have different expenses than Class A Shares. Returns for Class R4 Shares prior to their inception date are based on the performance of Class I Shares. The actual returns for Class R4 Shares would have been different than those shown because Class R4 Shares have different expenses than Class I Shares. Returns for Class R6 Shares prior to their inception date are based on the performance of Class R5 Shares. The actual returns for Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class R5 Shares.

The graph illustrates comparative performance for $10,000 invested in Class R5 Shares of the JPMorgan SmartRetirement 2020 Fund, the S&P Target Date 2020 Index and the Lipper Mixed-Asset Target 2020 Funds Index from December 31, 2008 to December 31, 2018. The performance of the Fund

assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P Target Date 2020 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund (except prior to June 1, 2017, the S&P Target Date 2020 Index was previously adjusted to remove the impact of ETF fees) and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the broad based securities market index, if applicable. The performance of the Lipper Mixed-Asset Target 2020 Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. On June 1, 2017, S&P Dow Jones Indices, the company that establishes the broad-based securities market index used by the Fund, changed the methodology used to calculate the S&P Target Date Retirement Indices. The S&P Target Date 2020 Index was comprised of exchange traded funds (ETFs), adjusted to remove the impact of ETF fees (i.e., gross return). Effective June 1, 2017, the S&P Target Date 2020 Index is comprised of underlying indices of securities. Effective May 31, 2017, the prior version of the S&P Target Date 2020 Index was discontinued. As a result, performance for the S&P Target Date 2020 Index prior to June 1, 2017 was linked to an S&P Target Date Retirement Index that was comprised of ETFs and that was not adjusted to remove the impact of ETF fees (i.e., total return). The name of the Fund’s S&P Target Date Retirement Index did not change and there is no change in the Fund’s investment strategies as a result of the change. The Lipper Mixed-Asset Target 2020 Funds

DECEMBER 31, 2018 JPMORGAN SMARTRETIREMENT FUNDS 7

JPMorgan SmartRetirement^® 2020 Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited) (continued)

Index is an index based on the total returns of all mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot directly invest in an index.

Class R5 Shares do not have a minimum initial investment.

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimburse-

ments, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

8 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2018

JPMorgan SmartRetirement^® 2025 Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2018
	INCEPTION DATE OF CLASS	6 MONTH*	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	July 31, 2007
With Sales Charge**		(9.94)%		(11.01	)%		2.97	%		8.71	%
Without Sales Charge		(5.71)		(6.82	)		3.92			9.22
CLASS C SHARES	July 31, 2007
With CDSC***		(7.02)		(8.40	)		3.26			8.52
Without CDSC		(6.02)		(7.40	)		3.26			8.52
CLASS I SHARES	July 31, 2007	(5.63)		(6.65	)		4.04			9.34
CLASS R2 SHARES	November 3, 2008	(5.92)		(7.19	)		3.61			8.91
CLASS R3 SHARES	September 9, 2016	(5.78)		(6.92	)		3.85			9.18
CLASS R4 SHARES	September 9, 2016	(5.64)		(6.73	)		4.01			9.32
CLASS R5 SHARES	July 31, 2007	(5.56)		(6.58	)		4.18			9.49
CLASS R6 SHARES	November 3, 2014	(5.51)		(6.48	)		4.25			9.53

* Not annualized.

** Sales Charge for Class A Shares is 4.50%.

*** Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year period and 0% CDSC thereafter.

TEN YEAR PERFORMANCE (12/31/08 TO 12/31/18)

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.

Returns for Class R3 Shares prior to their inception date are based on the performance of Class A Shares. The actual returns for Class R3 Shares would have been different than those shown because Class R3 Shares have different expenses than Class A Shares. Returns for Class R4 Shares prior to their inception date are based on the performance of Class I Shares. The actual returns for Class R4 Shares would have been different than those shown because Class R4 Shares have different expenses than Class I Shares. Returns for Class R6 Shares prior to their inception date are based on the performance of Class R5 Shares. The actual returns for Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class R5 Shares.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan SmartRetirement 2025 Fund, the S&P Target Date 2025 Index and the Lipper Mixed-Asset Target 2025 Funds Average from

December 31, 2008 to December 31, 2018. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P Target Date 2025 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund (except prior to June 1, 2017, the S&P Target Date 2025 Index was previously adjusted to remove the impact of ETF fees) and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the broad based securities market index, if applicable. The performance of the Lipper Mixed-Asset Target 2025 Funds Average includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. On June 1, 2017, S&P Dow Jones Indices, the company that establishes the broad-based securities market index used by the Fund, changed the methodology used to calculate the S&P Target Date Retirement Indices. The S&P Target Date 2025 Index was comprised of exchange traded funds (ETFs), adjusted to remove the impact of ETF fees (i.e., gross return). Effective June 1, 2017, the S&P Target Date 2025 Index is comprised of underlying indices of securities. Effective May 31, 2017, the prior version of the S&P Target Date 2025 Index was discontinued. As a result, performance for the S&P Target Date 2025 Index prior to June 1, 2017 was linked to an S&P Target Date Retirement Index that was com prised of ETFs and that was not adjusted to remove the impact of ETF fees (i.e., total return). The name of the Fund’s S&P Target Date Retirement Index did not change and there is no change in the Fund’s investment

DECEMBER 31, 2018 JPMORGAN SMARTRETIREMENT FUNDS 9

JPMorgan SmartRetirement^® 2025 Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited) (continued)

strategies as a result of the change. Investors cannot directly invest in an index. The Lipper Mixed-Asset Target 2025 Funds Average is an average based on the total returns of all mutual funds within the Fund’s designated category as determined by Lipper, Inc.

Class I Shares have a $1,000,000 minimum initial investment.

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimburse-

ments, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

10 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2018

JPMorgan SmartRetirement^® 2030 Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2018
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	May 15, 2006
With Sales Charge**			(11.01	)%		(12.00	)%		3.18	%		9.21	%
Without Sales Charge			(6.82	)		(7.84	)		4.14			9.71
CLASS C SHARES	May 15, 2006
With CDSC***			(8.06	)		(9.32	)		3.49			9.03
Without CDSC			(7.06	)		(8.32	)		3.49			9.03
CLASS I SHARES	May 15, 2006		(6.68	)		(7.62	)		4.26			9.85
CLASS R2 SHARES	November 3, 2008		(6.97	)		(8.12	)		3.84			9.42
CLASS R3 SHARES	September 9, 2016		(6.83	)		(7.90	)		4.07			9.68
CLASS R4 SHARES	September 9, 2016		(6.74	)		(7.67	)		4.24			9.83
CLASS R5 SHARES	May 15, 2006		(6.70	)		(7.54	)		4.40			10.00
CLASS R6 SHARES	November 3, 2014		(6.60	)		(7.45	)		4.47			10.04

* Not annualized.

** Sales Charge for Class A Shares is 4.50%.

*** Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year period and 0% CDSC thereafter.

TEN YEAR PERFORMANCE (12/31/08 TO 12/31/18)

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.

Returns for Class R3 Shares prior to their inception date are based on the performance of Class A Shares. The actual returns for Class R3 Shares would have been different than those shown because Class R3 Shares have different expenses than Class A Shares. Returns for Class R4 Shares prior to their inception date are based on the performance of Class I Shares. The actual returns for Class R4 Shares would have been different than those shown because Class R4 Shares have different expenses than Class I Shares. Returns for Class R6 Shares prior to their inception date are based on the performance of Class R5 Shares. The actual returns for Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class R5 Shares.

The graph illustrates comparative performance for $10,000 invested in Class R5 Shares of the JPMorgan SmartRetirement 2030 Fund, the S&P Target Date 2030 Index and the Lipper Mixed-Asset Target 2030 Funds Index from December 31, 2008 to December 31, 2018. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and

does not include a sales charge. The performance of the S&P Target Date 2030 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund (except prior to June 1, 2017, the S&P Target Date 2030 Index was previously adjusted to remove the impact of ETF fees) and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the broad based securities market index, if applicable. The performance of the Lipper Mixed-Asset Target 2030 Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. On June 1, 2017, S&P Dow Jones Indices, the company that establishes the broad-based securities market index used by the Fund, changed the methodology used to calculate the S&P Target Date Retirement Indices. The S&P Target Date 2030 Index was comprised of exchange traded funds (ETFs), adjusted to remove the impact of ETF fees (i.e., gross return). Effective June 1, 2017, the S&P Target Date 2030 Index is comprised of underlying indices of securities. Effective May 31, 2017, the prior version of the S&P Target Date 2030 Index was discontinued. As a result, performance for the S&P Target Date 2030 Index prior to June 1, 2017 was linked to an S&P Target Date Retirement Index that was comprised of ETFs and that was not adjusted to remove the impact of ETF fees (i.e., total return). The name of the Fund’s S&P Target Date Retirement Index did not change and there is no change in the Fund’s investment strategies as a result of the change. The Lipper Mixed-Asset Target 2030 Funds Index is an index based on the total returns of all mutual funds within the

DECEMBER 31, 2018 JPMORGAN SMARTRETIREMENT FUNDS 11

JPMorgan SmartRetirement^® 2030 Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited) (continued)

Fund’s designated category as determined by Lipper, Inc. Investors cannot directly invest in an index.

Class R5 Shares do not have a minimum initial investment.

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this

section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

12 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2018

JPMorgan SmartRetirement^® 2035 Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2018
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	July 31, 2007
With Sales Charge**			(11.92	)%		(13.12	)%		3.22	%		9.55	%
Without Sales Charge			(7.78	)		(9.03	)		4.17			10.06
CLASS C SHARES	July 31, 2007
With CDSC***			(9.02	)		(10.53	)		3.51			9.36
Without CDSC			(8.02	)		(9.53	)		3.51			9.36
CLASS I SHARES	July 31, 2007		(7.66	)		(8.83	)		4.30			10.19
CLASS R2 SHARES	November 3, 2008		(7.93	)		(9.34	)		3.86			9.76
CLASS R3 SHARES	September 9, 2016		(7.80	)		(9.08	)		4.10			10.02
CLASS R4 SHARES	September 9, 2016		(7.73	)		(8.91	)		4.28			10.18
CLASS R5 SHARES	July 31, 2007		(7.60	)		(8.76	)		4.43			10.35
CLASS R6 SHARES	November 3, 2014		(7.60	)		(8.66	)		4.50			10.38

* Not annualized.

** Sales Charge for Class A Shares is 4.50%.

*** Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year period and 0% CDSC thereafter.

TEN YEAR PERFORMANCE (12/31/08 TO 12/31/18)

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.

Returns for Class R3 Shares prior to their inception date are based on the performance of Class A Shares. The actual returns for Class R3 Shares would have been different than those shown because Class R3 Shares have different expenses than Class A Shares. Returns for Class R4 Shares prior to their inception date are based on the performance of Class I Shares. The actual returns for Class R4 Shares would have been different than those shown because Class R4 Shares have different expenses than Class I Shares. Returns for Class R6 Shares prior to their inception date are based on the performance of Class R5 Shares. The actual returns for Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class R5 Shares.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan SmartRetirement 2035 Fund, the S&P Target Date 2035 Index and the Lipper Mixed-Asset Target 2035 Funds Average from December 31, 2008 to December 31, 2018. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and

does not include a sales charge. The performance of the S&P Target Date 2035 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund (except prior to June 1, 2017, the S&P Target Date 2035 Index was previously adjusted to remove the impact of ETF fees) and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the broad based securities market index, if applicable. The performance of the Lipper Mixed-Asset Target 2035 Funds Average includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. On June 1, 2017, S&P Dow Jones Indices, the company that establishes the broad-based securities market index used by the Fund, changed the methodology used to calculate the S&P Target Date Retirement Indices. The S&P Target Date 2035 Index was comprised of exchange traded funds (ETFs), adjusted to remove the impact of ETF fees (i.e., gross return). Effective June 1, 2017, the S&P Target Date 2035 Index is comprised of underlying indices of securities. Effective May 31, 2017, the prior version of the S&P Target Date 2035 Index was discontinued. As a result, performance for the S&P Target Date 2035 Index prior to June 1, 2017 was linked to an S&P Target Date Retirement Index that was comprised of ETFs and that was not adjusted to remove the impact of ETF fees (i.e., total return). The name of the Fund’s S&P Target Date Retirement Index did not change and there is no change in the Fund’s investment strat egies as a result of the change. Investors cannot directly invest in an index. The Lipper Mixed-Asset Target 2035 Funds Average is an average based on the total

DECEMBER 31, 2018 JPMORGAN SMARTRETIREMENT FUNDS 13

JPMorgan SmartRetirement^® 2035 Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited) (continued)

returns of all mutual funds within the Fund’s designated category as determined by Lipper, Inc.

Class I Shares have a $1,000,000 minimum initial investment.

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this

section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

14 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2018

JPMorgan SmartRetirement^® 2040 Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2018
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	May 15, 2006
With Sales Charge**			(12.68	)%		(13.80	)%		3.35	%		9.68	%
Without Sales Charge			(8.59	)		(9.74	)		4.30			10.19
CLASS C SHARES	May 15, 2006
With CDSC***			(9.83	)		(11.29	)		3.64			9.50
Without CDSC			(8.83	)		(10.29	)		3.64			9.50
CLASS I SHARES	May 15, 2006		(8.48	)		(9.60	)		4.42			10.32
CLASS R2 SHARES	November 3, 2008		(8.75	)		(10.08	)		3.99			9.89
CLASS R3 SHARES	September 9, 2016		(8.64	)		(9.85	)		4.23			10.15
CLASS R4 SHARES	September 9, 2016		(8.51	)		(9.65	)		4.40			10.31
CLASS R5 SHARES	May 15, 2006		(8.45	)		(9.47	)		4.56			10.48
CLASS R6 SHARES	November 3, 2014		(8.40	)		(9.38	)		4.63			10.52

* Not annualized.

** Sales Charge for Class A Shares is 4.50%.

*** Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year period and 0% CDSC thereafter.

TEN YEAR PERFORMANCE (12/31/08 TO 12/31/18)

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.

Returns for Class R3 Shares prior to their inception date are based on the performance of Class A Shares. The actual returns for Class R3 Shares would have been different than those shown because Class R3 Shares have different expenses than Class A Shares. Returns for Class R4 Shares prior to their inception date are based on the performance of Class I Shares. The actual returns for Class R4 Shares would have been different than those shown because Class R4 Shares have different expenses than Class I Shares. Returns for Class R6 Shares prior to their inception date are based on the performance of Class R5 Shares. The actual returns for Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class R5 Shares.

The graph illustrates comparative performance for $10,000 invested in Class R5 Shares of the JPMorgan SmartRetirement 2040 Fund, the S&P Target Date 2040 Index and the Lipper Mixed-Asset Target 2040 Funds Average from December 31, 2008 to December 31, 2018. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P Target Date 2040

Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund (except prior to June 1, 2017, the S&P Target Date 2040 Index was previously adjusted to remove the impact of ETF fees) and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the broad based securities market index, if applicable. The performance of the Lipper Mixed-Asset Target 2040 Funds Average includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. On June 1, 2017, S&P Dow Jones Indices, the company that establishes the broad-based securities market index used by the Fund, changed the methodology used to calculate the S&P Target Date Retirement Indices. The S&P Target Date 2040 Index was comprised of exchange traded funds (ETFs), adjusted to remove the impact of ETF fees (i.e., gross return). Effective June 1, 2017, the S&P Target Date 2040 Index is comprised of underlying indices of securities. Effective May 31, 2017, the prior version of the S&P Target Date 2040 Index was discontinued. As a result, performance for the S&P Target Date 2040 Index prior to June 1, 2017 was linked to an S&P Target Date Retirement Index that was comprised of ETFs and that was not adjusted to remove the impact of ETF fees (i.e., total return). The name of the Fund’s S&P Target Date Retirement Index did not change and there is no change in the Fund’s investment strategies as a result of the change. Investors cannot directly invest in an index. The Lipper Mixed-Asset Target 2040 Funds Average is an average based on the total returns of all mutual funds within the Fund’s designated category as determined by Lipper, Inc.

DECEMBER 31, 2018 JPMORGAN SMARTRETIREMENT FUNDS 15

JPMorgan SmartRetirement^® 2040 Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited) (continued)

Class R5 Shares do not have a minimum initial investment.

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

16 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2018

JPMorgan SmartRetirement^® 2045 Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2018
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	July 31, 2007
With Sales Charge**			(12.93	)%		(14.07	)%		3.33	%		9.70	%
Without Sales Charge			(8.85	)		(10.02	)		4.28			10.21
CLASS C SHARES	July 31, 2007
With CDSC***			(10.13	)		(11.54	)		3.61			9.51
Without CDSC			(9.13	)		(10.54	)		3.61			9.51
CLASS I SHARES	July 31, 2007		(8.78	)		(9.84	)		4.40			10.33
CLASS R2 SHARES	November 3, 2008		(9.05	)		(10.35	)		3.97			9.90
CLASS R3 SHARES	September 9, 2016		(8.91	)		(10.12	)		4.20			10.17
CLASS R4 SHARES	September 9, 2016		(8.80	)		(9.87	)		4.38			10.31
CLASS R5 SHARES	July 31, 2007		(8.72	)		(9.72	)		4.54			10.49
CLASS R6 SHARES	November 3, 2014		(8.67	)		(9.67	)		4.60			10.53

* Not annualized.

** Sales Charge for Class A Shares is 4.50%.

*** Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year period and 0% CDSC thereafter.

TEN YEAR PERFORMANCE (12/31/08 TO 12/31/18)

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.

Returns for Class R3 Shares prior to their inception date are based on the performance of Class A Shares. The actual returns for Class R3 Shares would have been different than those shown because Class R3 Shares have different expenses than Class A Shares. Returns for Class R4 Shares prior to their inception date are based on the performance of Class I Shares. The actual returns for Class R4 Shares would have been different than those shown because Class R4 Shares have different expenses than Class I Shares. Returns for Class R6 Shares prior to their inception date are based on the performance of Class R5 Shares. The actual returns for Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class R5 Shares.

The graph illustrates comparative performance for $10,000 invested in Class R5 Shares of the JPMorgan SmartRetirement 2045 Fund, the S&P Target Date 2045 Index and the Lipper Mixed-Asset Target 2045 Funds Average from December 31, 2008 to December 31, 2018. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and

does not include a sales charge. The performance of the S&P Target Date 2045 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund (except prior to June 1, 2017, the S&P Target Date 2045 Index was previously adjusted to remove the impact of ETF fees) and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the broad based securities market index, if applicable. The performance of the Lipper Mixed-Asset Target 2045 Funds Average includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. On June 1, 2017, S&P Dow Jones Indices, the company that establishes the broad-based securities market index used by the Fund, changed the methodology used to calculate the S&P Target Date Retirement Indices. The S&P Target Date 2045 Index was comprised of exchange traded funds (ETFs), adjusted to remove the impact of ETF fees (i.e., gross return). Effective June 1, 2017, the S&P Target Date 2045 Index is comprised of underlying indices of securities. Effective May 31, 2017, the prior version of the S&P Target Date 2045 Index was discontinued. As a result, performance for the S&P Target Date 2045 Index prior to June 1, 2017 was linked to an S&P Target Date Retirement Index that was comprised of ETFs and that was not adjusted to remove the impact of ETF fees (i.e., total return). The name of the Fund’s S&P Target Date Retirement Index did not change and there is no change in the Fund’s investment strategies as a result of the change. Investors cannot directly invest in an index. The Lipper Mixed-Asset Target 2045 Funds Average is an average based on the

DECEMBER 31, 2018 JPMORGAN SMARTRETIREMENT FUNDS 17

JPMorgan SmartRetirement^® 2045 Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited) (continued)

total returns of all mutual funds within the Fund’s designated category as determined by Lipper, Inc.

Class R5 Shares do not have a minimum initial investment.

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this

section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

18 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2018

JPMorgan SmartRetirement^® 2050 Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2018
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	July 31, 2007
With Sales Charge**			(12.96	)%		(14.10	)%		3.31	%		9.69	%
Without Sales Charge			(8.87	)		(10.04	)		4.26			10.20
CLASS C SHARES	July 31, 2007
With CDSC***			(10.16	)		(11.56	)		3.60			9.51
Without CDSC			(9.16	)		(10.56	)		3.60			9.51
CLASS I SHARES	July 31, 2007		(8.80	)		(9.86	)		4.39			10.33
CLASS R2 SHARES	November 3, 2008		(9.02	)		(10.32	)		3.96			9.90
CLASS R3 SHARES	September 9, 2016		(8.88	)		(10.10	)		4.19			10.16
CLASS R4 SHARES	September 9, 2016		(8.82	)		(9.90	)		4.37			10.32
CLASS R5 SHARES	July 31, 2007		(8.73	)		(9.77	)		4.53			10.49
CLASS R6 SHARES	November 3, 2014		(8.68	)		(9.64	)		4.61			10.53

* Not annualized.

** Sales Charge for Class A Shares is 4.50%.

*** Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year period and 0% CDSC thereafter.

TEN YEAR PERFORMANCE (12/31/08 TO 12/31/18)

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.

Returns for Class R3 Shares prior to their inception date are based on the performance of Class A Shares. The actual returns for Class R3 Shares would have been different than those shown because Class R3 Shares have different expenses than Class A Shares. Returns for Class R4 Shares prior to their inception date are based on the performance of Class I Shares. The actual returns for Class R4 Shares would have been different than those shown because Class R4 Shares have different expenses than Class I Shares. Returns for Class R6 Shares prior to their inception date are based on the performance of Class R5 Shares. The actual returns for Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class R5 Shares.

The graph illustrates comparative performance for $10,000 invested in Class R5 Shares of the JPMorgan SmartRetirement 2050 Fund, the S&P Target Date 2050 Index and the Lipper Mixed-Asset Target 2050 Funds Average from December 31, 2008 to December 31, 2018. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and

does not include a sales charge. The performance of the S&P Target Date 2050 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund (except prior to June 1, 2017, the S&P Target Date 2050 Index was previously adjusted to remove the impact of ETF fees) and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the broad based securities market index, if applicable. The performance of the Lipper Mixed-Asset Target 2050 Funds Average includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. On June 1, 2017, S&P Dow Jones Indices, the company that establishes the broad-based securities market index used by the Fund, changed the methodology used to calculate the S&P Target Date Retirement Indices. The S&P Target Date 2050 Index was comprised of exchange traded funds (ETFs), adjusted to remove the impact of ETF fees (i.e., gross return). Effective June 1, 2017, the S&P Target Date 2050 Index is comprised of underlying indices of securities. Effective May 31, 2017, the prior version of the S&P Target Date 2050 Index was discontinued. As a result, performance for the S&P Target Date 2050 Index prior to June 1, 2017 was linked to an S&P Target Date Retirement Index that was comprised of ETFs and that was not adjusted to remove the impact of ETF fees (i.e., total return). The name of the Fund’s S&P Target Date Retirement Index did not change and there is no change in the Fund’s investment strategies as a result of the change. Investors cannot directly invest in an index. The Lipper Mixed-Asset Target 2050 Funds Average is an average based on the

DECEMBER 31, 2018 JPMORGAN SMARTRETIREMENT FUNDS 19

JPMorgan SmartRetirement^® 2050 Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited) (continued)

total returns of all mutual funds within the Fund’s designated category as determined by Lipper, Inc.

Class R5 Shares do not have a minimum initial investment.

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this

section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

20 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2018

JPMorgan SmartRetirement^® 2055 Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2018
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			SINCE INCEPTION
CLASS A SHARES	January 31, 2012
With Sales Charge**			(12.94	)%		(14.04	)%		3.34	%		7.13	%
Without Sales Charge			(8.83	)		(9.97	)		4.29			7.85
CLASS C SHARES	January 31, 2012
With CDSC***			(10.05	)		(11.50	)		3.64			7.17
Without CDSC			(9.05	)		(10.50	)		3.64			7.17
CLASS I SHARES	January 31, 2012		(8.74	)		(9.81	)		4.42			7.97
CLASS R2 SHARES	January 31, 2012		(8.98	)		(10.32	)		3.98			7.54
CLASS R3 SHARES	September 9, 2016		(8.85	)		(10.06	)		4.23			7.80
CLASS R4 SHARES	September 9, 2016		(8.72	)		(9.85	)		4.41			7.96
CLASS R5 SHARES	January 31, 2012		(8.68	)		(9.69	)		4.55			8.12
CLASS R6 SHARES	November 3, 2014		(8.63	)		(9.64	)		4.62			8.17

* Not annualized.

** Sales Charge for Class A Shares is 4.50%.

*** Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year period and 0% CDSC thereafter.

LIFE OF FUND PERFORMANCE (1/31/12 TO 12/31/18)

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.

The Fund commenced operations on January 31, 2012.

Returns for Class R3 Shares prior to their inception date are based on the performance of Class A Shares. The actual returns for Class R3 Shares would have been different than those shown because Class R3 Shares have different expenses than Class A Shares. Returns for Class R4 Shares prior to their inception date are based on the performance of Class I Shares. The actual return for Class R4 Shares would have been different than those shown because Class R4 Shares have different expenses than Class I Shares. Returns for Class R6 Shares prior to their inception date are based on the performance of Class R5 Shares. The actual returns for Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class R5 Shares.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan SmartRetirement 2055 Fund, the S&P Target Date 2055 Index and the Lipper Mixed-Asset Target 2055+ Funds Average from

January 31, 2012 to December 31, 2018. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P Target Date 2055 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund (except prior to June 1, 2017, the S&P Target Date 2055 Index was previously adjusted to remove the impact of ETF fees) and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the broad based securities market index, if applicable. The performance of the Lipper Mixed-Asset Target 2055+ Funds Average includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. On June 1, 2017, S&P Dow Jones Indices, the company that establishes the broad-based securities market index used by the Fund, changed the methodology used to calculate the S&P Target Date Retirement Indices. The S&P Target Date 2055 Index was comprised of exchange traded funds (ETFs), adjusted to remove the impact of ETF fees (i.e., gross return). Effective June 1, 2017, the S&P Target Date 2055 Index is comprised of underlying indices of securities. Effective May 31, 2017, the prior version of the S&P Target Date 2055 Index was discontinued. As a result, performance for the S&P Target Date 2055 Index prior to June 1, 2017 was linked to an S&P Target Date Retirement Index that was comprised of ETFs and that was not adjusted to remove the impact of ETF fees (i.e., total return). The name of the Fund’s S&P Target Date Retirement Index did not change and there is no change in the Fund’s investment strategies as a result of the change. Investors cannot directly invest in an index. The Lipper Mixed-Asset Target

DECEMBER 31, 2018 JPMORGAN SMARTRETIREMENT FUNDS 21

JPMorgan SmartRetirement^® 2055 Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited) (continued)

2055+ Funds Average is an average based on the total returns of all mutual funds within the Fund’s designated category as determined by Lipper, Inc.

Class I Shares have a $1,000,000 minimum initial investment.

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also,

performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

22 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2018

JPMorgan SmartRetirement^® 2060 Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2018
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			SINCE INCEPTION
CLASS A SHARES	August 31, 2016
With Sales Charge**			(12.94	)%		(13.94	)%		2.73	%
Without Sales Charge			(8.82	)		(9.88	)		4.79
CLASS C SHARES	August 31, 2016
With CDSC***			(10.06	)		(11.38	)		4.17
Without CDSC			(9.06	)		(10.38	)		4.17
CLASS I SHARES	August 31, 2016		(8.68	)		(9.73	)		4.95
CLASS R2 SHARES	August 31, 2016		(8.98	)		(10.21	)		4.43
CLASS R3 SHARES	September 9, 2016		(8.81	)		(9.97	)		4.66
CLASS R4 SHARES	September 9, 2016		(8.68	)		(9.73	)		4.94
CLASS R5 SHARES	August 31, 2016		(8.69	)		(9.63	)		5.05
CLASS R6 SHARES	August 31, 2016		(8.64	)		(9.54	)		5.19

* Not annualized.

** Sales Charge for Class A Shares is 4.50%.

*** Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year period and 0% CDSC thereafter.

LIFE OF FUND PERFORMANCE (8/31/16 TO 12/31/18)

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.

The Fund commenced operations on August 31, 2016.

Returns for Class R3 Shares prior to their inception date are based on the performance of Class A Shares. The actual returns for Class R3 Shares would have been different than those shown because Class R3 Shares have different expenses than Class A Shares. Returns for Class R4 Shares prior to their inception date are based on the performance of Class I Shares. The actual return for Class R4 Shares would have been different than those shown because Class R4 Shares have different expenses than Class I Shares.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan SmartRetirement 2060 Fund, the S&P Target Date 2060+ Index and the Lipper Mixed-Asset Target 2055+ Funds index from August 31, 2016 to December 31, 2018. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P Target Date 2060+ Index does not reflect the deduction of expenses or a sales charge associated with a

mutual fund (except prior to June 1, 2017, the S&P Target Date 2060+ Index was previously adjusted to remove the impact of ETF fees) and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the broad based securities market index, if applicable. The performance of the Lipper Mixed-Asset Target 2055+ Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. On June 1, 2017, S&P Dow Jones Indices, the company that establishes the broad-based securities market index used by the Fund, changed the methodology used to calculate the S&P Target Date Retirement Indices. The S&P Target Date 2060+ Index was comprised of exchange traded funds (ETFs), adjusted to remove the impact of ETF fees (i.e., gross return). Effective June 1, 2017, the S&P Target Date 2060+ Index is comprised of underlying indices of securities. Effective May 31, 2017, the prior version of the S&P Target Date 2060+ Index was discontinued. As a result, performance for the S&P Target Date 2060+ Index prior to June 1, 2017 was linked to an S&P Target Date Retirement Index that was comprised of ETFs and that was not adjusted to remove the impact of ETF fees (i.e., total return). The name of the Fund’s S&P Target Date Retirement Index did not change and there is no change in the Fund’s investment strategies as a result of the change. The Lipper Mixed-Asset Target 2055+ Funds Index is an index based on the total returns of all mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot directly invest in an index.

DECEMBER 31, 2018 JPMORGAN SMARTRETIREMENT FUNDS 23

JPMorgan SmartRetirement^® 2060 Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited) (continued)

Class I Shares have a $1,000,000 minimum initial investment.

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimburse ments, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

24 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2018

JPMorgan SmartRetirement Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited)

INVESTMENTS	SHARES		VALUE($)
Investment Companies — 93.5%
Alternative Assets — 2.1%
JPMorgan Realty Income Fund Class R6 Shares (a)		5,916,387		71,529,120
Fixed Income — 60.0%
JPMorgan Core Bond Fund Class R6 Shares (a)		76,249,312		860,092,241
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		59,492,343		477,128,591
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		2,184,059		16,467,806
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		8,205,662		62,116,860
JPMorgan Floating Rate Income Fund Class R6 Shares (a)		14,736,889		131,895,158
JPMorgan High Yield Fund Class R6 Shares (a)		34,638,026		235,192,198
JPMorgan Inflation Managed Bond Fund Class R6 Shares (a)		23,313,345		231,268,381
JPMorgan Managed Income Fund Class L Shares (a)		7,364,914		73,649,143
Total Fixed Income				2,087,810,378
International Equity — 13.4%
JPMorgan Emerging Economies Fund Class R6 Shares (a)		4,104,764		47,738,411
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a)		2,670,322		66,571,138
JPMorgan International Advantage Fund Class R6 Shares (a)		6,538,911		118,550,460
JPMorgan International Equity Fund Class R6 Shares (a)		7,860,805		114,138,892
JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a)		7,798,012		121,103,133
Total International Equity				468,102,034
U.S. Equity — 18.0%
JPMorgan Growth Advantage Fund Class R6 Shares* (a)		4,498,333		84,388,729
JPMorgan Intrepid America Fund Class R6 Shares (a)		2,116,916		68,291,710
JPMorgan Mid Cap Equity Fund Class R6 Shares (a)		980,625		40,715,541
JPMorgan Small Cap Equity Fund Class R6 Shares (a)		244,186		11,911,386
JPMorgan Small Cap Growth Fund Class R6 Shares* (a)		616,959		9,686,251
JPMorgan Small Cap Value Fund Class R6 Shares (a)		452,544		10,376,841
JPMorgan U.S. Equity Fund Class R6 Shares (a)		9,376,475		126,676,183

INVESTMENTS	SHARES		VALUE($)
U.S. Equity — continued
JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a)		8,047,796		189,525,594
JPMorgan Value Advantage Fund Class R6 Shares (a)		2,817,915		85,974,578
Total U.S. Equity				627,546,813
Total Investment Companies (Cost $3,088,877,155)				3,254,988,345
Exchange Traded Funds — 2.7%
Fixed Income — 2.7%
iShares TIPS Bond ETF (Cost$93,962,626)		842,750		92,289,553
	PRINCIPAL AMOUNT($)
U.S. Treasury Obligations — 0.5%
U.S. Treasury Notes 1.13%, 1/31/2019 (b) (Cost $16,764,179)		16,775,000		16,758,954
	SHARES
Short-Term Investments — 3.5%
Investment Companies — 3.5%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (a) (c) (Cost $122,905,865)		122,905,865		122,905,865
Total Investments — 100.2% (Cost $3,322,509,825)				3,486,942,717
Liabilities in Excess of Other Assets — (0.2%)				(5,857,336	)
NET ASSETS — 100.0%				3,481,085,381

Percentages indicated are based on net assets.

Abbreviations

ETF	Exchange Traded Fund
TIPS	Treasury Inflation Protected Security
(a)	Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and 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 December 31, 2018.
*	Non-income producing security.

Detailed information about investment portfolios of the underlying funds 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 certified portfolio holdings filed quarterly on Form N-Q, 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.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 JPMORGAN SMARTRETIREMENT FUNDS 25

JPMorgan SmartRetirement Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

Futures contracts outstanding as of December 31, 2018:
DESCRIPTION	NUMBER OF CONTRACTS			EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION)($)
Long Contracts
Australia 10 Year Bond		199			03/2019		AUD		18,596,471			188,078
S&P 500 E-Mini Index		113			03/2019		USD		14,141,950			(824,882	)
U.S. Treasury 10 Year Note		461			03/2019		USD		56,263,609			1,075,118
												438,314
Short Contracts
Hang Seng Index		(53	)		01/2019		HKD		(8,745,104	)		(200,677	)
EURO STOXX 50 Index		(1,007	)		03/2019		EUR		(34,257,570	)		1,261,719
Euro-Bund		(192	)		03/2019		EUR		(35,976,183	)		(237,747	)
MSCI Emerging Markets E-Mini Index		(504	)		03/2019		USD		(24,365,880	)		423,362
S&P/TSX 60 Index		(67	)		03/2019		CAD		(8,380,398	)		291,710
SPI 200 Index		(88	)		03/2019		AUD		(8,627,587	)		(72,998	)
												1,465,369
												1,903,683

Abbreviations

AUD	Australian Dollar
CAD	Canadian Dollar
EUR	Euro
HKD	Hong Kong Dollar
MSCI	Morgan Stanley Capital International
SPI	Australian Securities Exchange
TSX	Toronto Stock Exchange
USD	United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

26 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2018

JPMorgan SmartRetirement 2020 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited)

INVESTMENTS	SHARES		VALUE($)
Investment Companies — 96.3%
Alternative Assets — 2.6%
JPMorgan Realty Income Fund Class R6 Shares (a)		13,054,112		157,824,214
Fixed Income — 53.4%
JPMorgan Core Bond Fund Class R6 Shares (a)		128,270,190		1,446,887,742
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		100,099,997		802,801,979
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		3,285,008		24,768,959
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		12,493,978		94,579,413
JPMorgan Floating Rate Income Fund Class R6 Shares (a)		19,287,338		172,621,678
JPMorgan High Yield Fund Class R6 Shares (a)		54,193,892		367,976,524
JPMorgan Inflation Managed Bond Fund Class R6 Shares (a)		25,673,729		254,683,389
JPMorgan Managed Income Fund Class L Shares (a)		6,343,655		63,436,549
Total Fixed Income				3,227,756,233
International Equity — 17.2%
JPMorgan Emerging Economies Fund Class R6 Shares (a)		9,131,431		106,198,538
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a)		5,557,520		138,548,973
JPMorgan International Advantage Fund Class R6 Shares (a)		14,403,878		261,142,316
JPMorgan International Equity Fund Class R6 Shares (a)		18,146,195		263,482,751
JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a)		17,363,896		269,661,312
Total International Equity				1,039,033,890
U.S. Equity — 23.1%
JPMorgan Growth Advantage Fund Class R6 Shares* (a)		10,119,884		189,849,018
JPMorgan Intrepid America Fund Class R6 Shares (a)		5,465,650		176,321,881
JPMorgan Mid Cap Equity Fund Class R6 Shares (a)		2,466,421		102,405,789
JPMorgan Small Cap Equity Fund Class R6 Shares (a)		491,583		23,979,413
JPMorgan Small Cap Growth Fund Class R6 Shares* (a)		1,527,818		23,986,738
JPMorgan Small Cap Value Fund Class R6 Shares (a)		1,331,879		30,539,978
JPMorgan U.S. Equity Fund Class R6 Shares (a)		19,545,847		264,064,396

INVESTMENTS	SHARES		VALUE($)
U.S. Equity — continued
JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a)		16,908,372		398,192,152
JPMorgan Value Advantage Fund Class R6 Shares (a)		6,217,934		189,709,180
Total U.S. Equity				1,399,048,545
Total Investment Companies (Cost $5,580,372,581)				5,823,662,882
Exchange Traded Funds — 1.7%
Fixed Income — 1.7%
iShares TIPS Bond ETF (Cost $104,182,150)		928,823		101,715,407
	PRINCIPAL AMOUNT($)
U.S. Treasury Obligations — 0.2%
U.S. Treasury Notes 1.13%, 1/31/2019 (b) (Cost $16,172,750)		16,185,000		16,169,518
	SHARES
Short-Term Investments — 2.2%
Investment Companies — 2.2%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (a) (c) (Cost $131,542,250)		131,542,250		131,542,250
Total Investments — 100.4% (Cost $5,832,269,731)				6,073,090,057
Liabilities in Excess of Other Assets — (0.4%)				(24,220,888	)
NET ASSETS — 100.0%				6,048,869,169

Percentages indicated are based on net assets.

Abbreviations

ETF	Exchange Traded Fund
TIPS	Treasury Inflation Protected Security
(a)	Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and 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 December 31, 2018.
*	Non-income producing security.

Detailed information about investment portfolios of the underlying funds 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 certified portfolio holdings filed quarterly on Form N-Q, 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.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 JPMORGAN SMARTRETIREMENT FUNDS 27

JPMorgan SmartRetirement 2020 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

Futures contracts outstanding as of December 31, 2018:
DESCRIPTION	NUMBER OF CONTRACTS			EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION)($)
Long Contracts
Australia 10 Year Bond		344			03/2019		AUD		32,146,664			325,119
S&P 500 E-Mini Index		257			03/2019		USD		32,163,550			(1,876,142	)
U.S. Treasury 10 Year Note		1,191			03/2019		USD		145,357,828			3,285,801
												1,734,778
Short Contracts
Hang Seng Index		(93	)		01/2019		HKD		(15,345,182	)		(352,135	)
EURO STOXX 50 Index		(1,745	)		03/2019		EUR		(59,363,913	)		2,186,410
Euro-Bund		(332	)		03/2019		EUR		(62,208,816	)		(411,105	)
MSCI Emerging Markets E-Mini Index		(609	)		03/2019		USD		(29,442,105	)		511,764
S&P/TSX 60 Index		(117	)		03/2019		CAD		(14,634,427	)		509,404
SPI 200 Index		(153	)		03/2019		AUD		(15,000,237	)		(126,916	)
												2,317,422
												4,052,200

Abbreviations

AUD	Australian Dollar
CAD	Canadian Dollar
EUR	Euro
HKD	Hong Kong Dollar
MSCI	Morgan Stanley Capital International
SPI	Australian Securities Exchange
TSX	Toronto Stock Exchange
USD	United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

28 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2018

JPMorgan SmartRetirement 2025 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited)

INVESTMENTS	SHARES		VALUE($)
Investment Companies — 98.1%
Alternative Assets — 3.4%
JPMorgan Realty Income Fund Class R6 Shares (a)		19,720,262		238,417,971
Fixed Income — 44.2%
JPMorgan Core Bond Fund Class R6 Shares (a)		135,320,632		1,526,416,729
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		105,989,367		850,034,724
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		1,715,619		12,935,765
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		13,737,322		103,991,524
JPMorgan Floating Rate Income Fund Class R6 Shares (a)		12,545,821		112,285,096
JPMorgan High Yield Fund Class R6 Shares (a)		54,162,248		367,761,662
JPMorgan Inflation Managed Bond Fund Class R6 Shares (a)		7,867,832		78,048,897
JPMorgan Managed Income Fund Class L Shares (a)		7,449,139		74,491,393
Total Fixed Income				3,125,965,790
International Equity — 22.3%
JPMorgan Emerging Economies Fund Class R6 Shares (a)		14,120,764		164,224,480
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a)		9,012,718		224,687,064
JPMorgan International Advantage Fund Class R6 Shares (a)		21,847,594		396,096,879
JPMorgan International Equity Fund Class R6 Shares (a)		27,229,792		395,376,583
JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a)		25,301,332		392,929,678
Total International Equity				1,573,314,684
U.S. Equity — 28.2%
JPMorgan Growth Advantage Fund Class R6 Shares* (a)		15,296,118		286,955,176
JPMorgan Intrepid America Fund Class R6 Shares (a)		9,123,930		294,337,992
JPMorgan Mid Cap Equity Fund Class R6 Shares (a)		3,714,433		154,223,257
JPMorgan Small Cap Equity Fund Class R6 Shares (a)		668,167		32,593,198
JPMorgan Small Cap Growth Fund Class R6 Shares* (a)		2,221,510		34,877,709
JPMorgan Small Cap Value Fund Class R6 Shares (a)		1,766,878		40,514,513
JPMorgan U.S. Equity Fund Class R6 Shares (a)		28,551,398		385,729,389

INVESTMENTS	SHARES		VALUE($)
U.S. Equity — continued
JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a)		20,255,280		477,011,833
JPMorgan Value Advantage Fund Class R6 Shares (a)		9,388,152		286,432,525
Total U.S. Equity				1,992,675,592
Total Investment Companies (Cost $6,844,851,024)				6,930,374,037
	PRINCIPAL AMOUNT($)
U.S. Treasury Obligations — 0.5%
U.S. Treasury Notes 1.13%, 1/31/2019 (b) (Cost $32,471,679)		32,493,000		32,461,919
	SHARES
Exchange Traded Funds — 0.4%
Fixed Income — 0.4%
iShares TIPS Bond ETF (Cost $31,117,401)		273,955		30,000,812
Short-Term Investments — 1.5%
Investment Companies — 1.5%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (a) (c) (Cost $109,009,687)		109,009,687		109,009,687
Total Investments — 100.5% (Cost $7,017,449,791)				7,101,846,455
Liabilities in Excess of Other Assets — (0.5%)				(33,454,272	)
NET ASSETS — 100.0%				7,068,392,183

Percentages indicated are based on net assets.

ETF	Exchange Traded Fund
TIPS	Treasury Inflation Protected Security
(a)	Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and 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 December 31, 2018.
*	Non-income producing security.

Detailed information about investment portfolios of the underlying funds 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 certified portfolio holdings filed quarterly on Form N-Q, 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.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 JPMORGAN SMARTRETIREMENT FUNDS 29

JPMorgan SmartRetirement 2025 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

Futures contracts outstanding as of December 31, 2018:
DESCRIPTION	NUMBER OF CONTRACTS			EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION)($)
Long Contracts
Australia 10 Year Bond		403			03/2019		AUD		37,660,191			380,881
S&P 500 E-Mini Index		1,039			03/2019		USD		130,030,850			(5,772,247	)
U.S. Treasury 10 Year Note		1,624			03/2019		USD		198,204,125			4,728,864
												(662,502	)
Short Contracts
Hang Seng Index		(109	)		01/2019		HKD		(17,985,214	)		(412,715	)
EURO STOXX 50 Index		(1,990	)		03/2019		EUR		(67,698,674	)		2,493,381
Euro-Bund		(388	)		03/2019		EUR		(72,701,870	)		(480,448	)
MSCI Emerging Markets E-Mini Index		(935	)		03/2019		USD		(45,202,575	)		785,585
S&P/TSX 60 Index		(137	)		03/2019		CAD		(17,136,039	)		596,482
SPI 200 Index		(179	)		03/2019		AUD		(17,549,296	)		(148,491	)
												2,833,794
												2,171,292

Abbreviations

AUD	Australian Dollar
CAD	Canadian Dollar
EUR	Euro
HKD	Hong Kong Dollar
MSCI	Morgan Stanley Capital International
SPI	Australian Securities Exchange
TSX	Toronto Stock Exchange
USD	United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

30 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2018

JPMorgan SmartRetirement 2030 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited)

INVESTMENTS	SHARES		VALUE($)
Investment Companies — 99.2%
Alternative Assets — 3.9%
JPMorgan Realty Income Fund Class R6 Shares (a)		25,036,503		302,691,323
Fixed Income — 35.0%
JPMorgan Core Bond Fund Class R6 Shares (a)		115,697,712		1,305,070,194
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		91,561,550		734,323,632
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		12,478,019		94,084,262
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		12,355,137		93,528,385
JPMorgan High Yield Fund Class R6 Shares (a)		51,672,552		350,856,631
JPMorgan Managed Income Fund Class L Shares (a)		10,400,731		104,007,313
Total Fixed Income				2,681,870,417
International Equity — 26.3%
JPMorgan Emerging Economies Fund Class R6 Shares (a)		18,762,302		218,205,573
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a)		11,366,126		283,357,519
JPMorgan International Advantage Fund Class R6 Shares (a)		27,341,750		495,705,928
JPMorgan International Equity Fund Class R6 Shares (a)		35,632,559		517,384,760
JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a)		32,499,865		504,722,901
Total International Equity				2,019,376,681
U.S. Equity — 34.0%
JPMorgan Growth Advantage Fund Class R6 Shares* (a)		20,137,573		377,780,869
JPMorgan Intrepid America Fund Class R6 Shares (a)		11,332,075		365,572,753
JPMorgan Mid Cap Equity Fund Class R6 Shares (a)		5,112,680		212,278,480
JPMorgan Small Cap Equity Fund Class R6 Shares (a)		832,494		40,609,079
JPMorgan Small Cap Growth Fund Class R6 Shares* (a)		2,738,080		42,987,852
JPMorgan Small Cap Value Fund Class R6 Shares (a)		2,122,948		48,679,203
JPMorgan U.S. Equity Fund Class R6 Shares (a)		37,771,701		510,295,687
JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a)		26,929,522		634,190,234

INVESTMENTS	SHARES		VALUE($)
U.S. Equity — continued
JPMorgan Value Advantage Fund Class R6 Shares (a)		12,257,026		373,961,871
Total U.S. Equity				2,606,356,028
Total Investment Companies (Cost $7,326,372,548)				7,610,294,449
	PRINCIPAL AMOUNT($)
U.S. Treasury Obligations — 0.5%
U.S. Treasury Notes 1.13%, 1/31/2019 (b) (Cost $41,186,603)		41,213,000		41,173,578
	Shares
Short-Term Investments — 0.7%
Investment Companies — 0.7%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (a) (c) (Cost $54,569,758)		54,569,758		54,569,758
Total Investments — 100.4% (Cost $7,422,128,909)				7,706,037,785
Liabilities in Excess of Other Assets — (0.4%)				(33,359,459	)
NET ASSETS — 100.0%				7,672,678,326

Percentages indicated are based on net assets.

(a)	Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and 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 December 31, 2018.
*	Non-income producing security.

Detailed information about investment portfolios of the underlying funds 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 certified portfolio holdings filed quarterly on Form N-Q, 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.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 JPMORGAN SMARTRETIREMENT FUNDS 31

JPMorgan SmartRetirement 2030 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

Futures contracts outstanding as of December 31, 2018:
DESCRIPTION	NUMBER OF CONTRACTS			EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION)($)
Long Contracts
Australia 10 Year Bond		439			03/2019		AUD		41,024,376			414,905
S&P 500 E-Mini Index		1,040			03/2019		USD		130,156,000			(7,593,086	)
U.S. Treasury 10 Year Note		851			03/2019		USD		103,861,891			2,477,995
												(4,700,186	)
Short Contracts
Hang Seng Index		(119	)		01/2019		HKD		(19,635,233	)		(450,579	)
EURO STOXX 50 Index		(2,223	)		03/2019		EUR		(75,625,202	)		2,785,318
Euro-Bund		(424	)		03/2019		EUR		(79,447,404	)		(525,026	)
MSCI Emerging Markets E-Mini Index		(1,000	)		03/2019		USD		(48,345,000	)		840,150
S&P/TSX 60 Index		(149	)		03/2019		CAD		(18,637,006	)		648,728
SPI 200 Index		(196	)		03/2019		AUD		(19,215,989	)		(162,599	)
												3,135,992
												(1,564,194	)

Abbreviations

AUD	AustralianDollar
CAD	CanadianDollar
EUR	Euro
HKD	HongKong Dollar
MSCI	MorganStanley Capital International
SPI	AustralianSecurities Exchange
TSX	TorontoStock Exchange
USD	UnitedStates Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

32 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2018

JPMorgan SmartRetirement 2035 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited)

INVESTMENTS	SHARES		VALUE($)
Investment Companies — 97.7%
Alternative Assets — 4.5%
JPMorgan Realty Income Fund Class R6 Shares (a)		21,714,181		262,524,451
Fixed Income — 26.5%
JPMorgan Core Bond Fund Class R6 Shares (a)		59,001,324		665,534,936
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		50,986,110		408,908,601
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		8,925,472		67,298,059
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		6,980,002		52,838,614
JPMorgan High Yield Fund Class R6 Shares (a)		35,712,489		242,487,798
JPMorgan Managed Income Fund Class L Shares (a)		12,268,852		122,688,517
Total Fixed Income				1,559,756,525
International Equity — 29.0%
JPMorgan Emerging Economies Fund Class R6 Shares (a)		15,737,372		183,025,639
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a)		9,246,641		230,518,770
JPMorgan International Advantage Fund Class R6 Shares (a)		23,710,088		429,863,900
JPMorgan International Equity Fund Class R6 Shares (a)		29,584,426		429,565,866
JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a)		27,625,916		429,030,474
Total International Equity				1,702,004,649
U.S. Equity — 37.7%
JPMorgan Growth Advantage Fund Class R6 Shares* (a)		17,340,347		325,304,901
JPMorgan Intrepid America Fund Class R6 Shares (a)		9,840,541		317,455,867
JPMorgan Mid Cap Equity Fund Class R6 Shares (a)		4,274,867		177,492,492
JPMorgan Small Cap Equity Fund Class R6 Shares (a)		721,173		35,178,800
JPMorgan Small Cap Growth Fund Class R6 Shares* (a)		2,406,063		37,775,194
JPMorgan Small Cap Value Fund Class R6 Shares (a)		1,818,180		41,690,869
JPMorgan U.S. Equity Fund Class R6 Shares (a)		32,256,011		435,778,715
JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a)		22,254,828		524,101,205

INVESTMENTS	SHARES		VALUE($)
U.S. Equity — continued
JPMorgan Value Advantage Fund Class R6 Shares (a)		10,580,083		322,798,324
Total U.S. Equity				2,217,576,367
Total Investment Companies (Cost $5,677,143,476)				5,741,861,992
	PRINCIPAL AMOUNT($)
U.S. Treasury Obligations — 1.0%
U.S. Treasury Notes 1.13%, 1/31/2019 (b) (Cost $59,158,390)		59,197,000		59,140,376
	SHARES
Short-Term Investments — 1.6%
Investment Companies — 1.6%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (a)(c) (Cost $91,054,786)		91,054,786		91,054,786
Total Investments — 100.3% (Cost $5,827,356,652)				5,892,057,154
Liabilities in Excess of Other Assets — (0.3%)				(18,410,929	)
NET ASSETS — 100.0%				5,873,646,225

Percentages indicated are based on net assets.

(a)	Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and 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 December 31, 2018.
*	Non-income producing security.

Detailed information about investment portfolios of the underlying funds 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 certified portfolio holdings filed quarterly on Form N-Q, 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.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 JPMORGAN SMARTRETIREMENT FUNDS 33

JPMorgan SmartRetirement 2035 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

Futures contracts outstanding as of December 31, 2018:
DESCRIPTION	NUMBER OF CONTRACTS			EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION)($)
Long Contracts
Australia 10 Year Bond		678			03/2019		AUD		63,358,832			640,787
S&P 500 E-Mini Index		1,759			03/2019		USD		220,138,850			(12,843,691	)
U.S. Treasury 10 Year Note		1,312			03/2019		USD		160,125,500			3,820,363
												(8,382,541	)
Short Contracts
Hang Seng Index		(183	)		01/2019		HKD		(30,195,358	)		(692,910	)
EURO STOXX 50 Index		(3,448	)		03/2019		EUR		(117,299,010	)		4,320,186
Euro-Bund		(653	)		03/2019		EUR		(122,356,497	)		(808,588	)
MSCI Emerging Markets E-Mini Index		(1,544	)		03/2019		USD		(74,644,680	)		1,296,859
S&P/TSX 60 Index		(230	)		03/2019		CAD		(28,768,532	)		1,001,395
SPI 200 Index		(301	)		03/2019		AUD		(29,510,269	)		(249,687	)
												4,867,255
												(3,515,286	)

Abbreviations

AUD	Australian Dollar
CAD	Canadian Dollar
EUR	Euro
HKD	Hong Kong Dollar
MSCI	Morgan Stanley Capital International
SPI	Australian Securities Exchange
TSX	Toronto Stock Exchange
USD	United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

34 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2018

JPMorgan SmartRetirement 2040 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited)

INVESTMENTS	SHARES		VALUE($)
Investment Companies — 97.6%
Alternative Assets — 4.9%
JPMorgan Realty Income Fund Class R6 Shares (a)		23,467,793		283,725,612
Fixed Income — 19.1%
JPMorgan Core Bond Fund Class R6 Shares (a)		35,066,294		395,547,796
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		32,789,159		262,969,053
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		7,021,466		52,941,852
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		6,390,133		48,373,309
JPMorgan High Yield Fund Class R6 Shares (a)		32,876,945		223,234,456
JPMorgan Managed Income Fund Class L Shares (a)		11,906,813		119,068,126
Total Fixed Income				1,102,134,592
International Equity — 31.9%
JPMorgan Emerging Economies Fund Class R6 Shares (a)		15,937,554		185,353,756
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a)		9,983,461		248,887,691
JPMorgan International Advantage Fund Class R6 Shares (a)		26,039,211		472,090,904
JPMorgan International Equity Fund Class R6 Shares (a)		32,684,223		474,574,912
JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a)		29,874,305		463,947,952
Total International Equity				1,844,855,215
U.S. Equity — 41.7%
JPMorgan Growth Advantage Fund Class R6 Shares* (a)		19,226,404		360,687,330
JPMorgan Intrepid America Fund Class R6 Shares (a)		10,848,801		349,982,305
JPMorgan Mid Cap Equity Fund Class R6 Shares (a)		4,377,590		181,757,534
JPMorgan Small Cap Equity Fund Class R6 Shares (a)		882,430		43,044,933
JPMorgan Small Cap Growth Fund Class R6 Shares* (a)		2,691,577		42,257,757
JPMorgan Small Cap Value Fund Class R6 Shares (a)		2,154,574		49,404,387
JPMorgan U.S. Equity Fund Class R6 Shares (a)		34,429,936		465,148,434
JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a)		24,390,469		574,395,537

INVESTMENTS	SHARES		VALUE($)
U.S. Equity — continued
JPMorgan Value Advantage Fund Class R6 Shares (a)		11,222,707		342,404,791
Total U.S. Equity				2,409,083,008
Total Investment Companies (Cost $5,408,509,475)				5,639,798,427
	PRINCIPAL AMOUNT($)
U.S. Treasury Obligations — 1.0%
U.S. Treasury Notes 1.13%, 1/31/2019 (b) (Cost $59,068,614)		59,107,000		59,050,462
	SHARES
Short-Term Investments — 1.7%
Investment Companies — 1.7%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (a) (c) (Cost $95,613,057)		95,613,057		95,613,057
Total Investments — 100.3% (Cost $5,563,191,146)				5,794,461,946
Liabilities in Excess of Other Assets — (0.3%)				(15,734,091	)
NET ASSETS — 100.0%				5,778,727,855

Percentages indicated are based on net assets.

(a)	Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and 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 December 31, 2018.
*	Non-income producing security.

Detailed information about investment portfolios of the underlying funds 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 certified portfolio holdings filed quarterly on Form N-Q, 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.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 JPMORGAN SMARTRETIREMENT FUNDS 35

JPMorgan SmartRetirement 2040 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

Futures contracts outstanding as of December 31, 2018:
DESCRIPTION	NUMBER OF CONTRACTS			EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION)($)
Long Contracts
Australia 10 Year Bond		670			03/2019		AUD		62,611,235			633,226
S&P 500 E-Mini Index		1,807			03/2019		USD		226,146,050			(12,057,833	)
U.S. Treasury 10 Year Note		1,297			03/2019		USD		158,294,797			3,776,685
												(7,647,922	)
Short Contracts
Hang Seng Index		(181	)		01/2019		HKD		(29,865,355	)		(685,338	)
EURO STOXX 50 Index		(3,412	)		03/2019		EUR		(116,074,310	)		4,275,082
Euro-Bund		(647	)		03/2019		EUR		(121,232,241	)		(801,159	)
MSCI Emerging Markets E-Mini Index		(1,217	)		03/2019		USD		(58,835,865	)		1,022,521
S&P/TSX 60 Index		(227	)		03/2019		CAD		(28,393,290	)		988,331
SPI 200 Index		(297	)		03/2019		AUD		(29,118,106	)		(246,384	)
												4,553,053
												(3,094,869	)

Abbreviations

AUD	Australian Dollar
CAD	Canadian Dollar
EUR	Euro
HKD	Hong Kong Dollar
MSCI	Morgan Stanley Capital International
SPI	Australian Securities Exchange
TSX	Toronto Stock Exchange
USD	United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

36 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2018

JPMorgan SmartRetirement 2045 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited)

INVESTMENTS	SHARES		VALUE($)
Investment Companies — 97.2%
Alternative Assets — 5.1%
JPMorgan Realty Income Fund Class R6 Shares (a)		16,724,786		202,202,668
Fixed Income — 15.9%
JPMorgan Core Bond Fund Class R6 Shares (a)		17,720,154		199,883,342
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		17,721,861		142,129,327
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		4,718,132		35,574,715
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		3,834,845		29,029,773
JPMorgan High Yield Fund Class R6 Shares (a)		22,024,644		149,547,329
JPMorgan Managed Income Fund Class L Shares (a)		8,079,600		80,795,998
Total Fixed Income				636,960,484
International Equity — 33.4%
JPMorgan Emerging Economies Fund Class R6 Shares (a)		12,291,457		142,949,642
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a)		7,380,494		183,995,707
JPMorgan International Advantage Fund Class R6 Shares (a)		18,745,836		339,862,005
JPMorgan International Equity Fund Class R6 Shares (a)		22,901,676		332,532,331
JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a)		21,550,365		334,677,169
Total International Equity				1,334,016,854
U.S. Equity — 42.8%
JPMorgan Growth Advantage Fund Class R6 Shares* (a)		13,494,327		253,153,583
JPMorgan Intrepid America Fund Class R6 Shares (a)		7,803,017		251,725,334
JPMorgan Mid Cap Equity Fund Class R6 Shares (a)		3,168,356		131,550,132
JPMorgan Small Cap Equity Fund Class R6 Shares (a)		737,314		35,966,177
JPMorgan Small Cap Growth Fund Class R6 Shares* (a)		2,037,087		31,982,265
JPMorgan Small Cap Value Fund Class R6 Shares (a)		1,114,388		25,552,926
JPMorgan U.S. Equity Fund Class R6 Shares (a)		24,078,877		325,305,630
JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a)		17,437,397		410,650,703

INVESTMENTS	SHARES		VALUE($)
U.S. Equity — continued
JPMorgan Value Advantage Fund Class R6 Shares (a)		8,073,125		246,311,033
Total U.S. Equity				1,712,197,783
Total Investment Companies (Cost $3,895,755,063)				3,885,377,789
	PRINCIPAL AMOUNT($)
U.S. Treasury Obligations — 1.0%
U.S. Treasury Notes 1.13%, 1/31/2019 (b) (Cost $39,642,146)		39,668,000		39,630,056
	SHARES
Short-Term Investments — 1.9%
Investment Companies — 1.9%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (a) (c) (Cost $76,176,210)		76,176,210		76,176,210
Total Investments — 100.1% (Cost $4,011,573,419)				4,001,184,055
Liabilities in Excess of Other Assets — (0.1%)				(5,945,627	)
NET ASSETS — 100.0%				3,995,238,428

Percentages indicated are based on net assets.

(a)	Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and 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 December 31, 2018.
*	Non-income producing security.

Detailed information about investment portfolios of the underlying funds 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 certified portfolio holdings filed quarterly on Form N-Q, 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.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 JPMORGAN SMARTRETIREMENT FUNDS 37

JPMorgan SmartRetirement 2045 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

Futures contracts outstanding as of December 31, 2018:
DESCRIPTION	NUMBER OF CONTRACTS			EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION)($)
Long Contracts
Australia 10 Year Bond		463			03/2019		AUD		43,267,167			437,588
S&P 500 E-Mini Index		1,266			03/2019		USD		158,439,900			(8,041,545	)
U.S. Treasury 10 Year Note		896			03/2019		USD		109,354,000			2,609,028
												(4,994,929	)
Short Contracts
Hang Seng Index		(125	)		01/2019		HKD		(20,625,245	)		(473,300	)
EURO STOXX 50 Index		(2,345	)		03/2019		EUR		(79,775,573	)		2,938,178
Euro-Bund		(447	)		03/2019		EUR		(83,757,051	)		(553,506	)
MSCI Emerging Markets E-Mini Index		(986	)		03/2019		USD		(47,668,170	)		828,524
S&P/TSX 60 Index		(157	)		03/2019		CAD		(19,637,650	)		683,561
SPI 200 Index		(205	)		03/2019		AUD		(20,098,356	)		(170,048	)
												3,253,409
												(1,741,520	)

Abbreviations

AUD	Australian Dollar
CAD	Canadian Dollar
EUR	Euro
HKD	Hong Kong Dollar
MSCI	Morgan Stanley Capital International
SPI	Australian Securities Exchange
TSX	Toronto Stock Exchange
USD	United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

38 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2018

JPMorgan SmartRetirement 2050 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited)

INVESTMENTS	SHARES		VALUE($)
Investment Companies — 97.1%
Alternative Assets — 5.0%
JPMorgan Realty Income Fund Class R6 Shares (a)		14,590,954		176,404,639
Fixed Income — 16.2%
JPMorgan Core Bond Fund Class R6 Shares (a)		15,488,646		174,711,927
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		15,490,868		124,236,759
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		4,068,720		30,678,147
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		3,346,523		25,333,177
JPMorgan High Yield Fund Class R6 Shares (a)		19,249,252		130,702,423
JPMorgan Managed Income Fund Class L Shares (a)		8,212,504		82,125,037
Total Fixed Income				567,787,470
International Equity — 33.0%
JPMorgan Emerging Economies Fund Class R6 Shares (a)		9,985,283		116,128,839
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a)		6,103,163		152,151,849
JPMorgan International Advantage Fund Class R6 Shares (a)		16,178,700		293,319,834
JPMorgan International Equity Fund Class R6 Shares (a)		20,544,861		298,311,380
JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a)		19,130,039		297,089,512
Total International Equity				1,157,001,414
U.S. Equity — 42.9%
JPMorgan Growth Advantage Fund Class R6 Shares* (a)		11,624,034		218,066,880
JPMorgan Intrepid America Fund Class R6 Shares (a)		6,826,789		220,232,204
JPMorgan Mid Cap Equity Fund Class R6 Shares (a)		2,654,784		110,226,629
JPMorgan Small Cap Equity Fund Class R6 Shares (a)		579,360		28,261,173
JPMorgan Small Cap Growth Fund Class R6 Shares* (a)		1,673,815		26,278,890
JPMorgan Small Cap Value Fund Class R6 Shares (a)		1,339,091		30,705,358
JPMorgan U.S. Equity Fund Class R6 Shares (a)		21,268,542		287,338,002
JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a)		15,253,569		359,221,547

INVESTMENTS	SHARES		VALUE($)
U.S. Equity — continued
JPMorgan Value Advantage Fund Class R6 Shares (a)		7,291,695		222,469,625
Total U.S. Equity				1,502,800,308
Total Investment Companies (Cost $3,419,054,388)				3,403,993,831
	PRINCIPAL AMOUNT($)
U.S. Treasury Obligations — 1.0%
U.S. Treasury Notes 1.13%, 1/31/2019 (b) (Cost $34,978,990)		35,002,000		34,968,519
	SHARES
Short-Term Investments — 2.1%
Investment Companies — 2.1%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (a) (c) (Cost $73,052,239)		73,052,239		73,052,239
Total Investments — 100.2% (Cost $3,527,085,617)				3,512,014,589
Liabilities in Excess of Other Assets — (0.2%)				(5,861,810	)
NET ASSETS — 100.0%				3,506,152,779

Percentages indicated are based on net assets.

(a)	Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and 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 December 31, 2018.
*	Non-income producing security.

Detailed information about investment portfolios of the underlying funds 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 certified portfolio holdings filed quarterly on Form N-Q, 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.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 JPMORGAN SMARTRETIREMENT FUNDS 39

JPMorgan SmartRetirement 2050 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

Futures contracts outstanding as of December 31, 2018:
DESCRIPTION	NUMBER OF CONTRACTS			EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION)($)
Long Contracts
Australia 10 Year Bond		405			03/2019		AUD		37,847,090			382,771
S&P 500 E-Mini Index		1,162			03/2019		USD		145,424,300			(6,944,529	)
U.S. Treasury 10 Year Note		751			03/2019		USD		91,657,203			2,186,808
												(4,374,950	)
Short Contracts
Hang Seng Index		(109	)		01/2019		HKD		(17,985,214	)		(412,721	)
EURO STOXX 50 Index		(2,047	)		03/2019		EUR		(69,637,782	)		2,564,802
Euro-Bund		(391	)		03/2019		EUR		(73,263,997	)		(484,162	)
MSCI Emerging Markets E-Mini Index		(611	)		03/2019		USD		(29,538,795	)		513,285
S&P/TSX 60 Index		(137	)		03/2019		CAD		(17,136,039	)		596,482
SPI 200 Index		(179	)		03/2019		AUD		(17,549,296	)		(148,491	)
												2,629,195
												(1,745,755	)

Abbreviations

AUD	AustralianDollar
CAD	CanadianDollar
EUR	Euro
HKD	HongKong Dollar
MSCI	MorganStanley Capital International
SPI	AustralianSecurities Exchange
TSX	TorontoStock Exchange
USD	UnitedStates Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

40 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2018

JPMorgan SmartRetirement 2055 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited)

INVESTMENTS	SHARES		VALUE($)
Investment Companies — 97.0%
Alternative Assets — 5.1%
JPMorgan Realty Income Fund Class R6 Shares (a)		6,257,855		75,657,461
Fixed Income — 16.5%
JPMorgan Core Bond Fund Class R6 Shares (a)		6,363,342		71,778,501
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		6,364,067		51,039,814
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		1,736,038		13,089,726
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		1,190,984		9,015,746
JPMorgan High Yield Fund Class R6 Shares (a)		7,868,523		53,427,274
JPMorgan Managed Income Fund Class L Shares (a)		4,801,305		48,013,053
Total Fixed Income				246,364,114
International Equity — 32.4%
JPMorgan Emerging Economies Fund Class R6 Shares (a)		4,113,266		47,837,280
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a)		2,407,966		60,030,589
JPMorgan International Advantage Fund Class R6 Shares (a)		6,841,409		124,034,740
JPMorgan International Equity Fund Class R6 Shares (a)		8,689,228		126,167,584
JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a)		8,075,820		125,417,489
Total International Equity				483,487,682
U.S. Equity — 43.0%
JPMorgan Growth Advantage Fund Class R6 Shares* (a)		4,988,192		93,578,478
JPMorgan Intrepid America Fund Class R6 Shares (a)		2,850,462		91,955,906
JPMorgan Mid Cap Equity Fund Class R6 Shares (a)		1,115,888		46,331,671
JPMorgan Small Cap Equity Fund Class R6 Shares (a)		262,510		12,805,215
JPMorgan Small Cap Growth Fund Class R6 Shares* (a)		712,984		11,193,846
JPMorgan Small Cap Value Fund Class R6 Shares (a)		523,271		11,998,593
JPMorgan U.S. Equity Fund Class R6 Shares (a)		9,430,441		127,405,253
JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a)		6,531,679		153,821,052

INVESTMENTS	SHARES		VALUE($)
U.S. Equity — continued
JPMorgan Value Advantage Fund Class R6 Shares (a)		3,051,539		93,102,463
Total U.S. Equity				642,192,477
Total Investment Companies (Cost $1,534,597,913)				1,447,701,734
	PRINCIPAL AMOUNT($)
U.S. Treasury Obligations — 0.9%
U.S. Treasury Notes 1.13%, 1/31/2019 (b) (Cost $13,301,165)		13,310,000		13,297,268
	SHARES
Short-Term Investments — 2.1%
Investment Companies — 2.1%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (a) (c) (Cost $31,463,652)		31,463,652		31,463,652
Total Investments — 100.0% (Cost $1,579,362,730)				1,492,462,654
Liabilities in Excess of Other Assets — 0.0% (d)				(711,633	)
NET ASSETS — 100.0%				1,491,751,021

Percentages indicated are based on net assets.

(a)	Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and 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 December 31, 2018.
(d)	Amount rounds to less than 0.1% of net assets.
*	Non-income producing security.

Detailed information about investment portfolios of the underlying funds 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 certified portfolio holdings filed quarterly on Form N-Q, 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.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 JPMORGAN SMARTRETIREMENT FUNDS 41

JPMorgan SmartRetirement 2055 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

Futures contracts outstanding as of December 31, 2018:
DESCRIPTION	NUMBER OF CONTRACTS			EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION)($)
Long Contracts
Australia 10 Year Bond		167			03/2019		AUD		15,606,084			157,834
S&P 500 E-Mini Index		471			03/2019		USD		58,945,650			(3,439,141	)
U.S. Treasury 10 Year Note		344			03/2019		USD		41,984,125			1,001,680
												(2,279,627	)
Short Contracts
Hang Seng Index		(46	)		01/2019		HKD		(7,590,090	)		(174,173	)
EURO STOXX 50 Index		(834	)		03/2019		EUR		(28,372,208	)		1,044,968
Euro-Bund		(161	)		03/2019		EUR		(30,167,529	)		(199,361	)
MSCI Emerging Markets E-Mini Index		(138	)		03/2019		USD		(6,671,610	)		115,699
S&P/TSX 60 Index		(58	)		03/2019		CAD		(7,254,673	)		252,525
SPI 200 Index		(75	)		03/2019		AUD		(7,353,057	)		(62,211	)
												977,447
												(1,302,180	)

Abbreviations

AUD	Australian Dollar
CAD	Canadian Dollar
EUR	Euro
HKD	Hong Kong Dollar
MSCI	Morgan Stanley Capital International
SPI	Australian Securities Exchange
TSX	Toronto Stock Exchange
USD	United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

42 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2018

JPMorgan SmartRetirement 2060 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited)

INVESTMENTS	SHARES		VALUE($)
Investment Companies — 95.1%
Alternative Assets — 5.0%
JPMorgan Realty Income Fund Class R6 Shares (a)		434,735		5,255,945
Fixed Income — 15.7%
JPMorgan Core Bond Fund Class R6 Shares (a)		454,747		5,129,541
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		435,577		3,493,326
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		79,558		599,868
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		85,737		649,033
JPMorgan High Yield Fund Class R6 Shares (a)		533,825		3,624,672
JPMorgan Managed Income Fund Class L Shares (a)		320,271		3,202,708
Total Fixed Income				16,699,148
International Equity — 31.6%
JPMorgan Emerging Economies Fund Class R6 Shares (a)		262,576		3,053,758
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a)		154,755		3,858,042
JPMorgan International Advantage Fund Class R6 Shares (a)		490,027		8,884,188
JPMorgan International Equity Fund Class R6 Shares (a)		613,355		8,905,915
JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a)		572,628		8,892,910
Total International Equity				33,594,813
U.S. Equity — 42.8%
JPMorgan Growth Advantage Fund Class R6 Shares* (a)		360,532		6,763,588
JPMorgan Intrepid America Fund Class R6 Shares (a)		205,521		6,630,092
JPMorgan Mid Cap Equity Fund Class R6 Shares (a)		77,398		3,213,544
JPMorgan Small Cap Equity Fund Class R6 Shares (a)		17,278		842,803
JPMorgan Small Cap Growth Fund Class R6 Shares* (a)		52,147		818,708
JPMorgan Small Cap Value Fund Class R6 Shares (a)		31,139		714,027
JPMorgan U.S. Equity Fund Class R6 Shares (a)		652,094		8,809,789
JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a)		454,848		10,711,674
JPMorgan Value Advantage Fund Class R6 Shares (a)		229,005		6,986,934
Total U.S. Equity				45,491,159
Total Investment Companies (Cost $115,967,996)				101,041,065

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
U.S. Treasury Obligations — 0.7%
U.S. Treasury Notes 1.13%, 1/31/2019 (b) (Cost $765,399)		766,000		765,267
	SHARES
Short-Term Investments — 4.6%
Investment Companies — 4.6%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (a) (c) (Cost $4,909,958)		4,909,958		4,909,958
Total Investments – 100.4% (Cost $121,643,353)				106,716,290
Liabilities in Excess of Other Assets – (0.4%)				(467,440	)
NET ASSETS – 100.0%				106,248,850

Percentages indicated are based on net assets.

(a)	Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and 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 December 31, 2018.
*	Non-income producing security.

Detailed information about investment portfolios of the underlying funds 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 certified portfolio holdings filed quarterly on Form N-Q, 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.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 JPMORGAN SMARTRETIREMENT FUNDS 43

JPMorgan SmartRetirement 2060 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

Futures contracts outstanding as of December 31, 2018:
DESCRIPTION	NUMBER OF CONTRACTS			EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION)($)
Long Contracts
Australia 10 Year Bond		11			03/2019		AUD		1,027,946			10,396
MSCI Emerging Markets E-Mini Index		6			03/2019		USD		290,070			(6,072	)
S&P 500 E-Mini Index		42			03/2019		USD		5,256,300			(240,050	)
U.S. Treasury 10 Year Note		25			03/2019		USD		3,051,172			71,836
												(163,890	)
Short Contracts
Hang Seng Index		(3	)		01/2019		HKD		(495,006	)		(11,361	)
EURO STOXX 50 Index		(52	)		03/2019		EUR		(1,769,011	)		65,154
Euro-Bund		(10	)		03/2019		EUR		(1,873,760	)		(12,383	)
S&P/TSX 60 Index		(4	)		03/2019		CAD		(500,322	)		17,415
SPI 200 Index		(5	)		03/2019		AUD		(490,204	)		(4,146	)
												54,679
												(109,211	)

Abbreviations

AUD	Australian Dollar
CAD	Canadian Dollar
EUR	Euro
HKD	Hong Kong Dollar
MSCI	Morgan Stanley Capital International
SPI	Australian Securities Exchange
TSX	Toronto Stock Exchange
USD	United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

44 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2018

THIS PAGE IS INTENTIONALLY LEFT BLANK

DECEMBER 31, 2018 JPMORGAN SMARTRETIREMENT FUNDS 45

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2018 (Unaudited)

	JPMorgan SmartRetirement Income Fund		JPMorgan SmartRetirement 2020 Fund		JPMorgan SmartRetirement 2025 Fund
ASSETS:
Investments in non-affiliates, at value	$	109,048,507	$	117,884,925	$	62,462,731
Investments in affiliates, at value		3,377,894,210		5,955,205,132		7,039,383,724
Cash		6,796		10,398		—
Receivables:
Fund shares sold		9,425,404		9,322,913		13,489,073
Interest from non-affiliates		78,975		76,197		152,973
Dividends from affiliates		175,980		161,825		182,005
Variation margin on futures contracts		4,457,422		8,121,514		10,250,783
Due from Adviser		42,423		69,452		79,379
Total Assets		3,501,129,717		6,090,852,356		7,126,000,668
LIABILITIES:
Payables:
Due to custodian		—		—		50,531
Distributions		1,812,501		2,990,944		5,044,535
Fund shares redeemed		17,479,143		37,811,355		51,174,452
Accrued liabilities:
Distribution fees		294,140		440,008		507,450
Service fees		232,991		499,719		599,349
Custodian and accounting fees		46,743		56,592		56,066
Trustees’ and Chief Compliance Officer’s fees		152		—		—
Other		178,666		184,569		176,102
Total Liabilities		20,044,336		41,983,187		57,608,485
Net Assets	$	3,481,085,381	$	6,048,869,169	$	7,068,392,183

SEE NOTES TO FINANCIAL STATEMENTS.

46 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2018

	JPMorgan SmartRetirement Income Fund			JPMorgan SmartRetirement 2020 Fund			JPMorgan SmartRetirement 2025 Fund
NET ASSETS:
Paid-in-Capital	$	3,283,436,205		$	5,744,591,196		$	6,878,162,149
Total distributable earnings (loss) (a)		197,649,176			304,277,973			190,230,034
Total Net Assets	$	3,481,085,381		$	6,048,869,169		$	7,068,392,183
Net Assets:
Class A	$	956,548,174		$	1,365,909,202		$	1,604,367,562
Class C		24,705,976			31,472,536			34,334,759
Class I		397,762,939			696,000,868			773,523,845
Class R2		155,718,729			268,016,004			298,262,089
Class R3		16,286,530			22,141,027			34,312,623
Class R4		17,207,058			38,433,814			28,594,108
Class R5		1,061,638,298			2,106,328,746			2,374,970,701
Class R6		851,217,677			1,520,566,972			1,920,026,496
Total	$	3,481,085,381		$	6,048,869,169		$	7,068,392,183
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		57,144,810			77,757,310			92,962,121
Class C		1,481,832			1,799,529			1,996,922
Class I		23,718,317			39,482,848			44,716,054
Class R2		9,322,959			15,303,104			17,345,647
Class R3		976,357			1,264,526			1,994,909
Class R4		1,027,573			2,184,499			1,656,617
Class R5		63,186,797			119,343,956			137,138,697
Class R6		50,670,696			86,133,925			110,851,728
Net Asset Value (b):
Class A — Redemption price per share	$	16.74		$	17.57		$	17.26
Class C — Offering price per share (c)		16.67			17.49			17.19
Class I — Offering and redemption price per share		16.77			17.63			17.30
Class R2 — Offering and redemption price per share		16.70			17.51			17.20
Class R3 — Offering and redemption price per share		16.68			17.51			17.20
Class R4 — Offering and redemption price per share		16.75			17.59			17.26
Class R5 — Offering and redemption price per share		16.80			17.65			17.32
Class R6 — Offering and redemption price per share		16.80			17.65			17.32
Class A maximum sales charge		4.50	%		4.50	%		4.50	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	17.53		$	18.40		$	18.07
Cost of investments in non-affiliates	$	110,726,805		$	120,354,900		$	63,589,080
Cost of investments in affiliates		3,211,783,020			5,711,914,831			6,953,860,711

(a) Total distributable earnings have been aggregated to conform to the current presentation requirements for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 8.

(b) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

(c) Redemption price for Class C Shares varies based upon length of time the shares are held.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 JPMORGAN SMARTRETIREMENT FUNDS 47

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

	JPMorgan SmartRetirement 2030 Fund		JPMorgan SmartRetirement 2035 Fund		JPMorgan SmartRetirement 2040 Fund
ASSETS:
Investments in non-affiliates, at value	$	41,173,578	$	59,140,376	$	59,050,462
Investments in affiliates, at value		7,664,864,207		5,832,916,778		5,735,411,484
Receivables:
Fund shares sold		13,485,260		10,664,568		12,739,292
Interest from non-affiliates		194,026		278,692		278,269
Dividends from affiliates		240,491		285,487		277,551
Variation margin on futures contracts		10,735,696		13,300,541		13,104,529
Due from Adviser		85,633		69,434		70,550
Total Assets		7,730,778,891		5,916,655,876		5,820,932,137
LIABILITIES:
Payables:
Due to custodian		133,633		105,931		78,666
Distributions		5,578,965		5,014,205		4,983,478
Fund shares redeemed		50,867,090		36,761,345		36,029,558
Accrued liabilities:
Distribution fees		586,442		427,007		414,907
Service fees		667,215		493,315		492,331
Custodian and accounting fees		63,926		60,042		58,782
Trustees’ and Chief Compliance Officer’s fees		64		—		—
Other		203,230		147,806		146,560
Total Liabilities		58,100,565		43,009,651		42,204,282
Net Assets	$	7,672,678,326	$	5,873,646,225	$	5,778,727,855

SEE NOTES TO FINANCIAL STATEMENTS.

48 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2018

	JPMorgan SmartRetirement 2030 Fund			JPMorgan SmartRetirement 2035 Fund			JPMorgan SmartRetirement 2040 Fund
NET ASSETS:
Paid-in-Capital	$	7,245,109,553		$	5,663,236,484		$	5,402,431,995
Total distributable earnings (loss) (a)		427,568,773			210,409,741			376,295,860
Total Net Assets	$	7,672,678,326		$	5,873,646,225		$	5,778,727,855
Net Assets:
Class A	$	1,759,216,128		$	1,295,662,625		$	1,247,626,287
Class C		32,835,945			20,277,822			20,601,529
Class I		826,807,933			582,319,448			593,976,005
Class R2		403,378,957			282,085,260			281,781,794
Class R3		31,396,008			31,639,441			24,917,571
Class R4		47,666,457			30,709,473			34,416,549
Class R5		2,545,387,415			1,883,352,040			1,910,744,193
Class R6		2,025,989,483			1,747,600,116			1,664,663,927
Total	$	7,672,678,326		$	5,873,646,225		$	5,778,727,855
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		94,555,416			72,167,503			64,939,257
Class C		1,781,807			1,139,093			1,087,705
Class I		44,320,424			32,267,371			30,821,837
Class R2		21,762,453			15,760,576			14,745,075
Class R3		1,691,918			1,768,943			1,300,303
Class R4		2,559,513			1,704,670			1,789,451
Class R5		136,096,676			104,286,193			98,890,222
Class R6		108,350,855			96,762,235			86,161,915
Net Asset Value (b):
Class A — Redemption price per share	$	18.61		$	17.95		$	19.21
Class C — Offering price per share (c)		18.43			17.80			18.94
Class I — Offering and redemption price per share		18.66			18.05			19.27
Class R2 — Offering and redemption price per share		18.54			17.90			19.11
Class R3 — Offering and redemption price per share		18.56			17.89			19.16
Class R4 — Offering and redemption price per share		18.62			18.01			19.23
Class R5 — Offering and redemption price per share		18.70			18.06			19.32
Class R6 — Offering and redemption price per share		18.70			18.06			19.32
Class A maximum sales charge		4.50	%		4.50	%		4.50	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	19.49		$	18.80		$	20.12
Cost of investments in non-affiliates	$	41,186,603		$	59,158,390		$	59,068,614
Cost of investments in affiliates		7,380,942,306			5,768,198,262			5,504,122,532

(a) Total distributable earnings have been aggregated to conform to the current presentation requirements for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 8.

(b) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

(c) Redemption price for Class C Shares varies based upon length of time the shares are held.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 JPMORGAN SMARTRETIREMENT FUNDS 49

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

	JPMorgan SmartRetirement 2045 Fund		JPMorgan SmartRetirement 2050 Fund		JPMorgan SmartRetirement 2055 Fund		JPMorgan SmartRetirement 2060 Fund
ASSETS:
Investments in non-affiliates, at value	$	39,630,056	$	34,968,519	$	13,297,268	$	765,267
Investments in affiliates, at value		3,961,553,999		3,477,046,070		1,479,165,386		105,951,023
Cash		—		—		—		371
Receivables:
Fund shares sold		8,500,692		9,910,512		5,562,835		823,531
Interest from non-affiliates		186,752		164,785		62,662		3,606
Dividends from affiliates		189,100		191,915		111,441		7,623
Variation margin on futures contracts		11,663,183		10,037,960		4,744,399		331,536
Due from Adviser		52,394		49,402		31,790		7,708
Other assets		—		—		77,274		—
Total Assets		4,021,776,176		3,532,369,163		1,503,053,055		107,890,665
LIABILITIES:
Payables:
Due to custodian		70,008		65,148		49,049		—
Distributions		3,970,914		3,985,651		1,313,088		77,381
Investment securities purchased		—		—		—		865,504
Fund shares redeemed		21,754,941		21,520,640		9,628,954		621,059
Accrued liabilities:
Distribution fees		275,629		245,083		105,091		6,205
Service fees		321,152		294,969		114,913		4,628
Custodian and accounting fees		56,783		56,654		42,614		33,095
Trustees’ and Chief Compliance Officer’s fees		17		91		10		3,478
Other		88,304		48,148		48,315		30,465
Total Liabilities		26,537,748		26,216,384		11,302,034		1,641,815
Net Assets	$	3,995,238,428	$	3,506,152,779	$	1,491,751,021	$	106,248,850

SEE NOTES TO FINANCIAL STATEMENTS.

50 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2018

	JPMorgan SmartRetirement 2045 Fund			JPMorgan SmartRetirement 2050 Fund			JPMorgan SmartRetirement 2055 Fund			JPMorgan SmartRetirement 2060 Fund
NET ASSETS:
Paid-in-Capital	$	3,889,658,715		$	3,429,653,894		$	1,533,939,757		$	118,189,367
Total distributable earnings (loss) (a)		105,579,713			76,498,885			(42,188,736	)		(11,940,517	)
Total Net Assets	$	3,995,238,428		$	3,506,152,779		$	1,491,751,021		$	106,248,850
Net Assets:
Class A	$	830,657,194		$	712,676,717		$	290,213,717		$	18,325,646
Class C		12,065,522			12,845,406			3,856,733			528,676
Class I		385,574,034			372,338,166			129,521,910			8,593,015
Class R2		186,338,154			178,266,406			87,361,335			2,704,866
Class R3		19,074,033			19,508,040			7,355,332			1,522,369
Class R4		12,282,190			24,251,887			5,062,599			910,782
Class R5		1,268,377,498			1,135,806,122			461,624,110			22,179,331
Class R6		1,280,869,803			1,050,460,035			506,755,285			51,484,165
Total	$	3,995,238,428		$	3,506,152,779		$	1,491,751,021		$	106,248,850
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		45,316,282			38,812,956			14,032,081			1,160,909
Class C		663,930			706,437			187,426			33,586
Class I		20,959,441			20,203,375			6,250,509			543,516
Class R2		10,204,386			9,747,826			4,232,045			171,473
Class R3		1,044,008			1,065,617			356,542			96,411
Class R4		669,019			1,317,933			244,622			57,621
Class R5		68,876,814			61,529,417			22,260,523			1,403,282
Class R6		69,568,799			56,885,019			24,429,295			3,253,257
Net Asset Value (b):
Class A — Redemption price per share	$	18.33		$	18.36		$	20.68		$	15.79
Class C — Offering price per share (c)		18.17			18.18			20.58			15.74
Class I — Offering and redemption price per share		18.40			18.43			20.72			15.81
Class R2 — Offering and redemption price per share		18.26			18.29			20.64			15.77
Class R3 — Offering and redemption price per share		18.27			18.31			20.63			15.79
Class R4 — Offering and redemption price per share		18.36			18.40			20.70			15.81
Class R5 — Offering and redemption price per share		18.42			18.46			20.74			15.81
Class R6 — Offering and redemption price per share		18.41			18.47			20.74			15.83
Class A maximum sales charge		4.50	%		4.50	%		4.50	%		4.50	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	19.19		$	19.23		$	21.65		$	16.53
Cost of investments in non-affiliates	$	39,642,146		$	34,978,990		$	13,301,165		$	765,399
Cost of investments in affiliates		3,971,931,273			3,492,106,627			1,566,061,565			120,877,954

(a) Total distributable earnings have been aggregated to conform to the current presentation requirements for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 8.

(b) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

(c) Redemption price for Class C Shares varies based upon length of time the shares are held.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 JPMORGAN SMARTRETIREMENT FUNDS 51

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited)

	JPMorgan SmartRetirement Income Fund			JPMorgan SmartRetirement 2020 Fund			JPMorgan SmartRetirement 2025 Fund
INVESTMENT INCOME:
Dividend income from non-affiliates	$	1,605,476		$	1,822,808		$	497,759
Dividend income from affiliates		61,364,680			107,653,424			127,089,280
Interest income from non-affiliates		160,913			197,165			353,084
Interest income from affiliates		7			24			74
Total investment income		63,131,076			109,673,421			127,940,197
EXPENSES:
Distribution fees:
Class A		1,325,884			1,896,100			2,203,188
Class C		100,270			128,460			142,455
Class R2		444,283			786,767			859,859
Class R3		20,261			26,518			41,505
Service fees:
Class A		1,325,884			1,896,100			2,203,188
Class C		33,423			42,820			47,485
Class I		551,020			955,682			1,062,389
Class R2		222,141			393,384			429,929
Class R3		20,261			26,518			41,505
Class R4		21,644			45,976			33,034
Class R5		604,358			1,179,118			1,319,982
Custodian and accounting fees		16,638			16,404			17,601
Interest expense to affiliates		—			1,689			—
Professional fees		33,222			46,732			52,873
Trustees’ and Chief Compliance Officer’s fees		20,497			25,902			27,387
Printing and mailing costs		89,714			150,429			172,322
Registration and filing fees		61,008			105,408			108,058
Transfer agency fees (See Note 2.G.)		97,445			90,832			97,138
Other		40,218			61,281			68,831
Total expenses		5,028,171			7,876,120			8,928,729
Less fees waived		(1,239,067	)		(1,304,857	)		(1,278,433	)
Less expense reimbursements		(253,954	)		(393,864	)		(435,237	)
Net expenses		3,535,150			6,177,399			7,215,059
Net investment income (loss)		59,595,926			103,496,022			120,725,138
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(150,350	)		(418,909	)		(4,281	)
Investments in affiliates		8,376,280			13,458,418			(7,320,147	)
Futures contracts		(5,564,726	)		(12,283,280	)		(19,421,258	)
Foreign currency transactions		(35,025	)		(88,154	)		(103,538	)
Net realized gain (loss)		2,626,179			668,075			(26,849,224	)
Distributions of capital gains received from investment company affiliates		69,836,038			152,810,438			215,976,044
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(2,875,971	)		(3,004,926	)		(870,627	)
Investments in affiliates		(262,426,415	)		(545,349,446	)		(746,500,112	)
Futures contracts		5,931,911			11,239,405			12,954,174
Foreign currency translations		899			(15,623	)		(16,568	)
Change in net unrealized appreciation/depreciation		(259,369,576	)		(537,130,590	)		(734,433,133	)
Net realized/unrealized gains (losses)		(186,907,359	)		(383,652,077	)		(545,306,313	)
Change in net assets resulting from operations	$	(127,311,433	)	$	(280,156,055	)	$	(424,581,175	)

SEE NOTES TO FINANCIAL STATEMENTS.

52 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2018

	JPMorgan SmartRetirement 2030 Fund			JPMorgan SmartRetirement 2035 Fund			JPMorgan SmartRetirement 2040 Fund
INVESTMENT INCOME:
Dividend income from affiliates	$	138,117,287		$	104,622,040		$	102,442,311
Interest income from non-affiliates		390,391			570,498			568,571
Interest income from affiliates		101			211			102
Total investment income		138,507,779			105,192,749			103,010,984
EXPENSES:
Distribution fees:
Class A		2,441,089			1,811,494			1,749,970
Class C		138,734			83,979			85,425
Class R2		1,154,128			836,473			841,054
Class R3		38,433			38,356			30,215
Service fees:
Class A		2,441,089			1,811,494			1,749,970
Class C		46,245			27,993			28,475
Class I		1,149,187			825,471			854,624
Class R2		577,064			418,237			420,527
Class R3		38,433			38,356			30,215
Class R4		57,901			36,476			43,473
Class R5		1,410,552			1,051,478			1,073,007
Custodian and accounting fees		14,691			17,043			15,287
Professional fees		58,361			47,787			48,289
Trustees’ and Chief Compliance Officer’s fees		29,440			24,769			25,108
Printing and mailing costs		198,608			142,920			146,008
Registration and filing fees		107,811			101,075			102,344
Transfer agency fees (See Note 2.G.)		107,222			91,583			95,082
Other		77,880			80,745			82,526
Total expenses		10,086,868			7,485,729			7,421,599
Less fees waived		(1,412,764	)		(983,355	)		(963,333	)
Less expense reimbursements		(470,599	)		(382,905	)		(385,752	)
Net expenses		8,203,505			6,119,469			6,072,514
Net investment income (loss)		130,304,274			99,073,280			96,938,470
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in affiliates		(948,694	)		5,100,677			2,956,682
Futures contracts		(21,006,485	)		(29,346,797	)		(29,658,941	)
Foreign currency transactions		(116,614	)		(219,907	)		(186,367	)
Net realized gain (loss)		(22,071,793	)		(24,466,027	)		(26,888,626	)
Distributions of capital gains received from investment company affiliates		275,869,585			233,969,690			254,201,912
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		55,116			74,511			75,405
Investments in affiliates		(951,178,259	)		(812,864,031	)		(874,611,539	)
Futures contracts		10,428,352			13,080,534			13,228,004
Foreign currency translations		(16,118	)		(10,412	)		(70,306	)
Change in net unrealized appreciation/depreciation		(940,710,909	)		(799,719,398	)		(861,378,436	)
Net realized/unrealized gains (losses)		(686,913,117	)		(590,215,735	)		(634,065,150	)
Change in net assets resulting from operations	$	(556,608,843	)	$	(491,142,455	)	$	(537,126,680	)

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 JPMORGAN SMARTRETIREMENT FUNDS 53

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited) (continued)

	JPMorgan SmartRetirement 2045 Fund			JPMorgan SmartRetirement 2050 Fund			JPMorgan SmartRetirement 2055 Fund			JPMorgan SmartRetirement 2060 Fund
INVESTMENT INCOME:
Dividend income from affiliates	$	71,141,422		$	62,360,633		$	25,999,023		$	1,754,676
Interest income from non-affiliates		382,120			338,396			129,194			7,029
Interest income from affiliates		127			11			7			—
Total investment income		71,523,669			62,699,040			26,128,224			1,761,705
EXPENSES:
Distribution fees:
Class A		1,168,074			987,575			387,755			20,197
Class C		50,524			53,209			15,640			1,647
Class R2		553,711			510,726			250,260			6,993
Class R3		22,695			23,884			8,593			1,602
Service fees:
Class A		1,168,074			987,575			387,755			20,197
Class C		16,841			17,737			5,213			549
Class I		561,091			544,412			191,054			10,093
Class R2		276,856			255,363			125,130			3,496
Class R3		22,695			23,884			8,593			1,602
Class R4		14,921			31,031			6,037			730
Class R5		705,712			631,577			241,637			10,257
Custodian and accounting fees		16,750			16,989			10,975			13,641
Professional fees		36,966			34,980			25,471			17,413
Trustees’ and Chief Compliance Officer’s fees		21,091			19,974			15,549			12,388
Printing and mailing costs		97,479			82,605			46,154			3,392
Registration and filing fees		82,746			82,771			67,770			27,567
Transfer agency fees (See Note 2.G.)		75,010			66,948			41,698			8,762
Other		53,395			47,148			23,678			5,059
Total expenses		4,944,631			4,418,388			1,858,962			165,585
Less fees waived		(651,094	)		(562,297	)		(231,356	)		(17,005	)
Less expense reimbursements		(291,132	)		(268,781	)		(180,222	)		(80,768	)
Net expenses		4,002,405			3,587,310			1,447,384			67,812
Net investment income (loss)		67,521,264			59,111,730			24,680,840			1,693,893
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in affiliates		(5,308,878	)		(6,524,937	)		(1,977,517	)		(34,960	)
Futures contracts		(20,303,148	)		(18,897,528	)		(7,837,611	)		(552,939	)
Foreign currency transactions		(98,532	)		(108,622	)		(40,425	)		(2,074	)
Net realized gain (loss)		(25,710,558	)		(25,531,087	)		(9,855,553	)		(589,973	)
Distributions of capital gains received from investment company affiliates		183,737,712			158,653,739			66,276,592			4,574,643
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		50,047			42,956			15,819			474
Investments in affiliates		(619,448,006	)		(537,247,642	)		(224,109,381	)		(15,533,937	)
Futures contracts		8,993,289			8,105,433			2,446,518			83,175
Foreign currency translations		(50,586	)		(14,199	)		27,068			1,346
Change in net unrealized appreciation/depreciation		(610,455,256	)		(529,113,452	)		(221,619,976	)		(15,448,942	)
Net realized/unrealized gains (losses)		(452,428,102	)		(395,990,800	)		(165,198,937	)		(11,464,272	)
Change in net assets resulting from operations	$	(384,906,838	)	$	(336,879,070	)	$	(140,518,097	)	$	(9,770,379	)

SEE NOTES TO FINANCIAL STATEMENTS.

54 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2018

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

	JPMorgan SmartRetirement Income Fund						JPMorgan SmartRetirement 2020 Fund
	Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018			Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	59,595,926		$	93,935,843		$	103,496,022		$	150,832,385
Net realized gain (loss)		2,626,179			131,299,457			668,075			226,897,345
Distributions of capital gains received from investment company affiliates		69,836,038			41,950,533			152,810,438			97,694,471
Change in net unrealized appreciation/depreciation		(259,369,576	)		(83,741,603	)		(537,130,590	)		(90,405,973	)
Change in net assets resulting from operations		(127,311,433	)		183,444,230			(280,156,055	)		385,018,228
DISTRIBUTIONS TO SHAREHOLDERS: (a)
Class A		(45,570,884	)		(44,442,904	)		(70,583,420	)		(68,702,218	)
Class C		(1,099,469	)		(930,747	)		(1,502,401	)		(1,344,496	)
Class I		(19,109,339	)		(19,468,641	)		(35,990,174	)		(36,061,737	)
Class R2		(7,120,842	)		(7,011,949	)		(13,593,721	)		(13,925,833	)
Class R3		(744,618	)		(378,482	)		(1,092,830	)		(563,401	)
Class R4		(804,795	)		(221,315	)		(1,933,292	)		(279,286	)
Class R5		(51,797,949	)		(61,099,343	)		(110,761,620	)		(127,708,265	)
Class R6		(40,631,543	)		(28,533,996	)		(79,041,885	)		(51,827,831	)
Total distributions to shareholders		(166,879,439	)		(162,087,377	)		(314,499,343	)		(300,413,067	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(165,356,105	)		(545,207,998	)		(115,226,021	)		(401,451,236	)
NET ASSETS:
Change in net assets		(459,546,977	)		(523,851,145	)		(709,881,419	)		(316,846,075	)
Beginning of period		3,940,632,358			4,464,483,503			6,758,750,588			7,075,596,663
End of period	$	3,481,085,381		$	3,940,632,358		$	6,048,869,169		$	6,758,750,588

(a) The prior period distributions have been reclassified to conform to current period presentation for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 8. Prior period balances were as follows:

	JPMorgan SmartRetirement Income Fund			JPMorgan SmartRetirement 2020 Fund
Class A
From net investment income	$	(26,517,685	)	$	(35,763,808	)
From net realized gains		(17,925,219	)		(32,938,410	)
Class C
From net investment income		(480,566	)		(593,770	)
From net realized gains		(450,181	)		(750,726	)
Class I
From net investment income		(11,804,672	)		(19,279,204	)
From net realized gains		(7,663,969	)		(16,782,533	)
Class R2
From net investment income		(3,748,927	)		(6,479,019	)
From net realized gains		(3,263,022	)		(7,446,814	)
Class R3
From net investment income		(220,844	)		(295,984	)
From net realized gains		(157,638	)		(267,417	)
Class R4
From net investment income		(161,909	)		(240,143	)
From net realized gains		(59,406	)		(39,143	)
Class R5
From net investment income		(36,815,339	)		(68,171,383	)
From net realized gains		(24,284,004	)		(59,536,882	)
Class R6
From net investment income		(18,670,081	)		(30,435,902	)
From net realized gains		(9,863,915	)		(21,391,929	)

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 JPMORGAN SMARTRETIREMENT FUNDS 55

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

	JPMorgan SmartRetirement 2025 Fund						JPMorgan SmartRetirement 2030 Fund
	Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018			Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	120,725,138		$	149,810,120		$	130,304,274		$	149,055,920
Net realized gain (loss)		(26,849,224	)		207,571,152			(22,071,793	)		296,648,807
Distributions of capital gains received from investment company affiliates		215,976,044			125,972,466			275,869,585			156,644,897
Change in net unrealized appreciation/depreciation		(734,433,133	)		(7,532,736	)		(940,710,909	)		34,380,866
Change in net assets resulting from operations		(424,581,175	)		475,821,002			(556,608,843	)		636,730,490
DISTRIBUTIONS TO SHAREHOLDERS: (a)
Class A		(75,950,361	)		(73,716,010	)		(92,959,968	)		(84,490,407	)
Class C		(1,534,919	)		(1,399,326	)		(1,651,157	)		(1,351,710	)
Class I		(36,905,163	)		(37,599,373	)		(44,087,422	)		(41,996,561	)
Class R2		(13,707,444	)		(13,668,291	)		(20,764,445	)		(19,025,253	)
Class R3		(1,567,619	)		(727,257	)		(1,619,525	)		(775,978	)
Class R4		(1,320,965	)		(215,231	)		(2,499,645	)		(299,463	)
Class R5		(115,419,222	)		(124,625,390	)		(137,234,395	)		(148,050,513	)
Class R6		(92,840,188	)		(60,549,177	)		(108,948,974	)		(61,938,476	)
Total distributions to shareholders		(339,245,881	)		(312,500,055	)		(409,765,531	)		(357,928,361	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		140,329,796			178,018,290			274,680,610			42,272,197
NET ASSETS:
Change in net assets		(623,497,260	)		341,339,237			(691,693,764	)		321,074,326
Beginning of period		7,691,889,443			7,350,550,206			8,364,372,090			8,043,297,764
End of period	$	7,068,392,183		$	7,691,889,443		$	7,672,678,326		$	8,364,372,090

(a) The prior period distributions have been reclassified to conform to current period presentation for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 8. Prior period balances were as follows:

	JPMorgan SmartRetirement 2025 Fund			JPMorgan SmartRetirement 2030 Fund
Class A
From net investment income	$	(37,157,591	)	$	(38,526,620	)
From net realized gains		(36,558,419	)		(45,963,787	)
Class C
From net investment income		(577,369	)		(493,776	)
From net realized gains		(821,957	)		(857,934	)
Class I
From net investment income		(19,453,511	)		(19,834,571	)
From net realized gains		(18,145,862	)		(22,161,990	)
Class R2
From net investment income		(6,134,971	)		(7,580,676	)
From net realized gains		(7,533,320	)		(11,444,577	)
Class R3
From net investment income		(371,956	)		(356,832	)
From net realized gains		(355,301	)		(419,146	)
Class R4
From net investment income		(158,472	)		(214,424	)
From net realized gains		(56,759	)		(85,039	)
Class R5
From net investment income		(65,485,773	)		(70,394,105	)
From net realized gains		(59,139,617	)		(77,656,408	)
Class R6
From net investment income		(34,685,266	)		(32,847,808	)
From net realized gains		(25,863,911	)		(29,090,668	)

SEE NOTES TO FINANCIAL STATEMENTS.

56 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2018

	JPMorgan SmartRetirement 2035 Fund						JPMorgan SmartRetirement 2040 Fund
	Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018			Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	99,073,280		$	103,606,730		$	96,938,470		$	96,660,917
Net realized gain (loss)		(24,466,027	)		181,925,984			(26,888,626	)		206,675,725
Distributions of capital gains received from investment company affiliates		233,969,690			127,333,429			254,201,912			140,281,926
Change in net unrealized appreciation/depreciation		(799,719,398	)		81,238,618			(861,378,436	)		104,093,651
Change in net assets resulting from operations		(491,142,455	)		494,104,761			(537,126,680	)		547,712,219
DISTRIBUTIONS TO SHAREHOLDERS: (a)
Class A		(63,641,977	)		(58,292,570	)		(67,555,159	)		(59,349,908	)
Class C		(936,302	)		(806,672	)		(1,063,409	)		(861,160	)
Class I		(28,770,563	)		(29,395,894	)		(32,577,054	)		(31,158,082	)
Class R2		(13,576,579	)		(12,776,896	)		(15,038,692	)		(13,862,818	)
Class R3		(1,522,988	)		(740,076	)		(1,323,926	)		(718,818	)
Class R4		(1,474,083	)		(261,707	)		(1,849,860	)		(175,237	)
Class R5		(94,622,991	)		(99,475,492	)		(105,550,474	)		(113,260,127	)
Class R6		(87,584,710	)		(51,578,157	)		(91,609,850	)		(46,465,893	)
Total distributions to shareholders		(292,130,193	)		(253,327,464	)		(316,568,424	)		(265,852,043	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		214,134,186			268,430,062			256,976,049			69,895,262
NET ASSETS:
Change in net assets		(569,138,462	)		509,207,359			(596,719,055	)		351,755,438
Beginning of period		6,442,784,687			5,933,577,328			6,375,446,910			6,023,691,472
End of period	$	5,873,646,225		$	6,442,784,687		$	5,778,727,855		$	6,375,446,910

(a) The prior period distributions have been reclassified to conform to current period presentation for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 8. Prior period balances were as follows:

	JPMorgan SmartRetirement 2035 Fund			JPMorgan SmartRetirement 2040 Fund
Class A
From net investment income	$	(26,426,103	)	$	(24,316,297	)
From net realized gains		(31,866,467	)		(35,033,611	)
Class C
From net investment income		(283,267	)		(266,176	)
From net realized gains		(523,405	)		(594,984	)
Class I
From net investment income		(13,760,628	)		(13,348,980	)
From net realized gains		(15,635,266	)		(17,809,102	)
Class R2
From net investment income		(5,033,493	)		(4,814,759	)
From net realized gains		(7,743,403	)		(9,048,059	)
Class R3
From net investment income		(330,910	)		(283,249	)
From net realized gains		(409,166	)		(435,569	)
Class R4
From net investment income		(160,537	)		(119,237	)
From net realized gains		(101,170	)		(56,000	)
Class R5
From net investment income		(47,701,010	)		(49,427,913	)
From net realized gains		(51,774,482	)		(63,832,214	)
Class R6
From net investment income		(27,116,894	)		(22,778,099	)
From net realized gains		(24,461,263	)		(23,687,794	)

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 JPMORGAN SMARTRETIREMENT FUNDS 57

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

	JPMorgan SmartRetirement 2045 Fund						JPMorgan SmartRetirement 2050 Fund
	Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018			Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	67,521,264		$	62,386,696		$	59,111,730		$	52,721,279
Net realized gain (loss)		(25,710,558	)		104,407,726			(25,531,087	)		79,943,493
Distributions of capital gains received from investment company affiliates		183,737,712			94,178,222			158,653,739			77,694,557
Change in net unrealized appreciation/depreciation		(610,455,256	)		100,161,267			(529,113,452	)		90,235,994
Change in net assets resulting from operations		(384,906,838	)		361,133,911			(336,879,070	)		300,595,323
DISTRIBUTIONS TO SHAREHOLDERS: (a)
Class A		(40,232,574	)		(35,624,946	)		(31,980,652	)		(29,033,198	)
Class C		(541,267	)		(482,786	)		(538,633	)		(490,925	)
Class I		(18,780,108	)		(19,817,259	)		(17,001,477	)		(17,851,510	)
Class R2		(8,774,719	)		(8,457,582	)		(7,730,916	)		(7,249,601	)
Class R3		(892,467	)		(381,030	)		(850,299	)		(456,991	)
Class R4		(590,827	)		(58,846	)		(1,088,852	)		(65,852	)
Class R5		(62,583,106	)		(67,751,493	)		(52,271,404	)		(60,769,661	)
Class R6		(63,210,019	)		(33,808,786	)		(48,239,459	)		(22,138,470	)
Total distributions to shareholders		(195,605,087	)		(166,382,728	)		(159,701,692	)		(138,056,208	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		238,856,998			237,728,715			239,470,646			362,522,616
NET ASSETS:
Change in net assets		(341,654,927	)		432,479,898			(257,110,116	)		525,061,731
Beginning of period		4,336,893,355			3,904,413,457			3,763,262,895			3,238,201,164
End of period	$	3,995,238,428		$	4,336,893,355		$	3,506,152,779		$	3,763,262,895

(a) The prior period distributions have been reclassified to conform to current period presentation for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 8. Prior period balances were as follows:

	JPMorgan SmartRetirement 2045 Fund			JPMorgan SmartRetirement 2050 Fund
Class A
From net investment income	$	(15,162,383	)	$	(12,535,950	)
From net realized gains		(20,462,563	)		(16,497,248	)
Class C
From net investment income		(155,943	)		(162,514	)
From net realized gains		(326,843	)		(328,411	)
Class I
From net investment income		(8,748,682	)		(8,018,434	)
From net realized gains		(11,068,577	)		(9,833,076	)
Class R2
From net investment income		(3,045,254	)		(2,648,185	)
From net realized gains		(5,412,328	)		(4,601,416	)
Class R3
From net investment income		(162,182	)		(194,815	)
From net realized gains		(218,848	)		(262,176	)
Class R4
From net investment income		(39,254	)		(57,183	)
From net realized gains		(19,592	)		(8,669	)
Class R5
From net investment income		(30,725,103	)		(27,759,029	)
From net realized gains		(37,026,390	)		(33,010,632	)
Class R6
From net investment income		(16,953,512	)		(11,667,380	)
From net realized gains		(16,855,274	)		(10,471,090	)

SEE NOTES TO FINANCIAL STATEMENTS.

58 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2018

	JPMorgan SmartRetirement 2055 Fund						JPMorgan SmartRetirement 2060 Fund
	Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018			Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	24,680,840		$	18,896,562		$	1,693,893		$	523,917
Net realized gain (loss)		(9,855,553	)		17,848,357			(589,973	)		(303,558	)
Distributions of capital gains received from investment company affiliates		66,276,592			27,577,927			4,574,643			599,979
Change in net unrealized appreciation/depreciation		(221,619,976	)		34,116,739			(15,448,942	)		(8,544	)
Change in net assets resulting from operations		(140,518,097	)		98,439,585			(9,770,379	)		811,794
DISTRIBUTIONS TO SHAREHOLDERS: (a)
Class A		(10,575,283	)		(9,097,365	)		(444,201	)		(133,706	)
Class C		(128,010	)		(110,325	)		(11,323	)		(1,368	)
Class I		(4,826,412	)		(5,352,237	)		(215,880	)		(89,068	)
Class R2		(3,085,865	)		(2,743,161	)		(67,221	)		(14,538	)
Class R3		(260,429	)		(118,732	)		(36,039	)		(11,412	)
Class R4		(185,034	)		(26,000	)		(21,127	)		(3,023	)
Class R5		(17,363,710	)		(17,788,286	)		(571,231	)		(202,463	)
Class R6		(19,125,666	)		(9,142,621	)		(1,332,784	)		(256,690	)
Total distributions to shareholders		(55,550,409	)		(44,378,727	)		(2,699,806	)		(712,268	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		205,942,452			378,545,844			43,369,683			64,051,351
NET ASSETS:
Change in net assets		9,873,946			432,606,702			30,899,498			64,150,877
Beginning of period		1,481,877,075			1,049,270,373			75,349,352			11,198,475
End of period	$	1,491,751,021		$	1,481,877,075		$	106,248,850		$	75,349,352

(a) The prior period distributions have been reclassified to conform to current period presentation for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 8. Prior period balances were as follows:

	JPMorgan SmartRetirement 2055 Fund			JPMorgan SmartRetirement 2060 Fund
Class A
From net investment income	$	(4,389,632	)	$	(111,460	)
From net realized gains		(4,707,733	)		(22,246	)
Class C
From net investment income		(41,417	)		(1,087	)
From net realized gains		(68,908	)		(281	)
Class I
From net investment income		(2,669,783	)		(74,211	)
From net realized gains		(2,682,454	)		(14,857	)
Class R2
From net investment income		(1,137,762	)		(11,748	)
From net realized gains		(1,605,399	)		(2,790	)
Class R3
From net investment income		(57,196	)		(9,157	)
From net realized gains		(61,536	)		(2,255	)
Class R4
From net investment income		(17,847	)		(2,570	)
From net realized gains		(8,153	)		(453	)
Class R5
From net investment income		(9,067,876	)		(172,162	)
From net realized gains		(8,720,410	)		(30,301	)
Class R6
From net investment income		(5,196,000	)		(226,384	)
From net realized gains		(3,946,621	)		(30,306	)

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 JPMORGAN SMARTRETIREMENT FUNDS 59

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

	JPMorgan SmartRetirement Income Fund						JPMorgan SmartRetirement 2020 Fund
	Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018			Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	56,526,629		$	156,250,426		$	111,850,982		$	299,383,784
Distributions reinvested		43,524,120			42,088,855			67,098,986			64,662,937
Cost of shares redeemed		(171,401,274	)		(368,074,540	)		(252,671,621	)		(507,998,194	)
Change in net assets resulting from Class A capital transactions	$	(71,350,525	)	$	(169,735,259	)	$	(73,721,653	)	$	(143,951,473	)
Class C
Proceeds from shares issued	$	1,824,790		$	2,327,207		$	2,149,832		$	5,839,520
Distributions reinvested		865,296			723,752			1,180,703			1,019,451
Cost of shares redeemed		(3,104,314	)		(20,054,582	)		(4,578,753	)		(19,733,258	)
Change in net assets resulting from Class C capital transactions	$	(414,228	)	$	(17,003,623	)	$	(1,248,218	)	$	(12,874,287	)
Class I
Proceeds from shares issued	$	24,100,640		$	75,158,989		$	44,995,843		$	130,469,376
Distributions reinvested		19,012,888			19,335,626			35,887,675			35,970,037
Cost of shares redeemed		(71,122,679	)		(194,585,086	)		(110,991,461	)		(277,962,031	)
Change in net assets resulting from Class I capital transactions	$	(28,009,151	)	$	(100,090,471	)	$	(30,107,943	)	$	(111,522,618	)
Class R2
Proceeds from shares issued	$	11,943,327		$	39,471,593		$	17,807,306		$	60,940,829
Distributions reinvested		6,376,114			6,267,212			12,414,653			12,479,177
Cost of shares redeemed		(37,543,321	)		(88,520,572	)		(71,433,506	)		(120,951,376	)
Change in net assets resulting from Class R2 capital transactions	$	(19,223,880	)	$	(42,781,767	)	$	(41,211,547	)	$	(47,531,370	)
Class R3
Proceeds from shares issued	$	6,494,932		$	13,095,288		$	7,134,551		$	22,224,613
Distributions reinvested		541,643			320,300			920,126			501,450
Cost of shares redeemed		(2,628,634	)		(2,366,295	)		(2,370,611	)		(8,784,064	)
Change in net assets resulting from Class R3 capital transactions	$	4,407,941		$	11,049,293		$	5,684,066		$	13,941,999
Class R4
Proceeds from shares issued	$	3,637,644		$	20,963,829		$	9,774,388		$	36,960,293
Distributions reinvested		804,795			221,315			1,933,292			279,286
Cost of shares redeemed		(3,078,949	)		(3,699,473	)		(3,395,865	)		(2,966,738	)
Change in net assets resulting from Class R4 capital transactions	$	1,363,490		$	17,485,671		$	8,311,815		$	34,272,841
Class R5
Proceeds from shares issued	$	45,187,121		$	182,630,558		$	101,203,034		$	374,398,848
Distributions reinvested		51,161,718			59,879,043			109,877,012			125,354,396
Cost of shares redeemed		(217,257,885	)		(869,857,701	)		(353,572,173	)		(1,506,543,717	)
Change in net assets resulting from Class R5 capital transactions	$	(120,909,046	)	$	(627,348,100	)	$	(142,492,127	)	$	(1,006,790,473	)
Class R6
Proceeds from shares issued	$	164,484,457		$	599,680,951		$	283,357,367		$	1,102,719,427
Distributions reinvested		38,069,315			26,967,021			74,549,789			49,479,057
Cost of shares redeemed		(133,774,478	)		(243,431,714	)		(198,347,570	)		(279,194,339	)
Change in net assets resulting from Class R6 capital transactions	$	68,779,294		$	383,216,258		$	159,559,586		$	873,004,145
Total change in net assets resulting from capital transactions	$	(165,356,105	)	$	(545,207,998	)	$	(115,226,021	)	$	(401,451,236	)

SEE NOTES TO FINANCIAL STATEMENTS.

60 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2018

	JPMorgan SmartRetirement Income Fund						JPMorgan SmartRetirement 2020 Fund
	Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018			Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018
SHARE TRANSACTIONS:
Class A
Issued		3,143,576			8,422,442			5,852,908			15,181,584
Reinvested		2,540,532			2,274,243			3,724,006			3,279,411
Redeemed		(9,525,184	)		(19,844,048	)		(13,244,615	)		(25,777,556	)
Change in Class A Shares		(3,841,076	)		(9,147,363	)		(3,667,701	)		(7,316,561	)
Class C
Issued		102,345			126,216			116,175			297,458
Reinvested		50,852			39,381			66,032			51,890
Redeemed		(174,321	)		(1,083,297	)		(241,297	)		(1,004,456	)
Change in Class C Shares		(21,124	)		(917,700	)		(59,090	)		(655,108	)
Class I
Issued		1,329,854			4,043,086			2,336,566			6,603,490
Reinvested		1,107,288			1,042,641			1,984,150			1,818,135
Redeemed		(3,929,061	)		(10,483,044	)		(5,751,143	)		(14,066,544	)
Change in Class I Shares		(1,491,919	)		(5,397,317	)		(1,430,427	)		(5,644,919	)
Class R2
Issued		664,918			2,134,842			937,387			3,105,729
Reinvested		373,680			338,535			692,290			634,497
Redeemed		(2,089,935	)		(4,789,849	)		(3,763,880	)		(6,163,084	)
Change in Class R2 Shares		(1,051,337	)		(2,316,472	)		(2,134,203	)		(2,422,858	)
Class R3
Issued		359,534			705,119			373,356			1,131,130
Reinvested		31,773			17,340			51,338			25,518
Redeemed		(147,630	)		(128,350	)		(123,944	)		(445,055	)
Change in Class R3 Shares		243,677			594,109			300,750			711,593
Class R4
Issued		202,038			1,134,516			509,509			1,878,644
Reinvested		46,982			12,012			107,214			14,314
Redeemed		(170,478	)		(198,660	)		(176,730	)		(149,838	)
Change in Class R4 Shares		78,542			947,868			439,993			1,743,120
Class R5
Issued		2,504,525			9,812,238			5,288,117			18,929,324
Reinvested		2,971,733			3,218,103			6,062,649			6,327,324
Redeemed		(12,053,083	)		(46,752,401	)		(18,453,198	)		(76,007,347	)
Change in Class R5 Shares		(6,576,825	)		(33,722,060	)		(7,102,432	)		(50,750,699	)
Class R6
Issued		9,126,980			32,187,046			14,751,255			55,664,228
Reinvested		2,212,830			1,452,532			4,114,026			2,500,701
Redeemed		(7,413,236	)		(13,080,126	)		(10,325,493	)		(14,098,638	)
Change in Class R6 Shares		3,926,574			20,559,452			8,539,788			44,066,291

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 JPMORGAN SMARTRETIREMENT FUNDS 61

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

	JPMorgan SmartRetirement 2025 Fund						JPMorgan SmartRetirement 2030 Fund
	Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018			Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	145,605,218		$	351,468,512		$	157,513,877		$	367,746,241
Distributions reinvested		71,651,764			69,161,649			87,972,867			79,682,641
Cost of shares redeemed		(241,721,359	)		(500,473,956	)		(260,627,444	)		(510,379,241	)
Change in net assets resulting from Class A capital transactions	$	(24,464,377	)	$	(79,843,795	)	$	(15,140,700	)	$	(62,950,359	)
Class C
Proceeds from shares issued	$	2,863,690		$	6,121,736		$	4,023,759		$	7,494,613
Distributions reinvested		1,251,202			1,124,957			1,166,084			897,684
Cost of shares redeemed		(5,757,924	)		(19,782,673	)		(5,770,713	)		(18,727,392	)
Change in net assets resulting from Class C capital transactions	$	(1,643,032	)	$	(12,535,980	)	$	(580,870	)	$	(10,335,095	)
Class I
Proceeds from shares issued	$	57,848,365		$	162,923,328		$	62,225,246		$	178,563,929
Distributions reinvested		36,538,413			37,244,855			44,000,183			41,897,201
Cost of shares redeemed		(108,585,460	)		(280,023,267	)		(117,144,494	)		(313,943,755	)
Change in net assets resulting from Class I capital transactions	$	(14,198,682	)	$	(79,855,084	)	$	(10,919,065	)	$	(93,482,625	)
Class R2
Proceeds from shares issued	$	28,966,632		$	81,985,503		$	35,832,682		$	92,740,078
Distributions reinvested		11,989,969			11,861,188			18,797,011			17,139,209
Cost of shares redeemed		(70,325,668	)		(127,141,668	)		(81,433,626	)		(138,621,934	)
Change in net assets resulting from Class R2 capital transactions	$	(29,369,067	)	$	(33,294,977	)	$	(26,803,933	)	$	(28,742,647	)
Class R3
Proceeds from shares issued	$	15,025,578		$	26,350,559		$	10,062,502		$	24,638,879
Distributions reinvested		1,240,430			623,104			1,345,577			707,620
Cost of shares redeemed		(4,878,278	)		(3,616,457	)		(2,821,526	)		(3,710,430	)
Change in net assets resulting from Class R3 capital transactions	$	11,387,730		$	23,357,206		$	8,586,553		$	21,636,069
Class R4
Proceeds from shares issued	$	9,131,312		$	24,978,629		$	12,390,803		$	43,590,746
Distributions reinvested		1,320,965			215,231			2,499,645			299,463
Cost of shares redeemed		(2,108,938	)		(1,895,877	)		(2,822,986	)		(1,860,476	)
Change in net assets resulting from Class R4 capital transactions	$	8,343,339		$	23,297,983		$	12,067,462		$	42,029,733
Class R5
Proceeds from shares issued	$	155,100,590		$	469,827,479		$	176,268,247		$	510,457,292
Distributions reinvested		113,779,064			121,146,296			134,848,553			144,055,029
Cost of shares redeemed		(329,338,506	)		(1,332,407,708	)		(313,357,168	)		(1,736,119,394	)
Change in net assets resulting from Class R5 capital transactions	$	(60,458,852	)	$	(741,433,933	)	$	(2,240,368	)	$	(1,081,607,073	)
Class R6
Proceeds from shares issued	$	355,176,643		$	1,348,404,694		$	367,344,600		$	1,424,210,763
Distributions reinvested		86,759,125			57,478,561			102,220,077			58,587,157
Cost of shares redeemed		(191,203,031	)		(327,556,385	)		(159,853,146	)		(227,073,726	)
Change in net assets resulting from Class R6 capital transactions	$	250,732,737		$	1,078,326,870		$	309,711,531		$	1,255,724,194
Total change in net assets resulting from capital transactions	$	140,329,796		$	178,018,290		$	274,680,610		$	42,272,197

SEE NOTES TO FINANCIAL STATEMENTS.

62 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2018

	JPMorgan SmartRetirement 2025 Fund						JPMorgan SmartRetirement 2030 Fund
	Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018			Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018
SHARE TRANSACTIONS:
Class A
Issued		7,702,809			18,034,488			7,620,572			17,245,183
Reinvested		4,043,535			3,541,956			4,597,348			3,728,001
Redeemed		(12,780,061	)		(25,645,285	)		(12,588,121	)		(23,920,174	)
Change in Class A Shares		(1,033,717	)		(4,068,841	)		(370,201	)		(2,946,990	)
Class C
Issued		153,152			315,334			196,887			354,980
Reinvested		71,113			57,776			61,749			42,351
Redeemed		(306,311	)		(1,020,516	)		(283,786	)		(887,891	)
Change in Class C Shares		(82,046	)		(647,406	)		(25,150	)		(490,560	)
Class I
Issued		3,045,010			8,344,638			2,981,950			8,359,552
Reinvested		2,055,071			1,903,496			2,290,308			1,955,545
Redeemed		(5,678,620	)		(14,368,256	)		(5,595,992	)		(14,737,990	)
Change in Class I Shares		(578,539	)		(4,120,122	)		(323,734	)		(4,422,893	)
Class R2
Issued		1,535,066			4,232,436			1,744,626			4,377,733
Reinvested		680,374			609,343			987,998			804,230
Redeemed		(3,722,954	)		(6,559,453	)		(3,934,780	)		(6,534,251	)
Change in Class R2 Shares		(1,507,514	)		(1,717,674	)		(1,202,156	)		(1,352,288	)
Class R3
Issued		792,010			1,352,179			484,217			1,166,188
Reinvested		70,328			32,022			70,562			33,184
Redeemed		(260,057	)		(186,316	)		(136,070	)		(174,881	)
Change in Class R3 Shares		602,281			1,197,885			418,709			1,024,491
Class R4
Issued		483,282			1,286,238			593,530			2,042,983
Reinvested		74,576			11,104			130,512			14,100
Redeemed		(112,163	)		(96,274	)		(136,450	)		(86,866	)
Change in Class R4 Shares		445,695			1,201,068			587,592			1,970,217
Class R5
Issued		8,155,523			24,052,001			8,441,857			23,874,019
Reinvested		6,388,556			6,185,273			6,998,448			6,706,880
Redeemed		(17,413,811	)		(68,145,240	)		(15,113,453	)		(81,022,567	)
Change in Class R5 Shares		(2,869,732	)		(37,907,966	)		326,852			(50,441,668	)
Class R6
Issued		18,641,202			68,907,966			17,525,000			66,513,156
Reinvested		4,871,992			2,937,619			5,306,383			2,731,209
Redeemed		(10,100,296	)		(16,725,445	)		(7,708,865	)		(10,587,804	)
Change in Class R6 Shares		13,412,898			55,120,140			15,122,518			58,656,561

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 JPMORGAN SMARTRETIREMENT FUNDS 63

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

	JPMorgan SmartRetirement 2035 Fund						JPMorgan SmartRetirement 2040 Fund
	Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018			Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	128,179,582		$	302,886,679		$	127,821,476		$	296,588,312
Distributions reinvested		59,992,729			54,702,466			63,843,463			55,841,000
Cost of shares redeemed		(195,899,691	)		(379,241,029	)		(190,944,951	)		(392,690,708	)
Change in net assets resulting from Class A capital transactions	$	(7,727,380	)	$	(21,651,884	)	$	719,988		$	(40,261,396	)
Class C
Proceeds from shares issued	$	2,037,121		$	5,326,188		$	2,479,916		$	5,090,988
Distributions reinvested		629,281			554,127			709,257			576,325
Cost of shares redeemed		(3,280,507	)		(13,090,386	)		(3,281,731	)		(12,186,136	)
Change in net assets resulting from Class C capital transactions	$	(614,105	)	$	(7,210,071	)	$	(92,558	)	$	(6,518,823	)
Class I
Proceeds from shares issued	$	48,593,513		$	136,883,933		$	54,666,167		$	140,638,873
Distributions reinvested		28,625,205			29,284,172			32,529,175			31,116,827
Cost of shares redeemed		(97,276,837	)		(262,150,146	)		(107,182,135	)		(243,779,848	)
Change in net assets resulting from Class I capital transactions	$	(20,058,119	)	$	(95,982,041	)	$	(19,986,793	)	$	(72,024,148	)
Class R2
Proceeds from shares issued	$	28,380,617		$	86,955,073		$	29,225,177		$	78,133,273
Distributions reinvested		11,910,805			11,241,447			13,272,960			12,327,170
Cost of shares redeemed		(71,169,212	)		(112,053,444	)		(70,728,446	)		(113,924,258	)
Change in net assets resulting from Class R2 capital transactions	$	(30,877,790	)	$	(13,856,924	)	$	(28,230,309	)	$	(23,463,815	)
Class R3
Proceeds from shares issued	$	12,908,136		$	23,913,076		$	9,081,647		$	16,635,860
Distributions reinvested		1,254,897			672,529			1,109,569			679,696
Cost of shares redeemed		(4,049,349	)		(3,697,231	)		(2,256,855	)		(6,388,471	)
Change in net assets resulting from Class R3 capital transactions	$	10,113,684		$	20,888,374		$	7,934,361		$	10,927,085
Class R4
Proceeds from shares issued	$	7,699,759		$	28,068,055		$	7,778,576		$	34,287,304
Distributions reinvested		1,474,082			261,706			1,849,859			175,237
Cost of shares redeemed		(1,403,390	)		(1,137,188	)		(2,774,477	)		(1,449,799	)
Change in net assets resulting from Class R4 capital transactions	$	7,770,451		$	27,192,573		$	6,853,958		$	33,012,742
Class R5
Proceeds from shares issued	$	138,653,335		$	416,222,541		$	144,016,147		$	412,102,368
Distributions reinvested		92,510,647			96,194,101			102,990,561			109,921,324
Cost of shares redeemed		(233,089,518	)		(1,223,246,176	)		(225,731,477	)		(1,430,819,981	)
Change in net assets resulting from Class R5 capital transactions	$	(1,925,536	)	$	(710,829,534	)	$	21,275,231		$	(908,796,289	)
Class R6
Proceeds from shares issued	$	309,410,790		$	1,271,771,716		$	305,931,204		$	1,197,964,784
Distributions reinvested		82,425,595			49,088,519			86,363,675			43,988,585
Cost of shares redeemed		(134,383,404	)		(250,980,666	)		(123,792,708	)		(164,933,463	)
Change in net assets resulting from Class R6 capital transactions	$	257,452,981		$	1,069,879,569		$	268,502,171		$	1,077,019,906
Total change in net assets resulting from capital transactions	$	214,134,186		$	268,430,062		$	256,976,049		$	69,895,262

SEE NOTES TO FINANCIAL STATEMENTS.

64 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2018

	JPMorgan SmartRetirement 2035 Fund						JPMorgan SmartRetirement 2040 Fund
	Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018			Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018
SHARE TRANSACTIONS:
Class A
Issued		6,375,189			14,621,859			5,888,054			13,209,520
Reinvested		3,248,533			2,631,015			3,225,176			2,477,075
Redeemed		(9,758,935	)		(18,277,305	)		(8,762,867	)		(17,462,638	)
Change in Class A Shares		(135,213	)		(1,024,431	)		350,363			(1,776,043	)
Class C
Issued		103,492			259,079			117,530			229,689
Reinvested		34,497			26,834			36,501			25,880
Redeemed		(163,638	)		(639,164	)		(151,987	)		(553,019	)
Change in Class C Shares		(25,649	)		(353,251	)		2,044			(297,450	)
Class I
Issued		2,396,791			6,584,332			2,487,264			6,245,405
Reinvested		1,539,575			1,401,753			1,636,436			1,376,584
Redeemed		(4,746,847	)		(12,634,506	)		(4,859,996	)		(10,857,053	)
Change in Class I Shares		(810,481	)		(4,648,421	)		(736,296	)		(3,235,064	)
Class R2
Issued		1,415,103			4,220,195			1,350,757			3,510,037
Reinvested		648,324			541,896			675,898			549,318
Redeemed		(3,552,898	)		(5,431,413	)		(3,257,266	)		(5,105,135	)
Change in Class R2 Shares		(1,489,471	)		(669,322	)		(1,230,611	)		(1,045,780	)
Class R3
Issued		639,902			1,153,572			415,343			747,537
Reinvested		68,297			32,434			56,272			30,215
Redeemed		(202,958	)		(178,115	)		(104,970	)		(283,680	)
Change in Class R3 Shares		505,241			1,007,891			366,645			494,072
Class R4
Issued		384,670			1,348,924			356,337			1,520,316
Reinvested		79,569			12,598			93,332			7,819
Redeemed		(69,225	)		(54,050	)		(126,380	)		(64,086	)
Change in Class R4 Shares		395,014			1,307,472			323,289			1,464,049
Class R5
Issued		6,871,779			20,015,253			6,579,219			18,305,020
Reinvested		4,970,298			4,601,646			5,163,662			4,851,572
Redeemed		(11,582,365	)		(58,827,177	)		(10,370,383	)		(63,427,264	)
Change in Class R5 Shares		259,712			(34,210,278	)		1,372,498			(40,270,672	)
Class R6
Issued		15,187,146			61,083,064			13,905,456			53,107,745
Reinvested		4,427,514			2,350,224			4,330,386			1,943,736
Redeemed		(6,662,492	)		(12,000,981	)		(5,627,135	)		(7,292,652	)
Change in Class R6 Shares		12,952,168			51,432,307			12,608,707			47,758,829

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 JPMORGAN SMARTRETIREMENT FUNDS 65

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

	JPMorgan SmartRetirement 2045 Fund						JPMorgan SmartRetirement 2050 Fund
	Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018			Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	100,923,362		$	236,971,050		$	106,931,256		$	235,584,727
Distributions reinvested		37,840,686			33,470,376			29,973,071			27,074,275
Cost of shares redeemed		(133,730,763	)		(254,185,219	)		(117,882,175	)		(225,640,343	)
Change in net assets resulting from Class A capital transactions	$	5,033,285		$	16,256,207		$	19,022,152		$	37,018,659
Class C
Proceeds from shares issued	$	1,746,848		$	2,895,259		$	1,617,430		$	3,527,661
Distributions reinvested		391,400			332,756			368,023			333,147
Cost of shares redeemed		(2,522,432	)		(6,968,194	)		(1,933,937	)		(6,878,953	)
Change in net assets resulting from Class C capital transactions	$	(384,184	)	$	(3,740,179	)	$	51,516		$	(3,018,145	)
Class I
Proceeds from shares issued	$	44,381,485		$	110,534,143		$	57,159,295		$	131,408,654
Distributions reinvested		18,638,900			19,693,204			16,964,998			17,824,628
Cost of shares redeemed		(81,778,063	)		(193,311,462	)		(87,826,389	)		(170,190,941	)
Change in net assets resulting from Class I capital transactions	$	(18,757,678	)	$	(63,084,115	)	$	(13,702,096	)	$	(20,957,659	)
Class R2
Proceeds from shares issued	$	22,365,525		$	64,833,026		$	26,277,934		$	63,600,237
Distributions reinvested		7,726,926			7,414,675			6,818,643			6,421,030
Cost of shares redeemed		(48,898,676	)		(86,161,046	)		(40,819,657	)		(73,592,936	)
Change in net assets resulting from Class R2 capital transactions	$	(18,806,225	)	$	(13,913,345	)	$	(7,723,080	)	$	(3,571,669	)
Class R3
Proceeds from shares issued	$	7,581,029		$	12,649,115		$	6,566,371		$	12,482,172
Distributions reinvested		754,808			343,019			755,483			422,869
Cost of shares redeemed		(1,737,317	)		(776,361	)		(1,725,088	)		(2,556,990	)
Change in net assets resulting from Class R3 capital transactions	$	6,598,520		$	12,215,773		$	5,596,766		$	10,348,051
Class R4
Proceeds from shares issued	$	3,508,087		$	11,390,448		$	6,362,179		$	24,207,069
Distributions reinvested		590,827			58,846			1,088,852			65,851
Cost of shares redeemed		(869,669	)		(541,582	)		(2,714,255	)		(1,038,575	)
Change in net assets resulting from Class R4 capital transactions	$	3,229,245		$	10,907,712		$	4,736,776		$	23,234,345
Class R5
Proceeds from shares issued	$	127,195,940		$	347,468,806		$	128,971,233		$	356,272,458
Distributions reinvested		60,810,293			65,138,775			50,168,470			57,736,879
Cost of shares redeemed		(153,696,265	)		(919,235,172	)		(152,186,736	)		(803,994,932	)
Change in net assets resulting from Class R5 capital transactions	$	34,309,968		$	(506,627,591	)	$	26,952,967		$	(389,985,595	)
Class R6
Proceeds from shares issued	$	250,992,060		$	946,464,807		$	233,937,827		$	785,409,941
Distributions reinvested		59,256,085			31,971,034			44,512,290			20,664,242
Cost of shares redeemed		(82,614,078	)		(192,721,588	)		(73,914,472	)		(96,619,554	)
Change in net assets resulting from Class R6 capital transactions	$	227,634,067		$	785,714,253		$	204,535,645		$	709,454,629
Total change in net assets resulting from capital transactions	$	238,856,998		$	237,728,715		$	239,470,646		$	362,522,616

SEE NOTES TO FINANCIAL STATEMENTS.

66 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2018

	JPMorgan SmartRetirement 2045 Fund						JPMorgan SmartRetirement 2050 Fund
	Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018			Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018
SHARE TRANSACTIONS:
Class A
Issued		4,874,187			11,111,413			5,174,020			11,070,922
Reinvested		2,006,205			1,561,370			1,588,725			1,265,277
Redeemed		(6,493,982	)		(11,894,243	)		(5,704,075	)		(10,584,368	)
Change in Class A Shares		386,410			778,540			1,058,670			1,751,831
Class C
Issued		86,096			136,908			79,840			167,314
Reinvested		21,028			15,624			19,782			15,685
Redeemed		(121,409	)		(330,876	)		(93,388	)		(327,456	)
Change in Class C Shares		(14,285	)		(178,344	)		6,234			(144,457	)
Class I
Issued		2,128,887			5,171,178			2,737,246			6,155,442
Reinvested		983,252			915,699			894,278			830,316
Redeemed		(3,887,293	)		(9,065,112	)		(4,202,195	)		(7,982,814	)
Change in Class I Shares		(775,154	)		(2,978,235	)		(570,671	)		(997,056	)
Class R2
Issued		1,083,079			3,061,020			1,277,449			3,004,032
Reinvested		412,483			346,909			363,929			301,005
Redeemed		(2,354,724	)		(4,063,834	)		(1,964,674	)		(3,487,643	)
Change in Class R2 Shares		(859,162	)		(655,905	)		(323,296	)		(182,606	)
Class R3
Issued		365,143			591,999			317,885			590,453
Reinvested		40,206			16,044			40,208			19,814
Redeemed		(84,777	)		(36,286	)		(84,553	)		(119,390	)
Change in Class R3 Shares		320,572			571,757			273,540			490,877
Class R4
Issued		168,605			531,102			304,448			1,129,340
Reinvested		31,273			2,758			57,545			3,107
Redeemed		(41,381	)		(25,102	)		(130,443	)		(48,463	)
Change in Class R4 Shares		158,497			508,758			231,550			1,083,984
Class R5
Issued		6,109,276			16,245,068			6,188,374			16,681,536
Reinvested		3,202,330			3,026,837			2,639,100			2,685,254
Redeemed		(7,383,538	)		(42,917,980	)		(7,295,097	)		(37,470,117	)
Change in Class R5 Shares		1,928,068			(23,646,075	)		1,532,377			(18,103,327	)
Class R6
Issued		11,970,016			44,171,079			11,178,113			36,596,983
Reinvested		3,121,221			1,486,893			2,340,075			962,150
Redeemed		(3,964,919	)		(8,954,917	)		(3,543,839	)		(4,506,777	)
Change in Class R6 Shares		11,126,318			36,703,055			9,974,349			33,052,356

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 JPMORGAN SMARTRETIREMENT FUNDS 67

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

	JPMorgan SmartRetirement 2055 Fund						JPMorgan SmartRetirement 2060 Fund
	Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018			Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	67,385,217		$	150,252,787		$	9,630,759		$	12,728,757
Distributions reinvested		9,710,912			8,326,861			440,597			132,192
Cost of shares redeemed		(56,827,937	)		(93,123,496	)		(2,788,892	)		(1,837,637	)
Change in net assets resulting from Class A capital transactions	$	20,268,192		$	65,456,152		$	7,282,464		$	11,023,312
Class C
Proceeds from shares issued	$	676,424		$	1,821,957		$	253,193		$	357,659
Distributions reinvested		111,437			91,901			11,322			1,368
Cost of shares redeemed		(631,896	)		(1,521,812	)		(38,002	)		(32,794	)
Change in net assets resulting from Class C capital transactions	$	155,965		$	392,046		$	226,513		$	326,233
Class I
Proceeds from shares issued	$	30,746,732		$	71,184,245		$	4,852,869		$	6,926,874
Distributions reinvested		4,819,121			5,350,948			215,855			89,067
Cost of shares redeemed		(42,732,649	)		(70,678,264	)		(2,160,305	)		(3,460,914	)
Change in net assets resulting from Class I capital transactions	$	(7,166,796	)	$	5,856,929		$	2,908,419		$	3,555,027
Class R2
Proceeds from shares issued	$	18,590,778		$	41,555,965		$	1,246,613		$	2,531,404
Distributions reinvested		2,678,363			2,383,433			67,220			14,538
Cost of shares redeemed		(22,200,440	)		(31,830,642	)		(586,342	)		(464,203	)
Change in net assets resulting from Class R2 capital transactions	$	(931,299	)	$	12,108,756		$	727,491		$	2,081,739
Class R3
Proceeds from shares issued	$	3,284,325		$	5,034,542		$	887,483		$	1,168,849
Distributions reinvested		231,366			110,427			30,887			10,160
Cost of shares redeemed		(895,891	)		(798,826	)		(239,015	)		(356,875	)
Change in net assets resulting from Class R3 capital transactions	$	2,619,800		$	4,346,143		$	679,355		$	822,134
Class R4
Proceeds from shares issued	$	1,586,519		$	4,429,626		$	676,502		$	330,810
Distributions reinvested		185,034			26,000			21,127			3,023
Cost of shares redeemed		(381,127	)		(68,559	)		(40,535	)		(6,600	)
Change in net assets resulting from Class R4 capital transactions	$	1,390,426		$	4,387,067		$	657,094		$	327,233
Class R5
Proceeds from shares issued	$	94,110,917		$	217,444,408		$	11,280,308		$	16,849,303
Distributions reinvested		17,183,799			17,638,956			568,129			201,807
Cost of shares redeemed		(55,707,217	)		(259,920,849	)		(3,849,106	)		(4,496,382	)
Change in net assets resulting from Class R5 capital transactions	$	55,587,499		$	(24,837,485	)	$	7,999,331		$	12,554,728
Class R6
Proceeds from shares issued	$	153,073,621		$	379,453,211		$	28,777,710		$	37,806,981
Distributions reinvested		18,159,112			8,472,596			1,240,578			242,709
Cost of shares redeemed		(37,214,068	)		(77,089,571	)		(7,129,272	)		(4,688,745	)
Change in net assets resulting from Class R6 capital transactions	$	134,018,665		$	310,836,236		$	22,889,016		$	33,360,945
Total change in net assets resulting from capital transactions	$	205,942,452		$	378,545,844		$	43,369,683		$	64,051,351

SEE NOTES TO FINANCIAL STATEMENTS.

68 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2018

	JPMorgan SmartRetirement 2055 Fund						JPMorgan SmartRetirement 2060 Fund
	Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018			Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018
SHARE TRANSACTIONS:
Class A
Issued		2,910,850			6,322,847			549,976			709,629
Reinvested		458,563			348,690			27,496			7,373
Redeemed		(2,446,431	)		(3,916,563	)		(158,514	)		(102,126	)
Change in Class A Shares		922,982			2,754,974			418,958			614,876
Class C
Issued		29,541			77,182			15,009			19,909
Reinvested		5,315			3,859			714			76
Redeemed		(27,141	)		(64,657	)		(2,267	)		(1,801	)
Change in Class C Shares		7,715			16,384			13,456			18,184
Class I
Issued		1,326,926			2,993,441			276,684			385,905
Reinvested		226,576			223,711			13,413			4,966
Redeemed		(1,831,115	)		(2,987,295	)		(122,236	)		(191,980	)
Change in Class I Shares		(277,613	)		229,857			167,861			198,891
Class R2
Issued		802,863			1,759,400			71,711			140,821
Reinvested		127,097			99,881			4,213			810
Redeemed		(960,314	)		(1,352,363	)		(35,382	)		(26,129	)
Change in Class R2 Shares		(30,354	)		506,918			40,542			115,502
Class R3
Issued		141,394			212,720			50,830			65,544
Reinvested		10,965			4,634			1,930			566
Redeemed		(38,505	)		(33,230	)		(13,370	)		(19,731	)
Change in Class R3 Shares		113,854			184,124			39,390			46,379
Class R4
Issued		68,685			184,350			38,944			18,576
Reinvested		8,726			1,093			1,318			169
Redeemed		(16,372	)		(2,871	)		(2,393	)		(362	)
Change in Class R4 Shares		61,039			182,572			37,869			18,383
Class R5
Issued		4,060,854			9,152,438			644,537			940,145
Reinvested		807,420			737,078			35,304			11,262
Redeemed		(2,392,176	)		(10,894,518	)		(222,573	)		(250,979	)
Change in Class R5 Shares		2,476,098			(1,005,002	)		457,268			700,428
Class R6
Issued		6,558,851			15,913,577			1,641,895			2,102,490
Reinvested		852,845			354,426			76,961			13,549
Redeemed		(1,600,862	)		(3,221,131	)		(415,964	)		(262,019	)
Change in Class R6 Shares		5,810,834			13,046,872			1,302,892			1,854,020

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 JPMORGAN SMARTRETIREMENT FUNDS 69

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)(c)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan SmartRetirement Income Fund
Class A
Six Months Ended December 31, 2018 (Unaudited)	$	18.19	$	0.27		$	(0.91	)	$	(0.64	)	$	(0.31	)	$	(0.50	)	$	(0.81	)
Year Ended June 30, 2018		18.14		0.38			0.35			0.73			(0.41	)		(0.27	)		(0.68	)
Year Ended June 30, 2017		17.30		0.39	(h)		0.83			1.22			(0.38	)		—			(0.38	)
Year Ended June 30, 2016		17.60		0.32			(0.19	)		0.13			(0.37	)		(0.06	)		(0.43	)
Year Ended June 30, 2015		17.72		0.32	(h)		0.00	(i)		0.32			(0.44	)		—			(0.44	)
Year Ended June 30, 2014		16.41		0.36			1.38			1.74			(0.43	)		—			(0.43	)
Class C
Six Months Ended December 31, 2018 (Unaudited)		18.12		0.22			(0.91	)		(0.69	)		(0.26	)		(0.50	)		(0.76	)
Year Ended June 30, 2018		18.07		0.25			0.36			0.61			(0.29	)		(0.27	)		(0.56	)
Year Ended June 30, 2017		17.23		0.27	(h)		0.83			1.10			(0.26	)		—			(0.26	)
Year Ended June 30, 2016		17.53		0.21			(0.19	)		0.02			(0.26	)		(0.06	)		(0.32	)
Year Ended June 30, 2015		17.66		0.20	(h)		0.00	(i)		0.20			(0.33	)		—			(0.33	)
Year Ended June 30, 2014		16.36		0.26			1.36			1.62			(0.32	)		—			(0.32	)
Class I
Six Months Ended December 31, 2018 (Unaudited)		18.22		0.28			(0.90	)		(0.62	)		(0.33	)		(0.50	)		(0.83	)
Year Ended June 30, 2018		18.17		0.41			0.34			0.75			(0.43	)		(0.27	)		(0.70	)
Year Ended June 30, 2017		17.33		0.40	(h)		0.84			1.24			(0.40	)		—			(0.40	)
Year Ended June 30, 2016		17.63		0.34			(0.20	)		0.14			(0.38	)		(0.06	)		(0.44	)
Year Ended June 30, 2015		17.75		0.34	(h)		0.00	(i)		0.34			(0.46	)		—			(0.46	)
Year Ended June 30, 2014		16.43		0.37			1.39			1.76			(0.44	)		—			(0.44	)
Class R2
Six Months Ended December 31, 2018 (Unaudited)		18.15		0.23			(0.91	)		(0.68	)		(0.27	)		(0.50	)		(0.77	)
Year Ended June 30, 2018		18.10		0.30			0.34			0.64			(0.32	)		(0.27	)		(0.59	)
Year Ended June 30, 2017		17.26		0.34	(h)		0.83			1.17			(0.33	)		—			(0.33	)
Year Ended June 30, 2016		17.57		0.28			(0.20	)		0.08			(0.33	)		(0.06	)		(0.39	)
Year Ended June 30, 2015		17.69		0.28	(h)		0.00	(i)		0.28			(0.40	)		—			(0.40	)
Year Ended June 30, 2014		16.39		0.31			1.38			1.69			(0.39	)		—			(0.39	)

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Net investment income (loss) is affected by the timing of distributions from Underlying Funds.

(c) Calculated based upon average shares outstanding.

(d) Not annualized for periods less than one year.

(e) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(f) Includes earning credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(g) Does not include expenses of Underlying Funds.

(h) Net investment income (loss) may appear disproportionate among classes due to the timing of recognition of income and changes in the relative size of the classes.

(i) Amount rounds to less than $0.005.

(j) Commencement of offering of class of shares.

(k) Amount rounds to less than 0.005%.

SEE NOTES TO FINANCIAL STATEMENTS.

70 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2018

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (d)(e)			Net assets, end of period		Net expenses (f)(g)			Net investment income (loss) (b)			Expenses without waivers, reimbursements and earnings credits (g)			Portfolio turnover rate (d)
$	16.74		(3.56	)%	$	956,548,174		0.31	%		2.99	%		0.53	%		8	%
	18.19		4.02			1,109,061,789		0.30			2.07			0.53			23
	18.14		7.14			1,272,206,671		0.29			2.20	(h)		0.56			21
	17.30		0.81			619,792,804		0.28			1.86			0.58			29
	17.60		1.81			600,404,300		0.27			1.80	(h)		0.58			10
	17.72		10.68			535,792,964		0.27			2.09			0.57			11
	16.67		(3.88	)		24,705,976		0.94			2.39			1.03			8
	18.12		3.34			27,229,447		0.94			1.36			1.02			23
	18.07		6.44			43,741,512		0.94			1.54	(h)		1.05			21
	17.23		0.16			24,969,601		0.94			1.22			1.08			29
	17.53		1.12			24,249,797		0.92			1.15	(h)		1.09			10
	17.66		9.98			20,874,415		0.92			1.54			1.07			11
	16.77		(3.50	)		397,762,939		0.19			3.11			0.27			8
	18.22		4.13			459,287,905		0.19			2.18			0.26			23
	18.17		7.22			556,179,393		0.19			2.28	(h)		0.30			21
	17.33		0.90			298,322,644		0.18			1.97			0.32			29
	17.63		1.91			304,856,274		0.17			1.91	(h)		0.34			10
	17.75		10.82			299,870,855		0.17			2.17			0.32			11
	16.70		(3.79	)		155,718,729		0.75			2.52			0.77			8
	18.15		3.55			188,265,741		0.75			1.62			0.77			23
	18.10		6.82			229,706,224		0.59			1.90	(h)		0.84			21
	17.26		0.50			110,807,390		0.53			1.61			0.87			29
	17.57		1.58			99,663,111		0.52			1.56	(h)		0.87			10
	17.69		10.39			87,275,247		0.52			1.80			0.82			11

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 JPMORGAN SMARTRETIREMENT FUNDS 71

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)(c)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan SmartRetirement Income Fund (continued)
Class R3
Six Months Ended December 31, 2018 (Unaudited)	$	18.13	$	0.27		$	(0.92	)	$	(0.65	)	$	(0.30	)	$	(0.50	)	$	(0.80	)
Year Ended June 30, 2018		18.10		0.38			0.31			0.69			(0.39	)		(0.27	)		(0.66	)
September 9, 2016 (j) through June 30, 2017		17.56		0.35	(h)		0.58			0.93			(0.39	)		—			(0.39	)
Class R4
Six Months Ended December 31, 2018 (Unaudited)		18.19		0.29			(0.91	)		(0.62	)		(0.32	)		(0.50	)		(0.82	)
Year Ended June 30, 2018		18.17		0.50			0.23			0.73			(0.44	)		(0.27	)		(0.71	)
September 9, 2016 (j) through June 30, 2017		17.59		0.33	(h)		0.64			0.97			(0.39	)		—			(0.39	)
Class R5
Six Months Ended December 31, 2018 (Unaudited)		18.25		0.29			(0.91	)		(0.62	)		(0.33	)		(0.50	)		(0.83	)
Year Ended June 30, 2018		18.20		0.42			0.35			0.77			(0.45	)		(0.27	)		(0.72	)
Year Ended June 30, 2017		17.36		0.43	(h)		0.83			1.26			(0.42	)		—			(0.42	)
Year Ended June 30, 2016		17.66		0.36			(0.19	)		0.17			(0.41	)		(0.06	)		(0.47	)
Year Ended June 30, 2015		17.78		0.36	(h)		0.00	(i)		0.36			(0.48	)		—			(0.48	)
Year Ended June 30, 2014		16.46		0.39			1.40			1.79			(0.47	)		—			(0.47	)
Class R6
Six Months Ended December 31, 2018 (Unaudited)		18.25		0.31			(0.92	)		(0.61	)		(0.34	)		(0.50	)		(0.84	)
Year Ended June 30, 2018		18.20		0.45			0.34			0.79			(0.47	)		(0.27	)		(0.74	)
Year Ended June 30, 2017		17.36		0.47	(h)		0.80			1.27			(0.43	)		—			(0.43	)
Year Ended June 30, 2016		17.66		0.37			(0.19	)		0.18			(0.42	)		(0.06	)		(0.48	)
November 3, 2014 (j) through June 30, 2015		17.75		0.49	(h)		(0.18	)		0.31			(0.40	)		—			(0.40	)

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Net investment income (loss) is affected by the timing of distributions from Underlying Funds.

(c) Calculated based upon average shares outstanding.

(d) Not annualized for periods less than one year.

(e) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(f) Includes earning credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(g) Does not include expenses of Underlying Funds.

(h) Net investment income (loss) may appear disproportionate among classes due to the timing of recognition of income and changes in the relative size of the classes.

(i) Amount rounds to less than $0.005.

(j) Commencement of offering of class of shares.

(k) Amount rounds to less than 0.005%.

SEE NOTES TO FINANCIAL STATEMENTS.

72 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2018

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (d)(e)			Net assets, end of period		Net expenses (f)(g)			Net investment income (loss) (b)			Expenses without waivers, reimbursements and earnings credits (g)			Portfolio turnover rate (d)
$	16.68		(3.65	)%	$	16,286,530		0.50	%		2.95	%		0.52	%		8	%
	18.13		3.80			13,281,928		0.50			2.06			0.53			23
	18.10		5.35			2,507,962		0.50			2.41	(h)		0.58			21
	16.75		(3.47	)		17,207,058		0.25			3.16			0.26			8
	18.19		4.00			17,265,638		0.25			2.71			0.37			23
	18.17		5.61			21,118		0.25			2.28	(h)		0.35			21
	16.80		(3.45	)		1,061,638,298		0.10			3.17			0.12			8
	18.25		4.21			1,273,234,250		0.10			2.25			0.11			23
	18.20		7.32			1,883,558,005		0.09			2.40	(h)		0.15			21
	17.36		1.03			1,005,529,297		0.05			2.09			0.16			29
	17.66		2.04			833,438,828		0.03			2.00	(h)		0.16			10
	17.78		10.96			809,213,832		0.02			2.24			0.17			11
	16.80		(3.40	)		851,217,677		0.00			3.38			0.02			8
	18.25		4.32			853,005,660		0.00			2.44			0.01			23
	18.20		7.42			476,562,618		0.00			2.63	(h)		0.01			21
	17.36		1.09			101,641,201		0.00			2.15			0.00	(k)		29
	17.66		1.76			208,521,972		0.00			4.22	(h)		0.00	(k)		10

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 JPMORGAN SMARTRETIREMENT FUNDS 73

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)(c)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan SmartRetirement 2020 Fund
Class A
Six Months Ended December 31, 2018 (Unaudited)	$	19.34	$	0.28		$	(1.12	)	$	(0.84	)	$	(0.34	)	$	(0.59	)	$	(0.93	)
Year Ended June 30, 2018		19.14		0.39			0.62			1.01			(0.42	)		(0.39	)		(0.81	)
Year Ended June 30, 2017		17.95		0.38	(h)		1.31			1.69			(0.40	)		(0.10	)		(0.50	)
Year Ended June 30, 2016		18.50		0.32			(0.30	)		0.02			(0.38	)		(0.19	)		(0.57	)
Year Ended June 30, 2015		18.62		0.34	(h)		0.25			0.59			(0.49	)		(0.22	)		(0.71	)
Year Ended June 30, 2014		16.70		0.33			2.13			2.46			(0.47	)		(0.07	)		(0.54	)
Class C
Six Months Ended December 31, 2018 (Unaudited)		19.26		0.23			(1.13	)		(0.90	)		(0.28	)		(0.59	)		(0.87	)
Year Ended June 30, 2018		19.06		0.26			0.63			0.89			(0.30	)		(0.39	)		(0.69	)
Year Ended June 30, 2017		17.87		0.25	(h)		1.31			1.56			(0.27	)		(0.10	)		(0.37	)
Year Ended June 30, 2016		18.42		0.21			(0.31	)		(0.10	)		(0.26	)		(0.19	)		(0.45	)
Year Ended June 30, 2015		18.56		0.21	(h)		0.24			0.45			(0.37	)		(0.22	)		(0.59	)
Year Ended June 30, 2014		16.65		0.21			2.13			2.34			(0.36	)		(0.07	)		(0.43	)
Class I
Six Months Ended December 31, 2018 (Unaudited)		19.41		0.30			(1.14	)		(0.84	)		(0.35	)		(0.59	)		(0.94	)
Year Ended June 30, 2018		19.20		0.42			0.63			1.05			(0.45	)		(0.39	)		(0.84	)
Year Ended June 30, 2017		18.00		0.40	(h)		1.31			1.71			(0.41	)		(0.10	)		(0.51	)
Year Ended June 30, 2016		18.55		0.34			(0.30	)		0.04			(0.40	)		(0.19	)		(0.59	)
Year Ended June 30, 2015		18.68		0.36	(h)		0.23			0.59			(0.50	)		(0.22	)		(0.72	)
Year Ended June 30, 2014		16.75		0.35			2.14			2.49			(0.49	)		(0.07	)		(0.56	)
Class R2
Six Months Ended December 31, 2018 (Unaudited)		19.29		0.24			(1.13	)		(0.89	)		(0.30	)		(0.59	)		(0.89	)
Year Ended June 30, 2018		19.09		0.31			0.62			0.93			(0.34	)		(0.39	)		(0.73	)
Year Ended June 30, 2017		17.90		0.32	(h)		1.31			1.63			(0.34	)		(0.10	)		(0.44	)
Year Ended June 30, 2016		18.45		0.28			(0.30	)		(0.02	)		(0.34	)		(0.19	)		(0.53	)
Year Ended June 30, 2015		18.58		0.29	(h)		0.24			0.53			(0.44	)		(0.22	)		(0.66	)
Year Ended June 30, 2014		16.67		0.29			2.12			2.41			(0.43	)		(0.07	)		(0.50	)

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Net investment income (loss) is affected by the timing of distributions from Underlying Funds.

(c) Calculated based upon average shares outstanding.

(d) Not annualized for periods less than one year.

(e) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(f) Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(g) Does not include expenses of Underlying Funds.

(h) Net investment income (loss) may appear disproportionate among classes due to the timing of recognition of income and changes in the relative size of the classes.

(i) Commencement of offering of class of shares.

(j) Amount rounds to less than 0.005%.

SEE NOTES TO FINANCIAL STATEMENTS.

74 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2018

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (d)(e)			Net assets, end of period		Net expenses (f)(g)			Net investment income (loss) (b)			Expenses without waivers, reimbursements and earnings credits (g)			Portfolio turnover rate (d)
$	17.57		(4.43	)%	$	1,365,909,202		0.36	%		2.95	%		0.52	%		8	%
	19.34		5.24			1,575,072,478		0.34			1.97			0.52			23
	19.14		9.55			1,698,638,664		0.31			2.03	(h)		0.54			20
	17.95		0.22			1,574,360,821		0.30			1.82			0.57			19
	18.50		3.23			1,413,064,773		0.28			1.80	(h)		0.56			8
	18.62		14.87			1,106,943,955		0.28			1.86			0.55			9
	17.49		(4.73	)		31,472,536		0.96			2.34			1.03			8
	19.26		4.60			35,803,238		0.96			1.31			1.02			23
	19.06		8.86			47,919,707		0.96			1.37	(h)		1.06			20
	17.87		(0.43	)		55,337,034		0.95			1.17			1.08			19
	18.42		2.50			56,200,731		0.93			1.15	(h)		1.08			8
	18.56		14.17			41,225,755		0.93			1.20			1.05			9
	17.63		(4.39	)		696,000,868		0.21			3.10			0.26			8
	19.41		5.41			794,081,821		0.21			2.11			0.26			23
	19.20		9.68			894,064,434		0.21			2.15	(h)		0.29			20
	18.00		0.31			943,672,820		0.20			1.92			0.31			19
	18.55		3.26			964,095,152		0.18			1.91	(h)		0.30			8
	18.68		14.99			837,787,313		0.18			1.95			0.30			9
	17.51		(4.69	)		268,016,004		0.75			2.50			0.77			8
	19.29		4.82			336,321,252		0.75			1.57			0.76			23
	19.09		9.24			379,082,287		0.60			1.75	(h)		0.81			20
	17.90		(0.02	)		383,079,281		0.55			1.57			0.83			19
	18.45		2.94			303,004,617		0.53			1.55	(h)		0.83			8
	18.58		14.58			229,054,335		0.53			1.63			0.80			9

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 JPMORGAN SMARTRETIREMENT FUNDS 75

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)(c)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan SmartRetirement 2020 Fund (continued)
Class R3
Six Months Ended December 31, 2018 (Unaudited)	$	19.29	$	0.29		$	(1.15	)	$	(0.86	)	$	(0.33	)	$	(0.59	)	$	(0.92	)
Year Ended June 30, 2018		19.10		0.37			0.61			0.98			(0.40	)		(0.39	)		(0.79	)
September 9, 2016 (i) through June 30, 2017		18.29		0.28	(h)		1.03			1.31			(0.40	)		(0.10	)		(0.50	)
Class R4
Six Months Ended December 31, 2018 (Unaudited)		19.37		0.32			(1.16	)		(0.84	)		(0.35	)		(0.59	)		(0.94	)
Year Ended June 30, 2018		19.19		0.44			0.59			1.03			(0.46	)		(0.39	)		(0.85	)
September 9, 2016 (i) through June 30, 2017		18.35		0.35	(h)		1.00			1.35			(0.41	)		(0.10	)		(0.51	)
Class R5
Six Months Ended December 31, 2018 (Unaudited)		19.43		0.31			(1.14	)		(0.83	)		(0.36	)		(0.59	)		(0.95	)
Year Ended June 30, 2018		19.22		0.43			0.64			1.07			(0.47	)		(0.39	)		(0.86	)
Year Ended June 30, 2017		18.02		0.42	(h)		1.32			1.74			(0.44	)		(0.10	)		(0.54	)
Year Ended June 30, 2016		18.57		0.37			(0.31	)		0.06			(0.42	)		(0.19	)		(0.61	)
Year Ended June 30, 2015		18.69		0.38	(h)		0.25			0.63			(0.53	)		(0.22	)		(0.75	)
Year Ended June 30, 2014		16.76		0.38			2.13			2.51			(0.51	)		(0.07	)		(0.58	)
Class R6
Six Months Ended December 31, 2018 (Unaudited)		19.44		0.33			(1.16	)		(0.83	)		(0.37	)		(0.59	)		(0.96	)
Year Ended June 30, 2018		19.23		0.47			0.62			1.09			(0.49	)		(0.39	)		(0.88	)
Year Ended June 30, 2017		18.03		0.45	(h)		1.30			1.75			(0.45	)		(0.10	)		(0.55	)
Year Ended June 30, 2016		18.58		0.40			(0.33	)		0.07			(0.43	)		(0.19	)		(0.62	)
November 3, 2014 (i) through June 30, 2015		18.75		0.27	(h)		0.23			0.50			(0.45	)		(0.22	)		(0.67	)

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Net investment income (loss) is affected by the timing of distributions from Underlying Funds.

(c) Calculated based upon average shares outstanding.

(d) Not annualized for periods less than one year.

(e) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(f) Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(g) Does not include expenses of Underlying Funds.

(h) Net investment income (loss) may appear disproportionate among classes due to the timing of recognition of income and changes in the relative size of the classes.

(i) Commencement of offering of class of shares.

(j) Amount rounds to less than 0.005%.

SEE NOTES TO FINANCIAL STATEMENTS.

76 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2018

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (d)(e)			Net assets, end of period		Net expenses (f)(g)			Net investment income (loss) (b)			Expenses without waivers, reimbursements and earnings credits (g)			Portfolio turnover rate (d)
$	17.51		(4.54	)%	$	22,141,027		0.50	%		3.02	%		0.52	%		8	%
	19.29		5.10			18,587,787		0.50			1.90			0.52			23
	19.10		7.31			4,816,368		0.50			1.82	(h)		0.54			20
	17.59		(4.41	)		38,433,814		0.25			3.27			0.26			8
	19.37		5.31			33,798,436		0.25			2.26			0.29			23
	19.19		7.54			26,608		0.25			2.35	(h)		0.35			20
	17.65		(4.33	)		2,106,328,746		0.10			3.19			0.11			8
	19.43		5.52			2,456,985,179		0.10			2.19			0.11			23
	19.22		9.80			3,406,306,984		0.09			2.26	(h)		0.13			20
	18.02		0.44			3,514,258,427		0.07			2.04			0.14			19
	18.57		3.45			3,238,307,085		0.04			2.02	(h)		0.15			8
	18.69		15.14			2,288,844,154		0.03			2.12			0.15			9
	17.65		(4.33	)		1,520,566,972		0.00			3.41			0.01			8
	19.44		5.63			1,508,100,397		0.00			2.39			0.01			23
	19.23		9.90			644,741,611		0.00			2.39	(h)		0.00	(j)		20
	18.03		0.51			309,810,854		0.00			2.22			0.00	(j)		19
	18.58		2.73			96,486,068		0.00			2.14	(h)		0.00	(j)		8

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 JPMORGAN SMARTRETIREMENT FUNDS 77

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)(c)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan SmartRetirement 2025 Fund
Class A
Six Months Ended December 31, 2018 (Unaudited)	$	19.18	$	0.28		$	(1.37	)	$	(1.09	)	$	(0.34	)	$	(0.49	)	$	(0.83	)
Year Ended June 30, 2018		18.75		0.35			0.84			1.19			(0.38	)		(0.38	)		(0.76	)
Year Ended June 30, 2017		17.31		0.34	(h)		1.60			1.94			(0.35	)		(0.15	)		(0.50	)
Year Ended June 30, 2016		17.97		0.28			(0.40	)		(0.12	)		(0.35	)		(0.19	)		(0.54	)
Year Ended June 30, 2015		18.00		0.30	(h)		0.35			0.65			(0.47	)		(0.21	)		(0.68	)
Year Ended June 30, 2014		16.03		0.29			2.39			2.68			(0.45	)		(0.26	)		(0.71	)
Class C
Six Months Ended December 31, 2018 (Unaudited)		19.11		0.23			(1.37	)		(1.14	)		(0.29	)		(0.49	)		(0.78	)
Year Ended June 30, 2018		18.69		0.22			0.84			1.06			(0.26	)		(0.38	)		(0.64	)
Year Ended June 30, 2017		17.24		0.22	(h)		1.61			1.83			(0.23	)		(0.15	)		(0.38	)
Year Ended June 30, 2016		17.91		0.17			(0.42	)		(0.25	)		(0.23	)		(0.19	)		(0.42	)
Year Ended June 30, 2015		17.95		0.18	(h)		0.36			0.54			(0.37	)		(0.21	)		(0.58	)
Year Ended June 30, 2014		16.00		0.18			2.37			2.55			(0.34	)		(0.26	)		(0.60	)
Class I
Six Months Ended December 31, 2018 (Unaudited)		19.22		0.30			(1.37	)		(1.07	)		(0.36	)		(0.49	)		(0.85	)
Year Ended June 30, 2018		18.79		0.38			0.84			1.22			(0.41	)		(0.38	)		(0.79	)
Year Ended June 30, 2017		17.34		0.36	(h)		1.61			1.97			(0.37	)		(0.15	)		(0.52	)
Year Ended June 30, 2016		18.01		0.30			(0.42	)		(0.12	)		(0.36	)		(0.19	)		(0.55	)
Year Ended June 30, 2015		18.04		0.32	(h)		0.35			0.67			(0.49	)		(0.21	)		(0.70	)
Year Ended June 30, 2014		16.06		0.31			2.39			2.70			(0.46	)		(0.26	)		(0.72	)
Class R2
Six Months Ended December 31, 2018 (Unaudited)		19.11		0.24			(1.35	)		(1.11	)		(0.31	)		(0.49	)		(0.80	)
Year Ended June 30, 2018		18.69		0.27			0.84			1.11			(0.31	)		(0.38	)		(0.69	)
Year Ended June 30, 2017		17.25		0.29	(h)		1.60			1.89			(0.30	)		(0.15	)		(0.45	)
Year Ended June 30, 2016		17.92		0.24			(0.41	)		(0.17	)		(0.31	)		(0.19	)		(0.50	)
Year Ended June 30, 2015		17.95		0.25	(h)		0.36			0.61			(0.43	)		(0.21	)		(0.64	)
Year Ended June 30, 2014		16.00		0.25			2.37			2.62			(0.41	)		(0.26	)		(0.67	)

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Net investment income (loss) is affected by the timing of distributions from Underlying Funds.

(c) Calculated based upon average shares outstanding.

(d) Not annualized for periods less than one year.

(e) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(f) Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(g) Does not include expenses of Underlying Funds.

(h) Net investment income (loss) may appear disproportionate among classes due to the timing of recognition of income and changes in the relative size of the classes.

(i) Commencement of offering of class of shares.

(j) Amount rounds to less than 0.005%.

SEE NOTES TO FINANCIAL STATEMENTS.

78 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2018

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (d)(e)			Net assets, end of period		Net expenses (f)(g)			Net investment income (loss) (b)			Expenses without waivers reimbursements and earnings credits (g)			Portfolio turnover rate (d)
$	17.26		(5.71	)%	$	1,604,367,562		0.38	%		2.95	%		0.52	%		7	%
	19.18		6.33			1,802,572,445		0.36			1.78			0.52			26
	18.75		11.42			1,839,098,058		0.32			1.88	(h)		0.54			16
	17.31		(0.59	)		1,581,781,922		0.31			1.65			0.56			17
	17.97		3.74			1,322,590,934		0.29			1.66	(h)		0.56			8
	18.00		16.96			949,827,525		0.29			1.69			0.56			7
	17.19		(6.02	)		34,334,759		0.97			2.36			1.02			7
	19.11		5.65			39,725,390		0.97			1.13			1.03			26
	18.69		10.79			50,947,959		0.97			1.22	(h)		1.05			16
	17.24		(1.30	)		53,254,672		0.96			0.99			1.09			17
	17.91		3.07			53,305,463		0.94			1.01	(h)		1.08			8
	17.95		16.18			36,336,181		0.94			1.05			1.06			7
	17.30		(5.63	)		773,523,845		0.22			3.09			0.26			7
	19.22		6.47			870,553,845		0.22			1.93			0.26			26
	18.79		11.56			928,710,192		0.22			1.97	(h)		0.29			16
	17.34		(0.55	)		855,591,284		0.21			1.75			0.31			17
	18.01		3.82			762,445,476		0.19			1.77	(h)		0.31			8
	18.04		17.10			592,406,545		0.19			1.78			0.31			7
	17.20		(5.86	)		298,262,089		0.75			2.50			0.77			7
	19.11		5.89			360,269,761		0.75			1.39			0.76			26
	18.69		11.13			384,485,846		0.61			1.60	(h)		0.81			16
	17.25		(0.88	)		345,519,188		0.56			1.41			0.84			17
	17.92		3.50			265,307,239		0.54			1.39	(h)		0.83			8
	17.95		16.61			194,791,393		0.54			1.45			0.81			7

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 JPMORGAN SMARTRETIREMENT FUNDS 79

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)(c)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan SmartRetirement 2025 Fund (continued)
Class R3
Six Months Ended December 31, 2018 (Unaudited)	$	19.12	$	0.29		$	(1.38	)	$	(1.09	)	$	(0.34	)	$	(0.49	)	$	(0.83	)
Year Ended June 30, 2018		18.72		0.36			0.80			1.16			(0.38	)		(0.38	)		(0.76	)
September 9, 2016 (i) through June 30, 2017		17.69		0.23	(h)		1.31			1.54			(0.36	)		(0.15	)		(0.51	)
Class R4
Six Months Ended December 31, 2018 (Unaudited)		19.18		0.32			(1.39	)		(1.07	)		(0.36	)		(0.49	)		(0.85	)
Year Ended June 30, 2018		18.78		0.45			0.75			1.20			(0.42	)		(0.38	)		(0.80	)
September 9, 2016 (i) through June 30, 2017		17.73		0.29	(h)		1.29			1.58			(0.38	)		(0.15	)		(0.53	)
Class R5
Six Months Ended December 31, 2018 (Unaudited)		19.24		0.31			(1.37	)		(1.06	)		(0.37	)		(0.49	)		(0.86	)
Year Ended June 30, 2018		18.81		0.40			0.84			1.24			(0.43	)		(0.38	)		(0.81	)
Year Ended June 30, 2017		17.36		0.38	(h)		1.61			1.99			(0.39	)		(0.15	)		(0.54	)
Year Ended June 30, 2016		18.03		0.32			(0.41	)		(0.09	)		(0.39	)		(0.19	)		(0.58	)
Year Ended June 30, 2015		18.05		0.34	(h)		0.37			0.71			(0.52	)		(0.21	)		(0.73	)
Year Ended June 30, 2014		16.07		0.34			2.39			2.73			(0.49	)		(0.26	)		(0.75	)
Class R6
Six Months Ended December 31, 2018 (Unaudited)		19.24		0.33			(1.38	)		(1.05	)		(0.38	)		(0.49	)		(0.87	)
Year Ended June 30, 2018		18.82		0.43			0.82			1.25			(0.45	)		(0.38	)		(0.83	)
Year Ended June 30, 2017		17.36		0.41	(h)		1.61			2.02			(0.41	)		(0.15	)		(0.56	)
Year Ended June 30, 2016		18.03		0.35			(0.43	)		(0.08	)		(0.40	)		(0.19	)		(0.59	)
November 3, 2014 (i) through June 30, 2015		18.13		0.24	(h)		0.32			0.56			(0.45	)		(0.21	)		(0.66	)

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Net investment income (loss) is affected by the timing of distributions from Underlying Funds.

(c) Calculated based upon average shares outstanding.

(d) Not annualized for periods less than one year.

(e) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(f) Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(g) Does not include expenses of Underlying Funds.

(h) Net investment income (loss) may appear disproportionate among classes due to the timing of recognition of income and changes in the relative size of the classes.

(i) Commencement of offering of class of shares.

(j) Amount rounds to less than 0.005%.

SEE NOTES TO FINANCIAL STATEMENTS.

80 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2018

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (d)(e)			Net assets, end of period		Net expenses (f)(g)			Net investment income (loss) (b)			Expenses without waivers reimbursements and earnings credits (g)			Portfolio turnover rate (d)
$	17.20		(5.78	)%	$	34,312,623		0.50	%		3.04	%		0.52	%		7	%
	19.12		6.15			26,624,257		0.50			1.83			0.52			26
	18.72		8.92			3,644,789		0.50			1.56	(h)		0.56			16
	17.26		(5.64	)		28,594,108		0.25			3.39			0.26			7
	19.18		6.39			23,227,536		0.25			2.33			0.27			26
	18.78		9.09			185,054		0.25			1.95	(h)		0.34			16
	17.32		(5.56	)		2,374,970,701		0.10			3.20			0.11			7
	19.24		6.59			2,693,856,623		0.10			2.02			0.11			26
	18.81		11.69			3,347,238,800		0.09			2.12	(h)		0.13			16
	17.36		(0.41	)		3,245,942,674		0.07			1.88			0.15			17
	18.03		4.02			2,752,521,619		0.05			1.89	(h)		0.15			8
	18.05		17.25			1,768,679,204		0.04			1.97			0.16			7
	17.32		(5.51	)		1,920,026,496		0.00			3.45			0.01			7
	19.24		6.64			1,875,059,586		0.00			2.20			0.01			26
	18.82		11.85			796,239,508		0.00			2.26	(h)		0.00	(j)		16
	17.36		(0.34	)		292,823,052		0.00			2.05			0.00	(j)		17
	18.03		3.16			82,127,377		0.00			1.97	(h)		0.00	(j)		8

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 JPMORGAN SMARTRETIREMENT FUNDS 81

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)(c)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan SmartRetirement 2030 Fund
Class A
Six Months Ended December 31, 2018 (Unaudited)	$	21.03	$	0.30		$	(1.71	)	$	(1.41	)	$	(0.38	)	$	(0.63	)	$	(1.01	)
Year Ended June 30, 2018		20.33		0.34			1.24			1.58			(0.40	)		(0.48	)		(0.88	)
Year Ended June 30, 2017		18.45		0.34	(h)		2.06			2.40			(0.37	)		(0.15	)		(0.52	)
Year Ended June 30, 2016		19.37		0.28			(0.63	)		(0.35	)		(0.35	)		(0.22	)		(0.57	)
Year Ended June 30, 2015		19.38		0.30	(h)		0.46			0.76			(0.50	)		(0.27	)		(0.77	)
Year Ended June 30, 2014		16.94		0.28			2.86			3.14			(0.48	)		(0.22	)		(0.70	)
Class C
Six Months Ended December 31, 2018 (Unaudited)		20.84		0.24			(1.70	)		(1.46	)		(0.32	)		(0.63	)		(0.95	)
Year Ended June 30, 2018		20.15		0.20			1.24			1.44			(0.27	)		(0.48	)		(0.75	)
Year Ended June 30, 2017		18.29		0.22	(h)		2.03			2.25			(0.24	)		(0.15	)		(0.39	)
Year Ended June 30, 2016		19.22		0.16			(0.62	)		(0.46	)		(0.25	)		(0.22	)		(0.47	)
Year Ended June 30, 2015		19.25		0.17	(h)		0.46			0.63			(0.39	)		(0.27	)		(0.66	)
Year Ended June 30, 2014		16.84		0.16			2.84			3.00			(0.37	)		(0.22	)		(0.59	)
Class I
Six Months Ended December 31, 2018 (Unaudited)		21.08		0.32			(1.71	)		(1.39	)		(0.40	)		(0.63	)		(1.03	)
Year Ended June 30, 2018		20.38		0.37			1.24			1.61			(0.43	)		(0.48	)		(0.91	)
Year Ended June 30, 2017		18.49		0.36	(h)		2.07			2.43			(0.39	)		(0.15	)		(0.54	)
Year Ended June 30, 2016		19.41		0.30			(0.63	)		(0.33	)		(0.37	)		(0.22	)		(0.59	)
Year Ended June 30, 2015		19.42		0.32	(h)		0.46			0.78			(0.52	)		(0.27	)		(0.79	)
Year Ended June 30, 2014		16.98		0.30			2.85			3.15			(0.49	)		(0.22	)		(0.71	)
Class R2
Six Months Ended December 31, 2018 (Unaudited)		20.96		0.26			(1.71	)		(1.45	)		(0.34	)		(0.63	)		(0.97	)
Year Ended June 30, 2018		20.26		0.26			1.23			1.49			(0.31	)		(0.48	)		(0.79	)
Year Ended June 30, 2017		18.39		0.29	(h)		2.04			2.33			(0.31	)		(0.15	)		(0.46	)
Year Ended June 30, 2016		19.31		0.23			(0.62	)		(0.39	)		(0.31	)		(0.22	)		(0.53	)
Year Ended June 30, 2015		19.33		0.25	(h)		0.45			0.70			(0.45	)		(0.27	)		(0.72	)
Year Ended June 30, 2014		16.90		0.24			2.85			3.09			(0.44	)		(0.22	)		(0.66	)

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Calculated based upon average shares outstanding.

(c) Net investment income (loss) is affected by the timing of distributions from Underlying Funds.

(d) Not annualized for periods less than one year.

(e) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(f) Does not include expenses of Underlying Funds.

(g) Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(h) Net investment income (loss) may appear disproportionate among classes due to the timing of recognition of income and changes in the relative size of the classes.

(i) Commencement of offering of class of shares.

(j) Amount rounds to less than 0.005%.

SEE NOTES TO FINANCIAL STATEMENTS.

82 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2018

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (d)(e)			Net assets, end of period		Net expenses (f)(g)			Net investment income (loss) (c)			Expenses without waivers and reimbursements and earnings credits (f)			Portfolio turnover rate (d)
$	18.61		(6.77	)%	$	1,759,216,128		0.38	%		2.91	%		0.52	%		4	%
	21.03		7.74			1,996,352,162		0.36			1.61			0.52			30
	20.33		13.21			1,989,716,070		0.32			1.77	(h)		0.55			26
	18.45		(1.71	)		1,719,385,697		0.31			1.53			0.58			22
	19.37		4.05			1,479,265,341		0.29			1.54	(h)		0.57			10
	19.38		18.75			1,111,610,185		0.29			1.54			0.56			10
	18.43		(7.06	)		32,835,945		0.97			2.29			1.02			4
	20.84		7.10			37,658,447		0.97			0.95			1.03			30
	20.15		12.48			46,297,575		0.97			1.12	(h)		1.07			26
	18.29		(2.36	)		47,960,623		0.96			0.87			1.11			22
	19.22		3.39			53,202,326		0.94			0.88	(h)		1.10			10
	19.25		17.96			39,005,729		0.94			0.87			1.06			10
	18.66		(6.68	)		826,807,933		0.22			3.05			0.26			4
	21.08		7.87			941,297,953		0.22			1.76			0.26			30
	20.38		13.34			999,965,327		0.22			1.88	(h)		0.30			26
	18.49		(1.62	)		997,683,619		0.21			1.63			0.32			22
	19.41		4.14			950,009,815		0.19			1.66	(h)		0.32			10
	19.42		18.81			781,446,585		0.19			1.64			0.31			10
	18.54		(6.97	)		403,378,957		0.75			2.50			0.77			4
	20.96		7.35			481,235,818		0.75			1.22			0.76			30
	20.26		12.87			492,665,627		0.61			1.48	(h)		0.82			26
	18.39		(1.95	)		444,975,463		0.56			1.28			0.84			22
	19.31		3.77			351,034,923		0.54			1.29	(h)		0.84			10
	19.33		18.48			259,005,839		0.54			1.32			0.81			10

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 JPMORGAN SMARTRETIREMENT FUNDS 83

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)(c)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan SmartRetirement 2030 Fund (continued)
Class R3
Six Months Ended December 31, 2018 (Unaudited)	$	20.98	$	0.32		$	(1.74	)	$	(1.42	)	$	(0.37	)	$	(0.63	)	$	(1.00	)
Year Ended June 30, 2018		20.30		0.33			1.21			1.54			(0.38	)		(0.48	)		(0.86	)
September 9, 2016 (i) through June 30, 2017		18.89		0.21	(h)		1.72			1.93			(0.37	)		(0.15	)		(0.52	)
Class R4
Six Months Ended December 31, 2018 (Unaudited)		21.05		0.35			(1.76	)		(1.41	)		(0.39	)		(0.63	)		(1.02	)
Year Ended June 30, 2018		20.36		0.39			1.22			1.61			(0.44	)		(0.48	)		(0.92	)
September 9, 2016 (i) through June 30, 2017		18.93		0.33	(h)		1.64			1.97			(0.39	)		(0.15	)		(0.54	)
Class R5
Six Months Ended December 31, 2018 (Unaudited)		21.14		0.34			(1.74	)		(1.40	)		(0.41	)		(0.63	)		(1.04	)
Year Ended June 30, 2018		20.43		0.40			1.24			1.64			(0.45	)		(0.48	)		(0.93	)
Year Ended June 30, 2017		18.53		0.39	(h)		2.07			2.46			(0.41	)		(0.15	)		(0.56	)
Year Ended June 30, 2016		19.45		0.33			(0.63	)		(0.30	)		(0.40	)		(0.22	)		(0.62	)
Year Ended June 30, 2015		19.46		0.35	(h)		0.46			0.81			(0.55	)		(0.27	)		(0.82	)
Year Ended June 30, 2014		17.01		0.33			2.86			3.19			(0.52	)		(0.22	)		(0.74	)
Class R6
Six Months Ended December 31, 2018 (Unaudited)		21.13		0.36			(1.74	)		(1.38	)		(0.42	)		(0.63	)		(1.05	)
Year Ended June 30, 2018		20.42		0.43			1.23			1.66			(0.47	)		(0.48	)		(0.95	)
Year Ended June 30, 2017		18.53		0.41	(h)		2.06			2.47			(0.43	)		(0.15	)		(0.58	)
Year Ended June 30, 2016		19.45		0.35			(0.64	)		(0.29	)		(0.41	)		(0.22	)		(0.63	)
November 3, 2014 (i) through June 30, 2015		19.55		0.24	(h)		0.41			0.65			(0.48	)		(0.27	)		(0.75	)

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Calculated based upon average shares outstanding.

(c) Net investment income (loss) is affected by the timing of distributions from Underlying Funds.

(d) Not annualized for periods less than one year.

(e) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(f) Does not include expenses of Underlying Funds.

(g) Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(h) Net investment income (loss) may appear disproportionate among classes due to the timing of recognition of income and changes in the relative size of the classes.

(i) Commencement of offering of class of shares.

(j) Amount rounds to less than 0.005%.

SEE NOTES TO FINANCIAL STATEMENTS.

84 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2018

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (d)(e)			Net assets, end of period		Net expenses (f)(g)			Net investment income (loss) (c)			Expenses without waivers and reimbursements and earnings credits (f)			Portfolio turnover rate (d)
$	18.56		(6.83	)%	$	31,396,008		0.50	%		3.03	%		0.52	%		4	%
	20.98		7.57			26,713,668		0.50			1.54			0.52			30
	20.30		10.44			5,048,280		0.50			1.28	(h)		0.53			26
	18.62		(6.74	)		47,666,457		0.25			3.31			0.26			4
	21.05		7.90			41,512,978		0.25			1.81			0.29			30
	20.36		10.62			34,690		0.25			2.13	(h)		0.35			26
	18.70		(6.70	)		2,545,387,415		0.10			3.18			0.11			4
	21.14		8.03			2,869,582,896		0.10			1.86			0.11			30
	20.43		13.51			3,803,505,336		0.09			2.01	(h)		0.14			26
	18.53		(1.48	)		3,512,043,299		0.07			1.77			0.15			22
	19.45		4.28			3,091,391,989		0.05			1.77	(h)		0.16			10
	19.46		19.00			2,102,751,164		0.04			1.80			0.16			10
	18.70		(6.60	)		2,025,989,483		0.00			3.42			0.01			4
	21.13		8.14			1,970,018,168		0.00			2.02			0.01			30
	20.42		13.56			706,064,859		0.00			2.12	(h)		0.00	(j)		26
	18.53		(1.41	)		304,091,927		0.00			1.93			0.00	(j)		22
	19.45		3.42			96,079,609		0.00			1.84	(h)		0.00	(j)		10

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 JPMORGAN SMARTRETIREMENT FUNDS 85

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)(c)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan SmartRetirement 2035 Fund
Class A
Six Months Ended December 31, 2018 (Unaudited)	$	20.43	$	0.29		$	(1.87	)	$	(1.58	)	$	(0.37	)	$	(0.53	)	$	(0.90	)
Year Ended June 30, 2018		19.62		0.30			1.31			1.61			(0.36	)		(0.44	)		(0.80	)
Year Ended June 30, 2017		17.59		0.31	(h)		2.21			2.52			(0.33	)		(0.16	)		(0.49	)
Year Ended June 30, 2016		18.59		0.25			(0.70	)		(0.45	)		(0.33	)		(0.22	)		(0.55	)
Year Ended June 30, 2015		18.56		0.27	(h)		0.50			0.77			(0.48	)		(0.26	)		(0.74	)
Year Ended June 30, 2014		16.15		0.25			2.95			3.20			(0.45	)		(0.34	)		(0.79	)
Class C
Six Months Ended December 31, 2018 (Unaudited)		20.26		0.23			(1.84	)		(1.61	)		(0.32	)		(0.53	)		(0.85	)
Year Ended June 30, 2018		19.47		0.17			1.29			1.46			(0.23	)		(0.44	)		(0.67	)
Year Ended June 30, 2017		17.45		0.19	(h)		2.20			2.39			(0.21	)		(0.16	)		(0.37	)
Year Ended June 30, 2016		18.47		0.13			(0.70	)		(0.57	)		(0.23	)		(0.22	)		(0.45	)
Year Ended June 30, 2015		18.46		0.15	(h)		0.50			0.65			(0.38	)		(0.26	)		(0.64	)
Year Ended June 30, 2014		16.08		0.13			2.93			3.06			(0.34	)		(0.34	)		(0.68	)
Class I
Six Months Ended December 31, 2018 (Unaudited)		20.53		0.30			(1.86	)		(1.56	)		(0.39	)		(0.53	)		(0.92	)
Year Ended June 30, 2018		19.71		0.34			1.31			1.65			(0.39	)		(0.44	)		(0.83	)
Year Ended June 30, 2017		17.67		0.33			2.22			2.55			(0.35	)		(0.16	)		(0.51	)
Year Ended June 30, 2016		18.67		0.27			(0.71	)		(0.44	)		(0.34	)		(0.22	)		(0.56	)
Year Ended June 30, 2015		18.63		0.30	(h)		0.49			0.79			(0.49	)		(0.26	)		(0.75	)
Year Ended June 30, 2014		16.21		0.26			2.96			3.22			(0.46	)		(0.34	)		(0.80	)
Class R2
Six Months Ended December 31, 2018 (Unaudited)		20.37		0.24			(1.84	)		(1.60	)		(0.34	)		(0.53	)		(0.87	)
Year Ended June 30, 2018		19.57		0.22			1.30			1.52			(0.28	)		(0.44	)		(0.72	)
Year Ended June 30, 2017		17.54		0.26	(h)		2.21			2.47			(0.28	)		(0.16	)		(0.44	)
Year Ended June 30, 2016		18.54		0.21			(0.71	)		(0.50	)		(0.28	)		(0.22	)		(0.50	)
Year Ended June 30, 2015		18.52		0.22	(h)		0.49			0.71			(0.43	)		(0.26	)		(0.69	)
Year Ended June 30, 2014		16.12		0.21			2.94			3.15			(0.41	)		(0.34	)		(0.75	)

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Net investment income (loss) is affected by the timing of distributions from Underlying Funds.

(c) Calculated based upon average shares outstanding.

(d) Not annualized for periods less than one year.

(e) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(f) Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(g) Does not include expenses of Underlying Funds.

(h) Net investment income (loss) may appear disproportionate among classes due to the timing of recognition of income and changes in the relative size of the classes.

(i) Commencement of offering of class of shares.

(j) Amount rounds to less than 0.005%.

SEE NOTES TO FINANCIAL STATEMENTS.

86 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2018

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (d)(e)			Net assets, end of period		Net expenses (f)(g)			Net investment income (loss) (b)			Expenses without waivers, reimbursements and earnings credits (g)			Portfolio turnover rate (d)
$	17.95		(7.78	)%	$	1,295,662,625		0.39	%		2.85	%		0.52	%		4	%
	20.43		8.18			1,477,096,112		0.37			1.46			0.52			28
	19.62		14.58			1,438,787,340		0.32			1.67	(h)		0.56			22
	17.59		(2.40	)		1,219,559,258		0.31			1.42			0.59			17
	18.59		4.22			1,011,295,528		0.29			1.45	(h)		0.58			10
	18.56		20.12			725,647,849		0.29			1.39			0.57			8
	17.80		(8.02	)		20,277,822		0.97			2.29			1.03			4
	20.26		7.48			23,602,339		0.97			0.82			1.04			28
	19.47		13.89			29,550,511		0.97			1.02	(h)		1.08			22
	17.45		(3.08	)		30,327,423		0.96			0.73			1.08			17
	18.47		3.59			35,271,638		0.94			0.80	(h)		1.07			10
	18.46		19.30			22,282,103		0.94			0.74			1.07			8
	18.05		(7.66	)		582,319,448		0.22			2.97			0.26			4
	20.53		8.35			679,085,746		0.22			1.63			0.26			28
	19.71		14.68			743,740,243		0.22			1.75	(h)		0.30			22
	17.67		(2.30	)		655,304,993		0.21			1.52			0.33			17
	18.67		4.36			580,866,905		0.19			1.57	(h)		0.33			10
	18.63		20.21			436,679,753		0.19			1.50			0.32			8
	17.90		(7.93	)		282,085,260		0.75			2.39			0.77			4
	20.37		7.74			351,337,033		0.75			1.08			0.76			28
	19.57		14.29			350,592,518		0.62			1.38	(h)		0.83			22
	17.54		(2.64	)		292,087,846		0.56			1.18			0.86			17
	18.54		3.93			225,354,729		0.54			1.19	(h)		0.85			10
	18.52		19.84			159,581,426		0.54			1.17			0.82			8

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 JPMORGAN SMARTRETIREMENT FUNDS 87

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)(c)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan SmartRetirement 2035 Fund (continued)
Class R3
Six Months Ended December 31, 2018 (Unaudited)	$	20.36	$	0.31		$	(1.88	)	$	(1.57	)	$	(0.37	)	$	(0.53	)	$	(0.90	)
Year Ended June 30, 2018		19.57		0.32			1.26			1.58			(0.35	)		(0.44	)		(0.79	)
September 9, 2016 (i) through June 30, 2017		18.04		0.18	(h)		1.85			2.03			(0.34	)		(0.16	)		(0.50	)
Class R4
Six Months Ended December 31, 2018 (Unaudited)		20.50		0.34			(1.91	)		(1.57	)		(0.39	)		(0.53	)		(0.92	)
Year Ended June 30, 2018		19.70		0.37			1.28			1.65			(0.41	)		(0.44	)		(0.85	)
September 9, 2016 (i) through June 30, 2017		18.13		0.31	(h)		1.78			2.09			(0.36	)		(0.16	)		(0.52	)
Class R5
Six Months Ended December 31, 2018 (Unaudited)		20.54		0.32			(1.87	)		(1.55	)		(0.40	)		(0.53	)		(0.93	)
Year Ended June 30, 2018		19.73		0.36			1.30			1.66			(0.41	)		(0.44	)		(0.85	)
Year Ended June 30, 2017		17.68		0.35	(h)		2.24			2.59			(0.38	)		(0.16	)		(0.54	)
Year Ended June 30, 2016		18.68		0.29			(0.70	)		(0.41	)		(0.37	)		(0.22	)		(0.59	)
Year Ended June 30, 2015		18.64		0.32	(h)		0.50			0.82			(0.52	)		(0.26	)		(0.78	)
Year Ended June 30, 2014		16.21		0.30			2.96			3.26			(0.49	)		(0.34	)		(0.83	)
Class R6
Six Months Ended December 31, 2018 (Unaudited)		20.55		0.35			(1.90	)		(1.55	)		(0.41	)		(0.53	)		(0.94	)
Year Ended June 30, 2018		19.73		0.39			1.31			1.70			(0.44	)		(0.44	)		(0.88	)
Year Ended June 30, 2017		17.68		0.38	(h)		2.22			2.60			(0.39	)		(0.16	)		(0.55	)
Year Ended June 30, 2016		18.68		0.32			(0.72	)		(0.40	)		(0.38	)		(0.22	)		(0.60	)
November 3, 2014 (i) through June 30, 2015		18.74		0.20	(h)		0.46			0.66			(0.46	)		(0.26	)		(0.72	)

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Net investment income (loss) is affected by the timing of distributions from Underlying Funds.

(c) Calculated based upon average shares outstanding.

(d) Not annualized for periods less than one year.

(e) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(f) Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(g) Does not include expenses of Underlying Funds.

(h) Net investment income (loss) may appear disproportionate among classes due to the timing of recognition of income and changes in the relative size of the classes.

(i) Commencement of offering of class of shares.

(j) Amount rounds to less than 0.005%.

SEE NOTES TO FINANCIAL STATEMENTS.

88 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2018

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (d)(e)			Net assets, end of period		Net expenses (f)(g)			Net investment income (loss) (b)			Expenses without waivers, reimbursements and earnings credits (g)			Portfolio turnover rate (d)
$	17.89		(7.80	)%	$	31,639,441		0.50	%		3.05	%		0.52	%		4	%
	20.36		8.05			25,728,124		0.50			1.54			0.52			28
	19.57		11.49			5,007,361		0.50			1.16	(h)		0.54			22
	18.01		(7.73	)		30,709,473		0.25			3.33			0.26			4
	20.50		8.33			26,844,718		0.25			1.79			0.29			28
	19.70		11.74			43,037		0.25			2.03	(h)		0.35			22
	18.06		(7.60	)		1,883,352,040		0.10			3.13			0.11			4
	20.54		8.41			2,137,154,842		0.10			1.72			0.11			28
	19.73		14.87			2,727,056,929		0.09			1.90	(h)		0.14			22
	17.68		(2.17	)		2,488,223,763		0.07			1.65			0.16			17
	18.68		4.50			2,103,140,075		0.05			1.68	(h)		0.17			10
	18.64		20.43			1,342,987,195		0.04			1.69			0.17			8
	18.06		(7.60	)		1,747,600,116		0.00			3.38			0.01			4
	20.55		8.58			1,721,935,773		0.00			1.86			0.01			28
	19.73		14.97			638,799,389		0.00			2.02	(h)		0.00	(j)		22
	17.68		(2.10	)		235,741,825		0.00			1.83			0.00	(j)		17
	18.68		3.60			77,861,701		0.00			1.63	(h)		0.00	(j)		10

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 JPMORGAN SMARTRETIREMENT FUNDS 89

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)(c)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan SmartRetirement 2040 Fund
Class A
Six Months Ended December 31, 2018 (Unaudited)	$	22.17	$	0.31		$	(2.19	)	$	(1.88	)	$	(0.41	)	$	(0.67	)	$	(1.08	)
Year Ended June 30, 2018		21.18		0.30			1.60			1.90			(0.37	)		(0.54	)		(0.91	)
Year Ended June 30, 2017		18.77		0.31	(h)		2.63			2.94			(0.34	)		(0.19	)		(0.53	)
Year Ended June 30, 2016		19.96		0.25			(0.86	)		(0.61	)		(0.33	)		(0.25	)		(0.58	)
Year Ended June 30, 2015		19.93		0.27	(h)		0.57			0.84			(0.50	)		(0.31	)		(0.81	)
Year Ended June 30, 2014		17.14		0.25			3.26			3.51			(0.49	)		(0.23	)		(0.72	)
Class C
Six Months Ended December 31, 2018 (Unaudited)		21.87		0.24			(2.16	)		(1.92	)		(0.34	)		(0.67	)		(1.01	)
Year Ended June 30, 2018		20.91		0.15			1.59			1.74			(0.24	)		(0.54	)		(0.78	)
Year Ended June 30, 2017		18.54		0.18	(h)		2.59			2.77			(0.21	)		(0.19	)		(0.40	)
Year Ended June 30, 2016		19.76		0.12			(0.85	)		(0.73	)		(0.24	)		(0.25	)		(0.49	)
Year Ended June 30, 2015		19.76		0.14	(h)		0.57			0.71			(0.40	)		(0.31	)		(0.71	)
Year Ended June 30, 2014		17.00		0.13			3.23			3.36			(0.37	)		(0.23	)		(0.60	)
Class I
Six Months Ended December 31, 2018 (Unaudited)		22.23		0.32			(2.18	)		(1.86	)		(0.43	)		(0.67	)		(1.10	)
Year Ended June 30, 2018		21.24		0.34			1.59			1.93			(0.40	)		(0.54	)		(0.94	)
Year Ended June 30, 2017		18.82		0.33	(h)		2.64			2.97			(0.36	)		(0.19	)		(0.55	)
Year Ended June 30, 2016		20.01		0.26			(0.85	)		(0.59	)		(0.35	)		(0.25	)		(0.60	)
Year Ended June 30, 2015		19.98		0.30	(h)		0.56			0.86			(0.52	)		(0.31	)		(0.83	)
Year Ended June 30, 2014		17.18		0.27			3.26			3.53			(0.50	)		(0.23	)		(0.73	)
Class R2
Six Months Ended December 31, 2018 (Unaudited)		22.06		0.26			(2.17	)		(1.91	)		(0.37	)		(0.67	)		(1.04	)
Year Ended June 30, 2018		21.08		0.22			1.58			1.80			(0.28	)		(0.54	)		(0.82	)
Year Ended June 30, 2017		18.68		0.25	(h)		2.62			2.87			(0.28	)		(0.19	)		(0.47	)
Year Ended June 30, 2016		19.88		0.20			(0.85	)		(0.65	)		(0.30	)		(0.25	)		(0.55	)
Year Ended June 30, 2015		19.86		0.22	(h)		0.57			0.79			(0.46	)		(0.31	)		(0.77	)
Year Ended June 30, 2014		17.09		0.21			3.23			3.44			(0.44	)		(0.23	)		(0.67	)

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Net investment income (loss) is affected by the timing of distributions from Underlying Funds.

(c) Calculated based upon average shares outstanding.

(d) Not annualized for periods less than one year.

(e) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(f) Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(g) Does not include expenses of Underlying Funds.

(h) Net investment income (loss) may appear disproportionate among classes due to the timing of recognition of income and changes in the relative size of the classes.

(i) Commencement of offering of class of shares.

(j) Amount rounds to less than 0.005%.

SEE NOTES TO FINANCIAL STATEMENTS.

90 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2018

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (d)(e)			Net assets, end of period		Net expenses (f)(g)			Net investment income (loss) (b)			Expenses without waivers, reimbursements and earnings credits (g)			Portfolio turnover rate (d)
$	19.21		(8.59	)%	$	1,247,626,287		0.39	%		2.81	%		0.52	%		5	%
	22.17		8.91			1,431,800,489		0.37			1.35			0.52			29
	21.18		15.94			1,405,514,153		0.32			1.56	(h)		0.58			24
	18.77		(2.97	)		1,218,455,476		0.31			1.32			0.62			16
	19.96		4.36			1,032,320,891		0.29			1.36	(h)		0.61			10
	19.93		20.71			793,106,767		0.29			1.34			0.59			9
	18.94		(8.83	)		20,601,529		0.97			2.24			1.04			5
	21.87		8.25			23,744,477		0.97			0.69			1.04			29
	20.91		15.18			28,920,492		0.97			0.94	(h)		1.11			24
	18.54		(3.64	)		29,275,269		0.96			0.65			1.16			16
	19.76		3.71			34,874,908		0.94			0.71	(h)		1.15			10
	19.76		19.97			27,191,674		0.94			0.67			1.09			9
	19.27		(8.48	)		593,976,005		0.22			2.92			0.27			5
	22.23		9.05			701,619,190		0.22			1.51			0.26			29
	21.24		16.05			738,939,812		0.22			1.67	(h)		0.32			24
	18.82		(2.87	)		698,514,780		0.21			1.41			0.36			16
	20.01		4.44			685,404,675		0.19			1.49	(h)		0.35			10
	19.98		20.83			552,836,747		0.19			1.45			0.34			9
	19.11		(8.75	)		281,781,794		0.75			2.36			0.77			5
	22.06		8.50			352,347,719		0.75			0.97			0.77			29
	21.08		15.62			358,746,400		0.62			1.28	(h)		0.85			24
	18.68		(3.22	)		303,226,134		0.56			1.05			0.90			16
	19.88		4.09			233,012,841		0.54			1.11	(h)		0.88			10
	19.86		20.40			172,440,254		0.54			1.12			0.84			9

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 JPMORGAN SMARTRETIREMENT FUNDS 91

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)(c)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan SmartRetirement 2040 Fund (continued)
Class R3
Six Months Ended December 31, 2018 (Unaudited)	$	22.12	$	0.33		$	(2.22	)	$	(1.89	)	$	(0.40	)	$	(0.67	)	$	(1.07	)
Year Ended June 30, 2018		21.14		0.28			1.58			1.86			(0.34	)		(0.54	)		(0.88	)
September 9, 2016 (i) through June 30, 2017		19.30		0.13	(h)		2.25			2.38			(0.35	)		(0.19	)		(0.54	)
Class R4
Six Months Ended December 31, 2018 (Unaudited)		22.19		0.35			(2.22	)		(1.87	)		(0.42	)		(0.67	)		(1.09	)
Year Ended June 30, 2018		21.22		0.30			1.63			1.93			(0.42	)		(0.54	)		(0.96	)
September 9, 2016 (i) through June 30, 2017		19.35		0.31	(h)		2.12			2.43			(0.37	)		(0.19	)		(0.56	)
Class R5
Six Months Ended December 31, 2018 (Unaudited)		22.29		0.34			(2.20	)		(1.86	)		(0.44	)		(0.67	)		(1.11	)
Year Ended June 30, 2018		21.29		0.36			1.61			1.97			(0.43	)		(0.54	)		(0.97	)
Year Ended June 30, 2017		18.86		0.36	(h)		2.65			3.01			(0.39	)		(0.19	)		(0.58	)
Year Ended June 30, 2016		20.06		0.29			(0.86	)		(0.57	)		(0.38	)		(0.25	)		(0.63	)
Year Ended June 30, 2015		20.02		0.32	(h)		0.58			0.90			(0.55	)		(0.31	)		(0.86	)
Year Ended June 30, 2014		17.21		0.30			3.27			3.57			(0.53	)		(0.23	)		(0.76	)
Class R6
Six Months Ended December 31, 2018 (Unaudited)		22.29		0.37			(2.22	)		(1.85	)		(0.45	)		(0.67	)		(1.12	)
Year Ended June 30, 2018		21.29		0.39			1.60			1.99			(0.45	)		(0.54	)		(0.99	)
Year Ended June 30, 2017		18.86		0.38	(h)		2.64			3.02			(0.40	)		(0.19	)		(0.59	)
Year Ended June 30, 2016		20.06		0.32			(0.88	)		(0.56	)		(0.39	)		(0.25	)		(0.64	)
November 3, 2014 (i) through June 30, 2015		20.11		0.21	(h)		0.54			0.75			(0.49	)		(0.31	)		(0.80	)

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Net investment income (loss) is affected by the timing of distributions from Underlying Funds.

(c) Calculated based upon average shares outstanding.

(d) Not annualized for periods less than one year.

(e) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(f) Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(g) Does not include expenses of Underlying Funds.

(h) Net investment income (loss) may appear disproportionate among classes due to the timing of recognition of income and changes in the relative size of the classes.

(i) Commencement of offering of class of shares.

(j) Amount rounds to less than 0.005%.

SEE NOTES TO FINANCIAL STATEMENTS.

92 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2018

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (d)(e)			Net assets, end of period		Net expenses (f)(g)			Net investment income (loss) (b)			Expenses without waivers, reimbursements and earnings credits (g)			Portfolio turnover rate (d)
$	19.16		(8.64	)%	$	24,917,571		0.50	%		3.05	%		0.52	%		5	%
	22.12		8.77			20,649,630		0.50			1.26			0.52			29
	21.14		12.58			9,292,450		0.50			0.79	(h)		0.54			24
	19.23		(8.51	)		34,416,549		0.25			3.19			0.26			5
	22.19		9.04			32,537,841		0.25			1.34			0.28			29
	21.22		12.80			44,844		0.25			1.93	(h)		0.35			24
	19.32		(8.45	)		1,910,744,193		0.10			3.09			0.11			5
	22.29		9.20			2,173,497,464		0.10			1.62			0.11			29
	21.29		16.22			2,933,132,572		0.09			1.80	(h)		0.15			24
	18.86		(2.78	)		2,573,248,522		0.07			1.56			0.17			16
	20.06		4.63			2,268,744,460		0.05			1.59	(h)		0.18			10
	20.02		21.02			1,514,714,606		0.04			1.61			0.19			9
	19.32		(8.40	)		1,664,663,927		0.00			3.36			0.01			5
	22.29		9.31			1,639,250,100		0.00			1.71			0.01			29
	21.29		16.33			549,100,749		0.00			1.87	(h)		0.00	(j)		24
	18.86		(2.71	)		233,180,959		0.00			1.73			0.00	(j)		16
	20.06		3.85			74,475,091		0.00			1.54	(h)		0.00	(j)		10

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 JPMORGAN SMARTRETIREMENT FUNDS 93

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)(c)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan SmartRetirement 2045 Fund
Class A
Six Months Ended December 31, 2018 (Unaudited)	$	21.09	$	0.30		$	(2.16	)	$	(1.86	)	$	(0.39	)	$	(0.51	)	$	(0.90	)
Year Ended June 30, 2018		20.08		0.28			1.54			1.82			(0.34	)		(0.47	)		(0.81	)
Year Ended June 30, 2017		17.78		0.29	(h)		2.52			2.81			(0.32	)		(0.19	)		(0.51	)
Year Ended June 30, 2016		18.90		0.23			(0.80	)		(0.57	)		(0.32	)		(0.23	)		(0.55	)
Year Ended June 30, 2015		18.83		0.26	(h)		0.54			0.80			(0.47	)		(0.26	)		(0.73	)
Year Ended June 30, 2014		16.29		0.24			3.07			3.31			(0.45	)		(0.32	)		(0.77	)
Class C
Six Months Ended December 31, 2018 (Unaudited)		20.92		0.23			(2.13	)		(1.90	)		(0.34	)		(0.51	)		(0.85	)
Year Ended June 30, 2018		19.93		0.14			1.54			1.68			(0.22	)		(0.47	)		(0.69	)
Year Ended June 30, 2017		17.66		0.17	(h)		2.49			2.66			(0.20	)		(0.19	)		(0.39	)
Year Ended June 30, 2016		18.80		0.12			(0.80	)		(0.68	)		(0.23	)		(0.23	)		(0.46	)
Year Ended June 30, 2015		18.76		0.13	(h)		0.55			0.68			(0.38	)		(0.26	)		(0.64	)
Year Ended June 30, 2014		16.24		0.12			3.07			3.19			(0.35	)		(0.32	)		(0.67	)
Class I
Six Months Ended December 31, 2018 (Unaudited)		21.17		0.31			(2.16	)		(1.85	)		(0.41	)		(0.51	)		(0.92	)
Year Ended June 30, 2018		20.15		0.31			1.55			1.86			(0.37	)		(0.47	)		(0.84	)
Year Ended June 30, 2017		17.84		0.31	(h)		2.53			2.84			(0.34	)		(0.19	)		(0.53	)
Year Ended June 30, 2016		18.96		0.25			(0.81	)		(0.56	)		(0.33	)		(0.23	)		(0.56	)
Year Ended June 30, 2015		18.89		0.29	(h)		0.53			0.82			(0.49	)		(0.26	)		(0.75	)
Year Ended June 30, 2014		16.34		0.26			3.08			3.34			(0.47	)		(0.32	)		(0.79	)
Class R2
Six Months Ended December 31, 2018 (Unaudited)		21.02		0.25			(2.14	)		(1.89	)		(0.36	)		(0.51	)		(0.87	)
Year Ended June 30, 2018		20.01		0.20			1.54			1.74			(0.26	)		(0.47	)		(0.73	)
Year Ended June 30, 2017		17.72		0.24	(h)		2.50			2.74			(0.26	)		(0.19	)		(0.45	)
Year Ended June 30, 2016		18.85		0.19			(0.81	)		(0.62	)		(0.28	)		(0.23	)		(0.51	)
Year Ended June 30, 2015		18.79		0.21	(h)		0.54			0.75			(0.43	)		(0.26	)		(0.69	)
Year Ended June 30, 2014		16.26		0.20			3.07			3.27			(0.42	)		(0.32	)		(0.74	)

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Net investment income (loss) is affected by the timing of distributions from Underlying Funds.

(c) Calculated based upon average shares outstanding.

(d) Not annualized for periods less than one year.

(e) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(f) Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(g) Does not include expenses of Underlying Funds.

(h) Net investment income (loss) may appear disproportionate among classes due to the timing of recognition of income and changes in the relative size of the classes.

(i) Commencement of offering of class of shares.

(j) Amount rounds to less than 0.005%.

SEE NOTES TO FINANCIAL STATEMENTS.

94 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2018

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (d)(e)			Net assets, end of period		Net expenses (f)(g)			Net investment income (loss) (b)			Expenses without waivers, reimbursements and earnings credits (g)			Portfolio turnover rate (d)
$	18.33		(8.85	)%	$	830,657,194		0.39	%		2.85	%		0.52	%		3	%
	21.09		9.03			947,727,109		0.37			1.29			0.53			26
	20.08		16.06			886,620,562		0.32			1.55	(h)		0.60			20
	17.78		(2.99	)		727,577,511		0.31			1.32			0.66			13
	18.90		4.40			566,570,260		0.29			1.38	(h)		0.64			9
	18.83		20.68			393,004,238		0.29			1.34			0.62			8
	18.17		(9.13	)		12,065,522		0.97			2.22			1.04			3
	20.92		8.38			14,190,431		0.97			0.65			1.06			26
	19.93		15.27			17,074,697		0.97			0.90	(h)		1.12			20
	17.66		(3.60	)		17,320,818		0.96			0.66			1.21			13
	18.80		3.71			18,384,099		0.94			0.69	(h)		1.18			9
	18.76		19.91			12,377,129		0.94			0.70			1.12			8
	18.40		(8.78	)		385,574,034		0.22			2.90			0.27			3
	21.17		9.20			460,023,964		0.22			1.47			0.27			26
	20.15		16.17			497,880,998		0.22			1.62	(h)		0.34			20
	17.84		(2.89	)		408,473,526		0.21			1.40			0.39			13
	18.96		4.48			336,202,683		0.19			1.51	(h)		0.40			9
	18.89		20.79			233,540,430		0.19			1.45			0.37			8
	18.26		(9.05	)		186,338,154		0.75			2.37			0.77			3
	21.02		8.65			232,507,653		0.75			0.92			0.77			26
	20.01		15.73			234,513,086		0.62			1.26	(h)		0.88			20
	17.72		(3.25	)		182,691,218		0.56			1.06			0.94			13
	18.85		4.12			135,857,065		0.54			1.11	(h)		0.93			9
	18.79		20.41			93,369,236		0.54			1.12			0.87			8

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 JPMORGAN SMARTRETIREMENT FUNDS 95

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)(c)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan SmartRetirement 2045 Fund (continued)
Class R3
Six Months Ended December 31, 2018 (Unaudited)	$	21.03	$	0.32		$	(2.18	)	$	(1.86	)	$	(0.39	)	$	(0.51	)	$	(0.90	)
Year Ended June 30, 2018		20.04		0.28			1.51			1.79			(0.33	)		(0.47	)		(0.80	)
September 9, 2016 (i) through June 30, 2017		18.28		0.13	(h)		2.14			2.27			(0.32	)		(0.19	)		(0.51	)
Class R4
Six Months Ended December 31, 2018 (Unaudited)		21.13		0.35			(2.20	)		(1.85	)		(0.41	)		(0.51	)		(0.92	)
Year Ended June 30, 2018		20.13		0.34			1.52			1.86			(0.39	)		(0.47	)		(0.86	)
September 9, 2016 (i) through June 30, 2017		18.34		0.29	(h)		2.03			2.32			(0.34	)		(0.19	)		(0.53	)
Class R5
Six Months Ended December 31, 2018 (Unaudited)		21.19		0.33			(2.16	)		(1.83	)		(0.43	)		(0.51	)		(0.94	)
Year Ended June 30, 2018		20.17		0.34			1.55			1.89			(0.40	)		(0.47	)		(0.87	)
Year Ended June 30, 2017		17.85		0.34	(h)		2.53			2.87			(0.36	)		(0.19	)		(0.55	)
Year Ended June 30, 2016		18.97		0.28			(0.81	)		(0.53	)		(0.36	)		(0.23	)		(0.59	)
Year Ended June 30, 2015		18.90		0.30	(h)		0.55			0.85			(0.52	)		(0.26	)		(0.78	)
Year Ended June 30, 2014		16.34		0.30			3.08			3.38			(0.50	)		(0.32	)		(0.82	)
Class R6
Six Months Ended December 31, 2018 (Unaudited)		21.18		0.36			(2.18	)		(1.82	)		(0.44	)		(0.51	)		(0.95	)
Year Ended June 30, 2018		20.16		0.35			1.56			1.91			(0.42	)		(0.47	)		(0.89	)
Year Ended June 30, 2017		17.85		0.36	(h)		2.52			2.88			(0.38	)		(0.19	)		(0.57	)
Year Ended June 30, 2016		18.97		0.30			(0.82	)		(0.52	)		(0.37	)		(0.23	)		(0.60	)
November 3, 2014 (i) through June 30, 2015		18.99		0.19	(h)		0.51			0.70			(0.46	)		(0.26	)		(0.72	)

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Net investment income (loss) is affected by the timing of distributions from Underlying Funds.

(c) Calculated based upon average shares outstanding.

(d) Not annualized for periods less than one year.

(e) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(f) Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(g) Does not include expenses of Underlying Funds.

(h) Net investment income (loss) may appear disproportionate among classes due to the timing of recognition of income and changes in the relative size of the classes.

(i) Commencement of offering of class of shares.

(j) Amount rounds to less than 0.005%.

SEE NOTES TO FINANCIAL STATEMENTS.

96 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2018

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (d)(e)			Net assets, end of period		Net expenses (f)(g)			Net investment income (loss) (b)			Expenses without waivers, reimbursements and earnings credits (g)			Portfolio turnover rate (d)
$	18.27		(8.91	)%	$	19,074,033		0.50	%		3.09	%		0.53	%		3	%
	21.03		8.90			15,214,881		0.50			1.30			0.53			26
	20.04		12.70			3,039,878		0.50			0.84	(h)		0.53			20
	18.36		(8.80	)		12,282,190		0.25			3.32			0.27			3
	21.13		9.20			10,785,466		0.25			1.56			0.30			26
	20.13		12.92			35,508		0.25			1.91	(h)		0.35			20
	18.42		(8.72	)		1,268,377,498		0.10			3.13			0.12			3
	21.19		9.32			1,418,443,837		0.10			1.58			0.11			26
	20.17		16.36			1,826,905,349		0.09			1.78	(h)		0.16			20
	17.85		(2.76	)		1,587,368,215		0.07			1.56			0.19			13
	18.97		4.62			1,273,012,966		0.05			1.60	(h)		0.20			9
	18.90		21.02			800,474,522		0.04			1.64			0.22			8
	18.41		(8.67	)		1,280,869,803		0.00			3.42			0.02			3
	21.18		9.44			1,238,000,014		0.00			1.65			0.02			26
	20.16		16.41			438,343,379		0.00			1.89	(h)		0.00	(j)		20
	17.85		(2.69	)		161,559,310		0.00			1.71			0.01			13
	18.97		3.82			60,229,727		0.00			1.48	(h)		0.01			9

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 JPMORGAN SMARTRETIREMENT FUNDS 97

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)(c)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan SmartRetirement 2050 Fund
Class A
Six Months Ended December 31, 2018 (Unaudited)	$	21.06	$	0.30		$	(2.16	)	$	(1.86	)	$	(0.39	)	$	(0.45	)	$	(0.84	)
Year Ended June 30, 2018		20.04		0.28			1.54			1.82			(0.34	)		(0.46	)		(0.80	)
Year Ended June 30, 2017		17.76		0.29	(h)		2.51			2.80			(0.32	)		(0.20	)		(0.52	)
Year Ended June 30, 2016		18.86		0.23			(0.79	)		(0.56	)		(0.32	)		(0.22	)		(0.54	)
Year Ended June 30, 2015		18.79		0.26	(h)		0.54			0.80			(0.47	)		(0.26	)		(0.73	)
Year Ended June 30, 2014		16.28		0.24			3.08			3.32			(0.46	)		(0.35	)		(0.81	)
Class C
Six Months Ended December 31, 2018 (Unaudited)		20.87		0.24			(2.14	)		(1.90	)		(0.34	)		(0.45	)		(0.79	)
Year Ended June 30, 2018		19.87		0.14			1.54			1.68			(0.22	)		(0.46	)		(0.68	)
Year Ended June 30, 2017		17.62		0.17	(h)		2.48			2.65			(0.20	)		(0.20	)		(0.40	)
Year Ended June 30, 2016		18.74		0.12			(0.79	)		(0.67	)		(0.23	)		(0.22	)		(0.45	)
Year Ended June 30, 2015		18.70		0.13	(h)		0.54			0.67			(0.37	)		(0.26	)		(0.63	)
Year Ended June 30, 2014		16.22		0.12			3.06			3.18			(0.35	)		(0.35	)		(0.70	)
Class I
Six Months Ended December 31, 2018 (Unaudited)		21.14		0.31			(2.16	)		(1.85	)		(0.41	)		(0.45	)		(0.86	)
Year Ended June 30, 2018		20.10		0.32			1.55			1.87			(0.37	)		(0.46	)		(0.83	)
Year Ended June 30, 2017		17.82		0.32	(h)		2.50			2.82			(0.34	)		(0.20	)		(0.54	)
Year Ended June 30, 2016		18.92		0.25			(0.79	)		(0.54	)		(0.34	)		(0.22	)		(0.56	)
Year Ended June 30, 2015		18.85		0.28	(h)		0.53			0.81			(0.48	)		(0.26	)		(0.74	)
Year Ended June 30, 2014		16.33		0.26			3.08			3.34			(0.47	)		(0.35	)		(0.82	)
Class R2
Six Months Ended December 31, 2018 (Unaudited)		20.98		0.25			(2.13	)		(1.88	)		(0.36	)		(0.45	)		(0.81	)
Year Ended June 30, 2018		19.96		0.19			1.55			1.74			(0.26	)		(0.46	)		(0.72	)
Year Ended June 30, 2017		17.70		0.24	(h)		2.48			2.72			(0.26	)		(0.20	)		(0.46	)
Year Ended June 30, 2016		18.81		0.19			(0.80	)		(0.61	)		(0.28	)		(0.22	)		(0.50	)
Year Ended June 30, 2015		18.74		0.21	(h)		0.54			0.75			(0.42	)		(0.26	)		(0.68	)
Year Ended June 30, 2014		16.25		0.20			3.06			3.26			(0.42	)		(0.35	)		(0.77	)

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Net investment income (loss) is affected by the timing of distributions from Underlying Funds.

(c) Calculated based upon average shares outstanding.

(d) Not annualized for periods less than one year.

(e) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(f) Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(g) Does not include expenses of Underlying Funds.

(h) Net investment income (loss) may appear disproportionate among classes due to the timing of recognition of income and changes in the relative size of the classes.

(i) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

98 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2018

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (d)(e)			Net assets, end of period		Net expenses (f)(g)			Net investment income (loss) (b)			Expenses without waivers, reimbursements and earnings credits (g)			Portfolio turnover rate (d)
$	18.36		(8.87	)%	$	712,676,717		0.39	%		2.87	%		0.52	%		4	%
	21.06		9.04			795,190,985		0.37			1.30			0.53			25
	20.04		16.01			721,383,503		0.32			1.55	(h)		0.66			20
	17.76		(2.94	)		580,688,735		0.31			1.32			0.73			16
	18.86		4.37			443,861,392		0.29			1.36	(h)		0.72			9
	18.79		20.67			308,249,235		0.29			1.36			0.66			8
	18.18		(9.16	)		12,845,406		0.97			2.27			1.05			4
	20.87		8.41			14,611,958		0.97			0.68			1.07			25
	19.87		15.23			16,781,638		0.97			0.90	(h)		1.16			20
	17.62		(3.56	)		15,792,238		0.96			0.65			1.28			16
	18.74		3.69			17,461,976		0.94			0.70	(h)		1.25			9
	18.70		19.85			12,185,639		0.94			0.70			1.15			8
	18.43		(8.80	)		372,338,166		0.22			2.91			0.27			4
	21.14		9.27			439,080,148		0.22			1.48			0.27			25
	20.10		16.06			437,689,624		0.22			1.67	(h)		0.41			20
	17.82		(2.84	)		385,203,213		0.21			1.42			0.46			16
	18.92		4.46			321,794,530		0.19			1.49	(h)		0.47			9
	18.85		20.78			234,064,007		0.19			1.44			0.41			8
	18.29		(9.02	)		178,266,406		0.75			2.44			0.77			4
	20.98		8.66			211,291,468		0.75			0.92			0.77			25
	19.96		15.62			204,683,819		0.62			1.26	(h)		0.93			20
	17.70		(3.20	)		152,861,551		0.56			1.07			1.01			16
	18.81		4.15			114,171,223		0.54			1.10	(h)		1.02			9
	18.74		20.33			77,289,835		0.54			1.12			0.91			8

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 JPMORGAN SMARTRETIREMENT FUNDS 99

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)(c)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan SmartRetirement 2050 Fund (continued)
Class R3
Six Months Ended December 31, 2018 (Unaudited)	$	21.00	$	0.31		$	(2.16	)	$	(1.85	)	$	(0.39	)	$	(0.45	)	$	(0.84	)
Year Ended June 30, 2018		19.99		0.26			1.53			1.79			(0.32	)		(0.46	)		(0.78	)
September 9, 2016 (i) through June 30, 2017		18.26		0.11	(h)		2.14			2.25			(0.32	)		(0.20	)		(0.52	)
Class R4
Six Months Ended December 31, 2018 (Unaudited)		21.11		0.33			(2.18	)		(1.85	)		(0.41	)		(0.45	)		(0.86	)
Year Ended June 30, 2018		20.10		0.24			1.61			1.85			(0.38	)		(0.46	)		(0.84	)
September 9, 2016 (i) through June 30, 2017		18.33		0.29	(h)		2.02			2.31			(0.34	)		(0.20	)		(0.54	)
Class R5
Six Months Ended December 31, 2018 (Unaudited)		21.17		0.33			(2.17	)		(1.84	)		(0.42	)		(0.45	)		(0.87	)
Year Ended June 30, 2018		20.13		0.34			1.55			1.89			(0.39	)		(0.46	)		(0.85	)
Year Ended June 30, 2017		17.85		0.34	(h)		2.50			2.84			(0.36	)		(0.20	)		(0.56	)
Year Ended June 30, 2016		18.95		0.28			(0.80	)		(0.52	)		(0.36	)		(0.22	)		(0.58	)
Year Ended June 30, 2015		18.87		0.30	(h)		0.55			0.85			(0.51	)		(0.26	)		(0.77	)
Year Ended June 30, 2014		16.34		0.29			3.09			3.38			(0.50	)		(0.35	)		(0.85	)
Class R6
Six Months Ended December 31, 2018 (Unaudited)		21.18		0.36			(2.19	)		(1.83	)		(0.43	)		(0.45	)		(0.88	)
Year Ended June 30, 2018		20.14		0.34			1.58			1.92			(0.42	)		(0.46	)		(0.88	)
Year Ended June 30, 2017		17.85		0.35	(h)		2.52			2.87			(0.38	)		(0.20	)		(0.58	)
Year Ended June 30, 2016		18.95		0.30			(0.81	)		(0.51	)		(0.37	)		(0.22	)		(0.59	)
November 3, 2014 (i) through June 30, 2015		18.96		0.19	(h)		0.52			0.71			(0.46	)		(0.26	)		(0.72	)

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Net investment income (loss) is affected by the timing of distributions from Underlying Funds.

(c) Calculated based upon average shares outstanding.

(d) Not annualized for periods less than one year.

(e) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(f) Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(g) Does not include expenses of Underlying Funds.

(h) Net investment income (loss) may appear disproportionate among classes due to the timing of recognition of income and changes in the relative size of the classes.

(i) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

100 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2018

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (d)(e)			Net assets, end of period		Net expenses (f)(g)			Net investment income (loss) (b)			Expenses without waivers, reimbursements and earnings credits (g)			Portfolio turnover rate (d)
$	18.31		(8.88	)%	$	19,508,040		0.50	%		3.00	%		0.53	%		4	%
	21.00		8.91			16,637,159		0.50			1.21			0.52			25
	19.99		12.59			6,021,491		0.50			0.72	(h)		0.58			20
	18.40		(8.82	)		24,251,887		0.25			3.19			0.27			4
	21.11		9.19			22,929,527		0.25			1.14			0.28			25
	20.10		12.86			48,213		0.25			1.90	(h)		0.35			20
	18.46		(8.73	)		1,135,806,122		0.10			3.13			0.12			4
	21.17		9.39			1,270,105,387		0.10			1.61			0.12			25
	20.13		16.18			1,572,471,338		0.09			1.78	(h)		0.18			20
	17.85		(2.70	)		1,267,607,026		0.07			1.58			0.21			16
	18.95		4.65			935,076,677		0.05			1.59	(h)		0.23			9
	18.87		20.99			563,630,591		0.04			1.62			0.26			8
	18.47		(8.68	)		1,050,460,035		0.00			3.45			0.02			4
	21.18		9.49			993,416,263		0.00			1.60			0.02			25
	20.14		16.34			279,121,538		0.00			1.84	(h)		0.01			20
	17.85		(2.64	)		126,617,731		0.00			1.72			0.01			16
	18.95		3.85			49,112,773		0.00			1.47	(h)		0.01			9

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 JPMORGAN SMARTRETIREMENT FUNDS 101

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)(c)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan SmartRetirement 2055 Fund
Class A
Six Months Ended December 31, 2018 (Unaudited)	$	23.52	$	0.34		$	(2.40	)	$	(2.06	)	$	(0.44	)	$	(0.34	)	$	(0.78	)
Year Ended June 30, 2018		22.30		0.31			1.71			2.02			(0.38	)		(0.42	)		(0.80	)
Year Ended June 30, 2017		19.73		0.32	(h)		2.78			3.10			(0.35	)		(0.18	)		(0.53	)
Year Ended June 30, 2016		20.85		0.26			(0.86	)		(0.60	)		(0.36	)		(0.16	)		(0.52	)
Year Ended June 30, 2015		20.61		0.28	(h)		0.59			0.87			(0.47	)		(0.16	)		(0.63	)
Year Ended June 30, 2014		17.48		0.25			3.39			3.64			(0.50	)		(0.01	)		(0.51	)
Class C
Six Months Ended December 31, 2018 (Unaudited)		23.40		0.27			(2.38	)		(2.11	)		(0.37	)		(0.34	)		(0.71	)
Year Ended June 30, 2018		22.20		0.17			1.70			1.87			(0.25	)		(0.42	)		(0.67	)
Year Ended June 30, 2017		19.65		0.19	(h)		2.75			2.94			(0.21	)		(0.18	)		(0.39	)
Year Ended June 30, 2016		20.79		0.13			(0.86	)		(0.73	)		(0.25	)		(0.16	)		(0.41	)
Year Ended June 30, 2015		20.59		0.14	(h)		0.59			0.73			(0.37	)		(0.16	)		(0.53	)
Year Ended June 30, 2014		17.48		0.12			3.40			3.52			(0.40	)		(0.01	)		(0.41	)
Class I
Six Months Ended December 31, 2018 (Unaudited)		23.56		0.33			(2.37	)		(2.04	)		(0.46	)		(0.34	)		(0.80	)
Year Ended June 30, 2018		22.33		0.35			1.71			2.06			(0.41	)		(0.42	)		(0.83	)
Year Ended June 30, 2017		19.76		0.34	(h)		2.78			3.12			(0.37	)		(0.18	)		(0.55	)
Year Ended June 30, 2016		20.88		0.28			(0.86	)		(0.58	)		(0.38	)		(0.16	)		(0.54	)
Year Ended June 30, 2015		20.64		0.31	(h)		0.58			0.89			(0.49	)		(0.16	)		(0.65	)
Year Ended June 30, 2014		17.50		0.26			3.41			3.67			(0.52	)		(0.01	)		(0.53	)
Class R2
Six Months Ended December 31, 2018 (Unaudited)		23.47		0.29			(2.39	)		(2.10	)		(0.39	)		(0.34	)		(0.73	)
Year Ended June 30, 2018		22.26		0.22			1.70			1.92			(0.29	)		(0.42	)		(0.71	)
Year Ended June 30, 2017		19.70		0.26	(h)		2.77			3.03			(0.29	)		(0.18	)		(0.47	)
Year Ended June 30, 2016		20.82		0.21			(0.85	)		(0.64	)		(0.32	)		(0.16	)		(0.48	)
Year Ended June 30, 2015		20.59		0.23	(h)		0.58			0.81			(0.42	)		(0.16	)		(0.58	)
Year Ended June 30, 2014		17.48		0.21			3.38			3.59			(0.47	)		(0.01	)		(0.48	)

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Calculated based upon average shares outstanding.

(c) Net investment income (loss) is affected by the timing of distributions from Underlying Funds.

(d) Not annualized for periods less than one year.

(e) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(f) Does not include expenses of Underlying Funds.

(g) Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(h) Net investment income (loss) may appear disproportionate among classes due to the timing of recognition of income and changes in the relative size of the classes.

(i) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

102 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2018

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (d)(e)			Net assets, end of period		Net expenses (f)(g)			Net investment income (loss) (c)			Expenses without waivers and reimbursements and earnings credits (f)			Portfolio turnover rate (d)
$	20.68		(8.83	)%	$	290,213,717		0.39	%		2.92	%		0.54	%		3	%
	23.52		9.01			308,277,730		0.37			1.30			0.55			21
	22.30		15.96			230,868,508		0.32			1.53	(h)		0.70			17
	19.73		(2.85	)		149,208,888		0.31			1.34			0.77			10
	20.85		4.31			73,599,931		0.29			1.36	(h)		0.75			11
	20.61		21.02			32,181,731		0.29			1.29			0.65			49
	20.58		(9.05	)		3,856,733		0.97			2.28			1.09			3
	23.40		8.36			4,205,680		0.97			0.70			1.17			21
	22.20		15.20			3,626,496		0.97			0.89	(h)		1.31			17
	19.65		(3.51	)		3,130,364		0.96			0.65			1.53			10
	20.79		3.61			2,615,263		0.94			0.68	(h)		1.51			11
	20.59		20.24			904,749		0.94			0.60			1.15			49
	20.72		(8.74	)		129,521,910		0.22			2.85			0.28			3
	23.56		9.20			153,796,582		0.22			1.49			0.28			21
	22.33		16.05			140,666,489		0.22			1.60	(h)		0.42			17
	19.76		(2.76	)		85,997,129		0.21			1.41			0.48			10
	20.88		4.41			46,465,217		0.19			1.49	(h)		0.49			11
	20.64		21.14			16,530,124		0.19			1.35			0.40			49
	20.64		(8.98	)		87,361,335		0.75			2.46			0.78			3
	23.47		8.57			100,046,192		0.75			0.92			0.79			21
	22.26		15.62			83,587,368		0.62			1.24	(h)		0.99			17
	19.70		(3.08	)		48,658,005		0.56			1.10			1.09			10
	20.82		4.04			25,732,578		0.54			1.09	(h)		1.01			11
	20.59		20.67			9,989,630		0.54			1.05			0.90			49

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 JPMORGAN SMARTRETIREMENT FUNDS 103

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)(c)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan SmartRetirement 2055 Fund (continued)
Class R3
Six Months Ended December 31, 2018 (Unaudited)	$	23.46	$	0.36		$	(2.42	)	$	(2.06	)	$	(0.43	)	$	(0.34	)	$	(0.77	)
Year Ended June 30, 2018		22.26		0.29			1.69			1.98			(0.36	)		(0.42	)		(0.78	)
September 9, 2016 (i) through June 30, 2017		20.29		0.14	(h)		2.36			2.50			(0.35	)		(0.18	)		(0.53	)
Class R4
Six Months Ended December 31, 2018 (Unaudited)		23.53		0.39			(2.43	)		(2.04	)		(0.45	)		(0.34	)		(0.79	)
Year Ended June 30, 2018		22.33		0.29			1.75			2.04			(0.42	)		(0.42	)		(0.84	)
September 9, 2016 (i) through June 30, 2017		20.32		0.33	(h)		2.23			2.56			(0.37	)		(0.18	)		(0.55	)
Class R5
Six Months Ended December 31, 2018 (Unaudited)		23.58		0.38			(2.41	)		(2.03	)		(0.47	)		(0.34	)		(0.81	)
Year Ended June 30, 2018		22.35		0.38			1.71			2.09			(0.44	)		(0.42	)		(0.86	)
Year Ended June 30, 2017		19.77		0.37	(h)		2.78			3.15			(0.39	)		(0.18	)		(0.57	)
Year Ended June 30, 2016		20.89		0.31			(0.87	)		(0.56	)		(0.40	)		(0.16	)		(0.56	)
Year Ended June 30, 2015		20.64		0.33	(h)		0.59			0.92			(0.51	)		(0.16	)		(0.67	)
Year Ended June 30, 2014		17.50		0.30			3.40			3.70			(0.55	)		(0.01	)		(0.56	)
Class R6
Six Months Ended December 31, 2018 (Unaudited)		23.58		0.42			(2.44	)		(2.02	)		(0.48	)		(0.34	)		(0.82	)
Year Ended June 30, 2018		22.36		0.39			1.71			2.10			(0.46	)		(0.42	)		(0.88	)
Year Ended June 30, 2017		19.78		0.39	(h)		2.78			3.17			(0.41	)		(0.18	)		(0.59	)
Year Ended June 30, 2016		20.89		0.34			(0.87	)		(0.53	)		(0.42	)		(0.16	)		(0.58	)
November 3, 2014 (i) through June 30, 2015		20.75		0.25	(h)		0.52			0.77			(0.47	)		(0.16	)		(0.63	)

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Calculated based upon average shares outstanding.

(c) Net investment income (loss) is affected by the timing of distributions from Underlying Funds.

(d) Not annualized for periods less than one year.

(e) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(f) Does not include expenses of Underlying Funds.

(g) Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(h) Net investment income (loss) may appear disproportionate among classes due to the timing of recognition of income and changes in the relative size of the classes.

(i) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

104 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2018

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (d)(e)			Net assets, end of period		Net expenses (f)(g)			Net investment income (loss) (c)			Expenses without waivers and reimbursements and earnings credits (f)			Portfolio turnover rate (d)
$	20.63		(8.85	)%	$	7,355,332		0.50	%		3.13	%		0.55	%		3	%
	23.46		8.86			5,694,053		0.50			1.24			0.57			21
	22.26		12.59			1,303,663		0.50			0.80	(h)		0.74			17
	20.70		(8.72	)		5,062,599		0.25			3.34			0.28			3
	23.53		9.12			4,320,091		0.25			1.21			0.33			21
	22.33		12.84			22,567		0.25			1.93	(h)		0.35			17
	20.74		(8.68	)		461,624,110		0.10			3.24			0.13			3
	23.58		9.32			466,450,172		0.10			1.62			0.13			21
	22.35		16.23			464,633,419		0.09			1.77	(h)		0.20			17
	19.77		(2.63	)		326,762,457		0.07			1.57			0.23			10
	20.89		4.58			184,663,068		0.05			1.58	(h)		0.25			11
	20.64		21.30			72,803,481		0.04			1.55			0.26			49
	20.74		(8.63	)		506,755,285		0.00			3.55			0.03			3
	23.58		9.37			439,086,575		0.00			1.62			0.04			21
	22.36		16.32			124,561,863		0.00			1.85	(h)		0.01			17
	19.78		(2.52	)		33,074,528		0.00			1.76			0.02			10
	20.89		3.79			3,301,080		0.00			1.82	(h)		0.04			11

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 JPMORGAN SMARTRETIREMENT FUNDS 105

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)(c)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan SmartRetirement 2060 Fund
Class A
Six Months Ended December 31, 2018 (Unaudited)	$	17.74	$	0.29		$	(1.84	)	$	(1.55	)	$	(0.33	)	$	(0.07	)	$	(0.40	)
Year Ended June 30, 2018		16.57		0.23			1.29			1.52			(0.28	)		(0.07	)		(0.35	)
August 31, 2016 (h) through June 30, 2017		15.00		0.09	(i)		1.70			1.79			(0.22	)		—			(0.22	)
Class C
Six Months Ended December 31, 2018 (Unaudited)		17.70		0.22			(1.82	)		(1.60	)		(0.29	)		(0.07	)		(0.36	)
Year Ended June 30, 2018		16.57		0.10			1.31			1.41			(0.21	)		(0.07	)		(0.28	)
August 31, 2016 (h) through June 30, 2017		15.00		0.12	(i)		1.60			1.72			(0.15	)		—			(0.15	)
Class I
Six Months Ended December 31, 2018 (Unaudited)		17.76		0.29			(1.83	)		(1.54	)		(0.34	)		(0.07	)		(0.41	)
Year Ended June 30, 2018		16.59		0.25			1.29			1.54			(0.30	)		(0.07	)		(0.37	)
August 31, 2016 (h) through June 30, 2017		15.00		0.21	(i)		1.60			1.81			(0.22	)		—			(0.22	)
Class R2
Six Months Ended December 31, 2018 (Unaudited)		17.73		0.24			(1.83	)		(1.59	)		(0.30	)		(0.07	)		(0.37	)
Year Ended June 30, 2018		16.58		0.14			1.31			1.45			(0.23	)		(0.07	)		(0.30	)
August 31, 2016 (h) through June 30, 2017		15.00		0.09	(i)		1.67			1.76			(0.18	)		—			(0.18	)
Class R3
Six Months Ended December 31, 2018 (Unaudited)		17.74		0.30			(1.86	)		(1.56	)		(0.32	)		(0.07	)		(0.39	)
Year Ended June 30, 2018		16.58		0.21			1.28			1.49			(0.26	)		(0.07	)		(0.33	)
September 9, 2016 (j) through June 30, 2017		14.82		0.13	(i)		1.83			1.96			(0.20	)		—			(0.20	)
Class R4
Six Months Ended December 31, 2018 (Unaudited)		17.76		0.39			(1.93	)		(1.54	)		(0.34	)		(0.07	)		(0.41	)
Year Ended June 30, 2018		16.60		0.28			1.25			1.53			(0.30	)		(0.07	)		(0.37	)
September 9, 2016 (j) through June 30, 2017		14.82		0.23	(i)		1.76			1.99			(0.21	)		—			(0.21	)
Class R5
Six Months Ended December 31, 2018 (Unaudited)		17.76		0.31			(1.84	)		(1.53	)		(0.35	)		(0.07	)		(0.42	)
Year Ended June 30, 2018		16.59		0.27			1.29			1.56			(0.32	)		(0.07	)		(0.39	)
August 31, 2016 (h) through June 30, 2017		15.00		0.14	(i)		1.69			1.83			(0.24	)		—			(0.24	)
Class R6
Six Months Ended December 31, 2018 (Unaudited)		17.78		0.34			(1.86	)		(1.52	)		(0.36	)		(0.07	)		(0.43	)
Year Ended June 30, 2018		16.60		0.28			1.30			1.58			(0.33	)		(0.07	)		(0.40	)
August 31, 2016 (h) through June 30, 2017		15.00		0.15	(i)		1.70			1.85			(0.25	)		—			(0.25	)

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Net investment income (loss) is affected by the timing of distributions from Underlying Funds.

(c) Calculated based upon average shares outstanding.

(d) Not annualized for periods less than one year.

(e) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(f) Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(g) Does not include expenses of Underlying Funds.

(h) Commencement of operations.

(i) Net investment income (loss) may appear disproportionate among classes due to the timing of recognition of income and changes in the relative size of the classes.

(j) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

106 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2018

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (d)(e)			Net assets, end of period		Net expenses (f)(g)			Net investment income (loss) (b)			Expenses without waivers, reimbursements and earnings credits (g)			Portfolio turnover rate (d)
$	15.79		(8.76	)%	$	18,325,646		0.39	%		3.33	%		0.72	%		1	%
	17.74		9.14			13,161,164		0.38			1.31			1.27			39
	16.57		12.09			2,106,258		0.32			0.70	(i)		1.09			116
	15.74		(9.06	)		528,676		0.97			2.45			1.26			1
	17.70		8.45			356,274		0.97			0.58			1.90			39
	16.57		11.54			32,243		0.97			0.93	(i)		2.66			116
	15.81		(8.68	)		8,593,015		0.22			3.33			0.43			1
	17.76		9.24			6,672,939		0.22			1.42			0.94			39
	16.59		12.22			2,932,411		0.22			1.58	(i)		1.26			116
	15.77		(8.98	)		2,704,866		0.75			2.75			0.95			1
	17.73		8.69			2,321,033		0.75			0.78			1.50			39
	16.58		11.84			255,812		0.70			0.64	(i)		1.61			116
	15.79		(8.81	)		1,522,369		0.50			3.38			0.77			1
	17.74		8.93			1,011,833		0.50			1.16			1.40			39
	16.58		13.32			176,460		0.50			1.00	(i)		1.30			116
	15.81		(8.68	)		910,782		0.25			4.46			0.46			1
	17.76		9.20			350,814		0.25			1.54			1.15			39
	16.60		13.59			22,712		0.25			1.82	(i)		1.57			116
	15.81		(8.63	)		22,179,331		0.10			3.52			0.28			1
	17.76		9.37			16,799,266		0.10			1.51			0.79			39
	16.59		12.34			4,073,183		0.10			1.06	(i)		0.73			116
	15.83		(8.58	)		51,484,165		0.00			3.80			0.18			1
	17.78		9.52			34,676,029		0.00			1.56			0.67			39
	16.60		12.46			1,599,396		0.00			1.08	(i)		0.59			116

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 JPMORGAN SMARTRETIREMENT FUNDS 107

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2018 (Unaudited)

1. Organization

JPMorgan Trust I (the “Trust”) was formed on November 12, 2004, as a Delaware statutory trust, pursuant to a Declaration of Trust dated November 5, 2004 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company.

The following are 10 separate funds of the Trust (each, a “Fund” and collectively, the “Funds”) covered by this report:

	Classes Offered	Diversified/Non-Diversified
JPMorgan SmartRetirement® Income Fund	Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6	Diversified
JPMorgan SmartRetirement® 2020 Fund	Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6	Diversified
JPMorgan SmartRetirement® 2025 Fund	Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6	Diversified
JPMorgan SmartRetirement® 2030 Fund	Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6	Diversified
JPMorgan SmartRetirement® 2035 Fund	Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6	Diversified
JPMorgan SmartRetirement® 2040 Fund	Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6	Diversified
JPMorgan SmartRetirement® 2045 Fund	Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6	Diversified
JPMorgan SmartRetirement® 2050 Fund	Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6	Diversified
JPMorgan SmartRetirement® 2055 Fund	Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6	Diversified
JPMorgan SmartRetirement® 2060 Fund	Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6	Diversified

The JPMorgan SmartRetirement Income Fund seeks current income and some capital appreciation. The remaining JPMorgan SmartRetirement Funds each seek high total return with a shift to current income and some capital appreciation over time as each Fund approaches and passes its respective target retirement date.

Class A Shares generally provide for a front-end sales charge while Class C Shares provide for a contingent deferred sales charge (“CDSC”). No sales charges are assessed with respect to Class I, Class R2, Class R3, Class R4, Class R5 and Class R6 Shares. Certain Class A Shares, for which front-end sales charges have been waived, may be subject to a CDSC as described in the Funds’ prospectus. Beginning on November 14, 2017, Class C Shares automatically convert to Class A Shares after ten years. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different transfer agency, distribution and service fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements.

J.P. Morgan Investment Management Inc. (“JPMIM”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), acts as Adviser (the “Adviser”) and Administrator (the “Administrator”) to the Funds.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The Funds are investment companies and, thus, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification Topic 946 — Investment Companies, which is part of U.S. generally accepted accounting principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

A. Valuation of Investments — The valuation of investments is in accordance with GAAP and the Funds’ valuation policies set forth by and under the supervision and responsibility of the Board of Trustees (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.

The Administrator has established the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to assist the Board with the oversight and monitoring of the valuation of the Funds’ investments. The Administrator implements the valuation policies of the Funds’ investments, as directed by the Board. The AVC oversees and carries out the policies for the valuation of investments held in the Funds. This 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 Funds are calculated on a valuation date. Certain foreign equity instruments, as well as certain derivatives with equity reference obligations, are valued by applying international fair value factors provided by approved Pricing Services. The factors seek to adjust the local closing price for movements of local markets post closing, but prior to the time the NAVs are calculated. Investments in open-end investment companies excluding exchange traded funds (“ETFs”) (the “Underlying Funds”), are valued at each Underlying Fund’s NAV per share as of the report date.

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

108 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2018

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.

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 Funds’ 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 Funds’ 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 tables represent each valuation input as presented on the Schedules of Portfolio Investments (“SOIs”):

JPMorgan SmartRetirement Income Fund

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	3,470,183,763		$	16,758,954		$	—	$	3,486,942,717
Appreciation in Other Financial Instruments
Futures Contracts (a)	$	1,978,268		$	1,261,719		$	—	$	3,239,987
Depreciation in Other Financial Instruments
Futures Contracts (a)	$	(1,062,629	)	$	(273,675	)	$	—	$	(1,336,304	)

JPMorgan SmartRetirement 2020 Fund

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	6,056,920,539		$	16,169,518		$	—	$	6,073,090,057
Appreciation in Other Financial Instruments
Futures Contracts (a)	$	4,632,088		$	2,186,410		$	—	$	6,818,498
Depreciation in Other Financial Instruments
Futures Contracts (a)	$	(2,287,247	)	$	(479,051	)	$	—	$	(2,766,298	)

JPMorgan SmartRetirement 2025 Fund

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	7,069,384,536		$	32,461,919		$	—	$	7,101,846,455
Appreciation in Other Financial Instruments
Futures Contracts (a)	$	6,491,812		$	2,493,381		$	—	$	8,985,193
Depreciation in Other Financial Instruments
Futures Contracts (a)	$	(6,252,695	)	$	(561,206	)	$	—	$	(6,813,901	)

DECEMBER 31, 2018 JPMORGAN SMARTRETIREMENT FUNDS 109

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2018 (continued)

JPMorgan SmartRetirement 2030 Fund

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	7,664,864,207		$	41,173,578		$	—	$	7,706,037,785
Appreciation in Other Financial Instruments
Futures Contracts (a)	$	4,381,778		$	2,785,318		$	—	$	7,167,096
Depreciation in Other Financial Instruments
Futures Contracts (a)	$	(8,118,112	)	$	(613,178	)	$	—	$	(8,731,290	)

JPMorgan SmartRetirement 2035 Fund

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	5,832,916,778		$	59,140,376		$	—	$	5,892,057,154
Appreciation in Other Financial Instruments
Futures Contracts (a)	$	6,759,404		$	4,320,186		$	—	$	11,079,590
Depreciation in Other Financial Instruments
Futures Contracts (a)	$	(13,652,279	)	$	(942,597	)	$	—	$	(14,594,876	)

JPMorgan SmartRetirement 2040 Fund

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	5,735,411,484		$	59,050,462		$	—	$	5,794,461,946
Appreciation in Other Financial Instruments
Futures Contracts (a)	$	6,420,763		$	4,275,082		$	—	$	10,695,845
Depreciation in Other Financial Instruments
Futures Contracts (a)	$	(12,858,992	)	$	(931,722	)	$	—	$	(13,790,714	)

JPMorgan SmartRetirement 2045 Fund

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	3,961,553,999		$	39,630,056		$	—	$	4,001,184,055
Appreciation in Other Financial Instruments
Futures Contracts (a)	$	4,558,701		$	2,938,178		$	—	$	7,496,879
Depreciation in Other Financial Instruments
Futures Contracts (a)	$	(8,595,051	)	$	(643,348	)	$	—	$	(9,238,399	)

JPMorgan SmartRetirement 2050 Fund

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	3,477,046,070		$	34,968,519		$	—	$	3,512,014,589
Appreciation in Other Financial Instruments
Futures Contracts (a)	$	3,679,346		$	2,564,802		$	—	$	6,244,148
Depreciation in Other Financial Instruments
Futures Contracts (a)	$	(7,428,691	)	$	(561,212	)	$	—	$	(7,989,903	)

110 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2018

JPMorgan SmartRetirement 2055 Fund

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	1,479,165,386		$	13,297,268		$	—	$	1,492,462,654
Appreciation in Other Financial Instruments
Futures Contracts (a)	$	1,527,738		$	1,044,968		$	—	$	2,572,706
Depreciation in Other Financial Instruments
Futures Contracts (a)	$	(3,638,502	)	$	(236,384	)	$	—	$	(3,874,886	)

JPMorgan SmartRetirement 2060 Fund

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	105,951,023		$	765,267		$	—	$	106,716,290
Appreciation in Other Financial Instruments
Futures Contracts (a)	$	99,647		$	65,154		$	—	$	164,801
Depreciation in Other Financial Instruments
Futures Contracts (a)	$	(258,505	)	$	(15,507	)	$	—	$	(274,012	)

(a) All portfolio holdings designated as level 1 and level 2 are disclosed individually on the SOIs. Level 2 consists of foreign futures with equity reference obligations and a U.S. Treasury Note held as initial margin for futures contracts. Please refer to the SOIs for asset class specifics of portfolio holdings.

There were no transfers among any levels during the six months ended December 31, 2018.

B. Futures Contracts — The Funds used treasury, foreign exchange and index futures contracts to gain exposure to or to overweight or underweight allocations among various sectors or markets, maintain liquidity or minimize transaction costs. The Funds also bought futures contracts to invest incoming cash in the market or sold futures in response to cash outflows, thereby simulating an invested position in the underlying index while maintaining a cash balance for liquidity.

Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Funds are required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Funds periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as Change in net unrealized appreciation/ depreciation on the Statements of Operations. Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported on the Statements of Operations at the closing or expiration of the futures contract. Securities deposited as initial margin are designated in the SOIs and cash deposited, which is considered restricted, is recorded on the Statements of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statements of Assets and Liabilities.

The use of futures contracts exposes the Funds to equity price and interest rate risks. The Funds may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subjects the Funds to risk of loss in excess of the amounts shown on the Statements of Assets and Liabilities, up to the notional amount of the futures contracts. Use of short futures contracts subjects the Funds to unlimited risk of loss. The Funds may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Funds’ credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of positions.

DECEMBER 31, 2018 JPMORGAN SMARTRETIREMENT FUNDS 111

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2018 (continued)

The tables below disclose the volume of the Funds’ futures contracts activity during the six months ended December 31, 2018:

	Average Notional Balance		Ending Notional Balance
JPMorgan SmartRetirement Income Fund
Long Futures Contracts:
Equity	$	67,114,547	$	14,141,950
Interest Rate		154,378,565		74,860,080
Short Futures Contracts:
Equity		51,073,413		84,376,539
Interest Rate		88,781,375		35,976,183
JPMorgan SmartRetirement 2020 Fund
Long Futures Contracts:
Equity		132,663,270		32,163,550
Interest Rate		275,569,726		177,504,492
Short Futures Contracts:
Equity		79,896,976		133,785,864
Interest Rate		152,250,895		62,208,816
JPMorgan SmartRetirement 2025 Fund
Long Futures Contracts:
Equity		273,778,561		130,030,850
Interest Rate		360,630,699		235,864,316
Short Futures Contracts:
Equity		90,364,494		165,571,798
Interest Rate		185,154,767		72,701,870
JPMorgan SmartRetirement 2030 Fund
Long Futures Contracts:
Equity		284,799,182		130,156,000
Interest Rate		320,329,823		144,886,267
Short Futures Contracts:
Equity		98,418,120		181,458,430
Interest Rate		195,021,915		79,447,404
JPMorgan SmartRetirement 2035 Fund
Long Futures Contracts:
Equity		415,900,341		220,138,850
Interest Rate		502,273,431		223,484,332
Short Futures Contracts:
Equity		157,479,891		280,417,849
Interest Rate		284,146,204		122,356,497
JPMorgan SmartRetirement 2040 Fund
Long Futures Contracts:
Equity		403,553,056		226,146,050
Interest Rate		504,499,051		220,906,032
Short Futures Contracts:
Equity		150,172,895		262,286,926
Interest Rate		283,757,301		121,232,241

112 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2018

	Average Notional Balance		Ending Notional Balance
JPMorgan SmartRetirement 2045 Fund
Long Futures Contracts:
Equity	$	268,554,655	$	158,439,900
Interest Rate		343,337,949		152,621,167
Short Futures Contracts:
Equity		103,982,360		187,804,994
Interest Rate		189,305,349		83,757,051
JPMorgan SmartRetirement 2050 Fund
Long Futures Contracts:
Equity		248,510,549		145,424,300
Interest Rate		295,085,332		129,504,293
Short Futures Contracts:
Equity		84,898,363		151,847,126
Interest Rate		166,422,805		73,263,997
JPMorgan SmartRetirement 2055 Fund
Long Futures Contracts:
Equity		102,239,570		58,945,650
Interest Rate		121,157,661		57,590,209
Short Futures Contracts:
Equity		32,126,390		57,241,638
Interest Rate		64,582,128		30,167,529
JPMorgan SmartRetirement 2060 Fund
Long Futures Contracts:
Equity		6,516,420		5,546,370
Interest Rate		6,780,381		4,079,118
Short Futures Contracts:
Equity		1,700,836		3,254,543
Interest Rate		3,644,384		1,873,760

The Funds’ futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).

C. Summary of Derivatives Information — The following tables present the value of derivatives held as of December 31, 2018, by their primary underlying risk exposure and respective location on the Statements of Assets and Liabilities:

JPMorgan SmartRetirement Income Fund

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation	$	1,263,196
Equity contracts	Receivables, Net Assets — Unrealized Appreciation		1,976,791
Total		$	3,239,987
Gross Liabilities:
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation	$	(237,747	)
Equity contracts	Payables, Net Assets — Unrealized Depreciation		(1,098,557	)
Total		$	(1,336,304	)

DECEMBER 31, 2018 JPMORGAN SMARTRETIREMENT FUNDS 113

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

JPMorgan SmartRetirement 2020 Fund

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation	$	3,610,920
Equity contracts	Receivables, Net Assets — Unrealized Appreciation		3,207,578
Total		$	6,818,498
Gross Liabilities:
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation	$	(411,105	)
Equity contracts	Payables, Net Assets — Unrealized Depreciation		(2,355,193	)
Total		$	(2,766,298	)

JPMorgan SmartRetirement 2025 Fund

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation	$	5,109,745
Equity contracts	Receivables, Net Assets — Unrealized Appreciation		3,875,448
Total		$	8,985,193
Gross Liabilities:
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation	$	(480,448	)
Equity contracts	Payables, Net Assets — Unrealized Depreciation		(6,333,453	)
Total		$	(6,813,901	)

JPMorgan SmartRetirement 2030 Fund

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation	$	2,892,900
Equity contracts	Receivables, Net Assets — Unrealized Appreciation		4,274,196
Total		$	7,167,096
Gross Liabilities:
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation	$	(525,026	)
Equity contracts	Payables, Net Assets — Unrealized Depreciation		(8,206,264	)
Total		$	(8,731,290	)

JPMorgan SmartRetirement 2035 Fund

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation	$	4,461,150
Equity contracts	Receivables, Net Assets — Unrealized Appreciation		6,618,440
Total		$	11,079,590
Gross Liabilities:
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation	$	(808,588	)
Equity contracts	Payables, Net Assets — Unrealized Depreciation		(13,786,288	)
Total		$	(14,594,876	)

114 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2018

JPMorgan SmartRetirement 2040 Fund

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation	$	4,409,911
Equity contracts	Receivables, Net Assets — Unrealized Appreciation		6,285,934
Total		$	10,695,845
Gross Liabilities:
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation	$	(801,159	)
Equity contracts	Payables, Net Assets — Unrealized Depreciation		(12,989,555	)
Total		$	(13,790,714	)

JPMorgan SmartRetirement 2045 Fund

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation	$	3,046,616
Equity contracts	Receivables, Net Assets — Unrealized Appreciation		4,450,263
Total		$	7,496,879
Gross Liabilities:
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation	$	(553,506	)
Equity contracts	Payables, Net Assets — Unrealized Depreciation		(8,684,893	)
Total		$	(9,238,399	)

JPMorgan SmartRetirement 2050 Fund

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation	$	2,569,579
Equity contracts	Receivables, Net Assets — Unrealized Appreciation		3,674,569
Total		$	6,244,148
Gross Liabilities:
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation	$	(484,162	)
Equity contracts	Payables, Net Assets — Unrealized Depreciation		(7,505,741	)
Total		$	(7,989,903	)

JPMorgan SmartRetirement 2055 Fund

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation	$	1,159,514
Equity contracts	Receivables, Net Assets — Unrealized Appreciation		1,413,192
Total		$	2,572,706
Gross Liabilities:
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation	$	(199,361	)
Equity contracts	Payables, Net Assets — Unrealized Depreciation		(3,675,525	)
Total		$	(3,874,886	)

DECEMBER 31, 2018 JPMORGAN SMARTRETIREMENT FUNDS 115

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

JPMorgan SmartRetirement 2060 Fund

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation	$	82,232
Equity contracts	Receivables, Net Assets — Unrealized Appreciation		82,569
Total		$	164,801
Gross Liabilities:
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation	$	(12,383	)
Equity contracts	Payables, Net Assets — Unrealized Depreciation		(261,629	)
Total		$	(274,012	)

(a) This amount reflects the cumulative appreciation (depreciation) of futures contracts as reported on the SOIs. The Statements of Assets and Liabilities only reflect the current day variation margin receivable/payable to brokers.

The following tables present the effect of derivatives on the Statements of Operations for the six months ended December 31, 2018, by primary underlying risk exposure:

JPMorgan SmartRetirement Income Fund

Amount of Realized Gain (Loss) on Derivatives Recognized in Statements of Operations
Derivative Contracts	Futures Contracts
Interest rate contracts	$	(1,184,452	)
Equity contracts		(4,380,274	)
Total	$	(5,564,726	)

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statements of Operations
Derivative Contracts	Futures Contracts
Interest rate contracts	$	340,585
Equity contracts		5,591,326
Total	$	5,931,911

JPMorgan SmartRetirement 2020 Fund

Amount of Realized Gain (Loss) on Derivatives Recognized in Statements of Operations
Derivative Contracts	Futures Contracts
Interest rate contracts	$	(3,354,712	)
Equity contracts		(8,928,568	)
Total	$	(12,283,280	)

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statements of Operations
Derivative Contracts	Futures Contracts
Interest rate contracts	$	1,728,267
Equity contracts		9,511,138
Total	$	11,239,405

116 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2018

JPMorgan SmartRetirement 2025 Fund

Amount of Realized Gain (Loss) on Derivatives Recognized in Statements of Operations
Derivative Contracts	Futures Contracts
Interest rate contracts	$	(4,211,744	)
Equity contracts		(15,209,514	)
Total	$	(19,421,258	)

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statements of Operations
Derivative Contracts	Futures Contracts
Interest rate contracts	$	2,928,685
Equity contracts		10,025,489
Total	$	12,954,174

JPMorgan SmartRetirement 2030 Fund

Amount of Realized Gain (Loss) on Derivatives Recognized in Statements of Operations
Derivative Contracts	Futures Contracts
Interest rate contracts	$	(4,098,741	)
Equity contracts		(16,907,744	)
Total	$	(21,006,485	)

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statements of Operations
Derivative Contracts	Futures Contracts
Interest rate contracts	$	683,541
Equity contracts		9,744,811
Total	$	10,428,352

JPMorgan SmartRetirement 2035 Fund

Amount of Realized Gain (Loss) on Derivatives Recognized in Statements of Operations
Derivative Contracts	Futures Contracts
Interest rate contracts	$	(5,857,669	)
Equity contracts		(23,489,128	)
Total	$	(29,346,797	)

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statements of Operations
Derivative Contracts	Futures Contracts
Interest rate contracts	$	963,195
Equity contracts		12,117,339
Total	$	13,080,534

JPMorgan SmartRetirement 2040 Fund

Amount of Realized Gain (Loss) on Derivatives Recognized in Statements of Operations
Derivative Contracts	Futures Contracts
Interest rate contracts	$	(5,952,298	)
Equity contracts		(23,706,643	)
Total	$	(29,658,941	)

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statements of Operations
Derivative Contracts	Futures Contracts
Interest rate contracts	$	1,001,268
Equity contracts		12,226,736
Total	$	13,228,004

DECEMBER 31, 2018 JPMORGAN SMARTRETIREMENT FUNDS 117

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

JPMorgan SmartRetirement 2045 Fund

Amount of Realized Gain (Loss) on Derivatives Recognized in Statements of Operations
Derivative Contracts	Futures Contracts
Interest rate contracts	$	(3,924,378	)
Equity contracts		(16,378,770	)
Total	$	(20,303,148	)

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statements of Operations
Derivative Contracts	Futures Contracts
Interest rate contracts	$	621,453
Equity contracts		8,371,836
Total	$	8,993,289

JPMorgan SmartRetirement 2050 Fund

Amount of Realized Gain (Loss) on Derivatives Recognized in Statements of Operations
Derivative Contracts	Futures Contracts
Interest rate contracts	$	(3,602,886	)
Equity contracts		(15,294,642	)
Total	$	(18,897,528	)

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statements of Operations
Derivative Contracts	Futures Contracts
Interest rate contracts	$	529,881
Equity contracts		7,575,552
Total	$	8,105,433

JPMorgan SmartRetirement 2055 Fund

Amount of Realized Gain (Loss) on Derivatives Recognized in Statements of Operations
Derivative Contracts	Futures Contracts
Interest rate contracts	$	(1,564,448	)
Equity contracts		(6,273,163	)
Total	$	(7,837,611	)

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statements of Operations
Derivative Contracts	Futures Contracts
Interest rate contracts	$	339,950
Equity contracts		2,106,568
Total	$	2,446,518

JPMorgan SmartRetirement 2060 Fund

Amount of Realized Gain (Loss) on Derivatives Recognized in Statements of Operations
Derivative Contracts	Futures Contracts
Interest rate contracts	$	(107,972	)
Equity contracts		(444,967	)
Total	$	(552,939	)

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statements of Operations
Derivative Contracts	Futures Contracts
Interest rate contracts	$	40,978
Equity contracts		42,197
Total	$	83,175

118 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2018

The Funds’ derivatives contracts held at December 31, 2018 are not accounted for as hedging instruments under GAAP.

D. Foreign Currency Translation — The books and records of the Funds are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the prevailing exchange rates of such currencies against the U.S. dollar. The market value of investment securities and other assets and liabilities are translated at the exchange rate as of the valuation date. Purchases and sales of investment securities, income and expenses are translated at the exchange rate prevailing on the respective dates of such transactions.

The Funds do not isolate the effect of changes in foreign exchange rates from changes in market prices on securities held. Accordingly, such changes are included within Change in net unrealized appreciation/depreciation on investments on the Statements of Operations.

Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on each Fund’s books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses are included in Net realized gain (loss) on foreign currency transactions on the Statements of Operations. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at period end and are included in Change in net unrealized appreciation/depreciation on foreign currency translations on the Statements of Operations.

E. Investment Transactions with Affiliates — The Funds invested in Underlying Funds which are advised by the Adviser or their affiliates. An issuer which is under common control with a Fund may be considered an affiliate. For the purposes of the financial statements, the Funds assume the issuers listed in the tables below to be affiliated issuers. Underlying Funds’ distributions may be reinvested into the Underlying Funds. Reinvestment amounts are included in the purchase cost amounts in the table below. Included in the purchases and sales amounts in the tables below are exchanges between certain share classes of the affiliated Underlying Funds. Such exchanges are not treated as purchases and sales for the purpose of recognizing realized gains (losses) or portfolio turnover.

JPMorgan SmartRetirement Income Fund

For the six months ended December 31, 2018
Security Description	Value at June 30, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2018		Shares at December 31, 2018		Dividend Income		Capital Gain Distributions
JPMorgan Commodities Strategy Fund Class R6 Shares (a)	$	64,139,182	$	—	$	61,729,913	$	(2,853,527)		$	444,258		$	—		—	$	—	$	—
JPMorgan Core Bond Fund Class R6 Shares (a)		928,154,375		14,582,236		82,439,674		(3,996,925	)		3,792,229			860,092,241		76,249,312		13,743,905		838,331
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		516,427,482		8,393,112		45,283,600		(2,245,987	)		(162,416	)		477,128,591		59,492,343		8,393,112		—
JPMorgan Emerging Economies Fund Class R6 Shares (a)		59,174,218		1,555,304		5,332,759		(81,113	)		(7,577,239	)		47,738,411		4,104,764		1,555,304		—
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		67,191,591		619,762		51,560,997		(619,072	)		836,522			16,467,806		2,184,059		619,762		—
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a)		79,122,131		693,513		5,332,761		(32,263	)		(7,879,482	)		66,571,138		2,670,322		693,513		—
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		70,006,350		2,109,333		7,466,843		(1,700,383	)		(831,597	)		62,116,860		8,205,662		2,109,333		—
JPMorgan Floating Rate Income Fund Class R6 Shares (a)		119,766,071		41,257,866		23,078,357		(1,859,203	)		(4,191,219	)		131,895,158		14,736,889		3,605,036		—
JPMorgan Growth Advantage Fund Class R6 Shares* (a)		103,476,146		13,880,119		15,559,081		5,171,993			(22,580,448	)		84,388,729		4,498,333		—		7,260,762
JPMorgan High Yield Fund Class R6 Shares (a)		267,922,884		7,993,979		26,227,443		(959,929	)		(13,537,293	)		235,192,198		34,638,026		7,993,980		—
JPMorgan Inflation Managed Bond Fund Class R6 Shares (a)		193,384,038		64,913,882		21,938,449		(956,501	)		(4,134,589	)		231,268,381		23,313,345		2,805,560		—
JPMorgan International Advantage Fund Class R6 Shares (a)		137,407,409		3,316,655		—		—			(22,173,604	)		118,550,460		6,538,911		3,316,654		—
JPMorgan International Equity Fund Class R6 Shares (a)		141,542,923		4,674,131		8,422,297		(2,298,186	)		(21,357,679	)		114,138,892		7,860,805		3,324,517		1,349,614
JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a)		143,646,068		4,441,014		5,939,345		(227,706	)		(20,816,898	)		121,103,133		7,798,012		4,441,014		—

DECEMBER 31, 2018 JPMORGAN SMARTRETIREMENT FUNDS 119

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

JPMorgan SmartRetirement Income Fund (continued)

For the six months ended December 31, 2018
Security Description	Value at June 30, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2018		Shares at December 31, 2018		Dividend Income		Capital Gain Distributions
JPMorgan Intrepid America Fund Class R6 Shares (a)	$	82,093,046	$	10,412,418	$	6,976,830	$	2,561,126		$	(19,798,050	)	$	68,291,710		2,116,916	$	1,124,283	$	9,288,134
JPMorgan Managed Income Fund Class L Shares (a)		—		73,722,449		—		—			(73,306	)		73,649,143		7,364,914		361,048		15,356
JPMorgan Mid Cap Equity Fund Class R6 Shares (a)		60,489,873		5,789,550		13,996,212		1,155,575			(12,723,245	)		40,715,541		980,625		418,618		5,370,932
JPMorgan Realty Income Fund Class R6 Shares (a)		84,921,274		961,306		7,992,342		(60,056	)		(6,301,062	)		71,529,120		5,916,387		961,306		—
JPMorgan Small Cap Equity Fund Class R6 Shares (a)		13,824,437		854,169		—		—			(2,767,220	)		11,911,386		244,186		82,634		771,535
JPMorgan Small Cap Growth Fund Class R6 Shares* (a)		17,124,958		1,106,410		5,814,114		2,579,397			(5,310,400	)		9,686,251		616,959		—		1,106,410
JPMorgan Small Cap Value Fund Class R6 Shares (a)		12,732,961		1,454,196		—		—			(3,810,316	)		10,376,841		452,544		87,850		1,366,346
JPMorgan U.S. Equity Fund Class R6 Shares (a)		165,012,477		16,790,255		28,768,459		1,007,374			(27,365,464	)		126,676,183		9,376,475		949,375		15,840,879
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (a)(b)		73,040,663		379,608,918		329,743,716		—			—			122,905,865		122,905,865		1,098,099		—
JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a)		235,531,096		24,082,823		32,775,113		8,647,503			(45,960,715	)		189,525,594		8,047,796		1,893,478		22,189,345
JPMorgan Value Advantage Fund Class R6 Shares (a)		104,521,546		6,224,692		11,768,641		5,144,163			(18,147,182	)		85,974,578		2,817,915		1,786,299		4,438,394
Total	$	3,740,653,199	$	689,438,092	$	798,146,946	$	8,376,280		$	(262,426,415	)	$	3,377,894,210			$	61,364,680	$	69,836,038

JPMorgan SmartRetirement 2020 Fund

For the six months ended December 31, 2018
Security Description	Value at June 30, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2018		Shares at December 31, 2018		Dividend Income		Capital Gain Distributions
JPMorgan Commodities Strategy Fund Class R6 Shares (a)	$	63,760,694	$	—	$	61,365,644	$	(5,575,438	)	$	3,180,388		$	—		—	$	—	$	—
JPMorgan Core Bond Fund Class R6 Shares (a)		1,526,287,619		24,091,559		103,479,042		(5,716,362	)		5,703,968			1,446,887,742		128,270,190		22,686,496		1,405,062
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		858,988,980		13,931,189		66,284,934		(4,108,716	)		275,460			802,801,979		100,099,997		13,931,189		—
JPMorgan Emerging Economies Fund Class R6 Shares (a)		128,833,622		3,459,919		9,294,117		95,988			(16,896,874	)		106,198,538		9,131,431		3,459,919		—
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		122,918,406		1,171,902		99,560,734		(2,759,451	)		2,998,836			24,768,959		3,285,008		1,171,902		—
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a)		162,715,834		1,443,350		9,294,119		881,618			(17,197,710	)		138,548,973		5,557,520		1,443,350		—
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		95,204,481		3,054,189		—		—			(3,679,257	)		94,579,413		12,493,978		3,054,188		—
JPMorgan Floating Rate Income Fund Class R6 Shares (a)		144,101,547		70,020,532		33,297,760		(2,914,862	)		(5,287,779	)		172,621,678		19,287,338		4,827,618		—
JPMorgan Growth Advantage Fund Class R6 Shares* (a)		235,729,554		34,144,404		43,293,219		17,816,556			(54,548,277	)		189,849,018		10,119,884		—		16,334,511

120 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2018

JPMorgan SmartRetirement 2020 Fund (continued)

For the six months ended December 31, 2018
Security Description	Value at June 30, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2018		Shares at December 31, 2018		Dividend Income		Capital Gain Distributions
JPMorgan High Yield Fund Class R6 Shares (a)	$	425,815,240	$	12,615,887	$	47,822,345	$	(1,950,672	)	$	(20,681,586	)	$	367,976,524		54,193,892	$	12,615,887	$	—
JPMorgan Inflation Managed Bond Fund Class R6 Shares (a)		213,530,465		68,664,310		21,951,364		(914,181	)		(4,645,841	)		254,683,389		25,673,729		3,080,655		—
JPMorgan International Advantage Fund Class R6 Shares (a)		302,680,303		7,305,908		—		—			(48,843,895	)		261,142,316		14,403,878		7,305,907		—
JPMorgan International Equity Fund Class R6 Shares (a)		317,629,603		10,045,610		13,650,070		(542,006	)		(50,000,386	)		263,482,751		18,146,195		7,145,029		2,900,581
JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a)		306,935,474		9,888,842		—		—			(47,163,004	)		269,661,312		17,363,896		9,888,842		—
JPMorgan Intrepid America Fund Class R6 Shares (a)		211,416,946		26,883,747		17,973,681		4,084,919			(48,090,050	)		176,321,881		5,465,650		2,902,779		23,980,968
JPMorgan Managed Income Fund Class L Shares (a)		—		104,106,194		40,566,030		(40,566	)		(63,049	)		63,436,549		6,343,655		400,980		13,224
JPMorgan Mid Cap Equity Fund Class R6 Shares (a)		114,771,487		12,147,662		—		—			(24,513,360	)		102,405,789		2,466,421		878,346		11,269,316
JPMorgan Realty Income Fund Class R6 Shares (a)		184,314,501		2,101,840		14,582,104		(117,751	)		(13,892,272	)		157,824,214		13,054,112		2,101,840		—
JPMorgan Small Cap Equity Fund Class R6 Shares (a)		37,444,080		1,719,571		10,110,871		2,975,403			(8,048,770	)		23,979,413		491,583		166,356		1,553,216
JPMorgan Small Cap Growth Fund Class R6 Shares* (a)		28,849,600		2,739,879		—		—			(7,602,741	)		23,986,738		1,527,818		—		2,739,880
JPMorgan Small Cap Value Fund Class R6 Shares (a)		37,474,254		4,279,830		—		—			(11,214,106	)		30,539,978		1,331,879		258,551		4,021,279
JPMorgan U.S. Equity Fund Class R6 Shares (a)		327,405,059		47,800,501		56,309,380		4,079,093			(58,910,877	)		264,064,396		19,545,847		1,987,759		32,541,054
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (a)(b)		21,332,181		490,105,488		379,895,419		—			—			131,542,250		131,542,250		559,621		—
JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a)		483,569,191		67,350,273		74,893,766		5,670,317			(83,503,863	)		398,192,152		16,908,372		3,844,613		46,257,707
JPMorgan Value Advantage Fund Class R6 Shares (a)		215,713,878		13,735,238		9,510,064		2,494,529			(32,724,401	)		189,709,180		6,217,934		3,941,597		9,793,640
Total	$	6,567,422,999	$	1,032,807,824	$	1,113,134,663	$	13,458,418		$	(545,349,446	)	$	5,955,205,132			$	107,653,424	$	152,810,438

JPMorgan SmartRetirement 2025 Fund

For the six months ended December 31, 2018
Security Description	Value at June 30, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2018		Shares at December 31, 2018		Dividend Income		Capital Gain Distributions
JPMorgan Commodities Strategy Fund Class R6 Shares (a)	$	15,337,312	$	—	$	14,761,194	$	(755,585	)	$	179,467		$	—		—	$	—	$	—
JPMorgan Core Bond Fund Class R6 Shares (a)		1,548,519,919		60,146,000		82,522,863		(5,046,310	)		5,319,983			1,526,416,729		135,320,632		23,598,369		1,471,055
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		875,675,132		14,406,595		36,333,928		(2,391,805	)		(1,321,270	)		850,034,724		105,989,367		14,406,595		—
JPMorgan Emerging Economies Fund Class R6 Shares (a)		183,535,519		5,350,389		—		—			(24,661,428	)		164,224,480		14,120,764		5,350,388		—

DECEMBER 31, 2018 JPMORGAN SMARTRETIREMENT FUNDS 121

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

JPMorgan SmartRetirement 2025 Fund (continued)

For the six months ended December 31, 2018
Security Description	Value at June 30, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2018		Shares at December 31, 2018		Dividend Income		Capital Gain Distributions
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)	$	119,948,996	$	853,515	$	108,599,964	$	(3,827,400	)	$	4,560,618		$	12,935,765		1,715,619	$	853,515	$	—
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a)		247,553,823		2,340,703		—		—			(25,207,462	)		224,687,064		9,012,718		2,340,703		—
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		104,678,796		3,358,127		—		—			(4,045,399	)		103,991,524		13,737,322		3,358,127		—
JPMorgan Floating Rate Income Fund Class R6 Shares (a)		69,995,948		80,714,404		32,604,922		(968,328	)		(4,852,006	)		112,285,096		12,545,821		3,349,402		—
JPMorgan Growth Advantage Fund Class R6 Shares* (a)		335,168,407		24,689,474		14,030,640		5,578,426			(64,450,491	)		286,955,176		15,296,118		—		24,689,474
JPMorgan High Yield Fund Class R6 Shares (a)		414,138,717		12,456,891		36,116,507		(1,625,106	)		(21,092,333	)		367,761,662		54,162,248		12,456,891		—
JPMorgan Inflation Managed Bond Fund Class R6 Shares (a)		62,383,560		17,277,905		—		—			(1,612,568	)		78,048,897		7,867,832		907,829		—
JPMorgan International Advantage Fund Class R6 Shares (a)		446,306,006		22,917,839		—		—			(73,126,966	)		396,096,879		21,847,594		11,081,494		—
JPMorgan International Equity Fund Class R6 Shares (a)		440,037,780		40,966,221		11,080,052		(1,990,140	)		(72,557,226	)		395,376,583		27,229,792		10,721,678		4,352,550
JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a)		447,242,713		14,409,258		—		—			(68,722,293	)		392,929,678		25,301,332		14,409,258		—
JPMorgan Intrepid America Fund Class R6 Shares (a)		323,838,510		44,877,632		—		—			(74,378,150	)		294,337,992		9,123,930		4,845,673		40,031,957
JPMorgan Managed Income Fund Class L Shares (a)		—		125,293,388		50,677,260		(50,677	)		(74,058	)		74,491,393		7,449,139		408,292		15,530
JPMorgan Mid Cap Equity Fund Class R6 Shares (a)		172,846,017		18,294,394		—		—			(36,917,154	)		154,223,257		3,714,433		1,322,790		16,971,605
JPMorgan Realty Income Fund Class R6 Shares (a)		268,308,077		3,111,528		11,921,283		(161,807	)		(20,918,544	)		238,417,971		19,720,262		3,111,528		—
JPMorgan Small Cap Equity Fund Class R6 Shares (a)		49,650,946		2,337,268		11,176,177		1,580,823			(9,799,662	)		32,593,198		668,167		226,113		2,111,155
JPMorgan Small Cap Growth Fund Class R6 Shares* (a)		41,948,510		3,983,899		—		—			(11,054,700	)		34,877,709		2,221,510		—		3,983,899
JPMorgan Small Cap Value Fund Class R6 Shares (a)		49,713,564		5,677,647		—		—			(14,876,698	)		40,514,513		1,766,878		342,995		5,334,652
JPMorgan U.S. Equity Fund Class R6 Shares (a)		445,710,663		49,800,862		27,650,319		220,174			(82,351,991	)		385,729,389		28,551,398		2,852,384		46,948,478
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (a)(b)		22,987,042		400,737,734		314,715,089		—			—			109,009,687		109,009,687		557,196		—
JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a)		561,199,928		59,915,592		47,273,118		844,213			(97,674,782	)		477,011,833		20,255,280		4,636,837		55,278,755
JPMorgan Value Advantage Fund Class R6 Shares (a)		333,542,274		20,738,157		22,256,282		1,273,375			(46,864,999	)		286,432,525		9,388,152		5,951,223		14,786,934
Total	$	7,580,268,159	$	1,034,655,422	$	821,719,598	$	(7,320,147	)	$	(746,500,112	)	$	7,039,383,724			$	127,089,280	$	215,976,044

122 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2018

JPMorgan SmartRetirement 2030 Fund

For the six months ended December 31, 2018
Security Description	Value at June 30, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2018		Shares at December 31, 2018		Dividend Income		Capital Gain Distributions
JPMorgan Core Bond Fund Class R6 Shares (a)	$	1,323,579,987	$	52,036,900	$	70,778,711	$	(3,728,407	)	$	3,960,425		$	1,305,070,194		115,697,712	$	20,177,089	$	1,257,737
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		756,645,640		25,376,000		44,294,558		(2,965,114	)		(438,336	)		734,323,632		91,561,550		12,551,025		—
JPMorgan Emerging Economies Fund Class R6 Shares (a)		243,864,211		7,109,077		—		—			(32,767,715	)		218,205,573		18,762,302		7,109,077		—
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		108,631,747		2,872,578		14,482,105		(1,166,986	)		(1,770,972	)		94,084,262		12,478,019		2,872,578		—
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a)		312,195,264		2,951,910		—		—			(31,789,655	)		283,357,519		11,366,126		2,951,910		—
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		94,146,507		3,020,248		—		—			(3,638,370	)		93,528,385		12,355,137		3,020,248		—
JPMorgan Growth Advantage Fund Class R6 Shares* (a)		439,299,424		32,504,069		16,084,477		6,179,539			(84,117,686	)		377,780,869		20,137,573		—		32,504,069
JPMorgan High Yield Fund Class R6 Shares (a)		397,387,373		11,849,655		36,886,904		(716,251	)		(20,777,242	)		350,856,631		51,672,552		11,849,655		—
JPMorgan International Advantage Fund Class R6 Shares (a)		562,230,634		37,200,511		12,063,360		(1,831,578	)		(89,830,279	)		495,705,928		27,341,750		13,868,229		—
JPMorgan International Equity Fund Class R6 Shares (a)		576,135,927		39,035,417		—		—			(97,786,584	)		517,384,760		35,632,559		14,030,251		5,695,692
JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a)		574,681,062		31,262,205		13,629,773		(522,547	)		(87,068,046	)		504,722,901		32,499,865		18,508,866		—
JPMorgan Intrepid America Fund Class R6 Shares (a)		420,609,344		55,738,774		18,254,391		439,286			(92,960,260	)		365,572,753		11,332,075		6,018,408		49,720,366
JPMorgan Managed Income Fund Class L Shares (a)		—		104,110,835		—		—			(103,522	)		104,007,313		10,400,731		449,131		21,685
JPMorgan Mid Cap Equity Fund Class R6 Shares (a)		237,911,520		25,181,068		—		—			(50,814,108	)		212,278,480		5,112,680		1,820,736		23,360,332
JPMorgan Realty Income Fund Class R6 Shares (a)		340,206,378		3,947,622		14,703,018		(106,159	)		(26,653,500	)		302,691,323		25,036,503		3,947,622		—
JPMorgan Small Cap Equity Fund Class R6 Shares (a)		59,637,642		2,912,090		12,063,338		1,585,168			(11,462,483	)		40,609,079		832,494		281,723		2,630,367
JPMorgan Small Cap Growth Fund Class R6 Shares* (a)		51,702,832		4,910,279		—		—			(13,625,259	)		42,987,852		2,738,080		—		4,910,278
JPMorgan Small Cap Value Fund Class R6 Shares (a)		59,732,094		6,821,835		—		—			(17,874,726	)		48,679,203		2,122,948		412,117		6,409,718
JPMorgan U.S. Equity Fund Class R6 Shares (a)		573,081,793		63,681,728		20,503,193		668,739			(106,633,380	)		510,295,687		37,771,701		3,774,222		59,907,507
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (a)(b)		23,671,213		330,252,972		299,354,427		—			—			54,569,758		54,569,758		539,509		—
JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a)		727,512,322		76,311,309		45,386,345		1,215,616			(125,462,668	)		634,190,234		26,929,522		6,165,067		70,146,242
JPMorgan Value Advantage Fund Class R6 Shares (a)		406,450,347		27,075,417		—		—			(59,563,893	)		373,961,871		12,257,026		7,769,824		19,305,592
Total	$	8,289,313,261	$	946,162,499	$	618,484,600	$	(948,694	)	$	(951,178,259	)	$	7,664,864,207			$	138,117,287	$	275,869,585

DECEMBER 31, 2018 JPMORGAN SMARTRETIREMENT FUNDS 123

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

JPMorgan SmartRetirement 2035 Fund

For the six months ended December 31, 2018
Security Description	Value at June 30, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2018		Shares at December 31, 2018		Dividend Income		Capital Gain Distributions
JPMorgan Core Bond Fund Class R6 Shares (a)	$	675,868,349	$	29,856,954	$	40,250,212	$	(2,068,767	)	$	2,128,612		$	665,534,936		59,001,324	$	10,323,327	$	641,397
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		423,491,848		16,901,863		29,511,187		(1,696,322	)		(277,601	)		408,908,601		50,986,110		7,034,111		—
JPMorgan Emerging Economies Fund Class R6 Shares (a)		204,547,493		5,962,925		—		—			(27,484,779	)		183,025,639		15,737,372		5,962,925		—
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		67,303,577		1,849,647		—		—			(1,855,165	)		67,298,059		8,925,472		1,849,647		—
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a)		270,008,215		2,401,456		14,204,537		(3,250,819	)		(24,435,545	)		230,518,770		9,246,641		2,401,456		—
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		53,187,821		1,706,281		—		—			(2,055,488	)		52,838,614		6,980,002		1,706,281		—
JPMorgan Growth Advantage Fund Class R6 Shares* (a)		379,277,449		27,989,064		14,843,410		5,230,248			(72,348,450	)		325,304,901		17,340,347		—		27,989,065
JPMorgan High Yield Fund Class R6 Shares (a)		312,705,499		8,745,957		64,105,524		(1,174,823	)		(13,683,311	)		242,487,798		35,712,489		8,745,957		—
JPMorgan International Advantage Fund Class R6 Shares (a)		481,971,112		38,938,273		10,514,080		(1,596,351	)		(78,935,054	)		429,863,900		23,710,088		12,026,185		—
JPMorgan International Equity Fund Class R6 Shares (a)		495,953,709		16,377,738		—		—			(82,765,581	)		429,565,866		29,584,426		11,648,810		4,728,927
JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a)		488,333,572		15,733,122		—		—			(75,036,220	)		429,030,474		27,625,916		15,733,123		—
JPMorgan Intrepid America Fund Class R6 Shares (a)		358,609,353		48,402,406		9,263,847		549,703			(80,841,748	)		317,455,867		9,840,541		5,226,262		43,176,144
JPMorgan Managed Income Fund Class L Shares (a)		—		122,810,633		—		—			(122,116	)		122,688,517		12,268,852		561,853		25,580
JPMorgan Mid Cap Equity Fund Class R6 Shares (a)		198,925,057		21,054,656		—		—			(42,487,221	)		177,492,492		4,274,867		1,522,373		19,532,284
JPMorgan Realty Income Fund Class R6 Shares (a)		294,270,812		3,418,810		11,963,049		(120,771	)		(23,081,351	)		262,524,451		21,714,181		3,418,810		—
JPMorgan Small Cap Equity Fund Class R6 Shares (a)		51,087,864		2,522,683		9,895,608		1,383,144			(9,919,283	)		35,178,800		721,173		244,050		2,278,632
JPMorgan Small Cap Growth Fund Class R6 Shares* (a)		45,433,405		4,314,864		—		—			(11,973,075	)		37,775,194		2,406,063		—		4,314,863
JPMorgan Small Cap Value Fund Class R6 Shares (a)		51,157,018		5,842,500		—		—			(15,308,649	)		41,690,869		1,818,180		352,954		5,489,546
JPMorgan U.S. Equity Fund Class R6 Shares (a)		491,926,316		54,390,672		20,035,995		792,625			(91,294,903	)		435,778,715		32,256,011		3,231,281		51,159,390
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (a)(b)		19,590,742		357,607,530		286,143,486		—			—			91,054,786		91,054,786		804,973		—
JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a)		610,127,515		63,090,427		46,497,110		7,052,810			(109,672,437	)		524,101,205		22,254,828		5,120,865		57,969,562
JPMorgan Value Advantage Fund Class R6 Shares (a)		350,841,893		23,371,097		—		—			(51,414,666	)		322,798,324		10,580,083		6,706,797		16,664,300
Total	$	6,324,618,619	$	873,289,558	$	557,228,045	$	5,100,677		$	(812,864,031	)	$	5,832,916,778			$	104,622,040	$	233,969,690

124 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2018

JPMorgan SmartRetirement 2040 Fund

For the six months ended December 31, 2018
Security Description	Value at June 30, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2018		Shares at December 31, 2018		Dividend Income		Capital Gain Distributions
JPMorgan Core Bond Fund Class R6 Shares (a)	$	403,439,985	$	22,404,815	$	30,173,364	$	(1,535,477	)	$	1,411,837		$	395,547,796		35,066,294	$	6,148,251	$	381,202
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		273,648,860		14,493,840		23,779,072		(1,321,937	)		(72,638	)		262,969,053		32,789,159		4,540,216		—
JPMorgan Emerging Economies Fund Class R6 Shares (a)		225,455,271		6,038,774		16,439,895		(3,730,100	)		(25,970,294	)		185,353,756		15,937,554		6,038,774		—
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		52,946,193		1,455,076		—		—			(1,459,417	)		52,941,852		7,021,466		1,455,076		—
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a)		287,456,044		2,592,816		12,456,547		(2,112,119	)		(26,592,503	)		248,887,691		9,983,461		2,592,816		—
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		48,693,005		1,562,086		—		—			(1,881,782	)		48,373,309		6,390,133		1,562,086		—
JPMorgan Growth Advantage Fund Class R6 Shares* (a)		420,727,976		31,033,350		17,416,353		6,756,456			(80,414,099	)		360,687,330		19,226,404		—		31,033,350
JPMorgan High Yield Fund Class R6 Shares (a)		292,473,577		8,118,723		63,679,033		(1,121,869	)		(12,556,942	)		223,234,456		32,876,945		8,118,723		—
JPMorgan International Advantage Fund Class R6 Shares (a)		531,587,567		26,189,800		—		—			(85,686,463	)		472,090,904		26,039,211		12,831,127		—
JPMorgan International Equity Fund Class R6 Shares (a)		532,575,418		47,382,023		14,046,575		(2,522,971	)		(88,812,983	)		474,574,912		32,684,223		12,869,349		5,224,415
JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a)		528,077,547		17,013,595		—		—			(81,143,190	)		463,947,952		29,874,305		17,013,594		—
JPMorgan Intrepid America Fund Class R6 Shares (a)		395,206,046		53,361,703		10,067,829		731,862			(89,249,477	)		349,982,305		10,848,801		5,761,743		47,599,960
JPMorgan Managed Income Fund Class L Shares (a)		—		119,186,639		—		—			(118,513	)		119,068,126		11,906,813		538,058		24,825
JPMorgan Mid Cap Equity Fund Class R6 Shares (a)		203,705,110		21,560,588		—		—			(43,508,164	)		181,757,534		4,377,590		1,558,954		20,001,633
JPMorgan Realty Income Fund Class R6 Shares (a)		318,186,282		3,695,854		13,079,378		(110,248	)		(24,966,898	)		283,725,612		23,467,793		3,695,854		—
JPMorgan Small Cap Equity Fund Class R6 Shares (a)		59,483,319		3,086,766		9,675,766		1,847,823			(11,697,209	)		43,044,933		882,430		298,621		2,788,144
JPMorgan Small Cap Growth Fund Class R6 Shares* (a)		50,824,725		4,826,883		—		—			(13,393,851	)		42,257,757		2,691,577		—		4,826,883
JPMorgan Small Cap Value Fund Class R6 Shares (a)		60,621,934		6,923,462		—		—			(18,141,009	)		49,404,387		2,154,574		418,257		6,505,205
JPMorgan U.S. Equity Fund Class R6 Shares (a)		531,871,709		58,078,389		28,169,458		967,380			(97,599,586	)		465,148,434		34,429,936		3,471,064		54,607,326
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (a)(b)		19,572,249		376,078,891		300,038,083		—			—			95,613,057		95,613,057		758,025		—
JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a)		665,972,773		69,190,059		47,654,363		5,107,882			(118,220,814	)		574,395,537		24,390,469		5,657,563		63,532,496
JPMorgan Value Advantage Fund Class R6 Shares (a)		372,151,700		24,790,635		—		—			(54,537,544	)		342,404,791		11,222,707		7,114,160		17,676,473
Total	$	6,274,677,290	$	919,064,767	$	586,675,716	$	2,956,682		$	(874,611,539	)	$	5,735,411,484			$	102,442,311	$	254,201,912

DECEMBER 31, 2018 JPMORGAN SMARTRETIREMENT FUNDS 125

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

JPMorgan SmartRetirement 2045 Fund

For the six months ended December 31, 2018
Security Description	Value at June 30, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2018		Shares at December 31, 2018		Dividend Income		Capital Gain Distributions
JPMorgan Core Bond Fund Class R6 Shares (a)	$	206,650,867	$	3,286,957	$	10,089,682	$	(518,410	)	$	553,610		$	199,883,342		17,720,154	$	3,094,323	$	192,634
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		138,345,400		16,532,875		11,971,658		(757,257	)		(20,033	)		142,129,327		17,721,861		2,435,815		—
JPMorgan Emerging Economies Fund Class R6 Shares (a)		159,758,989		4,657,259		—		—			(21,466,606	)		142,949,642		12,291,457		4,657,260		—
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		35,577,632		977,750		—		—			(980,667	)		35,574,715		4,718,132		977,750		—
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a)		202,721,242		1,916,797		—		—			(20,642,332	)		183,995,707		7,380,494		1,916,797		—
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		29,221,629		937,438		—		—			(1,129,294	)		29,029,773		3,834,845		937,438		—
JPMorgan Growth Advantage Fund Class R6 Shares* (a)		289,882,513		21,781,202		6,310,756		1,998,144			(54,197,520	)		253,153,583		13,494,327		—		21,781,202
JPMorgan High Yield Fund Class R6 Shares (a)		194,533,184		12,304,883		48,051,961		(862,726	)		(8,376,051	)		149,547,329		22,024,644		5,483,725		—
JPMorgan International Advantage Fund Class R6 Shares (a)		375,019,703		25,883,246		—		—			(61,040,944	)		339,862,005		18,745,836		9,508,227		—
JPMorgan International Equity Fund Class R6 Shares (a)		375,256,233		21,107,136		—		—			(63,831,038	)		332,532,331		22,901,676		9,017,490		3,660,722
JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a)		370,559,423		22,476,504		—		—			(58,358,758	)		334,677,169		21,550,365		12,273,061		—
JPMorgan Intrepid America Fund Class R6 Shares (a)		285,427,781		39,427,880		7,778,126		(1,465,827	)		(63,886,374	)		251,725,334		7,803,017		4,144,143		35,283,736
JPMorgan Managed Income Fund Class L Shares (a)		—		80,876,417		—		—			(80,419	)		80,795,998		8,079,600		390,558		16,846
JPMorgan Mid Cap Equity Fund Class R6 Shares (a)		140,484,686		22,717,079		—		—			(31,651,633	)		131,550,132		3,168,356		1,128,320		14,476,525
JPMorgan Realty Income Fund Class R6 Shares (a)		223,270,861		11,110,572		14,221,646		(457,452	)		(17,499,667	)		202,202,668		16,724,786		2,664,773		—
JPMorgan Small Cap Equity Fund Class R6 Shares (a)		41,742,593		2,579,146		—		—			(8,355,562	)		35,966,177		737,314		249,513		2,329,633
JPMorgan Small Cap Growth Fund Class R6 Shares* (a)		38,466,069		3,653,167		—		—			(10,136,971	)		31,982,265		2,037,087		—		3,653,167
JPMorgan Small Cap Value Fund Class R6 Shares (a)		41,795,100		3,607,718		9,676,468		(97,903	)		(10,075,521	)		25,552,926		1,114,388		243,097		3,364,621
JPMorgan U.S. Equity Fund Class R6 Shares (a)		368,230,601		41,626,094		15,674,002		(1,044,809	)		(67,832,254	)		325,305,630		24,078,877		2,394,723		39,231,371
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (a)(b)		12,656,611		286,987,916		223,468,317		—			—			76,176,210		76,176,210		493,264		—
JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a)		468,427,782		51,045,101		25,511,494		(2,102,638	)		(81,208,048	)		410,650,703		17,437,397		4,013,528		47,031,573
JPMorgan Value Advantage Fund Class R6 Shares (a)		267,709,658		17,833,299		—		—			(39,231,924	)		246,311,033		8,073,125		5,117,617		12,715,682
Total	$	4,265,738,557	$	693,326,436	$	372,754,110	$	(5,308,878	)	$	(619,448,006	)	$	3,961,553,999			$	71,141,422	$	183,737,712

126 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2018

JPMorgan SmartRetirement 2050 Fund

For the six months ended December 31, 2018
Security Description	Value at June 30, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2018		Shares at December 31, 2018		Dividend Income		Capital Gain Distributions
JPMorgan Core Bond Fund Class R6 Shares (a)	$	175,317,203	$	9,999,587	$	10,581,866	$	(555,829	)	$	532,832		$	174,711,927		15,488,646	$	2,704,921	$	168,375
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		124,106,989		8,449,514		7,711,150		(503,845	)		(104,749	)		124,236,759		15,490,868		2,115,036		—
JPMorgan Emerging Economies Fund Class R6 Shares (a)		136,309,617		3,783,445		5,860,120		(1,679,869	)		(16,424,234	)		116,128,839		9,985,283		3,783,445		—
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		30,680,662		843,171		—		—			(845,686	)		30,678,147		4,068,720		843,171		—
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a)		173,836,163		1,585,059		5,493,863		(1,424,555	)		(16,350,955	)		152,151,849		6,103,163		1,585,059		—
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		25,500,603		818,067		—		—			(985,493	)		25,333,177		3,346,523		818,067		—
JPMorgan Growth Advantage Fund Class R6 Shares* (a)		254,870,472		24,036,421		17,178,455		3,095,127			(46,756,685	)		218,066,880		11,624,034		—		18,221,033
JPMorgan High Yield Fund Class R6 Shares (a)		168,823,907		10,713,581		40,760,854		(820,190	)		(7,254,021	)		130,702,423		19,249,252		4,775,008		—
JPMorgan International Advantage Fund Class R6 Shares (a)		323,579,978		23,624,735		—		—			(53,884,879	)		293,319,834		16,178,700		8,206,129		—
JPMorgan International Equity Fund Class R6 Shares (a)		324,523,956		35,357,150		5,525,631		(992,484	)		(55,051,611	)		298,311,380		20,544,861		8,089,499		3,220,972
JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a)		320,826,207		33,031,979		5,525,635		(738,893	)		(50,504,146	)		297,089,512		19,130,039		10,894,671		—
JPMorgan Intrepid America Fund Class R6 Shares (a)		248,157,203		34,302,131		5,372,037		(1,399,356	)		(55,455,737	)		220,232,204		6,826,789		3,625,673		30,676,458
JPMorgan Managed Income Fund Class L Shares (a)		—		82,197,334		—		—			(72,297	)		82,125,037		8,212,504		396,298		17,123
JPMorgan Mid Cap Equity Fund Class R6 Shares (a)		123,536,709		13,075,392		—		—			(26,385,472	)		110,226,629		2,654,784		945,426		12,129,966
JPMorgan Realty Income Fund Class R6 Shares (a)		193,766,135		10,064,844		11,510,682		(606,388	)		(15,309,270	)		176,404,639		14,590,954		2,320,737		—
JPMorgan Small Cap Equity Fund Class R6 Shares (a)		32,800,113		2,026,617		—		—			(6,565,557	)		28,261,173		579,360		196,060		1,830,558
JPMorgan Small Cap Growth Fund Class R6 Shares* (a)		37,837,371		3,001,700		5,650,554		997,619			(9,907,246	)		26,278,890		1,673,815		—		3,001,700
JPMorgan Small Cap Value Fund Class R6 Shares (a)		37,677,184		4,303,006		—		—			(11,274,832	)		30,705,358		1,339,091		259,951		4,043,055
JPMorgan U.S. Equity Fund Class R6 Shares (a)		317,069,471		40,907,460		12,054,509		(21,077	)		(58,563,343	)		287,338,002		21,268,542		2,106,976		33,070,307
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (a)(b)		30,017,688		296,948,589		253,914,038		—			—			73,052,239		73,052,239		613,529		—
JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a)		396,904,411		44,248,025		9,669,662		(1,875,197	)		(70,386,030	)		359,221,547		15,253,569		3,458,714		40,789,311
JPMorgan Value Advantage Fund Class R6 Shares (a)		228,969,248		29,198,608		—		—			(35,698,231	)		222,469,625		7,291,695		4,622,263		11,484,881
Total	$	3,705,111,290	$	712,516,415	$	396,809,056	$	(6,524,937	)	$	(537,247,642	)	$	3,477,046,070			$	62,360,633	$	158,653,739

DECEMBER 31, 2018 JPMORGAN SMARTRETIREMENT FUNDS 127

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

JPMorgan SmartRetirement 2055 Fund

For the six months ended December 31, 2018
Security Description	Value at June 30, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2018		Shares at December 31, 2018		Dividend Income		Capital Gain Distributions
JPMorgan Core Bond Fund Class R6 Shares (a)	$	69,029,914	$	5,021,466	$	2,300,052	$	(122,366	)	$	149,539		$	71,778,501		6,363,342	$	1,088,314	$	69,173
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		48,682,644		4,833,020		2,256,526		(144,795	)		(74,529	)		51,039,814		6,364,067		845,075		—
JPMorgan Emerging Economies Fund Class R6 Shares (a)		53,462,431		1,558,525		—		—			(7,183,676	)		47,837,280		4,113,266		1,558,525		—
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		13,090,799		359,764		—		—			(360,837	)		13,089,726		1,736,038		359,763		—
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a)		67,808,434		4,809,068		5,299,643		(1,094,833	)		(6,192,437	)		60,030,589		2,407,966		625,376		—
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		9,075,330		291,139		—		—			(350,723	)		9,015,746		1,190,984		291,139		—
JPMorgan Growth Advantage Fund Class R6 Shares* (a)		98,874,434		17,480,789		4,542,676		451,320			(18,685,389	)		93,578,478		4,988,192		—		7,795,131
JPMorgan High Yield Fund Class R6 Shares (a)		66,364,421		4,698,813		14,346,958		(311,873	)		(2,977,129	)		53,427,274		7,868,523		1,916,752		—
JPMorgan International Advantage Fund Class R6 Shares (a)		125,345,734		24,985,340		3,634,040		(582,154	)		(22,080,140	)		124,034,740		6,841,409		3,470,086		—
JPMorgan International Equity Fund Class R6 Shares (a)		127,647,901		21,920,914		—		—			(23,401,231	)		126,167,584		8,689,228		3,421,366		1,324,972
JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a)		127,501,094		19,154,195		—		—			(21,237,800	)		125,417,489		8,075,820		4,599,228		—
JPMorgan Intrepid America Fund Class R6 Shares (a)		95,133,503		20,189,183		—		—			(23,366,780	)		91,955,906		2,850,462		1,513,866		12,506,625
JPMorgan Managed Income Fund Class L Shares (a)		—		48,044,703		—		—			(31,650	)		48,013,053		4,801,305		211,070		10,011
JPMorgan Mid Cap Equity Fund Class R6 Shares (a)		48,755,526		10,929,310		2,349,636		39,182			(11,042,711	)		46,331,671		1,115,888		397,392		5,098,601
JPMorgan Realty Income Fund Class R6 Shares (a)		76,171,322		8,340,537		2,271,278		(225,171	)		(6,357,949	)		75,657,461		6,257,855		954,041		—
JPMorgan Small Cap Equity Fund Class R6 Shares (a)		14,861,821		918,265		—		—			(2,974,871	)		12,805,215		262,510		88,835		829,431
JPMorgan Small Cap Growth Fund Class R6 Shares* (a)		13,463,188		1,278,615		—		—			(3,547,957	)		11,193,846		712,984		—		1,278,615
JPMorgan Small Cap Value Fund Class R6 Shares (a)		12,455,031		3,978,866		—		—			(4,435,304	)		11,998,593		523,271		101,580		1,579,886
JPMorgan U.S. Equity Fund Class R6 Shares (a)		124,836,202		27,200,341		—		—			(24,631,290	)		127,405,253		9,430,441		864,238		13,964,006
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (a)(b)		19,812,842		187,792,450		176,141,640		—			—			31,463,652		31,463,652		310,436		—
JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a)		154,531,600		31,991,172		2,302,100		13,173			(30,412,793	)		153,821,052		6,531,679		1,447,546		17,013,773
JPMorgan Value Advantage Fund Class R6 Shares (a)		91,347,081		16,669,106		—		—			(14,913,724	)		93,102,463		3,051,539		1,934,395		4,806,368
Total	$	1,458,251,252	$	462,445,581	$	215,444,549	$	(1,977,517	)	$	(224,109,381	)	$	1,479,165,386			$	25,999,023	$	66,276,592

128 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2018

JPMorgan SmartRetirement 2060 Fund

For the six months ended December 31, 2018
Security Description	Value at June 30, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2018		Shares at December 31, 2018		Dividend Income		Capital Gain Distributions
JPMorgan Core Bond Fund Class R6 Shares (a)	$	3,478,901	$	1,880,346	$	244,005	$	(6,601	)	$	20,900		$	5,129,541		454,747	$	67,789	$	4,943
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		2,472,678		1,175,696		146,402		(5,576	)		(3,070	)		3,493,326		435,577		52,889		—
JPMorgan Emerging Economies Fund Class R6 Shares (a)		2,781,380		713,459		—		—			(441,081	)		3,053,758		262,576		99,491		—
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		599,917		16,487		—		—			(16,536	)		599,868		79,558		16,487		—
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a)		3,423,751		806,173		—		—			(371,882	)		3,858,042		154,755		37,670		—
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		508,802		165,660		—		—			(25,429	)		649,033		85,737		20,762		—
JPMorgan Growth Advantage Fund Class R6 Shares* (a)		5,067,293		2,998,678		—		—			(1,302,383	)		6,763,588		360,532		—		528,512
JPMorgan High Yield Fund Class R6 Shares (a)		3,360,048		1,186,636		700,847		(24,054	)		(197,111	)		3,624,672		533,825		116,532		—
JPMorgan International Advantage Fund Class R6 Shares (a)		6,453,760		3,926,468		—		—			(1,496,040	)		8,884,188		490,027		242,675		—
JPMorgan International Equity Fund Class R6 Shares (a)		6,445,521		3,991,900		—		—			(1,531,506	)		8,905,915		613,355		241,507		95,012
JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a)		6,352,151		3,956,727		—		—			(1,415,968	)		8,892,910		572,628		319,183		—
JPMorgan Intrepid America Fund Class R6 Shares (a)		4,807,538		3,511,857		—		—			(1,689,303	)		6,630,092		205,521		106,370		878,762
JPMorgan Managed Income Fund Class L Shares (a)		—		3,205,896		—		—			(3,188	)		3,202,708		320,271		16,634		668
JPMorgan Mid Cap Equity Fund Class R6 Shares (a)		2,461,089		1,545,591		—		—			(793,136	)		3,213,544		77,398		27,563		353,637
JPMorgan Realty Income Fund Class R6 Shares (a)		3,856,530		1,843,238		—		—			(443,823	)		5,255,945		434,735		61,630		—
JPMorgan Small Cap Equity Fund Class R6 Shares (a)		692,469		344,294		—		—			(193,960	)		842,803		17,278		5,847		54,591
JPMorgan Small Cap Growth Fund Class R6 Shares* (a)		694,136		380,924		—		—			(256,352	)		818,708		52,147		—		93,517
JPMorgan Small Cap Value Fund Class R6 Shares (a)		738,146		239,820		—		—			(263,939	)		714,027		31,139		6,045		94,018
JPMorgan U.S. Equity Fund Class R6 Shares (a)		6,341,780		4,286,237		—		—			(1,818,228	)		8,809,789		652,094		55,598		974,870
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (a)(b)		1,410,476		26,277,453		22,777,971		—			—			4,909,958		4,909,958		30,328		—
JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a)		7,904,663		5,129,691		139,880		1,271			(2,184,071	)		10,711,674		454,848		94,596		1,160,481
JPMorgan Value Advantage Fund Class R6 Shares (a)		4,512,636		3,582,129		—		—			(1,107,831	)		6,986,934		229,005		135,080		335,632
Total	$	74,363,665	$	71,165,360	$	24,009,105	$	(34,960	)	$	(15,533,937	)	$	105,951,023			$	1,754,676	$	4,574,643

(a) Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.

(b) The rate shown is the current yield as of December 31, 2018.

* Non-income producing security.

F. Security Transactions and Investment Income — Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis. Interest income is determined on the basis of coupon interest accrued using the effective interest method which adjusts for amortization of premiums and accretion of discounts. Dividend income and distributions of net investment income and realized capital gains from the Underlying Funds and ETFs, if any, are recorded on the ex-dividend date.

DECEMBER 31, 2018 JPMORGAN SMARTRETIREMENT FUNDS 129

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

G. Allocation of Income and Expenses — Expenses directly attributable to a fund are charged directly to that fund, while the expenses attributable to more than one fund of the Trust are allocated among the respective funds. In calculating the NAV of each class, investment income, realized and unrealized gains and losses and expenses, other than class-specific expenses, are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day.

Transfer agency fees are class-specific expenses. The amount of the transfer agency fees charged to each class of the Funds for the six months ended December 31, 2018 are as follows:

	Class A		Class C		Class I		Class R2		Class R3		Class R4		Class R5		Class R6		Total
JPMorgan SmartRetirement Income Fund
Transfer agency fees	$	67,397	$	1,949	$	4,474	$	5,806	$	749	$	41	$	10,592	$	6,437	$	97,445
JPMorgan SmartRetirement 2020 Fund
Transfer agency fees		51,649		2,579		6,112		6,788		790		18		14,750		8,146		90,832
JPMorgan SmartRetirement 2025 Fund
Transfer agency fees		56,356		1,958		5,873		7,027		939		183		15,184		9,618		97,138
JPMorgan SmartRetirement 2030 Fund
Transfer agency fees		62,883		2,273		6,351		8,095		978		22		16,712		9,908		107,222
JPMorgan SmartRetirement 2035 Fund
Transfer agency fees		54,160		1,963		4,995		7,025		995		24		13,527		8,894		91,583
JPMorgan SmartRetirement 2040 Fund
Transfer agency fees		54,559		2,878		5,629		7,845		1,062		32		14,327		8,750		95,082
JPMorgan SmartRetirement 2045 Fund
Transfer agency fees		42,887		1,617		4,354		6,712		980		64		10,844		7,552		75,010
JPMorgan SmartRetirement 2050 Fund
Transfer agency fees		34,464		2,183		4,703		6,982		952		185		10,639		6,840		66,948
JPMorgan SmartRetirement 2055 Fund
Transfer agency fees		21,117		1,322		2,920		4,647		818		35		6,332		4,507		41,698
JPMorgan SmartRetirement 2060 Fund
Transfer agency fees		3,893		194		574		386		670		145		980		1,920		8,762

The Funds invest in Underlying Funds and certain Funds invest in ETFs and, as a result, bear a portion of the expenses incurred by these Underlying Funds and ETFs. These expenses are not reflected in the expenses shown on the Statements of Operations and are not included in the ratios to average net assets shown in the Financial Highlights. Certain expenses of Underlying Funds are waived as described in Note 3.F.

H. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code (the “Code”), applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of December 31, 2018, no liability for income tax is required in the Funds’ financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each of the Funds’ Federal tax returns for the prior three fiscal years, or since inception if shorter, remains subject to examination by the Internal Revenue Service.

I. Distributions to Shareholders — Distributions from net investment income are generally declared and paid quarterly and are declared separately for each class. No class has preferential dividend rights; differences in per share rates are due to differences in separate class expenses. Net realized capital gains, if any, are distributed by each Fund at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federal tax-basis treatment.

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to an Investment Advisory Agreement, the Adviser supervises the investments of each Fund and receives no compensation for performing such services, although the Adviser and its affiliates receive investment advisory fees from the Underlying Funds.

The Adviser reimbursed expenses as outlined in Note 3.F.

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator provides certain administration services to the Funds. The Administrator does not receive a separate fee for services to the Funds but does receive fees for services to the Underlying Funds.

JPMorgan Chase Bank, N.A (“JPMCB”), a wholly-owned subsidiary of JPMorgan, serves as the Funds’ sub-administrator (the “Sub-administrator”). For its services as Sub-administrator, JPMCB receives a portion of the fees payable to the Administrator.

Prior to November 1, 2017, the Administrator paid many of the ordinary expenses incurred by the Funds in their operations including taxes, ordinary fees and expenses for legal and auditing services, fees and expenses of pricing services, the expenses of preparing (including typesetting), printing

130 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2018

and mailing reports, prospectuses, statements of additional information, proxy solicitation material and notices to existing shareholders, all expenses incurred in connection with issuing and redeeming shares (other than transfer agency expenses), the cost of custodial and fund accounting services, and the cost of initial and ongoing registration of the shares under Federal and state securities laws. Effective November 1, 2017, these expenses are paid by the Funds.

C. Distribution Fees — Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (“JPMDS”), an indirect, wholly-owned subsidiary of JPMorgan, serves as the Trust’s principal underwriter and promotes and arranges for the sale of each Fund’s shares.

The Board has adopted a Distribution Plan (the “Distribution Plan”) for Class A, Class C, Class R2 and Class R3 Shares of the Funds in accordance with Rule 12b-1 under the 1940 Act. Class I, Class R4, Class R5 and Class R6 Shares do not participate in the Distribution Plan. The Distribution Plan provides that each Fund shall pay distribution fees, including payments to JPMDS, at annual rates of the average daily net assets as shown in the table below:

Class A	Class C			Class R2			Class R3
0.25%		0.75	%		0.50	%		0.25	%

In addition, JPMDS is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the six months ended December 31, 2018, JPMDS retained the following amounts:

	Front-End Sales Charge		CDSC
JPMorgan SmartRetirement Income Fund	$	2,215	$	—
JPMorgan SmartRetirement 2020 Fund		1,913		1
JPMorgan SmartRetirement 2025 Fund		3,979		97
JPMorgan SmartRetirement 2030 Fund		4,950		76
JPMorgan SmartRetirement 2035 Fund		7,247		10,383
JPMorgan SmartRetirement 2040 Fund		5,037		173
JPMorgan SmartRetirement 2045 Fund		2,782		32
JPMorgan SmartRetirement 2050 Fund		2,050		38
JPMorgan SmartRetirement 2055 Fund		2,455		16
JPMorgan SmartRetirement 2060 Fund		179		—

D. Service Fees — The Trust, on behalf of the Funds, has entered into a Shareholder Servicing Agreement with JPMDS under which JPMDS provides certain support services to the shareholders. For performing these services, JPMDS receives a fee, except for Class R6 Shares which do not charge a service fee, that is accrued daily and paid monthly equal to a percentage of the average daily net assets as shown in the table below:

Class A			Class C			Class I			Class R2			Class R3			Class R4			Class R5
	0.25	%		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%		0.10	%

JPMDS has entered into shareholder services contracts with affiliated and unaffiliated financial intermediaries who provide shareholder services and other related services to their clients or customers who invest in the Funds under which JPMDS will pay all or a portion of such fees earned to financial intermediaries for performing such services.

JPMDS waived service fees as outlined in Note 3.F.

E. Custodian and Accounting Fees — JPMCB provides portfolio custody and accounting services to the Funds. As part of its Administration Agreement, the Administrator pays fees and certain expenses for custody and fund accounting.

Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the Statements of Operations.

Interest expense paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates on the Statements of Operations.

F. Waivers and Reimbursements — The Adviser, Administrator and/or JPMDS have contractually agreed to waive fees and/or reimburse the Funds to the extent that total annual operating expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation and extraordinary expenses) exceed the percentages of the Funds’ respective average daily net assets as shown in the table below:

	Class A			Class C			Class I			Class R2			Class R3			Class R4			Class R5			Class R6
JPMorgan SmartRetirement Income Fund		0.31	%		0.94	%		0.19	%		0.75	%		0.50	%		0.25	%		0.10	%		0.00	%
JPMorgan SmartRetirement 2020 Fund		0.36			0.96			0.21			0.75			0.50			0.25			0.10			0.00
JPMorgan SmartRetirement 2025 Fund		0.38			0.97			0.22			0.75			0.50			0.25			0.10			0.00
JPMorgan SmartRetirement 2030 Fund		0.38			0.97			0.22			0.75			0.50			0.25			0.10			0.00
JPMorgan SmartRetirement 2035 Fund		0.39			0.97			0.22			0.75			0.50			0.25			0.10			0.00

DECEMBER 31, 2018 JPMORGAN SMARTRETIREMENT FUNDS 131

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

	Class A			Class C			Class I			Class R2			Class R3			Class R4			Class R5			Class R6
JPMorgan SmartRetirement 2040 Fund		0.39	%		0.97	%		0.22	%		0.75	%		0.50	%		0.25	%		0.10	%		0.00	%
JPMorgan SmartRetirement 2045 Fund		0.39			0.97			0.22			0.75			0.50			0.25			0.10			0.00
JPMorgan SmartRetirement 2050 Fund		0.39			0.97			0.22			0.75			0.50			0.25			0.10			0.00
JPMorgan SmartRetirement 2055 Fund		0.39			0.97			0.22			0.75			0.50			0.25			0.10			0.00
JPMorgan SmartRetirement 2060 Fund		0.39			0.97			0.22			0.75			0.50			0.25			0.10			0.00

The expense limitation agreements were in effect for the six months ended December 31, 2018 and are in place until at least October 31, 2019.

The Underlying Funds may impose separate service fees. To avoid charging a service fee at an effective rate above 0.25% for Class A, Class C, Class I, Class R2, Class R3, Class R4 Shares and 0.10% for Class R5 Shares, the shareholder servicing agent will waive service fees with respect to the Funds in an amount equal to the weighted average pro-rata amount of service fees charged by the Underlying Funds up to 0.25% for Class A, Class C, Class I, Class R2, Class R3, Class R4 Shares and up to 0.10% with respect to Class R5 Shares. The Funds’ shareholder servicing agent has contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees it collects from the affiliated money market funds on the Fund’s investment in such money market funds.

For the six months ended December 31, 2018, the Funds’ service providers waived fees and/or reimbursed expenses for each of the Funds as follows. None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.

	Contractual Waivers		Contractual Reimbursements
	Service Fees
JPMorgan SmartRetirement Income Fund	$	1,239,067	$	253,954
JPMorgan SmartRetirement 2020 Fund		1,304,857		393,864
JPMorgan SmartRetirement 2025 Fund		1,278,433		435,237
JPMorgan SmartRetirement 2030 Fund		1,412,764		470,599
JPMorgan SmartRetirement 2035 Fund		983,355		382,905
JPMorgan SmartRetirement 2040 Fund		963,333		385,752
JPMorgan SmartRetirement 2045 Fund		651,094		291,132
JPMorgan SmartRetirement 2050 Fund		562,297		268,781
JPMorgan SmartRetirement 2055 Fund		231,356		180,222
JPMorgan SmartRetirement 2060 Fund		17,005		80,768

G. Other — Certain officers of the Trust are affiliated with the Adviser, the Administrator and JPMDS. Such officers, with the exception of the Chief Compliance Officer, receive no compensation from the Funds for serving in their respective roles.

The Board appointed a Chief Compliance Officer to the Funds in accordance with Federal securities regulations. Each Fund, along with other affiliated funds, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the Office of the Chief Compliance Officer. Such fees are included in Trustees’ and Chief Compliance Officer’s fees on the Statements of Operations.

The Trust adopted a Trustee Deferred Compensation Plan (the “Plan”) which allows the Independent Trustees to defer the receipt of all or a portion of compensation related to performance of their duties as Trustees. The deferred fees are invested in various J.P. Morgan Funds until distribution in accordance with the Plan.

The Funds may use related party broker-dealers. For the six months ended December 31, 2018, the Funds did not incur any brokerage commissions with broker-dealers affiliated with the Adviser.

The Securities and Exchange Commission (“SEC”) has granted an exemptive order permitting the Funds to engage in principal transactions with J.P. Morgan Securities, Inc., an affiliated broker, involving taxable money market instruments, subject to certain conditions.

The SEC has granted an exemptive order permitting the Funds to invest in certain financial instruments in addition to Underlying Funds and securities.

4. Investment Transactions

During the six months ended December 31, 2018, purchases and sales of investments (excluding short-term investments) were as follows:

	Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)		Purchases of U.S. Government		Sales of U.S. Government
JPMorgan SmartRetirement Income Fund	$	309,829,173	$	474,249,428	$	—	$	—
JPMorgan SmartRetirement 2020 Fund		542,702,335		742,261,896		—		14,679,893
JPMorgan SmartRetirement 2025 Fund		633,917,687		507,008,212		—		4,989,844
JPMorgan SmartRetirement 2030 Fund		615,909,527		319,130,174		—		—
JPMorgan SmartRetirement 2035 Fund		515,682,028		271,084,560		—		—

132 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2018

	Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)		Purchases of U.S. Government		Sales of U.S. Government
JPMorgan SmartRetirement 2040 Fund	$	542,985,875	$	286,637,632	$	—	$	—
JPMorgan SmartRetirement 2045 Fund		406,338,519		149,285,793		—		—
JPMorgan SmartRetirement 2050 Fund		415,567,826		142,895,017		—		—
JPMorgan SmartRetirement 2055 Fund		274,653,130		39,302,909		—		—
JPMorgan SmartRetirement 2060 Fund		44,887,906		1,231,134		—		—

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at December 31, 2018 were as follows:

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
JPMorgan SmartRetirement Income Fund	$	3,322,509,825	$	244,572,544	$	78,235,969	$	166,336,575
JPMorgan SmartRetirement 2020 Fund		5,832,269,731		408,535,248		163,662,722		244,872,526
JPMorgan SmartRetirement 2025 Fund		7,017,449,791		320,161,988		233,594,032		86,567,956
JPMorgan SmartRetirement 2030 Fund		7,422,128,909		495,208,166		212,863,484		282,344,682
JPMorgan SmartRetirement 2035 Fund		5,827,356,652		281,925,476		220,740,260		61,185,216
JPMorgan SmartRetirement 2040 Fund		5,563,191,146		408,606,534		180,430,603		228,175,931
JPMorgan SmartRetirement 2045 Fund		4,011,573,419		177,920,476		190,051,360		(12,130,884	)
JPMorgan SmartRetirement 2050 Fund		3,527,085,617		150,508,735		167,325,518		(16,816,783	)
JPMorgan SmartRetirement 2055 Fund		1,579,362,730		21,212,405		109,414,661		(88,202,256	)
JPMorgan SmartRetirement 2060 Fund		121,643,353		164,801		15,201,075		(15,036,274	)

As of June 30, 2018, the Funds did not have any net capital loss carryforwards.

6. Borrowings

The Funds rely upon an exemptive order granted by the SEC (the “Order”) permitting the establishment and operation of an Interfund Lending Facility (the “Facility”). The Facility allows the Funds to directly lend and borrow money to or from any other fund relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund’s borrowing restrictions. The Interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. The Order was granted to JPMorgan Trust II and may be relied upon by the Funds because the Funds and the series of JPMorgan Trust II are all investment companies in the same “group of investment companies” (as defined in Section 12(d)(1)(G) of the 1940 Act).

The Trust and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Funds. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund’s borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until November 4, 2019.

The Funds had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility at December 31, 2018. Average borrowings from the Facility for the six months ended December 31, 2018, were as follows:

	Average Borrowings		Average Interest Rate Paid			Number of Days Outstanding		Interest Paid
JPMorgan SmartRetirement 2020 Fund	$	6,889,609		2.94	%		3	$	1,689

Interest expense paid as a result of borrowings from another fund or from the unsecured, uncommitted credit facility is included in Interest expense to affiliates on the Statements of Operations.

The Trust, along with certain other trusts (“Borrowers”), has entered into a joint syndicated senior unsecured revolving credit facility totaling $1.5 billion (“Credit Facility”) with various lenders and The Bank of New York Mellon, as administrative agent for the lenders. This Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Under the terms of the Credit Facility, a borrowing fund must have a minimum of $25,000,000 in adjusted net asset value and not exceed certain adjusted net asset coverage ratios prior to and during the time in which any borrowings are outstanding. If a fund does not comply with the aforementioned requirements, the fund must remediate within three business days with respect to the $25,000,000 minimum adjusted net asset value or within one business day with respect to certain asset coverage ratios or the administrative agent at the request of, or with the consent of, the lenders may terminate the Credit Facility and declare any outstanding borrowings to be due and payable immediately.

DECEMBER 31, 2018 JPMORGAN SMARTRETIREMENT FUNDS 133

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.00% plus the greater of the federal funds effective rate or one month LIBOR. The annual commitment fee to maintain the Credit Facility is 0.15% and is incurred on the unused portion of the Credit Facility and is allocated to all participating funds pro rata based on their respective net assets. Effective August 14, 2018, this agreement has been amended and restated for a term of 364 days, unless extended. Prior to August 15, 2017, JPMorgan SmartRetirement 2060 Fund was not a party to the Credit Facility. This Fund was added to the Credit Facility on August 15, 2017.

The Funds had no borrowings outstanding from the Credit Facility at December 31, 2018.

7. Risks, Concentrations and Indemnifications

In the normal course of business, the Funds enter into contracts that contain a variety of representations which provide general indemnifications. Each Fund’s maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be brought against the Funds. However, based on experience, the Funds expect the risk of loss to be remote.

As of December 31, 2018, the Funds had omnibus accounts which owned more than 10% of the respective Fund’s outstanding shares as follows:

	Number of Non-Affiliated Omnibus Accounts		% of the Fund
JPMorgan SmartRetirement Income Fund		5		29.8	%
JPMorgan SmartRetirement 2020 Fund		6		34.2
JPMorgan SmartRetirement 2025 Fund		5		34.5
JPMorgan SmartRetirement 2030 Fund		5		32.9
JPMorgan SmartRetirement 2035 Fund		4		34.8
JPMorgan SmartRetirement 2040 Fund		5		33.9
JPMorgan SmartRetirement 2045 Fund		5		37.3
JPMorgan SmartRetirement 2050 Fund		5		35.3
JPMorgan SmartRetirement 2055 Fund		4		39.4
JPMorgan SmartRetirement 2060 Fund		4		34.8

Significant shareholder transactions by these shareholders may impact the Funds’ performance and liquidity.

As of December 31, 2018, the Funds owned in the aggregate, shares representing more than 10% of the net assets of the following Underlying Funds:

	% of Net Assets
JPMorgan Core Bond Fund		23.6	%
JPMorgan Core Plus Bond Fund		28.5
JPMorgan Emerging Economies Fund		79.0
JPMorgan Emerging Markets Debt Fund		44.1
JPMorgan Emerging Markets Equity Fund		34.6
JPMorgan Emerging Markets Strategic Debt Fund		79.7
JPMorgan Floating Rate Income Fund		16.4
JPMorgan Growth Advantage Fund		28.3
JPMorgan High Yield Fund		27.7
JPMorgan Inflation Managed Bond Fund		48.3
JPMorgan International Advantage Fund		92.0
JPMorgan International Equity Fund		73.7
JPMorgan International Research Enhanced Equity Fund		67.2
JPMorgan Intrepid America Fund		61.5
JPMorgan Mid Cap Equity Fund		48.0
JPMorgan Realty Income Fund		76.5
JPMorgan Small Cap Growth Fund		12.7
JPMorgan Small Cap Value Fund		19.7
JPMorgan U.S. Equity Fund		23.6
JPMorgan U.S. Research Enhanced Equity Fund		65.6
JPMorgan Value Advantage Fund		22.0

Because of the Funds’ investments in Underlying Funds and ETFs, the Funds indirectly pay a portion of the expenses incurred by the Underlying Funds and ETFs. As a result, the cost of investing in the Funds may be higher than the cost of investing in a mutual fund that invests directly in individual securities and financial instruments. The Funds are also subject to certain risks related to the Underlying Funds’ and ETFs’ investments in securities and financial instruments such as fixed income securities, including high yield, asset-backed and mortgage-related securities; equity secu-

134 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2018

rities, foreign and emerging markets securities, commodities and real estate securities. These securities are subject to risks specific to their structure, sector or market.

The Funds invest in unaffiliated ETFs. ETFs are pooled investment vehicles whose ownership interests are purchased and sold on a securities exchange. ETFs may be structured as investment companies, depositary receipts or other pooled investment vehicles and may be passively or actively managed. Passively managed ETFs generally seek to track the performance of a particular market index, including broad-based market indices, as well as indices relating to particular sectors, markets, regions or industries. Actively managed ETFs do not seek to track the performance of a particular market index. The price movement of an index-based ETF may not track the underlying index and may result in a loss. In addition, ETFs may trade at a price below or above their NAV (also known as a discount or premium, respectively).

In addition, the Underlying Funds and ETFs may use derivative instruments in connection with their individual investment strategies including futures, forward foreign currency exchange contracts, options, swaps and other derivatives, which are also subject to specific risks related to their structure, sector or market and may be riskier than investments in other types of securities.

Specific risks and concentrations present in the Underlying Funds and ETFs are disclosed within their individual financial statements and registration statements, as appropriate.

Derivatives may be riskier than other types of investments because they may be more sensitive to changes in economic and market conditions and could result in losses that significantly exceed the Funds’ original investment. Derivatives also expose the Funds to counterparty risk (the risk that the derivative counterparty will not fulfill its contractual obligations), including credit risk of the derivative counterparty.

8. New Accounting Pronouncements

In August 2018, the Financial Accounting Standard Board (“FASB”) issued Accounting Standard Update (“ASU”) 2018-13 (“ASU 2018-13”) Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement, which adds, removes, and modifies certain aspects of the fair value disclosure. ASU 2018-13 amendments are the result of a broader disclosure project, FASB Concepts Statement Conceptual Framework for Financial Reporting — Chapter 8: Notes to Financial Statements, to improve the effectiveness of the fair value disclosure requirements. ASU 2018-13 is effective for the fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019; early adoption is permitted. We have evaluated the implications of these changes and the amendments are included in the financial statements, which had no effect to the Funds’ net assets or results of operation.

In August 2018, the SEC adopted their Disclosure Update and Simplification Rule (the “Rule”). The Rule is part of the SEC’s overall project to improve disclosure effectiveness by amending certain disclosure requirements that have become redundant, duplicative, overlapping, outdated, or superseded in light of other SEC disclosure requirements, U.S. GAAP, or changes in the information environment. The amendments are intended to facilitate the disclosure of information to investors and simplify compliance without significantly altering the total mix of information provided to investors. We have evaluated the implications of these changes and the amendments are included in the financial statements, which had no effect on the Funds’ net assets or results of operation.

DECEMBER 31, 2018 JPMORGAN SMARTRETIREMENT FUNDS 135

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and (2) ongoing costs, including distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds (not including expenses of the Underlying Funds and ETFs) and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, July 1, 2018, and continued to hold your shares at the end of the reporting period, December 31, 2018.

Actual Expenses

For each Class of each Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads), or redemption fees, and expenses of the Underlying Funds. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

	Beginning Account Value July 1, 2018		Ending Account Value December 31, 2018		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan SmartRetirement Income Fund
Class A
Actual	$	1,000.00	$	964.40	$	1.53		0.31	%
Hypothetical		1,000.00		1,023.64		1.58		0.31
Class C
Actual		1,000.00		961.20		4.65		0.94
Hypothetical		1,000.00		1,020.47		4.79		0.94
Class I
Actual		1,000.00		965.00		0.94		0.19
Hypothetical		1,000.00		1,024.25		0.97		0.19
Class R2
Actual		1,000.00		962.10		3.71		0.75
Hypothetical		1,000.00		1,021.42		3.82		0.75
Class R3
Actual		1,000.00		963.50		2.47		0.50
Hypothetical		1,000.00		1,022.68		2.55		0.50
Class R4
Actual		1,000.00		965.30		1.24		0.25
Hypothetical		1,000.00		1,023.95		1.28		0.25
Class R5
Actual		1,000.00		965.50		0.50		0.10
Hypothetical		1,000.00		1,024.70		0.51		0.10
Class R6
Actual		1,000.00		966.00		0.00		0.00
Hypothetical		1,000.00		1,025.21		0.00		0.00

136 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2018

	Beginning Account Value July 1, 2018		Ending Account Value December 31, 2018		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan SmartRetirement 2020 Fund
Class A
Actual	$	1,000.00	$	955.70	$	1.77		0.36	%
Hypothetical		1,000.00		1,023.39		1.84		0.36
Class C
Actual		1,000.00		952.70		4.72		0.96
Hypothetical		1,000.00		1,020.37		4.89		0.96
Class I
Actual		1,000.00		956.10		1.04		0.21
Hypothetical		1,000.00		1,024.15		1.07		0.21
Class R2
Actual		1,000.00		953.10		3.69		0.75
Hypothetical		1,000.00		1,021.42		3.82		0.75
Class R3
Actual		1,000.00		954.60		2.46		0.50
Hypothetical		1,000.00		1,022.68		2.55		0.50
Class R4
Actual		1,000.00		955.90		1.23		0.25
Hypothetical		1,000.00		1,023.95		1.28		0.25
Class R5
Actual		1,000.00		956.70		0.49		0.10
Hypothetical		1,000.00		1,024.70		0.51		0.10
Class R6
Actual		1,000.00		956.70		0.00		0.00
Hypothetical		1,000.00		1,025.21		0.00		0.00
JPMorgan SmartRetirement 2025 Fund
Class A
Actual		1,000.00		942.90		1.86		0.38
Hypothetical		1,000.00		1,023.29		1.94		0.38
Class C
Actual		1,000.00		939.80		4.74		0.97
Hypothetical		1,000.00		1,020.32		4.94		0.97
Class I
Actual		1,000.00		943.70		1.08		0.22
Hypothetical		1,000.00		1,024.10		1.12		0.22
Class R2
Actual		1,000.00		941.40		3.67		0.75
Hypothetical		1,000.00		1,021.42		3.82		0.75
Class R3
Actual		1,000.00		942.20		2.45		0.50
Hypothetical		1,000.00		1,022.68		2.55		0.50
Class R4
Actual		1,000.00		943.60		1.22		0.25
Hypothetical		1,000.00		1,023.95		1.28		0.25
Class R5
Actual		1,000.00		944.40		0.49		0.10
Hypothetical		1,000.00		1,024.70		0.51		0.10
Class R6
Actual		1,000.00		944.90		0.00		0.00
Hypothetical		1,000.00		1,025.21		0.00		0.00

DECEMBER 31, 2018 JPMORGAN SMARTRETIREMENT FUNDS 137

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment

	Beginning Account Value July 1, 2018		Ending Account Value December 31, 2018		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan SmartRetirement 2030 Fund
Class A
Actual	$	1,000.00	$	932.30	$	1.85		0.38	%
Hypothetical		1,000.00		1,023.29		1.94		0.38
Class C
Actual		1,000.00		929.40		4.72		0.97
Hypothetical		1,000.00		1,020.32		4.94		0.97
Class I
Actual		1,000.00		933.20		1.07		0.22
Hypothetical		1,000.00		1,024.10		1.12		0.22
Class R2
Actual		1,000.00		930.30		3.65		0.75
Hypothetical		1,000.00		1,021.42		3.82		0.75
Class R3
Actual		1,000.00		931.70		2.43		0.50
Hypothetical		1,000.00		1,022.68		2.55		0.50
Class R4
Actual		1,000.00		932.60		1.22		0.25
Hypothetical		1,000.00		1,023.95		1.28		0.25
Class R5
Actual		1,000.00		933.00		0.49		0.10
Hypothetical		1,000.00		1,024.70		0.51		0.10
Class R6
Actual		1,000.00		934.00		0.00		0.00
Hypothetical		1,000.00		1,025.21		0.00		0.00
JPMorgan SmartRetirement 2035 Fund
Class A
Actual		1,000.00		922.20		1.89		0.39
Hypothetical		1,000.00		1,023.24		1.99		0.39
Class C
Actual		1,000.00		919.80		4.69		0.97
Hypothetical		1,000.00		1,020.32		4.94		0.97
Class I
Actual		1,000.00		923.40		1.07		0.22
Hypothetical		1,000.00		1,024.10		1.12		0.22
Class R2
Actual		1,000.00		920.70		3.63		0.75
Hypothetical		1,000.00		1,021.42		3.82		0.75
Class R3
Actual		1,000.00		922.00		2.42		0.50
Hypothetical		1,000.00		1,022.68		2.55		0.50
Class R4
Actual		1,000.00		922.70		1.21		0.25
Hypothetical		1,000.00		1,023.95		1.28		0.25
Class R5
Actual		1,000.00		924.00		0.48		0.10
Hypothetical		1,000.00		1,024.70		0.51		0.10
Class R6
Actual		1,000.00		924.00		0.00		0.00
Hypothetical		1,000.00		1,025.21		0.00		0.00

138 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2018

	Beginning Account Value July 1, 2018		Ending Account Value December 31, 2018		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan SmartRetirement 2040 Fund
Class A
Actual	$	1,000.00	$	914.10	$	1.88		0.39	%
Hypothetical		1,000.00		1,023.24		1.99		0.39
Class C
Actual		1,000.00		911.70		4.67		0.97
Hypothetical		1,000.00		1,020.32		4.94		0.97
Class I
Actual		1,000.00		915.20		1.06		0.22
Hypothetical		1,000.00		1,024.10		1.12		0.22
Class R2
Actual		1,000.00		912.50		3.62		0.75
Hypothetical		1,000.00		1,021.42		3.82		0.75
Class R3
Actual		1,000.00		913.60		2.41		0.50
Hypothetical		1,000.00		1,022.68		2.55		0.50
Class R4
Actual		1,000.00		914.90		1.21		0.25
Hypothetical		1,000.00		1,023.95		1.28		0.25
Class R5
Actual		1,000.00		915.50		0.48		0.10
Hypothetical		1,000.00		1,024.70		0.51		0.10
Class R6
Actual		1,000.00		916.00		0.00		0.00
Hypothetical		1,000.00		1,025.21		0.00		0.00
JPMorgan SmartRetirement 2045 Fund
Class A
Actual		1,000.00		911.50		1.88		0.39
Hypothetical		1,000.00		1,023.24		1.99		0.39
Class C
Actual		1,000.00		908.70		4.67		0.97
Hypothetical		1,000.00		1,020.32		4.94		0.97
Class I
Actual		1,000.00		912.20		1.06		0.22
Hypothetical		1,000.00		1,024.10		1.12		0.22
Class R2
Actual		1,000.00		909.50		3.61		0.75
Hypothetical		1,000.00		1,021.42		3.82		0.75
Class R3
Actual		1,000.00		910.90		2.41		0.50
Hypothetical		1,000.00		1,022.68		2.55		0.50
Class R4
Actual		1,000.00		912.00		1.20		0.25
Hypothetical		1,000.00		1,023.95		1.28		0.25
Class R5
Actual		1,000.00		912.80		0.48		0.10
Hypothetical		1,000.00		1,024.70		0.51		0.10
Class R6
Actual		1,000.00		913.30		0.00		0.00
Hypothetical		1,000.00		1,025.21		0.00		0.00

DECEMBER 31, 2018 JPMORGAN SMARTRETIREMENT FUNDS 139

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment

	Beginning Account Value July 1, 2018		Ending Account Value December 31, 2018		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan SmartRetirement 2050 Fund
Class A
Actual	$	1,000.00	$	911.30	$	1.88		0.39	%
Hypothetical		1,000.00		1,023.24		1.99		0.39
Class C
Actual		1,000.00		908.40		4.67		0.97
Hypothetical		1,000.00		1,020.32		4.94		0.97
Class I
Actual		1,000.00		912.00		1.06		0.22
Hypothetical		1,000.00		1,024.10		1.12		0.22
Class R2
Actual		1,000.00		909.80		3.61		0.75
Hypothetical		1,000.00		1,021.42		3.82		0.75
Class R3
Actual		1,000.00		911.20		2.41		0.50
Hypothetical		1,000.00		1,022.68		2.55		0.50
Class R4
Actual		1,000.00		911.80		1.20		0.25
Hypothetical		1,000.00		1,023.95		1.28		0.25
Class R5
Actual		1,000.00		912.70		0.48		0.10
Hypothetical		1,000.00		1,024.70		0.51		0.10
Class R6
Actual		1,000.00		913.20		0.00		0.00
Hypothetical		1,000.00		1,025.21		0.00		0.00
JPMorgan SmartRetirement 2055 Fund
Class A
Actual		1,000.00		911.70		1.88		0.39
Hypothetical		1,000.00		1,023.24		1.99		0.39
Class C
Actual		1,000.00		909.50		4.67		0.97
Hypothetical		1,000.00		1,020.32		4.94		0.97
Class I
Actual		1,000.00		912.60		1.06		0.22
Hypothetical		1,000.00		1,024.10		1.12		0.22
Class R2
Actual		1,000.00		910.20		3.61		0.75
Hypothetical		1,000.00		1,021.42		3.82		0.75
Class R3
Actual		1,000.00		911.50		2.41		0.50
Hypothetical		1,000.00		1,022.68		2.55		0.50
Class R4
Actual		1,000.00		912.80		1.21		0.25
Hypothetical		1,000.00		1,023.95		1.28		0.25
Class R5
Actual		1,000.00		913.20		0.48		0.10
Hypothetical		1,000.00		1,024.70		0.51		0.10
Class R6
Actual		1,000.00		913.70		0.00		0.00
Hypothetical		1,000.00		1,025.21		0.00		0.00

140 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2018

	Beginning Account Value July 1, 2018		Ending Account Value December 31, 2018		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan SmartRetirement 2060 Fund
Class A
Actual	$	1,000.00	$	912.40	$	1.88		0.39	%
Hypothetical		1,000.00		1,023.24		1.99		0.39
Class C
Actual		1,000.00		909.40		4.67		0.97
Hypothetical		1,000.00		1,020.32		4.94		0.97
Class I
Actual		1,000.00		913.20		1.06		0.22
Hypothetical		1,000.00		1,024.10		1.12		0.22
Class R2
Actual		1,000.00		910.20		3.61		0.75
Hypothetical		1,000.00		1,021.42		3.82		0.75
Class R3
Actual		1,000.00		911.90		2.41		0.50
Hypothetical		1,000.00		1,022.68		2.55		0.50
Class R4
Actual		1,000.00		913.20		1.21		0.25
Hypothetical		1,000.00		1,023.95		1.28		0.25
Class R5
Actual		1,000.00		913.70		0.48		0.10
Hypothetical		1,000.00		1,024.70		0.51		0.10
Class R6
Actual		1,000.00		914.20		0.00		0.00
Hypothetical		1,000.00		1,025.21		0.00		0.00

* Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one half year period).

DECEMBER 31, 2018 JPMORGAN SMARTRETIREMENT FUNDS 141

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

The Board of Trustees has established various standing committees composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment committees (money market and alternative products, equity, and fixed income) meet regularly throughout the year and consider factors that are relevant to their annual consideration of investment advisory agreements at each meeting. They also meet for the specific purpose of considering investment advisory agreement annual renewals. The Board of Trustees held meetings in person in June and August 2018, at which the Trustees considered the continuation of the investment advisory agreement for each of the Funds whose semi-annual report is contained herein (each an “Advisory Agreement” and collectively, the “Advisory Agreements”). At the June meeting, the Board’s investment committees met to review and consider performance, expense and related information concerning the Funds and the underlying J.P. Morgan Funds in which each of the Funds invests (the “Underlying Funds”). Each investment committee reported to the full Board, which then considered the investment committee’s preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not “interested persons” (as defined in the 1940 Act) of any party to the Advisory Agreements or any of their affiliates, approved the continuation of each Advisory Agreement on August 15, 2018.

As part of their review of the Advisory Agreements, the Trustees’ considered and reviewed performance and other information about the Funds and Underlying Funds received from the Adviser. This information includes the Funds’ and Underlying Funds’ performance as compared to the performance of the Funds’ and Underlying Funds’ peers and benchmarks and analyses by the Adviser of the Funds’ and Underlying Funds’ performance. In addition, the Trustees have engaged an independent management consulting firm (“independent consultant”) to report on the performance of certain J.P. Morgan Funds at each of the Trustees’ regular meetings. In addition, in preparation for the June and August meetings, the Trustees requested, received and evaluated extensive materials from the Adviser, including, with respect to the Funds and/or Underlying Funds, performance and expense information compiled by Broadridge, using data from Lipper Inc., independent providers of investment company data (together “Broadridge/Lipper”). The Trustees’ independent consultant also provided additional analyses of the performance of the Funds and/or Underlying Funds as compared to the Funds objectives and peers. Before voting on the Advisory Agreements, the Trustees reviewed the Advisory Agreements with representatives of the Adviser, counsel to the Trust and independent legal counsel and received a memorandum from independent legal counsel to the Trustees discussing the legal

standards for their consideration of the Advisory Agreements. The Trustees also discussed the Advisory Agreements in executive sessions with independent legal counsel at which no representatives of the Adviser were present.

A summary of the material factors evaluated by the Trustees in determining whether to approve each Advisory Agreement is provided below.

Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. The Trustees considered information provided with respect to the Funds and Underlying Funds throughout the year, as well as materials furnished specifically in connection with the annual review process. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions. After considering and weighing the factors and information they had received, the Trustees found that the compensation to be received by the Adviser from each Fund under the applicable Advisory Agreement was fair and reasonable under the circumstances and determined that the continuance of each Advisory Agreement was in the best interests of each Fund and its shareholders.

Nature, Extent and Quality of Services Provided by the Adviser

The Trustees received and considered information regarding the nature, extent and quality of the services provided to each Fund under the applicable Advisory Agreement. The Trustees took into account information furnished throughout the year at Trustee meetings, as well as the materials furnished specifically in connection with this annual review process. The Trustees considered the background and experience of the Adviser’s senior management and the expertise of, and the amount of attention given to each Fund by, investment personnel of the Adviser. In addition, the Trustees reviewed the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of each Fund and the infrastructure supporting the team, including personnel changes. The Trustees also considered information provided by the Adviser and JPMorgan Distribution Services, Inc. (“JPMDS”) about the structure and distribution strategy of each Fund. The Trustees reviewed information relating to the Adviser’s risk governance model and reports showing the Adviser’s compliance structure and ongoing compliance processes. The Trustees also considered the quality of the administrative services provided by the Adviser in its role as administrator.

The Trustees also considered their knowledge of the nature and quality of the services provided by the Adviser and its affiliates to the Funds and Underlying Funds gained from their experience as Trustees of the J.P. Morgan Funds. In addition, they considered the overall reputation and capabilities of the Adviser and its affiliates, the commitment of the Adviser to provide high quality service to the Funds and Underlying Funds,

142 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2018

their overall confidence in the Adviser’s integrity and the Adviser’s responsiveness to questions or concerns raised by them, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to each Fund and Underlying Fund.

Based upon these considerations and other factors, the Trustees concluded that they were satisfied with the nature, extent and quality of the investment advisory services provided to the Funds by the Adviser.

Costs of Services Provided and Profitability to the Adviser and its Affiliates

The Trustees noted that there was no advisory fee charged to the Funds. At the request of the Trustees, the Adviser provided information regarding the profitability to the Adviser and its affiliates in providing services to the Funds and Underlying Funds. The Trustees reviewed and discussed this information. The Trustees recognized that this information is not audited and represents the Adviser’s determination of its and its affiliates’ revenues from the contractual services provided to the Funds and Underlying Funds, less expenses of providing such services. Expenses include direct and indirect costs and are calculated using an allocation methodology developed by the Adviser. The Trustees also recognized that it is difficult to make comparisons of profitability from fund investment advisory contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the fact that publicly-traded fund managers’ operating profits and net income are net of distribution and marketing expenses. Based upon their review, the Trustees concluded that the profitability to the Adviser under each of the Advisory Agreements was not unreasonable in light of the services and benefits provided to each Fund and Underlying Fund.

The Trustees also considered that JPMDS, an affiliate of the Adviser, and the Adviser earn fees from the Funds and/or Underlying Funds for providing shareholder and administrative services, respectively. These fees were shown separately in the profitability analysis presented to the Trustees. The Trustees also considered the payments of Rule 12b-1 fees to JPMDS, which also acts as the Funds’ distributor and that these fees are in turn generally paid to financial intermediaries that sell the Funds, including financial intermediaries that are affiliates of the Adviser. The Trustees also considered the fees paid to JPMorgan Chase Bank, N.A. (“JPMCB”) for custody and fund accounting and other related services to the Underlying Funds, noting that, prior to November 1, 2017, JPMIM paid such fees for the Funds pursuant to the Administration Agreement.

Fall-Out Benefits

The Trustees reviewed information regarding potential “fallout” or ancillary benefits received by the Adviser and its affiliates as a result of their relationship with the Funds including the benefits received by the Adviser and its affiliates in connection with the Funds’ investments in the Underlying Funds. The Trustees also reviewed the Adviser’s allocation of fund brokerage for the J.P. Morgan Funds complex, including allocations to brokers who provide research to the Adviser.

Economies of Scale

The Trustees considered the extent to which the Funds may benefit from economies of scale. The Trustees considered that there may not be a direct relationship between economies of scale realized by the Funds and those realized by the Adviser as assets increase. The Trustees also noted that there was not an investment advisory fee or administrative fee charged to the Funds. The Trustees further noted that prior to November 1, 2017, JPMIM paid many of the ordinary expenses incurred by the Funds including organization costs, taxes, ordinary fees and expenses for legal and auditing services, fees and expenses of pricing services, the expenses of preparing (including typesetting), printing and mailing reports, prospectuses, statements of additional information, proxy solicitation material and notices to existing shareholders, all expenses incurred in connection with issuing and redeeming shares (not including transfer agency fees), the cost of custodian and fund accounting services, and the cost of initial and ongoing registration of the shares under Federal and state securities laws. The Trustees considered the extent to which each Fund was priced to scale and noted that each Fund has implemented fee waivers and contractual expense limitations (“Fee Caps”) which allow each Fund’s shareholders to share potential economies of scale from a Fund’s inception and that the fees remain competitive with peer funds. The Trustees also considered that the Adviser has added or enhanced services to the Funds over time, noting the Adviser’s substantial investments in its business in support of the Funds, including investments in trading systems and technology (including cybersecurity improvements), attraction and retention of key talent, additions to analyst and portfolio management teams, and regulatory support enhancements. The Trustees concluded that the Funds’ shareholders received the benefits of potential economies of scale through the Fee Caps and the Adviser’s reinvestment in its operations to serve the Funds and their shareholders.

Independent Written Evaluation of the Funds’ Chief Compliance Officer

The Trustees noted that, upon their direction, the Chief Compliance Officer for the Funds had prepared an independent written evaluation in order to assist the Trustees in determining the reasonableness of the proposed management fees of the

DECEMBER 31, 2018 JPMORGAN SMARTRETIREMENT FUNDS 143

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(continued)

Underlying Funds. In determining whether to continue the Advisory Agreements, the Trustees considered the Chief Compliance Officer’s report.

Fees Relative to Adviser’s Other Clients

The Trustees received and considered information about the nature and extent of investment advisory services and fee rates offered to other clients of the Adviser, including institutional separate accounts and/or funds sub-advised by the Adviser, for investment management styles substantially similar to that of each Fund. The Trustees considered the complexity of investment management for registered mutual funds relative to the Adviser’s other clients and noted differences in the regulatory, legal and other risks and responsibilities of providing services to the different clients. The Trustees considered that serving as an adviser to a registered mutual fund involves greater responsibilities and risks than acting as a sub-adviser and observed that sub-advisory fees may be lower than those charged by the Adviser to each Fund. The Trustees also noted that the adviser, not the mutual fund, pays the sub-advisory fee and that many responsibilities related to the advisory function are retained by the primary adviser. The Trustees concluded that the fee rates charged to each Fund in comparison to those charged to the Adviser’s other clients were reasonable.

Investment Performance

The Trustees received and considered absolute and/or relative performance information for the Funds in a report prepared by Broadridge/Lipper. The Trustees considered the total return performance information, which included the ranking of the Funds within a performance universe made up of funds with the same Broadridge/Lipper investment classification and objective (the “Universe”), as well as a subset of funds within the Universe (the “Peer Group”), by total return for applicable one-, three- and five-year periods. The Trustees reviewed a description of Broadridge/Lipper’s methodology for selecting mutual funds in each Fund’s Peer Group and Universe. The Broadridge/Lipper materials provided to the Trustees highlighted information with respect to certain representative classes to assist the Trustees in their review. As part of this review, the Trustees also reviewed each Fund’s performance against its benchmark and considered the performance information provided for the Funds at regular Board meetings by the Adviser and the Trustees’ independent consultant and also considered the special analysis prepared by the Trustees’ independent consultant. The Trustees also engaged with the Adviser to consider what steps might be taken to improve performance, as applicable. The Broadridge/Lipper performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to each Fund’s performance for certain representative classes are summarized below:

The Trustees noted that the SmartRetirement Income Fund’s performance for Class A shares was in the first, first and first

quintiles based upon the Peer Group, and in the first, second and second quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2017, respectively. The Trustees noted that the performance for Class I shares was in the first, second and second quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2017, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted that the SmartRetirement 2020 Fund’s performance for Class A shares was in the first, second and first quintiles based upon the Peer Group, and in the second, third and second quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2017, respectively. The Trustees noted that the performance for Class I shares was in the first, second and second quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2017, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted that the SmartRetirement 2025 Fund’s performance for Class A shares was in the first, second and first quintiles based upon the Peer Group, and in the second, third and second quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2017, respectively. The Trustees noted that the performance for Class I shares was in the first, second and second quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2017, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted that the SmartRetirement 2030 Fund’s performance for Class A shares was in the first, second, and first quintiles based upon the Peer Group, and in the first, third and second quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2017, respectively. The Trustees noted that the performance for Class I shares was in the first, second, and first quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2017, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these

144 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2018

discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted that the SmartRetirement 2035 Fund’s performance for Class A shares was in the first, third and second quintiles based upon both the Peer Group and the Universe for the one-, three- and five-year periods ended December 31, 2017, respectively. The Trustees noted that the performance for Class I shares was in the first, third and second quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2017, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted that the SmartRetirement 2040 Fund’s performance for Class A shares was in the first, second and first quintiles based upon the Peer Group, and in the first, third and second quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2017, respectively. The Trustees noted that the performance for Class I shares was in the first, third and first quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2017, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted that the SmartRetirement 2045 Fund’s performance for Class A shares was in the first, third and first quintiles based upon the Peer Group, and in the first, third and second quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2017, respectively. The Trustees noted that the performance for Class I shares was in the first, third and second quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2017, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted that the SmartRetirement 2050 Fund’s performance for Class A shares was in the first, third and second quintiles based upon both the Peer Group Universe, for the one-, three-, and five-year periods ended December 31, 2017, respectively. The Trustees noted that the performance for Class I shares was in the first, third and second quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2017, respectively. The Trustees discussed

the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted that the SmartRetirement 2055 Fund’s performance for Class A shares was in the first, fourth and second quintiles based upon the Peer Group, and in the second, fourth and third quintiles based upon the Universe for the one-, three-, and five-year periods ended December 31, 2017, respectively. The Trustees noted that the performance for Class I shares was in the second, fourth and second quintiles based upon the Universe for the one-, three-, and five-year periods ended December 31, 2017, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted that the SmartRetirement 2060 Fund’s performance for Class A shares was in the first quintile based upon the Peer Group, and in the second quintile based upon the Universe, for the one-year period ended December 31, 2017. The Trustees noted that the performance for Class I shares was in the second quintile based upon the Universe for the period ended December 31, 2017. The Trustees discussed the performance and investment strategy of the Fund with the Advisor and, based upon this discussion and various other factors, concluded that the performance was satisfactory.

Advisory Fees and Expense Ratios

The Funds are not charged a separate investment advisory fee by the Adviser and the Trustees considered the reasonableness of the investment advisory fee and expense ratio of the Underlying Funds with respect to the Funds. The Trustees considered the contractual advisory fee rate paid by each Underlying Fund to the Adviser or its affiliates by comparing that rate to the information prepared by Broadridge/Lipper concerning management fee rates paid by other funds in the same Broadridge/Lipper category as each Underlying Fund. The Trustees recognized that Broadridge/Lipper reported each Underlying Fund’s management fee rate as the combined contractual advisory fee rate and administration fee rate. The Trustees also considered the Fee Caps currently in place for each Underlying Fund, the net advisory fee rate after taking into account waivers and/or reimbursements, and, where deemed appropriate by the Trustees, additional waivers and/or reimbursements. The Trustees recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The Trustees’ determinations as a result of the review of each Fund’s

DECEMBER 31, 2018 JPMORGAN SMARTRETIREMENT FUNDS 145

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(continued)

advisory fees and expense ratios for certain representative classes are summarized below:

The Trustees noted that the SmartRetirement Income Fund’s net advisory fee and actual total expenses for Class A shares were in the first quintile based upon both the Peer Group and Universe. The Trustees noted that the net advisory fee and actual total expenses for Class I shares were in the first and second quintiles, respectively, based upon the Universe. After considering all of the factors identified above, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.

The Trustees noted that the SmartRetirement 2020 Fund’s net advisory fee and actual total expenses for Class A shares were in the first quintile based upon both the Peer Group and Universe. The Trustees noted that the net advisory fee and actual total expenses for Class I shares were in the first and second quintiles, respectively, based upon the Universe. After considering all of the factors identified above, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.

The Trustees noted that the SmartRetirement 2025 Fund’s net advisory fee and actual total expenses for Class A shares were in the first quintile based upon both the Peer Group and Universe. The Trustees noted that the net advisory fee and actual total expenses for Class I shares were in the first and second quintiles, respectively, based upon the Universe. After considering all of the factors identified above, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.

The Trustees noted that the SmartRetirement 2030 Fund’s net advisory fee and actual total expenses for Class A shares were in the first quintile based upon both the Peer Group and Universe. The Trustees noted that the net advisory fee and actual total expenses for Class I shares were in the first and second quintiles, respectively, based upon the Universe. After considering all of the factors identified above, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.

The Trustees noted that the SmartRetirement 2035 Fund’s net advisory fee and actual total expenses for Class A shares were in the first quintile based upon both the Peer Group and Universe. The Trustees noted that the net advisory fee and actual total expenses for Class I shares were in the first and second quintiles, respectively, based upon the Universe. After considering all of the factors identified above the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.

The Trustees noted that the SmartRetirement 2040 Fund’s net advisory fee for Class A shares was in the first quintiles based upon the Peer Group and in the second quintile based upon the Universe. The Trustees noted that the net advisory fee and actual total expenses for Class I shares were in the first and second quintiles, respectively, based upon the Universe. After considering all of the factors identified above, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.

The Trustees noted that the SmartRetirement 2045 Fund’s net advisory fee and actual total expenses for Class A shares were in the first quintile based upon both the Peer Group and Universe. The Trustees noted that the net advisory fee and actual total expenses for Class I shares were in the second and first quintiles, respectively, based upon the Universe. After considering all of the factors identified above, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.

The Trustees noted that the SmartRetirement 2050 Fund’s net advisory fee and actual total expenses for Class A shares were in the first and second quintiles based upon the Peer Group and both in the first quintiles based upon the Universe. The Trustees noted that the net advisory fee and actual total expenses for Class I shares were in the first and second quintiles, respectively, based upon the Universe. After considering all of the factors identified above, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.

The Trustees noted that the SmartRetirement 2055 Fund’s net advisory fee and actual total expenses for Class A shares were in the first quintile based upon both the Peer Group and Universe. The Trustees noted that the net advisory fee and actual total expenses for Class I shares were in the first and second quintiles, respectively, based upon the Universe. After considering all of the factors identified above, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.

The Trustees noted that the SmartRetirement 2060 Fund’s net advisory fee and actual total expenses for Class A shares were in the first quintile based upon both the Peer Group and Universe. The Trustees noted that the net advisory fee and actual total expenses for Class I shares were in the first and second quintiles, respectively, based upon the Universe. After considering all of the factors identified above, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.

146 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2018

TAX LETTER

(Unaudited)

Certain tax information for the J.P. Morgan Funds is required to be provided to shareholders based upon the Funds’ income and distributions for the taxable year ended June 30, 2018. The information and distributions reported in this letter may differ from the information and taxable distributions reported to the shareholders for the calendar year ending December 31, 2018. The information necessary to complete your income tax returns for the calendar year ending December 31, 2018 will be provided under separate cover.

Foreign Source Income and Foreign Tax Credit Pass Through

For the fiscal year ended June 30, 2018, the Funds elected to pass through to shareholders taxes paid to foreign countries.

Gross income and foreign tax expenses were as follows or amounts as finally determined:

	Total Foreign Source Income		Total Foreign Tax Credit
JPMorgan SmartRetirement Income Fund	$	7,749,985	$	891,968
JPMorgan SmartRetirement 2020 Fund		17,344,089		2,001,067
JPMorgan SmartRetirement 2025 Fund		22,329,174		2,596,711
JPMorgan SmartRetirement 2030 Fund		28,335,440		3,345,714
JPMorgan SmartRetirement 2035 Fund		23,398,386		2,781,358
JPMorgan SmartRetirement 2040 Fund		25,511,580		3,053,544
JPMorgan SmartRetirement 2045 Fund		17,205,350		2,063,378
JPMorgan SmartRetirement 2050 Fund		14,544,302		1,747,942
JPMorgan SmartRetirement 2055 Fund		5,187,833		623,255
JPMorgan SmartRetirement 2060 Fund		139,059		16,601

DECEMBER 31, 2018 JPMORGAN SMARTRETIREMENT FUNDS 147

J.P. Morgan Funds are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the funds.

Contact JPMorgan Distribution Services, Inc. at 1-800-480-4111 for a fund prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risk as well as charges and expenses of the mutual fund before investing. The prospectus contains this and other information about the mutual fund. Read the prospectus carefully before investing.

Investors may obtain information about the Securities Investor Protection Corporation (SIPC), including the SIPC brochure, by visiting www.sipc.org or by calling SIPC at 202-371-8300.

Each Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC on Form N-Q. The Funds’ Forms N-Q are available on the SEC’s website at http://www.sec.gov. Shareholders may request the Form N-Q without charge by calling 1-800-480-4111 or by visiting the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

A description of each Fund’s policies and procedures with respect to the disclosure of each Fund’s holdings is available in the prospectuses and Statement of Additional Information.

A copy of proxy policies and procedures is available without charge upon request by calling 1-800-480-4111 and on the Funds’ website at www.jpmorganfunds.com. A description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Funds to the Adviser. A copy of the Funds’ voting record for the most recent 12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Funds’ website at www.jpmorganfunds.com no later than August 31 of each year. The Funds’ proxy voting record will include, among other things, a brief description of the matter voted on for each fund security, and will state how each vote was cast, for example, for or against the proposal.

J.P. Morgan Asset Management is the marketing name for the asset management businesses of JPMorgan Chase & Co. Those businesses include, but are not limited to, J.P. Morgan Investment Management Inc., Security Capital Research & Management Incorporated and J.P. Morgan Alternative Asset Management, Inc.

^© JPMorgan Chase & Co., 2018.  All rights reserved. December 2018. SAN-SR-1218

Semi-Annual Report

JPMorgan SmartRetirement^® Blend Funds

December 31, 2018 (Unaudited)

JPMorgan SmartRetirement^® Blend Income Fund

JPMorgan SmartRetirement^® Blend 2020 Fund

JPMorgan SmartRetirement^® Blend 2025 Fund

JPMorgan SmartRetirement^® Blend 2030 Fund

JPMorgan SmartRetirement^® Blend 2035 Fund

JPMorgan SmartRetirement^® Blend 2040 Fund

JPMorgan SmartRetirement^® Blend 2045 Fund

JPMorgan SmartRetirement^® Blend 2050 Fund

JPMorgan SmartRetirement^® Blend 2055 Fund

JPMorgan SmartRetirement^® Blend 2060 Fund

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Funds’ website www.jpmorganfunds.com and you will be notified by mail each time a report is posted and provided with a website to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action.

You may elect to receive shareholder reports and other communications from the Funds electronically anytime by contacting your financial intermediary (such as a broker dealer, bank, or retirement plan) or, if you are a direct investor, by going to www.jpmorganfunds.com/edelivery.

You may elect to receive paper copies of all future reports free of charge. Contact your financial intermediary or, if you invest directly with the Funds, email us at funds.website.support@jpmorganfunds.com or call 1-800-480-4111. Your election to receive paper reports will apply to all funds held within your account(s).

CONTENTS

CEO’s Letter	1
Fund Facts	2
Funds Commentary	4
Schedules of Portfolio Investments	15
Financial Statements	34
Financial Highlights	58
Notes to Financial Statements	78
Schedule of Shareholder Expenses	101
Board Approval of Investment Advisory Agreements	106

Investments in a Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money if you sell when a Fund’s share price is lower than when you invested.

Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of a Fund or the securities markets. References to specific securities and their issuers are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations to purchase or sell such securities. Such views are not meant as investment advice and may not be relied on as an indication of trading intent on behalf of any Fund.

Prospective investors should refer to the Funds’ prospectuses for a discussion of the Funds’ investment objectives, strategies and risks. Call J.P. Morgan Funds Service Center at 1-800-480-4111 for a prospectus containing more complete information about a Fund, including management fees and other expenses. Please read it carefully before investing.

CEO’S LETTER

February 14, 2019 (Unaudited)

Dear Shareholder,

While the U.S. economy largely outperformed other leading economies during the second half of 2018, record corporate profits and historically low unemployment were overshadowed in December by a sell-off in equity markets, unsettled global trade tensions and a political impasse that led to the temporary shutdown of large parts of the federal government.

  “Overall, economists generally remained optimistic about the fundamental strength of the U.S. economy at the end of 2018.” — George C.W. Gatch

The second longest U.S. economic expansion on record extended through the third and fourth quarters of 2018. Gross domestic product advanced 3.4% in the third quarter of 2018, and was on pace to grow by about 3% for the full year 2018. In September, the U.S. jobless rate dipped to 3.7% - its lowest level in nearly 50 years - and stood at 3.9% at the end of the year. In response, the U.S. Federal Reserve raised interest rates in September and again in December.

U.S. aggregate corporate revenues and earnings reached record high levels in the second and third quarters of 2018. Though some profit growth was attributed to the temporary benefits of late-2017 tax cut legislation, the outlook for U.S. corporate earnings remained generally positive at the end of the year.

Equity prices in the U.S. largely rose during the third quarter of 2018. The S&P 500 Index hit record highs in August and remained elevated in September. However, early October saw a sharp sell-off in financial markets and the worst December for

the S&P 500 Index since 1931 erased all gains seen in the prior five months.

By the end of 2018, investors were confronted with several worrying developments. Leading economies, particularly China and the European Union, showed significant signs of slowing in the latter half of the year. While U.S.-China trade tariffs had little clear direct impact on the U.S. economy in 2018, a continuation or acceleration of protectionist policies could begin to hinder growth. Though the federal government shutdown ended subsequent to the end of the reporting period, the solution was a short-term budget agreement that failed to alleviate concerns about the possibility of future shutdowns.

Overall, economists generally remained optimistic about the fundamental strength of the U.S. economy at the end of 2018. While U.S. corporate profits and gross domestic product are expected to grow in the year ahead, the extent to which U.S. financial markets benefit remains to be seen, given the length of the current economic expansion.

We believe investors who maintain a patient approach and a well-diversified portfolio may be best positioned to navigate current market conditions. We look forward to managing your investment needs for years to come. Should you have any questions, please visit www.jpmorganfunds.com or contact the J.P. Morgan Funds Service Center at 1-800-480-4111.

Sincerely yours,

George C.W. Gatch

CEO, Global Funds Management

J.P. Morgan Asset Management

DECEMBER 31, 2018 JPMORGAN SMARTRETIREMENT BLEND FUNDS 1

JPMorgan SmartRetirement^® Blend Funds

FUND FACTS

SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited)

Fund	Fund Return*			Broad Based Securities Market Index Return			Broad Based Securities Market Index Name	Fund Net Assets as of December 31, 2018
JPMorgan SmartRetirement® Blend Income Fund		(3.02	)%		(2.43	)%	S&P Target Date Retirement Income Index	$	494,642,787
JPMorgan SmartRetirement® Blend 2020 Fund		(3.80	)%		(4.31	)%	S&P Target Date 2020 Index	$	791,764,436
JPMorgan SmartRetirement® Blend 2025 Fund		(5.01	)%		(5.30	)%	S&P Target Date 2025 Index	$	949,096,750
JPMorgan SmartRetirement® Blend 2030 Fund		(6.03	)%		(6.40	)%	S&P Target Date 2030 Index	$	949,430,751
JPMorgan SmartRetirement® Blend 2035 Fund		(6.83	)%		(7.40	)%	S&P Target Date 2035 Index	$	762,513,689
JPMorgan SmartRetirement® Blend 2040 Fund		(7.58	)%		(8.03	)%	S&P Target Date 2040 Index	$	689,983,113
JPMorgan SmartRetirement® Blend 2045 Fund		(7.92	)%		(8.39	)%	S&P Target Date 2045 Index	$	524,195,946
JPMorgan SmartRetirement® Blend 2050 Fund		(7.89	)%		(8.64	)%	S&P Target Date 2050 Index	$	386,713,083
JPMorgan SmartRetirement® Blend 2055 Fund		(7.92	)%		(8.69	)%	S&P Target Date 2055 Index	$	189,270,149
JPMorgan SmartRetirement® Blend 2060 Fund		(7.79	)%		(8.73	)%	S&P Target Date 2060+ Index	$	22,584,925

* Returns for all Funds are based on Class R6 Shares. The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

2 JPMORGAN SMARTRETIREMENT BLEND FUNDS DECEMBER 31, 2018

Portfolio Composition by Asset Class*

JPMorgan SmartRetirement® Blend Income Fund
Fixed Income	59.5	%
U.S. Equity	18.0
International Equity	13.2
Short-Term Investments	7.0
Alternative Assets	2.0
U.S. Treasury Obligations	0.3
JPMorgan SmartRetirement® Blend 2020 Fund
Fixed Income	52.3	%
U.S. Equity	22.1
International Equity	16.9
Short-Term Investments	5.8
Alternative Assets	2.5
U.S. Treasury Obligations	0.4
JPMorgan SmartRetirement® Blend 2025 Fund
Fixed Income	43.8	%
U.S. Equity	27.3
International Equity	21.5
Short-Term Investments	3.8
Alternative Assets	3.2
U.S. Treasury Obligations	0.4
JPMorgan SmartRetirement® Blend 2030 Fund
Fixed Income	34.4	%
U.S. Equity	32.7
International Equity	25.6
Alternative Assets	3.8
Short-Term Investments	3.1
U.S. Treasury Obligations	0.4
JPMorgan SmartRetirement® Blend 2035 Fund
U.S. Equity	37.2	%
International Equity	29.0
Fixed Income	26.1
Alternative Assets	4.3
Short-Term Investments	3.0
U.S. Treasury Obligations	0.4
JPMorgan SmartRetirement® Blend 2040 Fund
U.S. Equity	41.3	%
International Equity	31.8
Fixed Income	19.2
Alternative Assets	4.8
Short-Term Investments	2.5
U.S. Treasury Obligations	0.4

JPMorgan SmartRetirement® Blend 2045 Fund
U.S. Equity	43.0	%
International Equity	33.0
Fixed Income	16.5
Alternative Assets	5.0
Short-Term Investments	2.1
U.S. Treasury Obligations	0.4
JPMorgan SmartRetirement® Blend 2050 Fund
U.S. Equity	42.9	%
International Equity	33.1
Fixed Income	16.7
Alternative Assets	5.0
Short-Term Investments	1.9
U.S. Treasury Obligations	0.4
JPMorgan SmartRetirement® Blend 2055 Fund
U.S. Equity	43.0	%
International Equity	33.0
Fixed Income	16.7
Alternative Assets	5.0
Short-Term Investments	1.8
U.S. Treasury Obligations	0.5
JPMorgan SmartRetirement® Blend 2060 Fund
U.S. Equity	44.9	%
International Equity	31.2
Fixed Income	13.4
Short-Term Investments	5.5
Alternative Assets	5.0

* The percentages indicated are based on total investments as of December 31, 2018. Each Fund’s portfolio composition is subject to change.

DECEMBER 31, 2018 JPMORGAN SMARTRETIREMENT BLEND FUNDS 3

JPMorgan SmartRetirement^® Blend Funds

FUNDS COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited)

INVESTMENT OBJECTIVES*

The JPMorgan SmartRetirement^® Blend Income Fund seeks current income and some capital appreciation. The remaining JPMorgan SmartRetirement^® Blend Funds each seek high total return with a shift to current income and some capital appreciation over time as each Fund approaches and passes its respective target retirement date.

HOW DID THE MARKET PERFORM?

U.S. equity markets posted negative returns for the reporting period, though they generally outperformed equities in both developed markets and emerging markets. Global bond markets generally had a lackluster performance in the second half of 2018.

U.S. equity prices were largely supported by strong corporate earnings and revenue, low interest rates and an expanding domestic economy. In August, U.S. equity prices returned to record highs and remained elevated through September. However, share prices fell sharply and market volatility spiked in early October, then prices rebounded slightly in November before plummeting again in December, erasing gains made over the previous five months.

In Europe, equity markets came under pressure from slowing economic growth, political tensions within the European Union (the “EU”) and uncertainty about Britain’s planned exit from the EU. Emerging market equity prices fell as rising U.S. interest rates and signs that U.S.-China trade tariffs were curbing demand from Chinese manufacturers. Notably, emerging market bonds rebounded slightly during the second half of 2018.

Overall, U.S. large cap equity outperformed mid cap and small cap equity and growth stocks outperformed value stocks. Within fixed income, investment grade corporate bonds outperformed high yield bonds (also known as junk bonds) during the reporting period.

WHAT WERE THE MAIN DRIVERS OF THE FUNDS’ PERFORMANCE?

The Class R6 Shares of each Fund, except the SmartRetirement Blend Income Fund, outperformed their respective S&P Target Date Indexes for the six month reporting period.

In terms of Fund selection, the Funds’ lower overall allocation to equity contributed positively to performance relative to each Fund’s S&P Target Date Index performance. Conversely, the Funds’ investments in the JPMorgan Emerging Economies Fund detracted from relative performance. The Funds’ higher strategic allocation to global equity, rather than U.S. equity, also detracted from relative performance.

From a tactical perspective, the Funds’ underweight allocation to European equity helped relative performance, while the Funds’ overweight allocation to U.S. large cap equity detracted from relative performance. Strategic asset allocation involves setting long-term target allocations to various asset classes and periodically rebalancing the portfolio in accordance with those targets. Tactical asset allocation generally involves a more active trading approach and seeks to take advantage of short-to-intermediate term investment opportunities.

HOW WERE THE FUNDS POSITIONED?

The Funds primarily invested in underlying J.P. Morgan Funds and third-party exchange-traded funds to implement the asset allocation views of the Funds’ portfolio managers. The Funds’ portfolio managers used a systematic screening and selection process to choose the underlying funds in their construction of the JPMorgan SmartRetirement Blend portfolios. Relative to their respective S&P Target Date indexes, the Funds invested across a broader range of asset classes.

The Funds’ portfolio managers believed that this diversification would help manage market volatility and contribute to the Funds’ long-term risk-adjusted returns. In addition, the portfolio managers sought to invest in asset classes that they believed have had historically lower correlations to the broader fixed income and equity markets. The Funds’ portfolio managers also used futures contracts to help manage cash flows and implement tactical asset allocations.

* The adviser seeks to achieve the Funds’ objectives. There can be no guarantee they will be achieved.

4 JPMORGAN SMARTRETIREMENT BLEND FUNDS DECEMBER 31, 2018

JPMorgan SmartRetirement^® Blend Income Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2018
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			SINCE INCEPTION
CLASS I SHARES	July 2, 2012		(3.17	)%		(4.07	)%		2.98	%		4.00	%
CLASS R2 SHARES	July 2, 2012		(3.38	)		(4.52	)		2.52			3.55
CLASS R3 SHARES	May 31, 2017		(3.26	)		(4.31	)		2.80			3.83
CLASS R4 SHARES	May 31, 2017		(3.19	)		(4.08	)		3.05			4.09
CLASS R5 SHARES	July 2, 2012		(3.07	)		(3.89	)		3.16			4.19
CLASS R6 SHARES	July 2, 2012		(3.02	)		(3.80	)		3.23			4.27

* Not annualized.

LIFE OF FUND PERFORMANCE (7/2/12 TO 12/31/18)

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.

The Fund commenced operations on July 2, 2012.

Returns shown for Class R3 and Class R4 Shares prior to their inception date are based on the performance of Class I Shares. The actual returns for Class R3 Shares would have been lower than those shown because Class R3 Shares have higher expenses than Class I Shares. The actual returns for Class R4 Shares would have been similar to those shown because Class R4 Shares have similar expenses as Class I Shares.

The graph illustrates comparative performance for $15,000,000 invested in Class R6 Shares of the JPMorgan SmartRetirement Blend Income Fund, the S&P Target Date Retirement Income Index and the Lipper Mixed-Asset Target Today Funds Average from July 2, 2012 to December 31, 2018. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P Target Date Retirement Income Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the broad based securities market index, if applicable. The performance of the Lipper Mixed-Asset Target Today Funds Average includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the

Fund. On June 1, 2017, S&P Dow Jones Indices, the company that establishes the broad-based securities market index used by the Fund, changed the methodology used to calculate the S&P Target Date Retirement Indices. The S&P Target Date Retirement Income Index was comprised of exchange traded funds (ETFs), adjusted to remove the impact of ETF fees (i.e., gross return). Effective June 1, 2017, the S&P Target Date Retirement Income Index is comprised of underlying indices of securities. Effective May 31, 2017, the prior version of the S&P Target Date Retirement Income Index was discontinued. As a result, performance for the S&P Target Date Retirement Income Index prior to June 1, 2017 was linked to an S&P Target Date Retirement Index that was comprised of ETFs and that was not adjusted to remove the impact of ETF fees (i.e., total return). The name of the Fund’s S&P Target Date Retirement Index did not change and there is no change in the Fund’s investment strategies as a result of the change. Investors cannot directly invest in an index. The Lipper Mixed-Asset Target Today Funds Average is an average based on the total returns of all mutual funds within the Fund’s designated category as determined by Lipper, Inc.

Class R6 Shares generally have a $15,000,000 minimum initial investment.

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

DECEMBER 31, 2018 JPMORGAN SMARTRETIREMENT BLEND FUNDS 5

JPMorgan SmartRetirement^® Blend 2020 Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2018
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			SINCE INCEPTION
CLASS I SHARES	July 2, 2012		(3.99	)%		(4.79	)%		3.80	%		5.74	%
CLASS R2 SHARES	July 2, 2012		(4.23	)		(5.26	)		3.34			5.28
CLASS R3 SHARES	May 31, 2017		(4.10	)		(5.00	)		3.63			5.57
CLASS R4 SHARES	May 31, 2017		(3.98	)		(4.78	)		3.88			5.83
CLASS R5 SHARES	July 2, 2012		(3.91	)		(4.62	)		3.99			5.93
CLASS R6 SHARES	July 2, 2012		(3.80	)		(4.53	)		4.07			6.00

* Not annualized.

LIFE OF FUND PERFORMANCE (7/2/12 TO 12/31/18)

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.

The Fund commenced operations on July 2, 2012.

Returns shown for Class R3 and Class R4 Shares prior to their inception date are based on the performance of Class I Shares. The actual returns for Class R3 Shares would have been lower than those shown because Class R3 Shares have higher expenses than Class I Shares. The actual returns for Class R4 Shares would have been similar to those shown because Class R4 Shares have similar expenses as Class I Shares.

The graph illustrates comparative performance for $15,000,000 invested in Class R6 Shares of the JPMorgan SmartRetirement Blend 2020 Fund, the S&P Target Date 2020 Index and the Lipper Mixed-Asset Target 2020 Funds Index from July 2, 2012 to December 31, 2018. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P Target Date 2020 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the broad based securities market index, if applicable. The performance of the Lipper Mixed-Asset Target 2020 Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not

identical to the expenses incurred by the Fund. On June 1, 2017, S&P Dow Jones Indices, the company that establishes the broad-based securities market index used by the Fund, changed the methodology used to calculate the S&P Target Date Retirement Indices. The S&P Target Date 2020 Index was comprised of exchange traded funds (ETFs), adjusted to remove the impact of ETF fees (i.e., gross return). Effective June 1, 2017, the S&P Target Date 2020 Index is comprised of underlying indices of securities. Effective May 31, 2017, the prior version of the S&P Target Date 2020 Index was discontinued. As a result, performance for the S&P Target Date 2020 Index prior to June 1, 2017 was linked to an S&P Target Date Retirement Index that was comprised of ETFs and that was not adjusted to remove the impact of ETF fees (i.e., total return). The name of the Fund’s S&P Target Date Retirement Index did not change and there is no change in the Fund’s investment strategies as a result of the change. The Lipper Mixed-Asset Target 2020 Funds Index is an index based on the total returns of all mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot directly invest in an index.

Class R6 Shares generally have a $15,000,000 minimum initial investment.

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

6 JPMORGAN SMARTRETIREMENT BLEND FUNDS DECEMBER 31, 2018

JPMorgan SmartRetirement^® Blend 2025 Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2018
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			SINCE INCEPTION
CLASS I SHARES	July 2, 2012		(5.13	)%		(5.98	)%		4.10	%		6.42	%
CLASS R2 SHARES	July 2, 2012		(5.37	)		(6.45	)		3.63			5.94
CLASS R3 SHARES	May 31, 2017		(5.20	)		(6.19	)		3.93			6.25
CLASS R4 SHARES	May 31, 2017		(5.12	)		(5.96	)		4.19			6.51
CLASS R5 SHARES	July 2, 2012		(5.06	)		(5.83	)		4.29			6.61
CLASS R6 SHARES	July 2, 2012		(5.01	)		(5.74	)		4.36			6.68

* Not annualized.

LIFE OF FUND PERFORMANCE (7/2/12 TO 12/31/18)

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.

The Fund commenced operations on July 2, 2012.

Returns shown for Class R3 and Class R4 Shares prior to their inception date are based on the performance of Class I Shares. The actual returns for Class R3 Shares would have been lower than those shown because Class R3 Shares have higher expenses than Class I Shares. The actual returns for Class R4 Shares would have been similar to those shown because Class R4 Shares have similar expenses as Class I Shares.

The graph illustrates comparative performance for $15,000,000 invested in Class R6 Shares of the JPMorgan SmartRetirement Blend 2025 Fund, the S&P Target Date 2025 Index and the Lipper Mixed-Asset Target 2025 Funds Index from July 2, 2012 to December 31, 2018. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P Target Date 2025 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the broad based securities market index, if applicable. The performance of the Lipper Mixed-Asset Target 2025 Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not

identical to the expenses incurred by the Fund. On June 1, 2017, S&P Dow Jones Indices, the company that establishes the broad-based securities market index used by the Fund, changed the methodology used to calculate the S&P Target Date Retirement Indices. The S&P Target Date 2025 Index was comprised of exchange traded funds (ETFs), adjusted to remove the impact of ETF fees (i.e., gross return). Effective June 1, 2017, the S&P Target Date 2025 Index is comprised of underlying indices of securities. Effective May 31, 2017, the prior version of the S&P Target Date 2025 Index was discontinued. As a result, performance for the S&P Target Date 2025 Index prior to June 1, 2017 was linked to an S&P Target Date Retirement Index that was comprised of ETFs and that was not adjusted to remove the impact of ETF fees (i.e., total return). The name of the Fund’s S&P Target Date Retirement Index did not change and there is no change in the Fund’s investment strategies as a result of the change. The Lipper Mixed-Asset Target 2025 Funds Index is an index based on the total returns of all mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot directly invest in an index.

Class R6 Shares generally have a $15,000,000 minimum initial investment.

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

DECEMBER 31, 2018 JPMORGAN SMARTRETIREMENT BLEND FUNDS 7

JPMorgan SmartRetirement^® Blend 2030 Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2018
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			SINCE INCEPTION
CLASS I SHARES	July 2, 2012		(6.12	)%		(6.84	)%		4.37	%		7.04	%
CLASS R2 SHARES	July 2, 2012		(6.34	)		(7.25	)		3.91			6.57
CLASS R3 SHARES	May 31, 2017		(6.28	)		(7.08	)		4.18			6.86
CLASS R4 SHARES	May 31, 2017		(6.11	)		(6.79	)		4.45			7.13
CLASS R5 SHARES	July 2, 2012		(6.08	)		(6.68	)		4.55			7.23
CLASS R6 SHARES	July 2, 2012		(6.03	)		(6.59	)		4.63			7.30

* Not annualized.

LIFE OF FUND PERFORMANCE (7/2/12 TO 12/31/18)

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.

The Fund commenced operations on July 2, 2012.

Returns shown for Class R3 and Class R4 Shares prior to their inception date are based on the performance of Class I Shares. The actual returns for Class R3 Shares would have been lower than those shown because Class R3 Shares have higher expenses than Class I Shares. The actual returns for Class R4 Shares would have been similar to those shown because Class R4 Shares have similar expenses as Class I Shares.

The graph illustrates comparative performance for $15,000,000 invested in Class R6 Shares of the JPMorgan SmartRetirement Blend 2030 Fund, the S&P Target Date 2030 Index and the Lipper Mixed-Asset Target 2030 Funds Index from July 2, 2012 to December 31, 2018. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P Target Date 2030 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the broad based securities market index, if applicable. The performance of the Lipper Mixed-Asset Target 2030 Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not

identical to the expenses incurred by the Fund. On June 1, 2017, S&P Dow Jones Indices, the company that establishes the broad-based securities market index used by the Fund, changed the methodology used to calculate the S&P Target Date Retirement Indices. The S&P Target Date 2030 Index was comprised of exchange traded funds (ETFs), adjusted to remove the impact of ETF fees (i.e., gross return). Effective June 1, 2017, the S&P Target Date 2030 Index is comprised of underlying indices of securities. Effective May 31, 2017, the prior version of the S&P Target Date 2030 Index was discontinued. As a result, performance for the S&P Target Date 2030 Index prior to June 1, 2017 was linked to an S&P Target Date Retirement Index that was comprised of ETFs and that was not adjusted to remove the impact of ETF fees (i.e., total return). The name of the Fund’s S&P Target Date Retirement Index did not change and there is no change in the Fund’s investment strategies as a result of the change. The Lipper Mixed-Asset Target 2030 Funds Index is an index based on the total returns of all mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot directly invest in an index.

Class R6 Shares generally have a $15,000,000 minimum initial investment.

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

8 JPMORGAN SMARTRETIREMENT BLEND FUNDS DECEMBER 31, 2018

JPMorgan SmartRetirement^® Blend 2035 Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2018
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			SINCE INCEPTION
CLASS I SHARES	July 2, 2012		(6.96	)%		(7.61	)%		4.53	%		7.49	%
CLASS R2 SHARES	July 2, 2012		(7.22	)		(8.06	)		4.05			7.02
CLASS R3 SHARES	May 31, 2017		(7.10	)		(7.86	)		4.35			7.31
CLASS R4 SHARES	May 31, 2017		(6.99	)		(7.60	)		4.61			7.59
CLASS R5 SHARES	July 2, 2012		(6.92	)		(7.49	)		4.71			7.69
CLASS R6 SHARES	July 2, 2012		(6.83	)		(7.37	)		4.79			7.76

* Not annualized.

LIFE OF FUND PERFORMANCE (7/2/12 TO 12/31/18)

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.

The Fund commenced operations on July 2, 2012.

Returns shown for Class R3 and Class R4 Shares prior to their inception date are based on the performance of Class I Shares. The actual returns for Class R3 Shares would have been lower than those shown because Class R3 Shares have higher expenses than Class I Shares. The actual returns for Class R4 Shares would have been similar to those shown because Class R4 Shares have similar expenses as Class I Shares.

The graph illustrates comparative performance for $15,000,000 invested in Class R6 Shares of the JPMorgan SmartRetirement Blend 2035 Fund, the S&P Target Date 2035 Index and the Lipper Mixed-Asset Target 2035 Funds Index from July 2, 2012 to December 31, 2018. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P Target Date 2035 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the broad based securities market index, if applicable. The performance of the Lipper Mixed-Asset Target 2035 Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not

identical to the expenses incurred by the Fund. On June 1, 2017, S&P Dow Jones Indices, the company that establishes the broad-based securities market index used by the Fund, changed the methodology used to calculate the S&P Target Date Retirement Indices. The S&P Target Date 2035 Index was comprised of exchange traded funds (ETFs), adjusted to remove the impact of ETF fees (i.e., gross return). Effective June 1, 2017, the S&P Target Date 2035 Index is comprised of underlying indices of securities. Effective May 31, 2017, prior version of the S&P Target Date 2035 Index was discontinued. As a result, performance for the S&P Target Date 2035 Index prior to June 1, 2017 was linked to an S&P Target Date Retirement Index that was comprised of ETFs and that was not adjusted to remove the impact of ETF fees (i.e., total return). The name of the Fund’s S&P Target Date Retirement Index did not change and there is no change in the Fund’s investment strategies as a result of the change. The Lipper Mixed-Asset Target 2035 Funds Index is an index based on the total returns of all mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot directly invest in an index.

Class R6 Shares generally have a $15,000,000 minimum initial investment.

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

DECEMBER 31, 2018 JPMORGAN SMARTRETIREMENT BLEND FUNDS 9

JPMorgan SmartRetirement^® Blend 2040 Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2018
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			SINCE INCEPTION
CLASS I SHARES	July 2, 2012		(7.71	)%		(8.19	)%		4.70	%		7.79	%
CLASS R2 SHARES	July 2, 2012		(7.92	)		(8.66	)		4.23			7.32
CLASS R3 SHARES	May 31, 2017		(7.81	)		(8.43	)		4.51			7.62
CLASS R4 SHARES	May 31, 2017		(7.74	)		(8.22	)		4.77			7.88
CLASS R5 SHARES	July 2, 2012		(7.63	)		(8.06	)		4.88			7.99
CLASS R6 SHARES	July 2, 2012		(7.58	)		(7.98	)		4.96			8.06

* Not annualized.

LIFE OF FUND PERFORMANCE (7/2/12 TO 12/31/18)

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.

The Fund commenced operations on July 2, 2012.

Returns shown for Class R3 and Class R4 Shares prior to their inception date are based on the performance of Class I Shares. The actual returns for Class R3 Shares would have been lower than those shown because Class R3 Shares have higher expenses than Class I Shares. The actual returns for Class R4 Shares would have been similar to those shown because Class R4 Shares have similar expenses as Class I Shares.

The graph illustrates comparative performance for $15,000,000 invested in Class R6 Shares of the JPMorgan SmartRetirement Blend 2040 Fund, the S&P Target Date 2040 Index and the Lipper Mixed-Asset Target 2040 Funds Index from July 2, 2012 to December 31, 2018. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P Target Date 2040 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the broad based securities market index, if applicable. The performance of the Lipper Mixed-Asset Target 2040 Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not

identical to the expenses incurred by the Fund. On June 1, 2017, S&P Dow Jones Indices, the company that establishes the broad-based securities market index used by the Fund, changed the methodology used to calculate the S&P Target Date Retirement Indices. The S&P Target Date 2040 Index was comprised of exchange traded funds (ETFs), adjusted to remove the impact of ETF fees (i.e., gross return). Effective June 1, 2017, the S&P Target Date 2040 Index is comprised of underlying indices of securities. Effective May 31, 2017, the prior version of the S&P Target Date 2040 Index was discontinued. As a result, performance for the S&P Target Date 2040 Index prior to June 1, 2017 was linked to an S&P Target Date Retirement Index that was comprised of ETFs and that was not adjusted to remove the impact of ETF fees (i.e., total return). The name of the Fund’s S&P Target Date Retirement Index did not change and there is no change in the Fund’s investment strategies as a result of the change. The Lipper Mixed-Asset Target 2040 Funds Index is an index based on the total returns of all mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot directly invest in an index.

Class R6 Shares generally have a $15,000,000 minimum initial investment.

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

10 JPMORGAN SMARTRETIREMENT BLEND FUNDS DECEMBER 31, 2018

JPMorgan SmartRetirement^® Blend 2045 Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2018
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			SINCE INCEPTION
CLASS I SHARES	July 2, 2012		(8.03	)%		(8.56	)%		4.66	%		7.74	%
CLASS R2 SHARES	July 2, 2012		(8.26	)		(9.02	)		4.19			7.27
CLASS R3 SHARES	May 31, 2017		(8.16	)		(8.76	)		4.48			7.57
CLASS R4 SHARES	May 31, 2017		(8.01	)		(8.57	)		4.74			7.84
CLASS R5 SHARES	July 2, 2012		(7.98	)		(8.43	)		4.84			7.94
CLASS R6 SHARES	July 2, 2012		(7.92	)		(8.34	)		4.92			8.02

* Not annualized.

LIFE OF FUND PERFORMANCE (7/2/12 TO 12/31/18)

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.

The Fund commenced operations on July 2, 2012.

Returns shown for Class R3 and Class R4 Shares prior to their inception date are based on the performance of Class I Shares. The actual returns for Class R3 Shares would have been lower than those shown because Class R3 Shares have higher expenses than Class I Shares. The actual returns for Class R4 Shares would have been similar to those shown because Class R4 Shares have similar expenses as Class I Shares.

The graph illustrates comparative performance for $15,000,000 invested in Class R6 Shares of the JPMorgan SmartRetirement Blend 2045 Fund, the S&P Target Date 2045 Index and the Lipper Mixed-Asset Target 2045 Funds Index from July 2, 2012 to December 31, 2018. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P Target Date 2045 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the broad based securities market index, if applicable. The performance of the Lipper Mixed-Asset Target 2045 Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not

identical to the expenses incurred by the Fund. On June 1, 2017, S&P Dow Jones Indices, the company that establishes the broad-based securities market index used by the Fund, changed the methodology used to calculate the S&P Target Date Retirement Indices. The S&P Target Date 2045 Index was comprised of exchange traded funds (ETFs), adjusted to remove the impact of ETF fees (i.e., gross return). Effective June 1, 2017, the S&P Target Date 2045 Index is comprised of underlying indices of securities. Effective May 31, 2017, the prior version of the S&P Target Date 2045 Index was discontinued. As a result, performance for the S&P Target Date 2045 Index prior to June 1, 2017 was linked to an S&P Target Date Retirement Index that was comprised of ETFs and that was not adjusted to remove the impact of ETF fees (i.e., total return). The name of the Fund’s S&P Target Date Retirement Index did not change and there is no change in the Fund’s investment strategies as a result of the change. The Lipper Mixed-Asset Target 2045 Funds Index is an index based on the total returns of all mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot directly invest in an index.

Class R6 Shares generally have a $15,000,000 minimum initial investment.

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

DECEMBER 31, 2018 JPMORGAN SMARTRETIREMENT BLEND FUNDS 11

JPMorgan SmartRetirement^® Blend 2050 Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2018
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			SINCE INCEPTION
CLASS I SHARES	July 2, 2012		(8.05	)%		(8.54	)%		4.66	%		7.76	%
CLASS R2 SHARES	July 2, 2012		(8.25	)		(8.97	)		4.20			7.28
CLASS R3 SHARES	May 31, 2017		(8.13	)		(8.73	)		4.49			7.59
CLASS R4 SHARES	May 31, 2017		(8.03	)		(8.53	)		4.75			7.85
CLASS R5 SHARES	July 2, 2012		(7.94	)		(8.40	)		4.85			7.95
CLASS R6 SHARES	July 2, 2012		(7.89	)		(8.27	)		4.93			8.03

* Not annualized.

LIFE OF FUND PERFORMANCE (7/2/12 TO 12/31/18)

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.

The Fund commenced operations on July 2, 2012.

Returns shown for Class R3 and Class R4 Shares prior to their inception date are based on the performance of Class I Shares. The actual returns for Class R3 Shares would have been lower than those shown because Class R3 Shares have higher expenses than Class I Shares. The actual returns for Class R4 Shares would have been similar to those shown because Class R4 Shares have similar expenses as Class I Shares.

The graph illustrates comparative performance for $15,000,000 invested in Class R6 Shares of the JPMorgan SmartRetirement Blend 2050 Fund, the S&P Target Date 2050 Index and the Lipper Mixed-Asset Target 2050 Funds Index from July 2, 2012 to December 31, 2018. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P Target Date 2050 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the broad based securities market index, if applicable. The performance of the Lipper Mixed-Asset Target 2050 Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not

identical to the expenses incurred by the Fund. On June 1, 2017, S&P Dow Jones Indices, the company that establishes the broad-based securities market index used by the Fund, changed the methodology used to calculate the S&P Target Date Retirement Indices. Effective June 1, 2017, the S&P Target Date 2050 Index was comprised of exchange traded funds (ETFs), adjusted to remove the impact of ETF fees (i.e., gross return). The S&P Target Date 2050 Index is comprised of underlying indices of securities. Effective May 31, 2017, the prior version of the S&P Target Date 2050 Index was discontinued. As a result, performance for the S&P Target Date 2050 Index prior to June 1, 2017 was linked to an S&P Target Date Retirement Index that was comprised of ETFs and that was not adjusted to remove the impact of ETF fees (i.e., total return). The name of the Fund’s S&P Target Date Retirement Index did not change and there is no change in the Fund’s investment strategies as a result of the change. The Lipper Mixed-Asset Target 2050 Funds Index is an index based on the total returns of all mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot directly invest in an index.

Class R6 Shares generally have a $15,000,000 minimum initial investment.

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

12 JPMORGAN SMARTRETIREMENT BLEND FUNDS DECEMBER 31, 2018

JPMorgan SmartRetirement^® Blend 2055 Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2018
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			5 YEAR			SINCE INCEPTION
CLASS I SHARES	July 2, 2012		(8.05	)%		(8.60	)%		4.69	%		7.69	%
CLASS R2 SHARES	July 2, 2012		(8.27	)		(9.06	)		4.23			7.21
CLASS R3 SHARES	May 31, 2017		(8.11	)		(8.78	)		4.52			7.52
CLASS R4 SHARES	May 31, 2017		(8.01	)		(8.60	)		4.77			7.78
CLASS R5 SHARES	July 2, 2012		(7.93	)		(8.45	)		4.88			7.88
CLASS R6 SHARES	July 2, 2012		(7.92	)		(8.37	)		4.96			7.96

* Not annualized.

LIFE OF FUND PERFORMANCE (7/2/12 TO 12/31/18)

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.

The Fund commenced operations on July 2, 2012.

Returns shown for Class R3 and Class R4 Shares prior to their inception date are based on the performance of Class I Shares. The actual returns for Class R3 Shares would have been lower than those shown because Class R3 Shares have higher expenses than Class I Shares. The actual returns for Class R4 Shares would have been similar to those shown because Class R4 Shares have similar expenses as Class I Shares.

The graph illustrates comparative performance for $15,000,000 invested in Class R6 Shares of the JPMorgan SmartRetirement Blend 2055 Fund, the S&P Target Date 2055 Index and the Lipper Mixed-Asset Target 2055+ Funds Index from July 2, 2012 to December 31, 2018. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P Target Date 2055 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the broad based securities market index, if applicable. The performance of the Lipper Mixed-Asset Target 2055+ Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not

identical to the expenses incurred by the Fund. On June 1, 2017, S&P Dow Jones Indices, the company that establishes the broad-based securities market index used by the Fund, changed the methodology used to calculate the S&P Target Date Retirement Indices. The S&P Target Date 2055 Index was comprised of exchange traded funds (ETFs), adjusted to remove the impact of ETF fees (i.e., gross return). Effective June 1, 2017, the S&P Target Date 2055 Index is comprised of underlying indices of securities. Effective May 31, 2017, the prior version of the S&P Target Date 2055 Index was discontinued. As a result, performance for the S&P Target Date 2055 Index prior to June 1, 2017 was linked to an S&P Target Date Retirement Index that was comprised of ETFs and that was not adjusted to remove the impact of ETF fees (i.e., total return). The name of the Fund’s S&P Target Date Retirement Index did not change and there is no change in the Fund’s investment strategies as a result of the change. The Lipper Mixed-Asset Target 2055+ Funds Index is an index based on the total returns of all mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot directly invest in an index.

Class R6 Shares generally have a $15,000,000 minimum initial investment.

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

DECEMBER 31, 2018 JPMORGAN SMARTRETIREMENT BLEND FUNDS 13

JPMorgan SmartRetirement^® Blend 2060 Fund

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2018
	INCEPTION DATE OF CLASS	6 MONTH*			1 YEAR			SINCE INCEPTION
CLASS I SHARES	August 31, 2016		(7.90	)%		(8.16	)%		4.94	%
CLASS R2 SHARES	August 31, 2016		(8.12	)		(8.56	)		4.43
CLASS R3 SHARES	May 31, 2017		(8.04	)		(8.41	)		4.66
CLASS R4 SHARES	May 31, 2017		(7.92	)		(8.17	)		4.93
CLASS R5 SHARES	August 31, 2016		(7.82	)		(8.01	)		5.12
CLASS R6 SHARES	August 31, 2016		(7.79	)		(7.93	)		5.20

* Not annualized.

LIFE OF FUND PERFORMANCE (8/31/16 TO 12/31/18)

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.

The Fund commenced operations on August 31, 2016.

Returns shown for Class R3 and Class R4 Shares prior to their inception date are based on the performance of Class I Shares. The actual returns for Class R3 Shares would have been lower than those shown because Class R3 Shares have higher expenses than Class I Shares. The actual returns for Class R4 Shares would have been similar to those shown because Class R4 Shares have similar expenses as Class I Shares.

The graph illustrates comparative performance for $15,000,000 invested in Class R6 Shares of the JPMorgan SmartRetirement Blend 2060 Fund, the S&P Target Date 2060+ Index and the Lipper Mixed-Asset Target 2055+ Funds Index from August 31, 2016 to December 31, 2018. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P Target Date 2060+ Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the broad based securities market index, if applicable. The performance of the Lipper Mixed-Asset Target 2055+ Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are

not identical to the expenses incurred by the Fund. On June 1, 2017, S&P Dow Jones Indices, the company that establishes the broad-based securities market index used by the Fund, changed the methodology used to calculate the S&P Target Date Retirement Indices. The S&P Target Date 2060+ Index was comprised of exchange traded funds (ETFs), adjusted to remove the impact of ETF fees (i.e., gross return). Effective June 1, 2017, S&P Target Date 2060+ Index is comprised of underlying indices of securities. Effective May 31, 2017, the prior version of the S&P Target Date 2060+ Index was discontinued. As a result, performance for the S&P Target Date 2060+ Index prior to June 1, 2017 was linked to an S&P Target Date Retirement Index that was comprised of ETFs and that was not adjusted to remove the impact of ETF fees (i.e., total return). The name of the Fund’s S&P Target Date Retirement Index did not change and there is no change in the Fund’s investment strategies as a result of the change. The Lipper Mixed-Asset Target 2055+ Funds Index is an index based on the total returns of all mutual funds within the Fund’s designated category as determined by Lipper, Inc. Investors cannot directly invest in an index.

Class R6 Shares generally have a $15,000,000 minimum initial investment.

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

14 JPMORGAN SMARTRETIREMENT BLEND FUNDS DECEMBER 31, 2018

JPMorgan SmartRetirement Blend Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited)

INVESTMENTS	SHARES		VALUE($)
Investment Companies — 63.0%
Alternative Assets — 0.8%
JPMorgan Realty Income Fund Class R6 Shares (a)		337,255		4,077,408
Fixed Income — 47.2%
JPMorgan Core Bond Fund Class R6 Shares (a)		9,767,619		110,178,747
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		7,144,764		57,301,009
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		315,730		2,380,606
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		786,240		5,951,836
JPMorgan Floating Rate Income Fund Class R6 Shares (a)		1,571,088		14,061,237
JPMorgan High Yield Fund Class R6 Shares (a)		4,657,049		31,621,360
JPMorgan Managed Income Fund Class L Shares (a)		1,196,099		11,960,990
Total Fixed Income				233,455,785
U.S. Equity — 15.0%
JPMorgan Equity Index Fund Class R6 Shares (a)		1,930,801		73,968,978
Total Investment Companies (Cost $322,170,229)				311,502,171
Exchange Traded Funds — 30.7%
Alternative Assets — 1.2%
Schwab U.S. REIT ETF		157,997		6,084,465
Fixed Income — 13.0%
iShares Core U.S. Aggregate Bond ETF		165,944		17,671,376
iShares TIPS Bond ETF		422,719		46,291,958
Total Fixed Income				63,963,334
International Equity — 13.3%
iShares Core MSCI EAFE ETF		921,879		50,703,345
iShares Core MSCI Emerging Markets ETF		322,408		15,201,537
Total International Equity				65,904,882
U.S. Equity — 3.2%
iShares Russell 2000 ETF		46,922		6,282,856
iShares Russell Mid-Cap ETF		206,259		9,586,918
Total U.S. Equity				15,869,774
Total Exchange Traded Funds (Cost $158,384,819)				151,822,455

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
U.S. Treasury Obligations — 0.4%
U.S. Treasury Notes 1.13%, 1/31/2019 (b) (Cost $1,678,878)		1,680,000		1,678,393
	SHARES
Short-Term Investments — 7.0%
Investment Companies — 7.0%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (a) (c) (Cost $34,866,225)		34,866,225		34,866,225
Total Investments — 101.1% (Cost $517,100,151)				499,869,244
Liabilities in Excess of Other Assets — (1.1%)				(5,226,457	)
Net Assets — 100.0%				494,642,787

Percentages indicated are based on net assets.

Abbreviations

EAFE	Europe, Australasia and Far East
ETF	Exchange Traded Fund
MSCI	Morgan Stanley Capital International
REIT	Real Estate Investment Trust
TIPS	Treasury Inflation Protected Security
(a)	Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and 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 December 31, 2018.

Detailed information about investment portfolios of the underlying funds 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 certified portfolio holdings filed quarterly on Form N-Q, 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.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 JPMORGAN SMARTRETIREMENT BLEND FUNDS 15

JPMorgan SmartRetirement Blend Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

Futures contracts outstanding as of December 31, 2018:
DESCRIPTION	NUMBER OF CONTRACTS			EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
Australia 10 Year Bond		21			03/2019		AUD		1,962,442			19,847
S&P 500 E-Mini Index		13			03/2019		USD		1,626,950			(2,251	)
U.S. Treasury 10 Year Note		154			03/2019		USD		18,795,219			241,425
												259,021
Short Contracts
Hang Seng Index		(6	)		01/2019		HKD		(990,012	)		(22,721	)
EURO STOXX 50 Index		(145	)		03/2019		EUR		(4,932,818	)		141,691
Euro-Bund		(27	)		03/2019		EUR		(5,059,151	)		(26,019	)
MSCI Emerging Markets E-Mini Index		(47	)		03/2019		USD		(2,272,215	)		39,408
S&P/TSX 60 Index		(7	)		03/2019		CAD		(875,564	)		30,477
SPI 200 Index		(10	)		03/2019		AUD		(980,408	)		(8,292	)
												154,544
												413,565

Abbreviations

AUD	Australian Dollar
CAD	Canadian Dollar
EUR	Euro
HKD	Hong Kong Dollar
MSCI	Morgan Stanley Capital International
SPI	Australian Securities Exchange
TSX	Toronto Stock Exchange
USD	United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

16 JPMORGAN SMARTRETIREMENT BLEND FUNDS DECEMBER 31, 2018

JPMorgan SmartRetirement Blend 2020 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited)

INVESTMENTS	SHARES		VALUE($)
Investment Companies — 66.0%
Alternative Assets — 1.3%
JPMorgan Realty Income Fund Class R6 Shares (a)		830,709		10,043,277
Fixed Income — 46.6%
JPMorgan Core Bond Fund Class R6 Shares (a)		16,082,481		181,410,382
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		11,866,590		95,170,053
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		424,582		3,201,348
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		1,361,636		10,307,583
JPMorgan Floating Rate Income Fund Class R6 Shares (a)		2,160,311		19,334,782
JPMorgan High Yield Fund Class R6 Shares (a)		6,556,882		44,521,228
JPMorgan Managed Income Fund Class L Shares (a)		1,475,842		14,758,421
Total Fixed Income				368,703,797
U.S. Equity — 18.1%
JPMorgan Equity Index Fund Class R6 Shares (a)		3,742,668		143,381,618
Total Investment Companies (Cost $544,985,879)				522,128,692
Exchange Traded Funds — 28.9%
Alternative Assets — 1.2%
Schwab U.S. REIT ETF		259,059		9,976,362
Fixed Income — 6.4%
iShares Core U.S. Aggregate Bond ETF		32,649		3,476,792
iShares TIPS Bond ETF		428,783		46,956,026
Total Fixed Income				50,432,818
International Equity — 17.1%
iShares Core MSCI EAFE ETF		1,885,311		103,692,105
iShares Core MSCI Emerging Markets ETF		671,649		31,668,251
Total International Equity				135,360,356
U.S. Equity — 4.2%
iShares Russell 2000 ETF		101,322		13,567,016
iShares Russell Mid-Cap ETF		425,515		19,777,937
Total U.S. Equity				33,344,953
Total Exchange Traded Funds (Cost $244,135,697)				229,114,489

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
U.S. Treasury Obligations — 0.4%
U.S. Treasury Notes 1.13%, 1/31/2019 (b) (Cost $3,037,928)		3,040,000		3,037,092
	SHARES
Short-Term Investments — 5.8%
Investment Companies — 5.8%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (a) (c) (Cost $46,029,185)		46,029,185		46,029,185
Total Investments — 101.1% (Cost $838,188,689)				800,309,458
Liabilities in Excess of Other Assets — (1.1%)				(8,545,022	)
Net Assets — 100.0%				791,764,436

Percentages indicated are based on net assets.

Abbreviations

EAFE	Europe, Australasia and Far East
ETF	Exchange Traded Fund
MSCI	Morgan Stanley Capital International
REIT	Real Estate Investment Trust
TIPS	Treasury Inflation Protected Security
(a)	Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and 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 December 31, 2018.

Detailed information about investment portfolios of the underlying funds 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 certified portfolio holdings filed quarterly on Form N-Q, 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.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 JPMORGAN SMARTRETIREMENT BLEND FUNDS 17

JPMorgan SmartRetirement Blend 2020 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

Futures contracts outstanding as of December 31, 2018:
DESCRIPTION	NUMBER OF CONTRACTS			EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
Australia 10 Year Bond		39			03/2019		AUD		3,644,535			36,859
S&P 500 E-Mini Index		78			03/2019		USD		9,761,700			(138,041	)
U.S. Treasury 10 Year Note		279			03/2019		USD		34,051,078			526,748
												425,566
Short Contracts
Hang Seng Index		(12	)		01/2019		HKD		(1,980,024	)		(45,436	)
EURO STOXX 50 Index		(197	)		03/2019		EUR		(6,701,829	)		246,833
Euro-Bund		(38	)		03/2019		EUR		(7,120,286	)		(47,054	)
MSCI Emerging Markets E-Mini Index		(67	)		03/2019		USD		(3,239,115	)		56,086
Russell 2000 E-Mini Index		(15	)		03/2019		USD		(1,012,200	)		64,729
S&P/TSX 60 Index		(14	)		03/2019		CAD		(1,751,128	)		60,954
SPI 200 Index		(19	)		03/2019		AUD		(1,862,774	)		(15,759	)
												320,353
												745,919

Abbreviations

AUD	Australian Dollar
CAD	Canadian Dollar
EUR	Euro
HKD	Hong Kong Dollar
MSCI	Morgan Stanley Capital International
SPI	Australian Securities Exchange
TSX	Toronto Stock Exchange
USD	United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

18 JPMORGAN SMARTRETIREMENT BLEND FUNDS DECEMBER 31, 2018

JPMorgan SmartRetirement Blend 2025 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited)

INVESTMENTS	SHARES		VALUE($)
Investment Companies — 68.8%
Alternative Assets — 1.6%
JPMorgan Realty Income Fund Class R6 Shares (a)		1,285,192		15,537,975
Fixed Income — 42.4%
JPMorgan Core Bond Fund Class R6 Shares (a)		17,651,318		199,106,872
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		13,171,417		105,634,761
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		452,032		3,408,319
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		1,413,015		10,696,521
JPMorgan Floating Rate Income Fund Class R6 Shares (a)		1,526,694		13,663,914
JPMorgan High Yield Fund Class R6 Shares (a)		7,122,096		48,359,035
JPMorgan Managed Income Fund Class L Shares (a)		2,123,534		21,235,338
Total Fixed Income				402,104,760
International Equity — 2.3%
JPMorgan Emerging Economies Fund Class R6 Shares (a)		811,836		9,441,650
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a)		487,069		12,142,619
Total International Equity				21,584,269
U.S. Equity — 22.5%
JPMorgan Equity Index Fund Class R6 Shares (a)		5,562,523		213,100,255
Total Investment Companies (Cost $683,963,118)				652,327,259
Exchange Traded Funds — 28.2%
Alternative Assets — 1.6%
Schwab U.S. REIT ETF		386,454		14,882,343
Fixed Income — 1.9%
iShares Core U.S. Aggregate Bond ETF		39,774		4,235,533
iShares TIPS Bond ETF		127,099		13,918,612
Total Fixed Income				18,154,145
International Equity — 19.5%
iShares Core MSCI EAFE ETF		2,921,851		160,701,805
iShares Core MSCI Emerging Markets ETF		525,731		24,788,217
Total International Equity				185,490,022
U.S. Equity — 5.2%
iShares Russell 2000 ETF		139,907		18,733,547
iShares Russell Mid-Cap ETF		650,656		30,242,491
Total U.S. Equity				48,976,038
Total Exchange Traded Funds (Cost $290,022,390)				267,502,548

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
U.S. Treasury Obligations — 0.4%
U.S. Treasury Notes 1.13%, 1/31/2019 (b) (Cost $4,052,280)		4,055,000		4,051,121
	SHARES
Short-Term Investments — 3.8%
Investment Companies — 3.8%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (a) (c) (Cost $36,334,872)		36,334,872		36,334,872
Total Investments — 101.2% (Cost $1,014,372,660)				960,215,800
Liabilities in Excess of Other Assets — (1.2%)				(11,119,050	)
Net Assets — 100.0%				949,096,750

Percentages indicated are based on net assets.

Abbreviations

EAFE	Europe, Australasia and Far East
ETF	Exchange Traded Fund
MSCI	Morgan Stanley Capital International
REIT	Real Estate Investment Trust
TIPS	Treasury Inflation Protected Security
(a)	Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and 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 December 31, 2018.

Detailed information about investment portfolios of the underlying funds 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 certified portfolio holdings filed quarterly on Form N-Q, 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.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 JPMORGAN SMARTRETIREMENT BLEND FUNDS 19

JPMorgan SmartRetirement Blend 2025 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

Futures contracts outstanding as of December 31, 2018:
DESCRIPTION	NUMBER OF CONTRACTS			EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
Australia 10 Year Bond		49			03/2019		AUD		4,579,031			46,311
MSCI Emerging Markets E-Mini Index		1			03/2019		USD		48,345			(1,012	)
S&P 500 E-Mini Index		190			03/2019		USD		23,778,500			(948,741	)
U.S. Treasury 10 Year Note		308			03/2019		USD		37,590,437			712,622
												(190,820	)
Short Contracts
Hang Seng Index		(14	)		01/2019		HKD		(2,310,028	)		(53,008	)
EURO STOXX 50 Index		(242	)		03/2019		EUR		(8,232,703	)		303,218
Euro-Bund		(47	)		03/2019		EUR		(8,806,670	)		(58,199	)
S&P/TSX 60 Index		(18	)		03/2019		CAD		(2,251,450	)		78,371
SPI 200 Index		(24	)		03/2019		AUD		(2,352,978	)		(19,905	)
												250,477
												59,657

Abbreviations

AUD	Australian Dollar
CAD	Canadian Dollar
EUR	Euro
HKD	Hong Kong Dollar
MSCI	Morgan Stanley Capital International
SPI	Australian Securities Exchange
TSX	Toronto Stock Exchange
USD	United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

20 JPMORGAN SMARTRETIREMENT BLEND FUNDS DECEMBER 31, 2018

JPMorgan SmartRetirement Blend 2030 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited)

INVESTMENTS	SHARES		VALUE($)
Investment Companies — 66.0%
Alternative Assets — 1.9%
JPMorgan Realty Income Fund Class R6 Shares (a)		1,522,456		18,406,497
Fixed Income — 34.5%
JPMorgan Core Bond Fund Class R6 Shares (a)		14,126,968		159,352,193
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		10,532,531		84,470,895
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		1,643,398		12,391,223
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		1,198,808		9,074,979
JPMorgan High Yield Fund Class R6 Shares (a)		6,102,132		41,433,474
JPMorgan Managed Income Fund Class L Shares (a)		2,052,972		20,529,718
Total Fixed Income				327,252,482
International Equity — 2.7%
JPMorgan Emerging Economies Fund Class R6 Shares (a)		980,751		11,406,130
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a)		570,184		14,214,677
Total International Equity				25,620,807
U.S. Equity — 26.9%
JPMorgan Equity Index Fund Class R6 Shares (a)		6,676,670		255,783,246
Total Investment Companies (Cost $661,102,962)				627,063,032
Exchange Traded Funds — 32.1%
Alternative Assets — 1.9%
Schwab U.S. REIT ETF		479,022		18,447,137
Fixed Income — 0.5%
iShares Core U.S. Aggregate Bond ETF		42,074		4,480,460
International Equity — 23.4%
iShares Core MSCI EAFE ETF		3,478,587		191,322,285
iShares Core MSCI Emerging Markets ETF		649,177		30,608,696
Total International Equity				221,930,981
U.S. Equity — 6.3%
iShares Russell 2000 ETF		184,034		24,642,153
iShares Russell Mid-Cap ETF		751,453		34,927,535
Total U.S. Equity				59,569,688
Total Exchange Traded Funds (Cost $330,294,773)				304,428,266

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
U.S. Treasury Obligations — 0.4%
U.S. Treasury Notes 1.13%, 1/31/2019 (b) (Cost $4,087,258)		4,090,000		4,086,088
	SHARES
Short-Term Investments — 3.1%
Investment Companies — 3.1%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (a) (c) (Cost $29,516,495)		29,516,495		29,516,495
Total Investments — 101.6% (Cost $1,025,001,488)				965,093,881
Liabilities in Excess of Other Assets — (1.6%)				(15,663,130	)
Net Assets — 100.0%				949,430,751

Percentages indicated are based on net assets.

Abbreviations

EAFE	Europe, Australasia and Far East
ETF	Exchange Traded Fund
MSCI	Morgan Stanley Capital International
REIT	Real Estate Investment Trust
TIPS	Treasury Inflation Protected Security
(a)	Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and 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 December 31, 2018.

Detailed information about investment portfolios of the underlying funds 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 certified portfolio holdings filed quarterly on Form N-Q, 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.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 JPMORGAN SMARTRETIREMENT BLEND FUNDS 21

JPMorgan SmartRetirement Blend 2030 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

Futures contracts outstanding as of December 31, 2018:
DESCRIPTION	NUMBER OF CONTRACTS			EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
Australia 10 Year Bond		50			03/2019		AUD		4,672,480			47,256
MSCI Emerging Markets E-Mini Index		14			03/2019		USD		676,830			(14,169	)
S&P 500 E-Mini Index		183			03/2019		USD		22,902,450			(1,046,141	)
U.S. Treasury 10 Year Note		174			03/2019		USD		21,236,156			374,398
												(638,656	)
Short Contracts
Hang Seng Index		(15	)		01/2019		HKD		(2,475,029	)		(56,797	)
EURO STOXX 50 Index		(249	)		03/2019		EUR		(8,470,839	)		311,987
Euro-Bund		(48	)		03/2019		EUR		(8,994,046	)		(59,437	)
S&P/TSX 60 Index		(18	)		03/2019		CAD		(2,251,450	)		78,370
SPI 200 Index		(24	)		03/2019		AUD		(2,352,978	)		(19,905	)
												254,218
												(384,438	)

Abbreviations

AUD	Australian Dollar
CAD	Canadian Dollar
EUR	Euro
HKD	Hong Kong Dollar
MSCI	Morgan Stanley Capital International
SPI	Australian Securities Exchange
TSX	Toronto Stock Exchange
USD	United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

22 JPMORGAN SMARTRETIREMENT BLEND FUNDS DECEMBER 31, 2018

JPMorgan SmartRetirement Blend 2035 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited)

INVESTMENTS	SHARES		VALUE($)
Investment Companies — 62.1%
Alternative Assets — 2.2%
JPMorgan Realty Income Fund Class R6 Shares (a)		1,380,741		16,693,157
Fixed Income — 26.0%
JPMorgan Core Bond Fund Class R6 Shares (a)		8,179,050		92,259,681
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		6,138,742		49,232,710
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		968,287		7,300,885
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		862,841		6,531,704
JPMorgan High Yield Fund Class R6 Shares (a)		4,184,663		28,413,862
JPMorgan Managed Income Fund Class L Shares (a)		1,503,867		15,038,670
Total Fixed Income				198,777,512
International Equity — 3.1%
JPMorgan Emerging Economies Fund Class R6 Shares (a)		930,780		10,824,975
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a)		511,629		12,754,902
Total International Equity				23,579,877
U.S. Equity — 30.8%
JPMorgan Equity Index Fund Class R6 Shares (a)		6,124,758		234,639,470
Total Investment Companies (Cost $501,838,572)				473,690,016
Exchange Traded Funds — 36.5%
Alternative Assets — 2.2%
Schwab U.S. REIT ETF		442,263		17,031,548
Fixed Income — 0.6%
iShares Core U.S. Aggregate Bond ETF		39,470		4,203,160
International Equity — 26.5%
iShares Core MSCI EAFE ETF		3,167,363		174,204,965
iShares Core MSCI Emerging Markets ETF		596,592		28,129,313
Total International Equity				202,334,278
U.S. Equity — 7.2%
iShares Russell 2000 ETF		158,266		21,191,817
iShares Russell Mid-Cap ETF		715,670		33,264,342
Total U.S. Equity				54,456,159
Total Exchange Traded Funds (Cost $304,606,527)				278,025,145

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
U.S. Treasury Obligations — 0.5%
U.S. Treasury Notes 1.13%, 1/31/2019 (b) (Cost $3,357,741)		3,360,000		3,356,786
	SHARES
Short-Term Investments — 3.0%
Investment Companies — 3.0%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (a) (c) (Cost $23,141,592)		23,141,592		23,141,592
Total Investments — 102.1% (Cost $832,944,432)				778,213,539
Liabilities in Excess of Other Assets — (2.1%)				(15,699,850	)
Net Assets — 100.0%				762,513,689

Percentages indicated are based on net assets.

Abbreviations

EAFE	Europe, Australasia and Far East
ETF	Exchange Traded Fund
MSCI	Morgan Stanley Capital International
REIT	Real Estate Investment Trust
(a)	Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and 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 December 31, 2018.

Detailed information about investment portfolios of the underlying funds 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 certified portfolio holdings filed quarterly on Form N-Q, 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.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 JPMORGAN SMARTRETIREMENT BLEND FUNDS 23

JPMorgan SmartRetirement Blend 2035 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

Futures contracts outstanding as of December 31, 2018:
DESCRIPTION	NUMBER OF CONTRACTS			EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
Australia 10 Year Bond		41			03/2019		AUD		3,831,434			38,750
MSCI Emerging Markets E-Mini Index		21			03/2019		USD		1,015,245			(21,254	)
S&P 500 E-Mini Index		142			03/2019		USD		17,771,300			(845,793	)
U.S. Treasury 10 Year Note		101			03/2019		USD		12,326,734			265,409
												(562,888	)
Short Contracts
Hang Seng Index		(12	)		01/2019		HKD		(1,980,024	)		(45,436	)
EURO STOXX 50 Index		(205	)		03/2019		EUR		(6,973,984	)		256,852
Euro-Bund		(40	)		03/2019		EUR		(7,495,038	)		(49,531	)
S&P/TSX 60 Index		(15	)		03/2019		CAD		(1,876,209	)		65,309
SPI 200 Index		(19	)		03/2019		AUD		(1,862,774	)		(15,759	)
												211,435
												(351,453	)

Abbreviations

AUD	Australian Dollar
CAD	Canadian Dollar
EUR	Euro
HKD	Hong Kong Dollar
MSCI	Morgan Stanley Capital International
SPI	Australian Securities Exchange
TSX	Toronto Stock Exchange
USD	United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

24 JPMORGAN SMARTRETIREMENT BLEND FUNDS DECEMBER 31, 2018

JPMorgan SmartRetirement Blend 2040 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited)

INVESTMENTS	SHARES		VALUE($)
Investment Companies — 59.8%
Alternative Assets — 2.4%
JPMorgan Realty Income Fund Class R6 Shares (a)		1,392,172		16,831,361
Fixed Income — 19.2%
JPMorgan Core Bond Fund Class R6 Shares (a)		4,773,448		53,844,494
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		3,496,876		28,044,943
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		846,521		6,382,771
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		611,467		4,628,804
JPMorgan High Yield Fund Class R6 Shares (a)		3,550,995		24,111,257
JPMorgan Managed Income Fund Class L Shares (a)		1,574,107		15,741,071
Total Fixed Income				132,753,340
International Equity — 3.8%
JPMorgan Emerging Economies Fund Class R6 Shares (a)		929,805		10,813,628
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a)		609,110		15,185,117
Total International Equity				25,998,745
U.S. Equity — 34.4%
JPMorgan Equity Index Fund Class R6 Shares (a)		6,185,978		236,984,805
Total Investment Companies (Cost $439,353,801)				412,568,251
Exchange Traded Funds — 39.5%
Alternative Assets — 2.4%
Schwab U.S. REIT ETF		435,843		16,784,314
Fixed Income — 0.4%
iShares Core U.S. Aggregate Bond ETF		28,990		3,087,145
International Equity — 28.8%
iShares Core MSCI EAFE ETF		3,157,648		173,670,641
iShares Core MSCI Emerging Markets ETF		527,463		24,869,880
Total International Equity				198,540,521
U.S. Equity — 7.9%
iShares Russell 2000 ETF		163,980		21,956,922
iShares Russell Mid-Cap ETF		696,600		32,377,968
Total U.S. Equity				54,334,890
Total Exchange Traded Funds (Cost $297,209,720)				272,746,870

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
U.S. Treasury Obligations — 0.4%
U.S. Treasury Notes 1.13%, 1/31/2019 (b) (Cost $3,081,931)		3,084,000		3,081,050
	SHARES
Short-Term Investments — 2.6%
Investment Companies — 2.6%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (a) (c) (Cost $17,651,912)		17,651,912		17,651,912
Total Investments — 102.3% (Cost $757,297,364)				706,048,083
Liabilities in Excess of Other Assets — (2.3%)				(16,064,970	)
Net Assets — 100.0%				689,983,113

Percentages indicated are based on net assets.

Abbreviations

EAFE	Europe, Australasia and Far East
ETF	Exchange Traded Fund
MSCI	Morgan Stanley Capital International
REIT	Real Estate Investment Trust
(a)	Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and 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 December 31, 2018.

Detailed information about investment portfolios of the underlying funds 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 certified portfolio holdings filed quarterly on Form N-Q, 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.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 JPMORGAN SMARTRETIREMENT BLEND FUNDS 25

JPMorgan SmartRetirement Blend 2040 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

Futures contracts outstanding as of December 31, 2018:
DESCRIPTION	NUMBER OF CONTRACTS			EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
Australia 10 Year Bond		38			03/2019		AUD		3,551,085			35,914
MSCI Emerging Markets E-Mini Index		49			03/2019		USD		2,368,905			(49,591	)
S&P 500 E-Mini Index		113			03/2019		USD		14,141,950			(683,559	)
U.S. Treasury 10 Year Note		85			03/2019		USD		10,373,984			235,284
												(461,952	)
Short Contracts
Hang Seng Index		(11	)		01/2019		HKD		(1,815,021	)		(41,654	)
EURO STOXX 50 Index		(188	)		03/2019		EUR		(6,395,654	)		235,551
Euro-Bund		(37	)		03/2019		EUR		(6,932,910	)		(45,816	)
S&P/TSX 60 Index		(14	)		03/2019		CAD		(1,751,128	)		60,954
SPI 200 Index		(18	)		03/2019		AUD		(1,764,734	)		(14,933	)
												194,102
												(267,850	)

Abbreviations

AUD	Australian Dollar
CAD	Canadian Dollar
EUR	Euro
HKD	Hong Kong Dollar
MSCI	Morgan Stanley Capital International
SPI	Australian Securities Exchange
TSX	Toronto Stock Exchange
USD	United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

26 JPMORGAN SMARTRETIREMENT BLEND FUNDS DECEMBER 31, 2018

JPMorgan SmartRetirement Blend 2045 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited)

INVESTMENTS	SHARES		VALUE($)
Investment Companies — 59.0%
Alternative Assets — 2.5%
JPMorgan Realty Income Fund Class R6 Shares (a)		1,104,547		13,353,970
Fixed Income — 16.4%
JPMorgan Core Bond Fund Class R6 Shares (a)		2,757,096		31,100,044
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		2,042,547		16,381,230
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		549,153		4,140,610
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		496,469		3,758,273
JPMorgan High Yield Fund Class R6 Shares (a)		2,558,251		17,370,526
JPMorgan Managed Income Fund Class L Shares (a)		1,345,103		13,451,032
Total Fixed Income				86,201,715
International Equity — 4.0%
JPMorgan Emerging Economies Fund Class R6 Shares (a)		905,993		10,536,697
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a)		407,687		10,163,643
Total International Equity				20,700,340
U.S. Equity — 36.1%
JPMorgan Equity Index Fund Class R6 Shares (a)		4,940,885		189,285,304
Total Investment Companies (Cost $330,744,642)				309,541,329
Exchange Traded Funds — 41.5%
Alternative Assets — 2.6%
Schwab U.S. REIT ETF		356,450		13,726,889
Fixed Income — 0.6%
iShares Core U.S. Aggregate Bond ETF		29,363		3,126,866
International Equity — 30.1%
iShares Core MSCI EAFE ETF		2,524,462		138,845,409
iShares Core MSCI Emerging Markets ETF		395,971		18,670,033
Total International Equity				157,515,442
U.S. Equity — 8.2%
iShares Russell 2000 ETF		128,614		17,221,415
iShares Russell Mid-Cap ETF		557,542		25,914,552
Total U.S. Equity				43,135,967
Total Exchange Traded Funds (Cost $240,146,067)				217,505,164

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
U.S. Treasury Obligations — 0.5%
U.S. Treasury Notes 1.13%, 1/31/2019 (b) (Cost $2,428,362)		2,430,000		2,427,676
	SHARES
Short-Term Investments — 2.1%
Investment Companies — 2.1%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (a) (c) (Cost $11,223,204)		11,223,204		11,223,204
Total Investments — 103.1% (Cost $584,542,275)				540,697,373
Liabilities in Excess of Other Assets — (3.1%)				(16,501,427	)
Net Assets — 100.0%				524,195,946

Percentages indicated are based on net assets.

Abbreviations

EAFE	Europe, Australasia and Far East
ETF	Exchange Traded Fund
MSCI	Morgan Stanley Capital International
REIT	Real Estate Investment Trust
(a)	Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and 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 December 31, 2018.

Detailed information about investment portfolios of the underlying funds 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 certified portfolio holdings filed quarterly on Form N-Q, 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.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 JPMORGAN SMARTRETIREMENT BLEND FUNDS 27

JPMorgan SmartRetirement Blend 2045 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

Futures contracts outstanding as of December 31, 2018:
DESCRIPTION	NUMBER OF CONTRACTS			EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
Australia 10 Year Bond		29			03/2019		AUD		2,710,039			27,408
MSCI Emerging Markets E-Mini Index		48			03/2019		USD		2,320,560			(48,579	)
S&P 500 E-Mini Index		97			03/2019		USD		12,139,550			(651,639	)
U.S. Treasury 10 Year Note		72			03/2019		USD		8,787,375			187,276
												(485,534	)
Short Contracts
Hang Seng Index		(8	)		01/2019		HKD		(1,320,016	)		(30,293	)
EURO STOXX 50 Index		(146	)		03/2019		EUR		(4,966,837	)		182,930
Euro-Bund		(28	)		03/2019		EUR		(5,246,527	)		(34,672	)
S&P/TSX 60 Index		(10	)		03/2019		CAD		(1,250,806	)		43,538
SPI 200 Index		(14	)		03/2019		AUD		(1,372,571	)		(11,613	)
												149,890
												(335,644	)

Abbreviations

AUD	Australian Dollar
CAD	Canadian Dollar
EUR	Euro
HKD	Hong Kong Dollar
MSCI	Morgan Stanley Capital International
SPI	Australian Securities Exchange
TSX	Toronto Stock Exchange
USD	United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

28 JPMORGAN SMARTRETIREMENT BLEND FUNDS DECEMBER 31, 2018

JPMorgan SmartRetirement Blend 2050 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited)

INVESTMENTS	SHARES		VALUE($)
Investment Companies — 58.4%
Alternative Assets — 2.6%
JPMorgan Realty Income Fund Class R6 Shares (a)		819,073		9,902,599
Fixed Income — 16.3%
JPMorgan Core Bond Fund Class R6 Shares (a)		2,009,893		22,671,589
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		1,487,105		11,926,582
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		450,049		3,393,373
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		306,972		2,323,775
JPMorgan High Yield Fund Class R6 Shares (a)		1,879,161		12,759,506
JPMorgan Managed Income Fund Class L Shares (a)		1,012,895		10,128,947
Total Fixed Income				63,203,772
International Equity — 3.7%
JPMorgan Emerging Economies Fund Class R6 Shares (a)		503,453		5,855,161
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a)		344,876		8,597,759
Total International Equity				14,452,920
U.S. Equity — 35.8%
JPMorgan Equity Index Fund Class R6 Shares (a)		3,612,267		138,385,948
Total Investment Companies (Cost $241,471,803)				225,945,239
Exchange Traded Funds — 41.5%
Alternative Assets — 2.6%
Schwab U.S. REIT ETF		256,801		9,889,406
Fixed Income — 0.7%
iShares Core U.S. Aggregate Bond ETF		24,059		2,562,043
International Equity — 30.1%
iShares Core MSCI EAFE ETF		1,847,997		101,639,834
iShares Core MSCI Emerging Markets ETF		316,804		14,937,309
Total International Equity				116,577,143
U.S. Equity — 8.1%
iShares Russell 2000 ETF		92,774		12,422,439
iShares Russell Mid-Cap ETF		410,913		19,099,236
Total U.S. Equity				31,521,675
Total Exchange Traded Funds (Cost $176,616,898)				160,550,267

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
U.S. Treasury Obligations — 0.5%
U.S. Treasury Notes 1.13%, 1/31/2019 (b) (Cost $1,758,800)		1,760,000		1,758,317
	SHARES
Short-Term Investments — 2.0%
Investment Companies — 2.0%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (a) (c) (Cost $7,551,432)		7,551,432		7,551,432
Total Investments — 102.4% (Cost $427,398,933)				395,805,255
Liabilities in Excess of Other Assets — (2.4%)				(9,092,172	)
Net Assets — 100.0%				386,713,083

Percentages indicated are based on net assets.

Abbreviations

EAFE	Europe, Australasia and Far East
ETF	Exchange Traded Fund
MSCI	Morgan Stanley Capital International
REIT	Real Estate Investment Trust
(a)	Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and 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 December 31, 2018.

Detailed information about investment portfolios of the underlying funds 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 certified portfolio holdings filed quarterly on Form N-Q, 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.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 JPMORGAN SMARTRETIREMENT BLEND FUNDS 29

JPMorgan SmartRetirement Blend 2050 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

Futures contracts outstanding as of December 31, 2018:
DESCRIPTION	NUMBER OF CONTRACTS			EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
Australia 10 Year Bond		22			03/2019		AUD		2,055,891			20,792
MSCI Emerging Markets E-Mini Index		33			03/2019		USD		1,595,385			(33,398	)
S&P 500 E-Mini Index		71			03/2019		USD		8,885,650			(518,392	)
U.S. Treasury 10 Year Note		52			03/2019		USD		6,346,438			135,006
												(395,992	)
Short Contracts
Hang Seng Index		(6	)		01/2019		HKD		(990,012	)		(22,721	)
EURO STOXX 50 Index		(107	)		03/2019		EUR		(3,640,079	)		134,061
Euro-Bund		(21	)		03/2019		EUR		(3,934,895	)		(26,004	)
S&P/TSX 60 Index		(8	)		03/2019		CAD		(1,000,645	)		34,831
SPI 200 Index		(10	)		03/2019		AUD		(980,408	)		(8,292	)
												111,875
												(284,117	)

Abbreviations

AUD	Australian Dollar
CAD	Canadian Dollar
EUR	Euro
HKD	Hong Kong Dollar
MSCI	Morgan Stanley Capital International
SPI	Australian Securities Exchange
TSX	Toronto Stock Exchange
USD	United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

30 JPMORGAN SMARTRETIREMENT BLEND FUNDS DECEMBER 31, 2018

JPMorgan SmartRetirement Blend 2055 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited)

INVESTMENTS	SHARES		VALUE($)
Investment Companies — 59.3%
Alternative Assets — 2.5%
JPMorgan Realty Income Fund Class R6 Shares (a)		393,981		4,763,229
Fixed Income — 16.5%
JPMorgan Core Bond Fund Class R6 Shares (a)		1,015,739		11,457,540
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		722,269		5,792,594
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		177,238		1,336,372
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		172,075		1,302,608
JPMorgan High Yield Fund Class R6 Shares (a)		922,298		6,262,401
JPMorgan Managed Income Fund Class L Shares (a)		509,452		5,094,518
Total Fixed Income				31,246,033
International Equity — 4.3%
JPMorgan Emerging Economies Fund Class R6 Shares (a)		279,895		3,255,183
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a)		191,313		4,769,434
Total International Equity				8,024,617
U.S. Equity — 36.0%
JPMorgan Equity Index Fund Class R6 Shares (a)		1,779,045		68,155,217
Total Investment Companies (Cost $120,212,209)				112,189,096
Exchange Traded Funds — 40.9%
Alternative Assets — 2.6%
Schwab U.S. REIT ETF		127,630		4,915,031
Fixed Income — 0.6%
iShares Core U.S. Aggregate Bond ETF		9,996		1,064,474
International Equity — 29.6%
iShares Core MSCI EAFE ETF		904,011		49,720,605
iShares Core MSCI Emerging Markets ETF		133,933		6,314,941
Total International Equity				56,035,546
U.S. Equity — 8.1%
iShares Russell 2000 ETF		45,061		6,033,668
iShares Russell Mid-Cap ETF		200,212		9,305,854
Total U.S. Equity				15,339,522
Total Exchange Traded Funds (Cost $86,170,469)				77,354,573

INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
U.S. Treasury Obligations — 0.4%
U.S. Treasury Notes 1.13%, 1/31/2019 (b) (Cost $889,383)		890,000		889,149
	SHARES
Short-term Investments — 1.9%
Investment Companies — 1.9%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (a) (c) (Cost $3,587,439)		3,587,439		3,587,439
Total Investments — 102.5% (Cost $210,859,500)				194,020,257
Liabilities in Excess of Other Assets — (2.5%)				(4,750,108	)
Net Assets — 100.0%				189,270,149

Percentages indicated are based on net assets.

Abbreviations

EAFE	Europe, Australasia and Far East
ETF	Exchange Traded Fund
MSCI	Morgan Stanley Capital International
REIT	Real Estate Investment Trust
(a)	Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and 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 December 31, 2018.

Detailed information about investment portfolios of the underlying funds 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 certified portfolio holdings filed quarterly on Form N-Q, 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.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 JPMORGAN SMARTRETIREMENT BLEND FUNDS 31

JPMorgan SmartRetirement Blend 2055 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

Futures contracts outstanding as of December 31, 2018:
DESCRIPTION	NUMBER OF CONTRACTS			EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
Australia 10 Year Bond		11			03/2019		AUD		1,027,946			10,396
MSCI Emerging Markets E-Mini Index		15			03/2019		USD		725,175			(15,181	)
S&P 500 E-Mini Index		33			03/2019		USD		4,129,950			(240,942	)
U.S. Treasury 10 Year Note		26			03/2019		USD		3,173,219			68,249
												(177,478	)
Short Contracts
Hang Seng Index		(3	)		01/2019		HKD		(495,006	)		(11,360	)
EURO STOXX 50 Index		(52	)		03/2019		EUR		(1,769,011	)		65,154
Euro-Bund		(10	)		03/2019		EUR		(1,873,760	)		(12,383	)
S&P/TSX 60 Index		(4	)		03/2019		CAD		(500,322	)		17,415
SPI 200 Index		(5	)		03/2019		AUD		(490,204	)		(4,146	)
												54,680
												(122,798	)

Abbreviations

AUD	Australian Dollar
CAD	Canadian Dollar
EUR	Euro
HKD	Hong Kong Dollar
MSCI	Morgan Stanley Capital International
SPI	Australian Securities Exchange
TSX	Toronto Stock Exchange
USD	United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

32 JPMORGAN SMARTRETIREMENT BLEND FUNDS DECEMBER 31, 2018

JPMorgan SmartRetirement Blend 2060 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2018 (Unaudited)

INVESTMENTS	SHARES		VALUE($)
Investment Companies — 57.3%
Alternative Assets — 2.4%
JPMorgan Realty Income Fund Class R6 Shares (a)		45,317		547,879
Fixed Income — 13.2%
JPMorgan Core Bond Fund Class R6 Shares (a)		129,980		1,466,179
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		92,699		743,442
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		11,246		84,793
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		2,584		19,557
JPMorgan High Yield Fund Class R6 Shares (a)		98,687		670,088
Total Fixed Income				2,984,059
International Equity — 4.3%
JPMorgan Emerging Economies Fund Class R6 Shares (a)		37,855		440,253
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a)		21,601		538,517
Total International Equity				978,770
U.S. Equity — 37.4%
JPMorgan Equity Index Fund Class R6 Shares (a)		220,421		8,444,320
Total Investment Companies (Cost $13,949,560)				12,955,028
Exchange Traded Funds — 38.8%
Alternative Assets — 2.6%
Schwab U.S. REIT ETF		15,421		593,863
Fixed Income — 0.4%
iShares Core U.S. Aggregate Bond ETF		939		99,994
International Equity — 27.4%
iShares Core MSCI EAFE ETF		98,368		5,410,240
iShares Core MSCI Emerging Markets ETF		16,337		770,289
Total International Equity				6,180,529
U.S. Equity — 8.4%
iShares Russell 2000 ETF		5,458		730,826
iShares Russell Mid-Cap ETF		24,853		1,155,168
Total U.S. Equity				1,885,994
Total Exchange Traded Funds (Cost $9,864,582)				8,760,380

INVESTMENTS	SHARES		VALUE($)
Short-Term Investments — 5.6%
Investment Companies — 5.6%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (a) (b) (Cost $1,263,388)		1,263,388		1,263,388
Total Investments — 101.7% (Cost $25,077,530)				22,978,796
Liabilities in Excess of Other Assets — (1.7%)				(393,871	)
Net Assets — 100.0%				22,584,925

Percentages indicated are based on net assets.

Abbreviations

EAFE	Europe, Australasia and Far East
ETF	Exchange Traded Fund
MSCI	Morgan Stanley Capital International
REIT	Real Estate Investment Trust
(a)	Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.
(b)	The rate shown is the current yield as of December 31, 2018.

Detailed information about investment portfolios of the underlying funds 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 certified portfolio holdings filed quarterly on Form N-Q, 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.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 JPMORGAN SMARTRETIREMENT BLEND FUNDS 33

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2018 (Unaudited)

	JPMorgan SmartRetirement Blend Income Fund		JPMorgan SmartRetirement Blend 2020 Fund		JPMorgan SmartRetirement Blend 2025 Fund
ASSETS:
Investments in non-affiliates, at value	$	153,500,848	$	232,151,581	$	271,553,669
Investments in affiliates, at value		346,368,396		568,157,877		688,662,131
Cash		12,364		14,492		—
Receivables:
Fund shares sold		831,288		561,619		1,428,652
Interest from non-affiliates		9,489		16,903		22,955
Dividends from affiliates		31,823		36,708		50,801
Variation margin on futures contracts		994,574		1,653,274		2,019,890
Due from Adviser		27,896		33,787		31,328
Other assets		27,454		—		68,865
Total Assets		501,804,132		802,626,241		963,838,291
LIABILITIES:
Payables:
Due to custodian		—		—		8,011
Distributions		16,823		39,026		71,592
Fund shares redeemed		7,090,713		10,745,455		14,548,481
Accrued liabilities:
Administration fees		14,723		30,905		39,554
Distribution fees		130		7,767		5,814
Service fees		8,369		30,144		29,019
Custodian and accounting fees		9,244		7,962		8,435
Trustees’ and Chief Compliance Officer’s fees		274		29		201
Other		21,069		517		30,434
Total Liabilities		7,161,345		10,861,805		14,741,541
Net Assets	$	494,642,787	$	791,764,436	$	949,096,750

SEE NOTES TO FINANCIAL STATEMENTS.

34 JPMORGAN SMARTRETIREMENT BLEND FUNDS DECEMBER 31, 2018

	JPMorgan SmartRetirement Blend Income Fund			JPMorgan SmartRetirement Blend 2020 Fund			JPMorgan SmartRetirement Blend 2025 Fund
NET ASSETS:
Paid-in-Capital	$	514,406,532		$	832,173,999		$	1,007,152,764
Total distributable earnings (loss) (a)		(19,763,745	)		(40,409,563	)		(58,056,014	)
Total Net Assets	$	494,642,787		$	791,764,436		$	949,096,750
Net Assets:
Class I	$	7,624,116		$	21,499,919		$	21,492,945
Class R2		43,988			48,334			806,546
Class R3		519,087			34,297,971			23,602,067
Class R4		2,045,653			3,523,399			7,178,024
Class R5		59,748,583			171,041,783			159,737,909
Class R6		424,661,360			561,353,030			736,279,259
Total	$	494,642,787		$	791,764,436		$	949,096,750
Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized):
Class I		468,593			1,195,507			1,136,565
Class R2		2,704			2,688			42,665
Class R3		31,889			1,909,657			1,249,657
Class R4		125,723			195,704			379,171
Class R5		3,673,049			9,506,702			8,443,285
Class R6		26,090,189			31,192,111			38,911,943
Net Asset Value (b):
Class I — Offering and redemption price per share	$	16.27		$	17.98		$	18.91
Class R2 — Offering and redemption price per share		16.27			17.98			18.90
Class R3 — Offering and redemption price per share		16.28			17.96			18.89
Class R4 — Offering and redemption price per share		16.27			18.00			18.93
Class R5 — Offering and redemption price per share		16.27			17.99			18.92
Class R6 — Offering and redemption price per share		16.28			18.00			18.92
Cost of investments in non-affiliates	$	160,063,697		$	247,173,625		$	294,074,670
Cost of investments in affiliates		357,036,454			591,015,064			720,297,990

(a) Total distributable earnings have been aggregated to conform to the current presentation requirements for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 8.

(b) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 JPMORGAN SMARTRETIREMENT BLEND FUNDS 35

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

	JPMorgan SmartRetirement Blend 2030 Fund		JPMorgan SmartRetirement Blend 2035 Fund		JPMorgan SmartRetirement Blend 2040 Fund
ASSETS:
Investments in non-affiliates, at value	$	308,514,354	$	281,381,931	$	275,827,920
Investments in affiliates, at value		656,579,527		496,831,608		430,220,163
Receivables:
Fund shares sold		1,064,530		1,165,631		1,095,514
Interest from non-affiliates		24,045		20,241		18,878
Dividends from affiliates		48,734		35,802		37,031
Variation margin on futures contracts		2,692,165		1,768,677		1,448,872
Due from Adviser		12,043		—		—
Other assets		43,680		68,908		40,990
Total Assets		968,979,078		781,272,798		708,689,368
LIABILITIES:
Payables:
Due to custodian		9,169		2,382		11,059
Distributions		63,970		57,986		35,603
Fund shares redeemed		19,356,698		18,605,156		18,564,432
Accrued liabilities:
Investment advisory fees		—		3,569		11,787
Administration fees		39,944		31,204		27,503
Distribution fees		5,192		2,680		1,467
Service fees		35,134		22,374		22,147
Custodian and accounting fees		8,275		8,387		8,164
Trustees’ and Chief Compliance Officer’s fees		57		165		278
Other		29,888		25,206		23,815
Total Liabilities		19,548,327		18,759,109		18,706,255
Net Assets	$	949,430,751	$	762,513,689	$	689,983,113

SEE NOTES TO FINANCIAL STATEMENTS.

36 JPMORGAN SMARTRETIREMENT BLEND FUNDS DECEMBER 31, 2018

	JPMorgan SmartRetirement Blend 2030 Fund			JPMorgan SmartRetirement Blend 2035 Fund			JPMorgan SmartRetirement Blend 2040 Fund
NET ASSETS:
Paid-in-Capital	$	1,012,542,031		$	819,977,634		$	743,466,206
Total distributable earnings (loss) (a)		(63,111,280	)		(57,463,945	)		(53,483,093	)
Total Net Assets	$	949,430,751		$	762,513,689		$	689,983,113
Net Assets:
Class I	$	25,026,083		$	13,315,351		$	17,115,073
Class R2		567,566			58,226			78,578
Class R3		22,595,843			11,952,660			6,161,348
Class R4		7,355,894			8,838,508			6,925,257
Class R5		199,870,605			116,736,748			130,170,830
Class R6		694,014,760			611,612,196			529,532,027
Total	$	949,430,751		$	762,513,689		$	689,983,113
Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized):
Class I		1,275,495			656,557			833,332
Class R2		28,918			2,874			3,828
Class R3		1,153,745			590,109			300,386
Class R4		374,409			435,322			336,930
Class R5		10,184,584			5,752,468			6,335,309
Class R6		35,345,620			30,131,716			25,766,584
Net Asset Value (b):
Class I — Offering and redemption price per share	$	19.62		$	20.28		$	20.54
Class R2 — Offering and redemption price per share		19.63			20.26			20.53
Class R3 — Offering and redemption price per share		19.58			20.26			20.51
Class R4 — Offering and redemption price per share		19.65			20.30			20.55
Class R5 — Offering and redemption price per share		19.62			20.29			20.55
Class R6 — Offering and redemption price per share		19.64			20.30			20.55
Cost of investments in non-affiliates	$	334,382,031		$	307,964,268		$	300,291,651
Cost of investments in affiliates		690,619,457			524,980,164			457,005,713

(a) Total distributable earnings have been aggregated to conform to the current presentation requirements for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 8.

(b) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 JPMORGAN SMARTRETIREMENT BLEND FUNDS 37

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

	JPMorgan SmartRetirement Blend 2045 Fund		JPMorgan SmartRetirement Blend 2050 Fund		JPMorgan SmartRetirement Blend 2055 Fund		JPMorgan SmartRetirement Blend 2060 Fund
ASSETS:
Investments in non-affiliates, at value	$	219,932,840	$	162,308,584	$	78,243,722	$	8,760,380
Investments in affiliates, at value		320,764,533		233,496,671		115,776,535		14,218,416
Cash		—		—		—		1,512
Receivables:
Fund shares sold		915,017		723,926		539,764		219,116
Interest from non-affiliates		15,005		10,854		5,466		154
Dividends from affiliates		31,383		23,572		11,841		85
Variation margin on futures contracts		1,208,709		1,037,043		416,242		—
Due from Adviser		—		—		5,639		13,910
Other assets		39,328		35,045		39,892		—
Total Assets		542,906,815		397,635,695		195,039,101		23,213,573
LIABILITIES:
Payables:
Due to custodian		11,821		9,155		5,079		—
Distributions		65,309		26,468		12,454		2,121
Fund shares redeemed		18,563,331		10,834,647		5,722,858		595,308
Accrued liabilities:
Investment advisory fees		8,983		4,075		—		—
Administration fees		18,856		12,046		1,064		6
Distribution fees		986		398		173		156
Service fees		13,491		12,092		4,587		631
Custodian and accounting fees		8,160		8,191		8,345		10,651
Trustees’ and Chief Compliance Officer’s fees		282		298		736		2,710
Other		19,650		15,242		13,656		17,065
Total Liabilities		18,710,869		10,922,612		5,768,952		628,648
Net Assets	$	524,195,946	$	386,713,083	$	189,270,149	$	22,584,925

SEE NOTES TO FINANCIAL STATEMENTS.

38 JPMORGAN SMARTRETIREMENT BLEND FUNDS DECEMBER 31, 2018

	JPMorgan SmartRetirement Blend 2045 Fund			JPMorgan SmartRetirement Blend 2050 Fund			JPMorgan SmartRetirement Blend 2055 Fund			JPMorgan SmartRetirement Blend 2060 Fund
NET ASSETS:
Paid-in-Capital	$	570,131,555		$	419,740,576		$	206,825,153		$	24,828,273
Total distributable earnings (loss) (a)		(45,935,609	)		(33,027,493	)		(17,555,004	)		(2,243,348	)
Total Net Assets	$	524,195,946		$	386,713,083		$	189,270,149		$	22,584,925
Net Assets:
Class I	$	7,538,479		$	8,707,787		$	2,886,410		$	1,114,409
Class R2		30,362			51,747			43,464			27,964
Class R3		4,325,307			2,060,072			666,602			646,047
Class R4		6,172,244			4,447,340			2,215,742			242,032
Class R5		80,891,581			77,483,251			32,116,037			1,096,711
Class R6		425,237,973			293,962,886			151,341,894			19,457,762
Total	$	524,195,946		$	386,713,083		$	189,270,149		$	22,584,925
Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized):
Class I		365,816			423,632			141,535			70,657
Class R2		1,474			2,520			2,133			1,774
Class R3		210,248			100,289			32,741			41,011
Class R4		299,481			216,294			108,701			15,323
Class R5		3,924,306			3,769,677			1,574,986			69,552
Class R6		20,611,057			14,293,107			7,417,238			1,233,769
Net Asset Value (b):
Class I — Offering and redemption price per share	$	20.61		$	20.56		$	20.39		$	15.77
Class R2 — Offering and redemption price per share		20.60			20.53			20.38			15.77
Class R3 — Offering and redemption price per share		20.57			20.54			20.36			15.75
Class R4 — Offering and redemption price per share		20.61			20.56			20.38			15.80
Class R5 — Offering and redemption price per share		20.61			20.55			20.39			15.77
Class R6 — Offering and redemption price per share		20.63			20.57			20.40			15.77
Cost of investments in non-affiliates	$	242,574,429		$	178,375,698		$	87,059,852		$	9,864,582
Cost of investments in affiliates		341,967,846			249,023,235			123,799,648			15,212,948

(a) Total distributable earnings have been aggregated to conform to the current presentation requirements for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 8.

(b) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 JPMORGAN SMARTRETIREMENT BLEND FUNDS 39

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited)

	JPMorgan SmartRetirement Blend Income Fund			JPMorgan SmartRetirement Blend 2020 Fund			JPMorgan SmartRetirement Blend 2025 Fund
INVESTMENT INCOME:
Dividend income from non-affiliates	$	1,747,281		$	3,184,378		$	3,742,133
Dividend income from affiliates		4,548,544			8,347,665			9,790,164
Interest income from non-affiliates		16,356			29,841			39,532
Total investment income		6,312,181			11,561,884			13,571,829
EXPENSES:
Investment advisory fees		504,625			950,548			1,150,609
Administration fees		163,686			308,356			373,250
Distribution fees:
Class A (a)		44			23			23
Class C (a)		129			67			69
Class R2		114			102			2,060
Class R3		686			13,162			9,573
Service fees:
Class A (a)		44			23			23
Class C (a)		43			22			23
Class I		15,719			32,543			30,719
Class R2		57			51			1,030
Class R3		686			13,162			9,573
Class R4		6,312			15,115			25,909
Class R5		35,850			96,762			88,374
Custodian and accounting fees		12,481			15,533			15,949
Professional fees		21,340			24,512			26,358
Trustees’ and Chief Compliance Officer’s fees		13,606			14,021			14,504
Printing and mailing costs		9,758			17,277			20,732
Registration and filing fees		63,048			68,549			71,272
Transfer agency fees (See Note 2.G.)		3,608			4,757			5,558
Other		8,478			10,384			11,567
Total expenses		860,314			1,584,969			1,857,175
Less fees waived		(589,009	)		(1,073,172	)		(1,290,848	)
Less expense reimbursements		(170,085	)		(229,836	)		(211,184	)
Net expenses		101,220			281,961			355,143
Net investment income (loss)		6,210,961			11,279,923			13,216,686
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(174,230	)		(73,404	)		—
Investments in affiliates		(972,184	)		(1,666,986	)		(1,569,770	)
Futures contracts		(1,133,639	)		(1,468,495	)		(2,800,382	)
Foreign currency transactions		(6,415	)		(13,028	)		(17,732	)
Net realized gain (loss)		(2,286,468	)		(3,221,913	)		(4,387,884	)
Distributions of capital gains received from investment company affiliates		298,120			694,910			968,601
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(10,380,467	)		(24,453,632	)		(34,452,682	)
Investments in affiliates		(6,823,807	)		(15,796,111	)		(25,363,702	)
Futures contracts		794,048			1,651,856			1,305,754
Foreign currency translations		7,318			5,438			7,020
Change in net unrealized appreciation/depreciation		(16,402,908	)		(38,592,449	)		(58,503,610	)
Net realized/unrealized gains (losses)		(18,391,256	)		(41,119,452	)		(61,922,893	)
Change in net assets resulting from operations	$	(12,180,295	)	$	(29,839,529	)	$	(48,706,207	)

(a) Liquidated on November 16, 2018.

SEE NOTES TO FINANCIAL STATEMENTS.

40 JPMORGAN SMARTRETIREMENT BLEND FUNDS DECEMBER 31, 2018

	JPMorgan SmartRetirement Blend 2030 Fund			JPMorgan SmartRetirement Blend 2035 Fund			JPMorgan SmartRetirement Blend 2040 Fund
INVESTMENT INCOME:
Dividend income from non-affiliates	$	4,241,803		$	3,910,915		$	3,878,348
Dividend income from affiliates		9,064,131			6,603,511			5,500,495
Interest income from non-affiliates		39,867			32,787			30,071
Interest income from affiliates		3			5			—
Total investment income		13,345,804			10,547,218			9,408,914
EXPENSES:
Investment advisory fees		1,182,628			963,705			880,937
Administration fees		383,642			312,622			285,773
Distribution fees:
Class A (a)		24			24			25
Class C (a)		70			72			73
Class R2		1,528			74			153
Class R3		12,867			4,616			2,979
Service fees:
Class A (a)		24			24			25
Class C (a)		23			24			24
Class I		40,038			20,721			27,699
Class R2		764			37			77
Class R3		12,867			4,616			2,979
Class R4		36,884			32,572			26,385
Class R5		113,320			68,376			77,566
Custodian and accounting fees		15,847			15,862			15,622
Professional fees		26,202			24,633			24,206
Trustees’ and Chief Compliance Officer’s fees		14,371			14,206			13,923
Printing and mailing costs		21,598			17,871			16,219
Registration and filing fees		73,176			68,885			66,478
Transfer agency fees (See Note 2.G.)		5,352			5,230			5,145
Other		14,709			10,499			10,819
Total expenses		1,955,934			1,564,669			1,457,107
Less fees waived		(1,325,300	)		(1,079,837	)		(933,696	)
Less expense reimbursements		(89,478	)		(2,106	)		(2,100	)
Net expenses		541,156			482,726			521,311
Net investment income (loss)		12,804,648			10,064,492			8,887,603
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(139,312	)		—			(117,754	)
Investments in affiliates		(478,782	)		(458,838	)		(313,214	)
Futures contracts		(3,044,284	)		(2,594,933	)		(2,257,927	)
Foreign currency transactions		(11,485	)		(12,612	)		(9,323	)
Net realized gain (loss)		(3,673,863	)		(3,066,383	)		(2,698,218	)
Distributions of capital gains received from investment company affiliates		1,084,827			942,396			914,021
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(40,514,924	)		(37,753,003	)		(37,406,606	)
Investments in affiliates		(30,056,360	)		(26,849,202	)		(27,152,859	)
Futures contracts		1,023,810			677,377			739,451
Foreign currency translations		(10,840	)		9,772			14,601
Change in net unrealized appreciation/depreciation		(69,558,314	)		(63,915,056	)		(63,805,413	)
Net realized/unrealized gains (losses)		(72,147,350	)		(66,039,043	)		(65,589,610	)
Change in net assets resulting from operations	$	(59,342,702	)	$	(55,974,551	)	$	(56,702,007	)

(a) Liquidated on November 16, 2018.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 JPMORGAN SMARTRETIREMENT BLEND FUNDS 41

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED DECEMBER 31, 2018 (Unaudited) (continued)

	JPMorgan SmartRetirement Blend 2045 Fund			JPMorgan SmartRetirement Blend 2050 Fund			JPMorgan SmartRetirement Blend 2055 Fund			JPMorgan SmartRetirement Blend 2060 Fund
INVESTMENT INCOME:
Dividend income from non-affiliates	$	3,072,338		$	2,258,155		$	1,097,686		$	121,651
Dividend income from affiliates		4,134,761			2,970,582			1,460,469			157,736
Interest income from non-affiliates		23,740			17,276			8,764			—
Interest income from affiliates		3			—			—			—
Total investment income		7,230,842			5,246,013			2,566,919			279,387
EXPENSES:
Investment advisory fees		680,043			495,472			238,666			24,785
Administration fees		220,603			160,730			77,423			8,039
Distribution fees:
Class A (a)		25			25			25			23
Class C (a)		73			73			73			69
Class R2		72			98			88			69
Class R3		1,772			909			336			487
Service fees:
Class A (a)		25			25			25			23
Class C (a)		24			25			24			23
Class I		15,930			19,489			7,268			1,526
Class R2		36			49			44			35
Class R3		1,772			909			336			486
Class R4		17,340			14,825			4,193			1,246
Class R5		49,043			45,446			18,789			544
Custodian and accounting fees		15,681			15,512			15,502			17,336
Professional fees		23,047			21,886			21,325			20,926
Trustees’ and Chief Compliance Officer’s fees		13,781			13,505			13,356			15,183
Printing and mailing costs		12,753			9,544			6,970			986
Registration and filing fees		63,782			61,141			55,609			47,489
Transfer agency fees (See Note 2.G.)		4,522			3,942			3,458			2,192
Other		10,284			7,329			7,043			4,578
Total expenses		1,130,608			870,934			470,553			146,045
Less fees waived		(726,741	)		(556,218	)		(302,721	)		(33,171	)
Less expense reimbursements		(1,917	)		(1,894	)		(23,841	)		(96,033	)
Net expenses		401,950			312,822			143,991			16,841
Net investment income (loss)		6,828,892			4,933,191			2,422,928			262,546
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(326,884	)		(133,451	)		(29,028	)		(74,996	)
Investments in affiliates		(107,558	)		(170,404	)		(91,298	)		(39,370	)
Futures contracts		(2,054,992	)		(1,359,490	)		(684,445	)		4,032
Foreign currency transactions		(10,406	)		(9,167	)		(3,191	)		—
Net realized gain (loss)		(2,499,840	)		(1,672,512	)		(807,962	)		(110,334	)
Distributions of capital gains received from investment company affiliates		710,839			518,814			253,953			31,331
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(29,722,762	)		(21,999,323	)		(10,676,785	)		(1,134,884	)
Investments in affiliates		(21,512,311	)		(15,788,681	)		(7,948,596	)		(1,002,437	)
Futures contracts		491,315			277,679			132,742			—
Foreign currency translations		9,795			3,888			5,402			—
Change in net unrealized appreciation/depreciation		(50,733,963	)		(37,506,437	)		(18,487,237	)		(2,137,321	)
Net realized/unrealized gains (losses)		(52,522,964	)		(38,660,135	)		(19,041,246	)		(2,216,324	)
Change in net assets resulting from operations	$	(45,694,072	)	$	(33,726,944	)	$	(16,618,318	)	$	(1,953,778	)

(a) Liquidated on November 16, 2018.

SEE NOTES TO FINANCIAL STATEMENTS.

42 JPMORGAN SMARTRETIREMENT BLEND FUNDS DECEMBER 31, 2018

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

	JPMorgan SmartRetirement Blend Income Fund						JPMorgan SmartRetirement Blend 2020 Fund
	Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018			Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	6,210,961		$	8,131,146		$	11,279,923		$	15,088,170
Net realized gain (loss)		(2,286,468	)		12,154,836			(3,221,913	)		27,037,285
Distributions of capital gains received from investment company non-affiliates		—			43			—			—
Distributions of capital gains received from investment company affiliates		298,120			624,524			694,910			1,439,840
Change in net unrealized appreciation/depreciation		(16,402,908	)		(11,909,797	)		(38,592,449	)		(23,030,711	)
Change in net assets resulting from operations		(12,180,295	)		9,000,752			(29,839,529	)		20,534,584
DISTRIBUTIONS TO SHAREHOLDERS: (a)
Class A (b)		(252	)		(987	)		(119	)		(510	)
Class C (b)		(190	)		(745	)		(88	)		(383	)
Class I		(357,460	)		(351,219	)		(1,036,895	)		(627,086	)
Class R2		(1,767	)		(865	)		(2,079	)		(447	)
Class R3		(21,524	)		(5,547	)		(1,500,896	)		(24,588	)
Class R4		(210,252	)		(82,925	)		(561,309	)		(184,541	)
Class R5		(2,800,934	)		(1,583,815	)		(8,490,268	)		(3,587,729	)
Class R6		(14,366,583	)		(6,457,602	)		(25,029,403	)		(11,285,207	)
Total distributions to shareholders		(17,758,962	)		(8,483,705	)		(36,621,057	)		(15,710,491	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		137,914,838			187,247,524			111,155,975			370,840,121
NET ASSETS:
Change in net assets		107,975,581			187,764,571			44,695,389			375,664,214
Beginning of period		386,667,206			198,902,635			747,069,047			371,404,833
End of period	$	494,642,787		$	386,667,206		$	791,764,436		$	747,069,047

(a) The prior period distributions have been reclassified to conform to current period presentation for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 8. Prior period balances were as follows:

	JPMorgan SmartRetirement Blend Income Fund			JPMorgan SmartRetirement Blend 2020 Fund
Class A
From net investment income	$	(987	)	$	(510	)
Class C
From net investment income		(745	)		(383	)
Class I
From net investment income		(351,219	)		(627,086	)
Class R2
From net investment income		(865	)		(447	)
Class R3
From net investment income		(5,547	)		(24,588	)
Class R4
From net investment income		(82,925	)		(184,541	)
Class R5
From net investment income		(1,583,815	)		(3,587,729	)
Class R6
From net investment income		(6,457,602	)		(11,285,207	)

(b) Liquidated on November 16, 2018.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 JPMORGAN SMARTRETIREMENT BLEND FUNDS 43

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

	JPMorgan SmartRetirement Blend 2025 Fund						JPMorgan SmartRetirement Blend 2030 Fund
	Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018			Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	13,216,686		$	16,449,986		$	12,804,648		$	16,393,212
Net realized gain (loss)		(4,387,884	)		28,026,756			(3,673,863	)		34,999,030
Distributions of capital gains received from investment company affiliates		968,601			1,718,850			1,084,827			2,004,140
Change in net unrealized appreciation/depreciation		(58,503,610	)		(21,917,480	)		(69,558,314	)		(23,617,345	)
Change in net assets resulting from operations		(48,706,207	)		24,278,112			(59,342,702	)		29,779,037
DISTRIBUTIONS TO SHAREHOLDERS: (a)
Class A (b)		(102	)		(501	)		(90	)		(496	)
Class C (b)		(69	)		(374	)		(56	)		(366	)
Class I		(905,284	)		(590,893	)		(1,199,543	)		(699,433	)
Class R2		(30,572	)		(12,734	)		(26,069	)		(431	)
Class R3		(929,881	)		(19,575	)		(992,040	)		(55,049	)
Class R4		(798,210	)		(313,431	)		(1,308,570	)		(451,659	)
Class R5		(6,962,815	)		(3,441,193	)		(9,898,946	)		(4,076,060	)
Class R6		(29,862,117	)		(12,873,919	)		(31,507,024	)		(12,252,012	)
Total distributions to shareholders		(39,489,050	)		(17,252,620	)		(44,932,338	)		(17,535,506	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		167,859,826			507,301,254			143,533,974			511,736,228
NET ASSETS:
Change in net assets		79,664,569			514,326,746			39,258,934			523,979,759
Beginning of period		869,432,181			355,105,435			910,171,817			386,192,058
End of period	$	949,096,750		$	869,432,181		$	949,430,751		$	910,171,817

(a) The prior period distributions have been reclassified to conform to current period presentation for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 8. Prior period balances were as follows:

	JPMorgan SmartRetirement Blend 2025 Fund			JPMorgan SmartRetirement Blend 2030 Fund
Class A
From net investment income	$	(501	)	$	(496	)
Class C
From net investment income		(374	)		(366	)
Class I
From net investment income		(590,893	)		(699,433	)
Class R2
From net investment income		(12,734	)		(431	)
Class R3
From net investment income		(19,575	)		(55,049	)
Class R4
From net investment income		(313,431	)		(451,659	)
Class R5
From net investment income		(3,441,193	)		(4,076,060	)
Class R6
From net investment income		(12,873,919	)		(12,252,012	)

(b) Liquidated on November 16, 2018.

SEE NOTES TO FINANCIAL STATEMENTS.

44 JPMORGAN SMARTRETIREMENT BLEND FUNDS DECEMBER 31, 2018

	JPMorgan SmartRetirement Blend 2035 Fund						JPMorgan SmartRetirement Blend 2040 Fund
	Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018			Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	10,064,492		$	12,410,097		$	8,887,603		$	11,588,623
Net realized gain (loss)		(3,066,383	)		26,736,922			(2,698,218	)		29,493,296
Distributions of capital gains received from investment company affiliates		942,396			1,619,335			914,021			1,698,456
Change in net unrealized appreciation/depreciation		(63,915,056	)		(15,642,166	)		(63,805,413	)		(14,438,332	)
Change in net assets resulting from operations		(55,974,551	)		25,124,188			(56,702,007	)		28,342,043
DISTRIBUTIONS TO SHAREHOLDERS: (a)
Class A (b)		(77	)		(489	)		(69	)		(487	)
Class C (b)		(43	)		(357	)		(34	)		(354	)
Class I		(602,938	)		(348,040	)		(922,062	)		(467,552	)
Class R2		(1,512	)		(422	)		(3,751	)		(421	)
Class R3		(501,237	)		(7,329	)		(323,699	)		(8,614	)
Class R4		(1,113,575	)		(384,553	)		(1,034,014	)		(305,890	)
Class R5		(5,717,343	)		(2,345,331	)		(7,502,760	)		(2,422,869	)
Class R6		(26,881,672	)		(10,276,879	)		(26,978,478	)		(9,412,945	)
Total distributions to shareholders		(34,818,397	)		(13,363,400	)		(36,764,867	)		(12,619,132	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		126,666,340			436,860,635			114,501,952			353,968,123
NET ASSETS:
Change in net assets		35,873,392			448,621,423			21,035,078			369,691,034
Beginning of period		726,640,297			278,018,874			668,948,035			299,257,001
End of period	$	762,513,689		$	726,640,297		$	689,983,113		$	668,948,035

(a) The prior period distributions have been reclassified to conform to current period presentation for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 8. Prior period balances were as follows:

	JPMorgan SmartRetirement Blend 2035 Fund			JPMorgan SmartRetirement Blend 2040 Fund
Class A
From net investment income	$	(489	)	$	(487	)
Class C
From net investment income		(357	)		(354	)
Class I
From net investment income		(348,040	)		(467,552	)
Class R2
From net investment income		(422	)		(421	)
Class R3
From net investment income		(7,329	)		(8,614	)
Class R4
From net investment income		(384,553	)		(305,890	)
Class R5
From net investment income		(2,345,331	)		(2,422,869	)
Class R6
From net investment income		(10,276,879	)		(9,412,945	)

(b) Liquidated on November 16, 2018.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 JPMORGAN SMARTRETIREMENT BLEND FUNDS 45

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

	JPMorgan SmartRetirement Blend 2045 Fund						JPMorgan SmartRetirement Blend 2050 Fund
	Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018			Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	6,828,892		$	8,380,510		$	4,933,191		$	6,116,399
Net realized gain (loss)		(2,499,840	)		18,119,722			(1,672,512	)		14,178,130
Distributions of capital gains received from investment company affiliates		710,839			1,167,641			518,814			900,078
Change in net unrealized appreciation/depreciation		(50,733,963	)		(8,858,154	)		(37,506,437	)		(6,689,348	)
Change in net assets resulting from operations		(45,694,072	)		18,809,719			(33,726,944	)		14,505,259
DISTRIBUTIONS TO SHAREHOLDERS: (a)
Class A (b)		(64	)		(485	)		(64	)		(483	)
Class C (b)		(30	)		(352	)		(30	)		(349	)
Class I		(340,599	)		(291,255	)		(427,861	)		(334,112	)
Class R2		(1,226	)		(419	)		(2,222	)		(415	)
Class R3		(183,618	)		(3,421	)		(71,862	)		(4,000	)
Class R4		(580,324	)		(191,363	)		(509,548	)		(166,708	)
Class R5		(3,985,548	)		(1,600,617	)		(3,999,011	)		(1,317,843	)
Class R6		(18,737,456	)		(6,998,692	)		(13,704,154	)		(4,840,279	)
Total distributions to shareholders		(23,828,865	)		(9,086,604	)		(18,714,752	)		(6,664,189	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		83,665,606			306,805,837			71,102,221			207,242,417
NET ASSETS:
Change in net assets		14,142,669			316,528,952			18,660,525			215,083,487
Beginning of period		510,053,277			193,524,325			368,052,558			152,969,071
End of period	$	524,195,946		$	510,053,277		$	386,713,083		$	368,052,558

(a) The prior period distributions have been reclassified to conform to current period presentation for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 8. Prior period balances were as follows:

	JPMorgan SmartRetirement Blend 2045 Fund			JPMorgan SmartRetirement Blend 2050 Fund
Class A
From net investment income	$	(485	)	$	(483	)
Class C
From net investment income		(352	)		(349	)
Class I
From net investment income		(291,255	)		(334,112	)
Class R2
From net investment income		(419	)		(415	)
Class R3
From net investment income		(3,421	)		(4,000	)
Class R4
From net investment income		(191,363	)		(166,708	)
Class R5
From net investment income		(1,600,617	)		(1,317,843	)
Class R6
From net investment income		(6,998,692	)		(4,840,279	)

(b) Liquidated on November 16, 2018.

SEE NOTES TO FINANCIAL STATEMENTS.

46 JPMORGAN SMARTRETIREMENT BLEND FUNDS DECEMBER 31, 2018

	JPMorgan SmartRetirement Blend 2055 Fund						JPMorgan SmartRetirement Blend 2060 Fund
	Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018			Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	2,422,928		$	2,693,329		$	262,546		$	183,643
Net realized gain (loss)		(807,962	)		5,267,395			(110,334	)		168,762
Distributions of capital gains received from investment company non-affiliates		—			65			—			8
Distributions of capital gains received from investment company affiliates		253,953			356,862			31,331			23,972
Change in net unrealized appreciation/depreciation		(18,487,237	)		(3,008,035	)		(2,137,321	)		(99,762	)
Change in net assets resulting from operations		(16,618,318	)		5,309,616			(1,953,778	)		276,623
DISTRIBUTIONS TO SHAREHOLDERS: (a)
Class A (b)		(63	)		(481	)		(60	)		(473	)
Class C (b)		(29	)		(348	)		(29	)		(360	)
Class I		(117,130	)		(117,013	)		(24,180	)		(25,117	)
Class R2		(1,471	)		(415	)		(528	)		(411	)
Class R3		(25,294	)		(1,130	)		(12,411	)		(2,218	)
Class R4		(129,983	)		(37,588	)		(14,755	)		(13,597	)
Class R5		(1,379,470	)		(606,384	)		(30,026	)		(8,241	)
Class R6		(5,828,404	)		(2,167,275	)		(417,006	)		(152,797	)
Total distributions to shareholders		(7,481,844	)		(2,930,634	)		(498,995	)		(203,214	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		42,309,590			111,044,009			11,173,873			11,548,027
NET ASSETS:
Change in net assets		18,209,428			113,422,991			8,721,100			11,621,436
Beginning of period		171,060,721			57,637,730			13,863,825			2,242,389
End of period	$	189,270,149		$	171,060,721		$	22,584,925		$	13,863,825

(a) The prior period distributions have been reclassified to conform to current period presentation for the adoption of the Securities and Exchange Commission’s Disclosure Update and Simplification Rule. See Note 8. Prior period balances were as follows:

	JPMorgan SmartRetirement Blend 2055 Fund			JPMorgan SmartRetirement Blend 2060 Fund
Class A
From net investment income	$	(477	)	$	(469	)
From net realized gains		(4	)		(4	)
Class C
From net investment income		(344	)		(357	)
From net realized gains		(4	)		(3	)
Class I
From net investment income		(116,105	)		(24,959	)
From net realized gains		(908	)		(158	)
Class R2
From net investment income		(411	)		(408	)
From net realized gains		(4	)		(3	)
Class R3
From net investment income		(1,126	)		(2,215	)
From net realized gains		(4	)		(3	)
Class R4
From net investment income		(37,311	)		(13,510	)
From net realized gains		(277	)		(87	)
Class R5
From net investment income		(603,660	)		(8,208	)
From net realized gains		(2,724	)		(33	)
Class R6
From net investment income		(2,155,304	)		(152,219	)
From net realized gains		(11,971	)		(578	)

(b) Liquidated on November 16, 2018.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 JPMORGAN SMARTRETIREMENT BLEND FUNDS 47

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

	JPMorgan SmartRetirement Blend  Income Fund						JPMorgan SmartRetirement Blend  2020 Fund
	Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018			Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018
CAPITAL TRANSACTIONS:
Class A (a)
Distributions reinvested	$	252		$	987		$	119		$	510
Cost of shares redeemed		(45,393	)		—			(23,550	)		—
Change in net assets resulting from Class A capital transactions	$	(45,141	)	$	987		$	(23,431	)	$	510
Class C (a)
Distributions reinvested	$	190		$	745		$	88		$	383
Cost of shares redeemed		(44,378	)		—			(22,968	)		—
Change in net assets resulting from Class C capital transactions	$	(44,188	)	$	745		$	(22,880	)	$	383
Class I
Proceeds from shares issued	$	488,078		$	2,010,037		$	1,054,438		$	5,579,352
Distributions reinvested		357,460			351,219			1,036,895			626,472
Cost of shares redeemed		(6,224,021	)		(3,925,197	)		(4,865,255	)		(5,186,298	)
Change in net assets resulting from Class I capital transactions	$	(5,378,483	)	$	(1,563,941	)	$	(2,773,922	)	$	1,019,526
Class R2
Proceeds from shares issued	$	—		$	—		$	26,947		$	—
Distributions reinvested		1,767			865			2,079			447
Cost of shares redeemed		—			—			(107	)		—
Change in net assets resulting from Class R2 capital transactions	$	1,767		$	865		$	28,919		$	447
Class R3
Proceeds from shares issued	$	—		$	1,380,914		$	39,754,434		$	2,540,288
Distributions reinvested		21,524			5,547			1,500,896			24,588
Cost of shares redeemed		(61,923	)		(780,580	)		(6,796,268	)		(137,164	)
Change in net assets resulting from Class R3 capital transactions	$	(40,399	)	$	605,881		$	34,459,062		$	2,427,712
Class R4
Proceeds from shares issued	$	2,161,595		$	5,194,572		$	5,229,376		$	11,270,570
Distributions reinvested		210,252			82,925			561,309			184,541
Cost of shares redeemed		(4,628,447	)		(556,255	)		(11,913,986	)		(618,101	)
Change in net assets resulting from Class R4 capital transactions	$	(2,256,600	)	$	4,721,242		$	(6,123,301	)	$	10,837,010
Class R5
Proceeds from shares issued	$	5,947,748		$	72,097,429		$	11,113,335		$	198,116,089
Distributions reinvested		2,790,875			1,583,815			8,490,268			3,587,729
Cost of shares redeemed		(27,536,342	)		(18,546,604	)		(48,193,619	)		(35,920,266	)
Change in net assets resulting from Class R5 capital transactions	$	(18,797,719	)	$	55,134,640		$	(28,590,016	)	$	165,783,552
Class R6
Proceeds from shares issued	$	196,683,757		$	195,838,855		$	167,234,132		$	273,091,283
Distributions reinvested		14,337,694			6,457,602			24,927,494			11,285,207
Cost of shares redeemed		(46,545,850	)		(73,949,352	)		(77,960,082	)		(93,605,509	)
Change in net assets resulting from Class R6 capital transactions	$	164,475,601		$	128,347,105		$	114,201,544		$	190,770,981
Total change in net assets resulting from capital transactions	$	137,914,838		$	187,247,524		$	111,155,975		$	370,840,121

(a) Liquidated on November 16, 2018.

SEE NOTES TO FINANCIAL STATEMENTS.

48 JPMORGAN SMARTRETIREMENT BLEND FUNDS DECEMBER 31, 2018

	JPMorgan SmartRetirement Blend  Income Fund						JPMorgan SmartRetirement Blend  2020 Fund
	Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018			Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018
SHARE TRANSACTIONS:
Class A (a)
Reinvested		14			56			6			26
Redeemed		(2,638	)		—			(1,223	)		—
Change in Class A Shares		(2,624	)		56			(1,217	)		26
Class C (a)
Reinvested		11			42			5			19
Redeemed		(2,583	)		—			(1,195	)		—
Change in Class C Shares		(2,572	)		42			(1,190	)		19
Class I
Issued		28,000			113,785			53,905			283,361
Reinvested		21,364			19,852			56,115			31,671
Redeemed		(360,194	)		(221,577	)		(250,690	)		(263,716	)
Change in Class I Shares		(310,830	)		(87,940	)		(140,670	)		51,316
Class R2
Issued		—			—			1,376			—
Reinvested		106			49			113			23
Redeemed		—			—			(5	)		—
Change in Class R2 Shares		106			49			1,484			23
Class R3
Issued		—			76,802			2,067,477			126,150
Reinvested		1,295			316			82,253			1,250
Redeemed		(3,505	)		(44,182	)		(361,742	)		(6,783	)
Change in Class R3 Shares		(2,210	)		32,936			1,787,988			120,617
Class R4
Issued		123,747			294,672			267,854			574,035
Reinvested		12,647			4,690			30,401			9,325
Redeemed		(279,914	)		(31,282	)		(655,929	)		(31,035	)
Change in Class R4 Shares		(143,520	)		268,080			(357,674	)		552,325
Class R5
Issued		341,430			4,037,048			572,950			9,881,842
Reinvested		167,624			89,715			459,757			181,724
Redeemed		(1,586,270	)		(1,042,472	)		(2,469,794	)		(1,806,975	)
Change in Class R5 Shares		(1,077,216	)		3,084,291			(1,437,087	)		8,256,591
Class R6
Issued		11,714,233			11,021,537			8,795,626			13,751,448
Reinvested		862,289			365,183			1,350,224			570,451
Redeemed		(2,693,462	)		(4,159,114	)		(4,030,134	)		(4,710,762	)
Change in Class R6 Shares		9,883,060			7,227,606			6,115,716			9,611,137

(a) Liquidated on November 16, 2018.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 JPMORGAN SMARTRETIREMENT BLEND FUNDS 49

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

	JPMorgan SmartRetirement Blend 2025 Fund						JPMorgan SmartRetirement Blend 2030 Fund
	Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018			Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018
CAPITAL TRANSACTIONS:
Class A (a)
Distributions reinvested	$	101		$	501		$	90		$	495
Cost of shares redeemed		(24,003	)		—			(24,501	)		—
Change in net assets resulting from Class A capital transactions	$	(23,902	)	$	501		$	(24,411	)	$	495
Class C (a)
Distributions reinvested	$	69		$	374		$	56		$	366
Cost of shares redeemed		(23,449	)		—			(23,927	)		—
Change in net assets resulting from Class C capital transactions	$	(23,380	)	$	374		$	(23,871	)	$	366
Class I
Proceeds from shares issued	$	4,413,588		$	4,152,093		$	1,450,215		$	7,810,493
Distributions reinvested		905,284			587,027			1,196,802			695,329
Cost of shares redeemed		(5,366,306	)		(7,240,508	)		(7,254,990	)		(5,355,526	)
Change in net assets resulting from Class I capital transactions	$	(47,434	)	$	(2,501,388	)	$	(4,607,973	)	$	3,150,296
Class R2
Proceeds from shares issued	$	34,978		$	781,190		$	668,700		$	—
Distributions reinvested		30,572			12,734			26,069			431
Cost of shares redeemed		(781	)		(618	)		(76,372	)		—
Change in net assets resulting from Class R2 capital transactions	$	64,769		$	793,306		$	618,397		$	431
Class R3
Proceeds from shares issued	$	29,262,943		$	2,008,458		$	21,044,288		$	6,076,874
Distributions reinvested		928,638			19,575			992,040			55,049
Cost of shares redeemed		(6,596,669	)		(78,251	)		(3,117,390	)		(113,063	)
Change in net assets resulting from Class R3 capital transactions	$	23,594,912		$	1,949,782		$	18,918,938		$	6,018,860
Class R4
Proceeds from shares issued	$	8,357,326		$	20,061,418		$	10,860,977		$	27,790,693
Distributions reinvested		798,210			313,431			1,308,570			451,659
Cost of shares redeemed		(18,214,292	)		(2,075,498	)		(27,331,494	)		(2,341,888	)
Change in net assets resulting from Class R4 capital transactions	$	(9,058,756	)	$	18,299,351		$	(15,161,947	)	$	25,900,464
Class R5
Proceeds from shares issued	$	16,852,641		$	166,042,619		$	18,527,511		$	205,925,597
Distributions reinvested		6,962,815			3,441,193			9,898,946			4,076,060
Cost of shares redeemed		(46,429,587	)		(26,766,787	)		(57,850,194	)		(24,895,959	)
Change in net assets resulting from Class R5 capital transactions	$	(22,614,131	)	$	142,717,025		$	(29,423,737	)	$	185,105,698
Class R6
Proceeds from shares issued	$	210,623,275		$	403,714,233		$	208,426,237		$	345,647,577
Distributions reinvested		29,755,495			12,873,919			31,396,459			12,240,612
Cost of shares redeemed		(64,411,022	)		(70,545,849	)		(66,584,118	)		(66,328,571	)
Change in net assets resulting from Class R6 capital transactions	$	175,967,748		$	346,042,303		$	173,238,578		$	291,559,618
Total change in net assets resulting from capital transactions	$	167,859,826		$	507,301,254		$	143,533,974		$	511,736,228

(a) Liquidated on November 16, 2018.

SEE NOTES TO FINANCIAL STATEMENTS.

50 JPMORGAN SMARTRETIREMENT BLEND FUNDS DECEMBER 31, 2018

	JPMorgan SmartRetirement Blend 2025 Fund						JPMorgan SmartRetirement Blend 2030 Fund
	Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018			Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018
SHARE TRANSACTIONS:
Class A (a)
Reinvested		5			24			4			23
Redeemed		(1,181	)		—			(1,145	)		—
Change in Class A Shares		(1,176	)		24			(1,141	)		23
Class C (a)
Reinvested		3			18			3			16
Redeemed		(1,155	)		—			(1,120	)		—
Change in Class C Shares		(1,152	)		18			(1,117	)		16
Class I
Issued		209,550			197,361			66,395			349,024
Reinvested		46,454			28,059			58,996			31,606
Redeemed		(259,109	)		(342,410	)		(336,170	)		(244,369	)
Change in Class I Shares		(3,105	)		(116,990	)		(210,779	)		136,261
Class R2
Issued		1,834			37,571			30,126			—
Reinvested		1,576			607			1,291			20
Redeemed		(38	)		(30	)		(3,630	)		—
Change in Class R2 Shares		3,372			38,148			27,787			20
Class R3
Issued		1,441,406			94,485			985,457			269,565
Reinvested		48,266			941			49,493			2,513
Redeemed		(332,758	)		(3,688	)		(149,304	)		(4,944	)
Change in Class R3 Shares		1,156,914			91,738			885,646			267,134
Class R4
Issued		404,948			968,930			496,263			1,282,958
Reinvested		40,919			14,964			64,516			20,475
Redeemed		(953,969	)		(97,627	)		(1,385,515	)		(105,253	)
Change in Class R4 Shares		(508,102	)		886,267			(824,736	)		1,198,180
Class R5
Issued		820,659			7,842,204			861,594			9,194,887
Reinvested		357,503			164,713			488,675			185,447
Redeemed		(2,242,234	)		(1,271,380	)		(2,668,429	)		(1,124,854	)
Change in Class R5 Shares		(1,064,072	)		6,735,537			(1,318,160	)		8,255,480
Class R6
Issued		10,381,499			19,214,790			9,809,246			15,650,457
Reinvested		1,527,843			615,712			1,550,076			556,090
Redeemed		(3,174,135	)		(3,363,358	)		(3,108,929	)		(3,005,753	)
Change in Class R6 Shares		8,735,207			16,467,144			8,250,393			13,200,794

(a) Liquidated on November 16, 2018.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 JPMORGAN SMARTRETIREMENT BLEND FUNDS 51

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

	JPMorgan SmartRetirement Blend 2035 Fund						JPMorgan SmartRetirement Blend 2040 Fund
	Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018			Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018
CAPITAL TRANSACTIONS:
Class A (a)
Distributions reinvested	$	77		$	489		$	69		$	487
Cost of shares redeemed		(24,884	)		—			(25,200	)		—
Change in net assets resulting from Class A capital transactions	$	(24,807	)	$	489		$	(25,131	)	$	487
Class C (a)
Distributions reinvested	$	43		$	357		$	34		$	354
Cost of shares redeemed		(24,299	)		—			(24,609	)		—
Change in net assets resulting from Class C capital transactions	$	(24,256	)	$	357		$	(24,575	)	$	354
Class I
Proceeds from shares issued	$	2,004,386		$	4,065,206		$	1,737,802		$	6,019,868
Distributions reinvested		600,282			346,357			915,084			463,479
Cost of shares redeemed		(4,030,619	)		(3,164,843	)		(5,200,443	)		(3,751,259	)
Change in net assets resulting from Class I capital transactions	$	(1,425,951	)	$	1,246,720		$	(2,547,557	)	$	2,732,088
Class R2
Proceeds from shares issued	$	35,131		$	—		$	66,367		$	—
Distributions reinvested		1,512			422			3,751			421
Cost of shares redeemed		(22	)		—			(6,746	)		—
Change in net assets resulting from Class R2 capital transactions	$	36,621		$	422		$	63,372		$	421
Class R3
Proceeds from shares issued	$	13,799,204		$	989,668		$	6,949,300		$	1,023,448
Distributions reinvested		497,327			7,329			323,699			8,614
Cost of shares redeemed		(1,968,871	)		(191,025	)		(1,351,033	)		(40,389	)
Change in net assets resulting from Class R3 capital transactions	$	12,327,660		$	805,972		$	5,921,966		$	991,673
Class R4
Proceeds from shares issued	$	11,764,719		$	24,246,140		$	8,049,550		$	19,543,431
Distributions reinvested		1,113,575			384,553			1,034,014			305,890
Cost of shares redeemed		(23,321,385	)		(2,219,069	)		(17,985,826	)		(1,272,163	)
Change in net assets resulting from Class R4 capital transactions	$	(10,443,091	)	$	22,411,624		$	(8,902,262	)	$	18,577,158
Class R5
Proceeds from shares issued	$	12,514,033		$	121,582,065		$	13,644,762		$	133,531,661
Distributions reinvested		5,717,343			2,345,331			7,502,760			2,422,869
Cost of shares redeemed		(36,368,684	)		(20,017,608	)		(37,106,562	)		(14,356,875	)
Change in net assets resulting from Class R5 capital transactions	$	(18,137,308	)	$	103,909,788		$	(15,959,040	)	$	121,597,655
Class R6
Proceeds from shares issued	$	166,751,877		$	357,548,813		$	145,440,637		$	247,734,059
Distributions reinvested		26,786,943			10,276,879			26,906,736			9,412,945
Cost of shares redeemed		(49,181,348	)		(59,340,429	)		(36,372,194	)		(47,078,717	)
Change in net assets resulting from Class R6 capital transactions	$	144,357,472		$	308,485,263		$	135,975,179		$	210,068,287
Total change in net assets resulting from capital transactions	$	126,666,340		$	436,860,635		$	114,501,952		$	353,968,123

(a) Liquidated on November 16, 2018.

SEE NOTES TO FINANCIAL STATEMENTS.

52 JPMORGAN SMARTRETIREMENT BLEND FUNDS DECEMBER 31, 2018

	JPMorgan SmartRetirement Blend 2035 Fund						JPMorgan SmartRetirement Blend 2040 Fund
	Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018			Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018
SHARE TRANSACTIONS:
Class A (a)
Reinvested		3			22			2			21
Redeemed		(1,119	)		—			(1,103	)		—
Change in Class A Shares		(1,116	)		22			(1,101	)		21
Class C (a)
Reinvested		2			15			1			15
Redeemed		(1,094	)		—			(1,079	)		—
Change in Class C Shares		(1,092	)		15			(1,078	)		15
Class I
Issued		87,274			176,319			74,628			258,044
Reinvested		28,575			15,142			42,949			19,730
Redeemed		(178,796	)		(138,165	)		(228,950	)		(157,658	)
Change in Class I Shares		(62,947	)		53,296			(111,373	)		120,116
Class R2
Issued		1,698			—			2,845			—
Reinvested		73			19			177			18
Redeemed		(1	)		—			(286	)		—
Change in Class R2 Shares		1,770			19			2,736			18
Class R3
Issued		621,718			42,308			304,803			42,621
Reinvested		23,974			321			15,359			367
Redeemed		(91,062	)		(8,085	)		(61,946	)		(1,734	)
Change in Class R3 Shares		554,630			34,544			258,216			41,254
Class R4
Issued		521,499			1,079,220			348,557			848,008
Reinvested		52,970			16,750			48,494			12,973
Redeemed		(1,141,135	)		(94,917	)		(868,367	)		(53,652	)
Change in Class R4 Shares		(566,666	)		1,001,053			(471,316	)		807,329
Class R5
Issued		556,811			5,225,416			588,250			5,552,107
Reinvested		272,428			102,570			352,348			103,170
Redeemed		(1,631,821	)		(874,109	)		(1,642,273	)		(612,897	)
Change in Class R5 Shares		(802,582	)		4,453,877			(701,675	)		5,042,380
Class R6
Issued		7,521,427			15,562,414			6,399,766			10,528,997
Reinvested		1,276,098			449,042			1,263,653			400,408
Redeemed		(2,218,529	)		(2,580,909	)		(1,598,545	)		(2,005,961	)
Change in Class R6 Shares		6,578,996			13,430,547			6,064,874			8,923,444

(a) Liquidated on November 16, 2018.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 JPMORGAN SMARTRETIREMENT BLEND FUNDS 53

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

	JPMorgan SmartRetirement Blend 2045 Fund						JPMorgan SmartRetirement Blend 2050 Fund
	Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018			Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018
CAPITAL TRANSACTIONS:
Class A (a)
Distributions reinvested	$	64		$	485		$	64		$	483
Cost of shares redeemed		(25,225	)		—			(25,276	)		—
Change in net assets resulting from Class A capital transactions	$	(25,161	)	$	485		$	(25,212	)	$	483
Class C (a)
Distributions reinvested	$	30		$	352		$	30		$	349
Cost of shares redeemed		(24,629	)		—			(24,683	)		—
Change in net assets resulting from Class C capital transactions	$	(24,599	)	$	352		$	(24,653	)	$	349
Class I
Proceeds from shares issued	$	1,327,753		$	3,879,779		$	1,685,608		$	4,929,297
Distributions reinvested		340,599			287,032			427,860			333,817
Cost of shares redeemed		(6,425,844	)		(4,560,146	)		(8,413,406	)		(3,148,013	)
Change in net assets resulting from Class I capital transactions	$	(4,757,492	)	$	(393,335	)	$	(6,299,938	)	$	2,115,101
Class R2
Proceeds from shares issued	$	7,734		$	—		$	31,657		$	—
Distributions reinvested		1,226			419			2,222			415
Cost of shares redeemed		(325	)		—			(513	)		—
Change in net assets resulting from Class R2 capital transactions	$	8,635		$	419		$	33,366		$	415
Class R3
Proceeds from shares issued	$	5,206,642		$	404,871		$	2,271,422		$	506,408
Distributions reinvested		183,618			3,421			71,862			4,000
Cost of shares redeemed		(952,460	)		(52,359	)		(558,796	)		(70,305	)
Change in net assets resulting from Class R3 capital transactions	$	4,437,800		$	355,933		$	1,784,488		$	440,103
Class R4
Proceeds from shares issued	$	7,220,162		$	13,108,419		$	5,451,524		$	11,322,222
Distributions reinvested		580,324			191,363			509,548			166,708
Cost of shares redeemed		(11,793,500	)		(1,329,480	)		(10,220,224	)		(1,266,528	)
Change in net assets resulting from Class R4 capital transactions	$	(3,993,014	)	$	11,970,302		$	(4,259,152	)	$	10,222,402
Class R5
Proceeds from shares issued	$	10,352,532		$	83,276,836		$	9,948,274		$	82,330,710
Distributions reinvested		3,985,548			1,600,617			3,999,011			1,317,843
Cost of shares redeemed		(27,127,286	)		(10,770,704	)		(20,112,856	)		(9,206,460	)
Change in net assets resulting from Class R5 capital transactions	$	(12,789,206	)	$	74,106,749		$	(6,165,571	)	$	74,442,093
Class R6
Proceeds from shares issued	$	118,013,915		$	253,944,943		$	95,854,187		$	144,497,326
Distributions reinvested		18,657,794			6,998,692			13,636,086			4,840,279
Cost of shares redeemed		(35,863,066	)		(40,178,703	)		(23,431,380	)		(29,316,134	)
Change in net assets resulting from Class R6 capital transactions	$	100,808,643		$	220,764,932		$	86,058,893		$	120,021,471
Total change in net assets resulting from capital transactions	$	83,665,606		$	306,805,837		$	71,102,221		$	207,242,417

(a) Liquidated on November 16, 2018.

SEE NOTES TO FINANCIAL STATEMENTS.

54 JPMORGAN SMARTRETIREMENT BLEND FUNDS DECEMBER 31, 2018

	JPMorgan SmartRetirement Blend 2045 Fund						JPMorgan SmartRetirement Blend 2050 Fund
	Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018			Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018
SHARE TRANSACTIONS:
Class A (a)
Reinvested		3			21			3			21
Redeemed		(1,108	)		—			(1,110	)		—
Change in Class A Shares		(1,105	)		21			(1,107	)		21
Class C (a)
Reinvested		1			15			1			15
Redeemed		(1,083	)		—			(1,085	)		—
Change in Class C Shares		(1,082	)		15			(1,084	)		15
Class I
Issued		57,081			166,184			71,800			211,247
Reinvested		15,861			12,233			19,968			14,230
Redeemed		(278,452	)		(192,666	)		(366,433	)		(135,410	)
Change in Class I Shares		(205,510	)		(14,249	)		(274,665	)		90,067
Class R2
Issued		336			—			1,343			—
Reinvested		58			18			105			17
Redeemed		(16	)		—			(22	)		—
Change in Class R2 Shares		378			18			1,426			17
Class R3
Issued		229,197			16,980			102,645			20,935
Reinvested		8,690			146			3,410			171
Redeemed		(43,440	)		(2,244	)		(24,747	)		(3,044	)
Change in Class R3 Shares		194,447			14,882			81,308			18,062
Class R4
Issued		315,034			569,179			237,322			491,037
Reinvested		27,129			8,131			23,870			7,079
Redeemed		(565,009	)		(55,903	)		(490,623	)		(53,310	)
Change in Class R4 Shares		(222,846	)		521,407			(229,431	)		444,806
Class R5
Issued		449,614			3,478,115			430,678			3,425,120
Reinvested		186,507			68,273			187,727			56,213
Redeemed		(1,201,121	)		(460,710	)		(892,161	)		(393,811	)
Change in Class R5 Shares		(565,000	)		3,085,678			(273,756	)		3,087,522
Class R6
Issued		5,141,068			10,770,613			4,174,856			6,151,487
Reinvested		872,332			298,034			639,738			206,108
Redeemed		(1,587,422	)		(1,707,310	)		(1,031,591	)		(1,249,547	)
Change in Class R6 Shares		4,425,978			9,361,337			3,783,003			5,108,048

(a) Liquidated on November 16, 2018.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 JPMORGAN SMARTRETIREMENT BLEND FUNDS 55

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

	JPMorgan SmartRetirement Blend 2055 Fund						JPMorgan SmartRetirement Blend 2060 Fund
	Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018			Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018
CAPITAL TRANSACTIONS:
Class A (a)
Distributions reinvested	$	63		$	481		$	60		$	473
Cost of shares redeemed		(25,235	)		—			(23,653	)		—
Change in net assets resulting from Class A capital transactions	$	(25,172	)	$	481		$	(23,593	)	$	473
Class C (a)
Distributions reinvested	$	29		$	348		$	29		$	360
Cost of shares redeemed		(24,678	)		—			(23,389	)		—
Change in net assets resulting from Class C capital transactions	$	(24,649	)	$	348		$	(23,360	)	$	360
Class I
Proceeds from shares issued	$	1,488,398		$	2,809,048		$	138,264		$	322,139
Distributions reinvested		117,130			116,999			24,180			25,117
Cost of shares redeemed		(4,142,833	)		(1,787,967	)		(119,320	)		(233,360	)
Change in net assets resulting from Class I capital transactions	$	(2,537,305	)	$	1,138,080		$	43,124		$	113,896
Class R2
Proceeds from shares issued	$	21,618		$	—		$	6,381		$	—
Distributions reinvested		1,471			415			527			411
Cost of shares redeemed		(111	)		—			(31	)		—
Change in net assets resulting from Class R2 capital transactions	$	22,978		$	415		$	6,877		$	411
Class R3
Proceeds from shares issued	$	784,228		$	89,822		$	550,340		$	306,156
Distributions reinvested		25,294			1,130			12,411			2,218
Cost of shares redeemed		(178,343	)		—			(118,371	)		(62,470	)
Change in net assets resulting from Class R3 capital transactions	$	631,179		$	90,952		$	444,380		$	245,904
Class R4
Proceeds from shares issued	$	2,354,866		$	2,844,044		$	349,027		$	1,016,712
Distributions reinvested		129,983			37,588			14,755			13,597
Cost of shares redeemed		(2,352,781	)		(326,421	)		(927,899	)		(151,843	)
Change in net assets resulting from Class R4 capital transactions	$	132,068		$	2,555,211		$	(564,117	)	$	878,466
Class R5
Proceeds from shares issued	$	6,836,782		$	32,915,301		$	1,001,957		$	706,842
Distributions reinvested		1,379,470			606,384			30,017			8,241
Cost of shares redeemed		(10,979,802	)		(5,806,924	)		(423,252	)		(130,237	)
Change in net assets resulting from Class R5 capital transactions	$	(2,763,550	)	$	27,714,761		$	608,722		$	584,846
Class R6
Proceeds from shares issued	$	54,812,333		$	91,923,732		$	12,767,876		$	11,261,766
Distributions reinvested		5,808,927			2,167,275			414,318			152,797
Cost of shares redeemed		(13,747,219	)		(14,547,246	)		(2,500,354	)		(1,690,892	)
Change in net assets resulting from Class R6 capital transactions	$	46,874,041		$	79,543,761		$	10,681,840		$	9,723,671
Total change in net assets resulting from capital transactions	$	42,309,590		$	111,044,009		$	11,173,873		$	11,548,027

(a) Liquidated on November 16, 2018.

SEE NOTES TO FINANCIAL STATEMENTS.

56 JPMORGAN SMARTRETIREMENT BLEND FUNDS DECEMBER 31, 2018

	JPMorgan SmartRetirement Blend 2055 Fund						JPMorgan SmartRetirement Blend 2060 Fund
	Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018			Six Months Ended December 31, 2018 (Unaudited)			Year Ended June 30, 2018
SHARE TRANSACTIONS:
Class A (a)
Reinvested		3			20			3			27
Redeemed		(1,126	)		—			(1,386	)		—
Change in Class A Shares		(1,123	)		20			(1,383	)		27
Class C (a)
Reinvested		1			15			2			21
Redeemed		(1,103	)		—			(1,374	)		—
Change in Class C Shares		(1,102	)		15			(1,372	)		21
Class I
Issued		64,788			121,590			8,030			17,648
Reinvested		5,493			5,070			1,480			1,436
Redeemed		(182,988	)		(77,241	)		(6,948	)		(12,650	)
Change in Class I Shares		(112,707	)		49,419			2,562			6,434
Class R2
Issued		954			—			367			—
Reinvested		70			18			32			23
Redeemed		(5	)		—			(2	)		—
Change in Class R2 Shares		1,019			18			397			23
Class R3
Issued		35,094			3,806			32,199			16,929
Reinvested		1,210			49			769			127
Redeemed		(8,352	)		—			(6,616	)		(3,627	)
Change in Class R3 Shares		27,952			3,855			26,352			13,429
Class R4
Issued		102,466			124,702			20,146			58,703
Reinvested		6,159			1,625			890			774
Redeemed		(113,245	)		(13,940	)		(57,840	)		(8,580	)
Change in Class R4 Shares		(4,620	)		112,387			(36,804	)		50,897
Class R5
Issued		301,139			1,402,128			57,909			40,115
Reinvested		65,319			26,294			1,844			471
Redeemed		(493,996	)		(251,931	)		(26,407	)		(7,386	)
Change in Class R5 Shares		(127,538	)		1,176,491			33,346			33,200
Class R6
Issued		2,401,097			3,953,034			738,802			638,962
Reinvested		274,779			93,830			25,394			8,723
Redeemed		(610,890	)		(628,047	)		(147,789	)		(96,005	)
Change in Class R6 Shares		2,064,986			3,418,817			616,407			551,680

(a) Liquidated on November 16, 2018.

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 JPMORGAN SMARTRETIREMENT BLEND FUNDS 57

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan SmartRetirement Blend Income Fund
Class I
Six Months Ended December 31, 2018 (Unaudited)	$	17.53	$	0.23	(g)(h)	$	(0.78	)	$	(0.55	)	$	(0.21	)	$	(0.50	)	$	(0.71	)
Year Ended June 30, 2018		17.25		0.42	(g)		0.29			0.71			(0.43	)		—			(0.43	)
Year Ended June 30, 2017		16.50		0.37	(g)(h)		0.72			1.09			(0.34	)		—			(0.34	)
Year Ended June 30, 2016		16.47		0.33	(g)		0.06			0.39			(0.34	)		(0.02	)		(0.36	)
Year Ended June 30, 2015		16.77		0.29			(0.16	)		0.13			(0.31	)		(0.12	)		(0.43	)
Year Ended June 30, 2014		15.44		0.34	(g)		1.31			1.65			(0.31	)		(0.01	)		(0.32	)
Class R2
Six Months Ended December 31, 2018 (Unaudited)		17.53		0.20	(g)(h)		(0.78	)		(0.58	)		(0.18	)		(0.50	)		(0.68	)
Year Ended June 30, 2018		17.25		0.34	(g)		0.28			0.62			(0.34	)		—			(0.34	)
Year Ended June 30, 2017		16.50		0.29	(g)(h)		0.72			1.01			(0.26	)		—			(0.26	)
Year Ended June 30, 2016		16.47		0.27	(g)		0.05			0.32			(0.27	)		(0.02	)		(0.29	)
Year Ended June 30, 2015		16.77		0.23			(0.17	)		0.06			(0.24	)		(0.12	)		(0.36	)
Year Ended June 30, 2014		15.44		0.26	(g)		1.32			1.58			(0.24	)		(0.01	)		(0.25	)
Class R3
Six Months Ended December 31, 2018 (Unaudited)		17.54		0.22	(g)(h)		(0.78	)		(0.56	)		(0.20	)		(0.50	)		(0.70	)
Year Ended June 30, 2018		17.24		0.31	(g)		0.35			0.66			(0.36	)		—			(0.36	)
May 31, 2017 (j) through June 30, 2017		17.28		0.06	(g)(h)		(0.02	)		0.04			(0.08	)		—			(0.08	)
Class R4
Six Months Ended December 31, 2018 (Unaudited)		17.52		0.25	(g)(h)		(0.80	)		(0.55	)		(0.20	)		(0.50	)		(0.70	)
Year Ended June 30, 2018		17.24		0.46	(g)		0.25			0.71			(0.43	)		—			(0.43	)
May 31, 2017 (j) through June 30, 2017		17.28		0.06	(g)(h)		(0.01	)		0.05			(0.09	)		—			(0.09	)
Class R5
Six Months Ended December 31, 2018 (Unaudited)		17.53		0.25	(g)(h)		(0.78	)		(0.53	)		(0.23	)		(0.50	)		(0.73	)
Year Ended June 30, 2018		17.26		0.50	(g)		0.23			0.73			(0.46	)		—			(0.46	)
Year Ended June 30, 2017		16.50		0.40	(g)(h)		0.73			1.13			(0.37	)		—			(0.37	)
Year Ended June 30, 2016		16.47		0.35	(g)		0.07			0.42			(0.37	)		(0.02	)		(0.39	)
Year Ended June 30, 2015		16.77		0.33			(0.17	)		0.16			(0.34	)		(0.12	)		(0.46	)
Year Ended June 30, 2014		15.44		0.38	(g)		1.30			1.68			(0.34	)		(0.01	)		(0.35	)
Class R6
Six Months Ended December 31, 2018 (Unaudited)		17.54		0.28	(g)(h)		(0.80	)		(0.52	)		(0.24	)		(0.50	)		(0.74	)
Year Ended June 30, 2018		17.26		0.48	(g)		0.27			0.75			(0.47	)		—			(0.47	)
Year Ended June 30, 2017		16.51		0.44	(g)(h)		0.70			1.14			(0.39	)		—			(0.39	)
Year Ended June 30, 2016		16.48		0.37	(g)		0.06			0.43			(0.38	)		(0.02	)		(0.40	)
Year Ended June 30, 2015		16.78		0.34			(0.18	)		0.16			(0.34	)		(0.12	)		(0.46	)
Year Ended June 30, 2014		15.45		0.39	(g)		1.30			1.69			(0.35	)		(0.01	)		(0.36	)

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Net investment income (loss) is affected by the timing of distributions from Underlying Funds.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(e) Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(f) Does not include expenses of Underlying Funds.

(g) Calculated based upon average shares outstanding.

(h) Net investment income (loss) may appear disproportionate among classes due to the timing of recognition of income and changes in the relative size of the classes.

(i) Certain non-recurring expenses incurred by the Fund were not annualized for the year ended June 30, 2014.

(j) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

58 JPMORGAN SMARTRETIREMENT BLEND FUNDS DECEMBER 31, 2018

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period		Net expenses (e)(f)			Net investment income (loss) (b)			Expenses without waivers, reimbursements and earnings credits (f)			Portfolio turnover rate (c)
$	16.27		(3.17	)%	$	7,624,116		0.27	%		2.56	%(h)		0.65	%		9	%
	17.53		4.09			13,663,281		0.28			2.37			0.70			51
	17.25		6.70			14,964,684		0.29			2.19	(h)		0.90			35
	16.50		2.39			7,797,395		0.42			2.03			0.98			52
	16.47		0.77			5,847,907		0.41			1.90			1.02			24
	16.77		10.74			2,495,073		0.36	(i)		2.10	(i)		1.55	(i)		86
	16.27		(3.38	)		43,988		0.77			2.30	(h)		1.16			9
	17.53		3.57			45,542		0.78			1.90			1.47			51
	17.25		6.18			43,979		0.79			1.73	(h)		2.06			35
	16.50		1.97			20,690		0.82			1.65			3.39			52
	16.47		0.35			57,882		0.81			1.41			1.62			24
	16.77		10.28			57,700		0.76	(i)		1.59	(i)		2.12	(i)		86
	16.28		(3.26	)		519,087		0.52			2.52	(h)		0.91			9
	17.54		3.81			598,153		0.52			1.72			0.92			51
	17.24		0.25			20,052		0.55			4.09	(h)		0.99			35
	16.27		(3.19	)		2,045,653		0.27			2.91	(h)		0.65			9
	17.52		4.10			4,716,203		0.28			2.61			0.67			51
	17.24		0.28			20,057		0.30			4.35	(h)		0.74			35
	16.27		(3.07	)		59,748,583		0.12			2.89	(h)		0.50			9
	17.53		4.21			83,274,278		0.13			2.80			0.53			51
	17.26		6.94			28,747,350		0.13			2.35	(h)		0.69			35
	16.50		2.58			19,314,726		0.22			2.19			0.80			52
	16.47		0.95			22,682,759		0.20			2.02			0.87			24
	16.77		10.94			21,940,682		0.19	(i)		2.33	(i)		0.95	(i)		86
	16.28		(3.02	)		424,661,360		0.02			3.15	(h)		0.40			9
	17.54		4.35			284,278,659		0.03			2.71			0.44			51
	17.26		6.97			155,018,550		0.04			2.59	(h)		0.60			35
	16.51		2.64			31,351,683		0.17			2.29			0.69			52
	16.48		0.99			20,191,251		0.16			2.08			0.77			24
	16.78		10.97			13,960,559		0.12	(i)		2.37	(i)		1.27	(i)		86

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 JPMORGAN SMARTRETIREMENT BLEND FUNDS 59

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)(c)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan SmartRetirement Blend 2020 Fund
Class I
Six Months Ended December 31, 2018 (Unaudited)	$	19.63	$	0.26	(h)	$	(1.03	)	$	(0.77	)	$	(0.26	)	$	(0.62	)	$	(0.88	)
Year Ended June 30, 2018		19.09		0.48			0.53			1.01			(0.47	)		—			(0.47	)
Year Ended June 30, 2017		17.89		0.41	(h)		1.19			1.60			(0.40	)		—			(0.40	)
Year Ended June 30, 2016		17.91		0.38			—	(i)		0.38			(0.39	)		(0.01	)		(0.40	)
Year Ended June 30, 2015		18.03		0.37			(0.06	)		0.31			(0.35	)		(0.08	)		(0.43	)
Year Ended June 30, 2014		16.03		0.39	(h)		1.99			2.38			(0.37	)		(0.01	)		(0.38	)
Class R2
Six Months Ended December 31, 2018 (Unaudited)		19.64		0.24	(h)		(1.06	)		(0.82	)		(0.22	)		(0.62	)		(0.84	)
Year Ended June 30, 2018		19.10		0.38			0.54			0.92			(0.38	)		—			(0.38	)
Year Ended June 30, 2017		17.89		0.32	(h)		1.20			1.52			(0.31	)		—			(0.31	)
Year Ended June 30, 2016		17.91		0.31			—	(i)		0.31			(0.32	)		(0.01	)		(0.33	)
Year Ended June 30, 2015		18.03		0.28			(0.05	)		0.23			(0.27	)		(0.08	)		(0.35	)
Year Ended June 30, 2014		16.03		0.29	(h)		2.02			2.31			(0.30	)		(0.01	)		(0.31	)
Class R3
Six Months Ended December 31, 2018 (Unaudited)		19.62		0.46	(h)		(1.26	)		(0.80	)		(0.24	)		(0.62	)		(0.86	)
Year Ended June 30, 2018		19.08		0.45			0.52			0.97			(0.43	)		—			(0.43	)
May 31, 2017 (k) through June 30, 2017		19.12		0.08	(h)		—	(i)		0.08			(0.12	)		—			(0.12	)
Class R4
Six Months Ended December 31, 2018 (Unaudited)		19.62		0.28	(h)		(1.05	)		(0.77	)		(0.23	)		(0.62	)		(0.85	)
Year Ended June 30, 2018		19.08		0.53			0.49			1.02			(0.48	)		—			(0.48	)
May 31, 2017 (k) through June 30, 2017		19.12		0.08	(h)		—	(i)		0.08			(0.12	)		—			(0.12	)
Class R5
Six Months Ended December 31, 2018 (Unaudited)		19.64		0.28	(h)		(1.04	)		(0.76	)		(0.27	)		(0.62	)		(0.89	)
Year Ended June 30, 2018		19.10		0.58			0.47			1.05			(0.51	)		—			(0.51	)
Year Ended June 30, 2017		17.90		0.44	(h)		1.19			1.63			(0.43	)		—			(0.43	)
Year Ended June 30, 2016		17.91		0.41			0.01			0.42			(0.42	)		(0.01	)		(0.43	)
Year Ended June 30, 2015		18.03		0.40			(0.06	)		0.34			(0.38	)		(0.08	)		(0.46	)
Year Ended June 30, 2014		16.03		0.46	(h)		1.95			2.41			(0.40	)		(0.01	)		(0.41	)
Class R6
Six Months Ended December 31, 2018 (Unaudited)		19.64		0.30	(h)		(1.04	)		(0.74	)		(0.28	)		(0.62	)		(0.90	)
Year Ended June 30, 2018		19.10		0.54			0.52			1.06			(0.52	)		—			(0.52	)
Year Ended June 30, 2017		17.90		0.49	(h)		1.16			1.65			(0.45	)		—			(0.45	)
Year Ended June 30, 2016		17.92		0.42			—	(i)		0.42			(0.43	)		(0.01	)		(0.44	)
Year Ended June 30, 2015		18.03		0.40			(0.04	)		0.36			(0.39	)		(0.08	)		(0.47	)
Year Ended June 30, 2014		16.03		0.44	(h)		1.98			2.42			(0.41	)		(0.01	)		(0.42	)

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Net investment income (loss) is affected by the timing of distributions from Underlying Funds.

(c) Calculated based upon average shares outstanding.

(d) Not annualized for periods less than one year.

(e) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(f) Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(g) Does not include expenses of Underlying Funds.

(h) Net investment income (loss) may appear disproportionate among classes due to the timing of recognition of income and changes in the relative size of the classes.

(i) Amount rounds to less than $0.005.

(j) Certain non-recurring expenses incurred by the Fund were not annualized for the year ended June 30, 2014.

(k) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

60 JPMORGAN SMARTRETIREMENT BLEND FUNDS DECEMBER 31, 2018

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (d)(e)			Net assets, end of period		Net expenses (f)(g)			Net investment income (loss) (b)			Expenses without waivers, reimbursements and earnings credits (g)			Portfolio turnover rate (d)
$	17.98		(3.99	)%	$	21,499,919		0.28	%		2.61	%(h)		0.62	%		6	%
	19.63		5.32			26,228,824		0.30			2.41			0.64			55
	19.09		9.05			24,528,197		0.31			2.24	(h)		0.71			33
	17.89		2.16			20,196,469		0.44			2.18			0.79			48
	17.91		1.71			14,807,138		0.42			2.06			0.78			17
	18.03		14.95			6,808,020		0.38	(j)		2.28	(h)(j)		1.01	(j)		49
	17.98		(4.23	)		48,334		0.78			2.41	(h)		1.16			6
	19.64		4.79			23,638		0.80			1.90			1.42			55
	19.10		8.57			22,558		0.81			1.73	(h)		1.88			33
	17.89		1.74			20,787		0.84			1.76			3.20			48
	17.91		1.29			62,995		0.82			1.55			1.36			17
	18.03		14.47			62,195		0.78	(j)		1.69	(h)(j)		1.53	(j)		49
	17.96		(4.10	)		34,297,971		0.52			4.87	(h)		0.88			6
	19.62		5.07			2,386,995		0.53			2.23			0.89			55
	19.08		0.39			20,081		0.57			4.85	(h)		0.89			33
	18.00		(3.98	)		3,523,399		0.28			2.90	(h)		0.62			6
	19.62		5.32			10,857,049		0.29			2.66			0.64			55
	19.08		0.41			20,085		0.31			5.11	(h)		0.63			33
	17.99		(3.91	)		171,041,783		0.13			2.81	(h)		0.47			6
	19.64		5.49			214,924,361		0.14			2.95			0.49			55
	19.10		9.22			51,332,121		0.14			2.39	(h)		0.51			33
	17.90		2.41			53,660,447		0.24			2.33			0.60			48
	17.91		1.89			58,510,251		0.22			2.19			0.60			17
	18.03		15.15			45,752,633		0.21	(j)		2.60	(h)(j)		0.68	(j)		49
	18.00		(3.80	)		561,353,030		0.03			3.01	(h)		0.37			6
	19.64		5.57			492,600,914		0.05			2.74			0.39			55
	19.10		9.31			295,436,687		0.06			2.62	(h)		0.43			33
	17.90		2.41			97,198,855		0.19			2.40			0.51			48
	17.92		2.00			75,032,153		0.17			2.21			0.53			17
	18.03		15.19			48,730,493		0.14	(j)		2.53	(h)(j)		0.76	(j)		49

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 JPMORGAN SMARTRETIREMENT BLEND FUNDS 61

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan SmartRetirement Blend 2025 Fund
Class I
Six Months Ended December 31, 2018 (Unaudited)	$	20.77	$	0.26	(g)(h)	$	(1.31	)	$	(1.05	)	$	(0.26	)	$	(0.55	)	$	(0.81	)
Year Ended June 30, 2018		20.00		0.47	(g)		0.78			1.25			(0.48	)		—			(0.48	)
Year Ended June 30, 2017		18.42		0.41	(g)(h)		1.58			1.99			(0.41	)		—			(0.41	)
Year Ended June 30, 2016		18.51		0.40	(g)		(0.09	)		0.31			(0.39	)		(0.01	)		(0.40	)
Year Ended June 30, 2015		18.58		0.34			0.01			0.35			(0.35	)		(0.07	)		(0.42	)
Year Ended June 30, 2014		16.28		0.41	(g)(h)		2.29			2.70			(0.38	)		(0.02	)		(0.40	)
Class R2
Six Months Ended December 31, 2018 (Unaudited)		20.76		0.22	(g)(h)		(1.32	)		(1.10	)		(0.21	)		(0.55	)		(0.76	)
Year Ended June 30, 2018		20.00		0.43	(g)		0.71			1.14			(0.38	)		—			(0.38	)
Year Ended June 30, 2017		18.42		0.32	(g)(h)		1.57			1.89			(0.31	)		—			(0.31	)
Year Ended June 30, 2016		18.51		0.30	(g)		(0.07	)		0.23			(0.31	)		(0.01	)		(0.32	)
Year Ended June 30, 2015		18.58		0.28			(0.01	)		0.27			(0.27	)		(0.07	)		(0.34	)
Year Ended June 30, 2014		16.27		0.29	(g)(h)		2.35			2.64			(0.31	)		(0.02	)		(0.33	)
Class R3
Six Months Ended December 31, 2018 (Unaudited)		20.75		0.50	(g)(h)		(1.57	)		(1.07	)		(0.24	)		(0.55	)		(0.79	)
Year Ended June 30, 2018		20.00		0.46	(g)		0.73			1.19			(0.44	)		—			(0.44	)
May 31, 2017 (j) through June 30, 2017		20.01		0.09	(g)(h)		0.02			0.11			(0.12	)		—			(0.12	)
Class R4
Six Months Ended December 31, 2018 (Unaudited)		20.76		0.29	(g)(h)		(1.34	)		(1.05	)		(0.23	)		(0.55	)		(0.78	)
Year Ended June 30, 2018		20.00		0.53	(g)		0.72			1.25			(0.49	)		—			(0.49	)
May 31, 2017 (j) through June 30, 2017		20.01		0.09	(g)(h)		0.02			0.11			(0.12	)		—			(0.12	)
Class R5
Six Months Ended December 31, 2018 (Unaudited)		20.78		0.28	(g)(h)		(1.31	)		(1.03	)		(0.28	)		(0.55	)		(0.83	)
Year Ended June 30, 2018		20.01		0.58	(g)		0.71			1.29			(0.52	)		—			(0.52	)
Year Ended June 30, 2017		18.43		0.44	(g)(h)		1.58			2.02			(0.44	)		—			(0.44	)
Year Ended June 30, 2016		18.52		0.41	(g)		(0.07	)		0.34			(0.42	)		(0.01	)		(0.43	)
Year Ended June 30, 2015		18.59		0.38			0.00	(k)		0.38			(0.38	)		(0.07	)		(0.45	)
Year Ended June 30, 2014		16.28		0.47	(g)(h)		2.27			2.74			(0.41	)		(0.02	)		(0.43	)
Class R6
Six Months Ended December 31, 2018 (Unaudited)		20.78		0.30	(g)(h)		(1.32	)		(1.02	)		(0.29	)		(0.55	)		(0.84	)
Year Ended June 30, 2018		20.01		0.56	(g)		0.75			1.31			(0.54	)		—			(0.54	)
Year Ended June 30, 2017		18.43		0.50	(g)(h)		1.54			2.04			(0.46	)		—			(0.46	)
Year Ended June 30, 2016		18.52		0.43	(g)		(0.08	)		0.35			(0.43	)		(0.01	)		(0.44	)
Year Ended June 30, 2015		18.58		0.38			0.02			0.40			(0.39	)		(0.07	)		(0.46	)
Year Ended June 30, 2014		16.27		0.44	(g)(h)		2.31			2.75			(0.42	)		(0.02	)		(0.44	)

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Net investment income (loss) is affected by the timing of distributions from Underlying Funds.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(e) Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(f) Does not include expenses of Underlying Funds.

(g) Calculated based upon average shares outstanding.

(h) Net investment income (loss) may appear disproportionate among classes due to the timing of recognition of income and changes in the relative size of the classes.

(i) Certain non-recurring expenses incurred by the Fund were not annualized for the year ended June 30, 2014.

(j) Commencement of offering of class of shares.

(k) Amount rounds to less than $0.005.

SEE NOTES TO FINANCIAL STATEMENTS.

62 JPMORGAN SMARTRETIREMENT BLEND FUNDS DECEMBER 31, 2018

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period		Net expenses (e)(f)			Net investment income (loss) (b)			Expenses without waivers, reimbursements and earnings credits (f)			Portfolio turnover rate (c)
$	18.91		(5.13	)%	$	21,492,945		0.29	%		2.55	%(h)		0.62	%		5	%
	20.77		6.27			23,667,720		0.31			2.27			0.64			57
	20.00		10.90			25,137,860		0.32			2.16	(h)		0.74			21
	18.42		1.73			21,966,302		0.45			2.19			0.82			45
	18.51		1.89			14,107,981		0.43			2.02			0.82			14
	18.58		16.69			6,485,172		0.40	(i)		2.33	(h)(i)		1.13	(i)		40
	18.90		(5.37	)		806,546		0.79			2.09	(h)		1.12			5
	20.76		5.72			815,793		0.80			2.02			1.14			57
	20.00		10.35			22,895		0.82			1.65	(h)		1.89			21
	18.42		1.31			20,748		0.85			1.68			3.22			45
	18.51		1.46			65,072		0.83			1.49			1.39			14
	18.58		16.29			64,120		0.78	(i)		1.63	(h)(i)		1.67	(i)		40
	18.89		(5.20	)		23,602,067		0.53			5.04	(h)		0.88			5
	20.75		5.94			1,924,841		0.54			2.20			0.87			57
	20.00		0.55			20,106		0.58			5.34	(h)		0.94			21
	18.93		(5.12	)		7,178,024		0.29			2.77	(h)		0.62			5
	20.76		6.23			18,420,250		0.30			2.54			0.63			57
	20.00		0.57			20,111		0.33			5.60	(h)		0.69			21
	18.92		(5.06	)		159,737,909		0.14			2.69	(h)		0.47			5
	20.78		6.45			197,523,933		0.16			2.76			0.48			57
	20.01		11.07			55,475,443		0.16			2.31	(h)		0.53			21
	18.43		1.92			51,575,522		0.25			2.25			0.62			45
	18.52		2.07			57,570,135		0.22			2.17			0.63			14
	18.59		16.96			41,884,578		0.21	(i)		2.62	(h)(i)		0.76	(i)		40
	18.92		(5.01	)		736,279,259		0.04			2.91	(h)		0.37			5
	20.78		6.54			627,031,292		0.06			2.67			0.38			57
	20.01		11.16			274,383,280		0.07			2.57	(h)		0.44			21
	18.43		1.97			84,808,931		0.20			2.37			0.52			45
	18.52		2.17			57,094,878		0.18			2.19			0.55			14
	18.58		17.02			31,592,373		0.14	(i)		2.47	(h)(i)		0.90	(i)		40

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 JPMORGAN SMARTRETIREMENT BLEND FUNDS 63

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)(c)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan SmartRetirement Blend 2030 Fund
Class I
Six Months Ended December 31, 2018 (Unaudited)	$	21.89	$	0.25	(h)	$	(1.57	)	$	(1.32	)	$	(0.26	)	$	(0.69	)	$	(0.95	)
Year Ended June 30, 2018		20.86		0.48			1.05			1.53			(0.50	)		—			(0.50	)
Year Ended June 30, 2017		18.88		0.41	(h)		1.98			2.39			(0.41	)		—			(0.41	)
Year Ended June 30, 2016		19.09		0.39			(0.20	)		0.19			(0.39	)		(0.01	)		(0.40	)
Year Ended June 30, 2015		19.13		0.37			0.02			0.39			(0.35	)		(0.08	)		(0.43	)
Year Ended June 30, 2014		16.48		0.40	(h)		2.63			3.03			(0.37	)		(0.01	)		(0.38	)
Class R2
Six Months Ended December 31, 2018 (Unaudited)		21.90		0.22	(h)		(1.59	)		(1.37	)		(0.21	)		(0.69	)		(0.90	)
Year Ended June 30, 2018		20.87		0.37			1.05			1.42			(0.39	)		—			(0.39	)
Year Ended June 30, 2017		18.89		0.31	(h)		1.98			2.29			(0.31	)		—			(0.31	)
Year Ended June 30, 2016		19.10		0.30			(0.19	)		0.11			(0.31	)		(0.01	)		(0.32	)
Year Ended June 30, 2015		19.14		0.28			0.03			0.31			(0.27	)		(0.08	)		(0.35	)
Year Ended June 30, 2014		16.48		0.28	(h)		2.68			2.96			(0.29	)		(0.01	)		(0.30	)
Class R3
Six Months Ended December 31, 2018 (Unaudited)		21.87		0.41	(h)		(1.77	)		(1.36	)		(0.24	)		(0.69	)		(0.93	)
Year Ended June 30, 2018		20.85		0.50			0.97			1.47			(0.45	)		—			(0.45	)
May 31, 2017 (j) through June 30, 2017		20.85		0.10	(h)		0.03			0.13			(0.13	)		—			(0.13	)
Class R4
Six Months Ended December 31, 2018 (Unaudited)		21.88		0.29	(h)		(1.61	)		(1.32	)		(0.22	)		(0.69	)		(0.91	)
Year Ended June 30, 2018		20.85		0.53			1.00			1.53			(0.50	)		—			(0.50	)
May 31, 2017 (j) through June 30, 2017		20.85		0.10	(h)		0.03			0.13			(0.13	)		—			(0.13	)
Class R5
Six Months Ended December 31, 2018 (Unaudited)		21.90		0.28	(h)		(1.60	)		(1.32	)		(0.27	)		(0.69	)		(0.96	)
Year Ended June 30, 2018		20.87		0.60			0.96			1.56			(0.53	)		—			(0.53	)
Year Ended June 30, 2017		18.89		0.45	(h)		1.97			2.42			(0.44	)		—			(0.44	)
Year Ended June 30, 2016		19.10		0.41			(0.18	)		0.23			(0.43	)		(0.01	)		(0.44	)
Year Ended June 30, 2015		19.14		0.40			0.03			0.43			(0.39	)		(0.08	)		(0.47	)
Year Ended June 30, 2014		16.48		0.52	(h)		2.55			3.07			(0.40	)		(0.01	)		(0.41	)
Class R6
Six Months Ended December 31, 2018 (Unaudited)		21.91		0.30	(h)		(1.59	)		(1.29	)		(0.29	)		(0.69	)		(0.98	)
Year Ended June 30, 2018		20.88		0.57			1.01			1.58			(0.55	)		—			(0.55	)
Year Ended June 30, 2017		18.90		0.51	(h)		1.93			2.44			(0.46	)		—			(0.46	)
Year Ended June 30, 2016		19.11		0.43			(0.20	)		0.23			(0.43	)		(0.01	)		(0.44	)
Year Ended June 30, 2015		19.14		0.41			0.04			0.45			(0.40	)		(0.08	)		(0.48	)
Year Ended June 30, 2014		16.48		0.46	(h)		2.61			3.07			(0.40	)		(0.01	)		(0.41	)

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Net investment income (loss) is affected by the timing of distributions from Underlying Funds.

(c) Calculated based upon average shares outstanding.

(d) Not annualized for periods less than one year.

(e) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(f) Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(g) Does not include expenses of Underlying Funds.

(h) Net investment income (loss) may appear disproportionate among classes due to the timing of recognition of income and changes in the relative size of the classes.

(i) Certain non-recurring expenses incurred by the Fund were not annualized for the year ended June 30, 2014.

(j) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

64 JPMORGAN SMARTRETIREMENT BLEND FUNDS DECEMBER 31, 2018

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (d)(e)			Net assets, end of period		Net expenses (f)(g)			Net investment income (loss) (b)			Expenses without waivers, reimbursements and earnings credits (g)			Portfolio turnover rate (d)
$	19.62		(6.12	)%	$	25,026,083		0.32	%		2.25	%(h)		0.62	%		3	%
	21.89		7.32			32,534,033		0.33			2.17			0.64			54
	20.86		12.77			28,167,353		0.33			2.07	(h)		0.73			22
	18.88		1.04			20,672,603		0.45			2.09			0.81			52
	19.09		2.07			16,278,094		0.43			1.93			0.80			14
	19.13		18.47			11,169,043		0.39	(i)		2.21	(h)(i)		1.13	(i)		36
	19.63		(6.34	)		567,566		0.82			1.97	(h)		1.14			3
	21.90		6.78			24,757		0.83			1.66			1.39			54
	20.87		12.20			23,190		0.83			1.56	(h)		1.88			22
	18.89		0.62			20,665		0.85			1.61			3.21			52
	19.10		1.65			66,965		0.83			1.44			1.36			14
	19.14		18.03			65,871		0.79	(i)		1.56	(h)(i)		1.70	(i)		36
	19.58		(6.28	)		22,595,843		0.56			3.80	(h)		0.87			3
	21.87		7.05			5,862,143		0.57			2.26			0.88			54
	20.85		0.61			20,123		0.59			5.80	(h)		0.89			22
	19.65		(6.11	)		7,355,894		0.32			2.67	(h)		0.62			3
	21.88		7.33			26,232,678		0.33			2.39			0.63			54
	20.85		0.63			20,128		0.33			6.06	(h)		0.64			22
	19.62		(6.08	)		199,870,605		0.17			2.54	(h)		0.47			3
	21.90		7.50			251,868,228		0.18			2.71			0.48			54
	20.87		12.94			67,784,124		0.17			2.24	(h)		0.52			22
	18.89		1.23			59,159,371		0.25			2.19			0.62			52
	19.10		2.26			72,055,507		0.23			2.09			0.62			14
	19.14		18.73			58,548,233		0.22	(i)		2.78	(h)(i)		0.73	(i)		36
	19.64		(5.98	)		694,014,760		0.07			2.78	(h)		0.37			3
	21.91		7.58			593,600,518		0.08			2.56			0.38			54
	20.88		13.03			290,130,815		0.08			2.54	(h)		0.44			22
	18.90		1.28			77,474,074		0.20			2.30			0.52			52
	19.11		2.36			54,851,499		0.18			2.13			0.53			14
	19.14		18.77			29,155,385		0.16	(i)		2.50	(h)(i)		0.89	(i)		36

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 JPMORGAN SMARTRETIREMENT BLEND FUNDS 65

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan SmartRetirement Blend 2035 Fund
Class I
Six Months Ended December 31, 2018 (Unaudited)	$	22.78	$	0.24	(g)(h)	$	(1.80	)	$	(1.56	)	$	(0.26	)	$	(0.68	)	$	(0.94	)
Year Ended June 30, 2018		21.54		0.48	(g)		1.26			1.74			(0.50	)		—			(0.50	)
Year Ended June 30, 2017		19.28		0.42	(g)(h)		2.25			2.67			(0.41	)		—			(0.41	)
Year Ended June 30, 2016		19.57		0.38	(g)		(0.27	)		0.11			(0.39	)		(0.01	)		(0.40	)
Year Ended June 30, 2015		19.57		0.34			0.08			0.42			(0.35	)		(0.07	)		(0.42	)
Year Ended June 30, 2014		16.67		0.40	(g)(h)		2.87			3.27			(0.35	)		(0.02	)		(0.37	)
Class R2
Six Months Ended December 31, 2018 (Unaudited)		22.79		0.23	(g)(h)		(1.86	)		(1.63	)		(0.22	)		(0.68	)		(0.90	)
Year Ended June 30, 2018		21.55		0.36	(g)		1.27			1.63			(0.39	)		—			(0.39	)
Year Ended June 30, 2017		19.28		0.31	(g)(h)		2.27			2.58			(0.31	)		—			(0.31	)
Year Ended June 30, 2016		19.57		0.29	(g)		(0.26	)		0.03			(0.31	)		(0.01	)		(0.32	)
Year Ended June 30, 2015		19.57		0.27			0.07			0.34			(0.27	)		(0.07	)		(0.34	)
Year Ended June 30, 2014		16.67		0.27	(g)(h)		2.92			3.19			(0.27	)		(0.02	)		(0.29	)
Class R3
Six Months Ended December 31, 2018 (Unaudited)		22.77		0.58	(g)(h)		(2.17	)		(1.59	)		(0.24	)		(0.68	)		(0.92	)
Year Ended June 30, 2018		21.54		0.44	(g)		1.24			1.68			(0.45	)		—			(0.45	)
May 31, 2017 (j) through June 30, 2017		21.52		0.11	(g)(h)		0.04			0.15			(0.13	)		—			(0.13	)
Class R4
Six Months Ended December 31, 2018 (Unaudited)		22.78		0.29	(g)(h)		(1.86	)		(1.57	)		(0.23	)		(0.68	)		(0.91	)
Year Ended June 30, 2018		21.54		0.54	(g)		1.20			1.74			(0.50	)		—			(0.50	)
May 31, 2017 (j) through June 30, 2017		21.52		0.12	(g)(h)		0.03			0.15			(0.13	)		—			(0.13	)
Class R5
Six Months Ended December 31, 2018 (Unaudited)		22.80		0.28	(g)(h)		(1.84	)		(1.56	)		(0.27	)		(0.68	)		(0.95	)
Year Ended June 30, 2018		21.56		0.60	(g)		1.18			1.78			(0.54	)		—			(0.54	)
Year Ended June 30, 2017		19.29		0.45	(g)(h)		2.27			2.72			(0.45	)		—			(0.45	)
Year Ended June 30, 2016		19.58		0.41	(g)		(0.26	)		0.15			(0.43	)		(0.01	)		(0.44	)
Year Ended June 30, 2015		19.58		0.38			0.07			0.45			(0.38	)		(0.07	)		(0.45	)
Year Ended June 30, 2014		16.67		0.51	(g)(h)		2.80			3.31			(0.38	)		(0.02	)		(0.40	)
Class R6
Six Months Ended December 31, 2018 (Unaudited)		22.80		0.30	(g)(h)		(1.83	)		(1.53	)		(0.29	)		(0.68	)		(0.97	)
Year Ended June 30, 2018		21.56		0.57	(g)		1.23			1.80			(0.56	)		—			(0.56	)
Year Ended June 30, 2017		19.29		0.51	(g)(h)		2.22			2.73			(0.46	)		—			(0.46	)
Year Ended June 30, 2016		19.58		0.43	(g)		(0.27	)		0.16			(0.44	)		(0.01	)		(0.45	)
Year Ended June 30, 2015		19.57		0.38			0.09			0.47			(0.39	)		(0.07	)		(0.46	)
Year Ended June 30, 2014		16.67		0.48	(g)(h)		2.83			3.31			(0.39	)		(0.02	)		(0.41	)

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Net investment income (loss) is affected by the timing of distributions from Underlying Funds.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(e) Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(f) Does not include expenses of Underlying Funds.

(g) Calculated based upon average shares outstanding.

(h) Net investment income (loss) may appear disproportionate among classes due to the timing of recognition of income and changes in the relative size of the classes.

(i) Certain non-recurring expenses incurred by the Fund were not annualized for the year ended June 30, 2014.

(j) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

66 JPMORGAN SMARTRETIREMENT BLEND FUNDS DECEMBER 31, 2018

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period		Net expenses (e)(f)			Net investment income (loss) (b)			Expenses without waivers and reimbursements (f)			Portfolio turnover rate (c)
$	20.28		(6.96	)%	$	13,315,351		0.34	%		2.14	%(h)		0.63	%		3	%
	22.78		8.09			16,393,126		0.34			2.08			0.65			52
	21.54		13.99			14,352,807		0.34			2.05	(h)		0.80			24
	19.28		0.62			10,229,764		0.45			2.00			0.89			53
	19.57		2.14			12,247,862		0.43			1.94			0.88			14
	19.57		19.69			7,039,219		0.41	(i)		2.13	(h)(i)		1.41	(i)		37
	20.26		(7.22	)		58,226		0.84			2.07	(h)		1.17			3
	22.79		7.55			25,147		0.85			1.56			1.40			52
	21.55		13.48			23,383		0.84			1.52	(h)		1.91			24
	19.28		0.21			20,613		0.85			1.56			3.26			53
	19.57		1.72			68,472		0.83			1.39			1.44			14
	19.57		19.21			67,306		0.79	(i)		1.46	(h)(i)		2.18	(i)		37
	20.26		(7.06	)		11,952,660		0.58			5.33	(h)		0.89			3
	22.77		7.79			807,987		0.59			1.91			0.88			52
	21.54		0.69			20,135		0.60			6.15	(h)		0.94			24
	20.30		(6.99	)		8,838,508		0.34			2.59	(h)		0.62			3
	22.78		8.09			22,824,531		0.35			2.32			0.64			52
	21.54		0.71			20,139		0.35			6.40	(h)		0.69			24
	20.29		(6.92	)		116,736,748		0.19			2.43	(h)		0.47			3
	22.80		8.26			149,444,580		0.20			2.60			0.49			52
	21.56		14.21			45,299,205		0.18			2.19	(h)		0.57			24
	19.29		0.81			38,009,777		0.25			2.18			0.67			53
	19.58		2.33			39,097,276		0.23			2.09			0.71			14
	19.58		19.98			26,317,740		0.22	(i)		2.67	(h)(i)		0.91	(i)		37
	20.30		(6.83	)		611,612,196		0.09			2.65	(h)		0.37			3
	22.80		8.35			537,094,603		0.09			2.47			0.39			52
	21.56		14.31			218,256,416		0.09			2.49	(h)		0.47			24
	19.29		0.86			67,700,314		0.20			2.29			0.56			53
	19.58		2.43			44,103,932		0.18			2.10			0.60			14
	19.57		19.96			23,185,570		0.16	(i)		2.59	(h)(i)		1.08	(i)		37

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 JPMORGAN SMARTRETIREMENT BLEND FUNDS 67

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)(c)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan SmartRetirement Blend 2040 Fund
Class I
Six Months Ended December 31, 2018 (Unaudited)	$	23.43	$	0.24	(h)	$	(2.02	)	$	(1.78	)	$	(0.25	)	$	(0.86	)	$	(1.11	)
Year Ended June 30, 2018		21.99		0.47			1.48			1.95			(0.51	)		—			(0.51	)
Year Ended June 30, 2017		19.44		0.41	(h)		2.55			2.96			(0.41	)		—			(0.41	)
Year Ended June 30, 2016		19.82		0.38			(0.36	)		0.02			(0.39	)		(0.01	)		(0.40	)
Year Ended June 30, 2015		19.79		0.37			0.07			0.44			(0.35	)		(0.06	)		(0.41	)
Year Ended June 30, 2014		16.72		0.40	(h)		3.04			3.44			(0.35	)		(0.02	)		(0.37	)
Class R2
Six Months Ended December 31, 2018 (Unaudited)		23.43		0.25	(h)		(2.08	)		(1.83	)		(0.21	)		(0.86	)		(1.07	)
Year Ended June 30, 2018		21.99		0.35			1.48			1.83			(0.39	)		—			(0.39	)
Year Ended June 30, 2017		19.44		0.30	(h)		2.56			2.86			(0.31	)		—			(0.31	)
Year Ended June 30, 2016		19.82		0.29			(0.35	)		(0.06	)		(0.31	)		(0.01	)		(0.32	)
Year Ended June 30, 2015		19.80		0.27			0.08			0.35			(0.27	)		(0.06	)		(0.33	)
Year Ended June 30, 2014		16.72		0.27	(h)		3.10			3.37			(0.27	)		(0.02	)		(0.29	)
Class R3
Six Months Ended December 31, 2018 (Unaudited)		23.42		0.52	(h)		(2.33	)		(1.81	)		(0.24	)		(0.86	)		(1.10	)
Year Ended June 30, 2018		21.98		0.43			1.46			1.89			(0.45	)		—			(0.45	)
May 31, 2017 (j) through June 30, 2017		21.95		0.12	(h)		0.04			0.16			(0.13	)		—			(0.13	)
Class R4
Six Months Ended December 31, 2018 (Unaudited)		23.42		0.29	(h)		(2.07	)		(1.78	)		(0.23	)		(0.86	)		(1.09	)
Year Ended June 30, 2018		21.98		0.54			1.41			1.95			(0.51	)		—			(0.51	)
May 31, 2017 (j) through June 30, 2017		21.95		0.12	(h)		0.05			0.17			(0.14	)		—			(0.14	)
Class R5
Six Months Ended December 31, 2018 (Unaudited)		23.44		0.27	(h)		(2.03	)		(1.76	)		(0.27	)		(0.86	)		(1.13	)
Year Ended June 30, 2018		22.00		0.62			1.37			1.99			(0.55	)		—			(0.55	)
Year Ended June 30, 2017		19.45		0.44	(h)		2.55			2.99			(0.44	)		—			(0.44	)
Year Ended June 30, 2016		19.83		0.41			(0.35	)		0.06			(0.43	)		(0.01	)		(0.44	)
Year Ended June 30, 2015		19.80		0.41			0.07			0.48			(0.39	)		(0.06	)		(0.45	)
Year Ended June 30, 2014		16.72		0.52	(h)		2.96			3.48			(0.38	)		(0.02	)		(0.40	)
Class R6
Six Months Ended December 31, 2018 (Unaudited)		23.44		0.30	(h)		(2.05	)		(1.75	)		(0.28	)		(0.86	)		(1.14	)
Year Ended June 30, 2018		22.00		0.56			1.45			2.01			(0.57	)		—			(0.57	)
Year Ended June 30, 2017		19.45		0.53	(h)		2.48			3.01			(0.46	)		—			(0.46	)
Year Ended June 30, 2016		19.83		0.43			(0.36	)		0.07			(0.44	)		(0.01	)		(0.45	)
Year Ended June 30, 2015		19.80		0.42			0.07			0.49			(0.40	)		(0.06	)		(0.46	)
Year Ended June 30, 2014		16.72		0.48	(h)		3.01			3.49			(0.39	)		(0.02	)		(0.41	)

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Net investment income (loss) is affected by the timing of distributions from Underlying Funds.

(c) Calculated based upon average shares outstanding.

(d) Not annualized for periods less than one year.

(e) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(f) Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(g) Does not include expenses of Underlying Funds.

(h) Net investment income (loss) may appear disproportionate among classes due to the timing of recognition of income and changes in the relative size of the classes.

(i) Certain non-recurring expenses incurred by the Fund were not annualized for the year ended June 30, 2014.

(j) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

68 JPMORGAN SMARTRETIREMENT BLEND FUNDS DECEMBER 31, 2018

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (d)(e)			Net assets, end of period		Net expenses (f)(g)			Net investment income (loss) (b)			Expenses without waivers and reimbursements and earnings credits (g)			Portfolio turnover rate (d)
$	20.54		(7.71	)%	$	17,115,073		0.36	%		2.04	%(h)		0.63	%		2	%
	23.43		8.87			22,131,738		0.36			2.02			0.65			52
	21.99		15.35			18,130,080		0.34			1.97	(h)		0.78			19
	19.44		0.18			14,121,513		0.45			1.99			0.88			56
	19.82		2.24			14,767,955		0.43			1.86			0.89			12
	19.79		20.66			10,763,142		0.40	(i)		2.15	(h)(i)		1.35	(i)		22
	20.53		(7.92	)		78,578		0.86			2.19	(h)		1.15			2
	23.43		8.33			25,582		0.86			1.49			1.40			52
	21.99		14.78			23,616		0.84			1.45	(h)		1.91			19
	19.44		(0.23	)		20,577		0.85			1.51			3.28			56
	19.82		1.77			69,287		0.83			1.37			1.45			12
	19.80		20.21			68,055		0.81	(i)		1.45	(h)(i)		2.18	(i)		22
	20.51		(7.85	)		6,161,348		0.60			4.66	(h)		0.89			2
	23.42		8.62			987,427		0.61			1.81			0.88			52
	21.98		0.73			20,145		0.60			6.48	(h)		0.89			19
	20.55		(7.74	)		6,925,257		0.36			2.45	(h)		0.62			2
	23.42		8.88			18,926,546		0.36			2.28			0.64			52
	21.98		0.75			20,150		0.35			6.73	(h)		0.64			19
	20.55		(7.63	)		130,170,830		0.21			2.35	(h)		0.47			2
	23.44		9.04			164,942,816		0.21			2.62			0.49			52
	22.00		15.52			43,882,327		0.19			2.12	(h)		0.57			19
	19.45		0.37			36,208,196		0.25			2.14			0.69			56
	19.83		2.43			37,700,436		0.23			2.06			0.72			12
	19.80		20.92			27,542,352		0.22	(i)		2.74	(h)(i)		0.88	(i)		22
	20.55		(7.58	)		529,532,027		0.11			2.59	(h)		0.37			2
	23.44		9.13			461,882,871		0.11			2.40			0.39			52
	22.00		15.62			237,133,554		0.09			2.50	(h)		0.46			19
	19.45		0.42			59,798,924		0.20			2.27			0.57			56
	19.83		2.48			37,529,276		0.18			2.09			0.61			12
	19.80		20.97			19,605,778		0.16	(i)		2.56	(h)(i)		1.04	(i)		22

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 JPMORGAN SMARTRETIREMENT BLEND FUNDS 69

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan SmartRetirement Blend 2045 Fund
Class I
Six Months Ended December 31, 2018 (Unaudited)	$	23.39	$	0.20	(g)(h)	$	(2.05	)	$	(1.85	)	$	(0.25	)	$	(0.68	)	$	(0.93	)
Year Ended June 30, 2018		21.92		0.46	(g)		1.51			1.97			(0.50	)		—			(0.50	)
Year Ended June 30, 2017		19.38		0.41	(g)(h)		2.54			2.95			(0.41	)		—			(0.41	)
Year Ended June 30, 2016		19.74		0.39	(g)		(0.35	)		0.04			(0.39	)		(0.01	)		(0.40	)
Year Ended June 30, 2015		19.71		0.34			0.08			0.42			(0.35	)		(0.04	)		(0.39	)
Year Ended June 30, 2014		16.72		0.39	(g)(h)		3.01			3.40			(0.36	)		(0.05	)		(0.41	)
Class R2
Six Months Ended December 31, 2018 (Unaudited)		23.39		0.22	(g)(h)		(2.13	)		(1.91	)		(0.20	)		(0.68	)		(0.88	)
Year Ended June 30, 2018		21.93		0.34	(g)		1.51			1.85			(0.39	)		—			(0.39	)
Year Ended June 30, 2017		19.38		0.30	(g)(h)		2.55			2.85			(0.30	)		—			(0.30	)
Year Ended June 30, 2016		19.74		0.29	(g)		(0.33	)		(0.04	)		(0.31	)		(0.01	)		(0.32	)
Year Ended June 30, 2015		19.71		0.27			0.07			0.34			(0.27	)		(0.04	)		(0.31	)
Year Ended June 30, 2014		16.72		0.27	(g)(h)		3.05			3.32			(0.28	)		(0.05	)		(0.33	)
Class R3
Six Months Ended December 31, 2018 (Unaudited)		23.37		0.59	(g)(h)		(2.47	)		(1.88	)		(0.24	)		(0.68	)		(0.92	)
Year Ended June 30, 2018		21.91		0.45	(g)		1.47			1.92			(0.46	)		—			(0.46	)
May 31, 2017 (j) through June 30, 2017		21.88		0.12	(g)(h)		0.04			0.16			(0.13	)		—			(0.13	)
Class R4
Six Months Ended December 31, 2018 (Unaudited)		23.37		0.29	(g)(h)		(2.14	)		(1.85	)		(0.23	)		(0.68	)		(0.91	)
Year Ended June 30, 2018		21.91		0.54	(g)		1.43			1.97			(0.51	)		—			(0.51	)
May 31, 2017 (j) through June 30, 2017		21.88		0.12	(g)(h)		0.04			0.16			(0.13	)		—			(0.13	)
Class R5
Six Months Ended December 31, 2018 (Unaudited)		23.40		0.27	(g)(h)		(2.11	)		(1.84	)		(0.27	)		(0.68	)		(0.95	)
Year Ended June 30, 2018		21.93		0.60	(g)		1.41			2.01			(0.54	)		—			(0.54	)
Year Ended June 30, 2017		19.39		0.44	(g)(h)		2.54			2.98			(0.44	)		—			(0.44	)
Year Ended June 30, 2016		19.75		0.41	(g)		(0.33	)		0.08			(0.43	)		(0.01	)		(0.44	)
Year Ended June 30, 2015		19.71		0.38			0.09			0.47			(0.39	)		(0.04	)		(0.43	)
Year Ended June 30, 2014		16.72		0.55	(g)(h)		2.88			3.43			(0.39	)		(0.05	)		(0.44	)
Class R6
Six Months Ended December 31, 2018 (Unaudited)		23.42		0.30	(g)(h)		(2.13	)		(1.83	)		(0.28	)		(0.68	)		(0.96	)
Year Ended June 30, 2018		21.95		0.56	(g)		1.47			2.03			(0.56	)		—			(0.56	)
Year Ended June 30, 2017		19.40		0.54	(g)(h)		2.47			3.01			(0.46	)		—			(0.46	)
Year Ended June 30, 2016		19.76		0.44	(g)		(0.35	)		0.09			(0.44	)		(0.01	)		(0.45	)
Year Ended June 30, 2015		19.72		0.39			0.09			0.48			(0.40	)		(0.04	)		(0.44	)
Year Ended June 30, 2014		16.72		0.50	(g)(h)		2.95			3.45			(0.40	)		(0.05	)		(0.45	)

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Net investment income (loss) is affected by the timing of distributions from Underlying Funds.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(e) Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(f) Does not include expenses of Underlying Funds.

(g) Calculated based upon average shares outstanding.

(h) Net investment income (loss) may appear disproportionate among classes due to the timing of recognition of income and changes in the relative size of the classes.

(i) Certain non-recurring expenses incurred by the Fund were not annualized for the year ended June 30, 2014.

(j) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

70 JPMORGAN SMARTRETIREMENT BLEND FUNDS DECEMBER 31, 2018

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period		Net expenses (e)(f)			Net investment income (loss) (b)			Expenses without waivers, reimbursements and earnings credits (f)			Portfolio turnover rate (c)
$	20.61		(8.03	)%	$	7,538,479		0.37	%		1.70	%(h)		0.64	%		3	%
	23.39		9.01			13,360,800		0.36			1.97			0.67			49
	21.92		15.33			12,837,389		0.34			1.99	(h)		0.90			17
	19.38		0.27			7,930,339		0.45			2.06			1.05			54
	19.74		2.19			6,897,792		0.43			1.95			1.10			15
	19.71		20.47			4,006,265		0.40	(i)		2.10	(h)(i)		2.56	(i)		31
	20.60		(8.26	)		30,362		0.87			1.86	(h)		1.18			3
	23.39		8.42			25,627		0.86			1.47			1.42			49
	21.93		14.81			23,634		0.84			1.46	(h)		1.99			17
	19.38		(0.15	)		20,592		0.85			1.51			3.39			54
	19.74		1.77			69,190		0.83			1.37			1.67			15
	19.71		20.00			67,969		0.78	(i)		1.48	(h)(i)		3.59	(i)		31
	20.57		(8.16	)		4,325,307		0.61			5.31	(h)		0.93			3
	23.37		8.75			369,207		0.62			1.89			0.90			49
	21.91		0.72			20,148		0.60			6.56	(h)		0.94			17
	20.61		(8.01	)		6,172,244		0.37			2.49	(h)		0.63			3
	23.37		8.98			12,208,843		0.36			2.27			0.65			49
	21.91		0.75			20,152		0.35			6.82	(h)		0.69			17
	20.61		(7.98	)		80,891,581		0.22			2.32	(h)		0.48			3
	23.40		9.19			105,034,052		0.21			2.54			0.50			49
	21.93		15.49			30,788,480		0.19			2.14	(h)		0.66			17
	19.39		0.46			23,904,086		0.25			2.16			0.83			54
	19.75		2.44			23,577,304		0.23			2.07			0.94			15
	19.71		20.71			15,862,556		0.21	(i)		2.87	(h)(i)		1.32	(i)		31
	20.63		(7.92	)		425,237,973		0.12			2.57	(h)		0.38			3
	23.42		9.27			379,003,604		0.11			2.37			0.41			49
	21.95		15.65			149,787,358		0.09			2.56	(h)		0.54			17
	19.40		0.51			35,978,570		0.20			2.31			0.68			54
	19.76		2.48			19,533,673		0.18			2.15			0.79			15
	19.72		20.81			7,446,757		0.16	(i)		2.67	(h)(i)		1.97	(i)		31

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 JPMORGAN SMARTRETIREMENT BLEND FUNDS 71

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan SmartRetirement Blend 2050 Fund
Class I
Six Months Ended December 31, 2018 (Unaudited)	$	23.40	$	0.19	(g)(h)	$	(2.04	)	$	(1.85	)	$	(0.24	)	$	(0.75	)	$	(0.99	)
Year Ended June 30, 2018		21.93		0.47	(g)		1.50			1.97			(0.50	)		—			(0.50	)
Year Ended June 30, 2017		19.37		0.41	(g)(h)		2.55			2.96			(0.40	)		—			(0.40	)
Year Ended June 30, 2016		19.73		0.38	(g)		(0.33	)		0.05			(0.39	)		(0.02	)		(0.41	)
Year Ended June 30, 2015		19.71		0.35			0.07			0.42			(0.36	)		(0.04	)		(0.40	)
Year Ended June 30, 2014		16.73		0.40	(g)(h)		3.01			3.41			(0.38	)		(0.05	)		(0.43	)
Class R2
Six Months Ended December 31, 2018 (Unaudited)		23.40		0.26	(g)(h)		(2.17	)		(1.91	)		(0.21	)		(0.75	)		(0.96	)
Year Ended June 30, 2018		21.93		0.34	(g)		1.51			1.85			(0.38	)		—			(0.38	)
Year Ended June 30, 2017		19.38		0.30	(g)(h)		2.55			2.85			(0.30	)		—			(0.30	)
Year Ended June 30, 2016		19.74		0.29	(g)		(0.32	)		(0.03	)		(0.31	)		(0.02	)		(0.33	)
Year Ended June 30, 2015		19.71		0.27			0.08			0.35			(0.28	)		(0.04	)		(0.32	)
Year Ended June 30, 2014		16.72		0.28	(g)(h)		3.06			3.34			(0.30	)		(0.05	)		(0.35	)
Class R3
Six Months Ended December 31, 2018 (Unaudited)		23.39		0.39	(g)(h)		(2.27	)		(1.88	)		(0.22	)		(0.75	)		(0.97	)
Year Ended June 30, 2018		21.92		0.41	(g)		1.50			1.91			(0.44	)		—			(0.44	)
May 31, 2017 (j) through June 30, 2017		21.89		0.12	(g)(h)		0.04			0.16			(0.13	)		—			(0.13	)
Class R4
Six Months Ended December 31, 2018 (Unaudited)		23.39		0.28	(g)(h)		(2.13	)		(1.85	)		(0.23	)		(0.75	)		(0.98	)
Year Ended June 30, 2018		21.92		0.53	(g)		1.44			1.97			(0.50	)		—			(0.50	)
May 31, 2017 (j) through June 30, 2017		21.89		0.12	(g)(h)		0.04			0.16			(0.13	)		—			(0.13	)
Class R5
Six Months Ended December 31, 2018 (Unaudited)		23.40		0.27	(g)(h)		(2.10	)		(1.83	)		(0.27	)		(0.75	)		(1.02	)
Year Ended June 30, 2018		21.94		0.63	(g)		1.37			2.00			(0.54	)		—			(0.54	)
Year Ended June 30, 2017		19.38		0.43	(g)(h)		2.56			2.99			(0.43	)		—			(0.43	)
Year Ended June 30, 2016		19.74		0.41	(g)		(0.33	)		0.08			(0.42	)		(0.02	)		(0.44	)
Year Ended June 30, 2015		19.71		0.39			0.08			0.47			(0.40	)		(0.04	)		(0.44	)
Year Ended June 30, 2014		16.72		0.53	(g)(h)		2.92			3.45			(0.41	)		(0.05	)		(0.46	)
Class R6
Six Months Ended December 31, 2018 (Unaudited)		23.42		0.30	(g)(h)		(2.12	)		(1.82	)		(0.28	)		(0.75	)		(1.03	)
Year Ended June 30, 2018		21.95		0.56	(g)		1.47			2.03			(0.56	)		—			(0.56	)
Year Ended June 30, 2017		19.39		0.54	(g)(h)		2.47			3.01			(0.45	)		—			(0.45	)
Year Ended June 30, 2016		19.75		0.46	(g)		(0.37	)		0.09			(0.43	)		(0.02	)		(0.45	)
Year Ended June 30, 2015		19.72		0.41			0.07			0.48			(0.41	)		(0.04	)		(0.45	)
Year Ended June 30, 2014		16.73		0.49	(g)(h)		2.97			3.46			(0.42	)		(0.05	)		(0.47	)

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Net investment income (loss) is affected by the timing of distributions from Underlying Funds.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(e) Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(f) Does not include expenses of Underlying Funds.

(g) Calculated based upon average shares outstanding.

(h) Net investment income (loss) may appear disproportionate among classes due to the timing of recognition of income and changes in the relative size of the classes.

(i) Certain non-recurring expenses incurred by the Fund were not annualized for the year ended June 30, 2014.

(j) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

72 JPMORGAN SMARTRETIREMENT BLEND FUNDS DECEMBER 31, 2018

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period		Net expenses (e)(f)			Net investment income (loss) (b)			Expenses without waivers, reimbursements and earnings credits (f)			Portfolio turnover rate (c)
$	20.56		(8.00	)%	$	8,707,787		0.37	%		1.65	%(h)		0.65	%		2	%
	23.40		9.00			16,338,881		0.36			2.00			0.70			50
	21.93		15.43			13,337,416		0.34			1.99	(h)		0.96			17
	19.37		0.27			8,769,180		0.45			2.01			1.18			60
	19.73		2.14			6,897,259		0.43			1.88			1.25			11
	19.71		20.51			4,214,542		0.40	(i)		2.16	(h)(i)		2.90	(i)		23
	20.53		(8.25	)		51,747		0.87			2.27	(h)		1.19			2
	23.40		8.46			25,610		0.86			1.46			1.45			50
	21.93		14.80			23,613		0.84			1.44	(h)		2.05			17
	19.38		(0.15	)		20,565		0.85			1.51			3.54			60
	19.74		1.78			69,207		0.83			1.38			1.82			11
	19.71		20.08			68,021		0.80	(i)		1.52	(h)(i)		3.67	(i)		23
	20.54		(8.13	)		2,060,072		0.61			3.46	(h)		0.95			2
	23.39		8.74			444,018		0.62			1.72			0.92			50
	21.92		0.73			20,147		0.60			6.57	(h)		0.92			17
	20.56		(8.03	)		4,447,340		0.37			2.38	(h)		0.65			2
	23.39		9.01			10,425,169		0.36			2.25			0.68			50
	21.92		0.75			20,151		0.35			6.82	(h)		0.67			17
	20.55		(7.94	)		77,483,251		0.22			2.32	(h)		0.50			2
	23.40		9.13			94,635,664		0.21			2.66			0.52			50
	21.94		15.58			20,970,084		0.19			2.10	(h)		0.72			17
	19.38		0.46			17,568,136		0.25			2.17			0.99			60
	19.74		2.38			15,617,460		0.23			2.06			1.09			11
	19.71		20.79			11,027,186		0.21	(i)		2.78	(h)(i)		1.74	(i)		23
	20.57		(7.89	)		293,962,886		0.12			2.60	(h)		0.40			2
	23.42		9.26			246,131,968		0.11			2.39			0.44			50
	21.95		15.69			118,550,411		0.09			2.57	(h)		0.58			17
	19.39		0.51			22,544,112		0.21			2.41			0.83			60
	19.75		2.43			9,591,809		0.18			2.20			0.92			11
	19.72		20.82			3,503,945		0.16	(i)		2.60	(h)(i)		2.52	(i)		23

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 JPMORGAN SMARTRETIREMENT BLEND FUNDS 73

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan SmartRetirement Blend 2055 Fund
Class I
Six Months Ended December 31, 2018 (Unaudited)	$	23.01	$	0.18	(g)(h)	$	(2.01	)	$	(1.83	)	$	(0.24	)	$	(0.55	)	$	(0.79	)
Year Ended June 30, 2018		21.58		0.46	(g)		1.46			1.92			(0.49	)		—	(i)		(0.49	)
Year Ended June 30, 2017		19.09		0.41	(g)(h)		2.48			2.89			(0.40	)		—			(0.40	)
Year Ended June 30, 2016		19.40		0.37	(g)		(0.30	)		0.07			(0.37	)		(0.01	)		(0.38	)
Year Ended June 30, 2015		19.35		0.35			0.09			0.44			(0.36	)		(0.03	)		(0.39	)
Year Ended June 30, 2014		16.71		0.37	(g)(h)		2.93			3.30			(0.43	)		(0.23	)		(0.66	)
Class R2
Six Months Ended December 31, 2018 (Unaudited)		23.01		0.24	(g)(h)		(2.12	)		(1.88	)		(0.20	)		(0.55	)		(0.75	)
Year Ended June 30, 2018		21.58		0.34	(g)		1.46			1.80			(0.37	)		—	(i)		(0.37	)
Year Ended June 30, 2017		19.09		0.30	(g)(h)		2.49			2.79			(0.30	)		—			(0.30	)
Year Ended June 30, 2016		19.40		0.28	(g)		(0.29	)		(0.01	)		(0.29	)		(0.01	)		(0.30	)
Year Ended June 30, 2015		19.35		0.27			0.09			0.36			(0.28	)		(0.03	)		(0.31	)
Year Ended June 30, 2014		16.71		0.29	(g)(h)		2.94			3.23			(0.36	)		(0.23	)		(0.59	)
Class R3
Six Months Ended December 31, 2018 (Unaudited)		22.99		0.50	(g)(h)		(2.35	)		(1.85	)		(0.23	)		(0.55	)		(0.78	)
Year Ended June 30, 2018		21.57		0.42	(g)		1.43			1.85			(0.43	)		—	(i)		(0.43	)
May 31, 2017 (l) through June 30, 2017		21.54		0.12	(g)(h)		0.04			0.16			(0.13	)		—			(0.13	)
Class R4
Six Months Ended December 31, 2018 (Unaudited)		22.99		0.29	(g)(h)		(2.11	)		(1.82	)		(0.24	)		(0.55	)		(0.79	)
Year Ended June 30, 2018		21.57		0.55	(g)		1.36			1.91			(0.49	)		—	(i)		(0.49	)
May 31, 2017 (l) through June 30, 2017		21.54		0.12	(g)(h)		0.04			0.16			(0.13	)		—			(0.13	)
Class R5
Six Months Ended December 31, 2018 (Unaudited)		23.01		0.27	(g)(h)		(2.08	)		(1.81	)		(0.26	)		(0.55	)		(0.81	)
Year Ended June 30, 2018		21.59		0.58	(g)		1.37			1.95			(0.53	)		—	(i)		(0.53	)
Year Ended June 30, 2017		19.09		0.44	(g)(h)		2.49			2.93			(0.43	)		—			(0.43	)
Year Ended June 30, 2016		19.41		0.41	(g)		(0.31	)		0.10			(0.41	)		(0.01	)		(0.42	)
Year Ended June 30, 2015		19.36		0.39			0.08			0.47			(0.39	)		(0.03	)		(0.42	)
Year Ended June 30, 2014		16.71		0.58	(g)(h)		2.77			3.35			(0.47	)		(0.23	)		(0.70	)
Class R6
Six Months Ended December 31, 2018 (Unaudited)		23.03		0.30	(g)(h)		(2.10	)		(1.80	)		(0.28	)		(0.55	)		(0.83	)
Year Ended June 30, 2018		21.59		0.56	(g)		1.43			1.99			(0.55	)		—	(i)		(0.55	)
Year Ended June 30, 2017		19.10		0.54	(g)(h)		2.40			2.94			(0.45	)		—			(0.45	)
Year Ended June 30, 2016		19.41		0.47	(g)		(0.35	)		0.12			(0.42	)		(0.01	)		(0.43	)
Year Ended June 30, 2015		19.36		0.40			0.08			0.48			(0.40	)		(0.03	)		(0.43	)
Year Ended June 30, 2014		16.71		0.46	(g)(h)		2.89			3.35			(0.47	)		(0.23	)		(0.70	)

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Net investment income (loss) is affected by the timing of distributions from Underlying Funds.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(e) Includes earnings credits and interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(f) Does not include expenses of Underlying Funds.

(g) Calculated based upon average shares outstanding.

(h) Net investment income (loss) may appear disproportionate among classes due to the timing of recognition of income and changes in the relative size of the classes.

(i) Amount rounds to less than $0.005.

(j) Certain non-recurring expenses incurred by the Fund were not annualized for the year ended June 30, 2014.

(k) Amount rounds to less than 0.005%.

(l) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

74 JPMORGAN SMARTRETIREMENT BLEND FUNDS DECEMBER 31, 2018

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period		Net expenses (e)(f)			Net investment income (loss) (b)			Expenses without waivers, reimbursements and earnings credits (f)			Portfolio turnover rate (c)
$	20.39		(8.05	)%	$	2,886,410		0.37	%		1.56	%(h)		0.72	%		2	%
	23.01		8.93			5,848,930		0.36			2.02			0.86			48
	21.58		15.28			4,419,527		0.34			2.03	(h)		1.38			16
	19.09		0.43			3,553,395		0.45			1.96			1.66			53
	19.40		2.29			2,132,476		0.43			1.89			2.58			16
	19.35		20.04			1,259,943		0.36	(j)		2.04	(h)(j)		9.30	(j)		23
	20.38		(8.23	)		43,464		0.87			2.07	(h)		1.25			2
	23.01		8.38			25,637		0.86			1.46			1.59			48
	21.58		14.70			23,657		0.84			1.46	(h)		2.43			16
	19.09		0.00	(k)		20,625		0.85			1.51			4.02			53
	19.40		1.87			68,954		0.83			1.38			3.28			16
	19.35		19.57			67,693		0.75	(j)		1.59	(h)(j)		9.86	(j)		23
	20.36		(8.11	)		666,602		0.61			4.49	(h)		1.08			2
	22.99		8.61			110,116		0.62			1.79			1.06			48
	21.57		0.73			20,142		0.60			6.54	(h)		1.03			16
	20.38		(8.01	)		2,215,742		0.37			2.53	(h)		0.71			2
	22.99		8.89			2,605,586		0.37			2.34			0.78			48
	21.57		0.75			20,147		0.35			6.80	(h)		0.78			16
	20.39		(7.93	)		32,116,037		0.22			2.36	(h)		0.56			2
	23.01		9.05			39,178,390		0.21			2.52			0.64			48
	21.59		15.49			11,354,942		0.19			2.15	(h)		1.12			16
	19.09		0.56			8,126,493		0.25			2.17			1.46			53
	19.41		2.48			6,710,477		0.23			2.13			2.43			16
	19.36		20.34			3,988,320		0.21	(j)		3.10	(h)(j)		4.01	(j)		23
	20.40		(7.92	)		151,341,894		0.12			2.62	(h)		0.46			2
	23.03		9.23			123,240,861		0.11			2.41			0.55			48
	21.59		15.54			41,752,071		0.09			2.62	(h)		0.94			16
	19.10		0.66			8,100,832		0.21			2.52			1.33			53
	19.41		2.52			2,025,206		0.18			2.24			2.01			16
	19.36		20.38			363,385		0.14	(j)		2.51	(h)(j)		8.79	(j)		23

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 JPMORGAN SMARTRETIREMENT BLEND FUNDS 75

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)

			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)(c)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan SmartRetirement Blend 2060 Fund
Class I
Six Months Ended December 31, 2018 (Unaudited)	$	17.49	$	0.18	(h)	$	(1.56	)	$	(1.38	)	$	(0.18	)	$	(0.16	)	$	(0.34	)
Year Ended June 30, 2018		16.38		0.34			1.16			1.50			(0.39	)		—	(i)		(0.39	)
August 31, 2016 (k) through June 30, 2017		15.00		0.30	(h)		1.38			1.68			(0.30	)		—			(0.30	)
Class R2
Six Months Ended December 31, 2018 (Unaudited)		17.49		0.15	(h)		(1.57	)		(1.42	)		(0.14	)		(0.16	)		(0.30	)
Year Ended June 30, 2018		16.38		0.25			1.16			1.41			(0.30	)		—	(i)		(0.30	)
August 31, 2016 (k) through June 30, 2017		15.00		0.24	(h)		1.37			1.61			(0.23	)		—			(0.23	)
Class R3
Six Months Ended December 31, 2018 (Unaudited)		17.48		0.25	(h)		(1.65	)		(1.40	)		(0.17	)		(0.16	)		(0.33	)
Year Ended June 30, 2018		16.38		0.29			1.16			1.45			(0.35	)		—	(i)		(0.35	)
May 31, 2017 (l) through June 30, 2017		16.36		0.09	(h)		0.03			0.12			(0.10	)		—			(0.10	)
Class R4
Six Months Ended December 31, 2018 (Unaudited)		17.48		0.20	(h)		(1.57	)		(1.37	)		(0.15	)		(0.16	)		(0.31	)
Year Ended June 30, 2018		16.38		0.41			1.08			1.49			(0.39	)		—	(i)		(0.39	)
May 31, 2017 (l) through June 30, 2017		16.36		0.10	(h)		0.02			0.12			(0.10	)		—			(0.10	)
Class R5
Six Months Ended December 31, 2018 (Unaudited)		17.49		0.24	(h)		(1.60	)		(1.36	)		(0.20	)		(0.16	)		(0.36	)
Year Ended June 30, 2018		16.38		0.58			0.95			1.53			(0.42	)		—	(i)		(0.42	)
August 31, 2016 (k) through June 30, 2017		15.00		0.34	(h)		1.36			1.70			(0.32	)		—			(0.32	)
Class R6
Six Months Ended December 31, 2018 (Unaudited)		17.49		0.24	(h)		(1.59	)		(1.35	)		(0.21	)		(0.16	)		(0.37	)
Year Ended June 30, 2018		16.38		0.48			1.06			1.54			(0.43	)		—	(i)		(0.43	)
August 31, 2016 (k) through June 30, 2017		15.00		0.37	(h)		1.34			1.71			(0.33	)		—			(0.33	)

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Net investment income (loss) is affected by the timing of distributions from Underlying Funds.

(c) Calculated based upon average shares outstanding.

(d) Not annualized for periods less than one year.

(e) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(f) Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(g) Does not include expenses of Underlying Funds.

(h) Net investment income (loss) may appear disproportionate among classes due to the timing of recognition of income and changes in the relative size of the classes.

(i) Amount rounds to less than $0.005.

(j) Certain non-recurring expenses incurred by the Fund were not annualized for the year ended June 30, 2018 and the period ended June 30, 2017.

(k) Commencement of operations.

(l) Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.

76 JPMORGAN SMARTRETIREMENT BLEND FUNDS DECEMBER 31, 2018

		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (d)(e)			Net assets, end of period		Net expenses (f)(g)			Net investment income (loss) (b)			Expenses without waivers, reimbursements and earnings credits (g)			Portfolio turnover rate (d)
$	15.77		(7.90	)%	$	1,114,409		0.37	%		2.11	%(h)		1.70	%		18	%
	17.49		9.18			1,191,200		0.37	(j)		1.97	(j)		5.09	(j)		79
	16.38		11.31			1,010,299		0.36	(j)		2.35	(h)(j)		14.52	(j)		73
	15.77		(8.12	)		27,964		0.88			1.73	(h)		2.45			18
	17.49		8.63			24,087		0.87	(j)		1.45	(j)		6.08	(j)		79
	16.38		10.86			22,175		0.86	(j)		1.84	(h)(j)		15.55	(j)		73
	15.75		(8.04	)		646,047		0.62			2.93	(h)		1.90			18
	17.48		8.85			256,273		0.63	(j)		1.64	(j)		3.29	(j)		79
	16.38		0.73			20,143		0.59	(j)		6.91	(h)(j)		7.00	(j)		73
	15.80		(7.86	)		242,032		0.38			2.28	(h)		1.69			18
	17.48		9.13			911,346		0.37	(j)		2.32	(j)		3.61	(j)		79
	16.38		0.75			20,148		0.34	(j)		7.16	(h)(j)		6.75	(j)		73
	15.77		(7.82	)		1,096,711		0.22			2.79	(h)		1.51			18
	17.49		9.36			633,283		0.22	(j)		3.30	(j)		3.91	(j)		79
	16.38		11.47			49,248		0.20	(j)		2.60	(h)(j)		14.60	(j)		73
	15.77		(7.79	)		19,457,762		0.12			2.71	(h)		1.43			18
	17.49		9.45			10,799,459		0.12	(j)		2.69	(j)		3.38	(j)		79
	16.38		11.54			1,076,023		0.08	(j)		2.76	(h)(j)		10.55	(j)		73

SEE NOTES TO FINANCIAL STATEMENTS.

DECEMBER 31, 2018 JPMORGAN SMARTRETIREMENT BLEND FUNDS 77

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2018 (Unaudited)

1. Organization

JPMorgan Trust I (the “Trust”) was formed on November 12, 2004, as a Delaware statutory trust, pursuant to a Declaration of Trust dated November 5, 2004 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company.

The following are 10 separate funds of the Trust (each, a “Fund” and collectively, the “Funds”) covered by this report:

	Classes Offered	Diversified/ Non-Diversified
JPMorgan SmartRetirement® Blend Income Fund	Class A*, Class C*, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6	Diversified
JPMorgan SmartRetirement® Blend 2020 Fund	Class A*, Class C*, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6	Diversified
JPMorgan SmartRetirement® Blend 2025 Fund	Class A*, Class C*, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6	Diversified
JPMorgan SmartRetirement® Blend 2030 Fund	Class A*, Class C*, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6	Diversified
JPMorgan SmartRetirement® Blend 2035 Fund	Class A*, Class C*, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6	Diversified
JPMorgan SmartRetirement® Blend 2040 Fund	Class A*, Class C*, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6	Diversified
JPMorgan SmartRetirement® Blend 2045 Fund	Class A*, Class C*, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6	Diversified
JPMorgan SmartRetirement® Blend 2050 Fund	Class A*, Class C*, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6	Diversified
JPMorgan SmartRetirement® Blend 2055 Fund	Class A*, Class C*, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6	Diversified
JPMorgan SmartRetirement® Blend 2060 Fund	Class A*, Class C*, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6	Diversified

* On November 16, 2018, Class A and Class C Shares were liquidated.

JPMorgan SmartRetirement Blend Income Fund seeks current income and some capital appreciation. The remaining JPMorgan SmartRetirement Blend Funds each seek high total return with a shift to current income and some capital appreciation over time as each Fund approaches and passes its respective target retirement date.

Class A Shares generally provide for a front-end sales charge while Class C Shares provide for a contingent deferred sales charge (“CDSC”). No sales charges are assessed with respect to Class I, Class R2, Class R3, Class R4, Class R5 and Class R6 Shares. Certain Class A Shares, for which front-end sales charges have been waived, may be subject to a CDSC as described in the Funds’ prospectus. Beginning on November 14, 2017, Class C Shares automatically convert to Class A Shares after ten years. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different transfer agency, distribution and service fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements.

J.P. Morgan Investment Management Inc. (“JPMIM”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), acts as Adviser (the “Adviser”) and Administrator (the “Administrator”) to the Funds.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The Funds are investment companies and, thus, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification Topic 946 — Investment Companies, which is part of U.S. generally accepted accounting principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

A. Valuation of Investments — The valuation of investments is in accordance with GAAP and the Funds’ valuation policies set forth by and under the supervision and responsibility of the Board of Trustees (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.

The Administrator has established the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to assist the Board with the oversight and monitoring of the valuation of the Funds’ investments. The Administrator implements the valuation policies of the Funds’ investments, as directed by the Board. The AVC oversees and carries out the policies for the valuation of investments held in the Funds. This 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 Funds are calculated on a valuation date. Certain foreign equity instruments, as well as certain derivatives with equity reference obligations are valued by applying international fair value factors provided by approved Pricing Services. The factors seek to adjust the local closing price for movements of local markets post closing, but prior to the time the NAVs are calculated. Investments in open-end investment companies excluding exchange-traded funds (“ETFs”) (the “Underlying Funds”) are valued at each Underlying Fund’s NAV per share as of the report date.

78 JPMORGAN SMARTRETIREMENT BLEND FUNDS DECEMBER 31, 2018

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.

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 Funds’ 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 Funds’ 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 tables represent each valuation input as presented on the Schedules of Portfolio Investments (“SOIs”):

JPMorgan SmartRetirement Blend Income Fund

	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	498,190,851		$	1,678,393		$	—	$	499,869,244
Appreciation in Other Financial Instruments
Futures Contracts (a)	$	331,157		$	141,691		$	—	$	472,848
Depreciation in Other Financial Instruments
Futures Contracts (a)	$	(28,270	)	$	(31,013	)	$	—	$	(59,283	)
JPMorgan SmartRetirement Blend 2020 Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	797,272,366		$	3,037,092		$	—	$	800,309,458
Appreciation in Other Financial Instruments
Futures Contracts (a)	$	745,376		$	246,833		$	—	$	992,209
Depreciation in Other Financial Instruments
Futures Contracts (a)	$	(185,095	)	$	(61,195	)	$	—	$	(246,290	)
JPMorgan SmartRetirement Blend 2025 Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	956,164,679		$	4,051,121		$	—	$	960,215,800
Appreciation in Other Financial Instruments
Futures Contracts (a)	$	837,304		$	303,218		$	—	$	1,140,522
Depreciation in Other Financial Instruments
Futures Contracts (a)	$	(1,007,952	)	$	(72,913	)	$	—	$	(1,080,865	)

DECEMBER 31, 2018 JPMORGAN SMARTRETIREMENT BLEND FUNDS 79

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

JPMorgan SmartRetirement Blend 2030 Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	961,007,793		$	4,086,088		$	—	$	965,093,881
Appreciation in Other Financial Instruments
Futures Contracts (a)	$	500,024		$	311,987		$	—	$	812,011
Depreciation in Other Financial Instruments
Futures Contracts (a)	$	(1,119,747	)	$	(76,702	)	$	—	$	(1,196,449	)
JPMorgan SmartRetirement Blend 2035 Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	774,856,753		$	3,356,786		$	—	$	778,213,539
Appreciation in Other Financial Instruments
Futures Contracts (a)	$	369,468		$	256,852		$	—	$	626,320
Depreciation in Other Financial Instruments
Futures Contracts (a)	$	(916,578	)	$	(61,195	)	$	—	$	(977,773	)
JPMorgan SmartRetirement Blend 2040 Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	702,967,033		$	3,081,050		$	—	$	706,048,083
Appreciation in Other Financial Instruments
Futures Contracts (a)	$	332,152		$	235,551		$	—	$	567,703
Depreciation in Other Financial Instruments
Futures Contracts (a)	$	(778,966	)	$	(56,587	)	$	—	$	(835,553	)
JPMorgan SmartRetirement Blend 2045 Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	538,269,697		$	2,427,676		$	—	$	540,697,373
Appreciation in Other Financial Instruments
Futures Contracts (a)	$	258,222		$	182,930		$	—	$	441,152
Depreciation in Other Financial Instruments
Futures Contracts (a)	$	(734,890	)	$	(41,906	)	$	—	$	(776,796	)
JPMorgan SmartRetirement Blend 2050 Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	394,046,938		$	1,758,317		$	—	$	395,805,255
Appreciation in Other Financial Instruments
Futures Contracts (a)	$	190,629		$	134,061		$	—	$	324,690
Depreciation in Other Financial Instruments
Futures Contracts (a)	$	(577,794	)	$	(31,013	)	$	—	$	(608,807	)

80 JPMORGAN SMARTRETIREMENT BLEND FUNDS DECEMBER 31, 2018

JPMorgan SmartRetirement Blend 2055 Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	193,131,108		$	889,149		$	—	$	194,020,257
Appreciation in Other Financial Instruments
Futures Contracts (a)	$	96,060		$	65,154		$	—	$	161,214
Depreciation in Other Financial Instruments
Futures Contracts (a)	$	(268,506	)	$	(15,506	)	$	—	$	(284,012	)
JPMorgan SmartRetirement Blend 2060 Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Total Investments in Securities (b)	$	22,978,796		$	—		$	—	$	22,978,796

(a) All portfolio holdings designated as level 1 and level 2 are disclosed individually on the SOIs. Level 2 consists of foreign futures with equity reference obligations and a U.S. Treasury Note held as initial margin for futures contracts. Please refer to the SOIs for asset class specifics of portfolio holdings.

(b) All portfolio holdings designated as level 1 are disclosed on the SOI. Please refer to the SOI for asset class specifics of portfolio holdings.

There were no transfers among any levels during the six months ended December 31, 2018.

B. Investment Transactions with Affiliates — The Funds invested in Underlying Funds which are advised by the Adviser. An issuer which is under common control with a Fund may be considered an affiliate. For the purposes of the financial statements, the Funds assume the issuers listed in the tables below to be affiliated issuers. Underlying Funds’ distributions may be reinvested into the Underlying Funds. Reinvestment amounts are included in the purchase cost amounts in the table below. Included in the purchases and sales amounts in the table below are exchanges between certain share classes of the affiliated Underlying Funds. Such exchanges are not treated as purchases and sales for the purpose of recognizing realized gains (losses) or portfolio turnover.

JPMorgan SmartRetirement Blend Income Fund

For the six months ended December 31, 2018
Security Description	Value at June 30, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2018		Shares at December 31, 2018		Dividend Income		Capital Gain Distributions
JPMorgan Commodities Strategy Fund Class R6 Shares (a)	$	5,414,376	$	—	$	5,210,995	$	(281,867	)	$	78,486		$	—		—	$	—	$	—
JPMorgan Core Bond Fund Class R6 Shares (a)		85,641,137		29,170,626		4,739,894		(254,232	)		361,110			110,178,747		9,767,619		1,383,584		84,362
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		43,646,460		15,330,001		1,512,166		(76,469	)		(86,817	)		57,301,009		7,144,764		791,180		—
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		7,148,604		85,465		4,841,230		(289,047	)		276,814			2,380,606		315,730		85,465		—
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		5,991,171		192,199		—		—			(231,534	)		5,951,836		786,240		192,199		—
JPMorgan Equity Index Fund Class R6 Shares (a)		62,040,556		23,308,909		6,707,175		116,544			(4,789,856	)		73,968,978		1,930,801		566,967		211,265
JPMorgan Floating Rate Income Fund Class R6 Shares (a)		11,530,579		4,347,740		1,165,356		(126,322	)		(525,404	)		14,061,237		1,571,088		368,266		—
JPMorgan High Yield Fund Class R6 Shares (a)		26,165,249		8,451,310		1,400,992		(54,408	)		(1,539,799	)		31,621,360		4,657,049		869,782		—

DECEMBER 31, 2018 JPMORGAN SMARTRETIREMENT BLEND FUNDS 81

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

JPMorgan SmartRetirement Blend Income Fund (continued)

For the six months ended December 31, 2018
Security Description	Value at June 30, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2018		Shares at December 31, 2018		Dividend Income		Capital Gain Distributions
JPMorgan Managed Income Fund Class L Shares (a)	$	—	$	18,358,039	$	6,382,680	$	(6,383	)	$	(7,986	)	$	11,960,990		1,196,099	$	76,172	$	2,493
JPMorgan Realty Income Fund Class R6 Shares (a)		4,384,299		51,930		—		—			(358,821	)		4,077,408		337,255		51,930		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (a) (b)		17,706,320		184,929,556		167,769,651		—			—			34,866,225		34,866,225		162,999		—
Total	$	269,668,751	$	284,225,775	$	199,730,139	$	(972,184	)	$	(6,823,807	)	$	346,368,396			$	4,548,544	$	298,120

JPMorgan SmartRetirement Blend 2020 Fund

For the six months ended December 31, 2018
Security Description	Value at June 30, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2018		Shares at December 31, 2018		Dividend Income		Capital Gain Distributions
JPMorgan Commodities Strategy Fund Class R6 Shares (a)	$	6,093,613	$	—	$	5,864,717	$	(281,732	)	$	52,836		$	—		—	$	—	$	—
JPMorgan Core Bond Fund Class R6 Shares (a)		171,277,993		17,346,605		7,413,887		(424,237	)		623,908			181,410,382		16,082,481		2,638,323		172,210
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		88,498,245		11,331,642		4,318,745		(218,394	)		(122,695	)		95,170,053		11,866,590		1,547,585		—
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		13,013,842		139,291		9,950,779		(547,152	)		546,146			3,201,348		424,582		139,291		—
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		10,375,705		332,856		—		—			(400,978	)		10,307,583		1,361,636		332,856		—
JPMorgan Equity Index Fund Class R6 Shares (a)		149,170,956		13,217,377		6,782,931		148,123			(12,371,907	)		143,381,618		3,742,668		1,384,174		519,623
JPMorgan Floating Rate Income Fund Class R6 Shares (a)		15,352,428		8,546,678		3,637,063		(170,866	)		(756,395	)		19,334,782		2,160,311		540,326		—
JPMorgan High Yield Fund Class R6 Shares (a)		46,702,880		4,382,593		3,899,337		(172,728	)		(2,492,180	)		44,521,228		6,556,882		1,439,988		—
JPMorgan Managed Income Fund Class L Shares (a)		—		14,766,503		—		—			(8,082	)		14,758,421		1,475,842		57,954		3,077
JPMorgan Realty Income Fund Class R6 Shares (a)		9,548,345		1,361,696		—		—			(866,764	)		10,043,277		830,709		120,052		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (a) (b)		15,247,983		164,883,133		134,101,931		—			—			46,029,185		46,029,185		147,116		—
Total	$	525,281,990	$	236,308,374	$	175,969,390	$	(1,666,986	)	$	(15,796,111	)	$	568,157,877			$	8,347,665	$	694,910

82 JPMORGAN SMARTRETIREMENT BLEND FUNDS DECEMBER 31, 2018

JPMorgan SmartRetirement Blend 2025 Fund

For the six months ended December 31, 2018
Security Description	Value at June 30, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2018		Shares at December 31, 2018		Dividend Income		Capital Gain Distributions
JPMorgan Commodities Strategy Fund Class R6 Shares (a)	$	1,304,989	$	—	$	1,255,972	$	(69,205	)	$	20,188		$	—		—	$	—	$	—
JPMorgan Core Bond Fund Class R6 Shares (a)		178,059,686		31,760,476		10,967,393		(552,533	)		806,636			199,106,872		17,651,318		2,847,352		191,885
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		92,739,670		17,934,879		4,691,333		(237,236	)		(111,219	)		105,634,761		13,171,417		1,669,540		—
JPMorgan Emerging Economies Fund Class R6 Shares (a)		10,551,886		307,607		—		—			(1,417,843	)		9,441,650		811,836		307,606		—
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		13,908,772		134,322		10,666,223		(607,539	)		638,987			3,408,319		452,032		134,322		—
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a)		13,378,392		126,498		—		—			(1,362,271	)		12,142,619		487,069		126,497		—
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		10,767,214		345,414		—		—			(416,107	)		10,696,521		1,413,015		345,415		—
JPMorgan Equity Index Fund Class R6 Shares (a)		208,167,108		33,901,959		10,238,778		109,009			(18,839,043	)		213,100,255		5,562,523		2,024,195		772,289
JPMorgan Floating Rate Income Fund Class R6 Shares (a)		7,670,957		9,522,125		2,815,877		(110,313	)		(602,978	)		13,663,914		1,526,694		391,004		—
JPMorgan High Yield Fund Class R6 Shares (a)		45,787,626		7,974,522		2,517,702		(101,953	)		(2,783,458	)		48,359,035		7,122,096		1,504,586		—
JPMorgan Managed Income Fund Class L Shares (a)		—		21,247,624		—		—			(12,286	)		21,235,338		2,123,534		92,434		4,427
JPMorgan Realty Income Fund Class R6 Shares (a)		15,275,203		1,547,080		—		—			(1,284,308	)		15,537,975		1,285,192		188,892		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (a) (b)		13,850,802		176,950,220		154,466,150		—			—			36,334,872		36,334,872		158,321		—
Total	$	611,462,305	$	301,752,726	$	197,619,428	$	(1,569,770	)	$	(25,363,702	)	$	688,662,131			$	9,790,164	$	968,601

JPMorgan SmartRetirement Blend 2030 Fund

For the six months ended December 31, 2018
Security Description	Value at June 30, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2018		Shares at December 31, 2018		Dividend Income		Capital Gain Distributions
JPMorgan Core Bond Fund Class R6 Shares (a)	$	147,703,815	$	18,360,705	$	6,882,496	$	(392,171	)	$	562,340		$	159,352,193		14,126,968	$	2,301,396	$	153,573
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		74,939,488		11,855,314		2,073,812		(104,870	)		(145,225	)		84,470,895		10,532,531		1,332,034		—
JPMorgan Emerging Economies Fund Class R6 Shares (a)		12,747,369		371,609		—		—			(1,712,848	)		11,406,130		980,751		371,609		—
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		12,392,239		340,566		—		—			(341,582	)		12,391,223		1,643,398		340,565		—

DECEMBER 31, 2018 JPMORGAN SMARTRETIREMENT BLEND FUNDS 83

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

JPMorgan SmartRetirement Blend 2030 Fund (continued)

For the six months ended December 31, 2018
Security Description	Value at June 30, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2018		Shares at December 31, 2018		Dividend Income		Capital Gain Distributions
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a)	$	15,661,327	$	148,083	$	—	$	—		$	(1,594,733	)	$	14,214,677		570,184	$	148,083	$	—
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		9,134,955		293,052		—		—			(353,028	)		9,074,979		1,198,808		293,053		—
JPMorgan Equity Index Fund Class R6 Shares (a)		258,541,649		30,139,625		10,556,031		208,633			(22,550,630	)		255,783,246		6,676,670		2,458,441		926,974
JPMorgan High Yield Fund Class R6 Shares (a)		43,805,153		4,998,754		4,901,187		(190,374	)		(2,278,872	)		41,433,474		6,102,132		1,336,794		—
JPMorgan Managed Income Fund Class L Shares (a)		—		20,544,300		—		—			(14,582	)		20,529,718		2,052,972		90,058		4,280
JPMorgan Realty Income Fund Class R6 Shares (a)		18,403,017		1,630,680		—		—			(1,627,200	)		18,406,497		1,522,456		234,424		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (a) (b)		15,991,779		164,692,331		151,167,615		—			—			29,516,495		29,516,495		157,674		—
Total	$	609,320,791	$	253,375,019	$	175,581,141	$	(478,782	)	$	(30,056,360	)	$	656,579,527			$	9,064,131	$	1,084,827

JPMorgan SmartRetirement Blend 2035 Fund

For the six months ended December 31, 2018
Security Description	Value at June 30, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2018		Shares at December 31, 2018		Dividend Income		Capital Gain Distributions
JPMorgan Core Bond Fund Class R6 Shares (a)	$	83,996,642	$	12,641,834	$	4,480,289	$	(269,316	)	$	370,810		$	92,259,681		8,179,050	$	1,335,099	$	88,914
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		42,273,800		10,465,409		3,344,283		(169,117	)		6,901			49,232,710		6,138,742		776,352		—
JPMorgan Emerging Economies Fund Class R6 Shares (a)		12,097,876		352,674		—		—			(1,625,575	)		10,824,975		930,780		352,675		—
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		7,301,484		200,660		—		—			(201,259	)		7,300,885		968,287		200,661		—
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a)		14,052,989		132,875		—		—			(1,430,962	)		12,754,902		511,629		132,876		—
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		6,574,871		210,925		—		—			(254,092	)		6,531,704		862,841		210,924		—
JPMorgan Equity Index Fund Class R6 Shares (a)		232,475,395		29,934,287		7,204,441		113,227			(20,678,998	)		234,639,470		6,124,758		2,251,442		850,346
JPMorgan High Yield Fund Class R6 Shares (a)		29,943,233		3,899,759		3,722,757		(133,632	)		(1,572,741	)		28,413,862		4,184,663		921,514		—
JPMorgan Managed Income Fund Class L Shares (a)		—		15,051,423		—		—			(12,753	)		15,038,670		1,503,867		72,275		3,136
JPMorgan Realty Income Fund Class R6 Shares (a)		14,869,507		3,274,183		—		—			(1,450,533	)		16,693,157		1,380,741		202,651		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (a) (b)		13,436,736		127,700,613		117,995,757		—			—			23,141,592		23,141,592		147,042		—
Total	$	457,022,533	$	203,864,642	$	136,747,527	$	(458,838	)	$	(26,849,202	)	$	496,831,608			$	6,603,511	$	942,396

84 JPMORGAN SMARTRETIREMENT BLEND FUNDS DECEMBER 31, 2018

JPMorgan SmartRetirement Blend 2040 Fund

For the six months ended December 31, 2018
Security Description	Value at June 30, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2018		Shares at December 31, 2018		Dividend Income		Capital Gain Distributions
JPMorgan Core Bond Fund Class R6 Shares (a)	$	48,487,843	$	9,711,530	$	4,412,470	$	(223,204	)	$	280,795		$	53,844,494		4,773,448	$	771,966	$	51,892
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		24,866,465		4,298,726		1,026,297		(51,899	)		(42,052	)		28,044,943		3,496,876		438,538		—
JPMorgan Emerging Economies Fund Class R6 Shares (a)		12,085,194		352,306		—		—			(1,623,872	)		10,813,628		929,805		352,305		—
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		6,383,294		175,426		—		—			(175,949	)		6,382,771		846,521		175,427		—
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a)		14,860,220		1,816,947		—		—			(1,492,050	)		15,185,117		609,110		140,508		—
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		4,659,395		149,476		—		—			(180,067	)		4,628,804		611,467		149,475		—
JPMorgan Equity Index Fund Class R6 Shares (a)		234,240,432		29,136,832		5,360,587		90,821			(21,122,693	)		236,984,805		6,185,978		2,283,052		858,847
JPMorgan High Yield Fund Class R6 Shares (a)		25,764,075		3,226,687		3,432,363		(128,932	)		(1,318,210	)		24,111,257		3,550,995		786,603		—
JPMorgan Managed Income Fund Class L Shares (a)		—		15,753,258		—		—			(12,187	)		15,741,071		1,574,107		73,296		3,282
JPMorgan Realty Income Fund Class R6 Shares (a)		15,280,950		3,016,985		—		—			(1,466,574	)		16,831,361		1,392,172		205,286		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (a) (b)		11,884,697		109,934,792		104,167,577		—			—			17,651,912		17,651,912		124,039		—
Total	$	398,512,565	$	177,572,965	$	118,399,294	$	(313,214	)	$	(27,152,859	)	$	430,220,163			$	5,500,495	$	914,021

JPMorgan SmartRetirement Blend 2045 Fund

For the six months ended December 31, 2018
Security Description	Value at June 30, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2018		Shares at December 31, 2018		Dividend Income		Capital Gain Distributions
JPMorgan Core Bond Fund Class R6 Shares (a)	$	29,520,316	$	3,244,492	$	1,687,535	$	(98,177	)	$	120,948		$	31,100,044		2,757,096	$	460,609	$	29,972
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		13,928,875		2,510,683		—		—			(58,328	)		16,381,230		2,042,547		253,726		—
JPMorgan Emerging Economies Fund Class R6 Shares (a)		9,697,507		2,214,274		—		—			(1,375,084	)		10,536,697		905,993		343,283		—
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		4,140,950		113,802		—		—			(114,142	)		4,140,610		549,153		113,802		—
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a)		11,198,013		105,881		—		—			(1,140,251	)		10,163,643		407,687		105,881		—
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		3,783,110		121,364		—		—			(146,201	)		3,758,273		496,469		121,363		—

DECEMBER 31, 2018 JPMORGAN SMARTRETIREMENT BLEND FUNDS 85

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

JPMorgan SmartRetirement Blend 2045 Fund (continued)

For the six months ended December 31, 2018
Security Description	Value at June 30, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2018		Shares at December 31, 2018		Dividend Income		Capital Gain Distributions
JPMorgan Equity Index Fund Class R6 Shares (a)	$	183,905,139	$	27,791,689	$	5,865,789	$	70,526		$	(16,616,261	)	$	189,285,304		4,940,885	$	1,814,588	$	678,063
JPMorgan High Yield Fund Class R6 Shares (a)		19,146,106		1,387,802		2,092,645		(79,907	)		(990,830	)		17,370,526		2,558,251		586,639		—
JPMorgan Managed Income Fund Class L Shares (a)		—		13,461,285		—		—			(10,253	)		13,451,032		1,345,103		64,365		2,804
JPMorgan Realty Income Fund Class R6 Shares (a)		13,093,958		1,441,921		—		—			(1,181,909	)		13,353,970		1,104,547		170,076		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (a) (b)		10,245,288		88,833,793		87,855,877		—			—			11,223,204		11,223,204		100,429		—
Total	$	298,659,262	$	141,226,986	$	97,501,846	$	(107,558	)	$	(21,512,311	)	$	320,764,533			$	4,134,761	$	710,839

JPMorgan SmartRetirement Blend 2050 Fund

For the six months ended December 31, 2018
Security Description	Value at June 30, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2018		Shares at December 31, 2018		Dividend Income		Capital Gain Distributions
JPMorgan Core Bond Fund Class R6 Shares (a)	$	21,609,789	$	2,799,725	$	1,752,364	$	(103,281	)	$	117,720		$	22,671,589		2,009,893	$	337,293	$	21,849
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		9,700,304		2,750,725		471,898		(23,863	)		(28,686	)		11,926,582		1,487,105		186,005		—
JPMorgan Emerging Economies Fund Class R6 Shares (a)		6,543,665		190,759		—		—			(879,263	)		5,855,161		503,453		190,760		—
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		3,393,651		93,265		—		—			(93,543	)		3,393,373		450,049		93,265		—
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a)		8,223,575		1,221,761		—		—			(847,577	)		8,597,759		344,876		89,568		—
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		2,339,132		75,040		—		—			(90,397	)		2,323,775		306,972		75,040		—
JPMorgan Equity Index Fund Class R6 Shares (a)		132,939,336		21,271,266		3,484,955		25,986			(12,365,685	)		138,385,948		3,612,267		1,330,936		494,853
JPMorgan High Yield Fund Class R6 Shares (a)		13,806,088		1,608,078		1,864,937		(69,246	)		(720,477	)		12,759,506		1,879,161		429,856		—
JPMorgan Managed Income Fund Class L Shares (a)		—		10,136,639		—		—			(7,692	)		10,128,947		1,012,895		47,574		2,112
JPMorgan Realty Income Fund Class R6 Shares (a)		9,058,773		1,716,907		—		—			(873,081	)		9,902,599		819,073		121,367		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (a) (b)		6,789,278		63,980,920		63,218,766		—			—			7,551,432		7,551,432		68,918		—
Total	$	214,403,591	$	105,845,085	$	70,792,920	$	(170,404	)	$	(15,788,681	)	$	233,496,671			$	2,970,582	$	518,814

86 JPMORGAN SMARTRETIREMENT BLEND FUNDS DECEMBER 31, 2018

JPMorgan SmartRetirement Blend 2055 Fund

For the six months ended December 31, 2018
Security Description	Value at June 30, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2018		Shares at December 31, 2018		Dividend Income		Capital Gain Distributions
JPMorgan Core Bond Fund Class R6 Shares (a)	$	9,782,496	$	2,462,749	$	799,911	$	(45,520	)	$	57,726		$	11,457,540		1,015,739	$	160,318	$	10,489
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		4,446,515		1,740,090		372,050		(18,814	)		(3,147	)		5,792,594		722,269		89,794		—
JPMorgan Emerging Economies Fund Class R6 Shares (a)		3,307,426		400,924		—		—			(453,167	)		3,255,183		279,895		106,053		—
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		1,336,481		36,730		—		—			(36,839	)		1,336,372		177,238		36,729		—
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a)		3,746,010		1,445,020		—		—			(421,596	)		4,769,434		191,313		49,686		—
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		1,311,217		42,064		—		—			(50,673	)		1,302,608		172,075		42,064		—
JPMorgan Equity Index Fund Class R6 Shares (a)		62,035,222		13,650,049		1,268,573		628			(6,262,109	)		68,155,217		1,779,045		652,162		242,402
JPMorgan High Yield Fund Class R6 Shares (a)		6,430,071		978,330		757,291		(27,592	)		(361,117	)		6,262,401		922,298		206,942		—
JPMorgan Managed Income Fund Class L Shares (a)		—		5,098,281		—		—			(3,763	)		5,094,518		509,452		23,299		1,062
JPMorgan Realty Income Fund Class R6 Shares (a)		4,454,701		722,439		—		—			(413,911	)		4,763,229		393,981		58,150		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (a) (b)		3,423,216		41,482,727		41,318,504		—			—			3,587,439		3,587,439		35,272		—
Total	$	100,273,355	$	68,059,403	$	44,516,329	$	(91,298	)	$	(7,948,596	)	$	115,776,535			$	1,460,469	$	253,953

JPMorgan SmartRetirement Blend 2060 Fund

For the six months ended December 31, 2018
Security Description	Value at June 30, 2018		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at December 31, 2018		Shares at December 31, 2018		Dividend Income		Capital Gain Distributions
JPMorgan Core Bond Fund Class R6 Shares (a)	$	371,184	$	1,086,099	$	—	$	—		$	8,896		$	1,466,179		129,980	$	14,932	$	1,346
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		406,965		338,240		—		—			(1,763	)		743,442		92,699		10,944		—
JPMorgan Emerging Economies Fund Class R6 Shares (a)		255,255		235,276		—		—			(50,278	)		440,253		37,855		12,871		—
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		107,941		31,849		51,979		(4,147	)		1,129			84,793		11,246		2,701		—
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a)		326,503		258,453		—		—			(46,439	)		538,517		21,601		5,610		—
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		91,327		25,383		95,965		(6,122	)		4,934			19,557		2,584		1,290		—
JPMorgan Equity Index Fund Class R6 Shares (a)		5,357,220		4,351,083		406,234		(22,011	)		(835,738	)		8,444,320		220,421		78,188		29,985
JPMorgan High Yield Fund Class R6 Shares (a)		506,966		399,013		191,850		(7,090	)		(36,951	)		670,088		98,687		21,939		—
JPMorgan Realty Income Fund Class R6 Shares (a)		356,737		237,369		—		—			(46,227	)		547,879		45,317		6,171		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.46% (a) (b)		59,739		8,752,955		7,549,306		—			—			1,263,388		1,263,388		3,090		—
Total	$	7,839,837	$	15,715,720	$	8,295,334	$	(39,370	)	$	(1,002,437	)	$	14,218,416			$	157,736	$	31,331

(a) Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.

(b) The rate shown is the current yield as of December 31, 2018.

DECEMBER 31, 2018 JPMORGAN SMARTRETIREMENT BLEND FUNDS 87

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

C. Futures Contracts — The Funds used treasury and index futures contracts to manage and hedge interest rate and equity price risk associated with portfolio investments. The Funds also bought futures contracts to invest incoming cash in the market or sold futures in response to cash outflows, thereby simulating an invested position in the underlying index while maintaining a cash balance for liquidity.

Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Funds are required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Funds periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as Change in net unrealized appreciation/depreciation on the Statements of Operations. Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported on the Statements of Operations at the closing or expiration of the futures contract. Securities deposited as initial margin are designated on the SOIs and cash deposited, which is considered restricted, is recorded on the Statements of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statements of Assets and Liabilities.

The use of futures contracts exposes the Funds to interest rate and equity price risk. The Funds may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subjects the Funds to risk of loss in excess of the amounts shown on the Statements of Assets and Liabilities, up to the notional amount of the futures contracts. Use of short futures contracts subjects the Funds to unlimited risk of loss. The Funds may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Funds’ credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of positions.

The table below discloses the volume of the Funds’ futures contracts activity during the six months ended December 31, 2018:

	Average Notional Balance		Ending Notional Balance
JPMorgan SmartRetirement Blend Income Fund
Long Futures Contracts:
Equity	$	8,723,932	$	1,626,950
Interest Rate		15,055,733		20,757,661
Short Futures Contracts:
Equity		4,939,515		10,051,017
Interest Rate		8,365,304		5,059,151
JPMorgan SmartRetirement Blend 2020 Fund
Long Futures Contracts:
Equity		18,026,395		9,761,700
Interest Rate		33,185,386		37,695,613
Short Futures Contracts:
Equity		9,133,651		16,547,070
Interest Rate		15,470,189		7,120,286
JPMorgan SmartRetirement Blend 2025 Fund
Long Futures Contracts:
Equity		34,568,944		23,826,845
Interest Rate		43,733,545		42,169,468
Short Futures Contracts:
Equity		8,405,976		15,147,159
Interest Rate		20,399,384		8,806,670
JPMorgan SmartRetirement Blend 2030 Fund
Long Futures Contracts:
Equity		37,467,432		23,579,280
Interest Rate		37,173,937		25,908,636
Short Futures Contracts:
Equity		8,962,450		15,550,296
Interest Rate		21,772,046		8,994,046

88 JPMORGAN SMARTRETIREMENT BLEND FUNDS DECEMBER 31, 2018

	Average Notional Balance			Ending Notional Balance
JPMorgan SmartRetirement Blend 2035 Fund
Long Futures Contracts:
Equity	$	30,723,471		$	18,786,545
Interest Rate		29,478,459			16,158,168
Short Futures Contracts:
Equity		7,052,548			12,692,991
Interest Rate		16,692,314			7,495,038
JPMorgan SmartRetirement Blend 2040 Fund
Long Futures Contracts:
Equity		28,556,232			16,510,855
Interest Rate		27,185,132			13,925,069
Short Futures Contracts:
Equity		6,763,667			11,726,537
Interest Rate		15,175,651			6,932,910
JPMorgan SmartRetirement Blend 2045 Fund
Long Futures Contracts:
Equity		23,288,370			14,460,110
Interest Rate		20,384,745			11,497,414
Short Futures Contracts:
Equity		4,992,449			8,910,230
Interest Rate		12,003,171			5,246,527
JPMorgan SmartRetirement Blend 2050 Fund
Long Futures Contracts:
Equity		16,956,200			10,481,035
Interest Rate		15,030,908			8,402,329
Short Futures Contracts:
Equity		3,756,428			6,611,144
Interest Rate		9,023,560			3,934,895
JPMorgan SmartRetirement Blend 2055 Fund
Long Futures Contracts:
Equity		7,822,637			4,855,125
Interest Rate		7,263,296			4,201,165
Short Futures Contracts:
Equity		1,797,158			3,254,543
Interest Rate		3,995,594			1,873,760
JPMorgan SmartRetirement Blend 2060 Fund
Long Futures Contracts:
Equity		150,469	(a)		—
Interest Rate		238,504	(b)		—

(a) For the period August 1, 2018 through November 30, 2018.

(b) For the period August 1, 2018 through August 31, 2018.

The Funds’ futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).

DECEMBER 31, 2018 JPMORGAN SMARTRETIREMENT BLEND FUNDS 89

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

D. Summary of Derivatives Information — The following tables present the value of derivatives held as of December 31, 2018, by their primary underlying risk exposure and respective location on the Statements of Assets and Liabilities:

JPMorgan SmartRetirement Blend Income Fund

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation	$	261,272
Equity contracts	Receivables, Net Assets — Unrealized Appreciation		211,576
Total		$	472,848
Gross Liabilities:
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation	$	(26,019	)
Equity contracts	Payables, Net Assets — Unrealized Depreciation		(33,264	)
Total		$	(59,283	)

JPMorgan SmartRetirement Blend 2020 Fund

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation	$	563,607
Equity contracts	Receivables, Net Assets — Unrealized Appreciation		428,602
Total		$	992,209
Gross Liabilities:
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation	$	(47,054	)
Equity contracts	Payables, Net Assets — Unrealized Depreciation		(199,236	)
Total		$	(246,290	)

JPMorgan SmartRetirement Blend 2025 Fund

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation	$	758,933
Equity contracts	Receivables, Net Assets — Unrealized Appreciation		381,589
Total		$	1,140,522
Gross Liabilities:
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation	$	(58,199	)
Equity contracts	Payables, Net Assets — Unrealized Depreciation		(1,022,666	)
Total		$	(1,080,865	)

JPMorgan SmartRetirement Blend 2030 Fund

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation	$	421,654
Equity contracts	Receivables, Net Assets — Unrealized Appreciation		390,357
Total		$	812,011
Gross Liabilities:
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation	$	(59,437	)
Equity contracts	Payables, Net Assets — Unrealized Depreciation		(1,137,012	)
Total		$	(1,196,449	)

90 JPMORGAN SMARTRETIREMENT BLEND FUNDS DECEMBER 31, 2018

JPMorgan SmartRetirement Blend 2035 Fund

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation	$	304,159
Equity contracts	Receivables, Net Assets — Unrealized Appreciation		322,161
Total		$	626,320
Gross Liabilities:
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation	$	(49,531	)
Equity contracts	Payables, Net Assets — Unrealized Depreciation		(928,242	)
Total		$	(977,773	)

JPMorgan SmartRetirement Blend 2040 Fund

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation	$	271,198
Equity contracts	Receivables, Net Assets — Unrealized Appreciation		296,505
Total		$	567,703
Gross Liabilities:
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation	$	(45,816	)
Equity contracts	Payables, Net Assets — Unrealized Depreciation		(789,737	)
Total		$	(835,553	)

JPMorgan SmartRetirement Blend 2045 Fund

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation	$	214,684
Equity contracts	Receivables, Net Assets — Unrealized Appreciation		226,468
Total		$	441,152
Gross Liabilities:
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation	$	(34,672	)
Equity contracts	Payables, Net Assets — Unrealized Depreciation		(742,124	)
Total		$	(776,796	)

JPMorgan SmartRetirement Blend 2050 Fund

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation	$	155,798
Equity contracts	Receivables, Net Assets — Unrealized Appreciation		168,892
Total		$	324,690
Gross Liabilities:
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation	$	(26,004	)
Equity contracts	Payables, Net Assets — Unrealized Depreciation		(582,803	)
Total		$	(608,807	)

DECEMBER 31, 2018 JPMORGAN SMARTRETIREMENT BLEND FUNDS 91

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

JPMorgan SmartRetirement Blend 2055 Fund

Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation	$	78,645
Equity contracts	Receivables, Net Assets — Unrealized Appreciation		82,569
Total		$	161,214
Gross Liabilities:
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation	$	(12,383	)
Equity contracts	Payables, Net Assets — Unrealized Depreciation		(271,629	)
Total		$	(284,012	)

(a) This amount represents the cumulative appreciation (depreciation) of futures contracts as reported on the SOIs. The Statements of Assets and Liabilities only reflect the current day variation margin receivable/payable from/to brokers.

The following tables present the effect of derivatives on the Statements of Operations for the six months ended December 31, 2018, by primary underlying risk exposure:

JPMorgan SmartRetirement Blend Income Fund

Amount of Realized Gain (Loss) on Derivatives Recognized in Statements of Operations
Derivative Contracts	Futures Contracts
Interest rate contracts	$	(270,371	)
Equity contracts		(863,268	)
Total	$	(1,133,639	)
Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statements of Operations
Derivative Contracts	Futures Contracts
Interest rate contracts	$	157,112
Equity contracts		636,936
Total	$	794,048

JPMorgan SmartRetirement Blend 2020 Fund

Amount of Realized Gain (Loss) on Derivatives Recognized in Statements of Operations
Derivative Contracts	Futures Contracts
Interest rate contracts	$	(296,069	)
Equity contracts		(1,172,426	)
Total	$	(1,468,495	)
Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statements of Operations
Derivative Contracts	Futures Contracts
Interest rate contracts	$	367,447
Equity contracts		1,284,409
Total	$	1,651,856

JPMorgan SmartRetirement Blend 2025 Fund

Amount of Realized Gain (Loss) on Derivatives Recognized in Statements of Operations
Derivative Contracts	Futures Contracts
Interest rate contracts	$	(490,753	)
Equity contracts		(2,309,629	)
Total	$	(2,800,382	)

92 JPMORGAN SMARTRETIREMENT BLEND FUNDS DECEMBER 31, 2018

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statements of Operations
Derivative Contracts	Futures Contracts
Interest rate contracts	$	512,087
Equity contracts		793,667
Total	$	1,305,754

JPMorgan SmartRetirement Blend 2030 Fund

Amount of Realized Gain (Loss) on Derivatives Recognized in Statements of Operations
Derivative Contracts	Futures Contracts
Interest rate contracts	$	(446,042	)
Equity contracts		(2,598,242	)
Total	$	(3,044,284	)
Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statements of Operations
Derivative Contracts	Futures Contracts
Interest rate contracts	$	183,116
Equity contracts		840,694
Total	$	1,023,810

JPMorgan SmartRetirement Blend 2035 Fund

Amount of Realized Gain (Loss) on Derivatives Recognized in Statements of Operations
Derivative Contracts	Futures Contracts
Interest rate contracts	$	(379,286	)
Equity contracts		(2,215,647	)
Total	$	(2,594,933	)
Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statements of Operations
Derivative Contracts	Futures Contracts
Interest rate contracts	$	116,066
Equity contracts		561,311
Total	$	677,377

JPMorgan SmartRetirement Blend 2040 Fund

Amount of Realized Gain (Loss) on Derivatives Recognized in Statements of Operations
Derivative Contracts	Futures Contracts
Interest rate contracts	$	(319,340	)
Equity contracts		(1,938,587	)
Total	$	(2,257,927	)
Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statements of Operations
Derivative Contracts	Futures Contracts
Interest rate contracts	$	80,332
Equity contracts		659,119
Total	$	739,451

JPMorgan SmartRetirement Blend 2045 Fund

Amount of Realized Gain (Loss) on Derivatives Recognized in Statements of Operations
Derivative Contracts	Futures Contracts
Interest rate contracts	$	(293,938	)
Equity contracts		(1,761,054	)
Total	$	(2,054,992	)

DECEMBER 31, 2018 JPMORGAN SMARTRETIREMENT BLEND FUNDS 93

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statements of Operations
Derivative Contracts	Futures Contracts
Interest rate contracts	$	92,011
Equity contracts		399,304
Total	$	491,315

JPMorgan SmartRetirement Blend 2050 Fund

Amount of Realized Gain (Loss) on Derivatives Recognized in Statements of Operations
Derivative Contracts	Futures Contracts
Interest rate contracts	$	(183,937	)
Equity contracts		(1,175,553	)
Total	$	(1,359,490	)
Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statements of Operations
Derivative Contracts	Futures Contracts
Interest rate contracts	$	55,398
Equity contracts		222,281
Total	$	277,679

JPMorgan SmartRetirement Blend 2055 Fund

Amount of Realized Gain (Loss) on Derivatives Recognized in Statements of Operations
Derivative Contracts	Futures Contracts
Interest rate contracts	$	(94,902	)
Equity contracts		(589,543	)
Total	$	(684,445	)
Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statements of Operations
Derivative Contracts	Futures Contracts
Interest rate contracts	$	30,674
Equity contracts		102,068
Total	$	132,742

JPMorgan SmartRetirement Blend 2060 Fund

Amount of Realized Gain (Loss) on Derivatives Recognized in Statements of Operations
Derivative Contracts	Futures Contracts
Interest rate contracts	$	116
Equity contracts		3,916
Total	$	4,032

The Funds’ derivatives contracts held at December 31, 2018 are not accounted for as hedging instruments under GAAP.

E. Foreign Currency Translation — The books and records of the Funds are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the prevailing exchange rates of such currencies against the U.S. dollar. The market value of investment securities and other assets and liabilities are translated at the exchange rate as of the valuation date. Purchases and sales of investment securities, income and expenses are translated at the exchange rate prevailing on the respective dates of such transactions.

The Funds do not isolate the effect of changes in foreign exchange rates from changes in market prices on securities held. Accordingly, such changes are included within Change in net unrealized appreciation/depreciation on investments on the Statements of Operations.

Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on each Fund’s books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses are included in Net realized gain (loss) on foreign currency transactions on the Statements of Operations. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at period end and are included in Change in net unrealized appreciation/depreciation on foreign currency translations on the Statements of Operations.

94 JPMORGAN SMARTRETIREMENT BLEND FUNDS DECEMBER 31, 2018

F. Security Transactions and Investment Income — Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis. Interest income is determined on the basis of coupon interest accrued using the effective interest method which adjusts for amortization of premiums and accretion of discounts. Distributions of net investment income and realized capital gains from the Underlying Funds and ETFs, if any, are recorded on the ex-dividend date.

G. Allocation of Income and Expenses — Expenses directly attributable to a fund are charged directly to that fund, while the expenses attributable to more than one fund of the Trust are allocated among the respective funds. In calculating the NAV of each class, investment income, realized and unrealized gains and losses and expenses, other than class-specific expenses, are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day.

Transfer agency fees are class-specific expenses. The amount of the transfer agency fees charged to each class of the Funds for the six months ended December 31, 2018 are as follows:

	Class A		Class C		Class I		Class R2		Class R3		Class R4		Class R5		Class R6		Total
JPMorgan SmartRetirement Blend Income Fund
Transfer agency fees	$	4	$	4	$	251	$	3	$	38	$	82	$	307	$	2,919	$	3,608
JPMorgan SmartRetirement Blend 2020 Fund
Transfer agency fees		6		6		321		9		254		106		509		3,546		4,757
JPMorgan SmartRetirement Blend 2025 Fund
Transfer agency fees		5		5		416		27		288		133		527		4,157		5,558
JPMorgan SmartRetirement Blend 2030 Fund
Transfer agency fees		5		5		435		85		16		154		652		4,000		5,352
JPMorgan SmartRetirement Blend 2035 Fund
Transfer agency fees		5		5		488		7		293		147		407		3,878		5,230
JPMorgan SmartRetirement Blend 2040 Fund
Transfer agency fees		5		6		668		9		190		128		474		3,665		5,145
JPMorgan SmartRetirement Blend 2045 Fund
Transfer agency fees		5		5		330		7		293		111		348		3,423		4,522
JPMorgan SmartRetirement Blend 2050 Fund
Transfer agency fees		5		5		304		8		171		107		353		2,989		3,942
JPMorgan SmartRetirement Blend 2055 Fund
Transfer agency fees		5		5		447		7		157		93		275		2,469		3,458
JPMorgan SmartRetirement Blend 2060 Fund
Transfer agency fees		26		26		83		40		16		57		128		1,816		2,192

The Funds invest in Underlying Funds and ETFs and, as a result, bear a portion of the expenses incurred by these Underlying Funds and ETFs. These expenses are not reflected in the expenses shown on the Statements of Operations and are not included in the ratios to average net assets shown on the Financial Highlights. Certain expenses of affiliated Underlying Funds and ETFs are waived as described in Note 3.F.

H. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code (the “Code”), applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of December 31, 2018, no liability for income tax is required in the Funds’ financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each of the Funds’ Federal tax returns for the prior three fiscal years, or since inception if shorter, remains subject to examination by the Internal Revenue Service.

I. Distributions to Shareholders — Distributions from net investment income, if any, are generally declared and paid quarterly and are declared separately for each class. No class has preferential dividend rights; differences in per share rates are due to differences in separate class expenses. Net realized capital gains, if any, are distributed by each Fund at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federal tax-basis treatment.

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to Investment Advisory Agreements, the Adviser supervises the investments of each Fund and for such services is paid a fee. The fee is accrued daily and paid monthly at an annual rate of 0.25% of each Fund’s respective average daily net assets.

The Adviser waived Investment Advisory fees and/or reimbursed expenses as outlined in Note 3.F.

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator provides certain administration services to the Funds. In consideration of these services during the six months ended December 31, 2018, the Administrator received a fee that was accrued daily and paid

DECEMBER 31, 2018 JPMORGAN SMARTRETIREMENT BLEND FUNDS 95

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

monthly at an annual rate of 0.15% of the first $25 billion of the average daily net assets of all funds in the J.P. Morgan Funds Complex covered by the Administration Agreement (excluding certain funds of funds and money market funds) and 0.075% of the average daily net assets in excess of $25 billion of all such funds. For the six months ended December 31, 2018, the effective annualized rate was 0.08% of each Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

The Administrator waived Administration fees as outlined in Note 3.F.

Effective January 1, 2019, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.075% of the first $10 billion of each Fund’s respective average daily net assets, 0.050% of each Fund’s respective average daily net assets between $10 billion and $20 billion, 0.025% of each Fund’s respective average daily net assets between $20 billion and $25 billion and 0.01% of each Fund’s respective average daily net assets in excess of $25 billion.

JPMorgan Chase Bank, N.A. (“JPMCB”), a wholly-owned subsidiary of JPMorgan, serves as the Funds’ sub-administrator (the “Sub-administrator”). For its services as Sub-administrator, JPMCB receives a portion of the fees payable to the Administrator.

C. Distribution Fees — Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (“JPMDS”), an indirect, wholly-owned subsidiary of JPMorgan, serves as the Trust’s principal underwriter and promotes and arranges for the sale of each Fund’s shares.

The Board has adopted a Distribution Plan (the “Distribution Plan”) for Class A, Class C, Class R2 and Class R3 Shares of the Funds in accordance with Rule 12b-1 under the 1940 Act. The Class I, Class R4, Class R5 and Class R6 Shares do not charge a distribution fee. The Distribution Plan provides that each Fund shall pay distribution fees, including payments to JPMDS, at annual rates of the average daily net assets as shown in the table below:

Class A			Class C			Class R2			Class R3
	0.25	%		0.75	%		0.50	%		0.25	%

In addition, JPMDS is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the six months ended December 31, 2018, JPMDS did not retain any front-end sales charges or CDSC.

D. Service Fees — The Trust, on behalf of the Funds, has entered into a Shareholder Servicing Agreement with JPMDS under which JPMDS provides certain support services to the shareholders. For performing these services, JPMDS receives a fee, except for Class R6 Shares which do not charge a service fee, that is accrued daily and paid monthly equal to a percentage of the average daily net assets as shown in the table below:

Class A			Class C			Class I			Class R2			Class R3			Class R4			Class R5
	0.25	%		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%		0.10	%

JPMDS has entered into shareholder services contracts with affiliated and unaffiliated financial intermediaries who provide shareholder services and other related services to their clients or customers who invest in the Funds under which JPMDS will pay all or a portion of such fees earned to financial intermediaries for performing such services.

JPMDS waived service fees as outlined in Note 3.F.

E. Custodian and Accounting Fees — JPMCB provides portfolio custody and accounting services to the Funds. For performing these services, the Funds pay JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses. The amounts paid directly to JPMCB by the Funds for custody and accounting services are included in Custodian and accounting fees on the Statements of Operations. Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the Statements of Operations. Prior to March 1, 2018, payments to the custodian were reduced by credits earned by each Fund, based on uninvested cash balances held by the custodian. Such earnings credits, if any, are presented separately on the Statements of Operations.

Interest expense paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates on the Statements of Operations.

F. Waivers and Reimbursements — The Adviser, Administrator and/or JPMDS have contractually agreed to waive fees and/or reimburse the Funds to the extent that total annual operating expenses of the Funds and Underlying Funds and ETFs (excluding dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, extraordinary expenses incurred by the Funds and any Underlying Fund and ETFs and acquired fund fees incurred by an Underlying Fund and ETFs) exceed the percentages of the Funds’ respective average daily net assets as shown in the table below:

Class A			Class C			Class I			Class R2			Class R3			Class R4			Class R5			Class R6
	0.79	%		1.29	%		0.54	%		1.04	%		0.79	%		0.54	%		0.39	%		0.29	%

The expense limitation agreements were in effect for the six months ended December 31, 2018 and are in place until at least October 31, 2019.

The Underlying Funds may impose separate advisory and service fees. To avoid charging a service fee at an effective rate above 0.25% for Class A, Class C, Class I, Class R2, Class R3 and Class R4 Shares and above 0.10% for Class R5 Shares, JPMDS will waive service fees with respect to the Funds in an amount equal to the weighted average pro-rata amount of service fees charged by the affiliated Underlying Funds. These waivers may be in addition to any waivers required to meet the Funds’ contractual expense limitations, but will not exceed the Funds’ service fees.

96 JPMORGAN SMARTRETIREMENT BLEND FUNDS DECEMBER 31, 2018

For the six months ended December 31, 2018, the Funds’ service providers waived fees and/or reimbursed expenses for each of the Funds as follows. None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.

	Contractual Waivers
	Investment Advisory Fees		Administration Fees		Service Fees		Total		Contractual Reimbursements
JPMorgan SmartRetirement Blend Income Fund	$	504,625	$	83,826	$	558	$	589,009	$	170,085
JPMorgan SmartRetirement Blend 2020 Fund		950,548		121,946		678		1,073,172		229,836
JPMorgan SmartRetirement Blend 2025 Fund		1,150,608		139,444		796		1,290,848		211,184
JPMorgan SmartRetirement Blend 2030 Fund		1,182,628		141,509		1,163		1,325,300		89,478
JPMorgan SmartRetirement Blend 2035 Fund		955,366		123,582		889		1,079,837		2,106
JPMorgan SmartRetirement Blend 2040 Fund		816,779		116,030		887		933,696		2,100
JPMorgan SmartRetirement Blend 2045 Fund		626,146		99,911		684		726,741		1,917
JPMorgan SmartRetirement Blend 2050 Fund		471,542		84,174		502		556,218		1,894
JPMorgan SmartRetirement Blend 2055 Fund		238,667		63,404		650		302,721		23,841
JPMorgan SmartRetirement Blend 2060 Fund		24,785		8,033		353		33,171		96,033

G. Other — Certain officers of the Trust are affiliated with the Adviser, the Administrator and JPMDS. Such officers, with the exception of the Chief Compliance Officer, receive no compensation from the Funds for serving in their respective roles.

The Board appointed a Chief Compliance Officer to the Funds in accordance with Federal securities regulations. Each Fund, along with other affiliated funds, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the Office of the Chief Compliance Officer. Such fees are included in Trustees’ and Chief Compliance Officer’s fees on the Statements of Operations.

The Trust adopted a Trustee Deferred Compensation Plan (the “Plan”) which allows the Independent Trustees to defer the receipt of all or a portion of compensation related to performance of their duties as Trustees. The deferred fees are invested in various J.P. Morgan Funds until distribution in accordance with the Plan.

The Funds may use related party broker-dealers. For the six months ended December 31, 2018, the Funds did not incur any brokerage commissions with broker-dealers affiliated with the Adviser.

The Securities and Exchange Commission (“SEC”) has granted an exemptive order permitting the Funds to engage in principal transactions with J.P. Morgan Securities, Inc., an affiliated broker, involving taxable money market instruments, subject to certain conditions.

The SEC has granted an exemptive order permitting the Funds to invest in certain financial instruments in addition to Underlying Funds and securities.

4. Investment Transactions

During the six months ended December 31, 2018, purchases and sales of investments (excluding short-term investments) were as follows:

	Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
JPMorgan SmartRetirement Blend Income Fund	$	147,222,914	$	33,889,338
JPMorgan SmartRetirement Blend 2020 Fund		110,617,043		45,461,246
JPMorgan SmartRetirement Blend 2025 Fund		170,379,025		43,153,590
JPMorgan SmartRetirement Blend 2030 Fund		135,372,758		26,396,101
JPMorgan SmartRetirement Blend 2035 Fund		120,946,008		18,751,770
JPMorgan SmartRetirement Blend 2040 Fund		106,227,719		15,222,785
JPMorgan SmartRetirement Blend 2045 Fund		91,328,138		14,237,899
JPMorgan SmartRetirement Blend 2050 Fund		71,666,246		9,076,834
JPMorgan SmartRetirement Blend 2055 Fund		43,312,489		3,527,492
JPMorgan SmartRetirement Blend 2060 Fund		13,680,373		3,459,017

DECEMBER 31, 2018 JPMORGAN SMARTRETIREMENT BLEND FUNDS 97

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at December 31, 2018 were as follows:

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
JPMorgan SmartRetirement Blend Income Fund	$	517,100,151	$	874,860	$	17,692,202	$	(16,817,342	)
JPMorgan SmartRetirement Blend 2020 Fund		838,188,689		1,567,774		38,701,086		(37,133,312	)
JPMorgan SmartRetirement Blend 2025 Fund		1,014,372,660		1,154,713		55,251,916		(54,097,203	)
JPMorgan SmartRetirement Blend 2030 Fund		1,025,001,488		827,389		61,119,434		(60,292,045	)
JPMorgan SmartRetirement Blend 2035 Fund		832,944,432		632,207		55,714,553		(55,082,346	)
JPMorgan SmartRetirement Blend 2040 Fund		757,297,364		567,704		52,084,835		(51,517,131	)
JPMorgan SmartRetirement Blend 2045 Fund		584,542,275		441,152		44,621,698		(44,180,546	)
JPMorgan SmartRetirement Blend 2050 Fund		427,398,933		327,607		32,205,402		(31,877,795	)
JPMorgan SmartRetirement Blend 2055 Fund		210,859,500		161,216		17,123,257		(16,962,041	)
JPMorgan SmartRetirement Blend 2060 Fund		25,077,530		7,361		2,106,095		(2,098,734	)

During the year ended June 30, 2018, the following Funds utilized net capital loss carryforwards as follows:

	Capital Loss Utilized
	Short-Term		Long-Term
JPMorgan SmartRetirement Blend Income Fund	$	—	$	873,030
JPMorgan SmartRetirement Blend 2020 Fund		—		1,469,235
JPMorgan SmartRetirement Blend 2025 Fund		87,268		1,595,085
JPMorgan SmartRetirement Blend 2030 Fund		308,760		2,399,946
JPMorgan SmartRetirement Blend 2035 Fund		273,125		1,770,673
JPMorgan SmartRetirement Blend 2040 Fund		268,087		1,549,940
JPMorgan SmartRetirement Blend 2045 Fund		259,989		893,039
JPMorgan SmartRetirement Blend 2050 Fund		6,685		458,889
JPMorgan SmartRetirement Blend 2055 Fund		69,863		88,100

Specified ordinary losses incurred after October 31 and within the taxable year are deemed to arise on the first business day of the Funds’ next taxable year. For the year ended June 30, 2018, the Funds deferred to July 1, 2018 the following specified ordinary losses of:

	Specified Ordinary Loss
JPMorgan SmartRetirement Blend Income Fund	$	2,599
JPMorgan SmartRetirement Blend 2020 Fund		17,031
JPMorgan SmartRetirement Blend 2025 Fund		11,081
JPMorgan SmartRetirement Blend 2030 Fund		7,320
JPMorgan SmartRetirement Blend 2035 Fund		3,396
JPMorgan SmartRetirement Blend 2040 Fund		4,668
JPMorgan SmartRetirement Blend 2045 Fund		5,742
JPMorgan SmartRetirement Blend 2050 Fund		2,132
JPMorgan SmartRetirement Blend 2055 Fund		3,437

6. Borrowings

The Funds rely upon an exemptive order granted by the SEC (the “Order”) permitting the establishment and operation of an Interfund Lending Facility (the “Facility”). The Facility allows the Funds to directly lend and borrow money to or from any other fund relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund’s borrowing restrictions. The Interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. The Order was granted to JPMorgan Trust II and may be relied upon by the Funds because the Funds and the series of JPMorgan Trust II are all investment companies in the same “group of investment companies” (as defined in Section 12(d)(1)(G) of the 1940 Act).

The Trust and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Funds. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund’s borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until November 4, 2019.

98 JPMORGAN SMARTRETIREMENT BLEND FUNDS DECEMBER 31, 2018

The Funds had no borrowings outstanding from another fund or from the unsecured, uncommitted credit facility during the six months ended December 31, 2018.

Interest expense paid as a result of borrowings from another fund or from the unsecured, uncommitted credit facility is included in Interest expense to affiliates on the Statements of Operations.

The Trust, along with certain other trusts (“Borrowers”), has entered into a joint syndicated senior unsecured revolving credit facility totaling $1.5 billion (“Credit Facility”) with various lenders and The Bank of New York Mellon, as administrative agent for the lenders. This Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Under the terms of the Credit Facility, a borrowing fund must have a minimum of $25,000,000 in adjusted net asset value and not exceed certain adjusted net asset coverage ratios prior to and during the time in which any borrowings are outstanding. If a fund does not comply with the aforementioned requirements, the fund must remediate within three business days with respect to the $25,000,000 minimum adjusted net asset value or within one business day with respect to certain asset coverage ratios or the administrative agent at the request of, or with the consent of, the lenders may terminate the Credit Facility and declare any outstanding borrowings to be due and payable immediately.

Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.00% plus the greater of the federal funds effective rate or one month LIBOR. The annual commitment fee to maintain the Credit Facility is 0.15% and is incurred on the unused portion of the Credit Facility and is allocated to all participating funds pro rata based on their respective net assets. Effective August 14, 2018, this agreement has been amended and restated for a term of 364 days, unless extended.

The Funds had no borrowings outstanding from the Credit Facility at December 31, 2018.

7. Risks, Concentrations and Indemnifications

In the normal course of business, the Funds enter into contracts that contain a variety of representations which provide general indemnifications. Each Fund’s maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be brought against each Fund. However, based on experience, the Funds expect the risk of loss to be remote.

As of December 31, 2018, the Funds had omnibus accounts which owned more than 10% of the respective Fund’s outstanding shares as follows:

	Number of Non-Affiliated Omnibus Accounts		% of the Fund
JPMorgan SmartRetirement Blend Income Fund		5		45.5	%
JPMorgan SmartRetirement Blend 2020 Fund		4		33.8
JPMorgan SmartRetirement Blend 2025 Fund		4		28.3
JPMorgan SmartRetirement Blend 2030 Fund		4		34.0
JPMorgan SmartRetirement Blend 2035 Fund		4		30.3
JPMorgan SmartRetirement Blend 2040 Fund		4		38.1
JPMorgan SmartRetirement Blend 2045 Fund		4		33.1
JPMorgan SmartRetirement Blend 2050 Fund		4		39.7
JPMorgan SmartRetirement Blend 2055 Fund		4		35.2
JPMorgan SmartRetirement Blend 2060 Fund		3		20.5

Significant shareholder transactions by these shareholders may impact the Funds’ performance.

As of December 31, 2018, the Funds owned in the aggregate, shares representing more than 10% of the net assets of the following Underlying Fund:

	% of Net Assets
JPMorgan Equity Index Fund		40.6	%

Because of the Funds’ investments in Underlying Funds and ETFs, the Funds indirectly pay a portion of the expenses incurred by the Underlying Funds and ETFs. As a result, the cost of investing in the Funds may be higher than the cost of investing in a mutual fund that invests directly in individual securities and financial instruments. The Funds are also subject to certain risks related to the Underlying Funds’ and ETFs’ investments in securities and financial instruments such as fixed income securities, including high yield, asset-backed and mortgage-related securities, equity securities, foreign and emerging markets securities, commodities and real estate securities. These securities are subject to risks specific to their structure, sector or market.

The Funds invest in unaffiliated ETFs. ETFs are pooled investment vehicles whose ownership interests are purchased and sold on a securities exchange. ETFs may be structured as investment companies, depositary receipts or other pooled investment vehicles and may be passively or actively managed. Passively managed ETFs generally seek to track the performance of a particular market index, including broad-based market indices, as well as indices relating to particular sectors, markets, regions or industries. Actively managed ETFs do not seek to track the performance of a particular market index. The price movement of an index-based ETF may not track the underlying index and may result in a loss. In addition, ETFs may trade at a price below or above their NAV (also known as a discount or premium, respectively).

DECEMBER 31, 2018 JPMORGAN SMARTRETIREMENT BLEND FUNDS 99

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2018 (Unaudited) (continued)

In addition, the Underlying Funds and ETFs may use derivative instruments in connection with their individual investment strategies including futures, forward foreign currency exchange contracts, options, swaps and other derivatives, which are also subject to specific risks related to their structure, sector or market and may be riskier than investments in other types of securities.

Specific risks and concentrations present in the Underlying Funds and ETFs are disclosed within their individual financial statements and registration statements, as appropriate.

Derivatives may be riskier than other types of investments because they may be more sensitive to changes in economic and market conditions and could result in losses that significantly exceed the Funds’ original investment. Derivatives also expose the Funds to counterparty risk (the risk that the derivative counterparty will not fulfill its contractual obligations), including credit risk of the derivative counterparty.

8. New Accounting Pronouncements

In August 2018, the Financial Accounting Standard Board (“FASB”) issued Accounting Standard Update (“ASU”) 2018-13 (“ASU 2018-13”) Fair Value Measurement (Topic 820): Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement, which adds, removes, and modifies certain aspects of the fair value disclosure. ASU 2018-13 amendments are the result of a broader disclosure project, FASB Concepts Statement Conceptual Framework for Financial Reporting — Chapter 8: Notes to Financial Statements, to improve the effectiveness of the fair value disclosure requirements. ASU 2018-13 is effective for the fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019; early adoption is permitted. We have evaluated the implications of these changes and the amendments are included in the financial statements, which had no effect to the Funds’ net assets or results of operation.

In August 2018, the SEC adopted their Disclosure Update and Simplification Rule (the “Rule”). The Rule is part of the SEC’s overall project to improve disclosure effectiveness by amending certain disclosure requirements that have become redundant, duplicative, overlapping, outdated, or superseded in light of other SEC disclosure requirements, U.S. GAAP, or changes in the information environment. The amendments are intended to facilitate the disclosure of information to investors and simplify compliance without significantly altering the total mix of information provided to investors. We have evaluated the implications of these changes and the amendments are included in the financial statements, which had no effect on the Funds’ net assets or results of operation.

100 JPMORGAN SMARTRETIREMENT BLEND FUNDS DECEMBER 31, 2018

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds (not including expenses of the Underlying Funds and ETFs) and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, July 1, 2018, and continued to hold your shares at the end of the reporting period, December 31, 2018.

Actual Expenses

For each Class of each Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads), or redemption fees, and expenses of the Underlying Funds. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

	Beginning Account Value July 1, 2018		Ending Account Value December 31, 2018		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan SmartRetirement Blend Income Fund
Class I
Actual	$	1,000.00	$	968.30	$	1.34		0.27	%
Hypothetical		1,000.00		1,023.84		1.38		0.27
Class R2
Actual		1,000.00		966.20		3.82		0.77
Hypothetical		1,000.00		1,021.32		3.92		0.77
Class R3
Actual		1,000.00		967.40		2.58		0.52
Hypothetical		1,000.00		1,022.58		2.65		0.52
Class R4
Actual		1,000.00		968.10		1.34		0.27
Hypothetical		1,000.00		1,023.84		1.38		0.27
Class R5
Actual		1,000.00		969.30		0.60		0.12
Hypothetical		1,000.00		1,024.60		0.61		0.12
Class R6
Actual		1,000.00		969.80		0.10		0.02
Hypothetical		1,000.00		1,025.10		0.10		0.02
JPMorgan SmartRetirement Blend 2020 Fund
Class I
Actual		1,000.00		960.10		1.38		0.28
Hypothetical		1,000.00		1,023.79		1.43		0.28
Class R2
Actual		1,000.00		957.70		3.85		0.78
Hypothetical		1,000.00		1,021.27		3.97		0.78

DECEMBER 31, 2018 JPMORGAN SMARTRETIREMENT BLEND FUNDS 101

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment

	Beginning Account Value July 1, 2018		Ending Account Value December 31, 2018		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan SmartRetirement Blend 2020 Fund (continued)
Class R3
Actual	$	1,000.00	$	959.00	$	2.57		0.52	%
Hypothetical		1,000.00		1,022.58		2.65		0.52
Class R4
Actual		1,000.00		960.20		1.38		0.28
Hypothetical		1,000.00		1,023.79		1.43		0.28
Class R5
Actual		1,000.00		960.90		0.64		0.13
Hypothetical		1,000.00		1,024.55		0.66		0.13
Class R6
Actual		1,000.00		962.00		0.15		0.03
Hypothetical		1,000.00		1,025.05		0.15		0.03
JPMorgan SmartRetirement Blend 2025 Fund
Class I
Actual		1,000.00		948.70		1.42		0.29
Hypothetical		1,000.00		1,023.74		1.48		0.29
Class R2
Actual		1,000.00		946.30		3.88		0.79
Hypothetical		1,000.00		1,021.22		4.02		0.79
Class R3
Actual		1,000.00		948.00		2.60		0.53
Hypothetical		1,000.00		1,022.53		2.70		0.53
Class R4
Actual		1,000.00		948.80		1.42		0.29
Hypothetical		1,000.00		1,023.74		1.48		0.29
Class R5
Actual		1,000.00		949.40		0.69		0.14
Hypothetical		1,000.00		1,024.50		0.71		0.14
Class R6
Actual		1,000.00		949.90		0.20		0.04
Hypothetical		1,000.00		1,025.00		0.20		0.04
JPMorgan SmartRetirement Blend 2030 Fund
Class I
Actual		1,000.00		938.80		1.56		0.32
Hypothetical		1,000.00		1,023.59		1.63		0.32
Class R2
Actual		1,000.00		936.60		4.00		0.82
Hypothetical		1,000.00		1,021.07		4.18		0.82
Class R3
Actual		1,000.00		937.20		2.73		0.56
Hypothetical		1,000.00		1,022.38		2.85		0.56
Class R4
Actual		1,000.00		938.90		1.56		0.32
Hypothetical		1,000.00		1,023.59		1.63		0.32
Class R5
Actual		1,000.00		939.20		0.83		0.17
Hypothetical		1,000.00		1,024.35		0.87		0.17
Class R6
Actual		1,000.00		940.20		0.34		0.07
Hypothetical		1,000.00		1,024.85		0.36		0.07

102 JPMORGAN SMARTRETIREMENT BLEND FUNDS DECEMBER 31, 2018

	Beginning Account Value July 1, 2018		Ending Account Value December 31, 2018		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan SmartRetirement Blend 2035 Fund
Class I
Actual	$	1,000.00	$	930.40	$	1.65		0.34	%
Hypothetical		1,000.00		1,023.49		1.73		0.34
Class R2
Actual		1,000.00		927.80		4.08		0.84
Hypothetical		1,000.00		1,020.97		4.28		0.84
Class R3
Actual		1,000.00		929.40		2.82		0.58
Hypothetical		1,000.00		1,022.28		2.96		0.58
Class R4
Actual		1,000.00		930.10		1.65		0.34
Hypothetical		1,000.00		1,023.49		1.73		0.34
Class R5
Actual		1,000.00		930.80		0.92		0.19
Hypothetical		1,000.00		1,024.25		0.97		0.19
Class R6
Actual		1,000.00		931.70		0.44		0.09
Hypothetical		1,000.00		1,024.75		0.46		0.09
JPMorgan SmartRetirement Blend 2040 Fund
Class I
Actual		1,000.00		922.90		1.74		0.36
Hypothetical		1,000.00		1,023.39		1.84		0.36
Class R2
Actual		1,000.00		920.80		4.16		0.86
Hypothetical		1,000.00		1,020.87		4.38		0.86
Class R3
Actual		1,000.00		921.50		2.91		0.60
Hypothetical		1,000.00		1,022.18		3.06		0.60
Class R4
Actual		1,000.00		922.60		1.74		0.36
Hypothetical		1,000.00		1,023.39		1.84		0.36
Class R5
Actual		1,000.00		923.70		1.02		0.21
Hypothetical		1,000.00		1,024.15		1.07		0.21
Class R6
Actual		1,000.00		924.20		0.53		0.11
Hypothetical		1,000.00		1,024.65		0.56		0.11
JPMorgan SmartRetirement Blend 2045 Fund
Class I
Actual		1,000.00		919.70		1.79		0.37
Hypothetical		1,000.00		1,023.34		1.89		0.37
Class R2
Actual		1,000.00		917.40		4.20		0.87
Hypothetical		1,000.00		1,020.82		4.43		0.87
Class R3
Actual		1,000.00		918.40		2.95		0.61
Hypothetical		1,000.00		1,022.13		3.11		0.61
Class R4
Actual		1,000.00		919.90		1.79		0.37
Hypothetical		1,000.00		1,023.34		1.89		0.37
Class R5
Actual		1,000.00		920.20		1.06		0.22
Hypothetical		1,000.00		1,024.10		1.12		0.22

DECEMBER 31, 2018 JPMORGAN SMARTRETIREMENT BLEND FUNDS 103

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment

	Beginning Account Value July 1, 2018		Ending Account Value December 31, 2018		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan SmartRetirement Blend 2045 Fund (continued)
Class R6
Actual	$	1,000.00	$	920.80	$	0.58		0.12	%
Hypothetical		1,000.00		1,024.60		0.61		0.12
JPMorgan SmartRetirement Blend 2050 Fund
Class I
Actual		1,000.00		920.00		1.79		0.37
Hypothetical		1,000.00		1,023.34		1.89		0.37
Class R2
Actual		1,000.00		917.50		4.20		0.87
Hypothetical		1,000.00		1,020.82		4.43		0.87
Class R3
Actual		1,000.00		918.70		2.95		0.61
Hypothetical		1,000.00		1,022.13		3.11		0.61
Class R4
Actual		1,000.00		919.70		1.79		0.37
Hypothetical		1,000.00		1,023.34		1.89		0.37
Class R5
Actual		1,000.00		920.60		1.07		0.22
Hypothetical		1,000.00		1,024.10		1.12		0.22
Class R6
Actual		1,000.00		921.10		0.58		0.12
Hypothetical		1,000.00		1,024.60		0.61		0.12
JPMorgan SmartRetirement Blend 2055 Fund
Class I
Actual		1,000.00		919.50		1.79		0.37
Hypothetical		1,000.00		1,023.34		1.89		0.37
Class R2
Actual		1,000.00		917.70		4.21		0.87
Hypothetical		1,000.00		1,020.82		4.43		0.87
Class R3
Actual		1,000.00		918.90		2.95		0.61
Hypothetical		1,000.00		1,022.13		3.11		0.61
Class R4
Actual		1,000.00		919.90		1.79		0.37
Hypothetical		1,000.00		1,023.34		1.89		0.37
Class R5
Actual		1,000.00		920.70		1.07		0.22
Hypothetical		1,000.00		1,024.10		1.12		0.22
Class R6
Actual		1,000.00		920.80		0.58		0.12
Hypothetical		1,000.00		1,024.60		0.61		0.12
JPMorgan SmartRetirement Blend 2060 Fund
Class I
Actual		1,000.00		921.00		1.79		0.37
Hypothetical		1,000.00		1,023.34		1.89		0.37
Class R2
Actual		1,000.00		918.80		4.26		0.88
Hypothetical		1,000.00		1,020.77		4.48		0.88
Class R3
Actual		1,000.00		919.60		3.00		0.62
Hypothetical		1,000.00		1,022.08		3.16		0.62
Class R4
Actual		1,000.00		921.40		1.84		0.38
Hypothetical		1,000.00		1,023.29		1.94		0.38

104 JPMORGAN SMARTRETIREMENT BLEND FUNDS DECEMBER 31, 2018

	Beginning Account Value July 1, 2018		Ending Account Value December 31, 2018		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan SmartRetirement Blend 2060 Fund (continued)
Class R5
Actual	$	1,000.00	$	921.80	$	1.07		0.22	%
Hypothetical		1,000.00		1,024.10		1.12		0.22
Class R6
Actual		1,000.00		922.10		0.58		0.12
Hypothetical		1,000.00		1,024.60		0.61		0.12

* Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

DECEMBER 31, 2018 JPMORGAN SMARTRETIREMENT BLEND FUNDS 105

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited)

The Board of Trustees has established various standing committees composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment committees (money market and alternative products, equity, and fixed income) meet regularly throughout the year and consider factors that are relevant to their annual consideration of investment advisory agreements at each meeting. They also meet for the specific purpose of considering investment advisory agreement annual renewals. The Board of Trustees held meetings in person in June and August 2018, at which the Trustees considered the continuation of the investment advisory agreement for each Fund whose semi-annual report is contained herein (each an “Advisory Agreement” and collectively, the “Advisory Agreements”). At the June meeting, the Board’s investment committees met to review and consider performance, expense and related information concerning the Funds and the other J.P. Morgan Funds overseen by the Board in which each Fund may invest (the “Underlying Funds”). Each investment committee reported to the full Board, which then considered the investment committee’s preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not “interested persons” (as defined in the 1940 Act) of any party to the Advisory Agreements or any of their affiliates, approved the continuation of each Advisory Agreement on August 15, 2018.

As part of their review of the Advisory Agreements, the Trustees considered and reviewed performance and other information about the Funds and Underlying Funds received from the Adviser. This information includes the Funds’ and Underlying Funds’ performance as compared to the performance of the Funds’ and Underlying Funds’ peers and benchmarks and analyses by the Adviser of the Funds’ and Underlying Funds’ performance. In addition, the Trustees have engaged an independent management consulting firm (“independent consultant”) to report on the performance of certain J.P. Morgan Funds at each of the Trustees’ regular meetings. In addition, in preparation for the June and August meetings, the Trustees requested, received and evaluated extensive materials from the Adviser, including, with respect to the Funds and/or Underlying Funds, performance and expense information compiled by Broadridge, using data from Lipper Inc., independent providers of investment company data (together, “Broadridge/Lipper”). The Trustees’ independent consultant also provided additional analyses of the performance of the Funds and/or Underlying Funds as compared to the Funds’ and/or Underlying Funds’ objectives and peer groups. Before voting on the Advisory Agreements, the Trustees reviewed the Advisory Agreements with representatives of the Adviser, counsel to the Trust and independent legal counsel and received a memorandum from independent legal counsel

to the Trustees discussing the legal standards for their consideration of the Advisory Agreements. The Trustees also discussed the Advisory Agreements in executive sessions with independent legal counsel at which no representatives of the Adviser were present.

A summary of the material factors evaluated by the Trustees in determining whether to approve each Advisory Agreement is provided below. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. The Trustees considered information provided with respect to the Funds and Underlying Funds throughout the year, as well as materials furnished specifically in connection with the annual review process. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions.

After considering and weighing the factors and information they had received, the Trustees found that the compensation to be received by the Adviser from each Fund under the applicable Advisory Agreement was fair and reasonable under the circumstances and determined that the continuance of each Advisory Agreement was in the best interests of each Fund and its shareholders.

Nature, Extent and Quality of Services Provided by the Adviser

The Trustees received and considered information regarding the nature, extent and quality of the services provided to each Fund under the applicable Advisory Agreement. The Trustees took into account information furnished throughout the year at Trustee meetings, as well as the materials furnished specifically in connection with this annual review process. The Trustees considered the background and experience of the Adviser’s senior management and the expertise of, and the amount of attention given to each Fund by, investment personnel of the Adviser. In addition, the Trustees reviewed the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of each Fund and the infrastructure supporting the team, including personnel changes. The Trustees also considered information provided by the Adviser and JPMorgan Distribution Services, Inc. (“JPMDS”) about the structure and distribution strategy of each Fund. The Trustees reviewed information relating to the Adviser’s risk governance model and reports showing the Adviser’s compliance structure and ongoing compliance processes. The Trustees also considered the quality of the administrative services provided by the Adviser in its role as administrator.

The Trustees also considered their knowledge of the nature and quality of the services provided by the Adviser and its affiliates to the Funds and Underlying Funds gained from their experience as Trustees of the J.P. Morgan Funds. In addition, they considered the overall reputation and capabilities of the Adviser and its affiliates, the commitment of the Adviser to

106 JPMORGAN SMARTRETIREMENT BLEND FUNDS DECEMBER 31, 2018

provide high quality service to the Funds and Underlying Funds, their overall confidence in the Adviser’s integrity and the Adviser’s responsiveness to questions or concerns raised by them, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to each Fund and Underlying Fund.

Based upon these considerations and other factors, the Trustees concluded that they were satisfied with the nature, extent and quality of the investment advisory services provided to the Funds by the Adviser.

Costs of Services Provided and Profitability to the Adviser and its Affiliates

The Trustees received and considered information regarding the profitability to the Adviser and its affiliates in providing services to the Funds and Underlying Funds. The Trustees reviewed and discussed this information. The Trustees recognized that this information is not audited and represents the Adviser’s determination of its and its affiliates’ revenues from the contractual services provided to the Funds and Underlying Funds, less expenses of providing such services. Expenses include direct and indirect costs and are calculated using an allocation methodology developed by the Adviser. The Trustees also recognized that it is difficult to make comparisons of profitability from fund investment advisory contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the fact that publicly-traded fund managers’ operating profits and net income are net of distribution and marketing expenses. Based upon their review, the Trustees concluded that the profitability to the Adviser under each Advisory Agreement was not unreasonable in light of the services and benefits provided to each Fund and Underlying Fund.

The Trustees also considered that JPMDS, an affiliate of the Adviser, and the Adviser earn fees from the Funds and/or Underlying Funds for providing shareholder and administrative services, respectively. These fees were shown separately in the profitability analysis presented to the Trustees. The Trustees also considered the payments of Rule 12b-1 fees to JPMDS, which also acts as the Funds’ distributor and that these fees are in turn generally paid to financial intermediaries that sell the Funds, including financial intermediaries that are affiliates of the Adviser. The Trustees also considered the fees paid to JPMorgan Chase Bank, N.A. (“JPMCB”) for custody and fund accounting and other related services to the Funds and/or Underlying Funds.

Fall-Out Benefits

The Trustees reviewed information regarding potential “fall-out” or ancillary benefits received by the Adviser and its

affiliates as a result of their relationship with the J.P. Morgan Funds including the benefits received by the Adviser and its affiliates in connection with the Funds’ investments in the Underlying Funds. The Trustees also reviewed the Adviser’s allocation of fund brokerage for the J.P. Morgan Funds complex, including allocations to brokers who provide research to the Adviser.

Economies of Scale

The Trustees considered the extent to which the Funds may benefit from economies of scale. The Trustees considered that there may not be a direct relationship between economies of scale realized by the Funds and those realized by the Adviser as assets increase. The Trustees considered the extent to which each Fund was priced to scale and whether it would be appropriate to add advisory fee breakpoints, but noted that each Fund has implemented fee waivers and contractual expense limitations (“Fee Caps”) which allow each Fund’s shareholders to share potential economies of scale from a Fund’s inception and that the fees remain competitive with peer funds. The Trustees also considered that the Adviser has added or enhanced services to the Funds over time, noting the Adviser’s substantial investments in its business in support of the Funds, including investments in trading systems and technology (including cybersecurity improvements), attraction and retention of key talent, additions to analyst and portfolio management teams, and regulatory support enhancements. The Trustees concluded that the current fee structure was reasonable in light of the Fee Caps that the Adviser has in place that serve to limit the overall net expense ratios of each Fund at competitive levels. The Trustees concluded that the Funds’ shareholders received the benefits of potential economies of scale through the Fee Caps and the Adviser’s reinvestment in its operations to serve the Funds and their shareholders.

Independent Written Evaluation of the Funds’ Chief Compliance Officer

The Trustees noted that, upon their direction, the Chief Compliance Officer for the Funds had prepared an independent written evaluation in order to assist the Trustees in determining the reasonableness of the proposed management fees. In determining whether to continue the Advisory Agreements, the Trustees considered the Chief Compliance Officer’s report.

Fees Relative to Adviser’s Other Clients

The Trustees received and considered information about the nature and extent of investment advisory services and fee rates offered to other clients of the Adviser, including institutional separate accounts and/or funds sub-advised by the Adviser, for investment management styles substantially similar to that of each Fund. The Trustees considered the complexity of investment management for registered mutual funds relative to the Adviser’s other clients and noted differences in the regulatory,

DECEMBER 31, 2018 JPMORGAN SMARTRETIREMENT BLEND FUNDS 107

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited) (continued)

legal and other risks and responsibilities of providing services to the different clients. The Trustees considered that serving as an adviser to a registered mutual fund involves greater responsibilities and risks than acting as a sub-adviser and observed that sub-advisory fees may be lower than those charged by the Adviser to each Fund. The Trustees also noted that the adviser, not the mutual fund, pays the sub-advisory fee and that many responsibilities related to the advisory function are retained by the primary adviser. The Trustees concluded that the fee rates charged to each Fund in comparison to those charged to the Adviser’s other clients were reasonable.

Investment Performance

The Trustees received and considered absolute and/or relative performance information for the Funds in a report prepared by Broadridge/Lipper. The Trustees considered the total return performance information, which included the ranking of the Funds within a performance universe made up of funds with the same Broadridge/Lipper investment classification and objective (the “Universe”), as well as a subset of funds within the Universe (the “Peer Group”), by total return for the applicable one-, three- and five-year periods. The Trustees reviewed a description of Broadridge/Lipper’s methodology for selecting mutual funds in each Fund’s Peer Group and Universe. The Broadridge/Lipper materials provided to the Trustees highlighted information with respect to certain representative classes to assist the Trustees in their review. As part of this review, the Trustees also reviewed each Fund’s performance against its benchmark and considered the performance information provided for the Funds at regular Board meetings by the Adviser and the Trustees’ independent consultant and also considered the special analysis prepared by the Trustee’s independent consultant. The Trustees also engaged with the Adviser to consider what steps might be taken to improve performance, as applicable. The Broadridge/Lipper performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to each Fund’s performance for certain representative classes are summarized below:

The Trustees noted that the SmartRetirement Blend Income Fund’s performance for Class A shares was in the first quintile based upon the Peer Group, and in the second quintile based upon the Universe, for each of the one-, three-, and five-year periods ended December 31, 2017. The Trustees noted that the performance for Class I shares was in the second quintile based upon the Universe for each of the one-, three-, and five-year periods ended December 31, 2017. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted that the SmartRetirement Blend 2020 Fund’s performance for Class A shares was in the third, second and second quintiles based upon the Peer Group, and in the third quintile based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2017, respectively. The Trustees noted that the performance for Class I shares was in the second quintile based upon the Universe for each of the one-, three-, and five-year periods ended December 31, 2017. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted that the SmartRetirement Blend 2025 Fund’s performance for Class A shares was in the third, first and first quintiles based upon the Peer Group, and in the third, third and second quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2017, respectively. The Trustees noted that the performance for Class I shares was in the second quintile based upon the Universe for each of the one-, three-, and five-year periods ended December 31, 2017. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted that the SmartRetirement Blend 2030 Fund’s performance for Class A shares was in the third, first and second quintiles based upon the Peer Group, and in the third, second and second quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2017, respectively. The Trustees noted that the performance for Class I shares was in the third, second and second quintiles based upon the Universe for the one-, three-, and five-year periods ended December 31, 2017, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted that the SmartRetirement Blend 2035 Fund’s performance for Class A shares was in the second, second and third quintiles based upon the Peer Group, and in the third quintile based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2017, respectively. The Trustees noted that the performance for Class I shares was in the third, second and second quintiles based upon the Universe for the one-, three-, and five-year periods ended December 31, 2017, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed

108 JPMORGAN SMARTRETIREMENT BLEND FUNDS DECEMBER 31, 2018

the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted that the SmartRetirement Blend 2040 Fund’s performance for Class A shares was in the third, second and fourth quintiles based upon the Peer Group, and in the third quintile based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2017, respectively. The Trustees noted that the performance for Class I shares was in the third, second and second quintiles based upon the Universe for the one-, three-, and five-year periods ended December 31, 2017, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted that the SmartRetirement Blend 2045 Fund’s performance for Class A shares was in the second, second and third quintiles based upon the Peer Group, and in the fourth, third and third quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2017, respectively. The Trustees noted that the performance for Class I shares was in the fourth, third and third quintiles based upon the Universe for the one-, three-, and five-year periods ended December 31, 2017, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted that the SmartRetirement Blend 2050 Fund’s performance for Class A shares was in the fourth, second and fourth quintiles based upon the Peer Group, and in the fourth, third and third quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2017, respectively. The Trustees noted that the performance for Class I shares was in the fourth, third and third quintiles based upon the Universe for the one-, three-, and five-year periods ended December 31, 2017, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted that the SmartRetirement Blend 2055 Fund’s performance for Class A shares was in the fourth, third and fifth quintiles based upon the Peer Group, and in the fourth quintile based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2017, respectively. The Trustees noted that the performance for Class I shares was in

the fourth, third and fourth quintiles based upon the Universe for the one-, three-, and five-year periods ended December 31, 2017, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

The Trustees noted that the SmartRetirement Blend 2060 Fund’s performance for Class A shares was in the fourth quintile based upon both the Peer Group and Universe for the one-year period ended December 31, 2017. The Trustees noted that the performance for Class I shares was in the fourth quintile based upon the Universe for the one-year period ended December 31, 2017. The Trustees discussed the performance and investment strategy of the Fund with the Advisor and, based upon this discussion and various other factors, concluded that the Fund’s performance was satisfactory.

Advisory Fees and Expense Ratios

The Trustees considered the contractual advisory fee rate and administration fee rate paid by each Fund to the Adviser and compared the combined rate to the information prepared by Broadridge/Lipper concerning management fee rates paid by other funds in the same Broadridge/Lipper category as each Fund. The Trustees recognized that Broadridge/Lipper reported each Fund’s management fee rate as the combined contractual advisory fee and administration fee rates. The Trustees also reviewed information about other expenses and the expense ratios for each Fund. The Trustees considered the Fee Caps currently in place for each Fund, the net advisory fee rate after taking into account any waivers and/or reimbursements, and where deemed appropriate by the Trustees, additional waivers and/or reimbursements. The Trustees recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The Trustees’ determinations as a result of the review of each Fund’s advisory fees and expense ratios for certain representative classes are summarized below:

The Trustees noted that the SmartRetirement Blend Income Fund’s net advisory fee for Class A shares was in the first quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class A shares were in the first and second quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee and actual total expenses for Class I shares were in the first and second quintiles, respectively, based upon the Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund and that such fees would be for services provided in addition to, rather than duplicative of, services provided under the advisory agreement of the Underlying Funds in which the Fund invests.

DECEMBER 31, 2018 JPMORGAN SMARTRETIREMENT BLEND FUNDS 109

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited) (continued)

The Trustees noted that the SmartRetirement Blend 2020 Fund’s net advisory fee and actual total expenses for Class A shares were in the first quintile based upon both the Peer Group and Universe. The Trustees noted that the net advisory fee and actual total expenses for Class I shares were in the first quintile based upon the Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund and that such fees would be for services provided in addition to, rather than duplicative of, services provided under the advisory agreement of the Underlying Funds in which the Fund invests.

The Trustees noted that the SmartRetirement Blend 2025 Fund’s net advisory fee and actual total expenses for Class A shares were in the fourth and first quintiles, respectively, based upon both the Peer Group and Universe. The Trustees noted that the net advisory fee and actual total expenses for Class I Shares were in the fifth and first quintiles, respectively, based upon the Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund and that such fees would be for services provided in addition to, rather than duplicative of, services provided under the advisory agreement of the Underlying Funds in which the Fund invests.

The Trustees noted that the SmartRetirement Blend 2030 Fund’s net advisory fee and actual total expenses for Class A shares were in the fourth and first quintiles, respectively, based upon both the Peer Group and Universe. The Trustees noted that the net advisory fee and actual total expenses for Class I shares were in the fifth and first quintiles, respectively, based upon the Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund and that such fees would be for services provided in addition to, rather than duplicative of, services provided under the advisory agreement of the Underlying Funds in which the Fund invests.

The Trustees noted that the SmartRetirement Blend 2035 Fund’s net advisory fee and actual total expenses for Class A shares were in the fourth and first quintiles, respectively, based upon both the Peer Group and Universe. The Trustees noted that the net advisory and actual total expenses for Class I shares were in the fifth and first quintiles, respectively, based upon the Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund and that such fees would be for services provided in addition to, rather than duplicative of, services provided under the advisory agreement of the Underlying Funds in which the Fund invests.

The Trustees noted that the SmartRetirement Blend 2040 Fund’s net advisory fee and actual total expenses for Class A shares were in the fourth and first quintiles, respectively, based upon both the Peer Group and Universe. The Trustees noted that the net advisory fee and actual total expenses for Class I shares were in the fifth and first quintiles, respectively, based upon the Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund and that such fees would be for services provided in addition to, rather than duplicative of, services provided under the advisory agreement of the Underlying Funds in which the Fund invests.

The Trustees noted that the SmartRetirement Blend 2045 Fund’s net advisory fee for Class A shares were in the fourth and fifth quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class A share were in the first quintile based upon both the Peer Group and Universe. The Trustees noted that the net advisory fee and actual total expenses for Class I shares were in the fifth and first quintiles, respectively, based upon the Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund and that such fees would be for services provided in addition to, rather than duplicative of, services provided under the advisory agreement of the Underlying Funds in which the Fund invests.

The Trustees noted that the SmartRetirement Blend 2050 Fund’s net advisory fee for Class A shares was in the first and fourth quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class A shares were in the first quintiles based upon both the Peer Group and Universe. The Trustees noted that the net advisory fee and actual total expenses for Class I shares were in the fifth and first quintiles, respectively, based upon the Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund and that such fees would be for services provided in addition to, rather than duplicative of, services provided under the advisory agreement of the Underlying Funds in which the Fund invests.

The Trustees noted that the SmartRetirement Blend 2055 Fund’s net advisory fee and actual total expenses for Class A shares were in the first quintile based upon both the Peer Group and Universe. The Trustees noted that the net advisory fee and actual total expenses for Class I shares were in the first quintile based upon the Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund and that such fees would be for services provided in addition to, rather than duplicative of,

110 JPMORGAN SMARTRETIREMENT BLEND FUNDS DECEMBER 31, 2018

services provided under the advisory agreement of the Underlying Funds in which the Fund invests.

The Trustees noted that the SmartRetirement Blend 2060 Fund’s net advisory fee and actual total expenses for Class A shares were in the first quintile based upon both the Peer Group and Universe. The Trustees noted that the net advisory fee and actual total expenses for Class I shares were in the first

quintile based upon the Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund and that such fees would be for services provided in addition to, rather than duplicative of, services provided under the advisory agreement of the Underlying Funds in which the Fund invests.

DECEMBER 31, 2018 JPMORGAN SMARTRETIREMENT BLEND FUNDS 111

J.P. Morgan Funds are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the funds.

Contact JPMorgan Distribution Services, Inc. at 1-800-480-4111 for a fund prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risk as well as charges and expenses of the mutual fund before investing. The prospectus contains this and other information about the mutual fund. Read the prospectus carefully before investing.

Investors may obtain information about the Securities Investor Protection Corporation (SIPC), including the SIPC brochure, by visiting www.sipc.org or by calling SIPC at 202-371-8300.

Each Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC on Form N-Q. The Funds’ Forms N-Q are available on the SEC’s website at http://www.sec.gov. Shareholders may request the Form N-Q without charge by calling 1-800-480-4111 or by visiting the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

A description of each Fund’s policies and procedures with respect to the disclosure of each Fund’s holdings is available in the prospectuses and Statement of Additional Information.

A copy of proxy policies and procedures is available without charge upon request by calling 1-800-480-4111 and on the Funds’ website at www.jpmorganfunds.com. A description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Funds to the Adviser. A copy of the Funds’ voting record for the most recent 12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Funds’ website at www.jpmorganfunds.com no later than August 31 of each year. The Funds’ proxy voting record will include, among other things, a brief description of the matter voted on for each fund security, and will state how each vote was cast, for example, for or against the proposal.

J.P. Morgan Asset Management is the marketing name for the asset management businesses of JPMorgan Chase & Co. Those businesses include, but are not limited to, J.P. Morgan Investment Management Inc., Security Capital Research & Management Incorporated and J.P. Morgan Alternative Asset Management, Inc.

^© JPMorgan Chase & Co., 2018  All rights reserved. December 2018. SAN-SRB-1218

ITEM 2. CODE OF ETHICS.

Disclose whether, as of the end of the period covered by the report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, explain why it has not done so.

The registrant must briefly describe the nature of any amendment, during the period covered by the report, to a provision of its code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item. The registrant must file a copy of any such amendment as an exhibit pursuant to Item 13(a)(1), unless the registrant has elected to satisfy paragraph (f) of this Item by positing its code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by undertaking to provide its code of ethics to any person without charge, upon request, pursuant to paragraph (f)(3) of this Item.

If the registrant has, during the period covered by the report, granted a waiver, including an implicit waiver, from a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or third party, that relates to one or more items set forth in paragraph (b) of this Item, the registrant must briefly describe the nature of the waiver, the name of the person to whom the waiver was granted, and the date of the waiver.

Not applicable to a semi-annual report.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

(a) (1) Disclose that the registrant’s board of directors has determined that the registrant either:

(i) Has at least one audit committee financial expert serving on its audit committee; or

(ii) Does not have an audit committee financial expert serving on its audit committee.

(2) If the registrant provides the disclosure required by paragraph (a)(1)(i) of this Item, it must disclose the name of the audit committee financial expert and whether that person is “independent.” In order to be considered “independent” for purposes of this Item, a member of an audit committee may not, other than in his or her capacity as a member of the audit committee, the board of directors, or any other board committee:

(i) Accept directly or indirectly any consulting, advisory, or other compensatory fee from the issuer; or

(ii) Be an “interested person” of the investment company as defined in Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).

(3) If the registrant provides the disclosure required by paragraph (a)(1)(ii) of this Item, it must explain why it does not have an audit committee financial expert.

Not applicable to a semi-annual report.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) Disclose, under the caption Audit Fees, the aggregate fees billed for each of the last two fiscal years for professional

services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years.

(b) Disclose, under the caption Audit-Related Fees, the aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

(c) Disclose, under the caption Tax Fees, the aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

(d) Disclose, under the caption All Other Fees, the aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

(e) (1) Disclose the audit committee’s pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

(2) Disclose the percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) If greater than 50 percent, disclose the percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.

(g) Disclose the aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant.

(h) Disclose whether the registrant’s audit committee of the board of directors has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

Not applicable to a semi-annual report.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

(a) If the registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act (17CFR 240.10A-3), state whether or not the registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)). If the registrant has such a committee, however designated, identify each committee member. If the entire board of directors is acting as the registrant’s audit committee as specified in Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)), so state.

(b) If applicable, provide the disclosure required by Rule 10A-3(d) under the Exchange Act (17CFR 240.10A-3(d)) regarding an exemption from the listing standards for all audit committees.

Not applicable to a semi-annual report.

ITEM 6. INVESTMENTS.

File Schedule I – Investments in securities of unaffiliated issuers as of the close of the reporting period as set forth in Section 210.12-12 of Regulation S-X, unless the schedule is included as part of the report to shareholders filed under Item 1 of this Form.

Included in Item 1.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASE OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

Describe any material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14A (17 CFR 240.14a-101), or this Item.

No material changes to report.

ITEM 11. CONTROLS AND PROCEDURES.

(a) Disclose the conclusions of the registrant’s principal executive and principal financial officers, or persons performing similar functions, regarding the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).

The Registrant’s principal executive and principal financial officers have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant’s disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the Registrant’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

(b) Disclose any change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

There were no changes in the Registrant’s internal control over financial reporting that occurred during the last fiscal quarter covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. EXHIBITS.

(a) File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated.

(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit.

Not applicable.

(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2).

Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 are attached hereto.

(3) Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.

Not applicable.

(b) A separate or combined certification for each principal executive officer and principal officer of the registrant as required by Rule 30a-2(b) under the Act of 1940.

Certifications pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

JPMorgan Trust I
By:	/s/ Brian S. Shlissel
	Brian S. Shlissel
	President and Principal Executive Officer
	March 07, 2019

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Brian S. Shlissel
	Brian S. Shlissel
	President and Principal Executive Officer
	March 07, 2019
By:	/s/ Timothy J. Clemens
	Timothy J. Clemens
	Treasurer and Principal Financial Officer
	March 07, 2019